Shadowfax Technologies Ltd Management Discussions

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read together with the information in the section titled "Restated Consolidated Financial Information ", and our Restated Consolidated Financial Information included in the section titled "Financial Information " on pages 233 and 233, respectively. Unless the context requires otherwise, the following discussion and analysis of our financial condition and results of operations for the six months period ended September 30, 2025 and September 30, 2024 and for the Financial Years 2025, 2024 and 2023, is derived from our Restated Consolidated Financial Information, including the notes, annexures and schedules thereto, which have been derived from our audited financial statements for the six months period ended September 30, 2025 and September 30, 2024 and for the Financial Years 2025, 2024, and 2023, and prepared in accordance with the applicable provisions of the Companies Act and Ind AS, and restated in accordance with the Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by ICAI and the SEBIICDR Regulations. Ind AS differs in certain material respects from IFRS, U.S. GAAP and GAAP in other countries and other accounting principles with which prospective investors may be familiar.

Our Company does not provide reconciliation of its financial information to IFRS, U.S. GAAP or GAAP in other countries. Our Company has not attempted to explain those differences or quantify their impact on the financial data included in this Updated Draft Red Herring Prospectus -1 and it is urged that you consult your own advisors regarding such differences and their impact on our Companys financial information.

Accordingly, the degree to which the financial information included in this Updated Draft Red Herring Prospectus-1 will provide meaningful information is entirely dependent on the readers level offamiliarity with Indian accounting principles, policies and practices, the Companies Act and the SEBI ICDR Regulations. Any reliance by persons not familiar with Indian accounting principles, policies and practices on the financial information presented in this section should accordingly be limited.

Our financial year ends on March 31 of each year. Accordingly, references to "Financial Year 2025", "Financial Year 2024" and "Financial Year 2023", are to the 12-month period ended March 31 of the relevant year.

Statements contained in this discussion that are not historical facts may be forward-looking statements. Such statements are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those forwardlooking statements. Under no circumstances should the inclusion of such information herein be regarded as a representation, warranty or prediction with respect to the accuracy of the underlying assumptions by us or any other person, or that these results will be achieved or are likely to be achieved. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors and contingencies that could affect our financial condition, results of operations and cash flows. Prospective investors in the Equity Shares are cautioned not to place undue reliance on these forward-looking statements.

You are also advised to read the sections titled "Forward Looking Statements" and "Risk Factors" on pages 17 and 30, respectively, which discuss a number of factors or contingencies that could affect our business, financial condition and results of operations.

Unless otherwise indicated, industry and market data used in this section has been derived from industry publications, in particular, the report titled "India 3rd Party Logistics Market" dated October 31, 2025 (the "RedSeer Report"), prepared and issued by RedSeer, appointed on October 21, 2024, and exclusively commissioned by, and paid for, by us in connection with the Offer. RedSeer Report is available on the website of our Company at https://shadowfax.in/investor-relations/ipo- disclosures.

Overview

We are a new-age, technology-led third-party logistics ("3PL") company, and leverage technology to facilitate digital commerce, with our service network encompassing 14,758 Indian pin codes as of September 30, 2025. We serve a wide category of enterprise clients including horizontal and non-horizontal e-commerce, quick commerce, food marketplace, and on-demand mobility companies. Our range of services includes express forward parcel deliveries, reverse pickups and hand-in-hand exchange deliveries, prime deliveries, quick commerce and on-demand hyperlocal deliveries, mobility, and other services, including critical logistics enabling us to cater to the most diverse and complex needs of our clients.

One of the key drivers of the next wave of growth for 3PL providers will come from solutions that enhance the end-customer experience (Source: RedSeer Report, see page 13). We are committed to leveraging innovation and efficiency to enhance client experience, which we expect will be driven by the following three key factors:

1. Velocity: Fast delivery has become essential to delivering a superior end-consumer experience, particularly as quick commerce gains wider adoption (Source: RedSeer Report, see page 13). We aim to optimize ‘click-to-doorstep time for our digital commerce clients.

2. Versatility: 3PL models require a tech-first approach, real-time fleet management, and other innovations to ensure efficiency and meet the growing demands of consumers (Source: RedSeer Report, see page 9). We aim to identify the various needs of our clients to provide tailored solutions serving their niche requirements. Our platform is designed to quickly add different use cases depending on the ever-changing requirements of the industry in a cost-effective manner.

3. Value: Delivery cost is a key component of the cost structure for online retail companies. As customer expectations evolve, order frequency rises, and average order value declines, optimizing delivery costs has become increasingly important for logistics providers and online retailers and platforms (Source: RedSeer Report, see page 19). We believe that our unified platform is built to improve efficiencies across the network to ensure low costs for our clients and increase digital commerce inclusiveness.

We are the fastest growing 3PL company of scale in India as of March 31, 2025, expanding our e-commerce shipment market share from approximately 8% in the Financial Year 2022 to approximately 21% in the three months period ended June 30, 2025 and within the express service line, we are market leaders in reverse pickup shipments, in terms of order volume for the Financial Year 2025 and the three months period ended June 30, 2025 (Source: RedSeer Report, see page 20). We are also a market leader in 3PL quick commerce (or "Q-Commerce") solutions and same-day delivery based on order volume for the Financial Year 2025 and the three months ended June 30, 2025 (Source: RedSeer Report, see page 20). Our platform processed 436.36 million orders during Financial Year 2025, achieving a compound annual growth rate ("CAGR") of 29.77% from the Financial Year 2023. During the six months period ended September 30, 2025, we processed 294.45 million orders, which represents a CAGR of 50.11% from the six months period ended September 30, 2024.

In the Financial Year 2025, we generated revenue from operations of Rs.24,851.31 million, with an Adjusted EBITDA margin of 1.96%. For the six months period ended September 30, 2025, we reached Rs.18,056.44 million in revenue from operations with an Adjusted EBITDA margin of 2.86%.

Notes:

(1) Source: RedSeer Report, see page 21.

(2) Compound annual growth rate between Financial Year 2023 to Financial Year 2025.

(3) Adjusted EBITDA is calculated as EBITDA (Excluding Other Income) plus share-based payment expenses, adjustment on account of lease accounting as per Ind AS 116 and adjustment on account of one time RTS cancellation fees. Here, EBITDA (Excluding Other income) is calculated as Profit (Loss) for the period/year plus Tax expense plus Depreciation and Amortisation expense plus Finance costs less Other income.

(4) In terms of order volume, for the three months period ended June 30, 2025.

(5) Capital turnover ratio is calculated as revenue from operations divided by the average of total equity, total borrowings, and total lease liabilities.

(6) For reconciliation of Non-GAAP measures, see "Other Financial Information-Reconciliation of Non-GAAP Measures " on page 290.

To facilitate the penetration of digital commerce in India and offer our clients the ideal solutions for their end consumers, we rely on our (i) nationwide network infrastructure, (ii) last mile intra-city network of gig-based delivery partners, and (iii) proprietary technology platform, including a sophisticated supply demand allocation engine.

Nationwide network infrastructure: Our logistics network includes our logistics facilities comprising first-mile pick-up and return-to-origin centers, middle-mile sorting, last mile delivery and our linehaul. Our nation-wide network coupled with proprietary technology enables our platform to be fast, efficient, and adaptable to changes in volume and shipment profiles.

Our extensive, nationwide logistics infrastructure of 4,299 touchpoints, distributed across first and last mile centers and sort centers, as of September 30, 2025, reached 14,758 pin codes. As of September 30, 2025, our logistics network was supported by more than 3.50 million square feet of operational space, which included 53 sort centers spanning more than 1.80 million square feet, managing the consolidation, sorting, and dispatch of shipments across our network. We operate on a fully leased model for our logistics facilities and linehaul, while retaining ownership of the automation and machinery to ensure operational control. Through our asset light model, we deploy our dedicated fleet of more than 3,000 trucks on average each day as a part of our linehaul network. This approach offers flexibility, consistency, and cost efficiency without the burden of ownership overheads. Our hybrid mesh-based linehaul network is powered by dynamic routing algorithm, enabling node-to-node connectivity and optimized cost structures. This model enhances operating leverage while preserving the versatility required to serve Indias fast-evolving digital commerce landscape.

Last mile intra-city network of gig-based delivery partners:

We have developed an expansive network of last-mile gig- based delivery partners in more than 2,300 cities and towns across India as of the date of this Updated Draft Red Herring Prospectus-I, facilitating last-mile fulfilment for our clients. Among the 3PL e-commerce players, our platform had access to Indias largest crowdsourced last-mile delivery fleet, in terms of average monthly transacting delivery partners as of the Financial Year 2025 and the three months period ended June 30, 2025 (Source: RedSeer Report, see page 21).

Our crowdsourced last-mile model operates on a variable cost structure, enabling cost efficiency without compromising service quality. Through gamification and dynamic delivery partner engagement, we deliver quality services, including same-day and hyperlocal deliveries at scale, without the fixed overhead of an employed fleet. For the six months period ended September 30, 2025, our platform had 205,864 Average Quarterly Unique Transacting Delivery Partners. Complementing this, we have a network of franchisee partners in our last-mile ecosystem who operate on a variable cost model, enabling geographic expansion while minimizing fixed overheads.

Additionally, we have developed capabilities across high density consumption centers to keep up with the emerging demand and service needs for hyperlocal deliveries in these areas, especially quick commerce. By leveraging our last-mile capabilities, we have established an expansive intra-city network within these consumption centers. We operate on a variable gig-based delivery partner model that ensures that the costs we incur on the delivery partners is proportional to delivery volumes, ensuring lower fixed costs and therefore better value propositions for our clients. This approach allows us to optimize our network infrastructure and workforce. We have also partnered with certain OEMs to provide our last mile fleet of delivery partners access to EVs, on a rental basis, given the increasing focus on sustainability. It also allows delivery partners without two- wheelers to have access to our platform.

Proprietary technology platform: Our technology architecture is at the center of our integrated operations, enabling us to customize our services, design and expand our network, manage the operations of our last-mile delivery fleet, and facilitate demand-supply matching. Our proprietary, multi-category allocation engine addresses real-time demand and supply across our comprehensive suite of service offerings, ensuring seamless customer experience. We have developed APIs that provide customized integration capabilities to meet the versatile needs of our clients. We have also developed SF Maps, an AI-based mapping infrastructure that facilitates accurate geo-tagging and efficient last-mile operations. We believe that our unified tech platform and automation allows our interoperable network to operate efficiently and grant us a high degree of control, setting new standards of serviceability. To enhance the overall experience of our gig-based delivery partners on our platform, we have created a proprietary mobile application that orchestrates all aspects of their journey on our platform. We have built our technology platform and capabilities in-house by leveraging our dedicated engineering talent pool. For further details, see "Our Business - Technology Infrastructure on page 187.

We are also committed to environmental sustainability, social impact, and high standards of governance. We are dedicated to reducing our carbon footprint and, in alignment with global environmental goals, we strive to integrate sustainable logistics practices into our operations. Our focus on adopting EVs and eco-friendly delivery solutions underscores our commitment to this reduction. We actively promote the use of EVs on our platform and have established a two-wheeler rental marketplace for delivery partners to access EVs. Furthermore, we also enable delivery partners who use bicycles for delivery services, providing equal employment opportunities for delivery partners from lower socio-economic backgrounds who may not be able to afford a motorbike. For the six months period ended September 30, 2025, an average of 23.62% of hyperlocal delivery orders on our platform each month were completed using EVs or bicycles.

We offer the following services to our clients (i) express, (ii) hyperlocal and (iii) other logistics services:

(i) Express: This service line encompasses the logistics of shipments originating from e-commerce platforms, direct-to-consumer brands, and other online commerce.

We facilitate movement of orders from warehouses or sellers to end customers, while also offering reverse pickup logistics solutions, enabling returns from end customers to designated warehouses or sellers. Our express service line services include, (i) forward express parcel delivery, (ii) reverse pickup logistics and hand-in-hand exchange, and (iii) prime delivery.

Forward express parcel delivery facilitates the transportation of parcels from sellers or warehouses to end customers, ensuring efficient and timely order fulfilment.

Reverse pickup logistics and hand-in-hand exchange support return shipments from the end customers back to sellers or warehouses, with simultaneous exchange service further enabling seamless replacement transactions, by delivering the new product at the time of pickup.

Prime delivery is a premium logistics solution designed for time-sensitive shipments, ensuring expedited transit and delivery within strict turnaround times.

(ii) Hyperlocal: Catering to the demand for expedited deliveries, this service line supports quick commerce and on- demand marketplace platforms, including pharma companies, quick service restaurants, and ONDC clients. Our capabilities in this domain focus on providing optimized last-mile delivery solutions. We are the leader in 3PL quick commerce service line by order volume for the Financial Year 2025 and three months period ended June 30, 2025

(Source: RedSeer Report, see page 21).

We operate in three key hyperlocal delivery service lines: (i) food and on-demand delivery, (ii) quick commerce and

(iii) passenger mobility.

(iii) Other Logistics Services: In addition to the core service offerings, we provide a suite of tailored logistics solutions, including (i) critical logistics, (ii) strategic insourcing of unbundled services, and (iii) dark store operations, to meet the specific requirements of our clients, enhancing operational efficiencies across diverse supply chain models.

