Sejal Glass Ltd Management Discussions

Economic Review Global Economy 1

The global economy maintained stable growth momentum during CY 2025 despite persistent geopolitical tensions, evolving trade policies and heightened uncertainty across major economies. Global growth was estimated at around 3.4%, supported by resilient services activity, relatively stable labour markets and sustained investments in technology, artificial intelligence and digital infrastructure. Global trade flows remained steady, supported by supply chain diversification, continued expansion in technology-related exports and strategic realignment of international trade relationships.

Economic growth trends, however, remained uneven across regions. Advanced economies recorded slower growth of around 1.9%, as elevated interest rates and tighter financial conditions weighed on consumption and investment activity across the

United States and the Euro Area. Emerging market and developing economies expanded at a stronger pace of approximately 4.4%, supported by domestic demand, infrastructure investments and improving manufacturing activity, continuing to contribute a larger share to global growth.

Global inflation remained relatively stable but above central bank targets across several economies. Financial conditions tightened moderately following renewed geopolitical disruptions and commodity price volatility, particularly after the escalation of conflict in West Asia during early 2026. Rising energy prices, supply-side disruptions and uncertainty surrounding global trade policies influenced inflation expectations, logistics costs and investment sentiment.

Countries are increasingly focused on strengthening domestic manufacturing capabilities, improving supply chain resilience and expanding strategic trade partnerships amid evolving geopolitical and economic realignments.

Outlook

The global economic outlook remains moderate, with growth projected at around 3.1% in CY 2026 and 3.2% in CY 2027, indicating a gradual moderation from recent levels. Global headline inflation is projected to rise to approximately 4.4% in CY 2026 before easing to 3.7% in CY 2027 as supply-side disruptions gradually stabilise and monetary conditions remain relatively restrictive across major economies.

The outlook is influenced by rising geopolitical uncertainties, particularly the escalation of conflict in West Asia and disruptions across critical energy supply routes during early 2026. Increased volatility in commodity and energy markets has added pressure on inflation expectations, freight costs, financial conditions and global trade flows. Prolonged disruptions in energy infrastructure or transportation routes could result in sustained pressure on energy prices, tighter financial conditions and weaker global demand conditions across several economies.

Advanced economies are expected to witness moderate growth amid relatively tight monetary conditions and slower investment activity, while emerging market and developing economies are projected to grow at around 3.9% in CY 2026 and 4.2% in CY 2027, supported by infrastructure spending, domestic demand and manufacturing activity. Medium-term growth prospects are expected to benefit from continued investments in urban infrastructure, advanced manufacturing, renewable energy and digital transformation, which are expected to support demand across construction and industrial value chains.

Downside risks remain elevated due to geopolitical tensions, commodity price volatility, trade fragmentation, rising public debt levels and potential instability in global financial markets. The trajectory of the global economy will largely depend on the ability of economies to maintain macroeconomic stability, manage geopolitical risks and sustain long-term investment momentum in an increasingly complex global environment.

Regional Overview & Outlook GCC Countries

GCC economies witnessed steady expansion across non-oil sectors during CY 2025, supported by large-scale infrastructure development, urban modernisation and economic diversification initiatives. Countries such as Saudi Arabia and the United Arab Emirates accelerated investments across smart cities, transportation infrastructure, renewable energy, industrial zones, tourism and commercial real estate under long-term programmes including Saudi Vision 2030.

The region also continued to strengthen its position as a global investment and logistics hub through sovereign-led investments

across manufacturing, mining, logistics and digital infrastructure. However, geopolitical tensions in West Asia during early 2026 resulted in increased volatility across energy markets and shipping routes, leading to higher logistics costs and uncertainty across regional trade flows.

Sub-Saharan Africa

Sub-Saharan Africas economic recovery moderated during CY 2025 and early CY 2026 amid rising geopolitical spillovers, elevated debt burdens and persistent structural challenges across several economies. Regional GDP growth remained at around 4.5% in CY 2025, supported by domestic demand, improving inflation trends and infrastructure-led investments across several countries.

