Mangalam Global Enterprise Ltd Management Discussions

Industry sources and publications generally state that the information contained therein has been obtained from sources generally believed to be reliable, but their accuracy, completeness and underlying assumptions are not guaranteed and their reliability cannot be assured and accordingly, investment decisions should not be based on such information.

• ECONOMIC OUTLOOK

• Global Economic Outlook

The April 2026 World Economic Outlook states that the global economy faces renewed risks due to the Middle East war that began in February 2026. Earlier support from technology investment, easier financial conditions, a weaker US dollar, and supportive fiscal and monetary policies is now being offset by rising commodity prices, higher inflation expectations, and tighter financial conditions caused by the conflict. The IMF uses a "reference forecasts assuming the war remains limited and disruptions fade by mid-2026. Under this forecast, global growth is expected at 3.1% in 2026 and 3.2% in 2027, lower than the 3.4% growth seen during 2024025 and below the historical average of 3.7% (2000019). Compared with the January 2026 WEO Update, the 2026 forecast is cut by 0.2 percentage point, while 2027 remains unchanged. Global inflation is projected to rise to 4.4% in 2026 before easing to 3.7% in 2027. Without the conflict, 2026 global growth would have been revised upward to 3.4%, meaning the war largely caused the downgrade. Emerging market and developing economies are hit hardest, with their 2026 growth forecast reduced by 0.3 percentage point, while advanced economies remain mostly unchanged.

The report also presents adverse scenarios. If energy prices rise more sharply and remain high for longer, global growth could slow to 2.5% in 2026, while inflation could climb to 5.4%. In a more severe case involving major damage to energy infrastructure, global growth may fall to only about 2% in 2026, and inflation could exceed 6% by 2027. Emerging and developing economies would suffer almost twice as much as advanced economies. The IMF warns that risks remain heavily tilted downward, including a larger geopolitical escalation, trade disputes, disruptions in rare earth supply chains, weaker confidence in artificial intelligence investment, rising fiscal deficits, higher public debt, and weakening trust in institutions and central banks. However, upside possibilities include stronger AI-driven productivity growth, renewed structural reforms, and reduced trade tensions.

To manage these challenges, the IMF recommends strong and flexible policies. Central banks should maintain price stability, keep inflation expectations anchored, and communicate clearly while preserving independence. Governments may provide targeted and temporary support for vulnerable groups, but such support should fit within sustainable budgets. Financial regulators should strengthen oversight and maintain adequate capital and liquidity buffers. Countries should also address domestic and external imbalances through structural reforms rather than trade restrictions, which can reduce global output. Finally, the IMF stresses the importance of international cooperation, stable trade frameworks, and policies that improve resilience and adaptability in an increasingly uncertain geopolitical and economic environment

• INDIAN ECONOMIC OUTLOOK

• GDP growth and Outlook:

• Growth in India is projected at 6.6% in FY27, as higher energy prices caused by the Middle East conflict and supply chain disruptions weigh on economic activity. But even with the slowdown, India remains among the fastest-growing major economies in the world, says the World Banks latest economic update.

• India Development Update says that despite significant downside risks stemming from the conflict, the economys strong macroeconomic fundamentals and policy buffers offer some insulation. Substantial foreign reserves, low inflation, predominantly rupee-denominated public debt, a healthy financial sector, and trade diversification efforts play a major role in providing resilience from external headwinds.

• The South Asia Economic Update recommends implementing carefully designed policy measures in sectors such as urban development, tourism and digital services, alongside broad-based improvements in the underlying business environment, regulatory predictability, and state capacityfflall of which are critical for job creation.

source (https://www.worldbank.org/en/news/press-release/2026/34/39/india-remains-among-the-fastest-growing-economies)

• INDUSTRY OVERVIEW OF THE PRODUCTS, WE DEAL IN:

• India Nutraceuticals Market Summary

The India nutraceuticals market size was estimated at USD 38.77 billion in 2025 and is projected to reach USD 84.99 billion by 2033, growing at a CAGR of 10.3% from 2026 to 2033. A primary driver for market growth is the escalating health awareness among Indian consumers, particularly post-pandemic, leading to a proactive approach to well-being rather than reactive treatment.

Key Market Trends & Insights

• By product, the functional food & beverages segment held the highest market share of 76.4% in 2025.

• Based on applications, the weight management & satiety segment held a share of 16.8% in the India nutraceuticals market in 2025.

• By distribution channel, the supermarkets & hypermarkets channels held the highest market share of 29.8% in the India nutraceuticals market in 2025.

Market Size & Forecast

• 2025 Market Size: USD 38.77 Billion

• 2033 Projected Market Size: USD 84.99 Billion

• CAGR (2026-2033): 10.3%

A heightened focus on immunity and holistic health fuels this shift. The increasing prevalence of lifestyle diseases such as diabetes, obesity, and cardiovascular disorders is compelling a larger segment of the population to seek out nutraceuticals as preventive and supplementary solutions. This growing demand underscores a fundamental change in how Indians approach health management. According to an article published by PharmaNutrition in March 2025, the receptiveness of the aging population to personalized nutrition presents ample growth opportunities for manufacturers, further solidifying the markets upward trajectory.

