Antariksh Industries Ltd Management Discussions

FOR THE FINANCIAL YEAR 2025-26

The Management Discussion and Analysis ("MD&A") forms an integral part of the Annual Report of Antariksh Industries Limited ("the Company") and should be read in conjunction with the Audited Financial Statements and the Notes forming part thereof for the financial year ended March 31, 2026. The discussion herein covers the operating results, business environment, opportunities, risks, internal controls and other developments relevant to the Companys operations during the year under review.

1. INDUSTRY STRUCTURE AND DEVELOPMENTS

The construction and infrastructure sector continues to play an important role in the growth of the Indian economy. Increasing industrialisation, development of warehousing and logistics facilities, expansion of manufacturing capacities, infrastructure development and commercial construction have contributed to the demand for modern and efficient construction solutions.

Pre-Engineered Buildings ("PEB") and structural steel systems have gained importance across various applications due to their advantages relating to faster construction, flexibility in design, efficient utilisation of materials and suitability for large-span structures. The demand for PEB and structural steel solutions is influenced by industrial and infrastructure investments, construction activity, availability and prices of steel and other raw materials, project financing, government policies and overall economic conditions.

The industry continues to remain competitive, with participants required to maintain quality standards, cost efficiency, timely project execution and effective project management. Volatility in steel and other input prices, transportation costs, availability of skilled manpower and fluctuations in construction activity may have an impact on operating margins and project profitability.

2. BUSINESS OVERVIEW

The Company is engaged in the business of manufacturing, supplying and erecting Pre-Engineered Building (PEB) systems, structural steel fabrication and allied construction materials, together with associated erection, installation and site-execution services.

The Companys activities involve execution of requirements relating to PEB systems and structural steel fabrication, along with associated construction and site-execution activities. The Company seeks to provide quality and cost-effective solutions to its customers while focusing on timely execution and efficient utilisation of resources.

The Company operates predominantly in a single business segment comprising PEB systems, structural steel fabrication, allied construction materials and related erection and site-execution services. Accordingly, segment-wise financial reporting does not involve separate reporting of multiple operating segments.

3. PPORTUNITIES

The continued development of industrial, manufacturing, warehousing, logistics, infrastructure and commercial facilities presents opportunities for the PEB and structural steel industry.

The increasing preference for construction methodologies that enable faster project completion and efficient utilisation of resources may support demand for PEB systems and structural steel solutions. The Company may benefit from opportunities arising from new industrial and infrastructure projects and increasing adoption of steel-based construction solutions.

The Company intends to pursue business opportunities based on commercial viability, available resources, execution capabilities and prevailing market conditions.

4. THREATS AND CHALLENGES

The business remains exposed to various external and operational factors. Significant fluctuations in the prices of steel and other raw materials may affect project costs and margins. The industry is also characterised by competition, which may place pressure on pricing and profitability.

Other challenges include project execution and completion risks, customer payment cycles, working capital requirements, transportation costs, availability of skilled manpower and changes in economic, regulatory and market conditions.

The Company seeks to manage these challenges through appropriate project planning, cost monitoring, prudent financial management and regular review of operational and business risks.

5. SEGMENT-WISE / PRODUCT-WISE PERFORMANCE

The Company operates in a single business segment relating to PEB systems, structural steel fabrication, allied construction materials and associated erection and site-execution services.

During FY 2025-26, the Company recorded Revenue from Operations of 516.66 lakh, as compared to 4,379.16 lakh during FY 2024-25. The decrease in revenue during the year was primarily reflective of the lower level of business and project execution during the year under review.

The Company continues to focus on strengthening its operating capabilities, improving project execution and pursuing commercially viable business opportunities.

6. OUTLOOK

The medium- to long-term outlook for the PEB and structural steel industry remains linked to the growth of industrial, infrastructure, manufacturing, warehousing, logistics and commercial construction activities.

The Company expects that demand for efficient and time-effective construction solutions may continue to provide opportunities for the business. However, the pace of growth may be influenced by raw material prices, competitive conditions, project availability, customer investment decisions, economic conditions and other external factors.

