Wiscon Industries Ltd Management Discussions

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations for the period ended June 30, 2026 and for the Fiscal Years 2026, 2025, and 2024 is based on, and should be read in conjunction with, our Financial Information, including the schedules, notes and significant accounting policies thereto, included in the section titled “Financial Information ” beginning on page 268 of this Red Herring Prospectus. Our Financial Information have been derived from our audited financial statements and restated in accordance with the SEBI ICDR Regulations and the ICAI Guidance Note. Our financial statements are prepared in accordance with AS.

You should read the following discussion of our financial condition and results of operations together with our financial information included in this Red Herring Prospectus. You should also read the section titled “Risk Factors” beginning on page 23 of this Red Herring Prospectus, which discusses a number offactors, risks and contingencies that could affect our financial condition and results of operations. Our fiscal year ends on March 31 of each year, so all references to a particular 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 Wiscon Industries Limited, our Company. Unless otherwise indicated, financial information included herein are based on our “Financial Information” for the period ended June 30, 2026 and for the Financial Years 2026, 2025, and 2024 included in this Red Herring Prospectus beginning on page 268 of this Red Herring Prospectus.

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

BUSINESS OVERVIEW

We are engaged in supplying a comprehensive range of consumer electronic products. Our product portfolio includes LED TVs, Air Coolers, Washing Machines and Air Conditioners. Our products are marketed under our flagship brand, “Wiscon,” serving both (B-to-B) and (B-to-C) customers within India. We are a Delhi-based company specializing in a wide range of consumer electronic products. Further we also sell Electric Scooters in the name of third-party brand. For the Financial Year 2026, our revenue from operations was Rs7,339.16 Lakhs, representing steady growth from Rs1,449.27 Lakhs for the Financial Year 2024-25 and Rs321.45 Lakhs for the Financial Year 2023 -24 as per Restated Standalone Financial Statements, growing at a CAGR of 377.82% between the Financial Years 2023-24 and 2025-26. Further, revenue from operations as per Consolidated Financial Statements for the FY 2025-26 was Rs19,687.46 Lakhs. Our revenue from operations for the period ended June 30, 2026, Rs2,432.27 as per Restated Standalone Financial Statements and Rs6,984.84 as per Restated Consolidated Financial Statements .

Our Company was established in the year 2022 as a Public Limited Company under the name Wiscon Industries Limited vide Certificate of Incorporation dated September 16, 2022 issued by Registrar of Companies, Central Registration Centre with Mr. Sidhant Dalmia, Mr. Sanjay Kumar Shah, Mr. Mukesh Kumar, Mr. Angad Pal Singh Bicaps, Mr. Vardeep Singh Hora, Ms. Meghpreet Kaur and Mr. Anand Kumar Mishra as the initial subscribers to the Memorandum of Association of our Company. Subsequently the Objects of our company were changed vide Board Resolutions dated May 08, 2026 and Special Resolution passed by Shareholders at the Extra Ordinary General Meeting of our company held on May 18, 2026. The fresh Certificate of Registration of the Special Resolution Confirming Alteration of Object Clause was issued pursuant to special Resolution together with the copy of the Memorandum of Association as altered has this day been registered on June 3, 2026 by Registrar of Companies, Delhi. Subsequently corporate identification number of our Company was changed from U32109DL2022PLC404671 to U46522DL2022PLC404671. Our Company is currently being promoted by Mr. Sidhant Dalmia. Our Promoter and Managing Director, Mr. Sidhant Dalmia has an overall 7 years of work experience in the industry in which our company operates. Our Promoter manages and control the overall affairs of our Business Operations with his considerable experience in our Industry. For more details, please see the chapter titled, “Our Management” and “Our Promoters and Promoter Group” on page 243 and 259 of this Red Herring Prospectus.

We operate our customer network through Business to Business (B-to-B) and Business to Consumers (B-to-C) platform. In Business to Business (B-to-B) network we operate through our offline network of customers and in Business to Consumers (B-to-C) platform we operate through our website. Our customer-centric approach aims to fulfil the daily and targeted requirements of the end customers with a focus on affordability, quality and convenience. Since the commencement of our operations, we have developed good standing relationships with our customers. We also engage actively with our suppliers to improve our supply chain processes.

The following is the break-up of products offered by our Company of our Revenue bifurcations as per our business verticals for the period ended June 30, 2026 and for the financial years ended March 31, 2026, 2025 and 2024:

Based on Restated Standalone Financial Statements

(Rs in Lakhs, except percentages)

Particular s	For the period ended June 30, 2026		For the financial year ended
			March 31, 2026		March 31, 2025		March 31, 2024
	Amoun t	% of Revenue from Operation s	Amoun t	% of Revenue from Operation s	Amoun t	% of Revenue from Operation s	Amoun t	% of Revenue from Operation s
LED TVs	1,926.1 6	79.19%	4,966.2 2	67.67%	664.61	45.86%	242.52	75.45%
Electric Scooters	327.60	13.47%	1,987.5 1	27.08%	701.40	48.40%	-	-
Air Coolers	57.10	2.35%	114.47	1.56%	2.56	0.18%	0.16	0.05%
Washing Machines	50.20	2.06%	114.17	1.56%	6.11	0.42%	9.74	3.03%
Air Conditione r	67.35	2.77%	79.08	1.08%	2.46	0.17%	-	-
Spare Parts	3.07	0.13%	6.77	0.09%	3.13	0.22%	0.03	0.01%
Services*	0.79	0.03%	70.94	0.97%	69.00	4.76%	69.00	21.47%
Total	2,432.2 7	100.00%	7,339.1 6	100.00%	1,449.2 7	100.00%	321.45	100.00%

* Note: Services include income from advertisement & marketing services and rendering of after sales services.

Based on Restated Consolidated Financial Statements

(Rs in Lakhs, except percentages)

Particular s	For the period ended June 30, 2026		For the financial year ended
			March 31, 2026		March 31, 2025#		March 31, 2026#
	Amoun t	% of Revenue from Operation s	Amount	% of Revenue from Operation s	Amoun t	% of Revenue from Operation s	Amoun t	% of Revenue from Operation s
LED TVs	5,419.4 5	77.59%	14,221.8 4	72.24%	NA		NA
Electric Scooters	1,201.6 0	17.20%	4,260.46	21.64%
Washing Machine	50.20	0.72%	114.17	0.58%
Air Condition er	64.47	0.92%	78.62	0.40%
Air Cooler	60.52	0.87%	81.82	0.42%
Services*	179.06	2.56%	879.18	4.47%
Spare Parts	9.54	0.14%	51.37	0.26%
Total	6,984.8 4	100.00%	19,687.4 6	100.00%

* Note: Services include income from rendering of after sales services.

#We would like to clarify that Dalmia Technologies Limited became our WOS vide Share Transfer Agreement and Memorandum of Understanding dated May 25, 2025, respectively, hence the consolidation has been done from the FY 2025-26 and thus we do not have comparative data for FY 2024-25 and 2023-24.

As certified by M/s. Hem Sandeep & Co., Chartered Accountants, Statutory Auditor and Peer Review Auditor of our Company, by way of their certificate dated October 15, 2026.

KEY PERFORMANCE INDICATORS OF OUR COMPANY

As per Restated Consolidated Financial Statements

(Rs in Lakhs, unless otherwise specified)

Key Financial Performance	For the period ended June 30, 2026	For the March 31, 2026	year ended and as at
			March 31, 2025	March 31, 2024
	(Consolidated)	(Consolidated)	(Standalone)	(Standalone)
Revenue from Operations (1)	6,984.84	19,687.46	1,449.27	321.45
EBITDA (2)	1,099.63	2,809.35	178.97	(173.23)
EBITDA Margin (%) (3)	15.74%	14.27%	12.35%	(53.89) %
PAT (4)	788.73	2,040.52	125.29	(135.75)
PAT Margin (%) (5)	11.29%	10.36%	8.65%	(42.23) %
Return on equity (%) (6)	22.83%	117.37%	65.47%	295.75%
Return on capital employed (%) (7)	14.72%	51.82%	38.03%	(658.97) %
Debt-Equity Ratio (8)	0.96	0.83	0.11	(1.81)
Net fixed asset turnover ratio (times) (9)	28.42	154.35	134.32	20.57
Current Ratio (times) (10)	1.37	1.59	1.06	0.34

As certified by M/s. Hem Sandeep & Co., Chartered Accountants, Statutory Auditor and Peer Review Auditor of our Company, by way of their certificate dated October 14, 2026

Explanation of KPIs:

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

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

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

(4) PAT is calculated as PBT- Total Tax expense

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

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

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

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

(9) Net Fixed asset turnover ratio is calculated by dividing the Revenue from Operations by net Fixed Assets of the Company.

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

SIGNIFICANT DEVELOPMENTS AFTER JUNE 30, 2026

Except as disclosed below and elsewhere in this Red Herring Prospectus, in the opinion of the Board of Directors of our Company, since June 30, 2026 as disclosed in this Red Herring Prospectus, there has not arisen any circumstance that materially or adversely affect or are likely to affect the profitability of our Company or the value of its assets or its ability to pay its material liabilities within the next twelve months.

1. Our company has approved the Red Herring Prospectus vide resolution in their Board Meeting dated October 21, 2026 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

For details in respect of Statement of Significant Accounting Policies, please refer to the chapter titled “Financial Information” beginning on page 268 of this Red Herring Prospectus.

