Mitcon Consultancy & Engineering Services Ltd Management Discussions

<dhhead-MANAGEMENTS DISCUSSION AND ANALYSIS </dhhead-

Overview of our Business:

MITCON is an ISO 9001:2015 certified Technical Consulting Organization (TCO) offering Concept to Commissioning solutions for various businesses for last 40+ Years. MITCON has experience in multiple industry verticals including Energy Transition, Renewables, Biofuels, Green Chemistry, Skill Development, Environment Management and Engineering, Business Advisory Services, Infrastructure, Earth Observations (Satellite Data integrated with AI/ML) for agriculture, forestry and infrastructure monitoring, Trustee Services. We are headquartered at Pune and have presence across the country Mumbai, New Delhi, Ahmedabad, Bangalore and Nagpur.

We operate as a professionally managed Company with our Board comprising of Executive Directors, Non-Executive Directors, Woman Director and Independent Directors. Over the last four decades, we have gained proficiency in providing corporate solutions in power, energy efficiency, renewable energy, climate change and environmental management sectors. Over the years, we have diversified into providing services to banking, infrastructure and biotechnology sectors. We provide solutions to our clients depending on their requirements inter alia including feasibility studies, detailed project reports, techno economic feasibility reports, financial syndication, lenders engineer services, EIA, basic and detailed engineering, bid process management, project management, cluster development, technical/ financial restructuring, energy audits, corporate debt restructuring, due diligence, qualitative and market research, assets/ business valuation and consultation services in wind power project. Our skill development division offers skill based training programs in solar, Wind, Electrical Vehicles, GIS, Data Science, Clinical Research etc. Recently, we added infrastructure consulting, development of nature based carbon credit projects and satellite monitoring services to our portfolio.

MITCON considers the Sustainable Development Goals (SDGs) as an anchor for developing its services and products thereby realizing a sustainable society and improving peoples Quality of Life (QoL). Thus, MITCON is carrying out its Engineering and Consultancy Services which cater ESG Reporting, Sustainability Reporting, Climate Change Mitigation & Adaptation, Carbon Neutrality & Net Zero, Carbon Credits to achieve Sustainable Development Goals. Also, we ensure our work and projects we execute too are contributing to fulfilment of major SDGs.

Our Services

We provide Consultancy and Engineering Services to various sectors through our following business divisions:

36. Energy Transition

Since 1994, Solar segment of our Company is one of Indias top leading comprehensive solar energy solutions provider - Concept to Commissioning. We assist clients with advisory or project management roles with comprehensive tailor-made service to meet client demands.

We offer a newer approach to the traditional EPC business model to serve a new era in the power generation industry by providing a flexible and comprehensive suite of services for utility-scale and distributed generation renewable energy projects, energy storage and integrated solutions ranging from construction only to turnkey EPC.

MITCON has been providing Engineering, Consultation & Project Management Services Committed to reduce the lifetime cost of energy, ensuring longer system life & high long-term performance. 2017 onwards we extended to Solar EPC with accelerated expansion plans. The company has provided various services for 5000+ MWp of renewable Energy.

Other services provided under this division are Soil Investigation including Geotech & ERT test, Contour survey & preparation of contour Map, Preparation of plant layout, Civil and structure design drawings, AC & DC Single Line Diagrams (SLD), DC electrical design, AC electrical design, Instrumentation design drawings, Electrical major layouts, Erection key drawings including cable trench, earthing, LA layout etc., Foundation drawings, Design of drainage system as per site condition, Design of module cleaning system with water storage. Over the years, the Company has developed domain expertise for design and construction of single axis tracker solar plants, floating solar, wind power, offshore wind power, Hybrid (Solar-Wind), Solar+Wind with BESS, Standalone BESS, EV Charging Infra, Pumped Hydro Energy Storage etc.

Building on its multi-decade engineering experience, MITCON strengthened its Energy Transition portfolio through FY 2025-26 across large-scale renewable execution, storage-integration strategy, and policy-aligned advisory:

Portfolio Scale: Crossed 15,000+ MW of cumulative solar EPC consulting for Commercial & Industrial clients, with addition of about 1300 MW consulting assignments during the year.

Marquee Engagement: MITCON learnt to develop PMC execution strategy plan spanning 30 solar packages, 2 wind packages, and 6 BESS packages, integrated to be delivered in FY 2026-27 by Adani Green Energy Limited, Khavda

Integrated Energy Park which is one of the worlds largest renewable energy parks.

Energy Storage & BESS: Advanced the annual operating plan for the Energy Storage, covering BESS and Pumped Storage Project (PSP) strategy across Maharashtra, Karnataka, Madhya Pradesh, Rajasthan, and Gujarat, with state-specific investment targets and tender-pipeline tracking.

Technology-Led Performance Gains: Continued deployment of single-axis tracking systems and bifacial TOPCon modules across solar portfolios, delivering up to 20% higher generation and stronger long-term land-use efficiency.

Policy & Government Advisory: Supported decentralised C&I solar and rooftop adoption aligned with PM Suryaghar and related government schemes, reinforcing MITCONs role as a policy-linked delivery partner.

New Client & Order Book Growth for execution of Kusum decentralised power provisioning scheme were added.

MITCON remains committed to supporting Indias clean energy transition through integrated engineering, consultancy and sustainability solutions. By leveraging its diversified expertise across Solar, BESS, Wind, Pumped Storage and Climate Change services, the Company aims to deliver innovative, reliable and future-ready energy solutions for commercial, industrial and utility-scale clients.

With strong technical capabilities, diversified service offerings and a strategic revenue target FY 2026 27, MITCON is well positioned to capitalize on Indias rapidly growing renewable energy and energy storage market while creating long-term value for its clients and stakeholders.

37. Climate Change & Sustainability:

At MITCON, Climate Change and Sustainability Division continues to be a key enabler for organizations making a low-carbon and sustainable transition, in line with Indias and Global growing sustainability commitments. Climate Change and Sustainability division provides an entire spectrum of services to help industries, commercial establishments and governments, measure, manage, and reduce their environmental footprint while following international standards.

During FY 2025-26, our services were instrumental in supporting customer across sectors in meeting regulatory and voluntary disclosure requirements, assessing their nature-related risks, reducing carbon intensity, and preparing for global compliance mechanisms such as the EUs Carbon Border Adjustment Mechanism (CBAM). Our offerings include:

Climate Risk Assessments identifying the likelihood of future climate change hazards in line with Representative Concentration Pathway (RCP) and Shared Socio-economic Pathway (SSP) and their potential impacts for businesses, cities, communities with mitigation strategies.

Carbon footprint evaluation for Organization, Products, and Events, in accordance with ISO 14064 and the GHG Protocol frameworks.

Decarbonisation strategies, such as net-zero roadmaps and plans to cut down on carbon emissions over next 5-years, 10-years and 20-years

Life Cycle Assessments (LCA) to measure how products affect the environment throughout their value chains from cradle to grave and cradle to gate.

Energy audits conducted under the PAT scheme and ISO 50001 frameworks to find pockets to save energy involving recommendation for saving energy, in terms of Energy Saving Measures.

ESCO based services, implementation of energy efficiency projects and manage energy consumption, through performance-based contracts that guarantee energy savings

Water Audits to assess and analyze water usage within a specific boundary or facility, aiming to identify areas of inefficiency and develop strategies for improvement and conservation

Carbon Border Adjustment Mechanism (CBAM) consultancy, assisting businesses figure out how much CO2 is in their products, report their emissions, and follow trade rules.

CDP, TNFD and TCFD Reporting to quantify the climate risk associated with business and charting out action plan in line with SSP-1,2,3 and 5 scenarios.