For further details, please see "Our Business - Our Services on page 170.

Key Components of our Statement of Profit and Loss Based on our Restated Consolidated Financial Information

Revenue:

Our revenue consists of revenue from operations and other income.

Revenue from operations. Revenue from operations comprises of sales of services. Sale of services includes the revenue from logistics and delivery services.

Other income. Other income primarily comprises (a) interest income on (i) fixed deposits with banks carried at amortized cost, (ii) income-tax refund, and (iii) other financial asset carried at amortized cost, (b) gain on sale of mutual fund carried at fair value through profit or loss, and (c) miscellaneous income.

Expenses:

Expenses consist of employee benefit expense, financial cost, depreciation and amortization expenses, and other expense. Our major other expenses include (i) partner expenses, (ii) transportation charges, and (iii) lost shipments and (iv) rent.

Employee benefits expense

Employee benefits expense comprise of (i) salaries, wages and bonus, (ii) contribution to provident and other funds, (iii) share based payment expense, and (iv) staff welfare expenses for our permanent employees.

Finance Costs

Finance costs comprises of interest expense on financial liabilities measured at amortised cost for (i) borrowings, and (ii) lease liabilities.

Depreciation and Amortization Expense

Depreciation and amortization expense relate to depreciation on property, plant and equipment, right-of-use assets and amortization of intangible assets.

Other Expenses

Other expenses primarily comprise expenses relating to partner expenses, transportation charges, lost shipments, rent, printing, stationery and consumables, telephone and communication, legal and professional fees, partner accessories, recruitment and training, loss allowance for doubtful debts, travelling and conveyance, office expenses, brokerage, electricity, rates and taxes, advertising and sales promotion, bank charges, security expenses, membership and subscription fees, transactional messaging cost, operational loss, repairs and maintenance and miscellaneous expenses.

Partner Expenses

Our partner expenses include the payments made to our gig-based delivery partners, franchisee partners and contract labour facilitating our last-mile and middle-mile operations.

Transportation Charges

Our transportation charges comprise of rent for the use of trucks, LCVs, and air haul movements. We rent trucks including drivers from national and regional transportation vendors on both fixed and ad-hoc routes. Additionally, we opportunistically use co-loaders and airlines to facilitate faster shipment movement.

Lost Shipments

Lost shipments are from supply chain losses or errors for which we assume liability. These include reverse order pickups where delivery partners make judgment errors during quality check, such as incorrect SKU selection, colour mismatches, or other discrepancies in order specifications. For reverse shipments where we assume liability for quality checks, our agreements with clients typically include a separate charge referred to as quality check ("QC") charges.

Additionally, losses may result from shipment misplacements or delays beyond the committed turnaround time, for which we become liable for the shipments value, subject to a capped maximum limit.

Rent

Rent include payments against lease agreements entered by us for offices, distribution centers, and warehouses leased in the ordinary course of business.

Tax Expense

Tax expense consists of current tax and deferred tax.

Significant Factors affecting our Result of Operations

Our business, financial condition and results of operations have been, and are expected to be, influenced by numerous factors. A summary of the most important factors that have had, and that we expect will continue to have, a significant impact on our business, results of operations and financial condition is set out below:

Evolution of digital commerce use-cases driving demandfor express and hyperlocal service lines

Unless otherwise indicated, industry and market data appearing below has been derived from the RedSeer Report, see sections 1.1, 2.2, and 3.4. pages 2, 7, and 13, respectively.

Our performance is influenced by a range of macroeconomic, sectoral, and structural factors shaping Indias digital commerce and logistics ecosystem.

Indias strong macroeconomic fundamentals have created a favorable backdrop for consumption-driven sectors. According to the International Monetary Fund, India was the fastest-growing large economy globally in Financial Year 2025, ranking fifth by nominal GDP at Rs.351 trillion (US$4.1 trillion). Excluding the COVID-19-impacted period, India has maintained a real GDP growth rate of over 6.5% per annum since 2014. With a population of approximately 1.4 billion, India is undergoing a structural shift towards a consumption-led economy. As reported by the Ministry of Statistics and Programme Implementation ("MoSPI"), private final consumption expenditure ("PFCE") as a percentage of GDP increased from approximately 60% in Fiscal 2020 to an estimated 62% in Fiscal 2025. During this period, PFCE grew at a CAGR of approximately 10%, outpacing real GDP growth of approximately 9%.

The rapid expansion of online commerce has been a key demand driver for our business. While the retail market is expected to grow at 8-10% CAGR from Financial Year 2025 to Financial Year 2030, online commerce is projected to grow at 20-25% CAGR over the same period. This is supported by structural factors including a young population, rising smartphone and internet penetration, growing digital payment adoption, and increasing participation of women in the workforce. These trends have expanded Indias digital funnel and deepened the addressable market for e-commerce and logistics services.

Furthermore, evolving customer expectations have increased the complexity of logistics operations. E -commerce platforms now cater to diverse product categories, including heavy and bulky items, while efficiently managing returns and exchanges. Additionally, convenience-driven services such as open-box delivery have become essential, further shaping the logistics landscape. This highlights the diverse and complex logistics requirements of Indias digital commerce ecosystem. The addition of services like simultaneous exchange item drop-offs and reverse pick-ups further complicates the process. 3PL providers solve this with their advanced quality control systems and extensive reach extending across city tiers. Reverse and exchange logistics are highly complex operations that demand strict control and quality checks and incur additional costs. Due to this, players across business models continue to rely on 3PL partners for such deliveries.

These dynamics directly impact our business performance and strategic priorities. Our flexible operating model, advanced logistics technology, and presence across city tiers enable us to address increasing shipment complexity and service expectations. Our entry into the hyperlocal quick commerce service line and market leadership in same-day delivery (through our Prime service) reflect our ability to anticipate and respond to emerging trends.

As a result of these factors, we have emerged as the largest third-party logistics provider in India for reverse pickups, same-day delivery, and quick commerce in terms of order volume for the Financial Year 2025 and the three months ended June 30, 2025 (Source: RedSeer Report, see page 21). We are also the fastest-growing 3PL company of scale, with market leadership in reverse pickup logistics and Prime delivery services (Source: RedSeer Report, see page 21).

Volume and mix of services

We serve multiple categories of digital commerce players, including horizontal and vertical e-commerce companies, quick- commerce platforms, food marketplaces, direct-to-consumer brands and on-demand service marketplaces. The volume of shipments remains a key determinant of our revenue and profitability, making it essential to understand the factors driving this volume. The primary driver of shipment volume is demand from our diverse client base.

Demand for logistics services is influenced by a variety of interconnected factors within a competitive environment. Key determinants include pricing, the quality and reach of services offered, and the degree of service differentiation. Additionally, demand is affected by the overall capacity of the logistics industry relative to retail consumption levels, as well as the strategic decisions of businesses to manage logistics in-house or through external providers.

Macroeconomic and industry-specific growth patterns impact shipment volumes, which are also subject to significant seasonal variations. For instance, express parcel shipments experience a substantial rise before Diwali, driven by increased sales and festive purchasing, while the hyperlocal service line sees peaks during the Christmas and New Year period due to greater consumer demand for hyperlocal delivery services.

The table chart sets forth the growth of our order volume over the relevant periods:

Our order volumes have grown consistently across periods, with total orders increasing from 259.11 million in the Financial Year 2023 to 350.32 million in the Financial Year 2024 and 436.36 million in the Financial Year 2025. Additionally, our order volume reached 294.45 million in the six months period ended September 30, 2025 as compared to 196.15 million orders in the six months period ended September 30, 2024. This growth in volumes has been a key driver of our overall revenue and improvement in profitability metrics. Higher order volumes improve utilization across our logistics infrastructure and drive operating leverage by spreading costs across a broader base of shipments.

(i) Express

Our express service line order volume growth has demonstrated consistent quarter-on-quarter expansion, adjusted for seasonal variations. The table below sets forth the growth of our express service line order volume over the relevant periods:

This upward trajectory has been driven by both service differentiation and enhancements, including offerings such as reverse pickup logistics, hand-in-hand exchange, and prime delivery. Additionally, network expansion and increased pin code coverage from 7,955 pin codes in Financial Year 2023 to 14,387 pin codes in Financial Year 2025 and 14,758 pin codes in the six months period ended September 30, 2025, have played a pivotal role in our market share gains, and reinforcing our leadership in the express service line. A key factor contributing to recent volume growth in the express segment has been the recent consolidation within the industry. The acquisition of 99.44% stake in Ecom Express Limited by Delhivery Limited was completed in June 2025. Following this acquisition, Ecom Express Limited became a wholly owned subsidiary of Delhivery Limited, resulting in realignment of client volumes and market share across the remaining logistics service providers (Source: RedSeer Report, see page 20). Our market share in the express service line increased from approximately 8% in the Financial Year 2022 to approximately 21% in the three months period ended June 30, 2025 (Source: RedSeer Report, see page 20), reflecting our enhanced competitiveness and growing presence in the service line.

(ii) Hyperlocal

We witnessed demand for hyperlocal services grow during the COVID-19 pandemic. However, growth slowed down afterwards. As a result, hyperlocal growth remained subdued for eight quarters, during which our strategic focus shifted toward improving profitability. However, the service line has resumed growth and is now expected to outpace overall digital commerce expansion, along with key technological and operational initiatives optimizing unit economics. The table below sets forth the growth of our hyperlocal order volume over the relevant periods:

As a third-party logistics provider, we focus on enhancing services and expanding operations. We aim to increase service volume by expanding our network, diversifying our client base, and engaging gig delivery partners with competitive incentives. We are also investing in automated sortation centers to drive operational efficiencies by speeding up shipment handling and reducing manual labor. These efforts will improve our services and reinforce our industry standing.

Additionally, the mix of services we provide will also impact our business, results of operations and cash flows. While the majority of our revenue is derived from the express and hyperlocal services, a part of our revenue is also derived from other logistics services, including critical logistics, strategic insourcing of unbundled services and dark store operations. See "Our Business-Our Services" on page 170 of this Updated Draft Red Herring Prospectus - I. Going forward, we intend to scale our dark store operation offerings. Dark stores have emerged as a key component in the retail industry, particularly for companies looking to optimize their online order fulfilment capabilities. Additionally, we intend to introduce express B2B services, focusing on rapid shipping between businesses, cross-border parcel deliveries, BFSI parcel deliveries and expand our large parcel delivery supply chain for our e-commerce clients. Through these strategic expansions, we aim to fortify our position as a leading logistics provider, offering a comprehensive suite of solutions that cater to a broad spectrum of industries.

Our ability to competitively price our services

Majority of our revenue is generated on a per-order basis upon the successful completion of deliveries or pick-ups. Pricing depends on the nature of the service provided and the commercial agreements in place. Different service categories have distinct pricing structures that reflect the complexity, speed, and resources required for execution.

Our pricing model is designed to provide flexibility and fairness to our clients while ensuring that costs are aligned with the intensity of service provided. The key factors driving our revenue include, (i) type of service availed, (ii) size and weight of the shipment, (iii) distance covered, (iv) delivery complexity including quality check requirements and open box deliveries, (v) delivery time commitments, (vi) geographic location, (vii) client experience metrics and (viii) volume and frequency of shipments. By leveraging this unbundled pricing approach, we are able to offer logistics services that are both cost-effective and operationally efficient. Our ability to offer tailored solutions further strengthens our market position, enabling sustainable revenue growth and enhanced client satisfaction.

Complementing our flexible pricing strategy is our continued focus on driving down the cost per delivery. This cost advantage reinforces our ability to offer competitive rates without compromising margins. Several operational and structural factors contribute to this, including:

• Economies of Scale: By servicing a vast network covering 14,758 pin codes as of September 30, 2025, and handling high volumes of shipments daily, we achieve economies of scale, significantly reducing the cost per delivery. This scale allows us to spread overhead costs over a larger revenue base, enhancing profitability. We also provide seamless and efficient management of product returns and hand-in-hand exchanges between end customers and sellers. Reverse pickup and hand-in-hand exchange logistics are highly complex operations that demand strict control and quality checks, and incur additional costs. (Source: RedSeer Report, see page 14). Therefore, players across business models continue to rely on 3PL partners for such deliveries. (Source: RedSeer Report, see page 14). We also provide innovative features such as doorstep quality checks and hand-in-hand exchanges.

• Asset-Light Model: Our rental and leasing strategy for logistics facilities and transportation logistics lowers capital expenditure, providing cost savings which can be translated into competitive pricing for our services. This model enables rapid scalability and flexibility in operations without the burden of heavy asset ownership.

• Optimised Operations: Using data-driven insights, innovative technology and automation in our logistics processes, we continuously refine operations for maximum efficiency. This results in reduced fuel costs, lower turnaround times, and minimal wastage, further lowering the cost per delivery.

• Variable last mile cost: A key driver of operations is the fluctuations in demand and the ability to adapt capacity and costing accordingly. By maintaining a gig-based variable fleet, we are able to adapt to changing patterns in a much faster manner resulting in cost advantages.

