Pramodini Medicare Ltd Management Discussions

The following discussion and analysis of our financial condition and results of operations for the financial year ended on March 31, 2026, March 31, 2025 and March 31, 2024, is based on, and should be read in conjunction with, our Restated Consolidated Financial Statements, including the schedules, notes and significant accounting policies thereto, included in the chapter titled "Restated Consolidated Financial Statements" beginning on page 203 of this Draft Red Herring Prospectus. Our Restated Consolidated Financial Information have been derived from our audited financial statements and restated in accordance with the SEBI ICDR Regulations and the ICAI Guidance Note. Our financial statements are prepared in accordance with AS.

You should read the following discussion of our financial condition and results of operations together with our restated consolidated financial information included in this Draft Red Herring Prospectus. You should also read the section titled "Risk Factors" beginning on page 24 of this Draft Red Herring Prospectus, which discusses a number of factors, risks and contingencies that could affect our financial condition and results of operations. Our March 31, year ends on March 31 of each year, so all references to a particular March 31, year are to the twelve-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 Pramodini Medicare limited, our Company. Unless otherwise indicated, financial information included herein are based on our "Restated

Consolidated Financial Statements" for the financial year ended on March 31, 2026, March 31, 2025 and March 31, 2024, included in this Draft Red Herring Prospectus beginning on page 203 of this Draft Red Herring Prospectus.

Note: Statement in the Management Discussion and Analysis Report describing our objectives, outlook, estimates, expectations or prediction may be "Forward Looking Statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to our operations include, among others, economic conditions affecting demand/supply and price conditions in domestic and overseas market in which we operate, changes in Government Regulations, Tax Laws and other Statutes and incidental factors.

BUSINESS OVERVIEW

We are a diagnostic service provider in India. We provide a range of technology-enabled diagnostic services such as radiology, clinical laboratory and nuclear medicine service to public hospitals, private hospitals, certain PSU (Public Sector Undertaking) of Government of India and medical colleges across tier I, tier II and tier III cities throughout India. Our diagnostic services include a comprehensive range of offerings: (i) "Radiology" which covers Magnetic Resonance Imaging

(MRI), Computed Tomography (CT scan), X- ray, Ultrasound with colour doppler, Mammography, Dexa Scan and

Intervention Radiology, (ii) "Clinical Laboratory" which includes Haematology, Micro-Biology, Immunology, Pathology

& Bio-Chemistry and (iii) "Nuclear Medicine" which includes PET-CT (Positron Emission Tomography-Computed

Tomography), SPECT (Single Photon Emission Computed Tomography) and Nuclear therapy. We also provide teleradiology services through our registered office situated at Vijayawada which functions on a 24?7 basis throughout the year. We provide healthcare services for core testing, patients diagnosis, disease prevention and monitoring of various health conditions. Our services includes both routine and specialized tests, which are used for prediction, early detection, diagnostic screening, confirmation and/or monitoring of diseases.

Our business operates across four key models namely 1. Public Private Partnership (with government hospitals and government teaching hospitals) 2. Private Private Partnership (with private sector hospitals) 3. Strategic Partnership with PSUs (Public Sector Undertakings) Government of India and 4. Private Centres (standalone centre).

The following diagram provides a breakdown of our centre distribution by category.

*The Company has executed a Letter of Award from Government of Karnataka for providing operations and maintenance of a cardiac facility. However, since the Memorandum of Understanding (MoU) governing the project is yet to be executed, the project has not commenced operations and accordingly, the said centre has not been included in the list of operational centres disclosed in Red Herring Prospectus.

The above models are based on hospital partnerships, where diagnostic centres are set up within the existing premises of hospitals, health centres and we support them by providing diagnostic testing service. We have entered into Memorandum of Understanding (MOUs) with these institutions for the establishment and operation of onsite diagnostic centres within their existing healthcare facilities. For further details, please refer "service model" mentioned on page 136. As on the date of filing of this Red Herring Prospectus, we are operating through 16 diagnostic centres across these different models. These centres are located in 7 states in India: Uttar Pradesh, Andhra Pradesh, Karnataka, West Bengal, Haryana/NCR Delhi, Madhya Pradesh and Kerala (Operation yet to commence). The services offered at each location vary based on the scope agreed under the respective MOUs. We have presence across 14 cities in India. We also have a processing unit cum laboratory in Vijayawada.

We continue to invest in advanced equipments and strengthen our technology platform to ensure that our facilities and services meet the requisite industry standards and deliver quality diagnostic care. As of March 31, 2026, four doctors are engaged at our Vijayawada centre. We also engage doctors on a consultancy basis as required. At our other centres, doctors are appointed by the respective hospitals pursuant to the terms of the memorandum of understanding with such hospitals. We have a team of 27 CT/ MRI technicians, 29 X-ray technicians, 9 Ultrasound technicians, and other qualified professionals, including clinicians, technicians, and operators, who support the delivery of our diagnostic and laboratory services. In order to support our growth and expand our geographic presence, we intend to utilise offer proceeds towards expanding our operations by purchasing equipments in a proposed centre in Bangalore (Karnataka). In addition to the proposed centre, we intend to utilize the proceeds to purchase medical equipments at few of existing diagnostic centres located in Hubli (Karnataka), Manjeri (Kerala) and Vijayawada (Andhra Pradesh). For more details, please refer to section titled "Objects of the Offer" on page 97.

Our Company was originally incorporated in the year 2000 with the objective to provide diagnostic services, the initial subscribers to the MOA were Mr. Raja Rao Yalamanchili and Ms. Hymavathi Yalamanchali. In 2015, our promoters Dr. Kuldeep Kumar Chalasani and Dr. Chalasani Kavitha were appointed as Directors on the Board of the Company. Subsequently in 2016 Mr. Raja Rao Yalamanchili and Ms. Hymavathi Yalamanchali, the shareholders of the Company, transferred certain equity shares to Sri Ram Medical Private Limited and Infer Radiological Imaging Services Pvt Ltd, the companies in which Dr. Kuldeep Kumar Chalasani and Dr. Chalasani Kavitha were subscriber to Memorandum of Association. Further, in 2018, Mr. Raja Rao Yalamanchili and Ms. Hymavathi Yalamanchali transferred their entire shareholding in the Company to Dr. Kuldeep Kumar Chalasani and Dr. Chalasani Kavitha. Pursuant to the aforesaid appointments and transfers of equity shares, the control and management of the Company were assumed by Dr. Kuldeep Kumar Chalasani and Dr. Chalasani Kavitha.

