Mavens Biotech Ltd Management Discussions

Pursuant to Listing Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 aligned with Companies Act, 2013, the Management Discussion & Analysis Report for the year under review is given below;

Background:-

The Management Discussion and Analysis Report sets out the developments in the business, the Companys performance since the last Report and the future outlook. This Report is part of the Directors Report and the Audited Financial Statements, forming part of the Annual Report. However, certain statements made in this Report relating to the projections, outlook, expectations, estimates, etc., may constitute “forward looking statements" within the meaning of applicable laws and regulations and may differ from actual. Several factors could make a significant difference to the Companys operations, including climatic conditions, economic conditions affecting demand and supply, government regulations, revision in government policies, taxation and natural calamities over which the Company does not have any control.

The Union budgets strategic tax stimulus to boost economic activity

One of the biggest highlights of the Union Budget 2026-27 (presented on February 1, 2026) was the governments continued emphasis on sustaining consumer demand through policy continuity and tax simplification. Building on the significant personal income tax relief introduced in the previous budget, no changes were made to the income tax slabs or rates under the new regime. The effective tax-free threshold remained at ^12 lakh (^12.75 lakh for salaried individuals including the standard deduction of ^75,000), with the rebate under Section 87A providing further relief. The Budget prioritised the rollout of the new Income Tax Act, 2025 (effective from April 1, 2026), which simplifies rules, forms, and compliance, alongside rationalisation of certain TDS/TCS rates to enhance ease of living and put more disposable income in the hands of the middle class.

Several indicators had signalled stress among consumers due to high inflation and economic uncertainty in 2024 and early 2025, reflected in a slowdown in the fast-moving consumer goods (FMCG) sector. Urban areas experienced modest growth compared to stronger rural performance during this period. However, FY 2025-26 witnessed a clear recovery. In Q2 FY26 (April-June 2025), the FMCG industry recorded robust 13.9% value growth, supported by 6% volume growth. Rural markets continued to outperform, with 8.4% volume growth versus 4.6% in urban areas for the sixth consecutive quarter, though the gap narrowed as urban demand showed signs of sequential recovery.

By mid-2026, consumer spending has strengthened further amid easing inflation, good monsoons, and the lagged benefits of earlier tax measures. Private final consumption expenditure (PFCE) grew solidly in FY 2025-26 (estimated around 7% for the year), contributing significantly to GDP growth and reflecting improved household confidence. The 2026 Budgets focus on implementation, simplification, and sustained support for the middle class has helped revive urban consumption while reinforcing rural momentum, driving broader economic activity.

The potential impact of global trade uncertainty

At the time of writing, following the February 2026 US-India interim trade framework agreement, the United States applies a reciprocal tariff rate of 18% on many Indian-origin goods (down from prior escalations that reached effective rates as high as 50% in late 2025, which combined baseline duties, reciprocal tariffs, and additional penalties). This followed the removal of an additional 25% punitive tariff linked to Russian oil purchases.

Pre-existing US Most Favored Nation (MFN) tariffs on Indian goods were low (trade-weighted average around 2- 3% in recent years before the 2025 escalations), so the effective applied rate for many covered goods is now significantly influenced by the reciprocal component. However, the overall picture remains complex due to product-specific exemptions, ongoing investigations (e.g., Section 301 probes into areas like forced labor, excess capacity in textiles, or other sectors), and broader US tariff policy shifts following a US Supreme Court ruling that affected some reciprocal measures.

Negotiations continue toward finalizing the first tranche of a broader Bilateral Trade Agreement (BTA), with high- level talks planned for June 2026. India is seeking competitive/preferential rates relative to peers, while the US has floated potential additional tariffs (e.g., around 12.5% in some contexts) pending probes. This creates uncertainty, with the effective trade-weighted rate on Indias exports to the US potentially fluctuating depending on outcomes, exemptions, and implementation.

Key exemptions and variations persist. Products such as generic pharmaceuticals, gems and diamonds, certain aircraft parts, and others have received or are negotiating relief or zero tariffs under the framework. Investigations into sectors like textiles/apparel, chemicals, and others could lead to new or adjusted duties, adding to volatility.

