Jyot International Marketing Ltd Management Discussions

FOR THE FINANCIAL YEAR ENDED ON MARCH 31, 2026

Regulation 34(2)(e) read with Paragraph B of Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements)

In terms of the provisions of Regulation 34(2)(e) of the Listing Regulations, the Managements discussion and analysis are as follows:

GLOBAL ECONOMY OVERVIEW:

Global economic growth remained broadly resilient during the year despite heightened geopolitical tensions, including the escalation of conflict in the Middle East, elevated policy uncertainty and volatility in commodity and financial markets. As per the International Monetary Funds July 2026 World Economic Outlook Update, global growth is projected at 3.0% for 2026 and 3.4% for 2027, broadly unchanged on a cumulative basis from earlier estimates, reflecting a weaker near-term outturn followed by an expected rebound. Global headline inflation has been revised upward and the disinflation trend that had been in place since early 2024 has stalled, keeping central banks in both advanced and emerging economies cautious in easing monetary policy.

Growth in advanced economies is expected to remain modest, while emerging market and developing economies, led by Asia and particularly India and China, continue to outperform and anchor global growth. Global financial conditions remain broadly accommodative, though a reassessment of expectations around artificial-intelligence-driven productivity, renewed trade and tariff tensions, and any further escalation of geopolitical conflict remain key downside risks to the outlook. India has continued to witness strong growth momentum despite this uncertain global economic environment.

INDIAN ECONOMY OVERVIEW:

India has continued to be the fastest-growing major economy in the world, recording real GDP growth of approximately 7.6% in Financial Year 2025-26 (as per provisional/advance estimates), an improvement over the 7.1% growth recorded in Financial Year 2024-25 and well above the Governments initial projection range for the year. Real GDP at constant prices is estimated at approximately INR 201.9 trillion for FY26, up from INR 187.97 trillion in FY25, supported by robust domestic consumption, sustained government capital expenditure, GST rationalization and moderating inflation.

This growth was underpinned by a strong rebound in private final consumption expenditure and continued momentum in gross fixed capital formation, even as the external environment remained challenging on account of elevated global tariffs and trade-policy uncertainty. Looking ahead to Financial Year 2026-27, growth is expected to moderate to a range of approximately 6.6% to 7.2%, as per estimates from the Reserve Bank of India, the Economic Survey 2025-26 and various rating agencies, reflecting normalization after an exceptionally strong FY26 and continuing external headwinds. Despite this expected moderation, Indias potential growth rate is estimated at around 7%, reaffirming the countrys position as the worlds fastest-growing major economy for the fourth consecutive year.

INDIAN FINANCIAL SERVICE SECTOR SCENARIO:

The financial sector continues to play a critical role in fostering economic resilience for households and businesses in India. Within this framework, Non-Banking Financial Companies (NBFCs) act as vital drivers of inclusive and sustainable growth by extending credit to underbanked and remote regions, especially Micro, Small, and Medium Enterprises (MSMEs). Their agility, customer-centric models, and technological adoption have enabled effective last-mile delivery of financial services, complementing the role of traditional banks.

With a growing focus on digital ecosystems, NBFCs have continued to invest heavily in technology platforms, enhancing service efficiency and accessibility. As per the Reserve Bank of Indias Report on Trend and Progress of Banking in India, total credit extended by NBFCs increased to approximately INR 48.39 lakh crore as at the end of Financial Year 2024-25, from INR 40.53 lakh crore in the previous year, reflecting continued strong double-digit growth. This expansion was led by the services and retail segments, even as lending to the industry sector also remained robust, driven by continued demand for retail and working capital credit and sustained support to MSMEs amidst persisting commodity price volatility.

INDUSTRY SCENARIO:

Financial institutions play a crucial role in fostering stability and implementing regulatory measures to reinforce households and businesses, particularly during periods of economic uncertainty. Geopolitical conflicts and trade-policy shifts have continued to influence the pace of global economic normalization, prompting an evolving mix of monetary and fiscal responses across jurisdictions.

In India, Non-Banking Financial Companies (NBFCs) have continued to emerge as critical pillars of financial support for a significant segment of the population, including Small and Medium Enterprises (SMEs) and those historically underserved by traditional banking institutions. Displaying impressive agility and efficiency, NBFCs have adeptly catered to the diverse financial needs of borrowers, leveraging their widespread geographical presence, deep understanding of various financial requirements and prompt processing times. NBFCs are increasingly adopting digitization to enhance operational efficiency, elevate customer experiences, drive cost savings and ensure compliance with regulatory standards. Despite facing stiff competition from public and private sector banks and Microfinance Institutions (MFIs) across market share, customer acquisition, asset quality and technological innovation, NBFCs have continued to spearhead innovative digital initiatives, enabling them to compete effectively with larger institutions while delivering seamless experiences for both customers and employees.

COMPANY OVERVIEW:

Jyot International Marketing Limited is a non-deposit taking Non-Banking Financial Company registered with the Reserve Bank of India (RBI) and is classified as an NBFC-Investment and Credit Company (NBFC- ICC). The Company is engaged in the business of Non-Banking Finance Company. The main source of income of the Company is investment management, advice and interest from the loans provided to the customers. The Company is engaged in various business opportunities such as rendering investment advice and assistance, spreading risk, diversification of securities, selection of investment vehicle, etc. In the backdrop of a growing economy, NBFCs will continue to grow in the financial ecosystem and create meaningful financial inclusion, furthering the Governments agenda of Make in India and Start-Up India.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:

Financial and operational performance forms part of the Annual Report and is presented elsewhere in the report.

