Shree Digvijay Cement Co. Ltd Management Discussions

GLOBAL ECONOMIC SCENARIO AND OUTLOOK

Looking ahead to 2026, the global economic outlook remains cautiously optimistic, though downside risks persist. Growth is expected to improve gradually as inflation stabilizes and financial conditions ease. However, uncertainties surrounding geopolitical tensions, energy market fluctuations, and evolving global trade policies continue to weigh on the medium-term outlook.

At the same time, structural factors including climate transition challenges, demographic shifts, and uneven regional recovery are likely to shape global growth patterns over the coming years. Despite these uncertainties, the overall economic environment is expected to remain supportive of long-term demand in infrastructure and construction sectors. Nevertheless, short-term volatility is likely to continue, requiring careful navigation by businesses and policymakers alike.

INDIAN ECONOMY & OUTLOOK FOR FY2026-27

Indias economic outlook for the coming fiscal year remains positive, though there are indications of a slight easing in momentum. The country is expected to continue leading among major global economies, supported by its strong underlying fundamentals.

Growth is likely to be driven by solid domestic demand, continued government spending on infrastructure, a resilient services sector, and gradually strengthening private investment sentiment. Stable inflation, aligned with the central banks target, should help maintain overall macroeconomic balance and support consumption.

At the same time, external challenges remain a concern. Ongoing geopolitical tensions, especially in energy producing regions, could lead to in crude oil prices. As a significant importer of oil, such volatility may place pressure on the external sector and financial markets.

Overall, the economy is expected to demonstrate resilience, even with some moderation in pace. Strong domestic drivers and sound macroeconomic management are likely to help offset external risks and sustain growth at a level that remains comparatively high on the global stage.

INDIAN CEMENT INDUSTRY OVERVIEW

The Indian cement industry demonstrated notable resilience during the year, supported by continued infrastructure investment, steady housing demand, and a gradual revival in private sector activity. Cement consumption remained closely tied to government-led projects, particularly in infrastructure and urban development, which accounted for a significant share of overall demand. Growth was largely driven by increased spending on roads, railways, urban infrastructure, irrigation, and affordable housing.

The housing segment continued to play in demand generation.

Urban housing benefited from improving income levels and positive consumer sentiment, while rural demand showed signs of recovery, aided by easing pressures and supportive government initiatives. Affordable and mid-income housing segments remained key contributors, alongside a gradual pickup in commercial real estate activity in select urban centers.

Looking ahead, policy support such as a potential reduction in taxes on cement, along with the governments ongoing emphasis on infrastructure development, is expected to further strengthen demand prospects. However, the industry continues to face cost pressures arising from fuel, freight, and currency movements. In response, leading cement companies are focusing on expanding capacity and implementing cost optimisation measures to strengthen their competitive positioning.

On the supply side, the industry saw continued expansion through a mix of brownfield additions and selective greenfield projects, reflecting confidence in long-term demand. Despite these additions, capacity utilisation remained moderate due to phased project commissioning and regional demand-supply imbalances. Competitive intensity remained high, although pricing trends showed improved stability amid steady demand conditions. At the same time, pressure on input costs particularly energy and logistics eased compared to earlier periods, supported by softer fuel prices and improved operational efficiencies.

Overall, the industry remains well-positioned for sustained long-term growth, underpinned by ongoing capacity expansion, technological advancements, and an increasing focus on sustainability, even as it navigates near-term demand variability and cost challenges.

GOVERNMENT INITIATIVES

In order to help private sector companies thrive in the industry, the Government has been approving their investment schemes. Some of the initiatives taken by the Government of late are as below: The government announced PMAY Urban 2.0 operational guidelines and highlighted expanded support for one crore urban poor and middle class families over five years, including assistance of up to about Rs 2.5 lakh (US$ 2,800) per eligible household, which is expected to stimulate demand for affordable housing and associated neighborhood retail.

Under the housing for all segment, in FY26 the budget estimate for Pradhan Mantri Awas Yojana was Rs 19,794 crore (US$ 2.25 billion).

In August 2025, Prime Minister Mr. Narendra Modi visited Gujarat and inaugurated 1,449 houses and 130 shops constructed under PMAY Urban costing Rs 133.42 crore (US$ 15.11 million). Additionally, a new provision was introduced in Gujarats PMAY (Rural) to provide Rs 50,000 (US$ 566) additional assistance for house roof plastering, benefiting over 34,000 families.

