Inducto Steel Ltd Management Discussions

The financial year 2025 26 was characterised by a dynamic global economic environment, marked by geopolitical uncertainties, evolving trade policies, commodity price volatility and changing global demand conditions. These factors continued to influence international trade, shipping activity and the prices of steel and recyclable materials.

The Indian economy continued to demonstrate resilience, supported by infrastructure development, manufacturing activity, construction and domestic consumption. This provided a supportive backdrop for the steel and recycling sectors, although market conditions remained influenced by fluctuations in steel and scrap prices, availability of recyclable vessels, foreign exchange movements and developments in global shipping and commodity markets.

The ship recycling industry plays an important role in the circular economy by facilitating the recovery and reuse of steel and other materials from end-of-life vessels. India remains a significant centre for ship recycling, with the industry contributing to resource conservation, employment generation and the availability of recycled steel and scrap for domestic industries. At the same time, the sector continues to evolve in response to environmental, safety and regulatory requirements and global sustainability standards.

Against this backdrop, the Companys operations during FY 2025 26 were primarily influenced by the availability and acquisition of vessels for dismantling, prevailing steel and scrap prices, recovery yields, operating costs and demand for recycled steel and other materials. The Company remained focused on efficient ship dismantling, optimum recovery and utilisation of recyclable materials, operational efficiency, compliance with applicable environmental and safety requirements, and sustainable value creation for its stakeholders.

This Management Discussion and Analysis provides an overview of the Companys operating environment, business performance, financial performance, key opportunities and risks, and outlook for FY 2025 26. The discussion should be read together with the Companys financial statements and related notes forming part of this Annual Report.

INDUSTRY STRUCTURE AND DEVELOPMENTS

The steel and recycling industries continue to play an important role in Indias industrial and economic development. Steel remains a key input for infrastructure, construction, engineering, automotive and other manufacturing sectors, while the recycling of steel and other materials contributes to resource efficiency and the circular economy. Indias continued focus on infrastructure development, manufacturing, urbanisation and capital expenditure provides a supportive long-term environment for demand for steel and recyclable materials.

Within this broader ecosystem, the ship recycling industry occupies an important position by converting end-of-life vessels into reusable steel, re-rollable material and other recyclable products. Ship recycling enables substantial recovery of ferrous and non-ferrous materials, thereby reducing the requirement for virgin raw materials and supporting a more resource-efficient industrial cycle. The availability of vessels for recycling and the realisation from recovered materials are, however, influenced by global shipping activity, vessel prices, freight rates, steel and scrap prices, foreign exchange movements and prevailing market conditions.

India is among the leading destinations for end-of-life ship recycling, with the Alang Sosiya ship recycling cluster in Gujarat accounting for the predominant share of Indias ship recycling activity. According to the Ministry of Ports, Shipping and Waterways, nearly 98% of ship recycling in India takes place at Alang Sosiya. The cluster has a total capacity of approximately 4.5 million tonnes per annum across 153 plots, with 115 plots having attained Hong Kong Convention-compliant status as reported by the Ministry. This established ecosystem, supported by specialised infrastructure, skilled manpower and downstream markets for recovered steel and other materials, provides India with a significant competitive position in the global ship recycling industry.

A significant development during FY 2025 26 was the entry into force of the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 (Hong Kong Convention). The Convention establishes internationally recognised requirements for the safe and environmentally sound recycling of ships, including requirements relating to inventories of hazardous materials and authorised ship recycling facilities. The Directorate General of Shipping has clarified that ships covered by the Convention are required to be recycled only at ship recycling facilities holding the requisite authorisation.

India had already established a domestic regulatory framework through the Recycling of Ships Act, 2019 and the Recycling of Ships Rules, 2021, with the Directorate General of Shipping designated as the National Authority for implementation. The entry into force of the Hong Kong Convention therefore represents an important milestone for the Indian ship recycling industry and reinforces the industrys transition towards safer, more environmentally responsible and internationally recognised recycling practices.

The regulatory transition is also expected to strengthen the competitive position of compliant Indian recycling facilities in the international market. Compliance with international environmental, occupational health and safety standards is increasingly becoming an important consideration for ship owners when selecting recycling facilities. Consequently, yards with appropriate infrastructure, regulatory approvals, hazardous-material management systems and established environmental and safety practices are better positioned to participate in the evolving global ship recycling market.

