Susan Electricals India Ltd Management Discussions

(1) Revenue from operation means revenue from sale of products & services and other operating revenues ⁽²⁾EBITDA is calculated as Profit before tax + Depreciation + Finance cost - Other Income ⁽³⁾‘EBITDA Margin is calculated as EBITDA divided by Revenue from Operations ⁽⁴⁾ PAT is calculated as Profit before tax Tax Expenses ⁽⁵⁾‘PAT Margin is calculated as PAT for the period/year divided by revenue from operations. ⁽⁶⁾ Return on Equity is ratio of Profit after Tax and Average Shareholders Equity ⁽⁷⁾ Return on Capital Employed is calculated as EBIT divided by capital employed, which is defined as Shareholders Fund + Long term borrowing + Short term borrowing+ Deferred Tax Liability. ⁽⁸⁾ Net Worth is calculated as total shareholders funds. ⁽⁹⁾ Revenue from repeat customers represents revenue generated during the relevant fiscal year or period from customers who were also invoiced in the immediately preceding financial year. The percentage of revenue from repeat customers is calculated by dividing revenue from repeat customers by total revenue from operations for the respective fiscal year or period.

Explanation for KPI metrics:

SIGNIFICANT ACCOUNTING POLICIES

i. Basis of preparation of Consolidated Financial Statements

The Restated Statement of Assets and Liabilities of the Company as at March 31, 2026, March 31, 2025, March 31, 2024 and, the Restated Statements of Profit and Loss for the year ended March 31, 2026 and for the Financial Year ended March 31, 2025, March 31, 2024 and, the Restated Cash Flow Statement for the period ended March, 31, 2026 and for the Financial Year ended March 31, 2025, March 31, 2024 and, the Summary Statement of Significant Accounting Policies, the Notes and Annexures as forming part of these Restated Financial Statements (collectively, the “Restated Financial Information”) has been extracted by the management from the Audited Financial Statements of the Company.

The financial statements of the company have been prepared and presented in accordance with the Generally Accepted Accounting Principles (GAAP). GAAP comprises the Accounting Standards notified under the Companies Act, 2013. The accounting policies have been framed, keeping in view the fundamental accounting assumptions of Going Concern, Consistency and Accrual, as also basic considerations of Prudence, Substance over form, and Materiality. These have been applied consistently, except where a newly issued accounting standard is initially adopted or a revision in the existing accounting standards require a revision in the accounting policy so far in use. The need for such a revision is evaluated on an ongoing basis.

The Financial Statements have been prepared on a going concern basis, in as much as the management neither intends to liquidate the company nor to cease operations. Accordingly, assets, liabilities, income and expenses are recorded on a Going Concern basis. Based on the nature of products and services, and the time between the acquisition of assets and realization in cash or cash equivalents, the company has ascertained its operating cycle as 12 months for the purposes of current and non-current classification of assets and liabilities.

The Accounting policies have been consistently applied by the company and is consistent with those used in previous year.

ii. Use of Estimates

The preparation of financial statements in conformity with the generally accepted accounting principles requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities on the date of financial statements. Although these estimates are based upon Managements best knowledge of current events, plans and actions, actual results could differ from these estimates. Any revision to accounting estimates is recognized prospectively in current and future periods.

iii. Property Plant and Equipment

Property, plant and equipment is stated at acquisition cost net of accumulated depreciation and accumulated impairment losses, if any. Cost of acquisition or construction of property, plant and equipment comprises its purchase price including import duties and non-refundable purchase taxes after deducting trade discounts, rebates and any directly attributable cost of bringing the item to its working condition for its Intended use.

a. Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance cost are charged to the statement of profit and loss during the period in which they are incurred.

b. Gains or losses that arise on disposal or retirement of an asset are measured as the difference between net disposal proceeds and the carrying value of property, plant and equipment and are recognized in the statement of profit and loss when the same in derecognized.

Capital Work in Progress

Costs relating to assets not ready for intended use are capitalized as Capital Work-in-Progress. Assets included in Capital Work-in-Progress are not depreciated.

iv. Intangible Assets

Intangible assets are carried at historical cost less accumulated amortization and impairment loss, if any. The cost of intangible assets comprises its purchase price, including any directly attributable / allocable expenditure. Subsequent expenditure on an intangible asset after its purchase/completion is recognized as an expense when incurred unless it is probable that such expenditure will enable the asset to generate future economic benefits in excess of its originally assessed standards of performance and such expenditure can be measured and attributed to the asset reliably, in which case such expenditure is added to the cost of the asset.

v. Depreciation/ amortization

Depreciation amount for an asset is the cost of the asset, or other amount substituted for cost, less its estimated residual value.

Depreciation on property, plant and equipment is provided on written down value method over the useful life as prescribed under the Part-C of Schedule-II of the Companies Act, 2013, which is also estimated by the management of the company to be the estimated useful life of the asset. Depreciation for assets purchased/ sold during the year is proportionally charged.

The company estimates the useful life for property, plant and equipment and intangible assets as under:-

vi. Intangible Assets Under Development

Projects under which assets are not ready for their intended use and other capital work-in- progress are carried at cost, comprising direct cost, attributable interest and related incidental expenses, if any.

vii. Impairment of assets

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external factors. An impairment loss is recognised wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the assets net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital. After impairment, depreciation/amortization is provided on the revised carrying amount of the asset over its remaining useful life.

viii. Investments Non-current Investments

Non-current investments are investments intended to be held for a period of more than a year. Non-current investments are carried individually at cost less provision for diminution, other than temporary, in the value of such investments.

Current Investments

Current investments are investments intended to be held for a period of less than a year. Current investments are stated at the lower of cost and market value, determined on an individual investment basis.

ix. Revenue Recognition

Revenue is recognized to the extent that it can be reliably measured and is probable that the economics benefit will flow to the company. Revenue from sale of goods (Manufactured and Traded) are recognized when the significant risks & rewards of ownership of the goods are transferred to the customers.

Revenue from the sale of services is in nature of job work on customer product. Revenue is recognised when products are sent to the customer on which job work is completed.

The amount recognised as revenue is exclusive of Goods and Services Tax (GST) and net of trade discounts.

x. Other Income

Other income mainly comprises interest income on bank and other deposits, profit on sale of property, plant and equipment. Interest income is recognised in time proportionate basis.

xi. Employee Benefit

Employee benefits in the form of Provident Fund and Employee State Insurance Scheme are defined contribution plans, and the contributions are charged to the Statement of Profit and Loss of the year when the contributions to the respective funds are due. There are no other obligations other than the contribution payable to the respective funds.

