Sat Kartar Life Ltd Management Discussions

Industry Overview

Global Healthcare Industry

The global healthcare industry is undergoing one of the most significant transformations in its history. Traditionally centred around diagnosis and treatment of diseases, healthcare has gradually evolved into a broader ecosystem that encompasses preventive care, chronic disease management, wellness, personalised medicine, digital health, nutrition, and holistic healthcare. Increasing longevity, changing disease patterns, technological innovations, higher healthcare spending and growing consumer awareness are fundamentally reshaping the global healthcare landscape.

The global healthcare market is estimated to exceed US$12.5 trillion in 2026, making it one of the largest sectors globally. The industry has consistently expanded at a CAGR of approximately 8-9% over the last several years and is expected to maintain healthy growth over the coming decade. Rising healthcare expenditure by governments and private institutions, rapid urbanisation, ageing populations, increasing prevalence of chronic diseases and greater accessibility to healthcare services continue to support this long-term expansion.

One of the most significant changes witnessed globally is the transition from reactive healthcare towards preventive and personalised healthcare. Consumers are increasingly investing in maintaining long-term health rather than merely treating illnesses after they occur. This shift has accelerated demand for nutritional supplements, natural therapies, functional foods, digital health platforms, wellness programmes and traditional systems of medicine.

Technological innovation has emerged as another defining characteristic of the healthcare sector. Artificial intelligence, machine learning, predictive analytics, wearable health devices, telemedicine, electronic health records and digital diagnostics are transforming the way healthcare is delivered across the world. Healthcare providers are increasingly leveraging technology to improve patient engagement, clinical outcomes and operational efficiencies.

Simultaneously, consumers have become significantly more conscious regarding the quality, safety and sustainability of healthcare products. Growing awareness regarding the adverse effects associated with prolonged consumption of synthetic medicines has accelerated the adoption of herbal formulations, botanical extracts, plant-based therapies and traditional medical systems across developed as well as emerging economies.

As healthcare systems continue to evolve, integrated care models that combine preventive healthcare, wellness, nutrition and personalised treatment are expected to witness substantial growth over the coming years.

Global Wellness Industry

The wellness economy has emerged as one of the fastest-growing sectors within the global healthcare ecosystem. Wellness today extends far beyond fitness and nutrition and encompasses physical, mental, emotional and preventive health.

The Global Wellness Institute estimates that the worldwide wellness economy is expected to exceed US$8 trillion by 2027, supported by increasing consumer expenditure on preventive healthcare, healthy lifestyles, immunity enhancement, stress management and natural healthcare solutions.

Consumers across geographies are actively seeking healthcare solutions that not only treat diseases but also improve quality of life. Increasing disposable incomes, changing lifestyles, higher awareness regarding nutrition and greater emphasis on preventive care have significantly expanded the addressable market for wellness companies.

The wellness industry today comprises multiple high-growth segments including nutritional supplements, herbal medicines, personalised nutrition, alternative medicine, spa therapies, wellness tourism, preventive diagnostics, digital health, mental wellness and functional foods. Among these, traditional medicine systems such as Ayurveda have emerged as one of the fastest-growing categories due to their holistic approach towards long-term health management.

Global Ayurveda and Traditional Medicine Market

Traditional medicine has witnessed remarkable acceptance across global healthcare systems during the last decade. Consumers increasingly prefer natural, plant-based and holistic healthcare solutions that focus on treating the root causes of diseases while improving overall well-being.

The global Ayurveda market is estimated to reach approximately US$25 billion by 2026 and is expected to expand at a CAGR of nearly 15-16% over the coming years. Rising demand for herbal medicines, immunity-enhancing products, organic healthcare solutions and personalised wellness programmes continues to drive market growth.

Several structural factors are contributing to this expansion:

Increasing awareness regarding preventive healthcare

Rising incidence of lifestyle disorders including diabetes, hypertension and obesity

Growing preference for natural and chemical-free products

Increasing scientific validation of traditional medicines

Expansion of e-commerce platforms enabling wider accessibility

Growth in wellness tourism

Rising demand for botanical supplements across North America and Europe

Higher investments in research and development of herbal formulations

Countries such as the United States, Germany, Canada, Australia, the United Kingdom, the UAE and several Southeast Asian nations have witnessed increasing acceptance of Ayurveda as consumers seek complementary healthcare solutions alongside conventional medicine.

