Uno Minda Ltd Management Discussions

INDIAN ECONOMY

The Indian economy concluded the fiscal year FY 2025-26 on an exceptionally strong note, reaffirming its status as the worlds fastest-growing major economy. Real GDP grew by a better-than-expected 7.7% for the full year, peaking with a robust 7.8% growth rate in the final quarter (January- March 2026). This growth was broad-based and structurally high-quality, propelled by a double engine of domestic demand: Private Final Consumption Expenditure expanded by 7.7%, while Gross Fixed Capital Formation (a key proxy for investments) surged by 8.2%. On the production side, the economy was heavily supported by double-digit expansions in contact-intensive services, real estate, and financial sectors, alongside a resilient 7.3% expansion in manufacturing, which successfully offset a challenging global trade environment and escalating supply chain disruptions.

Key Structural Developments (FY 2025-26)

India has made significant strides in its global trade integration, reaching a crucial milestone in the long- negotiated Free Trade Agreement (FTA) with the European Union (EU). The structural framework agreed upon in late FY 2025-26 paves the way for substantial tariff reductions, enhanced market access for Indian textiles, pharmaceuticals, and engineering goods, and establishes mutually beneficial terms for digital trade and services.

This landmark progress coincides with immense breakthroughs on our main Western trade front, headlined by the highly anticipated rollout of the India-UK Comprehensive Economic and Trade Agreement (CETA). Hailed as one of the most significant bilateral trade pacts signed since Brexit, the CETA is structurally engineered to liberalise 99% of UK tariffs and 90% of Indian tariffs, providing a massive export tailwind for Indian textiles, gems and jewellery, and auto components.

Simultaneously, India has achieved critical momentum across other key corridors, agreeing on a milestone framework for an Interim Bilateral Trade Agreement (BTA) with the US to systematically lower reciprocal tariffs to 18% and align critical technology transfers.

These major interventions build directly upon a series of highly successful, new-age pacts. This includes the landmark India-New Zealand FTA signed on April 27, 2026, which secures complete zero-duty market access for 100% of Indian exports alongside a multi-billion dollar investment roadmap. This joins the newly operationalised India-Oman CEPA, which eliminates the 5% import duty across major lines to secure 99.38% duty-free export value—the live UAE CEPA, the India-Australia ECTA, and the US$100 billion EFTA TEPA. Together, this rapidly expanding network of strategic trade alliances is unlocking vital new export corridors, securing critical mineral and energy supply chains, and guaranteeing a far more resilient global footprint for Indian manufacturers.

On the regulatory front, the highly anticipated enactment of the four unified labour codes replaced a complex web of central and state laws, significantly easing compliance burdens for over 60 Million enterprises. This was strategically paired with the GST 2.0 rationalisation, which saw tax rates on textiles and essential goods drop to 5%, while consumer electronics and construction materials were capped at 18%. The automotive sector, in particular, received a structural boost through the removal of the compensation cess and the adoption of a uniform 18% rate for mass-market vehicles and components, alongside a preferential 5% rate for EVs. Further compounding these benefits, the personal income tax reductions announced at the beginning of the fiscal year, which featured expanded tax slabs and enhanced rebate limits have significantly increased take-home pay. Together, these synchronised reforms have accelerated the formalisation of the MSME sector and substantially bolstered household disposable incomes.

Another pivotal development was the unprecedented expansion of both physical and digital connectivity. The sustained government capital expenditure push accelerated the completion of critical freight corridors and multimodal logistics parks, structurally lowering long-standing logistics costs for manufacturers. Parallel to this physical build-out,

India accelerated the global integration of its Digital Public Infrastructure (DPI). The cross-border linkages of its indigenous digital payment systems with multiple Middle Eastern, Southeast Asian, and European economies not only facilitated seamless capital flow but also marked a profound shift in Indias role from a consumer of global technology to an exporter of foundational digital frameworks.

These structural forces, combined with the compounding success of the production-linked incentive (PLI) scheme and the Aatmanirbhar Bharat campaign, have catalysed a broad- based manufacturing revival. The countrys China Plus One positioning proved increasingly attractive during the year, drawing high-quality capital inflows into green hydrogen, electronics, and precision engineering.

Indias demographic dividend, rapid urbanisation, and rising household aspirations for premium and technology-enabled products continue to generate a domestic demand profile of exceptional depth and durability. For the automotive sector in particular, this combination of structural growth drivers, an accelerating EV ecosystem, and an expanding middle class provides a firm and supportive foundation for sustained, broad-based growth in the years ahead.

Outlook

Looking ahead into FY 2026-27, Indias economic growth is widely expected to moderate as cyclical tailwinds wane and external risks intensify. The Reserve Bank of India (RBI) recently adjusted its real GDP growth projection for FY 2026-27 to 6.6%, citing the spillover effects of geopolitical tensions in West Asia, elevated global energy and commodity prices, and a weaker-than-normal monsoon forecast. While multilateral institutions like the International Monetary Fund (IMF) and the World Bank maintain baseline projections between 6.4% and 6.5% for the year, the underlying consensus remains that Indias domestic economic fundamentals are structurally secure. Supported by a stable policy environment, strong banking sector balance sheets, robust government- led infrastructure spending, and an expected return to the 7%+ growth trajectory in FY 2027-28 as external headwinds subside, the country remains highly insulated against global slowdowns.

GLOBAL AUTOMOTIVE INDUSTRY Industry Growth and Demand Trends

The global automotive industry is navigating one of the most consequential transformations in its history. Electrification, advanced software and semiconductor integration, artificial intelligence, and the restructuring of global supply chains are

converging to reshape the competitive landscape at a pace and scale the industry has not previously encountered. For suppliers with the capability and foresight to invest ahead of the transition, this upheaval presents substantial and growing commercial opportunities.

Crucially, this sectoral transformation is now deeply intertwined with the broader macroeconomic forces of trade fragmentation and energy insecurity discussed earlier in the macroeconomic overview. Automakers are no longer just managing consumer preferences; they are actively de-risking their operations through nearshoring, localising battery supply chains, and securing critical mineral access to bypass volatile trade corridors. Consequently, there is a pronounced shift in global sourcing patterns towards diversifying supplier base from one single country to alternate ASEAN economies to build more resilient, diversified component supply networks.

