Vans Electroengineerings Ltd Management Discussions

You should read the following discussion in conjunction with our restated financial statements attached in the chapter titled Financial Information of the Company beginning on page 174 of this Red Herring Prospectus. You should also read the section titled Risk Factors on page 21 and the section titled Forward Looking Statements on page 20 of this Red Herring Prospectus, which discusses a number of factors and contingencies that could affect our financial condition and results of operations. The following discussion relates to us, and, unless otherwise stated or the context requires otherwise, is based on our Restated Financial Statements.

Our financial statements have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI (ICDR) Regulations and restated as described in the report of our auditor dated June 22, 2026, which is included in this Red Herring Prospectus under Financial Statements. The Restated Financial Information has been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including US GAAP and IFRS. Our financial year ends on March 31 of each year, and all references to a particular financial year are to the twelve-month period ended March 31 of that year.

Business Overview:

We are an ISO 9001:2015 certified company, engaged in the business of manufacturing and supplying components of traction power supply and overhead equipment system used in Indian railway electrification infrastructure and metro systems along with renewable energy systems. The aforementioned equipment is mainly supplied to Indian Railways and associated contractors.

Our Company possess expertise in manufacture and supplying of traction power supply and overhead equipment system, which assists us in maintaining a product portfolio approved by the Research Designs and Standards Organization (RDSO) and for use in traction substations, sectioning posts, feeding posts and other railway electrification applications:

? Single Pole Vacuum Circuit Breakers

? Double Pole Vacuum Circuit Breakers

? Single Pole Vacuum Interrupter

? Double Pole Vacuum Interrupter

We currently operate through our registered office and manufacturing facility located at Salem, Tamil Nadu. At the manufacturing facility, we carry out manufacturing of vacuum circuit breakers and vacuum interrupters, which is equipped with various machinery including busbar multi-processing machine, horizontal band saw machine and other handling tools along with in-house testing and quality control infrastructure to ensure proper product handling and efficient manufacturing operations. Our manufacturing facility is equipped with in-house testing and quality control equipment that enable us to conduct various tests and inspections throughout the production process. The machinery and equipment deployed at our facility facilitate efficient manufacturing of products in accordance with customer specifications and applicable quality standards. These testing capabilities support the reliability, performance and safety of our products in demanding railway electrification applications.

Our quality control capabilities enable us to develop required solutions for Indian railways, metro systems, industrial duty, and special applications while ensuring compliance with applicable domestic and international standards. As a testament to our commitment towards quality along with in-house testing, we have engaged with Korea Electrotechnology Research Institute (KERI), South Korea and Central Power Research Institute (CPRI), Bangalore to conduct various tests, ensuring compliance with international standards including IEC 62505-1: 2016, IEC 62271-100/2017-07 among other standards, to offer products and solutions aligned with global benchmarks.

Over the period, we have received various approvals from Central Organization for Railways Electrification (CORE) for acting as Developmental Vendor for our products and have subsequently been upgraded to Approved Vendor status for some products. These approvals enable us to participate in railway procurement processes and supply products that comply with prescribed technical specifications. Further, we have received approvals from the Research Designs and Standards Organization (RDSO), Lucknow for the manufacture and supply of Vacuum Circuit Breakers and Vacuum Interrupters in accordance with prescribed technical specifications and standards.

Our companys operations and strategic direction are driven by the expertise of our individual promoters: Balakrishnan Srinivasan, Viraj Bansal, Pooja Bansal, Abhishek Saraff and Nitin Jain. Balakrishnan Srinivasan, Chairman and Joint Managing Director, brings over 35 years of experience in the electrical and electronics engineering industry, overseeing product development, strategy formulation, engineering, project management, production, operations, and maintenance. Viraj Bansal, Promoter and Joint Managing Director, leverages overall experience of 6 years including over 3 years experience in railway infrastructure, metal castings, and switchgear manufacturing industry. He is currently looking after sales and marketing, Accounts and finance, SCM & logistics, secretarial and legal functions of the company. Additionally, Pooja Bansal, Promoter and Whole-Time Director, utilizes her 20 years of experience to lead business planning, procurement, human resources, and general administration. Under their collective leadership, our management team-comprising professionals with complementary technical backgrounds-ensures consistent business growth and customer trust through streamlined operations and clear organizational governance.