India continues to enjoy a unique competitive advantage in this segment owing to its rich Ayurvedic heritage, availability of medicinal plants, skilled practitioners and government support for traditional medicine.

Indian Healthcare Industry

India has emerged as one of the fastest-growing healthcare markets globally. The healthcare sector has become a critical pillar of Indias economic and social development, supported by favourable demographics, rising disposable incomes, increasing healthcare awareness, expanding insurance penetration and continuous investments in healthcare infrastructure.

The Indian healthcare market is estimated to reach approximately US$430 billion in 2026 and is projected to exceed US$610 billion by 2030, reflecting a CAGR of approximately 9-10%. The sector contributes significantly to employment generation, innovation and economic growth.

Several long-term structural factors continue to support industry expansion:

Demographic Dividend: Indias young and growing population, coupled with rising life expectancy, is increasing demand for quality healthcare services.

Lifestyle Diseases: The increasing prevalence of diabetes, cardiovascular disorders, obesity, hypertension and stress-related illnesses has created sustained demand for long-term healthcare solutions.

Urbanisation: Rapid urbanisation has significantly improved healthcare awareness while increasing spending on preventive healthcare and wellness.

Health Insurance: Rising penetration of health insurance has improved affordability and accessibility of organised healthcare services.

Government Initiatives: Programmes such as Ayushman Bharat, National Digital Health Mission and various state-level healthcare initiatives continue to strengthen healthcare infrastructure across the country.

Digital Transformation: Telemedicine, online consultations, AI-enabled diagnostics and electronic medical records are improving healthcare accessibility across urban and rural India.

India is also emerging as a preferred destination for medical tourism owing to its cost-effective healthcare infrastructure, skilled medical professionals and increasing acceptance of traditional medicine.

Indian Ayurveda Industry

Ayurveda is one of Indias oldest systems of medicine and has evolved into a rapidly growing organised industry that combines traditional knowledge with modern manufacturing, research and digital healthcare delivery.

The Indian Ayurveda market is estimated to be valued at approximately ?95,000-1,00,000 crore in FY2026 and is expected to surpass ?2 lakh crore by FY2030, growing at a CAGR of 16-18%. India accounts for the largest share of the global Ayurveda industry due to its rich heritage, established practitioner base and favourable regulatory ecosystem.

The industry has undergone a remarkable transformation over the last decade. Ayurveda is no longer perceived solely as an alternative treatment option; it has become an integral part of mainstream healthcare, preventive wellness and lifestyle management. Consumers increasingly rely on Ayurvedic products for immunity enhancement, digestive health, liver care, diabetes management, joint health, stress management, skin care and overall wellness.

Growth of the sector is supported by several structural trends:

Rising consumer awareness of preventive healthcare

Increasing preference for herbal and chemical-free products

Expansion of organised Ayurveda brands

Digital commerce and direct-to-consumer business models

Increasing healthcare expenditure

Greater acceptance among younger consumers

Growing exports of Ayurvedic products

Rising popularity of wellness retreats and medical tourism

Continuous product innovation and scientific validation

The Ministry of AYUSH has played a pivotal role in promoting Ayurveda through policy support, research initiatives, quality standardisation and awareness campaigns. Indias traditional healthcare systems are also gaining global recognition through collaborations with international healthcare organisations.

Government Support and Policy Environment

Government initiatives continue to provide a strong foundation for the growth of the Ayurveda industry. The establishment of the Ministry of AYUSH, implementation of the National AYUSH Mission, promotion of medicinal plant cultivation, strengthening of research institutions, standardisation of products and expansion of educational infrastructure have significantly enhanced the credibility and accessibility of Ayurveda.

Indias leadership in traditional medicine has been further strengthened through the establishment of the WHO Global Centre for Traditional Medicine. This initiative reinforces global confidence in evidence-based traditional healthcare systems and provides new opportunities for Indian Ayurveda companies to expand internationally.

Government efforts towards digital healthcare, quality certification, export promotion and integration of AYUSH services with mainstream healthcare are expected to further accelerate industry growth.

