Indian Economy
The Indian economy in 2025-26 demonstrated steady strength against a global backdrop of trade uncertainty and market swings. According to the provisional estimates by the Ministry of Statistics & Programme Implementation (MoSPI) the real GDP grew by 7.7% and Gross Value Added (GVA) by 7.9%. Strong demand for digital devices, enterprise technology solutions, and consumer electronics continued to support market momentum, while improving business confidence and steady demand across key sectors aided technology adoption and distribution volumes.
| Year | GDP Growth Rate |
| FY 2022-23 | 7.6% |
| FY 2023-24 | 7.2% |
| FY 2024-25 | 7.1% |
| FY 2025-26 (SAE) | 7.7% |
| FY 2026-27 (P) | 6.8-7.2% |
SAE = Second Advance Estimate; FRE = First Revised Estimate; P =
Projections
(Source: PIB [PE])
India continues to remain one of the worlds fastest-growing major economies, supported by resilient domestic demand, strong investment activity, and ongoing structural reforms. Latest estimates in the World Economic Outlook (WEO) released by the International Monetary Fund (IMF) indicate that India has slipped from the 4th-largest to the 6th-largest economy in the world, with an estimated nominal GDP of about $3.92 trillion in 2025. The country is expected to maintain its strong growth momentum and may improve its global ranking over the medium term as economic expansion continues.
(Source: Worldometer-IMF, Indian Express)
Private consumption remains a primary driver, aided by lower inflation and higher real incomes. Investments increased with public capital expenditure of 12.2 Lakh Cr. (as per the Union Budget 2026-27), which enhanced infrastructure and spurred activity in manufacturing, construction, and energy. Government initiatives like Viksit Bharat 2047 promote self-reliance and capacity building despite external pressures.
Geopolitical tensions in West Asia continued to pose risks to the global economic outlook during the year. Any sustained disruption to energy markets or global trade routes could result in higher crude oil prices, increased freight costs and renewed inflationary pressures. For India, such developments may contribute to exchange rate volatility, elevate input costs and affect business sentiment across sectors. Prolonged uncertainty could also influence borrowing costs, credit demand and repayment capacity, particularly among MSMEs and other economically sensitive borrower segments, thereby creating challenges for the broader financial services ecosystem.
Average headline Consumer Price Index (CPI) Inflation (retail inflation) reached a historic low level during FY 2025-26. This price stability has been a key driver in strengthening domestic purchasing power. Moving forward, due to the global distress, the MoSPI finalized the inflation rate at 3.4% (as of March 2026). This stability is supported by fiscal discipline and steady growth in bank credit. Furthermore, the banking sector remains resilient with strong capital reserves and low levels of bad loans.
Indias foreign exchange reserves remained robust at approximately US$681 billion at the end of May, 2026. However, they moderated from earlier-year peaks amid foreign exchange market interventions and volatility in global energy markets. Separately, India continued to strengthen its position among the worlds largest economies, supported by sustained domestic economic growth and expanding economic activity.
(Source: PIB, PIB-Inflation, Economic Times)
Outlook
The outlook for the Indian economy remains positive and stable. For the upcoming FY 2026-27, real GDP is expected to grow between 6.8% and 7.2%. This demonstrates Indias ability to maintain strong momentum even during times of global uncertainty.
This growth will likely be driven by continued government spending on infrastructure, a steady increase in private sector investment, and a strengthening manufacturing base. Additionally, the services sector is expected to maintain its consistent expansion. Supported by a stable economy and steady policies, India is well-prepared to manage global challenges while ensuring that economic progress remains inclusive and sustainable over the long term.
The Indian education sector is expected to benefit from continued policy support, increasing public and private investment in learning infrastructure and the ongoing implementation of education reforms. Government initiatives focused on improving access to quality education, strengthening foundational learning and enhancing digital learning capabilities are expected to support long-term growth across the education ecosystem. Rising student enrolments, increasing demand for curriculum-aligned learning content and growing adoption of technology-enabled education solutions are likely to create sustained opportunities for providers of educational content, learning resources and academic services.
(Source: PIB)
Industry Overview
Indian Education Sector
The Indian school education system is among the largest in the world, comprising nearly 14.67 Lakh schools, employing approximately 10 million teachers and serving around 247 million students across foundational to secondary levels. The sector caters to students from diverse socio-economic backgrounds and continues to play a critical role in supporting human capital development while preserving the countrys cultural and regional diversity.
