Prime Cable Industries Limited Management Discussions

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion of our financial condition and results of operations together with our Restated Financial Statements for the Financial Years ended on March 31, 2025, 2024 and 2023 including the notes and significant accounting policies thereto and the reports thereon, which appear elsewhere in this Red Herring Prospectus. You should also see the section titled “Risk Factors” on page 28 which discusses a number of factors and contingencies that could impact our financial condition and results of operations. The following discussion relates to our Company, unless otherwise stated, is based on Restated Financial Statements.

These Restated Financial Statements have been prepared in accordance with Indian GAAP, the Companies Act, 2013 and the SEBI ICDR Regulations and restated as described in the report of our Statutory Auditor (Mittal Goel & Associates) which is included in this Red Herring Prospectus under the section titled “Financial Information - Restated Financial Statements” on page 267. The Restated Financial Statements have been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including US GAAP and IFRS. We do not provide a reconciliation of our Restated Financial Statements to US GAAP or IFRS and we have not otherwise quantified or identified the impact of the differences between Indian GAAP and U.S. GAAP or IFRS as applied to our Restated Financial Statements.

This discussion contains forward-looking statements and reflects our current views with respect to future events and financial performance. Actual results may differ materially from those anticipated in these forward-looking statements because of certain factors such as those described under “Risk Factors” and “Forward Looking Statements” on 28 and 18 respectively, and elsewhere in this Red Herring Prospectus.

Accordingly, the degree to which the financial statements in this Red Herring Prospectus will provide meaningful information depends entirely on such potential investors level of familiarity with Indian accounting practices. Our Financial Year ends on March 31 of each year; therefore, all references to a particular Financial Year are to the twelve- month period ended March 31 of that year. Please also refer to section titled “Certain Conventions, Presentation of Financial, Industry and Market Data and Currency of Presentation” on page 15.

BUSINESS OVERVIEW

Our Company has been engaged in the manufacturing and sale of cables and wires for the past 17 years. We manufacture low voltage (up to 1.1 KV) control cables, power cables, aerial bunch cables, instrumentation cables, housing/building wires and conductors catering to several institutions which includes EPC players, electricity boards, public sector undertakings responsible for generation, transmission and distribution of power (transmission, distribution and generation), oil & gas, mining, steel, real estate, electric panel builders, etc. We generally procure orders directly from non-government clients, government entities directly through the vendor approval process and also on open or limited tender basis. We are an ISO and BIS certified company which manufacture and sell cables primarily under our brand i.e. “PRIMECAB” and “RENUFO”. We derived revenue of t 14,094.42 Lakhs, t 8,249.98 Lakhs and t 7,325.76 Lakhs from our operations, Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively. In Fiscal, 2025, we derived a revenue of t 5,255.10 Lakhs from power transmission, t 3,628.50 Lakhs from power distribution and t 3,867.62 Lakhs from power generation constituting 37.28%, 25.74% and 27.44% respectively out of the total revenue from operations. As of August 31, 2025, we have an order book for an amount aggregating to t 8,427.14 Lakhs.

Our Company was incorporated as a private limited company in the name and style of “RC Cable Private Limited” under the provisions of the Companies Act, 1956 vide certificate of incorporation dated May 12, 2008 issued by the Registrar of Companies, National Capital Territory of Delhi and Haryana. Further, the name of our Company was changed to Prime Cable Industries Private Limited and a fresh certificate of incorporation dated February 22, 2019 was issued by the Registrar of Companies, Delhi. Subsequently, our Company was converted into a public limited company and the name of our Company was changed from ‘Prime Cable Industries Private Limited to ‘Prime Cable Industries Limited and a fresh certificate of incorporation was issued on December 18, 2024 by the Registrar of Companies, Central Processing Centre. The Corporate Identity Number of our Company is U31905DL2008PLC177989.

