Silverstorm Parks and Resorts Ltd Management Discussions

OPERATIONS

You should read the following discussion of our financial condition and results of operations together with our restated financial information for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024. Our Restated Financial Statements have been derived from our audited financial statements and restated in accordance with the SEBI ICDR Regulations and the ICAI Guidance Note. Our financial statements are prepared in accordance with Indian GAAP, including the schedules, annexures and notes thereto and the reports thereon, included in the section titled Restated Financial Information on page 257 of this Red Herring Prospectus. Unless otherwise stated, the financial information used in this section is derived from the restated financial statements of our Company.

This discussion contains forward-looking statements and reflects our current views with respect to future events and financial performance. Actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors such as those set forth in the sections titled Risk Factors and Forward-Looking Statements on pages 23 and 21 respectively, of this Red Herring Prospectus.

These financial statements have been prepared in accordance with Indian GAAP. Indian GAAP differs in certain significant respects from U.S. GAAP, IFRS and Ind AS. We have neither attempted to quantify the impact of IFRS or U.S. GAAP on the financial data included in this Red Herring Prospectus nor do we provide a reconciliation of our financial statements to those under U.S. GAAP or IFRS or Ind AS. Accordingly, the degree to which the Indian GAAP financial statements included in this Red Herring Prospectus will provide meaningful information is entirely dependent on the readers level of familiarity with the Companies Act, Indian GAAP and the SEBI ICDR Regulations. Any reliance on the financial disclosure in this Red Herring Prospectus, by persons not familiar with Indian accounting practices, should accordingly be limited.

References to the Company, we, us and our in this chapter refer to Silverstorm Parks and Resorts Limited (formerly known as Silverstorm Parks and Resorts Private Limited along with our subsidiaries Silverstorm Parks Private Limited and Snow Storm Parks Private Limited as applicable in the relevant fiscal period, unless otherwise stated.

OVERVIEW OF OUR BUSINESS

We are an ISO 9001:2015 certified integrated amusement destination with an amusement cum water park, a snow park, an integrated resort and an upcoming aerial cable car project near Athirappilly waterfalls in Thrissur, Kerala ( Athirappilly Theme Park ). We are one of the renowned and established players in the region and set to become the first amusement park in the region to offer a cable car for tourist (Source: Care Report). Spread across approximately 17.38 acres, our park integrates an amusement cum water park, a snow park, and resort facilities, offering a comprehensive entertainment destination for families, students, tourists, corporate groups, and institutional visitors. We also own and operate snow park at Jamshedpur, Jharkhand, with a total area of 5,183 square feet ( Jamshedpur Snow Park ) and are setting up a new snow park and family entertainment center at Lucknow, Uttar Pradesh with total area of more than 11,000 square feet ( Lucknow Snow Park and FEC ).

Located in midst of lush green forest area of western ghats in Thrissur district of Kerala and nearby scenic Athirappilly waterfalls, largest waterfall in Kerala and Vazhachal waterfalls, our Athirappilly Theme Park collectively features an wide array of 41 low to high thrill rides, 3 restaurants (including 1 restaurant at Athirappilly waterfalls) and resort with 8 well-appointed room as of March 31, 2026, making us a one-stop entertainment destination. Our Athirappilly Theme Park offers various water-based rides and amusement rides. In April 2023, we launched several new water rides, enhancing the appeal of our offering for both first-time and repeat visitors. Our Athirappilly Theme Park has been visited by over 16 lakh visitors in last three financial years.

A significant addition in Athirappilly Theme Park was the introduction of Keralas first indoor snow park under the brand name Snow Storm in the year 2017, spread over approximately 10,000 square feet and maintained at -10°C (Source: Care Report) . Snow Storm is a standalone attraction of our Athirappilly Theme Park with independent ticketing and features various snow-based experiences which are otherwise not naturally available in Kerala. In October 2025, we have expanded our geographical footprint, through our subsidiary Snowstorm Parks Private Limited , by launching a new snow park at P & M Hi-Tech city center mall in Jamshedpur, Jharkhand and are also in process of setting a new snow park and family entertainment center at Lucknow, Uttar Pradesh which we expect to operationalize by fourth quarter of fiscal year 2027.

In addition to amusement cum water park and snow park at Athirappilly Theme Park, we also operate 8 well-appointed rooms under the brand Silver Storm Resort , designed to offer multi-day visitor experiences. The resort comprises with a boardroom, conference facilities, a multi-cuisine restaurant and recreation zones. The integration of in-park accommodation facilities enables us to cater staycation guests and institutional group bookings.

We also generate income from our food and beverage ( F&B ) operations as well as direct merchandising operations at our Athirappilly Theme Park and Jamshedpur Snow Park. These non-ticket services are a key aspect of our park management strategies, designed to offer visitors a more memorable experience. Sales of food, beverages, and merchandise create an additional revenue stream for us beyond ticket sales.

We recorded collectively footfalls of 6.71 lakhs, 5.14 lakhs, and 4.24 lakhs for Fiscal 2026, 2025, and 2024 respectively. The addition of snow park and new high-thrill rides has supported growth in footfalls and average ticket value. We generate revenue through ticket sales of amusement cum water park and snow park, in-park food and beverage services, merchandise sales, resort bookings, and hosting private and institutional events. Amusement cum water park and snow park operate as a separate revenue-generating unit, contributing to incremental revenues without any substantial increase in operating overheads.

We are currently undertaking an expansion through the development of a total to-and-fro round trip distance of approximately 1.2 km cable car (ropeway) system at Athirappilly Theme Park, expected to be operational in second quarter of Fiscal 2027. This aerial attraction is proposed to operate with separate ticketing system and connect the main amusement park to a themed forest village under implementation.

As part of the 25 th anniversary celebration, we are planning to introduce 25 new amusement rides and high-thrilling water slides. Till October 2025, we have launched the flying boat, chick run, spray ball, self-control plane, mini train, mini plane, bouncing cloud, park train, space shuttle, giraffe flying chair, mechanical bee, mechanical plane, mini pirate ship and upgraded kids pools to family castle pool by installing family side, closed body slide and multi lane slide. Further, additional rides such as flying UFO, tagda, flying kite, sambha balloon, and tea cup are currently under installation.

We are led by professional and experienced Promoters and a senior management team with significant expertise in the amusement park industry. Our Promoters and Directors, Shalimar A.I. and P. K. Abdul Jaleel, are qualified professionals with an experience of more than two and a half decades in the amusement park industry and have been instrumental in driving our growth since inception of our business. They are supported by an in-house team for sales, marketing and a team for new projects which includes a team of 46 people, which makes us self-reliant on all critical aspects of our business.

