Vivekanand Cotspin Ltd Management Discussions

You should read the following discussion of our financial position and results of operations together with our Restated Financial Information, including the schedule, notes and significant accounting policies thereto, included in the chapter titled Restated Financial Statements beginning on page 199 of this Draft Red Herring Prospectus. You should also read the chapter entitled

Risk Factors beginning on page 19 and Forward Looking Statements beginning on page 1, which discusses a number of factors, risks and contingencies that could affect our financial condition and results of operations.

The following discussion and analysis of our financial position and results of operations is based on our Restated Financial Statements for the financial years ended March 31, 2026, 2025 and 2024 including the related notes and reports, included in this Draft Red Herring Prospectus prepared in accordance with requirements of the Companies Act and restated in accordance with the SEBI Regulations, which differ in certain material respects from IFRS, U.S. GAAP and GAAP in other countries. Our Financial Statements, as restated have been derived from our audited financial statements for the respective period and years. Accordingly, the degree to which our Restated Financial Information will provide meaningful information to a prospective investor in countries other than India is entirely dependent on the readers level of familiarity with Indian GAAP, Companies Act, SEBI Regulations and other relevant accounting practices in India.

This discussion contains forward-looking statements and reflects our current views with respect to future events and financial performance. Actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors such as those described under chapter titled Risk Factors and Forward Looking Statements on pages 19 and 1, respectively, and elsewhere in this Draft Red Herring Prospectus. Our Financial Year ends on March 31 of each year. Accordingly, all references to a particular Financial Year are to the 12 months ended March 31 of that year.

BUSINESS OVERVIEW

Our Company was originally formed and registered as Limited Liability Partnership Firm under the name and style of Vivekanand Cotspin LLP pursuant to provisions of Limited Liability Partnership Act, 2008 (LLP Act), bearing registration no. AAE-4147 pursuant to Certificate of Incorporation dated July 21, 2015 issued by Registrar, Gujarat, Dadra and Nagar Havelli. Thereafter, it was converted in to a Private Limited company in the name and style of Vivekanand Cotspin Private Limited pursuant to the provisions of Companies Act, 2013 and fresh a certificate of Incorporation dated August 5, 2024 was issued by Registrar of Companies, Central Registration Centre bearing CIN No. U13111GJ2024PTC154066. Subsequently our Company was converted into Public Limited Company pursuant to a resolution passed by our Shareholders at an Extra Ordinary General Meeting held on December 2, 2024 and consequently the name of our company was changed from Vivekanand Cotspin Private Limited to

Vivekanand Cotspin Limited vide fresh certificate of incorporation dated December 16, 2024 issued by the Registrar of

Companies, Central Processing Centre. The Corporate Identity Number of our Company is U13111GJ2024PLC154066

Our registered office and manufacturing unit is situated at S. No. 181/1, 182/1, at Rangpurda, Kadi, Mahesana-382715, Gujrat, India.

Our company is engaged in the business of cotton processing and yarn manufacturing sector by way of Ginning of cotton and spinning of cotton yarn along with its trading. The products manufactured at our Company include Cotton bales, Cotton Seeds and Cotton Yarn. The company operates in two primary areas: cotton ginning and spinning. In the ginning process, it separates cotton fibers from seeds, which is the first step in preparing raw cotton for textile production. Following this, the company focuses on spinning, where the clean cotton fibers are turned into yarn. This yarn, produced in various counts and quality grades, is used by textile mills for weaving and knitting fabrics.

The companys product range is centered on cotton yarn, including carded and combed yarn, which caters to both domestic and international markets. Our Company serves a wide array of industries that require high-quality yarn for fabric production, and its reach extends beyond India, with exports to other countries. The company operates spinning mills, utilizing machinery to ensure efficient production while maintaining quality control.

The manufacturing facility of our Company is situated at Rangpurda, Kadi of Mahesana District in Gujarat state which is close to the rich cotton growing areas of Maharashtra and Saurashtra region of Gujarat. The company has established a production capacity of approximately 4,551 MT of Cotton Yarn and 8,000 MT of Cotton Bales annually. Our plant is equipped with plant and machinery. The level of advancement determines the productivity of machines and labor, which in turn, determines the production of our Company. Our technical team in spinning is well equipped with modern spinning technology and processing techniques by virtue of which we are able to ensure quality yarn. Technology is a crucial aspect of the cotton yarn industry.

