Pace E-Commerce Ventures Ltd Management Discussions

GLOBAL ECONOMY

Global growth is projected at 3.0% in 2026 and 3.4% in 2027, against an average of 3.5% recorded across 2024 and 2025. On a cumulative basis these estimates are broadly unchanged from earlier projections, though the composition of growth has shifted. Two opposing forces are shaping activity: a supply shock arising from the conflict in the Middle East, and a demand-led acceleration in the global technology cycle driven by advances in artificial intelligence and its adoption.

The effect of these forces varies widely by country. Energy exporters outside the conflict zone are benefiting from favourable terms of trade, while economies positioned within the technology value chain are recording stronger activity even where they import energy. Energy importers with limited participation in that value chain, a group that

includes many low-income economies, are experiencing weaker momentum.

Global headline inflation is expected to rise from 4.1% in 2025 to 4.7% in 2026 before easing to 3.9% in 2027. The disinflation trend in place since the beginning of 2024 has therefore stalled, with higher energy and food prices accounting for most of the increase. World trade volume growth is projected to slow from 5.0% in 2025 to 3.5% in 2026, recovering to 4.3% in 2027 as trade linkages and production chains adjust.

Risks are more balanced than earlier in the year but remain tilted to the downside. Renewed conflict could extend commodity price volatility and weigh on financial conditions, while trade fragmentation and a possible correction in technology-driven expectations present further concerns.

Diminished fiscal buffers may amplify any of these pressures. On the upside, faster normalisation in energy markets, stronger technology investment, and durable cooperation that lowers trade barriers could each lift activity above the baseline.

Policy priorities centre on restoring price stability, supported by clear communication and central bank independence, alongside rebuilding fiscal space and advancing structural reform in energy security and digital readiness. For businesses, this is an environment in which input costs, financing conditions and demand can move in different directions across markets.

Source: IMF, World Economic Outlook Update, July 2026

INDIAN ECONOMY

India retained its position as the fastest-growing major economy during the year under review, with real GDP estimated to have grown by 7.7% in FY2025-26 under the revised 2022-23 base-year series, up from 7.1% in FY2024-25, supported by a 7.8% expansion in the fourth quarter. Nominal GDP is estimated to have grown by close to 9%, with manufacturing and services acting as the principal drivers and private consumption and fixed investment each expanding by more than 7.5%. Sectoral performance was led by manufacturing at 10.7% and by trade, hotels, transport and communication at 11.0%, while agriculture and allied activities moderated to 3.0% on continued weather sensitivity. Private consumptionRs.s share of GDP rose to 61.5%, its highest level since 2011-12.

Growth rested on resilient domestic demand, sustained government capital expenditure and easing inflation, even as global trade uncertainty and external tariff pressures posed headwinds. Retail inflation moderated over the course of the year, creating room for a more accommodative monetary stance and supporting household consumption. The Reserve Bank of India held the policy repo rate at 5.25% in August 2026 under a neutral stance, while projecting retail inflation of 5.0% for FY2026-27.

The external position remained broadly stable, while continued policy emphasis on infrastructure, domestic manufacturing and the formalisation of the economy lent further support to activity. Official estimates place growth for FY2026-27 in a range of 6.8% to 7.2%, with the Reserve BankRs.s own projection at 6.7% and risks evenly balanced, indicating continued, if moderating, momentum into the coming year.

Source: MoSPI, Provisional Estimates of Annual GDP FY2025- 26 (June 2026); RBI; Economic Survey 2025-26.

INDUSTRY OVERVIEW

INDIAN E-COMMERCE INDUSTRY

IndiaRs.s e-commerce market is estimated at USD 159.25 billion in 2026 and is projected to reach USD 332.94 billion by 2031, a compound annual growth rate of 15.89%. Growth is supported by payment infrastructure that now reaches almost every merchant category, rising quick-commerce density in metropolitan clusters, and content delivered in regional languages, each of which has lowered the cost of acquiring customers. At the same time, capital-intensive investment in logistics has raised barriers to entry for smaller operators.

Digital payments now account for approximately 85% of online transaction volume, compressing settlement cycles and releasing working capital for long-tail sellers. The Open Network for Digital Commerce has extended distribution reach to around 700,000 sellers, though its contribution to overall gross merchandise value remains small.

KEY INSIGHTS BUSINESS MODEL

BUSINESS MODEL

Business-to-consumer transactions accounted for 86.34% of the market in 2025. Business-to-business commerce is forecast to expand at 16.87% CAGR through 2031, outpacing the consumer segment as procurement moves online.

