Page Industries Ltd Management Discussions

GLOBAL ECONOMIC OVERVIEW

The global economy continues to navigate a mixed environment, with gradual stabilisation supported by technology-led investment, and broadly supportive fiscal and monetary settings. At the same time, heightened geopolitical tensions, including the Middle East conflict that began in February 2026, have introduced additional headwinds. The conflict is influencing global markets through higher commodity prices, firmer inflation expectations, and tighter financial conditions.

Global growth is projected at 3.1% in 2026 and 3.2% in 2027, marking a slowdown from recent years and remaining below historical averages. while global inflation is expected to rise to 4.4% in 2026 before easing to 3.7% in 2027. Absent the conflict, growth would have been stronger at around 3.4%, highlighting the material economic cost of geopolitical disruptions.

Downside risks continue to dominate the outlook, with the possibility of prolonged or intensified conflict posing significant threats. In adverse scenarios, global growth could decline to 2.5% or even near 2%, while inflation could rise sharply, raising concerns of stagflation.

Additional risks include escalating trade tensions, financial market corrections, rising fiscal deficits, and erosion of institutional credibility.

INDIAN ECONOMIC OVERVIEW

India, in contrast, continues to demonstrate strong economic momentum. According to estimates released by the National Statistical Office, real GDP growth for

FY 2025–26 is projected at 7.4%, with real GVA growth at 7.3% and nominal GDP growth at 8.0%. The services sector remains the key growth driver, registering robust expansion across major segments, while manufacturing and construction are estimated to grow at around 7.0%. Agriculture and allied sectors, along with utilities, have shown moderate growth. On the demand side, private final consumption expenditure is expected to grow by

7.0%, supported by steady rural demand and improving urban consumption, with its share in GDP rising to 61.5% the highest since 2002–03.

Inflationary pressures in India have eased significantly during FY 2025 26. Retail inflation, as measured by the

Consumer Price Index-Combined, declined from 4.6% in FY25 to 1.7% during April December FY26, reflecting improved price stability. While core inflation (excluding food and fuel) showed a moderate uptick, the overall decline was driven by softer food inflation, supported by higher agricultural output, increased sowing, and lower prices of horticultural produce.

At the wholesale level, inflation remained largely subdued, with the Wholesale Price Index recording marginal inflation of 0.04% during April December FY26. Notably, WPI food inflation remained in deflationary territory, averaging (-0.79%) during the same period, indicating easing input cost pressures and improved supply-side conditions across the economy.

Indias external trade outlook has strengthened with the signing of several key free trade agreements in 2025–26. Notable developments include trade pacts with the United Kingdom and Oman in 2025, followed by major agreements with the European Union and New Zealand in 2026, along with a framework for an interim trade agreement with the United States. These agreements aim to expand market access, reduce tariffs across a wide range of goods, and boost exports in sectors such as textiles, pharmaceuticals, and engineering goods. They are expected to enhance Indias integration with global value chains, attract higher foreign investment, and support long-term economic growth by diversifying trade partnerships amid global uncertainties.

Source: The Ministry of Finance, Government of India

INDUSTRY STRUCTURE & DEVELOPMENT

Textile and Apparel Market

The global apparel market is estimated at US$ 1.9 trillion in 2025 and is projected to grow steadily to US$ 2.3 trillion by 2030, registering a CAGR of approximately 4% over the period. This growth is expected to be driven by rising disposable incomes, expanding middle-class populations in emerging markets, and increasing demand for fast fashion and sustainable apparel.

The positive global outlook presents significant opportunities for Indias textile and apparel sector, particularly in strengthening its export share. With competitive manufacturing capabilities, a strong raw material base, and supportive government policies, India is well-positioned to capitalize on this steady growth in global apparel demand.

Indias Textile and Apparel (T&A) market is estimated at US$ 194 billion in FY 2025–26, with the domestic market contributing nearly 80% of the total size and exports accounting for the remaining 20%. Within the domestic segment, apparel dominates with an approximate 75% share, reflecting strong consumption driven by favorable demographics, rising incomes, and evolving fashion trends.

