In terms of the provisions of Regulation 34 of the SEBI (Listing Obligations and Disclosures Requirements) Regulation 2015, the Management Discussion and Analysis has been given hereunder;
The global economy continued to operate in an environment of geopolitical uncertainties, changing trade policies, inflationary pressures and volatility in commodity prices during FY 2025-26. These factors continued to influence business sentiment, international trade and demand conditions across various sectors. Despite these challenges, the Indian economy remained resilient, supported by domestic consumption, infrastructure development, urbanisation and continued Government spending.
The Indian steel industry continues to remain an important contributor to the countrys economic development. Demand for steel is supported by infrastructure development, construction, real estate, automobiles, engineering and manufacturing activities. Government initiatives relating to infrastructure development, housing and transportation are expected to continue supporting domestic steel consumption.
However, the industry remains exposed to volatility in the prices of steel, iron ore, coking coal and other raw materials, as well as competitive pressures arising from imports and changes in global market conditions.
MFS Intercorp Limited is engaged in activities relating to the iron and steel sector, including trading and allied activities. The Company continues to evaluate opportunities for strengthening its business operations and improving its financial performance.
During FY 2025-26, the Company recorded Revenue from Operations of 38.96 lakhs as compared to 29.37 lakhs in FY 2024-25. The Company reported a Net Loss of 2.36 lakhs during the year as against a net loss of 0.79 lakhs in the previous year. The increase in loss was mainly attributable to the overall increase in operating and other expenses during the year.
Opportunities: The Companys business may benefit from the continued growth in domestic steel demand, infrastructure development, urbanisation and Government expenditure on infrastructure and construction. The Company may also explore opportunities in steel trading and allied activities to strengthen its market presence.
Threats: The principal risks include volatility in steel and raw material prices, competition from domestic and international players, changes in Government policies and duties, fluctuations in demand and broader economic and geopolitical uncertainties.
The Companys business is exposed to risks associated with fluctuations in steel and raw material prices, market demand, competition, regulatory changes and general economic conditions. The Company continues to monitor such risks and take appropriate measures, wherever considered necessary, to minimise their potential impact on its operations and financial performance.
The outlook for the Indian steel sector remains positive, supported by infrastructure development, construction activity, urbanisation and increasing domestic consumption. The Company intends to leverage available business opportunities, strengthen its customer and supplier relationships, improve operational efficiency and explore suitable avenues for sustainable growth.
The Company has adequate internal control systems commensurate with the size, nature and complexity of its business. The internal control framework is designed to ensure proper recording of transactions, safeguarding of assets, reliability of financial information and compliance with applicable laws and regulations. The management periodically reviews the effectiveness of such controls.
Human resources continue to be an important component of the Companys operations. The Company maintains cordial relations with its employees and endeavours to provide a conducive working environment. The Company continues to focus on employee welfare, development and compliance with applicable labour laws.
The key financial ratios of the Company for FY 2025-26, as compared with FY 2024-25, are set out below:
| Particulars | FY 2025-26 | FY 2024-25 | Reason for Change |
| Debtors Turnover | N.A. | N.A. | Not meaningful due to the nature and level of revenue and receivables during the respective years. |
| Inventory Turnover | N.A. | N.A. | Not applicable as the Company had no inventory during the year. |
| Interest Coverage Ratio | N.A. | N.A. | Not applicable as the Company had no interest-bearing borrowings/interest expense during the year. |
| Current Ratio | 2.07 | 1.16 | Improvement primarily due to increase in current assets during the year. |
| Debt-Equity Ratio | N.A. | N.A. | Not applicable as the Company has no outstanding borrowings. |
| Operating Profit Margin | N.A. | N.A. | Not meaningful considering the nature and level of the Companys operations. |
| Net Profit Margin | (6.06%) | (2.69%) | The change is mainly attributable to the increase in total expenses relative to revenue during FY 2025-26. |
| Return on Net Worth | (0.46%) | (0.69%) | The ratio reflects the loss incurred during the respective financial years. |
During FY 2025-26, the Company recorded Revenue from Operations of 38.96 lakhs, compared to 29.37 lakhs in FY 2024-25, representing an increase in operating revenue. Total income stood at 39.13 lakhs as against 29.37 lakhs in the previous year.
The Companys total expenses increased to 41.49 lakhs during FY 2025-26 from 30.16 lakhs in FY 2024-25. Consequently, the Company reported a Net Loss of 2.36 lakhs during FY 2025-26 as compared to a Net Loss of 0.79 lakhs in the previous year.
As at 31 March 2026, the Companys total assets stood at 942.46 lakhs, compared to 576.71 lakhs as at 31 March 2025. Total equity increased to 508.93 lakhs from 113.78 lakhs, primarily reflecting the movement in other equity during the year.
The Company continues to focus on strengthening its operations, improving financial efficiency and identifying suitable opportunities for future growth.
Statements in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may constitute forward-looking statements within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed or implied due to various factors including economic conditions, changes in Government policies, market conditions, competition, regulatory developments and other risks and uncertainties. The Company undertakes no obligation to publicly update or revise any forward-looking statements based on subsequent events or developments.
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