Shradha Realty Ltd Management Discussions

- COMPANY OVERVIEW :

Shradha Realty Limited (formerly known as Shradha Infraprojects Limited) is a diversi ed real estate and infrastructure development company with an established presence in the development of residential, commercial, institutional and infrastructure projects. Pursuant to the approval of the shareholders and the applicable statutory and regulatory authorities, the name of the Company was changed from Shradha Infraprojects Limited to Shradha Realty Limited with e ect from 3 February 2026. The new name re ects the Companys evolving business strategy, stronger emphasis on real estate development, and its commitment to creating sustainable value for all stakeholders.

Since its inception, the Company has consistently focused on delivering quality developments through engineering excellence, timely execution, sound project management and adherence to high standards of corporate governance. Over the years, it has developed a diversi ed portfolio comprising residential townships, commercial complexes, institutional buildings, transportation infrastructure, water infrastructure and other engineering projects across multiple geographies.

The Company continues to leverage its experienced management team, robust execution capabilities, prudent nancial management and customer-centric approach to strengthen its market position. Through its subsidiaries and strategic business associations, the Company has expanded its operational footprint while maintaining its commitment to quality, transparency and long-term value creation.

Shradha Realty Limited has developed several landmark projects that have strengthened its brand presence, including Shradha House, Victoria House, Mangalam Shradha, Riaan Towers, Riaan Corporate Park, and the ongoing Abhiman Niwas residential development, among others. These projects re ect the Companys focus on delivering modern, sustainable and value-driven developments that cater to the evolving needs of customers and communities.

Going forward, the Company remains well positioned to capitalize on the signi cant opportunities arising from Indias growing urbanization, increasing infrastructure investments and supportive government policies. With a disciplined approach to business growth, operational excellence and innovation, Shradha Realty Limited is committed to enhancing stakeholder value while contributing meaningfully to the nations infrastructure and real estate development.

- OVERVIEW : Introduction:

Key Industry Highlights

Infrastructure-led Economic Growth

Infrastructure development continues to remain at the centre of Indias economic strategy. The Governments continued emphasis on capital expenditure and integrated infrastructure planning has accelerated investments across roads, railways, airports, ports, urban infrastructure and logistics. Large-scale infrastructure development is expected to improve connectivity, enhance productivity and create long-term opportunities for the construction and real estate sectors.

Rapid Urbanisation

India continues to experience one of the fastest rates of urbanisation globally. Increasing migration towards urban centres and the expansion of Tier-II and Tier-III cities are driving sustained demand for residential housing, commercial developments and urban infrastructure. This structural trend is expected to support long-term growth in the organised real estate sector.

Rising Housing Demand

Improving a ordability, favourable demographics, increasing household incomes and growing aspirations for home ownership continue to support demand across residential real estate. Consumer preference for organised developers o ering quality construction, timely delivery and regulatory compliance has further strengthened market con dence.

Commercial Real Estate Expansion

The commercial real estate segment continues to witness healthy growth driven by increasing demand for Grade-A o ce spaces, mixed-use developments, Global Capability Centres (GCCs), IT parks and business districts. The expansion of service industries and corporate investments continues to support commercial real estate absorption across major cities.

Warehousing and Logistics Growth

The rapid growth of e-commerce, manufacturing activities and supply chain modernisation has signi cantly increased demand for industrial parks, logistics hubs and warehousing facilities. Government initiatives aimed at improving multimodal connectivity continue to support this fast-growing segment.

Government Policy Support

The sector continues to bene t from policy initiatives including PM Gati Shakti National Master Plan, Bharatmala Pariyojana, Sagarmala Programme, Pradhan Mantri Awas Yojana (PMAY), Smart Cities Mission, AMRUT, and various infrastructure development programmes. These initiatives continue to encourage public and private investments across the infrastructure ecosystem.

Technology-driven Transformation

Digital construction technologies, Building Information Modelling (BIM), automation, prefabrication and sustainable construction practices are improving project execution, operational e ciency and quality standards across the industry. Increasing adoption of technology is enabling developers to reduce costs, optimise resources and improve customer experience.

Sustainable Development

Environmental sustainability has become an integral part of infrastructure and real estate development. Growing emphasis on green buildings, energy-e cient construction, renewable energy integration and environmentally responsible development practices continues to shape future investment decisions.

Positive Long-term Outlook

Indias favourable demographics, expanding middle class, increasing urbanisation, infrastructure-led growth strategy and stable policy environment provide a strong foundation for long-term growth across the infrastructure, construction and real estate sectors. Continued investments by both the Government and private sector are expected to create signi cant opportunities for organised developers and infrastructure companies.