DEVICE PREFERENCE

Smartphones generated 76.42% of transaction value in 2025. Smart televisions, voice assistants and wearables are projected to grow at 18.23% CAGR between 2026 and 2031, as ambient interfaces support hands-free reordering.

payments landscape

Digital wallets and UPI commanded 49.68% of payment volume in 2025. Buy-Now-Pay-Later is set to record a 19.02% CAGR to 2031, extending credit to consumers without established bureau scores, while cards retain 30% to 35% share on higher-value baskets.

category dynamics

Fashion and apparel led with 31.67% of revenue in 2025. Food and beverages are projected to grow fastest at 17.68% CAGR, supported by dark-store density and impulse purchasing.

LOGISTICS MOMENTuM

The e-commerce logistics market is valued at USD 7.25 billion in 2026 and is expected to reach USD 11.14 billion by 2031, at a CAGR of 8.98%, reflecting the weight that delivery infrastructure now carries in meeting service expectations.

direct-to-consumer

The D2C segment is estimated at USD 108.76 billion in 2026 and is projected to reach USD 322.10 billion by 2031, a CAGR of 24.30%, as brands retain margin by selling directly.

supporting trends and challenges

Digital payments continue to widen the addressable market. UPI processed 24,161.69 crore transactions worth H314.23 lakh crore during FY26, against 18,586.60 crore transactions worth H260.56 lakh crore in FY25, with 55.49 crore registered users as at June 2026. Interoperability allows consumers to move between marketplaces without re-entering credentials, shifting competition towards assortment depth and delivery speed. Real-time settlement has reduced merchant working-capital cycles from about a week to close to zero.

IndiaRs.s internet subscriber base reached 1,092.79 million by March 2026, of which 1,065.88 million were broadband connections, with average wireless data consumption at 26.70 GB per subscriber each month at a realisation of C7.51 per GB. Low data costs have made short-form video the dominant discovery format, and vernacular video listings convert materially better than static images in apparel and home decor, which in turn reduces returns arising from uncertainty over fit.

Quick commerce operators now run more than 1,200 micro-fulfilment sites across the top twenty cities, with order frequency of four to five purchases per user each month, a shift in emphasis from opening new locations towards raising throughput at those already in service. Average basket sizes remain lower than conventional e-commerce, though repeat rates keep churn contained. Store-level viability depends on reaching 25 to 30 orders per location per hour, a threshold met by roughly 40% of active dark stores in 2025, which points towards consolidation.

Documentation variance across states adds 12 to 18 hours to interstate transit, and reverse-logistics costs consume 25% to 30% of order value on low-ticket items. Compliance obligations under the Digital Personal Data Protection framework and draft e-commerce rules weigh more heavily on smaller operators, while customer acquisition costs outside metropolitan markets continue to rise.

geographic shifts and competitive landscape

Metropolitan markets continue to account for the largest share of online spending, though incremental growth is drawn increasingly from tier-2 and tier-3 cities, which generate around 60% of incremental UPI volume. Consumers in smaller cities show greater price sensitivity and longer purchase cycles, yet deliver sound lifetime value where regional language support and hyperlocal fulfilment are in place. Rural connectivity extended under BharatNet is expected to bring further shoppers online once logistics reach and trust are addressed.

Cross-border trade offers a second growth corridor. IndiaRs.s cross-border B2C e-commerce market is estimated at USD 13.57 billion in 2026 and is projected to reach USD 36.09 billion by 2031, a CAGR of 21.61%, with handicrafts and ayurvedic goods among the leading export categories.

Marketplace concentration remains moderate. The three largest platforms held a substantial combined share in 2025, sustained through in-house logistics and private labels, while vertical specialists compete on exclusive partnerships and subscription bundles. Capital continues to reinforce these positions: Swiggy raised USD 1.34 billion through its 2024 listing to fund additional dark stores, Amazon India committed USD 500 million to extend two-hour grocery delivery, and Zepto set out plans for 500 stores across tier-2 hubs by mid- 2026.

Technology has become the point of differentiation, spanning artificial-intelligence-led personalisation, virtual try-on and voice-assisted purchasing. Municipal ambiguity over dark- store zoning in Bengaluru and Mumbai may shape cluster density over the medium term.

