Interim report
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Pakka Limited, Pakka Nagar, Ayodhya 224135 (U.P.), India Registered Office: 312, Plaza Kalpana Society, 24/147, B-49, +91 78000 18989 | connect@pakka.com Birhana Road, Kanpur, Uttar Pradesh-208001, India www.pakka.com CIN: L24231UP1981PLC005294 7/Govt/SE/2026-27/0061 31st October, 2026 National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai 400 051 Trading Symbol: PAKKA BSE Limited Department of Corporate Service Phiroze Jeejeebhoy Towers 25th Floor, Dalal Street Mumbai - 400 001 Scrip Code: 516030 Ref: Prior Intimation dated 1st October, 2026 under Regulation 29(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) Subject: Outcome of Board Meeting held on 31st October, 2026 pursuant to Regulation 30 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), this is to inform you that the Board of Directors of the Company at its meeting held today i.e. 31st October, 2026 has, inter- alia, transacted, considered, reviewed and approved the following matters. 1. APPROVAL FOR UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2026 The Board of Directors of the Company, at its meeting held on 31st October, 2026, considered and approved the Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended 30th September, 2026, together with the segment-wise information, Statements of Assets and Liabilities and Statements of Cash Flo ws, as reviewed and recommended by the Audit Committee. Accordingly, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), we enclose the following: i) Unaudited Standalone Fin ancial Results for the quarter and half year ended 30th September, 2026, together with segment-wise information, the Statement of Assets and Liabilities as at that date and the Statement of Cash Flows for the half year ended on that date — Annexure – 1. ii) Unaudited Consolidated Financial Results for the quarter and half year ended 30th September, 2026, together with segment-wise information, the Statement of Assets and Liabilities as at that date and the Statement of Cash Flows for the half year ended on that date — Annexure – 2. iii) Statutory Auditors’ Limited Review Report on the Unaudited Standalone Financial Results for the quarter and half year ended 30th September, 2026 — Annexure – 3.
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Pakka Limited, Pakka Nagar, Ayodhya 224135 (U.P.), India Registered Office: 312, Plaza Kalpana Society, 24/147, B-49, +91 78000 18989 | connect@pakka.com Birhana Road, Kanpur, Uttar Pradesh-208001, India www.pakka.com CIN: L24231UP1981PLC005294 iv) Statutory Auditors’ Limited Review Report on the Unaudited Consolidated Financial Results for the quarter and half year ended 30th September, 2026 — Annexure – 4. The Limited Review Report on the Unaudited Consolidated Financial Results for the quarter and half year ended 30th September, 2026 contains a qualified conclusio n concerning uncertainty regarding the resumption of an overseas subsidiary’s project and the recoverability of Capital Work -in-Progress amounting to ₹3,247.23 lakh, including whether any adjustment to its carrying amount is required. The report also contains an Emphasis of Matter concerning an overseas subsidiary’s working -capital deficit and dependence on continued financial support from related parties and shareholders. The Limited Review Report on the Unaudited Standalone Financial Results contains an Emphasis of Matter concerning management’s assessment that no impairment of the investment in an overseas subsidiary is warranted despite the temporary suspension of construction of the manufacturing facility in Guatemala. The auditors’ respective conclusi ons are not modified in respect of these Emphasis of Matter paragraphs. 2. SECOND MONITORING AGENCY REPORT FOR THE QUARTER ENDED 30 SEPTEMBER 2026 Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 162A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, enclosed as Annexure – 5 is the Second Mon itoring Agency Report issued by Brickwork Ratings India Private Limited for the quarter ended 30th September, 2026. The report was reviewed by the Audit Committee at its meeting held on 30th October, 2026 and taken on record by the Board at its meeting held on 31st October, 2026. The report covers the utilisation of proceeds from the Company’s preferential issue of equity shares and convertible warrants, aggregating to ₹114.62 crore, including consideration receivable upon exercise of the warrants. No addi tional proceeds were received from the preferential issue during the quarter ended 30th September, 2026. The Monitoring Agency has reported no deviation from the objects of the issue. The signed report was received by the Company on 29th October, 2026 and is being submitted to the Stock Exchanges. 3. INVESTOR CALL The Company will hold an Analysts/Investors Earnings Conference Call on Tuesday, 3rd November, 2026 at 4:00 p.m. (IST), during which the management will discuss the Company’s business and financial performance for the quarter and half year ended 30th September, 2026. The details of the conference call are available on the Company’s website at www.pakka.com.
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Pakka Limited, Pakka Nagar, Ayodhya 224135 (U.P.), India Registered Office: 312, Plaza Kalpana Society, 24/147, B-49, +91 78000 18989 | connect@pakka.com Birhana Road, Kanpur, Uttar Pradesh-208001, India www.pakka.com CIN: L24231UP1981PLC005294 The meeting commenced at 9:00 a.m. IST, was adjourned at 12:00 noon IST, resumed at 5:30 p.m. IST and concluded at 5:55 p.m. IST. The information in the above notice is also available on the website of the Company https://www.pakka.com. We request you to kindly take the above on record and bring it to the notice of all concerned. Thanking you, Yours faithfully, for Pakka Limited Sachin Kumar Srivastava Company Secretary & Head Corporate Finance Encl: As above
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Year ended Half year endedQuarter endedParticularsS. No.31.03.202630.09.202530.09.202630.09.202530.06.202630.09.2026AuditedUnauditedUnauditedUnauditedUnauditedUnauditedIncome1 35,579.54 15806.3024,123.07 7582.3911,718.68 12,404.39 (a) Revenue from Operations1,098.31 458.83455.65 256.59241.41 214.24 (b) Other Income36,677.85 16265.1324,578.72 7838.9811,960.09 12,618.63 Total IncomeExpenses2 14,311.20 6396.258,245.19 2963.394,080.40 4,164.79 (a) Cost of materials consumed1,588.70 505.722,367.85 265.131,227.25 1,140.60 (b) Cost of Traded Goods sold186.11 531.10597.77 654.57189.20 408.57(c) Changes in inventories of finished goods and work in progress 5,099.71 2135.293,254.69 1251.331,590.39 1,664.30 (d) Power and Fuel3,841.77 1554.682,159.61 448.701,048.51 1,111.10(e) Employee Benefits expenses1,140.01 563.311,151.23 268.50484.77 666.46 (f) Finance Costs1,652.67 825.96839.15 413.47423.35 415.80 (g) Depreciation and Amortisation expense6,337.20 3058.964,195.28` 1534.192,039.40 2,155.88 (h) Other expenses34,157.37 