Omaxe Ltd Management Discussions

1. MACRO ECONOMIC AND INDUSTRY OVERVIEW

A. GLOBAL ECONOMY

The world output grew by 3.4% in the year 2025, and is expected to grow at the same level or slightly slide at 3.1% in 2026 as per IMF report. Despite sudden shifts in trade policy, the world economy sustained growth due to more investment in technology, including AI, specifically in North America, Asia and other regions. Also, fiscal and monetary support, favorable global financial environment and responsive private sector, aided to this growth.

The Advanced Economies grew by 1.9% while Emerging Market and Developing Economies grew by 4.4%, on an average, during 2025. They both are expected to record slightly lower growth in 2026 and improve thereafter in 2027. The World Consumer Prices witnessed a rise to at 4.1% in 2025 and are likely to increase to 4.4% in 2026 and reduce to 3.7% in 2027. It indicates the inflation will push the prices of the essentials further in 2026 but within targeted levels, and will not cause any further erosion of purchasing power or recession. Among the Developing Economies, China and India registered impressive growth of 5% and 7.6% respectively in 2025. However, Emerging Markets and Developing Economies of Asia, Russia, Latin America, Middle East, and South Africa, may register a slight decline in growth rate in 2026. However, this segment will maintain growth rates, higher than that of developed nations. Advanced economies registered inflation at 2.5% and are expected to register a rise to 2.8% in 2026 followed by a decline to 2.2%. Average inflation for emerging markets and developing economies remained 5.2% in 2025 and is likely to increase to 5.5% in 2026. However, it is anticipated to reduce

Every sector including agriculture, construction, manufacturing, and financial services experienced moderate to high growth, contributing to economy.

B. INDIAN ECONOMY

Amid geopolitical tensions include wars, global trade policy uncertainties, and increasing US tariffs, Indian economy exhibited resilience and continued to be the fastest growing major economy, with a growth rate of 7.7% in Financial Year 2025-26 (FY26). Indias growth rate for FY26 was more than the 6.5% growth rate during the previous year, FY25. Every sector including agriculture, construction, manufacturing, and financial services experienced moderate to high growth, contributing to economy. Indian economy has registered significant growth against the backdrop of robust domestic demand, fixed capital formation, strong performance of manufacturing, construction and services sector, resilient exports, and conducive monetary conditions. As per the latest India Development update by World Bank, Indian Economy is projected to post lower growth rate at 6.6% in FY27, due to heightened uncertainty and increased global energy price.

During FY26, headline inflation remained below target due to declining food prices, while core inflation rose from average 3.5% between April 24 and February 25, to an average 4.1% between April ‘25 and February 26, due to increasing gold and silver price. However, other components like education, health, and transport, of core inflation, remained stable thereby easing out inflationary pressures.

Indian Economy continued its buoyancy due to expansion of retail credit, improved monetary policy and monetary conditions, slight pickup in merchandise exports. In contrast, Indian Economy also posted slow imports despite rupee depreciation, decline in FDI, and substantial FPI outflows. Formal job creation and sustained growth, kept employment stable, across diverse demographic groups.

Indian economy has narrowed down its fiscal

Real estate is being seen as a promising investment avenue among asset classes in Europe, Asia Pacific and North America with increased liquidity.

Deficit and is expected to continue fiscal consolidation along with disciplinary measures in the forthcoming period. Moreover, it is likely to grow decently in FY27 despite higher uncertainty about demand and global energy prices.

C. GLOBAL REAL ESTATE MARKET

Global real estate market witnessed subdued activities in 2025 due to geopolitical tensions and uncertainties. Positive economic growth, reducing trade tensions, restrained inflation, lower interest rates, and stabilizing valuations improved the investment conditions in the real estate market in the second half of 2025. The sector is also expected to build the momentum further in 2026.

Real estate sector is being seen as a promising investment avenue among asset classes in Europe, Asia Pacific and North America with increased liquidity. Real estate transactions increased in volume and value over the previous year, across the globe. America noticed the highest rise of 22% while Europe, the Middle East and Africa recorded a moderate rise of 8% in 2025. Asia witnessed a rise of 3% in deals, indicating a moderate upswing. As per Global Morgan Stanley Capital International Inc. (MSCI Inc.) data 2025 in PWC report, residential sector contributed up to 25% in real estate sector while office space accounted for 21% of the real estate deals with 18% y-o-y increase. It is important to note that MSCI provides investment data and analytics services globally. Here are excerpts of PWC Global Outlook report on Emerging Trends in Real Estate. Data centres hold high growth potential across Asia, Europe and the USA driven by global greenfield investment.

Equity inflows and debt financing in Indian real estate scaled a new peak with y-o-y growth of 25% and 43% respectively in 2025.

The competitiveness of retail real estate has increased as they provide a desired ROI across the geographies including the USA, UK, Australia, and Asia Pacific. Southeast Asia faces oversupply of retail space on the backdrop of positive sentiment and growth in economy and tourism.

Other operational niches such as student housing, senior living, logistics, and infrastructure also witness investment and increased demand on the expectations of good and stable returns.

Private equity, family offices, HNIs, and local individuals are increasingly funding in the US and APAC. Diversification is the focus across geographies, sectors and asset classes. Global real estate is adapting to shift towards operational assets, infusing private equity, witnessing an increasing overlap with infrastructure, adopting advanced technology and experiencing greenhouse gas emissions challenges.

