Unitec Fibres Ltd Management Discussions

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations for the financial year ended March 31, 2026, March 31, 2025 and March 31, 2024 is based on, and should be read in conjunction with, our Restated Financial Information, including the schedules, notes and significant accounting policies thereto, included in the chapter titled “Restated Financial Information ” beginning on page 228 of this Red Herring Prospectus. Our Restated Financial Information have been derived from our audited financial statements and restated in accordance with the SEBI ICDR Regulations and the ICAI Guidance Note. Our financial statements are prepared in accordance with AS.

You should read the following discussion of our financial condition and results of operations together with our restated financial information included in this Red Herring Prospectus. You should also read the section titled “Risk Factors” beginning on page 27 of this Red Herring Prospectus, which discusses a number offactors, risks and contingencies that could affect our financial condition and results of operations. Our Financial year ends on March 31 of each year, so all references to a particular financial year are to the twelve-month period ended March 31 of that year.

In this section, unless the context otherwise requires, any reference to “we”, “us” or “our” refers to our Company. Unless otherwise indicated, financial information included herein are based on our “Restated Financial Information ” for the financial year ended March 31, 2026, March 31, 2025 and March 31, 2024, included on page 228 of this Red Herring Prospectus.

Note: Statement in the Management Discussion and Analysis Report describing our objectives, outlook, estimates, expectations or prediction may be “Forward Looking Statements” within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to our operations include, among others, economic conditions affecting demand/supply and price conditions in domestic and overseas market in which we operate, changes in Government Regulations, Tax Laws and other Statutes and incidental factors.

BUSINESS OVERVIEW

Our Company is engaged in the manufacturing of Recycled Polyester Staple Fibre (“RPSF”), a product created from recycled polyester raw materials. The production process begins with the procurement of raw materials like PET Flakes, PET Chips and other polyester waste materials. These materials are then converted into raw inputs, spun into fibre and processed to meet the requirements of our customers related to fibre properties like colour and density. Our products find applications in industries like the automobiles (carpet, roof liners, trunks), home furnishing (sofa, curtains, carpets) and textile sectors (spinning mills). Our manufacturing process focuses on the regeneration of polyester fibre through the utilization of PET flakes, PET chips and other PET waste derived from discarded plastic bottles and post-consumer waste streams. By converting such recyclable materials into Recycled Polyester Staple Fibre ("RPSF"), we contribute to resource conservation, waste reduction and the production of environmentally sustainable products.

Our Company was originally incorporated on February 11, 2005 under the name “Unitec Fibres Private Limited” under the provisions of the Companies Act, 1956 with the Assistant Registrar of Companies, Mumbai, Maharashtra. Subsequently, the status of the Company was changed to public limited Company and the name of our Company was changed to “Unitec Fibres Limited” vide Special Resolution passed by the Shareholders at the Extra-Ordinary General Meeting of our Company held on February 14, 2024. The fresh certificate of incorporation consequent to conversion was issued on June 13, 2024, by Registrar of Companies, Central Processing Centre. The Corporate Identification Number of our Company is U17120MH2005PLC151224.

As on the date of this Red Herring Prospectus, we have two operational manufacturing units, located at M.I.D.C., Tarapur Industrial Area, Tarapur, Palghar, Thane - 401506. Further, our Manufacturing Unit 1 and Manufacturing Unit 2 are situated on land and premises obtained on lease from Maharashtra Industrial Development Corporation (“MIDC”). For further details of our properties, please refer to disclosure titled “Properties” on page 172 of this Red Herring Prospectus.

Unit Number	Address
Unit 1	E-57, M.I.D.C., Tarapur Industrial Area, Tarapur, Palghar, Thane- 401506, India.
	E-56, M.I.D.C.,Tarapur Industrial Area, Tarapur, Palghar, Thane- 401506, India.
Unit 2	Plot No. N-29, M.I.D.C., Tarapur Industrial Area, Tarapur, Palghar, Thane- 401506, India.

These facilities have a combined installed capacity of up to 27,984 metric tonnes per annum ("MTPA") for the production of Recycled Polyester Staple Fibre ("RPSF"). In addition to our existing operations, we have recently acquired land admeasuring approximately 47,494 square meters in Valsad, Gujarat, where we are in process of setting up an additional RPSF production line which will be designated as Unit 3.

Our Company is managed by our promoter directors namely Mr. Virander Behl (Managing Director) who have been involved in the business since Company’s incorporation bringing over 21 years of experience in overseeing and managing the Company’s operations particularly in sales operations and identifying areas for improvement and opportunities for the Company. Mr. Vijay Omjagdish Behl (Chairman & Whole Time Director) with over 10 years of managing and overseeing the production activities, cost management, raw materials procurement and overseeing the day-to-day operations of the Company. Their experience enables us to anticipate and address market trends, manage and grow our operations, maintain and leverage customer relationships. For further details on the complete profile of our promoter directors, please see the chapter titled “Our Management” on page 200 of this Red Herring Prospectus.

Quality is a crucial factor in our products and we implement effective quality control mechanism at different stages of the manufacturing process to ensure that our finished product conforms to the customer requirements. Our accreditations include ISO 9001:2015 for Quality Management System and ISO 14001:2015 for Environmental Management System. We have received the Hohenstein Laboratories (Germany) authorisation to use the Oeko-Tex mark, validating ecological standards and have also received the scope certificate for global recycled standard (GRS) from the Taiwan IDFL Laboratory and Institute Limited. By actively participating in the recycling process of plastic waste, our Company contributes to the development of a sustainable economy, ensuring environmental benefits and responsible resource management.

The details of our revenue from operations from these major revenue-contributing products for the financial year ended March 31, 2026, March 31, 2025 and March 31, 2024, respectively are as follows:

(? in lakhs)

Particulars	FY 2025-26	FY 2024-25	FY 2023-24
	Revenue from Operations	%	Revenue from Operations	%	Revenue from Operations	%
RPSF	21,984.72	98.04	22,067.14	97.46	19,726.97	96.63
Others*	439.76	1.96	574.48	2.54	687.00	3.37
Total	22,424.48	100.00	22,641.61	100.00	20,413.97	100.00

*Others Includes Revenue from EPR Credit, RODTEP, Scrap sales generated during the manufacturing process including RPSF fibre waste.

