Shankar Lal Rampal Dye-Chem Ltd Management Discussions

1. OUTLOOK:

Global Outlook

The global textile chemicals industry continues to demonstrate steady growth, supported by rising demand for high-performance, sustainable, and specialty textile solutions across apparel, home furnishings, automotive, and industrial applications. The global textile chemicals market was valued at USD 31.81 billion in 2025 and is projected to reach around USD 50.84 billion by 2034, growing at a CAGR of 5.35% [Towards Chemical and Materials, a Precedence Research group company, 2025]. Asia Pacific led the market with a 58% share in 2024, reflecting the regions dominant textile manufacturing base [Towards Chemical and Materials].

Similarly, the global dyes and pigments market remains on a stable growth trajectory, driven by increasing consumption from the textile, paints & coatings, plastics, and printing ink industries. The market is valued at approximately USD 34.8 billion in 2025 and is projected to reach USD 51.2 billion by 2035, at a CAGR of around 3.0% [Fact.MR].

Asia-Pacific continues to dominate both markets, accounting for 63% of the global dyes and pigments market in 2022, led by demand from the textiles, construction, and packaging sectors [Grand View Research], with textiles representing 62% of dye applications and remaining the single largest driver of demand [Grand View Research]. Growth across both markets is further underpinned by rising demand for eco-friendly dyes, bio-based pigments, and low-VOC products amid tightening regulatory standards [IMARC Group; Market Research Future], as well as the growing adoption of AI, automation, and digital tools in chemical manufacturing, which is improving efficiency and reducing waste [IMARC Group].

The industry outlook remains positive, supported by increasing global textile production, growing demand for eco-friendly and value-added chemicals, advancements in dyeing and finishing technologies, and the expanding adoption of sustainable manufacturing practices. India, as the worlds second-largest textile and apparel producer, is emerging as a key manufacturing and consumption hub within this landscape, supported by a strong textile ecosystem, favourable government initiatives, and improving export competitiveness.

Key Drivers:

• Rising end-use demand from paints, coatings, and plastics: Beyond textiles, dyes and pigments are seeing strong pull from paints & coatings, plastics, and printing inks, with paints & coatings emerging as the largest end-user segment by revenue [Technavio].

• Capacity expansion across Asia-Pacific: Continuous capacity additions and infrastructure investment across the region are strengthening its position as the primary production base for dyes, pigments, and textile chemicals [Mordor Intelligence].

• Raw material price volatility: Fluctuating costs of key feedstocks continue to pose a strategic challenge, prompting manufacturers to focus on supply chain resilience and backward integration [Technavio].

• Tightening trade and environmental regulation: Measures such as antidumping duties material imports in Europe and stricter environmental compliance norms are reshaping production economics and accelerating the shift toward domestic and regional sourcing [Fact.MR].

• Fast fashion and urbanization-led consumption: Rapid urbanization and the continued growth of fast fashion, particularly in China and other Asian economies, are sustaining high-volume demand for textile dyes and pigments [Fact.MR].

Challenges:

• Thin and volatile margins: As an intermediary, the trading business earns margin on the spread between purchase and sale price, which narrows quickly when raw material or freight costs rise faster than customers will absorb, leaving profitability more sensitive to market swings than manufacturers with pricing control.

• Dependence on supplier reliability: Sourcing from external suppliers means the business has limited control over product availability, lead times, and quality consistency — any disruption at the suppliers end directly affects the ability to fulfil customer commitments.

• Price transparency and competitive pressure: Trading businesses often compete on price in a market where customers can compare multiple suppliers easily, limiting pricing power and making customer retention harder without added service value.

• Working capital intensity: Trading operations typically require holding inventory and extending credit to customers while managing payment terms with suppliers, creating working capital pressure that is highly sensitive to receivables cycles and interest rate movements.

• Currency and logistics exposure: Where sourcing involves imported goods, the business remains exposed to currency fluctuations, freight rate volatility, and shipping disruptions, all of which can affect landed cost and delivery timelines beyond its direct control.

Indian Outlook

Indias chemicals industry continues to be a significant pillar of the economy. Valued at Rs. 21,50,750 crore (US$ 250 billion) in 2024, the sector is expected to rise to Rs. 35,26,800-39,67,650 crore (US$ 400-450 billion) by 2030, and further to Rs. 86,03,000 crore (US$ 1 trillion) by 2040 — a CAGR of around 9-10%. India remains the third- largest producer of chemicals in Asia and among the largest globally, with a highly diversified base spanning bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, and dyes and pigments.

