Sutlej Textiles and Industries Ltd Management Discussions

Global economic review

The global economy expanded by 3.4% in 2025, marginally higher than 3.3% in the previous year, even as the US tariff shock of April 2025 weighed on trade sentiment. Although partially unwound through subsequent trade deals, the shock left effective tariff rates well above pre-2025 levels and heightened trade policy uncertainty.

Advanced economies witnessed a marginal growth from 1.8% in 2024 to 1.9% in 2025, while emerging market and developing economies demonstrated relative resilience, expanding by 4.4% in 2025 compared to 4.3% in 2024.

Global inflation continued its multi-year downward trend in 2025, declining to an estimated 4.1% from 5.8% in 2024.

Regional growth (%)	2025	2024
World output	3.4	3.3
Advanced economies	1.9	1.8
Emerging and developing economies	4.4	4.3

(Source: IMF, un.org)

Performance of the major economies, 2025

United States GDP growth was 2.1% in 2025 compared to 2.8% in 2024	China GDP growth remained stagnant at 5% in 2025 and 2024	United Kingdom GDP growth was 1.3% in 2025 compared to 1.1% in 2024
Japan GDP growth was 1.2% in 2025 compared to (0.2) % in 2024	Germany GDP growth was 0.2% in 2025 compared to a (0.5) % in 2024

(Source: IMF April 2026 Outlook, World Bank)

Outlook

The global economy is expected to moderate over the next two years amid continued geopolitical tensions, trade disruptions, inflationary pressures, and heightened energy-market uncertainty. The outbreak of the US-Iran conflict in February 2026 has added a further layer of risk to the global outlook, contributing to volatility in oil prices, disruptions to trade routes, and increased uncertainty across financial markets. Global growth is projected at 3.1% in 2026 and 3.2% in 2027, while inflation is expected to remain elevated before gradually easing. Although policy support and supply- chain adjustments may help stabilize markets, the external environment is likely to remain uncertain and volatile. Businesses may therefore continue to face pressure from cautious consumer demand, fluctuating input costs, and evolving trade dynamics.

(Source: IMF April 2026 Outlook)

Indian economy

The Indian economy grew at an estimated 7.6% in FY26, compared to 7.1% in FY25. This growth was driven by strong consumption and increasing investments, reaffirming Indias position as the fastest-growing major economy.

Indias Real GDP at Constant Prices was estimated at Rs. 322.58 lakh crore in FY 2025-26, against the First Revised Estimate of Rs. 299.89 lakh crore for FY 2024-25.

Growth of the Indian economy

	FY23	FY24	FY25	FY26E
Real GDP growth (%)	7.2	7.2	7.1	7.6

E: Estimated. Note: FY24 figure restated under new base year 2022-23. (Source: MoSPI (February 27, 2026))

Growth of the Indian economy quarter by quarter, FY 2025-26

	Q1FY26	Q2FY26	Q3FY26	Q4FY26E
Real GDP growth (%)	7.8	8.4	6.7	7.3

Note: Q2 revised upward from 8.2% and Q3 from 7.35% under the new base year 2022-23 series released February 27, 2026. Q4 remains an estimate. (Source: MoSPI, February 27, 2026)

Inflation, Monetary Policy and Financial Markets

Inflation remained benign during FY26, with CPI averaging approximately 2.1%, enabling the RBI to reduce policy rates by a cumulative 125 basis points and support consumption and investment. Despite macroeconomic stability, the Indian rupee depreciated nearly 10% against the US dollar, reflecting global capital outflows, elevated crude oil prices, a stronger US dollar and geopolitical tensions.

Foreign portfolio investors remained cautious during the year, although robust domestic institutional inflows continued to provide stability to financial markets. Equity markets witnessed a correction amid geopolitical uncertainties and global trade concerns, while gold prices rose sharply as investors shifted towards safe- haven assets.

Indias direct tax collections continued to grow despite remaining marginally below revised estimates. The banking sector further strengthened, with gross NPAs declining to 2.1% and profitability improving, reflecting healthier balance sheets and continued financial sector resilience.

Economic Growth

Indias economic growth remained broad-based, led by strong expansion in manufacturing and services.

While the primary sector recorded moderate growth, the secondary and tertiary sectors continued to drive economic activity, supported by robust performance across manufacturing, trade, logistics, financial services and real estate.