Global Automotive Segment Snapshot (CY 2025)

*Figures include passenger cars, light commercial vehicles, minibuses, trucks, buses and coaches

According to the International Organisation of Motor Vehicle Manufacturers (OICA), global vehicle production rose dynamically to 96.4 Million units in CY 2025, while global sales climbed to 99.8 Million units. On the production front, Asia was the clear centre of gravity, with the Asia-Pacific region accounting for more than 61% of global output. China remained the dominant force, producing 34.53 Million units overall, with its new energy vehicle (NEV) production acting as the primary growth engine.

The global recovery was, however, structurally uneven. Europe remained broadly flat, struggling with the dual pressures of elevated energy costs and intensifying competition from imported EVs. Meanwhile, the Americas faced widening tensions between consumer demand, production capacities, and evolving trade conditions, as protectionist policies forced manufacturers to rapidly reorganize their localised footprints. Looking forward, the geopolitical shocks of early 2026 are expected to further accelerate the global shift towards electrification, as markets priotise energy independence alongside environmental mandates.

Sources:

Global Motorcycle Market

The global motorcycle market recorded its third consecutive all-time record in CY 2025, with global sales reaching 65.2 Million units, up 4.7% year-on-year from 62 Million in CY 2024. This sustained performance underscores the importance of motorcycles as an accessible and efficient mode of personal transportation, particularly across emerging markets. The industry is heavily concentrated in Asia, which accounts for over 70% of global output. India and China dominate, collectively producing well over 45 Million units per year. India continued to lead global expansion maintaining its position as the worlds largest motorcycle market. Latin America was the fastest-growing region, expanding by an impressive 20.7%, while the ASEAN region posted 4.7% growth. The rapid emergence of electric two-wheelers is reshaping market dynamics, with their share of production volumes continuing to grow substantially year on year.

Global EV Market Overview

The global electric vehicle (EV) market crossed a landmark milestone in CY 2025, with sales reaching 33 Million units, a 20% year-on-year increase according to the International Energy Agency. Electric Cars sales reached 21 Million units whereas two- and three-wheelers sales crossed 11 Million.

For the first time, electric vehicles accounted for more than one in every four new cars sold globally. This structural shift confirms the irreversible nature of the EV transition. China remained the largest electric vehicle market, with EVs accounting for 52 per cent of light-duty vehicle sales in 2025. The country also dominated global EV volumes, contributing 62% of total light-duty EV sales and 71% of global EV production. Europe grew strongly on the back of stricter emissions standards, while the US experienced a mid-year surge driven by consumers rushing to utilise expiring tax credits.

Sources:

(EV Market Source: EA Global EV Outlook 2026 (April 2026 Release) — https://www. iea. ora/reports/qlobal-ev-outlook-2026 Benchmark Mineral Intelligence)

Looking ahead to CY 2026, the trajectory is being actively shaped by policy continuity in China, the ongoing evolution of US and EU trade legislation (including localised tariff structures), and the rapidly expanding adoption of electric two- and three-wheelers across emerging markets. Moreover, the energy shocks witnessed in early 2026 have renewed the strategic importance of transitioning away from traditional fossil fuels. For automotive component suppliers, this accelerated transition is creating expanding demand for battery management systems, e-drive units, charging infrastructure, and high-voltage electronic systems across all vehicle segments and geographies.

INDIAN AUTOMOTIVE INDUSTRY

Indian Automotive Industry Overview

The Indian automotive sector emerged as a significant outperformer in FY 2025-26, cementing its position as the worlds third-largest auto market. Domestic Production and sales reached new highs across passenger vehicles and two-wheelers, driven by robust macroeconomic growth, a widening middle class, and increased rural penetration.

It is important to note that this growth is not just quantitative; we are seeing a structural shift toward higher-value vehicles, particularly in the SUV and premium two-wheeler segments, which aligns perfectly with Uno Mindas product portfolio.

The industrys expansion is underpinned by a convergence of fiscal and monetary tailwinds. Personal income tax rationalisation and GST rate cuts on automobiles significantly enhanced consumer affordability and disposable income. Furthermore, the RBIs strategic repo rate cuts lowered financing barriers, while the governments aggressive infrastructure push catalyzed demand across segments. These factors, combined with a stabilised rural economy, have solidified Indias position as a resilient global manufacturing hub.

SIAM Auto Industry Production Performance (Units) (FY 2025-26)

Indias manufacturing competitiveness is increasingly recognised on the global stage, anchored by a historic year for automotive exports in localised. Passenger vehicle dispatches to international markets reached an all-time high of 0.91 Million units, representing a robust 17.5% year-on-year expansion. Concurrently, two-wheeler exports experienced a massive 23.4% year-on-year surge, hitting a record 5.2 Million units. Driven by growing global acceptance of Indian quality and brand equity, outbound shipments now comprise roughly 20% of the industrys total production.

On the regulatory front, FY 2025-26 was characterised by rigorous adaptation to evolving compliance standards. While the upcoming Corporate Average Fuel Efficiency (CAFE III) norms remain slated for definitive implementation in April 2027, the Bureau of Energy Efficiency (BEE) recently introduced crucial regulatory relief by relaxing fleet-wide CO² emission targets by roughly 21% via an upward-shifted, flatter compliance curve that inherently cushions lighter and smaller cars. Despite this near-term relaxation and the introduction of a flexible carbon credit-trading mechanism, peak corporate capital allocations continue to aggressively target hybrid and EV portfolio expansions. Concurrently, legacy initiatives catalyzed strong demand: the National Vehicle Scrappage Policys automated fitness mandates accelerated commercial vehicle replacement cycles, while Bharat NCAP firmly transitioned into a baseline consumer expectation, forcing structural safety upgrades across all vehicle segments.

Simultaneously, the localisation of the automotive supply chain deepened significantly. Driven by the success of the Production-Linked Incentive (PLI) scheme for Advanced Automotive Technology, multiple domestic cell manufacturing operations and advanced component facilities are being set up. Furthermore, global OEMs increasingly leveraged India as

a strategic export hub, capitalising on the China Plus One supply chain realignment to export both internal combustion engine (ICE) vehicles and newly localised EVs to global markets. Moving deeper into 2026, the industrys evolution is notably shifting from pure manufacturing towards advanced R&D, heavily integrating software, semiconductor capabilities, and connected vehicle technologies.

