TCC Concept Ltd Management Discussions

ECONOMIC OVERVIEW

Global Economy

The global economy remained resilient in 2025 despite headwinds such as rising tariffs, trade policy uncertainties, fiscal consolidation in major economies, and persistent geopolitical tensions. Ongoing conflicts in Eastern Europe and the Middle East, including the Russia-Ukraine war, financial conditions. Advanced economies are expected continued to disrupt supply chains, energy markets, and investor sentiment, resulting in periodic volatility in commodity prices and financial conditions. Nevertheless, economies gradually adapted through diversified trade routes, improved energy security, and supportive policy measures, enabling a more stable recovery. Global growth is projected to rise marginally from 3.3% in 2024 to 3.4% in 2025, supported by technology investments, including artificial intelligence, along with accommodative to grow at around 1.9% in 2025, while Emerging Markets and Developing Economies (EMDEs) are projected to expand by 4.4%. Global inflation is estimated to ease to 4.1%, although it remains uneven across regions.

Real GDP Growth (%)

Region / Economy	2025 (E)	2026 (P)	2027 (P)
Global	3.4%	3.1%	3.2%
Advanced Economies	1.9%	1.8%	1.7%
Emerging Markets and Developing Economies	4.4%	3.9%	4.2%

(Source: IMF World Economic Outlook, April 2026)

E: Estimates,

P: Projected

Outlook

The global economy is likely to encounter renewed uncertainty in 2026, due to the ongoing conflict in West Asia, particularly tensions involving the United States, Israel, and Iran. Persisting geopolitical tensions and prolonged disruptions in oil, LNG, fertilizers, and critical industrial inputs could result in inflation, tighter financial conditions, and slower global growth. However, diplomatic efforts, energy diversification, and regional cooperation are expected to gradually alleviate these pressures, supporting supply chain stability, moderating inflation, and fostering a resilient global recovery.

Global growth is projected to moderate to 3.1% in 2026 and improve slightly to 3.2% in 2027, supported by demand, continued technology investment, and trade opportunities, despite risks posed by geopolitical tensions and trade policy uncertainty. Advanced economies are expected to grow at 1.8% in 2026, while EMDEs are projected to expand by 3.9%, supported by domestic demand and infrastructure spending.

Growth in the United States (U.S.) remains a key driver of the global outlook, with the IMF revising its forecast upward, projecting GDP growth of about 2.3% in 2026 and 2.1% in 2027. Central banks are expected to remain cautious, while governments focus on fiscal discipline, targeted policy support, and strengthening supply chain resilience. Overall, the outlook reflects a balance between prevailing headwinds and emerging growth drivers, with investment-led productivity gaining momentum across sectors.

(Source: IMF World Economic Outlook, April 2026)

Indias Economy

The Indian economy continued to be one of the fastest-growing major economies in FY 2026, supported by domestic demand, infrastructure-led investments, and ongoing structural reforms. According to the Provisional Estimates released by the Ministry of Statistics and Programme Implementation (MoSPI), real GDP grew by 7.7% in FY 2025-26, while real Gross Value Added (GVA) increased by 7.9% to Rs. 294.91 Lakh Crore, supported by robust performance across manufacturing, services and construction sectors. For FY 2026-27, GDP growth is expected to remain strong in the range of 6.8% to 7.2%, reflecting continued momentum despite global uncertainties and external risks.

India continues to remain among the worlds largest economies, currently ranking as the sixth largest in nominal GDP terms according to the IMF, with its position subject to short-term currency fluctuations and statistical revisions. These variations do not impact the fundamental strength of Indias domestic growth story, which is supported by policy-led reforms such as the Goods and Services Tax (GST), improved formalization, enhanced efficiency, and ease of doing business, along with the Governments long-term vision of Viksit Bharat.

Inflation moderated significantly during the year, with the RBI lowering its CPI inflation forecast for FY 2025-26 to 2.1%, supported by favorable supply conditions and easing food prices. In response, the RBI reduced the repo rate by a cumulative 125 basis points to 5.25%, while maintaining a balanced policy amid evolving global uncertainties.

Indias exports are expected to reach US$ 1 trillion in FY2027, supported by recent trade agreements with the United States and the European Union. This growth is likely to be driven by the reduction of US tariffs on Indian products from 50% to 18%. Initiatives such as Make in India 2.0 continue to prioritize emerging and high-growth sectors, while the Production Linked Incentive (PLI) scheme remains a key catalyst for scaling manufacturing, boosting exports, and enhancing Indias global competitiveness.

(Source: MOSPI, RBI, PIB)

Outlook

Indias GDP growth for FY26 is estimated at 6.9%, driven by the double engine of consumption and investment. It reaffirms Indias status as the fastest-growing major economy for the fourth consecutive year. Structural reforms and sustained growth momentum are driving this rapid progress, while digital and physical infrastructure are also expanding significantly. However, the RBI has highlighted that although Indias growth outlook remains resilient, the risks to growth are tilted to the downside due to prolonged geopolitical tensions, global trade uncertainties and external economic headwinds. The Union Budget FY 2027 further reinforces this momentum, with capital expenditure increased to a record Rs. 12.2 Lakh Crore, up nearly 9% year-on-year. Continued focus on infrastructure development across roads, railways, ports, airports, power transmission, and urban infrastructure is expected to drive construction activity, improve connectivity, and strengthen urbanization, thereby supporting housing demand across segments.

