Maruti Global Industries Ltd Management Discussions

The Management Discussion and Analysis Report provides an overview of the economic environment, industry developments, business performance, opportunities, risks and future outlook of the Company. The following discussion relates to the operations and financial performance of the Company for the financial year ended March 31, 2026.

The Indian infrastructure and construction sector continues to play an important role in the countrys economic development. Continued government spending on roads, highways, urban infrastructure, housing, transportation, water management and other infrastructure projects is expected to support demand for construction and Engineering, Procurement and Construction (EPC) services.

Government initiatives aimed at improving infrastructure connectivity, urban development and logistics are expected to create opportunities for companies operating in the EPC and infrastructure sectors. The increasing participation of the private sector, including through public-private partnership models, also provides opportunities for construction and infrastructure companies.

Against this backdrop, the Company has undertaken steps to diversify and restructure its business activities with a focus on EPC, construction and infrastructure-related activities. The Company has commenced operating activities during the year under review and has generated revenue from operations, representing a positive transition from the previous years position.

The sector, however, continues to face challenges such as fluctuations in the prices of construction materials, availability of skilled manpower, project execution risks, regulatory approvals, intense competition and working capital requirements.

• Continued government focus and expenditure on infrastructure development.

• Growing demand for roads, highways, urban infrastructure and construction activities.

• Increasing opportunities in EPC and infrastructure projects through public and private sector participation.

• Urbanisation and development of supporting infrastructure creating long-term demand.

• Opportunities arising from the Companys diversification into EPC, construction and infrastructure-related activities.

• Potential to leverage the experience and expertise of the new promoters and management in the infrastructure sector.

• Fluctuations in the prices of cement, steel, fuel and other construction materials.

• Delays in statutory approvals, project clearances and execution.

• Intense competition from established EPC and infrastructure companies.

• Shortage or increasing cost of skilled and semi-skilled manpower.

• Working capital constraints and delays in receipt of payments from customers or project authorities.

• Changes in government policies, regulations and economic conditions.

The Company is in the process of establishing and expanding its operations in the EPC, construction and infrastructure-related sectors pursuant to its revised business strategy.

During the financial year 2025-26, the Company generated revenue from operations of ?2,354.22 lakhs, as compared to nil revenue from operations in the previous year. The commencement of operating revenue during the year reflects the initial implementation of the Companys revised business strategy.

The Company is focused on developing its business in areas aligned with its revised objects and the experience of its new promoters. As the Companys operations are presently being developed and expanded, the management is focused on strengthening its order pipeline, improving execution capabilities and establishing a sustainable operating base.

The management remains cautiously optimistic about the Companys future prospects. The commencement of operating activities during the year under review represents an important step towards the Companys business revival and restructuring.

Going forward, the Company intends to focus on:

• Expanding its presence in EPC, construction and infrastructure-related activities.

• Identifying and pursuing viable business opportunities in the infrastructure sector.

• Improving operational efficiency and project execution capabilities.

• Maintaining effective cost controls and prudent financial management.

• Leveraging the experience and industry knowledge of the new promoters and management.

• Building a sustainable revenue base and improving profitability over the medium to long term.

• The management believes that the Companys revised business strategy and focus on infrastructure-related activities provide a platform for future growth. However, the Companys future performance will depend on successful execution of projects, availability of adequate working capital and prevailing market and economic conditions.

The principal risks and concerns faced by the Company include project execution risks, fluctuations in input costs, working capital requirements, regulatory and statutory compliance, availability of skilled manpower and competition in the infrastructure and construction sectors.

Delays in project execution, receipt of statutory approvals or payments from customers may adversely affect cash flows and profitability. Further, fluctuations in the prices of construction materials may affect project margins.

The Company proposes to address these risks through appropriate project evaluation, regular monitoring of operations, cost control measures, prudent financial management and compliance with applicable statutory and regulatory requirements. The management continues to monitor the business environment and take appropriate measures to mitigate identified risks.

The Company maintains internal control procedures appropriate to the nature and scale of its operations.