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 Fiscals 2026, 2025 and 2024 including the notes and significant accounting policies thereto and the reports thereon, which appear elsewhere in this Red Herring Prospectus. You should also see the section titled "Risk Factors" on page 23 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 Red Herring Prospectus under the section titled "Financial Information - Restated Consolidated Financial Information " on page 263. 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 23 and 21 respectively, and elsewhere in this Red Herring Prospectus.

Accordingly, the degree to which the financial statements in this 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 18.

OVERVIEW

For details in relation to our business, see "Our Business" on page 184 .

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 (other than customers of the newly launched cleaning products business under the "WONDRA" brand) for the Fiscal 2026, 2025 and 2024 are as follows:

Particulars	Fiscal 2026	Fiscal 2025	Fiscal 2024
	(Consolidated)	(Consolidated)	(Consolidated)
Repeat Customers (Count)	114	125	108
Total Customers (Count)	211	172	175
Repeat Customers as a % of Customers Count	54.03%	72.67%	61.71%
Revenue from Repeat Customers (Rs. in Lakhs)	9,011.78	11,099.82	9,169.29
Revenue from Operations - Consolidated* (Rs. in Lakhs)	11,921.09	11,266.12	10,455.68
Revenue from Repeat Customers as a % of Revenue from Operations	75.60%	98.52%	87.70%

*Revenue from operations - consolidated excludes revenue from the newly launched cleaning products business under the " WONDRA " brand.

Note: A repeat customer refers to a customer (other than a customer from WONDRA Segment) 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*	Fiscal 2026		Fiscal 2025		Fiscal 2024
	Amount	% of revenue from operations	Amount	% of revenue From operations	Amount	% of revenue from operations
1. Sale of Products
Domestic	11,376.23	91.74	9,825.59	87.21	9,166.56	87.67
Exports	632.55	5.10	1,152.04	10.23	969.76	9.28
2. Sale of Services
Domestic	391.36	3.16	288.49	2.56	319.36	3.05
Total Revenue from Operations	12,400.14	100.00	11,266.12	100.00	10,455.68	100.00

*As certified by Shetty Naik & Associates, Statutory Auditor vide certificate dated August 26, 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. 10,031.90 Lakhs, out of which Rs. 7,466.36 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 30 and 52.

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 restated consolidated financial statements" forming part of "Restated Consolidated Financial Information" on page F-9.

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 sundry balances written back, profit on sale of fixed assets, foreign exchange gain and other non-operating income earned. Finance Incomes are excluded here and shown separately while computing PBT.

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 (COGS) = 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 Incomes

Primarily includes interest earned on bank deposits and interest income on staff loans.

F. Depreciation and Amortisation

Represents 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. Company does not have any Exceptional & Extraordinary items during the review period.

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.

K. Profit for the year

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 Indi a 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 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 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	Fiscal 2026	Fiscal 2025	Fiscal 2024
Long Term Borrowings (I)	2,015.66	1,353.27	1,574.55
Short Term Borrowings (II)	1,763.24	1,159.85	1,632.02
Total Debt (III= I+II)	3,778.90	2,513.12	3,206.57
Cash & Cash Equivalents ( (IV)	158.58	70.17	53.63
Net Debt (V=III-IV)	3,620.32	2,442.95	3,152.94
Equity Share Capital (VI)	1,110.54	184.62	183.08
Reserves & Surplus (VII)	6,979.63	6,293.31	4,729.80
IPO related expenses (as shown under Note I.17 "Restated Statement of Other Current Assets of Restated Consolidated Financial Information) (VIII)	108.21	-	-
Total Shareholders Funds (IX= VI+VII-Vm)	7,981.96	6,477.93	4,912.88
Net Debt to Equity (Times) (X= V/IX)	0.45	0.38	0.64

2. Net Working Capital Days

(Rs. in Lakhs, unless otherwise stated)