The industry nevertheless remains cyclical and market-sensitive. The profitability of ship recycling operations is substantially influenced by the purchase price of vessels, prevailing prices of re-rollable steel and other scrap, recovery yields, operating and compliance costs, freight and logistics expenses and foreign exchange movements. Any significant movement in domestic or international steel and scrap prices can therefore have a direct impact on the realisation from dismantled vessels and operating margins.

Going forward, the Indian ship recycling industry is expected to benefit from increasing emphasis on sustainable resource utilisation, circular-economy practices and environmentally sound disposal of end-of-life vessels. The strengthening of Indias regulatory framework and increasing adoption of Hong Kong Convention-compliant practices provide a foundation for the continued development of the sector.

Your Company, being engaged in the recycling of end-of-life vessels and the sale of steel and other recyclable materials recovered from dismantled ships, forms part of this circular industrial ecosystem. The Companys performance is closely linked to vessel availability, acquisition costs, recovery efficiency and prevailing market prices for re-rollable steel and other scrap. The Company remains focused on efficient ship dismantling, optimum recovery of recyclable materials, adherence to applicable safety and environmental requirements and prudent management of market-related risks.

Global Overview:

The global economy remained resilient during FY 2025 26, although growth continued to be moderate and uneven across major economies. According to the IMF, global growth was projected at around 3.0% in 2025 and 3.1% in 2026. Moderating inflation supported a gradual easing of monetary conditions; however, geopolitical tensions, trade restrictions, fiscal pressures and financial-market volatility continued to create uncertainty.

Global trade and supply chains were increasingly influenced by tariffs, geopolitical developments and efforts by major economies to strengthen domestic supply chains. These factors affected commodity flows, shipping routes, freight costs and raw-material prices, with direct implications for commodity-intensive sectors.

The global steel industry remained closely linked to infrastructure, construction, manufacturing and automotive activity. While demand showed signs of stabilisation, the industry continued to face challenges from excess capacity, trade restrictions and volatility in energy and raw-material prices. At the same time, decarbonisation, recycling and resource efficiency continued to drive structural changes in steel production and consumption.

These developments have a direct impact on the ship recycling industry, where vessel recycling is influenced by fleet age, freight rates, vessel earnings and values, newbuilding activity, and steel and scrap prices. Changes in global shipping patterns and fleet renewal therefore affect both the availability of vessels for recycling and the economics of their acquisition and dismantling.

A key structural development during the year was the entry into force of the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009. The Convention establishes international standards for safe and environmentally responsible ship recycling, including requirements relating to hazardous materials, recycling facilities, inspections and worker and environmental protection. Its implementation is expected to strengthen the position of organised and compliant recycling facilities and accelerate the formalisation of the global ship recycling industry.

For the Company, movements in steel and scrap prices, vessel prices, freight rates and foreign exchange rates remain key external factors influencing vessel acquisition costs, material realisations and operating margins. At the same time, increasing global emphasis on circularity, recycling and sustainable resource utilisation provides a favourable long-term backdrop for the industry.

Overall, FY 2025 26 was characterised by moderate global economic growth, geopolitical and trade-related uncertainty, and evolving shipping and commodity-market conditions. Against this backdrop, the formalisation of ship recycling standards through the Hong Kong Convention, coupled with Indias strong steel demand and growing recycling ecosystem, provides a supportive long-term environment for organised and environmentally compliant ship recycling companies.

Domestic Overview & Market Size:

India is among the worlds leading ship-recycling nations, with the Alang Sosiya cluster in Gujarat accounting for around 98% of the countrys ship-recycling activity. In 2025, India accounted for 35.4% of global ship-recycling volume, making it the worlds leading ship-recycling nation.

Alang Sosiya currently has an annual recycling capacity of around 4.5 million LDT, with the Government planning to expand capacity to approximately 9 million LDT. Around 3.5 million tonnes of steel is recovered annually from ship recycling at Alang, providing an important source of secondary raw material for Indias steel industry.

The industrys long-term prospects are supported by Indias strong domestic steel demand. Finished steel consumption reached 163.7 MT in FY 2025 26, while the Government expects domestic steel demand to reach approximately 230 MT by FY 2030 31, driven by infrastructure, construction, urbanisation and manufacturing.

