Tamboli Industries Ltd Management Discussions

damaged critical infrastructure, and disrupted maritime and air traffic in the affected region. Economies across the world stand exposed through elevated commodity prices, second-order effects on inflation expectations, and risk-off sentiment in financial markets, with commodity & energy-importing emerging markets and developing economies the most vulnerable Currency depreciation further compounds the burden of costlier energy and food According to the latest International Monetary Fund (IMF) 2026 World Economic Outlook, the global economy entered the year on a firmer footing, having expanded by an estimated 3 4% in 2025 Under the baseline forecast, which assumes a relatively short-lived conflict, global growth is projected to moderate to 3 1% in 2026 and 3 2% in 2027, below recent outcomes and well short of the pre-pandemic average Advanced economies are projected to grow 1 8% in 2026 and 1 7% in 2027, while emerging market and developing economies are expected to expand 3 9% in 2026 before recovering to 4 2% in 2027 Global headline inflation is projected to climb from 4.1% in 2025 to 4.4%

Global Economy Overview

The global economy faces a fresh test in 2026, this time triggered by the outbreak of war in the Middle East at the end of February 2026. The conflict came less than year after the realignment of United States trade policy, with the transition to a new international trade system still underway, and has imposed humanitarian costs,

According to the latest International Monetary Fund (IMF) 2026 World Economic Outlook, the global economy entered the year on a firmer footing, having expanded by an estimated 3.4% in 2025.

18 in 2026, before easing to 3 7% in 2027, with pressures concentrated in commodity-importing developing economies Oil prices, which averaged $68 per barrel in 2025, are assumed to rise to about $82 per barrel in 2026 as production and transport disruptions take hold

Risks to the outlook remain firmly tilted to the downside. A longer or broader West Asia conflict, deeper geopolitical fragmentation, disappointment over productivity gains from Artificial trade tensions could dampen growth and unsettle financial markets, while elevated public debt and thinning policy buffers add to the vulnerability. In an adverse scenario of prolonged energy disruption, global growth is projected to fall to 2.5% in 2026 with inflation scenario, growth slows to 1 8% in 2026, close to global recession territory, with inflation reaching 5.8%, before output growth remains subdued at 2 2% in 2027

Policymakers confront a more complex trade-off between supporting growth and containing renewed inflation, alongside the scaling-up of defence spending prompted by rising geopolitical tensions While such spending supports near-term activity, it risks higher inflation, weaker fiscal positions, and the crowding-out of social expenditure

(AI) investments, or renewed

In sum, the world economy is navigating 2026 through a negative supply shock against a backdrop of structural constraints and elevated uncertainty, with the path ahead resting heavily on the duration and scope of the conflict and on the quality of the policy response rising to 5.4%. In a severe

Real Gross Domestic Product (GDP) - Annual Change (%)

Region	2025	2026 (P)	2027 (P)
Global Growth	3 4%	3 1%	3 2%
United States	2 1%	2 3%	2 1%
Euro Area	1 4%	1 1%	1 2%
Middle East & Central Asia	3 6%	1 9%	4 6%
Emerging & Developing Asia	5 5%	4 9%	4 8%
Latin America & the Caribbean	2 4%	2 3%	2 7%
Sub-Saharan Africa	4 5%	4 3%	4 4%
India	7 6%	6 5%	6 5%

Indian Economy Overview

India steps into FY27 balancing domestic resilience against external turbulence The outgoing year, FY26, delivered real GDP growth of 7 6%, the strongest in recent years, which had encouraged forecasts of 7 0% to 7 4% for FY27 before the outbreak of the West Asia war at the end of February 2026 altered the macroeconomic outlook India nonetheless remains a relative bright spot in an uncertain global environment The IMFs April 2026 World Economic Outlook raised Indias FY27 growth forecast to 6 5%, an upward revision of 0 1 percentage point over its January 2026 estimate, supported by strong carry-over momentum from FY26, the reduction in United States tariffs on Indian goods from 50% to 10%, and resilient domestic demand

