Shree TNB Polymers Ltd Management Discussions

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion in conjunction with our restated financial statements attached in the chapter titled “Financial Information of the Company” beginning on page no. 341 You should also read the section titled “Risk Factors” on page no 25 and the section titled “Forward Looking Statements” on page no. 24 of this Red Herring Prospectus, which discusses a number of factors and contingencies that could affect our financial condition and results of operations. The following discussion relates to us, and, unless otherwise stated or the context requires otherwise, is based on our Restated Financial Statements.

Our financial statements have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI (ICDR) Regulations and restated as described in the report of our auditor which is included in this Red Herring Prospectus under “Financial Statements”. The Restated Financial Information has been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including US GAAP and IFRS. Our financial year ends on March 31 of each year, and all references to a particular financial year are to the twelve-month period ended March 31 of that year.

Our Company was originally incorporated on March 07, 2007, as “Shree TNB Polymers Limited” under the provisions of the Companies Act, 1956 pursuant to issuance of fresh Certificate of Incorporation dated March 07, 2007 by the Registrar of Companies, Gujarat, Dadra & Nagar Haveli. The Corporate Identification Number of our Company is U25209DN2007PLC000242, please refer to Chapter titled “History and Corporate Structure” on page no 295 of this Red Herring Prospectus.

In 2007, “Shree TNB Polymers Limited” was incorporated with the objective to take over the running business of partnership firms namely M/s Tirupati Plastic Industries, M/s Noble Polymers, M/s Shreeji Plastic Industries and M/s Balaji Polymers w.e.f April 01, 2007.

Shree TNB Polymers Limited is polymer manufacturing company specializing in piping systems and plastic solutions. The Company primarily offers product portfolio comprising HDPE pipes & fittings, PP (Polypropylene) and PPH (Polypropylene Homopolymer) pipes & fittings, Double Wall Corrugated (DWC) pipes, sprinkler pipes, drip irrigation systems, solid industrial sheets and Well pack sheets for packaging and industrial applications. With a strong focus on engineering excellence, durability, and application-specific performance, TNB Polymers delivers reliable and scalable solutions across infrastructure, agriculture and industrial sectors.

The Company’s products are designed to meet the evolving demands of critical applications such as irrigation and agriculture, potable water supply schemes, sewerage and drainage systems, telecom cable protection, construction, and industrial usage. Its HDPE piping systems are widely used in borewell and underground water extraction, as well as in specialized applications including seawater intake systems, desalination plants, and dredging operations- highlighting the company’s capability to operate in both conventional and high- performance environments.

In addition to piping systems, TNB Polymers has established a strong presence in value-added polymer segments. Our Well pack sheets are extensively used for signage, packaging, construction floor protection, industrial partitions and advertising boards, while solid industrial sheets are utilized in chemical tanks, scrubber linings, CNC (Computer Numerical Control) machining, industrial fabrication, and automotive components. The company’s DWC pipes are widely deployed in underground sewerage networks, drainage systems, culverts, cable ducts, and highway infrastructure projects, positioning TNB as a comprehensive polymer solutions provider.

In the year 2017 seasoned entrepreneurs Mr. Rasikbhai Gokalbhai Bhalodi and Mr. Kishan Chandulal Patel joined as stake holders to lead the company to greater heights. The company products have good marketing standing with brand name of “NOBLE” (Piping Division), “TIRUPATI” (Solid Industrial Sheets Division) AND “WELLPACK” (Corrugated/ Flute Board Sheets Division). Due to our comprehensive product range, we are positioned as an end-to-end polymer piping systems solution provider. We have more than 25 years of experience in the polymer pipes segment and fittings using different polymers. Our Company is an ISO 9001:2015 & 14001:2015 certified Company offering variety of pipes, irrigation fittings and sheets & profiles. Our product range meets the requirements of both the rural and urban markets. Our Company also manufacture HDPE Pipes and Solid Industrial Sheets for other companies including renowned customers/ dealers namely Krishna Construction (Gujarat) LLP, Grishva Infra Project LLP, V. L. Infraprojects Limited, Mangukiya Brothers Project Private Limited etc. Our Company is running its business on a B2B & B2C basis comprising of manufacturing, selling and distributing its products directly to businesses or manufacturers or commercial organizations including retails customers (farmers).

FINANCIAL SNAPSHOT

The following table sets forth a breakdown of our revenue from operations, as well as other key performance indicators, for the periods indicated:

(Z In Lakhs)

Particulars	For the Financial Year Ended
	As at March 31, 2026	As at March 31, 2025	As at March 31, 2024
Revenue from Operations?	19,812.73	17,565.24	20,785.56
Revenue CAGR (%)(ii)		(1.59)%
Total Income(iii)	19,831.41	17,570.47	20,796.67
EBITDA(iv)	1,920.48	1,547.27	1,522.27
EBITDA Margin (%)(v)	9.69%	8.81%	7.32%
EBITDA CAGR (%)(vi)		8.05%
EBIT(vii)	1,534.77	1,233.05	1,197.95
ROCE (%)(viii)	16.02%	15.25%	17.06%
Current Ratio (Times)(ix)	1.22	1.18	1.14
Operating Cash Flow(x)	883.35	433.51	698.97
PAT(xi)	713.46	577.10	503.05
PAT Margin (%)(xii)	3.60%	3.29%	2.42%
Net Worth(xiii)	5,568.03	4,854.57	3,420.71
ROE/ RONW (%)(xiv)	13.69%	13.95%	15.87%
EPS (Basic & Diluted)(xv)	4.65	4.29	3.75

Note: The Figure has been certified by our Peer review auditors M/s P. M. Bagrecha & Co., Chartered Accountants vide their certificate dated August 29, 2026 vide UDIN: 26039816JATNMB3458.