Private consumption and investment activity benefited from relatively accommodative monetary conditions, improving external balances and higher commodity prices across resource- rich economies. However, the region remained exposed to external vulnerabilities arising from geopolitical tensions in West Asia, rising energy and fertilizer prices, supply chain disruptions and tightening global financial conditions.

The outlook remains moderate with regional GDP growth projected to remain at around 4.3% in CY 2026. Increasing investments across transportation, renewable energy, mining, logistics and industrial infrastructure are expected to support medium-term economic activity across the region.

Indian Economy

India remained one of the fastest-growing major economies in FY2025-26, supported by resilient domestic demand, improving investment activity and stable macroeconomic fundamentals. Real GDP growth was estimated at 7.6% during the year, following growth rates of 7.1% in FY2024-25 and 7.2% in FY2023-24. Growth momentum remained supported by strong private consumption, sustained public capital expenditure and improving industrial activity across key sectors of the economy. 2

Private Final Consumption Expenditure (PFCE) accounted for around 61.5% of GDP during the year, reflecting resilient consumer demand across urban and rural markets. Investment activity also strengthened, with Gross Fixed Capital Formation (GFCF) contributing nearly 32% of GDP and registering growth of 7.1%, supported by continued infrastructure development and gradual improvement in private sector investment. 3

Inflation remained relatively moderate through most of the year before witnessing a gradual increase toward the close of FY2025-26. Consumer price inflation rose from 2.7% in January 2026 to 3.4% in March 2026, primarily led by food price pressures and higher energy-related risks arising from geopolitical developments. 4 Despite external uncertainties, Indias macroeconomic fundamentals remained relatively stable, supported by healthy financial sector conditions, robust tax collections and continued policy support for economic growth.

Policy focus during the year remained centred on strengthening long-term growth drivers through infrastructure development, manufacturing expansion and fiscal consolidation. Structural reforms such as GST rationalisation, implementation of labour codes and continued focus on Production-Linked Incentive (PLI) schemes supported formalisation, industrial competitiveness and supply chain integration. The Union Budget 2026-27 further reinforced the governments emphasis on infrastructure-led growth, with public capital expenditure increased to H12.2 Lakh Crores from H11.2 Lakh Crores in FY2025-26, alongside continued investments in logistics, industrial corridors, energy security and strategic manufacturing sectors. 5

Outlook

Indias economic outlook remains resilient, supported by strong domestic fundamentals, continued infrastructure investments and sustained policy support. According to RBI projections, real GDP growth for FY2026-27 is projected at around 6.9%, with domestic demand expected to remain the primary growth driver. 6 Private consumption is likely to remain healthy, supported by stable macroeconomic conditions, improving income levels, favourable agricultural conditions and steady urban demand trends. Investment activity is also expected to sustain momentum, driven by continued public capital expenditure, improving capacity utilisation and gradual strengthening of private sector participation.

Continued government focus on domestic manufacturing, logistics infrastructure, renewable energy, digital expansion and strategic sectors is expected to support industrial growth and long-term economic competitiveness. Ongoing trade agreements and tariff rationalisation measures may also provide incremental support to export growth and supply chain integration opportunities.

The outlook remains exposed to global uncertainties, including geopolitical tensions, volatility in crude oil prices, supply chain disruptions and fluctuations in capital flows. Rising energy prices and weather-related uncertainties may create near-term inflationary pressures, particularly across food and fuel categories. Global trade disruptions and weaker external demand conditions may also affect export growth and financial market stability.

However, Indias relatively strong macroeconomic fundamentals, improving infrastructure ecosystem, digital transformation and sustained reform momentum are expected to support steady economic growth and resilience amid a challenging global environment.

