Poddar Pigments Ltd Management Discussions

Global Economic Overview

The global economy navigated a challenging year, marked by heightened geopolitical uncertainty alongside pockets of resilience. As per the International Monetary Funds July 2026 update, global growth is projected at 3.0 percent for calendar year 2026 and 3.4 percent for 2027, with the shock from the war in the Middle East weighing on energy importers and vulnerable economies, while AI-driven demand continues to lift countries integrated into the global technology value chain. The outbreak of conflict in the Middle East during the year sharply altered the trajectory from the steadier pace of approximately 3.3 percent seen through 2025, driving up energy prices and reintroducing inflationary pressure across major economies.

As far as Trade policy with the US is concerned, it has remained volatile and dominant, with legal challenges. The Supreme Court struck down the US Presidents use of the International Emergency Economic Powers Act (IEEPA) to impose broad-based tariffs in February 2026, following which the administration imposed a further 10% global tariff under Section 122 of the Trade Act. More recently, effective July 24, 2026, the Office of the US Trade Representative (USTR) imposed additional Section 301 tariffs of 10-12.5% on goods from economies investigated over forced-labour enforcement, with a further Section 301 probe into structural manufacturing overcapacity that could bring additional tariffs later in 2026. Cumulatively, these tariffs represent the largest US tax increase as a share of GDP since 1993, equating to roughly USD 1,500 per US household in 2026. The resulting uncertainty, more than the tariffs themselves, has weighed on business investment and hiring decisions, with knock-on effects for import- dependent sectors including plastics and textile inputs.

Chinas economy showed greater resilience than many analysts expected during the year, supported by strong high-tech investment and a surge in exports, even as domestic consumption and the ongoing property-sector downturn remained persistent drags. GDP growth came in around 5% in Q1 2026, ahead of forecasts, aided by robust industrial output and export strength despite rising energy costs and supply-chain disruption stemming from the war in the Middle East. For the full year, official targets and independent forecasts converge around 4.5%, with the IMFs July 2026 estimate at 4.6% and the governments own 15th Five-Year Plan target set at 4.5-5%, reflecting a deliberate policy shift toward stability and supply-side-driven growth rather than broad-based stimulus. As one of the Companys key raw-material and competing-supply markets for pigments and intermediates, Chinas export competitiveness and domestic demand trends remain an important reference point for the Companys sourcing and pricing strategy.

The eurozones outlook remained clouded by renewed geopolitical and trade uncertainty, with global trade expected to recover only modestly as tensions, US tariff policy, and Chinas uneven growth trajectory capped export momentum. With Brent crude around USD 110/barrel and Dutch TTF gas around EUR 50/MWh amid Middle East tensions, inflationary pressure stayed elevated, squeezing household purchasing power and industrial margins, and keeping stagflationary risk elevated for the region. Tariffs are estimated to shave roughly 0.5 percentage points off EU GDP growth in 2026, with manufacturing returning to stagnation after an early-2025 uptick driven by tariff frontloading. This combination of a strong euro, elevated energy costs, and soft manufacturing directly affected demand from the Companys European fiber and plastics customers through the year.

Russias economy continued to slow sharply during the year as the cumulative weight of Western sanctions, a prolonged war effort, and softer oil and gas revenues took hold. GDP growth, which had averaged over 4% during 2023-24 on the back of wartime spending, slowed to roughly 1% in 2025, and the Russian government subsequently downgraded its 2026 growth forecast further to just 0.4%, citing weaker oil revenues, elevated inflation (projected around 5.2%), and continuing wartime fiscal pressure. Oil and gas revenues, which account for a large share of federal receipts, fell sharply as sanctions widened the discount on Russian crude, though the outbreak of the Middle East conflict provided a temporary lift to oil prices during the year. While Russia is not a direct market for the company, the broader disruption to global energy and fertiliser markets stemming from the Russia-related sanctions regime has contributed to the elevated feedstock cost volatility referenced above.

Against this backdrop, the Company experienced supply-chain disruptions and raw material price volatility during the year, particularly in petrochemical- and pigment-linked feedstocks, which affected the timing and margins of certain sales. Judicious inventory planning and vendor diversification helped contain the impact, and the Company continues to monitor the geopolitical situation closely for its bearing on input costs and export demand in the current year.

