Vigor Plast India Ltd Management Discussions

OPERATIONS

The following discussion is intended to convey managements perspective on our financial condition and results of operations
for the Year ended on March 31, 2023, March 31, 2024 and March 31, 2025. You should read the following discussion of
our financial condition and results of operations together with our restated financial statements included in the Red Herring
Prospectus. You should also read the section entitled "Risk Factors " beginning on page 26 of this Red Herring Prospectus,
which discusses several factors, risks and contingencies that could affect our financial condition and results of operations.
The following discussion relates to our Company and is based on our restatedfinancial statements, which have been prepared
in accordance with Indian GAAP, the Companies Act and the SEBI Regulations. Portions of the following discussion are
also based on internally prepared statistical information and on other sources. Our fiscal year ends on March 31 of each
year, so all references to a particular fiscal year ("Fiscal 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 Vigor Plast India
Limited, our Company. Unless otherwise indicated, financial information included herein are based on our "Restated
Financial Statements" for Financial Year ended on March 31, 2023, March 31, 2024 and March 31, 2025, included in this
Red Herring Prospectus beginning on page 26.

BUSINESS OVERVIEW

Our company is a manufacturer and supplier of a comprehensive range of Polyvinyl Chloride (PVC), Unplasticized Polyvinyl
Chloride (uPVC) and Chlorinated Polyvinyl Chloride (cPVC) pipes, fittings, and related products for various applications in
plumbing, irrigation, and SWR (Soil, Waste, and Rainwater) management. We cater to both rural and urban markets and
provides long-lasting solutions for water distribution, wastewater management, and drainage. Our products, known for their
durability and resistance to corrosion, are used in residential, commercial, agricultural and industrial sectors. Additionally,
we manufacture a range of related products such as manhole covers, flush tanks, and plumbing accessories like solvent
cement, ensuring a complete solution for all plumbing, irrigation, and waste management needs. Our focus is on delivering
high-quality, efficient systems that meet the diverse requirements of our customers.

We have received several quality certifications from the Bureau of Indian Standards (BIS) for both our products and
manufacturing facility. Our facility complies with the ISO 9001:2005 Quality Management Standard, ensuring the consistent
manufacturing, export, and supply of uPVC, cPVC, and PVC products. Additionally, our company has been awarded various
IS Certifications, including IS 15778:2007 for Chlorinated Polyvinyl Chloride (CPVC) pipes used in potable hot and cold
water distribution systems, IS 7834:Part I:1987 for Injection Moulded PVC Socket Fittings with solvent cement joints for
water supplies, IS 13592:2013 for Unplasticized Polyvinyl Chloride (PVC-U) Pipes for soil and waste discharge systems in
buildings, IS 14735:1999 for Unplasticized PVC Injection Moulded Fittings for soil and waste discharge systems, IS
4985:2021 for Unplasticized PVC Pipes for potable water supplies and IS 17546:2021 for Chlorinated polyvinyl chloride
CPVC fittings for potable hot and cold water distribution supplies specification. These certifications demonstrate the quality
and reliability of our products across various categories.

Our Company was initially incorporated as a Private Limited Company under the name ‘Vigor Plast India Private Limited,
under the provisions of the Companies Act, 1956 vide Certificate of Incorporation dated January 30, 2014 issued by the
Registrar of Companies, Gujarat, Dadra and Nagar Haveli. Subsequently, pursuant to a Special Resolution of our
Shareholders passed in the Extra-Ordinary General Meeting held on November 11, 2024, our Company was converted from
a Private Limited Company to Public Limited Company and consequently, the name of our Company was changed to ‘Vigor
Plast India Limited and a Fresh Certificate of Incorporation consequent to Conversion was issued on November 27, 2024 by
the Registrar of Companies, Central Processing Centre. The Corporate Identification Number of the Company is
U25190GJ2014PLC078525.

Our manufacturing facility, which also serves as our registered office, is strategically located in Dared, Gujarat, enabling us
to streamline operations and maintain close oversight of our production processes. Here, we use advanced technology and
fully automated equipment to produce high-quality products. This helps us to ensure that every product meets the required
standards consistently and efficiently. This approach allows us to enhance efficiency, minimize human error, and ensure that
each product is manufactured to the highest level of precision and quality. Our dedicated team plays a crucial role in
maintaining these standards. It includes skilled workers, operators, packing supervisors, QC officers, and production
managers, all of whom bring professional expertise to their respective roles. Their collective efforts ensure that every step of
the production process—from raw material handling to packaging—is carefully monitored to maintain product integrity and
quality. In addition, we have an in-house laboratory at our Dared facility to perform quality checks throughout the

manufacturing process. The lab is equipped with the latest tools and technology, allowing us to conduct thorough tests and
stay up to date with industry standards and advancements. This helps us ensure that all our products meet the highest quality
requirements.

We have established five branch offices across four strategic locations in Gujarat: two in Ahmedabad, and one each in Surat,
Rajkot, and Jamnagar. These branch offices also serve as warehouses, enabling us to maintain efficient stock levels and
ensure prompt order fulfillment. From these locations, we manage the distribution of our products to various regions within
India, ensuring that our customers receive their orders in a timely manner. In addition to our domestic distribution, we are
actively expanding our market reach by exporting our products to Nepal, broadening our presence in international markets
and strengthening our global footprint. Currently, all of our transportation is exclusively by road, leveraging Indias robust
road network for timely deliveries. This approach enables us to maintain cost-effective and efficient transportation while
meeting the demands of our growing customer base.

