Growington Ventures India Ltd Management Discussions

1. Economic overview

1.1 Global

The Global Fruit Market is a dynamic and diverse industry driven by increasing consumer demand for healthy and natural food options. The market encompasses a wide range of fruits including apples, bananas, berries, citrus fruits, and tropical fruits. Key trends shaping the market include the growing popularity of organic and sustainably sourced fruits, as well as the rising interest in exotic and unique fruit varieties. Global trade plays a significant role in the fruit market, with countries such as China, India, the United States, and Brazil being major producers and exporters. Technological advancements in farming practices, transportation, and storage have also contributed to the growth of the market by extending the shelf life of fruits and enabling year-round availability. Overall, the Global Fruit Market is poised for continued expansion fueled by changing consumer preferences and increasing health consciousness.

1.2 India

The fruit and vegetables sector plays an important role in providing fresh and nutritious food to consumers around the world, especially in growing towns and cities. The sector generates income not only for producers, but also for the actors along the value chain that links farms to consumers (FAO, 2018). Fruit and vegetables can generate high returns per hectare, making it possible to reduce poverty if the right investment, capacities and services are in place.

The fruit and vegetable sector is a vital component of Indias agricultural economy. It not only contributes to the countrys GDP but also plays a crucial role in ensuring food security, providing employment, and supporting rural livelihoods.

India Fresh Fruits Market Trends

The fresh fruits market in India is experiencing several key trends. One prominent trend is the increasing demand for organic and pesticide-free fruits, driven by rising health consciousness among consumers. Another trend is the growing popularity of exotic fruits like avocados, kiwis, and blueberries, as consumers seek variety and novelty in their fruit choices. Convenience is also a significant trend, with more consumers opting for precut and packaged fruits for on-the-go consumption. Additionally, there is a rising preference for locally sourced and seasonal fruits, as consumers become more aware of the environmental impact of importing fruits from distant locations. Overall, these trends indicate a shift towards healthier, more diverse, and sustainable choices in the Indian fresh fruits market.

India Fresh Fruits Market Challenges

In the India fresh fruits market, several challenges are faced, including inadequate storage and transportation infrastructure leading to high post-harvest losses, inconsistent quality and standards across different regions, limited access to markets for small and medium-sized farmers, and the impact of unpredictable weather patterns on crop yields. Additionally, issues such as lack of cold chain facilities, inefficient supply chain management, and high levels of perishability of fresh fruits further contribute to the challenges faced by both producers and consumers in the market. Addressing these challenges will require investments in infrastructure, technology, and training, as well as the implementation of better regulatory frameworks to improve quality control and market access for all stakeholders involved in the fresh fruits industry in India.

India Fresh Fruits Market Investment Opportunities

The fresh fruits market in India presents several promising investment opportunities due to the countrys large population, increasing disposable income, and growing health consciousness among consumers. Investors can consider opportunities in the production and distribution of popular fruits such as mangoes, bananas, apples, and citrus fruits to meet the rising demand. Additionally, investing in value-added products like fruit juices, dried fruits, and organic fruits can be lucrative as consumers seek convenient and healthy options. Furthermore, there is potential for investment in cold chain infrastructure to improve post-harvest management and reduce wastage, as well as in technology solutions for quality control and traceability. Overall, the India fresh fruits market offers diverse opportunities for investors looking to capitalize on the growing demand for fresh and healthy produce.

India Fresh Fruits Market Government Policy

The Indian government has implemented several policies to support and regulate the fresh fruits market in the country. These policies include initiatives to increase production efficiency, improve infrastructure for storage and transportation, promote organic farming practices, and provide financial support to farmers. The government has also established guidelines for quality control and food safety standards to ensure the freshness and safety of fruits. Additionally, there are schemes in place to facilitate export opportunities for Indian fresh fruits, as well as promote domestic consumption through initiatives such as setting up fruit markets and promoting awareness about the nutritional benefits of fresh fruits. Overall, these policies aim to boost the growth of the fresh fruits market in India and support the livelihoods of farmers in the sector.