The domestic T&A market has expanded significantly from

US$ 106 billion in 2019–20 to US$ 157 billion in 2025–26, registering a healthy CAGR of around 7%.

The Indian domestic T&A market has grown from US$ 106 billion in 2019–20 to US$ 157 billion in 2025–26, registering a CAGR of 7%. The market needs to grow at a CAGR of 9% from 2024–25 to reach US$ 250 billion by 2030–31, as targeted by the Ministry of Textiles, Government of India.

Indias Innerwear Market

The innerwear market, as a whole, is expected to grow at an encouraging CAGR of 10% between 2024-2029, driving the market from 667.02 billion in 2024 to 1,083.78 billion in 2029. The largest segment, lingerie estimated to be valued at 441.85 billion in 2024, is expected to show a promising CAGR of 9.70% to reach a market size of 701.86 billion in 2029. This segments fast growth can be attributed to the positive wave of body positivity and self-expression that has taken over India.

Bras and brassieres emerge as the largest subsegment in the lingerie segment because of their variety and versatility. Womens lingerie makes up the majority of this segment. A whopping 55% of all lingerie comprises womens lingerie while the remaining 35% and 10% is credited to mens and kids undergarments respectively. This split values the womens lingerie market at 243.02 billion, mens undergarments market at 154.65 billion, and kids undergarments at 44.18 billion in 2024 with the womens, mens, and kids markets roaring up to 386.02 billion, 245.65 billion, and 70.19 billion respectively in 2029.

A smaller but emerging segment under innerwear is shapewear and compression garments, estimates to grow from 100.05 billion in 2024 to 161.07 billion in 2029 at a CAGR of 10%. Compression wear, especially, is expected to grow rapidly within this segment because of increased health consciousness amongst customers.

As customers interest in the fitness peaks, so will the demand for compression garments as it is a popular choice of clothing for heavy workouts. Sleepwear includes pyjamas and shorts, sleep shirts, camisoles, nightgowns, etc. This category estimates to grow from

125.13 billion in 2024 to 220.85 billion in 2029 to experience a promising CAGR of 11% over the period.

Athleisure

The Indian athleisure sector, valued at $13.15 billion in 2024, is projected to reach $21.25 billion by 2033, growing at a 5.5% CAGR. Fitness has evolved from a lifestyle choice to a movement, reshaping fashion. From morning joggers in metro parks to weekend treks and Pilates classes, Indians are embracing active living like never before. The pandemic spurred a rise in home workouts and digital fitness programs, prompting consumers to invest in performance-driven activewear.

Swimwear

The Asia-Pacific region, and India and China in particular, are expected to experience a higher growth rate for swimwear than other regions in the next five years.

Swimming has gained much popularity in the country both as a sporting event as well as a recreational activity. Increasing expenditure on lifestyle goods, coupled with an upsurge in preference for swimming as a leisure and recreational activity, is driving the growth of the swimwear market. Today, most schools in India recognize swimming as an important life skill and have included the sport as a necessary co-curricular activity. Access to swimming in urban India is witnessing a surge as pools are becoming an integral feature / amenity at most high-rise apartment complexes and gated communities.

Source: Yahoo! Finance, Report Linker

In 2023, the Company commissioned the global marketing research firm Kantar to conduct a comprehensive study on the penetration of the swimwear category and consumer behaviour among swimmers in India. According to the study, 70 million consumers, constituting 14% of the urban population classified based on urban NCCS A households across both gender groups aged 6-60 years, form the potential target audience. The research also indicates that 24% of the non-swimmers surveyed demonstrated a ‘likelihood to swim in the future , suggesting a large potential pool of non-swimmers who are willing to swim.

