Cosmo First Limited — Interim / Quarterly Report 2025

Nov 11, 2025

CFL/SE/2025-26/NOV/04

November 11, 2025

The Manager (Listing)	The Manager (Listing)
BSE Limited	National Stock Exchange of India Ltd.
Phiroze Jeejeebhoy Towers,	Exchange Plaza,
Dalal Street,	Plot no. C/1, G Block,
Mumbai-400 001	Bandra - Kurla Complex
Scrip Code: 508814	Mumbai-400 051
	Security ID: "COSMOFIRST"

Sub: Un-Audited Financial Results for the Quarter ended on September 30, 2025 and Outcome of Board Meeting

Dear Sir,

Pursuant to Regulation 30 read with Part A of Schedule III and Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), this is to inform that the Board of Directors of the Company at its meeting held today i.e., November 11, 2025, has inter alia approved the Un-audited Financial Results of the Company for the Quarter ended as on September 30, 2025. Financial Results were duly reviewed by the Audit Committee and thereafter approved by the Board of Directors of the Company along with the Limited review report thereon.

The Meeting commenced at 02:00 PM and concluded at 04: 30 PM.

You are requested to take the same on your records.

Thanking You Yours faithfully

For Cosmo First Limited

Secretary & Compliance officer

Encl: as above

Cosmo First Limited

Cl N : L92114DL1976PLC008355

Review Report on Unaudited Standalone Financial Results

To the Board of Directors of Cosmo First Limited

• 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Cosmo First Limited ("the Company") for the quarter ended 30 September 2025 and the year to date results for the period from 01 April 2025 to 30 September 2025 ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Listing Regulations').
• 1. This Statement which is the responsibility of the Company's management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 'Interim Financial Reporting' ('Ind AS 34'), prescribed under Section 133 of the Companies Act, 2013 ("the Act"), other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to issue a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Ind AS and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S N Dhawan & CO LLP Chartered Accountants Firm Registration No.: 000050N/N500045 ~ Kumar Saxena

Rajeev Partner Membership No.: 077974 UDIN: 25077974BMOBOA9091 • · ¹.:

Place: New Delhi Date: 11 November 2025

	Registered Office: 1st Floor, Uppal's Plaza, M-6, District Centre, Jasola, New Delhi, 110025	COSMO FIRST LIMITED CIN: L92114DL1976PLC008355			(Rs In Crores\ 6 months ended Vear ended 30.09.2025 30.09.2024 31.03.2025 Unaudited Unaudited Audited 1,624.36 1,369.72 2,735.63 49.43 34.34 68.43 1,673.79 1,404.06 2,804.06 1,112.47 926.88 1,871.57 3.66 15.63 7.37 18.30 (25.39) 0.64 (11.00) 130.13 102.63 207.34 61.85 46.95 95.56 66.47 47.35 97.18 1.91 1.71 2.37 1.88 237.32 211.46 414.87 1,600.19 1,345.65 2,695.70 73.60 58.41 108.36
	UNAUDITED STANDALONE FINANCIAL RESULTS
			3 months ended
S.No	Particulars	30.09.2025	30.06.2025
		Unaudited	Unaudited	30.09.2024 Unaudited
I	Income:
	a) Revenue from operations	873.44	750.92	722.91
	b) Other income	24.36	25.07	20.67
	Total income	897.79	775.99	743.58
II	Expenses:
	a) Cost of materials consumed	595.73	516.74	478.24
	b) Purchase of traded goods	6.27	9.36
	c) ChanAes in inventories of finished qoods and stock-in-trade	(4.74)	(20.65)	10.96
	d) Employee benefits expense	67.25	62.88	51.86
	e) Depreciation and amortisation expenses	33.05	28.80	23.62
	f) Finance costs	36.01	30.46	24.62
	g) Net impaimient losses on trade and other receivables	0.04	1.67
	h) Other expenses	128.20	109.12	109.33
	Total expenses	861.81	738.38	704.20
Ill	Profit before tax (1-11)	35.99	37.61	39.38
IV	Tax expense:
	a) Current tax	6.35	6.62	6.97	12.97	10.29	19.08
	b) Deferred tax expense/ ( credit)	0.18	1.18	(0.13)	1.36	(0.57)	4.80
	c) Tax adjustments for earlier years						(3.55)
	Income tax expense	6.53	7.80	6.84	14.33	9.72	20.33
V	Net profit for the period (Ill-IV)	29.46	29.81	32.54	59.27	48.69	88.03
VI	Other comprehensive inc;;ome
a)	i) Items that will not be reclassified to profit or loss	0.23	0.23	0.24	0.46	0.48	0.92
	Income tax related to above	(0.08)	(0.08)	(0.08)	(0.16)	(0.17)	(0.32)
b)	i) Items that will be reclassified to profit or loss	(16.77)	(29.64)	(7.31)	(46.41)	(4.80)	(2.44)

