Focus on the reduction of outstanding debt and losses

During FY 26, the Company continued to focus on actions that can help reduce future losses and recovery of receivables that are long overdue from customers through arbitration proceedings.

Businesses Performance & Highlights

In FY 26, we have reported revenue from operations of 2,160.86 Lakhs while in FY 25 our revenue was 2,461.27 Lakhs.

Though the business was able to realise 2,270.51 Lakhs from various customers, our IT Support Service Business continued to face delays in certain customers acceptance and sign- offs on project completion resulting in delays in recovering receivables.

Due to multiple legal proceedings and legacy issues, significant effort and cost are being incurred, besides the regular compliance costs. Consequently, the Company continues to incur higher expenses towards legal cost, which amounted to 1,712.84 Lakhs in FY 26, along with other operational costs including manpower expenses, thereby contributing to the operational losses reflected in the financials. During the year, favorable arbitration award (including interest) of 10,281 lakhs (approx.) was received against one customer.

The Counter Claim worth 7,271 lakhs (approx.) filed by the customer against the Company has also been disallowed by the Arbitral Tribunal. The customer has chosen to contest the award. The Company remains actively engaged in pursuing recoveries through appropriate legal channels to protect its financial interests.

An MoU for settlement of dues has been signed with one of the power project customers and the same has been submitted to Arbitral Tribunal for making it part of consent award.

Other Updates

During the FY 26, the Company has sold one property for a total consideration of 10.25 Lakhs.

The Group has continuously made losses during past years and its net worth has been fully eroded. Further the Group has incurred a net loss of 3,291.45 lakhs, during the year ended March 31, 2026 (year ended March 31, 2025: net loss 2,110.92 lakhs) and the Groups current liabilities exceeded its current assets by 48,368.95 lakhs (March 31, 2025: 48,174.86 lakhs) as at March 31, 2026. The losses are primarily a result of delayed receipts on certain system integration contracts, historical low margin contracts, large litigations and their costs which are at different stages of progression.

The Group had originally entered into multiple long- term contracts forming part of Hardware Solutions Business which was transferred to HCL Infotech Limited through Scheme of Arrangement with the remaining term of ongoing contract upto year 2031. Therefore, there is a constructive obligation for the Group to provide operational and financial support to HCL Infotech Limited for execution of its contracts. Further, such transferred business has continued to face challenges in obtaining timely customer acceptance and sign- offs for completed projects, leading to delays in receiving payments. As a result, though the number of contracts reaching closure has increased, there is no significant progress in recovering outstanding receivables from customers. To address this issue, the Group has initiated arbitration proceedings against several customers to recover the dues owed. Accordingly, the management will ensure continuity of operations to support execution of long- term contracts originally assigned to the Group and recovery of dues owed to HCL Infotech Limited that are held up for a long time.

To ensure the necessary financial support for above operations, the Board of Directors of HCL Corporation Private Limited (a significant promoter shareholder) has approved support in the form of corporate guarantees to banks [utilised - Nil (March 31, 2025 - 20,372 lakhs)], lien on fixed deposits of HCL Corporation Private Limited [utilised 11,960 lakhs (March 31, 2025 - Nil)] and interest free unsecured loans [utilised - Nil (March 31, 2025 - 35,500 lakhs)] to HCL Infosystems Limited out of total authorized limit of 1,50,000 lakhs. This had been approved by the shareholders of the Group, vide their resolution dated September 14, 2017.

In addition, the Board of Directors of HCL Capital Private Limited (promoter Group Company, a related party to the Company as per Listing Regulations) has approved support in the form of advances / loans, unsecured non- convertible debentures (NCD), guarantee, corporate guarantee, security or any other form of financial support (as the case may be), up to a maximum amount of 1,50,000 lakhs [utilised 35,500 lakhs (March 31, 2025 - Nil)]. This had been approved by the shareholders of the Company, vide their resolution dated September 17, 2025.

Financial support of 1,50,000 lakhs from HCL Capital Private Limited had been approved by the promoter Group of the Company vide resolution dated September 30, 2025. Out of the aforesaid limit, the Company has issued unlisted unsecured redeemable, Non- Convertible Debentures (NCD) aggregating to 35,500 lakhs. The full subscription amount against such issuance has been received, and Non- Convertible Debentures having a face value of 1,000 each have been allotted to HCL Capital Private Limited, a promoter group entity. The proceeds from the said NCD issuance have been utilised for the repayment of earlier loans availed from HCL Corporation Private Limited, a promoter entity.

