AVI Products India Ltd Management Discussions

Your directors have pleasure in presenting the Management Discussion and Analysis report for the year ended on 31st March, 2026.

The Company is operating from:

201 Nivan CTS No. E/751, S.V. Road, Khar (West), Opp Poddar International School, Mumbai – 400052.

The fundamental growth drivers of the countrys economy as well as our Company continue to remain strong despite the pressures of slowdown and inflationary conditions prevalent till recently in the nation and also globally.

The Company is in discussion with new companies for onboarding for its distribution platform. The threats to the segments in which the Company operates are volatility in exchange rate, pricing pressure arising due to competition from low-cost suppliers, technology up-gradation, and severe competition amongst competitors.

The Company is having steady progress in the field of dental products and equipment.

The Company is in the business of distribution of dental and healthcare products. The dental and healthcare segments have shown similar performance trends. Since the present management has ceased to be in control of the management of the Company, new management intends to do real estate business activities from 2026–27 onwards.

The Board of Directors is actively evaluating a range of potential business opportunities that align with the Companys vision for long-term growth and value creation. As part of this strategic review, the Board is considering diverse sectors and emerging business models that leverage market trends, evolving consumer needs, and the Companys inherent capabilities.

The Company has in place a mechanism to identify, assess, monitor and mitigate various risks to key business objectives. Key business risks and mitigation strategy are highlighted below:

1. Business Risk: To mitigate the risk of high dependence on any one business for revenues, the Company is strategically diversifying its business portfolio by venturing into the real estate sector and introducing new products and services.

2. Legal & Statutory Risk: The Company Secretary, Compliance and Legal Functions advise the Company on issues relating to compliance with law and to pre-empt violations. The Company Secretary submits a quarterly report to the Board on the Companys initiatives to comply with the laws of various jurisdictions. The Company also seeks independent legal advice wherever necessary.

3. Human Resource Attrition Risk: The Companys key assets are its employees and, in a highly competitive market, it is a challenge to address attrition. The Company continues to accord top priority to managing employee attrition through talent-retention efforts and offering a competitive salary and growth path for talented individuals.

4. Others: The Company is exposed to risks and fluctuations of foreign exchange rates, raw material prices and overseas investment exposures.

The Company has proper and adequate internal control system commensurate with the size of the business operations, geared towards achieving efficiency in its various business operations, safeguarding assets, optimum utilization of resources and compliance with statutory regulations.

The management is ensuring an effective internal control system to safeguard the assets of the Company. Efforts for continued improvement of the internal control system are being consistently made in this regard. The Company has cleared secured bank liability against assets.

Your Companys present performance vis-?-vis the financial performance for the previous year is given below in tabular format.

Amount ? in Thousands

The Company values and appreciates the dedication and drive with which its employees have contributed towards improved performance during the year under review. The industrial relations with staff and officers are cordial during the year under review. All issues pertaining to staff matters are resolved in a harmonious and cordial manner.

Following are significant changes in Key Financial Ratios of the Company during the Financial Year 2025–2026:

Following are details for change in Return on Net Worth in the financial year 2025–26 as compared to the immediately previous financial year, i.e. 2024–25:

This report contains forward-looking statements based on certain assumptions and expectations of future events. The Company, therefore, cannot guarantee that these assumptions and expectations are accurate or will be realised.

The Companys actual results, performance or achievements can thus differ materially from those projected in any such forward-looking statements. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements on the basis of any subsequent developments, information or events.

The existing management has strong technical and management knowledge and experience in the distribution business.

Mr. Avinash Vora, Managing Director of the Company, is an entrepreneur and has vast knowledge and expertise in handling various businesses, including the business of the Company.

Mr. Vikram Vora, Director of the Company, has a degree in MMS Marketing. He has experience working for Indias largest private bank and brings great value to the Company.

Detailed disclosure of accounting treatment during the financial year 2025–26 has been made in the Notes to Accounts of the financial statements.

As per Regulation 34(3) read with Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company hereby discloses the details of unpaid/unclaimed dividend and the respective share thereof and shares in demat suspense account or unclaimed suspense account: NIL.

NIL.

Statements in the Management Discussion and Analysis describing the Companys objectives, projections, estimates and expectations may be forward-looking statements within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied.

Important factors that could make a difference to the Companys operations include economic conditions affecting demand/supply and price conditions in the domestic and overseas markets in which the Company operates, changes in Government regulations, tax laws and other statutes, and other incidental factors.