Indias policy buffers, sound financial system, and sustained public investment provide a measure of insulation against the shock High-frequency indicators continue to signal resilience, with some signs of stress emerging in March 2026 E-way bill generation touched an all-time high of 140 6 million in March 2026, although year-on-year growth has moderated from its November 2025 peak The Manufacturing Purchasing Managers Index (PMI) eased to 53 9 in March 2026 from 56 9 in February, and the Services

PMI moderated to 57.5, with both remaining firmly in expansionary territory The Index of Eight Core Industries slipped marginally by 0 4% in March 2026, taking full-year FY26 growth to 2 6%, against 4 5% a year earlier, as the West Asia crisis weighed on energy and input supply chains

Consumer-level inflation stayed moderate, with retail inflation at 3.4% in March 2026 and core inflation steady at around 3 7%, aided by measures shielding households from higher fuel prices The wholesale price index, however, climbed from 2 1% in February to 3 9% in March, pointing to emerging cost-push pressures that could transmit to consumer prices if supply disruptions persist Against this backdrop, the Reserve Bank of India maintained a cautious stance, holding the repo rate unchanged at 5 25% while monitoring second-round effects. System liquidity remained in surplus, and bank credit expanded 17 1% year-on-year as of 31 March 2026 on a broad-based footing, with financial stability indicators staying strong

Indias external sector held firm through FY26. Total exports of goods and services grew 4 2% year-on-year to a record $860 1 billion, services exports crossed $400 billion for the first time to touched a historic high of $387 8 billion The impact of the West Asia crisis was nonetheless evident in March 2026, when total exports and imports fell 4 6% and 5 7% year-on-year (YoY) respectively

The outlook carries both opportunity and risk. The constitutes a supply shock, with elevated energy, fertiliser, and industrial input prices threatening to lift inflation and strain fiscal and external monsoon, linked to possible El Niño conditions, poses an additional risk to food prices To cushion these pressures, the Government has raised gas allocation to fertiliser production, waived customs duty, and increased the nutrient-based subsidy for the Kharif season The Second Advance Estimates for FY26 nonetheless project record foodgrain output With strong domestic fundamentals and a tradition of strategic autonomy, India is well placed to convert a multipolar global order into durable economic gains, while policy is expected to safeguard medium-term fiscal and external stability.

Source: Economic Review, April 2026, Department of Economic Affairs;

Economic Survey of India 2025-26

Global Investment Casting Industry Overview

Executive Summary and Market Size

The global investment casting market advanced firmly in 2025, with total sales reaching an estimated $19.0 billion, up

10 5% from $17 21 billion in 2024 Growth was broad but uneven, led by high value-added applications in North America, Europe, and China, while the pace of expansion varied widely across both application and geography Aerospace and industrial gas turbines carried the industry, general industry held steady, and automotive stayed largely flat as electrification reshaped demand. For the first time in several years, the binding constraint shifted from demand to supply: labour availability and installed capacity, rather than order intake, increasingly defined how foundries could capture

World Investment Casting Market - Sales by Segment and Region ($M)

	Europe ( EICF)	Japan (JFS)	North America	Rest of world	Global Total
2024 (INCAST Published)
High Value Add	$3,364	$383	$6,160	$1,333	$11,240
Automative	$468	$121	$330	$781	$1,700
General Industry	$386	$44	$850	$2,990	$4,270
Total 2024	$4,218	$548	$7,340	$5,104	$17,210
2025 (Reported/Estimated)
High Value Add	$3,760	$386	$6,701	$1,693	$12,540
Automotive	$465	$121	$330	$984	$1,900
General Industry	$398	$41	$827	$3,294	$4,560
Total 2025	$4,623	$548	$7,858	$5,971	$19,000

