Q&T Foods Ltd Management Discussions

MANAGEMENTS DISCUSSION AND ANALYSIS 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 included in this Draft Prospectus. You should also read the section entitled "Risk Factors" beginning on page 22,
which discusses several factors, risks and contingencies that could affect our financial condition and results of operations. The
following discussion relates to our Company and is based on our consolidated restated financial statements, which have been
prepared in accordance with Indian GAAP, the Companies Act and the SEBI Regulations. Portions of the following discussion
are also based on internally prepared statistical information and on other sources. Our fiscal year ends on March 31 of each
year, so all references to a particularfiscal year ("Fiscal Year") are to the twelve-month period ended March 31 of that year.

The financial statements have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI (ICDR)
Regulations and restated as described in the report of our peer review auditors report which is included in this Draft Prospectus
under the section titled "Restated Financial Information" beginning on page 173 of this Draft Prospectus. 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 as a result of
certain factors such as those described under "Risk Factors" and "Forward Looking Statements" beginning on pages 22 and
20 respectively, and elsewhere in this Draft Prospectus Accordingly, the degree to which the financial statements in this Draft
Prospectus will provide meaningful information depend entirely on such potential investors level of familiarity with Indian
accounting practices. Please also refer to section titled "Presentation of Financial, Industry and Market data" beginning on
page 18 of this Draft Prospectus.

Business Overview

We are primarily engaged in the business of manufacturing, distribution, marketing and selling of bakery products
in savoury category which include breads, buns, pizza bases, Kulcha etc. under our brand American Bakers
targeted primarily at local consumers.

Our company was originally incorporated as Private Limited Company under the Companies Act, 2013 in the name
and style of "Q&T Foods Private Limited", on August 29, 2018. Subsequently, our Company was converted into
Public Limited Company and the name of the company was changed to "Q&T Foods Limited" pursuant to
shareholders resolution passed at an Extra Ordinary General Meeting held on May 27, 2024 and fresh certificate of
incorporation dated August 08, 2024 was issued by the Central Processing Centre. For further details please refer
to chapter titled "History and Corporate Structure" beginning on page 143 of this Draft Prospectus.

We offer a diversified product portfolio catering to consumers with varied preferences. Our Company manufactures
and sells varieties of "breads" such as Milk Bread, White Bread, Multigrain Bread, Brown Bread under "Bread
category" and other Bakery products like Kulcha; Pav; Burger Bun, Pizza Base etc primarily in the state of Uttar
Pradesh.

All our products are manufactured at our in-house, state of art manufacturing facility accredited with ISO (ISO
22000:2018) and Hazard Analysis & Critical Control Points (HACCP) for quality management systems situated at
an area of 10,750 sq. feet situated at Kh No. 378, Deenanathpur, Puti Post Dasna, Ghaziabad, Uttar Pradesh -201015
and has 9,472 TPA installed capacity, which enables us to have an effective control over the manufacturing process
and to ensure consistent quality of our products. Further, our manufacturing facility is strategically located near to
majority of our customers allowing us to optimise our deliveries, reduce lead times and facilitate greater interaction
with our customers. We believe that these factors contribute to enhanced customer service, operational flexibility
and efficient management of our business operations.

For details about Business Overview, please refer chapter titled "Our Business" on page 117 of this Draft Prospectus.

Key Performance Indicators of our Company:
Financials KPIs of our Company

(Amount in Lakhs, except for percentage)

Particulars	For the Period ended on
	31.12.2025	31.03. 2025	31.03. 2024	31.03. 2023
Revenue from operations	166.64	5.02	186.43	4.93
Growth in Revenue from Operations (%)	150.47	4.53	174.63	4.62
Total Income	149.85	4.51	168.74	4.46
EBITDA	145.99	4.40	167.26	4.42
EBITDA margin (%)	133.15	4.01	163.29	4.32
PAT	122.31	3.68	124.29	3.29
PAT Margin (%)	101.55	3.06	119.83	3.17
ROE (%)	94.27	2.84	116.85	3.09
ROCE (%)	94.39	2.84	97.63	2.58
EPS (Basic & Diluted)	71.73	2.16	71.43	1.89

Source: The Figure has been certified by our Peer review auditors M/s. Abhijit Dutt & Associates; Chartered
Accountants vide their certificate dated May 07,2026.

