Ladies and gentlemen, good evening and welcome to the RSWM Limited Q1 FY27 Earnings Conference Call hosted by Rik Capital. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing “*” then “0” on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Richa Singh. Thank you and over to you, ma'am.

Thank you, Reyo. Good evening and welcome everyone to RSWM Limited Q1 FY27 Earnings Conference call. Today from the management, we have Mr. Rajeev Gupta – Joint Managing Director, Mr. Manoj Bansal – Chief Transformation and Chief Risk Officer, Mr. Nitin Tulyani – President and CFO, Mr. Surendra Gupta – Chief Compliance Officer and Company Secretary, Mr. Rakesh Jain – Senior General Manager (Corporate Finance). Before we proceed with this call today, I would like to take this opportunity to remind everyone about the disclaimer related to this conference call. Today's discussion may be forward-looking in nature based on management current beliefs and expectations. It must be viewed in conjunction with the risk that our business faces that could cause or differ from future results and performance, which is expressed or implied by such forward-looking statements. I now hand over the conference to Mr. Rajeev Gupta for the industry outlook following that Mr. Nitin Tulyani will take over the financial overview. Thank you and over to you, Sir.

Thank you. Good evening, everyone. So, it is my pleasure to welcome you all to the RSWM Limited Q1 FY27 Earnings Conference Call. Let me take you through the industry outlook and the business environment for the quarter ended June 30, 2026. Our Financial Results, Investor Presentation and Press Releases for the quarter have already been uploaded in the Stock Exchange. I hope you got an opportunity to have a look on these. 3 | P a g e The global textile industry continues to operate in a gradually improving yet uncertain environment with the demand across the pre-international markets showing sign of stabilization as the inventory correction has already largely moderated. Discretionary consumer spending in the several developed economies remains subdued resulting in a gradual rather than broad-based recovery in textile apparel demand. At the same time, sourcing strategy of global brands continues to evolve with increasing efficiencies on supply chain resilience, sustainability and value-based products. However, on micro level, operating environment during Q1 was influenced by mixed demand trends across geographies with increasing domestic demand while export markets continue to witness a major recovery with the select customers of ordering patterns. Demand from certain export markets, including parts of Middle East, remains subdued during the quarter. Global brands increasingly focus on reliable suppliers capable of delivering quality, sustainability and product innovation, reinforcing India's position as a preferred sourcing destination. The quarter also witnessed India governments encouraging policy developments including continued progress on international trade agreements and initiatives aimed at improving round table availability. At the same time, geopolitical developments including the West Asia conflict contributed to supply chain disruptions and volatilities in energy costs as well. Elevated crude oil prices have influenced input costs for synthetic yarn particularly. In addition, the evolving global trade landscape including the recent US tariff developments may lead to shifts in global sourcing patterns, creating selective opportunities for competitive Indian textile manufacturers over the medium term. Overall volatility in raw material prices, geopolitical uncertainties and evolving global trade dynamics continue to require prudent planning and operational agility. Now, sharing the outlook that we feel, for the Indian textile industry, the long-term outlook remains encouraging despite the near-term volatility supported by a strong manufacturing ecosystem, vertically integrated value chain, skilled workforce and improving policy support. Structured developments including recently concluded India-UK free trade agreement, ongoing discussions on India-EU free trade agreement and increasing diversification of global sourcing from concentrated manufacturing hubs are expected to create meaningful opportunities for Indian textile exporters over the medium to long term, particularly for the value-added and forward-integrated products. Improved cotton availability and softer cotton 4 | P a g e prices, supported by a favorable policy environment and a better crop outlook are also expected to benefit our cotton value chain. Our strategic priorities of RSWM remains unchanged, strengthening the product portfolio, improving operational excellence, expanding our presence in value-added segments and maintaining disciplined cost management under RSWM 2.0 initiative. At RSWM, we remain focused on factors within our control by increasing the share of value-added products, improving manufacturing efficiencies and strengthening customer relationships across domestic and international markets. We continue to leverage our diversified product portfolio and integrated manufacturing capabilities to respond effectively to changing customer requirements while maintaining discipline on cost and capital allocation. Further, as India-UK free trade agreement opens new opportunities for the Indian textile sector, we are actively exploring forward integration activities to maximize our potential arising from this FTA. This aligns our long-term strategy of increasing value addition, strengthening customer relationships and expanding our presence in the high-value textile manufacturing products. As we all have been discussing, sustainability remains to be an integral part for RSWM in our long-term strategy through increasing use of renewable energy, resource efficacy and circular economy initiatives. We continue to make steady progress on LNJ Greenpet's bottle- to-bottle recycling project, an important strategic initiative to expand our presence in sustainable polyester solutions and strengthening our ESG positioning. Innovation also remains a key differentiator as we steadily expand our portfolio of specialized yarns, functional fabrics and sustainable textile solutions. Our diversified manufacturing base allows us to clear the multiple end-use industries, reducing dependence on a single product category or market. We also remain committed to disciplined capital deployment, directing investment towards projects that enhance productivity, modernizing manufacturing facilities and deliver measurable returns within a reasonable framework of time. Looking ahead, the structural strength of Indian textile industry combined with RSWM's integrated business model, strong customer relationships and execution capabilities provide a solid platform for sustainable growth. We remain confident that our focus on value addition, operational excellence, sustainability, innovation and prudent capital allocation will continue to strengthen our competitiveness and create long-term value for all the stakeholders. 5 | P a g e Now I would hand over the microphone to our CFO – Nitin Tulyani to take over through financial performance for the quarter ending 30th June 2026.

