Shamrock Industrial Co Ltd Management Discussions

Your directors are pleased to present the Management Discussion and Analysis Report for the year ended 31st March 2026. The Management Discussion and Analysis have been included in consonance with the Code of Corporate Governance as approved by The Securities and Exchange Board of India (SEBI). Investors are cautioned that these discussions contain certain forward-looking statements that involve risk and uncertainties including those risks which are inherent in the Company s growth and strategy. The company undertakes no obligation to publicly update or revise any of the opinions or forward-looking statements expressed in this report consequent to new information or developments, events or otherwise. The management of the company is presenting herein the overview, opportunities and threats, initiatives by the Company and overall strategy of the company and its outlook for the future. This outlook is based on management s own assessment, and it may vary due to future economic and other future developments in the country. The operational performance and future outlook of the business have been reviewed by the management based on current resources and future development of the Company.

DISCUSSIONS ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:

Your Company s main object is cornered in to dealers and manufacturing of pharmaceutical products and services. Since last 14 years, your Company is in non-operational mode and there was not production or distribution. The reason of occurring loss during the year and previous year was mainly due to no business and to day to day and administrative expenses. The management of the Company wants to revive the Company and very optimistic regarding performance of the Company in future and taking steps and making every effort to turn the Company in to profitable organization. During the year under review there was marginal revenue generation in form of other income, which was the commission income for referral. During the year under review Company has tried to minimize its losses by controlling its expenses and overheads.

(Amount in Lakhs)

Particulars	FY 2025-26	FY 2024-25
Revenue from Operations	-	-
Other Income	2.58	-
Total Revenue	2.58	-
Profit before Depreciation	(108.65)	-
and Interest
Depreciation	-	-
Interest	0.01
Profit Before Tax and after	(108.66)	(12.60)
Depreciation & Interest
Profit Before Tax and	(108.66)	-
Exceptional / Extra-
Ordinary items
Less: Provision for Taxation	-	-
Less: Provision for Taxation	-	-
for earlier year
Less: Provision for Taxation	-	-
(deferred)
Profit after Tax	(108.66)	(12.60)
Earnings Per Share (EPS)	2.00	0.23

The detailed analysis of the financial performance of the Company may be referred to in the Financial Statements forming part of this Annual Report.

INDUSTRY STRUCTURE AND DEVELOPMENTS: Pharmaceutical Sector Overview - Global

The New Financial Year comes with a new set of challenges. As a pharmaceuticals Company, we are optimistic about the industry outlook in the coming years. The global pharmaceuticals market is expected to continue to grow, driven by an aging population, rising chronic diseases, and increased healthcare spending. Pharmaceutical Sector sees significant growth opportunities in emerging markets, where there is a large and growing population, rising incomes and increasing healthcare spending. Indian pharmaceutical industry is known for its generic medicines and low-cost globally. Transformed over the years as a vibrant sector, presently Indian Pharma ranks third in pharmaceutical production by volume. Since FY21, Indian Pharma sector has grown steadily by CAGR of 9.5%. Pharma sector has been consistently earning trade surplus. Major segments of Indian Pharmaceutical Industry include generic drugs, OTC medicines, bulk drugs, vaccines, contract research & manufacturing, biosimilars and biologics. Indian pharmaceutical industry also plays significant role globally. India has the highest number of United States Food and Drug Administration (USFDA) compliant Pharma plants outside of USA. There are 1,500 API manufacturers supplying 57% of API s found on World Health Organisation s prequalified list . India is the largest supplier of generic medicines with 20% share in the global supply by manufacturing 60,000 different generic brands across 60 therapeutic categories. India is one of the biggest suppliers of low cost vaccines in the world. Because of the low price and high quality, Indian medicines are preferred worldwide, thereby rightly making the country the " pharmacy of the world " . Pharmaceutical is one of the top ten attractive sectors for foreign investment in India. 100% foreign investment is allowed under automatic route in Medical Devices. Foreign investments in pharmaceuticals in Greenfield projects are allowed up to 100% under the automatic route and for brownfield pharmaceutical projects; foreign investment beyond 74% to up to 100%, Government approval is required. The global pharmaceutical market is now estimated to be over USD 1.837 trillion and expected to grow at CAGR of about 6.1%.

Though the pharmaceutical industry is developing at rapid pace, the pharmaceutical manufacturing companies are confronted with enormous challenges such as: Indian pharma market is expected to grow to USD 130 Billion by 2030 thereby emerging as the 6 largest pharmaceutical market globally by absolute size. The growth of the pharmaceutical industry is globally driven by ageing population as well as about 1% increase in the global population at the same time. The global pharmaceuticals market has been performing well in recent years, with steady growth and increasing demand for healthcare products. The market is driven by several factors, including the increasing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases, as well as the growing aging population. Advances in technology and innovation are also contributing to the growth of the market, with new drugs and therapies being developed to treat previously untreatable conditions. Despite the positive outlook for the pharmaceuticals market, the industry also faces challenges such as increasing regulatory scrutiny and pricing pressures, as well as the need to demonstrate the value and cost-effectiveness of their products. Nevertheless, pharmaceuticals companies continue to invest in research and development to drive innovation and develop new products to meet the evolving needs of their customers.