D. INDIAN REAL ESTATE MARKET

Indian construction sector has grown by 7% in FY26 on the back of various infrastructure projects by the government and significant real estate development activities by the private sector. The sector has also registered strong growth across asset classes. The government has continued to support the sector with its policies, initiatives, and reformative stance. With income tax reforms and GST rationalisation, the private final consumption expenditure is estimated to expand by 7.7%, while public capital expenditure (capex) for creating productive assets and infrastructure also grew by 22.8% in FY26, indicating growth momentum.

INDIAN REAL ESTATE SECTOR ANALYSIS

Equity inflows and debt financing in real estate scaled a new peak with y-o-y growth of 25% and 43%, respectively, in 2025. However, equity infusion was substantially observed in Mumbai, Bengaluru, and Delhi-NCR locations. Institutional participation across core and alternative real estate segments has increased to 30% of the total capital inflows in 2025.

Development of sites or land attracted the highest investment, followed by the office segment.

The commercial real estate recorded substantially unprecedented space absorption of 57 million square feet in 2025, on the backdrop of footprint growth and market potential with a strong deal pipeline.

The residential market has moved from volume delivery to value delivery with the luxury segment, accounting for 50% of the total housing market value.

With robust manufacturing, trade and e-commerce activities in FY26, the demand for warehousing specially Grade-A warehousing has increased and is likely to grow upwards.

Indias digital transformation has fueled this growth, and data centres sector capacity is estimated to grow by 85% by 2027, requiring more investment and space. With the growth of the hospitality sector and high occupancy, hotel construction projects are increasing with diversification in Tier-I and Tier-II cities.

GOVERNMENTS FAVORABLE STANCE ON REAL ESTATE SECTOR

The union budgets by the Indian government have always focused on infrastructure-led growth and allocated substantial amounts for affordable housing and construction capital expenditure. In the FY26 budget, the government has continued the funding of affordable housing through PMAY-Urban 2.0. The government has increased capital expenditure on metro expansion and connectivity, driving real estate growth in tier-I and tier-II cities. The union budget has focused on the development of major cities through programs such as AMRUT. Institutional participation, public-private partnerships, and monetisation of public assets have been encouraged in the budget announcements.

The supportive budgetary policies are likely to unlock new residential, commercial, logistics, and mixed-use real estate potential and open up new opportunities for developers in India.

UPCOMING INDIAN REAL ESTATE TRENDS y The real estate sector witnessed robust activity in 2025 and is anticipated to build further on it and continue the investment momentum in 2026. y Indian sovereign and pension funds, Infrastructure Investment Trusts (InvITs) and private developers (supported by IPO funds) are diverting their investments to quality office

The supportive budgetary policies are likely to unlock new residential, commercial, logistics, and mixed-use real estate potential and open up new opportunities for developers in India.

The real estate developers are increasingly investing beyond conventional projects and entered segments such as data centres, flexible workspaces, healthcare facilities, hotels and resorts, and specific living (co-living, senior, or micro-living).

Privateequityandgrowthfundsareincreasingly replacing debt-centric capital models with flexible deal structures and revised yield expectations to secure quality assets amid rising liquidity and bank competition.

Real Estate Investment Trusts (REITs) have turned into mainstream equity-linked instruments after SEBIs reclassification and RBIs proposal for direct bank lending in real estate. They are enhancing capital efficiency and unlocking the value of central public sector enterprise assets through potential monetisation.

2. COMPANY OVERVIEW AND STRATEGIC POSITIONING

A. COMPANY OVERVIEW

Omaxe was founded by Shri Rohtaas Goel. a first-generation entrepreneur, as a construction and contracting business, way back in 1987 and formed into a private limited company in 1989. The Company grew in terms of scale and number of projects over a decade and earned a name for itself. It was converted into a public limited company in August 1999 and diversified into real estate development in year 2001. The Company was listed on the BSE and NSE in 2007.

Omaxe diversified its project portfolio, launched and successfully completed various residential, commercial, and mixed-use projects across 31 cities and 8 states. It expanded into tier-II and tier-III cities of states in north and central India like Vrindavan, Ludhiana, Sonipat, Ratlam and Bhiwadi among others, with a focus on townships, commercial hubs, and luxury housing. Its presence in these cities, the knack for identifying the real estate needs of customers, and the ability to turn those aspirations into reality, established it as a distinct and leading developer in the realm of Indian realty.

Omaxe has spread its wings and operates across 31 cities in 8 states, delivering the required space across segments. The states of its operations include Delhi, Punjab, Haryana, Uttar Pradesh,

Omaxe Limited has spread its wings and operates across 31 cities in 8 states delivering the required space.

Madhya Pradesh, Uttarakhand, Rajasthan and Himachal Pradesh. Omaxe has launched multiple projects for residential, retail, and mixed-use purposes in Punjab, Uttar Pradesh, Haryana and Madhya Pradesh. The integrated residential townships are a special feature of Omaxes project portfolio. Among the iconic developments, The Omaxe Chowk at Chandni Chowk in Delhi, World Street at Faridabad in Haryana, have turned out to be transformative milestones in their respective cities. The Company possesses in-depth expertise and experience in developing a wide range of properties – be it commercial or residential built-up, plotted, or mixed-use projects. Integrated townships and multipurpose commercial hubs are its cornerstones of product-mix strategy. Over the years, Omaxe has developed strong capabilities and portfolio of projects on Public-Private-Partnership (PPP) by joining hands with State or Local Governments to deliver large scale mixed-use projects. Omaxe has cumulatively delivered over 145.5 million square feet of area across all segments. It has delivered both high-end and affordable projects. With its milestone projects, Omaxe stands a strong brand reflecting trust and quality. Adding further to the success of its most applauded projects, Omaxe Chowk (PPP retail and commercial project in Delhi) and World Street (high-street hub in Faridabad), The Omaxe State (A 5-in-1 retail-sports destination in Dwarka, Delhi), and Integrated Townships in New Chandigarh, Lucknow, Vrindavan are forming next frontiers growth and stature.