Notes:

i. Revenue from Operations means the Revenue from Operations as appearing in the Restated Financial Statements.

ii. Growth in Revenue from Operations (%) is calculated as a percentage of Revenue from Operations of the relevant period
minus Revenue from Operations of the preceding period, divided by Revenue from Operations of the preceding period.

iii. EBITDA is calculated as profit for the period / year, plus tax expenses (consisting of current tax, deferred tax and current
taxes relating to earlier years), Interest Expenses and depreciation and amortization expenses minus other Income.

iv. EBITDA Margin %) is calculated as EBITDA divided by Revenue from Operations.

v. Profit After Tax Means Profit for the period/year as appearing in the Restated Financial Statements.

vi. PAT Margin (%) is calculated as Profit for the period/year divided by Revenue from Operations.

vii. RoE (Return on Equity) (%) is calculated as net profit after tax for the period/ year divided by Average Shareholder Equity.

viii. RoCE (Return on Capital Employed) (%) is calculated as earnings before interest and taxes divided by average capital
employed. Capital Employed includes Equity Shares, Reserves and surplus, Long- Term Borrowing.

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL STATEMENTS

In the opinion of the Board of Directors of our Company, since the date of the last financial statements disclosed in
this Draft Prospectus, there have not arisen any circumstance that materially or adversely affect or are likely to affect
the trading or profitability of our Company or the value of its assets or its ability to pay its material liabilities within
the next twelve months except the following:

i) Appointment of Ms. Prachi Gupta w.e.f. December 31, 2025;

ii) Appointment of Ms. Pratibha Sabharwal w.e.f September 30, 2025.

iii) Resignation of Mr. Devesh Arora w.e.f August 30, 2025.

iv) Resignation of Ms. Sarvagya Goel as a Company Secretary w.e.f. January 15, 2025 and appointment of Mr.
Satish Joshi w.e.f. February 02, 2026 as a Company Secretary.

v) Resignation of Mr. Ashish Gautam as Chief Financial Officer w.e.f. October 27, 2025 and appointment of Mr.
Debal Pratim Sur as Chief financial officer w.e.f. January 01, 2026.

vi) Approval of the Board of Directors on April 01, 2026 to issue of shares through Initial Public Issue and
Increase of Borrowings power of the Company;

vii) Approval of the Shareholders in its EGM held on May 04, 2026 to issue of shares through Initial Public Issue
and Increase of Borrowings power of the Company.

FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our business is subjected to various risks and uncertainties, including those discussed in the section titled "Risk
Factors" beginning on page 22 of this Draft Prospectus. Our results of operations and financial conditions are
affected by numerous factors including the following:

- General economic and business conditions in the markets in which we operate and in the local, regional, national
and international economies;

- Changes in consumer demand;

- Failure to successfully upgrade our product portfolio, from time to time;

- Any change in government policies resulting in increases in taxes payable by us; Our ability to retain our key
managements persons and other employees;

- Our failure to keep pace with rapid changes in technology; Inflation, deflation, unanticipated turbulence in interest
rates, equity prices or other rates or prices;

- Companys ability to successfully implement its growth strategy and expansion plans;

- Global distress due to pandemic, war or by any other reason;

- The occurrence of natural disasters or calamities;

- Inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;
DISCUSSION ON RESULT OF OPERATION

The following discussion on result of operations should be read in conjunction with the restated financial statements
of our Company for the Financial Years ended March 31, 2025, 2024 and 2023 and Nine months ended December
31, 2025.

SUMMARY OF MAJOR ITEMS OF INCOME AND EXPENDITURE
Revenues:

Income from operations:

Our principal component of revenue from operations. Revenue from operations include revenue from sale of our
Bread and Bakery Items.

Our revenue from operations as a percentage of total revenue is as follows:

(Rs. In Lakhs)

Particulars	30.12.25	31.03.25	31.03.24	31.03.23
Revenue from Operations	4,188.38	4,683.07	4,021.53	3,685.32
As a % of Total Revenue	100.00%	100.00%	99.99%	100.00%

Other Income:

Our other income mainly includes sale of scrap.

