Monind Ltd Management Discussions

Annexure - 2

1. GlobalEconomy

The global economy remained resilient during 2025 despite continued geopolitical tensions, evolving trade policies and persistent uncertainties in international markets. While the Russia-Ukraine conflict and tariff-related measures among major economies continued to influence global trade and investment flows, easing inflationary pressures, supportive fiscal policies and monetary easing by several central banks helped sustain economic growth. Global GDP is estimated to have grown by approximately 3.4% in 2025, reflecting the resilience of economic activity across major economies. Global trade also strengthened during the year, with improved demand for goods and services supported by supply chain diversification, increased investments in technology and infrastructure, and recovery in industrial production. The United States recorded moderate economic growth, driven by investments in technology, manufacturing and innovation, although fiscal uncertainties impacted growth momentum during the latter part of the year. The Euro Area experienced improved economic activity supported by accommodative monetary policies and increased public expenditure. China maintained stable economic growth despite continued weakness in its real estate sector, supported by resilient exports, policy measures to stimulate domestic consumption and diversification of export markets. For the global steel and ferro alloys industry, demand remained supported by infrastructure development, construction activities, automotive production and industrial manufacturing. However, the industry continued to face challenges arising from volatility in raw material prices, fluctuations in energy costs, changing trade policies and geopolitical developments. Increasing emphasis on sustainable steel production, decarbonisation initiatives and technological advancements also continued to reshape the global metals industry. Although the Company did not undertake commercial operations during the financial year under review, global economic developments, international trade policies, commodity price movements and trends in the steel and ferro alloys industry continue to be relevant from a strategic perspective. The Company remains attentive to changes in the business environment and will evaluate suitable opportunities for resumption or expansion of its business activities, subject to market conditions and availability of resources.

2. IndianEconomy & Outlook

India continued to remain one of the fastest-growing major economies during the financial year 2025 26, supported by resilient domestic demand, sustained public capital expenditure, stable financial markets and continued policy reforms. Economic activity was driven by robust government spending on infrastructure, healthy growth in manufacturing and services, improving private consumption and steady investment activity.

Indias real Gross Domestic Product (GDP) grew by approximately 7.7% during FY 2025 26, despite global economic uncertainties, geopolitical tensions and trade-related challenges. Inflation remained broadly within the Reserve Bank of Indias tolerance band for most of the year, supported by prudent monetary policy and easing supply-side pressures.

The Indian economy is expected to maintain a healthy growth trajectory, supported by favourable demographics, increasing urbanisation, rising domestic consumption, continued infrastructure investments and policy measures aimed at enhancing manufacturing competitiveness and ease of doing business. While external risks such as geopolitical developments, volatility in commodity prices, global inflationary pressures and changes in international trade policies may continue to pose challenges, Indias strong macroeconomic fundamentals and reform-oriented policy framework are expected to support sustainable long-term economic growth.

3. IndustryStructure & Developments

The business/object of the Company is the production of various Ferro alloys, such as Silico Mangenese, Ferro Mangenese and Ferro Chrome which are essential inputs in the production of different grades of steel. Ferro Manganese and Silico Manganese are extensively used by steel manufacturers, while Ferro Chrome is a key raw material in the manufacture of stainless steel. Ferro alloys play a vital role in the steel manufacturing process by acting as deoxidizers and alloying additives, thereby enhancing the strength, durability and other metallurgical properties of steel.

The ferro alloys industry is closely linked to the performance of the steel sector. Demand for ferro alloys is primarily driven by the growth of the steel industry, which, in turn, is supported by infrastructure development, construction, automotive, engineering, railways and other industrial sectors. During the financial year 2025 26, the industry continued to witness opportunities arising from sustained domestic steel demand, while also facing challenges such as volatility in raw material prices, power costs, changing global trade policies and geopolitical developments.

As informed in the previous years Report, the Company does not have any operational manufacturing facility and no manufacturing operations were carried out during the financial year 2025 26. The management continues to explore suitable business opportunities, strategic collaborations and investment avenues with the objective of identifying sustainable business activities and creating long-term value for the stakeholders. The Company will keep its shareholders informed of any material developments in accordance with the applicable statutory and regulatory requirements.

