Mipco Seamless Rings (Gujarat) Ltd Management Discussions

[Pursuant to Regulation 34 read with Para B of Schedule V of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015]

The Management at Mipco Seamless Rings (Gujarat) Limited (The Company) is pleased to present the Management Discussion and Analysis Report for the financial year ended 31st March 2025 which provides an insight of the Companys business, Industry structure, developments, outlook, opportunities, concern areas and performance of the Company with respect to the operations and other relevant information.

The Company was engaged in the business of media, communication, and entertainment across multiple platforms (film, television, digital, print, music, gaming, advertising, and software), including production, distribution, marketing, and related IT-enabled services in India and abroad.

However, during the financial year under review, the Company did not undertake any business operations in its existing segment of media, communication, and entertainment. After assessing the long-term viability and prospects of this segment, the Board decided to discontinue the said business operations. In line with its objective to ensure sustainable growth and enhance shareholder value, the Company actively explored alternative business opportunities during the year, identified the power and renewable energy sector as the most suitable, and promising area for future operations.

The Company was previously engaged in the business of media, communication, and entertainment sector; however, during the financial year under review, there were no operations, and the segment showed limited prospects for sustainable growth in the foreseeable future. Consequently, the Board resolved to discontinue this line of business.

The Company identified new opportunities in the power and energy sector, including generation, transmission, distribution, trading, and management of power and electricity from conventional and renewable sources; solar energy projects; power infrastructure development; and allied services such as pollution control, e-waste recycling, and sewage treatment.

The renewable energy sector in India and globally is witnessing rapid expansion, driven by policy support, technological advancements, and increasing demand for sustainable energy solutions. According to recent market reports, Indias renewable energy capacity crossed 180 GW in 2024, with ambitious government targets of 500 GW by 2030, while the global renewable energy market is projected to grow at a CAGR of over 8% during 2025-2030.

This transition offers significant opportunities for the Company to diversify its portfolio and create longterm value. The focus on solar power, power infrastructure, and allied environmental services such as e-waste recycling and sewage treatment aligns with both national priorities and emerging market trends.

However, the Company acknowledges that its previous business segment (media, communication, and entertainment) has been discontinued, and this strategic shift represents an entry into a capital-intensive and highly regulated sector.

Nevertheless, the new sector also presents challenges such as high capital requirements, regulatory compliances, and execution complexities, which may impact the timeline, cost structure, and overall feasibility of proposed projects; however, the Company believes that with a phased approach, strategic partnerships, and effective risk management, these challenges can be successfully mitigated to capitalize on the sectors long-term potential.

As there were no business operations carried out during the year under review, the Company recorded NIL revenue and no segmental reporting is applicable.

The Board of Directors, at its meeting held on 29th May, 2025, approved the alteration of the Object Clause of the Memorandum of Association of the Company, subject to the consent of the members at the ensuing general meeting, to enable the commencement of the new business. The decision to venture into renewable and conventional power projects aligns with the growing emphasis on sustainable development and the significant expansion of Indias renewable energy capacity. Going forward, the Company aims to establish itself as an active participant in this rapidly growing sector.

The transition from a non-operational entity in media to a fully new business model in power and energy carries inherent risks, including financing challenges, regulatory hurdles, and competition from established players. The Company intends to adopt a structured and phased approach to mitigate these risks.

The Company has in place adequate internal control systems to ensure compliance, safeguard assets, and maintain integrity of financial reporting. These controls will be realigned as the Company transitions to its new line of business.

There was no operational revenue during the year under review as the existing business activities were discontinued. The financial performance reflects the Companys ongoing restructuring phase.

The Company has maintained cordial industrial relations during the period. Human resource requirements for the proposed business will be assessed and strengthened as operations commence.

Statements made in the Management Discussion and Analysis section describe the Companys objectives, projections, expectations and estimations, which may be forward-looking in nature. These statements are made within the meaning of applicable securities laws and regulations. Past performance of the Company is not necessarily indicative of its future results, and actual results could differ materially from those ex-

pressed and implied. Important factors that could make a difference to the Companys operations include, among others, economic conditions affecting demand/supply and price conditions, variation in prices of raw materials, changes in Government regulations, tax regimes, and economic developments and other incidental factors. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements based on any subsequent development, information or events.

Place: Hyderabad Date: 04^th September 2025

By order of the Board of Directors

For MIPCO SEAMLESS RINGS (GUJARAT) LIMITED

Sd/-

Additional Director

(Whole-Time Director)

DIN:11022293