Key Statistics:
| Metric | Value |
| Total number of Schools in 2025-26 | 14,66,682 |
| Total Number of Enrolments in 2025-26 | 24,72,19,766 |
| Total Number of Teachers in 2025-26 | 1,02,73,020 |
| Pupil Teacher Ratio in 2025-26 | 24 |
The Indian education ecosystem is undergoing significant structural transformation, supported by increasing digitization, data-driven governance and policy reforms. In recent years, there has been a growing emphasis on improving educational access, monitoring learning outcomes and strengthening institutional efficiency through the use of technology-enabled platforms and integrated information systems.
A key development in this direction has been the implementation of the Unified District Information System for Education Plus (UDISE+), which has emerged as a comprehensive national database for school education. The platform facilitates online school-level data collection supported by multiple validation mechanisms, enabling timely, reliable and standardized information across states and union territories. The strengthening of educational databases is supporting evidence-based policymaking and improving the effectiveness of educational interventions.
The National Education Policy (NEP) 2020 has further accelerated the transformation of the school education ecosystem by placing greater emphasis on universal participation, student tracking and improved learning outcomes. The policy framework envisages continuous monitoring of enrolment and attendance patterns while facilitating the reintegration of students who may have fallen behind or dropped out of the formal education system.
The introduction of individual student-level data collection under UDISE+ has further strengthened the education ecosystem by enabling the creation of unique educational identities for students and teachers. This has improved the ability of governments and institutions to monitor attendance, learning outcomes and educational progression at various levels, while also supporting more efficient implementation of welfare programs and targeted educational interventions.
The increasing use of student-level information systems is also expected to enhance governance standards by enabling better identification of beneficiaries under schemes such as Samagra Shiksha, PM POSHAN and the National Scholarship Scheme, thereby improving expenditure efficiency and reducing duplication within the system.
National Education Policy (NEP)
The National Education Policy (NEP) 2020 introduced a new curricular and pedagogical structure of school education based on the developmental needs of children, replacing the earlier 10+2 academic framework with a 5+3+3+4 structure.
The revised framework comprises:
Foundational Stage (5 years):
Covers three years of preprimary education and Classes I and II for children aged approximately 3 to 8 years, with emphasis on play-based, activity-based and discovery-oriented learning.Preparatory Stage (3 years):
Covers Classes III to V for children aged approximately 8 to 11 years and focuses on building foundational literacy, numeracy and experiential learning.Middle Stage (3 years):
Covers Classes VI to VIII for children aged approximately 11 to 14 years, introducing subject-based learning, critical thinking and experiential pedagogy.Secondary Stage (4 years):
Covers Classes IX to XII for students aged approximately 14 to 18 years, with greater flexibility in subject choices, multidisciplinary learning and skill development.The 5+3+3+4 structure seeks to align the education system with the cognitive and developmental stages of children, while promoting holistic, flexible and competency-based learning outcomes across all levels of school education.
The Indian school education sector is also witnessing a significant pedagogical transition with the adoption of the National Education Policys 5+3+3+4 curricular and pedagogical framework. The reclassification of the education structure into foundational, preparatory, middle and secondary stages represents an important step towards aligning educational delivery with age-appropriate learning requirements and improving long-term educational outcomes.
[Pie chart: Percentage Distribution of Students by Pedagogical Structure - Overall]
| Stage | Percentage |
| Foundational | 22% |
| Preparatory | 25% |
| Middle | 26% |
| Secondary | 27% |
Going forward, continued policy support, increasing adoption of technology, greater emphasis on learning outcomes and enhanced educational governance mechanisms are expected to strengthen the Indian school education ecosystem and support the countrys long-term objective of achieving universal, inclusive and high-quality education.
The availability of an appropriate mix of educational institutions across various stages of schooling remains an important determinant of educational access and continuity. Although a significant number of Foundational and Preparatory schools have been established in recent years, the corresponding expansion in secondary education infrastructure has not been uniform across regions. Such imbalances in school availability may increase the risk of student attrition at higher grades and highlight the need for a more balanced educational ecosystem.
The distribution of schools across states also reflects considerable regional variations. For instance, Foundational and Preparatory schools account for approximately 78.9% of total schools in West Bengal, while Secondary schools constitute only 11.7%. In contrast, Chandigarh exhibits a different institutional profile, with Secondary schools accounting for 83.7% of total schools and Foundational and Preparatory schools representing 5.3%. These variations underline the importance of aligning educational infrastructure with evolving demographic and educational requirements to ensure seamless progression across all stages of learning.
