Om Galaxy Ltd Management Discussions

You should read the following discussion of our financial condition and results of operations together with our Restated Consolidated Financial Information for the six months period ended September 30, 2025, Fiscals 2025, 2024 and 2023 including the notes and significant accounting policies thereto and the reports thereon, which appear elsewhere in this Draft Red Herring Prospectus. You should also see the section titled "Risk Factors" on page 29 which discusses several factors and contingencies that could impact our financial condition and results of operations. The following discussion relates to our company, unless otherwise stated, is based on Restated Consolidated Financial Information.

These Restated Consolidated Financial Information have been prepared in accordance with Indian GAAP, the Companies Act, 2013 and the SEBIICDR regulations and restated as described in the examination report of our statutory auditor, Shetty Naik & Associates, Chartered Accountants, which is included in this Draft Red Herring Prospectus under the section titled "Financial Information - Restated Consolidated Financial Information " on page 266. The Restated Consolidated Financial Information have been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including U.S. GAAP and IFRS. We do not provide a reconciliation of our Restated Consolidated Financial Information to U.S. GAAP or IFRS and we have not otherwise quantified or identified the impact of the differences between Indian GAAP and U.S. GAAP or IFRS as applied to our Restated Consolidated Financial Information.

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 because of certain factors such as those described under "Risk Factors" and "Forward Looking Statements" on 29 and 27 respectively, and elsewhere in this Draft Red Herring Prospectus.

Accordingly, the degree to which the financial statements in this Draft Red Herring Prospectus will provide meaningful information depends entirely on such potential investors level of familiarity with Indian accounting practices. Our financial year ends on March 31 of each year; therefore, all references to a particular financial year are to the twelve-months period ended March 31 of that year. Please also refer to section titled "Certain Conventions, Presentation of Financial, Industry and Market Data and Currency of Presentation" on page 24.

OVERVIEW

For details in relation to our business, see "Our Business" on page 186.

SIGNIFICANT FACTORS AFFECTING OUR RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Our results of operations and financial condition have been, and are expected to continue to be, influenced by the following factors:

Demand from Existing Customers and Repeat Orders

Our revenues are primarily generated from orders received from our existing customer base, with a significant portion of our revenue derived from repeat customers. During the periods under review, repeat customers contributed a substantial proportion of our total revenue. Accordingly, our results of operations are influenced by continued demand from these customers, their procurement cycles and the timing and volume of orders received from them.

The information related to repeat customers for the six months period ended September 30, 2025 and for the Fiscal 2025, 2024 and 2023 are as follows:

Particulars	For the six months period ended September 30, 2025 (Consolidated)	Fiscal 2025 (Consolidated)	Fiscal 2024 (Consolidated)	Fiscal 2023 (Consolidated)
Repeat Customers (Count)	102	126	133	117
Total Customers (Count)	193	172	175	180
Repeat Customers as a % of Customers Count	52.85 %	73.26 %	76.00 %	65.00 %
Revenue from Repeat Customers (f in Lakhs)	3,547.91	11,087.27	10,252.34	9,184.06
Revenue from Operations - Consolidated (f in Lakhs)	4,535.34	11,266.12	10,455.68	10,029.89
Revenue from Repeat Customers as a % of Revenue from Operations	78.23 %	98.41 %	98.06 %	91.57 %

Note: A repeat customer refers to a customer who has been invoiced in atleast two periods in the table above.

Growth in Domestic Market Demand

Our revenues are largely derived from domestic sales, which have increased during the periods under review. As a result, our financial performance is influenced by demand conditions in the domestic market, including growth in manufacturing activity, customer demand and industry trends within India. Any changes in domestic market conditions may affect the volume of orders received from customers.

Revenue from*	For the six months period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
	Amount	% of revenue from operations	Amount	% of revenue from operations	Amount	% of revenue from operations	Amount	% of revenue from operations
1. Sale of Products
Domestic	3,924.22	86.53	9,825.59	87.21	9,166.56	87.67	8,370.90	83.46
Exports	418.55	9.23	1,152.04	10.23	969.76	9.27	1,304.81	13.01
2. Sale of Services
Domestic	192.57	4.25	288.49	2.56	319.36	3.05	354.18	3.53
Total Revenue from Operations	4,535.34	100.00	11,266.12	100.00	10,455.68	100.00	10,029.89	100.00

*As certified by Shetty Naik & Associates, Statutory Auditor vide certificate dated March 29, 2026.

Investments in Manufacturing Infrastructure and Capital Expenditure

Our manufacturing operations require ongoing investments mainly in plant and machinery, moulds & dies (for the cleaning products business under "WONDRA" brand) and other production infrastructure. During the periods under review, we have incurred capital expenditure towards expansion and modernization of manufacturing infrastructure, including procurement of land and commencing the construction of factory building for setting up a New Manufacturing Unit Village Poman, Vasai, Palghar. The total cost of the project will be approximately Rs 10,008.63 Lakhs, out of which Rs 7,751.42 Lakhs will be funded from the Net Proceeds of the IPO.

Such investments will result in higher depreciation and finance costs, while also enabling us to expand production capacity and improve operational efficiencies over time.

Operational Efficiency and Cost Structure

Our business is subject to various operational factors that may affect our results of operations. These include, inter alia, the availability and pricing of raw materials, reliability of supply chains, and retention of skilled manpower. Any disruption in these areas may impact our production schedules, ability to meet customer delivery timelines, and overall operational efficiency. For further details, see "Risk Factors - An increase in the cost of or a shortfall in the availability of raw materials from our suppliers due to various reasons could have a material adverse effect on our business, results of operations, cash flows and financial condition as we may not be able to pass on such costs to our customers" and "Our industry is labour intensive and our business operations may be materially

adversely affected by strikes, work stoppages or increased wage demands by our employees or those of our suppliers" on pages 33 and 55.

Our financial performance is influenced by our ability to optimize our cost structure across varying levels of production. A portion of our costs, including costs relating to manufacturing infrastructure, plant and machinery, and employee expenses, are fixed in nature. Accordingly, our profitability is dependent, in part, on our ability to achieve optimal capacity utilization and benefit from operating leverage by spreading such fixed costs over higher production volumes.

In addition, our operations require effective production planning, inventory management and timely procurement of raw materials to ensure uninterrupted manufacturing processes. Any inefficiencies in these areas may lead to increased costs, production delays or inventory holding risks.

We also undertake investments in product development, tooling and process improvements to enhance manufacturing efficiency and maintain product quality. While such investments may increase our costs in the short term, they are intended to support scalability and improve operational efficiencies over the long term.

Accordingly, our ability to manage costs, maintain operational efficiencies and optimize resource utilisation is critical to sustaining our competitiveness and profitability.

Competition

We operate in a highly competitive environment. The industry is highly fragmented, both domestically and globally. To remain competitive in the market we must, in addition to continuing to meet the expected quality standards, continuously strive to reduce our production costs, improve our operating efficiencies and innovate our products offering. If we fail to do so, it may have an adverse effect on our market share and results of operations. Many of our competitors may be larger than us and may benefit from greater economies of scale and operating efficiencies. There can be no assurance that we can continue to effectively compete with such manufacturers in the future, and failure to compete effectively may have an adverse effect on our business, financial condition, and results of operations. Moreover, the competitive nature of the industry may result in lower prices for our products and decreased profit margins, which may materially adversely affect our revenue and profitability.

SIGNIFICANT ACCOUNTING POLICIES

For details in respect of Significant Accounting Policies, see "Annexure IV - Significant Accounting Policies of consolidated restated financial statements " forming part of "Restated Consolidated Financial Information " on page 266.