1.3 Total Import

In 2025, Indias fruit market is growing fast—especially for premium and imported fruits. As people become more health-conscious, theyre choosing better quality fruits from other countries. Changes in lifestyle and nutrition habits are also increasing this demand. Because of this, the import of fresh fruits into India has gone up significantly.

In 2025, the top imported fruits in India include:

• Apples (especially varieties like Joly Red from Italy)

• Kiwis (primarily from New Zealand, Chile, and Iran)

• Pears

• Grapes

• Plums and stone fruits

• Dragon fruit and other exotic tropical fruits

These fruits are preferable to some of the seasons Indian variants, as opposed to their high quality, extended durability and frequent availability.

Current Market Overview

The fresh fruits market in India is experiencing significant growth driven by factors such as increasing health consciousness, rising disposable incomes, and growing awareness about the nutritional benefits of fruits. The market offers a wide variety of fruits including mangoes, bananas, apples, grapes, and citrus fruits, catering to diverse consumer preferences. Domestic production is a key driver of the market, with regions like Maharashtra, Andhra Pradesh, and Karnataka being major fruit-producing states. Additionally, the market is witnessing a shift towards organic and exotic fruits due to changing consumer preferences. E-commerce platforms and modern retail outlets are playing a crucial role in increasing access to fresh fruits, while initiatives promoting fruit consumption by the government and various organizations are further boosting market growth. Overall, the India fresh fruits market is poised for continued expansion in the coming years.

Top Imported Fruits and Market Statistics

Several fruits dominate Indias import market, with dragon fruit, apples, pears, grapes, and exotic varieties gaining popularity.

• Dragon Fruit

• Data indicates the Indian apple industry will produce 2.55 million metric tons within the marketing year 2024-25 as domestic output increases by 6% from the previous period. The rising demand from consumers will lead to a ten percent increase in apple imports, which will reach 600,000 metric tons.

• Kiwifruit, along with Cherries and Avocados, is experiencing rising popularity in urban India because consumers believe these fruits offer health benefits to their bodies. Supermarket distribution of these products shows rising demand despite fluctuating exact import statistics.

A CAGR of 5.9% will drive the Indian fruits and vegetables market to grow from $44.75 billion in 2024 to $62.41 billion in 2030. Fruits have been projected to be the most rapidly increasing segment within this market sector. The herbal and fruit market is set to expand through 2025 to 2031 at a projection range between 8.1% and 10.1% due to improving disposable spending capability alongside greater awareness about health issues as well as increasing exotic fruit availability.

1.4 Outlook

The future outlook for the fresh fruits market in India appears promising, driven by several key factors. With increasing health consciousness among consumers, there is a growing demand for fresh and natural food options, including fruits. Additionally, the rising disposable incomes and changing dietary preferences are expected to further boost the consumption of fresh fruits in the country. The shift towards a more organized retail sector and the growing trend of online grocery shopping are also likely to contribute to the market growth. Furthermore, initiatives by the government to support agriculture and improve infrastructure are anticipated to enhance the production and distribution of fresh fruits. Overall, the India fresh fruits market is projected to experience steady growth in the coming years, presenting opportunities for both domestic producers and international exporters.

Highlights:-

• Gross production value in Fruit market is projected to amount to US$70.15bn in 2025. An annual growth rate of 2.79% is expected (CAGR 2025-2029), resulting in gross production value of US$78.31bn in 2029.

• The import value in Fruit market is projected to amount to US$819.7m in 2025. An annual growth rate of 5.54% is expected (CAGR 2025-2029).

• The export value in Fruit market is projected to amount to US$876.8m in 2025. An annual growth rate of 3.80% is expected (CAGR 2025-2029).