For further details, please see Our Business on page 189 of this Red Herring Prospectus.

SIGNIFICANT FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our results of operations have been, and will continue to be, affected by a number of events and actions, some of which are beyond our control including the performance of the Indian economy and the domestic amusement park industry. In this section, we discuss some of the significant factors that we believe have or could have an impact on our revenue and expenditure. Please also see Risk Factors on page 23 of this Red Herring Prospectus for details on various risks associated with our business operations.

Operating expenditure

We incur significant amount of operating expenses for our business operations. Our direct operating expenses (sum of cost of material consumed, Purchase of Stock in trade, Changes in Inventories, Employee benefits expenses and Other Expenses) were 1,422.00 lakhs, 1,444.22 lakhs, and 1,233.44 lakhs, respectively in Fiscal 2026, Fiscals 2025, and 2024 aggregating to 31.70%, 45.64%, and 64.55%, respective of the total income for such years/ periods. Our fixed costs such as employee salaries and O&M expense are relatively constant throughout the year. Our Company may also, in future, be required to comply with more rigorous standards or other requirements prescribed by various regulatory or other statutory authorities, or incur capital and operating expenses for, among others, environmental compliance.

Further, we are subject to a broad range of health and safety laws and regulations in India. These laws and regulations, as interpreted by the relevant authorities and the courts, impose increasingly stringent health and safety protection standards. The costs of complying with, and the imposition of liabilities pursuant to, health and safety laws and regulations could be significant, and failure to comply could result in the assessment of civil and/or criminal penalties, the suspension of permits or operations and significant liabilities pursuant to lawsuits by third parties.

Seasonality

The amusement park industry is characterized by uneven demand, with high footfall during school vacations, weekends, and festive periods, and a sharp decline during off-seasons like monsoons or exam times. This seasonality disrupts cash flow, leaving operators with fixed expenses, such as staff salaries, utilities, and maintenance, even during low-traffic periods. Additionally, unpredictable weather can result in sudden closures, impacting revenue. Operators must balance operational costs throughout the year, creating challenges in maintaining profitability. Seasonal inconsistency also complicates workforce management, as retaining skilled workers year-round despite low attendance can strain resources. (Source: Care Report)

The Footfalls at our amusement parks experience moderate seasonal fluctuations. Our revenues and Footfalls are generally higher in the third quarter and fourth quarter of the Fiscal year due to annual school tours and festive seasons such as Diwali and Christmas, followed by Footfalls in the first quarter of the Fiscal year due to owing to schools summer vacation. We witness relatively lower Footfalls in the second quarter of the Fiscal except for the festive period of Onam. Seasonality affects leisure travel, school holidays, family outings, and group bookings. Weather conditions can also have an influence on our business. For example, we may experience a decrease in our business during heavy monsoon season. Lower than expected Footfalls during certain quarters of the Fiscal or more pronounced seasonal variations in Footfalls in the future could have a disproportionate impact on our operating results for the Fiscal, or could strain our resources and impair our cash flows. Any slowdown in Footfalls during peak seasons or failure by us to accurately anticipate and prepare for such seasonal fluctuations could have a material adverse effect on our business.

Foreign exchange fluctuations

We purchase certain rides and equipment from a number of foreign suppliers, primarily from China, in foreign currency. In view of the fluctuation in the value of the Rupee against foreign currencies, we face a degree of foreign exchange risk. The value of the Rupee against foreign currencies is affected by, among other things, the demand and supply of the Rupee and changes in Indias political and economic conditions. We do not hedge against currency rate fluctuations in respect of our purchase contracts, given the duration of our purchase contracts. This exposes us to exchange rate movements which may have a material effect on our operating results in a given period.

Capital intensive business

The amusement park industry in India demands significant capital investment for setup, including land acquisition, ride procurement, infrastructure development, and amenities. Land prices, especially in or near urban areas, are exorbitant, making project initiation financially challenging. Additionally, maintaining state-of-the-art facilities, periodic ride inspections, and repairs involve high operational expenses. Upgrading old rides to newer, technologically advanced ones further increases costs. Smaller operators often struggle to allocate funds for these upgrades, affecting their competitiveness. This high-cost structure significantly raises the breakeven point, requiring steady footfall to maintain profitability. However, inconsistent visitor patterns exacerbate financial risks, particularly for smaller players. (Source: Care Report)

Our business requires a significant amount of capital expenditure. In many cases, significant amounts of capital are required during the course of setting up of our amusement park and during expansion of our existing parks, to finance the purchase of new rides, other materials and the performance of engineering, construction and other work on such projects. Our ability to grow our business depends on cost effective avenues of funding and will be met through internal accruals or borrowing from financial institutions. Our debt service cost along with our overall cost of funds depends on many external factors, including developments in the Indian credit market and, in particular, interest rate movements and the existence of adequate liquidity in the debt markets. We believe that the availability of cost-effective funding sources affects our business operations and financial performance. Our ability to finance our capital needs, and secure other financing when needed, on acceptable commercial terms, will be a key factor towards our business and growth prospects.

We also expand our existing amusement parks by including new rides and attractions and upgrading existing rides and attractions. The introduction of innovative new rides and attractions requires substantial capital expenditure. The cost of such capital improvements has gone up in recent times. Moreover, we may be unable to recoup investments we make in upgrading our rides and attractions, such as investments in infrastructure in relation to newer attractions which may not yield the expected revenues. We also cannot guarantee that there will be sufficient Footfalls as envisaged by us at our amusement parks. If we fail to attract a minimum number of visitors at our amusement parks, this could result in lower capacity utilisation thereby affecting our business, financial condition and results of operations.

Attracting and retaining experienced and qualified personnel

Amusement park operations are highly service-oriented, and consequently, our success, to a considerable extent, depends upon our ability to attract, motivate and retain a sufficient number of qualified employees, including engineers and other technically qualified staff. We offer competitive wages and benefits to our employees to manage employee attrition. Employee remuneration includes salaries and bonuses paid to employees of our amusement parks and our resort, as well as employee benefits such as employee accommodation, medical insurance and contributions to provident funds. These costs are subject to certain factors that are out of our control, including amendments to the minimum wage laws and other employee benefit laws in India. Our expenses related to employee remuneration as a percentage of total income, was 13.13%, 20.55%, and 29.91% in Fiscal 2026, 2025, and 2024. We expect our employee salaries and related expenses, in absolute terms, to continue to increase as inflationary pressures in India, drive up wages and as we continue to increase the number of our amusement parks.

