Anirit Ventures Ltd Partly Paidup Management Discussions

1. Overview

FY 2025–26 marked a transformational year in the history of Anirit Ventures Limited. During the year, pursuant to the acquisition of controlling shareholding by Oilmax Energy Private Limited, the Company witnessed a change in management and strategic direction. Following the change in control, the Board has adopted a long-term strategy focused on developing sustainable businesses in the areas of renewable energy, innovation-led technologies and climate-resilient agriculture. The year also witnessed successful capital raising through a Rights Issue and the acquisition of Anirit Agritech Private Limited, laying the foundation for the Companys future growth initiatives.

Rights Issue & Capital Raising

During the year, the Company successfully completed a Rights Issue to existing eligible shareholders to finance its identified business objectives and long-term strategic initiatives. The proceeds from the Rights Issue are being utilised in accordance with the objects stated in the Letter of Offer and applicable provisions of the Companies Act, 2013, the SEBI (Issue of Capital and Disclosure Requirements) Regulations and other applicable laws.

Acquisition of Anirit Agritech Private Limited — Entry into Controlled Environment Agriculture (CEA)

In a strategically significant development during FY 2025–26, the Company acquired Anirit Agritech Private Limited, a company engaged in Controlled Environment Agriculture. This acquisition represents the Companys strategic entry into a transformative sector that leverages technology, precision agriculture and climate-controlled infrastructure to optimize agricultural output independent of external weather conditions.

Through this acquisition, the Company aims to:

Establish a meaningful presence in the controlled environment farming ecosystem in India;

Leverage technology-driven agricultural solutions to address food security, yield optimization, and climate resilience; and

Diversify its business portfolio across three high-growth, sustainability-aligned verticals — clean energy, advanced materials and smart agriculture.

2. Industry Overview

2.1 The Global Scenario:

The global transition towards low-carbon and sustainable energy solutions is accelerating, with different regions leading in specific domains:

Biomass-to-energy

Globally, governments continue to accelerate investments in renewable energy, circular economy solutions and sustainable agricultural practices. Countries such as Germany have established mature biogas ecosystems supported by favourable regulatory frameworks, while the United States and Japan continue to lead innovation in advanced materials, sustainable cooling technologies and commercialisation of research-driven solutions.

Innovation led business

The U.S. and Japan are leaders in innovation-driven sustainability, driving programs in next-generation coatings, smart materials and advanced thermal management solutions. Their strong university-industry ecosystems enable rapid commercialization of R&D breakthroughs.

2.2 The Indian Scenario:

India, with its Net Zero 2070 pledge and surging energy demand, is one of the fastest-growing clean energy markets.

The Government has rolled out enabling policies and schemes:

SATAT (Sustainable Alternative Towards Affordable Transportation) to promote CBG production and ofitake through assured buyback by Oil Marketing Companies.

National Green Hydrogen Mission to accelerate biomass gasification and hydrogen production.

Programs supporting innovation in sustainable cooling and energy efficiency, including IIT-led research collaborations.

This strong alignment of policy, natural resource availability, and demand positions India as a fertile ground for Anirit Ventures green energy and innovation agenda.

2.2.1 India Today: The Opportunity for Anirit Ventures: Biomass-to-Energy

India has over 5 million household-scale biogas units, but only 876 medium to large- scale plants above 5 m3 /day capacity.

There are just 120+ operational CBG plants, with 500 under development.

Against the SATAT target of 5,000 CBG plants producing 15 MMT annually, only 75 plants have been commissioned so far, though 2,212 LOIs have been issued.

By 2030, CBG production is projected at 0.8 bcm/year, of which only 50% is expected to be utilized under current trends.

India has set ambitious targets but is still in the early stages of scaling. Anirit Ventures aims to participate in the evolving value chain through integrated biomass projects from captive feedstock cultivation to CBG production, gasification and downstream hydrogen/power pathways leveraging group synergies and technology partnerships.

