Aerpace Industries Ltd Management Discussions

INDUSTRY STRUCTURE AND OUTLOOK

India is undergoing a significant transformation in the way it approaches transportation, logistics, energy,
defence technology and advanced manufacturing. Rapid urbanisation, expanding economic activity,
increasing movement of people and goods, pressure on existing infrastructure and the need for cleaner and
more efficient systems are creating opportunities for new mobility architectures and supporting technologies.

Transportation continues to be one of the fundamental enablers of economic and social development. The
strength of a countrys mobility infrastructure directly affects productivity, accessibility to employment,
healthcare and education, movement of goods, industrial competitiveness and the ability of businesses to
reach markets efficiently. India has invested considerably in highways, railways, airports, ports, metro systems
and regional connectivity.

These investments have strengthened the countrys transportation backbone. At the same time, growing
cities, increasing vehicle density, longer commuting times and rising logistics requirements are creating the
need for additional modes of transportation capable of complementing existing infrastructure.

This is creating an important opportunity for technologies associated with Advanced Air Mobility (AAM).

Across the world, aviation and technology companies are advancing the development of next-generation
vertical take-off and landing aircraft, autonomous aerial systems, air taxis and unmanned cargo platforms. The
sector is gradually progressing from research and demonstrator programmes towards aircraft certification,
manufacturing readiness, operating infrastructure and commercial deployment.

India has also begun developing the regulatory foundation required for Advanced Air Mobility. The evolving
aviation framework around vertical take-off and landing capable aircraft, unmanned aerial systems and future
airspace integration demonstrates increasing institutional recognition of aerial mobility as a potential
component of the countrys future transportation architecture.

The development of this industry will require considerably more than the aircraft itself. A viable aerial mobility
network will depend upon docking and landing infrastructure, energy availability, airspace management,
maintenance systems, communication networks, fleet intelligence, passenger and cargo handling, digital
connectivity and integration with existing road, rail and aviation networks.

Consequently, the opportunity is progressively evolving from the development of individual aircraft towards
the creation of complete mobility ecosystems.

This evolution is closely aligned with the approach adopted by aerpace Industries Limited.

Alongside Advanced Air Mobility, several adjacent sectors relevant to the Companys strategy are also
undergoing structural transformation.

India is witnessing rapid growth in renewable-energy deployment and domestic solar manufacturing as
industries, governments and infrastructure developers increasingly adopt cleaner sources of energy. The
energy transition is creating demand across utility-scale, commercial, industrial and infrastructure

applications, while the domestic manufacturing ecosystem is being strengthened to reduce dependence on
imported technologies and components.

Defence and unmanned systems represent another area of significant technological change. Modern defence
requirements increasingly involve unmanned aerial platforms, autonomous systems, intelligent surveillance,
precision systems, specialised logistics and software-defined capabilities. The Governments emphasis on
indigenous design, domestic manufacturing, technology transfer and Make in India is creating opportunities
for Indian companies capable of developing strategic technologies and progressively localising critical
systems.

The convergence of these sectors - mobility, aerospace, autonomous systems, renewable energy,
defence, software and advanced manufacturing - forms the larger industry environment in which
aerpace is building its business.

BUSINESS OVERVIEW

aerpace Industries Limited is developing an integrated technology, mobility and infrastructure ecosystem
designed around the future movement of people, goods and essential services.

The Companys approach has evolved from its original research into inter-city and interstate transportation
towards a broader architecture that integrates aerial mobility, terrestrial mobility, infrastructure, renewable
energy, intelligent software and autonomous systems.

This integrated architecture is represented through aerVerse.

At its centre is aerWing, the Companys proposed aerial mobility platform with applications envisaged across
passenger transportation, logistics, emergency response and specialised mobility.

The aerWing architecture includes aerTaxi for passenger transportation, aerCargo for cargo and logistics,
aerCare for medical and emergency applications and aerDrive as part of the Companys wider integrated
mobility proposition.

Supporting this aerial architecture is aerDock, envisioned as the physical infrastructure required for future
aerial operations. aerDock is intended to progressively integrate passenger and cargo movement, platform
operations, energy infrastructure, fleet servicing and associated mobility requirements.

The Companys renewable-energy capability is being developed through aerVolt, while aerOS represents the
software and intelligence architecture intended to progressively support autonomous navigation, platform
management, mission intelligence and future feet operations.

The wider ecosystem also extends into terrestrial mobility through aerCar.

