S. D. International Limited

This section primarily discusses the industry overview, referencing an industry report commissioned by the company to understand the semi-rigid and rigid packaging industry in India. It also provides commentary on the global macroeconomic outlook, detailing projections for various economic regions and highlighting risks such as geopolitical tensions and energy price volatility. Furthermore, the text details India's economic growth trajectory, noting its strong performance in per capita GDP growth despite income remaining below global peers, and discusses the impact of global trade strategies like the China+1 strategy on manufacturing destinations.

The provided text discusses the broad-based growth across major sectors of the Indian economy, noting that Gross Value Added (GVA) reflects the supply side while GDP represents consumption. Growth in FY26 is primarily driven by the manufacturing, trade, hotels, transport, communication, and services sectors. Several factors support the manufacturing sector's momentum, including robust domestic demand, investment in production capacity, and policy initiatives. The text also details various economic indicators such as inflation trends, the narrowing of the Current Account Deficit, and the regulatory framework supporting domestic manufacturing, such as 'Make in India' and Production Linked Incentive (PLI) schemes.

The text discusses various aspects of the Indian economic and regulatory environment, including government initiatives, geopolitical trade developments, and demographic trends. It covers support for domestic manufacturing through schemes like Production Linked Incentive (PLI) and the focus on infrastructure and logistics. Furthermore, it details the impact of global geopolitical tensions on supply chains and the role of technology in modernizing the manufacturing sector. The section also highlights favorable demographics, rapid urbanization, and the growing middle class as key drivers for consumption and economic growth.

The section discusses the impact of socio-economic trends like urbanization and rising incomes on household consumption patterns, noting shifts towards nuclear families and increased demand for various consumer goods. It details the projected rise in per-capita packaging consumption in India, driven by factors such as rising incomes, organized retail, and e-commerce. Furthermore, the text compares how different economies handle semi-rigid and rigid plastic packaging based on factors like GDP per capita, urbanization, and middle-class expansion, highlighting distinct demand drivers in mature versus emerging markets.

The text discusses the impact of various factors on the growth of the packaging sector, noting that factors like rising raw-material prices and supply chain disruptions have affected growth, with the global market expanding faster than the Indian market. The focus within the sector is shifting from sheer scale to sustainability, innovation, and circular design principles. The global packaging industry shows varied growth patterns depending on the region, with developed markets focusing on circularity and emerging regions driving volume growth.

The text discusses various challenges and drivers within the global packaging industry, including raw material volatility, regulatory fragmentation, and shifting consumer behavior towards sustainability. It details that manufacturers face pressure regarding carbon emissions and the need to adopt energy-efficient technologies. Furthermore, it outlines the fragmented regulatory landscape concerning recyclable packaging across different international markets. The Indian packaging industry is highlighted as a fast-growing sector, driven by consumer demand and urbanization, and it faces inflationary pressures on input costs. The regulatory environment for plastic and bio-plastic packaging is becoming stricter, requiring companies to invest in compliance and testing. The market segmentation shows that plastic packaging dominates the Indian market, followed by paper/paperboard, metal, glass, and others.

The text details various segments within the Indian packaging industry, including paper/paperboard, metal, glass, and others, highlighting their market size, growth projections, and specific properties regarding sustainability and barrier performance. Paper packaging shows strong recyclability and biodegradability, while metal and glass offer superior barrier properties but face challenges related to production costs and weight. Key trends indicate a shift towards organized manufacturing, premiumization, and the adoption of lightweighting technologies to reduce material usage and transportation impact. Furthermore, the growth of the industry is significantly fueled by the expansion of FMCG, food & beverage, pharmaceuticals, and e-commerce sectors.

The Indian plastic packaging market is segmented into semi-rigid and rigid categories, serving various sectors like beverages, dairy, packaged food, pharmaceuticals, and personal care. Demand is influenced by organized retail and delivery services, with future focus shifting towards sustainable design, recyclability, and recycled content, as highlighted by BIS priorities. The market size for rigid plastic packaging is projected to grow significantly between 2025 and 2030, while semi-rigid packaging is expected to expand in selected applications. The value chain involves several stages, from raw material sourcing to reverse logistics for recycling, and material choice is critical for determining product performance and cost.

The Indian semi-rigid and rigid plastic packaging industry is experiencing steady investment driven by growing demand across various sectors including food service, dairy, FMCG, fresh produce, and pharmaceuticals. Key growth drivers include the adoption of convenient, lightweight, and hygienic packaging solutions. Investment is focused on expanding core technologies like thermoforming and injection moulding, alongside innovations aimed at improving product quality, reducing material usage, and ensuring sustainability, such as developing recyclable and mono-material designs. However, the industry faces significant challenges related to raw material price volatility, infrastructure gaps in recycling, and intense competition on pricing.

This section details the technological landscape for plastic packaging, focusing on the comparison between thermoforming, injection moulding, and blow moulding processes. It discusses the adoption trends of In-Mould Labelling (IML) technology in India, noting its growth across various sectors. The text highlights that the food and dairy segments are the largest application area for IML due to the demand for durable, visually appealing, and information-rich containers. Furthermore, it outlines the role of various international technologies (German, Japanese, Taiwanese, Turkish, and Chinese) in enhancing the quality and efficiency of semi-rigid and rigid plastic packaging. The section also covers manufacturing capacity metrics, tooling costs, and the volatility of resin prices, which are linked to global crude oil markets.

The text discusses the impact of crude oil price fluctuations on the plastics industry, noting its dependence on crude-linked feedstocks and import-parity polymer pricing. Changes in energy markets transmit across the plastics value chain, affecting raw material costs for packaging manufacturers. The impact is more pronounced in resin-intensive segments, and companies need strong procurement practices and cost pass-through mechanisms to manage input cost volatility. The text further details various distribution channels used in the Indian semi-rigid and rigid packaging industry, including direct sales, distributor models, and OEM supply, which are chosen based on customer segmentation and product requirements.

The section discusses the strengthening of India's freight logistics infrastructure, including the operationalization of the JNPT-New Saphale section, which improves connectivity across industrial and consumption centers. It then compares manufacturing concentration across different regions, noting variations in approved Plastic Parks and inland freight connectivity between North, South, and East regions. The text benchmarks the distribution strategies of major packaging firms, detailing models such as multi-location production footprints and hub-and-spoke distribution. Furthermore, it details various value-added features like In-Mould Labelling (IML), tamper-evident features, and custom printing, and analyzes the economic considerations related to small order quantities, tooling, and production changeovers.

