S. K. Offset Ltd Management Discussions

The following discussion and analysis of our financial condition and results of operations for the Period ended December 31, 2025, Fiscal Years 2025, 2024, and 2023 is based on, and should be read in conjunction with, our Restated Financial Statements, including the schedules, notes and significant accounting policies thereto, included in the section titled Restated Financial Information beginning on page 221 of this Draft Red Herring Prospectus. Our Restated Financial Statements have been derived from our audited financial statements and restated in accordance with the SEBI ICDR Regulations and amendments thereto and the ICAI Guidance Note. Our financial statements are prepared in accordance with AS. You should read the following discussion of our financial condition and results of operations together with our restated financial statements included in this Draft Red Herring Prospectus. You should also read the section titled Risk Factors beginning on page 23 of this Draft Red Herring Prospectus, which discusses a number of factors, risks and contingencies that could affect our financial condition and results of operations. Our fiscal year ends on March 31 of each year, so all references to a particular fiscal year are to the twelve-month period ended March 31 of that year.

In this section, unless the context otherwise requires, any reference to we, us or our refers to S. K. Offset Limited, our Company. Unless otherwise indicated, financial information included herein are based on our Restated Financial Information for the period ended December 31, 2025, Fiscal Years 2025, 2024 and 2023 included in this Draft Red Herring Prospectus beginning on page 221 of this Draft Red Herring Prospectus.

Note: Statement in the Management Discussion and Analysis Report describing our objectives, outlook, estimates, expectations or prediction may be Forward Looking Statements within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to our operations include, among others, economic conditions affecting demand/supply and price conditions in domestic and overseas market in which we operate, changes in Government Regulations, Tax Laws and other Statutes and incidental factors.

BUSINESS OVERVIEW

S. K. Offset Limited (SK Offset or the Company) is situated at 15, Sports Complex Enclave, Meerut, Uttar Pradesh, India. The Company operates mainly from four facilities in Meerut with an aggregate covered area of approximately 38,313 square feet. Our Company is engaged in the business of Printing and packaging solutions. The business originally started with offset printing operations, which are commonly used for medium- to large-scale print production. Offset printing is a conventional printing process in which ink is transferred from plates onto paper or other surfaces. This method is generally used for items such as text books, brochures, catalogues, stationery, pamphlets, business forms, marketing materials, and other commercial print requirements where uniformity and bulk production are involved. Over the time, the business added labelling and promotional printing activities to its operations. This area includes the printing of stickers, labels, barcodes, and related materials that are commonly used for product identification, packaging information, branding, and promotional communication. Label printing may include adhesive labels and product stickers produced in different sizes, formats, and finishes depending on application. In recent years, the business expanded into packaging solutions by acquiring new machines. This segment includes designing and printing cartons, boxes, and other packaging-related materials used for product storage, transport, display, and branding purposes across different sectors. Packaging work may involve printed outer boxes, folding cartons, mono cartons, and customized packaging formats depending on client requirements. As part of this segment, digital design services are also available for packaging artwork, layout preparation, colour formatting, and print-ready file development. Our Company operates as an integrated provider of printing and packaging solutions, offering products such as offset printing of books, mono cartons, labels, master cartons. Its operations include printing, designing, graphics, lithography, and publication of general books, technical books, childrens books, textbooks, magazines, journals, and other materials. Our Company is also involved in trading, importing, and exporting printing and packaging related materials including paper, paperboard, foils, ink etc. The Company has done forward integration and expanded its product offerings across printing, packaging and labelling segments. This has enabled customers to source multiple products from a single supplier, supporting operational efficiency, utilisation of manufacturing capacity, and diversification across products and customers.

SIGNIFICANT FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our business is subjected to various risks and uncertainties, including those discussed in the section titled Risk Factor beginning on page 23 of this Draft Red Herring Prospectus. Our results of operations and financial conditions are affected by numerous factors including the following:

Any adverse changes in central or state government policies;

Any qualifications or other observations made by our statutory auditors which may affect our results of operations;

Loss of one or more of our key customers and/or suppliers;

An increase in the productivity and overall efficiency of our competitors; Our ability to maintain and enhance our brand image;

Changes, if any, in the regulations / regulatory framework / economic policies in India and / or in foreign countries, which affect national & international finance.

