FINANCIAL MODEL

START DATE
PLANNING STEP 3 mon
PERIOD NUMBER
BEGIN DATE
END DATE
PERIOD TITLE
 3 3 3 3 3 3 3 3
1 2 3 4 5 6 7 8
30-Dec-99 31.03.2022
31.03.2022
3 3 3 3 3 3 3 3 3 3
9 10 11 12 13 14 15 16 17 18
 3 3
19 20
FINANCIAL MODEL

SETTINGS AND MACRO 1

1Q 2022

START DATE 1-Jan-22

PLANNING STEP 3 3
PERIOD NUMBER 1
BEGIN DATE 1-Jan-22
END DATE 31-Mar-22
PERIOD TITLE 1Q 2022

CURRENCY AND INFLATION 1Q 2022

CURRENCY NAME INR '000

INFLATION, ANNUAL % 4%
PRICE INDEX, TO THE PREVIOUS PERIOD TIMES 1.00
PRICE INDEX, TO THE BEGINNING OF THE PROJECT TIMES 1.00

TAX RATES 1Q 2022

INCOME TAX RATE % 20%

PROPERTY TAX RATE % 2.20%
SOCIAL INSURANCE PAYMENT % 30%
 2 3 4 5 6
2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023

3 3 3 3 3
2 3 4 5 6
31-Mar-22 29-Jun-22 28-Sep-22 27-Dec-22 26-Mar-23
29-Jun-22 28-Sep-22 27-Dec-22 26-Mar-23 25-Jun-23
2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023

2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023

4% 4% 4% 4% 4%
1.01 1.01 1.01 1.01 1.01
1.01 1.02 1.03 1.04 1.05

2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023

20% 20% 20% 20% 20%

2.20% 2.20% 2.20% 2.20% 2.20%
30% 30% 30% 30% 30%
 7 8 9 10 11
3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024

3 3 3 3 3
7 8 9 10 11
25-Jun-23 24-Sep-23 23-Dec-23 22-Mar-24 21-Jun-24
24-Sep-23 23-Dec-23 22-Mar-24 21-Jun-24 20-Sep-24
3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024

3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024

4% 4% 4% 4% 4%
1.01 1.01 1.01 1.01 1.01
1.06 1.07 1.08 1.09 1.10

3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024

20% 20% 20% 20% 20%

2.20% 2.20% 2.20% 2.20% 2.20%
30% 30% 30% 30% 30%
 12 13 14 15 16
4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025

3 3 3 3 3
12 13 14 15 16
20-Sep-24 19-Dec-24 18-Mar-25 17-Jun-25 16-Sep-25
19-Dec-24 18-Mar-25 17-Jun-25 16-Sep-25 15-Dec-25
4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025

4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025

4% 4% 4% 4% 4%
1.01 1.01 1.01 1.01 1.01
1.11 1.12 1.14 1.15 1.16

4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025

20% 20% 20% 20% 20%

2.20% 2.20% 2.20% 2.20% 2.20%
30% 30% 30% 30% 30%
 17 18 19 20
1Q 2026 2Q 2026 3Q 2026 4Q 2026

3 3 3 3
17 18 19 20
15-Dec-25 14-Mar-26 13-Jun-26 12-Sep-26
14-Mar-26 13-Jun-26 12-Sep-26 11-Dec-26
1Q 2026 2Q 2026 3Q 2026 4Q 2026

1Q 2026 2Q 2026 3Q 2026 4Q 2026

4% 4% 4% 4%
1.01 1.01 1.01 1.01
1.17 1.18 1.19 1.20

1Q 2026 2Q 2026 3Q 2026 4Q 2026

20% 20% 20% 20%

2.20% 2.20% 2.20% 2.20%
30% 30% 30% 30%
FINANCIAL MODEL

PROJECT ASSUMPTIONS 1
1Q 2022

SALES 1Q 2022

Capacity Utilization rate 0%

Caramel Candies
Capacity/utilization 2000 tons 0%
Unit sales tons 0
Unit Price/tonne 115.0 INR '000 115.0
Sales INR '000 0.00

Nougat/fruit bars
Capacity/utilization 1200 tons 0%
Unit sales tons 0
Unit Price/tonne 175.0 INR '000 175.0
Sales INR '000 0

Total
Revenue in Income Statement INR '000 0.00

RAW MATERIALS 1Q 2022

Caramel Candies
Unit sales tons 0
SUGAR
USAGE PER TONNE 0.53 tons 0
PRICE PER TONNE 35000 INR '000 35000
COST INR '000 $ 0

GLUCOSE SYRUP
USAGE PER TONNE 0.53 tons 0
PRICE PER TONNE 26000 INR '000 26000
COST INR '000 $ 0

COLOR AND FLAVOR ADDITIVES

USAGE PER TONNE 0.05 tons 0
 PRICE PER TONNE 383000 INR '000 383000
COST INR '000 $ 0

Nougat/fruit bars
Unit sales tons 0
SUGAR
USAGE PER TONNE 0.2 tons 0
PRICE PER TONNE 35000 INR '000 35000
COST INR '000 $ 0