Indias cement demand is expected to sustain its growth momentum with a projected increase of 7-8% in FY26. This robust growth is driven primarily by government housing initiatives like the Pradhan Mantri Awas Yojana (PMAY) and ongoing infrastructure development projects. Supported by a revival in construction activity and increased government capital expenditure, the real estate sectors expansion will continue to fuel strong cement demand.

The GST revamp announced in September 2025 is expected to reduce cement prices by Rs 30-35 (US$ 0.34-0.40) per 50-kg bag, lowering construction costs and potentially stimulating demand further in the sector.

The governments infrastructure push is a significant catalyst, with projects like the Mumbai-Ahmedabad Bullet

Train Corridor significantly boosting cement demand. This project alone uses around 20,000 cubic meters of cement daily, generating large-scale employment.

As per the Union Budget 2025-26, the government approved an outlay of Rs 2,87,333 crore (US$ 33.08 billion) for the Ministry of Road Transport and Highways i.e., 3% higher as compared to the previous budget. Additionally, the budget allocated Rs 11.2 lakh crore (US$ 129.04 billion) for Infrastructure sector. To promote increased private sector involvement, the government has put forward a range of proposed initiatives.

The National Infrastructure Pipeline (NIP) expanded to 9,305 projects from 7,400 projects.

Government schemes like the Pradhan Mantri Awas Yojana (PMAY) for affordable housing and PM Gati Shakti National Master Plan for infrastructure are driving cement demand. PM Gati Shaktis focus on transport networks and PMAYs expansion will further increase cement consumption in coming years.

In October 2021, Prime Minister, Mr. Narendra Modi, launched the ‘PM Gati Shakti - National Master Plan (NMP) for multimodal connectivity. Gati Shakti will bring synergy to create a world-class, seamless multimodal transport network in India. This will boost the demand for cement in the future.

ROAD AHEAD

The Indian government is firmly focused on infrastructure development to spur economic growth and is striving for full infrastructure coverage to establish smart cities. The government plans to increase the capacity of railways and the facilities for handling and storage to enable the transfer of cement and cut out on transportation costs. These measures are expected to result in increased construction activity in the country, thereby boosting demand for cement.

The eastern states of India are likely to be the newer and untapped markets for cement companies and could contribute to their bottom line in future. In the next 10 years, India could become the main exporter of clinker and grey cement to the Middle East, Africa, and other developing nations of the world. Cement plants near the ports, for instance, the plants in Gujarat and Visakhapatnam, will have an added advantage for export and will logistically be well-armed to face stiff competition from cement plants in the interior of the country. Number of foreign players are also expected to enter the cement sector owing to the profit margins and steady demand.

INDIAN CEMENT INDUSTRY: OUTLOOK AND OPPORTUNITIES

The Indian cement industry has a positive and resilient outlook, supported by strong demand from infrastructure development, housing, urbanisation, and government capital expenditure, with cement demand expected to grow by about 6–7% annually in the near term, broadly in line with Indias GDP growth. As the second largest cement producer globally, India benefits from a largely domestic demand base, rising capacity utilisation, and increasing industry consolidation, which has improved pricing discipline and operational efficiency. At the same time, the sector offers significant opportunities in capacity expansion, mergers and acquisitions, and value added segments such as ready mix concrete and construction solutions. A key long term opportunity lies in green and low carbon cement, driven by Indias Net Zero 2070 commitment, encouraging blended cements, alternative fuels, waste heat recovery, and carbon reduction technologies. While challenges remain in the form of fuel costs, logistics, and regional demand imbalances, the overall outlook remains favourable, with infrastructure led growth and sustainability initiatives positioning the cement industry as a critical enabler of Indias economic development.

Robust Demand & Opportunities:

Indias cement sector is set for robust growth in FY26, with operating profit expected to rise 12-18% to Rs 900-950 (US$ 10.14-10.71) per metric tonne (MT), according to ratings agency ICRA. Strong demand from housing and infrastructure, better realizations, and stable input costs will drive the improvement. Government has plans for 33.4% outlays for capital investments to Rs 10 lakh crore (US$ 120 billion) and outlays for railways of

Rs 2.4 lakh crore (US$ 29.05 billion). Also, plans to build 100 new significant transport projects involving an investment of

Rs 75,000 crore (US$ 9.04 billion) for end-to-end connectivity for ports, coal, steel etc.