KEY COMPONENTS OF THE COMPANYS RESTATED CONSOLIDATED BALANCE SHEET:

The following table sets forth select financial data derived from our restated Consolidated Balance Sheet as at June 30, 2026 and as at March 31, 2026:

(Rs in Lakhs unless otherwise mentioned)

Particulars	As at June 30, 2026	As at March 31, 2026
Liabilities
Long -term Borrowings	1,301.74	996.88
Short-term Borrowings	2,395.53	1,528.91
Trade Payables	5,514.94	2,526.75
Short-term Provisions	937.13	662.32
Other Current Liabilities	431.16	267.82
Assets
Property, Plant & Equipment & Intangible Assets	248.48	130.36
Goodwill on Consolidation	156.60	156.60
Other Non-Current Assets	1,311.99	833.92
Inventories	3,753.59	2,327.32
Trade Receivables	7,361.60	4,758.80
Short-term loans and advances	1,565.32	799.26

Long-term Borrowings:

The Companys long-term borrowings amounted to Rs996.88 Lakhs as at March 31, 2026 which then increased to Rs1,301.74 Lakhs as at June 30, 2026. The table below shows the details of the Long-term Borrowings of the Company:

(Rs in Lakhs)

Particulars	As at June 30, 2026	As at March 31, 2026
A. Secured
- from banks	299.90	-
B. Unsecured
- from related parties	1,001.84	996.88
Total	1,301.74	996.88

Short-term Borrowings:

The Companys short-term borrowings amounted to Rs1,528.91 Lakhs as at March 31, 2026 which then increased to Rs2,395.53 Lakhs as at June 30, 2026. The table below shows the details of the Short-term Borrowings of the Company:

(Rs in Lakhs)

Particulars	As at June 30, 2026	As at March 31, 2026
1. Secured
a. from banks
- Cash credit facility	2,395.53	1,528.91
Total	2,395.53	1,528.91

Trade Payables:

Trade payables include dues payable to creditors. The Companys payables amounted to Rs2,526.75 Lakhs as at March 31, 2026 which then increased to Rs5,514.94 Lakhs as at June 30, 2026. The following are details of the Trade Payables of the Company:

(Rs in Lakhs)

Particulars	As at June 30, 2026	As at March 31, 2026
Outstanding from Micro, Small & Medium Enterprises (MSME)	-	-
Outstanding from other than MSME	5,514.94	2,526.75
Total	5,514.94	2,526.75

354

Short-term Provisions:

The Companys short-term provisions amounted to Rs662.32 Lakhs as at March 31, 2026 which then increased to Rs937.13 Lakhs as at June 30, 2026. The table below shows the details of the Short-term Provisions of the Company:

(Rs in Lakhs)

Particulars	As at June 30, 2026	As at March 31, 2026
Provision for Income Tax (net of TDS)	887.97	628.87
Provision for Gratuity	0.39	0.05
Provision for Installation services	27.16	18.85
Provision for Warranty and repair services	21.61	14.55
Total	937.13	662.32

Other Current Liabilities:

The Companys other current liabilities amounted to Rs267.82 Lakhs as at March 31, 2026 which then increased to Rs431.16 Lakhs as at June 30, 2026. The table below shows the details of the Other Current Liabilities of the Company:

(Rs in Lakhs)

Particulars	As at June 30, 2026	As at March 31, 2026
Statutory Dues Payable
TDS Payable	25.06	77.02
GST Payable	31.35	26.37
Advance from Customers	292.64	93.75
Other Liabilities
Security Deposit	2.65	2.65
Audit fee payable	1.40	1.80
Salary Payable	62.55	49.50
Provision for Expenses	15.51	4.75
Interest accrued but not due on cash credit	-	11.98
Total	431.16	267.82

Property, Plant & Equipment and Intangible Assets:

The Companys property, plant & equipment and intangible assets amounted to Rs130.36 Lakhs as at March 31, 2026 which then increased to Rs248.48 Lakhs as at June 30, 2026. The following are the details of the Property, Plant & Equipment and Intangible Assets of the Company:

(Rs in Lakhs)

Particulars	As at June 30, 2026	As at March 31, 2026
Property, Plant & Equipment	245.74	127.55
Intangible Assets	2.74	2.81
Total	248.48	130.36

The Companys Property, Plant & Equipment amounting to Rs127.55 Lakhs as at March 31, 2026, includes Lease Improvements of Rs19.16 Lakhs, Plant and Machinery of Rs68.52 Lakhs, Air Conditioners of Rs2.50 Lakhs, Computers of Rs19.83 Lakhs, Furniture & Fixtures of Rs4.35 Lakhs, Office Equipment of Rs1.87 Lakhs, and Vehicles of Rs11.32 Lakhs. The Companys Intangible Assets as at March 31, 2026, include Trademark of Rs2.81 Lakhs.

During the period ended June 30, 2026, company made additions to Plant and Machinery of Rs82.33 Lakhs, Lease Improvement of Rs43.97 Lakhs, Furniture & Fixtures of Rs7.62 Lakhs, Computers of Rs2.57 Lakhs and Air conditioner of Rs0.80 Lakhs. This has led to increase in property, plant & equipment to Rs245.74 Lakhs as at June 30, 2026. Further, intangible assets decreased to Rs2.74 Lakhs as at June 30, 2026 due to amortization charged during the period.

Goodwill on Consolidation

Our Company acquired the shares of the investee company (Dalmia Technologies Limited) on May 25, 2025, pursuant to which the purchase consideration was determined in accordance with the applicable Accounting Standards. The excess of the purchase consideration over the WOSs share of the net assets acquired was recognised as goodwill amounting to Rs156.60 Lakhs in the books of our Company as Goodwill on Consolidation. The goodwill represents the difference between the purchase consideration and the corresponding net assets acquired pursuant to the said acquisition.

Other Non-current Assets:

The Companys other non-current assets amounted to Rs833.92 Lakhs as at March 31, 2026 which then increased to Rs1,311.99 Lakhs as at June 30, 2026. The table below shows the details of Other Non-current Assets of the Company:

(Rs in Lakhs)

Particulars	As at June 30, 2026	As at March 31, 2026
A. Fixed deposits with banks having remaining maturity of more than 12 months	1,267.29	792.29
B. Security Deposits
Deposits for Rent	33.57	30.50
Deposit for Share Dematerialization	0.10	0.10
Deposit for Interest subsidy from Bajaj finance limited	10.00	10.00
Deposit for Barcodes with GS1 India	0.03	0.03
Deposit for Logistics facility	1.00	1.00
Total	1,311.99	833.92

Inventories:

The Companys inventories amounted to Rs2,327.32 Lakhs as at March 31, 2026 which then increased to Rs3,753.59 Lakhs as at June 30, 2026. The following are details of the Inventories of the Company:

(Rs in Lakhs)

Particulars	As at June 30, 2026	As at March 31, 2026
Stock-in-trade	768.35	537.93
Finished Goods	1,151.22	106.56
Raw Material	1,834.02	1,682.83
Total	3,753.59	2,327.32

Trade receivables:

Trade receivables refer to outstanding dues from customers that remain unpaid. The Companys receivables amounted to Rs4,758.80 Lakhs as at March 31, 2026 which then increased to Rs7,361.60 Lakhs as at June 30, 2026. The following are details of the Trade receivables of the Company:

(Rs in Lakhs)

Particulars	As at June 30, 2026	As at March 31, 2026
Undisputed Trade Receivables- Considered Good
for more than six months	11.15	9.39
for less than six months	7,350.45	4,749.41
Total	7,361.60	4,758.80

Short-term Loans & Advances:

The Companys short-term loans & advances amounted to Rs799.26 Lakhs as at March 31, 2026 which then increased to Rs1,565.32 Lakhs as at June 30, 2026. The following are the details of the Short-term loans & advances of the company:

(Rs in Lakhs)

Particulars

As at June 30, 2026

As at March 31, 2026

Unsecured, considered good
Loan and advances to employees	10.75	6.57
GST receivable	4.08	5.51
Advance given to suppliers for goods	1,533.25	766.49
Imprest balance with employees	1.64	1.04
GST penalty paid under protest	2.25	2.25
Prepaid expenses	13.35	17.40
Total	1,565.32	799.26

KEY COMPONENTS OF THE COMPANYS PROFIT AND LOSS STATEMENT:

Revenue from operations: Revenue from operations mainly consists of Revenue from the Sale of goods and from the Sale of services.

Other Income: Other income includes Interest on Bank Deposits, Interest on Unsecured Loan, Packing and Freight Income, Balances Written Off, Write-back of Unclaimed Customer Advances, etc.

Employee Benefits Expense: Employee benefit expenses include salaries and wages, director remuneration, gratuity expenses, and staff welfare expenses.

Finance Cost: Finance Cost includes interest on cash credit limit, interest on statutory dues, processing fees and bank charges.

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

Other Expenses: Other expenses include repair expense, freight outward, testing and technical charges, legal & professional charges, rent expense, installation expense, warranty and repair expense, audit fees, subvention of interest expense for consumer, etc.

RESULTS OF OUR OPERATION BASED ON RESTATED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED JUNE 30, 2026:

The following discussion on results of operations should be read in conjunction with the Restated Consolidated Financial Statements of our Company for the period ended June 30, 2026:

(Rs in Lakhs, except percentages)

Particular	Amount	% of Total Income
Revenue:
Revenue from Operations	6,984.84	99.99%
Other income	0.63	0.01%
Total income	6,985.47	100.00%
Expenses:
Cost of Materials Consumed	5,577.04	79.84%
Purchase of Stock-in-Trade	1,124.76	16.10%
Changes in Inventories of finished goods and stock-in-trade	(1,275.08)	(18.25%)
Employee benefits expense	221.07	3.16%
Depreciation and amortization expense	12.94	0.19%
Finance cost	36.81	0.53%
Other Expenses	237.42	3.40%
Total expenses	5,934.96	84.96%

 

Particular	Amount	% of Total Income
Profit before tax	1,050.51	15.04%
Tax expense
(i) Current tax	265.65	3.80%
(ii) Deferred tax	(3.87)	(0.06%)
Profit after tax	788.73	11.29%

Revenue from Operations:

The Companys revenue from operations for the period ended June 30, 2026 amounted to Z 6,984.84 Lakhs. The following are the details of the Revenue from Operations of the Company for the period year ended June 30, 2026:

(Rs in Lakhs, except percentages)

Particulars	Amount	% of Revenue from Operations
Sale of Goods	6,805.64	97.43%
Sale of Services	179.20	2.57%
Total	6,984.84	100.00%

The following is the revenue bifurcation on the basis of our Business Verticals for the period year ended June 30, 2026:

(Rs in Lakhs, except percentages)

Particulars	Amount	% of Revenue from Operations
LED TVs	5,419.45	77.59%
Electric Scooters	1,201.60	17.20%
Washing Machine	50.20	0.72%
Air Conditioner	64.47	0.92%
Air Cooler	60.52	0.87%
Services*	179.06	2.56%
Spare Parts	9.54	0.14%
Total	6,984.84	100.00%

* Note: Services include income from rendering of after sales services.

Note: As certified by M/s. Hem Sandeep & Co., Chartered Accountants, Statutory Auditor and Peer Review Auditor of our Company, by way of their certificate dated October 15, 2026.