External Tailwinds and Global Integration

Beyond domestic drivers, several potent external macroeconomic and geopolitical forces acted as major tailwinds for the Indian automotive sector in FY 2025-26. The intensifying global mandate to de-risk supply chains to alternate economies, accelerated by escalating Western tariffs and trade fragmentation has disproportionately benefited Indian auto component manufacturers. Global tier-1 suppliers and OEMs aggressively nominated Indian facilities for critical EV and ICE component sourcing. Furthermore, as the global industry pivots toward Software-Defined Vehicles (SDVs), Indias unmatched dominance in Engineering Research & Development (ER&D) positioned it as the global nerve centre for automotive tech. Global automakers heavily leveraged Indian capability centres to develop connected car architecture, battery management algorithms, and autonomous driving systems. Finally, the structural advancement of Free Trade Agreements (FTAs), particularly the landmark European Free Trade Association (EFTA) pact, began unlocking highly lucrative export corridors, structurally lowering tariff barriers for Indian-manufactured vehicles and high-precision auto components.

Key Trends

• Shift towards Alternative Powertrains: Growing adoption of EVs and sophisticated battery technologies is redefining vehicle architecture, with enhanced allocations for Li-ion batteries, e-drives, and advanced transmission systems across OEM platforms

• Premiumisation and Software-Defined Vehicles:

Rising consumer demand for premium features, safety enhancements, and software-first vehicles is intensifying the adoption of advanced electronics and zonal E/E architectures across vehicle categories

• Aftermarket Expansion: An expanding vehicle parc and increasing average vehicle age are driving robust growth in the domestic aftermarket, supported by digital sales channels and direct-to-consumer models

• Supply Chain Diversification: Accelerating adoption of China Plus One strategies by global OEMs is cementing Indias position as a reliable alternative manufacturing and export hub

• Advanced Manufacturing and Industry 4.0:

Integration of AI, machine learning, additive manufacturing, IoT, and robotics is becoming mainstream across automotive production

• Connected and Autonomous Vehicles: Increasing adoption of connected and autonomous vehicle technologies is fuelling demand for semiconductors, sensors, electronics, and software solutions

• Rising Domestic Consumption: Expanding household incomes and rapid urbanisation are substantially boosting demand for passenger and light commercial vehicles, with a clear tilt towards technologically superior and premium offerings

Electric Vehicle Market in India

FY 2025-26 was a breakthrough year for Indias electric vehicle (EV) industry. Driven by better product choices, expanding infrastructure, and strong customer acceptance, total EV registrations grew by 24.6% year-on-year to hit a record 2.45 Million units, according to retail data from the Federation of Automobile Dealers Associations (FADA).

The e-2W segment remained the volume backbone of the transition, closing the year at 1.4 Million registered units, a 21.8% year-on-year increase. Electric models now make up 6.5% of Indias massive overall two-wheeler market, regularly nearing 10% during peak sales months.

The electric car and SUV segment recorded the fastest growth in the industry, finishing just short of a major milestone at ~1,99,965 retail deliveries. This represents a massive 83.6% surge compared with FY 2024-25, pushing EV penetration in the passenger vehicle market up to 4.2%-4.6%.

The e-3W segment grew by a steady 19.0% to reach ~831,000 units. This remains Indias most heavily electrified segment, with electric models accounting for over 54% of all new sales. Meanwhile, the electric commercial vehicle class primarily consisting of e-buses and cargo delivery vans saw an explosive 120.6% jump to 19,454 units, signalling deep adoption by commercial and e-commerce fleets.

The primary catalyst for this growth was a highly coherent, well-funded fiscal ecosystem. Following the sunset of the FAME-II programmes, the government successfully transitioned the industry into the PM E-Drive (Powered Motor Vehicle Electrification Scheme) and PM-eBus Sewa initiatives. These programmes effectively sustained consumer demand through optimized, front-loaded subsidies while heavily allocating capital towards public infrastructure resulting in a rapid expansion of fast-charging networks across major metropolitan hubs and national highway corridors, directly alleviating range anxiety. Furthermore, the domestic manufacturing supply chain reached critical inflection points as the Production Linked Incentive (PLI) schemes for Auto and Advanced Chemistry Cell (ACC) batteries entered initial pilot- production and component-localisation phases, paving the way for long-term reduction in battery pack costs.

EV Penetration by Segment

Outlook

Looking ahead, the outlook for FY 2026-27 and beyond remain highly bullish. The market is poised for an aggressive product onslaught, particularly in the mid-market passenger vehicle space, as major domestic and global automakers prepare to launch dedicated, born-electric EV platforms priced under Rs. 15 Lakhs. As localised cell manufacturing gradually scales up to replace expensive imports, and as strict corporate average fuel efficiency (CAFE III) targets compel manufacturers to aggressively rebalance their portfolios, the unit economics of EVs will continuously improve, shifting the market from subsidy-driven adoption to organic, mainstream consumer pull.

Indian Auto Component Industry

Indias auto component sector stands on the cusp of accelerated growth. Having recovered from pandemic lows and facing rising domestic demand and strong export momentum, the industry grew by 9.6% in FY 2024-25. Continuing the growth momentum, industry turnover reached Rs. 3.56 Lakh Crores (approximately US$ 41.2 Billion) in RS. 1 FY 2025-26, reflecting 6.8% year-on-year growth. Given the pronounced growth of auto industry volumes in second half, the full-year growth of auto component industry is likely to be even significantly higher.

RS. 1 FY 2025-26, supplies to OEMs grew by 7.3% to Rs. 3.04 Lakh Crores, in line with vehicle production trends, while the aftermarket segment expanded by 9.0% to Rs. 53,160 Crores, supported by an expanding vehicle parc and rising replacement demand. Full-year FY 2025-26 figures are subject to final ACMA publication.

Exports remained robust at US$ 12.2 Billion in RS. 1 FY 2025-26, registering 9.3% growth as global tier-1 suppliers increasingly utilised India as a primary manufacturing hub under the China Plus One" strategy. However, imports grew at a faster pace of 12.5% to US$ 12.3 Billion, reflecting continued reliance on high-value electronic components, advanced semiconductors, and critical battery cell imports.

A defining metric of the period was the structural shift in the product mix, with EV-linked components accounting for 4.6% of total OEM supplies in RS. 1 FY 2025-26. This confirms the accelerating penetration of high-voltage systems, battery

management systems (BMS), and e-drive units into the mainstream supply chain.

Policy reforms are supporting this trajectory, including Goods and Services Tax 2.0 reforms, which have helped streamline supply chains, enhance efficiency, and strengthen Indias position as a manufacturing and export base. In addition, several automotive-focused policies, such as the Production Linked Incentive (PLI) auto scheme, Faster Adoption and Manufacturing of Electric Vehicles, and PM Electric Drive Revolution in Innovative Vehicle Enhancements are accelerating technology advances for manufacturers and consumers, enabling adoption of newer powertrains, and substantially altering the bill of materials (BOMs) of vehicles.