The Promoters of our Company, Nirav Bharatbhai Patel, Jasmin Visnubhai Patel, Bharatbhai Prahaladbhai Patel, Vishnubhai Prahaladdas Patel and Gautam Bharatkumar Patel have 15, 06, 15, 15 and 09 years of experience in the cotton textile industry. Our

Promoters have sound knowledge of manufacturing process, marketing, finance and all kind of other commercial activities related to the cotton textile industry including but not limited to manufacturing and marketing of Raw Cotton, Cotton Bales, Cotton Seeds, Yarn and by-products. Under the leadership of our promoters, we have been able to maintain cordial customer relationship and generate repeated order flows.

OUR MANUFACTURING PROCESS

Our Manufacturing Process involves two processes i.e., Ginning and Spinning:

KEY PERFORMANCE

( In Lakhs except percentages and ratios)

Particulars		For the year ended
	March 31, 2026	March 31, 2025	March 31, 2024
Revenue from operations (1)	40,801.01	29,046.69	35,738.81
Growth in Revenue from Operations (2)
EBITDA (3)	1,509.31	1,458.92	1,459.46
EBITDA Margin (%) (4)	3.70%	3.99%	4.08%
PAT (7)	368.78	407.38	335.33
PAT Margin(%) (8)	0.90%	1.40%	0.94%
Total debt (9)	4,499.52	5,475.91	4,001.57
Net Worth (10)	2,893.57	1,726.46	2,062.49
RONW (%) (11)	15.96%	26.09%	11.72%
ROCE (%) (12)	13.14%	12.16%	14.09%
EPS (13)	2.45	2.72	2.24
Book Value per share (14) (Post Bonus)	17.81	11.51	13.75
Debt To Equity or Leverage Ratio (15)	1.56	3.17	1.94

Notes:

(1) Revenue from operation means revenue from sales;

(2) Growth in Revenue from Operations (%) is calculated as Revenue from Operations of the relevant period minus Revenue from Operations of the preceding period, divided by Revenue from Operations of the preceding period; (3) EBITDA is calculated as Profit before tax + Depreciation + Interest Expenses - Other Income

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

(5) EBIT is calculated as Restated profit/ (loss) for the period/ year + Tax expense/(benefit) + Interest expense - Other Income. (6) EBIT Margin is calculated as EBIT divided by Revenue from Operations. (7) PAT is calculated as Profit before tax Taxes; (8) PAT Margin is calculated as PAT for the period/year divided by revenue from operations. (9) Total debt = Non-current borrowing + current borrowing (10) Net Worth = Equity share capital + Reserves & Surplus - Accumulated Losses & Miscellaneous Expenditure not written off (11) RONW/ROE= Net profit after tax / Average Shareholders funds (12) ROCE = Profit before tax and finance cost / Average Capital employed* *Average Capital employed = Total Equity +Non-current borrowing + Current Borrowing +Deferred Tax liabilities - Deferred Tax Assets Intangible Assets.

(13) EPS = Net Profit after tax, as restated, attributable to equity shareholders divided by weighted average number of equity shares outstanding during the year after considering bonus and split of shares. (14) Book Value per share (Post Bonus)= (Shareholders Equity Preferred Equity)/(Total Outstanding shares post bonus) (15) Debt To Equity or Leverage Ratio = *Total Debt/ Total Shareholder Equity *Total Debts = Long Term Borrowing + Short Term Borrowing

After the date of last Audited accounts i.e., March 31, 2026, the Directors of our Company confirm that, there have not been any significant material development.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

For details in respect of Statement of Significant Accounting Policies, please refer Restated Financial Statements under chapter titled Restated Financial Statements beginning on page 199 of this Draft Red Herring Prospectus.

Significant Developments after March 31, 2026 that may affect our Future Results of Operations

The Directors confirm that there have been no events or circumstances since the date of the last financial statements as disclosed in the Draft Red Herring Prospectus which materially or adversely affect or is likely to affect the profitability of our Company, or the value of our assets, or our ability to pay liabilities within next twelve months.

FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our business is subjected to various risks and uncertainties, including those discussed in the chapter titled Risk Factors beginning on page 19 of this Draft Red Herring Prospectus. Our results of operations and financial conditions are affected by numerous factors including the following:

? Sourcing and Supplier Relationships; ? Inventory Management; ? Cotton Price Risk; ? Credit worthiness of our customers;

? Customer spending, demographics and general economic and market conditions in India; ? Competition; ? COVID-19 Pandemic; ? Natural Calamities e.g., Tsunami; ? Political Stability of the Country; ? Our dependence on limited number of customers for a significant portion of our revenues;

? Any failure to comply with the financial and restrictive covenants under our financing arrangements; ? Failure to obtain any applicable approvals, licenses, registrations and permits in a timely manner;

? Failure to adapt to the changing technology in our industry of operation may adversely affect our business and financial condition; ? Conflicts of interest with affiliated companies, the promoter group and other related parties; ? The performance of the financial markets in India and globally; ? Our ability to expand our geographical area of operation; ? Concentration of ownership among our Promoters.

BRIEF FINANCIALS OF OUR COMPANY

( in Lakhs)

Particulars	For the year ended March 31,
	2026			2025			2024
	Amount	% of Total Income	Amount (For period ended March 31, 2025)	Total Income % of	Amount (For the period ended August 04, 2024)	% of Total Income	Amount	% of Total Income
Revenue from operations	40,801.01	99.68%	29,046.69	99.84%	7546.69	99.86%	35,738.81	99.82%
Other Income	131.14	0.32%	47.06	0.16%	10.80	0.14%	62.81	0.18%
Total Income	40,932.15	100.00%	29,093.76	100.00%	7557.49	100.00%	35,801.62	100.00%
EXPENDITURE
Cost of materials Consumed	23,732.07	57.98%	15,288.98	52.55%	5258.54	69.58%	20,506.34	57.28%
Purchases of stock- in-trade	13,341.37	32.59%	12,059.69	41.45%	380.65	5.04%	12,754.25	35.62%
Changes in inventories	666.46	1.63%	(430.73)	-1.48%	888.63	11.76%	(1,213.88)	-3.39%
Employee benefit expenses	415.45	1.01%	277.90	0.96%	110.93	1.47%	418.12	1.17%
Finance costs	556.81	1.36%	260.91	0.90%	182.92	2.42%	440.04	1.23%
Depreciation and amortization	570.77	1.39%	387.90	1.33%	211.41	2.80%	557.99	1.56%
Other Expenses	1,136.35	2.78%	910.37	3.13%	389.57	5.15%	1,814.51	5.07%
TOTAL EXPENSES	40,419.27	98.75%	28,754.95	98.84%	7422.65	98.22%	35277.38	98.54%
Profit/(Loss) Before Exceptional & extraordinary items & Tax (3-5)	512.87	1.25%	338.81	1.16%	134.84	1.78%	524.24	1.46%
Exceptional and Extra-ordinary items	-	-	15.91	0.05%	-	-	-	-
Profit Before Tax	512.87	1.25%	322.90	1.11%	134.84	1.78%	524.24	1.46%
Tax Expenses
Current Tax	138.37	0.34%	70.83	0.24%	33.76	0.45%	89.03	0.25%
Deferred Tax	5.72	0.01%	(155.31)	-0.53%	14.17	0.19%	99.88	0.28%
Short/(Excess)
Provision of Earlier Year	-	-	-	-	-	-	-	-
Profit After Tax	368.78	0.90%	407.38	1.40%	86.90	1.15%	335.33	0.94%

Comparison of Financial Performance of Fiscal 2026 with Fiscal 2025

1. INCOME:

Total Revenue: During FY 2025-26, the companys total revenue increased to 40,932.15 Lakhs, from the amount of 36,651.25 Lakhs recorded in FY 204-2025.

Revenue from Operations: During FY 2025 26, revenue from operations increased to 40,801.01 lakhs from 36,593.38 lakhs in FY 2024 25. The growth in sales during the year was primarily driven by a significant increase in export revenue. Exports contributed 10.24% of the total revenue in FY 2025 26, as compared to 2.48% in FY 2024 25.