However, external headwinds, including geopolitical tensions such as the Middle East conflict, global trade protectionism, and energy price volatility, may pose near-term risks, particularly given Indias dependence on crude oil imports. Domestic challenges such as uneven consumption recovery, private investment cycles, and climate-related risks may also influence growth dynamics. Nevertheless, Indias diversified trade base, supply chain realignment, and increasing integration with emerging markets are expected to mitigate these external pressures.

INDUSTRY OVERVIEW

Data Center Industry

Indias data center industry has emerged as one of the fastest-growing segments within the digital infrastructure ecosystem, supported by rapid digitalization, cloud adoption, and the proliferation of data-intensive technologies. The data center market in India is valued at Rs. 9.33 Lakh Crore (US$ 10 Billion) in 2025 and is projected to more than double to Rs. 20.53 Lakh Crore (US$ 22 Billion) by 2030. The sector currently operates with a capacity of 1.4 to 1.6 GW across 164 data centers. The pipeline for growth is substantial, with over 700 MW currently under construction and an additional 1 to 1.2 GW in the planning stages. Installed capacity is expected to scale to nearly 4 5 GW by 2030, implying a significant expansion of close to 193% over the period.

Despite growth drivers, the data center sector faces challenges such as power availability constraints, construction costs and the need for AI-ready infrastructure. Supportive policy measures, adoption of renewable energy and investments by global hyperscale operators address this issue. Attractive investment yields, supported by stable demand and resilient returns, continue to position data centers as a preferred institutional asset class.

Demand for data center infrastructure has become broad-based and structural, extending beyond hyperscale cloud providers to include BFSI and fintech companies, OTT and gaming platforms, e-commerce players, SaaS providers, and government-led digital infrastructure initiatives. A key shift shaping the industry is the rapid rise of AI-led workloads, which require high-density power configurations, cooling technologies and low-latency connectivity, thereby driving next-generation data center design and capacity expansion.

Geographically, Mumbai continues to be Indias largest data center hub with an estimated capacity of around 670 MW. Other major markets such as Pune, Chennai, Hyderabad and Delhi NCR are emerging as key growth centers, supported by improving infrastructure, connectivity and policy support.

The outlook for the sector remains favorable, driven by enterprise cloud migration, adoption of artificial intelligence, data localization requirements and the expansion of digital public infrastructure. Growth areas include AI-ready data centers, edge data centers in Tier-II cities, green and energy-efficient facilities, hybrid cloud ecosystems and disaster recovery solutions. Collectively, these trends position Indias data center industry for expansion over the next 3-5 years, making it an enabler of the countrys digital economy.

(Source: IBEF, Realtynmore)

Growth Drivers for the Data Center Industry

Cloud Adoption & Enterprise Digitalization	AI Workload Expansion	Data Consumption Growth	Data Localization & Regulatory Push
Rapid migration of enterprises to cloud- based systems is driving demand for data storage and processing infrastructure.	The rise of AI applications is increasing the need for high- density, power-intensive and low-latency data center infrastructure.	Growth in digital data across industries is expanding the requirement for digital infrastructure.	Data localization mandates and sovereign data requirements are accelerating domestic data center investments.

5G Rollout & Connectivity	Investment & Hyperscaler Expansion	Colocation Demand Growth	Emerging Data Center Hubs
Expansion of 5G networks is boosting data generation and demand for low- latency computing infrastructure.	Capital inflows from global investors and hyperscalers are enabling capacity expansion in the sector.	Adoption of colocation services is supporting scalable and cost-efficient infrastructure demand.	Expansion of data center capacity across Tier-I and emerging cities is strengthening regional infrastructure growth.

Indian PropTech Industry

The Indian PropTech industry is emerging as a high-growth segment within the broader real estate ecosystem, driven by digital adoption and the need for efficiency, transparency, and data-driven decision-making across stakeholders. Operating at the intersection of real estate, technology, SaaS, and artificial intelligence (AI), the sector is addressing longstanding inefficiencies in property discovery, lead management, transaction processes, and customer engagement.

Indias real estate market remains fragmented, particularly across brokerage, pricing transparency, documentation, and customer lifecycle management. This fragmentation is accelerating the shift towards integrated digital platforms, as developers, brokers, investors, and occupiers increasingly adopt technology solutions to streamline operations and enhance conversion outcomes.

The industry is currently in an early growth phase, with the Indian PropTech market estimated at approximately US$ 1.2 Billion in 2025 and projected to reach around US$ 5.98 Billion by 2032, implying a CAGR of 19.48%

While consumer-side digital adoption is well established, enterprise-level technology penetration remains relatively low. Approximately, 80% of property buyers use digital platforms for research, and nearly 78% of platform traffic is mobile-driven. However, only about 28% of real estate firms use multiple technology solutions, highlighting an adoption gap and a large addressable market.

The industry is evolving from basic listing platforms towards integrated, technology-led ecosystems. Key trends include the shift to digital lead generation, the adoption of AI-based lead scoring, reliance on data-backed decision-making, the automation of workflows, and demand for commercial property intelligence.