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E-commerce

Indias e-commerce market continues to demonstrate strong growth momentum and is projected to expand by 12.5% in 2025, reaching approximately US$ 211.6 billion. The market is further expected to grow to around US$ 326.7 billion by 2029, supported by rising online shopping demand and increased adoption of digital payment systems.

A notable trend shaping this growth is the increasing contribution from Tier-2 and Tier-3 cities. During the 2025 summer sales period, Tier-3 cities recorded a robust 21% year-on-year growth and accounted for 38% of total order volumes, underscoring the expanding reach of e-commerce beyond metropolitan regions. a

Additionally, the rapidly evolving Direct-to-Consumer (D2C) segment is emerging as a key growth driver. Indias D2C market is projected to grow at a compound annual growth rate (CAGR) of 40%, reaching an estimated US$

60 billion by 2027, reflecting strong brand adoption and changing consumer preferences.

OPPORTUNITIES AND THREATS Opportunities

Economic Shift:

• Continued growth in organised retail is expanding the addressable market for branded products, creating significant opportunities for established players.

• Rising consumption levels, supported by improving education, occupational shifts, increasing urbanisation, the prevalence of nuclear families, growing influence of social media, and higher disposable incomes, are driving demand.

• Increasingfashionawarenessandbrandconsciousness are making consumers more aspirational and discerning in their purchasing decisions.

• The growing urban female population and increasing participation of women in the corporate workforce are further supporting category expansion.

Brand:

• Strong in-house manufacturing capabilities and a well-established distribution network enable consistent product availability and supply chain efficiency.

• Expanding brand presence across exclusive brand outlets and multi-brand retail formats provides a strong foundation for sustained growth.

New and first-time consumers acquired during the pandemic, particularly in categories such as athleisure, continue to contribute to demand and category development.

• The emergence of hybrid work culture presents opportunities for growth in adjacent categories such as work-leisure and comfort-driven apparel.

Threat

Long-Term Industry Risks

• Increasing entry and expansion of international apparel brands in India, attracted by the countrys potential to become one of the largest apparel markets globally, may intensify competition.

• The rapid emergence of Direct-to-Consumer (D2C) startups in the innerwear and athleisure segments, often leveraging aggressive discounting strategies, poses pricing and customer acquisition challenges.

Strategic Initiatives

The Companys strategy is anchored in its core values of quality, comfort, integrity, simplicity, transparency, people focus, and customer delight.

Key initiatives undertaken to sustain market leadership and profitability include:

• Scaling up manufacturing and sales capacities to meet growing demand.

• Expanding channel presence across distribution networks, exclusive brand outlets, large format stores, and e-commerce platforms.

• Increasing investments in sales and marketing, including point-of-sale visibility, as well as traditional and digital advertising.

• Strengthening focus on research and development, product innovation, automation, and digital transformation to enhance operational efficiency and customer experience.

OUTLOOK

In anticipation of sustained demand growth, the Company is undertaking capacity expansion initiatives, including the augmentation of infrastructure and facilities. These efforts are expected to enhance scalability, enabling the addition of incremental machinery and manpower to efficiently meet rising demand.

The Company continues to strengthen its market presence through the expansion of its retail footprint, including Exclusive Brand Stores (EBS), Large Format Stores (LFS), and Multi-Brand Outlets (MBOs). In parallel, the distribution management system has been significantly enhanced and modernised in collaboration with Salesforce and Wonder Soft, improving product availability and accessibility across geographies.

As part of its ongoing digital transformation journey, the Company is transitioning to SAP S/4HANA to build a more agile, intelligent, and resilient core platform. This transition is expected to streamline operations, enhance data visibility, and enable faster, insight-driven decision-making. It also lays the foundation for a scalable and future-ready digital ecosystem, supporting innovation and responsiveness in an increasingly dynamic business environment.

SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE

The Company operates in a single business segment, namely the manufacturing and sale of garments. Accordingly, there are no separate reportable segments in terms of applicable accounting standards.

