DJ Mediaprint & Logistics Ltd Management Discussions

This Management Discussion and Analysis (MD&A) forms an integral part of the Annual Report of DJ Mediaprint & Logistics Ltd (DJML or the Company) for the financial year ended March 31, 2026. It provides a comprehensive review of the macroeconomic landscape, the industries in which the Company operates, its business performance, opportunities and risks, and managements perspective on the strategic direction ahead. This report should be read in conjunction with the Standalone and Consolidated Financial Statements, the Directors Report, and the Statutory Auditors Reports.

1. INDUSTRY OVERVIEW & TREND

1.1 The Global Economy

The global economyremained resilient during FY 2025-26 despite ongoing geopolitical tensions, trade realignments, and inflationary pressures. According to the International Monetary Fund (IMF), global GDP growth is projected at approximately 3.2% in 2025 and 3.1% in 2026, reflecting steady but moderated economic expansion. While higher interest rates and regional conflicts continued to create uncertainty, easing inflation and improving economic conditions supported growth across several major markets.

Global trade dynamics also continued to evolve during the year, with businesses increasingly diversifying supply chains and manufacturing locations. This shift has benefited emerging economies such as India, Vietnam, and Mexico, which are attracting greater investment and production activity.

According to the World Trade Organization (WTO), global merchandise trade volumes are expected to continue recovering over the medium term, supported by improving supply chain resilience and expanding economic activity.

At the same time, investments in infrastructure, technology, digital transformation, and industrial development continue to support long-term global growth prospects. As companies adapt to a changing economic landscape, opportunities continue to emerge across logistics, business services, document management, and infrastructure-linked sectors, creating favourable conditions for businesses operating in these industries.

1.2 The Indian Economy

India continued to strengthen its position as one of the worlds fastest-growing major economies during FY 2025-26. Supported by robust domestic consumption, infrastructure investment, manufacturing growth, and a resilient services sector, Indias GDP growth is estimated to remain in the range of 6.5%- 6.7%, significantly outpacing most major global economies. Strong government capital expenditure, increasing formalisation of economic activity, and rising private sector investment further reinforced economic momentum during the year.

Government initiatives such as Digital India, Make in India, PM Gati Shakti, and the National Logistics Policy continue to strengthen the countrys economic fundamentals and improve competitiveness. India remains one of the worlds largest recipients of foreign direct investment (FDI), while sustained investments in roads, railways, logistics infrastructure, industrial corridors, and digital connectivity are supporting long-term economic expansion.

Indias long-term outlook remains favourable, supported by favourable demographics, increasing urbanisation, growing consumer demand, and rising business activity. With continued policy support and expanding opportunities across logistics, digitisation, printing, business services, and enterprise solutions, the country remains well positioned to sustain its growth trajectory and strengthen its role in the global economy over the coming years.

1.3 Overview of the Industries in Which DJML Operates

DJML is, by design, a multi-sector business. One whose service portfolio spans logistics and cargo solutions, record management and digitisation, printing services, advertising and media solutions, and premium mobility services. This multi-service model enables the Company to cater to a wide range of customer requirements while benefiting from growth opportunities across several sectors of the economy.

1.3.1 Logistics & Cargo Solutions

Indias logistics sector is expanding rapidly, driven by rising trade volumes, infrastructure investments, and supply chain formalisation. The market was valued at approximately USD 240246 billion in 2025 and is projected to reach USD 357-362 billion by 2030, with estimates extending to around USD 527 billion by 2033. This reflects a robust CAGR of 8-11% over the coming years. Growing demand for integrated transportation, warehousing, and end- to-end logistics solutions continues to favour organised service providers.

1.3.2 Global & Cross-Border Logistics

Indias deeper integration into global trade and manufacturing supply chains is fuelling demand for cross-border logistics. The international express and parcel segment, part of broader crossborder e-commerce logistics, is seeing strong momentum with overall market growth supported by exports and streamlined customs. Relevant segments are projected to expand significantly, with cross-border e-commerce logistics in India growing at CAGRs exceeding 20-29% in key forecasts through 2030. Improving infrastructure and trade activity position premium providers for sustained opportunities.

