Palash Securities Limited — Interim / Quarterly Report 2025

Nov 13, 2025

PALASH SECURITIES LIMITED CIN - L74120UP2015PLC069675 REGD. OFFICE - P.O. HARGAON, DIST SITAPUR (U.P.), PIN - 261 121 Phone No. (05862) 256220-221; Fax No.: (05862) 256 225 E-mail — palashsecurities@birlasugar.org; Website-www.birlasugar.com

13th November, 2025

The Manager The Manager Listing Department Listing Department National Stock Exchange of India Ltd. BSE Ltd. Exchange Plaza, 5th Floor 1st Floor, New Trading Ring, Plot No. C/1, G Block Rotunda Building Bandra- Kurla Complex, Bandra (E) P.J. Towers, Dalal Street, Fort Mumbai 400 051 Mumbai-400 001 Symbol : PALASHSECU Stock Code : 540648

Dear Sirs,

Sub: Outcome of Board Meeting

Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations & Disclosure Requirements), Regulations, 2015, we wish to inform you that the Board of Directors of the Company at its meeting held today i.e. 13th November, 2025 has inter-alia considered and approved the Unaudited Financial Results (both Standalone and Consolidated) for the quarter and half year ended 30th September, 2025 along with Auditors' Limited Review Report thereon.

A copy of Unaudited Financial Results (both Standalone and Consolidated) along with Auditors" Limited Review Report thereon is enclosed for your records.

The meeting commenced at 3:00 p.m. and concluded at 4:40 p.m. The above results are also being made available on the Company's website at www.birlasugar.com

The above is for your information and dissemination to all concerned.

Thanking you Yours faithfully, For Palash Securities Limited

MISHRA Digitally signed by VIKRAM KUMAR MISHRA Date: 2025.11.13 19:20:13 +05'30'

Vikram Kumar Mishra Company Secretary FCS: 11269

301, Victory House, 3rd Floor 1, Ganesh Chandra Avenue, Kolkata - 700 013 Phone : 2225-9430/31/32, 4061 2301 E-mail : subodhka@gmail.com Website : www.asnco.in

INDEPENDENT AUDITOR'S LIMITED REVIEW REPORT ON THE STANDALONE UNAUDITED FINANCIAL RESULTS OF PALASH SECURITIES LIMITED FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30™ ,2025.

To, The Board of Directors Palash Securities Limited, 9/1, R.N. Mukherjee Road, Kolkata- 700001

We have reviewed the accompanying statement of Standalone unaudited financial results of Palash Securities Limited ('the Company") for the quarter and half year ended September 30", 2025 which are attached herewith, and are being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

These quarterly and half yearly financial results are the responsibility of the Company's Management and have been approved by their Board of Directors, have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34, 'Interim Financial Reporting' ("Ind AS 34"), prescribed under section 133 of the Companies Act, 2013 as amended, read with relevant rules issued there under or by the Institute of Chartered Accountants of India, as applicable and other accounting principles generally accepted in India. Our responsibility is to issue a report on statement based on our review.

We conducted our review 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. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free from material misstatement(s). A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, 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. We have not performed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying statement of standalone unaudited financial results prepared in accordance with the recognition and measurement principles laid down in the aforesaid Ind AS 34 prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued there under and other recognized accounting practices and policies generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Agrawal Subodh & Co. Chartered Accountants (Firm's Registration No. 319260E)

Place: Kolkata Dated: 13" November 2025

PALASH SECURITIES LIMITED Registered Office: P.O. Hargaon, District Sitapur, Uttar Pradesh Phone (05862) 256220 Fax (03862) 25622 1121 S, CIN + L74120UP201 SPLCOG96TS 'Web-site : wwnw birla-sugar com, E-mail : palashsceurities @birlasugar.org

