TD Power Systems Ltd Management Discussions

INDUSTRY STRUCTURE AND DEVELOPMENTS Global Economy

The International Monetary Fund (IMF) has adjusted its global growth projections, indicating a nuanced equilibrium between economic resilience and emerging headwinds. Global GDP growth is anticipated to decelerate to 2.8% in 2025, down from an estimated 3.3% in 2024. A modest rebound is expected in 2026, with growth forecasted at 3.0%. Although these figures remain below the historical average of 3.7% recorded between 2000 and 2019, they suggest a semblance of macroeconomic stability amid prevailing uncertainties. A confluence of structural shifts and policy recalibrations is actively transforming the global economic landscape. Chief among these is the expansive tariff regime introduced by the United States under President Trump, which imposes a general 10% levy on nearly all USA imports. Announced countervailing tariffs on key trade partners, including the European Union, Japan, South Korea, and Taiwan, remain provisional, pending the resolution of ongoing deliberations.

Persistent geopolitical strain and elevated policy unpredictability continue to cast a shadow over the global environment. These factors have undermined business sentiment and constrained the viability of long-term capital deployment. Nonetheless, resilient consumption patterns and renewed dynamism in select emerging markets provide a partial offset to the prevailing caution.

On a more encouraging front, global inflation is expected to ease. Headline inflation is projected to decline to 4.3% in 2025 and further to 3.6% in 2026. This outlook reflects upward adjustments for advanced economies and marginal downward revisions for emerging markets and developing economies in 2025.

The direction of global trade in the coming years will be heavily influenced by the development of tariff regimes. If the current tariffs remain in place, they may place a burden on export-driven sectors and drive-up costs across the value chain. Alternatively, progress in trade negotiations may ease prevailing tensions, alleviate detrimental impacts, and contribute to the resurgence of investor trust in cross-border markets.

Real GDP Growth (in %)

Region	2024	2025	2026
World	3.3	2.8	3.0
USA	2.8	1.8	1.7
Euro Area	0.9	0.8	1.2
Latin America and the Caribbean	2.4	2.0	2.4
The Middle East and Central Asia	2.4	3.0	3.5
Emerging and Developing Asia	5.3	4.5	4.6
Sub-Saharan Africa	4.0	3.8	4.2

*Note: CY 2025 and CY 2026 numbers are estimated.

Indian Economy

In a volatile global environment marked by an ongoing tariff concern and unpredictability in the US trade policy, India is set to maintain its lead as the fastest- growing major economy. While the global economy grapples with the possibility of a United States recession and significant deceleration in China, Indias growth outlook continues to be comparatively resilient. According to the April 2025 edition of the IMFs World Economic Outlook, Indias economy is expected to grow by 6.2% in 2025 and 6.3% in 2026, maintaining a solid lead over global and regional peers. The April 2025 edition of the WEO shows a downward revision

in the 2025 forecast compared to the January 2025 update, reflecting the impact of heightened global trade tensions and growing uncertainty. However, the Indian economy remains supported by strong domestic fundamentals. Growth is being driven by robust private and government consumption, along with a positive contribution from net exports. The IMF notes a steady expansion in Indias economic activity, underpinned particularly by firm rural consumption.

At the sectoral level, the performance of Indias core industries continues to reinforce the economys strength. The combined Index of Eight Core Industries (ICI) registered a provisional growth of 3.8% in March 2025 compared to March 2024. Sectors such as cement, fertilisers, steel, electricity, coal and refinery products recorded positive year-on-year growth, reflecting continued infrastructure momentum and industrial activity.

Performance of Eight Core Industries

Year	Coal	Crude Oil	Natural Gas	Refinery Products	Fertilisers	Steel	Cement	Electricity	Overall Index
Weight	10.33	8.98	ON CO CO	28.04	2.63	17.92	5.37	19.85	100.00
Fiscal 2013	103.2	99.4	85.6	107.2	96.7	107.9	107.5	104.0	103.8
Fiscal 2014	104.2	99.2	74.5	108.6	98.1	115.8	111.5	110.3	106.5
Fiscal 2015	112.6	98.4	70.5	108.8	99.4	121.7	118.1	126.6	111.7
Fiscal 2016	118.0	97.0	67.2	114.1	106.4	120.2	123.5	133.8	115.1
Fiscal 2017	121.8	94.5	66.5	119.7	106.6	133.1	122.0	141.6	120.5
Fiscal 2018	124.9	93.7	68.4	125.2	106.6	140.5	129.7	149.2	125.7
Fiscal 2019	134.1	89.8	69.0	129.1	107.0	147.7	147.0	156.9	131.2
Fiscal 2020	133.6	84.5	65.1	129.4	109.8	152.6	145.7	158.4	131.6
Fiscal 2021	131.1	80.1	59.8	114.9	111.6	139.4	130.0	157.6	123.2
Fiscal 2022	142.3	77.9	71.3	125.1	112.4	163.0	156.9	170.6	136.1
Fiscal 2023	163.5	76.6	72.4	131.2	125.1	178.1	176.0	185.2	146.7
Fiscal 2024	182.7	77.1	76.8	135.9	129.8	200.4	185.7	198.3	157.8
Fiscal 2025	192.0	75.4	75.9	139.7	133.5	214.1	197.4	208.4	164.9

Inflation dynamics have also undergone subtle shifts in recent months. In response to slowing growth and global headwinds, the Reserve Bank of India implemented a second consecutive 25 basis point rate cut on April 9, 2025. These easing measures are widely viewed as calibrated interventions aimed at cushioning the economy without stoking inflationary pressures. Complementing this macroeconomic backdrop, the Union Budget for Fiscal 2025-26 is aligned with the broader objective of sustaining growth through targeted initiatives. Strategic priorities include advancing agricultural development, supporting domestic manufacturing under the Rs.Make in India programme and accelerating skill development to drive employment generation.

Global Generator Market

Generators are machines that convert mechanical energy into electrical power, serving a diverse range of applications from continuous power supply to emergency backup and supplementary power requirements. These machines are widely used in industrial, commercial, and residential settings to meet power demands, especially in regions with unreliable electricity infrastructure. A typical generator unit comprises several components, including an engine, fuel cell, alternator, main assembly, and cooling and exhaust systems, among others, all working in unison to efficiently generate and regulate current.

The global generator market is projected to reach USD 51,996.9 Million in 2025, reflecting a steady year-on- year increase as demand continues to rise across both industrial and residential applications. By 2029, the global generator market is expected to scale up to USD 72,663.1 Million, driven by infrastructure development, energy transition needs, and backup power demand.

