Focus Lighting & Fixtures Ltd Management Discussions

A. INDUSTRY STRUCTURE AND DEVELOPMENTS

INDIAN LIGHTING & FIXTURES

Indias lighting and fixtures market in 2026 is valued at approximately USD 4.8 billion to USD 5.12 billion, driven by LED dominance, government energy schemes, and rising real estate demand.

The growth of the Lighting Market in India is primarily driven by increasing urbanization, infrastructure expansion, and rising demand for energy-efficient lighting solutions, particularly within the India LED Lighting Market.

The Lighting Market in India is undergoing a steady transformation toward energy-efficient and digitally integrated solutions. The India LED Lighting Market continues to expand due to strong policy support, declining costs, and increasing awareness of sustainability. Overall, the Indian lighting market is expected to maintain stable growth, driven by modernization of infrastructure, smart city development, and continuous technological advancements in lighting systems.

The Indian lighting market size expanding steadily, following the dominance of LED Lighting, reflecting Indias near-complete transition from conventional incandescent and CFL lighting. The residential segment remains the largest revenue contributor, followed by commercial applications, while industrial and infrastructure segments also account for a substantial shar. Public infrastructure investments and smart city initiatives are further accelerating demand, reinforcing the industrys positive long-term outlook.

Structurally, the industry has evolved into a largely organized and technology-driven ecosystem. The organized sector holds a significant share of the market, driven by branded manufacturers with robust distribution networks and integrated production capabilities. Strategic initiatives such as product innovation, partnerships, and expansion of distribution networks are shaping the competitive dynamics of the India LED Lighting Market, enabling companies to capture growth opportunities in a rapidly evolving market landscape.

Domestic manufacturing has strengthened considerably under the governments Make in India program, with increasing localization of LED drivers, printed circuit boards (PCBs), heat sinks, and luminaire assemblies. Import dependence, particularly on LED chips and electronic components, has gradually reduced, although certain semiconductor components still rely on overseas sourcing. Capacity utilization across major manufacturers remains strong, reflecting sustained demand momentum.

The India lighting market is undergoing a technology-driven structural transformation, powered by government-led energy-efficiency mandates, rapid urbanisation, and the nationwide success of the UJALA LED scheme - the worlds largest domestic LED replacement programme. The market was valued at USD 4.8 Billion in 2025 and is projected to reach USD 7.4 Billion by 2034, growing at a CAGR of 4.70% during 2026-2034.

The India lighting market is positioned for sustained, policy-reinforced growth through 2034, with LED technology projected to consolidate toward 79-82% market share, outdoor lighting gaining ground as Smart Cities Phase 2 and NHAI LED highway programmes accelerate, and a growing middle-class consumer base driving residential renovation and premiumisation demand. South India is anticipated to be the fastest-growing region, powered by Bangalores 50+ million sq. ft. of Grade-A office space under construction, Hyderabads technology and pharma campus expansions, and dense smart city deployments across 15+ southern cities.

Key Trends and Drivers of Market Growth:

The Indian lighting industry has continued its rapid evolution, driven by technology adoption, changing consumer lifestyles, sustainability imperatives, and policy support. LED technology remains the industrys growth engine, while human-centric design, craftsmanship, and smart systems are shaping the future of lighting solutions.

The trends shaping the electrical and lighting industry in 2026 are as under:

Government LED Schemes and Energy Efficiency Mandates: The UJALA scheme distributed 36.8 Crore LED bulbs through 2025, generating 47 billion kWh in annual energy savings, reducing CO2 emissions by 38.5 million tonnes annually, and cutting household electricity costs by approximately INR 19,153 Crore per year - fundamentally restructuring consumer and institutional demand toward LED. The BEEs ECBC 2024 now mandates LED-only installations in all new commercial buildings exceeding 500 sq. m., directly encoding LED procurement into Indias construction supply chain and setting a structural demand floor for the foreseeable future.

Wellness-Oriented and Adaptive Lighting: Human-Centric Lighting (HCL) has emerged as a key differentiator in lighting design. Consumer preferences are increasingly oriented toward personalized, adaptive, and wellness-driven lighting systems. HCL solutions, which allow adjustments in color temperature and intensity aligned with circadian rhythms, are gaining traction in commercial offices, educational institutions, healthcare facilities, and premium residential projects. In workspaces, adaptive lighting systems have been observed to enhance productivity, collaboration, and employee well-being through optimized light temperatures and dynamic settings. In residential environments, these systems contribute to improved sleep quality, relaxation, and overall mental well-being.