15,571.2722,810.77 7799.2811,083.27 11,727.50Total Expenses2,520.48 693.861767.95 39.70876.82 891.13Profit/ (Loss) before exceptional items & tax [1-2]3 --(466.30)--(466.30)Exceptional Items4 2,520.48 693.861,301.65 39.70876.82 424.83Profit/ (Loss) after exceptional items before Tax [3-4]5 705.60 177.81387.30 9.26250.75 136.55 Tax Expense6 1,814.88 516.05914.35 30.44626.07 288.28Profit/ (Loss) for the year [5-6]7Other Comprehensive income8Items that will not be reclassified to profit or loss47.25 (18.07)(43.12)21.02(33.75)(9.37)(i) remeasurements of defined benefit plans(11.89)4.5510.85 (5.29)8.49 2.36 (ii) Income taxes related to items that will not be reclassified to profit or loss35.36 (13.52)(32.27)15.73(25.26)(7.01)Total Other Comprehensive Income1,850.24 502.53882.08 46.17600.81 281.27Total Comprehensive Income for the year [7+8]9 4,494.81 4494.814,766.814494.814,766.81 4,766.81Paid-up equity share capital (FV per share Rs. 10/- each)10 Statement of Unaudited Standalone Financial Results for quarter and half year ended 30th September, 2026(Rs. In Lakhs)
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Year ended Half year endedQuarter endedParticularsS. No.31.03.202630.09.202530.09.202630.09.202530.06.202630.09.2026UnauditedUnauditedUnauditedUnauditedUnauditedUnauditedEarnings per share (FV per share Rs. 10/- each)11 4.041.152.030.071.370.62(a) Basic (Rs)4.041.152.030.071.370.62(b) Diluted (Rs)Statement of Unaudited Standalone Financial Results for quarter and half year ended 30th September, 2026(Rs. In Lakhs) PAKKA LIMITED Regd. Office : 312, Plaza Kalpana Society, 24/147, B-49, Birhana Road, Kanpur, Uttar Pradesh - 208 001, IndiaCorp. Office : Pakka Nagar, Ayodhya, Uttar Pradesh - 224135, IndiaCIN: L24231UP1981PLC005294 I T: +91 7800018989E: connect@pakka.com I Website : www.pakka.com
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As at 31.03.2026As at 30.09.2026ParticularsS. No.AuditedReviewedAssetsNon-current Assets1 20493.9919,540.54 (a) Property, plant and equipment55,470.97 73,443.57(b) Capital work in progress106.57 87.48 (c) Right to Use Assets--(d) Goodwill13.46 6.41 (e) Other intangible assets547.06 676.77 (f) Intangible assets under development(g) Financial Assets7,055.16 7,055.16 (i) Investments in Subsidiaries0.20 0.24 (ii) Investments1,179.81 1,142.49(iii) Loans10.45 1,912.12 (iv) Other Financial Assets70.07 79.17 (h) Income Tax Assets (net)3,588.37 1,848.75(i) Other non-current assets88,536.11 105,792.69Sub- totalCurrent Assets2 14,560.85 10,338.46(a) Inventories(b) Financial Assets--(i) Investments4,890.83 5,918.32 (Ii) Trade receivables1,787.27 119.59 (iIi) Cash and cash equivalents416.22 1,137.03 (iv) Bank balances other than (iii) above43.18 81.41(v) Loans168.18 246.71 (vi) Other financial assets4,805.70 5,965.19(c) Other current assets26,672.23 23,806.71Sub- total115,208.34 129,599.40Total Assets Statement of Standalone Assets and Equity and Liability As at 30th September,2026(Rs. In Lakhs)
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As at 31.03.2026As at 30.09.2026ParticularsS. No.AuditedReviewedEquity and LiabilitiesEquity1 4,494.81 4,766.81 (a) Equity share capital2,448.00 2,117.08 (b) Money received against share warrant43,696.22 49,669.64(c) Other equity50,639.03 56,553.53Total EquityLiabilitiesNon-current liabilities2(a) Financial liabilities30,786.79 44,879.70 (i) Borrowings79.85 59.99(ii) Lease liabilities5,982.49 4,191.28 (iii) Other financial liabilities1,944.14 2,320.59(b) Deferred tax liabilities (net)5,158.17 6,111.87(c) Othernon-currentliabilities169.81 131.58 (d) Provisions 44,121.25 57,695.01 Sub- totalCurrent Liabilities3(a) Financial liabilities14,923.05 9,059.79 (i) Borrowings34.53 37.96(ii) Lease liabilities(iii) Trade payables717.72 441.32 (A) Total outstanding dues of Small Enterprises and Micro enterprises3,248.67 994.56 (B) Total outstanding dues of creditors other than small enterprises and micro enterprises.32.05 2,578.30 (iv) Other financial liabilities1,435.78 2,174.53(b) Other current liabilities56.26 64.40 (c) Provisions--(d) Current Tax liabilities ( Net)20,448.06 15,350.86Sub- total64,569.31 73,045.87Total liabilities115,208.34 129,599.40Total Equity and Liabilities Statement of Standalone Assets and Equity and Liability As at 30th September,2026(Rs. In Lakhs)
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Year endedHalf Year endedParticularsS. No.31.03.202630.09.2026AuditedReviewedCASH FLOW FROM OPERATING ACTIVITIESA. 2,520.48 1,767.95Net Profit before taxAdjustments for :1,652.67 839.15 Depreciation and amortization81.16 44.19 Loss/ (profit) on sale of property, plant and equipment(272.48)(162.18)Interest income976.83 530.94 Finance cost47.25 (43.12)Remeasurement of net defined benefit plans0.07 (0.04)Net (gain)/ loss on investments measured at Fair Value through Profit and Loss(3.27)(9.93)Employees Share Base payment Reserve-ESOP5,002.71 2,966.96Operating profit before working capital changesChanges in working capital:Adjustment for (increase)/decrease in operating assets(402.98)(1,027.49)(Increase)/ decrease in trade receivables(1,364.62)4,222.39(Increase)/ decrease in inventories101.87 (78.53)(Increase)/ decrease in other financial assets(2,149.91)(1,198.49)(Increase)/ decrease in other assetsAdjustment for increase/(decrease) in operating liabilities2,582.19 (2,530.51)Increase/ (decrease) in trade payables(12.32) 2,546.25 Increase/ (decrease) in other financial liabilities4,701.72 1,666.02Increase/ (decrease) in other liabilities22.36 (30.09)Increase/ (decrease) in provisions8,481.02 6,536.51Cash generated from operations(1,107.56)(9.10)Income taxes refunded / (paid), net7,373.46 6,527.41Net cash generated from operating activities Statement of Standalone Cash Flows for the half year ended 30th September, 2026(Rs. In Lakhs)
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Year endedHalf Year endedParticularsS. No.31.03.202630.09.2026AuditedReviewedCASH FLOW FROM INVESTING ACTIVITIESB. (35,481.31)(18,606.02)Purchase of property, plant and equipment, intangible assets (including capital work in progress and capital advances)99.71 131.08Proceeds from sale of property, plant and equipment3,145.20 40.55 (Increase)/ decrease in Loans 144.36 120.72 Interest received(4,791.90)-Investments in Subsidiary Company260.15 (2,622.48)Other bank balances (margin money)(36,623.79)(20,936.15)Net cash (used in) / generated from investing activitiesCASH FLOW FROM FINANCING ACTIVITIESC. 21,745.60 14,092.91 Increase/ (decrease) in long-term borrowings3,753.63 (5,863.26)Increase/ (decrease) in short-term borrowings-272.00 Proceeds from issue of Equity shares-2,117.08 Proceeds from money received against share warrant-2,653.76 Security Premium on issue of equity Shares(976.83)(530.94)Finance costs paid-(0.49)Preferential equity warrant forfeited24,522.40 12,741.06 Net cash used in financing activities(4,727.93)(1,667.68)INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS6,515.20 1,787.27 Cash and cash equivalents at the beginning of the year1,787.27 119.59 Cash and cash equivalents at the end of the year Note:Reconciliation between cash and cash equivalents and cash and bank balances1,787.27 119.59 Cash and cash equivalents as per cash flow statement426.67 3,049.15 Add: Margin money deposits not considered as cash and cash equivalents2,213.94 3,168.74 Cash and bank balances Statement of Standalone Cash Flows for the half year ended 30th September, 2026(Rs. In Lakhs)