Through aerShield, the Company is developing capabilities in unmanned aerial technologies and associated
systems for strategic and defence applications.

Together, these businesses represent aerpaces objective of building an ecosystem in which the vehicle,
infrastructure, energy, software and operating architecture are developed as interconnected capabilities.

REVIEW OF FY2025-26

FY2025-26 represented an important development period for aerpace as the Company continued moving
from conceptual research towards the creation of physical, technological and institutional capability required
for future execution.

The focus during the year remained on strengthening the Companys engineering foundation, developing the
manufacturing ecosystem, progressing renewable-energy capabilities, advancing unmanned and defence
technologies, expanding technology relationships and creating structures capable of supporting future
domestic and international business.

Development of Manufacturing and R&D Capability

During FY2025-26, the Company continued development of its manufacturing and R&D infrastructure at
Chakan, Pune.

The facility is strategically important because several aerpace businesses require extensive engineering,
prototyping, testing, product development, manufacturing and validation capability before they can progress
towards commercial scale.

The Companys objective is to progressively bring these capabilities within a common industrial environment
rather than develop completely independent infrastructure for every vertical.

This approach also supports greater vertical integration. As aerpace develops capabilities across renewable
energy, unmanned platforms, propulsion, electronics, avionics, software and future mobility, a common
engineering and manufacturing foundation can improve knowledge transfer across businesses and provide
greater control over critical areas of technology development.

FY2025-26 therefore represented a period of building this physical foundation and preparing individual
businesses for their respective stages of manufacturing and execution.

aerVolt AND THE RENEWABLE-ENERGY OPPORTUNITY

Renewable energy became an increasingly important part of the aerpace business architecture during the
year.

The decision to develop aerVolt originated from two complementary considerations.

The first is the independent commercial opportunity created by Indias rapidly expanding renewable-energy
market and the growing requirement for domestically manufactured solar photovoltaic modules.

The second is strategic to aerpace itself.

Future mobility systems will require energy at scale. Aerial platforms, autonomous systems, docking
infrastructure, charging requirements, digital systems and associated facilities will depend upon a reliable
energy architecture. aerpace therefore considers the source and management of energy to be an important
part of future mobility infrastructure.

This led to the development of aerVolt as both an independent renewable-energy business and a potential
enabling layer of aerVerse.

Solar manufacturing forms an integral component of the manufacturing infrastructure being developed at
Chakan. The Company has been progressing capabilities for high-efficiency solar photovoltaic module
manufacturing, including advanced module technologies appropriate for commercial and infrastructure
applications.

As renewable-energy adoption expands across India, the Company sees opportunities across industrial,
commercial and infrastructure requirements. At the same time, the longer-term aerpace architecture
envisages renewable energy progressively contributing towards the operating requirements of aerDock and
associated infrastructure.

This creates an important internal convergence: an energy technology developed as a commercial business
can, over time, also support the infrastructure requirements of other aerpace businesses.

The Companys strategy is therefore to develop aerVolt with commercial discipline while preserving its
strategic role within the wider aerVerse.

ADVANCED AIR MOBILITY AND aerWing

During FY2025-26, the global Advanced Air Mobility industry continued to progress towards increasingly

For aerpace, these developments reinforce an important principle on which the Company has based its
strategy: successful aerial mobility will ultimately depend upon an ecosystem rather than an aircraft operating
in isolation.

Accordingly, the Companys long-term development remains centred upon the relationship between aerWing,
aerDock, aerVolt and aerOS.

aerWing is intended to address more than passenger transportation. aerCargo expands the architecture
towards logistics and freight movement, while aerCare addresses medical and time-sensitive mobility
requirements. This multi-application approach has the potential to improve utilisation of common
infrastructure and create applications across passenger mobility, industrial logistics, agricultural supply chains,
emergency response and healthcare.

Indias geography and economic structure create particular relevance for these applications. Dense urban
corridors require new approaches to congestion, while industrial clusters, ports, regional cities, agricultural
regions and remote locations create requirements for faster and more direct movement of goods and essential
services.

The Companys strategy is therefore to continue the staged engineering and development of its aerial mobility
architecture while recognising that commercialisation will require extensive testing, validation, certification,
regulatory engagement, infrastructure development and capital.

architecture while recognising that commercialisation will require extensive testing, validation, certification,
regulatory engagement, infrastructure development and capital.

DEFENCE, UNMANNED SYSTEMS AND aerShield

Defence technology emerged as an increasingly important strategic area for aerpace during FY2025-26.