Indias rapid urbanization and the adoption of sedentary lifestyles drive the market growth further, resulting in dietary imbalances. This has significantly amplified the demand for supplements and functional foods, especially among the younger, urban demographics like millennials and Gen Z. Concurrently, there is a pronounced consumer preference for natural, plant-based, and Ayurveda-inspired nutraceuticals, stemming from concerns about the side effects of synthetic medications and a desire for clean-label products. This trend aligns with Indias traditional embrace of alternative medicine.

Economic and regulatory factors also play a crucial role in market expansion. The burgeoning middle class and increasing disposable incomes enable more Indians to invest in health and wellness products, making nutraceuticals more accessible and desirable. Furthermore, the Food Safety and Standards Authority of India (FSSAI) has introduced clear regulations and standards, bolstering consumer trust and market credibility. According to an article published by Economic Times in February 2025, nutraceuticals are gaining popularity in India due to rising health awareness, increased lifestyle diseases, and a shift toward natural products. The markets significant growth is further propelled by government initiatives, disposable incomes, and expanding online retail. These combined factors create a supportive environment for industry growth and innovation.

Distribution Channel Insights

The sales of nutraceuticals through supermarkets & hypermarkets channels dominated the market, accounting for a share of 29.8% in 2025. This growth creates a high visibility platform for nutraceutical brands, which are increasingly allocating premium shelf space to functional foods, vitamins, and probiotic enriched beverages. The Uhealth aisleffl concept, dedicated sections that bundle immunity boosting supplements, plant based proteins, and fortified snacks, has become a staple in the largest format stores. Urban middle class shoppers, who now spend a larger share of their disposable income on wellness, gravitate toward these curated assortments, driving a steady rise in category share. Moreover, the demand is further propelled by private label initiatives and collaborative Store brands launches that leverage the trust of established retail chains. Retailers are integrating dataanalytics tools to track purchasing patterns, enabling dynamic pricing and targeted promotions for high growth segments such as gut health supplements and Ayurvedic adaptogens.

Sales of nutraceuticals through online channels are expected to grow at a CAGR of 13.7% from 2026 to 2033. As more people focus on maintaining a healthy lifestyle, there is a growing demand for supplements to support specific health goals, such as weight management, immunity, skin health, etc. E commerce has exploded in India, with platforms such as Amazon, Flipkart, Nykaa, and niche health focused sites like HealthKart and iHerb capturing a fast growing share of nutraceutical sales. Moreover, digital storefronts enable granular product information certifications, ingredient sourcing, third party lab results, and user reviews, addressing the heightened demand for transparency and authenticity that drives online buying behaviour.

(Source : https://www.grandviewresearch.com/industry-analysis/india-nutraceuticals-market-report)

CASTOR OIL:

Castor oil is just a form of plant oil extracted from castor beans. Castor oil is colorless to very light yellow in color and has a distinct flavor and fragrance. The oil is also used to promote skin and hair growth. Castor oil is a multi-functional substance that is often used in the manufacture of cosmetics, food, pharmaceuticals, polymers & resins, chemicals, polymers, and lubricants, and others. Due to the existence of fatty acid structure, castor oil has major advantages over vegetable oils such as soybean, coconut, sunflower, and others. Castor oil has natural, non-toxic, renewable, and adaptable physio-chemical qualities that make it widely employed in a variety of end-use industries such as automotive, electric, paint and varnishes, aerospace, and others.

The oils use in the production of bio-based plastic packaging, lubricants, surface coating, skincare, hair care, and medicinal products, as well as the increased demand for the oil in traditional medicines due to its capability to treat skin conditions, stools, headaches, and inflammatory problems, all contribute to the growth of the castor oil market. Furthermore, the high utilization of various goods increased usage as raw resources in the manufacturing of chemicals, and development of end-user industries, contributing to the growth of the castor oil market.

Castor Oil Market Growth Factors

The significant factors which are leading to the growth of the castor oil market are the attributes of being multi-functional with a variety of usage and being easily affordable. The various advantage by the use of castor oil for kids have pushed the demand of the castor oil market.

Market Outlook

Industry Growth Overview: As the demand for bio-based chemicals, pharmaceutical excipients, and specialty lubricants continues to grow, castor oil is becoming a strategic raw material across a wide range of industrial and consumer applications worldwide.

Sustainability Trends: Eco-friendly extraction methods are being adopted by many manufacturers to promote castor oil as a renewable and biodegradable substitute for petroleum-derived oils and to align with global clean label and green chemistry initiatives.

