Shreeji Shipping Global Ltd Management Discussions

Pursuant to Regulation 34(2)(e) and Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

In compliance with Regulation 34(2)(e) read together with Schedule V (B) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the Listing Regulations) and the provisions of the Companies Act, 2013 (the Act), the management of Shreeji Shipping Global Limited (Shreeji or the Company) is pleased to present herewith the Management Discussion and Analysis (MD&A) Report for the Financial Year ended 31 st March, 2026. The Previous FY 2024-2025 refers to the period from 11 th April, 2024 (date of conversion of the erstwhile partnership firm into the Company) to 31 st March, 2025 and is therefore not strictly comparable with Current FY 2025-2026.

This report should be read in conjunction with the Standalone and Consolidated Financial Statements of the Company, the Boards Report, and other corporate governance and statutory declarations annexed within this Annual Report.

• COMPANY OVERVIEW:

Shreeji Shipping Global Limited formerly known as Shreeji Shipping Global Private Limited was founded in 1995 as a partnership firm and has evolved into one of Indias leading maritime logistics companies. Founded as a family-led partnership over 30 years ago, the Company pioneered dry bulk cargo handling at anchorage, particularly at draft-restricted minor ports, and steadily scaled its operations across the western coastline of India and select international locations.

To support our next voyage of structural expansion, the business was converted into a corporate entity, culminating in our milestone listing on public stock exchanges in FY 2025-2026. Today, we are a proven, industry-leading force in shipping and logistics.

Business Model & Services

The Company provides shipping and logistics solutions for dry bulk cargo at all-weather and seasonal ports and jetties across India and Sri Lanka, with a primary focus on the West Coast of India. Our service delivery model is entirely self-reliant:

• Cargo Handling Services Including Ship-to-Ship (STS) Lighterage, Stevedoring and other Cargo Management Services

• Transportation Inland transportation of bulk cargo including Port to premise drop-off and vice versa.

• Fleet Chartering & Equipment Rentals On-demand vessel and equipment charter services

• Other Operational Services Including Sale of Scrap and other sundry activities.

This closed-loop model allows us to offer unmatched execution

certainty and minimized transit turnarounds, positioning us as

the preferred logistics partner.

Fleet & Infrastructure (as of 31st March, 2026)

• Marine Fleet: 90+ vessels including barges, MBCs, tug boats, and floating cranes

• Shore Handling Equipment: 370+ equipment including material handling machines and excavators tippers

• Ports served: We operate in both all-weather ports and seasonal ports (which are operational during nonmonsoon) in India and Sri Lanka.

• GLOBAL ECONOMY OVERVIEW:

The global economy continued to demonstrate resilience in 2026 despite a challenging operating environment characterised by geopolitical tensions, evolving trade policies, elevated uncertainty and disruptions to energy and transportation networks. According to the International Monetary Fund (IMF), global economic growth is projected at 3.0% in 2026 and 3.4% in 2027, with the outlook reflecting a combination of moderating economic activity, continued investment in technology and artificial intelligence, and the impact of geopolitical and trade-related developments. At the same time, global inflationary pressures remain a concern, particularly in economies exposed to higher energy, transportation and commodity costs.

Global energy market stress eased in June, 2026 as progress in U.S.-Iran negotiations helped moderate crude oil prices. Nevertheless, ongoing disruptions to oil production and shipping through the Strait of Hormuz, together with persistent geopolitical uncertainties, pose risks to global growth and inflation. Brent crude prices, which had surged above USD 120 per barrel at the peak of the crisis in April, declined to below USD 80 per barrel in June, averaging USD 89.4 per barrel as of 23 rd June 2026. Nevertheless, the continued disruption of shipping through the Strait of Hormuz and uncertainty surrounding regional energy supplies underscore the fragility of the recent correction in oil prices and broader market sentiment.

Despite the recent correction in oil prices, vulnerabilities in global energy markets have not ended. The June, 2026 Short-Term Energy Outlook (STEO) from the U.S. Energy Information Administration (EIA) projects a more prolonged disruption to oil production than anticipated in its April and May assessments. Forecasts of crude oil production shut-ins have been revised upwards across the

projection horizon, reflecting expectations of continued constraints on oil production and transportation in the Middle East. As a result, global crude inventories are expected to remain under pressure in the near term, even as shipping and production conditions gradually normalise. Consequently, while easing energy prices and improving supply-chain conditions provide some relief to the global growth and inflation outlook, geopolitical developments in West Asia and tight inventory conditions may continue to pose risks to both these critical macro variables.

!Source:https://dea.aov.in/files/monthlv economic report documents/Monthly%20Economic%20Review%20 June%202026.pdf}

I nternational trade has remained an important support for global economic activity, although the pace of expansion is expected to moderate. The World Trade Organization (WTO) has projected global merchandise trade volume growth of 1.9% in 2026, compared with 4.6% in 2025, reflecting the impact of tariff measures, trade-policy uncertainty and the gradual normalisation of trade following the front-loading of imports ahead of anticipated tariff increases. Nevertheless, continued growth in technology-related trade and adaptation of global supply chains are providing some offset to these pressures. {Source: https://www.wto.ora/enalish/res e/ booksp e/gtos0326 e.pdf}

The global maritime industry continues to play a critical role in supporting international trade, with more than 80% of global merchandise trade by volume transported

by sea. {Source: https://unctad.org/news/shipping-data- unctad-releases-new-seaborne-trade-statistics}.