Our Promoter, Purshotam Singla commenced his journey in 1997 with a sole proprietor concern titled ‘Prime Cable Industries wherein he started the business of manufacturing and trading of electrical cables and allied items. To expand the business, Purshotam Singla and Vijay Lakshmi Singla incorporated ‘R C Cable Private Limited in 2008 to continue with the manufacturing and trading of cables and wires. Effective April 1, 2009, the business of Prime Cable Industries was acquired and taken over by our Company on a going concern basis alongwith goodwill and all other assets and liabilities of Prime Cable Industries. Further, in 2019, our Companys name was changed to Prime Cable Industries

Private Limited. Subsequently, both the sons of our Promoters, Purshotam Singla and Vijay Lakshmi Singla i.e. Naman Singla and Nikunj Singla joined the Company as Promoters since October 2018, further contributing to its ongoing growth and expansion. Further, Shreya Jhalani Singla, spouse of Naman Singla, also joined our Company in 2022 and was subsequently appointed as a non-executive director since February 2025 to assist the Company in their expansion plans. The experience, expertise, and industry knowledge of our Promoters has enabled our Company to evolve, diversify and to become an established manufacturer of cables and wires.

KEY PERFORMANCE INDICATORS OF OUR COMPANY

The KPIs disclosed below have been used historically by our Company to understand and analyze the business performance, which in result, help us in analyzing the growth in comparison to our peers. The KPIs disclosed below have been approved, by a resolution of our Audit Committee dated September 08, 2025 and the members of the Audit Committee have verified the details of all KPIs pertaining to our Company. Further, the members of the Audit Committee have confirmed that there are no KPIs pertaining to our Company that have been disclosed to any investors at any point of time during the three-year period prior to the date of filing of this Red Herring Prospectus. Further, the KPIs herein have been certified by Mittal Goel & Associates, Chartered Accountants, the Statutory Auditor of our Company by their certificate dated September 14, 2025.

Our Company confirms that it shall continue to disclose all the KPIs included in this section on a periodic basis, at least once in a year (or any lesser period as determined by the Board of our Company), for a duration of one year after the date of listing of the Equity Shares on the Stock Exchange or till the complete utilisation of the proceeds of the Fresh Issue as per the disclosure made in the chapter “Objects of the Offer”, whichever is later or for such other duration as may be required under the SEBI ICDR Regulations. Further, the ongoing KPIs will continue to be certified by a member of an expert body as required under the SEBI ICDR Regulations.

(Rs in Lakhs, otherwise mentioned)

Key Financial Performance*	Fiscal 2025	Fiscal 2024	Fiscal 2023
Revenue from Operations	14,094.42	8,249.98	7,325.76
EBITDA	1,470.93	458.66	275.00
EBITDA Margin (%)	10.43	5.56	3.75
Profit After Tax	750.45	179.10	12.20
PAT Margin (%)	5.32	2.17	0.17
Return on Net Worth (%)	69.16	28.87	2.33
Return on Capital Employed (%)	25.96	10.61	8.43
Debt-Equity Ratio (times)	2.63	4.61	4.28
Working Capital Cycle (days)	74.54	93.31	85.87
Annual Sale of Cables plus Wires (KMs)	14,447	8,491	7,193

1. Revenue from Operations = Revenue from Manufacturing Operations as appearing in the Restated Financial Statements.

2. EBITDA = Profit for the period / year, plus tax expenses, Interest expenses, depreciation and amortization expenses, extraordinary items and reduced by other income.

3. EBITDA Margin= EBITDA divided by Revenue from Operations for the respective year

4. Profit A fter Tax (PA T = This amount is Profit for the period/year as appearing in the Restated Financial Statements.

5. PAT Margin = Profit for the year/period divided by Revenue from Operations.

6. Net Worth = Share capital + Balance in Profit and Loss account + Securities Premium account

7. Return on Net Worth = Restated Net Profit (Loss) after tax for the year/period divided by average off net worth at beginning and end off the year

8. Return on Capital Employed = Earnings before interest and taxes divided by Capital employed. Capital Employed includes Tangible Net worth plus Total Debt plus deferred tax liability/(asset) minus intangible asset

9. Debt Equity Ratio = Total Debt (Short term plus long term) divided by Shareholder equity

10. Working Capital Cycle =Trade receivable days plus inventory days less trade payable days

11. Annual Sale of Cables plus Wires (KMs) = The total number wires and cables sold by the Company annually in Kilometers