PRINCIPAL COMPONENTS OF INCOME AND EXPENDITURE

A. Total Income

1. Revenue from Operations

Represents the primary source of income and comprises revenue generated from the sale of our products and services in the ordinary course of business. Revenue is recognized when control of goods is transferred to customers and performance obligations under the respective contracts are satisfied in accordance with the applicable accounting standards.

2. Other Income

Primarily comprises foreign exchange gain, sundry balances written back, profit on sale of fixed assets and other non-operating income earned. Finance Incomes are excluded as it is shown separately as a reduction from costs.

B. Total Expenses

1. Cost of Materials Consumed

Comprises the cost of raw materials and components used in the manufacturing process and represents a significant component of our operating expenses.

2. Changes in Inventories of Finished Goods and Work-in-Progress

Represent the movement in finished goods and work-in-progress between the beginning and end of the period. An increase in inventories reflects accumulation of stock, while a decrease indicates higher sales or consumption.

Note: Cost of Goods Sold = Cost of Materials Consumed + / - Changes in Inventories of Finished Goods and Work-in-Progress

3. Employee Benefits Expense

Comprises direct and indirect salaries and wages, leave salary, contributions to statutory funds, staff welfare expenses, directors remuneration and gratuity expenses in relation to employees.

4. Other Expenses

Primarily include manufacturing expenses (factory rent, electricity, labour charges etc), establishment expenses (insurance, CSR, travelling, legal & professional, repair & maintenance etc) and selling expenses (exhibition, business promotion etc) incurred in the ordinary course of business.

C. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA)

Commonly used as an indicator of operating performance and operational efficiency.

D. Finance Costs

Primarily comprise interest on borrowings and other charges associated with credit facilities obtained from banks and financial institutions.

E. Finance Income

Primarily includes interest earned on bank deposits and interest income on staff loans. It is not included in Other Income but is shown as a reduction from costs.

F. Depreciation and Amortisation

Represent allocation of the cost of tangible and intangible assets over their estimated useful lives in accordance with the applicable accounting standards.

G. Profit before Exceptional and Extraordinary Items and Tax

Represents profit after accounting for operating expenses, finance costs, finance income and depreciation and amortisation.

H. Exceptional and Extraordinary Items

Exceptional items represent material income or expenses arising from events or transactions that are not expected to recur frequently. Extraordinary items represent income or expenses arising from events that are clearly distinct from the ordinary activities.

I. Profit Before Tax

Represents profit after accounting for all expenses, finance costs, finance income, depreciation and amortisation and any exceptional or extraordinary items.

J. Tax Expense

1. Current Tax

Represents the income tax payable for the period based on taxable income computed in accordance with applicable tax laws.

2. Deferred Tax

Represents the tax impact of timing differences between accounting income and taxable income.

3. MAT Credit Entitlement

Represents credit available for minimum alternate tax (MAT) paid in earlier years that may be utilised against future tax liabilities, subject to applicable tax laws.

K. Profit for the period

Represents the net profit earned after accounting for all expenses, finance costs, depreciation and amortisation and tax expenses.

NON-GAAP MEASURES

In addition to our financial results prepared in accordance with the applicable provisions of the Companies Act, 2013 and Indian GAAP, we present certain financial measures which are not defined under India GAAP (" Non- GAAP Financial Measures"). These measures are used by our management for evaluating our operating performance, financial position and liquidity, as well as for internal planning and forecasting purposes.

We believe that these Non-GAAP Financial Measures, when considered together with the financial information prepared in accordance with Indian GAAP, may provide investors with additional information to evaluate our operating performance, trends and financial position. These measures may also assist investors in comparing our performance with that of other companies operating in similar industries.

The Non-GAAP Financial Measures presented in this Draft Red Herring Prospectus include Net Debt to Equity and Net Working Capital Days. These measures are supplemental in nature and are not required by, or presented in accordance with, Ind AS, Indian GAAP, IFRS or US GAAP.

Accordingly, such measures should not be considered in isolation or as a substitute for financial measures determined in accordance with Indian GAAP, including profit for the period/year, cash flows or any other measure of financial performance, liquidity or profitability derived from the financial statements. In addition, these measures may not be comparable with similarly titled measures reported by other companies, as such companies may define or calculate these measures differently.

While these Non-GAAP Financial Measures are not determined in accordance with the applicable accounting standards, our management believes that their presentation may provide useful supplementary information to investors in assessing our operating performance and financial condition

1. Net Debt to Equity

Particulars	For the six months period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
Long Term Borrowings (I)	1,708.32	1,353.27	1,574.55	1,820.81
Short Term Borrowings (II)	1,401.27	1,159.85	1,632.02	1,240.71
Total Debt (III= I+II)	3,109.59	2,513.12	3,206.57	3,061.52
Cash & Cash Equivalents (IV)	572.11	573.89	528.33	443.00
Net Debt (V=III-IV)	2,537.48	1,939.23	2,678.24	2,618.52
Equity Share Capital (VI)	185.09	184.62	183.08	168.08
Reserves & Surplus (VII)	6,850.22	6,293.31	4,729.80	3,265.43
Total Shareholders Funds (VHI= VI+VII)	7,035.31	6,477.93	4,912.88	3,433.51
Net Debt to Equity (Times) (IX= V/VIII)	0.36	0.30	0.54	0.76

2. Net Working Capital Days

Particulars	For the six months period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
Total Current Assets (I)	9,150.59	8,830.46	7,505.72	5,953.69
Cash & Cash Equivalents (II)	572.11	573.89	528.33	443.00
Net Current Asset (III= I-II)	8,578.48	8,256.57	6,977.39	5,510.69
Total Current Liabilities (IV)	6,843.52	6,172.28	5,050.87	4,871.39
Short Term Borrowings (V)	1,401.27	1,159.85	1,632.02	1,240.71
Net Current Liability (VI=IV-V)	5,442.25	5,012.43	3,418.85	3,630.68
Net Working Capital (VII=III-VI)	3,136.23	3,244.14	3,558.53	1,880.01
Revenue from Operation (VIII)	4,535.34	11,266.12	10,455.68	10,029.89
Number of Days (IX)	183	365	366	365
Net Working Capital Days (X=VII*IX/VIII)	127	105	124	68

RESULTS OF OUR OPERATIONS

Particulars	For the six months period ended Septem ber 30, 2025	% of Total Income	Fiscal 2025	of Total Income	Fiscal 2024	% o Total Income	Fiscal 2023	% of Total Income
INCOME
I Revenue from operations	4,535.34	99.40%	11,266.12	99.59%	10,455.68	99.47%	10,029.8 9	99.69%
II Other income	27.23	0.60%	46.64	0.41%	56.12	0.53%	31.50	0.31%
III Total Income (I+II)	4,562.57	100.00%	11,312.76	100.00%	10,511.80	100.00%	10,061.39	100.00%
IV EXPENSES
Cost of materials consumed	2,694.01	59.05%	4,941.10	43.68%	4,553.76	43.32%	5,798.16	57.63%
Purchases of Stock in Trade	-	-	-	-	-		-	-
Changes in inventories of finished goods and work-in-progress	(1,497.62 )	(32.82%)	(636.44)	(5.63%)	(82.12)	(0.78%	(1,353.69)	(13.45%)
Employee benefits expense	1,353.38	29.66%	2,237.62	19.78%	1,958.69	18.63%	1,661.32	16.51%
Other expenses	822.06	18.02%	1,834.79	16.22%	1,621.62	15.43%	1,771.92	17.61%
Total Expenses	3,371.83	73.90%	8,377.07	74.05%	8,051.95	76.60%	7,877.71	78.30%
V Earnings before interest, tax, depreciation and amortisation (EBITDA) (III-IV)	1,190.74	26.10%	2,935.69	25.95%	2,459.85	23.40%	2,183.68	21.70%
Finance Costs	112.91	2.47%	189.83	1.68%	230.26	2.19%	184.39	1.83%
Finance Incomes*	(20.49)	(0.45%)	(55.04)	(0.49%)	(56.62)	(0.54%)	(40.95)	(0.41%)
Depreciation and amortisation expense	357.87	7.84%	636.47	5.63%	684.89	6.52%	622.52	6.19%
VI Profit before exceptional and extraordinary items and tax	740.45	16.23%	2,164.43	19.13%	1,601.32	15.23%	1 ,417.72	14.09%
VI I Exceptional items	-	-	-	-	-		-	-
VI II Extraordinary items	-	-	-	-	-		-	-
IX Profit before tax	740.45	16.23%	2,164.43	19.13%	1,601.32	15.23%	1,417.72	14.09%
X Tax Expense
- Current tax Payable	180.17	3.95%	573.98	5.07%	461.12	4.39%	395.72	3.93%
- Deferred tax	(0.49)	(0.01%)	(1.19)	(0.01%)	(63.72)	(0.61%)	20.63	0.21%
- MAT credit entitlement	-		-		-		(7.90)	(0.08%)
	179.68	3.94%	572.79	5.06%	397.40	3.78%	408.45	4.06%
XI Profit for the period (IX-X)**	560.77	12.29%	1,591.64	14.07%	1,203.92	11.45%	1,009.27	10.03%

