GLOBAL ECONOMIC OUTLOOK & RECENT DEVELOPMENT & OVERVIEW

OUTLOOK

The country ended the period from fiscal year 2023 to 2026 with a significant boom, surpassing all market estimates with an 8.15% year-over-year (YoY) GDP growth. For three consecutive years, Indias economy has exceeded growth expectations (averaging 8.3% annual growth over this period) despite global uncertainties, driven by strong domestic demand and continuous government efforts toward reforms and capital expenditure.

Indias GDP grew 8.15% YoY over the FY 2023-2026 period, with a sharp growth of 7.8% in the fourth quarter of 2023, beating the governments second advanced estimate of 7.6% and the Reserve Bank of Indias (RBI) estimate of 7.3%. Fourth-quarter economic activities pointed to three interesting trends: an improvement in private consumption, exports, and manufacturing.

The Thermoformed Plastic Products market is anticipated to exhibit fluctuating growth patterns in the near term, largely influenced by persistent factors that contributed to sluggish growth in 2023. However, improvements in the wider economy and the alleviation of supply chain concerns are projected to facilitate a rebound in market demand, particularly in the latter half of 2026.

Despite the anticipated challenges in 2026, the Thermoformed Plastic Products industry can leverage valuable opportunities by prioritizing resilience and innovation. This entails maintaining investment discipline, actively engaging in business ecosystems, and demonstrating a strong commitment to sustainability-underscoring the industrys pivotal role in driving eco-friendly solutions.

INDUSTRIAL STRUCTURE AND DEVELOPMENT

Recent deals and developments have been evaluated for their potential impact on the Companys future business. Other key metrics analyzed include the Threat of New Entrants, Threat of Substitutes, Product Differentiation, Degree of Competition, Supplier Dynamics, Distribution Channels, Capital Requirements, Entry Barriers, Government Regulations, and the Cost of Substitutes within the Thermoformed Plastic Products market.

Our trade and price analysis helps comprehend the international market scenario, tracking top exporters, suppliers, importers, and customer information. This data assists in planning procurement, identifying potential vendors and clients, understanding price trends, and exploring new sales channels. Market research is continuously updated to reflect the impact of the latest global developments on the supply chain.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The Company achieved a turnover of Rs. 7,931.35 Lakhs, as against Rs. 7,247.43 Lakhs in the previous year. The Profit After Tax (PAT) stood at Rs. 140.98 Lakhs, compared to Profit After Tax (PAT) of Rs. 132.41 Lakhs in the previous year.

Dedicated efforts are underway to return the business to a strong growth path in the coming financial year 2026-27. The Company expects tremendous progress, driven by our newly in-house designed, value-added products.

OPPORTUNITIES AND THREATS

The presence of unorganized players and reprocessed products continues to challenge the market through unethical practices, such as providing substandard products made from lower-grade materials and exploiting consumer lack of awareness. We strive to promote high-quality, competitive products, thereby driving our own growth. In a fast-evolving Indian market, while many brands tend to wither, we ensure that no compromises are made regarding our long-term business objectives and brand strength. The Companys growth remains subject to the standard opportunities and threats applicable to the industry from time to time.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company maintains an adequate Internal Control System commensurate with the size, scale, and nature of its operations. The Audit Committee regularly reviews the adequacy and effectiveness of these systems. Stringent internal procedures are in place to facilitate optimal resource utilization and prevent the unauthorized use of assets. Regular checks at every stage of the production and dispatch cycle ensure strict operational and quality compliance.

Internal audits are conducted at regular intervals across all plants, covering key operational areas. This independent, objective assurance function is responsible for evaluating and improving the effectiveness of risk management, control, and governance processes. The Audit Committee consistently reviews the Internal Audit Reports, and the Company has appointed an Independent Auditor to ensure full compliance and system effectiveness.

RISK AND CONCERN

While risk is an inherent aspect of any business, the Company is acutely conscious of the need for an effective monitoring mechanism. We have implemented appropriate mitigation measures covering business portfolio risk, financial risk, legal risk, and internal process risk. Your Company continuously monitors and revisits the risks associated with its operations to ensure agility and resilience.

SEGMENT-WISE PERFORMANCE

The Company operates in a single segment. Hence, no separate segment-wise information is applicable.

HUMAN RESOURCES DEVELOPMENT AND INDUSTRIAL RELATIONS

The Company recognizes its human resources as a key component in facilitating organizational growth and creating shareholder value. Over the years, your Company has employed, groomed, and retained an experienced and qualified talent pool. Our processes are designed to empower employees and support creative approaches to generate enduring value. Various initiatives have been implemented to continually strengthen our workforce. Your Company maintains cordial relations with all employees. As of 31st March 2026, the Company has a headcount of 377 employees.

KEY FINANCIAL RATIOS AND RETURN ON NET WORTH

In compliance with Schedule V of the SEBI (LODR) Regulations, 2015, the key financial ratios are as follows:

Particulars	FY 2025-26	FY 2024-25	% Change	Explanation for >25% variance
Debtors Turnover	5.34	4.68	13.99%	Not Applicable
Inventory Turnover	4.46	4.44	0.44%	Not Applicable
Interest Coverage	1.66	1.81	-8.29%	Not Applicable
Current Ratio	0.92	1.22	-24.50%	Not Applicable
Debt-Equity Ratio	0.49	0.40	20.46%	Not Applicable
Operating Profit Margin	5.90%	5.30%	11.28%	Not Applicable
Net Profit Margin	1.78%	1.83%	-2.71%	Not Applicable

RETURN ON NET WORTH:

The Return on Net Worth (RONW) for the financial year ended March 31, 2026, was 2.26%, compared to 2.18% in the previous year. The slight improvement in RONW is primarily attributable to a modest increase in Profit After Tax relative to the average shareholders equity for the period.

CAUTIONARY STATEMENT

Statements in the Management Discussion and Analysis and the Directors Report describing the Companys strengths, strategies, projections, and estimates may be forward-looking statements within the meaning of applicable laws and regulations. Actual results may vary from those expressed or implied, depending upon economic conditions, government policies, and other incidental factors. Readers are cautioned not to place undue reliance on these forward-looking statements.

DISCLOSURE OF ACCOUNTING TREATMENT: The financial statements of the Company have been prepared in accordance with the applicable Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs, pursuant to the provisions of Section 133 of the Companies Act, 2013 and the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time.

There has been no treatment different from that prescribed in the Accounting Standards in the preparation of the financial statements.

Place: Mumbai Date: 05th September, 2026

For and On Behalf of the Board of Directors

SD/-

Velji L. Shah Chairman & Managing Director DIN: 00007239