Studio LSD Ltd Management Discussions

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENTS ECONOMIC OVERVIEW

The Media and Entertainment sector occupies a uniquely influential position within any economy. Few industries command comparable reach, and fewer still shape public sentiment, cultural discourse and consumption behaviour with the same immediacy. In effect, every household is a consumer of media and entertainment in one form or another.

The means of reaching audiences have transformed profoundly. What was once a roadside hoarding or a television commercial has given way to deeply embedded engagement through the internet, streaming platforms and handheld devices-a shift that has redrawn the economics of content creation, distribution and monetisation alike. This transformation is not confined to audio-visual content; the music industry has undergone an equally fundamental realignment.

At the same time, and somewhat against the digital current, live performance has re-emerged as a significant driver of value. Across the country, music has once again found its home in open grounds, intimate auditoriums, cultural festivals and community gatherings. Whether it is the energy of young audiences discovering new sounds, the devotion of spiritual congregations, or the discipline of classical performance, each stage has become a space where audiences assemble to experience art collectively. Your Company believes this convergence of digital scale and live immediacy defines the opportunity landscape for the sector in the years ahead.

ECONOMIC OVERVIEW

International Perspective - Global

Financial Year 2025-26 tested global economic resilience anew. Having absorbed the effects of elevated trade barriers and policy uncertainty over the preceding year, global activity faced a fresh shock from the outbreak of conflict in the Middle East during the year. Against this backdrop, global growth is projected to slow to approximately 3.1% in 2026, before edging up to 3.2% in 2027-levels below the average pace of around 3.4% recorded in 2024-25 and meaningfully below the 2000-2019 historical average of 3.7%. Global headline inflation, after an estimated 4.1% in 2025, is expected to tick up modestly in 2026 before resuming its decline in 2027, with pressures concentrated in emerging market and developing economies carrying pre-existing vulnerabilities.

Risks to the outlook remain weighted to the downside: a prolonged or broader conflict, deeper geopolitical fragmentation, disappointment over artificial-intelligence-driven productivity gains, or renewed trade tensions could each weaken growth and unsettle financial markets further, against a backdrop of elevated public debt and eroded policy buffers in several economies.

(Source: International Monetary Fund, World Economic Outlook, April 2026)

International Perspective - Asia and Pacific

As per the Regional Economic Outlook, Asia and Pacific, April 2026: Asias economy entered 2026 on solid ground, showing resilience despite last years trade tensions. But the war in the Middle East has triggered an energy shock that is now testing that strength. Higher oil and gas prices are pushing up inflation, widening trade gaps, and limiting governments room to respond— especially in economies that depend heavily on imported fuel.

While Asia is still set to lead global growth, the risks have clearly risen if the shock lasts longer or worsens. The moment calls for the right policy choices: protecting vulnerable people, letting prices reflect reality, maintaining peoples confidence that prices wont keep rising, and speeding up reforms that boost resilience—from stronger safety nets to cleaner, more reliable energy.

Financial markets are grappling with the ongoing war in the Middle East amid renewed inflationary pressures and rising risks of a sharper tightening in global financial conditions. Since late February, equity prices have fallen and bond yields have risen, reflecting higher energy prices and upward revisions to inflation and policy rate expectations. Emerging market assets—especially in commodity importing and more vulnerable economies—have been disproportionately affected. While market functioning has remained orderly, risks are asymmetric and could intensify if the conflict persists.

https://www.imf.org/en/publications/gfsr/issues/2026/04/14/global-financial-stability-report-april-2026

Indian Perspective

Amid this uncertain global backdrop, India continued to be a relative bright spot. The IMFs most recent assessment placed India among the few major economies to receive an upward revision to its growth forecast for 2026, reflecting strong underlying momentum carried over from 2025 and the easing of incremental U.S. tariffs on Indian exports. India is projected to register the highest GDP growth among the worlds largest economies in 2026.

Indias economy has continued to be defined by strong services exports growth, easing food inflation, resilient private consumption and continued fiscal discipline, providing a supportive macroeconomic environment through the year. Structural reforms, deregulation and continued investment in digital and physical infrastructure remain key levers for sustaining Indias medium-term growth trajectory-a trajectory that has historically supported consumer discretionary spending, including on media and entertainment, as disposable incomes rise and the middle class expands.