*Finance Incomes are excluded as its shown separately as a reduction from costs

** Profit for the period % in the table above is based on total income and hence is marginally different to the PAT margins exhibited in the Restated Consolidated Financial Information and KPIs which is based on Revenue from operations.

Note: Percentages disclosed in the explanations below have been rounded to one decimal place for ease of presentation.

FOR THE SIX MONTHS PERIOD ENDED SEPTEMBER 30, 2025

Key Business Highlights

• Revenue from Operations:

• Revenue from operations for the period was Rs4,535.34 Lakhs. Of the total revenue, approximately 72.9% was contributed by pipe fitting moulds, 6.6% by industrial moulds, 14.4% by automotive moulds, 2.3% by hot runner systems and 3.8% by the newly launched cleaning products business under "WONDRA" brand.

• Cost Structure:

Total expenses remained largely stable at 73.9% of total income, compared with 74.05% in Fiscal 2025. Cost of goods sold (COGS) decreased to 26.2% of total income from 38.05% in Fiscal 2025, primarily offset by an increase in employee benefits expense, which rose to 29.7% of total income from 19.8% of total income in Fiscal 2025.

• Operating Profitability:

EBITDA margin remained broadly stable at 26.1%, compared with 26.0% in Fiscal 2025, reflecting relatively stable operating performance during the period.

• Profit Before & After Tax:

PBT decreased to 16.2% of total income, compared with 19.1% in Fiscal 2025, primarily due to higher depreciation and amortisation expenses, which increased following capital investments undertaken. As a result, PAT declined to 12.29% of total income, as compared with 14.07% in Fiscal 2025, after accounting for the applicable tax expense.

• Strengthening of Net Worth:

Shareholders funds increased by Rs557.38 lakhs (8.6%) to Rs7,035.31 Lakhs during the period, primarily driven by the increase in profit attributable to the owners of the Company.

• Working Capital Position:

Net working capital decreased marginally by 3.44%, to Rs3,136.23 Lakhs as on September 30, 2025 from Rs3,244.14 lakhs as on March 31, 2025.

• Increase in Long-Term Borrowings:

Long-term borrowings increased by Rs355.05 lakhs (26.2%) to Rs1,708.32 Lakhs as at September 30, 2025, primarily on account of term loans availed from banks to finance capital expenditure (mainly machineries).

• Expansion in Fixed Assets:

Property, plant and equipment and intangible assets increased by Rs862.62 Lakhs (18.2%) to Rs5,603.08 Lakhs. A significant portion of this increase relates to capital work-in-progress (CWIP) pertaining to the development of the Companys New Manufacturing Unit at Village Poman, Vasai, Palghar.

FISCAL 2025 COMPARED WITH FISCAL 2024

Key Business Highlights

• Revenue from Operations:

Revenue from operations grew 7.8% from Rs 10,455.68 lakhs in Fiscal 2024 to Rs 11,266.12 lakhs in Fiscal 2025. Of the total revenue for Fiscal 2025, approximately 70.6% was contributed by pipe fitting moulds, 4.5% by industrial moulds, 22.9% by automotive moulds and 2.1% by hot runner systems. Revenue growth was driven by repeat orders from existing customers and improved capacity utilisation across operations. This was further supported by higher execution of export orders and steady domestic demand.

• Cost Structure:

Total expenses dipped marginally to 74.05% of total income, compared with 76.6% in Fiscal 2024. COGS decreased to 38.1% of total income from 42.5% in Fiscal 2025 primarily due to improved raw material procurement and a favourable product mix, resulting in optimised material consumption. This was further supported by operating leverage from better capacity utilisation and increased in-house execution of processes, leading to improved cost control and efficiency. This was primarily offset by an increase in employee benefits expense, which rose to 19.78% of total income from 18.6% of total income in Fiscal 2025.

• Operating Profitability:

EBITDA margin improved to 25.95% compared to 23.4% in Fiscal 2024 primarily attributable to the factors set out under "Revenue from Operations" and "Total Expenses" below.

• Profit Before & After Tax:

PBT increased to 19.13% of total income, as compared to 15.23% in Fiscal 2024, primarily driven by improved EBITDA margins, along with lower finance costs and depreciation and amortisation expenses as a percentage of total income, reflecting improved operational efficiency and operating leverage during the year. Consequently, PAT increased to 14.07% of total income as compared to 11.45% in Fiscal 2024, after accounting for the applicable tax expense.

• Strengthening of Net Worth:

Shareholders funds increased by Rs 1,565.05 Lakhs (31.9%) to Rs 6,477.93 Lakhs during the period, primarily driven by the increase in profit attributable to the owners of the Company, which resulted in a corresponding accretion to reserves and surplus.

• Working Capital Position:

Net working capital decreased by 8.83%, to Rs 3,244.14 Lakhs as on March 31, 2025 from Rs 3,558.53 Lakhs as on March 31, 2024. Correspondingly, our net working capital cycle improved to 105 days in Fiscal 2025 from 124 days in Fiscal 2024. This improvement was primarily attributable to a reduction in net working capital requirements coupled with higher revenues during the period, reflecting improved efficiency in the management of our working capital.

• Decrease in Long-Term Borrowings:

Long-term borrowings decreased by Rs 221.28 Lakhs (14.05%) to Rs1,353.27 Lakhs as at March 31, 2025, primarily on account of net repayments of outstanding term loans during the year.

• Expansion in Fixed Assets:

Property, plant and equipment and intangible assets increased by Rs 972.50 Lakhs (25.8%) to Rs 4,740.46 Lakhs. The increase was primarily attributable to capital expenditure incurred in connection with the development and launch of cleaning products under the "WONDRA" brand, including investments in related manufacturing assets.

Explanation on key variations in the Consolidated Statement of Profit and Loss Total Income

Total income increased by 7.6% from Rs 10,511.80 Lakhs in Fiscal 2024 to Rs 11,312.76 Lakhs in Fiscal 2025 mainly on account of an increase in Revenue from Operations in the manner set out below:

Revenue from Operations

Revenue from operations increased by 7.8%, from Rs 10,455.68 Lakhs in Fiscal 2024 to Rs 11,266.12 Lakhs in Fiscal 2025.

The increase in revenue was primarily driven by the following factors:

• Repeat Orders from Existing Customers: Revenue growth was supported by continued engagement with existing customers, with around 98% of revenues derived from repeat customers, contributing to stability in order flow and higher execution during the year.