RISK AND CONCERN

The Company has a structured risk management framework to identify, assess, and mitigate risks on an ongoing basis. Recognising that risks are inherent to business operations, the Company has implemented a comprehensive SCORE framework encompassing:

• Strategic Risks,

• Compliance Risks,

• Operational Risks,

• Reporting obligations and

• Environment, Health and Safety (EHS) Risks

Identified risks are systematically integrated into the business planning process, with detailed mitigation strategies and action plans developed to address potential concerns effectively.

The Company has implemented a structured risk management framework to identify, assess, monitor, and mitigate key business risks, and has also strengthened its governance practices through the appointment of a Chief Risk Officer to oversee enterprise-wide risk management initiatives.

Risk Management Committee:

The Board of Directors has constituted a Risk Management Committee in compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Committee comprises:

1. Mr. Sunder Genomal

2. Mr. V S Ganesh

3. Mr. Shamir Genomal

4. Mr. Varun Berry

5. Mr. Deepanjan B

6. Mr. Ritesh Joshi

INTERNAL CONTROL SYSTEM AND ADEQUACY

The Company has established robust internal control systems that commensurate with the size and nature of its operations. These systems are designed to safeguard assets, ensure accuracy and reliability of financial records, and support efficient business operations. With reference to the financial statements, adequate internal financial controls have been established and are operating effectively.

Management is responsible for overseeing the internal control framework. A comprehensive budgetary control mechanism is in place, with periodic reviews of actual performance to ensure alignment with planned objectives.

The internal audit function covers all key business areas, with periodic reports submitted to Management. Internal Auditors present quarterly reports to the Audit Committee and participate in its meetings to address queries and provide clarifications. The Audit Committee also reviews financial statements to ensure the adequacy and effectiveness of internal controls.

The Company maintains a well-defined organisational structure with clearly established authority levels, policies,andproceduresgoverningbusinesstransactions.

To further strengthen operational efficiency and control, the Company leverages advanced technology solutions, including SAP, SAP Ariba, NiceLabel, and Blue Yonder, along with cloud-based applications. These systems enable streamlined planning, monitoring, and control while promoting best practices across the organisation.

HUMAN RESOURCES / INDUSTRIAL RELATIONS

The Human Resources function at the Company is guided by the mission to attract, engage, and develop talent in alignment with business strategy. HR plays a critical role in fostering a high-performance culture while promoting employee well-being and engagement.

Essential Intent of the People Function

The People Function at PAGE is committed to operating as a value-creating business function.

1. Trusted Partner – Aligns with leadership on priorities and business goals, and delivers with credibility, consistency, and clarity to the business.

2. Enabler of People – Builds systems that unlock performance, autonomy, and organizational excellence.

3. Nurturer of Talent – Accelerates capability growth and fuels purposeful, forward-moving careers.

4. Engagement Driver – Creates experiences, programs, and policies that deepen connection, belonging, and pride in PAGE.

5. Architect of Culture – Champions our values and shapes a high-trust, high-performance workplace where people thrive.

Employee Value Proposition (EVP)

During the year, PAGE articulated its Employee Value

Proposition (EVP), reflecting its commitment to building an iconic organization driven by people and purpose. Rooted in a culture of trust, respect, shared values, and high performance, the EVP emphasizes meaningful growth, collaboration, innovation, and impact.

The EVP is built on four pillars:

1. Together as One – Fostering a culture of trust, respect, inclusion, and well-being where employees feel supported and empowered.

2. Be the Change – Encouraging innovation, bold thinking, ownership, and purposeful contribution to create meaningful impact.

3. Shape Your Growth – Enabling continuous learning, career development, and growth opportunities through support and feedback.

4. Play to Win – Promoting a high-performance culture that recognizes excellence, rewards impact, and inspires employees to achieve their best.

