Jay Jagdamba Limited

This section primarily provides context on the industry analysis, detailing the sources used for market data and outlining various global macroeconomic trends. It discusses projections for global GDP growth, inflation across different regions, and historical data for trade flow. The text emphasizes that the data is derived from reports commissioned by the company and advises investors not to rely solely on this information. Specific projections are given for various economies regarding their economic performance and inflationary pressures.

This section details various aspects of global and domestic trade flows, the strategic shift in global supply chains away from China, and the supportive government initiatives in India's manufacturing sector. It provides data on regional trade flows, India's performance in global trade, and the factors encouraging global companies to diversify manufacturing bases. Furthermore, it outlines specific government schemes, such as the Production-Linked Incentive (PLI) scheme and the National Steel Policy, aimed at boosting India's steel production and supporting domestic manufacturing.

The text discusses several aspects related to the stainless steel industry, including government policies that support exports, growing demand from key sectors, availability of raw materials, and the global market overview. It highlights that various government schemes aim to boost the export of steel and value-added products. Furthermore, it details the global stainless steel market, noting shifts in demand across regions and the impact of industrialization in countries like India and China on per capita consumption. The text also breaks down the end-use sectors for stainless steel and provides data on global production trends.

The market for stainless steel is dominated by the 300 series (CrNi) grade, which has seen increasing market share, primarily due to its superior corrosion resistance and mechanical properties used in construction, automotive, and heavy machinery. Conversely, the market shares for the 200 (CrMn) and 400 (Cr) grades have declined as end-use industries have favored the higher quality 300 series. Trade flows show that Asia, particularly China, India, Korea, and Indonesia, accounts for the majority of stainless steel exports, with this share increasing significantly. Furthermore, the global trade in stainless steel products is dominated by cold flat products, such as cold flat, semis flat, hot coils, hot plates, and sheet. Macroeconomic data indicates that India's GDP growth was strong between fiscal years 2023 and 2026, driven by robust demand in manufacturing and construction sectors.

This section discusses macroeconomic factors impacting the steel industry, including the influence of GDP growth, inflation, exchange rates, and GFCF on performance. It details how GDP growth drives demand for steel from construction and infrastructure sectors, noting fluctuations in demand over fiscal years. The text also covers government initiatives like the NSP aimed at boosting domestic steel consumption and quality, and various quality control orders designed to ensure product standards. Furthermore, it outlines government policies such as the PLI schemes and PSI to support domestic manufacturing, investment, and export capabilities in the steel sector.

The infrastructure segment accounts for a significant portion of the aggregate finished steel demand, with roads, highways, and railways being major contributors. The Indian real estate sector is showing recovery in residential demand and steady growth in commercial, warehousing, and data centre segments, supported by affordable housing initiatives. Investments in oil and gas exploration and pipeline infrastructure are prioritized to enhance energy security, which drives demand for specialized steel products like pipes and tubes. The automobile sector is benefiting from improved domestic consumption and policy support for electric vehicles, leading to growth in various vehicle types. Furthermore, government initiatives are encouraging capacity additions across various sectors, which is expected to generate incremental demand for steel and value-added metal products.

The text discusses various aspects related to the Indian steel market, including per capita consumption benchmarks, trends in steel and raw material prices, and the impact of global trade dynamics. It details fluctuations in steel demand, price trends for various steel products, and the volatility of raw materials like iron ore and coking coal. Furthermore, the text covers the impact of international trade issues, such as US tariffs, on the Indian steel sector, including risks from dumped imports and the response through protective measures like safeguard duties. It also touches upon the impact of geopolitical events on input costs for the stainless steel industry.

The stainless-steel industry serves a diverse range of applications, including automotive, food processing, medical, oil and gas, aerospace, marine, retail, construction, and consumer goods. Various manufacturers produce stainless-steel billets/ingots, long products, forgings, and bars, with various companies involved in this chain. The domestic demand for stainless steel shows a strong growth trajectory, driven by revival in consumer durables and infrastructure spending. India is recognized as a rapidly growing market, with significant potential fueled by sustainability focus and government initiatives. Key players collectively control a large portion of the market demand.

The industry recognizes the value of recycled stainless steel for reducing environmental impact and costs. Stainless steel long products are crucial across various sectors, including construction, automotive, pharmaceutical, food processing, and oil and gas. Domestic demand for these products shows significant growth, with projections indicating a high Compound Annual Growth Rate (CAGR). The market demand is segmented by grade, with austenitic grades being the most prevalent in long form products, and various grades are utilized across different industries.

The text details the demand and properties of various stainless steel products, including bright bars, seamless pipes and tubes, forgings, and flanges, across several key industries. Stainless steel bright bars are highly valued for their corrosion resistance and strength, finding significant use in medical, food processing, and pharmaceutical sectors. Seamless pipes and tubes are critical in oil and gas, chemical processing, and power generation, while forgings and flanges are essential in handling corrosive substances in sectors like oil and gas and chemical processing. Demand projections indicate growth in these segments, driven by industry trends and government initiatives.

The analysis covers various end-use industries where stainless steel is utilized, including consumer goods, industrial sectors, petrochemicals, power, pharmaceuticals, data centers, marine, mining, and construction. Key findings highlight the growing demand for stainless steel driven by infrastructure development, increased industrial capacity, and the need for corrosion-resistant materials across these sectors. Specific applications span from kitchenware to specialized components for defense and aerospace.

The demand for stainless steel is being driven by several factors, including rising middle-class incomes, urbanization, and an expanding working population. The industry is seeing growth due to emerging applications in various sectors, such as the automotive and railway sectors, and the growing focus on sustainability and the circular economy. Furthermore, government spending on infrastructure and the Atmanirbhar Bharat campaign are boosting domestic manufacturing. Various government policies are also influencing the market by mandating the use of stainless steel in infrastructure projects near coastal areas to mitigate corrosion risks.

The issuer is involved in advancing several coastal infrastructure projects aimed at improving connectivity, trade, and resilience against climate change. Key initiatives include the Mumbai Coastal Road Project, which involves an undersea tunnel, and the Sagarmala Programme, which focuses on modernizing ports and boosting exports. The company is also involved in upcoming projects such as the Chennai Peripheral Ring Road and a Kakinada Petrochemical Complex. Furthermore, the text discusses the imposition of anti-dumping duties on stainless steel pipes imported from China, which aims to protect domestic manufacturers.