Thank you. Good evening, everyone and thank you for joining us today. I will now take you through the financial and operational performance of RSWM for the quarter ending June 30th, 2026. Starting with the business environment, the 1st Quarter of FY27 reflected steady progress in operational performance despite a mixed business environment across domestic and export markets. Demand within India remained healthy across several customer segments supported by stable consumption and improved order execution. Export demand, while relatively softer on a sequential basis remained in line with expectations as international customers followed a calibrated procurement approach amid evolving global economic conditions. Our emphasis on product mix optimization, discipline procurement and manufacturing efficiency enabled another quarter of improvement in operating profitability supporting higher gross margins and a stronger EBITDA performance. Moving to the financial performance for Q1 FY27, Revenue from operations stood at ₹1,161 crores compared to ₹1,142 crores in Q4 FY26 registering a sequential growth of 1.7%. Domestic business sales increased to 825 crores from 774 crores in Q4 FY26, reflecting healthy demand across key customer segments. Export revenue stood at ₹336 crores lower than the immediately preceding quarter through the business maintained diversified customer base across multiple international markets. Gross profit increased to ₹466 crores compared to ₹434 crores in the preceding quarter with gross profit margins expanding to 39.8% from 37.4% supported by favorable product realization, better inventory management and efficient raw material utilization. EBITDA for the quarter stood at ₹94 crores, registering sequential growth of 10.1% and a year-on-year increase of 16.1%. EBITDA margin improved to 8% compared with 7.4% in Q4 FY26 and 6.9% in Q1 FY26. The expansion in gross margins provided sufficient cushion to absorb higher operating expenses while delivering a healthy improvement in EBITDA. Moving to the operating level, Finance costs for the quarter stood at ₹31 crores compared with ₹30 crores in the preceding quarter, primarily attributable to the increase in working capital requirements. Profit before tax increased to ₹24 crores representing a QoQ growth of 33.5% and a YoY 6 | P a g e increase of 153.7%. PBT margin improved to 2.1% compared with 1.6% in Q4 FY26 and 0.8% in the corresponding quarters last year. Profit after tax for Q1 stood at ₹17 crores compared with ₹7 crores in Q1 FY26. While PAT was lower than the immediately preceding quarter, Q4 FY26 had included a significant one-time tax benefit arising from the company's decision to adopt concessional corporate tax regime under the Income Tax Act 2025. Excluding this non-recurring benefit, the underlying earnings trajectory still remained healthy. Our priorities for the remainder of the financial year are as under. Our capital allocation philosophy continues to remain disciplined and value- oriented, prioritizing investment that enhances manufacturing efficiency, improves product capabilities and generates sustainable returns over the medium term. We remain committed to strengthening our portfolio of differentiated and sustainable products supported by changing customer preferences and demand for environmentally responsible manufacturing. India's position as a preferred global sourcing destination continues to strengthen supported by integrated textile value chain, improving policy environment and growing emphasis on quality, reliability and sustainability. Looking ahead, our priorities remain clear. Enhance operational efficiency, strengthen customer relationships, improve product realization and maintain financial discipline. With that, I conclude my remarks. We thank all our shareholders, customers, business partners, lenders and employees for their continuous confidence and support. We will now be happy to take Question.