Growth was underpinned by resilient domestic demand, with both private consumption and capital formation expanding by over 7.5%, reflecting sustained household spending alongside continued investment in productive assets.

Outlook

India is expected to remain among the worlds fastest- growing major economies, supported by resilient domestic demand, sustained public infrastructure investment, stable monetary policy and improving trade linkages. Continued government capital expenditure, favourable demographics, urbanization and structural reforms are expected to underpin long-term growth.

The Government has further increased capital expenditure to Rs. 12.2 lakh crore in FY27, reinforcing its infrastructure-led growth strategy. Expectations surrounding the implementation of the 8^th Pay Commission are likely to support consumer spending, while stable interest rates and a well-capitalized banking system are expected to sustain credit growth, particularly across retail and MSME segments.

At the same time, risks remain from geopolitical tensions, volatile crude oil prices and slowing global demand, which could impact inflation, input costs and external trade. Nevertheless, Indias strong macroeconomic fundamentals and prudent fiscal management position the economy well to navigate these challenges while sustaining long-term growth.

(Source: MoSPI, Business Standard, Press Information Bureau, Business Standard, IMF, OECD, Deccan Chronicle. NDTV Profit, Outlook Business, The Asian Banker)

Global textile and apparel industry

Market size and growth: The global textile and apparel market is projected to reach US$ 2.36 trillion in 2026 and US$ 3.10 trillion by 2033, reflecting a Compound Annual Growth Rate (CAGR) of 4.2% from 2026 to 2032.

Textile market: The global textile market has demonstrated strong growth momentum in recent years. The market is projected to expand from USD 1,065.45 billion in 2026 to USD 1,955.50 billion by 2034, registering a CAGR of 7.11%. Historical growth has been driven by the expansion of global apparel manufacturing, rising household consumption of textiles, the availability of diverse raw fibre sources, increasing demand for home furnishings and the development of large-scale textile mills.

Apparel market: The global apparel market was valued at USD 1,749.67 billion in 2025. It is projected to grow to USD 1,804.08 billion in 2026 and further expand to USD 2,307.04 billion by 2034, registering a CAGR of 3.52% during the forecast period. In 2025, Asia Pacific led the market, accounting for a dominant 41.03% share of global revenue.

The Asia-Pacific region continues to lead the global textile market, powered by major manufacturing hubs such as China (the worlds largest textile producer and exporter), India, and Bangladesh, which benefit from cost-competitive labour, extensive production capacity, and well-established supply chains. North America, particularly the U.S., remains a significant consumer market and a major exporter of raw cotton, while Europe is an important destination for sustainable and luxury textile products. The U.S. (US$ 359 billion), China (US$ 329 billion) and India (US$ 141 billion) are the largest apparel markets.

The global textile market is expected to grow further as demand strengthens, with Asia-Pacific accounting for around 48%-54% of the total market share in 2026. China,

India, and Bangladesh remain at the forefront of regional production and exports, reflecting the regions dominant position in both value and volume terms.

(Source: Fortune Business Insights, Business Research Company, Research Nester, Coherent Market Insights)

Key trends and developments

Sustainability and circularity: Consumers are increasingly demanding sustainable, ethically produced textiles. Companies are responding by investing in recycled and bio-based fibres, advanced recycling technologies, and transparent supply chains that can track material origins and environmental impact.

Digital transformation and smart manufacturing:

Automation, AI, and machine learning are being leveraged for demand forecasting, inventory optimization, and personalized marketing. The use of digital twins and advanced simulation tools is enabling real-time scenario planning, optimizing production, and improving operational efficiency.

Trade policies and global sourcing: Evolving trade regulations, including tariffs on imports from major Asian exporters, are reshaping global supply chains. Brands are diversifying sourcing to countries such as India, Vietnam, and Indonesia, while exploring near-shoring options in Europe to reduce costs and enhance supply chain resilience.

Consumer behaviour evolution: Economic pressures and growing environmental awareness are driving consumers toward sustainable consumption models. Second-hand markets, rental services, and minimalist fashion choices are gaining traction, signalling a shift from fast fashion to value-driven, long-lasting apparel.

Production relocation: Rising labour costs in traditional manufacturing hubs like China are prompting apparel production to move to Bangladesh, Vietnam, and emerging regions in Africa, the Middle East, and Latin America. Factors such as cost efficiency, proximity to markets, and access to skilled labour are driving this shift.