Aligning GRI and BRSR with Sustainability Reporting to make ESG disclosure better and get more people involved.

Ecovadis Consultancy, assisting companies improve their sustainability and get higher ratings. Services such as Gap analysis, training, document preparation, and EcoVadis assessment questionnaire support are provided.

Carbon Credit Advisory Services assist customers for smooth registration of projects under carbon credit registry such as CDM, VCS, GS, GCC, Puro. Earth. Services includes baseline studies, establishing MRV systems, registering projects, issuance of Carbon Credits, and successfully commercialization with large pool of end-buyers.

Biodiversity Assessment in line with the TNFD framework and LEAP approach to look at how nature is affected by and evaluating risk and dependencies on businesses.

We continue to strengthen our technical expertise, digital capabilities, and collaborative networks to ensure our clients are future-ready in a rapidly changing regulatory and environmental landscape. Looking ahead, the division remains committed to delivering high-integrity climate advisory services, which will enable our customers to transition responsibly and sustainably towards net-zero, and contribute meaningfully to sustainable development goals.

38. Biofuels and Green Chemistry:

"Biofuels" is a long-term sustainable solution, supporting societys efforts towards sustainable development. It is also strategically important for promotion of the Government of India initiatives such as Make in India, Swachh Bharat Abhiyan, Skill Development, and Atmanirbhar Bharat. In addition, it offers a great opportunity to integrate with the ambitious targets of doubling Farmers Income, Import Reduction, Employment Generation, Cleaner Environment, and

Waste to Wealth Creation.

From concept to commissioning, our division provides an array of expert services- Pre-Investment phase, Consultancy / Engineering Services during execution phase for Biofuels (1G, 2G, 3G Bioethanol, Green Hydrogen, Bio-CNG/ CBG, Bio-Diesel, drop-in fuels) & Green Chemistry until the successful commission of the plant. In addition, we also provide consultancy services to the Potable Alcohol Distillery sector, Sugar Sector, Coal/Bagasse/ Biomass-based Cogeneration power sector, as well as integrated sugar, Cogeneration Power & Ethanol/ Distillery projects.

Green chemistry in coordination with fermentation technology can be a sturdy pillar for earths sustainable future.

Climate change, soil erosion and desertification, water and air pollution are the evils which are marching to destroy the earth planet. On war front, to check theses evils, we need to use green weapons. Green chemistry projects are promising with focus on bio-based materials, scalable green manufacturing techniques, carbon capture and utilization and CO2 valorization (P2X). With this background, MITCON have developed some of the technologies which can be used to produce biofuels and green chemicals. Biochar is promising material for agriculture, climate change and carbon sequestration. CO2 valorization is a very important factor to reduce the air pollution and ever-increasing temperature. We have been successful to get value added products from CO2 at TRL 5-6. Biomass to bioethanol via bio-route invented and its stability test is in progress. Many other projects viz. organic acid production, BioH2 and biogas production reached to milestone. Following the green pitches, our Research and Development is engaged in exploration of green chemistry innovation more broadly to drive meaningful change. Looking ahead, the projects undertaken underscores the growing significance of green chemistry initiatives. The promise to innovation in this field will be crucial for developing effective solutions that can contribute to a more sustainable future. The designed projects reflect a promising trajectory for green chemistry, emphasizing the need for more green projects in the pursuit of environmental sustainability.

Our recent venture, wherein we have developed technologies; - Biomass waste to Bio-char - Biomass to Furfural - CO2 to Methanol - Syngas to Hydrogen

At lab scale we have even succeeded in developing various solutions namely:

Microbial consortium to remediate spent wash for generation of H2.

Organic acids (Citric acid and Lactic acid) from starchy substrates

Improved yeast strains for significant alcohol production

Experimenting varied microorganisms to optimise the yield of biogas plants

Microbial Electrolysis Cell (MEC) and microbial consortium for green H2 production from industrial effluent

The core objective is to reduce the carbon footprint by replacing the current polluting processes with environment-friendly sustainable green chemicals.

In light of the promising trends and expected developmental shifts in both the global and Indian markets, we aim to place greater emphasis on the following focus areas:

SAF- Sustainable Aviation Fuel

An alternate fuel made from non-petroleum feedstocks that reduces emissions from air transportation. SAF can be blended at different levels with range between 10% to 50% depending on the feedstock and method of fuel production. With an aspirational goal to reach net zero by 2050 set by the International Aviation Industry, SAF presents the best opportunity to meet these goals.

Methane

Methane-based renewable energy sources such as Biogas and Compressed Biogas (CBG) are increasingly being recognized as critical components in the global transition to cleaner and circular energy systems. These energy vectors not only contribute to reducing dependence on fossil fuels but also offer solutions for waste management, carbon neutrality, and rural energy access. With rising concerns over methane emissions, there is growing momentum worldwide to capture and utilize methane efficiently positioning biogas and CBG as key players in the low-carbon economy.

Methanol

Due to its potential for lower cost of production, reduced flammability risk and various other environmental risks, methanol is being considered as the promising future fuel. Having various applications which exists in infrastructure, powering vehicles and ships and also used for cooking and heating. With lower production costs, various feedstocks, reduced greenhouse gas emissions, clean burning, carbon neutral potential and wide range of applications, methanol is gaining traction as the fuel of future.

Carbon Capture utilization (CCU)

Carbon Capture Utilization is a process of capturing CO2 emissions from various sources like industrial plants, power generations facilities and also captured directly from air and converting captured CO2 into valuable products including fuels. With a vision of promoting the circular economy by transforming the waste product into a valuable resource and thus reducing our dependencies on the fossils fuels. CCUs can be used across various industrial applications like:

Production of synthetic fuels like methanol/methane, production of concrete or Building Materials, producing chemicals for various industrial applications, to enhance oil recovery.

Green Ammonia

As the industries seek to reduce their carbon footprint, the demand for green ammonia is expected to increase significantly. The green ammonia is produced by renewable energy sources like solar and wind which is then used to produce hydrogen through electrolysis. The hydrogen produced is thus combined with nitrogen which is extracted from air to synthesize ammonia.

Green Hydrogen

The hydrogen produced using the renewable energy sources like electrolysis which are powered by solar or wind is known as the green hydrogen. It is considered as the clean source of energy because its production does not release any of the greenhouse gasses. Having its application in various industrial sectors, the topic of green hydrogen is the talk of the town. It is believed that green hydrogen can be a significant part of the international trade with countries like Chile, Australia and Saudi Arabia which are emerging as the potential exporters.

Biochar

Biochar is rapidly gaining global traction as a carbon-negative solution, driven by its multifaceted environmental and economic benefits. With increasing climate commitments from governments and industries, biochar is being recognized as a verified carbon removal technology under various international carbon markets. This positions it as a key enabler in achieving net-zero targets and supporting the growth of voluntary carbon credit mechanisms. Simultaneously, the rising need for sustainable agriculture and soil health restoration further reinforces the relevance and widespread applicability of biochar, especially in regions striving for regenerative and climate-resilient farming practices.

39. Environment Management and Engineering Services:

Our Environment Management and Engineering (EME) Division delivers integrated environmental consultancy and turnkey engineering solutions that meet the highest standards of regulatory compliance, sustainability, and operational excellence. The Environment Management and Engineering (EME) Division assesses all the factors contributing to environmental concerns in view of legal, statutory compliances & consultancy services. These factors are varied and often interconnected. They generally fall into natural and human-induced categories, with human activities being the dominant contributors. Environment itself is our stakeholder, around which we have channelized our manpower, resources and infrastructure to help clients address their needs and requirements around.

