Shalimar Paints Ltd Management Discussions

Industry Structure & Developments

Indian Paint industry consists mainly of Decorative Paints, Protective Coatings, Wood Coatings, Automotive Paints, Ancillaries, Construction Chemicals, Road Marking Paints, General Industrial Coatings and other allied segments. The decorative market being the largest part accounting for over 70% of the market. Paint industry in India remains predominantly organized, with leading players accounting for nearly 80–85% of the market having mainly five large players and several regional and mid-sized organizations with a shrinking unorganized segment. Increased investments, capacity additions and consolidation initiatives are expected to further strengthen the organized sector in the coming years.

FY 2025-26 was another challenging year for Paint and Coating industries in India due to extended monsoon, muted urban demands, delayed discretionary spending and heightened competitive intensity. However, there was a gradual recovery in the second half of the year with festive consumption and more importantly aggressive pricing and delayed price increases.

The sectors growth was almost flat, attributing to factors like prolonged weak urban demand and geopolitical uncertainties. The steep increase in input costs also became a challenge for all paint companies, which was finally deferred through the sharp price increase in the fourth quarter. Despite the near-term challenges, the long-term outlook for Indian Paint Industry remains robust. The industry is estimated to grow at 12% in next 4 to 5 years with the total turnover of the industry estimated to be at 120,000 CR by 2030. The average per capita paint consumption in India is almost 4-5kg as opposed to global per capita consumption of 13-15kg. This speaks volumes of the large potential that paints industry has, indicating substantial headroom for growth and premiumization. This will be driven through favorable macroeconomic factors, rising consumer aspirations, urbanization, increased disposable income and increased government expenditure towards housing and infrastructure.

Premiumization remained a key theme during FY 2025-26, with consumers increasingly preferring high-performance, low-VOC, water-based and multifunctional coatings offering superior aesthetics, durability and sustainability benefits. Demand for waterproofing solutions also continued to gain higher momentum than the rest. The repainting cycle continued to shorten, reflecting both lifestyle changes and increased awareness of home improvement trends with categories like paints. Simultaneously, the organized sector further consolidated its leadership, now commanding over 80% of the market.

The competitive landscape intensified, with established brands expanding their reach into Tier 2 and Tier 3 cities while new entrants and acquisitions has also led to disruption in pricing.

About Shalimar Paints

Established in 1902, Shalimar Paints stands as one of Indias oldest and most respected paint manufacturers, with a legacy deeply interwoven with the nations industrial and architectural evolution. The company has played a pivotal role in safeguarding many of Indias most iconic structures, including the majestic Howrah Bridge, the venerable Rashtrapati Bhavan, intricate nuclear power installations, sprawling networks of railways, power plants, and refineries. Most recently, Shalimar Paints had the distinct honor of protecting the worlds highest rail bridge over the Chenab River, a testament to the resilience and performance of its coatings in extreme environmental conditions.

In recognition of its enduring commitment to quality and customer trust, Shalimar Paints was awarded the prestigious title of "Most Trusted Brand" twice in a row in the Indian paints sector. This accolade reflects the brands unwavering focus on reliability, innovation, and customer satisfaction over more than a century of operations.

The company is engaged in the manufacturing and marketing of a comprehensive range of decorative paints and industrial coatings. Its decorative business covers both interior and exterior paints, supported by a portfolio of flagship brands and advanced tinting systems under the "Color Space" brand, offering large gamut of shades across all product lines. Shalimar paints has expanded its product offering beyond emulsions to waterproofing, wood coatings, ancillary tools, etc. Shalimar paints has strategically placed distribution centers across the country, making sure all locations are catered to. This robust network, complemented by a significant production boost, positions the brand on a strong growth trajectory. Apart from India, Shalimar also catered to consumers from Nepal, UAE, Bhutan and Seychelles.

The company currently operates three manufacturing facilities, located in Chennai, Nashik, and Sikandrabad (Uttar Pradesh), each equipped with modern infrastructure and automation to ensure efficiency, quality, and sustainability.

Shalimar Paints legacy of protecting national landmarks and its recognition as a "Most Trusted Brand" underscore its leadership and reliability in the Indian paints industry. With continuous innovation, a growing product portfolio, and an expanding distribution footprint, Shalimar Paints is well-positioned to meet the evolving needs of consumers and contribute to the nations growth story.