The analysis covers trade trends, competitiveness, and market dynamics within the plastic packaging industry, focusing on exports and manufacturing capabilities. Key export markets show varying levels of dependence on major destinations, with the USA being a key market for both plastic article types. India's competitiveness in semi-rigid plastic packaging is evaluated against China across cost, quality, and lead times. Furthermore, regulatory compliance, especially concerning food-contact requirements from bodies like the FDA and EU, is highlighted as a critical differentiator for exporters. The China+1 sourcing shift presents an opportunity for India by demanding suppliers who can offer cost-effective, compliant, and reliable solutions.

The text discusses various trends and requirements across different sectors, including FMCG packaging, the food services industry, and the agro-based sector. It highlights the need for packaging that supports premiumization, convenience, recyclability, and product safety. The food services market is substantial, driven by urbanization and digital ordering, which puts pressure on packaging to be lightweight and recyclable. Furthermore, the agro-based industry faces demands related to bulk packaging for commodities, perishable goods, and the shift towards sustainable alternatives.

The text discusses the growth dynamics within the Indian dairy and bakery industries, highlighting market expansion and the evolving requirements for packaging across various segments. The dairy market is showing steady growth, particularly in value-added products, while the bakery sector faces opportunities related to formalization and convenience-led consumption. Furthermore, the text details the challenges and opportunities within the recycled PET industry, emphasizing the need for better infrastructure to ensure the quality and traceability of recycled materials for food contact.

This section details various regulatory aspects concerning packaging and materials in India, including requirements for food-grade materials, various standards, and rules for plastic waste management. It outlines specific regulations related to Extended Producer Responsibility (EPR), traceability mandates, and standards for different sectors like pharmaceuticals and agrochemicals. Furthermore, it compares the recycling rates of plastic waste across India, the EU, and the USA, and discusses the implementation tools provided by different regulatory bodies.

The industry is shifting focus from volume-based targets to traceability and extended collection mechanisms in India due to high recovery rates in the scrap value and established recycling networks. Regulations mandate progressive increases in minimum recycling levels for plastic packaging categories, with rigid plastics expected to achieve stricter targets sooner than flexible plastics. The implementation of Extended Producer Responsibility (EPR) is driving significant changes in packaging design, pushing companies towards simpler, mono-material products and refillable systems. This transition involves short-term cost increases but offers long-term benefits through innovation in recycling technologies and enhanced brand positioning.

The industry focuses on the semi-rigid plastic packaging sector, which is adapting to sustainability goals by developing recyclable products and increasing the use of recycled content. Key challenges include managing raw material costs influenced by global energy markets and navigating evolving regulatory frameworks like Extended Producer Responsibility (EPR). The industry utilizes various materials, and manufacturers are investing in advanced technologies such as thermoforming and injection moulding to enhance performance and efficiency. The company's products serve diverse food-related applications, and its manufacturing facilities are strategically located in certain regions of India.

The company is engaged in the manufacturing of semi-rigid and rigid food packaging products in India. The products are utilized across various end-use segments, including takeaway and food-service establishments, dairy, sweets and confectionery, bakery, branded food products, and agro-based produce. The company has a manufacturing capacity of 20,100 MT and offers a diverse portfolio of packaging items. The company's ability to manufacture multiple products is supported by an integrated, multi-technology manufacturing platform that includes various technologies like multilayer sheet extrusion, multi-station and tilt-mould thermoforming, automated counting, sealing and packing, thin-wall injection moulding, and in-mould labelling (IML) with robots.

The company operates primarily on a B2B model, supplying various food and FMCG packaging products directly to customers and distributors based on their specific requirements. The product portfolio includes a diversified range of semi-rigid and rigid food packaging products manufactured to customer specifications. The company serves a broad spectrum of end-user industries, such as takeaway food, dairy, sweets, confectionery, bakery, and agro-based products. The business benefits from a diversified customer base and strong customer retention driven by timely delivery and management practices. The company has developed robust in-house capabilities for end-to-end value, including design, printing, and labeling, to meet customer needs.

The company has installed manufacturing capacity of 20,100 MT as of Fiscal 2026, supported by approximately 370 full-time employees and 77 contractual laborers. Manufacturing facilities are strategically located near key consumption markets in Uttar Pradesh, Bihar, and West Bengal to facilitate customer coordination. The company utilizes advanced machinery sourced from international suppliers, including German, Taiwan, China, Turkey, and Japan, to ensure consistent product quality. The operations focus on innovation in product and process development, including light-weighting and tamper-evident solutions, and maintain rigorous quality control through various systems and certifications. The company plans for scaling production capacity and expanding its product portfolio to target growth in various end-user industries.

The company plans to enhance its design and development capabilities through investments in resources, equipment, and technology to create complex, customer-specific solutions at scale, focusing on operational efficiencies, cost engineering, and capacity utilization to boost production volumes and competitive pricing. The strategy includes expanding the geographical presence by increasing exports and sales reach into new markets while strengthening domestic operations. The company has a broad geographic reach, having supplied products across 21 Indian states and 4 union territories, as well as international markets like Nepal, UAE, Israel, and Bangladesh. Furthermore, the business is positioned to capitalize on the growing demand for sustainable packaging solutions driven by regulatory changes and consumer preference for recyclable materials.

This section details a wide variety of product formats and containers offered by the company across several industries. The products span various sizes and shapes, including in-mould labelled containers, thermoformed containers, and various types of boxes and jars. The end-uses are diverse, covering the Restaurant & Hospitality, Sweets & Confectionery, Bakery, Dairy, QSR, and Agro sectors. The offerings include items like restaurant packaging, confectionery items, bakery products, dairy cups, and various agro products.

The company manufactures various products using integrated plastics manufacturing operations, including Extrusion Sheet Line and Thermoforming, Injection Moulding, In-Mould Labelling (IML), and Blow Moulding processes. The company caters to a diverse range of industries such as beverage, bakery, sweets, confectionery, dairy, agro-processing, broader food processing, hotels, restaurants, and the hospitality sector. The manufacturing involves detailed steps covering raw material preparation, polymer processing, sheet formation, moulding, and final inspection and packaging.

The manufacturing process involves several steps starting from parison formation, including cooling, mould opening, product ejection, trimming, ink preparation, screen setup, printing, drying, and final quality inspection. The company operates integrated manufacturing facilities utilizing three main plastic conversion technologies: thermoforming, blow moulding, and injection moulding. These technologies are deployed to produce various semi-rigid and rigid plastic products.