Omaxes customer focus, agility, project diversity, collaborations, ability to obtain licenses, relentless pursuit of excellence, and expertise have enabled its progressive journey in the Indian real estate industry.

Strategic Positioning

With its ongoing and planned project pipeline, the Omaxe expects to strengthen its operational and financial performance through the phased execution and delivery of projects in the coming years. Its flagship 50.4-acre project "The Omaxe State" – an integrated sports, retail and entertainment hub in Dwarka, Delhi, reflects the Omaxes strategy of developing large-scale mixed-use destinations that cater to diverse consumer needs. At present the construction is going on in full swing, and the project is progressing in accordance with the planned development timeline. Omaxe continues to strengthen its presence in its existing markets while selectively expanding into new geographies through residential, commercial and mixed-use developments. It also looks forward to undertaking more projects under the ‘PPP model. A high number of new and ongoing projects, is likely to pave the way for robust revenues in the future and usher the Company into a leadership position in the industry. Omaxe has transformed its functioning at the leadership and managerial levels. Now, the millennial promoters direct the strategic execution with customer focus under the visionary guidance of first-generation senior leadership. The key managerial personnel and professional functional heads oversee business development, legal and treasury aspects, and work towards enhancing capacity and execution. These changes enable Omaxe Limited to tap into future possibilities, amid the growing urbanisation trend, government support, and increasing demand for integrated construction in Indian cities.

Omaxe is committed to delivering spaces aligned to customers needs and turning their dreams into reality. It provides multiple real estate options catering to their different housing and business needs. The Company optimises its land bank and proactively enters the high-potential geographies with the right real estate alternatives.

Diversification is the focal point in todays real estate market and Omaxe is already on this path with diverse geographies and projects.

It will continue with this strategy in future also. Moreover, it also looks forward to expanding into commercial and retail infrastructure in metro and tier-I cities. This strategic stance will balance the project portfolio and diversify revenue streams.

Diversification is the focal point in todays real estate market, and Omaxe is already on this path with diverse geographies, diverse projects, diverse revenue mix, and diverse nature of execution. It is strategically well placed with the new-age leadership and market-aligned agile growth model. Its focus remains on delivering well-developed spaces across urban and tier II & III landscapes.

3. BUSINESS PERFORMANCE REVIEW

In FY26, Omaxe focused on further strengthening and deepening its presence across diverse cities and states. In line with this, Omaxe launched new residential and commercial projects, continued existing projects, and acquired land for future developments. Omaxe announced integrated township and retail space projects suiting the user requirements in diverse cities. Omaxe launched new projects in Indore (UP), Ujjain (MP), Lucknow (UP) and Amritsar (Punjab) in FY26. It acquired 450-acre land for an integrated township project in Indore, further expanding its footprint in Madhya Pradesh state. Omaxe continued to collaborate with institutions and partners, use credit sanctions and landbank optimally, expanding to different states, and diversify the offerings for uninterrupted growth.

RESIDENTIAL SEGMENT

During FY26, Omaxe continued to strengthen its residential business through a diversified portfolio spanningplotteddevelopments,built-upresidential projects and integrated townships across key markets. Omaxes residential development activities during the year were focused across Lucknow, New Chandigarh, Faridabad, Palwal, Vrindavan and Bathinda, among other markets. In Lucknow, the residential portfolio included GH-1 Grand Omaxe Regent, GH-1 Grand Omaxe Lincoln A and B, Metro City Phase 10, Metro City Phase 11 and The Nest. In New Chandigarh, Omaxe continued its residential development activity through Gardenia Floors Phase-2, Gardenia Floors-3, Gardenia Floors-3A and Gardenia Floors-3B, along with the Integrated Residential Township Phase 6, Phase 6A, Phase 6B and Phase 6C. Omaxes residential developments also included Omaxe New Palwal in Palwal, Omaxe Eternity-2 Phase-1 in Vrindavan, Natures Home in Bathinda and Omaxe Residences in Sector 79, Faridabad.

Omaxe also expanded its luxury residential offerings with Resort The Retreat in New Chandigarh and The Resort in Lucknow.

Omaxe continued to focus on delivering planned residential communities that offer a combination of housing options, supporting infrastructure and amenities, aligned with the evolving needs of homebuyers across its markets.

During FY26, Omaxe completed and handed over 4.76 million square feet of built residential area, reflecting continued progress in execution and delivery across its residential portfolio.

COMMERCIAL SEGMENT

During FY26, Omaxe continued to expand its commercial development activities across key markets, with a focus on creating organised commercial destinations through retail, commercial plotted and other formats.

In New Chandigarh, Omaxes commercial developments included Commercial 2 Phase 2, World Street West Zone, The Lake Commercial Phase-2 and Urban Square-14. In Sector 79, Faridabad, Omaxe continued development activity across London Street Extension, SCO Phase-3 Extension and Omaxe World Mall. In Ludhiana, Omaxe Chowk represented a key commercial development during the year.

