Economic and Industry Overview

Indias economy continued to demonstrate resilience during the year, supported by structural reforms, consumption-led demand, and investments in infrastructure and manufacturing. Key trends impacting the Groups businesses include:

Rapid urbanization and rising demand for institutional and consumer food services Growth in healthcare and education, driving catering and biomedical infrastructure requirements Expansion of aviation and transport infrastructure, creating opportunities in integrated facility management Shifts toward premium, experience-led consumption among younger demographics, fueling growth in consumer brands

Consolidated Group Performance

Extracts of Standalone and Consolidated Financial Results for the Quarter ended 30th June, 2026

Particulars	Standalone Quarter Ended 30.06.2026 (Unaudited)	Standalone Quarter Ended 31.03.2026 (Audited)	Standalone Quarter Ended 30.06.2025 (Unaudited)	Standalone Year Ended 31.03.2026 (Audited)	Consolidated Quarter Ended 30.05.2026 (Unaudited)	Consolidated Quarter Ended 31.03.2026 (Audited)	Consolidated Quarter Ended 30.06.2025 (Unaudited)	Consolidated Year Ended 31.03.2026 (Audited)
Total income from operations (net)	9651.04	9664.16	7887.51	35462.08	17826.07	18235.22	13828.17	63165.93
Other non operating Income	24.39	9.17	204.76	225.93	190.52	121.09	445.39	96.38
Total income	9675.43	9673.33	8092.27	35688.01	18016.59	18356.31	14273.46	64162.31
Net Profit / (Loss) for the period (before Tax, Exceptional and/or Extraordinary items)	361.97	374.19	408.42	1618.31	207.73		41471.21	1843.53
Net Profit / (Loss) for the period (after Exceptional and/or Extraordinary items)	543.75	398.14	408.42	1496.04	389.19	480.02	471.06	1547.62
Net Profit / (Loss) for the period (after Tax)	391.09	213.26	300.4	1023.44	175.71	270.87	394.83	1050.34
Total Comprehensive Income for the period (after Tax)	349.72	257.64	300.4	1083.45	146.61	336.14	00.13	1158.9
Equity Share Capital (Face Value of Rs.5 per share)	130.02	130.02	130.02	130.02	130.01	130.02	130.02	130.02
Earnings Per Share (Rs.) (of Rs.5/- each) - Basic & Diluted (not annualised)	15.04	8.21	1.55	39.36	6.76	10.42	15.18	40.39

Business Segment Analysis

Apollo Sindoori Hotels Limited (ASHL)

Performance:

Delivered consistent revenue growth, driven primarily by healthcare and institutional catering Expansion into education, industrial, and central kitchen models supported order book growth Consumer-facing initiatives (Sketch cafes, cash & carry formats) improved margin profile

Outlook:

Expected CAGR of 12% over the next 3 years, supported by government focus on Make in India and increasing demand for scalable food services in industrial clusters

Sindoori Management Solutions Pvt Ltd (SMS)

Performance:

Revenue growth supported by aviation and healthcare verticals Technology adoption (IoT-enabled monitoring, predictive maintenance) improved operational efficiency Retained Indias only NABL-accredited IFM certification, ensuring leadership in compliance-driven segments

Key Growth Areas:

Key Growth Areas:- Aviation O&M: baggage handling, runway maintenance, gate access services- Biomedical Engineering: With Make in India focus in the Biomedical devices and the huge growth in the healthcare ecosystem, SMS is looking at a much larger Total Addressable Market for BEMS.

Outlook:

Targeting 15-20% annual growth over five years- EBITDA margins expected to expand with higher adoption of technology-enabled services

Olive Plus Twist Avenues Pvt Ltd (OPTA)

Performance:

Portfolio of homegrown consumer brands demonstrated strong traction in metro Stable performance of supply chain vertical

Outlook:

Outlook:- Projected to contribute 10-20% topline growth to the Group- Expansion into experiential dining formats (Canvas, Glazed & Co, Arena 27) to position OPTA in premium lifestyle categories- Long-term value creation expected through brand equity and consumer loyalty

Opportunities	Risks / Challenges
Rising demand for organized catering in healthcare, education, and industrial clusters	Rising input costs (commodities, manpower) impacting margins
Growth in aviation sector and investments in airport infrastructure	Regulatory compliance costs in healthcare and aviation
Increasing healthcare focus \u2192 greater demand for biomedical equipment management	Competitive intensity in facility management sector
Shift toward premium, experience-driven consumption among urban youth	Brand scaling risk in consumer-facing businesses
Digital transformation and predictive maintenance technologies	Talent retention in high-skill areas

Outlook

The Group is expected to deliver sustainable double-digit growth over the medium term, supported by:

Balanced portfolio: stable cash flows from ASHL, high-growth momentum from OPTA, and scalable opportunities in SMS Technology adoption: enhancing operational efficiency and customer experience Governance and compliance focus: maintaining strong stakeholder trust Capital allocation discipline: reinvesting in growth while preserving liquidity strength

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBER OF PEOPLE EMPLOYED

The implementation of a comprehensive Human Resource Management System (HRMS) for employees will enable a fully paperless end-to-end process. This initiative not only drives operational efficiency, but also contributes meaningfully to the organizations Environmental, Social, and Governance (ESG) goals by minimizing paper consumption and promoting sustainable practices.