Particulars	Fiscal 2026	Fiscal 2025	Fiscal 2024
Total Current Assets (I)	8,395.86	8,830.46	7,505.72
Cash & Cash Equivalents (II)	158.58	70.17	53.63
Net Current Asset (III= I-II)	8,237.28	8,760.29	7,452.09
Total Current Liabilities (IV)	7,014.78	6,172.28	5,050.87
Short Term Borrowings (V)	1,763.24	1,159.85	1,632.02
Net Current Liability (VI=IV-V)	5,251.54	5,012.43	3,418.85
Net Working Capital (VII=III-VI)	2,985.74	3,747.86	4,033.24
Revenue from Operation (VIII)	12,400.14	11,266.12	10,455.68
Number of Days (IX)	365	365	366
Net Working Capital Days (X=VII*IX/VIII)	88	121	141

RESULTS OF OUR OPERATIONS

in Lakhs, unless otherwise stated)

Sr No Particulars	Fiscal 2026		Fiscal 2025		Fiscal 2024
	Amount	% of Total Income	Amoun t	% of Total Income	Amount	% of Total Income
INCOME
I Revenue from operations	12,400.14	99.46%	11,266.12	99.59%	10,455.68	99.47%
II Other income	67.62	0.54%	46.64	0.41%	56.12	0.53%
III Total Income (I+II)	12,467.76	100%	11,312.76	100%	10,511.80	100%
IV EXPENSES
Cost of materials consumed	4,929.56	39.54%	4,941.10	43.68%	4,553.76	43.32%
Purchases of Stock in Trade	-	-	-	-	-	-
Changes in inventories of finished goods and work-inprogress	(780.52)	(6.26%)	(636.44)	(5.63%)	(82.12)	(0.78%)
Employee benefits expense	2,968.53	23.81%	2,237.62	19.78%	1,958.69	18.63%
Other expenses	2,068.05	16.59%	1,834.79	16.22%	1,621.62	15.43%
Total Expenses	9,185.62	73.67%	8,377.07	74.05%	8,051.95	76.60%
V Earnings before interest, tax, depreciation and amortisation (EBITDA) (III-IV)	3,282.14	26.33%	2,935.69	25.95%	2,459.85	23.40%
Finance Costs	269.01	2.16%	189.83	1.68%	230.26	2.19%
Finance Incomes	(57.31)	(0.46%)	(55.04)	(0.49%)	(56.62)	(0.54%)
Depreciation and amortisation expense	836.67	6.71%	636.47	5.63%	684.89	6.52%
VI Profit before exceptional and extraordinary items and tax	2,233.77	17.92%	2,164.43	19.13%	1,601.32	15.23%
VII Exceptional items	-	-	-	-	-	-
VIII Extraordinary items	-	-	-	-	-	-
IX Profit before tax	2,233.77	17.92%	2,164.43	19.13%	1,601.32	15.23%
X Tax Expense
- Current tax Payable	540.33	4.33%	573.98	5.07%	461.12	4.39%
- Tax Adjustment for Earlier years	-
- Deferred tax	29.86	0.24%	(1.19)	(0.01%)	(63.72)	(0.61%)
- MAT credit entitlement	-	-	-		-
	570.19	4.57%	572.79	5.06%	397.40	3.78%
XI Profit for the year (IX-X)*	1,663.58	13.34%	1,591.64	14.07%	1,203.92	11.45%

* Profit for the year % 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 ofpresentation.

FISCAL 2026 COMPARED WITH FISCAL 2025

Key Business Highlights

• Revenue from Operations:

Revenue from operations grew 10.1% from Rs. 11,266.12 Lakhs in Fiscal 2025 to Rs. 12,400.14 Lakhs in Fiscal 2025. Of the total revenue for Fiscal 2026, approximately 73.6% was contributed by pipe fitting moulds, 6.1% by industrial moulds, 14.3% by automotive moulds and 2.1% by hot runner systems and 3.9% by the newly launched cleaning products business under "WONDRA" brand. Revenue growth was driven by repeat orders from existing customers and higher capacity utilisation across operations.

• Cost Structure:

Total expenses decreased marginally to 73.7% of total income in Fiscal 2026, compared to 74.0% in Fiscal 2025. This was primarily driven by a decrease in COGS as a percentage of total income to 33.3% in Fiscal 2026 from 38.1% in Fiscal 2025, primarily attributable to improved raw material procurement, a favourable product mix and optimised material consumption. The decrease was further supported by increased in-house execution of certain processes, resulting in improved operational efficiencies, better cost control and reduced dependence on external processing. The overall decrease in total expenses as a percentage of total income was partially offset by an increase in employee benefits expense, which increased to 23.8% of total income in Fiscal 2026 from 19.8% in Fiscal 2025.

