Paluck Technologies Ltd Management Discussions

The following discussion is intended to convey managements perspective on our financial condition and results of operations as at February 28, 2026 and for the financial years ended March 31, 2025, 2024 and 2023. One should read the following discussion and analysis of our financial condition and results of operations in conjunction with our section titled "Restated Financial Information" on page 201 of this Red Herring Prospectus. This discussion contains forward-looking statements and reflects our current views with respect to future events and our financial performance and involves numerous risks and uncertainties, including, but not limited to, those described in the section entitled "Risk Factors" on page 19 of this Red Herring Prospectus. Actual results could differ materially from those contained in any forward-looking statements and for further details regarding forward-looking statements, kindly refer the chapter titled "Forward-Looking Statements" on page 18 of this Prospectus. Unless otherwise stated, the financial information of our Company used in this section has been derived from the Restated Financial Information. Our financial year ends on March 31 of each year. Accordingly, unless otherwise stated, all references to a particular financial year are to the 12-month period ended March 31 of that year.

In this section, unless the context otherwise requires, any reference to "we", "us" or "our" refers to Paluck

Technologies Limited, our Company. Unless otherwise indicated, financial information included herein are based on our Restated Financial Statements as at February 28, 2026 and for the financial years ended March 31, 2025, 2024 and 2023 included in this Red Herring Prospectus beginning on page 201 of this Red Herring Prospectus.

BUSINESS OVERVIEW

Paluck Technologies was originally founded in 2009 by Navin Katiyar as a proprietorship firm under the name of Sarika Katiyar, engaged in providing diesel generator services. Over the years, the Company has evolved into a diversified engineering services and infrastructure support organisation, with operations spanning Automobile & Engineering Services, Logistics & Equipment Rental, Telecom Engineering. The company has built and maintains a robust portfolio serving both corporate and retail clients across sectors with high growth potential. Its focus is to deliver best-in-class solutions through strong OEM partnerships, geographic advantage, and a multi-segment operational model

In the Construction Equipment Rental segment, the Company provides end-to-end concrete transportation, infrastructure equipment rental, and RMC plant setup services. With a substantial asset base comprising 92 transit mixers, 13 concrete pumps, and 23 Logistics Trucks, Paluck caters to leading infrastructure developers, EPC contractors, and cement manufacturers across key infrastructure development regions including Delhi NCR, Rajasthan, Haryana, Madhya Pradesh, Gujarat, Odisha, and Jammu & Kashmir.

The Logistics and Fleet Management division supports infrastructure and construction logistics through its owned fleet of over 190 specialized vehicles including transit mixers, logistic trucks and pump units. The vehicles are managed through an integrated digital system connected with ERP, SAP, and GPS tracking solutions.

Within the Telecom Engineering Services vertical, company has established itself as a trusted implementation and maintenance partner for major telecom operators. The Company executes contracts awarded by leading telecom OEMs and has a proven track record of managing many telecom sites across India, the Company supports network expansion, upgrade, and maintenance programs across multiple telecom circles.

Additionally, Paluck Technologies operates as an Authorized Service Center and Dealership for prominent OEMs. The Company provides servicing of diesel and gas generators, including the supply and installation of dual-fuel conversion kits and retro emission control devices (RECDs) compliant with NGT norms. The Company is also undertakes authorized service center and dealership for commercial vehicle and two-wheeler including maintenance services and spare parts distribution in the State of Haryana. These dealerships reflect the Companys strong OEM alignment and capability to serve a wide customer base with trusted and compliant solutions.

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST AUDITED FINANCIALS

After the date of last Audited Accounts i.e. for the financial year ended March 31, 2025, the Directors of our Company confirm that, there have not been any significant material developments.

FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our business is subjected to various risks and uncertainties, including those discussed in the section titled "Risk Factor" beginning on page 19 of this RHP. Our results of operations and financial conditions are affected by numerous factors including the following:

1. Our projects are subject to risks of delays, cost overruns, and cancellations arising from multiple external factors such as land acquisition hurdles, statutory approvals, labor unrest, and adverse weather conditions, which could adversely affect revenue recognition, profitability, customer confidence, and our reputation in the market.