During FY26, Omaxe delivered 0.57 million square feet of developed area in the commercial segment, supporting the continued expansion of its commercial footprint across its key markets.

MIXED USE SEGMENT:

During FY26, Omaxe continued to advance integrated developments designed to bring together residential, commercial and supporting infrastructure within planned destinations.

In Amritsar, Omaxe announced the development of Omaxe New Amritsar Integrated Township, an integrated township development. In Ludhiana, the Company announced Omaxe New Ludhiana, a residential township development. During the year, Omaxe also announced Madhya Pradeshs first integrated township in Indore, further expanding its presence in the integrated development segment. In New Chandigarh, the Company continued to advance its integrated residential township developments, including Integrated Residential Township Phase 6, Phase 6A, Phase 6B and Phase 6C.

These developments reflect Omaxes approach to creating integrated communities with planned infrastructure and complementary facilities, while catering to the evolving requirements of residents and local markets.

PUBLIC PRIVATE PARTNERSHIP PROJECTS (PPP)

During FY26, Omaxe continued to expand its Public-Private-Partnership initiatives through BeTogether, its platform for PPPs, joint ventures and other collaborative development opportunities. Under its partnership with the Uttar Pradesh State Road Transport Corporation (UPSRTC), BeTogether is developing six modern Bus Ports across four cities in Uttar Pradesh, comprising two in Lucknow, two in Ghaziabad, one in Ayodhya and one in Prayagraj.

The projects are being developed as modern transportation destinations that integrate mobility infrastructure with retail, commercial, hospitality and community-oriented spaces. Through these developments, Omaxe is advancing its focus on Transit-Oriented Development and creating integrated destinations around key transportation infrastructure.

MAJOR PROJECTS UPDATES

During FY26, Omaxe continued to focus on execution, delivery and development progress across its residential, commercial and integrated development portfolio. Omaxes activities during the year spanned key markets including Lucknow, New Chandigarh, Faridabad, Palwal, Vrindavan, Bathinda, Amritsar and Ludhiana, while its PPP initiatives further expanded its presence across Lucknow, Ghaziabad, Ayodhya and Prayagraj in Uttar Pradesh.

Omaxe completed and handed over 4.76 million square feet of built residential area and delivered 0.57 million square feet of developed commercial area during FY26. These deliveries reflect the Companys continued focus on execution and timely completion across its development portfolio. As of 31^st March 2026, Omaxe had received 172 RERA registrations, including 56 completed projects, while 116 projects were under various stages of development across segments.

The Company sold 173 residential units for INR 800 crore.

y New Amritsar Township

Omaxe has infused 1,000 crore in the 260-acre New Amritsar Township, enhancing its presence in Punjab, during FY26. It estimates to complete phase one of this project by developing a land parcel of 127 acres, in due time. The development features residential plots, commercial spaces, and a school and includes amenities such as wide internal roads, landscaped greens, walking tracks, clubhouse, and all-time security. The project site is located on GT Road, about 12 minutes from the Golden Temple, and benefits from regional infrastructure developments.

Large Integrated Township in Indore

Omaxe has acquired a land parcel of 450 acres in Indores fastest-developing zone. Omaxe will invest 1,200 crore and has plans to complete the project in phases. The proposed township features residential plots, housing clusters, a school, hospitals, parks, recreational spaces, green belts, and integrated general amenities. The amenities will include power and water setup, wide internal roads, round-the-clock security, and pedestrian paths. The project is a critical milestone in the Companys expansion into the state of Madhya Pradesh and is expected to generate 2,500 crore of revenue in next few years.

y Substantial Completion of SWAMIH-funded residential projects

(New Chandigarh and Prayagraj)

Omaxe substantially completed a premium group housing project named The Lake in New Chandigarh (comprising 1402 units and 28,00,205 sq. ft saleable area) and Omaxe Shiva in Prayagraj (304 independent floor units across 5,60,680 sq. ft) in FY26. The projects were partially funded under last-mile credit facilities for affordable and mid-income housing. Omaxe drew less than the sanctioned amount and repaid it fully before the schedule, signifying its focus on efficient fund use, sustained cash flows, and timely project execution.

Omaxe Chowk in Ludhiana

Omaxe announced an 500 crore investment in a 5.25-acre mixed-use project at Ghumar Mandi, Ludhiana. It has collaborated with the Rail Land Development Authority (RLDA) and expects to complete it by 2030. The development aims to build an integrated retail-cum-residential project, featuring shopping stores, dining outlets, entertainment centres, and modern habitats. It also includes a food and experience zone, named ‘Dawatpur.

Launch and Record Sale of Omaxe Residences and The Grand Europe

Both the ultra-luxury projects are located in Sector 79 of Faridabad, within the World Street township of Omaxe. These projects were officially launched on February 18, 2026 and the Company sold 173 residential units for 800 crore. Omaxe will invest approximately 1,060 crore in the Faridabad real estate ecosystem, in phases. It witnessed high demand and complete sellout within three weeks of the launch, i.e. by March 5, 2026. The Completion timeline for Omaxe Residences and The Grand Europe is December 2030. Omaxe also sold commercial units of 120 shop-cum-office (SCO) units in the same city of Faridabad, which is expected to be completed by August, 2030. The construction is going on in full swing at present.

y Harmanpreet Kaur-Pink Stand in Omaxe State

Omaxe announced to name a key stand in the OmaxeStatecricketstadiumafterHarmanpreet Kaur, captain of the Indian womens cricket team. This key stand, having a capacity of 1500+ seats, will be located in the North Lower Bowl as a part of the 30,000-seater stadium, and its development will be completed by 2027.