Globally, PropTech is undergoing a similar transformation, moving towards advanced digital infrastructure supported by AI, predictive analytics, and automated transaction systems. The global market is projected to expand from US$ 44.59 Billion in 2026 to US$ 104.57 Billion by 2034, indicating the institutionalization of real estate technology solutions.

Overall, the Indian PropTech industry is at an inflexion point, transitioning from fragmented digital adoption to integrated, platform-led ecosystems. This transformation is supported by enterprise adoption and the digitization of real estate processes, providing visibility into growth.

(Source: Marknteladvisors, Fortunebusinessinsights)

Growth Drivers Digital Transformation of Real Estate

The fragmented nature of Indias real estate sector is accelerating the shift from offline processes to digital platforms for lead management, transactions and customer engagement.

AI-led Real Estate Intelligence

Adoption of AI-driven tools such as lead scoring, predictive analytics and automated property recommendations is enhancing sales efficiency and decision-making across stakeholders.

Data-driven Decision-Making

Increasing reliance on rental benchmarks, pricing intelligence and demand analytics is driving the need for advanced PropTech platforms.

Workflow Automation

Real estate firms are adopting technology to automate site visits, documentation and customer follow-ups, improving operational efficiency.

Growth in Flexible Workspaces

Rising office leasing activity and flexible workspace adoption are creating demand for property intelligence and workspace discovery platforms.

Large Digital User Base

Indias expanding internet user base and mobile usage are enabling digital lead generation and customer acquisition for PropTech platforms.

Shift Towards Integrated Platforms

The evolution from standalone listing portals to integrated, end-to-end real estate platforms presents significant long-term growth opportunities.

Consumer Commerce and Furniture Industry

Indias consumer commerce ecosystem continues to expand, supported by rising disposable incomes, increasing digital adoption, urbanization and the growing penetration of online retail. Indias online retail market reached approximately US$ 80 Billion in FY26, registering 21% year-on-year growth, driven by the expansion of quick commerce, value commerce and increasing digital adoption across Tier-II and Tier-III cities.

The furniture and home segment is also benefiting from these structural trends. Indias online furniture market is expected to reach US$ 6.0 Billion by 2034, exhibiting a growth rate of 13.55% CAGR during 2026-2034, supported by urbanization, rising disposable incomes, changing lifestyles, home refurbishment and increasing e-commerce adoption.

India Online Furniture Market Forecast (2025–2034)

Year	Total Estimated Market Size (US$ Billion)
2025	1.9
2026	2.2
2027	2.4
2028	2.8
2029	3.2
3030	3.6
2031	4.1
2032	4.6
2033	5.3
2034	6.0

(Note: Market size figures for intermediate years are calculated based on the starting value of $1.9B, terminal value of $6.0B, and the stated Market CAGR of 13.55% to ensure exact numerical alignment.)

The sector is increasingly shifting towards omnichannel models that integrate digital discovery with physical stores, assisted buying, fulfillment, installation and after-sales services. Consumers are seeking wider product choice, convenience, customization and reliable service, favoring scaled platforms with strong brand equity, curated supply networks and integrated fulfillment capabilities.

(Source: IBEF, IMARC)

Growth Drivers

Rising Digital Consumption: Increasing internet penetration and digital adoption are expanding the addressable consumer base for online retail.

Omnichannel Adoption: Consumers are increasingly combining online discovery with physical product evaluation and assisted buying.

Tier-II and Tier-III Expansion: Increasing digital access and organized retail penetration are opening new consumption markets beyond major cities. (Source: IBEF)

Home Improvement Demand: Urbanization, changing lifestyles, and rising household spending on home interiors are supporting demand for furniture and home decor.

Technology-led Personalization: Data analytics and AI-enabled recommendations are improving product discovery, customer engagement and conversion.

Integrated Fulfilment: Faster delivery, installation and after-sales service are becoming important differentiators in large-format consumer commerce.

Logistic Tech Industry

Indias logistics industry is undergoing a technology-led transformation, supported by the growth of e-commerce, digitalization, organized warehousing and increasing demand for faster and more efficient fulfillment. The industry is projected to reach US$ 527.5 Billion by 2033 from US$ 255.6 Billion in 2026, registering a CAGR of 10.9% during 2026-33.

Within this ecosystem, the Courier, Express and Parcel (CEP) segment is also expanding rapidly. The India CEP market reached US$ 16,536.3 Million in 2025 and is projected to reach US$ 39,829.0 Million by 2034, registering a CAGR of 9.95% during 2026 34. Growth is being supported by the surge in e-commerce, rising demand for same-day and next-day deliveries, government support for logistics infrastructure and the adoption of technologies such as real-time tracking and automated sorting systems.

Technology is becoming increasingly integral to logistics operations, with businesses adopting digital platforms, real-time tracking, route optimization, warehouse management systems, automation and data analytics to improve supply-chain visibility, service levels and cost efficiency. The growth of e-commerce and quick commerce is further accelerating demand for technology-enabled fulfillment and last-mile delivery capabilities. The sector is evolving from a fragmented, asset-intensive model towards integrated and data-driven logistics ecosystems. Warehousing and distribution services are expected to be among the fastest-growing segments, supported by increasing demand for organized fulfillment infrastructure and technology-enabled supply-chain solutions. (Source: Grand View Research)

Government initiatives, including the National Logistics Policy, PM GatiShakti and the Unified Logistics Interface Platform (ULIP), are further supporting digital integration, multimodal connectivity and greater visibility across the logistics ecosystem.

