The Managements Discussion and Analysis Report provide an overview of the Companys financial position, operational performance, industry trends, opportunities, risks, and future outlook. During the financial year under review, the Company continued to focus on operational efficiency, prudent financial management, and sustainable business growth while adapting to the changing economic and regulatory environment. The Company regularly evaluates market conditions, industry developments, and customer requirements to strengthen its competitive position and create long-term value for its stakeholders. Adequate internal control systems, supported by periodic internal audits, are in place to safeguard the Companys assets, ensure the accuracy of financial reporting, and maintain compliance with applicable laws and regulations.

The financial performance of the Company reflects the Managements continued emphasis on improving operational efficiencies, optimizing costs, and maintaining financial discipline. The Company remains committed to effectively managing business risks, strengthening its operational capabilities, and exploring growth opportunities while maintaining sound corporate governance practices. The Management is confident that the Companys strategic initiatives, experienced leadership, and robust risk management framework will support sustainable growth and enhance shareholder value in the years ahead. The detailed Management Discussion and Analysis Report forms part of the Annual Report.

BUSINESS OVERVIEW

Our company is engaged in domestic as well as international business. With market presence in PAN India, products of JFL is supplied to 10 developed and developing countries throughout the World. To maintain its competitiveness and to further the cause of health care JFL has laid a strong R&D foundation and a FDA approved state of the art manufacturing facility near Ahmedabad.

We export our products majorly to African countries, Middle Eastern countries and CIS countries, mainly through merchant exporters. Our Company is registered with the MOH of Kenya, Nigeria, Yemen, Cambodia & Myanmar for manufacturing of a particular product. Few of our products are also registered with Ukraine, Uzbekistan, Kazakhstan (CIS countries) through merchants.

Following are our major products categories:

? Dry powder injections

? Tablets & Capsules (B-Lactam) solid oral dosage form

? Tablet and capsules (General)

? Oral Rehydration Solutions (ORS)

KEY FACTORS AFFECTING THE RESULTS OF OPERATION

Regulatory Framework

At present, the segments in which we operate is highly regulated. While we are not in a position to predict the likelihood, timing or content of any such regulation or legislation, if any such regulation or legislation is notified, we may be affected in various ways. Though we believe that we have obtained permits and licenses which are adequate to run our business, we cannot assure that there is no other statutory/regulatory requirement which we are required to comply with. Further, some of these approvals are granted for fixed periods of time and need renewal from time to time. We are required to renew such permits, licenses and approvals. There can be no assurance that the relevant authorities will issue any of such permits or approvals in time or at all. Failure by us to renew, maintain or obtain the required permits or approvals in time may result in the interruption of our operations and may have a material adverse effect on our business.

Ability of Management

Our success depends on the continued services and performance of the members of our management team and other key employees. Competition for senior management in the industry is intense, and we may not be able to retain our existing senior management or attract and retain new senior management in the future. The loss of the services of our Promoters could seriously impair our ability to continue to manage and expand our business. Further, the loss of any other member of our senior management or other key personnel may adversely affect our business, results of operations and financial condition.

High dependency on Geo-Political circumstances

Our business has a major export component which is hugely dependent on the geopolitics between nations and can be grossly affected with any economic sanctions, war, global pandemics, rise in the prices of crude oil, unavailability of transportation vessels stuck in war zones, etc. Any form of economic sanctions which can prevent us from exporting to our markets or any trade agreement between our market and another supplier country can increase competition for us and can put us in a disadvantage. To mitigate this we may have to penetrate into several other markets to reduce risk of over dependence on a few markets.

We do not have an in-house transportation facility and we rely on third party transportation and other logistic facilities at every stage of our business activity including for procurement of products from our suppliers and for transportation from our factory to our customers and other markets. Since the cost of our goods carried by third party transporters is typically much higher than the consideration paid for transportation, it may be difficult for us to recover damages for damaged, delayed or lost goods. Our operations and profitability are dependent upon the availability of transportation and other logistic facilities in a time and cost-efficient manner.