The company also benefits from its non-executive promoters who provide vital oversight and strategic counsel. Abhishek Saraff, Promoter and Non-Executive Director, draws on 23 years of experience across railway infrastructure, electrical engineering, and industrial manufacturing to guide the company in business development, corporate strategy, market expansion, and governance matters. Similarly, Nitin Jain, Promoter and Non-Executive Director, utilizes his 15 years of experience in manufacturing electrical and electronic equipment to advise the management team on strategic planning, operational improvements, and key policy decisions.

Together, this leadership structure balances day-to-day execution with robust advisory oversight. The diverse expertise of these directors allows the company to maintain high operational standards, navigate industry challenges, and foster strong market relationships, positioning the organization for sustained long-term development. Supported by the industry experience and technical expertise of our promoters and management team, we are able to maintain product quality, strengthen customer relationships, execute projects efficiently and pursue future growth opportunities.

The following table sets forth certain key performance indicators for the years indicated:

(? In Lakhs except percentages and ratios)

Key Financial Performance	FY 2025-26	FY 2024-25	FY 2023-24
Revenue from operations (1)	2284.30	1356.24	259.57
EBITDA (2)	722.52	247.75	2.43
EBITDA Margin (3)	31.63%	18.27%	0.94%
PAT (4)	539.23	172.96	2.14
PAT Margin (5)	23.61%	12.75%	0.83%
RoE (%) (6)	83.27%	71.63%	2.06%
RoCE (%) (7)	63.96%	53.51%	2.10%
Net Worth (8)	917.18	377.94	104.98

Notes: (1) Revenue from operation means revenue from sale of goods. (2) EBITDA is calculated as Profit before tax + Depreciation + Interest Expenses - Other Income (3) EBITDA Margin is calculated as EBITDA divided by Revenue from Operations (4) PAT is calculated as Profit before tax - Tax Expenses (5) PAT Margin is calculated as PAT for the year divided by revenue from operations. (6) Return on Equity is ratio of Profit after Tax and Average Shareholder Equity (7) Return on Capital Employed is calculated as EBIT divided by capital employed, which is defined as shareholders equity plus total borrowings {current & non-current}. (8) Net Worth = Equity Share Capital + Reserve and Surplus (including surplus in the Statement of Profit & Loss) - Preliminary Expenses to the extent not written-off

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

For details in respect of Statement of Significant Accounting Policies, please refer to Restated Financial Statements beginning on page 174 of this Red Herring Prospectus.

Factors Affecting our Results of Operations

1. Changes in focus, laws and regulations or Government policies relating to the Railway infrastructure sector.

2. Changes in requirements, specifications and design standards prescribed by Indian Railways, or other Government agencies may increase costs or delay project execution.

3. General economic and business conditions in the markets in which we operate and in the local, regional, national and international economies;

4. Adverse developments in the states where our project sites are located (including policy changes, regional unrest, or disruptions in approvals)

5. Any slowdown in railway infrastructure spending or adverse developments in the overall transportation and logistics sector.

6. Any change in government policies resulting in increase in taxes payable by us;

7. Our ability to retain our key managements persons and other employees;

8. Our failure to keep pace with rapid changes in technology;

9. Our ability to grow our business;

10. General economic, political and other risks that are out of our control;

11. Inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;

12. Companys ability to successfully implement its growth strategy and expansion plans;

13. Failure to comply with regulations prescribed by authorities of the jurisdictions in which we operate;

14. Inability to successfully obtain registrations in a timely manner or at all;

15. Conflicts of interest with affiliated companies, the promoter group and other related parties;

16. Any adverse legal proceedings initiated against our company or its promoters, directors and KMPs;

17. Concentration of ownership among our Promoters;

18. The performance of the financial markets in India and globally.

Discussion on Result of Operations

The following discussion on results of operations should be read in conjunction with the Restated Financial Statements for the financial years ended on March 31 2026, March 31, 2025 and March 31, 2024.