Key Performance Indicators of our Company:

As per Restated Financial Information

(Z in Lakhs, unless otherwise specified)

Particulars	FY2025-26	FY 2024-25	FY 2023-24
Revenue from Operations (1)	22,424.48	22,641.61	20,413.97
EBITDA (2)	1,576.86	1,744.97	1,678.46
EBITDA Margin (%) (3)	7.03%	7.71%	8.22%
PAT	759.67	821.84	741.95
PAT Margin (%) (4)	3.39%	3.63%	3.63%
Return on equity (%) (5)	12.41%	15.42%	16.32%
Return on capital employed (%) (6)	9.05%	15.04%	20.20%
Debt-Equity Ratio (times) (7)	1.19	0.64	0.32
Net fixed asset turnover ratio (times) (8)	5.01	6.50	7.93
Current Ratio (times) (9)	1.08	1.56	1.58

As certified by Peer Auditor of our Company, by way of their certificate dated September 11, 2026

(1) Revenue from operation means revenue from sale of our products

(2) EBITDA is calculated as Profit before tax + Depreciation + Finance Costs - Other Income

(3) EBITDA Margin is calculated as EBITDA divided by Revenue from Operations

(4) PAT Margin is calculated as PAT for the period/year divided by revenue from operations

(5) Return on Equity is calculated by comparing the proportion of net income against the amount of average shareholder equity

(6) Return on Capital Employed is calculated as follows: Profit before tax + Finance Costs (EBIT) divided by (Tangible Net Worth + Total Debt + Deferred Tax Liabilities)

(7) Debt to Equity ratio is calculated as Total Debt divided by equity

(8) Net Fixed asset turnover ratio is calculated by dividing the Revenue from Operations by Average Fixed Assets of the Company

(9) Current Ratio is calculated by dividing Current Assets to Current Liabilities

SIGNIFICANT DEVELOPMENTS AFTER DECEMBER 31, 2025

Except as discussed below and elsewhere in this Red Herring Prospectus, in the opinion of the Board of Directors of our Company, since March 31, 2026 as disclosed in this Red Herring Prospectus, there have not arisen any circumstance that materially or adversely affect or are likely to affect the profitability of our Company or the value of its assets or its ability to pay its material liabilities within the next twelve months.

• Our Company has approved the Audited Financial Statements for the financial year ended on March 31, 2026, pursuant to a resolution passed by the Board of Directors at their meeting held on September 04, 2026 and through ordinary resolution passed by the Shareholders of our Company at their Annual General Meeting held on September 12, 2026

• The Board of our Company has approved to raise funds through Initial Public Offering in the board meeting held on May 07, 2026.

• The members of our Company approved proposal of Board of Directors to raise funds through initial public offering in the Extra Ordinary General Meeting held on May 12, 2026. ^•

• Our Company has approved the Restated Financial Information for the financial years ended on March 31, 2026, March 31, 2025 and March 31, 2024, respectively, by the Board of Directors pursuant to a resolution passed at their meeting held on September 11, 2026.

• Our Company has approved the Draft Red Herring Prospectus vide resolution in their Board Meeting dated June 29, 2026.

• Our Company has approved the Red Herring Prospectus vide resolution in their Board Meeting dated September September 17, 2026.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

For details in respect of Statement of Significant Accounting Policies, please refer to the chapter titled “Restated Financial Information” beginning on page 228 of this Red Herring Prospectus.

KEY COMPONENTS OF THE COMPANY’S BALANCE SHEET

The following table sets forth selected financial data derived from our restated statement of assets & liabilities as at March 31,2026 and March 31, 2025, and 2024:

			(% in Lakhs, unless otherwise specified)
Particulars	Financial Year / Period ended
	March 31, 2026	March 31, 2025	March 31, 2024
Liabilities
Long-Term Borrowings	3,758.18	2,207.67	358.44
Short-Term Borrowings	3,961.04	1,456.16	1,213.68
Trade Payables	1993.24	2,108.52	1,795.84
Short-Term provisions	284.55	397.11	281.61
Other Current Liabilities	349.59	292.95	359.54
Assets
Property, Plant & Equipment and Intangible Assets (including CWIP)	8,964.27	5,330.07	2,487.24
Long Term Loans & Advance	824.94	237.26	700.00
Trade receivables	1,393.43	1,705.16	1,439.21
Inventories	4,096.84	4,083.93	3,806.24
Short-term loans and advances	1,303.47	581.62	353.45

A) Long-Term Borrowings:

The company’s long-term borrowings have changed from ?358.44 Lakhs in Financial year 2023-24 to ?2,207.67 Lakhs in Financial year 2024-25 to ?3,758.18 Lakhs in Financial year 2025-26.

			(% in Lakhs, unless otherwise specified)
Particulars	Financial Year / Period ended
	March31, 2026	March 31, 2025	March 31, 2024
Secured :
From Bank & Financial Institutions	3,758.18	2,207.67	358.44
Total	3,758.18	2,207.67	358.44

The company’s long-term borrowings increased from ?358.44 Lakhs in financial year 2023-24 to ?2,207.67 Lakhs in Financial year 2024-25,further, in financial year 2025-26, long-term borrowings have increased to ?3,758.18 Lakhs, driven by fresh loans availed from Banks to support the company’s operational funding requirements.

B) Short-Term Borrowings:

			(% in Lakhs, unless otherwise specified)
Particulars	Financial Year / Period ended
	March 31, 2026	March 31, 2025	March 31, 2024
Secured
From Bank & Financial Institutions	1672.42	1,090.96	1,020.55
Unsecured
From Directors and Related Party	593.30	47.30	106.00
Inter-Corporate Borrowings	808.00	-	-
Current Maturities of Long Term Debt	887.32	317.90	87.13
Total	3,961.04	1,456.16	1,213.68

The company’s short-term borrowings had increased from ?1213.68 Lakhs in Financial year 2023-24 to ?1456.16 Lakhs in Financial year 2024-25. Further, it increased to ?3961.04 Lakhs in Financial year 2025-26.

C) Trade Payables:

Trade payables include dues payable to creditors. The company’s payables increased from ?1,795.84 Lakhs in Financial year 2023-24 to ?2,108.52 Lakhs in Financial year 2024-25 and then decreased to ?1,993.24 Lakhs in Financial year 2025-26, which is in line with the growing business of the company. The following are details of the Trade Payables of the company:

			(% in Lakhs, unless otherwise specified)
	Financial Year / Period ended
Particulars	March 31, 2026	March 31, 2025	March 31, 2024
Total outstanding dues of micro enterprises and small enterprises	1,538.00	1,463.98	822.40
Total outstanding dues of creditors other than micro enterprises and small enterprises	455.24	644.54	973.44
Total	1,993.24	2,108.52	1,795.84

D) Short-term Provisions:

The company’s short-term provisions have increased from ?281.61 Lakhs in Financial year 2023-24 to ?397.11 Lakhs in Financial year 2024-25, primarily due to an increase in the provision of income tax, which is in line with the growing operations of the company. The company’s short term provisions then decreased to ?284.55. Lakhs as on March 31, 2026. The table below shows details of the short-term provisions of the company:

			(% in Lakhs, unless otherwise specified)
Particulars	Financial Year / Period ended
	March31, 2026	March 31, 2025	March 31, 2024
Provision for Gratuity	15.27	12.82	12.08
Provision for Audit Fees	6.40	6.00	5.40
Income tax Provisions net of Advance tax and TDS	262.88	378.29	264.13
Total	284.55	397.11	281.61

E) Other Current Liabilities

The company’s other current liabilities decreased from ?359.54 Lakhs in Financial year 2023-24 to ?292.954 Lakhs in Financial year 2024-25, then increased to ?349.59 Lakhs in Financial year 2025-26. The table below shows details of the other current liabilities of the company:

			(% in Lakhs, unless otherwise specified)
Particulars	Financial Year / Period ended
	March31, 2026	March 31, 2025	March 31, 2024
Statutory Dues Payables	54.74	33.10	90.62
Advances Received from Customers	28.81	10.80	42.59
Salary & Wages Payable	77.04	88.71	62.16
Electricity Expenses Payable	129.20	108.94	114.80
Interest Payable to MSE	13.25	8.72	33.53
Payable for Expenses	46.55	42.68	15.84
Total	349.59	292.95	359.54

F) Property, Plant & Equipment and Intangible Assets:

The following are the details of “Property, Plant & Equipment and Intangible Assets”:

			(% in Lakhs, unless otherwise specified)
Particulars	Financial Year / Period ended
	March31, 2026	March 31, 2025	March 31, 2024
Property, Plant and Equipment	4,439.01	4,478.42	2,485.15
Intangible Assets	0.83	1.31	2.09
Capital WIP	4,492.54	850.34	-
Intangible Assets Under Development	31.89	-	-
Total	8,964.27	5,330.07	2,487.24

In Financial Year 2023-24, the Company’s Property, Plant & Equipment and Intangible Assets increased from ?2,487.24 Lakhs in Financial Year 2023-24 to ?5,330.07 Lakhs in Financial Year 2024-25. increase was due to. Purchase of Plant & Machinery of ?94.00 lakhs, Land of ?2,294.28 Lakhs, Office Equipment of ?1.47 Lakhs, Furniture & Fixtures of ?0.67 Lakhs, Computers of ?2.04 Lakhs, and Capital work-in-progress of ?850.34 Lakhs, which was offset by depreciation and amortization expense on such assets of ?398.11 Lakhs.

For the period ended March 31, 2026, the Company’s Property, Plant & Equipment and Intangible Assets increased from ?5,330.07 Lakhs in Financial Year 2024-25 to ?8,964.27 Lakhs as on March31, 2026. This increase was due to Purchase of Plant & Machinery of ?240.55 lakhs, Land of ?45.68 Lakhs, Vehicle of ?25.85 Lakhs, Office Equipment of ?2.07 Lakhs, Furniture & Fixtures of ?0.10 Lakhs, Computers of ?1.90 Lakhs, and Capital Work-in-Progress of ?3,642.20 Lakhs which was offset by depreciation and amortization expense on such assets of ?349.47 Lakhs.

G) Long Term Loans and Advances:

(? in Lakhs, unless otherwise specified)

Particulars	As at
	March31, 2026	March 31, 2025	March 31, 2024
Unsecured, Considered Good unless otherwise stated
Capital Advances	824.94	237.26	700.00
Total	824.94	237.26	700.00

The company’s long-term loans and advances decreased from ?700 Lakhs in Financial year 2023-24 to ?237.26 Lakhs in Financial year 2024-25, then increased to ?824.94 Lakhs in Financial year 2025-26. These Capital advances were provided for purchase of Plant and Machinery and Building.

H) Trade receivables:

Trade receivables refer to outstanding dues from customers that remain unpaid. The following are details of the Trade receivables of the company:

			(% in Lakhs, unless otherwise specified)
Particulars	Financial Year / Period ended
	March31, 2026	March 31, 2025	March 31, 2024
Trade Receivables	1,393.43	1,705.16	1,439.21
Total	1,393.43	1,705.16	1,439.21

The company’s trade receivables increased from ^1,439.21 Lakhs in Financial year 2023-24 to ?1,705.16 Lakhs in Financial year 2024-25, then decreased to ?1393.43 Lakhs in Financial year 2025-26, which is in line with the growing operations of the company.

I) Inventories:

The company’s inventory increased from ? ?3,806.24 Lakhs in Financial year 2023-24 to ?4,083.93 Lakhs in Financial year 2024-25 due to increase in Purchases of Stock-in-trade, raw materials and tools & consumables, which is in line with the growing operations of the company. Further, the company’s inventory increased to ?4,096.84 Lakhs as on March 31, 2026. The following are the details of the Inventories of the company:

(? in Lakhs, unless otherwise specified)

Particulars	Financial Year / Period ended
	March 31, 2026	March 31, 2025	March 31, 2024
Raw Material	3,435.57	3,219.70	3,048.21
Finished Goods	391.65	586.98	489.80
Tools and Consumables	269.62	277.25	268.23
Total	4,096.84	4,083.93	3,806.24

J) Short-term Loans & Advances:

The company’s Short-term loans & advances increased from ?353.45 Lakhs in Financial year 2023-24 to ?581.62 Lakhs in Financial year 2024-25, primarily due to increase in EPR & Subsidy Claim receivable and in balance with revenue authority. Further, the company’s short-term loans & advances increased to ?1,303.47 Lakhs in Financial year 2025-26, due to increase in balance with Revenue authorities. The following are the details of the Short-term loans & advances of the company:

			(% in Lakhs, unless otherwise specified)
Particulars	Financial Year / Period ended
	March 31, 2026	March 31, 2025	March 31, 2024
Loans and Advances to Related Parties	-	-	-
Advance to Vendors	67.12	156.87	115.13
Balance with Revenue Authorities	1,034.09	163.48	43.35
Loans and Advances to Other than Related Parties	15.44	10.12	23.51
EPR & Subsidy claim Receivable	138.87	221.70	148.35
Prepaid Expenses	31.05	14.39	23.11
IPO Expense	16.90	15.06	-
Total	1,303.47	581.62	353.45

RESULTS OF OUR OPERATION

The following discussion on results of operations should be read in conjunction with the Restated Financial Information of our Company for the financial year 2026, and for the financial year 2025, financial year 2024