Notes:

i. Revenue from Operations means the Revenue from Operations as appearing in the Restated Financial Statements.

ii. Revenue CAGR: The three-year compound annual growth rate in Revenue. [(Ending Value/Beginning Value) ^A (1/N)]-1.

iii. Total Income means the Total Income as appearing in the Restated Financial Statements.

iv. EBITDA is calculated as profit for the period / year, plus tax expenses (consisting of current tax, deferred tax and current taxes relating to earlier years), Interest Expenses and Depreciation and Amortization Expenses minus Other Income.

v. EBITDA Margin (%) is calculated as EBITDA divided by Revenue from Operations.

vi. EBITDA CAGR (%) means: The three-year compound annual growth rate in EBITDA. [(Ending Value/Beginning Value)^A (1/N)]-1

vii. EBIT is calculated as profit for the period /year, plus tax expenses (consisting of current tax, deferred tax and current taxes relating to earlier years), Interest Expenses minus Other Income.

viii. RoCE (Return on Capital Employed) (%) is calculated as earnings before interest and taxes divided by average capital employed. Capital Employed includes Equity Shares, Reserves and Surplus, Long- Term Borrowing.

ix. Current Ratio: Current Asset over Current Liabilities.

x. Operating Cash Flow: Net cash inflow from / (used in) Operating Activities.

xi. Profit After Tax Means Profit for the period/year as appearing in the Restated Financial Statements.

xii. PAT Margin (%) is calculated as Profit for the period/year divided by Revenue from Operations.

xiii. RoE (Return on Equity) (%) is calculated as Net Profit After Tax for the period/ year divided by Average Shareholder Equity.

xiv. Net Worth means the aggregate value of the Paid-Up Share Capital and Reserves and Surplus of the Company.

xv. EPS: Earning per share is calculated as PAT divide by Weighted No. of Equity Shares Explanation for KPI metrics

KPI	Explanations
Revenue from Operations	Revenue from Operations is used by our management to track the revenue profile of the business and in turn helps assess the overall financial performance of our Company and size of our business.
Revenue CAGR %	Revenue CAGR informs the management of compounded annual growth rate i.e. Rate at which Company’s revenue are growing on annual basis.
Total income	Total income is used by the management to track revenue from operations and other income.
EBITDA	EBITDA provides information regarding the operational efficiency of the business
EBITDA Margin (%)	EBITDA Margin (%) is an indicator of the operational profitability and financial performance of our business
EBITDA CAGR %	EBITDA CAGR indicate our compounded growth of the business
ROCE %	ROCE provides how efficiently our Company generates earnings from the capital employed in the business.
Current Ratio	Current ratio indicates the company’s ability to bear its short-term obligations
Operating Cash Flow	Operating cash flow shows whether the company is able to generate cash from day-to-day business
PAT	Profit after Tax is an indicator which determine the actual earning available to equity shareholders
PAT Margin (%)	PAT Margin (%) is an indicator of the overall profitability and financial performance of the business.
Net Worth	Net worth is used by the management to ascertain the total value created by the entity and provides a snapshot of current financial position of the entity.
ROC/RONW	ROC/RONW (%) is an indicator which shows how much company is generating from its available shareholders’ funds
EPS	Earning per shares is the company’s earnings available of one share of the Company for the period

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

For details in respect of Statement of Significant Accounting Policies, please refer to Annexure-I of “Financial Statements as Restated” beginning on page no 341 of this Red Herring Prospectus.

Factors Affecting our Results of Operations

Our financial condition and results of operations are affected by numerous factors and uncertainties, including those discussed in the section titled “Risk Factors” on page no 25 of this Red Herring Prospectus. The following is a discussion of certain factors that have had, and we expect will continue to have, a significant effect on our financial condition and results of operations:

Any adverse changes in central or state government policies;

1. Any qualifications or other observations made by our statutory auditors which may affect our results of operations;

2. Loss of one or more of our key customers and/or suppliers;

3. An increase in the productivity and overall efficiency of our competitors;

4. Our ability to maintain and enhance our brand image;

5. Our reliance on third party suppliers for our raw materials;

6. General economic and business conditions in the markets in which we operate and in the local, regional and national economies;

7. Changes in technology and our ability to manage any disruption or failure of our technology systems;

8. Changes in political and social conditions in India or in countries that we may enter, the monetary and interest rate policies of India and other countries, inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;

9. The performance of the financial markets in India and globally;

10. Occurrences of natural disasters or calamities affecting the areas in which we have operations;

11. Market fluctuations and industry dynamics beyond our control;

12. Our ability to compete effectively, particularly in new markets and businesses;

13. Changes in foreign exchange rates or other rates or prices;

14. Inability to collect our dues and receivables from, or invoice our unbilled services to, our customers, our results of operations;

15. Other factors beyond our control;

16. Our ability to manage risks that arise from these factors;

17. Changes in domestic and foreign laws, regulations and taxes and changes in competition in our industry;

18. Termination of customer contracts without cause and with little or no notice or penalty; and

19. Inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals or noncompliance with and changes in, safety, health and environmental laws and other applicable regulations, may adversely affect our business, financial condition, results of operations and prospects.