Outlook for Shradha Realty Limited

The favourable industry environment provides signi cant growth opportunities for Shradha Realty Limited. The Companys diversi ed business portfolio, strong execution capabilities, prudent nancial management and customer-centric approach position it well to capitalise on emerging opportunities across residential, commercial and infrastructure development while continuing to create sustainable value for all stakeholders.

Market Size:

Indias infrastructure, real estate and construction sector continues to represent one of the largest and fastest-growing segments of the national economy, supported by sustained government investment, increasing urbanisation, expanding manufacturing activity and growing private sector participation. The sector has emerged as a key contributor to economic growth by facilitating capital formation, employment generation and development of modern physical infrastructure.

Infrastructure

India continues to undertake one of the worlds largest infrastructure development programmes through sustained public investment and private sector participation. Large-scale investments in roads, railways, airports, ports, urban infrastructure, renewable energy, water supply and logistics are strengthening the countrys infrastructure ecosystem and improving overall economic competitiveness.

The Governments continued focus on capital expenditure, integrated infrastructure planning and multimodal connectivity under various agship programmes is expected to accelerate project execution, reduce logistics costs and improve ease of doing business. Signi cant investments continue to be directed towards transportation infrastructure, industrial corridors, smart cities, digital infrastructure and energy transition projects, providing long-term growth opportunities for the infrastructure sector.

Major focus areas include:

Roads and Highways: Expansion of national highways, expressways and economic corridors under Bharatmala Pariyojana and other national highway development programmes continues to improve regional connectivity and freight movement.

Railways: Ongoing investments in railway modernization, network expansion, station redevelopment, dedicated freight corridors, electri cation and multimodal logistics infrastructure are strengthening Indias transportation network.

Urban Infrastructure: Continued investments under Smart Cities Mission, AMRUT, metro rail projects, water supply, sewerage, a ordable housing and urban mobility initiatives are transforming urban infrastructure across the country.

Energy and Utilities: Investments in renewable energy, transmission infrastructure, green hydrogen, water resources and sustainable infrastructure continue to support Indias long-term energy transition objectives.

Construction

Indias construction sector remains one of the largest contributors to the countrys economic development and employment generation. Growth in the sector continues to be supported by robust public infrastructure spending, increasing residential and commercial construction activities, industrial expansion and growing investments in urban development.

The sector is witnessing increasing adoption of digital construction technologies, Building Information Modelling (BIM), automation, prefabrication, green building practices and advanced project management systems, resulting in improved productivity, cost e ciency and timely project execution.

Real Estate

Indias real estate sector continues to witness strong structural growth driven by rapid urbanisation, favourable demographics, increasing household incomes, regulatory reforms and growing institutional investments. The sector encompasses residential, commercial, retail, hospitality, industrial and warehousing developments and remains one of the largest contributors to employment and economic activity.

Key growth segments include :

Residential Real Estate: Demand remains supported by rising home ownership aspirations, increasing a ordability, expanding urban population and continued preference for organised developers with strong execution capabilities.

Commercial Real Estate: Growth in o ce spaces, business parks, mixed-use developments and commercial assets continues to be driven by the expansion of Global Capability Centres (GCCs), IT services, nancial institutions and professional services.

Industrial and Logistics: The rapid growth of manufacturing, e-commerce, supply chain modernization and warehousing continues to drive investments in industrial parks and logistics infrastructure, supported by initiatives such as Make in India and the PM Gati Shakti National Master Plan.

Overall, Indias infrastructure, real estate and construction sectors continue to provide a strong foundation for long-term economic growth. Supported by favourable government policies, increasing investments, technological innovation and rising urban demand, the sector is expected to remain one of the key engines of Indias development in the years ahead.

Global Economy

Global Economic Overview

The global economy demonstrated resilience during FY 2025 26 despite persistent geopolitical tensions, evolving trade policies and heightened policy uncertainty. While global trade and investment were a ected by regional con icts and tari -related developments, continued technological advancements, easing in ationary pressures and supportive scal measures helped sustain economic activity across major economies.

Key developments during the year are summarised below:

? Resilient Global Growth: The global economy maintained steady momentum despite elevated trade tari s, policy uncertainty and geopolitical tensions. Although global trade witnessed periodic disruptions, the overall economic impact remained less severe than initially anticipated, re ecting the resilience of major economies.

Trade Policy and Tari Developments: Trade negotiations between the United States and several of its major trading partners provided temporary relief to global markets. However, renewed tari announcements and judicial developments relating to US trade policies continued to create uncertainty for international trade and investment.

