Horizon Industrial Parks Ltd Management Discussions

Horizon Industrial Parks is Indias largest and fastest growing industrial and logistics infrastructure developer with a pan-India network offering holistic new age, agile and modern logistics infrastructure and value-added services. With 28.4 M. Sf. fully operational network across the countrys 10 most dynamic industrial and consumption hubs being Delhi NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad, Ahmedabad and other key metros touching approximately 9% of nations population whose per capital income is three times the national average and which contributes to 21% of national GDP, Horizon Industrial Parks has established a strong footprint which when. coupled, with 90% occupancy rate as of March 2026 demonstrates strong tenant demand across a well diversified client base of 120+ customers spanning across e-commerce, third-party logistics, FMCG, automotive, renewables, packaging and other manufacturing sectors, thus insulating a sustained business against any sectoral headwinds.

The Company operates within a well-defined and a prudent business execution model wherein , revenue from operations grew from INR 3,903 Mn in FY 2025 to INR 6,914 Mn in FY 2026, a 77% increase, and EBITDA grew from INR 3,391 Mn to INR 6,078 Mn, a 79% rise.

The key drivers for this growth have been both organic as well as inorganic (acquisitions):.

• During the current year the Company has acquired operational entities like Juturna Developers Private Limited and Talegaon Industrial Parks Private Limited while the Company benefited from acquisitions of ILV Distripark Private and LI Industrial Parks Private Limited which were made in FY 2025. These acquisitions contributed to boosting our operational network from 9 M. Sf. in FY 2025 to23.3 M. Sf. in FY 2026, which translated into an overall revenue increase of INR 2,409 Mn in FY 2026 and an overall increase in EBITDA by 2,315 Mn.

• Organically revenue from operations and EBITDA have been growing at 25% CAGR 42% CAGR between FY 2024 and FY 2026 thus demonstrating scale and industry-leading growth. Further to above acquisitions, during FY 2026, your Company increased its operational network by 5.1 M. Sf. thus growing from 23.3 M. Sf. to 28.4 M. Sf.. This supported by higher occupier counts and consistent contractual rent escalations ranging between 4.5% to 5.0% annually has amplified the Companys compounded annual growth in gross rental per square foot per month thereby reinforcing the Companys ability to capture value through a well balanced portfolio management model.

Your Company develops Grade A industrial and logistics parks which are built to world class specifications that include high-capacity power, reliable water, advanced telecommunications, and security grade amenities. Within each of the parks, the Companys bring future ready and sustainable features such as electric vehicle charging stations, sewage treatment plants, green certification drives, sophisticated parking solutions, and tenant engaging amenities which include sports arenas, gymnasiums, landscaped open spaces, and aquatic centres all of which enhance user experience and consequently contributing to increased marginal rentals. At Horizon, we are committed to sustainability and in line with your Companys ESG framework all new development is fully green certified, energy efficient and fully integrated with commitment to sustainability. To further enhance experience of tenants and users operating within the park the Company has identified opportunities and is diversifying in developing skill and training centres, small office or commercial spaces and hospitality solutions which offer unique value propositions and a self-sustainable ecosystem to tenants thereby resulting in overall higher asset value which when ably supported by the Companys proactive asset management strategy embeds vacancy risk mitigation into the leasing cycles by precontracting facilities either prior to or during construction, improving leasing visibility, and accelerating occupancy.

To summarize, we strongly believe that your Company is compelling investment in Indias industrial infrastructure future. Your Company successfully combines scale of the largest industrial park operator in the country with high-quality assets in premium locations, a diversified and resilient tenant base, prudent capital allocation, and a forward thinking approach that integrates sustainability and technology. For any investor or stakeholder eager to be part of Indias rapid industrial expansion and logistics evolution, the Company Horizon offers a proven track record with a clear growth trajectory, and operational depth to deliver sustained, long-term returns.

1. Macro Economic and Market Context

Your Companys operating performance is influenced by broader economic and market conditions, particularly those affecting Indias manufacturing, industrial and logistics sectors. Indias long-term economic fundamentals, supported by infrastructure development, supply chain diversification and growing domestic consumption, continue to provide a favourable backdrop for the industrial and logistics real estate sector.