Global Expansion: The continued expansion of global trade flows is being driven by export-based manufacturing from Asia; therefore, multinational buyers are seeking to diversify their sourcing strategies to mitigate supply risk and maximize cost efficiencies, which is resulting in increased global sales of castor oil.

Key Market Drivers

Increased usage of castor oil as an animal feed: The cattle feed business is experiencing rapid growth and the milk producers have started replacing their traditional cattle feed with nutritionally balanced compound feed, as they have realized the tangible benefits of nutritional feed in terms of yield improvement. Castor oil is used as cattle feed as it has high levels of ricinoleic acid, which has antimicrobial. Castor oils have been used as an anti-coccidial for broilers and have been tried in some ruminants as it is a good protein source and helps in improving dairy cattle performance. Livestock production in the Asia Pacific region has been growing faster than any other agricultural subsector mainly due to the substantial growth of pig, livestock, and poultry industries, as the livestock industry is the most crucial part of agricultural development. Livestock products contribute to around 40% of the total agricultural output in global sales. There has been an increase in the consumption of animal products due to population growth and increasing living standards. This is expected to boost the growth of the castor oil market.

Growth of the cosmetics industry boosts the market for castor oil: Green cosmetics provide developing countries with a competitive advantage. The term "green" has evolved to mean organic, healthy, or sustainable. It has been noticed that the notion of becoming green has gained traction as a result of the threats of changes in the climate, global warming, and environmental challenges. Castor oil is natural, non-toxic, and promotes skin hydration. Castor is one of the best green raw materials that are used in cosmetics. Consumers purchasing habits are shifting as their attitudes toward healthy living and environmental stewardship shift. Consumers desire healthy, safe, chemical-free products, and the destruction of the environment has undoubtedly helped consumers realize the value and necessity of purchasing green products. Due to the concerns about the environment, animal welfare, health, and hygiene, there is a growing concern and interest in green cosmetics around the world. Green cosmetics are growing in popularity owing to the increase in the sensitive population and are expected to increase the sales of the castor oil market.

Key Market Challenges

Wavering prices of raw materials to restrain growth: Castor oil is a primary source for the manufacturing of its byproducts and raw materials used in many industries to manufacture products. Warmth, sunlight, precipitation, soil properties, latitude, and altitude are all factors that influence castor oil output. Water requirements for the use of high-quality seeds that generate good oil range from 2500 to 3000 kg/ha under cultivation and 700 to 1000 kg/ha under rain-fed conditions. Farmers are finding it tough to continue farming due to a lack of water. As a result, the price of castor oil is determined by yield, and owing to insufficient irrigation, the price of castor beans rises rapidly. The fluctuating prices have an impact on downstream production and demand for castor oil, lowering profit margins. However, the growing adoption of new farming methods supported by government legislation will boost the oil industry in the upcoming years.

Oxidation in castor oil limits the shelf life of the product: Castor oil does not oxidize unless exposed to extreme temperatures, however, its lipid structure contains double bonds, which frequently undergo an unfavorable process known as lipid oxidation. Lipid oxidation occurs when fatty acid double bonds react with oxygen to generate peroxides, altering the chemical composition of the oil. The pace of oxidation in food and other products is determined by a number of variables. The presence of antioxidants, pro-oxidants, radiant energy or the visibility of UV radiation, oxygen content, temperature, free fatty acids vs the corresponding acylglycerols, and fatty acid composition are among the parameters. The occurrence of lipid oxidation makes it difficult for producers to employ castor oil and seek alternatives, limiting market development.

Key Market Opportunities

To make most of the opportunitys vendors are advised to focus on growth prospects in the fastest-growing segments while being rigid in the slow-growing segment.

ffl Rise in government initiatives as well as investments for castor bean cultivation. ffl Technological advancement in castor oils.

(Sources : https://www.precedenceresearch.com/castor-oil-market)

COTTON:

The cotton market size is USD 44.3 billion in 2026 and is projected to reach USD 53.5 billion by 2031, advancing at a 3.85% CAGR over the forecast period. Demand acceleration in the Asia-Pacific region, sustained biotechnology uptake, and brand- led sustainability premiums are driving revenue growth, yet water scarcity, rising input costs, and pest resistance are tempering the expansion. The Asia-Pacific region holds the largest share of the cotton market, driven by Chinas dominant spinning industry and Indias dual role as the largest cotton producer and a leading exporter. Africa is the fastest-growing region, driven by the efforts of West African governments to expand seed programs and enhance logistics corridors. In 2024, the adoption of biotech seeds reached 78.4% of the planted area, resulting in global yields that increased by up to 25.0% under moderate pest pressure. Additionally, regenerative agriculture contracts are offering a 10%-15% premium on verified fiber output, promoting the adoption of these practices in countries such as India and Pakistan.