Industry Overview Global Flat Glass Industry 7

Increasing urbanisation, infrastructure development and rising preference for sustainable and energy-efficient building materials are supporting growth in the global flat glass industry across construction, automotive, renewable energy and interior infrastructure applications. Flat glass is widely used in architectural glazing, facades, windows, skylights, automotive windshields, solar panels and interior applications due to its durability, safety, thermal insulation and aesthetic properties. Growing investments in residential and commercial construction projects, along with expansion in infrastructure and transportation networks, are supporting sustained demand for flat glass products across global markets.

The global flat glass market is estimated to be valued at USD 339.47 Billion in 2026. The architectural segment is expected to account for the largest share of the market, contributing 38.2% in 2026, driven by strong growth in commercial and residential construction activities, increasing adoption of modern facade systems and rising emphasis on energy-efficient buildings. Tempered glass is expected to remain the leading product category with 37.6% market share owing to its superior strength, durability and safety characteristics across construction, automotive and industrial applications.

The industry is witnessing increasing adoption of advanced and value-added glass solutions such as insulated glass units (IGUs), laminated glass, Low-E glass, solar-control glass and smart glass products. Growing implementation of stringent building energy-efficiency standards and sustainability regulations across developed economies is accelerating demand for high- performance glazing solutions. In parallel, rising investments in renewable energy installations, electric vehicles and smart infrastructure projects are creating additional opportunities for specialised flat glass applications globally.

TheAsia Pacific region has emerged as the fastest-growing market for flat glass globally, supported by rapid urbanisation, industrialisation and infrastructure development across China, India and Southeast Asian countries. The Middle East region is also witnessing increasing demand for architectural glass products due to large- scale commercial, hospitality and infrastructure developments.

Outlook 8

The global flat glass market is projected to reach USD 468.19 Billion by 2033, with a CAGR of 4.7% during the forecast period from 2026 to 2033. Demand for value-added and high-performance flat glass products is expected to increase across architectural, automotive, renewable energy and smart infrastructure applications.

Rising implementation of green building regulations and stricter environmental standards is expected to accelerate adoption of insulated glass units (IGUs), Low-E glass and advanced glazing solutions designed to improve thermal efficiency and reduce energy consumption. In addition, growth in electric vehicle production and solar energy installations is expected to create significant opportunities for specialized flat glass applications.

Indian Flat Glass Industry 9

Indias rapid urbanisation, infrastructure expansion and evolving architectural preferences are driving strong growth in the flat glass industry. Increasing construction of commercial complexes, residential developments, airports, metro networks, data centres and modern urban infrastructure has accelerated the adoption of high-performance glass solutions across the country. In parallel, rising focus on energy-efficient buildings, premium facades and sustainable construction materials is further strengthening demand for value-added flat glass products across residential, commercial and industrial applications.

The Indian flat glass market was valued at approximately USD 3.93 Billion in 2025. The construction sector accounted for the largest share of industry demand, contributing around 45% of the market, supported by growth in residential housing, commercial real estate, smart city developments and large-scale infrastructure projects. Fabricated glass products accounted for nearly 60% of the market in 2025, reflecting rising demand for processed and customised glass solutions offering enhanced thermal insulation, solar control, safety and acoustic performance.

Growth Drivers

Strong Growth in Construction and Infrastructure Development

Expansion in residential, commercial and institutional construction activities remains one of the key growth drivers for the Indian flat glass industry. Rising urbanisation, increasing demand for modern infrastructure and large-scale investments in smart cities, metro rail networks, airports, industrial corridors and commercial real estate projects are accelerating adoption of architectural glazing solutions across the country.

Increasing Adoption of Energy-Efficient Building

Growing focus on sustainable construction practices and energy- efficient buildings is driving demand for advanced glazing solutions such as insulated glass units (IGUs), Low-E glass and solar-control glass products. Developers and architects are increasingly adopting high-performance glass solutions to improve thermal insulation, optimise natural lighting and reduce energy consumption across residential and commercial buildings. Implementation of green building standards and stricter energy-efficiency regulations is further accelerating adoption of technologically advanced glazing products across urban infrastructure projects.