			Quarter ended			Half Year ended	Vear ended
	1) pardatars	30092035	30062005	30092024	30092025	30092024	31032025
					(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)		(Auditedy
	1. Revenue from Operations
	Interest Income (@)	278	146	7.69	424	1271	1386
	Dividend Income (b)	3865	-	500,52	38865	50052	50052
	{€) Gain on sale of Investment	-	-		-	-	90.00
	Total Revenue from Operations	36143	146	50821	36289	51323	60138
	2. Other Income
	{a) Rental Income:	875	875	875	17.50	17.50	3516
	Other Income ()				-	-	007
	'Total Other Income	875	55	875	17.50	17.50	3523
3.	Total Income (1+2)	37018	1021	51696	38039	5073	3061
4.	Expenses
	(a) Cost of raw materials consumed	=	=	=		-	-
	() Purchases of stock-in-rade	:	-	=		B	N
	of finished goods (¢) Change in inventories	-	-	"	-	-	-
	(d) Fmplayee benefits expense	266	257	-	523	-	163
	Finance costs (net) (@)	-			z
	Depreciation Fees and commission expenses ()	001	640	0y	641	692	700
	end amortsation expense (8)	168	1.06	018	2	036	136
	Administrative and other expenses ()	480	594	769	1074	129	%14
	Total Expenses	9.15	1597	)	50	2020	3613
	5. Prfit (1.oss) before exeeptional items and tax (3-4)	361.03	G76)	0812	35527	31053	60348
	6. Exceptional items		=	o	=
	7. Profit/ (Loss) before tax (5+6)	36103	[G0)	0812	35527	51053	034K
	8. Tax expense
	related (i) Current ax	8957	=	12758	8957	1218	12920
	i) Income tox to carler years	-	-		-		249
	(i) Deferred tax	-	-		-	-	=
	Profit/ Total tax expense	8957	-	12738	.57	12782	3169
	9. Net (Loss) after tax (7-8)	27146	[E0)	38054	26570	38270	47179
	10. Other Comprefiensive Income
	Ttems that will not be reclassified to profit or loss ()	(40.84)	w47	5121	(1239	nv67 (8%	2740
	i) Income tax relaing to Tems that will not be reclassifed (0 profit or loss	5.06	657	009	149		388
	i) Items that will e reclassified o profitor loss	-	-	-	-	-	-
	(iv) Tncome tax relating Lo Jtems that will be reclass o profitor loss	-	-	-	-	-	-
	Total Other Comprehensive Income	3578	2450	5130	1038	1279	EE
	11 Total Comprehensive Income [comprising net profit and other comprehensive incomel (9+10)	23568	014	a8	35482	49550	0307
	12, Paid-up Equity Share Capital (Face value per share ¥ 10)	00031	00031	100031	100031	100031	00031
	13. Other Equity	-	-	=	=	-	261736
14,	Earnings per equity share (of T 10 each) (in 3:	o
	Basic (@)		©06) *	EXT	266	383	an
	(b) Diuted	am *	©06) *	381 %	266	3.8	an

* ot annualised

PALASH SECURITIES LIMITED Registered Office; P.0. Hargaon, District Sitapur, Uttar Pradesh - 261 121 Phone (05862) 256220; Fax (05862) 256225, CIN : L74120UP201SPLCO69IG7S 'Web-site : wwwbirla-sugar.com, E-mail : palashsecurities(@birlasugar.org

:z Particulars	Keat » S';';';;"""'	o 31 March 2025
A [ ASSETS	(Unaudited)	(Audited)
1. Financial Assets
(2) Cash and Cash Equivalents	2570	16376
(b) Bank Balanees other than (a) above	375.00	840
() Reccivables
(i) Trade Receivables	-	=
(i) Other Receivables	-	964
(@ Invesiments	341466	3.427.00
(&) Other Firancial Assets	455	063
Total Financial Assets	381991	360954
2. Non-financial Assets
@ Tnventories
(b) Current Tax Assets (ner)	=	124
(©) Investment Property	4658	9.6
() Property, Plant and Equipment	002	002
(c) Other Non-Financial Asseis	5428	670
Total Non-inancial Assets	ToLIs	5758
TOTAL ASSETS	392109	366712
5. LIABILITIES AND EQUITY
1. LIABILITIES
Financial Liabi
(o) Payables
{1) Trade Payables
dues i) total outstanding of micro enferprises and small enterprises	-	—
dues of ereditors other than micro enterprises and smal enterpriscs (i) total outstanding	490	489
(1) Other Payables
) total outstanding dues of micro enferpriscs and small enlerprises
i) total outstanding dues of ereditors other than miero enterprises andt small enterprises	025	-
Total Financial Liabilties	515	[0
Non-financial Liabilities
(a) Current Tax Ligbilities (Net)	072	-
() Deferred Tax Lisbilites (Net)	424	4390
(€) Other Non-financial Lisbilitics	032	066
'Total Non-financial Liabi	4345	.56
Total Liabilities	43.60	4945
2. EQUITY
(a) Equity Share Capital	100031
(b) Other Equity	287218
Total Equity	387249
TOTAL EQUITY AND LIABILITIES