Our services and products are designed under the umbrella of the Environment Protection Act (EPA) to establish their presence where everything and anything has been constructed, devised, manufactured, prepared improved, demolished, wasted, de-constructed, used, re-used, recycled, consumed, saved, misused, overused, scrapped and so on.

We assess environmental challenges across natural and human-induced factors, with a strong focus on legal and statutory requirements. We position the environment itself as a key stakeholder, directing our manpower, resources, and infrastructure to address our clients most pressing environmental needs. Our services are grounded in the Environment

Protection Act and aligned with the latest frameworks, guidelines, directions and policies issued by Ministry of Environment, Forest & Climate Change (MoEF&CC), Central Pollution Control Board (CPCB) & State Pollution Control Boards (SPCBs), National Green Tribunal (NGT), Forest Survey of India (FSI), Wildlife Crime Control Bureau (WCCB), National Biodiversity Authority (NBA) etc.

We provide consultancy in environment management, laboratory analysis and testing, monitoring and evaluation, waste management, water and waste water management.

Our divisions core Service Domains are:

Environmental Consultancy & Green Clearances

Laboratory Services & Environmental Monitoring

Solid Waste Management, Technical & Advisory Services

Wastewater Treatment Solutions: From Design to Sustainable Operations

Design & Engineering (Design Build Operate (DBO) / EPC Execution:

Equipment Supply

Erection & Commissioning

Operation & Maintenance (O&M)

Project Preparation & Feasibility Studies

Upgradation & Troubleshooting

Monitoring, Evaluation & Reporting

Specialized Technical Studies

Water Audit & Water Neutrality Assessment

Pollution Load Mapping

Industrial Impact Studies

Performance Benchmarking

Irrigation Management Plan

Capacity Building & Training

We offer more than services we deliver environmental assurance, sectoral adaptability, and sustainable value creation. Our unique positioning as a Total Compliance Organization (TCO) and turnkey execution partner sets us apart in an increasingly complex regulatory and climate-sensitive landscape.

One-Stop Environmental Solution Provider	Cross-Sectoral Expertise
Execution + Advisory Dual Strength	Circular, Low-Carbon Focus
High Client Retention	Proactive, Young, and Dynamic Workforce
Execution-Backed ESG Solutions	Turnkey Expertise
Technical + Social Impact Synergy	Policy-Linked Visibility
End-to-End Partner	Bankable, Audit-Ready Projects
Strive to Learn and Collaborate with Vision-Centric	Capacity to Address Multilateral Development Bank Aided
Stakeholders and Veterans	Projects and Scope of Works

Our operations strategically leverage the key national and state-level accreditations fortifying our position as one of Indias most trusted environmental solution providers. Our capabilities are enhanced by the following recognitions and certifications:

NABET accreditation for Environmental Impact Assessment (EIA), enabling our projects to be led by certified EIA Coordinators and Functional Area Experts (FAEs)

NABL accreditation for our in-house environmental laboratory, ensuring precision testing and data integrity across air, water, soil, and waste parameters

OHSMS (Occupational Health and Safety Management Systems) certification, demonstrating our commitment to health, safety, and sustainable operations across project sites and lab environments

Approval from the Ministry of Environment, Forest and Climate Change (MoEFCC) under the Environment (Protection) Act, 1986, authorizing us to undertake statutory environmental monitoring activities.

Exclusive recognition by the Government of Maharashtra for our in-house laboratory as the only approved facility for soil and compost analysis, positioning us as a key enabler of sustainable agriculture, organic farming, and municipal composting initiatives.

Sectoral Contribution

Building & Construction 38%

Sugar, Distillery & Cogeneration 24%

Highways, Metro & Linear Infrastructure 14%

River Valley, Irrigation & Water Projects 10%

Others 14%

Service Portfolio

Environmental Clearance, EIA/ESIA & Social Due Diligence 63%

EPC, M&T O&M, DPRs, EPR, CRZ, RS-GIS & Post-EC 37%

Strategic Highlights

MITCON Consultancy & Engineering Services Ltd, has successfully provided environmental consultancy and statutory compliance services to 376 clients covering 500+ assignments across diverse industrial sectors, assisting them in obtaining various environmental approvals and regulatory compliances under applicable Central and State regulations.

Our services include Environmental Clearance (EC), Consent to Establish (CTE), Consent to Operate (CTO), EIA EMP studies, Laboratory testing including food, environmental monitoring, Due diligence/compliance audits, Water Audits, EPR, Training, Post EC compliance, Tree enumeration, RS & GIS Services, statutory reporting, Techno legal advisory, Treated Wastewater Reuse for Agricultural Irrigation, and other environmental management services along with Research & Development Initiative, Implementation of Livelihood Restoration Program etc.

QCI NABET Accredited in 14 Sectors, demonstrating comprehensive expertise in environmental consultancy and impact assessment services.

Empanelled Consultant for Swachh Bharat Mission 2.0 Expertise in EPR, C&D & Plastic Waste Laboratory Services: NABL Accredited Recognized by MoEF&CC, Govt. of India Government of Maharashtra Approved for Soil, Compost and Water. MITCON offers a comprehensive range of environment monitoring and analytical services for diverse industries through its state-of-the-art laboratory, accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL) under ISO/IEC 17025:2017. Total 325 parameters approved by NABL and 212 by CPCB/MoEFCC. Division has performed 12 PT among them 10 PT results as performance were 100% and 2 PT results are awaited. 15000+ Soil Health Cards has been distributed to farmers.

Tree Enumeration

For AGH we have done comprehensive Tree Survey, Inventory, and Assessment carried out at the project site of AGH Dreams Limited (a subsidiary of Jindal Stainless Limited) situated at Mouje Sonsade, Taluka Mangaon, District Raigad, Maharashtra. The survey was conducted by MITCON Consultancy & Engineering Services Limited, Pune, in accordance with the provisions of the Maharashtra (Urban Areas) Protection and Preservation of Trees Act, 1975 (amended 2009).

The site is located in the Western Ghats transition zone of Raigad district, characterised by Dry Deciduous vegetation. Around 51000 tree has been surveyed and reported.

Implementation and Execution of the Livelihood Restoration Program (LRP) for Civil Court Metro Station Project Affected Families (PAFs), Pune

The Livelihood Restoration Program (LRP) is being implemented for all 858 Project Affected Families (PAFs) impacted by the Civil Court Metro Station Project in Pune. The program aims to restore and enhance the socio-economic conditions of affected households through institutional strengthening, skill development, social security, welfare convergence, and livelihood promotion.

As part of the institutional development component, continuous support has been provided for the formation of Cooperative Housing Societies and community-based organizations. A total of 15 Self-Help Groups (SHGs) have been formed, comprising 6 men-only SHGs and 9 women-only SHGs, collectively covering 114 Project Affected Person (PAP) households. These SHGs have strengthened community participation, financial inclusion, and livelihood opportunities.

To improve accessibility and reduce transportation costs, subsidized PMPML bus travel passes were provided to all eligible students and working professionals who requested the facility, enabling easier access to educational institutions and places of employment.

Under the welfare convergence initiative, 16 government welfare schemes were identified and implemented for the benefit of PAPs. These schemes were grouped into six major categories for effective monitoring and implementation. A total of 107 beneficiaries were enrolled, comprising 26 male and 81 female beneficiaries, demonstrating significant participation by women. Of these, 41 beneficiaries successfully received benefits, 49 applications are under process, and 17 applications were found ineligible due to non-fulfilment of eligibility criteria or incomplete supporting documentation.

Healthcare interventions have also been a major component of the program. To date, more than 278 households, covering approximately 450 PAPs, have availed themselves of health services through health camps and other medical support initiatives.

