Tega Industries Ltd Management Discussions

Economic environment Global economy

In Calendar Year (CY) 2025, the global economy remained resilient despite geopolitical tensions, evolving trade dynamics and financial market volatility. Global GDP grew by around 3.5% in CY 2025, supported by stable consumer demand, improving supply chains and continued investment in technology and digital infrastructure. Inflation moderated during the year, with global consumer price inflation recorded at 4.1% in CY 2025, and projected to increase to 4.7% in CY 2026 as the effects of monetary tightening by major central banks gradually materialised. 1

Economic performance varied across regions. Advanced economies grew by about 1.9% in CY 2025, while emerging market and developing economies expanded by approximately 4.5% in CY 2025, driven by stronger domestic demand and infrastructure

*Note: Indias growth data and projections are presented on a financial year basis.investment. Among major economies, the United States maintained moderate growth supported by technology investment and fiscal measures, while the Euro area grew around 1.4%. Emerging and Developing Asia remained a key growth engine, expanding by 5.6%, with India growing by approximately 7.7% in CY 2025.*

Looking ahead, the global outlook remains stable despite geopolitical uncertainties and shifting trade patterns. Global GDP growth is projected at around 3.0% in CY 2026, increasing slightly to 3.4% in CY 2027. Growth is expected to be supported by technology investments, improving financial conditions and infrastructure spending. However, risks persist from the West Asia conflict, particularly around the Strait of Hormuz, where any disruption could impact energy supplies and create volatility in global markets. Meanwhile, global inflation is projected to decline to 3.9% in CY 2027, as supply chains normalise and commodity prices stabilise, supporting moderate economic momentum.

Indian economy 2

Indias economic performance during FY 2025-2026 remained resilient despite global uncertainties and persistent geopolitical tensions. GDP grew at 7.7%, supported by strong domestic demand, rising private consumption growth and sustained investment activity. Industrial momentum also strengthened, reflecting improved capacity utilisation and stronger corporate profitability. While external demand remained uneven, domestic investment and infrastructure development continued to provide stability to the broader economy. 3

Inflationary pressures remained contained during the year, with combined CPI inflation projected at 4.38%, supported by favourable food supply conditions, healthy agricultural output and adequate foodgrain buffer stocks. 4 Monetary policies remained supportive, with the repo rate was maintained at 5.25%, ensuring stable financial conditions and supporting economic activity. 5

Government initiatives focused on infrastructure expansion, logistics development, mineral exploration and capital expenditure are expected to strengthen economic resilience against external shocks. Continued investments in infrastructure, urbanisation and energy transition are expected to sustain demand for minerals and support growth across resource-intensive sectors such as mining, metals and manufacturing. With GDP growth projected at 6.6% in FY 2026-27, sustained domestic demand, government capital expenditure and ongoing structural reforms are expected to support economic activity and long-term growth in the mining and mineral processing ecosystem.

Industry overview

Global mining and mineral industry

The global mining industry continued to witness steady expansion, supported by sustained demand for metals and minerals across infrastructure development, industrial manufacturing and the ongoing energy transition.The global mining market increased from approximately $2.1 trillion in CY 2024 to about $2.16 trillion in CY 2026, reflecting continued investment and production activity across major mining economies. Demand for key minerals such as iron ore, copper, gold and coal remained buoyant by construction activity, electrification initiatives and industrial output, while the growing adoption of renewable energy technologies and battery storage continued to drive the importance of critical minerals. Leading mining companies are increasingly focusing on expanding production capacities while investing in operational efficiency, digital mining technologies and enhanced mineral processing capabilities to strengthen productivity and cost competitiveness. Major mining regions including Australia, Latin America and Africa continue to play a pivotal role in global mineral supply, sustaining demand for advanced mineral processing solutions and wear- resistant equipment across the mining value chain. 6

Global mining industry growth (in Trillion)

Mining market

Market forecast to grow at a CAGR of 63%

Commodity overview Global copper mining industry

The global mining industry continued to operate in a stable demand environment during CY 2025, supported by consumption of base metals across infrastructure, manufacturing and energy- related applications. In the copper segment, global mine production increased by around 1.4% in CY 2025, supported by production ramp-ups at several mining projects and capacity expansions in a number of producing countries, despite operational disruptions at certain large mines. Refined copper output is projected to grow by about 3.4%, reflecting higher refining capacity and improved operating rates in key producing regions. Demand for refined copper is also estimated to expand, supported by manufacturing activity, urbanisation, digital infrastructure development and energy transition initiatives. Looking ahead, global mine production is forecast to grow by around 2.3% in 2026, supported by ramp-ups in new and expanded mining capacities across several regions. 7