Short-term employee benefits: All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits and are recognised in the Statement of Profit and Loss in the period in which the employee renders the related service.

Gratuity is a post-employment benefit and is in the nature of a defined benefit plan. The liability recognised in the balance sheet in respect of gratuity is the present value of the defined benefit obligation at the balance sheet date. The defined benefit obligation is calculated at the balance sheet date by an independent actuary using the projected unit credit method. Actuarial gains and losses arising from past experience and changes in actuarial assumptions are charged to the Statement of Profit and Loss in the year in which such gains or losses are determined.

xii. Taxes on Income

Tax expense comprises of current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax Act 1961. Deferred income taxes reflect the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.

Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. In situations where the Company has unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits.

At each balance sheet date, the Company re-assesses unrecognized deferred tax assets. It recognizes unrecognized deferred tax assets to the extent that it has become reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which such deferred tax assets can be realized.

xiii. Preliminary Expenditure

Preliminary Expenditures are amortized fully in the year in which they are incurred.

xiv. Cash and Bank Balances

Cash and cash equivalents comprise cash and cash on deposit with banks. The Company considers all highly liquid investments with a remaining maturity at the date of purchase of three months or less and that are readily convertible to known amounts of cash to be cash equivalents.

xv. Current and Non-Current classification

The company presents assets and liabilities in the balance sheet on current/non-current classification (i) An asset is treated as current where it is

-Expected to be released or intended to sold or consumed in normal operating cycle -Held primarily for the purpose of trading -Expected to be realized within twelve months after the reporting period or

-Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period All other assets are classified as non-current.

(ii) A liability is treated as current where it is -Expected to be settled in normal operating cycle -Held primarily for the purpose of trading -Due to be settled within twelve months after the reporting period

-There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period All other liabilities are classified as non-current.

(iii) Deferred Tax assets/liabilities are classified as non-current assets/liabilities

The operating cycle is the time between the acquisition of assets for processing and their realization/settlement in cash and cash equivalents. The companies have identified twelve months as their operating cycle for classification of their current assets and liabilities.

xvi. Inventory

Inventories are value as follows:

Raw material: Raw materials, stores and spares are valued at lower of cost and net realisable value. Cost of raw materials, components and stores and spares is determined on a first in first out (FIFO) basis.

Finished goods are valued at lower of cost and net realisable value. Cost includes raw material, and direct and indirect overheads. Cost is determined on a weighted average basis. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.

xvii. Foreign currency transactions

Foreign exchange transactions during the year are recorded at the exchange rate prevailing on the date of transaction. Gains or losses arising out of fluctuations in exchange rate between transaction date and settlement date are recognized in the Statement of Profit and Loss.

Monetary assets and liabilities are translated at the exchange rate prevailing at the year end and the resultant gain/ loss is recognized in the Statement of Profit and Loss.

xviii. Borrowing Cost

Borrowing costs that are directly attributable to the acquisition of qualifying assets are capitalized for the period until the asset is ready for its intended use. (a) Qualifying asset is an asset that necessarily takes substantial period of time to get ready for its intended use. (b) Other Borrowing costs are recognized as expense in the period in which they are incurred.

xix. Related Party Disclosures

As per Accounting Standard 18-Related Party Disclosures issued by the ICAI, related party means “Parties are considered to be related if at any time during the reporting period one party has the ability to control the other party or exercise significant influence over the other party in making financial and/or operating decisions” and Related Party transaction means “a transfer of resources or obligations between related parties, regardless of whether or not a price is charged.

xx. Provisions and contingent liabilities

A provision is created when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provisions or disclosure is made.

xxi. Earnings Per Share (EPS)

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders are the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

xxii. Segment Reporting

The Company has a single reportable segment for the purpose of Accounting Standard 17.

xxiii. Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non- cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities are segregated.

OTHER NOTES TO RESTATED FINANCIAL STATEMENTS

1. Employee benefits plans

1) Defined benefit plan:

The Company offers the following employee benefit schemes to its employees:

Gratuity

The Company operates gratuity plan wherein every employee is entitled to the benefit equivalent to 15 days of total gross salary last drawn for each completed year of service subject to maximum of Rs. 20,00,000 per employee. Gratuity is payable to all eligible employees of the Company on retirement, separation, death or permanent disablement, in terms of the provisions of the Payment of Gratuity Act. The gratuity plan for the Company is a defined benefit scheme where annual contributions as per actuarial valuation are charged to the statement of Profit and Loss.

Principal assumptions used in determining Gratuity

a) Economics assumptions

The principal assumptions are the discount rate & salary growth rate. The discount rate is generally based upon the market yields available on Government bonds at the accounting date relevant to currency of benefit payments for a term that matches the liabilities. Salary growth rate is companys long term best estimate as to salary increases & takes account of inflation, seniority, promotion, business plan, HR policy and other relevant factors on long term basis as provided in relevant accounting standard. These valuation assumptions are as follows & have been received as input from you.

b) Demographic assumptions

Attrition rates are the companys best estimate of employee turnover in future determined considering factors such as nature of business & industry, retention policy, demand & supply in employment market, standing of the company, business plan, HR Policy etc as provided in the relevant accounting standard. Attrition rates as given below have been received as input from the company.

Actuarial Method a) Company has used the projected unit credit (PUC) actuarial method to assess the plans liabilities allowing for retirements, deaths-in-service and withdrawals (Resignations / Terminations). b) Under the PUC method a projected accrued benefit is calculated at the beginning of the period and again at the end of the period for each benefit that will accrue for all active members of the plan. The projected accrued benefit is based on the plan accrual formula and service as at the beginning and end of the period, but using members final compensation, projected to the age at which the employee is assumed to leave active service. The plan liability is the actuarial present value of the projected accrued benefits as on the date of valuation.

Changes in the present value of benefit obligation

Actuarial gain/loss on plan assets

The amounts to be recognised in balance sheet and related analysis

Expenses recognised in the Statement of Profit and Loss

Reconciliation statement of expense in the statement of profit and loss

Bifurcation of PBO at the end of year as per schedule III to the companies Act, 2013.

2. Non-Adjustment Items

No Audit qualifications for the respective periods which require any corrective adjustment in these Restated Financial Statements of the Company have been pointed out during the restated period.