[Bar chart: Distribution of Students by Pedagogical Structure (%) across States/UTs]
Teachers continue to play a central role in shaping educational outcomes and ensuring effective implementation of the school education framework. The deployment of teachers across various pedagogical stages and management categories remains an important determinant of educational quality, accessibility and learning continuity.
The distribution of teachers across foundational, preparatory, middle and secondary stages highlights the need for appropriate teacher availability at each level of schooling in line with evolving educational requirements under the National Education Policy (NEP) 2020 framework. Similarly, the distribution of teachers across different management categories reflects the significant role played by both government and non-government institutions in supporting Indias large and diverse school education ecosystem.
[Pie chart: Percentage Distribution of Teachers by Classes Taught - Overall]
| Category | Percentage |
| Foundational | 2% |
| Foundational + Preparatory | 39% |
| Foundational + Preparatory + Middle | 12% |
| Middle | 16% |
| Middle and Secondary | 8% |
| Secondary | 23% |
[Pie chart: Percentage Distribution of Teachers by Management - Overall]
| Management | Percentage |
| Government | 50% |
| Government Aided | 7.4% |
| Private | 40.0% |
| Other | 2.6% |
Gross Enrolment Ratio (GER) and Dropout Rate
Improving educational access and achieving universal participation remain key priorities under the National Education Policy (NEP) 2020. The policy envisages achieving a Gross Enrollment Ratio (GER) of 100% across all stages of school education up to the secondary level by 2030, reflecting the Governments commitment towards ensuring inclusive and equitable education for all children.
Gross Enrollment Ratio (GER) serves as an important indicator for assessing participation in the education system by comparing enrolment at a particular educational stage with the corresponding age-appropriate population. Given the structural nature of educational transitions, movements in GER are generally assessed over a longer period rather than on a year-to-year basis.
The continued monitoring of GER across various educational stages and regions is expected to support evidence-based policy interventions aimed at improving enrolment, reducing educational disparities and strengthening student retention across the school ecosystem. It may also be noted that GER levels exceeding 100% may reflect the presence of over-age or under-age students, migration patterns and other demographic factors influencing enrolment trends.
Indian Publishing and Book Market
India represents one of the worlds largest publishing markets, supported by a large student population, expanding literacy levels and sustained demand for educational, academic and professional learning resources. The publishing industry plays a critical role in supporting the countrys education ecosystem by providing curriculum-aligned content, textbooks, supplementary learning materials, reference publications and digital educational resources across school, higher education and competitive examination segments.
As per Imarc Group, the Indian book market was valued at $5.13 billion in 2025 and is projected to reach $7.31 billion by 2034, exhibiting a CAGR of 4.0% during 2026-2034. The market continues to benefit from rising educational attainment, growing enrolments across educational institutions and increasing demand for quality learning content across age groups.
India Book Market Forecast
Size, By Type, 2025-2034 (US$ million)
Market CAGR (2026-2034): 4.00%
| Year | Market Size (US$ Mn) |
| 2025 | 5,132.83 |
| 2026 | — |
| 2027 | — |
| 2028 | — |
| 2029 | — |
| 2030 | — |
| 2031 | — |
| 2032 | — |
| 2033 | — |
| 2034 | — |
[Bar chart showing segmented growth across Educational, Science, Historical, Mystery, Fantasy, Literary, Contemporary/Realistic, Romance, Comic, Others]
Educational books constituted the largest segment of the Indian book market, accounting for 34.8% of the market in 2025. The segment is supported by sustained demand from schools, colleges, universities and competitive examination aspirants, reinforcing the importance of educational publishing within the broader publishing ecosystem.
The publishing sector continues to evolve alongside developments in Indias education landscape. Reforms under the National Education Policy (NEP) 2020, implementation of the National Curriculum Framework (NCF) and the increasing focus on competency-based learning are reshaping curriculum requirements and educational content development. These reforms are creating opportunities for publishers to develop updated learning resources aligned with changing academic and pedagogical requirements.
The sector is also witnessing increasing integration of digital content with traditional print publishing. Publishers are expanding their offerings through e-books, interactive learning resources, digital assessments and blended learning solutions, enabling wider content accessibility and supporting evolving learning preferences. The adoption of technology-enabled learning platforms is contributing to the development of a more integrated educational content ecosystem that combines print and digital formats.