By maintaining a low cost per delivery and leveraging efficient operational strategies, we have secured a competitive edge in the logistics market. This advantage allows us to offer attractively priced services to our clients while safeguarding our profit margins, ensuring sustainable growth. As a result, we are well-positioned to grow our revenue base.

The chart below sets forth the express revenue, hyperlocal revenue, other logistics services revenue and revenue from operations, and the growth in our revenue from operations for the relevant periods:

Cost-effectiveness of our platform

The profitability of our business depends on its cost effectiveness. Over the past 3 Financial Years and the six months period ended September 30, 2025, we have managed to rationalize both direct and indirect costs, leading to an improvement in our profitability.

Employee benefit expense

The chart below sets forth our employee benefit expense and our employee benefit expense as a percentage of revenue from operations for the relevant periods:

The salaries and benefits that we provide are determined by various factors such as supply and demand, dynamics in specific micro-sectors, attrition levels, employee expertise, level of customization and productivity required for specified activity and compliance with labour laws and regulations.

Improvement in employee benefit expense as a percentage of revenue from operations has been primarily driven by enhanced operating leverage, allowing us to maintain efficiency while expanding our workforce to support business growth.

This leverage has been obtained despite the increase in the number of facilities and manpower that the same period witnessed due to higher throughput enabled by wallet share gains as well as interventions allowing for improved productivity. Our permanent employee count stood at 4,472 and 3,163 for the six months period ended September 30, 2025 and 2024.

Partner Expenses

Our partner expenses include the payments made to our gig-based delivery partners, franchisee partners and contract labour facilitating our last-mile and middle-mile operations. Our last mile fleet is entirely crowdsourced and amongst our peers, we had access to Indias largest crowdsourced last-mile delivery fleet, among 3PL e-commerce players, in terms of average monthly transacting riders as of the Financial Year 2025 and three months period ended June 30, 2025. (Source: RedSeer Report, see page 21).

The chart below sets forth our partner expenses and our partner expenses as a percentage of revenue from operations for the relevant periods:

Our partner expenses are primarily driven by the service mix and geographical distribution of deliveries. Hyperlocal deliveries typically entail a higher partner cost component compared to the express service line. Furthermore, metro areas and regions with challenging terrains tend to incur higher last-mile payouts. This is due to the elevated costs of living and operational complexities associated with these areas. As partner expenses are entirely variable, due to the change in our offerings, their proportion as a percentage of revenue from operations have fluctuated across periods.

Transportation Charges

Our transportation charges comprise of rent for the use of trucks, LCVs, and air haul movements. We rent trucks including drivers from national and regional transportation vendors on both fixed and ad-hoc routes. Additionally, we opportunistically use co-loaders and airlines to facilitate faster shipment movement.

The chart below sets forth our transportation charges and our transportation charges as a percentage of revenue from operations for the relevant periods:

Transportation expenses are primarily determined by the different types of services. Hyperlocal deliveries typically have a minimal transportation cost component as compared to the express service line. Additionally, vehicle utilization plays a critical role in transportation costs. While the absolute cost has increased over the periods mentioned, it has declined as a percentage of revenue. This reduction was achieved despite a growing share of express orders and geographic expansion, both of which required additional vehicle deployment. The improvement in cost efficiency was driven by operating leverage from higher shipment volumes, network optimization, and strategic procurement efforts.

Rent

The chart below sets forth our rent and our rent as a percentage of revenue from operations for the relevant periods:

The increase in rental expenditure as a percentage of revenue from operations was driven by expanding to new pin codes and requiring additional properties. However, as utilization of newly acquired properties improved, rental costs started being optimized, leading to a declining share of rent relative to revenue from operations. Furthermore, we have increasingly renewed existing leases and entered into long-term, strategically located lease arrangements for our middle-mile facilities.

Pursuant to Ind AS 116, these lease arrangements are recognized on the consolidated balance sheet, with a portion of the related rental outflows reflected as lease liabilities. Consequently, the proportion of rental expense reflected in the Statement of Consolidated Profit and Loss has reduced. However, the cost of these leases continues to be recognised in the Statement of Consolidated Profit and Loss in the form of depreciation of right-of-use assets and the recognition of interest expense on lease liabilities.

Lost Shipments

Lost shipments costs are primarily influenced by the nature of service lines within our business. Hyperlocal deliveries generally involve lower lost shipments costs due to reduced turnaround time ("TAT") and fewer handling touchpoints. In contrast, the express service line typically sees higher shipment loss incidences, particularly in reverse pickup logistics. Reverse shipments are more prone to losses due to quality check discrepancies during doorstep inspections. However, these costs are factored into pricing through QC charges. Our lost shipments were Rs.1,482.48 million, Rs.473.55 million, Rs.1,410.33 million, Rs.946.24 million, and Rs.677.16 million for the six months period ended September 30, 2025 and September 30, 2024, and the Financial Years 2025, 2024 and 2023, respectively, comprising, 8.21%, 4.42%, 5.68%, 5.02% and 4.79% of our revenue from operations for the corresponding periods.

Additionally, lost shipments costs are impacted by the average order value of parcels transiting through our network. An increase in the share of express parcels, specifically reverse pickup logistics orders has led to a rise in lost shipments as a percentage of total revenue from operations. To mitigate shipment losses, we have implemented a multi-layered security protocol that includes X-ray screening, doorstep open-box deliveries, and AI-driven image-based quality control for reverse pickup logistics. This framework enables detection and prevention of shipment swaps, incorrect pickups, and product mismatches.

The steady improvement in our Adjusted EBITDA Margin from (7.18)% in Fiscal 2023 to 2.86% for the six months period ended September 30, 2025, underscores the increasing cost-effectiveness of our platform. This trend reflects our success in driving operating leverage across key cost categories-particularly employee benefits, partner expenses, and rent—even as we scaled operations. The table below sets forth our Adjusted EBITDA and Adjusted EBITDA Margin for the relevant period:

Material Accounting Policies

Statement of Compliance and Basis of Preparation

The Restated Consolidated Financial Information of the Company and its Subsidiary (together the "Group") comprise the Restated Consolidated Statement of Assets and Liabilities as at September 30, 2025, September 30, 2024, March 31, 2025, March 31, 2024, and March 31, 2023, and the Restated Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Restated Consolidated Statement of Changes in Equity, and the Restated Consolidated Statement of Cash Flows for the six months period ended September 30, 2025, September 30, 2024, and for the years ended March 31, 2025, March 31, 2024, and March 31, 2023, the material accounting policies and other explanatory information (collectively, the "Restated Consolidated Financial Information").

The Restated Consolidated Financial Information have been prepared on a going concern basis. The accounting policies are applied consistently to all the period/years presented in the Restated Consolidated Financial Information. These Restated Consolidated Financial Information have been prepared by the management as required under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("ICDR Regulations") issued by the Securities and Exchange Board of India ("SEBI"), in pursuance of the Securities and Exchange Board of India Act, 1992, for the purpose of inclusion in this Updated Draft Red Herring Prospectus - I ("UDRHP-I"), and the Red Herring Prospectus ("RHP") and Prospectus in connection with proposed issue of equity shares of the Company. Accordingly, the Restated Consolidated Financial Information may not be suitable for any other purpose and this report should not be used, referred to or distributed for any other purpose. These Restated Consolidated Financial Information have been prepared by the Group in terms of the requirements of:

• Section 26 of Part I of Chapter III of the Companies Act, 2013, as amended ("Act")

• The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended; and

• The Guidance Note on Reports in Group Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India ("ICAI") (the "Guidance Note").

The Restated Consolidated Financial Information have been prepared to comply in all material respects with the Indian Accounting Standards ("Ind AS") as specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time), presentation requirements of Division II of Schedule III to the Act, as applicable to the financial statements and other relevant provisions of the Act.

The Restated Consolidated Financial Information has been compiled by the Group from:

• Audited Interim Consolidated Financial Statements of the Group as at and for the six months period ended September 30, 2025, prepared in accordance with Indian Accounting Standard 34 "Interim Financial Reporting" (Ind AS 34) as specified under Section 133 of the Act as amended and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on October 27, 2025;

• Audited Special Purpose Interim Financial Statements of the Company as at and for the six months period ended September 30, 2024, prepared in accordance with Indian Accounting Standard 34 "Interim Financial Reporting" (Ind AS 34) as prescribed under Section 133 of the Act as amended and other accounting principles generally accepted in India and presentation requirements of Schedule III of the Companies Act, 2013, except for inclusion of corresponding information, which have been approved by the Board of Directors at their meeting held on October 27, 2025; and

• Audited Consolidated Financial Statements of the Group as at and for the year ended March 31, 2025 prepared in accordance with the Ind AS as specified under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meetings held on September 29, 2025; and.

• Audited Financial Statements of the Company as at and for the years ended March 31, 2024 and March 31, 2023 prepared in accordance with the Ind AS as specified under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meetings held on September 17, 2024, and September 23, 2023, respectively.

The Restated Consolidated Financial Information:

• have been prepared after incorporating adjustments for change in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023 and for six months period ended September 30, 2024, to reflect the same accounting treatment as per the accounting policies and grouping /classifications followed as at and for the six months period ended September 30, 2025;

• does not contain any modifications requiring adjustments. Moreover, matters in the Auditors report, which do not require any corrective adjustments in the Restated Consolidated Financial Information have been disclosed in Part B of Annexure VII of the Restated Consolidated Financial Information; and

• have been prepared in accordance with the Act, the ICDR Regulations and the Guidance Note.

Presentation Currency

These Restated Consolidated Financial Information have been prepared in Indian Rupee ( Rs.) which is the functional currency of the Group. All amounts disclosed in the Restated Consolidated Financial Information and notes have been rounded off to the nearest million with two decimals, unless otherwise stated.

The Restated Consolidated Financial Information are approved for issue by the Groups Board of Directors on October 27, 2025.

Basis of measurement

These Restated Consolidated Financial Information are prepared in accordance with Indian Accounting Standards (Ind AS) under the historical cost convention on the accrual basis, except for the following which have been measured at fair value:

• Certain financial assets and liabilities measured at fair value (refer accounting policies regarding financial instruments)

• Share based payments and

• Defined benefit and other long term employee benefits.

The material accounting policies used in preparation of these Restated Consolidated Financial Information have been discussed in the respective notes.

Use of estimates, assumptions and judgements

In the application of the Groups accounting policies, the management of the Group is required to make estimates, assumptions and judgements about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if revision affects both current and future periods.

Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognized in the Restated Consolidated Financial Information is included in the following notes:

Judgements

Lease term: whether the Group is reasonably certain to exercise extension options.

Information about assumptions and estimation uncertainties at the reporting date that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year is included in the following notes:

Estimates

• Business Combination- fair value of the consideration transferred and fair value of the assets acquired and liabilities assumed

• Provision for expected reversal of revenue;

• Useful lives of property, plant and equipment and intangible assets;

• Impairment of non-financial assets;

• Impairment of financial assets;

• Forward liability - key assumptions used in valuation;

• Measurement of lease liabilities and right of use assets;

• Measurement of defined benefit obligations- key actuarial assumptions;

• Share based payments - key assumptions used in valuation;

• Recognition of deferred tax assets: availability of future taxable profit against which deductible temporary differences and tax losses carried forward can be utilized; and

• Recognition and measurement of provisions and contingencies: key assumptions about the likelihood and magnitude of an outflow of resources.

Fair value measurement

Certain accounting policies and disclosures of the Group require the measurement of fair values, for both financial and non financial assets and liabilities. The Group has an established control framework with respect to the measurement of fair values. The valuation team regularly reviews significant unobservable inputs and valuation adjustments.

Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in financial instruments note to the Restated Consolidated Financial Information.

Current and non-current classification

The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents. The Group has identified twelve months as its operating cycle. The Group presents assets and liabilities in the balance sheet based on current/ non-current classification.

An asset is treated as current when it is:

• Expected to be realized or intended to be sold or consumed in normal operating cycle;

• Held primarily for the purpose of trading;

• Expected to be realized within twelve months after the reporting period; or

• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is treated as current when:

• It is expected to be settled in normal operating cycle;

• It is held primarily for the purpose of trading;

• It is due to be settled within twelve months after the reporting period; or

• There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

All other liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

Basis of consolidation

Business combinations

The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs.

The consideration transferred in the acquisition is generally measured at fair value as at the date the control is acquired (acquisition date), as are the identifiable net assets acquired. Purchase consideration paid in excess of the fair value of net assets acquired is recognized as goodwill.

Where the fair value of identifiable assets and liabilities exceeds the cost of acquisition, after reassessing the fair values of identifiable net assets, any excess is recognized as capital reserve through OCI.

Any gain on a bargain purchase is recognized in OCI and accumulated in equity as capital reserve if there exists clear evidence of underlying reasons for classifying the business combination as a bargain purchase. If there does not exist clear evidence for underlying reasons for classifying the business combination as a bargain purchase, then gain on a bargain purchase is recognized directly in equity as capital reserve.

Transaction costs or acquisition-related costs are expensed as incurred and services are received, except if related to issues of debt or equity securities.