1.3.3 Record Management & Storage

Rising regulatory demands and growing volumes of business-critical data are sustaining demand for professional records management and secure storage services. The global records/ electronic records management market was estimated around USD 10-11 billion in 2025-26 and is on track to grow substantially, with projections exceeding USD 20+ billion in broader segments by the early 2030s. This is supported by a CAGR in the 11% range through the early 2030s, driven by compliance, information governance, and digital archiving needs.

1.3.4 Digitisation & Document Management

Digital transformation across government and enterprises is boosting demand for document digitisation, management, and Intelligent Document Processing (IDP) solutions. The global document management system market was around USD 8-9 billion in 2025 and is forecast to reach approximately USD 18 billion by 2030, while the IDP segment is expanding at over 25% CAGR (with some estimates 17-33% through 2030-2034). This reflects accelerating adoption of AI, automation, and efficient workflows.

1.3.5 Printing & Document Solutions

Printed documents continue to play a vital role in banking, utilities, education, and corporate operations despite digital shifts. In India, the commercial printing market stood at about USD 54 billion in 2025 and is projected to grow to around USD 72 billion by 2035 at a steady CAGR of ~3%. Demand remains underpinned by regulatory requirements, customer communications, and enterprise needs, particularly for high-quality institutional and business process documentation.

1.3.6 Advertising & Media Services Indias advertising sector benefits from rising consumer spending, urbanisation, and brand investments. The broader advertising market is growing strongly, with the outdoor and digital out-ofhome (DOOH) segment showing notable expansion—Indias DOOH market projected to rise from around USD 0.5 billion in 2025 toward USD 620 million+ in key DOOH forecasts by 2030 at CAGRs of 10-14%. Premium locations, transit media, and DOOH formats in urban centres are key growth drivers.

1.3.7 Premium Mobility Solutions — Sailinks

Indias organised mobility sector is poised for solid growth amid increasing corporate travel and demand for managed premium transportation. The India business travel market was valued at approximately USD 45 billion in 2025 and is expected to reach around USD 82 billion by 2034, with CAGRs of 7-9% in related segments. This creates strong opportunities for premium mobility providers focusing on corporate requirements and professional services.

1.4 Key Government Initiatives

The Government of India has implemented an ambitious and interconnected set of policy initiatives that directly create tailwinds for the industries in which DJML operates. These initiatives are pivotal to DJMLs strategy and are structural enablers of the growth opportunities we are positioned to capture.

Digital India Programme

Launched in 2015 and continuously expanded, the Digital India Programme drives Indias transition to a digitally empowered society and knowledge economy. The FY 2025-26 budget includes substantial allocations for e-governance (with earlier phases at INR 14,903 crore / USD 1.8 billion), focusing on digitalisation of government records, citizen services, and public administration. This push for paperless workflows across healthcare, education, and land records creates sustained demand for digitisation, document management, and related services.

National Logistics Policy (NLP)

Launched in September 2022 and actively implemented through FY 2025-26, the National Logistics Policy modernises Indias logistics sector. It targets reducing logistics costs from 13-14% of GDP to 8% or below by 2030, supported by the Unified Logistics Interface Platform (ULIP) for seamless digital integration across transport modes and customs. For organised providers, this fosters a more efficient, technology-enabled environment while boosting demand for digitised documentation and compliance services.

PM Gati Shakti National Master Plan

The PM Gati Shakti National Master Plan coordinates multimodal infrastructure development using satellite-based spatial planning across roads, railways, ports, and airports. Key achievements include fully operational Western and Eastern Dedicated Freight Corridors, alongside hundreds of assessed projects worth over Rs 15 lakh crore, enhancing freight speed, reliability, and connectivity. This strengthens supply chain efficiency and directly benefits logistics and cargo operations.

National Security and Identity Programmes

Indias national security and identity initiatives, including Aadhaar, e-passport upgrades with biometric chips, voter ID renewals, driving licence digitisation, and pharmaceutical authentication, generate ongoing government-mandated demand for high-security printing and document solutions. These programmes support efforts to combat counterfeiting in currency, pharmaceuticals, and official documents. This ensures reliable, high-value demand for specialised security printing and authentication services.

