Silgo Retail Ltd Management Discussions

GLOBAL ECONOMIC REVIEW

The global economy demonstrated moderate yet uneven growth in 2024, as macroeconomic headwinds persisted despite signs of resilience in key markets. According to the International Monetary Fund (IMF), the global economy is estimated to grow at 3.1% in 2024, a slight moderation from the 3.2% growth recorded in 2023. Growth has been constrained by the ongoing impact of geopolitical tensions, elevated interest rates, subdued global trade, and slower-than-expected recovery in China.

The Red Sea disruption, which began in late 2023, continued into 2024, significantly affecting global shipping routes and causing further delays and elevated freight costs. These disruptions have particularly impacted supply chains in energy, consumer goods, and industrial sectors, with ripple effects on inflation and trade balances.

Encouragingly, global inflation continues its downward trend, with average global inflation projected to fall from 6.8% in 2023 to 5.9% in 2024. While energy and food prices have stabilized, core inflation remains sticky in several advanced economies, prompting central banks to maintain a cautious stance on monetary easing.

The United States has remained a key driver of global growth. Backed by robust consumer demand, steady wage growth, and a resilient labor market, the U.S. economy is projected to expand by 2.4% in 2024, following 2.5% growth in 2023. In contrast, the Euro Area continues to face challenges, including sluggish industrial output and the lingering effects of high borrowing costs. Growth in the bloc is expected to remain subdued at 0.7%, with Germany and France experiencing stagnation.

Emerging markets, including India and Southeast Asian economies, continue to be bright spots, benefiting from domestic consumption, structural reforms, and digital infrastructure growth. These economies are expected to cushion the global economy against a sharper slowdown.

Overall, while downside risks such as prolonged geopolitical tensions, potential supply chain shocks, and delayed monetary easing remain, the global economy is likely to sustain modest growth momentum in 2024. The macroeconomic landscape calls for cautious optimism, with resilience anchored in stronger fundamentals in select geographies and sectors.

OUTLOOK

The global economy is projected to continue its gradual recovery in 2025, supported by easing inflation, stabilizing financial conditions, and improving consumer sentiment in several major economies. According to the International Monetary Fund (IMF), the global economy is expected to grow by 3.2% in both 2025 and 2026, maintaining the same pace as in 2024.

Growth in Advanced Economies (AEs) is forecasted to remain steady, rising modestly from 1.7% in 2024 to 1.8% in 2025, driven by improving real incomes and resilient labor markets. Meanwhile, Emerging Markets and Developing Economies (EMDEs) are expected to sustain their momentum, with growth holding at 4.2% in both 2024 and 2025, underpinned by domestic demand and favorable demographics.

The World Trade Organization (WTO) anticipates a modest but stable rebound in global merchandise trade volumes. Trade growth is forecasted to improve from 2.6% in 2024 to 3.3% in 2025, supported by easing supply chain pressures, resilient consumer demand, and greater trade diversification among emerging economies.

Despite improvements, downside risks remain, including ongoing geopolitical tensions, policy uncertainty in major economies, and potential climate-related disruptions. However, the broader economic outlook suggests cautious optimism, with key markets showing signs of recovery and stabilizing macroeconomic fundamentals. (Sources: IMF World Economic Outlook, April 2025; WTO Global Trade Outlook, 2025)

INDIAN ECONOMIC REVIEW

The Indian economy continued to exhibit strong growth momentum in FY 2024 25, further consolidating its position as a global economic powerhouse. According to provisional estimates by the National Statistical Office (NSO), Indias real GDP is estimated to have grown by 7.6%, building on the 8.2% expansion recorded in FY 2023 24. With this performance, India has surpassed Japan to become the worlds fourth-largest economy in nominal GDP terms, reflecting the strength of its domestic demand, policy consistency, and structural reforms.

This growth was underpinned by resilient private consumption, a sustained increase in public capital expenditure, and recovery in manufacturing, construction, and services sectors. Stable inflation dynamics and a steady interest rate environment also contributed to macroeconomic stability.

India faced several geopolitical and external challenges during the year, including supply chain disruptions due to global conflicts, elevated energy prices, and shipping delays arising from tensions in the Red Sea region. However, the economy showed remarkable resilience, supported by diversified trade partnerships, robust foreign exchange reserves, and strong domestic fundamentals.

Headline inflation moderated, averaging around 5.2%, and remained within the Reserve Bank of Indias (RBI) target range for most of the year. Core inflation also eased due to improved supply conditions and policy support.