(Source: IMF, World Economic Outlook Update, July 2026, IMF / UNifeed, World Economic Outlook remarks, May 2026, Econofact, Fiscal and Economic Effects of Tariffs, Dimerco, US Tariff Update 2026, EY & Deloitte European Economic Outlook, March & April2026, China Briefing, BBVA Research, The Moscow Times)

Indian Economic Overview

India continued to be the fastest-growing major economy in the world. Indias economy grew 7.7% in FY 2025-26, with fourth-quarter growth reaching 7.8%. The growth was underpinned by a strong first half, with GDP expanding by 8% in H1 and 8.2% in the July-September quarter, the fastest pace in six quarters, supported by robust rural demand, improving urban consumption, and a revival in activity following the GST rate cuts.

For the current year (FY 2026-27), growth is expected to moderate but remain robust. The Reserve Bank of India (RBI) has lowered its FY 2026-27 growth forecast to 6.6%, citing global economic and geopolitical risks. The broader consensus across the IMF, ADB, Deloitte and RBI/SBI places FY 2026-27 growth between 6.4% and 6.8%, a mild moderation from FY 26s 7.7%, driven by elevated crude oil prices (around a USD 95/bbl baseline) and geopolitical friction, even as strong domestic consumption, 13-14% credit expansion, and public capital expenditure keep India resilient and among the top- performing major economies.

This domestic backdrop remains broadly supportive for the Company, with sustained consumption and infrastructure-linked demand support fiber and plastics off-take domestically, even as imported crude/petrochemical feedstock costs and rupee volatility remain pass- through risks that the Company continues to manage in the current year.

Make in India 2.0, Atmanirbhar Bharat & PLI

Beyond the cyclical growth story, Indias structural manufacturing push continues to gain momentum through mutually reinforcing policy frameworks including Make in India 2.0, the Atmanirbhar Bharat (self- reliant India) vision, and the Production-Linked Incentive (PLI) scheme. As of March 2026, PLI schemes spanning 14 strategic sectors have attracted over Rs. 2.40 lakh crore in actual investment, generated more than 14.15 lakh direct and indirect jobs, and enabled exports exceeding Rs. 15.2 lakh crore, per data placed before the Lok Sabha by the Ministry of Commerce and Industry. The Union Budget 2026-27 earmarked a further Rs. 15,541 crore for PLI schemes, building on cumulative production of roughly Rs. 20.4 lakh crore already realized under the programme. Complementary Atmanirbhar Bharat initiatives extend into strategic sectors such as semiconductors (the Rs. 1,27,500 crore Semicon 2.0 Mission approved in July 2026) and critical raw materials, reinforcing a broader policy thrust toward reducing import dependence across value chains. The direction is also relevant, at least indirectly, to several petrochemical and specialty-intermediate categories in the Companys own raw material basket.

China Plus One?Indias Positioning

The China Plus One diversification strategy, under which global manufacturers and buyers adding a secondary sourcing base alongside China, has moved from a reactive, pandemic-era response to a structural sourcing requirement in 2026, driven by escalating US- China tariffs, rising Chinese labour costs, and tightening EU supply- chain regulation. India is increasingly positioned as a credible complement to China, rather than a wholesale replacement, in sectors including specialty chemicals, pharmaceutical intermediates, textiles and electronics, aided by PLI-backed capacity build-out and steadily improving logistics infrastructure such as the dedicated freight corridors. However, structural constraints remain, including BIS certification/Quality Control Order (QCO) compliance timelines for imported raw materials, as well as continued upstream dependence on Chinese components and precursors in several product categories. Consequently, the diversification process is likely to remain gradual and sector-specific rather than result in a wholesale relocation of manufacturing capacity. Taken together, robust GDP growth, an expanding manufacturing-policy architecture, and the China Plus One tailwind position India to navigate global volatility, tariff uncertainty, energy price swings and geopolitical fragmentation, from a position of relative strength compared with major economies.