3. Material Regroupings

Appropriate adjustments have been made in the restated summary statements of Assets and Liabilities, Profit & Loss and Cash flows wherever required by reclassification of the corresponding items of income, expenses, assets and liabilities in order to ensure consistency and compliance with requirement of Company Act 2013, and Accounting Standards and bring them in line with the requirements of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018.

4. Material Adjustments in Restated Profit & Loss Account

Explanatory notes to the above restatements to profits made in the audited Financial Statements of the Company for the respective years:

Reason for Change a) Adjustment for change in employee benefit expenses: The Company has not recognised gratuity expenses in Statement of Profit and Loss as per requirement of AS-15 "Employee benefits". The Company, however during the restatement, complied with the requirement of AS 15 (Revised) “Employee Benefits” and accordingly booked Gratuity expenses as per actuarial valuation report.

b) Adjustment for change in employee benefit expenses: The Company has not recognised bonus. The Company, during the restatement, recognised the bonus in Restated Statement of Profit and Loss account.

c) Interest payable under the Micro, Small and Medium Enterprises Development Act, 2006 has been recognised/adjusted based on updated information and management assessment, resulting in changes in the respective periods.

d) Adjustment for interest on unsecured loan from Directors & their relatives: The Company has not recognised interest on unsecured loan from Directors & their relatives. The Company, during the restatement, recognised the interest on loan from Directors, relatives in Restated Statement of Profit and Loss account. e) During the restatement, the Income tax provision was recalculated on restated Profit/(Loss) of respective year, accordingly the effect of revised income tax provision has been made in the Restated Statement of Profit and Loss account. Short/(Excess) provision has adjusted in respective year/period. For More details, refer Annexure 13 enclosed with the Restated Financial Statement.

f) Due to Provision for Gratuity (Employee benefits), Difference of WDV of Fixed Assets as per Companies Act, 2013 and Income Tax Act, 1961 during the period of restatement, The Company has recalculated deferred tax liability and deferred tax assets at the end of respective year ended. For more details refer table of Reconciliation of Statement of Profit and loss given below.

Material Adjustments in Restated Assets & liabilities Statement:

Explanatory notes to the above restatements made in the audited financial statements of the Company for the respective years.

Reason for Change

Note 1 - Adjustments having impact on Profit

Amounts relating to the prior period have been adjusted in the year to which the same relates to and the same amount is arrived on account of change in Opening Balance of Reserve and Surplus due to the restated effect on the profit / (loss) of prior period.

Note - To give Explanatory Notes regarding Adjustments

Appropriate adjustments have been made in the restated financial statements, wherever required, by reclassification of the corresponding items of Income, expenses, assets and liabilities, in order to bring them in line with the groupings as per the audited financial of the company for all the years and requirements of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018.

5. Expenditure/Earnings in Foreign currency (on accrual basis)

6. Disclosure Regarding Derivative Instruments and Unhedged Foreign Currency Exposure There is no outstanding derivative Instrument as on the end of respective period/year.

The accompanying summary of significant accounting policies, restated notes to accounts and notes on adjustments for restated financial Statement (Annexure 4 to 37) are an integral part of this statement.

Our Result of Operations

The following discussion on results of operations should be read in conjunction with the Restated Financial Statements for the Fiscals ended 31^st March 2026, 2025 and 2024.

(Rs in Lakhs)

Key Components of Income and Expenses

We report on our income and expenditure in the following manner:

Total Income

Our total income comprises of revenue from operations and other incomes.

Revenue from operations:

Revenue from operations mainly consists of revenue from sale of Goods which includes Low Tension cable, High Tension cable, Winding Aluminium wire/strap, Aluminium Wire/Rod, MVCC, Winding Copper Wire/Strip, Conductor, Aluminium rod, Aluminium Wire, Winding Copper Wire/Strip, Aluminium/Zinc Ingots and Others (Raw Material/ Packing Goods).

The following table sets forth the bifurcation of revenue (product-wise) for the fiscal years 2026, 2025 and 2024.

(Rs in Lakhs)

Other Income:

Other income primarily comprises of Interest on IT refund and FDR, Discount received, Profit on sale of assets, Miscellaneous income and Liabilities written back.

Total Expenses:

Total expenses consist of operating cost like Cost of material consumed, Change in inventories of finished goods, Employee benefits expense, Finance costs, Depreciation and amortization expense and Other expenses.

Cost of material consumed:

Cost of Material consumed expenses primarily comprise of purchase of Raw Material & Consumables, as adjusted with opening and closing stock.

Change in inventories of finished goods:

Changes in inventories of finished goods between opening and closing dates of a reporting period.

Employee benefits expense:

Employee benefits expense comprises of Salary, Wages and Supervision Charges, Directors Remuneration, Contribution to Provident and Other Funds and Gratuity expenses.

Finance Costs:

Our finance cost includes Interest on term loan, cash credit and overdraft and others, Bank & Other charges and Processing charges.

Depreciation and Amortization Expenses:

Depreciation includes depreciation on tangible assets such as Buildings, Plant & Machinery, Office Equipment, Furniture and Fixtures, Computer & Laptops and Vehicles.

Other Expense:

Other Expenses includes manufacturing expenses like job work charges, freight & cartage inward expense, consumable stores, loading & unloading expenses, power & fuel expenses, AMC charges, testing & certification fee, repair & maintenance plant & machinery. Selling and Other General & Administrative expenses like advertisement and business promotion, BIS fees, commission, discount allowed, freight outward, auditors remuneration, insurance, rent, repair & maintenance, legal professional and consultancy expenses, communication, printing & stationery, vehicle rent & running expenses, rates & taxes, tour & travel, donation, office expenses, ROC charges, software renewal, stamp duty, tender cost and miscellaneous expenses.

FINANCIAL YEAR ENDED 31st MARCH 2026 COMPARED TO FINANCIAL YEAR ENDED 31st MARCH 2025

Total Income:

The total income for FY 2025-26 stood at Rs. 26,996.47 Lakhs, compared to Rs. 13,605.00 Lakhs in FY 2024-25, reflecting a growth of 98.44%. The increase was primarily attributable to substantial growth in revenue from operations, supported by higher sales volumes across various product categories and increase in other income.