Source: Mordor Intelligence; NPCI and Ministry of Finance;

TRAI

INDIAN PRINT ON DEMAND INDUSTRY

The Indian print on demand (POD) market was valued at USD 864 million in 2025 and is projected to grow from USD 973 million in 2026 to USD 3.63 billion by 2034, recording a CAGR of 17.9% over the forecast period. India accounted for approximately 8% of global print on demand revenue in 2025, within a global market estimated at USD 10.8 billion that year, projected at USD 13.1 billion for 2026 and growing at 23.6% to 2033.

Print on demand is a production model that allows single or small-batch manufacture, initiated only once a customer places an order. Conventional methods such as offset and letterpress made single-unit production prohibitively expensive, which prevented businesses from adopting a build-to-order approach until digital printing changed the underlying economics.

MARKET GROWTH DRIVERS

The composition of demand has changed materially. Where the category was once driven by impulse consumer purchases of generic merchandise, growth now comes from buyers who order repeatedly and to specification: corporates commissioning branded apparel and promotional items, educational institutions, event organisers, photographers, and creators selling to defined audiences. These segments carry more predictable volumes and place less weight on price alone than the open consumer market.

Automation has become the second driver. Web-to- print systems, integrated order routing and, more recently, artificial-intelligence-assisted design tools have compressed the time between a design concept and a saleable listing. Operators running automated workflows are able to handle a wider catalogue at lower marginal cost than those relying on manual processing, which has shifted competitive advantage towards platform capability rather than printing capacity alone.

Underlying consumption supports both. Rising discretionary income among middle-class and urban households has sustained willingness to pay for goods that carry personal or brand meaning, across apparel, accessories, home decor and gifting.

market constraints

Margin management is the principal operating challenge. Advertising costs have risen and marketplace listings have become crowded, which compresses returns for sellers who compete on undifferentiated products. Profitability depends on retail pricing, production cost, marketplace fees, shipping, returns and taxation together, and market growth on its own does not translate into seller-level earnings.

Returns present a particular difficulty. Customised goods carry little resale value once returned, so errors in sizing, colour representation or print quality are absorbed rather than recovered. Cash-on-delivery remains a common payment method in lower-penetration postal codes, and undelivered consignments returned to origin add cost and handling for both the seller and the fulfilment partner.

Infrastructure gaps persist alongside these. Transportation networks remain uneven across the country, which raises shipping costs for single-unit consignments where forward- route density is low, and warehousing capacity is limited in several regions. Connectivity interruptions in rural areas continue to affect platform management and order servicing. Government investment in logistics, warehousing and digital infrastructure is expected to ease these constraints over time.

MARKET OPPORTUNITIES

Fulfilment capability is where the sectorRs.s value is concentrated. As sellers move away from managing production themselves, demand has grown for partners who can hold printing technology, packaging, branding and dispatch under one arrangement and integrate directly with a sellerRs.s storefront. Providers offering this combination capture recurring volume rather than one-time orders.

Corporate and institutional merchandise offers the clearest volume opportunity, since these buyers order in defined cycles, specify requirements in advance and value consistency over lowest price. The apparel segment, which holds the largest share of the Indian market, is projected to grow at a CAGR of 28.4%, with corporate apparel and promotional products forming a distinct commercial track within it.

Export-oriented fulfilment forms a second opening. IndiaRs.s cross-border B2C e-commerce market is projected to grow at 21.61% CAGR to 2031, allowing domestic producers to serve overseas buyers without holding inventory or establishing a presence abroad.

For an enabler such as PACE, these shifts favour businesses positioned in the infrastructure layer of the category. Revenue tracks the growth of the sellers served rather than the performance of any single brand, and integration with e-commerce platforms allows partners to automate operations, extend their range and hold their customer relationships.

REGIONAL INSIGHTS

The conditions supporting print on demand in India have strengthened considerably. Internet subscribers reached 1,092.79 million by March 2026, with broadband accounting for 1,065.88 million connections, placing India among the largest online markets globally. Overall tele-density stood at 93.26%, with rural tele-density at 60.46%, indicating the extent to which access has moved beyond metropolitan centres.

Online retail has scaled in parallel, with the e-commerce market estimated at USD 159.25 billion for 2026. This gives print on demand operators an established route to customers without the cost of building distribution independently.

Capacity has followed. During 2026 fulfillment networks were extended into South India, design automation tools were introduced to reduce the skill threshold for creating saleable merchandise, and printing and logistics partnerships were widened across the country. Entry barriers to the category remain low, since equipment is widely available, storefront software requires limited capital and fulfillment can be outsourced, and these conditions continue to encourage the formation of small businesses.