Leadership Connect

To strengthen employee engagement, transparency, and an inclusive workplace culture, PAGE institutionalized the Leadership Connect programme based on insights from the first Voice of PAGEians Survey conducted in August 2023. The programme enables regular interactions between employees and senior leadership through forums such as All Hands Meets, quarterly

CEO addresses, and half-yearly Chief People Officer interactions.

Employee feedback and suggestions are encouraged through anonymous channels, reviewed systematically, and converted into action plans with clear ownership and timelines. Regular updates on progress help reinforce transparency, trust, leadership accessibility, and a culture of listening and responsiveness.

Voice of PAGEians – Edition 2

In August 2025, PAGE conducted Voice of PAGEians

– Edition 2, an organization-wide employee listening initiative anchored on the Great Place to Work Trust Index Survey. The survey recorded strong participation, with 84% of associates sharing feedback on their workplace experience. The results reflected improvement over the previous edition, particularly in areas such as pride in work, job security, and top-down communication, while also highlighting focus areas including cohesion, people management practices, and fairness in recognition and growth.

Based on the survey insights, PAGE implemented organization-wide action plans focused on strengthening people manager capability, enhancing performance management, fostering collaboration, and celebrating success stories. Department-specific action plans were also developed to address unique functional priorities, reinforcing accountability and a culture of continuous listening and improvement.

Talent Management: Critical Roles and Succession

PAGE initiated a structured approach to identify and manage critical roles across the organization. From an inventory of 400 unique roles, 70 roles were identified as critical to business continuity and strategic execution.

Identification of potential successors for these roles is underway, followed by capability assessments and individualized development plans to prepare future leaders

Talent Acquisition: Process Improvements and Mobility

In FY 2025–26, PAGE established a Talent Acquisition Centre of Excellence (TA COE) to standardize hiring practices, strengthen governance, and improve hiring efficiency. The TA COE introduced standardized recruitment processes, vendor empanelment, SOPs, and tracking mechanisms across functions. To encourage internal mobility and transparent career opportunities, PAGE also launched an Internal Job Posting (IJP) policy and related SOPs. During the year, PAGE welcomed 398 new employees into the organization.

Jockey LEaD: Leadership Assessment & Development

During FY 2025–26, PAGE completed another cohort of the Jockey LEaD programme for high-potential sales talent, covering 08 Ideal Store Managers and 23 employees in Order Taking roles from the General Trade vertical. The programme included structured assessment exercises conducted by internal and external assessors, followed by detailed feedback and Individual Development Plans (IDPs).

Over the last three years:

• Total employees assessed through Jockey LeaD: 121

• Employees progressed to the next level: 28 (23%)

Based on the programmes success, PAGE plans to expand Jockey LeaD to additional verticals and higher-level roles in FY 2026–27.

Campus Engagement & Retail Management Trainee (RMT)

PAGE continued to invest in young talent through campus engagement initiatives in FY 2025–26. The Company recruited three Retail Management Trainees (RMTs) to strengthen the retail leadership pipeline. The six-month programme combined structured learning, on-the-job exposure, and cross-functional rotations to accelerate capability building. The trainees were recognized for their strong performance during the Annual Sales Conference by the Managing Director. PAGE plans to further strengthen its young talent pipeline through partnerships with leading B-schools.

Learning & Development

During the year, PAGEs Learning & Development initiatives focused on strengthening leadership, people management, and functional capabilities across the organization. Key programmes included the Management Development Programme (MDP) on building high-performing teams, sales and manufacturing capability initiatives, digital learning, and leadership development interventions.

The Company also continued the First Time Manager (FTM) Program and plans to launch the PAGE People Manager (PAGE PM) Program to build a strong people manager culture through structured capability development and certification.

Employee Recognition and Performance Enablement

PAGE continued to strengthen its performance-driven culture through the REAP (Reward and Recognition) framework, including initiatives such as Quarterly WOW Champions, SAGA Awards, and newly introduced Spot Awards for timely recognition of exceptional contributions.

Function-specific recognition programmes in manufacturing and sales further reinforced operational excellence, customer focus, and high performance across the organization.

