Nouveau Global Ventures Ltd Management Discussions

MANAGEMENTS DISCUSSION AND ANALYSIS REPORT

This report covers the operations and financial performance of the Company for the year ended 31st March, 2026 and forms part of the Directors Report.

> GLOBAL ECONOMY

global economy remained resilient during FY 2025-26 amid continued geopolitical tensions, evolving trade policies, supply-chain disruptions and uncertainty in global financial and commodity markets. According to the International Monetary Fund (IMF) World Economic Outlook Update released in July 2026, global economic growth is projected at 3.0 percent in 2026 and 3.4 percent in 2027. While global economic activity has remained relatively stable, the recovery continues to be uneven across economies, with differences in domestic demand, investment conditions and financial stability influencing the pace of growth across regions. Global inflation has moderated significantly from the elevated levels witnessed in the earlier period, although inflationary pressures remain subject to developments in energy prices, geopolitical conditions and supply-side disruptions. The IMF has projected global headline inflation at 4.7 percent in 2026, indicating that the disinflation process continues to face challenges. Financial markets have also remained sensitive to changes in interest-rate expectations, fiscal conditions and geopolitical developments.

The global economic environment continues to present both opportunities and challenges for businesses. Technological advancement, digitalisation and increasing investment in emerging technologies are supporting economic activity in several markets. At the same time, geopolitical uncertainties, changing trade policies, commodity price volatility, elevated public debt and fluctuations in global financial conditions may continue to affect business confidence and investment decisions. Emerging market and developing economies, particularly in Asia, are expected to remain important contributors to global economic activity. However, businesses continue to operate in an environment requiring prudent financial management, operational flexibility and careful assessment of market conditions. Against this backdrop, the global outlook remains cautiously stable, with the pace of economic growth expected to remain moderate and subject to various external risks.

> INDIAN ECONOMY OVERVIEW AND INDUSTRY STRUCTURE AND DEVELOPMENTS

The Indian economy remained resilient during FY 2025-26, supported by domestic consumption, investment activity and continued growth in the services sector. As per the provisional estimates released by the Ministry of Statistics and Programme Implementation (MoSPI), Indias real GDP is estimated to have grown by 7.6 percent during FY 2025-26, compared with 7.1 percent in FY 2024-25.The services sector continued to play an important role in economic activity, supported by increasing digitalisation, technology adoption and infrastructure development. At the same time, businesses continued to face uncertainties arising from geopolitical developments, global trade conditions, commodity price movements and evolving financial conditions.

Indias medium-term economic outlook remains positive, supported by domestic demand, structural reforms and increasing digital adoption. However, growth across individual sectors and businesses may vary depending on market conditions, competition and demand. The Company continues to monitor these developments and their potential impact on its operations.

Financial & Consultancy

During FY 2025-26, Indias financial services and consultancy environment continued to evolve amid increasing digitalisation, technology adoption and changing regulatory requirements. The financial services ecosystem benefited from continued participation in capital markets, growth in digital financial services and increasing demand for technology-enabled solutions. At the same time, the sector remained competitive, with regulatory compliance, market volatility and the need for specialised capabilities continuing to influence the operating environment.

The consultancy segment is also undergoing transformation through increased adoption of digital tools, data analytics, automation and artificial intelligence. These developments are creating opportunities for businesses offering specialised and technology-enabled advisory services, while also increasing the importance of cost efficiency and service differentiation. For NGVL, the Financial Consultancy segment continues to provide opportunities to develop and pursue suitable advisory activities, with management maintaining a selective approach based on commercial viability and available resources.

Multimedia

The Indian Media & Entertainment (M&E) industry continued to expand during 2025, supported by digital media, advertising, live experiences and increasing consumption of digital content. According to the FICCI- EY Media & Entertainment Report 2026, the industry grew by approximately 9% in 2025 to reach Rs.2.78 trillion. Digital media became the largest segment of the industry, crossing Rs.1 trillion in revenues for the first time, while digital advertising grew by 26% to Rs.947 billion. Live events also recorded strong growth during the year.

The sector nevertheless remained uneven across individual segments, with certain traditional media and technology-dependent businesses facing pressure from changing consumer behaviour, regulatory developments and cost considerations. Increasing smartphone penetration, connected television, regional- language content and new digital formats continue to reshape content creation, distribution and monetisation. For NGVL, the Multimedia segment provides opportunities to explore digital and content- related activities; however, management remains mindful of the competitive nature of the sector and the importance of sustainable monetisation and disciplined investment.