40. Business Financial Advisory:

The divisions business focusses on the various kind of soft consultancy service focused towards supporting the various parties involved in the project finance or corporate finance activity. Accordingly, the division caters exclusively to the requirement of project proponents, banks, financial institution and other lender or investors institutions, government organizations, grant agencies and large corporations in their assessment. A representative list of service offer by the division are as under:

Techno Economic Viability (TEV) Study for Green Field Project, Expansion of Project, Debt Restructure / Resolution Plans.

Lenders Independent Engineers (LIE) Services, Cost Vetting of Projects

Traffic Study for Tollable Highway Projects

Monitoring agency for specialized monitoring (ASM) as per IBA

Technical Due Diligence, Financial (Income) Due Diligence

Peer Company Analysis

Commercial Document Review Assistance

While offering these service the division has developed capabilities to cater to multiple industry sectors including :

Infrastructure Roads, Bridges, Rail, Ports, Bulk material transport pipelines, Logistic Parks, Warehouses (including cold storages), Malls, CGD networks, Telecom Network, etc.

Power renewable- generation Solar, wind, hybrid; transmission, storage covering BESS, distribution and metering etc.

Water purification, irrigation, desalination etc.

STP, ETP, waste to energy etc.

Bio-fuel Projects (including Ethanol and Bio-CNG).

Engineering.

Automobiles (including EV) and Auto Ancillaries (including motors)

Metal - ferrous, non-ferrous and alloys.

Mining multiple minerals, coal, MDO operations etc.

Chemicals, Rubber & Plastic PET, BOPET, PVC, including recycle.

Packaging Films, Flexible Packaging, Conventional Packaging.

Defense.

Sugar Mill / Refineries Projects - Distilleries, Breweries, Wineries

Paper & Paper Products

Textiles Natural, Manmade, Technical

Health care including Hospital as well as Pharma.

Agri Business & Biotechnology

Food Processing, Dairy & Animal Husbandry, Horticulture

Service Sector - Hospital, Hotels, Transportation, Education etc.

Real Estate including residential & commercial.

During the period the team worked on multiple infrastructure and other projects including irrigation, water purification, desalination, solar, wind and hybrid power generation, power storage, Firm and Dispatchable Renewable Energy, road, CGD networks, railway, logistic parks, warehouses, defense, solar cell and panel manufacture, power distribution, compressed bio gas, specialty chemicals, bio-fuels, pharma, smart metering, automobile Mining etc.

The team is also developing expertise in green energy & finance, energy transmission, storage systems, multiple new age industries, BESS, hydrogen projects, and aligning itself with the ESG-aligned project finance.

The team has also worked on various facets in developing its services by way of, use of standardized formats and developing templates for maintaining consistency and accuracy. Continual review of reports, internally through peer and technical review along with subject matter experts. They have developed a feedback mechanism and worked on training & Skill upgradation of the team.

The business is marked with the risk that the study is heavily based on third party and borrower data which might be inaccurate or too forward looking in case of projections of business plan or capex proposed. The fluctuations in demand for consultancy services, along with project delays, can result in unstable revenue streams, posing significant risks to the teams long-term sustainability.

During the last couple of years, the credit growth had slowdown primarily driven by tighter regulatory norms, high interest rates, and a cautious lending stance by lender. This however is poised to create new business opportunities for the division, since they work on various facets of project finance process.

Looking forward the prospect of the project finance business in India over the next 5 10 years is very strong and expanding, driven by macroeconomic, policy, and sector-specific factors. India is entering a high-capex growth phase, where infrastructure, energy transition, logistics, Transport Infra, Water & Waste Management new age industries and manufacturing are likely to be major beneficiaries.

India is entering a high-growth, high-capital investment phase. The next decade is expected to be transformative for project finance, with rapid expansion in infrastructure, renewable energy, urban services, and industrial development.

The governments push through NIP, Gati Shakti, and PLI schemes, along with rising private sector participation and new financing mechanisms, positions India for a major leap in long-tenor, structured project finance.

Significant milestones achieved by division:

We received and executed the first TEV assignment for standalone BESS & BESS battery pack assembly.

Had been appointed as an LIE by an alternate investment fund for monitoring the implementation of a bromine project

Executed our first hybrid solar and wind TEV for a large client branch of a PSU bank

Received the first solar + BESS project implementation monitoring assignment

Received our first implementation monitoring assignment from Sikkim

Completed first drinking water purification project under HAM

Received first assignment in the irrigation sector for HAM project in Rajasthan

First assignment with 60 MLD desalination project under HAM for Development Financial Institutions.

First tender assignment from Infrastructure Finance Company for a port restoration project.

First assignment from InvIT.

New industries Catered in FY 2025-26

Setting up of 400 kV Transmission line in the RE corridor, Desalination Projects, Multi Model Logistic Parks, Water Purification Projects, Heritage Fort restoration Projects, Irrigation Project, Bromine Manufacturing, Solar Glass Manufacturing, Production of Ferro-alloys

Growth Drivers for the division:

Indias current national aspiration is framed around Viksit Bharat 2047.

This converts to an aspiration to reach around US$30 trillion by 2047.

It requires a multi-decade increase in productive capacity across manufacturing, logistics, energy, urban infrastructure, digital infrastructure, mining, materials, water, and climate-resilient infrastructure.

Indias growth plans require large capital formation in infrastructure, energy transition, biofuels & green chemistry, digital & new age infrastructure and climate-aligned assets.

Lenders and sponsors need specialist appraisal, implementation monitoring and sector risk intelligence

Funding the brownfield/ expansion projects by different kind of lenders and investors require TEV for understanding the viability, LIE for progress reporting.

MITCON proposes to convert existing TEV / LIE strengths, and domain knowledge in many of them, into a sharper sector-led advisory platform.

41. Skill Development Division:

MITCON Skills and Training is a leading institution in the field of Entrepreneurship, Vocational Education, and Skill Development. With a dedicated team of experienced professionals, MITCON consistently designs and delivers industry-aligned training programs, ensuring that the curriculum is regularly updated to match the evolving needs of the job market. The focus of our programs is not only on imparting theoretical knowledge but also on practical skill-building that enhances employability and prepares learners for real-world challenges.

MITCON conducts various Entrepreneurship Development Programs (EDPs) sponsored by government bodies such as the Department of Industries, Government of Maharashtra; the Department of Science and Technology (DST), Government of India; and the Ministry of Food Processing Industries, Government of India. In addition, MITCON offers specialized technical training in emerging sectors through programs like the SURYA MITRA Solar Technician course and Electric Vehicle (EV) training, alongside fee-based vocational training programs catering to a wide audience.

These technology-enabled courses are designed to meet the specific demands of multiple industries and are accessible to learners of all age groups. MITCON offers flexible learning modes online, offline, and hybrid to accommodate diverse learning needs. The training methodology emphasizes a practical and project-based approach, ensuring that students gain hands-on experience throughout their learning journey.

MITCON is committed to empowering youth with skills that lead to meaningful employment and entrepreneurial success. The division not only delivers top-quality training but also actively supports students through placement assistance. Our efforts have been recognized through numerous awards and collaborations with reputed institutions and government departments, further validating our commitment to building a skilled and self-reliant nation.

MITCONs key strengths include a team of expert trainers, modern infrastructure with state-of-the-art computer labs, industry-oriented course content, flexible class schedules, and an engaging, practical learning experience. With a focus on quality, relevance, and impact, MITCON Skills and Training continues to shape the future of Indias workforce.

MITCON Skill Division is a major training and workforce development vertical of MITCON Consultancy & Engineering Services Ltd., focused on skill development, entrepreneurship promotion, employability enhancement, renewable energy training, and implementation of Government and CSR-funded training programs across India.