• Improved Capacity Utilisation: Higher order execution led to improved capacity utilisation across the Company and its subsidiaries, increasing from 79% to 85% for Om Galaxy Limited, from 85% to 87% for OMG Auto, and from 80% to 87% for Infuse HRS.

• Growth in Export Orders: Export revenue increased by 18.8%, from Rs969.76 lakhs in Fiscal 2024 to Rs1,152.04 lakhs in Fiscal 2025, primarily attributable to higher execution of project-based orders from overseas customers.

• Steady Domestic Demand: Domestic revenue increased by 7.19%, from Rs9,166.56 lakhs in Fiscal 2024 to Rs9,825.59 lakhs in Fiscal 2025, supported by consistent demand from existing customers.

• Favourable Product Mix: Revenue growth was supported by a relatively favourable product mix, with higher contribution from precision and higher-value moulds. Such moulds generally have better realizations compared to standard moulds.

Total Expenses

Total expenses increased by 4.04% from Rs 8,051.95 Lakhs in Fiscal 2024 to Rs 8,377.07 Lakhs in Fiscal 2025. This increase was primarily attributable to higher employee benefit expenses and other operating expenses, which were partially offset by a decrease in COGS.

COGS (Cost of materials consumed and changes in inventories of finished goods and work-in-progress)

COGS decreased by 3.9%, from Rs4,471.64 lakhs in Fiscal 2024 to Rs4,304.66 lakhs in Fiscal 2025. The decrease was primarily attributable to the following factors:

• Raw Material Procurement Efficiencies: Improved sourcing and procurement practices contributed to better cost management during the year.

• Operating Leverage: Improved utilisation of manufacturing facilities enabled better absorption of fixed overheads on account of higher scale of operations.

Employee Benefit Expenses

Employee benefit expenses increased by 14.2%, from Rs 1,958.69 lakhs in Fiscal 2024 to Rs 2,237.62 lakhs in Fiscal 2025. The increase was primarily driven by higher salaries and wages, which increased by 14.3%, from Rs 1,510.98 lakhs in Fiscal 2024 to Rs 1,727.56 lakhs in Fiscal 2025. This growth in employee costs was mainly attributable to a net increase in employee headcount, from 411 as of March 31, 2024, to 476 as of March 31, 2025, undertaken to support business expansion and increased operational scale, along with annual compensation increments for existing employees.

Other Expenses

Other expenses increased by 13.2%, from Rs 1,621.62 Lakhs in Fiscal 2024 to Rs 1,834.79 Lakhs in Fiscal 2025. The increase was primarily attributable to the following factors:

• Labour charges increased by 12.7%, from Rs 681.47 Lakhs in Fiscal 2024 to Rs 767.78 Lakhs in Fiscal 2025, largely in line with higher operational activity and production requirements.

• Design charges increased significantly from Rs 0.15 Lakhs in Fiscal 2024 to Rs 34.83 Lakhs in Fiscal 2025.

• Factory expenses increased by 116.9%, from Rs 25.55 Lakhs in Fiscal 2024 to Rs 55.41 Lakhs in Fiscal 2025, primarily due to higher manufacturing and facility-related expenses.

• Corporate Social Responsibility (CSR) expenses increased by 288.2%, from Rs 8.50 Lakhs in Fiscal 2024 to Rs 33 lakhs in Fiscal 2025, in line with the Companys applicable CSR obligations.

• Foreign exchange loss of Rs 21.01 Lakhs in Fiscal 2025. There was no loss in Fiscal 2024

• Legal and professional charges increased by 42.4% from Rs 41.72 Lakhs in Fiscal 2024 to Rs 59.41 Lakhs in Fiscal 2025.

The increase in other expenses was partially offset by a decrease in foreign exhibition expenses, which declined by 55.8%, from Rs 83.95 Lakhs in Fiscal 2024 to Rs 37.08 Lakhs in Fiscal 2025.

EBITDA

EBITDA increased by 19.3%, from Rs2,459.85 Lakhs in Fiscal 2024 to Rs2,935.69 Lakhs in Fiscal 2025. EBITDA margin improved from 23.4% in Fiscal 2024 to 26% in Fiscal 2025. The increase in EBITDA was primarily attributable to the reasons explained above.

Finance Cost

Finance Cost decreased by 17.6% from Rs 230.26 lakhs in Fiscal 2024 to Rs 189.83 Lakhs in Fiscal 2025. This decrease was primarily due to net repayment of long-term borrowings and reduction in working capital borrowings.

Depreciation and Amortisation expense

Depreciation and amortization decreased by 7.1%, from Rs 684.89 Lakhs in Fiscal 2024 to Rs 636.47 Lakhs in Fiscal 2025. The decrease was primarily attributable to certain assets becoming fully depreciated or nearing the end of their useful lives during the year, which reduced the overall depreciation charge.

While the Company incurred capital expenditure of Rs 1,628.71 Lakhs during Fiscal 2025, a portion of these additions were capitalized during the latter part of the fiscal year, resulting in depreciation being recognized only for a partial period. Further, Rs 60.24 Lakhs remained classified as capital work-in-progress relating to land, which is not subject to depreciation. Consequently, these additions had a limited impact on depreciation expense during Fiscal 2025.

Profit before tax

Profit before tax increased by 35.2% from Rs 1,601.32 Lakhs in Fiscal 2024 to Rs 2,164.43 Lakhs in Fiscal 2025 due to the reasons discussed above.

Tax expense

Tax expense increased by 44.1%, from Rs 397.40 Lakhs in Fiscal 2024 to Rs 572.79 Lakhs in Fiscal 2025. The increase was primarily attributable to the higher profit before tax resulting in a higher provision for current tax.

Current tax expense increased to Rs 573.98 Lakhs in Fiscal 2025, compared to Rs 461.12 Lakhs in Fiscal 2024, reflecting the impact of the Companys improved profitability during the year. Further, deferred tax resulted in a marginal credit of Rs 1.19 Lakhs in Fiscal 2025, as compared to a deferred tax credit of Rs 63.72 Lakhs in Fiscal 2024, which also contributed to the overall increase in total tax expense during Fiscal 2025.

Profit for the period

Profit after tax increased by 32.2% from Rs 1,203.92 Lakhs in Fiscal 2024 to Rs 1,591.64 Lakhs in Fiscal 2025 due to the reasons discussed above.

FISCAL 2024 COMPARED WITH FISCAL 2023

Key Business Highlights

• Revenue from Operations:

Revenue from operations grew 4.2% from Rs 10,029.89 Lakhs in Fiscal 2023 to Rs 10,455.68 Lakhs in Fiscal 2024. Of the total revenue, approximately 74.6% was contributed by pipe fitting moulds, 6.8% by industrial moulds, 16.8% by automotive moulds and 1.8% by hot runner systems. Revenue growth was primarily driven by repeat orders from existing customers, supporting stable order flow and higher domestic demand during the year. This was partially offset by a decline in export orders, which moderated the overall increase in revenue.

• Cost Structure:

Total expenses dipped marginally to 76.6% of total income, compared with 78.3% in Fiscal 2023. COGS decreased to 42.5% of total income from 44.2% in Fiscal 2023. Other expenses decreased to 15.4% of total income from 17.6% in Fiscal 2023. This was offset by an increase in employee benefits expense, which rose to 18.6% of total income from 16.5% of total income in Fiscal 2023.

• Operating Profitability:

EBITDA margins improved to 23.4% compared to 21.7% in Fiscal 2023. This improvement was primarily driven by a moderation in total expenses relative to total income, reflecting improved cost efficiencies and operating leverage, as discussed under "Cost Structure" above.