Attractive Opportunities in the state of Gujarat

As of August 2025, the Mumbai-Ahmedabad Bullet Train

Corridor is significantly boosting the cement and construction industry, utilizing around 20,000 cubic meters of cement daily equivalent to eight 10-story buildings. This project, spanning 508 km with multiple stations and tunnels, has generated substantial employment, with about 20,000 workers engaged daily.

The 2030 Commonwealth Games in Gujarat is set to be a major catalyst for the states real estate sector, especially in Ahmedabad, Gandhinagar, and Rajkot. Large-scale infrastructure upgrades, global visibility, and urban renewal programs will create attractive opportunities across residential, commercial, and hospitality segments.

SHREE DIGVIJAY CEMENT: POSITION AFTER NEW GRINDING UNIT & HI BOND INTEGRATION

Shree Digvijay Cement Company Limited (SDCCL), incorporated in 1944 and based in Sikka, Jamnagar, is one of Indias oldest cement manufacturers. Following its recent expansion, the Company operates a modernized plant with a capacity of 3.0 MTPA, producing OPC, PPC, sulphate-resistant, and oil well cement under the "Kamal Cement" brand.

In October 2025, SDCCL doubled its capacity to 3.0 MTPA with a new grinding unit at Sikka, enhancing scale and competitiveness in Gujarat. A 10 year strategic tie up with Hi Bond Cement added 2.2 MTPA, taking effective capacity to ~5.2 MTPA and positioning SDCCL among the top regional players. The asset light expansion strengthens market share, revenue visibility, and offers a future acquisition option.

The brand usage, supply and distributorship agreement relating to exclusive long-term distribution of cement products manufactured by Hi-Bond Cement (India) Private Limited ("Hi-Bond") to be distributed by the Company marked a strategic shift from manufacturing led growth to a distribution driven model. By selling both "Kamal Cement" and "Hi-Bond Cement," SDCCL adopted a multi brand strategy targeting diverse customer segments, improving dealer margins, and expanding retail presence. Leveraging strong logistics and dealer networks, the Company improved delivery speed and service quality.

The cost plus procurement model under the Hi Bond agreement ensures pricing flexibility and competitiveness against larger peers. Alongside retail expansion, SDCCL is focusing on institutional sales to infrastructure and real estate projects, offering bulk supply and technical services. Overall, the Companys hybrid model—combining production, distribution, and brand support sustainable growth and stronger market positioning in Gujarats competitive cement industry.

OPERATIONAL PERFORMANCE

The operational performance of Shree Digvijay Cement Company Limited in FY 2025–26 shows a mixed but largely stable trend. During the year, the Company recorded moderate growth in revenue, which increased to Rs 746.49 crores, reflecting around

3% rise compared to the previous year, indicating steady demand in its key markets. At the same time, sales volume also improved slightly, reaching about 14.03 lakh tonnes, which represents a modest increase over FY25 levels, showing stable operational capacity utilization and consistent market presence.

In terms of operational efficiency, the Company demonstrated improvement. Its EBITDA increased during the year and EBITDA per tonne rose to around Rs 521 from Rs489, highlighting better cost control and improved realizations, especially during the later part of the year. The fourth quarter (Q4 FY26) showed a particularly strong sequential recovery, with revenue growing by about 13% over the previous quarter and the Company returning to profit after a loss in Q3, mainly due to better seasonal demand and improved operational leverage.

However, despite improvements in efficiency and volumes, profitability remained under pressure. The Company reported a flat or slightly declining annual profit, and in Q4 FY26, net profit declined significantly on a year-on-year basis (around

56%), mainly due to higher power, fuel, and logistics costs, as well as pricing pressures in the Gujarat cement market. These rising costs affected margins and offset the benefits of higher volumes and improved EBITDA. Operationally, the Company also took important strategic steps to strengthen its future performance. It entered into a partnership with Hi-Bond Cement, which contributed additional revenue and helped expand its distribution network. Overall, the operational performance of Shree Digvijay Cement in FY 2025-26 can be described as stable with gradual improvement in efficiency and volumes but constrained by cost pressures and lower profitability growth due to lower cement prices.

The Company showed resilience through improved quarterly recovery and operational efficiency, and its strategic initiatives indicate potential for stronger performance in the coming years.

