Hamps Bio Limited Management Discussions

Your Directors take pleasure in presenting the Management Discussion and Analysis Report of Hamps Bio Limited for the financial year ended March 31,2026.

1. STRUCTURE OF THE INDUSTRY, DEVELOPMENTS AND SWOT ANALYSIS Company Overview and Structural Framework

Hamps Bio Limited has evolved into a diversified business enterprise with operations spanning pharmaceutical marketing and the manufacturing of freeze-dried food and nutraceutical ingredients. Since entering the freeze-dried food and nutraceutical ingredients segment, the Company has progressively strengthened its manufacturing capabilities, product portfolio and market presence, with a particular focus on quality, innovation, sustainability and export-oriented growth.

During the financial year under review, the Company continued to strengthen its manufacturing infrastructure and operational capabilities. The Companys manufacturing operations are primarily supported by its facilities at Ankleshwar and Bhatpore, Surat, enabling it to cater to increasing requirements from domestic and international markets.

The Company continued to focus on manufacturing high-quality freeze-dried fruits, vegetables, herbs, nutraceutical ingredients and ready-to-eat products. The expansion of manufacturing infrastructure during the year has strengthened the Companys ability to undertake larger production volumes and respond to evolving customer requirements.

Corporate Structure

Hamps Bio Limited was originally incorporated as Hamps Bio Private Limited on January 2,2007 and subsequently transitioned into a public limited company. The Company was listed on the SME Platform of BSE Limited on December 20, 2024.

During the financial year under review, HSDL Innovative Private Limited became a wholly-owned subsidiary of Hamps Bio Limited. The addition of the subsidiary strengthens the Companys presence in the freeze-dried and value-added food segment and provides opportunities for greater operational integration, revenue contribution and business expansion.

The Company intends to leverage the combined capabilities and infrastructure of the Group to create operational synergies, strengthen its market presence and support sustainable long-term growth.

Operational Structure

1. Head Office - Surat, Gujarat

The Companys corporate office at Surat oversees strategic planning, finance, investor relations, export documentation, legal and compliance activities, business development and overall corporate administration.

2. Manufacturing Facilities

a. Ankleshwar Plant

The Ankleshwar facility continues to be one of the Companys principal manufacturing units for freeze-dried products. During the year under review, the facility achieved production of approximately 18 tons per month against an installed capacity of approximately 22 tons per month, reflecting strong utilisation of the available manufacturing infrastructure.

The Ankleshwar facility also achieved Kosher certification during the year, strengthening the Companys ability to cater to customers and markets where such certification is required.

The facility is supported by the Companys 350 kVA ground-mounted solar power plant, which forms an important part of the Companys sustainability and renewable energy initiatives.

b. Surat Plant - Bhatpore

The Bhatpore, Surat manufacturing facility has progressed into full-fledged production operations during the year under review. The facility has significantly strengthened the Companys overall manufacturing capacity and provides additional infrastructure to support the Companys growing customer base.

The Surat facility achieved production of approximately 18 tons per month against an installed capacity of approximately 22 tons per month during the year under review.

The Company has also added a new freeze-drying machine with a daily processing capacity of approximately 450 kg at its Surat facility. The additional equipment is expected to increase production capabilities and contribute to incremental revenue generation and business growth in the ensuing financial year.

3. Business Divisions

a. Freeze-Drying Division

The Freeze-Drying Division remains a key growth vertical of the Company. The division is engaged in the manufacturing and supply of freeze-dried fruits, vegetables, herbs, nutraceutical ingredients and ready-to-eat products for domestic as well as international markets.

With manufacturing operations at Ankleshwar and Bhatpore. Surat, the Company has strengthened its production base and is better positioned to meet increasing customer requirements.

The Companys focus continues to be on product quality, process efficiency, development of value- added products, export market expansion and adoption of sustainable manufacturing practices.

b. Pharma Marketing Division

The Pharma Marketing Division continues to focus on ethical marketing and distribution of pharmaceutical and nutraceutical products through its established marketing and distribution network.

