Jhaveri Credits & Capital Ltd Management Discussions

THE BUSINESS

The Companys performance for the year ended March 31, 2026, and its outlook for the current year remain positive. Despite global uncertainties arising from economic crises and geopolitical tensions, the Indian economy has shown resilience, supported by stable governance and favorable policy measures. International rating agencies continue to maintain a progressive outlook for India, with consistent improvement across key indicators. Stock market indices, a key barometer of investor confidence, have shown steady growth since 2022, reflecting strong fundamentals and optimism In the domestic market.

FINANCIAL HIGHLIGHTS

The Audited Financial Statements of the Company as on March 31, 2026, are prepared in accordance with the relevant applicable Ind AS and Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("S68I Listing Regulations*) and the provisions of the Companies Act, 2013 ("Act").

The summarized financial highlight is depicted below:

•Figures are restated as per Ind AS for approval of the Scheme of Amalgamation.

RESULTS OF OPERATIONS AND STATE OF COMPANYS AFFAIRS Standalone & Consolidated Financial Results:

During the financial year 202S-26, the Company has earned, on standalone and consolidated basis, revenue from Operations of *11,121.09 lakhs as compared to *9,069.63 lakhs in FY 2024-25, registering a growth of approximately 22.62%. The Companys Profit After Tax (PAT) stood at *195.30 lakhs, maintaining stable profitability levels.

FINANCIAL PERFORMANCE AND OPERATIONAL EFFICIENCY

The Company continues to maintain a prudent and disciplined approach to financial management, ensuring that surplus funds are deployed judiciously and without taking unnecessary speculative risks. Sound short-term and long-term financial planning has helped protect Investments while maintaining overall stability. Regular monitoring by the management, timely decisions, and effective cost management have supported the Companys profitability. Further efficiency in operational expenditure is expected to reinforce the Companys financial position and support sustainable growth.

KEY DEVELOPMENTS DURING THE YEAR

Scheme of Amalgamation of U R Energy (India) Private Limited with Jhaverl Credits and Capital Limited

During the year under ended March 31, 2026, Honble NCLT vide Order dated March 16, 2026 has approved Scheme of Amalgamation of U R Energy (India) Private Limited with Jhaveri Credits and Capital Limited effective from April, 01, 2026. The effect of such schemes was accounted for in the books of account in accordance with the scheme and accounting standards

OPPORTUNITIES AND OUTLOOK

Amid Increased geopolitical tensions and the evolving risk of global conflicts, economic uncertainties remain. However, India continues to demonstrate resilience, driven by robust domestic demand and a sustained consumption-led growth trajectory. International rating agencies remain positive on Indias growth prospects, recognizing its position among the worlds fastest-growing major economies, supported by strong domestic fundamentals and changing global trade patterns. These factors provide the Company with opportunities to leverage emerging growth prospects while remaining vigilant to external risks and global headwinds.

INTERNAL CONTROL SYSTEMS AND ADEQUACY

The Company has in place a robust Internal control framework, developed over time and reviewed periodically by management to ensure adequacy, effectiveness, and compliance with applicable laws and policies.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBER OF PEOPLE EMPLOYED

The Company remains committed to building an Inclusive and diverse workplace based on equal opportunities, fairness, and non-discrimination. Its employee engagement initiatives are focused on enhancing motivation, productivity, and employee retention. The Company continues to foster a positive work environment that promotes innovation, collaboration, teamwork, and a culture of continuous learning and Improvement.

RISK AND CONCERNS

The Companys business model remains conservative and secure, with minimal exposure to speculative risks. A disciplined approach towards fund management and operational efficiency provides protection against adverse market movements.

DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS AND RETURN ON NETWORTH

The details of changes in key financial ratios and return on net worth are provided in the notes to financial statements forming part of the Annual Report.

Below are the details of significant changes in key financial ratios and return of Networth of the Company.

CAUTIONARY STATEMENT

The statements contained in this Management Discussion and Analysis regarding the Companys activities, projections, estimates, expectations, and future plans may constitute forward-looking statements within the meaning of applicable laws, rules, and regulations prevailing at present. Actual results, performance, and outcomes may differ materially from those expressed or implied in such statements due to various factors, including changes in economic conditions, government policies and regulations, tax laws, and other applicable statutes, as well as other unforeseen and incidental factors.