PALASH SECURITIES LIMITED Registered Office: P.0. Hargaon, Distriet Sitapur, Utir Pradesh - 261 121 Phione (05862) 256220; Fax (05862) 256225, CIN : L74120UP201SPLCOG67S Website:www birlo-sugar com, T-mal palashsecurities@birlasugarorg Nores:

			$($ ₹ in lakhs)
	Statement of Standalone Cash Flows for the period ended 30 September 2025
	Particulars	Period ended 30 September 2025 (Unudited)	Period ended 30 September 2024 (Unaudited)
(A)	CASH FLOW FROM OPERATING ACTIVITIES:
	Profit before tax	355.27	510.53
	Adjustments for:
	Finance costs	$\qquad \qquad \blacksquare$
	Gain on sale of Investments
	Depreciation and amortisation expense	2.74	0.36
		358.01	510.89
	Working capital adjustments:
	Decrease / (Increase) in Receivables	9.64	(9.45)
	(Increase) / Decrease in Other Financial Assets	(3.92)	(420.40)
	(Increase) / Decrease in Other bank balances	(366.51)
	Decrease / (Increase) in Other Non-financial Assets	(47.58)	0.93
	Increase / (Decrease) in Payables	0.26	(2.70)
	(Decrease) in Other Non-financial Liabilities	(0.34)	(1.39)
	Cash Generation from Operations	(50.44)	77.88
	Income tax paid (net)	(87.62)	(67.34)
	Net Cash generated from Operating Activities	(138.06)	10.54
(B)	CASH FLOW FROM INVESTING ACTIVITIES:
	Payments made for Purchase of Investments
	Proceeds from Sale of Investments
	Payments made for Investment Property
	Net Cash used in Investing Activities	$\blacksquare$	۰
(C)	CASH FLOW FROM FINANCING ACTIVITIES:
	(Decrease) in Subordinated Liabilities
	Net Cash used in Financing Activities
	Net Changes in Cash & Cash Equivalents $(A + B + C)$	(138.06)	10.54
	Cash & Cash Equivalents at the beginning of the year	163.76	13.15
	Cash & Cash Equivalents at the end of the year	25.70	23.69

The Statement of Cash Flows has been prepared under the *Indirect Method® as sct out in Ind AS 7 "Statcment of Cash Flows".

1. The Company has only ene business segment ie. Investing Business and s such segment reporting as required by [nd AS 108 "Operating Scgments" is not applicable.

2. 1. The resuls of the company have been prepared in accordance with Indian Accounting Standards (*Tnd AS") as prescribed under scetion 133 of Companies Act, 2013 read with companies (Indian Accounting Standard) Rules, 2015 and relevent amendment rules there after
3. 1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at s mecting held on 13 November, 2025. The Limited Review of the same has been carried out by the statutory auditors, pursuant to Regalation 33 of SEBI (LODR) Regulation 2015, s amended.
4. The figures of the previous year have been regronped / eclassified, wherever necessary, to conform to the classiication for the quarter and half year ended 30 Seprember 2025.

Shalini Nopany Chairperson DIN-00077299 Place: Kolkata Date: 13th November, 2025

For and on behalf of the Baard of Directars Palash Securiies Limited

301, Victory House, 3rd Floor 1, Ganesh Chandra Avenue, Kolkata - 700 013 Phone : 2225-9430/31/32, 4061 2301 E-mail : subodhka@gmail.com Website : www.asnco.in

INDEPENDENT AUDITOR'S LIMITED REVIEW REPORT ON THE CONSOLIDATED UNAUDITED FINANCIAL RESULTS OF PALASH SECURITIES LIMITED FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER, 30™ 2025.