Price elasticity considerations: Indian goods exported to the US have historically shown notable price sensitivity (earlier estimates around -0.7 elasticity, where a 1% tariff increase could reduce exports by ~0.7%). Imports from the US to India are generally less elastic. These dynamics, combined with exchange rate movements (e.g., assuming modest rupee depreciation), help model net trade impacts. However, exact elasticities can vary by sector and evolve with current market conditions, diversification efforts, and the resilience seen in non-US markets during prior tariff spikes.

Overall context and outlook: The February 2026 framework provided substantial relief and supported competitiveness versus regional peers for many exporters, alongside Indian commitments on market access and purchases from the US. Bilateral trade aims for significant growth (e.g., toward $500 billion targets in coming years). Yet, with ongoing talks, potential Section 301 or other actions, and global tariff fluidity, uncertainty remains elevated through the end of FY2026 and beyond. Exporters are advised to monitor official updates from USTR, Indias Ministry of Commerce, and sector-specific developments.

Optimistic scenario

There is increasing clarity around trade policies following adjustments and deals in 2025-early 2026, though volatility persists due to geopolitical tensions (including the Middle East conflict) and tariff shifts. Businesses are adapting supply chains with greater resilience, and global activity shows signs of stabilization. The IMF and other forecasters project global growth around 3.1% in 2026, supported by AI-related trade and emerging market demand, with a potential rebound in subsequent years if tensions ease.

In India, political stability and policy continuity under the current government, combined with ongoing reforms (e.g., GST refinements, labor, and trade diversification), strong domestic demand, and infrastructure push, continue to drive robust economic activity. India remains one of the fastest-growing major economies, with FY26 growth estimates around 7.4-7.6% (revised upward in some reports) and FY27 projections in the 6.6-6.9% range amid global headwinds. Investor confidence is boosted by resilient consumption, private investment momentum, and measures like tax cuts and eased financial conditions.

The US Federal Reserve has held rates steady in 2026 (federal funds rate around 3.5-3.75%), with inflation pressures from energy and other factors leading to fewer or delayed rate cuts than previously anticipated. Markets now price in limited easing (e.g., possibly one cut later in 2026 or into 2027), as inflation remains elevated above the 2% target in the near term.

Economic stimulus and policy support in China (including fiscal measures and focus on consumption under the 15th Five-Year Plan) are aiding stabilization. Growth is projected around 4.4-5% in 2026, with emphasis on domestic demand, infrastructure, and strategic sectors helping offset external pressures and support trade/investment flows.

Crude oil prices have been volatile due to Middle East conflicts and supply dynamics but recently traded in the low-to-mid $80s per barrel for Brent (around $82-83 as of mid-June 2026, with fluctuations). They are influenced by balanced emerging market demand, US supply, and geopolitical uncertainties, rather than staying strictly around $70. Forecasts suggest potential moderation later if disruptions ease, but near-term risks remain elevated. The Reserve Bank of India (RBI) has eased policy earlier in the cycle (with cuts bringing the repo rate to 5.25%), but held it steady in recent 2026 meetings (including June) with a neutral stance, balancing growth support against inflation risks from global factors, rupee pressures, and unsecured lending vigilance. This has supported credit growth and consumer spending, though further easing may be data-dependent. GDP growth forecasts for FY27 were revised downward slightly (to ~6.6%) due to external headwinds, with inflation projections raised.

The US Dollar Index has shown initial appreciation pressures but remains range-bound amid Fed policy. The Indian rupee has faced volatility (recently around ^94-95 per USD, with highs near ^99 earlier), depreciating over the past year due to oil imports and global factors, but RBI interventions and domestic strengths help manage fluctuations. It has seen some recent strengthening in spots.

The Indian governments focus on boosting consumption and private investment, alongside buoyant revenues, continues to support growth. Public sector dividends and fiscal measures aid this, while capital expenditures are ramped up significantly?public capex targeted at a record ~^12.2 lakh crore (~$133 billion) for FY27, an ~9- 11% increase, emphasizing infrastructure (roads, railways, ports, etc.). This sustains momentum in key projects despite global uncertainties.

Overall, the optimistic outlook holds with Indias domestic strengths providing a buffer, but it is tempered by geopolitical risks, energy prices, and moderated global trade growth. Continued reforms, infrastructure investment, and prudent policy will be key to realizing buoyant outcomes. Data as of mid-2026; economic conditions can shift rapidly.