Performance

FY 2025-26 was a happening year for Shalimar Paints, marked by robust financial and operational performance across all business segments. The company achieved a positive EBIDTA in Q4, portraying the resilience of the company towards growth and profitability. Even though the top line remained flat, this trajectory was strategically called for and proved to be the right track for Shalimar 2.0

The decorative paints division, which remains the primary revenue driver, accounted for approximately 67% of total sales.

Product Portfolio and Innovation

A key highlight of FY 2025-26 was the Companys continued focus on innovation and portfolio premiumization, aimed at strengthening its market presence and addressing evolving consumer preferences. During the year, Shalimar Paints successfully launched nine new products across key categories, reinforcing its commitment to offering differentiated and value-added solutions.

In line with the premiumization trend in the decorative paints industry, Shalimar Paints also introduced its most luxurious emulsions to date in both the interior and exterior segments under the Hero brand umbrella, catering to consumers seeking superior aesthetics, durability and performance. Additionally, the Company launched a PU-based glossy enamel to augment its enamel portfolio and enhance its offering in the premium enamel category.

The Company marked its entry into the interior waterproofing segment under the Zero Damp brand umbrella and introduced a floor coating emulsion under the Hero portfolio, thereby expanding its presence in high-growth and adjacent categories. Further strengthening its ancillary offerings, the Company launched a range of complementary products including dry and wet & dry sandpapers, masking tapes and spray paints, enabling a more comprehensive painting solutions portfolio.

These launches reflect the Companys strategic emphasis on innovation-led growth, category expansion and portfolio enhancement, while strengthening its ability to meet the diverse needs of customers across price points and application segments.

Revenue contribution from new products brand umbrella stood at 28% of total sales, underscoring the companys deep understanding of evolving consumer needs and its ability to rapidly translate R&D investments into market ready offerings.

The share of water-based paints within the decorative category stood at 64%, reinstating strong focus on low VOC products as per consumer preference with a vision to take it to 70% in the coming years. This strategic shift not only met rising consumer demand for sustainable products but also improved gross margins, given the higher profitability profile of water-based formulations.

Operational Excellence and Capacity Expansion

To support its growth ambitions, Shalimar Paints continued to invest in capacity augmentation and process automation. The company has a distribution network of 47 sales depots and over 7500+ retail touchpoints in decorative segment nationwide, with a particular focus on deepening penetration in Tier2 and Tier3 cities. These efforts were complemented by a recently launched distributor business model, another lever that Shalimar Paints is banking upon to cater to rural and remote areas with its affordable set of products tailormade for these geographies with ensured last mile delivery.

All three manufacturing facilities—Chennai, Nashik, and Sikandrabad, underwent further automation, focusing on waste reduction, throughput enhancement, and quality control. These initiatives delivered measurable improvements in cycle times and operational efficiency, directly contributing to the bottom line.

Research & Development

Post full operationalization of the companys state-of-the-art R&D center in Nashik in FY25, the facility played a pivotal role in accelerating product development, improving existing formulations, and driving sustainability initiatives with its state-of-the-art facility. The R&D team, working closely with global vendors and academic partners, prioritized the development of low VOC, leadfree, and environmentally responsible coatings. These efforts not only enhanced the product portfolio but also strengthened Shalimar Paints reputation as an innovation led organization.

Our state-of-the-art R&D center in Nashik is dedicated to achieving the highest international standards of product quality through continuous innovation and has enhanced our capabilities to innovate and improve on the basket of products as well as improvement in recipe of existing products. We are focused on developing sustainable, ecofriendly coatings that extend the lifespan of critical assets from metal pipes to plant machinery, national infrastructure, construction equipment, ships, and buildings all while prioritizing environmental protection. Our modern IT systems and processes further empower us to deliver swift and impeccable service, fostering a level of customer satisfaction.

Brand Equity and Market Position

The year also witnessed a strategic transformation in brand building and market engagement. The successful expansion of the Hero brand with launch of new variants, giving a structure to Shalimar Expert Painter Loyalty Program with 10000+ onboard active painters, high impact social media and on ground marketing campaigns, further solidified the companys position as one of the most trusted brands for both consumers and influencers. This resulted in brand getting awarded as the Most Trusted brand in Paint category two times in a row. The introduction of distributor model lines resulted in expansion into new geographies and contributed to a stronger, more aspirational brand image.

Opportunities and Threats

The Indian paints and coatings industry continue to present significant growth prospects, and Shalimar Paints is strategically positioned to capitalize on several emerging opportunities:

Expanding Market Penetration: The ongoing urbanization and government initiatives in affordable housing and infrastructure development are expected to drive sustained demand for both decorative and industrial coatings. Shalimar Paints expanding distribution network and targeted marketing in Tier2 and Tier3 cities offer avenues for deeper market penetration.

