Jungle Camps India Ltd Management Discussions

The Management of Jungle Camps India Limitedfthe Company"/"JCIL") is pleased to present the Management Discussion and Analysis Report for the financial year ended 31st March, 2026. This discussion covers the operating and financial performance of the Company based on the Standalone and Consolidated Financial Statements, industry developments, opportunities, risks and concerns, outlook, internal control systems and other material developments during the year under review.

1. INDUSTRY STRUCTURE AND DEVELOPMENTS

The Indian hospitality and tourism sector continued to witness healthy momentum during FY 2025-26, supported by increasing domestic travel, rising demand for leisure and experiential tourism, improvement in road and air connectivity, and growing consumer preference for nature-based and destination-led stays. Within the broader hospitality sector, wildlife tourism, eco-tourism and experience-led travel are emerging as attractive growth segments, driven by increasing interest in sustainable tourism, immersive travel experiences and curated hospitality offerings.

The Company operates in the hospitality sector with a focus on wildlife resorts, highway treats and related travel experiences. Its business is aligned with nature-led destinations and wildlife circuits, especially across Central India, where tourism demand is supported by the presence of tiger reserves, national parks and associated leisure travel.

During the year under review, the Company continued to strengthen its business model through:

• Sustained operations across its existing hospitality assets;

• Continued investments in hospitality infrastructure and project development;

• Strategic expansion through subsidiaries and group entities; and focus on premium wildlife and experiential hospitality offerings.

The Company believes that the long-term outlook for destination-led and conservation-focused hospitality remains positive, supported by favourable demand trends in domestic tourism and the increasing appeal of experiential stays.

2. BUSINESS OVERVIEW

Jungle Camps India Limited is a conservation-focused hospitality company engaged in the business of operating wildlife resorts and related hospitality services. The Companys revenue streams primarily comprise:

• Accommodation income;

• Food and beverage revenue;

• Safari and pick-up/drop services; and other operating income arising from hospitality operations.

3. OPPORTUNITIES AND THREATS

Opportunities

The Company sees significant opportunities in the following areas:

a. Growth in Wildlife and Experiential Tourism

Domestic travel demand continues to shift toward experience-led travel, including wildlife safaris, nature stays, weekend getaways and destination hospitality. This provides long-term growth opportunities for operators with differentiated properties and curated guest experiences.

fc>. Expansion Across Hospitality Assets and Destinations

The Company is pursuing growth through expansion of resort infrastructure, project development and hospitality-led investments. The increase in capital work-in-progress and investments during the year reflects its focus on building long-term capacity.

C. Cross-Selling of Ancillary Hospitality Services

In addition to room revenue, the Company has the ability to enhance guest spending and customer engagement through food and beverages, transport, safari, curated travel experiences and destination-specific services.

d. Strategic Use of Subsidiary Platform

The Companys subsidiary structure enables location-specific expansion, project execution flexibility and operational diversification across the hospitality value chain.

C. Favourable Demand Drivers for Domestic Tourism

Improved infrastructure, higher discretionary spending, digital booking behaviour and growing interest in short-haul leisure travel are expected to continue supporting hospitality demand in nature and wildlife destinations.

Threats/ Challenges

The Company’s business remains exposed to certain risks and challenges, including:

• seasonality and destination-specific fluctuations in travel demand;

• inflationary pressures on employee costs, food and beverage inputs, utilities and maintenance;

• Dependence on tourism flows, park access and destination attractiveness.

• Project execution risks in under-development hospitality assets;

• Regulatory, lease and land-related risks in tourism-linked projects;

• Competition from established hospitality chains, boutique resorts and unorganized accommodation providers

4. SEGMENT-WISE / PRODUCT-WISE PERFORMANCE

The Company operates substantially in the hospitality segment, and its primary source of revenue is from resort and allied hospitality operations. Revenue from operations includes income from: Accommodation services

Food & Beverages

• Jungle Safari / Pick-up & Drop / allied guest services

• Other hospitality-related operating income

As the Companys operations are substantially concentrated in hospitality and related services, segment- wise reporting in the conventional diversified business sense is not separately applicable. However, operationally the Companys revenue profile is led by room revenue and guest service- related hospitality income.