Particulars	31.12.25	31.03.25	31.03.24	31.03.23
Other Income	0.00	0.00	0.42	0.00
As a % of Total Revenue	0.00%	0.00%	0.01%	0.00%

Expenditure:

Our total expenditure primarily consists of Cost of Material, Employee benefit expenses, Operating and Other
Expenses, finance cost, depreciation.

Employee benefits expense

Our employee benefits expense primarily comprise of salaries and wages expenses, Provident Fund/ ESI/ Gratuity
Expense, staff welfare expenses and Director Remuneration.

Depreciation & Amortization

Depreciation includes depreciation on tangible assets like Land and Buildings, Motor Vehicle, Plant and Machinery
and furniture & electrical fittings.

Other Expenses

Other Expenses includes Power and Fuel, Electricity and Water Expenses, Freight & Cartage Expenses, Rent of
factory premises, Advertisement and Business promotion, Repairs & Maintenance of Machinery, Postage and
Courier expense, Freight, Loading and Unloading expenses, Legal and Professional Fees, Auditor remuneration,
printing & Stationary expense, Travelling & Conveyance expenses, telephone expense, fees & subscription
expenses, miscellenous expenses and development expenses.

Statement of profits and loss

The following table sets forth, for the fiscal years indicated, certain items derived from our Companys restated
financial statements, in each case stated in absolute terms and as a percentage of total sales and/or total revenue:

(Rs. In Lakhs)
Particulars	31.12.25	31.03.25	31.03.24	31.03.23
Revenue from Operations	4,188.38	4,683.07	4,021.53	3,685.32
As a % of Total Revenue	100.00	100.00	99.99	100.00
Other Income	0.00	0.00	0.42	0.00
As a % of Total Revenue	0.00	0.00	0.01	0.00
Total Income (A)	4,188.38	4683.07	4021.95	3685.32
Expenditure
Cost of materials consumed	3150.64	3580.02	3084.34	3043.67
As a % of Total Revenue	75.22	76.45	76.69	82.59
Changes in Inventories of stock in trade	-1.14	-0.16	-3.43	-1.47
As a % of Total Revenue	-0.03	-0.00	-0.09	-0.04
Employee Benefit Expenses	254.25	296.69	253.38	254.73
As a % of Total Revenue	6.07	6.34	6.30	6.91
Finance Cost	69.67	91.06	73.68	36.19
As a % of Total Revenue	1.66	1.94	1.83	0.98
Operational and Other Expenses	270.21	309.65	310.18	305.08
As a % of Total Revenue	6.45	6.61	7.71	8.28
Depreciation and Amortization Charges	47.02	36.54	38.95	40.62
As a % of Total Revenue	1.12	0.78	0.97	1.10
Total Expenditure (B)	3790.65	4313.80	3757.09	3678.83
As a % of Total Revenue	90.50	92.11	93.41	99.82
Profit before exceptional and extraordinary items and tax (C=A-B)	397.73	369.26	264.86	6.49
As a % of Total Revenue	9.50	7.89	6.59	0.18
Exceptional items (D)	0.00	0.00	0.00	0.00

 

Particulars	31.12.25	31.03.25	31.03.24	31.03.23
Profit before extraordinary items and tax (E=C-D)	397.73	369.26	264.86	6.49
Extraordinary items (F)	0.00	0.00	0.00	0.00
Net Profit before Tax (G=E-F)	397.73	369.26	264.86	6.49
As a % of Total Revenue	9.50	7.89	6.59	0.18
Less: Provision for Taxes (H)
Current Tax	100.83	91.63	70.58	5.76
As a % of Total Revenue	2.41	1.96	1.75	0.16
Deferred Tax Liability/ (Assets)	-0.73	4.08	-1.72	-4.02
As a % of Total Revenue	-0.02	-0.09	-0.04	-0.11
Earlier Tax	0.00	0.00	0.00	0.00
As a % of Total Revenue	0.00	0.00	0.00	0.00
Profit (Loss) for the period (G-H)	297.63	273.55	196.00	4.74
As a % of Total Revenue	7.11	5.84	4.87	0.13

REVIEW OF OPERATIONS FOR THE PERIOD ENDED DECEMBER 31, 2025

The total revenue was Rs. 4188.38 lakhs for period ended December 31, 2025.

