Yashhtej Industries India Ltd Management Discussions

OF FINANCIAL POSITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations for the period ending for the Financial Years 2025, 2024 and 2023 is based on, and should be read in conjunction with, our Restated Financial Statements, including the schedules, notes and significant accounting policies thereto, included in the chapter titled "Restated Financial Statements" beginning on page 216 of this Draft Prospectus. Our Restated Financial Statements have been derived from our audited financial statements and restated in accordance with the SEBI ICDR Regulations and the ICAI Guidance Note. Our restated financial statements are prepared in accordance with applicable Accounting Standards.

You should read the following discussion of our financial condition and results of operations together with our restated financial statements included in this Draft Prospectus. You should also read the section titled "Risk Factors" beginning on page 25 of this Draft Prospectus, which discusses a number of factors, 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 Yashhtej Industries (India) Limited, our Company. Unless otherwise indicated, financial information included herein are based on our "Restated Financial Statements" for the Financial Years 2025, 2024 and 2023 included in this Draft Prospectus beginning on page 216 of this Draft Prospectus.

BUSINESS OVERVIEW

Our company, based in Latur, Maharashtra, is primarily engaged in the business of manufacturing/processing of soybean crude oil from soybeans through the solvent extraction process and manufacturing of Soybean De-Oiled Cake (‘DOC). DOC or soya meal is the solid residue or by-product remaining after oil extraction from soybeans and is rich in proteins and minerals.

Soybean Crude oil is required to be further refined to enable it to become edible oil and fit for consumption. Therefore, our company operates in a business to business (i.e. B2B) segment i.e. the said crude oil is supplied to the customers who are engaged in undertaking the refining activity.

The by-product, i.e. DOC is commonly used as animal feed in the poultry industry. The sales of DOC provides a secondary but significant revenue stream for our Company.

In addition to manufacturing soybean crude oil and its by-product DOC, our Company has also entered into the segment of the solar power generation and supply of the same. Our Company has been awarded "Letter of Award" (‘LOA) to be a Solar Power Developer (‘SDP) for solar photovoltaic power generating stations of an aggregate capacity of 5 MW (AC) under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 a scheme launched for implementation of feeder level solarisation under Component C of PM KUSUM scheme. According to the said LOA, the Maharashtra State Electricity Distribution Company Limited shall purchase the power generated by our Company from the Project, inter alia, the terms of Power Purchase Agreement executed in guidance of the said LOA. However, our Company currently is in the construction stage of this business segment. Accordingly, our Company currently do not generate any revenue from this segment. Our Company expects to generate revenue from this segment during the FY 2026-2027. With the inflow of revenue from this segment, our Company would also operate in Business to Government (‘B2G) segment.

FACTORS AFFECTING OUR RESULTS OF OPERATIONS:

Our business is subjected to various risks and uncertainties, including those discussed in the section titled "Risk Factors" beginning on page 25 of this Draft Prospectus. Our Results of Operations and financial conditions are affected by numerous factors including the following:

Our execution capability

Cost of raw material, labour and inputs

Availability of cost effective funding sources

Competition from existing and new entrants

Technological changes

General economic and demographic changes

Changes is the Customer Preferences

Changes in laws and regulations that apply to the industry in which we operate

KEY PERFORMANCE INDICATORS OF OUR COMPANY

(Rs. in Lakhs)

Key Financial Performance	Unit	March 31, 2025	March 31, 2024	March 31, 2023
Revenue from Operations	In Lakhs	32,475.64	5,924.49	1,200.21
Year on year revenue growth	In %	448.16	393.62	-
EBITDA	In Lakhs	2,102.11	259.47	(57.89)
EBITDA Margin	In %	6.47	4.38	-4.82
PAT	In Lakhs	1,156.69	112.89	(57.76)
PAT Margin	In %	3.56	1.91	-4.81
Profit after tax growth	In %	924.58	295.44	-
Cash Profit after tax	In Lakhs	1,340.61	145.67	(57.76)
Operating cash flow	In Lakhs	120.76	(637.08)	(372.76)
Trade Receivables days	In Days	1	1	9
Inventory days	In Days	29	59	4
Trade Payable days	In Days	6	14	24
Interest Coverage Ratio	In Times	5.69	5.42	Nil
Net worth	In Lakhs	1,961.82	805.13	(47.76)
Debt	In Lakhs	4,384.57	3,390.56	1,661.72
Working Capital Cycle	In Days	23	47	(11.00)
Net fixed asset turnover ratio	In Times	10.74	3.84	7.01
Current Ratio	Times	0.92	0.68	1.26
Debt-Equity Ratio	Times	2.23	4.21	Nil
Return on equity	In %	83.61	29.81	305.92
Return on capital employed	In %	30.55	5.41	-3.59
Net Asset Value per equity share	In	26.16	107.35	(477.64)

[For the above details relating to KPIs, we have relied upon the certificate dated September 27, 2025 issued by the Statutory Auditors of our Company i.e., N B T and Co, Chartered Accountants]