We market our products under the registered brand name, "VIGOR". To enhance brand awareness, we run targeted
marketing campaigns through social media platforms. Additionally, we have partnered with a renowned TV actor as our
Brand Ambassador to further promote our company. These marketing efforts have significantly boosted the visibility of our
products, leading to an increase in sales and overall company growth.

We sell our Piping System products to distributors / dealers, who then resell the products to end customers. We have over
the years developed an expansive network of distributors and dealers across India. Our sales network includes 440
distributors/dealers in 25 states and union territories as of March 31, 2025. We enter into agreements with our
distributors/dealers and offer discounts and credit for 21 days based upon their payment history. For ease of process we have
also developed android application named "Vigor India Plast" where distributors / dealers can place orders.

Our products are marketed across various parts of India and we have generated Rs. 4,452.27 lakhs, Rs. 4,124.83 lakhs, and
Rs. 3,603.39 lakhs from our domestic sales for the fiscal year ending 2025, 2024 and 2023 respectively.

Our Company benefits from the extensive experience of our promoters, Jayesh Premjibhai Kathiriya, Rajesh Premjibhai
Kathiriya and Premjibhai Dayabhai Kathiriya, who have been with the Company since its incorporation in January 2014. As
promoter-directors, they are actively involved in leading various functions of the Company. Jayeshbhai leads our sales and
marketing efforts, driving business growth and enhancing our market presence. Premjibhai manages the overall operations
and strategic direction of the company, ensuring we stay on course to achieve long-term goals. Rajeshbhai is responsible for
leading production and quality control, ensuring that our manufacturing processes maintain the highest standards of
excellence. Our board of directors is further supported by a team of experienced and qualified professionals. The combined
expertise of our management team, along with their deep understanding of the manufacturing industry, enables us to
effectively capitalize on both current and future market opportunities. For further details, please refer to the chapter titled
"Our Management" on page no 26 of the RHP.

We are committed to producing products that balance quality and affordability to meet our customers requirements.
Leveraging the expertise of our promoters, product range diversity, commitment to quality and standards, production
efficiency, strong brand image and the growing demand of cPVC, uPVC, and PVC plumbing solutions*, our Company
proudly serves the piping and fittings sector across India. We are now planning to further expand our presence in this sector.

* Source: https://www.maximizemarketresearch.com/market-report/india-pvc-pipes-market/21311/

As on the date of filing the Red Herring Prospectus, there are no subsidiaries of the Company
Financial KPIs of our Company:

The financial performance of the Company for the Financial Years ended March 31, 2025, March 31, 2024 and March 31,
2023 as per restated financial Statement are as follows:

Metric	As of and for the Fiscal
	2025	2024	2023
Revenue From operations (? in Lakhs)	4,557.79	4,248.08	3,728.39
Total revenue (? in Lakhs)	4,601.81	4,251.80	3,738.65
EBITDA (? in Lakhs)	1,208.48	755.26	307.87
EBITDA Margin (%)	26.51%	17.78%	8.26%
Profit after tax (? in Lakhs)	515.06	292.91	29.87

 

Metric	As of and for the Fiscal
	2025	2024	2023
PAT Margin (%)	11.30%	6.90%	0.80%
Return on Equity (ROE) (%)	59.39%	94.46%	19.98%
Debt To Equity Ratio	1.39	4.72	6.90
Interest Coverage Ratio	4.89	5.19	1.40
Return on Capital Employed (ROCE) (%)	28.24%	19.58%	9.49%
Current Ratio	0.63	0.74	0.53
Capital Turnover Ratio	1.49	1.63	2.88

Notes:

a) As certified by Sarvesh Gohil & Associates., Chartered Accountants pursuant to their certificate dated August 18, 2025.
The Audit committee in its resolution dated August 18, 2025 has confirmed that the Company has not disclosed any KPIs
to any investors at any point of time during the three years preceding the date of this Red Herring Prospectus other than
as disclosed in this section.

b) Revenue from Operations means the Revenue from Operations as appearing in the Restated Financial Statements.

c) EBITDA refers to earnings before interest, taxes, depreciation, amortisation, gain or loss from discontinued operations
and exceptional items. EBITDA excludes other income but includes reversal ofprovision of doubtful debts.

d) EBITDA Margin refers to EBITDA during a given period as a percentage of revenue from operations during that period.

e) Net Profit Ratio/Margin quantifies our efficiency in generating profits from our revenue and is calculated by dividing our
net profit after taxes by our revenuefrom operations.

f) Return on equity (RoE) is equal to profit after tax for the year divided by the Average Equity shareholders fund =
(Opening equity shareholders fund + closing equity shareholders fund)/ 2 and is expressed as a percentage.

g) Debt to equity ratio is calculated by dividing the debt by total equity (whichincludes issued capital and all other equity
reserves). Debt includes short-term and long-term debt.

h) Interest Coverage Ratio measures our ability to make interest payments from available earnings and iscalculated by
dividing EBIDTA by Interest Expense payment.

i) RoCE (Return on Capital Employed) (%) is calculated as profit before tax plus Interest expense divided by Capital
employed. Capital employed is calculated as total equity + long term borrowing+ short term borrowings.

j) Current Ratio is a liquidity ratio that measures our ability to pay short-term obligations (those which are due within one
year) and is calculated by dividing the current assets by current liabilities.

Capital Turnover Ratio quantifies our effectiveness in utilizing our capital of equity shareholders fund and is calculated
by dividing our revenue from operations by our Average Equity shareholders fund = (Opening equity shareholders fund
+ closing equity shareholders fund) / 2

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL YEAR:

In the opinion of the Board of Directors of our Company, there have not arisen, since the date of March 31, 2025 as disclosed
in this Red Herring Prospectus, any significant developments or 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.