Result of Operations

The following table sets forth select financial data from restated profit and loss accounts for the financial year(s)/ period ended on March 31, 2026, March 31, 2025 and March 31, 2024 and the components of which are also expressed as a percentage of total income for such periods.

Particular	As at 31/03/2026	% of Total Income	As at 31/03/2025	% of Total Income	As at 31/03/2024	% of Total Income
I Revenue From Operations	19,812.73	99.91	17,565.24	99.97	20,785.56	99.95
ii Other Income	18.67	0.09	5.23	0.03	11.11	0.05
iii Total Revenue (I + II)	19,831.41	100.00	17,570.47	100.00	20,796.67	100.00
IV Expenses
Cost of Material consumed	11,887.71	60.00	10,857.85	61.81	13,112.10	63.08
Purchase of Stock in Trade	1,612.12	8.14	2,528.80	14.40	1,746.31	8.40
Change in Inventories of Finished Goods/ Work in Progress	(132.59)	(0.67)	(1049.00)	(5.97)	812.65	3.91
Employee Benefits Expenses	1,376.96	6.95	1,193.88	6.80	1,111.38	5.35
Finance Costs	604.07	3.05	592.91	3.38	566.44	2.73
Depreciation and Amortization Expense	385.71	1.95	314.22	1.79	324.32	1.56
Other Expenses	3,081.32	15.55	2,446.30	13.93	2,474.50	11.90
Total Expenses	18,815.30	94.97	16,884.95	96.13	20,147.70	96.93
Profit Before Exceptional Items and Taxes	1,016.10	5.13	685.52	3.90	648.98	3.12
Exceptional Items	-	-	35.19	0.20	15.24	0.07
V Profit before tax (III- IV)	1,016.10	5.13	720.71	4.10	664.22	3.20
VI Prior Period Item	-	-	-	-	-	-
VII Extraordinary Items	-	-	-	-	-	-
VIII Tax Expense
a) Current Tax	(216.17)	(109)	(158.35)	(0.90)	(114.64)	(0.55)
b) Deferred Tax	(86.48)	(0.44)	14.75	0.08	(46.53)	(0.22)
X Profit (Loss) for the period (VIII + XIV)	713.46	3.60	577.10	3.29	503.04	2.42

Main Components of our Profit and Loss Account Revenue from Operations:

Revenue from Operations mainly consists of Revenue from Sale of Goods.

Other Income:

Our Other Income primarily consists of Interest Income and Foreign Exchange Gain.

Expenses:

Company’s Expenses consist of Cost of Material Consumed, Purchase of Stock in Trade, Change in Inventory, Employee Benefit Expense, Finance Cost, Depreciation and Amortisation Expense on Fixed Assets and Other Expenses.

Employee Benefits Expense:

Our Employee Benefits Expense primarily comprises of Directors Remuneration, Salary to Staff, Bonus to Staff, Employee’s Gratuity, Staff Welfare Expenses, Wahes to Worker, Bonus to Worker, Provident Fund.

Depreciation and Amortization Expenses on Fixed Assets:

Depreciation includes depreciation calculated on Building, Furniture and Fixture, Office Equipments, Plant & Machineries, Vehicles and Computer Software.

Other Expenses:

Our other expenses consist of Processing charges, electricity and power expenses, loading and unloading charges, consumable stores, repair & maintenance for plant & machinery/ building/ other, factory insurance, factory rent, testing fees, legal & professional expenses, sitting fees paid to directors, ISI/ ISO certification expenses, inspection charges, travelling & conveyance, printing & stationary, telephone/ internet/ postage expenses, Vehicle running and maintenance expenses, Auditors remuneration, Office expenses, Sundry balance written off, Gram Panchayat Tax paid, Membership & Subscription, CSR expenditure, Sales Tax/ GST assessment dues, Sales promotion & Advertisement Expenses, Sales Commission, Carriage Outward expenses, Clearing & Forwarding Expenses, Marine Insurance, Godown Rent and Electricity & Insurance, Discount on Sales, Late Delivery Charges and Other Expenses.

RESULTS OF OPERATIONS FOR THE FINANCIAL YEAR ENDED MARCH 31, 2026 Total Income:

During the Financial Year ended as on March 31^st, 2026, Total Income for the period starting from April 01, 2025 to March 31, 2026 stood at Rs. 19,831.41 Lakhs. The Total Income consists of Revenue from Operations and Other Income.

Revenue from Operations

During the Financial Year ended as on March 31, 2026, Revenue from Operation of our Company stood at Rs. 19,812.73 Lakhs. The main contribution to the Revenue from Operations is from Sale of Goods.

Other Income:

During the Financial Year ended as on March 31^st, 2026, Other Income of our Company stood at Rs. 18.67 Lakhs.