(Source: IMARC, Grandviewresearch)

Growth Drivers

E-commerce and D2C Expansion: Rising online consumption is increasing demand for scalable, technology-enabled fulfillment and last-mile delivery solutions.

AI and Automation: AI, automation, IoT and advanced analytics are improving route planning, warehouse productivity, inventory management and delivery efficiency.

Real-time Supply Chain Visibility: Increasing demand for shipment tracking and operational transparency is driving adoption of digital logistics platforms.

Same-day and Next-day Delivery: Rising consumer expectations for faster fulfillment are accelerating investments in last-mile infrastructure and delivery technology.

Warehouse Automation: Adoption of warehouse management systems, automated sorting, robotics and IoT is improving throughput and reducing manual intervention.

Integrated Fulfillment: Businesses are increasingly seeking platforms that integrate warehousing, transportation, delivery, installation and after-sales services.

Tier-II and Tier-III Expansion: Increasing e-commerce penetration beyond major cities is expanding the requirement for distributed logistics networks and technology-enabled last-mile infrastructure.

Digital Logistics Infrastructure: Government-led initiatives are supporting greater digital integration, multimodal connectivity and visibility across the logistics value chain.

Cloud Infrastructure and Personal Cloud Industry

Indias cloud ecosystem is expanding rapidly as enterprises and consumers accelerate digital adoption, data generation and the use of cloud-based applications. Gartner forecasts end-user spending on public cloud services in India to reach US$ 17.5 Billion in 2026, up 28.1% from US$ 13.7 Billion in 2025. Infrastructure-as-a-Service (IaaS) is expected to be the fastest-growing segment, with spending projected to increase 40% in 2026. Alongside enterprise cloud adoption, the personal cloud segment is emerging as a high-growth opportunity, supported by increasing digital content, proliferation of connected devices, remote accessibility requirements and growing awareness of data privacy. Indias personal cloud market reached US$ 2.0 Billion in 2025 and is projected to reach US$ 9.7 Billion by 2034, registering a CAGR of 18.79% during 2026-34.

Personal cloud solutions enable individuals and enterprises to store, access and manage data over the internet while retaining greater control over the underlying hardware and data. Growing concerns around data privacy and security, together with the need for remote access and seamless synchronization across devices, are supporting adoption.

The market is also evolving towards private and hybrid cloud models, as users and enterprises seek a balance between scalability, accessibility, data ownership and security. Increasing digitalization, IoT adoption and the generation of large volumes of personal and enterprise data are expected to sustain demand for flexible cloud infrastructure.

(Source: Gartner, IMARC)

Growth Drivers

Enterprise Cloud Adoption: Increasing migration of workloads to cloud environments is expanding demand for scalable computing and storage infrastructure.

Personal Data Generation: The proliferation of smartphones connected devices, and digital content is increasing demand for secure and accessible personal storage. (Source: IMARC Group)

Data Privacy and Ownership: Growing awareness of data privacy is creating demand for solutions that provide users greater control over their data and infrastructure. (Source: IMARC Group)

AI and Data-intensive Applications: Increasing AI and data-processing requirements are supporting investment in cloud infrastructure and storage.

Remote Accessibility: Demand for seamless access to files and applications across locations and devices is supporting cloud adoption.

Hybrid and Private Cloud Adoption: Enterprises and users are increasingly evaluating private and hybrid environments to balance scalability with control and security.

SME Digitalization: Increasing adoption of digital applications among SMEs is expanding the addressable market for flexible and cost-efficient cloud solutions.

COMPANY OVERVIEW

TCC Concept Limited (hereafter referred to as the Company) operates as a technology-led, multi-synergistic business aggregation platform which incubates businesses and/ or provides growth strategies and resources to scale up using technologies and other relevant infrastructure, . The Company provides comprehensive data storage and data analytics solutions to enterprises and an omnichannel PAN India Platform to enterprises to offer home furnishing, decor, and furniture product solutions to consumers using a consumer-tech platform enabled through tech-enabled logistics (warehouse & transport) solutions.

The Companys business portfolio includes key brands/ platforms such as NES Data (a colocation data center infrastructure offerings), Pepperfry (omnichannel/ consumer tech platform for home furniture, decor and furnishing solutions), PepCart (logistic solutions), MyFlopy (personalized cloud storage platform), Brantford India (proptech platform), Trythat.ai (AI tools driven data analytical platforms for real estate sector).

The Company has developed a diversified platform ecosystem spanning PropTech, consumer technology, digital infrastructure and software-led solutions. Its business portfolio is focused on nurturing and scaling technology-driven businesses across these segments, with each platform addressing distinct market opportunities. This diversified portfolio provides a foundation for sustainable growth and enables the Company to participate in multiple high-growth sectors.