Indias multilingual environment continues to support demand for content across regional languages, while ongoing efforts to improve educational access and learning outcomes are expected to sustain long-term demand for textbooks, supplementary educational materials and academic content. With educational publishing remaining the largest segment of the book market, the sector continues to play an important role in supporting the countrys learning and knowledge ecosystem.
Company Overview
S Chand and Company Limited is one of the leading education content solution providers in India, with its legacy spanning over 8 decades. The Company delivers high-quality educational content, services and learning solutions across the full education spectrum, from early learning, K-12 segments to higher and competitive education. The Companys offerings are organised into three core segments: Early learning, K-12 and higher education, catering to schools, colleges, vocational institutions and learners nationwide.
| Metric | Value |
| Copies Sold | 38 Mn+ |
| Unique Titles Sold | 14,000+ |
| Dealers and Distributors | 4,000+ |
| Legacy | 87 Years |
An Extensive Portfolio of 14,000+ Book Titles covering:
S Chand has successfully established its strong foothold in CBSE and ICSE-affiliated schools, with a steady expansion into Indias state board institutions. The Companys portfolio includes over 14,000 active titles, supported by a strong network of more than 4,000 channel partners, over 3,000 authors, and coverage across nearly 45,000+ schools nationwide. This encompasses school textbooks, academic and reference books, and technical and professional publications, with more than 38 million books sold annually. An extensive distribution network of dealers, distributors and channel partners across 29 states and seven union territories markets the Companys products. The Company exports print content to more than 15 countries across Asia, Africa and the Middle East.
In recent years, the Company has diversified into digital and hybrid solutions, reinforcing its position with brands and platforms including Mylestone, Zen, SmartK, Solid Steps, S Chand Academy, Test Coach, Learnflix, myStudygear and Destination Success, among others. Its traditional publishing business is complemented by such digital initiatives, addressing evolving learning requirements in both classroom and online environments.
The Company emphasizes innovation and customer engagement, led by a dedicated in-house sales force. Over 2,000 employees strengthen the Companys deep market reach and adaptability in a constantly evolving education sector. With its strategic investments and partnerships, in the test-preparation and edtech segments, the Company strengthens its long-term vision of growth, transitioning toward becoming a dominant player in the digital knowledge space.
Marketing Initiatives undertaken in FY 2025-26
During FY 2025-26, S Chand Group undertook several marketing and promotional initiatives to strengthen engagement with schools, teachers, channel partners and the broader academic community. The Company organized Channel Partner Product Briefings in Vietnam and an international study tour in Singapore for leading school owners and principals to enhance product awareness and deepen institutional relationships. The Company organized and also participated in major educational and academic events like the World Book Fair, Mathematics Summit 2025 and multiple Teachers Conclaves organized by the group companies. Teacher recognition and engagement initiatives such as "Hindi Diwas" by Vikas Publishing House, Bhasha Mela by NSH and Saraswati Shikshak Samman were conducted to strengthen relationships with educators across the country. Additionally, the Company organised Knowledge Quest programs and Printing Press Visits for NCR-based schools to enhance stakeholder engagement and showcase its publishing and printing capabilities.
Key Financial Highlights of FY 2025-26
Operating Highlights
S Chand and Company Limited delivered a stable operational performance during FY 2025-26 while continuing to strengthen its product portfolio, digital initiatives and maintaining its working capital efficiency.
The Company continued to benefit from the gradual implementation of the National Curriculum Framework (NCF), with the adoption of revised syllabus books across Classes K-8. Our multiple partnerships for content and Licensing including Allied (ICSE Books), Penguin (English Readers), Jump Maths, Discovery, Money Prep (Financial Literacy), Speedlabs (JEE and NEET Foundation) and many more held us in good stead for enhancing our sales momentum and diversifying our portfolio.
S Chand completes its 1st International Acquisition in January 2026
The Company completed its first international acquisition with the acquisition of CPD Singapore Education Services Pte. Ltd., enabling entry into the international curriculum segment comprising Singapore, IGCSE and IB curriculum-based supplementary books for the K-12 market across India and Asia.
