Sai Urja Indo Ventures Ltd Management Discussions

You should read the following discussion of our financial condition and results of operations together with our

"Restated Consolidated Financial Statements" which have been included in this Red Herring Prospectus. The following discussion and analysis of our financial condition and results of operations is based on our Restated Consolidated Financial Statements for the Fiscal Years ended on March 31, 2026, 2025, and 2024 including the related notes and reports, included in this Red Herring Prospectus prepared in accordance with requirements of the Companies Act and restated in accordance with the SEBI Regulations, which differ in certain material respects from IFRS, U.S. GAAP and GAAP in other countries.

Our Restated Consolidated Financial Information have been derived from our audited consolidated financial statements for Fiscal 2026, Fiscal 2025, and Fiscal 2024, and restated in accordance with the SEBI ICDR Regulations and the Guidance Notes issued by the ICAI. Our Restated Consolidated Financial Statements are prepared in accordance with Ind AS, notified under the Companies (Indian Accounting Standards) Rules, 2015, and read with Section 133 of the Companies Act, 2013. Ind AS differs in certain material respects from Indian GAAP, IFRS and U.S. GAAP. Accordingly, the degree to which the Consolidated financial statements prepared in accordance with Ind AS included in this Red Herring Prospectus will provide meaningful information is entirely dependent on the readers level of familiarity with Ind AS, Ind AS accounting policies, Companies Act, SEBI

Regulations and other relevant accounting practices in India. We have not attempted to quantify the impact of IFRS or U.S. GAAP on the financial information included in this Red Herring Prospectus, nor do we provide a reconciliation of our financial information to IFRS or U.S. GAAP. Any reliance by persons not familiar with Ind AS accounting policies on the financial disclosures presented in this Red Herring Prospectus should accordingly be limited.

We have included various operational and financial performance indicators in this Red Herring Prospectus, many of which may not be derived from our Restated Consolidated Financial Information or otherwise be subject to an examination, audit or review by our auditors or any other expert. The manner in which such operational and financial performance indicators are calculated and presented and the assumptions and estimates used in such calculations, may vary from that used by other companies in India and other jurisdictions. Investors are accordingly cautioned against placing undue reliance on such information in making an investment decision and should consult their own advisors and evaluate such information in the context of the Restated Consolidated Financial Information and other information relating to our business and operations included in this Red Herring Prospectus.

Some of the information contained in this section, including information with respect to our strategies, contain forward-looking statements that involve risks and uncertainties. You should read the section titled "Forward- Looking Statements" beginning on page 28 of this Red Herring Prospectus for a discussion of the risks and uncertainties related to those statements and also the section titled "Risk Factors" and " Business Overview" beginning on page 30 and 190 respectively, of this Red Herring Prospectus for a discussion of certain factors that may affect our business, results of operations and financial condition. The actual results of the Company may differ materially from those expressed in or implied by these forward-looking statements.

Unless otherwise stated, references to "the Company", "our Company", "we", "us", and "our" are to Sai Urja Indo

Ventures Limited.

Our Fiscal Year ends on March 31 of each year. Accordingly, all references to a particular Fiscal Year are to the 12 months ended March 31 of that year.

BUSINESS OVERVIEW

We are an ISO 9001:2015 and ISO 45001:2018 certified company offering Operation and Maintenance (O&M) and other support services in industrial plants, primarily in power generation industry and other industries like iron & steel and agrochemicals. Our work includes managing electrical, mechanical, and instrumentation systems, operating coal handling and merry-go-round systems in power plants, as well as ensuring plant cleanliness and safety through industrial housekeeping, equipment overhauls, and manpower supply.

Our journey began in 2012 when we received our first electrical license in Maharashtra from the Licensing Board of the Industries, Energy and Labour Department. This marked the beginning of our efforts to meet regulatory standards for electrical work. In 2013, we expanded to Rajasthan and gradually obtained licenses in Uttar Pradesh, Bihar, Jharkhand and Madhya Pradesh. As on the date of this Red Herring Prospectus, we hold valid electrical licenses in 5 States (Maharashtra, Uttar Pradesh, Bihar, Jharkhand and Madhya Pradesh) for electrical related works. This allowed us to widen our services and establish ourselves as an O&M provider in the power sector. Over the time, we diversified across clients in industries like agrochemicals and iron & steel.

As on date of Red Herring Prospectus, we offer services that cover three areas:

1. Maintenance We take care of electrical systems (managing power distribution), control and instrumentation (monitoring and automation), and mechanical jobs (machinery upkeep and repairs).

2. Operations We manage operations in power plants, especially Boiler-Turbine-Generator (BTG), the core electricity producing unit, coal handling plants (CHP) and merry-go-round (MGR) systems that are essential for coal transport.

3. Others We support plant operations by providing industrial housekeeping to maintain cleanliness and safety, carrying out major equipment overhauls to restore functionality, and supplying skilled and unskilled manpower based on project needs.

In the last 3 years, we have served 21 locations in 9 states, in coal-based power plants, steel plants, and fertilizer plants. Among the top 10 states in India based on installed capacity of coal power plants refer to Chapter "Industry

Overview" beginning on page 147 of this Red Herring Prospectus, we are already present in 6 states for electrical (Maharashtra, Uttar Pradesh, Bihar & Madhya Pradesh) and other works (Chhattisgarh & Odisha). Further we are also working in Jharkhand apart from the above mentioned 6 states.

Our services are delivered through four types of contracts based on the tenders which include: Annual Maintenance Contracts (for one to three years), Performance-Based Contracts (linked to plant output or reliability), Manpower Supply Contracts and Short-Term Bill of Quantity Contracts (for temporary needs).

With a team of over 1,969 employees, we customize our services to meet each clients specific needs. For instance, we have been handling control and instrumentation services for the biggest power plant in India, a 4,760 MW thermal power plant in Central India and another 3,000 MW plant in Northern India. Our clients include Public Sector Undertaking (PSU) and other than PSU in power, iron & steel, and agrochemical industries, such as Adani Infrastructure Management Services Limited, GMR Warora Energy Limited and Maharashtra State Power Generation Company Limited MAHAGENCO.

We operate from our registered office in Chandrapur and our corporate office in Nagpur, which help us manage projects and client relationships efficiently. In the past 3 years, we have completed more than 45 projects, as.June 15, 2026 We have built long-term relationships with key clients and continue to receive repeat business across multiple locations.

Our company was featured in the January 2024 issue of Industry Outlook Magazine as "one of the top 10 Power Plant O&M Services 2024", in recognition of its contributions to the industry. For further information, see Chapter

"History and Corporate Structure" beginning on page 221 of this Red Herring Prospectus.

Our execution capabilities have grown with time in terms of the size of projects that we bid for and execute. As on June 15, 2026 we have17 on-going projects for which Rs. 7,165.10 Lakhs worth project execution is pending and 4 projects worth Rs. 2,536.74 Lakhs whose execution is yet to commence.