The sector will benefit from several structural trends shaping demand for modern industrial and logistics infrastructure.

Manufacturing-led expansion remains a key driver. Indias focus on strengthening domestic manufacturing, together with efforts by companies to diversify global supply chains, is expected to support sustained growth in industrial activity. Manufacturing gross value added is projected to increase from USD 544 billion to USD 1 trillion by Fiscal 2030, supporting demand for high-quality industrial and warehousing facilities.

Rising consumption and e-commerce expansion are also contributing to sector growth. Indias consumption grew at a CAGR of 10.1% between Fiscal 2021 and Fiscal 2026 and is expected to grow at a CAGR of 15.1% between Fiscal 2026 and Fiscal 2031. E-commerce penetration in India stood at 6.1% in Fiscal 2024, compared with approximately 37% in China and 16% in the United States, indicating significant headroom for growth in warehousing, fulfilment and distribution infrastructure.

Quick commerce is emerging as another important demand driver. The sector reached a gross merchandise value of USD 12.9 billion in Fiscal 2026, representing growth of 129 times since Fiscal 2020 and is projected to grow at a CAGR of 47.1% to 60.5 billion by Fiscal 2030. This sustained growth in consumption is increasing demand for strategically located logistics assets that support faster fulfillment and greater supply chain agility

Highly under-penetrated sector: Indias industrial and logistics landscape is still far from saturation when compared with its global peers. As of March 2026, Indias stock of Grade A and Grade B warehousing and industrial space sits at just 548.9 Mn SFT, which is less than half of Chicagos 1.3 billion SFT. In other words, the sector still holds a significant gap compared to its developed economy counterpart. If India were to match the per capita warehousing density of Japan, the countrys Grade A stock could expand by more than 14 times over the next decade. These figures underline a profound growth opportunity and confirm that the Indian industrial and logistics market remains significantly under penetrated, particularly when it comes to premium Grade A space.

More broadly, Indias logistics sector, estimated at US$288.9 billion in CY2025 , continues to benefit from structural drivers such as GST implementation, a focus on domestic manufacturing and the development of multimodal transportation infrastructure. These trends continue to support demand for modern, well-located industrial and logistics parks and provide a favorable backdrop for the Companys

long-term growth. At the same time, the sector is likely to be affected by broader macroeconomic conditions, including industrial output, business confidence, financing conditions, infrastructure execution and customer expansion plans. The Company remains focused on maintaining a resilient portfolio, deepening customer engagement and pursuing disciplined growth in order to capture long-term opportunities while navigating market cycles prudently. The Companys performance is also influenced by conditions in the sectors served by its customers. Demand for industrial and logistics space is shaped by activity across both consumption-led and manufacturing segments and may be affected by demand volatility, supply-demand imbalances, seasonal trends and changes in international trade policies. These factors are particularly relevant in sectors such as e-commerce, FMCG, retail, third-party logistics and specialised manufacturing, which remain important drivers of Grade A warehousing demand. Adverse developments in these sectors could affect customers expansion plans, space requirements and rental levels.

2. Portfolio & Operational Outlook

The Companys operational portfolio is strategically located across key industrial and consumption hubs, supporting its ability to attract, retain and grow customer relationships. As of 31 March 2026 , the Companys Operational Network spanned 28.4 M. Sf. with a committed occupancy rate of 90%, across the countrys 10 most dynamic industrial and consumption hubs being Delhi NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad, Ahmedabad and other key metros touching approximately 9% of nations population whose per capital income is three times the national average and which contributes to 21% of national GDP thus underscoring strong attractiveness of these locations for occupiers.

The outlook for Grade A industrial and warehousing assets in India remains favorable. According to the JLL Report, Grade A stock is projected to grow at a CAGR of 25.3% between CY 2025 and CY 2030 to reach 943.6 M. Sf. by CY 2030 . The Company is well positioned to participate in this growth through its development network of 32.6 M. Sf. which include 7 M. Sf. of near-term deliveries with 25.6 M sf of planned projects.

