Rander Corporation Ltd Management Discussions

MACROECONOMIC OVERVIEW

The financial year 2025-26 continued to be characterised by global economic uncertainties, geopolitical developments, volatility in international financial markets and changing interest-rate expectations. Despite these challenges, the Indian economy continued to demonstrate resilience, supported by domestic consumption, infrastructure development and sustained economic activity. Against this backdrop, the Company remained focused on strengthening its operations, maintaining financial discipline and optimising the utilisation of its resources. The Company continued to pursue opportunities in its real estate and financing activities while maintaining a cautious approach towards market-linked investments.

The Company is engaged in Financing and Infrastructure Development business. During the year, the Company witnessed a significant improvement in sales from its ongoing real estate activities, reflecting continued demand in the markets in which it operates. The financing business continued to remain an important part of the Companys operations. The Company is also evaluating opportunities to diversify and strengthen its financing activities while maintaining a prudent approach towards deployment of funds. Financial markets remained volatile during the year. Consequently, the valuation of listed securities held by the Company was adversely affected, resulting in a significant fair value loss during the year. This impact is primarily market-linked and should be viewed separately from the underlying operating performance of the Companys business.

Figures are in Lakhs.

During FY 2025-26, the Company recorded total income of 436.53 lakh as compared to 160.21 lakh in the previous year, representing a substantial increase. Sales of products increased to 377.69 lakh from 97.95 lakh, demonstrating improved activity in the Companys real estate operations. Interest income remained relatively stable at 54.31 lakh as compared to 58.37 lakh in the previous year, reflecting continued contribution from the Companys financing activities. The Company reported a loss before tax of 191.31 lakh during the year. The principal reason for the reported loss was a fair value loss of 253.67 lakh on securities, arising from movements in market valuations These market-related and valuation adjustments had a significant impact on the reported profitability for the year.

The Companys total assets stood at approximately 2,517.52 lakh as at 31 March 2026, compared with 2,627.69 lakh in the previous year. Loans stood at approximately 1,131.76 lakh, while cash and cash equivalents increased to 73.98 lakh from 35.69 lakh. Borrowings reduced to 37.60 lakh from 51.20 lakh, reflecting the Companys continued focus on maintaining a prudent financial position.

In light of continued development in and around Mumbai and the Companys operating markets, the Company remains cautiously optimistic about the future. The improvement in sales during FY 2025-26 provides a positive indication of the potential of the Companys ongoing real estate activities. The Company will continue to focus on timely execution and monetisation of its projects while evaluating opportunities for further growth.

At the same time, the Company intends to strengthen and diversify its financing activities and optimise deployment of its available resources. Given the continuing uncertainty in global financial markets, the Company will maintain a disciplined and selective approach towards investments.

The management remains focused on improving cash flows, strengthening the balance sheet and creating sustainable value for shareholders. While market conditions may remain challenging, the Company believes that its financial position, experience and diversified business activities provide a sound foundation for future growth.

The Company has an effective internal control environment which ensures that operations are managed efficiently and effectively, assets are safeguarded, regulatory requirements are complied with and transactions are recorded after appropriate authorisations. The Companys internal controls are reviewed periodically and strengthened wherever considered necessary. Significant audit observations, corrective steps recommended and their implementation status are presented to the Audit Committee for review.

The Company operates across financing and real estate-related activities and is therefore exposed to changes in economic conditions, interest rates, real estate demand, regulatory requirements and financial market movements. The significant volatility witnessed in listed securities during the year demonstrates the impact that market movements can have on reported financial results. The Company therefore continues to adopt a cautious approach towards market-linked investments. Changes in Government policies, taxation, interest rates, financial markets and overall economic conditions may affect the performance of the Company. The Company continues to monitor these factors and take appropriate measures to mitigate associated risks.

Human resource is considered as key to the future growth strategy of the Company. The Company continues to focus its efforts on aligning human resource policies, processes and initiatives with its business needs. Employees are encouraged to remain abreast of technological and technical developments and are provided opportunities for learning and professional development. Industrial relations at all the units and locations remained cordial during the year. The Company continues to encourage teamwork, accountability and professional development across its operations.

Statements in this report pertaining to the Companys objectives, projections, estimates, expectations and predictions are forward-looking statements subject to the applicable laws and regulations. These statements may be subject to certain risks and uncertainties. Important factors that could make a difference to the Companys operations include changes in Government regulations and tax regime, economic developments within India and abroad, financial markets, interest rates and other factors. The Company assumes no responsibility in respect of forward-looking statements that may be revised or modified in future on the basis of subsequent developments, information or events.

The financial statements are prepared in accordance with the Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014. The management of the Company has used estimates and judgments relating to the financial statements on a prudent and reasonable basis, in order that the financial statements reflect a true and fair manner, the state of affairs and profit / loss for the year. The narrative on our financial condition and results of operations should be read together with the notes to the financial statements included in the annual report.