Operational Performance:

Particulars	Current year ended 31.03.2026	Previous Year ended 31.03.2025
Production (Lakhs TPA):
• Clinker	10.49	10.05
• Cement	14.03	13.87
Sales Volume (Lakhs Ton):
Domestic
• Cement	14.18	13.72
• Clinker	0.00	0.00
Export
• Cement	0.007	0.004
• Clinker	0.00	0.000

Financial Performance:

	Current Year	Previous Year
Particulars	Ended 31.03.2026	Ended 31.03.2025
Revenue from Operations (Gross)	74,649.03	72,257.78
Add: Other Operating Income	260.88	256.87
Less: Total Expenditure	67,854.69	66,792.88
Profit before other income, interest, depreciation & tax	7,055.22	5,721.77
Add: Other Income	115.51	519.08
Profit before Interest Depreciation & Tax [PBIDT]	7,170.73	6240.85
Add : Interest Income	289.97	465.40
Earning before Interest, Tax and Depreciation (EBITDA)	7,460.70	6,706.25
Less: Interest Expense	955.32	276.60
Less: Depreciation	3,124.63	2,975.15
Profit before tax	3,380.75	3,454.50
Less: Tax Expenses	881.11	934.44
Profit for the year	2,499.64	2,520.06

Details of significant changes in key financial ratios are as given below:

Particulars	UOM	Year Ended 31.03.2026	Year Ended 31.03.2025
1 Contribution to Exchequer	Rs in Lakhs	20,248.53	23,222.00
2 Revenue Growth	Rs in Lakhs	75,315.39	73,499.13
3 EBITDA	Rs in Lakhs	7,461.00	6,706.25
4 EBITDA MARGIN	%	9.91%	9.12%
5 PBT	Rs in Lakhs	3,380.75	3,454.50
6 PAT	Rs in Lakhs	2,499.64	2,520.06
7 Net Worth	Rs in Lakhs	36,544.93	36,364.21
8 ROE %	%	6.9%	6.8%
9 NET DEBT	Rs in Lakhs	51,327.01	10,984.50
10Debt Equity	Weight	0.58 0.42	0.23 0.77
11 Working Capital Ratio	Times	2.7	1.3
12 Fixed Assets Turnover Ratio	Times	2.6	4.4
13 Inventory Turnover Ratio	Times	6.8	6.0
14 Debtors Turnover Ratio	Times	27.3	29.4
15 Days Sales Outstanding (DSO)	Days	13	12
16 Interest Coverage Ratio	Times	4.91	8.06

SEGMENT REVIEW AND ANALYSIS

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). The Chief Executive Officer (CEO) and Managing Director (MD) of the Company has been identified as CODM who assesses the financial performance and position of the Company and makes strategic decisions.

The Companys CODM has identified one business segment viz. Manufacturing and Sales of Cement and its only production facility is located in India. There are no other reportable segments.

COST AND PROFITABILITY

Your Company constantly strives to keep costs under control. The Company focuses on cost reduction by sourcing procurement, increasing power from green energy, which is both eco-friendly and cheaper, using alternative fuel, improving logistics operations, controlling overheads including manpower and expanding sales & marketing presence to enhance the overall performance and profitability of the Company.

OPPORTUNITIES, THREATS, RISK & CONCERN

The Company has well defined structure that allows and enables management to recognize, evaluate and exploit business opportunities and manage risk exposure in the organization effectively. Cement manufacturing faces multi dimensional risks spanning raw materials, energy, operations, environment, market demand, finance, and sustainability, making cost control, scale, regulatory compliance, and decarbonisation critical for long term competitiveness.

As part of its Risk Management Framework and procedures, the Company systematically identifies, assesses, and manages various types of risks, and implements appropriate mitigation measures based on their priority. For higher priority risks, the Company has developed and implemented specific risk management plans, which support management in strategic decision making, including financial and funding considerations, where required. Lower priority risks are also regularly monitored in accordance with defined plans. The Company has established a structured process for communication, consultation, monitoring, and periodic review to ensure the continued relevance of identified risks and to assess the effectiveness of mitigation measures, enabling timely corrective action wherever necessary.

Raw Material & Resource Risk

Cement production depends heavily on limestone, coal/ petcoke, gypsum, and fly ash. Risks arise from limited limestone reserves, mining approvals, variability in raw material quality, and dependence on industrial by products like fly ash, whose availability depends on thermal power plants. Any disruption can raise costs or halt production.