Performance Highlights for FY 2025-26

Total participants trained: 23,442

Total placements: 17,581 (75%)

Wage employment: 15,647

Self-employment: 1,933

Total revenue achieved: 1,704.79 lakh

Socio-Economic Impact

The division reported:

Estimated annual salary generation through placements of 281.64 crore

Self-employment investment creation of 57.99 crore

Annual turnover from self-employment activities of 231.96 crore

Estimated GST contribution of 41.77 crore

42. Wind & Solar Projects:

Our Business is engaged in the development, implementation, and management of renewable energy projects, with a particular emphasis on wind and solar energy. The range of services offered including project feasibility studies, site selection, design, engineering, procurement, construction, and commissioning of renewable energy systems.

a. Solar Power Generation Projects o Solar power generation at Kharda, Ahmednagar with 10 MW capacity operational for SECI PPA. o Solar Park at Sonalwadi, Tal Sangola Dist Solapur with 4.90MW Group Captive solar power project. o Solar Park situated in Kini, Tal Akkalkot, Dist Solapur, total capacity of the solar park is of 10 MW. We have developed following project at this solar park ? MSPL Unit 1 Limited- 1.40 MW solar power generation project power being sold to private hospital in Pune for its captive use, PPA signed for a period of 25 years. ? MSPL Unit 2 Limited - 1.00 MW solar power generation project power being sold to private hospital in Pune for its captive use, PPA signed for a period of 25 years. ? MSPL Unit 3 Limited - 3.20 MW solar power generation project power being sold to private hospital in Pune for its captive use, PPA signed for a period of 25 years. ? MSPL Unit 4 Limited.- 1.18 MW solar power generation project power being sold to one private hospital in Nagpur for its captive use, PPA signed for a period of 25 years. ? Krishna Windfarms Developers Private Limited : 10 MW solar power generation plant installed at Kharda. ? City Corporation Private Limited 2.4 MW Solar Project, MITCON as EPC partner commissioned the project ? Yaxis Structural Steels Private Limited 2.5 MW solar power generation project power being sold to steel producers in Pune for its captive use, through power purchase agreement. b. Wind Power Generation

MITCON has a wind power generation project of 750 KW which was commissioned on March 27, 2008 at Iduki, Kerala. The Power generated from the same is being sold to Kerala state electricity board.

43. Earth Observations (Satellite Based AI/ML solutions for Precision Agriculture):

We Empower Agribusinesses with Innovative Solutions and Valuable Insights, Driving Success and Sustainability in Agriculture.

Over the past year, the team has delivered cutting-edge solutions at the intersection of agriculture, geospatial intelligence, and digital technology. Leveraging modern frontend technologies like React.js, Tailwind CSS, and Framer Motion, we built responsive, role-specific web applications that improved operational workflows for field officers, managers, and farmers. These platforms integrated real-time features such as task tracking, calendar views, and status dashboards, significantly enhancing coordination and decision-making.

On the geospatial and satellite intelligence front, we processed over 30.8 million hectares of agricultural land every month across Maharashtra, deploying AI-driven pipelines to extract insights from NDVI, NDWI, NDMI, and other vegetation indices. Through Earth Engine, Python, and FastAPI, we built scalable services for soil health monitoring, including pH, moisture, NPK, OC, and other critical field parameters. Our proprietary CropEye platform combined remote sensing, model predictions, and API infrastructure to deliver field-level intelligence at scale.

We successfully executed the Maharashtra Governments Sugarcane Estimation project, monitoring all 36 districts and delivering monthly data on cultivated areas, brix value trends, yield forecasts, and recovery rates. These AI-powered dashboards supported policy-making and subsidy distribution. Internationally, we conducted a 20,000+ hectare topographic and land assessment project in Tanzania, delivering 3D terrain models, watershed and drainage mapping, soil fertility analysis, and land use classification to guide sustainable agri-infrastructure development.

In insurance validation, we audited over 3,000 horticulture plots using high-resolution satellite imagery to detect false claims, duplicate entries, and insured-yet-uncultivated lands. This ensured transparency and optimized public fund disbursement. A biofuel crop census for Samsung India involved mapping targeted regions for Napier grass and estimating precise acreage to streamline their sustainable sourcing and compliance roadmap.

On the climate modeling side, we developed a five-year ARIMA-based forecasting model and a seven-day regression-based forecast, both integrated via FastAPI for external access. A multilingual agri-advisory assistant powered by large language models was piloted, providing contextual insights by combining satellite and weather data. AI/ML models were trained, tuned, and deployed via Jupyter, Google Colab, and Power BI Services to support field intelligence, infrastructure analytics, and real-time dashboards for stakeholders.

Overall, our efforts delivered four major government and corporate projects, processed over 20 thematic geospatial data layers, and impacted multiple stakeholders including government departments, farming communities, and corporate partners. Looking ahead, we aim to enhance our UI/UX systems with advanced visual libraries like Recharts and D3.js, build PWA-ready applications, implement end-to-end deep learning workflows using UNet and CNNs for high-resolution classification, and scale AutoML-based model tuning pipelines.

44. Earth Observations (Satellite Based AI/ML solutions for Infrastructure):

Planeteye Infra AI has successfully delivered nationwide infrastructure monitoring, covering over 1,500 km of roadways and more than 2,100 bridges and structures. This has been achieved through the integration of cutting-edge satellite, LiDAR, and AI-powered technologies.

The company has developed a comprehensive asset management platform that centralizes data on road and bridge conditions, including surface distress, traffic patterns, accident history, and pavement health. This enables intelligent, centralized decision-making for stakeholders.

Advanced structural assessments using LiDAR and continuous monitoring with Synthetic Aperture Radar (SAR) have ensured high-precision tracking of infrastructure health. These tools support proactive maintenance by detecting early signs of degradation.

Planeteyes proprietary AI models detect over 15 types of road and bridge defects, including potholes, cracks, corrosion, and joint failures, with an impressive accuracy rate of over 92%. This technological edge enhances diagnostic efficiency and repair prioritization.

The company has streamlined inspection workflows, reducing manual labor by 40 60% and cutting report generation times by 65%. This allows for near real-time insights that significantly aid infrastructure management and planning.

Over 616 municipal roads have been digitally mapped and audited, with detailed data collected on dimensions, surface materials, footpaths, medians, utilities, signage, and pedestrian elements, supporting smarter urban infrastructure upgrades.

Planeteyes predictive maintenance capabilities have led to an 80% reduction in emergency interventions and optimized lifecycle costs by shifting to data-driven, condition-based strategies.

Using LiDAR data, the company has developed 3D digital twins of bridge assets to support long-term investment planning, lifecycle modeling, and resilience simulations.

Collaborations with national highway authorities, public works departments, and smart city planners have enabled scalable deployment of monitoring systems across diverse environments.

Edge AI and mobile-based data capture tools have been introduced for real-time, field-level assessments, reducing the need for centralized processing and enhancing responsiveness.

As part of national infrastructure digitization efforts, Planeteye Infra has contributed to creating digital road inventories and supporting public infrastructure monitoring at scale.

Strategic partnerships have been formed to strengthen Indias infrastructure intelligence ecosystem, with Planeteye aiming to be the premier provider of digital infrastructure monitoring across both public and private sectors.

45. Infrastructure

Our infrastructure team helps Private and Government Clients with following services for transportation, water and buildings/facility (urban infra) segments

i. Independent Engineer Consultancy ii. Design Consultancy iii. Project Management Services iv. Authority Engineer for Supervision v. Special Third Party Independent Techno Financial Auditors vi. EPCM Engineering, Procurement, Construction Management & Project Management vii. Design, PMC, DPR, Technical Audits of- Highways, bridges, skywalks, Flyovers, Institutional, Industrial, Commercial,

Residential, Urban Infra, Metro, Stations Structures, Canals, Networks

1. Expanding into new geographies such as SAARC, Southeast Asia, South Africa, Bangladesh for DPR Projects, AE/IE/PMC Projects in Roads & Bridges Sectors.

