Pmcona Industries Limited IPO

01At a glance

What the company does: makes fast-moving electrical goods under the "PM CONA" brand, being modular switches and accessories, non-modular switches and accessories, supported accessories, MCBs and switchgear, lighting and wires, at six factories at Andheri in Mumbai, Vasai, Palghar, Silvassa, Haridwar and Mangolpuri in Delhi (DRHP p.224).

Who pays it: dealers, being retail counters and wholesalers, who pass the goods on to end customers; there were 2,739 dealers at July 31, 2026, served through 19 depots and one warehouse across 16 states and union territories (DRHP p.225). The prospectus does not disclose how much any one dealer buys (DRHP p.45).

Why it is raising money: ₹508.91 million for brand building and marketing, ₹107.49 million for a brownfield expansion at Haridwar, ₹100.86 million for machinery at five existing factories and ₹93.67 million for 50 new display showrooms (DRHP p.108).

How fast it has grown: revenue from ₹3,360.16 million in FY24 to ₹4,039.25 million in FY26, a compound rate of 9.6% a year, and profit from ₹223.59 million to ₹308.30 million, 17.4% a year, by our arithmetic (DRHP p.77).

The one thing to understand: the largest object of the issue creates no asset. ₹508.91 million of brand building and marketing is 62.8% of the ₹810.93 million of identified objects, by our arithmetic, and the prospectus itself notes that this part of the proceeds is unlikely to create any tangible or intangible asset (DRHP p.108, DRHP p.110).

02The business, in plain words

The company buys plastics, metals and electrical components, moulds and assembles switches, sockets, plug tops, fan regulators, MCBs, LED lights and wires, packs them under the "PM CONA" brand and ships them to dealers through its own depots (DRHP p.224, DRHP p.225). Some products are made in house, some by third-party manufacturers and some by original equipment manufacturers, the last chiefly the Skylight lighting range, the Allied supported accessories range and some MCBs (DRHP p.31).

A householder or electrician needs a switch → buys it at a retail counter → the counter buys from a PM CONA dealer or depot → the company is paid by the dealer, on credit.

The brand is older than the company.

"CONA" was established in 1968 by Ram Tolani and passed in 1979 to M/s CONA Industries, a partnership in which Prakash Naraindas Motwani was a partner; from 1984 the business ran as a sole proprietorship of the same name; in the financial year 2008 Prakash Naraindas Motwani separated from the family business, and in 2009 established the brand "Cona Original & Genuine", later promoted as "PM CONA" (DRHP p.28).

The company itself was incorporated in August 2019 and the proprietorship and partnership businesses were transferred into it in 2019 under three business transfer agreements (DRHP p.266). It became a public company in April 2026 (DRHP p.264). It had 645 permanent employees at July 31, 2026, of whom 418 were in plant and production and 124 in sales and marketing (DRHP p.254).

Earnings equation: Profit ≈ units sold × (dealer price − material and conversion cost) − marketing − depot and freight cost. In FY26 raw materials and components consumed were ₹2,553.92 million against revenue of ₹4,039.25 million, employee cost ₹228.17 million and other expenses ₹877.13 million (DRHP p.77). Marketing and brand promotion was ₹100.85 million, 2.76% of total expenses, and power and fuel ₹22.28 million, 0.61% (DRHP p.34, DRHP p.30).

03Where the money comes from

Source: DRHP p.224. Product sales were ₹3,749.77 million of FY26 revenue (92.83%) and other operating revenue ₹289.48 million (7.17%); the prospectus does not say what other operating revenue consists of (DRHP p.224).

Modular switches and accessories were 48.79% of FY26 revenue, and switches and accessories of all three kinds together were 75.13%, by our arithmetic (DRHP p.224).

Customer concentration is not disclosed. The prospectus gives no share of revenue for the largest dealer or the top ten, and reports no reportable operating segments (AP p.3, DRHP p.45). What it does give is the dealer count: 2,566 in FY24, 2,657 in FY25 and 2,739 in FY26, by zone 908 in the north, 555 in the east, 517 in the south, 388 in the west and 370 in the centre, with one export dealer in Nepal (DRHP p.230). Revenue per dealer therefore moved from about ₹1.31 million to about ₹1.47 million over the two years, by our arithmetic (DRHP p.230, DRHP p.224).