The company primarily manufactures packaging products using in-mould labelling (IML) and blow moulding processes for semi-rigid and rigid food packaging. The design and development process is market-driven, involving the design team to create product specifications, which are then coordinated with production to implement changes based on customer feedback. The company has transitioned towards greater automation in manufacturing, including the automation of thermoforming skeleton handling and recycling. Sales and marketing focuses on a portfolio of over 250 SKUs, catering to both domestic and international markets through direct engagement and distributor networks. Furthermore, the company maintains stringent quality control through ISO certifications and follows a structured inventory management system.

The company maintains insurance coverage deemed appropriate for its business operations according to industry standards in India. The IT infrastructure involves computers, printers, networking equipment, and internet connectivity, utilizing TCS ION for various operational requirements, with business data stored on local servers and access restricted to authorized personnel. The company adheres to environmental, health, and safety requirements, evidenced by ISO 14001:2015 certification. CSR initiatives focus primarily on the distribution of ration (food grains) and healthcare. The industry competition landscape is fragmented, with key differentiators being compliance, certification, and quality systems, and the company competes with organized players across various end-use categories. The company possesses a broad portfolio of over 250 SKUs, serves over 500 customers and distributors with PAN-India reach, and has a manufacturing capacity of 20,100 MT.

This section primarily details the various laws and regulations in India applicable to the company's business and operations, categorized into industry-specific laws and environmental legislations. It outlines numerous acts concerning weights and measures, electricity, consumer protection, and various environmental standards. Furthermore, it covers intellectual property laws, corporate governance regulations, and tax-related provisions that govern business conduct and compliance.

This section details the various legal frameworks applicable to the company's operations in India, covering aspects such as direct and indirect taxation, employment laws, data protection, foreign investment regulations, and property laws. It outlines that various acts like the GST Act, Customs Act, and IT Act govern transactions and imports/exports, while employment is regulated by several codes, and personal data processing is subject to the DPDP Act. Furthermore, the company must comply with various state laws, municipal regulations, and central laws concerning property and trade.

The company's history began with its incorporation as a private limited company, which was later converted to a public limited company and its name changed. The company has undergone several amendments to its Memorandum of Association, including changes to the authorized share capital and the scope of its business objects over the years. Key milestones include various expansions, acquisitions, and the establishment of commercial operations. The company has also entered into significant agreements, such as a Solar Power Purchase Agreement, and has a structure involving one subsidiary and one associate.

The company has one Material Subsidiary, S. D. Plastoware Private Limited (SDPPL), which was incorporated on March 02, 2021, and is now a subsidiary of the company as of April 01, 2024. SDPPL is authorized to engage in various business activities related to plastic products and packaging materials. Additionally, the company has one Associate, Stroller Distributors Private Limited (SDPL), which was originally incorporated in West Bengal and later had its registered office shifted to Uttar Pradesh. The shareholding pattern details the ownership structure of both entities, and there are confirmations regarding the lack of business interests or related transactions between the company and its subsidiary/associate.

This section defines various terms and abbreviations used throughout the Draft Red Herring Prospectus. It specifies the legal entity details for the issuer, including its name, registered office, and various personnel. It also details terms related to the offer process, such as different types of investors, bid procedures, and the role of the Book Running Lead Manager. Several definitions relate to financial statements, committees, and the structure of the offer.

This section defines various terms related to the issuance process, including different types of investors, bid procedures, and relevant entities. It outlines terms such as 'Client ID', 'Cut-off Price', and various investor categories like 'Eligible FPI(s)' and 'Eligible NRI(s)'. The definitions also cover aspects of the offer structure, such as 'Fresh Issue', 'Offer for Sale', and the various portions of the offer like 'Net QIB Portion' and 'Non-Institutional Portion'. Furthermore, it details the roles and agreements of different intermediaries, such as 'Syndicate Members', 'Book Running Lead Manager', and 'Registrar'.

This section primarily defines various terms and abbreviations used within the prospectus, covering aspects related to investor procedures, financial metrics, and various industry/legal terms. It details requirements for individual investors in public issues, definitions for different types of profit and loss indicators, and a large list of technical and industry-related abbreviations.

This section primarily defines various terms used within the Draft Red Herring Prospectus, including financial regulations, organizations, and market data sources. It specifies conventions regarding the use of terms related to India, the US, and time zones. Financial information is derived from Restated Consolidated Financial Statements, and there are noted differences between Indian GAAP, Ind AS, U.S. GAAP, and IFRS. The document also details rounding conventions for figures and clarifies that certain non-GAAP financial measures should not be considered in isolation.

This section primarily details forward-looking statements, outlining that expectations regarding the company's financial condition, strategy, and plans are subject to various risks and uncertainties. It lists numerous potential risks, including regulatory changes, economic conditions, market volatility, and competition that could materially affect actual results. The text also discusses dependencies on key customers and suppliers, the volatility of raw material prices, and the operational risks associated with manufacturing facilities.

The company notes that its power supply is dependent on domestic Indian market conditions, and disruptions could materially affect operations. The company derives a significant portion of its revenue from a limited number of states in India, making it vulnerable to regional risks such as economic downturns, political developments, and regulatory changes. Furthermore, the company relies heavily on a few product categories for its revenue, and the demand for these products is critical to its future success. The company is also sensitive to fluctuations in raw material prices and availability, which can impact its margins and overall financial performance.

The provided text discusses various risks related to the company's operations, including fluctuations in product demand and price, and the potential impact of foreign exchange rate volatility on costs for imported machinery. It details risks associated with collecting trade receivables, such as non-payment or delays, which can affect cash flows and profitability. Furthermore, the text covers risks related to procuring raw materials from suppliers, including potential supply disruptions or changes in terms. The company also notes past technical and clerical errors in corporate filings and expresses concerns about potential regulatory actions.

The company has faced instances of corporate and secretarial non-compliance under the Companies Act, 1956 and the Companies Act, 2013, including failures to spend prescribed Corporate Social Responsibility (CSR) amounts and delays in submitting cost audit reports. The company also has entered into related party transactions, which are subject to various risks, and is heavily dependent on machinery for manufacturing operations. Furthermore, the company faces risks related to third-party logistics providers, potential damage to products during transit, and risks associated with inventory theft, fraud, and employee misconduct.

The section discusses various operational and legal risks faced by the company. It highlights challenges related to inventory planning due to uncertain customer commitments, which can lead to excess inventory or shortages, impacting profitability. Furthermore, the text addresses the need for innovation in packaging to keep pace with market trends and regulatory changes, noting that failure to innovate could negatively affect the business. The company also faces risks concerning intellectual property protection, including pending trademark registrations, and potential issues with third-party intellectual property infringement. There are also concerns regarding compliance with labour and employment regulations, and outstanding legal proceedings involving the company and its promoters.

