Shri Bajrang Alliance Ltd Management Discussions

I. GLOBAL ECONOMIC ENVIRONMENT

Financial Year 2025-26 witnessed a gradual stabilization of the global economy despite geopolitical uncertainties, evolving trade policies and persistent inflationary pressures. Global growth remained resilient, supported by easing inflation, improving supply chain efficiencies, moderating interest rates in select economies and continued investments in infrastructure, energy transition and digital transformation.

The global manufacturing sector recorded a modest recovery, with emerging economies outperforming developed markets, driven by infrastructure investments, urbanization and domestic consumption. Commodity markets, particularly steel and energy, remained volatile due to geopolitical developments and changing trade policies, requiring businesses to maintain prudent procurement and cost management strategies.

Global trade recovered further, supported by improving supply chain resilience, while sustainability and Environmental, Social and Governance ("ESG") considerations increasingly influenced investment decisions, financing and corporate strategies across industries.

Against this backdrop, organizations with diversified operations, operational efficiency, prudent financial management and strong governance remained better positioned to navigate uncertainties and capitalize on emerging opportunities.

Source: Based on publications of the International Monetary Fund (IMF) and the World Bank.

II. INDIAN ECONOMIC OVERVIEW

India continued to be one of the worlds fastest-growing major economies during FY 2025-26, supported by robust domestic demand, sustained public capital expenditure, stable financial institutions and ongoing structural reforms.

Government initiatives such as PM Gati Shakti, the National Infrastructure Pipeline, Make in India and the Production Linked Incentive (PLI) Scheme further strengthened manufacturing, logistics and industrial competitiveness.

The Reserve Bank of Indias calibrated monetary policy, coupled with resilient consumption, expanding digital infrastructure and improving investment activity, supported macroeconomic stability. Strong infrastructure spending across roads, railways, urban development and renewable energy remained a key driver of demand across core sectors, including steel.

The food processing sector also remained a key focus area, supported by favorable government policies, increasing urbanization, rising disposable incomes and changing consumer preferences towards organized and value-added food products. Growth in modern retail, quick commerce and food service channels further expanded opportunities for the frozen foods industry.

Indias strong economic fundamentals, favorable demographics and continued policy support are expected to sustain longterm growth and create significant opportunities across the Companys business segments.

Source: Based on the Economic Survey 2025-26, Union Budget 2026-27 and publications of the Reserve Bank of India.

III. INDUSTRY STRUCTURE AND DEVELOPMENTS

A. STEEL INDUSTRY

Global Steel Industry

Steel remains one of the worlds most critical industrial materials, supporting infrastructure, construction, transportation, manufacturing and energy sectors. Despite short-term cyclical fluctuations, long-term demand is driven by urbanization, industrialization and the global transition towards sustainable infrastructure.

During FY 2025-26, the global steel industry witnessed mixed trends across major economies. Demand remained subdued in several developed markets due to slower construction activity, elevated borrowing costs and weak manufacturing growth, while emerging economies continued to record relatively stronger steel consumption, supported by infrastructure investments and industrial expansion.

China, the worlds largest steel producer and consumer, witnessed weakness in domestic demand, particularly in the real estate sector. Increased exports from China exerted pressure on global steel prices and intensified competition in international markets. Meanwhile, investments in renewable energy, electric vehicles, transmission infrastructure, defense, shipbuilding and industrial automation continued to create new demand for value-added steel products.

Sustainability has emerged as a key driver of transformation across the global steel industry. Investments in electric arc furnaces, hydrogen-based steel making, carbon capture technologies and greater utilization of recycled steel are gaining momentum as manufacturers strive to reduce carbon emissions and improve environmental performance.

Indian Steel Industry

India continued to consolidate its position as the worlds second-largest producer of crude steel and remained one of the fastest- growing steel-consuming nations during FY 2025-26. Domestic demand was supported by sustained Government expenditure on infrastructure, transportation, housing, renewable energy and manufacturing.

Demand from construction, railways, highways, metro projects, industrial buildings, warehousing, defense manufacturing and transmission infrastructure remained robust throughout the year. Government initiatives such as the National Steel Policy, 2017 and the Production Linked Incentive (PLI) Scheme for Specialty Steel are expected to promote capacity expansion, value addition, technological advancement and import substitution.