Other Income:

The Companys other income for the period ended June 30, 2026 amounted to Z0.63 Lakhs. The following are the details of the Other Income of the Company for the period ended June 30, 2026:

(Rs in Lakhs)

Particulars	Amount
Cashback Income	0.63
Total	0.63

Cost of Materials Consumed:

The Companys cost of materials consumed for the period ended June 30, 2026 amounted to Z 5,577.04 Lakhs. The following are the details of the Cost of Materials Consumed of the Company for the ended June 30, 2026:

(Rs in Lakhs)

Particulars	Amount
Inventory of materials at the beginning of the year	1,682.84
Add: Acquired through business combinations	-

 

Particulars	Amount
Add: Purchases	5,728.22
Less: Inventory of materials at the end of the year	1,834.02
Total	5,577.04

Purchases of Stock-in-Trade:

The Companys purchase of stock-in-trade for the period ended June 30, 2026 amounted to Rs 1,124.76 Lakhs.

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

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

Employee Benefit Expenses:

The Companys employee benefit expenses for the period ended June 30, 2026 amounted to Rs 221.07 Lakhs. The following are the details of the Employee Benefit Expenses of the Company for the period ended June 30, 2026:

(Rs in Lakhs)

Particulars	Amount
Salaries & Wages	168.74
Staff welfare expenses	2.57
Director Remuneration	33.75
Gratuity Expense	16.01
Total	221.07

Depreciation and Amortization Expense:

The Companys depreciation and amortization expense for the period ended June 30, 2026 amounted to Rs12.94 Lakhs. The following are the details of the Depreciation and Amortization Expense of the Company for the period ended June 30, 2026:

(Rs in Lakhs)

Particulars	Amount
Depreciation	12.87
Amortization of Intangible Assets	0.07
Total	12.94

Finance Cost:

The Companys finance costs for the period ended June 30, 2026 amounted to Z. 36.81 Lakhs. The following are the details of the Finance Costs of the Company for the period ended June 30, 2026:

(Rs in Lakhs)

Particulars	Amount
Interest on Cash credit limit	32.08
Bank Charges	1.23
Processing Fees	3.50
Total	36.81

Other Expenses:

The Companys other expenses for the period ended June 30, 2026 amounted to Z 237.42 Lakhs. The following are the details of the Other Expenses of the Company for the period ended June 30, 2026:

(Rs in Lakhs)

Particulars	Amount
Freight Outward	43.29
Installation expense	19.62
Warranty and repair Expense	13.93
Printing & Stationery Expense	1.91
Telephone Expenses	3.63
Tour and Travelling Expense	1.25
Electricity and Water Expense	9.01
Office Expense	1.83
Housekeeping Expense	0.91
Rent Expense	40.48
Business Promotion Expense	2.72
Advertisement and Marketing Expense	0.30
Commission on Sale	-
Discount on Sale	0.07
Office Repair & Maintenance	1.33
Plant Repair and Maintenance Expenses	2.91
Repair Expenses	-
Legal & Professional Expense	20.06
ROC Fees	11.65
Registration Fees and Rates & Taxes	8.38
Software and Subscription	6.91
Insurance Charges	4.33
Late Fee & Penalty	0.01
Data Mining	1.81
Miscellaneous Expenses	4.32
Bad debts	0.03
Payment Gateway charges	-
Donation and Charity	-
Hiring/Recruitment Expenses	3.93
Testing and Technical Charges	2.15
Subvention of Interest Expense for Consumer	15.51
Payment to Auditors
- Audit Fee	0.50
- For Taxation Matters	0.38
Total	237.42

Tax Expense:

The Companys Tax expense for the period ended June 30, 2026 amounted to Rs 788.73 Lakhs, comprising of current tax expense of Rs 265.65 Lakhs and deferred tax expense of Rs 3.87 Lakhs.

Profit after Tax:

The Companys Profit after Tax for the period ended June 30, 2026 amounted to Rs 788.73 Lakhs (of Total Income).

FY 2025-26

The following discussion on results of operations should be read in conjunction with the Restated Consolidated Financial Statements of our Company for the financial year ended March 31, 2026:

(Rs in Lakhs, except percentages)

Particular	Amount	% of Total Income
Revenue:
Revenue from Operations	19,687.46	99.87%
Other income	25.57	0.13%
Total income	19,713.03	100.00%
Expenses:
Cost of Materials Consumed	11,559.21	58.64%
Purchase of Stock-in-Trade	3,950.61	20.04%
Changes in Inventories of finished goods and stock-in-trade	(345.07)	(1.75) %
Employee benefits expense	512.52	2.60 %
Depreciation and amortization expense	22.64	0.11%
Finance cost	70.93	0.36%
Other Expenses	1,200.85	6.09%
Total expenses	16,971.68	86.09%
Profit before tax	2,741.35	13.91%
Tax expense
(i) Current tax	688.72	3.49%
(ii) Deferred tax	12.11	0.06%
Profit after tax	2,040.52	10.35%

Revenue from Operations:

The Companys revenue from operations for the financial year ended March 31, 2026 amounted to Rs19,687.4 6 Lakhs. The following are the details of the Revenue from Operations of the Company for the financial year ended March 31, 2026:

(Rs in Lakhs, except percentages)

Particulars	Amount	% of Revenue from Operations
Sale of Goods	18,808.28	95.53%
Sale of Services	879.18	4.47%
Total	19,687.46	100.00%

The following is the revenue bifurcation on the basis of our Business Verticals for the financial year ended March 31, 2026:

(Rs in Lakhs, except percentages)

Particulars	Amount	% of Revenue from Operations
LED TVs	14,221.84	72.24%
Electric Scooters	4,260.46	21.64%
Washing Machine	114.17	0.58%
Air Conditioner	78.62	0.40%
Air Cooler	81.82	0.42%
Services*	879.18	4.47%
Spare Parts	51.37	0.26%
Total	19,687.46	100.00%

* Note: Services include income from rendering of after sales services.

Note: We would like to clarify that Dalmia Technologies Limited became our WOS vide Share Transfer Agreement and Memorandum of Understanding dated May 25, 2025, respectively, hence the consolidation has been done from the FY 202526 and thus we do not have comparative data for FY 2024-25 and 2023-24.

As certified by M/s. Hem Sandeep & Co., Chartered Accountants, Statutory Auditor and Peer Review Auditor of our Company, by way of their certificate dated October 15, 2026.

Other Income:

The Companys other income for the financial year ended March 31, 2026 amounted to Rs25.57 Lakhs. The following are the details of the Other Income of the Company for the financial year ended March 31, 2026:

Particulars	Amount
Interest on Bank Deposits	17.92
Interest on Unsecured Loan	5.18
Packing and Freight Income	1.95
Write-back of Unclaimed Customer Advances	0.52
Total	25.57

Cost of Materials Consumed:

The Companys cost of materials consumed for the financial year ended March 31, 2026 amounted to Rs11,559.21 Lakhs. The following are the details of the Cost of Materials Consumed of the Company for the financial year ended March 31, 2026:

(Rs in Lakhs, except percentages)

Particulars	Amount
Inventory of materials at the beginning of the year	-
Add: Acquired through business combinations	417.18
Add: Purchases	12,824.87
Less: Inventory of materials at the end of the year	(1,682.84)
Total	11,559.21

Note: We would like to clarify that Dalmia Technologies Limited became our WOS vide Share Transfer Agreement and Memorandum of Understanding dated May 25, 2025, respectively, hence the consolidation has been done from the FY 202526 and thus we do not have comparative data for FY 2024-25 and 2023-24.

Purchases of Stock-in-Trade:

The Companys purchase of stock-in-trade for the financial year ended March 31, 2026 amounted to Rs3,950.61 Lakhs. Changes in Inventories of Finished Goods and Stock-in-Trade:

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

Employee Benefit Expenses:

The Companys employee benefit expenses for the financial year ended March 31, 2026 amounted to Rs512.52 Lakhs. The following are the details of the Employee Benefit Expenses of the Company for the financial year ended March 31, 2026:

(Rs in Lakhs, except percentages)

Particulars	Amount
Salaries & Wages	376.44
Staff welfare expenses	11.74
Director Remuneration	104.14
Gratuity Expense	20.20
Total	512.52

Depreciation and Amortization Expense:

The Companys depreciation and amortization expense for the financial year ended March 31, 2026 amounted to Rs22.64 Lakhs. The following are the details of the Depreciation and Amortization Expense of the Company for the financial year ended March 31, 2026:

(Rs in Lakhs, except percentages)

Particulars	Amount
Depreciation	22.52
Amortization of Intangible Assets	0.12
Total	22.64

Finance Cost:

The Companys finance costs for the financial year ended March 31, 2026 amounted to Rs70.93 Lakhs. The following are the details of the Finance Costs of the Company for the financial year ended March 31, 2026:

(Rs in Lakhs, except percentages)

Particulars	Amount
Interest on Cash credit limit	58.34
Interest on Statutory Dues	5.08
Bank Charges	0.97
Processing Fees	6.54
Total	70.93

Other Expenses:

The Companys other expenses for the financial year ended March 31, 2026 amounted to Rs1,200.85 Lakhs. The following are the details of the Other Expenses of the Company for the financial year ended March 31, 2026:

(Rs in Lakhs, except percentages)

Particulars	Amount
Freight Outward	112.28
Installation expense	37.50
Warranty and repair Expense	33.86
Printing & Stationery Expense	5.95
Telephone Expenses	8.09
Tour and Travelling Expense	4.11
Electricity and Water Expense	17.53
Office Expense	2.66
Housekeeping Expense	1.01
Rent Expense	57.44
Business Promotion Expense	13.67
Advertisement and Marketing Expense	10.98
Commission on Sale	0.41
Discount on Sale	1.03
Office Repair & Maintenance	3.02
Plant Repair and Maintenance Expenses	3.76
Repair Expenses	652.61
Legal & Professional Expense	79.42
ROC Fees	5.72
Registration Fees and Rates & Taxes	2.29
Software and Subscription	14.46
Insurance Charges	1.08
Late Fee & Penalty	4.60
Data Mining	0.27
Miscellaneous Expenses	2.53
Bad debts	4.58
Payment Gateway charges	3.13
Donation and Charity	0.75
Hiring/Recruitment Expenses	3.49
Testing and Technical Charges	88.04
Subvention of Interest Expense for Consumer	21.13
Payment to Auditors
- Audit Fee	2.00
- For Taxation Matters	1.45
Total	1,200.85

Tax Expense:

The Companys Tax expense for the financial year ended March 31, 2026 amounted to Rs700.83 Lakhs, comprising of current tax expense of Rs688.72 Lakhs and deferred tax expense of Rs12.11 Lakhs.

Profit after Tax:

The Companys Profit after Tax for the financial year ended March 31, 2026 amounted to Rs2,040.52 Lakhs (10.35% of Total Income).