To, The Board of Directors Palash Securities Limited 9/1, R.N. Mukherjee Road, Kolkata- 700001

• 1) We have reviewed the accompanying statement of consolidated unaudited financial results of Palash Securities Limited (the "Holding Company" or the "company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") for the quarter and half yearly ended September 30™, 2025 ("the Statement") which are attached herewith, and are being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations") .
• 2) These quarterly and half yearly consolidated financial results are the responsibility of the Holding Company''s Management and have been approved by their Board of Directors, have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34, 'Interim Financial Reporting' ("Ind AS 34), prescribed under section 133 of the Companies Act, 2013, read with relevant rules issued there under ("the Act") or by the Institute of Chartered Accountants of India, as applicable and other accounting principles generally accepted in India. Our responsibility is to issue a report on statement based on our review.
• 3) 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. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the consolidated financial statements are free from material misstatement(s). A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, 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.
• 4) We also performed procedures in accordance to circular issued by SEBI under Regulation 33(8) of the Listing Regulations, to the extent applicable.

• The Statement includes the results of the following entities: (i) Morton Foods Limited

• (ii) Hargaon Investment & Trading Company Limited (iii) OSM Investment & Trading Company Limited (iv) Hargaon Properties Limited

• (v) Champaran Marketing Company Limited

• 5) As indicated in Note 4 to the accompanied consolidated financial results where one of the subsidiary Company, M/s Morton Foods Limited (MFL) not audited by us, the other auditor who audited the subsidiary has reported that the subsidiary MFL has recognized the Deferred Tax Asset (net) of Rs. 450.53 Lakhs up to 31st March, 2022, based on the future profitability projections made by the Management. The subsidiary MFL, however, has not recognized any further DTA during the current quarter as a matter of prudence. In their opinion, in the absence of convincing evidence that sufficient Sug . taxable profit will be available in future against which the unused losses can be utilized by the entity, as '-\"\o&\required in terms of Indian Accounting Standard 12, had the MFL reversed the above DTA, loss for the . \Quarter ended 30™ September, 2025 of MFL would have been Rs.1179.13 Lakhs as against the reported e 11 | loss of Rs.728.60 Lakhs.

W

Agrawal Subodh & Co. CONTINUATION SHEET Chartered Accountants

• 6) Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 8 below, except for the effects of our observation in paragraph 5 above, nothing has come to our attention that causes us to believe that the accompanying statement of consolidated unaudited financial results, prepared in accordance with recognition and measurement principles laid down in the aforesaid Ind AS 34 prescribed under Section 133 of the Companies Act, 2013, as amended read with relevant rules issued there under and other recognized accounting practices and policies generally accepted in India, has not disclosed the information required to be disclosed in terms of Listing regulation, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 7) We draw attention to Note No. 3 to the accompanying consolidated financial results where one of the subsidiary Company, M/s Morton Foods Limited mentions the fact that "The company has incurred a net loss of Rs. 429.16 Lakhs and Rs.728.60 during the quarter ended 30'" September, 2025 and year to date 1=! April 2025 to 30" September 2025, respectively, and as of that date the Company's net worth has substantially eroded. These conditions indicate the existence of material uncertainty on the Company's ability to continue as a going concern." The same has not been reviewed by us. However, the financial results of the subsidiary M/s Morton Foods Limited have been prepared on a going concern basis based on the reasons stated in the aforesaid note. Our conclusion is not modified in respect of this matter.
• We did not review the interim financial results of four subsidiaries (except Champaran Marketing Company Limited which has been reviewed by us) included in the consolidated unaudited financial results; whose interim financial results reflect total assets of Rs. 56,582.64 Lakhs as at September 30, 2025, Group's share of total revenues of Rs. 2,468.54 Lakhs and Rs. 3,824.24 Lakhs, Group's share of total net profit/(Loss) after tax of Rs. (249.32) Lakhs and Rs. (546.75) Lakhs, Group's share of total comprehensive income/(Loss) of Rs. (3,835.42) Lakhs and Rs. (823.71) Lakhs for the quarter and half year ended September 30,2025 respectively, and net cash inflow/(outflow) of Rs. (473.73) Lakhs for the half year ended September 30,2025, as considered in the Statement. The interim financial information has been reviewed by other auditors whose reports have 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 the subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above

Our conclusion on the Statement in respect of matter stated in para 8 above is not modified with respect to our reliance on the consolidated financial results certified by the management.