Employee Benefits Expenses:

During the Financial Year ended as on March 31^st, 2026, our Employee Benefits Expense was Rs. 1,376.96 Lakhs which is mainly due to Directors Remuneration, Salary to Staff, Bonus to Staff, Employee’s Gratuity, Staff Welfare Expenses, Wahes to Worker, Bonus to Worker, Provident Fund.

Depreciation and Amortization Expenses:

During the Financial Year ended as on March 31^st, 2026, Depreciation and Amortization Expenses of our Company stood at Rs. 385.71 Lakhs.

Other Expenses:

Our Other Expenses for the Financial Year ended as on March 31^st, 2026 amounted to Rs. 3,081.32 Lakhs, which majorly includes Processing charges, electricity and power expenses, loading and unloading charges, consumable stores, repair & maintenance for plant & machinery/ building/ other, factory insurance, factory rent, testing fees, legal & professional expenses, sitting fees paid to directors, ISI/ ISO certification expenses, inspection charges, travelling & conveyance, printing & stationary, telephone/ internet/ postage expenses, Vehicle running and maintenance expenses, Auditors remuneration, Office expenses, Sundry balance written off, Gram Panchayat Tax paid, Membership & Subsciption, CSR expenditure, Sales Tax/ GST assessment dues, Sales promotion & Advertisement Expenses, Sales Commission, Carriage Outward expenses, Clearing & Forwarding Expenses, Marine Insurance, Godown Rent and Electricity & Insurance, Late Delivery Charges and Other Expenses.

Tax Expenses

During the Financial Year ended as on March 31^st, 2026, Provision for Income Tax has been created for Rs. 216.17 Lakhs computed as per the Tax Liability arising for the Year as per Income Tax Act, 1961.

Restated Profit After Tax:

Our Restated Profit After Tax for the Financial Year ended as on March 31^st, 2026 after adjusting the Income Tax Provision computed as per Income Tax Act, 1961 stands as Rs. 713.46 Lakhs.

FISCAL YEAR ENDED MARCH 31, 2026 COMPARED WITH THE FISCAL YEAR ENDED MARCH 31, 2025

Set forth below is a discussion of our results of operations for financial year ended March 31, 2026 over March 31, 2025

Total Income:

Total income increased from Rs. 17,570.47 Lakhs in year ended March 31, 2025 to Rs. 19,831.41 Lakhs in year ended March 31, 2026 with a resultant increase of 12.87% in year ended March 31, 2026 mainly due to increase in revenue and other income.

Revenue from Operations:

Revenue from operations increased from Rs. 17,565.24 Lakhs in year ended March 31, 2025 to Rs. 19,812.73 Lakhs in year ended March 31, 2026 with a resultant increase of 12.80% in year ended March 31, 2026 mainly due to increase in Sale of Goods.

Other Income increased from Rs. 5.23 Lakhs in year ended March 31, 2025 to Rs. 18.67 Lakhs in year ended March 31, 2026 with a resultant increase of 257.27% in year ended March 31, 2026 which is due to increase in Foreign Exchange gain during FY 2026.

Employee Benefits Expense:

Employee Benefit Expenses increased from Rs. 1,193.88 Lakhs in year ended March 31, 2025 to Rs. 1,376.96 Lakhs in year ended March 31, 2026 with a resultant increase of 15.34% which was mainly due to increase in salary & bonus to staff.

Depreciation and Amortization Expenses on fixed assets:

Depreciation and Amortization increased from Rs. 314.22 Lakhs in year ended March 31, 2025 to Rs. 385.71 Lakhs in year ended March 31, 2026 which is a resultant increase of 22.75% due to increase in the asset base of the company.

Other Expenses:

Other expenses increased from Rs. 2,446.30 Lakhs in year ended March 31, 2025 to Rs. 3,081.32 Lakhs in year ended March 31, 2026 with a resultant increase of 25.96% in year ended March 31, 2026. The other expenses primarily includes Processing charges, electricity and power expenses, loading and unloading charges, consumable stores, repair & maintenance for plant & machinery/ building/ other, factory insurance, factory rent, testing fees, legal & professional expenses, sitting fees paid to directors, ISI/ ISO certification expenses, inspection charges, travelling & conveyance, printing & stationary, telephone/ internet/ postage expenses, Vehicle running and maintenance expenses, Auditors remuneration, Office expenses, Sundry balance written off, Gram Panchayat Tax paid, Membership & Subsciption, CSR expenditure, Sales Tax/ GST assessment dues, Sales promotion & Advertisement Expenses, Sales Commission, Carriage Outward expenses, Clearing & Forwarding Expenses, Marine Insurance, Godown Rent and Electricity & Insurance, Discount on Sales, Late Delivery Charges and Other Expenses.

Restated profit after tax:

Net Profit after tax increased from Rs. 577.10 Lakhs in year ended March 31, 2025 to Rs. 713.46 Lakhs in year ended March 31, 2026 with a resultant increase of 23.63% in year ended March 31, 2026. Our profit margin has increased due to decrease in cost of material consumed compared with previous year March 31, 2025.

FISCAL YEAR ENDED MARCH 31, 2025 COMPARED WITH THE FISCAL YEAR ENDED MARCH 31, 2024

Set forth below is a discussion of our results of operations for financial year ended March 31, 2025 over March 31, 2024

Total Income:

Total income decreased from Rs. 20,796.67 Lakhs in year ended March 31, 2024 to Rs. 17,570.47 Lakhs in year ended March 31, 2025 with a resultant decrease of (15.51)% in year ended March 31, 2025 mainly due to increase in normal course of business.