Other Income: Other income for FY 2025-26 increased to 131.14 Lakhs from 57.87 Lakhs in FY 2024-25, during the previous financial year. The growth in Other Income is due to increase in Foreign Exchange Gain, as exports increased in FY 2025-26.

2. EXPENSES:

Total Expenses: The total expenditure for FY 2025-26 increased to 40,419.27 lakhs as against 36,177.60 Lakhs in FY 2024-25. The increase in expenses was mainly on account of higher raw material consumption and employee benefit expenses, which were incurred to support higher production volumes and increased sales activity during the year.

Raw Material Consumption: The cost of Raw materials consumed for FY 2025-26 increased to 37,739.90 Lakhs from 33,445.68 Lakhs in FY 2024-25. This increase was primarily attributable to higher sales volumes during the year, which necessitated increased procurement of raw materials to support the Companys expanded production and order execution requirements.

Employee Benefits Expense: The employee benefits expense for FY 2025-26increased to 415.45 Lakhs from 388.83 Lakhs in FY 2024-25. The increase was mainly due to remuneration to directors, along with increments in salaries and wages and staff welfare expenses.

( in Lakhs)

Employee Benefits Expense	2026	2025
Salary & Wages	382.46	364.84
Contribution to Provident & Pension/Other Funds	3.95	4.02
Gratuity Expense	11.64	11.26
Staff welfare Expenses	17.40	8.71
Total	415.45	388.83

Finance Cost: Finance cost for FY 2025-26 increased to 556.81 Lakhs from 443.83 Lakhs in FY 2024-25. The increase was mainly due to higher utilization of working capital borrowings.

Depreciation and Amortization Expense: The Depreciation and Amortization Expenses for FY 2025-26 have decreased to

570.77 Lakhs, from the amount of 599.31 Lakhs in FY 2024-25.

Other Expenses: The Other Expenses for the FY 2025-2026 has decreased to 1,136.35 Lakhs from 1,299.94 Lakhs in FY 2024-25. The decrease was mainly due to decrease in power and fuel expenses.

3. PROFIT:

Profit/ (Loss) Before Tax: The restated profit before tax for FY 2025-26 increased to 512.87 Lakhs as compared 457.74 Lakhs in FY 2024-25, representing an increase of approximately 12.04%. The improvement in profitability was primarily attributable to higher sales volumes during the year and savings in power & fuel cost.

Profit/ (Loss) After Tax: The restated profit after tax for FY 2025-26 decreased to 368.78 Lakhs as compared to 494.29 Lakhs in FY 2024-25, representing a decrease of approximately 25.3%. This decrease was mainly due to difference in deferred tax as earlier the company was a LLP and the applicable rate of tax was 34.94% but since now it is converted into a company the applicable tax rate is 25.17%, this creates reversal of DTL and this was booked in FY 2024-25 which resulted in lower tax and higher profit.

Comparison of Financial Performance of Fiscal 2025 with Fiscal 2024

The following descriptions set forth information with respect to the key components of our profit and loss statement.

1. INCOME:

Total Revenue: During FY 2024-25, the companys total revenue increased to 3,028.32 Lakhs, from the amount of 2,652.52 Lakhs recorded in FY 2023-2024.

Revenue from Operations: During FY 2024 25, the Companys revenue from operations increased to 36,593.38 lakhs from 35,738.81 lakhs in FY 2023 24, registering a growth of approximately 2%. The growth in revenue was primarily attributable to stable demand conditions.

Other Income: During FY 2024-25, the Companys other income increased to 57.87 Lakhs as compared to 62.81 Lakhs in FY

2023-24. This was mainly due to increase in interest income.

2. EXPENSES:

Total Expenses: The total expenditure for FY 2024-25 has increased to 36.177.60 Lakhs as against 35,277.38 Lakhs in FY 2023-24.