Within this, dyes and pigments remain a standout strength. India ranks as the second- largest manufacturer and exporter of dyes and pigments globally, and is recognised as a key global dye supplier, exporting to over 90 countries and accounting for 16-18% of global dyestuff and dye intermediate production, with the Indian colourants industry holding close to a 15% global market share. In FY26 (April-February), Indias dye exports (dyes and dye intermediates) totalled Rs. 1,90,670 crore (US$ 2,157.50 million), reaching key markets including China, Bangladesh, Italy, the US, Russia, the Netherlands, Turkey, Brazil, Indonesia, and Japan.

Policy support continues to strengthen this position. The sector benefits from liberalised policy, including 100% FDI under the automatic route (barring certain hazardous chemicals), while enhanced quality compliance through Quality Control Orders covering more than 150 products is being enforced by the Bureau of Indian Standards. Cumulative FDI inflows into the chemicals sector (excluding fertilisers) reached Rs. 1,48,744 crore (US$ 23.9 billion) between April 2000 and December 2025. Industry consolidation and capacity expansion are also gathering pace — Sudarshan Chemicals acquisition of Germanys Heubach Group, completed in March 2025, created a global pigment leader with operations across 19 sites worldwide, while new manufacturing capacity continues to come online across the sector.

Looking ahead, specialty chemicals — of which dyes and pigments form one of the four largest export sub-segments alongside agrochemicals, cosmetics and personal care, and food additive chemicals — are expected to drive a more than tenfold increase in Indias specialty chemicals net exports by 2040, from around US$ 2 billion in 2021 to US$ 21 billion. With strong export competitiveness, deepening downstream integration, and continued policy support, Indias dyes and broader chemicals industry is well positioned to sustain robust growth — reinforcing the opportunity for domestically integrated players to capture a growing share of both the domestic and export markets.

Growth Catalysts:

• Export leadership in dyes and dye intermediates: India accounts for 16-18% of global dyestuff and dye intermediate production and holds close to a 15% share of the global colourants market, with exports reaching over 90 countries and totalling Rs. 1,90,670 crore (US$ 2,157.50 million) in FY26 (April-February) [IBEF].

• Liberalised FDI and policy support: 100% FDI under the automatic route (barring select hazardous chemicals), coupled with de-licensing of most chemical products, has driven cumulative FDI inflows of Rs. 1,48,744 crore (US$ 23.9 billion) into the chemicals sector between April 2000 and December 2025 [IBEF].

• Rising quality and compliance standards: Implementation of Quality Control Orders across more than 150 products, overseen by the Bureau of Indian

Standards, is strengthening Indias credibility as a reliable, compliant global supplier of dyes and specialty chemicals [IBEF].

• Industry consolidation and capacity expansion: Strategic acquisitions such as Sudarshan Chemicals purchase of Germanys Heubach Group, completed in March 2025, and continued capacity build-outs by domestic players are positioning Indian companies as global leaders in the pigments and dyes space [IBEF].

• Specialty chemicals export growth: Dyes and pigments form one of the four largest sub-segments driving Indias specialty chemicals net exports, which are projected to grow more than tenfold by 2040 — from roughly US$ 2 billion in 2021 to US$ 21 billion — supported by strong cost competitiveness and rising global demand [IBEF].

Context:

• Resilient macro backdrop: The World Bank has reaffirmed Indias FY 2026-27 GDP growth forecast at 6.6%, well above the global average, supported by GST reforms that simplified tax slabs and eased compliance, lifting domestic consumption.

• Textile sector momentum: Indias textile industry has expanded to nearly Rs. 16.66 lakh crore (US$ 190 billion) in 2025-26 and is targeting Rs. 33.10 lakh crore (US$ 350 billion) by 2030, backed by initiatives such as PM MITRA Parks, the PLI Scheme, and the National Technical Textiles Mission.

• Chemicals sector expansion: Indias chemicals industry, valued at Rs. 21,50,750 crore (US$ 250 billion) in 2024, is projected to reach Rs. 35,26,80039,67,650 crore (US$ 400-450 billion) by 2030 — a CAGR of around 9-10%.

• Global leadership in dyes and pigments: India ranks as the second-largest manufacturer and exporter of dyes and pigments globally, positioning domestic players to capture growth across both the domestic textile base and export markets.