World copper mine production (in % growth)

2.3%

Global gold mining industry

The global gold mining industry remained resilient in CY 2025, with total gold supply increasing by 1% to 5,002 tonnes, while mine production rose 1% to 3,672 tonnes. The industry benefited from a favourable gold price environment, supported by sustained investment demand, continued central bank purchases and heightened safe-haven interest amid geopolitical and economic uncertainties.

Looking ahead to CY 2026, the gold market is expected to remain supported by geopolitical uncertainty, continued central bank buying and strong investment demand through gold ETFs and bars and coins. Mine supply and recycled gold are expected to remain broadly in line with 2025 levels, while elevated gold prices are likely to support miners margins and sustain production activity. At the same time, jewellery demand is expected to remain subdued amid persistently high gold prices. 8

Overview of global mill liner industry

The global mill liners market was valued at $2.83 billion in 2025 and is projected to reach $2.97 billion in 2026 and $4.59 billion by 2034. Mill liners play a critical role in grinding operations by protecting equipment from wear and tear, enhancing durability and supporting grinding efficiency. Market demand is being supported by rising mineral consumption, increasing mining activity and continued investments in mining and mineral-processing infrastructure across key end-use industries. 9

The metals, mining and minerals segment accounted for 50.17% of the market in 2026, making it the largest application segment. Rising demand for minerals and metals, particularly those required for electric vehicles, solar panels and other emerging technologies, is encouraging investments across mining and mineral-processing value chains. Growing focus on improving grinding efficiency, reducing downtime and extending equipment life is further driving demand for durable, lightweight, energy-efficient and sustainable mill-liner solutions.

Within the product landscape, poly-met (composite) mill liners are gaining increasing adoption across grinding applications, supported by their durability, lighter weight and operational efficiency. Mining and mineral-processing companies are increasingly prioritising solutions that can enhance mill performance, reduce maintenance requirements and improve equipment availability. This growing emphasis on productivity, cost optimisation and sustainable operations is expected to support sustained demand for advanced mill-liner solutions across global markets.

Global mill liner industry growth (in Billions)

Source: Fortune Business

Key growth factors

Rising demand for critical minerals

Global demand for copper, lithium, nickel, gold and other critical minerals remains strong, driven by electrification, renewable energy, battery technologies, investment demand and central bank purchases. Rising mining activity and large-scale projects across Latin America, Africa and Australia are supporting mine development and creating sustained opportunities for mineral processing equipment.

z -https://icsg.org/press-releases/

8 https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2025

9 https://www.fortunebusinessinsights.com/mill-liner-market-IQ5398

Acceleration in global mining investments

Mining companies are increasing capital expenditure to develop new mines and expand existing operations. Major producers such as BHF, RioTinto and Anglo American have announced multi-year investment pipelines focused on copper, iron ore and energy transition metals.

Declining ore grades and processing complexity

Mature mining regions are experiencing declining ore grades, necessitating more intensive crushing, grinding and mineral separation processes. This trend is driving demand for advanced milling systems, wear-resistant liners and process optimisation solutions to sustain productivity and control operating costs.

Emphasis on energy efficiency and sustainable processing

Energy consumption and environmental impact remain central to operations. Mining companies are investing in energy-efficient equipment, durable materials and sustainable processing technologies to reduce power usage, emissions and water consumption across operations.

Adoption of automation and digital monitoring

Digital monitoring, automation and predictive maintenance are increasingly integrated into mining operations. These technologies enhance control of grinding circuits, reduce downtime and enhance operational efficiency in mineral processing plants.

Industry trends

ESG and decarbonisation

The mining and mineral processing industry is advancing ESG initiatives, including decarbonisation, responsible resource management and sustainable operations. Investments in renewable energy integration, electrified mining fleets and low- emission processing technologies are increasing. Environmental management efforts include land restoration, biodiversity protection, improved water stewardship and enhanced waste management and recycling practices. Decarbonisation initiatives are often aligned with operational efficiency, promoting energy-efficient grinding technologies, advanced mill liners and digital monitoring systems to optimise performance, extend equipment life and reduce energy consumption. Governance, transparency and community engagement are also gaining importance as mining companies aim to strengthen responsible mining practices globally.