The consideration transferred does not include amounts related to settlements of pre-existing relationships with acquirees. Such amounts are generally recognized in the restated consolidated statements of profit and loss.

Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration meets the definition of a financial instrument classified as equity, then it is not remeasured and settlements are accounted within equity. Otherwise, other contingent considerations are remeasured at fair value at each reporting date, and subsequent changes in fair value of contingent considerations are included in the restated consolidated statements of profit and loss.

If a business combination is achieved in stages, previously held equity interest in the acquiree is remeasured at acquisition-date fair value, and the resulting gain or loss, if any, is recognized in profit or loss or OCI as appropriate.

Subsidiaries

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the restated consolidated financial information from the date on which control commences until the date on which control ceases.

Consolidation procedure followed is as under:

Items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiaries are combined like to like basis. For this purpose, income and expenses of the subsidiary are based on the amounts of the assets and liabilities recognized in the restated consolidated financial statements at the acquisition date.

Loss of control

When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any interest retained in the former subsidiary is measured at fair value at the date the control is lost. Any resulting gain or loss is recognized in the restated consolidated statement of profit and loss.

Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealized income and expenses arising from intragroup transactions, are eliminated. Unrealized gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Groups interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

Revenue recognition

The Group generates revenue from providing logistics and delivery services to e-commerce and hyperlocal clients. These services are primarily divided into three categories express, hyperlocal, and other logistics services. Revenue is recognized at a point in time, when control of services is transferred to the client, that is, upon fulfilment of delivery of products to the end customer. The transaction price of services rendered is net of any taxes collected from clients. The transaction price is an amount of consideration to which the Group expects to be entitled in exchange of promised services.

In case of mismatch in order weight, zonal rate and prices between the Group and the client, the Group assesses and trues up the revenue and the income pertaining to same is reversed and is recorded as a reduction of revenue.

Trade receivables

A receivable is the Groups right to consideration that is unconditional (that is, only the passage of time is required before payment of the consideration is due). For further details refer to the accounting policies of financial assets in the Financial instruments note for initial recognition and subsequent measurement of financial assets.

Contract liabilities

Contract liability is recognized where the Group has an obligation to transfer goods or services to a client for which the entity has received consideration (or the amount is due) from the client. Contract liabilities are recognized as revenue when the Group performs under the contract (that is, transfers control of the related goods or services to the client).

Other income

Interest Income

Interest income is recognized when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that discounts estimated future cash receipts through the expected life of the financial asset to that assets net carrying amount on initial recognition. Interest income is included under the head ‘other income in the restated consolidated statement of profit and loss.

Dividend income on investments is recognized when the right to receive dividend is established.

Profit on sale of mutual funds and fair value impact on mark-to-market contracts are recognized on transaction completion and/or on reporting date, as applicable.

Property, plant and equipment

Property, plant and equipment, are carried at cost less accumulated depreciation and impairment losses, if any. The cost of property, plant and equipment comprises its purchase price, borrowing costs if capitalization criteria is met net of any trade discounts and rebates, any import duties and other taxes (other than those subsequently recoverable from the tax authorities), any directly attributable expenditure on making the asset ready for its intended use, other incidental expenses.

The cost of an item of property, plant and equipment shall be recognized as an asset if, and only if it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment.

Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Group and such expenditure can be measured reliably.

A property, plant and equipment is eliminated from the restated consolidated financial information on disposal or when no further benefit is expected from its use and disposal. Assets retired from active use and held for disposal are generally stated at the lower of their net book value and net realizable value. Any gain or losses arising on disposal of property, plant and equipment is recognized in the restated consolidated statement of profit and loss.

The cost of property, plant and equipment as at April 1, 2019, the Groups date of transition to Ind AS, was determined with reference to its carrying value recognized as per the previous GAAP (deemed cost), as at the date of transition to Ind AS.

Depreciation

Depreciable amount for assets is the cost of asset less its estimated residual value. Depreciation on property, plant and equipment is calculated on a straight-line basis using the rates arrived at based on the useful lives estimated by the management. Based on the internal technical assessment, the management believes that the useful lives as given below, which are different from those prescribed in Part C of Schedule II of the Act, best represent the period over which management expects to use these assets.

Asset category	Useful lives estimated by the management (years)	Useful lives as per schedule II (years)
Office equipment	10	10
Computers	3	3
Electronic equipment	3	3
Furniture and fixtures	10	10
Motor vehicles	8	8

Leasehold improvements are depreciated over the lease term or economic life whichever is earlier.

Depreciation on additions/disposals is provided on a pro-rata basis that is, from/up to the date on which asset is ready for use/disposed off.

The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

Goodwill and Other Intangible assets and amortization

Goodwill

Goodwill arising from business combination is initially measured at cost, being the excess of the aggregate of the fair value of consideration transferred and the net fair value of identifiable assets acquired and liabilities assumed.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the Groups cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.

A cash-generating unit to which goodwill has been allocated is tested for impairment at each reporting period as presented, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognized in restated consolidated statement of profit and loss. An impairment loss recognized for goodwill is not reversed in subsequent periods

Other Intangible assets

Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. The cost of an intangible asset comprises its purchase price, including any import duties and other taxes (other than those subsequently recoverable from the taxing authorities) and any directly attributable expenditure on making the asset ready for its intended use.

The cost of internally generated intangible assets arising from development comprise expenditure that can be directly attributed, or allocated on a reasonable and consistent basis, to creating, producing and making the asset ready for its intended use. Revenue expenditure incurred for new product development is expensed till technical and commercial feasibility is established and thereafter is capitalized as intangible assets.

Amortization is recognized on a straight-line basis over their estimated useful lives. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.

The useful lives of intangible assets that is considered for amortization of intangible assets are as follows:

Asset category	Useful lives estimated by the management (years)
Computer software	3 years
Internally generated intangible assets	5 years
Brands	5 years
Customer Relationship	5 years
Business IP	5 years

An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in restated consolidated statement of profit and loss when the asset is derecognized.

The cost of intangible assets at April 1, 2019, the Groups date of transition to Ind AS, was determined with reference to its carrying value recognized as per the previous GAAP (deemed cost), as at the date of transition to Ind AS.

Impairment

Non-financial assets

At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the assets recoverable amount i s estimated.

For the purpose of impairment testing, the recoverable amount (that is, the higher of the fair value less cost to sell and the value in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the CGU to which the asset belongs.

An impairment loss is recognized in the restated consolidated statement of profit and loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the restated consolidated statement of profit and loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no impairment loss been recognized for the asset in prior years.

Financial assets

The Group recognizes loss allowances for ECLs on financial assets measured at amortized cost.

The Group follows ‘simplified approach for recognition of impairment loss allowance on trade receivables. The application of simplified approach does not require the Group to track changes in credit risk. Rather, it recognizes impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

Lifetime expected credit losses are the expected credit losses that result from all possible default events over the expected life of a financial instrument.

12-month expected credit losses are the portion of expected credit losses that result from default events that are possible within 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months).

In all cases, the maximum period considered when estimating expected credit losses is the maximum contractual period over which the Group is exposed to credit risk.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort.

The Group considers a financial asset to be in default when:

• the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held); or

• the financial asset is more than 365 days past due.

Measurement ofECLs

ECLs with respect to trade receivables, the Group has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience as well as the current economic conditions and is adjusted for forward looking information. The expected credit loss allowance is based on the ageing of the receivables that are due and allowance rates used in the provision matrix.

Credit-impaired financial assets

At each reporting date, the Group assesses whether financial assets carried at amortized cost at FVOCI are credit-impaired. A financial asset is ‘credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Evidence that a financial asset is credit-impaired includes the following observable data:

• significant financial difficulty of the debtor;

• a breach of contract such as a default or being more than 365 days past due;

• the restructuring of a loan or advance by the Group, on terms that the Group would not consider otherwise;

• it is probable that the debtor will enter bankruptcy or other financial reorganization; or

• the disappearance of an active market for a security because of financial difficulties.

Presentation of allowance for ECL in the balance sheet

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.

Financial instruments

Recognition and initial measurement

Trade receivables and debt securities issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

Financial assets

Classification and subsequent measurement

• On initial recognition, a financial asset is classified as measured at:

• Amortized cost

• Fair value through other comprehensive income ("FVOCI")

• Fair value through profit and loss ("FVTPL")

• Financial assets are not reclassified subsequent to their recognition, except during the period the Group changes its business model for managing financial assets.

Financial assets at amortized cost (debt instrument)

The financial asset is measured at the amortized cost if both the following conditions are met:

(a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows; and

(b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest ("SPPI ") on the principal amount outstanding.

Financial assets at FVOCI (debt instrument)

A debt instrument is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:

(a) The asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and

(b) Contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest ("SPPF) on the principal amount outstanding.

Financial assets at FVTPL (debt instrument)

FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as at FVTPL.

In addition, the Group may elect to designate a debt instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as ‘accounting mismatch).

Debt instruments included within the FVTPL category are measured at fair value with all changes recognized in the restated consolidated statement of profit and loss.

After initial measurement, such financial assets are subsequently measured at amortized cost using the effective interest rate ("EIR") method. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in finance income in the restated consolidated statement of profit and loss. The losses arising from impairment are recognized in the restated consolidated statement of profit and loss. This category generally applies to trade and other receivables.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a company of similar financial assets) is primarily derecognized (that is, removed from the balance sheet) when:

• The rights to receive cash flows from the asset have expired, or

• The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through arrangement; and either:

(a) the Group has transferred substantially all the risks and rewards of the asset, or

(b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset.

When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of the Groups continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss or at amortized cost (loans and borrowings, payables), as appropriate.

All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Groups financial liabilities include trade and other payables, lease liabilities, loans, forward liability and borrowings.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.

Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term.

Gains or losses on liabilities held for trading are recognized in the profit or loss

Financial liabilities designated upon initial recognition at fair value through profit or loss are designated as such at the initial date of recognition, only if the criteria in Ind AS 109 are satisfied.

For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognized in OCI. These gains/ losses are not subsequently transferred to profit and loss. However, the Group may transfer the cumulative gain or loss within equity. All other changes in fair value of such liability are recognized in the restated consolidated statement of profit and loss. The Group has not designated any financial liability as at fair value through profit and loss.

Derecognition

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the restated consolidated statement of profit and loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset, and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

Leases

The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if the contract conveys the right to control the use of identified assets for the period of time in exchange of a consideration.

To assess where the Group has the right to control the use of identified assets, the Group assesses whether the:

• the contract involves the use of identified assets;

• whether the Group has the right to obtain substantially all the economic benefits from the use of assets throughout the period of use; and

• whether the Group has the right to direct the use of assets.

Group as lessee

The Group recognizes a right-of-use assets and a lease liability at the lease commencement date. The right-of-use ("ROU") asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of cost to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated life of such right-of-use assets is determined on the same basis as those of property, plant and equipment. The right-of-use assets is periodically assessed for impairment.

The lease liability is initially measured at the present value of future lease payments, discounted using the implicit rate of interest or if that rate cannot be readily determined, the Groups incremental borrowing rate. Generally, the Group uses the incremental borrowing rate.

The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is change in future lease payments arising from a change in index or rate, or if there is change in the Groups estimate of amount expected to be payable under residual guaranteed value, or if the Group changes it assessment whether it will exercise a purchase, extension or termination option.

The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The Group recognizes the lease payments associated with these leases as an expense over the lease term.

Employee benefits

Short term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligation in balance sheet.

Defined contribution plan

The Groups contribution to provident fund, employee state insurance scheme, social security etc. are considered as defined contribution plans and are charged as an expense based on the amount of contribution required to be made as and when services are rendered by the employees.

Defined benefit plan

Post employment benefit plans other than defined contribution plans include liabilities for gratuity is determined by using projected unit credit method with actuarial valuation made at the end of each financial year. The Groups gratuity scheme is unfunded.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation.

Actuarial gains and losses are recognized in other comprehensive income. Interest recognized in the statement of profit and loss is calculated by applying a discount rate used to measure the defined benefit obligation to the net defined benefit liability or asset. Remeasurement gains and losses are recognized in the period in which they occur, directly in other comprehensive income.

They are included in retained earnings in the restated consolidated statement of changes in equity and in restated consolidated statement of assets and liabilities. Remeasurement gains and losses are not reclassified to restated consolidated statement of profit and loss in subsequent periods.

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized immediately in profit or loss as past service cost.

Compensated absences

Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related services are recognized at an actuarially determined liability at the present value of the defined benefit obligation at the balance sheet date. In respect of compensated absences expected to occur within twelve months after the end of the period in which the employee renders the related services, liability for short-term employee benefits is measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service. The current and non-current classification of compensated absences is as per the actuarial valuation report.

Share based payments

The Group measures compensation cost relating to employee stock options plans using the fair valuation method in accordance with Ind AS 102, Share-Based Payment. Compensation expense is amortized over the vesting period as per graded vesting method.

The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using Black-Scholes model. That cost is recognized, together with a corresponding increase in share-based payment reserve in other equity, over the period in which the performance and/or service conditions are fulfilled in employee benefits expense.