• Operating Profitability:

EBITDA margin improved marginally to 26.3% in Fiscal 2026 from 26% in Fiscal 2025. The improvement was primarily driven by higher revenue from operations, better operating leverage, and effective cost management. While operating expenses increased in line with business growth, they grew at a slower rate than revenue, resulting in improved operating profitability and a marginal expansion in the EBITDA margin.

• Profit Before & After Tax:

PBT decreased to 17.9% of total income in Fiscal 2026 from 19.1% in Fiscal 2025, primarily due to higher finance costs and depreciation and amortisation expenses following the capital expenditure undertaken during the year, which more than offset the improvement in operating efficiencies that resulted in an increase in EBITDA margin.

Consequently, PAT decreased to 13.3% of total income in Fiscal 2026 from 14.1% in Fiscal 2025, after accounting for the applicable tax expense. The PAT margin, as disclosed under the key performance indicators, accordingly, declined to 13.42% in Fiscal 2026 from 14.13% in Fiscal 2025.

• Strengthening of Net Worth:

Net worth (as adjusted*) increased by Rs. 1,504.03 Lakhs (23.2%) to Rs. 7,981.96 Lakhs as on March 31, 2026, primarily driven by the increase in profit attributable to the owners of the Company, which resulted in a corresponding accretion to reserves and surplus.

*Adjusted Net worth = Equity share capital + reserve & surplus - IPO Expenses (as shown under Note I.17 "Restated Statement of Other Current Assets" of Restated Consolidated Financial Information)

• Working Capital Position:

Net working capital decreased by 20.3%, to Rs. 2,985.74 Lakhs as on March 31, 2026 from Rs. 3,747.86 Lakhs as on March 31, 2025. Correspondingly, our net working capital cycle improved to 88 days in Fiscal 2026 from 121 days in Fiscal 2025. This improvement was primarily attributable to faster realization from trade receivables as well as increased advance payments from customers and better negotiated payment terms with suppliers.

• Increase in Long-Term Borrowings:

Long-term borrowings increased by Rs. 662.39 Lakhs (49.0%) to Rs. 2,015.66 Lakhs as at March 31, 2026, primarily on account of term loans availed from banks to finance capital expenditure.

• Expansion in Fixed Assets:

Property, plant and equipment and intangible assets increased by Rs. 3,900.04 Lakhs (82.3%) to Rs. 8,640.50 Lakhs as on March 31, 2026. The increase was primarily attributable to capital expenditure of Rs.987.88 Lakhs incurred towards the development and launch of cleaning products under the "WONDRA" brand & 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.

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

Total Income

Total income increased by 10.2% from Rs. 11,312.76 Lakhs in Fiscal 2025 to Rs. 12,467.76 Lakhs in Fiscal 2026 mainly on account of an increase in Revenue from Operations in the manner set out below:

Revenue from Operations

Revenue from operations increased by 10.1%, from Rs. 11,266.12 Lakhs in Fiscal 2025 to Rs. 12,400.14 Lakhs in Fiscal 2026.

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

• Steady Domestic Demand: Domestic Sales of Product increased by 15.8%, from Rs.9,825.59 Lakhs in Fiscal 2025 to Rs.11,376.23 Lakhs in Fiscal 2026, supported by consistent demand from existing customers.

• The newly launched cleaning products business under "WONDRA" brand of Rs. 479.05 Lakh.

• 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 9.7% from Rs. 8,377.07 Lakhs in Fiscal 2025 to Rs. 9,185.62 Lakhs in Fiscal 2026. 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 offinished goods and work-in-progress)

COGS decreased by 3.6%, from Rs. 4,304.66 Lakhs in Fiscal 2025 to Rs. 4,149.04 Lakhs in Fiscal 2026. 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 32.7%, from Rs. 2,237.62 Lakhs in Fiscal 2025 to Rs. 2,968.53 Lakhs in Fiscal 2026. The increase was primarily driven by higher salaries and wages, which increased by 37.4%, from Rs. 1,801.24 Lakhs in Fiscal 2025 to Rs. 2,475.63 Lakhs in Fiscal 2026. This growth in employee costs was mainly attributable to a net increase in employee headcount, from 476 as of March 31, 2025, to 585 employees as of March 31, 2026, including 61 employees attributable to the "WONDRA" Segment undertaken to support business expansion and increased operational scale.