2. Our revenues are closely tied to the performance of the infrastructure and construction sectors, which are cyclical in nature, and downturns in these sectors due to economic slowdowns, reduced government spending, or regulatory changes could lead to underutilization of assets, reduced margins, and adverse impact on our overall financial condition.

3. We are heavily dependent on the continuous availability, maintenance, and optimal utilization of our fleet and equipment, and any prolonged downtime, breakdowns, accidents, or underutilization could significantly affect our operational performance, profitability, and reputation.

4. We intend to utilise a portion of the Net Proceeds towards capital expenditure towards the purchase of new Ready-Mix Concrete (RMC) machinery and DG sets, and we cannot assure you that we will be able to derive the benefits from the proposed object.

5. Our business model is working capital intensive and requires substantial upfront financing for fleet, manpower, and consumables, and any delays in receivables or constraints in obtaining external funding could strain our liquidity and impact our ability to deliver projects on time.

DISCUSSION ON RESULT OF OPERATIONS

Our Significant Accounting Policies

For Significant accounting policies please refer Significant Accounting Policies, under Chapter titled "Restated Financial Statements" beginning on page 201 of this Red Herring Prospectus.

Overview of Revenue & Expenditure

Our revenue and expenses are reported in the following manner:

Revenues

Revenue of operations

The Companys revenue is primarily generated from the renting of construction equipment and infrastructure, telecom engineering services, logistics and fleet management and having authorized service center and dealership.

Other Income

Our other income mainly consists of interest income, profit on sale of assets and miscellaneous income.

The below table show our revenue as at February 28, 2026 and for the fiscal 2025, 2024 and 2023:

( In Lakhs)

Particulars	As at February 28, 2026	As at 31st March 2025	As at 31st March 2024	As at 31st March 2023
Incomes:
Revenue from Operations	10,501.58	10,281.00	10,073.54	9,225.57
% of total revenue	99.92	99.92%	99.01%	99.95%
Other income	7.88	8.61	100.23	4.88
% of total revenue	0.08	0.08%	0.99%	0.05%
Total Revenue	10,509.46	10,289.61	10,173.76	9,230.45

Expenditure

Our total expenditure primarily consists of cost of materials consumed, changes in inventories of finished goods, work-in-progress and stock-in-trade, direct and manufacturing expenses employee benefits expenses, finance cost, depreciation and amortization and other expenses.

Cost of materials consumed

This represents cost of materials consumed comprises of stores spares and other finished goods.

Changes in inventories of finished goods and work-in-progress

This relates to the changes in inventories of finished goods and work-in-progress.

Employment Benefit Expenses

It includes salaries, wages, bonus and allowances, directors remuneration, contributions to welfare funds, provision for gratuity and other expenses.

Other Expenses

It includes Payment to Auditors, Power & Fuel, Repairs & Maintenance, Insurance, Rates & Taxes, Freight charges, Rent, Service Charges, Travelling Expenses, Professional Charges, Legal Charges and General Expenses.

Finance Costs

Our finance costs mainly include interest expenses and Bank Charges.

Depreciation

Depreciation includes depreciation and amortization.

RESULTS OF OUR OPERATION

( In Lakhs)

Particulars	As at February 28, 2026	As at 31st March 2025	As at 31st March 2024	As at 31st March 2023
Incomes:
Revenue from Operations	10501.58	10281.00	10073.54	9225.57
% of total revenue	99.92%	99.92%	99.01%	99.95%
% Increase/(Decrease)		2.06%	9.19%	34.82%
Other income	7.88	8.61	100.23	4.88
% of total revenue	0.08	0.08%	0.99%	0.05%
% Increase/(Decrease)		-91.41%	1953.89%	3773.69%
Total Revenue	10509.46	10289.61	10173.76	9230.45
% Increase/(Decrease)		1.14%	10.22%	34.89%
Expenses:
Cost of raw material consumed	4530.41	7827.89	7061.61	6347.67
% of total revenue	43.11%	76.08%	69.41%	68.77%
% Increase/(Decrease)		10.85%	11.25%	22.15%
Changes in Inventories	-119.28	-1148.44	16.24	-340.10
% of total revenue	-1.35	-11.16%	0.16%	-3.68%
% Increase/(Decrease)		-7171.67%	-104.78%	-44.45%
Direct & manufacturing expenses	2786.86	413.60	485.86	402.85
% of total revenue	26.52%	4.02%	4.78%	4.36%
% Increase/(Decrease)		14.87%	20.61%	-
Employee Benefit expenses	491.84	511.12	537.44	746.26
% of total revenue	4.68%	4.97%	5.28%	8.08%
% Increase/(Decrease)		-4.90%	-27.98%	29.06%
Other Expenses	418.77	777.36	645.79	587.34
% of total revenue	3.98%	7.55%	6.35%	6.36%
% Increase/(Decrease)		20.37%	9.95%	120.77%
Total Expense	8,108.60	8381.53	8746.95	7744.02
% of total revenue		81.46%	85.98%	83.90%