(Source: https://www.mordorintelligence.com/industry-reports/cotton-market)

RICE:

The market is driven by the countrys massive population base, deep-rooted cultural food preferences, and rices position as a primary dietary staple across diverse regions. Strong government support through procurement policies, expanding agricultural infrastructure, and favorable climatic conditions in key producing states further propel market expansion. Indias dominance in global rice exports strengthens domestic production capabilities, while technological advancements in farming practices enhance yield efficiency, contributing to the India rice market share.

Key Takeaways and Insights:

By Product Type: Regular dominates the market with a share of 67% in 2025, driven by affordability, widespread availability, strong government procurement support, established processing infrastructure, and its role as the everyday dietary staple.

By Type: Grain parboiled rice leads the market with a share of 35% in 2025, owing to higher nutritional retention, better shelf stability, regional dietary preference in southern and eastern India, and strong institutional procurement demand.

By Grain Size: Long grain represents the largest segment with a market share of 65.34% in 2025, driven by strong domestic preference, premium basmati exports, superior cooking characteristics, higher value realization, and favorable agro-climatic conditions in northern states.

By Distribution Channel: Offline stores dominate the market with a share of 83.26% in 2025, owing to consumer preference for physical inspection, extensive traditional retail networks, strong wholesale presence, and continued public distribution and auction-based sales.

By Application: Food leads the market with a share of 90% in 2025, driven by rices staple dietary role, cultural significance, widespread household consumption, institutional demand, and government-supported fortified rice distribution programs.

By Region: North India dominates the market with a share of 30% in 2025, owing to high production in Punjab, Haryana, and Uttar Pradesh, strong irrigation infrastructure, processing clusters, export orientation, and large urban consumption centers.

Key Players: The India rice market exhibits a fragmented competitive landscape, with numerous regional processors, traditional millers, and organized players competing across value-added and commodity segments. Market participants focus on brand differentiation, quality certifications, and distribution network expansion to capture consumer loyalty.

The India rice market is propelled by a confluence of structural and policy-driven factors that reinforce its position as a critical component of the national food ecosystem. The countrys vast population, with rice consumption deeply embedded in cultural and dietary traditions, creates sustained baseline demand across all socioeconomic segments. Government interventions through minimum support price mechanisms incentivize farmers to maintain production levels while ensuring stable supply availability. Agricultural modernization initiatives, including improved seed varieties, mechanized farming equipment, and enhanced irrigation infrastructure, contribute to higher yields and quality improvements. As per sources in 2025, the Bharat International Rice Conference in New Delhi marked the launch of Indias first AI-based rice sorting system, supported by APEDA-facilitated MoUs exceeding J3,000 crore. Moreover, the expansion of organized retail and e-commerce platforms facilitates broader market access, while Indias growing prominence in global rice trade strengthens domestic processing capabilities and export-oriented production.

Market Outlook 2026-2034:

The India rice market is expected to witness steady revenue growth during the forecast period, driven by strong domestic consumption, expanding export competitiveness, and ongoing improvements in agricultural productivity. Population growth in key rice-consuming regions will sustain demand, while rising incomes simultaneously support premiumization across value-added segments. Government initiatives focused on farmer welfare, irrigation, and infrastructure development will enhance production efficiency. Technological advancements in cultivation, milling, and processing will improve quality standards. Additionally, favorable monsoon conditions, diversified consumer preferences, and Indias strengthening position in global rice trade will further support long-term market expansion.The market generated a revenue of USD 10.33 Billion in 2025 and is projected to reach a revenue of USD 12.37 Billion by 2034, growing at a compound annual growth rate of 2.0% from 2026-2034.

(Source: https://www.imarcgroup.com/india-rice-market)

WHEAT:

Global Wheat Market Outlook:

The wheat market size was valued at USD 185.92 billion in 2025 and estimated to grow from USD 198.51 billion in 2026 to reach USD 248.32 billion by 2031, at a CAGR of 4.58% during the forecast period (2026-2031). The expansion reflects wheats role as a daily staple for more than 2.5 billion people, sustained public-health fortification programs, and policy- driven demand from renewable fuel standards. Asia-Pacific anchors consumption with resilient state support in China and India, while Africas structural shortfall accelerates import growth. Biofuel mandates in the United States and the European Union provide an industrial demand floor that absorbs surplus grades, and seed innovations focused on heat and drought tolerance are gradually extending viable production zones. Competitive intensity remains moderate, as four multinational traders coordinate most cross-border flows, yet upstream supply is diffused across millions of farms, creating scope for digital platforms that shorten the value chain.

Geography Analysis

Asia-Pacific is the largest geography segment and contributed 37.2% of the wheat market share in 2025. According to the Indian Rice Exporters Federation, Indias wheat production in 2025 reached a record 117.5 million metric tons. Wheat was planted across 6.62 million hectares in 2025, reflecting a 17% increase compared to the previous year, based on data from the Ministry of Agriculture and FarmersfflWelfare. In India, wheat sowing for the 2025/26 season is projected to increase by 5% from the previous years record of 34.16 million hectares. In the 2025/26 period, China achieved a production of 140.1 million metric tons[4]. Import-dependent countries such as Japan and those in Southeast Asia purchased higher- protein wheat from Australia and Canada, driven by urban preferences for convenience foods like noodles and baked snacks, which is positively influencing the outlook for the wheat market.