The provided section details various contingent liabilities and risks faced by the company, including potential litigation, unspent CSR obligations, and exposure to regulatory changes. The company notes that the materialization of certain liabilities could adversely affect its financial condition and operations. Furthermore, the section discusses risks related to insurance coverage, supply of essential utilities like power, and potential disruptions due to natural disasters or civil unrest. It also highlights risks associated with environmental laws, plastic waste regulations, and the potential for regulatory actions regarding product compliance.

The provided text discusses various risks related to the company's operations, including distribution channels, quality control, supply chain dependencies, and labor relations. Risks include losing distributors, non-compliance with quality standards, potential product liability claims, and issues with contract labor. Furthermore, the text highlights risks associated with the complex mould-making process, reliance on third-party vendors for moulds, and potential disruptions from labour issues or regulatory changes. The company also notes risks related to the scaling of its internal audit and compliance framework and the reliance on personal guarantees and mortgaged properties by the Promoter Group for borrowings.

The provided text details various financial and operational risks related to the company's financing, contractual obligations, and business environment. Key risks include potential claims from banks regarding unsecured borrowings, the reliance on promoter group guarantees, and the potential for such arrangements to be revoked. Furthermore, the text highlights risks associated with the lease agreements for the company's office, manufacturing facilities, and godowns, including the possibility of non-renewal or termination. The business faces competitive pressures within the packaging industry, and there are concerns regarding the protection of proprietary technical know-how against leakage, as well as risks stemming from IT system failures and changes in government regulations.

The text discusses various limitations and risks related to the company's operations, financial reporting, and external environment. It notes that certain non-GAAP financial measures are included but are not standardized or comparable across different companies. Furthermore, the company faces risks from credit rating downgrades, potential issues with the expertise of its directors in a listed company environment, and the impact of geopolitical tensions and global economic fluctuations on its business and cash flows. The text also details the nature of the Offer, including the handling of proceeds from the Offer for Sale.

This section primarily discusses various risks and uncertainties faced by the company, including global trade instability, natural disasters, and political unrest, which could negatively affect operations and financial results. It details concerns regarding changing laws and regulations in India, including tax laws, which may introduce compliance burdens and uncertainty. Furthermore, the text covers the impact of various Indian legislation, such as the Competition Act, the Digital Personal Data Protection Act, and new Labour Codes, on the business. It also addresses potential inflation risks, competition concerns, and the implications of various legal frameworks on transactions and judgments.

The provided text discusses various regulatory and market risks, including potential impacts from the Income Tax Bill 2025 and proposed Finance Bill 2026, which could affect the company's business and financial condition. It also highlights risks related to fluctuations in exchange rates and the potential for adverse effects on dividends and proceeds from sales. Furthermore, the text details conditions surrounding the listing and trading of Equity Shares, including the possibility of delays in obtaining necessary approvals. The section also outlines restrictions on foreign investment and the potential impact of amendments to FEMA rules on attracting foreign investors.

The provided text details various rules and procedures related to the allotment of securities, including provisions for under-subscription and allocation across different investor categories. It outlines rules concerning the allocation of shares to Mutual Funds, Non-Institutional Investors, and Retail Individual Investors, including spill-over provisions. Furthermore, it specifies requirements for the offer size relative to the post-Offer paid-up Equity Share capital and the allocation methods for different bidder categories. The text also mentions conditions for using the UPI Mechanism for certain individual investors and details regarding pre-IPO placements.

This section details the contingent liabilities of the company as of March 31, 2026, as per Ind AS 37 and Restated Consolidated Financial Statements. The contingent liabilities include various bank guarantees furnished by the company for different purposes, such as loan availments, stamp duty exemptions, and open access power arrangements. The company management expressed confidence that no liability is expected to arise from these guarantees, provided certain conditions are met within specified timelines. Furthermore, unspent Corporate Social Responsibility (CSR) obligations were deposited into a designated fund, and a potential statutory penalty related to the delay in transferring these funds was disclosed as a contingent liability.

The provided section details various aspects related to the filing and offer process, including the identification of different intermediaries involved in the issuance. It specifies where the Draft Red Herring Prospectus was filed electronically and lists the various entities such as Book Running Lead Managers, the Registrar to the Offer, and the Designated Intermediaries. Furthermore, it outlines the lists and websites where investors can find information regarding Self-Certified Syndicate Banks, Registered Brokers, and Registrar and Share Transfer Agents.

The company intends to appoint a monitoring agency to oversee the gross proceeds from the Fresh Issue before filing the Red Herring Prospectus with the RoC, as required by Regulation 41 of the SEBI ICDR Regulations. The document details various expert consents received from different professionals, including Statutory Auditors, Chartered Accountants, Practicing Company Secretaries, and Chartered Engineers, to be included as 'experts' in the DRHP. Furthermore, the process outlines that the price band and minimum bid lot will be decided in consultation with the Bid/Running Lead Managers (BRLM), and the final Offer Price will be determined after the Bid/Offer Closing Date.

The section details the share capital structure, including the authorized, issued, and present offer details. It also provides a history of equity share capital allotments, showing various transactions and transfers involving promoters and the promoter group. The section also mentions authorizations related to the offer and various regulatory disclosures.

The section details various transactions and history related to the company's equity share capital, including transfers, allotments, and bonus issues. It outlines that the company has not issued any equity shares out of revaluation of reserves since incorporation, except as disclosed. Furthermore, it specifies the aggregate pre-offer and post-offer shareholding of promoters, the promoter group, and the promoter selling shareholder, which amounts to 100.00% of the issued, subscribed, and paid-up equity share capital. The section also confirms that none of the equity shares held by the promoters are currently pledged or otherwise encumbered.

The section details various lock-in provisions for equity shares held by promoters and outlines the shareholding pattern of the company as of the Draft Red Herring Prospectus filing date. Specific rules govern the locking-in of shares based on their percentage of post-offer capital, and there are stipulations regarding the pledgeability of these shares. Furthermore, the text presents a breakdown of shareholding among promoters, the promoter group, and other top shareholders.

This section details various aspects related to equity share transfers, financing arrangements, and future issuance plans for the company. It outlines specific transactions involving transfers between parties, clarifies that no financing arrangements were made by the promoter group during a specified period, and states that no buy-back arrangements exist. Furthermore, it confirms that the Book Running Lead Manager and their associates do not hold equity shares as of the filing date, and specifies conditions regarding the issuance of new equity shares.

