Jyoti Global Plast Ltd Management Discussions

Your Directors are pleased to present the Management Discussion and Analysis Report for the year ended 31st March, 2026.

OVERVIEW

Jyoti Global Plast Limited ( JGPL or the Company ) is engaged in the business of plastic and FRP (Fibre-Reinforced Polymer) moulding, providing customised, client-specific solutions for polymer-based products of HDPE and PP grade such as drums, carboys, jerrycans, barrels, bottles, pail buckets and toys — together with automobile components and defence and aerospace products such as connectors and drone components. The Company was incorporated on 6th January, 2004 as Jyoti Polycontainers Private Limited, commenced commercial production in 2005, and has since built a growing manufacturing presence across Maharashtra, including its continuing development at Mahad, Raigad. The equity shares of the Company were listed on the Emerge platform of the National Stock Exchange of India Limited in August 2025.

The Companys products are supplied to a diversified end-user base spanning the chemical, lubricant and industrial oil, pharmaceutical, paint, adhesive, food and agro industries, together with childcare, automotive and defence and aerospace applications, and are supported by in-house logistics, testing and labelling facilities and a client base of more than 1,000 customers. Building on this foundation, FY 2025-26 was a year of capacity and capability expansion — spanning the continued development of the Companys facility at Mahad, Raigad, a captive solar power initiative, and the growth of the Companys advanced defence and aerospace vertical. Within this vertical, the Company extended its composite-fabrication expertise into the design, engineering and manufacture of unmanned aerial vehicles, and further broadened its presence during the year through a dedicated joint venture offering drone-enabled services for civilian and commercial applications — together positioning the Company as a vertically integrated participant spanning both drone products and drone-based services within Indias expanding unmanned systems ecosystem. Each of these four initiatives is discussed in greater detail under Section B (Business Overview) below.

This Management Discussion and Analysis Report sets out the broader economic, industry and business context in which the Company operates, followed by a discussion of its financial and operational performance for the year ended 31st March, 2026, in accordance with Regulation 34(2)(e) read with Part B of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

ECONOMIC OVERVIEW

Global growth is projected by the International Monetary Fund at 3.0% in 2026 and 3.4% in 2027, against an average of 3.5% recorded over 2024-25, and is broadly unchanged on a cumulative basis from the IMFs April 2026 projections. The moderation reflects the effects of the conflict in West Asia, partly offset by demand-led momentum in the global cycle arising from advances in artificial intelligence and its wider adoption a trend also relevant to manufacturing efficiency in sectors such as plastics processing. Growth in emerging market and developing economies is projected to slow to 3.8% in 2026 before recovering to 4.5% in 2027.

Global disinflation has stalled, with headline inflationfor 2026 revised upward to 4.7. For manufacturers such as JGPL, commodity and energy price volatility arising from the West Asia conflict remains a key variable, given the direct linkage between crude oil prices and HDPE/PP polymer costs (discussed further under Section G - Risk and Concerns). Against this backdrop, India continues to be identifiedby multilateral agencies as among the fastest-growing major economies globally, providing a relatively resilient operating environment for domestically-focused manufacturers.

INDUSTRY OVERVIEW

The Companys core business is rooted in the Indian blow moulded plastics industry, a large and fragmented manufacturing base employing several million people across a wide network of small and medium enterprises, within which the Company competes on product quality, customisation capability and delivery reliability.

Beyond this core base, the Company s strategic focus has increasingly shifted toward the defence, aerospace and drone manufacturing industry, which represents one of the most significant emerging opportunities within India s broader manufacturing landscape. This industry is being actively shaped by a wave of supportive government policy: the liberalised

Drone Rules, 2021 (as amended in 2022 and 2023), which have simplified compliance by reducing the number of regulatory forms and associated fees; the Production Linked Incentive Scheme for drones and drone components, which has channelled a dedicated outlay toward domestic manufacturers; a prohibition on the import of fully assembled drones, intended to build indigenous capacity; and a reduction in GST on drones to a uniform, more favourable rate. Together, these measures have contributed to rapid growth in India s drone ecosystem, reflected in a fast-expanding base of registered unmanned

This policy-driven expansion is directly relevant to the Company, which has extended its established composite-fabrication and precision-moulding capabilities into the design, engineering and manufacture of unmanned aerial vehicles, and has further broadened its presence in the sector through a dedicated joint venture offering convergence of a liberalised regulatory environment, targeted manufacturing incentives and a national push toward self-reliance in defence and aerospace production is expected to support a multi-year growth opportunity for participants with in-house design and manufacturing capability — a position the Company has been actively building toward through its investments during the year. These developments are discussed in greater detail under Section A (Industry Structure and Development) and Section B (Business Overview) below.