Innovation & Development - led business

Indias innovation ecosystem is scaling rapidly: IITs, IISc, and national labs are working on next-generation cooling, energy-e_cient materials, and green coatings.

Government support through schemes like PRISM (Promoting Innovations in Individuals, Startups, MSMEs) and collaborations under the National Mission are catalyzing applied R&D.

Despite progress, commercialization rates remain low, with only 10–15% of lab-scale innovations reaching pilot or industrial scale.

Anirit Ventures is focused on scaling innovations in Passive Radiative Cooling (PRC), Phase Change Materials (PCMs), and energy-e_cient coatings by working with institutions such as IIT Bombay. Alongside M&A and joint venture opportunities, the Company intends to facilitate commercialization advanced materials from the lab to commercial deployment.

3. Financial Performance (FY 2025–26):

Key Financial highlights on consolidated basis are:

(Rs. In lakhs)

Particulars	2025-26	2024-25
Revenue from Operations	0.09	12.88
Total Income	14.67	13.27
Net Profit after Tax	(476.30)	(165.86)
Earnings per Share (EPS) (in Rs.)	(6.42)	(2.76)

Revenue from Operations

Anirit Ventures Limiteds revenue from operations stood at 0.09 lakhs in FY 2025–26, compared to 12.88 lakhs in FY 2024-25.

Profit After Tax (PAT)

The increase in loss during the year is primarily attributable to investments made towards building the Companys new business platform, acquisition-related expenses, corporate restructuring initiatives and other strategic expenditures incurred during the transition phase.

Earnings per Share (EPS)

The Earnings Per Share (EPS) stood at (6.42) in FY 2025–26, as compared to (2.76) in FY 2024–25.

Key Ratios

Particulars	2025-26	2024-25
Debtors Turnover Ratio	-	-
Inventory Turnover Ratio	-	-
Interest Coverage Ratio	-3.24	-2.67
Current Ratio	2.22	2.21
Debt Equity Ratio	0.00	-0.01
Operating Profit Margin	-38.80	-5.72
Net Profit Margin	0	818

4. Future plans and strategic priorities

Agro-based Biomass to Green Energy

Develop an integrated biomass-to-energy value chain, from captive feedstock and CBG to biofuels, gasification based power, and in near future hydrogen.

strengthen technological capabilities through JVs with global leaders in biogas and biofuels.

Leverage group synergies in EPC, O&M, ofitake, and R&D to accelerate scale-up.

Innovation & Development

Advance sustainable cooling and thermal management solutions, in collaboration with IIT Bombay, with focus on Passive Radiative Cooling (PRC) and Phase Change Materials (PCMs).

Pursue strategic partnerships, M&A, and joint ventures to build an innovation-led portfolio in green coatings, advanced materials, and climate-adaptive technologies.

5. Internal Control Systems and their Adequacy

The Company has established internal financial controls commensurate with the nature, size and complexity of its operations. These controls are designed to ensure orderly and efficient conduct of business, safeguarding of assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and timely preparation of reliable financial information.

6. Risks and Concern

The Company operates in sectors that are influenced by technological advancements, regulatory developments, market dynamics and macroeconomic conditions. As the Company progresses with its strategic initiatives in renewable energy, advanced materials and controlled environment agriculture, it remains exposed to various business and operational risks.

The key risks include changes in government policies and regulatory frameworks, project execution risks, technology adoption and commercialisation risks, availability of suitable feedstock for biomass-based projects, funding requirements for growth initiatives, competitive pressures and general economic conditions. The Company also recognises the potential impact of climate-related and environmental risks on its operations and future projects.

The Company has adopted a structured approach towards risk identification, assessment, monitoring and mitigation. Risks are periodically reviewed by the management and, wherever appropriate, placed before the Board and its Committees. The Company continues to strengthen its internal processes and governance framework to effectively manage risks while pursuing sustainable long-term growth.

7. Outlook

The Company aims to build a scalable and diversified sustainability-focused business over the medium term through disciplined capital allocation, technology partnerships and execution excellence.