Industry Trends Shaping the Future

The Ayurveda industry is witnessing several transformational trends that are reshaping business models and consumer behaviour.

Preventive healthcare has become a key priority for consumers, who increasingly seek wellness solutions that help maintain long-term health rather than merely addressing illnesses.

Technology is transforming the delivery of Ayurvedic healthcare through AI-powered consultations, telemedicine, digital patient engagement, personalised treatment recommendations and online pharmacy platforms.

Consumers are demanding scientifically validated products with transparent ingredient sourcing, quality certifications and clinically supported formulations.

Institutional Ayurveda healthcare, including hospitals, wellness centres and Panchakarma facilities, is emerging as a high-growth segment as consumers seek integrated treatment experiences.

Medical and wellness tourism is creating significant opportunities for specialised healthcare providers offering authentic Ayurvedic therapies to both domestic and international patients.

Sat Kartar Life Limiteds Positioning Within the Industry

Sat Kartar Life Limited has strategically positioned itself as an integrated Ayurveda healthcare company that combines wellness products, healthcare services and technology-enabled patient engagement under a single platform.

Unlike companies that primarily focus on selling Ayurvedic products, Sat Kartar Life has adopted a holistic healthcare model encompassing preventive wellness, disease management, consultation, institutional healthcare, digital engagement and long-term patient care. This integrated approach enables the Company to establish stronger relationships with consumers throughout their healthcare journey.

The Company has built a diversified ecosystem comprising a broad portfolio of Ayurvedic wellness products, a multilingual customer engagement platform, AI-enabled operational capabilities and the recently launched Sat Kartar Sanjeevan Hospital, which represents a significant milestone in its transition from a product-led organisation to a comprehensive healthcare provider.

With a consumer database exceeding 30 million individuals, operations covering 12,000 pin codes, support in 10+ Indian languages, and growing institutional healthcare capabilities, Sat Kartar Life is well positioned to benefit from the increasing formalisation and organised growth of the Ayurveda sector.

Sat Kartar Lifes Contribution to the Industry

Although Sat Kartar Life represents a relatively modest share of the overall Ayurveda market in terms of revenue, its contribution extends beyond conventional product sales. The Company is contributing to the organised development of the Ayurveda ecosystem through technology integration, patient education, institutional healthcare infrastructure and wider accessibility of authentic Ayurvedic solutions.

Its integrated business model bridges multiple segments of the healthcare value chain, including wellness products, medical consultations, hospital-based treatments, Panchakarma therapies and long-term disease management. This comprehensive approach enhances patient trust, improves treatment continuity and supports better health outcomes.

The Companys emphasis on digital transformation, artificial intelligence, multilingual customer support and structured healthcare delivery also aligns with the broader evolution of Indias healthcare ecosystem towards accessible, technology-driven and patient-centric care.

How Industry Growth Benefits Sat Kartar Life

The structural growth of the healthcare and Ayurveda industries creates multiple opportunities for Sat Kartar Life.

The increasing consumer shift towards preventive healthcare directly expands demand for the Companys wellness products. Rising awareness regarding chronic lifestyle diseases enhances the need for long-term Ayurvedic disease management solutions. Government support for AYUSH strengthens consumer confidence in traditional medicine while facilitating broader industry acceptance.

The rapid adoption of digital healthcare complements the Companys investments in AI-enabled customer engagement, multilingual support and data-driven patient management. Furthermore, the expansion of institutional Ayurveda healthcare provides significant growth opportunities for Sat Kartar Sanjeevan Hospital through consultations, therapies, inpatient care and cross-selling of healthcare products.

Growing global interest in Ayurveda also creates export opportunities and enhances the Companys long-term addressable market.

Future Outlook

The long-term outlook for the healthcare, wellness and Ayurveda industries remains highly favourable. Rising healthcare expenditure, increasing awareness of preventive medicine, technological advancements, government support and growing global acceptance of traditional healthcare systems are expected to sustain industry growth over the coming decade.

Sat Kartar Life Limited is well positioned to capitalise on these structural trends through its integrated healthcare platform, expanding hospital infrastructure, diversified product portfolio, technology-enabled operations and customer-centric approach. The Company intends to strengthen its presence across preventive wellness, institutional healthcare, digital health and international markets while continuing to invest in innovation, research, operational excellence and governance.