While maritime trade has remained resilient, UNCTAD expects global seaborne trade growth to remain moderate, with total seaborne trade projected to grow at an average annual rate of approximately 2% during

2026-2030. {source: https://unctad.org/publication/

review-maritime-transDort-2025}.

The outlook remains influenced by trade-policy uncertainty, subdued industrial activity in some major economies, changing trade routes and the continuing reconfiguration of global supply chains.

The shipping industry is also operating against a backdrop of significant geopolitical and regulatory changes. The International Chamber of Shipping (ICS), in its 2025-2026 Maritime Barometer, identified geopolitical instability as the leading risk facing the maritime industry, alongside regulatory uncertainty, cybersecurity risks and economic volatility. Changing geopolitical relationships, trade restrictions and supply- chain diversification are contributing to the emergence of new trading relationships and shipping corridors, while tariffs, export controls and economic-security considerations are encouraging businesses to reassess sourcing, manufacturing and transportation strategies.

{Source: https://www.ics-shipping.org/press-release/

new-ics-maritime-barometer-report-reveals-geopolitical- instability-as-defining-force-shaping-global-shipping/}

Against this backdrop, the global shipping industry is witnessing a combination of opportunities and challenges. Growth in international trade, continued expansion of seaborne cargo volumes, increasing supply-chain diversification and the emergence of new trade corridors provide opportunities for maritime transportation. At the same time, geopolitical disruptions, tariff-related trade fragmentation, higher operating and compliance costs, changing trade routes and uncertainty in global demand may affect cargo flows and freight-market conditions. The resilience of global trade and the strategic importance of maritime transportation are therefore expected to remain key factors shaping the global shipping industry in the period ahead.

• INDIAN ECONOMY OVERVIEW:

India transitions towards a high-growth and resilient economy

During FY 2025-2026, the Indian economy has demonstrated exceptional macro-economic stability and remarkable resilience, continuing to serve as the fastest-growing major economy globally. Supported by robust domestic demand, sustained public infrastructure spending, and a revival in private capital expenditure, India recorded a Real GDP growth rate of 7.4% and Gross Value Added (GVA) growth of 7.3%

Infrastructure & High-Speed Corridors: Government capital expenditure remained a core driver, with highspeed road corridors expanding nearly ten-fold from 550 km (FY 2014) to 5,364 km (FY 2026, up to December) and over 3,500 km of railway tracks targeted for addition during FY 2026 as per the Economic Survey 2025-2026.

Manufacturing Expansion: Supported by Production- Linked Incentive (PLI) schemes across 14 sectors—which attracted over 2.0 lakh crore in actual investment— manufacturing GVA accelerated to 9.13% in Q2 FY 2026, fueling inbound and outbound bulk freight demand

External Sector Balance & Forex Security: India maintained strong external buffers with foreign exchange reserves touching $701.4 Billion (providing 11 months of import cover and 94% of external debt cover), alongside record service exports ($387.6 Billion) and remittances ($135.4 Billion)

{Source: https://www.pib.gov.in/PressReleasePage. aspx Rs.PRID=2219907®=48&lang=2 }

Inflation and Monetary Conditions: Stable headline inflation enabled balanced monetary policies, fostering predictable borrowing costs and sustained industrial activity{Source: Reserve Bank of India Monetary Policy & Publications}.

• INDUSTRY STRUCTURE, DEVELOPMENTS & OUTLOOK: SHIPPING, PORTS, AND LOGISTICS:

The shipping, ports, and logistics sector serves as the backbone of Indias international and domestic trade. In FY 2025-2026, the sector witnessed record operational performance, structural policy reforms, and accelerated adoption of digital frameworks.

A. Ports & Terminal Infrastructure

During FY 2025-2026, non-major ports handled approximately 753.07 Million Tonnes (MT) of cargo, compared with 742.41 MT in FY 202425, representing a year-on-year growth of approximately 1.44%. Overseas cargo accounted for 612.02 MT, while coastal cargo accounted for 141.05 MT, demonstrating the continued importance of non-major ports in both international and domestic maritime cargo movement. {Source: https://www. businessworld.in/article/carao-arowth-at-non-maior- ports-slows-in-fy26-despite-hiaher-volumes-605748

• Gujarat- a key non-major port market:

Gujarat continues to be the leading state in terms of cargo handled through non-major ports. During FY 2025-26, non-major ports in Gujarat handled approximately 484 MMT of cargo and accounted for around 64% of cargo handled by non-major ports in India. Gujarats strong maritime position is supported by its extensive coastline, industrial hinterland, proximity to major consumption and production centres and significant private-sector participation in port infrastructure. {Source: https:// gmbports.org/overviewl. The concentration of nonmajor port activity in Gujarat is particularly relevant to the Company, given its established presence in Gujarat and its focus on port-based stevedoring, midstream lighterage and allied cargo-handling services.