Macroeconomic trends

Our growth and results of operations and financial condition are affected by factors including levels of per capita disposable income, levels of consumer spending, consumer preferences, business investment (specifically supply chain related investments), overall logistics spending, changes in interest rates, fuel and power prices, government policies or taxation, social or civil unrest and political, economic or other developments that affect consumption and business activities in general. Our performance may decline during recessionary periods or in other periods where one or more macro-economic factors, or potential macro-economic factors, negatively affect the level of consumer and business confidence and consumption or the performance of our customers.

Competitive landscape and technological advancement

Our business is subject to market trends and customer preferences in relation to discretionary spending. According to the Care Report, the industry has evolved, offering attractions that rival international standards. The sector now includes a diverse range of amusement parks, theme parks, water parks, and other entertainment venues such as Family Entertainment Centers (FECs), Childrens Parks, and Snow Parks. This variety enables the industry to cater to a wide audience, blending thrill rides, water-based attractions, and family-oriented entertainment. With increasing urbanization, rising disposable incomes, and a growing demand for recreational options, amusement parks have expanded beyond major cities and are making their way into Tier-II and Tier-III cities as well. Technology has further transformed the industry, with the inclusion of 3D and 4D experiences, virtual reality, and immersive thematic setups that cater to the preferences of younger, tech-savvy audiences. Industry players are increasingly adopting advanced technologies such as artificial intelligence (AI), augmented reality (AR), and virtual reality (VR) to enhance visitor experiences and improve operational efficiency. Digital tools and mobile applications are being used for ticketing, navigation, ride management, and personalised services, making parks more interactive and customer friendly. However, the rise of digital entertainment platforms, VR gaming, and immersive home-based experiences presents a challenge, particularly among younger audiences. This shift places pressure on amusement parks to continuously innovate, as failure to adapt to evolving preferences could impact footfall and competitiveness. (Source: Care Report)

SIGNIFICANT ACCOUNTING POLICIES

The accounting policies have been applied consistently to the periods presented in the Restated Financial Statements. For details of our significant accounting policies, please refer section titled Restated Financial Information on page 257 of this Red Herring Prospectus.

RESULTS OF OUR OPERATIONS

The following discussion on results of operations should be read in conjunction with the Restated Financial Statements of the Company for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024:

( in lakhs, except ratios)

Particulars	Financial Year 2026		Financial Year 2025		Financial Year 2024
	Amount	% of Total Income	Amount	% of Total Income	Amount	% of Total Income
Revenue from Operations	4,358.00	97.17%	3,100.12	97.98%	1,885.84	98.70%
Other Income	127.11	2.83%	63.93	2.02%	24.86	1.30%
Total Income	4,485.11	100.00%	3,164.04	100.00%	1,910.70	100.00%
Cost of materials consumed	210.30	4.69%	186.53	5.90%	-	-
Purchase of stock in trade	122.46	2.73%	93.81	2.96%	45.00	2.36%
Changes in inventories	(53.06)	-1.18%	(4.04)	-0.13%	(6.80)	-0.36%
Employee benefits expenses	588.72	13.13%	650.14	20.55%	571.52	29.91%
Finance cost	93.65	2.09%	60.20	1.90%	65.30	3.42%
Depreciation and amortization expenses	309.83	6.91%	305.83	9.67%	376.07	19.68%
Other expenses	553.59	12.34%	517.78	16.36%	623.72	32.64%
Total Expenses	1,825.48	40.70%	1,810.25	57.21%	1,674.81	87.65%
Profit /(Loss) before tax	2,659.63	59.30%	1,353.79	42.79%	235.89	12.35%
Tax expense:
- Current Tax	673.75	15.02%	364.57	11.52%	103.12	5.40%
- Deferred Tax	75.61	1.69%	18.16	0.57%	36.15	1.89%
Net Tax expenses	749.36	16.71%	382.73	12.10%	139.27	7.29%
Profit/(Loss) after tax	1,910.27	42.59%	971.07	30.69%	96.62	5.06%

PRINCIPAL COMPONENTS OF OUR STATEMENT OF PROFIT AND LOSS ACCOUNT

TOTAL INCOME

Our total income for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, amounted to 4,485.11 lakhs, 3,164.04 lakhs, and 1,910.70 lakhs, respectively. Our revenue comprises of the following:

Revenue from operations

Our revenue from operations comprises of (i) revenue from sale of tickets in nature of entry fees; and (ii) others operating revenue from sale of merchandise, sale of F&B products, room rent for resorts and other ancillary products and services. Our revenue from operations amounted to 4,358.00 lakhs, 3,100.12 lakhs, and 1,885.84 lakhs, for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024 respectively.

Other income

Other income is mainly comprised of interest income, incentives, and miscellaneous income. Our other income amounted to 127.11 lakhs, 63.93 lakhs, and 24.86 lakhs, accounted for 2.83%, 2.02 %, and 1.30 %, of our total income for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024 respectively.

EXPENSES

Our total expenses for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, amounted to 1,825.48 lakhs, 1,810.25 lakhs, and 1,674.81 lakhs, respectively. Our expenses primarily consist of the following:

Cost of materials consumed

The cost of materials consumed consists of the consumption of the material used in the F&B and other departments of the park. Cost of materials consumed for the financial years ended March 31, 2026, and March 31, 2025, amounted to 210.30 lakhs and 186.53 lakhs, which accounted for 4.69% and 5.90% of our total income, respectively. During the financial year ended 2024 and 2023 company outsourced the F&B Operation to a third party, so that the cost of materials consumed for those financial years was Nil.

Purchase of Stock in Trade

Purchase of stock in trade expenses for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, amounted to 122.46 lakhs, 93.81 lakhs, and 45.00 lakhs, respectively which accounted for 2.73%, 2.96%, and 2.36% of our total income, respectively.

Change in Inventories

Change in inventories expenses for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, amounted to (53.06) lakhs, (4.04) lakhs, and (6.80) lakhs, respectively which accounted for (1.18)%, (0.13%), and (0.36%) of our total income, respectively.

Employee benefits expense

Employee benefits expenses consist of directors remuneration, salaries and wages, contributions to provident fund and other funds, gratuity, and staff welfare expenses. Employee benefits expenses for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024 amounted to 588.72 lakhs, 650.14 lakhs, and 571.52 lakhs, respectively, which accounted for 13.13%, 20.55%, and 29.91% of our total income, respectively.

Other expenses

Other expenses majorly consist of fuel and power charges, advertisement and business promotion expenses, auditors fees, consumption of stores & spares, conveyance and travel charges, commission and brokerage, fuel

& power, repair and maintenance, and other expenses. Other expenses for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, amounted to 553.59 lakhs, 517.78 lakhs, and 623.72 lakhs, respectively which accounted for 12.34%, 16.36%, and 32.64% of our total income, respectively.