Revenue from Operations:

Revenue from operations decreased from Rs. 20,785.56 Lakhs in year ended March 31, 2024 to Rs. 17,565.24 Lakhs in year ended March 31, 2025 with a resultant decrease of (15.49)% in year ended March 31, 2025 mainly due to increase in Sale of Goods.

Other Income decreased from Rs. 11.11 Lakhs in year ended March 31, 2024 to Rs. 5.23 Lakhs in year ended March 31, 2025 with a resultant decrease of (52.96)% in year ended March 31, 2025 which is due to decrease in Foreign Exchange gain during FY 2025.

Employee Benefits Expense:

Employee Benefit Expenses increased from Rs. 1,111.38 Lakhs in year ended March 31, 2024 to Rs. 1,193.88 Lakhs in year ended March 31, 2025 with a resultant increase of 7.42% which was mainly due to increase in salary & bonus to staff.

Depreciation and Amortization Expenses on fixed assets:

Depreciation and Amortization decreased from Rs. 324.32 Lakhs in year ended March 31, 2024 to Rs. 314.22 Lakhs in year ended March 31, 2025 which is a resultant decrease of (3.11)% due to increase in the asset base of the company.

Other Expenses:

Other expenses decreased from Rs. 2,474.50 Lakhs in year ended March 31, 2024 to Rs. 2,446.30 Lakhs in year ended March 31, 2025 with a resultant decrease of (1.14)% in year ended March 31, 2025. The other expenses primarily includes Processing charges, electricity and power expenses, loading and unloading charges, consumable stores, repair & maintenance for plant & machinery/ building/ other, factory insurance, factory rent, testing fees, legal & professional expenses, sitting fees paid to directors, ISI/ ISO certification expenses, inspection charges, travelling & conveyance, printing & stationary, telephone/ internet/ postage expenses, Vehicle running and maintenance expenses, Auditors remuneration, Office expenses, Sundry balance written off, Gram Panchayat Tax paid, Membership & Subsciption, CSR expenditure, Sales Tax/ GST assessment dues, Sales promotion & Advertisement Expenses, Sales Commission, Carriage Outward expenses, Clearing & Forwarding Expenses, Marine Insurance, Godown Rent and Electricity & Insurance, Discount on Sales, Late Delivery Charges and Other Expenses.

Restated profit after tax:

Net Profit after tax increased from Rs. 503.04 Lakhs in year ended March 31, 2024 to Rs. 577.09 Lakhs in year ended March 31, 2025 with a resultant increase of 14.72% in year ended March 31, 2025. Our profit margin has increased due to decrease in cost of material consumed compared with previous year March 31, 2024.

Capacity Utilization:

(Figures in Kilogrammes unless mentioned in %)

“WELLPACK” (Corrugated/ Flute Board Sheets Division), (Manufacturing Facility-I)

Machine Line Details	Capacity FY 25-26 (In Kgs)	Production FY 25-26 (In Kgs)	% Utilisation FY 25-26	Capacity FY 24-25 (In Kgs)	Production FY 24-25 (In Kgs)	% Utilisation FY 24-25
STC MACHINE 1	8,50,000	4,38,031.00	51.53	8,50,000	4,89,300	57.56
STC MACHINE 2	15,00,000	8,85,709.00	59.05	15,00,000	9,77,260	65.15
Tongson Machine 3	16,50,000	9,82,493.00	59.55	16,50,000	8,83,777	53.56
TOTAL	40,00,000	23,06,233.00	57.66	40,00,000	23,50,337	58.76

“WELLPACK” (Corrugated/ Flute Board Sheets Division), (Manufacturing Facility-I)

Machine Line Details	Capacity FY 23-24 (In Kgs)	Production FY 23-24 (In Kgs)	% Utilisation FY 23-24	Capacity FY 22-23 (In Kgs)	Production FY22-23 (In Kgs)	% Utilisation FY 22-23
STC Machine 1	8,50,000	5,11,880	60.22	8,50,000	7,09,875	83.51
STC Machine 2	15,00,000	8,13,629	54.24	15,00,000	11,11,639	74.1
Tongsan Machine 2	16,50,000	9,57,170	58.01	16,50,000	2,86,499	17.36
TOTAL	40,00,000	22,82,679	57.07	40,00,000	21,08,013	52.70

“TIRUPATI” (Solid Industrial Sheets Division), (Manufacturing Facility-I)

Machine Line Details	Capacity FY 25-26 (In Kgs)	Production FY 25-26 (In Kgs)	% Utilisation FY 25-26	Capacity FY 24-25 (In Kgs)	Production FY 24-25 (In Kgs)	% Utilisation FY 24-25
Amut Maching 1	6,00,000	3,63,595.00	60.60	6,00,000	3,53,337	58.89
Anfu Machine 2	66,000	5,11,725.00	58.48	66,000	50,643	76.73
RR Machine 3	8,75,000	1,87,631.00	62.54	8,75,000	5,45,990	62.40
RR Machine 4	11,00,000.00	7,12,387.00	64.76	11,00,000	6,62,799	60.25
Jwell Machine 5	10,62,000	5,45,926.00	64.23	10,62,000	6,38,199	60.09
RR Machine 6	3,00,000	38,260.00	57.97	3,00,000	2,00,820	66.94
RR Machine 7	8,50,000	5,54,816.00	52.24	8,50,000	5,26,679	61.96
TOTAL	48,53,000	29,14,340.00	60.05	48,53,000	29,78,467	61.37