Global Bulk Drugs Market

Three segments - Branded Prescription drugs, Over the Counter (OTC) drugs and Generic Prescription drugs account for a majority of global bulk drug consumption.

The total global bulk drug consumption is estimated to be around USD 245 billion in 2026 and is projected to grow to USD 457.75 billion by 2034 at a CAGR of 7.26% over the forecast period period (2026-2031)

Indian Bulk Drug Market

The Indian Pharmaceutical industry is currently ranked third in pharmaceutical production by volume after evolving over me into a thriving industry growing at a CAGR of 9.5% 9.43% since FY 2021. India has highest number of pharmaceutical manufacturing facilies that comply with the US Food and Drug Administration (USFDA) outside of the United States and has 500 API producers that make for around 8% of the worldwide API market. Indian Pharmaceutical sector supplies over 50% of global demand for various vaccines, 40% of generic demand in the US and 25% of all medicine in the UK. The domestic pharmaceutical industry includes a network of 3,000 drug companies and 10,500 manufacturing units. India enjoys an important position in the global pharmaceutical sector. The country also has a large pool of scientists and engineers with a potential to steer the industry ahead to greater heights.

Indian Pharmaceutical industry is known for its generic medicines and low-cost vaccines globally. Transformed over the years as a vibrant sector, presently Indian Pharma ranks third in pharmaceutical production by volume. The Pharmaceutical industry in India is the third largest in the world in terms of volume and 14th largest in terms of value. The Pharma sector currently contributes to around 1.7% of the countrys GDP.

The Indian pharmaceutical sector has continued to demonstrate strong growth and resilience. The domestic pharmaceutical market was valued at approximately US$60 billion in FY 2025 26 and is projected to reach approximately US$130 billion by 2030. The sector is being supported by increasing healthcare expenditure, rising demand for affordable medicines, expansion of healthcare infrastructure, increasing penetration in emerging markets and growing capabilities in complex generics, biosimilars, speciality medicines and biologics. The Pharmaceutical industry in India is a significant part of the nation s foreign trade and offers lucrative potential for investors. Millions of people around the world receive affordable and inexpensive generic medications from India, which also runs a sizable number of plants that adhere to Good Manufacturing Practice (GMP) standards set by the World Health Organization (WHO) and the United States Food and Drug Administration (USFDA).

Indias pharmaceutical industry is therefore well positioned for sustained growth, supported by its established manufacturing ecosystem, skilled scientific and technical workforce, cost competitiveness, expanding export markets and increasing focus on innovation and higher-value pharmaceutical products. The sector is expected to play an increasingly important role in strengthening Indias contribution to global healthcare and pharmaceutical supply chains.

OPPOURTUNITIES:

The future holds both opportunity and increased complexity for the Pharmaceutical Industry.

Growth Drivers Strong Demand:

Rising income, greater health awareness, lifestyle diseases and increasing access to insurance will contribute to growth. The healthcare sector, as of 2026, is one of Indias largest employers, employing a total of 7.5 million people. A recent research report predicts that the integration of Artificial Intelligence (AI) within the Indian healthcare sector in integration of AI, telemedicine, virtual assistants and data analytics will create nearly 3 million new jobs by 2028.

Attractive Opportunities:

Indias public expenditure on healthcare is over Rs 1.05 lakh crores and is at 1.9% of total government expenditure and 0.26% of GDP. The combination of growing healthcare demand, expanding exports, policy support, increasing domestic manufacturing, technological advancement and a shift towards complex and innovative pharmaceutical products presents attractive opportunities for the Indian pharmaceutical industry to strengthen its position in the global healthcare value chain.

Policy and Government support:

The BioPhrama Shakti was introduced in Budget 2026 as a 10,000-crore government initiative to transform India into a premier global manufacturing hub for biologics and biosimilars over the next five years. This strategic mission directly addresses the nation s shifting disease burden toward chronic non-communicable conditions like cancer and diabetes by fostering a robust domestic production ecosystem for affordable, high-quality medicines. The government also intends to create a massive clinical trial infrastructure through a network of over 1,000 accredited clinical trial sites to accelerate research and development.

Growing space:

This industry is still in its growing phase, according to the Life Cycle of an Industry. So, it can still go a long way and spread its wings further apart. So, it can still take control over the market, given the right marketing and advertising.

Foreign investment:

Per Indias Consolidated FDI Policy, foreign direct investment in the pharmaceutical sector in greenfield (new) projects is permitted up to 100% without the approval of the Department of Pharmaceutical (the " DoP " ). 74% FDI in the pharmaceutical sector is allowed in brownfield pharmaceutical and thereafter through the government approval route.