As consumers increasingly embrace holistic healthcare solutions, Sat Kartar Life aims to play a meaningful role in advancing Indias Ayurveda ecosystem and creating sustainable long-term value for patients, shareholders and all other stakeholders.

Indian Economy

The financial year under review was characterized by resilience in the Indian economy notwithstanding a complex global environment marked by geopolitical uncertainty, uneven growth across major economies and persistent volatility in commodity and financial markets. Domestic consumption, continuing public investment in infrastructure, progressive formalization of the economy and sustained expansion in services collectively supported economic activity.

Inflationary conditions moderated during the year, although movements in food and input prices continued to require careful monitoring. Monetary policy remained calibrated towards preserving price stability while supporting durable growth. The banking and financial system remained broadly stable, aided by improving asset quality, adequate capitalization and continued credit availability to productive sectors.

The Governments emphasis on healthcare, digital infrastructure, entrepreneurship, skill development and rural inclusion has contributed to a more enabling environment for organized consumer-health and wellness enterprises. Of particular relevance to Sat Kartar Life Limited is the growing policy and institutional focus on AYUSH systems, preventive healthcare, research-led traditional medicine and improved access to wellness products through physical and digital channels.

Outlook

Indias medium-term economic outlook remains constructive, supported by domestic demand, infrastructure creation, manufacturing growth, service-sector momentum and an expanding digital economy. At the same time, global trade disruptions, currency movements, supply-chain constraints and changes in consumer sentiment may introduce periodic volatility.

For the Ayurveda and wellness sector, the outlook remains favourable. Increasing awareness of preventive healthcare, greater acceptance of traditional systems of medicine, wider digital access and the gradual shift towards branded, standardised and quality-assured products are expected to support sustained sectoral growth. Sat Kartar Life Limited believes that these structural trends are aligned with its strategy of strengthening its product portfolio, widening distribution, deepening consumer engagement and building a trusted Ayurveda-led wellness platform.

Industry Overview

Indian Ayurvedic Products Market

The Indian Ayurvedic products market continues to experience significant expansion, driven by a discernible change in consumer preferences towards natural, plant-based and traditional wellness solutions. Rising health consciousness, concern regarding long-term lifestyle disorders, greater scrutiny of product ingredients and a preference for preventive care have collectively strengthened demand for Ayurveda-based offerings.

The transition from an unorganised and practitioner-led market to a more organised, branded and quality-conscious ecosystem is creating meaningful opportunities for companies that can combine authenticity with standardisation, transparent labelling, regulatory compliance and consistent consumer experience.

The principal factors supporting industry growth include:

Growing preference for branded and standardised Ayurvedic formulations supported by quality assurance and regulatory compliance.

Expansion of e-commerce, direct-to-consumer platforms, tele-consultation and digitally enabled consumer education.

Increasing demand for products addressing immunity, digestion, metabolic health, stress, vitality, personal care and chronic lifestyle concerns.

Improved penetration across Tier II, Tier III and semi-urban markets through omnichannel distribution and vernacular communication.

Government support for AYUSH, medicinal-plant cultivation, research, exports and broader adoption of traditional systems of medicine.

Rising consumer interest in evidence-backed products, responsible claims, traceability of ingredients and sustainable packaging.

Indian Health and Wellness Industry

Indias health and wellness industry is evolving into an integrated ecosystem encompassing preventive care, nutrition, Ayurveda, personal care, fitness, mental well-being and lifestyle management. Consumers are increasingly seeking solutions that can be incorporated into everyday routines rather than relied upon only after the onset of illness.

This evolution is favourable for Ayurveda-focused enterprises with credible formulations, disciplined product development, effective consumer education and scalable distribution. Sat Kartar Life Limited intends to participate in this opportunity through a balanced emphasis on product efficacy, accessibility, brand trust and responsible communication.

Strategic Alignment

A diversified Ayurveda and wellness portfolio capable of addressing multiple consumer needs and usage occasions.

A growing omnichannel presence comprising digital commerce, direct consumer engagement, institutional relationships and traditional trade channels.

A continued emphasis on quality control, compliant product claims, customer service and systematic post-market feedback.

Focused product innovation based on consumer insight, traditional Ayurvedic principles and contemporary formats.

