WOL 3D India Ltd Management Discussions

Global Economic Overview - FY 2024-25

The global economy in FY 2024-25 continued to navigate a landscape of divergent growth paths and elevated policy uncertainty, as highlighted in the IMFs January 2025 World Economic Outlook. Despite persistent geopolitical tensions and inflationary pressures, global growth remained steady at 3.3%, broadly unchanged from the previous year and slightly below the historical average of 3.7%.

Advanced economies, particularly the United States, outperformed expectations due to strong domestic demand, prompting an upward revision in growth forecasts. In contrast, several major economies, including parts of Europe and East Asia, faced downward revisions amid weak manufacturing activity, subdued consumer confidence, and lingering energy cost burdens.

Global headline inflation showed signs of moderation, projected to decline to 4.2% in 2025 and further to 3.5% in 2026, with advanced economies expected to return to target levels earlier than emerging markets. However, renewed inflationary pressures and policy-generated disruptions remain key risks that could interrupt the disinflation process and delay monetary easing.

Financial markets responded positively to the anticipated pivot in central bank policies, leading to:

Eased financial conditions Rising equity valuations

Buoyant capital flows to emerging markets (excluding China)

Restored market access for several low-income and frontier economies

The IMF cautions that medium-term risks remain tilted to the downside, emphasizing the need for prudent fiscal management, structural reforms, and stronger multilateral cooperation to sustain growth and stability.

This global backdrop offers cautious optimism for infrastructure and industrial sectors, particularly in India, where your Company continues to expand its footprint in electrical and fire-fighting installations.

("Based on IMF World Economic Outlook-January 2025)

India-Specific Economic Overview - FY 2024-25

Indias economy in FY 2024-25 continued to assert its position as the worlds fastest- growing major economy, demonstrating resilience amid global headwinds and domestic structural shifts. According to the National Statistical Office (NSO), real GDP growth is estimated at 6.4%, down from 8.2% in the previous fiscal year, reflecting a normalization of post-pandemic momentum and sectoral rebalancing.

Major Sectoral Trends is as below

• Agriculture and Allied Sectors: Real GVA growth surged to 3.8%, supported by favorable monsoon patterns and improved rural demand.

• Construction and Infrastructure: A standout performer, with real GVA growth of 8.6%, driven by public investment and private sector participation in urban development projects.

• Financial, Real Estate & Professional Services: Estimated to grow at 7.3%, reflecting strong credit demand and digital transformation across service platforms.

• Manufacturing: Faced headwinds due to weak global demand and supply chain disruptions, contributing to a moderation in overall growth.

Inflation and Fiscal Management

Retail inflation moderated to 4.6%, the lowest since FY 2018-19, aided by targeted fiscal and monetary policies. The government maintained fiscal discipline while supporting growth through strategic schemes like PLI, MSME revitalization, and infrastructure expansion.

Geopolitical and Strategic Positioning

India became the 4th largest global economy in 2025 and is projected to reach $7.3 trillion GDP by 2030, driven by the vision of Aatmanirbhar Bharat and proactive global engagement. The Ministry of External Affairs highlighted Indias expanding influence in multilateral forums, trade negotiations, and strategic partnerships.

Industry Overview: 3D Printing in India

Indias 3D printing industry is undergoing a transformative evolution, emerging as a strategic enabler of advanced manufacturing across sectors. Valued at USD 707 million in 2024, the market is projected to reach USD 4.33 billion by 2033, growing at a CAGR of 21.7%. This growth is underpinned by rising demand for rapid prototyping, customized production, and sustainable manufacturing solutions.

Sectoral Adoption & Applications

• Automotive & Aerospace: Lightweight components, tooling, and design iteration are accelerating product cycles and reducing costs.

• Healthcare: Customized implants, prosthetics, and surgical models are enhancing patient outcomes and procedural precision.

• Construction: 3D-printed homes and infrastructure projects are reducing build times and material waste, with homes now completed in weeks instead of months.

• Education & Research: Institutions are integrating additive manufacturing into STEM curricula, fostering innovation and skill development.

Policy & Ecosystem Drivers

• Make in India & NSAM: Government initiatives such as the National Strategy on Additive Manufacturing aim to capture 5% of the global AM market and create 100,000 jobs by 2025.