Revenue from Operations:

During the period ended March 31^st, 2026 Revenue from operations of the Company increased to Rs. 26,935.66 lakhs in FY 2025-26 from Rs. 13,573.97 lakhs in FY 2024-25, reflecting a growth of 98.44%.The increase in revenue was primarily driven by higher sales of manufacturing products and expansion in product portfolio. Sales of Low-Tension Cables increased to Rs. 7,954.74 lakhs in FY 2025-26 from Rs. 7,433.76 lakhs in FY 2024-25. The Company also reported sales from newly introduced products such as High-Tension Cables amounting to Rs. 380.10 lakhs, MVCC amounting to Rs. 1,918.60 lakhs. Further, sales of Winding Aluminium Wire/Strip increased to Rs. 4,675.36 lakhs in FY 2025-26 from Rs. 3,672.62 lakhs in FY 2024-25. Sales of Conductors also increased substantially to Rs. 465.57 lakhs in FY 2025-26 from Rs. 3.23 lakhs in FY 2024-25. In addition, revenue from traded products stood at Rs. 10,337.16 lakhs, revenue from services stood at Rs. 146.28 lakhs and other operating revenue amounted to Rs. 369.34 lakhs during FY 2025-26.

Other Income:

Other income of the Company increased to Rs. 60.81 lakhs in FY 2025-26 from Rs. 31.02 lakhs in FY 2024-25. Other income primarily comprised interest on fixed deposits amounting to Rs. 44.32 lakhs in FY 2025-26 as compared to Rs. 17.32 lakhs in FY 2024-25, discount received amounting to Rs. 14.37 lakhs as against Rs. 10.94 lakhs in FY 2024-25, and miscellaneous income amounting to Rs. 1.18 lakhs as compared to Rs. 0.62 lakhs in FY 2024-25. Interest on income tax refund and liabilities written back were nil during FY 2025-26 as compared to Rs. 2.10 lakhs and Rs. 0.05 lakhs, respectively, in FY 2024-25.

Total Expenses:

Total expenses of the Company increased to Rs. 24,534.20 lakhs in FY 2025-26 from Rs. 12,820.53 lakhs in FY 2024-25, primarily in line with the significant increase in scale of operations and business activities. Total expenses mainly comprised cost of material consumed, changes in inventories of finished goods, employee benefits expense, finance costs, depreciation and amortization expenses and other expenses.

Cost of Material Consumed:

During the period ended March 31^st, 2026 the Cost of Material Consumed of our Company stood at Rs. 23,457.71 Lakhs as against Rs. 11,725.19 lakhs due to increased purchases of Rs. 24,403.50 lakhs in FY 2025-26 as against Rs. 13,083.24 lakhs in FY 2024-25.

Change in inventories of Finished Goods:

During the period ended March 31^st, 2026 the changes in inventories of finished goods stood at Rs. (1,253.63) lakhs in FY 2025-26 as compared to Rs. (463.87) lakhs in FY 2024-25. The movement was primarily attributable to higher closing inventory levels in line with increased scale of operations and inventory management requirements.

Employee benefits expense:

During the period ended March 31^st, 2026 the employee benefits expense of our Company stood at Rs. 589.27 Lakhs as compared to Rs. 469.25 lakhs. The increase was primarily on account of higher salary, wages and supervision charges, which increased to Rs. 552.42 lakhs in FY 2025-26 from Rs. 450.77 lakhs in FY 2024-25, along with increase in directors remuneration from Rs. 13.80 lakhs in FY 2024-25 to Rs. 29.45 lakhs in FY 2025-26.

Finance Costs:

During the period ended March 31^st, 2026 the finance costs of our Company stood at Rs. 654.76 lakhs as against Rs. 351.14 lakhs in FY 2024-25. The increase was primarily due to higher utilization of borrowings for business expansion and working capital requirements. Interest on other borrowings increased to Rs. 198.77 lakhs in FY 2025-26 from Rs. 67.89 lakhs in FY 2024-25. Further, processing charges increased to Rs. 36.03 lakhs in FY 2025-26 from Rs. 8.41 lakhs in FY 2024-25.

Depreciation and Amortization Expenses:

During the period ended March 31^st, 2026 the Depreciation expense stood at Rs. 152.00 Lakhs as compared to Rs. 95.70 lakhs in FY 2024-25. The increase was primarily attributable to addition of fixed assets during the year, including plant and machinery, office equipment, furniture and fixtures, computers and laptops, and vehicles

Other Expenses:

Other expenses increased to Rs. 934.09 lakhs in FY 2025-26 from Rs. 643.13 lakhs in FY 2024-25. Other expenses primarily comprised manufacturing expenses such as job work charges, freight and cartage inward expenses, consumable stores, loading and unloading charges, power and fuel expenses, AMC charges, testing and certification fees, and repair and maintenance expenses related to plant and machinery. The expenses also included selling, administrative and general expenses such as advertisement and business promotion expenses, BIS fees, commission, discount allowed, freight outward, auditors remuneration, insurance, rent, repair and maintenance expenses, legal and professional fees, communication expenses, printing and stationery expenses, vehicle running and rent expenses, rates and taxes, travelling expenses, donations, directors sitting fees, office expenses, ROC charges, software renewal expenses, stamp duty, tender expenses, miscellaneous expenses and expenditure towards Corporate Social Responsibility activities

Restated Profit before tax:

The Company reported Restated profit before tax for period ended March 31st, 2026 of Rs. 2,462.27 Lakhs.

Restated profit after tax:

The Company reported Restated profit after tax for period ended March 31st, 2026 of Rs. 1,824.64 Lakhs.

FINANCIAL YEAR ENDED 31st MARCH 2025 COMPARED TO FINANCIAL YEAR ENDED 31st MARCH 2024

Total Income:

The total income for FY 2024-25 stood at Rs. 13,605.00 Lakhs, compared to Rs. 10,359.38 Lakhs in FY 2023-24, reflecting a growth of 31.33%. This increase was primarily driven by higher Revenue from Operations and Other Income.