3. Asset Management, Leasing and Customer Strategy

As of 31 March 2026, with 120+ customers of which 55% are Fortune 500 companies, the Company has achieved a diversified customer base across sectors such as e-commerce, quick commerce, third-party logistics, FMCG, retail, automobiles and auto components, renewables, packaging and consumption and manufacturing segments manufacturing . This demonstrates that our Company and its parks are the primary choice for high value, premium-grade industrial and logistics infrastructure. This diversification supports portfolio resilience and enables the Company to capture demand across multiple end-use sectors. The Company intends to build on this foundation by continuing its strategy of maintaining a diversified and high-quality customer base through strong relationship management, responsive asset solutions and focused execution. The diversified client pool is as follows:

The Company continues to benefit from its active asset management approach, strong market knowledge and deep customer relationships, which together support leasing performance, rental growth and portfolio resilience, reflecting its ability to enhance asset performance and capture value through disciplined portfolio management.

The operational and leasing network has grown on annual basis as follows:

Particulars	2026	2025	2024
Operational network	28.4	19	12.2
% Growth	49.4%	55.7%
Leased occupancy	25.5	17.6	11.2
% Growth	45 %	57.1%
Committed occupancy	90%	93.6%	91.8%

Leveraging our deep expertise in asset stewardship, the Company has generated a compound annual growth rate of 7.5% in gross rent per square foot per month from INR 21.6 in Fiscal 2023 to INR 26.8 in Fiscal 2026. This robust uplift in rentals reflects our proactive, data driven leasing strategy, capturing tenant demand early by pre contracting up to 2.57 M. Sf. across eight high profile markets before or during the development stage. This has resulted in elevated occupancy, focused cost management, and a steady, sustainable increase in EBITDA, all while fortifying our reputation as the markets most reliable partner for end-to-end industrial and logistics solutions.

The Company maintains regular engagement with customers to better understand their operating priorities, expansion plans and evolving infrastructure requirements. These insights support leasing strategy and help align asset offerings with customer needs across locations. The Company also regularly monitors customer performance and portfolio dynamics to optimise tenant mix, with objective of strengthening asset relevance, supporting rental growth and enhancing long-term value creation.

The Companys active asset management approach has enabled the Company to reposition assets across locations and unlock incremental revenue opportunities. The Company continues to invest in upgrading infrastructure across its parks, including parking capacity, EV charging stations, power backup systems, sewage treatment plants and dedicated facility management offices. In addition, the Companys commitment to enhance occupier amenities through features such as sports arenas, gymnasiums, landscaped open spaces and water bodies has significantly contributed to a more attractive and integrated customer environment. These interventions are designed to improve the overall occupier experience while also enhancing the long-term competitiveness and earnings potential of the portfolio.

From FY 2022 through FY 2026 Horizon Industrial Parks has maintained a consistently strong leasing momentum, expanding its annual leasing from 2.5 M. Sf. in Fiscal 2022 and 2023 to 5.1 M. Sf. in Fiscal 2026, a 2x growth over a period of 3 years.

(1) a disciplined portfolio-wide asset management approach that delivered a 7.5% CAGR in gross rent per square foot per month;

(2) proactive precontracting of buildings before or during construction, which accelerated occupancy and reduced vacancy risk; and

(3) targeted infrastructure upgrades—EV charging, smart parking, gated security and tenant centric amenities— that increased tenant satisfaction and supported lease escalations (4.5%-5.0% annually).

The result is higher rental yields and a portfolio that continues to attract high quality tenants across ecommerce, manufacturing and logistics sectors.

4. Competitive Positioning

Indias industrial and logistics real estate sector remains highly competitive, with participation from international and domestic institutional developers as well as regional players in certain markets. Competition is shaped by several factors, including asset location, scale, design efficiency, availability, service quality and the ability to provide integrated solutions aligned with customer requirements. In addition, developers compete for attractive land parcels and development opportunities in key industrial and consumption corridors.