Expansion of Solar Energy Applications

Indias renewable energy transition and ambitious solar power expansion targets are creating significant opportunities for the flat glass industry. Increasing investments in solar parks, rooftop solar projects and photovoltaic manufacturing are driving demand for specialised solar glass products designed to improve energy conversion efficiency and durability. Rising focus on domestic manufacturing capabilities and expansion of renewable energy infrastructure are expected to further strengthen demand for high-performance solar glass solutions over the long term.

Rising Automotive Production

Growth in Indias automotive industry is supporting increasing demand for automotive glazing products across passenger vehicles, commercial vehicles and electric vehicles. Automotive manufacturers are increasingly adopting advanced glazing solutions such as panoramic sunroofs, UV-protection glass, lightweight glazing and heads-up display compatible windshields to improve vehicle safety, comfort and energy efficiency. Rising vehicle production, premiumisation trends and increasing electric vehicle adoption are expected to support long-term demand for value-added automotive glass products.

Growing Demand for Processed and Value-Added Glass

Demand for fabricated and processed glass products is increasing steadily across residential, commercial and industrial applications. Laminated, insulated, toughened and coated glass solutions are witnessing higher adoption due to increasing focus on safety, acoustic insulation, thermal efficiency and aesthetic appeal.

Outlook 10

The Indian flat glass industry is expected to witness sustained growth over the medium to long term, supported by rapid urbanisation, expanding infrastructure investments and rising construction activities across residential, commercial and industrial segments. The Indian flat glass market is projected to reach approximately USD 6.39 Billion by 2034, growing at a CAGR of 5.55% during the forecast period from 2026 to 2034.

Demand for value-added and high-performance glass products is expected to increase across construction, automotive and renewable energy applications. Supported by favourable government initiatives, infrastructure-led growth and rising demand for advanced glazing solutions, the outlook for the Indian flat glass industry remains positive.

Opportunities

Premiumisation of Architectural and Interior Glass Applications

Evolving architectural preferences and increasing adoption of modern facade designs are driving demand for aesthetically advanced and customised glass solutions across commercial, residential and hospitality projects.

Infrastructure Expansion

Large-scale investments in transportation infrastructure, airports, metro rail systems, industrial corridors and urban redevelopment projects are expected to create strong demand for architectural and safety glazing products.

Shift Toward High-Performance and Specialised Glass Products

Demand for technologically advanced glazing products is increasing across construction, transportation and institutional applications. Product categories such as fire-rated glass, bullet- resistant glass, acoustic glass, digitally printed glass and railway- grade glass are witnessing higher adoption due to growing focus on safety, durability, energy efficiency and specialized performance requirements.

Growth in Renewable Energy and Solar Applications

Indias renewable energy expansion plans are creating favourable opportunities for solar glass applications across photovoltaic modules and solar infrastructure projects. Rising investments in solar parks, rooftop solar systems and domestic photovoltaic manufacturing are expected to strengthen demand for specialized glass products designed for energy efficiency and durability. Government focus on renewable energy capacity expansion is likely to further support growth in this segment over the long term.

Challenges

Industry Competition

The industry faces strong competition from both organised domestic players and international manufacturers. Increasing competitive intensity, pricing pressures and capacity additions across the industry may impact market share and profitability.

Dependence on Construction and Real Estate Activity

Demand for flat glass products remains closely linked to construction, infrastructure and real estate activity. Any slowdown in residential housing, commercial real estate

investments or infrastructure execution due to economic uncertainties, financing constraints or policy disruptions could adversely affect industry demand growth.

Supply Chain and Geopolitical Risks

The industry is also exposed to supply chain disruptions, logistics constraints and geopolitical uncertainties that may affect availability and movement of raw materials, equipment and finished products across domestic and export markets. Prolonged geopolitical tensions and trade disruptions may impact export demand, operational stability and overall business visibility for glass manufacturers with international market exposure.

