Baid Finserv Ltd Management Discussions

MANAGEMENT DISCUSSION & ANALYSIS REPORT Pursuant to Schedule V to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Management Discussion and Analysis Report covering business performance and outlook

is provided below:

Baid Finserv Limited (the Company) is a Listed Non-Deposit Taking Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI) and classified as an NBFC-Investment and Credit Company (NBFC-ICC). Pursuant to the RBIs Scale Based Regulation (SBR) framework, the Company has been categorised as a Base Layer NBFC (NBFC-BL).

The Company has established itself as a diversified secured lending institution with a customercentric business model focused on meeting the financing requirements of individuals, entrepreneurs, transport operators and micro, small and medium enterprises (MSMEs). The Companys lending portfolio comprises MSME Loans (primarily Loan Against Property), Commercial Vehicle Loans, Car Loans, Tractor Loans, Construction Equipment Loans and Gold Loans. The Company also offers insurance distribution services to provide comprehensive financial solutions to its customers.

The equity shares of the Company are listed on BSE Limited and the National Stock Exchange of India Limited, reflecting its commitment towards high standards of corporate governance, transparency and stakeholder value creation.

Over the years, the Company has strengthened its presence across its operating geographies through prudent underwriting practices, disciplined risk management, technology-driven operations and a strong customer service framework. The Company remains focused on sustainable growth while maintaining robust asset quality, adequate capitalisation and regulatory compliance.

INDUSTRY STRUCTURE AND DEVELOPMENTS

Non-Banking Financial Companies (NBFCs) have become an important part of the financial system. They help give loans and other financial services to people who may not always get support from regular banks — like small business owners, rural borrowers, or those with limited credit history. NBFCs often use new technology and local knowledge to design loan products that suit different types of customers.

Non-Banking Financial Companies (NBFCs) have emerged as an integral part of Indias financial ecosystem by complementing the banking sector and addressing the credit requirements of underserved customer segments. Their ability to provide customised financial solutions, faster credit assessment, simplified documentation and deep regional penetration enables NBFCs to cater effectively to customers who may have limited access to traditional banking channels.

The Reserve Bank of India has strengthened the regulatory framework for NBFCs through the implementation of the Scale Based Regulation (SBR), which seeks to enhance governance standards, risk management practices, capital adequacy and customer protection while ensuring sustainable growth of the sector. These reforms are expected to improve resilience and strengthen public confidence in the NBFC sector.

Digital transformation has significantly reshaped the lending landscape. Increased adoption of digital

onboarding, e-KYC, account aggregation, analytics-based underwriting, automated loan processing and digital collections has improved operational efficiency and customer experience across the financial services industry. NBFCs continue to leverage technology to improve credit delivery while strengthening risk management and compliance frameworks.

The MSME sector continues to remain one of the largest contributors to Indias economic growth through employment generation, manufacturing, exports and entrepreneurship. Government initiatives promoting financial inclusion, digital payments, formalisation of businesses and infrastructure development are expected to create sustained demand for secured MSME financing.

Similarly, the Gold Loan market has witnessed robust growth owing to increasing acceptance of gold-backed financing, faster loan processing, shorter loan tenures and rising awareness among borrowers. Gold loans continue to provide an important source of emergency liquidity for households and small businesses while maintaining relatively lower credit risk due to the secured nature of lending.

The commercial vehicle and equipment financing segments are also expected to be benefited from continued investments in infrastructure, logistics, mining, construction and rural development. Increased economic activity, replacement demand and government capital expenditure are expected to support long-term growth in these sectors.

Overall, the Indian NBFC sector is well-positioned to get benefit from favourable macroeconomic conditions, rising formal credit penetration, technological advancements and increasing demand for specialised financial products. Well-governed and adequately capitalised NBFCs with diversified portfolios, robust risk management practices and customer-centric business models are expected to continue playing a significant role in supporting Indias economic growth.

NBFCs aid economic development in the following ways:

> Mobilization of Resources - It converts savings into investments

> Capital Formation - Aids to increase capital stock of a company

> Provision of Long-term Credit and specialized Credit

> Aid in Employment Generation

> Help in development of Financial Markets

> Helps in Attracting Foreign Grants

> Helps in Breaking Vicious Circle of Poverty by serving as governments instrument.