The offer comprises a Fresh Issue of up to 1,30,0 Equity Shares and an Offer for Sale of up to 35,0 Equity Shares. The proceeds from the Offer for Sale will not be included in the Net Proceeds. The company proposes to utilize the Net Proceeds for various objects as approved by the Board, including repayment of borrowings, funding for capital expenditure, and general corporate purposes. The utilization of funds is subject to various conditions and estimates, and the deployment schedule is indicative.

The section details various components of the proposed project cost, categorized into imported plant and machinery, indigenous plant and machinery, and electrification works. The total estimated project cost is summarized, showing the breakdown of costs, applicable taxes, and the final total. Furthermore, the document outlines the phase-wise implementation schedule for the project, including expected start and end dates for various activities, and clarifies that the funds are financed through internal accruals and a bank loan.

This section details various fees and commissions related to share applications and processing by different parties. It outlines specific charges for portions of the issue size depending on who procures the shares, such as through Syndicate members, Registered Brokers, or CRTAs/CDPs. Furthermore, it specifies the terms for selling commissions and bidding charges, which are dependent on the type of account or broker involved. The text also discusses the utilization of net proceeds and the monitoring procedures for the use of gross proceeds.

The provided text details various financial metrics, including Return on Net Worth (RoNW), Net Asset Value (NAV) per Equity Share, and a comparison of the company's financial KPIs against its listed industry peers. It outlines how these metrics are calculated and provides historical data for different financial years. Furthermore, the text lists various financial KPIs such as Revenue from Operations, Gross Profit, EBITDA, Profit After Tax, and various margins, alongside operational KPIs like Authorized and Installed Capacity, and Actual Production. The text also specifies the source of this financial information from annual results of respective companies.

This section details various aspects related to the pricing and disclosure of the offer, including definitions for price calculations and justifications for the offer price. It outlines criteria for determining the price per share based on primary and secondary issuances of equity shares. Furthermore, it includes provisions regarding the justification for the offer price, which involves referencing key performance indicators and financial ratios. The text also covers aspects related to the offer documents, such as the determination of the offer price and where investors can find further information.

This section details the special tax benefits available to the company, its material subsidiary, and its shareholders under various direct and indirect tax laws in India. Regarding direct tax benefits, it outlines provisions for lower corporate tax rates for domestic companies and manufacturing companies, including specific tax rates and conditions for opting for concessional tax regimes. The section also covers special tax benefits related to capital gains and dividends for shareholders, as well as the status of indirect tax benefits.

This section details the examination and compilation of Restated Consolidated Financial Statements for S. D. International Limited and its group entities, covering financial data for the years ended March 31, 2026, 2025, and 2024. The report confirms that the financial statements were prepared in accordance with various regulatory requirements, including the Companies Act, SEBI ICDR Regulations, and the Guidance Note on Reports in Company Prospectuses. The auditors relied on various previous audit reports and ensured that no material adjustments were made due to changes in accounting policies.

This section details the emphasis of matters reported in the Independent Auditors' Reports concerning the Consolidated Ind AS Financial Statements for the years ended March 31, 2026, 2025, and 2024, including first-time adoption of Ind AS. It also covers the basis of accounting and restrictions on the distribution and use of Special Purpose Consolidated Ind AS Financial Statements for the year ended March 31, 2024. Furthermore, it lists various financial statement figures, including revenue, expenses, profit/loss, tax, and cash flows for the respective years.

This section details the movement in equity share capital over several periods, showing no change in the reported amount for the years ending March 31, 2023, 2024, and 2025. It also provides a breakdown of various components of other equity, including retained earnings, reserve capital, and non-controlling interest, with adjustments for Ind AS. The text further outlines the components of the Restated Consolidated Financial Statements, including the consolidation of the Group, and details the accounting policies used for preparing the financial statements.

This section details various accounting policies and material accounting policies of S D International Limited, covering aspects such as Non-Controlling Interests, accounting for investments in associates, functional and presentation currency, basis of measurement, fair value measurement hierarchy, current versus non-current classification, and policies for Property, Plant and Equipment (PPE) and Intangible Assets. The policies outline how assets and liabilities are recognized, measured, and classified according to Ind AS and relevant company laws. It also specifies rules for depreciation, impairment, and the treatment of various expenditures and asset disposals.

This section details various accounting policies related to financial instruments, including the recognition, measurement, and derecognition of financial assets and liabilities under Ind AS 109. It outlines different classifications for financial assets such as those measured at amortized cost, fair value through other comprehensive income (FVTOCI), and fair value through profit or loss (FVTPL). The text also covers equity investments, trade receivables, and various aspects of current and deferred tax provisions.

This section details various accounting policies and explanatory information related to the financial statements, covering areas such as deferred tax, inventories, cash, liabilities, grants, revenue recognition, foreign currency translation, employee benefits, borrowing costs, and leases. It outlines specific recognition criteria for different financial items, including when revenue is recognized, how provisions and contingent liabilities are handled, and the treatment of various financial instruments and transactions.

This section details various accounting policies and judgments related to the financial statements, including the recognition and measurement of lease arrangements, security deposits, impairment testing, and the treatment of various accounting estimates. It covers aspects such as the classification of leases, the recognition of security deposits as financial assets, the subsequent measurement of these deposits, impairment procedures for non-financial assets, and the estimation of tax expenses and defined benefit obligations. Furthermore, it discusses recent pronouncements from the Ministry of Corporate Affairs (MCA) regarding amendments to various Indian Accounting Standards.

This section details the movement and balances of various assets, including Property, Plant & Equipment, Capital Work in Progress, Right of Use Assets, and Intangible Assets, across different reporting dates. It outlines disposals of assets, additions, depreciation, and the impact of business combinations on these balances. Furthermore, it specifies details regarding capital subsidies received and the security arrangements related to the assets and borrowings.

This section details various financial statement components, including intangible assets under development, investments, deferred tax assets and liabilities, inventory, trade receivables, and related disclosures. It shows movements in these items across fiscal years ending March 31, 2024, 2025, and 2026. Specific attention is given to the fair value and disposal of certain investments and the accounting treatment for deferred tax balances.

This section details various financial and structural notes for S. D. International Limited, including movement in allowance for expected credit loss, details on trade receivables, cash and bank balances, other financial assets, current tax assets and liabilities, and current assets. It also covers information regarding the process for an Initial Public Offering (IPO), including deferred costs, and the structure of the share capital, including authorized, issued, and subscribed capital, along with details on the classification and transfer of shares held by various promoters.

