INDUSTRY STRUCTURE AND DEVELOPMENTS:

Indias agriculture, food trading and logistics sectors continue to witness steady growth, supported by increasing domestic consumption, agricultural production, exports and development of infrastructure. The trading and food processing industry is benefiting from rising demand for processed and agricultural products and expanding opportunities in domestic and international markets. The logistics and transportation sector is also developing with improved connectivity, digitalisation and technology-driven supply chain solutions. Further, the software and technology sector continues to grow with increasing adoption of digital platforms, applications and technology-enabled services. Overall, continued Government support, technological advancement and growing domestic and global demand provide opportunities for sustainable growth across the sectors in which the Company operates.

OPPORTUNITIES AND THREATS:

The Company has opportunities arising from growing domestic and international demand, digitalisation, infrastructure development, agricultural activities and increasing adoption of technology. The major challenges include intense competition, rising costs, regulatory changes, supply-chain disruptions, geopolitical uncertainties, currency fluctuations and environmental factors. The Company continues to monitor these developments and take appropriate measures to manage associated risks.

SEGMENT–WISE OR PRODUCT-WISE PERFORMANCE:

During the financial year under review, the Company did not have any operating revenue and, accordingly, there was no reportable segment-wise or product-wise performance during the year. The Company is evaluating various business opportunities and initiatives with a view to commencing/generating revenue from its business operations in the ensuing periods.

OUTLOOK:

Indias logistics sector continues to grow, supported by infrastructure development, policy initiatives and rapid adoption of technology. The import-export and trading sector remains resilient, with digitalisation and expanding global trade providing growth opportunities. The software industry continues to benefit from AI, SaaS and cloud-based solutions. The agriculture sector also offers significant potential driven by increasing production, agri-tech adoption and growing demand. Overall, these sectors present opportunities for growth supported by policy reforms, digitalisation and rising domestic and global demand.

RISK & CONCERN:

The Company has established an enterprise risk management framework for identifying and assessing risks and opportunities that may have a bearing on the achievement of its objectives. The Company regularly evaluates such risks based on their likelihood and potential impact and takes appropriate measures to mitigate and manage them.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has adequate internal financial controls commensurate with the size, scale and complexity of its operations. The internal control systems are reviewed periodically to ensure their effectiveness and proper implementation.

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

The Company is in the process of strengthening its workforce by recruiting experienced personnel at senior levels and enhancing other departments with competent and qualified professionals to support its business operations and future growth.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:

The financial performance of the Company in relation to its operational performance has been discussed in detail elsewhere in this Annual Report.

DETAILS OF SIGNIFICANT CHANGES (I.E. CHANGE OF 25% OR MORE AS COMPARED TO THE IMMEDIATELY PREVIOUS FINANCIAL YEAR) IN KEY FINANCIAL RATIOS, ALONG WITH DETAILED EXPLANATIONS THEREFOR, INCLUDING FINANCIAL RATIOS:

Particulars	2025-26	2024-25	Remarks
Debtors Turnover	-	-	Revenue Operations were not implemented.
Inventory Turnover	-	-	The company maintains zero inventory as it has no active revenue operations.
Interest Coverage Ratio	-	-	Nill interest cost
Current Ratio	0.16	0.17	-
Debt Equity Ratio	(1.19)	(1.21)	-
Operating Profit Margin (%)	-	-	No operational activities were conducted across the 2024\u201325 and 2025\u201326 periods.
Net Profit Margin (%)	-	-	No operational activities were conducted across the 2024\u201325 and 2025\u201326 periods.

DETAILS OF ANY CHANGE IN RETURN ON NET WORTH AS COMPARED TO THE IMMEDIATELY PREVIOUS FINANCIAL YEAR ALONG WITH A DETAILED EXPLANATION THERE OF

The Company has not generated any revenue from operations during the financial year under review as well as the immediately preceding financial year. Accordingly, the Return on Net Worth (RoNW) remained negative/not meaningful during the respective periods due to the losses incurred by the Company.

DISCLOSURE OF ACCOUNTING TREATMENT:

The Company has not carried out any treatment different from that prescribed in Accounting Standards.

CAUTIONARY STATEMENTS:

Certain statements in the Management Discussion and Analysis describing the Companys objectives, predictions may be forward-looking statements within the meaning of applicable laws and regulations. Actual results may vary significantly from the forward looking statements contained in this document due to various risks and uncertainties. These risks and uncertainties include the effect of economic and political conditions in India, volatility in interest rates, new regulations and Government policies that may impact the Companys business as well as its ability to implement the strategy. The Company does not undertake to update these statements.

For and on behalf of the Board Midland Polymers Limited

	L Prashanth Reddy	Nagabhyru Subbarao
Place: Hyderabad	Chairman and Managing Director	Additional Director
Date: 12.08.2026	(DIN: 08350953)	(DIN: 05300681)