• Cargo profile and dry-bulk opportunity:

Non-major ports continue to play an important role in the movement of bulk commodities. During FY 2025-26, coal remained the largest cargo category handled at non-major ports, with approximately 202.78 MT, representing 26.93% of total cargo. POL and crude products accounted for approximately 196.75 MT, while container cargo accounted for approximately 161.64 MT. Fertiliser cargo recorded particularly strong growth during the year. {Source: https://www.businessworld.in/article/carao-arowth- at-non-maior-ports-slows-in-fv26-despite-hiaher- volumes-605748 }

• Capacity augmentation and modernisation:

The development of non-major ports is increasingly supported by investments in berths, cargohandling infrastructure, mechanisation, dredging, connectivity and technology-enabled port operations. In Gujarat, the capacity of non-major

ports was approximately 598.01 MT, with cargohandling capacity and utilisation continuing to support the States position as Indias leading nonmajor port market.

{Source:https://shipmin.aov.in/sites/default/files/ Update%20on%20the%20Indian%20Port%20 Sector%20April-Sept%202025.%20%281%29.pdf}

The broader policy framework is also encouraging private-sector participation and the development of efficient port infrastructure

• Record Cargo Volumes:

Indias Major Ports collectively achieved a landmark throughput of 915.17 Million Tonnes (MT) in FY 2025-2026, surpassing the annual target of 904 MT with a 7.06% year-on-year growth {Source: https://www.pib.aov.in/PressReleasePaae.

aspx Rs.PRID=2249113&rea=3&lana=2#:~:text=This%20 milestone%20underscores%20the%20impact%20of%20 transformative,unwaverina%20commitment%20to%20 strenathenina%20Indias%20maritime%20sector}.

B. Logistics & Supply Chain Integration

• PM Gati Shakti & National Logistics Policy (NLP): Integrated planning across road, rail, air, and waterways improved last-mile connectivity, successfully reducing overall logistics costs as a percentage of GDP {Source: https://www.dpiit.aov. in/offerinas/initiative/details/pm-aati-shakti-and- related-portals-initiatives-vMiMIETMtOWa}

• Logistics Port Performance Index (LPPI): The implementation of benchmarking systems like the LPPI under the Sagar Aankalan framework enhanced port turnaround times, vessel dwell times, and operational transparency across liquid, dry, and containerized cargo.

• Multimodal Logistics Parks (MMLPs): Accelerated buildouts of dedicated freight corridors and MMLPs facilitated seamless rail-to-port modal shifts, easing highway congestion.

C. Shipping & Coastal Maritime Strategy

• Fleet Expansion & Flagging Reforms: Simplified digital vessel registration modules (such as the e-Samudra platform) strengthened the domestic flagging ecosystem and encouraged fleet modernization.

• Maritime Amrit Kaal Vision 2047: Policy initiatives incentivized green shipping, ship recycling, and domestic shipbuilding through targeted credit schemes and scrap-value incentives {Source: https://shipmin.gov.in/sites/default/files/ Maritime%20Amrit%20Kaal%20Vision%202047%20 %28MAKV%202047%29 compressed.pdf.

• Coastal Shipping & Inland Water Transport (IWT): Utilization of coastal routes and National Waterways

expanded for bulk movement (coal, cement, steel), offering cost-effective and lower-carbon transport alternatives.

Relevance with Nature of business of the Company -Shreeji -

The Company is primarily engaged in stevedoring, midstream lighterage and allied port-handling activities for dry-bulk cargo at ports and jetties in India and Sri Lanka, with coastal cargo movement commencing during the year through the IFSC subsidiary as well as with its own coastal vessels. The Company does not operate ocean-going vessels on international shipping lines, and international freight and charter-rate cycles accordingly do not affect its earnings directly. Demand for the Companys services is driven principally by dry-bulk cargo volumes at the ports it serves - predominantly commodities such as coal, pet coke and sulphur, whose movement is comparatively resilient across economic cycles - and by the mix of geared and gearless vessels calling at those ports, which determines the requirement for the Companys floating cranes.

Outlook

The medium-to-long-term outlook for Indias shipping, ports, and logistics sector remains highly favorable. Supported by strong domestic economic fundamentals, government policy momentum under the Maritime Amrit Kaal Vision 2047, and continuous infrastructure investments, the sector is well- positioned to drive Indias trade expansion and enhance global supply chain competitiveness.

For the Company, the outlook is particularly supported by the continued importance of non-major and tidal ports, especially in Gujarat, which remains the largest non-major port market in India. The Governments policy emphasis on coastal shipping, port modernisation, multimodal connectivity and private-sector participation is expected to support the gradual expansion of cargo volumes and marine logistics activity across these ports.

The Company enters FY 2027 with a materially larger owned fleet, a net-cash balance sheet, tonnage-tax efficiency, an extended international engagement and a defined pipeline of growth initiatives. Managements priorities for the year include:

o scaling coastal cargo movement through the IFSC subsidiary as a core business, building on the deployment of MV SJ Lily;

o commencement and ramp-up of floating-crane lighterage operations at Syama Prasad Mookerjee Port, Kolkata from Q1 FY 2027;

o delivery and deployment of three mini bulk carriers in H1 FY 2027, including two all-weather vessels expected to improve monsoon-season utilisation;

o advancing the proposed dry dock yard near Bedi Port through the remaining Central-level clearances; o progressing the evaluation of one to two jetties at strategic locations in Gujarat and Maharashtra;

o supporting the mining joint venture through its clearance milestones towards mine opening and first coal, currently anticipated in Q1 FY 2028; and

o disciplined deployment of 251.19 crore of IPO proceeds, guided by asset values and the Companys return thresholds.