Key Segments and Applications

High Value-Added Sectors

The high value-added segment, spanning commercial and defence aerospace and industrial gas turbines (IGT), remained the markets centre of gravity, generating $12 54 billion in 2025, roughly 66% of global sales and up from $11 24 billion a year earlier North America led with $6 70 billion, followed by Europe at $3 76 billion and the Rest of World at $1 69 billion Commercial aerospace was the single largest driver Boeing delivered 600 aircraft in 2025, a 72% increase and its best year since 2018, while Airbus delivered 793 Combined deliveries of 1,393 units rose 21% over 2024, against an order backlog of roughly 16,500 aircraft that represents more than a decade of production at current rates European commercial aerospace castings alone reached $2 85 billion, growing 13 1% Industrial gas turbines produced the years most striking growth story, driven less by the energy transition than by artificial globally and utilities unable to extend the grid fast enough, on-site gas generation has surged Siemens Energy nearly doubled gas turbine unit sales from 100 to 194, GE Vernova entered 2026 with an 83 GW backlog and a 100 GW target, and Mitsubishi Power was effectively late 2020s Hot-section castings, including blades, vanes, and combustion liners, rank among the highest-value parts made anywhere The global gas turbine blade market, valued at $3 4 billion in 2025, is projected to approach $5 9 billion by 2034

Automotive Castings

Automotive investment castings totalled $1 90 billion globally in 2025, up from $1.70 billion, but the headline figure masks a structural shift The Rest of World led the segment at $984 million, followed by Europe at $465 million, a decline of 0 71%, and North America at $330 million, flat on the year. US light vehicle sales reached 16 2 million units, the strongest result since before the pandemic, yet the powertrain mix diverged sharply by region In the United States, battery electric vehicles lost market share for the first time since tracking began, slipping to 7 7% from 7 8%, while conventional hybrids rose 27 6% In Europe, battery electric and plug-in hybrid registrations surged. Electrification is steadily hollowing out combustion-engine casting content, even as EV thermal and structural parts create new demand

General Industry Castings

General industry applications generated $4 56 billion globally in 2025, up modestly from $4 27 billion and the steadiest of the three segments The Rest of World dominated at $3 29.With 7,895datacentre projectsactive billion, followed by North America at $827 million, a decline of 2 7%, and Europe at $398 million The segment covers oil and gas components, medical and orthopaedic implants, pumps, valves, and general machinery Demand was stable rather than dynamic: medical implants were largely flat, supported soldoutthroughthe by demographic tailwinds but held back by pricing pressure, while oil and gas held steady on pipeline and LNG activity Of the three segments, general industry drew the most cautious 2026 outlook, with a meaningful share of foundries expecting flat or declining demand.

Regional Market Leaders and Dynamics

Global Investment Casting Market - Estimated Revenue by Region, 2025

Region	2024	Share	2025	Share		YoY
Europe	$4,220	24 5%	$4,620	24 3%	+$400	+9 5%
Japan	$548	3 2%	$548	2 9%	$0	+0 0%
North America	$7,340	42 7%	$7,858	41 4%	+$518	+7 1%
Rest of World	$5,092	29 6%	$5,974	31 4%	+$882	+17 3%
Global Total	$17,210		$19,000		+$1,800	+10.5%

- North America: led the global market with $7 86 billion in sales, about 41% of the total, up 7 1%, with roughly 85% of revenue from high value-added applications Aerospace and defence alone reached $5 42 billion

- Rest of World: recorded $5 97 billion, up 17 3% and the fastest-growing region, with general industry making up the majority of its output

- Europe: accounted for $4 62 billion, up 9 5%, concentrated in high-value sectors The United Kingdom held 52% of European sales, followed by France at 18% and Germany at 14%

- China: reached $3 93 billion, up 9 78%, with general commercial castings at 55% and a rising high value-added share of 33%

- Japan: was flat at $548 million, though turnover rose 13% in yen terms as gas turbine and aircraft segments commanded premium pricing

These regions drove nearly all net global growth The broader Asia-Pacific region, particularly China and India within the Rest of World, remains the industrys long-term growth engine, supported by expanding domestic manufacturing and rising defence and energy investment

Recent Technological Advancements

The sector continues to modernise production methods across several fronts:

1 Artificial

(AI) Applications

Machine learning is now widely used to predict defects, optimise process parameters, and improve quality assurance, lowering scrap and production costs

2 Additive Manufacturing Integration

Combining 3D printing with investment casting enables rapid prototyping, more intricate geometries, and shorter lead times, expanding design flexibility.

