Marvel Decor Ltd Management Discussions

Total Income: Consolidated

Companys Total Income during FY 2024-25 was 6,424.72 Lac as compared to 5,417.63 Lac in the Previous Year. Standalone Companys Total Income during FY 2024-25 was 3,407.82 Lac as compared to Rs. 2,981.37 Lac in the Previous Year.

Profits: Consolidated

Profit before tax of the company during FY 2024-25 was 422.05 Lac as compared to 359.31 Lac in the Previous Year.

Profit after tax of the company during FY 2024-25 was 382.35 Lac as compared to 321.85 Lac in the Previous Year.

Standalone

Profit before tax of the company during FY 2024-25 was 156.39 Lac as compared to 147.68 Lac in the Previous Year.

Profit after tax of the company during FY 2024-25 was 117.04 Lac as compared to 110.54 Lac in the Previous Year. rqilhW^asilmjkbIfkarpqov=

The global curtains and window blinds market size was worth around USD 24.9 Billion in 2024 and is predicted to grow to around USD 57.6 billion by 2034 at a CAGR of 8.9% based on leading industry report. Increased urbanization is one of the most important factors for the growth of the market. [Source: Research And Markets]

While Indian market size was worth around USD 735.71 Million in 2024 and is predicted to grow to around USD 1,281.56 Million by 2033. [Source: IMARC Group]

Development Trends: Blinds for Residence:

Blinds into homes is increasing rapidly in India. To reach an end-user through digital marketing is now easy and thus converting them to a more functional product i.e. Blinds for their windows is now easier than before.

Smart & Motorized Window Treatments:

Major growth in motorized blinds, remote/app-controlled shades, and smart-home integration (Voice, Matter, Thread) Motorized segments expected to grow at 20%+ CAGR over coming years.

Energy Efficiency & Sustainability

Thermal curtains, blackout, solar shades reduce energy costs; estimates of 30% savings possible

Eco-friendly and recycled materials gaining popularity European recycled polyester up ~12%, 30% of Indian consumers preferring green-certified products.

Aesthetic & Design Trends

Interior design preferences trending toward layered doesnt overshadow sheers, ripple-fold drapery, cafe-style curtains, full-wall draping, shutters.

Minimalist, neutral-tone fabrics aligned with modern decor are rising.

Customization: Personalization and customization are on the rise. Many companies offer made-to-measure blinds, allowing customers to choose colors, materials, and designs that suit their preferences.

We are the leading company in Window Covering Industry. We are the First Indian Company in Window Covering to get ISO 9001-2000 Certificate (Now upgraded to ISO 9001:2015). Our products which are par excellence have found buyers across India, GCC countries, UK, USA, Canada, Australia, New Zealand etc. Our reach has increased exponentially. Currently with 400+ Galleries, 800+ Dealers Network, 250+ Cities we have established the largest network in our industry, Combined with 2 lac Sq.ft. ultramodern factory at Jamnagar, Gujarat and more than 13,000 Sq. ft assembly unit at UAE. “MARVEL” is our Brand under which we are operating our Business PAN India Basis and “CALLISTUS” is our brand under which we are operating business for other countries.

SEGMENT WISE PERFORMANCE:

Company is dealing only on the window blinds & curtain track and has no product wise reportable segments. Company business is geographically segmented on consolidated basis and covers the following countries: GCC, USA, UK, Canada, Malta, Ireland, Australia, Ghana, New Zealand, etc.

OPPORTUNITIES AND THREATS:

Opportunities are macro environment factors and developments that Blinds Coverings can leverage to either consolidate existing market position or use them for further expansion. Opportunities can emerge from various factors such as - technological innovations, changes in consumer preferences, political developments & policy changes, economic growth, increase in consumer disposable income, changing technology landscape, access to international talent in Global market, increasing standardization, growing market size and evolving preferences of consumers, etc.

Threats are macro environment factors and developments that can derail business model of Blinds Coverings. Threats can emerge from various factors such as - changes in consumer preferences, political developments & policy changes, decrease in consumer disposable income, International geo-political factors, US China trade relations, Ukraine Russia War, growing protectionism, Threats of new entrance because of reducing costs and increasing efficiencies, squeezing middle class in developed and developing world, etc.

RISKS AND CONCERNS:

The Company is committed in recognizing and managing the risks; it is exposed to, both internal and external, and has put in place mechanisms to handle the same proactively and efficiently. The Company also recognizes that these risks could adversely affect its ability to create value for all stakeholders and has taken steps to mitigate the same.

The Company operates in an environment, which is affected by various factors some of which are controllable while some are outside the control of the company. The Company proactively takes reasonable steps to identify and monitor the risk and makes efforts to mitigate significant risks that may affect it.

CHALLENGES:

Raw material volatility Higher prices of materials and geopolitical supply chain risks. Pricing pressure from low-cost alternatives, especially in developing regions.

Fragmented industry, notably in countries like India where small unorganized players account for majority share (~65%) INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Management of the Company is committed to ensuring effective internal control systems commensurate with the size and the complexity of the business. The Company has established adequate and effective internal controls to achieve its compliance and reporting objectives. The controls are deployed through various policies and procedures. These policies and procedures are periodically revisited to ensure that they remain updated with the changes in the business environment.

The Company continues to invest in various IT initiatives to automate controls to the extent possible, in order to minimize errors and lapses. The Audit Committee reviews the adequacy and effectiveness of the Companys internal control environment and monitors the implementation of audit recommendations.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS, INCLUDING NUMBER OF PEOPLE EMPLOYED.

The total employee strength of the Company as of 31.03.2025 was 285. Given the nature of the operations, a significant portion of the said employee strength comprises of sales and marketing team.

The company has also recruited highly qualified and skilled professionals to help in the growth and functioning of the company. Your management feels proud to state that there were no instances of strikes, lockouts or any other action on part of the employees that affected the functioning of the Company. It is noteworthy that there is no Employee Union within the organization.

KEY FINANCIAL RATIOS (Consolidated):

Interest Coverage Ratio :-

The Interest Coverage Ratio has improved from 3.72 in the previous year to 4.98 in the current year. The increase reflects the Companys stronger earnings capacity and enhanced ability to comfortably service its interest obligations. This improvement demonstrates better financial stability, efficient cost management, and prudent deployment of resources.

Discussion on Return on Net Worth :-

Return on Net Worth has moderated during the year under review as compared to the previous financial year. The Company remains focused on strengthening its operational efficiencies, optimizing resource allocation, and pursuing growth opportunities, which are expected to support an improvement in the ratio in the coming periods.