Revenue from Operations

Our revenue from operations was Rs. 4188.38 lakhs which was about 100.00% of the total revenue for the period of
Nine months ended December 31, 2025. The revenue from operations consisted of revenue from sale of our
products.

Other Income

Our other income was Nil for the period of Nine months ended December 31, 2025.

Total Expenses

Our total expenditure primarily consists of Cost of materials consumed, Change in Inventories of Stock & Trade,
Finance cost, employee benefit expenses, depreciation expenses and operational & other expenses.

Cost of materials consumed:

The Cost of materials consumed for the period ended December 31, 2025 were Rs. 3150.64 Lakhs which was about
75.22% of the total revenue.

Changes in inventories:

Our changes in inventories amounted to Rs. (1.14) Lakhs for the Nine months ended December 31, 2025. This was
due to increase in inventory maintained at our end.

Employee benefits expense

Our employee benefits expense was Rs. 254.25 lakhs which is 6.07% of our total revenue for the period ended
December 31, 2025 and primarily comprise of salaries and wages, staff welfare expense.

Finance Costs

Our finance costs were Rs. 69.67 lakhs which is 1.66 % of our total revenue for the period ended December 31, 2025
and mainly includes interest on bank borrowings, other interest charges and other charges.

Depreciation

Depreciation expenses were Rs. 47.02 lakhs which is 1.12% of our total revenue for the period ended December 31,
2025 and mainly includes depreciation on tangible assets like plant and machinery, vehicles, etc.

Operational and Other Expenses

Other expenses were Rs. 270.21 lakhs which is 6.45% of our total revenue for the period ended December 31, 2025
which mainly includes Power and Fuel, Electricity and Water Expenses, Freight & Cartage Expenses, Rent of factory
premises, Advertisement and Business promotion, Repairs & Maintenance of Machinery, Postage and Courier
expense, Freight, Loading and Unloading expenses, Legal and Professional Fees, Auditor remuneration, printing &
Stationary expense, Travelling & Conveyance expenses, telephone expense, fees & subscription expenses,
miscellaneous expenses and development expenses.

Profit before tax

Our Profit before tax was Rs. 397.37 lakhs which is 9.50% of our total revenue for the period of Nine months ended
December 31, 2025. The increase in our profit was attributed to increase in revenue from existing business operations
and reduction in our Expenditures.

Taxation expense and Profit after Tax

Our taxation expense for the period ended December 31, 2025 was Rs. 100.10 lakhs which is 2.39% of our total
revenue for the Nine months ended December 31, 2025. It comprised of current taxation of Rs. 100.83 lakhs and
deferred tax of Rs. (0.73) lakhs.

Net profit after tax was Rs. 297.63 lakhs which is 7.11% of our total revenue for the period of nine months ended
December 31, 2025 which is in line with increase in revenue from business operations.

COMPARISON OF FY 2024-25 WITH FY 2023-24:

Total Income

Our total income Increased by 16.44% to Rs. 4683.07 lakhs for the financial year 2024-25 from Rs. 4021.95 lakhs for
the financial year 2023-24 due to the factors described below:

Revenue from operations

Our revenue from operations increased by 16.45% to Rs. 4683.07 lakhs for the financial year 2024-25 from Rs. 4021.53
lakhs for the financial year 2023-24. The Increase was mainly due to increase in our business operations marginally.

Other Income

Our other income decreased by 100.00% to Nil for the financial year 2024-25 from Rs. 0.42 lakhs for the financial
year 2023-24. This was mainly due to no other income.

Total Expenses

Our total expenses increased by 14.82% to Rs. 4313.80 lakhs for the financial year 2024-25 from Rs. 3757.09 lakhs for
the financial year 2023-24, due to the factors described below:

Cost of Material Consumed:

Our costs of material consumed increased by 16.07% to Rs. 3580.02 lakhs in FY 2024-25 from Rs. 3084.34 lakhs in FY
2023-24. The increase in material consumption was due to increase in our business operations.