Our Promoters, Dr. Kuldeep Kumar Chalasani, and Dr. Chalasani Kavitha are working in the integrated diagnostics industry has played a pivotal role in shaping the vision and strategy of our company. Our promoters are supported by a team of qualified professional and technicians whose collective experience and diverse skill sets enable our Company to adapt to technological advancements, address evolving patient requirements, manage operational growth, maintain and strengthen patient relationships, and respond to changes in market conditions. For further details, please refer to section titled "Our Management" on page 177.

We offer a one-stop solution for all services to our patients through our operational network. We also offer customized health and wellness packages tailored to meet the specific requirements of our patients. We focus on a patient centric approach to enhance the overall quality of our services for optimal patients satisfaction. Several factors, including integrated services model, quality of our diagnostic services, centre infrastructure and patients experience, convenience of our operational network in our core geographies are important differentiating factors in patients choosing us as their preferred and trusted diagnostic service provider, which helps us in retaining our patients, and sets us apart from our competitors.

KEY PERFORMANCE INDICATORS OF OUR COMPANY

(Rs. in Lakhs except where otherwise specified)

	For the year ended on
Particulars	March 31, 2026	March 31, 2025	March 31, 2024
Revenue From operations (1)	6,228.75	3,823.77	3,522.95
EBITDA (2)	3,090.35	2,096.61	1,553.47
EBITDA Margin (%) (3)	49.61%	54.83%	44.10%
Profit/(loss) after tax for the year (4)	1,737.73	1,102.76	693.01
PAT Margin (%) (5)	27.90%	28.84%	19.67%
Return on Equity (RoE) (%) (6)	39.08%	36.44%	32.76%
Return on Capital Employed (%) (7)	34.66%	36.48%	31.90%
Net Capital Turnover Ratio (in Times) (8)	9.00	6.38	8.73
Debt to Equity Ratio (in Times) (9)	0.34	0.30	0.48
Current Ratio (in times) (10)	1.26	1.58	1.28

Notes: As certified by Statutory Auditor, Chartered Accountants, by way of their certificate dated July 28, 2026.

Notes:

1) Revenue from operation means revenue from providing services

2) EBITDA is calculated as Profit before tax + Depreciation + Finance Costs Other Income

3) EBITDA Margin is calculated as EBITDA divided by Revenue from Operations

4) PAT is calculated as Profit before tax Tax Expenses

5) PAT Margin is calculated as PAT for the period/year divided by revenue from operations

6) Return on Equity is calculated by comparing the proportion of net income against the amount of average shareholder equity

7) Return on Capital Employed is calculated as Earnings before interest and taxes (EBIT) less Other Income divided by Capital employed (Tangible Net worth+ Total borrowings+ Deferred tax liability)

8) Net Capital Turnover Ratio is calculated as Revenue from operations divided by Average Working Capital.

9) Debt to Equity ratio is calculated as Total Debt divided by equity.

10) Current Ratio is calculated by dividing Current Assets to Current Liabilities

SIGNIFICANT DEVELOPMENTS AFTER MARCH 31, 2026

In the opinion of the Board of Directors of our Company, since the date of the stub period as disclosed in this Draft Red Herring Prospectus, there have not arisen any circumstance that materially or adversely affect or are likely to affect the profitability of our Company or the value of its assets or its ability to pay its material liabilities within the next twelve months, except for the following events which do not have a material impact on the profitability of our Company.

Our Company has approved the Draft Red Herring Prospectus vide resolution in their Board Meetings dated April 23, 2026.

Our Company has approved the Draft Abridged Prospectus vide resolution in their Board Meetings dated April 23, 2026.

Our Company has approved the Red Herring Prospectus and Abridged Prospectus vide resolution in their Board Meetings dated August 04, 2026.

Our Company has approved the Audited Financial Statements for the financial years ended on March 31, 2026 pursuant to a resolution passed by the Board of Directors at their meeting held on July 16, 2026 and through ordinary resolution passed by the Shareholders of our Company at their Annual General Meeting dated July 24, 2026.

Our Company has approved the Restated Consolidated Financial Statements for the financial years ended on March 31, 2026, March 31, 2025 and March 31, 2024, respectively, by the Board of Directors pursuant to a resolution passed at their meeting held on July 28, 2026.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

For details in respect of Statement of Significant Accounting Policies, please refer to the chapter titled "Restated Consolidated Financial Statements" beginning on page 203 of this Red Herring Prospectus.

KEY COMPONENTS OF COMPANYS BALANCE SHEET

The following table sets forth select financial data derived from our Restated Consolidated Statement of Assets and Liabilities as at March 31, 2026, March 31, 2025, and March 31, 2024:

Particulars	As at March 31, 2026	As at March 31, 2025	As at March 31, 2024
Liabilities
Long-term Borrowings	1,376.34	803.47	621.75
Short-term Borrowings	408.47	277.95	574.48
Short-term Provisions	175.48	68.66	42.86
Trade payables	82.29	55.51	402.49
Other current liabilities	1,963.28	825.12	727.20
Assets
Property, Plant & Equipment and Intangible	4,420.82	2,178.72	1,603.27
Assets
Long Term Loans and Advances	1,133.69	945.25	457.79
Other Non-current assets	301.36	406.15	392.83
Trade receivables	1,740.05	1,117.49	1,794.31
Short-term loans and advances	753.50	39.18	63.49
Cash & bank Balances	643.70	711.68	341.75

FY 2025-26 COMPARED WITH FY 2024-25

Borrowings:

Companys borrowings have increased from 1,081.42 Lakhs as at March 31, 2025 to 1,784.82 Lakhs as at March 31,

2026. This was mainly on account of new term loan availed from Kotak Bank. Following are details of Long-term and Short-Term borrowings of the company:

Particulars	As at March 31, 2026	As at March 31, 2025
Long Term Borrowings	1,376.34	803.47
Short Term Borrowings	408.47	277.95
Total	1,784.82	1,081.42

Short-term Provisions:

Companys short-term provision has increased from 68.66 Lakhs as at March 31, 2025, to 175.48 Lakhs as at March 31,

2026, due to increase in Provision for Tax. Further, there is an increase in Provision for Gratuity in line with actuarial report. Following are the details of short-term provisions of the company:

Particulars	As at March 31, 2026	As at March 31, 2025
Provision for Gratuity	5.80	4.81

Provision for Tax (net of income tax paid) 169.68 63.85

Total 175.48 68.66

Trade Payables:

Trade payables increased from 55.51 Lakhs as at March 31, 2025, to 82.29 Lakhs as at March 31, 2026. This was mainly in line with increase in companys operations. Following are details of Trade Payables of the company:

Particulars	As at March 31, 2026	As at March 31, 2025
Total outstanding dues of micro enterprises and small enterprises	42.22	3.32
Total outstanding dues of creditors other than micro enterprises and small enterprises	40.07	52.19
Total	82.29	55.51

Other current liabilities:

Other current liabilities increased from 825.12 Lakhs as at March 31, 2025, to 1,963.28 Lakhs as at March 31, 2026. This increase was mainly due to an increase in Payable for Capital Goods, Salaries payable, GST Payable, professional fees payable, etc. This increase was partially offset by a decrease in Manpower contract charges payable, details of which are as follows:

Particulars	As at March 31, 2026	As at March 31, 2025
Salaries Payable	31.74	9.29
Contribution to PF	3.15	0.64
Contribution to ESIC	0.26	0.10
Profession Tax	0.20	0.07
GST Payable	22.75	-
TDS / TCS Payable	8.50	0.01
Audit fees Payable	3.25	0.30
Expense Payables	0.01	0.24
Directors Remuneration payable	3.50	-
Professional fees payable	55.29	19.31
Rent Payable	5.76	5.55
Internal audit fees payable	-	0.30
Manpower contract charges payable	-	495.00
Payable for Capital Goods	1,828.76	294.23
MSME interest payable	0.10	0.08
Excess money received pending adjustment/refund	0.01	0.01
Total	1,963.28	825.12

Property, Plant & Equipment and Intangible Assets:

Following are the details of Companys Property, Plant & Equipment and Intangible assets:

Particulars	As at March 31, 2026	As at March 31, 2025
Property, Plant & Equipment (PPE)	4,419.49	2,178.72
Intangible Assets	1.33	-
Total	4,420.82	2,178.72

Companys PPE increased from 2,178.72 Lakhs as at March 31, 2025, to 4,420.82 Lakhs as at March 31, 2026. This was mainly on account of purchase of Medical Equipment of 2,933.31 Lakhs, Computers of 26.55 Lakhs, Electrical Fittings of 18.59 Lakhs, Office Equipment of 0.90 Lakhs, furniture & fixtures of 0.42 Lakhs and software of 1.42 Lakhs. This increase was partially offset by increase in current years depreciation and amortisation expenses.

Long-term Loans and Advances:

Companys long-term Loans and Advances increased from 945.25 Lakhs as at March 31, 2025, to 1,133.69 Lakhs as at

March 31, 2026, mainly due to increase in loan given to related party, details of which are as follows:

Particulars	As at March 31, 2026	As at March 31, 2025
Capital advances (Unsecured and considered good):
- to Others	400.00	400.00
Other loans and advances (Unsecured and considered good)
- to Related parties	733.69	545.25
Total	1,133.69	945.25

Other Non-current Assets:

Companys Other non-current Assets decreased from 406.15 Lakhs as at March 31, 2025 to 301.36 Lakhs as at March

31, 2026, mainly due to decrease in Fixed deposits with banks, details of which are as follows:

Particulars	As at March 31, 2026	As at March 31, 2025
Fixed deposit with bank having remaining maturity of more than 12 months	89.08	231.96
Security Deposits
Deposit for Electricity	54.65	16.65
Deposit for Rent	83.41	83.41
Deposit for equipment	73.67	73.67
Deposit for Telephone and small Equipments	0.56	0.46
Total	301.36	406.15

Trade receivables:

Trade receivables include dues from customers remaining unpaid. Companys receivables increased from 1,117.49 Lakhs as at March 31, 2025, to 1,740.05 Lakhs as at March 31, 2026. This increase is in line with growth in companys operations, details of which are as follows:

Particulars	As at March 31, 2026	As at March 31, 2025
Unsecured Considered good:
Trade receivables outstanding for a period exceeding six months from the date they are due for payment.	592.63	117.11
Outstanding for a period not exceeding 6 months	1,147.42	1,000.38
Total	1,740.05	1,117.49

Short-term loans and advances:

Companys short-term loans and advances increased from 39.18 Lakhs as at March 31, 2025, to 753.50 Lakhs as at

March 31, 2026, due to increase in advance to suppliers, advance for capital goods, advance against salary, prepaid expenses, IPO expenses, etc. Following are the details of companys short-term loans & advances:

Particulars	As at March 31, 2026	As at March 31, 2025
Loan and advance to Others (Unsecured and considered good)
Advance against Salary	14.25	-
Advance for capital goods	161.00	-
Advance to Suppliers	540.83	39.18
Prepaid Expenses	4.99	-
Prepaid taxes paid (TDS under GST provisions)	8.46	-
IPO Expenses	23.97	-
Total	753.50	39.18

Cash and Bank Balances

Companys cash and bank balances decreased from 711.68 Lakhs as at March 31, 2025, to 643.70 Lakhs as at March 31, 2026, due to decrease in Fixed Deposits with bank. This increase was partially offset by increases in Balances with Banks in Current Accounts and Cash on Hand. Following are the details of companys cash and bank balances:

Particulars	As at March 31, 2026	As at March 31, 2025
Cash and Cash Equivalents
Balances with Banks in Current Accounts	608.29	566.05
Cash on Hand	28.61	21.30
Other Bank Balance
Fixed Deposit (having original Maturity of more than 3 Months and remaining Maturity of less than 12 Months)	6.80	124.33
Total	643.70	711.68

FY 2024-25 COMPARED WITH FY 2023-24

Borrowings:

Companys borrowings have decreased from 1,196.24 Lakhs as at March 31, 2024, to 1,081.42 Lakhs as at March 31,

2025. This was mainly on account of repayment of borrowings by the company. Following are details of Long-term and Short-Term borrowings of the company:

Particulars	As at March 31, 2025	As at March 31, 2024
Long Term Borrowings	803.47	621.75
Short Term Borrowings	277.95	574.48
Total	1,081.42	1,196.24

Short-term Provisions:

Companys short-term provision has increased from 42.86 Lakhs as at March 31, 2024, to 68.66 Lakhs as at March 31,

2025, due to increase in Provision for Tax. This was offset by a decrease in Provision for Gratuity, in line with actuarial report. Following are the details of short-term provisions of the company:

Particulars	As at March 31, 2025	As at March 31, 2024
Provision for Gratuity	4.81	4.95
Provision for Tax (net of income tax paid)	63.85	37.91
Total	68.66	42.86

Trade Payables:

Trade payables decreased from 402.49 Lakhs as at March 31, 2024, to 55.51 Lakhs as at March 31, 2025. This was mainly on account of timely payment to suppliers to maintain better supplier relationship. Following are details of Trade Payables of the company:

Particulars	As at March 31, 2025	As at March 31, 2024
Total outstanding dues of micro enterprises and small enterprises	3.32	9.71
Total outstanding dues of creditors other than micro enterprises and small enterprises	52.19	392.78
Total	55.51	402.49

Other current liabilities:

Other current liabilities increased from 727.20 Lakhs as at March 31, 2024, to 825.12 Lakhs as at March 31, 2025. This increase was mainly due to an increase in Payable for Capital Goods and Salaries payable. This increase was partially offset by a decrease in TDS/TCS payable, Directors Remuneration payable, Professional fees payable, Manpower contract charges payable, etc., details of which are as follows:

Particulars	As at March 31, 2025	As at March 31, 2024
Salaries Payable	9.29	8.87
Contribution to PF	0.64	0.48
Contribution to ESIC	0.10	0.07
Profession Tax	0.07	-
TDS / TCS Payable	0.01	13.30
Audit fees Payable	0.30	0.54
Expense Payables	0.24	0.00
Directors Remuneration payable	-	23.50
Professional fees payable	19.31	27.36
Rent Payable	5.55	5.08
Internal audit fees payable	0.30	0.60
Manpower contract charges payable	495.00	500.00
Payable for Capital Goods (refer note below)	294.23	147.31
MSME interest payable	0.08	0.08
Excess money received pending adjustment/refund	0.01	0.01
Total	825.12	727.20

Property, Plant & Equipment and Intangible Assets:

Following are the details of Companys Property, Plant & Equipment and Intangible assets:

Particulars	As at March 31, 2025	As at March 31, 2024
Property, Plant & Equipment (PPE)	2,178.72	1,603.27
Intangible Assets	-	-
Total	2,178.72	1,603.27

Companys PPE increased from 1,603.27 Lakhs as at March 31, 2024, to 2,178.72 Lakhs as at March 31, 2025. This was mainly on account of purchase of Medical Equipment of 985.72 Lakhs, Vehicles of 11.90 Lakhs, Electrical Fittings of 3.41 Lakhs, Computers of 1.77 Lakhs and Office Equipment of 0.74 Lakhs.

Long-term Loans and Advances:

Companys long-term Loans and Advances increased from 457.79 Lakhs as at March 31, 2024, to 945.25 Lakhs as at

March 31, 2025, mainly due to increase in capital advances to others and loans provided to related parties, details of which are as follows:

Particulars	As at March 31, 2025	As at March 31, 2024
Capital advances (Unsecured and considered good):
- to Others	400.00	-
Other loans and advances (Unsecured and considered good)
- to Related parties	545.25	457.79
Total	945.25	457.79

Other Non-current Assets:

Companys Other non-current Assets increased from 392.83 Lakhs as at March 31, 2024, to 406.15 Lakhs as at March

31, 2025, mainly due to increase in Fixed deposits with banks, details of which are as follows:

Particulars	As at March 31, 2025	As at March 31, 2024
Fixed deposit with bank having remaining maturity of more than 12 months	231.96	218.64
Security Deposits
Deposit for Electricity	16.65	16.65
Deposit for Rent	83.41	83.41
Deposit for equipment	73.67	73.67
Deposit for Telephone and small Equipments	0.46	0.46
Total	406.15	392.83

Trade receivables:

Trade receivables include dues from customers remaining unpaid. Companys receivables decreased from 1,794.31 Lakhs as at March 31, 2024, to 1,117.49 Lakhs as at March 31, 2025. This was mainly on account of faster collection of customers, details of which are as follows:

Particulars	As at March 31, 2025	As at March 31, 2024
Unsecured Considered good:
Trade receivables outstanding for a period exceeding six months from the date they are due for payment.	117.11	687.01
Outstanding for a period not exceeding 6 months	1,000.38	1,107.30
Unsecured Considered Doubtful	-	-
Total	1,117.49	1,794.31

Short-term loans and advances:

Companys short-term loans and advances decreased from 63.49 Lakhs as at March 31, 2024, to 39.18 Lakhs as at March 31, 2025, due to decrease in advance to suppliers. Following are the details of companys short-term loans & advances:

Particulars	As at March 31, 2025	As at March 31, 2024
Advance to Suppliers	39.18	63.49
Total	39.18	63.49

Cash and Bank Balances

Companys cash and bank balances increased from 341.75 Lakhs as at March 31, 2024, to 711.68 Lakhs as at March 31,

2025, due to increases in Balances with Banks in Current Accounts and Cash on Hand. This increase was partially offset by a decrease in Fixed Deposits with bank. Following are the details of companys cash and bank balances:

Particulars	As at March 31, 2025	As at March 31, 2024
Cash and Cash Equivalents
Balances with Banks in Current Accounts	566.05	69.06
Cash on Hand	21.30	10.84
Other Bank Balance
Fixed Deposit (having original Maturity of more than 3 Months and remaining Maturity of less than 12 Months)	124.33	261.85
Total	711.68	341.75

RESULTS OF OUR OPERATION

The following discussion on results of operations should be read in conjunction with the Restated Consolidate Financial Statements of our Company for the year ended on March 31, 2026, March 31, 2025, and March 31, 2024:

	For the Period/Year ended
Particulars	March 31, 2026	% of Total Income	March 31, 2025	% of Total Income	March 31, 2024	% of Total Income
Revenue:				>
Revenue from Operations	6,228.75	98.28%	3,823.77	99.20%	3,522.95	98.42%
Other income	109.09	1.72%	30.86	0.80%	56.45	1.58%
Total income	6,337.85	100.00%	3,854.63	100.00%	3,579.40	100.00%
Expenses:
Cost of Services rendered	1,285.56	20.28%	707.56	18.36%	662.39	18.51%
Changes in Inventories of stock in trade	(79.26)	(1.25%)	(16.93)	(0.44%)	(0.52)	(0.01%)
Employee Benefit Expense	1,134.01	17.89%	469.30	12.18%	554.85	15.50%
Finance Costs	130.23	2.05%	124.29	3.22%	163.37	4.56%
Depreciation and Amortization Expense	739.09	11.66%	428.08	11.11%	438.95	12.26%
Other Expenses	798.09	12.59%	567.23	14.72%	752.77	21.03%
Total	4,007.73	63.23%	2,279.52	59.14%	2,571.80	71.85%
Profit before tax	2,330.12	36.77%	1,575.11	40.86%	1,007.60	28.15%
Tax expense
(i) Current tax	608.11	9.59%	462.31	11.99%	324.87	9.08%
(ii) Deferred tax	(15.72)	(0.25%)	(1.19)	(0.03%)	(31.12)	(0.87%)
Net Tax Expenses	592.39	9.35%	461.11	11.96%	293.75	8.21%
Profit for the year	1,737.73	27.42%	1,113.99	28.90%	713.85	19.94%
Add/(Less): Share of profit/(loss) of associates	-	-	(11.24)	(0.29%)	(20.84)	(0.58%)
Profit for the year	1,737.73	27.42%	1,102.76	28.61%	693.01	19.36%

KEY COMPONENTS OF COMPANYS PROFIT AND LOSS STATEMENT

Revenue from operations: Revenue from operations mainly consists of Sale of services from our major services such as Radiology, Clinical Laboratory and Nuclear Medicine.