The division contributes towards diversification of the Companys revenue base and continues to provide a complementary business vertical alongside the Companys growing freeze-drying operations.

c. HSDL Innovative Private Limited

HSDL Innovative Private Limited, now a wholly-owned subsidiary of Hamps Bio Limited, operates in the value-added food and freeze-dried products segment.

The integration of the subsidiary within the Group provides opportunities for additional revenue contribution, better utilisation of manufacturing and distribution capabilities, product development and operational synergies. The Company expects the subsidiary to contribute further towards the Groups sustainable growth as its operations and market presence continue to expand.

INDUSTRY OV ERV IEW & RECENT DEV ELOPMENTS

The global food and nutraceutical industry continues to witness increasing demand for products that offer convenience, extended shelf life, nutritional value and natural characteristics. Freeze- dried products have applications across food ingredients, nutraceuticals, ready-to-eat products and other value-added food categories.

The increasing preference for clean-label, natural and convenient food products continues to create opportunities for manufacturers possessing appropriate technology, quality systems and scalable production capabilities.

The Company believes that the freeze-drying industry offers opportunities for growth through increased B2B ingredient supply, development of customised products, expansion of finished products and greater penetration into international markets.

During the year under review, the Company focused on strengthening its manufacturing infrastructure and production capabilities while continuing to develop its export market presence.

Key Developments During the Year

• Strengthening of manufacturing capabilities at the Ankleshwar and Bhatpore, Surat facilities.

• Full-fledged production operations at the Bhatpore, Surat facility,

• Production achievement of approximately 18 tons per month at both the Ankleshwar and Bhatpore facilities against installed capacity of approximately 22 tons per month.

• Commissioning and utilisation of a 350 kVA ground-mounted solar power plant at the Ankleshwar facility.

• Addition of a new freeze-drying machine with approximately 450 kg per day processing capacity at the Surat facility.

• Obtaining Kosher certification for the Ankleshwar manufacturing facility.

• HSDL Innovative Private Limited becoming a wholly-owned subsidiary of Hamps Bio Limited.

• Continued focus on export-oriented B2B business and development of international markets.

• Strengthening of the Companys ability to manufacture value-added freeze-dried ingredients and finished products.

FINANCIAL AND OPERATIONAL PERFORMANCE

During the financial year ended March 31,2026, the Company recorded revenue from operations of Rs. 8.84 crore.

The Companys export business contributed approximately ?1.01 crore during the year under review. The Company continues to focus on strengthening its international customer base and expanding its presence in overseas markets.

The Companys manufacturing operations demonstrated strong capacity utilisation during the year. Both the Ankleshwar and Bhatpore, Surat facilities achieved production of approximately 18 tons per month against installed capacity of approximately 22 tons per month, reflecting effective utilisation of the available manufacturing infrastructure.

The addition of the new freeze-drying machine at the Surat facility is expected to provide additional production capability and support incremental revenue generation in the ensuing financial year.

EXPORTS AND INTERNATIONAL BUSINESS

Exports continue to remain an important area of focus for the Company. During FY 2025-26, the Company recorded export turnover of approximately Rs. 1.01 crore.

The Company continues to explore new international markets and strengthen relationships with overseas customers for the supply of freeze-dried ingredients and value-added products.

The expanded manufacturing infrastructure, additional freeze-drying capacity and certifications such as Kosher are expected to support the Companys efforts to access a broader range of international customers and markets.

While global trade conditions, tariffs, foreign exchange movements and regulatory requirements may influence export business from time to time, the Company remains focused on building a diversified and sustainable export-oriented business over the long term.

OUTLOOK

The Company remains positive about the long-term prospects of the freeze-drying, nutraceutical and value-added food industry.

The full-fledged operations of the Bhatpore, Surat facility, higher utilisation of existing manufacturing infrastructure, addition of new freeze-drying capacity and integration of HSDL Innovative Private Limited provide the Company with a stronger platform for future growth.

The Company intends to focus on:

• Increasing utilisation of its manufacturing infrastructure.

• Expanding its domestic and international customer base.

• Increasing export opportunities and developing new overseas markets.

• Developing customised and value-added freeze-dried products.

• Improving operational efficiencies and production yields.