We have been consistently recording growth in our financial performance, with our revenue from operations growing at 36.59% CAGR over the last 3 years. Our revenues from operations for the fiscal year 2026, 2025 and 2024 were Rs. 8,510.97 lakhs, Rs. 6,552.42 Lakhs, and Rs. 4,561.64 Lakhs respectively. Our EBITDA for the fiscal year 2026, 2025, and 2024 were Rs. 651.38 Lakhs, Rs. 513.93 Lakhs, and Rs. 292.62 Lakhs respectively. Our Profit After Tax for the fiscal year 2026, 2025, and 2024 were Rs. 423.57 Lakhs, Rs. 313.74 Lakhs, and Rs. 137.19 Lakhs respectively.

Maintenance Services

KEY FACTORS AFFECTING THE RESULTS OF OPERATION

Our business is subjected to various risks and uncertainties, including those discussed in the section titled "Risk Factors" beginning on page 30 of this Red Herring Prospectus.

Our results of operations and financial conditions are affected by numerous factors including the following:

1. General economic and business conditions in the markets in which we operate and in the local, regional, national and international economies;

2. Our ability to effectively manage the operations of and costs associated with our operations;

3. Any change in government policies resulting in increases in taxes payable by us;

4. Our ability to retain our managements personnel and other employees;

5. Failure to comply with quality standards may lead to cancellation of existing and future orders;

6. General economic, political and other risks that are out of our control;

7. Companys ability to successfully implement its growth strategy and expansion plans;

8. Failure to comply with regulations prescribed by authorities of the jurisdictions in which we operate;

9. Our ongoing projects are exposed to various implementation risks and uncertainties and may be delayed, modified or cancelled for reasons beyond our control, which may adversely affect our business, financial condition and results of operation; 10. Our Order Book may not be representative of our future results and our actual income may be significantly less than the estimates reflected in our Order Book, which could adversely affect our results of operations; 11. We may not be able to compete and secure work order for projects we bid for, which could adversely affect our business and results of operations; 12. We derive a significant portion of our revenues from a limited number of clients. The loss of any significant clients may have an adverse effect on our business, financial condition, results of operations, and prospects and 13. Inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices.

KEY PERFORMANCE INDICATORS AND CERTAIN NON-GAAP MEASURES

EBITDA, EBITDA Margin, Return on Capital Employed and Return on Equity (together, "Non-GAAP Measures"), presented in this Red Herring Prospectus is a supplemental measure of our performance and liquidity that is not required by, or presented in accordance with, Ind AS, IFRS, U.S. GAAP or any other GAAP. Further, these Non-GAAP Measures are not a measurement of our financial performance or liquidity under Ind AS, Indian GAAP, IFRS, U.S. GAAP or any other GAAP and should not be considered in isolation or construed as an alternative to cash flows, profit for the years or any other measure of financial performance or as an indicator of our operating performance, liquidity, profitability or cash flows generated by operating, investing or financing activities derived in accordance with Ind AS, Indian GAAP, IFRS, U.S. GAAP or any other GAAP. In addition, these Non-GAAP Measures are not standardized terms, hence a direct comparison of these Non-GAAP Measures between companies may not be possible. Other companies may calculate these Non-GAAP Measures differently from us, limiting its usefulness as a comparative measure. Although such Non-GAAP Measures are not a measure of performance calculated in accordance with applicable accounting standards, our Companys management believes that they are useful to an investor in evaluating us as they are widely used measures to evaluate a companys operating performance.

EBITDA and EBITDA Margin

EBITDA is defined as our profit/loss before tax, finance Charges, depreciation and amortization and other income. Profit/loss before tax margin is defined as profit/loss before tax divided by revenue from operations. EBITDA margin is defined as our EBITDA as a percentage of revenue from operations.

The following table reconciles our profit/loss after tax to EBITDA for the years indicated:

(Amount in Rs. Lakhs unless stated otherwise)

Particulars	FY 2025-26	FY 2024-25	FY 2023-24
Net Profit as Restated	423.57	313.74	137.19
Add: Depreciation And Amortisation Expenses	76.64	61.27	50.80
Add: Finance Cost	72.12	54.63	43.14
Add: Income Tax/Deferred Tax	136.33	114.46	86.13
Less: Other income	(52.84)	(29.62)	(25.97)
Less: Income from Associates	(4.44)	(0.56)	1.33
EBITDA	651.38	513.93	292.62
EBITDA Margin (%)	7.65%	7.84%	6.41%

For more details of Key Performance Indicators of the Company for Financial Years ending March 31, 2026,

March 31, 2025 and March 31, 2024, please refer chapter titled "Basis for Offer Price" beginning on page 132 of this Red Herring Prospectus.

OUR SIGNIFICANT ACCOUNTING POLICIES

The Restated Consolidated Financial Statements for the company has been prepared considering the financial statements of Our Associates Firms Shikhar Associates and Aspire Associates as at and for the years ended March 31, 2026, March 31, 2025 and March 31, 2024.

For Significant accounting policies please refer Significant Accounting Policies and Notes to accounts, refer

Chapter titled "Restated Consolidated Financial Statements" beginning on page 252 of this Red Herring Prospectus.

PRESENTATION OF FINANCIAL INFORMATION

These Restated Consolidated Financial Information of our company and associate entities have been compiled from audited financial statements of the company and associates for the years ended March 31, 2026 and March 31, 2025 and special purpose audited financial statements for the year ended March 31, 2024 and March 31, 2023 prepared in accordance with the Indian Accounting Standard (referred to as "Ind AS") as prescribed under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, SEBI (ICDR) Regulations by M/s Pavan Khabiya & Co, Chartered Accountants, Nagpur i.e. Peer Review Auditor of the Company.

The policies related to Ind AS have been applied first time by our Company in preparation of the Restated Consolidated Financial Statements for financial year 2025-26 and are consistent with those adopted in the preparation of Consolidated Financial Statements for the year ended March 31, 2026.

The Restated Consolidated Financial Statements have been prepared so as to contain information / disclosures and incorporating adjustments set out below in accordance with the SEBI ICDR Regulations:

Adjustments to the profits or losses of the earlier years for the changes in accounting policies if any to reflect what the profits or losses of those periods would have been if a uniform accounting policy was followed in each of these years and of material errors, if any;

Adjustments for reclassification of the corresponding items of income, expenses, assets and liabilities, retrospectively for the years ended March 31, 2026, March 31, 2025 and March 31, 2024, in order to bring them in line with the groupings as per the Restated Consolidated Financial Statements of for the year ended March 31, 2026 and the requirements of the SEBI ICDR Regulations, if any; and

The resultant impact of tax due to the aforesaid adjustments, if any.

PRINCIPAL COMPONENTS OF STATEMENT OF PROFIT AND LOSS

Set forth below are the principal components of statement of profit and loss from our continuing operations:

Total Revenue

Our total revenue comprises of (i) revenue from operations and (ii) other income.

Revenue from Operations

Revenue from operations comprise revenue from the following: (i) Revenue from Operations.

Other Income

Other income includes (i) Interest on fixed deposits, (ii) Interest on income tax refund (iii) Interest on Security Deposit (iv) Income from Write Off (v) Remuneration from Associates (vi) Security Deposit received against labour license (Previously Expensed Out) (vii) Dividend Received on Investment in shares (viii) Realized Profit From sale of Quoted Shares (ix) Unrealized Gain From Quoted Shares

Cost of Material Consumed

Cost of Material Consumed include Consumable Expenses and Discount Received.