Other Income: Other Income majorly includes Interest from Fixed Deposit, Interest on loan to Related Party, Profit on disposal of investment in Associates and Interest from electricity deposits.

Expenses: Companys expenses consist of Cost of Services rendered, Change in inventories of stock in trade, Employee

Benefit Expenses, Finance Cost, Depreciation and Amortization Expense, Other Expenses, and Tax Expenses.

Cost of Services rendered: Cost of Services rendered includes Professional Charges, Commission Expenses and purchases of Films & Lab Kits.

Changes in Inventories: This consists of changes in inventories of Films & Medicines.

Employee Benefits Expense: Employee benefit expenses include Salaries, wages, bonus & other allowances, Manpower

Contract Charges, Directors Remuneration, Contribution to provident & other funds, Gratuity expense and Staff Welfare

Expenses.

Finance Cost: Finance Cost includes Interest on bank loans, interest on other borrowings, Interest on MSME dues, Bank Charges & Processing Charges and Interest on late payment of Tax.

Depreciation and Amortization Expense: We recognize Depreciation and Amortization expense on a WDV basis as per the rates set forth in the Companies Act, 2013.

Other Expenses: Other expenses majorly include Tours and Travelling Expenses Domestic, Petrol, Diesel & Conveyance Charges, Repairs and Maintenance Others, Rent expenses, Rent on Machinery, Statutory audit fees, Other Professional Charges, Advertisement Expenses, Unclaimed TDS written off, CSR Expenses etc.

FY 2025-26 COMPARED WITH FY 2024-25

	For the year ended
Particulars	March 31, 2026	March 31, 2025	% of Change
Revenue:
Revenue from Operations	6,228.75	3,823.77	62.90%
Other income	109.09	30.86	253.48%
Total income	6,337.85	3,854.63	64.42%
Expenses:
Cost of Services rendered	1,285.56	707.56	81.69%
Changes in Inventories of stock in trade	(79.26)	(16.93)	368.14%
Employee Benefit Expense	1,134.01	469.30	141.64%
Finance Costs	130.23	124.29	4.79%
Depreciation and Amortization Expense	739.09	428.08	72.65%
Other Expenses	798.09	567.23	40.70%
Total	4,007.73	2,279.52	75.81%
Profit before tax	2,330.12	1,575.11	47.93%
Tax expense
(i) Current tax	608.11	462.31	31.54%
(ii) Deferred tax	(15.72)	(1.19)	1217.70%
Net Tax Expenses	592.39	461.11	28.47%
Profit for the year	1,737.73	1,113.99	55.99%
Add/(Less): Share of profit/(loss) of associates	-	(11.24)	(100.00%)
Profit for the year	1,737.73	1,102.76	57.58%

Revenue from Operation

Revenue from operations has increased by 62.90% from 3,823.77 Lakhs for the financial year ended March 31, 2025 to 6,228.75 Lakhs for the financial year ended March 31, 2026.

The table below sets forth service wise revenue breakup of the company for the year ended March 31, 2026 and March 31, 2025:

	For the year ended March 31, 2026		For the year ended March 31, 2025
Services Offered	Revenue from Operations	%	Revenue from Operations	%	% of Change
Radiology	6,044.98	97.05%	3,677.50	96.17%	64.38%
Clinical Laboratory	147.54	2.37%	146.27	3.83%	0.87%
Nuclear Medicine	36.23	0.58%	-	-	100.00%
Total	6,228.75	100.00%	3,823.77	100.00%	62.90%

The companys revenue from radiology services increased from 3,677.50 Lakhs for the financial year ended March 31, 2025 to 6,044.98 Lakhs for the financial year ended March 31, 2026. Additionally, increase in revenue from clinical laboratory from 146.27 Lakhs for the financial year ended March 31, 2025 to 147.54 Lakhs for the financial year ended

March 31, 2026 and increase in revenue from nuclear medicine also increased from Nil for the financial year ended March 31, 2025 to 36.23 Lakhs for the financial year ended March 31, 2026 thereby contributing to the overall revenue growth. This increase is supported by increase in number of tests conducted during the years under review.

The table below sets forth service wise bifurcation of total tests conducted by the company for the year ended March 31, 2026 and March 31, 2025:

	For the year ended on
Particulars	March 31, 2026	March 31, 2025	Absolute Change
Radiology (A)	4,24,146	2,01,087	2,23,059
CT scans	97,880	45,815	52,065
MRIs	1,28,566	95,426	33,140
Ultrasound	37,199	15,152	22,047
X-rays	1,10,583	8,555	1,02,028
Teleradiology	46,236	33,250	12,986
Other Imaging*	3,682	2,889	793
Clinical Laboratory (B)	50,016	53,678	(3,662)
Nuclear Medicine (C)	257	-	257
GRAND TOTAL (C= A+B)	4,74,419	2,54,765	2,19,654

*Other Imaging includes scans related to BMD (Bone Mineral Density), Doppler (Doppler Ultrasound) and Films, Service.

Other Income

Other income had increased by 253.48% from 30.86 Lakhs for the financial year ended March 31, 2025, to 109.09 Lakhs for the financial year ended March 31, 2026. This was mainly due to increase in Interest on loan to Related Party by 84.66 Lakhs and Profit on disposal of investment in Associates by 0.14 Lakhs. This increase was partially offset by a decrease in Interest from fixed deposit by 5.98 Lakhs and Interest from electricity deposits by 0.59 Lakhs.

Cost of Service Rendered

Cost of Service Rendered had increased by 81.69% from 707.56 Lakhs for the financial year ended March 31, 2025, to 1,285.56 Lakhs for the financial year ended March 31, 2026. This was due to increase in Professional charges by 286.46 Lakhs, Purchase of Films & Lab Kits etc by 256.85 Lakhs and Commission expenses by 34.70 Lakhs.

Changes in Inventories

Changes in Inventories has increased from ( 16.93) Lakhs for the financial year ended March 31, 2025, to ( 79.26) Lakhs for the financial year ended March 31, 2026, due to increase in inventories of Films and medicines.