Global Generator Market Size and Forecast (2025-2029)

Year	Market Size (USD Million)
2025	51,996.9
2026	56,182.0
2027	60,940.5
2028	66,386.2
2029	72,663.1

The growth of the global generator market is primarily fuelled by rapid industrialisation and the increasing adoption of construction equipment, particularly in developing nations such as India, China, South Korea, South Africa, and Brazil. In these countries, an increase in urbanisation has accelerated industrial activities.

However, persistent power outages and unstable electricity infrastructure remain significant challenges, creating an urgent need for dependable backup power

sources. As many growing urban centres face inadequate power generation capacity and limited transmission and distribution (T&D) infrastructure, generators are becoming a crucial solution to bridge the energy gap.

Segment-Wise Insights: Stationary vs. Portable

In 2025, the stationary generator segment is projected to strengthen its dominance, accounting for 76.7% of the global generator market. This steady rise reflects the growing preference for high-capacity, long-duration backup power solutions, particularly across industrial and commercial sectors. Meanwhile, the portable generator segment is expected to account for 23.3% of the market, maintaining its relevance in residential and small-scale applications.

By 2029, the share of stationary generators is expected to reach 80.1%, further solidifying their position as the primary choice for reliable and scalable power generation. In contrast, the portable generator segment is forecasted to decline marginally to 19.9%, amid increasing investments in permanent backup infrastructure and microgrid systems.

Projected Market Share of Stationary and Portable (2025-2029)

Year	Stationary (%)	Portable (%)
2025	76.7	23.3
2026	77.5	22.5
2027	78.3	21.7
2028	79.2	20.8
2029	80.1	19.9

Steam Turbine

Demand for steam turbines is expected to drive the market to reach USD 29.58 Billion by 2032. Increasing demand for electricity worldwide and the rising demand for on-site power generation are the key market drivers boosting the growth of the steam turbine market in the future.

Due to a rise in the demand for on-site power generation and a promising future for steam-intensive industries, industrial application is expected to increase. Additionally, the steam turbine market share will increase with increased applicability in sugar plants, refineries, pulp & paper industries, and chemical facilities. The business dynamics will be aided by favourable policies on the expansion of power-generating capacity to meet the rising electricity demand and reduce the demand- supply gap.

Gas Turbines

By 2032, the gas turbine market size is projected to expand from USD 25.26 Billion in 2025 to USD 34.75 Billion, with a CAGR of 4.66%. The gas turbine market in the US is projected to grow significantly, reaching an estimated value of USD 4.05 Billion by 2032, driven by the global transition to natural gas-based power generation and technological advancements to improve the efficiency of turbines.

Advancements in materials and diagnostics are enhancing the reliability and durability of gas turbines, leading to longer operating lifespans and reduced downtime. New designs and control systems are making gas turbines more flexible, allowing them to adapt to the fluctuating electricity demand and integrate with renewable energy sources.

Hydro Generators

The hydro generators sector is on track to surpass USD 301.61 Billion by 2034, bolstered by investments in renewable energy and the rapid development of hydropower projects, especially in Asia-Pacific. Countries like China, India, and Southeast Asian nations are investing heavily in hydropower projects to meet escalating energy demands sustainably. Small and micro hydropower installations are gaining popularity, catering to localised energy needs. Additionally, digitalisation is on the rise, with the integration of real-time monitoring and control systems enhancing operational efficiency. The regions commitment to renewable energy and the potential of untapped hydropower resources continue to drive market trends.

Europe is estimated to witness the fastest expansion, with the hydro generator market experiencing a resurgence in the region. This renewed focus has reignited interest in the sector, leading to a resurgence in investments and developments. Significantly, offshore hydropower projects, especially in the North Sea region, are rapidly expanding. This expansion is driving an increased demand for specialised hydro generators, highlighting the regions dedication to harnessing the potential of clean and sustainable energy from hydropower sources.

Diesel Generator

Growth in the diesel generator market is anticipated to push its valuation to USD 37.03 Billion by 2032. The US market is expected to grow significantly, reaching an estimated USD 6.10 Billion by 2032, driven by rising power outages, natural disasters, and increasing concerns around grid reliability.

The consumption of oil & gas has increased tremendously owing to their increasing applications across diverse industry verticals. Additionally, growing discoveries of new large hydrocarbon reserves, along with the exploitation of offshore wells, are set to cater to the demand for diesel gensets.

The increasing need to address the rising production activities across the world is set to boost the demand for diesel gensets. Furthermore, increasing expenditures and investments to deliver efficient energy management across different sectors are set to present new growth opportunities for the diesel generator market.

Gas Generator

Forecasts suggest the gas generator market will reach USD 8.62 Billion by 2032, supported by an increasing demand for energy and accelerated industrial development.

The substantial growth across multiple industries, coupled with the global population increase, is expected to increase the demand for reliable and continuous power solutions. The key role of information and communication technology in this trend is evident, as every data centre requires a generator to avert power outages. Additionally, gas-fired generators are widely used in both commercial and industrial applications to meet the rising demand for electricity. This will likely result in strong revenue growth for the natural gas generator in the forecasted period.

Gas Turbines

The global gas turbines market is projected to reach USD 34.75 Billion by 2032. The rising global demand for electricity, combined with increasing environmental concerns, is driving a shift away from conventional fossil fuel-based power generation. Governments worldwide are progressively phasing out coal-fired steam plants and replacing them with cleaner alternatives such as combined-cycle power plants powered by gas turbines. These turbines predominantly use natural gas, which produces fewer greenhouse gas emissions compared to coal and oil-based systems.

Coal-based power generation remains one of the largest contributors to harmful emissions and global warming. In contrast, gas turbines emit significantly lower levels of pollutants, including carbon dioxide and other toxic gases. Furthermore, nuclear-driven turbines, while offering low carbon emissions, generate hazardous waste with long-term environmental risks. In response, several countries are actively promoting gas-based generation as a cleaner and more sustainable transitional solution in their energy mix.

As the energy landscape evolves, gas turbines are expected to play a critical role in enabling cleaner power generation, ensuring grid reliability, and supporting decarbonisation targets globally.

Gas Engine

The gas engine market is expected to expand to USD 8.08 Billion by 2032, with significant growth projected in the U.S. due to rising demand for outdoor power equipment and construction machinery. Gas engines find applications in several industries, including industrial machinery, power generation, and automotive systems. The markets growth is largely driven by rapid technological progress, which has resulted in the development of gas engine systems that are both highly efficient and durable. These technological innovations have significantly enhanced gas engines performance and flexibility, enabling their use across a wide range of sectors.