(Amount in ? Lakhs)

Particulars	For the financial year ended on March 31, 2026: Amount	% to Total Income	March 31, 2025: Amount	% to Total Income	March 31, 2024: Amount	% to Total Income
Revenue from Operations	2,284.30	98.50%	1,356.24	98.15%	259.57	93.98%
Other Income	34.90	1.50%	25.56	1.85%	16.62	6.02%
Total Income (1+2)	2,319.20	100.00%	1,381.79	100.00%	276.19	100.00%
Expenditure
Cost of Material Consumed	1,168.95	50.40%	738.97	53.48%	270.66	98.00%
Purchases of Stock-in-Trade	-	-	-	-	-	-
Changes in Inventories of Finished Goods, WIP & Stock-in-Trade	65.70	2.83%	89.68	6.49%	-177.56	-64.29%
Employee Benefits Expense	122.23	5.27%	99.92	7.23%	38.35	13.89%
Finance Cost	23.13	1.00%	35.01	2.53%	7.78	2.82%
Depreciation and Amortisation Expenses	7.81	0.34%	7.00	0.51%	6.03	2.18%
Other Expenses	204.90	8.83%	179.92	13.02%	125.70	45.51%
Total Expenditure	1,592.72	68.68%	1,150.50	83.26%	270.94	98.10%
Profit/(Loss) Before Exceptional & Extraordinary Items and Tax	726.48	31.32%	231.29	16.74%	5.24	1.90%
Exceptional & Extraordinary Items	-	-	-	-	-	-
Profit/(Loss) Before Tax	726.48	31.32%	231.29	16.74%	5.24	1.90%
Tax Expense:
Current Tax Expense	188.48	8.13%	59.04	4.27%	2.03	0.74%
Deferred Tax	-1.23	-0.05%	-0.72	-0.05%	1.07	0.39%
Net Tax Expense	187.25	8.07%	58.33	4.22%	3.10	1.12%
Profit/(Loss) for the Year	539.23	23.25%	172.96	12.52%	2.14	0.78%

Revenue from operations:

Revenue from operations mainly consists of income from the business of manufacturing and supplying components of traction power supply and overhead equipment system for the purpose of being used in Indian railway electrification infrastructure and metro systems along with renewable energy systems.

Other Income:

Our other income primarily comprises interest income, freight outward and manpower services.

Expenditure:

The companys expenditure consists of cost of material consumed, change in inventories of finished goods, WIP & Stock-in-trade, employee benefit expenses, finance cost, depreciation and amortization expenses and other expenses.

Cost of material consumed:

Our cost of material consumed comprises of purchase of raw material and change in inventories of raw material.

Employee benefits expense:

Our employee benefits expense primarily comprises Salary & Wages, Directors Remuneration, Contribution to provident and other funds, Gratuity Expenses and Staff Welfare Expenses.

Finance Costs:

Our finance cost includes Interest on Borrowings availed from Bank and from related party, Interest on Income Tax and other borrowing costs.

Depreciation and Amortization Expenses:

Depreciation includes depreciation on Property, Plant & Equipment including Plant & Machinery, Furniture & Fixtures, Computers and Amortization includes amortization of software.

Other Expenses:

Other expenses include factory rent, freight charges, job work charges, manpower expenses, inspection fees, professional and consultancy fees, R&D expenses, travelling expenses etc.

Financial Year ending March 31, 2026 Compared to Financial Year ending March 31, 2025 (Based on Restated Financial Statements)

Total Income: Total income for the financial year 2025-26 stood at 2,319.20 Lakhs whereas in Financial Year 2024-25 the same stood at 1,381.79 lakhs, representing an increase of 67.84%. The main reason for the increase in total income is due to increase in revenue from operations, which has increased from 1,356.24 Lakhs in FY 2024-25 to 2,284.30 lakhs in FY 2025-26, representing an increase of 68.43% and increase in other income from 25.56 lakhs in FY 2024-25 to 34.90 lakhs in FY 2025-26, representing an increase of 36.54%.

Revenue from Operations: During the financial year 2025-26, the revenue from operations of our Company increased to 2,284.30 Lakhs as against 1,356.24 Lakhs in the Financial Year 2024-25, representing an increase of 68.43%. The main reason for the increase in total revenue was due to the execution of orders and growth in business volumes during the year, as compared with the previous year. This can be credited to the increase in sales of single pole vacuum circuit breakers, which rose from 130.19 lakhs in FY 2024-25 to 365.64 lakhs in FY 2025-26, reflecting an increase of 180.85%. Further, an increase can be contributed by the sale of overhead equipment and braided flexible connectors, amounting to 279.18 lakhs and 41.02 lakhs, respectively, additionally contributing around 12.22% and 1.80% of the revenue from operations for the FY 2025-26, respectively.

Other Income: During the financial year 2025-26, the other income of our Company increased to 34.90 Lakhs as against 25.56 lakhs in the Financial Year 2024-25, representing an increase of 36.54%. The increase in other income was mainly due to an increase in manpower services, which rose from 0.97 lakhs in FY 2024-25 to 9.00 lakhs in FY 2025-26, reflecting an increase of 827.84% and remaining increase can be attributed to other miscellaneous income earned during the year.