Q's Registration No. 319260E) B

Prosanta Mykherjee Partner .: 053651 UDIN:25053651BMJOFE6800

For Agrawal Subodh & Co. Chartered Accountants

Place: Kolkata Dated: 13" November 2025

PALASH SECURITIES LIMITED Registered Office: P.0. Hargaon, District Sitapur, Uttar Pradesh - 261 121 Phone (05862) 256220; Fax (05862) 256225, CIN : L74120UP201 SPLCO69675 'Web-site : www.birla-sugar.com, E-mail : palashsecurities@birlasugar org

							Rin lakhs)
	Statement of Consolidated Unaudited Financial Results for the quarter and half year ended 30 September 2025
N			Quarter ended		Half year ended		Year ended
	':; Particulars	30092025	30062025	30.092024	30092025	30092024	31032025
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
	1. Revenue from Operations
	Interest Income (@)	1538	1212	945	27.50	3028	3730
	(b) Dividend Income	316.10	-	340,55	31610	34055	362.51
	() Net gain on fair value changes	0.41	103	977	144	1478	1755
	(d) Sale of Food Products	221077	1,343.58	120651	355435	1,82920	446565
	Total Revenue from Operations	2,542.66	1,356.73	1,566.28	3,899.39	221481	488301
	2. Other Income () Rental Income	9.44	945	875	18.89	17.50	3673
	(b) Other Income	1116	238		1354	7.29	3394
	Total Other Income	20.60	11.83	- 875	32.43	2479	7067
	3. Total Income (1+2)	2,563.26	1,368.56	1,575.03	393182	2.239.60	495368
	4. Expenses
	(a) Costof raw materials consumed	730.87	54335	25976	127422	47314	112170
	(b) Purchases of stock-in-trade	505.96	21846	20591	72442	40226	141976
	(c) Change in inventories of finished goods, work-in-	14098	(@15.77)	17928	(7479)	(92.94)	(45058)
	progress and stock-in-trade
	(d) Employee benefits cxpense	488.99	41265	283.00	901.64	58242	129122
	() Finance costs (net)	83.40	69.59	96.06	152.99	17166	29760
	Fees and commission expenses (f)	©.13)	695	1979	682	26.03	842
	() Depreciation and amortisation expense	16.96	16.06	1479	33.02	2988	5990
	(h) Packing material consumed	382.68	31408	24467	696.76	47449	100282
	Rent, tax and energy costs (i)	3435	3821	3013	7256	5475	14495
	Administrative and other expenses ()	284.01	265.72	326.55	549.73 433737	52549 264718	1,808.18
	'Total Expenses 5. Profit/ (Loss) before exceptional items and tax (3-4)	2,668.07 (104.81)	1,669.30 (300.74)	1,659.94 (8451)	(405.55)	(407.58)	6,703.97 (1,75029)
	6. Exceptional items
	7. Profit / (Loss) before tax (5+6)	- (104.81)	- (300.74)	- (8491)	- (405.55)	= (407.58)	- (1,75029)
	8. Tax expense
	(i) Current tax	16928	123	20879	17051	21292	13615
	(ii) Provision for tax related to earlier years	o	-	-	-	e	(12231)
	(iii) Deferred tax credit	010	026	246	036	372	1.06
	Total tax expense	169.38	149	21125	17087	21664	1490
	9. Net Profit/ (Loss) after tax (7-8)	274.19)	(30223)	(296.16)	(576.42)	(624.22)	(1,76519)
	10. Net Profit / (Loss) after tax attributable to:
	Owner of the Company	(65.50)	(156.62)	(164.50)	@22.12)	(386.65)	(1,266.48)
	'Non-Controlling Interest	(208.69)	(145.61)	(131.66)	(354.30)	(237.57)	(49871)
11.	Other Comprehensive Income						1240665
	(i) Items that will not be reclassified to profit or loss (i) Income tax relating to items that will not be	(4,343.75) 340.02	4,161.41 (335.87)	5.754.08 (507.03)	(682.34) 415	16,017.50 (1,142.87)	(2,12400)
	reclassified to profit or loss
	(iii) ltems that will be reclassified to profit or loss	-			-		-
	(iv) Income tax relating to items that will be reclassified	g	-	-	=	2	@
	o profit or loss
	Total Other Comprehensive Income	(4,503.73)	382554	524705	(678.19)	1487463	1028265
	12.{ Total Comprehensive Income [comprising net profit/	(4,777.92)	352331	495089	(1,254.61)	1425041	851746
	(loss) and other comprehensive income] (9+11)
	13. Total Comprehensive Income attributable to: Owner of the Company	(4,569.47)	3,669.28	508324	(900.19)	14,488.44	9,007.89
	Non-Controlling Interest	(208.45)	(145.97)	(13235)	(354.42)	(238.03)	(490.43)
	13. Paid-up Equity Share Capital	1,00031	1,00031	1,00031	1,00031	1,00031	1,00031
	(Face value per share ¥ 10)
14.	Other Equity (excluding revaluation reserve) and						56,637.31
	Non-Controlling Interest
	15. Earnings per equity share (of ¥ 10 each) (in
	Basic and Diluted	(0.65) *	wsn *	(1.64) *	@) *	(3.87) *	(1266)
	*not annualised