Shortening painting cycle: It has been observed that the paint cycle which used to be 5 years has now shortened to 3 years which leads to higher consumption of paints.

Premiumization and Product Innovation: Rising consumer awareness and preference for high performance, ecofriendly, and aesthetically advanced paints create opportunities for Shalimar Paints to further premiumize its portfolio. The companys investments in R&D and recent successful launches of water based and specialty coatings place it at the forefront of this trend.

Digital Transformation: The acceleration of digital adoption across the value chain—from supply chain automation to digital marketing and influencer engagement—provides opportunities to enhance operational efficiency, customer experience, and brand loyalty.

Sustainability Initiatives: Increasing regulatory focus on sustainability and consumer preference for green products offer Shalimar Paints the chance to differentiate itself through environmentally responsible offerings and practices.

Risk and Concerns

Business and Operational Risks-

The paint industry is highly dependent on a complex global supply chain for key raw materials such as crude oil derivatives, pigments, resins, solvents, additives, and packaging materials. A significant portion of these inputs is either imported or linked to global commodity markets, making the industry vulnerable to supply chain disruptions. Geopolitical conflicts, trade restrictions, shipping delays, port congestion, and fluctuations in freight costs adversely affect the timely availability of raw materials and input cost as well. Supply chain disruptions can also result in raw material shortages and price volatility, affecting manufacturing schedules and the ability to meet customer demand.

To mitigate these risks, we are increasingly focusing on supplier diversification, strategic sourcing, localization of procurement, inventory optimization, long-term supplier partnerships, and digital supply chain management to improve resilience and ensure business continuity.

Financial and Regulatory Risks-

Exchange Rate Fluctuations: Exposure to foreign currency transactions for raw material imports subjects the company to risks from currency volatility.

Strategic and Market Risks-

Climate Change: Increasing frequency of climate related events like prolonged monsoon may disrupt operations in certain geographies, impact raw material availability, or necessitate changes in manufacturing processes.

Information Technology

Driving Digital Transformation and Operational Excellence

During FY 2025-26, the Company continued its focus on leveraging technology as a strategic enabler to drive operational excellence, enhance business agility, strengthen governance, and support sustainable growth.

The Information Technology function remained aligned with the Companys business objectives, delivering initiatives aimed at improving productivity, enhancing customer experience, strengthening cybersecurity, and enabling data-driven decision-making across the enterprise.

Enterprise Applications and Process Excellence

The Company continued to optimize and enhance its digital core through its SAP S/4HANA platform, enabling greater process standardization, improved controls, and real-time visibility across key business functions including manufacturing, supply chain, procurement, finance, sales, and distribution.

Several business process improvements were implemented during the year, resulting in improved operational efficiency, enhanced reporting capabilities, and better user experience across the organization.

Data and Analytics

Shalimar strengthened its analytics capabilities through the adoption of modern business intelligence through Qliksense, providing leadership teams with timely and actionable insights. However, the roadmap ahead to enable automated process by moving into the latest version with capability of automated report scheduling and AI use cases. This enhanced dashboards and KPI monitoring mechanisms will improve visibility into operational and financial performance, supporting faster and more informed decision-making.

Cybersecurity and Information Protection

In an increasingly complex threat landscape, cybersecurity remained a key focus area. Shalimar continued to strengthen its security posture through enhanced monitoring, vulnerability management, access governance, employee awareness programs, and infrastructure hardening initiatives.

The Information Technology team at Shalimar also initiated measures to align its data governance and privacy practices with emerging regulatory requirements, including the Digital Personal Data Protection (DPDP) framework.

Infrastructure Modernization and Business Continuity

The Company continued to invest in resilient and scalable technology infrastructure to support business growth and operational continuity. Key initiatives included improvements in network reliability, system availability, backup management, and disaster recovery preparedness.

These initiatives have enhanced the Companys ability to maintain uninterrupted business operations while supporting future digital transformation programs.

Innovation and Emerging Technologies

Recognizing the transformative potential of Artificial Intelligence (AI), the Company initiated exploratory and pilot programs focused on intelligent automation, predictive analytics, knowledge management, and productivity enhancement. These initiatives are expected to support operational efficiency and unlock new opportunities for innovation in the coming years.