Geopolitical Risks: The con ict in West Asia remained a signi cant concern for the global economy. Disruptions to shipping routes, particularly around the Strait of Hormuz, increased concerns over global supply chains, logistics costs and energy security, resulting in volatility in commodity and crude oil prices.

Technology-led Economic Expansion: Investments in Arti cial Intelligence (AI), digital infrastructure and advanced technologies continued to support global productivity, business investment and economic expansion, partially o setting the impact of geopolitical and trade-related challenges.

Global Growth Outlook: According to the International Monetary Fund (IMF), global economic growth is projected at 3.3% in 2026, primarily supported by technology-led investments and scal spending, while growth is expected to moderate to 3.2% in 2027. The Organisation for Economic Co-operation and Development (OECD) has projected global growth of 2.9% in 2026 and 3.0% in 2027, re ecting a relatively cautious outlook in view of continuing geopolitical uncertainties and trade-related risks.

In ation and Monetary Policy: In ationary pressures moderated across several advanced and emerging economies during the year, enabling many central banks to adopt a more balanced monetary policy approach while continuing to monitor evolving global risks.

Despite continuing geopolitical uncertainties and supply chain challenges, the global economy is expected to remain on a stable growth trajectory, supported by technological innovation, improving investment sentiment and calibrated macroeconomic policies. Nevertheless, geopolitical developments, energy price volatility and changing global trade dynamics are likely to remain key factors in uencing the global economic outlook.

Indian Economy

Indian Economic Overview

India continued to be one of the fastest-growing major economies during FY 2025 26, demonstrating remarkable resilience despite global economic uncertainties and geopolitical challenges. Strong domestic demand, sustained public capital expenditure, stable nancial markets and prudent macroeconomic policies enabled the economy to maintain its growth momentum. Moderating in ation, a supportive monetary policy environment and continued infrastructure development further strengthened the countrys investment climate and created favourable conditions for the real estate and construction sectors.

Key developments during the year are summarised below:

Strong Economic Growth: According to the Ministry of Statistics and Programme Implementation (MoSPI), Indias real GDP is estimated to have grown by approximately 7.4% 7.6% during FY 2025 26, compared with 6.5% in FY 2024 25, rea rming Indias position as one of the worlds fastest-growing major economies. The growth was supported by healthy domestic consumption, sustained public investment and increasing private sector participation.

Robust Domestic Consumption: Private Final Consumption Expenditure (PFCE), which accounts for nearly 60% of Indias GDP, remained the primary driver of economic growth. Improving rural demand, rising urban incomes and personal income tax relief announced in the Union Budget 2025 26 supported household spending and strengthened consumer con dence.

Continued Investment Momentum: Gross Fixed Capital Formation (GFCF) recorded healthy growth during the year, re ecting increased investments in infrastructure, construction, manufacturing and productive assets. Continued Government capital expenditure and improving private investments strengthened Indias long-term growth prospects.

Healthy Sectoral Performance: The services sector remained the largest contributor to economic activity, supported by nancial services, information technology, telecommunications and business services. The manufacturing sector continued its recovery, while the construction sector recorded healthy growth, driven by sustained investments in housing, commercial developments and public infrastructure projects.

Moderating In ation: Retail in ation remained well within the Reserve Bank of Indias target range during FY 2025 26, supported by easing food prices and stable core in ation. Lower in ation improved household purchasing power, moderated construction input costs and strengthened the overall business environment.

Supportive Monetary Policy : During the year, the Reserve Bank of India adopted a growth-supportive monetary policy by reducing the policy repo rate by a cumulative 100 basis points to 5.25%. Lower borrowing costs improved credit availability, enhanced housing a ordability and provided a positive impetus to residential real estate demand.

Infrastructure-led Growth: Continued Government investment in highways, metro rail projects, railways, airports, ports, industrial corridors and urban infrastructure remained a key pillar of economic expansion. Such investments are expected to generate long-term demand for residential, commercial and mixed-use developments while supporting overall economic productivity.

Resilient Financial System : Indias banking and nancial system remained well-capitalised with healthy credit growth and improving asset quality. Increased lending to the housing and infrastructure sectors continued to facilitate investments and support economic activity.

Favourable Outlook for Real Estate: The combination of sustained economic growth, stable in ation, lower interest rates, increasing urbanisation, rising disposable incomes and continued infrastructure development created a favourable environment for the real estate sector. Improved a ordability, easier access to housing nance and strong policy support are expected to sustain long-term demand across residential, commercial and integrated developments.