> Supporting Small and Medium Enterprises (SMEs)

> Boosting Consumption and Investment

> Providing Loans to the Underserved

> Reducing Pressure on Banks

Non-banking financial companies expect the government to continue pumping in liquidity as it will boost the sectors employment, and direct disposable income and consumption. NBFC Role in Revolutionizing the Economy

S Growth: In terms of year-on-year growth rate, the NBFC sector is widely contributing to the economy every year. On average, this segment grew by 20% every year, in its initial stages.

Despite the slowdown in the economy and various setbacks faced in the last few years, the sector is still growing and enhancing operations.

S Profitability: NBFCs have been more profitable because of lower costs involved for its operations and serve customers from different segments.

S Enhancing the Financial Market : An NBFC caters to the urban and rural poor companies and plays a complementary role in financial inclusion. These financial companies bring much- needed diversity to the market by diversifying the risks, increasing liquidity in the markets thereby bringing efficiency and promoting financial stability to the financial sector.

S Promoting Inclusive Growth: NBFCs in India cater to a wide variety of customers - both in urban and rural areas. They finance projects of small-scale companies, which is important for the growth in rural areas. Microfinance provided by them plays an important role to attain stable financial inclusions.

S Upliftment in the Employment Sector: With the growth in operations of the small industries and businesses, the policies of NBFCs are uplifting the job situation. More opportunities for employment are arising with the influence of the NBFCs in the private as well as government sectors. The business activities in the private sector provide more employment opportunities and occupation practices and NBFC plays a key role in their growth and stability.

S Mobilization of Asset: Due to their easier norms for investing, these companies create a balance between intra-regional income and asset distribution. Turning the savings into investments, these companies contribute to economic development. Proper organization of capital helps in the development of the trade and industry, leading to economic progress. They operate not intending to maximize their profit and are, therefore, engaged in activities that generate zero or very low revenue.

S Financing for Long-Term: NBFC plays a key role in providing firms with funds through equity participation. NBFCs supply long-run credit to the trade and commerce industry. They facilitate to fund large infrastructure projects and boost economic development. Long-term finance permits growth with stable and soft interest rates.

S Innovative Products: NBFCs, by being flexible in terms of lending and investment opportunities than banks, are more proactive in innovating financial products. This facilitates their growth in an exceedingly prudent manner. They fine-tune their selling campaigns in regard to their target customers. These corporations are the game changers within the developing economy. For instance, the factorization & bill payment service has been revolutionized.

Over the past few years, NBFCs have contributed significantly in expanding as well as deepening the formal financial services sector, providing credit to market segments usually neglected by banks or when banks were unable to provide credit, given their own constraints.

NBFCs provide an alternative to bank financing, and thus, bridge the credit gap emanating from traditional banks limitations to reach out to the financially active but under banked segments of the economy. The Indian NBFC sector has grown significantly ahead of aggregate credit over the last decade, delivering credit to customers not served by banks, developing niche credit segments and pricing risks appropriately.

The NBFC segment has witnessed considerable growth in the last few years and is now being recognized as complementary to the banking sector due to implementation of innovative marketing strategies, introduction of tailor-made products, customer-oriented services, and attractive rates of return on deposits and simplified procedures, etc.

NBFCs have been at the forefront of catering to the financial needs and creating livelihood sources of the so-called un-bankable masses in the rural and semi-urban areas. Through strong linkage at the grassroots level, they have created a medium of reach and communication and are very effectively serving this segment. Thus, NBFCs have all the key characteristics to enable the government and regulator to achieve the mission of financial inclusion in the given time. Your Company is a NonBanking Financial Company engaged in the business of vehicle financing and loan against property.

Loan against property is a flourishing segment with increased demand, simultaneously complimented with huge supply chain. However, this segment still remains untapped and with good scope for growth.

BUSINESS

The Company provide financing solutions to its customers that offer the best practical economics. This has driven us to pioneer concept of valuing aspirations and dreams more than documentation and credit history pertaining to our customers. The Company follows a prudent credit philosophy focused on responsible lending, customer convenience, portfolio diversification and long-term value creation.

The Companys diversified product portfolio enables it to serve multiple customer segments while maintaining balanced portfolio growth and effective risk management.