Companys ability to adopt the changing technology in Printing & Packaging industry; Companys results of operations and financial performance; Significant developments in Indias economic and fiscal policies;

Failure to adapt to the changing needs of industry and in particular PR and advertising industry may adversely affect our business and financial condition;

Volatility in the Indian and global capital market;

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO LATEST AUDIT PERIOD FOR THE PERIOD ENDED DECEMBER 31, 2025 In the opinion of the Board of Directors of our Company, since the date of the last audited period ended December 31, 2025, as disclosed in this Draft Red Herring Prospectus, there are no circumstances that materially or adversely affect or are likely to affect the trading or profitability of our Company or the value of its assets or its ability to pay its material liabilities within the remaining months in the financial year 2025-26 and before the filing of DRHP except as follows: i) The Board of Directors have decided to get their equity shares listed on SME Platform of BSE Limited (BSE SME) and pursuant to Section 62(1)(c) of the Companies Act 2013, by a resolution passed at its meeting held on April 20, 2026 proposed the Issue, subject to the approval of the shareholders and such other authorities as may be necessary. ii) The shareholders of the Company have, pursuant to Section 62(1)(c) of the Companies Act 2013, by a special resolution passed in the Extraordinary General Meeting held on April 22, 2026, authorized the Initial Public Issue. iii) The Company allotted shares by way of bonus in the ratio of 3:1 pursuant to boards resolution passed at the board meeting held on March 03, 2026. For more details kindly refer to section titled Restated Financial Information beginning on page 221 of this Draft Red Herring Prospectus.

SIGNIFICANT ACCOUNTING POLICIES

For detailed information on accounting policies kindly refer to section titled Restated Financial Information beginning on page 221 of this Draft Red Herring Prospectus.

KEY PERFORMANCE INDICATORS OF OUR COMPANY

In evaluating our business, we consider and use certain key performance indicators that are presented below as supplemental measures to review and assess our operating performance. The presentation of these key performance indicators is not intended to be considered in isolation or as a substitute for the Restated Financial Information included in this Draft Red Herring Prospectus. We present these key performance indicators because they are used by our management to evaluate our operating performance. Further, these key performance indicators may differ from the similar information used by other companies, including peer companies, and hence their comparability may be limited. Therefore, these matrices should not be considered in isolation or construed as an alternative to AS measures of performance or as an indicator of our operating performance, liquidity, profitability or results of operation. A list of our KPIs for the period ended December 31, 2025 and Fiscal year ended 2025, 2024 and 2023 is set out below:

( in Lakhs except otherwise stated)

Sr. No.	Particulars	For the period ended 31st December 2025	31st March 2025	31st March 2024	31st March 2023
1	Revenue from Operations ( in lakhs)	3,991.06	4,820.34	2,153.09	1,538.27
2	Total income ( in lakhs)	4,017.19	4,865.15	2,330.93	1,539.25
3	Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) ( in lakhs) (a)	738.85	561.61	116.10	197.70
4	EBITDA Margins (%) (b)	18.51%	11.65%	5.39%	12.85%
5	Profit after Tax (PAT) ( in lakhs)	328.55	154.41	72.04	86.37
6	PAT Margins (%) (c)	8.23%	3.20%	3.35%	5.61%
7	Cash Profit after Tax ( in lakhs) (d)	476.37	334.49	173.40	153.17
8	Current Ratio (e) (In times)	1.26	1.21	0.96	1.33
9	Net Worth (f)	1,558.23	720.15	457.60	385.56
10	Debt-Equity Ratio (g) (In times)	2.04	4.49	3.21	2.88
11	Return on Equity (%) (h)	21.09%	21.44%	15.74%	22.40%
12	Return on Capital Employed (%) (i)	13.03%	10.78%	9.99%	8.81%

*As certified by A G R A AND CO., Chartered accountants, Peer Review Auditor of our Company, by way of their certificate dated June 12, 2026.