INDIAN OVERVIEW

Indias real Gross Domestic Product is estimated to have grown 7.7% in FY 2025-26, as per the provisional estimates of the National Statistics Office, retaining its position as one of the world s fastest-growing major economies. Growth was domestically driven, supported by gross fixed capital formation, private consumption and continued expansion in the manufacturing and services sectors. For a domestically-oriented manufacturer such as the Company, this sustained expansion in industrial activity and private consumption provides a supportive demand environment for its existing blow moulded plastics business, which continues to serve a broad base of industrial and institutional customers across the country.

Government initiatives including Make in India and continued infrastructure capital expenditure are expected to support domestic manufacturing capacity creation over the medium term, reinforcing the operating environment for established manufacturers with a domestic customer.

Equally significant to the Company s growth trajectory is the Government s continued policy thrust toward self-reliance in defence and aerospace manufacturing under the Atmanirbhar Bharat framework. This has translated into sustained capital allocation toward indigenous defence production, a widening Production Linked Incentive footprint across strategic manufacturing sectors, and a deliberate policy preference for domestically designed and manufactured defence and unmanned systems over imports. Taken together with the liberalised drone regulatory regime, this national push is creating a structural, policy-backed tailwind for companies building in-house design and manufacturing capability in the defence and aerospace space a trend the Company is positioned to benefit from as its own vertical scales in the coming years.

COMPANY OVERVIEW

The Companys growth has been built in deliberate stages over more than three decades — from the commencement of plastic container manufacturing by one of its Promoters, Bhawanji Khimji Shah, under the partnership firm Jyoti Industries at Mumbra, Mumbai in 1990, through its incorporation as Jyoti Polycontainers Private Limited on 6th January, 2004, the commencement of commercial production at Rabale, Navi Mumbai in 2005, the change of its name to Jyoti Global Plast Private Limited in 2022 to reflect diversification beyond core packaging, its conversion into a public limited company in December 2024, and the listing of its equity shares on the Emerge platform of the National Stock Exchange of India Limited in August 2025.

The Company operates a growing manufacturing footprint across Maharashtra and Karnataka, with continued development at Mahad, Raigad and a new facility at Bengaluru strengthening its production capabilities. During FY 2025-26, the Company also progressed a captive solar power initiative and established an in-house design and manufacturing capability in the advanced defence and aerospace segment, extended during the year through a dedicated joint venture for drone-enabled services. Building on its long-standing manufacturing discipline, the Company views this segment as a natural extension of its core capabilities into a high-growth, technology-intensive space aligned with national priorities around indigenous manufacturing. Further details on this vertical, including its operating structure and near-term milestones, are set out under Section B (Business Overview) below.

A. Industry Structure and Development

The industrys value chain is structurally two-tiered: polymer feedstock (HDPE, PP) is supplied by a small number of large, integrated petrochemical producers, while downstream processing and moulding — the segment JGPL operates in — remains highly fragmented and dominated by small and medium enterprises, with capacity clustered principally in Gujarat, Maharashtra and Tamil Nadu. On the development side, Extended Producer Responsibility (EPR) rules under the Plastic Waste Management Rules, 2016, as amended, are progressively pushing the industry toward recycled-content and reuse obligations, administered through the CPCBs centralised EPR portal (Source: Central Pollution Control Board, Plastic Waste Management (Amendment) Rules, 2022 and 2026). The industry is highly fragmented, and the industrial and rigid packaging segment in which the Company primarily operates competes principally on product quality, customisation capability, delivery reliability and proximity to the customers plant. Beyond its core packaging base, two areas are directly relevant to the Companys trajectory: Industrial Packaging, Solar and Captive Power: demand for the Companys core packaging products remains anchored in the chemical, lubricant and industrial oil, pharmaceutical, paint, adhesive and food and agro industries, where organised buyers increasingly favour quality-assured, customised suppliers over unorganised players. At the same time, rising industrial electricity tariffs and continued government support for renewable and captive power adoption are prompting manufacturers across the sector to explore captive generation as a means of managing energy costs over the long term.