Jay Jagdamba Limited (JJL) is engaged in the manufacturing of various stainless steel products, including ingots, billets, rolled and bright products, flanges, and seamless pipes. The company operates an integrated manufacturing facility in Wada, Maharashtra, which covers melting, rolling, casting, heat treatment, and seamless pipe manufacturing. The facility utilizes a melting plant and an argon oxygen decarburisation (AOD) plant to process stainless steel scrap and mix ferroalloys to produce a wide range of steel grades. JJL has expanded its capabilities to manufacture seamless pipes by utilizing its in-house Bright Bar product to ensure consistency and quality.

This section details the management team, including the Managing Director and other directors, and outlines the infrastructure and product portfolio of Jay Jagdamba Limited. The company has achieved forward integration, focusing on seamless pipes as a high-demand, value-added offering. The industry is subject to various regulations concerning the steel sector, including fiscal duties and quality control orders. The company's strengths include an established history, leading manufacturing capabilities, diversified customer base, and robust risk management strategies.

This section outlines several key weaknesses for the company, including high operational dependence on manufacturing facilities, underutilization of manufacturing capacity, and ongoing criminal proceedings involving the promoters. It also highlights risks related to lack of long-term supply agreements, high concentration in key suppliers, FEMA compliance issues, raw material price volatility, vulnerability to utility disruptions, and geographical concentration in Maharashtra. Conversely, the section details several opportunities, such as expanding into export markets, leveraging the Export Credit Guarantee Corporation (ECGC) scheme, benefiting from incentives under the Package Scheme of Incentives, 2013, and developing new business in European and American markets. Furthermore, the outlook for the stainless steel industry and seamless pipes shows projected demand growth driven by infrastructure and regulatory barriers.

The company is recognized as one of India's leading manufacturers and exporters of stainless steel long and engineering products based on revenue as of March 31, 2026. The company operates across four main product segments: ingots and billets, rolled and bright products, flanges, and seamless pipes. These products serve diverse industries such as consumer goods, oil and gas, automotive, infrastructure, medical equipment, machine components, data centres, and petrochemicals. The company manufactures a wide range of stainless steel products, including billets, ingot, black round bars, rolled bars, bright bars in various shapes, bright wires, flanges, and seamless pipes, which are valued for their corrosion resistance and long service life in sectors like data centres. The manufacturing facilities are strategically located in Wada, Palghar, Maharashtra, near transport routes to minimize logistics costs. The company benefits from incentives under the Package Scheme of Incentives, 2013 introduced by the Government of Maharashtra, which supports the capital-intensive nature of the stainless steel production sector.

The company specializes in manufacturing customized stainless-steel products for a diverse global clientele, offering a flexible model that accommodates various order volumes and requirements. The company benefits from strategically located manufacturing facilities in a government-designated industrial zone, which provides capital subsidies. Operations involve a comprehensive range of capabilities, including steel melting, rolling, casting, and heat treatment processes. The company maintains a strong focus on quality through numerous accreditations and an in-house laboratory for rigorous quality control. The business model emphasizes diversified product mix and optimized resource utilization to manage industry risks.

The company emphasizes its investment in employee expertise to ensure the use of the latest stainless steel manufacturing technologies for delivering quality products. The company demonstrates a strong track record of financial performance, showing significant year-on-year growth in revenue, EBITDA, and PAT. The financial results are attributed to a commitment to product quality, process optimization, competitive pricing, and effective cost management. The company is expanding its product portfolio, particularly focusing on seamless pipes, and has entered into collaborations to explore products for various sectors. The manufacturing operations are substantial, with installed capacity across several divisions, and the company is focused on scaling up its new segments while managing capital expenditure for long-term expansion.

The company manufactures various stainless steel products, including square and hexagonal bars, threaded rods, precision bars, and seamless pipes, which are designed for strength, durability, and corrosion resistance. These products are utilized across diverse sectors such as infrastructure, automotive, aerospace, and construction. The company operates an integrated manufacturing facility in Palghar, Maharashtra, which includes divisions for steel melting, rolling, bright bars, flanges, and seamless pipes. The production process involves procuring raw materials, melting, rolling, heat treatment, and various finishing processes to ensure high quality and meet specific industry requirements.

The company operates an in-house NABL accredited laboratory and has significant installed capacity across several product divisions, including melting, rolling, bright bars, flanges, and seamless pipes. The company follows a strategic approach to raw material procurement, sourcing materials domestically and internationally, and has established robust logistics and environmental practices, including rainwater harvesting and recycling. The manufacturing facilities are strategically located in Wada, Palghar, Maharashtra, providing logistical advantages near major ports and highways. The company focuses on building relationships with intermediaries to ensure efficient distribution and has a comprehensive quality control framework supported by various international certifications.

The company holds numerous certifications related to quality and standards, including ISO and AS certifications. The company employs a workforce comprising 77 permanent and 619 contractual employees, and they are focused on optimizing productivity through human resource management modernization, including performance management and skill development training. The business operates in a highly competitive stainless steel manufacturing industry, facing pressure on prices from domestic and international competitors. The company maintains strict IT policies for data security and system integrity, including regular data backup procedures. Various properties, including manufacturing facilities and offices, are owned or leased, and the company has established a CSR policy for various social activities.

This section primarily outlines various Indian laws, regulations, and policies applicable to the company's business and operations. It details requirements under several key legislation covering mineral resources, steel production, quality control, standards for weights and measures, explosives, electricity, insecticides, environmental protection, and various aspects of labour and taxation. The text emphasizes the need for licenses, registrations, and compliance with these laws to conduct business activities in India.

This section primarily discusses various Indian laws and regulations that the company must comply with, covering labour codes, intellectual property laws, and data protection regulations. It details provisions related to the Trade Marks Act, the Information Technology Act, and the Digital Personal Data Protection Act, including the rules framed under the DPDP Act. Furthermore, it outlines regulations concerning foreign investment, trade, and the import of capital goods.

The company's history began with its incorporation as "Khodiyar Forging Private Limited" on January 21, 2004, by the Bali and Patel family. Promoters changed on October 31, 2005, and the name was subsequently altered on November 29, 2005, followed by further name changes reflecting business focus. The company converted to a public limited company on March 28, 2011, and underwent several name changes through 2018. The company's registered office has undergone multiple shifts between various locations in Mumbai, Gujarat, and Maharashtra over several years. The Memorandum of Association has seen numerous amendments, including changes to the main object clause and the addition of various other business activities.