Other Expenses

Other expenses increased by 12.7%, from Rs. 1,834.79 Lakhs in Fiscal 2025 to Rs. 2,068.05 Lakhs in Fiscal 2026. The increase was primarily attributable to the following factors: •

• Factory Rent increased by 23.4%, from ^131.94 Lakhs in Fiscal 2025 to Rs.162.86 Lakhs in Fiscal 2026. The increase was primarily attributable to higher rental rates for the factory premises.

• Labour Charges decreased by 17.0%, from Rs.767.78 Lakhs in Fiscal 2025 to Rs.637.38 Lakhs in Fiscal 2026. The decrease was primarily attributable to the addition of new machinery and increased automation in the manufacturing process, which resulted in improved operational efficiency.

• Foreign Exchange Loss decreased by 95.4%, from Rs.21.01 Lakhs in Fiscal 2025 to Rs.0.97 Lakhs in Fiscal 2026. The decrease was primarily attributable to more favourable exchange rate movements during Fiscal 2026, resulting in reduced foreign exchange losses on foreign currency transactions.

• Foreign Exhibition Expenses increased by 112.6% from Rs. 37.08 Lakhs in Fiscal 2025 to Rs. 78.85 Lakh s in Fiscal 2026. The increase was primarily attributable to the Companys higher participation in international trade exhibitions and promotional events during the year to expand its global market presence, strengthen customer relationships, and generate new business opportunities.

• Travelling Expenses increased by 60.4%, from Rs.153.21 Lakhs in Fiscal 2025 to Rs.245.82 Lakhs in Fiscal 2026. The increase was primarily attributable to higher business travel undertaken during the year in connection with business expansion initiatives, customer acquisition, supplier visits, and increased operational activities across various locations.

• Electricity Expenses increased by 58.5%, from Rs.238.06 Lakhs in Fiscal 2025 to Rs.377.42 Lakhs in Fiscal 2026. The increase was primarily attributable to higher power consumption arising from increased production activity, greater utilization of manufacturing facilities, and an increase in electricity tariff rates during the year.

• Legal and professional charges increased by 76.5% from Rs.59.41 Lakhs in Fiscal 2025 to Rs.104.88 Lakhs in Fiscal 2026, primarily due to higher expenditure on design and product consultancy for customer-specific customisation, product development and new product execution, along with increased Corporate and taxation consultancy charges consequent to the scale-up of operations and enhanced operational and compliance requirements.

EBITDA

EBITDA increased by 11.8%, from Rs. 2,935.69 Lakhs in Fiscal 2025 to Rs. 3,282.14 Lakhs in Fiscal 2026. EBITDA margin improved from 26% in Fiscal 2025 to 26.3% in Fiscal 2026. The increase in EBITDA was primarily attributable to the reasons explained above.

Finance Cost

Finance Cost increased by 41.7% from Rs. 189.83 Lakhs in Fiscal 2025 to Rs. 269.01 Lakhs in Fiscal 2026. This increase was primarily due to higher interest on increased borrowings availed during the year to finance capital expenditure incurred by the Company, along with an increase in bank charges.

Depreciation and Amortisation expense

Depreciation and amortization increased by 31.5%, from Rs. 636.47 Lakhs in Fiscal 2025 to Rs. 836.67 Lakhs in Fiscal 2026.The increase was primarily attributable to the capitalization of new property, plant and equipment during the year, resulting in a higher depreciable asset base, as well as depreciation charged on assets commissioned as part of the Companys capacity expansion and capital expenditure initiatives.

Profit before tax

Profit before tax increased by 3.2 % from Rs. 2,164.43 Lakhs in Fiscal 2025 to Rs. 2,233.77 Lakhs in Fiscal 2026 due to the reasons discussed above.