The sector is also undergoing significant formalisation following the Hong Kong Convention. The increasing number of HKC-compliant yards is expected to improve Indias competitiveness and favour organised recyclers with stronger environmental, safety and operational standards.

Overall, Indias ship-recycling industry has strong long-term potential, supported by its established Alang ecosystem, rising steel demand, availability of recyclable tonnage and increasing emphasis on environmentally compliant recycling. However, industry profitability remains sensitive to vessel acquisition prices, steel and scrap prices, global freight conditions and fleet-recycling cycles.

Government Initiatives

The Government of India has undertaken several measures to strengthen the ship recycling industry, improve safety and environmental standards, and enhance Indias competitiveness as a global recycling destination. Key initiatives relevant to FY 2025 26 include:

Hong Kong Convention compliance: The Hong Kong Convention (HKC) came into force on 26 June 2025. India has aligned its regulatory framework through the Recycling of Ships Act, 2019, Rules, 2021 and Regulations, 2026, promoting safe and environmentally sound ship recycling. Financial support for yard modernisation: Under the Ferrous Scrap Development Fund (FSDF), the Government has provided 53.5 crore in financial assistance to Indian ship recycling yards to support modernisation and HKC compliance. As a result, 115 Alang plots have achieved HKC compliance. Shipbreaking Credit Note Scheme: Shipowners recycling vessels at HKC-compliant Indian yards are eligible for a credit note equivalent to 40% of the scrap value of the recycled vessel, which can be utilised for up to 5% of the value of a new vessel built at an Indian shipyard. The scheme is intended to promote both ship recycling and domestic shipbuilding. Capacity expansion at Alang: The Government of Gujarat has prepared a master plan to progressively increase the Alang Sosiya Ship Recycling Yards capacity from around 4.5 million LDT to 9 million LDT annually, strengthening Indias long-term recycling capacity. EU market access: The Government is pursuing inclusion of eligible Indian recycling yards in the European Unions approved list of ship recycling facilities, which could provide Indian yards access to a larger pool of European-flagged vessels. The inspection and compliance process for Indian yards is underway. Safety and worker welfare: Government and Gujarat Maritime Board initiatives include mandatory safety training, occupational health measures, emergency preparedness and healthcare facilities at Alang. The Safety Training and Labour Welfare Institute has trained over 1.5 lakh workers cumulatively.

Overall, government policy during FY 2025 26 focused on formalising and modernising Indias ship recycling industry through HKC compliance, financial assistance, capacity expansion, improved worker safety and international market access. These measures are expected to strengthen the competitiveness of organised recyclers and support Indias position as a leading global ship recycling destination.

OPPORTUNITY AND THREAT

OPPORTUNITIES

Rising Global Recycling Potential: Over 16,000 vessels are expected to be recycled globally over the next decade, providing a significant opportunity for Indian recyclers. Indias Growing Market Share: India became the worlds leading ship-recycling nation in 2025, with 35.4% of global recycling volume, up from 30.1% in 2024. HKC Compliance: The Hong Kong Convention and increasing yard compliance favour organised, environmentally compliant recyclers and can improve access to international tonnage.

EU Market Opportunity: Recognition of compliant Indian yards under the EU framework could expand access to European-flagged vessels. Capacity Expansion: Planned expansion of Alang Sosiya capacity from 4.5 million LDT to 9 million LDT provides long-term growth potential. Strong domestic steel demand: Growing demand for steel and recyclable materials supports realisations from recycled vessels.

THREATS

Steel and Scrap Price Volatility: Changes in steel prices can materially affect revenue realisation and margins. Vessel Price Volatility: Higher ship acquisition prices can compress recycling margins. Cyclicality of Shipping: Freight rates, vessel earnings and newbuilding activity influence the availability of ships for recycling. Regulatory Costs: Increasing environmental, safety and HKC compliance requirements require continuing investment. Global Competition: Competition from Bangladesh, Pakistan, Turkiye and other recycling destinations may affect vessel sourcing and pricing. Foreign Exchange and Geopolitical Risks: Currency movements and disruptions in global shipping can increase procurement and operating risks.

In summary, the sectors key growth drivers are increasing global recycling volumes, Indias strong market position, HKC compliance and potential international market access, while profitability remains exposed to vessel prices, steel prices, shipping cycles and regulatory costs.