The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Groups best estimate of the number of equity instruments that will ultimately vest.

When an award is cancelled by the Group or by the counterparty, any remaining element of the fair value of the award is expensed immediately through the restated consolidated statement of profit and loss.

Earnings per share

The basic earnings per share is computed by dividing the profit/(loss) attributable to the shareholders of the Group for the year by the weighted average number of equity shares outstanding during the reporting period.

Diluted earnings per share is computed by dividing the profit/(loss) after tax as adjusted for dividend, interest (net of any attributable taxes) other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares.

Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share or increase the net loss per share. Potential dilutive equity shares are deemed to be converted as at the beginning of the period, unless they have been issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

Income taxes

The income tax expense or credit for the period is the tax payable on the current periods taxable income based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses, if any.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities.

Current tax assets and tax liabilities are offset where the Group has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements.

Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled.

Deferred tax assets are recognized for all deductible temporary differences and unused tax losses, if any, only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.

Current and deferred tax are recognized in the restated consolidated statement of profit and loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

Provisions and contingent liabilities

Provisions

Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that and outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset, if it is virtually certain that reimbursement will be received, and the amount of the receivable can be measured reliably.

Provisions for onerous contracts, that is, contracts where the expected unavoidable costs of meeting obligations under a contract exceed the economic benefits expected to be received, are recognized when it is probable that an outflow of resources embodying economic benefits will be required to settle a present obligation as a result of an obligating event, based on a reliable estimate of such obligation.

Contingent liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Group or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Group does not recognize a contingent liability but discloses its existence in the restated consolidated financial information.

Provision and contingent liabilities are reviewed at each balance sheet date.

Operating segments

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker ("CODM").

The Groups CODM consists of the chief executive officer. The Group is engaged in providing platform for logistic services using technologies and its principal geographical segment in India. Consequently, the CODM believes that are no reportable segments as required under Ind AS 108 operating segments.

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily take a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the borrowing costs.

Share issue expenses

Incremental costs directly attributable to the issue of equity shares are adjusted with securities premium.

Cash and cash equivalents

Cash and cash equivalent includes cash on hand, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash, and which are subject to an insignificant risk of changes in value, and bank overdrafts.

Statement of cash flows

Cash flows from operating activities are reported using the indirect method set out in Indian Accounting Standard (Ind AS) 7 on Statement of Cash Flows, whereby profit/(loss) for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Group are segregated.

For the purpose of restated consolidated statement of cash flows, cash and cash equivalents comprise the cash and cash equivalents adjusted for bank overdrafts repayable on demand, if any.

Events occurring after the balance sheet date

Based on the nature of the event, the Group identifies the events occurring between the balance sheet date and the date on which the restated consolidated financial information is approved as ‘Adjusting Event and ‘Non-adjusting event. Adjustments to assets and liabilities are made for events occurring after the balance sheet date that provide additional information materially affecting the determination of the amounts relating to conditions existing at the balance sheet date or because of statutory requirements or because of their special nature. For non-adjusting events, the Group may provide a disclosure in the restated consolidated financial information considering the nature of the transaction.

Recent accounting pronouncements

The Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. During six months period ended September 30, 2025, the MCA has notified through notifications dated:

Amendments effective for periods beginning on or after April 1, 2025

May 7, 2025, introducing changes to Ind AS 21 - The Effects of Changes in Foreign Exchange Rates, effective from April 1, 2025. These amendments provide guidance on assessing whether a currency is exchangeable into another currency and on estimating the spot exchange rate when a currency is not exchangeable.

August 13, 2025, introducing changes to Ind AS including Ind AS 1- - Presentation of Financial statements which requires guidance on classification of liabilities as Current or Non-Current and Non-Current Liabilities with Covenants, convertible debt as Current, etc, Ind AS 7- Statement of Cash Flows and Ind AS 107 - Financial Instruments: Disclosures - Supplier Finance Arrangements which provides guidance on additional disclosure requirements for Supplier Finance Arrangements, and Ind AS 112 - International Tax Reforms - Pillar Two Model Rules. These amendments provide guidance on accounting for top-up tax, mandatory relief of pillar two taxes from deferred tax accounting and additional disclosures requirements.

The Group has reviewed the new pronouncements and based on its evaluation has determined that it does not have any significant impact in its Restated Consolidated Financial Information. Since these amendments are effective as at and for th e six months period ended September 30, 2025, these have been considered in preparation of Restated Consolidated Financial Statements for the period ended September 30, 2024 and year ended March 31, 2025, March 31, 2024 and March 31, 2023.

Amendment issued but not effective

The Ministry of Corporate Affairs amended the Companies (Indian Accounting Standards) Rules, 2015, through the below notifications applicable from periods beginning on or after April 1, 2026:

August 13, 2025, introducing changes to Ind AS 1 Presentation of Financial statements introduces an amendment related to Breach of covenant which is applicable with effect from. April 1, 2026. The Group is evaluating the impact of this amendment on the Restated Consolidated Financial Information.

Change in Accounting Policies/Estimates

There have been no changes in our accounting policies in the last five years.

Our Results of Operations

The following table sets forth select financial data from our restated consolidated statement of profit and loss for the six months

period ended September 30, 2025 and September 30, 2024 and for the Financial Years 2025, 2024 and 2023, the components of which are also expressed as a percentage of total revenue for such periods:

Particulars	For the six months period ended				Financial Year
	September 30, 2025		September 30, 2024		2025		2024		2023
	(Rs. in million)	(% of Revenue from operation)	(Rs. in million)	(% of Revenue from operation)	(Rs. in million)	(% of Revenue from operation)	(Rs. in million)	(% of Revenue from operation)	(Rs. in million)	(% of Revenue from operation)
Income
Revenue from operations	18,056.44	100.00%	10,720.69	100.00%	24,851.31	100.00%	18,848.22	100.00%	14,151.24	100.00%
Other income	141.58	0.78%	169.04	1.58%	295.26	1.19%	116.60	0.62%	77.68	0.55%
Total income	18,198.02	100.78%	10,889.73	101.58%	25,146.57	101.19%	18,964.82	100.62%	14,228.92	100.55%
Expenses
Employee benefits expense	1,718.38	9.52%	1,224.86	11.43%	2,655.81	10.69%	2,115.58	11.22%	2,137.36	15.10%
Finance costs	76.06	0.42%	60.73	0.57%	144.11	0.58%	71.56	0.38%	129.36	0.91%
Depreciation and amortisation expense	498.52	2.76%	242.75	2.26%	652.41	2.63%	277.58	1.47%	240.01	1.70%
Other expenses	15,694.69	86.92%	9,263.03	86.40%	21,633.64	87.05%	16,618.92	88.17%	13,148.57	92.91%
Total expenses	17,987.65	99.62%	10,791.37	100.66%	25,085.97	100.94%	19,083.64	101.25%	15,655.30	110.63%
Profit/(Loss) before tax	210.37	1.17%	98.36	0.92%	60.60	0.24%	(118.82)	(0.63)%	(1,426.38)	(10.08)%
Tax expense
Current tax	-	-	-	-	-	-	-	-	-	-
Deferred tax	-	-	-	-	(3.66)	(0.01)%	-	-	-	-
Profit/(Loss) for the period/ year	210.37	1.17%	98.36	0.92%	64.26	0.26%	(118.82)	(0.63)%	(1,426.38)	(10.08)%
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
- Actuarial gain/(loss) on remeasurement of defined employee benefit plans	(3.01)	(0.02)%	(0.51)	0.00%	4.06	0.02%	8.26	0.04%	6.38	0.05%
Total comprehensive income for the period/ year	207.36	1.15%	97.85	0.91%	68.32	0.27%	(110.56)	(0.59)%	(1,420.00)	(10.03)%

Six months period ended September 30, 2025 compared to the six months period ended September 30, 2024 Total income

Our total income increased by Rs.7,308.29 million or 67.11% to Rs.18,198.02 million for the six months period ended September 30, 2025, from Rs. 10,889.73 million for the six months period ended September 30, 2024, primarily due to an increase in revenue from operations.

Revenue from operations: Our revenue from operations increased by Rs.7,335.75 million or 68.43% to Rs. 18,056.44 million for the six months period ended September 30, 2025 from Rs.10,720.69 million for the six months period ended September 30, 2024. This growth was driven by a strong performance across all our offerings. The express service recorded a growth of 57.34% during the period, supported by the impact of consolidation within the industry resulting in higher shipment volumes. The hyperlocal services grew by 82.56%, driven by increased demand from quick commerce platforms. The other logistics services recorded a growth of 136.04%, benefitting from the acquisition of Criticalog and the continued scale-up of unbundled logistics service offerings.

Other income: Our other income decreased by Rs.27.46 million or 16.24% to Rs.141.58 million for the six months period ended September 30, 2025 from Rs.169.04 million for the six months period ended September 30, 2024, due to (i) net change in the fair value of financial assets mandatorily measured at fair value through profit and loss, which decreased to Rs.111.03 million for the six months period ended September 30, 2025, from Rs.118.39 million for the six months period ended September 30, 2024, primarily due to decrease in mutual fund yields, and (ii) a decrease in interest on income tax refund, which decreased to Rs.4.52 million for the six months period ended September 30, 2025 from Rs.30.66 million for the six months period ended Sept ember 30, 2024, primarily due to the closure of our income tax assessments for the assessment years 2022 and 2023 during the period.

This was partially offset by (i) an increase in interest income under the effective interest method on financial assets carried at amortised cost on deposits with bank, which increased to Rs.11.24 million for the six months period ended September 30, 2025, from Rs.9.08 million for the six months period ended September 30, 2024, primarily attributable to an increase in average fixed deposits because of funds contributed by investors, (ii) an increase in interest income under the effective interest method on financial assets carried at amortised cost on security deposits, which increased to Rs.5.17 million for the six months period ended September 30, 2025, from Rs.2.54 million for the six months period ended September 30, 2024, primarily attributable to an increase in security deposits, and (iii) an increase in miscellaneous income sources to Rs.9.62 million for the six months period ended September 30, 2025 from Rs.8.37 million for the six months period ended September 30, 2024, mainly on account of increase in sale of scraps.

Expenses

Our total expenses increased by Rs.7,196.28 million or 66.69% to Rs.17,987.65 million for the six months period ended September 30, 2025 from Rs.10,791.37 million for the six months period ended September 30, 2024 in line with the increase in our revenue from operations.

Employee benefit expense: Employee benefit expense increased by Rs.493.52 million or 40.29% to Rs.1,718.38 million for the six months period ended September 30, 2025 from Rs.1,224.86 million for the six months period ended September 30, 2024 due to (i) an increase in salaries, wages and bonus to Rs.1,464.61 million for the six months period ended September 30, 2025 from Rs.1,012.79 million for the six months period ended September 30, 2024, (ii) an increase in contributions to provident and other funds to Rs.61.47 million for the six months period ended September 30, 2025 from Rs.38.22 million for the six months period ended September 30, 2024, and (iii) an increase in staff welfare expense to Rs.68.62 million for the six months period ended September 30, 2025 from Rs.27.99 million for the six months period ended September 30, 2024, due to an increase in number of employees from 3,163 in the six months period ended September 30, 2024 to 4,472 in the six months period ended September 30, 2025 and regular salary increments provided to our employees.

This was offset by a decrease in share based payment expense to Rs.123.68 million for the six months period ended September 30, 2025 from Rs.145.86 million for the six months period ended September 30, 2024 pursuant to decrease in the vested options. However, this cost has declined as a percentage of our revenue from operations from 11.43% for the six months period ended September 30, 2024 to 9.52% for the six months period ended September 30, 2025, due to better operating leverage as well as increase in share of hyperlocal revenue, which operates with much better employee scalability as opposed to express shipments.

Finance costs: Our finance costs increased by Rs.15.33 million or 25.24% to Rs.76.06 million for the six months period ended September 30, 2025 from Rs.60.73 million for the six months period ended September 30, 2024 due to an increase in interest expense on financial liabilities measured at amortised cost (lease liabilities) to Rs.72.02 million for the six months period ended September 30, 2025 from Rs.42.83 million for the six months period ended September 30, 2024, reflecting the expansion of our business through long-term leases for additional facilities.

However, this was partially offset by a decline in the interest expense on financial liabilities measured at amortised cost (borrowings) to Rs.4.04 million for the six months period ended September 30, 2025 from Rs.17.90 million for the six months period ended September 30, 2024, primarily due to repayment of loan instalments.

Depreciation and amortization expense: The depreciation and amortization expense increased by Rs.255.77 million or 105.36% to Rs.498.52 million for the six months period ended September 30, 2025 from Rs.242.75 million for the six months period ended September 30, 2024, primarily attributable to (i) an increase in depreciation on property, plant and equipment to Rs.132.58 million for the six months period ended September 30, 2025 from Rs.101.06 million for the six months period ended September 30, 2024, driven by the acquisition of fabricated assets, computers and electronic equipment, (ii) an increase in amortisation of intangible assets to Rs.79.74 million for the six months period ended September 30, 2025 from Rs.32.85 million for the six months period ended September 30, 2024, reflecting higher capitalization of internally generated intangible assets during the period; and (iii) an increase in depreciation of right-of-use assets to Rs.286.20 million for the six months period ended September 30, 2025 from Rs.108.84 million for the six months period ended September 30, 2024, primarily due to an increase in long-term lease expansions in line with our business growth.