The convergence of lighting design with behavioural science and smart automation continues to redefine lighting as a wellness-enabling infrastructure component.

Artisanal Design and Bespoke Fixtures: The uniqueness of design, personalization, and bespoke character adds significant depth and personality to spaces. In an era dominated by mass-produced functional lighting, the revival of artisanal craftsmanship faces challenges but is gaining renewed interest. Handcrafted LED lighting is emerging as a focal trend, ranging from brown glass chandeliers to intricately detailed pendant lights, blending traditional artistry with modern energy-efficient technology. These distinctive pieces not only illuminate but also serve as statement elements that enhance the aesthetic and experiential quality of interiors.

Sustainability and Eco-Conscious Innovation: Sustainability continues to be a central focus for industry players. Manufacturers are prioritizing eco-friendly materials, recyclable components, and processes with reduced carbon footprints. Smart sensors and automated lighting systems optimize energy usage by adjusting to daylight and occupancy. Commercial and smart building projects are increasingly adopting energy-efficient lighting as part of environmental compliance and corporate responsibility initiatives.

The trend aligns with global sustainable development goals (SDGs) and circular economy principles, emphasizing environmental stewardship.

Material Innovation and Intelligent Design Integration: LED lighting trends are increasingly exploring diverse materials such as glass, textiles, and concrete, offering greater flexibility for bespoke interior designs. The seamless integration of lighting with architectural elements enhances spaces through clean lines, sculptural forms, and minimalistic aesthetics. Technological advancements in custom lighting are enabling new possibilities for personalized spatial expression. Modern LED systems now allow users to interact with lighting through voice commands and mobile applications, enhancing comfort, convenience, and overall user experience, while aligning functionality with design sophistication.

Digitalization and Smart Ecosystem: The Indian lighting sector is increasingly adopting IoT, automation, and app-based controls. Smart lighting ecosystems allow remote monitoring, scheduling, and real-time adjustment, catering to evolving consumer expectations for convenience and intelligent home/workplace solutions.

This digital transformation positions lighting as an integral part of smart homes, commercial complexes, and smart city initiatives, driving efficiency, productivity, and user engagement.

Technological Advancements

India, the worlds most populous country and one of the largest electricity consumers, continues to witness growing demand for innovative lighting solutions across residential, commercial, and public spaces. Emerging applications such as biological lighting, entertainment lighting, and advertisement lighting are driving the need for new technologies in the LED industry. Supported by government initiatives, rising awareness, and cost-effective solutions, LED lighting has become one of Indias fastest-growing sectors, offering energy efficiency, sustainability, and superior performance over conventional lighting technologies.

Led Transformation And Energy Efficiency: The shift from incandescent and CFL bulbs to LED technology has been transformative. LEDs provide higher energy efficiency, longer lifespans of 50,000 100,000 hours, and lower operating costs, consuming up to approximately 50% to 80% less energy than traditional lighting. This transition also helps reduce carbon emissions, addressing environmental concerns, as lighting accounts for roughly 15% of global electricity use. Smart LED systems enable remote control via electronic devices and integration into connected homes and commercial ecosystems, enhancing both convenience and efficiency.

Interactive And Adaptive Architectural Lighting: LED innovations are redefining architectural and interior design. Dynamic fa?ades, adaptive color schemes, and responsive lighting allow buildings and spaces to transform in real time, reacting to environmental conditions, weather, or user interaction. These solutions are particularly prominent in public installations, commercial complexes, and luxury interiors, where aesthetic and functional integration creates immersive and memorable experiences.

Smart Living And IOT-Enabled Solutions: Smart lighting systems are gaining rapid adoption in urban homes and commercial spaces. These solutions provide energy-efficient management, remote operation, and seamless integration with IoT platforms for advanced control and automation. Indian manufacturers are focusing on design innovation, offering both modern, minimalistic fixtures and culturally inspired designs, catering to diverse consumer tastes domestically and internationally. Smart lighting is thus becoming a cornerstone of personalized, sustainable, and technologically enabled living environments.

Driver - Declining Manufacturing Cost of Led Lights

A major macroeconomic and industry-specific tailwind for the LED lighting and fixtures sector is the sustained decline in manufacturing costs. This structural shift has significant implications for profit margins, market expansion, and product innovation, positioning the industry for long-term, sustainable growth.