SEGMENTAL OVERVIEW

The Indian print on demand market is segmented across several dimensions.

ProducT category

Customisable apparel, decor, drinkware, accessories, stationery, books and printed materials, baby and childrenRs.s items, and pet accessories. Apparel holds the largest share and is projected to grow at a CAGR of 28.4% through 2034.

PLATfoRM

Software and services. Software dominates and is expected to record a CAGR of 26.0% through 2034.

branded merchandise

Corporate apparel and promotional products.

distribution channel

Online and offline.

end user

Fashion and apparel, furnishing, publishing, art and creative, corporate, education and others.

technology

Digital printing, offset printing, flexographic printing and screen printing.

CONCLUSION

Growth in the category is no longer evenly distributed. Sellers offering undifferentiated products face rising acquisition costs and thinner margins, while operators serving defined customer groups through automated, repeatable systems continue to gain ground. The advantage sits with businesses that combine platform integration, consistent print quality and dependable fulfilment, and that can serve corporate, institutional and creator demand alongside the open consumer market.

Source: Straits Research; Grand View Research; TRAI

EMERGING OPPORTUNITY: HYDRATION AND FUNCTIONAL BEVERAGES

IndiaRs.s bottled water market is estimated at USD 914 billion in 2026 and is projected to reach USD 14.97 billion by 2031, a CAGR of 10.39%, with functional, fortified and flavoured water the fastest-growing product type at 10.92%. The wider functional beverage market is estimated at USD 6.9 billion for 2025 and is projected to reach USD 18.8 billion by 2034, a CAGR of 10.74%, as demand moves from refreshment towards specific outcomes across gut health, energy, recovery and immunity.

Two structural gaps define the opportunity. Beverage manufacture in India remains fragmented, with limited flexible capacity for small-batch production and restricted multi-format packaging, while hydration infrastructure across residential, institutional and workplace settings is underdeveloped relative to demand. Revised FSSAI rules have also tightened classification and testing requirements across the category.

Source: Mordor Intelligence; IMARC Group

company overview

Pace E-Commerce Ventures Limited operates across IndiaRs.s digital commerce sector, with a portfolio of businesses serving both consumer and business customers. The Company has built its model around agility and diversification, providing offerings that range from lifestyle and fashion products to technology- enabled services such as Print-on-Demand and Direct-to- Consumer enablement. This structure allows the Company to draw on connections between segments and to address the needs of consumers alongside those of entrepreneurs, distributors and business partners.

In the B2C segment, the Company engages customers directly through its online retail platforms, curating a product portfolio aligned to changing lifestyle preferences. Identifying trends early and responding quickly has established the Company as a recognised name in a competitive market.

The B2B business forms a significant part of the model. Through a network of distributors, retailers and institutional clients, the Company delivers customised solutions matched to market requirements and consumer preferences. Technology-enabled platforms and efficient supply chain management support integration, faster turnaround and value-driven offerings for partners. This segment extends brand visibility across wider geographies, strengthens recurring revenue, and creates the basis for long-term collaboration.

During the year under review, the Company set out its entry into the hydration, wellness and functional beverage sector.

The initiative is conceived as an integrated infrastructure and platform business rather than a single-product venture, covering beverage manufacture and bottling across multiple packaging formats, hydration infrastructure delivered on a service basis to residential societies, offices and institutions, a functional wellness portfolio, and an enablement platform giving emerging beverage brands access to production capacity, formulation support, packaging development and compliance guidance. Development is planned in phases, beginning with PET and glass packaging lines, followed by can packaging and expanded hydration capability, and subsequently aseptic carton systems and export capacity.

The CompanyRs.s activities rest on a dual focus: improving consumer experience and creating growth pathways for businesses. The diversified model reduces concentration risk and supports resilience through market shifts. As it enters the next phase of growth, the Company intends to deepen customer engagement, extend its brand portfolio, scale its business-to-business solutions, and build out the hydration platform.