Company overview

Founded in 1976 in Kolkata, India, Tega Industries Limited is a globally recognised provider of mining consumables, mineral processing equipment and technology-driven solutions for the mining industry. The Company enhances mining efficiency through advanced wear- resistant materials,engineered consumables and process optimisation solutions that improve productivity and reduce downtime. Backed by strong engineering expertise and continuous innovation, Tega has built a diversified portfolio serving customers across global mining markets. During the year, the Company strengthened its position as an integrated mining solutions provider through the acquisition of Molycop, expanding its offerings to include grinding media, process optimisation technologies and digital mining solutions.

Financial overview

Analysis of the profit and loss statement

The Companys revenue from operations registered a growth of 3.25% rising from Rs.16,386.51 Mn to Rs.16,919.36 Mn. Equipment division has grown significantly as compared to last year at 24.62%. Consumables division revenue remains flat but order booking remains very good. Factors like Middle East crisis, prolonged Ukraine Russia war and logistical challenges have impacted heavily at the year end.Additionally, other income contributed 4.6% to its total income. Continued focus on operational efficiency, disciplined cost management and favourable product mix enables the Company to maintain a strong financial position despite a dynamic operating environment.

Expenses

The Companys total expenses increased from Rs.14,270.78 Mn in FY 2024-25 to Rs.15,785.13 Mn in FY 2025-26. Raw material costs, accounting for 40.49% of the Companys total revenues, decreased from 42.62% in FY 2024-25. Employee expenses, comprising 16.55% of the Companys revenues, increased from H 2,492.07 Mn in FY 2024-25 to H 2,799.33 Mn in FY 2025-26.

Analysis of the Balance Sheet

The Companys capital employed stood at Rs 37,247.89 Mn which includes Rs 17,132.86 Mn raised through preferential issue for acquisition of Molycop. Capital employed grew by 224.57%, rising from Rs.16,586.21 Mn as of March 31, 2025, to Rs 37,247.89 Mn as of March 31,2026. The equity share capital of the Company comprised 75,127,698 equity shares of Rs 10 each as of March 31, 2026. Longterm debt increased by 26.87% to Rs.1,510.49 Mn as of March 31,2026. The net debt-equity ratio stood at 0.09 in FY 2025-26 compared to 0.19 in FY 2024-25. Finance costs fell by 16%, from Rs 269.04 Mn in FY 2024-25 to H 226.02 Mn in FY 2025-26.

Statement of segment revenue, results, assets and liabilities		( H in Millions)
Particulars	Year ended March 31,2026	Year ended March 31,2025
Segment revenue
Consumables	14,339.90	14,301.24
Equipment	2,687.53	2,156.61
Total	17,027.43	16,457.85

(Rs in Millions)

	Year ended	Year ended
Particulars	March 31,2026	March 31,2025
Less: Inter-segment revenue	(108.07)	(71.34)
Total segment revenue from operations	16,919.36	16,386.51
Segment results before interest, tax and depreciation
Consumables	1,974.30	3,148.69
Equipment	340.09	251.29
Total	2,314.39	3,399.98
Less: Inter-segment eliminations	(2.99)	(1.89)
Total segment results before interest, tax and depreciation	2,311.40	3,398.09
Add: Other income	816.17	431.54
Less: Finance costs	226.02	269.04
Less: Depreciation and amortisation expenses	951.15	1,013.32
Add: Share of profit of joint venture	60.72	44.71
Profit before tax	2,011.12	2,591.98
Less:Tax expense	584.59	590.78
Profit for the period / year	1,426.53	2,001.20
Segment assets
Consumables	36,266.80	14,527.53
Equipment	3,153.58	3,410.71
Unallocable Assets	3,778.68	3,045.46
Less: Inter-segment eliminations	(54.06)	(31.68)
Total assets	43,145.00	20,952.02
Segment liabilities
Consumables	7,329.46	5,245.47
Equipment	1,660.62	1,668.83
Unallocable Liabilities	137.22	102.48
Less: Inter-segment eliminations	(54.06)	(31.68)
Total liabilities	^^^ 9,073.24	6,985.10