3 Advanced Materials Development

Progress in single-crystal and superalloy metallurgy is broadening the range of components foundries can produce for aerospace and energy Single-crystal blades alone are a $681 million market

4 Automation & Robotics

Automated systems now handle tasks from pattern assembly to inspection, improving consistency and easing the labour constraint that 64% of North American members cited as a negative force in 2025

5 Advanced Simulation & Modelling

Casting simulation tools refine mould designs before production, reducing trial-and-error iterations and improving yields

The orders are in place across almost every high-value sector Whether the industry can recruit, invest, and expand capacity fast enough will determine how much of this demand it ultimately converts

Industry Trends and Outlook

The investment casting industry enters 2026 with stronger order books, tighter capacity, and sharper uncertainty than at almost any point in recent memory Growth is increasingly concentrated in high-value sectors, aerospace, defence, and IGTs, while general industry applications remain stable and automotive faces structural pressure from electrification. Capacity, not demand, has become the binding constraint: labour shortages, long qualification cycles, supply chain limitations, and energy and raw material costs are now the primary impediments to growth Leading producers are responding with advanced materials such as single-crystal superalloys, digitalisation and process control, automation and robotics, additive-enabled tooling, and sustainability-driven improvements to maintain competitiveness and meet the demands of high-performance applications Regional dynamics will continue to shape the industrys future North America, Europe, and China remain dominant, while tariff volatility and geopolitical tensions are prompting buyers to diversify supply chains and increase dual-sourcing across regions, a structural opportunity for well-positioned foundries The Asia-

Pacific region, particularly China and India, is poised for sustained growth as industrialization and infrastructure investment accelerate

The investment casting industry in 2026 is defined by record demand visibility in high value-added applications: a decade-long commercial aerospace backlog, a data-centre-driven gas turbine supercycle, and expanding defence budgets, concentrated in North America, Europe, and China. The industrys challenge has shifted from securing demand to delivering it. Workforce, capacity, and supply chain execution will determine who captures the opportunity, while digital innovation and the global push for advanced manufacturing capabilities continue to raise the bar.

Source: INCAST, April 2026 (Investment Casting Institute)

Why TCL stands out as a premier supplier for precision castingRs

- Unmatched Technology & Engineering

TCL seamlessly blends over 50 years of engineering expertise with deeptech capabilities, including Industry 5 0-ready systems with real-time monitoring, in-house 3D printing, advanced simulation, and specialized surface coatings, ensuring precise casting solutions that deliver on every clients vision

- Sustainability at the Core

Our casting processes are defined by sustainable

& best industry practices, with a commitment to minimal environmental impact, reduced GHG emissions, and compliance with CBAM standards This commitment stands validated by the EcoVadis Bronze Medal for ESG performance, placing TCL in the top 35% of companies evaluated globally

- Reliable Consistency

Clients benefit from supply chain management and logistics, ensuring every order meets the highest standards, on time, every time TCLs facilities are located in proximity to major ports & airports

Assured Quality Certification

TCLs products carry stringent certifications globally recognized bodies, assuring unmatched quality and compliance across every stage of production

- Ethical Business Standards

We invest in long-term client relationships, operating with unwavering integrity and placing client interests above short-term gains

- End-to-End Engineering Support

Our team collaborates from concept to completion, combining engineering know-how with robust data resources, including real-time process data, to ensure smooth, error-free project delivery

- Dedicated Synergy-Driven Teams

TCLs customer-dedicated teams follow a single-window communication approach, delivering personalized service and exceeding partnership expectations

World-Class Manufacturing Arsenal

We leverage advanced robotic shelling, CNC, and VMC technologies for superior casting precision, all controlled with state-of-the-art CMM systems and supported by an ISRO-approved mechanical test lab