Changes in inventories:

Our changes in inventories were increased by 95.40% to Rs. (0.16) lakhs for the financial year 2024-25 from Rs. (3.43)
lakhs for the financial year 2023-24. This was due to higher level of inventory maintained at our end.

Employee benefits expenses:

Our employee benefit expenses increased by 17.09% to Rs. 296.69 lakhs for the financial year 2024-25 from Rs. 253.38
lakhs for the financial year 2023-24. The increase was mainly due to increase in salaries & incentives, directors
remuneration, staff welfare expenses. Increase in our salary & wages was mainly due to increase in number of
employees as well as increase in salaries and wages of employees.

Finance costs:

Our finance costs increased by 23.59% to Rs. 91.06 lakhs for the financial year 2024-25 from Rs. 73.68 lakhs for the
financial year 2023-24. The increase was mainly on account of increase in borrowings. Increase in interest expense
was primarily due to higher utilization of our borrowings.

Depreciation and amortisation expense:

Our depreciation and amortization expense decreased by 6.19% to Rs. 36.54 lakhs for the financial year 2024-25 from
Rs. 38.95 lakhs for the financial year 2023-24. This is due to increase in Fixed assets.

Operational and Other expenses:

Our Operational and other expenses decreased by 0.17% to Rs. 309.65 lakhs for the financial year 2024-25 from Rs.
310.18 lakhs for the financial year 2023-24. The decrease was mainly due to decrease in other operational & Other
expenses.

Profit before tax:

Our profit before tax increased by 39.42% to Rs. 369.26 lakhs for the financial year 2024-25 from Rs. 264.86 lakhs for
the financial year 2023-24. The increase was mainly attributed to increase in business operations.

Tax expenses:

]

Our tax expenses increased by 38.99% to Rs. 95.71 lakhs for the financial year 2024-25 from Rs. 68.86 lakhs for the
financial year 2023-24 which was due to increase in current tax expense by Rs. 26.85 lakhs. This is in line with
increase in profits.

Net profit after tax:

Our profit after tax increased by 39.57% to Rs. 273.55 lakhs for the financial year 2024-25 from Rs. 196.00 lakhs for
the financial year 2023-24 due to reasons mentioned above.

COMPARISON OF FY 2023-24 WITH FY 2022-23:

Total Income

Our total income increased by 9.13% to Rs. 4021.95 lakhs for the financial year 2024-25 from Rs. 3685.32 lakhs for
the financial year 2022-23 due to the factors described below:

Revenue from operations

Our revenue from operations increased by 9.12% to Rs. 4021.53 lakhs for the financial year 2023-24 from Rs. 3685.32
lakhs for the financial year 2022-23. The decrease was mainly due to increase in our business operations.

Other Income

Our other income increased by 100.00% to Rs. 0.42 lakhs for the financial year 2023-24 from Nil for the financial year
2022-23. This was mainly due to sale of scrap in FY 23-24.

Total Expenses

Our total expenses increased by 2.13% to Rs. 3757.09 lakhs for the financial year 2023-24 from Rs. 3678.83 lakhs for
the financial year 2022-23, due to the factors described below:

Cost of Material consumed:

Our costs of material consumed increased by 1.34% to Rs. 3084.34 lakhs in FY 2023-24 from Rs. 3043.67 lakhs in FY
2022-23. The increase in material consumption was due to increase in our business operations.

Changes in inventories:

Our changes in inventories were decreased by 133.69% to Rs. (3.43) lakhs for the financial year 2023-24 from Rs.
(1.47) lakhs for the financial year 2022-23. This was due to higher level of work in progress inventory maintained at
our end.

Employee benefits expenses:

Our employee benefit expenses decreased by 0.53% to Rs. 253.38 lakhs for the financial year 2023-24 from Rs. 254.73
lakhs for the financial year 2022-23. The increase was mainly due to decrease in salaries & incentives, directors
remuneration, staff welfare expenses. Decrease in our salary & wages was mainly due to decrease in number of
employees as well as decrease in salaries and wages of employees.