Going forward, the Company will continue to focus on operational efficiency, effective project execution, quality management, cost optimisation and prudent working capital management. The Company will also continue to evaluate suitable business opportunities in line with its capabilities and prevailing market conditions.

7. RISKS AND CONCERNS

The Companys operations are exposed to various business and operational risks. The principal risks and concerns include:

Raw Material Price Risk:

Volatility in prices of steel and other raw materials may affect project costs and operating margins.

Competition Risk:

The Company operates in a competitive industry where pricing, quality, execution capabilities and customer relationships are important factors.

Project Execution Risk:

Delays in procurement, manufacturing, transportation, erection or site execution may affect project timelines and profitability.

Working Capital Risk:

The nature of project-based activities may require adequate working capital. Delays in customer payments may impact liquidity and operating cash flows.

Customer Credit Risk:

The Company may be exposed to risks associated with customer payment cycles and recoverability of outstanding receivables.

Manpower Risk:

Availability and retention of skilled technical and site-execution personnel may affect project execution and operational efficiency.

Economic and Regulatory Risk:

Changes in economic conditions, construction activity, applicable laws, regulations and government policies may affect the Companys business environment.

The Company continuously monitors the above risks and takes appropriate measures, as considered necessary, to minimise their potential impact on business operations.

8. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has established internal control systems commensurate with the size, nature and complexity of its operations. The internal control framework is designed to ensure proper authorisation and recording of transactions, safeguarding of assets, prevention and detection of errors and irregularities, reliability of financial reporting and compliance with applicable laws and regulations.

The Companys internal controls are reviewed periodically by the management and are subject to oversight by the Audit Committee and the Board of Directors. The Company believes that its existing internal control systems are adequate and appropriate for its present scale and nature of operations.

9. DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The financial performance of the Company during FY 2025-26 was influenced primarily by the level of operating activity and project execution during the year.

Revenue from Operations during FY 2025-26 stood at 516.66 lakh, as compared to 4,379.16 lakh in FY 2024-25, representing a decrease of approximately 88.20%.

Total Income for FY 2025-26 was 516.66 lakh, compared with 4,379.16 lakh in the previous financial year. The Company did not have any Other Income during either of the two financial years.

Total expenditure, excluding depreciation and finance costs, stood at 507.87 lakh during FY 2025-26 as against 4,304.67 lakh during FY 2024-25.

Profit Before Tax ("PBT") stood at 8.79 lakh during FY 2025-26 compared with 74.49 lakh in the previous financial year. Profit After Tax ("PAT") stood at 6.15 lakh, as against 55.03 lakh in FY 2024-25.

The reduction in profitability was primarily attributable to the significant decline in Revenue from Operations during the year. The Company continued to maintain positive profitability despite the lower level of operating activity.

Basic and Diluted Earnings Per Share ("EPS") stood at 3.00 for FY 2025-26 as compared to 26.85 in FY 2024-25.

Financial Performance

Particulars	FY 2025-26	FY 2024-25	Change (%)
Revenue from Operations	516.66 Lakh	4,379.16 Lakh	(88.20%)
Other Income	Nil	Nil	N.A.
Total Income	516.66 Lakh	4,379.16 Lakh	(88.20%)
Total Expenditure*	507.87 Lakh	4,304.67 Lakh	(88.20%)
Profit Before Tax	8.79 Lakh	74.49 Lakh	(88.20%)
Profit After Tax	6.15 Lakh	55.03 Lakh	(88.83%)
Basic EPS	3.00	26.85	(88.83%)
Diluted EPS	3.00	26.85	(88.83%)

*Excluding depreciation and finance costs.