“TIRUPATI” (Solid Industrial Sheets Division), (Manufacturing Facility-I)

Machine Line Details	Capacity FY 23-24 (In Kgs)	Production FY 23-24 (In Kgs)	% Utilisation FY 23-24	Capacity FY 22-23 (In Kgs)	Production FY 22-23 (In Kgs)	% Utilisation FY 22-23
AMUT - MACHINE 1	6,00,000	2,99,221.93	49.87	6,00,000	4,36,958.93	72.83
ANFU - MACHINE 2	66,000	41,669	63.13	66,000	48,852	74.02
RR - MACHINE 3	8,75,000	5,22,277	59.69	8,75,000	6,24,537.07	71.38
RR - MACHINE 4	11,00,000	5,64,680	51.33	11,00,000	6,91,863	62.90
JWELL - MACHINE 5	10,62,000	2,66,358	25.08	10,62,000	7,93,541	74.72
RR - MACHINE 6	3,00,000	1,42,399	47.47	Purchased But Not Installed
RR - MACHINE 7	8,50,000	4,53,994.07	53.41	Purchased But Not Installed
TOTAL	48,53,000	22,90,599	47.20	37,03,000	25,95,752	70.10

“NOBLE” (Piping Division), (Manufacturing Facility-I)

Machine Line Details	Capacity FY 25-26 (In Kgs)	Production FY 25-26 (In Kgs)	% Utilisation FY 25-26	Capacity FY 24-25 (In Kgs)	Production FY 24-25 (In Kgs)	% Utilisation FY 24-25
ROLENT PLAST- MACHINE 11	9,24,000	5,70,424.00	61.73	9,24,000	7,51,507.06	81.33
KABRA - MACHINE 10	6,93,000	5,44,771.00	78.61	6,93,000	5,08,783	73.42
R.R. PLAST - MACHINE 9	6,90,000	5,63,602.00	81.68	6,90,000	5,38,317	78.02
ROLENT PLAST - MACHINE 8	9,00,000	6,92,447.00	76.94	9,00,000	6,86,483	76.28
SHAKTI - MACHINE 7	8,00,000	6,29,777.00	78.72	8,00,000	5,86,778	73.35
WINDSOR MACHINE 6	10,50,000	6,55,639.00	62.44	10,50,000	7,72,934.94	73.61
WINDSOR MACHINE 5	15,00,000	10,12,739.00	67.52	15,00,000	8,32,109	55.47
KABRA - MACHINE 4	8,58,000	6,06,799.00	70.72	8,58,000	5,35,919	62.46
R.R. PLAST - MACHINE 3	5,32,000	3,48,326.00	65.47	5,32,000	3,92,395	73.76
R.R. PLAST - MACHINE 2	15,00,000	6,54,281.00	43.62	15,00,000	8,18,803	54.59
KABRA - MACHINE 1	17,00,000	10,74,363.00	63.20	17,00,000	11,21,016	65.94
TOTAL	1,11,47,000	73,53,168.00	65.97	1,11,47,000	75,45,045	67.69

“NOBLE” (Piping Division), (Manufacturing Facility-I)

Machine Line Details	Capacity FY 23-24 (In Kgs)	Production FY 23-24 (In Kgs)	% Utilisation FY 23-24	Capacity FY 2223 (In Kgs)	Production from FY 22-23 (In Kgs)	% Utilisation FY 22-23
ROLENT PLAST- MACHINE 11			Not Purchased
KABRA - MACHINE 10	6,93,000	6,07,414	87.65	6,93,000	5,11,240	73.77
R.R. PLAST - MACHINE 9	6,90,000	6,00,801	87.07	6,90,000	4,86,638	70.53
ROLENT PLAST - MACHINE 8	9,00,000	7,98,844	88.76	9,00,000	6,86,683	76.30
SHAKTI - MACHINE 7	8,00,000	6,81,838.90	85.23	8,00,000	6,97,531.90	87.19
WINDSOR - MACHINE 6	10,50,000	8,80,209.10	83.83	10,50,000	7,97,146.80	75.92
WINDSOR - MACHINE 5	15,00,000	13,16,727	87.78	15,00,000	10,29,365	68.62
KABRA - MACHINE 4	8,58,000	7,31,008	85.20	8,58,000	6,05,819	70.61
R.R. PLAST - MACHINE 3	5,32,000	4,77,867	89.82	5,32,000	3,68,674	69.30
R.R. PLAST - MACHINE 2	15,00,000	13,36,563	89.10	15,00,000	11,22,672	74.84
KABRA - MACHINE 1	17,00,000	14,12,660	83.10	17,00,000	14,89,570.30	87.62
TOTAL	1,02,23,000	88,43,932	86.51	1,02,23,000	77,95,340	76.25

“NOBLE” (Piping Division) (Manufacturing Facility-II)**

Machine Line Details	Capacity FY 25-26 (In Kgs)	Proportionate Capacity FY 25-26 (In Kgs)	Production FY 25-26 (In Kgs)	% Utilisation FY 2 5-26
Jwell Machine 1	25,00,000.00	25,00,000.00	12,29,569.00	49.18%
Jwell Machine 2	15,00,000.00	15,00,000.00	6,78,840.00	45.26%
Suba Machine 3***	25,00,000.00	2,08,333.33	22,438.00	10.77%
TOTAL	65,00,000.00	42,08,333.33	19,30,847.00	45.88%

** Noble Polytec Manufacturing Unit II was purchased by Slump Sale on 31.3.2025.

***Line 3- Commercial Production started on February 28, 2026.

Note: Figures as per certificate dated August 31, 2026 received from M/s Rock Consultant & Valuer, Chartered Engineer.