Looking ahead, the IMF projects India to grow at 7.0% in FY 2025 26, continuing its lead as the fastest-growing major economy. Key drivers include the demographic dividend, government-led infrastructure buildout, and rising urban consumption.

The governments emphasis on capital expenditure, fiscal consolidation, and reforms like ‘Make in India 2.0,

PLI schemes, and logistics and infrastructure modernization are expected to enhance productivity, boost exports, and improve Indias competitiveness on the global stage.

Indias macroeconomic outlook remains strong, with healthy banking sector growth, buoyant tax collections, and growing consumer and business confidence, firmly positioning the country as a key engine of global growth in the coming decade.

(Sources: Ministry of Statistics & Programme Implementation, Reserve Bank of India, IMF World Economic Outlook April 2025)

INDUSTRY REVIEW

INDIAN GEMS & JEWELLERY INDUSTRY

The Indian gems and jewellery industry continues to be a significant contributor to the countrys economy, accounting for approximately 7% of Indias Gross Domestic Product (GDP) and providing employment to over 5 million people. The sector remains a vital part of Indias merchandise exports, contributing around 10-12% of total exports. Recognising the strategic importance of the industry, the government continues to prioritise gems and jewellery as a key focus area for export promotion and value addition.

Despite a volatile global economic environment marked by geopolitical uncertainties, inflationary pressures, and fluctuating commodity prices, the industry has demonstrated resilience in FY 2024 25. Demand for both gold and silver jewellery has shown signs of revival, supported by improving consumer confidence and festive buying in domestic markets.

However, the industry has faced challenges including persistent high gold prices, volatile diamond prices, and intermittent supply chain disruptions linked to global trade tensions and shipping delays. Exports experienced a modest recovery compared to the previous fiscal year, bolstered by increased shipments to key markets such as the United States, Middle East, and emerging economies in Southeast Asia.

Government initiatives, including enhanced export incentives, streamlined customs procedures, and promotion of digital and technology adoption in manufacturing and retail, have supported the sectors growth trajectory. The emphasis on branded jewellery, innovative designs, and strengthening the Make in

India framework continues to enhance Indias competitiveness in global markets.

Looking ahead, the industry is poised for sustainable growth, driven by rising disposable incomes, increased penetration in rural markets, and expanding international demand for Indian craftsmanship and quality. The focus on sustainable sourcing, ethical practices, and investment in technology is expected to further strengthen the industrys global standing.

(Source: India Brand Equity Foundation (IBEF), Gems and Jewellery Export Promotion Council (GJEPC)

GEMS & JEWELLERY EXPORTS

India continues to be a major global exporter of gems and jewellery, ranking 6th worldwide with a 4.3% share in global exports. However, FY 2024 25 was marked by persistent challenges that further impacted export performance. According to data from the Gems and Jewellery Export Promotion Council (GJEPC), the overall exports of gems and jewellery declined by 11.72% to USD 28.5 billion, compared to USD 32.28 billion in FY 2023 24.

Key export segments saw mixed performance:

Exports of cut and polished diamonds fell sharply by 16.75%, dropping to USD 13.29 billion from USD 15.96 billion in the previous year, reaching their lowest level in over two decades. This was primarily due to subdued demand in major markets like the United States and China, and growing concerns over traceability of rough diamonds amid G7-origin certification norms.

Exports of polished laboratory-grown diamonds (LGDs) also declined by 9.6%, reaching USD 1.27 billion, down from USD 1.40 billion last year. The slowdown reflects both oversupply and weak global discretionary spending.

Gold jewellery exports remained comparatively resilient, recording only a marginal decline of 0.11% to USD 11.22 billion, supported by steady demand from the Middle East and ASEAN regions.

Silver jewellery exports dropped significantly by 40.6%, from USD 1.62 billion to USD 962 million, mainly due to price volatility and subdued overseas orders.

Coloured gemstones exports witnessed a slight decline of 8%, reaching USD 440 million, as compared to USD 478.71 million in FY 2023 24.

Platinum jewellery exports, however, saw a positive growth of 11.8%, rising to USD 183 million, indicating a growing niche demand in high-end international markets.

The export ecosystem faced intensified challenges due to geopolitical tensions, ongoing disruptions in Red Sea shipping routes, and new U.S. tariffs on Indian jewellery, further straining trade dynamics. The Russia Ukraine conflict continued to complicate rough diamond sourcing, and surveillance on the origin of polished stones especially by G7 nations led to order deferments and increased compliance burdens on exporters.

