Gujarat Pipavav Port Ltd Management Discussions

For the year ended 31 March 2026

Introduction

The Company is presenting financial statements as per the requirement under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time.

The following discussion and analysis of the financial and operational performance of Gujarat Pipavav Port Limited is intended to provide an analysis of the business and the financial statements for the year under review, with selected comparative information for the year ended 31 March 2025. This section has been prepared by the Management of Gujarat Pipavav Port Limited (referred to as "APM Terminals Pipavav" or "the Port" or "the Company") and should be read in conjunction with the financial statements and the notes thereon, which follow the section.

The Company holds 38.8% shares in Pipavav Railway Corporation Limited (PRCL) and in view of the provisions of Section 2(6) of the Companies Act, 2013, PRCL is an Associate Company. Pursuant to the provisions of Section 129 of the Act, PRCLs accounts have been consolidated with the Companys accounts. The Companys Consolidated financials include its share of profit in PRCL.

The Companys financial statements have been prepared on Going Concern basis and on Accrual basis of Accounting under the Historical Cost Convention and in accordance with Indian Accounting Standards.

Background

APM Terminals Pipavav, Indias first private sector port, operates an all-weather port located on the South-west coast of Gujarat at around 152 nautical miles North-west of Mumbai. The port lies on a strategic international maritime trade route connecting India to various geographies. The Ports Container handling capacity is 1.35 million TEUs. The Bulk Cargo capacity is 4 million MT and Liquid Cargo capacity is 2 million MT. RoRo capacity for car exports is 250,000 units.

APM Terminals is the Lead Promoter and holds 44.01% of the total shareholding of the Company. APM Terminals operates 61 terminals and ports across 35 countries and is one of the worlds most comprehensive port network operator. It is uniquely positioned to help both shipping line and landside customers grow their business and achieve better supply chain efficiency, flexibility and dependability. APM Terminals has a team of over 33,000 industry professionals focused on delivering the operational excellence and solutions, businesses require to reach their potential.

Economy & Port Sector

Global Economic Outlook:

The Global GDP growth was projected to be around 2.9% in the Year 2026. But the unpredictable nature of the evolving conflict in the Middle East has raised the cost and lowered demand. Hence, the growth is expected to edge down to 2.6%.

The outlook for global trade continues to be dampened by elevated trade tensions and policy uncertainty associated with higher tariffs. After global trade growth was propped up last year by the front-loading of goods trade ahead of tariff increases, it is projected to decelerate markedly in 2026, as stockpiling fades and the impact of tariff measures builds. Heightened trade policy uncertainty amid a further proliferation of trade restrictions could weigh on trade prospects, business confidence, and investment.

In addition, escalating conflict and geopolitical tensions could disrupt global trade and commodity markets. More frequent weather-related disasters with worsening impacts could hurt economic activity.

Since late February, closure of significant energy infrastructure and a near halt in shipments through the Strait of Hormuz have disrupted the global flow of crude oil, oil products and liquefied natural gas (LNG). Oil and oil product exports through the Strait of Hormuz represented around 20% of global production in 2025 and 25% of global seaborne oil trade according to the International Energy Agency, with only limited opportunities for transport via alternative routes and for deferred shipments to be held in local storage facilities. For LNG, about 93% of Qatars and 96% of the United Arab Emirates exports transited through the Strait, representing almost one-fifth of global LNG trade, with no alternative routes to bring these volumes to market. These disruptions to supply have generated a sharp increase in energy prices, with significant price volatility due to uncertainty about the duration and the ongoing impacts of the conflict. Crude oil prices had already begun to increase ahead of the conflict and rose by over 50% between the onset and March 20. Gas prices have increased sharply in both Europe and Asia, and the prices of oil distillates such as jet fuel and diesel have surged. Fertilisers are at particular risk, with Persian Gulf states accounting for 34% of the worlds urea exports and around 20% of diammonium phosphate and anhydrous ammonia exports in 2024. LNG is an important input to nitrogenous-based fertilisers, and the Gulf states also produce about half of the worlds Sulphur exports, which are used in the manufacture of fertilisers as well as other industrial products. Fertiliser prices have risen sharply, with urea prices up by over 40% since mid-February. If sustained this will have adverse implications for crop yields and global food prices in 2027. These price shocks will add markedly to business costs and raise consumer price inflation, with adverse consequences for growth. A prolonged period of disruption could also result in the emergence of significant energy shortages that would lower growth further.

