Thacker & Co. Ltd. — Interim / Quarterly Report 2025

Nov 14, 2025

14th November, 2025

The Manager, Corporate Relationship Department, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001.

Ref: Scrip Code- 509945

Dear Sir/Ma'am,

Sub: Outcome of Board Meeting

Please be informed that at the Board Meeting held today, our Board of Directors have taken on record the Statement of Standalone and Consolidated Unaudited Financial Results of the Company for the Quarter and Half Year ended on 30th September, 2025. A copy of the said Financial Results together with the Limited Review Report, for the Quarter and Half year ended on 30th September, 2025, are attached for your information and records.

The meeting commenced at 04.00 p.m. and concluded at 04:45 p.m.

Thanking you,

Yours faithfully, For Thacker and Company Limited

Siddhi Dilip Kul Digitally signed by Siddhi Dilip Kul Date: 2025.11.14 16:53:09 +05'30'

Siddhi Kul Company Secretary & Compliance Officer ICSI Membership No.: A76672 Encl.: As above.

^~- - THACKER

A,Nl"J co. l:rll .. THACKER AND COMPANY LIMITED CIN: L21098MH1878PLCOOO033 Regd. Office: Bhogllal Hargovlndas Building, Mezzanine Floor, 18/20, K. Dubash Marg, Mumbal 400 001 Tel. No. : 91-22-43663333 E-Mail: thacker@thacker.co.ln Website: www.thacker.co.ln

Statement of Standalone and Consolidated Unaudited Financial Results for the Quarter and Half Year ended 30th Sent 2026