This section details various financial statement components, including equity, borrowings, lease liabilities, provisions, and related adjustments for S.D. International Limited. It presents balances and movements for different periods, including comparisons between March 31, 2026, 2025, and 2024. It also provides extensive notes on the security provided against borrowings, the treatment of lease liabilities under Ind AS, and the movement in provisions for gratuity.

This section details various financial liabilities and assets as of different reporting dates, including short-term borrowings, trade payables, and other current liabilities. It lists secured and unsecured credit facilities from banks, details trade payables broken down by ageing, and provides information on revenue from operations and revenue from contracts with customers.

This section details various financial line items for the years ended March 31, 2026, 2025, and 2024, covering income, cost of material, purchase of stock-in-trade, employee benefits, finance costs, depreciation, other expenses, and tax. It also includes disclosures regarding contingent liabilities, employee benefits under Ind AS-19, and various bank guarantees.

This section details various financial and liability metrics for S. D. International Limited across different periods, including changes in defined benefit obligations, reconciliation of expenses, maturity profiles of the obligation, and sensitivity analysis. It also provides extensive disclosures regarding fair value measurements for financial instruments, related party transactions, and capital management policies.

This section details various outstanding balances, transactions, and financial disclosures for S. D. International Limited across different reporting periods. It includes breakdowns of loan payables, salary advances, trade receivables and payables, and details on transactions with a subsidiary, including purchases, sales, and equity issues. Furthermore, the text covers aspects of corporate social responsibility (CSR) expenditures, consumption of imported and indigenous items, and details regarding earnings in foreign exchange and export transactions.

This section details various financial risk management objectives and policies, including market, liquidity, and credit risks. It outlines how the company manages interest rate risk, trade receivables, and financial instruments. Furthermore, it provides extensive quantitative disclosures regarding the classification and measurement of financial assets and liabilities under different accounting standards (Previous GAAP to Ind AS).

This section details the transition of financial statements from Previous GAAP to Ind AS, including various adjustments for financial instruments, employee benefits, and accounting standards. Key changes involve the reclassification of certain liabilities, the recognition of lease liabilities, and adjustments related to actuarial gains and losses. The text also outlines how various expenses and income items were regrouped for appropriate presentation under the new accounting standards.

This section presents various financial ratios and key figures for S.D. International Limited, covering performance metrics as of March 31st for fiscal years 2026, 2025, and 2024. It includes ratios such as Return on Capital Employed (ROCE), Return on Investment, Current Ratio, Debt Service Coverage Ratio, and various profit and loss metrics. The text also details the calculation methodologies for these ratios and clarifies that certain non-GAAP measures are supplemental and not strictly aligned with Ind AS.

The company details its multi-technology manufacturing platform, which incorporates various technologies to produce diverse packaging solutions. The text provides context on the growth trajectory of the Indian packaging industry, noting its projected expansion over the next five years. The company operates within a B2B model, focusing on supplying products to customers based on their specifications, and emphasizes strong customer retention. Key financial and operational metrics are presented, showing consistent growth in revenue and profitability over the fiscal years.

The section discusses the operational performance, capacity utilization, and various risks associated with the manufacturing facilities. It details the installed capacity as of March 31, 2026, and highlights the dependency on efficient utilization of these facilities against potential disruptions from operational inefficiencies, supply chain issues, or regulatory requirements. Furthermore, the text outlines risks related to the product mix, which includes lower-volume, specialized materials, and the capital-intensive nature of production, which can impact profitability. The section also covers market competition, regulatory compliance, and the challenges posed by fluctuating raw material prices and supply chain disruptions.

This section details various aspects of the company's financial structure, including working capital requirements, finance costs, and borrowings. It presents historical data for Net Working Capital, revenue, trade receivables, and trade payables, along with metrics like various days for receivables and payables. Furthermore, it outlines the breakdown of long-term and short-term borrowings from banks and details the accounting policies related to the classification of assets, liabilities, and intangible assets, as well as the treatment of financial instruments.

This section details various accounting treatments and classifications for different financial instruments, liabilities, and assets under the company's reporting framework. It outlines criteria for classifying financial assets and liabilities, including treatments for fair value measurements, impairment recognition, and derecognition criteria. The text covers specific rules for equity investments, debt instruments, and the recognition and measurement of various liabilities like borrowings and trade payables.

This section details various accounting treatments related to contingent liabilities, government grants, revenue recognition, foreign currency translation, employee benefits, borrowing costs, leases, security deposits, and impairment of non-financial assets. It outlines specific rules for recognizing income and expenses based on contractual terms, timing of service rendering, and market assessments for financial instruments and assets. The text covers how different types of obligations, such as government grants and loans, are recognized, measured, and subsequently accounted for in the profit and loss statement.

This section details various accounting judgments, estimates, and assumptions required for preparing the Restated Consolidated Financial Statements in conformity with Ind AS. It outlines management's role in making these judgments, the nature of estimates, and the process for reviewing and revising these estimates. Furthermore, it provides a reconciliation of several non-GAAP financial measures, including EBITDA, PAT Margin, Debt-to-Equity Ratio, and Return on Equity, against the underlying financial line items.

This section details the financial performance of the company across three fiscal years (2026, 2025, and 2024), presenting key components of income, expenses, and profit/loss. Revenue from operations showed growth, while total expenses increased, largely driven by higher costs of materials and employee benefits. The analysis also compares the performance of the company against prior years, highlighting trends in various line items.

The financial statements show significant fluctuations in various expense and cash flow line items between fiscal years. Cost of materials consumed increased substantially, while finance costs saw a very high percentage increase, primarily due to interest on borrowings. Other expenses also showed a notable rise, with several components increasing significantly due to consolidation effects. Cash flow from operating activities showed a substantial increase in Fiscal 2025 compared to Fiscal 2024, with operating profit before working capital changes also increasing. Various contingent liabilities and off-balance sheet arrangements were disclosed.

The financial risk management section outlines the Company's exposure to market risk, including interest rate risk, which is primarily related to debt obligations with floating interest rates. The company monitors interest rate movements and reacts by restructuring financing arrangements, noting that operating cash flows are largely independent of interest rate changes due to a lack of significant interest-bearing assets. The section also details policies for managing trade receivables, including impairment analysis and credit loss provisions, and outlines procedures for managing credit risk from balances with banks and financial institutions. Liquidity risk is defined as the risk of not being able to settle obligations on time.

