Supra Pacific Financial Services Ltd Management Discussions

Directors are pleased to present the Management Discussion and Analysis Report for the year ended 31st March, 2026.

The Management Discussion and Analysis have been included in consonance with the Code of Corporate Governance as approved by The Securities and Exchange Board of India (SEBI). Investors are cautioned that these discussions contain certain forward-looking statements that involve risk and uncertainties including those risks which are inherent in the Companys growth and strategy. The company undertakes no obligation to publicly update or revise any of the opinions or forward looking statements expressed in this report consequent to new information or developments, events or otherwise.

The management of the company is presenting herein the overview, opportunities and threats, initiatives by the Company and overall strategy of the company and its outlook for the future. This outlook is based on managements own assessment and it may vary due to future economic and other future developments in the country.

GLOBAL ECONOMY

The global economy remained resilient during FY 2025-26 despite a challenging and rapidly evolving external environment. Geopolitical tensions, conflicts in various regions, trade policy uncertainties, shifting supply chains and volatility in energy and commodity markets continued to influence global economic activity and investor sentiment. At the same time, technological advancement, particularly the rapid adoption of artificial intelligence, digitalisation and automation, emerged as important drivers of investment and productivity across several economies.

According to the International Monetary Fund (IMF), global growth is projected at 3.0% in calendar year 2026 and 3.4% in 2027. While the outlook reflects continued expansion, growth remains uneven across economies, with the impact of geopolitical developments, energy prices, trade fragmentation and financial market conditions varying significantly across regions. The IMF has also noted that global disinflation has stalled, with headline inflation projected to rise to 4.7% in 2026 before moderating in 2027.

Financial conditions are expected to remain an important determinant of global growth. Monetary policy across major economies is increasingly being influenced by the balance between supporting economic activity and maintaining price stability. Changes in interest rates, currency movements, capital flows and commodity prices may continue to have implications for emerging markets and developing economies.

The global economic environment is also undergoing structural changes. Businesses are increasingly focusing on supply-chain resilience, technological transformation, energy security and sustainability. Investment in digital infrastructure, artificial intelligence and advanced technologies is expected to remain an important source of growth, while climate-related risks and evolving environmental, social and governance considerations are becoming increasingly relevant to long-term investment decisions.

Against this backdrop, the global economy is expected to continue expanding, although with considerable uncertainty. The resilience of domestic demand, prudent macroeconomic policies, technological innovation and the ability of businesses to adapt to changing global conditions will remain important determinants of economic performance.

GLOBAL ECONOMIC OUTLOOK

The outlook for the global economy remains cautiously positive, although risks continue to be significant. The global growth outlook is supported by resilient consumption, technological investment and improving financial conditions in several economies. However, geopolitical tensions, renewed trade restrictions, commodity-price volatility, supply-chain disruptions and potential repricing in financial markets could affect the pace of recovery.

The increasing adoption of artificial intelligence and digital technologies presents significant opportunities for productivity enhancement, business transformation and investment. At the same time, economies and businesses will need to adapt to the structural changes arising from technological disruption.

For emerging markets, including India, the global environment presents both opportunities and challenges. Greater diversification of global supply chains, digitalisation, infrastructure investment and increasing demand for financial services can support growth. However, external shocks, currency movements, energy prices and global interest-rate conditions may influence the cost and availability of capital.

In this environment, financial institutions are expected to remain focused on prudent balance-sheet management, asset quality, liquidity, capital strength and effective risk management while selectively pursuing growth opportunities.

INDIAN ECONOMY

India continued to demonstrate strong economic resilience during FY 2025-26 despite a challenging global environment. The Indian economy benefited from robust domestic demand, improving investment activity, continued infrastructure development and the sustained performance of the services sector. According to the provisional estimates released by the Ministry of Statistics and Programme Implementation (MoSPI), real GDP is estimated to have grown by 7.7% in FY 2025-26, compared with 7.1% in FY 2024-25. Real GVA is estimated to have grown by 7.9% during the year.

Economic activity remained broad-based, with manufacturing, construction and services contributing to overall growth. The services sector continued to benefit from increasing digital adoption, financial services activity, technology-enabled business models and rising domestic consumption. Private consumption and investment also remained important contributors to economic expansion.

Indias growth trajectory continues to be supported by structural factors including rising urbanisation, expanding formalisation of the economy, increasing digital penetration, infrastructure development, entrepreneurship and a growing middle class. The continued development of digital public infrastructure and greater access to formal financial services are also contributing to the expansion of economic opportunities across different customer segments.