Qua E nde d Pa rtic ula rter Hal f Y End ed Qua E nde d Hal f Y End ed Yea nde d rter rs ear ear r e 2& 30.0 9.20 25 30.0 6.20 30.0 9.20 24 30 .09.2 026 30.0 9.20 24 31 .03.2 026 30.0 9.20 26 30.0 6.20 26 30 .09.2 024 30.0 9.20 26 30 .09.2 024 Unau dited Unau dited Un audit ed Un audit ed dited dited audit audit audit audit audit Unau Au Un ed Un ed Un ed Un ed Un ed 1 Inco fr tion me om op era a Net sale s I inco from tion me op era s 53.7 3 53.7 3 52. 17 10 7.46 10 4.34 30 6.64 53.7 3 53 .73 52 .17 107 .46 10 6.23 b Oth Ooe ratin Inco er g me 157 .72 65.9 6 141 .41 22 3.68 18 9.87 32 5.70 15 7.72 65.9 6 15 2.7 9 223 .68 20 6.92 Tot al Inco fr tion (net ) [ + lb J 1. me om op era s 211 .45 119 .69 193 .68 33 1.14 294 .21 632 .34 211 .45 1 19.6 9 20 4.96 33 1.14 313 .15 2 Exp ens es Pur cha of k-in de a stoc -tra ses - - - - - - - - - - - b Cha in i ies of k i ade ntor stoc n tr nge s nve 1.89 1.89 - - - - - - - - - Em ploy ben efits c se ee ex pen 2.13 1.99 2.74 4 .12 5 .53 12 .65 2.74 4 .12 5 .54 2.13 1 .99 Dep reci atio and tisa tion e n a mor ex pen se 29.4 9 29.4 9 31.7 2 58 .98 58.9 8 65 .47 63.4 5 13 0.95 29 .49 29 .49 32 .74 f Fina st nce co 0.29 0.39 0.04 0 .67 0.19 1 .16 0 .29 0 .39 0 .15 0.67 0 .64 Oth 9 er exo ens es 14.5 1 14.8 4 8.5 1 29 .36 17 .89 53 .98 10.5 6 29 .36 2 1.97 14.5 1 14 .84 Exp esfs of (a) (g)] to ens um 46.4 2 46.7 1 43 .01 95.6 1 93. 13 87 .06 20 0.63 46 .42 46 .71 46 .19 93 .13 3 Pro fit/C Los s) be fore T (1-2 ) ax 165 .03 72.9 8 15 0.67 23 8.0 1 217 .64 207 .16 43 1.71 16 6.03 72 .98 16 8.77 23 8.0 1 4 Inco T e me ax exp ens Cur T rent ax 36.7 6 12.7 9 34 .10 49 .55 47.4 1 44.6 3 83 .57 36 .76 12 .79 36 .44 49 .55 Def d Tax erre (0.5 8 1.10 (0 .04\ 0.52 (5.1 8) (0 .58) 1.10 0 .03 0 .52 0 .15 - 6 Net Pro fit from O rdin A ctiv ities A fter T (3- ary ax 4) 128 .85 69.0 9 1 16.5 1 18 7.94 16 2.62 128 .85 122 .30 18 7.94 17 0.08 353 .32 69.0 9 6 Ext rdin Ite rao arv ms - - - - - - - - - - - 7 Net Pro fit for the iod (6 +6) per 128 .85 69.0 9 1 16.6 1 18 7.94 162 .62 36 3.32 12 8.86 69 .09 12 2.30 18 7.94 17 0.08 Pro fit I(los s) from d isco ntin ued tion befo op era s re (14 .21) (14 .21) (14 .21) (14 .21) - - - - - - - Tax of disc inue d ratio ont ex oen ses ooe ns - - - - - - - - - - - 8 Net prof it/lo fr d isco ntin ued tion af t ss om op era 128 .85 44.8 8 1 16.6 1 17 3.73 162 .62 35 3.32 12 8.85 44 .88 12 2.30 17 3.73 17 0.08 9 Sha of o rofit I (lo ss) of a ciat re sso es 498 .03 9 13.0 2 96 6.67 325 .39 58 7.62 - - - - - - 10 Net prof it afte nd sha of prof it I (lo ss) r t axe s a re of a ciat (7 +8) sso es 128 .85 44.8 8 116 .61 17 3.73 16 2.62 454 .24 63 2.50 62 0.33 1 ,086 1 ,136 363 .32 .75 .75 11 Oth hen sive in er com pre com e C han in fair valu f F VO CI ity ges e o equ - inst ents rum (24 7.85 ) (8 .32) 461 .10 2 13.2 5 260 .09 34 8.82 (2 47.8 5) 46 1.10 (1 1.65 ) 2 13.2 5 364 .36 -Sh of cha in f air valu f F VO CI ity are nge s e o equ inst ent fr ocia te rum om ass 13.1 1 3 11.3 1 0 .80 32 4.42 708 .06 - - - - - - R of ploy ben efit ents t-em t eme asu rem pos men - olig atio ns - - - - - - - - - - - S har f R of ploy ents t-em t e o eme asu rem pos men - ben efit obli ions fr ocia gat te om ass - - - - - - - - - - - Oth hen sive In for the iod er com pre com e per (24 ) 7.86 (8 .32) 461 .10 2 13.2 5 260 .09 34 8.82 (2 34.7 4) 77 2.4 1 (1 0.86 ) 53 7.67 1,07 2.42 12 Tot al hen sive in for the iod com pre com e per (9+ 10) (11 9.00 ) 108 .19 609 .48 2,20 9.17 506 .98 386 .98 42 2.6 1 70 2.14 2 19.6 0 1 ,404 .91 1,62 4.42 13 Paid E quit y S har e C apit al (fac alue R 1 p up e v e. er sha re) 10.8 8 10.8 8 10 .88 10 .88 10 .88 10.8 8 10.8 8 10 .88 10 .88 10.8 8 10 .88 14 Res ludi Rev alua tion erve s exc ng re serv es as per of p aud ited ba lanc she et revi ntin e ous ac cou g yea r 3,72 3.14 - - - - - - - - - - 15 Ear ning Per Sha (EP S) (not alis ed) s re a nnu : (Ba sic & Dilu ted ) 11.8 4 10.7 1 15 .97 4.12 14.9 4 32.4 8 41.7 5 58 .14 57 .02 99 .88 10 4.4 9	Sta nda lone							(Rs . in lakh unle othe rwis d) tate s, ss e s Con soli date d
												Yea nde d r e
														31.0 3.20 26
														Aud ited
														306 .64 325 .70
														632 .34
														-
														1.89
														12.6 5
														130 .95
														1.16
														53.9 8
														20 0.63 431 .71
														83.5 7
														(5.1 8
														353 .32
														-
														353 .32
														-
														-
														363 .32
														1,73 9.54
														2,0 92.8 6
														348 .82
														456 .84
														-
														-
														805 .66
														2,8 98.5 2
														10.8 8
														66.6 1
														15,2
														192 .38
11.8 4 10.7 1 4.12 15.9 7 14 .94 32.4 8 41.7 5 58 .14 57 .02 99.8 8 104 .49														192 .38