? Raw Material Consumption: The Cost of materials consumed for FY 2024-25 have increased to 33,445.68 Lakhs, from the amount of 32,046.71 Lakhs in FY 2023-24. This increase was primarily attributable to increase in raw material prices, particularly Kapas & Cotton Bales, during FY 2024-25;

Employee Benefits Expense: The Employee Benefit Expenses for FY 2024-25 have decreased to 388.83 Lakhs, from the amount of 418.12 Lakhs in FY 2023-24. The decrease is due to salary & wages and mentioned in the below table:

( in Lakhs)

Employee Benefits Expense	2025	2024
Salary & Wages	364.84	406.23
Contribution to Provident & Pension/Other Funds	4.02	4.55
Gratuity Expense	11.26	-
Staff welfare Expenses	8.71	7.34
Total	388.83	418.12

Finance Cost: The Finance cost for FY 2024-25 have increased to 443.83 Lakhs, from the amount of 440.04 Lakhs in FY 2023-24. It has increased by 0.86%.

Depreciation and Amortization Expense: The Depreciation and Amortization Expenses for FY 2024-25 have decreased to 557.99 Lakhs, from the amount of 599.31 Lakhs in FY 2023-24. This was mainly due to disposal in fixed assets by Rs. 106.75 Lakhs during the year FY 24-25.

Other Expenses: The Administrative Selling & Other Expenses for the FY 2024-2025 has decreased to 1299.94 Lakhs from 1814.51 Lakhs in FY 2023-24. The decrease was mainly due to decrease in power and fuel expenses as company installed solar power plant which commissioned from May 2024.

3. PROFIT:

Profit/ (Loss) Before Tax: The Restated Profit before Tax for FY 2024-25 has been significantly decreased to 473.65 Lakhs as against Profit before Tax of 524.24 Lakhs in the FY 2023-24.Despite the increase in revenue, the Company witnessed pressure on profit due to a higher increase in cost of goods sold. However, the Company undertook cost optimization measures during the year, resulting in reduction in other expenses which partially mitigated the impact of increased raw material costs.

Profit/ (Loss) After Tax: The restated Profit After Tax for FY 2024-25 has been increased to 494.29 Lakhs as against Profit after tax of 335.33 Lakhs in the FY 2023-24. The increase in PAT was mainly on account of deferred tax credit recognized during the year.

CASH FLOWS

( in Lakhs)

Particulars	For the Year ended March 31
	2026	2025	2024
Net Cash from Operating Activities	866.64	-1,078.76	2,440.04
Net Cash from Investing Activities	-126.84	-23.80	-1,543.89
Net Cash from Financing Activities	-733.20	1113.73	-988.79

Cash Flows from Operating Activities

Net cash Outflow from operating activities for year ended March 31, 2026 was at 868.31 Lakhs as compared to the Profit

Before Tax at 512.87 Lakhs. This was mainly due to following reasons:

1. Depreciation;

2. Payment of taxes

3. Increase in trade payables

4. Due to interest which is part of financing activity but while considering profit before tax we have reduce from profits;

1. Depreciation;

2. Increase in Trade Receivables;

3. Due to interest which is part of financing activity but while considering profit before tax we have reduce from profits;

4. Increase in short term loans and advances.

Net cash Outflow from operating activities for year ended March 31, 2024 was at 2,440.04 Lakhs as compared to the Profit Before Tax at 524.24 Lakhs. This was primarily due to working capital change.

1. Depreciation;

2. Increase in Trade Payables.

3. Due to interest which is part of financing activity but while considering profit before tax we have reduce from profits.

4. Due to decrease in trade receivable

Cash Flows from Investment Activities

For the year ended March 31, 2026, net cash outflow from Investing Activities were (126.84) Lakhs. This was mainly due to investment in Fixed Assets.

For the year ended March 31, 2025, net cash outflow from Investing Activities were (23.80) Lakhs. This was mainly due to investment in Fixed Assets.

For the year ended March 31, 2024, net cash outflow from Investing Activities were (1,543.89) Lakhs. This was mainly due to investment in Fixed Assets.

Cash Flows from Financing Activities

For the year ended March 31, 2026, net cash inflow from Financing Activities were ( 733.20) Lakhs. This was mainly due to payment of long term loans.

For the year ended March 31, 2025, net cash inflow from Financing Activities were ( 1,958.89) Lakhs. This was mainly due to payment of long term loans.

For the year ended March 31, 2024, net cash inflow from Financing Activities were ( 988.79) Lakhs. This was mainly to payment of long term loans.