As mentioned several times in our communication including the news releases, the Company cannot invest in any new businesses or in expanding its current operations and consequently, the business of the Company will continue to contract for the foreseeable future.

The Group operates through a single segment which is providing IT support services and hence no separate disclosure is required for Segment as per Ind AS 108 Operating Segments.

Business Risks & Mitigation Measures

The performance of our businesses can get affected by various risks posed by the external environment. Your Company continuously revisits the Enterprise Risk Management (ERM) framework and strengthens it to address various risks to our businesses. The risk management programme (ERM) involves risk identification, assessment and risk mitigation planning for strategic, operational and compliance- related risks across business units and functions. Periodic monitoring of risk is done and based on the overall risk performance mitigation action is refined and re- planned. The following table provides a glimpse of some key risks and their mitigation measures which the Company tracks regularly at an overall level (in addition to individual business risks tracked at the individual business level):

Sl. No. Category	Risk Item	Risk Description	Risk Management Strategy/Update
01 Litigation	Sustainability	Non-Cooperation of Client in Project sign off and payments.	Parties agreed on an Exit Plan, whereby HCL has exited / handed over the Project.
		Visibility on collections before Arbitral Award is low as settlement with Discos is difficult.	The subject under Arbitration.
02 Litigation	Operational	Disputed billed receivables due to Project deliverable issues.	Strategic handling of cases based on established judicial precedents.
			Provisions are made on case-to-case basis based on management assessment of the legal cases.
03 Operational	Sustainability	Challenges in meeting Service Delivery commitments.	Engage with customers to upgrade key components as a Change request for contracts with long-term support.
		Probably failure to comply with contractual commitments and related cost in long-term support contracts, due to rapid technological advancements compared to when the contract was started.	Closely monitor SLAs compliance and SLA management with customers.
		Uncapped SLA based penalties.
04 Financial	Continuity	Continuity challenges in \u201cGoing Concern\u201d status.	The Company continues to derive some revenue from SI business.
		Group\u2019s net worth has been fully eroded.	Promoter and promoters group have been supporting the company from time to time by extending loans, Corporate Guarantees and other form of financial support.
05 Operational	Financial	Delay in getting the Income Tax Refund.	Subject is under litigation and likely to take time.
06 Financial	Treasury	Commitments towards Continuation of Bank Guarantee the company has issued to various clients.	Support from promoter company to continue the limits from the banks.
07 Operational	Human Capital	Loss of Human capital in critical operations.	Management is continuously exploring alternative source for resources including outsourcing to address the attrition.
			Retention plans in place for identified critical resources.
08 Operational	Compliances	Legacy litigations in labour cases in HR practices.	Company is contesting these cases.

Sl. No. Category	Risk Item	Risk Description	Risk Management Strategy/Update
09 Operational	Compliances	Risk of compliance gaps due to operational scale down, resultant Organizational structural changes and attrition of resources.	Periodical review of processes and alignment with organizational structure and compliance requirements.
			Risk assessment before delegating the authority.
			The financial authorities delegated are capped, within the framework of Board approved delegation.
			Exception approval process and close monitoring of adherence to Delegation of Authority and Segregation of Duty.
10 Operational	Compliances	Code of Conduct (COC) & Ethical Issues.	Independent whistle blower Mechanism.
			Strict actions on violations.
			Continuous emphasis on companys Code of conduct policy.
			Annual / Quarterly certification on compliance.
			Periodic Internal Audit.
			Quarterly Statutory Audit.
11 Operational	Compliances	Risk of Shared services agency opting out and continuity issues in Finance & Accounting process.	Retention of key resources as part of HCLs Governance team.
12 Outsourcing risks	Compliances	Governance in Finance, Accounts and IT function can get complicated with Multiple outsourced vendors (activity/ manpower) dependency.	Documented SOPs.
			Retention of key resources.
			Close supervision.
			Concurrent Audits & Internal audits.
			Statutory audits.
13 Operational risks	Financial	Legacy data is available in older version of IT application and requires specialized skills for extracting data (skill set issue due to organization downsizing).	Data retention requirements for the legacy period are regularly reviewed.
			Alternative methods for data availability are being reviewed considering the data retention requirements of the older applications.
			ERP Financial Systems Pre-2010 retired.
14 Indirect tax	Compliances	Authorities claim cannot be foreseen without any time-limit.	The relevant data/documents are generally available in Accounts / IDT repository as well as ERP system.
			Document retention policies in the company aligned with the Statutory requirements and for Open transactions (legally or otherwise).
			Required documents are statutorily maintained as per retention policies.
Sl. No. / Category	Risk Item	Risk Description	Risk Management Strategy/Update
			\u2022 Wherever required, suitable follow ups with the parties for necessary documentation / confirmation.
15 / Indirect tax	Compliances	\u2022 Actual liability could be more due to unsuccessful trials.	\u2022 The Company is opting Amnesty Schemes under various laws, wherever applicable and beneficial.
		\u2022 Insufficient funds to meet unsuccessful Litigations.	\u2022 Necessary provisions have been made for balance/open high-risk cases in books of account on the basis of Indirect Tax assessment and also corresponding amount deposited with tax authorities to save the interest. Provisions available are adequate.
			\u2022 High value litigation matters were opined in the companys favor by expert advocates.
			\u2022 Examination with the expert consultants and implementation of necessary steps to mitigate the liability, if any, on case-to-case basis.