	Sea t men	fo Ren orti r th na	e C olid ated ons	U dite d Fina nau	ncia l R lts esu	for C u arte nd r a	f Y Hal end ed ear	h S 30t ent 20	25
										(Rs , in	lakh unle s, ss	othe rwis ed) stat e
	Sta nda lone						Con soli	date d
Par ticu lar s	30,0 9,20 26	Qua rter E nde d		Hal f Y End ed ear		Yea nde d r e	Qua E nde d rter		Hal fY& ar		End ed	Yea nde d r e
	(Una udite d)	30,0 6,20 25 (Una udite d)	30,0 9,20 24 udite	30,0 9,20 25 udite	30 ,09,2 024	31 .03,2 025	30 ,09,2 025	30 ,06,2 025	30 ,09,2 024	30 ,09,2 025	30 ,09,2 024 ludi ledl	31,0 3,20 25 (Aud ited,
1 Seg t Rev & men enu			(Una d)	{Una d	(Una udite d)	Au dited	(Un audit ed)	(Un audit ed)	(Un audit ed)	(Un audU ed)	(Un
a, I & Fina stm ent nce nve	129 ,69	30,5 3	110 ,33	160 ,22	128 .01	201 ,80	129 .69	30 .53	1 10.3 3	160 ,22	128 .01	201 ,80
b. B usin C ent ess re	81,6 8	89, 16	83.2 5	17 0,84	166 .20	430 .46	81.6 8	89 .16	83,2 5	17 0,84	166 ,20	43 0.46
c. T rad ing Bus ines s
-Sc & rela ted P rod ucts enn ers	-	-	-	-	-	-	-	-	11,3 8	-	18.9 4	-
-Ot her s	-	-	-	-	-	-	-	-	-	-	-	-
d. O the r U nall bles oce	0.08	-	-	0,08	-	0,08	0 ,08	-	-	0,08	-	0.08
Net Sal es/R &ve fr O atio nue om per n	211 .45	119 .69	193 .58	331 .14	294 .21	63 2.34	2 11.4 5	1 19.6 9	20 4.96	33 1.14	313 .15	632 .34
2 Seg t Res ults men
Pro fit b&f In & T tere st ore ax
Inve stm ent & Fina a, nce	125 .73	26, 91	106 ,94	151 ,75	12 1,17	185 ,02	12 5,73	26 ,91	10 6,94	15 1.75	121 ,17	185 ,02
b. B usin C ent ess re	44,7 3	53, 12	47, 90	99 ,26	94.9 2	277 ,37	44 ,73	53 ,12	47 ,90	99.2 6	94,9 2	27 7.37
c. T rad ing Bus ines s
-Sc & rela ted P rod ucts ann ers		-	-		-	-	-	-	8.3 1	-	10,9 4	-
-Ot her s dd/ Oth	(1.0 1)	(0,9 5)	(0,6 5)	(2,0 2)	(1.3 0)	(5,9 8)	(1 ,01)	(0 ,95)	(0 ,65)	(2.0 2)	(1,3 0)	(5,9 8)
d,A Les Una lloc able s: er s Seg Tot al t Res ult men	(4,1 3)	(5,7 1)	(3,5 8)	(10 ,31)	(7.4 5)	(23 ,54)	(4.1 3)	(5,7 1)	(3.5 8)	(1 1) 0,3	(7 .45)	(23 ,54)
Les Inte I fin rest t	165 .32	73.3 7	150 .61	238 .68	20 7.34	43 2.87	16 5.32	73 .37	15 8.92	23 8.68	218 .28	43 2.87
e) s: anc e cos fit! (Lo ss) efo Tot al Pro B Tax re	0,29	0,39	0,04	0,67	0 ,19	1.16	0,29	0,39	0 ,15	0 ,67	0 ,64	1 .16
	165 .03	72.9 8	150 .57	238 .01	20 7.15	43 1.71	165 .03	72 .98	15 8.77	23 8.0 1	217 .64	431 .71
3 Cap ital E mpl d oye
(Se Ass Seg lia bilit ies) nt ets- t gme men
Inve & F inan stm ent ce a.
C b. B usin ent ess re	4,0 95.5 1	4.14 7,05	2.7 91, 19	4.0 95.5 1	2 .791 ,19	3 .631 .92	16 ,876 .42	16 .589 .46	14 .274 .13	16 ,876 .42	14 .274 .13	15.1 75.3 9
c. T rad ing Bus ines s	1,17 4,2 9	1,23 6.59	1.27 7.59	1 .174 ,29	1.27 7.59	1 .260 .34	1 .174 ,29	1 .236 .59	1 .277 .59	1 .174 ,29	1.27 7,59	1 .260 .34
-Sc & rela ted P rod ucts ann ers		-
-Ot her s	0.75	15,0 2	-		-	-	-	-	289 ,29	-	289 ,29	-
d, Una lloc ated	(29 .96)	111 ,12	7,32	0,75 9.96	,32 7	22.0 4 .78\ 14	0,75 \ 12 9.96	15.0 2 ,12	7,32	0.75 9.96	7 .32	22.0 4 (4,7 8)
Tot al Cap ital E mpl d oye	5,24 0.59	5,38 7.54	(22 ,93) 4,05 3.17	(2 5 ,240 .59	(22 .93) 3.17	4 .52	18 .50	(11 17 .95	(22 .93) 15 .40	(2 ) 18 .50	(22 93) 15 .40	16,4 52.9 9
					4,05	,909	,021	,829	,825	,021	,825