The Company remains focused on leveraging its established presence in port-based marine services and its growing owned fleet to participate in the expanding coastal and non-major port ecosystem. At the same time, management remains mindful of cargo-volume variability, fuel costs, weather and monsoon conditions, regulatory and environmental clearances, infrastructure-development timelines and the progress of pending litigation, while maintaining a disciplined and conservative balance-sheet approach.

During the year under review, the Company had also got issued an industry report issued by Dun & Bradsheet which includes a detailed overview on the global economy alongwith the Overview on the Shipping, Ports and Logistics industry. The said report is available on the website of the Company at - https://www.shreejishipping.in/assets/img/ipo/Indian%20 Shipping%20and%20Logistic%20Industry%20Report.pdf

Overall, the Company believes that the structural growth in Indias maritime trade, the increasing contribution of nonmajor ports, particularly in Gujarat, the expansion of coastal cargo movement and the Governments continued focus on port-led development provide a favourable medium-to-long- term environment for its port-handling, lighterage and coastal marine logistics businesses..

• KEY GROWTH DRIVERS LED BY GOVERNMENT INITIATIVES - FOR THE SHIPPING & LOGISTICS INDUSTRY

The Indian maritime sector is undergoing a profound structural transformation, catalyzed by visionary policy frameworks, massive infrastructure outlays, and strategic legislative overhauls spearheaded by the Government of India. Designed to lower national logistics costs, optimize the multi-modal mix, and integrate India deeply into global supply chains, these government-led initiatives act as key growth drivers for the shipping and logistics industry with a key focus on infrastructure expansion, financial incentives, and digital transformation through major programs like:

i. the Sagarmala Programme- Powering Indias

Maritime Revolution

• 839 projects worth 5.79 lakh crores identified under Sagarmala, with 272 projects completed, investing 1.41 lakh crore.

• 118% growth in coastal shipping over the last decade, reducing logistics costs and emissions.

• 700% surge in inland waterway cargo movement, easing congestion on roads and railways.

• 40 lakh+ passengers benefited from Ro-Pax ferries, enhancing coastal connectivity.

• 40,000 crore budgetary support for Sagarmala 2.0, aiming to unlock 12 lakh crore in investments over the next decade.

• 9 Indian ports are among the worlds top 100, with Vizag in the top 20 container ports globally.

• Sagarmala Startup Innovation Initiative (S2I2) to drive Research, Innovation, Startups, and Entrepreneurship (RISE) in maritime technology.

{Source: https://www.pib.gov.in/PressReleasePage.

aspx Rs.PRID=2115878&rea=48&lana=2 }

ii. the 69,725 crore Shipbuilding Financial

Assistance Scheme- Setting Sail Indias

Shipbuilding Revival

• 69,725 crore shipbuilding and maritime reform schemes unveiled in September 2025.

• Shipbuilding Financial Assistance Scheme with outlay of 24,736 crore provides financial support, ship-breaking credit notes, and steer domestic manufacturing through National Shipbuilding Mission.

• Maritime Development Fund with 25,000 crore outlay focuses on investment and interest incentivization.

• Shipbuilding Development Scheme offers capital support, risk coverage, and capacitybuilding for shipbuilding clusters with 19,989 crores outlay.

• I nfrastructure Status granted to large ships to boost the domestic shipbuilding.

{Source: https://www.pib.aov.in/PressNoteDetails.

aspx Rs.id=155540&NoteId=155540&ModuleId=3&rea=48&lana=2}

iii. the Maritime Vision 2030 & Maritime Amrit Kaal

Vision 2047 -Maritime India

• The Maritime India Vision 2030 identifies ten pivotal themes that will shape Indias journey toward becoming a global maritime powerhouse, positioning the nation at the forefront of the international landscape.

• Nearly 95% of Indias trade by volume and about 70% by value moves through maritime routes, underlining the sectors centrality to Indias economy and competitiveness.

• The Maritime India Vision 2030 charts 150+ initiatives with projected investments of 3-3.5 lakh crore, supported by a recent 69,725 crore package for shipbuilding.

• In FY 2024-25, major ports handled ~855 million tonnes of cargo, signaling robust growth in maritime trade and port efficiency.

• Maritime Amrit Kaal Vision 2047, a long-term roadmap for Indias maritime resurgence, with investments of nearly 80 lakh crore earmarked for ports, coastal shipping, inland waterways, shipbuilding, and green shipping initiatives.

{Source: https://www.pib.aov.in/PressReleasePaae.

aspx Rs.PRID=2182563&rea=48&lana=2 }

iv. Harit Sagar Guidelines & Green Tug Transition:

Policy mandates targeting zero-carbon port operations, renewable energy adoption, and sustainable harbor craft are future-proofing Indias maritime ecosystem against global environmental standards.