At the consolidated level, the Companys business scale is broader due to the inclusion of subsidiary operations and project entities, which contributed to the increase in consolidated revenue during the year.

5. DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

A. Standalone Financial Performance

Revenue

During FY 2025-26, the Company reported Revenue from Operations of Rs.10,32.24 lakhs as against Rs.10,20.30 lakhs in FY 2024-25, registering a growth of 1.17%. The steady revenue performance reflects stable operations in the hospitality business and continued demand across the Company’s operating properties.

Other Income

Other income increased to Rs.134.72 lakhs in FY 2025-26 from Rs.60.39 lakhs in FY 2024-25.

Other income primarily includes interest income and other non-operating income.

Total Income

Total income for FY 2025-26 stood at Rs.1,166.96 lakhs as compared to Rs.1,080.69 lakhs in the previous year.

Expenditure

The Companys key expenditure heads during the year were as under:

Employee Benefit Expenses: Rs.255.41 lakhs

Finance Costs: Rs.3.13 lakhs

?Depreciation and Amortisation: Rs.58.91 lakhs Other Expenses: Rs.557.20 lakhs

Other expenses include food and beverage consumption, safari and pick-up/drop expenditure, sales and marketing, rent, power and fuel, repairs and maintenance, professional charges and other operating costs associated with hospitality operations.

Profitability

• Profit Before Tax (PBT): *=292.30 lakhs in FY 2025-26 as against Rs.248.3499 lakhs in FY 2024-25

• Profit After Tax (PAT): *=209.56 lakhs in FY 2025-26 as against *=188.13 lakhs in FY 2024-25

While revenue remained stable, profitability moderated during the year on account of changes in the

income mix, increase in employee and operating expenses, and ongoing investments in business expansion and project development.

B. Consolidated Financial Performance

Revenue

On a consolidated basis, Revenue from Operations stood at *=2,327.71 lakhs in FY 2025-26 as against Rs.2,210.01 lakhs in FY 2024-25, reflecting growth of 5.33%.

Other income

Other income at the consolidated level stood at Rs. 138.05 lakhs in FY 2025-26 as compared to *71.08 lakhs in FY 2024-25.

Total Income

Total consolidated income stood at Rs.2465.77 lakhs during FY 2025-26.

Expenditure

The consolidated cost structure during the year comprised:

Employee Benefit Expenses: Rs.582.81 lakhs Finance Costs: Rs.6.97 lakhs

• Depreciation and Amortisation:Rs.151.97 lakhs Other Expenses: Rs. 1,134.61 lakhs Profitability

• Consolidated Profit Before Tax: Rs.589.40 lakhs in FY 2025-26 as against Rs.566.80 lakhs in FY 2024-25

• Profit after tax before minority interest: Rs.421.98 lakhs in FY 2025-26 f 428.55 lakhs in FY 2024-25

• **Profit attributable to owners of the Company (after minority interest):** Rs.405.20 lakhs as against

The consolidated performance reflects stable operating profitability, supported by the contribution of subsidiaries and the broader hospitality platform of the group.

6. REVIEW OF FINANCIAL POSITION

A. Standalone Financial Position

As on 31^s* March,2026, the Companys standalone financial position remained strong and adequately capitalized.

Net Worth

The Company’s net worth stood at approximately Rs.4,574.54 lakhs as on 31st March, 2026, comprising:

Equity Share Capital: Rs. 1,549.85 lakhs

• Reserves & Surplus: Rs.3,024.69 lakhs

Borrowings

The Company maintained a conservative leverage profile:

• Long-term borrowings: Rs.203.41 lakhs ( Standalone)

• Short-term borrowings: Rs.61.56 lakhs ( Standalone)

Liquidity

Cash and cash equivalents as on 31st March, 2026 stood at Rs.1,595.92 lakhs as against Rs.2,636.64 lakhs as on 31st March, 2025. The reduction in cash balance was primarily due to deployment of funds toward:

• capital expenditure on hospitality assets;

• investment in subsidiaries / group entities;

• capital work-in-progress and project-related spending.