Company Overview

Founded in 1998, Sejal Glass Limited has established itself as a recognised player in the architectural glass processing industry, catering to the evolving requirements of modern construction and infrastructure development. The Company manufactures a diversified range of processed glass solutions used across residential and commercial buildings, public infrastructure, healthcare facilities, educational institutions, industrial facilities, data centres and high-security applications.

The Companys product portfolio includes toughened glass, laminated glass, insulated glass units, decorative glass and other specialized architectural glass solutions designed to enhance safety, thermal efficiency, durability and aesthetics. Supported by advanced manufacturing facilities located at Silvassa, Ras Al- Khaimah (UAE), Taloja and Erode, along with modern machinery and quality control systems, Sejal Glass caters to both domestic and international markets, including the GCC region.

With a focus on product quality, technology and customer-centric solutions, the Company continues to strengthen its capabilities across value-added architectural glass segments. Its integrated processing capabilities across toughening, lamination, insulating glass assembly and specialized fabrication enable the Company to deliver customized solutions aligned with evolving industry requirements and growing demand for high-performance architectural glass products.

Key Highlights of FY2025-26

Acquisition of Glasstech Architectural Glass Business

During FY 2025-26, Sejal Glass completed the acquisition of the architectural glass manufacturing business of Glasstech Industries (India) Private Limited through a Business Transfer Agreement. The acquisition added manufacturing facilities at Taloja, Maharashtra and Erode, Tamil Nadu, significantly expanding the Companys manufacturing footprint and strengthening its presence across key domestic markets. Along with the manufacturing units, the acquisition included plant and machinery, technical know-how, workforce, customer

relationships, brand and goodwill, enabling the Company to enhance operational scale, improve regional accessibility and strengthen its value-added architectural glass portfolio.

Expansion into Digitally Printed Glass

The acquisition of the Glasstech business also enabled the Company to expand into digitally printed glass solutions, further diversifying its product portfolio within the architectural glass segment. This capability strengthens Sejal Glass offerings across premium commercial and architectural applications where customised and aesthetically advanced glass solutions are witnessing increasing demand.

Entry into Fire-Rated Glass Segment

The Company entered into a technology licensing and supply agreement with Polymer Technology SRO, Spain, for the development and manufacturing of fire-rated glass products across India and the UAE. Through this agreement, Sejal Glass received exclusive and royalty-free rights to utilise polymer gel- based technology for manufacturing fire-rated glass solutions under its own brand. This development marks the Companys entry into a specialised and high-value architectural glass segment driven by increasing safety regulations and demand for advanced building materials.

Advancement in Specialized Glass Solutions

During the year, the Company continued to strengthen its focus on specialized and high-performance glass categories. Sejal Glass progressed on the development of bullet-resistant glass solutions and railway-grade glass panels designed for applications in defence, transportation and infrastructure sectors. The railway-grade glass products have been developed for high-speed train applications, while the bullet-resistant glass solutions are targeted toward high-security and specialized infrastructure requirements.

Product Performance

Revenue generated by each product in FY 2025-26, in comparison to FY 2024-25

Financial Performance

Particulars	Standalone FY 2025-26	Standalone FY 2024-25	Consolidated FY 2025-26	Consolidated FY 2024-25
Revenue from Operation	11,063.33	6,301.69	39,650.23	24,357.90
EBITDA	1,646.35	1,221.91	6,632.33	3,534.25
Profit Before Tax	(193.29)	399.90	3,162.19	1,163.60
Profit for the Year	(193.29)	399.90	2,903.06	1,103.02
Net Worth	10,610.59	3,078.39	15,132.16	3,809.05

Key Financial Ratios

Particulars	FY 2025-2026		FY 2024-25
	Change
ROCE (in %)	16.00%	13.74%	2%
ROE (in %)	10.00%	11.03%	1%
Current ratio (in times)	1.44	1.35	(7%)
Debt equity ratio (in times)	1.09	4.16	(74%)
Operating Profit Margin (%)	16.73%	14.51%	2%
Net Profit Margin (%)	7.32%	4.53%	3%