Revenue from Operations:

During the year ended March 31^st, 2025 the net Revenue from Operations of our Company was Rs. 13,573.97 lakhs as compared to 10,348.21 lakhs in FY 2023-24, marking an increase of 31.17% primarily driven by the sale of Low-Tension cable amounting to Rs. 7,433.76 lakhs in FY 2024-25 as compared to 1,311.61 lakhs in FY 2023-24 marking an increase of 466.77%. However, there was a decline in sales of Winding Aluminium wire/strip amounting to Rs. 3,672.62 lakhs in FY 2024-25 as compared to Rs. 5,210.74 lakhs and Conductor amounting to Rs. 3.23 lakhs in FY 2024-25 as against 28.40 lakhs in FY 2023-24. Revenue from Traded products amounted to Rs. 1,951.57 lakhs in FY 2024-25 as against Rs. 3,128.99 lakhs in FY 2023-24. Whereas revenue from services amounted to Rs. 257.35 lakhs in FY 2024-25 as compared to Rs. 277.53 lakhs in FY 2023-24 and Other Operating revenue of our company in FY 2024-25 was Rs. 255.44 lakhs, whereas it stood at Rs. 240.43 lakhs in FY 2023-24.

Other Income:

Other income for FY 2024-25 stood at Rs. 31.02 Lakhs, compared to Rs. 11.17 Lakhs in FY 2023-24, marking an increase of 177.78%. The increase was primarily due to increase in Discount Received (Rs. 10.94 Lakhs in FY 2024-25 vs. Rs. 2.16 Lakhs in FY 2023-24), increase in Miscellaneous Income (Rs. 0.62 lakhs in FY 2024-25 vs. Rs. 0.21 lakhs in FY 2023-24) and an increase in Interest on Fixed Deposit (Rs. 17.32 Lakhs in FY 2024-25 vs. Rs. 8.79 lakhs in FY 2023-24).

Total Expenses:

Total expenses for FY 2024-25 were Rs. 12,820.53 Lakhs, compared to Rs. 10,250.21 Lakhs in FY 2023-24, reflecting an increase of 25.08%. This increase was due to increase in business operations of the Company resulting in higher consumption of material, employee benefits, finance cost, depreciation and other operational expenses.

Cost of Material Consumed:

The cost of material consumed increased to Rs. 11,725.19 Lakhs in FY 2024-25 from Rs. 9,177.69 Lakhs in FY 2023-24, representing a increase of 27.76% which was primarily due to purchase of raw materials marking an increase of 34.13% amounting to Rs. 13,083.24 lakhs in FY 2024-25 when compared to Rs. 9,753.90 lakhs in FY 2023-24.

Change in inventories of Finished Goods:

Our Company has incurred Rs. (463.87) Lakhs as Change in inventories of finished goods during the financial year 2024-25 as compared to Rs. (168.58) Lakhs in the financial year 2023-24.

Employee Benefits Expense:

Our Company has incurred Rs. 469.25 lakhs as Employee Benefits Expense during the FY 2024 25 as compared to Rs. 421.61 lakhs in FY 2023 24. This increase was primarily due to a rise in Salary, Wages & Supervision charges from Rs. 402.51 lakhs in FY 2023-24 to Rs. 450.77 lakhs in FY 2024-25 and Contributions to Provident and Other funds also increased from Rs. 2.47 lakhs in FY 2023-24 to Rs. 3.01 lakhs in FY 2024-25. Additionally, there was a decrease in gratuity expenses from Rs. 2.83 lakhs in FY 2023-24 to 1.67 lakhs in FY 2024-25.

Finance Cost:

Our Company has incurred Rs. 351.14 lakhs as finance cost during the financial year 2024-25 as compared to Rs. 195.57 lakhs in the financial year 2023-24 reflecting an increase of 79.54%. This incline was primarily due to increase in interest on other borrowings from Rs. 19.06 lakhs in FY 2023-24 to Rs. 67.89 lakhs in FY 2024-25 and increase in Interest on cash credit and overdraft from Rs. 54.86 lakhs in FY 2023-24 to 187.64 lakhs in FY 2024-25.

Depreciation and Amortization Expenses:

Depreciation for the financial year 2024-25 stood at Rs. 95.70 lakhs as against Rs. 70.06 lakhs during the financial year 2023-24. The increase in depreciation was around 36.60%, which was primarily due to purchase of Plant & Machinery, Furniture & Fixture, Office Equipment, Vehicles and Computer & Laptops.

Other Expenses:

Other expenses for the FY 2024-25, were Rs. 643.13 lakhs as compared to Rs. 553.86 lakhs for the FY 2023-24, including manufacturing expenses like job work charges, freight & cartage inward expense, consumable stores, loading & unloading expenses, power & fuel expenses, AMC charges, testing & certification fee, repair & maintenance plant & machinery. Selling and Other General & Administrative expenses like advertisement and business promotion, BIS fees, commission, discount allowed, freight outward, auditors remuneration, insurance, rent, repair & maintenance, legal professional and consultancy expenses, communication, printing & stationery, vehicle rent & running expenses, rates & taxes, tour & travel, donation, office expenses, ROC charges, software renewal, stamp duty, tender cost and miscellaneous expenses.

Restated profit before tax:

Net profit before tax for the financial year 2024-25 increased to Rs. 784.46 lakhs as compared to Rs. 109.17 lakhs in the financial year 2023-24, marking an increase of 618.58%. This significant growth was primarily driven by the factors mentioned above.

Restated profit for the year:

As a result of the foregoing factors, our profit after tax increased by 647.67%, rising from Rs. 75.58 lakhs in the financial year 2023-24 to Rs. 565.10 lakhs in the financial year 2024-25.

Cash Flows and Cash and Cash Equivalents:

Operating Activity:

FY 2025-26

Net cash generated from operating activities was Rs. (971.42) lakhs for FY 2025-26. While our net profit before tax was Rs. 2,462.27 lakhs, we had an operating profit before working capital changes of Rs. 3,295.01 lakhs for FY 2025-26 which was due to depreciation of Rs. 152.00 lakhs, finance cost of Rs. 654.76 lakhs, provision for gratuity of Rs. 1.48 lakhs, Provision for bonus Rs. 24.69 lakhs, Provision for interest on MSME of Rs. 0.75 lakhs and Loss on sale of assets (Rs. 0.94) lakhs. Our changes in working capital for FY 2025-26 primarily consisted of an increase in trade receivables by Rs. (2,125.93) lakhs, increase in inventories by Rs. (2,199.41) lakhs, increase in short term loans and advances by Rs. (701.80) lakhs, increase in trade payables by Rs. 1,100.95 lakhs, decrease in short term provisions by Rs. (10.47) lakhs and decrease in other current liabilities of Rs. (0.53) lakhs. Our income taxes paid was Rs. (329.23) lakhs for period ended 31^st March 2026.