In this environment, customers increasingly value high-quality, well-located assets that support operational efficiency, scalability and compliance. The Companys portfolio, market presence and customer-centric approach positions it well within this competitive landscape. The Companys focus on strategically located parks, institutional-quality infrastructure, responsive asset management and long-term customer relationships supports its ability to attract and retain occupiers across key sectors.

The competitive intensity of the sector also underscores the importance of prudent capital allocation, execution capabilities and differentiated customer offerings. The Company continues to focus on these areas through active portfolio management, development execution and infrastructure enhancements designed to improve occupier experience and asset relevance.

While competitive conditions may influence leasing activity, customer acquisition, land sourcing and rental outcomes in certain markets, the Company believes its scale, portfolio quality and presence across major industrial and consumption hubs provide a strong foundation to compete effectively and capture long-term growth opportunities.

5. Capital Allocation and Financing

The Company operates in a capital-intensive sector that requires significant investment to acquire land, develop assets and maintain high- quality industrial and logistics infrastructure. As at 31st March 2026 the Company had a Development Network of 32.6 M. Sf. , comprising 7 M. Sf. of near-term deliveries and 25.6 M. Sf. of planned projects . This development network provides a strong platform for future growth, while requiring prudent capital allocation and funding.

Debt remains an important source of funding for capital expenditure, including new development and refinancing of existing obligations.

As of 31 March 2026, Horizon Industrial Parks total current and non-current consolidated borrowings stood at INR 68,843.41 Mn.

After adjusting for INR 26,421.17 Mn of cash, bank balances, mutual fund investments and longer-term bank deposits, net outstanding borrowings were INR 42,422.24 Mn.

The Company is in process of undertaking an initial public offering of INR 26,000 Mn, this when completed will eventually help reduce the existing obligations, resulting in a post issuance net debt of INR 17,503.43 Mn . This sharp reduction demonstrates the Companys commitment to maintaining a lean, low cost balance sheet while preserving the financial flexibility to fund the next wave of development and expansion.

Given the scale of the business and existing development network, finance costs remain a significant component of the Companys cost structure. During Fiscal 2026 , the Company reported losses, primarily reflecting finance costs related to bank borrowings and optionally convertible debentures. Accordingly, the availability and cost of financing remain important to the Companys business, and the Company continues to focus on funding flexibility, prudent capital management and alignment of capital deployment with growth opportunities.

6. Regulatory Environment and Compliance

The Company operates within highly regulated business and to ensure its compliance with all applicable regulations has laid out a well- defined regulatory framework covering all areas of human safety, health, environmental protection, labour practices, and regulatory framework covering land use and development approvals. Compliance with these requirements is an integral part of the Companys operating model and supports the development and management of high-quality, institutional-grade industrial and logistics assets.

The Company continues to focus on strong compliance processes, governance standards and operational oversight across its portfolio. In addition to supporting responsible and sustainable operations, this approach strengthens execution, enhances customer confidence and contributes to the long-term quality and resilience of the portfolio. As with any infrastructure-led business, regulatory requirements may influence operating costs and project timelines; however, the Company remains focused on managing these requirements in a systematic, timebound and efficient manner.

7. Future Acquisitions and Expansion Strategy

Our 61 M. Sf. portfolio, over 46 assets in 10 cities, already spans Indias ten most dynamic industrial and consumption hubs, with a 28.4 M. Sf. operational network, and a 32.6 M. Sf. development network that includes 7 M. Sf. of near term deliveries.

The Companys land bank of 2,293 acres is the engine behind the Companys underlying growth acceleration. By transforming this footprint into Grade A parks along-with the Companys partnership with Central Warehousing Corporation to develop in-city parks which will serve a ready market of 20 Mn customers within a 10-30 minute drive will enhance the existing business significantly.

While our core ten markets anchor our network, we are equally focused on select Tier 1 and Tier 2 locations. We target large, contiguous parcels (70-100 acres+) strategically positioned within one to two hour radius of major city centres, ideal for fulfilment centre and industrial facility development. By expanding into these markets, we intend to capture a growing base of well-located in city formats that serve increasingly dispersed consumption clusters. Our expansion approach remains focused with capital will be deployed only where it will eventually help the Company to build scale and strengthen it pan India network advantage.