Simultaneously, the increasing global focus on clean and energy-efficient solutions is driving higher demand for gas engines, especially within the power generation sector. In response to growing efforts to reduce carbon emissions and adopt sustainable energy systems, governments and industries are introducing supportive policies, including regulatory measures and tax incentives, to promote this transformation.

MOTORS Induction Motors

Projected to grow substantially, the induction motors industry is set to reach USD 44.8 Billion by 2032, propelled by increasing automotive manufacturing demand and broader industrial applications. Additionally, induction motors find extensive application across a wide range of industries where operational efficiency is of paramount importance. These motors are frequently utilised as a component in pumps, hoists, lifts, electric shavers, cranes, crushers, and oil extraction equipment due to their low cost, long-lasting durability, minimal maintenance, and versatility. With the continued growth of industrial and manufacturing sectors, the demand for induction motors is expected to increase.

Traction Motor

Traction motors are specialised electric motors used in electric and hybrid vehicles to convert electrical energy—typically from batteries or hybrid power sources—into mechanical force to drive the wheels. These motors are widely used in electric cars, trains, and buses, offering high torque at low speeds, which is essential for smooth acceleration and energy-efficient performance. In line with this, the global traction motor market is projected to reach USD 35.32 Billion by 2034.

In India, the traction motor market is gaining momentum, driven by the electrification of the railway network and modernisation efforts. The transition from diesel to electric traction, mainly using 25 kV AC overhead systems, has increased the use of DC series and three-phase induction motors across locomotives, metro trains, and EMUs. Government-led initiatives aimed at boosting domestic manufacturing and R&D are further supporting the growth and reliability of traction motor deployment across the rail sector.

Synchronous Motor

The global synchronous motor market is projected to grow to USD 33.24 Billion by 2032. Increased demand for synchronous motors in automation, rising oil & gas industry requirements, and high efficiency are the key market drivers enhancing the market growth.

OPPORTUNITIES AND THREATS Opportunities

• Manufacturing and Data Centres

Growth: The surge in AI and data centres is driving significant new power demand, favouring clean and efficient generation equipment.

• Increasing Demand for Smart Grids and Energy Storage: The rise of smart grids and decentralised power systems requires advanced, customisable generators and motors for grid stability and backup.

• Renewable Energy Integration: Demand for hybrid generators compatible with solar/wind setups in microgrids and decentralised power systems.

• EV Infrastructure Growth: Rising need for high- capacity motors and backup power solutions for charging stations.

Threats

• Policy Shifts: Abrupt alterations in subsidies for fossil fuels or renewable energy sources have the potential to destabilise established market structures.

• Supply Chain Vulnerabilities: Heavy reliance on imported raw materials, including rare earth metals, increases exposure to geopolitical and trade-related risks.

• Climate Change Impacts: Water scarcity and extreme climate events may adversely impact hydroelectric projects or extreme weather damaging infrastructure.

• Skill Gaps: A shortage of engineers proficient in AI, digital twin modelling, and next-gen grid technologies may impede technological advancement.

Company Overview & Outlook (Business Outlook)

TD Power Systems Ltd. (hereafter referred to as Rs.The Company or Rs.TDPS) is a premier manufacturer of AC generators, serving the needs of steam, gas, hydroelectric, and diesel-based power plants. The Company offers an extensive portfolio of AC generators to varied power generation demands. The Companys product spectrum comprises steam turbine generators up to 250 MW, gas turbine generators up to 70 MW, hydro turbine generators up to 50 MW, and diesel engine generators up to 20 MW. Beyond generators, the Company also manufactures synchronous motors (up to 50 MW), induction motors (up to 20 MW), and traction motors (up to 1,250 kW), serving a broad array of industrial and mobility-driven applications.

TDPS operates two manufacturing units in Bengaluru, India, including one dedicated to large-format generators. A third facility is being set up in the city to manufacture generators, motors, sub-assemblies, and components. The Company also has an international manufacturing presence through its facility in Turkey. As of March 31, 2025 (Fiscal 2025), the Company has supplied 7,096 generators and 66 motors to over 110 countries across the worldwide, reaffirming continued global confidence in its design, reliability, and manufacturing capabilities. This international presence underscores the fact that an Indian generator manufacturer can deliver dependable products while meeting stringent testing standards and competing effectively on the global stage.

The majority of installations are located in Asia (including Eurasia) and the Middle East (5,107), followed by Europe (1,268), Africa (292), North America (314), South America (55), and Oceania (292).

SEGMENT-WISE AND PRODUCT-WISE

PERFORMANCE

In Fiscal 2025, TDPS demonstrated steady growth and strong momentum across key product categories, reflecting the effectiveness of its market strategy. The steam turbine generator emerged as the top revenue contributor, maintaining a strong position compared to the previous fiscal year. This performance was supported by robust demand in both export and domestic markets, reinforcing steam turbines as a cornerstone of the Companys portfolio.

Gas engines displayed impressive growth, emerging as one of the strongest performers with a substantial year- on-year increase. This upward trend was driven by a marked preference in export markets, complemented by solid export demand, highlighting the products rising popularity. Gas turbines also saw strong growth with a significant uptick in sales, mainly driven by the AI and Data Centre business in the US.

Hydro products maintained a consistent performance, showing stability year-on-year, primarily supported by the export and domestic market. This reliability underscores hydros role as a steady contributor amid a dynamic energy sector. Motors, as an emerging product line, demonstrated strong growth, with a notable increase driven largely by export and domestic demand, reflecting robust momentum and strong potential for future growth.

Other product lines, such as diesel, traction, wind, spares and 2-pole products, remained relatively smaller contributors. Diesel saw a slight decline, while traction and wind showed minimal activity. Spares and 2-pole products held steady with no significant change and special applications remained a niche segment with limited contribution.

Considering the strong order pipeline and emerging opportunities, TDPS is projecting to achieve a revenue of Rs. 1,500 Crore on a consolidated basis in Fiscal 2026. This growth is expected to significantly contribute to an improved EBITDA margin by leveraging operational efficiency.

Barring unforeseen events, the Company expects to have a higher level of profit driven by higher top line and improved contribution in Fiscal 2026.

Breakthrough Efforts and Opportunities

Some of the important breakthrough orders and qualifications from OEMs/Customers during Fiscal 2025 are as follows:

Generators

• The Company received an order from one of its key customers in the steam turbine segment for installation in the oil & gas industry. The order comprises two units of 56 MW, 11 kV, 3,000 rpm generators and one unit of 18 MW, 11 kV, 1,500 rpm generator for the Hail and Ghasha Development Project.