Employee Benefit Expenses

Employee benefit expenses had increased by 141.64% from 469.30 Lakhs for the financial year ended March 31, 2025, to 1,134.01 Lakhs for the financial year ended March 31, 2026. This was primarily due to increase in Manpower Contract Charges by 514.80 Lakhs, Salaries, wages, bonus and other allowances by 139.54 Lakhs, Contribution to provident and other funds by 6.50 Lakhs, Gratuity expenses by 3.14 Lakhs and Staff Welfare expenses by 0.73 Lakhs. This increase was supported by increase in number of employees from 54 employees as at March 31, 2025 to 161 employees as at March 31, 2026.

Finance Cost

Finance Cost increased by 4.79% from 124.29 Lakhs for the financial year ended March 31, 2025, to 130.23 Lakhs for the financial year ended March 31, 2026. This was primarily due to increase in Interest on Bank Loans by 10.99 Lakhs and Bank Charges & Processing Charges by 6.64 Lakhs. This increase was partially offset by decrease in Interest on late payment of tax by 12.27 Lakhs.

Depreciation and Amortization Expenses

Depreciation had increased by 72.65% from 428.08 Lakhs for the financial year ended March 31, 2025, to 739.09 Lakhs for the financial year ended March 31, 2026. This was primarily due to increase in depreciation expenses by 310.92 Lakhs and amortization expenses by 0.09 Lakhs on account of additions of 2,981.18 Lakhs in Property, Plant & Equipment and

Intangible assets during the year.

Other Expenses

Other expenses had decreased by 24.65% from 752.77 Lakhs for the year ended March 31, 2024, to 567.23 Lakhs for the year ended March 31, 2025. The decrease was primarily due to decrease in Petrol, Diesel and Conveyance Charges by

77.92 Lakhs, Repairs and Maintenance Others by 132.20 Lakhs, Rates & taxes by 243.84 Lakhs etc. This decrease was partially offset by increase in Rent on Machinery by 170.43 Lakhs, Rent expenses by 84.92 Lakhs, Tours and Travelling Expenses Domestic by 8.87 Lakhs, CSR expenses by 4.50 Lakhs, etc.

Tax Expenses

The Companys tax expenses had increased by 28.47% from 461.11 Lakhs for the financial year ended March 31, 2025, to 592.39 Lakhs for the financial year ended March 31, 2026. This was primarily due to increase in current tax expenses by 145.80 Lakhs and deferred tax expenses by 14.53 Lakhs.

Share of profit/(loss) of associates

The companys share of loss of associates decreased from 11.24 Lakhs for the financial year ended March 31, 2025, to

Nil for the financial year ended March 31, 2026.

Profit after Tax

In March 31, 2026, the Company reported a net profit of 1,737.73 Lakhs, marking a significant increase from 1,102.76

Lakhs for the financial year ended March 31, 2024. This growth in profitability was primarily driven by overall increase in Total income of the company which increased from 3,854.63 Lakhs for the financial year ended March 31, 2025, to

6,337.85 Lakhs for the financial year ended March 31, 2026 and increase in operational efficiency of the company. Proportionate decrease in the total expenses due to increased operations have also contributed in overall increase in profit after tax of the company.

FY 2024-25 COMPARED WITH FY 2023-24

	For the year ended
Particulars	March 31, 2025	March 31, 2024	% of Change
Revenue:
Revenue from Operations	3,823.77	3,522.95	8.54%
Other income	30.86	56.45	(45.33%)
Total income	3,854.63	3,579.40	7.69%
Expenses:
Cost of Services rendered	707.56	662.39	6.82%
Changes in Inventories of Finished Goods, work in progress and stock in trade	(16.93)	(0.52)	3,127.24%
Employee Benefit Expense	469.30	554.85	(15.42%)
Finance Costs	124.29	163.37	(23.92%)
Depreciation and Amortization Expense	428.08	438.95	(2.48%)
Other Expenses	567.23	752.77	(24.65%)
Total	2,279.52	2,571.80	(11.36%)
Profit before tax	1,575.11	1,007.60	56.32%
Tax expense
(i) Current tax	462.31	324.87	42.30%
(ii) Deferred tax	(1.19)	(31.12)	(96.17%)
Net Tax Expenses	461.11	293.75	56.97%
Profit for the year	1,113.99	713.85	56.05%
Add/(Less): Share of profit/(loss) of associates	(11.24)	(20.84)	(46.09%)
Profit for the year	1,102.76	693.01	59.13%

Revenue from Operation

Revenue from operations has increased by 8.54% from 3,522.95 Lakhs for the financial year ended March 31, 2024 to 3,823.77 Lakhs for the financial year ended March 31, 2025.

The table below sets forth service wise revenue breakup of the company for the year ended March 31, 2025 and March 31, 2024:

	For the year ended March 31, 2025		For the year ended March 31, 2024
Services Offered	Revenue from Operations	%	Revenue from Operations	%	% of Change
Radiology	3,677.50	96.17%	3,375.68	95.82%	8.94%
Clinical Laboratory	146.27	3.83%	147.27	4.18%	-0.68%
Total	3,823.77	100.00%	3,522.95	100.00%	8.54%

The companys revenue from radiology services increased from 3,375.68 Lakhs for the financial year ended March 31, 2024 to 3,677.50 Lakhs for the financial year ended March 31, 2025. This increase was partially offset by decrease in revenue from clinical laboratory from 147.27 Lakhs for the financial year ended March 31, 2024 to 146.27 Lakhs for the financial year ended March 31, 2025. This increase is supported by increase in number of tests conducted during the years under review.

The table below sets forth service wise bifurcation of total tests conducted by the company for the financial year ended March 31, 2025 and March 31, 2024:

	For the year ended on
Particulars	March 31, 2025	March 31, 2024	Absolute Change
Radiology (A)	2,01,087	1,85,545	15,542
CT scans	45,815	40,726	5,089
MRIs	95,426	89,226	6,200
Ultrasound	15,152	15,325	(173)
X-rays	8,555	8,461	94
Teleradiology	33,250	28,839	4,411
Other Imaging*	2,889	2,968	(79)
Clinical Laboratory (B)	53,678	54,181	(503)
GRAND TOTAL (C= A+B)	2,54,765	2,39,726	15,039

*Other Imaging includes scans related to BMD (Bone Mineral Density), Doppler (Doppler Ultrasound) and Films, Service.