HRMS for Associate Employees: Digitization of all HR processes—from onboarding to performance management enhances transparency, improves employee experience, and ensures real-time access to information.

Cross-Functional Integration: Seamless integration of roles across Finance, Procurement, IT, and Administration will streamline workflows, eliminate redundancies, and boost productivity.

Cost Efficiency: Centralized data and automation of routine tasks will reduce manual effort and enable informed decision-making, resulting in significant cost savings.

This strategic move aligns with our broader digital transformation agenda, ensuring a more agile, sustainable, and employee-friendly organization. There are 4967 employees for our group which includes permanent staff, FTCs Contracted/outsourced staff/Deputed staff as on March 31, 2026.

We not only showed improvement in the financial frontier but also in the companys share performance in the market.

Discussion on financial performance with respect to operational performance

The segment and product-wise performance is as below:

( Rs.In Lakhs)

S. No.	Particulars	As at 31st March, 2026	As at 31st March, 2025
Catering & Management Services
1.	Sale of Food & beverages	26665.86	23416.68
2.	Management Service Charges	8621.55	7276.14
3.	Room Revenue	174.67	164.31
Total		35462.08	30857.13

Your directors feel that the financial performance of the Company has improved in FY 2025-26 compared to last FY 2024-25.

INTERNAL CONTROLS AND THEIR ADEQUACY

Your Company remains committed to improve the effectiveness of internal control systems for business processes with regard to its operations, financial reporting and compliance with applicable laws and regulations. The company has proper and adequate internal control system to ensure that all the assets are safeguarded and protected against loss from unauthorized use or disposition and that all transactions are authorized, recorded and reported correctly. Regular internal audits and checks are carried out to ensure that the responsibilities are executed systems and procedures to ensure the efficient conduct of business the Audit Committee of the Board oversees internal controls within the organization. Further, as per Statutory Auditor, the internal controls also commensurate with the size and complexity of the operation of the Company.

DETAILS OF SIGNIFICANT CHANGES (I.E. CHANGE OF 25% OR MORE AS COMPARED TO THE IMMEDIATELY PREVIOUS FINANCIAL YEAR) IN KEY FINANCIAL RATIOS, ALONG WITH DETAILED EXPLANATIONS THEREFORE, INCLUDING:

Ratio Analysis	FY 25-26	FY 24-25
Debtors Turnover Ratio Turnover/Avg A/cs receivable	6.15 times	6.56 times
Inventory Turnover Ratio Cost of goods sold/Avg Inventory	118.90 times	140.83 times
Interest Coverage Ratio EBIT/Interest	4.11 times	3.26 times
Current Ratio Current Assets/Current Liabilities	1.00 times	0.93 times
Debt Equity Ratio Total Liability/Shareholders Equity + Reserves & Surplus	0.95 times	0.83 times
Operating profit Margin % EBIT / Net Sales	5.57%	5.79%
Net Profit Margin % Net Profit/Total revenue	2.89%	3.25%

(EBIT- Earnings before Interest & Taxes)

Your Companys financial performance has improved in the FY 2025-26 compared to last years. The revenue from operations has increased from 308.57 crores in FY 2024-25 to 354.62 crores in FY 2025-26. There has been an increase of 14.92% in the revenue as compared to last year, because of which there has been a change in most of the ratios.

2025-26 compared to last years. The revenue from operations has increased from 308.57 crores in FY 2024-25 to 354.62 crores in FY 2025-26. There has been an increase of 14.92% in the revenue as compared to last year, because of which there has been a change in return on networth.

DETAILS OF ANY CHANGE IN RETURN ON NET WORTH AS COMPARED TO THE IMMEDIATELY PREVIOUS FINANCIAL YEAR ALONG WITH A DETAILED EXPLANATION THEREOF:

Return on net worth	FY 25-26	FY 24-25
Return on Capital Employed % EBITDA/Capital employed	24.43%	23.40%

(EBITDA- Earnings before Interest, Taxes, Depreciation and amortization)

Your Companys financial performance has improved in the FY 2025-26 compared to last years. The revenue from operations has increased from 308.57 crores in FY 2024-25 to 354.62 crores in FY 2025-26. There has been an increase of 14.92% in the revenue as compared to last year, because of which there has been a change in return on networth.

DISCLOSURE OF ACCOUNTING TREATMENT:

In preparation of financial statements, the Company has followed the required Accounting Standards (Ind AS) and has not deviated from treatment as prescribed under Accounting Standards.