Political and regulatory risks: Political instability in key textile-producing countries, along with potential changes to trade agreements (e.g., The African Growth and Opportunity Act (AGOA) expiration in 2025), could disrupt sourcing strategies. Companies are increasingly assessing geopolitical risks when planning expansion and supply chain strategies.

Innovation in materials and processes: Brands are experimenting with regenerative fibres, biodegradable textiles, and waterless dyeing techniques. These innovations not only reduce environmental impact but also enhance product differentiation, reflecting a convergence of sustainability and competitiveness.

Energy transition and carbon policies: With the adoption of carbon pricing and renewable energy incentives, manufacturers are accelerating investments in energy- efficient equipment and low-carbon technologies. This trend is expected to drive the creation of near-zero- emission facilities and more sustainable textile polymers.

(Source: IMARC Group, Textile Value Chain)

Indian textile and apparel sector

India ranks as the worlds second-largest producer of textiles and garments and the third-largest exporter, spanning apparel, home textiles, and technical textile products. The country accounts for approximately 4.6% of global textile trade and ranks among the top five exporters across multiple product categories. The textile sector contributed around 2% to Indias GDP and nearly 11% of the countrys manufacturing GVA. It is also a major employment driver, engaging over 45 million people and producing roughly 22 billion garments annually. Looking ahead, the industrys contribution to GDP is projected to more than double by 2030, approaching 5%.

(Source: IBEF)

Export and import performance

Indias textile and apparel exports showed volatile resilience through 2025 and into early 2026. While November 2025 saw a sharp 9.4% surge, the overall Jan- Nov 2025 growth remained marginal at 0.26% ($32.56 billion). The momentum shifted in January 2026 with a 3.75% dip, yet apparel exports maintained a slight 1.6% increase for the fiscal year to date. Despite these global headwinds, total FY26 exports are projected to hold steady at $37 billion, bolstered by growth in technical textiles, man-made fibres, and new free trade agreements. Recent trade developments, such as the India-UAE free trade agreement and ongoing FTA negotiations with the EU, UK, Australia, Canada, and Israel, are expected to boost exports further. Indias FDI policy also continues to attract international retailers, strengthening the countrys position as a preferred sourcing hub for textiles and apparel.

Several key segments reported strong performance during the year. Readymade Garments (RMG) exports increased by 11.3%, while man-made yarn, fabrics and made-ups recorded a growth of 15.7%. Exports of cotton yarn, fabrics, made-ups and handloom products grew by 4.1%, and handicrafts (excluding handmade carpets) saw a sharp rise of 29.7%.

Despite global uncertainties, Indias textile and apparel sector demonstrated resilience and adaptability, maintaining competitiveness on a global scale.

(Source: PIB, IBEF)

Government support and initiatives

In 2025, Indias MSMEs in textiles, handloom, and apparel remain central to the countrys industrial and export growth strategy. Recognising their employment potential and global competitiveness, the government has introduced a suite of schemes to support every stage of the value chain.

These initiatives aim to modernise traditional practices, promote sustainability, and position Indian MSMEs as global leaders.

The Government of India continues to support the textile sector through a range of initiatives focused on infrastructure development, technology upgradation, value addition, skill enhancement, and export promotion. Schemes such as PM MITRA, ATUFS, PLI, NTTM, and Samarth amongst others are driving modernization, productivity, and competitiveness across the textile value chain, while targeted programs for handlooms, technical textiles, and MSMEs provide support for raw material access, innovation, financing, and market development. Collectively, these initiatives are strengthening the sectors resilience, encouraging sustainable growth, and enhancing its global competitiveness.

(Source: Psbloans)

Outlook for India

The Indian textile, yarn, and apparel industry remains a major economic contributor but faces challenges such as high production costs, fragmented supply chains, complex export procedures, and raw material price volatility, affecting competitiveness against Vietnam, Bangladesh, and China.

At the same time, growth opportunities are strong, particularly in technical textiles and man-made fibres, driven by rising global demand, government initiatives like PLI and R&D support, and adoption of modern technologies. Recent measures, such as temporary cotton import duty removal, aim to improve cost competitiveness, while policy and innovation support position Indias textile MSMEs to expand exports and capture higher-value markets.

