Ram Ratna Wires Ltd Management Discussions

A. ECONOMIC AND INDUSTRY OVERVIEW

GLOBAL ECONOMIC OUTLOOK

The global economy continued to demonstrate resilience in 2024, with real GDP growth reaching

3.3%, despite ongoing geopolitical uncertainties and tight financial conditions. According to the International Monetary Fund (IMF) World Economic Outlook (April 2025), global growth moderates to 2.8% in 2025, before rising again to 3.0% in 2026.

Advanced economies show a slower growth trajectory, easing from 1.8% in 2024 to 1.4% in 2025, followed by a marginal improvement to 1.5% in 2026. In contrast, emerging market and developing economies will continue to drive global expansion, although at a moderate pace at 4.3% in 2024, 3.7% in 2025 and 3.9% in 2026. Inflationary pressures are gradually easing. Global headline inflation declines from 5.9% in 2024 to 4.5% in 2025, reflecting the lagged effects of monetary tightening, reduced energy costs and improving supply chains. Central banks maintain a strong focus on achieving price stability while supporting a sustainable recovery.

INDIAN ECONOMIC OUTLOOK

India continues to stand out among major global economies, supported by resilient fundamentals and transformative policy reforms. For FY 2024 25, Indias real GDP growth reached 6.5%, exceeding initial projections. This strong performance was driven by robust domestic demand, accelerated infrastructure investment and momentum in manufacturing and services. While the IMF had earlier forecasted 6.3%, it later revised this to 6.5%, aligning with the National Statistical Offices estimates. India is firmly on track to become the worlds third-largest economy by

2027, supported by initiatives such as the Production Linked Incentive

(PLI) schemes, the National Green

Hydrogen Mission and the PM

Gati Shakti National Master Plan.

These transformative initiatives are significantly expanding Indias industrial base—particularly in sectors like electrical equipment, wire and cable manufacturing and renewable energy infrastructure. Looking ahead, the Economic Survey 2024 25 expects Indias growth in FY 2025 26 to be in the range of 6.3% to 6.8%, with a baseline estimate of 6.5%, reflecting continued capital investment, policy support and macroeconomic stability.

INDUSTRY STRUCTURE AND GROWTH DRIVERS

M/s. Ram Ratna Wires Limited (RRWL) has continued to strengthen its position as a pivotal player in

South Asias winding wire industry.

The Company serves a diverse customer base across automotive, defence and aerospace, electrical and electronics, household appliances, healthcare, lighting, telecommunications and critical infrastructure sectors. By delivering high-quality, comprehensive winding solutions tailored to original equipment manufacturers (OEMs), RRWL has built trusted relationships and a reputation for reliability. Its deep technical expertise, supported by decades of process innovation, allows the Company to meet complex customer specifications and adapt to evolving global standards.

B. PRODUCT SEGMENTS AND MANUFACTURING CAPABILITIES

With nearly three decades of manufacturing expertise, Ram Ratna Wires Limited is firmly positioned as one of Indias leading producer of super-enameled copper winding wires, supported by one of the widest product portfolios in the sector. The Companys offerings are built on a foundation of advanced technology, consistent quality and continuous innovation to address the needs of diverse, high-growth markets.

B.1. CORE PRODUCT SEGMENTS

B.2. DIVERSE APPLICATIONS

Ram Ratnas solutions cater to mission-critical industries and applications including:

C. STRATEGIC CAPACITY EXPANSION

A landmark achievement in the first quarter of FY 2025-26 was the commissioning of the manufacturing facility at Bhiwadi, Rajasthan. Designed with a capacity of 24,000 MTPA, this facility marks a major milestone in

RRWLs planned strategic expansion over the next three years. The Bhiwadi plant will enhance RRWLs ability to serve North India and key export markets, while benefiting from advanced automation, energy-efficient systems and logistical advantages. With this expansion, the Company significantly increases its installed capacity for copper tubes, ensuring scale readiness for emerging opportunities.

Alongside, capital investment is underway at the Companys existing manufacturing unit in Dadra & Nagar Haveli and Daman & Diu. The project is progressing as planned and is targeted for completion by FY 26. This expansion is focused on enriching RRWLs portfolio of higher-margin, value-added products such as fine ultra-fine enameled wires, Litz wires, MCB coils, copper braids, bunched wires and specialized wires and strips.

These product innovations will support growth in key applications including switchgears, electric vehicles, renewable energy, charging systems, electronics and micro motors.