						(% in Lakhs, unless otherwise specified)
Particulars	For the Period Ended on / Year Ended
	March31, 2026	% of Total Revenue	March 31, 2025	% of Total Revenue	March 31, 2024	% of Total Revenue
Revenue:
Revenue from Operations	22,424.48	99.73%	22,641.61	99.69%	20,413.97	99.59%
Other income	61.09	0.27%	71.52	0.31%	84.61	0.41%
Total income	22,485.57	100.00%	22,713.13	100.00%	20,498.58	100.00%
Expenses:
Cost of Material Consumed	14,689.91	65.33%	15,065.23	66.33%	13,316.53	64.96%
Changes in Inventories	195.33	0.87%	(97.18)	(0.43) %	(70.82)	(0.35) %
Employee benefits expense	875.85	3.90%	836.28	3.68%	930.20	4.54%
Finance costs	186.14	0.83%	250.70	1.10%	264.95	1.29%
Depreciation and amortization expense	349.47	1.55%	398.11	1.75%	443.30	2.16%
Other expenses	5,086.52	22.62%	5,092.32	22.42%	4,559.61	22.24%
Total expenses	21,383.22	95.10%	21,545.46	94.86%	19,443.76	94.85%
Profit before tax	1,102.35	4.90%	1,167.67	5.14%	1,054.82	5.15%
Tax expense
(i) Current tax	351.23	1.56%	365.10	1.61%	330.95	1.61%
(iii) Deferred tax	(8.55)	(0.04) %	(19.27)	(0.08) %	(18.09)	(0.09) %
Net Tax Expenses	342.68	1.52%	345.83	1.52%	312.87	1.53%
Profit/loss for the period	759.67	3.38%	821.84	3.62%	741.95	3.62%

KEY COMPONENTS OF THE COMPANY’S PROFIT AND LOSS STATEMENT

• Revenue from operations: Revenue from operations mainly consists of Income from Sale of Recycled Polyester Staple Fiber, and Other operating revenue such as SS Polyester Fiber, Wiry, Lumps, Popcorn, EPR & Subsidy Claim, RoDTEP & Drawback Refund, Scrap Sales.

• Other Income: Other Income includes Interest income, Foreign Exchange Gain, Profit on Sale of Property, Plant and Equipment.

• Expenses: The Company’s expenses consist of Cost of material consumed, Changes in Inventories of Finished Goods, Employee Benefit Expenses, Finance Cost, Depreciation and Amortization Expense, Other Expenses, and Tax expenses.

• Cost of material consumed: Cost of material consumed consist of purchases of raw material and difference in opening stock of raw material and closing stock of raw material.

• Employee Benefits Expense: Employee benefit expenses include Salary & Wages, Remuneration to Directors and Gratuity Expenses. ^•

• Finance Cost: Finance Cost includes Interest Expenses and Other Borrowing Costs.

• Depreciation and Amortization Expense: We recognize Depreciation and Amortization expense on a WDV basis as per the rates outlined in the Companies Act, 2013.

• Other Expenses: Other expenses include direct expenses such as Electricity Charges, Freight, Custom & Clearing Charges, Labour Charges, Stores & Spares, Fuel / Gas / Coal Expenses, and indirect expenses such as Repairs and Maintenance, Commission expenses, Discounts, Service & Consultancy Charges, Rates & Taxes, etc.

FINANCIAL YEAR 2026 COMPARED WITH FINANCIAL YEAR 2025

			(% in Lakhs, unless otherwise specified)
Particulars	For the Year Ended
	March 31, 2026	March 31, 2025	% Change
Revenue From Operations	22,424.48	22,641.61	-0.96%
Other Income	61.09	71.52	-14.57%
Total Income	22,485.57	22,713.13	-1.00%
Expenditure
Cost of Material Consumed	14,689.91	15,065.23	-2.49%
Changes in Inventories of Finished Goods	195.33	-97.18	-300.99%
Employee benefits expense	875.85	836.28	4.73%
Finance Costs	186.14	250.70	-25.75%
Depreciation and Amortization Expense	349.47	398.11	-12.22%
Other Expenses	5,086.52	5,092.32	-0.11%
Total Expenditure	21,383.22	21,545.46	-0.75%
Profit/(Loss) Before Tax	1,102.35	1,167.67	-5.59%
Tax Expense:
Tax Expense for Current Year	351.23	365.10	-3.80%
Deferred Tax	-8.55	-19.27	-55.62%
Net Tax Expenses	342.68	345.83	-0.91%
Profit After Tax	759.67	821.84	-7.56%

Revenue from Operation

Revenue from operations has decreased by 0.96% from ?22641.61 Lakhs in Financial year 2024-25 to ?22,424.48 Lakhs in Financial year 2025-26. The table below sets forth the details of the revenue bifurcation of the company:

Particulars	For the year ended March 31, 2026	For the year ended March 31, 2025
	Amount	% of Revenue from operations	Amount	% of Revenue from operations	% change
Revenue from Manufacturing Activity
Sale of RPSF	21,984.72	98.04%	22,067.14	97.46%	-0.3 7%
Other Operating Revenue
RoDTEP & Drawback refund	71.50	0.32%	121.46	0.54%	-41.13%
EPR & Subsidy Claim	120.23	0.54%	224.72	0.99%	-46.50%
Sale of Lumps, PopCorn, Wiry, Chips etc.	73.72	0.33%	70.18	0.31%	5.04%
Scrap sale	174.31	0.78%	158.12	0.70%	10.24%
Total	22,424.48	100.00%	22,641.61	100.00%	-0.96%

The Company’s revenue from operations decreased by 0.96%, from ?22,641.61 lakhs in FY 2024 -25 to ?22,424.48 lakhs in FY 2025-26. Revenue from sale of RPSF decreased by 0.37%, from ?22,067.14 lakhs to ?21,984.72 lakhs, and accounted for 98.04% of revenue from operations in FY 2025-26. RoDTEP and Drawback refund decreased by 41.13%, while EPR and Subsidy Claim decreased by 46.50%. Sale of lumps, popcorn, wiry, chips and other products increased by 5.04%, and scrap sale increased by 10.24%..

Other income

Other income had decreased by ?10.42 Lakhs from ?71.52 Lakhs in Financial year 2024 -25 to ?61.09 Lakhs in Financial year 2025-26. It was primarily due to a decrease in Interest reversal on MSE suppliers during the year from ?24.82 Lakhs in Financial Year 2024-25 to NIL in Financial Year 2025-26 and decrease in Gratuity reversal from ?5.07 Lakhs in Financial Year 2024-25 to NIL in Financial Year 2025-26. This reduction was set off against foreign exchange gain which increased from ? 31.08 lakhs in Financial Year 2024-25 to ?48.61 Lakhs in Financial Year 202526, Profit on Sale of Property, Plant & Equipment which increased from ?0.67 Lakhs in Financial Year 2024-25 to ?5.30 Lakhs in Financial Year 2025-26.

