Shish Industries Ltd Management Discussions

GLOBAL ECONOMIC AND BUSINESS ENVIRONMENT

The global economic environment during FY 2025-26 remained characterised by resilience in economic activity alongside heightened uncertainty arising from geopolitical developments, changing trade policies, commodity-price movements and continuing adjustments in global supply chains. For manufacturing companies, these factors influenced procurement costs, production economics, freight rates, inventory planning and customer ordering patterns. The global operating environment consequently remained one in which businesses continued to focus on efficiency, supply-chain resilience, cost optimisation and diversification of sourcing and manufacturing bases.

International merchandise trade remained an important driver of industrial activity. According to the World Trade Organization, world merchandise trade volume increased by approximately 4.6% during 2025. However, the WTOs March 2026 outlook indicated that the pace of growth could moderate to approximately 1.9% in 2026 under its baseline scenario, before recovering to 2.6% in 2027. The outlook also highlights the sensitivity of international trade to energy-price shocks and geopolitical developments. For manufacturers of industrial packaging and cargo-protection products, the continuing expansion of international trade provides an underlying demand opportunity, while the expected moderation in trade growth reinforces the importance of cost competitiveness, product differentiation and geographical diversification.

The evolution of global supply chains is also changing the nature of packaging demand. Manufacturers and logistics operators increasingly require packaging systems that can protect goods during longer and more complex transportation cycles while optimising storage and freight utilisation. This has supported demand for bulk packaging, protective packaging, dunnage systems and reusable materialhandling products. At the same time, customers are increasingly evaluating packaging on the basis of lifecycle economics, durability, material efficiency and environmental considerations rather than acquisition price alone.

Source: World Trade Organization, Global Trade Outlook and Statistics - March 2026.

INDIAN ECONOMIC ENVIRONMENT

India continued to provide a relatively favourable domestic operating environment during FY 2025-26, supported by domestic consumption, manufacturing activity, infrastructure investment and increasing formalisation of logistics and supply chains. Indias economic expansion is particularly relevant to manufacturers of industrial packaging because demand for packaging and material-handling products is closely linked to manufacturing volumes, movement of raw materials and finished goods, agricultural output, construction activity and organised logistics.

The packaging sector has emerged as an important component of Indias broader manufacturing ecosystem. According to a March 2026 report by Avendus Capital, Indias packaging industry is expected to grow at approximately 9% CAGR over the five years to FY2030 and reach approximately US$92 billion. The report attributes this growth to consumption-led expansion and demand from food and beverages, pharmaceuticals, personal care, agriculture, consumer durables and e- commerce, together with increasing penetration of organised retail and quick commerce.

The implications extend beyond consumer packaging. Growth in manufacturing and consumption generates secondary demand for industrial packaging, protective packaging, palletisation, bulk material handling and transportation solutions. Consequently, the expansion of Indias manufacturing and logistics ecosystem provides a favourable structural backdrop for companies operating across industrial packaging and related material-handling applications.

Source: Avendus Capital, Indias Packaging Industry Set to Reach USD 92 Billion by FY30, March 2026; India Brand Equity Foundation.

INDUSTRIAL AND FLEXIBLE PACKAGING INDUSTRY

Industrial packaging performs a fundamentally different role from conventional consumer packaging. It is required to protect raw materials, components and finished products throughout manufacturing, storage and transportation. The increasing scale and geographical complexity of supply chains has consequently increased the importance of packaging systems capable of protecting products against mechanical damage, contamination, moisture, movement and handling-related risks.

A significant trend within industrial packaging is the movement towards lightweight, reusable and application-specific solutions. Customers increasingly seek packaging that can reduce product damage, optimise storage and transportation, facilitate handling and, where commercially feasible, be reused across multiple logistics cycles. These requirements have created opportunities for polymer-based packaging solutions, particularly where durability, moisture resistance and flexibility are important.

The Indian market is particularly well placed to benefit from these trends because manufacturing activity is expanding while logistics infrastructure is becoming increasingly organised. The National Logistics Policy provides an overarching framework aimed at improving the efficiency of Indias logistics ecosystem, reducing inefficiencies and improving the competitiveness of Indian goods. The Government has also been developing Multi-Modal Logistics Parks, with 35 locations approved as of April 2025, with the objective of improving logistics efficiency and reducing logistics costs.