2. We are empaneled with more than 100 Public Sector entities National & State Road Development Corporations, Regional Development Authorities, Municipal Corporations, Urban Local Bodies etc.

Sr. No. Project Name	Client	Cost (In Rs.)
1 Project Management Consultants (PMC) for Design of Municipal Roads / Pavements / Underground Utility ducts and for quality assurance,m, quality control of various Road s/ trench works in Mumbai (Western Suburbs)	MCGM/BMC	Rs. 1200 (Crores)
2 Consultancy Services for Authoritys Engineer for Sinhasth Kumbh Package F	PWD Maharashtra	Rs 250 Cr
1. Improvement to SH65 to Nilwande Kothe Kamleshewar Kakadi Sakuri Road MDR 10 Km 10/500 to 23/200 (Part Jambhulwadi Fata to Korhale upto SH 67 C) Tal Rahata, Kopargaon Sangamner Dist- Ahilyanagar
2. 2. Improvement to Shirdi Rahata bypass road (SH-67 C) Km 0/00 to 22/00 Tal Rahata Dist- Ahilyanagar
3 Appointment of Structural Consultancy Services for proposed IT Building at Manesar, Haryana	CPT infra	Rs. 675 (Crores)
4 Appointment of Architectural, Structural, MEP, Landscape Designs Consultancy Services for proposed Commercial Building at DLF Old Colony area, Sector 14, Gurugram	CPT infra	Rs. 45 (Crores)
5 Project Management Consultancy Services for Proof checking, construction supervision, Quality Assurance, Quality Control & Quality Audit for the work of Construction of 4 lane composite steel girder bridge on the pipeline road across Fox Sagar Surplus Nala under Engineering Procurement Construction (EPC)/Turnkey Basis".	GHMC	Rs. 30 (Crores)
6 Project management Consultancy Services for Proof checking, construction supervision, Quality Assurance, Quality Control & Quality Audit for the work of "Construction of Steel Flyover and Underpass at Jubilee Hills Check Post Jn., KBR Park Entrance Jn., and Mugdha Jn. near KBR Park, GHMC (Package-1) under Engineering Procurement Construction (EPC)"	GHMC	Rs. 322 (Crores)
7 Project management Consultancy Services for Proof checking, construction supervision, Quality Assurance, Quality Control & Quality Audit for the work of "Construction of Steel Flyover and Underpass at Road No.45 Jn., Film Nagar Jn., Maharaja Agrasen Jn. and Cancer Hospital Jn. near KBR Park, GHMC (Package2) Under Engineering Procurement Construction (EPC)".	GHMC	Rs. 272(Crores)
8 Providing Third Party Techno Audit Services for Project various in Punjab state of Infrastructure/ Roads/Building Project	Punjab Infrastructure Development Board/PWD Punjab	Rs. 1200 (Crores)
9 Appointment of Independent Engineer for Operation and Maintenance of Thiruvananthapuram and Kozhikode City Road Improvement Project	Kerala Road Fund Board	Rs. 200 (Crores)
10 Empanelment of eligible consultants / Firms for undertaking consultancy services for Feasibility Study Report (FSR)/ Detailed Project Report (DPR) / Detailed Design Consultancy (DDC) for the Railway Projects, Roads & Highway Projects and Ropeway Projects including ROB for 3 years.	Indian Port Rail & Ropeway Corporation Limited (IPRCL)	Opening for Railway sector
11 Empanelment of Third-Party Inspection and Monitoring Agencies for Quality Assurance in Haryana in Engineering works implemented by the State Government for 3 years	Quality Assurance Authority, Govt. of India	Opening in Haryana state

46. Trustee Services

Our Trustee team provides following services in financial markets -

i. Debenture Trustee ii. Trustee to Alternative Investment Funds iii. Securitization Trustee iv. Collection and Payout Agent v. ESOP/ EWT Trustee vi. Security Trustee vii. TRA Agent viii. Enforcement Services ix. Family Office Trustee x. Peer Company Mapping xi. Share Pledge Trustee xii. Escrow Agent xiii. Trustee to Public Charitable Trust xiv. Trustee for REIT + InvIT

MITCON Credentia Trusteeship Services Limited

Working with 15% of Indias Unicorn

Expansion of trusteeship operations in GIFT City for Funds

Onboarded marquee listed/ unlisted/ Indian and Offshore Clients

Working with top five Alternative Investment platforms

Working with 50+ NBFCs

Robust ERP System in place for debenture trustee and AIF operations with ongoing improvisation for stringent monitoring and internal controls.

Highlights for FY2026:

42% Y-o-Y increase in revenue and more than 50% Y-o-Y increase in no. of assignments in climate advisory

Energy Audits: Conducted more than 119+ energy audits including electrical safety audit, monitoring & verification audits, across sectors such as Iron & Steel, Commercial Buildings, Textiles, Forging, Fertilizers, and other similar industries.

Carbon Credits: 16 Nos. of Renewable Energy projects developed by PSU of cumulative capacity of 5 GW and more are under registration process with Global Carbon Council (GCC) platform

Climate Risk Assessment: Conducted climate risk assessment for Educational institute for both Physical and Transitional risk

Biodiversity Assessments: Conducted Biodiversity Assessments for Auto Ancillary and Real Estate Sector in line with TNFD and LEAP frameworks. These assessments presented current status of biodiversity with action plans on improving in next 5,10,15 years and evaluation of risk and dependencies on nature capital

LCA: Conducted Life Cycle Assessments on various chemical and FMCG products

Sustainability Reporting: Prepared CDP and Sustainability reports for various customers across multiple sectors such as Iron & Steel, Aluminium and Software.

ESCO: Implemented ESCO project in association with SIDBI in Uttar Pradesh Jaggery cluster modification completed for 25 units as per CSIR-IIP approved designs, resulting in savings of 20% of bagasse

Water Audits: Conducted water audits as per ISO 46001 frameworks for manufacturing facilities aimed at improving their water efficiency and action plans to become water neutral organization

CBAM: Provided consultancy to more than 12 companies in Aluminium and Steel sector

Setting up of 400 kV Transmission line in the RE corridor, Desalination Projects, Multi Model Logistic Parks, Water Purification Projects, Heritage Fort restoration Projects, Irrigation Project, Bromine Manufacturing, Solar Glass Manufacturing, Production of Ferro-alloys

Business Outlook 2027:

Our business segments continue to align with national and international priorities, focusing on sustainable development and climate resilience. The key themes driving our portfolio in 2026 are:

Energy Transition: Renewable Energy, Energy Storage, E-mobility

Bio-economy: Biofuels, Green Chemistry, High-Performance Bio-manufacturing

Infrastructure Development: Urban-Industrial Synergies, Transport Infrastructure

Climate Change Compliance & Carbon Credits: Carbon Market Integration, ESG Reporting

Skill Development: Workforce Upskilling for Sustainability

Earth Observations: Agriculture and Infrastructure Monitoring

These segments are strategically positioned to address the interplay of regulatory, technological, and environmental factors, ensuring agility in achieving Net Zero goals.

Risks and Opportunities:

Our approach to Risk management is well entrenched in our Management System which is monitored internally and externally by well qualified personnel and third party agencies. As a part of Quality Management System, each of the business division, support functions and company as whole continually assesses risks and opportunities through a well laid out bottom-up framework as under

SWOT Analysis

Strengths

1. Well-Entrenched Brand: Over 40 years of experience and a strong reputation for delivering value and expertise.

2. Domain Expertise in Future-Ready Sectors: Specialized in emerging segments like energy transition, green hydrogen, bio-economy, decarbonization, and satellite monitoring.