Indias strong macroeconomic fundamentals, prudent scal and monetary policies, expanding infrastructure and favourable demographic pro le continue to provide a solid foundation for sustainable economic growth. These factors are expected to support long-term investment, strengthen business con dence and create signi cant opportunities for the real estate and infrastructure sectors.

- INDUSTRY STRUCTURE AND DEVELOPMENTS

Indian Real Estate Industry

The Indian real estate sector continued to demonstrate resilience during FY 2025 26 and remained one of the key pillars of the countrys economic growth. Supported by favourable macroeconomic conditions, rapid urbanisation, infrastructure expansion and policy reforms, the sector maintained healthy momentum across residential, commercial, retail and mixed-use developments. The industry continued to strengthen its position as one of Indias largest employment generators while creating signi cant demand across numerous allied industries.

Key industry developments during the year are as follows :

Signi cant Contribution to the Economy: The real estate sector continued to contribute nearly 7 8% of Indias Gross Domestic Product (GDP) and is expected to increase its contribution to 13 15% by 2030. The market is projected to reach US$1 trillion by 2030, highlighting its strategic importance in Indias long-term economic development.

Transition to an Organised Industry: Over the last few years, the sector has evolved from a largely fragmented & sentiment-driven market into a more organised, transparent and professionally managed industry. Regulatory reforms have strengthened governance standards and enhanced the credibility of organised developers.

Impact of Regulatory Reforms: The implementation of the Real Estate (Regulation and Development) Act (RERA), Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC) and the introduction of Real Estate Investment Trusts (REITs) have signi cantly improved transparency, accountability and investor con dence. These reforms have enhanced consumer protection while encouraging greater participation from institutional investors.

Institutional Investment and Capital In ows: The Indian real estate sector continued to attract investments from domestic institutions, foreign investors, private equity funds and sovereign wealth funds. The growing participation of institutional capital re ects con dence in Indias long-term economic prospects and the maturity of the organised real estate market.

Urbanisation Driving Demand: Rapid urbanisation, increasing migration towards cities, rising disposable incomes and changing lifestyle preferences continued to support demand for residential, commercial and integrated township developments. The expansion of Tier-II and Tier-III cities has also created new growth opportunities for organised developers.

Strong Linkages with Allied Industries: The real estate sector continued to support more than 250 allied industries, including cement, steel, paints, electrical equipment, banking, nance, logistics and construction materials, making it one of the largest multipliers of economic activity and employment generation.

Technology and Sustainability: Developers increasingly adopted digital technologies, PropTech solutions, arti cial intelligence, Building Information Modelling (BIM) and modern construction techniques to improve operational e ciency and customer experience. Simultaneously, growing emphasis on green buildings, energy e ciency and sustainable development continued to shape project planning and execution.

Positive Long-Term Outlook: Continued Government investment in infrastructure, improving connectivity, favourable demographics, rising housing aspirations, increasing a ordability and supportive policy measures are expected to sustain long-term growth across the Indian real estate sector.

The Indian real estate industry is expected to remain on a strong growth trajectory, supported by robust economic fundamentals, increasing urbanisation, favourable demographics, improving regulatory environment and sustained public and private investments. These structural drivers are expected to create signi cant opportunities for organised and professionally managed real estate developers in the years ahead.

Residential Real Estate

The Indian residential real estate sector maintained strong momentum during FY 2025 26, supported by favourable macroeconomic conditions, lower borrowing costs, stable in ation and sustained housing demand across major metropolitan cities. The sector continued to bene t from rising urbanisation, increasing household incomes, favourable demographics and evolving consumer preferences towards larger, better-quality homes.

Key developments during the year are as follows:

Sustained Housing Demand: Residential demand remained healthy across major cities, supported by stable economic growth, improving a ordability, easier access to housing nance and growing aspirations for home ownership. Homebuyers continued to prefer projects developed by organised and nancially strong developers with proven execution capabilities.

Shift Towards Premium Housing: The residential market witnessed a continued shift towards premium and luxury housing. Homes priced above 1 crore accounted for nearly half of the total residential sales across major cities, re ecting increasing demand for larger homes, superior amenities and integrated lifestyle developments.

Changing Consumer Preferences: Buyers increasingly prioritised spacious layouts, modern amenities, sustainable construction, wellness features, security and integrated township developments. Demand for branded developments o ering enhanced lifestyle experiences continued to strengthen during the year.