Tax expense

Tax expense decreased by 0.5%, from Rs. 572.79 Lakhs in Fiscal 2025 to Rs. 570.19 Lakhs in Fiscal 2026. The decrease was primarily attributable to the recognition of a higher deferred tax asset during the year, which resulted in a lower overall tax expense, partially offset by the current tax charge.

Current tax decreased to Rs. 540.33 Lakhs in Fiscal 2026, compared to Rs. 573.98 Lakhs in Fiscal 2025. Further, deferred tax resulted in a credit of Rs. 29.86 Lakhs in Fiscal 2026, as compared to a deferred tax credit of Rs. 1.19 Lakhs in Fiscal 2025, which also contributed to the overall decrease in total tax expense during Fiscal 2026.

Profit for the period

Profit after tax increased by 4.5% from Rs. 1,591.64 Lakhs in Fiscal 2025 to Rs. 1,663.58 Lakhs in Fiscal 2026 was primarily attributable to the following factors:

• Growth in revenue from operations, driven by higher domestic sales and a favourable product mix with a higher contribution from precision and higher-value moulds.

• Improved cost efficiencies, including better raw material sourcing and procurement practices and improved absorption of fixed manufacturing overheads due to higher utilisation of manufacturing facilities.

• Reduction in labour charges, primarily due to the addition of new machinery and increased automation, resulting in improved operational efficiency.

• Improvement in EBITDA, which increased by 11.8% from Rs.2,935.69 Lakhs in Fiscal 2025 to Rs.3,282.24 Lakhs in Fiscal 2026, supported by revenue growth and operational efficiencies.

• Partially offset by higher operating expenses, finance costs and depreciation, incurred in connection with increased employee headcount, business expansion, capital expenditure and enhanced operational activities.

Overall, these factors resulted in an increase in profit after tax of 4.5%, from Rs.1,591.64 Lakhs in Fiscal 2025 to Rs.1,663.58 Lakhs in Fiscal 2026.

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 74.0% 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 19.8% of total income from 18.6% of total income in Fiscal 2025.

• Operating Profitability:

EBITDA margin improved to 26 % 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 19.1% of total income, as compared to 15.2% 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 14.1% of total income as compared to 11.5% 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 7.1%, to Rs. 3,747.86 Lakhs as on March 31, 2025 from Rs. 4,033.24 Lakhs as on March 31, 2024. Correspondingly, our net working capital cycle improved to 121 days in Fiscal 2025 from 141 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 (14.1%) to Rs.1,353.27 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 98.5% 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 Rs.969.76 Lakhs in Fiscal 2024 to Rs.1,152.04 Lakhs in Fiscal 2025, primarily attributable to higher execution of project-based orders from overseas customers.

• Steady Domestic Demand: Domestic revenue from sale of product increased by 7.2 %, from Rs.9,166.56 Lakhs in Fiscal 2024 to Rs.9,825.59 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 % 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 offinished goods and work-in-progress)

COGS decreased by 3.7%, from Rs.4,471.64 Lakhs in Fiscal 2024 to Rs.4,304.66 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 13.6%, from Rs. 1,585.18 Lakhs in Fiscal 2024 to Rs. 1,801.24 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 13.1%, 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.41.70 Lakhs in Fiscal 2024 to Rs. 59.40 Lakhs in Fiscal 2025. The increase was mainly driven by higher expenditure on design and product consultancy charges in connection with customer-specific customisation, product development and new product execution, as well as an increase in accounting, corporate and taxation consultancy charges due to the scale- up of operations and enhanced operational and compliance requirements.

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 Rs.2,459.85 Lakhs in Fiscal 2024 to Rs.2,935.69 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 F iscal 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, driven by a combination of revenue growth, margin expansion, and lower financing and depreciation costs, as outlined below:

Total income grew by 7.6%, led by a 7.8% increase in revenue from operations, supported by strong repeat business (98.5% of revenues), improved capacity utilisation across the Company and its Subsidiaries, higher export execution, steady domestic demand, and a favourable product mix with higher contribution from precision and value-added moulds.

Despite the increase in scale, total expenses rose at a slower rate of 4%, primarily due to a 3.9% reduction in COGS driven by procurement efficiencies and operating leverage, which more than offset increases in employee and other operating expenses associated with business expansion.