Employee benefits expense

Employee benefits expenses primarily include Salaries & Bonus, Managerial remuneration, Employee State Insurance Expenses (ESI), Wages and Bonus Allowances, Contribution to Funds, Labour Welfare Expenses and Gratuity Expense.

Finance Costs

Finance cost includes Interest expenses of loans from banks and loans from related party, finance charges on lease and bank commission & charges.

Depreciation and Amortization expense

Depreciation and Amortization expense includes Depreciation and Amortisation on Property, Plant &

Equipments, Right of Use Assets, Intangible Assets and Security Deposit.

Other Expenses

Other expense mainly includes Administrative Expenses, Audit Fees, Bad Debts, ESIC & PF Penalty, Computer Repair & Maintenance, Deduction and Recovery, Design & Technical Support, GST Expenses & other Tax Expenses, Insurance Expenses, Job work Expenses, License Charges & Expenses, Office Expenses, Legal Fees and Documentation Charges, Site Expenses, Tour & Travelling Expenses, Transport & Freight, Vehicle Hiring Charges, Vehicle Repairing & Maintenance, Round Off, Tender Fees & GEM Portal Fees ,Securities Expenses (Shares),Early Settlement Loss on Security Deposit, Professional Fees, Sitting Fees and Reverse Charge Expenses.

Tax Expenses

Tax expenses include current tax, earlier year tax and deferred tax.

RESULTS OF OUR OPERATION

The following table sets forth detailed total revenue data from our Restated Consolidated Statement of profit and loss for the period ended on March 31, of the Financial Years 2026, 2025, and 2024 the components of which are also expressed as a percentage of total revenue for such period.

(Amount in Rs. Lakhs unless stated otherwise)

	FY 2025-26		FY 2024-25		FY 2023-24
Particulars	Amount	% of Total Revenue	Amount	% of Total Revenue	Amount	% of Total Revenue
Revenue from Operations	8,510.97	99.38	6,552.42	99.55	4,561.64	99.43
Other Income	52.84	0.62	29.62	0.45	25.97	0.57
Total Revenue	8,563.80	100.00	6,582.04	100.00	4,587.61	100.00
Cost of Material Consumed	228.25	2.67	175.42	2.67	187.11	4.08
Employee Benefit Expenses	7,430.51	86.77	5,657.51	85.95	3,778.70	82.37
Financial Charges	72.12	0.84	54.63	0.83	43.14	0.94
Depreciation and amortization expense	76.64	0.89	61.27	0.93	50.80	1.11
Other Expenses	200.83	2.35	205.56	3.12	303.21	6.61
Total Expenses	8,008.35	93.51	6,154.39	93.50	4,362.96	95.10
EBIDTA	651.38	7.61	513.93	7.81%	292.62	6.38%
Profit before Tax	555.46	6.49	427.64	6.50	224.65	4.90
Total Tax Expenses	136.33	1.59	114.46	1.74	86.13	1.88
Profit for the Year	419.13	4.89	313.18	4.76	138.52	3.02
Income From Associates	4.44	0.05	0.56	0.01	(1.33)	(0.03)
Profit for the Year including Income from Associates	423.57	4.95	313.74	4.77	137.19	2.99
Total Other Comprehensive
Income for The Year, Net of	19.74	0.23	(9.05)	(0.14)	7.97	0.17
Tax
Total Comprehensive Income for The Year	443.30	5.18	304.69	4.63	145.16	3.16

REVIEW OF RESULTS OF OPERATIONS FOR THE PERIOD ENDED 31st MARCH 2026 TOTAL REVENUE: Revenue from operations

Our company is engaged in the business of operations and maintenance, and other support services involving electrical, mechanical, and instrumentation systems, operating coal handling and merry-go-round systems in power plants, as well as ensuring plant cleanliness and safety through industrial housekeeping, equipment overhauls, and manpower supply.

The Total Revenue from operations for the period ended on March 31, 2026, was Rs. 8,510.97 Lakhs. Which has increasing trend, as compared to previous years. The increase was attributed to larger contracts received by the customers every year. The growth in the Revenue from Operations is as per Restated Consolidated Financial Statements:

(Amount in Rs. Lakhs unless stated otherwise)

Particulars	FY 2025-26	FY 2024-25	FY 2023-24
Revenue from Operations	8,510.97	6,552.42	4,561.64
Growth (%)	29.89%	43.64%	60.66%

The Companys revenue has shown a significant upward trend over the past three financial years, reflecting effective operational strategies and improved market positioning.

The Company derives its revenue from three primary segments Maintenance, Operations, and Other. Over the past three years, both the number of clients and the revenue contribution across these segments have shown healthy growth, indicating stronger business grip and stronger client engagement.

The major reasons of the increase in the revenue over the years are as follows:

Particulars	UOM	FY 2026	FY 2025	FY 2024
Maintenance Clients	No.s	8	6	9
Operations Clients	No.s	3	4	5
Other Clients	No.s	2	2	1
	REVENUE BY SERVICES (B)
Maintenance	Rs. in lakhs	5989.78	5353.90	4155.22
Operations	Rs. in lakhs	1337.91	868.04	158.02
Other	Rs. in lakhs	1183.28	330.48	248.39
	AVERGAE REVENUE (A/B)
Maintenance	Numbers	748.72	892.32	461.69
Operations	Numbers	445.97	217.01	31.60
Other	Numbers	591.64	165.24	248.39

1. The Company has recorded significant revenue growth in the Operations and other Segment, reflecting its strong presence and consistent performance in this core area of operations.

2. While the overall number of customers has been stable, the average revenue per client has also increased significantly in operations & other segment.

3. The Company continues to maintain strong client relationships, which underscores its operational efficiency. This is evident from the high proportion of revenue generated from repeat customers, of 100% in FY2024 and FY 2025 and 99.65% in FY 2026.

4. The sustained growth in all the Segments is directly attributable to the rising revenues from all clients, further establishing the Companys leadership and reliability in this segment.

Other Income:

Other income of the company was Rs. 52.84 lakhs constituting 0.62% of Total Revenue for the FY 2025-26. The major portion of other income comes from Interest on Security Deposit amounting to Rs. 29.65 lakhs in FY 2025-26.

EXPENSES

Our Total Expenses were Rs. 8,008.35 lakhs which include Cost of Material Consumed, Employee Benefit Expenses, Financial Costs, Depreciation and amortization expense, and Other Expenses.

Cost of Material Consumed

Our Cost of Material Consumed were Rs. 228.25 lakhs representing 2.67% of Total Revenue for the period ended March 31, 2026. Cost of materials consumed includes Consumable Expenses, and Discount Received. Since our company is labour intensive, hence the only cost of material consumed is from purchase of consumables such as safety gears, supplies used for operations. Hence the percentage of cost of material consumed is very low compared to total revenue.

