The Management of the Company is pleased to present this report covering the activities of the Company during the year ended on March 31, 2026.

1. GLOBAL & INDIAN ECONOMY OVERVIEW

India remained the fastest-growing major economy through FY 2025-26. The National Statistics Offices advance estimates placed real GDP growth for the year in the 7.4% - 7.6% range, well above the initial government projection of 6.3% - 6.8% and up from 6.5% in FY 2024-25, aided by strong Q1 (7.8%) and Q2 (8.2%) prints. The RBI progressively raised its FY 2025-26 growth forecast to 6.8% while multilateral agencies including the IMF, World Bank, OECD and Moodys also revised their India estimates upward during the year, citing resilient domestic consumption, GST rate rationalisation, and sustained investment activity. Services and manufacturing led sectoral growth, and monetary easing through the year through RBI supported credit and consumption.

Globally, growth remained uneven, with advanced economies stabilising gradually and inflation moderating on the back of tighter monetary policy, even as services inflation stayed sticky in several markets. Elevated US tariffs on Indian exports continued to weigh on gems & jewellery, textiles and select engineering/auto-linked exports through the year, and geopolitical tensions across Eastern Europe and West Asia kept energy and freight costs volatile. Despite these external headwinds, Indias diversified trade base, easing interest rate cycle and strong domestic demand cushioned the broader economic impact and supported continued momentum into FY 2026-27.

2. INDUSTRY STRUCTURE & DEVELOPMENTS

Indias real estate sector sustained its multi-year uptrend through FY 2025-26, with the market estimated at over $585 billion in CY2026 and on track toward the previously projected $1+ trillion opportunity by 2030. Residential demand held up despite rising prices, with top-seven-city housing sales broadly range-bound to modestly higher through the year even as values rose, reflecting a continuing shift toward premium and luxury housing; homes priced above Rs. 1 crore accounted for roughly 71% of sales value during the year, up sharply from about 59% a year earlier, while entry-level and affordable housing continued to lose share amid elevated land and construction costs.

Non-residential segments - office leasing, logistics/warehousing, data centres and REITs - outperformed housing during the year, supported by continued demand from Global Capability Centres and institutional investors, alongside further growth in the listed REIT market. Government initiatives on affordable housing, stamp duty rationalisation, SM REITs and land-record digitisation, together with the RBIs rate-cutting cycle through calendar 2025-26, continued to improve financing conditions for both developers and homebuyers. The sectors near-term outlook remains constructive, though interest rate transmission, input cost inflation, and regulatory/approval timelines remain areas the industry continues to navigate.

3. FINANCIAL PERFORMANCE OVERVIEW - FY 2025-26 vs. FY 2024-25

Sales / Total Income: ? 3.93 Cr (+10.9%) compared to ? 3.54 Cr

PBDT: ? 2.10 Cr, up 34.2% over ? 1.57 Cr

Net Profit: ? 1.51 Cr (+29.6%) compared to ? 1.17 Cr

Basic EPS: ? 1.80 vs. ? 1.48

(Standalone figures)

Net profit growth comfortably outpaced sales growth during the year, reflecting improved operating leverage and a lower finance cost burden as borrowings were paid down, partly offset by continuing pressure on operating cash generation.

4. SEGMENT PERFORMANCE

The Company operates in a single segment of Real Estate business.

5. RISK & CONCERNS

High interest costs continue to strain profitability, notwithstanding the reduction achieved during the year. Leverage levels, while declining further, remain material relative to the Companys asset base. Operating cash flow remained negative during the year, reflecting the Companys working-capital and lending-linked business model; a prolonged period of negative operating cash flow could constrain funding flexibility. Economic slowdown, tariff-related trade disruption, or funding pressures could affect project delivery, loan recoveries and sales.

6. OPPORTUNITIES & THREATS

Opportunities: Growing demand for premium homes, increasing demand for affordable and mid-income housing in selected locations, lower interest rates by the RBI, and opportunities through strategic partnerships and joint development projects.

Threats: Uncertain economic conditions, rising construction and material costs, changes in global trade policies, and delays in obtaining regulatory approvals.

7. INTERNAL CONTROL SYSTEMS

The Company maintains an effective internal control framework commensurate with its size of operations, and it is regularly audited, ensuring credible reporting and operational integrity.

8. FINANCIAL RATIOS - FY 2025-26

Ratio Category	FY 2025-26	FY 2024-25
Operating Margin (PBDIT)	~92.5%	~89.1%
Net Profit Margin	~38.5%	~33.0%
Debt-to-Equity Ratio	~0.75x	~0.94x
Current Ratio	~2.59x	~2.32x
Interest Coverage Ratio	~2.38x	~1.99x
Investment Cash Flow	+3.89 Cr	+3.56 Cr
Equity Base Growth	+23.0%	+33.6%

Highlights:

Profitability improved meaningfully during the year, with both operating and net margins expanding on the back of steady income growth and lower finance costs.

Leverage reduced further, with the Debt-to-Equity ratio improving from ~0.94x to ~0.75x, strengthening the Companys financial resilience.

Liquidity strengthened, with the Current Ratio and Interest Coverage Ratio both improving over the prior year.

Operating cash flow remained negative, consistent with the prior year, indicating continuing working-capital pressure even as investing cash flows and the equity base expanded.

9. MATERIAL DEVELOPMENTS POST BALANCE SHEET

The Board of Directors, at its meeting held on May 27, 2026, approved the Audited Financial Results (Standalone and Consolidated) of the Company for the year ended March 31, 2026, and recommended a final dividend of Re. 0.50 per equity share of ? 10/- each, subject to shareholders approval at the ensuing Annual General Meeting. Together with the interim dividend of Re. 0.50 per equity share declared on July 14, 2025 (paid in FY 2025-26), the total dividend for the financial year ended March 31, 2026 would be ? 1.00 per equity share of ? 10/- each, if the final dividend is declared.

10. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES

With the centralized human resources department at Group Level being the custodian of all people related processes, it becomes the critical success factor in organizational success. The HR works with an objective of aligning the aspirational needs of the people with the organizational objectives of sustained growth, market leadership and cost competitiveness.

We strongly believe in fostering a culture of trust and mutual respect in all our employees and ensuring that they understand and follow our values and principles. We have been able to operate efficiently because of the culture of professionalism, creativity, integrity and continuous improvement in all areas and efficient utilization of our resources for sustainable and profitable growth.

11. OUTLOOK & STRATEGY

Management remains committed to optimizing capital efficiency, reducing leverage further, and improving operational margins. With Indias GDP growth expected to moderate from the strong FY 2025-26 pace but remain among the fastest globally, and the RBIs rate-cutting cycle supporting financing conditions, the emphasis for FY 2026-27 will be on timely project execution, disciplined cost control, and leveraging continued premiumisation trends in residential demand, while remaining watchful of input cost inflation and global trade-policy uncertainty.

12. DISCLOSURE OF ACCOUNTING TREATMENT

The guidelines / accounting standards laid down by the Institute of Chartered Accountants of India (ICAI) and prescribed under section 133 of the Companies Act, 2013, have been followed in preparation of the financial statements of the Company.

13. CAUTIONARY STATEMENT

Statements in this report on Management Discussion and Analysis may be forward looking statements within the meaning of applicable laws or regulations. These statements are based on certain assumptions and reasonable expectation of future events. Actual results could however differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include material availability and prices, cyclical demand and pricing in the Companys principal markets, changes in government regulations, tax regimes, economic developments within India and other incidental factors. The Company assumes no responsibility in respect of the forward-looking statements herein, which may undergo changes in future on the basis of subsequent development.