GLUCOSE SYRUP
USAGE PER TONNE 0.26 0 0
PRICE PER TONNE 23000 INR '000 23000
COST INR '000 $ 0

COLOR AND FLAVOR ADDITIVES

USAGE PER TONNE 0.03 0 0
PRICE PER TONNE 384000 0 384000
COST 0$ 0

GLAZE
USAGE PER TONNE 0.09 0 0
PRICE PER TONNE 110000 INR '000 110000
COST INR '000 $ 0

FILINGS(NUTS)
USAGE PER TONNE 0.5 0 0
PRICE PER TONNE 120000 INR '000 120000
COST INR '000 $ 0

Total:
Raw materials in Income Statement INR '000 $ 0

OPERATING EXPENSES 1Q 2022

PRODUCTION EXPENSES INR '000 0

EXPENSES RATE % 0%
RENT OF MANUFACTURING BUILDING 18750 INR '000 0
REPAIRS AND MAINTENANCE 12000 INR '000 0
UTILITY 8000 INR '000 0
ENERGY 4000 INR '000 0
OTHER PRODUCTION EXPENSE 3500 INR '000 0
COMMERCIAL EXPENSES 0 0
EXPENSES RATE % 0%
Advertising 1600 INR '000 0
Logistics 8 per ton 0

Administrative Expenses INR '000 0

EXPENSES RATE % 0%
office expenses 1600 INR '000 0
IT and communications 2000 INR '000 0
Other administrative expenses 5000 INR '000 0

Total:

PRODUCTION EXPENSES INR '000 0

COMMERCIAL EXPENSES INR '000 0
Administrative Expenses INR '000 0

Total operating expenses 0

PERSONNEL EXPENSES 1Q 2022

Production Personnel

Caramel Candies line 22 persons 0

salary: per month and total cost 55 INR '000 P 0
Nougat line 30 persons 0
salary: per month and total cost 55 INR '000 P 0
Technology and Maintenance 12 persons 0
salary: per month and total cost 60 0P 0
Other production staff 20 persons 0
salary: per month and total cost 50 0P 0

Commercial Personnel

Sales 30 persons 0
salary: per month and total cost 80 INR '000 C 0
Logistics 15 persons 0
salary: per month and total cost 50 INR '000 C 0

Administrative Personnel
Management 6 persons 0
salary: per month and total cost 120 INR '000 A 0
Accounting and Planning 12 persons 0
salary: per month and total cost 50 INR '000 A 0
Security 20 persons 0
salary: per month and total cost 30 INR '000 A 0

Total:

Salaries of production staff P 0

Salaries of commercial staff C 0
Salaries of administrative staff A 0
Social Expenses 0
Total salary and wage expenses 0

CAPEX 1Q 2022
Total
Caramel candies production line 400000 INR '000 250000
Nougat production line 600000 INR '000 200000
Other Equipment and transport 80000 INR '000

Total Capex INR '000 450000

Recognise as fixed assets from period 3
Investments in progress INR '000 450000
Gross Book value INR '000 0
Depreciation(term in years) 10 INR '000 0
Accumulated Depreciation INR '000 0
Net Book Value INR '000 0

Working Capital 1Q 2022

Days
Raw Materials and components 15 INR '000 0
Finished goods 10 INR '000 0
Accounts Receivable 20 INR '000 0

Accounts payable to suppliers 21 INR '000 0

Net working capital INR '000 0

Change in NWC INR '000 0

TAX PAYMENTS 1Q 2022

Fixed assets INR '000 0
Property tax rate % 2.20%
Property tax INR '000 0

Taxable profit INR '000 -247731207

Prior Period losses INR '000 247731207
Tax Rate % 20%
Income Tax INR '000 0

Financing 1Q 2022

Owner's contribution INR '000 400000

shareholder's capital INR '000 400000

Investment Loan

Debt Sculpting:
required debt INR '000 6859149
cash available for payments INR '000 0
max repayment based on DSCR INR '000 0
Proceeds(0) or repayment(1) 0

Proceeds from loan disbursement INR '000 6859149

Repayment of principal INR '000 0
Outstanding debt at the beginning of the period INR '000 6859149
Outstanding debt at the end of the period INR '000 6859149
Interest rate % 10%
Interest expense INR '000 171479

Cash Flow status

Cash at the end of period INR '000 -6859149.372159

DSCR times -
 2 3 4 5 6
2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023

2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023

0% 100% 100% 100% 100%

0% 100% 100% 100% 100%

0 2000 2000 2000 2000
116.1 117.3 118.4 119.6 120.8
0.00 234554.90 236866.06 239200.00 241556.93

0% 100% 100% 100% 100%

0 1200 1200 1200 1200
176.7 178.5 180.2 182.0 183.8
0 214159 216269 218400 220552