3. Integrated Risk Management Framework: Robust process involving regular reviews by Board.

4. Strong Learning & Development Framework: Ongoing upskilling of employees and technology integration into service offerings.

5. Commitment to Compliance: Legal and compliance teams actively monitor regulatory changes and ensure employee awareness.

Weaknesses

1. High Dependence on Skilled Talent: Quality of service is heavily dependent on continual reskilling and availability of niche talent.

2. Need for Constant Innovation: Competitive advantage requires ongoing investment in tech, systems, and solutions.

3. Complex Regulatory Environment: Significant resources are needed for compliance, increasing operational overheads.

Opportunities

1. Climate Change Investments: Surge in global investment in energy transition and sustainability.

2. Policy Push Toward Net Zero: Net zero targets driving demand for carbon management, LCA, green chemistry, etc.

3. Technological Advancements: AI, ML, Earth Observation, and Digital Platforms enabling new service models and efficiency.

4. Growing Awareness and Demand for ESG Services: Increased need for environmental, social, and governance-related advisory and implementation services.

5. Millennial and Stakeholder Pressure on Sustainability: Stakeholders expect sustainability alignment, enhancing the relevance of your offerings.

Threats

1. Rapid Technological Changes: Risk of obsolescence if tech upgrades and talent adaptation lag behind market pace.

2. Geopolitical and Macroeconomic Instability: Global uncertainty affecting investment in infrastructure and capex-dependent sectors.

3. Cybersecurity Risks: Increasing threats to digital operations and client data.

4. Regulatory Shifts: Frequent changes in environmental, taxation, and labor regulations could impact profitability.

5. Climate-Induced Operational Disruptions: Extreme weather events and market risks from energy transition could affect business continuity.

Context Matrix

External	Internal
i. Legal	i. Values
ii. Technological	ii. Culture
iii. Competition	iii. Knowledge
iv. Market	iv. Performance
v. Cultural
vi. Social
vii. Economic environment
viii. Climate

Need and Expectation of Interested Parties/Stakeholders

a. Customers b. Suppliers c. Employees d. Shareholders e. Associations f. Government and Regulatory Bodies g. Neighbors h. Planet Earth i. Other direct/indirect stakeholders

Risks and Opportunities emanating from SWOT, Context Matrix and Need & Expectation of Interested Parties are listed and Risk Priority Numbers (RPN) is assigned to each of the Risk. The strategic plan is laid out to manage risks as also for utilization of opportunities. Our success depends on our ability to identify and leverage the opportunities generated by our business and the markets we operate in. Our assessment of risk considers short and long term as well as internal and external risks, including financial, operational, sectoral, sustainability (particularly Environmental, Social and Governance related risks), information, cyber security, legal and compliance, and any other risks as may be determined by the business and function heads.

Management Review Committee is responsible for implementation of Risk and Opportunity framework as detailed above. The Board of Directors reviews compliance of all Code of Business Principles (Code) and Code Policies as detailed on our website.

The following are key risks we have identified which we currently regard as the most relevant to our business. We continually review our risk areas and the business/functional heads are responsible for determining the nature and extent of significant risks and drawing out management plans.

a) Well entrenched brand and ability to offer future-fit solutions for over 40 years

Our success depends on the brand which stands for delivering value and approachable expertise to our clients and on our ability to continually offer future-fit solutions while remaining competitive. Rapid pace of technological changes across our business segments along with competitive intensity due to entry of new players would requires us to continually invest in our people to retain our brand value as approachable expertise and ability to innovate.

Management of Risk: Through our processes, we ensure that each team member is evaluated for parameters other than financial parameters such as customer centricity, process adherence and improvement, learning and development.

b) Quality of our Services

Our business segments help clients with new age, future-fit solutions alongside compliance and reporting related outputs in emerging areas. This requires us to have talent pool which is up-to-second and infrastructure that offers clients cutting edge abilities like use of earth observations (satellite and drones), seamless digital platforms for managing workflows, AI/ML integration. Our inability to continually renew ourselves could strain our longstanding relationship with our customers and our reputation and brand image may suffer, which in turn may adversely affect our business.

Management of Risk:

We have operating framework that streamlines learning and development of talent pool through reviewable processes. Further, business and functional heads continually assess talent/skill gaps in current pool and bridge the same. Each service offering is assessed for possibility of use of technology and plans are put in place to integrate.

c) Legal and Regulatory

Ever changing regulatory landscape, related to electricity act, environmental laws, direct/ indirect taxes, data privacy, corporate governance, LODR, Certification bodies such as QCI NABL, labour laws, among others, besides increasing cost of compliance, may lead to adverse impact on growth and profitability and increased exposure to litigations with possible consequences for our corporate reputation.

Risk Management: We are committed to compliance with the laws. The business and functional heads are responsible for ensuring that all employees are aware of and comply with regulations and laws relevant to their roles. Our compliance and legal team monitors and reviews our processes to provide reasonable assurance. d) Macroeconomic stability and geopolitical conditions

Uncertain of macro-economic outlook along with adverse geopolitical conditions could adversely affect our business and operations. A large part of business segments depends on new capex by private corporations and government, which would be affected by uncertainties around macro-economics and geopolitics. Also, such events would lead to pushing further of climate agenda, which would affect our growth plans.

Risk Management: Based on our assessment of relevant macro and geopolitical conditions, we continually fine tune our activities and service portfolio. We have over 40 years of exposure to such market conditions which helps us in operating and developing of our business successfully during periods of economic and political instability.

e) Climate Change

Climate change and governmental actions to reduce such changes may disrupt our clients operations. Climate change may impact our business in various ways through increased costs or reduced growth and profitability. Increased frequency of extreme weather events such as high temperatures, hurricanes, or floods could cause increased incidence of disruption to our supply chain, manufacturing, and distribution network. Market risks associated with the energy transition and rising energy prices could disrupt our capex plans of our clients.

Risk Management: We have continued to re-align our services to make them climate change proof by including services that are aligned to management of climate risks for our clients. We continue to add green services to our services across our portfolio.

f) IT Infrastructure

Our operations are increasingly dependent on IT systems and the management of information. The cyber-attack threat of unauthorised access and misuse of sensitive information or disruption to operations continues to increase. Such an attack could inhibit our business operations thereby impacting our results. Accelerated pace of digitisation of our operations also gives rise to the need to detect and mitigate risks arising from technological advancements such as deployment of Al, Machine Learning.

Risk Management: We continually upgrade our IT infrastructure and available expertise to take care of such disruptions. We have put in place robust and reviewable process for prevention of breach and minimization of damage in the event of breach. We have also ensured business continuity through necessary system redundancies.

Opportunities

a. Domain expertise in future-ready businesses

Domain expertise in new-age segments such as decarburization, renewable energy, energy storage, bio-economy, green chemistry, green hydrogen, environment management, satellite for monitoring of agri and infra, carbon footprint, LCA, Net Zero Strategies, Nature Based Carbon project development, helps us benefit from millennial theme of energy transition. We will continue to commit resources towards high growth segments in climate space. We have a strong pipeline of relevant innovations in energy transition and bio economy space. b. Climate Change Investments

Unprecedented pace of climate change related investments due to multi-stakeholder pressures are fueling demand for our services. We will continue to develop most relevant services and solutions for our clients to make their businesses sustainable and compliant.