Explanations for KPI

Key Financial Performance	Basis	Explanations
Revenue from Operations	Revenue from operation means revenue from operation as stated in the profit and loss.	Revenue from Operations is used by the management to track the revenue profile of the business and in turn helps to assess the overall financial performance of the Company and volume of the business.
Year on year revenue growth	Growth in Revenue from Operations is calculated as percentage change in revenue from operations over previous fiscal.	Revenue Growth represents year-on-year growth of the business operations in terms of revenue generated by our company
EBITDA	EBITDA is calculated as Profit before tax + Depreciation + Finance Costs Other Income	EBITDA provides information regarding the operational efficiency of the business
EBITDA Margin	EBITDA Margin is calculated as EBITDA divided by Revenue from Operations	EBITDA Margin (%) is an indicator of the operational profitability and financial performance of the business
PAT	PAT means profit after taxes for respective year	Profit after tax provides information regarding the overall profitability of the business
PAT Margin	PAT Margin is calculated as PAT for the period/year divided by revenue from operations	PAT Margin (%) is an indicator of the overall profitability and financial performance of the business
Profit after tax growth	Growth in PAT is calculated as percentage change in profit after tax over previous fiscal.	Profit after tax growth provides information regarding the growth of the operational performance for the respective period
Cash Profit after tax	Cash profit after tax is calculated as profit after tax plus depreciation.	Cash Profit after Tax shows the actual cash-generating ability of the business after accounting for non-cash expenses and reflects the cash profitability of the Company.
Operating cash flow	Operating cash flow is cash flow from the operating line item in cash flow statement	Operating cash flow shows whether the company is able to generate cash from day-to-day business.
Trade Receivables days	Trade receivable days is calculated as average trade receivables divided by revenue from operations multiplied by 365 for fiscal years	Trade Receivables days is the average number of days required for a company to receive payments from its customers
Inventory days	Inventory days is calculated as average inventory divided by Revenue from Operations multiplied by 365 for fiscal years.	Inventory days is the average number of days required for a company to convert its inventory into sales
Trade Payable days	Trade payable days is calculated as average trade payables divided by total purchases made during the year multiplied by 365 for fiscal years.	Trade Payable days is the average number of days required for a company to pay its suppliers
Interest coverage ratio	Interest coverage ratio is calculated as Profit before tax plus interest expense divided by interest expense.	Interest Coverage Ratio indicates the Companys ability to meet its interest obligations from its profits. A higher ratio suggests stronger debt-servicing capacity and financial stability.
Net worth	Net worth is calculated as share capital plus reserve and surplus	Net worth is used by the management to ascertain the total value created by the entity and provides a snapshot of current financial position of the entity.
Debt	Debt is calculated as Long term borrowing plus short term borrowing.	Debt helps the management to determine whether a company is over leveraged or has too much debt given its liquid assets
Working Capital Cycle	Working Capital Cycle is defined as trade receivable days plus inventory days less trade payable days	Working Capital Cycle is the time it takes to convert net current assets and current liabilities into cash
Net fixed asset turnover ratio	Net fixed asset turnover ratio is calculated by dividing revenue from operations by the average of fixed assets.	Net fixed asset turnover ratio is indicator of the efficiency with which the company is able to leverage its assets to generate revenue from operations
Current Ratio	Current Ratio is calculated by dividing Current assets to Current Liabilities	The current ratio is a liquidity ratio that measures the companys ability to pay short-term obligations or those due within one year
Debt-Equity Ratio	Debt to Equity ratio is calculated as Total Debt divided by shareholder equity(Net Worth)	Debt / Equity Ratio is used to measure the financial leverage of the Company and provides comparison benchmark against peers
Return on Equity	Return on Equity is calculated by comparing profit for the period/year against the amount of average shareholder equity	Return on equity provides how efficiently the Company generates profits from shareholders funds
Return on Capital Employed	Return on Capital Employed is calculated as follows: Profit for the period/ year plus finance cost plus tax expenses (EBIT) divided by (Net Worth plus Total Debt)	Return on capital employed provides how efficiently the Company generates earnings from the capital employed in the business
Net Asset Value per share (in )	Net Asset Value per share (in ) = Restated net worth at the end of the year (or) period / Number of Equity Shares at the end of the year	NAV represents the per share book value of the company.
Net Asset Value Per Share (In ) Adjusted	Net Asset Value Per Share (In ) Adjusted = Restated Net Worth At The End Of The Year (or) period / Weighted Average Number Of Equity Shares (Adjusted For The Bonus Issue and split shares)	NAV represents the per share book value of the company where the weighted number of shares have been adjusted for bonus issues and shares split.

SIGNIFICANT ACCOUNTING POLICIES:

[For accounting policies please refer "Significant Accounting Policies to the Restated Financial Statements", under chapter titled "Restated Financial Information" on page 222 of the Draft Prospectus.]

Further, in respect of the following specific components, please refer to the notes relating to the accounting policies as under:

Particulars	Description
Revenue recognition	Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured, regardless of when the revenue proceeds is received from customers
	Revenue is measured at the fair value of the consideration received/receivable taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the Government. The specific recognition criteria for revenue recognition are as follows:
1 Sale of Goods	Revenue from, sale of goods is recognized in the statement of profit and loss account when the significant risk and reward of ownership have been transferred to the buyer. The Company collects GST on behalf of the government and, therefore, these are not economic benefits flowing to the Company. Hence, they are excluded from revenue.
2 Subsidy	Amount of Subsidy is recognized as and when any condition for grant receivable is satisfied
3 Other Income	Interest income is recognized on a time proportion basis taking into account the amount outstanding and the interest rate applicable, other incomes have been recognized on accrual basis in the financial statements, except when there is uncertainty of collection.
Government Grants	Government grants and subsidies are recognized when there is reasonable assurance that the Company will comply with the conditions attached to them and subsidy will be received. When the grant or subsidy relates to an expense item, it is recognized as income over the periods necessary to match them on a systematic basis to the costs, which it is intended to compensate.
Property, plant and equipment	Property, Plant and equipment are stated at cost net of recoverable taxes, trade discounts and rebates and include amounts added on revaluation if any, less accumulated depreciation and impairment loss, if any. The Cost of Property, Plant and equipment comprises its purchase price, borrowing cost, and any other cost directly attributable to bringing the asset to its working condition for its intended use.
	Subsequent expenditure is capitalized only if it is probable that future economic benefits associated with the expenditure will flow to the company.
	Property, plant and equipment, Building under construction and assets not ready for put to the use at the year-end are disclosed as capital work-in-progress (CWIP)
Depreciation and useful asset life	Depreciation is calculated on cost of items of property, plant and equipment less their estimated residual values over their estimated useful lives based on the life prescribed in Schedule II of the Companies Act, 2013 using the written down value, and is generally recognized in the statement of profit and loss. .In cases, where the useful lives are different from that prescribed in Schedule II, The management has determined the estimated useful lives of the property, plant and equipment based on the chartered engineer certificate.
Category of Asset	Estimated Useful life (in years)	Estimated Value	Salvage
Solar Power Plant & Machinery	35	5%
Buildings	54	20%
Plant and Equipment	30	20%
Furniture & Fixture	10	5%
Office Equipment	5	5%
Lab Equipment	5	5%
Vehicles	8	5%
Computers	3	5%
Taxation	Tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with the Income Tax Act, 1961) and deferred tax charge or credit (reflecting the tax effect of timing differences between accounting income and taxable income for the period).
	Current tax
	Provision for income tax is recognized based on estimated tax liability computed after adjusting for allowances, disallowances and exemptions in accordance with the Income Tax Act, 1961.
	Deferred taxation
	The deferred tax charge or credit and the corresponding deferred tax liabilities and assets are recognized using the tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the asset can be realized in future; however, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognized only if there is a virtual certainty of realization of the assets. Deferred tax assets are reviewed at each balance sheet date and written down or written-up to reflect the amount that is reasonably / virtually certain (as the case may be) to be realized.
Impairment of Assets	The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount and the reduction is treated as an impairment loss and is recognized in the profit & loss account. If at the balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed, and the asset is reflected at the recoverable amount subject to a maximum of depreciated historical cost and is accordingly reversed in the profit & loss account
Borrowing costs	Borrowing cost includes interest, amortization of ancillary cost incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.
	Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are expensed in the period they occur.
Employee benefits	Short Term Employee Benefits
	The short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognized as an expense during the period when the employees render the services.
	Post-Employment Benefits
	Defined Contribution Plans
	The company has no policy of encashment and accumulation of leave. Therefore, no provision of leave Encashment is made. Companys contribution to Provident Fund and other Funds for the year is accounted on accrual basis and charged to the Statement of Profit & Loss for the year.
	Defined Benefits Plans
	The Company has a defined benefit gratuity plan. Employee who has completed five years or more of service gets a gratuity on for each completed year of service. The scheme of gratuity is unfunded. The Company has made provision for payment of Gratuity to its employees. This Provision is made as per the method prescribed under the Payment of Gratuity Act. The cost of providing gratuity under this plan is determined on the basis of actuarial valuation at year/period end.
Provisions and Contingencies	The Company creates a provision when there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.
	Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that the outflow of resources would be required to settle the obligation, the provision is reversed. Contingent assets are not recognized in the financial statements. However, contingent assets are assessed continually and if it is virtually certain that an economic benefit will arise, the asset and related income are recognized in the period in which the change occurs.
	Loss contingencies arising from claims, litigation, assessment, fines, penalties, etc. are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated.
Foreign currencies	The functional currency of the Company is Indian rupee (Rs.). The gains or losses resulting from such transaction are included in the Statement of profit and loss if any. Foreign-currency denominated monetary assets and liabilities if any are translated at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from the transactions relating to purchase of current assets like Raw Material etc. are included in the Statement of Profit and Loss. Revenue, expense and cash-flow items denominated in foreign currencies are translated using the exchange rate in effect on the date of the transaction.
Cash & cash equivalent	Cash and Cash Equivalents in the balance sheet include cash at bank, cash, cheque, draft on hand and demand deposits with an original maturity of less than three months, which are subject to an insignificant risks of changes in value.
Earnings per share	(a) Basic Earning Per Share :Based on the guiding principles given in Accounting Standard 20 (AS - 20) on Earnings Per Share (EPS), Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.
	(b) Diluted Earning Per Share: For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.
	(c) The number of equity shares outstanding increases as a result of bonus issue, the calculation of the basic and the diluted earnings per share has been adjusted for all the periods presented. These changes occur after the balance sheet date but before the financial statements has been approved by the board of directors, the per share calculations for those financial statements and any prior period financial statements presented has been based on the new number of shares.
Inventories	Inventories are stated at cost or net realizable value, whichever is lower. Cost of inventories comprises of expenditure incurred in the normal course of business in bringing inventories to their present location.
	Cost comprises of cost of Purchase & other costs incurred in bringing them to their respective present location and condition and is determined on First-in-First-Out (FIFO) basis.Net realizable value (NRV) is the estimated selling price in the ordinary course of business less estimated costs of completion and the estimated costs necessary to make the sale.
	By-products are valued at net realizable value. Basis of Inventory Valuation FIFO method is followed.
	(a) physical verification of inventory is a crucial task for management to ensure the accuracy of inventory records and inventory verification with reasonable interval undertake.
	(b) Inventory classified in to finished goods, stores and spares and by-products.
Segment reporting	(i) Business Segment
	The accounting policies adopted for segment reporting are in line with the accounting policies of their Company. Revenues, expenses, assets and liabilities have been identified into segments on the basis of their relationship to operating activities of segments (taking into account the nature of products and services and the risk and rewards associated with them) and internal management information systems and the same is reviewed from time to time to realign the same to conform to the business units of the Company. Revenues, expenses, assets, and liabilities, which are common to the enterprise as a whole and are not allocable to the segments on a reasonable basis, have been treated as "Common Revenues/Expenses/Assets/Liabilities", as the case may be. Primary Segments
	The Company is predominantly engaged in business of one segment i.e. Derived product through soybean, the Company has structured its operations into one reportable business segment.
	(ii) Geographical Segment
	The Company activities / operations are confined to India there is only one geographical segment.
Cash Flow Statement	Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. Cash flows from operating, investing and financing activities of the Company are segregated, accordingly.
Events after reporting date	Events that occur between balance sheet date and date on which these are approved, might suggest the requirement for an adjustment(s) to the assets and the liabilities as at balance sheet date or might need disclosure. Adjustments are required to assets and liabilities for events which occur after balance sheet date which offer added information substantially affecting the determination of the amounts which relates to the conditions that existed at balance sheet date.
	The company has issued bonus of 75,00,000 equity shares of face value of Rs 10/- in the ratio 1:1 equity share held by shareholder, pursuant to Board resolution dated on 05th September, 2025

DISCUSSION ON RESULTS OF OPERATIONS

The following table sets forth select financial data from restated profit and loss accounts for the financial year ended on March 31, 2025, March 31, 2024, and March 31, 2023, and the components of which are also expressed as a percentage of total income for such periods.