(Source: Subkuz, RBI FY2026-27 Forecast, Agavart, Business Standard, IBEF, Indian Masterminds, Organiser, ET2C International, IndustryIDX)

Industry Review Masterbatches

The global masterbatch market was valued at roughly USD 7.0 billion in 2025 and is projected to grow to USD 7.4 billion in 2026 and USD 10.5 billion by 2033, at a CAGR of around 5%, with black masterbatch the largest product segment and polypropylene the leading carrier polymer. Asia Pacific remains the largest and fastest-growing regional market, supported by the regions concentration of resin production, converting capacity, and scaling packaging, automotive, textile, and agricultural-film industries, with China and India offering extensive converter networks. Feedstock volatility continues to be the most acute operational challenge for the industry, as raw materials including titanium dioxide, carbon black, and synthetic organic pigments collectively represent 55-65% of production costs and remain directly exposed to petrochemical price cycles.

India-specific data: India is among the fastest-growing masterbatch markets globally, expected to register a CAGR of 7.9% between 2026 and 2036, fuelled by expanding packaging sectors and automotive production, second only to Chinas 8.5% CAGR. Asia Pacific as a whole is expected to account for 39.4% of the global masterbatch market in 2026, with China and India offering extensive converter networks that support both large-volume standardized production and customized formulations for export-oriented manufacturers. Market-sizing estimates for India vary across research houses, reflecting differing scope definitions:

• IMARC Group estimates the India masterbatch market at USD 411.31 million in 2025, projected to reach USD 613.4 million by 2033 at a 4.56% CAGR.

• BlueWeave projects a more aggressive 8.43% CAGR through 2029, reaching USD 586.12 million, citing demand from packaging as well as automotive, agriculture, healthcare, and consumer goods applications.

• TechSci Research pegs Indias masterbatch demand at 443 thousand tonnes in 2018, projected to grow at an 11.78% CAGR to reach 1,667 thousand tonnes by 2030, reflecting strong underlying volume growth even as rupee-denominated value growth appears more moderate.

Dope Dyeing / Textile Fiber Masterbatch

Mass coloration of synthetic fibers using masterbatch (dope dyeing), which cuts water consumption by up to 90% versus conventional dyeing, continues to gain traction as the textile industry responds to water-stewardship mandates. The global dope-dyed yarn market is expected to reach an estimated USD 22.5 billion by 2030, growing at a 5.9% CAGR, driven by rising demand for synthetic fibers such as polyester, nylon and viscose, and by dope dyeings advantages in colour uniformity, colour fastness, and reduced water and dyestuff consumption. As global brands push sustainability commitments upstream, colour decision-making is increasingly shifting to the masterbatch stage rather than post-spinning dyeing processes. This structural shift presents a favourable opportunity for the Companys Fiber MB business, particularly as OEKO-TEX requirements and tightening EU textile regulations.

Plastics / Color & Additive Masterbatch

The global color masterbatch market, valued at USD 6.8 billion in 2026, is projected to reach USD 11.2 billion by 2035 at a 5.7% CAGR, with packaging converters across Europe and Asia expanding procurement to meet recycled-content mandates under the EU Green Deal and Chinas dual-carbon goals. Packaging remains the largest end-use segment, while automotive & transportation is expected to be the fastest-growing at a 7.0% CAGR through 2033. Rising recycled- content requirements, food-contact compliance obligations (a continuing area of Company focus, as reflected in the Companys recent regulatory compliance work), and functional/additive masterbatch demand (UV stabilizers, flame retardants, antistats) are shaping product development priorities across the plastics masterbatch segment.

Research & Development?Speed to Market

Over the last three years, the Company has undertaken a significant expansion of its in-house R&D and sample development capability, more than doubling monthly sample development throughput from approximately 300 samples per month to approximately 650 samples per month, across both textile and plastics masterbatch categories. This expansion materially improves the Companys speed-to-market by enabling faster conversion of customer colour, shade-matching and functional-property requests into commercial-grade masterbatches and it is expected to be a key differentiator as global brands and converters increasingly shift design, colour and compliance decisions upstream to the masterbatch supplier, as outlined above.