Supportive Interest Rate Environment: The cumulative reduction in the policy repo rate by the Reserve Bank of India resulted in lower home loan interest rates across nancial institutions, improving housing a ordability and encouraging both rst-time homebuyers and existing homeowners to upgrade to larger residences.

Steady Growth in Housing Finance: Housing nance activity remained robust during the year, re ecting continued con dence among nancial institutions and sustained demand from homebuyers. Easy availability of credit and competitive lending rates supported healthy residential sales across various market segments.

Growing NRI Participation: Demand from Non-Resident Indians (NRIs) continued to remain strong, supported by favourable exchange rates, enhanced regulatory transparency, improved digital transaction platforms and long-term con dence in the Indian real estate market. Premium apartments, villas and branded residences continued to attract signi cant NRI investments.

Price Appreciation: Residential property prices recorded healthy appreciation across several key cities, supported by strong end-user demand, rising land costs, higher construction expenses and limited inventory in premium micro-markets. Despite price increases, demand remained resilient due to improving income levels and favourable nancing conditions.

Positive Long-Term Outlook: Continued urbanisation, nuclear family growth, favourable demographics, Government support for housing, infrastructure development and increasing a ordability are expected to sustain long-term demand for residential real estate. Organised developers with strong execution capabilities, quality products and customer-centric o erings are expected to be the primary bene ciaries of this structural growth.

The residential real estate sector continues to present signi cant long-term growth opportunities. Strong economic fundamentals, supportive Government policies, improving infrastructure, increasing urban migration and evolving homebuyer preferences are expected to drive sustained demand across both mid-income and premium housing segments, providing a favourable operating environment for organised real estate developers.

Key Growth Drivers of the Indian Real Estate Sector

The long-term outlook for the Indian real estate sector continues to remain positive, supported by strong structural fundamentals and sustained policy support. The following factors are expected to drive the sectors growth over the coming years:

Rapid Urbanisation: Indias urban population continues to expand, resulting in increased demand for residential housing, commercial developments, retail spaces and integrated townships. The emergence of Tier-II and Tier-III cities as economic centres is further widening the growth opportunities for organised developers.

Favourable Demographics : A young working population, increasing nuclear families and rising home ownership aspirations continue to generate sustained housing demand across a ordable, mid-income and premium segments.

Infrastructure Development : Continued Government investment in highways, metro rail, airports, industrial corridors, logistics parks and smart cities is improving connectivity and enhancing the development potential of new residential and commercial corridors.

Increasing Disposable Incomes: Rising household incomes, improving employment opportunities and growth of the middle-income population are strengthening purchasing power and supporting demand for quality housing and commercial real estate.

Improving Housing Finance: Better access to institutional nance, competitive home loan interest rates and wider availability of housing credit continue to improve a ordability and encourage home ownership.

Regulatory Reforms: Progressive reforms such as RERA, GST, digitisation of land records, REITs and improved approval mechanisms have enhanced transparency, strengthened investor con dence and promoted organised development across the sector.

Institutional Investments: Continued participation by private equity funds, sovereign wealth funds, pension funds and foreign investors is providing long-term capital for quality real estate projects while improving governance standards within the industry.

Technology and Sustainability: Increasing adoption of PropTech solutions, digital customer engagement, Building Information Modelling (BIM), modern construction technologies and environmentally sustainable building practices is improving project e ciency and enhancing customer experience.

The combined impact of these structural drivers is expected to support sustainable growth across the Indian real estate sector, creating long-term opportunities for organised developers with strong execution capabilities, prudent nancial management and customer-centric business models.

Commercial Real Estate

The Indian commercial real estate sector continued to witness strong growth during FY 2025 26, supported by sustained demand for Grade-A o ce spaces, expansion of Global Capability Centres (GCCs), and increasing adoption of exible workspace models. India continued to strengthen its position as a preferred global business destination owing to its skilled workforce, cost competitiveness and improving business environment.

Key developments during the year are as follows:

Record O ce Leasing Activity: The commercial o ce market recorded its strongest performance in recent years, with gross leasing activity reaching new highs across major cities. Demand remained concentrated in key o ce markets such as Bengaluru, Mumbai, Hyderabad, Delhi-NCR, Pune and Chennai.

Dominance of Global Capability Centres (GCCs): GCCs emerged as the largest demand driver for o ce space, accounting for a signi cant share of total leasing activity. Multinational corporations continued to expand their presence in India by establishing centres for technology, engineering, analytics, nance and business operations.

Shift Towards High-Quality Workspaces: Demand continued to be skewed towards Grade-A o ce spaces o ering superior infrastructure, energy e ciency, wellness features and integrated campus environments, re ecting the evolving expectations of global occupiers.