The formalisation and modernisation of logistics therefore creates a supportive environment for industrial packaging manufacturers. As supply chains become more integrated and cargo moves through multiple transportation modes, the importance of standardised, durable and efficient packaging and cargo-protection solutions is expected to increase.

Sources: Government of India - National Logistics Policy; Ministry of Road Transport & Highways / Press Information Bureau - Multi-Modal Logistics Parks.

FIBC / FLEXIBLE INTERMEDIATE BULK CONTAINERS

Flexible Intermediate Bulk Containers, commonly referred to as FIBCs, bulk bags or jumbo bags, constitute an important segment of industrial packaging. These containers are generally manufactured from woven polypropylene and are used for the storage and transportation of dry and flowable materials such as chemicals, agricultural commodities, food products, construction materials, minerals and pharmaceutical ingredients.

Independent market research indicates that the global FIBC industry is expected to maintain a sustained growth trajectory. Grand View Research estimates that the global FIBC market could reach approximately US$9.69 billion by 2033, representing a CAGR of approximately 6.2% between 2025 and 2033. The principal demand drivers identified include growth in food and pharmaceutical industries and the need to reduce the weight and handling costs associated with bulk packaging.

The underlying economics of FIBC products are particularly relevant to industrial supply chains. Their ability to handle relatively large quantities of material while occupying comparatively limited storage space can improve handling and transportation efficiency. Their use across multiple industries also provides a degree of diversification to the overall market.

For Indian manufacturers, the opportunity is supported by Indias manufacturing, agriculture, chemicals, construction and export ecosystems. However, the FIBC industry is competitive and customers generally place significant emphasis on product specifications, loadbearing capability, consistency, certification, safety and delivery reliability. Consequently, sustainable competitiveness is likely to depend not only on manufacturing volumes but also on quality, customisation, process control and customer relationships.

Source: Grand View Research, Flexible Intermediate Bulk Container Market.

POLYPROPYLENE CORRUGATED SHEETS AND REUSABLE INDUSTRIAL PACKAGING

Polypropylene corrugated sheets occupy a specialised position within industrial packaging because they combine relatively low weight with durability, moisture resistance and fabrication flexibility. Such characteristics make them suitable for applications where packaging is expected to withstand repeated handling or where protection against moisture and physical damage is required.

The market opportunity for polypropylene-based corrugated packaging is supported by the broader movement towards lightweight and reusable packaging solutions. Independent market research indicates that the global polypropylene corrugated packaging market is expected to record sustained growth during the coming decade, driven by increasing use across industrial, automotive, agriculture, logistics and other applications.

The broader packaging industry is also experiencing a shift towards solutions that provide greater material efficiency and lifecycle value. Reusable packaging can, depending on application and utilisation rates, reduce the need for repeated consumption of single-use packaging materials. This consideration is particularly relevant in closed-loop industrial supply chains where packaging can be returned and reused.

For India, growth in automotive manufacturing, engineering, warehousing, e-commerce fulfilment and organised logistics provides potential demand across several application areas. The ability to manufacture customised sheets and fabricate them into application- specific packaging can also enable suppliers to address customer requirements beyond standard sheet products.

Sources: Independent packaging-industry research; Avendus Capitals assessment of Indias packaging industry.

DUNNAGE AND PROTECTIVE PACKAGING

The growth of global supply chains has increased the importance of protective packaging capable of minimising movement and damage during transportation. Dunnage packaging is used to secure products within transportation units and to protect individual components against impact, vibration and movement.

According to Grand View Research, the global dunnage packaging market was valued at approximately US$4.0 billion in 2024 and is projected to reach approximately US$5.8 billion by 2030, representing a CAGR of approximately 6.2% between 2025 and 2030. Asia-Pacific accounted for approximately 34.6% of the global market in 2024.

The market is supported by the increasing movement of high-value and damage-sensitive products across automotive, aerospace, electronics, healthcare and consumer durable supply chains. As supply chains become longer and more geographically dispersed, the economic cost of product damage during transit becomes more significant, thereby increasing the value proposition of effective protective packaging.

The increasing adoption of e-commerce and organised logistics is another structural demand driver. Businesses increasingly seek packaging systems that are lightweight, efficient, reusable where appropriate and capable of reducing product damage. This creates opportunities for manufacturers of air dunnage bags and other protective packaging products.

At the same time, the industry remains highly competitive because customers can choose among multiple protective-packaging materials and formats. Product performance, reliability, cost, ease of use and application-specific design are therefore important determinants of competitive positioning.