Declining Input Costs and Economies of Scale: Over the past decade, the cost of manufacturing LED lights has decreased dramatically, driven by several key factors:

Technological Advancements: Continuous innovation in chip design, packaging, and heat management has resulted in more efficient and compact LED modules, reducing material requirements and energy consumption.

Vertical Integration and Automation: Increased automation of production lines and higher backward integration have lowered labour intensity and overhead costs, improving overall operational efficiency.

Optimized Raw Material Sourcing: Strategic procurement, long-term supply agreements, and the development of alternative materials have minimized dependency on volatile inputs, such as rare earth phosphors.

Government Incentives and Policy Support: Subsidies, tax benefits, and energy-efficiency programs under initiatives like UJALA and other energy conservation schemes have further lowered costs for manufacturers and accelerated adoption

Global Economies of Scale: Rising global adoption has increased production volumes, improved asset utilization and lowering per-unit costs.

This ongoing reduction in manufacturing costs not only strengthens the competitiveness of Indian LED manufacturers but also supports the industrys ability to innovate, expand into new markets, and offer energy-efficient solutions at more accessible price points.

B. OPPORTUNITIES AND CHALLENGES/THREATS:

The Indian lighting market faces dynamic growth driven by government infrastructure and smart city projects, countered by intense import dependencies and cheap counterfeits. Key areas include expansion in smart/IoT lighting, Make in India localization, and counterfeit products

Opportunities:

The Indian lighting and fixtures market offers immense opportunities for growth and innovation. The increasing focus on energy efficiency, the rise of smart lighting solutions, and the need for outdoor and architectural lighting present favourable prospects for companies operating in this industry. Additionally, the ongoing infrastructure development and urbanization create a steady demand for lighting products.

Smart cities have made government procurement a real channel: The rising demand for connected, sensor-based, and automated public and home lighting systems. The Smart Cities Mission has done something that very few previous government initiatives managed. It has made institutional procurement a steady, predictable source of demand for the electrical and lighting trade. EESL alone has installed over 1.34 crore LED streetlights.

Government Support Initiatives: The Government of India has instituted a multi-layered policy framework to transform the national lighting industry. These initiatives focus heavily on massive demand aggregation, domestic component manufacturing (localization), and centralised public procurement.

Domestic Manufacturing (Make in India): The "Make in India" initiative has fundamentally restructured the Indian lighting sector, moving it from a low-margin assembly market into a deep-tier component manufacturing ecosystem. Driven by strict protectionist import barriers and financial incentives, localization is reshaping how lighting hardware is built, sourced, and scaled. The incentives encouraging local component production, surface-mount technology ("SMT") lines, and reduced reliance on finished imports.

Green Energy Transition: It is the primary regulatory and consumer driver reshaping the Indian lighting market. This shift moves beyond basic energy efficiency to encompass lifecycle sustainability, decarbonization of industrial real estate, and grid-load balancing. Growing consumer and industrial awareness around lower carbon footprints and sustainable energy conservation

Challenges and Threats:

Current war conditions and geopolitical tensions impact the lighting business by surging energy costs, disrupting global maritime supply chains, and driving increased demand for military grade and off-grid renewable illumination.

Supply Chain Import Vulnerabilities: The Green Energy Transition is the primary regulatory and consumer driver reshaping the Indian lighting market. This shift moves beyond basic energy efficiency to encompass lifecycle sustainability, decarbonization of industrial real estate, and grid-load balancing. Heavy dependence on imported semiconductor chips and electronic drivers primarily from China and Taiwan.

Counterfeit and Substandard Goods: The market for counterfeit and substandard lighting products in India is extensive, thriving on complex distribution channels that undermine legitimate businesses. Widespread low-cost fake products hurting brand trust, margins, and compliant market players.

Intense Price Wars: Fierce competition among 1,000+ industry players driving profit margins down. Intense price wars represent the primary margin-eroding challenge within the organized Indian lighting sector. As LED technology commoditizes, a massive influx of market players has triggered aggressive undercutting, shifting the industry from value-driven engineering to a high-volume, low-margin numbers game.

E-Waste and Recycling Gaps: E-waste and recycling gaps present a looming environmental and structural crisis for the Indian lighting market. While the nation has successfully transitioned from incandescent bulbs to energy-efficient LEDs, the electronic components that power this shift are accumulating rapidly in landfills, exposed to a broken and highly informal waste management network Absence of formal, systematic disposal frameworks for spent LED electronics and components.