Growth of Flexible Workspaces: The exible workspace segment witnessed strong expansion as companies increasingly adopted hybrid working models. Co-working and managed o ce spaces gained traction among both startups and large enterprises seeking operational exibility and cost e ciency.

Improving Occupancy Trends: O ce vacancy levels in major cities moderated due to healthy leasing momentum and limited new supply in select micro-markets, resulting in improved absorption and stronger market fundamentals.

Technology and Future-Ready O ces: Occupiers increasingly prioritised technologically enabled o ce spaces with advanced digital infrastructure, automation, smart building systems and sustainability features.

Positive Long-Term Outlook : Continued expansion of GCCs, growth in the IT/ITES sector, increasing foreign investments and Indias position as a global outsourcing hub are expected to support sustained demand for commercial o ce space in the long term.

The Indian commercial real estate sector remains well positioned for sustained growth, supported by structural shifts in global business operations, increasing enterprise expansion and continued preference for India as a global delivery and innovation hub.

Infrastructure & Construction Sector

The infrastructure and construction sector continued to be one of the principal drivers of Indias economic growth during FY 2025 26. Sustained Government capital expenditure, expanding urban infrastructure and increasing private sector participation supported robust construction activity across transportation, housing, industrial and commercial infrastructure. The sector also continued to play a crucial role in enhancing connectivity, attracting investments and creating long-term value for the real estate industry.

Key developments during the year are as follows:

Continued Government Capital Expenditure: The Government maintained a strong focus on infrastructure creation through sustained investments in roads, highways, expressways, railways, metro rail networks, airports, ports and urban infrastructure. Higher capital expenditure continued to stimulate economic activity while generating signi cant opportunities for the construction and real estate sectors.

Integrated Infrastructure Development: Flagship programmes such as PM Gati Shakti, National Infrastructure Pipeline (NIP), Bharatmala Pariyojana, Sagarmala Programme, Smart Cities Mission and AMRUT continued to improve multimodal connectivity, logistics e ciency and urban infrastructure across the country. These initiatives are facilitating balanced regional development and unlocking new growth corridors.

Urban Infrastructure Expansion: Continued investments in metro rail systems, yovers, water supply networks, sewerage systems, smart mobility solutions and other civic infrastructure improved the liveability of urban centres while enhancing the development potential of surrounding residential and commercial areas.

Growth in Industrial and Logistics Infrastructure: Expansion of industrial corridors, logistics parks, warehousing facilities, data centres and manufacturing clusters under the Governments industrial development initiatives continued to create additional demand for commercial, residential and supporting infrastructure.

Technology-led Construction Practices: The sector witnessed increasing adoption of advanced construction technologies, Building Information Modelling (BIM), digital project management systems, prefabrication techniques and sustainable construction practices. These innovations are improving project planning, execution e ciency, cost optimisation and quality standards.

Private Sector Participation: Continued participation by private developers, institutional investors and public-private partnerships (PPPs) complemented Government investments, accelerating the execution of large-scale infrastructure projects and improving asset creation across various sectors.

Positive Outlook: Continued emphasis on infrastructure development in successive Union Budgets, combined with Indias urbanisation, industrialisation and growing economic activity, is expected to sustain long-term demand for engineering, construction and real estate development. Enhanced connectivity and modern infrastructure are also expected to support appreciation in land values and create new opportunities for organised developers.

The Companys management believes that continued investments in infrastructure, coupled with favourable Government policies and rapid urbanisation, will remain key enablers for the long-term growth of the real estate and construction sectors. Improved connectivity, integrated urban planning and enhanced civic infrastructure are expected to create sustainable development opportunities across existing and emerging markets.

Government Initiatives & Policy Support

The Government of India continued to introduce and strengthen policy measures aimed at enhancing transparency, improving ease of doing business and accelerating the growth of the real estate and infrastructure sectors. Continued emphasis on a ordable housing, urban infrastructure, digital governance and regulatory reforms has signi cantly strengthened the long-term outlook of the industry.

Major policy initiatives and their impact are summarised below:

National Real Estate Policy: The proposed National Real Estate Policy seeks to streamline project approvals through a single-window clearance mechanism, reducing approval timelines and improving project execution e ciency. The policy also promotes sustainable and green building practices through various incentives, encouraging environmentally responsible development.

Income Tax Relief and Housing Demand: The Union Budget 2025 26 introduced income tax rationalisation measures aimed at increasing disposable income, particularly for salaried individuals. Higher disposable income is expected to strengthen home-buying sentiment and support sustained demand across the residential housing market.