Earnings before interest, tax, depreciation, amortization and other income

EBITDA for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, amounted to 2,935.99 lakhs, 1,655.89 lakhs, and 652.40 lakhs, respectively which accounted for 65.46%, 54.36%, and 35.45%, of our total income, respectively.

Finance Costs

Finance cost consists of interest on term loans and amounted to 93.65 lakhs, 60.20 lakhs, and 65.30 lakhs for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, which accounted for 2.09%, 1.90%, and 3.42% of our revenue from operations, respectively.

Depreciation and Amortization

Depreciation and amortization represent depreciation on property, plant & equipment. Depreciation and amortization expense amounted to 309.83 lakhs, 305.83 lakhs, and 376.07 lakhs for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, respectively which accounted for 6.91%, 9.67%, and 19.68%, of our total income, respectively.

Profit After Tax

Profit After Tax for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, amounted to

1,910.26 lakhs, 971.07 lakhs, and 96.62 lakhs, respectively which accounted for 42.59%, 30.69%, and 5.06% of our total income, respectively.

FINANCIAL YEAR 2026 COMPARED TO FINANCIAL YEAR 2025

Our total income increased by 41.75% from 3,164.04 lakhs in the financial year ended March 31, 2025, to 4485.11 lakhs in the financial year ended March 31, 2026, primarily due to the reasons as discussed below:

Revenue from operations

Our revenue from operations increased by 40.58 % from 3,100.12 lakhs in the financial year ended March 31, 2025, to 4,358 lakhs in financial year ended March 31, 2026, primarily due to an increase in the number of footfalls in water theme park from 2.84 in FY 2025 to 3.30 lakhs in FY 2026 and in snow park from 2.30 lakhs in FY 2025 to 3.41 lakhs in FY 2026. The Company also recorded an increase in revenue from restaurant from 416.61 lakhs in FY 2025 to 763.17 lakhs in FY 2026 due to consequent increase in footfalls and visitors during the year.

Other Income

Other income increased by 98.84% from 63.93 lakhs in financial year ended March 31, 2025, to 127.11 lakhs in financial year ended March 31, 2026, primarily due to increase in interest received by 31.43 lakhs from 53.05 lakhs in financial year ended March 31, 2025 to 84.48 lakhs in financial year ended March 31, 2026, increase in miscellaneous income by 34.35 lakhs from 6.29 lakhs in financial year ended March 31, 2025 to 40.64 lakhs in financial year ended March 31, 2026.

EXPENSES

Total expenses increased by 2.63 % from 1,778.73 lakhs in the financial year ended March 31, 2025, to 1,825.49 lakhs in the financial year ended March 31, 2026, primarily due to the reasons discussed below:

Cost of materials consumed

Cost of materials consumed increased by 23.77 lakhs from 186.53 in the financial year ended March 31, 2025, to 210.3 lakhs in the financial year ended March 31, 2026, primarily due to increase in number of visitors during the year , which led to an overall increase in consumption.

Purchase of Stock in Trade

Purchase of Stock in Trade increased by 30.53% from 93.81 lakhs in the financial year ended March 31, 2025, to 122.46 lakhs in the financial year ended March 31, 2026, primarily due to an increase in the number of visitors during the year, which led to an increase in overall consumption. As a percentage of total income, purchase of stock in trade has decreased to 2.73% in the financial year ended March 31, 2026, from 2.96% in the financial year ended March 31, 2025, of the total income.

Changes in Inventories

Change in Inventories decreased by 1213.96 % from (4.04) lakhs in the financial year ended March 31, 2025, to

(53.06) lakhs in the financial year ended March 31, 2026, primarily due to an increase in closing inventory by 53.06 lakhs from 18.51 lakhs in the financial year 2025 to 71.57 lakhs in the financial year 2026. As a percentage to total income, change in inventories is -1.18% in the financial year ended March 31, 2026, from -0.13% in the financial year ended March 31, 2025, of the total income.

Employee benefits expense

Employee benefits expense decreased by 9.45% from 650.14 lakhs in financial year ended March 31, 2025, to

588.72 lakhs in financial year ended March 31, 2026, primarily due to decrease in salary & wages by 56.36 lakhs from 434.13 lakhs in financial year 2025 to 377.77 lakhs in financial year 2026,decrease in gratuity by 21.3 lakhs from 19.25 lakhs in financial year 2025 to (2.05) lakhs in financial year 2026, decrease in staff welfare expenses by 14.95 lakhs from 133.81 lakhs in financial year 2025 to 118.86 lakhs in financial year 2026, whereas there is increase in directors remuneration by 30.44 lakhs from 45.56 lakhs in financial year 2025 to 76 lakhs in financial year 2026 As a percentage of total income, employee benefit cost has decreased to 13.13% in the financial year ended March 31, 2026 from 20.55% in the financial year ended March 31, 2025 of the total income.

Other expenses

Other expenses increased by 6.92% from 517.78 lakhs in financial year ended March 31, 2025, to 553.59 lakhs in financial year ended March 31, 2026, primarily due to increase in variable cost and fixed cost such as increase in advertisement and business promotion expenses, commission and brokerage, rates & taxes, repair-others, Provision for CSR offset by decrease in, consumption in stores and spares, conveyance & travel charges, house keeping expenses, and repairs and maintenance of machinery & building. The expenses related to advertisement and business promotion expenses increased by 42.52 lakhs from 103.31 lakhs in the financial year ended March 31, 2025 to 145.83 lakhs in the financial year ended March 31, 2026. The expenses related to commission and brokerage increased by 35.31 lakhs from 35.24 lakhs in the financial year ended March 31, 2025 to 70.55 lakhs in the financial year ended March 31, 2026 and which are offset by the expenses related to consumption in stores and spares decreased by 10.6 lakhs from 29.8 lakhs in the financial year ended March 31, 2025 to 19.2 lakhs in the financial year ended March 31, 2026. The expenses related repairs and maintenance of machinery decreased by 16.08 lakhs from 29.97 lakhs in the financial year ended March 31, 2025, to 13.89 lakhs in the financial year ended March 31, 2026. As a percentage of total income, other expenses have decreased to 12.34% in the financial year ended March 31, 2026, from 16.36% in the financial year ended March 31, 2025.

Earnings before interest, tax, depreciation, amortization and other income

EBITDA increased by 77.31% from 1,655.89 lakhs in financial year ended March 31, 2025, to 2,935.99 lakhs in financial year ended March 31, 2026 primarily due to increase in ticketing revenue and footfalls during the financial year ended March 31, 2026 and also due to increased in revenue from restaurants.