Employee Benefit Expenses

Our companys operations are primarily driven by a workforce that relies heavily on manual labour, making it a labour- intensive business model. So, the company major expenses are attributed to the employees benefit expenses. Employee Benefit expenses were Rs. 7,430.51 lakhs representing 86.77% of Total Revenue for the period ended March 31, 2025. Employee Benefit Expenses includes Salaries & Bonus, Managerial remuneration, Employee State Insurance Expense (ESI), Wages and Bonus Allowances, Contribution to Funds, Labour Welfare

Expenses and Gratuity Expense. Our companys employee benefit expenses are a s follows:

(Amount in Rs. Lakhs unless stated otherwise)

Particulars	FY 2025- 26	% to the total expenses	FY 2024-25	% to the total expenses	FY 2023-24	% to the total expenses
Salary & Bonus	39.83	0.50	18.37	0.30	17.66	0.40
Managerial Remuneration	27.60	0.34	29.15	0.47	25.45	0.58
Employee State Insurance Expense (ESI)	88.66	1.11	57.88	0.94	75.69	1.73
Wages and Bonus Allowances	6,696.72	83.62	5,096.25	82.81	3,328.33	76.29
Contribution to Funds	523.71	6.54	412.81	6.71	307.91	7.06
Labour Welfare Expenses	15.73	0.20	14.07	0.23	6.73	0.15
Gratuity Expense	38.26	0.48	28.97	0.47	16.94	0.39
Total Employee Benefit Expenses	7,430.51	92.78	5,657.51	91.93	3,778.70	86.61
Total Expenses	8,008.35		6,154.39		4,362.96	100.00

The major constituent of the Companys total expenditure is wages and allowances paid to the labour engaged in its operations. These payments are primarily made to workers who are not part of the Companys regular payroll.

Finance Cost

Finance Cost was Rs. 72.12 lakhs representing 0.84% of Total Revenue for the period ended March 31, 2026. Finance Costs include interest expenses on loan from banks and from related party, Finance Charges on Lease, and Bank Commission & Charges. The company has net increase in loans amounting to Rs. 183.14 lakhs in FY 2025-26 which resulted in increase in finance costs.

Depreciation and Amortization Expenses

The Depreciation and amortization expenses were Rs. 76.64 lakhs representing 0.89% of Total Revenue for the period ended March 31, 2026. Depreciation mainly includes Depreciation and Amortization on Property, Plant &

Equipments, Right of Use Assets, Intangible Assets and Security Deposit.

Other Expenses

Other Expenses were Rs. 200.83 lakhs representing 2.35% of Total Revenue for the period ended March 31, 2026. The major constituents of other Expenses are Design & Technical Support, Insurance Expenses, Site Expenses and Vehicle Hiring Charges amounting to Rs. 32.56 lakhs, Rs. 22.72 lakhs, Rs. 29.88 lakhs and Rs. 34.07 lakhs respectively.

Profit before Tax

The Profit before Tax for the period ended March 31, 2026, was 6.49% of the total revenue. The Profit before Tax was Rs. 555.46 lakhs for the period ended March 31, 2026.

Tax Expenses

The tax expenses of Rs. 136.33 lakhs include current tax of Rs. 150.60 lakhs and deferred tax of Rs. (14.28) lakhs for the period ended March 31, 2026.

Profit for the Year

Our company recorded profit for the year after deduction of tax was Rs. 419.13 lakhs for the period ended March 31, 2026. Profit after tax was 4.89% of Total Revenue after deducting the tax expenses of Rs. 136.33 lakhs for the period ended on March 31, 2026 because of the aforementioned reasons.

Income From Associates

Our company recorded Income from associates Rs. 4.44 lakhs representing 0.05% of Total Revenue for the period ended March 31, 2026.

Profit for the Year including Income from Associates

Our company recorded profit for the year was Rs. 423.57 lakhs for the period ended March 31, 2026. Profit for the year was 4.95% of Total Revenue after addition of income from associates.

Other Comprehensive Income

Our company recorded other Comprehensive Income/(Loss) of Rs. 19.74 lakhs representing 0.23% of Total Revenue for the period ended March 31, 2026

COMPARISION OF FINANCIAL YEAR ENDED MARCH 31, 2026 WITH FINANCIAL YEAR ENDED MARCH 31, 2025 BASED ON RESTATED CONSOLIDATED FINANCIAL STATEMENTS

TOTAL REVENUE

Our Total Revenue increased to 8,510.97 lakhs in Financial Year 2025-26 from 6,552.42 lakhs in Financial Year 2024-25, primarily due to an increase in our Revenue from Operations as discussed below:

Revenue from operations

In FY 2025-26, our Company recorded revenue from operations of Rs. 8,510.97 lakhs, compared to Rs. 6,552.42 lakhs in FY 2024-25. This represents an increase of approximately 29.89% compared to the previous financial year.

Particulars	FY 2025-26	FY 2024-25
Revenue from Operations	8,510.97	6,552.42
Growth (%)	29.89%	43.64%

The growth of 29.89% in FY 2025-26 indicates the Companys ability to retain customers and execute bigger value contracts over consecutive years. The increase in FY 2025-26 was primarily driven by:

Higher revenue contribution from the all Segment, supported by strong client relationships.

A rise in average revenue per client in operations and other segment.

Greater share of business from repeat customers, which is 99.65% in FY 2025-26, reflecting long-term engagement and operational reliability.

Other Income

Other income of the company is increased to 52.84 lakhs in Financial Year 2025-26 from 29.62 lakhs in Financial Year 2024-25. Interest on Security Deposit is the main constituents of the Other Income for the year Financial Year 2025-26. This security deposit is given to the clients as per the terms of the contracts. Some ledgers were written off during the year amounting to Rs. 12.00 lakhs

(Amount in Rs. Lakhs)

Particulars	FY 2025-26	FY 2024-25
Realized profit (From sale of Quoted Shares)	2.52	-
Unrealised Gain from Quoted shares (Fair Valuation)	1.36	(2.19)
Dividend Received on Investment in Shares	0.33	0.32
Remuneration from Associates	4.80	4.40
Security Deposit received against labour license (Previously Expensed Out)	-	1.33
Interest from write off	12.00	-
Interest on Security Deposit	29.65	25.41
Interest on Fixed Deposits	2.18	0.34
Total	52.84	29.62

EXPENSES

Our total expenses increased to Rs. 8,008.35 Lakhs for the FY 2025-26 from Rs. 6,154.39 Lakhs for the FY 2024-25. Our total expense was 93.51% of total revenue in FY 2025-26 and 93.50% of total revenue in FY 2024-25, which is on the similar level. The constituents of total expenses are mentioned below:

Cost of material Consumed

Cost of materials consumed includes Consumable expenses, Discount received. Cost of material consumed decreased in FY 2025-26 on account purchase of various consumables items during the year to Rs. 228.25 lakhs from Rs. 175.52 lakhs in FY 2024 which is on similar level as previous year i.e. 2.67% of total revenue.

Employee Benefit Expenses

Employee Benefit expenses increased to Rs. 7,430.51 Lakhs for FY 2025-26 from 5,657.51 lakhs for FY 2024-25 showing an increase Rs. 1,773.00 lakhs as compared to FY 2024-25 representing an increase of 31.34 % in employee benefit expenses. Wages and Bonus allowances are the biggest contributor of employees benefit expenses which increased to Rs. 6,696.72 Lakhs in FY 2025-26 from Rs. 5,096.25 lakhs in FY 2024-25. The number of Labour has decreased due to the nature of no-shifting from one place to another tendency of labour after the completion of project . The total number of employees in the company are 2058 in FY 2025-26 which were 2,469 in FY 2024-25. But the increased operational activities contributed the increase in Wages and Bonus Allowance, salaries and Bonus, Labour welfare expense and other employee-related expenses.