Internal Control Systems and their adequacy

The Company has put in place controls commensurate with the size and nature of its operations. These have been designed to provide reasonable assurance with regards to recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorized use or losses, executing transactions with proper authorization and ensuring compliance with corporate policies.

The Company has an internal audit function designed to review the adequacy of internal control checks in the system which, covers all significant areas of the Companys Operations such as Accounting and Finance, Procurement, Business Operations, Statutory compliances, IT Processes, Safeguarding of Assets and their protection against unauthorized use, among others. The internal audit function performs Concurrent Audits on high value transactions. The Internal Audit function also performs the internal audit of the Companys activities based on the Internal audit plan, using external independent audit agencies, which is reviewed each year and approved by the Board Audit Committee. The Audit Committee reviews the reports submitted by internal auditors. Suggestions for improvements are considered and the Audit Committee follows up on corrective action. Disciplinary action is taken, wherever required, for non- compliance with corporate policies and controls.

Human Resource Development

As of March 31, 2026, the employee strength of the Company and its subsidiaries stood at 70, while on March 31, 2025, it was 116. Besides full- time employees, the Company also engaged with over 40 (FY 25- 59) associates for various short- term projects across different timelines during the year.

DISCLAIMER

Certain statements made in this report relating to the Companys objectives, projections, outlook, estimates, etc. may constitute forward- looking statements within the meaning of applicable laws and regulations. Actual results may differ from such estimates or projections etc., whether expressed or implied. Several factors including but not limited to economic conditions affecting demand and supply, government regulations and taxation, input prices, exchange rate fluctuation, etc., over, which the Company does not have any direct control, could make a significant difference to the Company operations. The Company undertakes no obligation to publicly update or revise any forward- looking statements, whether because of new information, future events, or otherwise. Readers are cautioned not to place undue reliance on any forward- looking statements. The Management Discussion and Analysis (MD&A) should be read in conjunction with the Companys financial statements included herein and the notes thereto. Information provided in this MD&A pertains to HCL Infosystems Limited and its subsidiaries on a consolidated basis unless otherwise stated.

FINANCIAL COMMENTS ON CONSOLIDATED OPERATIONS FOR THE YEAR ENDED MARCH 31, 2026.

The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (the Act) [Companies (Indian Accounting Standards) Rules, 2015] and other relevant provisions of the Act.

The Management Discussion and Analysis on Financial performance relates to Consolidated Financial statements of the Company and its subsidiaries. This should be read in conjunction with the financial statements and related notes to the consolidated accounts for the year ended March 31, 2026.

RESULTS OF OPERATIONS

Rs.in Lakhs

Particulars	FY 26	FY 25
Revenue	2,160.86	2,461.27
Cost of sales	(1,885.37)	(688.67)
Gross margin from continuing operations	275.49	1,772.60
Employee benefits expense	(1,494.42)	(2,097.49)
Administration, selling and others	(4,421.83)	(4,790.65)
Depreciation and amortization expense	(33.66)	(47.45)
Gain on foreign exchange fluctuation	62.56	4.12
Provisions/liabilities no longer required written back	1,269.98	1,005.68
Operating Profit/(loss) from continuing operations before doubtful debts provision	(4,341.88)	(4,153.19)
Provision for doubtful debts and other current assets	(282.46)	(61.15)
Investment & other Income	1,959.87	1,536.79
Finance costs	(466.19)	(17.25)
Profit/(loss) before exceptional items and tax from continuing operations	(3,130.66)	(2,694.80)
Exceptional items gain/(loss)	(160.79)	583.88
Tax expense	-	-
Profit/(loss) from continuing operations (after tax)	(3,291.45)	(2,110.92)
Other comprehensive income/(loss)	68.60	(54.89)
Total comprehensive income/(loss) for the year	(3,222.85)	(2,165.81)