We will now begin the question-and-answer session. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from Amit Gupta from ICICI Securities. Please go ahead.

Good evening, Sir. Thank you for the opportunity. Sir, my question was on the like, you know, initiatives to develop new products. So, if I recollect, last year, there was like, you know, a joint development agreement with Birla Cellulose to develop a specialty like, you know, fabric or textile application on graphene technology. I believe there was some further progress as well to like, you know, with some tie-up with Birla Cellulose and then further, I think, there was some tie-up with Ceylon-related entities. So, my question was, what is the update on this particular initiative which was taken last year? Is it gaining traction or it need not be meaningful, like, you know, 7 | P a g e special application to textiles, so to say? Is it really evolving to make a difference or is it not as great as maybe initially thought?

So, thank you, Amit, for a very important aspect of business. NPD has been focused and last year, when we started working on graphene and we had the tie-up with Birla Cellulose for the viscose application of this graphene-based fiber. So, as RSWM is a part of LNJ Bhilwara Group, so we are going to have a graphene plant which will offer graphene and we'll be using this for fiber both in polyester as well as viscose. And then, finally, giving impact on both the PV, polyester and viscose yarn separately. So, this project is very much on. We are working on the same. The judgements are positive. One round of product from Grasim, Birla Cellulose has arrived. There have been certain further improvements targeted. Similarly, on polyester side, we are doing a lot of development in-house. So, this is a project which is going to take some time, but we are definitely on it and we expect fairly good developments in days to come.

Very helpful. So, just to follow up on this, very broadly, by when can you expect some revenue traction or commercial, what do you say, adaptation of this initiative or it would be still a little difficult to hazard a guess at this stage?

So, I will not be absolutely clear on this, but I expect within this financial year we should get it rolling.

Understood. And my last question was, is there any thought or a study as to how big the total addressable market for this particular initiative will be? That will be my question. Thank you so much.

So, in fact, this is not a product which already is used commercially very aggressively. So, there is a potential to use in all possible uses of fabric at this point of time. This is one of the very high potential products, will have many performance as well as medicinal, beneficial attached to this product. So, I think the market will be really, really big. Now, how quickly and how efficiently we are able to capture it is yet to be evaluated. So, let us first master this product, then we will assess the various applications and then work out the market opportunity.

Understood, Sir. All the best. And again, congratulations on good set of numbers. Thank you, Sir. 8 | P a g e

Thank you, Amit. Thanks a lot.

Thank you. The next question is from Prerna Jhunjunwala from Elara Securities. Please go ahead.

Thank you for the opportunity. I just wanted to understand the demand scenario for yarn and fabric business separately in terms of how the prices are moving and how volumes are in the current quarter, whether it is a growth or it is flat. Some color on granular volume and price details would be helpful to understand the results better.

So, Prerna, thank you for your question. I could get the first part, which is market outlook on fabric and yarn. I could not really get the second part of your question if you can elaborate. If it is only subset of the first, then I will be able to answer. If there is something else you want to target in second question, please elaborate again.

Second question is on volumes. What are the volumes in yarn and fabric businesses and how the prices have moved during the quarter? How are we seeing them in current volatile times? That is what my question was on the second part.

Okay. Fine. So, the quarter under review has been really, really volatile. We had all sorts of variables affecting us. This West Asian war, crude prices, thereby polyester prices went up very, very high in March. So, started impacting volumes in April, May, and June. So, the prices for polyester fiber went up as high as to the tune of 30%. So, thereby, uncertainty did prevail in terms of buying from customers. Stocking went to the lowest level for pricing. Everybody was concerned about this. So, business during this quarter was more new lifting. So, lifting has been average because the prices of yarn were pushed accordingly and the fabric business was still having further challenge because the prices were not easily absorbed in the downstream further. So, it is slightly more stable now. The prices have been more or less stabilized, but the volatility still continues because the crude prices are still fluctuating very high degree. So, overall, if you look at the demand side, both international and domestic demand has been volatile, but domestic demand has been comparatively less volatile than international demand. So, thereby, in synthetic yarn business, RSWM could do reasonably good sales in this quarter, and the current quarter is also going in more or less the same way. For cotton and mélange yarn, the quarter under review, that 9 | P a g e means, the 1st Quarter has been really good because of the delta between yarn prices and cotton prices and the spread because of certain amount of stocking that every company does was good. So, in 2nd Quarter, it is still doing reasonably good so far. So, volume both in yarn and fabric are reasonably good, but the challenges continue to be there in 2nd Quarter as well.