Financial Cost

Financial cost increased to Rs. 72.12 Lakhs in FY 2025-26 from Rs. 54.63 lakhs in FY 2024-25. The increase was primarily on account of net increase in borrowings of Rs. 183.14 lakhs availed by the Company during the year, which also led to a rise in bank commission and charges associated with the new loans.

Depreciation and Amortization Expense

The Depreciation and amortization expense for FY 2025-26 was Rs. 76.64 Lakhs as against Rs. 61.27 lakhs for FY 2024-25 showing an increase of Rs. 15.37 Lakhs, mainly on account of additional asset is acquired by the company amounting to Rs. 75.84 lakhs. In FY 2025-26 compared to fixed assets addition of Rs. 58.69 lakhs in FY 2024-25.

Other Expenses

Other Expenses decreased to Rs. 200.83 lakhs for FY 2025-26 from Rs. 205.56 Lakhs for FY 2024-25 showing a decrease of Rs. 4.73 Lakhs. The details of the expenses are as follows:

(Amount in Rs. Lakhs )

Particulars	FY 2025-26	FY 2024-25	Change
Administrative Expenses	13.18	19.76	(33.30)%
Audit Fees	3.00	3.00
Bad Debts	-	11.16
ESIC & PF Penalty	0.43	0.34	26.47%
Computer Repair & Maintenance	0.27	0.24	12.50%
Deduction & Recovery	12.94	0.78	1558.97%
Design & Technical Support	32.56	40.47	(19.55)%
Early Settlement Loss on Security Deposit	0.45	-
GST Expenses & other Tax Expenses	2.46	0.65	278.46%
Insurance Expenses	22.72	37.49	(39.40) %
Job work Expenses	0.64	-
License Charges & Expenses	1.74	1.41	23.40%
Office Expenses	9.44	6.28	50.32%
Legal Fees & Documentation Charges	14.53	2.31	529.00%
Professional Fees	4.50	-
Site Expenses	29.88	21.57	38.53%
Sitting Fees	4.20
Tour & Travelling Expenses	5.40	4.75	13.68%
Transport & Freight	3.48	4.13	(15.74) %
Vehicle Hiring Charges	34.07	17.32	96.71%
Vehicle Repairing & Maintenance	2.25	4.71	(52.23)%
Round Off	0.01	0.01
Tender Fees & GEM Portal Fees (Refer Note - ii Below)	2.13	28.94	(92.64)%
Reverse Charge Expense	0.54	-
Securities Expenses (Shares)	0.01	0.24	(95.83) %
Total	200.83	205.56

Profit before Tax

As a result, we recorded an increase of Rs. 127.82 lakhs in our profit before tax, which was Rs. 555.46 Lakhs in FY 2025-26, as compared to Rs. 427.64 Lakhs in FY 2024-25. The increase in profit before tax was primarily due to growth in revenue from operations. It also represents 6.49% of total revenue in FY 2025-26 as compared to 6.50% in FY 2024-25 which is at the similar level as of previous year.

Profit for the year

Our profit for the period including share of Income from associates increased by Rs. 109.83 lakhs i.e Rs. 423.57 lakhs in FY 2025-26 from 313.74 lakhs in FY 2024-25.

In FY 2025-26, our Companys PAT Margin increases to 4.95% from 4.77% in FY 2024-25 which is at the similar level as of FY 2025-26. Key factors contributing to the PAT Margin are detailed below:

1. The Company witnessed a higher level of operations during the year as compared to previous periods.

2. A reduction in other expenses contributed to an improvement in the Companys overall profit margins.

COMPARISION OF FINANCIAL YEAR ENDED MARCH 31, 2025 WITH FINANCIAL YEAR ENDED MARCH 31, 2024 BASED ON RESTATED CONSOLIDATED FINANCIAL STATEMENTS

TOTAL REVENUE

Our Total Revenue increased to 6,582.04 lakhs in Financial Year 2024-25 from 4,587.61 lakhs in Financial Year 2023-24, primarily due to an increase in our Revenue from Operations as discussed below:

Revenue from operations

In FY 2024-25, our Company recorded revenue from operations of Rs. 6,552.42 lakhs, compared to Rs. 4,561.64 lakhs in FY 2023-24. This represents an increase of approximately 43.64% compared to the previous financial year.

Particulars	FY 2024-25	FY 2023-24
Revenue from Operations	6,552.42	4,561.64
Growth (%)	43.64%	60.66%

The growth of 43.64% in FY 2024-25 as compared with 60.66% increase recorded in FY 2023-24, indicating the

Companys ability to retain customers and execute bigger value contracts over consecutive years. The increase in

FY 2024-25 was primarily driven by:

Higher revenue contribution from the Maintenance Segment, supported by strong client relationships and repeat business.

A rise in average revenue per client.

Greater share of business from repeat customers, which grew to 100% in FY 2024-25, reflecting long-term engagement and operational reliability.

Other Income

Other income of the company is increased to 29.62 lakhs in Financial Year 2024-25 from 25.97 lakhs in Financial Year 2023-24. Interest on Security Deposit is the main constituents of the Other Income for the year Financial Year 2024-25. This security deposit is given to the clients as per the terms of the contracts. This increase is on account of increase of Rs. 10.75 lakhs in interest on Security deposits in the Financial Year 2024-25 as compared to previous financial year.

(Amount in Rs. Lakhs)

Particulars	FY 2024-25	FY 2023-24
Profit from sale of Quoted Shares	(2.19)	6.63
Interest on Fixed Deposit	0.34	0.27
Remuneration from Associates	4.40	-
Security Deposit received against labour license (Previously Expensed Out)	1.33	-
Interest on Income Tax Refund	-	4.21
Interest on Security Deposit	25.41	14.66
Dividend Received on Investment in Shares	0.32	0.21
Total	29.62	25.97

EXPENSES

Our total expenses increased to Rs. 6,154.39 Lakhs for the FY 2024-25 from Rs. 4,362.96 Lakhs for the FY 2023-24. Our total expense was 93.50% of total revenue in FY 2024-25 and 95.10% of total revenue in FY 2023-24, which is a decrease of 1.60% on total revenue. The reasons for change are mentioned below:

Cost of material Consumed

Cost of materials consumed includes Consumable expenses, Discount received. Cost of material consumed decreased in FY 2024-25 on account purchase of various consumables items during the year to Rs. 175.42 lakhs from Rs. 187.11 lakhs FY 2023-24 resulting decrease in percentage of total revenue to 2.67 % in FY 2024-25 from 4.08% in FY 2023-24 i.e., decrease of 1.41%.