Other expenses: Our other expenses increased by Rs.6,431.66 million or 69.43% to Rs.15,694.69 million for the six months period ended September 30, 2025 from Rs.9,263.03 million for the six months period ended September 30, 2024, primarily due to an increase in partner expenses, transportation changes and lost shipments.

• Partner expenses: Our partner expenses increased by Rs.3,907.12 million or 69.10% to Rs.9,561.03 million for the six months period ended September 30, 2025 from Rs.5,653.91 million for the six months period ended September 30, 2024. This was due to (i) an increase in absolute cost in line with our revenue growth, with partner cost being 52.95% of revenue from operations and 52.74% of revenue from operations for the six months period ended September 30, 2025 and September 30, 2024, respectively, and (ii) a higher contribution from the hyperlocal services, as hyperlocal orders typically carry a greater proportion of partner-related costs compared to express shipments.

• Transportation charges: Our transportation charges increased by Rs.1,123.79 million or 52.80% to Rs.3,252.19 million for the six months period ended September 30, 2025 from Rs.2,128.40 million for the six months period ended September 30, 2024, primarily due an increase in the number of shipments handled. However, our transportation charges as a percentage of revenue from operations decreased to 18.01% for the six months period ended September 30, 2025 from 19.85% for the six months period ended September 30, 2024 due to better utilization of existing lanes as well as efficient lane planning.

• Lost shipments: Our lost shipments increased by Rs.1,008.93 million or 213.06% to Rs.1,482.48 million for the six months period ended September 30, 2025 from Rs.473.55 million for the six months period ended September 30, 2024. This increase was primarily attributable to higher overall shipment volumes and an increased proportion of reverse shipments, which typically carry a higher risk of loss due to stringent doorstep quality check parameters. In addition, an increase in the average order value of shipments, resulted in higher losses as a percentage of revenue from operations. Furthermore, the rapid scale-up of operations following the acquisition of our Subsidiary during the period contributed to a temporary rise in operational breaches, leading to an increase in shipment losses.

Profit/(Loss) for the period: As a result of the foregoing, our Company made a profit of Rs.210.37 million for the six months period ended September 30, 2025 as compared to a profit of Rs.98.36 million for the six months period ended September 30, 2024.

Other comprehensive income: Other comprehensive income items that were not reclassified as profit or loss included actuarial loss on remeasurement of defined employee benefit plans of Rs.3.01 million for the six months period ended September 30, 2025, as compared to a loss of Rs.0.51 million for the six months period ended September 30, 2024.

Total comprehensive income for the period: As a result of the above mentioned factors, our total comprehensive income increased by Rs.109.51 million or 111.92% to Rs.207.36 million for the six months period ended September 30, 2025 from a profit of Rs.97.85 million for the six months period ended September 30, 2024.

Financial Year 2025 compared to Financial Year 2024 Total income

Our total income increased by Rs.6,181.75 million or 32.60% to Rs.25,146.57 million for the Financial Year 2025, from Rs.18,964.82 million for the Financial Year 2024, primarily due to increase in revenue from operations and other income.

Revenue from Operations: Our revenue from operations increased by Rs.6,003.09 million or 31.85% to Rs.24,851.31 million for the Financial Year 2025 from Rs.18,848.22 million for the Financial Year 2024. This growth was primarily driven by a strong performance in the hyperlocal services and other logistics services, which grew 102.15% and 87.63%, respectively. The growth in the hyperlocal services was fueled by increased demand from quick commerce platforms. The express services also registered a growth of 14.82%, contributing positively to the overall increase in revenue from operations.

Other income: Our other income increased by Rs.178.66 million or 153.22% to Rs.295.26 million for the Financial Year 2025 from Rs.116.60 million for the Financial Year 2024, due to (i) an increase in interest on income tax refund, which increased to Rs.32.83 million for the Financial Year 2025 from Rs.9.60 million for the Financial Year 2024, primarily due to the closure of our incom e tax assessments for the assessment years 2023 and 2024 during this period, (ii) an increase in net change in the fair value of financial assets mandatorily measured at fair value through profit and loss, which increased to Rs.225.83 million for the Financial Year 2025 from Rs.88.07 million for the Financial Year 2024, primarily due to an increase in mutual fund investments driven by additional contributions from investors, resulting in a higher average investment, (iii) an increase in interest income under the effective interest method on financial assets carried at amortised cost on deposits with bank, which increased to Rs.18.12 million for the Financial Year 2025 from Rs.6.23 million for the Financial Year 2024, primarily attributable to an increase in average fixed deposits because of funds contributed by investors, and (iv) an increase in interest income under the effective interest method on financial assets carried at amortised cost on Security deposits, which increased to Rs.7.52 million for the Financial Year 2025, from Rs.1.30 million for the Financial Year 2024, primarily attributable to an increase in security deposits.

Expenses

Our total expenses increased by Rs.6,002.33 million or 31.45% to Rs.25,085.97 million for the Financial Year 2025 from Rs.19,083.64 million for the Financial Year 2024 in line with the increase in our revenue from operations.

Employee benefit expense: Employee benefit expense incurred increased by Rs.540.23 million or 25.54% to Rs.2,655.81 million for the Financial Year 2025 from Rs.2,115.58 million for the Financial Year 2024, primarily due to (i) an increase in salaries, wages and bonus to Rs.2,172.97 million for the Financial Year 2025 from Rs.1,869.79 million for the Financial Year 2024, (ii) an increase in contributions to provident and other funds to Rs.101.63 million for the Financial Year 2025 from Rs.62.39 million for the Financial Year 2024, (iii) an increase in staff welfare expense to Rs.60.00 million for the Financial Year 2025 from Rs.40.75 million for the Financial Year 2024, due to an increase in number of employees from 2,560 in the Financial Year 2024 to 3,381 in the Financial Year 2025 to manage a larger volume of shipments and to staff new processing centers, and providing regular salary increments, and (iv) an increase in share based payment expense to Rs.321.21 million for the Financial Year 2025 from Rs.142.65 million for the Financial Year 2024. However, this cost has declined as a percentage of our revenue from operations from 11.22% for the Financial Year 2024 to 10.69% for the Financial year 2025, due to better operating leverage as well as increase in share of hyperlocal revenue which operates with much better employee scalability as opposed to express shipments.

Finance costs: Our finance costs increased by Rs.72.55 million or 101.38% to Rs.144.11 million for the Financial Year 2025 from Rs.71.56 million for the Financial Year 2024, due to (i) an increase in interest expense on financial liabilities measured at amortised cost (lease liabilities) to Rs.115.95 million for the Financial Year 2025 from Rs.8.29 million for the Financial Year 2024, reflecting the expansion of our business through long-term leases for additional facilities. However, this was partially offset by a decline in the interest expense on financial liabilities measured at amortised cost (borrowings) to Rs.28.16 million for the Financial Year 2025 from Rs.63.27 million for the Financial Year 2024, primarily due to repayment of loan instalments.

Depreciation and amortization expense: The depreciation and amortization expense increased by Rs.374.83 million or 135.03% to Rs.652.41 million for the Financial Year 2025 from Rs.277.58 million for the Financial Year 2024, due to (i) an increase in depreciation on property, plant and equipment to Rs.215.25 million for the Financial Year 2025 from Rs.171.74 million for the Financial Year 2024, driven by the acquisition of racking systems, computers and electronic equipment, (ii) an increase in amortisation of intangible assets to Rs.82.30 million for the Financial Year 2025 from Rs.51.56 million for the Financial Year 2024, reflecting higher capitalization of internally generated intangible assets during the period; and (iii) an increase in depreciation of right-of-use assets to Rs.354.86 million for the Financial Year 2025 from Rs.54.28 million for the Financial Year 2024, primarily due to an increase in long-term lease expansions in line with our business growth.

Other expenses: Our other expenses increased by Rs.5,014.72 million or 30.17% to Rs.21,633.64 million for the Financial Year 2025 from Rs.16,618.92 million for the Financial Year 2024, due to an increase in partner expenses, transportation charges and lost shipment.

• Partner expenses: Our partner expenses increased by Rs.3,872.54 million or 40.21% to Rs.13,502.65 million for the Financial Year 2025 from Rs.9,630.11 million for the Financial Year 2024, primarily due to an increase in the shipment volume as well as increase in the share of hyperlocal services. as well as an increase in the share of the hyperlocal shipments. Our total order volume increased by 24.56% whereas our hyperlocal delivery orders increased by 98.14%, from the Financial Year 2024 to Financial Year 2025.

• Transportation charges: Our transportation charges increased by Rs. 696.27 million or 17.65% to Rs. 4,641.64 million for the Financial Year 2025 from Rs.3,945.37 million for the Financial Year 2024, primarily due to an increase in the number of shipments handled. However, our transportation charges as a percentage of revenue from operations decreased to 18.68% for the Financial Year 2025 from 20.93% for the Financial Year 2024 due to better utilization of existing lanes.

• Lost shipments: Our lost shipments increased by Rs.464.09 million or 49.05% to Rs. 1,410.33 million for the Financial Year 2025 from Rs.946.24 million for the Financial Year 2024. This increase was primarily driven by an increase in the total shipment volume and a higher proportion of reverse shipments. Additionally, due to the growing share of direct- to-customer brands in our network the average order value of shipments increased, resulting in higher losses as a percentage of revenue from operations.

Profit/(loss) for the year: As a result of the foregoing, our Company earned a profit of Rs.64.26 million for the Financial Year 2025 as compared to a loss of Rs.(118.82) million for the Financial Year 2024.

Other comprehensive income: Other comprehensive income items that were not reclassified as profit or loss included actuarial gain on remeasurement of defined employee benefit plans of Rs. 4.06 million for the Financial Year 2025 as compared to a gain of Rs.8.26 million for the Financial Year 2024.

Total comprehensive income for the year: As a result of the above mentioned factors, our total comprehensive income increased by Rs.178.88 million or 161.79% to Rs. 68.32 million for the Financial Year 2025 from a loss of Rs.(110.56) million for the Financial Year 2024.

Financial Year 2024 compared to Financial Year 2023 Total income

Our total income increased by Rs.4,735.90 million or 33.28% to Rs.18,964.82 million for the Financial Year 2024, from Rs.14,228.92 million in for the Financial Year 2023, primarily due to increase in revenue from operations and other income.

Revenue from Operations: Our revenue from operations increased by Rs.4,696.98 million or 33.19% to Rs.18,848.22 million for the Financial Year 2024 from Rs.14,151.24 million for the Financial Year 2023, primarily due to the expansion of our express service line, which grew by 44.36% from Financial Year 2023 to Financial Year 2024. The growth in express service line was volume led and in line with the 44.25% volume increase during the period, with the Pin Code Reach increasing from 7,955 in the financial year 2023 to 13,169 in the financial year 2024. During this period, the hyperlocal service line experienced stable performance, with a marginal decline of 0.51% compared to the previous year, while other logistics services grew by 9.43%.

Other income: Our other income increased by Rs.38.92 million or 50.10% to Rs.116.60 million for the Financial Year 2024 from Rs.77.68 million for the Financial Year 2023, due to (i) an increase in interest on income tax refund, which increased to Rs.9.60 million for the Financial Year 2024 from Rs.3.87 million for the Financial Year 2023, primarily due to the closure of our income tax assessments for the assessment years 2022 during this period, (ii) an increase in net change in the fair value of financial assets mandatorily measured at fair value through profit and loss, which increased to Rs.88.07 million for the Financial Year 2024 from Rs.62.81 million for the Financial Year 2023, primarily due to an increase in mutual fund investments driven by additional contributions from investors, resulting in a higher average investment; and (iii) an increase in miscellaneous income to Rs.11.41 million for the Financial Year 2024 from Rs.2.23 million for the Financial Year 2023, mainly on account of increase in sale of scraps.

Expenses

Our total expenses increased by Rs.3,428.34 million or 21.90% to Rs.19,083.64 million for the Financial Year 2024 from Rs.15,655.30 million for the Financial Year 2023, in line with the increase in our revenue from operations.

Employee benefit expense: Employee benefit expense incurred decreased marginally by Rs.21.78 million or 1.02% to Rs.2,115.58 million for the Financial Year 2024 from Rs.2,137.36 million for the Financial Year 2023, primarily due a decrease in share based payment expense, which declined to Rs.142.65 million for the Financial Year 2024 from Rs.193.11 million for the Financial Year 2023, as the ESOPs granted during Financial Year 2024 were issued in the last week of the Financial Year 2024, resulting in lower cost recognition. This was offset by an increase in salaries, wages, and bonus, which increased to Rs.1,869.79 million for the Financial Year 2024 from Rs.1,844.83 million for the Financial Year 2023, an increase in contributions to provident and other funds, which increased to Rs.62.39 million for the Financial Year 2024 from Rs.59.61 million for the Financial Year 2023, and staff welfare expense which increased to Rs.40.75 million for the Financial Year 2024 from Rs.39.81 million for the Financial Year 2023. The increase in these components was driven by the increase in the number of employees from 2,137 for the Financial Year 2023 to 2,560 for the Financial Year 2024 to support growing shipment volumes, staffing at newly operational processing centres, and annual increments for existing employees. As a percentage of revenue from operations, employee benefit expense declined from 15.10% in Fiscal 2023 to 11.22% in Fiscal 2024, reflecting the operating leverage achieved through increased revenue and shipment volumes.