SEGMENT WISE PERFORMANCE

Segmental Review

The Companys business segments are identified based on the geographic locations of its units and the internal business reporting system as per Ind AS 108. Business segments of the company are primarily categorized as: Mumbai (Trading & Investment) and Bhavnagar (Ship Breaking & Trading).

Segment-wise Standalone Ind AS Financial Results

(Rs. In Lakhs)

Particulars	Mumbai	Bhavnagar	Total
Segment Assets	4,907.45	9,285.13	14,192.58
Segment Liabilities	488.73	9,699.69	10,188.42
Revenue from External Source (excluding Inter Segment Revenue)	7,397.92	9,615.05	17,012.97
Segment Results Before Interest and Taxes	144.03	168.91	312.94

i. Bhavnagar:

During FY 2025 26, the Ship-Breaking Unit at Alang Ship Breaking Yard, Bhavnagar witnessed a significant improvement in its operating and financial performance. The segment recorded revenue of 9,615.05 Lakhs, compared to 5,560.86 Lakhs in the previous year, registering a growth of approximately 72.9%. The segment also turned profitable, reporting a profit of 168.91 Lakhs, as against a loss of 142.54 Lakhs in the previous year.

The improved performance reflects higher business activity and better operating conditions during the year. The management continued to adopt a prudent approach towards ship procurement, inventory management and operational efficiency, while remaining mindful of volatility in vessel prices, steel and iron markets, foreign exchange movements and global shipping conditions.

The management remains cautiously optimistic about the future outlook of the ship- recycling sector, supported by Indias strong steel demand, the increasing emphasis on environmentally compliant ship recycling, and the entry into force of the Hong Kong Convention. With disciplined procurement, efficient capacity utilisation and continued focus on operational and cost efficiency, the Company remains well positioned to sustain the improvement in performance and pursue profitable growth in the coming years

ii. Mumbai:

During the year under review, the Mumbai Unit reported a revenue of 7,397.92 Lakhs; however, the operations resulted in a profit of 144.03 Lakhs.

OUTLOOK

India continues to remain one of the worlds leading ship recycling markets, with Alang Sosiya in Gujarat serving as the countrys principal ship recycling hub. The industry is expected to benefit from Indias growing steel demand, infrastructure development, urbanisation and increasing focus on resource efficiency and the circular economy. The Recycling of Ships Act, 2019 and the entry into force of the Hong Kong Convention are further supporting the transition towards safer and more environmentally responsible ship recycling practices.

The outlook for the industry remains positive over the medium to long term, although short-term volatility may continue due to fluctuations in vessel availability, ship and steel prices, freight rates and foreign exchange movements.

The Company remains cautiously optimistic about the sector and will continue to focus on prudent vessel procurement, efficient operations, cost management and compliance with applicable regulatory requirements. The growing emphasis on sustainable recycling and recovery of steel and other materials is expected to provide opportunities for the Company to strengthen its market position and create sustainable long-term value for its stakeholders.

RISK AND CONCERN

The ship recycling industry remains exposed to fluctuations in global shipping activity, vessel availability, steel and scrap prices, freight rates, foreign exchange movements and geopolitical developments. These factors can affect vessel acquisition costs, inventory valuations, realisations and operating margins. The Company remains focused on prudent procurement, cost management and operational efficiency to mitigate these risks.

Key risks associated with the industry include:

Market and Commodity Price Risk: Volatility in prices of old ships, steel and recyclable materials may impact procurement costs and realisations. Vessel Availability Risk: Changes in freight markets, vessel earnings, newbuilding activity and global trade patterns may affect the availability and timing of vessels for recycling. Regulatory and Environmental Risk: The regulatory framework for ship recycling is evolving, particularly following the entry into force of the Hong Kong Convention. The Convention establishes requirements relating to authorization, safe recycling practices, hazardous materials, worker safety, inspection and reporting. The Company continues to monitor applicable requirements and maintain compliance with relevant laws and regulations.

Safety and Labour Risk: Ship recycling involves significant occupational and operational hazards. Availability of skilled labour, workforce safety and adherence to prescribed safety procedures remain important operational considerations. Foreign Exchange Risk: Movements in the Indian Rupee against major foreign currencies, particularly the US Dollar, may affect vessel procurement and the economics of international transactions. Geopolitical and Trade Risk: Geopolitical tensions, trade restrictions and disruptions to major shipping routes may affect global trade, freight rates, vessel movements and overall recycling activity. Liquidity and Financing Risk: Volatility in vessel and steel prices and changes in financing costs may increase working-capital requirements and affect profitability.