Key ratios
Particulars	Formula	FY26	FY25
Debt-equity ratio	Total Borrowings / Total Equity	0.09	0.19
Debtors Turnover (days)	Trade Receivable / (Sales of Products & Services / 365)	98.77	113.46
Inventory Turnover (days)	Inventories / ((Cost of Materials Consumed + Change in inventories of finished goods and work-in-progress) / 365)	232.81	216.62
Debtors Turnover (x)	Sales of Products & Services / Trade Receivables	3.70	3.22
Inventory Turnover (x)	(Cost of Materials Consumed + Change in inventories of finished goods and work-in-progress) / Inventories	1.57	1.68
Interest Coverage Ratio (x)	EBITDA / Interest Expenses	13.84	14.23
Current Ratio (x)	Current Assets / Current Liabilities	4.72	2.49
Operating EBITDA margin (%)	(EBITDA minus Non-Operating Income) / Revenue from Operations	13.66	20.74
Net Profit margin (%)	Profit after Tax / Revenue from operations	8.43	12.21

(x) implies number of times. Financial statement				(H in Millions)
	Consolidated		Standalone
Particulars	Year Ended March 31,2026	Year Ended March 31,2025	Year Ended March 31,2026	Year Ended March 31,2025
Total Income	17,735.53	16,818.05	8,593.21	9,507.40
Total Expenses	15,785.13	14,270.78	6,530.87	7,202.83
Profit before share of net profit of Joint Venture accounted for using equity method and tax	1,950.40	2,547.27		2,304.57

(H in Millions)

	Consolidated		Standalone
Particulars	Year Ended	Year Ended	Year Ended	Year Ended
	March 31,2026	March 31,2025	March 31,2026	March 31,2025
Share of net profit of joint venture accounted for using equity method	60.72	44.71	-	-
Profit before tax	2,011.12	2,591.98	2,062.34	2,304.57
Total tax	584.59	590.78	508.17	545.33
Profit after tax	1,426.53	2,001.20	1,554.17	1,759.24
Other comprehensive income (net of tax)	1,780.91	180.60	771.26	(1.23)
Total Comprehensive Income	3,207.44	2,181.80	2,325.43	1,758.01
Basic earnings per share (in H)	20.54	30.08	22.38	26.44

Manufacturing

The Companys global manufacturing footprint enables it to serve customers across major mining regions with improved responsiveness and application-specific solutions.

International manufacturing operations

	Commissioning / acquisition	Production capabilities
	Chile	2011
Mill liners, trommels, chute liners, screens, pipe and pipe repair, pipe spools
\u25a0 South Africa	2006	Mill liners (except DynaPrime), spilex, screen panels, chute liners and trommels
Australia	2010	Chute liners and trommels

Domestic manufacturing operations

Location	Commissioning / acquisition	Production capabilities
Dahej, Gujarat	2013	Mill liners, wear products, screens and trommels
Kolkata (Samali), West Bengal	1985	Mill liners, wear products, hydrocyclones, screens, trommels and conveyor products
Kalyani,West Bengal	1978	DynaPrime , conveyor products, chute liners, pumps, liners and hydrocyclones

Domestic manufacturing operations (TMML)

Location	Commissioning / acquisition	Production capabilities
Vadodara, Gujarat		Crushers, vibrating screens, feeders and other material handling equipment
Bangalore, Karnataka	2023	Thickener, pumps, filter press, flotation cells, sand washing plant
Asansol,West Bengal		Vibrating screens, feeders, ball mills, crushers and job shops
Kumardubi, Jharkhand		Mills, crushers, screens, feeders and job shops

Human resources - driving growth through people excellence

The Company strengthened its people capabilities by building a performance-driven, inclusive and safe workplace with a strong focus on talent development, leadership succession and employee well-being. During the year, it enhanced learning and digital capability-building, expanded leadership development initiatives and strengthened talent acquisition through structured recruitment and campus engagement programmes. Investments in employee wellness, diversity, engagement and workplace safety further reinforced organisational resilience and supported the development of a future-ready workforce aligned with the Companys long-term growth strategy. The total number of employees as on March 31,2026, stood at 655.

Strategic advantages Global mining solutions platform

Tega is among the leading global suppliers of mill and wear liners that enhance grinding efficiency and reduce operational downtime. Continuous advancements in liner design and material technology enable clients to achieve higher productivity and improved cost efficiency across mineral processing operations.

Advancing with research and development

Tegas R&D initiatives are primarily based in India and Chile, focusing on the development of smart, IT-enabled products, ESG-aligned solutions and recycling systems supporting a circular economy. Collaboration with technical institutes enables the development of durable and recyclable mineral processing components.