Commercial Vehicle Loan:

The Company provides loan to first time vehicle users and used vehicle. We offer funding for most types of commercial vehicles including buses, trucks, tankers, trailers, light commercial vehicle and small commercial vehicles at attractive rates of interest through our Commercial Vehicle Loan.

The Company offers flexible repayment options, transparent documentation, competitive interest rates and customised financing solutions based on the specific requirements of customers. Its extensive understanding of regional markets and borrower profiles enables the Company to maintain prudent underwriting standards while supporting business growth.

Key Elements:

• Transparent process and fair dealings

• Easy & Simple documentation

• Affordable Commercial Vehicle Loan Interest Rates

• Customized Solutions as per the need of customers

MSME Loans (Loan against Property):

MSME lending continues to remain the Companys principal business segment. The Company provides secured credit facilities primarily against residential and commercial properties to support the working capital requirements, business expansion, equipment purchase and other productive needs of micro, small and medium enterprises.

With extensive experience in mortgage-based lending, the Company has developed strong underwriting capabilities supported by property valuation, legal due diligence and risk-based credit assessment. The secured nature of these loans enables the Company to maintain portfolio quality while supporting sustainable business growth.

Benefits of Loan against Property:

• High value loans made affordable

• Hassle free loan disbursal

• Flexible Tenor

• Easy balance transfer facility

• Online Account Management

Gold Loans

During the year, the Company expanded its secured lending portfolio by offering Gold Loans, including through co-lending arrangements where applicable. Gold Loans provide customers with quick access to funds against the pledge of household gold jewellery while ensuring simplified documentation, faster processing and transparent valuation.

The Company follows prudent lending practices in accordance with applicable RBI guidelines, including valuation standards, Loan-to-Value (LTV) norms, custody and monitoring of pledged gold. This product complements the Companys strategy of expanding its secured retail lending portfolio while maintaining controlled credit risk.

Construction Equipment

The Indian construction equipment market is on an upward trajectory, supported by government-led infrastructure projects and the integration of modern technologies. As the industry transitions towards sustainable solutions, the adoption of electric and hybrid models is expected to gain traction, ensuring long-term efficiency and environmental sustainability.

OUTLOOK ON OPPORTUNITIES

1. Expanding Financial Access

A significant portion of Indias population, particularly in semi-urban and rural areas, continues to have limited access to formal credit. Increasing financial awareness, digital penetration and supportive Government initiatives present substantial opportunities for NBFCs to provide timely and customised financial solutions to underserved customer segments.

2. Growing Need for MSME Loans

The MSME sector continues to be one of the largest contributors to Indias GDP, exports and employment generation. With increasing demand for working capital, business expansion and capital expenditure financing, the Company expects sustained growth opportunities in secured MSME lending.

3. Growing Gold Loan Market

Gold-backed lending has emerged as one of the fastest-growing segments within the retail lending space due to faster loan processing, lower credit risk and increasing customer acceptance. Rising gold holdings among households, coupled with the need for short-term liquidity, present significant growth opportunities. The Company intends to strengthen its presence in this segment while maintaining strict adherence to RBI guidelines relating to valuation, custody and Loan-to- Value (LTV) norms.

4. Digital Transformation

Rapid adoption of digital technologies across the financial services industry provides opportunities to improve operational efficiency, customer experience and turnaround time. The Company continues to strengthen its technology platform through digital loan processing, customer servicing, data analytics and process automation, enabling better scalability and improved operational controls.

5. Regulatory Strengthening and Organised Lending

The RBIs focus on strengthening governance and regulatory oversight is expected to enhance confidence in well-managed NBFCs. Companies with sound governance practices, strong capital base, disciplined risk management and transparent operations are expected to benefit from increased customer confidence and improved access to funding.

OUTLOOK ON THREATS, RISKS AND CONCERNS

Being a NBFC company, our Company is exposed to specific risks that are particular to its business and the environment within which it operates, including interest rate volatility, economic cycle, credit risk and market risk. The most important among them are credit risk, market risk and operational risk. The measurement, monitoring management of risk remains key focus areas for the company.

1. Changes in Rules

If the Reserve Bank of India (RBI) makes rules stricter for NBFCs, it could make their work harder and cost more to stay compliant.

2. Fluctuating Interest Rates

If interest rates go up, it will cost NBFCs more to borrow money. This can reduce their profit from lending to customers.