Defence, Aerospace & Drones : Indias drone ecosystem is supported by the liberalised Drone Rules, 2021 (as amended in 2022 and 2023), under which the number of forms was reduced from 25 to 5 and the types of fee from 72 to 4; the Production Linked Incentive Scheme for Drones and Drone Components, with an approved outlay of 120 Crore; the prohibition on import of fully assembled drones; and the reduction of GST on drones to a uniform 5% with effect from September 2025. As on 9th February, 2026, 38,575 drones had been issued Unique Identification Numbers and 244 Remote Pilot Training Organisations had been approved by the Directorate General of Civil Aviation. This is the end-market that the Company has entered through its in-house design and manufacturing capability (see Section B).

B. Outlook

From its origins in plastic packaging, Jyoti Global Plast Limited has broadened into blow moulding and composite fabrication for diverse applications and, most recently, aerospace-grade composite UAV manufacturing reflecting a deliberate diversification strategy toward higher-value, engineering-led segments. Key outlook drivers for FY 2026-27 and beyond include: y Continued development and commissioning of the Companys manufacturing facilities at Mahad, Raigad and Bengaluru, which will expand the Companys installed manufacturing capacity and strengthen its ability to serve chemical, pharmaceutical and industrial clients, as well as its defence and aerospace vertical.

Continued scale-up of the defence and aerospace vertical, building on the Companys in-house design, manufacturing and testing capability and its existing customer engagements in the segment, with a growing contribution to revenue expected as these engagements expand (see Section

B).Progress on the Companys captive solar power initiative, expected to reduce power costs and support long-term sustainability objectives. y Continued discussions for potential collaborations with defence and aerospace organisations, which, once commercialised, are expected to enhance the Companys positioning in high-technology, higher-margin segments and broaden its revenue base beyond commodity packaging.

C. Risk Mitigation and Concerns

The Company s risk management approach is built around identifying, assessing and mitigating the specific below, in addition to a constant vigil on the operating environment through regular audits and Board/Audit Committee review.

Raw Material Price Risk

HDPE/PP granule prices are linked to crude oil and subject to volatility. Mitigated through inventory management, supplier diversification and procurement planning.

Customer & Segment Concentration Risk

A significant share of revenue remains concentrated in the traditional carboy/barrel product lines. Mitigated through active diversification into Pail Buckets, Toys, automotive components and the new defence/aerospace drone vertical.

Execution Risk in Aerospace & Defence

The Company s defence and aerospace vertical operates in a segment where certification, airworthiness and defence-procurement cycles are inherently long and are determined by external agencies, which can influence the pace at which specific engagements translate into scaled, recurring revenue. Mitigated through the Company s in-house design, manufacturing and testing capability, a diversified pipeline spanning both product and service engagements, and sustained engagement with defence research and development organisations, the armed forces and other institutional customers on qualification and supply programmes.

Operational Risk

Maintaining consistent product quality in mass production and availability of skilled manpower remain ongoing operational challenges. Mitigated through inventory management techniques, process controls and retention-focused HR practices.

Competition Risk

The Company operates in a competitive environment exposed to demand fluctuations across packaging, infrastructure, automotive and FMCG end-markets. Mitigated through product and end-market diversification, as evidenced in Section D.

D. Internal Control Systems and Adequacy

The Company has an adequate system of internal controls, commensurate with its size and nature of business. These controls ensure proper authorisation, recording and reporting of financial transactions, safeguarding of assets, and compliance with applicable laws and regulations. The Audit Committee regularly reviews the effectiveness of these controls.

E. Discussion on Financial Performance with respect to Operational Performance

During FY 2025-26, the Company recorded Revenue from Operations of 10,225.21 Lakhs, a growth of 9.4% over FY 2024-25 s 9,348.49 Lakhs, supported by improved utilisation of the Company s manufacturing capacity. Cost of Materials Consumed increased 11.7% to 7,006.94 Lakhs, broadly in line with volume growth. Employee Benefit Expenses were broadly stable at 433.03 Lakhs (down 0.7%), while Finance Costs fell 14.08% to 233.74 Lakhs, reflecting the reduction in borrowings during the year (Debt-Equity improved to 0.39 from 1.19).