Home textiles

The global home textile market is projected to reach USD 145.29 billion in 2026, up from USD 136.25 billion in 2025, and is expected to expand to USD 200.28 billion by 2031, registering a CAGR of 6.63% during 2026-2031. Asia- Pacific continues to play a pivotal role in strengthening supply-side resilience through its integrated manufacturing clusters. However, fluctuations in cotton and polyester prices remain a challenge, impacting margins across the value chain. At the same time, regulatory developments, particularly in the European Union, are accelerating the shift toward circularity, durability standards, and the adoption of recycled and specialty fibres.

The home textile industry is being reshaped by several evolving consumer and market trends. Sustainability remains central, with increasing demand for ecofriendly materials, ethical sourcing, and cleaner production processes. Consumers are also gravitating toward versatile and customizable designs, ranging from minimalist aesthetics to bold patterns that complement diverse interior styles. Technological integration is gaining traction, with innovations such as smart textiles and home automation-compatible fabrics enhancing product functionality and user convenience.

Another defining trend is premiumization. Consumers are increasingly willing to invest in higher-quality home textile products that offer enhanced comfort, durability, and aesthetic value. This reflects a broader lifestyle shift toward long-term value and conscious consumption. Collectively, these developments indicate a market that is adapting to changing consumer expectations while prioritizing innovation, sustainability, and elevated living standards.

In parallel, the European Union has strengthened its regulatory framework to promote sustainable textile production. New mandates require home textiles to comply with stricter environmental standards, including the use of organic or recycled materials and reduced reliance on harmful chemicals. These measures underscore the EUs commitment to advancing circular economy principles and reshaping global textile manufacturing practices.

(Source: Steller, Ken Research, Mordor Intelligence)

Indian home textiles industry overview

The India home textile market is projected to reach USD 11.91 billion in 2026 and grow to USD 16.76 billion by 2031, registering a CAGR of 7.08%. Growth is supported by strong export demand, rising urban disposable incomes, and government production incentives, despite shortterm margin pressures from cotton price volatility and quality-control regulations. Leading players are upgrading spinning and finishing capabilities to produce antimicrobial, temperature-regulating, and sustainable fabrics, aligning with growing demand for premium home textiles in Tier-1 and Tier-2 cities.

India accounts for approximately 7-8% of the global home textile market and is among the leading suppliers to the United States. Key export categories include carpets and rugs, furnishing articles, bed linen, and kitchen and table linen. The country has emerged as a significant manufacturing and export hub, supported by strong production capabilities and a well-established value chain.

Improved product quality, sustained R&D efforts, and increased focus on value-added features have strengthened the global appeal of Indian home textiles. Indian manufacturers supplying premium-quality products hold strong positions in major markets such as the US and the UK, which together contribute nearly two-thirds of Indias home textile exports. Exports are projected to reach USD 12 billion by FY31, growing at an estimated 8% CAGR (FY24-FY31). Domestically, rising demand for branded home textile products is expected to drive further market expansion.

(Source: Mordor Intelligence, Research and Markets, Fashionating World)

Significant growth drivers

Rapid urbanization and expanding middle class

Growing urbanization and rising disposable incomes are encouraging consumers to upgrade their living spaces, thereby increasing demand for stylish and functional home textile products.

E-commerce expansion

The rapid growth of digital marketplaces has enhanced accessibility and product variety, enabling consumers to conveniently purchase home textiles online, which continues to accelerate market growth.

Shift towards branded and premium products

Indian consumers are increasingly favouring branded and designer offerings that promise superior quality, innovation, and aesthetic appeal, supporting premiumization within the segment.

Emphasis on sustainability

Heightened environmental awareness is driving demand for eco-friendly and responsibly manufactured home textiles. Companies adopting sustainable materials and production practices are well positioned to benefit from this shift.

Material and technological innovation

Investment in advanced materials, improved fabric performance, and innovative manufacturing technologies is enabling differentiation through enhanced durability, comfort, and sustainability.

Product and market expansion

Leveraging Indias manufacturing strength and textile heritage, companies are expanding into new product categories and untapped international markets to broaden their global footprint.

(Source: Wright Research, Textile Insights, ICRA)

SWOT analysis

Strengths

- Innovation: Innovation at Sutlej is driven by the need to offer new and sustainable qualities coupled with customer requirements who increasingly demand differentiated products to respond to new trends and end-user preferences.

- Technology: Technology plays a vital role across all functions at Sutlej from production and quality assurance to research and development.

- Economies of scale: In the textile industry, size matters. With a capacity advantage, we leverage aspects like sourcing of raw materials to offering the widest range of products to customers.