FY 2024-25

Net cash generated from operating activities was Rs. (1,839.33) lakhs for the FY 2024-25. While our net profit before tax was Rs. 784.46 lakhs, we had an operating profit before working capital changes of Rs. 1,240.30 lakhs for the FY 2024-25 which was due to depreciation of Rs. 95.70 lakhs, finance cost of Rs. 351.14 lakhs, provision for gratuity of Rs. 1.67 lakhs, provision for bonus of Rs. 3.25 lakhs, provision for interest on MSME Rs. 4.07 lakhs Our changes in working capital for the FY 2024-25 primarily consisted of an increase in trade receivables by Rs. (1,202.06) lakhs, increase in inventories by Rs. (1,821.93) lakhs, increase in short term loans and advances by Rs. (156.30) lakhs, increase in trade payables by Rs. 147.49 lakhs and decrease in other current liabilities of Rs. (2.98) lakhs. Our income taxes paid was Rs. (43.86) lakhs for the FY 2024-25.

FY 2023-24

Net cash generated from operating activities was Rs. (549.22) lakhs for the FY 2023-24. While our net profit before tax was Rs. 109.17 lakhs, we had an operating profit before working capital changes of Rs. 383.24 lakhs for the FY 2023-24 which was due to depreciation of Rs. 70.06 lakhs, finance cost of Rs. 195.57 lakhs, provision for gratuity of Rs. 2.83 lakhs, provision for bonus of Rs. 4.35 lakhs, provision for interest on MSME Rs. 1.26 lakhs. Our changes in working capital for FY 2023-24 primarily consisted of a decrease in trade receivables by Rs. 850.24 lakhs, increase in inventories by Rs. (744.79) lakhs, increase in short term loans and advances by Rs. (141.01) lakhs, decrease in trade payables by Rs. (881.71) lakhs and increase in other current liabilities of Rs. 10.73 lakhs. Our income taxes paid was Rs. (25.92) lakhs for the FY 2023-24.

Investing Activity:

FY 2025-26

Net cash outflow in investing activities was Rs. (755.92) lakhs for the period ended 31^st March, 2026 primarily comprising payment for purchase of fixed assets including capital advance of Rs. (427.30) lakhs, sale of Fixed assets of Rs. 6.11 lakhs and increase in other Non-current assets of Rs. (334.72) lakhs.

FY 2024-25

Net cash outflow in investing activities was Rs. (406.65) lakhs for the FY 2024-25 comprising payment for purchase of fixed assets including capital advance of Rs. (159.47) lakhs, sale of Fixed assets of Rs. 18.23 lakhs and increase in other Non-current assets of (Rs. 265.41) lakhs.

FY 2023-24

Net cash outflow in investing activities was Rs. (456.93) lakhs for the FY 2023-24 comprising payment for purchase of fixed assets including capital advance of Rs. (424.06) lakhs, sale of Fixed assets of Rs. 19.11 lakhs and increase in other Non-current assets of (Rs. 51.97) lakhs.

Financing Activity:

FY 2025-26

Net cash flow used in financing activities was Rs. 1,715.08 lakhs for the period ended March 31st 2026, comprising proceeds from fresh issue of equity shares of Rs. 225.00 lakhs, payment of finance cost of (Rs. 654.76) lakhs and net proceeds (proceeds repayment) of long-term borrowings and short-term borrowings of Rs. 56.78 lakhs and Rs. 2,088.06 lakhs respectively.

FY 2024-25

Net cash flow used in financing activities was Rs. 2,308.54 lakhs for the FY 2024-25, comprising payment of finance cost of (Rs. 351.14) lakhs, net proceeds (proceeds repayment) of short-term borrowings of Rs. 2,742.21 lakhs and net repayment of long-term borrowings of (Rs. 82.52) lakhs.

FY 2023-24

Net cash flow used in financing activities was Rs. 1,029.43 lakhs for the FY 2023-24 comprising payment of finance cost of (Rs. 195.57) lakhs and net proceeds (proceeds repayment) of long-term borrowings and short-term borrowings of Rs. 174.38 lakhs and Rs. 1,050.63 lakhs respectively.

Details of change in the Revenue, EBITDA and PAT year on year are as below:

(Rs. in lakhs)

Rationale for increase/ decrease in Revenue, EBITDA and PAT from F.Y 2023-24 to F.Y 2024-25 to F.Y 2025- 26: FY 2024-25 to FY 2025-26

The revenue from operations of the Company increased from 13,573.97 lakhs in Fiscal 2025 to 26,935.66 lakhs in Fiscal 2026. This increase was primarily attributable to expansion of the Companys product portfolio and higher sales volume during the year. During Fiscal 2026, the Company introduced new product lines, namely HT Cables (including various product variants) and MVCC Cables, enabling the Company to cater to additional customer requirements and expand its addressable market. Further, the Company strategically increased the sale of products having comparatively better margin profiles, including HT Cables, MVCC Cables and LT Cables. The contribution of sales from HT Cables, MVCC Cables and LT Cables increased to approximately 10,253.44 lakhs in Fiscal 2026 from 7,433.76 lakhs in Fiscal 2025. Profit after tax increased from 565.10 lakhs in Fiscal 2025 to 1,824.64 lakhs in Fiscal 2026, representing an increase of 1,259.54 lakhs. Consequently, the PAT margin improved from 4.16% in Fiscal 2025 to 6.77% in Fiscal 2026. The improvement in profitability was primarily driven by higher revenue, improved product mix, better gross margins and efficient absorption of fixed and semi-fixed costs over a substantially higher revenue base. Cost of goods sold (“COGS”) as a percentage of revenue reduced from 82.96% in Fiscal 2025 to 82.43% in Fiscal 2026. Although the cost of materials consumed increased in absolute terms from 11,725.19 lakhs to 23,457.71 lakhs due to increased scale of operations, the reduction in COGS as a percentage of revenue indicates improved margin realization and operational efficiency. This was mainly attributable to higher contribution from relatively better-margin products such as HT Cables, MVCC Cables and LT Cables. As a result of the favourable product mix, gross margin improved from 17.04% in Fiscal 2025 to 17.57% in Fiscal 2026, which supported the improvement in operating profitability and PAT margin. The Company also benefited from operating leverage during Fiscal 2026. Employee benefits expense increased from 469.25 lakhs in Fiscal 2025 to 589.27 lakhs in Fiscal 2026; however, as a percentage of revenue, it reduced from 3.46% to 2.19%, indicating improved manpower productivity and cost efficiency. Similarly, other expenses increased from 643.13 lakhs in Fiscal 2025 to 934.09 lakhs in Fiscal 2026; however, as a percentage of revenue, such expenses reduced from 4.74% to 3.47%, reflecting better absorption of administrative, selling and operating overheads over the increased revenue base. Finance costs increased from 351.14 lakhs in Fiscal 2025 to 654.76 lakhs in Fiscal 2026 due to higher working capital and funding requirements associated with increased scale of operations. However, finance cost as a percentage of revenue reduced from 2.59% to 2.43%, as the growth in revenue outpaced the increase in finance costs. Further, depreciation and amortization expense reduced as a percentage of revenue from 0.71% in Fiscal 2025 to 0.56% in Fiscal 2026, indicating better utilization of the Companys asset base. Accordingly, the improvement in PAT margin from 4.16% in Fiscal 2025 to 6.77% in Fiscal 2026 was primarily driven by increase in revenue from new and value-added product lines, higher contribution from comparatively better-margin products, reduction in COGS as a percentage of revenue, and improved operating leverage resulting in better absorption of employee costs, finance costs, depreciation and other operating expenses over a significantly expanded revenue base.