CASH FLOWS

The following table sets forth certain information relating to our cash flows in the periods indicated:

in Lakhs)

Particulars	FY 2025-26	FY 2024-25	FY 2023-24
Net Cash flow from/ (used in) Operating Activities	883.35	433.51	698.97
Net cash flow from/ (used in) investing activities	(922.78)	(998.04)	(170.63)
Net cash flow from/ (used in) financing activities	40.39	560.31	(539.10)
Net increase / (decrease) in Cash and cash equivalents	0.97	(4.22)	(10.76)
Cash and cash equivalents at the beginning of the period	6.20	10.42	21.18
Cash and cash equivalents at the closing of the period	7,17	6.20	10.42

CASH FLOWS FROM OPERATING ACTIVITIES For Financial Year Ended March 31, 2026

Net cash generated from operating activities was Rs. 883.35 lakhs in March 31, 2026. Profit Before Tax was Rs. 1,016.10 Lakhs in March 31, 2026. Adjustments primarily consisted of depreciation & amortization expenses of Rs. 385.71 Lakhs and interest expenses of ^565.29 Lakhs and interest income from fixed deposits Rs. (4.59) lakhs and foreign exchange gain of Rs. (14.08) Lakhs.

Our operating cash flow before working capital adjustments was Rs. 1948.43 Lakhs in March 31, 2026. The working capital adjustments in March 31, 2026 included increase in Trade Receivable of Rs. (902.56) Lakhs, Increase in inventories of Rs. (170.14) Lakhs, Increase in Short Term Loans & Advances of Rs. (119.46) Lakhs,

Increase in Other Current Assets of Rs. (39.80) Lakhs, Increase in Trade Payable of Rs. 287.95 Lakhs, Decrease in Other Current Liabilities of Rs. (6.96) Lakhs and Increase in Provisions of Rs. 59.82 Lakhs. The adjustment of Direct Tax was Rs.(173.92) Lakhs.

For Financial Year Ended March 31, 2025

Net cash generated from operating activities was Rs. 433.51 lakhs in March 31, 2025. Profit Before Tax was ^720.70 Lakhs in March 31, 2025. Adjustments primarily consisted of depreciation & amortization expenses of Rs. 314.22 Lakhs and interest expenses of ^564.95 Lakhs, Profit on sale of property, plant and equipment of Rs.(26.36) Lakhs, Profit on sale of mutual funds of Rs.(8.83) Lakhs and interest income from fixed deposits Rs. (3.08) lakhs, interest on income tax refund of Rs. (0.47) Lakhs and foreign exchange gain of Rs. (1.68) Lakhs.

Our operating cash flow before working capital adjustments was Rs. 1,559.45 Lakhs in March 31, 2025. The working capital adjustments in March 31, 2025 included increase in Trade Receivable of Rs. (661.17) Lakhs, Increase in inventories of Rs.(682.91) Lakhs, Increase in Short Term Loans & Advances of Rs.(113.27) Lakhs, Increase in Other Current Assets of Rs.(33.12) Lakhs, Increase in Trade Payable of ^569.55 Lakhs, Decrease in Other Current Liabilities of Rs. (45.20) Lakhs and Increase in Provisions of ^22.86 Lakhs. The adjustment of Direct Tax was ^(182.68) Lakhs.

For Financial Year Ended March 31, 2024

Net cash generated from operating activities was Rs. 698.97 lakhs in March 31, 2024. Profit Before Tax was ^664.22 Lakhs in March 31, 2024. Adjustments primarily consisted of depreciation & amortization expenses of Rs. 324.32 Lakhs and interest expenses of ^548.59 Lakhs, Profit on sale of property, plant and equipment of Rs.(15.24) Lakhs and interest income from fixed deposits Rs. (2.38) lakhs foreign exchange gain of Rs. (6.25) Lakhs

Our operating cash flow before working capital adjustments was Rs. 1,513.27 Lakhs in March 31, 2024. The working capital adjustments in March 31, 2024 included increase in Trade Receivable of Rs. (1,472.84) Lakhs, Decrease in inventories of Rs. 1,038.50 Lakhs, Decrease in Short Term Loans & Advances of Rs. 336.41 Lakhs, Decrease in Other Current Assets of Rs. 16.54 Lakhs, Decrease in Trade Payable of Rs. (391.56) Lakhs, Decrease in Other Current Liabilities of Rs. (41.88) Lakhs and Decrease in Provisions of Rs. (163.39) Lakhs. The adjustment of Direct Tax was Rs.(136.07) Lakhs.