04The growth record

Source: DRHP p.34, DRHP p.76, DRHP p.77, DRHP p.395. Return on equity was 22.26%, 22.06% and 19.99% and return on capital employed 25.54%, 28.25% and 26.79% over the three years (DRHP p.34).

Revenue compounded at 9.6% a year from FY24 to FY26 and profit at 17.4%, by our arithmetic (DRHP p.77). The EBITDA margin moved from 10.52% to 11.51%, 99 basis points (DRHP p.34). The figures for FY25 and FY24 were restated from the previous accounting standards to Ind AS, which moved net cash from operating activities in FY25 from ₹147.43 million to ₹250.37 million and in FY24 from ₹139.47 million to ₹171.39 million (DRHP p.306).

05What the growth is made of

Revenue rose from ₹3,360.16 million in FY24 to ₹4,039.25 million in FY26, an increase of ₹679.09 million (DRHP p.224). Split by product, by our arithmetic on the table above: modular switches and accessories added ₹392.85 million, 57.9% of the increase; wires added ₹84.18 million; lighting ₹61.90 million; non-modular switches ₹56.06 million; MCBs and switchgear ₹37.64 million; supported accessories ₹10.63 million; and other operating revenue ₹35.83 million (DRHP p.224).

The dealer network grew more slowly than sales: 2,566 dealers in FY24 to 2,739 in FY26, 6.7%, against revenue growth of 20.2% over the same two years, by our arithmetic (DRHP p.230, DRHP p.224).

The offer document does not disclose volumes, units shipped or realisations for any product, so the revenue increase cannot be separated into volume and price. That sentence is the finding. Nor does it give a split between goods made in house and goods bought from third-party manufacturers and original equipment manufacturers, although it names the ranges that are outsourced (DRHP p.31).

06Earnings quality

The line that needs explaining is receivables. Trade receivables were ₹995.62 million at March 2026 against revenue of ₹4,039.25 million, 24.6%, by our arithmetic, and the debtors holding period of 91 days compares with 17 days at Havells India, 63 at Orient Electric and 33 at V-Guard Industries on the prospectus's own peer table (DRHP p.76, DRHP p.77, DRHP p.134). The company also guarantees dealer borrowings under a channel finance programme, ₹177.07 million at March 2026, which becomes payable only if a dealer defaults (DRHP p.79).

A second line is the balance sheet's other non-current financial assets, which fell from ₹242.64 million at March 2024 to ₹198.89 million and then ₹133.25 million, while cash and cash equivalents rose from ₹3.52 million to ₹180.35 million (DRHP p.76). The prospectus does not explain the movement in one place.

07The balance sheet

At March 31, 2026 the company had no borrowings, against ₹128.05 million a year earlier and ₹171.27 million two years earlier (DRHP p.76). Lease liabilities were ₹90.36 million in total, ₹58.81 million non-current and ₹31.55 million current, by our arithmetic (DRHP p.76). Cash and cash equivalents were ₹180.35 million and other bank balances ₹57.72 million (DRHP p.76). Net worth was ₹1,696.57 million and net asset value per share ₹46.87 (DRHP p.76, DRHP p.130). The debt to equity ratio was 0.00 in FY26, 0.09 in FY25 and 0.15 in FY24 (DRHP p.34).

Trade payables were ₹271.39 million, of which ₹35.45 million were due to micro and small enterprises, by our arithmetic (DRHP p.76).

Contingent liabilities were ₹218.13 million at March 2026, by our arithmetic: a guarantee of ₹177.07 million given to a bank on behalf of dealers under a channel finance programme, goods and services tax matters under dispute of ₹23.30 million against which ₹1.32 million is deposited under protest, and income tax matters under dispute of ₹17.76 million (DRHP p.79). The income tax demand for assessment year 2018-19 was set aside on December 1, 2025 with a direction for fresh assessment, and the fresh assessment notice arrived after the year end (DRHP p.79).

Because the offer price is not set, the balance sheet after the fresh issue cannot be worked out. The fresh issue is stated as up to ₹1,200.00 million, and all of it, less offer expenses, would be added to equity (DRHP p.73).

08What the money is for

Source: DRHP p.108, and our arithmetic on the ₹810.93 million of stated objects. General corporate purposes are blank ([●]) and cannot exceed 25% of gross proceeds (DRHP p.108).