FY 2023-24 vs. FY 2024-25

The Companys Profit After Tax (“PAT”) increased significantly from Rs.75.58 Lakhs in FY 2023-24 to Rs.565.10 Lakhs in FY 2024-25, representing a growth of 647.67%. The increase in profitability was primarily attributable to growth in revenue from operations, improved sales mix and better operational efficiencies during the year. Revenue from operations increased from Rs.10,348.21 Lakhs in FY 2023-24 to Rs.13,573.97 Lakhs in FY 2024-25, registering a growth of 31.17%, mainly driven by higher sales of Low-Tension Cables and Winding Aluminium Wire/Strip products. Low Tension Cable sales increased substantially from Rs.1,311.61 Lakhs in FY 2023-24 to Rs.7,433.76 Lakhs in FY 2024-25, while total revenue from manufacturing products increased from Rs.6,701.26 Lakhs to Rs.11,109.61 Lakhs during the same period.

The increase in revenue and improved scale of operations contributed towards better absorption of fixed overheads and operational leverage benefits. Although Cost of Material Consumed increased from Rs.9,177.69 Lakhs in FY 2023-24 to Rs.11,725.19 Lakhs in FY 2024-25 in line with increased business activities, the growth in revenue outpaced the increase in expenses, thereby positively impacting profitability. Employee Benefits Expense, Finance Costs, Depreciation and Other Expenses increased in line with expansion in operations and higher utilization of working capital facilities. Consequently, Profit Before Tax increased from Rs.109.17 Lakhs in FY 2023-24 to Rs.784.46 Lakhs in FY 2024-25, resulting in a substantial increase in PAT during the year.

The Companys EBITDA increased significantly from Rs.363.63 Lakhs in FY 2023-24 to Rs.1,200.28 Lakhs in FY 2024-25, registering a growth of 230.08%, while EBITDA Margin improved from 3.51% in FY 2023-24 to 8.84% in FY 2024-25. The substantial improvement in EBITDA was primarily driven by strong growth in revenue from operations, improved product mix and better operational efficiencies during the year. Revenue from operations increased by 31.17% from Rs.10,348.21 Lakhs in FY 2023-24 to Rs.13,573.97 Lakhs in FY 2024-25, mainly on account of significant increase in sales of Low-Tension Cables and higher contribution from manufacturing activities. Total Revenue from Manufacturing Products increased from Rs.6,701.26 Lakhs in FY 2023-24 to Rs.11,109.61 Lakhs in FY 2024-25, reflecting expansion in operational scale and improved market demand for the Companys products.

The increase in revenue contributed towards better absorption of fixed overheads and operating leverage benefits, thereby improving profitability margins. Although Cost of Material Consumed increased from Rs.9,177.69 Lakhs in FY 2023-24 to Rs.11,725.19 Lakhs in FY 2024-25 due to higher production and sales volumes, the growth in operating income outpaced the increase in expenses. Employee Benefits Expense, Finance Costs and Other Expenses increased in line with the expansion of business operations; however, the Company was able to improve its overall operational efficiency and profitability. Consequently, the Company reported a significant increase in EBITDA and EBITDA Margin during FY 2024-25.

Year-on-Year Analysis of Cost of Material Consumed in relation to Revenue from Operations:

Rationale for changes in Cost of Goods as a percentage of Revenue from Operations from FY 2023-24 to FY 2024-25 and FY 2024-25 to FY 2025-26:

Increase in cost of goods attributable to Revenue from Operations was driven by higher revenue and improved sales trajectory of the company.

Discussion on Balance Sheet Items

Long / Short term borrowings:

Our borrowings include term loans from banks, working capital loans, cash credit, Business purpose loan, unsecured loan and vehicle loans. The Companys total long-term borrowings stood at Rs. 153.68 lakhs as on March 31^st, 2026, compared to Rs. 96.91 lakhs as on March 31, 2025, and Rs. 179.43 lakhs in FY 2023 24. The borrowings primarily comprise secured loans from banks and NBFCs and unsecured loans from directors and related parties. The change in long-term debt reflects stable financing arrangements and consistent debt servicing.

Short-term borrowings amounted to Rs. 6,518.02 lakhs as on March 31^st, 2026, compared to Rs. 4,429.95 lakhs as on March 31, 2025, and Rs. 2,299.75 lakhs in FY 2023 24. The increase in short-term borrowings is primarily attributable to higher working capital requirements with working capital loans increasing from Rs. 1,764.06 lakhs in FY 2023-24 to Rs. 3,274.18 lakhs in FY 2024-25 to the current balance as on 31^st March, 2025, Rs. 3,792.35 lakhs, supported by revenue growth from Rs. 10,348.21 lakhs in FY 2023-24 to Rs. 13,573.97 lakhs in FY 2024-25 and Rs. 26,935.66 lakhs as on 31^st March, 2026 along with total expenses rising from Rs. 10,250.21 lakhs in FY 2023-24 to Rs. 12,820.53 lakhs in FY 2024-25 to Rs. 24,534.20 lakhs as on 31^st March, 2026.