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Year ended Half year endedQuarter endedParticularsS. No.31.03.202630.09.202530.09.202630.09.202530.06.202630.09.2026AuditedUnauditedUnauditedUnauditedUnauditedUnauditedSegment Revenue (Sales and Other income)1 30,354.72 13,313.53 20,853.49 6,264.64 10,114.40 10,739.09 - Paper & Pulp6,323.13 2,951.60 3,725.23 1,574.34 1,845.69 1,879.54 - Moulded Products36,677.85 16,265.13 24,578.72 7,838.98 11,960.09 12,618.63 Sub-total -----Less: Unallocable Revenue36,677.85 16,265.13 24,578.72 7,838.98 11,960.09 12,618.63 Total RevenueSegment Results2Profit before tax from each segment3,836.51 965.02 2,165.30 183.63 1,099.22 1,066.08 - Paper & Pulp(1,084.24)(166.94)(282.24)(106.19)(162.39)(119.85)- Moulded Products2,752.27 798.08 1,883.06 77.44 936.83 946.23 Sub-totalLess:(231.79)(104.22)(115.11)(37.74)(60.01)(55.10)Other un-allocable expenditureAdd:------Other un-allocable income2,520.48 693.86 1,767.95 39.70 876.82 891.13 Profit/ Loss Before TaxSegment Assets3 109,492.41 84,645.88 129,401.66 84,645.88 125,997.52 129,401.66 - Paper & Pulp5,600.99 1,357.46 (3.88) 1,357.46 5,616.39 (3.88) - Moulded Products115,093.40 86,003.34 129,397.7886,003.34 131,613.91 129,397.78Sub-totalAdd:114.94 419.54 201.62 419.54 185.96 201.62 Un-allocable assets115,208.34 86,422.88 129,599.40 86,422.88 131,799.87 129,599.40 Total Assets Unaudited Standalone Segment wise Revenue, Results, Assets and Liabilities(Rs. In Lakhs)
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Year ended Half year endedQuarter endedParticularsS. No.31.03.202630.09.202530.09.202630.09.202530.06.202630.09.2026AuditedUnauditedUnauditedUnauditedUnauditedUnauditedSegment Liabilities4 54,257.25 31,710.97 67,175.51 31,710.97 64,390.20 67,175.51 - Paper & Pulp7,963.80 2,802.97 3,106.95 2,802.97 8,212.56 3,106.95 - Moulded Products62,221.05 34,513.94 70,282.4634,513.94 72,602.76 70,282.46Sub-totalAdd:2,278.17 2,984.00 2,684.25 2,278.17 2,924.85 2,684.25 Un-allocable liabilities64,499.22 37,497.94 72,966.71 36,792.11 75,527.61 72,966.71 Total LiabilitiesCapital Employed5 55,235.16 53,308.63 62,226.15 55,235.16 61,607.32 62,226.15 - Paper & Pulp(2,362.81)(1,445.51)(3,110.83)(2,362.81)(2,596.17)(3,110.83)- Moulded Products(2,163.23)(2,938.18)(2,482.63)(2,163.23)(2,738.89)(2,482.63)Unallocable assets less liabilities50,709.12 48,924.94 56,632.69 50,709.12 56,272.26 56,632.69 Capital Employed Unaudited Standalone Segment wise Revenue, Results, Assets and Liabilities(Rs. In Lakhs) Notes:1) The Company is engaged in the following business segments:- Paper & Pulp- Moulded Products2) Segments have been identified taking into account the nature of activities and nature of risks and returns.Notes:1) The above Unaudited Standalone Financial Results have been reviewed by the Audit Committee in its meeting held on 30th October, 2026 and approved by the Board of Directors at their meeting held on 31st October, 2026. The Statutory Auditors of the Company have carried out Limited Review of the aforesaid results.2) These Financial Results have been prepared in accordance with the recognition and measurement principles of the Indian Accounting Standards( "Ind AS"), prescribed under section 133 of the Companies Act, 2013, read with the relevant rules issued thereunder and other accounting principles generally accepted in India and in accordance with the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended.3) Exceptional Items comprise loss of Rs.4.66 crores on disposal of property, plant and equipment, during the quarter representingthe difference between carrying amount and net disposal proceeds . 4) The scheme of Merger of Pakka Impact Limited (CIN: U74110UP2014PLC062982), a wholly owned subsidiary company into Pakka Limited (CIN: L24231UP1981PLC005294) effective 1st April, 2025 has been approved by the Board of Directors in their meeting held on 30th May, 2025 in terms of the provisions of Section 230-232 of the Companies Act, 2013. The Hon'ble National Company Law Tribunal, Allahabad has reserved for final order on 13th October, 2026. In view of the pending approvals from Hon'ble Court no effects of PIL financials are given in above results.5) As per the Board approval, Pakka Pte Limited, a wholly owned subsidiary of the Company shall be closed in this Financial Year. Requisite provision for impairment has already been considered in the audited financials of FY 2023-24.6) During the Half year under review , 36,00,000 convertible warrants allotted on 14 October 2024 lapsed upon expiry of the extended exercise period on 13 April 2026, as the warrant holders did not exercise their conversion rights. Consequently, the upfront consideration of Rs.2,448 lakh stands forfeited. The forfeited amount is credited to Capital Reserve. 7) During the half year under review , the Company raised Rs.425 crores through issue of secured Non-Convertible Debentures on Private Placement Basis. The proceeds have been utilized towards repayment of existing borrowings, ongoing Jagriti project and other permitted purposes as defined in the Debenture Trust Deed in accordance with terms of use.8) During the half year under review, pursuant to the requisite shareholder and regulatory approvals, Company raised Rs.51.10 crores through the preferential issue of 27,20,000 equity shares of face value of Rs.10 at a security premium of Rs.100 per equity shares to non-promoter group and 77,00,000 warrants of Rs.110 each convertible into equity shares to Promoters' Group out of which upfront consideration Rs.21.18 crores i.e. 25% was received on allotment. The proceeds have been / will be utilized for repayment of existing borrowings or Jagriti Project and other purpose as defined in the notice of Extra-Ordinary General Meeting in accordance with terms of use.9) The results of the company are available on the company's website www.pakka.com, BSE website at www.bseindia.com and NSE website at www.nseindia.com.FOR PAKKA LIMITEDManoj Kumar MauryaChief Financial OfficerPlace: New DelhiDate: 31st October,2026FOR PAKKA LIMITEDVed KrishnaManaging DirectorDIN: 00182260Place: New DelhiDate: 31st October,2026 VED KRISHNA Digitally signed by VED KRISHNA Date: 2026.10.31 12:36:45 +05'30' MANOJ KUMAR MAURYA Digitally signed by MANOJ KUMAR MAURYA Date: 2026.10.31 12:37:14 +05'30'