Growth is not solely organic. Our inorganic strategy accelerates the pace at which we can add assets, diversify risk, and strengthen our footprint. Every new acquisition is vetted against our market focus, and the resulting portfolio consolidation reinforces our competitive positioning and long-term value. The Companys history of successful acquisitions—most recently the Vision Softech stake—demonstrates our ability to create synergies, deepen investor confidence, and deliver robust returns.

8. Financial and Operational Performance (FY 2025-26)

1. Revenue Growth

• Total income rose 74.8% to INR 7,678 Mn in FY 2026 from INR 4,393 Mn in FY 2025.

• Revenue from operations increased 77% to INR 6,914 Mn, driven by

• Rental income climbing to INR 6,462 Mn (+74%) as a result of higher occupier counts and significant acquisitions during the year

• Expanding our network from 38.6 M. Sf. (FY 2025) to 61 M. Sf. (FY 2026) and the operational footprint from 19.0 M. Sf. to 28.4 M. Sf..

• The effect of contractual rent escalations, full occupancy of newly completed blocks and leasing of vacant space.

2. Other Income Drivers

• Other income grew 55.9% to INR 764 Mn.

• Interest on bank deposits surged to INR 425 Mn (+320%) from INR 106 Mn.

• Fair value changes in financial instruments lifted to INR 129 Mn (+2,250% from INR 5.5 Mn).

• Additional proceeds from the sale of a non core asset of INR 27 Mn (FY 2026) after an absence in FY 2025.

3. EBITDA Momentum

• EBITDA jumped 79.2% to INR 6,078 Mn from INR 3,391 Mn.

• Underlying revenue growth and expanded operating network were the primary catalysts.

• Gains from the sale of a non core asset and increased interest income also contributed.

4. Operating and Maintenance Scale

• Operating & maintenance expenses rose 75.1% to INR 534 Mn from INR 305 Mn, largely due to higher maintenance charges aligned with the enlarged operational network.

• Property tax and insurance costs grew 24.1% and 20.9% respectively, reflecting the expanded asset base.

5. Workforce Expansion

• Headcount increased 41% from 191 to 259 permanent employees, supporting network expansions and enhanced customer service.

6. Financing and Finance Costs

• Finance costs climbed 52.7% to INR 5,390 Mn, driven by higher interest on bank loans as new assets entered revenue phases.

• Our balance sheet strategy remains focused on securing capital at competitive terms to support future development.

7. Depreciation, Other Expenses & Tax

• Depreciation & amortisation rose 85.7% to INR 2,661 Mn due to asset capitalization post completion and acquisitions.

• Other expenses increased 51.9% largely through higher professional, marketing and restructuring costs.

• Tax expense rose to INR 63 Mn (up from a credit of INR (20) Mn) mainly due to accrued deferred tax.

8. Cash Flows - FY 2026

• Operating activities

Net cash from operating activities: INR 4,640 Mn and Operating cash flow before working capital changes: INR 5,160 Mn. These figures illustrate robust cash generation from core operations, underscoring the Companys ability to fund growth and support debt service.

• Investing activities

Cash used in investing activities: INR 48,728 Mn.

Outflows were mainly directed toward:

!• Development of investment properties INR 15,698 Mn • Purchase of subsidiary investments (INR 10,941 Mn)

• Strategic acquisitions

• Financing activities

Net cash from financing activities: INR 46,381 Mn.

Key sources comprise of Equity issuances by the Holding Company and transferor companies (INR 42,770 Mn) and new borrowings (INR 24,308 Mn)

• The cash raised was deployed to:

• Repay debt and pay interest (INR 5,480 Mn)

• Redeem preference and debenture securities • Reduce lease liabilities

• Overall, cash flows demonstrate strong operating performance, prudent investment, and effective capital raising to support the Companys long-term growth strategy.

9. Bottom Line

• Despite higher operating and finance costs, FY 2026 restated loss widened modestly to INR 2,036 Mn (+13.9%) from INR 1,787 Mn in FY 2025, reflecting the capital intensive nature of our growth strategy.