Source: Grand View Research, Dunnage Packaging Market 20252030.

LOGISTICS AND CARGO PROTECTION

The evolution of Indias logistics ecosystem represents an important structural opportunity for industrial packaging manufacturers. The National Logistics Policy seeks to establish a more integrated, technology-enabled and efficient logistics ecosystem, while the Governments initiatives around multimodal transportation, digital logistics platforms and logistics parks are intended to improve supply- chain efficiency.

The Government reported in September 2025 that the Unified Logistics Interface Platform had facilitated more than 160 crore transactions and that the logistics ecosystem was being strengthened through digital integration, multimodal infrastructure, skill development and green- logistics initiatives. Separately, 35 locations had been approved for development of Multi-Modal Logistics Parks by April 2025.

For packaging manufacturers, the implications are significant. Greater integration between road, rail, ports, warehouses and containerised transportation increases the need for efficient palletisation, load securing and cargo protection. Products such as dunnage bags, composite straps, bulk bags and protective sheets can form part of this wider logistics infrastructure.

The opportunity is therefore not limited to the growth of packaging consumption itself. It also arises from the increasing professionalisation of logistics operations and the greater economic emphasis being placed on reducing product damage, improving cargo utilisation and ensuring safe transportation.

Sources: Government of India - National Logistics Policy; DPIIT; Ministry of Road Transport & Highways.

THERMAL INSULATION INDUSTRY

Thermal insulation represents an adjacent market with exposure to construction, industrial infrastructure, warehousing and energy- efficiency requirements. Increasing awareness of building energy consumption and the need to improve thermal performance are supporting demand for insulation products globally.

Independent market research estimates that the global building thermal insulation market will continue to expand through the current decade, supported by new construction, refurbishment activity, energy- efficiency requirements and increasing awareness of building performance.

The Indian opportunity is particularly relevant because the countrys industrial and commercial building stock continues to expand while climatic conditions create significant cooling requirements. Better thermal management can reduce heat transfer through roofs and building envelopes and can consequently contribute to lower cooling loads in appropriate applications.

For manufacturers offering reflective and other specialised insulation systems, the opportunity is therefore connected not merely to construction volumes but also to the broader movement towards energy-efficient buildings and industrial facilities.

Sources: Grand View Research and other independent building- material and insulation market research.

GEOMEMBRANES AND WATER MANAGEMENT

Geomembranes and polymeric liners have applications across water storage, agriculture, aquaculture, environmental protection, mining and civil infrastructure. Their principal value proposition lies in providing a barrier between contained material and the surrounding soil or structure, thereby reducing seepage and improving containment efficiency.

Independent industry research estimates that the global geomembrane market was approximately US$2.23 billion in 2025 and is projected to reach approximately US$3.59 billion by 2034, representing a CAGR of approximately 5.46%. Water management, agriculture, environmental protection and infrastructure are among the principal applications supporting market demand.

The long-term opportunity in India is linked to increasing attention towards water conservation, irrigation efficiency and agricultural water storage. As water availability becomes a more important economic and environmental consideration, technologies that improve storage efficiency and reduce water losses can find increasing applications.

This creates an opportunity for manufacturers of pond liners and other polymeric containment products. Nevertheless, the market requires attention to product quality, thickness, puncture resistance, installation practices and long-term durability because failure of a liner can result in significant economic consequences for the customer.

Source: Fortune Business Insights - Global Geomembranes Market.

SUSTAINABILITY AND REGULATORY ENVIRONMENT

The plastics industry is undergoing a fundamental change in the way products are evaluated. Historically, price and performance were the primary considerations for many applications; increasingly, customers, regulators and other stakeholders are also evaluating recyclability, material efficiency, product life and end-of-life management.

Indias Extended Producer Responsibility framework for plastic packaging has strengthened the regulatory focus on collection, recycling and responsible management of plastic waste. The regulatory framework continues to evolve, increasing the importance of compliance, documentation and traceability for participants in the plastics value chain.

For manufacturers, the changing regulatory environment presents both challenges and opportunities. Compliance requirements may increase operating complexity and costs, particularly where customers require specific material compositions or recycling documentation. At the same time, products that offer extended service life, reusability or efficient use of material may benefit from the increasing emphasis on lifecycle performance.

The Companys product portfolio should therefore increasingly be evaluated through the broader lens of material efficiency, durability, reuse and recyclability, rather than simply through production volumes.