Finance costs: Our finance costs decreased by Rs.57.80 million or 44.68% to Rs.71.56 million for the Financial Year 2024 from Rs.129.36 million for the Financial Year 2023, due to (i) a decrease in interest expense on financial liabilities measured at amortised cost (borrowings) to Rs.63.27 million for the Financial Year 2024 from Rs. 119.37 million for the Financial Year 2023, primarily due to repayment of loan instalments on a monthly basis; and (ii) a decrease in interest expense on financial liabilities measured at amortised cost (lease liabilities) to Rs.8.29 million for the Financial Year 2024 from Rs.9.99 million for the Financial Year 2023, due to the completion of lease periods for few of our facilities.

Depreciation and amortization expense: The depreciation and amortization expense increased by Rs.37.57 million or 15.65% to Rs.277.58 million for the Financial Year 2024 from Rs.240.01 million for the Financial Year 2023, due to (i) an increase in depreciation of property, plant and equipment to Rs.171.74 million for the Financial Year 2024 from Rs.128.68 million for the Financial Year 2023, reflecting higher investments in racking systems, computers and electronic equipment during the period, (ii) an increase in amortisation of intangible assets to Rs.51.56 million for the Financial Year 2024 from Rs.39.71 million for the Financial Year 2023, due to greater capitalization of internally developed intangible assets. These increases were partially offset by a decrease in depreciation of right-of-use assets to Rs.54.28 million for the Financial Year 2024 from Rs.71.62 million for the Financial Year 2023, primarily due to the completion of lease terms for certain facilities.

Other expenses: Our other expenses increased by Rs.3,470.35 million or 26.39% to Rs.16,618.92 million for the Financial Year 2024 from Rs.13,148.57 million for the Financial Year 2023, due to an increase in partner expenses, transportation charges, rent, lost shipments, and expenses related to printing and stationery and consumables.

• Partner expenses: Our partner expenses increased by Rs.1,942.76 million or 25.27% to Rs.9,630.11 million for the Financial Year 2024 from Rs.7,687.35 million for the Financial Year 2023, primarily due to an increase in the volume of shipments handled during the Financial Year 2024. However, our partner expenses as a percentage of revenue from operations decreased to 51.09% for the Financial Year 2024 from 54.32% for the Financial Year 2023, primarily due to optimization measures and cost-efficiency initiatives, such as order consolidation, a higher contribution from e-commerce shipments, which carry a lower partner cost component compared to hyperlocal orders.

• Transportation charges: Our transportation charges increased by Rs.1,040.70 million or 35.83% to Rs.3,945.37 million for the Financial Year 2024 from Rs.2,904.67 million for the Financial Year 2023, primarily due to a higher volume of shipments handled and an expanded geographical reach necessitating additional transportation routes. As a percentage of revenue from operations, transportation costs increased from 20.53% in Fiscal 2023 to 20.93% in Fiscal 2024. This increase was also partly driven by a greater proportion of express service line shipments, which incur transportation costs, compared to hyperlocal shipments that do not.

• Rent: Our rent increased by Rs.109.91 million or 21.69% to Rs.616.71 million for the Financial Year 2024 from Rs.506.80 million for the Financial Year 2023, primarily due to an increase in real estate space leased for our logistics facilities in line with the expansion of our business.

• Lost shipments: Our lost shipments increased by Rs.269.08 million or 39.74% to Rs.946.24 million for the Financial Year 2024 from Rs.677.16 million for the Financial Year 2023. As a percentage of revenue from operations, lost shipments increased from 4.79% in the Financial Year 2023 to 5.02% in the Financial Year 2024. This was primarily due to a higher volume of shipments during the Financial Year 2024, driven by an increase in express parcel shipments, which grew by 44.36% and is more susceptible to losses due to greater supply chain complexities.

• Printing and stationery and consumables: Our printing and stationery and consumables increased by Rs.71.73 million or 16.90% to Rs.496.28 million for the Financial Year 2024 from Rs.424.55 million for the Financial Year 2023, due to an increase in number of shipments handled during the Financial Year 2024.

Profit/(loss) for the year: As a result of the foregoing, our Company incurred a loss of Rs.(118.82) million for the Financial Year 2024 as compared to a loss of Rs.(1,426.38) million for the Financial Year 2023.

Other comprehensive income: Other comprehensive income items that were not reclassified as profit or loss included actuarial gain on remeasurement of defined employee benefit plans of Rs.8.26 million for the Financial Year 2024 as compared to a income of Rs.6.38 million for the Financial Year 2023.

Total comprehensive income for the year: As a result of the above mentioned factors, our total comprehensive loss decreased by Rs.1,309.44 million or 92.21% to Rs.(110.56) million for the Financial Year 2024 from Rs.(1,420.00) million for the Financial Year 2023.

Liquidity and Capital Resources

Historically, our primary liquidity requirements have been to finance our capital expenditure and working capital needs for our operations. We have met these requirements through cash flows from operations, capital investment and borrowings. As of September 30, 2025, we had Rs.1,714.96 million in cash and cash equivalents and Rs. 113.73 million in bank balances other than cash and cash equivalents, Rs.3,753.82 million as investments in mutual funds and Rs.3,734.33 million in trade receivables. We believe that, after taking into account the expected cash to be generated from operations, we will have sufficient liquidity for our present and anticipated requirements for capital expenditure and working capital for the next 12 months.

Summary of Statement of Cash Flows

The following table sets forth our cash flows for the period/year indicated:

			(Rs. in million)
Particulars	For the six months period ended September 30		Financial Year
	2025	2024	2025	2024	2023
Net cash generated from/(used in) operating activities	1,408.91	573.88	498.67	1,315.52	(728.34)
Net cash generated from/(used in) investing activities	(928.75)	588.43	(1,192.65)	(3,114.90)	(397.98)
Net cash (used in)/generated from financing activities	(385.10)	(268.67)	1,303.90	2,003.55	896.06
Cash and Cash Equivalents at the end of the period/year	1,714.96	1,903.61	1,619.89	1,009.97	805.80

Operating Activities

Net cash generated from operating activities was Rs.1,408.91 million for the six months period ended September 30, 2025. While our profit before tax was Rs.210.37 million, we had an operating cash flow before working capital changes of Rs.806.65 million, primarily due to adjustments for depreciation and amortization expense of Rs. 498.52 million, loss allowances for doubtful debts of Rs.29.98 million, interest on borrowings Rs.4.04 million, interest on lease liabilities of Rs. 72.02 million and share based payment expense of Rs.123.68 million. This was partially offset by adjustments for interest income on financial assets carried at amortised cost of Rs.16.41 million, interest income on income tax refund of Rs.4.52 million and gain on sale and re-measurement of mutual fund investments measured at FVTPL of Rs. 111.03 million. Our working capital adjustments for the six months period ended September 30, 2025 primarily consisted of an increase in trade receivables of Rs.473.68 million and increase in other financial assets and other assets of Rs.268.30 million, partially offset by an increase in trade payables of Rs.589.77 million and an increase in provisions and other liabilities of Rs.863.15 million, and an income tax payment of Rs. 108.68 million

Net cash generated from operating activities was Rs.573.88 million for the six months period ended September 30, 2024. While our profit before tax was Rs.98.36 million, we had an operating cash flow before working capital changes of Rs.405.03 million, primarily due to adjustments for depreciation and amortization expense of Rs.242.75 million, loss allowances for doubtful debts of Rs.18.00 million, interest on borrowings Rs.17.90 million, interest on lease liabilities of Rs.42.83 million and share based payment expense of Rs.145.86 million. This was partially offset by adjustments for interest income on financial assets carried at amortised cost of Rs.11.62 million, interest income on income tax refund of Rs. 30.66 million and gain on sale and re-measurement of mutual fund investments measured at FVTPL of Rs. 118.39 million. Our working capital adjustments for the six months period ended September 30, 2024 primarily consisted of an increase in trade receivables of Rs.537.10 million, and an increase in other financial assets and other assets of Rs.51.33 million, partially offset by an increase in trade payables of Rs.152.85 million and an increase in provisions and other liabilities of Rs.423.41 million, and an income tax refund of Rs.181.02 million.

Net cash generated from operating activities was Rs.498.67 million for the Financial Year 2025. While our profit before tax was Rs.60.60 million, we had an operating cash flow before working capital changes of Rs.915.47 million, primarily due to adjustments for depreciation and amortization expense of Rs. 652.41 million, loss allowances for doubtful debts of Rs. 21.44 million, interest on borrowings Rs. 28.16 million, interest on lease liabilities of Rs. 115.95 million and share based payment expense of Rs. 321.21 million. This was partially offset by adjustments for interest income on financial assets carried at amortised cost of Rs.25.64 million, interest income on income tax refund of Rs.32.83 million and gain on sale and re-measurement of mutual fund investments measured at FVTPL of Rs.225.83 million. Our working capital adjustments for the Financial Year 2025 primarily consisted of an increase in trade receivables of Rs.1,221.63 million and increase in other financial assets and other assets of Rs.203.51 million, partially offset by an increase in trade payables of Rs.437.92 million and an increase in provisions and other liabilities of Rs.434.28 million and an income tax refund of Rs.136.14 million.

Net cash generated from operating activities was Rs.1,315.52 million for the Financial Year 2024. While our loss before tax was Rs.(118.82) million, we had an operating cash flow before working capital changes of Rs.276.12 million, primarily due to adjustments for depreciation and amortization expense of Rs.277.58 million, loss allowances for doubtful debts of Rs.8.35 million, interest on borrowings Rs.63.27 million, interest on lease liabilities of Rs.8.29 million and share based payment expense of Rs.142.65 million. This was partially offset by adjustments for interest income on financial assets carried at amortised cost of Rs.7.53 million, interest income on income tax refund of Rs.9.60 million and gain on sale and re-measurement of mutual fund investments measured at FVTPL of Rs.88.07 million. Our working capital adjustments for the Financial Year 2024 primarily consisted of an increase in trade receivables of Rs.274.49 million and increase in other financial assets and other assets of Rs.19.42 million, partially offset by an increase in trade payables of Rs.510.71 million and an increase in provisions and other liabilities of Rs.740.69 mil lion and an income tax refund of Rs.81.91 million.

Net cash used in operating activities was Rs.728.34 million for the Financial Year 2023. While our loss before tax was Rs.(1,426.38) million, we had an operating cash flow before working capital changes of Rs.(903.36) million, primarily due to adjustments for depreciation and amortization expense of Rs.240.01 million, loss allowances for doubtful debts of Rs.36.00 million, interest on borrowings Rs.119.37 million, interest on lease liabilities of Rs.9.99 million and share based payment expense of Rs.193.11 million. This was partially offset by adjustments for interest income on financial assets carried at amortised cost of Rs.8.78 million, interest income on income tax refund of Rs.3.87 million and gain on sale and re-measurement of mutual fund investments measured at FVTPL of Rs.62.81 million. Our working capital adjustments for the Financial Year 2023 primarily consisted of a decrease in trade receivables of Rs.87.09 million and increase in other financial assets and other assets of Rs.0.56 million, an increase in trade payables of Rs.47.05 million and an increase in provisions and other liabilities of Rs.68.74 million and an income tax paid of Rs.27.30 million.

Investing Activities

Net cash used in investing activities was Rs.928.75 million for the six months period ended September 30, 2025, which primarily consisted of mutual fund investments of Rs.7,170.00 million as part of our surplus cash management strategy, investment in bank deposits with maturity of more than three months of Rs.45.82 million and purchase of property, plant and equipment and intangible assets of Rs.541.52 million. This was partially offset by mutual fund redemptions of Rs.6,812.83 million and interest received of Rs.15.76 million.

Net cash generated from investing activities was Rs.588.43 million for the six months period ended September 30, 2024, which primarily consisted of mutual fund investments of Rs.3,789.81 million as part of our surplus cash management strategy, investment in bank deposits with maturity of more than three months of Rs.16.00 million and purchase of property, plant and equipment and intangible assets of Rs.239.58 million. This was partially offset by mutual fund redemptions of Rs.4,592.97 million and interest received of Rs.40.85 million.

Net cash used in investing activities was Rs.1,192.65 million for the Financial Year 2025, which primarily consisted mutual fund investments of Rs.11,225.96 million as part of our surplus cash management strategy, investment in bank deposits with maturity of more than three months of Rs.74.77 million, purchase of property, plant and equipment and intangible assets of Rs.860.86 million and payment made to acquire subsidiary (net of cash acquired) of Rs.374.33 million. This was partially offset by mutual fund redemptions of Rs.11,291.21 million and interest received of Rs. 52.06 million.