Finance costs

Finance costs increased by 55.57 % from 60.20 lakhs in financial year ended March 31, 2025, to 93.65 lakhs in financial year ended March 31, 2026, primarily due to increase in interest on term loans by 13.03 lakhs from 60.20 lakhs in financial year ended March 31, 2025 to 93.65 lakhs in financial year ended March 31, 2026,and due to increase in interest on delayed payment of Income Tax by 20.42 lakhs from 31.52 lakhs in financial year ended March 31, 2025 to 51.94 lakhs in financial year ended March 31, 2026 . As a percentage to total income, finance costs have increased to 2.09% in financial year ended March 31, 2026 from 1.9 %in financial year ended March 31, 2025.

Depreciation and amortization

Depreciation and amortization expenses increased by 1.31% from 305.83 lakhs in the financial year ended March 31, 2025, to 309.83 lakhs in the financial year ended March 31, 2026, primarily on account of a capex in means of development of rides and new parks. Also, some rides, equipment, or buildings have completed their useful life and no longer attract depreciation. As a percentage of total income, depreciation and amortization expenses have decreased to 6.91 % in the financial year ended March 31, 2026, from 9.67 % in the financial year ended March 31, 2025.

Profit after tax

The profit after tax increased from 971.07 lakhs in the financial year ended March 31, 2025, to 1910.26 lakh for the financial year ended March 31, 2026, primarily on account of an increase in the ticketing revenue, and also due to increased revenue from shop operations, photography, and sale of nursery products.

FINANCIAL YEAR 2025 COMPARED TO FINANCIAL YEAR 2024

TOTAL INCOME

Our total income increased by 65.60% from 1,910.70 lakhs in the financial year ended March 31, 2024, to 3,164.04 lakhs in the financial year ended March 31, 2025, primarily due to the reasons as discussed below:

Revenue from operations

Our revenue from operations increased by 64.39 % from 1,885.84 lakhs in the financial year ended March 31, 2024, to 3,100.12 lakhs in financial year ended March 31, 2025, primarily due to an increase in the number of footfalls in water theme park from 2.43 lakhs in FY 2024 to 2.84 lakhs in FY 2025 and in snow park from 1.81 lakhs in FY 2024 to 2.30 lakhs in FY 2025. Further, the Company shifted the business model of F&B operations of the Athirappilly Theme Park from outsourcing to inhouse operation which resulted in revenue of 416.61 lakhs from sale of F&B products and restaurant operations during the year, which was nil in FY 2024. The Company also recorded an increase in revenue from shops operations from 100.01 lakhs in FY 2024 to 162.43 lakhs in FY 2025, income from photography from 33.85 lakhs in FY 2024 to 51.34 lakhs in FY 2025 and sale of nursery products from NIL in FY 2024 to 57.68 lakhs in FY 2025 due to consequent increase in footfalls and visitors during the year.

Other Income

Other income increased by 157.11% from 24.86 lakhs in financial year ended March 31, 2024, to 63.93 lakhs in financial year ended March 31, 2025 primarily due to increase in interest received by 34.44 lakhs from 18.61 lakhs in financial year ended March 31, 2024 to 53.05 lakhs in financial year ended March 31, 2025, increase in miscellaneous income by 4.03 lakhs from 2.26 lakhs in financial year ended March 31, 2024 to 6.29 lakhs in financial year ended March 31, 2025, profit on sale of property, plant & equipment in financial year ended March 31, 2024 of 4.59 lakhs in financial year ended March 31, 2025 which was offset by decrease in incentive received from 4.00 lakhs in financial year ended March 31, 2024 to nil in financial year ended March

31, 2025.

EXPENSES

Total expenses increased by 7.06% from 1,661.47 lakhs in the financial year ended March 31, 2024, to 1,778.73 lakhs in the financial year ended March 31, 2025, primarily due to the reasons discussed below:

Cost of materials consumed

Cost of materials consumed increased by 186.53 lakhs from Nil in the financial year ended March 31, 2024, to

186.53 lakhs in the financial year ended March 31, 2025, primarily due a change in the operation model on the F&B business. The company used to outsource the same, and now materials and related services are managed in-house, which has led to an increase in the cost of material consumed from Nil in the financial year 2024 to 186.53 lakhs in the financial year 2025.

Purchase of Stock in Trade

Purchase of Stock in Trade increased by 108.48% from 45.00 lakhs in the financial year ended March 31, 2024, to 93.81 lakhs in the financial year ended March 31, 2025, primarily due to an increase in the number of visitors during the year, which led to an increase in overall consumption. As a percentage of total income, purchase of stock in trade has increased to 2.96% in the financial year ended March 31, 2025, from 2.36% in the financial year ended March 31, 2024, of the total income.

Changes in Inventories

Change in Inventories increased by 40.58% from (6.80) lakhs in the financial year ended March 31, 2024, to (4.04) lakhs in the financial year ended March 31, 2025, primarily due to an increase in closing inventory by 4.04 lakhs from 14.48 lakhs in the financial year 2024 to 18.51 lakhs in the financial year 2025. As a percentage to total income, change in inventories has increased to -0.13% in the financial year ended March 31, 2025, from -0.36% in the financial year ended March 31, 2024, of the total income.

Employee benefits expense

Employee benefits expense increased by 13.76% from 571.52 lakhs in financial year ended March 31, 2024, to

650.14 lakhs in financial year ended March 31, 2025, primarily due to increase in directors remuneration by 1.56 lakhs from 44.00 lakhs in financial year 2024 to 45.56 lakhs in financial year 2025, increase in salaries and wages by 31.83 lakhs from 402.30in financial year 2024 lakhs to 434.13 lakhs in financial year 2025, increase in gratuity by 5.16 lakhs from 14.09 lakhs in financial year 2024 lakhs to 19.25 lakhs in financial year 2025, increase in staff welfare by 41.11 lakhs from 92.70 lakhs in financial year ended March 31, 2024 to 133.81 lakhs in financial year ended March 31, 2025. Majorly due to the shift of the F&B business model from outsourcing to in-house. As a percentage of total income, employee benefit cost has decreased to 20.55% in the financial year ended March 31, 2025 from 29.91% in the financial year ended March 31, 2024 of the total income.

