Rajputana Biodiesel Ltd Management Discussions

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC REVIEW

Global Economy

According to the OECD Economic Outlook 2025, global GDP growth is projected to moderate from 3.3% in 2024 to 2.9% in both 2025 and 2026, reflecting the impact of heightened trade barriers, persistent policy uncertainty and fragile consumer sentiment. On a quarter-on-quarter basis, global growth is forecast to slip further to 2.6% by Q4 of 2025, before recovering to 3% by 2026. The slowdown is particularly pronounced in North America and parts of Asia, especially China, where growth is forecast to decelerate from 5.0% in 2024 to 4.7% in 2025. The U.S. economy is projected to decline from 2.8% to 1.6% due to elevated tariffs and real income headwinds, while the Euro Area shows a modest improvement from 0.8% to 1.0%.

Inflationary trends remain mixed. While inflation in G20 countries is expected to moderate from 6.2% in 2024 to 3.6% in 2025, the United States is a notable exception, where headline inflation is projected to rise to 3.9% and remain above target into 2026. Core inflation is also expected to peak around 4% in the U.S. The disinflation trend across much of the globe is expected to be supported by declining commodity prices and softer demand, although rising trade costs and ongoing geopolitical disruptions continue to pose upside risks to price levels.

Outlook

The global macroeconomic outlook remains fragile and highly contingent on geopolitical developments, trade policy shifts and central bank actions. OECD notes that elevated policy uncertainty, especially surrounding globa tariffs, is weighing heavily on business investment and cross-border trade. Furthermore, tight financial conditions and waning consumer confidence are expected to constrain domestic demand across both advanced and emerging markets.

On the policy front, central banks in mostOECD economies are anticipated to continue cautious monetary easing, except in the U.S., where policy rates may remain elevated to curb inflationary pressures. Fiscal policy is projected to tighten modestly in major OECD economies, amid concerns around debt sustainability. Elowever, China is expected to diverge with significant fiscal expansion and accommodative monetary policy.

While the global economy is navigating 7$ through uncertainties, a parallel O shift is underway—one defined by technological transformation, digital a 5L investment and green innovation.

Across OECD economies, there has been ¹ Rs.a clear surge in investment in digital and knowledge-based assets such as software, cloud infrastructure, Al and research & development. Al-exposed industries, according to the OECD, have increased their net investment share from 7% in 2018-2022 to nearly 27% through 2024, underscoring the accelerating integration of automation and analytics in business models.

India is embracing a similar path, with a sharp focus on energy transition, bioeconomy and smart infrastructure. The governments push for Bio-Energy and Digital India missions, along with substantial policy support under the National Bio-Energy Programme, aims to establish a modern, data-driven biofuel ecosystem.

The rising synergy between digital adoption and environmental sustainability is particularly significant for the biofuel industry. Process Integration and Predictive analytics are helping optimize feedstock sourcing, reduce energy wastage in production and enhance lifecycle emissions tracking—elements increasingly demanded by OMCs and ESG-conscious customers. Moreover, as carbon markets mature and Al applications in environmental modelling grow, Indian biodiesel producers may gain access to new global platforms for voluntary carbon credits and sustainable finance.

However, this transformation brings its own set of challenges. Declining traditional capital investment in tangible assets and a rise in depreciation rates signal the need for a robust support system for digital upgradation, especially for mid-sized players. It also places a premium on workforce digital literacy, adaptive logistics and regulatory compliance through digitized audits, traceable and integrated operations.

Indian Economic Review

Indian economy witnessed a steady growth of 6.5% during FY2025, navigating strong headwinds from global economic and geopolitical upheavals. This expansion was bolstered by a robust services sector and steady investment activity. Indias digital and financial infrastructure growth facilitated greater financial inclusion which enhanced credit accessibility for businesses and individuals. Headline CPI inflation is forecasted at 4.8% for the year, remaining within the RBIs acceptable range of 2-6% for the majority of months. While urban consumption showed signs of stagnation, rural demand stayed resilient,driven by strong agricultural performance. As a result, Private Final Consumption Expenditure (PFCE) is expected to grow at 7.6% during FY2025 as compared to 5.6% growth observed during FY2024.

