Sharvaya Metals Ltd Management Discussions

In this section, unless the context otherwise requires, any reference to "we", "us" or "our" refers to Sharvaya Metals Limite d, our
Company. Unless otherwise indicated, financial information included herein are based on our "Restated Financial Statements" for
Financial Years ended on March 31, 2023, March 31, 2024, and March 31, 2025, included in this Red Herring Prospectus beginning on
page 192.

We are engaged in the business of providing Aluminium products to both domestic and international customers. Our Company has been
in existence for more than Ten (10) years and we have started our manufacturing unit in the financial year 2018. We have our product
range, which includes the manufacturing of Aluminium Alloyed Ingots, Aluminium Billets, Aluminium Slabs, Aluminium Sheets,
Aluminium Circles and Battery Housing of EVs. Our products find applications across various industries including Cookware, Consumer
Appliances, Electric Vehicle, LED, Aviation, Defense, Automotive, Extrusions, Constructions etc. As of the date of this Red Herring
Prospectus, we cover direct OEM customers and supplier to the OEM as well in India and international market. We operate out of our
manufacturing unit located at Gat No 59, 17th KM Stone, Vill. Bhalwani, Nagar-Kalyan Highway, Tal. Parner, Dist. Ahmednagar,
Maharashtra, India. Our manufacturing unit is strategically located with availability of transportation, which facilitates convenient
transportation of our products.

Our manufacturing unit provides products to our customers as per defined industry standard. We provide tailor made products also as per
customer requirements. The Company has experience of meeting critical and stringent requirements of our customers like manufacturing
Aluminium Alloyed Ingots required for High Pressure Die Castings, Billets required for Aluminium Extrusions Industry and Aluminium
Sheets & Circles required primarily for Utensils and cookware Industry. Our Unit is supported by infrastructure for storage of raw
materials, manufacturing of our products, storage of finished goods, together with quality control and R&D laboratory.

Our Company was originally incorporated as "Sharvaya Metals Private Limited" vide Certificate of Incorporation dated March 11, 2014.
Promoter of our Company is Shreyans Katariya, associated with Company since inception. Thereafter our Company was converted into
a public limited Company under the name of "Sharvaya Metals Limited" vide Certificate of Incorporation dated February 09, 2024, was
issued by the Registrar of Companies, Pune, bearing Corporate Identity Number U27310PN2014PLC150937.

We are focused at consistently expanding our product portfolio by developing new designs. Our Company works closely with our
customers to obtain their insights and feedback about the upcoming trends in the industry which enables us to develop and improve our
products to fulfil the requirements of the market. These products are designed to cater to various applications, specifically focusing on
meeting the requirements of the automobile, engineering, and electric vehicle sectors. Presently, we are serving to customers from OEM
suppliers in cookware industries, whereas in the automobile sector we are directly supply to tier one vendors and aluminium ingots for
Led lights manufacturing companies.

Our revenue from operations and net profit as per restated financial statements have shown positive CAGR in last three Financial Years.
Our revenue from operations has increased from ? 7,015.04 lakhs for Fiscal 2023 to ? 11,251.66 lakhs for Fiscal 2025, at a CAGR of
26.65%. Our net profit as restated has increased from ? 194.96 lakhs for Fiscal 2023 to ? 1,250.93 lakhs for Fiscal 2025, at a CAGR of
153.30%.

In the opinion of the Board of Directors of our Company, there have not arisen, since the date of March 31, 2025 as disclosed in this Red

Herring Prospectus, any significant developments or any circumstance that materially or adversely affect or are likely to affect the

profitability of our Company or the value of its assets or its ability to pay its material liabilities within the next twelve months.

Our Companys future results of operations could be affected potentially by the following factors:

1. We do not have long-term agreements with our suppliers for raw materials and an inability to procure the desired quality, quantity
of our raw materials in a timely manner and at reasonable costs, or at all, may have a negative impact on our business, results of
operations, financial condition and cash flows.

2. We are dependent on a few customers for a major part of our revenues. Further we do not enter into long-term arrangements with
our customers and any failure to continue our existing arrangements could adversely affect our business and results of operations.

3. Under-utilization of our production capacities could have an adverse effect on our business, future prospects and future financial
performance.

4. Our sources of our raw materials are primarily concentrated in Middle East countries, South East Asia, USA, Canada and Australia,
and any adverse developments affecting these countries could have an adverse effect on our business, results of operations and
financial condition.

5. We have only one production unit that is located in Ahmednagar and any localized social unrest, natural disaster or breakdown of
services or any other natural disaster in and around Ahmednagar or any disruption in production at, or shutdown of, our production
unit could have material adverse effect on our business and financial condition.

Our significant accounting policies are described in the section entitled "Financial Information" beginning from page 192 of this Red

Herring Prospectus.

The following table sets forth select financial data from our restated financial statement of profit and loss for the financial years ended

March 31, 2025, 2024 and 2023 the components of which are also expressed as a percentage of total revenue for such financial years.

Apart from the risks as disclosed under Section titled "Risk Factors" beginning on page 26 in this Red Herring Prospectus, in our opinion
there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income
from continuing operations.

Increases in revenues are by and large linked to increases in volume of business.

The Company is in the business of, the relevant industry data, as available, has been included in the chapter titled "Industry Overview"
beginning on page 102 of this Red Herring Prospectus.

Our Company has not announced any new services or business services.

Our Companys business is not seasonal.

The % of contribution of our Companys suppliers vis-a-vis the total purchases from operations respectively for the Fiscal 2023, 2024
and 2025 is as follows:

The % of contribution of our Companys customers vis-a-vis the total revenue from operations respectively as of for the six-month period
ended September 30, 2024 and for the Fiscal 2022, 2023 and 2024 is as follows:

Competitive conditions are as described under the Chapters titled "Industry Overview" and "Our Business" beginning on pages 102
and 137, respectively of this Red Herring.