Deep Health AI India Ltd Management Discussions

Your Directors are pleased to present the Management Discussion and Analysis Report for the year ended March 31, 2026.

The Management Discussion and Analysis have been included in consonance with the Code of Corporate Governance as approved by The Securities and Exchange Board of India (SEBI). Investors are cautioned that these discussions contain certain forward-looking statements that involve risk and uncertainties including those risks which are inherent in the Companys growth and strategy. The company undertakes no obligation to publicly update or revise any of the opinions or forward-looking statements expressed in this report consequent to new information or developments, events or otherwise.

The management of the company is presenting herein the overview, opportunities and threats, initiatives by the Company and overall strategy of the company and its outlook for the future. This outlook is based on managements own assessment, and it may vary due to future economic and other future developments in the country

Forward looking statement:

The Statements made in this report describe the Companys objectives and projections that may be forward looking statements which are based on certain assumptions and expectations of future events. The Companys actual results may differ materially from those projected in any such forward-looking statement depending on economic conditions, government policies and decisions which are beyond the control of the Company.

Segment-wise or product-wise performance:

The Company falls within two business segments viz. Diamond Jewellery and Pharmaceuticals. The sales are substantial in the domestic market and the said financial statements are reflective of the information required by Accounting Standard 17 "Segment Reporting", notified under the Companies (Accounting Standards) Rules, 2006.

The Company continues to be engaged in activities pertaining to sale of gold and diamond studded Jewellery.

Further the Company has also engaged itself in the new business segment pertaining to marketing of pharmaceutical goods in India during the year under review.

Internal Control Systems:

The Company has in place an adequate and effective internal audit and control systems which ensure efficiency in operations, and optimum use of resources. Internal Control weaknesses are reported regularly, and timely steps are taken as and when required. The effectiveness of the internal control systems is constantly monitored by the Audit Committee set up by the Board and

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the required changes are introduced as and when necessary.

Risk Management:

Your Companys risk management system comprises of prudential norms, timely reporting, and stringent controls.

Opportunities and Threats

Some of the key trends of the industry that are favorable to the company to exploit these emerging opportunities are:

Clients are more comfortable with the uniform high quality and quick service and process across the enterprise. There are good prospects for expanding further activities in this direction.

Some of the key changes in the industry unfavorable to the company are:

Heightened competition Increasing Compliances Attraction and retention of human capital. Regulatory changes.

Segment-wise/Product-wise Performance:

Your Company has two reporting segments. The revenue from operations from Diamond-Jewellery and Pharmaceutical segment for the year is Rs. NIL/- and Rs. 4,25,00,000/- respectively and the combined net profit after tax from both the segments is Rs. 1,29,91,124/- respectively.

Human resources:

Your company has been able to employ and retain qualified professionals by offering a challenging workenvironment and compensation. The Company provides in-house training to its employees.

The Management believes in maintaining cordial relations with its employees. The management recognizes the importance of Human Resources and effective steps will be taken to strengthen the same depending on the requirements. The Company provided an excellent working environment so that the individual staff can reach his/her full potential. The Company is poised to take on the challenges and march towards accomplishing its mission with success. The Company maintained good Industrial/Business relations in the market which enhanced the Creditworthiness of the Company.

Insurance: The Company has insured its assets and operations against all insurable risks including fire, earthquake, flood etc. as part of its overall risk management strategiesp>

Key Financial Ratios:

In accordance with the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) (Amendment) Regulations, 2018, the Company is required to give details of significant changes (change of 25% or more as compared to the immediately previous financial year) in Key sector-specific financial ratios.

The Company has identified the following ratios as key financial ratios:

Particulars	F.Y. 2025-26	F.Y. 2024-25
Current Ratio?	19.34	3.04
Debt Equity Ratio	0.01	0.03
Return on Equity Ratio?	3.08	4.10
Trade Receivables Turnover Ratio?	2.48	1.28
Trade Payables Turnover Ratio4	0.00	0.23
Net Capital Turnover Ratio	32.54	38.51
Net Profit Ratio5	26.68	69.61
Return on Capital Employed6	3.34	4.18

Increase in current ratio due Increase in current assets compared to current liabilities during the year.

The Return on Equity Ratio has Increase in shareholders equity was higher than the increase in net profit during the year.

Trade Receivable Turnover Ratio is Increased due to Increase in credit sales and better recovery from debtors during the year.

The Trade Payable Turnover Ratio is decreased as there is No significant credit purchases/payables during the current year.

There is change in the Net Profit Ratio due to the Increase in operating and other expenses reduced the profit margin during the year

The Return on Capital Employed Ratio is because there is The increase in capital employed during the year was not proportionately matched by growth in earnings before interest and taxes, resulting in a decline in the ratio.

Financial Performance

The Financial performance of the Company for the year ended March 31, 2026, is as follows:

Total revenue from operations at Rs. 4,25,00,000 for the year ended March 31, 2026 as against Rs. 1,25,90,863 for the corresponding previous period, Increase of 237.55%. The reason of increase in the turnover being the company has also expanded its existing business segment pertaining to marketing of pharmaceutical goods in India during the year under review.

The EBITDA (Earnings before Interest, Depreciation and tax) was Rs. (8,47,05,682/-) for the year ended March 31, 2026, as against Rs. 2,17,13,270/- for the corresponding previous period, a increase /decrease of (490.11%) mainly due to the lapse of advance bookings and failure in equity encumbrance.

EBITDA margin for the year ended March 31, 2026 is (490.11%) as compared to 61.08% for the corresponding previous year ended March 31, 2025.

Net Profit was Rs. 1,29,91,124 in FY 2026 as against Net Profit of Rs. 86,07,323 in FY 2025.

Cautionary Statement:

The statement in the Management Discussion and Analysis describing the Companys objectives, exceptions or predictions may be forwards looking within the meaning of applicable securities, laws, and regulations. Actual results may differ materially from those expressed in the statement. Several factors could make a significant difference to the companys operation. These include climatic conditions and economic conditions affecting demand and supply, government regulations and taxation, natural calamities etc. over which the company does not have any control.

For and on behalf of the Board For and on behalf of Deep Health AI India Limited (Formerly known as Deep Diamond India Limited)

SD/- Narayan Singh Rathore Managing Director DIN: 10900646 Date: September 03, 2026 Place: Udaipur Address: 506-509 fifth floor, Apeksha, plot no. 256, Main Road, Hiran Magri, Sector 11, Udaipur, Rajasthan (313001)

SD/- Laveena Pokharna Whole Time Director & CFO DIN: 10977709 Date: September 03, 2026 Place: Udaipur Address: 506-509 fifth floor, Apeksha, plot no. 256, Main Road, Hiran Magri, Sector 11, Udaipur, Rajasthan (313001)