D. MANUFACTURING INFRASTRUCTURE

Ram Ratna Wires Limited runs and manages state-of-the-art, fully integrated manufacturing facilities located in Dadra & Nagar Haveli and Daman & Diu, with an installed capacity of approximately 41,400 MTPA for copper and aluminium winding wires. These plants consistently operate at high utilization levels (85 90%), driven by advanced process automation, lean production practices and stringent quality control systems.

Supporting this manufacturing strength is a robust

Pan-India distribution footprint. With a dominant share of business (70 75%) coming from large OEMs, RRWL continues to build enduring industry partnerships—anchoring its position as a high-performance, customer-aligned leader in the electrical infrastructure and energy solutions sector.

E. SUBSIDIARIES AND STRATEGIC

INVESTMENTS

E.1 Global Copper Private Limited (GCPL) – Erstwhile Subsidiary Company

In May 2025, the Honble National Company Law Tribunal, Mumbai Bench, approved the Scheme of

Amalgamation of Global Copper Private Limited

("Transferor Company" / "GCPL") with and into Ram Ratna Wires Limited ("Transferee Company" / "the Company"). The appointed date of the Scheme is April 1, 2024 and with this approval, GCPL has been merged into the Company. Founded in 2010,

GCPL has built a leadership position in copper tube manufacturing, supplying to leading global brands like Daikin, Johnson Control Hitachi, LG, Panasonic, etc. Its equipped with advanced Cast & Roll technology, 100% online Eddy Current Testing systems and exclusive Level Wound Coil (LWC) copper tube manufacturing make GCPL a technology leader.

Global Copper Tubes Market Overview (FY 2024 25 to FY 2029 30)

The global copper tubes market is projected to grow at a CAGR of approximately 6% through FY 2030, reaching over USD 70 billion by 2032 from USD 40 billion in 2023.

This expansion is supported by:

Rising demand in HVAC, refrigeration, and industrial plumbing, Medical pipe system (MGPS)

Growth in renewable energy systems (solar thermal, heat pumps, geothermal)

Rapid adoption in electric vehicle cooling systems

Increasing global investment in energy-efficient infrastructure and sustainable technologies

Coppers natural advantages: excellent thermal/ electrical conductivity, antimicrobial properties, recyclability

Indian Copper Tubes Market Overview (FY 2024 25 to FY 2029 30)

Indias copper tube market is forecast to grow at a robust

CAGR of 16 17% over the next five years, with expansion driven by:

Rapid urbanization and smart city infrastructure

High adoption of energy-efficient cooling and heating systems

Growth in air conditioning, ceiling fan, and refrigeration markets

Increasing demand from emerging applications like electrical two-wheelers and solar thermal systems

Government initiatives under "Make in India" and

"Aatmanirbhar Bharat"

Countervailing duties on imports to boost domestic production. With roughly 70% of copper tubes scope currently being imported, there is significant for import substitution, supported by growing infrastructure investments and a push for local manufacturing capacity.

About Global Copper Private Limited (GCPL)

GCPLisoneoftheIndianmanufacturertodeployadvanced

Cast & Roll technology, supported by a fully integrated and automated facility equipped with 100% online Eddy Current Testing systems to ensure superior quality and reliability. The company is also Indias producer of Level

Wound Coil (LWC) copper tubes, serving a wide range of applications including air conditioners, refrigeration, plumbing, solar thermal systems and Medical Pipe System (MGPS).

GCPLs strategically located distribution network spans over Pan-India, reinforcing its market presence and customer reach. The company is deeply aligned with the national "Make in India" initiative, contributing to import substitution in a market where nearly 70% of copper tube demand is currently met through imports. Its ongoing capacity expansion from 7,200 MTPA to 12,000 MTPA by FY 2026 positions it to address robust domestic demand, capitalise on policy tailwinds like countervailing duties on imports and support Indias vision of localised, high-quality manufacturing.