The global defence environment is undergoing rapid technological transformation, with unmanned systems
becoming increasingly important across reconnaissance, surveillance, tactical operations, border monitoring,
precision engagement and defence logistics.

Indias parallel emphasis on indigenous defence technology, domestic manufacturing and supply-chain
security creates a significant long-term opportunity for Indian technology and engineering companies.

Through aerShield, aerpace is developing an ecosystem of unmanned aerial technologies and associated
systems for specialised defence applications.

The Companys approach extends across multiple UAV architectures rather than a single drone platform.

Development and technology relationships are being pursued across areas including fixed-wing unmanned
aerial platforms, delta-wing platforms and other mission-specific aerial architectures.

The Companys broader technology roadmap also extends towards specialised precision systems, propulsion
technologies, compact missile systems and jet-engine technologies relevant to unmanned aerial applications.
During the year, aerpace continued to work through specialised technology collaborations intended to
accelerate access to engineering expertise and platform technologies. The strategic intent behind these
relationships extends beyond procurement. The Company seeks to progressively build domestic engineering,
integration and manufacturing capability around these technologies.

Software represents another important component of this strategy.

Modern unmanned systems increasingly derive their capability from navigation intelligence, flight-control
architecture, sensor integration, mission planning, target detection and tracking, communication systems and
autonomous decision support.

Through aerOS and the associated software stack, the Company intends to progressively strengthen its
capability in these areas.

The longer-term roadmap extends further into electronics and avionics. aerpace intends to progressively
develop greater internal capability across fight electronics, control systems, navigation technologies,
communication architecture, avionics and associated sub-systems.

This forms part of the Companys wider strategy of vertical integration and supply-chain resilience.

For strategic technologies, dependence upon fragmented or overseas supply chains can affect availability,
maintenance, upgrades and long-term control over critical systems. aerpace therefore intends to increase the
proportion of the airframe, software, propulsion, electronics, avionics, navigation, communication and mission
technologies that can eventually be developed, manufactured or sourced within India.

The objective is to progressively build an Indian technology and manufacturing ecosystem aligned with the
countrys Make in India and indigenous defence manufacturing objectives

STRATEGIC COLLABORATIONS AND TECHNOLOGY DEVELOPMENT

aerpace operates in sectors where the development cycle is highly specialised and capital intensive.
Advanced mobility, unmanned aviation, defence systems and precision engineering require expertise across
multiple disciplines.

The Companys collaboration strategy is therefore designed to combine internal research and development
with specialised external expertise wherever such partnerships can accelerate engineering maturity.

During FY2025-26, the Company continued developing technology relationships across areas relevant to
aerospace engineering, unmanned systems, platform development, precision engineering and associated
technologies.

The Companys long-term objective is to progressively transfer knowledge into the aerpace ecosystem, build
internal engineering capability and increase localisation as programmes mature.

This strategy seeks to balance speed of development with the Companys longer-term objective of building

intellectual property, engineering knowledge and manufacturing capability within India.

INTERNATIONAL BUSINESS DEVELOPMENT

During FY2025-26, aerpace also took a step towards creating a platform for future international business.

The Company acquired a 75% holding in Aerpace General Trading LLC in the United Arab Emirates during the
year.

The investment has been undertaken with the objective of establishing an international presence and enabling
future business operations as the Companys different technology and commercial verticals mature.

The UAE and the wider Middle East represent important markets across infrastructure, renewable energy,
logistics, advanced mobility and emerging technologies. Establishing an international corporate presence
provides aerpace with a structure through which future commercial and strategic opportunities can
progressively be evaluated.

As at the reporting date, the subsidiary had not commenced operations.

aerpace RACERS AND ENGINEERING CULTURE

The Companys association with motorsport through aerpace Racers also continued during FY2025-26.

The participation of aerpace Racer Sanjay Takale in international endurance motorsport and the Dakar
environment provides aerpace with exposure to a field in which engineering reliability, navigation, vehicle
dynamics, endurance, decision-making and human-machine interaction are continuously tested under
demanding conditions.

The Company views motorsport as relevant to its larger mobility philosophy because several principles that
determine performance in motorsport - efficiency, reliability, vehicle behaviour, thermal management,
durability, control and rapid decision-making - are also relevant to future vehicle and mobility engineering.

TECHNOLOGY CONVERGENCE ACROSS aerVerse

A central part of aerpaces strategy is the potential for technology developed within one vertical to strengthen
another.Autonomy, navigation, lightweight structures, propulsion, communications, electronics and software
developed for unmanned systems can create knowledge relevant to future civilian aerial platforms.