An Ambitious Project – The Omaxe State

Omaxe has commenced the development of a multi-sports stadium, retail and hospitality hub – Omaxe State in Delhi in collaboration with the Delhi Development Authority (DDA). Omaxe has partnered with Bentel Associates and other 25 global consultants to meet world standards in design and quality. The Omaxe State comprises of a stadium of 55,000 sq. meter, an indoor-outdoor sports centre of 30,000 square meter, and a retail space of 48,000 sq. meter. The active construction is underway with a revised timeline of December 2027 in place of March 2029.

Other Projects In Progress

New Singapore (Premium retail space) and Clarkee (Nightlife district) of Faridabad, Haryana, are in progress. The active pipeline includes townships in New Chandigarh, Indore, Lucknow and Vrindavan and residential projects in Prayagraj, Faridabad, and several other projects in multiple cities. Besides, the project of UP Bus Ports Modernisation, in partnership with the Uttar Pradesh state government, is also actively underway in Ghaziabad, Lucknow, Prayagraj and Ayodhya. Omaxe has undertaken various built-up and plotted projects in residential and commercial space in New Chandigarh– a vital part of Chandigarh Tricity, located near southwest of Chandigarh. Moreover, it has launched two mixed-use projects in Ludhiana, an integrated township and commercial projects in Amritsar and a residential project in Bathinda, while it announced commercial and residential built-up projects in New Chandigarh.

The projects delivered

Omaxe operates in three real estate segments – residential, commercial, and plots. In these segments, the Company develops spaces differently in each of the projects, adding to the area delivered every year. The residential segment comprises integrated townships, group housing, and villas, while the commercial segment includes high-street shopping malls, office spaces, commercial towers and trade towers, shop-cum-office flexible spaces, food courts, dining & entertainment zones, and integrated commercial hubs. The plotted segment flexibly serves the residential and commercial space requirements with the standard plot configurations and overall amenities.

Key Delivery Metrics

During FY26, Omaxe delivered a net area of 5.33 million square feet, comprising residential area of 4.76 million square feet and a commercial area of 0.57 million square feet

Omaxes net delivered area grew by 24% during FY26, from the previous year displaying its capabilities and expertise in the real estate sector.

4. FINANCIAL PERFORMANCE HIGHLIGHTS

Particulars	FY25	FY26	YoY Change (%)
	(INR Crore)	(INR Crore)
Total Income	1,636.97	1,339.74	(18.16)
Profit Before Tax	(764.02)	(899.12)	(17.72)
Profit After Tax	(685.40)	(696.80)	(1.66)
Total Borrowings	743.56	1,425.17	91.66
Cash and Cash Equivalents	300.93	490.38	62.95

y Total Income from Operations: The total income of the Company stood at 1,339.74 crore, registering a decline of 18.16% over the previous year. y Profit Before Tax (PBT): The profit before tax remained negative for the FY26 with a loss of 899.12 crore, compared to PBT loss of 764.02 crore. y Profit After Tax (PAT): The financial loss after tax for FY26 was 696.80 crore compared to 685.40 crore in the previous year FY25. y Total Borrowings: Both the short-term and long-term borrowings rose during FY26 on account of more project investments. y Cash and Cash Equivalents: A noteworthy surge has been noticed in cash and cash equivalents because of raising debt to fund the development activities.

5. KEY FINANCIAL RATIOS

Parameters	FY25	FY26	Change %	Remarks
Debtors Turnover Ratio (times)	4.68	4.37	-6.62%	Minor Change
Inventory Turnover Ratio times)	0.19	0.15	-21.05%	Minor Change
Interest Coverage Ratio (times)	-0.81	-1.34	65.43%	Due to increase in interest cost, ratio declined
Current Ratio (times)	0.95	0.97	2.11%	Minor Change
Debt Equity Ratio (times)	-1.85	-1.30	-29.73%	Due to increase in losses, ratio becomes negative
EBITDA Margin (%)	-32.00%	-45.00%	40.05%	Due to increase in cost, ratio becomes negative
Net Profit Margin (%)	-42.00%	-52.00%	24.22%	Due to increase in cost, ratio becomes negative

6. OUTLOOK AND STRATEGY

A. OUTLOOK

The Indian real estate sector is expected to continue benefiting from the countrys strong economic fundamentals, sustained urbanisation, increasing infrastructure investments and supportive policy initiatives. Continued public expenditure on infrastructure, coupled with evolving consumer preferences and improving connectivity, is expected to support demand across residential, commercial, retail and integrated developments, particularly in metropolitan as well as tier II and tier III cities.

The construction sector is expected to remain a key contributor to Indias economic growth by facilitating the development of long-term productive assets across residential, commercial, industrial, logistics, healthcare, hospitality and urban infrastructure segments. The increasing adoption of technology and digital solutions across the real estate value chain is also expected to improve operational efficiencies, customer experience and transparency.

Institutional participation through Real Estate Investment Trusts (REITs), Small and Medium Real Estate Investment Trusts (SM REITs), Alternative Investment Funds (AIFs), private equity investments and continued infrastructure spending is expected to support capital formation and liquidity in the real estate sector. In addition, evolving monetary policy, subject to prevailing macroeconomic conditions, may continue to influence financing costs and consumer sentiment. Demand across premium housing, commercial office spaces, warehousing and organised retail is expected to remain supported by

- Be Together Centre Point, Ghaziabad urbanisation, expansion of Global Capability Centres (GCCs), growth in e-commerce, manufacturing and logistics, and changing consumption patterns.