4. Opportunitiesand Threats/Risks

The business/object of the Company is the production of various Ferro alloys that are used in the production of different grades of steel. However as informed at the point no. 3, the company has sold its plant. Although, risk/threat is associated with the every business but such risks are mitigated by: A. Risk Identification (source, event & cause of risk)

B. Risk Assessment (analyzing risk and its implications)

C. Monitoring (developing, implementing and regular following up on risk management)

Following types of risks are involved in the manufacturing/production industries: A. External/Industry volatility/Competition Risk B. Pandemic Risk

C. Quality Risk D. Logistic Risk E. Regulatory Risk F. Financial Risk

Risk Management is followed across all the management levels, functions and project areas of the company.

5. Segment-wiseor product -wiseperformance

In view of the aforesaid discussion on "Industry Structure & Developments" at point no. 3 to provide and report segment-wise or product-wise performance is not applicable on the company during the Financial Year 2025-26.

6. InternalControl System andtheir adequacy

The Company has in place systems and procedures of internal control and checks in operation commensurate with the size and the nature of its business for optimum utilization of available resources. The mechanism of internal control and checks are reviewed by the management, internal and statutory auditors from time to time and suitable changes/modifications are implemented so as to ensure that an effective scheme of checks and balances exists at all times. The Audit Committee of Board of Directors also reviews these matters from time to time in their meetings.

7. Discussionon Financial Performance with respect to Operational Performance

During the financial year ended March 31, 2026, the Companys total income stood at 198.56 lakh as compared to Nil during the previous financial year. The Company reported a loss after tax of 76.10 lakh during FY 2025-26 as against a loss after tax of 253.75 lakh in the previous financial year.

During the year under review, the Company did not undertake any commercial or manufacturing operations. Accordingly, its financial performance was primarily influenced by the income recognised during the year and the administrative, statutory and regulatory expenses incurred for maintaining the Companys corporate and compliance requirements.

The Company remains committed to evaluate suitable business opportunities and strategic initiatives for the effective utilisation of its resources and long-term value creation for its stakeholders, subject to favourable market conditions and necessary approvals, wherever applicable.

8. Disclosureof Accounting Treatment

The Financial Statements of the company are prepared as per the Indian Accounting Standards (Ind AS) and reflects true and fair view of the business transactions and there is no deviation in following the accounting treatment prescribed in the Indian Accounting Standards (IndAS ) for the preparation of Financial Statements of the Company.

9. 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 explanationstherefore

During the year under review the Inventory turnover ratio and Debtor turnover ratio have not been computed due to NIL turnover of the Company in the financial year 2025-26 and 2024-25. The Operating Profit Margin has not been computed as there is no revenue from operations in the Company and the net Profit Margin and Interest Coverage Ratio cannot be computed due to losses in the financial year 2025-26 and 2024-25.

S.No.	Key Ratios	FY2025 -26	FY 2024 -25	% Change	Reason of Change
1	Current Ratio	0.09%	0.10%	-13.44%	Due to decrease in Current Assets
2	Debt-Equity Ratio	-1.47%	-1.48%	-0.46%	No significant change

10. Details of any change in Return on Net Worth as compared to the immediately previousfinancial year along with a detailed explanationthereof

S.No.	Key Ratios	FY 2025 -26	FY2024 -25	% Change	Reason of Change
1	Return Equity on	0.35%	3.77%	-90.64%	There is no business during the year

11. Material developments in Human Resources/Industrial Relations Front, including number of peopleemployed

The Company recognizes that its human resources are a valuable asset and remain committed to fostering a professional, ethical and collaborative work environment. The Company endeavours to provide a conducive workplace, fair remuneration and opportunities for learning and professional development alignment with the Companys long-term objectives. Considering the current scale of the Companys operations, the total number of employees on the rolls of the Company as on March 31, 2026, stood at Two (2).

BYORDER OF THEBOARD
FORMONIND LIMITED
Date: 13.08.2026
Place: New Delhi	sd/-	sd/-
	(Keshav Sharma)	(MaheshKumar Sharma)
	Director	WholeTime Director& CFO
	DIN: 08275228	DIN:07504637