Jattashankar Industries Ltd Management Discussions

Annexure II

The Management of JATTASHANKAR INDUSTRIES LIMITED presents its report covering performance and outlook of the Company. The Management accepts responsibility for the integrity and objectivity of the financial statements. However, investors and readers are cautioned that this discussion contains certain forward-looking Statements that involve risk and uncertainties.

GLOBAL ECONOMY:

The global economy remained resilient during FY 2025-26 despite geopolitical tensions, elevated trade- policy uncertainty and uneven recovery across major economies. Global economic activity was supported by technology-related investment, resilient domestic demand, accommodative financial conditions and businesses ability to adapt to changing conditions.

According to the IMF January 2026 World Economic Outlook Update, global growth was estimated at 3.3% in 2025 and projected at 3.3% for 2026, while global inflation was expected to continue moderating. However, downside risks persisted from renewed trade restrictions, geopolitical tensions, commodity price movements and global financial conditions.

Economic performance across major regions remained divergent, with emerging and developing economies continuing to contribute significantly to global growth. The global trading environment evolved amid changing tariff policies and supply-chain adjustments, requiring businesses to remain flexible.

These global trends continued to affect commodity-oriented industries, including agriculture and food processing, through input costs, commodity prices, transportation costs, exchange rates and international demand. Weather conditions and geopolitical developments also remained important influences on agricultural production and commodity markets.

OVERVIEW OF THE INDIAN ECONOMY

A resilient economy supported by domestic demand, manufacturing and services. The Indian economy demonstrated resilience during FY 2025-26 despite a challenging global environment characterised by geopolitical tensions, trade-policy uncertainty, volatile commodity prices and disruptions to international supply chains. Indias growth remained broad-based, with domestic consumption, investment activity, manufacturing and services providing important support to economic expansion.

According to the Provisional Estimates released by the Ministry of Statistics and Programme Implementation (MoSPI) on 5 June 2026, Indias real Gross Domestic Product (GDP) was estimated to have grown by 7.7% during FY 2025-26, compared with 7.1% in FY 2024-25. Real Gross Value Added (GVA) grew by 7.9%, while nominal GDP increased by 8.9% during the year. The performance reflected the continued strength of the domestic economy and the increasing contribution of the secondary and tertiary sectors.

The latest national accounts estimate also reflect the implementation of the revised GDP series with 2022-23 as the base year, released by MoSPI in February 2026. The revised series incorporated updated data sources and methodology and provided a more contemporary representation of the structure and performance of the Indian economy.

INDIAS GROWTH IN GLOBAL CONTEXT

India continues to remain one of the fastest-growing major economies globally. The IMFs July 2026 update projects Indias real GDP growth at 7.0% in 2026, compared with projected global growth of 3.0%, highlighting Indias continued relative strength in the global economic landscape. Domestic consumption, investment activity, infrastructure development and the expanding services sector remain important drivers of growth.

Indias economic resilience provides a supportive backdrop for agriculture-linked industries, including sugar and ethanol. At the same time, global trade conditions, commodity-price movements, climate variability and geopolitical developments continue to remain key factors influencing the operating environment.

COMPANYS BUSINESS:

Company is mainly engaged in the business of trading of agricultural products, edible oils, food products, commodities and allied goods. The Board of Directors, at its meeting held on 22 nd August, 2025, approved the alteration of the Main Objects of the Company to enable it to undertake business activities relating to agricultural commodities, including the purchase, sale, supply, import, export, trading and distribution of agricultural products, edible oils, food products, commodities and allied goods.

PRODUCT SEGMENT-WISE PERFORMANCE ANALYSIS

the recent strategic alignment of our corporate objectives to focus entirely on agro-commodity trading, this fiscal year marks the inaugural period of operations under this newly defined business model. The primary agricultural commodities and pulses segment served as a key revenue driver, validating the companys structural pivot into the essential foods ecosystem. Establishment of Sourcing Networks: As part of our first- year operational rollout upon change of Object, the company prioritized building robust supply chain foundations.

We successfully established a comprehensive network of local sourcing agents, institutional suppliers, and regional mandi partnerships. These newly formed channels ensured steady pipeline volumes, allowing the company to successfully navigate localized harvest arrivals and seasonal market variations.

Institutional & Processing Footprint: Initial market entry strategies focused on securing high-volume supply contracts with large-scale food processors, regional retail chains, and wholesale distributors. By prioritizing strictly graded, sorted, and high-uniformity products from day one, the company has rapidly positioned itself as a reliable supply-chain partner, setting a strong baseline for future margin expansion

OPPORTUNITIES & THREATS Key Opportunities

Organized Retail Adoption: The ongoing shift toward premium, quality-tested, packaged products opens up major room for brand expansion in the premium daal and fortified cooking oil fields. Traceability and Supply Compliance: Strengthening digital traceability from agricultural farm gates to packaging units enables the company to secure premium margins from high-end corporate buyers and international export avenues.

Significant Threats:

Unpredictable Trade Policy Shifts: Abrupt changes to import duty structures, export blockades, or localized stock holding limits by regulatory authorities could quickly impact established supply economics. Climate Vulnerability: Sudden weather events can damage crop quality across major supply areas, necessitating highly nimble sourcing alternatives across diverse geographical locations.

RISK AND CONCERN

The Government policies and volatile economic environment have a bearing on the overall performance of the company. Continuous Quality Improvement as well as maintaining a balance between the quality and price of products is the need of hour as there are different demand pattern all over the world.

Information Technology

Companys Corporate Office is connected with cloud computing system . The Corporate office Computers softwares are updated with Office 365 for better and fast processing work.

INTERNAL CONTROLS, RISKS, AND FUTURE OUTLOOK

The company has built a multi-layered risk management framework to systematically monitor market price fluctuations, counterparty credit standings, and physical inventory safety. A dedicated market intelligence unit tracks global supply forecasts, local mandi arrivals, and weather reports daily to help guide our purchasing teams. Moving into the 2026-27 financial year, the company intends to increase its investments in value-added processing plants and localized cluster procurement networks. By prioritizing domestic oil processing alongside premium packaged pulses, we aim to deliver sustainable growth and strong value returns to our stakeholders, despite shifting global market conditions.

HUMAN RESOURCES MANAGEMENT / INDUSTRIAL RELATION FRONT

Human Resource is the back-bone of achieving organisation excellence. The Company continuously strives for improvement of its human resources. It regularly organizes various programmes to improve productivity and competency of its employees.

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis report detailing the Companys objectives, projections, estimates, expectations or predictions may be forward looking statements within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include global and Indian demand supply conditions, raw material prices, finished goods prices, cyclical demand and pricing in the Companys products and their principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries with which the Company conducts business and other factors such as litigation and / or labor negotiations.

By Oder of the Board

For Jattashankar Industries Limited

Keval Jayanti Khudai	Vishal Prakashbhai Ashara
Managing Director	Director
DIN: 11153664	DIN: 11150490
Date: 02/09/2026
Place: Ahmedabad