The services sector continued to be a vital growth engine driven by a large pool of skilled workers serving a growing domestic demand. Rapid urbanisation across India and increasing digitisation of key services have attributed to the domestic demand growth. Exports in the services sector also continued to demonstrate resilient growth.

Private consumption remains the engine of expansion, backed by a young, urbanizing population. With over 65% of citizens under 35 years and a median age of 28, Indias demographic profile fuels rising consumption. Nuclear families, now 70% of all households, are spending up to 30% more per capita than joint families, creating structural demand. Deloitte projects FY25 GDP growth between 6.5% and 6.8%, driven by resilient domestic consumption and investment. Manufacturing exports, especially in electronics, semiconductors and chemicals, are deepening Indias integration into global value chains, reinforcing a dual-growth model of domestic strength and export competitiveness.

The Reserve Bank of India maintained a vigilant stance on inflation while supporting growth. Headline inflation eased to 3.34%, primarily due to a moderation in food inflation. Monetary policy measures played a crucial role in maintaining liquidity and supporting economic activity. Meanwhile, infrastructure investments created opportunities across industries and the manufacturing sector experienced steady growth due to policy support and increasing interest in the regions supply chain capabilities. Overall, the interplay of proactive policymaking, resilient industrial performance and expanding global trade connections formed the backbone of a stable and flourishing economy.

Outlook

Indias macroeconomic outlook for FY 2025-26 remains broadly positive, supported by a robust revival in domestic consumption, continued government thrust on capital expenditure and resilience in key sectors such as renewable energy, agriculture, manufacturing and services. According to the Reserve Bank of Indias April 2025 Monetary Policy Report, real GDP growth is projected at 6.5% for FY 2025-26, with quarterly estimates of 6.5% in Q1, 6.7% in Q2, 6.6% in Q3 and 6.3% in Q4. Structural estimates for FY2026-27 place growth at 6.7%, contingent upon a normal monsoon and no major external or domestic shocks. Improved consumer sentiment—as reflected in the risina

Future Expectations Index — and business optimism, particularly in services, Bioenergy and infrastructure, signal continued momentum.

This positive macroeconomic landscape holds significant implications for the energy and biofuel sectors, which are closely aligned with Indias long-term sustainability and decarbonization goals. The government continues to place a strategic emphasis on clean and alternative energy, with biofuels identified as a key pillar in the National Bio-Energy Mission. India has set an ambitious target of 20% ethanol blending in petrol by 2025, up from around 11.8% as of FY 2023-24. Parallelly, the recently introduced Global Biofuel Alliance (GBA), with India as a founding member, aims to create a multilateral platform to accelerate the global uptake of biofuels and support related innovation, technology transfer and market creation.

The outlook for biodiesel, in particular, is improving with enhanced regulatory support, greater feedstock diversification and expanding interest from both public and private sector fuel distributors. Initiatives such as the SATAT (Sustainable Alternative Towards Affordable Transportation) scheme, CBG-CGD Synchronisation Scheme and revised Biodiesel Purchase Policies by oil marketing companies are expected to support consistent offtake and price realization for industry participants. Rising crude oil prices and volatile international energy markets have further incentivized domestic investment in renewable alternatives like biodiesel, which offers both energy security and carbon offset potential.

However, external headwinds persist in the form of global supply chain disruptions, protectionist trade policies and geopolitical tensions, particularly in energy-sensitive regions. These risks may induce volatility in raw material sourcing, international freight costs and the availability of strategic inputs such as used cooking oil (UCO) and other feedstocks. In order to mitigate the international volatility and supply chain disturbance India has its own local/indigenous feedstock base comprising of almost 350 crore litters of various types of non edible oils, tallow and used cooking oils.