Company Overview

Tamboli Industries Limited is the holding Company of Tamboli Castings Limited, a specialist in investment casting technology (Feinguss) that delivers fully machined precision components across Pneumatic & Automation, Pumps, Valves & Turbo Parts, General Engineering, Automobile and Aerospace applications Manufacturing remains the core business segment of the Company, contributing 98% of its Total Income

Mr. Vaibhav B. Tamboli Honoured with Manufacturing Maestros Award

During the year, Mr Vaibhav B Tamboli, Chairman & Managing Director of Tamboli Industries Limited, was honoured with the prestigious Manufacturing Maestros Award at a ceremony held in Ahmedabad on September 15, 2025 Recognised as one of the eight Manufacturing Maestros from Gujarat in the Ahmedabad edition of the award, Mr Tamboli was nominated for the accolade by a group of 8 multinational companies The award celebrates exceptional industry leaders who are advancing global standards of manufacturing and contributing to Indias excellence in precision machining The platform shines a spotlight on innovators and visionaries in the machining sector driving Indias manufacturing journey, from aerospace components and surgical instruments to high-speed trains and renewable energy technologies, where precision machining serves as the backbone of industrial growth

This recognition reflects the dedication and hard work of the entire team and reaffirms Tamboli Industries commitment to remain at the cutting edge of the precision castings and machining industry

Tamboli Castings Receives CII National Best Practices Award

During the year, wholly-owned subsidiary Tamboli Castings was honoured with the prestigious CII National Best Practices Award at the CII Smart Manufacturing Platform event held in Delhi on May 29, 2025 The accolade is a testament to Tamboli Castings robust foundation, industry leadership, and strategic vision for capturing future growth through digital-led innovation under the Industry 4 0 framework The award recognizes organizations that demonstrate excellence in adopting advanced technologies and innovative solutions to drive smart manufacturing

Tamboli Castings commitment to this vision is reflected in its comprehensive implementation of Industry 4 0 best practices, including advanced robotics, state-of-the-art machinery, SCADA-enabled systems, and real-time data analytics These initiatives have fostered a safer and more efficient workplace through automation, while enhancing operational excellence by optimizing production efficiency, reducing downtime, and achieving higher levels of precision In parallel, TCLs robust sustainability measures, including smart energy management, waste reduction using IoT sensors, and environmentally conscious processes, reflect the Companys dedication to minimizing its carbon footprint and aligning growth with long-term sustainability goals. This recognition from CII reaffirms

Tamboli Castings position as an industry leader in smart manufacturing and sustainable innovation

Competitive Advantages

Tamboli Industries draws its competitive edge from a distinctive mix of long-standing industry experience in investment casting and a culture of continuous innovation With 5 decades of leadership experience, our management team brings deep expertise and insight to every facet of operations, ensuring the highest standards of execution & quality in every project Our strategic focus on high-value, precision components continues to deliver strong operational performance, particularly in product realization and profitability margins With a global outlook, we embody the Make in India, Make for the World philosophy, establishing ourselves as a key player in international markets and deriving a significant share of our revenue from exports.

Our standing as a preferred supplier is reinforced by internationally recognized quality certifications, efficient production, and a proven record of supply chain reliability Environmental stewardship is equally integral to our operations We have implemented comprehensive sustainability strategies aimed at achieving carbon neutrality and optimizing resource utilization Evidence of this commitment is our captive clean energy assets, which meets a significant share of our internal requirement and is transitioning our energy needs to renewable sources

Financially, Tamboli Industries continues to maintain robust health, marked by a debt-free balance sheet, strong liquidity, and consistent cash flows, enabling sustained investments in its business development & expansion initiatives Our technical expertise spans a broad spectrum of materials, including various grades of steel, aluminium, superalloys and other non-ferrous alloys. We offer an extensive portfolio of castings, with individual components ranging from 10 grams to 80 kilograms, serving a diverse array of industries and applications This powerful combination of deep industry knowledge, advanced manufacturing capabilities, global reach, environmental responsibility, financial stability, and technical versatility keeps Tamboli Industries at the forefront of the investment casting industry