• Profit Before & After Tax:

PBT increased to 15.2% of total income, as compared to 14.1% in Fiscal 2023, primarily due to the improvement in EBITDA margins partially offset up increase in finance costs and depreciation and amortisation expense as a percentage of total income. Consequently, PAT increased to 11.5% of total income as compared to 10% in Fiscal 2023, after accounting for the applicable tax expense.

• Strengthening of Net Worth:

Shareholders funds increased by Rs 1,479.37 Lakhs (43.1%) to Rs 4,912.88 Lakhs during the period, primarily driven by the increase in profit attributable to the owners of the Company, which resulted in a corresponding accretion to reserves and surplus.

• Working Capital Position:

Net working capital increased by 89.2%, to Rs 3,558.53 Lakhs as on March 31, 2024 from Rs 1,880.01 Lakhs as on March 31, 2023. Correspondingly, our net working capital cycle increased to 124 days in Fiscal 2024 from 68 days in Fiscal 2024. This was primarily attributable to increase in trade receivables and a decrease in trade payables. As revenue from operations remained largely stable compared to Fiscal 2023, the increase in trade receivables and a decrease in trade payables resulted in a higher working capital requirement and a corresponding increase in working capital days.

• Decrease in Long-Term Borrowings:

Long-term borrowings decreased by Rs 246.26 Lakhs (13.5%) to Rs 1,574.55 Lakhs as of March 31, 2024, primarily on account of net repayments of outstanding term loans during the year.

Explanation on key variations in the Consolidated Statement of Profit and Loss Total Income

Total income increased by 4.5% from Rs 10,061.39 Lakhs in Fiscal 2023 to Rs 10,511.80 Lakhs in Fiscal 2024 mainly on account of an increase in Revenue from Operations in the manner set out below:

Revenue from Operations

Revenue from operations increased by 4.2%, from Rs10,029.89 Lakhs in Fiscal 2023 to Rs10,455.68 Lakhs in Fiscal 2024.

The increase was primarily driven by the following factors:

• Repeat Orders from Existing Customers: Revenue growth was supported by continued engagement with the Companys existing customer base, resulting in repeat orders during the year. Around 98% of the Companys revenues is derived from repeat customers, contributing to stability in order flow.

• Growth in Domestic Revenue: Domestic revenue increased by 9.5% from Rs 8,370.90 Lakhs in Fiscal 2023 to Rs 9,166.56 Lakhs in Fiscal 2024, supported by steady demand from existing customers.

• Decline in Export Revenue: Export revenue decreased by 25.7%, from Rs 1,304.81 Lakhs in Fiscal 2023 to Rs 969.76 lakhs in Fiscal 2024, which partially offset the overall increase in revenue from operations during the year.

Total Expenses

Total expenses increased by 2.2% from Rs 7,877.71 Lakhs in Fiscal 2023 to Rs 8,051.95 Lakhs in Fiscal 2024, primarily due to an increase in employee benefit expenses partially offset by decrease in other expenses during the period.

Employee Benefit Expenses

Employee benefit expenses increased by 17.9%, from Rs 1,661.32 lakhs in Fiscal 2023 to Rs 1,958.69 Lakhs in Fiscal 2024. The increase was primarily driven by higher salaries and wages, which increased by 23.9%, from Rs 1,219.54 Lakhs in Fiscal 2023 to Rs 1,510.98 Lakhs in Fiscal 2024. This growth in employee costs was mainly attributable to a net increase in employee headcount, from 3 82 as of March 31, 2023, to 411 as of March 31, 2024, undertaken to support business expansion and increased operational scale, along with annual compensation increments for existing employees.

Other Expenses

Other expenses decreased by 8.5%, from Rs 1,771.92 Lakhs in Fiscal 2023 to Rs 1,621.62 Lakhs in Fiscal 2024. The decrease was primarily attributable to a decrease in labour charges by 29.1 %, from Rs 961.03 Lakhs in Fiscal 2023 to Rs 681.47 Lakhs in Fiscal 2024. This was primarily attributable to reduced outsourcing / increased in-house production. Increased in-house execution of certain manufacturing processes, which were earlier partially outsourced, contributed to better cost control and operational efficiencies.

This decrease was partially offset by increase in the following items:

• Foreign exhibition expenses increased by 549.8% from Rs 12.92 Lakhs in Fiscal 2023 to Rs 83.95 Lakhs in Fiscal 2024.

• Electricity expenses increased by 22%, from Rs 188.31 Lakhs in Fiscal 2023 to Rs 229.72 Lakhs in Fiscal 2024.

• Factory Rent increased by 37.9%, from Rs 91.62 Lakhs in Fiscal 2023 to Rs 126.34 Lakhs in Fiscal 2024.

EBITDA

EBITDA increased by 12.6%, from Rs 2,183.68 Lakhs in Fiscal 2023 to Rs 2,459.85 Lakhs in Fiscal 2024, primarily driven by higher revenue from operations and decrease in other expenses which was partially offset by increase in employee benefit expenses as discussed above.

Finance Cost

Finance Cost increased by 24.9%, from Rs 184.39 Lakhs in Fiscal 2023 to Rs 230.26 Lakhs in Fiscal 2024. The increase was primarily attributable to a higher utilization of short-term borrowings to support working capital requirements during the period. This increase was partially offset by the repayment and reduction in long-term borrowings, resulting in a shift in the borrowing mix towards short-term financing.

Depreciation and Amortisation expense

Depreciation and amortization increased by 10%, from Rs 622.52 Lakhs in Fiscal 2023 to Rs 684.89 Lakhs in Fiscal 2024. The increase was primarily due to the capitalization of property, plant and equipment amounting to Rs 1,768.08 Lakhs during Fiscal 2023, resulting in depreciation being charged for a full or longer period during Fiscal 2024.

Although capital expenditure during Fiscal 2024 amounted to Rs 508.44 Lakhs, which was lower compared to Fiscal 2023, the assets capitalized in the previous fiscal year contributed to the increase in depreciation expense during Fiscal 2024, in accordance with the Companys depreciation policy and applicable accounting standards.

Profit before tax

Profit before tax increased by 13% from Rs 1,417.72 Lakhs in Fiscal 2023 to Rs 1,601.32 Lakhs in Fiscal 2024 due to the reasons discussed above.

Tax expense

Tax expense decreased by 2.7%, from Rs 408.45 Lakhs in Fiscal 2023 to Rs 397.40 Lakhs in Fiscal 2024. The decrease was primarily attributable to a higher deferred tax credit recognized during Fiscal 2024.

While current tax increased to Rs 461.12 lakhs in Fiscal 2024 from Rs 395.72 Lakhs in Fiscal 2023, reflecting the increase in profit before tax, the overall tax expense was lower primarily due to a deferred tax credit of Rs 63.72 Lakhs in Fiscal 2024, compared to a deferred tax expense of Rs 20.63 Lakhs in Fiscal 2023.

In addition, MAT credit entitlement of Rs 7.90 Lakhs was recognized in Fiscal 2023, which also impacted the tax expense for that year.

Profit for the period

Profit after tax increased by 19.3% from Rs 1,009.27 Lakhs in Fiscal 2023 to Rs 1,203.92 Lakhs in Fiscal 2024 due to the reasons discussed above.