	For the year ended
PARTICULARS	31 March 2025	%	31 March 2024	%	31 March 2023	%
1. Income
(a) Revenue from operations	32,475.64	99.94	5,924.49	100.00	1,200.21	100.00
(b) Other income	20.58	0.06	0.17	0.00	-	0.00
Total income	32,496.23	100.00	5,924.66	100.00	1,200.21	100.00
2. Expenditure
(a) Cost of Material Consumed	30,509.40	93.89	6,092.70	102.84	-	0.00
(b) Purchases of stock-in-trade Changes in inventories of finished	-	0.00	-	0.00	1,209.94	100.81
(c) goods, work-in-progress and stock-in- trade	(1,040.39)	(3.20)	(639.90)	(10.80)	(29.21)	(2.43)
(d) Employee benefit expenses	304.07	0.94	23.04	0.39	20.06	1.67
(e) Finance cost	386.45	1.19	41.86	0.71	-	0.00
(f) Depreciation & amortization expense	183.92	0.57	32.78	0.55	-	0.00
(g) Other expenses	600.46	1.85	189.17	3.19	57.32	4.78
Total expenses	30,943.91	95.22	5,739.66	96.88	1,258.11	104.82
3.Profit/(Loss) before exceptional and extra ordinary item (1-2)	1,552.32	4.78	185.00	3.12	(57.89)	(4.82)
Exceptional items	-	0.00	-	0.00	-	0.00
4. Profit/(Loss) before tax (2-3)	1,552.32	4.78	185.00	3.12	(57.89)	(4.82)
5. Tax expense:
(a) Tax expense for current year	304.40	0.94	35.49	0.60	-	0.00
(b) Deferred tax	91.23	0.28	36.61	0.62	(0.13)	(0.01)
Net current tax expenses	395.63	1.22	72.11	1.22	(0.13)	(0.01)
6.Profit/(Loss) for the period from continuing operations (5-4)	1,156.69	3.56	112.89	1.91	(57.76)	(4.81)

KEY COMPONENTS OF OUR STATEMENT OF PROFIT AND LOSS BASED ON OUR RESTATED FINANCIAL STATEMENTS INCOME

Our Total Income comprises of Revenue from operations and Other Income.

Revenue from operations

Our Revenue from Operations mainly comprises of sale of Soybean Crude Oil and Soybean DOC. Revenue from Operations consists of 99.94%, 100% and 100% in FY25, FY24, and FY23 respectively. For details in relation to the product offerings, please refer to chapter "Business Overview" on page 151 of this Draft Prospectus.

Other Income

Other Income constitute very negligible amount of the total revenue from operation. The said other income pertains to the subsidy income received by our Company from the Government of Maharashtra, Directorate of Industries under the Package Scheme of Incentive, 2019.

Expenditure

Our total expenditure primarily consists of cost of material consumed, change in Inventories, employee benefit expenses, Finance costs, Depreciation and Amortization Expenses and Other Expenses. The Total Expenses constitute 95.22%, 96.88% and 104.82% of total income for FY25, FY24 and FY23 respectively.

Cost of material consumed:

Our cost of material consumed primarily consists of Raw material i.e. Soybean. In addition, expenses for direct costs for the purchase of the coal, hexane etc. also constitutes part of the costs for the material consumed. The Cost of materials consumed constitutes 93.89% and 102.84% of total income for FY25 and FY24 respectively. For the FY23, our Company was in the process of setting up its Crude Soybean Oil Extraction Factory and accordingly during this Financial Year the Company undertook trading of the soybeans and therefore, costs of the material consumed constituted 0% and instead purchase of the stock in trade (i.e. soybeans) constituted 100.81%.

Employee Benefit Expenses:

Employee Benefit expenses include Compensation to employees, Directors remuneration, staff and welfare expenses, Gratuity expenses and contribution to various funds. Employee Benefit expenses as a percentage of Total Income was 0.94%, 0.39%% and 1.67% for FY25, FY24 and FY23 respectively.

Other Expenses:

Other Expenses includes Audit fees, Bank charges, Travelling expense, Commission & Brokerage, Bad Debts/ Written off, Preoperative Expense, Amortisation Expense, GST ITC reversed- written off, Transport expenses, Power and Fuel expense, Insurance charges, Security guard expense, Legal & professional fees, Storage & Warehousing Service, Loading & Unloading Charges, Miscellaneous expenses, Office Expenses, Rent, rates and taxes, Repairs and maintenance, Laboratory Expense, Water bill expense, Printing & Stationery Exp, Registration/ Licence Fee. Other Expenses as a percentage of Total Income was 1.85%, 3.19% and 4.78% for FY25, FY24 and FY23 respectively.

Finance Cost

Finance Cost primarily consists of Interest paid to banks, and other finance costs. Finance Cost as a percentage of Total Income was 1.19%, 0.71% and 0% for FY25, FY24 and FY23 respectively.

Depreciation & Amortization:

Depreciation & Amortization includes depreciation on assets which includes Plant and Machinery, Solar equipments, Building, Furniture and Fixture, Computer and software, office equipments, motor vehicle and laboratory equipments was 0.57%, 0.55% and 0% recorded for FY25, FY24 and FY23 respectively.

Tax expenses:

Tax expenses include Current Tax and Deferred Tax. The provision for current taxation is computed in accordance with relevant tax regulations. Deferred tax is recognized on timing differences between the accounting and the taxable income for the year and quantified using the tax rates and laws enacted or subsequently enacted as on balance sheet date.