Looking Ahead

The Company remains committed to leveraging technology as a strategic business differentiator. Key focus areas for the coming year include digital manufacturing, advanced analytics, cybersecurity enhancement, data governance, AI-enabled business solutions, and continuous process optimisation.

Through sustained investments in technology, talent, and innovation, the Company aims to strengthen its competitive position and deliver long-term value to all stakeholders.

In summary, key IT initiative planned during this Financial Years

• SAP S/4HANA optimisation initiatives

• Sales and Customer facing application reinforcements and

optimisation

• Cybersecurity maturity improvements

• DPDP compliance program launch

• AI and automation initiatives

• Business intelligence and analytics adoption

• Infrastructure and disaster recovery enhancements

Supply Chain

In an increasingly competitive and dynamic business environment, an agile, efficient, and customer-centric supply chain plays a critical role in driving operational excellence and delivering superior customer experience. At Shalimar, our supply chain continues to be a strategic enabler, focused not only on ensuring seamless product availability and timely deliveries but also on enhancing customer trust, improving operational efficiency, and optimizing working capital.

During the year under review, the Company operated a robust network of 42 warehouses strategically located across the country to improve market responsiveness and reduce delivery lead times. The warehousing infrastructure was strengthened through enhanced storage capabilities, while focused initiatives in inventory planning and stock rationalization helped optimize inventory levels, improve stock freshness, and release working capital without compromising customer service levels.

The company has been able to optimize the inventory and working capital by reducing the inventory levels by Rs 25 crores and has closed 6 non-profitable warehouses and cutting existing loss of the company.

As part of our continuous improvement journey, the Company initiated the modernization and standardization of warehouse operations through the engagement of professional third-party logistics (3PL) partners. This initiative is aimed at improving operational efficiency, process discipline, inventory accuracy, and adherence to best-in-class safety and operating practices.

The Company also implemented a Transport Management System (TMS) to optimize secondary logistics, improve transportation visibility, and accelerate order fulfillment. Further, digital initiatives were strengthened across the supply chain to improve data visibility, enhance operational control, and enable faster and more informed decision-making.

To further strengthen planning capabilities, the Company is implementing advanced demand planning tools to improve forecasting accuracy, optimize production planning and distribution, and achieve lean inventory levels while maintaining high service standards.

In addition, a cluster-based management structure has been introduced to provide stronger governance across warehouse operations, enable faster issue resolution, and ensure consistent execution of supply chain processes across geographies.

Through these strategic initiatives, Shalimar aims to build a resilient, technology-enabled, cost-efficient, and customer-focused supply chain capable of supporting sustainable business growth while improving overall supply chain productivity and working capital efficiency.

HR Initiatives

At Shalimar, we are driven to enhance value to all our stakeholders. Our people remain central in all our activities, it is through their Passion, never give up mindset, Innovation, and Commitment to excellence, Shalimar is able to sustain and growth in this competitive environment.

Our endeavour has been to develop the Culture of Shalimar, making the work environment more collaborative, Empowering, Nurturing Talent, innovative, fostering a listening culture, and making Shalimar a Happy Place to work.

Our commitment extends equally to the holistic well-being of our employees. Through competitive compensation, health and other benefits, we ensure our employees feel valued and supported.

Attracting Talent

In the year 2025-26, 250+ new employees across functions including the Leadership team and next line to the Leadership team have joined Shalimar. With this, we have a strong team at the Senior level who can guide and coach the team below to drive growth for the Company.

We had the Joining of the Following at various Location on Leadership Positions :-

1) Jitendra Waghela, Plant Head Nashik

2) Sameer Sibal, Zonal Head for North Zone 1

3) Raghuraman PN, Zonal Head for South Zone 2

4) Mathew Joseph – General Manager, Information Technology

Training and Development

At Shalimar, Training and development is aimed at improving the effectiveness of the individuals and the teams. It enables people to improve at a holistic level which will help them to take their performance to the next level and achieve proficiency in the work done.

For the year 2025-26, we have covered 700 + attendees in the Various Training programs

Few of the Topics are as follows:

- Product Knowledge Training Sessions

- Work Permit and LOTO Training

- Paint Manufacturing Training Sessions

- 5S Training

- FMEA

- Risk Assessment Training

- Importance of PPEs

- 7 QC Tools Trainings

- POSH (Prevention of Sexual Harassment at Work Place)

- Industrial Behaviour & Behaviour Based Safety

- Motion Study

Induction and Onboarding

Induction and Orientation are a very integral part of our systems and process. We ensure all our Employees are well Inducted and oriented in our Company.