KPI	Explanation
Revenue from Operations	Revenue from Manufacturing operations is used by our management to track the revenue profile of the business and in turn helps assess the overall financial performance of the Company and size of our business.
EBITDA	EBITDA provides information regarding the operational efficiency of our business as it considers all sources of our core income.
EBITDA Margin	EBITDA Margin is an indicator of the operational profitability and financial performance of Companys business
PAT	Profit after tax provides information regarding the overall profitability of the business.
PAT Margin	PAT margin is an indicator of the overall profitability and financial performance of our business.
Net Worth	Net worth is used by the management to ascertain the total value created by the entity and provides a snapshot of current financial position of the Company
Return on Net Worth	Return on Net Worth is an indicator of our efficiency as it measures our profitability. It shows how efficiently we generate profits from our shareholders.
Return on Capital Employed	Return on capital employed provides how efficiently the Company generates earnings from the capital employed in the business.
Debt Equity Ratio	Debt / Equity Ratio is used to measure the financial leverage of the Company and provides comparison benchmark against peers
Working Capital Cycle Days	It indicates the efficiency of a companys working capital management in managing cash flow and liquidity
Annual Sale of Cables plus Wires in KMs	Annual Sale is an indicator of the growth of the Company year on year

* As approved by resolution of the Audit Committee ofour Board dated September 08, 2025 and as certified by Mittal Goel & Associates, the Statutory Auditor of our Company pursuant to their certificate dated September 14, 2025.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

For details in respect of Statement of Significant Accounting Policies, please refer to the “Note 1-Significant Accounting Policies” forming Part of the Financial Statements of the Restated Financial Statements under chapter titled “Financial Information ” on page 268.

FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our business is subjected to various risks and uncertainties, including those discussed in the section titled “Risk Factors” on page 28.

We believe that our financial performance and results of operations are influenced by a number of important factors, some of which are beyond our control, including without limitation, intense domestic competition, general economic conditions, changes in conditions in the regional markets in which we operate, changes in costs of raw materials and supplies and evolving government regulations and policies. Our operations and financial condition could also be affected by factors such as our ability to implement our growth strategy as regards product expansion, ability to secure government tenders, managing working capital cycles, competitive environment & occurrence of natural calamities in the area we operate.

RESULTS OF OUR OPERATION

(in Rs Lakhs)

Particulars	Fiscal 2025	% of Total Income	Fiscal 2024	% of Total Income	Fiscal 2023	% of Total Income
Revenue from Operations	14,097.72	99.91	8,253.14	99.75	7,361.95	99.86
Other Income	12.75	0.09	20.59	0.25	10.64	0.14
Total Income (A)	14,110.72	100.00	8,273.74	100.00	7,372.59	100.00
Cost of Material Consumed	12,792.12	90.66	7,278.34	87.97	6,735.37	91.36
Changes in inventory of finished goods and work in progress	(1,041.49)	(7.38)	(112.53)	(1.36)	(214.63)	(2.91)
Employee benefits expense	237.92	1.69	193.29	2.34	161.88	2.20
Finance Cost	375.46	2.66	270.41	3.27	190.68	2.59
Depreciation and amortization expense	90.76	0.64	52.22	0.63	43.38	0.59
Other expenses	616.44	4.37	430.25	5.20	396.39	5.38
Total Expenses (B)	13,071.20	92.63	8,111.96	98.05	7,313.05	99.19
Profit before extraordinary Item and Tax (A-B)	1,039.27	7.37	161.77	1.96	59.53	0.81
Extraordinary Item	-	0.00	-	0.00	-	0.00
Profit Before Tax (A- B)	1,039.27	7.37	161.77	1.96	59.53	0.81
(i) Current tax	270.79	1.92	10.15	0.12	8.41	0.11
(ii) Deferred tax	18.03	0.13	(28.17)	(0.34)	38.90	0.53
(ii) Prior Period Tax Adjustment			0.69	0.01
Profit for the year	750.45	5.32	179.10	2.16	12.22	0.17

Fiscal 2025 compared with Fiscal 2024 Revenue from Operation

Revenue from operations increased by 70.82% from t 8,253.14 lakhs in Fiscal 2024 to t 14,097.72 lakhs in Fiscal 2025 primarily due to commercialization of the Manufacturing Unit-II located at C-60, Central Zone Industrial Area, Ghiloth Tehsil Neemrana, Alwar, Rajasthan - 301705, India and increasing customer base of the Company. Three new key customers contributed t 2,719.81 Lakhs of revenue for year ended March 31, 2025.