Other expenses

Other expenses decreased by 16.99% from 623.72 lakhs in financial year ended March 31, 2024, to 517.78 lakhs in financial year ended March 31, 2025, primarily due to increase in variable cost and fixed cost such as increase in advertisement and business promotion expenses, commission and brokerage, rent and rates & taxes offset by decrease in, consumption in stores and spares, conveyance & travel charges, house keeping expenses, other expenses and repairs and maintenance of machinery & building. The expenses related to advertisement and business promotion expenses increased by 37.14 lakhs from 66.17 lakhs in the financial year ended March 31, 2024 to 103.31 lakhs in the financial year ended March 31, 2025. The expenses related to commission and brokerage increased by 16.98 lakhs from 18.27 lakhs in the financial year ended March 31, 2024 to 35.24 lakhs in the financial year ended March 31, 2025 and which are offset by the expenses related to consumption in stores and spares decreased by 42.65 lakhs from 72.45 lakhs in the financial year ended March 31, 2024 to 29.80 lakhs in the financial year ended March 31, 2025.The other expenses decreased by 29.17 lakhs from 51.39 lakhs in the financial year ended March 31, 2024 to 22.22 lakhs in the financial year ended March 31, 2025. The expenses related repairs and maintenance of machinery decreased by 27.32 lakhs from 57.28 lakhs in the financial year ended March 31, 2024, to 29.97 lakhs in the financial year ended March 31, 2025. As a percentage of total income, other expenses have decreased to 16.36% in the financial year ended March 31, 2025, from 32.64% in the financial year ended March 31, 2024.

Earnings before interest, tax, depreciation, amortization and other income

EBITDA increased by 153.82% from 652.40 lakhs in financial year ended March 31, 2024, to 1,655.89 lakhs in financial year ended March 31, 2025 primarily due to increase in ticketing revenue and footfalls during the financial year ended March 31, 2025, a change in the business model of F&B operations of the Athirappilly Theme Park and also due to increased revenue from shop operations, photography, and sale of nursery products.

Finance costs

Finance costs decreased by 7.81% from 65.30 lakhs in financial year ended March 31, 2024, to 60.20 lakhs in financial year ended March 31, 2025, primarily due to capitalization of interest cost related to capital assets and decrease in interest on term loans by 23.28 lakhs from 51.95 lakhs in financial year ended March 31, 2024 to 28.68 lakhs in financial year ended March 31, 2025. As a percentage to total income, finance costs have decreased to 1.90% in financial year ended March 31, 2025 from 3.42% in financial year ended March 31, 2024.

Depreciation and amortization

Depreciation and amortization expenses decreased by 18.68% from 376.07 lakhs in the financial year ended March 31, 2024, to 305.83 lakhs in the financial year ended March 31, 2025, primarily on account of a lower depreciable asset base as compared to the financial year ended March 31, 2024, due to devaluation of the depreciable assets. Also, some rides, equipment, or buildings have completed their useful life and no longer attract depreciation. As a percentage of total income, depreciation and amortization expenses have decreased to 9.67 % in the financial year ended March 31, 2025, from 19.68 % in the financial year ended March 31, 2024.

Profit after tax

The profit after tax increased from 96.62 lakhs in the financial year ended March 31, 2024, to 971.07 lakhs for the financial year ended March 31, 2025, primarily on account of an increase in the ticketing revenue, a change in the business model of F&B operations of the Athirappilly Theme Park and also due to increased revenue from shop operations, photography, and sale of nursery products.

SELECTED RESTATED STATEMENT OF ASSETS AND LIABILITIES

The table below sets forth the principal components of our total assets, equity and liabilities as at the periods indicated in the table below:

( in lakhs)

Particulars		As at March 31,
	2026	2025	2024
Total Shareholders\u2019 funds	13,348.15	11,192.73	7,772.51
Total Non-Current Liabilities	5,450.26	2,625.08	2,463.44
Total Current Liabilities	2,610.81	1,342.33	966.30
Total Equity and Liabilities	21,409.22	15,160.14	11,202.24
Total Non-current Assets	19,961.92	13,893.27	10,575.48
Total Current Assets	1,447.30	1,266.87	626.76
Total Assets	21,409.22	15,160.14	11,202.24

Our shareholders fund increased from 7,772.51 lakhs as at March 31, 2024, to 11,192.73 lakhs as at March 31, 2025, and to 13,348.15 lakhs as at March 31, 2026. Increase in fiscal 2024 was primarily on account of profit after tax for the financial year ended March 31, 2024, amounting to 96.62 lakhs. Increase in shareholders fund in the financial year ended 2025 is primarily due to the issue of compulsory convertible equity shares and profit after tax for the financial year ended 2025 of 971.07 lakhs. Further, increase in the financial year ended March 31, 2026 was due to increase in profit after tax amounting to 1,910.27 lakhs.

Our total non-current liabilities increased from 2,463.44 lakhs to 2,625.08 lakhs as at March 31, 2025, which was primarily on account of an increase in long-term borrowings from 2,282.45 to 2,443.03 lakhs. Further increase during the financial year ended March 31, 2026 our total non-current liabilities increased to 5,450.26 lakhs, is due to an increase in the long-term borrowing from 2,443.03 lakhs to 5,210.02 lakhs.

Our total current liabilities increased from 966.30 lakhs as at March 31, 2024, to 1,342.33 lakhs as at March 31, 2025, and increased to 2,610.81 lakhs during the financial year ended March 31, 2026. Increase in fiscal 2024 to fiscal 2025 was primarily on account of an increase in other current liabilities from 144.03 lakhs in fiscal 2024 to 233.96 lakhs in fiscal 2025, and an increase in short-term provision from 113.18 lakhs in fiscal 2024 to 368.63 lakhs in fiscal 2025. Further increase during the year ended March 31, 2026 , our total current liabilities increased to 2,610.81 lakhs, which is due to an increase in the short-term borrowing from 551.95 lakhs to 1,297.07 lakhs, short term provision from 376.22 lakhs to 733.72 lakhs, and trade payable from 187.78 lakhs to 290.91 lakhs.

Detailed breakdown and Settlement timelines of Trade Payables

1. Composition of Trade Payables

The outstanding balance primarily consists of following:

Trades payables for capital expenditure ( 132.54 lakhs): This represents the largest portion of the payables and is related to the ongoing Cable Car project and Athirappilly Theme Park expansion.

Trade payables for operational supplies ( 66.56 lakhs): This includes payable for stores, spares, consumables, merchandise, and food & beverage items.

Trade Payable for services ( 91.81 lakhs). This represents payable to various service providers for professional and technical services availed by the company.

2. Credit Period and Settlement Terms

Payables for capital expenditure: These amounts are scheduled for settlement in accordance with the specific milestone-based payment terms outlined in the respective Purchase Orders (POs) issued to the vendor. A significant portion of these remains outstanding pending the completion of project phases or installation certificates.