Inflationary pressures have moderated compared with earlier periods, although food prices, energy costs and global commodity movements remain important factors to be monitored. Monetary and fiscal policy will continue to balance the objectives of supporting economic growth, maintaining price stability and preserving macroeconomic stability.

The Indian financial system has also continued to strengthen, supported by healthy credit growth, improving financial inclusion, greater digitalisation and increased adoption of technology. The continued formalisation of economic activity is expected to support demand for organised financial products and services, particularly among individuals, self-employed persons, small businesses and micro-entrepreneurs.

Indias medium-term growth prospects remain favourable. The combination of domestic consumption, infrastructure investment, digital transformation, entrepreneurship and increasing integration with global supply chains provides a strong foundation for sustained economic expansion.

INDIAN ECONOMIC OUTLOOK

The outlook for the Indian economy remains positive, supported by strong domestic fundamentals and continued structural transformation. Indias large and growing consumer base, increasing financial awareness, expanding formal economy and rising demand for credit provide significant opportunities for financial services institutions.

The IMFs July 2026 outlook continues to place India among the fastest-growing major economies, with real GDP growth projected at 6.4% for calendar year 2026 and 6.7% for 2027. The IMF has highlighted strong private consumption and services activity as important supports to Indias growth trajectory.

For the financial services sector, increasing formalisation, digital adoption, financial inclusion and demand for convenient and accessible credit are expected to remain key growth drivers. Small businesses, traders, self-employed individuals, micro-entrepreneurs and retail customers continue to represent important segments of the credit market.

At the same time, the lending environment is expected to remain competitive and closely regulated. Financial institutions will need to maintain a balance between growth and portfolio quality, while focusing on prudent underwriting, effective collections, liquidity management, capital adequacy, regulatory compliance and technology-enabled risk monitoring.

COMPANY OUTLOOK

The Company believes that the favourable long-term outlook for the Indian economy provides a strong platform for the next phase of its growth. As a retail-focused NBFC, the Company is well positioned to participate in the growing demand for formal and accessible credit across different customer segments.

The Companys diversified portfolio comprising Gold Loans, Vehicle Loans, Microfinance, Traders Loans, Personal Loans and Working Capital Loans, together with its insurance-related activities, enables it to address varied financial requirements and reduce dependence on any single product segment.

Going forward, the Company intends to pursue sustainable and calibrated expansion of its lending business, supported by prudent underwriting, strong collection practices, effective portfolio monitoring and disciplined liquidity and capital management.

Expansion of the Companys branch network will be an important component of its growth strategy. The Company proposes to open additional branches across identified markets and strengthen its geographical presence, enabling it to reach a wider customer base and improve accessibility to its products and services. Branch expansion will be undertaken in a calibrated manner, considering market potential, customer demand, operational viability, talent availability and the Companys ability to maintain consistent service and risk standards.

Technology and digital capabilities will remain another important area of focus. The Company intends to increasingly leverage technology across customer acquisition, onboarding, credit assessment, loan processing, servicing, collections, customer engagement and management information systems. The objective will be to improve customer experience and operational efficiency while strengthening controls, data security and risk management.

The Companys key priorities for the coming years will therefore include:

• Sustainable growth in the loan portfolio;
• Expansion of the branch network and geographical presence;
• Diversification and balanced growth across lending products;
• Strengthening asset quality and collection efficiency;
• Enhancing credit underwriting and portfolio monitoring;
• Improving operational efficiency and productivity;
• Strengthening digital and technology capabilities;
• Maintaining adequate liquidity and capital;
• Strengthening risk management, internal controls and regulatory compliance; and
• Creating long-term value for customers, shareholders and other stakeholders.

The Company remains optimistic about the opportunities presented by Indias evolving financial services landscape. However, growth will continue to be pursued with prudence and discipline, with asset quality, customer protection, governance and financial sustainability remaining central to the Companys strategy. The Company believes that a combination of strong domestic economic growth, a diversified product portfolio, expanding branch presence, technology adoption and disciplined risk management will enable it to strengthen its market position and build a resilient and sustainable financial services institution over the coming years.

1. INDUSTRY STRUCTURE AND DEVELOPMENTS

The Indian Non-Banking Financial Company (NBFC) sector continues to play an important role in the countrys financial ecosystem by complementing the banking system and expanding access to formal credit across a wide range of customer segments. NBFCs have emerged as important providers of retail, MSME, vehicle, gold, microfinance and other specialised forms of credit, particularly in markets and customer segments where accessibility, convenience and customised financial solutions are important.

