Giriraj Civil Developers Ltd Management Discussions

1. Industry structure and development:

The global economy remained resilient during FY 2025-26 despite geopolitical tensions, evolving trade policies and volatility in energy markets. According to the IMFs latest World Economic Outlook Update, global growth is estimated at 3.3% in 2025 and projected at 3.0% in 2026, strengthening to 3.4% in 2027. Global inflation is estimated at 4.1% in 2025, projected to rise to 4.7% in 2026 and moderate to 3.9% in 2027. The outlook remains influenced by geopolitical developments, trade uncertainty, energy prices and changing financial conditions.

Key risks include higher commodity prices, trade disruptions, supply-chain pressures and financial market volatility. Investment in technology and artificial intelligence, improving energy conditions and structural reforms may provide support to global growth Overall, economies are expected to focus on resilience, financial and price stability, and sustainable long-term growth.

2. Overview:

The financial statements have been prepared in compliance with requirement of Companies Act and guidelines issued by SEBI.

3. Outlook:

The civil construction sector in India continues to remain a key driver of economic growth, backed by sustained government focus on infrastructure development including roads, bridges, housing, and urban infrastructure projects. Despite the rising cost of raw materials and construction inputs, the demand outlook remains robust owing to increased budgetary allocations, faster project clearances, and public-private partnership models.

Your Company, being primarily engaged in civil construction works, remains well-positioned to benefit from these opportunities. A significant portion of the Companys order book is derived from government contracts, which ensures stable revenues and long-term visibility. The Company is actively focusing on:

? Strengthening its project execution capabilities.

? Improving operational efficiencies and cost optimization.

? Expanding participation in large-scale infrastructure tenders.

? Enhancing its technical expertise and manpower base to meet complex project requirements.

With construction output in India projected to reach INR 66,954.8 billion by 2027, the Company aims to consolidate its position as a reliable partner in infrastructure development and continue to deliver sustainable value to its stakeholders.

4. Opportunities and Threats

There are and always will be challenges, from outside & within. The company aims to address risk, opportunities & threats posed by its business environment strategically. The improved economic & investing activity may result in emergence of many opportunities, but these will have to be carefully evaluated in the long-term interest of the company and its Shareholders.

5. Segment wise Reporting

During the year under review Company had only one segment viz., Civil Contractor.

6. Risk & Concerns:

Your company is in continues process of cost control and is taking cost reduction measures. We take all necessary steps to identify measures & manage risk effectively.

7. Internal Control System:

The company maintains an adequate and effective internal control & risk mitigation system commensurate with its size & nature of Business. The observations of the audit committee were taken into consideration.

8. Financial Performance:

? Gross revenue from operations was Rs.29784.49 Lakhs

? EBITDA for the year was Rs.2538.27 Lakhs

? Net Profit for the year was Rs.1509.00 Lakhs

9. Human resources management:

Relation with the employees continued to remain cordial during the year. Training is imparted as per the requirement of the job.

10. Cautionary statement:

Statement in the Management Discussion and Analysis and Statement forming part of Directors Report may contain forward looking & progressive statements within the meaning of applicable security laws & regulations. Actual results may vary from those expressed or implied depending upon economic condition, Government policies & other incidental factors.

Date: 07.09.2026 Place: Mumbai.

For and on behalf of the Board of Directors

Sd/- Krushang Shah Chairman & Managing Director DIN: 07198525

Form for disclosure of particulars of contract/ arrangements entered into by the Company with related parties

(Accounts) Rules, 2014)

Form for disclosure of particulars of contract/ arrangements entered into by the Company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms-length transactions under third proviso there to.

1. Details of contracts or arrangements or transactions not at arms length basis: Not applicable. 2. Details of contracts or arrangements or transactions at Arms length basis. Name (s) of the related party	Nature of relationship	Nature of contracts /Arrangements /Transactionns	Duration of the contracts /arrangements / transactions	Salient terms of the contracts or arrangements or transaction including the value, if any (Rs. in lakhs)	Date of approval by the Board, if any	Amount paid as advances, if any
(a)	(b)	(c)	(d)	(e)	(f)
Krushang Shah	Managing Director	Car Rental	On going	3.00	NA	Nil
Prasham Shah	Executive Director	Salary	On going	24.00	03-09-2025	Nil
Mahesh K. Shah	Relative of Director	Salary	On going	36.00	NA	Nil
Krushang Shah	Director	Salary	On going	40.00	03-09-2025	Nil

Date: 07.09.2026 Place: Mumbai.

For and on behalf of the Board of Directors

Sd/- Krushang Shah Chairman & Managing Director DIN: 07198525