C. SEGMENT WISE OR PRODUCT-WISE PERFORMANCE

The following is the Income mix in terms of value of total income of our Company for sale of products and Profit After Tax:

Financial Year	Trading	Manufacturing	Profit After Tax
2025-26	4,226.20	13,784.93	513.19
2024-25	3,835.34	11,560.77	1437.11
2023-24	4,266.99	11,291.95	1,131.27
2022-23	4,086.13	12,129.77	2,243.20
2021-22	3699.93	6454.62	349.44
2020-21	2567.27	2626.45	(119.32)
2019-20	3712.37	5306.50	424.54
2018-19	5450.53	5536.80	973.03
2017-18	6368.29	2762.26	587.5

>D. OUTLOOK

The Indian lighting and fixtures industry is poised for continued robust growth throughout the Year, and into the next decade, driven by strong LED adoption, accelerating smart lighting demand, and expansion across outdoor and architectural applications. This growth is underpinned by urban infrastructure spending, smart city initiatives, and energy efficiency regulations that continue to favour LED and connected lighting solutions.

Smart and connected lighting represents one of the fastest-growing segments, expanding at over approx. 20% annually in certain sub-segments. Increasing adoption of IoT-enabled luminaires, motion sensors, daylight harvesting systems, and integration with building management systems (BMS) is particularly visible in commercial offices, hospitality, healthcare facilities, and premium residential developments. Energy efficiency norms, Bureau of Energy Efficiency (BEE) standards, and green building certifications continue to influence procurement decisions and product innovation strategies.

Outdoor and street lighting segments are poised for substantial expansion. This segment is projected to witness strong growth over the coming years, supported by initiatives such as Smart Cities Mission initiative, municipal energy efficiency mandates, and retrofitting programmes that encourage large scale installations, and is expected to maintain steady momentum as municipal authorities increasingly replace legacy systems with intelligent LED networks, reinforcing long-term demand across public infrastructure projects.

Overall, the Indian lighting industrys outlook for the year is marked by strong growth momentum, expanding market size, rising segmental opportunities in smart and outdoor lighting, and continued transition towards high efficiency, digitally enabled LED ecosystems.

E. RISKS AND CONCERNS

The Indian lighting and fixtures industry continues to evolve rapidly, driven by shifting consumer preferences, energy efficiency mandates, and the rise of smart technologies. While the long-term outlook remains positive, several risks require proactive management to safeguard business continuity, profitability, and shareholder value. Our risk management framework focuses on early identification, assessment, and mitigation of these challenges.

MARKET CHALLENGES

Intense Competition and Price Pressure: Domestic and international players continue to drive commoditization in LED products, creating downward pricing pressure, particularly in budget segments. Unorganized sector players offering low-cost alternatives exacerbate margin challenges.

Demand Volatility: Institutional, infrastructure, and government projects are susceptible to delays, cancellations, or funding constraints. Seasonal demand fluctuations, uneven rural electrification, and changing consumer preferences further contribute to market unpredictability.

Slower Rural and Tier-II Adoption: Deepening penetration in semi-urban and rural markets is constrained by affordability issues, limited retail infrastructure, and low awareness about energy-efficient lighting benefits.

Customer Preference Shifts: Rapid changes in design trends, smart lighting expectations, and sustainability demands can make certain product lines less relevant if not updated regularly.

REGULATORY AND POLICY ISSUES

Inconsistent Policy Implementation: While government initiatives promote LED adoption, uneven implementation of quality and safety standards across states can create regulatory gaps and uneven competition.

Environmental and E-Waste Compliance: Stricter regulations on hazardous materials, e-waste disposal, and sustainability norms may necessitate redesign of products and supply chain adjustments, increasing compliance costs.

Import Tariff and Trade Policy Changes: Changes in duties on imported components, or trade restrictions, can increase costs for manufacturers reliant on global suppliers.

TECHNOLOGICAL RISKS

Rapid Technological Obsolescence: Innovations such as Li-Fi, smart controls, IoT integration, and adaptive human-centric lighting require continuous R&D investment. Failure to keep pace could render existing products less competitive.

Cybersecurity and Data Privacy Threats: Smart lighting solutions integrated with apps and IoT platforms increase exposure to hacking, data breaches, and operational disruptions, potentially leading to reputational and legal risks.

Interoperability Challenges: As smart lighting ecosystems expand, lack of standardization across devices and platforms may limit adoption and require costly redesigns.