Statement of Assets and Liabilities		as at 30th Sept, 2025
			(Rs. in lakhs, unless otherwise	stated)
	STANDALONE		CONSOLIDATED
PARTICULARS	30.09.2025	31.03.2025	30.09.2025	31.03.2025
	(Unaudited)	(Audited)	(Unaudited)	(Audited)
ASSETS
Non-current assets
a. Property, plant and equipment	1,399.00	1,455.96	1,399.00	1,455.96
b. Right-ot-use assets	10.13	-	10.13	-
c. Intangible Assets	-	-	-	-
d. Financial assets
i. Investments	2,378.92	2,165.67	15,159.81	13,709.14
e. Deterred tax assets (net)	-	-	-	-
f. Income tax assets (net)	-	-	-	-
Total non-current assets	3,788.05	3,621.63	16,568.94	15,165.10
Current assets
a. Inventories	0.75	7.48	0.75	7.48
b. Financial assets	-		-
i. Investments	30.68	95.08	30.68	95.08
ii. Trade receivables	-	-	-	-
iii. Cash and cash equivalents	1.43	16.52	1.43	16.52
iv. Bank balances other than (iii) above	56.00	65.00	56.00	65.00
v. Loans	1,500.00	1,200.00	1,500.00	1,200.00
vi. Other financial assets	62.47	90.45	62.47	90.45
c. Other current assets	5.62	6.75	5.63	6.75
Total current assets	1,656.95	1,481.28	1,656.96	1,481.28
TOTAL ASSETS	5,445.00	5,102.91	18,225.90	16,646.38
EQUITY AND LIABILITIES
a. Equity Equity share capital	10.88	10.88		10.88
			10.88
b. Other equity Reserves and surplus	3,821.97	3,704.14	- 15,205.21	14,174.36
Other Reserves	1,407.75	1,194.50	2,805.41	2,267.75
Total equity	5,240.60	4,909.52	18,021.50	16,452.99
LIABILITIES
Non-current liabilities
a. Financial Liabilities
Lease Liabilities	4.40	-	4.40	-
b. Employee benefit obligations	-	-	-	-
c. Deferred tax liabilities	54.14	53.62	54.14	53.62
d. Other non current liabilities	-	-	-	-
Total non-current liabilities	58.54	53.62	58.54	53.62
Current liabilities
a. Financial liabilities
i. Borrowing	4.97	25.97	4.97	25.97
ii. Trade payables
- Dues to micro and small		-		-
enterprises	-		-	1.79
- Dues other than micro and small enterprises	2.16	1.79	2.16
- Dues to related parties	-	-	-	-
iii. Lease liabilities	5.89	-	5.89	-
iv. Other financial liabilities	-	0.12	-	0.12
b. Provisions	-	-	-	-
c. Income tax liabilities (net)	22.07	0.53	22.07	0.53
d. Employee benefit obligations	-	0.81	-	0.81
e. Other current liabilities	110.77	110.55	110.77	110.55
Total current liabilities	145.86	139.77	145.86	139.77
Total liabilities	204.40	193.39	204.40	193.39
EQUITY & LIABILITIES TOTAL	5,445.00	5,102.91	18,225.90	16,646.38

