S. K. Offset Ltd Management Discussions

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations for the Fiscal Years 2026, 2025, and 2024 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 228 of this 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 Red Herring Prospectus.

You should also read the section titled "Risk Factors" beginning on page 24 of this 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 Fiscal Years 2026, 2025 and 2024 included in this Red Herring Prospectus beginning on page 228 of this 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 24 of this 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 MARCH 31, 2026

In the opinion of the Board of Directors of our Company, since the date of the last audited period ended March 31, 2026, as disclosed in this 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 228 of this Red Herring Prospectus.

SIGNIFICANT ACCOUNTING POLICIES

For detailed information on accounting policies kindly refer to section titled "Restated Financial Information" beginning on page 228 of this 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 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 Fiscal year ended 2026, 2025 and 2024 is set out below:

(Rs in Lakhs except otherwise stated)

Sr. No.	Particulars	31st March 2026	31st March 2025	31st March 2024
1	Revenue from Operations (Rs in lakhs)	6,667.29	4,820.34	2,153.09
2	Total income (Rs in lakhs)	6,699.52	4,865.15	2,330.93
3	Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) (Rs in lakhs) (a)	1,417.94	561.61	116.10
4	EBITDA Margins (%) (b)	21.27%	11.65%	5.39%
5	Profit after Tax (PAT) (Rs in lakhs)	747.96	154.41	72.04
6	PAT Margins (%) (c)	11.22%	3.20%	3.35%
7	Cash Profit after Tax (Rs in lakhs) (d)	952.56	334.49	173.40
8	Current Ratio (e) (In times)	1.23	1.21	0.96
9	Net Worth (f)	1,977.64	720.15	457.60
10	Debt-Equity Ratio (g) (In times)	1.75	4.49	3.21
11	Return on Equity (%) (h)	37.82%	21.44%	15.74%
12	Return on Capital Employed (%) (i)	22.91%	10.78%	9.99%

As certified by A G R A AND CO., Chartered accountants, Peer Review Auditor of our Company, by way of their certificate dated September 04, 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 financial year ended 2026, 2025 and 2024, the components of which are also expressed as a percentage of total revenue for such periods:

(Rs in Lakhs except otherwise stated)

Particular	Fiscal 2026		Fiscal 2025		Fiscal 2024
	(Rs in Lakhs)	% Total Revenue	(Rs in Lakhs)	% Total Revenue	(Rs in Lakhs)	% Total Revenue
(A) Revenue
Revenue from operations	6,667.29	99.52%	4,820.34	99.08%	2,153.09	92.37%
Other income	32.23	0.48%	44.81	0.92%	177.85	7.63%
Total revenue	6,699.52	100.00%	4,865.15	100.00%	2,330.93	100.00%
(B) Expenses
Cost of Raw Materials Consumed	4,073.71	60.81%	3,381.29	69.50%	1,126.71	48.34%
Changes in inventories	0.00	0.00%	0.00	0.00%	0.65%	0.03%
of Finished Goods, WIP and Traded Goods
Employee Benefits Expense	607.71	9.07%	424.29	8.72%	286.22	12.28%
Finance Costs	258.95	3.87%	209.57	4.31%	93.13	4.00%
Depreciation and Amortisation Expense	204.60	3.05%	180.08	3.70%	101.36	4.35%
Other Expenses	567.93	8.48%	453.15	9.31%	623.41	26.75%
Total Expenses	5,712.90	85.27%	4,648.38	95.54%	2,231.48	95.73%
Profit Before Exceptional & Extraordinary Items & Tax	986.62	14.73%	216.76	4.46%	99.46	4.27%
Exceptional/Prior Period Items	0.00	0.00%	0.00	0.00%	0.00	0.00%
Profit Before Tax	986.62	14.73%	216.76	4.46%	99.46	4.27%
Tax Expense
Current Tax	294.62	4.40%	66.06	1.36%	18.65	0.80%
MAT Entitlement	0.00	0.00%	0.00	0.00%	11.85	0.51%
Deferred Tax (Credit)/Charge	-55.96	-0.84%	-3.71	-0.08%	-3.08	-0.13%
Profit / (Loss) for the period / year	747.96	11.16%	154.41	3.17%	72.04	3.09%

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.