Capital Expenditure and Investments

The Company continued to invest significantly in future growth and project expansion:

• Property, Plant and Equipment (Net Block): Rs.1,276.16 lakhs as against Rs.665.63 lakhs in the previous years.

• Capital Work-in-Progress: Rs.788.28 lakhs as against Rs.686.01 lakhs in the previous year

• Non-current Investments: Rs.1,130.78 lakhs as against Rs.637.78 lakhs in the previous year

The increase in investments primarily reflects additional investment in Madhuvan Hospitality Private Limited and continued capital deployment toward long-term business expansion.

B. Consolidated Financial Position

At the consolidated level, the Company continued to strengthen its asset base and hospitality platform.

As on 31st March, 2026:

• Shareholders funds (excluding minority interest) stood at Rs.5,493.92 lakhs

• Minority Interest stood at Rs.368.44 lakhs

• Long-term borrowings stood at Rs.455.50 lakhs

• Short-term borrowings stood at Rs.78.61 lakhs

• Cash and cash equivalents stood at Rs.1,887.34 lakhs

• Property, Plant & Equipment stood at Rs.2,810.01 lakhs •

• Capital Work-in-Progress stood at Rs.1,427.05 lakhs

The consolidated balance sheet reflects the Companys expansion strategy through operating assets, subsidiary investments and project execution across the hospitality business.

7. CASH FLOW ANALYSIS

Standalone

The Company generated net cash from operating activities of Rs.204.52 lakhs during FY 2025-26, reflecting the cash-generating nature of the hospitality business.

However, the year also witnessed significant cash outflows from investing activities, primarily on account of:

• Purchase and addition to property, plant and equipment;

• Expenditure on capital work-in-progress; and increase in investments in group entities / hospitality ventures.

Accordingly, cash and cash equivalents reduced during the year despite positive operating cash generation.

Consolidated

At the consolidated level, cash deployment continued to be aligned with:

• Hospitality infrastructure creation;

• Subsidiary expansion;

• Project execution and development;

• Strategic investments to strengthen the long-term operating platform of the group.

8. KEY FINANCIAL RATIOS

The key financial ratios of the Company on a standalone basis are summarised below:

Particulars	FY 2025-26	FY 2024-25
Current Ratio	6.92	10.21
Debt Equity Ratio	0.06	0.08
Debt Service Coverage	6.09	2.63
Ratio Return on Equity Ratio	4.69%	6.67%
Trade Receivables Turnover	58.59	74.56
Ratio Trade Payables	8.53	8.10
Turnover Ratio Net Capital	0.63	0.38
Turnover Ratio	20.30%	18.44%
Net Profit Ratio	6.05%	5.61%
Return on Capital Employed

Explanation for significant changes in key financial ratios

Current Ratio

The current ratio decreased from 10.21 in FY 2024-25 to 6.92 in FY 2025-26. The decline was primarily due to reduction in current assets, particularly cash and cash equivalents, on account of deployment of funds toward capital expenditure, investments and project development.

Debt Equity Ratio

The debt equity ratio improved from 0.08 to 0.06, reflecting lower leverage in relation to the Companys net worth and a strong capital base.

Debt Service Coverage Ratio

The debt service coverage ratio improved significantly from 2.63 to 6.09, primarily due to lower debt servicing burden and comfortable profitability in relation to scheduled debt obligations.

Return on Equity Ratio

Return on equity reduced from 6.67% to 4.69% due to moderation in profit after tax and increase in shareholders funds.

Trade Receivables Turnover Ratio

The trade receivables turnover ratio declined from 74.56 to 58.59, mainly due to movement in average receivables during the year.

Net Capital Turnover Ratio

Thenet capital turnoverratio improved from 0.38 to 0.63, driven by improvement in revenue relative to working capital deployment.

Net Profit Ratio

The net profit ratio improved from 18.44% to 20.30%, reflecting better profitability relative to revenue from operations.

Return on Capital Employed

Return on capital employed improved from 5.61% to 6.05%, supported by stable operating profitability.