A scalable operating model supported by technology, data-led decision-making and disciplined capital allocation.

Emerging Trends

A. Rise of preventive and integrative wellness

Consumer behaviour is progressively shifting from episodic treatment to continuous health management. Nutrition, Ayurveda, yoga, sleep, stress management and immunity-building are increasingly viewed as complementary components of long-term well-being.

B. Digital enablement and direct consumer access

Digital commerce, social media, tele-consultation and personalised content are reducing geographic barriers and enabling companies to educate, acquire and serve consumers more efficiently. The quality and accuracy of digital communication will remain central to consumer trust.

C. Organised and quality-driven consumption

Consumers are increasingly gravitating towards products that offer clear ingredient disclosure, manufacturing discipline, batch traceability, quality certification and responsible health claims. This trend favours organised companies capable of maintaining consistency at scale.

D. Personalised wellness

The market is moving towards solutions tailored to age, lifestyle, dietary preferences and specific wellness objectives. Product bundles, regimen-based offerings and curated consumer journeys are expected to gain wider acceptance.

E. Sustainable and ethical product choices

Environmentally responsible packaging, sustainable sourcing, ethical procurement and transparency concerning ingredients are becoming increasingly important determinants of brand preference.

F. Global opportunity for Ayurveda

International interest in Indian traditional medicine and natural wellness creates a long-term opportunity for compliant exports. Market entry, however, requires careful alignment with destination-country regulations, scientific substantiation, labelling norms and product-registration requirements.

Business Overview

Sat Kartar Life Limited is engaged in the Ayurveda and wellness business, with a focus on developing, marketing and distributing products inspired by traditional Ayurvedic knowledge and adapted to contemporary consumer preferences. The Companys objective is to make authentic and reliable wellness solutions more accessible through disciplined product development, effective consumer education and a steadily expanding distribution network.

The Companys business model is centred on the complementary strengths of product innovation, brand building, digital outreach, customer engagement and omnichannel distribution. Its portfolio is intended to address a broad spectrum of preventive, supportive and lifestyle-related wellness requirements, subject at all times to applicable regulatory standards and approved product claims.

During the year, the Company continued to strengthen its operating platform by refining its product architecture, improving supply-chain coordination, enhancing digital capabilities and broadening consumer access. The management remains focused on sustainable growth, working-capital discipline, quality assurance and measured investment in categories with attractive long-term potential.

Operational Highlights

The year under review represented a period of continued consolidation and business development for Sat Kartar Life Limited. The Company concentrated on strengthening the reach and relevance of its Ayurveda-led offerings, improving consumer engagement, optimising inventory and fulfilment processes, and enhancing the effectiveness of its marketing and distribution channels.

Key initiatives undertaken during the year included the expansion and rationalisation of the product portfolio, improvement in digital commerce capabilities, targeted consumer-education campaigns, strengthening of quality-monitoring processes and closer coordination with manufacturing and distribution partners. The Company also continued to evaluate new product categories and market opportunities in a calibrated manner.

The management believes that continued investment in brand credibility, consumer retention, product quality and operational discipline will provide a sound foundation for future growth.

Financial Highlights (Standalone)

PARTICULARS	<31.03.2026> (Rs) in lakhs	<31.03.2025> (Rs) in lakhs
Revenue from operations and Other Income	19,626.04	16,368.36
Operating Profit (PBIDT)	2716.47	1499.11
Interest Cost	51.33	53.94
Profit before Depreciation (PBIDT)	2665.15	1445.17
Depreciation	330.74	130.12
Profit before Tax	2334.39	1315.05
Provision for Taxation	608.53	333.56
Profit after Tax	1725.86	981.50

Opportunities

Sat Kartar Life Limited is well positioned to capitalize on the growing acceptance of Ayurveda and preventive healthcare, both in India and globally. Increasing consumer awareness regarding holistic wellness, natural remedies, immunity enhancement, and lifestyle disease management has created a favourable environment for the Companys continued growth.

The Company has established a strong Direct-to-Consumer (D2C) business model, supported by its digital platforms, multilingual customer support infrastructure, and nationwide delivery network. This enables it to directly engage with customers, understand their healthcare needs, and offer personalized wellness solutions while building long-term customer relationships.