This section details various business activities and services the company is authorized to conduct, covering a broad range from cleaning and laundry to the manufacturing and trading of various goods, machinery, and chemicals. It also outlines various financial and advisory services, including financing, brokerage, and providing technical expertise. The text further specifies the company's history of corporate changes, including name and capital structure amendments over several years, and significant divestments of subsidiaries. It also lists several agreements entered into with various parties concerning the securities of the company.

The company confirms it has not entered into any other material agreements with strategic partners, joint venture partners, or financial partners that would impact investment decisions. Furthermore, the company has no agreements with shareholders, promoters, or related parties that would restrict management or control. The company currently has four subsidiaries, including Jay Jagdamba Profile Private Limited, which was incorporated in 2006 and later renamed in 2014, and Jay Jagdamba Energies Private Limited, incorporated in 2025. Other subsidiaries include Jay Jagdamba Ecosteel Private Limited and Jay Jagdamba Defence Private Limited.

The section details confirmations regarding the company's listing status and the nature of its relationships with external entities. It states that the company currently has no associates or joint ventures. The board composition is specified, comprising six directors, including three Executive Directors and three Non-Executive, Independent Directors. It also outlines various aspects related to the directors' appointments, including relationships between directors, restrictions on service contracts, and provisions regarding the borrowing powers of the board.

This section details various terms related to director remuneration, perquisites, and benefits, including provisions for salary increments, housing, medical aid, car usage, insurance, club fees, leave travel concession, and reimbursement of telephone expenses. It also outlines provisions for retirement benefits such as Provident Fund and Gratuity. The text specifies the appointment and tenure of key personnel, including Narayan Prasad Malpani and Ashutosh Omprakash Malpuria, along with various board resolutions and agreements.

This section details various committees established by the company, including the Audit Committee, Nomination and Remuneration Committee, Stakeholders’ Relationship Committee, Corporate Social Responsibility Committee, and Risk Management Committee. It outlines the scope and functions of these committees, which cover areas such as internal controls, director appointments, remuneration policies, handling of shareholder grievances, CSR activities, and risk management frameworks. The text specifies the composition and terms of reference for each committee, ensuring compliance with relevant laws and regulations.

This section details the management organization chart and the key personnel within the company. It outlines the roles and associations of various Key Managerial Personnel (KMP) and Senior Management, including their respective responsibilities and remuneration for Fiscal 2026. The text also covers aspects related to retirement benefits, relationships with shareholders and others, and the nature of their service contracts and interests in the company.

This section details recent changes in designations for various officers, including re-designations for several individuals, and clarifies policies regarding payments to company officers. It also identifies the promoters and the extent of their shareholding in the company. The promoters include Narayan Prasad Malpani, Ram Prakash Malpani, Hari Prakash Malpani, Floral Life Pte. Limited, and NPM Family Trust, collectively holding 98.70% of the paid-up equity shares.

The section details the corporate structure and key personnel related to the company. Floral Life Pte. Limited was registered in Singapore on September 29, 2017, and its business involves trading and marketing of various metal products and investment holding. The board of directors for Floral Life Pte. Limited is listed, with Hari Prakash Malpani holding 100.00% of the shares. The NPM Family Trust was formed on June 5, 2018, and its trustees' appointments and control changes are documented. Promoters became involved with the company through various acquisitions of equity shares, and there are disclosures regarding related party transactions and promoter interests.

The company's dividend policy was adopted by the Board on June 17, 2025, and future dividend declarations will depend on various financial factors and external conditions. The text specifies that no dividends have been declared or paid on Equity Shares during the last three fiscal years preceding the Updated Draft Red Herring Prospectus-I nor since April 1, 2026. Furthermore, details regarding dividend declarations for both Equity and Preference Shares are provided, with no guarantee of future dividend payments.

The definitions section identifies the issuer as Jay Jagdamba Limited, a public limited company incorporated under the Companies Act, 1956. The registered and corporate office is located in Navi Mumbai, Maharashtra. The section also defines various terms related to the offer process, including different types of bidders, the role of the Book Running Lead Manager (BRLM), and various financial and procedural aspects of the issuance.

This section details various terms used within the prospectus, including definitions related to investors, offer types, and regulatory frameworks. It defines terms such as subscribers to a Pre-IPO Placement, different types of bidders like Retail Individual Bidders and Qualified Institutional Buyers, various financial and legal concepts, and different types of documents like the Red Herring Prospectus. It also specifies details about the company's manufacturing facilities.

This section primarily lists various financial and legal terms, including accounting principles (like GAAP, IFRS, Indian GAAP), regulatory bodies (like SEBI, RBI), and financial metrics (like P/E Ratio, Return on Equity, and various debt/working capital ratios). It also details conventions regarding the presentation of financial data, including the definition of time periods, currency units, and the source of financial information.

This section discusses various exchange rate considerations and the reliance on industry and market data from a CRISIL Report for the Draft Red Herring Prospectus. It details that certain market data was obtained and commissioned by the company for the purpose of the Offer. Furthermore, the text includes numerous forward-looking statements, cautioning investors not to place undue reliance on expectations due to various risks and uncertainties. Specific risks mentioned include potential issues with promoter group members, lack of long-term supply agreements, issues with land ownership for manufacturing facilities, concentration of revenue in Maharashtra, and potential adverse changes in economic, political, and market conditions.

This section details the structure of the equity share offering, outlining various portions of the offer such as Fresh Issue and Offer for Sale, categorized by investor type. The offer is divided into QIB, Anchor Investor, and Non-Institutional portions, with specific allocations reserved for Mutual Funds, Life Insurance Companies, and Pension Funds. Furthermore, it specifies rules regarding the allocation of shares, including minimum bid lots and the potential for spill-over between categories. The document also mentions provisions for a Pre-IPO Placement and the percentage of post-Offer paid-up equity share capital being offered.

This section details the cash flow statements for the company for the years ending March 31, 2026, 2025, and 2024, showing various components like operating, investing, and financing activities. It also summarizes contingent liabilities, including corporate guarantees and potential liabilities arising from tax assessments and erroneous refunds. Furthermore, the text provides a summary of related party transactions, detailing various transactions such as the purchase and sale of goods, rent, and loans between the company and certain entities.