Dealing in Securities

The Indian securities market during FY 2025-26 continued to be influenced by domestic liquidity, retail and institutional participation, corporate activity, global interest-rate expectations and geopolitical developments. While Indias capital markets continued to provide opportunities, market conditions remained subject to fluctuations in investor sentiment and global financial conditions.

The securities business also continues to operate within an increasingly regulated environment, requiring adherence to applicable regulatory and compliance requirements. For NGVL, the Dealing in Securities segment remains dependent on prevailing market conditions and the Companys ability to identify suitable opportunities while maintaining appropriate risk controls. Management therefore continues to adopt a measured and cautious approach towards activities in this segment.

Trading Division

Indias trading environment during FY 2025-26 remained influenced by domestic demand, international trade conditions, currency movements, commodity prices and geopolitical developments. Indias merchandise and services exports continued to provide support to the external sector, while businesses engaged in international trade remained exposed to changes in global trade policies, supply-chain conditions and currency volatility.

The trading environment therefore continued to present both opportunities and challenges for businesses seeking to expand their product base and geographical presence. For NGVL, the Trading Division remains focused on evaluating selective opportunities based on market conditions, commercial viability and associated risks. The Company may explore suitable product categories and business relationships while maintaining a prudent approach towards working capital and market-related risks.

COMPANY OVERVIEW (SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE)

Nouveau Global Ventures Limited ("NGVL" or the "Company") operates through business segments comprising Multimedia, Financial Consultancy, Dealing in Securities and Trading Division. The Companys diversified business structure provides it with the flexibility to evaluate opportunities across different areas; however, the level of activity and financial contribution from individual segments may vary depending upon prevailing market conditions and the Companys strategic priorities.

During FY 2025-26, the Companys overall operating performance remained subdued. The Company reported a net loss of approximately Rs.40 lakh during the year, as against a net profit of Rs.57.178 lakh in FY 2024-25. The Company also reported no sales during FY 2025-26. The performance therefore represents a decline from the previous years profitability and reflects the limited level of operating activity during the year.

In view of the prevailing business environment and the Companys present operating scale, management continues to focus on identifying commercially viable opportunities across its existing business segments. The Directors remain committed to prudent financial management, controlling operating costs, monitoring risks and evaluating opportunities that can contribute to sustainable revenue generation and improvement in the Companys financial position.

The Company will continue to assess its business activities in accordance with market conditions and available resources, with emphasis on operational discipline and careful deployment of capital. Managements approach remains focused on building a sustainable base of business activity rather than pursuing expansion without adequate commercial justification.

> OPPORTUNITIES

The outlook for Nouveau Global Ventures Limited is supported by opportunities emerging across its existing business segments. In the Financial Consultancy space, the increasing digitalisation of financial services, growing regulatory requirements and demand for specialised advisory services may provide opportunities for the Company to develop suitable consultancy activities. The growing use of technology, analytics and digital platforms is also creating new models of delivering financial and professional services.

In the Multimedia segment, the continued expansion of Indias Media & Entertainment industry provides opportunities in digital content, online platforms and related activities. The sectors growth in digital media, advertising and live experiences indicates continued changes in consumer behaviour and content consumption, creating scope for businesses that can identify appropriate niches and sustainable monetisation models.

The Dealing in Securities segment may benefit from continued development of Indias capital markets and broad-based investor participation. However, opportunities in this segment remain closely linked to market conditions, regulatory requirements and investor sentiment.

Similarly, the Trading Division may identify opportunities arising from Indias expanding domestic market and international trade activity. Diversification of products, development of appropriate business relationships and selective entry into commercially viable areas may provide opportunities for the Company to improve its business activity.

Opportunities of the Company are:

• Devote greater focus towards strengthening the Financial Consultancy division through commercially viable opportunities;

• Explore suitable opportunities in the Multimedia division, particularly in digital and content-related activities;

• Diversify into related media and entertainment sectors where the Company can identify sustainable business opportunities;

• Evaluate opportunities arising from the continued development of Indias financial and capital markets;

• Explore suitable opportunities in the Trading Division based on market demand and commercial viability; and

• Identify new avenues and business opportunities across the Companys existing divisions with the objective of improving sustainable revenue generation and overall business performance.

> THREATS

At the same time, the Company remains exposed to various risks and challenges arising from the nature of its diversified business activities. The Financial Consultancy segment faces competition from established advisory firms as well as technology-driven platforms, while increasing regulatory and compliance requirements may increase operating costs and require continuous adaptation.