Make in India & PLI Schemes

The Make in India initiative and Production Linked Incentive (PLI) schemes across 14 sectors are expanding domestic manufacturing. PLI has mobilised over Rs1.76 lakh crore in investments, driving production growth (e.g., 146% surge in key sectors) and creating significant jobs. This industrial expansion increases demand for logistics, record management, compliance documentation, security printing, and integrated business services.

2. DEVELOPMENTS IN THE INDUSTRY

Logistics Industry

• AI-Driven Logistics: Increasing adoption of AI for route optimisation, fleet monitoring, and operational efficiency.

• Supply Chain Digitisation: Businesses are investing in technology-enabled logistics visibility and tracking solutions.

• Infrastructure Expansion: Continued investments under PM Gati Shakti and logistics corridor development are improving connectivity.

• Sustainable Operations: Growing focus on fuel efficiency, fleet optimisation, and environmentally responsible logistics practices.

Paper & Printing Industry

• Demand from BFSI & Enterprises: Banking, financial institutions, utilities, and corporates continue to require large-scale printing solutions.

• Personalised Printing: Growing adoption of customised and variable-data printing for business communications.

• Sustainable Printing Practices: Increased use of eco-friendly materials and resource- efficient printing technologies.

• Technology Integration: Automation and digital workflows are improving print quality, speed, and cost efficiency.

Records Management & Digitisation Industry

• Digital Transformation: Organisations are accelerating the transition from physical records to digital repositories.

• Cloud-Based Document Management: Growing adoption of secure cloud platforms for storage and retrieval of records.

• AI-Enabled Document Processing:

Automation is improving document indexing, classification, and search capabilities.

• Compliance & Data Governance: Increased focus on secure information management and regulatory compliance.

Advertising & Media Industry

• Growth in Outdoor Advertising: Brands continue to leverage outdoor media for visibility and consumer engagement.

• Data-Led Campaign Planning: Businesses are increasingly using analytics to improve advertising effectiveness.

• Hyperlocal Marketing: Demand is rising for targeted campaigns tailored to specific regions and audiences.

Premium Mobility Industry

• Corporate Mobility Demand: Growth in organised transportation services for corporate and institutional clients.

• Technology Integration: GPS tracking, digital bookings, and fleet management systems are enhancing customer experience.

• Focus on Safety & Reliability: Businesses increasingly prioritise service quality, compliance, and passenger safety.

• Expansion into Tier-II Cities: Rising demand for professional mobility services beyond major metropolitan markets.

3. SWOT ANALYSIS

3.1 Strengths

Integrated service platform:

Ability to offer multiple business services through a single partner creates crossselling opportunities and stronger client relationships.

Established Institutional Relationships:

Long-standing engagements with government bodies, BFSI institutions, and corporate clients support recurring business opportunities.

Diversified Revenue Base:

Presence across multiple service verticals reduces dependence on any single industry or customer segment.

Technology-Enabled Operations:

Digital tools and process automation enhance efficiency across logistics, document management, and mobility services.

3.2 Weaknesses - Operational complexity:

Managing multiple business verticals requires effective coordination, governance, and resource allocation.

Capital requirements:

Growth across service lines requires continuous investment in infrastructure, technology, and talent.

Scale Variations Across Verticals:

Certain business segments compete against larger specialised players with greater scale advantages.

3.3 Opportunties

Indias digital transformation:

Government and enterprise digitisation initiatives continue to drive demand for document management and digitisation services.

Growth in Organised Logistics

Expanding trade, e-commerce, and supply chain formalisation are creating opportunities for integrated logistics providers.

Rising Demand for Business Services

Increasing compliance, documentation, and operational requirements are supporting demand across multiple service segments.

Outdoor Advertising Growth

Growing brand investments and urbanisation are supporting demand for outdoor media and advertising solutions.

Manufacturing & Infrastructure Expansion

Government-led industrial and infrastructure initiatives are expected to generate new opportunities across logistics, printing, and support services.

3.4 Threats -

Intensifying Competition

Competitive pressures across logistics, advertising, and business services may impact pricing and margins.

Digital Substitution

Increasing adoption of digital communication channels may reduce demand for certain print-related services.

Regulatory Changes

Evolving compliance requirements across industries may increase operational and administrative costs.