Market & Demand Risk

Cement demand is closely tied to construction, infrastructure, housing, and economic cycles. Risks include economic slowdown, delayed government projects, real estate downturns, seasonal monsoons, and uneven regional demand. Excess industry capacity can further pressure prices and profitability.

Pricing & Competition Risk

Cement is a highly competitive and regionally fragmented market due to high transportation costs. Risks arise from intense competition, price wars, discounting, and inability to sustain price hikes, especially when new capacities are added faster than demand growth.

Compliance Risk (Legal Risk):

With the constantly evolving regulatory framework, there is a risk of gap in compliance with legal requirements, which can lead to fines and charges. We have established robust compliance system & tools to create employee awareness and mitigate compliance risks effectively.

Environmental & Regulatory Risk

Cement manufacturing is highly polluting and carbon intensive, facing strict regulations on emissions, dust, NOx, water

CO2

usage, and mining rehabilitation. Risks arise from tighter environmental norms, carbon pricing, compliance costs, and litigation, which may require heavy capex for pollution control or carbon reduction technologies.

Sustainability & ESG Risk

Global and national focus on Net Zero and low carbon growth raises risks related to clinker reduction, alternative fuels, carbon capture costs, ESG compliance, and investor scrutiny. Companies that fail to transition risk losing access to capital, markets, or regulatory approvals.

Human Resource Risk (Talent Management Risk):

Our critical challenges include retaining talent and ensuring the right people are in the right roles. We mitigate talent management risks by providing specialised training courses to enhance and reskill employees, thus creating a talent pipeline for future roles.

Financial & Leverage Risk

Cement plants require large upfront capital investment. Risks include high debt levels, interest rate fluctuations, refinancing risk, liquidity constraints, and lower than expected returns if demand weakens or costs rise. Over expansion during upcycles often leads to stress during downturns.

Infrastructure Risk

Infrastructure sector drives overall development of the economy and is a major focus of the Government of India. Any pullback by the government on its initiatives will result in de-growth for the cement industry. Moreover, too many regulatory approvals and compliances might be a hindrance to the segments progress.

Energy & Fuel Risk

Energy accounts for 30–40% of cement production cost. Cement manufacturers face risks from volatile coal, petcoke, diesel, and electricity prices, supply disruptions, and dependence on imports. Sharp increases in fuel costs directly compress margins, especially when price pass through is limited.

Operational & Technology Risk

Cement plants are capital intensive and continuous process operations. Risks include equipment breakdowns, kiln shutdowns, low plant efficiency, maintenance failures, technology obsolescence, and difficulty in scaling capacity utilisation. Poor operational control can significantly increase unit costs.

Logistics & Supply Chain Risk

Cement has low value to weight ratio, making logistics critical. Risks include high freight costs, fuel price escalation, port bottlenecks, rail shortages, trucking disruptions, and regional supply imbalances, reducing competitiveness in distant markets.

Geopolitical & External Risk

Cement manufacturers face indirect risks from global conflicts, trade disruptions, import restrictions, exchange rate volatility, and international energy shocks, particularly for imported fuels and equipment.

Cyber Security Threats:

Technology has changed rapidly in recent years, and so have the risks associated with it. The spread of business data from data centers to the cloud, social media and digital platforms for B2B and B2C interactions are affecting cyber security. Besides data loss, cyber-attacks can harm business operations, equipment and human resources, and lead to legal and regulatory responsibilities.

Strategies:

The Company adopted a two pronged strategy to effectively manage risks. The short term strategy was aimed at safeguarding health, cost, and cash to address immediate risks. During this phase, the Company focused on ensuring the health and safety of employees, suppliers, and channel partners, while simultaneously implementing stringent cost control measures and initiatives to strengthen cash flows.

The long term strategy is focused on building sustainable growth and resilience. This includes expanding market reach through capacity enhancement, introducing innovative and superior quality products, and improving operational efficiency through digital transformation, cost optimisation, and logistics efficiency. In parallel, the Company is committed to achieving its sustainability objectives through targeted initiatives aligned with the four pillars of its sustainable development plan.

Further, the Company has successfully integrated its environmental, social, and governance (ESG) goals and targets across all functions and continues to accord the highest priority to continuous improvement across all ESG parameters, ensuring responsible and long term value creation.