The Multimedia segment operates in a rapidly changing environment where consumer preferences, technology, content formats and distribution platforms evolve continuously. Digital piracy, cybersecurity risks, changes in advertising expenditure and competition for audience attention may affect the commercial viability of individual activities. The sector also requires continuous innovation and investment to remain relevant.

The Dealing in Securities segment is inherently exposed to fluctuations in capital markets, investor sentiment, interest-rate expectations and global economic developments. Changes in market conditions can result in volatility in income and may affect the Companys ability to generate consistent returns from securities-related activities.

The Trading Division is exposed to risks relating to currency fluctuations, commodity-price volatility, changes in trade policies, geopolitical tensions and disruptions in supply chains. Such factors may affect procurement costs, selling prices, margins and the timing of business transactions.

More broadly, the Companys relatively limited operating scale and subdued revenue generation remain important challenges. Macroeconomic uncertainty, changing regulatory requirements, competition and fluctuations in financial markets may also affect the Companys ability to expand its business activities. The Company therefore intends to adopt a cautious and selective approach towards new opportunities while continuing to monitor the risks associated with its existing operations.

> OUTLOOK

Looking ahead, NGVL remains cautiously focused on improving its operating performance and developing sustainable business opportunities across its existing segments. The Company recognises that the operating environment will continue to be influenced by market volatility, regulatory developments, technological changes and competitive pressures. At the same time, Indias continued economic development and the growth of digital platforms, financial services and the Media & Entertainment industry provide opportunities for businesses that can identify appropriate and commercially sustainable areas of operation.

Within this environment, the Company intends to evaluate opportunities in Financial Consultancy, Multimedia, Dealing in Securities and Trading activities based on their commercial viability, risk profile and resource requirements. The Company will continue to explore opportunities in its Multimedia activities, strengthen its focus on Financial Consultancy and evaluate suitable opportunities in the securities and trading businesses. Management remains conscious that the Companys immediate priority is to improve its operating activity and establish a more sustainable revenue base. Accordingly, emphasis will be placed on prudent financial management, cost control, appropriate risk management and careful evaluation of new business opportunities.

While the Company does not anticipate that the operating environment will be without challenges, management believes that a disciplined approach towards diversification and selective business development can provide a foundation for improving performance over the medium term. The Company will continue to assess market developments and take appropriate steps to strengthen its business and financial position.

> RISK & CONCERNS

While the Company operates across multiple business segments, each segment is exposed to specific risks that may affect its operating performance. In the Financial Consultancy segment, increasing regulatory requirements, compliance costs, competition and the growing use of technology-driven advisory platforms may affect the Companys ability to develop and retain business. The Company must also ensure that its advisory activities remain aligned with applicable laws and regulations. The Multimedia division faces risks arising from rapidly changing consumer preferences, technological developments, digital piracy, cybersecurity threats and changes in advertising and content-consumption patterns. The ability to generate sustainable returns from multimedia activities may also depend upon the Companys ability to identify appropriate content, platforms and business models.

The Dealing in Securities segment remains sensitive to capital-market cycles, investor sentiment, interest- rate movements and global financial developments. Market volatility may result in fluctuations in income and can affect the predictability of returns. Compliance with securities-market regulations is also an important consideration for activities undertaken in this segment.The Trading Division remains exposed to currency fluctuations, commodity-price movements, geopolitical tensions, changes in trade policies and supply-chain disruptions. These factors may influence transaction costs, margins and the availability of trading opportunities.

At a broader level, the Company faces risks associated with its present scale of operations, limited operating activity and the need to develop sustainable sources of revenue. Changes in macroeconomic conditions, financial-market conditions and regulatory requirements may also influence the Companys business prospects. To address these risks, the Company continues to emphasise prudent financial management, appropriate internal controls, regulatory compliance and careful evaluation of business opportunities. The Board and management remain committed to monitoring material risks and taking appropriate measures to protect the Companys interests and support business continuity.

INTERNAL CONTROLS SYSTEMS AND ADEQUACY

NGVL has established internal control systems and procedures designed to safeguard its assets, support the accuracy and reliability of financial reporting, promote operational efficiency and ensure compliance with applicable laws and regulations. The Companys internal control framework is supported by periodic review and oversight by the management, Internal Auditor, Audit Committee and Board of Directors. Regular reviews of financial and operational processes are undertaken to identify control gaps, strengthen compliance mechanisms and recommend corrective measures wherever required. The Audit Committee and the Board receive appropriate updates on internal audit observations, financial reporting and compliance matters, thereby providing oversight of the Companys control environment.