This section details various related party transactions for the years ended March 31, 2026, 2025, and 2024, categorized by the nature of the transaction and the relationship with Key Managerial Personnel (KMP) or their relatives. The transactions involve different entities such as trusts, private limited companies, and service providers, covering issues of shares, job work income, repayment of security deposits, and various financial transactions. Specific transactions are noted as being significantly influenced by KMP or their relatives.

This section details the statutory auditors of the company and provides instructions for investor grievances related to the offer. It specifies that there have been no changes in the statutory auditors over the preceding three years. Furthermore, it outlines procedures for bidders to contact various parties, including the Book Running Lead Manager, Registrar, or the company secretary, regarding pre-offer or post-offer issues such as non-receipt of allotment letters or funds. Specific procedures are also detailed for grievances related to bids submitted through registered brokers and those of anchor investors.

This section details various aspects related to the process of collecting bids and the roles of different entities involved in the offering. It outlines procedures for Designated Intermediaries, such as Self-Certified Syndicate Banks (SCSBs), Registered Brokers, and Registrars/Share Transfer Agents, depending on the type of bid submitted. Furthermore, it clarifies that the appointment of a credit rating agency or debenture trustees is not required for this offering. The process involves a book-building method where the price band and minimum bid lot size will be decided in consultation with the Book Running Lead Managers (BRLM).

This section details the authorized and issued share capital structure of the company as of the date of the Updated Draft Red Herring Prospectus-I. It outlines the authorized share capital, the capital issued before the offer, and various components related to the offer, including fresh issues and offers for sale. Furthermore, the section provides a detailed history of equity share allotments, including the dates, number of shares, face value, issue price, and the reason for the allotment, spanning from February 20, 2004, to July 18, 2016.

This section details various allotments and conversions of equity and preference shares over time, primarily involving different parties and for various reasons, including preferential allotments and conversions of Compulsorily Convertible Preference Shares (CCPS) into equity shares. Several transactions relate to settlements for machinery supply with Floral Life Pte. Limited, involving different amounts and share types. There are also disclosures regarding historical allotments and potential typographical errors in corporate records, as well as details on the nature of consideration for these transactions.

The company has not issued any equity shares at a price lower than the Offer Price within the preceding year, nor has it issued shares out of revaluation reserves since incorporation. Furthermore, the company has not issued or allotted shares under any scheme of arrangement approved by the Companies Act. Details regarding the build-up of promoter shareholding since incorporation are provided, showing various transactions over several years. The company also outlines provisions for locking in promoter's contribution and other equity shares as required by SEBI ICDR Regulations.

The section details various lock-in requirements for equity shares allotted to Anchor Investors, specifying different lock-in periods for different portions of the shares. It also outlines conditions under which locked-in equity shares held by Promoters may be pledged with scheduled financial institutions, with the caveat that the lock-in period continues upon invocation of such a pledge. Furthermore, the text provides extensive historical data on the build-up and transfer of equity shareholding by the Promoter Group and other significant shareholders over various dates.

This section details the shareholding structure of the company as of the Updated Draft Red Herring Prospectus-I, including pre-offer and post-offer shareholding percentages. It lists the shareholding breakdown for individual promoters, a promoter group, and additional top shareholders. Furthermore, it clarifies that none of the listed promoters or the promoter group hold pledged or otherwise encumbered equity shares. The document also outlines various restrictions regarding the issuance of further equity shares and transactions by promoters during a specific period.

The Offer involves a Fresh Issue of equity shares and an Offer for Sale by the Promoter Selling Shareholder. The proposed utilization of the Net Proceeds is primarily intended for pre-payment or repayment of outstanding borrowings and for general corporate purposes. The company also anticipates benefits from the listing of its equity shares on stock exchanges, including brand enhancement and creating a public market for its shares in India.

This section details various borrowings undertaken by the company, including loans from different financial institutions, specifying the nature of the borrowing, tenure, principal amounts, and interest rates. The borrowings were utilized for purposes such as the purchase of machinery and equipment, the meeting of working capital requirements, and other purposes. Several loans involve prepayment conditions, such as penalties or restrictions on when pre-payment can occur. The section concludes with a statement regarding the certificate obtained from statutory auditors certifying the utilization of the loans.

The section details various working capital facilities availed from different lenders, including the principal amount, outstanding amounts, interest rates, and repayment terms. It also outlines the process for pre-paying or repaying certain indebtedness, noting that such charges will be funded from the Net Proceeds. Furthermore, the company confirms that it has obtained necessary consents and notified relevant lenders for the borrowings. The text also discusses the flexibility in deploying Net Proceeds for general corporate purposes, subject to certain limits, and the process for monitoring the utilization of these funds.

The section discusses the legal framework for varying the objects of the company, requiring shareholder authorization through a special resolution. It further clarifies that proceeds received from an Offer for Sale will only be used for the identified objects and general corporate purposes, with no portion going to promoters or group companies. The section also details the basis for determining the offer price, which involves consultation with the BRLM and assessment of market demand using various qualitative and quantitative factors.

The provided section details various Key Performance Indicators (KPIs) used by the company to analyze and monitor its financial and operational performance. These KPIs include measures of profitability such as EBITDA Margin, EBIT Margin, Profit after Tax Margin, and Return on Equity (RoE). The section also covers financial standing metrics like Net Worth, various debt ratios (Net Debt/EBITDA, Debt/Equity), and liquidity indicators like Working Capital Days. Operational KPIs are also presented, including Sales Volumes and Sales Value broken down by product segment.

The section details past share transfers and allotments, confirming that primary/new issues have been equal to or more than 5% of the fully diluted paid-up share capital within a rolling 30-day period over 18 months. It also confirms no secondary sales or acquisitions by promoters or related entities met this threshold. Furthermore, the document provides a statement regarding special tax benefits available to the company and its shareholders under various direct and indirect tax laws.

This section presents the restated consolidated financial information for Jay Jagdamba Limited for the years ended March 31, 2026, March 31, 2025, and March 31, 2024. The document includes the Restated Ind AS Consolidated Statement of Assets and Liabilities, the Restated Ind AS Consolidated Statement of Profit and Loss, and details regarding the accounting policies and audit reports. The financial data is provided in Rupees in millions.

This section details the restated consolidated cash flow statement for Jay Jagdamba Limited across three fiscal years (2023-24, 2024-25, and 2025-26). The cash flow statement is broken down into operating, investing, and financing activities, showing movements in cash from these activities. It also provides notes on the movement in borrowings, definitions of various financial items, and the basis of preparation for the restated financial information.