0.00 448713.72 453135.08 457600.00 462108.92

2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023

0 2000 2000 2000 2000

0 1060 1060 1060 1060

35345 35693 36045 36400 36759
0 37834725 38207526 38584000 38964184

0 1060 1060 1060 1060

26256 26515 26776 27040 27306
0 28105796 28382733 28662400 28944822

0 100 100 100 100

386774 390585 394433 398320 402245
0 39058489 39443349 39832000 40224481

0 1200 1200 1200 1200

0 240 240 240 240

35345 35693 36045 36400 36759
0 8566353 8650761 8736000 8822079

0 312 312 312 312

23227 23455 23687 23920 24156
0 7318113 7390221 7463040 7536576

0 36 36 36 36
387784 391605 395463 399360 403295
0 14097769 14236680 14376960 14518622

0 108 108 108 108

111084 112178 113284 114400 115527
0 12115270 12234647 12355200 12476941

0 600 600 600 600

121182 122376 123582 124800 126030
0 73425881 74149376 74880000 75617823

0 220522396 222695293 224889600 227105529

2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023

0 47166 47631 48100 48574

0% 100% 100% 100% 100%
0 19121 19310 19500 19692
0 12238 12358 12480 12603
0 8158 8239 8320 8402
0 4079 4119 4160 4201
0 3569 3604 3640 3676
 0 36509 36869 37232 37599
0% 100% 100% 100% 100%
0 1632 1648 1664 1680
0 26107 26364 26624 26886

0 8770 8857 8944 9032

0% 100% 100% 100% 100%
0 1632 1648 1664 1680
0 2040 2060 2080 2100
0 5099 5149 5200 5251

0 47166 47631 48100 48574

0 36509 36869 37232 37599
0 8770 8857 8944 9032

0 92445 93356 94276 95205

2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023

0 22 22 22 22
0 3702 3738 3775 3812
0 30 30 30 30
0 5048 5098 5148 5199
0 12 12 12 12
0 2203 2224 2246 2269
0 20 20 20 20
0 3059 3090 3120 3151

0 30 30 30 30
0 7343 7415 7488 7562
0 15 15 15 15
0 2295 2317 2340 2363
 0 6 6 6 6
0 2203 2224 2246 2269
0 12 12 12 12
0 1836 1854 1872 1890
0 20 20 20 20
0 1836 1854 1872 1890

0 14012 14150 14290 14430

0 9637 9732 9828 9925
0 5874 5932 5990 6049
0 8857 8944 9032 9121
0 38380 38758 39140 39526

2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023

150000 0 0 0 0
400000 0 0 0 0
80000 0 0 0 0

630000 0 0 0 0

1080000 0 0 0 0
0 1080000 1080000 1080000 1080000
0 27000 27000 27000 27000
0 27000 54000 81000 108000
0 1053000 1026000 999000 972000

2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023

0 36,753,733 37,115,882 37,481,600 37,850,921

0 24,517,025 24,758,601 25,002,557 25,248,918
0 99,714 100,697 101,689 102,691

0 51,476,796 51,984,018 52,496,238 53,013,505

0 9,893,675 9,991,162 10,089,609 10,189,026

0 9,893,675 97,486 98,447 99,417

2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023

 0 526500 1039500 1012500 985500
2.20% 2.20% 2.20% 2.20% 2.20%
0 2896 5717 5569 5420

-250171749 -252636339 -255125216 -257638618 -260176787

497902956 750539295 1005664511 1263303129 1523479916
20% 20% 20% 20% 20%
0 0 0 0 0

2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023

0 0 0 0 0
400000 400000 400000 400000 400000

14298299 251208527 480495152 711973734 945665871

0 0 0 0 0
0 0 0 0 0
0 0 1 1 1

14298299 251208527 0 0 0
0 0 0 0 0
21157448 272365975 272365975 272365975 272365975
21157448 272365975 272365975 272365975 272365975
10% 10% 10% 10% 10%
528936 6809149 6809149 6809149 6809149

-14298298.744318 -251208526.76987 -480495152.08468 -711973733.58356 -945665870.96514

- - - - -
 7 8 9 10 11
3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024

3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024

100% 100% 100% 100% 100%

100% 100% 100% 100% 100%

2000 2000 2000 2000 2000
122.0 123.2 124.4 125.6 126.8
243937.09 246340.70 248768.00 251219.21 253694.58

100% 100% 100% 100% 100%

1200 1200 1200 1200 1200
185.6 187.4 189.3 191.1 193.0
222725 224920 227136 229374 231634

466662.27 471260.48 475904.00 480593.28 485328.76

3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024

2000 2000 2000 2000 2000

1060 1060 1060 1060 1060

37121 37487 37856 38229 38606
39348114 39735827 40127360 40522751 40922038

1060 1060 1060 1060 1060

27575 27847 28122 28399 28679
29230027 29518043 29808896 30102615 30399228

100 100 100 100 100

 406208 410211 414253 418335 422457
40620829 41021083 41425280 41833460 42245662

1200 1200 1200 1200 1200

240 240 240 240 240

37121 37487 37856 38229 38606
8909007 8996791 9085440 9174963 9265367

312 312 312 312 312

24394 24634 24877 25122 25369
7610837 7685830 7761562 7838039 7915271

36 36 36 36 36
407269 411282 415334 419427 423560
14661680 14806147 14952038 15099367 15248147