2. INDUSTRY STRUCTURE & DEVELOPMENTS:

The dyes and chemicals industry is evolving rapidly, shaped by consolidation, digital transformation, and sustainability imperatives. The current structure can be characterized by:

• Highly diversified sector base: India’s chemicals industry spans over 80,000 commercial products across bulk chemicals, agrochemicals, specialty chemicals, polymers, petrochemicals, and fertilizers [IBEF], with dyes and pigments forming a distinct, globally competitive sub-segment within this base.

• Concentrated manufacturing geography: Chemical manufacturing in India is mainly concentrated in Maharashtra and Gujarat, with West Bengal and Tamil Nadu as other major producing states [IBEF], creating established industrial clusters with deep supplier and logistics ecosystems.

• Liberalised regulatory framework: The chemicals industry has been de-licensed except for a few hazardous chemicals, and 100% FDI is permitted under the automatic route [IBEF], making the sector structurally open to capacity expansion and foreign investment.

• Global leadership in dyes and colourants: India ranks as the second-largest manufacturer and exporter of dyes and pigments globally [Invest India], accounting for 16-18% of global dyestuff and dye intermediate production, with the Indian colourants industry holding close to a 15% share of the global market [IBEF].

Developments in the Last Financial Year (2025-26)

• Rising dye and dye-intermediate exports: In FY26 (April-February), Indias dye exports (dyes and dye intermediates) totalled Rs. 1,90,670 crore (US$ 2,157.50 million) [IBEF], reaching markets including China, Bangladesh, Italy, the US, Russia, the Netherlands, Turkey, Brazil, Indonesia, and Japan.

• Continued cross-border consolidation: Aditya Birla Group acquired Cargills specialty chemicals manufacturing facility in Dalton, Georgia, USA, in June 2025 [IBEF], marking its entry into the US chemicals market.

• New domestic capacity coming online: Shivtek Spechemi Industries opened a new chemical plant near Hazira, Gujarat, spanning over 1 million sq. ft., targeting capacity of 2,50,000 MTPA by 2027-28 [IBEF].

• Enhanced quality and compliance regime: Quality Control Orders were extended to cover more than 150 products, overseen by the Bureau of Indian Standards, to ensure higher safety and performance standards [IBEF].

• Government-led textile infrastructure push: On February 28, 2026, the Ministry of Textiles announced the PM MITRA Park in Tamil Nadu had allotted 190.44 acres to 23 investors, unlocking committed investments of nearly Rs. 2,192 crore (US$ 248.03 million) and the potential creation of 15,000 jobs [IBEF] across yarn, fabric, garment, and technical textile segments.

Rajasthan - Regional Context

• Dedicated state textile policy: The Rajasthan government has set up a state-level dedicated textile cell to implement the Rajasthan Textile and Apparel Policy-2025, aimed at promoting the states textile industry and exports [Apparel Views].

• Champion district status for Bhilwara: Bhilwara has been named one of seven "champion districts” — alongside Ajmer, Jaipur, Banswara, Chittorgarh, Jodhpur, and Kota — under the states district-wise textile export plan [Apparel Views].

• Investment incentives under RIPS: Under the Rajasthan Investment Promotion Scheme (RIPS), textiles has been declared a thrust area, making additional fiscal benefits available to textile investors in the state [Apparel Views].

• Bhilwara’s established manufacturing base: Bhilwara, known as the "Textile City" of India, houses 69 of Indias 892 spinning mills, spans spinning, weaving, dyeing, processing, and printing units, and accounts for roughly 40% of Indias total synthetic blended yarn output, giving the Company access to a deeply integrated regional value chain right at its doorstep.

• Institutional and infrastructure support: The Rajasthan State Industrial Development and Investment Corporation (RIICO) has developed dedicated industrial estates in Bhilwara, attracting both domestic and international investment [Ghyora/RIICO], reinforcing the regions suitability for the Companys planned backward-integration facility at Suwana.

Company Positioning

• Shankar Lal Rampal Dye-Chem Limited is at a pivotal juncture in its evolution — transitioning from a trading-led model to an integrated manufacturing enterprise, positioned to capture value across both the textile chemicals and home & personal care segments.

• Strategically, the Company is located within Bhilwara — one of India’s most established textile manufacturing clusters — giving it proximity to a deep base of textile units, dyeing and processing houses, and an established supplier and logistics ecosystem. This regional embeddedness allows the Company to serve its core textile- linked customer base efficiently while diversifying into adjacent, higher-margin categories such as home and personal care.