Sir, if you could elaborate on the numbers that will be helpful in terms of yarn volume during the quarter and how it has grown in terms of volume for yarn and fabric business?

As you want number in terms of revenue?

Volume, how much metric tons of yarn would you have sold and what kind of volume you would have done in the fabric business?

So, I am not having the figures in terms of the volume, but I can share with you that the capacity utilization has been in mid 90%. So, we had in Mélange, it was around 92%-93%, in synthetic yarn around 96%, and in cotton yarn, it was around 98%. So, all the businesses, the stock has been maintained and the volumes have been utilized fairly nice. In fabric business, in denim, our capacity again has been in 90%, whereas in knit business, it has been in mid 80%. So, I think that is probably what you intended to get from this. That number in terms of production, I am not having it at this point of time.

No problem, we can calculate this. Next question is actually on the recent joint venture that you have signed for garment unit in denim. I wanted to understand what will be your share of JV and when this unit is likely to commission plus what kind of revenue potential, what capacity of denim garment in terms of units would be there? Some color on this JV would be really helpful.

Okay, Prerna, it is too premature to really have the final figure on this. Today is the first day we discussed this in board, and we have got the principal approval from board for this JV. The stake percentage sharing is still under discussion, but RSWM will be a major majority shareholder in this. So, we will be able to work on this. So, the vision for garmenting will be in phases. In the first phase, we may go up to 5 lakh pieces per month, which may further be added in two more phases in the coming period. So, this is in line with what we have been discussing in last 4-5 investor call meetings that we see potential in garmenting and downstream expansion from RSWM. RSWM has been doing fiber, we have been doing yarn, we have been doing fabric and now logical expansion of this is going into garmenting. 10 | P a g e

Understood. So, this unit will utilize your fabric capacities that you have internally, or you would be looking forward to manage it as an independent unit of garmenting?

As a principle, we keep all our businesses independent. If the quality and the price is matching, we will sell internally also. This is not a dedicated garmenting unit for our own capacity. We are open to buy from outside and wherever we require some particular fabric from outside, we will buy. Wherever it is the same fabric, both internal and external will compete and depending upon the commercial viability, we will have the decision. So, this is not a dedicated garmenting line. We will be open for buying from outside as well.

Understood. So, would you be also interested in doing knit garmenting as your knit fabric capacities are also in place and the logical extension for knit fabric business is ideally garmenting. So, any color on that?

So, at this point of time, it is for denim and you know our exposure in garmenting will start with denim. In 2nd or 3rd Phase, we may consider knit also but at this point of time, the first phase clearly is for denim garment.

Understood. And I would also like to understand the pet food grade chip business that you are entering. You have already started allocating capital to it at about 100 crores or has been allocated already, as I see in your results. Sorry, I may be wrong in capital allocation.

I can update you on B2B project which is making food grade granules which will be used for creating the bottles. So, we have started this project. This project is on ground in reality. So, we have the civil construction on. We have placed orders for all critical machines and project is likely to be completed in fourth quarter of this year for trials and commercial production may happen in quarter one of next financial year.

Okay. And so, here what is the kind of revenues or margins that you are seeking to generate largely because this is a new business, new category. The clients will also not be textile clients. So, any tie-ups with any customers that you have done to accelerate the utilization level?

So, this will have 50,000 metric ton per year capacity and we will be expecting a revenue of ₹500 Cr from the project which we are implementing 11 | P a g e as the first phase of B2B. And normally, this industry clock EBITDA of around 15%.

Okay. 15% EBITDA is the general margin. And any tie-ups you have done with any customers to scale up utilization?

We have not done any tie-up at this point of time. We are largely focused on creating world-class facilities which will have state-of-the-art machinery and also one of the best products in terms of quality in India. So, at this moment, more focus is that maybe in the due course, we go for some tie-up. At this moment, we have not done any tie-up.

Understood, Sir. Thank you and best wishes. I will come back to you for any further questions. Thank you.

Thank you, Prerna. Thanks a lot.

Thank you. Before we take the next question, a reminder to participants that you have to press * and 1 to join the question queue. The next question is from Pushkar Jain from Millie Capital. Please go ahead.