KEY FACTORS AFFECTING THE RESULTS OF OPERATION:

Our Companys future results of operations could be affected potentially by the following factors:

1. General economic conditions in India, changes in laws and regulations.

2. Changes in revenue mix, including geographic mix of our revenues.

3. Changes in Fiscal, Economic or Political conditions in India & Globally.

4. Increased market fragmentation.

5. Competition with existing and new entrants

6. Technology System and Infrastructure Risks

OUR SIGNIFICANT ACCOUNTING POLICIES

For Significant accounting policies please refer Significant Accounting Policies, "Annexure IV" beginning under Chapter
titled "Financial Information of our Company" beginning on page 26 of the Red Herring Prospectus.

Principle Components of our Restated Statement of Assets & Liabilities

Fiscal 2025 Compared with Fiscal 2024:

(Z in lakhs)

Particulars	For the period ended March 31,		Increase/ (Decrease)
	2025	2024	Amount	%
Liabilities
Long- Term Borrowings	950.74	1,061.77	(111.03)	(10.46) %
Short Term Borrowings	821.27	1,094.90	(273.63)	(24.99) %
Trade payables	714.49	699.90	14.59	2.08 %
Assets
Non-current Investments
Long term loan and advances
Inventories	879.03	862.56	16.47	1.91%
Trade receivables	192.87	294.16	(101.29)	(34.43) %
Short term loan and advances	14.51	241.21	(226.70)	(93.98) %

Long-Term Borrowings

Long-term borrowings decreased by ^111.03 lakhs i.e. 10.46%, from Rs1,061.77 lakhs in fiscal 2024 to Rs950.74 lakhs in
fiscal 2025. This decline is primarily due to the repayment of long-term borrowings amounts as companys initiatives to
reduce overall debt and improve its debt-to-equity ratio.

Short-Term Borrowings

Short-term borrowings decreased by Rs273.63 lakhs, representing a 24.99% decline from Rs1,094.90 lakhs in Fiscal 2024
to Rs821.27 lakhs in Fiscal 2025. This decrease was primarily due to repayment of loans repayable on demand from related
parties.

Trade Payable

Trade payables increased by Rs14.59 lakhs i.e.2.08%, increased from Rs699.90 lakhs in fiscal 2024 to Rs714.49 lakhs in
fiscal 2025. The increase was primarily due to higher procurement of goods and services in line with business growth,
along with extended credit terms from suppliers.

Calculation for trade payable day

Particulars	For year ended March 31,
	2025	2024
Cost of materials consumed	2,859.31	3,104.80
Average Trade Payable	707.19	666.43
Trade Payable Ratio	4.04	4.66
Trade Payable days	90	78

Inventories

The inventory of stock-in-trade increased by Rs16.47 lakhs, rising from Rs862.56 lakhs in Fiscal 2024 to Rs879.03 lakhs in Fiscal
2025. This increase is attributable to a rise in finished goods by Rs76.54 lakhs.

Trade Receivables

Trade receivables decreased by Rs101.29 lakhs i.e. 34.43%, decline from Rs294.16 lakhs in fiscal 2024 to Rs192.87 lakhs in
fiscal 2025. The decrease in trade receivables is primarily due to faster collection during the period and lower credit terms

210

offered to customers.

Short-term loans and advances

Short-term loans and advances decreased by Rs226.70 lakhs i.e. 93.98%, decline from Rs241.21 lakhs in fiscal 2024 to Rs14.51
lakhs in fiscal 2025. This decrease is primarily due to decrease in advance to suppliers.

Fiscal 2024 Compared with Fiscal 2023:

(Rs in lakhs)

Particulars	For the period ended March 31,		Increase/ (Decrease)
	2024	2023	Amount	%
Liabilities
Long- Term Borrowings	1,061.77	278.44	783.33	281.33%
Short Term Borrowings	1,094.90	850.40	244.50	28.75%
Trade payables	699.90	632.97	66.93	10.57%
Assets
Non-current Investments	0.00	0.00	0.00	0.00
Long term loan and advances	0.00	0.00	0.00	0.00
Inventories	862.56	462.90	399.66	86.34%
Trade receivables	294.16	250.81	43.35	17.29%
Short term loan and advances	241.21	16.04	225.17	1403.80%

Long-Term Borrowings

Long-term borrowings increased by Rs783.33 lakhs, representing a 281.33% rise from Rs278.44 lakhs in Fiscal 2023 to
Rs1,061.77 lakhs in Fiscal 2024. This increase was primarily due to a rise in term loans from banks by Rs812.40 lakhs and an
increase in loans from others by Rs179.86 lakhs, which is offset by current maturity of loan term borrowings by Rs246.18 lakhs.

Short-Term Borrowings

Short-term borrowings increased by Rs244.50 lakhs, representing a 28.75% increase from Rs244.50 lakhs in Fiscal 2023 to
Rs850.40 lakhs in Fiscal 2024. This increase was primarily driven by an increase in working capital loan by Rs47.06 lakhs and
Rs212.03 lakhs due to the reclassification of the current maturities of long-term borrowings amounts due within the next 12
months under short-term borrowings to support business operations.

Trade Payable

Trade payables increased by Rs66.93 lakhs i.e. 10.57%, increase from Rs632.97 lakhs in fiscal 2023 to Rs699.90 lakhs in fiscal
2024. This increase is primarily attributable to higher raw material purchases needed to meet elevated demand.