Despite favorable demand fundamentals, the industry faced challenges arising from volatility in raw material and energy prices, fluctuations in coking coal costs, increasing imports of low-priced steel products and evolving environmental regulations. Consequently, operational efficiency, prudent capacity utilization and effective cost management remain key determinants of long-term competitiveness.

Reflecting its long-term growth strategy, the Company received regulatory approval during the year for expansion of its rolling mill capacity from 46,000 metric tonnes per annum to 1,00,000 metric tonnes per annum, based on the proposed use of Natural Gas (PNG) in the reheating furnace. The initiative is expected to enhance operational efficiency, improve energy utilization and support environmentally responsible manufacturing practices.

Key Demand Drivers

The long-term growth of the Indian steel industry is supported by the following structural factors:

• Continued public investment in highways, railways, ports, airports, industrial corridors and urban infrastructure.

• Rising demand from residential and commercial real estate developments.

• Expansion of renewable energy projects requiring structural steel, transmission towers and solar mounting systems.

• Growth in defense manufacturing and indigenous production initiatives.

• Increasing investments in logistics, warehousing and industrial parks.

• Expansion of automotive manufacturing, including electric vehicles.

• Capacity additions across engineering and capital goods sectors.

Industry Challenges

While the long-term outlook remains positive, the industry faces certain operational and market-related challenges, including:

• Volatility in prices of iron ore, coking coal, ferro alloys and other key raw materials.

• Increasing competition arising from low-cost imports.

• Geopolitical developments affecting global trade flows and freight costs.

• Higher energy and logistics costs.

• Compliance with increasingly stringent environmental and sustainability standards.

• Pressure on margins during periods of price corrections.

Source: Ministry of Steel; World Steel Association.

B. FROZEN FOOD INDUSTRY

• Industry Overview

Indias frozen food industry remains one of the fastest-growing segments within the food processing sector, driven by rapid urbanization, rising disposable incomes, changing lifestyles and increasing demand for convenient, ready-to-cook food products.

Higher workforce participation, nuclear family structures and growing awareness of hygiene and food safety have accelerated consumer acceptance of frozen foods across both urban and semi-urban markets. The organized frozen food market now offers a diverse portfolio comprising frozen vegetables, ready-to-cook snacks, frozen breads, desserts and other value-added convenience foods catering to both retail and institutional customers.

• Market Developments

FY 2025-26 witnessed continued expansion of organized retail, modern trade and digital commerce, significantly improving the accessibility of frozen food products across the country. The rapid growth of quick commerce platforms has further transformed consumer purchasing behavior by strengthening last-mile cold chain capabilities and enabling faster delivery of frozen products.

Institutional demand from quick service restaurants (QSRs), hotels, restaurants, cafes and other food service operators remained robust, while export opportunities continued to expand across North America, Europe, the Middle East, Australia and South-East Asia, supported by the growing Indian diaspora and increasing acceptance of Indian ethnic cuisine.

• Emerging Consumer Trends

The industry is witnessing several structural shifts that are expected to support long-term growth:

• Increasing preference for convenience foods without compromising quality.

• Rising demand for hygienically processed and packaged products.

• Higher consumption through modern retail and quick commerce channels.

• Growing popularity of vegetarian frozen snacks and Indian breads.

• Expansion of premium product categories.

• Increasing demand from institutional and food service customers.

• Rising export demand for Indian ethnic food products.

• Industry Opportunities

The long-term outlook for Indias frozen food industry remains highly encouraging, supported by:

• Continued urbanization and changing consumer lifestyles.

• Expansion of organized retail and digital commerce.

• Government support for food processing and cold chain infrastructure.

• Increasing investments in logistics and refrigerated transportation.

• Export promotion initiatives.

• Growing consumer awareness regarding food quality, hygiene and convenience.

Building on these favorable industry trends, the Company strengthened the GOELD brand by expanding its product portfolio, enhancing distribution reach and reinforcing its presence across modern trade, institutional customers and export markets. These initiatives position the Company to benefit from the favorable long-term growth prospects of Indias frozen food industry.

• Industry Challenges

The industry faces certain operational challenges, including:

• Dependence on uninterrupted cold chain infrastructure.

• Rising costs of packaging materials, transportation and energy.

• Seasonal fluctuations in agricultural raw material availability.

• Increasing competition from domestic and international brands.

• Changing consumer preferences requiring continuous product innovation.