This section details the capitalization and financial indebtedness of the company as of March 31, 2026, and summarizes the aggregate outstanding borrowings as of August 31, 2026. The capitalization statement provides figures for borrowings, equity, and various ratios, including the ratio of non-current borrowings to total equity. The financial indebtedness section outlines the breakdown of borrowings into fund-based and non-fund-based categories, including secured and unsecured amounts. It further details various terms and conditions related to these borrowings, such as tenor, interest rates, security, prepayment provisions, and events of default.

The section outlines the scope of outstanding litigation and material developments, clarifying that certain proceedings, such as criminal cases, regulatory actions, and tax claims, are not disclosed unless they meet specific materiality thresholds defined by the Board. The materiality threshold for certain claims is set at 5% of the average profit or loss of the company over the preceding three financial years, which is ₹1.18 Crore. Furthermore, the section details the materiality policy for outstanding dues to creditors, where amounts exceeding 5% of trade payables as of March 31, 2026, are considered material, with a threshold of ₹41.70 Lakh.

This section details various governmental and regulatory approvals, licenses, registrations, and permits obtained by the Company and its Material Subsidiary to conduct business activities in India. The approvals cover aspects related to the Offer, incorporation, general business operations, manufacturing facilities, and tax matters. Numerous specific certificates, registrations, and licenses from various government bodies, including the Ministry of Micro, Small and Medium Enterprises, Ministry of Commerce and Industry, Uttar Pradesh Pollution Control Board, Labour Department, and various Electricity Safety Directorates, are listed. Furthermore, the section outlines tax-related registrations and labour approvals under various acts, such as the Employees’ State Insurance Act and the Employees’ Provident Fund and Miscellaneous Provisions Act.

The section details the criteria for identifying 'group companies' based on resolutions and accounting standards, which involves related party transactions and transactions exceeding 10% of company revenue. It lists four specific companies identified as Group Companies. Furthermore, the text confirms that group companies do not have any interest in the promotion of the Company or in certain property acquisitions or transactions for land/construction. It also states that there are no pending litigations involving the Group Companies that would materially impact the Company. Finally, it outlines various regulatory approvals, confirmations, and eligibility criteria related to the offer, including approvals from the Board and Shareholders, and compliance with various SEBI regulations.

The section primarily addresses the responsibilities and disclaimers related to the filing of the Draft Red Herring Prospectus, including the role of the Book Running Lead Manager (BRLM). It stipulates that the filing does not absolve the company of any liabilities under the Companies Act, 2013, or requirements for statutory clearances. It also outlines that the BRLM reserves the right to address irregularities in the prospectus at any time. Furthermore, the section details various disclaimers concerning the reliance on information, the scope of transactions involving the BRLM, and restrictions on who can bid for equity shares, especially concerning jurisdiction and eligibility.

This section details various aspects related to the offering process, including the track record of the Book Running Lead Manager (BRLM), the status of stock market data for the equity shares, and the mechanism for resolving investor grievances. It outlines the retention period for records with the Registrar to the Offer and specifies the channels through which bidders can contact the company or the Registrar for various issues. Furthermore, it details the legal framework governing the offer, including the applicable laws, the structure of the offer (Fresh Issue and Offer for Sale), the ranking of equity shares, and the rules for dividend payment.

This section details various procedural aspects related to the subscription and allotment of equity shares in the Offer, including nomination facilities, timelines for bid/offer periods, and compensation clauses for delays in fund unblocking. It outlines specific rules regarding the submission of bids through different electronic channels, the conditions under which the offer can be withdrawn, and the priority for allotment in case of under-subscription. Furthermore, it discusses restrictions on the transfer and transmission of equity shares and the process for dealing with discrepancies in bid data.

This section details various aspects of the offer structure, including bid/offer closing dates, the composition of the offer (Fresh Issue and Offer for Sale), and rules governing the allotment process under SEBI ICDR Regulations. It outlines procedures for Pre-IPO Placements, the handling of different investor categories such as Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIBs), and Retail Individual Investors (RIIs), and the rules for allocation based on bid size and various bid modes like ASBA. It also specifies conditions for anchor investors and the handling of undersubscription across different investor categories.

This section details various procedural aspects related to the offer, including the applicability of different payment mechanisms (UPI phases), investor eligibility, and documentation requirements. It outlines that the offer will proceed under the mandatory processes of UPI Phase III, subject to SEBI circulars. It specifies rules for how different investor categories (like QIBs and Non-Institutional Bidders) must participate, including allocation proportions and requirements for providing necessary investor details in bid forms. Furthermore, it discusses timelines for unblocking funds and compensation for delays, as well as requirements for linking PAN with Aadhaar and ensuring proper submission of bid forms.

This section details various procedural requirements and restrictions concerning the bidding process for the Offer, including stipulations for ASBA forms, UPI mechanisms, and participation by different investor categories. It outlines rules regarding the submission of forms, the handling of funds, the cut-off times for various bidders, and the treatment of bids from different entities such as Promoters, Mutual Funds, Eligible NRIs, and FPIs. Furthermore, it specifies limits on holding by NRIs and FPIs under FEMA rules, and rules for handling multiple bids from FPIs.

This section details various requirements and restrictions concerning who can participate in the offer, including different categories of investors such as various corporate bodies, financial institutions, and individual investors. It outlines specific documentation required for bids, such as power of attorney or registration certificates, and sets investment limits based on the type of investor, such as those registered with SEBI, RBI, or IRDAI. Furthermore, it specifies rules for Anchor Investors, including minimum bid amounts and allocation procedures, and provides numerous 'Do's' related to ensuring compliance with various regulatory notifications and proper submission of bid forms.

This section primarily outlines various compliance requirements and do's and don'ts for bidders in the offer process, covering aspects such as fund blocking mechanisms, document submission, and bid restrictions. It details specific rules for UPI bidders, Anchor Investors, and various investor categories regarding the submission of forms, the use of different bank accounts, and the timing of bids. Furthermore, it specifies rules for bid revisions, the handling of various bid amounts, and grounds for technical rejection of bids.

This section primarily outlines procedural requirements related to the filing and issuance of various advertisements and agreements for an offer. It details the process for publishing pre-Offer and Price Band advertisements, the timeline for uploading allotment advertisements, and the intent to enter into an Underwriting Agreement before filing the Prospectus. Furthermore, it covers undertakings by the Company regarding the collection of bids, timely completion of listing formalities, and procedures for handling refunds or delays in allotment.