• Adopting sustainability practices in line with global standards, including waste reduction, energy optimization, and eco-friendly product development.

• Strengthening compliance with evolving regulatory frameworks, ensuring safe and responsible operations.

Looking ahead, the Company aims to position itself not merely as a supplier of chemicals but as a solutions partner — helping customers meet evolving quality, compliance, and sustainability expectations, while building a more resilient, manufacturing-backed business model capable of sustaining growth through industry and economic cycles.

3. Economic scenario:

India continues to stand out in the IMFs global assessments as the worlds fastest-growing major economy. The IMF has raised its forecast for Indias GDP growth for FY 2026-27, citing strong domestic momentum, improved trade prospects, and carryover from a stronger FY 2025-26 performance, with the upgrade specifically tied to easing US tariff pressure on Indian goods. This builds on an already robust trajectory — the IMF had earlier raised its forecast for Indias economic growth in fiscal 2026 by 0.7 percentage points to 7.3%, after the economy grew 8.2% year-on-year in the third quarter, its sharpest annual growth rate since March 2024, though growth is expected to moderate to around 6.4% over the following two fiscal years as these cyclical tailwinds fade.

This national resilience is mirrored, and in several respects amplified, at the state level. Rajasthans GSDP is projected at Rs. 18.75 lakh crore (US$ 213.21 billion) in FY26, having grown at a CAGR of 10.65% between FY16 and FY26, with FDI inflows into the state reaching Rs. 30,035 crore (US$ 3,727 million) between April 2000 and March 2026. The states key industries span cement, tourism, IT and ITeS, ceramics, handicrafts, chemicals, textile, marble,

and steel, giving Rajasthan a diversified industrial base with textiles and chemicals as established pillars — directly relevant to the ecosystem the Company operates within.

It is against this two-tier backdrop of national and state-level economic strength that your Company delivered a strong operating performance in FY 2025-26. Revenue from operations grew to Rs.464.80 Crores, up from Rs.401.78 Crores in the previous year, while Profit after Tax rose 18.41% year-on-year to Rs.1,349.08 Lacs from Rs. 1,139.24 Lacs, with earnings per share improving to Rs.2.11 — a performance achieved despite continued volatility in global energy and raw material costs.

The Companys results reflect the benefit of operating within a resilient, consumption-led Indian economy and an established, well-supported regional manufacturing base in Rajasthan. Looking ahead, the Companys decision to backward-integrate into manufacturing at Suwana, Bhilwara is designed to reduce dependence on external market conditions, strengthen supply chain security, and position it to capture a larger share of value from Indias continued economic and industrial growth — moving beyond trading-margin exposure toward a more resilient, manufacturing- anchored business model.

4. Key Ratios:

As required by SEBI (LODR) (Amendment) Regulations, 2018, the Company is required to furnish the details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios based on standalone financial statement, along with detailed explanations for the changes. Kindly refer Page 7-8 for details.

Many Ratio show favorable trend as due to the product company deals in, has shown consistent demand in market. The turnover has shown a positive impact due to reasons stated in Business Outlook. Dividend Payout Ratio was favorably impacted as company decided to continue wealth sharing with its shareholders.

5. Major challenges & solutions:

1. Raw material and energy cost volatility — Fluctuating input costs and energy prices continue to pressure margins.

Solution: The planned backward integration into manufacturing at Suwana, Bhilwara will bring greater control over sourcing and processing costs, reducing exposure to third- party pricing and supply-side shocks.

2. Dependence on third-party suppliers under the trading model

— Reliance on external manufacturers for product availability, quality, and delivery timelines has historically limited control over the value chain. Solution: Transitioning to an integrated manufacturing setup for home and cleaning care products will secure a more reliable, self- controlled supply chain and reduce dependency risk.

3. Thin margins inherent to a trading-led business — Trading margins remain narrow and sensitive to competitive pricing pressure. Solution: Backward integration and product diversification into home and personal care categories are expected to enable margin expansion by capturing manufacturing value that was previously outsourced.

4. Rising sustainability and regulatory expectations — Customers and regulators are increasingly demanding eco-friendly, low-VOC, and biodegradable formulations.

Solution: Continued investment in green chemistry and sustainable formulation technologies will help the Company stay ahead of evolving compliance and customer requirements rather than react to them.

