All amounts in X unless otherwise statedAs at 31 March 2026
| Notes | 31 March 2026 | 31 March 2025 | |
| ASSETS | |||
| NON-CURRENT ASSETS | |||
| Property, plant and equipment | 5 | 50,395,260 | 50,866,093 |
| Intangible assets | 6 | 860,383 | 745,135 |
| Right-of-use assets | 17 | 8,923,981 | 8,776,091 |
| Deferred tax assets | 16 | 3,749,557 | 5,210,244 |
| TOTAL NON-CURRENT ASSETS | 63,929,181 | 65,597,563 | |
| CURRENT ASSETS | |||
| Inventories | 7 | 74,893,727 | 78,202,532 |
| Trade receivables | 8 | 75,110,454 | 64,531,438 |
| Contract assets | 9 | 18,331,957 | – |
| Amounts due from related parties | 13 | – | 5,342,016 |
| Prepayments and other current assets | 10 | 16,790,925 | 16,250,546 |
| Cash and cash equivalents | 11 | 87,736,101 | 68,585,359 |
| TOTAL CURRENT ASSETS | 272,863,164 | 232,911,891 | |
| TOTAL ASSETS | 336,792,345 | 298,509,454 | |
| EQUITY AND LIABILITIES | |||
| EQUITY | |||
| Share capital | 24 | 100,000,000 | 100,000,000 |
| Reserve | 26 | 300,000 | 300,000 |
| Retained earnings | 99,833,907 | 62,414,125 | |
| TOTAL EQUITY | 200,133,907 | 162,714,125 | |
| LIABILITIES | |||
| NON-CURRENT LIABILITIES | |||
| Employees’ defined benefit liabilities | 12 | 20,358,706 | 19,135,611 |
| Lease liabilities | 17 | 6,613,056 | 7,023,911 |
| TOTAL NON-CURRENT LIABILITIES | 26,971,762 | 26,159,522 | |
| CURRENT LIABILITIES | |||
| Trade payable | 42,563,191 | 31,694,274 | |
| Accrued expenses and other current liabilities | 14 | 27,311,931 | 26,406,817 |
| Contract liabilities | 15 | 35,117,180 | 45,432,633 |
| Current portion of lease liabilities | 17 | 1,877,785 | 1,281,706 |
| Provision for zakat and income tax | 16 | 2,816,589 | 4,820,377 |
| TOTAL CURRENT LIABILITIES | 109,686,676 | 109,635,807 | |
| TOTAL LIABILITIES | 136,658,438 | 135,795,329 | |
| TOTAL EQUITY AND LIABILITIES | 336,792,345 | 298,509,454 |
Amit Lahoti
Group CFO
Ruban Bilen
Group CEO
Sinan Esmat Abdulsamad Al Saady
Chairman of the Board of Directors
The accompanying notes 1 to 37 form an integral part of these consolidated financial statements.