Employee Benefit Expenses

Employee Benefit expenses increased to Rs. 5,657.51 lakhs for FY 2024-25 from Rs. 3,778.70 Lakhs for FY 2023-24 showing an increase Rs. 1878.81 lakhs as compared to FY 2023-24 representing an increase of 49.72%. Wages and Bonus allowances are the biggest contributor of employees benefit expenses which increased to Rs. 5096.25 lakhs in FY 2024-25 from Rs. 3,328.33 lakhs in FY 2023-24. The number of labour has increased in the FY 2024-25 due to the increase in operational activities. The total number of employees in the company are 2469 in FY 2024-25 which were 1611 in FY 2023-24. This increase in workforce contributed to increase in Wages and Bonus Allowance, salaries and Bonus, Labour welfare expense and other employee-related expenses.

Financial Cost

Financial cost increased to Rs. 54.63 lakhs in FY 2024-25 from Rs. 43.14 lakhs in FY 2023-24. The increase was primarily on account of additional borrowings of Rs. 320.20 lakhs availed by the Company during the year, which also led to a rise in bank commission and charges associated with the new loans.

Depreciation and Amortization Expense

The Depreciation and amortization expense for FY 2024-25 was Rs. 61.27 Lakhs as against Rs. 50.80 lakhs for FY 2023-24 showing an increase of Rs. 10.47 Lakhs, mainly on account of additional asset is acquired by the company amounting to Rs. 58.69 lakhs. In FY 2024-25 compared to fixed assets addition of Rs. 12.29 lakhs in FY 2023-24.

Other Expenses

Other Expenses decreased to Rs. 205.56 Lakhs for FY 2024-25 from Rs. 303.21 Lakhs for FY 2023- 24 showing a decrease of Rs. 97.65 lakhs also decreasing from 6.61% of total revenue in FY 2023-24 to 3.12% of total revenue in FY 2024-25. The details of the expenses are as follows:

(Amount in Rs. Lakhs )

Particulars	FY 2024-25	FY 2023-24	% Change
Administrative Expenses	19.76	14.08	40.34
Audit Fees	3.00	3.00
Bad Debts	11.16	111.16	(89.96)
ESIC & PF Penalty	0.34	8.45	(95.98)
Computer Repair & Maintenance	0.24	-
Deduction & Recovery	0.78	5.78	(86.51)
Design & Technical Support	40.47	42.65	(5.11)
GST Expenses & other Tax Expenses	0.65	31.52	(97.94)
Insurance Expenses (Refer Note i Below)	37.49	6.36	489.47
Job work Expenses	-	9.67
License Charges & Expenses	1.41	3.36	(58.04)
Office Expenses	6.28	4.87	28.95
Legal Fees & Documentation Charges	2.31	-
Site Expenses	21.57	19.65	9.77
Tour & Travelling Expenses	4.75	8.13	(41.57)
Transport & Freight	4.13	2.31	78.79
Vehicle Hiring Charges	17.32	13.39	29.35
Vehicle Repairing & Maintenance	4.71	4.26	10.56
Round Off	0.01	(0.01)
Tender Fees & GEM Portal Fees (Refer Note - ii Below)	28.94	14.53	99.17
Securities Expenses (Shares)	0.24	0.05	380.00
Total	205.56	303.21

The company had recorded bad-debts of Rs. 111.16 lakhs in FY 2023-24 which was the main reason of the decrease in the other expenses in FY 2024-25 as compared to FY 2023-24.

Profit before Tax

As a result, we recorded an increase of Rs. 202.99 lakhs in our profit before tax, which was Rs. 427.64 Lakhs in FY 2024-25, as compared to Rs. 224.65 Lakhs in FY 2023-24. The increase in profit before tax was primarily due to growth in revenue from operations. It also represents 6.50% of total revenue in FY 2024-25 as compared to 4.90% in FY 2023-24.

Profit for the year

Our profit for the period including share of Income from associates increased by Rs. 176.55 lakhs i.e Rs. 313.74 lakhs in FY 2024-25 from Rs. 137.19 lakhs in FY2023-24.

In FY 2024-25, our Companys PAT Margin increases to 4.77% from 2.99% in FY 2023-24. Key factors contributing to increased PAT Margin are detailed below:

3. During the year, the Company transitioned from IGAAP to Ind AS, which required the consolidation of its associate entities. Consequently, the financial statements have been prepared on a consolidated basis.

4. The Company also witnessed a higher level of operations during the year as compared to previous periods.

5. A reduction in consumable expenses and other operating expenses contributed to an improvement in the

Companys overall profit margins.

LIQUIDITY AND CAPITAL RESOURCES

We fund our operations primarily with cash flow from operating activities and borrowings / credit facilities from banks. Our primary use of funds has been to pay for our working capital requirements and capital expenditure and for the expansion of our operational activity. We evaluate our funding requirements regularly considering the cash flow from our operating activities and market conditions. In case our cash flows from operating activities do not generate sufficient cash flows, we may rely on other debt or equity financing activities, subject to market conditions.

FINANCIAL INDEBTEDNESS

At the end of the financial year 2025-26, our Company has total outstanding of secured borrowings from banks aggregating to Rs. 608.62 lakhs and unsecured borrowings of 109.35 lakhs in the ordinary course of business.

CASH FLOWS

The following table sets forth selected information from our statement of cash flows for the periods indicated:

(Amount in Rs.lakhs)

Particulars	FY 2025- 26	FY 2024- 25	FY 2023- 24
Net Cash Generated/(Used) From Operating Activities (A)	(94.86)	(210.03)	335.09
Net Cash Generated/(Used) From Investing Activities (B)	(22.62)	(51.96)	4.11
Net Cash Generated/(Used) From Financing Activities (C)	111.02	265.57	(326.93)
Net increase / (decrease) in cash and cash equivalents (A+B+C)	(6.46)	3.57	12.27
Cash and Cash equivalent at the beginning of the year	41.21	37.63	25.37
Cash and Cash equivalent at the end of the year	34.75	41.21	37.63

Operating Activities

FY 2025-26

Net Cash used in operating activities during the year was Rs. (94.86) lakhs. While our net profit before tax was Rs. 559.89 lakhs, we had an operating profit before working capital changes of Rs. 670.33 lakhs, primarily due to adjustments for depreciation and amortization expenses of Rs. 76.64 lakhs and finance Charges of Rs. 72.12 lakhs, Remuneration from partnership Rs. (4.80) lakhs, (profit)/ loss on shares Rs. (1.36) lakhs, interest income on deposits and loans of Rs. (29.65) lakhs, interest income of investment of Rs. (2.18) lakhs, and dividend income of Rs. (0.33) lakhs.

Our adjustments for working capital changes for the year 2025-26 primarily consists of increase in Inventories of Rs. (12.42), decrease in Trade receivables of Rs. 86.45 lakhs, increase in other non-current assets of Rs. (7.64) lakhs, increase in other current assets of Rs. (342.91) lakhs, increase in other non-current financial asset of Rs. (50.01) lakhs, increase in trade payables of Rs. 14.93 lakhs, increase in non-current provisions of Rs. 3.81 lakhs, increase in current provisions of Rs 27.80 lakhs, decrease in other current liabilities Rs. (326.66) lakhs, decrease in other current financial liabilities of Rs. (12.11) lakhs. Our net cash used from operations was Rs. (94.86) lakhs after adjusting tax paid of Rs. 146.44 lakhs.

