Libord Securities Ltd Management Discussions

Libord Securities Limited ("the Company") is a Limited Company domiciled and incorporated in India and its shares are publicly traded on the Bombay Stock Exchange (BSE), in India. The registered office of the Company is situated at 104, M.K. Bhavan, 300, Shahid Bhagat Singh Road, Fort, Mumbai- 400001. The Company is engaged in the business of Financial Services.

OPPORTUNITIES AND THREATS

The Economic Survey for the year 2025-26 highlights that Indias services sector has performed strongly in comparison to global developments, despite heightened uncertainty and shifts in geopolitical alignments across countries, gaining momentum in growth with its share in GDP rising to 53.6 per cent in the first half of the year 2025-26 achieving a growth in services GVA by 9.3 per cent as compared to 7.0 per cent in the corresponding period of the year 2024-25.

Indias financial services industry has continued to show resilience and strong growth momentum on the back of robust economic fundamentals, rising digital adoption, increasing financial inclusion and improved asset quality. Overall, the Indian financial services industry has immensely benefitted from Indian economys consistent high growth rates, supported by innovation, expanding formal credit penetration, and a digitally empowered customer base. According to the Provisional Estimates (PE) of Gross Domestic Product (GDP) released by the National Statistical Office (NSO), the real GDP (at constant 2022-23 prices) is estimated to attain a level of 323.12 lakh crore during FY 2025-26 as compared to the First Revised Estimates of 299.89 lakh crore in FY 2024-25, registering a robust growth of 7.7%. Nominal GDP (at current prices) is estimated at 346.36 lakh crore against 318.07 lakh crore in the previous year, reflecting a growth of 8.9%.

Thus, the Indian economy remained resilient in the year 2025-26 amid severe global turmoil. Even as the net external demand remained soft, private consumption and fixed investment contributed significantly to overall growth. On the supply side, estimated real GVA growth of 7.9 per cent indicated buoyant services sector and robust manufacturing activity.

However, the International Monetary Funds World Economic Outlook April 2026 warns that the global economy is facing a fresh slowdown due to the war in the Middle East, rising energy prices, and growing geopolitical tensions. The IMF projects global growth at 3.1% in 2026 and 3.2% in 2027, lower than previous expectations, while inflation is expected to rise temporarily before easing again in 2027. Emerging and developing economies are expected to suffer the most because of higher import costs, tighter financial conditions, and weaker trade activity. The report emphasizes that risks remain heavily tilted to the downside due to the possibility of a prolonged conflict, renewed trade disputes, rising public debt, and financial market instability which could further weaken growth. The IMF also highlights how increased defense spending may provide short-term economic support but can worsen inflation, fiscal deficits, and debt burdens over time. Yet, at the same time, the report notes some positive possibilities, such as faster productivity gains from artificial intelligence and reduced geopolitical tensions, which could improve the outlook. Overall, the IMF calls for credible economic policies, international cooperation, and stronger institutional resilience to manage the uncertain global environment.

SEGMENT WISE OR PRODUCT-WISE PERFORMANCE

The Company operates in single business segment and the Company is engaged in the business of Financial Services. As the Company is only in one line of business, product wise disclosure of performance is not required to be made. OUTLOOK

The Company is fairly optimistic in its outlook for the year 2025-26. The economy is expected to achieve a steady rate of growth and the

Company aims at maximising the shareholders wealth amidst more favourable business conditions emerging therein. A detailed analysis of the outlook is given in Clause number 3 of the Directors Report.

RISKS AND CONCERNS

The Company provides financial, corporate and management consultancy, undertakes a wide spectrum of activities and therefore has a well-diversified portfolio of services provided. The Company has undertaken suitable measures for the development and implementation of a risk management policy including identification of elements of risk, if any, which in the opinion of the Board may threaten the existence of the Company. At present, the Company has not identified any element of risk which may threaten the existence of the Company.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an Internal Control System, commensurate with the size and nature of its operations. During the year, controls were tested and no material weakness in design and operation were observed. These have been designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorised use, executing transactions with proper authorisation and ensuring compliance of corporate policies.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The details of the financial performance with respect to operational performance for the Financial Year 2025-26 are discussed in the Directors Report and notes to the Financial Statements forming part of this Annual Report.

HUMAN RESOURCE DEVELOPMENT

The Company regards its human resources as amongst its most valuable assets and proactively reviews policies and processes by creating a work environment that encourages initiative, provides challenges and opportunities and recognises the performance and potential of its employees attracting and retaining the best manpower available by providing high degree of motivation. Your Company believes in trust, transparency & teamwork to improve employees productivity at all levels.

DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS

The details of significant changes in the applicable key financial ratios are given in the Notes to the financial statements.

DISCLOSURE OF ACCOUNTING TREATMENT

The Financial Statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time). The details of accounting treatment are given in Significant Accounting policies at Note no.1 to 3 of the Financial Statements.

Registered office:	By the Order of the Board
104, M. K. Bhavan
300, Shahid Bhagat Singh Road,
Fort, Mumbai 400001	Mr. Lalit Kumar Dangi	Mr. Ramesh Kumar Jain
Place: Mumbai	Director	Director and CFO
Date : 12.08.2026	DIN: 00886521	DIN: 01682905