Amid this complex and evolving global landscape, Studio LSD navigated a challenging operating year, as reflected in the financial performance discussed later in this Report, while remaining focused on its long-term strategic priorities as a newly listed entity.

INDUSTRY OVERVIEW

Indias Media and Entertainment (M&E) industry continued its growth trajectory in calendar year 2025, expanding by 9% to reach Rs. 2.78 trillion, as per the FICCI-EY Media & Entertainment Report 2026, supported primarily by digital media, advertising and live experiences.

The sector continues to evolve, with a notable rise in consumption on large screens. Linear Television is transitioning from a regulated utility to a dynamic, lifestyle-integrated ecosystem that complements digital growth, further reinforcing the "AND" nature of screen consumption in the country.

Within this evolving landscape, certain traditional segments faced regulatory and cost pressures, and digital and satellite rights for television content saw an 8-10% decline during the year, even as filmed entertainment recorded a recovery, with over 1,900 releases and box office revenues rising 14%. As reported for the television segment- it states that "Linear TV advertising revenue declined by 10%, reflecting a corresponding decrease in advertising volumes as some sectors shifted spend to digital media, and a 3% reduction in the number of advertisers utilizing this platform." The FICCI-EY report projects the overall M&E sector will grow further to Rs. 3.3 trillion by 2028, with new media expected to account for over 50% of total industry revenues by then, driven by smartphone penetration, Connected TV adoption, regional-language content and experiential consumption.

Ashish Pherwani, Partner and Leader, Media & Entertainment Sector, EY India, said, "Indias media and entertainment sector crossed a critical inflection point in 2025, with digital media, advertising and live experiences emerging as the primary growth engines. While consumption continues to scale rapidly across screens and formats, the next phase of growth will be defined by sustainable monetization models, disciplined investment and the ability of stakeholders to adapt to shifting consumer behaviour and regulatory realities.

Relevance to the Company: The 10% industry-wide decline in television digital and satellite rights during the year directly impacted the operating environment in which the Companys broadcaster partners made commissioning decisions during FY 2025-26. As discussed under ‘FY 2025-26 Performance below, the reduction in the Companys active show count during the year is consistent with this broader, sector-wide contraction in linear television commissioning, rather than being specific to the Companys content or execution capabilities.

(Source: FICCI-EY Media & Entertainment Report 2026, "Stories, scale and impact: Unlocking Indias media and entertainment economy ")

The Structural Shift Toward Digital and OTT

The structural transformation of Indias content consumption patterns, already underway prior to the Companys listing, continued through FY 2025-26. Indias OTT audience base, estimated at approximately 481 million users, continues to expand, with the segment projected to grow at a CAGR of approximately 14.1% to reach Rs. 21,032 Crore by calendar year 2026. Subscription-based revenue models (SVOD) are expected to account for an increasingly dominant share of this growth, while regional-language content consumption on OTT platforms is expected to surpass Hindi-language content, reflecting the increasing fragmentation and localisation of digital audiences.

For a production house historically oriented towards commissioned television content, this shift represents both a structural risk to the traditional linear television revenue base, and a meaningful long-term opportunity-one which the Company has begun to act upon during FY 2025-26 and in the period since, as discussed under ‘Future Outlook below.

FIRST YEAR AS A LISTED ENTITY

Financial Year 2025-26 was Studio LSD Limiteds first financial year as a listed entity, following the Companys successful listing on the SME platform of the National Stock Exchange (NSE Emerge) on August 25, 2025. The year tested the Companys operating performance against a backdrop of industry-wide headwinds in traditional television content, even as the Company continued to build out its post-listing governance and compliance framework, and progressed utilisation of its IPO proceeds towards studio construction and working capital, as detailed elsewhere in this Annual Report.

BUSINESS OVERVIEW

Our History:

Studio LSD Limited was incorporated on February 2, 2017 as "LSD Films Private Limited". The Company was renamed "Studio LSD Private Limited" in September 2020, and was subsequently converted into a public limited company in September 2024, ahead of its listing on NSE Emerge. The name ‘Studio LSD-an acronym for Laxmi, Saraswati and Durga-reflects the Companys identity as a multimedia production house specialising in original and compelling narratives.

Our Vision

We embrace a collaborative approach to every project, partnering closely with clients to deeply understand and fulfil audience needs. Our team of experienced professionals and creative minds are committed to delivering quality work, on time and within budget, ensuring every project brings compelling stories to life.