MITIGATION: The Company regularly monitors market conditions, vessel and steel prices, foreign exchange movements and regulatory developments. Management follows a prudent approach to vessel procurement and inventory management, while focusing on cost control, operational efficiency, worker safety and compliance with applicable environmental and regulatory requirements.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

The Company has an adequate system of internal financial controls commensurate with its size, nature and complexity of operations. The internal control framework is designed to provide reasonable assurance regarding the orderly and efficient conduct of business, safeguarding of assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and timely preparation of reliable financial information.

The Company periodically reviews and strengthens its internal control systems and procedures. These controls are also subject to review and testing by the Internal and Statutory Auditors. The Audit Committee reviews the adequacy and effectiveness of the internal control framework and monitors the implementation of audit recommendations, wherever applicable.

Based on the assessment carried out during FY 2025 26, the Companys internal financial controls with reference to the financial statements were adequate and operating effectively. The Statutory Auditors, as part of their audit, have also evaluated the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting.

FINANCIAL PERFORMANCE & ANALYSIS

The Companys financial performance for the year ended March 31, 2026 is summarized below:

Standalone & Consolidated Ind AS Financial Results: Review and Analysis

(Rs. In Lakhs)

	Standalone		Consolidated
Particular	For the financial year ended 31.03.2026	For the financial year ended 31.03.2025	For the financial year ended 31.03.2026	For the financial year ended 31.03.2025
Revenue from operations	16,570.97	15,856.71	16,570.97	15,856.71
Other Income	45.18	37.55	45.17	37.55
Total Revenue	16,616.15	15,894.26	16,616.14	15,894.26
Cost of raw materials consumed	7330.07	4642.76	7330.07	4642.76
Purchase of Stock in trade	8003.34	11313.21	8003.34	11313.21
Changes in inventories of finished goods, stock in trade, work in process	171.37	-245.93	171.37	-245.93
Manufacturing expenses	106.92	121.09	106.92	121.09
Employee benefits expenses	177.72	174.92	177.72	174.92
Finance costs	240.74	216.94	240.74	216.94
Depreciation and amortization expenses	34.60	34.11	34.60	34.11
Other expenses	479.18	105.24	479.18	105.24
Total Expenses	16,543.95	16,362.33	16,543.95	16,362.33
Share of profit/ (loss) from associates			0.01	(0.00)
Profit / (Loss) before tax	72.20	-468.07	72.20	-468.07
Less: Current Tax	-	-	-	-
Less: Deferred Tax	18.56	-96.21	18.56	-96.21
Profit / (Loss) after tax	53.64	-371.86	53.64	-371.86
Other Comprehensive Income	1.13	0.33	1.13	0.33
Total Comprehensive Income for the year	54.77	-371.52	54.77	-371.52
Earnings Per Share (Face Value of Rs. 10/- each)
-Basic	1.34	(9.26)	1.34	(9.26)
-Diluted	1.34	(9.26)	1.34	(9.26)

Standalone Cash Flow Analysis

Particular	For the financial year ended 31.03.2026	For the financial year ended 31.03.2025
Net Cash Flow from Operating Activities	2901.62	(1186.95)
Net Cash Outflow from Investing Activities	132.30	105.52
Net Cash Outflow from Financing Activities	(942.99)	1075.50
Net Cash Inflow/(Outflow)	2090.93	(5.94)

Business Overview

The company is in the business of ship breaking, trading and investment activities.

The sales turnover of the company for FY 2025-26 and FY 2024-25 were Rs.16,570.97 Lakhs and Rs. 15,856.71 Lakhs respectively, registering a growth of approximately 4.50%. Despite fluctuations in international old-ship prices and exchange rates. The company maintained stable overall business performance during the year.

Iron and steel prices remained an important factor affecting the Companys margins, while foreign exchange volatility, particularly movements in the Indian Rupee against the US Dollar, continues to remain a key business consideration.