Total Expenses: The total expense for the financial year 2025-26 increased to 1,592.72 Lakhs from 1,150.50 lakhs in the Financial Year 2024-25 representing an increase of 38.44%. Such increase was due to increase in expenses of the company like increase in cost of material consumed from 738.97 lakhs in Financial Year 2024-25 to 1,168.95 lakhs in Financial Year 2025-26 representing an increase of 58.19%, increase in employee benefit expenses which has increased from 99.92 lakhs in FY 2024-25 to 122.23 lakhs in FY 2025-26 representing an increase of 22.33%, increase in depreciation and amortisation expenses from 7.00 Lakhs in FY 2024-25 to 7.81 Lakhs in FY 2025-26 representing an increase of 11.57%, and increase in other expenses from 179.92 lakhs in FY 2024-25 to 204.90 lakhs in FY 2025-26 representing an increase of 13.88%, partly offset by a decrease in finance cost from 35.01 Lakhs in FY 2024-25 to 23.13 Lakhs in FY 2025-26 representing a decrease of 33.93% and decrease in changes in inventories of finished goods, WIP and stock-in-trade from 89.68 lakhs in FY 2024-25 to 65.70 lakhs in FY 2025-26 representing a decrease of 26.74%, as compared with previous year.

Cost of Material Consumed: Cost of material consumed increased to 1,168.95 lakhs in FY 2025-26 from 738.97 lakhs in FY 2024-25 representing an increase of 58.19%. Such increase is due to increase in volume of operations and corresponding increase in purchase and consumption of raw material in line with higher execution during the year. Purchase of raw material amounted to 672.22 lakhs in FY 2024-25 to 1297.44 lakhs in FY 2025-26 registering an increase of 93.01% contributing to the overall increase in cost of material consumed.

Changes in Inventories of Finished Goods, WIP and Stock-in-Trade: Changes in inventories of finished goods, WIP and stock-in-trade stood at 65.70 lakhs in F.Y. 2025-26 as against 89.68 lakhs in F.Y. 2024-25 representing a decrease of 26.74%. The variance was on account of the movement in closing stock of work-in-progress and finished goods relative to the corresponding opening stock during the year.

Employee Benefits Expense: Our Company has incurred 122.23 Lakhs as Employee benefits expense during the financial year 2025-26, as compared to 99.92 Lakhs in the financial year 2024-25. The increase of 22.33% was mainly due to an increase in salary and wages which amounted to 70.14 lakhs in FY 2025-26 as compared to 56.75 lakhs in FY 2024-25, indicating an increase of 23.59%. Further, change can be contributed to increase in Contribution to provident fund and other funds and gratuity expenses, in line with growth in headcount and business operations.

Finance costs: Finance costs for the financial Year 2025-26 decreased to 23.13 Lakhs as against 35.01 Lakhs during the financial year 2024-25. The decrease of 33.93% was due to a reduction in the interest on borrowings of the Company during the year.

Depreciation and Amortization Expenses: Depreciation and amortization expense for the financial year 2025-26 stood at 7.81 Lakhs as against 7.00 Lakhs during the financial year 2024-25. The increase in depreciation and amortization was around 11.57% in comparison to the previous year on account of additions to the property, plant and equipment.

Other Expenses: Our Company has incurred 204.90 lakhs during the Financial Year 2025-26 on other expenses as against 179.92 Lakhs during the financial year 2024-25. There was an increase of 13.88% mainly due to increase in expenses like factory rent paid which amounted to 22.52 lakhs in FY 2025-26 and 14.10 lakhs in FY 2024-25 indicating an increase of 59.71%, services charges which increased from 2.14 lakhs in FY 2024-25 to 10.74 lakhs in FY 2025-26 reflecting an increase of 400.84%. Further, increase can be attributed to increase in freight charges, professional and consultancy charges, travelling expenses which were in line with the scale-up in operations.

Restated profit before tax: Net profit before tax for the financial year 2025-26 increased to 726.48 Lakhs as compared to 231.29 Lakhs in the financial year 2024-25, representing an increase of 214.10%, which was majorly due to factors as mentioned above.

Restated profit for the year: The Company reported Restated profit after tax for the financial year 2025-26 of 539.23 Lakhs in comparison to 172.96 lakhs in the financial year 2024-25, representing an increase of 211.77%. The increase in PAT is in line with the increase in revenue of the company from 1,356.24 lakhs in F.Y. 2024-25 to 2,284.30 Lakhs in FY 2025-26 as stated above.