Related Party Transactions

For further information, Please refer chapter titled Restated Financial Statement beginning from page no. 199 of this Draft Red Herring Prospectus.

Off-Balance Sheet Items

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

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 Risks

We are currently exposed interest to rate risks to the extent of outstanding loans. However, any rise in future borrowings may increase the risk.

Effect of Inflation

We are affected by inflation as it has an impact on the operating cost, staff costs etc. In line with changing inflation rates, we rework our margins so as to absorb the inflationary impact.

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. There are no Unusual or infrequent events or transactions in our Company. The transactions are as per usual business operations.

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 19 of the Draft Red Herring Prospectus. To our knowledge, except as we have described in the Draft Red Herring Prospectus, there are no known factors which we expect to bring about significant economic changes.

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 19 in the Draft 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, in case of events such as future increase in labour or material costs or prices that will cause a material change are known.

Apart from the risks as disclosed under Section titled Risk Factors beginning on page 19 in this Draft Red Herring Prospectus, there are no known factors that may adversely affect our business prospects, results of operations and financial condition.

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

Our Company is primarily engaged in manufacturing and selling of Cotton Yarns. Our manufacturing process adheres to stringent quality standards and is backed by advanced technology and machinery. Further, increases in revenues are by and large linked to increase in sales of products sold by our company and also dependent on capacity utilization and on the price realization of our products.

6. Total turnover of each major industry segment in which the Issuer company operated.

Our Company is primarily engaged in manufacturing and selling of Cotton Yarns. Our manufacturing process adheres to stringent quality standards and is backed by advanced technology and machinery. Relevant Industry data, as available, has been included in the chapter titled Industry Overview beginning on page 109 of this Draft Red Herring Prospectus.

7. Status of any publicly announced new products or business segment.

Our Company is primarily engaged in manufacturing and selling of Cotton Yarns. Our manufacturing process adheres to stringent quality standards and is backed by advanced technology and machinery. Otherwise as stated in the Draft Red Herring Prospectus and in the section Business Overview appearing on page 140, our company has not publicly announced any new business segment till the date of this Prospectus.

8. The extent to which business is seasonal.

Our Company is primarily engaged in manufacturing and selling of Cotton Yarns. Our manufacturing process adheres to stringent quality standards and is backed by advanced technology and machinery. Business of our company to that extent is not seasonal in nature. Hence, our business is not subject to seasonality or cyclicality.

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

The percentage of contribution of our Companys customer vis-à-vis the total revenue from operations for the year ended on March 31, 2026, 2025 and 2024 is as follows:

( in Lakhs)

Particular	For the period ended March 31, 2026		For the period ended March 31, 2025		For the period ended March 31, 2024
	Amount	%	Amount	%	Amount	%
Top 1 customer	4,857.82	12.02	10,660.60	29.31	13,743.42	38.84
Top 3 customer	10,091.03	24.98	21,164.32	58.20	26,054.82	73.63
Top 5 customers	14,080.91	34.86	26,166.93	71.95	27,914.40	78.88
Top 10 customers	20,676.99	51.18	30,215.41	83.08	31,400.01	88.73

Note that Name of Customers are not mentioned since Company has not received written consent from its Customers till filing of Draft Red Herring Prospectus to include their name in this Draft Red Herring Prospectus.

( in Lakhs)

Particular	For the period ended March 31, 2026		For the period ended March 31, 2025		For the period ended March 31, 2024
	Amount	%	Amount	%	Amount	%
Top 1 Supplier	8,122.72	21.30	13,281.82	40.95	12,865.60	39.47
Top 3 Suppliers	11,998.62	31.46	17,155.34	52.90	18,780.43	57.61
Top 5 Suppliers	14,568.38	38.20	20,139.17	62.10	21,609.71	66.29
Top 10 Suppliers	19,300.17	50.61	24,525.01	75.62	24,184.82	74.19

Note that Name of Suppliers are not mentioned since Company has not received written consent from its Suppliers till filing of Draft Red Herring Prospectus to include their name in this Draft Red Herring Prospectus.

10. Competitive conditions:

We face competition from existing and potential competitors which is common for any business. We have, over a period, developed certain competitors who have been discussed in section titles Business Overview beginning on page 140 of this Draft Red Herring Prospectus.