Against this backdrop, Omaxe remains focused on disciplined project execution, timely delivery of quality developments, prudent capital allocation and customer-centric growth. Omaxe diversified project portfolio, strategic land bank, experience in executing integrated townships, commercial developments and Public-Private Partnership (PPP) projects, together with its presence across multiple geographies, position it to pursue growth opportunities in line with evolving market dynamics.

While Omaxe remains optimistic about the long-term prospects of the Indian real estate sector, its business outlook will continue to be influenced by macroeconomic conditions, regulatory developments, interest rate movements, input costs and geopolitical factors. Omaxe will continue to focus on sustainable growth, operational excellence, strong corporate governance and prudent risk management with the objective of creating long-term value for all stakeholders.

B. KEY STRATEGIES

Omaxe continued to pursue its long-term growth strategy during FY26 by strengthening its presence across existing markets, expanding into new geographies, diversifying its project portfolio and enhancing execution capabilities. The Omaxes strategic focus remained on developing integrated townships, mixed-use developments and commercial infrastructure, while optimising its land bank, pursuing suitable Public-Private Partnership (PPP) opportunities and maintaining a customer-centric approach. These strategic initiatives are aimed at supporting sustainable growth, improving operational efficiency and creating long-term value for all stakeholders.

Geographic Expansion

During FY26, Omaxe continued to strengthen its presence across its existing markets while expanding into new geographies to broaden its footprint. Omaxe launched residential and commercial developments across key markets and entered new cities including Indore (Madhya Pradesh), Ujjain (Madhya Pradesh) and Bathinda (Punjab). This expansion strategy is aimed at leveraging emerging opportunities in high-growth markets and enhancing Omaxes presence across northern and central India.

y Diversified Project Portfolio

Omaxe continued to maintain a diversified portfolio spanning residential, commercial and mixed-use developments, enabling it to cater to varied customer segments and market requirements. During the year, Omaxe expanded its portfolio through the launch and execution of integrated townships, plotted developments, group housing projects, retail spaces and commercial developments across multiple cities. The diversified project mix is intended to provide balanced growth opportunities while mitigating concentration risks across geographies and asset classes.

Integrated Township & Mixed-use Development Strategy

Integrated township development remains a key strategic focus. Omaxe continued to develop large-scale integrated townships comprising residential units, commercial spaces, retail outlets and supporting social infrastructure, including recreational and community facilities. During FY26, Omaxe expanded its integrated township portfolio across cities such as Lucknow, Mohali, Indore, Ujjain and Amritsar. Omaxe also continued to develop mixed-use projects designed to meet the evolving residential, commercial and lifestyle requirements of customers while creating sustainable urban communities.

Public-Private Partnership (PPP) Strategy

Public-Private Partnership (PPP) projects continue to form an important component of the Omaxes long-term growth strategy. Omaxe has established experience in developing large-scale urban infrastructure and commercial developments in collaboration with government authorities. Omaxe continued the development of marquee PPP projects, including The Omaxe State and The Omaxe Chowk in Delhi, and progressed with the development of modern bus terminal projects across key cities in Uttar Pradesh in partnership with the Uttar Pradesh State Road Transport Corporation (UPSRTC). Omaxe intends to pursue suitable PPP opportunities that align with its strategic objectives and development capabilities.

Land Bank Optimisation

Omaxe continued to optimise its land bank through strategic acquisitions and efficient utilisation of existing land resources to support its future development pipeline. During the year, Omaxe strengthened its land portfolio through the acquisition of land for an integrated township project in Indore, reinforcing its long-term growth strategy in Madhya Pradesh. Omaxe remains focused on prudent land acquisition and disciplined capital allocation to ensure sustainable project development.

Customer-centric Development & Execution Excellence

Omaxe remains committed to delivering quality developments that address the evolving needs of homebuyers, businesses and investors. Omaxe continued to focus on timely project execution, effective stakeholder engagement and operational excellence while strengthening its execution capabilities across residential, commercial and mixed-use developments. Supported by its diversified portfolio, experienced management team and customer-centric approach, Omaxe remains focused on creating long-term value for all stakeholders through sustainable and responsible growth.

7. MARKET OPPORTUNITIES AND GROWTH DRIVERS

Real estate, being a crucial part of infrastructure and private consumption, holds immense growth potential in the Indian economy. Based on recent trends and developments, the sector is likely to experience substantial growth and momentum across all segments. The segments include housing, office spaces, healthcare facilities, hospitality structures, warehousing, and retail.

Supportive Regulatory Policy

Indian government supports real estate activities to strengthen infrastructure and housing facilities in the country by promoting RERA and GST reforms, financial incentives, private-public partnerships, an automatic route for foreign direct investment and housing schemes. The RERA reforms enable speedy approvals for the real estate projects while tax holidays for affordable housing projects provide a required boost and broaden the margins of the developers. Many developers, including Omaxe, get access to the SWAMIH (Special Window for Affordable and Mid-Income Housing) Investment Fund to complete stalled projects. Moreover, the Pradhan Mantri Awas Yogna (PMAY -Urban) and (PMAY - Rural) schemes indirectly generate mass demand for housing projects. As Omaxe Limited operates across diverse real estate segments and states, it stands to benefit from the government push, avoiding any project delay or disruption.