(Source: Grand View Research, Coherent Market Insights, MarkWide Research, Market Trends Analysis, Research and Markets, Future Market Insights, IMARC Group, BlueWeave Consulting, TechSciResearch)

Business Outlook & Opportunities Outlook

Notwithstanding near-term volatility from tariffs, energy prices and geopolitical conflict, the medium-term backdrop remains constructive for the Company. Indias resilient, consumption- and capex-led growth, an expanding manufacturing-policy architecture (Make in India 2.0, Atmanirbhar Bharat & PLI), and Indias improving positioning under the global China Plus One shift together support sustained demand for both Fiber MB and Plastics MB. The Companys priorities for FY2026- 27 remain to (i) protect margins through disciplined feedstock procurement, inventory planning and vendor diversification amid continued price volatility; (ii) deepen its regulatory compliance capability to capture compliance-driven export opportunities and safeguard existing customer relationships; (iii) leverage its significantly scaled R&D and sample development capacity, now running at more than double its throughput of three years ago, to strengthen its ability to secure new business faster than competition; and (iv) continue evaluating new growth avenues, including recycled- content masterbatches, rPET-based products, and dope-dyeing solutions for sustainability-focused textile brands, as global colour and compliance decisions increasingly shift upstream to the masterbatch supplier.

Opportunities

• A significantly scaled in-house R&D and sample development capability, with monthly sample development throughput has more than doubled over the last three years, from approximately 300 to approximately 650 samples/month across textiles and plastics, providing company a meaningful speed-to-market advantage in converting customer development requests into commercial business.

• Structural shift of colour decision-making upstream to the masterbatch stage (dope dyeing) as brands pursue water- stewardship and sustainability commitments, presents a direct tailwind for the Companys Fiber MB business.

• China Plus One diversification directing new manufacturing capacity and customer relationships toward India, particularly in specialty chemicals-adjacent and textile/plastics value chains.

• PLI-and-Atmanirbhar-Bharat-driven domestic capex cycle supporting packaging, automotive and textile demand for Plastics MB, alongside Indias resilient consumption-led GDP growth.

• Rising recycled-content mandates and food-contact compliance requirements creating a value-added, compliance-driven niche in which the Company is well placed to serve.

• Potential new export opportunities as global buyers seek REACH- and OEKO-TEX-aligned alternative suppliers amid supply-base disruptions.

Threats

• Elevated and volatile petrochemical- and pigment-linked feedstock costs (TiO2, carbon black, synthetic organic pigments), which continue to represent 55-65% of masterbatch production cost and remain exposed to crude oil and geopolitical shocks.

• Continued US tariff uncertainty and a soft EU manufacturing/ export outlook, which may dampen demand from the Companys European and US-linked fiber and plastics customers.

• Supply-chain disruption risk from the Middle East conflict and Russia-related sanctions spillover, both of which have already contributed to feedstock price volatility during the year.

• Competitive pressure from Chinese masterbatch and pigment exporters redirecting export volumes toward non-US markets, including India, amid their own tariff exposure.

• Rising compliance complexity and cost from tightening global regulatory frameworks (REACH restrictions, OEKO-TEX revisions, EU Digital Product Passport/ESPR), requiring sustained investment in regulatory infrastructure to avoid loss of market access.

• Rupee volatility and imported-crude pass-through risk given Indias reliance on crude oil imports amid an elevated global price environment.

(Note: All third-party market data and forecasts cited above are drawn from publicly available industry research and government/multilateral publications as of July 2026, and are presented for contextual reference only. They do not constitute Company estimates or guidance)

Risks

Demand Risk: The demand for the Companys products may be adversely affected by economic downturns in key user industries. Additionally, margin pressures could arise due to shifts in the demand- supply environment, heightened competition from both domestic and international players, volatile raw material prices, and shifts in product preferences. However, the Company remains confident in its ability to navigate these challenges through continuous technological advancements, innovative product development, and strategic cost management.

Foreign Exchange Risk: Fluctuations in foreign exchange rates are a significant factor affecting the profitability of the Company. To manage this risk effectively, the Company employs hedging strategies to balance short-term exposure differences between imports and exports.

Credit Risk: The Company faces credit risk through its extended credit terms to customers, which may result in payment delays or defaults. To mitigate this risk, the Company employs a structured approach that includes, regular monitoring of customer financial health through external tools, maintains strict receivables tracking, and undertakes proactive follow-ups and timely collection measures. Additionally, all export sales are protected by ECGC insurance, providing further security against payment defaults and reducing overall credit exposure.

Competitor Risk: The market is highly competitive, with minimal barriers to entry for new players. To mitigate this risk, the Company implements comprehensive strategies focused on cost efficiency, consistent quality enhancement, superior customer service, and strengthening brand equity.