Net cash used in investing activities was Rs.3,114.90 million for the Financial Year 2024, which primarily consisted of mutual fund investments of Rs.8,320.08 million as part of our surplus cash management strategy, investment in bank deposits with maturity of more than three months of Rs.162.10 million and purchase of property, plant and equipment and intangible assets of Rs.531.14 million. This was partially offset by mutual fund redemptions of Rs.5,880.00 million and interest received of Rs.18.42 million.

Net cash used in investing activities was Rs.397.98 million for the Financial Year 2023, which primarily consisted of mutual fund investments of Rs.4,118.56 million and purchases of property, plant and equipment and intangible assets totaling Rs.472.54 million. This was partially offset by mutual fund redemptions of Rs.4,165.89 million, interest received of Rs.9.44 million and maturity of bank deposits with maturity of more than three months totaling Rs.17.79 million.

Financing Activities

Net cash used in financing activities was Rs.385.10 million for the six months period ended September 30, 2025, and primarily consisted of repayment of borrowings of Rs.59.56 million, payment of principal portion of lease liabilities Rs. 249.47 million, payment of interest portion of lease liabilities of Rs.72.02 million, and interest on borrowings of Rs.4.04 million.

Net cash used in financing activities was Rs.268.67 million for the six months period ended September 30, 2024, and primarily consisted of repayment of borrowings of Rs.128.79 million, payment of principal portion of lease liabilities Rs.79.15 million, payment of interest portion of lease liabilities of Rs.42.83 million, and interest on borrowings of Rs.17.90 million.

Net cash generated from financing activities was Rs.1,303.90 million for the Financial Year 2025, and primarily consisted of proceeds from the issue of equity shares Rs. 1,515.49 million and proceeds from issue of instruments entirely equity in nature of Rs.551.13 million, partially offset by the payment of principal portion of lease liabilities totaling Rs.280.43 million, payment of interest portion of lease liabilities of Rs.115.95 million, the repayment of borrowings of Rs.268.53 million, share issue expenses of Rs.69.65 million and interest on borrowings of Rs.28.16 million.

Net cash generated from financing activities was Rs.2,003.55 million for the Financial Year 2024, and primarily consisted of proceeds from the issue of equity shares Rs.0.09 million and proceeds from issue of instruments entirely equity in nature of Rs.2,515.09 million, partially offset by the payment of principal portion of lease liabilities totaling Rs.55.15 million, payment of interest portion of lease liabilities of Rs.8.29 million, the repayment of borrowings of Rs.292.26 million, share issue expenses of Rs.92.66 million and interest on borrowings of Rs.63.27 million.

Net cash generated from financing activities was Rs.896.06 million for the Financial Year 2023, and primarily consisted of proceeds from the issue of instruments entirely equity in nature of Rs.1,418.54 million and proceeds from borrowings Rs.250.00 million, partially offset by payment of principal portion of lease liabilities Rs.64.90 million, payment of interest portion of lease liabilities Rs.9.99 million, repayment of borrowings of Rs.578.22 million and interest on borrowings of Rs.119.37 million.

Non-GAAP Measures

Certain non-GAAP measures like Net Worth and Return on Net Worth, Net Asset Value per Equity Share, Debt to Equity Ratio, Adjusted EBITDA, Adjusted EBITDA Margin, and EBITDA (excluding other income) ("Non-GAAP Measures") presented in this Updated Draft Red Herring Prospectus - I are a supplemental measure of our performance and liquidity that are not required by, or presented in accordance with, Ind AS or Indian GAAP. Furthermore, these Non-GAAP Measures are not a measurement of our financial performance or liquidity under Ind AS, Indian GAAP, or IFRS and should not be considered in isolation or construed as an alternative to cash flows, profit/ (loss) for the year/ period 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 or Indian GAAP.

In addition, these Non-GAAP Measures are not a standardized term, hence a direct comparison of similarly titled Non-GAAP Measures between companies may not be possible. Other companies may calculate the Non-GAAP Measures differently from us, limiting its usefulness as a comparative measure. Although the Non-GAAP Measures are not a measure of performance calculated in accordance with applicable accounting standards, our Companys management believes that it is useful to an investor in evaluating us because it is a widely used measure to evaluate a companys operating performance. For the reconciliation of Non-GAAP measures see "Other Financial Information - Reconciliation of Non-GAAP measures" on page 290 of this Updated Draft Red Herring Prospectus - I.

Indebtedness

As of September 30, 2025, we had total borrowings of Rs.5.03 million. For further information on our indebtedness, see "Financial Indebtedness" as at September 30, 2025 on page 328 of this Updated Draft Red Herring Prospectus - I.

Contractual Obligations and Commitments

The table below sets forth our undiscounted contractual obligations with definitive payment terms as of September 30, 2025:

				(Rs. in million)
Particulars	Less than 1 year	1 - 5 years	More than 5 years	Total
Borrowings	4.66	1.19	-	5.85
Lease liabilities	650.79	1,021.93	164.63	1,837.35
Trade payables	2,737.42	-	-	2,737.42
Other financial liabilities	2,173.06	106.79	-	2,279.85

We have commitments on capital account and not provided for as on September 30, 2025 Rs.139.57 million (September 30, 2024: Nil, March 31, 2025: Rs.266.13 million, March 31, 2024: Nil and March 31, 2023: Nil) towards the procurement of property, plant and equipments. .

Contingent Liabilities

As of September 30, 2025, we had the following contingent liabilities:

	(Rs. in million)
Particulars	Amount as at September 30, 2025
1. GST matter under appeal in the State of Uttar Pradesh for the Financial Year 2020-21(1)	9.44

(1) There are claims against the Group not acknowledged as debt aggregating to Rs.9.44 million as of September 30, 2025 (September 30, 2024: Nil, March 31, 2025: Rs.9.44 million, March 31, 2024: Nil and March 31, 2023: Nil). A GST matter is under appeal in the State of Uttar Pradesh for the Financial Year 2020-21 involving Rs.9.44 million, where the Group has shown credit notes issued under ITC instead of reducing output liability. The matter is under evaluation, pending adjudication by Joint Commissioner (Appeals).

Related Party Transactions

We have engaged in the past, and may engage in the future, in transactions with related parties. For details of our related party transactions, see "Offer Document Summary - Summary of Related Party Transactions" on page 23.

Quantitative and Qualitative Disclosures about Market Risks

Our Board has overall responsibility for the establishment and oversight of our risk management framework. We are exposed to the following risks:

Credit Risk

Credit risk is the risk that the counterparty will not meet its obligations under a financial instrument or client contract, leading to a financial loss. We are exposed to credit risk from our operating activities (primarily trade receivables) and from our financing activities, including deposits with banks. We have a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all clients requiring credit over a certain amount.

Trade and other receivables

Client credit risk is managed as per our established policy, procedures and control relating to client credit risk management. Credit quality of a client is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment.

As per Ind AS 109, we have the expected credit loss model to assess the impairment loss. In determining the impairment allowance (loss allowances for doubtful debts), we have used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience as well as the current economic conditions and is adjusted for forward looking information.

The expected credit loss allowance is based on the ageing of the receivables that are due and allowance rates used in the provision matrix. Please see Note 39 of the Restated Consolidated Financial Information on page 281 for further the details on provision for doubtful debts, and Note 9 of the Restated Consolidated Financial Information on page 260 for our outstanding trade receivable balance which is subject to credit risk exposure.

An impairment analysis is performed at each reporting date on an individual basis for major clients. Outstanding client receivables are regularly and closely monitored basis the historical trend and we provide for any outstanding receivables beyond 365 days which are doubtful.

The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed below. We do no hold collateral as security. We evaluate the concentration of risk with respect to trade receivables as low on the basis of past default rates of its clients.

Investments

We limit our exposure to credit risk by generally investing in liquid securities and only with counterparties that have a good credit rating. We do not expect any losses from non- performance by these counterparties, and do not have any significant concentration of exposures to specific industry sectors.

Security Deposit

We also carry credit risk on security deposits with landlords for properties taken on leases. The risk relating to refund of security after vacating the property is low since the lessors have strong capability to meet its contractual cashflow obligation and the possession of premises is retained till the refund is collected.

Other Financial Assets

(i) Advance to Employees: We provide advance to employees for their personal needs and repayment by deduction from the salary of the employees. The expected probability of default is negligible or nil.

(ii) Balance with Partner: We carry credit risk on balance with partners. To mitigate this risk, we regularly reviews and monitors the partners accounts to ensure their balances do not exceed the prescribed threshold, hence the expected probability of default is negligible or nil.

Liquidity Risk

Liquidity risk is the risk of being unable to meet the payment obligations resulting from financial liabilities, which may arise from unavailability of funds. The exposure to liquidity risk is closely monitored by us using daily liquidity reports and regular cash forecast reports to ensure adequate distribution. We believe that cash and cash equivalents and current investments are sufficient to meet its current requirements, accordingly, no liquidity risk is perceived. For further details, see "- Liquidity and Capital Resources" on page 320 of this Updated Draft Red Herring Prospectus - I.

Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Such changes in the values of financial instruments may result from changes in the foreign currency exchange rates, interest rates, credit, liquidity and other market changes.

Interest Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Our exposure to the risk of changes in market interest rates relates to our borrowing with floating interest rates.

The interest rate profile of our interest-bearing financial instruments is as follows:

			(Rs. in million)
Particulars	For the six months period ended		Financial Year
	September 30, 2025	September 30, 2024	2025	2024	2023
Borrowings (including current maturities of non-current borrowings)	-	-	-	-	34.68

Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes in foreign exchange rates. Our functional currency is Indian Rupee (Rs.) and our revenue is generated from operations in India. We do not have any material foreign currency exposure. We do not enter into any derivative instruments for trading or speculative purposes.

Unusual or Infrequent Events or Transactions

Except as described in this Updated Draft Red Herring Prospectus - I, to our knowledge, there have been no unusual or infrequent events or transactions that have in the past or may in the future affect our business operations or future financial performance.

There have been no other events or transactions that, to our knowledge, that may be described as "unusual" or "infrequent.

Significant Economic Changes that Materially affect or are likely to affect Income from Continuing Operations

Our business has been subject, and we expect it to continue to be subject, to significant economic changes that materially affect or are likely to affect our income from continuing operations identified above in "- Significant Factors Affecting our Results of Operations and the uncertainties described in "Risk Factors" on pages 297 and 30, respectively.

Known Trends or Uncertainties

Our business has been subject, and we expect it to continue to be subject, to significant economic changes arising from the trends identified above in "Significant Factors affecting our Results of Operations" and the uncertainties described in "Risk Factors" on pages 297 and 30, respectively.

To our knowledge, except as discussed in this Updated Draft Red Herring Prospectus - I, there are no known trends or uncertainties that have or had or are expected to have a material adverse impact on revenues or income of our Company from continuing operations.

Future Relationship between Cost and Revenue

Other than as described in "Risk Factors" and "Our Business" on pages 30 and 167 respectively, to our knowledge there are no known factors that may adversely affect our business prospects, results of operations and financial condition.

New Products or Business Segments

Other than as disclosed in this section and in "Our Business" on page 167 of this Updated Draft Red Herring Prospectus - I, we have not announced and do not expect to announce in the near future any new business segments.

Seasonality of Business

Our business experiences seasonal variations driven by platform and customer demand patterns. In the express service line, demand typically peaks before Diwali, coinciding with large-scale sales promotions rolled out by horizontal e-commerce platforms. Similarly, hyperlocal deliveries witness heightened activity during the Christmas and New Year period. These seasonal trends are influenced by the promotional calendars set by our clients, as well as increased latent demand driven by cultural festivities. For further details see, "Risk Factor 34 - We are affected by seasonality experienced in the customer retail and logistics and supply chain industries" on page 50.

Suppliers or Client Concentration

Supplier Concentration

We do not have any concentration of suppliers.

Client Concentration

We derive a significant portion from a limited set of clients. For further details see, "Risk Factor 3 -We rely on key commercial relationships with our clients. Our largest client contributed 48.91%, 51.23%, 48.00%, 59.23%, and 59.52% of our revenue from operations for the six months period ended September 30, 2025, and September 30, 2024, and the Financial Years 2025, 2024, and 2023, respectively. The loss of any such key commercial relationships could adversely affect our business" on page 32.

Competitive Conditions

We operate in a competitive environment. Please see "Our Business", "Industry Overview and "Risk Factors" on pages 167, 143 and 30, respectively for further information on our industry and competition.

Recent Accounting Pronouncements

As of this Updated Draft Red Herring Prospectus - I, there are no recent accounting pronouncements which would have a material effect on our financial condition or results of operations.

Summary of Reservations or Qualifications or Adverse Remarks of Auditors

There are no reservations, qualifications or adverse remarks highlighted by the previous and current Statutory Auditors in their reports to our financial statements as at and for the year ended September 30, 2025.

For details, see "Restated Consolidated Financial Information" on page 233.

Significant Developments subsequent to September 30, 2025

Except as disclosed below, there are no significant developments that have occurred post September 30, 2025, that affect (a) the trading or profitability of our Company, (b) the value of our assets, or (c) our ability to pay our liabilities.

1. Nil