Despite these challenges, the convergence of supportive policy frameworks, climate-aligned investor interest and domestic demand growth is expected to create a conducive environment for sustainable energy businesses. For companies like Rajputana Biodiesel Limited, which operate at the intersection of clean energy and rural value chains, this presents an opportune time to scale up operations, invest in technology and strengthen stakeholder engagement across the value chain. As a result Rajputana Biodiesel Limited has a great opportunity in tapping the growing and under supplied renewable energy/fuel market not only in biodiesel but compressed bio gas and bio mass briquettes also

INDUSTRY STRUCTURE AND DEVELOPMENT

Overview

Indias growing energy demand, its over-dependence on imported fossil fuels and increasing environmental concerns have underscored the urgent need for alternative, cleaner sources of energy. In this context, biodiesel has emerged as a critical component of Indias energy diversification strategy. Biodiesel is a renewable, biodegradable fuel manufactured through the chemical process of transesterification, using feedstocks such as various types of non-edible oils, used cooking oil (UCO) andtallow. As per the Bureau of Indian Standards (BIS 15607:2022), biodiesel, referred to as B100, is required to meet specific quality standards for use as a fuel in diesel engines. Its integration into the energy sector is guided by the Government of Indias broader push towards sustainable fuels under the National Biofuels Policy 2018 as well as its global climate commitments under the Paris Agreement.

The relevance of biodiesel lies not only in its ability to reduce greenhouse gas emissions but also in its capacity to enhance energy security and create a rural-centric value chain. Biodiesel production utilizes waste materials and indigenous non-edible oils, thereby addressing waste management issues, countries energy security,generation of employment, establishment of rural processing units fulfilling Atamnirbhar Bharat Mission. Moreover, its use directly offsets the consumption of fossil-based diesel, reducing the import bill and exposure to volatile global crude oil prices. Recognizing these benefits, the Government of India has laid down a comprehensive policy and regulatory frameworkto promote the biodiesel sector.

To underpin this transformation, the National Policy on Biofuels (2018, amended 2022) sets a vision of biodiesel blending targets and encourages feedstock diversification, including wasteland cultivation, UCO collection (via RUCO) and tallow residues. Under the MoPNG Biodiesel Purchase Policy, OMCs are envisioned to procure biodiesel from registered producers for Blending into diesel The robust quality check mechanism of OMCs ensures that biodiesel meets BIS 15607:2022 standards.

Robust Growth Projections and Market Outlook

As of March 2025, India reports an estimated 40-50

Crores litres of biodiesel supply with certified production capacity around 300 crores litters across the country. Despite this growth, national biodiesel blending remains modest at 0.5%, far below the 5% target by 2030, primarily due to continuously maturing National Biofuels Policy and Markets. The domestic biodiesel market, valued at approximately 35,000 Crores in 2023, is projected to grow at a 7-8% CAGR to 45000 crore by 2032..

Key Growth Drivers Shaping Market Expansion

Policy Push and Energy Security Priorities:

The foundation of biodiesel market expansion in India is strongly anchored in government-led policy initiatives. The National Policy on Biofuels (2018, amended in 2022) sets clear vision for biodiesel blending into highspeed diesel, encourages feedstock diversification and utilisation of Indigenous/local feedstocks for production. Public sector Oil Marketing Companies (OMCs) like IOCL, BPCL and HPCL are envisioned to procure biodiesel from registered producers under stringent quality guidelines, providing predictable demand visibility. These policy frameworks align closely with Indias broader goal of reducing its crude oil import dependency, which currently stands above 85% and improving long-term energy self-reliance.

Rising Demand from Transport and Industrial Segments:

Indias expanding transportation sector, increased freight movement and rising diesel consumption from commercial and industrial users are expected to be strong demand drivers for biodiesel. With post-pandemic growth in logistics, e-commerce and construction, the consumption of diesel has steadily risen, creating ample opportunity for biodiesel blending. In addition, corporate ESG mandates and sustainability targets are pushing large industrial buyers, transport operators and state-run utilities to transition toward cleaner alternatives like biodiesel, thereby expanding the potential customer base.