Policy Framework Strengthening – FY 2025–26

During FY 2025–26, PAGE reviewed and strengthened its people policies to enhance governance, employee experience, and regulatory alignment. The Company introduced several new policies, including the Human Rights Policy and Internal Job Posting Policy, while revising existing policies relating to leave, travel, hybrid work, compensation, and employee benefits to align with evolving business and workforce needs.

Human Rights Policy

During the year, PAGE adopted a Human Rights Policy reinforcing its commitment to ethical, inclusive, and responsible business practices. The Policy covers principles such as non-discrimination, prohibition of child and forced labour, fair wages, safe working conditions, employee representation, womens empowerment, and data privacy, supported by governance oversight and grievance redressal mechanisms.

Wrap Certifications

PAGEs manufacturing facilities are certified under the

Worldwide Responsible Accredited Production (WRAP) programme, reflecting the Companys commitment to ethical and responsible manufacturing practices. The Company adheres to WRAP principles covering legal compliance, ethical labour practices, prohibition of forced and child labour, workplace safety, employee well-being, and environmental responsibility.

Twelve manufacturing units have achieved WRAP

Platinum certification, the highest level of recognition under the programme, demonstrating sustained compliance with global standards and best practices across multiple audit cycles.

Through regular audits and continuous monitoring, PAGE remains committed to fair wages, reasonable working hours, employee rights, transparency, inclusion, and responsible business conduct, reinforcing long-term stakeholder trust.

WRAP Certified Units:

Manufacturing Unit	Location
Page Industries Limited, Unit-1	Bommanahalli
Page Industries Limited, Unit-3	Bommasandra
Page Industries Limited, Unit-4	K C Halli
Page Industries Limited, Unit-11	Hennagara
Page Industries Limited, Unit-12	Hassan
Page Industries Limited, Unit-14	B. Agrahara
Page Industries Limited, Unit-16	Mysuru
Page Industries Limited, Unit-17	Gowribidanur
Page Industries Limited, Unit-20	Tiptur
Page Industries Limited, Unit-21	Hassan
Page Industries Limited, Unit-22	Hassan
Page Industries Limited, Unit-25	K R Pete

Approach to Labour Codes

The Government of India has notified the new labour codes, including the Code on Wages (November 2025), with implementation pending notification of State-specific rules.

PAGE has adopted a balanced, forward-looking approach by reviewing compensation structures and aligning key elements with emerging principles of the Code on Wages. A phased implementation approach has been adopted, with full compliance to be completed once rules are notified. The Company continues to monitor developments and engage with industry forums to ensure timely and seamless compliance. to

Performance Management System (PMS) – FY 2025–26

In FY 2025–26, PAGE transitioned to an integrated PMS Goal Sheet, combining goal setting, mid-year reviews, and annual evaluations into a single framework. The Org Scorecard continued as the basis for cascading strategic objectives, with goal setting completed by July 2025. Mid-year and annual reviews achieved over 90% on-time completion. The annual cycle emphasized objective, evidence-based assessment combining quantitative metrics and qualitative feedback.

Performance Management System (PMS) – FY 2026–27

In FY 2026–27, PAGE digitised the PMS to improve efficiency, transparency, and tracking. Goal setting was completed for all employees by March 31, 2026—ensuring 100% completion by April 1, 2026. On-time goal setting exceeded 95%, supported by training, HR assistance, and a "Goal Setting Week" in March. A "Goal Lab" initiative further strengthened alignment between individual and organisational priorities. PAGE also plans to implement a full HRMS for end-to-end integration of talent processes.

Employee Engagement: Fostering a Sense of Belonging

PAGE fosters engagement and inclusion through a structured, employee-led Cultural Committee that drives year-round cultural, social, and well-being initiatives. These are complemented by celebrations of festivals and occasions across locations, promoting diversity, participation, and connection.