The US Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) did not authorise the imposition of tariffs. Thereafter, a new 10 percentage point tariff applied across all countries was introduced by the United States. While progress in trade negotiations and limited retaliation have helped ease tensions since mid-2025, uncertainty persists, particularly over the implementation of recent agreements and the trajectory of trade relations among major economies. There is a significant risk that trade tensions could re-escalate, especially as higher tariffs could redirect exports to third countries, leading domestic producers in those countries to seek protection from increased import competition. In addition, a rise in geopolitical tensions and broader use of secondary sanctions could further dampen global trade.

Effective policy action is essential to confront continued economic challenges facing the global economy, even if the nature and urgency of these challenges vary across countries. Global cooperation is critical to foster a predictable multilateral trade system and address emerging challenges to improve the trade environment, ease financing constraints, and mitigate climate risks. Policy makers need to advance domestic reforms to diversify trade, strengthen macroeconomic frameworks, and remove structural bottlenecks. Without stronger economic dynamism, the countries will struggle to create enough jobs for expanding working-age population.

Outlook on Indian Economy:

As per the estimates of the Asian Development Bank, Indias GDP growth for the year 2026-27 was estimated to be 6.9%. But with the prolonged West Asia crisis, the expectation is that the GDP will grow 6.3%.

The media reports state that the world has lost over one billion barrels of oil during the two months of West Asia conflict. The global energy supplies continue to be sharply squeezed due to the blockade of the Strait of Hormuz curtailing the shipping of oil and increasing oil prices. The crude oil price is expected to stay elevated in the Year 2027, and the supply of Urea is also likely to be impacted, as a fallout of the crisis.

India has heavy reliance on imported oil and gas and fertiliser from the region. These challenges of supply chain disruption coupled with appreciation of US dollar against Indian Rupee will add to the inflationary pressure.

India has been witnessing an intense surge in temperatures with extreme heatwave like conditions, pushing the country to the top of global temperature charts. This sharp increase highlights the severity of the ongoing heat conditions across the country. These extreme weather events could reduce food production, which could increase food inflation and the households living expenses.

The primary demand-side priority for reducing reliance on foreign sources of energy is for governments to promote more efficient energy use. In addition to reducing the sensitivity of the domestic economy to fluctuations in global energy markets, such measures can improve business competitiveness and lower costs for households.

The efforts to promote low-cost domestic clean energy sources, such as renewable energy technologies, could both reduce fossil fuel imports and help governments achieve their carbon mitigation objectives. Regulatory changes can be an important element, such as accelerated permitting procedures for renewable energy capacity. In addition, the transition will increase the prominence of electricity in energy systems and often require additional investment to expand the scale and durability of electricity grids.

Business Outlook

During the financial year ended 31st March 2026, the West Coast ports handled 19.04 million TEU of Containers as compared to 17.5 million TEU, an increase of about 9%. The Container volume at Pipavav reduced by 4% from 694,899 TEUs to 668,166 TEUs. This reduction has been impacted by suspension of Exports to the Middle East region due to the unfolding of the conflict in West Asia region, while the port continues to grapple with vessel schedule unreliability. The unreliability of the vessels results into diversion of cargo to the ports providing multiple sailing option schedules to facilitate timely ocean voyage.

Dry Bulk cargo volume at Pipavav increased by 31% from 2.21 million MT to 2.90 million MT for the financial year ended 31st March 2026. This increase has been driven by strong Fertiliser volume. The Coal handling remains suspended at the port due to operational reasons.

The Liquid cargo volume increased by 8% from 1.46 million MT to 1.59 million MT primarily driven by the increase in LPG volume. The LPG tank farm operator at Pipavav has commissioned the cryogenic tanks resulting in an increase in the pumping rate of LPG from the vessel to the tank farm.

The construction work for setting up the new Liquid Berth has commenced. Capital Dredging has been completed and civil works for construction of the new berth is in progress, and it is likely to be commissioned by December 2026. Once commissioned the total liquid cargo handling capacity at the port shall increase from currently at 2 million MT to 5.2 million MT.

In terms of RoRo volume, the Company handled Car exports of 229,433 units during the year ended 31st March 2026 as compared to 164,977 units during the previous financial year, an increase of over 39%. The Company has signed an MoU with NYK India Pvt Ltd to enhance the RoRo infrastructure capable of handling 500,000 cars per annum.