Africa is experiencing the fastest growth, with a CAGR of 5.0%, and imports accounting for half of its consumption. According to the ITC Trade Map, Egypt is projected to lead global imports in 2024, with a value of USD 4,442,761 thousand, primarily for a subsidized bread program benefiting 70 million citizens. Limited irrigation and fertilizer usage, at less than 15 kilograms per hectare, constrain local yields. However, continental initiatives supported by the African Development Bank aim to enhance production in countries such as Ethiopia, Kenya, and Tanzania. Efforts to expand cultivation in the Ethiopian highlands and the East African Rift Valley are projected to gradually reduce dependence on imports.

North America and Europe continue to serve as major export hubs, collectively shipping significant volumes annually. The United States is a key producer, with hard red wheat varieties comprising the majority of shipments to Asia. Canada is another important supplier, providing premium bread wheat and durum primarily to Italy and Algeria. The European Union maintains substantial harvests despite occasional yield declines due to heat stress and continues to export to North Africa. Meanwhile, competitive supplies from the Black Sea region, particularly Russia, continue to impact price benchmarks at Mediterranean ports.

(Source: https://www.mordorintelligence.com/industry-reports/global-wheat-market-growth-and-trends)

MUSTARD:

Mustard oil Market Overview

Mustard oil Market size was estimated at $21.6 billion in 2020, projected to grow at a CAGR of 3.8% during the forecast period 2021-2026. Mustard oil industry has witnessed huge demand as the Mustard Oil is one of the finest cooking oils for heart patients since it contains an excellent Omega 3 (MUFA) and 6 Fatty Acid composition Linolic and alpha Linolenic Acid respectively in a decent ratio close to 10.1, which is seldom observed in other oils. The optimal Omega 6 Omega 3 ratio is 10:1. Mustard oil is made from mustard seeds and has a strong flavor and a disagreeable odor. Mustard has roughly 38-40% oil and rapeseed has roughly 42% oil. Both the seed and the oil are used as condiments in pickles and to flavor curries and vegetables. The oil is used in cooking and frying for human consumption throughout Northern India. Mustard oil comes in three varieties B. nigra (black mustard), B. juncea (brown mustard), and B. hirta (white mustard) (white mustard). It is traditionally a cooking oil, but it is also used in aromatherapy, medicines, and soaps, among other things. It is extracted by two processes such as crushing the seeds, which are utilized as cooking oil owing to the presence of fatty oil, and grinding the seeds, which is then processed with water before being purified via the distillation process. The second process of extraction yields a mild pungent oil that is employed as an essential oil in several therapeutic applications. Mustard oils many activities, such as appetizer, stimulant, hair vitalizer, anti-bacterial, anti-fungal, and others, boost its market demand. It is regarded an essential oil with several skin and body advantages, and its demand for personal care and cosmetics is expected to rise. In different parts of the world, rapeseed oil is called sarson, toria, or lahi, whereas mustard is called rai, raya,. Mustard, followed by toria, yellow sarson, and brown sarson, is the most significant member of the group, accounting for more than 70% of the area under rapeseed oil.

Mustard oil Market Segment Analysis-Drivers Rising Demand for Mustard Oil in Cooking:

Owing to the growing consumption of food in Asia-Pacific countries such as India, Thailand, and China, consumer demand for mustard oil is increasing. Mustard oil has long been used as a cooking oil and as a substitute for other seed oils that have better skin advantages. The majority of mustard oil is used for frying, with the remainder being used for pickling and directly on the fruit as raw oil. In rural locations, food is cooked at low temperatures to preserve oil sourness, however in urban areas, pungency is less desirable and food is cooked at higher degrees. The amount of vitamin A produced depends on the length and temperature of the cooking process; lower temperatures and one or n minutes of cooking time produce more vitamin A. Mustard oil is abundant in monounsaturated fatty acids and is therefore highly recommended.

Our bodies require oil in a 3:1 ratio, with three parts polyunsaturated and one part saturated fatty acids. Polyunsaturated fatty acids (PUFA) include monounsaturated fatty acids (MUFA). Mustard oil is high in MUFAs, which are important for human health. Because it is high in MUFA, it decreases bad cholesterol in the body, lowering blood fat levels and improving circulation. The usage of mustard oil, which is high in alpha-linolenic acid, was linked to a decreased incidence of IHD (Ischemic Heart Disease) than sunflower oil.

Source: https://www.industryarc.com/Research/

SOYABEAN:

The global soybean oil market size was USD 54.56 billion in 2025 and is projected to grow from USD 56.32 billion in 2026 to USD 73.27 billion by 2034, exhibiting a CAGR of 3.34% during the forecast period. Moreover, the soybean oil market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 14.81 billion by 2032, driven by the fastest-growing and expanding food processing industry. Asia Pacific dominated the soybean oil market with a market share of 46.87% in 2025.