The programme is being further strengthened through outcome-based evaluation, focusing on participation, inclusivity, and impact on engagement—particularly sense of belonging, pride, and connection. Insights are used to refine the engagement calendar and scale impactful initiatives across the organisation.

HR Transformation: Building a Future-Ready Digital HR Foundation

In FY 2025–26, PAGE advanced its HR transformation through an enterprise-wide Business Process Re-engineering (BPR) exercise to simplify, standardize, and future-proof HR processes across the employee lifecycle. This enabled a more seamless employee experience and informed a refreshed Employee Value Proposition (EVP), guiding the design of future-state HR processes aligned to business needs and scalability. Based on this foundation, PAGE selected Darwinbox as its HRMS platform to enable an integrated, digital HR ecosystem. The platform is designed as a system of experience and intelligence, supporting improved user experience, data-driven decision-making, and stronger governance.

Solution design has been completed, with a phased rollout planned across FY 2026–27. This approach will ensure smooth adoption, effective change management, and sustained value realization.

Looking ahead, FY 2026–27 will mark a transition toward institutionalised, future-ready HR systems through the rollout of OnePAGE (HRMS), strengthened people practices, and enhanced focus on capability, performance, and engagement, enabling greater consistency, agility, and trust across the organization.

Industrial Relations – Inclusive Decision Making through Works Committee

PAGE maintains a progressive and collaborative Industrial Relations framework based on mutual trust, transparency, and continuous engagement. A key element of this approach is the Works Committee, a statutory forum comprising balanced representation from management and employees.

The Committee meets regularly to discuss matters of common interest, including workplace conditions, safety, employee welfare, productivity, and operational improvements. During the year, it facilitated open communication, helped resolve issues through consensus, provided inputs on welfare and engagement initiatives, and supported smooth business implementation.

This participative approach has strengthened industrial harmony, improved morale and productivity, and ensured that employee perspectives are integrated into decision-making. The industrial relations climate remained stable and cordial throughout the year, with no major disruptions.

Industrial Relations remained cordial throughout the year across all our manufacturing units and facilities and the Board records its appreciation for the contribution of all employees towards the growth of the Company without which the achievements made, would not have been possible. As on 31st March 2026, the Company had 21,244 employees on the rolls.

FINANCIAL PERFORMANCE AND ANALYSIS

( . in Millions)

Particulars	2025-26	2024-25	Change	%
Revenue from operations (net)	52,468	49,349	3,119	6.32%
Profit before Interest, Depreciation & Tax	11,817	11,242	576	5.12%
Less: Finance Cost	498	464	34	7.35%
Profit before Depreciation and Tax	11,319	10,778	541	5.02%
Less: Depreciation	1,066	992	74	7.46%
Profit before Tax	10,253	9,786	468	4.78%
Less: Tax	2,615	2,495	120	4.81%
Profit for the year	7,638	7,291	347	4.76%

KEY FINANCIAL RATIOS:

S.No	Particulars	2025-26	2024-25	Change (%)
1	Debtors Turnover Ratio	26.72	28.18	(5.18%)
2	Inventory Turnover Ratio	2.26	2.10	7.43%
3	Net Profit Margin (%)	14.56%	14.78%	(1.47%)
4	Operating Profit Margin (%)	24.55%	24.79%	(0.95%)
5	Debt-Equity ratio	18.42%	18.61%	(0.98%)
6	Debt service coverage ratios	13.09	11.35	15.34%
7	Current Ratio	1.725	1.724	0.02%
8	Return on Net Worth	52.50	48.54	8.15%

Explanation on Key Financial Ratios:

Return on Net Worth: Increase in the profitability.

Cautionary Statement

Statements in the Management Discussion and Analysis relating to the Companys objectives, projections, estimates, and expectations may be considered as "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed or implied.

The Companys operations may be influenced by various external factors, including economic conditions, government regulations, and natural calamities, which are beyond its control.

The Company assumes no obligation to update or revise forward-looking statements in light of new information, future events, or otherwise.