Financial Year ending March 31, 2025 Compared to Financial Year ending March 31, 2024 (Based on Restated Financial Statements)

Total Income: Total income for the financial year 2024-25 stood at 1,381.79 lakhs whereas in Financial Year 2023-24 the same stood at 276.19 lakhs representing an increase of 400.30%. The main reason for the increase in total income is due to increase in revenue from operations, which has increased from 259.57 Lakhs in FY 2023-24 to 1,356.24 lakhs in FY 2024-25, representing an increase of 422.49% and increase in other income, which has increased from 16.62 lakhs in FY 2023-24 to 25.56 lakhs in FY 2024-25 representing an increase of 53.79%.

Revenue from Operations: During the financial year 2024-25, the revenue from operations of our Company increased to 1,356.24 Lakhs as against 259.57 Lakhs in the Financial Year 2023-24 representing an increase of 422.49%. The increase in revenue from operations was on account of a substantial ramp-up in execution of orders and scaling of business operations during the year, the Company being in a relatively early stage of operations in the previous year. The increase can be contributed to increase in sale of single pole vacuum interrupters which amounted to 384.27 lakhs in FY 2024-25 and 18.95 lakhs in FY 2023-24 registering an increase of 1927.81% along with increase in sale of single pole vacuum circuit breakers amounting 130.19 lakhs in FY 2024-25 and 6.55 lakhs in FY 2023-24 indicating an increase of 1887.63%.

Other Income: During the financial year 2024-25, the other income of our Company increased to 25.56 Lakhs as against 16.62 lakhs in the Financial Year 2023-24 representing an increase of 53.79%. The increase in other income was majorly due to increase in interest income and freight outward.

Total Expenses: The total expense for the financial year 2024-25 increased to 1,150.50 lakhs from 270.94 lakhs in the Financial Year 2023-24 representing an increase of 324.63%. Such increase was due to increase in expenses of the company like increase in cost of material consumed from 270.66 lakhs in FY 2023-24 to 738.97 lakhs in FY 2024-25 representing an increase of 173.03%, increase in employee benefits expense from 38.35 lakhs in Financial year 2023-24 to 99.92 lakhs in Financial year 2024-25 representing an increase of 160.59%, increase in finance cost from 7.78 Lakhs in FY 2023-24 to 35.01 lakhs in FY 2024-25 representing an increase of 350.19%, increase in depreciation and amortisation expenses from 6.03 Lakhs in Financial year 2023-24 to 7.00 Lakhs in Financial year 2024-25 representing an increase of 16.09%, increase in other expenses from 125.70 lakhs in financial year 2023-24 to 179.92 lakhs in financial year 2024-25 representing an increase of 43.13%, and a movement in changes in inventories of finished goods, WIP and stock-in-trade from 177.56 lakhs in financial year 2023-24 to 89.68 lakhs in financial year 2024-25, as compared with previous year.

Cost of Material Consumed: Cost of material consumed increased to 738.97 lakhs in FY 2024-25 from 270.66 lakhs in FY 2023-24 representing an increase of 173.03%. Such increase is due to increase in purchase and consumption of raw material in line with the significant growth in business volumes during the year. Purchase of Raw Material grew from 121.32 lakhs in FY 2023-24 to 672.22 lakhs in FY 2024-25 indicating an increase of 454.11% relative to previous financial year.

Changes in Inventories of Finished Goods, WIP and Stock-in-Trade: Changes in inventories of finished goods, WIP and stock-in-trade stood at 89.68 lakhs in FY. 2024-25 as against 177.56 lakhs in FY. 2023-24. The movement was on account of the change in closing stock of work-in-progress and finished goods relative to the opening stock, reflecting the scale-up in business operations during the year.

Employee Benefits Expense: Our Company has incurred 99.92 Lakhs as Employee benefits expense during the financial year 2024-25 as compared to 38.35 Lakhs in the financial year 2023-24. The increase of 160.55% was mainly due to increase in salary & wages, directors remuneration and contribution to provident fund and other funds, gratuity expenses and staff welfare expenses, in line with the increase in headcount required to support business growth. Further, as a testament to increase, salary and wages amounted 35.82 lakhs in FY 2023-24 and 56.75 lakhs in FY 2024-25 indicating an increase of 58.44%.