FY26 FINANCIAL PERFORMANCE

(Rs. in lakh)

Particulars	FY26	FY25
Revenue from Operations	10,003.85	7,213.87
Other Income	213.86	201.15
Total Revenue	10,217.71	7,415.02
LESS: Total Expenses except interest and depreciation	9,548.52	6,800.33
Profit/(Loss) Before Interest and Depreciation	740.61	614.69
(-) Interest	162.64	84.94
(-) Depreciation	79.36	95.62
Net Profit/(Loss) before exceptional items	498.61	434.13
(+) Exceptional Items	--	--
Net Profit Before prior period item & Tax	498.61	434.13
(+) Prior Period Items	--	--
(-) Tax expense	125.00	115.00
Short/Excess Provision of tax	0.97	(6.16)
Deferred Tax (Assets)/Liabilities	(4.49)	(5.53)
Net Profit/(Loss) for the year After Tax	377.14	330.83
Total Comprehensive Income for period	--	--
Earnings Per Share
- Basic	1.67	1.47
- Diluted	1.67	1.47

KEY FINANCIAL RATIOS

Particulars	FY26	FY25	% of Variance	Remarks for Variance more than 25%
Current Ratio (In times)	2.08	2.03	2.62	NA
Debt Service Coverage Ratio (In times)	0.00	0.00	-12.75	NA
Inventory Turnover Ratio (In times)	16.81	8.10	107.39	Company having inventory to accommodate future market demand.
Trade Payable Turnover Ratio (In times)	30.15	13.50	123.31	This indicate that the company has efficiently managing trade payable.
Net Profit Ratio (In %)	3.77	4.59	-17.80	NA
Debt-Equity Ratio (In times)	4.51	4.74	-4.88	NA
Return on Equity ratio (In %)	4.71	4.34	8.62	NA
Trade Receivable Turnover Ratio (In times)	7.08	10.77	-34.33	This indicates that higher portions of customers making their payments quickly.
Net Capital Turnover Ratio (In times)	4.97	4.76	4.36	This indicates that company is able to generate higher amount of sales.
Return on Capital Employed Ratio (In %)	8.27	6.81	21.39	NA
Return on Investment (In %)	NA	NA	NA	NA

SWOT ANALYSIS

THE FOLLOWING ASSESSMENT REFLECTS WHERE THE COMPANY STANDS AT THE CLOSE OF FY26, IN A SECTOR WHERE GROWTH HAS CONTINUED BUT HAS BECOME LESS EVENLY DISTRIBUTED ACROSS PARTICIPANTS.

POSITION IN THE ENABLEMENT LAYER

A substantial part of our revenue comes from serving other sellers rather than competing solely for end consumers. This aligns our performance with the growth of the category itself rather than with the fortunes of any single brand.

ORDER-TRIGGERED PRODUCTION

Since the manufacturing begins only once an order is confirmed, capital is not committed to stock that may not sell. In categories where design preferences move quickly, this limits write-down risk and keeps the working capital cycle short.

revenue across multiple channels

We earn from consumer platforms, distributor and retailer networks, and institutional clients. No single channel determines the outcome for the year, which moderates the effect of a downturn in any one of them.

technology-led operating base

Integrated order management, catalogue and fulfilment systems allow us to add products, partners and channels without a proportionate increase in overhead.

governance and financial discipline

Budgetary control, a defined authority matrix and regular internal audit provide the Board with a clear view of performance and support consistent decision-making.

LEAN COST STRUCTURE

A compact team and outsourced fulfilment keep fixed costs low, which matters in a sector where margins are under pressure.

SCALE RELATivE TO COMpETITORS

We operate alongside participants with materially greater capital, which limits our influence over marketplace terms, advertising rates and freight pricing.

dependence on third parties

Logistics, warehousing and certain production functions sit with external partners. Service variability at any of these points affects the experience we deliver, without being directly within our control.

exposure TO MARkETpLACE CHANNELS

A meaningful part of demand reaches us through platforms whose commission structures, listing rules and algorithms we do not set and which can change at short notice.

CONCENTRATION IN PERSONALISED CATEGORIES

Customisation is central to our offering, yet demand for it remains concentrated in particular consumer segments, which makes continued diversification necessary.

B2B COMMERCE OUTPACING THE CONSUMER SEGMENT

Business-to-business e-commerce in India is forecast to grow at 16.87% CAGR through 2031, ahead of the market as a whole, as enterprise procurement moves online. Our distributor and institutional relationships position us within this shift.

SHIFT TOWARDS REPEATABLE PRINT-ON-DEMAND Demand

Growth in the category is moving from one-off consumer purchases towards corporate, institutional, event and creator buyers who order in cycles and to specification, offering more predictable volumes.

corporate and promotional

MERCHANDISE

Branded apparel and promotional products form a distinct commercial track within the apparel segment, which is projected to grow at 28.4% CAGR and holds the largest share of the Indian market.

cross-border fulfilment

IndiaRs.s cross-border B2C e-commerce market is projected to grow at 21.61% CAGR to 2031, allowing us to serve overseas buyers without holding inventory abroad.