- Integration: From yarns and fibres to home furnishing and finished goods, we have established our presence across the textile value chain.

- Range: Present across the spectrum of product categories, we have evolved into a one stop shop for textile solutions.

- Global presence: One of Indias largest exporters of value added synthetic and blended yarns, we enjoy a presence in over 60 nations worldwide.

Weaknesses

- Outdated technology: Many sectors, particularly weaving and processing, lack modernization and rely on outdated, low-productivity machines.

- Overdependence on cotton: A heavy focus on cotton makes the industry vulnerable to price fluctuations, with synthetic fibres under-utilized.

- Fragmented structure: The industry is highly fragmented with a large unorganized sector (handlooms, power looms), which hinders economies of scale.

- Poor infrastructure: Inadequate supply chain, logistics, and power supply increase lead times and costs.

Opportunities

- Technical textiles: The growing market for specialized textiles (e.g., medical, automotive) offers huge growth potential.

- Rising export demand: As China pivots away from low-cost manufacturing, India can capture a greater share of global apparel exports.

- Policy support: Government initiatives like PLI schemes, Mega Integrated Textile Regions and Apparel (MITRA) parks encourage investment and modernization.

- Sustainability shift: Rising global demand for organic and sustainable clothing presents a market differentiation opportunity.

Threats

- Intense competition from low-cost imports: Domestic manufacturers face strong competition from countries with lower labour and production costs. This often results in pricing pressure and compressed margins, particularly in commoditized product segments.

- Raw material price volatility: Fluctuations in the prices of key inputs such as cotton, polyester, and dyes directly impact production costs. Companies without effective procurement or hedging strategies are especially vulnerable to margin instability.

- Evolving consumer preferences: Frequent shifts in design trends, lifestyle choices, and fashion influences require companies to remain agile.

Businesses that fait to anticipate changing demand risk inventory buitd-ups and toss of market relevance.

- Supply chain vulnerabilities: Global and domestic suppty chain disruptions stemming from geopotiticat tensions, trade restrictions, natural disasters, or health crises, can lead to raw material shortages, production delays, and higher logistics costs, affecting overall market stability.

(Source: Wright Research, Scribd, Silicon India)

Company overview

Sutlej Textiles and Industries Limited is one of Indias largest integrated textile manufacturers, spanning the value chain from yarn production to home textiles. A flagship of the conglomerate founded by Dr. Krishna Kumar Birla; the Company combines legacy scale with a forward-looking strategy.

Sutlej offers a diversified portfolio of spun-dyed, cotton blended, cotton melange and dyed yarns, alongside a growing home textiles business. With manufacturing facilities in Bhawanimandi (Rajasthan), Baddi (Himachal Pradesh), Kathua (Jammu and Kashmir) and Daheli (Gujarat), supported by a green fibre unit, the Company emphasizes technology, sustainability and operational efficiency.

Exporting to over 60 countries, Sutlej has built strong global partnerships and positioned itself as a value-added textile solutions provider, moving beyond commodity yarns toward premium, trend-aligned offerings.

Key ratios

Particulars	FY2026	FY2025
Debt-equity ratio	1.12	0.97
Debtors turnover (days)	54	49
Inventory turnover (days)	130	121
Debtors turnover (x)	6 75	7.49
Inventory turnover (x)	28	3.02
Interest coverage ratio (x)	1.29	1.11
Current ratio (x)	1 14	1.19
EBITDA margin (%)	3 32	2.58
Net profit margin (%)	-3 11	-3.19
Return on net worth (%)	-9 74	-9.42

During the year, the Company undertook multiple initiatives to optimize costs and improve product mix, with the results becoming progressively visible across each quarter of FY26.

The Company reported positive EBITDA of Rs. 85.15 crore in FY26 on a standalone basis, compared to Rs. 68.18 crore in FY25, a year-on-year improvement of 24.9%. EBITDA margins expanded by 74 basis points to 3.32% from 2.58% in the prior year.

On leverage, total borrowings stood at Rs. 876 crore as at 31^st March, 2026 (excluding subordinated debt), with the debt-to-equity ratio at 1.12x compared to 0.97x in the prior year. While gearing increased modestly, the Company maintained working capital utilization at 67% against sanctioned limits as at 31^st March, 2026, reflecting continued financial discipline.

The interest coverage ratio improved to 1.29x in FY26 from 1.11x in FY25, supported by the improvement in operating profitability, reflecting a strengthened ability to service debt obligations from operating earnings.