Brand building and marketing, the largest object, is money spent on advertising and promotion. The prospectus states in its risk factors that a part of the proceeds is to be deployed towards marketing expenses for new launches that are unlikely to create any tangible or intangible assets (DRHP p.110). For scale, the company spent ₹100.85 million on marketing and brand promotion in the whole of FY26 (DRHP p.34).

The Haridwar project is an extension at Plot no 14, Sector 12, SIDCUL, Haridwar, on 900.00 square metres leased from Growth Industries, a proprietorship of the promoter Bhavika Motwani, under leave and license agreements dated August 22, 2026 and September 11, 2026, each running just under five years (DRHP p.111). Built-up area is to rise from 1,057.60 square metres to 2,100.00 square metres (DRHP p.112). The total project cost is estimated at ₹114.57 million, of which ₹107.49 million comes from the net proceeds and ₹44.34 million is building and civil work (DRHP p.111, DRHP p.112). The company pays Growth Industries rent of ₹1.03 million a year (DRHP p.80).

Into the business up to ₹1,200.00 million (fresh issue), before offer expenses (DRHP p.73). To the selling shareholder the proceeds of up to 45,00,000 shares offered by Prakash Naraindas Motwani; at draft stage the offer for sale is a share count, not an amount (DRHP p.107).

The company may also undertake a pre-IPO placement of up to ₹150.00 million, which would reduce the fresh issue and cannot exceed 20.00% of it (DRHP p.108). A monitoring agency is to be appointed before the red herring prospectus is filed (DRHP p.88).

09Who is selling

Source: DRHP p.95, DRHP p.107, and our arithmetic on the percentage. The weighted average cost of acquisition of the offered shares is stated as ₹10.00 a share (AP p.1). No other shareholder is selling, and the prospectus records that the offered shares have been held for at least one year before the filing (DRHP p.74).

10Promoters

The promoters are Prakash Naraindas Motwani, Neelu Prakash Motwani, Mohit Prakash Motwani, Bhavika Mohit Motwani and PM Family Trust (DRHP p.204). Prakash Naraindas Motwani, aged 72, is chairman and managing director, has been with the company since incorporation, passed the intermediate examination in science from the University of Bombay, and states over 47 years in the fast-moving electrical goods industry, previously as a partner of M/s.

Cona Industries Unit III and IV and Cona Industries Unit II and as sole proprietor of M/s. Cona Industries (AP p.5). Mohit Prakash Motwani is a whole-time director and states 16 years in the industry (DRHP p.226). The related-party note describes Neelu Prakash Motwani as the director's wife and Bhavika Mohit Motwani as a director's wife and director; this study states the relationships only as the document states them (DRHP p.80, DRHP p.81).

The trustees of PM Family Trust are Prakash Naraindas Motwani and Neelu Prakash Motwani (DRHP p.94).

Promoter economics. All the shares were issued at ₹10, the face value: 10,000 on subscription to the memorandum in August 2019 and 3,61,90,000 in three private placements on September 12, 2019, all for consideration other than cash, under the three business transfer agreements that moved the Cona Industries businesses into the company (DRHP p.92, DRHP p.93). There has been no allotment since.

The only secondary transactions are four small transfers in November 2025 and January 2026: 10 shares each at ₹50 from Neelu Prakash Motwani to Bhavika Mohit Motwani, Ansh Mohit Motwani and Samayra Mohit Motwani, and a gift of 20 shares from Prakash Naraindas Motwani to PM Family Trust (DRHP p.94).

Two further promoter dealings matter. On September 29, 2025 Prakash Naraindas Motwani assigned 193 trademarks, of which 152 were registered, and 12 registered copyrights to the company for a total consideration of ₹0.50 million (DRHP p.28). And the land for the Haridwar project is leased from Growth Industries, a proprietorship of the promoter Bhavika Motwani (DRHP p.111).

Remuneration in FY26 was ₹2.70 million plus a bonus of ₹0.20 million to Prakash Naraindas Motwani, ₹1.50 million plus ₹0.10 million to Mohit Prakash Motwani and ₹0.06 million to Bhavika Motwani (DRHP p.80). Nineteen tax proceedings are outstanding against the promoters, involving ₹3.69 million, and the promoters have themselves filed two criminal proceedings involving ₹1.41 million (DRHP p.45).

Some members of the promoter group have not consented to the inclusion of information about themselves or the entities in which they hold an interest, and that information is therefore not in the prospectus (DRHP p.33).