Calculation for trade payable day

Particulars	For year ended March 31,
	2024	2023
Cost of material consumed	3104.80	3035.46
Average Trade Payable	666.43	605.10
Trade Payable Ratio	4.66	5.02
Trade Payable days	78	73

Inventories

The inventory of stock-in-trade increased by ?399.66 lakhs, rising from Rs462.90 lakhs in Fiscal 2023 to Rs862.56 lakhs in
Fiscal 2024. This increase is primarily attributable to a rise in raw materials by Rs215.06 lakhs, finished goods by Rs248.46

Trade Receivables

Trade receivables increased by Rs43.35 lakhs, representing a 17.29% rise from T250.81 lakhs in Fiscal 2023 to T294.16 lakhs
in Fiscal 2024. This increase is primarily attributable to the increase in sales to meet elevated demand.

Short-term loans and advances

Short-term loans and advances increased by Rs225.17 lakhs i.e. 1403.80%, rise from Rs 16.04 lakhs in fiscal 2023 to Rs 241.21
lakhs in fiscal 2024. This increase is primarily due to an increase in advances to suppliers.

OUR REVENUE MODEL

a) Following is our revenue from operations product wise for the period ended March 31, 2025, March 31, 2024 and March 31,
2023.

(Rs In Lakh except percentage)

Revenue Segment	F.Y.2024-25		F.Y.2023-24		F.Y. 2022-23
	Revenue	% of Revenue	Revenue	% of revenue	Revenue	% of revenue
Pipes(1)	2094.21	45.95%	1,684.02	39.64%	1,377.01	36.93%
Fittings and Other Ancillary Products(2	2463.58	54.05%	2,564.06	60.36%	2,351.38	63.07%
Grand Total	4557.79	100.00%	4,248.08	100.00%	3,728.39	100.00%

1 Pipes include cPVC Pipes, uPVC Pipes, Agriculture Pipes (Sel Fit), SWR Ring Fit Pipes and SWR Sel Fit Pipes

2 Fittings and other ancillary products include cPVC Fittings, uPVC Fittings, Agriculture Fittings (Sel Fit), SWR Ring Fit
Fittings, SWR Sel Fit Fittings, P. T.M.T. Taps, garden pipes, etc.

b) Following is our revenue from operations for the period ended March 31, 2025, March 31, 2024 and March 31, 2023 on
the basis of geographical market:

Rs In Lakhs, except percentage)

Particulars	FY 2024-2025		FY 2023-2024		FY 2022-2023
	Revenue from Operations	% of Total Revenue from Operations	Revenue from Operations	% of Total Revenue from Operations	Revenue from Operations	% of Total Revenue from Operations
Revenue from Domestic Market	4452.27	97.68%	4,124.83	97.10%	3,603.39	96.65%
Revenue from Exports*	105.52	0.02%	123.25	2.90%	125.00	3.35%
Total	4,557.79	100.00%	4,248.08	100.00%	3,728.39	100.00%

*Our Company is exporting the products to only one country viz., Nepal.

c) Following is our revenue from operations for the financial year ended March 31, 2025, March 31, 2024 and March 31,
2023 on the basis of regional market:

Particulars	FY 2024-2025		FY 2023-2024		FY 2022-2023
	Revenue from Operations	% of Total Revenue from Operations	Revenue from Operations	% of Total Revenue from Operations	Revenue from Operations	% of Total Revenue from Operations
Gujarat	1,892.55	41.52%	1,071.00	25.21%	967.38	25.95%
Uttar Pradesh	615.91	13.51%	622.56	14.66%	632.02	16.95%
Madhya Pradesh	318.07	6.98%	381.43	8.98%	137.69	3.69%
Rajasthan	268.65	5.89%	286.72	6.75%	272.83	7.32%
Haryana	187.46	4.11%	327.34	7.71%	299.12	8.02%
Andhra Pradesh	162.22	3.56%	180.49	4.25%	92.57	2.48%
Tamil Nadu	137.12	3.01%	144.96	3.41%	209.73	5.63%
Maharashtra	136.04	2.98%	206.06	4.85%	207.89	5.58%
Jharkhand	122.06	2.68%	106.15	2.50%	85.29	2.29%
Bihar	108.99	2.39%	86.61	2.04%	109.57	2.94%
Chhattisgarh	105.69	2.32%	80.39	1.89%	46.68	1.25%
West Bengal	105.39	2.31%	152.94	3.60%	173.66	4.66%
Karnataka	101.17	2.22%	171.73	4.04%	79.45	2.13%
Odisha	77.25	1.69%	91.59	2.16%	137.82	3.70%
Kerala	26.27	0.58%	80.31	1.89%	39.32	1.05%
Telengana	19.78	0.43%	18.34	0.43%	18.34	0.49%
Assam	19.42	0.43%	35.50	0.84%	40.00	1.07%
Punjab	17.25	0.38%	28.36	0.67%	16.82	0.45%
Delhi	10.28	0.23%	27.29	0.64%	24.40	0.65%
Chandigarh	7.25	0.16%	4.34	0.10%	0.74	0.02%
Uttarakhand	5.88	0.13%	6.47	0.15%	7.16	0.19%
Goa	3.44	0.08%	7.37	0.17%	1.66	0.04%
Jammu & Kashmir	2.10	0.05%	0.37	0.01%	2.95	0.08%
Tripura	0.92	0.02%	1.35	0.03%	-	0.00%
Himachal Pradesh	0.80	0.02%	4.93	0.12%	0.20	0.01%
Arunachal Pradesh	0.30	0.01%	-	0.00%	-	0.00%
Puducherry	-	0.00%	0.23	0.01%	0.11	0.00%
Total	4,452.27	97.25%	4,124.83	97.10%	3,603.39	96.65%

The details of new product introductions by the Company on a year-on-year basis, along with the corresponding impact on
margins, are as follows:

Financi al Year		Type	New products introduce d during the year 2021-22	Amounts (Rs. in Lakhs) for FY 2021-22	Margin %	New products introduce d during the year 2022-23	Amounts (Rs. in Lakhs) for FY 2022-23	Margin %	New products introduce d during the year 2023-24	Amounts (Rs. in Lakhs) for FY 2023-24	Margin %	Amounts (Rs. in Lakhs) for FY 2024-25	Margin %
2021-22		Pipes	17	62.28	21.48		158.92	25.84		231.63	28.92	202.65	34.49
		Fittings	140	81.74	33.81		175.92	23.89		215.88	29.90	133.92	40.58
2022-23		Pipes				18	15.67	26.82	-	31.84	25.68	212.64	26.23
		Fittings				144	46.55	28.56	-	49.69	24.49	50.81	34.95
2023-24		Pipes				-			10	15.45	32.82	158.59	19.81
		Fittings				-			123	95.16	23.66	82.79	35.59
2024-25		Pipes				-	-	-
	Fittings					-	-	-
Total				144.03	27.65		397.07	26.28		639.65	27.58	841.40	31.94

 

Particulars	Fiscals
	2023	2024	2025
Total Turnover (Rs. in Lakhs)	3,728.39	4,248.08	4,557.79
% sales compared to Turnover	10.65%	15.06%	18.46%

e) Following is our product wise revenue along with cost of material consumed per kg.:

Period	Particulars	CPVC		UPVC		PVC		TOTAL
		Revenue (Rs. In Lakhs)	Avg rate per kg of cost of material Consumed	Revenue (Rs. In Lakhs)	Avg rate per kg of cost of material Consumed	Revenue (Rs. In Lakhs)	Avg rate per kg of cost of material Consumed	Revenue (Rs. In Lakhs)
2024-25	PIPE	828.76	134.75	543.99	56.09	721.47	55.80	2,094.21
2023-24		672.87	128.96	465.56	54.08	545.59	56.31	1,684.02
2022-23		648.17	161.58	406.16	71.41	322.67	73.99	1,377.01
2024-25	FITTINGS	924.68	195.88	811.42	95.90	727.48	79.57	2,463.58
2023-24		950.42	200.36	770.85	93.99	842.78	82.66	2,564.06
2022-23		923.23	262.00	792.99	129.12	635.16	112.00	2,351.38

RESULTS OF KEY OPERATIONS

The following table sets forth select financial data from our restated financial statement of profit and loss for the financial years
ended March 31, 2025, 2024 and 2023 the components of which are also expressed as a percentage of total revenue for last three
financial years.

(€ in lakhs)

Particulars	March 31, 2025	% of Total Income	March 31, 2024	% of Total Income	March 31, 2023	% of Total Income
Revenue from operation	4,557.79	99.04%	4,248.08	99.91%	3,728.39	99.73%
Other income	44.01	0.96%	3.72	0.09%	10.26	0.27%
Total Revenue	4,601.81	100.00%	4,251.80	100.00%	3,738.65	100.00%
Cost of material consumed	2,859.31	62.13%	3,104.80	73.02%	3,035.46	81.19%
Change in inventories	-75.00	-1.63%	-184.60	-4.34%	-29.61	-0.79%
Employee Benefits Expenses	251.10	5.46%	220.95	5.20%	163.01	4.36%
Finance Cost	176.04	3.83%	98.56	2.32%	87.78	2.35%
Depreciation and amortisation Cost	391.09	8.50%	247.43	5.82%	195.51	5.23%
Other Expenses	313.90	6.82%	351.68	8.27%	251.66	6.73%
Total Expenses	3,916.45	85.11%	3,838.81	90.29%	3,703.80	99.07%
Profit Before Tax	685.36	14.89%	412.99	9.71%	34.85	0.93%
Total tax	170.30	3.70%	120.08	2.82%	4.97	0.13%
Profit for the Year (A)	515.06	11.19%	292.91	6.89%	29.87	0.80%

Review of Restated Financials

Revenue from Operations: Revenue from operations includes sales of goods in both the domestic and international markets
(exports). These sales encompass a variety of products, such as pipes, fittings, and other related items.

Other Income: Other income includes interest on deposits, interest on subsidy, discount income, subsidy income, loyalty
bonus received and other income.

Total Income: Our total income comprises of revenue from operations and other income.

Total Expenses: Companys total expenses consist of Cost of Material Consumed, Changes in Inventories, Employee benefit
expenses, Finance costs, Depreciation and Amortization expenses and other expenses.

Cost of material consumed: Cost of material consumed is calculated as Opening stock of Raw materials plus Purchases
during the year less Closing stock of Raw materials.

Change In Inventories of Finish Goods, Stock in trade & Work in progress: Changes in inventories consists of costs
attributable to an increase or decrease in inventory levels during the relevant financial period in Finished goods and work in
progress (WIP).

Employee Benefits Expense: Employee benefit expense includes Salary & Wages, contribution to provident fund and
Gratuity and Staff welfare expenses.

Finance Cost: Finance cost includes interest expenses on outside borrowings availed by company.

Operating & Other expenses: Other expenses mainly consist of Manufacturing expenses such as labour subcontracting/ job
work expense, electric power & fuel, freight & forwarding expense, Selling & distribution expenses such as advertisement
expense, business promotional/marketing expense, commission expense, Establishment expenses such as travelling expenses,
borrowings expenses, office expenses.

REVIEW OF OPERATION FOR THE PERIOD ENDED MARCH 31, 2025
Revenue from Operations

The total revenue from operations for the period ending on March 31, 2025, amounted to Rs 4557.79 lakhs, representing 99.04
% of the companys total income. This includes Rs2,094.21 lakhs from the sale of pipes, Rs2,463.58 lakhs from fitting & other
Ancillary Products.