Cost of Material Consumed

Cost of material consumed is decreased from ?15,065.23 Lakhs in Financial year 2024-25 to ?14,689.91 Lakhs in Financial year 2025-26 due to decrease in purchase of Raw material from ?15,236.71 Lakhs in Financial year 202425 to ?14,905.78 Lakhs in Financial year 2025-26

Changes in Inventories of Finished Goods and Stock-in-Trade

Changes in inventories of finished goods and stock in trade is due to change in opening stock of finished goods and stock in trade with the closing stock of finished goods and stock in trade.

Employee benefits expense

Employee benefit expenses had increased by ?39.57 Lakhs from ?836.28 Lakhs in financial year 2024 -25 to ?875.85 Lakhs in financial year 2024-25. This was primarily due to increase in Salary and Wages from ?692.03 Lakhs in financial year 2024-25 to ?727.99 Lakhs in Financial year 2025-26 which was partially offset by a decrease in Contribution to Provident Fund and Other Fund from ?39.72 Lakhs in Financial year 2024 -25 to ?36.72 Lakhs in Financial year 2025-26

Finance costs

Finance Cost had decreased by ?64.56 Lakhs from ?250.70 Lakhs in Financial year 2024 -25 to ?186.14 Lakhs in Financial year 2025-26. This was primarily due to a decrease in Interest paid on borrowings from Banks from ?156.11 Lakhs in Financial year 2024-25 to ?124.52 Lakhs in Financial year 2025-26 and other borrowing cost decrease from ?58.87 Lakhs in FY 2024-25 to ?28.26 Lakhs in FY 2025-26 which were set off against an increase in Interest on delay payment to MSE from ?NIL in Financial year 2024-25 to ?4.53 Lakhs in Financial year 2025-26.

Depreciation and Amortisation expense

Depreciation and Amortization expense had decreased by ?48.65 Lakhs from ?398.11 Lakhs in Financial year 2024 - 25 to ?349.47 Lakhs in Financial year 2025-26 which primarily decrease due to decrease in depreciation from ?397.33 Lakhs in FY 2024-25 to ?348.99 Lakhs in FY 2025-26.

Other Expenses

Other expenses had decreased by ?5.79 Lakhs from ?5092.32 Lakhs in Financial year 2024 -25 to ?5086.52 Lakhs in Financial year 2025-26. This was primarily due to decrease in Freight, Custom & Other clearing Charges by ?102.14 Lakhs, Fuel / Gas / Coal Expenses by ?31.70 Lakhs, etc. in the financial year 2025-26. This was offset by increase in Rates & Taxes by ?77.15 Lakhs, Discount/Write off by ?73.48 Lakhs, etc. in the financial year 2025-26.

			(% in Lakhs, unless otherwise specified)
Particulars	For the Year Ended	% Change
	March 31, 2026	March 31, 2025
Labour charges	456.24	428.32	6.52%
Stores & Spare	518.42	537.75	-3.60%
Testing Charges	11.74	11.91	-1.43%
Water Charges	36.78	39.32	-6.46%
Freight, Custom & Other clearing Charges	801.37	903.51	-11.30%
Security Services	59.18	74.22	-20.26%
Insurance Charges	18.57	24.90	-25.41%
Fuel / Gas / Coal Expenses	705.19	736.88	-4.30%
Electricity Expenses	1,566.98	1,516.96	3.30%
Rent	72.92	103.43	-29.50%
Auditors Fee	6.03	6.75	-10.74%
Advertisement Expenses	0.30	0.08	270.00%
Discount	167.55	94.07	78.10%
Repairs & Maintenance Expense	238.85	282.24	-15.37%
Commission Expenses	203.16	184.05	10.39%
Corporate social Responsility	18.00	13.50	33.33%
Conveyance Charges	6.24	7.84	-20.36%
Service & Consultancy Charges	64.97	65.45	-0.73%
Printing & Stationery Expenses	8.21	9.25	-11.16%
Rates & Taxes	79.40	2.25	3427.16%
Computer & Internet Expenses	6.85	4.98	37.41%
Motor Car Exp 31-	8.12	5.89	37.82%
Travelling Expenses	8.86	11.41	-22.33%
Donation	1.66	0.83	99.40%
Sales Promotion Expense	4.71	3.71	26.82%
Directors Sitting Fees	4.75	3.50	35.71%
Other Expenses*	11.47	19.30	-40.55%
Total	5,086.52	5,092.32	-0.11%

***Does not include any individual item of expenditure with a value of more than 1% of the revenue from operations. Tax Expenses

The Company’s tax expenses decreased by ?3.15 lakhs from ?345.83 Lakhs in Financial year 2024 -25 to ?342.68 Lakhs in Financial year 2025-26. This was on account of a decrease in Tax expenses of the current year by ?13.87 Lakhs and an increase in deferred tax by ?10.72 Lakhs in Financial year 2025-26.

Profit after tax

In FY 2025-26, the Company reported a net profit of ?759.67 lakhs compared to ?821.84 lakhs in FY 2024-25, representing a decrease of 7.56%. The decrease was due to the increase in total expenditure as a percentage of total income from 94.86% in FY 2024-25 to 95.10% in FY 2025-26. Further, total revenue decreased by 1% during the year i.e. from ? 22.713.13 Lakhs in FY 2024-25 to ? 22,485.57 Lakhs in FY 2025-26 . As a result, the Company’s net profit decreased in FY 2025-26.

FINANCIAL YEAR 2025 COMPARED WITH FINANCIAL YEAR 2024

			(% in Lakhs, unless otherwise specified)
	For the Year Ended
Particulars	March 31, 2025	March 31, 2024	% Change
Revenue From Operations	22,641.61	20,413.97	10.91%
Other Income	71.52	84.61	(15.47) %
Total Income	22,713.13	20,498.58	10.80%
Expenditure
Cost of Material Consumed	15,065.23	13,316.53	13.13%
Changes in Inventories of Finished Goods	(97.18)	(70.82)	37.22%
Employee benefits expense	836.28	930.20	(10.10) %
Finance Costs	250.70	264.95	(5.38) %
Depreciation and Amortization Expense	398.11	443.30	(10.19) %
Other Expenses	5,092.32	4,559.61	11.68%
Total Expenditure	21,545.46	19,443.76	10.81%
Profit/(Loss) Before Tax	1,167.67	1,054.82	10.70%
Tax Expense:
Tax Expense for Current Year	365.10	330.95	10.32%
Deferred Tax	(19.27)	(18.09)	6.55%
Net Tax Expenses	345.83	312.87	10.54%
Profit After Tax	821.84	741.95	10.77%