Notes:

(a) EBITDA has been calculated as a sum of profit before tax, finance costs and depreciation and amortization less other income. (b) EBITDA Margins is calculated as EBITDA divided by Revenue from Operations. (c) PAT Margins (%) is calculated as Profit After Tax carried to balance sheet divided by Revenue from Operations. (d) Cash Profit After Tax is calculated as a sum of Profit After Tax to balance sheet and Depreciation and Amortisation as per Restated Financial Statements. (e) Current Ratio is calculated as Total Current Assets divided by Total Current Liabilities. (f) Net worth is calculated as Equity Share Capital plus Reserve and Surplus. (g) Debt-Equity Ratio is calculated as Total Debt divided by Net-Worth as per Restated Financial Statements. Total Debt is calculated as a sum of Long-Term Borrowings and Short-Term Borrowings (including current maturity of long-term borrowings). (h) Return on Equity is calculated as Restated profit after tax carried to balance sheet for the year divided by net worth. (i) Return on Capital Employed is calculated as Earnings Before Interest and Tax divided by Capital Employed. Capital employed is calculated as sum of net worth and Long-Term Borrowings and Short-Term Borrowings.

DISCUSSION ON RESULTS OF OPERATION

Key Components of our Statement of Profit and Loss based on our Restated Financial Information:

The following table sets forth financial data from our Restated Financial Information of profit & loss for the period ended December 31, 2025, and financial year ended 2025, 2024 and 2023, the components of which are also expressed as a percentage of total revenue for such periods:

Particular	For the period ended December 31, 2025
	in Lakhs	% of Total Revenue
(A) Revenue
Revenue from operations	3,991.06	99.35%
Other income	26.13	0.65%
Total revenue	4,017.19	100.00%
(B) Expenses

Changes in inventories of Finished Goods, WIP and Traded Goods	0.00	0.00%
Employee Benefits Expense	473.62	11.79%
Finance Costs	174.74	4.35%
Depreciation and Amortisation Expense	147.82	3.68%
Other Expenses	425.23	10.59%
Total Expenses	3,574.76	88.99%
Profit Before Exceptional & Extraordinary Items & Tax	442.43	11.01%
Exceptional/Prior Period Items	0.00	0.00%
Profit Before Tax	442.43	11.01%
Tax Expense
Current Tax	131.04	3.26%
MAT Entitlement	0.00	0.00%
Deferred Tax (Credit)/Charge	-17.17	-0.43%
Profit / (Loss) for the period / year	328.55	8.18%

	Fiscal 2025		Fiscal 2024		Fiscal 2023
Particular	( in Lakhs)	% Total Revenue	( in Lakhs)	% Total Revenue	( in Lakhs)	% Total Revenue
(A) Revenue
Revenue from operations	4,820.34	99.08%	2,153.09	92.37%	1,538.27	99.94%
Other income	44.81	0.92%	177.85	7.63%	0.98	0.06%
Total revenue	4,865.15	100.00%	2,330.93	100.00%	1,539.25	100.00%
(B) Expenses
Cost of Raw Materials Consumed	3,381.29	69.50%	1,126.71	48.34%	926.68	60.20%
Changes in inventories of Finished Goods, WIP and Traded Goods	0.00	0.00%	0.65%	0.03%	-0.65	-0.04%
Employee Benefits Expense	424.29	8.72%	286.22	12.28%	220	14.29%
Finance Costs	209.57	4.31%	93.13	4.00%	41.43	2.69%
Depreciation and Amortisation Expense	180.08	3.70%	101.36	4.35%	66.8	4.34%
Other Expenses	453.15	9.31%	623.41	26.75%	194.54	12.64%
Total Expenses	4,648.38	95.54%	2,231.48	95.73%	1,448.81	94.12%
Profit Before Exceptional & Extraordinary Items & Tax	216.76	4.46%	99.46	4.27%	90.44	5.88%
Exceptional/Prior Period Items	0.00	0.00%	0.00	0.00%	0.00	0.00%
Profit Before Tax	216.76	4.46%	99.46	4.27%	90.44	5.88%
Tax Expense
Current Tax	66.06	1.36%	18.65	0.80%	13.6	0.88%
MAT Entitlement	0.00	0.00%	11.85	0.51%	-10.01	-0.65%
Deferred Tax (Credit)/Charge	-3.71	-0.08%	-3.08	-0.13%	0.49	0.03%
Profit / (Loss) for the period / year	154.41	3.17%	72.04	3.09%	86.37	5.61%

Below analysis is based on Restated Financial Information as they are comparable from earlier years.