Highlights of Digital offerings
On the AI Dataset content licensing revenues, we had a great year with over 60%+ YoY revenue growth during FY 2025-26. We believe that this revenue stream has a huge potential to grow and deliver for our Group in the coming years. The Company also expanded its offerings beyond text datasets into illustration- and video-based content licensing. Our Digital initiatives, including S Chand Academy, SmartK and TestCoach, continued to witness higher adoption and enrolments during the year. TestCoach further strengthened its focus on the CUET examination segment by leveraging S Chands established academic brand and student reach. S Chand Academys YouTube channel continued to strengthen its digital learning presence through a library of over 2,000 educational videos designed to supplement S Chands Test Prep and College content offerings. The channel witnessed traction during the year, surpassing approximately 365K subscribers and 30 million cumulative views.
Return on Standalone Net Worth
The Return on Standalone Net Worth, as on March 31, 2026 stood at 7.00% as against 6.10% in the previous year, this is primarily due to increase in the Net Profit after tax and total assets of the Company.
Management Outlook for FY 2026-27
The Company remains positive on the growth prospects of the education content and publishing sector, supported by ongoing curriculum reforms, increasing demand for quality learning resources and the continued integration of digital learning solutions within the education ecosystem. The implementation of the National Curriculum Framework (NCF) across school education is expected to drive wider adoption of revised syllabus books, particularly across the CBSE and ICSE segments, creating opportunities for growth in the Companys core publishing business.
S Chand intends to further strengthen its position across key educational segments through continued product development, portfolio expansion and increased focus on digital content monetization. The Company also plans to deepen its presence in the test preparation market through TestCoach, with a particular emphasis on opportunities arising from the growing Common University Entrance Test (CUET) ecosystem.
The acquisition of CPD Singapore is expected to strengthen the Companys presence in international curriculum segments, including IB, IGCSE and Singapore curricula. The acquisition provides opportunities to expand the reach of these offerings across India, the Middle East, SAARC countries and other South Asian markets, while leveraging the Companys extensive distribution network and long-standing relationships with educational institutions.
As we go into FY 2026-27, we would like to target the following:
Alongside growth initiatives, the Company remains focused on maintaining financial discipline through effective working capital management, inventory optimization and prudent cash flow management. Continued emphasis on operational efficiency and balance sheet strength is expected to support liquidity, improve profitability and enhance the Companys ability to pursue future growth opportunities.
With its established publishing portfolio, expanding digital capabilities, strong distribution network and focus on curriculum-aligned content, the Company remains well positioned to capitalize on emerging opportunities across the education and learning ecosystem.
Investee Companies
As the education sector continues to evolve towards technology-enabled learning models, S Chand has been expanding its presence beyond traditional publishing through strategic minority investments.
During FY 2025-26, Smartivity recorded revenues exceeding ?75 Cr, representing growth of approximately 50% year-on-year, while remaining EBITDA and profit before tax positive. S Chand held an approximate 16% stake in Smartivity.
These investments provide the Company with exposure to high-growth segments of the education ecosystem, including digital learning, test preparation and experiential STEM education. They also complement S Chands core strengths in educational content creation and distribution while enabling participation in evolving learner engagement models across both physical and digital formats.
Going forward, the Company intends to continue evaluating opportunities that strengthen its presence across technology-enabled education segments and support the development of a diversified learning ecosystem aligned with changing educational requirements and learner preferences.
Human Resources
The Company recognizes its employees as a key driver of its long-term growth and success. As of March 31, 2026, the Company had over 2,000 employees, including a pan-India sales and marketing team of more than 800 professionals. The workforce is further supported by a content development team of approx. 250 professionals comprising subject matter experts, graphic designers and instructional designers, enabling the Company to develop high-quality educational content and learning solutions across its portfolio.
S Chand remains committed to a collaborative, inclusive and performance-oriented work environment that supports employee engagement, learning and professional development. The Company focuses on building organizational capabilities through continuous learning initiatives, skill enhancement programs and structured career development opportunities, enabling employees to grow alongside the organization.
The Company maintains a performance-driven culture supported by structured reward and recognition programs designed to acknowledge individual and team contributions. Incentive-linked compensation frameworks for senior executives and management personnel are aligned with defined financial and operational performance parameters, promoting accountability and sustained value creation.
Employee well-being, workplace safety and regulatory compliance remain important priorities for the Company. Appropriate policies, systems and processes are implemented to maintain a safe and healthy working environment across operations. The Company also follows established mechanisms for reporting, reviewing and addressing workplace incidents, while encouraging employee participation in identifying and mitigating potential risks.