The industry also faces broader risks, including volatile raw material prices, outdated technology, and competition from international firms, all of which can pressure margins and affect overall performance. Economic slowdowns can further impact sales and profitability. In response, the Company is taking proactive measures, including adopting new technologies, developing innovative masterbatches through investing in R&D, reducing material costs, re-engineering business and manufacturing processes and more. Additionally, comprehensive insurance policies are in place to provide adequate coverage for the anticipated risks to the Companys assets.

The Company has well-designed strategies to identify and mitigate risks related to operations, finance, reporting, and legal compliance, ensuring resilience in a dynamic market environment.

Financial and Operational Performance

The Companys Gross revenue was Rs. 428.29 crores for the FY 2025- 26 as compared to Rs. 423.85 crores in the previous fiscal. The Company earned a net profit (after tax) of Rs. 14.76 crores during the FY 2025-26 as against Rs. 22.82 crores in the previous fiscal. Companys total sales volumes of manufactured products, including exports, increased marginally during the year by 0.25 % to 15,258 MT. Capacity utilization for the Company was 70.81 % during the year. Export volumes increased compared to previous year due to good demand from Eurozone.

Capital Expenditure

During FY 2025-26, the Company has outlayed Rs. 849.82 lakhs towards capacity expansion in its Chaksu Plant. The production capacity has been increased by around 6000 MT PA. This expansion is aligned with the Companys long-term growth strategy and is expected to improve operational performance, support rising customer demand, and reinforce its competitive position in the market.

Internal Control Systems and Their Adequacy

The Board has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial disclosures.

Regular internal audits, documented policies, guidelines and procedures and review by management, supplement the internal control framework. These mechanisms are designed to ensure that financial and other records are accurate and reliable for preparing financial information, other data and for maintaining accountability of assets.

An Audit of Internal Financial Controls (lFC) and Risk Control Matrix (RCM) was carried out by the statutory auditors during the year. The suggestions provided were reviewed and appropriately implemented by the management.

Human Resources/ Industrial Relations

People are at the core of the enduring competitive advantage of the Company. Team members are not merely contributors to business performance; they embody values, shape culture and translate purpose into sustained, long-term impact. The company continues to foster a workplace culture that prioritizes employee well-being, professional growth, and a positive work environment. Recognizing that employees are the cornerstone of its success, they were encouraged to actively participate in various conferences, seminars, skill-development programmes and training sessions, enabling them to enhance their expertise and contribute more effectively to the organizations long- term success.

The Company firmly believes that quality of its employees is central to its success. So in view of that, career development opportunities were extended across all levels and functions, ensuring equitable growth pathways for every employee. A strong focus on leadership development and upskilling initiatives has further reinforced a culture of excellence and high performance. The Company has further strengthened its efforts to provide a supportive and inclusive work environment that nurtures talent, encourages innovation and maximizes individual potential.

The Company maintained harmonious Industrial Relations at its all locations throughout the year. It reflects the Companys commitment to maintaining a collaborative and respectful work environment. The Company remains dedicated to its employees holistic development for ensuring a motivated and high performing team that drives sustained business success.

As of the 2025-26 fiscal year, the company talent base consisted of 358 employees (excluding casual workers). The Board of Directors extends its heartfelt appreciation to all employees for their sincere efforts at every level throughout the year.

Health, Safety and Environment:

The Company believes that organisations sustainability is directly proportional to the safety, health and environment management. So, the Company places paramount importance on the health and safety of its workforce which is also a part of its core values. All requirements under applicable laws and regulations are fully complied by the Company. Considering the significance of Health, Safety and Environment (HSE) in masterbatch manufacturing, the Company has established robust HSE systems at both of its manufacturing units situated at Jaipur, Rajasthan. These systems are regularly reviewed and updated to align with industry best practices and statutory guidelines.

The Company is highly conscious towards health and well-being of the Employees, Contractors and other Stakeholders connected with the business. Periodic health checkup and health awareness campaign are some ofthe continuing initiatives.

Further, the Company is deeply committed to the well-being of the environment. To uphold this responsibility, it actively engages in tree plantation initiatives and ensure the ongoing care and maintenance of these plantations in nearby areas. Through these efforts, the company strives to create greener surroundings, support biodiversity, and contribute to a healthier ecosystem for future generations. Additionally, the Company continues to maintain its Quality Management System (QMS) in accordance with the ISO 9001:2015 standard.