108 108 108 108 108

116666 117815 118976 120148 121332
12599881 12724033 12849408 12976018 13103876

600 600 600 600 600

127272 128526 129792 131071 132362
76362916 77115351 77875200 78642536 79417433

229343292 231603104 233885184 236189750 238517023

3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024

49053 49536 50024 50517 51015

100% 100% 100% 100% 100%
19886 20082 20280 20480 20682
12727 12853 12979 13107 13236
8485 8568 8653 8738 8824
4242 4284 4326 4369 4412
3712 3749 3786 3823 3861
 37969 38343 38721 39103 39488
100% 100% 100% 100% 100%
1697 1714 1731 1748 1765
27151 27419 27689 27962 28237

9121 9211 9302 9393 9486

100% 100% 100% 100% 100%
1697 1714 1731 1748 1765
2121 2142 2163 2185 2206
5303 5355 5408 5461 5515

49053 49536 50024 50517 51015

37969 38343 38721 39103 39488
9121 9211 9302 9393 9486

96143 97090 98047 99013 99989

3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024

22 22 22 22 22
3850 3888 3926 3965 4004
30 30 30 30 30
5250 5302 5354 5407 5460
12 12 12 12 12
2291 2313 2336 2359 2383
20 20 20 20 20
3182 3213 3245 3277 3309

30 30 30 30 30
7636 7712 7788 7864 7942
15 15 15 15 15
2386 2410 2434 2458 2482
 6 6 6 6 6
2291 2313 2336 2359 2383
12 12 12 12 12
1909 1928 1947 1966 1985
20 20 20 20 20
1909 1928 1947 1966 1985

14573 14716 14861 15008 15155

10023 10121 10221 10322 10424
6109 6169 6230 6291 6353
9211 9302 9394 9486 9580
39916 40309 40706 41107 41512

3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024

0 0 0 0 0
0 0 0 0 0
0 0 0 0 0

0 0 0 0 0

0 0 0 0 0
1080000 1080000 1080000 1080000 1080000
27000 27000 27000 27000 27000
135000 162000 189000 216000 243000
945000 918000 891000 864000 837000

3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024

38,223,882 38,600,517 38,980,864 39,364,958 39,752,837

25,497,706 25,748,945 26,002,660 26,258,874 26,517,614
103,703 104,725 105,756 106,799 107,851

53,535,868 54,063,379 54,596,087 55,134,045 55,677,303

10,289,422 10,390,808 10,493,193 10,596,587 10,700,999

100,397 101,386 102,385 103,394 104,412

3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024

 958500 931500 904500 877500 850500
2.20% 2.20% 2.20% 2.20% 2.20%
5272 5123 4975 4826 4678

0 0 0 0 0
1523479916 1523479916 1523479916 1523479916 1523479916
20% 20% 20% 20% 20%
0 0 0 0 0

3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024

0 0 0 0 0
400000 400000 400000 400000 400000

1174784227 1406159980 1639815372 1875772869 2114055155

0 0 0 0 0
0 0 0 0 0
1 1 1 1 1

0 0 0 0 0
0 0 0 0 0
272365975 272365975 272365975 272365975 272365975
272365975 272365975 272365975 272365975 272365975
10% 10% 10% 10% 10%
6809149 6809149 6809149 6809149 6809149

-1174784227.3866 -1406159979.6769 -1639815372.3387 -1875772869.0585 -2114055154.8668

- - - - -
 12 13 14 15 16
4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025

4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025

100% 100% 100% 100% 100%

100% 100% 100% 100% 100%

2000 2000 2000 2000 2000
128.1 129.4 130.6 131.9 133.2
256194.33 258718.72 261267.98 263842.36 266442.11

100% 100% 100% 100% 100%

1200 1200 1200 1200 1200
194.9 196.9 198.8 200.7 202.7
233917 236221 238549 240900 243273

490110.90 494940.16 499817.01 504741.91 509715.33

4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025

2000 2000 2000 2000 2000

1060 1060 1060 1060 1060

38986 39370 39758 40150 40546
41325260 41732454 42143661 42558920 42978270

1060 1060 1060 1060 1060

28961 29246 29535 29826 30120
30698764 31001252 31306720 31615198 31926715

100 100 100 100 100

 426619 430823 435068 439355 443684
42661926 43082291 43506799 43935489 44368403

1200 1200 1200 1200 1200

240 240 240 240 240

38986 39370 39758 40150 40546
9356663 9448858 9541961 9635982 9730929

312 312 312 312 312

25619 25872 26127 26384 26644
7993263 8072024 8151561 8231882 8312994

36 36 36 36 36
427733 431948 436204 440502 444842
15398393 15550120 15703342 15858073 16014329