Other Income

Other income had decreased by 45.33% from 56.45 Lakhs for the financial year ended March 31, 2024, to 30.86 Lakhs for the financial year ended March 31, 2025. This was mainly due to decrease in Interest from fixed deposit by 4.07 Lakhs and Interest on loan to Related Party by 22.11 Lakhs. This was offset by an increase in Interest from electricity deposits by 0.59 Lakhs.

Cost of Service Rendered

Cost of Service Rendered had increased by 6.82% from 662.39 Lakhs for the financial year ended March 31, 2024, to 707.56 Lakhs for the financial year ended March 31, 2025. This was due to increase in Purchase of Films & Lab Kits etc by 45.63 Lakhs. This increase was partially offset by a decrease in Professional charges by 0.46 Lakhs.

Changes in Inventories

Changes in Inventories has increased from ( 0.52) Lakhs for the financial year ended March 31, 2024, to ( 16.93) Lakhs for the financial year ended March 31, 2025, due to increase in inventories of Films and medicines.

Employee Benefit Expenses

Employee benefit expenses had decreased by 15.42% from 554.85 Lakhs for the financial year ended March 31, 2024, to 469.30 Lakhs for the financial year ended March 31, 2025. This was primarily due to decrease in Manpower Contract Charges by 130.41 Lakhs and Gratuity expenses by 7.64 Lakhs. This decrease was partially offset by increase in Salaries, wages, bonus and other allowances by 45.04 Lakhs, Director Remuneration by 5.00 Lakhs, Staff Welfare expense by 1.80 Lakhs and Contribution to provident and other funds by 0.66 Lakhs.

Finance Cost

Finance Cost had decreased by 23.92% from 163.37 Lakhs for the financial year ended March 31, 2024, to 124.29 Lakhs for the financial year ended March 31, 2025. This was primarily due to decrease in Interest on Bank Loans by 26.84 Lakhs and interest on other borrowings by 26.14 Lakhs. This decrease was partially offset by increase in Interest on late payment of tax by 5.54 Lakhs and Bank Charges & Processing Charges by 8.35 Lakhs.

Depreciation and Amortization Expenses

Depreciation had decreased by 2.48% from 438.95 Lakhs for the financial year ended March 31, 2024, to 428.08 Lakhs for the financial year ended March 31, 2025. This was primarily due to decrease in Amortization expense by 14.40 Lakhs. This was partially offset by increase in depreciation expenses by 3.53 Lakhs.

Other Expenses

Other expenses had decreased by 24.65% from 752.77 Lakhs for the financial year ended March 31, 2024, to 567.23

Lakhs for the year ended March 31, 2025. The decrease was primarily due to decrease in Petrol, Diesel and Conveyance

Charges by 77.92 Lakhs, Repairs and Maintenance Others by 132.20 Lakhs, etc. This decrease was partially offset by increase in Rent expenses by 11.46 Lakhs, Tours and Travelling Expenses Domestic by 8.87 Lakhs, CSR expenses by 4.50 Lakhs, etc.

Tax Expenses

The Companys tax expenses had increased by 56.97% from 293.75 Lakhs for the financial year ended March 31, 2024, to 461.11 Lakhs for the financial year ended March 31, 2025. This was primarily due to increase in current tax expenses by 137.44 Lakhs. This was offset by a decrease in deferred tax expenses by 29.93 Lakhs.

Share of profit/(loss) of associates

The companys share of loss of associates decreased from 20.84 Lakhs for the financial year ended March 31, 2024, to

11.24 Lakhs for the financial year ended March 31, 2025.

Profit after Tax

In March 31, 2025, the Company reported a net profit of 1,102.76 Lakhs, marking a significant increase from 693.01

Lakhs for the financial year ended March 31, 2024. This growth in profitability was primarily driven by overall increase in Revenue from operations of the company and increase in operational efficiency of the company. Proportionate decrease in the total expenses due to increased operations have also contributed in overall increase in profit after tax of the company.

CASH FLOWS

Cash Flows

Particulars	As at March 31, 2026	As at March 31, 2025	As at March 31, 2024
Net Cash from Operating Activities	2,539.05	2,212.13	985.36
Net Cash from Investing Activities	(3,062.67)	(1,465.58)	(138.13)
Net Cash from Financing Activities	573.17	(239.10)	(1,081.01)
Net (decrease)/increase in cash and cash equivalents	49.55	507.45	(233.78)
Cash and cash equivalents at the beginning	587.35	79.90	313.68
Cash and cash equivalents at the end	636.90	587.35	79.90

Cash Flows from Operating Activities

For the period ended March 31, 2026

Our net cash generated from operating activities for the financial year ended March 31, 2026, was at 2,539.05 Lakhs as compared to the Profit Before Tax at 2,330.12 Lakhs. Our operating profit before working capital changes was 3,090.35 Lakhs for the financial year ended March 31, 2026 which was primarily adjusted against increase in inventories by 79.26 Lakhs, increase in trade receivables by 622.56 Lakhs, increase in short term loans and advances by 714.32 Lakhs, increase in Other current assets by 25.10 Lakhs, decrease in Other Bank balances by 117.53 Lakhs, decrease in Other non-current assets by 104.79 Lakhs, increase in Other current liabilities by 1.138.15 Lakhs, increase in Trade Payables by 26.79 Lakhs, increase in Long-term Provisions by 3.98 Lakhs, increase in Short-term Provisions by 0.99 Lakhs and Net income taxes paid of 502.28 Lakhs.

For the financial year ended March 31, 2025

Our net cash generated from operating activities for the financial year ended March 31, 2025, was at 2,212.13 Lakhs as compared to the Profit Before Tax at 1,575.11 Lakhs. Our operating profit before working capital changes was 2,096.61 Lakhs for the financial year ended March 31, 2025 which was primarily adjusted against increase in inventories by 16.93 Lakhs, increase in Other current assets by 9.28 Lakhs, increase in Other non-current assets by 13.32 Lakhs, decrease in Trade Receivables by 676.82 Lakhs, decrease in Short-term Loans & advances by 24.31 Lakhs, decrease in Other Bank Balances by 137.51 Lakhs, decrease in trade payables by 346.98 Lakhs, increase in Other current liabilities by 97.92 Lakhs, increase in Short-term Provisions by 12.43 Lakhs, increase in Long-term Provisions by 1.97 Lakhs and Net income taxes paid of 448.93 Lakhs.