{Source: NITI Aavoa Transport Sector Insights, Harit Sagar - Green Port Guidelines.pdf}

v. India Takes a Major Step Towards Maritime SelfReliance with First Made-in-India EXIM Shipping Container:

Sarbananda Sonowal- Maersk places order for 1,000 additional Made-in-India containers, reaffirming confidence in Indias growing maritime manufacturing ecosystem. We are building more than shipping containers, we are building a globally competitive maritime manufacturing ecosystem for a Viksit Bharat: Sarbananda Sonowal CMPS Policy Targets Tenfold Jump in Annual Container Manufacturing Capacity upto 7.9 Lakh TEUs.

{Source: https://www.pib.gov.in/newsite/pmreieases. aspx Rs.mincode=46&rea=48&lana=2}

vi. Maritime Vision for a Green Future :

The National Green Shipping Policy is Indias strategic response to the global decarbonisation mandate, a policy blueprint designed to secure maritime growth while transitioning towards clean energy, sustainable ships and climate-resilient ports.

Key Transition Pillars: • Green Ships • Green Ports • Green Fuels • Green Technology • Green Recycling • Green Financing • Green Skill Development & Capacity Building

The future of shipping is green — by necessity, not by choice.

vii. Digital Transformation and Governance- Technological Interventions/adoption in the Maritime Training Sector

{Source: https://dama.aov.in/ download/i770724469 698b1c758fe7c konasbera- event-address-ppt-dti00226.pdf}

• CAPITAL MARKETS MILESTONE - OUR TRANSITION TO A LISTED PUBLIC ENTERPRISE:

The Financial Year 2025-2026 marks a historic milestone for the Company. Following three decades of steady growth as a trusted partnership firm, the Company successfully transitioned into a publicly listed entity in August, 2025. Our Initial Public Offering (IPO) received an overwhelming market response, raising Rs.4,107.10 million through the issuance of 1,62,98,000 equity shares (face value 10/- each) at an issue price of Rs.252 per share. Now listed on the NSE (Symbol: SHREEJISPG) and BSE (Scrip Code: 544490), this transition has institutionalized our governance framework, broadened our capital access, and significantly enhanced our ability to dominate critical coastal corridors. Even amidst broader macroeconomic realignments in global shipping lanes, our specialized, asset-heavy business model enabled us to capitalize on emerging opportunities. Supported by our fully integrated sea-to-shore logistics loop, the Company achieved record financial performance this year.

• ANNUAL FINANCIAL PERFORMANCE:

Strategic Revenue Expansion & Capital Allocation-

Our financial strategy during our inaugural year as a listed public entity focused on capital preservation, debt optimization, and high-yield asset turnaround. Our top-line expansion was driven by scaling up volumes with existing well known industrial clients and securing strategic cargo routes along Indias coastline. Simultaneously, we deployed IPO proceeds strategically to repay part of our debts and to acquire new fleets.

Financial Summary -

Operating a 100% integrated sea-to-shore logistics loop, Shreeji has delivered record financial performance during the year under review, the Company has on consolidated basis -

Results of operations
in crore (consolidated)	FY 2025-2026	FY 2024-2025*	Change
Revenue from operations	709.38	584.08	+21.5%
EBITDA (excl. exceptional items)	243.03	191.64	+26.8%
EBITDA margin	34.26%	32.81%	+145 bps
Depreciation and amortisation	26.08	19.32	+35.0%
Finance costs	19.47	12.15	+60.3%
Profit before exceptional items and tax	197.47	160.18	+23.3%
Exceptional items	-	31.80	-
Profit before tax	197.47	191.98	+2.9%
Tax expense	44.78	48.02	-6.7%
Net profit after tax	152.70	143.96	+6.1%
Total comprehensive income	154.20	145.36	+6.1%
EPS - basic and diluted ()	9.75	10.01	-

FY2025 was a part-year period from 11 th April, 2024 (date of conversion of the erstwhile firm into a Company) and included a one-time exceptional gain of31.80 crore (pre-tax) on sale/discard of property, plant and equipment; FY2025 PAT, total comprehensive income and EPS are elevated to that extent, and FY2026 growth in those lines, adjusted for the exceptional item, is substantially higher. EBITDA = profit before exceptional items and tax + finance costs + depreciation and amortisation (includes other income).

• Total Income: reached 7,391.07 million in FY 2025-2026, representing a growth of approx 25.95%; from Rs.5,868.43 million in FY 2024-2025. This growth reflects the expansion of our coastal logistics corridors and deeper wallet shares with existing blue-chip customers.

• Profit After Tax (PAT): Recorded Rs.1,526.96 million in FY 2025-2026 in compared to 1,439.62 million in the previous FY 2024-2025 (an increase of approx. 6.07%).

• Net worth: increased from 2,535.22 million to 7,688.77 million following the fresh issue.