Despite these headwinds, key markets like the USA (USD 5.1 billion), Hong Kong (USD 3.9 billion), and UAE (USD 1.6 billion) remained among the top destinations for Indian jewellery exports. Exporters are now actively exploring alternative growth markets in Europe, Southeast Asia, and Latin America to diversify risks and rebuild momentum.

Going forward, policy support, improved traceability frameworks, trade diversification, and the newly concluded India UK Free Trade Agreement (FTA) are expected to aid in stabilizing and potentially reviving export performance in FY 2025 26.

(Source: GJEPC, Economic Times, Reuters, Ministry of Commerce & Industry)

IMPORTS

Gross imports of gems and jewellery declined 11.96% YoY, falling to USD 19.61 billion from USD 22.28 billion in FY 2023 24

Rough diamond imports fell significantly by 36.6% YoY, reaching USD 1.21 billion in FY 2024 25, driven by cautious purchasing amidst falling global demand for cut & polished diamonds

Gold bar imports were recorded at approximately USD 2.90 billion in FY 2023 24; similar trends are expected in FY 2024 25 due to domestic inventory replenishment, though official quarterly figures are awaited. The industry maintained its voluntary suspension of rough diamond imports during October November 2023 to manage supply-demand equilibrium an approach that helped stabilize polished diamond prices.

For March 2025, monthly imports stood at USD 1.94 billion, accounting for a 7.2% decline compared to

March 2024

SILVER JEWELLERY

In FY 2024 25, the global silver market continued to remain in deficit, marking the fourth consecutive year where demand outpaced supply. While the overall deficit narrowed to approximately 149 million ounces due to a modest recovery in supply, strong industrial demand particularly from the solar, electronics, and electric vehicle sectors kept pressure on global availability and prices. In India, silver jewellery demand remained resilient, supported by evolving consumer preferences, growing bridal and festive season purchases, and increasing urban acceptance of silver as a fashionable and affordable alternative to gold. However, elevated silver prices and global supply constraints posed challenges for cost management and inventory planning. For Silgo Retail Limited, the environment reinforced the importance of agile procurement, efficient supply chain practices, and product innovation. As consumer demand shifts toward contemporary designs and lightweight collections, silver continues to gain traction, especially among younger demographics and aspirational buyers. Silgo remains well-positioned to capitalise on these trends through its focus on design-led offerings, digital outreach, and export market expansion.

SILVER SUPPLY OUTLOOK

Global silver markets continue to face a pronounced supply demand imbalance. According to the Silver

Institute, the market is projected to run a deficit for the fifth consecutive year, estimated at 117.6 million ounces a 21% improvement from 2024, yet still historically significant. Industrial consumption, already a record high in 2024, is expected to exceed 700 million ounces in 2025, driven by enduring growth in solar photovoltaics, EVs, semiconductors, and AI technologies

On the supply side, mine output is projected to increase modestly by 2 3%, reaching approximately 844 Moz, supported by both primary and by-product sources in regions like Canada, China, Chile, and Morocco. Recycling is also expected to rise, contributing over 200 Moz though still insufficient to bridge the gap.

Despite the narrowing deficit, physical tightness persists, with current inventories unable to fully meet demand. The gold-to-silver ratio, hovering around 100:1, remains above long-term averages, signalling silvers relative undervaluation.

Furthermore, silver has already appreciated 20% in 2024 and 12% YTD in 2025, underscoring its resilience amid macroeconomic and geopolitical dynamics

Looking ahead, with continued industrial base expansion, limited new mine output, and recycling levels plateauing, the market is likely to remain in deficit through FY 2025 26. This scenario may underpin silver price appreciation and support a reduction in the gold-to-silver ratio, as investor sentiment adapts to structural tightness.

SILVER DEMAND OUTLOOK

Global silver demand is anticipated to remain robust in FY 2025, underpinned by industrial momentum and selective consumer resurgence: Industrial demand is projected to grow approximately 3%, reaching over 700 million ounces, forging another annual record. This rise is driven by sustained expansion in solar photovoltaic, electrification of transportation, AI tech, and electronics.

Jewellery fabrication, after peaking in FY 2024, is expected to decline by 6%, falling to about 196 million ounces due to high silver prices particularly in India and changing consumer priorities

Silverware demand is projected to fall even more sharply by 15%, reflecting sectoral substitution and soft gifting demand in India and key markets. When combined with rising mine output by approximately 2 3% and increased recycling (exceeding 200 Moz), the market deficit is still expected to be maintained estimated at 117.6 million ounces, marking a fifth consecutive annual deficit.