HUMAN RESOURCES:

Our people are at the heart of everything we do. We firmly believe that our team is the driving force behind our sustained growth and continued success. With this in mind, we strive to create a work environment that not only supports but also motivates individuals to achieve their fullest potential ? professionally and personally.

We are continuously evolving our approach to talent and organisational development. We regularly revisit our policies and practices to identify new ways to enhance employee experience and performance.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

Your Company has put in place adequate internal control systems to ensure that all assets are protected, with documented procedures. Systems of internal controls are designed to provide reasonable assurance regarding the effectiveness and efficiency of operations, the adequacy of safeguards for assets, the reliability of financial controls and compliance with applicable laws and regulations. Your Companys Internal Control System is commensurate with the nature of its business and the size and complexity of its operations and ensures compliance with policies and procedures. The Internal Control Systems are being constantly updated with new/revised standard operating procedures.

The Company has a well-established internal financial control and risk management framework, with appropriate policies and procedures, to ensure the highest standards of integrity and transparency in its operations and a strong corporate governance structure, while maintaining excellence in services to all its stakeholders. Furthermore, the Audit Committee of your Company evaluates and reviews the adequacy and effectiveness of the internal control systems and suggests improvements. Significant deviations are brought to the notice of the Audit Committee and corrective measures are recommended for implementation. The critical audit observations are shared with the Audit Committee on a quarterly basis for effective monitoring of controls and implementation of recommendations. The Audit Committee regularly reviews the audit findings as well as the adequacy and effectiveness of the internal control measures. All these measures help in maintaining a healthy internal control environment.

OPPORTUNITIES AND THREATS:

The success of our organisation depends on our ability to identify strengths and opportunities and leverage them while mitigating the risks that arise while conducting our business. Your Company has taken these factors into account in drawing up its plans for the year, without losing sight of its core markets and segments. Your Company expects to manage this through financing an appropriate mix of higher and lower yielding assets, while ensuring that asset quality continues to remain best in class.

Some of the opportunities for the business of your Company include demographic changes and an under- penetrated market, use of digital solutions for business/collections, and economic upliftment.

Changes happening in the external environment also impact the NBFC industry, such as slow industrial growth, stiff competition within the NBFC and banking sectors, entry of many banking and non-banking companies, and various industry risks like credit risk, interest rate volatility and economic cycle.

RISK MANAGEMENT:

The Company has put in place a Board-approved Risk Management Policy to frame, implement, and monitor the risk management plan for the Company. The Board is responsible for reviewing the risk management plan and ensuring its effectiveness. The Board considers the risks that impact the mid-term to long-term objectives of the business, including those reputational in nature. The Audit Committee has additional oversight in the areas of financial risks and controls.

Key Risks and Mitigation

a) Interest Rate Risk: The risk arising from a financial loss, owing to unfavourable interest rates for both lending and treasury operations. It has a significant influence upon the Companys net-interest income and profitability.

b) Credit Risk: This is the risk arising from the potential loss due to borrowers and/or counterparties failing to fulfil their contractual obligations. This risk stems primarily from the Companys lending activities.

c) Operational Risk: This risk is about failure of processes and controls in operations, which can also have an adverse impact on business continuity, reputation and profitability of the Company.

d) Regulatory Risk: A complex regulatory framework exists in the financial sector. Any non-compliance with regulations could result in monetary losses and has the capability to damage the Companys reputation.

e) Fraud Risk: We may face fraud risks such as loan fraud, identity theft, internal fraud, and cyber fraud. These risks pose the threat of financial loss and reputation loss, resulting from intentional deception or misrepresentation by individuals or entities, internally or externally.

f) Liquidity Risk: The risk arises when the Company is unable to fulfil its financial obligations as required or within predetermined timelines.

g) Cash Management Risk: Cash management risk related to the collection of loan instalments denotes the possible obstacles and risks encountered by a financial institution. It pertains to ensuring the timely and complete receipt of payments from borrowers.

h) Information Technology Risk: This risk stems from IT infrastructure failure or threats to data integrity, leading to operational disruptions and financial losses.

i) Cybersecurity Risk: The risk stemming from cyberattacks and hacking has escalated due to the heightened reliance on the internet and digital platforms.

SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE:

The Company operates in a single business segment, i.e., NBFC, and hence the disclosure requirement under the applicable Accounting Standard with respect to Segment Reporting is not applicable.

SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS:

Your Company is a Non-Banking Financial Company (NBFC); therefore, disclosure of significant changes in key financial ratios is not applicable to our Company.

DISCLOSURE OF ACCOUNTING TREATMENT:

Jyot International Marketing Limited has prepared financial statements for F.Y. 2025-26 in accordance with the Indian Accounting Standards (Ind AS) as specified under Section 133 of the Companies Act, 2013.

CAUTIONARY AND FORWARD-LOOKING STATEMENTS:

Statements made in this Management Discussion and Analysis Report may contain certain forward-looking statements based on various assumptions about the Companys present and future business strategies and the environment in which it operates. Actual results may differ substantially or materially from those expressed or implied due to risks and uncertainties. These risks and uncertainties include the national and global effects of economic conditions, political conditions, volatility in interest rates, changes in regulations and policies impacting the Companys businesses and other related factors. The information contained herein is as referred to. The Company does not undertake any obligation to update these statements. The Company has obtained the data and information referred to herein from sources believed to be reliable or from its internal estimates, the accuracy or completeness of which cannot be guaranteed.