Our Mission

Our mission is to create quality, engaging content across television and OTT platforms. Our goal is to captivate audiences through compelling storytelling and innovative productions, delivering value in every project we undertake.

Our Business Model

The Companys industry operates under two distinct business models, or a combination of both: the Commission-Based Structure and the Intellectual Property (IP) Ownership Model.

The Company has begun taking active steps into this model, including through the development of original music under its ‘The LSD Music vertical, as discussed under ‘Future Outlook below.

Key Elements of Our Business Model

1. Content Innovation and Development: Continuous innovation and development of diverse, engaging television content, prioritising originality and creativity in concept development.

2. Content Registration and Channel Partnership: Once a concept is developed, the title is registered, pitched to potential broadcast partners, negotiated commercially and creatively, and contracted, with line production commencing to meet targeted air dates.

3. Strategic Partnerships and Collaborations: Partnerships with artists, scriptwriters and industry professionals enhance creative capabilities and expand the Companys network.

4. Revenue Generation Strategies: Revenue is primarily generated through production contracts with broadcasters and streaming platforms on a pre-agreed per-episode production fee basis. The Company continues to explore IP-owned content, including music, as an additional revenue source.

5. Cost Management and Operational Efficiency: Production costs are optimised through strategic planning, resource allocation, and the use of leased in-house production infrastructure-an asset-light approach that avoids the capital burden of owning cameras, postproduction equipment while maintaining flexibility to scale with project requirements.

6. Audience Engagement and Market Responsiveness: Market research and audience feedback analysis inform content offerings to anticipate viewer preferences and market trends.

7. Technology Integration and Innovation: Investment in modern equipment and digital platforms supports efficiency, creativity and reach.

8. Sustainability and Long-term Growth: The Company aims to build enduring stakeholder relationships, uphold ethical standards, and contribute positively to the media and entertainment landscape.

Our Competitive Strengths

Creative Quality: The Companys core competitive strength lies in its innovative and captivating storytelling, consistently developing original and compelling content across genres that resonates with audiences.

Comprehensive Production Capabilities: The Company manages the entire production process in-house, from concept development and pre-production planning to post-production and final delivery, allowing greater control over quality, timelines and budget management.

Adaptability and Innovation: The Company embraces technological advancements and market trends, integrating new technologies into its productions to foster innovation in storytelling and production techniques.

Diverse Content Portfolio: The Company produces a diverse range of content, including episodic dramas, reality shows and special event programming, mitigating risks associated with fluctuations in genre popularity or viewer demographics.

Strategic Partnerships: Collaborations with renowned artists, celebrities and production houses enhance the Companys creative capabilities and market reach.

Strong Industry Reputation: A track record of successful productions and longstanding relationships with major broadcasters and streaming platforms have built a well-regarded industry reputation, attracting top-tier talent and securing production opportunities.

THE LSD MUSIC-THE COMPANYS MUSIC VERTICAL

During the year under review, the Company continued to build out ‘The LSD Music, its dedicated music vertical, as the principal vehicle for the Intellectual Property (IP) Ownership Model described under ‘Our Business Model above. Unlike commissioned television content, where the Company is remunerated on a per-episode production fee basis and does not retain underlying rights, music created under The LSD Music is owned by the Company and is monetised on a continuing basis across audio and video streaming platforms. The vertical is therefore intended, over time, to build a proprietary content library capable of generating an independent, annuity-like revenue stream that is not dependent on broadcaster commissioning cycles-a direct structural response to the concentration risk discussed elsewhere in this Report.

Music Content Produced and Released During the Year

"Kya Baat Hai": The Company released its original song "Kya Baat Hai", accompanied by a full-length music video, on YouTube and various audio streaming platforms. The song is rendered by acclaimed playback singer Papon and the music video features actor Ankit Siwach, known for his work in Excel Entertainments release "120 Bahadur". The release drew an immediate audience response, recording in excess of 6,30,000 views on YouTube within the first twenty-four hours of release, and has since crossed 40 lakh (4 million) views across platforms.

"Viral Ishq": The Companys earlier original release "Viral Ishq", sung by Mika Singh and featuring television artistes Helly Shah and Pratik Sehajpal, established the initial audience base for the label and informed the Companys approach to talent collaboration and digital release planning for subsequent titles.