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Year ended Half year endedQuarter endedParticularsS. No.31.03.202630.09.202530.09.202630.09.202530.06.202630.09.2026AuditedUnauditedUnauditedUnauditedUnauditedUnauditedIncome1 35,629.31 15829.1324,123.07 7632.4011,718.68 12,404.39 (a) Revenue from Operations1,123.90 440.33441.94 306.71220.89 221.05 (b) Other Income36,753.21 16269.4624,565.01 7939.1111,939.57 12,625.44 Total IncomeExpenses2 14,311.20 6396.258,245.19 2963.394,080.40 4,164.79 (a) Cost of materials consumed1,653.03 534.552,367.85 270.481,227.25 1,140.60 (b) Cost of Traded goods sold186.11 531.20597.77 654.67189.20 408.57 (c) Changes in inventories of finished goods and work in progress 5,099.71 2135.293,254.69 1251.331,590.39 1,664.30 (d) Power and Fuel4,378.38 1974.232,171.02 604.051,053.75 1,117.27 (e) Employee Benefits expenses1,177.33 563.471,169.38 265.76486.76 682.62 (f) Finance Costs1,656.77 828.30840.52 415.14424.04 416.48 (g) Depreciation and Amortisation expense6,934.77 3492.194,208.67 1715.872,047.92 2,160.75 (h) Other expenses35,397.30 16455.4822,855.09 8140.6911,099.71 11,755.38 Total Expenses1,355.91 (186.02)1,709.92 (201.58)839.86 870.06 Profit/ (Loss) before exceptional items & tax [1-2]3 --(466.30)--(466.30)Exceptional Items4 1,355.91 (186.02)1,243.62 (201.58)839.86 403.76 Profit/ (Loss) after exceptional items before Tax [3-4]5 705.60 177.81387.30 9.27250.75 136.55 Tax Expense6 650.31 (363.83)856.32 (210.85)589.11 267.21 Profit/ (Loss) for the year [5-6]7Other Comprehensive income8Items that will not be reclassified to profit or loss47.25 (18.07)(43.12)21.02(33.75)(9.37)(i) remeasurements of defined benefit plans(11.89)4.5510.85 (5.29)8.49 2.36 (ii) Income taxes related to items that will not be reclassified to profit or loss440.20 206.9573.07 134.76(0.78)73.85 (iii) Foreign Currency Transition Reserve475.56 193.4340.80 150.49(26.04)66.84 Total Other Comprehensive Income1,125.87 (170.40)897.12 (60.36)563.07 334.05 Total Comprehensive Income for the year [7+8]9Profit/(Loss) for the year attributable to10 650.31 (363.83)856.32 (210.85)589.11 267.21 Owners of the company-----Non Controlling interest650.31 (363.83)856.32 (210.85)589.11 267.21 Statement of Unaudited Consolidated Financial Results for quarter and half year ended 30th September, 2026(Rs. In Lakhs)
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Year ended Half year endedQuarter endedParticularsS. No.31.03.202630.09.202530.09.202630.09.202530.06.202630.09.2026AuditedUnauditedUnauditedUnauditedUnauditedUnauditedOther comprehensive income for the year attributable to11 475.56 193.4340.80 150.49(26.04)66.84 Owners of the company------Non Controlling interest475.56 193.4340.80 150.49(26.04)66.84 Total comprehensive income for the year attributable to12 1,125.87 (170.40)897.12 (60.36)563.07 334.05 Owners of the company------Non Controlling interest1,125.87 (170.40)897.12 (60.36)563.07 334.05 4,494.81 4494.814,766.81 4494.814,766.81 4,766.81 Paid-up equity share capital (FV per share Rs. 10/- each)13Earnings per share (FV per share Rs. 10/- each)14 1.45 (0.81)1.90 (0.47)1.29 0.57 (a) Basic (Rs)1.45 (0.81)1.90 (0.47)1.29 0.57 (b) Diluted (Rs) Statement of Unaudited Consolidated Financial Results for quarter and half year ended 30th September, 2026(Rs. In Lakhs) PAKKA LIMITED Regd. Office : 312, Plaza Kalpana Society, 24/147, B-49, Birhana Road, Kanpur, Uttar Pradesh - 208 001, IndiaCorp. Office : Pakka Nagar, Ayodhya, Uttar Pradesh - 224135CIN: L24231UP1981PLC005294 I T: +91 7800018989E: connect@pakka.com I Website : www.pakka.com
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As at 31.03.2026As at 30.09.2026ParticularsS. No.AuditedReviewedAssetsNon-current Assets1 20,709.21 19,742.13 (a) Property, plant and equipment58,668.78 76,690.81 (b) Capital work-in-progress106.57 87.48 (c) Right to Use Assets175.82 175.82 (d) Goodwill13.46 6.41 (e) Other intangible assets1,003.85 1,153.84 (f) Intangible assets under development(g) Financial assets0.20 0.24 (i) Investments167.21 67.58 (ii) Loans10.45 1,912.12 (iii) Other Financial Assets70.07 79.17 (h) Income Tax Assets (Net)4,276.68 2,634.31 (i) Other non current assets85,202.30 102,549.91 Sub- totalCurrent Assets2 14,561.11 10,338.72 (a) Inventories(b) Financial assets--(i) Investments4,592.53 5,607.04 (ii) Trade receivables1,794.12 125.76 (iii) Cash and cash equivalents416.22 1,137.03 (iv) Bank balances other than (ii) above43.18 81.41 (v) Loans174.55 246.71 (vi) Other financial assets4,880.57 5,970.37 (c) Other current assets26,462.28 23,507.04 Sub- total111,664.58 126,056.95 Total Assets Statement of Consolidated Assets and Equity and Liability As at 30th September,2026(Rs. In Lakhs)
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As at 31.03.2026As at 30.09.2026ParticularsS. No.AuditedReviewedEquity and LiabilitiesEquity1 4,494.81 4,766.81 (a) Equity share capital2,448.00 2,117.08 (b) Money received against share warrant39,385.44 45,373.89 (c) Other equity46,328.25 52,257.78 Total EquityLiabilitiesNon-current liabilities2(a) Financial liabilities30,991.29 45,091.30 (i) Borrowings79.85 59.99 (ii) Lease liabilities6,001.72 4,210.81 (iii) Other financial liabilities1,944.15 2,320.60 (b) Deferred tax liabilities (net)5,498.12 6,470.57 (c) Other non current liabilities169.81 131.58 (d) Provisions 44,684.94 58,284.85 Sub- totalCurrent Liabilities3(a) Financial liabilities14,923.05 9,059.79 (i) Borrowings34.53 37.96 (ii) Lease liabilities(iii) Trade payables717.72 441.32 (A) Total outstanding dues of Small Enterprises and Micro enterprises3,354.84 1,017.25 (B) Total outstanding dues of creditors other than small enterprises and micro enterprises.32.05 2,578.30 (iv) Other financial liabilities1,532.94 2,315.30 (b) Other current liabilities56.26 64.40 (c) Provisions--(d) Current Tax liabilities ( Net)20,651.39 15,514.32 Sub- total65,336.33 73,799.17 Total liabilities111,664.58 126,056.95 Total Equity and Liabilities Statement of Consolidated Assets and Equity and Liability As at 30th September,2026(Rs. In Lakhs)
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Year endedHalf Year endedParticularsS. No.31.03.202630.09.2026AuditedReviewedCASH FLOW FROM OPERATING ACTIVITIESA. 1,355.91 1,709.92 Net Profit before taxAdjustments for :1,656.77 840.52 Depreciation and amortization81.16 44.19 Loss/ (profit) on sale of property, plant and equipment(144.64 )(120.73)Interest income1,177.33 545.12 Finance cost47.25 (43.12)Remeasurement of net defined benefit plans440.20 73.07 Foreign currency Transition Reserve(2.74)-Excess provision written back5.56 -Provision for doubtful debt0.07 (0.04)Net (gain)/ loss on investments measured at Fair Value through Profit and Loss3.27 (9.94)Employees Share Base payment Reserve-ESOP4,620.14 3,038.99 Operating profit before working capital changesChanges in working capital:Adjustment for (increase)/decrease in operating assets33.61 (1,014.51)(Increase)/ decrease in trade receivables(1,364.88)4,222.39 (Increase)/ decrease in inventories91.21 (1,973.83)(Increase)/ decrease in other financial assets(2,189.61)(1,201.70)(Increase)/ decrease in other assetsAdjustment for increase/(decrease) in operating liabilities2,550.71 (2,613.99)Increase/ (decrease) in trade payables(12.32)2,546.13 Increase/ (decrease) in other financial liabilities4,868.86 1,728.38 Increase/ (decrease) in other liabilities22.36 (30.09)Increase/ (decrease) in provisions8,620.08 4,701.77 Cash generated from operations(1,107.56)(9.10)Income taxes refunded / (paid), net7,512.52 4,692.67 Net cash generated from operating activities Statement of Consolidated Cash Flows for the half year ended 30th September, 2026(Rs. In Lakhs)