Renewable-energy capability developed through aerVolt can contribute towards the future energy
requirements of aerDock and other infrastructure.

Software architecture developed through aerOS can progressively support multiple autonomous platforms.

Engineering knowledge emerging from mobility and motorsport can contribute to future terrestrial and aerial
vehicle development. This convergence is fundamental to aerVerse.

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The Company believes that developing common capabilities across multiple applications can, over time,
create greater technological depth than operating each vertical as an unrelated business.

KEY BUSINESS STRENGTHS

Integrated Ecosystem Approach

The Companys principal strategic differentiation lies in its integrated approach. aerpace is developing mobility
platforms together with the infrastructure, energy and software systems required to support them.

Diversified Technology Applications

The Companys technologies have potential applications across passenger mobility, cargo logistics, medical
response, renewable energy, autonomous systems and defence, creating multiple potential pathways for
commercialisation.

Growing Manufacturing and R&D Foundation

The development of the Chakan manufacturing and R&D infrastructure provides a physical foundation for
greater engineering, testing, manufacturing and localisation across the Companys businesses.

Technology Collaboration Model

Specialised collaborations provide the Company access to knowledge and technologies across multiple
engineering disciplines while the organisation progressively builds internal capability.

Focus on Vertical Integration

The long-term objective of developing greater capability across software, electronics, avionics, propulsion,
energy and manufacturing can strengthen the Companys control over critical technologies and supply
chains.

Alignment with National Priorities

energy, domestic manufacturing, autonomous systems, defence indigenisation, logistics and future mobility.
Several aerpace verticals operate in sectors that are strategically important to India, including renewable
energy, domestic manufacturing, autonomous systems, defence indigenisation, logistics and future mobility.

BUSINESS STRATEGY AND OUTLOOK

The next phase of aerpaces development will focus on execution, engineering maturity, manufacturing

readiness, localisation and commercial discipline.

The Company intends to continue strengthening the Chakan manufacturing and R&D ecosystem so that it can
progressively support a larger proportion of aerpaces technology and manufacturing requirements.

Within aerVolt, the focus will be on advancing manufacturing readiness, developing commercial relationships,
fulfilling applicable certification and operational requirements and building the renewable-energy business as
an independent revenue opportunity.

Within aerShield, the Company intends to deepen development across UAV platforms, software, propulsion,
electronics and avionics while progressively expanding domestic engineering capability and localising the
supply chain.

Within aerWing, the strategy will remain centred upon engineering, validation and development of the larger
aerial mobility architecture. The Company will continue to evaluate the infrastructure, regulatory, energy and
technological requirements that will ultimately be necessary for commercial Advanced Air Mobility operations.
Within aerOS, aerpace intends to strengthen its software and intelligence capabilities across autonomy,
navigation, platform management and future fleet operations.

The Company will continue evaluating strategic collaborations, technology transfers, acquisitions and joint
ventures where such relationships can provide complementary technology, engineering knowledge, market
access or manufacturing capability.

The international presence created during FY2025-26 will also be progressively evaluated for future business
opportunities as individual verticals reach appropriate commercial maturity.

Underlying each of these priorities will be a greater focus on commercialisation.

As aerpace transitions from research-led development towards execution, the Company intends to
increasingly evaluate individual projects through the lenses of technical feasibility, regulatory readiness,
market demand, capital requirement, potential revenue generation and long-term return on investment.

The strategic objective for the coming years is therefore to convert the technological breadth created within
aerVerse into progressively stronger operating capabilities and sustainable businesses.

OPPORTUNITIES

The Companys addressable opportunities span several rapidly evolving sectors.

Advanced Air Mobility has the potential to create a new transportation layer complementing road, rail and
conventional aviation.

Cargo and emergency aerial mobility can create applications in industrial logistics, ports, agricultural supply
chains, healthcare and regions constrained by conventional infrastructure.

The growth of renewable energy creates commercial opportunities for aerVolt while simultaneously
strengthening aerpaces ability to develop cleaner infrastructure within its own ecosystem.

Defence indigenisation and growing demand for unmanned technologies create opportunities for domestic
UAV platforms, autonomous systems, mission software, electronics, avionics and associated technologies.

Government emphasis on Make in India and localisation provides an environment in which the Companys
long-term vertical-integration strategy can potentially create strategic value.