108 108 108 108 108

122528 123735 124954 126185 127429
13232994 13363384 13495059 13628031 13762314

600 600 600 600 600

133667 134984 136314 137657 139013
80199965 80990208 81788237 82594130 83407964

240867229 243240591 245637340 248057704 250501918

4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025

51517 52025 52538 53055 53578

100% 100% 100% 100% 100%
20885 21091 21299 21509 21721
13367 13498 13631 13766 13901
8911 8999 9088 9177 9268
4456 4499 4544 4589 4634
3899 3937 3976 4015 4055
 39877 40270 40667 41068 41472
100% 100% 100% 100% 100%
1782 1800 1818 1835 1854
28516 28797 29080 29367 29656

9579 9674 9769 9865 9963

100% 100% 100% 100% 100%
1782 1800 1818 1835 1854
2228 2250 2272 2294 2317
5569 5624 5680 5736 5792

51517 52025 52538 53055 53578

39877 40270 40667 41068 41472
9579 9674 9769 9865 9963

100974 101969 102974 103988 105013

4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025

22 22 22 22 22
4043 4083 4123 4164 4205
30 30 30 30 30
5514 5568 5623 5678 5734
12 12 12 12 12
2406 2430 2454 2478 2502
20 20 20 20 20
3342 3375 3408 3441 3475

30 30 30 30 30
8020 8099 8179 8259 8341
15 15 15 15 15
2506 2531 2556 2581 2606
 6 6 6 6 6
2406 2430 2454 2478 2502
12 12 12 12 12
2005 2025 2045 2065 2085
20 20 20 20 20
2005 2025 2045 2065 2085

15305 15456 15608 15762 15917

10526 10630 10735 10840 10947
6416 6479 6543 6608 6673
9674 9769 9866 9963 10061
41921 42334 42751 43173 43598

4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025

0 0 0 0 0
0 0 0 0 0
0 0 0 0 0

0 0 0 0 0

0 0 0 0 0
1080000 1080000 1080000 1080000 1080000
27000 27000 27000 27000 27000
270000 297000 324000 351000 378000
810000 783000 756000 729000 702000

4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025

40,144,538 40,540,099 40,939,557 41,342,951 41,750,320

26,778,903 27,042,766 27,309,229 27,578,318 27,850,059
108,914 109,987 111,070 112,165 113,270

56,225,914 56,779,931 57,339,406 57,904,395 58,474,951

10,806,440 10,912,921 11,020,450 11,129,039 11,238,698

105,441 106,480 107,529 108,589 109,659

4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025

 823500 796500 769500 742500 715500
2.20% 2.20% 2.20% 2.20% 2.20%
4529 4381 4232 4084 3935

0 0 0 0 0
1523479916 1523479916 1523479916 1523479916 1523479916
20% 20% 20% 20% 20%
0 0 0 0 0

4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025

0 0 0 0 0
400000 400000 400000 400000 400000

2354685138 2597685954 2843080963 3090893759 3341148167

0 0 0 0 0
0 0 0 0 0
1 1 1 1 1

0 0 0 0 0
0 0 0 0 0
272365975 272365975 272365975 272365975 272365975
272365975 272365975 272365975 272365975 272365975
10% 10% 10% 10% 10%
6809149 6809149 6809149 6809149 6809149

-2354685138.3187 -2597685953.697 -2843080963.2356 -3090893759.3662 -3341148166.9862

- - - - -
 17 18 19 20
1Q 2026 2Q 2026 3Q 2026 4Q 2026

1Q 2026 2Q 2026 3Q 2026 4Q 2026

100% 100% 100% 100%

100% 100% 100% 100%

2000 2000 2000 2000
134.5 135.9 137.2 138.5
269067.47 271718.70 274396.05 277099.79

100% 100% 100% 100%

1200 1200 1200 1200
204.7 206.7 208.8 210.8
245670 248091 250536 253004

514737.77 519809.69 524931.58 530103.95

1Q 2026 2Q 2026 3Q 2026 4Q 2026

2000 2000 2000 2000

1060 1060 1060 1060

40945 41348 41756 42167
43401753 43829408 44261277 44697401

1060 1060 1060 1060

30416 30716 31019 31324
32241302 32558989 32879806 33203784

100 100 100 100

 448056 452471 456929 461431
44805583 45247070 45692908 46143139

1200 1200 1200 1200

240 240 240 240

40945 41348 41756 42167
9826812 9923639 10021421 10120166

312 312 312 312

26907 27172 27440 27710
8394905 8477623 8561157 8645513

36 36 36 36
449226 453652 458122 462636
16172125 16331475 16492396 16654902

108 108 108 108

128684 129952 131233 132526
13897920 14034862 14173153 14312807

600 600 600 600

140383 141766 143163 144574
84229816 85059767 85897895 86744282

252970215 255462833 257980013 260521994

1Q 2026 2Q 2026 3Q 2026 4Q 2026

54106 54639 55177 55721

100% 100% 100% 100%
21935 22151 22369 22590
14038 14177 14316 14457
9359 9451 9544 9638
4679 4726 4772 4819
4095 4135 4176 4217
 41881 42294 42710 43131
100% 100% 100% 100%
1872 1890 1909 1928
29948 30243 30541 30842