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Year endedHalf Year endedParticularsS. No.31.03.202630.09.2026AuditedReviewedCASH FLOW FROM INVESTING ACTIVITIESB. (37,325.38)(18,687.41)Purchase of property, plant and equipment, intangible assets (including capital work in progress and capital advances)119.96 131.08 Proceeds from sale of property, plant and equipment78.96 61.40 (Increase)/ decrease in Loans including accrued interest144.64 120.73 Interest received260.15 (720.81)Other bank balances (margin money)(36,721.67)(19,095.01)Net cash (used in) / generated from investing activitiesCASH FLOW FROM FINANCING ACTIVITIESC. 21,736.81 14,100.01 Increase/ (decrease) in long-term borrowings3,733.53 (5,863.26)Increase/ (decrease) in short-term borrowings-272.00 Proceeds from issue of Equity shares-2,117.08 Proceeds from money received against share warrant-2,653.76 Security Premium on issue of Equity shares(1,177.33)(545.12)Finance costs paid-(0.49)Preferential equity warrant forfeited24,293.01 12,733.98 Net cash used in financing activities(4,916.14)(1,668.36)INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS6,710.26 1,794.12 Cash and cash equivalents at the beginning of the year1,794.12 125.76 Cash and cash equivalents at the end of the year Note:Reconciliation between cash and cash equivalents and cash and bank balances1,794.12 125.76 Cash and cash equivalents as per cash flow statement426.67 3,049.15 Add: Margin money deposits not considered as cash and cash equivalents2,220.79 3,174.91 Cash and bank balances Statement of Consolidated Cash Flows for the half year ended 30th September, 2026(Rs. In Lakhs)
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Year ended Half year endedQuarter endedParticularsS. No.31.03.202630.09.202530.09.202630.09.202530.06.202630.09.2026AuditedUnauditedUnauditedUnauditedUnauditedUnauditedSegment Revenue (Sales and Other income)1 30,430.08 13,317.86 20,839.78 6,364.77 10,093.88 10,745.90 - Paper & Pulp6,323.13 2,951.60 3,725.23 1,574.34 1,845.69 1,879.54 - Moulded Products36,753.21 16,269.46 24,565.01 7,939.11 11,939.57 12,625.44 Sub-total------Less: Unallocable Revenue36,753.21 16,269.46 24,565.01 7,939.11 11,939.57 12,625.44 Total RevenueSegment Results2Profit before tax from each segment2,676.53 87.37 2,112.88 (55.42) 1,064.13 1,048.75 - Paper & Pulp(1,084.24)(166.94)(282.24)(106.19)(162.39)(119.85)- Moulded Products1,592.29 (79.57) 1,830.64 (161.61) 901.74 928.90 Sub-totalLess:(236.38)(106.45)(120.72)(39.97)(61.88)(58.84)Other un-allocable expenditureAdd:-----Other un-allocable income1,355.91 (186.02) 1,709.92 (201.58) 839.86 870.06 Profit/ Loss Before TaxSegment Assets3 105,878.66 80,939.33 125,858.71 80,939.33 122,420.56 125,858.71 - Paper & Pulp5,600.99 1,357.46 (3.88)1,357.46 5,616.39 (3.88) - Moulded Products111,479.65 82,296.79 125,854.83 82,296.79 128,036.95 125,854.83 Sub-totalAdd:184.93 419.55 202.12 419.55 114.91 202.12 Un-allocable assets111,664.58 82,716.34 126,056.95 82,716.34 128,151.86 126,056.95 Total Assets Unaudited Consolidated Segment wise Revenue, Results, Assets and Liabilities(Rs. In Lakhs)
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Year ended Half year endedQuarter endedParticularsS. No.31.03.202630.09.202530.09.202630.09.202530.06.202630.09.2026AuditedUnauditedUnauditedUnauditedUnauditedUnauditedSegment Liabilities4 54,999.82 32,246.34 68,006.93 32,246.34 65,058.75 68,006.93 - Paper & Pulp7,963.80 2,802.97 3,106.95 2,802.97 8,212.56 3,106.95 - Moulded Products62,963.62 35,049.31 71,113.88 35,049.31 73,271.31 71,113.88 Sub-totalAdd:2,372.67 2,635.70 2,685.29 2,635.70 2,952.27 2,685.29 Un-allocable liabilities65,336.29 37,685.01 73,799.17 37,685.01 76,223.58 73,799.17 Total LiabilitiesCapital Employed5 50,878.84 48,692.99 57,851.78 48,692.99 57,290.82 57,851.78 - Paper & Pulp(2,362.81)(1,445.51)(3,110.83)(1,445.51)(2,525.20)(3,110.83)- Moulded Products(2,187.74)(2,216.15)(2,483.17)(2,216.15)(2,837.34)(2,483.17)Unallocable assets less liabilities46,328.29 45,031.33 52,257.78 45,031.33 51,928.28 52,257.78 Capital Employed Unaudited Consolidated Segment wise Revenue, Results, Assets and Liabilities(Rs. In Lakhs) 1) Notes:2) The Company is engaged in the following business segments:- Paper & Pulp- Moulded Products2) Segments have been identified taking into account the nature of activities and nature of risks and returns.Notes:1) The above Unaudited Consolidated Financial Results have been reviewed by the Audit Committee in its meeting held on 30th October, 2026 and approved by the Board of Directors at their meeting held on 31st October, 2026. The Statutory Auditors of the Company have carried out Limited Review of the aforesaid results.2) These Financial Results have been prepared in accordance with the recognition and measurement principles of the Indian Accounting Standards( "Ind AS"), prescribed under section 133 of the Companies Act, 2013, read with the relevant rules issued thereunder and other accounting principles generally accepted in India and in accordance with the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended.3) Exceptional Items comprise loss of Rs.4.66 crores on disposal of property, plant and equipment, during the quarter representingthe difference between carrying amount and net disposal proceeds . 4) The scheme of Merger of Pakka Impact Limited (CIN: U74110UP2014PLC062982), a wholly owned subsidiary company into Pakka Limited (CIN: L24231UP1981PLC005294) effective 1st April, 2025 has been approved by the Board of Directors in their meeting held on 30th May, 2025 in terms of the provisions of Section 230-232 of the Companies Act, 2013. The Hon'ble National Company Law Tribunal, Allahabad has reserved for final order on 13th October, 2026. In view of the pending approvals from Hon'ble Court no effects of PIL financials are given in above results.5) As per the Board approval, Pakka Pte Limited, a wholly owned subsidiary of the Company shall be closed in this Financial Year. Requisite provision for impairment has already been considered in the audited financials of FY 2023-24.6) During the Half year under review, 36,00,000 convertible warrants allotted on 14 October 2024 lapsed upon expiry of the extended exercise period on 13 April 2026, As the warrant holders did not exercise their conversion rights. consequently, the upfront consideration of Rs.2,448 lakh stands forfeited. The forfeited amount is credited to Capital Reserve 7) During the half year under review , the Company raised Rs.425 crores through issue of secured Non-Convertible Debentures on Private Placement Basis. The proceeds have been utilized towards repayment of existing borrowings, ongoing Jagriti project and other permitted purposes as defined in the Debenture Trust Deed in accordance with terms of use.8) During the half year under review, pursuant to the requisite shareholder and regulatory approvals, Company raised Rs.51.10 crores through the preferential issue of 27,20,000 equity shares of face value of Rs.10 at a security premium of Rs.100 per equity shares to non-promoter group and 77,00,000 warrants of Rs.110 each convertible into equity shares to Promoters' Group out of which upfront consideration Rs.21.18 crores i.e. 25% was received on allotment. The proceeds have been / will be utilized for repayment of existing borrowings or Jagriti Project and other purpose as defined in the notice of Extra-Ordinary General Meeting in accordance with terms of use.9) The results of the company are available on the company's website www.pakka.com, BSE website at www.bseindia.com and NSE website at www.nseindia.com.