Revenue further increased significantly to Rs4,820.34 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.

Revenue from operations increased from Rs 4,820.34 lakhs in Fiscal 2025 to 6,667.29 in the Fiscal 2026, representing a growth of 38.32% reflecting continued business growth and sustained demand of Printing as well as packaging solutions.

Other Income

Other income decreased substantially to Rs44.81 lakhs in Fiscal 2025 from Rs177.85 lakhs in Fiscal 2024, primarily due to absence of liabilities written off, along with lower other income components.

Other income further decreased from Rs44.81 lakhs in Fiscal 2025 to Rs32.23 lakhs in Fiscal 2026, mainly on account of interest on loans earned.

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 Rs1,126.71 lakhs in Fiscal 2024 to Rs3,381.29lakhs in Fiscal 2025, broadly in line with increased sales volumes. The expense increased significantly Rs3,381.29 lakhs in Fiscal 2025 to Rs4,073.71 lakhs in the Fiscal 2026, 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 Rs286.22 lakhs in Fiscal 2024 to Rs424.29 lakhs in Fiscal 2025due to annual compensation revisions.

The expense further increased from Rs424.29 lakhs in Fiscal 2025 to Rs607.71 lakhs in the Fiscal 2026 , 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 Rs93.13 lakhs in Fiscal 2024 to Rs209.57 lakhs in Fiscal 2025 and further Rs258.95 lakhs in the Fiscal 2026. 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.

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 Rs101.36 lakhs in Fiscal 2024 to Rs180.08 lakhs in Fiscal 2025 and further Rs 204.60 lakhs in the Fiscal 2026. 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 decreased significantly from Rs623.41 lakhs in Fiscal 2024 to Rs453.15 lakhs in Fiscal 2025, primarily due to a reduction in job work charges and repair & maintenance expenses.. Other expenses increased from Rs453.15 lakhs in Fiscal 2025 to Rs567.93 lakhs, mainly due to higher power & electricity, travelling and rental expenses.

Profit After Tax (PAT), and EBITDA margins

Increase in Profit After Tax (PAT), and EBITDA margins from FY 2024-25 onwards is due to establishing the in-house packaging unit which earlier used to be outsourced on lower margins. Additionally, the company got benefit of economy of scale.

EBITDA margin, PAT margin and gross profit margin for all reported periods is provided below:

Sr. No.	Particulars	31st March 2026	31st March 2025	31st March 2024
1	EBITDA Margins (%)	21.27%	11.65%	5.39%
2	Gross Margin (%)	38.90%	29.85%	47.64%
3	PAT Margins (%)	11.22%	3.20%	3.35%

The PAT margin remained broadly stable at 3.35% in Fiscal 2024 and 3.20% in Fiscal 2025, before improving significantly to 11.22% in Fiscal 2026, in line with the improvement in operating profitability.

The Company was able to maintain better gross margins at 38.90% in FY 2025-26 compared to 29.85% in FY 2024-25. The improvement in the margins was due to economies of scale on account of bulk purchase, in addition to that, the company was able to charge premium in packaging and labelling business with better and new designs and quality with its inhouse manufacturing facility which started in FY 2024-25 and matured in current period FY 2025-26

CASH FLOW

(Rs in Lakhs)

Particulars	for the Fiscal year ended
	Fiscal 2026	Fiscal 2025	Fiscal 2024
Net cash generated from/ used in operating activities	366.29	-1,079.67	440.32
Net cash generated from/ used in investing activities	-807.07	-626.18	-673.41
Net cash generated from/ used in financing activities	474.05	1,675.23	265.12
Net increase/decrease in cash and cash equivalents	33.27	-30.62	32.03
Cash and cash equivalents at the beginning of the year	7.81	38.43	6.41
Cash and cash equivalents at the end of the year / Period	41.07	7.81	38.43