ORGANISED JEWELLERY INDUSTRY - INDIA

Indias gems and jewellery sector continues to witness a steady shift towards formalisation, with organised retail players strengthening their foothold amidst evolving market dynamics. As of FY 2024 25, the organised jewellery segment is estimated to account for 40 42% of the total industry, up from 36 38% in the previous year, driven by rising consumer trust in branded offerings, improved regulatory oversight, and increasing urbanisation. The implementation of mandatory hallmarking, stricter GST enforcement, and enhanced transparency norms have accelerated the transition away from unorganised players. Consumers are increasingly valuing aspects like quality assurance, design innovation, return policies, and digital accessibility areas where organised players excel. Furthermore, premiumisation, omni-channel strategies, and expansion into Tier II and Tier III cities are enabling established brands to capture wider market share. This structural shift towards organised retail presents a significant opportunity for companies like Silgo Retail Limited to consolidate presence, drive scale efficiencies, and build long-term customer loyalty.

SWOT ANALYSIS:

GROWTH DRIVERS AND OPPORTUNITIES

Surge in silver jewellery momentum

India is experiencing a silver jewellery boom, driven by millennial and Gen Z adoption of affordable, stylish, and sustainable pieces. Silver demand is up 15 18%, outperforming gold, and exports rose nearly 9.8% year-on-year, now reaching $234 million in Q1 2024.

Rising purity-focused and eco-friendly collections such as recycled silver and 92.5 hallmarking are resonating strongly across India and abroad.

Sustainability & ethical sourcing

Consumers increasingly favour responsibly sourced metals. Lab-grown diamonds and recycled silver are transitioning from niche to mainstream, prompting brands to adopt sustainable practices. Such efforts are expected to stand the company in good stead amid rising environmental and ethical awareness.

Rise of lightweight, fashion-forward jewellery

A clear shift toward 9 14 carat and lightweight designs especially among younger consumers is underway. Major brands like Carat Lane are capitalizing on this trend, recording 24% revenue growth last fiscal and planning over 40 new outlets in smaller cities as demand expands.

Digital adoption & social influence

The rapid growth of e-commerce and D2C platforms (such as Giva, Amazon, Myntra) is democratizing silver jewellery access, extending reach to Tier-2/3 markets. Increasingly, social media and influencer partnerships are shaping fashion and purchase decisions.

Innovation in design & technology

Integration of CAD, 3D printing, and modular customisation allows for rapid, personalized product development. This tech-driven innovation enhances design precision and accelerates go-to-market cycles.

Government & infrastructure support

The launch of initiatives like the India Jewellery Park in Mumbai and the gem & jewellery bourse in Jaipur supports cluster development, provides industry infrastructure, and generates employment for over 160,000 people, strengthening the manufacturing ecosystem.

Wedding & festival resilience

India will host over 4 million weddings in 2025. Wedding-related and festive jewellery purchases continue as major demand drivers, across categories including gold, silver, and bridal silver sets.

THREATS AND CONCERNS

Price volatility & inflation stress

Gold and silver prices remain elevated gold surged 10% in early 2025 to 84,400/10 g, down slightly from last years peak, while silver imports jumped 83% in January 2025. High inflation continues to dampen consumer appetite for precious metals, particularly in gold jewellery. This strain trickles down to silver, which, despite being more affordable, still competes in the shadow of rising bullion costs.

Export tariffs & geopolitical risks

Recent U.S. tariffs 26 27% on Indian jewellery exports are significantly disrupting the industry. Given that about 30% of exports go to the U.S., sector revenues are declining; gems and jewellery exports dropped 4.6% in April 2025, with FY25 exports falling 12% to $28.5 billion. In addition, Russia-Ukraine and Middle East conflicts continue to unsettle global supply chains.

Overdependence on imports & fragmented supply chain

India sources 90% of its raw materials (diamonds, gold, silver bars) from abroad. Currency headwinds, supply shortfalls, or regulatory changes can disrupt material flows, pushing up input costs. The industry remains highly fragmented, with an estimated 500k 600k unorganised jewellery outlets struggling to secure credit only 2.7% of Indias bank credit covers this sector, with over 20% NPAs.

Counterfeit and quality concerns

Counterfeit or uncertified gems including synthetic diamonds and low-grade silver jewellery are proliferating. This undermines consumer trust and hurts sales for organised brands.