Regional-Bhojpuri releases: Consistent with the industry-wide shift towards regional-language consumption discussed under ‘The Structural Shift Toward Digital and OTT above, the Company released two Bhojpuri songs during the year, both rendered by leading Bhojpuri playback singer Shilpi Raj-"Hero Ki Madhubala" (in excess of 79,000 views) and "Chini Mil" (in excess of 86,000 views)-across YouTube and other digital platforms.

Each of the above releases received an encouraging audience response, supporting the Companys strategy of establishing its own music label through the creation and ownership of original intellectual property, deepening its regional presence, and collaborating with diverse creative talent so as to build a long-term and independent revenue stream from digital media.

Developments Subsequent to the Close of the Financial Year

The momentum established during the year has continued into the current financial year. The following developments have occurred after March 31, 2026 and are disclosed here for completeness; they have been intimated to the Stock Exchange in accordance with Regulation 30 of the SEBI Listing Regulations, where applicable, and do not form part of the financial results for FY 2025-26:

• Continued traction of "Kya Baat Hai": The music video has crossed 40 lakh (4 million) views across YouTube and audio streaming platforms, with the vertical recording a steadily growing follower base across such platforms.

• "Deewana Tera": The Company released its original song "Deewana Tera" worldwide on April 20, 2026. The track is rendered by acclaimed playback singer Javed Ali and features leading television artistes Sriti Jha and Shabir Ahluwalia. The release has received a strong response from audiences across geographies.

• Commencement of revenue realisation: The LSD Music has commenced realising revenue from its music content, marking the first tangible progress towards establishing an independent, long-term revenue stream from Company-owned intellectual property.

• Deepening regional footprint: The vertical has expanded into the production and release of music across multiple regional languages, reflecting the Companys strategy of diversifying its content library and broadening its addressable audience beyond Hindi-language content.

The Companys Bhojpuri catalogue has continued to receive an encouraging cumulative audience response across audio and video platforms, with the following titles released after the close of the financial year:

Sr. No.	Title of Song	Release Date
1	Tere Bina	17.05.2025
2	Mahabharator Ron	28.05.2025
3	Dhun	30.05.2025
4	Proti Pol Tumatei	26.06.2025
5	Viral Ishq	07.07.2025
6	Jhootha Yaar	06.08.2025
7	Hero Ki Madhubala	17.10.2025
8	Chini Mill	03.12.2025
9	Kya Baat Hai	23.01.2026
10	Palang Kare Choy Choy	13.03.2026
11	Deewana Tera	19.04.2026
12	Dil Balam Ke De Dehani	24.04.2026
13	Ghar Me Marad Naikhe	01-07-2026
14	Ham Patari Hamar Raja Ji Patare	13-05-2026
15	Kamar Ke Haddiya	20-06-2026
16	Mana ni sakiya	01-08-2026

The Board is of the view that, while revenue from the music vertical is not yet material in the context of the Companys overall turnover, the vertical represents a strategically important shift in the Companys revenue architecture-from wholly commissioned, fee-based content towards a balanced model in which a growing proportion of revenue derives from content owned by the Company. The Company proposes to continue investing in original music, regional-language repertoire and collaborations with established and emerging talent during FY 2026-27.

Note: Viewership and follower figures referred to above are platform-reported metrics derived from third-party digital platforms as at the dates indicated. Such metrics are operational indicators only, are subject to variation, and have not been subjected to audit or independent verification.

SWOT ANALYSIS

The Board has undertaken an assessment of the Companys internal capabilities and the external environment in which it operates, in order to inform the strategic priorities and mitigation measures set out in this Report. The summary below should be read together with the sections on ‘Our Competitive Strengths, ‘Risk Management and ‘Future Outlook.