The increasing use of soybean oil by food processors and food service operators for baked and fried food products or to sell as a cooking oil in packaged bottles fuels the market growth. The recently developed biodiesel industry in various countries has begun to utilize the oil to produce environment-friendly renewable fuel. This is further anticipated to drive the market growth during the forecast period.

The global soybean industry recorded a major impact due to the nationwide lockdown and restrictions imposed on global trade due to the rapid spread of the COVID-19 pandemic. Thus, with the decline in the availability of soybean oil, which is one of the most significant by-products of soybean processing, a significant decrease in global consumption has been recorded. The food service sector, which was one of the major consumers of soy oil, recorded a massive impact that disrupted the global food service industry in the initial stage, majorly due to the closing of food service operators due to the lockdown. This caused a ripple effect, further impacting the soy oil industry. In addition, the soy oil industry recorded a declining consumption owing to a sudden drop in the demand for biodiesel.

The demand for biodiesel has decreased primarily in the U.S., which has the largest usage of the oil for biodiesel. Biodiesel demand has been growing sharply in Brazil in recent years. This demand has been impacted due to the pandemic. However, as the lockdowns uplift worldwide, the market is expected to increase across restaurants and other food service channels. The growing concerns regarding health among consumers are anticipated to drive the demand for non-GMO and organic soy products over the forecast period.

SOYBEAN OIL MARKET TRENDS

Rising Utilization of Edible Oils across Various Food Segments to Drive Market Growth

Over the past few years, the food industry has evolved tremendously across the world. Food manufacturers and processors are exponentially investing in developing innovative products to capitalize on the growing demand among consumers. The edible oil sector is witnessing prominent growth due to their rising application in various products such as bakery, cooking, packaged foods, snacks, and food service. The growth of the edible oil sector is also largely driven by the demand for cooking oils in retail aisles. The amplifying demand for plant-based foods has increased the utilization of soybean oil, palm oil, olive oil and coconut oil. The emerging trend of vitamin-fortified, organic, non-GMO oils among consumers to make healthy food is further driving the market growth. Asia Pacific witnessed a growth from USD 23.02 billion in 2022 to USD 23.83 billion in 2023.

BUSINESS MODEL OF THE COMPANY The Company is mainly engaged into:

Manufacturing, trading and import of Edible Oil/ Non-edible oil and Agricultural Products i.e. Soya Oil, Soya Meal, Soya De Oiled Cake, Mustard Oil, Mustard Meal, Mustard De Oiled Cake, Refined Soyabean Oil, Refined Vegetable Oil, Pungent Mustard Oil, Refined Castor Oil First Special Grade (FSG), Castor De- Oiled Cake and High Protein Castor De-Oiled Cake, Cotton Bales, Cotton Cake Cattle Feed, Cotton Wash Oil, processing of wheat and rice. Also, the Company is engaged in Trading including domestic and export of Agricultural Products i.e. Wheat, Rice etc.

The soya & mustard products manufactured by the Company have a wide application in confectionery, baking, pharmaceuticals and cattle feed, poultry, fisheries etc.

The Company has entered into B2C domestic market by launching new products in Edible Oil i.e. Refined Soyabean Oil, Refined Vegetable Oil and Pungent Mustard Oil under the Brand Name ULAGNAMIJI

For last several years, MGEL has been involved in manufacturing of Edible Oil, Non-Edible Oil and agricultural products such as Soya Oil, Soya Meal, Soya High Protein De Oiled Cake, Mustard Oil, Mustard refined oil, Mustard Meal, Mustard De-O iled Cake, Refined Soya bean Oil, Pungent Mustard Oil, Refined Castor Oil First Special Grade (FSG), Castor Oil low grade, Castor Oil low moisture grade, Castor De-oiled Cake and High Protein Castor De-Oiled Cake, Cotton Bales, Cotton Cake Cattle Feed, Cotton Wash Oil and processing of wheat and rice.

Company also operates three plants located at: (i) Unit Bavla, Sanand- Gujarat ffl Wheat & Rice Processing; (ii) Unit Kapadvanj, Kheda- Gujarat - Castor oil; and (iii) Unit Kapadvanj, Kheda- Gujarat- Cotton Unit.

Your Company has taken a strategic step towards strengthening its presence in the health, wellness, and nutraceutical sector through its wellness brand, Neat Everyday. During the year, the brand further expanded its product portfolio and today offers a comprehensive range of 100% vegetarian nutraceutical and personal care products formulated using natural ingredients and supported by scientific validation.