Yes. So, I was asking you about the growth guidance for the year and the margins that we expect for the full year, EBITDA margins.

So, Pushkar, that is a really forward-looking thing. I can only promise you that the performance of the 1st Quarter is positive. We have improved almost 12% over the previous quarter in terms of cash profit and EBITDA is ₹94 Cr, which again is around 8%. So, if you look at business-wise, outlook remains positive and as prudent management, we are fully working in terms of operational excellence and for rightful deployment of all resources. So, let's keep our fingers crossed. We expect all quarters to be similar or better than this.

And so, the growth did not come from the export segment, right, in this quarter? Like the top line was impacted due to the export demand, right?

Yes.

Okay. Thanks a lot.

As you know, geopolitical situation. So, there is West Asia conflict going around, delayed transit period, long transit and then high freight. So, a lot of uncertainties impacted all this growth for this period. 12 | P a g e

Right. Thanks a lot

Thank you. The next question is from Avinash Nahata from Barami Financial Services. Please go ahead.

Yes. I have three questions. The first is, we show profit at EBIT level in the fabric segment, which is like even Stevens, there is hardly anything. So, is there a change in transfer pricing? Last year, I could see was to the extent of ₹35 - ₹36 crores. In this March quarter and June quarter, there is hardly anything as far as the PBIT segment results is considered. That's question number one.

Okay. So, should I respond to this?

Yes, we can take it one by one.

Yes. That will be better. You know, you observed absolutely right. The quarter under discussion has been tough for fabric business because of global uncertainties and the tariff things which happened earlier. The demand, particularly in knitted fabric, was subdued. Customers were operating at fairly low level of production. So, thereby, the demand and the cost-led pressures because of increased prices of fiber, gas prices, freight prices, chemical prices, everything put very adverse remarks in terms of cost. And thereby, this quarter, a lot of pressure in terms of cost and the demand side resulted in low EBITDA margin for fabric. So, this is applicable to both knit and denim, but more so in knit because denim, we are equally balanced for export and domestic. In case of knit, most of our customers are dependent on exports. So, garmenters whom we are working closely, they are export-oriented and their demand was affected. Fortunately, for last two months, we are seeing positive demand, a lot of inquiries and outlook seems to be better for current quarters.

So, basically, so which means the yarn has done even better because fabric, not only in June quarter, but March is also negative to the extent of ₹2 crores.

Yes, yarn is doing better because overall demand for yarn was still good. Fabric had more challenges.

The second question is relating to power cost. We can see on an absolute basis over the last two-three quarters, power cost coming down. Give us a 13 | P a g e sense related to the per unit cost or what kind of reduction has already been captured by our investments into renewables and over the next seven, eight quarters, what is the further reduction which is possible? This is my question number two.

So, the impact of the efforts being done in the energy in terms of going more for renewable sources is something which is now reflected. Second, a lot of effort has been done by each production team to reduce consumption. So, this is a combined effect of both of this. But just to share with you, our renewable energy now is improved from last year of mid-20s to mid-40s. In the current quarter, we are even going around 60% power consumption from renewable sources. So, this is a result of the effort which we started last year that is reflecting now and per unit cost will keep on varying month to month because both solar and wind will change with season. So, overall, for the year, you will find a really good difference. But on month to month and quarter to quarter, you may still have the deviation.

So, on an annualized basis, if you can say, I can understand about solar, wind seasonality, what is the likely reduction? I mean, the broad range is also okay. Given the targeted growth, what kind of power reduction do we target internally?

I expect it will be anything more than ₹1 per unit on an average year-over- year basis because of the impact of all these renewable sources we are using.

So, in absolute rupees, crores, it will be how much?

The impact of 10% is already seen. I am saying impact of 10% is already seen in the current quarter results like power and fuel was ₹123 crores in last quarter versus ₹112 crores which we are reporting in current quarter. So, almost a 10% decrease is already there. So, over the next quarter, you will see a further decrease.

So, I could see that. So, that's why my question is on a full year basis on rupees, crores, what is the broad range of savings we can do over 26?

We are targeting to close it somewhere around ₹100 crores.

Sorry? ₹100 crores of money.