Profit Before Tax rose to 946.80 Lakhs from 804.20 Lakhs, and Profit After Tax grew 16.36% to 702.64 Lakhs from 603.86 Lakhs, improving the Net Profit Margin to 6.87% (vs 6.46% in FY 2024-25). Basic and diluted EPS stood at 3.55, against 3.90 in the prior year the reduction reflecting the enlarged share base following the Company s fund raise rather than lower absolute profitability, which in fact grew year-on-year.

Operationally, FY 2025-26 performance was supported by improved capacity utilisation, process streamlining and cost-control initiatives across the Companys existing manufacturing operations, alongside continued investment in the defence and aerospace manufacturing capability, whose revenue contribution is expected to build progressively as products and services scale (see Section

B). Development of the Companys facilities at Mahad, Raigad and Bengaluru also progressed during the year, laying the groundwork for future capacity expansion.

F. Material Developments in Human Resources

The Company continued to prioritise the development and well-being of its human resources, recognising that its employees are central to its diversification strategy. The Company s talent strategy emphasises long-term capability building across its manufacturing workforce and its engineering capabilities, ensuring the organisation remains agile and future-ready as it grows into new business segments. Employee relations remained cordial during the year.

G. Details of Significant Changes in Key Financial Ratios

In accordance with Regulation 34(3) read with Schedule V(B) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, details of significant changes in key financial ratios, along with explanations therefor, are set out below.

Sl. Key Financial Ratio	FY 2025-26	FY 2024-25
(i) Debtors (Trade Receivables) Turnover Ratio	4.47 times	4.57 times
(ii) Inventory Turnover Ratio	7.05 times	9.18 times
(iii) Interest Coverage Ratio	5.66 times	4.13 times
(iv) Current Ratio	1.12 times	1.03 times
(v) Debt-Equity Ratio	0.39 times	1.19 times
(vi) Operating Profit Margin (%)	10.33%	11.18%
(vii) Net Profit Margin (%)	6.87%	6.46%

Debt-Equity Ratio:

The ratio improved from 1.19 times to 0.39 times, a change of 66.95%, on account of the increase in shareholders equity from the proceeds of the Initial Public Offering during the year, together with the reduction in borrowings.

Interest Coverage Ratio:

The ratio improved from 4.13 times to 5.66 times, a change of 37.05%, primarily on account of the reduction in interest on borrowings during the year, consequent to the repayment / pre-payment of borrowings out of the IPO proceeds.

H. Disclosure of Accounting Treatment

The financial statements of the Company have been prepared in accordance with the Accounting Standards prescribed under Section 133 of the Companies Act, 2013, read with the Companies (Accounting Standards) Rules, 2021, and other relevant provisions of the Act, to the extent applicable.

The Company has consistently applied the historical cost convention on an accrual basis of accounting in the preparation of its financial statements, except where specific Accounting Standards mandate a different treatment.

There has been no deviation from the prescribed accounting treatments in the preparation and presentation of the financial statements for the year ended 31st March 2026, and no deviation in accounting treatment from that prescribed in the Companies Act, 2013 or the SEBI (ICDR) Regulations, 2018, as applicable to the Company.

I. Cautionary Statement

Statements in this Management Discussion and Analysis Report describing the Companys objectives, projections, estimates, expectations or predictions may be forward-looking statements within the meaning of applicable laws and regulations. These statements are based on certain assumptions and expectations of future events. Actual results could differ materially from those expressed or implied since the Company s operations are influenced by many external and internal factors beyond its control, including the pace of commercialisation of its new drone and aerospace vertical. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements based on any subsequent developments, information or events. Readers are cautioned that the risks outlined here are not exhaustive and are requested to exercise their judgement in assessing the risks associated with the Company.

For and on behalf of the Board
JYOTI GLOBAL PLAST LIMITED
Hiren Bhawanji Shah	Deven Bhawanji Shah
Managing Director	Whole Time Director & CEO
DIN: 00467575	DIN: 00467647
Address: R-554/555TTC M I D C Area	Address: R-554/555TTC M I D C Area
Rabale, Navi Mumbai \u2013 400701	Rabale, Navi Mumbai \u2013 400701
Date: June 30, 2026	Date: June 30, 2026
Place: Navi Mumbai	Place: Navi Mumbai