Particulars
CASH FLOW FROM OPERATING ACTIVITIES:
Profit / (Loss) before Extraordinary Items & Tax	2,38,00,646	238.01	2,17,64,249	217.64
Add / (Less) Adjusbnents for:
Depreciation and amortisation expense		58.98	65,47,210.00	65.47
Rental income & Licence Fees		(107.46)	(1.04,33,472)	(1
Amortisation of Revaluation reserve		(55.90)	(61,77,236)
Dividend income		(96.33)	(96,33,473)
Inventory revalued written off		(7.48)
Interest component on right to use of assets	54,676	0.55	19,816	0.20
Operating profit before working capital changes	30,35,719	30.37	20,87,094	20.88
Add/(Less) Adjusbnents for:
(Increase) / decrease in Trade & Current Asset	29,11,169	29.11	18,54,211	18.54
(Increase) / decrease in Inventories			1,89,494	1.89
Increase / (decrease) in Current Liabilities		(11.05)	(30,98.219)
Cash Generated from/(Used in)Operations
Direct Taxes Paid /
CASH FLOW FROM INVESTING ACTIVITIES:
(Purchase) / Sale of Fixed Assets
(Purchase) of Investment	(42,83,326)	(42.83)		(16.00)
Rental Income	1,07,46,474	107.46	1,04,33,472	104.33
Deposit with Banks with Maturity More than 3 Months	9,00,000	9.00
Dividend Income	96,33,473	96.33	96,33,473	96.33
Sale of Investment	95,08,362	95.08	29,00,000	29.00
CASH FLOW FROM FINANCING ACTIVITIES:
Invested in Intercorporate Deposits
Interest component on right to use of assets
Net increase in Cash and Cash equivalents [A+B+C)
Cash and Cash Equivalents At The Beginning Of The Year

			(Rs. in lakhs, unless otherwise slaled)
	Particulars		As at		As at
			30.09.2025		30.09.2024
A.	CASH FLOW FROM OPERATING ACTIVITIES:
	Profit I (loss) before Extraordinary Items & Tax	2,38,00,646	238.01	2,07,14,276	207.15
	Add / (Less) Adjustments for:
	Depreciation and amortisation expense	58,98,496	58.98	63,44,706	63.45
	Rental income & Licence Fees	(1,07,46,474)	(107.46)	(1,04,33,472)	(104.33)
	Amortisation of Revaluation reserve	(55,90,152)	(55.90)	(61,77,236)	(61.77)
	Dividend income	(96,33,473)	(96.33)	(90,93,473)	(90.93)
	Inlerest component on right to use of assets	54,676	0.55
	Inventory revalued written off	(7,48,000)	(7.48)
	Operating profit before working capital changes	30,35,719	30.37	13,54,801	13.57
	Add/(Less) Adjustments for:
	(Increase) / decrease in Trade & Current Asset	29,11,169	29.11	11,15,310	11.15
	Increase / (decrease) in Current Liabilities	(11,04,883)	(11.05)	(19,66,383)	(19.67)
	Cash Generated from/(Used In)Operations	48,42,005	48.43	5,03,728	5.05
	.? .. " . ". ,,~. ,,. .~.,;;?&x+__ ,*",",.~!r.e~ Ta~es ~~i~.L~~ef~,"-d)		(28.01) ;(:;;:28;;-,-;:01;;-,:;;:14;:;6-!-)t- --';;-~~-r::----:_-7.:-~;;;::-21-	(29,37,470)	__ ~(:=297·-=-38:::-1)
	1ii~.E.!,,~2!~sMTE;el~&MI\liIl'.~I2!tt) 2!,ERA.J1~~~CJ,!VITIES	[A1"l;;'?iThK!;'I===;;;20;;,4;;0,;;,8;,;59~=="";;;;';;9;;;;";;,,,,==::;~~~===~(2;;4;g&~3)	20.42 "i.ow	(24,33,142)
B.	CASH FLOW FROM INVESTING ACTIVITIES:
	Deposit with Banks with Maturity More than 3 Months	9,00,000	9.00
	(Purchase) of Investment	(42,83,326)	(42.83)	(16,00,000)	(16.00)
	Rental Income	1,07,46,474	107.46	1,04,33,472	104.33
	Dividend Income	96,33,473	96.33	90,93,473	90.93
	sale of Investment	95,08,362	95.08	29,00,000	29.00
C.	CASH FLOW FROM FINANCING ACTIVITIES:
	Invested in Intercorporate Deposits	(3,00,00,000)
	Interest component on right to use of assets	(54,676)
	Net increase in Cash and Cash equivalents [A+B+C]	(15,08,834)
	Cash and Cash Equivalents At The Beginning Of The Year	16,51,991

1. The above financial results were reviewed and recommended by the Audit Committee and taken on record by the Board of Directors at their

• meeting held on 14th November, 2025. 2. The Limited Review under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 has been carried
• out by the Statutory Auditors. 3 The consolidated financials results include financial results of :-

• Name Relationship

• of the Companies Act, 2013 erstwhile Fujisan Technologies Limited, wholly owned subsidiary of the Company, was merged with the Company with effect from the Appointed Date i.e, 01st April, 2022. The Scheme became effective upon filing of the certified order of the NCLT with the Registrar of Companies on 22nd May, 2025. 5 The figures for the previous period have been recast! regrouped wherever necessary to confirm to current period's presentations.