Debtors turnover stood at 54 days in FY26 compared to 49 days in FY25, while inventory turnover stood at 130 days compared to 121 days in the prior year. The moderation in both metrics was largely on account of the challenging external operating environment during the year, including elevated interest costs and geopolitical disruptions, which extended logistics, procurement, and realization cycles across the industry.

The current ratio stood at 1.14x in FY26 compared to 1.19x in FY25, continuing to reflect adequate coverage of current liabilities by current assets.

Return on net worth stood at (9.74)% in FY26, broadly stable compared to (9.42)% in the prior year, even as the Company strengthened its core operating performance with EBITDA margin expanding to 3.32% and interest coverage improving to 1.29x. This operating momentum is expected to drive a meaningful improvement in return on net worth as transformation benefits mature.

The Companys financial ratios for FY26 reflect both the challenging external environment - elevated interest costs, geopolitical disruptions including the Russia- Ukraine conflict, Middle East conflict and Red Sea supply chain disruptions - and the early, tangible results of the transformation underway.

Risk management

At Sutlej, risk is not viewed as an exception, it is acknowledged as an inherent part of doing business in a cyclical and globally interconnected textile industry. The Companys risk management framework is anchored in strong governance oversight and proactive leadership involvement. The Risk Management Committee works closely with senior management to identify emerging vulnerabilities, assess their potential impact and implement timely mitigation measures. The approach is preventive rather than reactive, aligning resilience with long-term value creation.

Quality and operational risk

Sustained competitiveness depends on consistent product quality and manufacturing efficiency. Any deviation can impact customer confidence and margins.

Mitigation: Continuous investments in modern spinning technology, automation and process optimization ensure uniform quality standards across facilities. Structured quality audits and operational benchmarking further strengthen reliability.

Raw material risk

Volatility in cotton and other fibre prices can affect cost structures and profitability.

Mitigation: The Company actively monitors commodity cycles, follows calibrated procurement strategies and maintains supplier diversification to reduce exposure to price shocks.

Trend and product relevance risk

Failure to anticipate shifts in consumer preferences towards value-added, sustainable or differentiated products could constrain growth.

Mitigation: A strong focus on innovation and product development keeps the portfolio aligned with evolving demand. The Company will continue to dedicate more spindles for value-added yarns, reflecting a strategic shift towards premiumization.

Competitive risk

Intensifying competition from domestic and international players may exert pricing pressure.

Mitigation: A diversified export presence in more than 60 countries, a broad customer base in India, operational efficiencies and a differentiated product mix help reduce concentration risk and strengthen market positioning.

Customer concentration and retention risk

Revenue stability depends on sustaining long-term customer relationships.

Mitigation: The Company deepens engagement with customers at early stages of product development and consistently introduces specialized yarn offerings, including cotton blended dyed yarns, cotton melange and specialty blends. In FY 2025-26, total yarn sales reached 98,499 metric tonnes, underlining sustained market acceptance.

Supply chain and geopolitical risk

Global trade disruptions, logistics bottlenecks or geopolitical tensions may affect exports and input availability.

Mitigation: A geographically diversified export portfolio, multi-location manufacturing footprint and prudent inventory planning enhance supply chain resilience.

Sustainability and regulatory risk

Increasing global emphasis on environmental compliance and traceability presents both obligations and opportunities.

Mitigation: Investments in sustainable fibre production, energy efficiency and responsible manufacturing practices position the Company ahead of evolving regulatory expectations.

Through disciplined oversight, diversification and continuous innovation, Sutlej seeks to convert risk awareness into strategic advantage, reinforcing stability while pursuing calibrated growth.

Internal control system and adequacy

The Company has developed robust internal control systems and processes tailored to its specific business operations and complexities. Through the implementation of well-defined policies and procedures, it safeguards business integrity, protects assets, ensures accurate financial reporting, and mitigates the risk of fraud. These systems are regularly reviewed and assessed to strengthen their effectiveness and support continuous improvement.

Human resources

The Company regards its committed and motivated employees as its most valuable asset. It fosters a positive work environment, provides competitive compensation, and recognizes employee contributions through a structured rewards and recognition program. To encourage professional development, employees are supported in taking part in voluntary projects beyond their primary roles, fostering creativity and continuous learning. As of 31^st March 2026, the Company employed a total of 15,491 people.