ANALYSIS OF CASH FLOW STATEMENT

Particulars	For the six months period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
Net Cash Generated / (Used) from Operating Activity	1,136.83	2,657.29	321.18	(274.49)
Net Cash Generated / (Used) from Investing Activities	(1,650.77)	(1,778.56)	(470.53)	(1,635.81)
Net Cash Generated / (Used) from Financing Activities	510.26	(827.16)	235.20	2,210.44
Net increase / (decrease) in cash and cash equivalents	(3.68)	51.57	85.85	300.14

Overview

The Companys cash flows during the periods under review reflect cash generated from operating activities, investments undertaken towards expansion and strengthening of manufacturing infrastructure, and financing activities undertaken to support working capital requirements and capital expenditure. Operating cash flows are primarily driven by profit before tax adjusted for non-cash items and movements in working capital components such as inventories, trade receivables and trade payables, which are influenced by the scale of operations and credit terms with customers and suppliers.

The Company reported net cash used in operating activities of Rs 274.49 Lakhs in Fiscal 2023, primarily due to working capital absorption arising from increases in inventories and trade receivables in line with growth in operations. Operating cash flows improved to Rs 321.18 Lakhs in Fiscal 2024 and further to Rs 2,657.29 Lakhs in Fiscal 2025, reflecting improved operating performance and favourable working capital movements. For the six months period ended September 30, 2025, the Company generated net cash from operating activities of Rs 1,136.83 lakhs.

Cash flows from investing activities primarily relate to capital expenditure towards acquisition and installation of plant and machinery, development of manufacturing infrastructure and advances for capital goods, undertaken to enhance manufacturing capacity and operational capabilities. The Company reported net cash used in investing activities of Rs 1,635.81 Lakhs in Fiscal 2023, Rs 470.53 Lakhs in Fiscal 2024 and Rs 1,778.56 Lakhs in Fiscal 2025, while Rs 1,650.77 Lakhs was utilized during the six months period ended September 30, 2025.

Financing cash flows reflect the Companys funding strategy through borrowings and equity to support operational and capital requirements. The Company reported net cash generated from financing activities of Rs 2,210.44 Lakhs in Fiscal 2023 and Rs 235.20 Lakhs in Fiscal 2024, followed by net cash used in financing activities of Rs 827.16 Lakhs in Fiscal 2025, primarily due to repayment of borrowings utilizing operating cash flows. For the six months period ended September 30, 2025, net cash generated from financing activities amounted to Rs 510.26 Lakhs, primarily attributable to an increase in borrowings.

FOR THE PERIOD ENDED SEPTEMBER 30, 2025

Cash Flow from Operating Activities

Particulars		Amount (Z in lakhs)
Net Profit before tax	A	740.45
Adjustments for non-cash and non-operating items	B	424.74
Operating profit before working capital changes	C=A+B	1,165.19
Adjustments for changes in operating assets / liabilities (working capital changes)	D	167.64
Cash generated from Operations	E=C+D	1,332.83
Income tax paid	F	(196.00)
Net Cash generated from / (used in) operating activities	G=E+F	1,136.83

Net cash generated from operating activities amounted to Rs 1,136.83 Lakhs. Operating cash flows during the year were primarily driven by profit before tax, which after adjusting for non-cash and non-operating items such as depreciation and amortization, finance costs and other adjustments, resulted in operating profit before working capital changes of Rs 1,165.19 Lakhs.

Subsequently, working capital movements resulted in a net inflow of Rs 186.76 Lakhs, reflecting changes in operating assets and liabilities during the year. After accounting for income taxes paid amounting to Rs 196.00 Lakhs, the Company reported net cash generated from operating activities of Rs 1,136.83 Lakhs for six months period ended September 2025.

Cash Flow from Investing Activities

Net cash used in investing activities amounted to Rs 1,650.77 Lakhs. The outflow was primarily attributable to:

(i) an increase in capital work-in-progress of Rs 774.72 Lakhs, a significant portion of which relates to the development of the Companys new manufacturing facility at Village Poman, Vasai, Palghar.

(ii) out of total capital expenditure of Rs 1,220.49, capital expenditure of Rs 373.65 Lakhs towards acquisition and installation of plant and machinery undertaken as part of the Companys ongoing efforts to expand and upgrade its manufacturing infrastructure and production capabilities

(iii) an increase in non-current assets of Rs 483.16 Lakhs, primarily on account of advances paid for capital goods in connection with the Companys ongoing capital expenditure initiatives.

Cash Flow from Financing Activities

Net cash generated from financing activities amounted to t 510.26 Lakhs. The inflow was primarily attributable to net increase in borrowings during the period.

(i) Long-term borrowings increased by t 355.06 lakhs, mainly on account of term loans availed from banks towards financing capital expenditure, primarily for acquisition of machinery.

(ii) Net increase of t 241.42 lakhs in working capital facilities and other short-term borrowings, which were primarily utilized to meet incremental working capital requirements and support ongoing operational activities.

(iii) These inflows were partially offset by finance costs amounting to t 98.72 lakhs paid during the period

FISCAL 2025

Cash Flow from Operating Activities

Particulars		Amount (Rs in lakhs)
Net Profit before tax	A	2,164.43
Adjustments for non-cash and non-operating items	B	816.50
Operating profit before working capital changes	C=A+B	2,980.93
Adjustments for changes in operating assets / liabilities (working capital changes)	D	147.87
Cash generated from Operations	E=C+D	3,128.81
Income tax paid	F	(471.52)
Net Cash generated from / (used in) operating activities	G=E+F	2,657.29

Net cash generated from operating activities amounted to t 2,657.29 Lakhs. Operating cash flows during the year were primarily driven by profit before tax, which after adjusting for non-cash and non-operating items such as depreciation and amortization, finance costs and other adjustments, resulted in operating profit before working capital changes of t 2,980.93 Lakhs

Subsequently, working capital movements resulted in a net inflow of t 147.87 Lakhs, reflecting changes in operating assets and liabilities during the year. After accounting for income taxes paid amounting to t 471.52 Lakhs, the Company reported net cash generated from operating activities of t 2,657.29 Lakhs for Fiscal 2025.

Cash Flow from Investing Activities

Net cash used in investing activities amounted to t 1,778.56 Lakhs. The outflow was primarily attributable to:

(i) capital expenditure aggregating to t 808.39 Lakhs towards moulds and dies, which were capitalized in connection with the development and launch of cleaning products business under the "WONDRA" brand b) t 412.82 Lakhs towards acquisition and installation of plant and machinery and t 238.94 Lakhs towards office equipment, as part of its ongoing efforts to expand and upgrade manufacturing infrastructure and enhance operational capabilities.

(ii) increase in non-current assets of t 265.96 Lakhs, primarily representing advances paid for capital goods in connection with the Companys ongoing capital expenditure initiatives.

Cash Flow from Financing Activities

Net cash used in financing activities amounted to t 827.16 Lakhs. The outflow was primarily attributable to net decrease in borrowings and interest payments during the period.

(i) Long-term borrowings decreased by t 221.30 Lakhs and short-term borrowings decreased by t 467.97 Lakhs, primarily due to repayment of borrowings utilizing the strong cash flows generated from operating activities during the year.

(ii) Interest payments amounted to t 171.19 Lakhs paid during the period.

FISCAL 2024

Cash Flow from Operating Activities

Particulars		Amount (Rs in lakhs)
Net Profit before tax	A	1,601.32
Adjustments for non-cash and non-operating items	B	842.71
Operating profit before working capital changes	C=A+B	2,444.03
Adjustments for changes in operating assets / liabilities (working capital changes)	D	(1,742.83)
Cash generated from Operations	E=C+D	701.20
Income tax paid	F	(380.02)
Net Cash generated from / (used in) operating activities	G=E+F	321.18

Net cash generated from operating activities amounted to t 321.18 lakhs. Operating cash flows during the year were primarily driven by profit before tax, which after adjusting for non-cash and non-operating items such as depreciation and amortization, finance costs and other adjustments, resulted in operating profit before working capital changes of t 2,444.03 Lakhs.