Cash Flow from Operations Activities

For the Financial year ended March 31, 2026

During Fiscal 2026, there is an Positive Cash Flow of Rs366.29 lakhs, attributable to strong Operating Profit of Rs1,417.94 lakhs

For the Financial year ended March 31, 2025

During Fiscal 2025, profit before tax increased significantly to Rs216.76 lakh. Despite higher profitability, net cash used in operating activities amounted to Rs1,079.67 lakh. The negative operating cash flow was mainly attributable to a substantial increase in trade receivables of Rs2,360.08 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 Rs135.79 lakh and increase in trade payables and other current liabilities of Rs625.90 lakh.

For the Financial year ended March 31, 2024

During Fiscal 2024, profit before tax increased to Rs99.46 lakh from Rs90.44 lakh in Fiscal 2023. Net cash generated from operating activities amounted to Rs440.32 lakh as compared to cash used in operating activities of Rs267.67 lakh in the previous year. The improvement was primarily driven by realization of trade receivables resulting in a decrease of Rs628.89 lakh in receivable balances. This was partially offset by an increase in inventory of Rs655.12 lakh due to higher stocking levels to support business growth.

Cash Flow from Investing Activities

For the Financial year ended March 31, 2026

Net cash used in investing activities amounted to Rs807.07 lakh, primarily due to acquisition of property, plant and equipment aggregating to Rs844.11 lakh. The Company also incurred Cash Outflows towards loans and other non-current assets. These outflows were partially offset by proceeds from sale of fixed assets and interest income received during the year.

For the Financial year ended March 31, 2025

Net cash used in investing activities amounted to Rs626.18 lakh, primarily due to acquisition of property, plant and equipment aggregating Rs623.11 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 Rs673.41 lakh, mainly due to capital expenditure of Rs260.27 lakh towards acquisition of property, plant and equipment and loans and advances provided during the year amounting to Rs389.50 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.

Clash flow from Financing Activities

For the Financial year ended March 31, 2026

Net cash generated from financing activities amounted to Rs474.05 lakh, primarily due to long-term borrowings of Rs1,054.32 lakh during the year. This was partially offset by repayment of long-term borrowings of Rs228.34 lakh and finance costs of Rs258.95 lakh during the year.

For the Financial year ended March 31, 2025

Net cash generated from financing activities increased significantly to Rs1,675.23 lakh, mainly due to net borrowings of Rs1,776.66 lakh raised to fund working capital requirements and capital expenditure. The Company also raised equity capital and securities premium aggregating Rs108.14 lakh during the year.

For the Financial year ended March 31, 2024

Net cash generated from financing activities was Rs265.12 lakh, primarily on account of net borrowings of Rs358.25 lakh. Consequently, cash and cash equivalents increased by Rs32.03 lakh and stood at Rs38.43 lakh as of March 31, 2024.

Additional Financial Information:

Net worth

The Companys net worth increased significantly from Rs720.15 lakhs as at March 31, 2025 to Rs1,977.64 lakhs as at March 31, 2026. The increase in net worth was primarily attributable to the conversion of unsecured loans extended by the Directors into equity shares, which resulted in an increase in the Companys share capital and securities premium. During FY 2025-26, the Company converted outstanding loans from the Directors amounting to Rs509.52 lakhs into 1,05,930 equity shares issued at Rs481 per share, including a securities premium of Rs471 per share. Further, the Company earned a profit of Rs747.96 lakhs during the year ended March 31, 2026, which also contributed to the increase in its net worth.

Long Term Borrowings

Long-term Borrowings from Rs1,414.68 lakhs as at March 31, 2025 to Rs1,268.76 lakhs as at March 31, 2026 is primarily attributable to the term loan availed from Electronica Finance Limited (Loan A/c No. 149136).

The details of the borrowing are as follows:

• Lender: Electronica Finance Limited

• Loan Amount: Rs373.79 lakhs

• Purpose: Purchase of machinery

• Repayment Period: 72 months

• Security: Hypothecation of the plant and machinery financed under the loan

• End-use of Funds: Acquisition of plant and machinery to strengthen the Companys manufacturing capabilities and support the expansion of its business operations.