The sector has continued to benefit from Indias strong domestic economic fundamentals, increasing formalisation of the economy, rising financial awareness, digitalisation and growing demand for retail and business credit. Recent RBI data indicates that NBFC credit growth has remained robust, with retail lending emerging as an important driver of overall expansion.

The growing adoption of technology is transforming the NBFC operating model. Digital customer onboarding, e-KYC, data analytics, automated credit assessment, digital collections, customer communication and technology-enabled monitoring are increasingly becoming integral to lending operations. Partnerships with fintech and technology providers are also enabling financial institutions to improve customer reach and operational efficiency.

The regulatory environment for NBFCs has simultaneously become more structured and risk-sensitive. The RBIs Scale Based Regulation framework provides for proportionate regulation across Base, Middle, Upper and Top Layers, with regulatory requirements increasing according to the size, complexity and systemic importance of an NBFC. The regulatory focus continues to cover capital adequacy, governance, credit risk management, liquidity, customer protection, fraud risk management, information security and regulatory reporting.

The RBI has also continued to strengthen the credit-risk management framework applicable to NBFCs. The regulatory approach increasingly emphasises robust credit evaluation, Board-approved policies, portfolio monitoring and appropriate controls around credit exposures.

The industry is therefore evolving towards a model that combines responsible credit growth, stronger risk management, technology adoption, customer-centricity and regulatory discipline. While the sectors growth prospects remain attractive, the ability of individual NBFCs to maintain asset quality, manage liquidity and funding costs, protect customer data and operate efficiently will remain critical to sustainable growth.

For retail-focused NBFCs, the opportunity remains significant across secured and unsecured lending segments. However, growth in individual product categories needs to be supported by appropriate underwriting standards, product-level risk monitoring, geographic diversification and effective collection mechanisms.

The Company believes that the continued expansion of Indias formal financial ecosystem, increasing demand for retail credit and greater technology penetration provide a favourable environment for the Companys long-term growth strategy.

2. OPPORTUNITY AND THREATS

Opportunities

Indias strong domestic economic fundamentals and continuing financial formalisation provide significant opportunities for the NBFC sector. Increasing penetration of formal financial services, rising incomes, entrepreneurship, expanding digital adoption and growing credit awareness are expected to support demand for retail and small-business financing.

Retail and underserved customer segments:
Individuals, self-employed persons, small traders, micro-entrepreneurs and small businesses continue to require accessible and timely financing solutions. NBFCs are well positioned to serve these segments through customised products, local market knowledge and flexible delivery models.

Diversified product opportunities:
The Companys presence across Gold Loans, Vehicle Loans, Microfinance, Traders Loans, Personal Loans and Working Capital Loans provides opportunities to serve customers with different financial requirements. A diversified product portfolio can help the Company balance growth across segments and reduce dependence on any single product category.

Geographical expansion:
The continued development of Tier-II, Tier-III and emerging markets creates opportunities for expansion of formal credit. The Company proposes to increase its branch network in identified markets in a calibrated manner. Additional branches can improve customer accessibility, strengthen local relationships and provide opportunities for cross-selling the Companys diversified range of financial products.

Technology and digitalisation:
Technology provides significant opportunities to improve customer acquisition, onboarding, credit assessment, loan processing, collections, customer servicing and management information systems. Greater use of analytics and automation can also improve operational productivity and strengthen risk monitoring.

Financial inclusion:
The continued expansion of formal financial services creates opportunities to support individuals, micro-entrepreneurs, traders and small businesses that require timely access to credit. The Companys retail-focused model provides a platform to participate in this expansion while maintaining responsible lending practices.

Cross-selling and customer engagement:
A diversified customer base provides opportunities to deepen relationships by offering multiple complementary financial products and insurance-related services, subject to applicable regulatory requirements. Greater customer engagement can support retention and improve the overall economics of customer relationships.

Threats and Concerns

While the outlook for the NBFC sector remains favourable, the industry continues to face several risks and challenges.

Credit and asset quality risk:
Borrower repayment capacity may be affected by economic slowdown, income volatility, business disruptions or changes in customer circumstances. Rapid portfolio growth without adequate underwriting and monitoring may increase credit risk. The RBI has also highlighted the need for continued vigilance around rising household indebtedness and rapid growth in certain retail lending segments, including gold-backed lending.