CASH FLOWS BASED ON RESTATED CONSOLIDATED FINANCIAL STATEMENTS

(Rs in Lakhs)

Particulars	For the period ended June 30, 2026	FY 2025-26
Net Cash from Operating Activities	(988.97)	(2,000.99)
Net Cash from Investing Activities	(137.29)	(1,021.18)
Net Cash from Financing Activities	1,134.67	3,019.95
Net Increase/ (Decrease) in Cash & Cash Equivalents	8.41	(2.22)
Opening Balance of Cash & Cash Equivalents	17.44	19.66
Closing Balance of Cash & Cash Equivalents	25.85	17.44

CASHFLOW FROM OPERATING ACTIVITIES:

For the period ended June 30, 2026

Our net cash used in operating activities for the period ended June 30, 2026, was Rs988.97 Lakhs as compared to the Profit Before Tax at Rs1,050.51 Lakhs. Our operating profit before working capital changes was Rs1,139.25 Lakhs for the period ended June 30, 2026 which was primarily adjusted against an increase in trade receivables by Rs2,602.80 Lakhs, increase in inventories by Rs1,426.27 Lakhs, increase in other non-current assets by Rs478.07 Lakhs, increase in loans & advances by Rs766.06 Lakhs, increase in trade payables by Rs2,988.19 Lakhs, increase in other current liabilities by Rs163.33 Lakhs and Net Income taxes paid of Rs6.54 Lakhs.

For the financial year ended March 31, 2026

Our net cash used in operating activities for the financial year ended March 31, 2026, was Rs2,000.99 Lakhs as compared to the Profit Before Tax at Rs2,741.35 Lakhs. Our operating profit before working capital changes was Rs2,869.26 Lakhs for FY 2025-26 which was primarily adjusted against an increase in trade receivables by Rs3,475.53 Lakhs, increase in inventories by Rs1,610.73 Lakhs, increase in other non-current assets by Rs792.18 Lakhs, increase in loans & advances by Rs576.36 Lakhs, increase in trade payables by Rs1,739.45 Lakhs, increase in other current liabilities by Rs35.19 Lakhs and Net Income taxes paid of Rs190.09 Lakhs.

CASHFLOW FROM INVESTING ACTIVITIES:

For the period ended June 30, 2026

Our net cash used in investing activities for the period ended June 30, 2026, was Rs137.29 Lakhs. This was on account of Purchase of Property, Plant and Equipment of Rs137.29 Lakhs.

For the financial year ended March 31, 2026

Our net cash used in investing activities for the financial year ended March 31, 2026, was Rs1,021.18 Lakhs. This was mainly on account of the Acquisition of Wholly Owned Subsidiary of Rs918.84 Lakhs, Purchase of Property, Plant and Equipment of Rs106.34 Lakhs, Purchase of Intangible Assets of Rs2.93 Lakhs, and Interest Income of Rs6.93 Lakhs.

CASHFLOW FROM FINANCING ACTIVITIES:

For the period ended June 30, 2026

Our net cash generated from financing activities for the period ended June 30, 2026 was Rs1,134.67 Lakhs. This was mainly on account of proceeds from Long-term Borrowings of Rs304.86 Lakhs, proceeds from Short-term Borrowings of Rs866.62 Lakhs, and Finance Cost paid of Rs36.81 Lakhs.

For the financial year ended March 31, 2026

Our net cash generated from financing activities for the financial year ended March 31, 2026 was Rs3,019.95 Lakhs. This was mainly on account of proceeds from Long-term Borrowings of Rs1,574.90 Lakhs, repayment of Long-term Borrowings of Rs622.54 Lakhs, proceeds from Short-term Borrowings of Rs1,528.26 Lakhs, proceeds from Share Capital of Rs603.46 Lakhs, and Finance Cost paid of Rs64.14 Lakhs.

KEY COMPONENTS OF THE COMPANYS BALANCE SHEET ON BASED ON RESTATED STANDALONE FINANCIAL STATEMENTS

The following table sets forth selected financial data derived from our Restated Standalone Balance Sheet as at June 30, 2026, March 31, 2026, 2025 and 2024:

(Rs in Lakhs)

Particulars	As at June 30,2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2024
Liabilities
Long -term Borrowings	251.88	246.88	44.53	60.95
Short-term Borrowings	957.80	179.97	0.65	0.17
Trade Payables	722.25	554.83	415.69	5.46
Short-term Provisions	289.39	203.91	49.45	8.28
Other Current Liabilities	344.79	113.95	19.15	84.48
Assets
Property, Plant & Equipment & Intangible Assets	33.27	33.65	10.79	15.63
Non-Current Investment	930.00	930.00	-	-
Long-term Loans and Advance	-	-	350.00	-
Other Non-Current Assets	524.34	43.46	15.85	5.89
Inventories	768.78	565.21	114.37	5.33
Trade Receivables	1,523.53	1,206.85	354.09	21.21
Short-term loans and advances	516.93	54.32	26.13	5.19

Long-term Borrowings:

The companys long-term borrowings decreased from Rs60.95 Lakhs as at March 31, 2024 to Rs44.53 Lakhs as at March 31, 2025, then increased to Rs246.88 in as at March 31, 2026 and to Rs251.88 Lakhs as at June 30, 2026. This increase was mainly

on account of loan taken from director for business purposes. The table below shows the details of the Long-term Borrowings of the Company:

(Rs in Lakhs)

Particulars	As at June 30,2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2024
A. Secured
- from banks	-	-	-	-
B. Unsecured
- from related parties	251.88	246.88	44.53	60.95
Total	251.88	246.88	44.53	60.95

Short-term Borrowings:

The Companys short-term borrowings increased from Rs0.17 Lakhs as at March 31, 2024 to Rs0.65 Lakhs as at March 31, 2025. It further increased to Rs179.97 Lakhs as at March 31, 2026 mainly on account of cash credit facility availed for working capital purposes. It then increased to Rs957.80 Lakhs as at June 30, 2026 on account of additional working capital limit availed by the company. The table below shows the details of the Short-term Borrowings of the Company:

(Rs in Lakhs)

Particulars	As at June 30, 2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2024
1. Secured
a. from banks
- Cash credit Facility	957.80	179.97	-	-
- Corporate Credit Card	-	-	0.65	0.17
Total	957.80	179.97	0.65	0.17

Trade Payables:

The Companys trade payables increased from Rs5.46 Lakhs as at March 31, 2024 to Rs415.65 Lakhs as at March 31, 2025, then further increased to Rs554.83 Lakhs as at March 31, 2026 and to Rs722.25 Lakhs as at June 30, 2026. The table below shows the details of the Trade Payables of the Company:

(Rs in Lakhs)

Particulars	As at June 30, 2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2024
Outstanding from Micro, Small & Medium Enterprises (MSME)	92.63	147.07	238.00	-
Outstanding from other than MSME	629.62	407.76	177.69	5.46
Total	722.25	554.83	415.65	5.46

Short-term Provisions:

The Companys short-term provisions increased from Rs8.28 Lakhs as at March 31, 2024 to Rs49.45 Lakhs as at March 31, 2025, then further increased to Rs203.91 Lakhs as at March 31, 2026 and to Rs289.39 Lakhs as at June 30, 2026. The table below shows the details of the Short-term Provisions of the Company:

(Rs in Lakhs)

Particulars	As at June 30, 2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2024
Provision for Income Tax (net of TDS)	240.59	170.50	32.88	2.77
Provisions for Gratuity	0.03	0.01	0.01	-
Provision for Installation services	27.16	18.85	14.69	4.84
Provision for Warranty and Repair Services	21.61	14.55	1.87	0.67
Total	289.39	203.91	49.45	8.28

366

Other Current Liabilities:

The Companys other current liabilities decreased from Rs84.48 Lakhs as at March 31, 2024 to Rs19.15 Lakhs as at March 31, 2025, then increased to Rs113.95 Lakhs as at March 31, 2026 and to Rs344.79 Lakhs as at June 30, 2026. The table below shows the details of the Other Current Liabilities of the Company:

(Rs in Lakhs)

Particulars	As at June 30, 2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2024
Statutory Dues Payable
TDS Payable	8.60	11.01	3.54	5.49
GST Payable	31.32	-	-	-
Advance from Customers	266.90	70.42	3.17	33.53
Other Liabilities
Imprest A/cs	-	-	-	1.15
Security Deposit	2.65	2.65	4.71	33.36
Audit fee payable	1.15	0.90	0.25	0.25
Salary Payable	32.73	23.00	7.48	10.70
	1.44	-	-	-
Provision for Expenses	-	4.75	-	-
Interest accrued but not due on cash credit	-	1.22	-	-
Total	344.79	113.95	19.15	84.48

Property, Plant and Equipment and Intangible assets:

The Companys property, plant and equipment and intangible assets decreased from Rs15.63 Lakhs as at March 31, 2024, to Rs10.79 Lakhs as at March 31, 2025, then increased to Rs33.65 Lakhs as at March 31, 2026. The table below shows the details of Property, Plant and Equipment and Intangible assets of the Company:

(Rs in Lakhs)

Particulars	As at June 30, 2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2024
Property, Plant and Equipment	30.53	30.84	10.79	15.63
Intangible Assets	2.74	2.81	-	-
Total	33.27	33.65	10.79	15.63

The Companys property plant and equipment decreased as at March 31, 2025, primarily due to depreciation charged of Rs5.45 Lakhs, which was offset against purchase of Lease Improvements of Rs0.26 Lakhs and Office Equipment of Rs0.34 Lakhs.

The Companys property plant and equipment increased as at March 31, 2026, primarily due to purchases of Lease improvements of Rs3.55 Lakhs, air conditioners of Rs1.27 Lakhs, Laptops/Computers of Rs23.51 Lakhs, Furniture and Fixtures of Rs3.21 Lakhs, Office Equipment of Rs0.84 Lakhs, and Trademark of Rs2.93 Lakhs which was offset against depreciation and amortization of Rs12.45 Lakhs. It then decreased to Rs33.27 Lakhs as at June 30, 2026 primarily due to depreciation and amortization charged during the period.

Non-Current Investments:

The Companys non-current investments increased from Nil as at March 31, 2024 and Nil as at March 31, 2025 to Rs930.00 Lakhs as at March 31, 2026 and remained constant at Rs930.00 Lakhs as at June 30, 2026, primarily due to Investment in Equity Shares of its WOS Dalmia Technologies Limited.

Long-term Loans and Advances:

The Companys long-term loans and advances increased from Nil as at March 31, 2024 to Rs350.00 Lakhs as at March 31, 2025, primarily due to unsecured loans given to our WOS, Dalmia Technologies Limited. It then decreased to Nil as at March 31, 2026, due to receipt of such loans.