Revenue from Operation

Revenue from operations has increased by 10.91% from ?20,413.97 Lakhs in Financial year 2023-24 to ?22,641.61 Lakhs in Financial year 2024-25. The table below sets forth the details of the revenue bifurcation of the company: -

					(% in Lakhs, unless otherwise specified)
	For the year ended March 31, 2025	For the year ended March 31, 2024
Particulars	Amount	% of Revenue from operations	Amount	% of Revenue from operations	% change
Revenue from Manufacturing Activity
Sale of RPSF	22,067.14	97.46%	19,726.97	96.63	11.86%
Other Operating Revenue
RoDTEP & Drawback refund	121.46	0.54%	39.77	0.19%	205.40%
EPR & Subsidy Claim	224.72	0.99%	299.92	1.47%	(25.07%)
Sale of Lumps, PopCorn, Wiry, Chips etc.	70.18	0.31%	191.23	0.94%	(63.30%)
Scrap sale	158.12	0.70%	156.08	0.76%	1.30%
Total	22,641.61	100.00%	20,413.97	100.00%	10.91%

The Companys revenue from operations increased by 10.91%, from ?20,413.97 lakhs in FY 2023 -24 to ?22,641.61 lakhs in FY 2024-25. This growth was supported by an increase in export sales and expansion into new international markets, including Bangladesh, France, the United Kingdom, and Germany.

Total export revenue increased from ?1,255.10 lakhs in FY 2023-24 to ?3,583.77 lakhs in FY 2024-25. As a percentage of total revenue from operations, exports contributed 15.83% in FY 2024-25 compared to 6.15% in the previous year.

The significant increase in exports during FY 2024-25 reflects the Companys efforts to expand its presence in international markets and diversify its customer base across multiple countries. Bangladesh emerged as the largest export market during the year, while exports to the United Kingdom, France, and Germany also recorded notable growth. This broader international reach contributed to the overall increase in revenue from operations.

The details of export sales are given below:-

				(T in Lakhs, unless otherwise specified)
Particulars	FY 2024-25	FY 2023-24
	Revenue from Operations	%	Revenue from Operations	%
Export
Bangladesh	1,613.06	7.12%	39.20	0.19%
France	691.13	3.05%	573.33	2.81%
United Kingdom	714.02	3.15%	197.53	0.97%
Germany	291.54	1.29%	185.97	0.91%
Other Countries##	274.02	1.21%	259.07	1.27%
Total	3,583.77	15.83%	1,255.10	6.15%

## Other Countries includes China, Taiwan, Hungary, Catawba, Italy, Nepal, Poland, Portugal, Qatar, Sri Lanka, Turkey, Vietnam

Other Income

Other income had decreased by ?13.09 Lakhs from ?84.61 Lakhs in Financial year 2023 -24 to ?71.52 Lakhs in Financial year 2024-25. It was primarily due to a decrease in Interest income during the year from ?24.29 Lakhs in Financial Year 2023-24 to ?9.88 Lakhs in Financial Year 2024-25 and decrease in Balance Written Back from ?48.83 Lakhs in Financial Year 2023-24 to NIL in Financial Year 2024-25. This reduction was set off against Interest reversal on MSE Suppliers which increased from NIL in Financial Year 2023-24 to ?24.82 Lakhs in Financial Year 2024-25, Foreign Exchange Gain which increased from ^11.50 Lakhs in Financial Year 2023-24 to ?31.08 Lakhs in Financial Year 2024-25.

Cost of Material Consumed

Cost of material consumed is increased from ^13,316.53 Lakhs in Financial year 2023-24 to ?15,065.23 Lakhs in Financial year 2024-25 due to increase in purchase of Raw material from ?13,369.43 Lakhs in Financial year 2023 - 24 to ?15,236.71 Lakhs in Financial year 2024-25.

Changes in Inventories of Finished Goods and Stock-in-Trade

Changes in inventories of finished goods and stock in trade is due to change in opening stock of finished goods and stock in trade with the closing stock of finished goods and stock in trade.

Employee Benefit Expenses

Employee benefit expenses had decreased by ?93.91 Lakhs from ?930.20 Lakhs in Financial year 2023 -24 to ?836.28 Lakhs in Financial year 2024-25. This was primarily due to a decrease in Salary & Wages from ?767.27 Lakhs in Financial year 2023-24 to ?692.03 Lakhs in Financial year 2024-25 and a decrease in Gratuity expense from ?15.17 Lakhs in Financial year 2023-24 to NIL in Financial year 2024-25.

			(? in Lakhs, unless otherwise specified)
	For the Year Ended
Particulars	March 31, 2025	March 31, 2024	% Change
Salary, Wages and Bonus	692.03	767.27	(9.81) %
Directors Remuneration	84.00	84.00	0.00%
Contribution to Provident Fund and Other Fund	39.72	46.22	(14.06) %
Gratuity Expenses	-	15.17	(100.00) %
Staff Welfare Expenses	18.58	14.38	29.21%
Medical Expense / Insurance	1.94	3.15	(38.24) %
Total	836.28	930.20	(10.10) %

Finance Cost

Finance Cost had decreased by ?14.25 Lakhs from ?264.95 Lakhs in Financial year 2023 -24 to ?250.70 Lakhs in Financial year 2024-25. This was primarily due to a decrease in Interest paid on borrowings from Banks from ?198.06 Lakhs in Financial year 2023-24 to ?156.11 Lakhs in Financial year 2024-25, set off against an increase in Other borrowing costs from ?24.78 Lakhs in Financial year 2023 -24 to ?58.87 Lakhs in Financial year 2024-25.

			(% in Lakhs, unless otherwise specified)
Particulars	For the Year Ended
	March 31, 2025	March 31, 2024	% Change
Interest on Borrowings from Bank	156.11	198.06	-21.18%
Interest On Delayed Payment To MSME	-	9.46	-100.00%
Other Borrowing Costs	58.87	24.78	137.54%
Bank Charges	35.72	32.64	9.43%
Total	250.70	264.95	-5.38%

Depreciation and Amortization Expenses

Depreciation and Amortization expense had decreased by ?45.18 Lakhs from ?443.30 Lakhs in Financial year 2023 - 24 to ?398.11 Lakhs in Financial year 2024-25.

Other Expenses

Other expenses had increased by ?532.70 Lakhs from ?4,559.61 Lakhs in Financial year 2023 -24 to ?5,092.32 Lakhs in Financial year 2024-25. The increase was primarily due to an increase in Freight, Custom & Other clearing Charges by ?333.56 Lakhs, Electricity expenses by ?131.28 Lakhs, Discount expense by ?94.07 Lakhs, Repairs & Maintenance expense by ?60.78 lakhs, etc. This was offset by decrease in Rates & Taxes by ?59.62 Lakhs, Fuel / Gas / Coal Expenses by ?54.25 Lakhs, etc. in the financial year 2024-25.