Ultimately, the auto component sector continues to serve as a foundational pillar of the Indian economy, contributing approximately US$ 240 Billion in broader economic value and supporting over 30 Million direct and indirect jobs.

(Sources: Automotive Component Manufacturers Association of India (ACMA) Annual Session Report / HI FY26 Data — https://www. acma. in; Ministry of Heavy Industries)

Outlook

Looking ahead to FY 2026-27, the Indian automotive industry anticipates sustained growth, supported by robust domestic demand, continued infrastructure investment, and the deepening penetration of electric vehicles. While global uncertainties present near-term headwinds, Indias structural advantages and policy support provide a resilient foundation for long-term growth. Within this framework, the auto component sector is exceptionally well-positioned to benefit from supply chain diversification by global OEMs and the expanding EV component opportunity.

In fact, as the markets for two- and three-wheelers, passenger vehicles, and commercial vehicles continue on their upward trajectory, growth in domestic demand for auto components (OEM sales and aftermarket sales) is expected to outpace growth in Indias overall automotive market by 1.4 to 1.6 times.

Crucially, while macro-level volumes rise, electrification, smartification, and premiumisation trends, alongside evolving regulations, will heavily alter the sectors internal market composition. The domestic aftermarket, already a sizable subsegment of the auto component market, is also projected to grow steadily, bolstered by an aging fleet and a rapid expansion in the overall vehicle parc.

COMPANY OVERVIEW

Uno Minda Limited (Uno Minda, The Company, or We) is a leading global automotive technology company and supplier of proprietary automotive systems, purpose-built for the future of mobility. Listed on both BSE and NSE, and headquartered in Manesar, Gurugram, the Company has moved beyond traditional manufacturing to lead the development of intelligent, platform-agnostic systems. Our core conviction is that technology ambition is not incidental to our business; it is the business.

Our positioning is anchored by the PACE (Personalisation, Autonomous, Connected, and Electric) mobility framework, ensuring we remain at the centre of the industrys structural transition toward high-value, technology-led vehicle architectures across all categories, from two-wheelers, three-wheelers, and four-wheelers to commercial vehicles.

Platform-Agnostic Product Portfolio

Lighting and Alternate Fuel Systems, Electronic and Control Systems, Safety and Comfort Systems, ADAS, Sensors and Controllers, and Light Metal and Powertrain and EV Components and Systems. Over 95% of our products are platform-agnostic, designed to serve ICE, hybrid, and battery electric vehicle (BEV) architectures. This positions us at the center of the industrys technology transition, supported by 78 manufacturing facilities and 37 R&D centres across India, Germany, Spain, Japan, Vietnam, Czech Republic, Taiwan and Korea.

Strategic Execution and Milestones (FY 2025-26)

Uno Minda consistently outperformed the industry in FY 2025-26, delivering approximately 1.5x volume growth over market averages.

• Strategic Acquisitions: During FY 2025-26, we completed the acquisition of the remaining 49.9% stake in the Uno Minda-FRIWO JV, transforming it into a wholly-owned entity. We also successfully acquired Buehler Motors Germany stake in our JV with them making the entity a wholly-owned subsidiary. These moves have profoundly strengthened our internal IPR

and R&D capabilities in e-drive systems and precision motor technologies.

• First-to-Market Localisation: Uno Minda became the first company in India to localise camera module production for RPAS/FPAS systems. Previously fully imported, these high-value components are now manufactured domestically, driving margin resilience through import substitution.

• Developed world-class Android-based in-vehicle infotainment and its ecosystems designed and engineered in India for India. The Company secured an order of ~Rs. 600 crore (annual peak value) from a key customer. This order represents ~70% of current revenues.

• Capital Expansion: To meet rising demand from premium OEMs, the Board approved a landmark Rs. 764 Crore greenfield four-wheeler alloy wheel plant (1.8 million wheels/year) utilising LPDC and GDC technology. Concurrently, Phase 1 of our Kharkhoda facility was commissioned during the year.

• Announced second state-of-the-art greenfield manufacturing facility in Chhatrapati Sambhajinagar (formerly Aurangabad), Maharashtra, for electric powertrain products for passenger vehicles. The new plant will assemble and manufacture advanced systems including Electric Drive Units (EDU) and Dedicated Hybrid Transmission (DHT) systems. The project involves a total estimated investment of Rs. 550 Crore to be incurred over the next two years, with the facility expected to be commissioned by Q2 FY 2027-28.

Sustainability and Talent Excellence

Recognised for the fifth consecutive year as a Great Place to Work, Uno Minda continues to invest in a culture that sustains competitive advantage. We have accelerated our inclusion journey through a high-impact partnership with Atypical Advantage to advance employment for persons with disabilities (PwDs) across our workforce in India. Simultaneously, we continue to champion gender diversity at the core of our manufacturing setup; in an effort towards building a more inclusive production ecosystem, several of our key operating locations proudly feature assembly lines where women comprise 60% to 70% of the active shop floor workforce.

Our sustainability commitments remain measurable and ambitious:

• Green Energy Transition: As of April 2026, we have achieved ~30% green power usage across our operations, following significant investments in renewable energy Special Purpose Vehicles (SPVs) in Gujarat and Maharashtra. We remain on track to reach 60% renewable usage by 2030 and carbon neutrality by 2040

• Certifications: Over 90% of our plants are certified to ISO 14001 and ISO 45001 standards

• Community Impact: Our commitment to sustainable, community-led growth was further strengthened this year with the expansion of our flagship CSR footprint. Under the aegis of the Suman Nirmal Minda Foundation, we marked a major corporate social milestone by establishing our 19^th Samarth Jyoti Centre in Pune. Operating as a dedicated community development and vocational hub, this new facility is structurally equipped to deliver primary skill development, IT literacy, and empowerment programmes for local youth and women, seamlessly aligning our community development goals with our expanding industrial presence in the region

FINANCIAL OVERVIEW

(Final FY 2025-26 audited results to be inserted to

complete the table below)

The revenue from operations for the financial year ended March 2026 stood at Rs. 19,658 Crores, translating into a robust year-on-year growth of 17%. This performance reflects sustained demand across our core product portfolio, continued scale-up of new businesses, and healthy execution across platforms.

EBITDA for the period grew by 20% to Rs. 2,251 Crores, underscoring the operating strength of the business even as we continue to invest in new capacities and future-ready technologies. EBITDA margins for the period stood at 11.5%.