YEAR ON YEAR COMPARISON OF COMPONENTS OF THE INCOME STATEMENT

Sr. No. Particulars	FY 2025 to FY 2024	FY 2024 to FY 2023
1 Total Income	Our Total Income increased by 448.49% to 32,496.23 Lakhs for FY 2025 from 5,924.66 Lakhs for FY 2024.	Our Total Income increased by 393.63% to 5,924.66 Lakhs for FY 2024 from 1,200.21 Lakhs for FY 2023.
2 Revenue from Operations	Our Revenue from Operations increased by 448.16% to 32,475.64 Lakhs for FY 2025 from 5,924.49 Lakhs for FY 2024. The surge in revenue generation is primarily attributed to operation of Factory Unit for one full financial year in comparison to previous year operation of Factory Unit for around 4 months.	Our Revenue from Operations increased by 393.62% to 5,924.49 Lakhs for FY 2024 from 1,200.21 Lakhs for FY 2023. The Company commenced the commercial production of Soybean Crude Oil and the resulting by-product i.e. DOC from December 2023. During the previous period April 2023 to November 2023 the company did not undertake any revenue generating activity except to the extent of sale of 2.54 Lakhs worth of soybean. As compared to FY 2023, during which our Company was in the process of setting up its Factory Unit and accordingly during this financial year the Company undertook trading of the soybeans. Therefore, the revenue from operations in the said 2 years is not comparable.
3 Other Income	Our other income increased by 11,929.28% to 20.58 Lakhs for FY 2025 from 0.17 Lakhs for FY 2024. Other Income predominantly consists of the Interest income received by our Company.	Our other income increased by 100.00% to 0.17 Lakhs for FY 2024 from 0.00 Lakhs for FY 2023. Other Income predominantly consists of the Interest income received by our Company.
4 Cost of material consumed	Our cost of material consumed increased by 400.75% to 30,509.40 Lakhs for FY 2025 from 6,092.70 Lakhs for FY 2024 on account of increase in raw material consumption due to increase in revenue from operations.	Our Cost of material consumed increased by 100.00% to 6,092.70 Lakhs for FY 2024 from 0.00 Lakhs for FY 2023. The Company commenced the commercial production of Soybean Crude Oil and the resulting by-product i.e. DOC from December 2023. During the previous period April 2023 to November 2023 the company did not undertake any revenue generating activity except to the extent of sale of 2.54 Lakhs worth of soybean. As compared to FY 2023, during which our Company was in the process of setting up its Factory Unit and accordingly during this financial year the Company undertook trading of the soybeans. Therefore, the revenue from operations in the said 2 years is not comparable.
5 Purchases of stock-in- trade	During FY 2025 and 2024 there was no purchase of Stock-in-Trade	Our Purchases of stock-in-trade decreased by 100.00% to 0.00 Lakhs for FY 2024 from 1209.94 Lakhs for FY 2023 this is on account of stopping the soybean trading activity and start of commercial production of Soybean Crude Oil and the resulting by-product i.e. DOC
6 Employee Benefit Expenses	The employee benefits expense increased significantly by 1,219.45% to 304.07 Lakhs for FY 2025 from 23.04 Lakhs for FY 2024. This was primarily attributed to increase in Salaries and Wages and Staff Welfare Expense as compared to the previous year. The salary component in our Companys balance sheet varies in response to growth in the business operation. This fluctuation is a result of our Companys strategic approach to staffing, aligning workforce levels with workload requirements.	The employee benefits expense increased by 14.89% to 23.04 Lakhs for FY 2024 from 20.06 Lakhs for FY 2023. This was primarily attributed to increase in Salaries and Wages, Staff Welfare Expense as compared to the previous year. This is due to start of commercial production of Soybean Crude Oil and the resulting by- product i.e. DOC during FY 2024.
7 Finance Cost	Finance Cost increased by 823.28% to 386.45 Lakhs for FY 2025 from 41.86 Lakhs for FY 2024. This sharp increase was on account of increase in Interest Expense and other Finance Cost on account of Borrowings.	Finance Cost increased by 100.00% to 41.86 Lakhs for FY 2024 from 0.00 Lakhs for FY 2023. This sharp increase was on account of increase in Interest Expense and other Finance Cost on account of Borrowings.
8 Depreciation & Amortization	Our depreciation and amortization expense increased by 461.07% to 183.92 Lakhs for FY 2025 from 32.78 Lakhs for FY 2024. The resultant increase was primarily due to the reason that during the FY 2024, depreciation was accounted only for the period of 3 months (January 2024 to March 2024) i.e. after the factory received license to operate. However, for the FY 2025, the depreciation is charged for the entire year on the Plant and Machinery, Building, Furniture and Fixture, Computer and Software, Office equipments, Motor Vehicle and Laboratory equipment. In addition to the mentioned assets, during the FY 2025, depreciation was also accounted on the solar panels installed for the generation of the electricity for captive consumption purposes.	Our Company did not recognize any depreciation expenses during the FY 2023 whereas our Company recognized depreciation expenses of 32.78 Lakhs during the FY 2024. During the FY 2024, depreciation was accounted only for the period of 3 months (January 2024 to March 2024) i.e. after the factory received license to operate
9 Other Expenses	Other expenses increased by 217.42% to 600.46 Lakhs for FY 2025 from 189.17 Lakhs for FY 2024. The principal attribute was rise in Audit Fees, Bank charges, Commission and brokerage, Bad debts written off, Transport expenses, Power and Fuel expenses, Insurance charges, Security guard expenses, Legal and Professional fees, Storage and warehousing services, loading and unloading charges, Miscellaneous expenses, Rent, rates and taxes, Repairs and Maintenance, Water bill expenses, Printing and Stationery and Registration/Licence Fee.	Other expenses increased by 230.04% to 189.17 Lakhs for FY 2024 from 57.32 Lakhs for FY 2023. The principal attribute was rise in Audit Fees, Bank charges, Amortisation expenses, GST ITC reversed, Transport expenses, Legal and Professional fees, loading and unloading charges, Miscellaneous expenses, Office expenses and Repairs and Maintenance. This is due to start of commercial production of Soybean Crude Oil and the resulting by-product i.e. DOC during FY 2024.
10 Profit before tax	Profit before tax has increased by 739.09% from 185 Lakhs for FY 2024 to 1,552.32 Lakhs for FY 2025. The rise in Profit before Tax can be attributed to the faster growth of revenue from operations compared to the increase in our Companys expenditures.	Profit before tax has increased to 185 Lakhs for FY 2024 from (57.89) Lakhs for FY 2023. The increase in profit generation can be primarily attributed to start of commercial production of Soybean Crude Oil and the resulting by- product i.e. DOC during FY 2024. During the FY 2023, our Company was solely engaged in the trading of soybeans.
11 Tax Expense	Our Tax Expense increased from 72.11 Lakhs for FY 2024 to 395.63 Lakhs for FY 2025, primarily due to increase in Profit before Tax.	Our Tax Expense increased to 72.11 Lakhs for FY 2024 from (0.13) Lakhs for FY 2023, primarily due to increase in Profit before Tax.
12 Profit after tax	For the reasons discussed above, Profit after tax has increased by 924.58% from 112.89 Lakhs for FY 2024 to 1,156.69 Lakhs for FY 2025. The rise in Profit before Tax can be attributed to the faster growth of revenue from operations compared to the increase in our Companys expenditures. PAT has increased both in absolute numbers as well as relative terms rising from 1.91% of the Total Income in FY 2024 to 3.56% of the Total Income in FY 2025.	Profit before tax has increased to 112.89 Lakhs for FY 2024 from (57.76) Lakhs for FY 2023. The increase in profit generation can be primarily attributed to start of commercial production of Soybean Crude Oil and the resulting by- product i.e. DOC during FY 2024. During the FY 2023, our Company was solely engaged in the trading of soybeans.