2.55 (4.60) 27.94 26.25

12.55 12.33

Diluted /Rs\		11.22	11.36
	UNAUDITED STANDALONE STATEMENT OF ASSETS AND LIABILITIES

Income tax related to above 5.86 10.35 Total other comprehensive Income (net of tax) (10.76) (19.14) VII Total comprehensive income for the period (V+VI) 18.70 10.67 VIII Paid - up equity share capital (Face Value Rs.10) 26.25 26.25

Basic (Rs) 11.41 11.55

IX Other equity as per balance sheet

(not annualised for quarters)

X Earnings per equity share for the period (of Rs 10/, each)

S.No. Particulars A ASSETS 1 Non-current assets a) Property. plant and equipment b) Capital work-in-pr09ress c) Investment property d) Goodwill e) Intangible assets f) Intangible assets under development g) Right of use assets h) Financial assets (i) Investments (ii) Loans (iii) Other financial assets i) Income tax assets (net) j) Other non-current assets Total non•current assets 2 Current assets a) Inventories b) Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Loans (vi) Other financial assets c) Other current assets Total current assets Total assets B EQUITY AND LIABILITIES 1 Equity a) Equity share capital b) Other equity Total equity Non-current liabilities a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities	As at 30.09.2025	Asal 31.03.2025
	Unaudited	Audited
	2,093.92	1,600.36
	151.89	519.46
	7.63	7.69
	0.10	0.10
	19.41	13.96
	0.36	4.67
	84.69	74.79
	351.14	347.73
	4.45	4.00
	4.94	4.95
	20.63	22.97
	53.57	71.01
	2,792.73	2,671 .69
	510.53	420.04
	301.14	325.51
	265.21	266.65
	24.49	8.78
	6.95	7.93
	1.91 68.86	1.91
	252.16	50.87 162.77
	1,431.25	1,244.46
	4,223.98	3,916.15
	26.25 1,238.60	26.25
	1,264.85	1,214.75 1,241.00
	1,082.68	1,019.67
	82.02	72.94
b) Provisions	5.68
c) Deferred tax liabilities (net)	22.61
d) Other non-current liabilities	141.18 84.29	155.87 81.77
Total non•current liabilities	1,418.46	1,351 .36
Current liabilities
a) Financial liabilities
(i) Borrowings	488.30	301.79
(ii) Lease liabilities	9.64	7.16
(iii) Trade payables
(a) Total outstanding dues of micro enterprises and	10.89	11.69
small enterprises
(b) Total outstanding dues of creditors other than micro enterprises and small enterprises	746.95	717.72
(iv) Other financial liabilities	133.65	128.35
b) Provisions	16.17	15.87
c) Other current liabilities	135.07	141.21
Total current liabilities	1,540.67	1,323.79
Total equity and liabilities	4,223.98	3,916.15