 

Particulars	As at February 28, 2026	As at 31st March 2025	As at 31st March 2024	As at 31st March 2023
% Increase/(Decrease)	77.16%	-4.18%	12.95%	38.04%
Profit before Interest, Depreciation and Tax	2400.86	1908.09	1426.81	1486.43
% of total revenue	22.84%	18.54%	14.02%	16.10%
Less: Other Income	7.88	8.61	100.23	4.88
Operating Profit before Interest,
Depreciation, Tax and other income	2392.98	1899.48	1326.59	1481.55
% of total revenue	22.77%	18.46%	13.04%	16.05%
Depreciation and amortization Expenses	283.24	436.59	649.32	802.49
% of total revenue	2.70%	4.24%	6.38%	8.69%
% Increase/(Decrease)		-32.76%	-19.09%	30.82%
Profit before Interest and Tax	2117.62	1471.50	777.50	683.94
% of total revenue	20.15%	14.30%	7.64%	7.41%
Finance Cost	269.01	187.05	284.35	396.26
% of total revenue	2.56%	1.82%	2.79%	4.29%
% Increase/(Decrease)		-34.22%	-28.24%	25.86%
Profit before Tax and Extraordinary Expenses	1848.60	1284.45	493.15	287.68
% of total revenue	17.59%	12.48%	4.85%	3.12%
Extraordinary Expenses	-	-	-	-
% of total revenue	0.00	0.00%	0.00%	0.00%
% Increase/(Decrease)		-	-	-
Restated Profit/(Loss) before tax	1848.60	1284.45	493.15	287.68
% of total revenue	17.59%	12.48%	4.85%	3.12%
% Increase/(Decrease)		160.46%	71.42%	-5.69%
Tax expenses/(income)
Current Tax	464.66	335.17	150.36	85.98
Deferred Tax	0.24	-14.10	-0.55	-16.13

 

Particulars	As at February 28, 2026	As at 31st March 2025	As at 31st March 2024	As at 31st March 2023
Earlier Year Taxes	-	-	-	-
Total tax expenses	464.90	321.07	149.81	69.85
% of total revenue	4.43%	3.12%	1.47%	0.76%
Minority Interest	-	-	-	-
Restated profit/(loss) after Tax	1383.70	963.38	343.33	217.83
% of total revenue	13.16%	9.36%	3.37%	2.36%
% Increase/(Decrease)		180.60%	57.61%	-4.69%

Our income is dependent upon few major customers, details of the same is as following:

( In Lakhs)

	February 28, 2026*		2025		2024		2023
Particulars	( in lakhs)	As a% of total Revenue	( in lakhs)	As a% of total Revenue	( in lakhs)	As a% of total Revenue	( in lakhs)	As a% of total Revenue
Top Ten customers	4,697.55	44.73%	6,126.74	59.59%	6,186.24	61.41%	6,047.89	65.52%
Top five customers	2,833.34	26.98%	5,379.17	52.32%	5,334.90	52.96%	5,014.59	54.33%

*Not Annualised

REVIEW OF OPERATIONS FOR THE PERIOD ENDED FEBRUARY 28, 2026

Income from Operations

Our revenue from operations for the period ended February 28, 2026 was 10501.58 Lakhs which was about 99.92% of the total revenue and which comprises of construction equipment leasing, telecom engineering services, and through authorized service center and dealership of various well-known companies.