• FDI Momentum: Manufacturing-related FDI rose 69% over the past decade, reflecting investor confidence in Indias industrial innovation.

• Startup Ecosystem: Over 1,000 domestic players, including Go3D and Intech Additive, are driving indigenous innovation and expanding access to affordable 3D printing solutions.

Sustainability & Strategic Outlook

3D printing aligns with Indias sustainability goals by minimizing material waste and enabling energy-efficient production. As industries pivot toward circular manufacturing models, additive technologies are expected to play a pivotal role in reducing carbon footprints and enhancing supply chain resilience.

Company Overview

The 3D printing industry in India continues to evolve rapidly, supported by technological advancements, wider adoption across industries such as automotive, aerospace, healthcare, education, and consumer products, and favorable government initiatives under the "Make in India" and "Digital India" programs. Additive manufacturing is emerging as a key enabler of Industry 4.0 and is increasingly being used not only for prototyping but also for end-use manufacturing applications. This evolving landscape presents multiple opportunities for growth, including rising demand for customized solutions in healthcare and education, growing awareness of sustainable manufacturing practices, and expanding applications in industrial design and consumer innovation. At the same time, the Company is conscious of certain

challenges, including intensifying competition from global and domestic players, the risk of technology obsolescence due to the pace of innovation, volatility in raw material and component supply chains, and foreign exchange fluctuations impacting imports.

During the year under review, WOL 3D India Limited consolidated its position as one of the leading players in the Indian 3D printing space by expanding its product portfolio, strengthening distribution channels, and enhancing customer engagement through innovative solutions and reliable after-sales support. The Company has established a robust presence across metropolitan and industrial regions, catering to enterprises, educational institutions, and individual innovators. By leveraging partnerships with global technology providers and investing in localized service infrastructure, the Company has built a strong foundation for sustainable growth.

Financial Overview

During the financial year 2024-25, the Company registered a robust growth in standalone revenue, reaching ^49,32,07,000 as compared to ^40,01,43,000 in the previous financial year—reflecting a year-on-year increase of approximately 23.26%. This performance highlights the Companys operational strength and strategic execution across key verticals. The Profit After Tax ("PAT") for FY 2024-25 stood at ^5,59,12,000, as against ^5,03,94,000 in FY 2023-24. The incline in profitability was primarily attributable to significantly elevated Revenue Growth and Cost Efficiency.

During the financial year 2024-25, Wol 3D India Limited continued to consolidate its position as a leading provider of 3D printing solutions and related consumables across India. The Company remained focused on operational efficiency, product innovation, and strategic expansion, despite macroeconomic headwinds and sectoral volatility.

Key Ratio Outlook for FY 2024-25

Please refer to Note no. 32 of the Financial Statements.

Business Overview

WOL 3D India Limited is a pioneering force in Indias additive manufacturing landscape, specializing in the distribution and innovation of 3D printing technologies. Headquartered in Mumbai, the company operates at the intersection of computer and peripheral equipment manufacturing and advanced materials processing, offering a comprehensive portfolio that includes:

• FDM and Resin 3D Printers

• 3D Scanners and Laser Engravers

• Filaments and Resins (PLA, ABS, exotic blends)

• 3D Pens and Accessories

Market Position & Capabilities

WOL 3D has positioned itself as a key enabler of digital fabrication across sectors such as education, prototyping, healthcare, and industrial design. Through strategic partnerships and a robust e-commerce presence—including platforms like Amazon India—the company ensures nationwide accessibility to cutting-edge 3D printing solutions.

Growth & Financial Snapshot

As of August 2025, WOL 3D India Ltds stock price stood at ^144.50, reflecting a 6.96% weekly gain, outperforming the broader Sensex index. While short-term momentum is strong, investor participation has shown signs of tapering, warranting close monitoring of liquidity and engagement metrics.

Strategic Vision

WOL 3D aims to democratize additive manufacturing in India by:

Expanding its product ecosystem to include customized industrial solutions Enhancing after-sales support and training programs

Driving awareness and adoption through educational outreach and B2B partnerships Regulatory & Sectoral Alignment

Operating within Indias broader Make in India and Digital India frameworks, WOL 3D aligns with national goals of fostering innovation, reducing import dependency, and building indigenous manufacturing capabilities.