			(% in Lakhs, unless otherwise specified)
Particulars	For the Year Ended	% Change
	March 31, 2025	March 31, 2024
Labour charges	428.32	435.15	(1.57) %
Stores & Spare	537.75	541.23	(0.64) %
Testing Charges	11.91	6.89	72.82%
Water Charges	39.32	38.09	3.23%
Freight, Custom & Other clearing Charges	903.51	569.95	58.52%
Security Services	74.22	70.19	5.74%
Insurance Charges	24.90	16.00	55.61%
Fuel / Gas / Coal Expenses	736.88	791.13	(6.86) %
Electricity Expenses	1,516.96	1,385.68	9.47%
Rent	103.43	144.16	(28.25) %
Auditors Fee	6.75	6.00	12.50%
Advertisement Expenses	0.08	3.60	(97.78)%
Discount	94.07	-	100.00%
Repairs & Maintenance Expense	282.24	221.46	27.45%
Commission Expenses	184.05	153.89	19.60%
Conveyance Charges	7.84	9.26	(15.33) %
Service & Consultancy Charges	65.45	56.14	16.60%
Corporate Social Responsibility	13.50	-	100.00%
Printing & Stationery Expenses	9.25	9.02	2.46%
Rates & Taxes	2.25	61.87	(96.36) %
Computer & Internet Expenses	4.98	6.87	(27.50) %
Motor Car Exp 31-	5.89	7.66	(23.02) %
Travelling Expenses	11.41	6.70	70.40%
Donation	0.83	0.68	23.11%
Sales Promotion Expense	3.71	-	100.00%
Directors Sitting Fees	3.50	-	100.00%
Other Expenses*	19.30	18.00	7.23 %
Total	5,092.32	4,559.61	11.68%

* Does not include any individual item of expenditure with a value of more than 1% of the revenue from operations.

Tax Expenses

The Company’s tax expenses increased by ?32.96 Lakhs from ?312.87 Lakhs in Financial year 2023 -24 to ?345.83 Lakhs in Financial year 2024-25. This was on account of an increase in Tax expenses of the current year by ?34.15 Lakhs and decrease in deferred tax by ?1.19 Lakhs in Financial year 2024-25.

Profit after Tax

In FY 2024-25, the Company reported a net profit of ?821.84 lakhs, compared to ?741.95 lakhs in FY 2023 -24, registering a growth of 10.77%. This increase was primarily supported by higher business activity during the year, which resulted in an increase in Total Income from ?20,498.58 lakhs in FY 2023-24 to ?22,713.13 lakhs in FY 202425, reflecting a growth of 10.80%.

To support the increased level of operations, the Company incurred higher expenses during the year. Total Expenses increased from ?19,443.76 lakhs in FY 2023-24 to ?21,545.46 lakhs in FY 2024-25, mainly due to higher material consumption and other operating costs associated with the growth in sales and production activities.

Despite the increase in expenses, the Company maintained its Profit After Tax margin at 3.63%, the same as in FY 2023-24. This shows that the growth in profit was in line with the increase in revenue and overall business operations while maintaining a consistent level of profitability.

CASH FLOWS

			(% in Lakhs, unless otherwise specified)
Particulars	For the Financial Year / Period ended
	March31, 2026	March 31, 2025	March 31, 2024
Net Cash from Operating Activities	400.24	1,174.90	2,141.75
Net Cash from Investing Activities	(4,508.46)	(2,784.94)	(779.29)
Net Cash from Financing Activities	3,873.79	1,841.00	(1,779.31)
Net Increase/ (Decrease) in Cash & Cash Equivalents	(234.43)	230.96	(416.85)
Opening Balance of Cash & Cash Equivalents	244.91	13.94	430.80
Closing Balance of Cash & Cash Equivalents	10.48	244.91	13.94

Cash Flows from Operating Activities

For the period ended March 31, 2026

Our net cash generated from operating activities for the period ended on March 31, 2026, was ?400.24 Lakhs as compared to the Profit Before Tax at ?1,102.35 Lakhs. Our operating profit before working capital changes was ?1,798.73 Lakhs for the period ended on March 31, 2026 which was primarily adjusted against decrease in trade receivables by ?144.59 Lakhs, increase in inventory by ?12.91 Lakhs, increase in short term loans and advances by ?721.85 Lakhs, decrease in trade payables by ^115.27 Lakhs, increase in other current liabilities by ?52.12 Lakhs, increase in Short Term Provisions by ?0.40 Lakhs, Increase in Other Bank Balances (FDR) by ?278.91 Lakhs and Net Income taxes paid of ?466.64 Lakhs.

For the financial year ended March 31, 2025

Our net cash generated in operating activities for the year ended March 31, 2025, was ?1,174.90 Lakhs as compared to the Profit Before Tax at ?1,167.67 Lakhs. Our operating profit before working capital changes was ?1,873.18 Lakhs for the financial year ended March 31, 2025 which was primarily adjusted against increase in trade receivables by ?363.07 Lakhs, increase in inventory by ?277.69 Lakhs, increase in short term loans and advances by ?228.17 Lakhs, increase in trade payables by ?312.68 Lakhs, decrease in other current liabilities by ?41.77 Lakhs, increase in Short Term Provisions by ?0.60 Lakhs, Decrease in Other Bank Balances (FDR) by ?150.10 Lakhs and Net Income taxes paid of ?250.95 Lakhs.

For the financial year ended March 31, 2024

Our net cash generated from operating activities for the year ended March 31, 2024, was at ?2,141.75 Lakhs as compared to the Profit Before Tax at ?1,054.82 Lakhs. Our operating profit before working capital changes was ?1,704.f4 Lakhs for the year ended March 31, 2024 which was primarily adjusted against decrease in trade receivables by ?307.19 Lakhs, increase in inventory by ?162.06 Lakhs, decrease in short term loans and advances by ?188.82 Lakhs, decrease in trade payables by ?523.67 Lakhs, increase in other current liabilities by ?18.39 Lakhs, increase in Short-Term provisions by ?1.65 Lakhs, Decrease in Other Bank Balances (FDR) by ?758.91 Lakhs and Net income taxes paid of ?151.61 Lakhs.

Cash Flows from Investing Activities

For the period ended March 31, 2026

For the period ended March 31, 2026, the net cash used in Investing Activities was ?4,508.46 Lakhs. This was mainly on account of Purchase of Property, Plant and Equipment of ?3,990.24 Lakhs, proceeds from sale of Property, Plant and Equipment of ^11.86 Lakhs, increase in Long Term Loans & Advances by ?587.68 Lakhs, decrease in Other NonCurrent Assets by ?50.41 Lakhs and Interest income of ?7.18 Lakhs.