3. Rising Competition

NBFCs now face more competition from banks, digital lenders, and new-age fintech startups. This could reduce their share of the market and force them to lower their prices or profits.

4. Economic Slowdowns

If the overall economy slows down, especially in key areas like transport and small businesses, many borrowers might find it hard to repay loans. This increases the risk of defaults (bad loans).

5. Handling Bad Loans

One of the biggest challenges is managing Non-Performing Assets (NPAs) — loans that are not being repaid on time. NBFCs need to be very careful and smart in how they give loans to avoid too many defaults.

6. Credit Risk

Credit risk represents the possibility of financial loss arising from borrowers inability or unwillingness to meet their repayment obligations. As lending remains the Companys principal business activity, effective credit appraisal, collateral assessment, continuous portfolio monitoring and efficient recovery mechanisms remain critical for maintaining asset quality.

7. Market Risk

Competition from banks, large NBFCs, fintech companies and digital lending platforms continues to intensify. Sustaining customer relationships through superior service, prudent pricing, operational efficiency and innovative product offerings remains essential for maintaining market competitiveness.

8. Operational Risk

Operational risk is the risk of loss resulting from inadequate or failed internal processes, systems or human factors, or from external events. Operational risk is inherent in business activities, as well as related support functions. The goal is to keep operational risk at an appropriate level relative to the characteristics of its businesses, the markets in which it operates and the regulatory environment.

The Company has in place an internal Operational Risk Management Framework to manage the operational risk in an effective and efficient manner. This framework aims at assessing and measuring the magnitude of risks, its monitoring and mitigation.

The businesses, along with support units and operations, play a critical part in managing operational risk on a daily basis, in addition to implementing internal control-related policies and procedures.

The Company is committed to best benchmarking in good corporate governance, which promotes the long-term interests of all stakeholders and help in building public trust in the Company.

The Company believes that managing risks helps in maximizing returns. The risk management framework is reviewed periodically by the Board and the Audit Committee.

9. Gold Loan Risk

The Gold Loan portfolio is subject to risks associated with fluctuations in gold prices, valuation, storage and regulatory compliance relating to Loan-to-Value (LTV) norms. The Company follows robust valuation procedures, secure custody arrangements and regular portfolio monitoring to effectively manage these risks.

10. Liquidity Risk

The Company continuously manages its liquidity position to ensure timely fulfilment of financial obligations while supporting future business growth. Efficient Asset Liability Management (ALM), diversified funding sources and regular liquidity monitoring help mitigate liquidity-related risks.

11. Interest Rate Risk

Changes in market interest rates may affect borrowing costs, lending yields and overall profitability. The Company continuously monitors interest rate movements and adopts appropriate pricing strategies to minimise the impact of such fluctuations.

Mitigation measures taken by the Company:-

The Company has established a comprehensive Risk Management Framework aimed at identifying, evaluating, monitoring and mitigating risks across all business functions. The framework is periodically reviewed by the Board of Directors and its Committees to ensure its continued effectiveness and alignment with the Companys strategic objectives.

1. Strengthening Credit Checks

The company will improve loan approval process by checking credit scores, income documents, and repayment history more carefully. This helps in avoiding loans to risky borrowers.

2. Diversifying Loan Portfolio

The Company maintains a diversified portfolio across MSME Loans, Loan Against Property, Gold Loans, Commercial Vehicle Loans, Car Loans, Tractor Loans and Construction Equipment Loans. Portfolio diversification helps reduce concentration risk and improves business resilience.

3. Robust Recovery Mechanisms

The Company have improved their collection and recovery systems — including using legal options, outsourcing recovery agents, and working with borrowers for repayment plans.

4. Strong Asset Liability Management

The Company continuously monitors its Asset Liability Management (ALM) position to maintain adequate liquidity and ensure effective matching of assets and liabilities. Multiple funding relationships and prudent treasury management support liquidity stability

5. Training and Skill Development

The company is arranging training of their staff regularly on risk assessment, regulatory changes, and customer service to keep operations professional and efficient.

6. Customer Awareness and Responsible Lending

The Company follows responsible lending practices by ensuring transparent communication of loan terms, repayment obligations and customer rights. Continuous customer engagement helps improve repayment behaviour and strengthens long-term customer relationships.