Profit after tax attributable to shareholders for FY 2025-26 stood at Rs. 1,197 Crores, representing a strong year-on-year growth of 27% over Rs. 943 Crores in FY 2025-26.

Switch Business

Operational Performance and Market Dynamics

Uno Mindas Switch business sustained its position as one of our largest revenue contributors in FY 2025-26, registering 16% year-on-year growth. Performance was driven by expanding electronics content per vehicle across both two-wheeler and four-wheeler platforms, deeper customer penetration with key OEMs, and a strengthening export footprint. Our continued investment in advanced switching systems, including integrated electronic controls, touch-enabled interfaces, and modular designs, positions the division well for the accelerating electronics intensity of next-generation vehicles.

Milestones Achieved and Growth Strategies

• Commenced component and sub-part manufacturing at the new greenfield plant in Farrukhnagar, enhancing operational efficiency and future scalability

• Phase II comprising shifting of existing manufacturing operations from Manesar, Nawada Fatehpur to Farrukh Nagar, Haryana planned in H2 FY 2026-27, consolidating operations into one large integrated facility with space for future growth

• Strengthened the two-wheeler switch business by capitalising on strong domestic industry volumes.

• Exports in the two-wheeler segment also witnessed a robust growth as supplies for new programmes starts in later half of the fiscal year. 2W switch exports crossed 280 Crores for the full year

• Increased share of business with key OEM customers and increasing kit value through differentiated, higher-content product offerings

Lighting Business

The Lighting business reinforced its position as a technology leader in automotive illumination in FY 2025-26, registering 14% year-on-year growth on the back of strategic capacity expansions, a compelling product innovation pipeline, and deepening OEM relationships. The greenfield four-wheeler lighting plant at Khed City, Pune marks a pivotal milestone in our journey towards advanced lighting solutions ramping up production of unique and advanced lighting systems. Our portfolio expansion to include connected pixel-based

digital tail lamps, OLED lamps, and adaptive lighting systems demonstrates our commitment to premium, next-generation solutions for technology-conscious OEM customers. In the two-wheeler segment, we reinforced our leadership as a major supplier of advanced lighting solutions for electric two-wheelers. We also initiated the consolidation of our Sonipat and Bahadurgarh plants into a new, larger facility at Kharkhoda, Haryana, with an estimated capital expenditure of Rs. 233 Crores. The commissioning of a new four-wheeler lighting plant in Indonesia represents another meaningful step in expanding our global footprint.

Milestones Achieved and Growth Strategies

• Ramp up of production at the greenfield four-wheeler lighting facility at Khed City, Pune, manufacturing and supplying innovative lamps

• Commenced commercial production from the new fourwheeler lighting plant in Indonesia

• Initiated consolidation of Sonipat and Bahadurgarh two-wheeler lighting plants into a new, larger facility at Kharkhoda, Haryana, with an estimated capital expenditure of Rs. 233 Crores

• Secured a significant new order for unserved models, with an annual peak value of approximately Rs. 450 crores for the supply of two-wheeler lighting products, with SOP scheduled in second half of FY 22027-28. This order, equivalent to nearly 25% of the current two-wheeler lighting annual revenues, is expected to materially enhance our share of business and further strengthen our overall market position

• Deepened engagement with existing and new OEM customers across the two-wheeler and four-wheeler segments

Castings Business

Operational Performance and Market Dynamics

The Castings business delivered strong performance in FY 2025-26, registering 15% year-on-year growth. This was driven by capacity additions in all three businesses i.e., aluminium die casting, the two-wheeler alloy wheel business and four-wheeler alloy wheel business, an improving customer and product mix, and favourable commodity prices. This growth was achieved despite a temporary stabilisation in alloy wheel penetration among select OEMs, a trend we view as a brief plateau before further expansion.

Milestones Achieved and Growth Strategies

• Commissioned Phase 1 of the greenfield four-wheeler alloy wheel plant at Kharkhoda with 60,000 wheels per month capacity

• Board approved Rs. 764 Crores for further greenfield fourwheeler alloy wheel expansion of 1.8 Million wheels per annum at Chhatrapati Sambhajinagar (Aurangabad), Maharashtra

• Expanded two-wheeler alloy wheel installed capacity to 8 Million units per annum; new Bawal facility with an annual capacity of 1.5 Million units to be commissioned by Q2 FY 2026-27

• Commissioned additional aluminium die casting capacity at Hosur increasing capacity from 11,000 to 15,000 metric tonnes per annum

• Announced a greenfield manufacturing facility for aluminium die casting in Chhatrapati Sambhajinagar (Aurangabad), Maharashtra with estimated capital expenditure of Rs. 210 Crores. The facility will play a vital role in supporting Uno Mindas backward integration strategy by supplying essential casting components to its forthcoming 4W-EV powertrain plant in Khed city, Pune

• Secured new business opportunities in die casting applications for EV battery housings and chargers

Seating Business

Operational Performance and Market Dynamics

Uno Mindas Seating business delivered the strongest year-on-year growth across all established vehicle segments in FY 2025-26, registering 23%. Performance was driven by new product launches in specialised seating categories, customer additions, and growing volumes across electric and off-road applications. The commencement of supplies for pneumatic suspended seats, increased demand for bus passenger seats, and the addition of new customers all contributed.

Milestones Achieved and Growth Strategies

• Commenced supplies of pneumatic suspended seats to a domestic OEM, marking a strategic entry into specialised seating solutions

• Exports gained momentum during the year reaching Rs. 197 Crores

• Secured new export orders with an annual peak value of approximately Rs. 390 Crores from three new customers from Europe and North America in the commercial vehicle segment

• Increased supply volumes to electric two-wheeler OEMs, strengthening the divisions position in the fast-growing electric mobility space

• Added an incumbent two-wheeler OEM as a new customer and commenced supplies for multiple new model launches

Green Mobility

Driven by our deep commitment and strategic focus on the future of clean mobility, we have introduced a distinct reporting category: Green Mobility. This dedicated segment consolidates our sustainable technology portfolio, encompassing Uno Minda EV Systems (2W/3W EV components), Uno Minda Auto Innovation (Passenger Vehicle EV powertrains), the EV-specific business of our Controller business, and Uno Minda Westport (alternate fuel and CNG systems). This reorganisation ensures streamlined visibility and sharper insights into our high- growth EV and alternative fuel business.

For the full year FY 2025-26, the combined Green Mobility businesses recorded consolidated revenues of Rs. 1,405 Crores, registering a steady 7% year-on-year growth as against Rs. 1,313 Crores in FY 2024-25.