Regulatory and labour issues

Traditional artisan clusters (e.g., Tamil Nadu goldsmiths) are failing as high bullion prices and weak demand cause a 70% drop in orders, forcing many to shut shop. This raises concerns over craftsmanship loss. Labour violations also pose reputational risks: child labour remains a concern in segments of the diamond polishing industry.

Cybersecurity and e-commerce fraud risks

As e-commerce grows, so do cyber threats. Rising online retail without adequate cybersecurity and fraud prevention mechanisms poses operational and reputational risks particularly for D2C silversmithing brands.

RISK MANAGEMENT

The Companys key risks and their corresponding mitigation measures are depicted below:

Risk	Impact	Mitigation
Margin Pressure & Price Volatility	Volatility in silver, gold, and forex markets (INR depreciation, bullion surge) impacts input costs and erodes margins.	The Company uses dynamic pricing models, strategic inventory hedging, and lean operational practices. It leverages silver recycling and favourable procurement contracts to stabilise margins.
Import Dependence & Supply Chain Disruption	Heavy reliance (90%) on imported silver/gold exposes the Company to global supply shocks, forex swings, and geopolitical disruptions.	Strong supplier diversification, advance inventory planning, and developing alternate sourcing partnerships mitigate disruption risks. The Company also uses the India
		Bullion Exchange (IIBX) for transparent sourcing.
Labour & Artisanal Risk	Labour migration, rising attrition, and fading traditional artisan base (e.g., goldsmiths leaving craft due to low demand) affect craftsmanship continuity.	Investments in artisan welfare, digital skill upskilling, and partnership with design institutes help preserve heritage while adapting to modern design techniques.
Macroeconomic & Tariff Risk	High inflation, geopolitical tensions, and newly imposed U.S. tariffs (26 27%) are leading to subdued global demand and declining exports (12% drop). This affects profitability and growth.	The Company is focusing on domestic expansion, deeper Tier-2/3 market penetration, and diversified export destinations beyond the India. It is also enhancing online B2C channels to reduce export reliance.
Regulatory & Compliance Risk	Regulatory uncertainties (customs duties, hallmarking mandates, child labour scrutiny) can disrupt business operations.	The Company maintains strict compliance with BIS hallmarking, traceability, and ethical sourcing. It engages in policy advocacy via GJEPC and follows ESG standards to future- proof operations.

MANAGEMENT OUTLOOK:

SILGO Retail Limited is well-positioned to capitalise on the evolving landscape of the Indian gems and jewellery industry, which continues to witness robust demand driven by rising disposable incomes, aspirational spending, and a growing preference for branded, lightweight, and design-led silver jewellery.

Building on its strong foundation and consistent year-on-year growth, SILGO remains committed to delivering superior craftsmanship and offering differentiated product lines that resonate with the evolving tastes of millennials and Gen Z consumers. The Companys growing digital presence and direct-to-consumer (D2C) capabilities have significantly enhanced customer reach, especially across Tier-2 and Tier-3 cities, where demand for quality, affordable silver jewellery is rising sharply.

Operationally, SILGO maintains a disciplined approach to financial management, supported by a strong balance sheet, improved working capital efficiency, and prudent cost controls. The Companys asset-light model and focus on sustainable sourcing further enhance its resilience and scalability in a competitive environment. Looking ahead, SILGO Retail Limited is confident in sustaining its growth momentum, improving profitability, and creating long-term value for shareholders. With an agile, customer-focused strategy and a commitment to ethical business practices, SILGO is on course to strengthen its leadership in Indias organised silver jewellery market.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

SILGO continues to maintain a robust and well-defined internal control framework aligned with the scale and complexity of its growing operations. The system is designed to ensure operational efficiency, accurate financial reporting, compliance with applicable laws and regulations, and the safeguarding of the Companys assets.

The internal control mechanisms cover all critical functions including procurement, inventory management, retail operations, financial accounting, and statutory compliance. These controls are periodically reviewed and strengthened to address evolving business risks and operational challenges, especially in the expanding omni-channel retail environment.

Internal audits are conducted regularly, with findings and action plans reviewed by the management and the Audit Committee. Any control gaps or procedural deviations are promptly addressed through corrective measures. Further, the integration of technology in business processes has enhanced the transparency, timeliness, and reliability of financial and operational reporting.

SILGO remains committed to continuous improvement of its control environment to support sustainable growth and uphold the highest standards of governance.