PRODUCT WISE PERFORMANCE

The Company offers a diversified portfolio of secured lending products designed to cater to the financing needs of individuals, transport operators, farmers, contractors and Micro, Small and Medium Enterprises (MSMEs). During the year, the Company continued to strengthen its product portfolio through prudent credit underwriting, disciplined portfolio monitoring and customer-centric lending practices.

The Company continued to provide financing for Commercial Vehicles, Passenger Vehicles, Tractors, MSME Loans (primarily Loan Against Property) and Construction Equipment while expanding its presence in the Gold Loan segment, including through co-lending arrangements, thereby further diversifying its secured lending portfolio.

The product-wise Asset Under Management (AUM) as on March 31, 2026 is as follows:

(Amount in Lakhs.)

Particulars	As on March 31, 2026
Vehicle Loan	13019.69
Loan against property	30471.6
Gold Loan	554.01
Business Loan	3643.43

INTERNAL CONTROL SYSTEM

The Company has established an adequate and effective system of internal financial controls commensurate with the size, scale and nature of its business operations. The internal control framework is designed to provide reasonable assurance regarding the effectiveness and efficiency of operations, safeguarding of assets, reliability of financial reporting and compliance with applicable laws, regulations and internal policies.

The internal control environment is built upon clearly defined organisational structures, documented policies and procedures, appropriate delegation of authority, segregation of duties and well-defined approval mechanisms. The Company continuously reviews and strengthens its internal control processes to address emerging business risks and regulatory requirements.

Key features of the Companys internal control framework include:

• Clearly documented policies governing investment decisions and financial transactions.

• Periodic reconciliation of investment records, bank balances and financial transactions.

• Continuous monitoring of statutory and regulatory compliances.

• Comprehensive accounting policies aligned with applicable Indian Accounting Standards (Ind AS).

• Robust internal financial controls over financial reporting.

• Regular review of operational processes to enhance efficiency and minimise operational risks.

The Company has appointed an independent Internal Auditor to conduct periodic internal audits covering operational, financial and compliance functions. The Internal Auditor evaluates the adequacy and effectiveness of internal controls and submits reports to the Audit Committee of the Board.

The Audit Committee periodically reviews the internal audit findings, management responses and implementation status of corrective actions. Based on such reviews, the Committee is satisfied that the Companys internal control systems are adequate and operating effectively.

The Board of Directors is of the opinion that the internal financial controls with reference to the financial statements are adequate and were operating effectively throughout the financial year.

INFORMATION TECHNOLOGY

Information Technology continues to play a significant role in enhancing the operational efficiency, security and governance framework of the Company. The Company recognises that technology- driven processes are essential for efficient investment management, regulatory compliance, financial reporting and business continuity.

The Company has implemented appropriate technology solutions for accounting, financial reporting, investment monitoring and regulatory compliance. These systems facilitate timely availability of financial information, efficient transaction processing and effective decision-making.

The Company continuously upgrades its technology infrastructure to improve operational resilience and data security. Appropriate safeguards have been implemented to protect information assets from cyber threats and unauthorised access.

The Companys information technology framework includes:

• Secure information systems for financial and accounting operations.

• Periodic system backups and disaster recovery arrangements.

• Periodic review of cyber security measures.

• Data confidentiality and information security controls.

• Compliance with applicable regulatory requirements relating to information technology.

The management continues to evaluate emerging technologies that can improve investment analytics, operational efficiency and risk management while maintaining appropriate cyber security standards.

Our Company has taken further steps in its technology roadmap toward future readiness and digitalization. The Company has been using the best possible information technology as a management tool for internal control. The Company continues to invest reasonable into information technology for monitoring operation.

FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The financial performance of the Company reflects the continued growth of its diversified lending business supported by prudent risk management, disciplined credit underwriting and operational efficiency.

A snapshot of the Companys financial performance for the last three financial years is presented below:

(Amount in Lakhs.)

Year	Total Revenue	Revenue growth %	Profit after Tax (PAT)	PAT Change %	EPS	EPS Change %
2025-26	9,918.78	20.16	1,497.49	11.37%	1.15	2.67%
2024-25	8,254.58	24.39%	1,344.55	4.03%	1.12	3.70%
2023-24	6,635.83	19.06%	1,292.40	24.52%	1.08	11.34%

During the financial year, the Company continued to achieve growth in its lending operations while maintaining focus on portfolio quality, profitability and capital adequacy. Interest income remained the primary contributor to total revenue, supported by expansion of the secured lending portfolio and improved operational efficiencies.