CASH FLOWS FROM INVESTING ACTIVITIES

For Financial Year Ended March 31, 2026

Net cash used for investing activities for the period ended March 31, 2026 was Rs. (922.78) Lakhs, primarily due to increase in Other Non Current Assets of Rs. (96.68) Lakhs, Investment in Mutual Fund of Rs. (10.00) Lakhs, Purchase of Property, Plant & Equipment of Rs. (820.69) Lakhs and Interest Income of Rs. 4.59 Lakhs.

For Financial Year Ended March 31, 2025

Net cash used for investing activities for the period ended March 31, 2025 was Rs. (998.04) Lakhs, primarily due to decrease in Other Non Current Assets of Rs. 1.04 Lakhs, Sale of Mutual Fund of Rs. 25.74 Lakhs, Purchase of Property, Plant & Equipment of Rs. (1,054.80) Lakhs, Sale of Property Plant & Equipment of ^26.43 Lakhs and Interest Income of Rs. 3.08 Lakhs and interest on tax refund of Rs.0.47 Lakhs.

For Financial Year Ended March 31, 2024

Net cash used for investing activities for the period ended March 31, 2024 was Rs. (170.63) Lakhs, primarily due to increase in Other Non Current Assets of Rs. 21.34 Lakhs, Purchase of Property, Plant & Equipment

of Rs. (171.88) Lakhs, Sale of Property Plant & Equipment of ^20.21 Lakhs and Interest Income of Rs. 2.38 Lakhs.

CASH FLOWS FROM FINANCING ACTIVITIES For Financial Year Ended March 31, 2026

Net cash generated from financing activities for the period ended March 31, 2026 was Rs. 40.39 Lakhs, Proceeds from Long Term Borrowing of Rs. 200.56 Lakhs, proceeds from Short Term Borrowings of ^405.12 Lakhs and Interest Expenses of Rs. (565.29) Lakhs.

For Financial Year Ended March 31, 2025

Net cash generated from financing activities for the year ended March 31, 2025 was Rs. 560.31 Lakhs, Increase in Share Capital of Rs. 127.87 Lakhs, Increase in Security Premium Reserves of ^728.89 Lakhs, Repayment of Long Term Borrowings of Rs. (314.46) Lakhs, Proceeds from Short Term Borrowings of Rs. 582.96 Lakhs and Interest Expenses of Rs. (564.95) Lakhs.

For Financial Year Ended March 31, 2024

Net cash used in financing activities for the period ended March 31, 2024 was Rs. (539.10) Lakhs, Repayment of Long Term Borrowing of Rs. (204.70) Lakhs, proceeds from Short Term Borrowings of ^214.19 Lakhs and Interest Expenses of Rs. (548.59) Lakhs.

RELATED PARTY TRANSACTIONS

Related party transactions with certain of our promoters, directors and their entities and relatives primarily relates to remuneration, salary, loan and Issue of Equity Shares. For further details of related parties kindly refer chapter titled “Financial Statement as Restated” beginning on page no 341 of this Red Herring Prospectus.

INFORMATION REQUIRED AS PER ITEM (II) (C) (IV) OF PART A OF SCHEDULE VI TO THE SEBI REGULATIONS:

An analysis of reasons for the changes in significant items of income and expenditure is given hereunder:

1. Unusual or infrequent events or transactions

Except as described in this Red Herring Prospectus, during the periods under review there have been no transactions or events, which in our best judgment, would be considered unusual or infrequent.

2. Significant economic changes that materially affected or are likely to affect income from continuing operations.

Other than as described in the section titled “Risk Factors” beginning on page 25 of this Red Herring Prospectus, to our knowledge there are no known significant economic changes that have or had or are expected to have a material adverse impact on revenues or income of our Company from continuing operations.

3. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations.

Apart from the risks as disclosed under Section “Risk Factors” beginning on page no 25 of the 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.

4. Future changes in relationship between costs and revenues

Our Company’s future costs and revenues will be determined by competition, demand/supply situation, interest rates quoted by banks & others. Also, the future costs and revenues can be indirectly impacted by an increase in the cost of services, manpower & cost of products.

5. Total turnover of each major industry segment in which our Company operates

Our Company is a polymer manufacturing company specializing in piping systems and plastic solutions. The Company primarily offers product portfolio comprising HDPE pipes & fittings, PP (Polypropylene) and PPH (Polypropylene Homopolymer) pipes & fittings, Double Wall Corrugated (DWC) pipes, sprinkler pipes, drip irrigation systems, solid industrial sheets and Well pack sheets for packaging and industrial applications. Relevant industry data, as available, has been included in the chapter titled “Industry Overview” beginning on page no 177 of this Red Herring Prospectus.

6. Status of any publicly announced New Products or Business Segment

Except as disclosed in the Chapter “Our Business” beginning on page no 227 of this Red Herring Prospectus, our Company has not announced any new product or service.

7. Seasonality of business

Our Company’s business is not seasonal in nature.

8. Competitive conditions

Competitive conditions are as described under the Chapters “Industry Overview” and “Our Business” beginning on page nos 177 and 227 respectively of this Red Herring Prospectus.

9. Details of material developments after the date of last balance sheet i.e., March 31, 2026.

After the date of restated financial statements i.e. March 31, 2026, no material events have occurred after the last audited period.