Cost of Goods Sold (Cost of Materials Consumed +/- Changes in Inventory)

Cost of goods sold increased by 63.98% from t 7,165.81 Lakhs during Fiscal 2024 to t 11,750.63 Lakhs during Fiscal 2025 in line with the increasing revenue.

Employee Benefit Expenses

Employee benefit expenses had increased by 23.09 % from t 193.29 Lakhs in Fiscal 2024 to t 237.92 Lakhs in Fiscal 2025, mainly due to annual increments in the salary. Though as a % of revenue the expenses have declined from 2.34% to 1.69% due to economies of scale with increasing turnover.

Other Expenses

Other expenses had increased by 43.27% from t 430.25 Lakhs in Fiscal 2024 to t 616.44 Lakhs in Fiscal 2025. The increase was primarily attributable to higher monthly freight and cartage expenses which have increased due to higher sales volume leading to higher supplier costs.

Depreciation and Amortization Expenses

Depreciation & Amortization expenses had increased by 73.79% from t 52.22 Lakhs in Fiscal 2024 to t 90.76 Lakhs in Fiscal 2025. The increase was primarily due to the capitalization of the building located at Ghiloth and the addition of new plant and equipment.

Finance Cost

Finance Cost had increased by 38.85% from t 270.41 Lakhs in Fiscal 2024 to t 375.46 Lakhs in Fiscal 2025. This increase was primarily due to higher utilization of cash credit facilities, which rose from t 1,552.65 Lakhs as on March 31,2024 to t 2,028.50 Lakhs as at March 31, 2025.

Profit after Tax

The Profit After Tax increased by 319.01% from t 179.10 Lakhs in Fiscal 2024 to t 750.45 Lakhs in Fiscal 2025 which is largely due to the following reasons:

• Reduction in cost of goods sold as a % of revenue from operations from 86.82% in Fiscal 2024 to 83.35% in Fiscal 2025. With our growing revenue and long-standing presence, we have built credibility and met key pre- qualification requirements, opening doors to government tenders of higher values as well as fewer competitors complying to these requirements. The limited competition allows us to bid strategically, increasing profit margins while securing contracts. This is in line with historical trends of reduction in COGS as a % of revenue.

Below is the table which broadly quantifies the impact of savings in COGS on the Profitability:

(All amounts in Rs Lakhs unless otherwise mentioned)

Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Revenue from operations(A)	14,097.72	8,253.14	7,361.95
Cost of Goods Sold (COGS)*	11,750.63	7,165.80	6,520.73
COGS as a % of Revenue from Operations	83.35%	86.83%	88.57%
% Savings in COGS Year on Year (B)	3.48%	1.75%	1.86%
Savings in COGS as compared to previous year impacting the profits (A*B)**	490.60	144.29	137.02

*COGS is cost of materials consumed net of changes in Inventory as per the restated financial statements

**Savings in COGS is calculated by multiplying the % savings in COGS as a % of Revenue by therespective Revenue from

Operations in the same year

• Reduction in the fixed expenses like Employee Benefit expenses as a % of revenue which is due to the economies of scale being achieved by the Company YOY due to increasing revenues.

Fiscal 2024 compared with Fiscal 2023

Revenue from Operation

Revenue from operations increased by 12.11 % from Rs 7,361.95 Lakhs in Fiscal 2023 to Rs 8,253.14 Lakhs in Fiscal 2024. This growth was due to increasing clientele and higher revenue from existing clients.

Cost of Goods Sold (Cost of Materials Consumed +/- Changes in Inventory)

Cost of goods sold increased by 9.89 % from Rs 6,520.73 Lakhs during Fiscal 2023 to Rs 7,165.80 Lakhs during Fiscal 2024 in line with the increasing revenue from operations.

Employee Benefit Expenses

Employee benefit expenses had increased by 19.41 % from Rs 161.88 Lakhs in Fiscal 2023 to Rs 193.29 Lakhs in Fiscal 2024 mainly due to increase in team size and recruitment of skilled employees at Manufacturing Unit-II.

Other Expenses

Other expenses had increased by 8.54% from Rs 396.39 Lakhs in Fiscal 2023 to Rs 430.25 Lakhs in Fiscal 2024. Depreciation and Amortization Expenses

Depreciation & Amortization expenses had increased by 20.40 % from Rs 43.38 Lakhs in Fiscal 2023 to Rs 52.22 lakhs in Fiscal 2024 which was primarily due increase in the gross block of the assets from Rs 996.41 Lakhs to Rs 1,388.81 Lakhs in Fiscal 2024.