Uno Minda EV Systems (2W/3W EV components)

Uno Minda is aggressively scaling its presence in the Electric Vehicle (EV) sector through a three-pronged strategy of portfolio consolidation, vertical technology integration, and calibrated capacity expansion.

In line with the same, the Company is consolidating its high- growth EV-specific products for 2W and 3W, including charging solutions, DC-DC Converters, Battery Management Systems (BMS), Motor Controller Unit and traction motors, and onboard chargers under Uno Minda EV Systems.

The EV Systems vertical has demonstrated exceptional sequential momentum. Revenues grew from Rs. 382 Crores in FY 2024-25 to Rs. 501 Crores in FY 2025-26, driven primarily by

the rapid scale-up of the e-2W and e-three-wheeler charger business. This growth also reflects the strategic internal transfer of EV programmes from the legacy Controller segment to the dedicated EV Systems division to drive operational focus and synergy.

Technology Ownership and Strategic Acquisitions: Uno

Minda strategically transitioned towards full ownership of its technology-focused joint ventures for e-2W and e-3W to secure operational and intellectual control:

• FRIWO JV Transformation: The Company completed the acquisition of the remaining 49.9% stake in the Uno Minda-FRIWO JV, transforming it into a wholly-owned subsidiary. Crucially, this acquisition provided full control over the IPR, R&D teams, and technical know-how for e-Drives business technologies including hardware and software across operations in Germany and Vietnam

• Buehler Motor JV: The Company also acquired the remaining stake in this venture, further consolidating capabilities in electric motors for the e-2W and e-3W segments

Uno Minda Auto Innovation (Passenger Vehicle EV powertrains)

The Company is aggressively expanding its footprint in the four-wheeler electric vehicle-specific components domain under its subsidiary, Uno Minda Auto Innovations Private Limited. To address immediate market opportunities and fulfill early commitments, the Company successfully initiated supplies of a highly integrated 6-in-1 e-Axle system via technology partner Inovance in Q4 FY 2025-26 generating revenues of Rs. 46 Crores. Concurrently, the Company has applied to regulatory authorities for the necessary Press Note 3 (PN3) clearance required to formalise its Joint Venture with Inovance, which is being actively pursued for approvals.

Manufacturing Footprint and Capital Allocation

To support a robust order book and steadily drive backward integration, Uno Minda is executing an aggressive manufacturing infrastructure roadmap across two strategic clusters in Maharashtra:

• High-Voltage EV Powertrain Hub (Khed City, Pune):

Construction of this state-of-the-art greenfield facility remains firmly on track. The plant is engineered for the localized manufacturing of advanced e-axles and high-voltage integrated drivetrains, with production scheduled to commence in H2 FY 2026-27.

• Introduction of Hybrid Transmission Systems (Chhatrapati Sambhajinagar): In May 2026, the Company announced a capital expenditure of Rs. 550 Crores to establish its second passenger vehicle electric

powertrain plant in Chhatrapati Sambhajinagar (formerly Aurangabad). Spread over the next two years, this facility will specialize in assembling and manufacturing Electric Drive Units (EDU) and Dedicated Hybrid Transmission (DHT) systems, introducing a highly strategic new product line. The plant is expected to go live by Q2 FY 2027-28.

• EV Casting Vertical Localisation: A dedicated Rs. 210 Crores capital outlay is being directed toward a new 4W EV castings facility. This plant will specialise in high- complexity, precision aluminum structural casings for EV drivetrains, serving as a vital backward integration pillar for our 4W EV business.

Commercialisation and Market Penetration

• EVSE Infrastructure Rollout: Commercial

manufacturing of wall-mounted chargers for home applications (EVSE) designed for electric four-wheelers has commenced

• Regulatory Readiness (AVAS Systems): Positioned well ahead of the upcoming regulatory mandate in October 2026, Uno Minda has already developed and secured its first anchor order for an Acoustic Vehicle Alerting System (AVAS) for a premium electric passenger vehicle programme

• Kit Value Potential: Through a comprehensive technology architecture spanning high-voltage distribution units, advanced drivetrains, and electronics, the Companys localised technology roadmap positions it to capture an incremental EV kit value exceeding Rs. 1,00,000 per vehicle for high-voltage powertrain systems

Alternate Fuels

The Alternate Fuels business sustained its strong growth momentum, driven by rising CNG penetration in passenger vehicles. CNG penetration in the Indian PV market has increased significantly from ~10% in FY 2022-23 to ~20% in FY 2024-25 and further to ~22% in FY 2025-26. For the full year FY 2025-26, revenues stood at Rs. 592 Crores, growing 18% year-on-year.

Other Businesses

Operational Performance and Market Dynamics

Our Acoustics business, which was previously reported as a standalone item, has now been clubbed under the Others category. The reconfigured Other Product portfolio majorly includes Acoustics, Blow Moulding, Sensor and ADAS, and Controller (Non-EV) Business. The Other businesses continues to reflect steady operational performance. For the full year FY 2025-26, this product category recorded consolidated

revenues of Rs. 3,801 Crores, up 26% year-on-year, reflecting the underlying strength of our diversified adjacencies.

Sensor and ADAS Business

Operational Performance and Market Dynamics

The Sensor and ADAS business continued its robust expansion in FY 2025-26, sustaining strong year-on-year growth and deepening its portfolio to cover a wider range of vehicle dynamics applications, braking systems, tyre pressure monitoring, and environment sensing. Key business wins for ADAS-related sensor modules from leading OEMs during the year further validated the divisions growing technical capabilities.

Technology Leadership and First-in-India Initiatives

We developed localised camera modules for Rear Parking Assist Systems and Front Parking Assist Systems. This has positioned Uno Minda as the first domestic manufacturer to produce these camera systems in India, a landmark milestone in the Companys technology journey.

Acoustics Business

Operational Performance and Market Dynamics

Our Acoustics business delivered a resilient performance in FY 2025-26, registering revenues of Rs. 812 Crores, a 6.4% year-on-year growth. This growth is largely driven by domestic business which grew by 11.4%. This expansion was sustained by consistent volume demand from both the two-wheeler and passenger vehicle segments. Concurrently, our overseas subsidiary, Clarton Horn, demonstrated stable performance with revenues remaining flat year-on-year, successfully defending its market position amid regional headwinds.