STRENGTHS	WEAKNESSES
• Debt-free capital structure as at March 31, 2026, with Cash and Bank Balances of Rs. 3,122.85 Lakhs and unutilised IPO proceeds of Rs. 25.82 Crores available for deployment.	• Concentration of revenue among a limited number of broadcaster relationships, materially demonstrated during FY 2025-26 when the active daily soap count reduced from three shows to one.
• End-to-end in-house production capability spanning concept development, pre-production, shooting, post-production and delivery, affording control over quality, timelines and cost.	• Predominance of the commission-based model, under which the Company does not retain residual rights in the content it produces, limiting recurring and library-driven revenue.
• Demonstrated creative track record, with "Tumm Se Tumm Tak" sustaining a position among the top five Hindi fiction shows and winning 8 awards across 7 categories at the Z Kutumb Awards 2026.	• A cost base carrying fixed and semi-fixed production overheads that do not contract in step with commissioning volumes, resulting in negative EBITDA of Rs. (29.28) Lakhs for the year.
• Asset-light operating model based on leased production infrastructure, avoiding heavy fixed capital commitment while retaining the ability to scale with project requirements.	• Working capital intensity, reflected in increased inventories and trade receivables and a net cash outflow from operating activities of Rs. 2,225.45 Lakhs during the year.
• Established relationships with leading broadcasters and platforms, including Zee Entertainment, JioStar and Ultra Media & Entertainment.	• Limited scale relative to larger integrated studios and content groups, constraining bargaining position on commercial terms.
• An emerging library of Company-owned intellectual property through The LSD Music, together with the governance discipline and access to capital that accompany listed-entity status.	• The music and film verticals remain at a nascent stage, with revenue contribution not yet material; the Company also has a limited operating history as a listed entity.

 

OPPORTUNITIES	THREATS
• Expansion of the domestic OTT market, with an audience base of approximately 481 million users and the segment projected to grow at a CAGR of approximately 14.1%.	• Structural contraction in linear television, with an 8-10% industry-wide decline in television digital and satellite rights during the year directly affecting commissioning volumes.
• The expected overtaking of Hindi-language consumption by regional-language content on OTT platforms, aligning directly with the Companys regional music and film initiatives.	• Absence of significant entry barriers in content production, resulting in intense competition from both established players and new entrants.
• Monetisation of owned intellectual property through The LSD Music, offering an annuity-like digital revenue stream independent of commissioning cycles.	• Inherent unpredictability of audience acceptance, whereby commercial outcomes of individual productions cannot be assured notwithstanding creative and production quality.
• The planned studio facility, which is expected to reduce per-show production costs and open an additional revenue stream through third-party studio rentals.	• Dependence on third-party digital platforms for distribution and monetisation of owned content, exposing the Company to changes in platform algorithms, pay-out terms and policies.
• Diversification into regional feature films and line production, evidenced by "Assi Baaghi Changey" and the second season of "Saubhagyavati Sarpanch".	• Escalation in talent, technical and production costs, together with the risk of piracy and unauthorised exploitation of the Companys intellectual property.
• Emerging premium and niche formats, including the large-scale musical web series ‘The Socho Project, and the renewed growth of live and experiential music.	• Evolving regulatory, taxation and compliance requirements applicable to listed entities and to content, and macroeconomic or geopolitical developments that may compress advertising and content spending.

The weaknesses and threats identified above are addressed through the Companys risk management framework set out immediately below, and the opportunities identified are reflected in the strategic priorities described under ‘Future Outlook.

RISK MANAGEMENT

At Studio LSD Limited, risk management is integral to our operational strategy, aimed at identifying, assessing and mitigating risks that could impact our business objectives. We assess risks across content reception, financial fluctuations, operational disruptions, market shifts and legal/regulatory compliance, prioritising them by potential impact and likelihood. Mitigation strategies include diversifying our content portfolio, maintaining stringent financial controls, enhancing operational resilience, monitoring market trends, and ensuring regulatory compliance.

Broadcaster and Platform Concentration Risk: The risk factor of dependency upon a few customers as also set out in the Companys Prospectus reflects Companys revenue is heavily concentrated among a limited number of broadcaster relationships and the reduction in commissioned shows during FY 2025-26 materially demonstrated this risk. The Companys mitigation strategy centres on diversifying broadcaster and OTT platform relationships and developing owned IP, as discussed under ‘Future Outlook below.

Industry-Specific Risk-Structural Decline in Linear Television: The Indian Media & Entertainment industry saw an 8-10% decline in television digital and satellite rights during the year, even as digital media and filmed entertainment grew, reflecting a broader structural shift in content monetisation models across the sector. This trend directly affected the Companys commissioning environment during FY 2025-26, and is expected to remain a relevant industry dynamic in FY 2026-27.

Working Capital and Receivables Risk: FY 2025-26 saw a significant increase in inventories and trade receivables, alongside a substantial cash outflow from operating activities (Rs. 2,225.45 Lakhs). The Board and management are according increased attention to working capital discipline and collection cycles as a specific risk area for FY 2026-27, supplementing the Companys general risk management framework.