Non-Current Assets:

The Companys Non-current assets increased from Rs5.89 Lakhs as at March 31, 2024 to Rs15.85 Lakhs as at March 31, 2025 to Rs43.46 Lakhs as at March 31, 2026 and then increased to Rs524.34 Lakhs as at June 30, 2026. This increase is mainly on account of increase in fixed deposits with bank on account of additional working capital facility availed from the bank. The table below shows the details of Non-current Assets of the Company:

(Rs in Lakhs)

Particulars	As at June 30,2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2024
A. Fixed deposits with banks having remaining maturity of more than 12 months	502.74	27.73	1.17	1.09
B. Security Deposits
Deposits for Rent	10.47	4.60	4.60	4.70
Deposit for Share Dematerialization	0.10	0.10	0.10	0.10
Deposit for Interest subsidy from Bajaj finance limited	10.00	10.00	9.98	10.00
Deposit for Barcodes with GS1 India	0.03	0.03	-	-
Deposit for Logistics facility	1.00	1.00	-	-
Total	524.34	43.46	15.85	5.89

Inventories:

The Companys inventories increased from Rs5.33 Lakhs as at March 31, 2024 to Rs114.37 Lakhs as at March 31, 2025, then further increased to Rs565.21 Lakhs as at March 31, 2026 and to Rs768.78 Lakhs as at June 30, 2026. This increase is mainly on account of increase in purchases of stock-in-trade due to growing operations of the company. The table below shows the details of Inventories of the Company:

(Rs in Lakhs)

Particulars	As at June 30,2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2024
Stock-in-Trade	768.78	565.21	114.37	5.33
Total	768.78	565.21	114.37	5.33

Trade Receivables:

The Companys trade receivables increased from Rs21.21 Lakhs as at March 31, 2024 to Rs354.09 Lakhs as at March 31, 2025, then further increased to Rs1,206.85 Lakhs as at March 31, 2026 and to Rs1,523.53 Lakhs as at June 30, 2026. This increase is in line with companys operations. The table below shows the details of Trade Receivables of the Company:

(Rs in Lakhs)

Particulars	As at June 30,2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2024
Undisputed Trade Receivables- Considered Good
for more than six months	11.16	1.89	2.11	5.86
for less than six months	1,512.37	1,204.96	351.97	15.35
Total	1,523.53	1,206.85	354.09	21.21

Short-term Loans and Advances:

The Companys short-term loans and advances increased from Rs5.19 Lakhs as at March 31, 2024 to Rs26.13 Lakhs as at March 31, 2025, then further increased to Rs54.32 Lakhs as at March 31, 2026 and to Rs516.93 Lakhs as at June 30, 2026. The table below shows the details of the Short-term Loans and Advances of the Company:

(Rs in Lakhs)

Particulars	As at June 30,2026	As at March 31, 2026	As at March 31, 2025	As at March 31, 2024
Unsecured, considered good
Loan and advances to employees	4.00	2.57	2.00	-
GST receivable	-	5.51	0.42	3.54
Advance given to suppliers for goods	502.98	32.49	23.03	1.45
Imprest balance with employees	0.45	0.16	0.68	0.20
Prepaid expenses	9.50	13.59	-	-
Total	516.93	54.32	26.13	5.19

RESULTS OF OUR OPERATION BASED ON RESTATED STANDALONE FINANCIAL STATEMENTS

The following discussion on results of operations should be read in conjunction with the Restated Standalone Financial Statements of our Company for the period ended on June 30, 2026 and financial year ended March 31, 2026, March 31, 2025 and March 31, 2024:

(Rs in Lakhs, except percentages)

Particular	For the period ended June 30, 2026		For the year ended
			March 31, 2026		March 31, 2025		March 31, 2024
	Amount	% of Revenue from operatio ns	Amount	% of Revenue from operatio ns	Amount	% of Revenue from operatio ns	Amount	% of Revenue from operation s
Revenue:
Revenue from Operations	2,432.27	99.97%	7,339.16	99.69%	1,449.27	99.86%	321.45	99.76%
Other income	0.63	0.03%	22.98	0.31%	2.06	0.14%	0.78	0.24%
Total income	2,432.90	100.00%	7,362.14	100.00%	1,451.33	100.00%	322.23	100.00%
Expenses:
Purchase of Stock- in-Trade	2,086.51	85.76%	6,478.56	88.00%	1,172.80	80.81%	221.84	68.85%
Changes in Inventories of stock- in-trade	(203.57)	(8.37) %	(450.84)	(6.12) %	(109.04)	(7.51) %	0.32	0.10%
Employee benefits expense	103.15	4.24%	178.60	2.43%	68.69	4.73%	149.24	46.31%
Depreciation and amortization expense	3.94	0.16%	12.45	0.17%	5.45	0.38%	7.76	2.41%
Finance cost	14.08	0.58%	20.64	0.28%	5.87	0.40%	1.01	0.31%
Other Expenses	160.57	6.60%	375.01	5.09%	137.85	9.50%	123.28	38.26%
Total expenses	2,164.68	88.98%	6,614.42	89.84%	1,281.62	88.31%	503.45	156.24%
Profit before tax	268.22	11.02%	747.72	10.16%	169.71	11.69%	(181.22)	(56.24)%
Tax expense
(i) Current tax	71.58	2.94%	174.68	2.37%	31.40	2.16%	2.77	0.86%
(ii) Deferred tax	(0.78)	(0.03) %	16.05	0.22%	13.02	0.90%	(48.24)	(14.97)%
Profit after tax	197.42	8.11%	556.99	7.57%	125.29	8.63%	(135.75)	(42.13)%

FOR THE PERIOD ENDED JUNE 30, 2026

(Rs in Lakhs, except percentages)

Particular	Amount	% of Total Income
Revenue:
Revenue from Operations	2,432.27	99.97%
Other income	0.63	0.03%
Total income	2,432.90	100.00%
Expenses:
Purchase of Stock-in-Trade	2,086.51	85.76%
Changes in Inventories of stock-in-trade	(203.57)	(8.37%)
Employee benefits expense	103.15	4.24%
Depreciation and amortization expense	3.94	0.16%
Finance cost	14.08	0.58%
Other Expenses	160.57	6.60%
Total expenses	2,164.68	88.98%
Profit before tax	268.22	11.02%
Tax expense
(i) Current tax	71.58	2.94%
(ii) Deferred tax	(0.78)	(0.03%)
Profit after tax	197.42	8.11%

Revenue from Operations:

The Companys revenue from operations for the period ended June 30, 2026 amounted to Rs2,432.27 Lakhs. The following are the details of the Revenue from Operations of the Company:

(Rs in Lakhs, except percentages)

Particulars	Amount	% of Revenue from Operations
Sale of Goods	2,431.35	99.96%
Sale of Services	0.92	0.04%
Total	2,432.27	100.00%

The following is the revenue bifurcation on the basis of our Business Verticals for the period ended June 30, 2026:

(Rs in Lakhs, except percentages)

Particulars	Amount	% of Revenue from Operations
Led Tv	1,926.16	79.19%
Electric Scooters	327.60	13.47%
Washing Machine	57.10	2.35%
Air Conditioner	50.20	2.06%
Air Cooler	67.35	2.77%
Spare Parts	3.07	0.13%
Services*	0.79	0.03%
Total	2,432.27	100.00%

* Note: Services include income from rendering of after sales services.

Other Income:

The Companys other income for the period ended June 30, 2026 amounted to Rs0.63 Lakhs. The following are the details of the Other Income of the Company:

(Rs in Lakhs)

Particulars	Amount
Cash back Income	0.63
Total	0.63

Purchases of Stock-in-Trade:

The Companys purchase of stock-in-trade for the period ended June 30, 2026 amounted to Rs2,086.51 Lakhs.

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

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

Employee Benefit Expenses:

The Companys employee benefit expenses for the period ended June 30, 2026 amounted to Rs103.15 Lakhs. The following are the details of the Employee Benefit Expenses of the Company:

(Rs in Lakhs)

Particulars	Amount
Salaries & Wages	82.31
Staff welfare expenses	1.14
Director Remuneration	7.50
Gratuity Expense	12.20
Total	103.15

Depreciation and Amortization Expense:

The Companys depreciation and amortization expense for the period ended June 30, 2026 amounted to Rs3.92 Lakhs. The following are the details of the Depreciation and Amortization Expense of the Company:

(Rs in Lakhs)

Particulars	Amount
Depreciation	3.85
Amortization of Intangible Assets	0.07
Total	3.92

Finance Cost:

The Companys finance costs for the period ended June 30, 2026 amounted to Rs14.08 Lakhs. The following are the details of the Finance Costs of the Company:

(Rs in Lakhs)

Particulars	Amount
Interest on Cash credit limit	9.36
Bank Charges	1.22
Processing Fees	3.50
Total	14.08

Other Expenses:

The Companys other expenses for the period ended June 30, 2026 amounted to Rs160.57 Lakhs. The following are the details of the Other Expenses of the Company:

(Rs in Lakhs)

Particulars	Amount
Freight Outward	39.47
Installation expense	19.62
Warranty and repair Expense	13.93
Printing & Stationery Expense	1.66
Telephone Expenses	2.94
Tour and Travelling Expense	0.76
Electricity and Water Expense	3.85
Office Expense	0.21
Housekeeping Expense	0.91
Rent Expense	12.31
Business Promotion Expense	2.68
Advertisement and Marketing Expense	0.30
Discount on sale	0.07
Office Repair & Maintenance	1.33
Legal & Professional Expense	14.30
ROC Fees	11.65
Registration Fees and Rates & Taxes	6.16
Software and Subscription	6.44
Insurance Charges	2.64
Data Mining	1.81
Miscellaneous Expenses	1.50
Bad debts	0.03
Hiring/Recruitment Expenses	3.93
Testing and Technical Charges	2.15
Corporate Social Responsibility Expense	1.44
Subvention of Interest Expense for Consumer	8.04
Payment to Auditors
Audit Fee	0.25
For Taxation Matters	0.19
Total	160.57

Tax Expense:

The Companys Tax expense for the period ended June 30, 2026 amounted to Rs70.82 Lakhs, comprising of current tax expense of Rs71.58 Lakhs and deferred tax expense of Rs0.78 Lakhs.

Profit after Tax:

The Companys Profit after Tax for the period ended June 30, 2026 amounted to Rs197.42 Lakhs (8.11% of Total Income).