• An order was secured from a key customer in the gas engine segment for 95 units of 4.5 MW, 15 kV generators to be installed in the United Kingdom.

• Received an order from a leading Czech Republic company for the supply of a 77.2 MW, 13.8 kV, 3,600 rpm, 2-pole generator for installation in Saudi Arabia.

• The Company has entered into a five-year contract with an Indian company, whose parent organisation is headquartered in Russia, for the supply of traction motors and alternators for dumper applications. The initial order is valued at Rs. 18 Crore, with the total business volume projected to reach Rs. 300 Crore over the duration of the contract.

• Received an order from and Indian OEM for 20 units of 2 MW, 415 V diesel engine generators for fleet-support ship. The end customer is the Indian Navy.

• Received an order from an Indian transformer manufacturing company for the supply of 31.5 MVA, 11 kV, 50 Hz and 7.5 MVA, 11 kV, 200 Hz MG sets, along with control panels, to be used for testing transformers.

• An order was received from an India-based OEM for a 9.5 MW, 20 kV generator to be supplied in France. This marks the Companys first generator to be supplied with a rated voltage of 20 kV.

• Received an order from an Indian OEM for an 80 MW, 11 kV, 3,000 rpm generator for the Sanvijay project in India.

• Received an order for 22 MW, 3000 rpm, 2-pole generator from an Indian OEM for the replacement of existing Ansaldo make generator.

• Received an order from an Indian based company for the supply of 15 MVA, 11 kV, 1500 rpm, Variable frequency (45 Hz to 250 Hz) MG sets.

• Successfully refurbished and commissioned a competitors generator in Nepal. The customer expressed high satisfaction with the Company for timely execution and completion of the project.

• Successfully supplied components for the refurbishment of 12.50 MVA, 187.6 rpm, 11 kV hydro turbine generator of Konar make (Konar make generators were supplied in 1970) for Dhakrani project in India. Also, stator core assembly, winding and rotor assembly has been completed by TDPS team at site.

• Supplied 67 MVA, 53.6 MW, 11 kV, 1,500 rpm, 4-pole generator to a steel plant for installation in India. This is the largest 4-pole generator supplied in TDPS design for installation in India.

• Successfully obtained the PESO (Petroleum and Explosives Safety Organisation) certification for a 10 MW, 6.6 kV, 50 Hz, 1500 rpm generator for refineries project in India.

Motors

• Received a breakthrough order from Indian company for 2.4 MW, 6.6 kV induction motor along with VFD for a cement plant in eastern Europe.

• Received an order from NPCIL to replace imported motor under make in India initiative - 3.2 MW, 6 kV, 20-pole vertical motors.

• Supplied synchronous motors of 5.2 MW, 4 kV, 60 Hz, 1800 rpm for installation in military campus overseas.

• Supplied 3 units of 1.4 MW, 4 kV, 3600 rpm, 2-pole motors complying to API standards for pump application.

• Supplied 7 MW, 13.2 kV squirrel cage induction motor complying to API standards with IECEx certification.

• Supplied first totally enclosed tube ventilated induction motors of rating 4 MW, 11 kV and 1.2 MW, 6.6 kV to steel plant in India for PA and ID fan.

• Repaired and refurbished an 18.8 MW, 4-pole, 11 kV induction motor for the MDBFP application at NTPCs Barh plant. This is a critical motor, and the successful execution of this project positions the Company for further opportunities with NTPC.

• Supplied 1^st pedestal mounted motor to a cement plant in India to replace a 6-decade old motor.

• First time developed and supplied six units of submersible motor of rating 800 kW, 6.6 kV with enclosure protection of IP 68 and designed to operate at a depth of 40 metres and withstand a pressure of 4-bar.

The above breakthrough orders reflect promising opportunities and are expected to contribute significantly to the order book in the years to follow.

Discussion on Financial Performance with Respect to Operational Performance FINANCIAL PERFORMANCE

The opening order book for Fiscal 2025 was Rs.1,18,942.03 lakhs, including Railways business of Rs.41,794.25 lakhs and Turkey business of Rs.1,682.51 lakhs. During Fiscal 2025 the total orders inflows is Rs.1,47,826.95 lakhs, including Rs.2,596.68 lakhs at Turkey. Domestic order inflows stood at 32%, while export, including deemed exports orders stood at 68% of the order inflow.

The total sales was Rs.1,26,539.62 lakhs in Fiscal 2025 as compared to Rs.98,387.90 lakhs in Fiscal 2024, an increase of 28.62%. Exports and deemed exports contributed 64% of total sales and domestic revenues contributed 36% in Fiscal 2025. The pending order book as of April 1, 2025 is Rs.1,36,801 lakhs (1,33,912 Lakhs for India and Rs.2,889 lakhs for Turkey), including traction business of Rs.31,637 lakhs. The share of exports and deemed exports is 62% of order book excluding traction business.

A brief review of the financial results on consolidated and standalone basis is covered in the following sections.

Consolidated Basis

Total income increased by Rs.28,568.52 lakhs, or 28.10%, to Rs.1,30,241.12 lakhs in Fiscal 2025 from Rs.1,01,672.60 lakhs in Fiscal 2024, predominantly due to increase in sales volume. Sales increased by Rs.27,824.18 lakhs, or 27.81%, to Rs.127,876.17 lakhs in Fiscal 2025 from Rs.1,00,051.99 lakhs in Fiscal 2024, predominantly due to increased sales volume. Expressed as a percentage of total income, net sales contributed 98.18% in Fiscal 2025 from 98.41% in Fiscal 2024.

Other income contributed 1.82% and 1.59% of the total income in Fiscal 2025 and 2024, respectively. Other income increased by Rs.744.34 lakhs, or 45.93%, to Rs.2,364.95 lakhs in Fiscal 2025 from Rs.1,620.61 lakhs in

Fiscal 2024. The profit after tax and other comprehensive income was Rs.17,335.82 lakhs in Fiscal 2025 as compared to Rs.11,564.74 lakhs in Fiscal 2024, an increase of 49.90%. The performance review of the overseas subsidiaries is covered in the Directors Report to the Members.