Payables for operational supplies and services: The company generally enjoys a credit period of 30 to 45 days on case-to-case basis, as agreed between the Company and the vendor. These accounts are being settled periodically within the agreed-upon credit cycle.

The current payable levels reflect the heightened procurement activity associated with our expansion projects. The company remains committed to clearing all outstanding balances as per the contractual obligations and continues to maintain healthy vendor relationships.

Our total non-current assets increased from 10,575.48 lakhs as at March 31, 2024, to 13,893.27 lakhs as at March 31, 2025, and increased to 19,961.92 lakhs as at March 31, 2026. The increase was primarily on account of Purchase and revaluation of property, plant, and equipment for 13,410.22 lakhs as at fiscal 2025, and 5,363.08 lakhs as at March 31, 2026.

Our total current assets increased from 626.76 lakhs as at March 31, 2024, to 1,266.87 lakhs as at March 31, 2025, and increased to 1,447.30 lakhs as at March 31, 2026. The increase was primarily on account of short-term loans and advances from 513.77 lakhs as at fiscal 2024 and to 1,001.57 lakhs as at fiscal 2025 and 1,098.57 as at March 31, 2026.

Break-up of trade receivable as on March 31, 2026:

(i) Disposal of fixed assets ( 9.25 lakhs): This amount is due from two buyers for old rides dismantled during the park expansion.

Except 3.22 lakhs written off in FY2025, the Company has not faced any bad debts in last three financial year.

Cash flows

The following table sets forth our cash flows for the period indicated:

( in lakhs)

Particulars	Fiscal 2026	Fiscal 2025	Fiscal 2024
Net cash flow from/ (used in) operating activities	2,528.52	642.05	494.18
Net cash flow from/ (used in) investing activities	(6,283.63)	(2,363.32)	(1,012.28)
Net cash flow from/ (used in) financing activities	3,715.55	1,755.34	298.60
Net increase/decrease in cash and cash equivalents	(39.56)	34.07	(219.50)
Cash and cash equivalents at the beginning of the year	45.00	10.93	230.43
Cash and cash equivalents at the end of the year	5.44	45.00	10.93

Financial Year 2025-26

Our net cash generated from operating activities was 2,528.52 lakhs for the financial year ended March 31, 2026. Our operating profit before changes in working capital was 2,983.06 lakhs which was primarily adjusted against increase in inventories by 120.87 lakhs, short term loans and advances by 97 lakhs, other current assets by 12.59 lakhs, long term provisions by 9.82, other non-current assets by 85.02 lakhs and decrease in trade receivables by 21.21 lakhs, trade payables by 103.12 lakhs, short term provisions by 7.77 lakhs, other current liabilities by 55.15 lakhs, long term loans and advances by 59.47 respectively while company has paid direct tax of 375.97 during the year.

Financial Year 2024-25

Our net cash generated from operating activities was 642.05 lakhs for the financial year ended March 31, 2025. Our operating profit before changes in working capital was 1,662.18 lakhs which was primarily adjusted against increase in inventories by (78.55) lakhs, trade receivables by (2.94) lakhs, short term loans and advances by (487.81) lakhs, other current assets by (36.73) lakhs, trade payables by 32.14 lakhs, other current liabilities by 89.94 lakhs, long term provisions by 18.19, long term loans and advances by (373.62) and other non-current assets by (4.81) lakhs and decrease in other non-current liabilities by 35.31 lakhs respectively while company has paid direct tax of 140.63 during the year.

Financial Year 2023-24

Our net cash generated from operating activities was 494.18 lakhs for the financial year ended March 31, 2024. Our operating profit before changes in working capital was 676.39 lakhs which was primarily adjusted against and increase in trade receivables by (7.65) lakhs, short term loans and advances by (227.12) lakhs, trade payables by 96.91 lakhs, other current liabilities by 2.03 lakhs, Long term provisions by 12.09 lakhs and increase in long term loans and advances by 67.84, other non-current assets by 3.01 lakhs and inventories by 15.09 lakhs, other current assets by 3.01 lakhs, respectively.

INVESTING ACTIVITIES

Financial Year 2025-26

Our net cash used in investing activities was 6,283.63 lakhs for the financial year ended March 31, 2026. It was on account of the Sale of Property, Plant, and Equipment amounting to 3.43 lakhs, Interest and other income by 84.48 lakhs, respectively, which was offset against Purchase of Property, Plant, and Equipment, Intangible Assets, including Capital Work In Progress, and Intangible Assets under development of 6,360.79 lakhs.

Financial Year 2024-25

Our net cash used from investing activities was (2,363.32) lakhs for the financial year ended March 31, 2025. It was on account of the Sale of Property, Plant, and Equipment by 24.91 lakhs and Interest and other income by 53.05 lakhs, respectively, which was offset against Purchase of Property, Plant, and Equipment, Intangible Assets, including Capital Work In Progress, and Intangible Assets under development by 2,441.28 lakhs.

Financial Year 2023-24

Our net cash used from investing activities was (1,012.28) lakhs for the financial year ended on March 31, 2024. It was on account of Sale of Property, Plant and Equipment by 15.94 lakhs and Interest and other income by 18.61 lakhs, respectively which was offset against the purchase of property, plant, and equipment, intangible assets, including capital work in progress and intangible assets under development by 1,046.82 lakhs.

FINANCING ACTIVITIES

Financial Year 2025-26

Net cash generated from financing activities for the financial year ended March 31, 2026, was 3,715.55 lakhs which was on account of proceeds from issue of shares amounting to 245.15 lakhs and Proceeds of Long Term Borrowings and Short Term Borrowings of 2,766.99 lakhs and 745.13 lakhs respectively which were off-setted interest payment of 41.71 lakhs.

Financial Year 2024-25

Net cash generated from financing activities for the financial year ended March 31, 2025, was 1,755.34 lakhs which was on account of proceeds from issue of share capital of 38.90 lakhs, Securities premium of 1,658.52 lakhs and Proceeds of Long Term Borrowings of 160.59 lakhs which were off-setted by share issue expenses of 72.50 lakhs and repayment of short term borrowings of 1.49 lakhs and interest paid of 28.68 lakhs.

Financial Year 2023-24

Net cash generated from financing activities for the financial year ended March 31, 2024, was 298.60 lakhs which was on account of proceeds from the issue of share capital of 342.53 lakhs, proceeds of short-term borrowings of 80.57 lakhs, which were offset by Interest paid of 51.95 lakhs, and repayment of long-term borrowings of 127.08 lakhs.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the risk of loss related to adverse changes in market prices, including interest rates. In the normal course of business, we are exposed to certain market risks, including interest risks.