Pessimistic scenario

Trade-related uncertainty persists amid escalating geopolitical tensions, tariffs, and policy fragmentation, leading to ongoing shocks to global supply chains. Regions with active conflicts (e.g., Middle East developments) experience prolonged economic instability, higher energy prices, and disrupted trade flows.

In this downside case, the United States and Europe face subdued growth or recessionary pressures due to tight monetary conditions (in earlier periods), fiscal strains, trade barriers, and political/policy shifts. Investment and trade volumes weaken significantly. Chinas economy continues to decelerate (projected around 4.6% in 2026), with supply disruptions contributing to inflationary pressures in various sectors.

Globally, growth slows to around 2.6% in 2025-2026 (per UNCTAD), with world merchandise trade growth dropping sharply to 1.5-2.5% in 2026. Monetary policy remains relatively tight or cautious in major economies, including India, to manage inflation risks from energy and supply shocks, limiting stimulus options.

Market scenario in India

India has remained one of the fastest-growing major economies, with strong domestic demand, infrastructure push, and resilience despite global headwinds. Recent actual and projected GDP growth figures (FY basis) are higher than the outdated 2024 reference:

• FY26 (2025-26) saw growth around 7.1-7.6% in various estimates, supported by consumption, services, and manufacturing.

• Projections for FY27 (2026-27) range from ~6.5-6.9% (IMF/others around 6.5%; some forecasts 6.6- 7.2%), making India a standout performer amid global slowdown.

UNCTAD and other reports note global trade slowing significantly in 2026 due to geopolitical challenges, with India benefiting relatively from diversification and domestic strengths but still exposed to export and commodity volatility.

The five core reasons for international trade remain valid: differences in technology, resource endowments, demand patterns, economies of scale, and government policies. However, in the current environment, trade is increasingly shaped by nearshoring, friendshoring, tariff impacts, and sustainability considerations

Market Environment:

Mavens Biotech Limited is engaged in the business of trading in biotech product and commodities & its allied products and dealing other concern activities with an excellent track record of growth in the Indian domestic market. The Company adherence to strong business ethics and transparent corporate policies, with a stable political environment, this is probably the most conducive period for a steady pace of implementation of policy reforms. The commodity market in India is over 100 years old but was officially established through a legal trading mechanism in the year 2003. As every country relies on raw materials to grow, the commodities markets have a special place in driving a countrys economy and allowing investors to profit along the way.

Review of Operation:

The Company operates mainly in Indian Market. The management of Mavens Biotech Limited presents the analysis of performance of the Company for the Financial Year 2025-2026 and its outlook for the future. This outlook is based on assessment of the current business environment. It may vary due to future economic and other developments.

During the year under review, the Companys the total revenue of Rs. 24.49 lacs. Outlook for 2025-2026, Your Company is planning to develop business through diversification mixed with sustain efforts in the present business line. The Board is hopeful for achieving good income & profitability in years to come.

Business Segment:

During the year, the Company is into the business of trading.

Market Challenges:

a) High Tariffs and Protectionist Policies

b) Price Sensitivity

c) Infrastructure

d) Power of States

Opportunities and Threats:

Opportunities

a) Favorable Government regulations

b) Favorable macro-economies and micro-economies conditions

c) Niche for growth

Threats

a) Competition in the Indian market from large traders

b) Imports from China and other cost effective labour countries

c) Geographically located in East India and presently not covering pan India

d) Increase cost of operations

e) Increase in cost of logistics

f) Retention of top talented team members

Business leaders need to position their organizations for uncertainty:

This positioning can involve cultivating an insights edge, anticipating and adapting with scenario planning, developing a portfolio of strategic actions, and building geopolitical muscle. Businesses can also embrace cooperation to contribute to, and help shape, the discourse on the evolution of global connections.

Risk and Concerns:

Both local and foreign stakeholders are being impacted by the significant price changes that are occurring on the Indian commodity market. These fluctuations are affecting a variety of commodities. The fluctuations in prices have substantial repercussions for the economy as a whole, as well as for commercial traders, manufacturers, and consumers.

Uncertainties in business offer opportunities and downside risks. Consequently, the Company recognizes the importance of well-structured system to identify and manage the different elements of risk.