Feedstock Innovation and Circular Economy Momentum:

Feedstock availability and diversification are evolving into critical enablers of industry scalability. India is actively promoting the use of various types of nonedible oils and tallow, while also strengthening its RUCO (Repurpose Used Cooking Oil) initiative to tap into urban waste streams.. These developments not only reduce feedstock costs but also support a circular economy model, which transforms waste into commercially valuable fuel while addressing urban disposal challenges.

Global Alliances, Blending Targets and Future Outlook: Indias leadership in launching the Global Biofuel Alliance (GBA) and participation in initiatives like SATAT (Sustainable Alternative Towards Affordable Transportation) and CBG-CGD synchronisation scheme is bringing global visibility, technology access and potential investment into the domestic biodiesel and CBG sector. The governments target of achieving 5% biodiesel blending in diesel by 2030 offers immense headroom for growth. Current level of biodiesel blending are 0.5% only. Industry estimates project Indias biodiesel production to surpass 200 crore litres by FY 2027, supported by policy, traceability, quality enforcement and rising investor confidence. Together, these drivers form a cohesive growth ecosystem, positioning the sector for sustainable expansion in the years ahead.

Industry Challenaes and Strategic Responses

Industry Challenges	Strategic Responses
Indigenous/Local Feedstock Availability: One of the foremost challenges for the biodiesel industry in India is the limited availability of feedstock for achieving 5% blending targets. Despite the potential of non-edible oilseeds, used cooking oil (UCO) and tallow, the supply remains fragmented and unreliable. The availability of UCO is further hindered by poor segregation and informal disposal practices in urban areas. Moreover, fluctuations in global edible oil prices, especially palm oil and soybean oil, directly affect the cost of biodiesel production.	The industry is increasingly diversifying its feedstock base by exploring Indigenous alternatives such as, tallow, palm stearin and crop residues. Simultaneously, industry players are collaborating with the government on the RUCO initiative to streamline UCO collection infrastructure in major cities. Currently 350 Crore Liters of Indigenous/Local feedstock is available in India. This can be used to achieve 3.5 % blend as on date. By 2030 feedstock availability should improve substantially with the introduction of DDGS oil, Improved UCO availability and otherTBO (tree borne oils). With the increasing growing edible oils consumption of our country, nonedible oil generation would be increasing as a result contributing to the achievement of 5% blending target by 2030.
Operational Challenges, Timely QC testing and tanker decantation issues at the OMC terminals: Maintaining consistent biodiesel supply chain at the OMC terminals is a significant concern OMCs are not able to handle large volumes of biodiesel deliveries at their terminals leading to traffic jam, slow decantation and blending consequently leading to slow moving payment cycle for manufacturers.	To address the Operational challenges, quality checks and smooth decantation at the OMC level. Industry has actively engaged with OMCs to develop the infrastructure at their terminals/depots for in house testing facility and biodiesel storage tank development. To address quality assurance concerns, the industry is adopting stringent quality monitoring systemsas as per BIS15607:2022. Additionally, manufacturers are promoting the regional training and skill development programs for biodiesel technicians and lab operators to ensure uniform quality enforcement across states.
Low Blending Rates and Regulatory Uncertainty: While the government has set a visionary target of achieving 5% biodiesel blending in diesel by 2030, actual blending levels remain significantly lower. As of FY 2024-25, Indias national biodiesel blending average was only about 05%. Several issues contribute to this gap, including inconsistent procurement patterns by Oil Marketing Companies (OMCs), and lack of mandatory blending mandates, unlike ethanol where 20% blending is being enforced aggressively.	Industry stakeholders, including biodiesel associations, are actively engaging with policymakers to advocate for a minimum blending obligation (MBO) for biodiesel—similar to the ethanol blending mandate. The inclusion of biodiesel within the Global Biofuel Alliance (GBA) have been leveraged to gain momentum. Meanwhile, MOPNG direction for regularly buying and blending of biodiesel has pushed the OMCs to focus on regularity of biodiesel blending with development of internal infrastructure to support the biodiesel blending program.
Sustainability and Environmental Trade-Offs: Concerns around the sustainability of biodiesel have been rising globally. The "food vs. fuel" debate, land-use change concerns, water footprint of oilseed crops and past failures of jatropha plantations in India have made investors cautious. Additionally, biodiesels relatively higher emissions of NOx (compared to diesel) at certain blend levels raise environmental compliance challenges.	Today the Indian biodiesel industry has evolved massively and is majorly using various types of indigenous/local non edible oils as primary feedstocks for biodiesel production. These oils are majorly waste oils, which in turn have resulted in shutting the food vs fuel debate in India and led to the goal of carbon emission reduction. Various manufacturers are now registered with prestigious carbon credit issuing boards in the world like VERRA etc proving the fact that the industry has come a long way and is contributing significantly towards reduction in GHg emissions.