Source: Central Pollution Control Board / Ministry of Environment, Forest and Climate Change, Government of India.

RAW MATERIAL ENVIRONMENT

Polymer-based manufacturing is inherently exposed to movements in petrochemical and polymer prices. Polypropylene and other polymer inputs are ultimately linked to the global petrochemical value chain, and their prices can be influenced by crude-oil prices, refinery and petrochemical capacity, global demand, supply disruptions, freight costs and currency movements.

The Indian chemicals and petrochemicals sector remain an important part of the countrys manufacturing ecosystem. Government data indicate that the chemicals and petrochemicals sector contributed approximately 8.1% of Indias manufacturing GVA in FY2024, while production of selected major chemicals and petrochemicals increased substantially over the past decade.

For downstream processors, a stable and expanding domestic petrochemical ecosystem can improve material availability and supply- chain resilience. However, input-price volatility remains an important margin risk because the ability to immediately pass cost increases to customers depends upon contractual arrangements, competitive intensity and market conditions.

Consequently, procurement discipline, inventory management, product pricing, manufacturing efficiency and a diversified customer base remain important tools for managing raw-material risk.

Source: Department of Chemicals & Petrochemicals, Government of India.

BUSINESS OPPORTUNITIES FOR THE COMPANY

Against this industry backdrop, the Companys diversified product portfolio provides exposure to several structural growth themes. Its industrial packaging products participate in the expanding manufacturing and logistics ecosystem, while its building-related products provide exposure to thermal efficiency, roofing and water- management applications.

The most significant opportunity is likely to arise from the Companys ability to move towards higher-value and application-specific products. Markets such as FIBC, dunnage and industrial packaging are sizeable and growing, but they also contain a large number of manufacturers. Competing purely on manufacturing capacity or price can therefore limit margin expansion. Differentiation through product design, customisation, quality, certification and reliability can provide a stronger basis for sustainable customer relationships.

The Companys presence across multiple applications also provides an opportunity to diversify revenue sources. Industrial packaging demand is influenced by manufacturing and trade cycles, whereas insulation and geomembrane demand is more closely linked to construction, energy efficiency, agriculture and infrastructure. A broader portfolio can therefore moderate the impact of weakness in any one end-use sector.

RISK MANAGEMENT

The Companys principal business risks arise from raw-material price volatility, competition, changes in customer demand, global trade

conditions, regulatory developments, foreign-exchange movements and technological changes.

Raw-material risk is particularly relevant because polymer prices are influenced by global petrochemical markets. A sudden increase in input costs can compress margins if selling prices cannot be revised correspondingly.

Competition is another structural risk. The Companys markets include both organised and unorganised manufacturers, domestic competitors and international suppliers. Customers can often compare products on price, specifications, quality and delivery timelines. Consequently, the Companys ability to differentiate through quality, customisation, product development and customer service is important.

The Companys exposure to international trade also creates sensitivity to freight rates, geopolitical disruptions, currency movements and changes in trade policies. The WTOs 2026 outlook highlights the continuing uncertainty surrounding global merchandise trade, making geographical and end-market diversification increasingly important.

Environmental regulation represents both a compliance risk and a strategic opportunity. Increasing regulation of plastic packaging can raise compliance requirements, but it can also favour products designed for longer service life, reuse and efficient material utilisation.

OUTLOOK

The long-term outlook for the Companys principal addressable markets remains constructive, although the near-term operating environment is expected to remain competitive.

Indias packaging industry is projected to grow at approximately 9% CAGR through FY2030, supported by consumption, manufacturing, e- commerce, organised retail and increasing demand from several end- use sectors.

The global FIBC market is projected to grow at approximately 6.2% CAGR through 2033, while the global dunnage packaging market is projected to grow at approximately 6.2% CAGR through 2030.

These industry trends indicate that the Companys addressable markets possess underlying structural growth. However, the Companys future performance will depend on its ability to capture this growth profitably. Market expansion alone does not guarantee margin expansion, particularly in competitive polymer-processing markets.

The strategic priorities should therefore remain focused on increasing value addition, strengthening customer relationships, expanding domestic and export opportunities, improving manufacturing efficiency, developing differentiated products and maintaining disciplined working- capital and cost management.

The Companys diversification into insulation, geomembrane and specialised composite applications can additionally provide exposure to markets with different demand drivers, thereby potentially improving the resilience of the overall business over the medium to long term.