The product portfolio includes premium Cold-Pressed Oils such as Castor Oil, Yellow Mustard Oil, Extra Virgin Coconut Oil, Black Sesame Oil, Pistachio Oil, Almond Oil, and Walnut Oil, along with a diverse range of wellness supplements and nutraceutical products, including Ashwagandha & A2 Ghee Soft Capsules, Triphala & A2 Ghee Soft Capsules, Brahmi & A2 Ghee Soft Capsules, Turmeric & A2 Ghee Soft Capsules, Trikatu & A2 Ghee Soft Capsules, Vegan Omega 3-6-9 Capsules, Evening Primrose Oil Soft Vegan Capsules, Castor Oil Soft Vegan Capsules, Garlic Oil Soft Vegan Capsules, Immunity Booster Soft Vegan Capsules, Vitamin B12 + D3 Gummies, Multivitamin Gummies, Apple Cider Vinegar Gummies, and Shilajit Gummies.

RISK & Its MITIGATION FRAMEWORK

Compliance to growing regulatory norms is a continuing requirement which can lead to delays in obtaining necessary approvals. Changes in guidelines or policies in various geographies may also lead to sudden disruption of business in specified products. Many Agricultural Industries have foreign exchange exposure either in the form of forex loans or exports and imports. For Companies which operate largely in the domestic arena, any major forex movement may affect profitability due to fluctuating import costs.

While on the one side input cost could increase, on the other side weak monsoon could reduce pricing flexibility, thereby affecting margins. To minimize the risk, a comprehensive and integrated risk management framework is followed by the Company.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company maintains an adequate and effective Internal Control System, equivalent with its size and complexity. It believes that these systems provide, among other things, a reasonable assurance that transactions are executed with management authorization. It also ensures that they are recorded in all material respects to permit preparation of financial statements in conformity with established accounting principles, along with the assets of the Company being adequately safeguarded against significant misuse or loss. This is supplemented through an internal audit programme and periodic review by the management and the Audit Committee. In terms of corporate governance, there are various Board and Committees in place, comprising majority of Independent Directors, for monitoring and governance over efficiency and effective internal controls. Details of these Committees are given in the Corporate Governance Report, which forms part of this Annual Report.

ENVIRONMENT SAFETY, HEALTH AND ENERGY CONSERVATION

Safety at work places is of paramount importance to the Company. The aim is to maintain the higher standards of safety across factories and workplaces; and ensure the latest best practices are implemented across the business to bring operational efficiencies and save energy. The Company emphasis on placing safety as a pre-requisite across all its operations.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The Company!! financial performance for the year ended March 31, 2026 is summarized below: (J in Lakhs)

PARTICULARS	STANDALONE-YEAR ENDED	CONSOLIDATED-YEAR ENDED
	31/33/ 2026	31/03/2025	31/03/-2026	31/03/2025
I. Revenue from Operations	2,96,167.28	2,09,253.49	3,38,445.67	2,28,147.62
II. Other Income	1,186.70	20,52.89	1,625.29	2,143.66
III. Total Revenue (I+II)	2,97,353.98	211,306.38	3,40,070.96	2,30,291.28
IV. Earnings Before Interest, Taxes, Depreciation and Amortization Expense	6,798.99	6,114.71	7,727.13	6,576.06
V. Finance Cost	2,622.06	2,670.78	3,080.91	2,971.32
VI. Depreciation and Amortization Expense	230.85	210.92	250.28	229.38
VII. Profit Before Tax (IV-V-VI)	3,946.08	3,233.01	4,395.94	3,375.36
VIII. Tax Expense:
a) Current Tax (Adjusted)	537.50	2.50	602.70	9.80
b) Deferred Tax (Asset)/Liabilities	335.57	827.08	335.30	826.92
c) Income Tax (Prior Period)	0.00	-2.48	0.00	(2.48)
Total Tax Expense	873.07	827.10	938.00	834.24
IX. Profit After Tax (VII-VIII)	4,137.21	2,174.93	4,522.14	2,310.13

Standalone operating results:

During the year under review, Revenue from Operations of the Company is Rs. 2,96,167.28 Lakhs as compared to Rs. 2,09,253.49 Lakhs in the previous financial year.

During the year under review, the Company has earned a Profit Before Tax (PBT) of Rs. 3,946.08 Lakhs and Profit After Tax (PAT) of Rs. 4,137.21 Lakhs as compared to Profit Before Tax (PBT) of Rs. 3233.01 Lakhs and Profit After Tax (PAT) of Rs. 2174.93 Lakhs, respectively, in the previous financial year.

Consolidated operating results:

During the year under review, on a Consolidated basis, your Company (together with its Subsidiaries) has earned Revenue from Operations Rs. 3,38,445.67 Lakhs as compared to Rs. 2,28,147.62 Lakhs in the previous financial year. Correspondingly, the Consolidated Profit Before Tax and Consolidated Profit After Tax during the year under review is Rs. 4,395.94 Lakhs and Rs. 4,522.14 Lakhs, respectively, as compared to Consolidated Profit Before Tax and Consolidated Profit After Tax of Rs. 3,375.36 Lakhs and Rs. 2310.13 Lakhs, respectively, in the previous financial year.