As a result, EBITDA increased by 19.3%, with EBITDA margin improving from 23.4% to 26.0%, reflecting better cost absorption and improved realisations.

Further, profitability was supported by a 17.6% reduction in finance costs due to repayment of borrowings, and a 7.1% decline in depreciation expense owing to assets reaching the end of their useful life and limited depreciation impact of recent capital expenditure.

Consequently, profit before tax increased by 35.2%. Although tax expense rose by 44.1% in line with higher profitability and lower deferred tax credit, the overall impact was offset by the strong operating performance, resulting in a 32.2% increase in profit after tax in Fiscal 2025.

ANALYSIS OF CASH FLOW STATEMENT

Particulars	Fiscal 2026	Fiscal 2025	Fiscal 2024
Net Cash Generated from Operating Activity	3,503.35	2,676.65	343.33
Net Cash Used in Investing Activities	(4,443.05)	(1,807.58)	(528.21)
Net Cash Generated from / (Used in) Financing Activities	1,015.85	(846.52)	213.05
Net increase in cash and cash equivalents	86.15	22.55	28.17

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.

Operating cash flows improved to Rs. 343.33 Lakhs in Fiscal 2024 and further to Rs. 2,676.65 Lakhs in Fiscal 2025, reflecting improved operating performance and favourable working capital movements. Operating cash flows

improved to Rs. 2,676.65 Lakhs in Fiscal 2025 and further to Rs. 3,503.35 Lakhs in Fiscal 2026, reflecting improved operating performance and favourable working capital movements.

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. 528.21 Lakhs in Fiscal 2024, Rs. 1,087.58 Lakhs in Fiscal 2025 and Rs. 4,443.05 Lakhs in Fiscal 2026.

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. 213.05 Lakhs in Fiscal 2024, followed by net cash used in financing activities of Rs. 846.52 Lakhs in Fiscal 2025, primarily due to repayment of borrowings utilizing operating cash flows. net cash generated from financing activities amounted to Rs. 1,015.85 Lakhs in Fiscal 2026, primarily attributable to an increase in borrowings.

FISCAL 2026

Cash Flow from Operating Activities

Particulars		Amount (Rs. in Lakhs)
Net Profit before tax	A	2,233.77
Adjustments for non-cash and non-operating items	B	1,022.92
Operating profit before working capital changes	C=A+B	3,256.69
Adjustments for changes in operating assets / liabilities (working capital changes)	D	723.14
Cash generated from Operations	E=C+D	3,979.83
Income tax paid	F	(476.48)
Net Cash generated from / (used in) operating activities	G=E+F	3,503.35

Net cash generated from operating activities amounted to Rs. 3,503.35 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. 3,256.69 Lakhs

Subsequently, working capital movements resulted in a net inflow of Rs. 723.14 Lakhs, reflecting changes in operating assets and liabilities during the year. After accounting for income taxes paid amounting to Rs. 476.48 Lakhs, the Company reported net cash generated from operating activities of Rs. 3,503.35 Lakhs for Fiscal 2026.

Cash Flow from Investing Activities

Net cash used in investing activities amounted to Rs. 4,443.05 Lakhs. The outflow was primarily attributable to:

(i) capital expenditure aggregating to Rs. 756.6 Lakhs towards moulds and dies, which were capitalized in connection with the development and launch of cleaning products business under the "WONDRA" brand and Rs. 2,276.35 Lakhs towards Plant & Machinery for Mould division. There was other capital expenditure including for Capital WIP amounting to Rs. 1,709.18 Lakhs.

Cash Flow from Financing Activities

The increase in net cash generated of Rs.1,015.85 Lakhs from financing activities was primarily attributable to as follows:

Net increase of Rs. 603.39 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 Rs. 662.39 Lakhs, reflecting scheduled repayments and the Companys efforts to manage its long-term debt obligations.

(ii) Payment of finance costs amounting to Rs. 262.43 Lakhs.

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	803.06
Operating profit before working capital changes	C=A+B	2,967.49
Adjustments for changes in operating assets / liabilities (working capital changes)	D	180.68
Cash generated from Operations	E=C+D	3,148.17
Income tax paid	F	(471.52)
Net Cash generated from / (used in) operating activities	G=E+F	2,676.65

Net cash generated from operating activities amounted to t 2,676.65 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 803.06 Lakhs.