11Who already owns it

Source: DRHP p.95. The promoters and promoter group hold all 3,62,00,000 shares, 100.00% of the capital before the offer (DRHP p.95). There is no private equity, no venture capital, no institution and no employee shareholding; the company has no employee stock option scheme disclosed in the capital structure (DRHP p.95).

The shareholding after the offer is blank ([●]) throughout, because the offer price and therefore the number of new shares are not yet fixed (DRHP p.95).

12What changed just before the IPO

• 2019: the businesses of Cona Industries, a proprietorship, and Cona Industries Unit II and Cona Industries Unit III and IV, partnerships operating from Haridwar, were transferred into the company under business transfer agreements dated August 27 and August 28, 2019, against shares issued for consideration other than cash (DRHP p.266, DRHP p.92).
• 2021: Leo Electrical Controls Private Limited was acquired under a share purchase agreement dated April 15, 2021, bringing MCB manufacture in house; the Vasai facility was established (DRHP p.266, DRHP p.268).
• 2022: the ESTELLA premium modular range was launched and Cona Industries Private Limited was renamed PM CONA Industries Private Limited, with a fresh certificate of incorporation dated February 3, 2022 (DRHP p.266, DRHP p.264).
• 2023: Leo Electrical Controls Private Limited was amalgamated into the company (DRHP p.266).
• July 21, 2025: Rangani & Co., Chartered Accountants, resigned as statutory auditor, citing other professional pre-occupations; the current statutory auditor is SMMP & Company, Chartered Accountants (DRHP p.88, DRHP p.6).
• September 29, 2025: 193 trademarks and 12 registered copyrights assigned to the company by Prakash Naraindas Motwani for ₹0.50 million (DRHP p.28).
• November 26, 2025 and January 14, 2026: four transfers of 10 or 20 shares to family members and to PM Family Trust (DRHP p.94).
• FY26: borrowings went to nil from ₹128.05 million, cash rose from ₹10.51 million to ₹180.35 million, and operating cash flow rose from ₹250.37 million to ₹404.50 million (DRHP p.76, DRHP p.395).
• FY26: inventory holding lengthened from 73 to 84 days (DRHP p.134, DRHP p.135).
• April 3, 2026: the company became a public company and was renamed PM CONA Industries Limited (DRHP p.264).
• August 2026 and September 2026: leave and license agreements signed with Growth Industries for the project land (DRHP p.111).
• No dividend was declared in FY24, FY25 or FY26; a dividend distribution policy was adopted on August 1, 2026 (DRHP p.60, DRHP p.295).

13Capacity and expansion

Source: DRHP p.224, DRHP p.108, DRHP p.112. The prospectus does not state installed capacity, production or capacity utilisation for any facility, so the chain from capacity to volume to revenue cannot be traced. It states the aims of the project in words, being higher throughput, better quality and a richer mix, and not in units (DRHP p.111).

Three of the six factories are in Maharashtra (DRHP p.33). Quality control is staffed by 16 people and there are seven laboratories, two at Haridwar and one at each of the other five factories; all facilities are ISI, BIS and ISO certified and the products carry RoHS certification (DRHP p.225).

14Market size and industry structure

As claimed: the industry data comes from the report "Industry Research Report on Fast-Moving Electrical Goods and Wires & Cables" dated September 22, 2026, prepared by CARE Analytics and Advisory Private Limited (CareEdge) and, as the prospectus states, exclusively commissioned by the company and paid for in connection with the offer (DRHP p.222).

On that report the Indian fast-moving electrical goods market was ₹7,78,708.22 million in CY25 and is projected to reach ₹13,70,221.25 million by CY30, a compound rate of 11.97%; within it switchgear was ₹5,85,033.03 million, electrical accessories ₹1,39,477.03 million, modular switches ₹31,373.69 million and non-modular switches ₹22,824.47 million (DRHP p.227). The same report puts Indian LED lighting at ₹9,03,480.20 million in CY25 and wires at ₹9,33,348.30 million (DRHP p.227).

The part that is addressable: the six product categories the company sells, across residential, commercial and industrial buildings in India, through dealers (AP p.3).