BUSINESS AND FINANCIAL OVERVIEW

Rajputana Biodiesel Limited (RBDL) has demonstrated significant progress in both operational capacity and financial performance during the reporting period, underpinned by its strategic initiatives, robust capital expenditure and focused market expansion plans. The Companys core business revolves around the production and supply of biodiesel and allied by-products such as crude glycerine and free fatty acids. With an agile manufacturing facility located at G24 RIICO Industrial Area, Phulera, Rajasthan, spread over 4,000 sq. meters, RBDL enjoys full operational flexibility to handle multiple feedstocks including various types non-edible oils, tallow and used cooking oil (UCO), aligning with market requirements and regulatory mandates.

Operational Performance

As part of its forward integration strategy, RBDL acquired a 75.21% stake in Nirvaanraj Energy Pvt. Ltd. (NEPL), a biodiesel manufacturing entity based in Meerut, Uttar Pradesh. NEPL currently operates at 80 KLPD (kiloliters per day) production capacity, which is expected to yield a revenue potential of ^160-175 crores annually. This unitis also integrating backward operations by pre-treating the feedstock resulting into the increase in the raw material base and portfolio.

Revenue Segmentation - Government vs. Private Sector

The Company has witnessed a significant evolution in its customer mix over recent years. In FY 2023-24, the government sector accounted for 54.10% of total revenue, while the private sector contributed 45.90%. This shift became more pronounced in FY 2024-25, with 64.40% of revenue derived from government contracts and 35.60% from private entities. This progression highlights the Companys growing presence within the public sector, driven by its empanelment as a supplier to various public sector undertakings and its strategic alignment with national biofuel procurement programs.

Geographic Revenue Diversification

RBDL has successfully broadened its customer base across India. In FY 2023-24, the highest revenue contribution came from Rajasthan (63.69%), followed by Uttar Pradesh (17.90%) and Gujarat (5.27%). In FY 2024-25, Rajasthan continued to lead with a 51.70% share, followed by Uttar Pradesh (35.62%) and Gujarat (5%). This shift reflects the integration of NEPL operations and rising government demand across the northern region.

Product-Wise Revenue Mix

Biodiesel remains the Companys flagship product, consistently contributing over 80% to total revenues over the years.

In FY 2023-24, biodiesel contributed Rs. 4,333.76 lakhs (81.07%) to the total operating revenue, followed by crude glycerine at Rs. 133.65 lakhs (2.50%) and free fatty acids at Rs. 274.88 lakhs (5.14%). The Company also generated minor revenues from esterified fatty acids, RBD palm stearin, and other value-added by-products.