The Company continued to maintain a prudent approach towards credit underwriting, collections and risk management, thereby supporting sustainable profitability and long-term value creation.

Total asset under management (AUM) stood at Rs. 47,688.73 lakhs or the financial year ended on March 31, 2026 against Rs. 39,625.93 lakhs for the financial year ended on March 31, 2025.

HUMAN RESOURCE MANAGEMENT

Human resources constitute one of the Companys most valuable assets and are fundamental to achieving sustainable business growth. The Company believes that its continued success depends on attracting, retaining and developing talented professionals while fostering a culture of integrity, accountability, innovation and continuous learning.

The Company is committed to providing a professional, inclusive and performance-oriented work environment that encourages employee engagement, teamwork and individual growth. Equal opportunity, merit-based performance evaluation and ethical conduct form the cornerstone of the Companys human resource philosophy.

During the year, the Company continued to focus on enhancing employee capabilities through continuous learning, professional development and knowledge sharing. Employees were encouraged to strengthen their technical, analytical and regulatory knowledge to effectively respond to the evolving business and regulatory environment.

The Company maintains well-defined human resource policies covering recruitment, training, performance management, employee welfare, workplace safety, prevention of sexual harassment, code of conduct and grievance redressal. These policies are reviewed periodically to ensure alignment with statutory requirements and industry best practices.

The Company also promotes a culture of compliance and ethical behaviour through regular awareness programmes on corporate governance, regulatory developments, information security and risk management.

Industrial relations remained cordial throughout the financial year, and the Company did not experience any material employee disputes or disruptions to its operations.

Total number of employees as on 31 st March 2026 stood at 260.

Details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios, along with detailed explanations therefore, including:

Pursuant to Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the significant changes (i.e., change of 25% or more as compared to the immediately preceding financial year) in key financial ratios, together with explanations thereof, are provided below:

Particular	F.Y. 2025-26	F.Y. 202425	Change in %	Reason (if more than 25% change)
(i) Debtors Turnover	N/A	N/A	0.00%	NA
(ii) Inventory Turnover	N/A	N/A	0.00%	NA
(iii) Interest Coverage Ratio	1.17	1.37	-14.60%	NA
(iv) Current Ratio	1.29	1.43	-9.79%	NA
(v) Debt Equity Ratio	1.23	1.43	-13.99%	NA
(vi) Operating Profit Margin (%)	0.19	0.21	-12.93%	NA
(vii) Net Profit Margin (%)	15.39	16.40	-6.15%	NA

DETAILS OF ANY CHANGE IN RETURN ON NET WORTH (Amount in Lakhs)

Particulars	2024-25	2025-26
Share Capital	2,401.37	3,097.76
Special Reserve	1,797.95	2,097.45
Securities Premium	7,053.37	10,083.89
Amalgamation Reserve	93.33	93.33
General Reserve	222.70	222.69
Surplus in P & L	6,338.94	7,416.86
Less: Fictitious Asset	631.86	546.50
Total Net worth	17,275.79	22,465.48
PAT	1,344.55	1,497.48
Return on Net worth	7.51%	6.66%

CAUTIONARY STATEMENT

Statements contained in this Management Discussion and Analysis Report 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 of future events and are subject to various risks and uncertainties including, but not limited to, changes in economic conditions, capital market performance, interest rates, inflation, government policies, taxation laws, regulatory changes, geopolitical developments, global financial market conditions and other factors beyond the Companys control.

Actual results may differ materially from those expressed or implied in such forward-looking statements. Readers are therefore advised not to place undue reliance on these statements.

The Company assumes no obligation to publicly update, amend or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable laws and regulations.

This Management Discussion and Analysis should be read in conjunction with the Companys audited financial statements, notes thereto and other sections forming part of the Annual Report.

Date: August 13, 2026

For and on Behalf of The Board

Place: Jaipur For Baid Finserv Limited

Registered. Office: Baid House,	Sd/-
IInd Floor, 1, Tara Nagar, Ajmer Road, Jaipur-302006
	Panna Lal Baid
	Chairman and Managing Director
	DIN:00009897