Other Income

Our other income for the period ended February 28, 2026 was 7.88 Lakhs which was about 0.08% of the total revenue and which includes interest income and miscellaneous income.

Expenditure

Total Expenditure for the period ended February 28, 2026 was 8,108.60 Lakhs which was about 77.16% of the total revenue.

Cost of raw materials consumed

The Cost of raw materials consumed for the period ended February 28, 2026 were 4530.41 Lakhs which was about 43.11% of the total revenue.

Changes in inventories of finished goods and work-in-progress

The changes in inventories of finished goods and work-in-progress for the period ended February 28, 2026 were -119.28 Lakhs.

Direct & manufacturing expenses

The Direct & manufacturing expenses for the period ended February 28, 2026 were 2,786.86 Lakhs which was about

26.52% of the total revenue and which includes freight, loading and unloading expenses, rates & taxes, stores & spares consumed and other expenses.

Employee Benefits expenses

The employee benefits expenses for the period year ended February 28, 2026 were 491.84 Lakhs which was about 4.68% of the total revenue and which includes salaries, wages, bonus and allowances, directors remuneration, contributions to welfare funds, provision for gratuity and other expenses.

Other Expenses

Other Expenses for the period ended February 28, 2026 were 418.77 Lakhs which was about 3.98% of the total revenue and which includes Payment to Auditors, Repairs & Maintenance, Insurance, Rates & Taxes, Logistics & Equipment Rental Service, Service expenses, Travelling & Conveyance Expenses, Rental expenses, Sales & Promotion Expenses, discounts, Legal & Professional Expenses and Other office and administrative Expenses.

EBIDTA

Our EBITDA for the period ended February 28, 2026 were 2,392.98 Lakhs which was about 22.79% of the total revenue.

Finance Costs

Finance costs for the period ended February 28, 2026 were 269.01 Lakhs which was about 2.56% of the total revenue and which consists of interest and Bank charges.

Depreciation

Depreciation for the period ended February 28, 2026 were 283.24 Lakhs which was about 2.70% of the total revenue and which consists of depreciation and amortization expenses.

Profit /(Loss) after Tax

PAT for the period ended February 28, 2026 was 1383.70 Lakhs which was about 13.16% of the total revenue.

REVIEW OF OPERATIONS FOR THE PERIOD ENDED MARCH 31, 2025

Income from Operations

Our revenue from operations for the fiscal year ended March 31, 2025 was 10,281.00 Lakhs which was about 99.92% of the total revenue and which comprises of construction equipment leasing, telecom engineering services, and through authorized service center and dealership of various well-known companies. The overall turnover has increased as result of improved utilization of logistics and equipment rental assets and steady growth in the automobile and engineering services verticals.

Other Income

Our other income for the fiscal year ended March 31, 2025 was 8.61 Lakhs which was about 0.08% of the total revenue and which includes interest income and miscellaneous income.

Expenditure

Total Expenditure for the fiscal year ended March 31, 2025 was 8,381.53 Lakhs which was about 81.46% of the total revenue.

Cost of raw materials consumed

The Cost of raw materials consumed for the fiscal ended March 31, 2025 were 7,827.89 Lakhs which was about 76.08% of the total revenue.

Changes in inventories of finished goods and work-in-progress

The changes in inventories of finished goods and work-in-progress for the fiscal ended March 31, 2025 were (1,148.44) Lakhs.

Direct & manufacturing expenses

The Direct & manufacturing expenses for the fiscal year ended March 31, 2025 were 413.60 Lakhs which was about

4.02% of the total revenue and which includes freight, loading and unloading expenses, rates & taxes, stores & spares consumed and other expenses.

Employee Benefits expenses

The employee benefits expenses for the fiscal year ended March 31, 2025 were 511.12 Lakhs which was about 4.97% of the total revenue and which includes salaries, wages, bonus and allowances, directors remuneration, contributions to welfare funds, provision for gratuity and other expenses.