• Compliance with evolving food safety, quality and labelling regulations.

Source: Ministry of Food Processing Industries (MoFPI); APEDA; IMARC Group.

IV. BUSINESS OVERVIEW

Shri Bajrang Alliance Limited ("the Company") operates through two distinct yet complementary business segments—Steel and Agro (Frozen Foods)—which collectively provide a balanced business portfolio catering to both industrial and consumer markets. This diversified operating model enables the Company to mitigate sector-specific cyclicality while capitalizing on opportunities arising from Indias expanding infrastructure and consumption-led growth.

The Steel Division caters primarily to the infrastructure, construction, engineering and industrial sectors through the manufacture of structural steel products. Its emphasis on operational efficiency, product quality, customer relationships and prudent cost management has enabled it to maintain a competitive position in an industry characterized by fluctuating commodity prices and intense competition.

The Agro Division, operating under the "GOELD" brand, further strengthened its presence in Indias rapidly evolving frozen food industry. The product portfolio comprises frozen snacks, frozen vegetables, frozen Indian breads and other value-added convenience food products catering to retail consumers, institutional customers, modern trade, food service establishments and export markets.

During the year, the Company strengthened its distribution network, expanded market reach and enhanced brand visibility across domestic and international markets.

Guided by operational excellence, customer-centricity, innovation and prudent corporate governance, the Company remains focused on sustainable long-term growth.

Its diversified business portfolio enables the Company to leverage opportunities arising from Indias ongoing infrastructure development while simultaneously benefiting from structural changes in consumer food consumption patterns.

V. OPERATIONS & STRATEGIC POSITIONING

Management pursued a balanced business strategy centered on operational excellence, financial discipline and sustainable growth across both business segments.

During the year, management remained focused on improving manufacturing efficiencies, optimizing resource utilization and strengthening supply chain capabilities. Continuous monitoring of production processes, procurement practices and inventory management enabled the Company to respond effectively to changing market conditions.

In the Steel Division, strategic emphasis remained on enhancing operational efficiency, maintaining product quality, improving customer satisfaction and strengthening cost competitiveness. The Company evaluates opportunities for process improvements, technological upgrades and operational optimization to support long-term sustainable growth.

In the Agro Division, the GOELD brand was further strengthened through expansion of its distribution network, increased participation across modern trade, institutional sales and export markets, while continuously introducing innovative products aligned with evolving consumer preferences.

Recognizing the increasing importance of digital transformation in strengthening business operations. Efforts remain focused on improving operational planning, supply chain visibility, customer engagement and decision-making through greater adoption of technology-driven business processes.

Going forward, management intends to focus on:

• Enhancing operational efficiencies across manufacturing facilities.

• Strengthening procurement and supply chain resilience.

• Improving cost competitiveness.

• Expanding customer reach across domestic and international markets.

• Developing value-added products.

• Building stronger brand equity for the GOELD portfolio.

• Maintaining prudent financial discipline.

• Creating sustainable long-term value for shareholders.

Supported by its diversified business portfolio, disciplined management approach and commitment to continuous improvement, the Company is well positioned to capitalize on emerging opportunities while effectively managing evolving business risks.

VI. OPPORTUNITIES, STRENGTHS, RISKS & CONCERNS

A. STEEL DIVTSTON

• Opportunities

Indias steel sector offers significant long-term opportunities driven by sustained investments in infrastructure, industrialization and manufacturing. The Governments continued focus on highways, railways, airports, ports, smart cities, logistics parks, industrial corridors and urban development is expected to generate substantial demand for structural steel products over the coming years.

Rapid growth in renewable energy infrastructure, including solar parks, wind energy projects and power transmission networks, is creating additional demand for specialized structural steel. Expansion of defense manufacturing, warehousing, data centers and industrial construction further augments growth prospects for domestic steel manufacturers.

The Governments continued emphasis on "Make in India", Production Linked Incentive (PLI) schemes, National Infrastructure Pipeline and PM Gati Shakti initiatives is expected to enhance domestic manufacturing activity and create sustained opportunities for the steel industry.

Growing preference for reliable domestic suppliers, increasing localization of manufacturing and evolving supply chain strategies provide additional opportunities for companies possessing established manufacturing capabilities, quality products and efficient customer service.

• Strengths

Key strengths supporting the Companys long-term competitiveness include:

• Established manufacturing capabilities supported by experienced management and operational expertise.