Key Highlights FY 2025-26

Revenue Growth	Consolidated revenue from operations increased 116% YoY to Rs. 1,794 Million, supported by the expansion and integration of the Group\u2019s operating engines.
Profitability	Consolidated PAT increased to Rs. 6,483 Lakhs and EBIDTA was also increased to Rs. 9,741 Lakhs from last year.
Strategic Acquisition	Acquired and consolidated Pepperfry, with consolidation effective December 8, 2025.
Platform Integration	Integrated TCC\u2019s data, technology and operating platforms with Pepperfry, while aligning its studio and franchise network under a unified system.
Business Expansion	Built an integrated platform comprising six operating engines across consumer commerce, digital infrastructure and intelligence & market access.
Pepperfy Scale	Pepperfry operated through 100+ studios, recorded 6,321 Million FY26 GMV and served as the Group\u2019s consumer commerce core.
Fulfillment Infrastructure	PepCart expanded its owned big-box fulfillment network to 300+ cities and 9,500+ pin codes, supported by 3 fulfillment and 25 distribution centers.
Digital Infrastructure	NES Data had 4 MW of Tier-III data-center capacity live in Pune, with a 100 MW hyperscale campus blueprint.
PropTech & AI	TryThat.ai launched as an AI-led real estate platform with a subscription-led model, while Brantford continued as a digital-first, zero-brokerage market-access platform.
Operational Milestone	Pepperfry achieved its first-ever profitable quarter in Q4 FY26, supported by improved operating efficiency and stronger business fundamentals.
Capital & Balance Sheet	Pepperfry raised Rs. 110 Crores post TCC\u2019s acquisition , while TCC\u2019s total equity stood at Rs. 16,453 Million on group level, up approximately 130% YoY.

Acquisition and Integration

The acquisition and integration of Pepperfry supports TCC Concept Limiteds strategy to build a platform-led ecosystem across commerce, real estate and digital infrastructure. Pepperfry adds scale in the furniture and home decor segment, with 110+ studios across 65 cities, 500+ city reach, 25 distribution centers, 200+ delivery vehicles and over 10 Million products delivered. Pepperfry enables an end-to-end commerce model across product discovery, retail, and fulfillment through Pepcart, with B2B capabilities supporting.

TCC Group Structure
TCC Group
Consumer Commerce		Digital Infrastructure		Intelligence & Market Access
Pepperfry	PepCart	NES Data	MyFlopy	TryThat.ai	Brantford
Omnichannel furniture and home marketplace	Big-box supply chain and last- mile fulfillment	Enterprise- grade Tier-III data-center infrastructure	Private cloud and data-ownership platform	AI-led real estate platform	Digital-first, zero- brokerage market- access platform for realtors

Our Ventures

TCC Concept Limited has built a diversified technology-led business portfolio spanning consumer commerce, fulfillment and logistics, PropTech and AI, market access, data center infrastructure and private cloud solutions. The portfolio is designed to combine customer-facing businesses with technology and infrastructure capabilities, creating opportunities for an integrated operating model.

Consumer Commerce Pepperfry

Pepperfry is TCCs consumer commerce platform in the furniture and home category, operating through an omnichannel model that combines digital commerce with a network of physical studios. The platform offers furniture and home products across multiple categories and is supported by a growing portfolio of house brands and private-label products.

The business has an established customer base and a significant repeat-purchase component, with 110+ studios and FY26 GMV of 6,321 Million. Its omnichannel model enables customers to discover products online and through physical studios, supported by assisted buying and a technology-enabled customer journey.

Pepperfry also serves institutional and business customers through Pepperfry for Business division, extending its capabilities beyond retail into office, hospitality and project furnishing. The business is supported by an integrated supply-chain and fulfillment ecosystem through PepCart.

Supply Chain & Fulfillment PepCart

PepCart is TCCs owned fulfillment and last-mile infrastructure platform, providing warehousing, distribution, delivery, installation and servicing capabilities. The network spans 300+ cities and 9,500+ pin codes and is supported by three fulfillment centers, 25 distribution centers and 200+ last-mile vehicles.

The platform is designed to provide greater control over the end-to-end fulfillment journey, from warehouse and distribution operations to last-mile delivery and installation. Its integration with Pepperfry supports service consistency, delivery reliability and customer experience across the furniture and home ecosystem.

PepCart also has the capability to serve external customers, providing a platform for technology-enabled logistics and third-party fulfillment beyond the Groups captive requirements.

Data Center Infrastructure NES Data

NES Data represents TCCs digital infrastructure business, focused on enterprise-grade data center capacity and colocation services. The business currently operates 4 MW of live Tier-III capacity in Pune, with 304 racks in service, and has a 100 MW hyperscale blueprint.

The business is positioned to serve enterprises and other data-intensive users requiring secure, scalable and reliable infrastructure. Its infrastructure-led model provides TCC with exposure to the growing demand for data storage, cloud infrastructure and computing capacity.

NES Data also provides an infrastructure foundation for TCCs broader digital ecosystem, creating potential integration opportunities with the Companys private-cloud and data-management capabilities.

Private Cloud MyFlopy

MyFlopy is TCCs private-cloud platform, built around data ownership and user-controlled infrastructure. The platform enables users to operate their own cloud environment on hardware they own, providing an alternative to conventional cloud models that rely on third-party infrastructure and recurring subscriptions.