Innovation-led growth strategy

Utilising deep industry expertise, Tega integrates advanced technologies across its manufacturing and product development processes. By combining engineering innovation with sustainable practices, the Company delivers performance-driven solutions designed to meet the evolving requirements of global mining and mineral beneficiation industries.

Comprehensive equipment management

Tega offers comprehensive lifecycle management solutions supported by smart technologies and process optimisation capabilities. Continuous monitoring of equipment performance enables predictive maintenance and early detection of potential issues, reducing unexpected downtime, extending equipment life and improving overall operational reliability for mining customers.

Global manufacturing footprint

Tega operates a global manufacturing and service network strategically located near major mining regions supported by an expanding global manufacturing and service platform.The Company continues to expand its international presence to strengthen customer proximity, enhance supply chain responsiveness and provide faster technical support to mining operations worldwide.

Scaling operational capacity

A new manufacturing facility in Chile, expected to commence commercial production in FY 2026-27, will significantly enhance production capacity. The facility will serve key Latin American mining markets including Chile, Peru, Brazil and Argentina, strengthening Tegas regional presence.

Acquisitions and strategic alliances

Tega continues to strengthen its market position through strategic acquisitions and partnerships.The acquisition of Molycop represents a significant milestone, expanding the Companys presence in global mining consumables and enabling integrated offerings across grinding media, mill liners and mineral processing solutions.

Copper demand surge

Growing global demand for copper, driven by electrification, renewable energy infrastructure and electric vehicles, is supporting increased mining activity. This trend is expected to drive higher demand for mineral processing consumables, positioning Tega to benefit from long-term structural growth.

Emerging market opportunities

Rising exploration investments and increased mineral production across major mining regions are creating favourable opportunities for advanced consumables and mineral processing technologies. Tega continues to strengthen its capabilities to support mining customers with high-performance solutions tailored to evolving operational requirements.

Company outlook

The Company remains positive on the back of favourable longterm demand fundamentals in the global mining sector, supported by its diversified customer base, strong aftermarket business model and the strategic acquisition of Molycop. It remains focused on driving profitable growth through capacity expansion, geographic diversification, operational excellence and seamless integration of acquired businesses. The upcoming Chile manufacturing facility is expected to strengthen regional manufacturing capabilities and customer proximity in key mining markets. Supported by a strong balance sheet and continued investments in technology and manufacturing excellence, the Company is well positioned to deliver sustainable growth and long-term value creation.

Risk management

Risk management is an integral part of the Companys governance framework.Through its Enterprise Risk Management (ERM) framework, the Company proactively identifies, assesses, monitors, and mitigates risks arising from internal operations and external factors.