Other Expenses

Other Expenses for the fiscal year ended March 31, 2025 were 777.36 Lakhs which was about 7.55% of the total revenue and which includes Payment to Auditors, Repairs & Maintenance, Insurance, Rates & Taxes, Logistics & Equipment Rental Service, Service expenses, Travelling & Conveyance Expenses, Rental expenses, Sales & Promotion Expenses, discounts, Legal & Professional Expenses and Other office and administrative Expenses.

EBIDTA

Our EBITDA for the fiscal year ended March 31, 2025 were 1,899.48 Lakhs which was about 18.46% of the total revenue.

Finance Costs

Finance costs for the fiscal ended March 31, 2025 were 187.05 Lakhs which was about 1.82% of the total revenue and which consists of interest and Bank charges.

Depreciation

Depreciation for the fiscal year ended March 31, 2025 were 436.59 Lakhs which was about 4.24% of the total revenue and which consists of depreciation and amortization expenses.

Profit /(Loss) after Tax

PAT for the fiscal year ended March 31, 2025 was 963.38 Lakhs which was about 9.36% of the total revenue.

FISCAL YEAR ENDED MARCH 31, 2025 COMPARED WITH THE FISCAL YEAR ENDED MARCH 31, 2024

Income

Total revenue has increased by 115.85 Lakhs and 1.14%, from 10,173.76 Lakhs in the fiscal year ended March 31, 2024 to 10,289.61 Lakhs in the fiscal year ended March 31, 2025 which comprises of construction equipment leasing, telecom engineering services, and through authorized service center and dealership of various renowned companies. The overall turnover has increased as result of improved utilization of logistics and equipment rental assets and steady growth in the automobile and engineering services verticals.

Expenditure

Total Expenditure decreased by 365.42 Lakhs and 4.18%, from 8,746.95 Lakhs in the fiscal year ended March 31, 2024 to 8,381.53 Lakhs in the fiscal year ended March 31, 2025. Overall expenditure decreased primarily due to higher closing inventory which reduced the material consumption expense for the year.

Cost of raw materials consumed

Cost of raw materials consumed increased by 766.28 Lakhs and 10.85%, from 7,061.61 Lakhs in the fiscal year ended March 31, 2024 to 7,827.89 Lakhs in the fiscal year ended March 31, 2025. Cost of materials consumed is increased on account of increase in overall cost of materials and stores & spares procured for services.

Changes in inventories of finished goods and work-in-progress

Changes in inventories of finished goods and work-in-progress was (1,148.44) Lakhs in the fiscal year ended March 31, 2025 as against 16.24 Lakhs the fiscal year ended March 31, 2024. The decrease is mainly due to higher closing inventory of finished goods and work-in-progress at the end of the year.

Direct & manufacturing expenses

Direct & manufacturing expenses decreased by 72.26 Lakhs and 14.87%, from 485.86 Lakhs in the fiscal year ended March 31, 2024 to 413.60 Lakhs in the fiscal year ended March 31, 2025. Direct & manufacturing expenses decreased mainly on account of lower loading & unloading expenses, stores and spares consumed and other direct expenses.

Employee Benefit Expenses

Employee Benefit Expenses in terms of value and percentage decreased by 26.32 Lakhs and 4.90% from 537.44

Lakhs in the fiscal year ended March 31, 2024 to 511.12 Lakhs in the fiscal year ended March 31, 2025. The decrease in employee benefit expenses are on account of lower staff welfare expenses and reduced contributions towards Provident Fund and ESIC during the year.

Other Expenses

Other Expenses in terms of value and percentage increased by 131.57 Lakhs and 20.37% from 645.79 Lakhs in the fiscal year ended March 31, 2024 to 777.36 Lakhs in the fiscal year ended March 31, 2025. The increase was mainly on account of increase in service expenses, Repairs & Maintenance and other expenses.

EBIDTA

Profit before Interest, Depreciation and Tax has increased by 572.89 Lakhs and 43.19% from 1,326.59 Lakhs in the fiscal year ended March 31, 2024 to 1,899.48 Lakhs in the fiscal year ended March 31, 2025. Profit before

Interest, Depreciation and Tax was increased due to increased efficiency and increased margin on account of increase in scale of operations.