Revenue from Operations

Our Revenue from consist of revenue from Offset printing, Label printing and Packaging solutions.

Our revenue from operations increased from 1,538.27 lakhs in Fiscal 2023 to 2,153.09 lakhs in Fiscal 2024, representing a growth of 39.97%. The increase was primarily attributable to expansion of customer base, higher sales volumes and increased market penetration.

Revenue further increased significantly to 4,820.34 lakhs in Fiscal 2025, reflecting growth of 123.93% over

Fiscal 2024. The increase was mainly driven by addition of in-house packaging unit and organic growth in existing printing & Labelling unit.

For the nine months ended December 31, 2025, revenue from operations stood at 3,991.06 lakhs, reflecting continued business growth and sustained demand of Printing as well as packaging solutions.

Other Income

Other income increased substantially to 177.85 lakhs in Fiscal 2024 from 0.98 lakhs in Fiscal 2023, primarily due to liability written back, interest income, duty drawback, scrap sales and other miscellaneous income.

Other income amounted to 44.81 lakhs in Fiscal 2025 and further to 26.13 lakhs during the nine months ended

December 31, 2025, on account of interest income, duty drawback, scrap sales and other miscellaneous income.

Expenses

Companys expenses consist of Raw material consumed, change in inventories, Employee Benefit Expenses, Finance Cost, Depreciation and Amortisation Expenses and Other Expenses.

Raw Materials Consumed

Raw Materials consumed includes consumption of raw materials such as papers, paperboards, ink, chemicals, carton boxes, foils, adhesives, etc.

Cost of raw materials consumed increased from 926.68 lakhs in Fiscal 2023 to 1,126.71 lakhs in Fiscal 2024, broadly in line with increased sales volumes. The expense increased significantly to 3,381.29 lakhs in Fiscal 2025 and stood at 2,353.36 lakhs during the nine months ended December 31, 2025, primarily due to higher production levels and increased procurement of raw materials to support revenue growth.

Changes in inventories of Finished goods and Stock in Trade

As the company is mainly into manufacturing business it has limited trading activity due to which there is insignificant changes in inventory of finished goods or stock in trade.

Employee Benefits Expense

Employee benefit expenses include Director Remuneration, Salaries & Wages, Contribution to provident fund, Gratuity and other staff welfare expenses.

Employee benefit expenses increased from 220.00 lakhs in Fiscal 2023 to 286.22 lakhs in Fiscal 2024 due to annual compensation revisions.

The expense further increased to 424.29 lakhs in Fiscal 2025 and 473.62 lakhs during the nine months ended December 31, 2025, primarily due to workforce expansion, strengthening of management and operational teams and increments in employee compensation.

Finance Cost

Finance cost includes Interest paid on borrowings & Bank Charges and other borrowing cost.

Finance costs increased from 41.43 lakhs in Fiscal 2023 to 93.13 lakhs in Fiscal 2024 and further to 209.57 lakhs in Fiscal 2025. The increase was primarily attributable to higher utilization of working capital facilities and long-term borrowings for acquiring new machinery to support the Companys growing scale of operations. Finance costs amounted to 174.74 lakhs during the nine months ended December 31, 2025.

Depreciation and Amortization Expense

Depreciation and amortisation expenses include (i) Depreciation on property, plant and equipment and (ii) amortization of intangible assets.

Depreciation and amortization expenses increased consistently across the periods under review, from 66.80 lakhs in Fiscal 2023 to 180.08 lakhs in Fiscal 2025. The increase was primarily due to capital expenditure incurred towards plant and machinery and other fixed assets to support business expansion.

Other Expenses

Other expenses include mainly AMC charges, Audit fees, Electricity Expense, Freight expense, Insurance expense, Rent Expense, Job work charges, Professional Fee, Office Expenses, Travelling Expenses, Printing And Stationery Expense, Security Expenses, Repair and Maintenance Expenses, Business Related Expense, Other Expenses, etc.

Other expenses increased significantly from 194.54 lakhs in Fiscal 2023 to 623.41 lakhs in Fiscal 2024, primarily due to increased operational activity, freight, power and fuel, repairs and maintenance, administrative expenses and selling expenses. Other expenses reduced to 453.15 lakhs in Fiscal 2025 due to expansion in-house packaging capability and decrease in related Job work charges from outside vendors. During the nine months ended December 31, 2025, other expenses stood at 425.23 lakhs.

