Nyssa Corporation Ltd Management Discussions

Annexure I

I. Economy Overview

Indias economy has demonstrated resilience and sustained growth momentum amidst global headwinds, supported by robust domestic demand, ongoing structural reforms, and a strong policy framework. According to recent estimates by the Reserve Bank of India (RBI) and international financial institutions, India is expected to remain one of the fastest-growing major economies in the world, with projected GDP growth ranging between 6.5% to 7.0% for FY 2025–26.

This growth is underpinned by factors such as continued infrastructure investments, improvement in manufacturing and services sectors, expanding digital infrastructure, and a stable macroeconomic environment. The governments focus on capital expenditure, particularly in transport, housing, and urban development, continues to stimulate economic activity and generate employment across various sectors.

In the real estate and construction industry—one of the key contributors to Indias GDP and employment—there has been a visible revival driven by urbanization, increasing home ownership aspirations, and policy initiatives such as the PM Gati Shakti, Smart Cities Mission, and Affordable Housing Schemes. The demand for both residential and commercial spaces is on the rise, supported by lower home loan rates, rising income levels, and improved infrastructure connectivity.

On the financial front, capital markets have remained buoyant with increased retail and institutional participation, reflecting investor confidence in the Indian economy. The real estate financing ecosystem has also seen a shift, with developers increasingly seeking alternative funding sources, including structured finance and private investments, in response to evolving regulatory and banking dynamics.

Amidst this favorable macroeconomic backdrop, the Companys dual focus on real estate development and strategic financial investments positions it advantageously. With a presence in high-growth regions and a commitment to value creation, the Company is well-aligned to capitalize on emerging economic opportunities, while managing risks prudently in a dynamic business environment.

II. Industry Overview:

The Indian real estate sector is undergoing a transformative phase, supported by strong macroeconomic fundamentals, evolving consumer preferences, and a policy-driven push toward transparency and sustainability. The sector, which contributes around 7-8% to Indias GDP, is poised for long-term growth, particularly in residential and commercial development, alternative asset classes, and real estate financing.

The construction segment has witnessed renewed momentum post-pandemic, with increasing demand for affordable and mid-income housing, especially in urban and peri-urban areas. The governments continued focus on infrastructure development under programs such as the PM Gati Shakti, Smart Cities Mission, and Pradhan Mantri Awas Yojana (PMAY) has spurred real estate activity in Tier 2 and Tier 3 cities. Moreover, the adoption of green building standards and sustainable construction practices is becoming increasingly central to new projects, driven by heightened environmental awareness and regulatory nudges.

The Company has established a strong foothold in the construction of residential and commercial complexes, with successful projects in Kalyan (MMR Region) and Surat (Gujarat). Both regions have benefited from urban expansion, improved connectivity, and rising aspirations for quality housing and commercial infrastructure. The growing demand for integrated townships and mixed-use developments also presents a significant opportunity for developers with proven execution capabilities.

In parallel, the Company is actively engaged in strategic investments in equity markets and real estate financing, including short-term and long-term funding support to real estate ventures. This segment has gained prominence amid rising credit demand from developers and the shift towards alternative funding channels due to tightening norms in traditional banking. The Companys financial activities aim to maximize shareholder value while supporting high-potential real estate projects through structured finance and equity participation.

Looking ahead, the Indian real estate and investment sectors are expected to benefit from rising urbanization, favorable demographics, a young workforce, and digital transformation in construction and finance. With its diversified business model, presence in high-potential geographies, and focus on value creation and sustainability, the Company is well-positioned to capitalize on emerging opportunities in both the construction and real estate investment ecosystem.

III. CHANGES IN KEY FINANCIAL RATIOS:

Pursuant to provisions of Regulation 34 (3) of SEBI (LODR) Regulation, 2015 read with Schedule V part B(1) details of changes in Key Financial Ratios is given hereunder:

S. NO.	Key Financial Ratio		FY 2024-25	FY 2023-24
1.	Debtors Turnover Ratio	Times	2.99	5.81
2.	Inventory Turnover Ratio	Times	897.25	7.58
3.	Interest Coverage Ratio	Times	0.00	198.16
4.	Current Ratio	Times	22.56	1.46
5.	Debt Equity Ratio	Times	-	-
6.	Operation Profit Margin	%	9.38	43.25
7.	Net Profit Margin	%	7.57	31.63
8.	Change in Return on Net Worth	%	1.16	8.42

ACCOUNTING TREATMENT:

The Company has complied with all applicable Indian Accounting Standards (Ind AS) as prescribed under the Companies (Indian Accounting Standards) Rules, 2015, as amended. The financial statements have been prepared in accordance with the relevant provisions of the Companies Act, 2013 and Ind AS. No alternative accounting treatments have been adopted during the reporting period.

DISCUSSION ON FINANCIAL PERFORMANCE OF THE COMPANY:

The financial performance of the Company has enhanced in the year under review.

Standalone

During the year under review, the Company has posted Total Revenue of INR. 4,66,21,232/- during the current financial year as against INR. 7,40,49,249/- for the corresponding previous year.

Further, the Company earned Total Comprehensive Income INR. 35,28,616/- during the current financial year as against total Comprehensive Income of INR. 2,34,20,235/- for the corresponding previous year.

Consolidated

During the year under review, the Company has posted Total Revenue of INR. 5,37,18,345/- as against INR. 8,46,40,413 /- for the corresponding previous year.

Further, the Company earned total Comprehensive Income INR. 35,53,610/- as against Total Comprehensive Income of INR. 2,34,56,183/- for the corresponding previous year.

MATERIAL DEVELOPMENT IN HUMAN RESOURCES:

During the year, the Company continued its focus on enhancing employee capabilities through structured training and development programs. These initiatives are designed to upgrade the knowledge and skillsets of employees in alignment with evolving industry standards and technological advancements. The training modules cover a wide range of areas including work ethics, human relations, and workplace safety, thereby fostering a culture of continuous learning and professional growth. These efforts are expected to contribute significantly to improved workforce productivity, operational efficiency, and overall organizational performance.

CAUTIONARY STATEMENT

Statements in this report on Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions are within the meaning of applicable laws or regulations. These statements are based on certain assumptions and reasonable expectation of future events. Actual results could however differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include changes in the government regulations, tax laws, statues and other incidental factors as applicable to the Company.

	On behalf of the Board of Directors
	sd/-	sd/-
	Prasanna Shirke	Shubhada Shirke
Place: Mumbai	Whole Time Director	Director
Date: September 6, 2025	DIN: 07654053	DIN: 07654041
Registered Office:
Office No. 002, Gulmohar Complex,
Opposite Anupam Cinema, Station Road,
Goregaon(East), Mumbai 400063,
Maharashtra, India.