Finance Costs

Finance Costs in terms of value and percentage decreased by 97.3 Lakhs and 34.22% from 284.35 Lakhs in the fiscal year ended March 31, 2024 to 187.05 Lakhs in the fiscal year ended March 31, 2025. Finance costs saw a decrease primarily as a result of reduction/repayment of borrowings during the fiscal year ended March 31, 2025.

Depreciation & Amortization Expenses

Depreciation in terms of value decreased by 212.72 Lakhs and 32.76% from 649.32 Lakhs in the fiscal year ended March 31, 2024 to 436.59 Lakhs in the fiscal year ended March 31, 2025. The decrease in depreciation is on account of decrease in useful life of assets and following WDV method.

Net Profit after Tax

Net Profit has increased by 620.05 Lakhs and 180.60% from 343.33 Lakhs in the fiscal year ended March 31, 2024 to 963.38 Lakhs in the fiscal year ended March 31, 2025. Net profit was increased due to higher revenues from logistics rentals, dealership services, and telecom maintenance contracts, along with effective cost management and improved operational efficiency across the service segments.

FISCAL YEAR ENDED MARCH 31, 2024 COMPARED WITH THE FISCAL YEAR ENDED MARCH 31, 2023

Income

Total revenue has increased by 943.31 Lakhs and 10.22%, from 9,230.45 Lakhs in the fiscal year ended March 31, 2023 to 10,173.76 Lakhs in the fiscal year ended March 31, 2024 which comprises of revenue from Logistics and Equipment rental services and Automobile and Engineering Services. The overall turnover has increased as result of higher demand across service segments, improved utilization of logistics and equipment rental assets, and steady growth in the automobile and engineering services verticals.

Expenditure

Total Expenditure increased by 1002.93 Lakhs and 12.95%, from 7,744.02 Lakhs in the fiscal year ended March 31, 2023 to 8,746.95 Lakhs in the fiscal year ended March 31, 2024.

Cost of materials consumed

Cost of materials consumed increased by 713.94 Lakhs and 11.25%, from 6,347.67 in the fiscal year ended March 31, 2023 to 7,061.61 Lakhs in the fiscal year ended March 31, 2024. Cost of materials consumed on account of increase in consumption of raw materials and store spares required.

Changes in inventories of finished goods and work-in-progress

Changes in inventories of finished goods and work-in-progress were (340.10) lakhs in the fiscal year ended March 31, 2023 and 16.24 lakhs in the fiscal year ended March 31, 2024. The changes in inventories of finished goods and work-in-progress were driven by decrease in inventory on account of higher sales.

Direct & manufacturing expenses

Direct & manufacturing expenses increased by 83.01 Lakhs and 20.61%, from 402.85 Lakhs in the fiscal year ended March 31, 2023 to 485.86 Lakhs in the fiscal year ended March 31, 2024. Direct & manufacturing expenses increased mainly on account of increase in loading & unloading expenses, stores and spares consumed and other direct expenses.

Employee Benefit Expenses

Employee Benefit Expenses in terms of value and percentage decreased by 208.82 Lakhs and 27.98% from 746.26 lakhs in the fiscal year ended March 31, 2023 to 537.44 Lakhs in the fiscal year ended March 31, 2024. The decrease in employee benefit expenses is on account of manpower rationalization and reduction in salary increments, allowances, or benefits.

Other Expenses

Other Expenses in terms of value and percentage increased by 58.45 Lakhs and 9.95% from 587.34 Lakhs in the fiscal year ended March 31, 2023 to 645.79 Lakhs in the fiscal year ended March 31, 2024. The increase was mainly on account of increase in service expenses, Logistics & Equipment Rental Service and sales & promotion expenses.

EBITDA

Profit before Interest, Depreciation and Tax has decreased by 154.96 Lakhs from 1,481.55 Lakhs in the fiscal year ended March 31, 2023 to 1326.59 Lakhs in the fiscal year ended March 31, 2024. Profit before Interest, Depreciation and Tax was decreased due to increase in cost of raw materials consumed and other expenses.