In FY 2024-25, biodiesel alone contributed Rs. 5,989.98 lakhs (88.99%), followed by crude glycerine at Rs. 301.10 lakhs (4.47%) and free fatty acids at Rs. 325.01 lakhs (4.83%) to the total operating revenue.

Financial performance:

Standalone Performance

For the financial year ended March 31,2025, the Company recorded Revenue from Operations of Rs. 4,702.62 Lakhs, reflecting a slight decline from Rs. 5,376.91 Lakhs in the previous year. This reduction in revenue was primarily on account of tender cancellations by Oil Marketing Companies (OMCs), which had an adverse impact on the order inflows during the year.

Despite these external challenges, the Company reported a Profit Before Tax (PBT) of Rs. 519.95 Lakhs compared to Rs. 617.91 Lakhs in the previous year. After accounting for tax expenses of Rs. 137.19 Lakhs, the Profit After Tax (PAT) stood at Rs. 382.63 Lakhs, as against Rs. 459.81 Lakhs in FY 2023-24. The Earnings Per Share (EPS) on a standalone basis was Rs. 6.65 for FY 2024-25, compared to Rs. 9.31 in the previous year.

Consolidated Performance

On a consolidated basis, the Company achieved a robust financial performance during FY 2024-25. Revenue from Operations increased to Rs. 6,731.31 Lakhs, up from Rs. 5,345.97 Lakhs in FY 2023-24.This growth was primarily attributable to the strong operational and financial contribution from the Companys subsidiary, Nirvaanraj Energy Private Limited, which significantly scaled up its biodiesel production capabilities during the year.

The consolidated Profit Before Tax (PBT) for FY 2024-25 stood at Rs. 752.81 Lakhs, compared to Rs. 614.21 Lakhs in the previous year. After accounting for tax expense of Rs. 160.69 Lakhs, the Profit After Tax (PAT) was Rs. 592.12 Lakhs, significantly higher than Rs. 456.20 Lakhs reported in the prior year. Further, considering the Companys share of profit from its associate company, the Total Consolidated Profit for the Year amounted to Rs.591.99

Lakhs, as compared to Rs.456.17 Lakhs in FY 2023-24. The Consolidated Earnings Per Share (EPS) improved to Rs.10.29 from Rs.9.24 in the previous financial year.

Financial Summary:	(Amounts in Lakhs)
Particulars	Standalone			Consolidated
	March 31, 2025	March 31, 2024	Change (%)	March 31, 2025	March 31, 2024	Change (%)
Revenue From Operations	4702.62	5376.91	-12.54	6731.31	5345.97	25.91
Other Income	103.15	21.6	377.55	129.48	21.53	501.39
Total Income	4805.78	5398.51	-10.98	6860.79	5367.5	27.82
Total Expenses	4278.52	4762.93	-10.17	6100.69	4735.6	28.83
Profit/(Loss) before Prior period & Exceptional items and tax	527.26	635.58	-17.04	760.1	631.9	20.29
Prior Period Item	-7.09	-7.48	-5.21	-7.09	-7.48	-5.21
Profit/(Loss) before Exceptional items, extraordinary items and tax	520.17	628.09	-17.18	753.01	624.42	20.59
Exceptional items	-0.22	-10.18	-97.84	-0.2	-10.2	-98.04
Profit/(Loss) before extraordinary items and tax	519.95	617.91	-15.85	752.81	614.21	22.57
Extraordinary items	-	-	-	-	-	-
Profit Before Tax	519.95	617.91	-15.85	752.81	614.21	22.57
Tax Expenses	137.19	158.06	-13.20	160.69	158.01	1.70
Profit after Tax	382.76	459.88	-16.77	592.12	456.2	29.79
Share of Profit/(Loss) from Associate	-0.13	-0.04	225.00	-0.13	-0.04	225.00
Profit of the Year	382.63	459.81	-16.79	591.99	456.17	29.77
Earnings per share:	6.65	9.31	-28.57	10.29	9.24	11.36
Basic & Diluted