SWAMIH Fund: The Government continues to support the completion of stalled residential projects through the Special Window for A ordable and Mid-Income Housing (SWAMIH) initiative. Completion of such projects is expected to restore homebuyer con dence, improve liquidity in the sector and strengthen the credibility of organised developers.

Digitisation of Land Records: Ongoing initiatives towards digitisation of land records and modernisation of property registration systems are expected to improve transparency, reduce title-related disputes and facilitate faster property transactions. These reforms are likely to improve the overall ease of doing business in the real estate sector.

Regulatory Reforms: Continued implementation of the Real Estate (Regulation and Development) Act (RERA), Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC) and the Real Estate Investment Trust (REIT) framework has strengthened regulatory oversight, improved project accountability and enhanced investor as well as consumer con dence.

Infrastructure-led Urban Development: Continued investments under agship programmes such as PM Gati Shakti, Smart Cities Mission, AMRUT, Bharatmala Pariyojana and the National Infrastructure Pipeline (NIP) are improving urban infrastructure, connectivity and regional development. These initiatives are expected to generate long-term demand for residential, commercial and mixed-use developments.

Promotion of Sustainable Development: The Government continues to encourage environmentally sustainable construction through green building initiatives, energy-e cient infrastructure and climate-resilient urban planning. These measures are expected to promote responsible development while supporting Indias long-term sustainability objectives.

The continued focus on regulatory reforms, infrastructure development, housing promotion and digital governance is expected to strengthen the long-term growth prospects of the Indian real estate sector. These initiatives provide a stable and transparent business environment while creating signi cant opportunities for organised developers with strong execution capabilities and sound corporate governance.

Company Outlook

Indias real estate and infrastructure sectors continue to o er signi cant long-term growth opportunities, supported by sustained economic expansion, rapid urbanisation, increasing infrastructure investments, favourable demographics and proactive government initiatives. The Companys diversi ed business portfolio, strong execution capabilities and disciplined nancial management position it well to capitalise on these emerging opportunities.

Shradha Realty Limited remains focused on delivering quality developments through timely execution, operational excellence and prudent capital allocation. With a balanced presence across real estate development and infrastructure projects, the Company is well positioned to bene t from increasing demand for residential, commercial and infrastructure assets.

The Company continues to strengthen its project pipeline, optimise operational e ciencies and adopt sustainable development practices while maintaining high standards of corporate governance and customer satisfaction. Supported by its experienced management team, strategic business approach and robust nancial position, the Company remains con dent of creating long-term value for its stakeholders while contributing to Indias infrastructure and urban development journey.

Signi cant Corporate Development

Change of Corporate Name: E ective February 3, 2026, the Company changed its name from Shradha Infraprojects Limited to Shradha Realty Limited, re ecting its strategic focus and evolving business pro le.

Rights Issue: During the nancial year, the Company successfully completed a Rights Issue of equity shares, strengthening its capital base and supporting its long-term growth objectives. Detailed information regarding the Rights Issue is provided in the Boards Report.

- COMPANYS VISION

At Shradha Realty Limited, our vision is to be a trusted leader in the infrastructure and real estate development sector, committed to building sustainable, innovative, and integrated spaces that enhance quality of life and contribute to Indias growth story.

We aspire to:

Deliver excellence in construction through quality, transparency, and on-time project execution.

Foster urban transformation by developing landmark residential, commercial, and infrastructure projects.

Champion sustainable and green development, aligned with national priorities and global best practices.

Cultivate enduring relationships with customers, partners, and stakeholders based on integrity & value creation.

Emerge as a preferred infrastructure partner across urban and semi-urban regions, driving regional progress.

On the occasion of completing 27 years in business, we take this opportunity to thank every individual and stakeholder who has contributed to this success story.

Company Strengths

Shradha Realty Limited possesses a strong foundation of core competencies, strategic foresight, and operational excellence that enable it to stand out in Indias dynamic infrastructure and real estate sector. The Companys strengths continue to drive sustainable growth, stakeholder con dence, and long-term value creation.

1. Proven Execution Capabilities

Timely completion of complex infrastructure and real estate projects across Maharashtra and central India.

Strong project management practices, adherence to quality benchmarks, and use of modern construction technology.

ANNUAL REPORT 2026

2. Regional Leadership and Market Knowledge

Deep-rooted presence and strong brand recall in Nagpur and adjoining regions.

Intimate knowledge of local real estate demand, land dynamics, and customer preferences.

3. Diversi ed Portfolio

Balanced mix of residential, commercial, and infrastructure development projects.