HyDRATION AND FUNcTIONAL BEvERAGES

Both the bottled water and functional beverage markets in India are growing at double-digit rates while manufacturing and hydration infrastructure remain fragmented, which supports the platform approach set out through the Hydration and Wellness vertical.

deepening OF TIER-2 AND TIER-3 MARkETS

Smaller cities now generate the larger share of incremental online activity, and regional language support with hyperlocal fulfillment converts this into durable customer value.

threats

MARGIN COMPRESSION

Advertising costs have risen and marketplace listings have grown crowded. Sellers competing on undifferentiated products face thinner returns, and category growth alone does not protect profitability.

COMMODITY AND ENERGY PRicE VOLATILITY

Conflict-driven movement in energy and input prices affects production, packaging and freight costs, with limited scope to pass increases through in price- sensitive segments.

RETURNS AND REvERSE LOGISTIcS

Customised products carry little resale value once returned, and reverse-logistics costs consume a substantial proportion of order value on low-ticket items across the sector.

WIDENING Regulatory REqUIREMENTS

Obligations under data protection rules, e-commerce regulations and, for the beverage business, food safety standards continue to develop, and adapting to them carries cost and operational consequences.

cyber security and data privacy

As a digital-first business we are exposed to data breach and system disruption, either of which could affect customer trust and standing.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

At Pace E-Commerce Ventures Limited, our people remain central to how the business operates. Our human resources framework is designed to attract, develop and retain capable talent while maintaining a culture of diversity and equal opportunity, and we work to ensure that our workforce reflects the communities we serve.

We place emphasis on employee well-being through initiatives that address physical, mental and emotional health, supporting a balanced working environment. Learning and development receive similar attention, allowing employees to strengthen their skills and adapt as the requirements of the business change.

Open communication between management and employees is actively encouraged, with transparency, fairness and mutual respect setting the terms of that exchange. This culture ensures that employees feel valued and that their perspectives contribute to how the organisation develops.

Our attention to industrial relations helps create an engaged and prepared workforce. We believe such an environment supports long-term growth and strengthens our standing as an employer within the industry.

As on 31^st March 2026, the Company employed 37 professionals, against 35 as on 31^st March 2025, each of whom continues to contribute to the progress of the business.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

At Pace E-Commerce Ventures Limited, we attach considerable importance to maintaining a sound internal monitoring and control framework. The system is designed to support operational efficiency, safeguard Company assets, and ensure that all financial transactions are duly authorised.

A comprehensive Budgetary Control mechanism forms a central element of this framework, enabling continuous monitoring of actual performance against planned financial targets. This allows adherence to budgets and supports timely corrective measures where required. Alongside it sits a clearly defined organisational structure, supported by an authority matrix and internal policies, which together reinforce the effectiveness of the control system.

Our internal auditors evaluate the adequacy and effectiveness of these controls. Their reviews assess compliance with accounting standards, regulatory requirements and statutory provisions. Findings from internal audits are presented to senior management and the Audit Committee of the Board, where they are examined in detail, and recommendations arising from these reviews are implemented to strengthen the control environment further.

As the Company develops its hydration and beverage activities, the control framework will be extended to cover the requirements specific to that business, including quality assurance, product compliance and management of capital expenditure across phased development.

Through this disciplined approach, we maintain accuracy and integrity in financial and operational records, supporting the preparation of reliable financial statements and accurate asset management. In doing so, Pace E-Commerce Ventures Limited upholds standards of transparency, accountability and financial governance.

cautionary statement

Certain statements in this report describe the CompanyRs.s objectives, expectations and plans rather than historical fact, and are therefore forward-looking in nature.

Statements of this kind rest on assumptions about future conditions that may not hold, and actual results may differ materially from those anticipated.

Among the factors capable of producing such a difference are changes in government policy, taxation and regulation, including requirements relating to data protection, e-commerce conduct and food safety; movements in commodity, energy and freight costs; changes in the terms, commission structures or operating rules of the marketplace platforms through which part of our demand is served; the availability and cost of capital; the timing, cost and outcome of planned investment in new business areas, including the phased development of beverage and hydration infrastructure; the performance of logistics, warehousing and production partners; shifts in consumer preference and competitive intensity; and general economic conditions in India and internationally.

Readers are advised not to place undue reliance on these statements, which speak only as at the date of this report. PACE E-Commerce Ventures Limited undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable law.