Continued Rise of Digital Health:

The rise of digital health technologies will transform the pharma industry. Patients will be able to monitor their health remotely through telemedicine and wearables. This technology will also provide valuable data for pharma companies to develop more effective treatments

THREATS, RISKS AND CONCERNS:

The Companys future development would depend upon the commencement of its operational activities. Shamrock faces risks and uncertainties typical to that faced by global pharmaceuticals industry players, which could have a material impact on earnings and the ability to operate in the future. These are determined via robust assessment considering our risk context by the Board of Directors with inputs from the executive management.

EXISTING THREATS AND RISKS FACED BY THE INDUSTRY

The US Trade Representatives (USTR) has questioned India for the countrys growing spurious medicine problem. According to the USTR report, nearly 20% of all pharmaceutical goods sold in the

Indian market are counterfeit, which is a damning claim given India s growing pharmaceutical market and its decades long reputation as the " pharmacy of the world " The Indian pharmaceutical industry ranks third in the world in terms of volume, supplying 20% of the global demand for generic drugs. With a strong network of 3,000 drug companies and approximately 10,500 manufacturing units spread across the country, if timely efforts are not taken now, India may lag behind due to a lack of quality pharma products. Certain aspects as follows must be prioritize.

OUTLOOK:

While the Company has remained non-operational, management continues to explore avenues for revival, including potential restructuring and identification of suitable business opportunities. The focus remains on minimizing expenses and preserving resources while evaluating strategic options to return the Company to profitability.

INTERNAL CONTROL SYSTEM & ADEQUACY:

The Company is following a proper and adequate system of internal controls in respect of all its activities. Further all transaction entered into by the Company are fully authorised, recorded and reported correctly.

SUBSIDIARY COMPANY:

As there are no subsidiaries of the Company, Investment made in Subsidiaries is NIL.

SEGMENT-WISE PERFORMANCE:

Since the Company has not been operational during the last 14 years, segment-wise or product-wise performance is not applicable for the year under review.

KEY FINANCIAL RATIOS:

In accordance with the amended SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Company is required to give details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios, along with detailed explanations thereof: The Company has identified following ratios as key financial ratios:

Particulars	Unit of Measurement	2025-2026	2024-25
Current Ratio	In Multiple	144.952	43.78
Debt-Equity Ratio	In Multiple	-	-
Debt Service Coverage	In Multiple	-	-
Ratio
Return on Equity Ratio	In %	-1.03%	-2.32%
Inventory Turnover	In Days	-	-
Ratio
Trade Receivable	In Days	-	-
Turnover Ratio
Trade Payable	In Days	-	-
Turnover Ratio
Net Capital Turnover	In Days	-	-
Ratio
Net profit Ratio	In %	-	-
Return on Capital	In %		-2.32%
Employed
Return on Investment	In %		-1.85%
(Assets)

PERFORMANCE OF THE BOARD AND COMMITTEES:

During the year under review, there were changes in the composition of the Board of Directors due to the resignation of certain Directors and appointment of new Directors. Accordingly, the composition of the Board Committees was also reconstituted, as required, in compliance with the applicable provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Notwithstanding such changes, the Board and its Committees continued to function effectively and discharge their respective roles and responsibilities.

The performance of the Board, its committees and individual Directors was assessed, inter alia, based on the following parameters: a) Attendance and participation in the meetings of the Board and its Committees; b) Effectiveness in discharging their respective roles, duties and responsibilities c) The remunerations paid to executive Directors are strictly as per the company and industry policy. d) The Independent Directors only received sitting fees. e) The Independent Directors contributed in the Board and committee deliberation and business and operation of the company based on their experience and knowledge and independent views. f) Risk Management Policy was implemented and monitored by the Auditors.

HUMAN RESOURCE:

The Company has excellent combination of experienced and talented employees. The Company also undertakes on regular basis various training programmers to keep its employees updated on new technical developments and information which directly results in optimum capacity utilization and cost effectiveness. The Company s relation with its employees continues to be cordial. The Company always reciprocates commitment to its employees in order to motivate them to perform the best.

CAUTIONARY STATEMENT:

Statements in foregoing paragraphs of this report describing the current industry structure, outlook, opportunities, etc., may be construed as " forward looking statements " , based on certain assumptions of future events over which the Company exercises no control. Therefore, there can be no guarantee as to their accuracy. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those that may be implied by these forward-looking statements.

For and on behalf of
SHAMROCK INDUSTRIAL COMPANY LIMITED
Sd/-	Sd/-
Rahul Manoj Rajani	Bagepalli Vijayakumar Harish
Whole-Time Director	Executive Director
DIN: 10937591	DIN: 00354759
Place: Mumbai
Date: September 07, 2026
Registered Office
83 E, Hansraj Pragji Building,
Off: Dr. E. Moses Road, Worli, Mumbai 400018
Email id: shamrockfin@gmail.com cs@shamrockindia.com
Website: www.shamrockindustrial.wordpress.com
Tel: 022-40778879 Fax: 022-24983300