What the company is today: revenue of ₹4,039.25 million (DRHP p.77). Against the commissioned report's CY25 modular switch market of ₹31,373.69 million, the company's modular switch revenue of ₹1,970.78 million is 6.3%, by our arithmetic (DRHP p.227, DRHP p.224). The comparison is rough, because the market figure is for a calendar year and the revenue figure for a financial year.

Structure, as far as the document supports it: the report describes a sector historically dominated by unorganised regional players that is formalising, with leading brands gaining share on brand, distribution and product innovation, and shifting from price-driven competition to branded offerings (AP p.5). Raw materials are bought on purchase orders with no long-term contracts, and about 30 days of inventory is held for primary raw materials and work in progress (DRHP p.29).

15Competitive position

Source: DRHP p.134. The company is far smaller than all three and reports the highest EBITDA margin, PAT margin and return on capital employed of the four on these figures (DRHP p.134).

Why a dealer would choose this company over another, on the evidence available: the prospectus rests its case on a brand in use since 1968, the promoters' experience, six factories with in-house moulding and assembly, certifications, and a network of 2,739 dealers with 19 depots (DRHP p.226, DRHP p.225). It also records that the company holds 153 registered trademarks, 12 registered copyrights and 4 registered designs, with 48 trademark applications at various stages including objections, oppositions, rectification proceedings, refusals and abandoned applications (DRHP p.28). What it does not show is any measured market share, dealer retention or repeat-purchase figure.

16Peers the company named

Peers named in the offer document: Havells India Limited, Orient Electric Limited and V-Guard Industries Limited (DRHP p.131).

The prospectus states there are no exact listed players in India in the same line of business, and picks the three on the basis that they operate in fast-moving electrical goods and make modular switches, non-modular switches, supported accessories and MCBs or switchgear (DRHP p.131).

All three are several times larger. Havells India reported FY26 revenue of ₹2,24,655.60 million, 56 times the company's; V-Guard ₹56,917.80 million, 14 times; Orient Electric ₹33,263.90 million, 8 times, by our arithmetic (DRHP p.134). On the prospectus's own table the peers' price to earnings ratios on September 21, 2026 were 40.58 for Havells India, 37.42 for Orient Electric and 55.08 for V-Guard, an average of 44.36 (DRHP p.130, DRHP p.131). The company's own price to earnings ratio is blank, because no price band exists yet (DRHP p.130).

Where the peer table is closest is working capital, and there the company sits apart: a net operating cycle of 140 days in FY26 against 46 at Havells India, 35 at Orient Electric and 51 at V-Guard (DRHP p.134).

17Risks, in plain words

Dealers and receivables: all sales go through a dealer network with no disclosed concentration (DRHP p.45) → the company carries the credit → trade receivables were ₹995.62 million at March 2026, a debtors holding period of 91 days against 17 to 63 days for the three named peers, and the company guarantees ₹177.07 million of dealer borrowings under a channel finance programme (DRHP p.76, DRHP p.134, DRHP p.79).

One product family: modular and non-modular switches and accessories were 62.31% of FY26 revenue, by our arithmetic, and with supported accessories 75.13% (DRHP p.224) → a change in taste or a price war in switches moves the whole company → the prospectus states that any fall in demand for these categories would have pronounced effects (DRHP p.32).

Outsourced manufacture: lighting under the Skylight range, supported accessories under the Allied range and some MCBs are made by third parties and original equipment manufacturers engaged on a need basis, with no long-term commitment (DRHP p.31) → a manufacturer taken by a competitor or already committed can interrupt supply → lighting and supported accessories were ₹808.53 million of FY26 revenue, 20.02%, by our arithmetic (DRHP p.224).

Geography: three of the six factories are in Maharashtra (DRHP p.33) → a regional disruption affects half the manufacturing base → the prospectus records no such disruption in the three years shown (DRHP p.33).

Raw material prices: inputs track commodity and crude oil prices and are bought on purchase orders without long-term contracts, with about 30 days of inventory held (DRHP p.29) → a price rise that cannot be passed to dealers compresses margin → the cost of raw materials and components consumed was ₹2,553.92 million, 63.2% of FY26 revenue, by our arithmetic (DRHP p.77).

Promoter group disclosure: some members of the promoter group have not consented to the inclusion of information about themselves or the entities in which they hold an interest (DRHP p.33) → a reader cannot see those entities or their dealings → the prospectus does not quantify what is missing.