Finance costs:

Our finance costs increased by 103.59% to Rs. 73.68 lakhs for the financial year 2023-24 from Rs. 36.19 lakhs for the
financial year 2022-23. The increase was mainly on account of increase in borrowings. Increase in interest expense
was primarily due to higher utilization of our borrowings.

Depreciation and amortisation expense:

Our depreciation and amortization expense decreased by 4.11 % to Rs. 38.95 lakhs for the financial year 2023-24 from
Rs. 40.62 lakhs for the financial year 2022-23. This is due to decrease in Fixed assets.

Operational and Other expenses:

Our Operational and other expenses increased by 1.67% to Rs. 310.18 lakhs for the financial year 2023-24 from Rs.
305.08 lakhs for the financial year 2022-23. The decrease was mainly due to increase in other operational & Other
expenses.

Profit before tax:

Our profit before tax increased by 3978.12% to Rs. 264.86 lakhs for the financial year 2023-24 from Rs. 6.49 lakhs for
the financial year 2022-23. The increase was mainly due to increase in revenue from operations in normal course of
business.

Tax expenses:

Our tax expenses increased by 3851.77% to Rs. 68.86 lakhs for the financial year 2023-24 from Rs. 1.74 lakhs for the
financial year 2022-23 which was due to increase in current tax expense by Rs. 67.12 lakhs. This is in line with
increase in profits.

Net profit after tax:

Our profit after tax increased by 4024.45% to Rs. 196.00 lakhs for the financial year 2023-24 from Rs. 4.74 lakhs for
the financial year 2022-23 due to increase in revenue from operations in normal course of business.

CASH FLOWS

As per Restated Financial Statements

The table below is our cash flows for the financial years March 31, 2025, 2024 and 2023 and nine months ended
December 31, 2025:

(Amount in Rs. Lakhs)

Particulars	31.12.2025	31.03.2025	31.03.2024	31.03.2023
Net Cash flow from Operative activities	112.61	189.11	(17.28)	(152.41)
Net Cash Flow from Investing activities	(204.26)	(306.60)	(148.03)	(5.99)
Net Cash Flow from Financing activities	93.43	122.06	175.94	166.88
Net Cash Flow for the Year	1.78	4.57	10.62	8.48
Cash and cash equivalents at the beginning of the year / Period	31.92	27.35	16.73	8.25
Cash and cash equivalents at the end of the year/ Period	33.70	31.92	27.35	16.73

Cash Flows from Operating Activities
For Period ended December 31, 2025

Net cash generated from operating activities was Rs. (112.61) Lakhs in December 31, 2025. Profit before tax was Rs.
397.73 Lakhs in December 31, 2025. Adjustments primarily consisted of Depreciation and Amortisation of Rs. 47.02
Lakhs, Interest Expense of Rs. (69.67) Lakhs and Gratuity Expense of Rs. 1.82 Lakhs.

Our operating profit before working capital adjustments was Rs. 516.23 Lakhs in December 31, 2025. The working
capital adjustments in December 31, 2025 included, increase in Trade receivables of Rs. (187.60) Lakhs, Increase in
short term loans and advances and other current assets of Rs. (15.21) Lakhs, Increase in other current assets of Rs.
(30.17) Lakhs, Increase in Inventories of Rs. (170.83) Lakhs, Decrease in other current liabilities of Rs. (4.55) Lakhs,
Increase in Short Term Provisions of Rs. 101.21 Lakhs, Increase in Trade payables of Rs. 4.37 Lakhs. The adjustment
of Direct Taxes paid was Rs. (100.84) Lakhs.

For Financial Year Ended March 31, 2025

Net cash generated from operating activities was Rs. (189.11) Lakhs in March 31, 2025. Profit before tax was Rs.
369.26 Lakhs in March 31, 2025. Adjustments primarily consisted of Depreciation and Amortisation of Rs. 36.54
Lakhs, Interest Expense of Rs. 91.06 Lakhs and Gratuity Expense of Rs. 6.03Lakhs.