Key Applications of GCPL products:

Air conditioners

HVAC

VRV/VRF System

Plumbing

Refrigeration

Solar thermal systems

Medical Pipe system (MGPS)

Key Strategic Benefits:

Capacity scale-up to 24,000 MTPA at RRWLs Bhiwadi facility, with an additional 12,000 MTPA capacity through GCPL as per expansion in progress, taking the total to 36,000 MTPA by FY 2026

Technology leadership with Cast & Roll copper tube line

Full automation and superior product quality

Enhanced customer relationships

Robust import substitution opportunities

Strong distribution synergy

Diversification into Medical Equipment energy

Export potential in Asia, Middle East, US and Europe

Contribution to national "Make in India" goals

E.2 Epavo Electricals Private Limited – Joint Venture Company Global Market Overview (FY 2024 25 to FY 2029 30) The global Brushless DC (BLDC) motor market is poised for robust growth, valued at approximately USD 20 24 billion in 2024 and expected to reach USD 30 45 billion by 2030, reflecting a CAGR of around 6 8%. This expansion is supported by:

Surging HVAC and refrigeration demand worldwide

Industrial automation and robotics

Increasingly strict energy-efficiency regulations

Sustainability programs and decarbonization initiatives Asia-Pacific remains the largest and fastest-growing market, driven by infrastructure growth and electrification trends.

Indian Market Overview (FY 2024 25 to FY 2029 30)

Indias electric motor market is estimated at

USD 3.8 billion (2024) and projected to expand at a CAGR of 9 17%, reaching USD 4 8.7 billion by 2030 33.

Drivers include:

Energy-efficiency policies (BEE star labelling, ECBC codes)

Rapid electrification and modernization of HVAC and refrigeration infrastructure

Governments "Make in India" and "Aatmanirbhar

Bharat" campaigns

Supportive schemes such as PLI for local manufacturing within ceiling fans, the shift in BEE ratings from 5-star to 1-star has catalyzed demand for high-efficiency BLDC ceiling fan motors. In addition, Permanent Magnet Synchronous Motors (PMSM) for HVAC and

HVLS applications are seeing strong interest as industries seek to reduce power consumption and operating costs.

Alongside, Ram Ratna Wires Limited continues to strengthen its energy-efficient product offerings through its investment in Epavo Electricals Private Limited ("Epavo"), a forward-looking joint venture in the field of BLDC and high-efficiency motors. Epavo was incorporated in year 2020 and currently continuing as a 50:50 joint venture between the Company and EPACK Durable Limited. Epavo is Indias youngest manufacturing company specializing in

BLDC motors for global markets. The promoters bring together over three decades of expertise across electrical and appliance products such as, enamelled wires, air conditioners, etc, with deep technical knowhow in customized development and manufacturing.

Product Portfolio Includes:

BLDC motors for air conditioners IDU & ODU (15 45 W)

BLDC ceiling fan motors (27 28 W versus 75 85 W traditional)

PMSM motors for industrial HVAC and HVLS fans

Motors for Air coolers, plumbing, generators and ventilation

Strategic Advantages of the JV:

Reducing import dependence on motors

Government incentives under PLI

Technology leadership

Alignment with energy efficiency standards and sustainability goals

Export potential into Asia-Pacific and MENA

Synergies with Ram Ratnas distribution network

E.3 Tefabo Product Private Limited Subsidiary

Company

Global Market Overview (FY 2024 25 to FY 2029 30)

Globally, the wind turbine tower market was valued at approximately USD 29.9 billion in 2024 and is projected to grow to USD 47.8 billion by 2030, representing a CAGR of about 8.1%. This growth is driven by the global commitment to decarbonisation, rising investments in grid infrastructure and supportive policies encouraging renewable energy adoption. Asia-Pacific remains the largest and fastest-growing region, accounting for more than 40% of installations, as governments push for energy transition and energy security. Trends such as modular towers and hybrid structures are also fueling opportunities for advanced fabrication players with proven execution capabilities

Indian Market Overview (FY 2024 25 to FY 2029 30)

Indias wind turbine and tower market is set to expand significantly, with revenues projected to increase from USD 1.37 billion in 2024 to approximately USD 2.24 billion by 2030, reflecting an 8.5% CAGR.

The country plans to ramp up installed wind energy capacity from about 58 GW in 2025 to 150 GW by 2030, aligned with its renewable energy targets and net-zero ambitions. As the fourth-largest global wind market, India continues to attract significant investments from domestic and international players. Demand for high-quality tower internals, precision platforms and mini turbine structures will grow rapidly, creating opportunities for companies like Tefabo Product Pvt. Ltd. ("Tefabo") that are focused on quality and localisation.