Other Income

Other income for the period ended March 31, 2025, amounted to Rs44.01 lakhs, representing 0.96 % of the total income. This
primarily comprises Rs34.40 lakhs from loyalty bonus received, Rs7.56 lakhs from interest on deposits, Rs1 lakhs from Subsidy
Income, Discount income of Rs0.15 lakhs and Rs0.90 lakhs from other miscellaneous income.

Cost of material consumed

Cost of material expenses for the period ended March 31, 2025, amounted to Rs2,859.31 lakhs, representing 62.13% of the
total income. This includes major purchases of materials worth Rs2,800.78 lakhs, along with an opening stock of Rs288.90
lakhs and closing stock of Rs230.36 lakhs.

Change In Inventories of Finish Goods, Stock in trade & Work in progress

The change in finished goods, stock in trade, and work in progress for the period ended March 31, 2025, amounted to Rs75
lakhs. This includes the opening stock of finished goods at Rs478.95 lakhs, the closing stock of finished goods at Rs555.49
lakhs, as well as the opening and closing stock of work in progress at Rs94.72 lakhs and Rs93.18 lakhs, respectively

Employee Benefits Expenses

Employee benefit costs for the period ended March 31, 2025, totalled Rs251.10 lakhs, representing 5.46% of total income.
These expenses primarily comprise Rs245.93 lakhs for salaries and wages, Rs0.22 lakhs for provident fund contributions, Rs3.10
lakhs for gratuity, and Rs1.86 lakhs for staff welfare expenses.

Finance Costs

Financial expenses for the period ended March 31, 2025, totalled Rs176.04 lakhs, representing 3.83 % of total income. These
expenses were entirely attributable to interest on borrowings availed by the company, amounting to Rs1772.02 lakhs.

Depreciation and amortization expenses

Our depreciation and amortization expenses for the period ending March 31, 2025, totalled Rs391.09 lakhs, representing 8.5
% of total income. The increase in asset investments made by the company during the period contributed to the rise in
depreciation and amortization expenses.

Operating & Other expenses

Our Operating and other expenses for the period ended March 31, 2025, amounted to Rs313.90 lakhs constituting 6.82 % of
total income which primarily comprised of electric power & fuel expenses of Rs 116.58 lakhs, freight & forwarding expenses
of Rs46.66 lakhs, labor subcontracting/job work expenses of Rs30.05 lakhs and Repair to machinery expense of ^21.38 lakhs.

Profit before tax

Our profit before tax for the period ended March 31, 2025, amounted to Rs685.36 lakhs constituting 14.89% of total income.
Tax Expenses

Our tax expenses for the period ending March 31, 2025, amounted to Rs170.30 lakhs, representing 3.70% of our total income.
This reflects the companys effective tax burden, which is in line with its overall income performance and financial position
for the period.

Profit after Tax

Our profit after tax for the period ending March 31, 2025, was Rs515.06 lakhs, making up 11.19% of our total income. This
shows the companys strong ability to earn profit after taxes, reflecting good control over costs and solid financial
performance during the period

Rationale for increase in Profit After Tax (PAT) compared to Revenue from Operations

Our profit after tax for the period ended March 31, 2025, was Rs 515.06 lakhs, making up 11.19% of our total income. This
shows the companys strong ability to earn profit after taxes, reflecting good control over costs and solid financial
performance during the period. The revenue for the financial year ending March 31, 2025, amounted to Rs 4,557.79 lakhs,
with other income of Rs44.01 lakhs, totalling Rs 4,601.81 lakhs in total income. The total expenses for the same period were Rs
3,916.45 lakhs, which is 85.11% of total income, showing a decrease in total expenses compared to previous years. The total
expenses as a percentage of total income were 99.07% in FY 2023, and 90.29% in FY 2024. This Rs 77.64 lakhs reduction in
total expenses during the financial year 2024-25 has contributed to the increase in PAT.

The primary driver behind this decline in total expenditure can be attributed to a decrease in the cost of materials consumed,
which accounted for 60.50% of total income in the financial year 2024-25, compared to 68.68% in FY 2024 and 80.40% in
FY 2023. This reduction in material costs has been a key factor in improving profitability. All these factors together resulted
in a PAT of Rs 515.06 lakhs and a PAT margin of 11.19% for the period ending March 31, 2025.

COMPARISON OF F.Y. 2024 WITH F.Y. 2023:

Revenue from Operations

The companys revenue from operations for the financial year 2023-24 is Rs4,248.08 lakhs, showing an increase of Rs519.69
lakhs, or 13.94%, compared to the previous years revenue of Rs3,728.39 lakhs. This includes the increase in sale of pipes of
Rs307.01 lakhs and increase in sale of fitting & other Ancillary Products Rs 212.68 lakhs among the revenue bifurcation.

Sales to domestic customers increased by 14.47%, while sales to international customers remained largely similar to previous
year.

Other Income

Other income for the financial year 2023-24 decreased by 63.73%, falling to Rs 3.72 lakhs compared to Rs 10.26 lakhs in the
previous year 2022-23. This decline was mainly due to a reduction of Rs 6.04 lakhs in interest on subsidies and Rs 1.78 lakhs
decrease in discount income. This reflects the companys increased focus on its core activities.

Cost Of Material Consumed

The cost of materials consumed for the fiscal year 2023-24 was Rs3,104.80 lakhs constituting 73.02% of total income.
Change In Inventories of Finished Goods, Stock In Trade & Work In Progress

There was an increase of Rs 184.60 lakhs for Fiscal 2024 as compared to an increase of Rs 29.61 lakhs for Fiscal 2024, primarily
attributable to a higher inventory of Finished goods at the end of year.