• Long-standing relationships with customers across diverse industrial sectors.

• Strategic focus on operational efficiency, quality assurance and cost optimization.

• Diversified customer base reducing dependence on any single industry or customer segment.

• Continuous process improvements aimed at enhancing productivity and product quality.

• Strong corporate governance framework and disciplined financial management.

• Risks & Concerns

Despite positive long-term industry fundamentals, the Company remains exposed to various business risks inherent to the steel industry.

Volatility in prices of iron ore, coking coal, ferro alloys, fuel and power can significantly impact manufacturing costs and operating margins. Global geopolitical developments and supply chain disruptions may further influence raw material availability and logistics costs.

The domestic industry also faces pricing pressure from imported steel products, particularly during periods of excess global production capacity. Changes in international trade policies, anti-dumping measures and import duties may influence market dynamics.

Increasing environmental regulations, evolving ESG expectations and decarbonization initiatives may require additional investments in cleaner technologies and sustainable manufacturing practices.

These risks are managed through prudent procurement strategies, inventory optimization, cost control measures, operational efficiency initiatives and disciplined financial management.

B. AGRO (FROZEN FOOD) DTVTSTON

• Opportunities

Indias frozen food industry offers significant long-term growth opportunities supported by changing consumer lifestyles, increasing urbanization, rising disposable incomes and expanding organized retail.

Growing acceptance of ready-to-cook and convenience food products among younger consumers, working professionals and nuclear families is expanding the addressable market for frozen foods.

Rapid expansion of modern retail chains, quick commerce platforms and e-commerce channels has substantially improved accessibility of frozen food products while creating new distribution opportunities for organized brands.

The continued expansion of Quick Service Restaurants (QSRs), hotels, restaurants, cafes, institutional catering and food service operators is driving increasing demand for consistent, hygienically processed frozen food products.

Global demand for authentic Indian frozen food products is increasing, creating export opportunities across North America, Europe, Middle East, Australia and other international markets.

Government initiatives supporting food processing, cold chain development and agricultural value addition further strengthen the long-term outlook for the sector.

• Strengths

The Agro Divisions competitive strengths include:

• Established GOELD brand presence in the frozen food category.

• Diversified portfolio of frozen food products catering to varied consumer preferences.

• Focus on product quality, food safety and stringent quality control systems.

• Expanding distribution network across domestic and export markets.

• Long-term relationships with institutional customers and distribution partners.

• Continuous product innovation aligned with evolving consumer preferences.

• Risks & Concerns

The frozen food industry remains dependent upon efficient cold chain infrastructure, uninterrupted refrigeration and reliable logistics networks. Any disruption in these systems may adversely impact product quality and increase operating costs.

Raw material availability and pricing are influenced by agricultural output, seasonal variations and climatic conditions. Inflationary pressures affecting packaging materials, transportation and energy costs may also influence profitability.

The Company operates in an increasingly competitive market with participation from large organized players, regional manufacturers and private label brands. Continuous innovation, brand building and customer engagement therefore remain essential to sustaining market position.

Management remains committed to maintaining compliance with applicable food safety regulations, quality standards and export requirements while continuously strengthening its quality assurance systems.

VII. FINANCIAL PERFORMANCE REVIEW

Consolidated Financial Performance

The financial performance during the year under review reflects the Companys focus on operational discipline, efficient resource utilization and prudent financial management amidst a dynamic business environment.

During FY 2025-26, the Company operated in an environment characterized by fluctuations in raw material prices, evolving demand patterns across business segments, competitive market conditions and changing macroeconomic factors. Despite these challenges, management remained focused on improving operational efficiencies, optimizing costs and strengthening the Companys long-term competitive position.

The Companys diversified presence across the Steel and Agro (Frozen Foods) businesses provided operational resilience and enabled it to leverage opportunities arising from infrastructure development and increasing consumer demand.

An overview of the Consolidated Financial Performance is presented below:

Particulars	FY 2025-26	FY 2024-25
Revenue from Operations	27098.01	39835.81
Other Income	472.76	285.52
Total Income	27570.77	40,121.32
EBITDA	858.79	698.28
Profit Before Tax	381.32	254.30
Profit After Tax	4426.63	3,259.78
Total Comprehensive Income	4816.83	3,180.79

Overall financial performance reflects the combined contribution of both operating segments together with continued emphasis on operational efficiencies, cost optimization and disciplined financial management.