The Company has signed a non-binding MoU with Gujarat Maritime Board (GMB) for future investment of Rs. 17,000 crore at Pipavav Port. The plan is subject to long term extension of the current Concession valid until September 2028 and involves capacity increase for handling Containers, Liquid and RoRo.

RISKS AND AREAS OF CONCERN:

The macro challenges continue to be the risk and areas of concern. These include disruption of supply chain due to the Middle East crisis adversely impacting the imports of oil and gas as well as fertiliser and exports from India to the Middle East countries.

Though the US Supreme Court has struck down the tariff imposed by the administration, the continuing uncertainty towards trade negotiations and implementation of agreement could dampen Indias exports to the US.

The impact of climate change with severe surge in temperatures coupled with extreme heatwave like conditions poses challenge for the countrys food production and inflation.

All these factors put together are areas of concern for the countrys future sustainability and growth.

Operations Review

The Container volume for the year under review at 668,166 TEUs is lower by 4% compared to 694,899 TEUs in the previous year. This reduction has been impacted by suspension of Exports to the Middle East region due to the unfolding of the conflict in West Asia region, while the port continues to grapple with vessel schedule unreliability. The unreliability of the vessels results into diversion of cargo to the ports providing multiple sailing option schedules to facilitate timely ocean voyage.

The Dry Bulk cargo volume at West Coast Ports including Pipavav mainly comprise Coal and Fertilizer Imports. The Port handled 2.90 million MT of Dry Bulk Cargo during the year under review compared to 2.21 million MT handled during the previous year. The increase of over 31% is mainly driven by strong fertiliser imports while temporary suspension of Coal handling continues due to operational reasons.

On Liquid cargo front, the Port handled about 1.59 million MT during the year under review as compared to 1.46 million MT in the previous year. The increase of over 8% is due to higher LPG imports. The rail evacuation of LPG is gaining good traction at Pipavav Port as it helps the Oil Marketing Companies to reach the LPG bottling plants located in the extended hinterland and at a much lower cost. The LPG tank farm operator at Pipavav has commissioned the cryogenic tanks resulting into increase in pumping rate and faster turnaround of LPG vessels. The construction work for setting up the new Liquid Berth has commenced. Capital Dredging has been completed and civil works for construction of the new berth is in progress, and it is likely to be commissioned by December 2026. Once commissioned the total liquid cargo handling capacity at the port shall increase from currently at 2 million MT to 5.2 million MT.

The Car exports were 229,433 units as against 164,977 units in the previous year. The strong increase of over 39% is being driven by strong rail movement of cars from the OEMs facilities to Pipavav Port.

The rail product continues to gain strong traction for LPG imports and Car exports at Pipavav Port.

Financial Review

Dividend declared/ recommended and the Dividend Distribution Policy

During the year under review, the Board of Directors had declared an Interim Dividend of Rs. 5.40 per share in their Meeting held on 5 November 2025 and it has been paid. The Board now recommends a Final Dividend of Rs. 5.00 per share subject to the approval by the Members in the Companys Annual General Meeting proposed for 9 September 2026.

The Companys Dividend Distribution Policy states as follows:

Dividend is the Companys primary distribution of profits to its Shareholders. The Companys objective is to sustain a steady and consistent distribution of profits by way of Dividend to its Shareholders while considering the following:

(a) The circumstances under which the shareholders can or cannot expect dividend

The Company shall endeavour to pay Dividend to its shareholders in a steady and consistent manner except the following circumstances:

(i) During no growth or weak growth in the trade requiring the Company to retain its earnings to be able to absorb unfavourable market conditions and for meeting the business requirements;

(ii) To meet its funding requirements for expansion and growth;

(iii) The Companys Joint Venture with Indian Railways, Pipavav Railway Corporation Limited requires equity infusion from its shareholders.

During such times the Company may decide to retain the earnings instead of distributing to the shareholders. The distribution of Dividend can be by way of Interim Dividend and/or by way of Final Dividend.

(b) The financial parameters that will be considered while declaring dividend

The Company shall consider the following parameters while declaring dividend:

i) Current years profit:

i. after setting off carried over previous losses, if any;

ii. after providing for depreciation in accordance with the provisions of Schedule II of the Act;

iii. after transferring to reserves such amount as may be prescribed or as may be otherwise considered appropriate by the Board at its discretion.

ii) The profits for any previous financial year(s):

a) after providing for depreciation in accordance with law;

b) remaining undistributed; or

iii) out of (i) or (ii) or both.