FY 2024-25

Net cash used in operating activities during the year was (210.03) lakhs. While our net profit before tax was Rs. 427.64 lakhs, we had an operating profit before working capital changes of Rs. 515.82 lakhs, primarily due to adjustments for depreciation and amortization expenses of Rs. 61.27 lakhs and finance Charges of Rs. 54.63 lakhs, Remuneration from partnership Rs. (4.40) lakhs, (profit)/ loss on shares Rs. 2.19 lakhs, interest income on deposits and loans of Rs. (25.41) lakhs, interest income of investment of Rs. (0.34) lakhs, and dividend income of Rs. (0.32) lakhs.

Our adjustments for working capital changes for the year 2024-25 primarily consists of increase in Trade receivables of Rs. (473.92) lakhs, increase in other current assets of Rs. (5.34) lakhs, decrease in other current assets of Rs. 10.06 lakhs, increase in other non-current financial asset of Rs. (211.75) lakhs, decrease in trade payables of Rs. (176.03) lakhs, increase in non-current provisions of Rs. 1.88 lakhs, increase in current provisions of Rs 28.76 lakhs, increase in other current liabilities Rs. 187.88 lakhs, increase in other current financial liabilities of Rs. 39.05 lakhs. Our net cash used from operations was Rs. (210.03) lakhs after adjusting tax paid of Rs. 126.44 lakhs.

FY 2023-24

Net cash generated in operating activities during the year 2023-24 was Rs. 337.71 lakhs. While our net profit before tax was Rs. 223.32 lakhs, we had an operating profit before working capital changes of Rs. 295.50 lakhs, primarily due to adjustments for depreciation and amortization expenses of Rs. 50.80 lakhs and finance Charges of Rs. 43.14 lakhs, (profit)/ loss on shares Rs. (6.63) lakhs, interest income on deposits and loans of Rs. (14.66) lakhs, interest income of investment of Rs. (0.27) lakhs, and dividend income of Rs. (0.21) lakhs.

Our adjustments for working capital changes for the year 2023-24 primarily consists of decrease in Trade receivables of Rs. 79.58 lakhs, increase in other current assets of Rs. (1.60) lakhs, decrease in other current assets of Rs. 29.26 lakhs, increase in other non-current financial of Rs. (32.01) lakhs, decrease in trade payables of Rs. (52.27) lakhs, increase in non-current provision of Rs. 1.37 lakhs, increase in current provisions of Rs 16.96 lakhs, increase in other current liabilities Rs. 181.56 lakhs, decrease in other current financial liabilities of Rs. (21.48) lakhs. Our net cash generated from operations was Rs. 335.09 lakhs after adjusting tax paid of Rs. 2.62 lakhs.

Investing Activities

FY 2025-26

Net cash used in investing activities was Rs. (22.62) lakhs in FY 2025-26, primarily on account of Rs. (75.84) lakhs used for purchase of fixed assets including intangible assets, CWIP and capital advance, Rs. 14.91 lakhs received from sale of investment, remuneration from partnership Rs. 4.80 lakhs and receipt of interest income on deposits and loans of Rs.29.65 lakhs, (profit)/loss on shares Rs. 1.36 lakhs, interest income of investment of Rs.2.18 lakhs, and dividend income of Rs. 0.33 lakhs.

FY 2024-25

Net cash used in investing activities was (51.96) lakhs in FY 2024-25, primarily on account of Rs. (58.69) lakhs used for purchase of fixed assets including intangible assets, CWIP and capital advance, Rs. (21.56) lakhs used for investment, remuneration from partnership Rs. 4.40 lakhs and receipt of interest income on deposits and loans of Rs. 25.41 lakhs, (profit)/loss on shares Rs. (2.19) lakhs, interest income of investment of Rs.0.34 lakhs, and dividend income of Rs. 0.32 lakhs.

FY 2023-24

Net cash generated in investing activities was Rs. 4.11 lakhs in 2023-24, primarily on account of Rs. (12.29) lakhs used for purchase of fixed assets including intangible assets, CWIP and capital advance, Rs. (5.36) lakhs used for the investments and receipt of interest income on deposits and loans of Rs. 14.66 lakhs, receipt of interest income from investments Rs 0.27 lakhs, (profit)/loss on shares of Rs. 6.63 Lakhs, and dividend income of Rs. 0.21 lakhs.

Financing Activities

FY 2025-26

Net cash generated in financing activities in FY 2025-26 amounted to Rs. 111.02 lakhs, which primarily consists of proceeds from long term borrowing of Rs. 9.82 lakhs, proceeds from short term borrowings of Rs. 173.33 lakhs and interest & finance Charges paid of Rs. (72.12) lakhs.

FY 2024-25

Net cash generated in financing activities in FY 2024-25 amounted to Rs. 265.57 lakhs, which primarily consists of proceeds from long+ term borrowing of Rs. 113.91 lakhs, proceeds from short term borrowings of Rs. 206.29 lakhs and interest & finance Charges paid of Rs. (54.63) lakhs.

FY 2023-24

Net cash used in financing activities in 2023-24 amounted to Rs. (326.93) lakhs, which primarily consists of repayment of long-term borrowings of Rs. (109.17) lakhs, repayment of short terms borrowings Rs. (174.63) lakhs and interest & finance Charges paid of Rs. (43.14) lakhs.

CAPITAL EXPENDITURE IN LAST THREE YEARS

Our net capital expenditures include expenditures on tangible assets which primarily include Plant & Machinery, furniture and fixtures, office equipment, vehicle, and computers. The following table sets out our net capital expenditures for the period ended March 31, 2026 and for the financial year ended 2025, and 2024

(Amount in Rs.Lakhs)

Particulars	FY 2025-26	FY 2024-25	FY2023-24
Building (Temporary Structure)	3.18	-	-
Computers and data processing units	5.29	3.62	0.31
Electrical Installations and Equipment	17.77	20.15	7.35
Furniture & Fittings	-	0.75	0.30
Motor Vehicle	23.55	8.03	-
Office Equipment	1.29	0.44	0.12
Plant and Machinery	20.85	15.88	4.20
Building	12.70	9.82
Total	84.64	58.69	12.29

CONTINGENT LIABILITIES

As on the date of this Red Herring Prospectus, our Company has no contingent liability in the name of claims against the company not acknowledged as debt bank guarantee etc except as stated below:

(Amount in Rs. Lakhs)

Particulars	FY 2025-26	FY 2024-25	FY 2023-24
a. Bank Guarantees	102.16	NIL	NIL
b. Provident Fund Damages	9.13	NIL	NIL

CONTRACTUAL OBLIGATIONS AND COMMITMENTS

As of March 31, 2026, the company does not have any capital Obligations and commitments that will affect our future operating results, revenue or other capital resources.

RELATED PARTY TRANSACTIONS

Related party transactions involving our promoters, directors, their entities, and relatives primarily pertain to share capital, remuneration, unsecured borrowings, and the purchase and sale of goods and services etc. For further details of such related parties under IND AS-24, refer chapter titled "Restated Consolidated Financial Statements" beginning on page 252 of this Red Herring Prospectus.