The Company expects to benefit from the following growth opportunities:

Growing Demand for Preventive Healthcare: Rising incidences of diabetes, obesity, joint disorders, liver ailments, stress, sleep disorders, and other lifestyle-related health conditions are increasing consumer preference for Ayurvedic and herbal healthcare products.

Expanding Digital Commerce: Continued growth in e-commerce, mobile commerce, digital payments, and social media-driven purchasing behaviour provides significant opportunities to expand customer acquisition across India.

Increasing Acceptance of Ayurveda: Government initiatives through the Ministry of AYUSH and increasing public confidence in traditional healthcare systems continue to strengthen the Ayurveda ecosystem.

Strong Brand Recognition: The Company has built significant brand visibility through digital marketing, customer education programmes, influencer engagement, and consistent customer interaction, resulting in high customer trust and repeat purchases.

Cross-Selling and Product Diversification: The Company continues to expand its product portfolio across immunity, digestive health, liver care, diabetes management, weight management, joint care, mens and womens wellness, skincare, nutrition, and other preventive healthcare categories, thereby increasing customer lifetime value.

Technology-Driven Customer Engagement: Investments in customer relationship management (CRM), artificial intelligence-enabled customer support, data analytics, and digital marketing are expected to improve customer acquisition, retention, and operational efficiency.

Expansion into International Markets: Increasing global demand for herbal supplements and traditional wellness products presents opportunities to expand exports and establish a stronger international presence, subject to applicable regulatory approvals.

Retail and Omnichannel Expansion: Opportunities exist to strengthen the Companys presence through strategic retail partnerships, pharmacies, wellness centres, and franchise-based distribution models alongside its digital business.

Strategic Partnerships and Acquisitions: The Company will continue to evaluate collaborations with healthcare professionals, wellness institutions, technology providers, and complementary businesses to accelerate growth and strengthen its market position.

Risks and Concerns

Sat Kartar Life Limited has instituted a risk-management approach intended to identify, evaluate and mitigate material risks that may affect its strategy, operations, financial performance, reputation or regulatory standing. The principal risks and corresponding mitigation measures are summarised below.

Competition Risk

The Ayurveda and wellness market is fragmented and intensely competitive, with participation from established consumer-health companies, digital-first brands, regional players and unorganised sellers.

Mitigation: The Company seeks to differentiate itself through product quality, focused category selection, responsible communication, consumer education, service responsiveness and omnichannel accessibility.

Regulatory and Compliance Risk

Ayurvedic products are governed by an evolving framework relating to licensing, manufacturing, labelling, advertising, e-commerce, consumer protection and product claims. Non-compliance may result in business disruption, financial exposure and reputational harm.

Mitigation: The Company maintains compliance processes, legal and regulatory review mechanisms, documented approvals, quality protocols and periodic monitoring of changes in applicable law. Product communication is intended to remain within approved and supportable claims.

Product Quality and Safety Risk

Any deficiency in raw materials, manufacturing, packaging, storage or distribution may affect product efficacy, safety and consumer confidence.

Mitigation: The Company works with qualified manufacturing partners, prescribes quality specifications, undertakes testing and documentation, and maintains complaint-handling and corrective-action processes. Vendor performance is periodically reviewed.

Reputational Risk

Brand credibility is fundamental in the wellness sector. Adverse publicity, misleading third-party content, consumer dissatisfaction or inconsistent product experience may impair trust.

Mitigation: The Company emphasises accurate communication, customer grievance redressal, monitoring of digital content, responsible influencer and channel practices, and timely corrective action where required.

Third-party Dependency Risk

Dependence on contract manufacturers, logistics partners, marketplaces, distributors and other service providers may expose the Company to supply, quality, continuity and compliance risks.

Mitigation: Material third-party relationships are governed through contractual safeguards, performance standards, quality requirements, audit rights and periodic review. The Company also seeks to diversify critical dependencies wherever commercially feasible.

Raw Material and Supply-chain Risk

Availability, quality and pricing of herbs, extracts, packaging materials and other inputs may be affected by seasonal, climatic, agricultural or logistical factors.

Mitigation: The Company seeks to mitigate this risk through approved-vendor networks, inventory planning, alternate sourcing, specification controls and ongoing coordination with manufacturing partners.