Ram Ratna Wires Limited, as part of its strategy to build a sustainable and future-oriented business portfolio, acquired a 60% stake in Tefabo Product Pvt. Ltd. in year 2024, with an additional 4% stake already approved by its Board. Founded in 2018,

Tefabo is a specialized renewable-energy contract manufacturer focusing on precision and structural fabrication, particularly in the wind sector. Its product range includes tower internals, section platforms, staircases, metal enclosures, industrial tanks and welded sub-assemblies, serving almost all major wind turbine OEMs in India. Tefabo operates from a modern 55,000 sq. ft. facility in Bengaluru with a current tower capacity of around 40 units per month and is expanding to a new site in Vadodara, aiming reflect to reach a combined capacity of 70 80 towers per month by FY 26. Additionally, Tefabo is preparing to launch manufacturing of mini wind turbines under a

European technology transfer agreement, supporting Indias decentralised energy drive.

Strategic Benefits of the Acquisition:

Expanding capacity for 70 80 towers per month by FY 26

Strong contracts with Siemens and GRI

Product diversification into precision structural fabrication

Geographic diversification (Bengaluru +Vadodara)

Entry into mini-wind turbine segment

Support to Indias renewable energy transition

Future export opportunities in ASEAN and MENA regions

F. CUSTOMER BREAKTHROUGHS AND MARKET DEVELOPMENTS

RRWL delivered strong customer wins and market breakthroughs during the year, including:

Domestic Customers:

Nidec EV, Valeo India, Hyoseong India, IFB Automotive, Aisin Automotive

Techtronic Engineers, AQ Inductive Components,

Lamco Transformers

Nidec and Cummins (railway alternators & gensets)

Alpha (wireless chargers)

Delta Electronics, Syrma (5G and 5.5G tower markets)

Exports:

Schneider Electric, North America

CV Beka, Indonesia

G. QUALITY MANAGEMENT SYSTEMS AND GLOBAL CERTIFICATIONS

RRWL continues to uphold internationally recognized quality, environmental and safety standards across its operations. The company is certified underISO 9001:2015 (Quality), ISO 14001:2015 (Environment),

ISO 45001:2018 (Health & Safety) and IATF 16949:2016 (Automotive Quality). These certifications commitment to process excellence, sustainability, employee well-being and customer satisfaction.

In FY 2024 25, RRWL not only retained its compliance with these standards but also received excellent audit ratings from several global and domestic industrial clients. These high rankings, published on various sourcing platforms, have significantly strengthened

RRWLs reputation and contributed to the onboarding of multiple new multinational customers. Looking ahead, the company is investing in digital quality control systems monitoring tools to further enhance operational transparency and defect prevention.

H. PRODUCT AND PROCESS INNOVATIONS AND R&D

Ram Ratna Wires Limited continues to drive product innovation, process improvement and research and development initiatives to strengthen its market leadership and respond proactively to evolving industry requirements.

Ongoing developments:

Capacity Enhancement: Expansion of Braid Bunch Litzwire Compact Braids capacity to 100 tons per month

New Product Development: Advanced thin bondable Litz wires and bondable flat wires project for Salcomp

OEM Partnerships: Expanded MCB coil manufacturing capacity to supply brands including

Schneider, L&T, Siemens, Legrand, Havells, Polycab and V Guard

Solar Segment: Introduction of copper Tripozal strips to serve the growing solar inverter market

Process Innovation: Development of silver and tin plating capabilities for bunch and braids to meet advanced application needs

Research & Development: o Focused on next-generation fine and ultra-fine winding wires o Design enhancements for high-efficiency electric vehicle motor components o Ongoing research on advanced copper alloys for improved conductivity and heat resistance o Collaboration with technology partners for next-generation motor technologies (BLDC and PMSM) o Sustainability-focused R&D to reduce energy consumption and enhance recyclability of copper-based products.

I. SWOT ANALYSIS:

Strengths

Established technical expertise: Nearly three decades of experience in copper winding wires and allied products provides a strong foundation for driving advanced research and product innovation.

Robust OEM relationships: Close collaborations with large OEMs (e.g., Schneider, L&T, Siemens etc) enable co-development and rapid adoption of new product solutions.

Integrated facilities: In-house advanced manufacturing capabilities (e.g., 100% online Eddy Current Testing, Cast & Roll technology) support experimentation and small-batch prototyping without dependence on external vendors.

Recognition & credibility: Industry awards and customer endorsements strengthen the Companys reputation for innovation, facilitating trust in its R&D capabilities.

Weaknesses

Capital intensity: R&D investments, especially in emerging technologies like advanced copper alloys or next-generation motor designs, require sustained funding and long gestation periods before commercial benefits materialize.