This section details various accounting treatments and recognition principles for different financial statement line items, including asset classification, lease accounting, impairment policies, revenue recognition, and financial instrument measurement. It outlines criteria for classifying assets and liabilities as current or non-current, specifies methods for depreciation, handles various aspects of foreign currency transactions, and describes how revenue, income, and tax expenses are recognized. Furthermore, it provides detailed rules for recognizing and measuring financial assets and liabilities, including different models for impairment and subsequent measurement.

This section details various accounting judgements, standards, and asset schedules for Jay Jagdamba Limited. It covers aspects such as the derecognition and offsetting of financial instruments, the estimation uncertainty related to property, plant, and equipment, trade receivable recoverability, and the recognition of deferred tax assets and liabilities. Furthermore, it provides schedules for Property, Plant and Equipment, Intangible Assets, and Capital Work in Progress (CWIP), along with information on the capitalization of borrowing costs.

This section details various investment and asset components of Jay Jagdamba Limited, categorized into non-current and current investments, as well as other non-current assets. The data is presented across three fiscal years: March 31, 2026, March 31, 2025, and March 31, 2024. Specific line items include details on investments in various cooperative banks, security deposits, capital advances, inventories, and different types of mutual funds. The section also mentions the market value of quoted investments and a lien against bank borrowings.

This section details various components of the financial statements, including trade receivables, cash balances, and other current assets for three consecutive years ending March 31st. The trade receivables data is broken down into categories such as considered good, those with increased credit risk, and credit impaired receivables, showing trends over the period. Cash and bank balances, along with fixed deposits, are also presented, alongside other current assets like loans to employees, security deposits, government grants, and advances to vendors.

This section details various aspects of the company's share capital structure, including the reconciliation of equity shares, the details of promoter shareholding, and the treatment of different financial instruments. It outlines the history of bonus share allotments and the conversion of Compulsorily Convertible Preference Shares (CCPS) into equity shares. Furthermore, it provides a breakdown of reserves such as Securities Premium, Retained Earnings, and Other Comprehensive Income (OCI).

This section details various aspects of the financial liabilities, including borrowings, maturity profiles, and provisions for the company. It outlines the structure of term loans from banks and others, the security arrangements for these loans, and the interest rates applicable. It also provides information on unsecured loans from related parties and others, along with the maturity terms for such loans. Furthermore, the section covers other financial liabilities such as creditors for capital expenditure and provisions for employee benefits.

This section details various financial and tax-related items for Jay Jagdamba Limited across different fiscal years. It includes reconciliation of tax expenses with accounting profit, components of deferred tax liabilities, and a breakdown of borrowings, categorized into secured and unsecured loans. The data spans periods ending March 31st for fiscal years 2023-24, 2024-25, and 2025-26.

This section details various aspects of trade payables and financial liabilities for Jay Jagdamba Limited across three fiscal years ending March 31st. It includes breakdowns of trade payables categorized by due aging (less than 1 year, 1-2 years, 2-3 years, and over 3 years) for both Micro & Small Enterprises (MSME) and Others. Furthermore, it provides details on interest accrued, liability for derivatives contracts, and creditors for capital expenditure.

This section details various financial line items for Jay Jagdamba Limited across three fiscal years, covering current liabilities, provisions, revenue, other income, cost of material consumed, and purchases. The data is presented in millions of Rupees for the years ending March 31st, 2026, 2025, and 2024. Key revenue components include sales of products and services, with specific breakdowns for rolled and bright products, billet/ingot, and flange items. Other operating income is also detailed, along with various components of other income such as interest income, gains/losses, and rental income. The cost of material consumed is also provided, showing opening stock, purchases, and closing stock.

This section details various financial line items and disclosures related to the company's financial statements, including changes in inventory, employee benefit expenses, and actuarial assumptions for a defined benefit plan. It presents data for three fiscal years: 2025-26, 2024-25, and 2023-24. The text also covers various sensitivity analyses concerning interest rates, salary increases, employee turnover, and investment risks related to the plan.

This section details various financial line items for Jay Jagdamba Limited across three fiscal years (2025-26, 2024-25, and 2023-24). It includes information on finance costs, depreciation, other expenses, and corporate social responsibility (CSR) expenditures. The data is presented in Rupees in Millions.

Prospective investors are cautioned that investing in equity shares involves a high degree of risk, and the risks described may not be exhaustive. The company's business, operations, profitability, cash flows, and financial condition could be adversely affected by various uncertainties. Specific risks include potential legal issues involving the promoters, supply chain disruptions due to dependency on third-party suppliers, and risks associated with leasing arrangements for manufacturing facilities. Furthermore, the company faces risks related to regional factors in Maharashtra, potential difficulties in expanding into new geographic markets, and dependence on export demand.

The company faces various risks related to its international operations, including compliance with changing foreign laws, trade restrictions, and tariffs. There is also exposure to global trade tensions, such as anti-dumping measures, which can impact product pricing and competitiveness. Furthermore, geopolitical instability can disrupt supply chains by affecting commodity prices, freight rates, and logistics. Risks also exist concerning the reliance on key customers, where changes in their business practices or financial health could negatively affect sales. Operational risks include the potential for disruptions in the supply of raw materials, labor unrest, or utility interruptions, which could lead to production inefficiencies.

The company faces risks related to customer volume fluctuations, which may impact revenue due to market conditions or business requirements. There are concerns regarding potential adverse impacts from related party transactions, including conflicts of interest, and the inability to guarantee that such transactions will always be in the best interests of minority shareholders. Furthermore, the company has faced issues with untraceable corporate records and filings, and there is a risk that such inaccuracies could lead to penalties from regulatory authorities. Financing arrangements include restrictive covenants that might limit the company's ability to pursue business expansion or diversification, and there is a risk of future penalties related to borrowings. Finally, the reliance on manufacturing facilities exposes the business to various operational risks such as shutdowns, equipment failures, and supply chain disruptions.

The company faces several risks related to its financing, supply chain, product mix, and market competition. Risks include potential defaults on unsecured borrowings, dependency on a select group of suppliers for raw materials, and vulnerability to supply disruptions or price volatility in key materials. Furthermore, the company is exposed to risks from fluctuating market demand for its core products, potential challenges in diversifying its product offerings, and competition from established players in the stainless steel industry. Finally, there are concerns regarding the continuity of government incentives and the successful implementation of expansion plans.