Annual global investment in energy transition technologies rose to nearly $2.1 trillion in 2024. To achieve net zero targets (legal or policy commitments) by major economies will lead to multifold increase in energy transition related investments from current USD 2.1 trillion in 2024. Global energy transition investment is likely to average $5.60 trillion per year between 2025 and 2030. In the 2030s, investment is likely to be $7.60 trillion per year during 2031 and 2035.

c. Resilience through Digital Transformation

Technological convergence is leading to tectonic macroeconomic shifts more impactful than the first and second industrial revolutions. Rapidly emerging digital technologies, analytics, and big data in energy, mobility, carbon mapping, earth observations gives us opportunities to develop capabilities across our domains to respond to our clients evolving needs thereby making us resilient. We continue to explore every aspect of our business model for making tech intervention.

Significant Factors Affecting our Business, Financial Condition and Results of Operations

Our clients may operate in sectors which are adversely impacted by climate change which could consequently impact our business;

The financial stability of our clients may be affected owing to several factors such as demand and supply challenges, currency fluctuations, regulatory sanctions, geo-political conflicts and other macroeconomic conditions which may adversely impact our ability to recover fees for the services rendered to them.;

Intense competition in the market for engineering consultancy services could affect our win rates and pricing, which could reduce our market share and decrease our revenues and our profits;

Our business will suffer if we fail to anticipate and develop new services and enhance existing services in order to keep pace with rapid changes in technology and in the industries on which we focus;

Our expenses are people centric and fixed in nature, which could cause fluctuations to our profitability;

Our success depends largely upon our highly skilled professionals and our ability to hire, attract, motivate, retain and train these personnel;

Some of our failure to complete fixed-price and fixed-timeframe contracts, or transaction-based pricing contracts, within budget and on time, may negatively affect our profitability;

Some of our client contracts can typically be terminated without cause, which could negatively impact our revenues and profitability;

Some of our client contracts are often conditional upon our performance, which, if unsatisfactory, could result in lower revenues than previously anticipated;

Our work with governmental agencies may expose us to additional risks;

Our ability to successfully implement our strategy, our growth and expansion, technological changes, our exposure to market risks that have an impact on our business activities or investments;

Occurrence of natural calamities or natural disasters affecting the areas in which our Company has operations;

Changes in the policies of the government of India or political instability may adversely affect economic conditions in India generally, which could impact our business and prospects, and

General, political, economic, social and business conditions in India and other global markets.

Internal Control Systems and their adequacy:

The Company has implemented a robust internal control system designed to ensure the accuracy and reliability of financial and operational records, which form the basis for the preparation of financial statements and asset accountability. This system provides reasonable assurance that the Companys assets are adequately safeguarded against unauthorized use or disposition, and that all transactions are properly authorized, documented, and reported in a timely manner.

The adequacy and effectiveness of these internal controls are periodically reviewed by the management. Further, the CEO and CFO certification, as presented in the relevant section of this Integrated Annual Report, affirms the soundness of the Companys internal control systems and procedures

Discussion on Financial Performance with respect to operational performance

Financial Year 2026 Year Over Year Highlights Consolidated

Revenue from Operations of INR 12566.84 Lakhs, increased by [ 11.50] %;

Consultancy & Training Revenue of INR 9434.20 Lakhs, increased by [24.20] %;

Project Service Revenue at INR 1391.57 Lakhs, decrease by [23.10] %;

Wind/ Solar Power Generation Revenue INR 1741.07 Lakhs, decreased [6.67] %;

EBITDA of INR3297.45 Lakhs, increase [3.76] %;

Profit/(Loss) for the year INR 941.49 Lakhs, increase [43.95] %

Material developments in Human Resources / Industrial Relations front, including number of people employed:

At MITCON, Human Resource Management plays a pivotal role in supporting the Companys mission and long-term success. Consistent with the Companys core philosophy, we recognize human capital as our most valuable asset. Our efforts are directed toward cultivating a high-performance culture marked by operational efficiency, innovation, and continuous talent development.

As we navigate a rapidly evolving global landscape, we are committed to nurturing an inclusive, purpose-driven workplace. We strive to engage our employees through meaningful work and collaborative, high-energy teams, enabling them to realize their full potential and contribute to a larger purpose.

We believe that talent transformation begins by listening to our employees and responding with a compelling value proposition that delivers purpose, growth, and value. By doing so, MITCON positions itself as an employer of choice and meets the evolving expectations of its workforce.

Internal Complaints Committee:

MITCON is committed to fostering a safe, respectful, and inclusive work environment where all employees are empowered to contribute effectively, regardless of gender, sexual orientation, or any other characteristic unrelated to job performance.

In compliance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company has established an Internal Complaints Committee (ICC) to address and resolve complaints of sexual harassment. The ICC includes external members with relevant experience, and is chaired by a senior woman employee, in accordance with statutory requirements. At least 50% of the Committees members are women.

Details regarding the number of sexual harassment complaints filed, resolved, and pending during the financial year are disclosed in the Business Responsibility and Sustainability Report section of this Integrated Annual Report.

Details of significant changes (25% or more) in key financial ratios along with detailed explanation for such change as compared to the previous financial year (Standalone):

Ratio	As at 31 Mar 2026	As at 31 Mar 2025	Change %	Remarks
Debtors Turnover	2.43	1.45	68.27	The current ratio increased from 1.45 times in FY 2024 25 to 2.43 times in FY 2025 26, representing an increase of approximately 68.27%. This improvement was driven by a substantial increase in current assets (from INR3075.92 Lakhs to INR 6104.22 Lakhs) (98.45%), while current liabilities increased (from INR 2127.22Lakhs to INR 2508.76 Lakhs by only 17.94%. Reflecting a significantly stronger liquidity position and an enhanced ability to meet short-term obligations
Inventory Turnover	7.63	4.40	73.15	Cost of goods sold for the year FY 2025-26 INR. 851.68Lakhs (Previous year FY 2024-25 INR 434.01 Lakhs) & Average inventory in FY 2025-26 INR 111.68 Lakhs (Previous year FY 2024-25 INR. 98.54Lakhs). The inventory turnover ratio increased from 4.40 times in FY 2024 25 to 7.63 times in FY 2025 26, representing an increase of approximately 73.15%. This improvement was primarily driven by a significant increase in the cost of goods sold (96.24%), while average inventory increased by only 13.33% The higher inventory turnover ratio indicates improved inventory management, stronger sales performance, and greater operational efficiency.
Creditors Turnover	4.53	2.85	58.97	Cost of purchase and other expenses for the year FY 2025-26 INR.3162.21 Lakhs (Previous year FY 2024-25 INR 2281.55 Lakhs) & Average trade payable in FY 2025-26 INR 698.70 Lakhs (Previous year FY 2024-25 Rs. 801.37 Lakhs). The trade payables turnover ratio increased from 2.85 times in FY 2024 25 to 4.53 times in FY 2025 26, representing an increase of 58.95% This improvement was driven by a 38.60% increase in the cost of purchases and other expenses, together with a 12.81% decrease in average trade payables. The higher turnover ratio indicates that the company settled its obligations to suppliers more frequently during the year, reflecting improved payment efficiency and stronger liquidity.
Net working capital turnover ratio	1.67	5.40	-69.01	The net working capital turnover ratio decreased from 5.40 times in FY 2024 25 to 1.67 times in FY 2025 26, representing a decline of approximately 69.01%. Although revenue from operations increased by 17.43% (from INR 5119.62 Lakhs to INR 6012.05 Lakhs ), net working capital increased substantially by 278.99% (from INR948.70 Lakhs to INR3595.46 Lakhs, primarily due to a significant rise in current assets relative to current liabilities.

Details of any Change in Return on Net worth as compared to the immediately previous financial year along with a detailed explanation thereof (Standalone):

Return on net worth for the year is 3.32% (previous year 4.08%). There is improvement in operational efficiency and growth in core business activity.