SEGMENT PERFORMANCE

Details of segment performance (geographical wise) of the Company is as under: (J in Lakhs)

Segments Revenue	F.Y. 2025-26	F.Y. 2024-25
Indian Operations	288198.04	1,97,782.13
Foreign Operations	7968.88	10,187.47

KEY FINANCIAL RATIOS

S. N. Ratio	Numerator	Denominator	As at 31 March, 2026	As at 31 March, 2025	% change	Reason for Variance
A Current Ratio (In times)	Current Assets	Current Liabilities	1.40	1.50	(6.67%)	-
B Debt- Equity Ratio (In times)	Total Debt	Shareholders! Equity	0.59	0.87	(32.18%)	Refer (i) below
C Debt Service Coverage Ratio (In times)	Earnings Available for Debt Service = PAT + Depreciation + Interest	Total Debt Service = Principal Repayments	2.23	2.03	9.85%
D Return on Equity ratio (in %)	Net Profit After Tax	Average Shareholders! Equity	19.15%	13.19%	45.18%	Refer (ii) below
E Inventory Turnover Ratio (In times)	Cost of Goods Sold	Average Inventory	21.89	19.44	12.60%	-
F Trade Receivables turnover ratio (In times)	Revenue from Operations	Average Trade Receivable	9.00	11.05	(18.55%)	Refer (iii) below
G Trade Payables Turnover Ratio (In times)	Purchase	Average Trade Payable	27.17	61.11	(55.54%)	-
H Net capital turnover Ratio (In times)	Revenue from Operations	Net Working Capital = Current Assets-Current Liabilities	16.59	14.96	10.90%	-
I Net Profit Ratio (in %)	Net Profit	Revenue form Operation	1.40%	1.04%	34.62%	Refer (iv) (In times) below
J Return on Capital Employed (in %)	Earnings Before Interest and Taxes	Capital Employed = Tangible Net worth + Debt + Lease Liability	16.91%	15.58%	8.54%
K Return on Investment (in %)	Income Generated from Investment Funds	Average Invested funds	0.00%	(100.00%)	Refer (ii)	Refer (v) below

Reason for Variance

(i) Debt Equity Ratio improved due to higher retained earnings strengthening the equity base and reduction in borrowings following repayment of long-term loans and optimization of working capital financing.

(ii) Return on Equity Ratio increased primarily driven by significant growth in profitability, supported by consistent margins, outpacing the increase in shareholders!!! equity.

(iii) Trade Payables Turnover Ratio declined due to a substantial increase in trade payables, reflecting higher procurement levels on account of increase in scale of operation in line with industries practise during the year.

(iv) Net profit margin improved on account of better realizations, effective cost management, and by consistent margins

(v) Return on Investment imcreased due to deployment of surplus funds into income-generating investments during the year.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS

The Company!! relations with the employees continued to be cordial and harmonious. Your Company considers manpower as its assets and understands that people have been driving force for growth and expansion of the Company. The Company acknowledge that its principal assets is its employees. The Company has continued its efforts in building a diverse and inclusive workforce. Mangalam Global Enterprise Limited is committed to provide a robust learning platform and at the same time building the capability of its employees. The Company is into process of continuous improvements based on feedback and inputs from multiple stakeholders, past experiences and industry! best practices (Recruitment and Selection, Leave & Attendance Management) for giving better employee experiences. The Company believes that the quality of the employees is the key to its success and is committed to equip them with skills, enabling them to seamlessly evolve with ongoing technological advancements.

As on March 31, 2026 there were 101 permanent employees employed by the Company. The Company will continue to create opportunity and ensure recruitment of diverse candidates without compromising on meritocracy.

STAKEHOLDER ENGAGEMENT

The Company! endeavour is to maintain regular engagement with all its stakeholders to ensure that their concerns are addressed and expectations are met. Dynamic processes are in place within the Company to ensure integration of feedback from various stakeholders such as suppliers, customers, employees, and investors on a routine basis. By trusting employees, partnering with suppliers and dealers, and engaging with local communities, we work towards serving and delighting our customers.

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis contains ["Forward Looking Statements! including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Company!! future business developments and economic performance. While these forward-looking statements indicate our assessment and future expectations concerning the development of our business, several risks, uncertainties, and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market, macroeconomic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments, and other key factors that could affect our business and financial performance. The Company undertakes no obligation to publicly revise any forwardlooking statements to reflect future/ likely events or circumstances.

Registered office:	For and on behalf of Board of Directors
101, Mangalam Corporate House,	Mangalam Global Enterprise Limited
42, Shrimali Society, Netaji Marg,
Mithakhali, Navrangpura,
Ahmedabad-380009,
Gujarat.
	Chanakya Prakash Mangal
Date : June 26, 2026	Managing Director
Place : Ahmedabad	DIN: 06714256