Compliance: forms MGT-14, CHG-1, ADT-1, DPT-3, PAS-6, MSME and AOC-4 XBRL were filed late with the Registrar of Companies over the financial years 2020 to 2026 (DRHP p.36, DRHP p.37) → penalties and additional fees may follow → the prospectus does not quantify them.

Litigation: two tax proceedings against the company involve ₹41.06 million, and nineteen against the promoters involve ₹3.69 million (DRHP p.45) → an adverse outcome is a cash cost → against FY26 profit of ₹308.30 million, the company's own tax matters are 13.3%, by our arithmetic (DRHP p.77).

Issue-specific: ₹508.91 million of the stated objects, 62.8% of them, is brand building and marketing, which the prospectus itself says is unlikely to create any tangible or intangible asset (DRHP p.108, DRHP p.110). The price band, the size of the offer in rupees and the number of new shares are all blank at this stage (DRHP p.73).

18Litigation and regulatory matters

Source: DRHP p.45. There are no criminal proceedings against the company, its directors, its promoters or its key managerial personnel, no statutory or regulatory proceedings, no disciplinary action by SEBI or the stock exchanges against the promoters in the last five years, and no material civil litigation (DRHP p.45). The amounts marked in the prospectus as involving claims that are not fully quantified are shown here as the prospectus totals them.

The income tax demand for assessment year 2018-19 was set aside by an order dated December 1, 2025 under section 250 of the Income Tax Act, 1961, with a direction to the assessing officer to make a fresh assessment; the fresh assessment notice was received after the end of FY26 and before the accounts were signed (DRHP p.79). Of the goods and services tax matters under dispute, ₹5.58 million including interest has been given as cash margin (DRHP p.79).

19Related-party transactions

Source: DRHP p.80, DRHP p.81, and our arithmetic in adding the individual lines. The company reports no sales to, and no purchases from, related parties in any of the three years (DRHP p.80, DRHP p.81).

Two arrangements appeared shortly before the filing. A trade mark licence fee of ₹0.50 million in FY25 and ₹0.60 million in FY26 was paid to Prakash Naraindas Motwani, before the trademarks were assigned to the company in September 2025 (DRHP p.80, DRHP p.28).

Professional fees to Bhavika Motwani were ₹0.48 million in FY24 and FY25 and ₹0.69 million in FY26, and remuneration of ₹0.06 million to the same person begins in FY26 (DRHP p.80, DRHP p.81). Vehicles were bought from Prakash Naraindas Motwani for ₹3.64 million and from Mohit Prakash Motwani for ₹2.13 million in FY25 (DRHP p.80). Two members of senior management, Saraswati Jaman Singh Rawat and Vikneshwar, have taken loans from the company (DRHP p.58).

20What the offer document does not say

• Installed capacity, production and capacity utilisation are not disclosed for any of the six factories (DRHP p.224).
• Volumes and realisations by product are not disclosed, so growth cannot be split into volume and price (DRHP p.224).
• Dealer concentration is not disclosed: there is no share of revenue for the largest dealer or the top ten (DRHP p.45).
• The split between goods made in house and goods bought from third-party manufacturers and original equipment manufacturers is not quantified (DRHP p.31).
• What "other operating revenue", 7.17% of FY26 revenue, consists of is not stated (DRHP p.224).
• Gross margin by product category is not disclosed (DRHP p.224).
• The tonnage or unit output the Haridwar project adds is not stated, only the built-up area (DRHP p.112).
• Information about some promoter group members and the entities in which they hold an interest is absent, because they did not consent to its inclusion (DRHP p.33).
• The price band, the rupee size of the offer and the number of new shares are blank at this stage (DRHP p.73).

21Five questions for management

1. What share of FY26 revenue came from the top ten dealers, and how has that share moved since FY24 (DRHP p.45)?
2. How many units of modular switches were sold in FY24 and in FY26, and what was the average realisation in each year (DRHP p.224)?
3. What is the installed capacity and utilisation of each of the six factories, and what does the Haridwar extension add in units (DRHP p.112)?
4. Why did the debtors holding period stay near 90 days while peers run at 17 to 63, and what are the credit terms given to dealers (DRHP p.134)?
5. What does the ₹508.91 million of brand building and marketing pay for, year by year, and against what measure will the company report on it (DRHP p.108)?

2Sources and cited facts

This study was read from 2 documents the company filed. The 137 figures it cites are listed under the document each came from, with the page and the sentence as printed.