Integra Switchgear Ltd Management Discussions

A. INDUSTRY & DEVELOPMENTS
Integra Switchgear Limited was historically engaged in the business of manufacturing electrical switchgear and relays tailored to customer-specific requirements. The Company had established a reputation for providing quality products and solutions to its clientele across various industrial segments.

Following the closure of its manufacturing operations at the Vadodara facility, the Company is presently not carrying out any active business operations. During the year under review, the management continued to evaluate various reorganization strategies aimed at optimizing the Companys resources and enhancing stakeholder value.

B. OPPORTUNITIES & THREATS
The Company sees opportunities in exploring new business ventures, strategic investments, collaborations and asset utilization initiatives that align with its long-term objectives. The strategic location of the Companys land and other resources may also provide opportunities for participation in industrial, logistics, infrastructure or other emerging sectors subject to regulatory approvals and commercial viability. The principal threats include uncertainties associated with identifying and implementing suitable business opportunities, changes in economic and regulatory conditions, increased competition in prospective sectors, risks relating to the execution of new business strategies and international geo political issues. The Company continues to monitor these risks through appropriate evaluation, assessment and governance mechanisms to safeguard stakeholders interests.

The Board remains committed to exploring viable opportunities and adopting prudent risk management practices to ensure the Companys long-term sustainability and growth.

C. SEGMENT PERFORMANCE
During the financial year under review, the Company did not undertake any business operations and accordingly did not generate any revenue from operations. The erstwhile electrical switchgear manufacturing business remains discontinued since the closure of operation in 2020.

D. OUTLOOK
During the financial year 2025-26, the Company reported a net loss of 29.07 Lakhs as against a net profit of 1.51 Lakhs reported in the previous financial year 2024-25. The loss incurred during the year is primarily attributable to expenses and provisions associated with the acquisition of Bimal Switchgear Private Limited, along with other administrative and compliance-related costs. The Company remains committed to its ongoing restructuring and strategic realignment initiatives aimed at restoring long-term profitability.

1. Business Opportunity and Execution Risk: The Companys future growth depends on identifying and successfully implementing suitable business opportunities. Any delay or failure in executing such opportunities may adversely affect its growth prospects and financial performance.
2. Interest Rate Risk: Any increase in interest rate can affect the finance cost for pursuing future business
3. Human Resources Risk: Your Companys ability to deliver value is dependent on its ability to attract, retain and nurture talent. Attrition and non-availability of the required talent resource can affect the overall performance of the Company
4. Competition Risk: Every company is always exposed to competition risk.
5. Compliance Risk: Increasing regulatory Requirements: Any default can attract penal provisions

F. INTERNAL CONTROL SYSTEMS
The Company has strengthened its internal control and audit aspects by appointing outside agency for internal audit. There are adequate checks and controls to ensure compliance of various statutes.

G. FINANCIAL PERFORMANCE
During the financial year 2025-26, the Company reported a net loss of 29.07 Lakhs (after tax) as compared to a net profit of 1.51 Lakhs (after tax) in the financial year 2024-25. The loss incurred during the year is primarily attributable to expenses associated with acquisition cost, compliance requirements and other administrative costs. The Company remains committed to restructuring and strategic initiatives aimed at strengthening its financial position and creating a foundation for sustainable long-term growth.

H. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FRONT INCLUDING NUMBER OF PEOPLE EMPLOYED
During the year under review, the Company continued to have cordial and harmonious relations with its employees and total number of employees on payroll is 2.

I. DETAILS OF SIGNIFICANT CHANGES IN FINANCIAL RATIO:
Details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios, along with detailed explanations therefore, including:

The Company does not have any inventory, sales, purchases, or long-term or short-term borrowings/debits during the reporting period.

2. DISCLOSURE OF ACCOUNTING TREATMENT:
The financial statements for the year ended 31st March, 2026 have been prepared as prescribed in accounting standards and there is no change in treatment of the said accounting standards. Therefore, no explanation by the management is required for the same.

By Order of the Board of Directors

Upveen Harpal
Whole-Time Director and CFO
DIN: 06800217
Place: New Delhi

Baljit Singh
Director
DIN: 00711152
Place: Abu Dhabi

Date: 31-08-2026

Registered Office: 3rd Floor, Fortune Tower, Sayajigunj, Vadodara, Gujarat, India, 390020