For the financial year ended March 31, 2025

For the financial year ended March 31, 2025, the net cash used in Investing Activities was ?2,784.94 Lakhs. This was mainly on account of Purchase of Property, Plant and Equipment of ?3,242.80 Lakhs, proceeds from sale of Property, Plant and Equipment of ?2.52 Lakhs, decrease in Long Term Loans & Advances by ?462.74 Lakhs, increase in Other Non-Current Assets by ?17.28 Lakhs and Interest income of ?9.88 Lakhs, and Purchase of Long Term Investment of ?0.01 Lakhs.

For the financial year ended March 31, 2024

For the financial year ended March 31, 2024, the net cash used in Investing Activities was ?779.29 Lakhs. This was mainly on account of Purchase of Property, Plant and Equipment of ?280.48 Lakhs, proceeds from sale of Property, Plant and Equipment of ?8.26 Lakhs, increase in Long Term Loans & Advances by ?691.59 Lakhs, decrease in Other Non-Current Assets by ?160.24 Lakhs and Interest income of ?24.29 Lakhs.

Cash Flows from Financing Activities

For the period ended March 31, 2026

For the period ended March 31, 2026, the net cash generated from financing activities was ?3,873.79 Lakhs. This was mainly on account of proceeds from long-term borrowings of ? 2,386.82 Lakhs, repayment of long-term borrowings of ?266.89 Lakhs, proceeds from Short-Term Borrowings of ?1,935.46 Lakhs and Finance Cost of ?181.61 Lakhs.

For the financial year ended March 31, 2025

For the financial year ended March 31, 2025, the net cash generated from financing activities was ?1,841.00 Lakhs. This was mainly on account of proceeds from long-term borrowings of ? 2,200.00 Lakhs, repayment of long-term borrowings of ?120.00 Lakhs, proceeds from Short-Term Borrowings of ?11.71 Lakhs, and Finance Cost of ?250.70 Lakhs.

For the financial year ended March 31, 2024

For the financial year ended March 31, 2024, the net cash used in financing activities was ?1,779.31 Lakhs. This was mainly on account of repayment of Short-Term Borrowings of ?694.42 Lakhs, proceeds from long-term borrowings of ? 274.00 Lakhs, repayment of Long-Term Borrowings of ?1,103.40 Lakhs and Finance Cost of ?255.49 Lakhs.

RELATED PARTY TRANSACTIONS

Related party transactions with certain of our promoter, directors and their entities and relatives primarily relate to remuneration, salary, commission and issue of Equity Shares. For further details of related parties kindly refer chapter titled “Restated Financial Statements’ beginning on page 228 of this Red Herring Prospectus.

OFF-BALANCE SHEET ITEMS

We do not have any other off-balance sheet arrangements, derivative instruments or other relationships with any entity that have been established for the purposes of facilitating off-balance sheet arrangements.

QUALIFICATIONS OF THE STATUTORY AUDITORS WHICH HAVE NOT BEEN GIVEN EFFECT TO IN THE RESTATED FINANCIAL STATEMENTS

There are no qualifications in the audit report that require adjustments in the Restated Financial Statements. QUALITATIVE DISCLOSURE ABOUT MARKET RISK Financial Market Risks

Market risk is the risk of loss related to adverse changes in market prices, including interest rate risk. We are exposed to interest rate risk, inflation and credit risk in the normal course of our business.

Interest Rate Risk

Our financial results are subject to changes in interest rates, which may affect our debt service obligations in future and our access to funds.

Effect of Inflation

We are affected by inflation as it has an impact on the salary, wages, etc. We rework our margins in line with changing inflation rates, so as to absorb the inflationary impact.

Credit Risk

We are exposed to credit risk on monies owed to us by our customers. If our customers do not pay us promptly, or at all, we may have to make provisions for or write-off such amounts.

OTHER MATTERS

Details of Default, if any, including therein the amount involved, duration of default and present status, in repayment of Statutory Dues or repayment of Debentures or repayment of Deposits or repayment of Loans from any bank or financial institutions

Except as disclosed in chapter titled “Restated Financial Statements beginning on page 228 of this Red Herring Prospectus, there have been no defaults in payment of statutory dues or repayment of debentures and interest thereon or repayment of deposits and interest thereon or repayment of loans from any bank or financial institution and interest thereon by the Company.

Material Frauds

There are no material frauds, as reported by our statutory auditor, committed against our Company in the last three financial years.

Unusual or infrequent events or transactions

Except as described in this Red Herring Prospectus, during the period/ years under review there have been no transactions or events, which in our best judgment, would be considered “unusual” or “infrequent”.

Significant Economic Changes that Materially Affected or are Likely to Affect Income from Continuing Operations

Indian rules and regulations as well as the overall growth of the Indian economy have a significant bearing on our operations. Major changes in these factors can significantly impact income from continuing operations. There are no significant economic changes that materially affected our Company’s operations or are likely to affect income from continuing operations except as described in chapter titled “Risk Factors” beginning on page 27 of this Red Herring Prospectus.

Known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations

Other than as described in the section titled “Risk Factors” and chapter titled “Management’s Discussion and Analysis of Financial Conditions and Results of Operations”, beginning on page 27 and 278 of this Red Herring Prospectus respectively to our knowledge there are no known trends or uncertainties that have or had or are expected to have a material adverse impact on revenues or income of our company from continuing operations.

Future relationship between Costs and Income

Other than as described in the section titled “Risk Factors” beginning on page 27 of this Red Herring Prospectus, to our knowledge there are no factors, which will affect the future relationship between costs and income or which are expected to have a material adverse impact on our operations and finances.

The extent to which material increases in revenue or income from operations are due to increased volume, introduction of new products or services or increased prices

Changes in revenue in the last three financial years are as explained in the part “Financial Year 2025-26 compared with Financial Year 2024-25 and Financial Year 2023-24 Compared with Financial Year 2023-24” above.

Significant dependence on a single or few Suppliers or Customers

The percentage of contribution of our Company’s Top Customers & Suppliers have been mentioned under para “Our Major Customer / Suppliers ” in the chapter titled “Our Business ” on page 151 of this Red Herring Prospectus.

Status of any publicly announced new products or business segments

Please refer to the chapter titled “Our Business’’ beginning on page 151 of this Red Herring Prospectus for new products or business segments.

The extent to which the business is seasonal

Our business is not seasonal in nature.

Competitive Conditions

Competitive conditions are as described in the Chapter “ Our Business “ beginning on page 151 of this Red Herring Prospectus.