Pressure on margins, high manpower and infrastructure cost, availability of substitutes, higher overheads, are some factors which could impact adversely especially as we strive to tap into the competitive markets.

Basis of Preparation and Presentation of Our Financial Statements:

The Financial Statements have been prepared and presented under the historical cost convention, unless otherwise specifically stated, on the accrual basis of accounting and comply with the applicable accounting standards referred to in the Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014.

Internal Control Systems and Their Adequacy:

The Company has adequate internal control procedure commensurate with its size and nature of the business. The nature control system is supplemented by extensive internal audit s regular review by the management and well documented policies and guidelines to ensure reliability of financial and all other records to prepare financial statement and other data. Moreover, the Company continuously upgrades these systems in line with best accounting practices. The Company has independent audit system to monitor the entire operation and the audit committee of the Board reviews the findings and recommendation of the internal auditors.

Human Resources:

Human Resources Development envisages the growth of the individual in tandem with the organization. It also aims at the Up-liftment of the individual by ensuring an enabling environment to develop capabilities and to optimize performance.

Your Directors want to place on record their appreciation for the contribution made by employees at all levels, who through their steadfastness, solidarity and with their co-operation and support have made it possible for the Company to achieve its current status.

Your company recognizes the value of human resource, therefore, the human resource policies are being framed in such fashion that they not only aim to achieve the organizational goal but also recognize, appreciate and develop the individual interest of the employees. The Human Resource Development policies of the company are being framed so that it is in the best interest of the organization as well as employees of the company.

Material Developments in Human Resources:

Our professionals and employees are our most important assets. We believe that the quality and level of service that they deliver is a huge contributing factor in growth and development of the Company. Further, for better management certain alterations were made in the top management and other hierarchies in the Company.

Disclosure of Accounting Treatment:

In preparation of it financial statement no accounting treatment different from that prescribed in the accounting standard has been followed.

Discussion of Financial Performance:

Directors of your Company are very hopeful to build up the performance of the company and post better results in the forthcoming financial year and to add value to the shareholders. The Company is hopeful of improving its turnover and bottom line and hopeful of posting better revenue ahead. Financial Highlights with respect to Operational Performance is as under:

(Amt. in Lakhs)

Particulars	2025-2026	2024-2025	2023-2024
Profit Before Tax	407.76	(10.72)	4.11
Profit after Tax	34.93	(41.72)	4.11
Earning Per Share (Rs.)	0.03	(0.04)	0.00

Details of Significant Changes: -

Sl. No.	Particular	F.Y. 25-26	F.Y. 24-25	Numerator	Denominator	Variation in %	Reason
1	Current Ratio	0.05	0.29	Current Assets	Current Liabilities	-81.37	Due to increase in Current Liabilities during the year.
2	Debt Equity Ratio			Total Debt	Shareholders Equity	NA	NA
3	Debt Service Coverage Ratio	NA	NA	Net Operating Income	Total debt Service	NA	NA
4	Return on Equity Ratio	0.06	-0.08	Net Profit After Tax	Shareholders Equity	-178.30	Due to Company has earned profit during the year.
5	Inventory Turnover Ratio	NA	NA	Cost of Goods Sold	Average Inventory	NA	NA
6	Trade Receivale Turnover Ratio			Average Receivable*12	Income from Operation	NA	NA
7	Trade Payable Turnover Ratio	NA	NA	Avereage Payable*12	Net Credit Purchases	NA	NA
8	Net Capital Turnover Ratio			Sales	Net Assets	NA	NA
9	Net Profit Ratio	1.43	-7.06	Net Profit After Tax	Total Revenue	-120.19	Due to Company has earned profit during the year and total revenue is also increased,
10	Return on Capital Employed	0.75	-0.02	Earnings before Interest and Tax	Capital Employed	-3,655.76	Due to Company has earned profit during the year and total revenue is also increased,
11	Return on investments	0.71		Differce in amount of investments	Initial Investments	#DIV/0!	This is due to revalution of investments lying in the books.

NA - Not Applicable

Cautionary Statement:

Statements made in the Management Discussion and Analysis Report describing the Companies objectives, expectations or predictions may be forward looking within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed in the statement important factors that influence the Companys operations, include global and domestic supply and demand conditions. We undertake no obligation to publicly update any forward looking statements, whether as a result of new information, future events or otherwise.