Further, the Company, as part of the commitment to sustainable energy, successfully commissioned the Solar Power Plant of 3.51 MWp (started in January, 2026) at Village - Sangarh, Tehsil- Fatehgarh, District - Jaisalmer Rajasthan, to generate electricity for its Captive Consumption. The Company also, as ongoing energy conservation efforts, commissioned 0.62 MWp (started in January, 2026) capacity of Rooftop solar plant at its Chaksu location, and 0.41 MWp (started in February, 2026) capacity of Rooftop solar plant at its Sitapura location, Jaipur.

The Company will get the full benefits of these solar power installations during FY 2026-27, thereby contributing to reduced reliance on conventional sources of energy, improved energy efficiency and a lower environmental footprint.

The Company has incurred capital expenditure of Rs. 1,464.37 lakhs towards the Solar Power Projects, reflecting its continued commitment to renewable energy, reduction in dependence on conventional energy sources and long-term environmental sustainability.

Awards and Recognition:

The Company continued its quest for excellence in its chosen area of business to emerge as a truly global brand. Several awards and rankings continue to endorse the Company as a thought leader in the industry.

The Company was honored with the Best Employer-2025 Award in the Large Scale Industry category. The award was presented at a ceremony held on 12th March , 2026, organized by The Employers Association of Rajasthan. This recognition reflects the Companys commitment to fostering an inclusive, employee-centric, and high-performance workplace.

Further, the Company was also awarded the Certificate of Compliance by WRAP (Worldwide Responsible Accredited Production) on 10th April, 2025. This globally recognized certification demonstrates the

Key Performance Indicators

The key financial ratios for the financial year are as follows:

S. No.	Particulars	31“ March, 2026	31“ March, 2025	Change (in %)
1	Debtor Turnover	5.62	6.34*	(11.33)
2	Inventory Turnover	4.18	4.48*	(6.58)
3	Interest Coverage Ratio	-	-	-
4	Current Ratio	3.95	5.13	(22.99)
5	Debt Equity Ratio	-	-	-
6	EBITDA Margin (%)	8.15	10.55	(22.75)
7	Net Profit Margin (%)	3.45	5.38	(35.99)**

*These figures got change due to calculation made on average debtors and average inventory instead of closing debtors and closing inventory. **Due to decrease in profitability Companys continued commitment to maintaining the highest standards of ethical, safe, and socially responsible manufacturing practices.

Note: Ratios marked as “-” are not applicable for the reporting periods due to the absence of related financial components. Specifically, the Company remained debt-free during the year, hence the Debt Equity Ratio and Interest Coverage Ratio have not been presented.

The Return on Net Worth for FY 2026 stood at 4.83%, as compared to 7.73% in the previous year. The fall is due to reduction in net profit amount during the year.

The networth was reduced due to reduction in profit. Since profitability was impacted by fixed costs and increased operating expenses. These factors collectively exerted pressure on margins, leading to a noticeable decline in overall earnings compared to the previous year.

Future Outlook

While the global economic and geopolitical environment remains exceptionally volatile and challenging, the Company approaches the future with measured optimism. Over the past few years, the Company has continued to strengthen the fundamental levers within its control ? investing in R&D and innovation, expanding manufacturing capabilities, improving operational efficiencies, building large sustainable energy infrastructure, strengthening its people and leadership capabilities, and deepening its focus on customers and new markets.

These investments have been made with a long-term perspective. As global conditions progressively stabilise and demand becomes more supportive, the Company believes that the capabilities and foundations being built today should position PPL well to translate these efforts into stronger growth, improved competitiveness and better business performance over the years ahead.

Cautionary Statement

Statements in the Management Discussion and Analysis Report describing the Companys objectives, estimates, expectations, or projections may constitute “forward-looking statements”, within the meaning of applicable laws and regulations. Actual results may differ materially from those either expressed or implied in the statements. Important factors that could make a difference to the Companys operations include economic conditions affecting demand/ supply and price conditions in the domestic and international markets, changes in the Government regulations, tax laws/ other statutes, geopolitical issues and other incidental factors.

For and on behalf of the Board of Directors
Mahima P. Agarwal	Gaurav Goenka
Director	Joint Managing Director & CEO
(DIN: 03588809)	(DIN: 00375811)
Place : Chennai
Date : 14th August, 2026