Spurt in Housing Demand

Indias housing market has stabilised and is observing a shift towards high-end residential units. Rising wealth and NRI investments have driven the demand, while developers have launched more than 50% luxury residential projects, making this segment a dominant contributor to Indian real estate. The mid-

The housing segment trend is likely to boost growth and revenues of the Company with each project completion.

Segment housing has also witnessed a revived demand due to reduced home-loan rates and strong national income growth. An anticipation of rapid urban migration and an increase in urban population is likely to surge demand for housing. Omaxe has various residential projects in the pipeline, including premium and affordable housing. The governments schemes also partially fund the urban housing and stalled projects. The segment trend is likely to boost the growth and revenues of the Company with each project completion.

Tier-II and Tier-III Expansions

New infrastructure is increasingly connecting tier-II and tier-III cities through highways and airports, converting them into preferred locations. Also, there has been surge in the demand for commercial spaces including for IT offices, E-commerce, and flex-work spaces besides larger homes in suburban and tier II cities. Developers are increasingly moving towards infrastructure-led growth corridors in these cities.

Omaxe has expanded into tier II and III locations and strengthened its presence, monetizing the demand for all kinds of spaces in these locations. It will continue to deliver residential and commercial projects with its current pipeline in the non-metro cities of India.

Robust Retail Expansion

According to CBRE, demand by licensed and professionally managed supermarkets, e-commerce, and chain stores driving the organised retail is likely to accelerate due to robust pipeline of investment-grade mall concentrated in Delhi-NCR, Hyderabad, and Kolkata. The high streets serving global brands are also witnessing redevelopment or new development. Mixed-use projects and highway transit hubs providing curated luxury retail are

The office space segment is witnessing the largest office-space occupancy by the core sectors (IT, BPM, BFSI and Manufacturing), massive adoption of flex office spaces, and expansion of data centres.

In progress to capture consumer spend. With its imminent and strong pipeline of high street malls and other mixed-use projects, Omaxe is likely to gain in the market by offering the required spaces to the businesses.

Surge in Office Space Segment

The office space segment is witnessing the largest office-space occupancy by the core sectors (IT, BPM, BFSI and Manufacturing), massive adoption of flex office spaces, and expansion of data centres. As per JLL, report, Indias net office absorption reached 57 million sq. ft. in 2025 with 14.1% y-o-y growth leaving historically low Pan India vacancy in Delhi-NCR and Mumbai due to high demand. Omaxe has various shop-cum-office projects in pipeline across multiple cities where Omaxe is present. Availability of various size options and prime location of the projects are anticipated to capture the desired occupancy and lease revenues.

8. KEY RISKS AND MITIGATION MEASURES

The real estate sector faces certain risks like any other sector. The major concerns are ever-increasing land prices, poor infrastructure, and regulatory environment. They escalate costs, interrupt or extend the timelines of projects, and reduce productivity. Omaxe, being a real estate developer, is prone to multiple business risks. However, it embraces an effective risk mitigation system and delivers the best possible outcomes in the given circumstances. Following are the key risks and mechanisms to mitigate the same-

? Project Overrun Risk

This risk is related to delays in projects for various reasons, thereby negatively impacting the image of the Company. It exposes the Company to consumer activism. The project overrun also implies delayed payments to workers and vendors and deliveries to property buyers. At times, the developer has to defer the rentals and revenues in the commercial segment.

Mitigation

Omaxefollowsastructuredprojectmanagement framework with defined milestones, periodic progress reviews and continuous monitoring of construction activities. It works closely with contractors, consultants and regulatory authorities to facilitate timely execution and proactively addresses operational challenges to minimise delays.

Rising Cost Risk

Broader infrastructure & economic conditions, and availability of materials often affect the price of various inputs and services required for the construction projects. They may escalate the development cost and in turn, adversely affect the margins of the Company.

Mitigation

Omaxes key project personnel follow efficient construction techniques for optimum raw material consumption to contain the cost while minimizing delays. Omaxe also enters into long-term rate contracts for cost predictability wherever feasible, thereby exercising reasonable control of cost escalation.

Regulatory Risk

As real estate is an integral part of the infrastructure sector and a highly regulated one, the Company can face delays in project approvals. This can result in challenges in land acquisition due to changes in laws and suspension or delay in execution because of environmental regulations at different stages. This may lead to timeline extensions, cessation of ongoing or future projects and futile investment.

Mitigation

Omaxe maintains a robust compliance framework supported by experienced legal and regulatory teams. It closely monitors changes in the regulatory landscape, engages proactively with statutory authorities and ensures timely compliance with applicable laws and regulatory requirements.

Market Risk

Omaxes operational revenues are a direct function of market demand. There may be a slump, rise or sustained demand for developed real estate units due to various uncontrollable factors. The factors can be housing loan rates, macroeconomic downturns, availability of credit, individual financial conditions, rental trends, and so on. Being a highly competitive industry, the competition also poses risks to the Omaxes market share, thereby eroding top line and bottom line. All these may result in unsold inventory. Omaxe may face difficulty in

To mitigate this financial risk, Omaxe works on improving regular cashflows and overall liquidity by diversifying revenue streams.

Acquiring prime land parcels and may postpone or cancel expansion plans, restricting growth.