10. KEY FINANCIAL RATIOS

The key financial ratios of the Company for FY 2025-26 as compared with FY 2024-25 are set out below:

Ratio	FY 2025-26	FY 2024-25	% Change	Reasons for Change
Current Ratio	23.27	1.29	1,710.02%	Primarily due to decrease in trade receivables
Return on Capital Employed	5.24%	46.13%	(88.63%)	Decrease in profit due to decrease in operating income
Trade Receivables Turnover Ratio (in times)	1.93	10.80	(82.14%)	Due to decrease in sales turnover
Return on Equity	3.74%	41.07%	(90.90%)	Decrease in operating income.
Net Profit Ratio	1.19%	1.26%	(5.28%)	Decrease in operating income.
Trade Payables Turnover Ratio (in times)	1.70	9.15	(81.40%)	Due to decrease in trade payable
Inventory Turnover	N.A.
Ratio
Interest Coverage ratio	N.A.

11. ACCOUNTING POLICIES AND ACCOUNTING TREATMENT

The financial statements of the Company have been prepared in accordance with the applicable provisions of the Companies Act, 2013, applicable Accounting Standards and other applicable regulatory requirements.

The Company follows consistently applied accounting policies in the preparation of its financial statements. There was no material change in the accounting policies during FY 2025-26 having a significant impact on the financial statements.

No accounting treatment different from that prescribed under the applicable Accounting Standards has been followed during the year. The significant accounting policies followed by the Company are disclosed in the Notes forming part of the Financial Statements.

12. HUMAN RESOURCES AND INDUSTRIAL RELATIONS

Human resources continue to be an important element in supporting the Companys operational activities. The

Company seeks to maintain manpower commensurate with its business requirements and focuses on employee productivity, efficient utilisation of available resources and a conducive working environment.

The total number of employees of the Company as on March 31, 2026 was Three (3).

The Company maintained cordial industrial relations during the year under review. The management continues to monitor manpower requirements in accordance with the scale and nature of its operations.

13. DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/ UNCLAIMED SUSPENSE ACCOUNT

The Company have its Equity Shares in the demat suspense account or unclaimed suspense account i.e. Antariksh Industries Limited Unclaimed Bonus Shares Escrow Account.

	Particulars	No. of Shareholders	No. of Shares
(a)	aggregate number of shareholders and the outstanding shares in the suspense account lying at the beginning of the year;	0	0
(b)	number of shareholders who approached listed entity for transfer of shares from suspense account during the year;	0	0
(c)	number of shareholders to whom shares were transferred from suspense account during the year;	0	0
(d)	aggregate number of shareholders and the outstanding shares in the suspense account lying at the end of the year;	63	1260
(e)	that the voting rights on these shares shall remain frozen till of such shares claims the shares.	63	1260

14. DISCLOSURE OF CERTAIN TYPES OF AGREEMENTS BINDING LISTED ENTITIES

(Pursuant to clause 5A of paragraph A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.)

During the year under review, the Company underwent a change in control pursuant to the acquisition of equity shares and control of the Company by Mrs. Gitaben Nitinbhai Patel ("Acquirer") from Mr. Bhagwanji Narsi Patel and Mr. Utkarsh Goyal ("Outgoing Promoters"), in accordance with the applicable provisions of the SEBI

(Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and other applicable laws.

Pursuant to the acquisition and completion of the Open Offer, the Acquirer acquired 1,50,599 equity shares, representing 75.30% of the paid-up equity share capital of the Company, and consequently became the Promoter and acquired control of the Company.

Except for the agreements and arrangements entered into in connection with the aforesaid acquisition and Open Offer, there were no other agreements entered into by the shareholders, promoters, promoter group entities, related parties, directors, key managerial personnel or any other persons, either among themselves or with the Company, which, either directly or indirectly, have an effect on the management or control of the Company or impose any restriction or liability on the Company, requiring disclosure under the applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

15. CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may constitute "forward-looking statements" within the meaning of applicable securities laws and regulations. These statements are based on certain assumptions and expectations concerning future events and are subject to risks and uncertainties.

Actual results and performance may differ materially from those expressed or implied in such forward-looking statements due to various factors, including changes in economic conditions, industry trends, competition, raw material prices, project execution, customer demand, regulatory requirements and other factors beyond the control of the Company.

The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

	For and on behalf of Board of Directors
	Antariksh Industries Limited
Date: August 13, 2026	Sd/-
Place: Ahmedabad	Ekta Shyamlal Haryani
	Managing Director
	DIN: 11308356