Resource balancing: Prioritizing innovation while ensuring consistent core product quality and capacity utilization could strain operational resources.

Dependency on external technology collaborations:

Some next-gen motor and alloy projects rely on co-development with global technology partners, which may involve intellectual property or licensing risks.

Opportunities

Growth in EV and renewable segments: Rising domestic demand for high-efficiency electric vehicle motors, solar inverters and green energy systems offers strong pull for innovative copper-based solutions.

Energy efficiency mandates: Regulatory tightening around BEE star ratings and other efficiency norms will drive demand for advanced winding wires, Litz wires and ultra-fine wires.

PLI scheme support: Government incentives for localized, high-tech manufacturing under the

Production Linked Incentive scheme create a favourable backdrop for investing in R&D.

Export opportunities: Innovations in high-frequency Litz wires, copper strips for renewable infrastructure and advanced motor technologies have significant regional export potential across Asia-Pacific and the Middle East.

Threats

Rapid technological change: The pace of innovation in winding technologies, smart motors and composite alternatives could challenge the Company if R&D fails to keep pace.

Raw material volatility: Fluctuating copper prices impact production costs and pricing, affecting the market viability of new products.

Competitive intensity: Both global and regional players are investing aggressively in high-tech copper products, which may lead to margin pressures on advanced product lines.

Policy uncertainties: Shifts in government incentives or trade duties may alter the attractiveness of certain

R&D projects or delay commercialization timelines.

J. PERFORMANCE REVIEW (FY 2024 25)

Standalone Basis

For the financial year 2024 25, Ram Ratna Wires Limited delivered robust financial performance with revenue from operations (including other income) rising to 3,623 crores, up from 2,959 crores in the previous year, representing a healthy growth of 22.42%. Earnings Before Interest, Depreciation, Tax and Amortisation (EBIDTA) stood at 151 crores, marking a 24.78% increase over the previous year. Profit Before by 20.50% to 98 crores compared to 81 crores in FY 2023 24. ProfitAfter Tax (PAT) rose to 72 crores from 60 crores in the prior year, reflecting a growth of 19.61%.

Consolidated Basis

On a consolidated level, revenue from operations (including other income) increased to 3,677 crores in FY 2024 25 from 2,983 crores in FY 2023 24, delivering year-on-year growth of 23.24%. Profit Tax on a consolidated basis stood at 70 crores from 55 crores in the prior year, reflecting strong profitability in line with expanded operations and strategic initiatives undertaken across the group.

K. KEY FINANCIAL RATIOS

	Standalone
Ratios	FY 2024-25	FY 2023-24
Debtors Turnover Ratio	10.52	8.97
Inventory Turnover Ratio	16.19	14.80
Interest Coverage Ratio	2.78	3.04
Current Ratio	1.18	1.64
Debt Equity Ratio	0.57	0.49
OperatingProfit	4.13%	4.04%
NetProfit	1.98%	2.03%
Return on Net Worth	21.36%	21.86%
(RONW)

Explanation for variance in ratios by more than 25%:

Current Ratio have reduced by more than 25% due to an increase in Trade payable and further other current financial liabilities on account of substantial capital expenditure incurred during the year for the Companys new manufacturing facility at Bhiwadi, Rajasthan.

L. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

RRWL maintains a robust internal control framework that underscores its commitment to transparency, regulatory compliance and operational excellence. The Companys internal financial controls are thoughtfully designed to align with its scale, operational complexity and business nature, providing a strong foundation for Tax (PBT) sound governance and risk management. These controls increased are continually monitored, assessed and refined to meet evolving business requirements, regulatory changes and stakeholder expectations.

Key Features of RRWLs Internal Control Systems

1. Comprehensive Monitoring

The internal financial control mechanisms undergo periodic reviews by the management to ensure their effectiveness and relevance. This systematic monitoring allows the Company to proactively respond to shifting business dynamics and maintain high standards of control integrity.

2. Audit Oversight

Both internal and statutory auditors perform rigorous evaluations of the internal control framework.

These independent assessments strengthen governance processes and highlight opportunities for improvement, ensuring that risk management practices remain resilient and up to date.

3. Audit Committee Review

Audit findings, action plans and management responses are presented to the Audit Committee on a regular basis. This collaborative oversight fosters timely implementationemphasis on strengtheningof corrective measures, reinforcing the overall accountability and transparency of the Companys operations.