Finance costs: The costs for the financial Year 2024-25 increased to 35.01 Lakhs as against 7.78 Lakhs during the financial year 2023-24. The increase of 350.00% was due to an increase in the interest expense of the company on account of additional borrowings availed to support the growth in operations.

Depreciation and Amortization Expenses: Depreciation and amortization for the financial year 2024-25 stood at 7.00 Lakhs as against 6.03 Lakhs during the financial year 2023-24. The increase in depreciation and amortization was around 16.09% in comparison to the previous year. This increase can be attributed to additions made in property, plant and equipment during the year.

Other Expenses: Our Company has incurred 179.92 Lakhs during the Financial Year 2024-25 on other expenses as against 125.70 Lakhs during the financial year 2023-24. There was an increase of 43.13% mainly due to increase in expenses like freight charges which amounted to 8.37 lakhs in FY 2023-24 to 32.89 lakhs indicating an increase of 292.76%, job work charges amounted to 2.47 lakhs in FY 2023-24 to 16.51 lakhs in FY 2024-25 reflecting an increase of 596.06%, professional and consultancy charges from 7.33 lakhs in FY 2023-24 to 19.07 lakhs in FY 2024-25 and other expenses such as repairs and maintenance, travelling expenses, in line with the growth in business operations.

Restated profit before tax: Net profit before tax for the financial year 2024-25 increased to 231.29 Lakhs as compared to 5.24 Lakhs in the financial year 2023-24, which was majorly due to factors as mentioned above.

Restated profit for the year: The Company reported Restated profit after tax for the financial year 2024-25 of 172.96 Lakhs in comparison to 2.14 lakhs in the financial year 2023-24. The increase is due to increase in revenue from operations of the company and other factors as stated above.

Information required as per Item (II)(C)(iv) of Part A of Schedule VI to the SEBI Regulations:

An analysis of reasons for the changes in significant items of income and expenditure is given hereunder:

1. Unusual or infrequent events or transactions There has not been any unusual trend on account of our business activity.

2. Significant economic changes that materially affected or are likely to affect income from continuing operations. There are no significant economic changes that may materially affect or likely to affect income from continuing operations.

3. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations. Apart from the risks as disclosed under Section Risk Factors beginning on page 21 of the Red Herring Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.

4. Future changes in relationship between costs and revenues Other than as described in the sections Risk Factors, Our Business and Managements Discussion and Analysis of Financial Condition and Results of Operations on pages 21, 115 and 216 respectively, to our knowledge, no future relationship between expenditure and income is expected to have a material adverse impact on our operations and finances.

5. Segment Reporting Our business activity primarily falls within a single business segment, as disclosed in Financial Information of the Company on page 174 of this Red Herring Prospectus.

6. Status of any publicly announced New Products or Business Segment Except as disclosed in the Chapter Our Business, our Company has not announced any new product or service.

7. Dependence on single or few customers Given the nature of our business operations, we believe that our business is dependent on any single or a few customers.

8. Competitive conditions Competitive conditions are as described under the Chapters Industry Overview and Our Business beginning on pages 100 and 115 respectively of this Red Herring Prospectus.

9. Details of material developments after the date of last balance sheet i.e. March 31, 2026. After the date of last Balance sheet i.e. March 31, 2026 the following material events have occurred after the last audited period:

1. The Board of Directors in their meeting held on June 17, 2026 allotted 60,00,000 Bonus shares in the ratio of 3:1 i.e., three (3) equity shares for every one (1) Equity share held by each shareholder.

CAPITALISATION STATEMENT

(Amount in ? Lakhs)

Particulars	Pre Issue	Post Issue*
March 31, 2026
Debt
Short Term Debt	254.89	*
Long Term Debt	-	*
Total Debt	254.89	*
Shareholders Fund (Equity)
Share Capital	200.00	*
Reserves & Surplus	717.18	*
Total Shareholders Fund (Equity)	917.18	*
Long Term Debt/Equity	-	*
Total Debt/Equity	0.28	*

* The corresponding post offer figures are not determinable at this stage pending the completion of public issue & have not been furnished.

Notes:

1. Short term Debts represent which are expected to be paid/payable within 12 months but excludes installment of term loans repayable within 12 months.

2. Long term Debts represent debts other than Short term Debts as defined above and includes installment of Long term loans payable within 12 months.

3. The figures disclosed above are based on restated statement of Assets and Liabilities of the Company as at March 31, 2026.