Each and every Employee has an Induction Plan depending on the Role / Function which they have joined in our organization. For the Year 2025-26, special emphasis has been placed for certain Roles to ensure they undergo an On-Job Training of 5-7 days before they get into the daily activities of their Department.

Employee Engagement & Celebrations

A strong engagement strategy transforms your workplace from a standard job site into a thriving community, the outcome of these initiatives has resulted to higher Productivity, Lower Turnover, reduced Absenteeism etc.

Celebrations: Fun at workplace plays an important role in keeping the work environment lively and enthusiastic. In terms of celebration, we had celebrations on all important occasion such as Diwali, Holi, Christmas, Womens Day, Companys success on breaking old records, Birthdays, International Yoga Day, Environment Day etc.

Reward and Recognition

As rewarding and recognizing employees leads to greater employee engagement, increased retention, increased productivity, increased peer competition and helps to create a positive overall workplace.

For the year 2025-26, we have Identified and Rewarded the Top Performer Award to our team members across India, in total we had identified 20+ Employees who have been given the Top performer Award for the year 2025-26.

Cost Optimization Initiatives

We at Shalimar are increasingly focusing on cost optimization by streamlining operations and improving efficiency across all departments. We are leveraging automation and digital tools to reduce manual work, outsourcing non-core functions, Additionally, businesses are minimizing travel and event expenditures, prioritizing virtual alternatives, and promoting energy-efficient practices to lower operational costs without compromising productivity or quality.

Succession Planning

We at Shalimar believe in growing Personnel to take up higher Challenges / Role in their respective functions. Keeping this belief in Mind we have taken a conscious effort and mentored and groomed employees in order to take up higher roles / responsibility in their departments.

For the year 2025-26 we have elevated more than 45+ employees to the next level in our Organization.

This mindset of developing leaders internally has helped us to manage attritions well without any major hinderances in the departmental functioning.

Employee Communication

We have also Initiated Top Leadership Quarterly Communication to all our 650+ Employees. Where our MD and CEO Mr. Kuldip Raina addresses to all our Team members.

This Town hall is conducted once in a Quarter where we share the happenings in our Company, the current Challenges, how we need to overcome them and the way forward for all of us.

Marketing

1. Awarded as "Most Trusted Brand" twice in a row

Shalimar Paints proudly received the "Most Trusted Brand" award twice in a row, a testament to our legacy of quality, reliability, and customer trust built over more than a century. This recognition reaffirms our commitment to excellence and innovation in the Indian paints industry.

2. Movie collaborations:

Shalimar paints movie collaboration with blockbusters like Thamma, Do Deewane seher mei, Hai Jawani toh ishq hona hai and in-film integration in Vadh 2 having trailers on products with celebs has garnered 15Mn views in digital platforms.

3. Transit media branding:

Taking brand visibility to the next level, Shalimar Paints launched high visibility cab branding in major cities during Diwali festive months. Driving the brand recall among urban consumers in cities like Delhi NCR, Kolkata, Punjab grabbing more than 10+ Mn eyeballs. Also, train branding running across major parts of the country increased brand visibility and top-of-mind awareness amongst consumers.

4. Digital Campaigns leveraging AI:

Launched an AI campaign on Exterior protection of house. Focusing on how each one of us are focused on protecting ourselves. Protection from elements like sun using sunscreen, rain with umbrella, pollution with masks but are neglecting our houses which fight these element 24x7x365.

5. TV: L & J band spots were taken during prime shows in news channel which garnered 100Mn+ unique views per week during the peak festive season

6. Display in Pragati Maidan, Delhi:

Our vibrant and interactive display at Pragati Maidan, Delhi, attracted thousands of visitors, showcasing our latest innovations, product range, and commitment to quality at one of Indias largest trade exhibitions. This participation gave us more than 500+ of potential industrial paint users.

7. Portfolio Expansion:

Entered the Floor coating segment with Hero Floor Shield launched in July25. Innovative product with abrasion resistance, anti-algal and beautification on pathways, walkways, cement tiles, porches etc.

Expanded the Zero Damp waterproofing portfolio with Zero Damp Interior, the first for Shalimars interior waterproofing segment. Giving a warranty of 4 years, excellent whiteness and opacity for the top coat to come out even better.