Management believes that the improvement in profitability despite lower revenues demonstrates the Companys continued emphasis on value creation through operational excellence, product mix optimisation, disciplined cost management and efficient utilisation of resources rather than volume-led growth. Going forward, the Company remains focused on sustainable and profitable growth while maintaining financial prudence and strengthening shareholder value.

Going forward, management will focus on sustainable profitability through improved operational productivity, stronger procurement practices, an enhanced product mix and disciplined cost management.

SEGMENT ANALYSIS

Segments have been identified in accordance with the Indian Accounting Standards (Ind AS) 108 on Operating Segments, considering the risk or return profiles of the business. As required under Ind AS 108, the Chief Operating Decision Maker (CODM) evaluates the performance and allocates resources based on analysis of various performance indicators. Accordingly, information is presented for the Companys operating segments.

The Company operates in two key business segments—Steel and Agro (Frozen Foods). Segment Wise Geographical Revenue is as under:

Particulars	FY 2025-26	FY 2024-25
Segment Revenue
Domestic	25,563.05	38,340.06
Export	1,534.96	1,495.74
Net Sales/Income from Operations	27,098.01	39,835.81

VIII. KEY FINANCIAL RATIOS

Pursuant to Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the significant changes (i.e., variation of 25% or more as compared to the previous financial year) in the key financial ratios and the explanations therefor are set out below:

Inventory Turnover Ratio declined from 6.02 times in FY 2024-25 to 3.10 times in FY 2025-26, primarily on account of lower revenue from operations during the year together with higher average inventory levels maintained to ensure uninterrupted production, optimise procurement efficiencies and support anticipated demand across the Companys operating segments. The movement also reflects the impact of changes in product mix and inventory holding strategy.

Operating Profit Margin improved significantly from 8.65% to 16.42%. The increase was primarily attributable to improved operating efficiencies, favourable product mix, better cost optimisation initiatives, disciplined procurement practices, improved manufacturing performance and tighter control over operating expenses during the year.

Net Profit Margin increased from 8.18% to 16.34%, primarily due to the improvement in operating profitability coupled with effective cost management, better absorption of fixed costs and higher overall earnings during the year.

Return on Net Worth improved from 10.35% to 12.42%, reflecting improved profitability and efficient utilisation of shareholders funds despite a challenging operating environment.

Interest Coverage Ratio improved from 27.87 times to 35.01 times, primarily owing to higher operating earnings and continued prudent management of finance costs, thereby strengthening the Companys debt servicing capacity.

The Debtors Turnover Ratio improved from 11.09 times to 12.94 times, reflecting improved collection efficiency and effective working capital management.

The Current Ratio improved from 1.07 to 1.16, indicating strengthening short-term liquidity and improved current asset coverage of current liabilities.

The Debt-Equity Ratio improved marginally from 0.29 to 0.27, reflecting continued financial discipline and prudent capital structure management.

Particulars	FY 2025-26	FY 2024-25
Debtors Turnover Ratio	12.94	11.09
Inventory Turnover Ratio	3.10	6.02
Interest Coverage Ratio	35.01	27.87
Current Ratio	1.16	1.07
Debt-Equity Ratio	0.27	0.29
Operating Profit Margin (%)	16.42	8.65%
Net Profit Margin (%)	16.34	8.18%
Return on Net Worth (%)	12.42	10.35%

Commentary on Significant Changes

Pursuant to Schedule V of the SEBI (LODR) Regulations, explanations shall be provided for changes of 25% or more in key financial ratios as compared with the previous financial year.

Based on the audited financial statements for FY 2025-26, the Company has analyzed the movement in the above financial ratios. Wherever any ratio has changed by more than 25% over the previous financial year, the reasons for such variation have been appropriately disclosed in the Notes to the Financial Statements and are summarized below:

Formulae Used:

Ratio	Formula
Debtors Turnover Ratio	Net Credit Sales ^ Average Trade Receivables
Inventory Turnover Ratio	Cost of Goods Sold ^ Average Inventory
Interest Coverage Ratio	Earnings Before Interest and Tax ^ Finance Cost
Current Ratio	Current Assets ^ Current Liabilities
Debt-Equity Ratio	Total Borrowings ^ Shareholders Equity
Operating Profit Margin	Operating Profit ^ Revenue from Operations
Net Profit Margin	Profit After Tax ^ Revenue from Operations
Return on Net Worth	Profit After Tax ^ Average Shareholders Equity

IX. RISK MANAGEMENT

Risk management forms an integral part of the Companys business strategy and decision-making process. The Company has established an appropriate framework to identify, assess, monitor and mitigate risks that may impact its operations and longterm objectives.