CAPITAL REQUIREMENTS AND LIQUIDITY

Sr. No. Particulars	Description
1. Capital Requirements	i. Our Company proposes to venture into production of the edible Soybean Oil by forward integration i.e. setting up of Refining Plant and Bottling Plant. With this forward integration, our Company intends to enter into both B2B and Business to Customer (‘B2C) segment of edible Soybean Oil. Our Company intends to undertake the initial public offer of its securities for raising funds to establish the said Refining and Bottling plant.
	ii. Our Company has entered into the segment of the solar power generation and supply of the same. Our Company has been awarded "Letter of Award" (‘LOA) to be a Solar Power Developer (‘SDP) for solar photovoltaic power generating stations of an aggregate capacity of 5 MW (AC) under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 a scheme launched for implementation of feeder level solarisation under Component C of PM KUSUM scheme. According to the said LOA, the Maharashtra State Electricity Distribution Company Limited shall purchase the power generated by our Company from the Project, inter alia, the terms of Power Purchase Agreement executed in guidance of the said LOA. However, our Company currently is in the construction stage of this business segment. Accordingly, capital is required for the civil construction as well purchase and installation of the requisite solar units for the generation of the solar electricity. However, the funds for the same would be organized from Internal accruals and/or from Banks/Financial institutions.
	iii. The Board of Directors of our Company are currently contemplating to increase in the processing Capacity of our existing Soybean Crude Oil Extraction Factory from 300TPD to 450 TPD by purchasing and setting up of additional machinery. We are yet to pace orders in relation to above, as the quotations for the same have not been finalized. However, the funds for the same would be organized from Internal accruals and/or from Banks/Financial institutions.
	iv. Our Companys significant funds are blocked in the raw materials inventory, finished products inventory as well as the trade receivables. In other words, our business activities are capital intensive and requires significant amount of working capital to carry out manufacturing activities. The said working capital is met by the Company from Borrowings and internal accruals. However, the increased working capital shall also be funded from the proceed from this Issue.
2. Liquidity	The Liquid assets of our Company includes the following:
	i. Cash and bank balances Includes the cash on hand, balances with the banks and fixed deposits with banks.
	ii. Trade receivables represents the amounts recoverable from the customers in respect of the sale of goods i.e. soybean crude oil and DOC
	iii. Other current assets represents subsidy receivable, interest receivable, balance with the revenue authorities (i.e. GST ITC, TDS receivable) and Electricity duty receivable.
	The total liquid assets our Company as March 31, 2025 amounts to 836.06 Lakhs.

CASH FLOW

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

( in Lakhs)

	For the Financial Years ended March 31,
Particulars	2025	2024	2023
Net cash (used in)/ Generated from operating activities	120.76	(637.08)	(372.76)
Net cash (used in)/ Generated from investing activities	(437.95)	(1,650.47)	(1,113.95)
Net cash (used in)/ Generated from finance activities	607.56	1,686.99	2,087.59

[For risk associated with respect to negative cash flow kindly refer to Risk Factor No 6 mentioned in Section titled ‘Risk Factors on page 29 of this Draft Prospectus.]

YEAR ON YEAR COMPARISON OF COMPONENTS OF THE CASH FLOW STATEMENT

Cashflow from Operating Activities:

Sr. No. Particulars	FY 2025 to FY 2024	FY 2024 to FY 2023
1 Profit before tax	Profit before tax has increased from 185 Lakhs for FY 2024 to 1,552.32 Lakhs for FY 2025.	Profit before tax has increased to 185 Lakhs for FY 2024 from a Loss of 57.89 Lakhs for FY 2023
2 Depreciation	Depreciation being the non cash items, thus the same has been added to the Profit before tax for the purpose of computation of the cashflow from operations. Our depreciation and amortization expense increased from 32.78 Lakhs for FY 2024 to 183.92 Lakhs for FY 2025.	Depreciation being the non cash items, thus the same has been added to the Profit before tax for the purpose of computation of the cashflow from operations. Our Company did not recognize any depreciation expenses during the FY 2023 whereas our Company recognized depreciation expenses of 32.78 Lakhs during the FY 2024.
3 Interest Income	Interest Income is adjusted to the Profit before tax for the purpose of computation of the cashflow from operations. Interest Income is 20.57 Lakhs for FY 2025 and 0.17 Lakhs for FY 2024.	Interest Income is adjusted to the Profit before tax for the purpose of computation of the cashflow from operations. Interest Income is 0.17 Lakhs for FY 2024 and 0.00 Lakhs for FY 2023.
4 Finance Cost	Finance Cost is adjusted to the Profit before tax for the purpose of computation of the cashflow from operations. Finance Cost is 386.45 Lakhs for FY 2025 and 41.86 Lakhs for FY 2024.	Finance Cost is adjusted to the Profit before tax for the purpose of computation of the cashflow from operations. Finance Cost is 41.86 Lakhs for FY 2025 and 0.00 Lakhs for FY 2024.
5 Changes in the working capital	Increase in inventories - 1,349.74 Lakhs	Increase in inventories - 1,861.57 Lakhs
	Increase in trade receivables- 108.47 Lakhs	Increase in trade receivables- 5.01 Lakhs
	Increase in other current assets - 1.91 Lakhs	Increase in other current assets - 295.91 Lakhs
	Increase in trade payable - 244.86 Lakhs	Increase in trade payable - 272.04 Lakhs
	Decrease in other current liabilities - 710.45 Lakhs	Increase in other current liabilities - 873.13 Lakhs
	Increase in long term provisions - 3.42 Lakhs	Increase in long term provisions - 0.43 Lakhs
	Decrease in the short term provisions - 28.49 Lakhs	Increase in other non current assets - 0.17 Lakhs
	Increase in other non current assets - 36.28 Lakhs	Decrease in short term loans and advances - 127.37 Lakhs
	Decrease in short term loans and advances - 118.97 Lakhs
6 Direct tax paid	Direct tax paid is 113.27 Lakhs for FY 2025 and 6.86 Lakhs for FY 2024	Direct tax paid is 6.86 Lakhs for FY 2024 and 0 Lakhs for FY 2023

Cash flow from Investing Activities:

Sr. No. Particulars	FY 2025 to FY 2024	FY 2024 to FY 2023
1 Purchase of Property, Plant and Equipment	Purchase of Property, Plant and Equipment amounted to 420.05 Lakhs for FY 2025 and 1,637.21 Lakhs for FY 2024.	Purchase of Property, Plant and Equipment amounted to 1,637.21 Lakhs for FY 2024 and 13.38 Lakhs for FY 2023.
2 Non current investments	Increase in the non-current investments of 30.86 Lakhs for FY 2025 and 13.43 Lakhs for FY 2024.	Increase in the non-current investments of 13.43 Lakhs for FY 2024 and 30.86 Lakhs for FY 2023.
3 Capital work in progress	Increase in the capital work in progress of 110.60 Lakhs for FY 2025 and 0 Lakhs for FY 2024.	Increase in the capital work in progress of 0 Lakhs for FY 2024 and 996.32 Lakhs for FY 2023.
4 Loans given	Decrease in loans given amounting to 103 Lakhs for FY 2025	Increase in loans given amounting to 100 Lakhs for FY 2023.
5 Interest income on Fixed deposits	Interest Income is adjusted for the purpose of computation of the cashflow from investing activities. Interest Income is 20.57 Lakhs for FY 2025 and 0.17 Lakhs for FY 2024.	Interest Income is adjusted for the purpose of computation of the cashflow from investing activities. Interest Income is 0.17 Lakhs for FY 2024 and 0.00 Lakhs for FY 2023.

Cash flow from Financing Activities:

Sr. No. Particulars	FY 2025 to FY 2024	FY 2024 to FY 2023
1 Share application money pending allotment	-	Increase in the share application money pending allotment of 1,637.21 Lakhs in FY 2023.
2 Long term borrowings	Increase in the long term borrowings amounting to 47.89 Lakhs in FY 2025 and decrease in the long term borrowings amounting to 111.40 Lakhs in FY 2024.	Decrease in the long term borrowings amounting to 111.40 Lakhs in FY2024 and Increase in the long term borrowings amounting to 646.97 Lakhs in FY 2023.
3 Short term borrowings	Increase in the short term borrowings of 946.12 Lakhs for FY 2025 and 1840.24 Lakhs for FY 2024.	Increase in the short term borrowings of 1840.24 Lakhs for FY 2024 and 700.62 Lakhs for FY 2023.
4 Finance Cost	Finance cost is adjusted for the purpose of computation of the cashflow from financing activities. Finance Cost is 386.45 Lakhs for FY 2025 and 41.86 Lakhs for FY 2024.	Finance cost is adjusted for the purpose of computation of the cashflow from financing activities. Finance Cost is 41.86 Lakhs for FY 2025 and 0.00 Lakhs for FY 2024.

CONTINGENT LIABILITIES AND OFF BALANCE SHEET ARRANGEMENTS

Particulars	As at March 31, 2025	As at March 31, 2024	As at March 31, 2023
Tax Deducted at source	2.12	1.79	0.70

[For risk associated with respect to contingent liability kindly refer to Risk Factor No 19 mentioned in Section titled ‘Risk Factors on page 39 of this Draft Prospectus.]

CONTRACTUAL OBLIGATIONS AND COMMITMENTS

( in Lakhs)

Total Borrowings	Carrying amount	< less than 1 year	1 to 3 years	>3 years
FY 2025	4,384.57	3,486.98	767.26	130.34
FY 2024	3,390.56	2,540.86	600.00	249.70
FY 2023	1,661.72	700.62	600.00	361.10

[For risk associated with respect to contractual obligations and commitments kindly refer to Risk Factor No 27 mentioned in Section titled ‘Risk Factors on page 45 of this Draft Prospectus.]

RELATED PARTY TRANSACTION

(Rs. in Lakhs)

Particulars	March 31, 2025	March 31, 2024	March 31, 2023
Related Party - Asset Transactions	(103)	1068.4	1072.04
As a % of Total Assets	(1.37)	19.16	42.46
Related Party - borrowings availed/(Repaid) (Net)	(367.47)	307.35	278.1
As a % of Total Borrowings	(8.38)	9.06	16.74
Related Party - Revenue Transactions	28.49	4.46	239.55
As a % of Total Income	0.09	0.08	19.96
Related Party - Expense Transactions	7.11	841.31	245.8
As a % of Total Expenses	0.02	14.66	19.54
Related Party - Issue of Equity	0*	740	0
As a % of Total Equity	NA	98.67	NA

*The Company has subdivided Equity Shares of face value of Rs 100 each into Equity Shares of face value of Rs. 10 each on December 10, 2024.