Short Term Borrowings

As per the Restated Financial Statements, the Companys short-term borrowings increased from Rs1,819.91 lakhs as at March 31, 2025 to Rs2,189.29 lakhs as at March 31, 2026. The increase is primarily attributable to higher current maturities of long-term borrowings.

Trade Receivables

a. As per the Restated Financial Statements, the Companys trade receivables increased from Rs3,180.57 lakhs (241 days) as at March 31, 2025 to Rs3,446.96 lakhs (189 days) as at March 31, 2026. The increase is primarily attributable to higher sales towards the end of the financial year, resulting in higher outstanding receivables.

b. Ageing Schedule of Trade Receivables (As at March 31, 2026) are as follows:

(Rs in Lakhs)

Particulars	Less than 6 Months	6 Months – 1 Year	1 – 2 Years	2 – 3 Years	More than 3 Years	Total
Undisputed Receivables
(a) Considered Good	2,621.74	573.28	241.78	0.13	–	3,436.92
(b) Considered Doubtful	–	–	–	–	–	–
Disputed Receivables
(a) Considered Good	–	–	10.03	–	–	10.03
(b) Considered Doubtful	–	–	–	–	–	–
Total	2,621.74	573.28	251.81	0.13	–	3,446.92

There are no material outstanding receivables from related parties, except for those transactions disclosed under the section titled "Related Party Transactions" on page 262 of this Red Herring Prospectus.

Inventories

The increase in inventories from Rs573.34 lakh as at March 31, 2025, to Rs2,394.45 lakh as at March 31, 2026, was primarily attributable to the procurement of packaging materials during the last quarter.

The Inventory is valued at lower of Cost or Net Realisable Value as per applicable Accounting Standard 2 – "Valuation of Inventories". Majority of these inventories are sold in subsequent quarter i.e. March 31, 2026.

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 24 of this Red Herring Prospectus. To our knowledge, except as we have described in this 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 24 of this 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:

(Rs in Lakhs)

Sr. No.	Top Customers	Fiscal 2026		Fiscal 2025		Fiscal 2024
		Amount	% of Revenue	Amount	% of Revenue	Amount	% of Revenue
1	Customer 1	2,027.81	30.41%	1,568.53	32.54%	632.95	29.40%
2	Customer 2	832.71	12.49%	892.40	18.51%	321.15	14.92%
3	Customer 3	823.31	12.35%	280.29	5.81%	164.98	7.66%
4	Customer 4	451.47	6.77%	222.13	4.61%	145.63	6.76%
5	Customer 5	433.26	6.50%	219.16	4.55%	138.17	6.42%
6	Customer 6	354.14	5.31%	149.46	3.10%	126.17	5.86%
7	Customer 7	277.81	4.17%	147.59	3.06%	68.49	3.18%
8	Customer 8	265.58	3.98%	116.68	2.42%	65.10	3.02%
9	Customer 9	141.01	2.12%	102.45	2.13%	48.05	2.23%
10	Customer 10	136.14	2.04%	90.52	1.88%	45.36	2.11%
Total (Top 10)		5,743.24	86.14%	3,789.21	78.61%	1,756.06	81.56%
Total Revenue from operations		6,667.29	100.00%	4,820.34	100.00%	2,153.09	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 September 04, 2026.

Note: The designation of customers as ‘Customer 1, ‘Customer 2, etc. is based on their relative contribution during the relevant period. As a result, the identity and ranking of these customers may vary from one period to another depending on changes in customer demand and business volumes.

Details of material developments after the date of last balance sheet i.e., March 31, 2026

After the date of last Balance sheet i.e. March 31, 2026, the following material events have occurred:

1. Our Company has approved the Audited Financial statements for the financial year ended on March 31, 2026 in the Board meeting dated September 03, 2026.

2. The Company has approved the Restated Financial Statements for the financial year ending March 31, 2026, March 31 2025 and March 31, 2024 in the Board meeting dated September 04, 2026.