DIGITALISATION AND INNOVATION

We firmly believe digitalisation is a crucial driver of sustainable business growth. Over the past few years, the Company has embraced digital technologies across its core business processes, including sales, logistics, materials management, manufacturing, control systems and technology operations. The

Companys well defined digital transformation strategy aims to streamline business processes and optimise resource usage to achieve sustainable business growth while complying with regulatory requirements.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

The Company follows a proper and adequate system of internal controls in respect of all its activities including safeguarding and protecting its assets against loss from unauthorized use of disposition. Further, all transactions entered into by the Company are duly authorized and recorded correctly. M/s RSM Astute Consulting Group (RSM), Chartered Accountant has been working as the Internal Auditor of the Company for FY 2025-26.

The Internal Auditors are submitting reports to the Company on a Quarterly basis.

INTERNAL CONTROLS OVER FINANCIAL REPORTING (ICFR)

The internal financial controls within the Company are commensurate with the size, scale and complexity of its operations. The controls were tested during the year and no reportable material weaknesses either in their design or operations were observed. The Company has robust policies and procedures which, inter alia, ensure integrity in conducting its business, the safeguarding of its assets, timely preparation of reliable financial information, accuracy and completeness in maintaining accounting records and the prevention and detection of frauds and errors. The operating effectiveness of such controls are in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting ("the

Guidance Note") and the Standards on Auditing specified by the

Central Government in accordance with Section 143(10) of the 2013 Act and other authoritative pronouncements, to the extent applicable to an audit of internal financial controls over financial reporting, both issued by the ICAI.

HUMAN RESOURCE DEVELOPMENT / INDUSTRIAL RELATIONS

The Company continued with efforts to ensure that its pool of human resources is "future ready" through its robust processes of learning & development, capability building and its development programmes. Efforts were taken to develop leadership lines as well as to enhance technical and functional capabilities with special focus on nurturing young talent, in order to face future challenges that may arise. The Company organized several training, awareness and coaching programs to develop the leadership, technical and management skills of employees. Employee engagement programs were organized to create openness and sharing ideas by employees. This learning journey includes formal, informal and highly interactive components that would help in honing their leadership, and coaching skills. It will ensure that the development initiatives result not just in better skills but in enhanced performance and higher engagement. As of 31^st March, 2026, the Company had 221 employees in its payroll (The number as of 31^st March, 2025 was 241).

Industrial relations during the year under report remained cordial.

EDUCATION

The Company has been providing primary/secondary education for the children of the employees and local community staying in nearby areas of Factory / Mines. The Company has provided educational kits to needy children in the nearby villages. More details on this are covered in the Annual Report on CSR activities forming part of the Directors Report.

ENVIRONMENT, SUSTAINABILITY AND GOVERNANCE

The Company has been continuously contributing towards environmental sustainability. Continuous improvement, enhanced process efficiency and periodic capital expenditures have helped us position "KAMAL" Cement one of the most responsible cement manufacturers in the country. The Company has been periodically reviewing the criteria of Environment, Sustainability & Governance (ESG) as per its ESG Policy with a focus on continuous improvement in Environment Sustainability. During the year, the Companys efforts continued with the same rigour. It conducted its business maintaining high standards of governance, respecting nature and demonstrating social responsiveness towards its communities & people.

Under its ESG Implementation plan, the Company has identified

14 key areas viz. water management, circular economy & waste management, energy & climate change, atmospheric emissions, biodiversity management & greenbelt development, sustainable mining, product quality management, health & safety, transparency, ethical practices & corporate governance, innovations & digitalization, sales & supply chain, human resources, community engagement and corporate social responsibility under which key initiatives are undertaken. Despite a challenging year 2025-26, we were able to achieve considerable improvements across the targets and are on track with the agenda of the Company.

More details on the Companys ESG initiative and performance during the year are annexed to this MDA and BRSR forming an integral part of the Annual Report.

CAUTIONARY STATEMENT

Statements in the Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may be "forward looking statements" within the meaning of applicable laws or regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include global and domestic demand- supply conditions finished goods prices, raw materials costs and availability, in exchange rates, changes in

Government regulations, tax laws, natural calamities, litigation and industrial relations, monsoon, economic developments within the country and other factors.

	For and on behalf of the Board of Directors
	Anil Singhvi
	Executive Chairman
Place: Mumbai
Date: 24th July, 2026