21.11 /-/

1,214.75

16.21 1.68 0.84 (29.90) (2.81) (1.00) 29.37 45.88 87.03 26.25 26.25 26.25

22.95 18.79 33.97 22.59 18.47 33.53

UNAUDITED STANDALONE STATEMENT OF CASH FLOWS

S.No	Particulars	Period ended 30.09.2025	Period ended 30.09.2024
		Unaudited	Unaudited
A.	Cash flow from operating activities Profit before tax Adjustment for	73.60	58.41
	Depreciation and amortisation expenses	61 .85	46.95
	Finance costs	66.47	47.35
	Interest on financial assets carried at amortised cost	(0.11)	(0.20)
	Gain on investments carried at fair value through profit and loss	(16.34)	(12.54)
	(Gain)/loss on investments carried at fair value through other comprehensive income Dividend income	(0.08)	0.06
	Net impairment losses on trade and other receivables	(0.96) 1.71	(0.69) 2.37
	Interest income	(8.17)	(7.51)
	Grant income on export promotion capital goods	(2.29)	(1.83)
	Liabilities no longer required written back	(0.51)
	Gain on sale of property, plant and equipment	(0.95)	(1.13)
	Employee share based compensation	4.17	3.00
	Unrealised (gain)/loss on exchange fluctuation Unrealised sales tax incentives	(0.07) (31.02)	(1.07) (11.23)
	Operating profit before working capital changes	147.30	121.94
	Adjustment for
	Inventories	(90.49)	(14.20)
	Trade receivable	2.58	(32.65)
	Loans Other financial assets	(0.46) (17.40)	0.75 (30.89)
	Other assets	(49.98)	10.84
	Trade payables	26.79	4.08
	Other financial liabilities	34.19	14.94
	Other liabilities and provisions	(5.06)	1.81
	Cash flow from operating activities post working capital changes	47.47	76.62
	Income tax paid (net) Net cash flow from operating activities (A)	(10.63) 36.84	(9.22) 67.40
B.	Cash flow from investing activities
	Purchase of property, plant and equipment, intangible assets and capital work in
	pro1=1ress (includinq capital advances)	(199.09)	(207.11)
	Proceeds from disposal of property, plant and equipment Sale of current and non-current investments (net)	8.19	9.30
	Interest received	37.41 8.30	60.31 7.66
	Dividend received	0.96	0.69
	Investments in/ (redemption of) fixed deposits (net)	1.09	2.43
	Net cash flow used in Investing activities (B)	(143.141	(126.72)
C.	Cash flow from financing activities
	Proceeds from long term borrowings	169.47	253.22
	Repayment of long term borrowings	(80.36)	(112.23)
	Proceeds from/repayment of short term borrowings (net)	112.98	(10.12)
	Sale/(purchase) of treasury shares (net) Interest paid	0.16 (62.54)	2.08
	Dividend paid	(10.33)	(43.90) (7.77)
	Payment of principal portion of lease liabilities	(3.92)	(2.97)
	Payment of interest portion of lease liabilities	13.45)	(2.14)
	Net cash flow from/(used) in financing activities (C)	122.01	75.57
	lncrease/(decrease) in net cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the year	15.71 8.78	16.25 11.60
	Cash and cash eaulvalents at the end of the vear	24.49	27.85

Notes:

1 The above unaudited financial results were reviewed by the Audit Committee and approved by the Board al Directors on 11th November 2025 and limited review of the same has been carried out by the statutory auditors of the Company.

2 These financial results have been prepared in accordance with the recognition and measurement principles of applicable Indian Accounting Standards ('Ind AS') notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in section 133 of the Companies Act, 2013.

3 Tax liability is based upto the estimated tax computation for the whole year and excess/short provision, if any will be adjusted in the last quarter.