Competition:
The Company operates in a competitive environment comprising banks, established NBFCs, fintech companies and other financial service providers. Increasing competition may place pressure on pricing, customer acquisition costs, margins and employee retention.

Cost and availability of funding:
Changes in interest rates, liquidity conditions and investor sentiment can affect the availability and cost of funds. Effective asset-liability management, diversification of funding sources and prudent liquidity management are therefore important to maintaining sustainable growth.

Regulatory risk:
The NBFC sector remains subject to continuous regulatory development. Changes in prudential norms, capital requirements, customer protection standards, KYC/AML requirements, digital lending practices, reporting requirements and other regulations may increase compliance requirements and operating costs. The Company will continue to monitor regulatory developments and implement applicable requirements within the prescribed timelines.

Technology and cybersecurity risk:
Greater dependence on technology also increases exposure to cyber threats, system failures, data breaches and information-security incidents. The RBI has identified cybersecurity, including AI-enabled cyber threats, as an increasingly important area of financial-sector risk. The Company therefore remains focused on information security, access controls, data protection, system resilience, backups and employee awareness.

Operational risk:
As the Company expands its branch network and product portfolio, maintaining consistent processes, controls, customer service and compliance standards across locations will become increasingly important. The Company will continue to strengthen internal controls, employee training, technology-enabled monitoring and audit mechanisms.

Macroeconomic and market risks:
Changes in inflation, interest rates, commodity prices, employment conditions, geopolitical developments and overall economic activity may affect customer repayment capacity, funding conditions and demand for credit.

Companys Approach to Opportunities and Risks

The Company believes that the opportunities available in Indias growing retail credit market are significant. However, these opportunities will be pursued with a strong emphasis on responsible growth, asset quality, liquidity, capital adequacy, customer protection and regulatory compliance.

The Companys strategy will focus on maintaining a diversified product portfolio, expanding its branch network in a calibrated manner, strengthening technology and digital capabilities, improving credit underwriting and collection efficiency, and continuously enhancing its risk management and internal control framework.

The objective is to achieve sustainable growth while ensuring that the Companys expansion remains aligned with its financial capacity, risk appetite and ability to maintain consistent standards of governance and customer service.

The Indian Non-Banking Financial Companies (NBFC) sector remains a critical pillar of financial inclusion and economic growth. Over the years, NBFCs have demonstrated remarkable endurance, expanding their prominence within the financial ecosystem. Additionally, government initiatives aimed at promoting digital financial inclusion and expanding access to credit will further support the sectors growth. In this context, NBFCs have remained instrumental in widening credit outreach in underserved areas, especially in Tier-II and Tier-III cities, enabled by the rise of Fintech partnerships and embedded finance ecosystems.

SEGMENTWISE PERFORMANCE

The Reserve Bank of India (RBI) has recently reduced the risk weight on bank loans to NBFCs to 100% thus reinstating the previous framework. This revision is poised to expand banks lending capacity, offering NBFCs enhanced access to bank funding. Consequently, NBFCs are likely to rebalance their funding mix, increasing reliance on bank loans and reducing their dependence on short-term commercial papers. This strategic shift is anticipated to enhance funding stability and facilitate long-term growth.

Simultaneously, the regulatory expectations have risen sharply, particularly for larger NBFCs under the RBIs Scale-Based Regulatory (SBR) framework. NBFCs in the Upper Layer now face stricter governance, capital adequacy, risk management and disclosure norms, aligning them more closely with the regulatory standards set for banks. This represents a significant shift in the supervisory approach towards systemically important NBFCs.

The Company sees good opportunities and development in coming years.

1. SEGMENTWISE PERFORMANCE

The Companys loan portfolio is diversified across multiple retail lending products, thereby reducing dependence on any single product category. The Company delivered strong growth across its lending segments during FY2025-26, with Total AUM increasing by 42.19% from ?247.33 crore in FY2024-25 to ?351.67 crore in FY2025-26. Overall, the growth in AUM across segments reflects the Companys continued business expansion, portfolio diversification and strengthening of its retail lending franchise, while maintaining Gold Loans as its principal portfolio segment. The Company continues to evaluate portfolio concentration, product-level risk, geographic exposure and customer-level repayment behaviour as part of its ongoing portfolio management process.