Key Performance Indicators :-

Sr. No. Particulars	2026	2025
GAAP Measures
1 Total Income ( million)	7391.07	5868.43
2 Revenue from Operations ( million)	7093.78	5840.82
3 Profit after tax (PAT) ( million)	1526.96	1439.62
Non-GAAP Measures
4 PAT Margin (%)	21.52%	24.65%
5 EBITDA ( million)	2430.3	1916.45
6 EBITDA Margin (%)	34.26 %	32.81%
7 Return on Equity (RoE) (%)	29.87%	56.79%
8 Return on Capital Employed (%)	20.41%	33.34%
9 Net Operating Cash Flows ( millions)	1909.90	1255.47
10 Fixed Tangible Asset Turnover Ratio (in Times)	2.11	2.42
11 Debt to Equity Ratio (in Times)	0.36	1.01
12 Debt Service Coverage Ratio (in Times)	4.63	14.57
13 Current Ratio (in Times)	2.03	0.95
Operational Measures
14 Volume of Cargo Handled (in MMTs)	16.87	15.71
15 Volume of Cargo Transported (in MMTs)	3.09	2.49
16 Number of Customers served	104	106

• DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS, ALONG WITH DETAILED EXPLANATIONS THEREOF:

Pursuant to Schedule V of the Listing Regulations, details of significant changes (i.e., 25% or more compared with the immediately preceding financial year) in key financial ratios (Consolidated), together with detailed explanations, and the change in return on net worth, are set out below. Given that FY 2025 was a part-year period and pre-dated the IPO, ratio movements this year predominantly reflect the capital event rather than operating deterioration or improvement, and should be read accordingly:

Key Financial Ratios	FY 2025-2026
Current ratio	2.03
Debt-equity ratio	0.36
Interest coverage ratio	11.14
Debtors turnover	4.32
EBITDA margin (%)	34.26
Net profit margin (%)	21.53
Return on net worth (%)	19.86
Inventory Turnover
Operating Profit Margin (%)	27.32

• STRATEGIC DEVELOPMENTS - FINANCIAL V/S. OPERATIONAL PERFORMANCE:

The Financial Year 2025-2026 has been a defining period for our Company, marked by robust, broad- based growth across both revenue and operating profit. This performance highlights the inherent strength and scalability of our integrated shipping and logistics platform. Beyond financial achievements, this year has been a period of profound strategic transformation. We executed one of our most significant fleet investments to date, secured vital tax optimization approvals, and expanded into coastal cargo movement-critical milestones in our evolution into a comprehensive maritime logistics solutions provider.

• Tonnage Tax Optimization: Secured formal approval from the Income Tax Department under Chapter XII-G (Tonnage Tax Scheme) for eligible inland vessels, effective FY 2026. This milestone significantly enhances our long-term tax efficiency, profitability, and cash flow generation.

• Strategic Entry into Coastal Movement: In FY 2026, we officially launched domestic coastal cargo operations through our wholly-owned IFSC subsidiary, Shreeji Global IFSC Private Limited. Following receipt of its final IFSCA registration, the subsidiary successfully deployed the MV SJ LILY under a time charter, marking a significant milestone in our supply chain capabilities.

• Material Fleet Expansion & Asset Scaling:

Significantly scaled our owned fleet to reinforce our asset-backed model and expand carrying capacity ahead of surging domestic demand for cargo handling and coastal logistics.

• Dominance in Midstream Lighterage: Maintained a dominant position with 63 self-propelled barges, constituting one of the largest midstream lighterage fleets in India, alongside strategic additions of new mini bulk carriers.

• Dry-Bulk Leadership in Gujarat Ports: Growth of dry-bulk cargo volumes at Indian ports, particularly Gujarats non-major ports, where the Company has a three-decade operating legacy and entrenched positions at Navlakhi, Bedi, Magdalla, Bhavnagar and Dharamtar

• STRATEGIC GROWTH INITIATIVES:

• Dry dock yard, Bedi Port: The Company intends to establish a dry dock yard in the vicinity of Bedi Port, Jamnagar. State-level clearances have been received and Central-level clearances are in process. The yard is intended to (i) build the Companys new coastal and other vessels and provide in-house drydocking for the owned fleet, reducing downtime and laid-up periods, and (ii) undertake shipbuilding and repair for third-party domestic and international shipowners. The drydock yard is currently in name of Promoter and presently ownership cannot be changed due to regulatory reasons. The Company is evaluating the optimal structure through which it will participate in and operate the yard, and any arrangements involving promoter group entities will be undertaken on arms-length terms and in full compliance with the applicable related-party framework.

• Jetty infrastructure: The Company is evaluating the development, acquisition or construction of one to two jetties at strategic locations in Gujarat and Maharashtra to deepen infrastructure-backed integration of its cargo-handling operations.

• Geographic Expansion into Eastern India:

Advanced preparations for floating crane lighterage operations at Syama Prasad Mookerjee Port, Kolkata (slated to commence full-fledged in Q3 FY 2027), successfully extending our operational footprint to Indias east coast.