Information Technology and Cybersecurity Risk

Growing digital operations increase exposure to system outages, data loss, unauthorised access and cyber incidents.

Mitigation: The Company employs access controls, data backups, system monitoring, vendor oversight and periodic review of information-security practices. Appropriate incident-response measures are maintained and improved over time.

Litigation and Legal Risk

Consumer complaints, contractual disputes, intellectual-property issues, regulatory proceedings or employment-related claims may lead to financial and reputational consequences.

Mitigation: The Company maintains legal review, contract management, record retention and grievance-resolution processes and seeks specialist advice where necessary. Material proceedings are reported in accordance with applicable law.

Human Resources

The Company recognises that the competence, integrity and commitment of its people are central to sustainable growth. Its human-resource philosophy is directed towards attracting suitable talent, strengthening functional capabilities, encouraging accountability and fostering an ethical, inclusive and performance-oriented culture.

Training and development initiatives are designed around business requirements, product knowledge, quality and compliance, customer engagement, digital capability and leadership development. The Company also seeks to maintain appropriate systems for employee welfare, performance evaluation, workplace conduct and grievance redressal. As at 31 March 2026, the Company had 617 employees.

Human resources

At SKL we regard our employees as our most valuable assets, central to our long-term growth and sustainability. As of 31 March 2026, we had a committed workforce of 600+ full-time employees. Our people strategy is focused on continuous empowerment, with initiatives aimed at enhancing their skills, capabilities, and professional development. The workforce comprises a healthy blend of seasoned experts and dynamic young talent, creating a balanced team that drives both stability and innovation. This diversity not only reinforces our market positioning but also provides a distinct competitive advantage. Many of our senior leaders have been with us for several years, playing a pivotal role in shaping our culture, nurturing institutional knowledge, and steering the organisation through various growth phases.

Internal Control Systems and Their Adequacy

Sat Kartar Life Limited has established internal financial and operational controls commensurate with the nature, scale and complexity of its business. These controls include documented policies and standard operating procedures, appropriate delegation of authority, segregation of duties, system-based controls, financial review processes and periodic internal audit.

The control framework is designed to safeguard assets, support accurate and timely financial reporting, promote operational efficiency and ensure compliance with applicable laws and internal policies. Significant audit observations and management responses are placed before the Audit Committee, which periodically reviews the adequacy and effectiveness of the internal-control environment and monitors implementation of corrective measures.

Cautionary Statement

This Management Discussion and Analysis contains certain forward-looking statements concerning the Companys objectives, expectations, estimates, strategies and prospects. Such statements are based on assumptions and information available to the management as of the date of this report and are subject to known and unknown risks, uncertainties and other factors that may cause actual results or developments to differ materially from those expressed or implied.

Factors that may influence actual outcomes include changes in economic conditions, consumer preferences, competitive intensity, input costs, regulatory requirements, technology, supply chains, litigation and other circumstances beyond the Companys control. Readers are therefore cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to publicly revise or update such statements except as may be required under applicable law.

Company Overview

Sat Kartar Life Limited is a leading player in Indias alternative healthcare ecosystem dedicated to making Ayurveda and holistic wellness accessible, credible, and impactful. Since inception, we have pursued a mission to revive ancient healing systems with modern delivery and scientific validation. Our integrated approach spans in-patient services, out-patient consultations, and a growing range of Ayurveda products that support preventive and curative care. With each passing year, we strengthen for natural healthcare solutions across the country and beyond.

For and on Behalf of Board	For and on Behalf of Board
For Sat Kartar Life Limited	For Sat Kartar Life Limited
(Formerly known as Sat Kartar	(Formerly known as Sat Kartar
Shopping Limited)	Shopping Limited)
Sd/-	Sd/-
Ved Prakash	Sanjay Kumar
Managing Director	Director
DIN: 08591808	DIN: 08218434
F-223 3rd Floor, Rishi Nagar	S/O Ram Lal, C 1/10 Ground Floor
Rani Bagh, North West Delhi,	Bhagwati Garden Extention,
Saraswati Vihar, Delhi -11003	Near Dwarka Mor, Uttam Nagar,
	Mohan Garden, West Delhi, Delhi -
	110059