Trade Receivables:

Our Companys trade receivables stood at Rs. 1,302.98 lakhs in FY 2023-24, increased to Rs. 2,505.04 lakhs in FY 2024-25 and further to Rs. 4,630.96 lakhs in FY 2025-26. The overall increase in trade receivables is primarily attributable to the growth in revenue from operations and extension of credit to customers in line with higher sales volumes. Revenue from operations increased from Rs. 10,348.21 lakhs in FY 2023-24 to Rs. 13,573.97 lakhs in FY 2024-25 and further to Rs. 26,935.66 lakhs in FY 2025-26. Correspondingly, receivable days stood at 46 days in FY 2023-24, increased to 67 days in FY 2024-25 and moderated to 63 days in FY 2025-26, which is in line with the increased scale of operations and customer credit cycle.

Trade Payables:

Our trade payables stood at Rs. 628.32 lakhs in FY 2023-24, increased to Rs. 775.80 lakhs in FY 2024-25 and further to Rs. 1,876.76 lakhs in FY 2025-26. The increase in trade payables was primarily driven by higher procurement of raw materials and components in line with the increase in production and sales volumes. Additionally, supplier credit arrangements and timing differences in payments also contributed to the higher outstanding balances. Purchases increased from Rs. 9,753.90 lakhs in FY 2023-24 to Rs. 13,083.24 lakhs in FY 2024-25, supporting the increase in payables. Trade payable days stood at 24 days in FY 2023-24, moderated to 22 days in FY 2024-25 and increased to 28 days in FY 2025-26. The increase in trade payables is therefore in line with higher purchases and growth in revenue.

Inventories:

The inventories of the Company increased from 2,866.30 lakhs as at March 31, 2025 to 5,065.72 lakhs as at March 31, 2026, registering an increase of 2,199.42 lakhs. The increase in inventory was primarily attributable to the higher scale of operations and increased procurement of raw materials undertaken by the Company to support the significant growth in revenue during Fiscal 2026.

During Fiscal 2026, the revenue from operations of the Company increased from 13,573.97 lakhs to 26,935.66 lakhs, reflecting substantial growth in business volumes. The Company expanded its operations during the year, inter alia, through the introduction of new product lines such as HT Cables and their variants, and MVCC Cables, along with increased focus on products such as MVCC Cables and Aerial Bunched XLPE Cables. Accordingly, the Company was required to maintain higher levels of raw materials and finished goods inventory to support production requirements, customer demand and anticipated sales growth.

Further, during the last two months of Fiscal 2026, the Company undertook additional procurement of key raw materials, particularly aluminium wire, considering the volatility observed in commodity prices and anticipated increase in input costs. Such procurement was undertaken as a prudent business measure to ensure uninterrupted production, maintain adequate inventory levels for execution of ongoing and expected orders and mitigate risks arising from fluctuations in raw material prices and supply chain uncertainties.

Although inventories increased in absolute terms, inventories as a percentage of revenue from operations declined from 21.12% in Fiscal 2025 to 18.81% in Fiscal 2026. This indicates that the increase in inventory was aligned with the growth in business operations and was not disproportionate to the revenue base. The decline in inventory as a percentage of revenue reflects improved inventory absorption over higher turnover and demonstrates that inventory levels remained commensurate with the Companys expanded scale of operations.

Short Term Loans and Advances:

Our short-term loans and advances stood at Rs. 1,142.92 lakhs as on March 31^st, 2026, compared to Rs. 441.12 lakhs as on March 31, 2025, Rs. 284.82 lakhs in FY 2023 24. The significant increase in March 31, 2026 from FY 2024-25 was primarily due to increased Advance to suppliers from Rs. 6.67 lakhs in FY 2024-25 to Rs. 179.03 lakhs as on March 31, 2026, increased Earnest Money Deposits from Rs. 117.40 lakhs to Rs. 399.49 lakhs, reflecting the procurement requirements for increased production.

Property Plant & Equipment:

Property, Plant and Equipment increased from Rs. 967.15 lakhs in FY 2023-24 to Rs. 1,012.69 lakhs in FY 2024-25 and eventually to Rs. 1,282.82 lakhs in FY 2025-26 lakhs mainly due to capital expenditure incurred during the year. Additions include plant and machinery of Rs. 410.31 lakhs, office equipment of Rs. 7.66 lakhs, computers and laptops of Rs. 3.68 lakhs, furniture & fixtures of Rs 0.16 lakhs and Vehicles amounting to Rs. 5.50 lakhs. These additions resulted in an increase in the closing balance of Property, Plant and Equipment as atthe end of FY 2025-26.

Information required as per Item (II)(C)(iv) of Part A of Schedule VI to the SEBI Regulations:

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

1. Unusual or infrequent events or transactions:

There have not been any unusual events or transactions on account of our business activity.

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

Other than as described in the section titled “Risk Factors” beginning on page 18 of this Red Herring Prospectus, to our knowledge there are no known significant economic changes that have or had or are expected to have a material adverse impact on revenues or income of our Company from continuing operations.

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

Apart from the risks as disclosed under Section “Risk Factors” beginning on page 18 of the Red Herring Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.

4. Future changes in the relationship between costs and revenues:

Other than as described in the sections “Risk Factors”, “Our Business” and “Managements Discussion and Analysis of Financial Condition and Results of Operations” on pages 18, 129 and 240 respectively, to our knowledge, no future relationship between expenditure and income is expected to have a material adverse impact on our operations and finances.

5. Segment Reporting:

Our Company is engaged in the manufacturing of aluminium and copper-based electrical winding wires, conductors and cables in various specifications, sizes and configurations. Under the cables segment, we manufacture low tension (LT) cables, including Low Tension Aerial Bunched (LT AB) cables (up to 1.1 kV), and High Tension (HT) cables of specified voltage grades. Under the wires and conductors segment, our offerings include winding aluminium wires and strips, winding copper wires and strips and aluminium conductors, manufactured in accordance with prescribed specifications.

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

Except as disclosed in the Chapter “Our Business”, our Company has not announced any new product or service.

7.Seasonality of business:

Our business is not subject to seasonality. For further information, see “Industry Overview” and “Our Business” on pages 104 and 129 respectively.

8. Dependence on single or few customers:

Substantial portion of our revenue has been dependent upon few customers with which we do not have any firm commitments. For details, please refer to risk factor “Majority of our revenue is derived from a limited number of customers, and any reduction in orders from such customers may adversely affect our business, financial condition, results of operations and cash flows” on page 19 of this RHP.

9. Competitive conditions:

Competitive conditions are as described under the Chapter “Our Business Competition” beginning on page 145 of this Red Herring Prospectus.

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

Nil.