The company has expanded its manufacturing capabilities by adding a seamless pipes plant and plans to commission a solar power plant by Fiscal 2027 to reduce energy costs. The product portfolio has been diversified to include seamless pipes made from stainless steel, nickel alloy, and titanium across different sizes, which has extended its reach into new Indian states and strengthened its international presence. Funding for the project involved a mix of internal accruals, equipment finance, supplier credit, and equity issuance. The company faces risks related to the implementation of expansion plans, including potential time and cost overruns due to currency fluctuations and supply chain issues. Furthermore, the ability to maintain growth is contingent upon the ability to manage managerial, operational, and financial resources effectively.

The company faces risks related to securing adequate funding for operations, as the availability of future capital on favorable terms is not guaranteed. There are concerns regarding potential conflicts of interest due to directors and promoters having interests in similar businesses or as suppliers. The company's reliance on external financing for working capital is high, and disruptions to this financing could severely impact operations. Furthermore, the company is exposed to counterparty credit risk from customers who may delay payments, and its manufacturing processes present operational risks due to reliance on manual processes and potential labor issues. Finally, the company is subject to regulatory requirements and potential delays in obtaining necessary licenses.

The section confirms the absence of outstanding litigation, regulatory actions, and certain claims against the Company, its subsidiaries, promoters, or directors, except as specifically disclosed. It outlines various thresholds and policies for determining material litigation, including monetary thresholds based on company turnover, net worth, and profit/loss, as defined by the Board. Furthermore, it details several specific pending legal and regulatory matters, including criminal complaints, tax disputes, and proceedings before various customs and GST authorities.

The section reviews various legal and regulatory matters concerning the company's directors, promoters, and group companies. It states that there are no material civil, criminal, or tax litigations against the directors or promoters, except for a specific writ petition. A major criminal proceeding involves a complaint against a securities firm alleging siphoning of funds, which led to a chargesheet against multiple entities and individuals. Furthermore, there are details on outstanding tax proceedings involving various tax types and amounts, including proceedings with the Directorate of Revenue Intelligence. The company has obtained numerous necessary approvals from various governmental and statutory authorities for its business operations.

The section details the status of material approvals, intellectual property, and group companies under SEBI ICDR Regulations. The company has one registered and valid trademark under class 6, with details provided. Furthermore, the text lists eight companies identified as group companies, including their corporate information, and specifies procedures for hosting financial information of these companies on designated websites. The company asserts that its group companies have no interest in the promotion or formation of the company, nor have they been involved in certain transactions for acquisition of land, construction of buildings, or supply of machinery, except as disclosed in related notes. Finally, the section concludes by stating that there are no pending litigations involving the group companies that could materially impact the company.

The section details various regulatory approvals and compliance confirmations related to the issuance and offer process. The Board has authorized the Fresh Issue and Offer for Sale, and in-principle listing approvals have been received from the BSE and NSE. Several confirmations were made regarding the eligibility of promoters and directors to access capital markets and the absence of debarments or declarations of defaulters. Furthermore, the company confirmed compliance with certain rules concerning significant beneficial owners and eligibility criteria for the offer, including requirements on net tangible assets, operating profit, and net worth.

The section details various procedural requirements related to the listing of equity shares, including obligations for the company to ensure timely completion of formalities with stock exchanges and potential penalties for delays. It also outlines the consents obtained from various parties, such as auditors and legal counsel, for inclusion in the DRHP. Furthermore, the text discusses the track record of past issues handled by the Book Running Lead Managers (BRLMs) and provides extensive details on the mechanism for resolving investor grievances related to public issues, including compensation structures for various types of delays or issues.

The section outlines various procedural aspects related to the offer, including timelines for investor grievances, the legal framework governing the offer, and the conditions under which equity shares will be issued and traded. It details the regulations that will govern the issuance, including provisions from the Companies Act, SEBI ICDR Regulations, and various other laws. Furthermore, it specifies the process for the offer, including the determination of the offer price, the ranking of equity shares, and the procedures for payment and allotment.

This section details various procedural aspects related to the bid and offer process, including timelines, revisions to the price band, and conditions for minimum subscription. It outlines rules regarding the acceptance of bids, the potential for extending the bid/offer period due to unforeseen circumstances, and the consequences for non-fulfillment of minimum subscription requirements. Furthermore, it specifies different categories of bidders, including QIBs, Non-Institutional Bidders, and Retail Individual Bidders, along with rules for allocation and the handling of under-subscription across various segments.

This section details various procedural aspects related to the offer process, including the use of different payment mechanisms like ASBA and UPI, and the various phases of the UPI implementation. It outlines requirements for bidders, the handling of bid submissions, and the responsibilities of various entities like Designated Intermediaries and Sponsor Banks. Furthermore, it specifies rules regarding the allocation of shares across different investor categories and the procedures for dealing with investor grievances and fund blocking.

This section details various restrictions and requirements concerning who can bid for equity shares in the Offer, categorized by the type of investor. It outlines specific rules for bids from mutual funds, HUFs, eligible NRIs, FPIs, various institutional investors like AIFs and insurance companies, and entities like banking companies and Systemically Important NBFCs. Furthermore, it specifies conditions for bids made under power of attorney and provides detailed terms for Anchor Investors, including allocation limits and locking-in periods.

This section outlines various instructions and conditions for bidders participating in the bidding process, covering eligibility, submission procedures, and technical requirements. It details rules regarding bid revisions, the use of different bidding mechanisms like UPI, and requirements for documentation such as signatures and account details. Furthermore, it specifies grounds for the technical rejection of bids, including issues related to the submission method, required documentation, and the status of the accounts and bidders.

The section details various procedural aspects related to the allotment of equity shares, including rules for resolving investor grievances and the process for finalizing the basis of allotment in accordance with SEBI ICDR Regulations. It outlines different allotment methods for various investor categories, such as Retail Individual Bidders and Non-Institutional Bidders, concerning minimum lot sizes and proportionate allotment. Furthermore, it specifies procedures for payment into escrow accounts for Anchor Investors and the requirements for pre-offer and price band advertisements. The text also covers the timing for uploading allotment advertisements and the liability of parties regarding amendments to applicable laws and regulations.

This section primarily defines various terms used within the company's governing documents, such as Extraordinary General Meeting, Financial Year, and different types of Directors. It also outlines definitions for various legal and corporate entities, including Members, Persons, and the various Registers maintained by the company. Furthermore, the text details provisions related to the increase, reduction, and issue of Share Capital, including the issuance of new shares, the treatment of capital raised, and the rules for dealing with various securities. It also covers provisions concerning the conversion of debentures or loans into shares and the power of the Board to issue securities.