SUPPLY CHAIN AND OPERATIONAL RISKS

Global Component Dependency: Dependence on imported LEDs, drivers, and control modules exposes manufacturers to disruptions from geopolitical tensions, port delays, and currency fluctuations.

Logistics and Infrastructure Bottlenecks: Inadequate transport networks, warehousing limitations, and inconsistent power supply in certain regions can impact distribution efficiency and project timelines.

Skilled Labor Shortage: Rising demand for engineers, technicians, and IoT specialists may create productivity and quality challenges if the talent pipeline does not keep pace.

Inventory and Demand Mismatch: Rapidly evolving consumer preferences can result in excess or obsolete stock, affecting working capital and margins.

SUSTAINABILITY AND REPUTATION RISKS

Consumer and Investor Scrutiny: Growing awareness about sustainability means any non-compliance in environmental or ethical standards could lead to reputational damage.

Green Technology Competition: As the market evolves, failure to adopt eco-friendly materials or energy-efficient production practices could reduce competitiveness.

Climate and Natural Disasters: Extreme weather events, flooding, or temperature variations can affect production, distribution, and infrastructure.

F. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Internal control systems play a vital role in supporting efficient business operations, ensuring regulatory compliance, and protecting organizational assets across all industries, including the LED lighting and fixtures sector. These systems consist of a framework of policies, procedures, and best practices aimed at achieving accurate financial reporting, operational efficiency, and risk mitigation. Evaluating their effectiveness involves examining how well these controls align with industry-specific risks and support the strategic goals of the organization.

Key Elements of Internal Control Systems:

Control Environment: A strong control environment forms the foundation of an effective internal control system, shaping organizational culture and influencing employee behaviour at all levels. In the LED lighting industry, this involves leadership that demonstrates a commitment to ethical practices, compliance with industry standards, and a culture of accountability. Clear communication of expectations and policies, combined with visible management involvement, reinforces integrity and fosters a high standard of conduct across the organization.

Risk Identification and Assessment: Identifying and evaluating internal and external risks is essential for maintaining business continuity and achieving long-term objectives. In the LED sector, key risks may include evolving technology trends, supply chain vulnerabilities, environmental regulations, and market volatility. A robust risk assessment process involves continuous monitoring and proactive adjustment of internal controls to address emerging threats and minimize exposure.

Control Activities: Control activities are the operational procedures put in place to manage identified risks and achieve business objectives. In the LED lighting industry, such controls may include:

Inventory Controls: Maintaining real-time, accurate inventory data to minimize shortages, avoid excess stock, and optimize storage costs.

Financial Oversight: Implementing strict financial controls such as approval hierarchies, audit trails, and segregation of duties to prevent fraud and errors.

Product Quality Assurance: Enforcing consistent quality checks and testing protocols to uphold product standards and customer satisfaction.

IT and Data Security Controls: Ensuring robust cybersecurity measures to protect operational data, proprietary designs, and customer information from potential breaches.

Information Flow and Communication: Effective internal controls rely on reliable information systems and open communication channels. In the LED industry, access to real-time data on market trends, product performance, and regulatory developments supports agile decision-making. Transparent internal communication ensures that policies are understood and employees are aligned with organizational goals.

Monitoring and Continuous Improvement: Ongoing monitoring ensures that control systems remain effective and adapt to changes in the business environment. This includes periodic audits, management reviews, and feedback mechanisms to identify inefficiencies or compliance gaps. In the dynamic LED lighting sector, continuous improvement of internal controls is vital to maintain competitiveness and respond effectively to technological advancements and regulatory shifts.

G. DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL

PERFORMANCE

Overview of Revenue & Expenditure

(Rs. in Lakhs)

Particulars	As at March 31 of the Financial Years
	2026	2025	2024	2023	2022	2021	2020	2019
	Income
Revenue from Operations	18,011.14	15,396.11	15,558.94	16,215.90	10154.55	5193.72	9018.9	10987.32
Increase/ Decrease in %	16.98%	(1.05)	(4.05)	59.69	95.51	(42.41)	(17.92)	(20.34)
Other Income	126.13	845.01	416.17	70.88	94.50	46.06	42.81	60.99
Increase/ Decrease in %	(85.07%)	103.04	487.14	(24.99)	105.16	7.59	(29.80)	(57.65)
	Profit
Profit After Tax	513.19	1,437.11	1,131.26	2,243.20	349.44	(119.32)	424.53	973.02
Increase/ Decrease in %	64.29%	27.04	(49.56)	541.94	392.84	(128.11)	(56.37)	65.63

The financial performance of a company is closely linked to its operational performance, as revenue from operations serves as a key indicator of business growth and success. A comparison of the revenue from operations for the financial year 2025-26 is Rs. 18011.14 lakhs with the previous financial year 2024-25 is Rs. 15,396.11 Lakhs provides insights into the companys financial and operational progress.