Revenue

Consolidated Revenue was 2,160.86 Lakhs in FY 26 as against 2,461.27 Lakhs in FY 25. The decline in Revenue is mainly in IT support services business on account of completion of certain projects.

Gross Margin

Gross Margin was 275.49 Lakhs in FY 26 as against 1,772.60 Lakhs in FY 25. There was net utilisation of provision for onerous contracts of 1,339.48 Lakhs in FY 25 which was created in preceding years basis management assessment of project cost and its completion timeline, resulting into higher gross margin in FY 25. In FY 26, there was reassessment of cost and timeline of completion of certain projects which resulted into net creation of provision for onerous contracts of 352.60 Lakhs cost impacting gross margin.

Employee Benefits Expense

Employee Benefits Expense was 1,494.42 Lakhs in FY 26 as against 2,097.49 Lakhs in FY 25. Lower expense in FY 26 is mainly due to decrease in head count on account of certain projects closure.

Administration, Selling and Other Expenses

Administration, Selling & other expenses were 4,421.83 Lakhs in FY 26 as against 4,790.65 Lakhs in FY 25. The details of administration, selling & other expenses are as follows:

Rs.in Lakhs

Particulars	FY 26	FY 25
Legal, Professional and Consultancy Charges*	2,232.31	2,732.66
Technology Cost	243.30	223.48
Outsourcing cost	104.78	119.86
Rates and Taxes**	479.70	100.62
Retainership Expenses	507.18	617.73
Bank Charges	71.95	46.48
Rent	67.40	69.74
Travelling and Conveyance	71.23	72.26
Office Electricity and Water	5.39	6.23
Provision for Input Tax Credit***	453.02	525.99
Others	185.57	275.60
Total	4,421.83	4,790.65

* We are continuing to pursue legal remedies by invoking arbitration proceedings to recover outstanding dues from customers. As a result, legal, professional, and consultancy expenses remain high, amounting to 1,712.84 Lakhs in FY26, which reflect the ongoing nature of legal action, consistent with the elevated levels seen in prior years (2,194.65 Lakhs in FY 25).

** During FY 26, pursuant to the Honble CESTAT, Allahabad order, the Company recognised an additional provision of 322.18 Lakhs towards reversal of common CENVAT credit.

*** The unutilised /accumulated GST ITC has been provided for in books of accounts (FY 26- 453.02 Lakhs and FY 25- 525.99 Lakhs) to the extent Company does not foresee business opportunities in near future wherein amount can be utilised and against amount outstanding for those particular locations where GST registration has been surrendered.

Depreciation

Depreciation was 33.66 Lakhs in FY 26 as against 47.45 Lakhs in FY 25.

Provisions/Liabilities no longer required written back

Provisions/Liabilities no longer required written back were 1,269.98 Lakhs in FY 26 as against 1,005.68 Lakhs in FY 25.

Operating Profit/(Loss) from continuing operations before Doubtful Debts provision

Operating Profit/(Loss) from continuing operations before Doubtful Debts provision was 4,341.88 Lakhs in FY 26 as against 4,153.19 Lakhs in FY 25. Operating loss is higher in FY 26 as compared to FY 25 mainly on account of provision for contract loss created in FY 26 492.55 Lakhs partially offset by higher Provisions/liabilities no longer required written back 264.30 Lakhs in FY 26.

Provision for Doubtful Debts and Other Current Assets

Provisions for doubtful debts and other current assets were 282.46 Lakhs in FY 26 as against 61.15 Lakhs in FY 25. Provision for doubtful debts and other current assets are created due to inordinate delays with certain customer acceptances and payments thereof.

Investment & Other Income

Investment & other income was 1,959.87 Lakhs in FY 26 as against 1,536.79 Lakhs in FY 25.

Investment and other income during current year was higher mainly on account of collection received from old outstanding amount of 210.06 Lakhs and higher interest on Tax refunds of 263.05 Lakhs received in FY 26 as compared to FY 25.