HUMAN RESOURCES & INDUSTRIAL RELATIONS

At SILGO The Original, human capital continues to be a cornerstone of the Companys sustained growth and innovation. The Company remains committed to building a high-performance culture rooted in inclusivity, transparency, and continuous learning.

During FY 2024 25, SILGO implemented several initiatives to strengthen employee engagement, foster skill development, and maintain a positive, future-ready workplace. A strong emphasis was placed on upskilling, with regular training programs conducted across functions from artisanship and retail operations to digital and customer experience ensuring employees remain aligned with evolving business needs.

The Companys policies promote a culture of collaboration, meritocracy, and well-being, with initiatives that support work-life balance, gender inclusivity, and employee wellness. Periodic feedback sessions, team-building activities, and leadership connect programs have enhanced communication and nurtured a growth-oriented mindset.

SILGO also continues to invest in talent development to mitigate attrition, encourage internal mobility, and groom future leaders. Industrial relations remained harmonious throughout the year, supported by open communication and mutual respect between management and employees.

With a strong and motivated workforce, SILGO is well-equipped to support its expansion plans and drive long-term value creation.

FINANCIAL PERFORMANCE AND BUSINESS OVERVIEW IN F.Y.2024-25:

Profit & Loss Summary (Rs. in Lakhs)

Year	2025	2024	Growth(%)
Revenue from operations	4437.48	3503.39	26.66%
EBITA	627.44	552.32	11.97%
Profit Before Tax	606.64	423.40	43.27%
Profit/(loss) After Tax	447.77	315.23	42.04%

Balance Sheet Summary (Rs. In Lakhs)

Particulars	As on 31 March	As on 31 March
	2025	2024
Equity & Liabilities
Equity Share Capital	1849.68	1849.68
Other Equity	3994.80	3558.68
Non-current liabilities	18.89	16.09
Current liabilities	582.50	909.19
Total	6445.87	6333.64
Assets
Non-current assets	4.95	5.52
Fixed assets	13.36	16.65
Current assets	6427.56	6311.47
Total	6445.87	6333.64

Equity Share Capital:

The equity share capital of the company has been changed during the year under review.

Debt:

(Rs. In Lakhs)

Particulars	2025	2024
Long term Borrowings	-	-
Short Term Borrowings	-	678.93
Total		678.93

Changes in Key Financial Ratios:

Pursuant to provisions of Regulation34 (3) of SEBI (LODR) Regulation, 2015 read with Schedule V part B(1) details of changes in Key Financial Ratios is given hereunder:

S.No. Key Financial Ratio	F.Y. 2024-25	F.Y. 2023-24	Reason for variance
1 Debtors Turnover Ratio	15.04	3.33	Ratio has increase due to increase in sales
2 Inventory Turnover Ratio	0.84	0.88
3 Interest Coverage Ratio	--	4.39
Trade payables turnover ratio	104.34	40.39	Ratio has increase due to increase in sales and significant low creditors at the end of the year because of better realisation from sales.
4 Current Ratio	11.03	6.94
5 Debt Equity Ratio	--	0.13	During the year company has fully repaid its borrowings.
6 Operating Profit Margin (%)	14.06	15.64
7 Net Profit Margin (%)	10.09	9.00
8 Return on Capital Employed	10.64	10.11	Due to increase in profit margin.

*Previous years Figures have been regrouped / rearranged wherever necessary.

Disclosure of Accounting Treatment

The financial statements of the Company have been prepared in accordance with the Indian Accounting Standards (Ind-AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) (Amendment) Rules, 2016 read with Section 133 of the Companies Act, 2013.

Cautionary Statement

This Management Discussion and Analysis contains forward-looking statements that reflect Silgo Retail

Limiteds current views with respect to future events, business performance, and financial outlook. These statements involve risks and uncertainties, both known and unknown, which may cause actual results, performance, or achievements to differ materially from those expressed or implied in such statements. Factors such as market dynamics, economic conditions, geopolitical developments, regulatory changes, commodity price fluctuations, and other business risks could cause actual outcomes to vary significantly.

Accordingly, readers are advised not to place undue reliance on these forward-looking statements. This document is subject to change without notice and is qualified in its entirety by the assumptions, limitations, and risk factors detailed in the Companys Annual Report for FY 2024 25. Silgo Retail Limited undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

For and on behalf of the Board of Directors

SILGO RETAIL LIMITED

 

NITIN JAIN	ANJANA JAIN
Managing Director	Whole-time Director
DIN: 00935911	DIN: 01874461

 

Place: Jaipur

Date: July 22, 2025