10061 10160 10260 10361

100% 100% 100% 100%
1872 1890 1909 1928
2340 2363 2386 2410
5849 5907 5965 6024

54106 54639 55177 55721

41881 42294 42710 43131
10061 10160 10260 10361

106048 107093 108148 109213

1Q 2026 2Q 2026 3Q 2026 4Q 2026

22 22 22 22
4247 4288 4331 4373
30 30 30 30
5791 5848 5905 5964
12 12 12 12
2527 2552 2577 2602
20 20 20 20
3510 3544 3579 3614

30 30 30 30
8423 8506 8590 8674
15 15 15 15
2632 2658 2684 2711
 6 6 6 6
2527 2552 2577 2602
12 12 12 12
2106 2126 2147 2169
20 20 20 20
2106 2126 2147 2169

16074 16232 16392 16554

11055 11164 11274 11385
6738 6805 6872 6940
10160 10260 10361 10464
44028 44461 44900 45342

1Q 2026 2Q 2026 3Q 2026 4Q 2026

0 0 0 0
0 0 0 0
0 0 0 0

0 0 0 0

0 0 0 0
1080000 1080000 1080000 1080000
27000 27000 27000 27000
405000 432000 459000 486000
675000 648000 621000 594000

1Q 2026 2Q 2026 3Q 2026 4Q 2026

42,161,703 42,577,139 42,996,669 43,420,332

28,124,477 28,401,599 28,681,451 28,964,061
114,386 115,513 116,651 117,801

59,051,128 59,632,983 60,220,571 60,813,949

11,349,437 11,461,268 11,574,201 11,688,246

110,739 111,831 112,933 114,045

1Q 2026 2Q 2026 3Q 2026 4Q 2026

 688500 661500 634500 607500
2.20% 2.20% 2.20% 2.20%
3787 3638 3490 3341

0 0 0 0
1523479916 1523479916 1523479916 1523479916
20% 20% 20% 20%
0 0 0 0

1Q 2026 2Q 2026 3Q 2026 4Q 2026

0 0 0 0
400000 400000 400000 400000

3593868246 3849078292 4106802843 4367066676

0 0 0 0
0 0 0 0
1 1 1 1

0 0 0 0
0 0 0 0
272365975 272365975 272365975 272365975
272365975 272365975 272365975 272365975
10% 10% 10% 10%
6809149 6809149 6809149 6809149

-3593868245.7496 -3849078292.3797 -4106802843.0055 -4367066675.5204

- - - -
FINANCIAL MODEL

FINANCIAL REPORTS 1 2
1Q 2022 2Q 2022

Income Statement 1Q 2022 2Q 2022

Revenue INR '000 0 0

Raw materials INR '000 0 0
Operating expenses INR '000 0 0
Wage expenses INR '000 0 0
Property taxes INR '000 0 0
EBITDA INR '000 0 0

Depreciation INR '000 0 0

EBIT INR '000 0 0
Interest Expense INR '000 -6809149 -6809149
Income before tax INR '000 -6809149 -6809149
Income tax INR '000 0 0
Net income INR '000 -6809149 -6809149

Cash Flow Statement 1Q 2022 2Q 2022

Net Income INR '000 -6809149 -6809149

Depreciation INR '000 0 0
Change in net working capital INR '000 0 0
Cash flow from operating activities INR '000 -6809149 -6809149

Cash paid for Equipments INR '000 -450000 -630000

Cash flow from Investing activities INR '000 -450000 -630000

Equity inflow INR '000 400000 0

Proceeds from borrowing INR '000 0 0
Repayment from debt INR '000 0 0
Cash flow from financing activities INR '000 400000 0

Change in cash INR '000 -6859149 -7439149

Cash at the beginning of the period INR '000 0 -6859149
Cash at the end of the period INR '000 -6859149 -14298299

Balance Sheet 1Q 2022 2Q 2022

Non Current Assets

Equipment and other assets INR '000 0
Capital work in progress INR '000 450000
Total fixed assets INR '000 450000 0

Current assets

Raw materials and components INR '000 0 0

Finished goods INR '000 0 0
Accounts receivable INR '000 0 0
Cash INR '000 -6859149 -14298299
Total current assets INR '000 -6859149 -14298299

Total assets INR '000 -6409149 -14298299

Equity:

Owner's Equity INR '000 400000 400000

Retained Earnings INR '000 -6809149 -13618299
Total equity INR '000 -6409149 -13218299

Liabilities:

Loans INR '000 272365975 272365975

Accounts Receivable INR '000 0 0

Total Liabilities and Equity INR '000 265956826 259147676

Check -272365975 -273445975
 3 4 5 6 7
3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023

3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023

448714 453135 457600 462109 466662

-220522396 -222695293 -224889600 -227105529 -229343292
-92445 -93356 -94276 -95205 -96143
-38380 -38758 -39140 -39526 -39916
-2896 -5717 -5569 -5420 -5272
-220207404 -222379990 -224570985 -226783571 -229017960