However, changes in working capital during the year resulted in a net outflow of t 180.68 Lakhs, primarily attributable to the following movements:

(a) Increase in inventories of t752.41 Lakhs, primarily attributable to higher inventory levels maintained to support the increase in business operations and ensure adequate availability of raw materials and finished goods.

(b) Increase in Other Current Liabilities of t 819.45 Lakhs.

After accounting for income taxes paid amounting to t 471.52 Lakhs, the Company reported net cash generated from operating activities of t 2,676.65 Lakhs in Fiscal 2025.

Cash Flow from Investing Activities

Net cash used in investing activities amounted to t 1,807.58 Lakhs was primarily attributable to capital expenditure aggregating to t 1,628.71 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 used in financing activities amounted to t 846.52 Lakhs was primarily attributable to the following:

The principal financing inflows during the year were as follows:

(i) Proceeds from issue of equity shares amounting to t 37.50 Lakhs, which strengthened the Companys capital base and provided additional liquidity to support its operational and working capital requirements; and

(ii) Proceeds from availing long-term borrowings amounting to t675.51 Lakhs.

The above inflows were more than offset by the following financing outflows:

(i) Net repayment of short-term borrowings amounting to t472.17 Lakhs;

(ii) Repayment of long-term borrowings amounting to t 896.81 Lakhs; and

(iii) Payment of interest and finance costs amounting to t 190.55 Lakhs.

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	865.24
Operating profit before working capital changes	C=A+B	2,466.56
Adjustments for changes in operating assets / liabilities (working capital changes)	D	(1,743.21)
Cash generated from Operations	E=C+D	723.35
Income tax paid	F	(380.02)
Net Cash generated from / (used in) operating activities	G=E+F	343.33

Net cash generated from operating activities amounted to t 343.33 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 2,466.56 Lakhs.

However, changes in working capital during the year resulted in a net outflow of t 1,743.21 Lakhs, primarily attributable to the following movements:

(a) Increase in trade receivables of t 1,604.29 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 343.33 Lakhs in Fiscal 2024.

Cash Flow from Investing Activities

Net cash used in investing activities amounted to t 528.21 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 213.05 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 Companys 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 232 Lakhs.

INDEBTEDNESS

As of July 15, 2026, we had total outstanding borrowings amounting to Rs. 4,178.69 Lakhs. For further details in relation to our indebtedness, see "Financial Indebtedness" on page 287.

CAPITAL EXPENDITURE AND COMMITMENTS

Capital Expenditure

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

Particulars	Fiscal 2026	Fiscal 2025	Fiscal 2024
Factory Buildings	33.28	61.51	-
Vehicles	7.22	1.28	-
Plant & Machinery	2,276.35	412.82	265.74
Office Equipments	19.77	238.94	194.57
Computers & Servers	36.28	10.22	6.93
Furniture & Fixtures	30.53	6.65	15.17
Mould & Dies	756.61	808.39	-
Softwares	56.74	28.67	26.04
Total	3,216.78	1,568.47	508.44

Gross additions to Capital Work in Progress:

(Rs. in Lakhs)

Particulars	Fiscal 2026	Fiscal 2025	Fiscal 2024
Factory Buildings	1,230.47	60.24	-
Plant & Machinery	294.88	-	-
Total	1,525.35	60.24	_

Capital Commitments

(Rs. in Lakhs)

Particulars	As on March 31, 2026	As on March 31, 2025	As on March 31, 2024
Construction of Factory Building	3,176.08	207.56
Plant & Machinery	-	-	33.01
Total	3,176.08	207.56	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	Fiscal 2026	Fiscal 2025	Fiscal 2024
Inventory Days(1) A	337	253	207
Trade Receivable Days(2)	106	135	117
Adjusted Trade Receivable Days(3) B	74	100	90
Trade Payable Days(4) C	169	136	145

Note:

(1) Inventory Days = Average Inventory / COGS*number of days in the year

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

(3) Adjusted Trade Receivable Days = Adjusted Average Trade Receivables (after deducting the advance from customers) / Revenue from Operations, net of returns* number of days in the year

(4) Trade Payable Days = Average Trade Payables / Net Credit Purchases * number of days in the year Where Net Credit Purchases = Traded Goods + Raw Materials and Packing + Other Expenses

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.

