Jindal Photo Ltd Management Discussions

Industry Overview and Development

The Company is a Core Investment Company under Core Investment Companies (Reserve Bank) Directions, 2016 not required to get registered with RBI. Company holds investment mainly in power sector group companies. The performance of the investments mainly relies on the economic developments and the performance of the investee companies and its profits. The Companys revenue also primarily depends on the movements in the value of the investee companies. Investments outside the group can only be made in specified short term securities like money market instrument including money market Mutual Fund.

Industry Overview (Power Sector)

During FY 2025-26, Indias power sector continued to witness significant development, supported by sustained growth in electricity demand, expansion of generation capacity and strengthening of transmission and distribution infrastructure. The sector remained a critical enabler of economic growth, with increasing industrial, commercial and residential consumption driving the need for reliable and adequate power supply. During the year, Indias installed generation capacity crossed the landmark level of 500 GW, reflecting the continued expansion and diversification of the countrys power generation base. As on December 31, 2025, Indias total installed generation capacity stood at approximately 513.73 GW, of which 51.93% was from non-fossil fuel sources.

Electricity generation continued to remain robust during FY 2025-26, with total generation reaching approximately 1,847.91 Billion Units, compared with 1,829.70 Billion Units in FY 2024-25. The Government continued to focus on ensuring energy security and reliable power supply through augmentation of generation capacity, strengthening of transmission networks and measures for ensuring adequate fuel availability for thermal power plants. Investments in transmission infrastructure also remained a key priority to facilitate efficient evacuation and transfer of power across regions and to support the growing integration of renewable energy into the national grid.

The transition towards cleaner sources of energy gained further momentum during the year. India achieved the significant milestone of meeting 50% of its installed electricity capacity from non-fossil fuel sources in June 2025, ahead of the target set under its Nationally Determined Contributions. During calendar year 2025, approximately 48.44 GW of renewable energy capacity was added, including 37.95 GW of solar power and 6.35 GW of wind power. These developments underscore the countrys continued commitment towards achieving 500 GW of non-fossil fuel-based capacity by 2030 and its long-term objective of achieving net-zero emissions by 2070.

Going forward, the power sector is expected to remain focused on meeting rising electricity demand while balancing energy security, reliability and sustainability. Continued investments in grid modernization, transmission infrastructure, renewable energy, energy storage and ancillary services are expected to strengthen grid resilience and facilitate the integration of increasing renewable energy capacity. The Governments ongoing initiatives towards resource adequacy and grid modernization are aimed at ensuring a reliable and resilient power system capable of supporting Indias long-term economic growth and energy transition.

Operational and Financial Performance

Details of Financial Results and Operations of the Company are given as under:

The financial results of the Company have been prepared in accordance with The Companies (Indian Accounting Standards) Rules, 2015 as amended, prescribed under section 133 of the Companies Act, 2013.

Outlook

Outlook and performance of the Company in the coming year will be better as the Company is having investment in group companies in power sector which is doing well.

Opportunities and Threats

The Company depends on the capital appreciation from the investments done by the Company. Thus, better performance of the investee companies may be beneficial for the Company while on the other hand, any failure by any investee Company to earn profits or distribute dividends or provide capital appreciation can impact the revenue stream of the Company. As the Company holds major investment in Power Sector which is doing well and any favourable policy of the Government in power Sector may prove boon to the Company on the contrary any unfavourable policy of the Government will affect the profitability of the investee Company and will be threat to the Company.

Performance

Financial Parameters of the Company are provided in the Board report under the head Financial Result and Operations in details. The Company continues to carry on the business as Core Investment Company and for that purpose it plans to invest in, acquire, subscribe for and hold shares, bonds, units, stocks, securities, debentures in group Companies and/or mutual funds.

Risks and Concerns

Your Company fundamentally has been built on the principle of sound risk management practices, it has successfully weathered the market turbulence and continues to remain resilient. The Audit Committee of the Company reviews the probable risk that may affect the financial position of the Company from time to time.

Internal Control System and Their Adequacy

As per Section 134(5)(e) of the Companies Act, 2013, the Directors have an overall responsibility for ensuring that the Company has implemented a robust system and framework of internal financial controls. The Company had already developed and implemented a framework for ensuring internal controls over financial reporting.

This framework includes entity-level policies and processes such as code of conduct, confidentiality and whistle blower policy and other polices such as organisation structure, insider trading policy, HR policy, etc. During the year, controls were tested and no reportable material weakness in design and effectiveness was observed.

Discussion on financial performance with respect to operational performance and significant changes in key financial ratios

Financial performance, which has been given in the Directors report, needs to be viewed in the above Backdrop. Details of key financial ratios as compared to the immediately previous financial year is given below:

Material developments in human resources

The company is having sufficient industry professionals to carry out its operations and follows good management practices. These are basically its human resources assets and integral to the Companys ongoing success. They have played a significant role and enabled the Company to deliver superior performance year after year. Company employs two employees to look after the business and administration of the Company. Board of Directors of the Company is also actively involved in the day-to-day functions of the Company.

Cautionary Statement

This statement made in this section describes the Companys objectives, projections, expectation and estimations which may be ‘forward looking statements within the meaning of applicable securities laws and regulations. Forward–looking statements are based on certain assumptions and expectations of future events. Actual results might differ materially from those expressed or implied.