Our operating profit before working capital adjustments was Rs. 502.89 Lakhs in March 31, 2025. The working
capital adjustments in March 31, 2025 included, increase in Trade receivables of Rs. (65.53) Lakhs, Decrease in short
term loans and advances and other current assets of Rs. 1.05 Lakhs, Decrease in other current assets of Rs. 2.03
Lakhs, Increase in Inventories of Rs. (200.53) Lakhs, Increase in other current liabilities of Rs. 23.93 Lakhs, Increase
in Short Term Provisions of Rs. 16.08 Lakhs, Increase in Trade payables of Rs. 0.81 Lakhs. The adjustment of Direct
Taxes paid was Rs. (91.62) Lakhs.

For Financial Year Ended March 31, 2024

Net cash used in operating activities was Rs. (17.28) Lakhs in March 31, 2024. Profit before tax was Rs. 264.86 Lakhs
in March 31, 2024. Adjustments primarily consisted of Depreciation and Amortisation of Rs. 38.95 Lakhs, Interest
Expense of Rs. 73.68 Lakhs and Gratuity Expense of Rs. 4.95 Lakhs.

Our operating profit before working capital adjustments was Rs. 382.44 Lakhs in March 31, 2024. The working
capital adjustments in March 31, 2024 included, increase in Trade receivables of Rs. (303.47) Lakhs, Increase in short
term loans and advances and other current assets of Rs. (9.27) Lakhs, Decrease in other current assets of Rs. 47.06
Lakhs, Increase in Inventories of Rs. (145.19) Lakhs, Increase in other current liabilities of Rs. 4.23 Lakhs, Increase
in Short Term Provisions of Rs. 78.51 Lakhs, Increase in Trade payables of Rs. 4.75 Lakhs. The adjustment of Direct
Taxes paid was Rs. (76.34) Lakhs.

For Financial Year Ended March 31, 2023

Net cash used in operating activities was Rs. (152.41) Lakhs in March 31, 2023. Profit before tax was Rs. 6.49 Lakhs
in March 31, 2023. Adjustments primarily consisted of Depreciation and Amortisation of Rs. 40.62 Lakhs, Interest
Expense of Rs. 36.19 Lakhs and Gratuity Expense of Rs. 12.15 Lakhs.

Our operating profit before working capital adjustments was Rs. 95.45 Lakhs in March 31, 2023. The working capital
adjustments in March 31, 2023 included, increase in Trade receivables of Rs. (272.23) Lakhs, Decrease in short term
loans and advances and other current assets of Rs. 2.70 Lakhs, Increase in other current assets of Rs. (18.69) Lakhs,
Decrease in Inventories of Rs. 3.18 Lakhs, Increase in other current liabilities of Rs. 5.48 Lakhs, Increase in Short
Term Provisions of Rs. 1.57 Lakhs, Increase in Trade payables of Rs. 36.57 Lakhs. The adjustment of Direct Taxes
paid was Rs. (6.44) Lakhs.

Cash Flows from Investment Activities

For Period Ended December 31, 2025

Net cash used in investing activities for the period ended December 31, 2025 was Rs. (204.26) Lakhs. This was
primarily due to Purchase of Property, Plant and Equipment of Rs. (204.26) Lakhs.

For Financial Year Ended March 31, 2025

Net cash used in investing activities for the year ended March 31, 2025 was Rs. (306.60) Lakhs. This was primarily
due to Purchase of Property, Plant and Equipment of Rs. (306.60) Lakhs.

For Financial Year Ended March 31, 2024

Net cash used in investing activities for the year ended March 31, 2024 was Rs. (148.03) Lakhs. This was primarily
due to Purchase of property, plant & equipment of Rs. (148.03) Lakhs.

For Financial Year Ended March 31, 2023

Net cash used in investing activities for the year ended March 31, 2023 was Rs. (5.99) Lakhs. This was primarily due
to Purchase of property, plant & equipment of Rs. (5.99) Lakhs.