• Mining joint venture - status of the Chuperbhita Simlong open-cast project: The joint venture company has made substantial progress. Approximately 1,720 hectares of land has been acquired under the Coal Bearing Areas (Acquisition and Development) Act, 1957, with possession to be taken upon completion of payments, a process presently underway, and preparation of ownership records in progress. The DGPS survey of the project area is complete, requisite maps have been prepared, and the forest and environment clearance applications are in the final stages of submission. Based on the current regulatory calendar, management expects consents to establish and operate by March, 2027, mine opening by April, 2027 and commencement of coal production by May, 2027 (Q1 FY 2028). Iry

• SEGMENT-WISE PERFORMANCE & ASSET MOAT :

The Group operates in a single business segment: Shipping & Logistics Services. During the year, the Company also undertook transactions relating to the purchase and sale of engines, which - though not in the nature of regular business operations — have been disclosed separately in segment information given their distinct nature and materiality. Geographic information is presented based on the location of customers:

Revenue from operations (in millions)	FY 2025-2026	FY 2024-2025
Sale of services - Within India	6683.69	5418.18
Sale of services - Outside India	296.31	422.64
Sale of services - IFSC unit in India	43.70	-
Sale of goods (engines)	70.08	-
Total	7093.78	5840.82

Fleets	FY 2025-2026	FY 2024-2025
Self-Propelled Barges	63	63
Mini Bulk Carriers	8	5
Floating Cranes	9	7
Tugs	11	8
Coastal Vessel	1	0

• Earthmoving Equipment: 370+ earthmoving and shore handling equipment including material handling machines, excavators and tippers.

• Expansion in Group: incorporation of Shreeji Tisha Maritime Private Limited (51% subsidiary- March, 2026).

• Cargo handled: 16.87 MMT in FY 2026 and 15.71 MMT in FY 2025

• Cargo transported: 3.09 MMT in FY 2026 and 2.49 MMT in FY 2025

• Sri Lanka: the stevedoring and lightering agreement with Ceylon Shipping Corporation Limited for coal lightering and barging operations serving the Lakvijaya Power Plant at Puttalam was extended after the year-end June, 2026 for two further contract years, from 1 st June, 2026 to 31 st May, 2028, on unchanged terms, pursuant to the approval of the Sri Lankan Cabinet of Ministers.

• OPPORTUNITIES :

• IMO Decarbonization Norms: The International Maritime Organizations push for net-zero emissions (CII and EEXI ratings) is forcing the retirement of aging, fuel-inefficient vessels.

• Demand for Energy-Efficient Assets: Shipowners investing in modern, eco-friendly mini bulk carriers (MBCs), electric/ hybrid tugs, and dual-fuel barges are capturing premium charter rates and securing long-term contracts with ESG- conscious corporate clients.

• Alternative Fuel Infrastructure & Servicing:

Capitalizing on the emerging need for green bunkering, maintenance, and technical servicing for vessels powered by green methanol, LNG, green ammonia, and hydrogen at major hub ports.

• AI & Predictive Analytics: Fleet opera tors leverag ing AI for weather routing, fuel optimization, and predictive machinery maintenance are achieving up to 10-15% reductions in fuel and operational costs.

• IoT & Telematics in Cargo Handling: Integrating real-time IoT sensors on cranes, excavators, and transshipment equipment enhances cargo turnaround times, reduces berth idle time, and prevents material degradation.

• The Indian Ports Act, 2025: Indias Bold Maritime Legislation- enacted in August 2025 that replaces outdated

provisions of the Indian Ports Act, 1908, with modern & contemporary regulations.

- i t modernizes national maritime governance, establishes the Maritime State Development Council, and mandates strict green and digital standards.

- The Act establishes Maritime State Development Council (MSDC) as a statutory consultative body to coordinate between Centre and coastal States.

- The legislation mandates Global Green Norms, Disaster Readiness for Indian Ports.

- It simplifies port procedures & digitalise operations to enhance Ease of Doing Business (EODB).

{Source: https://www.pib.gov.in/PressReleasePage. aspx Rs.PRID=2172354®=3&lang=2 }

• Maritime Development Fund (MDF): Union Budget 2025-2026 introduced an Maritime Development Fund of 25,000 crore to support ship acquisition and port infrastructure, with the goal of raising Indias share in global cargo shipping to 20% by 2047.

• Coastal Cargo Promotion Scheme: Seizing opportunities under government incentives aimed at shifting freight from road/rail to inland waterways and short-sea shipping—driving the modal target from ~6% to 12% by 2047

• CHALLENGES & THREATS :

The global shipping and logistics industry operates within a deeply complex and volatile landscape. Successfully steering through an environment shaped by shifting trade policies, regulatory changes, and fast-paced technological integration demands continuous, agile adaptation.

Key Industry Challenges and Strategic Risks:

• Variability in dry-bulk cargo volumes at the ports served, linked to commodity demand, import policies and customer dispatch programmes.

• Changes in the mix of geared versus gearless vessels calling at the ports served, which influences demand for floating-crane and lighterage services.

• Monsoon seasonality at seasonal ports affecting fleet utilisation (progressively mitigated by the induction of all-weather mini bulk carriers).

• Fuel/diesel price volatility and crewing cost inflation.

• Customer and sector concentration inherent in a B2B port-services model.

• Regulatory clearance timelines for growth projects (dry dock yard; the joint ventures mining clearances),

• OUR APPROACH TO RISK MANAGEMENT AND MITIGATION:

To ensure long-term resilience and sustained value creation, our Board of Directors has established a comprehensive Risk Management Framework. This framework incorporates structured processes, robust policies, and continuous monitoring to proactively identify, assess, and mitigate business risks—ensuring seamless adaptability to evolving risk profiles.