Type of risk	Definition of risk	Mitigation procedure
Health and safety risk	Failure to adhere to safety standards may result in near-miss incidents, injuries or fatalities. Such events could affect the Company\u2019s safety record, reputation and ability to secure business opportunities.	The Company complies with all applicable local and international safety regulations with a strong focus on employee well-being. A structured safety governance framework operates at both Group and plant levels. Regular internal and external safety audits are conducted to ensure compliance and continuous improvement. Safety awareness programmes under Total Quality Management (TQM) support the development of a strong safety culture.
Operational risk	Capacity constraints, inefficient utilisation of plant facilities or inadequate preparedness for natural or man-made disruptions may affect production schedules and operational continuity. Product failures could also impact customer confidence and market position.	The Company expands production capacity once utilisation reaches defined thresholds and demand visibility is established. Manufacturing operations are geographically diversified to minimise operational disruptions. Business continuity plans, inventory controls, power backup systems and standard operating procedures are implemented. Quality monitoring systems and automated controls help minimise product failures. Comprehensive insurance coverage supports additional risk protection.
Financial risk	Inflation and rising interest rates may increase borrowing costs and affect profitability. Market volatility or insufficient insurance coverage may also affect financial stability.	The Company closely monitors working capital to limit reliance on external borrowing. Efficient working capital management helps control financing costs. Adequate insurance coverage is maintained at the group level. Investment diversification and contingency planning support financial resilience.
Commodity risk	Volatility in raw material prices and supply disruptions due to geopolitical or market developments may increase procurement costs and impact working capital requirements.	The Company generally passes on cost increases to customers with a lag of one to two quarters. Pricing inputs are reviewed monthly to support dynamic pricing and reduce margin pressures. The supplier base and sourcing locations are diversified to reduce dependency on any single market.
Competitor risk	Intensifying competition in the mining consumables sector may affect market share, growth prospects and profitability.	The Company continues to strengthen its brand presence built since 1976.With customers across more than 92 countries, it remains one of the leading global producers of polymer-based mill liners. Continuous investment in product development, innovation and market expansion helps maintain its competitive position.
Technology risk	Outdated systems, technological disruptions or cybersecurity incidents may affect operations, decision-making processes and customer confidence.	The Company adopts advanced technologies to enhance operational efficiency. Cybersecurity policies are regularly updated and employee awareness programmes are conducted through the Learning Management System (LMS). Cyber risk insurance is maintained to cover losses arising from security breaches, electronic theft, communications disruption or cyber vandalism.
Human resource risk	Challenges in attracting or retaining skilled talent may affect operational performance and long-term growth. Inadequate succession planning may also create leadership gaps.	The Company focuses on employee engagement, talent retention and workplace wellbeing. Structured succession planning programmes identify and develop future leaders, while recruitment initiatives encourage diversity and strengthen organisational capabilities.
Geographic risk	Exposure to different economic conditions, regulatory changes, political instability or natural disasters across operating regions may affect business continuity and revenue.	The Company operates across India, South America, North America, Europe, Asia Pacific, the Middle East and Africa. Sales offices are located close to major mining regions to support client service. Close coordination with logistics partners and insurers helps manage disruptions and maintain supply continuity.
Compliance risk	Non-compliance with regulatory requirements may lead to legal penalties, operational disruptions and reputational damage.	The Company maintains strict compliance with all statutory and regulatory requirements. Internal systems track regulatory developments and ensure timely filings. Periodic audits help identify potential gaps and ensure corrective action.

WKTNBISHPS N Muicnci

Type of risk	Definition of risk	Mitigation procedure
Supply chain risk	Dependence on external logistics providers and suppliers may lead to delays, cost increases and disruptions in product delivery.	The Company has expanded its vendor network and implemented product-based manufacturing allocation across plants. These measures improve production planning and reduce delivery timelines. Freight conditions and port availability are monitored closely to ensure smooth logistics operations.
Changing consumer preference risk	Rapid shifts in customer requirements may affect demand if product offerings do not evolve in line with market expectations.	The Company regularly evaluates customer requirements and market trends. Product diversification and continuous customer engagement help align offerings with evolving industry needs. Market developments and operational parameters are also reviewed periodically.
Community risk	Weak engagement with local communities or trade unions may disrupt operations and affect stakeholder confidence.	The Company maintains open communication with local communities and labour representatives. Timely wage payments and responsible subcontracting practices are followed. Community development initiatives in education and healthcare are undertaken through CSR programmes.
Intellectual property infringement risk	Unauthorised use of patented technologies may lead to legal disputes and potential revenue loss.	The Company actively safeguards its intellectual property. Patent ownership is clearly communicated to customers along with commercial offers. Potential infringements are monitored closely and legal notices are issued when necessary. Clients are also informed of the risks associated with procuring patented products from unauthorised sources.
Project execution risk	Limited project management capability may lead to delays, cost overruns and inefficient project delivery.	The Company has strengthened project management teams by hiring specialists across finance, procurement, construction and engineering functions. Quality control practices include design reviews, vendor verification, structured change management and ongoing technical training to ensure timely and cost-efficient project execution.

Internal control systems and adequacy

Tegas internal control and risk management system is firmly anchored in the principles laid out in its corporate governance code. It serves as a cornerstone of the Companys organisational structure, enabling coordinated efforts across various teams and functions. The Board of Directors plays a central role by offering strategic oversight, guiding executive leadership and supporting committee operations. The Control and Risk Committee, along with the Audit Head, executes their duties under the supervision of Board-appointed Statutory Auditors.

Cautionary statement

The Management Discussion and Analysis (MDA) section might include statements about the future, as outlined under applicable securities laws.These statements reflect the Companys plans, predictions and expectations about what could happen. However, there is no guarantee that these will turn out as expected, as actual results may vary significantly due to factors outside the Companys control. The Company is not obliged to update or revise any forward-looking statements based on subsequent developments.

Acronym glossary

CY: Calendar Year

GDP: Gross Domestic Product