FY 2025-26 COMPARED WITH FY 2024-25

(Rs in Lakhs except percentages)

Particulars	For the year ended March 31, 2026	For the year ended March 31, 2025	% Change
Revenue:
Revenue from Operations	7,339.16	1,449.27	406.40%
Other income	22.98	2.06	1,015.53%
Total income	7,362.14	1,451.33	407.27%
Expenses:
Purchase of Stock-in-Trade	6,478.56	1,172.80	452.40%
Changes in Inventories of stock-in-trade	(450.84)	(109.04)	313.46%

 

Particulars	For the year ended March 31, 2026	For the year ended March 31, 2025	% Change
Employee benefits expense	178.60	68.69	160.01%
Depreciation and amortization expense	12.45	5.45	128.44%
Finance cost	20.64	5.87	251.62%
Other Expenses	375.01	137.85	172.04%
Total expenses	6,614.42	1,281.62	416.10%
Profit before tax	747.72	169.71	340.59%
Tax expense
(i) Current tax	174.68	31.40	456.26%
(ii) Deferred tax	16.05	13.02	23.27%
Profit after tax	556.99	125.29	344.57%

Revenue from Operations:

The Companys revenue from operations increased by 406.40% from Rs1,449.27 Lakhs for the financial year ended March 31, 2025 to Rs7,339.16 Lakhs for the financial year ended March 31, 2026. This was primarily due to increase in sale of goods from Rs1,380.27 Lakhs for the financial year ended March 31, 2025 to Rs7,268.22 Lakhs for the financial year ended March 31, 2026. The table below shows the details of Revenue from Operations of the Company:

(Rs in Lakhs)

Particulars	For the year ended March 31, 2026	For the year ended March 31, 2025	% Change
Sale of Goods	7,268.22	1,380.27	426.58%
Sale of Services	70.94	69.00	2.81%
Total	7,339.16	1,449.27	406.40%

The following is the revenue bifurcation on the basis of our Business Verticals of the Company:

(Rs in Lakhs)

Particulars	For the year ended				% Change
	March 31, 2026		March 31, 2025
	Amount	% of Revenue from Operations	Amount	% of Revenue from Operations
LED TVs	4,966.22	67.67%	664.61	45.86%	647.24%
Electric Scooters	1,987.51	27.08%	701.40	48.40%	183.36%
Air Coolers	114.47	1.56%	2.56	0.18%	4,371.48%
Washing Machines	114.17	1.56%	6.11	0.42%	1,768.58%
Air Conditioner	79.08	1.08%	2.46	0.17%	3,114.63%
Spare Parts	6.77	0.09%	3.13	0.22%	116.29%
Services*	70.94	0.97%	69.00	4.76%	2.81%
Total	7,339.16	100.00%	1,449.27	100.00%	406.40%

* Note: Services include income from advertisement & marketing services and rendering of after sales services.

The increase in revenue is primarily on account of the following:

1) Increase in Revenue from Electric Scooters: Revenue from Electric Scooters sales increased from Rs701.40 Lakhs for the financial year ended March 31, 2025 to Rs1,987.51 Lakhs for the financial year ended March 31, 2026. This growth was primarily driven by the full-year contribution of the Electric Scooters product line, which was launched during the later part of FY 2024-25 and, consequently, contributed to sales for only a portion of that year. In FY 2025 -26, the product was available throughout the entire financial year, leading to higher sales volumes. The company sold 2,144 units of electric scooters for the financial year ended March 31, 2026 in comparison to 840 units for the financial year ended March 31, 2025.

2) Increase in Revenue from LED TVs: The companys revenue from LED TVs increased from Rs664.61 Lakhs for the financial year ended March 31, 2025 to Rs4,966.22 Lakhs for the financial year ended March 31, 2026. This is mainly on account of orders received from new customers onboarded during the year and higher value orders received from renewed customers. This increase was also supported by growth in the quantity of LED TVs sold from 9,205 units for the financial year ended March 31, 2025 to 70,404 units for the financial year ended March 31, 2026.

3) Increase in Revenue of Other Products: The companys revenue from other products also increased during the year contributing to overall growth in its revenue from operations. Revenue from Sales of Air Coolers increased from Rs2.56 Lakhs for the financial year ended March 31, 2025 to Rs114.47 Lakhs for the financial year ended March 31, 2026. Further, revenue from sales of Washing Machines increased from Rs6.11 Lakhs for the financial year ended March 31, 2025, to Rs114.17 Lakhs for the financial year ended March 31, 2026, and revenue from sales of air conditioners increased from Rs2.46 Lakhs for the financial year ended March 31, 2025, to Rs79.08 Lakhs for the financial year ended March 31, 2026.

Other Income:

The Companys other income increased by Rs20.92 Lakhs from Rs2.06 Lakhs for the financial year ended March 31, 2025 to Rs22.98 Lakhs for the financial year ended March 31, 2026. This was primarily due to increase in Interest on Unsecured Loans. The table below shows the details of Other Income of the Company:

(Rs in Lakhs)

Particulars	For the year ended March 31, 2026	For the year ended March 31, 2025	% Change
Interest on Bank Deposits	1.75	0.08	2,087.50%
Interest on Unsecured Loan	20.71	1.98	945.96%
Writeback of Unclaimed Customer Advances	0.52	-	100.00%
Total	22.98	2.06	1,015.53%

Purchase of Stock-in-Trade:

The Companys purchase of stock-in-trade increased by 452.40% from Rs1,172.80 Lakhs in FY 2024-25 to Rs6,478.56 Lakhs in FY 2025-26. This increase was in line with the growing operations of the Company.

Changes in Inventories of Stock-in-Trade:

Changes in inventories of stock-in-trade are due to changes in opening stock of stock-in-trade with the closing stock of stock- in-trade.

Employee Benefit Expenses:

The Companys employee benefit expenses increased by 160.01% from Rs68.69 Lakhs for the financial year ended March 31, 2025 to Rs178.60 Lakhs for the financial year ended March 31, 2026. This was primarily due to increase in Salaries & Wages from Rs57.60 Lakhs in FY 2024-25 to Rs155.57 Lakhs in FY 2025-26. This increase is supported by increase in number of employees from 25 employees at March 31, 2025, to 73 employees at March 31, 2026. The table below shows the details of Employee Benefit Expense of the Company:

(Rs in Lakhs)

Particulars	For the financial year ended March 31, 2026	For the financial year ended March 31, 2025	% Change
Salaries & Wages	155.57	57.60	170.09%
Staff Welfare Expenses	4.69	2.73	71.79%
Director Remuneration	15.50	5.97	159.63%
Gratuity Expense	2.84	2.39	18.83%
Total	178.60	68.69	160.01%

Depreciation and Amortization Expenses:

The Companys depreciation and amortization expenses increased by 128.44% from Rs5.45 Lakhs for the financial year ended March 31, 2025 to Rs12.45 Lakhs for the financial year ended March 31, 2026. This increase was due to addition of Rs35.31 Lakhs in the Property, plant and equipment and intangible assets during the year.

Finance Costs:

The Companys finance costs increased by 251.62% from Rs5.87 Lakhs for the financial year ended March 31, 2025 to Rs20.64 Lakhs for the financial year ended March 31, 2026. This was primarily due to Interest on Cash Credit Limit availed for the financial year ended March 31, 2026. The table below shows the details of Finance Costs of the Company:

(Rs in Lakhs)

Particulars	For the financial year ended March 31, 2026	For the financial year ended March 31, 2025	% Change
Interest on Cash Credit Limit	15.99	-	100.00%
Interest on Statutory dues	1.36	4.29	(68.30) %
Bank Charges	0.90	1.39	(35.25) %
Processing Fees	2.39	0.19	1,157.89%
Total	20.64	5.87	251.62%

Other Expense:

The Companys other expenses increased by 172.04% from Rs137.85 Lakhs for the financial year ended March 31, 2025 to Rs375.01 Lakhs for the financial year ended March 31, 2026. The table below shows the details of other expenses of the Company:

(Rs in Lakhs)

Particulars	For the financial year ended March 31, 2026	For the financial year ended March 31, 2025	% Change
Freight Outward	87.19	25.73	238.87%
Installation expense	37.50	14.81	153.21%
Warranty and Repair Expense	33.86	4.12	721.84%
Printing & Stationery Expense	5.06	0.94	438.30%
Telephone Expenses	7.00	5.64	24.11%
Tour and Travelling Expense	2.32	0.86	169.77%
Electricity and Water Expense	10.12	8.21	23.26%
Office Expense	1.85	0.48	285.42%
Housekeeping Expense	1.01	0.66	53.03%
Rent Expense	33.48	27.60	21.30%
Business Promotion Expense	10.23	6.61	54.77%
Advertisement and Marketing Expense	10.98	4.66	135.62%
Commission on Sale	0.41	0.60	(31.67) %
Discount on sale	1.03	0.08	1,187.50%
Office Repair & Maintenance	3.02	2.54	18.90%
Legal & Professional Expense	69.78	2.10	3,222.86%
ROC Fees	4.83	2.99	61.54%
Registration Fees and Rates & Taxes	1.68	0.58	189.66%
Software and Subscription	11.83	17.39	(31.97) %
Insurance Charges	0.63	-	100.00%
Late Fee & Penalty	3.20	0.23	1,291.30%
Data Mining	0.27	3.46	(92.20) %
Miscellaneous Expenses	1.95	3.48	(43.97) %
Bad debts	1.77	-	100.00%
Payment gateway charges	3.13	-	100.00%
Donation and Charity	0.75	-	100.00%
Hiring/Recruitment Expenses	3.49	-	100.00%
Testing and Technical Charges	3.76	3.83	(1.83) %
Subvention of Interest Expense for Consumer	21.13	-	100.00%
Payment to Auditors
- Audit Fee	1.00	0.25	300.00%
- For Taxation Matters	0.75	-	100.00%
Total	375.01	137.85	172.04%

Tax Expense:

The Companys tax expenses increased by Rs146.31 Lakhs from Rs44.42 Lakhs for the financial year ended March 31, 2025 to Rs190.73 Lakhs for the financial year ended March 31, 2026. This was due to increase in current tax expense from Rs31.40 Lakhs for the financial year ended March 31, 2025 to Rs174.68 Lakhs for the financial year ended March 31, 2026 and increase in deferred tax expense from Rs13.02 Lakhs for the financial year ended March 31, 2025 to Rs16.05 Lakhs for the financial year ended March 31, 2026.