Finance Costs

Finance Costs in terms of value and percentage decreased by 111.91 Lakhs and 28.24% from 396.26 Lakhs in the fiscal year ended March 31, 2023 to 284.35 Lakhs in the fiscal year ended March 31, 2024. Finance Costs was decreased due to repayment of borrowings during the fiscal year March 31, 2024.

Depreciation & Amortization Expenses

Depreciation in terms of value decreased by 153.17 Lakhs and 19.09% from 802.49 Lakhs in the fiscal year ended March 31, 2023 to 649.32 Lakhs in the fiscal year ended March 31, 2024. The decrease in depreciation is on account of decrease in useful life of assets and following WDV method.

Net Profit after Tax

Net Profit has increased by 125.50 Lakhs and 57.61% from 217.83 Lakhs in the fiscal year ended March 31, 2023 to 343.33 Lakhs in the fiscal year ended March 31, 2024. The Net Profit increased due to higher revenues from logistics rentals, dealership services, and telecom maintenance contracts, along with effective cost management and improved operational efficiency across the service segments.

Cash Flows

(Amount in lakhs)

	For the year ended March 31,
Particulars	February 28, 2026*	2025	2024	2023
Net Cash from Operating Activities	689.75	1,085.05	1,189.79	718.03
Net Cash from Investing Activities	(0.79)	2.17	86.90	(938.08)
Net Cash used in Financing Activities	(700.68)	(1,072.67)	(1,280.05)	227.31

*Not Annualised

Cash Flows from Operating Activities

Net cash from operating activities for fiscal 2025 was at 1085.05 lakhs as compared to the EBIDTA at 1899.48 lakhs, while for fiscal 2024, net cash from operating activities was at 1,189.79 lakhs as compared to the EBIDTA at 1326.59 lakhs. For fiscal 2023, the net cash from operating activities was 718.03 lakhs compared to EBIDTA of 1486.43lakhs.

Cash Flows from Investment Activities

Net cash from investing activities for the fiscal 2025 was 2.17 lakhs. Net cash from investing activities was at

86.90 lakhs and (938.08) lakhs and in the fiscal 2024 and 2023 attributed to increase in investment in non-current assets in 2023 and sale of some assets in 2024.

Cash Flows from Financing Activities

Net cash from financing activities for fiscal 2025 was at (1,072.67) lakhs. In fiscal 2024 was (1280.05) lakhs due to repayment of loans and borrowings and finance charges. For fiscal 2023, the net cash from financing activities was 227.31 lakhs due to increase in borrowings.

OTHER MATTERS

1. Unusual or infrequent events or transactions

Except as described in this Red Herring Prospectus, during the periods under review there have been no transactions or events, which in our best judgment, would be considered unusual or infrequent.

2. Significant economic changes that materially affected or are likely to affect income from continuing Operations

Other than as described in the Section titled "Restated Financial Information" and chapter titled "Managements Discussion and Analysis of Financial Conditions and Results of Operations", beginning on Page 201 and 208 respectively of this Red Herring Prospectus, to our knowledge there are no significant economic changes that materially affected or are likely to affect income from continuing Operations.

3. Known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations

Other than as described in the chapter titled "Risk Factors" and "Managements Discussion and Analysis of Financial Conditions and Result of Operations", beginning on Page 19 and 208 respectively of this Red Herring Prospectus, best to our knowledge there are no known trends or uncertainties that have or had or are expected to have a material adverse impact on revenues or income of our company from continuing operations.

4. Future relationship between Costs and Income

Other than as described in the chapter titled "Risk Factors" beginning on Page 19 of this Red Herring Prospectus, best to our knowledge there are no factors, which will affect the future relationship between costs and income or which are expected to have a material adverse impact on our operations and finances.

5. Competition Conditions

Our Industry is fragmented consisting of large established players and small niche players. We compete with organized as well as unorganized sector on the basis of availability of product, price and product range. Further, there are no entry barriers in this industry. Industry is very competitive and we expect competition to continue and likely to increase in the future. We operate in a competitive environment. See "Risk Factors", "Industry Overview", "Our Business" and on pages 19, 114, and 127 respectively, for further details on competitive conditions that we face across our various businesses.