Launched Shalimars most luxurious emulsion for interior as well and exterior category. Hero Weather Guard 12 luxury exterior emulsion, a 12-year durability warranty product with adaptive polymer technology to withstand any weather element. Hero Insignia luxury interior emulsion, first in industry to provide a 10-year warranty and scuff resistance formula in its class. Other launches included expansion of ancillary portfolio with sandpapers, masking tapes and spray paints addition under the Magic range of products. Enamel product basket all had an addition of PU based glossy enamel.

8. Shalimar launched various campaigns for on ground visibility, influencer engagements, news channel L and J bands, radio spots of 12000 second + on Big FM and vast number of digital campaigns during the festive season.

Internal Control Systems

The internal control system is an integral part of the general organizational structure of the Company. The Company has in place the necessary control systems to ensure transparency and security of its transactions. However, the same are being upgraded keeping in view the increased threats. The purchase, sales, procurement, payment and other operations are being automated. Checks and balances are being strengthened at each level. The system is highly structured and totally in sync with the size and nature of its business. External audit firms are appointed at various locations of the Company to conduct regular audits. The internal control system is basically a set of rules, regulations, policies and procedures which run on softwares with in-built authorizations for enhanced control. The organization is appropriately staffed with qualified and experienced personnel for implementing and monitoring the internal control environment.

Financial Performance

Your Company during the year under review has suffered a loss of Rs. 63.34 crore as against loss of Rs. 80.11 crore in the previous year, on standalone basis. The revenue from operations of the Company for the financial year 2025-26 stood at Rs. 569.03 crore as against Rs. 599.06 crore in the previous year.

While revenues of the company have fallen by about 5 %, mainly due to change in the mix of water based products and in specific emulsion portfolio, the profitability has been impacted mainly due to borrowing cost, manpower cost and marketing expenses. The gross margin of the Company has reduced from 34% to 29% due to product mix.

(Rs. in Crore)

Particulars	Standalone		Consolidated
	FY	FY	FY	FY
	2025-26	2024-25	2025-26	2024-25
Revenue from Operations	569.03	599.06	575.63	599.81
Other Income	6.86	9.86	6.52	9.84
Profit/(Loss) before	(33.48)	(62.56)	(35.45)	(63.62)
Finance Cost
Finance Cost	25.26	17.55	25.34	17.55
Profit/(Loss) before Tax	(58.74)	(80.11)	(60.79)	(81.17)
Exceptional Items	4.60	-	4.60	-
Tax	-	-	0.44	-
Profit/(Loss) after Tax	(63.34)	(80.11)	(64.95)	(81.17)

Key Financial Ratios and details of significant changes therein vis-a-vis immediately preceding financial year -

Particulars	As at 31-03-2026	As at 31-03-2025	Reasons of Variance
Debtors Turnover Ratio (in times)	4.02	4.63	Increase in debtors turnover ratio is mainly due to lower sales for which the collection has been done subsequently
Inventory Turnover Ratio (in times)	3.26	3.48	Change in ratio is mainly due to decrease in the closing inventory.
Interest Coverage Ratio	-1.33	-2.67	Change in ratio is primarily due to increase in finance cost.
Current Ratio (in times)	0.82	1.00	Change in the ratio is primarily due to increase in current borrowings
Debt Equity Ratio (in times)	0.69	0.55	Change in ratio is primarily due to increase in current borrowings.
Debt Service Coverage Ratio (DSCR) (in times)	-0.71	-2.96	Change in ratio is primarily due to increase in losses.
Operating Profit Margin (%)	-2.42%	-13.37%	Change in ratio is primarily due to decrease in losses compared to last year
Net Profit Margin (%)	-11.13%	-13.37%	Change in ratio is primarily due to decrease in losses compared to last year
Return on Net Worth (%)	-9.46%	-13.51%	Change in ratio is primarily due to decrease in losses compared to last year
Earnings per Share (EPS) (Rs.)	-7.57	-9.57	EPS has increase due to decrease in losses compared to last year

Forward-Looking Statement

Certain statements made in the Annual Report relating to the Companys objectives, projections, outlook, expectations, estimates and others may constitute ‘forward looking statements within the meaning of applicable laws and regulations. We use words such as anticipates, believes, expects, future, intends, and similar expressions to identify forward-looking statements. Forward-looking statements reflect managements current expectations and are inherently uncertain. Actual results may differ from such expectations whether expressed or implied. Several factors could make significant difference to the Companys operations. These include climatic and economic conditions affecting demand and supply, government regulations, taxation, pandemic and other natural calamities over which the Company does not have any direct control. The Company assumes no responsibility to amend, modify or revise any such statements. The Company disclaims any obligation to update these forward-looking statements except as may be required by law.