The proposition is targeted at users and businesses seeking greater control over their data, privacy and cloud environment. Its integration with NES Data creates a broader technology and infrastructure proposition spanning data center capacity, private cloud and secure data management.

AI & PropTech TryThat.ai

TryThat.ai is TCCs AI-led PropTech platform focused on real-estate lead generation and decision intelligence. The platform operates as a B2B SaaS proposition, combining technology and data to help real-estate stakeholders generate and evaluate leads more efficiently.

The platform is designed to address the growing requirement for digital customer acquisition and AI-enabled decision-making in real estate. Its software-led model provides TCC with exposure to a technology business that can be scaled across customers without a proportionate increase in physical infrastructure.

TryThat.ai also forms part of TCCs broader digital ecosystem by creating a technology layer that can connect demand generation with the Groups other consumer and market-access businesses.

Market Access Brantford

Brantford provides market-access and lead-generation capabilities, with a focus on realtors and enterprise customers. Its zero-brokerage model is supported by a network of 120+ consultants across eight cities, providing a capital-light platform for building relationships and generating qualified market opportunities.

The business acts as a customer-acquisition and market-access layer within TCCs portfolio, with its network providing potential access to real-estate and enterprise customers. This creates opportunities to connect customers with relevant offerings across the Groups wider portfolio.

Integrated Platform

Together, these businesses provide TCC with capabilities across the digital commerce and technology value chain. Pepperfry provides the consumer-facing commerce platform; PepCart provides fulfillment and last-mile capabilities; TryThat.ai and Brantford contribute technology-enabled demand generation and market access; while NES Data and MyFlopy provide the underlying infrastructure and private-cloud layer.

Human Capital

TCC Concept Limited recognized its human capital as a key driver of business performance, innovation and operational effectiveness. During the year, the Companys people strategy focused on building a future-ready workforce, improving organizational agility and strengthening the overall employee value proposition.

As of March 31, 2026, the total workforce at the Group level stood at 490 employees, reflecting a lean and focused team structure that supports the Companys growth.

Talent Acquisition & Workforce Diversity

The Companys talent acquisition approach is guided by principles of meritocracy, inclusivity and adaptability. A structured, bias-free hiring framework is followed to ensure equal access to opportunities, irrespective of age, gender, background or orientation. This approach promotes fairness and helps attract talent aligned with the Companys values.

Hiring efforts during the year were directed towards building capabilities relevant to future business needs, enabling the Company to respond to evolving client requirements. The focus remained on strengthening workforce planning, adopting data-driven hiring practices and digital platforms to attract talent across functions. Additionally, with a focused effort, the Company strengthened its position as an employer of choice while ensuring an efficient recruitment process for prospective candidates.

Capability Development

Learning and development continued to play a key role in strengthening employee capabilities. The Company recognizes ongoing learning as an important driver of both individual progress and overall organizational growth. During FY 2026, L&D efforts were aligned towards building technical expertise, leadership capabilities and behavioral skills across the workforce.

Key initiatives included:

A structured onboarding framework aimed at supporting the integration of new employees

Role-specific training modules covering areas such as business communication, customer focus and leadership preparedness

Empower Connect sessions are designed to improve understanding of business operations

Availability of learning courses to support self-directed and continuous development

Leadership engagement sessions and workshops to stay updated on evolving industry practices

Employee Engagement

TCC Concept Limited understands employee engagement is an important element in building a strong and performance-driven work culture. During FY2026, the Company focused on enhancing the employee experience through initiatives aimed at improving team connection, collaboration and recognition.

To support an engaged workforce, several initiatives were undertaken, including:

Wellness initiatives and awareness programs focused on physical, mental and financial well-being At Pepperfry, employee assistance was supported through YourDOST, along with a Group Medical Policy to support employee well-being

Festive and cultural events to encourage interaction and strengthen team relationships

Recognition programs to acknowledge performance and promote positive workplace behaviors

Employee education support and Internal Job Transfers were provided to support employee development and internal career opportunities

Strengthening People, Policies and Performance

The Company implemented a Performance Management System (PMS) through a digital platform, supported by goal-setting frameworks. This has helped build clarity, accountability and transparency in performance evaluation, with a focus on measurable outcomes.

HR policies were further aligned to support inclusivity, employee well-being and strong governance practices. Key areas of focus included strengthening the Diversity, Equity and Inclusion (DEI) framework, enhancing awareness around the Prevention of Sexual Harassment (POSH), and establishing mechanisms for grievance redressal.

Employees continued to receive support through a rewards structure, covering compensation, insurance, statutory retirement benefits and development initiatives. These measures contributed to improved retention and employee engagement.

Culture Development

The Company continues to focus on building a strong and consistent workplace culture as a key enabler of long-term performance. This culture is guided by core principles such as customer focus, mutual respect, integrity, efficiency and accountability, which shape day-to-day interactions and decision-making across the organization.

. Regular feedback mechanisms were maintained to understand employee perspectives and improve workplace practices. These included pulse surveys such as Your Voice Matters, open forums and one-on-one interactions, providing employees with multiple channels to share their views and contribute to organizational improvements.

Through these efforts, the Company remained committed to fostering a performance-oriented, inclusive and purpose-driven work environment. This approach supports employee engagement and enables teams to deliver consistent value to customers while contributing to sustainable business growth.