Profit After Tax:

The Companys profit after tax increased by Rs431.70 Lakhs from Rs125.29 Lakhs for the financial year ended March 31, 2025 to Rs556.99 Lakhs for the financial year ended March 31, 2026. This growth was primarily driven by an increase in Total Income, which rose from Rs1,451.33 Lakhs for the financial year ended March 31, 2025 to Rs7,362.14 Lakhs for the financial year ended March 31, 2026.

Further, diversification into Electric Scooters segment also contributed in overall profit growth. The company generally earns a higher profit margin on sale of Electric Scooters resulting in increase in profits of the company during the year.

The table below sets forth the gross profit margin earned by the company from different products during the financial year ended March 31, 2026:

Product Name	Gross Margins
LED TVs	13.94%
Electric Scooters	26.65%
Air Coolers	18.03%
Washing Machines	13.51%
Air Conditioners	4.09%

FY 2024-25 COMPARED WITH FY 2023-24

(Rs in Lakhs except percentages)

Particulars	For the financial year ended March 31, 2025	For the financial year ended March 31, 2024	% Change
Revenue:
Revenue from Operations	1,449.27	321.45	350.85%
Other income	2.06	0.78	164.10%
Total income	1,451.33	322.23	350.40%
Expenses:
Purchase of Stock-in-Trade	1,172.80	221.84	428.67%
Changes in Inventories of stock-in-trade	(109.04)	0.32	(34,175.00) %
Employee benefits expense	68.69	149.24	(53.97) %
Depreciation and amortization expense	5.45	7.76	(29.77) %
Finance cost	5.87	1.01	481.19%
Other Expenses	137.85	123.28	11.82%

 

Particulars	For the financial year ended March 31, 2025	For the financial year ended March 31, 2024	% Change
Total expenses	1,281.62	503.45	154.57%
Profit before tax	169.71	(181.22)	(193.65) %
Tax expense
(i) Current tax	31.40	2.77	1033.57%
(ii) Deferred tax	13.02	(48.24)	(126.99) %
Profit after tax	125.29	(135.75)	(192.29) %

Revenue from Operations:

The Companys revenue from operations increased by 350.85% from Rs321.45 Lakhs for the financial year ended March 31, 2024 to Rs1,449.27 Lakhs for the financial year ended March 31, 2025. This was primarily due to increase in sale of goods from Rs252.45 Lakhs for the financial year ended March 31, 2024 to Rs1,380.27 Lakhs for the financial year ended March 31, 2025. The table below shows the details of Revenue from Operations of the Company:

(Rs in Lakhs)

Particulars	For the financial year ended March 31, 2025	For the financial year ended March 31, 2024	% Change
Sale of Goods	1,380.27	252.45	446.75%
Sale of Services	69.00	69.00	0.00%
Total	1,449.27	321.45	350.85%

The following is the revenue bifurcation on the basis of our Business Verticals of the Company:

(Rs in Lakhs)

Particulars	For the year ended				% Change
	March 31, 2025		March 31, 2024
	Amount	% of Revenue from Operations	Amount	% of Revenue from Operations
LED TVs	664.61	45.86%	242.52	75.45%	174.03%
Electric Scooters	701.40	48.40%	-	-	100.00%
Air Coolers	2.56	0.18%	0.16	0.05%	1,500.00%
Washing Machines	6.11	0.42%	9.74	3.03%	(37.27) %
Air Conditioner	2.46	0.17%	-	-	100.00%
Spare Parts	3.13	0.22%	0.03	0.01%	10,333.33%
Services*	69.00	4.76%	69.00	21.47%	0.00%
Total	1,449.27	100.00%	321.45	100.00%	350.85%

* Note: Services include income from advertisement & marketing services and rendering of after sales services.

The increase in revenue is primarily on account of the following:

1) Diversification into Electric Scooters: During FY 2024-25, the Company diversified its product portfolio by entering the electric scooter segment. It has commenced trading of electric scooters from fourth quarter (Q4) of FY 2024-25. It has sold electric scooters worth Rs701.40 Lakhs consisting of 840 units of electric scooters for the financial year ended March 31, 2025 in comparison to Nil units for the financial year ended March 31, 2024 supporting the overall growth in revenue from operations.

2) Increase in Revenue from LED TVs: The companys revenue from sale of LED TVs increased from Rs242.53 Lakhs for the financial year ended March 31, 2024 to Rs664.61 Lakhs for the financial year ended March 31, 2025. This is mainly on account of orders received from new customers onboarded during the year and higher value orders received from renewed customers. This increase was also supported by growth in the quantity of LED TVs sold from 3,321 units for the financial year ended March 31, 2024 to 9,205 units for the financial year ended March 31, 2025.

Other Income:

The Companys other income increased by 164.10% from Rs0.78 Lakhs for the financial year ended March 31, 2024 to Rs2.06 Lakhs for the financial year ended March 31, 2025. This was primarily due to increase in Interest of Unsecured Loans. The table below shows the details of Other Income of the Company:

(Rs in Lakhs)

Particulars	For the financial year ended March 31, 2025	For the financial year ended March 31, 2024	% Change
Interest on Bank Deposits	0.08	0.07	14.29%
Balances written off	-	0.71	(100.00) %
Interest on Unsecured Loan	1.98	-	100.00%
Total	2.06	0.78	164.10%

Purchase of Stock-in-Trade:

The Companys purchase of stock-in-trade increased by 428.67% from Rs221.84 Lakhs for the financial year ended March 31, 2024 to Rs1,172.80 Lakhs for the financial year ended March 31, 2025. This increase was in line with the growing operations of the Company.

Changes in Inventories of Stock-in-Trade:

Changes in inventories of stock in trade is due to changes in opening stock of stock in trade with the closing stock of and stock in trade.

Employee Benefit Expenses:

The Companys employee benefit expenses decreased by 53.97% from Rs149.24 Lakhs for the financial year ended March 31, 2024 to Rs68.69 Lakhs for the financial year ended March 31, 2025. This was primarily due to decrease in Salaries & Wages from Rs137.58 Lakhs in FY 2023-24 to Rs57.60 Lakhs in FY 2024-25. The table below shows the details of Employee Benefit Expenses of the Company:

(Rs in Lakhs)

Particulars	For the financial year ended March 31, 2025	For the financial year ended March 31, 2024	% Change
Salaries & Wages	57.60	137.58	(58.13) %
Staff welfare expenses	2.73	2.70	1.11%
Director Remuneration	5.97	8.19	(27.11) %
Gratuity Expense	2.39	0.77	210.39%
Total	68.69	149.24	(53.97) %

Depreciation and Amortization Expense:

The Companys depreciation and amortization expense decreased by 29.77% from Rs7.76 Lakhs for the financial year ended March 31, 2024 to Rs5.45 Lakhs for the financial year ended March 31, 2025. This was due to depreciation being charged on WDV basis as per rates outlined in the Companies Act, 2013.

Finance Costs:

The Companys finance costs increased by 481.19% from Rs1.01 Lakhs for the financial year ended March 31, 2024 to Rs5.87 Lakhs for the financial year ended March 31, 2025. This was primarily due to increase in Interest on Statutory Dues. The table below shows the details of Finance Costs of the Company:

(Rs in Lakhs)

Particulars	For the financial year ended March 31, 2025	For the financial year ended March 31, 2024	% Change
Interest on Statutory dues	4.29	0.30	1,330.00%
Bank Charges	1.39	0.71	95.77%
Processing Fees	0.19	-	100.00%
Total	5.87	1.01	481.19%

378

Other Expenses:

The Companys other expenses increased by 11.82% from Rs123.28 Lakhs for the financial year ended March 31, 2024 to Rs137.85 Lakhs for the financial year ended March 31, 2025. The table below shows the details of Other expenses of the Company:

(Rs in Lakhs)

Particulars	For the financial year ended March 31, 2025	For the financial year ended March 31, 2024	% Change
Freight Outward	25.73	10.02	156.79%
Installation expense	14.81	5.45	171.74%
Warranty and repair Expense	4.12	7.16	(42.46) %
Printing & Stationery Expense	0.94	1.49	(36.91) %
Telephone Expenses	5.64	2.92	93.15%
Tour and Travelling Expense	0.86	1.67	(48.50) %
Electricity and Water Expense	8.21	5.98	37.29%
Office Expense	0.48	2.19	(78.08) %
Housekeeping Expense	0.66	5.55	(88.11) %
Rent Expense	27.60	35.23	(21.66) %
Business Promotion Expense	6.61	8.25	(19.88) %
Advertisement and Marketing Expense	4.66	0.32	1356.25%
Commission on Sale	0.60	-	100.00%
Discount on sale	0.08	0.48	(83.33) %
Office Repair & Maintenance	2.54	4.08	(37.75) %
Legal & Professional Expense	2.10	4.26	(50.70) %
ROC Fees	2.99	0.29	931.03%
Registration Fees and Rates & Taxes	0.58	0.13	346.15%
Software and Subscription	17.39	18.39	(5.44) %
Late Fee & Penalty	0.23	0.39	(41.03) %
Data Mining	3.46	7.06	(50.99) %
Miscellaneous Expenses	3.48	1.07	225.23%
Testing and Technical Charges	3.83	-	100.00%
Goods lost in transit	-	0.65	(100.00) %
Payment to Auditors
- Audit Fee	0.25	0.25	0.00%
Total	137.85	123.28	11.82%

Tax Expense:

The Companys tax expenses increased by Rs89.89 Lakhs from Rs (45.47) Lakhs for the financial year ended March 31, 2024 to Rs44.42 Lakhs for the financial year ended March 31, 2025. This was due to increase in Current tax expense from Rs2.77 Lakhs for the financial year ended March 31, 2024 to Rs31.40 Lakhs for the financial year ended March 31, 2025 and increase in Deferred tax expense from Rs (48.24) Lakhs for the financial year ended March 31, 2024 to Rs13.02 Lakhs for the financial year ended March 31, 2025.

Profit after Tax:

The Companys profit after tax increased by Rs261.04 Lakhs from Rs (135.75) Lakhs for the financial year ended March 31, 2024 to Rs125.29 Lakhs for the financial year ended March 31, 2025. This growth was primarily driven by an increase in Total Income, which rose from Rs322.23 Lakhs for the financial year ended March 31, 2025 to Rs1,451.33 Lakhs for the financial year ended March 31, 2025.

Further, diversification into electric scooters segment also contributed in overall profit growth. The company generally earns a higher profit margin on sale of electric scooters resulting in increase in profits of the company during the year.