Sl No Product	Performance
1 Gold Loans	The Gold loan segment continued to support customers short term liquidity requirements, with demand driven by the accessibility and quick processing of loans against Gold Jewellery. Gold Loan remained the Companys core lending segment, with AUM increasing by 39.79% from ?161.57 crore to ?225.86 crore. The segment remained the largest contributor to the overall portfolio.
2 Vehicle Loans	The vehicle Loans segment catered to customers seeking financing for the acquisition of new and used vehicles, contributing to the diversification of the companys retail loan portfolio. Auto Loan AUM grew by 26.21%, from ?44.68 crore to ?56.39 crore, demonstrating steady expansion and continued demand for vehicle financing.
3 Microfinance	The Micro finance segment focused on extending credit to underserved and low-income customer segments, supporting their households and income generating requirements. Micro Finance recorded the highest growth among the lending segments, with AUM increasing by 77.45% from ?35.16 crore to ?62.39 crore, reflecting strong expansion in the Companys microfinance portfolio.
4 Traders Loans	The Traders loans segment supported the working capital and short-term funding requirements of small traders and business establishments.
5 Personal Loans	The Personal Loan segment addressed customers diverse financial requirements, including Personal, Households and emergency needs.
6 Working Capital Loans	The Working Capital loan segments catered to the short-term funding and the liquidity requirements of businesses, supporting their day-to-day operational needs.

The performance of Other Loans, comprising Traders Loans, Personal Loans, and Working Capital Loans, increased by 18.95% from ?5.91 crore to ?7.03 crore, in line with the Companys objective of progressively diversifying its lending portfolio.

2. SCOPE

The growing economy and ever-increasing capital market provide a good scope of expansion of financial service sector. Your Company is very well prepared to grab the opportunities. As the market and customer expectations mature, differentiated customer acquisition and deeper customer engagement through the lifecycle assumes importance. With the economy projected to continue growing, the Company with its diversified product portfolio, broad reach through its network of branches across the country and the management is very optimistic about the future of the Company.

3. RISKS AND CONCERNS

The Company as a participant in the financial service industry is faced with various risks including credit, operational, liquidity, and information security risks. A robust risk management framework has been put in place to ensure effective assessment, measurement and monitoring of these risks. The Board of Directors oversees all risks and has established specific committees to provide focused oversight of identified risks. The Company has adopted a focused approach towards risk management in the form of a corporate insurance program which has the goal of optimizing the financing of insurable risks by using a combination of risk retention and risk transfer. The ultimate goal is to achieve an optimal balance of return for the risk assumed while remaining within acceptable risk levels.

The program covers all potential risks relating to business operations of the Company at its various locations.

The Companys business critical software is operated on a server with regular maintenance and back-up of data, connected with two physically separated servers. The systems parallel architecture overcomes failures and breakdowns. Reliable and permanently updated tools guard against virus attacks. Updated tools are regularly loaded to ensure a virus free environment.

4. INTERNAL CONTROL SYSTEMS

The Company has implemented a comprehensive system of internal control and risk management systems for achieving operational efficiency, optimal utilization of resources, credible financial reporting and compliance with local laws. These controls are regularly reviewed by both internal and external agencies for its efficiency and effectiveness. Management information and reporting system for key operational activities form part of overall control mechanism.

The Company has established an internal control framework commensurate with the size and nature of its operations.

The internal control framework is designed to provide reasonable assurance regarding the reliability of financial reporting, operational efficiency, safeguarding of assets and compliance with applicable laws, regulations and internal policies.

The Internal Audit function independently reviews various operational and control areas and reports its observations to the appropriate management forums and the Audit Committee.

The Company continues to strengthen its control environment through periodic review of processes, system-based controls, audit observations and corrective action monitoring.

5. INSURANCE BUSINESS

The Company also undertakes insurance-related activities as permitted under the applicable regulatory framework.

The insurance business is intended to complement the Companys lending relationship with customers by facilitating access to relevant insurance products and thereby supporting broader financial protection.

The Company continues to focus on appropriate customer disclosures, suitability, transparency and compliance with applicable regulatory requirements governing insurance distribution.

6. FINANCIAL PERFORMANCE

The Company has achieved a revenue from operations of Rs. 8,786.22 Lakh and the profit of Rs. 816.53 Lakh during the year under review.

7. TECHNOLOGY AND DIGITAL INITIATIVES

Technology continues to play an important role in improving customer service, operational efficiency, data management and risk monitoring.

During the year, the Company continued to focus on strengthening its technology infrastructure and digital processes across customer onboarding, credit assessment, loan processing, collections, reporting and management information systems.

The Company remains focused on improving digital capabilities while maintaining appropriate controls relating to data security, access management, privacy and cybersecurity.