This section details various procedural aspects related to the issuance, transfer, and call provisions concerning the Company's shares and debentures. It outlines rules for issuing new certificates in place of damaged or lost ones, the process for handling lost or destroyed certificates, and the applicability of certain rules from various Acts. Furthermore, the text covers provisions related to the company's power to buy back its own securities and the limits on commission payable for underwriting or brokerage services. It also specifies the Board's power to make calls on shareholders and the consequences of non-payment, including interest accrual and the potential for forfeiture of shares.

This section primarily details the procedures for the transfer and transmission of shares, including requirements for instruments of transfer, the handling of transfers involving minors or indebted parties, and the Board's discretion in declining to register certain transfers. It outlines rules regarding the closure of transfer books and the limitations on the Board's liability concerning transfers made by apparent legal owners. Furthermore, the text covers provisions related to the nomination of successors upon the death of a shareholder and the process for dealing with securities held by a Depository.

This section primarily outlines the procedural rules governing General Meetings, including notice periods, quorum requirements, and the roles of the Chairperson. It details various provisions related to voting rights, including rules for personal, proxy, and electronic voting, as well as procedures for handling joint holders and members of unsound mind. The text also covers the maintenance and inspection of meeting minutes, the composition and appointment powers of the Board of Directors, rules for appointing and filling casual vacancies, and the terms for the retirement and rotation of directors. Finally, it addresses the resignation, removal, and remuneration of directors.

This section outlines various procedural and substantive rules governing the conduct of the Board of Directors, including rules for director appointments, contracts, and meeting procedures. It details requirements for directors to disclose their interests in transactions with the company and establishes rules regarding the voting rights of interested directors. Furthermore, the text covers the Board's powers, including the ability to invest, borrow money, and dispose of undertakings, subject to certain legal provisions and resolutions.

This section outlines various powers granted to the Board of Directors concerning the company's operations, including the ability to incur costs, acquire property, secure contracts, and manage financial transactions. The powers also cover the ability to deal with various financial instruments, appoint trustees, and handle legal proceedings. Furthermore, the text details powers related to insurance, welfare provisions for company personnel, and contributions to charitable institutions. It also grants the power to establish local boards and delegate authority for managing company affairs in different localities.

This section primarily outlines the provisions related to dividends, including the ability of the Board to declare interim dividends based on company profits, the treatment of capital paid in advance, and the apportionment of dividends based on share payments. It details procedures for deducting money owed by members, rights concerning dividends upon share transfer, and provisions for retaining dividends or applying liens against debts. Furthermore, the text covers procedures for waiving dividend rights, the handling of unclaimed dividends, and the transfer of such amounts to a specific account. The section also discusses the maintenance of company accounts, the inspection rights of members, the appointment of auditors, and the indemnity provided to directors and officers against claims arising from their duties.

The section primarily discusses mandatory lock-in provisions for equity shares, stipulating that such shares must remain locked-in as prescribed by SEBI. It details the company's authorization to instruct depositories to mark equity shares as 'Locked-in' or 'Non-Transferable' upon invocation of pledges, and clarifies that transfers of such shares do not exempt them from lock-in requirements. Furthermore, it mandates that lenders or pledgees be notified of these restrictions, and any transfer violating regulations will not be recognized by the company or the registrar. The section also lists numerous material contracts and documents, including various agreements, resolutions, and reports, which are attached to the Red Herring Prospectus.

The provided section consists entirely of declarations from various directors and signatories certifying compliance with relevant laws and regulations. These declarations affirm that all provisions of the Companies Act, 2013, rules, and guidelines issued by the Government of India or SEBI have been complied with. Furthermore, they certify that the statements made in the Updated Draft Red Herring Prospectus-I are true and correct according to the provisions of the Companies Act, SCRA, SCRR, and SEBI Act, as amended.

The provided section consists of declarations from the Chief Financial Officer and the Promoter Selling Shareholder concerning the compliance of the Updated Draft Red Herring Prospectus with various laws and regulations. The CFO certifies that all relevant provisions of the Companies Act, 2013, rules, and guidelines issued by the Government of India or SEBI have been complied with, and that the statements in the prospectus are true and correct. The Promoter Selling Shareholder also certifies the truth and correctness of statements made about themselves and the offered shares, while disclaiming responsibility for other statements made in the prospectus.

The text discusses the requirement for permits and approvals to have a definite time period and necessitates timely renewal to ensure business operations are not adversely affected. It mentions that an application for a Fumigation Permission License is pending with the Director of Agriculture under the Insecticides Act, 1968. Furthermore, the text highlights outstanding legal proceedings involving the company, its subsidiaries, directors, and promoters, which could potentially impact the business's reputation, profitability, and financial condition. A detailed summary of these outstanding proceedings, categorized by the type of proceeding and the party involved, is provided.

The section details various aspects related to the company's legal and operational risks, including the nature of its manufacturing processes, dependency on third-party logistics, exposure to macroeconomic and trade policy fluctuations, and contingent liabilities. The company highlights inherent hazards in its operations involving high-risk activities, and discusses risks related to supply chain disruptions and volatile market demands for stainless steel. Furthermore, it discloses past regulatory filing delays and contingent liabilities such as corporate guarantees and disputed tax demands.

The company has filed an appeal regarding a demand, expressing confidence that it will be eliminated or substantially reduced, although contingent liabilities could still crystallize. The company highlights several operational risks, including potential labor disputes, dependency on skilled workers, and exposure to stringent labor laws. Furthermore, there are risks related to the utilization of net proceeds, the potential for negative publicity, dependence on credit ratings for capital access, exposure to interest rate fluctuations, and inadequate insurance coverage. The company also notes risks associated with internal controls, potential fraud, and vulnerabilities in its technology infrastructure.

The management structure relies heavily on the Promoters, Narayan Prasad Malpani and Ram Prakash Malpani, who provide strategic guidance and lead business operations, possessing significant experience in the stainless steel industry. The company's success is also dependent on key customer and supplier relationships maintained by the Key Managerial Personnel and Senior Management. The business is manpower-intensive, and the ability to attract and retain skilled professionals is crucial for future success. Furthermore, the company faces risks related to intellectual property protection, potential litigation, and compliance with various environmental and labor laws.