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FOR PAKKA LIMITEDManoj Kumar MauryaChief Financial OfficerPlace: New DelhiDate: 31st October,2026FOR PAKKA LIMITEDVed KrishnaManaging DirectorDIN: 00182260Place: New DelhiDate: 31st October,2026 VED KRISHNA Digitally signed by VED KRISHNA Date: 2026.10.31 12:35:52 +05'30' MANOJ KUMAR MAURYA Digitally signed by MANOJ KUMAR MAURYA Date: 2026.10.31 12:37:54 +05'30'
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3rd Floor, Mistry Bhavan, Dinshaw Vachha Road, Churchgate, Mumbai 400 020, India. Tel: +91 22 6623 0600 501-502, Narain Chambers, M.G. Road, Vile Parle (E), Mumbai 400 057, India. Tel: +91 22 6250 7600 Website: www.cnkindia.com MUMBAI | CHENNAI | VADODARA | AHMEDABAD | GIFT CITY | BENGALURU | DELHI | PUNE | DUBAI | ABU DHAB Independent Auditor’s Review Report on Unaudited Standalone Financial Results of Pakka Limited (“the Company”) for the quarter and half year ended September 30, 2026, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended. To The Board of Directors of Pakka Limited 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Pakka Limited (“the Company”) for the quarter and half year ended September 30, 2026 (“the Statement”), being submitted by the Company pursuant to the requirements of the Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the Listing Regulations”). 2. This Statement, which is the responsibility of the Company’s Management and approved by the Board of Directors at its meeting held on 31st October 2026, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to issue a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement of Unaudited Standalone Financial Results prepared in accordance with applicable Indian Accounting Standards, prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended including the manner in which it is to be disclosed, or that it contains any material misstatement
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3rd Floor, Mistry Bhavan, Dinshaw Vachha Road, Churchgate, Mumbai 400 020, India. Tel: +91 22 6623 0600 501-502, Narain Chambers, M.G. Road, Vile Parle (E), Mumbai 400 057, India. Tel: +91 22 6250 7600 Website: www.cnkindia.com MUMBAI | CHENNAI | VADODARA | AHMEDABAD | GIFT CITY | BENGALURU | DELHI | PUNE | DUBAI | ABU DHAB 5. Emphasis of Matter The Company holds shares in a wholly owned overseas subsidiary. In an earlier year, the Company had commenced construction of a manufacturing facility in Guatemala. During the last quarter of the preceding year, the said activity of construction of manufacturing facility was temporarily paused due to lack of necessary financing. Considering that (a) the pause is temporary (b) majority of the expenditure incurred till date is capable of alternate use and (c) the said subsidiary is in the process of evaluating alternate sources of funding the project, in the opinion of the Company, no impairment of the investment is warranted at this stage. The Company will continue to monitor the situation and review the impairment from time to time. Our opinion is not modified in respect of this matter. For C N K & Associates LLP Chartered Accountants Firm Registration No. 101961W/W-100036 Diwakar P. Sapre Partner Membership No. 040740 UDIN: 26040740QRSGAH7635 Date: 31st October 2026 DIWAKAR PRABHAKAR SAPRE Digitally signed by DIWAKAR PRABHAKAR SAPRE Date: 2026.10.31 12:44:02 +05'30'
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3rd Floor, Mistry Bhavan, Dinshaw Vachha Road, Churchgate, Mumbai 400 020, India. Tel: +91 22 6623 0600 501-502, Narain Chambers, M.G. Road, Vile Parle (E), Mumbai 400 057, India. Tel: +91 22 6250 7600 Website: www.cnkindia.com MUMBAI | CHENNAI | VADODARA | AHMEDABAD | GIFT CITY | BENGALURU | DELHI | PUNE | DUBAI | ABU DHAB Independent Auditor’s Review Report on Unaudited Consolidated Financial Results of Pakka Limited (“the Company”) for the quarter and half year ended September 30, 2026, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended. To The Board of Directors of Pakka Limited 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Pakka Limited (“the Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as the “the Group”), for the quarter and half year ended September 30, 2026 (“the Statement”) being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”). 2. This Statement, which is the responsibility of the Holding Company’s Management and approved by the Holding Company’s Board of Directors at their meeting held on 31st October 2026, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations, as amended. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33 (8) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, to the extent applicable. 4. The Statement includes the financial results of the following entities: Name of Subsidiary Company Country of Incorporation % Holding Pakka Inc. United Stated of America 100% Pakka Pte. Ltd Singapore 100% Pakka Impact Limited India 100%