Finance Cost

Finance Cost had increased by 41.81% from Rs 190.68 Lakhs in Fiscal 2023 to Rs 270.41 Lakhs in Fiscal 2024. This is primarily due to increase in cash credit utilisation from 1,355.19 Lakhs as at March 31, 2023 to 1,552.65 Lakhs as at March 31, 2024.

Profit after Tax

The Profit after Tax increased by 1,366.02 % from Rs 12.22 Lakhs in Fiscal 2023 to Rs 179.10 Lakhs in Fiscal 2024 which is largely in line with the Profit Before Tax. This was a result of saving in the cost of goods sold as a % of revenue. The rationale for increase in Profit after Tax is as follows:

Our Companys Profit after Tax increased from Rs 12.22 Lakhs in Fiscal 2023 to Rs 179.10 Lakhs in Fiscal 2024. While the year-on-year growth appears multi-fold in percentage terms, it is primarily attributable to the low base in Fiscal 2023, where PAT represented only 0.16% of revenue from operations. As illustrated in the table below, the Cost of Goods Sold (“COGS”) as a percentage of revenue declined by 1.75% in Fiscal 2024.

Below is a year wise trend of the % of COGS as a % of Revenue from Operations of the Company based on the restated financial statements and savings in the COGS:

(All amounts in Rs Lakhs unless otherwise mentioned)

Particulars	Fiscal 2024	Fiscal 2023
Revenue from operations(A)	8,253.14	7,361.95
Cost of Goods Sold (COGS)*	7,165.80	6,520.73
COGS as a % of Revenue from Operations	86.83%	88.57%
% Savings in COGS Year on Year (B)	1.75%	1.86%
Savings in COGS as compared to previous year impacting the profits (A*B)**	144.29	137.02

*COGS is cost of materials consumed net of changes in Inventory as per the restated financial statements

* *Savings in COGS is calculated by multiplying the % savings in COGS as a % of Revenue by therespective Revenue from Operations in the same year

The resulting cost savings of Rs 144.29 Lakhs had a direct impact on profitability which contributed the major amount to the increase in profit to Rs 179.10 Lakhs in Fiscal 2024. The sharp percentage increase in PAT should be interpreted considering the base effect and underlying cost efficiencies, rather than viewed in isolation. The decline in COGS was the principal driver of the enhanced PAT for Fiscal 2024.

CASH FLOWS

(in Rs Lakhs)

Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Net cash Inflow/(Outflow) from operating activities	343.44	114.25	(98.15)
Net cash utilized in investing activities	(558.94)	(841.93)	(340.04)
Net cash Inflow/(Outflow) from financing activities	217.82	732.36	447.74

Cash Flows from Operating Activities

In Fiscal 2025, cash flow from operating activities after working capital and taxes was at Rs 343.44 Lakhs. Cash flow increased mainly on account of increasing profitability.

In Fiscal 2024, cash flow from operating activities after working capital and taxes was at Rs 114.25 Lakhs. Cash flow increased mainly on account better realization from debtors which declined from Rs 1,417.24 Lakhs in Fiscal 2023 to Rs 1,176.23 Lakhs in Fiscal 2022.

In Fiscal 2023, cash flow from operating activities after working capital and taxes was at Rs (98.14) Lakhs. Cash flow reduced mainly on account of increase in working capital requirements of the company coupled with limited profit margins.

Cash Flows from Investment Activities

In Fiscal 2025, cash flow from investing activities was at Rs (558.94) Lakhs. This was mainly on account of purchase of certain plant and equipment and construction of the Manufacturing Unit-II by our Company.

In Fiscal 2024, cash flow from investing activities was at Rs (841.93) Lakhs. This was mainly on account of purchase of certain plant and equipment and construction of Manufacturing Unit-II by our Company.

In Fiscal 2023, cash flow from investing activities was at Rs (340.04) Lakhs. This was mainly on account of purchase of certain plant and equipment at the Manufacturing Units.

Cash Flows from Financing Activities

In Fiscal 2025, the net cash received from financing activities was Rs 217.82 Lakhs. This was primarily driven by increased utilisation of bank overdraft facilities during the year.