'ALASH SECURITIES LIMITED Registered Office: P.O. Hargaon, District Sitapur, Uttar Pradesh - 261 121 Phone (05862) 256220; Fax (05862) 256225, CIN : L74120UP2015PLCO69675 Web-site : www.birla-sugar.com, E-mail : palashsecurities@birlasugar org

							(X in lakhs)
	Segment wise Consolidated Revenue, Results, Assets and Liabilities for the half year ended 30 September 2025
=			Quarter ended			Half year ended
	No. Particulars	30.09.2025	30062025	30092024	30092025	30,09.2024	31032025
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
	1. Scgment Revenue
	(@) Investing Business	331.90	1314	35978	345.04	385.62	41736
	(b) Food Processing Business	2,210.76	134359	1,206.50	355435	1820.19	446565
	Total Revenue from Operations	2,542.66	135673	1,566.28	389939	221481	488301
	2. Segment Results [Profit / (Loss)]
	(2) Investing Business	32584	041	345.99	32625	36991	(25436)
	(b) Food Processing Business	(343.95)	(2731)	(330.65)	(571.26)	(598.52)	(1,185.07)
	Total segment Profit / (Loss) before finance costs,	asi1)	(22690)	1534	(245.01)	(22861)	(1.439.43)
	tax and unallocable items
	Less:
	Finance costs (net) (i)	83.40	69.59	96.06	15299	17166	297.60
	(i) Other unallocable expenditure (net of unallocable income)	330	425	419	7.55	731	1326
	Profit/ (Loss) before tax	(104.81)	(300.74)	(8491)	(405.55)	(407.58)	(1,75029)
	3. Segment Assets
	(a) Investing Business	61,562.07	66,180.98	65.999.60	61,562.07	65,999.60	6130834
	(b) Food Processing Business	7,582.09	7,04627	621582	7,582.09	621582	667271
	(¢) Unallocable Assets	13205	201.28	52,11	13205	5211	924.46
	Total Segment Assets	69,276.21	7342853	7226753	6927621	7226753	68.90551
	4. Segment Liabilities
	(2) Tnvesting Business	522751	5.567.10	426386	522751	4263.86	523094
	(b) Food Processing Business	77627	750.03	62626	77627	62626	75286
	(c) Unallocable Liabilities	417570	323674	413525	417570	413525	2,57035
	'Total Segment Liabilities	10,179.48	9.553.87	902537	10,179.48	502537	855415

ALASH SECURITIES LIMITED Registered Office: P.0. Hargaon, District Sitapur, Uttar Pradesh - 261 121 Phone (05862) 256220; Fax (05862) 256225, CIN : L74120UP2015PLC069675 'Web-site : www.birla-sugar.com, E-mail : palashsecurities@birlasugar.org,