Remarks

Reason for major change (if variation is 25% or more)

Change in Debt Equity Ratio

Reduction in Debt Equity Ratio is on account of raising of equity fund during the year of H 7,770 Lakhs and reduction of debt of H 2,952.37 Lakhs

Human Resources

The Company believes that its people are fundamental to sustaining growth and building long-term competitive advantage. During FY2025-26, the Company continued to strengthen organizational capabilities while supporting business expansion, capacity augmentation and the integration of newly acquired businesses. Significant efforts were directed towards fostering a unified culture across manufacturing locations, corporate functions and international operations. Guided by the One Sejal philosophy, the Company focused on creating greater alignment, collaboration and shared values across the organisation. This was further reinforced through the launch of Lakshya, a Group-wide vision alignment initiative anchored around the theme of Speed. Scale. Sustainability., which sought to align business priorities, leadership expectations and organizational goals while promoting a common direction for future growth.

Learning and capability development remained key priorities during the year. The Company introduced Utthan, an integrated learning and development framework aimed at enhancing technical, functional and behavioural competencies across operating entities. Focused interventions were undertaken to strengthen managerial effectiveness, techno-commercial capabilities and leadership development, thereby building a sustainable leadership pipeline and preparing employees to address evolving business and customer requirements. Structured onboarding and employee integration initiatives were also implemented to accelerate productivity and facilitate seamless cultural integration following recent acquisitions and expansion initiatives.

The Company remains committed to fostering a safe, inclusive and engaging workplace that promotes employee well-being and organizational excellence. Continued emphasis was placed on strengthening workplace safety practices through awareness, compliance and preventive measures across operations. Employee engagement and connect initiatives were undertaken to enhance workplace experience and encourage greater participation and collaboration. Through sustained investments in people development, performance alignment and talent retention, the

Company continues to build a future-ready workforce capable of supporting its growth ambitions and creating enduring value for all stakeholders.

Employees in FY 2026

Sustainability Stewardship

Sustainability is closely linked to the way Sejal Glass builds its business, develops its products and manages its operations. The Companys portfolio of insulated glass units, solar-control glass and advanced glazing solutions supports the growing demand for energy-efficient buildings and sustainable infrastructure. Alongside expanding its value-added product portfolio, the Company focuses on improving operational efficiency through better resource utilisation, yield improvement, waste reduction and process optimisation across its manufacturing facilities. These efforts strengthen both environmental performance and operational competitiveness while supporting responsible growth.

The Companys approach to sustainability also extends beyond environmental considerations and encompasses building a resilient organisation capable of creating long-term value. Investments in automation, digitisation, advanced manufacturing capabilities and workforce development are helping enhance operational excellence and organisational capability. Opportunities relating to renewable energy adoption, recycling initiatives and circular economy practices are also being evaluated as part of broader efforts to improve resource efficiency and environmental performance. Supported by prudent capital allocation, strong governance practices and a diversified presence across India and the UAE, Sejal Glass is building a stronger platform for sustainable long-term growth.

Company Outlook

Growing investments in infrastructure, urban development, commercial real estate, transportation and sustainable construction are expected to support long-term demand for value-added architectural glass solutions. Increasing adoption of energy-efficient glazing systems, advanced facade solutions and specialised glass products across residential, commercial, healthcare, hospitality and infrastructure projects presents significant opportunities for the Company across domestic and international markets.

Sejal Glass remains focused on strengthening its leadership position in value-added and specialty glass segments while improving operational efficiency and manufacturing scalability. The integration of the Glasstech operations has enhanced the Companys specialised manufacturing capabilities, technological expertise and product offerings, while expanding its footprint across key domestic markets. The Company is also focused on increasing capacity utilisation across its manufacturing facilities and driving operational excellence through process optimisation and improved production planning.