Performance Review & Outlook

The last two years have been those of consolidation for Tamboli Industries, with performance shaped by trade uncertainties, geopolitical shifts, and the resulting turbulence in global trade & markets As part of a globally integrated value chain, the Company witnessed slower project commencements and cautious customer decision-making on new projects Despite these headwinds, prudent management, inherent cost customer selection, and a better product mix enabled the Company to navigate the uncertainty and still deliver results in FY26, staying steadfast in its dedication to customer-centricity and operational excellence

For the financial year FY26, the Company reported a Total Income of 83.2 crore, an increase of 18% year-on-year over 70.3 crore in FY25. Profitability improved even more, with EBITDA rising 19%, from 15.9 crore in FY25 to 18.9 crore in FY26, and PAT growing 27%, from 7.7 crore to 9.8 crore. The complexity and engineering capabilities of our products, backed by continued investments in modernisation and automation, remain core differentiators. Scale will be central to our business model: as revenue builds, operating leverage will come into play and translate into improved margin outcomes The Companys underlying strengths remain robust, providing a solid foundation for future growth In response to the market dynamics, Tamboli Industries has recalibrated its growth strategies and is witnessing meaningful progress across several strategic initiatives:

- Customer Project Advancements: Projects that were under development have begun to gain traction, with several transitioning to the pre-commercial supply phase and others reaching full commercial supply Although the transition from prototype to commercial stage varies by project, the overall direction is supportive of growth in the coming year

- Railways and Locomotive Sector: The Company has consolidated its position as a key supply chain partner to a major global OEM in the railway and locomotive sector, with a comprehensive portfolio of approved components for future commercial supplies While the shift from prototyping to commercial-scale production has been slower than initially projected, most customer approvals are in place, and further scaling is anticipated as customers ramp up operations

- Opportunities in the MENA Region: The Middlesuperior

East and North Africa (MENA) region continues to offer attractive prospects, as industry players accelerate carbon reduction efforts and invest in sustainable energy generation facilities This has driven healthy growth in the Companys pumps and valves components segment, which stands to benefit from sticky demand and improving business visibility

- Automotive Segment Recovery: Within the automotive sector, the Company has ongoing projects with several elite global clients The easing of tariffs under the India-US Interim Trade Agreement is expected to open new export opportunities in this segment, where Tamboli is already engaged in specialised work for leading global clientele of repute

- Domestic Market Expansion: Tamboli is strengthening its presence in the Indian market through deeper market outreach, new customer partnerships, enhanced visibility at local trade exhibitions, and participation in opportunities arising from Indias expanding industrial and manufacturing ecosystem, helping maintain a balanced geographic exposure

Looking ahead, the Company is optimistic about FY27, supported by traction with key customer accounts in Europe, certain large projects in the USA, and some projects within India The successful conclusion of the

India-EU Free Trade Agreement is expected to benefit

Tamboli through duty-free market access, better procurement competitiveness for its customers, and a more predictable trade environment Healthy liquidity and a strong balance sheet provide a sound foundation as the Company pursues these growth avenues for long-term growth and value creation

Financial Ratios

No. Particulars	Numerator	Denominator	As at 31 st 2026	March 2025	Variance	Reason for variance, if more than 25%
1 Current Ratio	Current Assets	Current Liabilities	23 32	31 72	(26 50)	Decrease in
(In Times)						Current Assets
2 Debt-Equity Ratio	Total Debts	Shareholders	-	-	-	Not Applicable
(In Times)		Equity
3 Debt Servie Coverage	Earning Available to	Debt Service	-	-	-	Not Applicable
Ratio (In Times)	Debt Service
4 Return on Equity	Net Profit After	Average	6 83	8 64	(20 89)
Ratio (%)	Taxes	shareholders
		equity
5 Inventory Turnover	Sales	Average	-	-	-	Not Applicable
Ratio (No of Days)		Inventory
6 Trade Receivables	Net Credit Sales	Average Trade	-	-	-	Not Applicable
Turnover Ratio		Receivables
(No of Days)
7 Trade Payables	Net Credit	Average Trade	-	16 64	(100 00)	Decrease in
Turnover Ratio	Purchases	Payables				Purchases
(No of Days)
8 Net Capital Turnover	Net Sales	Working Capital	-	0 10	(100 00)	Decrease in
Ratio (In Times)						Sales
9 Net Profit Ratio (%)	Net Profit	Net Sales	56 18	53 87	4 29	-
10 Return on Capital	Earning Before	Capital	7 30	9 54	(23 51)	-
Employed (%)	Interest and Taxes	Employed
11 Return on	Income Generated	Average	64 20	43 83	46 46	Increase in
Investments (%)	from Invested	Invested				Income
	Funds	Funds