9. RISKS AND CONCERNS

The Companys business is exposed to various risks, some of which are inherent to the hospitality and tourism industry. Key risks and concerns include:

Seasonality and Demand Risk

Hospitality revenues, especially in wildlife destinations, may be impacted by travel seasonality, park access cycles, weather conditions and changes in travel sentiment.

b. Project Development and Execution Risk

The Company is investing in multiple hospitality assets and development projects. Delays in construction, approvals, project handover or commencement of operations may impact expected returns and timelines.

c Regulatory / Lease / Land-related Risk

Tourism and hospitality projects involve lease arrangements, land-related documentation, local permissions and statutory approvals. Any delays, disputes or changes in policy framework may affect project execution and business operations.

d. Cost Inflation

The hospitality sector remains vulnerable to inflation in employee costs, food and beverage inputs, utilities, maintenance, logistics and guest service-related expenditure.

e. Competition Risk

The Company faces competition from organized hospitality chains, boutique resorts, destination operators and digital accommodation platforms.

f. Dependence on Destination Performance

Occupancy and average realizations at specific properties may depend on destination popularity, wildlife tourism flow, accessibility and infrastructure support.

g. Investment and Expansion Risk

As the Company is in an active growth and expansion phase, it is deploying substantial capital into hospitality assets, subsidiaries and projects. Such investments may impact near-term liquidity and returns, though they are expected to support long-term growth.

10. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

‘‘‘he Company has established internal control systems commensurate with the size, scale and nature of its business operations. The internal control framework is designed to provide reasonable assurance regarding:

• Safeguarding of assets;

• Accuracy and completeness of accounting records;

• Prevention and detection of frauds and errors;

• Compliance with applicable laws and regulations;

• Efficient conduct of business operations; and timely preparation of reliable financial information.

The Companys internal financial controls and review mechanisms cover operational, financial, statutory and administrative processes. These controls are periodically reviewed by the Management and strengthened, wherever necessary, in line with business requirements and regulatory expectations.

n. OUTLOOK

The outlook for the Company remains positive over the medium to long term. The hospitality industry, particularly wildlife and experiential tourism, is witnessing favourable demand trends driven by domestic travel, premium leisure preferences and increasing interest in destination- based hospitality.

The Company is focused on building a scalable hospitality platform through:

• Growth in wildlife and nature-based hospitality destinations;

• Development of new hospitality projects and tourism assets; • strengthening of existing resort operations;

• Expansion through subsidiaries and group entities;

• Prudent capital allocation and disciplined execution of growth projects.

While the Company is presently in a phase of asset creation, project development and expansion, these investments are expected to support future scale, operating leverage and long-term value creation.

12. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS

Hospitality is a service-oriented business and people remain central to guest experience and operational delivery. The Company continues to focus on:

• Strengthening operational teams across properties and functions;

• Improving service quality and guest engagement;

• Building managerial and project execution capabilities; and ensuring statutory compliance and employee welfare.

Employee benefit expenses increased during the year, reflecting the scale of operations and manpower deployment required to support the Company’s hospitality platform and expansion plans.

The Company continued to maintain cordial industrial relations during the year under review.

13. MATERIAL DEVELOPMENTS DURING THE YEAR

The following developments were material from a business and financial perspective during FY

2025-26:

• Continued growth in consolidated hospitality revenues supported by the operating performance of the Company and its subsidiaries.

• Significant capital expenditure and project development spending resulting in increase in property, plant and equipment and capital work-in-progress.

• *^TAdditional investment in subsidiary / group hospitality ventures**, including investment in Madhuvan Hospitality Private Limited and Jungle Camps India (Kolar) Private Limited, in line with the Companys expansion strategy.

• Positive operating cash flows from the hospitality business despite substantial capital deployment during the year.

• Strong standalone liquidity and low leverage, enabling the Company to pursue growth opportunities with financial flexibility.

• **Land-related recovery matter pertaining to Panna project advance**, where substantial recovery has already been made and the balance amount remains under legal process as disclosed in the financial statements.

14. CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may be "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed or implied depending upon various factors including economic conditions, changes in government regulations, taxation policies, tourism demand, project execution timelines, market conditions and other incidental factors beyond the control of the Company.