2. Description of our Business and Operations

Growington Ventures India Limited (Formerly known as VMV Holidays Ltd.) marked the completion of 16 years since the date of its incorporation i.e. August 03, 2010, under Companies Act, 1956 having its registered office in Navi Mumbai, State of Maharashtra.

During the period under review, the Company has diversified its main business activities towards import of fruits and trading in imported fruits such as Dragon Fruit, Apple and other exotic fruits by purchasing the same from the importers in the domestic market and to expand the base of agroproducts. This will give us more verticals to service our valued clients and improve market hold. We will provide our goods on Indian Market in a large extent. We focused on covering the maximum possible locations by expanding our network of our own offices and agents.

Dragon Fruit is a tropical fruit that requires specific climate and soil conditions. It has a growing demand in India due to its nutritional benefits and unique taste. It is highly perishable and require proper storage and handling to maintain their quality. Significant portion of dragon fruit is sourced through import from Vietnam, Thailand and other countries and dealing with importers in the domestic market.

We get associated with agents by entering into agency agreements with fix terms to have limited cost and better revenue for handling our import and export operations at India, Indian Sub-continent, South Africa, Turkey, Gulf, Upper Gulf, South East Asia like Vietnam and Thailand and Far East etc. so that we have worldwide coverage in cost effective manner.

The Company constantly make an effort to add more value to our products and services, thereby providing ultimate customer satisfaction.

The brief road map for activities undertaken by the company are illustrated below:

• Identification of suppliers in with capacity to supply large volume of generic products at competitive prices.

• Negotiating the terms of sale and delivery of products.

• Financing and assurance of payment to the supplier.

• Managing logistics and transport.

• Distribution and sale of the products through its network.

As the economy, consumer and channel landscapes rapidly evolve; we continue to be agile to leverage our strengths, capture opportunities and navigate through the challenges. Our strategy is constantly evolving in line with the trends and forces shaping our markets and impacting our multistakeholders. We remain committed to delivering growth.

3. Opportunities and Threats

The Company bears the normal risk in terms of inherent business risk in the kind of business the company is into. The Board of the company has taken a balanced approach for investing in these activities and evaluating the potential as well as the risk to return on capital.

4. Industry& Business Outlook

Your Management is evaluating various business opportunities and evaluating the potential as well as the risk to return on capital. In the backdrop of a challenging operating environment in this fiscal, we dynamically managed our business to deliver strong bottom-line performance and made significant progress on our strategic priorities. We will continue to take approach in financial year 2025-26 where operating environment is expected to remain challenging with further input cost inflation and market growth. Our strategic clarity, the strength of our brands, our execution prowess, agility and adaptability will continue to hold us in good stead.

5. Risks and Concern

Company has a Risk Management Committee to look after the risk related matters of the Company. Risk Committee meetings are held to address the risk issues relating to various businesses and support areas and monitor critical risk factors in order to effectively address them. Risk Management limits on foreign exchange exposure and credit limits for counter parties are set and reviewed periodically. Your Company considers reviewing current practices on risk management initiatives to strengthen the risk management frame work.

6. Internal Control System and their Adequacy

Internal Control Systems are embedded in all processes across all functions in your Company. These systems are being reviewed regularly and whenever necessary, they are modified or redesigned to ensure better efficiency, effectiveness and improved controls. The application systems for individual businesses are backed by an integrated Accounting System. These integrated systems form part of the overall control environment.

Process and systems are subject to Internal Audit through an annual internal audit plan. These are further supported by the Statutory Auditor who validate that the financial reporting is true and fair. The results of all audits are discussed with the Senior Management and reviewed by the Audit Committee. The Audit Committee meetings are held every quarter.

7. Financial Performance Standalone

The Company has achieved total revenue from operations of Rs. 12,652.97/- (in lakhs) for the Financial Year ended 31st March 2026 as against Rs. 6,108.58 /- (in lakhs) for the Financial Year ended 31st March 2025 representing an increase of 107.13%. The Profit Before Tax (PBT) for the year ended 31st March 2026 is Rs. 467.91/- (in lakhs) as compared to Rs. 375.36/- (in lakhs) for the previous financial year ended 31st March 2025 representing an increase of 24.66%. During the financial year 2025-2026, the Company earned a Profit after Tax (PAT) of Rs. 341.27/- (in lakhs) as compared to Rs. 245.85/- (in lakhs) in the previous Financial Year representing an increase of 38.81%.