Consolidated

The results of operations for the year ended March 31, 2025 and 2024 on a consolidated basis is as follows:

Particulars	Fiscal 2025		Fiscal 2024
	(Rs in lakhs)	% of Total Income	(Rs in lakhs)	% of Total Income
Income:
Sales	127,876.17	98.18	1,00,051.99	98.41
Other Income	2,364.95	1.82	1,620.61	1.59
Total Income	130,241.12	100.00	1,01,672.60	100.00
Expenditure:
Consumption of Raw Material, Stores, Spare Parts and Components	83,084.46	63.79	65,518.70	64.44
Operating and Other Expenses	21,715.62	16.67	17,793.87	17.50
Interest and Finance Charges	305.84	0.23	30.96	0.03
Depreciation and Amortisation of Technical KnowHow	1,969.85	1.51	2,108.87	2.07
Total Expenditure	107,075.77	82.21	85,452.40	84.04
Profit before Tax & Exceptional Item	23,165.35	-	16,220.20	-
Exceptional Item	-	-	-	-
Profit before Tax	23,165.35	-	16,220.20	-
Current Tax	5,467.25	-	4,658.98	-
Deferred Tax	240.59	-	(273.70)	-
Profit/(Loss) after Tax	17,457.51	-	11,834.92	-
Other Comprehensive Income		-		-
Exchange Difference on Translation of Foreign Operations	(28.95)	-	(166.57)	-
Income Tax on the Above	(4.38)	-	22.27	-
Re-measurement of Defined Benefit Plans	(118.08)	-	(168.22)	-
Income Tax on the Above	29.72	-	42.34	-
Total	(121.69)	-	(270.18)	-
Total Comprehensive Income	17,335.82	-	11,564.74	-

Fiscal 2025 compared to Fiscal 2024 Income

Total income increased by Rs.28,568.52 lakhs, or 28.10%, to Rs.1,30,241.12 lakhs in Fiscal 2025 from Rs.1,01,672.60 lakhs in Fiscal 2024, predominantly due to increased sales volume.

Sales

Sales increased by Rs.27,824.18 lakhs, or 27.81%, to Rs.1,27,876.17 lakhs in Fiscal 2025 from Rs.1,00,051.99 lakhs in Fiscal 2024, predominantly due to increased exports sales volume.

Expressed as a percentage of total income, net sales remain flat at 98.18% in Fiscal 2025 from 98.41% in Fiscal 2024.

Other Income

Other income contributed 1.82% and 1.59% of the total income in Fiscal 2025 and 2024, respectively.

Other income increased by Rs.744.34 lakhs, or 45.93%, to Rs.2,364.95 lakhs in Fiscal 2025 from Rs.1,620.61 lakhs in Fiscal 2024, mainly due to increase in foreign exchange gain on account of translation balances.

Expenditure

Total expenditure increased by Rs.21,623.37 lakhs, or 25.30%, to Rs.1,07,075.77 lakhs in Fiscal 2025 from Rs.85,452.40 lakhs in Fiscal 2024, primarily due to increased sales volumes.

Consumption of Raw Material, Stores, Spare Parts, and Components

Consumption of raw material, stores, spare parts and components expenses increased by Rs.17,565.76 lakhs to Rs.83,084.46 lakhs in Fiscal 2025 from Rs.65,518.70 lakhs in Fiscal 2024, primarily due to increased sales volume. Expressed as a percentage of total income, raw material consumed contributed 63.79% in Fiscal 2025 compared to 64.44% in Fiscal 2024.

Operating and Other Expenses

The operating and other expenses increased by Rs. 3,921.75 lakhs, or 22.04%, to Rs.21,715.62 lakhs in Fiscal 2025 from Rs.17,793.87 lakhs in Fiscal 2024.

Power and fuel expenses increased by Rs.68.97 lakhs, or 6.54%, to Rs.1,123.45 lakhs in Fiscal 2025 from Rs.1,054.48 lakhs in Fiscal 2024 on account of increased production. Personnel expenses through salaries, wages and bonuses increased by Rs.857.23 lakhs, or 10.41%, to Rs.9,088.19 lakhs in Fiscal 2025 from Rs.8,230.96 lakhs in Fiscal 2024 on account of salary revision to catch-up the inflationary increases coupled with additional recruits.

Welfare expenses increased by Rs.495.64 lakhs, or 29.15%, to Rs.2,195.95 lakhs in Fiscal 2025 from Rs.1,700.31 lakhs in Fiscal 2024.

Rent charges increased by Rs.80.08 lakhs, or 78.48%, to Rs.182.12 lakhs in Fiscal 2025 from Rs.102.04 lakhs in Fiscal

2024 primarily on account of inflationary increase from the Companys Turkey subsidiary.

Repair expenses increased by Rs.53.55 lakhs, or 6.44%, to Rs.884.95 lakhs in Fiscal 2025 from Rs.831.40 lakhs in Fiscal 2024.

Carriage, freight and selling expenses increased by Rs.1,144.27 lakhs, or 129.85%, to Rs.2,025.50 lakhs in Fiscal 2025 from Rs.881.23 lakhs in Fiscal 2024 on account of the increase in sales volume.

Vehicle maintenance expenses decreased by Rs.19.41 lakhs, or 19.00%, to Rs.82.73 lakhs in Fiscal 2025 from Rs.102.14 lakhs in Fiscal 2024.

Insurance expenses increased by Rs.68.11 lakhs, or 46.30%, to Rs.215.21 lakhs in Fiscal 2025 from Rs.147.10 lakhs in Fiscal 2024.

Printing and stationary expenses remained flat at Rs.55.88 lakhs in Fiscal 2025 from Rs.49.41 lakhs in Fiscal 2024.

Travelling expenses increased by Rs.229.71 lakhs, or 17.84%, to Rs.1,517.29 lakhs in Fiscal 2025 from Rs.1,287.58 lakhs in Fiscal 2024 due to the increase in travelling. Postage and telephone charges decreased by Rs.12.34 lakhs, or 18.24%, to Rs.55.31 lakhs in Fiscal 2025 from Rs.67.65 lakhs in Fiscal 2024.

Audit Fee remained flat at Rs.28.49 lakhs in Fiscal 2025 from Rs.28.58 lakhs in Fiscal 2024.

Legal and professional charges increased by Rs.156.72 lakhs, or 20.62%, to Rs.916.76 lakhs in Fiscal 2025 from Rs.760.04 lakhs in Fiscal 2024 due to the increase in consultancy services and product-related certifications. Bank charges increased by Rs.103.29 lakhs, or 28.56% to Rs.464.93 lakhs in Fiscal 2025 from Rs.361.64 lakhs in Fiscal 2024.

Royalty charges decreased by Rs.99.28 lakhs, or 58.10%, to Rs.71.61 lakhs in Fiscal 2025 from Rs.170.89 lakhs in Fiscal 2024 due to lower sales of product under license agreement.