Nature of Risk	Concerns	Mitigation Strategy
Cargo-volume and vessel-mix risk	Demand for the Companys stevedoring, lighterage and handling services depends on dry-bulk cargo volumes at the ports served and on the mix of geared versus gearless vessels calling at those ports	The Company focus on dry bulk commodities \u2014 coal, pet coke, sulphur etc \u2014 whose movement is comparatively resilient across cycles, together with a diversified service portfolio and multi-port presence, mitigates this risk. The Company does not operate ocean-going vessels on international routes, and global freight-rate cycles do not affect its earnings directly.
Seasonality	Operations at seasonal ports are affected by the monsoon	Induction of all-weather mini bulk carriers with round-the-year plying permission, doubling the all-weather count to 4 by Q3 FY 2027
Project and regulatory- clearance risk	The dry dock yard project awaits Central-level clearances, and the mining joint ventures development schedule depends on forest, environment and consent approvals on the anticipated calendar; delays would defer the associated revenue streams	Dedicated project teams, staged capital commitment aligned to approval milestones, and conservative planning assumptions
Fuel and input costs	Bunker and diesel price volatility affects operating costs	Mitigated through contract structures and operating efficiency
Concentration risk	Dependence on key customers and on Gujarat-coast ports	Mitigated by customer additions, sector diversification and the eastern-India and coastal-movement expansion.
Foreign exchange risk	exposure arising from Sri Lanka operations and USD-denominated receivables	Monitored and managed within Board-approved parameters
Regulatory and compliance risk	The Group operates within evolving maritime, tax, labour and environmental frameworks, including the newly notified Labour Codes.	Appropriate compliance mechanisms, internal controls and standard operating procedures are implemented to ensure timely adherence to applicable requirements. The Group engages with legal, tax, labour and other subject-matter experts, wherever required, to evaluate regulatory changes and implement necessary measures.

• INTERNAL CONTROL SYSTEM AND ITS ADEQUACY:

An independent internal audit function is an important element of a companys internal control system and therefore the Company has a robust and adequate system of internal controls, designed to ensure the reliability of financial and other information, and records for preparing financial statements and other reports, thus maintaining accountability of assets which commensurate with the Companys size and complexity. It firmly believes that this provides, among other things, a reasonable assurance that transactions are executed with appropriate management authorisation and oversight.

The Companys internal control system is supplemented by a comprehensive programme of internal audits, reviewed by senior management and documented policies, guidelines, and procedures. Apart from these internal control procedures, a well-defined and established system of internal audit is in operation to independently review and strengthen these control measures, which is carried out by a reputed firm of Chartered Accountants. The audit is based on an internal audit plan which is reviewed each year in consultation with the statutory auditor of the Company and the audit committee. The conduct of internal audit is oriented towards the review of internal controls and risks in its operations. The internal audit findings provide vital inputs for risk identification and assessment.

M/s. SARDA & SARDA, Chartered Accountants (FRN: 109264W), the statutory auditors of the Company has audited the financial statements for the year under review which forms an integral part of this annual report and has issued a report as an annexure to the Audit Report on our internal control over financial reporting as defined in Section 143 of Companies Act, 2013.

Further, periodic assessment of business risks is carried out by the management and the Audit Committee of Board to identify significant risks to the achievement of our business objectives. It also ensures that the business transactions are recorded in all material, with respect to permitted preparation of financial statements in conformity with established accounting principles along with the assets of the Company being adequately safeguarded against significant misuse or loss.

• HUMAN RESOURCE MANAGEMENT:

The Companys workforce is a critical competitive differentiator in the operationally intensive port logistics business. The Company employs a multi-layered workforce comprising maritime professionals, equipment operators, logistics coordinators, and administrative staff. As of 31 st March, 2026, the Groups workforce comprised 1,913 permanent employees on its payroll, supplemented by contract crew members engaged across its operations. Our employees are the Companys most valuable asset, driving its growth through their competencies, skills, and

knowledge. Their commitment and expertise enable us to build an agile, performance-oriented organisation while delivering operational excellence and creating longterm value for all stakeholders. The idea is to provide an environment where employees find meaning in what they do while creating value for the Company. We provide our people a supportive and safe working environment while promoting inclusivity and diversity at the workplace. Our Human Resource policies are closely aligned with the overall business strategy and plays an important role in execution of business operations. Thus, we recognise the importance of well-trained and motivated employees in achieving our goals, and strive to retain talented by identifying and assigning the right person for a suitable job..

• DISCLOSURE OF ACCOUNTING TREATMENT:

The financial statements of the Company for the year under review have been prepared in accordance with the recognition and measurement principles of Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance of Regulation 33 of the Listing Regulations, as amended.

• FUTURE OUTLOOK & STRATEGIC VISION:

The strategic outlook for Shreeji Shipping Global Limited is exceptionally positive. Backed by a strong balance sheet post-IPO, we are strategically positioned to expand our maritime network. The Company enters FY 2027 with a materially larger owned fleet, a net-cash balance sheet, tonnage-tax efficiency, an extended international engagement, and a defined pipeline of growth initiatives.

By continuing to prioritize absolute asset ownership, strict compliance standards, and local social partnership, we will continue to unlock maximum value, securing high- yield, stable performance for our public shareholders..

• FORWARD-LOOKING STATEMENT:

Certain statements in this MD&A concerning our future growth prospects are forward-looking statements which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company.