-27000 -27000 -27000 -27000 -27000

-220234404 -222406990 -224597985 -226810571 -229044960
-6809149 -6809149 -6809149 -6809149 0
-227043553 -229216139 -231407135 -233619720 -229044960
0 0 0 0 0
-227043553 -229216139 -231407135 -233619720 -229044960

3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023

-227043553 -229216139 -231407135 -233619720 -229044960

27000 27000 27000 27000 27000
-9893675 -97486 -98447 -99417 -100397
-236910228 -229286625 -231478581 -233692137 -229118356

0 0 0 0 0
0 0 0 0 0

0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0

-236910228 -229286625 -231478581 -233692137 -229118356

-14298299 -251208527 -480495152 -711973734 -945665871
-251208527 -480495152 -711973734 -945665871 -1174784227

3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023

 0 0 0 0 0

36753733 37115882 37481600 37850921 38223882

24517025 24758601 25002557 25248918 25497706
99714 100697 101689 102691 103703
-251208527 -480495152 -711973734 -945665871 -1174784227
-189838055 -418519972 -649387887 -882463341 -1110958937

-189838055 -418519972 -649387887 -882463341 -1110958937

400000 400000 400000 400000 400000

-240661852 -469877991 -701285125 -934904845 -1163949805
-240261852 -469477991 -700885125 -934504845 -1163549805

272365975 272365975 272365975 272365975 0

99714 100697 101689 102691 103703

32203837 -197011319 -428417461 -662036180 -1163446103

-222041893 -221508654 -220970426 -220427161 52487165
 8 9 10 11 12
4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024

4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024

471260 475904 480593 485329 490111

-231603104 -233885184 -236189750 -238517023 -240867229
-97090 -98047 -99013 -99989 -100974
-40309 -40706 -41107 -41512 -41921
-5123 -4975 -4826 -4678 -4529
-231274366 -233553008 -235854103 -238177873 -240524542

-27000 -27000 -27000 -27000 -27000

-231301366 -233580008 -235881103 -238204873 -240551542
0 0 0 0 0
-231301366 -233580008 -235881103 -238204873 -240551542
0 0 0 0 0
-231301366 -233580008 -235881103 -238204873 -240551542

4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024

-231301366 -233580008 -235881103 -238204873 -240551542

27000 27000 27000 27000 27000
-101386 -102385 -103394 -104412 -105441
-231375752 -233655393 -235957497 -238282286 -240629983

0 0 0 0 0
0 0 0 0 0

0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0

-231375752 -233655393 -235957497 -238282286 -240629983

-1174784227 -1406159980 -1639815372 -1875772869 -2114055155
-1406159980 -1639815372 -1875772869 -2114055155 -2354685138

4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024

 0 0 0 0 0

38600517 38980864 39364958 39752837 40144538

25748945 26002660 26258874 26517614 26778903
104725 105756 106799 107851 108914
-1406159980 -1639815372 -1875772869 -2114055155 -2354685138
-1341705793 -1574726092 -1810042238 -2047676853 -2287652784

-1341705793 -1574726092 -1810042238 -2047676853 -2287652784

400000 400000 400000 400000 400000

-1395251172 -1628831179 -1864712282 -2102917156 -2343468698
-1394851172 -1628431179 -1864312282 -2102517156 -2343068698

0 0 0 0 0
104725 105756 106799 107851 108914

-1394746447 -1628325423 -1864205484 -2102409305 -2342959784

53040654 53599331 54163246 54732452 55307000
 13 14 15 16 17
1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026

1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026

494940 499817 504742 509715 514738

-243240591 -245637340 -248057704 -250501918 -252970215
-101969 -102974 -103988 -105013 -106048
-42334 -42751 -43173 -43598 -44028
-4381 -4232 -4084 -3935 -3787
-242894335 -245287480 -247704207 -250144749 -252609339

-27000 -27000 -27000 -27000 -27000

-242921335 -245314480 -247731207 -250171749 -252636339
0 0 0 0 0
-242921335 -245314480 -247731207 -250171749 -252636339
0 0 0 0 0
-242921335 -245314480 -247731207 -250171749 -252636339

1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026

-242921335 -245314480 -247731207 -250171749 -252636339

27000 27000 27000 27000 27000
-106480 -107529 -108589 -109659 -110739
-243000815 -245395010 -247812796 -250254408 -252720079

0 0 0 0 0
0 0 0 0 0

0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0

-243000815 -245395010 -247812796 -250254408 -252720079

-2354685138 -2597685954 -2843080963 -3090893759 -3341148167
-2597685954 -2843080963 -3090893759 -3341148167 -3593868246

1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026

 0 0 0 0

40540099 40939557 41342951 41750320 42161703

27042766 27309229 27578318 27850059 28124477
109987 111070 112165 113270 114386
-2597685954 -2843080963 -3090893759 -3341148167 -3593868246
-2529993102 -2774721107 -3021860325 -3271434519 -3523467680

-2529993102 -2774721107 -3021860325 -3271434519 -3523467680

400000 400000 400000 400000 400000

-2586390033 -2831704513 -3079435720 -3329607469 -3582243808
-2585990033 -2831304513 -3079035720 -3329207469 -3581843808