Direction charges, including other expenses increased by Rs.283.29 lakhs, or 30.31%, to Rs.1,217.83 lakhs in Fiscal 2025 from Rs.934.54 lakhs in Fiscal 2024.

Manufacturing expenses decreased by Rs.236.54 lakhs, or 61.80%, to Rs.146.21 lakhs in Fiscal 2025 from Rs.382.75 lakhs in Fiscal 2024.

Rates and taxes increased by Rs.133.32 lakhs, or 156.79% to Rs.218.35 lakhs in Fiscal 2025 from Rs.85.03 lakhs in Fiscal 2024 on account of increase in stamp duty charges. Software expenses increased by Rs.331.87 lakhs, or 108.03% to Rs.639.06 lakhs in Fiscal 2025 from Rs.307.19 lakhs in Fiscal 2024 on account of upgradation of ERP platform.

Expressed as a percentage of total income, operating and other expenses was 16.67% in Fiscal 2025 when compared to 17.50% in Fiscal 2024.

Interest and Finance Charges

Interest and finance charges increased by Rs.274.88 lakhs, or 887.86%, to Rs.305.84 lakhs in Fiscal 2025 from Rs.30.96 lakhs in Fiscal 2024, due to provision of interest for MSMED vendors.

Depreciation and Amortisation of Technical Know-How

Depreciation and amortisation of technical know-how expense remained flat at Rs.1,969.85 lakhs in Fiscal 2025 from Rs.2,108.87 lakhs in Fiscal 2024.

Profit before Tax

Profit before tax increased by Rs.6,945.15 lakhs, or 42.82%, to Rs.23,165.35 lakhs in Fiscal 2025 from Rs.16,220.20 lakhs in Fiscal 2024.

Taxation

Tax expense increased by Rs.1,322.56 lakhs, or 30.16%, to Rs.5,707.84 lakhs in Fiscal 2025 from Rs.4,385.28 lakhs in Fiscal 2024 due higher profit.

Profit after Tax

Consequently, profit after tax increased by Rs.5,622.59 lakhs, to Rs.17,457.51 lakhs in Fiscal 2025 from Rs.11,834.92 lakhs in Fiscal 2024.

The consolidated net worth stands at Rs.86,030.44 lakhs an increase of Rs.15,517.09 lakhs over Fiscal 2024. Standalone Basis

Total income increased by Rs.28,111.05 lakhs, or 27.91%, to Rs.128,849.06 lakhs in Fiscal 2025 from Rs.1,00,738.01

lakhs in Fiscal 2024, predominantly due to increase in sales volume. Total sales increased by Rs. 28,151.72 lakhs, or 28.61%, to Rs. 126,539.62 lakhs in Fiscal 2025 from Rs. 98,387.90 lakhs in Fiscal 2024, predominantly due to increase in sales volume. Expressed as a percentage of total income, net sales contributed 98.21% in Fiscal 2025 versus 97.67% in Fiscal 2024.

Other income contributed 1.79% and 2.33% of the total income in Fiscal 2025 and 2024, respectively. Other income decreased by Rs.40.67 lakhs, or 1.73%, to Rs.2,309.44 lakhs in Fiscal 2025 from Rs.2,350.11 lakhs in Fiscal 2024. The profit after tax and other comprehensive income was Rs.15,295.65 lakhs in Fiscal 2025 as compared to Rs.12,225.74 lakhs in Fiscal 2024, an increase of 25.11%.

The results of operations for the year ended March 31, 2025 and 2024 on a standalone basis is as follows:

Particulars	Fiscal 2025		Fiscal 2024
	(Amount in Rs.lakhs )	% of Total Income	(Amount in Rs.lakhs )	% of Total Income
Income
Sales	126,539.62	98.21	98,387.90	97.67
Other Income	2,309.44	1.79	2,350.11	2.33
Total Income	128,849.06	100	1,00,738.01	100.00
Expenditure
Consumption of Raw Material, Stores, Spare Parts and Components	85,526.45	66.38	65,804.03	65.32
Operating and Other Expenses	19,915.48	15.46	16,225.27	16.11
Interest and Finance Charges	305.84	0.24	30.96	0.03
Depreciation and Amortisation of Technical Know-How	1,885.07	1.46	2,031.45	2.02
Total Expenditure	107,632.85	83.53	84,091.71	83.48
Profit before Tax and Exceptional Item	21,216.22	-	16,646.30	-
Exceptional Items	(300)	-	5.67	-
Profit before Tax	20,916.22	-	16,651.97	-
Current Tax	5,250.70		4,507.85	-
Deferred Tax	294.52		(273.70)	-
Profit after Tax	15,370.99	-	12,417.82	-
Other Comprehensive Income		-		-
Exchange Difference on Translation of Foreign Operations	17.39	-	(88.47)	-
Income Tax on Exchange Difference on Translation of Foreign Operations	(4.38)	-	22.27	-
Re-measurement of Defined Benefit Plan	(118.08)	-	(168.22)	-
Income Tax on Re-Measurement of Defined Benefit Plan	29.27	-	42.34	-
Total	(75.35)	-	(192.08)	-
Total Comprehensive Income	15,295.65	-	12,225.74	-

Fiscal 2025 compared to Fiscal 2024 Income

Total income increased by Rs.28,111.05 lakhs, or 27.91%, to Rs.1,28,849.06 lakhs in Fiscal 2025 from Rs.1,00,738.01 lakhs in Fiscal 2024, predominantly due to increase in sales volume.

Total sales

Total sales increased by Rs.28,151.72 lakhs, or 28.61%, to Rs.1,26,539.62 lakhs in Fiscal 2025 from Rs.98,387.90 lakhs in Fiscal 2024, predominantly due to an increase in export sales volume.

Expressed as a percentage of total income, net sales contributed 98.21% in Fiscal 2025 versus 97.67% in Fiscal 2024.

Other Income

Other income contributed 1.79% and 2.33% of the total income in Fiscals 2025 and 2024, respectively.

Other income remained flat with a small decrease of Rs.40.67 lakhs, or 1.73%, to Rs.2,309.44 lakhs in Fiscal 2025 from Rs.2,350.11 lakhs in Fiscal 2024.

Expenditure

Total expenditure increased by Rs.23,541.13 lakhs, or 27.99%, to Rs.1,07,632.84 lakhs in Fiscal 2025 from Rs.84,091.71 lakhs in Fiscal 2024.