Date: 14th November, 2025

P R AGARWAL & AWASTHI

CHARTERED ACCOUNTANTS »

REGD. OFFICE: 42, GOPAL BHAVAN, 199, PRINCESS STREET, MUMBAI - 400 002. PHONE: 22093908· FAX: 022-22089133· E-mail: info@pawanca.com URL: www.pawanca.com

Independent Auditor's Review Report on the Unaudited Standalone Financial Results of the Company for the quarter ended 30 September 2025 and year to date results for the period from 1 April 2025 to 30 September 2025 Pursuant to the Regulations 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To

The Board of Directors Thacker and Company Limited

• 1. We have reviewed the accompanying statement of Unaudited Standalone financial results of Thacker and Company Limited (the "Company"), for the quarter ended 30 September 2025 and year to date results for the period from 1 April 2025 to 30 September 2025 attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, as amended (the Listing Regulations").
• 1. This Statement, which is the responsibility of the Company's Management and approved by the 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, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to issue a report on the Standalone financial statements based on our review.

• 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 financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

that the accompanying statement of unaudited financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

Chartered Accountants Fug:mt:N;~

CA Pawan KR Agarwal

(Partner) Membership No. 34147 UDIN: 25034147BMIIAY7111

Place: Mumbai

Date: 14.1l.2025

..

P R AGARWAL & AWASTHI

CHARTERED ACCOUNTANTS

REGD. OFFICE: 42, GOPAl BHAVAN, 199, PRINCESS STREET, MUMBAI - 400002. PHONE: 220 93908 • FAX: 022-220 89133 • E-mail: info@pawanca.com URl : www pawanca.com

Limited Independent Auditor's Review Report on the Unaudited Consolidated Financial 'Results of the Company for the quarter ended 30 September 2025 and year to date results for the period from 1 April 2025 to 30 September 2025 pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Thacker and Company Limited

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Thacker and Company Limited ("the Parent") and its share of the net profit after tax and total comprehensive income of its associates for the quarter ended 30 September 2025and year to date results for the period from 1 April 2025'to 30 September 2025 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,as amended .
• 1. This Statement, which is the responsibility of the Holding Company's Management and approved by the 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, and other accounting principles generally accepted in India. 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 fi~ancial 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 SEBIunder Regulation 33 (8) of the, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,as amerided, to the extent applicable.

1. The Statement includes the Result of Following Entities:

Sr. No.	Name of the Entity	Relationship
1.	AMJ Land Holding Limited	Associate Company
2.	Pudumjee Paper Products Limited	Associate Company

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the Consideration of the Review Reports of the other auditors 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 Indian Accounting Standard and other accounting principles 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) Regulations, 2015, as amended, 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 results of two associate companies included in the Statement Details of which are as under:

One Associate company included in the statement whose result reflect revenue of Rs. 3,108.30lakhs, net profit after tax of Rs. 854.87lakhs, and total comprehensive income of Rs. 2,813.29lakhs for the period ended 30th September, 2025 as considered in the Statement. These interim financial results have been reviewed by the other auditors whose reports have been furnished to us by the Management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these associate company, is based solely on the reports of such other auditors and the procedures performed by us as stated m paragraph 3 above.

Further, another Associate company included in the statement whose result reflect revenue of Rs. 42,130lakhs, net profit after tax of Rs. 5,3161akhs, and total comprehensive income of Rs. 5,427 lakhs for the period ended 30th September, 2025. These interim financial results have been reviewed by the other auditors whose reports have been furnished to us by the Management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these associate company, is based solely on the reports of such other auditors and the procedures performed by us as stated in paragraph 3 above .

Our conclusion on the Statement is not modified in respect of the above matters.

Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done by other auditors and the Financial Results certified by the Management.

For and on behalf of

_ For P. R. Agarwal & Awasthi Chartered Accountants Fir1'. egistration. NO...117940W

J_CW<bn~ ~

CA Pawan KR Agarwal (Partner) Membership No. 034147

UDIN: 25034147BMIIAZ2852

Place: Mumbai Date: 14.11.2025