Key Financial Ratios (on Consolidated figures):

Ratios	2024-25	2023-24	Change (%)
Debtors Turnover (Days)	82.42	86.92	5.18
Inventory Turnover (Days)	127.63	94.76	-34.68
Debt Service Coverage Ratio (Times)	3.71	3.90	-4.81
Current Ratio (Times)	3.82	1.78	114.62
Debt Equity Ratio (Times)	0.44	1.86	76.25
Operating Profit Margin (%)	13.90	13.90	-
Net Profit Margin (%)	8.79	8.53	3.07
Return on average Net Worth (%)	14.47	32.08	-54.89

Note: Details of significant changes in ratios are expalained in the financial statements of the Company.

INTERNAL CONTROL SYSTEMS ANDTHEIR ADEQUACY

The Company has established a robust internal control framework designed to ensure operational efficiency, safeguard assets, ensure accuracy and completeness of accounting records and secure compliance with applicable laws and regulations. These systems are tailored to the nature, size and complexity of the companys business operations.

The internal controls are periodically reviewed and strengthened to respond effectively to evolving risks. Independent internal audits, conducted by qualified external professionals, supplement the internal control mechanisms and provide assurance on their adequacy and effectiveness. The Audit Committee of the Board maintains active oversight, engaging regularly with both statutory and internal auditors to review key audit findings and monitor implementation of corrective actions.

The management team also undertakes continuous evaluation of business processes to enhance fiscal prudence, operational efficiency and statutory compliance. This proactive approach enables the company to optimise resource utilisation, minimise operational risks and uphold the highest standards of corporate governance.

RISKS AND CONCERN

Rajputana Biodiesel Limited has a structured risk management framework in place to identify, assess and mitig ate potential business and operational risks. The Company conducts regular evaluations of both internal and external risk factors, supported by trend analysis and impact assessment. The Audit Committee and the Board periodically review key risks and recommend mitigation measures to ensure business continuity and resilience.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

At Rajputana Biodiesel Limited, employees are regarded as the cornerstone of the Companys sustained growth and success. The organisation is supported by a team of skilled, committed and performance-driven professionals whose collective efforts have been instrumental in driving operational excellence and strategic progress. At Rajputana biodiesel limited, the health and eating habits are the core of our focus. Fresh and free food services are provided for factory staff in order to maintain their well-being and top health. Tree plantation programs and other social programs are also organized for their mental wellbeing.

The Company fosters a culture of continuous learning and inclusive participation. Regular on-site training, skill development initiatives and cross-functional exposure are encouraged to enhance individual capabilities and align workforce potential with business goals. Employees are empowered to contribute ideas and take ownership, promoting a sense of belonging and shared responsibility. Industrial relations remained harmonious and collaborative at all operating units throughout the year. The Companys open communication culture, regular employee engagement programs and adherence to statutory norms helped maintain a conducive and productive work environment. No instances of labour unrest, material disciplinary actions, or compliance violations were reported during the year.

The management sincerely acknowledges the dedication and contributions of its workforce at all levels. The cordial industrial relations maintained throughout the year reflect mutual respect and a strong spirit of collaboration enabling the Company to build a resilient and agile workforce ready to meet future challenges.

INFORMATION & TECHNOLOGY

Rajputana Biodiesel Limited recognises the pivotal role of technology and process integration in enabling business efficiency, transparency and scalability. The Company continues to invest in strengthening its IT infrastructure to support operational excellence and data-driven decision making.

CAUTIONARY STATEMENT

Statements in this report on Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may be "forward looking statements" within the meaning of applicable securities laws or regulations. These statements are based on certain assumptions and expectations of future events. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include global and domestic demand supply conditions, finished goods prices, raw material cost and availability, changes in Government regulations, tax regimes, economic developments within India and other factors such as litigation and industrial relations.

The Company assumes no responsibility to publicly amend, modify or revise any forward -looking statements on the basis of any subsequent developments, information or events.