MANAGEMENTS STRATEGIC PERSPECTIVE

The Companys operating environment presents a combination of structural opportunities and execution challenges. Indias expanding manufacturing base, formalising logistics ecosystem and growing packaging market provide favourable demand conditions. At the same time, global trade uncertainty, polymer-price volatility and competitive intensity require disciplined execution.

The Companys strategic opportunity lies in building upon its existing manufacturing and product capabilities to serve increasingly specialised requirements. Instead of treating packaging as a standardised commodity, the industry is progressively moving towards solutions that are designed around specific products, transportation conditions and customer processes. This creates scope for manufacturers that can combine material knowledge, product engineering, fabrication and customer-specific design.

The Companys broader portfolio also creates the possibility of building multiple growth engines. Industrial packaging can benefit from manufacturing and trade expansion; protective packaging can benefit from logistics growth; insulation can benefit from energy-efficiency requirements; geomembranes can benefit from water-management needs; and advanced composites can benefit from Indias efforts to deepen domestic aerospace and high-performance manufacturing capabilities.

The principal management challenge will therefore be to convert these external market opportunities into sustainable returns by maintaining cost competitiveness while increasing the proportion of differentiated, higher-value products.

Financial Highlights INR In Lakh

Particulars	Standalone		Consolidated
	F.Y. 2025-26	F.Y. 2024-25	F.Y. 2025-26	F.Y. 2024-25
Revenue from Operations	12,326.12	11,778.82	13,439.12	11,625.12
Other Income	690.60	1,020.18	555.10	360.36
Total Income	13,016.72	12,799.00	13,994.21	11,985.48
Less: Total Expenses before Depreciation, Finance Cost and Tax	11,291.89	10,965.81	12,204.03	10,482.14
Profit before Depreciation, Finance Cost and Tax	1,724.83	1,833.19	1,790.18	1,503.34
Less: Depreciation	275.83	202.69	566.85	457.35
Less: Finance Cost	220.30	162.84	327.57	254.17
Profit Before Tax	1,228.70	1,467.66	895.75	791.83
Less: Current Tax	309.24	369.38	320.49	199.29
Less: Short provision for earlier year	18.31	14.40	18.70	14.46
Less: Deferred tax Liability (Asset)	25.20	(11.33)	(31.82)	(19.03)
Profit after Tax (before Minority Interest)	875.94	1,095.21	588.38	597.11
Less: Profit / (Loss) Of Minority Interest	-	-	138.25	276.92
Profit after Tax	875.94	1,095.21	726.64	874.03

FINANCIAL PERFORMANCE On Standalone Basis

During the year under review, the revenue from operation of the Company was stood at INR 12,326.12 Lakh as against that of INR 11,778.82 Lakh for previous year. Revenue from operation of the Company was increased by 4.65% over previous year.

Profit before Tax for the financial year 2025-26 stood at INR 1,228.70 Lakh as against that of INR 1,467.66 Lakh making the net profit of INR 875.94 Lakh for the financial year 2025-26 as against the net profit of INR 1,095.21 Lakh for the financial year 2024-25.

During the year under review, the export sales of the Company were decreased by 10.01%, whereas domestic sales of the Company were increased by 20.96% than that of respective for previous year.

On Consolidated Basis

The consolidated revenue from operation of the Company for financial year 2025-26 stood at INR 13,439.12 Lakh as against that of INR 11,625.12 Lakh for previous year. The consolidated net profit after tax (after adjustment of minority interest) for the financial year 2025-26 was stood at INR 726.64 Lakh as compared to INR 874.03 Lakh for the previous financial year 2024-25.

Despite increase of 15.60% in consolidated revenue from operation for the FY 2025-26, the Company has reported decrease of 16.86% in consolidated net profit after tax as compared to the previous financial year 2024-25. The decrease in profit after tax was due to increase in raw material costs.

RISK AND CONCERNS

The Company recognizes risk management as an integral part of business operations and continuously evaluates potential risks that could impact its performance.

Key risks include:

Raw Material Risk

Fluctuations in crude oil prices and petrochemical markets may impact raw material costs and profitability.

Market Risk

Changes in customer preferences, competitive pressures, and demand fluctuations may affect sales volumes and margins.

Regulatory Risk

Changes in environmental, taxation, labor, or industry-specific regulations may influence operating costs and business practices.

Operational Risk

Unexpected equipment breakdowns, utility interruptions, labor shortages, or supply chain disruptions may affect manufacturing operations.