Participation in government-led infrastructure initiatives alongside private sector ventures.

4. Financial Discipline and Transparency

Focus on prudent nancial management, low gearing levels, and disciplined capital allocation.

Commitment to corporate governance, timely disclosures, and regulatory compliance.

5. Customer-Centric Approach

Consistent focus on customer satisfaction, timely delivery, and after-sales service.

Reputation for delivering value-driven developments tailored to modern lifestyle needs.

6. Strategic Land Bank

Access to a strategically located and titled land bank for future development across growth corridors.

Enables faster project rollout and ensures cost e ciency.

7. Experienced Management Team

Visionary leadership supported by a quali ed and experienced management team.

Deep industry knowledge and ability to navigate regulatory, operational, and market complexities.

8. Alignment with National Priorities

Project strategies aligned with initiatives such as Housing for All, Smart Cities, and Gati Shakti.

Focus on infrastructure-led development to contribute meaningfully to Indias growth.

- OPPORTUNITIES AND CHALLENGES

Opportunities

1. Robust Policy Support

Initiatives like Gati Shakti, National Infrastructure Pipeline (NIP), Smart Cities Mission, and AMRUT o er vast opportunities in urban infrastructure, housing, transport, and smart utilities.

2. Rising Urbanization & Housing Demand

Rapid urban migration and rising middle-class aspirations are fueling demand for a ordable and mid-income housing, especially in Tier-II and Tier-III cities.

3. Public-Private Partnerships (PPPs)

Enhanced government focus on PPP models provides a structured and scalable opportunity for private players to partner in large infrastructure projects across roads, metros, and logistics.

4. Asset Monetisation and InvITs

Governments National Monetisation Pipeline and growing acceptance of REITs/InvITs enable asset recycling and long-term capital infusion for infrastructure developers.

5. Digital & Green Infrastructure

Growth of 5G, logistics tech, green energy, and climate-resilient infrastructure is creating new verticals for innovation and investment.

6. Increased FDI & Global Investment

Continued interest from sovereign wealth funds and infrastructure-focused global investors provides access to capital and strategic partnerships.

Challenges

1. Land Acquisition and Regulatory Hurdles

Delays in land acquisition, project approvals, and environmental clearances continue to a ect timelines and project viability.

2. Rising Input Costs and In ation

Volatility in prices of cement, steel, labor, and fuel increases construction costs and compresses margins.

3. Financing Constraints

High cost of borrowing, limited availability of long-term nance, and dependence on NBFCs pose funding risks for mid-sized developers.

4. Execution and Time Overruns

Logistical ine ciencies, local disruptions, and lack of skilled labor can lead to project delays and higher operating costs.

5. Regulatory Compliance Burden

Complying with evolving environmental, safety, RERA, and ESG norms demands dedicated investment and process reforms.

6. Competition and Pricing Pressure

Intense competition in real estate and infra EPC segments puts pressure on pro tability and requires di erentiation through quality and service delivery.

By strategically leveraging the policy environment, institutional support, and evolving market demands, Shradha Infraprojects Limited aims to mitigate these challenges and convert them into opportunities for sustained growth and value creation.

- KEY DEVELOPMENTS IN FY 2025-26

During the year FY 2025-26, the work of Re sectioning of the disturbed dam pro le of Ravishankar Sagar Dam Gangrel .Chhattisgarh, India as per the order received from M/s Chakradhar Contractors & Engineers Pvt. Ltd., is in progress.

The Construction of Four- Lane "Western Side Spur of Rampur Rudrapur Section Connecting NH-24 to NH-87 by passing Rampur Town" (Design Km 00+000) to (Design Km 13 + 700) on EPC Mode in the State of Uttar Pradesh for a consideration of Rs. 221.46 Crores, as awarded from National Highway Authority of India to Digvijay Construction Private Limited and further sub-contracted to M/s Digvijay Shradha Infrastructure Private Limited [Fellow Subsidiary of Shradha Infraprojects Limited] vide Sub Contract agreement is in process

During the year FY 2023-24 M/s Active Infrastructures Private Limited (unlisted material subsidiary Company )has entered into various sell agreements with the parties for sale of property owned by the Company situated at "Riaan Towers", at Dr. Rangilal Marg, Mangalwari Bazar Road, Sadar, Nagpur.

The work of the new Residential Group Housing Scheme in the name of Abhiman Niwas which is a 7 Towers (i.e. 4 no. towers 1BHK and 3 no. Towers - 2 BHK) scheme in the prime location situated at Isasani, Hingna, Nagpur is in process