(X in lakhs)

	as on 30 September 2025 Statement of Assets and Liabilities
Sr.		Consolidated
No.		"As on 30.09.2025[ As on 31.03.2025
		(Unaudited)	(Audited)
A.	ASSETS
	1. Financial Assets
	() Cash and Cash Equivalents	59.98	832,01
	(b) Bank Balances other than (a) above	1,121.70	230.83
	(©) Receivables
	(1) Trade Receivables	955.51	32825
	(1) Other Receivables	-	-
	(d) Investments	60.213.64	60,894.29
	(€) Other Financial Assets	63.26	5405
	Assets 'Total Financial	62,414.09	6233943
	2. Non-financial Assets
	(=) Inventories	1,769.22	1,568.76
	(b) Current Tax Assets (net)	7208	9245
	(©) Investment Property	46.88	4962
	(d) Property, Plant and Equipment	470841	467453
	() Other Intangible Assets	13.66	1977
	(f) Other Non-financial Assets	251.87	16095
	Total Non-financial Assets	6,862.12	6,566.08
	TOTAL ASSETS	6927621	68905.51
	B. LIABILITIES AND EQUITY
	1. LIABILITIES
	Financial Liabilities
	(2) Payables
	(T) Trade Payables
	(i total outstanding dues of micro enterprises and small enterprises	87.25	11246
	(ii) total outstanding dues of creditors other than micro enterprises and small enterprises	81313	84419
	(IT) Other Payables
	(i) total outstanding dues of micro enterprises and small enterpriscs	-	-
	(ii) totel outstanding dues of creditors other than micro enterprises and small enterprises	025	=
	(b) Borrowings (Other than Debt Securities)	4,055.60	243920
	() Subordinated Liabilities	s	-
	() Other Financial Liabilities	31571 527194	26405
	'Total Financial Liabi		3,659.90
	Non-financial Liabilities
	(@) Current Tax Liability (Net)	: 3545	- 37.58
	(b) Provisions	477013	477392
	(¢) Deferred Tax Liabilities (net)	101.95	8275
	(d) Other Non-financial Liabilities	4,907.53	489425
	Total Non-financial Liabilities	10.179.47	855415
	Total Liabilities
	2.EQUITY	1,00031	1,00031
	(a) Equity Share Capital	56,807.25	57,707.44
	(b) Other Equity	1,289.18	164361
	() Non-Controlling Interest	59,096.74	60,351.36
	Total Equity
	TOTAL EQUITY AND LIABILITIES	69.276.21	68.905.51

'ALASH SECURITIES LIMITED

Registered Office: P.O. Hargaon, District Sitapur, Uttar Pradesh - 261 121 Phone (05862) 256220; Fax (05862) 256225, CIN : L74120UP2015PLCO69675 Web-site : www birla-sugar.com, E-mail : palashsccurities @birlasugar.org

Notes:

	Statement of Cash Flows for the half year ended 30 September 2025		Consolidated
	Particulars	Period ended	Period ended
		30Sep2025	30Sep2024
		(Unaudited)	(Unaudited)
(A)	CASH FLOW FROM OPERATING ACTIVITIES:
	Profit/ (Loss) before tax	(405.55)	(407.58)
	Adjustments for:
	Unspent liabilities, Provision no longer required and Unclaimed balances written back	(13.54)	(81
	Interest income on Security Deposits	-	-
	Net gain on fair value changes - Unrealised	(1.44)	(14.78)
	Gain on sales / discard of Property, Plant and Equipment (net)	-	(248)
	Finance Costs.	15299	171.66
	Depreciation and Amortisation Expense	33.02	2988
	Provision for Warranties and Claims	562	288
	'Provision for Bad and Doubtful Debts	-	103.19
		(228.90)	(122.04)
	'Working capital adjustments
	(Increase) / Decrease in Receivables	(627.26)	677)
	(Increase) / Decrease in Other Financial Assets	(900.08)	(2922)
	(Increase) / Decrease in Inventories	(200.46)	(22.88)
	(Increase) / Decrease in Other Non-financial Assets	(90.92)	(228)
	(Decrease) / Increas in Payables	(42.48)	(182.88)
	(Decrease) / Increase in Financial Liabilities	2.7	10.76
	(Decrease) / Increase in Subordinated Lizbilities	-	-
	(Decrease) / Increase in Provisions	.75)	1446
	Increase / (Decrease) in Other Non-financial Liabilities	19.20	561
	Cash (used in) / generated from Operations	(2,025.94)	(375.24)
	Income tax paid (net)	(150.41)	(125.17)
	Net Cash (used in) / generated from Operating Activities CASH FLOW FROM INVESTING ACTIVITIES:	(2,176.35)	(50041)
(B)	Payments for purchase of investments		161.17)
	Proceeds from sale of Property, Plant and Equipment	G	248
	Acquisition of Property, Plant and Equipment / Other Intangible Assets	: (58.04)	(1.75)
	Net Cash generated from / (used in) Investing Activities	(58.04)	(16044)
(C)	CASH FLOW FROM FINANCING ACTIVITIES:
	Inter-corporate deposit reccived from others	787.00	1,098.00
	Proceeds from Current Borrowings (repayable on demand) (net)	829.40	(184.17)
	Repayment of Lease liabilities	@321	(10.58)
	Interest on Lease liabilities paid	(486)	(@.75)
	Other Interest paid	(145.97)	(223.47)
	Net Cash generated from / (used in) Financing Activities	1,462.36	677.03
	Net Changes in Cash & Cash Equivalents (A + B+ C)	(772.03)	16.18
	Cash & Cash Equivalents at the beginning of the year	832.01	3593
	Cash & Cash Equivalents at the end of the year	59.98	5211

The Statement of Cash Flows has been prepared under the "Indirect Method" as set out in Ind AS 7 "Statement of Cash Flows".

PALASH SECURITIES LIMITED Registered Office: P.0. Hargaon, Distriot Sitapur, Uttar Pradesh - 261 121 Phone (05862) 256220; Fax (05862) 256225, CIN : L74120UP201SPLC069675 Website : www birla-sugar.com, E-mail - palashsccurities @birlasugr.org

1. These consolidated financial results have been prepared in accordance with Indian Accounting Standards as per the Companies (Indian Accounting Standards) Rules, 2015 (as and amended its subsidiaries from time as to under: time) notified under Section 133 of the Companies Act, 2013 and other relevant provisions of the Act and comprise the financial results of the Company

[Name of the company	Country of	Equity interest as on (%)
Champaran Marketing Company Limited	Incorporation	30092025	30.06.2025	30.09.2024	30092025	31.03.2025
	India	100.00%	100.00%	100.00%	100.00%
[Hargaon Investment & Trading Company Limited	India	100.00%	10000%			100.00%
Hargaon Properties Limited	India			100.00%	100.00%	100.00%
[OSM Investment & Trading Company Limited		100.00%	100.00%	10000%	100.00%	100.00%
Morton Foods Limited	India	100.00%	100.00%	100.00%	100.00%	100.00%
	Tndia	5137%
						S5137%
Morton Foods Limited is incurring losses, which has ability of the suid subsidiary to continue as a going concen	substantially eroded s net worth. However, based on the positive outlook of the management towards the growth and the		S137%	69.34% in the foreseeable future, its financial information, ponsolidated above, for the quarter and half year ended 30 Sep	S137%

• 1. deferred In case of tax Morlon assets (net), Foods recognised Limited, s carlier Statutory amounting Auditors in their report on the financial statements for the quarter and half year ended 30 Sep 2025 have commented upon there would be sufficient income in future, to to R, 450.53 lakhs upto 31 March 2022, based on futire profitability projections. Morton Foods Limited is certain that claim the tax credit
• 1. same The above has been results carried have out been by reviewed the statutory by the Audit Committee and approved by the Board of Directors at ts meeting held on 13 November, 2025. The Limited Review of tlie auditors, pursuant to Regulation 33 of SEBI (LODR) Regulation 2015, as amended.
• The figure of the previous periods has been regrouped / rectassfied, wherever necessary, to Gonform to the classification for the quarter and half year ended 30 Sep ²⁰²⁵

For and on behalf of the Board of Directors Palash Securities Limited