Competitive Risk: The Company faces competition from both existing players and new entrants, as there are no significant entry barriers in content production, as well as from competing entertainment segments including OTT, radio and print. The Companys competitive strengths, discussed above, are intended to provide differentiation against this backdrop.

Continuous monitoring and review of our risk management efforts enables us to adapt swiftly to changing circumstances, fostering a proactive risk-aware culture within the organisation. The Risk Management Policy is available on the Companys website.

MAINTAINING MOMENTUM ON DIVERSITY, EQUITY, AND INCLUSION

We remain steadfast in our mission to cultivate a workplace that reflects the rich diversity of the communities we serve. Building a more diverse organisation is not just a strategic priority-it is a moral imperative. We believe that when people of all backgrounds, identities and experiences come together, innovation thrives and collaboration deepens. To that end, we continue to embed equity and inclusion into our culture through:

Ensuring Equal Opportunity: refining recruitment, development and promotion practices to eliminate bias and create fair access to growth for all employees.

Upholding non-discrimination: continuously reviewing policies and practices to safeguard against discrimination and foster a respectful, safe and supportive environment.

Creating a Sense of Belonging: investing in inclusive leadership training, employee resource groups, and open dialogue platforms. Measuring Progress: tracking progress through regular assessments, feedback loops and data-driven insights.

This journey is ongoing, and every action we take brings us closer to a workplace where everyone can thrive.

FUTURE OUTLOOK

The strategic priorities above are not merely aspirational; tangible progress against each has been made in the period since March 31, 2026, as disclosed by the Company to the Stock Exchange and detailed under ‘Material Changes and ‘Future Outlook; section in the Directors Report. In summary:

Broadcaster diversification and pipeline restoration: The premiere of "Oh Humnava, Tum Dena Saath Mera" on Star Plus and JioHotstar from April 20, 2026, pursuant to a Commissioning Agreement with JioStar India Private Limited, directly addresses the broadcaster concentration risk discussed earlier in this Report. Combined with the continued strong performance of "Tumm Se Tumm Tak" on Zee TV-which has sustained its position among the top 5 Hindi fiction shows and received 8 awards across 7 categories at the Z Kutumb Awards 2026-the Company now has multiple active productions across multiple broadcasters simultaneously, restoring the portfolio depth that was temporarily disrupted during FY 2025-26.

IP Ownership Model-Music: The Companys ‘The LSD Music vertical has gained meaningful traction, with the original song "Kya Baat Hai" crossing 4 million views, and new releases including "Deewana Tera" and two Bhojpuri-language tracks broadening the Companys regional digital footprint-direct execution of the IP Ownership and digital monetisation strategies set out above.

Diversification into Film and Line Production: The Companys entry into regional feature film production through the Punjabi film "Assi Baaghi Changey" (in association with KableOne), and its line production mandate for the second season of "Saubhagyavati Sarpanch" for Ultra Media & Entertainment, represent concrete diversification beyond the Companys traditional Hindi general entertainment television base.

New format development: The Companys association with ‘The Socho Project, a large-scale musical web series combining long- form storytelling with 25 original songs, reflects the Companys strategy of identifying niche, premium content segments referenced in the strategy table above.

AWARDS & RECOGNITIONS

Your Companys Show "Tumm Se Tumm Tak", currently being aired on Zee TV, which has consistently sustained its position among the top 5 Hindi fiction shows by achieving great popularity and ratings among Hindi General Entertainment Channels (GECs) and also a 7.6 IMDB rating, the Company has further leveraged the shows strong audience connect to drive digital viewership and engagement across platforms.

Further strengthening its success, the show received significant recognition at the Z Kutumb Awards 2026, winning 8 awards across 7 categories:

• Sabse Pasandida Dharavahik - Tumm Se Tumm Tak

• Sabse Pasandida Kutumb - Tumm Se Tumm Tak

• Sabse chahita kirdar Male - Aryavardhan (Sharad Kelkar)

• Sabse chahita kirdar Female - Anu (Niharika Chouksey)

• Sabse chahiti Jodi - Anu & Arya (Niharika Chouksey & Sharad Kelkar)

• Sabse Pasandida Baap - Gopal ji (Sameer Patil)

• Sabse Mazedar Kirdar - Pushpa ji (Soma Rathod)

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis Report describing the Companys objectives, projections, estimates, expectations or predictions may be "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include economic conditions affecting demand and supply, government regulations, tax laws, and other statutes, and other incidental factors. The Company assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.