Miyawaki Forest

During the year, Tamboli Castings undertook an ambitious environmental initiative to nurture a Miyawaki Forest in Bhavnagar, spread over an expansive 13,000 square meters The project is being executed as part of the Companys CSR activities, in collaboration with the Rotary Club of Bhavnagar and the Bhavnagar Municipal Corporation Situated adjacent to the picturesque Akwada Lake, the forest has seen the initial plantation of 28,635 saplings comprising diverse tree species, using the

Miyawaki afforestation technique pioneered by renowned

Japanese botanist Akira Miyawaki The method grows small to large trees in close proximity to one another, enabling dense vegetation to develop swiftly Within a span of 3 to 5 years, this green cover will evolve into a self-sustaining ecosystem and serve as an Oxygen Park for the citizens of Bhavnagar

The initiative renewable energy integration, carbon accountability, and resource-efficient by structured environmental governance Placing equal emphasis on industrial excellence and environmental stewardship, the Company reaffirms, through projects such as these, its dedication to creating long-term value for people, planet, and business

Ongoing Commitment to Sustainability

Tamboli Industries continues to advance its sustainability agenda During the year, Tamboli Castings ESG performance earned it the EcoVadis Bronze Medal, placing it in the top 35% of companies evaluated globally, alongside Green-Rated supplier status with multiple multinational companies The 1 MW captive solar power plant commissioned earlier continues to support the Companys energy needs through captive sources, anchoring the transition of its energy needs to renewable sources Additional initiatives include the adoption of smart energy management systems, waste reduction through IoT-enabled sensors, the implementation of eco-conscious manufacturing processes, and the Miyawaki Forest project, all underscoring the Companys commitment to minimizing its carbon footprint and integrating sustainability into its long-term business strategy

Some ESG Initiatives Undertaken by the Company:

Internal Control Systems and

Their Effectiveness

The Company has instituted a system of Internal Control that is reviewed by the Management The Management evaluates the functioning and quality of internal controls and provides assurance through periodical reporting Internal Audit Reports and the adequacy of internal control are reviewed by the Management on a regular basis, which also minimizes possible risks in the operations of the Company

Human Resources

Tamboli Industries firmly believes that its employees are its greatest asset, essential for sustaining business operations and driving future growth To attract and retain high-calibre talent, the Company has rolled out a range of initiatives aimed at strengthening its employer brand, spanning comprehensive employee benefits to advanced training and development programs tailored for middle and senior management One such example: all 500+ employees at the Companys facility receive complimentary lunch meals, reflecting a strong commitment to employee welfare In addition, middle and senior managers benefit from specialized learning and development programs, including managerial training led by professional business coaches Through these strategic initiatives, Tamboli Industries strives to foster a work environment that not only attracts top talent but also supports their professional development and long-term engagement with the Companys mission

Cautionary Statement

This Management Discussion and Analysis contains statements regarding the companys objectives, projections, estimates, and expectations that may be considered forward-looking statements under applicable securities laws and regulations Actual outcomes may differ materially from those anticipated due to various factors. Keyinfluences include, but are not limited to, economic conditions affecting demand and pricing in both domestic and international markets, changes in government regulations, tax laws, and other relevant statutes, as well as unforeseen incidental factors