Finance Costs

Finance costs were 466.19 Lakhs in FY 26 as against 17.25 Lakhs in FY 25. Finance costs were higher in FY 26 as compared to FY 25 mainly on account of non- cash interest expense of 463.12 Lakhs charged on Non- convertible Debentures (NCD) issued to promoters company in FY 26.

Exceptional Items

Gain/(loss) from Exceptional items was 160.79 Lakhs in FY 26 as against 583.88 Lakhs in FY 25. The Loss from exceptional items in FY 26 is mainly on account of onetime provision of 165.38 Lakhs toward Employee Benefit Expense due to implementation of New Labour Code whereas FY 25 includes gain on sale of property only.

Profit/(Loss) after Tax from continuing operations

Profit/(Loss) after Tax from continuing operations was 3,291.45 Lakhs in FY 26 as against 2,110.92 Lakhs in FY 25. FY 26 loss is higher primarily due to non- cash interest expense charged on Non- Convertible Debentures to Profit and Loss Account of 463.12 Lakhs and one- time provision of 165.38 Lakhs toward Employee Benefit Expense due to implementation of New Labour Code as whereby recognized an exceptional gain of 583.88 Lakhs in FY 25 from sale of properties.

FINANCIAL CONDITION

Rs. In lakhs

Particulars	March 31, 2026	March 31, 2025
ASSETS
Non-current assets	19,030.44	19,238.75
Current assets	24,983.61	24,071.82
Assets held for sale	10.00	10.00
Total	44,024.05	43,320.57
EQUITY AND LIABILITIES
Net worth	(29,656.65)	(29,097.76)
Non-current liabilities	318.14	161.65
Current liabilities	73,362.56	72,256.68
Total	44,024.05	43,320.57

Non-Current Assets

Non-current assets were ? 19,030.44 Lakhs as at March 31, 2026 as compared to ? 19,238.75 Lakhs as at March 31, 2025.The details are as follows:

( ? in Lakhs )

Asset Category	March 31, 2025	March 31, 2026
Balances with government authorities	13,036.43	12,939.08
Advance Income Tax Assets (net)	4,492.24	4,473.14
Property, Plant and Equipment	154.28	149.54
Financial assets	1,170.91	1,189.69
Others	384.89	278.99

Current Assets

Current assets were Rs.24,983.61 Lakhs as at March 31, 2026 as compared to Rs.24,071.82 Lakhs as at March 31, 2025. The details are as follows:

Inventories were Rs.26.54 Lakhs as at March 31, 2026 as compared to Rs.29.43 Lakhs as at March 31, 2025.

Financial Assets were Rs.23,035.54 Lakhs as at March 31, 2026 as compared to Rs.21,781.57 Lakhs as at March 31, 2025. The details are as follows:

( ? in Lakhs )

Asset Category	March 31, 2025	March 31, 2026
Trade receivable	1,660.87	1,618.17
Investments	3,613.79	2,900.17
Cash and cash equivalents	870.83	927.25
Bank balances*	15,629.69	17,583.56
Other Financial assets	6.39	6.39

Higher Bank balances reflect increase in bank deposits pursuant to money released by High Courts against submission of Bank Guarantees basis favourable arbitration awards for projects under litigation.

Other Current Assets were Rs.1,921.53 Lakhs as at March 31, 2026 as compared to Rs.2,260.82 Lakhs as at March 31, 2025.

Net Worth

The Net- worth of the company was Rs.29,656.65 Lakhs as at March 31, 2026 as against Rs.29,097.76 Lakhs as at March 31, 2025.

Non-Current Liabilities

Non- current liabilities were Rs.318.14 Lakhs as at March 31, 2026 as compared to Rs.161.65 Lakhs as at March 31, 2025.

Net Borrowings

Net borrowings were 11,347.31 Lakhs as at March 31, 2026 as compared to 14,863.59 Lakhs as at March 31, 2025.

Rs. in Lakhs

Particulars	March 31, 2026	March 31, 2025
Borrowings *	33,299.17	35,500.00
Less : Cash, Bank & Investments	21,951.86	20,636.41
Net Borrowings	11,347.31	14,863.59

* Borrowings as at March 31, 2026 represents unsecured redeemable Non- convertible debentures (NCD) issued by the company to promoter group company. The proceeds from the same has been utilized to repay unsecured loan from significant promoter shareholder outstanding as at March 31, 2025.