Employees in FY2026
69.59%	30.41%
Male Employee Percentage	Female Employee Percentage

Risk and Concerns

Risk Particular	Mitigation Strategies
Market Volatility Risk
The Company\u2019s operations are influenced by changes in demand across the real estate and data center segments, which may arise from economic cycles, regulatory shifts and policy developments.	To manage this risk, the Company maintains a diversified portfolio, follows disciplined financial practices and closely tracks market developments to adjust its strategy in line with changing demand.
Regulatory Compliance Risk
The regulatory environment for real estate and data center operations is dynamic, with ongoing changes in areas such as data localization and urban development regulations. These changes may lead to increased compliance requirements or potential project delays.	The Company addresses this risk by maintaining strong compliance, engaging with regulatory authorities and following governance practices to stay aligned with evolving regulatory requirements.
Technology Obsolescence
Advancements in AI, data analytics and digital infrastructure are evolving. Lack of timely upgrades may reduce the competitiveness of existing platforms.	The Company addresses this risk through ongoing investment in innovation, system upgrades and collaboration with established technology partners, ensuring integration of advanced solutions.
Infrastructure Development Delays
Large-scale data center projects may face delays due to challenges such as land acquisition, supply chain disruptions or labor shortages, which can impact timelines and project costs.	The Company addresses this risk through project management, diversified sourcing strategies and coordination with stakeholders to support timely project execution.
Cybersecurity & Data Breach Risk
The Company\u2019s digital platforms and data center operations are exposed to risks such as cyberattacks, data breaches and service disruptions, which may affect business continuity and client confidence.	The Company manages this risk through a comprehensive framework comprising monitoring systems, regular security audits, employee awareness programs and adherence to globally recognized standards.

Financial Performance

Particulars	Ratios for FY 2025-26	Ratios for FY 2024-25	Ratios for FY 2023-24	% Variance	Remark for change of 25% or more as compared to previous year
Trade receivables turnover ratio	4.29	3.33	6.05	29	The increase in the ratio reflects a recovery in collection efficiency during the year. Additionally, the acquisition of Pepperfry has had a favourable impact, as it contributes revenue at a relatively lower proportionate receivables base compared to the Companys existing operations.
Trade payables turnover ratio	11.64		5.07	-6	Not Applicable
Inventory Turnover Ratio	6.03		NA	100	The increase in the ratio is on account of the acquisition of Pepperfry, which became a subsidiary during FY 2025-26.
Interest Coverage Ratio	3.51		60.9	-89	The decrease in the ratio is primarily on account of a significant increase in finance costs during the year, which resulted in lower coverage of interest expenses relative to earnings.
Current Ratio	1.1		2.25	-70	This decrease is primarily attributtable to an increase in current liabilities, resulting in a lower proportion of current assets relative to current liabilities.
Return on Equity(%)	5%		21%	-44	The decline in ROE is primarily attributable to an increase in the equity base during the year. Since this incremental equity is yet to be fully deployed , profit growth is relatively lower, resulting in a dilution of ROE.
Return on Capital Employed(%)	5%		14%	-38	The decrease in ROCE is primarily due to a significant increase in capital employed during the year.
Debt to Equity Ratio	0.01		0.02	0	Not Applicable
EBITDA Margin(%)	54%		43%	-25	The decrease in EBITDA margin is primarily on account of Consolidation post acquisition, the blended margin post consolidation has moderated during the year.
Net Profit Margin(%)	36.14%		26.29%	-29	The higher depreciation charge has and increase In finance cost resulted in a lower net profit relative to revenue, thereby reducing the net profit margin.
Operational Profit Margin(%)	27.41%		34.94%	-55	Decrease in the ratio due to increase Employee Benefit Expenses, Depreciation & Other Expenses.
Return on Net worth(%)	4%		11%	-33	The decline in Return on Net Worth is primarily on account of an increase in the Companys net worth during the year
Shareholders\u2019 Equity	4752.82		2,103.44	33	Increase in shareholders equity is on account of equity infusion during the year.

BUSINESS OUTLOOK

The outlook for TCC Concept Limited remains positive, with FY27 representing a period of scaling, monetization and increasing integration across its operating businesses. Rather than pursuing portfolio expansion alone, the Companys focus is on improving the economics of its existing platforms, increasing utilization of its infrastructure and converting its technology capabilities into recurring revenue.

The Companys FY27 strategy is centered on four broad priorities: scaling consumer commerce, building recurring infrastructure revenue, monetizing AI and software capabilities, and increasing the economic benefits of an integrated operating platform.

Pepperfry

Pepperfry is expected to be the principal scale engine in FY27 as TCC moves from a part-year contribution in FY26 to a full year of consolidation. Growth will be driven by expansion of the studio network through COCO and FOFO formats, wider category coverage, deeper penetration of D2C and private-label products and expansion of Pepperfry for Business. The latter is expected to create additional growth opportunities through turnkey furnishing solutions for offices, hospitality and projects.

The Company is also focused on improving monetization through assisted buying, customer-experience initiatives and a higher contribution from house brands. With house brands/D2C already accounting for 40% of the mix, further improvement in product mix, sourcing and fulfillment is expected to support the business towards a sustained profitability inflection. The potential for a separate NSE listing of Pepperfry represents an additional avenue for shareholder value creation, subject to the business achieving and sustaining the targeted profitability milestones.