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3rd Floor, Mistry Bhavan, Dinshaw Vachha Road, Churchgate, Mumbai 400 020, India. Tel: +91 22 6623 0600 501-502, Narain Chambers, M.G. Road, Vile Parle (E), Mumbai 400 057, India. Tel: +91 22 6250 7600 Website: www.cnkindia.com MUMBAI | CHENNAI | VADODARA | AHMEDABAD | GIFT CITY | BENGALURU | DELHI | PUNE | DUBAI | ABU DHAB Pakka Guatemala (100% subsidiary of Pakka Inc w.e.f. 10th April 2024) Guatemala 100% 5. Based on our review conducted and procedures performed as stated in paragraph 3 above, and based on the Financial Information of four subsidiaries (including one step down subsidiary) provided to us by the Management of the Holding Company, referred to in paragraphs 8 and 9 below, except for the effects of the matter described in the Basis for Qualified Conclusion paragraph in paragraph 6 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. Basis of Qualified Opinion In the case of one overseas subsidiary, the said Subsidiary has recognised Rs. 3,247.23 lakhs as Capital Work in Progress (“CWIP”), where the project activities were temporarily suspended during the last quarter of the preceding year due to non-arrangement of the necessary financing. As at the date of our report, the required funding had not been obtained and accordingly, there is uncertainty regarding the resumption of the project and the recoverability of the CWIP requiring any adjustment to the carrying amount. 7. Emphasis of Matter In the case of one overseas subsidiary, the said subsidiary is facing a working capital deficit. The subsidiary’s operations and its ability to meet its obligations are dependent upon continued financial support from related parties and shareholders. Our opinion is not modified in respect of this matter. 8. Other Matter: The accompanying Statement includes unaudited financial results/information of three subsidiaries including one step down subsidiary, whose financial results reflect total assets of Rs. 5,330.74 Lakhs as at September 30, 2026, total revenues (before consolidation adjustments) of Rs. Nil and Rs. Nil, total net loss after tax (before consolidation adjustments) of Rs. 4.65 Lakhs and Rs. 56.38 Lakhs and total comprehensive profit (before consolidation adjustments) of Rs. 67.94 Lakhs and Rs. 16.70 Lakhs for the quarter and half year ended September 30, 2026, respectively, and net cash outflow of Rs.0.68 Lakhs for the period April 1, 2026, to September 30, 2026, as considered in the Unaudited Consolidated Financial Results. These financial results/information of the said subsidiaries, which have been certified by management of that Company, have been furnished to us and our conclusion, in so far as it relates to the amounts and disclosures included in respect of the said subsidiaries, is solely based on such financial results/financial information certified by the management of that Company.
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3rd Floor, Mistry Bhavan, Dinshaw Vachha Road, Churchgate, Mumbai 400 020, India. Tel: +91 22 6623 0600 501-502, Narain Chambers, M.G. Road, Vile Parle (E), Mumbai 400 057, India. Tel: +91 22 6250 7600 Website: www.cnkindia.com MUMBAI | CHENNAI | VADODARA | AHMEDABAD | GIFT CITY | BENGALURU | DELHI | PUNE | DUBAI | ABU DHAB Our conclusion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the unaudited financial results certified by the Management as referred to in Para 8 above. For C N K & Associates LLP Chartered Accountants Firm Registration No. 101961W/W-100036 Diwakar P. Sapre Partner Membership No. 040740 UDIN: 26040740CXRXNW8507 Place: Mumbai Date: 31st October 2026 DIWAKAR PRABHAKAR SAPRE Digitally signed by DIWAKAR PRABHAKAR SAPRE Date: 2026.10.31 12:43:09 +05'30'
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1 Monitoring Agency Report for Pakka Limited for the quarter ended September 30, 2026
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2 No. BWR/2026-27/IPM/PL/02 October 29, 2026 To Mr. Ved Krishna Managing Director Pakka Limited 312, Plaza Kalpana Society, 24/147, B-49, Birhana Road, Kanpur, Uttar Pradesh – 208001, India. Dear Sir/Ma’am, Second Monitoring Agency Report for the quarter ended September 30, 2026 – in relation to the Preferential Issue of Pakka Limited (“the Company”) Pursuant to Regulation 162A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated August 14, 2026 , Brickwork Ratings (BWR) has prepared the Second Monitoring Agency Report, as per Schedule XI of the SEBI ICDR Regulations towards utilisation of proceeds of funds raised, for the quarter ended September 30, 2026. The funds raised by the Company were through Preferential Issue aggregating to Rs.114.62 Crore of the Company. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended September 30, 2026, as per aforesaid SEBI Regulations Request you to kindly take the same on records. Thanking you, Yours Faithfully, Mr Niraj Kumar Rathi Senior Director, Ratings - Brickwork Ratings NIRAJ KUMAR RATHI Digitally signed by NIRAJ KUMAR RATHI Date: 2026.10.29 17:04:16 +05'30'
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3 Report of the Monitoring Agency (MA) Name of the issuer: Pakka Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: Brickwork Ratings India Private Limited (a) Deviation from the objects: No (b) Range of Deviation: None Declaration: We declare that this report is based on the format prescribed by the SEBI (ICDR) Regulations, 2018, we further declare that this report provides a true and fair view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. We declare that we do not have any direct/indirect interest in or relationship with the issuer/promoters/directors/management and also confirm that we do not perceive any conflict of interest in such relationship/interest while monitoring and reporting the ut ilization of the issue proceeds by the issuer. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have a credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board. Signature: Name of the Authorized Signatory: Mr Niraj Kumar Rathi Designation of Authorized Person/Signing Authority: Senior Director, Ratings - Brickwork Ratings NIRAJ KUMAR RATHI Digitally signed by NIRAJ KUMAR RATHI Date: 2026.10.29 17:04:31 +05'30'
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4 1) Issuer Details: Name of the issuer: Pakka Limited Names of the promoter: Mr. Ved Krishna Mrs. Manjula Jhunjhunwala Krishnakumar Jhunjhunwala Mrs. Kimberly Ann McArthur Satori Global Limited Yash Agro Products Limited Industry / sector to which it belongs: Packaging Industry 2) Issue Details: Issue period: May 25, 2026 to June 8, 2026 Type of issue (public/ rights): Preferential Issue Type of specified securities: Equity Shares and Convertible Warrants IPO Grading, if any: Not Applicable Issue size (in ₹ Crore): 114.62 Particulars Total Number of Securities Offered Price (₹) Value as per Offer Document (₹ Crore) Total Number of Securities Subscribed Total Amount Received (₹ Crore) Equity Shares 2720000 110 29.92 2720000 29.92 Convertible Warrants 9090000 110 99.99 7700000 21.17 Total 11810000 129.91 15198000 51.09 Note A: 1. As of September 30, 2026, the Company has received Rs 51.09 crore against the total issue proceeds of Rs 114.62 crore. 2. The equity shares offered under the preferential issue were fully subscribed 3. The convertible warrants offered under the preferential issue were undersubscribed. Out of 90,90,000 warrants offered, 77,00,000 warrants were subscribed, resulting in the company receiving Rs 84.70 crore against the proposed amount of Rs 99.99 crore. 4. As of September 30, 2026, the Company received Rs. 21.17 crores out of the total warrant issue size of Rs. 84.70 crores, representing 25% of the total warrant issue proceeds. 5. Each warrant is convertible into, or exchangeable for, one (1) equity share and the conversion can be exercised at any time within a period of 18 months from date of allotment of warrants, in one or more tranches, as the case maybe, and on such other terms and conditions as applicable.