Consumption of raw material, stores, spare parts and components expenses increased by Rs.19,722.42 lakhs to Rs.85,526.45 lakhs in Fiscal 2025 from Rs.65,804.03 lakhs in Fiscal 2024, primarily due to increase in sales volume. Expressed as a percentage of total income, a raw material consumed expense contributed to 66.38% in Fiscal 2025 from 65.32% in Fiscal 2024.

Operating and Other Expenses

Operating and other expenses increased by Rs.3,690.21 lakhs, or 22.74%, to Rs.19,915.48 lakhs in Fiscal 2025 from Rs.16,225.27 lakhs in Fiscal 2024.

Expressed as a percentage of total income, operating and other expenses stood at 15.46% in Fiscal 2025 when compared to 16.11% in Fiscal 2024.

Power and fuel expense has increased by Rs.68.97 lakhs, or 6.54%, to Rs.1,123.45 lakhs in Fiscal 2025 from Rs.1,054.48 lakhs in Fiscal 2024 on account increased production. Personnel expenses through salaries, wages and bonuses increased by Rs.914.04 lakhs, or 12.00%, to Rs.8,531.48 lakhs in Fiscal 2025 from Rs.7,617.44 lakhs in Fiscal 2024 on account of salary revision to catch-up the inflationary increases coupled with additional recruits.

Welfare expenses increased by Rs. 470.18 lakhs, or 29.24%, to Rs. 2,078.28 lakhs in Fiscal 2025 from Rs. 1,608.10 lakhs in Fiscal 2024.

Rent charges remained flat at Rs.32.43 lakhs in Fiscal 2025 from Rs. 33.73 lakhs in Fiscal 2024.

Repair expenses increased by Rs.53.92 lakhs, or 6.50%, to Rs.883.07 lakhs in Fiscal 2025 from Rs.829.15 lakhs in Fiscal 2024.

Carriage, freight and selling expenses increased by Rs. 1,144.27 lakhs, or 129.85%, to Rs. 2,025.50 lakhs in Fiscal 2025 from Rs. 881.23 lakhs in Fiscal 2024 on account of increase in sales volume.

Vehicle maintenance expenses decreased by Rs.20.26 lakhs, or 22.94%, to Rs. 68.06 lakhs in Fiscal 2025 from Rs. 88.32 lakhs in Fiscal 2024.

Insurance expenses increased by Rs. 56.16 lakhs, or 47.29% to Rs. 171.92 lakhs in Fiscal 2025 from Rs. 118.76 lakhs in Fiscal 2024.

Printing and stationary expenses remained flat at Rs. 53.05 lakhs in Fiscal 2025 from Rs. 46.89 lakhs in Fiscal 2024. Travelling expenses increased by Rs. 234.27 lakhs, or 18.61%, to Rs. 1,492.93 lakhs in Fiscal 2025 from Rs. 1,258.66 lakhs in Fiscal 2024 due to increased travelling.

Postage and telephone charges decreased by Rs. 10.50 lakhs, or 18.86%, to Rs. 45.18 lakhs in Fiscal 2025 from Rs.55.68 lakhs in Fiscal 2024.

Audit fee remained flat at Rs. 27.68 lakhs in Fiscal 2025 from Rs.27.88 lakhs in Fiscal 2024.

Legal and professional charges increased by Rs. 99.74 lakhs, or 16.20%, to Rs. 715.32 lakhs in Fiscal 2025 from Rs. 615.58 lakhs in Fiscal 2024 due to increase in consultancy services and product-related certifications. Bank charges increased by Rs. 100.21 lakhs, or 30.03% to Rs. 433.95 lakhs in Fiscal 2025 from Rs. 333.74 lakhs in Fiscal 2024.

Royalty charges decreased by Rs. 99.28 lakhs, or 58.10%, to Rs. 71.61 lakhs in Fiscal 2025 from Rs. 170.89 lakhs in Fiscal 2024 due to decrease in sales of product under license agreement.

Direction charges, including other expenses increased by Rs. 183.24 lakhs, or 38.82%, to Rs. 655.31lakhs in Fiscal 2025 from Rs.472.07 lakhs in Fiscal 2024.

Manufacturing expenses decreased by Rs. 236.54 lakhs, or 61.80%, to Rs. 146.21 lakhs in Fiscal 2025 from Rs. 382.75 lakhs in Fiscal 2024.

Software expenses increased by Rs. 331.87 lakhs, or 108.03%, to Rs.639.06 lakhs in Fiscal 2025 from Rs.307.19 lakhs in Fiscal 2024 on account of upgradation of ERP platform.

Rates and taxes increased by Rs.127.66 lakhs, or 186.04%, to Rs.196.28 lakhs in Fiscal 2025 from Rs.68.62 lakhs in Fiscal 2024 on account of increase in stamp duty charges. Interest and Finance Charges

Interest and finance charges increased by Rs.274.88 lakhs, or 887.86%, to Rs.305.84 lakhs in Fiscal 2025 from Rs.30.96 lakhs in Fiscal 2024, due to provision of Interest for MSMED vendors.

Depreciation and Amortisation of Technical Know-How

Depreciation and amortisation of technical know-how expense remained flat at Rs.1,885.07 lakhs in Fiscal 2025 from Rs.2,031.45 lakhs in Fiscal 2024.

Profits before Tax and Exceptional Items

Profit before tax and exceptional items increased by

4,569.92 lakhs, or 27.45%, to Rs.21,216.22 lakhs in Fiscal

2025 from Rs.16,646.30 lakhs in Fiscal 2024.

Exceptional Items

Exceptional items include provision for the diminution in the value of investment in Indian subsidiary DF Power Systems Private Limited for Rs.300.00 lakhs for the Fiscal 2025.

Profit before Tax

Profit before tax increased by Rs.4,264.25 lakhs, or 25.61%, to Rs.20,916.22 lakhs in Fiscal 2025 from Rs.16,651.97 lakhs in Fiscal 2024.

Taxation

Tax expense, including deferred tax increased by Rs.1,311.07 lakhs, to Rs.5,545.22 lakhs in Fiscal 2025 from Rs.4,234.15 lakhs in Fiscal 2024 due to higher profit.

Profit after Tax

Profit after tax increased by Rs.2,953.18 lakhs to Rs.15,371 lakhs in Fiscal 2025 from Rs.12,417.82 lakhs in Fiscal 2024 due to higher profit.

Key Financial Ratios: The financial ratios, such as debtor turnover (trade receivables turnover), inventory turnover, current ratio, debt-equity ratio and net profit margin (net profit ratio), have been disclosed in note no.56 of the Standalone financial statements with explanation provided. However, there were no significant changes in these ratios compared to the previous year. The additional ratios required under listing regulations are stated below on a standalone basis.