Employee Benefits Expenses

Employee benefit expenses for the financial year 2023-24 increased by 35.54%, rising to Rs220.95 lakhs from Rs163.01 lakhs
in the previous year 2022-23. This increase was mainly due to Rs 49.41 lakhs rise in salaries and wages, Rs0.07 lakhs increase
in provident fund contributions, Rs 7.12 lakhs rise in gratuity contributions, and an additional Rs1.33 lakhs in staff welfare
expenses.

Finance Cost

Finance costs for the financial year 2023-24 increased by 12.28%, rising to Rs98.56 lakhs from Rs87.78 lakhs in the previous
year 2022-23. This increase was mainly due to Rs 10.78 lakhs rise in interest expenses, which resulted from higher borrowings,
both short-term and long-term, taken on by the company during the current year.

Depreciation and Amortisation Expenses

Depreciation and amortization expenses for the financial year 2023-24 increased by 26.56%, rising to Rs247.43 lakhs,
compared to Rs195.51 lakhs in the previous year 2022-23. This rise was primarily due to increased investments in the purchase
of fixed assets, which led to a higher asset base. As a result, the company experienced a corresponding increase in depreciation
and amortization expenses.

Operating & Other expenses

Other expenses for the financial year 2023-24 increased by 39.75%, rising to Rs351.68 lakhs from Rs251.66 lakhs in the
previous year 2022-23. This increase was primarily driven by several factors, including Rs48.13 lakhs rise in electric power
and fuel costs, Rs13.11 lakhs increase in advertising expenses, Rs9.02 lakhs rise in business promotion and marketing costs,
and Rs10.16 lakhs increase in office expenses.

Tax Expenses

Tax expenses for the financial year 2023-24 increased by Rs115.11 lakhs, reaching a total of Rs120.08 lakhs, compared to Rs4.97
lakhs in the previous year 2022-23. This significant rise in tax expenses was primarily due to the substantial increase in the
companys revenue from operations, which led to a higher current tax liability.

Profit After Tax (PAT)

Due to the aforementioned factors, the profit experienced an upswing, the Profit After Tax (PAT) for the financial year 2023 -
24 reached Rs292.91 lakhs, showing a substantial increase from Rs29.87 lakhs in the previous year 2022-23. In terms of revenue,
PAT constituted 6.89% of the total revenue in 2023-24, compared to 0.80% in 2022-23. The significant growth in PAT can
be attributed to main factors: a notable increase in revenue from operations and a reduction in total expenses as a percentage
of revenue. These improvements reflect the companys ability to drive higher profits while controlling costs more effectively.

Rationale for increase in Profit After Tax (PAT) compared to Revenue from Operations

The increase in Profit after Tax (PAT) compared to Revenue from operation is mainly on account of:

• Reduction in cost of Raw materials consumed, which accounted for 68.68% of total income in FY 2023 -24 as compared to
the FY 2022-23 which is accounted for 80.40 % of total income. This is approximately decreased by 11.72 % compared to
previous year.

• Weve also launched a new product - PVC pipes - which offers a higher profit margin than our other products. This has also
contributed to the overall increase in profit compared to previous years.

• Additionally, our companys operational capacity has grown significantly, from 45.25% in FY 2022-23 to around 69.52% in
FY 2024-25. This increase in capacity has allowed the company to generate more revenue throughout the year. For reference,
a table showing the substantiate increase in capacity utilization as stated in CE certificate is attached below:

Product Name	FY 2024-2025			FY 2023-2024			FY 2022-2023
	Installed Capacity (in Tonnes)	Utilized Capacity (in Tonnes)	Utilized Capacity (%)	Installed Capacity (in Tonnes)	Utilized Capacity (in Tonnes)	Utilized Capacity (%)	Installed Capacity (in Tonnes)	Utilized Capacity (in Tonnes)	Utilized Capacity (%)
Pipes	2,490	1,731.01	69.52%	2,490	1,708.40	68.61%	2,490	1,126.70	45.25%
Fittings	1,060	862.42	81.36%	1,060	841.66	79.40%	936	702.10	75.01%

*Based on the Certificate issued by Vasant P. Bhadra(Chartered Engineer) dated May 18, 2025.

Furthermore, we demonstrated exceptional inventory management skills, efficiently converting raw materials and work -in
progress into finished goods.

Cash Flow

The table below summaries our cash flows from our Restated Financial Information for the period ended March 31, 2025,
and for the financial years ended on 2024 and 2023:

Particulars	For the Financial year Ended
	March 31, 2025	March 31, 2024	March 31, 2023
Net cash (used in)/ Generated from operating activities	1,457.13	196.50	464.79
Net cash (used in)/ Generated from investing activities	(1,211.21)	(1,148.64)	(215.92)
Net cash (used in)/ Generated from finance activities	(245.57)	929.27	(226.51)
Net increase/ (decrease) in cash and cash equivalents	0.35	(22.86)	22.37
Cash and Cash Equivalents at the beginning of the period	0.70	23.57	1.20
Cash and Cash Equivalents at the end of period	1.05	0.70	23.57

Net cash generated from operating activities

Net cash generated from operating activities for the period ended March 31, 2025 was Rs 1,457.13 lakhs and our profit before
tax that period was Rs 685.36 lakhs. The difference was primarily attributable to depreciation of Rs 391.09 lakhs, Finance cost s
of Rs 176.04 lakhs and thereafter change in working capital of Rs 390.80 lakhs respectively. We have income tax paid of Rs
(172.81) lakhs.

