Mapro Industries Ltd Management Discussions

For the year ended 31st March, 2026

The Management Discussion and Analysis have been included in consonance with the Code of Corporate Governance as approved by SEBI. Investors are cautioned that these discussions contain certain forward-looking statements that involve risk and uncertainties including those risks which are inherent in the Companys growth and strategy.

MDA is structured as follows:

? Economic Overview

? Construction Industry Overview

? Business Overview

? Business Outlook

? Significant developments subsequent to the last financial year

? Opportunities and Threat

? Discussion on Financial Performance with respect to Operational Performance

? Risks and Concerns

? Internal Control Systems and adequacy

? Material Development in Human Resources

? Cautionary Statements

ECONOMIC OVERVIEW

Infrastructure and Construction Industries in any country play a vital role for the economys growth and development. The Indian economy is getting bigger and better with every passing year and needless to say, Infrastructure will contribute significantly to the countrys overall development. Nearly all the segments of infrastructure and Construction Industries sectors will provide excellent opportunities for investments, with roads, railways, ports, power and airports being the major attractions.

The Construction Industry in India is one of the largest economic activities after agriculture and provides employment to a large amount of people. Broadly, construction can be classified into two segments - infrastructure and real estate. The infrastructure segment involves construction projects in different sectors like roads, rails, ports, irrigation, power, etc. Investment in the infrastructure sector plays a crucial role in the growth of the economy of the country. Development of infrastructure in the country mainly depends upon the spending by Government of India in various sub-segments of infrastructure and Real Estate is also based on the Investments in Infrastructure Sector.

BUSINESS OVERVIEW

We are currently engaged in construction activities. Our operation includes all aspects of real estate development, from the identification and acquisition of land, the planning, execution and marketing of our projects and the maintenance and management of our completed developments. The aforementioned services are currently provided by us through our third-party vendor contractors to whom we subcontract construction and other execution work related to projects. Our company has witnessed growth in number of projects being undertaken and also in revenues of our company. We are working continuously to strengthen our infrastructure, enhance our presence and building the capabilities to execute end-to-end projects on our own. During the current financial year, the Company has entered into trading of Iron and Steel and Cement.

BUSINESS OUTLOOK

Outlook remains stable for the current year. The company is looking at other avenues for business growth.

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL YEAR

After the date of last financial year, i.e. March 31, 2025, the Directors of our Company confirm that there have not been any significant material developments.

Key factors affecting the Results of Operations

Our Companys future results of operations could be affected potentially by the following factors:

? Political condition: In case of political instability, government could change the spending pattern on infrastructure. This change in policy framework can affect our business.

? Stringent condition of our contract: Most of our contracts are time bound as well as put a condition of meeting the minimum standard requirement of such contracts.

? Our ability to attract and retain skilled and technical staff: Skilled and Technical Staff are required by us for all our projects. We take up various projects based on availability of right mix of man power. Thus our growth is likely to be affected by our ability to attract and retain skilled and technical manpower.

? Effect of Inflation: We are affected by inflation as it has an impact on the operating cost, staff costs etc. In line with changing inflation rates, we rework our margins so as to absorb the inflationary impact.

OPPORTUNITIES AND THREATS

The performance of capital market in India has a direct correlation with the prospect of economic growth and political stability. Though the growth projections for FY 2020-21 appear reasonable, there are certain downside risks such as pace and shape of global recovery, effect of withdrawal of fiscal stimulus and hardening of commodity prices. Our business performance may also be impacted by increased competition from local and global players operating in India, regulatory changes and attrition of employees. With growing presence of players offering advisory service coupled with provision of funds for the clients needs, we would face competition of unequal proportion.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The details of the financial performance are appearing in the financial statements separately. The highlights of the same are also mentioned in the Directors Report.

RISKS AND CONCERNS

This section contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these statements. As the industrial and economic growth of the country is showing steady improvement, there is no perceived risk and concern in this area of business and there is ample scope for growth in India itself. Forward-looking statements are based on certain assumptions and expectations of the future events that are subject to risks and uncertainties. Actual future results and trend may differ materially from historical results, depending on variety of factors. Their risk and concerns faced by the Company are similar to those faced by any growing organization in todays dynamic industrial and economic scenario.

INTERNAL CONTROL SYSTEMS AND ADEQUACY

Management has put in place effective Internal Control System to provide reasonable assurance for:

? Safeguarding Assets and their usage.

? Maintenance of Proper Accounting Records and Adequacy and Reliability of the information used for carrying on Business Operations.

Key Elements of the Internal Control Systems:

(i) Existence of Authority Manuals and periodical updating of the same for all functions.

(ii) Existence of clearly defined organizational structure and authority.

(iii) Existence of corporate policies for Financial Reporting and Accounting.

(iv) Existence of Management Information System updated from time to time as may be required. (v) Existence of Annual Budgets and Long Term Business Plans.

(vi) Existence of Internal Audit System.

MATERIAL DEVELOPMENT IN HUMAN RESOURCES

The Management believes in maintaining cordial relations with its employees. The management recognizes the importance of Human Resources and effective steps will be taken to strengthen the same depending on the requirements. The Company provided excellent working environment so that the individual staff can reach his/her full potential. The Company aims in talent management with particular focus on grooming, learning and development and employee engagement has been the key focus areas in the Companys objectives.

CAUTIONARY STATEMENT

Certain statements under Management Discussion & Analysis describing the Companys objectives, projections, estimates, expectations or predictions may be forward-looking statements within the meaning of applicable securities laws and regulations. Although the expectations are based on reasonable assumptions, the actual results could materially differ from those expressed or implied, since the Companys operations are influenced by many external and internal factors beyond the control of the Company. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

By order of the Board of Directors

Sd/- Umesh Kumar Kanodia Managing Director (DIN: 00577231)

Sd/- Sunil Kumar Jajodia Director (DIN: 00632710)

Place: Mumbai Date: September 5, 2026