Trade Receivables

The decrease in trade receivable days is primarily attributable to:

• Improved collection efficiency and timely realisation of outstanding dues from customers.

• Better adherence to agreed credit terms and collection schedules, including closer monitoring of receivables and follow-up with customers for timely payments.

• Changes in the customer and order mix, including an increase in orders/customers with relatively shorter 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.

Adjusted Trade Receivables

The fluctuations in our Adjusted Average Trade Receivable Days were primarily attributable to:

• Improved collection efficiency and timely realisation of outstanding dues from customers;

• Better adherence to agreed credit terms and collection schedules, supported by closer monitoring of receivables and follow-up with customers for timely payments;

• Changes in the customer and order mix, including an increase in orders and customers with relatively shorter collection cycles;

• Standard credit terms extended to customers, which are customary in our B2B industrial segments;

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

• The varying proportion of larger-value orders in a given year, 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. To provide a more accurate reflection of the Companys effective credit cycle and working capital position, we calculate Adjusted Average Trade Receivable Days by reducing "Advances from Customers", classified under "Other Current Liabilities" in the Restated Consolidated Financial Information, from gross trade receivables.

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 in the last three Fiscals.

AUDITORS OBSERVATIONS

Shetty Naik & Associates, Statutory Auditors have included a qualification in the Examination Report dated August 20, 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: Statement of Trade Payables" on page F-24.

UNUSUAL OR INFREQUENT EVENTS OR TRANSACTIONS

Except as described in this 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 23 and 184, 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 184, 138 and 23, 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 5.9% between Fiscal 2024 and Fiscal 2026. 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 Fiscal 2026. The business segments comprise of a) Moulds and Hot Runner System b) Cleaning Products (under WONDRA brand). There were no reportable segments during Fiscals 2024 and 2025. Key financial parameters of the segments for Fiscal 2026 are as follows:

Particulars	Moulds and Hot Runner System		Cleaning Products (under WONDRA brand)
	Fiscal 2026	Fiscal 2025	Fiscal 2026	Fiscal 2025
Revenues	11,921.09	11,266.12	479.05	-
Segment Result (EBITDA)	3,352.60	2,935.69	(70.46)	-
Depreciation and Amortisation Expense	708.22	634.64	128.46	1.83
PAT	1,832.56	1,593.01	(168.98)	(1.37)
Segment Assets	15,258.06	13,293.09	2,273.08	987.88
Segment Liabilities	8,573.13	6,883.14	633.90	749.80
Capital Expenditure	1,491.61	820.33	1,725.17	808.39

For further information relating to segment reporting, see "Restated Consolidated Financial Information - II.24 (A): Segment Reporting on page F-59.

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
	Fiscal 2026	Fiscal 2025	Fiscal 2024
Top	19	23	27
Top 5	58	65	69
Top 10	73	84	84

As certified by Shetty Naik & Associates, Statutory Auditor vide certificate dated August 26, 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 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 MARCH 31, 2026, THAT MAY AFFECT OUR FUTURE

RESULTS OF OPERATIONS

1. Our Company has given corporate guarantee to Small Industries Development Bank of India for the Working Capital facility amounting to Rs. 192.34 Lakhs sanctioned to our Subsidiary- OMG Auto Mould Private Limited vide Sanction Letter dated June 29, 2026.

2. Our Company has availed an ECLG-Term Loan from HDFC Bank Limited amounting to Rs. 145.05 Lakhs for working capital purposes, pursuant to the Sanction Letter dated July 21, 2026. The facility is secured by hypothecation of stocks, book debts, plant and machinery and security in the form of equitable mortgage of certain immovable properties owned by the Company and Directors.

3. Our Company has also availed a term loan of Rs. 176.00 Lakhs from Small Industries Development Bank of India (SIDBI) under the Privileged Customer Scheme (PCS) - Gold, pursuant to the Sanction Letter dated August 20, 2026, for meeting unforeseen, emergent and bona fide business expenditure. The facility is secured against the securities and guarantees as stipulated under the sanction terms.