Inland Printers Ltd Management Discussions

Your Directors have pleasure in presenting the Management Discussion and Analysis Report for the year ended March 31, 2026. This report is furnished in terms of Regulation 34(2)(e) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Investors are cautioned that these discussions contain certain forward-looking statements that involve risks and uncertainties, including those inherent in the Companys growth and strategy. The Company undertakes no obligation to publicly update or revise any of the opinions or forward-looking statements expressed in this report consequent to new information, developments, events or otherwise.

The Management is presenting herein the overview, opportunities and threats, initiatives taken by the Company, and its overall strategy and outlook for the future. This outlook is based on Managements own assessment and may vary due to future economic and other developments.

ECONOMIC OVERVIEW

The print industry continues to operate in a changing environment shaped by the wider shift towards digital media and "web-to-print" models. Customers increasingly expect faster turnaround, customisation and integration with digital ordering and design tools, and industry players that adapt their offerings accordingly are best placed to capture the opportunities this shift creates.

At the same time, traditional segments such as newspapers, magazines, catalogues and point- of-sale/wide-format display continue to face pressure from the broader move of readers and advertisers to online channels, and from cost-conscious customers reducing discretionary print spend. Commercial printing - newsletters, manuals and business forms - has seen a similar shift. This has led to consolidation in the industry, with weaker or under-capitalised service providers exiting and creating room for well-run players to gain share.

Some leading printing companies are responding by investing in digital printing technology that supports shorter runs and greater customisation, and by broadening their offering beyond conventional print. The Company continues to monitor these trends and assess where its own capacity and capabilities can be redirected to capture demand as it evolves.

INDUSTRY STRUCTURE AND DEVELOPMENT

The Company is actively considering expansion, to support its growth plans, long-term working capital and general corporate purposes, and to pursue the main objects of the Company as stated in its Memorandum of Association (MOA).

OPPORTUNITIES, OUTLOOK AND THREATS

The growth of the Company is subject to the opportunities and threats applicable to the industry from time to time. The Company has a risk management policy in place for the assessment and treatment of such risks, and does not foresee any major threat to its growth

or market share in the coming years. The existing capacity should take care of the Companys requirements for at least the next four to five years.

The Company is taking steps to restart its business and expects a better outlook in the coming years. The major near-term threat for the Company is that it does not presently have any funds.

SEGMENT-WISE PERFORMANCE

The Companys business activities during the year could not generate any income. Therefore, the requirement of segment-wise reporting is not applicable.

RISKS AND CONCERNS

Your Company is taking adequate measures to safeguard against risks and concerns. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

Your Company has been maintaining an adequate internal control system commensurate with the size and nature of its business.

HUMAN RESOURCES POLICIES

The Company considers human resources as its most valuable asset, among all other assets of the Company. Envisaging future expansion, the Companys policy is to develop talent by providing employees the opportunity to grow within the organisation.

CAUTIONARY STATEMENT

Due to unfavourable market conditions, your Company is facing profitability challenges. However, your management is making optimum efforts to minimise overheads and reduce costs.

FINANCIAL MANAGEMENT AND FINANCIAL PERFORMANCE

The Company is in the process of financial restructuring, which will help it better reflect operational efficiency and improvements in future years, and better reflect true shareholder value. This is expected to have a positive impact on key financial ratios such as Net Profit Margin, Return on Capital Employed and Return on Net Worth, among others.

ENVIRONMENTAL ISSUES

As the Company does not carry on any manufacturing activity, matters relating to the production of harmful gases and liquid effluents are not applicable.

DETAILS OF SIGNIFICANT CHANGES (I.E. CHANGE OF 25% OR MORE AS COMPARED TO THE IMMEDIATELY PREVIOUS FINANCIAL YEAR) IN KEY FINANCIAL RATIOS

Not applicable, since there is no significant change.

(i) Debtors Turnover: NA

(ii) Inventory Turnover: NA

(iii) Interest Coverage Ratio: NA

(iv) Current Ratio: 0.92

(v) Debt Equity Ratio: 0.75

(vi) Operating Profit Margin (%): NA

(vii) Net Profit Margin (%): NA or sector-specific equivalent ratios, as

DISCLOSURE OF ACCOUNTING TREATMENT

Not applicable, since no treatment different from that prescribed in an Accounting Standard has been followed.

STATUTORY COMPLIANCES

Being a responsible legal entity, the Company has duly complied with all applicable regulatory requirements during the year under review.

CAUTION

Statements in this report describing the Managements expectations, estimates, projections, objectives, intentions and assumptions are forward-looking statements. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and similar expressions are intended to identify forward-looking statements, including but not limited to projections of revenues, earnings, segment performance and cash flows. These statements are made pursuant to the Companies Act, 2013, securities laws and other applicable statutes, rules and regulations as amended from time to time. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict; actual results and trends may therefore differ materially from what is forecast, whether expressed or implied.

The Company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this report.

For and on behalf of the Board
Inland Printers Limited
Sd/-	Sd/-
Bhavesh Ramanlal Patel Director	Kishor Krushna Sorap Whole Time Director
DIN: 07144964	DIN: 08194840
Place: Mumbai
Date: 07/10/2026