International markets create another opportunity as several countries increase investment in future mobility,
renewable energy, unmanned systems and specialised logistics.

The convergence of these sectors provides aerpace with the opportunity to build common technologies
capable of serving multiple applications.

SWOT ANALYSIS

Strengths

aerpaces strengths lie in its integrated ecosystem vision, diversified technology portfolio, focus on research
and development, expanding manufacturing foundation, specialised technology collaborations and ability to
develop common capabilities across mobility, energy, software and autonomous systems.

Weaknesses

Several of the Companys programmes remain in development and therefore require continued investment
before commercial scale can be achieved. The breadth of the aerpace ecosystem also creates complexity in
execution, requiring specialised talent, significant engineering coordination, capital allocation and disciplined
prioritisation.

Opportunities

The growth of Advanced Air Mobility, renewable energy, autonomous systems, defence indigenisation,
domestic manufacturing and intelligent logistics provides significant long-term opportunities. The Companys
technology portfolio also creates opportunities for localisation, international expansion and cross-utilisation of
engineering capabilities.

Threats

The businesses in which aerpace operates are characterised by rapid technological evolution, significant
competition, changing regulatory requirements and long development cycles. Availability of capital,
certification timelines, technology obsolescence, dependence on competition, changing regulatory
requirements and long development cycles. Availability of capital, certification timelines, technology
obsolescence, dependence on specialised suppliers, geopolitical developments and the ability of emerging

markets to adopt new mobility technologies may influence the pace of commercialisation.

RISKS AND CONCERNS

The Companys activities involve technologies and industries with inherently long development and
commercialisation cycles.

Technology and Development Risk

Advanced aerospace, autonomous and defence platforms require extensive engineering, testing and
validation. Development schedules may be affected by technical challenges or changing performance
requirements.

Regulatory and Certification Risk

Aerial mobility, unmanned systems and defence technologies are subject to regulatory approvals and
certification. Changes in regulation or extended approval timelines may affect development and deployment
schedules.

Commercialisation Risk

Certain aerpace businesses are developing markets in which commercial models are still evolving. Market
adoption may occur at a different pace from that anticipated by the Company.

Capital Requirement

Developing manufacturing, aviation, defence and infrastructure capabilities can require substantial capital. The
Company will need to balance investment in technology development with commercial priorities and prudent
capital allocation.

Supply-Chain Risk

Specialised electronics, avionics, propulsion and aerospace components may be exposed to supply-chain
constraints, import dependence and geopolitical factors. The Companys localisation and vertical-integration
strategy is intended progressively to mitigate this risk.

Technology Obsolescence

The sectors in which aerpace operates are developing rapidly. Continued investment in research, engineering
and software will be required to ensure that the Companys technologies remain relevant.

Execution Risk

The simultaneous development of multiple interconnected businesses creates execution complexity.

Effective programme management, prioritisation, recruitment and internal controls will remain important as

the organisation grows.

Competitive Risk

Advanced mobility, renewable energy, drones and defence technology are attracting significant domestic and
international investment. The Company will therefore need to continuously strengthen technology, cost
competitiveness, execution capability and differentiation.

The Company continues to review risks associated with its operations and strategy and seeks to develop
appropriate mitigation measures as individual businesses progress.

INTERNAL CONTROLS AND OPERATIONAL SYSTEMS

As the scale and complexity of aerpaces activities increase, strengthening internal systems and operating
processes remains an important management priority

The Company continues to develop processes around financial controls, procurement, project management,
technology development, regulatory compliance and information management.

The nature of the Companys businesses requires close coordination between engineering, manufacturing,
finance, procurement, legal, compliance and commercial functions.

Management intends to progressively strengthen digital systems, project visibility and internal reporting so
that decision-making can increasingly be supported by timely information, accountability and measurable
project progress.

The Company believes that strong internal systems will become increasingly important as its businesses
move from development towards manufacturing and commercial operations.

FINANCIAL PERFORMANCE

FY2025-26 continued to reflect the Companys development-stage investment in technology, infrastructure,
people and future operating capability.

On a standalone basis, revenue from operations stood at approximately Rs213.60 lakh during FY2025-26,
compared with approximately TI61.86 lakh in the preceding year. Total income stood at approximately Rs403.96
lakh, compared with approximately Rs302.06 lakh in FY2024-25.

The Company reported a loss before tax of approximately TI,222.55 lakh for FY2025-26 compared with
approximately Rs495.69 lakh in the preceding year, while the loss for the year stood at approximately TI,200.29
lakh, compared with approximately Rs483.67 lakh in FY2024-25.