However, changes in working capital during the year resulted in a net outflow of t 1,748.83 Lakhs, primarily attributable to the following movements:

(a) Increase in trade receivables of t 1,603.91 Lakhs, primarily attributable to higher credit sales

(b) Decrease in trade payables of t 440.08 Lakhs

After accounting for income taxes paid amounting to t 380.02 Lakhs, the Company reported net cash generated from operating activities of t 321.18 Lakhs in Fiscal 2024.

Cash Flow from Investing Activities

Net cash used in investing activities amounted to t 470.53 Lakhs. The outflow was primarily attributable to capital expenditure aggregating to t 508.21 Lakhs mainly towards acquisition and installation of plant and machinery and office equipment, as part of its ongoing efforts to expand and upgrade manufacturing infrastructure and enhance operational capabilities.

Cash Flow from Financing Activities

Net cash generated from financing activities amounted to t 235.20 Lakhs. Financing cash flows during the year primarily reflected funds raised through equity and increased utilization of short-term borrowings to support working capital requirements, partially offset by repayment of long-term borrowings and payment of finance costs.

The principal financing inflows during the year were as follows:

(i) Equity funds raised amounting to t 300 Lakhs, which strengthened the Company s capital base and provided additional liquidity to support its operational and working capital requirements.

(ii) Net increase of t 391.31 Lakhs in working capital facilities and other short-term borrowings, primarily utilized to finance incremental working capital requirements (mainly credit sales).

The above inflows were partially offset by the following financing outflows:

(i) Net repayment of long-term borrowings amounting to t 246.26 Lakhs, reflecting scheduled repayments and the Companys efforts to manage its long-term debt obligations.

(ii) Payment of finance costs amounting to t 209.85 Lakhs.

FISCAL 2023

Cash Flow from Operating Activities

Particulars		Amount (Rs in lakhs)
Net Profit before tax	A	1,417.72
Adjustments for non-cash and non-operating items	B	831.01
Operating profit before working capital changes	C=A+B	2,248.73
Adjustments for changes in operating assets / liabilities (working capital changes)	D	(2,158.98)
Cash generated from Operations	E=C+D	89.75
Income tax paid	F	(364.24)
Net Cash generated from / (used in) operating activities	G=E+F	(274.49)

Net cash used in operating activities amounted to t 274.49 Lakhs in Fiscal 2023. Operating cash flows during the year were primarily driven by profit before tax, which after adjusting for non-cash and non-operating items such as depreciation and amortization, finance costs and other adjustments, resulted in operating profit before working capital changes of t 2,248.73 Lakhs.

However, changes in working capital during the year resulted in a net outflow of t 2,158.98 Lakhs, primarily attributable to the following movements:

(a) Increase in inventories of t 1,342.75 Lakhs, reflecting higher inventory levels maintained to support the growth in production and business operations.

(b) Increase in trade receivables of t 1,479.52 Lakhs, primarily attributable to higher credit sales, resulting in an increase in outstanding receivable balances.

(c) The above increases were partially offset by an increase in trade payables of t 1,182.02 Lakhs, reflecting extended credit from suppliers of raw materials and other inputs.

After accounting for income taxes paid during the year, the Company reported net cash used in operating activities of t 274.49 Lakhs in Fiscal 2023.

Cash Flow from Investing Activities

Net cash used in investing activities amounted to t 1,635.81 Lakhs. The outflow was primarily attributable to capital expenditure aggregating to t 1,768.08 Lakhs mainly towards acquisition and installation of plant and machinery and land, as part of our ongoing efforts to expand and upgrade manufacturing infrastructure and enhance operational capabilities.

Cash Flow from Financing Activities

Net cash generated from financing activities amounted to t 2,210.44 Lakhs. The inflow was primarily attributable to net increase in borrowings during the period.

(i) Long-term borrowings increased by t 1,070.53 Lakhs, mainly on account of term loans availed from banks towards financing capital expenditure, primarily for acquisition of machinery.

(ii) Net increase of t 1,233.69 Lakhs in working capital facilities and other short-term borrowings, which were primarily utilized to meet incremental working capital requirements and support ongoing operational activities.

INDEBTEDNESS

As of February 28, 2026, we had total outstanding borrowings amounting to t 3,684.23 Lakhs. For further details in relation to our indebtedness, see "Financial Indebtedness" on page 291.

CAPITAL EXPENDITURE AND COMMITMENTS Capital Expenditure

Gross additions to property, plant and equipment and intangible assets:

Particulars	For the six months period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
Land	-	-	-	180.11
Factory Buildings	-	61.51	-	-
Vehicles	7.22	1.28	-	67.60
Plant & Machinery	373.65	412.82	265.74	1,428.23
Office Equipments	5.76	238.94	194.57	24.49
Computers & Servers	25.46	10.22	6.93	13.11
Furniture & Fixtures	6.66	6.65	15.17	20.05
Mould & Dies	-	808.39	-	-
Softwares	27.02	28.67	26.04	34.48
Total	445.77	1,568.47	508.44	1,768.07

Gross additions to Capital Work in Progress:

Particulars	For the six months period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
Land	12.15	60.24	-	-
Factory Buildings	392.09	-	-	-
Plant & Machinery	370.48	-	-	-
Total	774.72	60.24	-	-

Capital Commitments

Particulars	As on September 30, 2025	As on March 31, 2025	As on March 31, 2024	As on March 31, 2023
Construction of Factory Building	3,302.29	207.56	-	-
Plant & Machinery			33.01	-

WORKING CAPITAL MANAGEMENT

The Companys working capital requirements are primarily driven by the nature of its operations involving manufacturing of customised moulds and precision tooling solutions, which entail long production cycles, inventory intensive operations (mainly work-in-progress) and milestone-based billing. The table below encapsulates inventory days, trade receivable days and trade payable days for the periods indicated:

Days	For six months period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
Inventory Days(1)	647	253	207	147
Trade Receivable Days(2)	135	135	117	67
Trade Payable Days(3)	144	136	145	103

Note:

(1) Inventory Days = Average Inventory / COGS*365

(2) Trade Receivable Days = Average Trade Receivables /Revenue from Operations, net of returns*3 65

(3) Trade Payable Days = Average Trade Payables / Net Credit Purchases *365

Where Net Credit Purchases = Traded Goods + Raw Materials and Packing + Other Expenses 183 days are used for six months period ended September 30, 2025 and 366 days for Fiscal 2024 instead of 365 days

Inventory

The increase in inventory days is primarily on account of:

• Higher work-in-progress inventory, considering the longer execution cycle of customised moulds, which involves multiple stages such as design, machining, assembly and trials;

• Project-based production, wherein inventory remains in work-in-progress until completion of customer- specific orders;

• Procurement of critical raw materials and components in advance to ensure timely execution of orders.

Inventory days for the six months period ended September 30, 2025 were higher as compared to the preceding fiscal years, primarily due to the timing of order execution and revenue recognition during the year. The Companys operations involve execution of customised, project-based moulds, where orders are typically undertaken over multiple months, resulting in accumulation of work-in-progress during the initial phases of production. The Company generally witnesses higher levels of work-in-progress during the first half of the financial year, as orders are under various stages of design, machining and assembly, with deliveries and revenue recognition being relatively higher in the second half of the year upon completion and customer acceptance. Accordingly, inventory levels, particularly work-in-progress, tend to be higher as at September 30 compared to year-end balances.

Trade Receivables

The increase in trade receivable days is primarily attributable to:

• Credit terms extended to customers, which is customary in B2B industrial segments;

• Milestone-based invoicing, where billing is linked to stages such as design approval, trials and final delivery; and

• Increase in proportion of larger value orders, which generally have relatively longer collection cycles.