4 Figures for the previous period have been regrouped wherever required.

11th New November Delhi

2025 ~'~ CHAIRMAN

Review Report on Unaudited Consolidated Financial Results

To the Board of Directors of Cosmo First Limited

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Cosmo First Limited ("the Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") for the quarter ended 30 September 2025 and the year to date results for the period from 01 April 2025 to 30 September 2025 ("the Statement"), being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India ("the SEBI") (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').
• 1. This Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 'Interim Financial Reporting' ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 ("the Act"), other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

1. The Statement includes the results of the following entities:

Holding Company: Cosmo First Limited

Subsidiaries:

• i) Cosmo Films Singapore Pte Ltd.
• ii) Cosmo Films Korea Limited
• iii) Cosmo Films Japan, GK
• iv) Cosmo Films Inc.
• v) Cosmo First Europe B.V. (formerly known as CF (Netherlands) Holdings Ltd B.V.)
• vi) CF Investment Holding Private (Thailand) Company Limited
• vii) Cosmo Speciality Chemicals Private Limited
• viii) Cosmo Speciality Polymers Private Limited
• ix) Cosmo Global Films Private Limited
• x) Zigly Pet Ventures Limited
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review report of the other auditor referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Ind AS and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

1. We did not review the interim financial information of one subsidiary included in the Statement, whose interim financial information reflect total assets of Rs. 205.61 crores as at 30 September 2025, and total revenues of Rs. 97.48 crores and Rs. 190.18 crores, total net profit after tax of Rs. 4.34 crores and Rs. 10.91 crores, and total comprehensive income of Rs. 14.62 crores and Rs. 21.07 crores, for the quarter ended 30 September 2025 and for the period from 01 April 2025 to 30 September 2025, respectively, and cash flows (net) of Rs. 0.60 crores for the period from 01 April 2025 to 30 September 2025. These interim financial information have been reviewed by other auditor whose report has been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of this matter.

1. The Statement includes the interim financial information of five subsidiaries which have not been reviewed, whose interim financial information reflect total assets of Rs. 398.28 crores as at 30 September 2025 and total revenue of Rs. 43.94 crores and Rs. 87.56 crores, total net loss after tax of Rs. 0.54 crores and Rs. 1.27 crores and total comprehensive income/ (loss) of Rs. (0.41) crores and Rs. 6.98 crores for the quarter ended 30 September 2025 and for the period from O 1 April 2025 to 30 September 2025, respectively, and cash flows (net) of Rs. 0.91 crores for the period from 01 April 2025 to 30 September 2025. According to the information and explanations given to us by the management, these interim financial information are not material to the Group.

Our conclusion on the Statement is not modified in respect of this matter.

For S N Dhawan & CO LLP Chartered Accountants Firm Registration No.: 000050N/N500045 ~ Kumar Saxena

Rajeev Partner Membership No.: 077974 UDIN: 25077974BMOBOB8806

Place: New Delhi Date: 11 November 2025

COSMO FIRST LIMITED CIN: L92114DL1976PLC008355 Registered Office: 1st Floor, Uppal's Plaza, M-6, District Centre, Jasola, New Delhi, 110025 UNAUDITED CONSOLIDATED FINANCIAL RESULTS