Product Innovation and EV Opportunity

A key development during the year was the securing of orders for Acoustic Vehicle Alerting Systems for electric passenger vehicles. This product category is driven by regulatory requirements for pedestrian safety in EVs and is expected to grow substantially as passenger vehicle electrification accelerates, creating a new and recurring demand stream for the division.

Controllers Business

Operational Performance and Market Dynamics

To provide clearer financial visibility and a sharper operational focus, the Company has structured its investor reporting by separating its controller segment into dedicated EV Systems and Non-EV Controller businesses. The Non-EV Controller vertical continues to house a high-growth, technologically advanced portfolio designed to capitalise on rapid vehicle cockpit digitisation and premiumisation trends. This business line includes localised, high-demand solutions such as:

• Next-Generation Cockpit Electronics: Wireless

chargers

• Advanced Telematics and Safety Systems: Fully

indigenous, AIS-140 compliant telematics hardware and intelligent transport network modules

• Body Control Modules (BCM) and Power Solutions:

Highly complex body control software architectures and smart USB charging interfaces

As automotive consumer preferences aggressively pivot towards luxury, comfort, and intelligent connectivity, the application rate and content-per-vehicle of these smart components continue to rise across major passenger vehicle and two-wheeler OEMs. This structural increase in kit values forms a resilient foundation for the continuous growth and outperformance of our core Controller business.

Blow Moulding Business

Operational Performance and Market Dynamics

The Blow Moulding business delivered stable performance in FY 2025-26 with revenues of Rs. 475 Crores, supported by sustained OEM demand across domestic and international markets. The increasing adoption of lightweight plastic components in both ICE and EV platforms, where weight optimisation directly impacts vehicle range efficiency, further supported the division.

Sunroof

Personalisation stands alongside electrification as one of the most powerful megatrends shaping the future of automotive products, and Uno Minda made a significant move to

capitalise on this trend with its entry into the sunroof segment. On 1 August 2024, we entered into a Technology Licence Agreement with Aisin Corporation, Japan, to manufacture and sell sunroofs in India. We are also progressing well with the setup of our sunroof manufacturing facility in Bawal, Haryana, backed by a capital expenditure of Rs. 62.50 Crores and targeted for commissioning by Q4 FY 2026-27. While the project was initiated with an order from a single anchor customer, we have already scaled our pipeline by securing two additional orders, including one from a new customer.

Aftermarket

Operational Performance and Market Dynamics

Uno Mindas independent Aftermarket (B2C) and OEM Spare Parts (OES) divisions delivered a stellar compounding performance in FY 2025-26, driven by aggressive portfolio premiumisation, deeper distribution penetration, and expanding brand equity. Together, the B2C Aftermarket division (Rs. 1,340 Crores) and the OES Spare Parts division (Rs. 1,037 Crores) generated a collective revenue footprint of Rs. 2,377 Crores.

Crucially, this combined vertical represents 12% of Uno Mindas consolidated corporate revenues. By building a diversified, counter-cyclical revenue stream that captures the entire lifecycle of the active vehicle fleet, this business vertical provides an exceptional structural hedge against near-term cyclical volatility in primary OEM production volumes.

The B2C Aftermarket division maintained its strong growth trajectory, registering a robust 9% year-on-year revenue increase to reach Rs. 1,340 Crores. Key operational milestones achieved during the fiscal year include:

• Portfolio Extensions: The Company aggressively broadened its component basket by entering tech-heavy and high-wear replacement categories. Key additions included advanced infotainment systems, Advanced Driver Assistance Systems (ADAS) components, premium brake pads, and an upgraded, feature-rich range of specialised lighting systems

• Distribution and Supply Chain Architecture: Our

multi-tier distribution footprint expanded to span more than 1,650 strategic business partners and a vast retail network of over 55,000 retail touchpoints across India, supported by an established export network covering six international regions

• Tier-2 and Tier-3 Micro-Market Penetration:

Focused optimisation of supply chain logistics and fulfillment channels across Tier-2 and Tier-3 urban clusters successfully unlocked substantial, previously untapped secondary aftermarket demand

• Brand Equity and Community Ecosystems: Targeted retail activations, hyper-local marketing campaigns, and structured mechanic engagement and training initiatives significantly enhanced brand recall, technical skill building, and long-term ecosystem loyalty among independent technicians

R&D and Technology

Uno Mindas sustained investment in research, development, and engineering stands as the defining expression of its ambition to lead the global automotive industrys structural transformation. To feed this continuous innovation engine, the Company consistently directs approximately 4% of its consolidated revenues toward Research & Development (R&D). This robust financial commitment anchors an expansive global engineering footprint that now comprises 37 state-of- the-art R&D and design centres strategically spanning India, Germany, Spain, Japan, Vietnam, Taiwan, Korea, and the Czech Republic.

To further deepen our technical capabilities and support expanding overseas customer relationships, a new engineering facility was successfully commissioned in the Czech Republic during FY 2025-26. This center significantly strengthens our proximity to premier European OEM talent pools and expands our localised support capabilities in advanced automotive lighting.

Innovation is deeply embedded within Uno Mindas operational DNA. Our robust intellectual property strategy is engineered to insulate our proprietary technologies, secure high-value kit content, and offer highly differentiated solutions to leading OEM customers worldwide.

The Companys aggregate intellectual property portfolio has now crossed 1,150 IPR filings, which includes a strong baseline of over 550 patents filed. Demonstrating our successful execution and technical validation maturity, more than 850 IPRs have already been formally granted.

This extensive IP estate spans a highly diversified spectrum of product architectures, moving seamlessly from our marketleading conventional domains such as tactile switches, advanced lighting systems, and lightweight alloy wheels into complex, next-generation electronics. These include high- value, localised designs in smart sensors, intelligent telematics, Advanced Driver Assistance Systems (ADAS), and high-voltage EV-specific powertrain components.

Our product and technology roadmap is anchored in the PACE framework, which encompasses Personalisation, Autonomous, Connected, and Electric mobility. Under Personalisation, we are advancing comfort and convenience features tailored to individual user preferences, from haptic capacitive switches and OLED lighting to sunroofs developed in partnership with Aisin Corporation. In the Autonomous domain, our expanding ADAS sensor portfolio, the first-in-India localisation of parking assist cameras, and our investment in vehicle surround sensing underline our growing capabilities in intelligent driver assistance. Our Connected investments are reflected in advanced telematics, scalable HMI solutions, and vehicle health monitoring capabilities that serve OEMs across vehicle categories. In the Electric domain, we have assembled one of the most comprehensive EV component portfolios in India, spanning BMS, traction motors, onboard and offboard chargers, EVSE, and next-generation e-axle systems. This portfolio serves vehicles from electric

two-wheelers to passenger vehicles and commercial vehicles, across both low-voltage and high-voltage architectures.

