Grameva Limited Management Discussions

Industry Structure and Developments

The Indian agro and allied sectors continue to play a significant role in the countrys economic growth and employment generation. The industry has witnessed steady development driven by rising domestic consumption, improving supply chain infrastructure, increased focus on food security, and growing demand for agricultural commodities across domestic as well as export markets. Commodities such as rice, pulses, maize, edible oils, jute products, and allied agro products continue to experience stable market demand.

The industry structure comprises both organized and unorganized participants, with increasing movement towards organized trading practices, quality assurance, better logistics management, and technology-driven operations. Segments such as agro commodity trading, jute products, livestock related activities, and export-oriented products continue to offer growth opportunities.

During the year, the Company further expanded its business presence by entering new and emerging segments within the agro and allied industry. The Company has also launched its beverage solutions business under the brand name "Brew Factor", focusing on coffee machine rentals and coffee sales. This initiative reflects the Companys strategy of diversification and expansion into consumer-oriented and recurring revenue businesses. The growing demand for organized beverage solutions, cafe culture, and corporate beverage services presents long-term growth opportunities for the Company.

The Company continues to evaluate emerging business opportunities with a focus on operational sustainability, diversification, and long-term value creation.

Overview of Financial Performance

During the financial year under review, the Company recorded satisfactory operational performance supported by increased business activities and diversification across multiple product categories. The Company continued to strengthen its presence in agro commodity trading and allied businesses while also initiating operations in new business verticals.

The Company remains focused on improving operational efficiency, strengthening market presence, and maintaining financial discipline. Management continues to adopt a prudent approach towards cost management, working capital utilization, and business expansion to support long-term sustainable growth.

Financial Performance

Particulars	FY 2025-26 (in Lakhs)	FY 2024-25 (in Lakhs)
Revenue from Operations	8,268.09	4,141.11
Total Income	8,338.26	4,213.84
Profit Before Interest and Depreciation	530.30	163.40
Finance Cost	75.54	74.01
Depreciation	42.71	33.96
Profit Before Tax	412.05	55.43
Profit After Tax	301.73	48.73
Earnings Per Share (EPS) (Rs.)	6.29	1.02

Business Strategy

The Companys business strategy is focused on building a diversified and sustainable business portfolio across agro and allied sectors while maintaining long- term operational stability and growth. The Company aims to strengthen its core operations through efficient procurement, supply chain management, customer relationship development, and expansion into high- potential sectors.

The Company continues to focus on its agro commodity trading business involving products such as rice, pulses, maize, edible oils, and allied commodities. Emphasis is placed on operational efficiency, quality standards, and building reliable supplier and customer networks.

In addition to its traditional business operations, the Company is gradually expanding its presence in both B2B and B2C markets to improve market reach and business scalability. The Company also continues to explore export opportunities, particularly in jute and allied products.

As part of its diversification strategy, the Company has launched "Brew Factor", its beverage solutions business focusing on coffee machine rentals and coffee sales. This business is expected to support recurring revenue generation and strengthen the Companys presence in emerging consumer- focused markets.

The Company has also undertaken expansion into livestock and allied activities including layer farming, feed mill operations, piggery, and fish trading businesses. These initiatives are expected to support business diversification, operational integration, and long- term growth opportunities.

Risks and Concerns

The Company is exposed to various business risks including fluctuations in commodity prices, supply chain disruptions, changes in government policies and regulations, climatic conditions affecting agricultural output, and competitive pressures across its operating segments.

The newly initiated business verticals may also require time for stabilization, operational scaling, and market penetration. The Company continuously monitors business risks and has implemented appropriate internal control and risk management mechanisms to mitigate the impact of such risks.

The management regularly reviews operational, financial, and strategic risks to ensure business continuity and sustainable growth. No significant risk has been identified that may adversely affect the Companys long-term operations.

Business Segment

The Company is primarily engaged in trading and allied business activities. During the year, the Company also expanded into allied verticals including beverage solutions and livestock-related activities as part of its diversification strategy.

Opportunities and Threats

Opportunities:

• Growing demand for agro commodities including rice, pulses, maize, edible oils, and allied products;

Expansion opportunities in organized agricultural supply chains;

• Increasing opportunities in export-oriented jute and allied products;

• Diversified business portfolio reducing dependency on a single business segment;

• Expansion potential in consumer-focused and B2C businesses;

• Growth opportunities in livestock and allied activities;

• Increasing demand for organized beverage solutions and rental-based service models through "Brew Factor";

• Scope for operational scalability and geographical expansion.

Threats:

• Volatility in commodity prices and agricultural market conditions;

• Dependence on climatic conditions and agricultural output;

• Competitive pressures across trading and consumer businesses;

• Changes in regulatory policies, taxation, and import-export regulations;

• Operational and logistics challenges associated with diversified business activities;

• Initial stabilization and scaling risks in newly commenced business segments.

Internal Control Systems and Their Adequacy

The Company has adequate internal control systems commensurate with the size, scale, and nature of its operations. The internal control framework ensures proper recording of transactions, safeguarding of assets, compliance with applicable laws and regulations, and reliability of financial reporting.

The Company conducts regular reviews of its internal control systems and procedures to ensure operational efficiency and effective risk management. Internal audits and management reviews are carried out periodically, and no material weakness in the internal control system was observed during the year.

Future Outlook

The Company remains focused on strengthening its existing operations while exploring opportunities in new and emerging business areas across the agro and allied sector. The Companys diversification initiatives are expected to support long-term sustainable growth and business stability.

The management is optimistic about the growth potential of the newly commenced business verticals including beverage solutions, livestock activities, feed mill operations, and fish trading. These businesses are expected to contribute progressively towards revenue generation and operational diversification over the coming years.

The Company will continue to focus on improving operational efficiency, strengthening supply chain capabilities, expanding market reach, and maintaining financial discipline. The management believes that the Companys diversified business approach and expansion strategy will support long-term value creation for stakeholders.

Code of Conduct

The Company remains committed to maintaining the highest standards of ethics, integrity, transparency, and accountability in all its business operations. The Companys Code of Conduct provides guidance to Directors and employees for ethical business practices, regulatory compliance, and responsible decision-making.

Human Resources

The Company recognizes human resources as an important asset for organizational growth and operational success. The Company continues to maintain a professional and performance-oriented work environment focused on operational efficiency, accountability, and employee engagement.

The management believes that continuous employee development and effective teamwork will play a key role in supporting the Companys long-term growth objectives.

Cautionary Statement

Statements made in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations, or predictions may constitute forward-looking statements within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed or implied depending upon various factors including economic conditions, market trends, government policies, competitive environment, and other external factors beyond the control of the Company.

The Company undertakes no obligation to publicly update or revise any forward-looking statements based on subsequent developments or information.

For and on behalf of the Board

For Grameva Limited

(Formerly Bangalore Fort Farms Limited)

Deepak Kandoi

DIN: 11074878

Managing Director

Date: 20.05.2026

Place: Kolkata