5. Working capital intensity —

Trading operations require holding inventory and extending credit, creating working capital pressure sensitive to receivables cycles. Solution: Disciplined receivables management and the operational efficiencies expected from integrated manufacturing are aimed at improving working capital turnover over time.

6. Global economic and trade uncertainty — A moderating global economy, energy price volatility, and shifting trade patterns create external risk to demand and input costs. Solution: A continued focus on the resilient domestic Indian market, along with diversification into new product categories, reduces reliance on any single external market or trade corridor.

7. Execution risk in the manufacturing transition —

Establishing and scaling a new manufacturing facility carries project execution, technology adoption, and

market-entry risk for a Company historically focused on trading. Solution: A phased approach — building the facility at Suwana, investing in modern blending and automated packaging technology, and leveraging existing customer relationships — is intended to derisk the transition and support a smoother ramp-up.

6. Government Initiatives

• Liberalised FDI and licensing regime: The chemicals sector benefits from liberalised policy, allowing industrial licensing and 100% FDI under the automatic route (excluding certain hazardous chemicals), making it easier for trading and manufacturing entities alike to attract capital and scale operations.

• Rising FDI inflows into chemicals: FDI inflows in the chemicals sector (excluding fertilizers) reached Rs. 1,48,744 crore (US$ 23.9 billion) between April 2000 and December 2025, reflecting sustained investor confidence in Indias chemicals value chain, including dyes and pigments.

• Quality Control Orders (QCOs): Enhanced quality compliance has been implemented through QCOs covering over 150 chemical products, overseen by the Bureau of Indian Standards, ensuring higher safety and performance standards — a measure that also raises the credibility and export competitiveness of Indian dye and chemical traders in global markets.

• De-licensing of chemical products: Manufacture of most chemical products, including organic/inorganic chemicals, dyestuffs, and pesticides, has been delicensed, reducing regulatory friction for both manufacturing and trading businesses in the sector.

• Export promotion support: Indias broader export-support architecture — including schemes such as RoDTEP — continues to benefit chemical and dye exporters and traders by offsetting embedded taxes and duties on exported goods, supporting competitiveness in international markets.

• "Make in India" positioning for chemicals: With a "Make in India" philosophy, the Indian chemical sector has strengthened its position as a key competitor on the international stage while generating foreign exchange for the country, creating a supportive policy narrative for chemical trading and distribution businesses linked to domestic manufacturing.

• State-level industrial incentives (Rajasthan):

Chemical trading and processing units based in Rajasthan, including in established hubs like Bhilwara, remain eligible for investment incentives under the Rajasthan Investment Promotion Scheme (RIPS), supporting working capital and infrastructure needs relevant to trading operations.

7. Business outlook:

Shankar Lal Rampal Dye Chem Limited has continued to strengthen its business operations by focusing on product quality assurance and adherence to best trade practices. This approach has enabled it to trade in higher-value products and scale capacities to a more optimal level. A continued emphasis on value-added chemical storage and efficient delivery processes reflects the Companys commitment to maintaining high standards and consistently meeting customer expectations.

The Company has secured adequate banking facilities, including working capital limits, from its bankers and lenders, supporting both its day-to-day operational needs and its growth initiatives, including the planned backward integration at Suwana. This financial stability has helped the Company maintain a disciplined debt profile, positioning it favourably in terms of solvency, liquidity, and overall financial outlook, and providing a stable base from which to fund its manufacturing transition.

The Companys continued focus on sanitization and home care chemicals — categories seeing sustained demand on the back of rising hygiene and cleanliness awareness — is expected to provide meaningful growth opportunities going forward, offering revenue streams that serve both public health needs and the Companys diversification objectives.

To address the challenges of rising inventory costs, material handling charges, and the risk of bad debts, the Company has implemented several measures, including optimising inventory management, negotiating improved terms with suppliers, and strengthening credit control mechanisms. This disciplined financial approach, combined with a strong solvency position, supports the Companys ability to meet both long-term and shortterm debt obligations, ensure timely interest payments, and manage liabilities effectively even as it enters a more capitalintensive phase of growth.

Shankar Lal Rampal Dye-Chem Limited remains committed to meeting the customised demands of the Textile and Garments Industry, the Dyes Industry, and the Chemical Industry. With robust underlying demand for its products and a clear roadmap toward integrated manufacturing, the Company is well positioned to add capacity and sustain growth in the years ahead. A continued focus on customer satisfaction and operational excellence will remain central to the Companys long-term strategic objectives.