Outlook

Uno Mindas technology agenda is designed for the long term. The greenfield EV components plant at Khed City, Pune, the wholly-owned EV Systems entity, the Inovance JV, and our global network of R&D centres collectively represent a substantial and growing platform for technology-led revenue expansion. We will continue to deepen our IP portfolio, invest in engineering talent, and pursue strategic technology partnerships that extend our capabilities in areas where future vehicle value is being created.

Cash Flows

Moving to our debt position, net debt as of 31 March 2026 stood at Rs. 2,179 Crores, compared to Rs. 2,091 Crores as of 31 March 2025.

During FY 2025-26, cash flow from operations amounted to Rs. 1,722 Crores, while capital expenditure stood at Rs. 1,572 Crores. This included Rs. 861 Crores, towards expansion projects, Rs. 149 Crores, for land acquisition at Chhatrapati Sambhajinagar, and the balance towards sustaining capex.

Additionally, the Company incurred a cash outflow of Rs. 200 Crores towards the acquisition of shares in Uno Minda EV Systems and associated technologies from FRIWO.

As highlighted, while sustaining and growth capex has largely been funded through internal accruals, incremental debt has primarily been driven by investment acquisition.

Despite this, the balance sheet remains strong, with a net debt-to-equity ratio improving to 0.30 as of 31 March 2026 as against 0.34 as of 31 March 2025.

Key Ratios

Risk and Mitigation

At Uno Minda, risk management is ingrained in our strategic decision-making framework and operates as a continuous, forward-looking discipline rather than a periodic compliance exercise. We adopt a structured approach to identifying, evaluating, and addressing risks across operations, finances, and long-term strategic initiatives. This enables us to manage uncertainties effectively while capitalising on the opportunities that an evolving environment can present. The table below presents our key risk categories along with their potential impact levels and corresponding mitigation strategies.

Human Resources

Uno Minda continued to invest in cultivating a safe, inclusive, and future-ready workplace during FY 2025-26, reaffirming its conviction that human capital is the most enduring driver of competitive advantage. With a global workforce of over 40,000 people across manufacturing, R&D, and engineering operations worldwide, the Company advanced its efforts across talent development, diversity, employee wellbeing, and engagement throughout the year.

Structured upskilling and capability-building programmes, with a particular emphasis on emerging technologies including electric vehicles, sensors, ADAS, and advanced manufacturing, ensured that our workforce remains equipped to support the Companys technology-driven growth agenda. Leadership town halls, an active ethics helpline, the annual employee survey, and wellness programmes including Energise webinars and Tele OPD healthcare services reinforced an open, transparent, and performance-driven work culture. Uno Minda retained its Great Place to Work certification for the fifth consecutive year. Mr. Nirmal Minda was recognised as one of Indias Most Trusted Leaders 2024, and Dr. Suman Minda received the Most Respected Philanthropists Award. The Suman Nirmal Minda Foundation, operating 19 centres across seven states, continued to deliver targeted interventions in education, womens empowerment, healthcare, and sustainability.

Environment, Health and Safety

At Uno Minda, maintaining a safe, healthy, and environmentally responsible workplace is a fundamental priority. Our robust Occupational Health and Safety framework actively promotes employee wellbeing and operational excellence, fostering a culture of consciousness, accountability, and continuous improvement across all global locations. More than 90% of our manufacturing facilities are now certified to both ISO 14001 and ISO 45001, reflecting the institutional rigour and consistency of our EHS practices.

Systematic processes including periodic Hazard Identification and Risk Assessment, robust near-miss reporting mechanisms, and active employee participation in EHS committee meetings at all facilities continue to drive a culture of continuous improvement in workplace safety. By engaging employees, contractors, and business partners in safety and environmental initiatives, we extend our standards across the value chain, fostering shared accountability for responsible operations.

Uno Mindas sustainability agenda is structured around three pillars: responsible manufacturing, clean energy transition, and community impact.

On the sustainability front, in line with our ESG roadmap of achieving 60% renewable energy usage by 2030 and carbon neutrality by 2040, we have been steadily increasing our share of renewable energy across our operations. Today, we operate

38 rooftop solar power plants across India and have made significant investments in captive open-access solar power projects through dedicated SPVs. In last couple of years, we have secured green power of ~143 MWp with investment in solar parks and solar SPVs In the Maharashtra, Tamil Nadu and Haryana through open access mechanisms. The Company is investing to secure 100 MW through wind power in Tamil Nadu.

With our existing rooftop solar installations, current open- access arrangements, and approved investments under execution, green power is expected to account for over 50% of our total energy consumption, marking a significant step toward our medium- and long-term sustainability goals.

Internet of Things (IoT)-enabled systems are progressively being deployed across manufacturing facilities to monitor energy consumption in real time, enabling identification of inefficiencies and supporting corrective measures to improve energy utilisation. These efforts align Uno Minda with the sustainability trajectory demanded by global automotive OEMs and position the Company to meet increasingly stringent environmental standards across its operating geographies.

Internal Control Systems

Uno Minda operates with a strong system-oriented approach, where a well-defined internal control mechanism drives a culture of precision and accountability. The Company has put in place structured processes to embed efficiency and reliability in its daily operations. These form the foundation for accurate

financial reporting, safeguarding asset integrity, operational efficiency, and consistent compliance with applicable legal and regulatory requirements.

Internal audits are conducted regularly by both the internal team and appointed independent auditors to assess the adequacy and effectiveness of these controls. The audit process serves as a strategic instrument for evaluating and strengthening internal control systems. Complementing this is a dynamic budgetary control framework, enabling daily evaluation of performance against planned targets by the Management Review Committee. Variances are carefully analysed and corrective actions are identified and implemented in a timely manner. The close collaboration between the Management Review Committee and the Audit Committee of the Board ensures continuous improvement of internal processes across the organisation.

Cautionary Statement

Certain statements made in this Management Discussion and Analysis may constitute forward-looking statements within the scope of applicable securities laws and regulations. These relate to the Companys objectives, projections, estimates, and expectations. Actual results may differ materially from those expressed or implied due to various risks and uncertainties. Key factors that could influence the Companys performance include changes in economic conditions affecting demand and supply dynamics, fluctuations in domestic and international markets, regulatory developments, alterations in tax structures, and other incidental factors beyond the Companys control.