The increase in expenditure should be viewed in the context of the Companys continuing development
phase, including investment in human resources, technology, physical infrastructure and other capabilities
required for future operations.

Property, plant and equipment increased to approximately TI90.44 lakh as at 31 March 2026, compared with
approximately Rs42.06 lakh as at 31 March 2025.

Capital work-in-progress stood at approximately Rs2,612.99 lakh as at 31 March 2026, compared with
approximately Rs1,341.79 lakh a year earlier, reflecting the continued development of physical and
manufacturing infrastructure.

Internally generated intangible assets under development stood at approximately Rs587.95 lakh, compared with
approximately Rs283.62 lakh in the preceding year, refecting continued investment in technology and
development programmes.

The financial statements should therefore be read in the context of a Company that continues to build
technological and manufacturing capability ahead of the commercial maturity of several of its businesses.

HUMAN RESOURCES AND ORGANISATIONAL DEVELOPMENT

aerpaces future businesses require specialised capabilities across engineering, aerospace, software,
renewable energy, manufacturing, design, programme management, finance, commercial operations and
corporate functions.

During the year, the Company continued strengthening its organisational capability to support an increasingly
diversified technology portfolio.

As projects progress towards manufacturing and commercialisation, aerpace expects the requirement for
specialised technical and managerial talent to increase.

The Company has also implemented the Aerpace Industries Limited Restricted Stock Unit Plan, 2024,
designed to align eligible employees with the Companys longer-term growth and value-creation objectives.
Management recognises that the Companys ability to attract, develop and retain capable people will remain
an important factor in successfully executing its long-term strategy.

SOCIAL AND ECONOMIC IMPACT

The long-term aerpace architecture has been conceived with the potential to create value beyond
transportation alone.

Improved mobility can increase accessibility to employment, healthcare, education and markets.
aerCargo has the potential to support agricultural and industrial supply chains by enabling faster
transportation of goods and perishables.

aerCare is intended to address time-sensitive medical and emergency requirements, particularly where
geography or infrastructure affects response time.

The renewable-energy capabilities being developed through aerVolt can contribute towards cleaner energy
adoption.

The Companys defence and autonomous-system programmes can contribute towards domestic technology
development, skilled employment and greater localisation of strategic technologies.

Manufacturing and infrastructure development can also create employment opportunities and support
ancillary industries across engineering, electronics, software, energy and specialised manufacturing.

For aerpace, the larger objective remains to use technology to improve the manner in which society utilises
time, energy, infrastructure and resources.

MANAGEMENT OUTLOOK

FY2025-26 was principally a year of building capability.

The coming phase must increasingly become one of converting capability into execution.

The Companys focus will therefore progressively shift towards completing manufacturing readiness,
strengthening product development, validating technologies, fulfilling applicable regulatory requirements,
developing commercial relationships and prioritising projects capable of creating sustainable revenue.
Management remains conscious that several aerpace businesses operate in sectors with extended
development cycles and significant regulatory and capital requirements. The Company therefore intends to
pursue growth in a phased and disciplined manner.

The long-term strategy remains centred upon creating an integrated ecosystem in which mobility, logistics,
infrastructure, renewable energy, autonomous systems and intelligent technology operate together.

The Companys philosophy continues to be defined by Make Time - building today the technologies and
infrastructure that can address the requirements of tomorrow.

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis describing the Companys objectives, projections,

estimates, expectations, plans or outlook may constitute forward-looking statements within the meaning of
applicable laws and regulations

Actual results may differ materially from those expressed or implied due to various factors including economic
conditions, changes in government policies and regulations, technological developments, availability of
capital, regulatory approvals, market conditions, competitive developments, supply-chain conditions and
other factors affecting the Companys businesses.

The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements
on the basis of subsequent developments, information or events, except as may be required under applicable
law.

KEY FINANCIAL RATIOS

Ratio	As at March 31, 2026	As at March 31, 2025
Current Ratio	0.74	0.46
Debt-Equity Ratio	0.60	-
Debt Service	0.60	(1.43)
Coverage Ratio
Return on Equity	(0.26)	(0.15)
Ratio
Trade Receivable	2.52	2.75
Turnover Ratio
Trade Payable	0.19	0.02
Turnover Ratio
Net Capital	-0.23	-0.61
Turnover Ratio
Net Profit Ratio	(5.62)	(2.99)
Return on Capital	(23.78)	(14.36)
Employed