CASH FLOW

( in Lakhs)

	For period ended December 31, 2025	for the Fiscal year ended
Particulars		Fiscal 2025	Fiscal 2024	Fiscal 2023
Net cash generated from/ used in operating activities	396.12	-1,079.67	440.32	-267.67
Net cash generated from/ used in investing activities	-567.06	-626.18	-673.41	-275.34
Net cash generated from/ used in financing activities	279.40	1,675.23	265.12	522.13
Net increase/decrease in cash and cash equivalents	108.45	-30.62	32.03	-20.87
Cash and cash equivalents at the beginning of the year	7.81	38.43	6.41	27.28
Cash and cash equivalents at the end of the year / Period	116.27	7.81	38.43	6.41

Cash Flow from Operations Activities

For the period ended December 31, 2025

For the nine months ended December 31, 2025, the Company reported profit before tax of 442.43 lakh. Net cash generated from operating activities amounted to 396.12 lakh. Operating cash flow was supported by strong operating profit before working capital changes of 739.19 lakh and a reduction in trade receivables of 445.98 lakh. However, these inflows were partially offset by an increase in inventory of 1,695.36 lakh due to stocking for anticipated business growth and higher operational requirements. Increase in trade payables and other current liabilities of 1,013.64 lakh also supported operating cash generation.

For the Financial year ended March 31, 2025

During Fiscal 2025, profit before tax increased significantly to 216.76 lakh. Despite higher profitability, net cash used in operating activities amounted to 1,079.67 lakh. The negative operating cash flow was mainly attributable to a substantial increase in trade receivables of 2,360.08 lakh, reflecting higher sales made towards the end of the year and an extended collection cycle. This was partially offset by reduction in inventory of 135.79 lakh and increase in trade payables and other current liabilities of 625.90 lakh.

For the Financial year ended March 31, 2024

During Fiscal 2024, profit before tax increased to 99.46 lakh from 90.44 lakh in Fiscal 2023. Net cash generated from operating activities amounted to 440.32 lakh as compared to cash used in operating activities of 267.67 lakh in the previous year. The improvement was primarily driven by realization of trade receivables resulting in a decrease of 628.89 lakh in receivable balances. This was partially offset by an increase in inventory of 655.12 lakh due to higher stocking levels to support business growth.

For the Financial year ended March 31, 2023

During Fiscal 2023, the Company reported profit before tax of 90.44 lakh. However, net cash used in operating activities amounted to 267.67 lakh. The negative operating cash flow was primarily attributable to an increase in trade receivables of 460.47 lakh arising from higher credit sales during the year. Further, growth in other current assets and reduction in trade payables and other current liabilities also impacted operating cash generation.

Cash Flow from Investing Activities

For the period ended December 31, 2025

Net cash used in investing activities amounted to 567.06 lakh, primarily due to capital expenditure of 88.30 lakh on property, plant and equipment and 647.05 lakh towards capital work-in-progress relating to ongoing expansion initiatives. These outflows were partially offset by recovery of loans and advances, sale of fixed assets and interest income received.

For the Financial year ended March 31, 2025

Net cash used in investing activities amounted to 626.18 lakh, primarily due to acquisition of property, plant and equipment aggregating 623.11 lakh. The Company also invested in other non-current assets. These outflows were partially offset by proceeds from sale of fixed assets and interest income earned during the year.

For the Financial year ended March 31, 2024

Net cash used in investing activities amounted to 673.41 lakh, mainly due to capital expenditure of 260.27 lakh towards acquisition of property, plant and equipment and loans and advances provided during the year amounting to 389.50 lakh. The Company also incurred expenditure towards other non-current assets. These outflows were partially offset by proceeds from sale of fixed assets and interest income received.

For the Financial year ended March 31, 2023

Net cash used in investing activities was 275.34 lakh, primarily on account of capital expenditure towards purchase of property, plant and equipment amounting to 304.92 lakh. This was partially offset by proceeds from sale of fixed assets and recovery of loans and advances.