Technology, automation and digitisation form an important part of the Companys growth strategy. Investments in advanced machinery, intelligent manufacturing systems and process standardisation initiatives are aimed at enhancing productivity, quality and customer responsiveness. Alongside these efforts, the Company is expanding its presence across high-value product categories including fire-rated glass, bullet-resistant glass, railway-grade glass, digitally printed glass, laminated glass,

advanced facade solutions, high-performance insulated glass units and energy-efficient glazing systems to address evolving customer requirements across multiple end-user industries.

Going forward, the Company intends to strengthen its domestic presence through geographic expansion, greater participation in infrastructure-led opportunities and continued focus on specialised glass applications. Internationally, it aims to leverage its UAE platform to pursue opportunities across the GCC, Africa and other export markets, providing greater revenue diversification and business resilience. The Company will also continue to evaluate disciplined inorganic growth opportunities, along with selective brownfield and greenfield expansion initiatives aligned with market demand, technology access and return expectations. Supported by manufacturing excellence, innovation, sustainability- focused operations, prudent capital allocation and organisational strengthening under its Vision 2030 roadmap, Sejal Glass is well positioned to create long-term value and strengthen its position in the architectural and specialty glass industry.

Risk Management

Risk Type		Description		Mitigation Strategy
Geopolitical and Global Economic Risk		Geopolitical tensions, trade disruptions and volatility in global economic conditions may impact infrastructure investments, construction activity and export demand across key markets, particularly in GCC countries. Fluctuations in energy prices and logistics costs may also affect operational stability and project execution timelines.		The Company closely monitors global developments and market conditions through a structured risk management framework. Geographic diversification, customer engagement and continuous monitoring of project pipelines help mitigate the impact of external uncertainties on business operations.
Regulatory and Compliance Risk		Changes in government regulations, taxation policies, environmental norms, labour laws and trade-related regulations across domestic and international markets may affect operational efficiency and compliance requirements within the flat glass industry.		The Company maintains a proactive compliance framework supported by regular monitoring of regulatory developments, internal reviews and timely implementation of required policy and process changes to ensure adherence to applicable regulations.
P Raw Material and Energy Cost Risk		Manufacturing operations remain exposed to fluctuations in prices and availability of key raw materials such as glass, interlayers, chemicals and related inputs. Variability in fuel, power and logistics costs may also impact operating margins and overall cost competitiveness.		The Company maintains strong relationships with suppliers and focuses on procurement planning, inventory management and operational efficiency measures to reduce supply-related disruptions and optimise cost structures.
filing Competitive Market Risk		The value-added glass industry remains highly competitive with the presence of organised and regional players across architectural and processed glass segments. Increasing competition and pricing pressure may impact market share and profitability.		The Company focuses on product quality, customer relationships, differentiated value-added offerings and expansion across specialised product categories to strengthen market positioning and improve competitiveness.
Risk Type	Description		Mitigation Strategy
Information Technology and Cybersecurity Risk	Dependence on information technology systems across manufacturing, supply chain, finance and business operations exposes the Company to risks arising from system disruptions, cyber threats, data breaches and operational downtime.		The Company has implemented security protocols, access controls, regular system monitoring and data backup mechanisms to strengthen cybersecurity preparedness and ensure continuity of critical business operations.
4s Financial and Liquidity Risk	The Company remains exposed to risks related to liquidity management, interest rate fluctuations, working capital requirements and changes in overall market conditions, which may impact financial performance and cash flows.		Focus on operational efficiency, disciplined working capital management, prudent financial planning and optimisation of capacity utilisation supports financial stability and strengthens overall business performance.

Internal Control and Adequacy

The Company has in place a well-established framework of internal control systems which are commensurate with the size and complexity of its business. The Company has an independent internal audit function covering major areas of operations and the same is carried out by external Chartered Accountant firm engaged for this purpose.

Cautionary Statements

Statements in this Report and the Management Discussion and Analysis may be forward looking within the meaning of the applicable securities laws and regulations. Actual results may differ materially from those expressed in the statement. Certain factors that could affect the Companys operations include increase in price of inputs, availability of raw materials, changes in Government regulations, tax laws, economic conditions and other factors.