Human Resource Development and Industrial Research - FY 2024-25

In FY 2024-25, Wol3d continues to uphold its Human-First philosophy, as envisioned by our Founder and Promoter, placing people at the heart of every strategic and operational decision. We recognize that organizational resilience and innovation stem from a skilled, engaged, and empowered workforce.

This year, our human resource strategy has evolved to focus on:

• Competency-based recruitment, targeting high-impact roles in engineering, project management, and compliance

• Structured onboarding and mentorship programs, ensuring seamless cultural and operational integration

• Skill acceleration tracks, including certifications in fire safety, electrical diagnostics, and digital maintenance tools

We have expanded our Learning & Development (L&D) framework to include:

• Cross-functional training modules, fostering versatility and leadership readiness

• Collaborations with technical institutes, enabling access to emerging industrial research and best practices

• Performance-linked learning incentives, encouraging continuous improvement and innovation

Internal Control and Adequacy - FY 2024-25

In FY 2024-25, WOL3D has further reinforced its internal control framework to support operational integrity, regulatory compliance, and strategic decision-making. Our systems are designed to safeguard assets against unauthorized use or disposal, while ensuring that all transactions are subject to rigorous authorization, documentation, and audit trails.

This year, we have:

• Digitized key control processes, including procurement, inventory tracking, and vendor management

• Integrated compliance dashboards, enabling real-time monitoring of statutory obligations and internal KPIs

• Strengthened cross-functional oversight, enhancing coordination between finance, operations, and compliance teams

Our internal control mechanisms have been independently reviewed and validated by statutory auditors, affirming their adequacy, reliability, and scalability. In addition, we continue to engage external consultants with domain expertise in finance, governance, and risk management to benchmark our practices against industry standards and regulatory developments.

To ensure robust risk mitigation:

• Our Internal Audit function operates independently, reporting directly to the Audit Committee and the Board of Directors

• Audit findings are reviewed quarterly, with corrective actions tracked through structured follow-up mechanisms

• Whistleblower and grievance redressal systems have been enhanced to promote transparency and ethical conduct

These initiatives reflect our commitment to maintaining a resilient control environment capable of adapting to business growth, regulatory changes, and stakeholder expectations.

Risk, Concerns and Mitigations

Our Company encounters various regulatory, environmental and business risks in its operations. We actively work towards the prevention and mitigation of the risk to minimize its potential impact on our performance.

Workplace Safety and EHS Commitment

Our Environment, Health, and Safety (EHS) function has been further strengthened to meet evolving regulatory and operational demands. In FY 2024-25, we have:

• Digitized safety audits and compliance tracking, improving visibility and accountability

• Introduced behavior-based safety (BBS) programs, promoting proactive risk identification

• Conducted quarterly safety drills and refresher trainings, enhancing emergency preparedness

These initiatives reflect our unwavering commitment to employee well-being, regulatory compliance, and the cultivation of a safety-first culture across all project sites and offices.

Industrial Research and Innovation

We are actively investing in industrial research collaborations to enhance system design, energy efficiency, and lifecycle performance. Our focus areas include:

• Smart diagnostics for electrical systems, enabling predictive maintenance

• Fire safety innovation, including sensor-based alert systems and sustainable suppression technologies

• Process optimization studies, aimed at reducing installation time and improving cost-efficiency

By integrating human capital development with industrial research, we aim to build a future-ready organization that delivers excellence, safety, and innovation at scale.

Cautionary Statement

We want to stress that this report includes forward-looking statements concerning anticipated future events, financial outcomes, and operational milestones of WOL3D. These statements are based on assumptions and are subject to various risks and uncertainties. There is a significant risk that these assumptions, predictions, and other forward-looking statements may not accurately reflect future outcomes. Risks, Concerns & Risk Mitigation. Our Company encounters various regulatory, environmental and business risks in its operations. We actively work towards the prevention and mitigation of the risk to minimize its potential impact on our performance. We urge readers to exercise caution and avoid placing undue reliance on forward-looking statements, as several factors could result in disparities between assumptions and actual future results and events. Therefore, this document is subject to the disclaimer and is qualified in its entirety by the assumptions, qualifications, and risk factors outlined in WOL3Ds Annual Report for FY24, as discussed in the Management Discussion and Analysis section.