You are talking about money or units? 14 | P a g e

In rupees, crores, what kind of savings we are targeting in power cost like full year basis, we reported ₹495 crores under power and fuel last year, March 31st, 2026. So, in rupees, crores basis…

Yes. So, Avinash, this is a function of three things. Number one is number of units consumed and number two, the kind of utilization we clock in all of our manufacturing units and number three is the power unit cost per unit of power. Now, if you look at the efforts that we have done in terms of reducing the power cost, I think that should give us advantage to the tune of 40 crores for the year. The rest overall number will depend on if we increase more units and add more spindles or add more machines. That may still go up.

So, I understand. For the same amount of utilization, A is your cost per unit coming down which you mentioned, ₹40 Cr. So, that's the minimum reduction we could see for the same utilization.

Yes, that's it.

Okay. And this ramp up of this PET project, like you had mentioned, ₹500 crores on a decent utilization with 15% EBITDA margin. So ‘28, we are likely to start this in 1st Quarter ‘28. So, what is the kind of utilization? How are we mapping the utilization for this PET?

Okay. So, I shall request Mr. Manoj Bansal to respond.

See, the first year is going to be 75% and probably we will scale up the entire production in three years. So, third year probably be full potential. We are going very conscious. We understand the industry standard. So, 75, 85 and then probably up to 90, 91%. So, three years will take to scale up the full production.

Understood.

We have considered all the trials and everything because this is a food grade product. So, we need to take all kinds of trials, all kinds of certifications before we actually approve, etc. So, we have been very conscious, understanding the industry standards, we are proceeding as I have mentioned to you.

Right. I think this garment business is slightly more labour-oriented and requires a very different kind of operational skills and management. So, do we intend to do a new team under this JV or can you just spend one minute 15 | P a g e more on this? Although I understand this is slightly very early, but if there is a thought you have.

No, you are absolutely right. This is a new venture and new business for RSWM, but we definitely will be hiring a competent team which will be doing this. So, we will take care of all the challenges that this business involves, including skilling and taking care of the quality standards. So, we will also try to work very strongly in machine design, a fairly good degree of automation and then the skill level of course has to be topmost priority. So, all those things we will try to take care of this while planning for execution for this project.

Okay, one last question. In your Slide #14, where you speak about your expanding Knitting operations, so you are saying that the expected benefits are likely to reflect from Q3 FY27 onwards. Can you just quantify or qualitatively and quantitatively these 92 crore investments in Knitting capacity? What kind of benefits can we see in the second half?

Yes, see currently we have capacity of 650 tons. So, after this expansion probably we will be touching around 900 tons per month. So, in 900 tons, 150 tons will be printing, which is not there as of now. So, one of the benefits which we envisage is the printing, so our product mix will get enriched. So, this is how we have actually planned. So, first the product mix gets improved and then obviously our offer to the different customers, so we can actually give a complete range. So, these are two benefits which we are envisaging and that's why we are actually expecting that in Q3, probably we'll know and start getting trials and then obviously scale up of the production.

Also, if I got it right, you are saying from 650 tons to 900 tons and you have a value add of over 150 tons of printing. Is that correct?

150 tons of printing capacity, exactly. Absolutely correct. Okay.

One request to the management Sir, this presentation was uploaded at 5.15 and this was scheduled at 5.30. I mean, we as investor fraternity should have at least one hour of time to scan through the presentation. It makes more sense so that it leads towards a meaningful discussion. If you can leave 45 minutes.

So, Avinash, your point is well taken. Normally, we schedule this call on the next day but because of certain other engagements, statutory engagements, we had to schedule it today itself. Board meeting continued till around 16 | P a g e 4 o'clock, I think, Secretarial team, 4.15pm. So, Secretarial team tried to did it immediately after that but point well noted and we'll take care in future.

Thanks a lot and all the very best to the entire team.

Thanks a lot.

Thank you very much. That was the last question. I would now like to hand the conference over to the management team for closing comments.

Yes, sure. So, in closing, I extend my sincere gratitude to all of our employees, stakeholders and partners for their unwavering support. With collective effort and a shared vision, we are all well positioned to drive innovation, strengthen our market presence and deliver sustainable value. The road ahead holds great promises and we are confident in our ability to grow and succeed in the years to come. Thank you.

Thank you very much. With that, we conclude today's conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines. (This document has been edited for readability purposes.) Registered Office: Kharigram, P.B. No.28, P.O. Gulabpura- 311 021, Distt. Bhilwara Rajasthan Website: https://www.rswm.in CIN L17115RJ1960PLC008216