0 0 0 0 0
109987 111070 112165 113270 114386

-2585880046 -2831193443 -3078923555 -3329094199 -3581729422

55886944 56472336 57063230 57659680 58261742
 18 19 20
2Q 2026 3Q 2026 4Q 2026

2Q 2026 3Q 2026 4Q 2026

519810 524932 530104

-255462833 -257980013 -260521994
-107093 -108148 -109213
-44461 -44900 -45342
-3638 -3490 -3341
-255098216 -257611618 -260149787

-27000 -27000 -27000

-255125216 -257638618 -260176787
0 0 0
-255125216 -257638618 -260176787
0 0 0
-255125216 -257638618 -260176787

2Q 2026 3Q 2026 4Q 2026

-255125216 -257638618 -260176787

27000 27000 27000
-111831 -112933 -114045
-255210047 -257724551 -260263833

0 0 0
0 0 0

0 0 0
0 0 0
0 0 0
0 0 0

-255210047 -257724551 -260263833

-3593868246 -3849078292 -4106802843
-3849078292 -4106802843 -4367066676

2Q 2026 3Q 2026 4Q 2026

 0 0 0

42577139 42996669 43420332

28401599 28681451 28964061
115513 116651 117801
-3849078292 -4106802843 -4367066676
-3777984042 -4035008072 -4294564481

-3777984042 -4035008072 -4294564481

400000 400000 400000

-3837369024 -4095007642 -4355184430
-3836969024 -4094607642 -4354784430

0 0 0
115513 116651 117801

-3836853511 -4094490991 -4354666629

58869469 59482919 60102148
FINANCIAL MODEL

FINANCIAL ANALYSIS 1 2
1Q 2022 2Q 2022

DCF Analysis for Equity 0 0

FCFE INR '000 -7259149 -7439149

Annual discount rate 20% % 20% 20%
Discounted Index times 1 0.96
Discounted Cash Flow INR '000 -7259149 -7107682
Accumulated Discounted cash flow INR '000 -7259149 -14366831

NPV -2763609262 INR '000

Debt Ratios 1Q 2022 2Q 2022

EBIDTA INR '000 0 0

Total Debt, TD INR '000 272365975 272365975
TD/EBITDA times - -

CFADS INR '000 -450000 -630000

Interest and repayment of debt INR '000 6809149 6809149
Debt service coverage ratio times - -
Required DSCR 1.5 times

Issue of equity 400000 INR '000 400000 0

Issue of debt 272365975 INR '000 6859149 14298299
Equity share in capital 0% %
 3 4 5 6 7
3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023

0 0 0 0 0

-236910228 -229286625 -231478581 -233692137 -229118356

20% 20% 20% 20% 20%
0.91 0.87 0.83 0.80 0.76
-216268460 -199982866 -192898818 -186066224 -174296239
-230635291 -430618157 -623516975 -809583198 -983879437

3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023

-220207404 -222379990 -224570985 -226783571 -229017960

272365975 272365975 272365975 272365975 0
-1.2368611161884 -1.2247773527234 -1.212827982673 -1.2009951765545 0

-230101079 -222477476 -224669432 -226882988 -229118356

6809149 6809149 6809149 6809149 0
- - - - -

0 0 0 0 0
251208527 0 0 0 0
 8 9 10 11 12
4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024

0 0 0 0 0

-231375752 -233655393 -235957497 -238282286 -240629983

20% 20% 20% 20% 20%
0.73 0.69 0.66 0.63 0.61
-168170828 -162260689 -156558257 -151056230 -145747567
-1152050266 -1314310955 -1470869212 -1621925442 -1767673009

4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024

-231274366 -233553008 -235854103 -238177873 -240524542

0 0 0 0 0
0 0 0 0 0

-231375752 -233655393 -235957497 -238282286 -240629983

0 0 0 0 0
- - - - -

0 0 0 0 0
0 0 0 0 0
 13 14 15 16 17
1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026

0 0 0 0 0

-243000815 -245395010 -247812796 -250254408 -252720079

20% 20% 20% 20% 20%
0.58 0.55 0.53 0.50 0.48
-140625472 -135683387 -130914987 -126314167 -121875038
-1908298481 -2043981868 -2174896855 -2301211022 -2423086060

1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026

-242894335 -245287480 -247704207 -250144749 -252609339

0 0 0 0 0
0 0 0 0 0

-243000815 -245395010 -247812796 -250254408 -252720079

0 0 0 0 0
- - - - -

0 0 0 0 0
0 0 0 0 0
 18 19 20
2Q 2026 3Q 2026 4Q 2026

0 0 0

-255210047 -257724551 -260263833

20% 20% 20%
0.46 0.44 0.42
-117591917 -113459322 -109471962
-2540677978 -2654137300 -2763609262

2Q 2026 3Q 2026 4Q 2026

-255098216 -257611618 -260149787

0 0 0
0 0 0

-255210047 -257724551 -260263833

0 0 0
- - -

0 0 0
0 0 0