(Amount in Rs. Lakhs unless stated otherwise)

Particulars	FY 2025-26	FY 2024-25	FY2023-24
Related Party-Asset transaction	-	49.99	-
% to Total Assets	-	2.37%	-
Related Party- Borrowings availed/ (Repaid) (Net)	-	(49.99)	49.99
% to Total Borrowings	-	(9.35)%	9.35%
		3.95	-
Related Party - Revenue Transaction	2.63
% to Total Revenue from Operations	0.03%	0.06%	-
Related Party - Expense transaction	49.98	42.01	25.20
% to Total Expenses	0.63%	0.68%	0.41%
Related Party - Issue of Equity	-	-	-
% to Total Equity Share Capital	-	-	-

CUSTOMER CONCENTRATION

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

Particulars	FY 2025-26	FY 2024-25	FY2023-24
Top 1 Customer (%)	74.77	70.49	49.99
Top 3 Customers (%)	88.68	90.64	80.55
Top 5 Customers (%)	95.46	97.18	91.63
Top 10 Customers (%)	99.97	100.00	99.98

SUPPLIER CONCENTRATION

The percentage of purchase material and stock in trade derived from our top suppliers is given below:

Particulars	FY 2025-26	FY 2024-25	FY2023-24
Top 1 Supplier (%)	7.78	11.07	12.79
Top 3 Suppliers (%)	18.23	25.68	26.01
Top 5 Suppliers (%)	24.26	35.50	34.12
Top 10 Suppliers (%)	37.39	48.12	43.32

AUDIT OBSERVATIONS

There has been no adverse observations, reservations, qualification, adverse remarks or matter of emphasis in the audit reports of Restated Consolidated Financial Statement of FY 2025-26, FY 2024-25, and FY 2023-24.

MATERIAL DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL YEAR

In the opinion of the Board of Directors of our Company, since the date of the last Restated Consolidated Financial statements which is March 31, 2026 as disclosed in this Red Herring Prospectus, there have not arisen any circumstance that materially and adversely affect or are likely to affect the business activities or profitability of our Company or the value of its assets or its ability to pay its material liabilities within the next twelve months.

QUALITATIVE DISCLOSURE ABOUT MARKET RISK

In the course of undertaking our business, we are exposed to the following risks arising from financial instruments, which include credit risk, liquidity risk and market risk. Our primary focus is to achieve better predictability of financial markets and seek to minimize potential adverse effects on our financial performance.

Credit Risk

Credit risk is the risk that a customer will fail to perform or fail to pay amounts due causing financial loss. Our exposure to credit risk is influenced mainly by the individual characteristics of each customer and the geography in which it operates. Credit risk is managed through credit approvals, continuous follow-up, and continuously monitoring the creditworthiness of customers to which our Company grants credit terms in the normal course of business.

Liquidity Risk

Liquidity risk is the risk that we will encounter difficulty in meeting the obligations associated with its financial liabilities that are proposed to be settled by delivering cash or another financial asset. Our financial planning has ensured, as far as possible, that there is sufficient liquidity to meet the liabilities whenever due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to our reputation. We have practiced financial diligence and syndicated adequate liquidity in all business scenarios.

Market Risk

Market risk is the risk that results in changes in market prices, such as foreign exchange rates, interest rates and other price like equity prices, which will affect our income or the value of our holdings of financial instruments.

Foreign currency risk is not material as our Companys primary business activities are within India and does not have significant exposure in foreign currency.

Currently, our companys interest rate exposure is mainly related to debt obligations outstanding.

Effect of Inflation

We are affected by inflation as it has an impact on the material cost, wages etc. in line with changing inflation rates, we rework our margins so as to absorb the inflationary impact.

Details of default, if any, including therein the amount involved, duration of default and present status, in repayment of statutory dues or repayment of debentures or repayment of deposits or repayment of loans from any bank or financial institution

Except as disclosed in chapter titled "Restated Consolidated Financial Statements" beginning on page 252 of this Red Herring Prospectus there have been no defaults in payment of statutory dues or repayment of debentures and interest thereon or repayment of deposits and interest thereon or repayment of loans from any bank or financial institution and interest thereon by the Company.

INFORMATION REQUIRED AS PER ITEM (11) (II) (C) (iv) OF PART A OF SCHEDULE VI TO THE SEBI REGULATIONS, 2018

Unusual or infrequent events or transactions

Except as described in this Red Herring Prospectus, during the years under review company has prepared consolidated accounts with its associate entities. Apart from this, there have been no transactions or events, which in our best judgment, would be considered unusual or infrequent.

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

Indian rules and regulations as well as the overall growth of Indian economy have a significant bearing on our operations. Major changes in these factors can significantly impact income from continuing operations.

Other than as described in the section titled "Risk Factors" beginning on page 30 of this Red Herring Prospectus to our knowledge there are no significant economic changes that materially affects or are likely to affect income of our Company from continuing operations.

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 30 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.

Future changes in relationship between costs and revenues.

Apart from the risks as disclosed under Section titled "Risk Factors" beginning on page 30 of this Red Herring Prospectus, there no known factors that might affect the future relationship between cost and revenue. Our

Companys future costs and revenues will be determined by demand/ supply situation, government policies, global market situation and cost of our services.

The extent to which services increase in net sales or revenue are due to quality of our service and increase in number of customers.

Increase in revenue is by and large linked to increases in volume of business activity by the Company.

Extent to which material increases in net sales or revenue are due to increased business activities and new contracts.

Our company is engaged in the of operations and maintenance, and other support services for power plants and other Industries. Increase in revenues are by and large linked to increase in operations of company and dependent on the price realization of our services.

Total turnover of each major business segment in which the issuer company operated.

Our company is engaged in the business of operations and maintenance, and other support services for projects of power plants and other Industries. Relevant Industry data, as available, has been included in the section titled

" Industry Overview" beginning on page 147 of this Red Herring Prospectus.

Status of any publicly announced new products or business segment.

Otherwise as stated in the Red Herring Prospectus and in the section titled "Business Overview" beginning on page 190 of this Red Herring Prospectus. Our company has not publicly announced any new business segment till the date of this Red Herring Prospectus.

The extent to which business is seasonal.

Our company is engaged in the business of operations and maintenance, and other support services for power plants and other Industries. Business of our company to that extent is not seasonal in nature. Hence, our business is not subject to seasonality or cyclicality.

Any significant dependence on a single or few suppliers or customers.

Our business is substantially dependent on projects awarded by our clients to us. For further details, please refer

"Risk factors - We depend on contracts entered into with Public Sector undertakings (PSU) that account for a significant portion of our revenues. We cannot assure that such contracts will continue to be awarded to us in future. Failure to be awarded such contracts may adversely affect our business, results of operations, cash flows and financial condition" on page 32 of this Red Herring Prospectus.

Competitive Conditions

We face competition from existing and potential organized and unorganized competitors, which is common for any business. We have, over a period, developed certain competitive strengths which have been discussed in section titled "Business Overview" beginning on page 190 of this Red Herring Prospectus.

Material Frauds

There are no material frauds, as reported by our Statutory Auditors, committed against our Company, in the last three Fiscals.