Accordingly, our business is vulnerable to increased transportation costs, transportation strikes and lock-outs, shortage of labour, delays and disruption of transportation services for events such as weather-related problems and accidents. Further, global supply chains can be impacted with the increase in the fees of shipping routes putting cost pressures. Further, movement of goods encounters additional risks such as accidents, pilferage, spoilage or shrinkage may adversely affect our operations, results of operations and financial condition.

Although we have not experienced any material logistics and transport related disruptions in the past, any prolonged disruption or unavailability of such facilities in a timely manner could result in delays or non-supply or may require us to look for alternative sources which may not be cost-effective, thereby adversely affecting our operations, results of operations, cash flows and financial condition.

Competition

We operate in a competitive atmosphere. Our competition varies by market, geographic areas and type of products. Currently, our business model is such that we have strong control over our product manufacturing because of regularization. But our Company may face stiff competition from domestic as well as global market as the dynamic changes. Some of our competitors may have greater resources than those available to us. While service quality, technical ability, performance records, etc are key factors in client decisions among competitors, however, price is the deciding factor in most cases.

Further, this industry is fragmented with many small and medium sized companies and entities, which manufactures some of these products at various levels, which may adversely affect our business operation and financial condition. Further, there are no entry barriers in this industry and any expansion in capacity of existing manufacturers would further intensify competition. Moreover, as we seek to diversify into new geographical areas, new territories, new emerging markets, we face competition from competitors that have a pan-India presence and also from competitors that have a strong presence in regional markets. The markets in which we compete and intend to compete are undergoing, and are expected to continue to undergo, rapid and significant change.

We expect competition to intensify as technological advances and consolidations continue. These competitive factors may force us to reduce rates, and to pursue new market opportunities. Increased competition could result in reduced demand for our products, increased expenses, reduced margins and loss of market share. Failure to compete successfully against current or future competitors could harm our business, operating cash flows and financial condition.

REGULATIONS

1. Unusual or infrequent events or transactions

To our knowledge there have been no unusual or infrequent events or transactions that have taken place during the last three years.

2. Significant economic changes that materially affected or are likely to affect income from continuing operations

To our knowledge, there are no known factors which we expect to bring about significant economic changes.

3. Income and Sales on account of major product/main activities

Income and sales of our Company on account of major activities derives from sale of main activities.

4. Whether the company has followed any unorthodox procedure for recording sales and revenues

Our Company has not followed any unorthodox procedure for recording sales and revenues.

5. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations

In our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.

6. Extent to which material increases in net sales or revenue are due to increased sales volume, introduction of new products or services or increased sales prices

Increases in revenues are by and large linked to increases in volume of business.

7. Status of any publicly announced new products or business segment

Our Company has not announced any new services or business segment.

8. The extent to which business is seasonal

Our Companys business is not seasonal.

9. Any significant dependence on a single or few suppliers or customers

Our Company is not dependent on any single or few suppliers of customers.

Industrial Relations

Industrial Relations throughout the year continued to remain very cordial and satisfactory.

Analysis of Financial Conditions and Results of Operations

The Financial Statements have been prepared in accordance with the requirements of Indian Accounting Standards and the Accounting Standards as prescribed by the Institute of Chartered Accountants of India.

The Management believes that it has been objective and prudent in making estimates and judgments relating to the Financial Statements and confirms that these Financial Statements are a true and fair representation of the Companys Operations for the period under review.

KEY FINANCIAL RATIOS

Sr. No Particulars of Ratio	31.03.2026	31.03.2025
1 Current Ratio	1.73	1.88
2 Debt equity Ratio	0.47	0.27
3 Return on Equity Ratio	15	11
4 Net Profit Ratio	5	5
5 Return on Capital Employed	0.16	0.14
6 Inventory Turnover Ratio	3.98	3.42
7 Trade Payable Turnover Ratio	5.37	4.86
8 Trade Receivable Turnover Ratio	2.98	2.70

DISCLOSURE OF ACCOUNTING TREATMENT

The Company has followed the same Accounting Standard as prescribed in preparation of Financial Statements.

By the Order of the Board of Directors JFL LIFE SCIENCES LIMITED

Date: 31.07.2026 Place: Ahmedabad

SMIRAL ASHWINKUMAR PATEL - Managing Director - DIN: 00769486 TEJAL SMIRAL PATEL - Whole Time Director - DIN: 07391559