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5 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Particulars Reply Source of information / certifications considered by Monitoring Agency for preparation of report Comments of Monitoring Agency Comments of Board of Directors Whether all utilization is as per the disclosures in the Offer Document? Yes Bank Statements, EGM Notice, and Company’s letter Nil Nil Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document? Not Applicable Nil Nil Nil Whether the means of finance for the disclosed objects of the issue has changed? No Nil Nil Nil Is there any major deviation observed over the earlier monitoring agency reports? No Nil Nil Nil Whether all Government/statutory approvals related to the object(s) have been obtained? Yes Company’s letter Nil Nil Whether all arrangements pertaining to technical assistance/collaboration are in operation? Not Applicable Nil Nil Nil Are there any favorable events improving the viability of these object(s)? No Company’s letter Nil Nil Are there any unfavorable events affecting the viability of the object(s)? No Company’s letter Nil Nil Is there any other relevant information that may materially affect the decision making of the investors? No Not Applicable Nil Nil The above information has been verified from company statement dated October 29, 2026 #Where material deviation may be defined to mean: (a) Deviation in the objects or purposes for which the funds have been raised (b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents.
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6 4) Details of object(s) to be monitored: i. Cost of Object(s): Sr. No. Item Head Source of information / certifications considered by Monitoring Agency for preparation of report Original Cost (as per the Offer Document) (₹ Crore) Revised Cost (₹ Crore) Comments of the Monitoring Agency Comments of the Board of Directors Reason of cost revision Proposed financing option Particulars of firm arrangements made 1. Project Jagriti EGM Notice, Company Letter 129.91 114.62 Refer Note B Nil Nil Nil 2. Any other purpose approved by board NA NA NA NA NA NA NA Note B: The total issue proceeds were revised from Rs 129.91 crore to Rs 114.62 crore on account of undersubscription of the convertible warrants forming part of the preferential issue. The above information has been verified from company statement dated October 29, 2026 ii. Progress in the Object(s): Sr. No. Item Head Source of information/ certifications considered by Monitoring Agency for preparation of report Amount as proposed in the Offer Document in ₹ Crore (A) Amount utilized in ₹ Crore (B) Total Unutilised amount in ₹ Crore as on September 30, 2026 (C) A-B Comments of the Monitoring Agency As at beginning of the quarter in ₹ Crore During the quarter in ₹ Crore At the end of the quarter in ₹ Crore 1. Project Jagriti Bank Statements, EGM Notice, Company Statement. 114.62* 51.09 0.00 51.09 63.53 Nil 5. Any other purpose approved by board NA NA NA NA NA NA NA * Revised Cost The above information has been verified from company statement dated October 29, 2026
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7 iii. Deployment of unutilised issue proceeds: Sr. No. Type of instrument and name of entity invested in Amount Invested (₹ Crore) Maturity Date Earning (₹ Crore) Return on Investment (%) Market Value as at the end of the quarter 1 HDFC – Preferential Share A/C - 99957800008272 0.00 - - - - The above information has been verified from company statement dated October 29, 2026 iv. Delay in Implementation of Objects: Object(s) Name Completion Date Delay Comments of Board of Directors As per Offer Document Actual No. of Days/ Months Reason of Delay Proposed course of Action Project Jagriti Within 18 months from receipt of fund Ongoing None - - Any other purpose approved by board - - - - - The above information has been verified from company statement dated October 29, 2026 5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document: Item head Amount in Rs. Crore (As on September 30, 2026) Remarks General corporate purpose NA Nil The above information has been verified from company statement dated October 29, 2026
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8 Disclaimer a) This Report is prepared by Brickwork Ratings India Private Limited (hereinafter referred to as “BWR” or “Monitoring Agency” or “MA”). The MA has taken utmost care to ensure accuracy and objectivity while developing this Report based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The views and opinions expressed herein do not constitute the opinion of MA to deal with any security of the Issuer in any manner whatsoever. b) This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments. For the purpose of this Report, MA has relied upon the information provided by the management /officials/ consultants of the Issuer and third-party sources like statutory auditors (or from peer reviewed CA firms) appointed by the Issuer believed by it to be accurate and reliable. c) Nothing contained in this Report is capable or intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The MA is also not responsible for any errors in transmission and specifically states that it, or its directors, employees do not have any financial liabilities whatsoever to the users of this Report. d) The MA and its affiliates do not act as a fiduciary. The MA and its affiliates also do not act as an expert to the extent defined under Section 2(38) of the Companies Act, 2013. e) While the MA has obtained information from sources it believes to be reliable, it does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives from auditors (or from peer reviewed CA fir ms), lawyers, chartered engineers or other experts, and relies on in its reports. f) The MA or its affiliates may have other commercial transactions with the entity to which the report pertains. As an example, the MA may rate the issuer or any debt instruments / facilities issued or proposed to be issued by the issuer that is subject matter of this report. The MA may receive separate compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors. g) BWR is an independent Monitoring Agency and may determine, apply and amend its approach, processes and procedures in its sole discretion from time to time provided the same are in line with the SEBI ICDR Regulations
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Meeting ID: 463 637 928 880 6 | Passcode: c7t7NW6y Vatsal Parag Shah +91-88796-59884 Tuesday, November 3rd , 2026 https://bit.ly/47FiCxHGroup Meeting Link 04:00 PM (IST) Asia/Kolkata Shubham Tibrewal Food Services Business Head Sachin Srivastava Company Secretary Ved Krishna Group Lead Mayank Jindal Manufacturing Business Head Himanshu Kapoor Board Member Manoj Kumar Maurya Chief Financial Officer Investor Call Q2 & H1 FY26-27 Earnings vatsal.shah@adfactorspr.com