In Fiscal 2024, the net cash received from financing activities was Rs 732.36 Lakhs. This was mainly on account of proceeds from Working capital term loan from HDFC Bank Limited.

In Fiscal 2023, the net cash received from financing activities was Rs 447.74 Lakhs. This was mainly on account of proceeds from working capital term loan from HDFC Bank Limited and increase in unsecured loans.

Information required as per Item (II) (C) (iv) of Part A of Schedule VI to the SEBI Regulations:

An analysis of reasons for the changes in significant items of income and expenditure is given hereunder:

1. Unusual or infrequent events or transactions

There has not been any unusual trend on account of our business activity. There are no unusual or infrequent events or transactions in our Company. The transactions are as per usual business operations.

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

We do not foresee any significant economic changes that will affect our operations.

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

Apart from the risks as disclosed under Section “Risk Factors ” beginning on page 28, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.

4. Future changes in relationship between costs and revenues

Our Company s future costs and revenues will be determined by growth of industry in which we operate, economic activities and government policies and consumer preferences.

5. Increases in net sales or revenue and Introduction of new services or increased sales prices.

Increases in revenues are by and large linked to growth of the Indian Economy as a whole. The increase in selling prices are by and large linked to the commodity prices of Copper & Aluminium. We plan to increase the revenue going forward by introducing the Medium Voltage Cable range at our proposed new facility.

6. Status of any publicly announced New Service or Business Segment

Our Company has not announced any new Service or Business Segment.

7. Seasonality of business

Our business is subject to a revenue trend with major revenue coming from Quarter 3 & 4 of the financial year. Our major revenue is derived directly/indirectly through Government PSU/Electricity boards. Higher turnover of the Company in the last two quarters of the financial year is due to Government customers are looking to often ramp up purchases in the last 2 quarters to utilize allocated budgets and meet spending targets

8. Dependence on few customers/ clients.

We cater to customers and have a strong association with our customers with a vide customer base and our Top 10 customers have contributed more than 50% of the revenue in Fiscal 2023, Fiscal 2024 and Fiscal 2025. See “Our Business” section on page 191 for details on number of customers we serve.

9. Competitive conditions

Competitive conditions are as described under the section titled “Industry Overview” on page 128.

10. Details of material developments after the date of last balance sheet i.e. March 31, 2025

Except as stated below no material developments have taken place after the date of last balance sheet i.e. March 31, 2025, that could materially and adversely affect or are likely to affect, our operations or profitability, or the value of our assets or our ability to pay our material liabilities within the next 12 months:

A) On April 22, 2025, our Company has been allotted an industrial plot measuring 98,898.81 sq. ft. at Plot No. B-68, Industrial Area, Ghiloth (General Zone), District - Alwar (Rajasthan) - 301705, for a total consideration of Rs 1,047.95 lakhs.

B) Our Company has received the following updated sanction limits as per the sanction letter dated June 10, 2025 from HDFC Bank as follows:

- Cash Credit Main Limit updated from Rs 2,050.00 lakhs to Rs 3,000.00 lakhs

- New Drul limit (Letter of Credit - Non-Fund Based) of Rs 600.00 lakhs

- Additional Bank Guarantee - Main Limit (Non-Fund Based) of Rs 600.00 lakhs

C) Our Company has entered into the following agreements:

• A lease agreement dated April 1, 2025 has been entered between our Company, Vijay Lakshmi Singla, one of the Promoter of our Company and Parveen Kumar, a member of Disassociated Group for using their property as the Registered Office and the Manufacturing Unit-I.

• Our Company has also signed the lease agreement dated July 31, 2025 for the land mentioned in Point no. A above with Rajasthan State Industrial Development & Investment Corporation Limited for a term of 99 years.

D) Our Company have done certain Preferential Allotments post March 31, 2025, the details of the same are below:

Name of shareholders	No. of Shares	Allotment Date	Face value (in Rs)	Issue Price (in Rs)	Total Value (in Rs)
Vineet Gupta	1,82,540	April 05, 2025	5	63	1,15,00,020
Ruchi Gupta	1,82,540	April 05, 2025	5	63	1,15,00,020

E) ICICI Bank Limited issued the Credit Arrangement Letter dated August 19, 2025, pursuant to which the bank has sanctioned a facility of up to Rs2,000 lakhs by way of Sales Bill Discounting under Letters of Credit.