							(Rs in Croresl
			3 months ended		6 months ended		Year ended
S.No	Particulars	30.09.2025	30.06.2025	30.09.2024	30.09.2025	30.09.2024	31.03.2025
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
I	Income:
	a) Revenue from operations	919.03	800.03	758.92	1,719.06	1,448.59	2,895.10
	b) Other income	25.38	24.46	19.73	49.84	36.25	74.47
	Total income	944.41	824.49	778.65	1,768.90	1,484.84	2,969.57
II	Expenses:
	a) Cost of materials consumed	616 .96	526.14	481.55	1,143.10	937.26	1,905.81
	b) Purchase of traded goods	6.28	9.57	3.73	15.85	7.57	18.50
	c) Changes in inventories of finished goods and stock-in-trade	(33.55)	(2809)	0.62	(61.64)	(10.90)	(43.21)
	d) Employee benefits expense	83.33	7789	63.71	161.22	125.85	258.78
	e) Depreciation, amortisation and impairment expenses	34.47	30.17	24.37	64.64	48.52	99.70
	f) Finance costs	36.67	31.71	25.20	68.38	48.33	99.51
	g) Net impairment losses on trade and other receivables	0.93	1.66	1.97	2.59	2.51	2.73
	h) Other expenses	142.01	120.98	120.31	262.99	231.53	464.61
	Total expenses	887.10	770.03	721.46	1,657.13	1,390.67	2,806.43
Ill	Profit before tax (1-11)	• 57.31	54.46	57.19	111 .77	94.17	163.14
IV	Tax expense:
	a) Current tax	9.06	11.27	11.89	20.33	18.80	31.65
	b) Deferred tax expense/ (credit)	1.58	0.30	(0.45)	1.88	(1 .27)	1.20
	c) Tax adjustments for earlier years	(0.02)	0.02			(0.07)	(3.08)
	Income tax expense	10.62	11.59	11 .44	22.21	17.46	29.77
V	Net profit for the period (Ill-IV)	46.69	42.87	45.75	89.56	76.71	133.37
VI	Other comprehensive income
a)	i) Items that will not be reclassified to profit or loss	0.25	0.26	0.24	0.51	0.48	1.02
	Income tax related to above	(0.09)	(0.08)	(0.08)	(0.17)	(0.17)	(0.34)
b)	i) Items that will be reclassified to profit or loss	(4.37)	(22.67)	3.98	(27.04)	3.34	4.54
	Income tax related to above	5.86	10.34	2.55	16.20	1.67	0.80
	Total other comprehensive income (net of tax) Total comprehensive income for the period (V+VI)	1.66 48.35	(12.15) 30.72	6.69	(10.50) 79.06	5.32 82.03	6.02
VII VIII	Paid - up equity share capital (Face Value Rs.10)	26.25	26.25	52.44 26.25	26.25	26.25	139.39 26.25
IX	Other equity as per balance sheet						1,440.18
X	Earnings per equity share for the period (of Rs 10/- each)
	(not annualised)
	Basic	18.07	16.60	17.65	34.67	29.61	51.46
	Diluted	17.78	16.34	17.34	34.12	29.09	50.79

REPORTING OF SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES

		3 months ended		6 months ended		Year ended
	30.09.2025	30.06.2-025	30.09.2024	30.09.2025	30.09.2024	31 .03.2025
Particulars	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
a) Segment revenue
Packaging films	873.83	756.09	729.96	1,629.92	1,402.66	2,779.90
Speciality chemicals	49.00	49.36	56.31	98.36	102.00	187.15
Petcare	12.63	10.78	7.25	23.41	13.13	33.57
Others	25.79	25.72	9.02	51.51	14.61	52.49
Sub total	961.25	841.95	802.54	1,803.20	1,532.40	3,053.11
Less: Inter segment revenue	(42.22)	(41.92)	(43.62)	(84.14)	(83.81)	(158.01)
Total	919.03	800,03	758.92	1,719.06	1,448.59	2,895.10
b) Segment results
Profit before tax and interest
Packaging films	112.84	107.19	92.00	22003	169.52	324.55
Speciality chemicals	12.73	11 .23	15.93	23.96	22.97	38.35
Petcare	(11.31)	(10.63)	(8.40)	(21.94)	(18.69)	(34.67)
Others	(7.28)	(9.21)	(5.43)	(16.49)	(9.71)	(25.09)
Sub Total	106.98	98.58	94.10	205.56	164.09	303.14
Less: Finance costs	36.67	31.71	25.20	68.38	48.33	99.51
Less: Unallocable expenses net of unallocable income	13.00	12.41	11 .71	25.41	21 .59	40.49
Profit from ordinary activity before tax	57.31	54.46	57.19	111.77	94.17	163.14
c) Segment assets
Packaging films	3,600.02	3,443.10	2,855.45	3,600.02	2,855.45	3,243.08
Speciality Chemicals	73.88	8077	106.27	73.88	106.27	68.42
Petcare	117.20	109.60	83.60	117.20	83.60	102.95
Others	304.23	287.82	243.99	304.23	243.99	284.50
Unallocated	41999	40404	461 .14	419.99	461.14	425.83
Total	4,515.32	4,325.33	3,750.45	4,515.32	3,750.45	4,124.78
Segment liabilities d)
Packaging films	1,053.15	1,009.87	938.57	1,053.15	938.57	996.67
Speciality Chemicals	24.39	19.81	16.56	24.39	16.56	12.24
Petcare	79.92	75.40	53.73	79.92	53.73	67.34
Others	33.00	41.14	29.54		29.54	46.56
Unallocated	1,784.36	1,678.72	1,284.01		1,284.01	1,535 .54
Total	2,974.83	2,824.94	2,322.41			2,658.35