In computing the above, the Board may at its discretion, subject to provisions of the law, exclude any or all of (i) extraordinary and exceptional income, generated from activities other than regular business (ii) extraordinary charges (iii) exceptional charges (iv) one off charges on account of change in law or rules or accounting policies or accounting standards (v) provisions or write offs on account of impairment in investments (long term or short term) (vi) noncash charges pertaining to amortization or ESOP or resulting from change in accounting policies or accounting standards.

(c) Internal and External factors that would be considered for declaration of dividend

The Companys Board shall always consider various Internal and External factors while considering the quantum for declaration of dividend such as the overall Economic scenario of the country, the Export Import trade of the country, the statutory and regulatory provisions, the Companys own performance, its profitability, its growth plans, the performance and funding requirements of its joint venture Rail Company and such other factors as may be deemed fit by the Board.

(d) Policy as to how the retained earnings will be utilised

The retained earnings would mainly be utilised for the purpose of the Companys growth plans, the funding requirements of its joint venture Rail Company and for all such activities that in the Boards opinion shall enhance the shareholders value.

(e) Provisions with regard to various classes of shares

The Company currently has only one class of shares namely Equity shares. In case the Company issues any other class of shares, this Policy shall be modified suitably for stipulating the parameters for distribution of dividend to all classes of shares.

Financial Results

The Companys Revenue from Operations consists of Income from Port Services and other Operating Income. Total Revenue from Operations for the year ended 31 March 2026 of Rs. 11,583.78 million is an increase of 17.5% against Rs. 9,860.43 million during the previous year.

Income from Port Services consists of Income from Marine Services, Container & Cargo Handling, Storage services as well as value-added Port Services. Income from Port Services at Rs. 10,256.57 million during the year under review was higher by about 12.19% against Rs. 9,142.17 million for the year ended 31 March 2025.

Other Operating Income comprises incidental Income from Operations and lease rentals from sub-leasing of land to various Port users. During the current year it also includes Duty Benefit Scrip accounted during the year of Rs. 495.62 million. Hence Other Operating Income for the year ended 31 March 2026 at Rs. 1,327.21 million was higher by over 84.78% as against Rs. 718.26 million in the previous year.

Total Expenditure consists of Operating expenses, Employee benefits, Finance Cost, Depreciation and Other expenses. The Company incurred a Total Expenditure of Rs. 5,829.36 million during the year under review, an increase of 9.36% as against Rs. 5,330.28 million during the previous year.

Operating Expenses primarily include Equipment Hire charges, Handling expenses, Waterfront Royalty and Other direct costs. Operating expenses were higher by about 18.85% at Rs. 2,007.68 million during the year under review as against Rs. 1,689.17 million for 31 March 2025. The increase of over 31% in Dry Bulk cargo volume during the year, has led to the increase in the Handling expenses.

Operating Profit amounted to Rs. 6,525.49 million during the year under review is higher by 21.81% as against Rs. 5,356.92 million for year ended 31 March 2025.

Other Income

Other Income consists of Interest on short-term bank deposits, Gain or Loss from foreign exchange and other Miscellaneous Income. The Other Income was Rs. 771.07 million during the year under review as against Rs. 826.77 million for the year ended 31 March 2025, a decrease of 6.74%.

Debt

The Company does not have any fund based facility outstanding and it continues to be debt free.

Net Profit

The Companys Net Profit of Rs. 5,004.77 million during the year under review increased by over 25.62% as against Rs. 3,984.00 million for the year ended 31 March 2025. The increase can be attributed to favourable cargo mix and the duty benefit scrip.

Risk Management and Internal Control

Risk Management and Internal Control are two key aspects of the control framework. The Companys Risk Management Committee is a Subcommittee of the Board of Directors. The Committee is responsible for advising to the Board on high-level risk related matters. The Committee oversees the identification, mitigation and monitoring of the Companys material risks and exposures including the risk pertaining to IT security. Wherever necessary it deep-dives to examine the preparedness of the Company Management in dealing with those Risks. The Risk Management Committee Meeting provides a thorough insight to the Committee as well as to the Management in analysing the identified areas for effective mitigation measures. The Risk Register provides a consistent and measurable management assurance metric on the broad risks involved and its impact on Companys objectives. The Risk Register is reviewed by the Audit Committee and the Minutes of the Risk Committee Meeting are presented to the Audit Committee and to the Board of Directors.