This section primarily details the main provisions of the Articles of Association of the Company, including definitions for various legal and corporate terms. It outlines rules regarding the authorized share capital, the issuance and variation of shares, and restrictions on the company's financial dealings. The provisions cover aspects such as the control over share transactions, the rights of shareholders concerning share classes, and the process for increasing subscribed capital through the allotment of new shares.

This section primarily outlines the provisions related to the dematerialization of shares, the transfer and transmission of shares, and the company's lien rights over shares. It details procedures for dealing with shares held in electronic form, the rights of beneficial owners regarding depository holdings, and the Board's power to impose liens on shares. Furthermore, it covers the process for making calls on members for unpaid amounts and the interest applicable on such defaults.

This section details various provisions related to the company's articles, including interest on money advanced, forfeiture of shares for non-payment of calls, alterations to the company's capital, and procedures for issuing new shares. It covers rules for handling unpaid amounts, the Board's power to enforce payments, and the process for capitalizing profits for distribution among members.

This section primarily outlines the procedural rules for General Meetings and Board meetings of the Company, detailing quorum requirements, chairperson election procedures, voting methods, and the handling of various administrative and governance matters. It specifies rules regarding the calling and conduct of meetings, including provisions for video conferencing and the handling of adjournments. Furthermore, it covers aspects related to the composition of the Board of Directors, the appointment and removal of directors, and the procedures for dealing with securities transfers.

This section primarily outlines various provisions related to corporate governance, including quorum requirements, validity of resolutions, borrowing powers, director remuneration, and the appointment and removal of key managerial personnel. It also details procedures for operating bank accounts, declaring dividends, and handling unpaid dividends. Furthermore, it covers aspects of accounts and audits, registers, secrecy obligations, and the disclosure of material contracts and documents for inspection.

This section details various consents, reports, and agreements related to the Draft Red Herring Prospectus, including approvals from Statutory Auditors, various consultants, and agreements with other parties. It covers resolutions concerning the Promoter Selling Shareholder's participation in an Offer for Sale, examination reports on financial statements, and various consents to include different professionals as 'experts' under the Companies Act, 2013. It also mentions agreements with industry report providers and in-principle listing approvals from stock exchanges.

This section primarily consists of declarations by various Directors and the Chief Financial Officer affirming compliance with relevant laws and regulations, including the Companies Act, 2013, and guidelines from the Government of India and the Securities and Exchange Board of India Act, 1992. Furthermore, a Promoter Selling Shareholder has confirmed the accuracy of statements made regarding themselves and the equity shares being offered in the Offer for Sale.

This section summarizes related party transactions entered into by the Company with related parties for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024. The transactions involve various entities such as S. D. International Limited, various private limited companies, and directors/officers of the Company. Key transactions include purchases of goods, sales of goods, transactions involving entities where KMP/Relatives of KMP are interested, and various financial dealings like loans, remuneration, and share transactions with directors and the Chairman and Managing Director.

This section details various related party transactions categorized by the nature of the relationship and the financial year period. Transactions include sales of investments, rent paid to entities, interest paid, personal guarantees, loan transactions, and remuneration. Several transactions involve key managerial personnel, directors, and their relatives, with amounts varying significantly across the financial years. Specific attention is given to transactions involving entities where the company's Key Managerial Person (KMP) or relatives have an interest, as well as transactions with subsidiaries and associate companies.

This section details various related party transactions categorized by the nature of the relationship and the financial year. Transactions include interest paid by the Chairman and Managing Director, various relationships with directors and their relatives, and transactions involving a subsidiary and an associate company. A significant portion of the disclosed transactions involves personal guarantees provided by a director to banks and financial institutions, with amounts varying across the financial years.

The company's Board comprises six Directors, including one Chairman and Managing Director and one Whole-time Director, one Non-Executive Non-Independent Director, and three Independent Directors. The Board composition is in compliance with corporate governance norms prescribed under SEBI Listing Regulations and the Companies Act. Details regarding the Board members, including their designations, terms, and other directorships, are provided in a table. Brief profiles detail the experience and responsibilities of the key management personnel.

The section details various aspects related to the compensation, shareholding, and interest of the Directors in the company. It clarifies that there is no contingent or deferred compensation payable to the Directors that is not part of their remuneration. Furthermore, it outlines that Directors are generally not interested in agreements with companies promoted by them, except in the ordinary course of business. The text also addresses issues concerning the interest of Directors in equity shares, directorships in subsidiaries, and transactions with related parties, subject to specific disclosures. It further specifies that no Directors have any interest in property acquired or proposed to be acquired by the company, nor have they availed loans from the company. The section also covers confirmations regarding the Directors' tenure on the boards of listed companies and lists certain individuals who are directors of struck-off companies.

The company has constituted several key committees, including the Nomination and Remuneration Committee, the Stakeholders’ Relationship Committee, the Corporate Social Responsibility Committee, and the IPO Committee, all established by Board resolutions. These committees have specific terms of reference detailing their responsibilities concerning director qualifications, remuneration policies, shareholder grievances, CSR activities, and the process for Initial Public Offering (IPO) documentation and execution.

This section details various procedural aspects related to the offer and listing process, including the finalization of allocation basis and the authority granted to officers to execute necessary documents. It outlines the company's rights to withdraw the DRHP and re-file it, as well as the process for applying for listing and trading of equity shares on recognized stock exchanges. Furthermore, the text introduces the Key Managerial Personnel (KMP) and Senior Management, including their respective roles and tenure with the company. It also covers aspects concerning relationships, compensation, and service contracts with these personnel.

The company's promoters as of the Draft Red Herring Prospectus include Vinay Agarwal, Poonam Agarwal, Lakshya Agarwal, and S.D. Polytex Private Limited. The shareholding breakdown shows Vinay Agarwal holding the largest percentage at 42.47%. Details regarding the individual promoters' profiles, including their qualifications and past activities, are available in separate sections. The corporate promoter, S.D. Polytex Private Limited, is described with details on its business scope and capital structure. The document also details the structure of the Promoter Group, which includes various natural persons and entities.

This section details the dividend policy of the company, stating that the declaration and payment of dividends, including interim dividends, will be recommended by the Board and approved by shareholders at their discretion, subject to various legal provisions. The dividend policy is approved by the Board and outlines several factors—both financial/internal and external—that the Board will consider when making decisions about dividend distribution. Furthermore, the company has not declared or paid any dividends in the fiscal years 2026, 2025, and 2024, nor has it declared or paid any dividends for the period from April 1, 2026, up to the date of the Draft Red Herring Prospectus.