The significant increase in revenue from operations reflects strong top-line growth, driven by factors such as higher sales volumes, market or product expansion, effective pricing strategies, and improved customer acquisition and retention. This indicates robust operational performance across production, marketing, distribution, and sales, enabling the company to strengthen its market position and drive sustained revenue growth.

The decline in Profit After Tax can be attributed to a combination of internal and external factors within the industrys evolving landscape. Although the Company achieved strong growth in revenue from operations during the year, the increase in revenue was accompanied by higher costs and expenses, which impacted overall profitability. These factors may include increased operating costs associated with business expansion, higher employee and administrative expenses, elevated input costs, increased finance costs, depreciation on capital investments, and a higher tax outgo. In addition, competitive market dynamics and prevailing margin pressures may have influenced the Companys overall earnings. Accordingly, the decline in Profit After Tax reflects the cumulative impact of these factors on the Companys financial performance during the year.

While the Companys operational performance remained strong and enabled robust revenue growth, the increase in overall expenditure outpaced the growth in earnings, resulting in lower Profit after tax. The Company continues to focus on improving operational efficiencies, optimizing its cost structure, and strengthening margins to ensure that future revenue growth is effectively translated into sustainable profitability and enhanced shareholder value.

H. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES/ INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBER OF PEOPLE EMPLOYED

The Companys total workforce comprised 214 employees, for the financial year ended March 31, 2026. A team strengthened during the year by the strategic onboarding of highly qualified and skilled professionals to support its ongoing growth trajectory. Demonstrating a steadfast commitment to nurturing human capital, management successfully implemented several development initiatives that substantially enhanced employee morale and team cohesion. This proactive focus on professional growth has fostered a highly harmonious and collaborative corporate culture, evidenced by the absence of an employee union. Consequently,

The Company operations remained entirely uninterrupted, achieving a milestone of zero incidents of strikes, lockouts, or labor unrest throughout the reporting period.

I. 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 THEREFOR, INCLUDING

The details in the change of 25% or more for financial year 2025-26 as compared to the Financial Year 2024-25 in key financial ratios along with detailed explanations, wherever required are mentioned in Note No. 1.35 to the Notes of Standalone Financial Statement.

J. DETAILS OF ANY CHANGE IN RETURN ON NET WORTH AS COMPARED TO THE IMMEDIATELY

PREVIOUS FINANCIAL YEAR ALONG WITH A DETAILED EXPLANATION THEREOF.

The details of change, if any, in the return on net worth for the Financial Year 2025-26 as compared to the immediately previous Financial Year 2024-25 along with a detailed explanation thereof, are mentioned in Note No. 1.35.

K. DISCLOSURE OF ACCOUNTING TREATMENT

In preparation of financial statements, the Company has not followed a treatment different from that prescribed in the Accounting Standards.

L. CAUTIONARY STATEMENT

This Management Discussion and Analysis report contains certain forward-looking statements involving anticipated objectives, projections, estimates, and expectations, which are protected under applicable securities laws and regulatory safe harbours. The Investors are cautioned that these statements are not guarantees of future performance and rely heavily on subjective assumptions and future environmental expectations. Actual organizational outcomes may diverge significantly due to a variety of market and systemic risk factors, including domestic and international demand shifts, volatility in finished goods pricing, and raw material inflationary pressures or supply chain bottlenecks. Additionally, performance is contingent upon legislative updates, changes to tax structures, macroeconomic developments across India, pending litigation, and the stability of industrial relations. The Company assumes no legal liability or operational obligation to update, revise, or publicly correct any statement herein as a result of new information, subsequent events, or altered expectations.

	For and on behalf of the Board of Directors,
	Focus Lighting And Fixtures Limited
	Sd/-	Sd/-
	Amit Vinod Sheth	Deepali Amit Sheth
	Managing Director	Executive Director
	DIN: 01468052	DIN: 01141083
Date: August 11, 2026
Place: Mumbai