The key risks include fluctuations in raw material and energy prices, changes in market demand, regulatory developments, supply chain disruptions, foreign exchange movements and evolving competitive dynamics.

Management continuously reviews the Companys risk profile and implements suitable mitigation measures through operational efficiencies, diversified sourcing, prudent financial management and strong internal governance.

X. INTERNAL CONTROL SYSTEMS & THEIR ADEQUACY

The Company has established an adequate system of internal controls commensurate with the size, scale and complexity of its operations. These controls are designed to safeguard assets, ensure the accuracy of financial reporting, promote operational efficiency and ensure compliance with applicable laws and regulations.

A risk-based Internal Audit function periodically reviews key operational and financial processes. The Audit Committee regularly reviews internal audit findings, implementation of corrective actions and the effectiveness of the overall internal control framework.

Management believes that the Companys internal financial controls are adequate and operating effectively.

XI HUMAN RESOURCES

Employees remain one of the Companys most valuable assets and continue to be the cornerstone of its long-term success.

The Companys Human Resource philosophy is centered on creating an inclusive, performance-driven and learning-oriented work environment that promotes employee engagement, capability development and professional growth.

Continuous emphasis is placed on technical training, leadership development, workplace safety, regulatory compliance and skill enhancement to strengthen organizational capabilities.

Industrial relations remained cordial throughout the year and the Company continued to maintain a harmonious work environment across all its locations.

The Company fosters a culture of continuous learning, performance excellence and employee engagement through regular training and capability development initiatives.

XII. ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG) INITIATIVES

Environmental responsibility, employee welfare and sound governance practices remain integral to the Companys business philosophy. The Company places emphasis on regulatory compliance, efficient utilization of natural resources, workplace safety, ethical conduct and responsible decision-making to support sustainable long-term value creation.

XIII. FUTURE OUTLOOK

Indias strong economic fundamentals, continued infrastructure investments and growing consumer demand are expected to create favorable opportunities across both the Steel and Agro (Frozen Foods) businesses.

Going forward, management will focus on operational excellence, product quality, cost optimization, capacity utilization, market expansion and customer satisfaction while pursuing sustainable and profitable growth. Supported by its diversified business portfolio, established manufacturing capabilities and prudent financial management, the Company remains well positioned to capitalize on emerging opportunities.

XIV. CAUTIONARY STATEMENT

The statements contained in this Management Discussion and Analysis Report describing the Companys objectives, expectations, estimates, projections, outlook, opportunities, strategies or predictions may constitute "forward-looking statements" within the meaning of applicable securities laws and regulations.

These statements are based on certain assumptions and expectations of future events and involve known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements of the Company to differ materially from those expressed or implied in such forward-looking statements.

Important factors that may influence the Companys operations include, among others, changes in domestic and global economic conditions, fluctuations in raw material and energy prices, changes in government policies and regulations, taxation laws, interest rates, foreign exchange movements, geopolitical developments, competitive market conditions, demand-supply dynamics, technological changes, climate-related factors and other risks beyond the Companys control.

The Company assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable laws and regulations.

XV. REFERENCES & SOURCES

The macroeconomic, industry and market information contained in this Management Discussion and Analysis Report has been compiled from publicly available information and publications, including:

• International Monetary Fund (IMF) - World Economic Outlook.

• World Bank - Global Economic Prospects.

• Reserve Bank of India - Annual Report and Monetary Policy publications.

• Ministry of Finance, Government of India - Economic Survey 2025-26 and Union Budget 2026-27.

• Ministry of Steel, Government of India.

• World Steel Association.

• Joint Plant Committee (JPC).

• Ministry of Food Processing Industries (MoFPI).

• Agricultural and Processed Food Products Export Development Authority (APEDA).

• Invest India.

• CRISIL Ratings, ICRA Limited and CARE Ratings.

• Other publicly available industry reports and government publications, wherever applicable.