For the financial year ended March 31, 2024

Our net cash generated from operating activities for the financial year ended March 31, 2024, was at 985.36 Lakhs as compared to the Profit Before Tax at 1,007.60 Lakhs. Our operating profit before working capital changes was 1,553.47

Lakhs for the financial year ended March 31, 2024 which was primarily adjusted against increase in Other non-current assets by 146.48 Lakhs, increase in trade receivables by 351.00 Lakhs, decrease in Other current assets by 22.06 Lakhs, increase in Other Bank Balances by 27.29 Lakhs, increase in Inventory of 0.52 Lakhs, decrease in short term loans and advances by 7.16 Lakhs, increase in trade payables by 114.45 Lakhs, increase in other current liabilities by 104.13 Lakhs, increase in Short-term Provisions by 10.83 Lakhs, increase in Long-term Provisions by 8.09 Lakhs and Net income taxes paid of 309.54 Lakhs.

Cash Flows from Investment Activities

For the financial year ended March 31, 2026

For the financial year ended March 31, 2026, the net cash used in Investing Activities was 3,062.67 Lakhs. This was mainly on account of Purchase of Property, Plant and Equipment & Intangible Asset of 2,981.18 Lakhs, increase in Long-term Loans and Advances by 188.44 Lakhs, decrease in non-current investments by 2.14 Lakhs and Interest income Received of 109.09 Lakhs.

For the financial year ended March 31, 2025

For the financial year ended March 31, 2025, the net cash used in Investing Activities was 1,465.58 Lakhs. This was mainly on account of Purchase of Property, Plant and Equipment & Intangible Asset of 1,003.54 Lakhs, increase in Long-term Loans and Advances by 487.46 Lakhs, decrease in non-current investments by 5.45 Lakhs and Interest income Received of 30.86 Lakhs.

For the financial year ended March 31, 2024

For the financial year ended March 31, 2024, the net cash used in Investing Activities was 138.13 Lakhs. This was mainly on account of Purchase of Property, Plant and Equipment & Intangible Asset of 36.49 Lakhs, decrease in non-current investments by 6.15 Lakhs, increase in Long-term Loans and Advances by 151.93 Lakhs, and Interest income Received of 56.45 Lakhs.

Cash Flows from Financing Activities

For the financial year ended March 31, 2026

For the financial year ended March 31, 2026, the net cash generated from financing activities was 573.17 Lakhs. This was mainly on account of proceeds from Long-term Borrowings of 1,005.12 Lakhs, proceeds from Short-term Borrowings of

130.52 Lakhs, Repayment of Long-term Borrowings of 432.24 Lakhs, and Finance cost paid of 130.23 Lakhs.

For the financial year ended March 31, 2025

For the financial year ended March 31, 2025, the net cash used in financing activities was 239.10 Lakhs. This was mainly on account of proceeds from Long-term Borrowings of 574.17 Lakhs, Repayment of Short-term Borrowings of 296.53 Lakhs, Repayment of Long-term Borrowings of 392.46 Lakhs, and Finance cost paid of 124.29 Lakhs.

For the financial year ended March 31, 2024

For the financial year ended March 31, 2024, the net cash used in financing activities was 1,081.01 Lakhs. This was mainly on account of Repayment of Long-term Borrowings of 638.18 Lakhs, Repayment of Short-term Borrowings of 305.00 Lakhs, Proceeds from Issue of Share capital by 1.65 Lakhs, Proceeds from Security Premium by 23.89 Lakhs and Finance cost paid of 163.37 Lakhs.

RELATED PARTY TRANSACTIONS

Related party transactions with certain of our promoters, directors and their entities and relatives primarily relate to remuneration, salary, loans & advances, sales, manpower charges, etc. For further details of related parties kindly refer chapter titled "Restated Consolidated Financial Statements" beginning on page 203 of this Red Herring Prospectus.

OFF-BALANCE SHEET ITEMS

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

QUALIFICATIONS OF THE STATUTORY AUDITORS WHICH HAVE NOT BEEN GIVEN EFFECT TO IN THE RESTATED CONSOLIDATED FINANCIAL STATEMENTS

There are no qualifications in the audit report that require adjustments in the Restated Financial Statements.

QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Financial Market Risks

Market risk is the risk of loss related to adverse changes in market prices, including interest rate risk. We are exposed to interest rate risk, inflation and credit risk in the normal course of our business.

Interest Rate Risk

Our financial results are subject to changes in interest rates, which may affect our debt service obligations in future and our access to funds.

Effect of Inflation

We are affected by inflation as it has an impact on the salary, wages, etc. In line with changing inflation rates, we rework our margins to absorb the inflationary impact.

Credit Risk

We are exposed to credit risk on monies owed to us by our customers. If our customers do not pay us promptly, or at all, we may have to make provisions for or write off such amounts.

OTHER MATTERS

Details of Default, if any, Including Therein the Amount Involved, Duration of Default and Present Status, in Repayment of Statutory Dues or Repayment of Debentures or Repayment of Deposits or Repayment of Loans from any Bank or Financial Institution

Except as disclosed in chapter titled "Restated Consolidated Financial Statements" beginning on page 203 of this Red Herring Prospectus, there have been no defaults in payment of statutory dues or repayment of debentures and interest thereon or repayment of deposits and interest thereon or repayment of loans from any bank or financial institution and interest thereon by the Company.

Material Frauds

There has been no material fraud, as reported by our statutory auditor, committed against our Company, in the last three financial years.

Unusual or infrequent events or transactions

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

Significant Economic Changes that Materially Affected or are Likely to Affect Income from Continuing Operations

Indian rules and regulations as well as the overall growth of the Indian economy have a significant bearing on our operations. Major changes in these factors can significantly impact income from continuing operations. There are no significant economic changes that materially affected our Companys operations or are likely to affect income from continuing operations except as described in chapter titled "Risk Factors" beginning on page 24 of this Red Herring Prospectus.

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 section titled "Risk Factors" and chapter titled "Managements Discussion and Analysis of

Financial Conditions and Results of Operations", beginning on page 24 and 309 of this Red Herring Prospectus respectively 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.

Future relationship between Costs and Income

Other than as described in the section titled "Risk Factors" beginning on page 24 of this Red Herring Prospectus, 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.

The extent to which material increases in revenue or income from operations are due to increased volume, introduction of new products or services or increased prices

Changes in revenue in the last three financial years are as explained in the part "FY 2025-26 compared with FY 2024-25" and "FY 2024-25 compared with FY 2023-24" above.

Significant dependence on a single or few Suppliers or Customers

Our revenue is not dependent on a single or a few customers /suppliers.

Status of any publicly announced new products or business segments

Please refer to the chapter titled "Our Business" beginning on page 135 of this Red Herring Prospectus for new products or business segments.

The extent to which the business is seasonal

Our business is seasonal in nature.

Competitive Conditions

Competitive conditions are as described in the Chapter "Our Business" beginning on page 135 of this Red Herring Prospectus.