PepCart

Having delivered its first profitable quarter in Q4 FY26, the near-term priorities are to deepen high-demand corridors, increase center utilization and SKU throughput, and reduce cost and delivery time. The Company also plans to open the network to external customers through a B2B/3PL offering, with client acquisition and onboarding already underway.

This creates a dual opportunity: PepCart can continue to provide Pepperfry with a captive logistics cost and service advantage while monetizing spare capacity through third-party business. Its owned logistics model, together with low transit damage and high utilization, is expected to support both customer experience and operating leverage as volumes scale.

NES Data

NES Data is expected to support the Companys recurring infrastructure revenue strategy as its data-center capacity scales. The 100 MW hyperscale blueprint provides a framework for future capacity expansion and participation in long-duration digital infrastructure demand. The immediate focus is on ramping colocation utilization and converting available capacity into recurring revenue.

MyFlopy

MyFlopy is expected to progress its deployment-led revenue model as the Company develops its private-cloud proposition. Its capacity-backed model is intended to contribute to TCCs recurring infrastructure revenue opportunity.

TryThat.ai

TryThat.ai is expected to move from product development towards commercial monetization in FY27. The immediate priorities are customer acquisition, conversion of the existing product into recurring subscription revenue and increasing adoption among real-estate stakeholders.

With project pricing of 50,000 2 Lakhs, the platform has the potential to develop into a high-margin, capital-light revenue stream as customer adoption scales. Its integration with the wider TCC ecosystem also provides an opportunity to convert qualified real-estate demand into additional business across Group platforms.

Brantford

Brantfords focus is on deepening client analytics and developing personalized space offerings, while expanding into new geographies and asset classes. The business also plans to build a service-partner ecosystem to provide end-to-end solutions. The next phase includes a mobile-first approach covering content, listings and short-video distribution, building on its existing network of 120+ consultants across eight cities and current traction.

Integrated Ecosystem and Capital Allocation

TCC Concept Limited is building a platform-led ecosystem focused on nurturing and scaling technology-driven businesses towards their full potential. The Company is currently focused on three core platforms: PropTech and AI-led business solutions; Data Storage and Data Analytics, including data center infrastructure and cloud solutions; and Consumer Technology and Logistics Solutions. These platforms are at an advanced stage of their respective growth trajectories and are expected to contribute meaningfully to the consolidated revenue of the TCC Group of Companies.

Accordingly, FY27 will focus on execution and scaling across these businesses. Key priorities include scaling Pepperfry, increasing PepCart utilization and external monetization, building recurring SaaS revenue through TryThat.ai, expanding Brantfords market reach, increasing NES Datas colocation capacity and advancing MyFlopys private-cloud proposition. The Company will remain focused on strengthening operating capabilities, improving operating leverage and translating these initiatives into sustainable revenue and profitability, supporting long-term value creation.

STRATEGIC IMPERATIVES GUIDING TCCS OUTLOOK:

TCC Concept Limiteds outlook is guided by focused strategic initiatives across four core verticals: Data Center Infrastructure and Data Storage Solutions, Data Analytical Services, Consumer Technology Services in Home Furnishing & Decor, and Technology-enabled Logistics Solutions for Big Box Handling.

Data Center Infrastructure and Data Storage Solutions:

The Company aims to develop Tier III-compliant and cost-efficient data center infrastructure to make data storage more accessible and cost-effective. In parallel, it is focused on developing personalized cloud solutions that provide greater flexibility to customers and reduce dependence on large cloud service providers.

Consumer Technology Services in Home Furnishing & Décor:

The Company is focused on strengthening its omnichannel consumer technology platform across India and expanding its marketplace model to support multiple brands. Through these initiatives, it aims to further scale Pepperfry and strengthen its position as a leading furnishing solutions platform.

Data Analytical Services:

The Company has developed comprehensive data search and analytics capabilities designed to identify relevant opportunities, generate actionable insights and support its progression towards transaction closure.

Technology-enabled Logistics Solutions for Big Box

Handling:

With over 10 years of operational experience in Big Box last-mile logistics, the Company aims to leverage its technology-enabled capabilities to strengthen its presence in the Indian last-mile logistics market for large and bulky products, including furniture and white goods.

INTERNAL CONTROL

The Company has identified internal financial controls for all key and material processes based on risk assessments carried out across business operations, and these controls have been integrated into the respective processes. The controls and procedures have been formally documented. The Audit Committee of the Board periodically reviews internal audit findings, the adequacy of internal controls and the overall risk management framework. These systems provide reasonable assurance that internal financial controls are appropriately designed and are functioning effectively.

DISCLOSURE OF ACCOUNTING TREATMENT

The financial statements of the Company have been prepared in accordance with the applicable Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013, read with the relevant rules issued thereunder. There has been no deviation from the prescribed accounting treatment in the preparation of the financial statements for the period under review.

CAUTIONARY STATEMENT

This management discussion and analysis contains forward-looking statements that reflect the Companys current views with respect to future events and financial performance. The actual results may differ materially from those anticipated in the forward-looking statements because of many factors.