This section primarily discusses various risks and dependencies affecting the company's business, financial condition, and operations. It details risks from natural disasters, political and economic factors, and market volatility, including risks related to global events and domestic economic slowdowns. Furthermore, the text addresses potential impacts from changes in laws and regulations, tax laws, and data protection requirements. It also covers risks associated with competition laws and potential scrutiny from the Competition Commission of India (CCI). Finally, it outlines risks related to the listing process, such as market volatility and the potential inability of investors to resell the equity shares at the offer price.

This section details various risks and considerations for investors, including potential tax implications on equity share sales, the uncertainty surrounding future tax laws, and the inability to predict the impact of new regulations on the company's business. It also covers risks related to the listing process, the potential for dilution from future equity issuances, and the strain on resources due to being a publicly listed company. Furthermore, the text discusses the impact of global financial instability, inflation in various countries, and geopolitical events on the Indian economy and the company's operations.

This section lists 36 related parties where control exists and details various transactions that occurred during the financial year across the years 2025-26, 2024-25, and 2023-24. The list includes numerous individuals, entities, and trusts. Transactions disclosed include the purchase and sale of goods, corporate guarantees, freight expenses, rent payments and receipts, loans, remuneration, and various financial movements like security deposits and share issues. The data is segmented by the nature of the transaction and the relationship to Key Management Personnel (KMP) or their relatives.

This section details various financial notes for Jay Jagdamba Limited, covering trade receivables, current and non-current liabilities, and related party transactions. It lists several transactions involving different entities, including trade receivables, security deposits, and various financial liabilities. Furthermore, it outlines related party transactions with subsidiaries, such as purchases of goods, sales of goods, and corporate guarantees, along with details on outstanding accounting balances and contingent liabilities like tax demands. The section also provides information on capital management metrics, including the capital gearing ratio.

This section details various financial instrument holdings and liabilities categorized by financial assets and liabilities, showing amounts at amortized cost, fair value through profit or loss (FVPL), and fair value through other comprehensive income (FVOCI) for different reporting periods. It also outlines the measurement hierarchy for fair value, distinguishing between Level 1, Level 2, and Level 3 inputs, and describes the fair value measurement techniques used. Furthermore, the text covers market risk analysis, including foreign currency exposure and sensitivity analysis for various reporting periods.

This section details various sensitivity analyses and risk disclosures related to the financial statements. It covers the impact of foreign currency fluctuations on the Profit and Loss statement, the impact of interest rate changes on various borrowings, and information regarding credit and liquidity risks. Furthermore, it outlines the reporting segments, noting that the group primarily operates in India and that revenue from operations for the year ended March 2026 included a significant portion from one customer.

This section primarily details lease disclosures, financial liabilities, and various statutory compliance statements for Jay Jagdamba Limited. It covers lease liability maturity analysis, details regarding loans, guarantees, and investments made during the period. Furthermore, it includes various confirmations regarding defaulter status, adherence to company laws, and transactions with third parties, such as supplier finance arrangements.

This section primarily details the ownership structure and consolidated financial information for Jay Jagdamba Limited and its subsidiaries as of various reporting dates. It provides breakdowns of ownership percentages, amounts as a percentage of consolidated net assets, profit & loss, OCI, and total comprehensive income for the years ended March 31, 2026, 2025, and 2024. The data also includes information regarding the availability of audited financial statements and details on non-GAAP financial measures.

This section primarily details financial reconciliation, capitalization, and indebtedness information for the company. It presents various metrics such as net worth, return on net worth, and debt-to-equity ratios across different fiscal years. Furthermore, it summarizes aggregate borrowings, including both company and subsidiary borrowings, and details the principal terms of the facilities sanctioned, such as interest rates and tenor.

The provided section discusses various aspects related to the company's financing arrangements, including details on borrowings, pre-payment provisions, events of default, and restrictive covenants. It outlines that certain facilities are secured by various charges on assets, and details the consequences lenders may enforce upon default, such as demanding additional security or accelerating maturity. Furthermore, the text highlights risks associated with supply chain dependencies, such as reliance on a select group of suppliers for raw materials, and operational risks related to manufacturing facilities, including potential disruptions due to various factors. The section also details the concentration of operations and revenues in Maharashtra and the impact of state government policies.

The provided section primarily details the product revenue mix, industry growth factors, and capacity expansion plans for the company. The product mix includes Rolled and Bright products, Billet/Ingot products, and a total revenue breakdown across different fiscal years. The text also discusses the impact of government schemes like Production-Linked Incentives (PLI) on the stainless steel sector and the benefits of various incentive structures. Furthermore, it outlines future plans for expanding into flanges and seamless pipes, as well as the challenges related to capital-intensive production and the need to manage resources for growth.

This section primarily outlines accounting treatments for various financial statement line items, including provisions, contingent liabilities, inventories, borrowing costs, foreign currency transactions, employee benefits, revenue recognition, income, taxes, financial instruments, and earnings per share. It details principles for recognizing revenue, handling of financial assets and liabilities, impairment models for financial assets, and the recognition of various income and tax components. Furthermore, it discusses critical accounting judgements and estimation uncertainties related to asset carrying amounts and the recoverability of trade receivables.

This section details various accounting standards, key components of the Restated Consolidated Statement of Profit and Loss, and comparative financial results for the company. It outlines definitions for asset valuation, income components, expenses, and various cost categories. Furthermore, it presents a comparison of financial data between Fiscal 2026 and Fiscal 2025, highlighting changes in revenue, income, expenses, and profit.

The section details various financial performance metrics, cash flow movements, and indebtedness information across fiscal years. Key changes include significant increases in legal and professional fees, factory expenses, and sundry balance written off, alongside decreases in freight and forwarding charges and rent, rates, and taxes. Tax expenses showed a substantial increase, primarily due to changes in deferred tax. Profit for the year saw a significant rise, attributed to higher margin contributions from value-added products. The text also provides detailed cash flow data for operating, investing, and financing activities, as well as information on borrowings, contingent liabilities, and contractual commitments.

The provided section details various financial liabilities and capital expenditure figures across different fiscal years, alongside disclosures regarding related party transactions. The text mentions that related party transactions include various activities such as sales, guarantees, and loans. It also provides aggregated absolute totals for these transactions and their percentage of revenue from operations for fiscal years 2026, 2025, and 2024. Furthermore, the document discusses various market risks, credit risks, liquidity risks, and interest rate risks associated with the company's operations and financial instruments.