CASH FLOWS ON THE BASIS OF RESTATED STANDALONE FINANCIAL STATEMENTS

(Rs in Lakhs)

Particulars	For the period ended June 30, 2026	For the financial year ended March 31, 2026	For the financial year ended March 31, 2024	For the financial year ended March 31, 2024
Net Cash from Operating Activities	(751.79)	(381.48)	63.60	(136.29)
Net Cash from Investing Activities	(3.54)	(592.85)	(348.54)	(11.79)
Net Cash from Financing Activities	768.75	965.71	303.19	149.41
Net Increase/ (Decrease) in Cash & Cash Equivalents	13.42	(8.62)	18.25	1.33
Opening Balance of Cash & Cash Equivalents	11.04	19.66	1.41	0.08
Closing Balance of Cash & Cash Equivalents	24.46	11.04	19.66	1.41

CASH FLOWS FROM OPERATING ACTIVITIES:

For the period ended June 30, 2026

Our net cash used in operating activities for the period ended June 30, 2026, was Rs751.79 Lakhs as compared to the Profit Before Tax at Rs268.22 Lakhs. Our operating profit before working capital changes was Rs315.19 Lakhs for the period ended June 30, 2026 which was primarily adjusted against an increase in trade receivables by Rs316.68 Lakhs, increase in inventories by Rs203.57 Lakhs, increase in other non-current assets by Rs480.88 Lakhs, increase in loans & advances by Rs462.61 Lakhs, increase in trade payables by Rs167.42 Lakhs, increase in other current liabilities by Rs230.84 Lakhs and Net Income taxes paid of Rs1.50 Lakhs.

For the financial year ended March 31, 2026:

Our net cash used in operating activities for the year ended March 31, 2026, was Rs381.48 Lakhs as compared to the Profit Before Tax at Rs747.72 Lakhs. Our operating profit before working capital changes was Rs782.26 Lakhs for the financial year ended March 31, 2026, which was primarily adjusted against an increase in trade receivables by Rs852.76 Lakhs, increase in loans & advances by Rs28.19 Lakhs, increase in Other Non-current assets by Rs27.61 Lakhs, increase in Inventories by Rs450.84 Lakhs, increase in trade payables by Rs139.14 Lakhs, increase in current liabilities by Rs93.58 Lakhs, and Net Income taxes paid of Rs37.06 Lakhs.

For the financial year ended March 31, 2025:

Our net cash generated from operating activities for the year ended March 31, 2025, was Rs63.60 Lakhs as compared to the Profit Before Tax at Rs169.71 Lakhs. Our operating profit before working capital changes was Rs192.81 Lakhs for the financial year ended March 31, 2025, which was primarily adjusted against an increase in Other Non-current assets by Rs9.96 Lakhs, increase in loans & advances by Rs20.94 Lakhs, increase in Trade receivables by Rs332.88 Lakhs, increase in Inventories by Rs109.04 Lakhs, increase in trade payables by Rs410.23 Lakhs, decrease in current liabilities by Rs65.33 Lakhs, and Net Income taxes paid of Rs1.29 Lakhs.

For the financial year ended March 31, 2024:

Our net cash used in operating activities for the year ended March 31, 2024, was Rs136.29 Lakhs as compared to the Profit Before Tax at Rs (181.22) Lakhs. Our operating profit before working capital changes was Rs (166.02) Lakhs for the financial year ended March 31, 2024, which was primarily adjusted against an increase in trade receivables by Rs21.21 Lakhs, increase in Other Non-current assets by Rs0.07 Lakhs, decrease in loans & advances by Rs10.37 Lakhs, decrease in Inventories by Rs0.32 Lakhs, decrease in trade payables by Rs1.79 Lakhs, increase in current liabilities by Rs42.11 Lakhs and Net Income taxes paid of NIL.

CASH FLOWS FROM INVESTMENT ACTIVITIES For the period ended June 30, 2026

Our net cash used in investing activities for the period ended June 30, 2026, was Rs3.54 Lakhs. This was on account of Purchase of Property, Plant and Equipment of Rs3.54 Lakhs.

For the financial year ended March 31, 2026:

For the financial year ended March 31, 2026, the net cash used in Investing Activities was Rs592.85 Lakhs. This was mainly on account of the Purchase of Purchase of Property, Plant & Equipment of Rs32.38 Lakhs, purchase of Intangible assets of U2.93 Lakhs, decrease in Long-term loans and advances of Rs350.00 Lakhs, Investment in Subsidiary of Rs930.00 Lakhs, and Interest Income of U22.46 Lakhs.

For the financial year ended March 31, 2025:

For the financial year ended March 31, 2025, the net cash used in Investing Activities was Rs348.54 Lakhs. This was mainly on account of the Purchase of Purchase of Property, Plant & Equipment of Rs0.60 Lakhs, increase in Long-term loans and advances of Rs350.00 Lakhs, and Interest Income of Rs2.06 Lakhs.

For the financial year ended March 31, 2024:

For the financial year ended March 31, 2024, the net cash used in Investing Activities was Rs11.79 Lakhs. This was mainly on account of the Purchase of Purchase of Property, Plant & Equipment of Rs11.86 Lakhs, and Interest Income of Rs0.07 Lakhs.

CASH FLOWS FROM FINANCING ACTIVITIES

For the period ended June 30, 2026

Our net cash generated from financing activities for the period ended June 30, 2026 was Rs768.75 Lakhs. This was mainly on account of proceeds from Long-term Borrowings of Rs5.00 Lakhs, proceeds from Short-term Borrowings of Rs777.83 Lakhs, and Finance Cost paid of Rs14.08 Lakhs.

For the financial year ended March 31, 2026

For the financial year ended March 31, 2026, the net cash generated from financing activities was Rs965.71 Lakhs. This was mainly on account of Proceed of Share Capital of Rs603.46 Lakhs, proceeds of Long-term Borrowings of Rs820.90 Lakhs, repayment of Long-term Borrowings of Rs618.54 Lakhs, proceeds of Short-term Borrowings of Rs179.32 Lakhs and Finance cost paid of Rs19.43 Lakhs.

For the financial year ended March 31, 2025

For the financial year ended March 31, 2025, the net cash generated from financing activities was Rs303.19 Lakhs. This was mainly on account of Proceed of Share Capital of Rs325.00 Lakhs, proceeds of Long-term Borrowings of Rs47.77 Lakhs, repayment of Long-term Borrowings of Rs64.19 Lakhs, proceeds of Short-term Borrowings of Rs0.48 Lakhs and Finance cost paid of Rs5.87 Lakhs.

For the financial year ended March 31, 2024

For the financial year ended March 31, 2024, the net cash generated from financing activities was Rs149.41 Lakhs. This was mainly on account of Proceed of Share Capital of Rs160.00 Lakhs, proceeds of Long-term Borrowings of Rs0.77 Lakhs, repayment of Long-term Borrowings of Rs10.51 Lakhs, proceeds of Short-term Borrowings of Rs0.16 Lakhs and Finance cost paid of Rs1.01 Lakhs.

RELATED PARTY TRANSACTIONS

Related party transactions with certain of our promoter, directors and their entities and relatives primarily relate to remuneration, salary, loans & advances, sales and the issue of Equity Shares. For further details of related parties kindly refer chapter titled “Financial Information” beginning on page 268 of this Red Herring Prospectus.

OFF-BALANCE SHEET ITEMS

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

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

There are no qualifications in the audit report that require adjustments in the Restated Consolidated Financial Statements and Restated Standalone 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 to absorb the inflationary impact.

Credit Risk:

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

OTHER MATTERS

DETAILS OF DEFAULT, IF ANY, INCLUDING THEREIN THE AMOUNT INVOLVED, DURATION OF DEFAULT AND PRESENT STATUS, IN REPAYMENT OF STATUTORY DUES OR REPAYMENT OF DEBENTURES OR REPAYMENT OF DEPOSITS OR REPAYMENT OF LOANS FROM ANY BANK OR FINANCIAL INSTITUTION

Except as disclosed in section titled “Financial Information” beginning on page 268 of this Red Herring Prospectus, there have been no defaults in payment of statutory dues or repayment of debentures and interest thereon or repayment of deposits and interest thereon or repayment of loans from any bank or financial institution and interest thereon by the Company.

MATERIAL FRAUDS

There has been no material fraud, as reported by our statutory auditor, committed against our Company, in the last three FYs. UNUSUAL OR INFREQUENT EVENTS OR TRANSACTIONS

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

SIGNIFICANT ECONOMIC CHANGES THAT MATERIALLY AFFECTED OR ARE LIKELY TO AFFECT INCOME FROM CONTINUING OPERATIONS

Indian rules and regulations as well as the overall growth of the Indian economy have a significant bearing on our operations. Major changes in these factors can significantly impact income from continuing operations. There are no significant economic changes that materially affected our Companys operations or are likely to affect income from continuing operations except as described in chapter titled "Risk Factors” beginning on page 31 of this Red Herring Prospectus.

KNOWN TRENDS OR UNCERTAINTIES THAT HAVE HAD OR ARE EXPECTED TO HAVE A MATERIAL ADVERSE IMPACT ON REVENUE OR INCOME FROM CONTINUING OPERATIONS

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

FUTURE RELATIONSHIP BETWEEN COSTS AND INCOME

Other than as described in the section titled "Risk Factors beginning on page 23 of this Red Herring Prospectus, to our knowledge there are no factors, which will affect the future relationship between costs and income, or which are expected to have a material adverse impact on our operations and finances.

THE EXTENT TO WHICH MATERIAL INCREASES IN REVENUE OR INCOME FROM OPERATIONS ARE DUE TO INCREASED VOLUME, INTRODUCTION OF NEW PRODUCTS OR SERVICES OR INCREASED PRICES

Changes in revenue in the last three financial years are as explained in the part "Financial Year 2025 -26 compared with Financial Year 2024-25 and Financial Year 2024-25 Compared with Financial Year 2022-23” above.

SIGNIFICANT DEPENDENCE ON A SINGLE OR FEW SUPPLIERS OR CUSTOMERS

The percentage of contribution of our Companys Top Customers & Suppliers have been mentioned under para “ Our Major Customer and “Our Major Suppliers in the chapter titled “Our Business” on page 178 of this Red Herring Prospectus.

STATUS OF ANY PUBLICLY ANNOUNCED NEW PRODUCTS OR BUSINESS SEGMENTS

Please refer to the chapter titled “Our Business” beginning on page 178 of this Red Herring Prospectus for new products or business segments.

THE EXTENT TO WHICH THE BUSINESS IS SEASONAL

Our business is not materially seasonal in nature and operates throughout the year.

COMPETITIVE CONDITIONS

Competitive conditions are as described in the Chapter “Our Business” beginning on page 178 of this Red Herring Prospectus.