8. Segment wise performance:

In FY 2025-26, Shankar Lal Rampal Dye Chem Limiteds strategic focus on the domestic trading of dyes and chemical products proved to be a key driver of success. A significant portion of the companys revenue was generated from domestic sales, highlighting the effectiveness of concentrating on a single, well-defined segment. This deliberate focus allowed the company to deepen its expertise, streamline operations, and foster strong relationships with its customers, thereby reinforcing its market position.

The demand for specific products such as Sulfur Dyes, Hydrogen Peroxide, Sodium Bicarbonate, Sodium Meta Bi Sulfite, and Soda Ash Light was particularly robust, underscoring the companys ability to meet the needs of its target market efficiently. By specializing in these high- demand products, Shankar Lal Rampal Dye-Chem Limited was able to leverage its core strengths, ensuring consistent quality and reliability in supply, which are critical factors in the competitive chemical trading industry.

Moreover, by channeling resources and efforts into this single segment, the company minimized operational complexities and enhanced its agility, enabling quicker responses to market shifts and customer requirements. This focus not only solidified the companys reputation as a reliable supplier in the domestic market but also laid a strong foundation for sustainable growth in the years to come.

9. Internal Control Framework:

Your Company has sound and adequate internal control systems commensurate with its size and nature of business. We constantly upgrade our systems for incremental improvements. The Audit Committee of the Board periodically reviews these systems. These systems ensure protection of assets and proper recording of transactions and timely reporting. Internal audit is conducted out by an independent professional firm on regular basis.

The Audit Committee also regularly reviews the periodic reports of the Statutory Auditors, Internal Auditors and Accounts departments. The Company has trained the staff in order to upgrade with the recent changes in the taxation like TDS on sale/purchase and reconciliation of GST Input. Audit Committee constantly tries to add value by evaluating existing systems.

The Company has adopted a bottom- up and top-down approach to drive Enterprise Risk Management. The bottom-up approach includes identification and regular assessment of risks by respective businesses and cross- functional teams and plan for mitigating such risks in a structured manner. This is complemented by a top-down approach where the senior management identifies and assesses long-term and macro risks. Risks are consolidated under major risk themes to create focus areas and prioritise mitigation plans.

10. Financial performance overview:

Your Company has consistently demonstrated strong financial performance, driven by the strategic introduction of new products and the continuous optimization of its trading operations. The company has maintained a healthy turnover and profit trajectory, reflecting its resilience and adaptability in a competitive market. Despite the challenges posed by a sluggish global economic recovery and the ongoing complexities in the dye- chemical and allied sectors, the company successfully navigated these hurdles through aggressive strategies and the effective utilization of available resources.

The directors commitment to optimizing trading facilities and leveraging market opportunities played a crucial role in sustaining growth. This proactive approach has positioned the company to capitalize on future opportunities, ensuring a robust outlook for continued financial success. The companys focus on efficiency and innovation, even in the face of global uncertainties, underscores its ability to maintain a solid financial foundation while preparing for future expansion and profitability.

11. Material developments in human resources / industrial relations front, including number of people employed:

Human capital remains one of Shankar Lal Rampal Dye-Chem Limiteds most vital and valuable assets. Throughout the year, the company has maintained a cooperative and positive work environment, reflecting the strong relationship between employees and management. The management is dedicated to promoting safety, occupational health, and a supportive work environment across all tasks and processes. This commitment extends to the design, planning, and execution of tasks, ensuring that every aspect of our operations adheres to high standards of safety and efficiency.

Shankar Lal Rampal Dye-Chem Limited has proactively aligned its operations with the evolving regulatory framework under India’s new labor codes, embedding compliance into our culture of responsibility. We have strengthened workplace safety protocols, enhanced employee welfare schemes, and reinforced fair wage practices in line with national standards. To future-proof our workforce, we provide continuous training in advanced chemical handling, green chemistry practices, digital quality control systems, and sustainability- driven process improvements. These initiatives ensure our employees remain adept at meeting global benchmarks, while driving safer, cleaner, and more efficient operations across the value chain.

	For and on behalf of the Board of Directors of
	SHANKAR LAL RAMPAL DYE-CHEM LIMITED
	Sd/-
PLACE-BHILWARA	RAMPAL INANI
	DIN-00480021
DATE- 14.08.2026	CHAIRMAN& MANAGING DIRECTOR