Whenever, there is no immediate payment liability against old ship purchased for breaking, the surplus funds available with the Company are given as loan on short term basis. The Company is hopeful that the Company can earn reasonable return on these loans/investments

Surplus funds are also invested in new avenues of earnings in the form of partnership with other entities like in Real Estate and Redeveloping firms. At present the Company has partnership with Calvin Divine Enterprises LLP with 20% share and M/s. Shree Balaji Associates with 5% share. The management is hopeful that the Company can earn reasonable return on these investments.

Standalone

For the financial year 2025 26, the Company reported revenues of 16,616.15 lakhs. The operations for the year resulted in a profit before tax of 72.20 lakhs and a profit after tax of 53.64 lakhs.

Consolidated

For the financial year 2025 26, the Company reported revenues of 16,616.14 lakhs. The operations for the year resulted in a profit before tax of 72.20 lakhs and a profit after tax of 53.64 lakhs.

Revenue

The Company reported Revenue of Rs. 16,570.97 Lakhs for the financial year 2025-26 in comparison to Rs. 15,856.71 Lakhs for the financial year 2024-25 registering a growth of 4.50% over the previous year.

Finance Cost

Finance cost stood at Rs. 240.74 Lakhs for the financial year 2025-26 in comparison to Rs. 216.94 Lakhs for the financial year 2024-25.

Depreciation

Depreciation stood at Rs. 34.60 Lakhs for the financial year 2024-25 in comparison to Rs. 34.11 Lakhs for the financial year 2025-26.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES

Your Company treats its “human resources” as one of its most important assets. We continuously invest in attraction, retention and development of talent on an ongoing basis. Our thrust is on the promotion of talent internally through job rotation and job enlargement. We believe in harnessing its leadership and people capabilities through sharp focus and initiatives on talent development. The total number of permanent employees as on 31.03.2026 was 58.

We review our talent based on their performance and potential to assess their readiness for future roles of higher scale and complexity. We believe in developing our employees through multiple experiences requiring them to handle scale and complexity. We have instituted this through varied job rotation and project roles. We have put in place various recognition initiatives for our employees to reward them on their noteworthy performance and contribution. Social awareness and cultural/sports programmes are arranged regularly to create interest in living a meaningful life and release tensions

Our Company is committed to providing work environment that ensures every employee is treated with dignity and respect and afforded equitable treatment. The Company is also dedicated at promoting a work environment that is conducive to the professional growth of its employees and encourages equality of opportunity. To foster a positive workplace environment, free from harassment of any nature, we have institutionalized the Anti Sexual Harassment Framework through which we address complaints of sexual harassment at the workplace. We follow a gender-neutral approach in handling complaints of sexual harassment and we are compliant with the law of the land where we operate. We have also constituted Complaints Committee to consider and address sexual harassment complaints in accordance with Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

SIGNIFICANT KEY FINANCIAL INDICATORS

For changes in 25% or more in key financial indicators as compared to the immediately previous financial year, refer note no. 5.10 to the Financial Statement for the year ended March 31, 2026.

CHANGE IN NET WORTH

The Companys Net worth stood at Rs.4,004.16 Lakhs for the financial year 2025-26 as compared to Net worth of Rs.3,949.39 Lakhs for the previous financial year 2024-25, registering and increase of 1.39% over the previous year. During the year under review, the Company earned profit as compared to the loss during previous financial year 2024-2025, resulting in an improvement in its overall financial position.

CAUTIONARY STATEMENT

Statements in the Boards Report and the Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to your Companys operations include global and Indian demand supply conditions, finished goods prices, feed stock availability and prices, cyclical demand and pricing in your Companys principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries within which your Company conducts business and other factors such as litigation and your Company is not obliged to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events or otherwise. The “Managements Discussion and Analysis” does not constitute a prospectus, offering circular or offering memorandum or an offer to acquire any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of the Companys securities.

CONCLUSION

At Inducto Steel Limited, innovation and responsibility have been at the core of building a sustainable enterprise and exploring possibilities towards creating a better future. We have focused on strengthening our balance sheet, upholding the highest standards in ethical and responsible business practices and striving towards a shared future of prosperity.

For and on behalf of the Board of Directors
For INDUCTO STEEL LIMITED
Rajeev Reniwal	Sweety Reniwal
Managing Director	Director
(DIN: 00034264)	(DIN: 00041853)
Date: May 29, 2026
Place: Mumbai