8. HUMAN RESOURCE AND INDUSTRIAL RELATIONS

Your company has been able to employ and retain qualified professionals by offering the challenging work environment and compensation. The Company provides in house training to its employees.

i. The Management believes in maintaining cordial relations with its employees. The management recognizes the importance of Human Resources and effective steps will be taken to strengthen the same depending on the requirements.
ii. The Company provided excellent working environment so that the individual staff can reach his/her full potential.
iii. The Company is poised to take on the challenges and march towards accomplishing its mission with success.
iv. The Company maintained good Industrial/Business relation in market, which enhanced the market reputation of the company and acceptance among the clientele we are targeting and serving.
v. The Companys employees remain an important contributor to its continued growth and customer-centric approach. The Company focuses on employee training, capability development, performance management and fostering a culture of integrity, accountability and customer service.
vi. Training programmes are undertaken to enhance employees understanding of credit processes, collections, regulatory requirements, customer service, risk management and operational controls.

9. INSURANCE

The Company has insured its assets and operations against all insurable risks including fire, earthquake, flood, and etc. as part of its overall risk management strategies.

10. REGULATORY AND COMPLIANCE ENVIRONMENT

As an NBFC, the Company operates within a regulatory framework prescribed by the Reserve Bank of India and other applicable regulatory authorities.

The Company remains committed to maintaining compliance with applicable regulatory requirements, including requirements relating to prudential norms, fair practices, customer protection, KYC/AML, governance, risk management, reporting and other applicable directions.

The Companys classification as an NBFC-Base Layer is governed by the RBIs Scale Based Regulation framework and applicable activity-specific requirements. RBIs framework provides for progressive regulation across Base, Middle, Upper and Top Layers.

The Company continues to monitor regulatory developments and implement changes, wherever applicable, within the prescribed timelines.

11. CUSTOMER PROTECTION AND GRIEVANCE REDRESSAL

Customer protection remains an important aspect of the Companys business philosophy.

The Company seeks to maintain transparency in its lending practices, including appropriate communication of loan terms, applicable charges, repayment obligations and other relevant information.

The Company has established mechanisms for addressing customer grievances and complaints. Customer complaints are monitored and escalated through the prescribed internal channels.

The Company continues to focus on responsible lending and fair treatment of customers across its various product categories.

12. OUTLOOK

The Company expects retail credit demand to remain supported by increasing financial inclusion, growing formalisation of the economy, rising aspirations among retail customers and continued demand for convenient financing solutions.

The Companys diversified portfolio across Gold Loans, Vehicle Loans, Microfinance, Traders Loans, Personal Loans and Working Capital Loans provides opportunities to serve customers across different segments and financial requirements.

Going forward, the Companys key priorities will include:

• Sustainable growth in the loan portfolio;
• Maintaining strong asset quality;
• Improving collection efficiency;
• Strengthening credit underwriting and portfolio monitoring;
• Optimising cost of funds;
• Maintaining adequate liquidity and capital;
• Expanding customer reach in identified markets;
• Strengthening technology and digital capabilities;
• Enhancing operational controls and risk management; and
• Maintaining high standards of regulatory compliance and corporate governance.

The Company remains committed to pursuing growth in a prudent and sustainable manner while maintaining a strong focus on customer service, portfolio quality and long-term stakeholder value creation.

13. KEY FINANCIAL RATIOS

Details in key financial ratios:

Ratio	Value
i. Capital Adequacy Ratio	38.89%
ii. Debt Equity Ratio	2.85
iii. Net Profit Ratio	8.87%
iv. Interest coverage ratio	1.25
v. Current ratio	1.76
vi. Operating profit margin	51.79%

14. CAUTIONARY STATEMENT

Statements in this report on management discussion and analysis describing the companys objectives, projections, estimates, expectations and predictions are based on certain assumptions and expectations of future events. Actual result could differ materially from those expressed or implied. The Company assumes no responsibility to amend, modify or revise any of the statements on the basis of subsequent developments, information or events.

These statements are based on certain assumptions and expectations concerning future events and are subject to risks and uncertainties. Actual results may differ materially from those expressed or implied due to various factors, including changes in economic conditions, interest rates, credit environment, regulatory requirements, competition, customer behaviour, asset quality, availability and cost of funding, technological developments and other factors beyond the Companys control.

The Company undertakes no obligation to publicly update or revise any forward-looking statements, except as may be required under applicable laws and regulations.

For and on behalf of the Board of Directors

Joby George

Managing Director (DIN: 06429801)

Place: Mumbai

Date: 12th August, 2026