Key Takeaway:

The FY 2026 financial performance underscores the Companys strong revenue expansion, driven by larger occupied network and a prudent but robust investment approach that supports future growth prospects.

Ratio Analysis:

Ratio	FY26	FY25	YoY Change	Reasons for deviation for more than 25%
Debtors Turnover Ratio	5.30	3.94	34%	Increase in revenue from operations
Debt Service Coverage Ratio	0.30	0.24	23%
Debt Equity Ratio	1.47	57.45	(97%)	Increase in shareholders funds on account of merger, rights issue, private placement and conversion of debentures.
Current Ratio	4.28	0.33	1,207%	Increase in cash and cash equivalents. Other bank balances and current investments.
Operating Profit Margin	88%	87%	1%
Net Profit Margin	(29%)	(46%)	(16%)

9. Risks

The Company sole and primary market being India, all revenues from operations are derived from India. , Accordingly, all the Companys business is influenced by macroeconomic, demographic and regulatory developments in the country. Economic slowdowns, inflation, rising interest rates, unemployment, cost pressures or changes in consumer and business sentiment may affect demand for our offerings.

In addition, the regulatory and policy environment in India continues to evolve. Changes in applicable laws, regulations, approvals, licensing requirements or government policies relating to our business, the logistics sector or real estate may result in increased compliance requirements or operational constraints.

Our principal assets comprise real estate assets in India and are therefore subject to risks generally associated with ownership and operation of real estate, including changes in market conditions, regulatory requirements, development timelines, financing costs and asset liquidity. These factors may affect the value, development, operation or monetisation of our assets.

10. Risk management

Harnessing Risk for Strategic Confidence

At Horizon Industrial Parks, every decision—whether on new park developments, lease renewals, or joint ventures—is evaluated through a transparent risk management lens. This approach supports prudent capital allocation, operational resilience, and sustainable long-term growth.

The Journey - From Identification to Action

1. Spotting the Signals

We continuously assess both internal and external environments to identify emerging risks and opportunities. These may range from macroeconomic shifts and market developments to regulatory changes that could influence project design and execution. Each identified risk is evaluated and assigned to the relevant function for monitoring and mitigation.

2. Understanding the What and the Why

To manage risk effectively, we systematically evaluate each potential event by addressing the following questions:

Timing - When might the risk materialise?

Probability - How likely is the event to occur?

Consequence - If it does occur, what will be the impact on the Company?

By combining quantitative assessments (likelihood and impact) with contextual understanding (the broader narrative of why the risk matters), we can prioritise our focus and allocate resources to the most consequential exposures.

3. Setting the Priority Map

The data nudges us toward a clear hierarchy:

• Risks that could affect the Companys reputation or bottom line get the thick narrow line of focus.

• Risks that would affect day-to-day operations are addressed with the speed of a sprint.

We also weigh the eyes of regulators, investors and customers—external pressures that can shape how aggressively we act.

4. Implementing the Plan

For each qualified risk, we determine the most appropriate response:

Avoid - Discontinue the activity that generates the risk when the cost of mitigation exceeds the potential benefit.

Reduce - Strengthen controls, train personnel or refine processes to lower the risks likelihood or impact.

Share - Transfer or offset the exposure through insurance, strategic partnerships or joint venture arrangements.

Accept - Acknowledge the risk when it is low impact, infrequent or unavoidable.

Accountability is clear, progress is tracked, and every risk owner reports back on effectiveness. The day-to-day pulse from our internal audit team confirms that our response mechanisms live where theyre supposed to.

11. Internal Control Systems

The Company has established a rigorous internal control framework that is tailored to the scale, complexity and operational nature of its activities. The controls are designed to drive operational efficiency and effectiveness, prevent and detect fraud and errors, safeguard assets against unauthorised use or loss, ensure compliance with applicable laws, regulations and contractual obligations, and guarantee the accuracy and completeness of accounting records while providing timely, reliable financial information.