Credit Risk

Delays in collection from customers may impact cash flows and working capital management.

The Company continuously monitors these risks and implements appropriate mitigation measures through prudent business practices, process controls, customer diversification, and operational efficiencies.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

Internal Control system and adequacy Internal Control measures and systems are established to ensure the correctness of the transactions and safe guarding of the assets. Thus, internal control is an integral component of risk management. The Internal control checks and internal audit programmes adopted by the Company plays an important role in the risk management feedback loop, in which the information generated in the internal control process is reported back to the Board and Management. The internal control ^systems are modified continuously to meet the dynamic change. Further the Audit Committee of the Board of Directors reviews the internal audit reports and the adequacy and effectiveness of internal controls.

DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS (STANDALONE BASIS)

Particulars	F.Y. 2025-26	F.Y. 2024-25	Variance	Reason
Debtors Turnover	4.33 times	5.62 times	-22.94%	Ratio decrease as the increase in Average Trade receivables as compared to the increase in Revenue
Inventory Turnover	4.74 times	6.26 times	(24.22%)	Ratio decreased due to increase in average inventories as compared to increase in revenue
Interest Coverage Ratio	6.57 times	10.01 times	(34.31%)	Ratio decreased from due to a decline in EBIT and an increase in interest expense.
Current Ratio	2.36: 1.00	2.00: 1.00	17.91%	Current Ratio has increased due to increase in Current asset and decrease in Current liabilities
Debt Equity Ratio	0.13: 1.00	0.24: 1.00	(47.19%)	Ratio decreased due to increase in Shareholders Fund and decrease in debt
Operating Profit Margin (%)	30.80%	27.96%	10.17%	Margin increased due to higher revenue and operating profit, along with lower raw material costs and favorable changes in inventories.
Net Profit Margin (%)	7.11%	9.30%	(23.57%)	There is increase in expenses as compared to increase in revenue
Return on Net Worth	5.85%	13.10%	(55.35%)	Due to significant increase in Shareholders fund and decrease in profit, the Ratio Decreased

DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS (CONSOLIDATED BASIS)

Particulars	F.Y. 2025-26	F.Y. 2024-25	Variance	Reason
Debtors Turnover	5.23	6.28	(16.68%)	Ratio decreased as the increase in Trade receivables is more as compared to the increase in Revenue.
Inventory Turnover	4.53	5.34	(15.29%)	Ratio decreased due to increase in holding period of Inventory.
Interest Coverage Ratio	1.73	2.12	(18.00%)	The Ratio declined due to a relatively higher increase in interest expenses compared with the growth in EBIT.
Current Ratio	2.03	2.19	(7.09%)	Current Ratio has decreased due to increase in Current Liabilities as compared to Current Assets.
Debt Equity Ratio	0.27	0.33	(17.90%)	Ratio decreased due to increase in Shareholders Fund.
Operating Profit Margin (%)	32.67%	37.50%	(12.87%)	The decline was mainly due to higher raw material costs and inventory changes, which reduced the operating margin despite higher revenue.
Net Profit Margin (%)	4.38%	5.14%	(14.76%)	Due to decrease in Consolidated Net Profit and increase in revenue, the ratio decreased.
Return on Net Worth	4.19%	7.40%	(43.41%)	Due to significant increase in Shareholders fund in comparison to increase in profit, the Ratio Decreased

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBER OF PEOPLE EMPLOYED

The Company believes in establishing and building a strong performance and competency driven culture amongst its employees with greater sense of accountability and responsibility. The Company has taken various steps for strengthening organizational competency through the involvement and development of employees as well as installing effective systems for improving their productivity and accountability at functional levels. The Company acknowledges that its principal asset is its employees. Ongoing in-house and external training is provided to the employees at all levels to update their knowledge and upgrade their skills and abilities. As on March 31, 2026, the Company had total 57 full time employees. The industrial relations have remained harmonious throughout the year.

CAUTIONARY NOTE

Statements in this Report, describing the Companys objectives, projections, estimates and expectations may constitute ‘forward looking statements within the meaning of applicable laws and regulations. Forward looking statements are based on certain assumptions and expectations of future events. These statements are subject to certain risks and uncertainties. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results may be different from those expressed or implied since the Companys operations are affected by many external and internal factors, which are beyond the control of the management. Hence the Company assumes no responsibility in respect of forward-looking statements that may be amended or modified in future on the basis of subsequent developments, information or events.