4. OUTLOOK AND FORECAST

DJML remains well-positioned to benefit from Indias continued economic growth, infrastructure development, digital transformation, and increasing demand for organised business services. The Companys diversified presence across logistics, records management, digitisation, printing, advertising, and mobility solutions enables it to participate in multiple growth sectors while reducing dependence on any single market. Supported by favourable industry trends and ongoing investments in technology and service capabilities, DJML remains optimistic about its long-term growth prospects.

Forecasts:

Segment	Outlook
Logistics	Industry expected to maintain high growth supported by infrastructure and trade expansion.
Records Management	Continued demand driven by compliance and information governance requirements.
Digitisation	Strong growth supported by digital transformation initiatives across sectors.
Printing Solutions	Stable demand from institutional and enterprise customers.

 

Segment	Outlook
Advertising & Media	Growth driven by print, outdoor advertising and digital media formats.
Premium Mobility	Supported by increasing corporate mobility requirements.

The following section presents a summary of DJMLs financial performance for FY 2025-26 relative to the prior financial year. Detailed financial statements, including the Standalone and Consolidated Balance Sheets, Statement of Profit and Loss, Cash Flow Statements, and Notes to Accounts, are presented in the Financial Statements section of this Annual Report.

5. FINANCIAL PERFORMANCE

5.1 Key Financial Highlights

Particulars	FY 2025-26 (Rs. In Lakhs)	FY 2024-25 (Rs. In Lakhs)	Y-o-Y Change
Revenue from Operations	11665.39	7829.13	49.00 %
EBITDA	2291.24	1727.01	32.67 %
EBITDA Margin	19.64	22.06	-
Profit Before Tax	1321.95	804.92	64.23 %
Profit After Tax	1003.75	654.91	53.27 %
Earnings Per Share	1.63	2.02	-
Net Worth	8925.87	6359.26	40.36 %

5.2 Segment-wise Revenue

DJMLs diversified service portfolio generates revenue across multiple business verticals. Our segment- wise revenue breakdown for FY 2025-26, compared to the prior year, is presented below:

Business Segment	FY 2025-26	FY 2024-25	Growth %
Printing Services	9203.91	5637.72	63.26
Communication & Media Services	361.98	250.97	44.23
Record Management & Other Services	1432.43	1261.57	13.54
Logistics & Cargo Services	638.18	656.44	-2.78 %
Premium Mobility Services - Sailinks	2153	2096.82	2.68 %
Total	13789.5	9903.52

DJML operates across multiple business verticals, serving a diverse customer base across logistics, records management, digitisation, printing, advertising, and mobility services. As part of its governance framework, the Company continuously evaluates business challenges and implements appropriate measures to strengthen operational resilience, safeguard stakeholder interests, and support sustainable growth. Our approach focuses on proactive planning, technology adoption, diversification, and strong execution capabilities.

6. RISK MANAGEMENT AND MITIGATION STRATEGIES

6.1 Diversified Business Model

DJMLs presence across multiple service verticals helps reduce dependence on any single industry, customer segment, or revenue stream. This diversified business model enables the Company to balance market fluctuations in one segment with opportunities in others, supporting greater business stability and long-term growth.

6.2 Customer Relationships & Service Excellence

The Company focuses on building long-term relationships with government institutions, BFSI clients, corporates, and other enterprise customers through service quality, reliability, and customised solutions. By continuously strengthening customer engagement and expanding its service capabilities, DJML enhances customer retention and maintains its competitive positioning.

6.3 Technology & Information Security

Technology remains central to DJMLs operations across document management, logistics, and business services. The Company continues to invest in digital platforms, information security measures, process automation, and employee awareness programmes to protect data, improve operational efficiency, and support evolving customer requirements.

6.4 Operational Discipline & Execution

DJML follows a structured approach to project execution, resource allocation, and business expansion. Investments are evaluated through phased implementation and ongoing performance monitoring to ensure operational efficiency and effective utilisation of resources. This disciplined approach supports service quality while enabling the Company to pursue growth

7. INTERNAL CONTROL SYSTEMS AND ADEQUACY

opportunities responsibly.

DJ Mediaprint & Logistics Limited maintains an adequate system of internal controls designed to safeguard assets, ensure the accuracy of financial records, enhance operational efficiency, and ensure compliance with applicable laws and regulations. These controls are aligned with the Companys scale, business operations, and evolving requirements, and are regularly reviewed by management, internal auditors, statutory auditors, and the Audit Committee.