• Leveraging the capabilities and infrastructure of its wholly-owned subsidiary.

• Strengthening quality and certification systems to meet international customer requirements.

• Increase brand presence in retail, distribution, franchise market & e=commerce platform.

• Continuing its focus on sustainable manufacturing and renewable energy.

The Company believes that these initiatives will support sustainable growth in revenue and profitability while strengthening its position in the freeze-dried food and nutraceutical ingredients sector.

SWOT ANALYSIS

Strengths	Weaknesses
Experienced management and established industry knowledge	Freeze-drying remains a capital-intensive manufacturing process
Multi-location manufacturing infrastructure at Ankleshwar and Surat	Dependence on seasonal availability of certain raw materials
Strong production capabilities and high capacity utilisation	Relatively developing domestic retail penetration
Export-oriented business model	Niche and specialised market
350 kVA renewable energy infrastructure at Ankleshwar	Exposure to fluctuations in raw material costs
Kosher-certified Ankleshwar manufacturing facility
Wholly-owned subsidiary providing additional business and operational synergies
Increasing international demand for freeze-dried and health-oriented food products	Volatility in raw material prices
Expansion of B2B ingredient exports	Foreign exchange fluctuations
Increasing demand for nutraceutical and wellness products	Increasing competition from domestic and international players
Customised ingredient development and contract manufacturing opportunities	Changes in international trade policies and tariffs
Opportunities	Threats
Expansion into value-added and tlnishcd consumer products	Regulatory requirements in international markets
Greater utilisation of the new Surat manufacturing capacity	Global economic and trade uncertainties

RISKS AND CONCERNS

The Companys operations are subject to various business and industry-related risks, including fluctuations in raw material prices and availability, seasonality of agricultural produce, changes in customer demand, foreign exchange fluctuations, competition, regulatory requirements and changes in international trade policies.

The Companys export-oriented operations may also be affected by changes in tariffs, duties, logistics costs and regulatory requirements in overseas markets.

The Company continues to monitor these risks through appropriate operational, financial and compliance mechanisms and endeavours to take suitable measures to mitigate their potential impact.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has established internal control systems and procedures commensurate with the size, nature and complexity of its operations.

The internal control framework is designed to safeguard the Companys assets, ensure proper authorisation and recording of transactions, maintain accounting accuracy, improve operational efficiency and support compliance with applicable laws and regulations.

The Company periodically reviews its internal control mechanisms and undertakes appropriate measures to strengthen controls wherever required.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

The Company recognises its employees as an important contributor to its growth and operational performance. With the expansion of manufacturing operations at Surat and continued operations at Ankleshwar, the Company continues to focus on strengthening its technical, production, quality, sales and administrative teams.

The Company also undertakes training and skill development initiatives to enhance employee capabilities and facilitate effective utilisation of manufacturing equipment and technology.

Industrial relations during the year remained satisfactory.

COMPLIANCE AND GOVERNANCE MECHANISM

Hamps Bio Limited continues to operate within a framework of applicable statutory, regulatory and corporate governance requirements.

The Company has established policies, procedures and internal controls to support ethical business practices, regulatory compliance, financial discipline and protection of stakeholder interests.

The Board of Directors and its Committees continue to oversee the Companys governance framework and monitor key operational, financial and compliance matters.

The Company remains committed to maintaining transparency, accountability and responsible corporate governance practices.

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis Report describing the Companys objectives, projections, expectations and estimates may constitute forward-looking statements within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed or implied due to various factors including changes in economic conditions, market demand, raw material availability and prices, competition, foreign exchange fluctuations, regulatory changes, tariffs, international trade conditions and other factors beyond the Companys control.

The Company does not undertake any obligation to publicly update or revise any forward-looking statements based on subsequent developments, infonnation or events.

For HAMPS BIO LIMITED
(FORMERLY KNOWN AS HAMPS BIO PRIVATE LIMITED)

Date: 12/08/2026
Place: Ankleshwar

Sd/-
HERRIK MOUNTBATON SHAH
DIN:01052316
(Managing Director)

Sd/-
SHRENIKKUMAR MOUNTKUMAR SHAH
DIN:00973690
(Whole-time director )