CUSTOMER CONCENTRATION

The table set forth below are contribution of our top 10 customers towards our revenue from operations from sale of Soybean Crude Oil:

(Rs. in Lakhs)

Category of customers	FY 2024-2025		FY 2023-2024		FY 2022-2023
	Rs. in Lakhs	% of total crude oil sales	Rs. in Lakhs	% of total crude oil sales	Rs. in Lakhs	% of total crude oil sales
Top 5 customers	5,344.61	40.47%	1,488.31	85.73%	-	-
Top 10 customers	8,444.00	63.95%	1,735.60	99.98%	-	-

Note: Name of the customers is not disclosed due to absence of consents.

The table set forth below are contribution of our top 10 customers towards our revenue from operations from sale of DOC:

(Rs. in Lakhs)

Category of customers	FY 2024-2025		FY 2023-2024		FY 2022-2023
	Rs. in Lakhs	% of total DOC sales	Rs. in Lakhs	% of total DOC sales	Rs. in Lakhs	% of total DOC sales
Top 5 customers	7,681.96	40.30%	1,354.99	33.11%	-	-
Top 10 customers	11,229.21	58.91%	2,185.48	53.40%	-	-

Note: Name of the customers is not disclosed due to absence of consents.

During FY 2023, our Company was in the process of setting up its Crude Soybean Oil Extraction Factory and accordingly during FY 2023 our Company undertook only trading of Sybeans to meet its expense requirements, therefore, the product soled constituted only soybeans. Further, our Company commenced the commercial production of Soybean Crude Oil and the resulting by-product i.e. DOC w.e.f. December 2023 and during period April 2023 to November 2023 the company did not undertake any revenue generating activity. Accordingly, we have not provided the details of Top 10 customers relating to sales of Soybean during FY 2023.

SUPPLIER CONCENTRATION

Top ten suppliers with respect to Soybean, for the last 3 financial years are provided hereunder:

(Rs. in Lakhs)

Category of supplier	FY 2024-2025		FY 2023-2024		FY 2022-23
	Rs. in Lakhs	% of total purchases	Rs. in Lakhs	% of total purchases	Rs. in Lakhs	% of total purchases
Top 5 Suppliers	9,534.71	31.71%	3,247.44	46.18%	378.89	32.29%
Top 10 Suppliers	14,090.76	46.87%	4,256.47	60.53%	527.94	45.00%

Note: Name of the suppliers is not disclosed due to absence of consents.

[For risk associated with respect to our supplier kindly refer to Risk Factor No 5 mentioned in Section titled ‘Risk Factors on of page 28 of this Draft Prospectus.]

AUDITORS OBSERVATION

Financial Year / Period	Nature of Adverse Observation (Reservations, qualifications, adverse remarks, matters of emphasis or Other Matter)	Details of Adverse Observations	Companys response to reservations, qualifications, adverse remarks or matters of emphasis, including any corrective measures	Impact on the financial statements and financial position of the Company
There are no adverse observations identified by the Auditor for FY 2025, 2024 and 2023 as per the Restated Financial Statements as on March 31, 2025.

[For the above details relating to adverse observations, we have relied upon the certificate dated September 27, 2025 issued by the Statutory Auditors of our Company i.e., N B T and Co, Chartered Accountants]

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST AUDITED PERIOD:

In the opinion of the Board of Directors of our Company, since the date of the last audited period i.e., March 31, 2025, as disclosed in this Draft Prospectus, there are no circumstances 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.

[For the above details relating to no material developments, we have relied upon the certificate dated September 27, 2025 issued by the Statutory Auditors of our Company i.e., N B T and Co, Chartered Accountants]

INFORMATION REQUIRED AS PER ITEM 11 (II) (C) (IV) OF PART A OF SCHEDULE VI TO THE SEBI REGULATIONS:

1. Unusual or infrequent events or transactions

To our knowledge there have been no unusual or infrequent events or transactions that have taken place during the last three (3) years.

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

Our business has been subject, and we expect it to continue to be subject to significant economic changes arising from the trends identified above in ‘Factors Affecting our Results of Operations and the uncertainties described in the section entitled "Risk Factors" beginning on page 25 of this Draft Prospectus. To our knowledge, except as we have described in this Draft Prospectus, there are no known factors which we expect to bring about significant economic changes.

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

Our Company is majorly engaged in the business of Production and Sale of soybean crude oil and DOC which is its core business from where it derives its revenues.

4. Whether our Company has followed any unorthodox procedure for recording sales and revenues

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

5. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations.

Apart from the risks as disclosed under section titled "Risk Factors" beginning on page 25 of this Draft Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.

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

Changes in revenue in the last three financial years are as explained in the part "Year On Year Comparison Of Components of the Income Statement" hereinabove.

7. Total Turnover of Each Major Industry Segment in which the Issuer Operates.

Our business is limited to a single reportable segment

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

Our Company has not announced any new services, products or business segment. Except to the extent as already discussed in the Chapter titled "Our Business" being on the page 151 of this Draft Prospectus.

9. The extent to which business is seasonal.

The crop Soybean (which is the primary raw material for our business) is a seasonal crop. Primarily the crop Soybean is grown as a Kharif crop, sown during the monsoon season (June-July) and harvested in October November. It is a highly versatile and adaptable crop, but its cultivation is tied to specific seasonal conditions, particularly rainfall and temperature, making it a seasonal crop globally, not just in India. The primary impact of seasons on the business is pricing in relation to the procurement of the raw soybean, which may have an adverse effect on our business, results of operations, financial condition.

10. Competitive conditions.

Competitive conditions are as described under the head ‘Competition under chapters titled "Business Overview" on page 170, respectively of this Draft Prospectus.