During FY 2025-26, the Company continued to monitor and review its internal processes in accordance with the nature and scale of its operations. The internal control framework is also reviewed from time to time to ensure that it remains appropriate in light of changes in the Companys business activities and applicable regulatory requirements.

The management believes that the Companys internal control systems are commensurate with the size and nature of its operations and provide reasonable assurance regarding the reliability of financial reporting, safeguarding of assets and compliance with applicable requirements. The Company remains committed to strengthening its control environment through continuous review, appropriate technology adoption and implementation of necessary improvements.

> DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCES

During FY 2025-26, the financial performance of Nouveau Global Ventures Limited remained subdued compared with the previous financial year. The Company reported a net loss of Rs.40.00 lakhs during the year as against a net profit of Rs.57.178 lakhs in FY 2024-25. The Company did not report any sales during FY 2025-26, while total income for the year stood at approximately Rs.0.66 crore.

The financial performance during the year reflects the limited level of operating activity and the challenging business environment across the Companys various business segments. The Company continued to evaluate opportunities in its Financial Consultancy, Multimedia, Dealing in Securities and Trading divisions, while maintaining a cautious approach towards deployment of resources and undertaking new business activities.

During the year, the management continued to focus on financial discipline, cost management and monitoring of operating expenses. Given the subdued level of business activity, the Company remains focused on identifying commercially viable opportunities, improving operational activity and developing a more sustainable revenue base.

The management remains committed to prudent financial and risk management and continues to monitor market conditions closely. Going forward, the Company will focus on improving operational efficiency, evaluating suitable business opportunities and strengthening its financial position.

> MATERIAL DEVELOPMENTS IN HUMAN RESOURCES/INDUSTRIAL RELATIONS FRONT, INCLUDING EMPLOYEMENT

The Company recognises the importance of its human resources in supporting its day-to-day operations. Given the limited scale of the Companys operations and its lean employee structure, the Company focuses on effective utilisation of available human resources and maintaining a professional and responsible work environment.

During FY 2025-26, the Company continued to operate with a small team of employees commensurate with the size and nature of its business activities. Management focused on ensuring effective coordination, accountability and compliance with applicable requirements. Employees are encouraged to undertake their responsibilities efficiently and contribute towards the smooth functioning of the Companys operations. Industrial relations remained cordial during the year. The Company continues to maintain a professional and supportive working environment and seeks to ensure that its employees are able to discharge their responsibilities effectively.

Going forward, the Company will continue to maintain an appropriate workforce in line with its operational requirements and business needs, while focusing on efficient utilisation of available human resources.

> RATIOS WHERE THERE HAS BEEN A SIGNIFICANT CHANGE FROM FINANCIAL YEAR 2025 TO FINANCIAL YEAR 2026

During the year under review, the detail of changes made in the following key financial ratios as compare to the immediately previous financial year. The details of the same in a form of comparison is provided as:

S. No. Particulars of Ratio	Financial Year 2025-26	Financial Year 2024-25
1 Debtors Turnover Ratio	NA	NA
2 Inventory Turnover Ratio	NA	NA
3 Interest Coverage Ratio	(1.19)	6.17
4 Current Ratio	14.21	4.66
5 Debt Equity Ratio	(1812.01)	21.48
6 Operating Profit Margin	NA	NA
7 Net Profit Margin	(0.57)	0.43
8 Return on Net worth	73.61	1.61

The significant changes, wherever applicable, are primarily attributable to changes in the Companys income, profitability, liabilities and net worth during the year. The Companys net loss during FY 2025-26 has also affected profitability-related ratios.

DISCLOSURE OF ACCOUNTING TREATMENT

The Company has followed accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Companies Act, 2013 ("the Act"), together with other applicable provisions of the Act. The Company has consistently applied the applicable accounting policies during the periods presented. The significant accounting policies followed by the Company are set out in the Notes to the Financial Statements.

> Cautionary Statement

Statements in this Management Discussion and Analysis describing the Companys objectives, plans, expectations, estimates, projections or predictions may constitute "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed or implied due to various risks and uncertainties, including economic conditions, regulatory changes, market dynamics, competition, geopolitical developments, technological changes and other factors beyond the control of the Company. The Company does not undertake any obligation to publicly update, amend or revise any forward-looking statements as a result of subsequent developments, information or events, except where required under applicable laws and regulations.