Monitoring and Review

The Companys internal control framework is subject to continuous monitoring and periodic review to ensure its effectiveness. Management regularly evaluates financial and operational processes and implements corrective actions wherever required to strengthen controls and improve performance.

Internal Audit and Oversight

Independent internal auditors conduct risk-based reviews of key business processes and controls. Their observations and recommendations, along with management responses, are presented to the Audit Committee for review and appropriate action. Statutory Auditors also assess the adequacy of internal financial controls as part of the annual audit process.

Technology and Process Controls

DJML leverages technology-enabled systems to strengthen financial and operational controls across its business verticals. Defined approval mechanisms, access controls, audit trails, and process monitoring tools support transparency, accountability, and efficient decision-making.

Compliance and Governance

The Companys control framework is designed to adapt to changing regulatory requirements and business needs. Compliance processes are regularly reviewed to ensure adherence to applicable laws, regulations, and corporate governance standards.

Whistle Blower Policy and Vigil Mechanism

DJML has established a Whistle Blower Policy and Vigil Mechanism that enables employees and stakeholders to report concerns relating to unethical conduct, fraud, or violations of Company policies. Reported matters are reviewed through appropriate governance channels, ensuring confidentiality and protection against retaliation.

Commitment to Continuous Improvement

The Company remains committed to continuously strengthening its internal control environment through process improvements, technology adoption, employee awareness, and regular evaluation of business risks and operational requirements.

8. DISCUSSION ON FINANCIAL PERFORMANCE W.R.T OPERATIONAL PERFORMANCE

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Total Income	11665.39	7,829.13
EBITDA	2291.24	1,727.01
Less: Depreciation	677.65	660.27
EBIT	1613.59	1,066.75
Less: Finance Cost	291.64	261.83
Profit before exceptional items and tax	1321.95	804.92
Less: Exceptional items	-	-
Profit Before Tax	1321.95	804.92

FINANCIAL PERFORMANCE REVIEW FOR FY 2025-26

Revenue

Sales and income from operations for FY 202526 stood at Rs 11,636.49 lakhs, compared to Rs7,806.69 lakhs in FY 2024-25, representing a growth of 49.06 % year-on-year. This reflects the Companys continued business momentum across its diversified service verticals.

Cost of Materials & Direct Expenses

The cost of materials and direct expenses for FY 2025-26 amounted to Rs 8,724.52 lakhs, compared to Rs4,677.41 lakhs in FY 2024-25. As a proportion of revenue, this stood at 74.98 %, reflecting rising cost of raw materials & industry dynamics.

Employee Emoluments

Employee expenses for FY 2025-26 amounted to Rs 413.68 lakhs, compared to Rs346.94 lakhs in FY 2024-25. The Company continues to invest in talent while maintaining cost discipline across its workforce.

Operating Profit (PBDIT)

Operating profit for FY 2025-26 stood at Rs 2291.24 lakhs, compared to Rs1,727.02 lakhs in FY 2024-25, reflecting the Companys continued focus on operational efficiency and margin improvement across its service verticals.

Operating and Other Expenses

Operating and other expenses for FY 2025-26 amounted to Rs 10343.44 lakhs, compared to Rs7,024.22 lakhs in FY 2024-25. The Company maintains a structured approach to cost management, ensuring that expenditure growth remains aligned with revenue expansion.

Interest and Finance Charges

Finance costs for FY 2025-26 stood at Rs 291.64 lakhs, compared to Rs261.83 lakhs in FY 202425. As a percentage of sales, finance costs remained at 2.51 %, reflecting the Companys continued focus on prudent debt management and balance sheet efficiency.

Depreciation & Amortisation

Depreciation charges for FY 2025-26 amounted to Rs 677.65 lakhs, compared to Rs660.27 lakhs in FY 2024-25. The ratio of depreciation to sales stood at 5.82 %, reflecting continued efficient utilisation of the Companys asset base.