Mitigation

Omaxe actively monitors market trends and identifies customer preferences to align its offerings. Omaxe has emerged as a user-centric developer, so it uses its brand to stand apart from its competitors and win customer loyalty. Moreover, by developing assorted properties across segments, Omaxe balances its portfolio and diversifies and distributes its risk. Omaxe focuses on competitiveness in government and government authority bidding and financial tie-ups, while acquiring land parcels to avoid delays or impediments to land acquisitions.

Funding Risk

Real estate projects entail massive investments across different phases of development and long gestation periods. Therefore, it may, at times, become difficult for Omaxe to secure sufficient funds on time, leading to delayed or stalled projects. Also, rising interest rates often increase the finance costs, impairing profitability.

Mitigation

To mitigate this financial risk, Omaxe works on improving regular cash flows and overall liquidity by diversifying revenue streams. It collaborates with financial institutions, uses government credit facilities, and actively explores other sources. Omaxe also evaluates the viability and importance of all assets and monetise them accordingly. Omaxe ensures the highest level of due diligence at the planning stage to justify the fund allocation to projects.

Legal Risk

Multiple vendors, partners, and customers are connected with different real estate projects. This interdependency may lead to disputes, thereby damaging reputation and finances. Also, the developers may face penalties, apprehensive tie-ups, and loss of business credibility if they fail to fulfill contractual obligations. They are also exposed to unclear or disputed title issues during land acquisition, leading to delays and triggering legal battles.

Mitigation

Omaxe has a proper legal due diligence process in place for comprehensive legal reviews before entering into contracts and also prior to land acquisition. This due diligence prevents any legal pitfalls. Experienced legal professionals work closely with business teams to manage contractual obligations, safeguard the Companys interests and minimise legal exposure.

Human Resource Risk

The developmental activities require a large number of labors and supervisors and their working hours, along with specialised machines and equipment. The Company is pronetoexperiencelaborshortageortheirnon-availability due to considerable dependency on them. Moreover, skill deficiency and employee turnover may add to the challenges. Besides, in order to run its business efficiently, the Company is also dependent on skilled manpower and managerial resources. The acquisition and retention of the right talent,

Omaxe has a proper legal due diligence process in place for comprehensive legal reviews before entering into contracts and prior to land acquisition.

Across levels, may become difficult and can lead to impediments to the companys operations and project execution.

Mitigation

To mitigate human resource risks, Omaxe continues to foster a people-centric work environment through employee-friendly policies aimed at attracting, retaining and developing skilled talent. It promotes a culture of transparency, collaboration and open communication, while providing a safe and inclusive workplace. Omaxe also invests in learning and development initiatives, leadership development and capability-building programmes to enhance employee competencies, support career progression and strengthen organisational effectiveness.

9. INTERNAL CONTROL, GOVERNANCE AND COMPLIANCE

A thorough internal control system has been designed by the Company based on around four decades of industry experience. Various functions such as finance, operations, legal, marketing, and human resources are monitored and controlled through sound policies and processes. The quality management system is in place to scrutinise design, planning, construction and marketing. Internal auditors and statutory auditors conduct periodic audits to check whether activities are on track and identify pitfalls, if any. They prepare and submit a report that is reviewed by the directors in Audit Committee. Based on internal committees feedback, the functional or respective responsible officials undertake corrective measures in their areas, to contain any deviation. This whole internal control system ensures compliance of applicable regulations, and optimal usage of resources while protecting the interests of stakeholders. A strong governance framework established by the promoters and directors is at the base of this control system. It encourages transparency, accountability, and ethical practices throughout the organisation. The senior management regularly updates compliance mechanisms to align with the changing policies. This sound framework of governance, audit and compliance promotes and supports sustainable business practices and boosts shareholder support.

10.ESG AND SUBSTAINABILITY

As our operational footprint grows, we ensure our impact on the earth becomes lighter. Our township models prioritize green belts, pedestrian paths, and sustainable infrastructure to foster environmentally responsible living spaces.

We owe our structural marvels to our dedicated labor force. Our operations embrace employee-friendly policies, continuous learning and development programs, and a healthy working environment to prevent friction and promote growth.

Our growth is anchored by a robust internal control system guided by sound corporate policies. Internal and statutory audits, combined with a strong governance framework led by our promoters and directors, ensure ethical practices, regulatory compliance, and proactive risk management across all functions.

11.HUMAN RESOURCES

Workforce is an invaluable asset for Omaxe. Omaxe follows effective human resource policies to recruit, retain, appraise and train the employees. We organise engagement and learning programs for them. We also reward the employees for their invaluable contribution and ensure their well-being and satisfaction by continually improving HR processes.

Omaxe holds workshops to enhance skill sets and career growth. The employees are assigned individual goals as per the company objectives. This goal acts as a motivating force for employees and improves overall business efficiency. We also exercise an open-door policy to listen to the employees concerns, opinions and suggestions and implement them as required. This policy leads to higher involvement and lower attrition.

Omaxe had strong and motivated team of 1650+ permanent employees, as of March 31 2026.

12.FORWARD LOOKING STATEMENT

Statements in the Management Discussion & Analysis Report detailing the Companys objectives, projections, estimates, expectations or predictions may be forward-looking statements within the meaning of applicable securities laws and regulations. These statements being based on certain assumptions and expectations of future event; actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Omaxes operations include economic conditions affecting domestic demand supply conditions, finish goods prices, changes in Government Regulations and Tax regime etc. Omaxe assumes no responsibility to publicly amend, modify or revise any forward-looking statements on the basis of subsequent developments, information or events.