The Company typically receives advance payments from customers at the commencement of projects, particularly for customised mould orders. Such advances are recorded as "Advances from Customers" under "Other Current Liabilities in the Restated Consolidated Financial Information and are not adjusted against trade receivables for computing trade receivable days. Accordingly, the reported trade receivable days may not fully reflect the effective credit cycle of the Company.

Trade Payables

The movement in trade payable days is primarily on account of:

• Credit terms from suppliers for procurement of tool steel, components and other inputs used in mould manufacturing.

• Project-based procurement and execution cycles, wherein supplier payments are aligned with production timelines and realisation from customers

OFF-BALANCE SHEET ARRANGEMENTS

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

CHANGES IN ACCOUNTING POLICIES

There have been no changes in our accounting policies during six months period ended September 30, 2025 as well as in the last three Fiscals.

AUDITORS OBSERVATIONS

Shetty Naik & Associates, Statutory Auditors have included a qualification in the Examination Report dated March 26, 2026 on the Restated Consolidated Financial Information which is given below:

The Company has not provided for interest payable on delayed and outstanding payments to suppliers registered under Micro, Small and Medium Act, 2006. Further, the data related to delay in payments to such suppliers is not readily made available for verification and therefore, we could not quantify the impact of above qualification on the Profit & Loss Account for the respective years.

The qualification needs to be read in conjunction with "Restated Consolidated Financial Information - 1.7: Restated Statement of Trade Payables" on page F24.

UNUSUAL OR INFREQUENT EVENTS OR TRANSACTIONS

Except as described in this Draft Red Herring Prospectus, to our knowledge, there have been no unusual or infrequent events or transactions that have in the past or may in the future affect our business operations or future financial performance.

SIGNIFICANT ECONOMIC CHANGES THAT MATERIALLY AFFECTED OR ARE LIKELY TO AFFECT INCOME FROM CONTINUING OPERATIONS.

There have been no significant economic changes that have materially affected or are likely to materially affect the income from continuing operations.

KNOWN TRENDS OR UNCERTAINTIES

The Company is not aware of any known trends or uncertainties that are expected to have a material adverse impact on the sales, revenue or income from continuing operations. Our business performance may be influenced by factors such as changes in industrial demand, fluctuations in raw material prices, competitive market conditions and general economic conditions. Variations in these factors may affect the order inflow, production levels and operating margins of the Company from time to time.

FUTURE RELATIONSHIP BETWEEN COST AND INCOME

Other than as described in "Risk Factors", "Our Business" on pages 29 and 186, and this section respectively, to our knowledge there are no known factors that may adversely affect our business prospects, results of operations and financial condition.

COMPETITIVE CONDITIONS

We operate in a competitive environment. See "Our Business", "Industry Overview and "Risk Factors" on pages 186, 144 and 29, respectively, for further information on competitive conditions that we face.

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 PRICE.

Revenue from operations has grown at a CAGR of approximately 6% between Fiscal 2023 and Fiscal 2025. This growth has been primarily supported by steady order inflows from existing customers, continued focus on operational efficiencies and healthy capacity utilisations.

SEGMENT REPORTING

We have identified business segments as reportable segments for the six-months period ended September 30, 2025. The business segments comprise of a) Moulds and Hot Runner System b) Cleaning Products (under WONDRA brand). There were no reportable segments during Fiscals 2023, 2024 and 2025. Key financial parameters of the segments for the six-months period ended September 30, 2025 are as follows:

Particulars	Moulds and Hot Runner System		Cleaning Products (under WONDRA brand)
	For the six months period ended September 30, 2025	Fiscal 2025	For the six months period ended September 30, 2025	Fiscal 2025
Revenues	4,362.24	11,266.12	173.10	-
Segment Result (EBITDA)	1,287.11	2,935.69	(96.37)	-
Depreciation and Amortisation Expense	341.35	634.64	16.52	1.83
Segment Assets	14,475.20	13,293.09	1,421.67	987.88
Segment Liabilities	8,610.28	6,883.15	65.30	749.80
Capital Expenditure	1,049.44	820.33	171.05	808.39

For further information relating to segment reporting, see "Restated Consolidated Financial Information - II.24 (A): Segment Reporting on page 288.

SIGNIFICANT DEPENDENCE ON SINGLE OR FEW CUSTOMERS

We depend on a limited number of customers for a significant portion of our revenue. The table below sets out percentage of revenue from operations from our top customers for the periods mentioned below:

Customer	% of Revenue from Operations
	For the six months period ended September 30, 2025	Fiscal 2025	Fiscal 2024	Fiscal 2023
Top	30	23	27	20
Top 5	65	65	69	63
Top 10	77	84	84	80

As certified by Shetty Naik & Associates, Statutory Auditor vide certificate dated March 29, 2026.

We generally do not have long-term or exclusive arrangements with most of our customers and our revenues are largely based on purchase orders placed by them based on their requirements, project timelines and market conditions. Accordingly, there can be no assurance that such customers will continue to place orders with us at historical levels or on similar commercial terms in the future. Our continued engagement with such customers depends on our ability to maintain our relationships and remain a preferred supplier.

NEW PRODUCTS OR BUSINESS SEGMENTS

Except as disclosed in this Draft Red Herring Prospectus, the Company has not announced and does not expect to announce any new products or business segments in the near future. The Company intends to continue strengthening its existing operations and product offerings within its current business lines.

SEASONALITY/ CYCLICALITY OF BUSINESS

The Companys operations are not materially seasonal in nature; however, its performance is influenced by capital expenditure cycles of its end-user industries. The Company has, in recent periods, recorded a higher proportion of its revenue in the second half of the financial year as compared to the first half. This is primarily attributable to timing of execution and completion of customer orders, including alignment with customers capital expenditure planning and project timelines.

Notwithstanding the above, the Companys operations remain order-driven and project-based, with execution cycles often spanning multiple periods. Accordingly, while the timing of revenue recognition may vary across periods, the Company does not have materially seasonal operations and continues to receive orders and undertake production activities throughout the year.

SIGNIFICANT DEVELOPMENTS AFTER SEPTEMBER 30, 2025, THAT MAY AFFECT OUR FUTURE RESULTS OF OPERATIONS

1. The shareholders of our Company approved the subdivision of equity shares at the Extraordinary General Meeting held on December 16, 2025. Accordingly, the face value of each equity share was split from Rs 10 to Rs 5 per share;

2. On December 18, 2025, our Company issued 1,85,09,020 fully paid-up bonus equity shares in the ratio of 5:1 (i.e., 5 bonus shares for every 1 equity share held) to the shareholders as on the record date;

3. The HDFC Bank Limited has disbursed an amount of Rs 716.40 Lakhs out of the sanctioned Term Loan of Rs 3,750 Lakhs to our Company vide sanction letter dated August 7, 2025 which comprises of creation of charge over immovable properties of our Company along with the personal guarantees of our Promoters. (The Outstanding Balance as on the six months period ended September 30, 2025 was Nil);

4. Our Company has prepaid two Term Loans for vehicles having the outstanding dues as on September 30, 2025 amounting to Rs 19.94 Lakhs;

5. Our Company has given corporate guarantee to Small Industries Development Bank of India for the Working Capital Term Loan amounting to Rs 250.00 Lakhs sanctioned to our Subsidiary- OMG Auto Mould Private Limited vide Sanction Letter dated February 24, 2026;

6. Our Company has given corporate guarantee to Small Industries Development Bank of India for the Bank Overdraft facility amounting to Rs 300.00 Lakhs sanctioned to our Subsidiary- OMG Auto Mould Private Limited vide Sanction Letter dated March 17, 2026.

7. Our Company has filed two adjudication applications dated March 13, 2026 and March 16, 2026 with respect to certain defaults committed by our Company under Companies Act, 2013.