Cash Flows from Financing Activities
For Period Ended December 31, 2025

Net cash generated from financing activities for the period ended December 31, 2025 was Rs. 93.43 Lakhs. This was
primarily due to proceeds from Short Term Borrowings of Rs. 301.03 Lakhs, Repayment of Long Term Borrowing
of Rs. (137.93) Lakhs and Interest Expense (69.67) Lakhs.

For Financial Year Ended March 31, 2025

Net cash generated from financing activities for the year ended March 31, 2025 was Rs. (122.06) Lakhs, primarily
due to Issue of Share Capital of Rs. 19.80 Lakhs, Increase in Securities Premium Reserve of Rs. 166.32 Lakhs,
Proceeds from Short Term Borrowings of Rs. 57.47 Lakhs, Repayment of Long Term Borrowing of Rs. (30.47) Lakhs
and Interest Expense of Rs. 91.06 Lakhs.

For Financial Year Ended March 31, 2024

Net cash generated from financing activities for the year ended March 31, 2024 was Rs. 175.94 Lakhs, primarily due
to proceeds from Short Term Borrowings of Rs. 198.30 Lakhs, proceeds from Long Term Borrowings of Rs. 51.32
Lakhs and Interest Expense of Rs. (73.68) Lakhs.

For Financial Year Ended March 31, 2023

Net cash generated from financing activities for the year ended March 31, 2023 was Rs. 166.88 Lakhs, primarily due
to Proceeds from Short Term Borrowings of Rs. 244.59 Lakhs and Repayment of Long Term Borrowings of Rs.
(41.52) Lakhs and Interest Expense of Rs. (36.19) Lakhs.

Related Party Transactions

Related party transactions with certain of our promoters, directors and their entities and relatives primarily relate
to remuneration & loan. For further details of related parties kindly refer chapter titled "Restated Financial
Statements" beginning on page 173 of this Draft 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 purposes of facilitating off-balance sheet arrangements.

OTHER MATTERS

Unusual or infrequent events or transactions

There are no transactions or events, which in our best judgement, would be considered unusual or infrequent that
have significantly affected operations of the Company.

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

There are no significant economic changes that materially affected Companys operations or are likely to affect
income from continuing operations. Any slowdown in the growth of Indian economy or future volatility in global
commodity prices, could affect the business, including the future financial performance, shareholders funds and
ability to implement strategy and the price of the Equity Shares.

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

Other than as disclosed in the section titled "Risk Factors" beginning on page 22 of this Draft Prospectus 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 changes in relationship between costs and revenues in case of events such as future increase in labour or
material cost or prices that will cause material change.

According to our knowledge, there are no future relationship between cost and income that would be expected to
have a material adverse impact on our operations and revenues. However, increase in the cost of the goods in which
the Company deals, will affect the profitability of the Company. Further, the Company may not be able to pass on
the increase in prices of the services to the customers in full and this can be offset through cost reduction.

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

The increase in revenue is by and large linked to increase in volume of all the activities carried out by the Company.

Total turnover of each major industry segment in which the issuer company operates.

The Company is operating one business vertical i.e. manufacturing of bread and other bakery items. Relevant
industry data, as available, has been included in the chapter titled "Industry Overview" beginning on page 101 of
this Draft Prospectus.

Status of any publicly announced new products/projects or business segments

Our Company has not announced any new projects or business segments, other than disclosed in the Draft
Prospectus.

The extent to which the business is seasonal

Our business and operations is not affected by seasonal factors.

Any significant dependence on a single or few suppliers or customers

The % of Contribution of our Companys customer and supplier vis a vis the total revenue from operations and raw
materials/ finished goods cost respectively for the period ended on December 31, 2025 is as follows:

Particulars	Customers	Suppliers
Top 5 (%)	12.97%	22.47%
Top 10 (%)	24.97%	37.06%

Competitive Conditions

We have competition with Indian and international competitors and our results of operations could be affected by
competition in the FMCG industry in India and international market in the future. We expect competition to
intensify due to possible new entrants in the market, existing competitors further expanding their operations and
our entry into new markets where we may compete with well-established unorganized companies / entities. This
we believe may impact our financial condition and operations. For details, please refer to the chapter titled "Risk
Factors" beginning on page 22 of this Draft Prospectus.