Clash flow from Financing Activities

For the period ended December 31, 2025

Net cash generated from financing activities amounted to 279.40 lakh. The inflow was mainly attributable to securities premium received in cash of 498.93 lakh, partially offset by repayment of borrowings and finance costs incurred during the period.

For the Financial year ended March 31, 2025

Net cash generated from financing activities increased significantly to 1,675.23 lakh, mainly due to net borrowings of 1,776.66 lakh raised to fund working capital requirements and capital expenditure. The Company also raised equity capital and securities premium aggregating 108.14 lakh during the year.

For the Financial year ended March 31, 2024

Net cash generated from financing activities was 265.12 lakh, primarily on account of net borrowings of 358.25 lakh. Consequently, cash and cash equivalents increased by 32.03 lakh and stood at 38.43 lakh as of March 31, 2024.

For the Financial year ended March 31, 2023

Net cash generated from financing activities amounted to 522.13 lakh, mainly due to additional borrowings of 563.56 lakh obtained to support working capital requirements and business expansion. As a result, cash and cash equivalents increased by 20.87 lakh during the year and stood at 27.28 lakh as of March 31, 2023.

Information required as per Item 11 (II) (C) (iv) of Part A of Schedule VI to the SEBI Regulations:

Unusual or infrequent events or transactions

To our knowledge there have been no unusual or infrequent events or transactions that have taken place during the last three (3) years and for period of last three (3) months.

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

Our business has been subject, and we expect it to continue to be subject to significant economic changes arising from the trends identified above in Factors Affecting our Results of Operations and the uncertainties described in the section entitled Risk Factors beginning on page 23 of this Draft Red Herring Prospectus. To our knowledge, except as we have described in this Draft Red Herring Prospectus, there are no known factors which we expect to bring about significant economic changes.

Income and Sales on account of major product/main activities

Our Company deals in the offset printing, label printing and packaging solutions activities.

Whether the Company has followed any unorthodox procedure for recording sales and revenues

Our Company has not followed any unorthodox procedure for recording sales and revenues.

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

Apart from the risks as disclosed under section titled Risk Factors beginning on page 23 of this Draft Red Herring Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.

Extent to which material increases in net sales or revenue are due to increase in services

Increases in revenues are by and large linked to increases in volume of business.

Status of any publicly announced new products or business segment.

Our Company has not announced any new services or business segment.

The extent to which business is seasonal.

Our business is not seasonal in nature.

Significant Dependence on a Single or Few Customers

The percentage of revenue from operations derived from our top customers is given below:

( in Lakhs)

Sr. No.	Top Customers	For period ended December 31, 2025		Fiscal 2025		Fiscal 2024		Fiscal 2023
		Amount	% of Revenue	Amount	% of Revenue	Amount	% of Revenue	Amount	% of Revenue
Top 10 Customers
1	Customer 1	1,683.51	42.18%	1,568.53	32.54%	632.95	29.40%	392.90	25.54%
2	Customer 2	634.33	15.89%	892.40	18.51%	321.15	14.92%	332.83	21.64%
3	Customer 3	294.01	7.37%	280.29	5.81%	164.98	7.66%	214.21	13.93%
4	Customer 4	173.41	4.34%	222.13	4.61%	145.63	6.76%	199.03	12.94%
5	Customer 5	98.84	2.48%	219.16	4.55%	138.17	6.42%	77.72	5.05%
6	Customer 6	77.15	1.93%	149.46	3.10%	126.17	5.86%	71.86	4.67%
7	Customer 7	70.85	1.78%	147.59	3.06%	68.49	3.18%	50.82	3.30%
8	Customer 8	67.36	1.69%	116.68	2.42%	65.10	3.02%	41.38	2.69%
9	Customer 9	64.61	1.62%	102.45	2.13%	48.05	2.23%	34.50	2.24%
10	Customer 10	60.62	1.52%	90.52	1.88%	45.36	2.11%	32.90	2.14%
Total (Top 10)	3,224.69	80.80%	3,789.21	78.61%	1,756.06	81.56%	1,448.14	94.14%
Total Revenue from operations	3,991.06	100.00%	4,820.34	100.00%	2,153.09	100.00%	1,538.27	100.00%

*As certified by A G R A AND CO., Chartered accountants, Peer Review Auditor of our Company, by way of their certificate dated June 12, 2026.