Current Liabilities

Current liabilities were 73,362.56 Lakhs as at March 31, 2026 as compared to 72,256.68 Lakhs as at March 31, 2025. The details are as follows:

( ? in Lakhs )

Liability Category	March 31, 2025	March 31, 2026
Financial Liabilities (i) Borrowings	35,500.00	33,229.17
Financial Liabilities (ii) Trade payables	5,723.91	4,899.35
Financial Liabilities* (iii) Other financial liabilities	556.62	388.48
Other current liabilities**	28,001.71	31,694.67
Provisions	2,474.44	3,080.89

* it includes Employee benefits payable, Deposits, etc.

** it includes amount received on account of various interim arbitration awards (refer note given above under head current assets), deferred revenue, advances received from customers and statutory dues payable.

CASH FLOW STATEMENT

A summary of cash statement is given below:

Rs.in Lakhs

Particulars	FY 26	FY 25
Opening balance of cash and cash equivalents	870.83	1,407.34
Net cash flow from operating activities	(38.46)	(2,820.50)
Net cash flow from investing activities	46.89	2,289.61
Net cash flow from financing activities	(3.00)	(17.25)
Effect of foreign exchange on cash and cash equivalents	50.99	11.63
Cash and cash equivalents at the end of the year	927.25	870.83

Cash flow from operations

In FY 26, the Company used 38.46 Lakhs for operations as against 2,820.50 Lakhs in FY 25.

Rs. in Lakhs

Particulars	FY 26	FY 25
Operating profit/ (loss) before changes in operating assets and liabilities	(4,781.90)	(4,388.26)
Changes in operating assets and liabilities	4,575.55	809.59
Cash generated/(used) from operations	(206.35)	(3,578.67)
Net Tax Refund/(Paid)	167.89	758.17
Net cash generated/(used) in operating activities	(38.46)	(2,820.50)

Page 10

2025- 26

HCL INFOSYSTEMS

Management Discussion and Analysis

Cash flow from investing activities

In FY 26, the Company generated Rs.46.89 Lakhs from investing activities as against Rs.2,289.61 Lakhs in FY 25.

Rs. in Lakhs)

Particulars	FY 26	FY 25
Cash generated from investing activities
Proceeds from sale of current investments	10,081.21	13,242.90
Interest income	1,233.53	846.62
Maturity of Bank deposits	-	1,453.63
Proceeds from sale of properties, plant and equipment	10.72	635.03
Movement in margin money account	-	166.25
Total Cash generated from investing activities (A)	11,325.46	16,344.43
Cash used in investing activities
Purchase of current investments	(9,199.54)	(14,024.30)
Purchase of property, plant and equipment	(39.76)	(21.38)
Investment in Capital work in progress	(1.46)	(9.14)
Investment in Bank Deposits	(1,990.36)	-
Movement in margin money account	(47.45)	-
Total Cash used in investing activities (B)	(11,278.57)	(14,054.82)
Cash flow from investing activities (A+B)	46.89	2,289.61

Cash flow from Financing activities

In FY 26, the Company used Rs.3.00 Lakhs for financing activities as against Rs.17.25 Lakhs in FY 25.

KEY FINANCIAL RATIOS:

Particulars	FY 26	FY 25
Debtors Turnover (Days)	273.33	246.30
Inventory Turnover (Days)	4.48	4.36
Current Ratio (times)	0.34	0.33
Operating Profit Margin (%)	-200.93%	-168.74%
Net Profit Margin (%)	-152.32%	-85.77%

Debtors Turnover days were at 273.33 as at March 31, 2026 as against 246.30 as at March 31, 2025 due to lower Revenue in FY 26.

Inventory Turnover days were 4.48 as at March 31, 2026 as against 4.36 as at March 31, 2025 due to lower Revenue in FY 26.

Debt Equity Ratio was negative as at March 31, 2026 and March 31, 2025 due to negative Net- worth.

Operating Profit Margin was at (200.93%) as at March 31, 2026 as against (168.74%) as at March 31, 2025. (refer note given above under head Operating Profit/ (Loss) from continuing operations before Doubtful Debts provision).

Interest coverage was negative on account of negative EBIT in FY 26 & FY 25.

Net Profit Margin was (152.32%) for FY 26 as against (85.77%) for FY 25. (Refer note given above under head Profit/ (Loss) after Tax from continuing operations)