Jet Solar Ltd Management Discussions

1. INDUSTRY STRUCTURE AND DEVELOPMENTS:

The Indian real estate sector continues to remain an important contributor to the countrys economic growth, supported by urbanisation, increasing household incomes, infrastructure development, changing consumer preferences and growing demand for residential and commercial properties.

During FY 2025-2026, the real estate sector continued to witness developments across residential, commercial and other segments. Demand for quality housing, improved infrastructure connectivity and development of urban and semi-urban areas continued to provide opportunities for real estate developers.

The sector, however, remains sensitive to interest rates, availability and cost of financing, regulatory requirements, construction costs, land prices, economic conditions and overall consumer sentiment.

The Company operates in the real estate sector and is primarily engaged in construction. The Company continues to focus on prudent project selection, efficient utilisation of resources, timely execution and maintaining quality standards.

2. BUSINESS OVERVIEW:

The Company is engaged in the business of real estate / construction.

During FY 2025-2026, the Company continued its focus on its existing business operations and pursued opportunities for sustainable growth. The Company remained focused on strengthening its project pipeline, improving operational efficiencies and maintaining prudent financial management.

3. OPPORTUNITIES:

The Company believes that the Indian real estate sector offers several opportunities for long-term growth. Key opportunities include:

1. Continued urbanisation and population growth.

2. Increasing demand for residential and commercial properties.

3. Development of infrastructure and improved connectivity.

4. Growing demand for organised and professionally managed real estate projects.

5. Opportunities arising from redevelopment of existing properties.

6. Increasing demand in emerging urban and semi-urban markets.

7. Adoption of technology for project management, customer engagement and marketing.

8. Opportunities to expand through strategic collaborations, joint development arrangements and selective acquisition of suitable projects.

The Company intends to evaluate such opportunities based on commercial viability, project risks, availability of resources and expected returns.

4. THREATS AND CHALLENGES:

The principal challenges faced by the real estate industry include:

? Fluctuations in land and construction costs; ? Changes in interest rates and financing costs; ? Regulatory and statutory approvals;

? Changes in government policies and real estate regulations; ? Competition from established and emerging developers; ? Delays in obtaining approvals or execution of projects; ? Changes in customer preferences and market demand; ? Availability of adequate financing;

? Economic slowdown or adverse market conditions; and ? Litigation and other project-specific risks.

The Company continuously monitors these factors and takes appropriate measures to mitigate their potential impact on its operations.

5. OUTLOOK:

The outlook for the Indian real estate sector remains positive over the medium to long term, supported by urbanisation, infrastructure development, increasing housing requirements and improving consumer purchasing capacity.

The Company proposes to pursue a cautious and sustainable growth strategy. The Company will continue to assess viable real estate opportunities while maintaining focus on project feasibility, financial discipline, regulatory compliance and timely execution.

The management remains cautiously optimistic about the Companys future prospects and intends to leverage available opportunities while appropriately managing the associated risks.

6. RISKS AND CONCERNS:

The Companys business is subject to various risks inherent to the real estate sector. These include market risk, project execution risk, regulatory risk, financial risk, liquidity risk, interest rate risk, customer demand risk and competition risk.

The Company has adopted appropriate internal processes for identification, assessment and mitigation of material business risks. Management periodically reviews the risk profile of the Company and takes corrective measures wherever required.

The Company also remains committed to complying with applicable laws, regulations and statutory requirements governing its operations.

7. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has established adequate internal control systems commensurate with the size, scale and complexity of its operations.

The internal control framework includes appropriate policies and procedures relating to financial reporting, operational activities, asset protection, authorisation of transactions and statutory compliance.

The management periodically reviews the effectiveness of internal controls. The internal controls are designed to provide reasonable assurance regarding the reliability of financial reporting, safeguarding of assets, prevention and detection of fraud and errors, and compliance with applicable laws and regulations.

The Audit Committee / Board of Directors reviews the adequacy and effectiveness of the internal control systems on a periodic basis.

8. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS:

Human resources remain an important component of the Companys operations.

The Company maintains a professional and performance-oriented work environment and focuses on employee development, productivity and compliance with applicable employment-related laws. As on March 31, 2026, the Company had 5 employees.

During the year under review, the industrial relations of the Company remained cordial.

9. TECHNOLOGY AND DIGITISATION:

The Company continues to evaluate and adopt technology-based solutions wherever appropriate for improving operational efficiency, project monitoring, financial management, customer communication and internal reporting.

The management believes that appropriate use of technology can contribute to improved transparency, efficiency and customer experience.

Statements in this Management Discussion and Analysis Report describing the Companys objectives, expectations, estimates, projections and future outlook may constitute forward-looking statements within the meaning of applicable securities laws and regulations.

Actual results could differ materially from those expressed or implied due to various factors including changes in economic conditions, market demand, government policies, regulatory requirements, interest rates, competition, availability and cost of resources, project execution and other risks and uncertainties.

The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of future events or otherwise.

The management remains committed to pursuing sustainable growth while maintaining financial discipline, operational efficiency, quality standards and compliance with applicable laws and regulations.

The Company will continue to identify suitable opportunities in the real estate sector and strengthen its business operations with a focus on creating sustainable long-term value for all stakeholders.