Consolidated

The Company has achieved total revenue from operations of Rs. 13,183.38/- (in lakhs) for the Financial Year ended 31st March 2026 as against Rs. 6,351.59/- (in lakhs) for the Financial Year ended 31st March

2025 representing an increase of 107.56%. The Profit Before Tax (PBT) for the year 31st March

2026 is Rs. 588.97/- (in lakhs) as compared to Rs. 377.22/- (in lakhs) for the previous financial year ended 31st March 2025 representing an increase of 56.13%. During the financial year 2025-26, the Company earned a Profit after Tax (PAT) of Rs. 462.33/- (in lakhs) as compared to Rs. 247.71/- (in lakhs) in the previous financial year representing an increase in profit of 86.64%..

				Rs. (In Lakhs)
Particulars	Standalone		Consolidated
	FY 2026	FY 2025	FY 2026	FY 2025
Total Income	12,729.52	6,189.48	13,259.93	6,433.33
Total Expenses	12,261.61	5,814.12	12,670.96	6,056.11
Profit before exceptional Items and tax	467.91	375.36	588.97	377.22
Profit before Tax	467.91	375.36	588.97	377.22
Profit after Tax	341.27	245.85	462.33	247.71

Financial Ratios:

Particulars	Standalone
	FY 2026	FY 2025
Current Ratio	3.52	2.10
Debt Equity Ratio	0.08	0.30
Debt Service Ratio	5.47	5.31
Return on Equity Ratio	7.26	1.62
Inventory Turnover Ratio	113.58	109.52
Debtors Turnover Ratio	2.76	6.44
Trade Payable Turnover Ratio	9.40	8.32
Net Capital Turnover Ratio	1.78	3.11
Net Profit Ratio	2.70	4.02
Return on Capital Employed	6.82	14.75
Return on Investment	18.14	4.47

8. Human Resources

The strength of any Company lies in the competencies and skill of its employees. Human Resources in Company strive to enable the organization to achieve its objectives by constantly focusing the business needs. This creates a need for constantly evolving and stimulating the systems and processes in the context of organizational culture. These are challenging times, and to retain a competitive edge, a Company must direct individual accomplishment toward organizational objectives.

The Company has a healthy mix of senior and junior team members which creates a good skilled and trained work force working towards success of the Company. Peaceful and cordial relations continue with the employees. The Company strives to promote an open culture and provide a vibrant work environment to its employees.

For constant skill and knowledge up gradation the Company imparts training to all the employees based on individual needs and also encourages them to attend external seminar and workshops.

9. Information Technology

Our Company constantly upgrades its technology both in terms of hardware and software. In requirement of SEBI Circular SEBI/CIR/CFD/DCR1/CIR/P/2020/181 dated September 23, 2020 the company has invested in implementing SDD software system as required under SEBI (SAST) Regulations, 2011. Moreover, we have invested in installing a good management information system for the management to get timely information for decision making.

CAUTIONARY STATEMENT

Statement in Management Discussion & Analysis describing the Companys objectives, projections, estimates, expectations may be “forwarded looking statement” within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make difference to the Companys operation includes economic conditions affecting the demand and/or price conditions in the domestic and overseas markets in which the Company operates, changes in Government regulations, tax laws and other states and other incidental factors.

	On behalf of the Board of Directors
	For Growington Ventures India Limited
	Sd/-	Sd/-
	VIKRAM BAJAJ	LOKESH PATWA
Place: Mumbai	DIRECTOR	DIRECTOR
Dated: 04/06/2026	DIN:00553791	DIN: 06456607