The Audit Committee of the Company has the overall responsibility to provide assurance to the Board about a sound and effective internal control environment in the Company. The Audit Committee reviews the adequacy and integrity of the Companys internal control system. The Company has put in place an internal control framework commensurate to the size of its business and it encompasses both robust internal controls and an efficient, effective internal control monitoring and reporting system. RSM Astute Consulting Pvt Ltd. are the Companys Internal Auditors. The Internal Auditors report directly to the Audit Committee of the Company, and they carry out regular review of the effectiveness of the internal control measures and recommend the areas that require improvement in controls.

The Statutory Auditors have reviewed the adequacy of Internal Financial Controls and have found them in order. The Internal Auditors review on an ongoing basis the Business and Operational Control measures and their adequacy from time to time. Wherever suggested by the Auditors, the improved control measures have been implemented and their functioning is reviewed from time to time.

Health, Safety and Environment (HSE)

Safety is our most important license to operate. This continues to be a fundamental principle of all ports and terminals within the portfolio of APM Terminals. In accordance with that fundamental principle, the Company is committed to improve Safety performance at its Port on an ongoing basis for its employees and for its business partners functioning inside the port premises. APM Terminals has implemented Global Operational Standards for Safety, a set of Minimum Controls developed to manage the Top five risks identified to be related to 90% of the most serious incidents and fatalities namely, Transportation, Suspended loads & lifting, Working at height, Stored energy, and Control of Contractors.

At APM Terminals, Safety of our Employees and of our Business Partners is of utmost importance. Ensuring that after completion of work everyone returns home safely to be with their families, is of utmost importance. This Safety culture is prevalent with support and close cooperation amongst the employees of the Company and its business partners. A consistent and constant endevour to improvise upon the safety measures with the responsibility starting from the Top to Bottom by conducting Safety Gemba ensures Constant Care and sends a strong signal to all stakeholders about the Companys commitment towards Safety. The Company is committed to ensure Safe and Efficient Operations at Pipavav Port.

Corporate Social Responsibility (CSR)

The Company believes in closely working with the communities in the vicinity to determine their requirements and is accordingly implementing the CSR projects that are acceptable to the community and become self-sustainable over a period of time. That is possible only when a need assessment is carried out before commencement of the CSR project.

The Company has formulated policies for social development that are based on the following guiding principles:

• Adopt an approach that aims at achieving a greater balance between social development and economic development;

• Adopt new measures to accelerate and ensure the basic needs of all people including health and sanitation and working towards elimination of barriers for social inclusion of disadvantaged groups;

• Focus on educating the girl child and the underprivileged by providing appropriate infrastructure, and groom them as future value creators;

• Assist in skill development by providing direction and technical expertise to the vulnerable with special focus on women thereby empowering them towards a dignified and better quality life;

• Promote an inclusive work culture;

• Work towards generating awareness for creating public infrastructure that is barrier free, inclusive and enabling for all including the elderly and the disabled;

• Employee participation is an important part of developing responsible citizenship. Our company encourages and motivates employees to spend time volunteering on issues pertaining to CSR;

• At the time of local or national crisis, to respond to emergency situations & disasters by providing timely help to affected victims and their families.

Our Core Focus Areas are:

• Education

• Health & Environment Sustainability

• Socio Economic Development and Social Business Projects

• Women Empowerment

During the year ended 31 March 2026 some of the key CSR Projects carried out were:

• Mobile Science and Maths lab, supply of educational equipment, teaching learning support, extension activities, adult literacy, up gradation of school infrastructure (sanitation block, indoor and outdoor play facility, library etc) online and distance education, digital education, activity- based teaching, and learning, covid prevention and vaccination awareness etc. and Computer Lab at School for Visually Challenged at Thordi

• Medical support to the surrounding villages through Emergency Care Centre at Mahatama Gandhi Arogya Kendra, Rajula, advance 24 x 7 life support ambulance, 24 x 7 boat ambulance, mobile health unit, port medical centre, Bimonthly eye check-up camp and cataract surgery, construction of 5 check dams and 37 recharge pits, pond deepening, community tree plantation, kitchen garden, safety & environment, and mental health awareness activities

• Skill & entrepreneurship development followed by placement and formation of Women Self Help Groups followed by income generation activities. Setting up Virtual Reality Centre of Excellence at Gujarat Maritime University.