Net cash generated from operating activities in the financial year 2023-24 was Rs 196.50 lakhs and our profit before tax that
period was Rs 412.99 lakhs. The difference was primarily attributable to depreciation of Rs 247.43 lakhs, Finance costs of Rs
98.56 lakhs and thereafter change in working capital of Rs (466.15) lakh respectively. We have income tax paid of Rs 101.14
lakh.

Net cash generated from operating activities in Financial 2022-23 was Rs 464.79 lakhs and our profit before tax that period
was Rs 34.85 lakhs. The difference was primarily attributable to Depreciation of Rs 195.51 lakh, Finance costs of Rs 87.78 lakhs
and thereafter change in working capital of Rs 162.67 lakhs respectively. We have income tax paid of Rs 13.26 lakhs.

Net cash used in investing activities

For the period ended March 31, 2025 our net cash used in investing activities was Rs (1,211.21) lakhs, which was primarily
for Purchase of property, plant & equipment of Rs (1,300.14), increase in other non-current assets of Rs 81.37 lakhs and Interest
income of Rs 7.56 lakhs.

In the Financial 2023-24, our net cash used in investing activities was Rs (1,148.64) lakhs, which was primarily for Purchase
of property, plant & equipment of Rs (1,055.82) lakhs and increase in other non-current assets of Rs (94.81) and interest income
of Rs 2.00 lakhs.

In the Financial 2022-23, our net cash used in investing activities was Rs (215.92) lakh, which was primarily for Purchase of
property, plant & equipment Rs (234.47) lakhs and decrease in other non-current assets of Rs 17.70 lakhs and interest income
of Rs 0.85 lakhs.

Net cash generated from/ used in financing activities.

For the Financial 2024-25 our net cash used in financing activities was Rs (245.57) lakhs. This was primarily due to repayment
of long term borrowings (net) of Rs (111.03) lakhs, repayment of short borrowings (net) of Rs (273.63) lakhs and interest paid
Rs (176.04) lakhs,.

In the Financial 2023-24, our net cash generated from financing activities was Rs 929.27 lakhs. This was primarily due to
proceeds received of Rs 244.50 lakhs from short-term borrowing and from long-term borrowings of Rs 783.33 lakhs. We have
paid interest of Rs (98.56) for the current year.

In the Financial 2022-23, our net cash used in financing activities was Rs (226.51) lakhs. This was primarily due to interest
paid Rs (87.78) lakhs, repayment of long-term borrowing of Rs (121.00) lakhs and repayment of short-term borrowing of Rs
(17.73) lakhs.

Related Party Transactions

Related party transactions with certain of our promoter, directors and their entities and relatives primarily relate to
remuneration, salary, rent payables, advances and issue of Equity Shares. For further details of related parties kindly refer
chapter titled "Restated Financial Statements" beginning on page 26 of this RHP.

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. In line with changing inflation rates, we rework our
margins 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.

Information required as per Item 11 (II) (C) (iv) of Part A of Schedule VI to the SEBI Regulations:

1. Unusual or infrequent events or transactions

To our knowledge there have been no unusual or infrequent events or transactions that have taken place during the last three
years.

2. Significant economic changes that materially affected or are likely to affect income from continuing operations.

Our business has been subject, and we expect it to continue to be subject to significant economic changes arising from the
trends identified above in ‘Factors Affecting our Results of Operations and the uncertainties described in the section entitled
"Risk Factors " beginning on page 26 of this Red Herring Prospectus. To our knowledge, except as we have described in this
Red Herring Prospectus, there are no known factors which we expect to bring about significant economic changes.

3. Income and Sales on account of major product/main activities

Income and sales of our Company mainly consists of sale of Goods includes sale of pipes, sale of fittings, sale of solvent and
other products.

4. Whether the company has followed any unorthodox procedure for recording sales and revenues

Our Company has not followed any unorthodox procedure for recording sales and revenues.

5. 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 titled "Risk Factors beginning on page 26 in this 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.

6. Extent to which material increases in net sales or revenue are due to increased sales volume, introduction of new
products or services or increased sales prices.

Increases in revenues are by and large linked to increases in volume of business.

7. Total turnover of each major industry service in which the issuer company operated.

The Company is in the business of, the relevant industry data, as available, has been included in the chapter titled "Industry
Overview " beginning on page 26 of this Red Herring Prospectus.

8. Status of any publicly announced new products or business services.

Our Company has not announced any new services or business services.

9. The extent to which business is seasonal.

Our Companys business is not seasonal.

10. Any significant dependence on a single or few suppliers or customers.

The % of contribution of our Companys suppliers vis-a-vis the total revenue from operations respectively as of for the period
ended March 31, 2025, and for the Financial 2024 and 2023 is as follows:

Particulars	Top Suppliers as a percentage (%) of total purchases
	For the Financial Year Ended
	March 31, 2025	March 31, 2024	March 31, 2023
Top 5	49.16%	43.99%	40.10%
Top 10	65.97%	59.71%	55.14%

The % of contribution of our Companys customers vis-a-vis the total revenue from operations respectively as as of for the
period ended March 31, 2025, and for the Financial 2024 and 2023 is as follows:

Particulars	Top Customers as a percentage (%) of total sales
	For the Financial Year Ended
	March 31, 2025	March 31, 2024	March 31, 2023
Top 5	19.08%	26.18%	28.69%
Top 10	27.10%	35.69%	39.65%

11. Competitive conditions

Competitive conditions are as described under the Chapters titled "Industry Overview" and "Our Business" beginning on
pages 26 and 26, respectively of this Red Herring Prospectus.