Profit After Tax (PAT)

The Company reported a Profit After Tax of Rs 1,003.75 lakhs for FY 2025-26, compared to Rs654.91 lakhs in FY 2024-25, representing a growth of 53.27 % year-on-year

9. SIGNIFICANT CHANGE OF KEY FINANCIAL RATIOS

Ratio	Basis	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Current Ratio (in times)	Current Assets / Current Liabilities	5.84	2.22
Debt Equity Ratio (in times)	Net Debt / Equity	0.30	0.26
Debt Service Coverage Ratio (in times)	Earnings for Debt Service / Debt Services	1.81	2.71
Return on Equity Ratio (in %)	Profit after Tax / Shareholders Equity	0.13	0.13
Trade Receivables Turnover Ratio (in times)	Revenue from Operations / Average Trade Receivables	3.03	3.58
Trade Payables Turnover Ratio (in times)	Cost of Operations / Average Trade Payables	0.39	3.95
Net Capital Turnover Ratio (in times)	Revenue from Operations / Working Capital	2.01	2.71
Net Profit Ratio (in %)	Net Profit after Tax / Revenue from Operations	0.09	0.08
Return on Capital Employed (in %)	Earnings Before Interest and Tax / Capital Employed	0.13	0.13

10. HUMAN RESOURCES AND INDUSTRIAL RELATIONS

DJMLs people are the foundation of its service quality and the engine of its growth. Across all service verticals, from the precision requirements of security printing to the technology expertise of digitisation services to the operational discipline of logistics management, the quality, commitment, and capability of the Companys workforce determines the quality of service that clients receive.

Training and Development

We offer structured training programmes aligned with our business objectives, ensuring our workforce remains skilled, competitive, and prepared for the evolving demands of the industries we serve.

Skill Enhancement and Competence Building

We provide continuous learning opportunities that enable employees to deepen their expertise and build new capabilities, empowering them to contribute meaningfully to innovation and operational excellence across the organisation.

Employee Wellbeing and Safe Working Conditions

The safety and wellbeing of our people is a priority. We maintain a secure, supportive work environment

11. RETURN ON NET WORTH

The Return on Net Worth for FY 2025-26 stood at 14.81 %, compared to 12.66% in FY 2024-25, reflecting the Companys continued ability to generate profitable returns on shareholders equity.

This improvement reflects stronger earnings performance and disciplined capital management during the year.

Conclusion

As we reflect on FY 2025-26, DJ Mediaprint & Logistics Limited has continued to demonstrate resilience, strategic intent, and operational strength across its diversified business portfolio. The Companys multisector model has enabled it to participate in multiple growth opportunities while maintaining a stable and balanced revenue base.

Our financial performance this year reflects the continued execution of our strategy: growing revenue, backed by stringent safety protocols and a culture of care that enables every employee to perform at their best.

Industrial Relations

We are committed to maintaining harmonious and constructive relations across all our locations. Industrial relations remained cordial throughout FY 2025-26, with no disputes or disruptions recorded during the year.

Our Team

As of March 31, 2026, DJ Mediaprint & Logistics Limited employed 141 permanent employees. We remain committed to providing every member of our team with meaningful career growth, development, and a workplace they are proud to be part of managing costs with discipline, strengthening relationships with institutional and enterprise clients, and investing in the technology and talent that will drive our next phase of growth.

We remain deeply grateful to our shareholders for their continued trust, our clients for their partnership, and our employees for their commitment and dedication. It is their collective effort that has made FY 2025-26 a year of progress — and it is their continued commitment that gives us confidence in the years ahead.

With a strong foundation, a clear strategy, and a team that is capable and motivated, DJ Mediaprint & Logistics Limited is well-positioned to deliver sustained value to all its stakeholders in the years to come.

CAUTIONARY STATEMENT

Certain statements in this Report describing the Companys objectives, projections, estimates, expectations or predictions may be "forward looking statements" within the meaning of applicable Securities Laws and Regulations. Actual results could differ from those expressed or implied. Important factors that could make a difference to the Companys operations include global and Indian demand supply conditions, finished goods prices, availability and prices of raw materials, power, interest rates, changes in Government regulations, tax regimes, economic developments within India and the countries in which the Company conducts business and other ancillary factors. Your Company is not obliged to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events or otherwise.

For and on behalf of the Board
For DJ Mediaprint & Logistics Limited
	Sd/-
	Dinesh Kotian
	Chairman & Managing Director
	DIN:01919855
Date: June 20, 2026
Place: Mumbai