4. Adaptability and Compliance

RRWLs internal controls are inherently adaptable, ensuring they can effectively accommodate changes in laws, regulations and industry standards. This proactive adaptability helps the Company mitigate compliance-related risks while maintaining alignment with best practices.

5. Continuous Improvement

The Company promotes a culture of continuous improvement in its internal control systems. Insights from audits, management evaluations and regulatory feedback are systematically incorporated to enhance processes, drive operational efficiencies and minimize risks.

Through these measures, RRWL ensures that its internal control framework remains robust, responsive and future-ready, enabling sustained business performance and stakeholder confidence.

M. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS

At RRWL, we firmly believe that our employees are the driving force behind our continued success. Our strategic approach to human resource development is built on empowering our team, fostering a culture of innovation, collaboration and operational excellence. During the year under review there were no material developments in

Human Resources / Industrial Relations front.

Training and Development our We place significant employees skills to help them adapt to an evolving industry landscape. Our training initiatives are directly aligned with business objectives, ensuring our people are well-prepared for emerging challenges and opportunities.

Skill Enhancement: RRWL provides a continuous learning environment, enabling employees to develop new skills and advance their competencies.

Competence Building: Tailored training programs help build domain expertise and operational proficiency, empowering employees to drive innovation and efficiency.

Employee Well-being

We are deeply committed to safeguarding the well-being and safety of our workforce, creating an environment where employees can thrive and perform at their best.

Safe Working Conditions: We invest in modern infrastructure and enforce strict safety protocols to ensure a secure and healthy work environment.

Industrial Relations: RRWL is dedicated to nurturing harmonious industrial relations, maintaining constructive and cordial relationships at all levels of the organization.

OUR TEAM

As of March 31, 2025, RRWL employed 1025 permanent employees. We take pride in being a significant within our industry and remain committed to providing meaningful career growth and professional development opportunities to our team members.

By investing in our employees and maintaining a supportive, empowering workplace, we aim to drive sustained business performance while delivering positive outcomes for all our portfolio and stakeholders.

CONCLUSION

RRWL has reinforced its leadership in the winding wire industry during FY 2024 25, while also evolving into a multidimensional platform for electrical, electronic and energy-efficient solutions. The commissioning of its advanced Bhiwadi facility, coupled with strategic corporate actions including the merger of Global Copper Private Limited and acquisition of Tefabo Product Private Limited has expanded

RRWLs manufacturing footprint and positioned it for long-term sectoral relevance.

RRWL now offers a broad spectrum of high-performance products including enameled copper and aluminium wires, submersible winding wires, braided, bonded, corona and Litz wires, along with enameled and paper-covered strips. Its capability extends into bunched and compacted flexible copper conductors, tape-insulated strips and copper tubes for HVAC and industrial applications. The acquisition of Tefabo Product Private Limited, a leading contract manufacturer of tower internals for wind turbines, marks RRWLs strategic foray into the renewable energy sector. With established operations in Bangalore and an upcoming expansion in

Vadodara, this move aligns with RRWLs commitment to sustainable innovation and its broader strategy to contribute to Indias clean energy transition. Through its joint venture Company, Epavo Electricals Private Limited, the Company is also foraying into BLDC motors and HVLS fans, supporting Indias growing energy-efficiency agenda.

Further, RRWL has advanced into forward-integrated offerings such as MCB coils, parallel winding wires and specialty Litz wires with or without servings—enhancing its value proposition across power electronics, automation and precision manufacturing applications.

Backed by a strong OEM base, a Pan-India distribution network, a skilled workforce and a future-ready mindset,

RRWL is well positioned to leverage the growing opportunities in electrification, smart infrastructure and sustainable industrial development. Its diversified investments will continue to drive stakeholder value and support Indias broader economic and energy transformation.

CAUTIONARY STATEMENT

Certain statements in this Report describing the Companys objectives, projections, estimates, expectations or predictions may be "forward looking statements" within the meaning of applicable Securities Laws and Regulations. Actual results could differ from those expressed or implied. Important factors that could make a difference to the Companys operations include global and Indian demand supply conditions, finished goods prices, availability and prices of raw materials, power, interest rates, changes in Government regulations, tax regimes, economic developments within India and the countries in which the Company conducts business and other ancillary factors. Your Company is not obliged to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events or otherwise.

For and on behalf of the Board of Directors of

Ram Ratna Wires Limited

Tribhuvanprasad Rameshwarlal Kabra

Chairman

DIN: 00091375

Place: Vadodara

Date: June 23, 2025