Particulars	Fiscal	Fiscal
	2025	2024
Operating Profit Margin (%)	16.67	16.63
Net Profit Margin (%)	11.87	12.14
Return on Net Worth (%)	18.30	17.44

As the Company does not have any debt on its standalone balance sheet, Debt Equity and Interest Coverage ratios are not applicable and have not been calculated. The Company continues to remain debt-free and maintains a healthy cash position.

Risks and Concerns

Risks	Risk Description	Risk Mitigation Strategy
Economic Slowdown and Market Concentration	The demand for capital goods, including those manufactured by TDPS, is inherently correlated with both domestic and global economic growth. Excessive dependence on specific markets can adversely impact overall performance.	The Company has adopted a strategic approach to minimising market concentration risk through regional diversification, increased export penetration, and a broadened product suite.
Product Concentration	The predominance of steam turbine generators in the revenue mix heightens exposure to market shifts, particularly if emergent technologies offer superior performance or cost- efficiency.	Continued investments in R&D, product development, and growing contributions from hydro, gas, and other applications mitigate reliance on a single product.
Technology Risk	Rapid technological changes and evolving industry standards may impact competitiveness if not addressed timely.	Focussed R&D efforts, continuous design upgrades, energy-efficient manufacturing practices, and product validations by reputed bodies sustain a technological edge.
Risks	Risk Description	Risk Mitigation Strategy
Competition Risk	Exposure to overseas OEMs increases competition from larger global corporations with advanced technology and financial resources.	The Company offers high-efficiency products at competitive prices, maintains shorter delivery times, and leverages its global service network to stay competitive.
Risk from Transnational Sale of Products	The Companys multi-country export operations entail exposure to legal obligations, regulatory complexities, and potential customer claims.	Strict quality control processes, clear contractual obligations, and adequate insurance coverage mitigate transnational risks.
Manufacturing Facilities and Workforce Risk	Interruptions in manufacturing operations or shortages of qualified personnel may hinder efficiency and compromise delivery schedules.	Sustained investment in technological renewal, supportive infrastructure, safety frameworks, and talent development ensures enduring operational strength and adaptability.

Internal Control Systems and Their Adequacy

A strong internal control system has been established by the Company, proportionate to its business dynamics and operational size. These controls are designed to ensure the reliability and effectiveness of core processes, with a primary focus on achieving operational efficiency. They are regularly strengthened through periodic management assessments. Audit insights and related remedial actions are promptly addressed by the finance function and reported to the Audit Committee. A more detailed account of TDPSs internal financial controls can be found in the Directors Report.

Environment, Health and Safety

TDPSs management systems for environment, health, safety, and operations are certified under ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and EN ISO 3834-2, and are compliant with CSA International standards. The Company maintains a zero-discharge policy and upholds stringent standards to safeguard the environment and ensure the well-being of its employees, customers, suppliers, and the communities it serves.

To fulfil this obligation, the Company continuously maintains and enhances its processes, ensuring conformity with all pertinent legal and regulatory mandates, with the purpose to:

• Safeguard the well-being and occupational safety of employees and stakeholders, while contributing meaningfully to a more sustainable and liveable world.

• Comply rigorously with all relevant Health and safety regulations, and incorporate individual safety performance as a key criterion in evaluating career advancement within the organisation.

• Foster a culture of Safety, health and Environmental (SHE) awareness through targeted training

programmes and clear, consistent communication with all employees and stakeholders.

• Instil a sense of ownership and accountability for SHE practices among employees, recognising their active participation as integral to the successful execution of this policy.

• Mandate that contractors, sub-contractors, logistics providers, and affiliated agencies take full responsibility for adhering to the Companys established SHE protocols.

• Integrate health and safety considerations into all strategic and operational decisions, including procurement of equipment, material selection, and workforce assignment.

TDPS additionally applies relevant techniques, including risk assessments and safety audits, to monitor its Quality, Environmental, Health and Safety practices. The Company enacts corrective actions where warranted to enhance performance on a continual basis.

Material Developments in Human Resources/ Industrial Relations Front, Including Number of People Employed

TDPS is committed to the continuous development and enhancement of its workforce, ensuring they remain adept at adapting to advancing technologies, processes, and techniques. Throughout Fiscal 2025, the Company facilitated approximately 95 programmes in training, awareness, and management development, covering a broad spectrum of topics, including manufacturing safety, statistical and quality analysis, testing-design relationships, basic electrical principles in generator design, applications of statistical process control, leadership in management, upkeep of material handling equipment, finance, prevention of sexual harassment (POSH), communication proficiency, and waste management.

The Company adheres to the principle of equal opportunity in recruitment and employment, irrespective of colour, race, gender, social background, caste, or religion. Continuous efforts are made to foster an inclusive environment for women and involve them in key organisational functions.

Women employees are actively supported in taking on higher responsibilities, fostering both career advancement and retention. Moreover, the recruitment and technical training for women in manufacturing remain a strategic priority. Currently, key leadership positions, including Chief of Finance and Head of Global Supply Chain, are held by women.

TDPS stands by its firm belief that every woman employee has the right to work in an environment devoid of sexual harassment, intimidation, or any form of inappropriate conduct. Issues are resolved promptly, with no fear of retaliation. The Companys policy on preventing and prohibiting sexual harassment at the workplace is fully aligned with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, ensuring that all necessary preventive and corrective actions are promptly carried out.

The Companys leadership is consistently involved in employee development and engagement efforts,

including corporate responsibility initiatives, workforce participation in safety and quality improvement programmes, language and leadership development courses, and training through licensing agreements. Employee relations remained peaceful and cordial throughout Fiscal 2025. By the close of the fiscal year, the Company employed a total of 814 permanent staff, excluding contract workers and trainees.

The principles of the Code of Business Conduct are actively promoted across every tier of the workforce. Furthermore, leadership and shop floor personnel jointly uphold open communication and work collectively to sustain a positive, inclusive, and results-oriented work culture.

Forward-Looking Statements

Statements contained in the Management Discussion and Analysis describing the Companys plans, estimates, and projections may constitute Rs.forward-looking statements within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed or implied in this report. The Company undertakes no obligation to publicly amend, modify, or revise any such statements in light of subsequent developments, new information, or future events.

For and on behalf of the Board of Directors

	Mohib N. Khericha	Nikhil Kumar
	Chairman	Managing Director
May 12, 2025	Ahmedabad	Frankfurt