ew Delhi -t v 017-;

*

UNAUDITED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

	S.No. Particulars	As at 30.09.2025 Unaudited	As at 31 .03.2025 Audited
A	ASSETS
1	Non-current assets
	a) Property, plant and equipment	2,219.71
	b) Capital work-in-progress		1,718.21
		227.79	584.41
	c) Investment property	12.70	12.01
	d) Goodwill	0.10	0.10
	e) Intangible assets	19.51	14.00
	f) Intangible assets under development	0.36	4.67
	g) Right of use assets	85.11	75.46
	h) Financial assets
	(i) Investments	29.45	26.02
	(i i) Loans	5.47	5.05
	(iii) Other financial assets	10.61	10.23
	i) Deferred tax assets (net)	22.62	21.34
	j) Income tax assets (net) k) Other non-current assets	23.78	22.99
	Total non-current assets	77.35	72.41
		2,734.56	2,566.90
2	Current assets
	a) Inventories	728.49	604.07
	b) Financial assets
	(i) Investments	340.19	364.00
	(ii) Trade receivables	316.26	312.95
	(iii) Cash and cash equivalents	36.36	18.92
	(iv) Bank balances other than (iii) above	6.95	7.93
	(v) Loans	1.95	1.95
	(vi) Other financial assets	61.60	44.34
	c) Other current assets	288.96	203.72
	Total current assets	1,780.76	1,557.88
	Total assets	4,515.32	4,124.78
B	EQUITY AND LIABILITIES
1	Equity
	a) Equity share capital	26.25	26.25
	b) Other equity	1,514.24	1,440.18
	Total equity	1,540.49	1,466.43
2	Non-current liabilities
	a) Financial liabilities
	(i) Borrowings	1,122.88	1,038.19
	(ii) Lease liabilities	82.02	73.13
	(iii) Other financials liabilities	5.87	22.55
	b) Provisions	24.37	22.60
	c) Deferred tax liabilities (net)	145.08	158.89
	d) Other non-current liabilities Total non-current liabilities	98 .69	96.30
		1,478.91	1,411 .66
3	Current liabilities
	a) Financial liabilities
	(i) Borrowings	494.61	319.16
	(ii) Lease liabilities	10.11	7.69
	(iii) Trade payables
	(a) Total outstanding dues of micro enterprises and	11 .33	12.05
	small enterprises
	(b) Total outstanding dues of creditors other than micro	755 .89	706.84
	enterprises and small enterprises
	(iv) Other financial liabilities	168.29	153.07
	b) Provisions	16.21	15.90
	c) Other current liabilities	34.74	31.31
	d) Current tax liabilities (net)	4.74	0.67
	Total current liabilities	1,495.92	1,246.69
	Total Equity and Liabilities	4 515.32	4124.78