Capital Expenditures

Our historical capital expenditures were, and we expect our future capital expenditures to be primarily for acquiring rides and facilities across our amusement parks and expanding our current operations in line with our strategies. Our capital expenditure expenses Fiscal 2026, Fiscals 2025, and 2024 was 6,360.79 lakhs, 2,441.28 lakhs, and

1,046.82 lakhs, respectively. A substantial portion of our capital expenditure in Fiscals 2026, 2025, and 2024 was spent in connection with the construction of Lucknow Snow Park and FEC and addition of new rides and facilities at Athirappilly Theme Park.

We expect to expand our businesses, specifically expansion of our Athirappilly Theme Park and opening of Lucknow Snow Park and FEC, amongst others, in line with our strategy over the next few years and expect to incur additional capital expenditure costs. We may accelerate or slow down our expansion plants and accordingly adjust our capital expenditure plans during any period based on market conditions or other factors. We may undertake additional capital expenditures as opportunities or needs arise. Our ability to maintain and grow our total income and cash flows depends upon continued capital spending. Our current and future projects may be significantly delayed by the failure to receive regulatory approvals or renewal of approvals in a timely manner, failure to obtain sufficient funding, technical difficulties, human resources constraints, technological or other resource constraints or for other unforeseen reasons, events or circumstances. We adjust our capital expenditure plans and investment budget periodically based on factors deemed relevant by us. Therefore, our actual capital expenditures and investments are likely to be different from our current planned amount and such differences may be significant. See Risk Factors on page 23 for more information. We intend to use a portion of the Net Proceeds for our capital expenditure requirements. See Objects of the Issue on page 118.

Interest rate risk

Interest rate risk results from changes in prevailing market interest rates, which can cause a change in the fair value of fixed-rate instruments and changes in the interest payments of the variable-rate instruments. Our operations are funded to a certain extent by borrowings. Our current loan facilities carry interest at variable rates as well as fixed rates. We mitigate risk by structuring our borrowings to achieve a reasonable, competitive cost of funding. There can be no assurance that we will be able to do so on commercially reasonable terms, that our counterparties will perform their obligations, or that these agreements, if entered into, will protect us adequately against interest rate risks.

Liquidity risk

Adequate and timely cash availability for our operations is the liquidity risk associated with our operations. Our

Companys objective is to all time maintain optimum levels of liquidity to meet its cash and collateral requirements. We employee prudent liquidity risk management practices which inter-alia means maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities.

Credit Risk

We are exposed to the risk that our counterparties may not comply with their obligations under a financial instrument or customer contract, leading to a financial loss. We are exposed to credit risk from our operating activities, primarily from trade receivables.

We consider our customers to be creditworthy counterparties, which limits the credit risk, however, there can be no assurance that our counterparties may not default on their obligations, which may adversely affect our business and financial condition.

Contingent Liabilities

The following table sets forth the principal components of our contingent liabilities as per AS 29 - Provisions, Contingent Liabilities and Contingent Assets as of March 31, 2026 and March 31, 2025:

( in lakhs)

Particulars	As at March 31, 2026	As at March 31, 2025
Commitments classified as:
Estimated amount of contracts remaining to be executed on capital account and not provided for;	323.40	-

Material Frauds

There is no material frauds committed against our Company in the last three financials year.

Auditors Observations

There are no auditor qualifications in the examination report that have not been given effect to in the Restated Financial Statements.

Changes in Accounting Policies

There have been no changes in our accounting policies during Fiscal 2026, 2025, and 2024.

Recent Accounting Pronouncements

As of the date of this Red Herring Prospectus, there are no recent accounting pronouncements, which would have a material effect on our financial condition or results of operations.

Unusual or Infrequent Events or Transactions

Except as described elsewhere in this Red Herring Prospectus, there have been no events or transactions to our knowledge which may be described as unusual or infrequent.

Significant economic/regulatory changes

Government policies governing the sector in which we operate as well as the overall growth of the Indian economy, has a significant bearing on our operations. Major changes in these factors can significantly impact income from continuing operations.

There are no significant economic changes that materially affected our Companys operations or are likely to affect income except as mentioned in the section titled Risk Factors on page 23 of this Red Herring Prospectus.

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

Other than as described in the section titled Risk Factors and chapter titled Managements Discussion and Analysis of Financial Conditions and Results of Operations on pages 23 and 309, respectively, of this Red Herring Prospectus, to our knowledge there are no known trends or uncertainties that have or are expected to have a material adverse impact on our income from continuing operations.

Future changes in the relationship between costs and revenues

Other than as described in the section titled Risk Factors and chapter titled Managements Discussion and Analysis of Financial Conditions and Results of Operations on pages 23 and 309 respectively, and elsewhere in this Red Herring Prospectus, there are no known factors to our knowledge which would have a material adverse impact on the relationship between costs and income of our Company. Our Companys future costs and revenues will be determined by demand/supply situation, government policies and other economic factors.

New products or Business segments

Except as disclosed in this Red Herring Prospectus, we have not announced and do not expect to announce in the near future any new products/ services or business segment.

Seasonality of Business

Except as mentioned in this chapter, Our Business and Risk Factors on page 189 and 23, respectively, of this Red Herring Prospectus, our business is not subject to seasonal variations.

Significant dependence on a single or few suppliers or customers

We have a wide customer base and do not have any material dependence on any particular customer. For the financial year ended March 31, 2026, March 31, 2025, and March 31, 2024, our top five suppliers accounted for 39.16%, 39.99%, and 78.55% respectively, and our largest supplier accounted for 9.60%, 19.61%, and 39.62% of our total cost of material consumed, respectively.

Related Party Transactions

We enter into various transactions with related parties in the ordinary course of business. For further information relating to our related party transactions see Restated Financial Statements on page 257.

Off-Balance Sheet Commitments and Arrangements

We do not have any off-balance sheet arrangements, derivative instruments, swap transactions or other relationships with affiliates or other unconsolidated entities or financial partnerships that would have been established for the purpose of facilitating off-balance sheet arrangements.

Material Developments subsequent to March 31, 2026

Except as mentioned below, no circumstances have arisen since March 31, 2026, the date of the last financial statements as disclosed in this Red Herring Prospectus which materially or adversely affect or are likely to affect our operations or profitability, or the value of our assets or our ability to pay our material liabilities within the next twelve months:

1. The Company availed a term loan amounting to 475.00 lakhs on May 29, 2026 from Axis Bank Limited.

2. Sunita Bhargava resigned as the Company Secretary and Compliance Officer of the Company with effect from April 30, 2026.

3. Nagashruti Shivanand Lakkimarad was appointed as Company Secretary and Compliance Officer of the Company with effect from May 1, 2026.

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