• Integrated livestock development, mobile vet clinic, maintenance of RO enabled water vending machines, fisheries as a livelihood, sustainable agriculture development programme and Institution Building: Dhatarwadi Farmers Producer Company, Sagarmitra Fisheries Producer Company, Pashu Uday Charitable Trust etc.

Outlook

While the world continued to deal with the ambiguities of tariff war initiated by the US, the unfolding of Middle East conflict has led to halt in shipments through the Strait of Hormuz representing 25% of global seaborne oil trade. The disruption to supply chain has led to inflation and a prolonged period of disruption will result into significant energy shortage leading to reduction in growth globally.

India is the largest importer of oil, gas and fertiliser and the shortage of these commodities will have larger impact on the countrys GDP growth. The intense heatwave like conditions and the El Nino impact is likely to reduce food production leading to increase in food inflation.

Policy makers need to advance domestic reforms to diversify trade, remove structural bottlenecks to address emerging challenges to improve the trade environment and mitigate climate risks.

Human Resources/ Industrial Relations

Globally, all entities of AP Moller Maersk Group have to undergo an Employee Engagement Survey and all the Employees are encouraged to participate in the Survey. The survey is conducted in complete confidence by an external agency. The findings from the survey are shared with the concerned Manager for discussion with their respective teams. The idea is to encourage the employees to speak their minds up and try and make each of the entity a better place to work. APM Terminals Pipavav remains consistent in achieving high scores and has maintained its position amongst the Top Quartile. This also is a testimony to a high level of engagement amongst the team members.

The Company has been certified as Great Place to Work for the eighth consecutive year by the Trust Index Employee Survey.

Changes in Key Financial Ratios compared to immediately previous financial year

Pursuant to the requirements under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)(Amendment) Regulations, 2018, the Company is required to provide details of significant changes i.e. change of over 25% or more compared to the previous year, in key financial ratios along with an explanation. The details are as follows:

(i) Debtors Turnover: The Turnover is around 25.19 days for the year under review, a variance of 34.52%. Except the storage charges, the Company receives its entire billing before the departure of the vessel. The storage income is paid by the customer at the time of evacuation of the cargo, depending upon the number of days cargo has been stored at the Port.

(ii) Inventory Turnover: The Company is not a manufacturing entity. It is engaged in the business of port operations and it is a service business. The inventory maintained is for the Companys own consumption such as crane spares, fuel etc. The Company does not maintain any inventory for sale therefore, the Inventory Turnover ratio is not applicable.

(iii) Interest Coverage Ratio: The Company is debt free and does not have any obligations towards interest payment. Therefore, the Interest Coverage Ratio is not applicable.

(iv) Current Ratio: As mentioned in point no (i) above, the Company receives all its dues before the departure of vessel. The Company does not maintain any inventory for sale since it is engaged into service business and is not a manufacturing company. The Company does not have any outstanding debt so there is no current portion of long-term debt. Considering these points, the current ratio is about 2.54 for the period under review, a variance of about 20.76%.

(v) Debt Equity Ratio: As mentioned in point no (iii) above, the Company is debt free. Therefore, the debt equity ratio is not applicable

(vi) Operating Profit Margin: The Operating Profit Margin for the year ended 31st March 2026 is at 63.59%% as against 61.63% compared to the previous year. The increase in Margin of about 200 basis points is on account of better cargo mix.

(vii) Net Profit Margin: The Net Profit Margin for the year ended 31st March 2026 is at 43.19% as compared to 40.48% for the previous year. The increase in the Margin is due to better cargo mix and duty benefit scrip.

(viii) Return on Net Worth: The Return on Net Worth for the year ended 31st March 2026 at 23.25% is higher by about 5% compared to the previous year due to the reasons mentioned hereinabove.

Cautionary Statement

Certain statements found in the Management Discussion and Analysis may constitute "forward-looking statements" within the meaning of applicable Securities Laws and Regulations. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are difficult to predict, and which may cause our actual results, performance or achievements to be different from any future results, performance and achievements expressed or implied by these statements.