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS

S.No.	Particulars	Period ended 30.09.2025	Period ended 30.09.2024
		Unaudited	Unaudited
A.	Cash now from operating activities
	Profit before tax	111 .74	94.17
	Adjustment for
	Depreciation and amortisation expenses	64.64	48.52
	Finance costs	68.38	48.33
	Interest on financial assets carried at amortised cost Gain on investments carried at fair value through profit and loss	(0.11) (16.34)	(0.20) (12.54)
	(Gain)/loss on investments carried at fair value through other comprehensive income	(0.08)	0.24
	Net impairment losses on trade and other receivables	2.59	2.51
	Amounts written off		0.56
	Dividend income	(0.96)	(0.69)
	Interest income Grant income on export promotion capital goods	(9.84) (2.43)	(8.53) (1.83)
	Liabilities no longer required written back	(0.51)
	(Gain)/loss on sale of property. plant and equipment	(1 .39)	(1.13)
	Gain on disposal of non current assets held for sale		(3.14)
	Employee share based compensation	4.17	3.00
	Unrealised loss/(gain) on exchange fluctuation Unrealised sales tax incentives	(0.28) (32.08)	(1.28) (1977)
	Operating profit before working capital changes	187.50	148.22
	Adjustment for
	Inventories	(117.07)	(23.38)
	Trade receivable Loans	(2.62)	(57.06)
	Other financial assets	(0.28) (15.66)	0.04 (6.05)
	Other assets	(40.72)	16.28
	Trade payables	48.89	10.24
	Other·financial liabilities	38.00	11.99
	Other liabilities and provisions	9.64	(9.17)
	Cash flow from operating activities post working capital changes	107.68	91.11
	Income tax paid (net)	(2207)	(16.58)
	Net cash now from operating activities (A)	85.61	74.43
B.	Cash flow from investing activities
	Purchase of property, plant and equipment, investment property, intangible assets and capital	(252.00)	(204.51)
	work in proQress (includinA capital advances)
	Proceeds from disposal of property. plant and equipment Proceeds from disposal of non current assets held for sale	8.63	9.30 23.98
	Sale of current and non-current investments (net)	37.38	26.70
	Interest received	9.87	8.47
	Dividend received	0.96	0.69
	Investments in/ (redemption of) fixed deposits (net)	1.09	2.43
	Net cash now used in investing activities (B)	1194.071	1132.94
C.	Cash flow from financing activities
	Proceeds from long term borrowings	187.66	253.17
	Repayment of long term borrowings Proceeds from/repayment of short term borrowings (net)	(80.36) 105.42	(112.23) (9.82)
	Sale/(purchase) of treasury shares (net)	0.16	2.08
	Interest paid	(68.99)	(44.87)
	Dividend paid	(10.33)	(777)
	Payment of principal portion of lease liabilities	(4.1 8)	(2.97)
	Payment of interest portion of lease liabilities Net cash flow from/(used) in financing activities (C)	(3.48) 125.90	(2.74) 74.85
	(Decrease) I increase in net cash and cash equivalents (A+B+C)	17.44	16.34
	Cash and cash equivalents at the beginning of the year	18.92	24.75
	Cash and cash e<1uivalents at the end of the vear	36.36	41.09

Notes·

1 The above unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors on 11th November 2025 and limited review of the same has been carried out by the statutory auditors of the Company.

These financial results have been prepared in accordance with the recognition and measurement principles of applicable Indian Accounting Standards ('Ind AS") notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in section 133 of the Companies Act, 2013.

Key numbers of standalone financial results are as given below. The standalone financial results are available at Company's website.

Particulars		3 months ended				Year ended
	30.09.2025	30.06.2025	30.09.2024	30.09.2025	30.09.2024	31.03.2025
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Revenue from operations	873.44	750.92	722.91	1,624.36	1,369.72	2.735.63
Profit from ordinary activities before tax	35.99	37.61	39.38	73.60	58.41	108.36
Profit from ordinary activities after tax	29.46	29.81	32.54	59.27	48.69	88.03

Tax liability is based uplo the estimated tax computation for the whole year and excess/short provision, if any will be adjusted in the last quarter.

Figures for the previous period have been regrouped wherever required

New Delhi 11 th November 2025

~l~,~ v~AIRMAN