By continuing to invest in its people, strengthening organizational capabilities and promoting a culture of learning and accountability, the Company remains focused on building a motivated workforce capable of supporting its long-term business objectives.
Risks & Concerns
Seasonal Nature of the K-12 Business
A significant portion of the Companys business is linked to the K-12 education segment, which follows the April-March academic calendar across most central curriculum schools. Consequently, sales, cash flows and profitability are subject to seasonal variations, with revenues typically concentrated around the commencement of the academic year.
To mitigate the impact of seasonality, S Chand has diversified its revenue streams by strengthening its digital offerings for schools and learners and expanding its presence across adjacent education segments, including higher education, distance learning and competitive examination preparation.
Accelerating Shift Towards Digital Learning
The increasing adoption of digital learning platforms, online educational resources and technology-enabled learning solutions has transformed the education landscape and may affect demand patterns within the traditional print publishing segment.
The Company continues to adapt to these evolving market dynamics through investments in digital learning solutions and curriculum-aligned educational content. The implementation of the National Education Policy (NEP) 2020 also presents opportunities for the development of updated educational content across both print and digital formats.
Regulatory and Curriculum-related Changes
The education sector remains subject to changes in government policies, curriculum frameworks and regulatory requirements. Measures such as increased adoption of NCERT-aligned textbooks, revisions to curriculum structures and changes in subject offerings may influence demand for educational content and learning materials.
The Company seeks to address these challenges through continuous product innovation, development of modular learning formats, expansion of digital offerings and the provision of value-added academic support services. Regular engagement with educational institutions, teachers and academic stakeholders also helps the Company remain responsive to evolving educational requirements.
Dependence on Key Authors and Content Contributors
The Companys publishing portfolio includes content developed by several established authors and subject matter experts. The loss of relationships with key contributors or the inability to attract and retain quality authors may affect content development and publication schedules.
To mitigate this risk, the Company maintains long-standing relationships with authors through transparent engagement practices, competitive remuneration structures and continuous collaboration. It also focuses on broadening its author network and strengthening content development capabilities across subject areas.
Intellectual Property and Copyright Risks
As a content-driven business, the Company is exposed to risks relating to intellectual property protection, copyright ownership and content usage rights. Any disputes relating to intellectual property could impact the Companys operations, reputation and commercial interests.
The Company addresses these risks through established contractual frameworks, active monitoring of intellectual property rights and legal mechanisms designed to safeguard its proprietary content and publishing assets.
Piracy and Unauthorized Content Distribution
The publishing industry continues to face challenges arising from unauthorized reproduction, distribution and digital dissemination of copyrighted content. Piracy of educational content, whether through physical reproduction or online channels, may adversely affect revenue generation and brand value.
The Company actively monitors instances of piracy across both physical and digital platforms and undertakes appropriate legal and enforcement actions to protect its intellectual property. These efforts are supported through engagement with relevant authorities and ongoing monitoring of online channels to identify and address unauthorized use of content.
Internal Risk Controls
Key policies are developed, approved, communicated and reviewed annually, and are made available through online platforms. A clearly articulated authorization matrix, supported by appropriate duty segregation, is in place to reinforce internal controls. Internal auditors carry out internal control testing with limited exceptions observed under the Risk Control Matrix Framework. Rights to system and application access are provided to employees depending on the roles, responsibilities and levels. Internal audits are periodically conducted across the Company and its subsidiaries throughout the year. Statutory compliance requirements are monitored by dedicated external compliance tracking software. Stringent corporate governance practices are followed, with independent directors serving the Company and all material subsidiaries. The Audit Committee and the Board review and approve related party transactions, wherever applicable. All transactions between the holding committee and its subsidiaries or associates are carried out on an arms-length basis, according to the applicable norms. A dedicated Risk Management Committee oversees enterprise risks, ensuring the implementation of appropriate mitigation strategies.
Cautionary Statement
The Management Discussion and Analysis contain statements about expected future events and the financial and operating results of S Chand, which may be "forward-looking statements" within the meaning of applicable laws and regulations. They are based on informed judgments, estimates, and assumptions. These forward-looking statements are subject to certain risks and uncertainties. Several factors could cause assumptions and actual future results and events to differ materially from those expressed or implied in the forward-looking statement. Readers are cautioned not to place undue reliance on forward-looking statements. The Company assumes no responsibility to publicly amend, modify, or revise any forward-looking statements based on any subsequent development, information or events.
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