The Companys internal audit is undertaken by a reputed Big 4 audit firm whose annual audit plan is approved by the Board.. Periodical updates on key control issues and corrective actions are presented to the Board, which engages with the Management, internal and statutory auditors to evaluate the adequacy of financial controls. Internal audit also champions the adoption of industry best practices through continuous benchmarking of processes.

Assessments conducted during FY 2026 confirmed that the Companys internal financial controls are sound and effective, with no material weaknesses or significant deficiencies in design or operation

12. Information Technology Infrastructure

The Companys robust IT infrastructure underpins all aspects of the business, delivering efficiency, transparency and scalability. Recent capital investment in IT infrastructure has established a best in class platform which consolidates accounting, administration and property level management into a single, integrated system and improves the operational efficiency of the Company.

To further strengthen resilience and data security, the Company has fortified its IT governance framework, wherein advanced cybersecurity solutions are deployed and external consultants are appointed to undertake periodic risk assessments and gap analyses including review of comprehensive IT policies are ensuring timely revisions to the same as and when merited. Key initiatives include a managed detection and response system, vulnerability management tools and ongoing phishing simulations, all designed to preempt cyber threats and eliminate security gaps. These efforts demonstrate the Companys unwavering commitment to continuous digital transformation, safeguarding data integrity and leveraging technology as a catalyst for operational excellence and sustainable growth.

13. Human Capital

The Company steady growth has also been witnessing a sustained expansion to the team. FFrom 158 employees in FY 2024, the team grew to 191 employees in FY 2025 to 259 employees as at FY 2026. Further, the Company has won best place to work award which is a testament to the Compays commitment to its employees and recorded minimal attrition across the years and especially attrition among key managerial and senior management personnel between FY 2024 and FY 2026, underscoring a stable leadership.

The Company also invests in the professional development of our staff, offering training in business communication, business effectiveness, and advanced spreadsheet techniques, as well as mandatory modules on Prevention of Sexual Harassment, personal trading policy, and cybersecurity.

In addition, the Company also leverages a pool of off-roll professionals supplied by third-party vendors to address project specific requirements - particularly in asset management, allowing the Company to control costs and meet evolving demands while passing those cost savings transparently to our tenants.

14. Forward Looking Perspectives

As we step into FY 2027, the Company being anchored by a resilient portfolio, clear vision and a defined road map to cement the Companys standing as Indias pre-eminent developer of mixed-use industrial and logistics assets. Guided by focused growth milestones, experience shaped differentiation, sustainability and an unwavering focus on stakeholder value, the Company is perfectly positioned to capture the next phase of Indias consumption drive and urbanisation wave.

With a robust development network which is green pre-certified and perfecting energy-efficient designs within a well laid ESG framework ensuring that sustainability is not an afterthought but a core tenet of every asset we deliver and the Companys philosophy of creating a first of its kind fully integrated eco-systems with integrated hubs spanning across industrial and logistics parks, with skill centres, commercial office and hospitality solutions augmenting the mixed-use model, amplifying tenant synergies, and creating steady, recurring income tranches and with dedicated execution and a keen focus on customer experience , and proven track record of value creation we believe that the Company is well is poised to lead India into its next consumption chapter and continually deliver sustainable, long-term returns to our investors.

Cautionary Statement

Certain statements in this document may constitute forward-looking statements within the meaning of applicable securities laws and regulations. These forward-looking statements are based on current expectations, forecasts, and assumptions about future events and may include, but are not limited to, statements regarding the Companys business plans, strategy, growth prospects, financial results, operational performance, and economic outlook.

Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These include changes in macroeconomic, demographic and regulatory conditions in India, including economic slowdowns, inflation, interest rate movements, unemployment, cost pressures and shifts in consumer or business sentiment; changes in laws, regulations, approvals, licensing requirements or government policies affecting our business, the logistics sector or real estate; and risks associated with the ownership, development and operation of real estate assets, including changes in market conditions, development timelines, financing costs, asset values and liquidity.

We caution readers not to place undue reliance on these forward-looking statements. We undertake no obligation to publicly update or revise any such statements, whether as a result of new information, future events or otherwise, unless required by law.