T & I Global Ltd Management Discussions

ECONOMIC OVERVIEW

Global Economy

In 2024–25, the global economy demonstrated moderate growth, effectively navigating the ongoing challenges of persistent inflation, restrictive monetary policies, and heightened geopolitical uncertainties. According to the decline in International Monetary Funds April 2025 World Economic Outlook, global GDP is anticipated to expand by 2.8%, while the World Bank projects a slightly lower growth rate of 2.7%. Although headline inflation has started to moderate, it remains elevated compared to pre-pandemic levels, currently averaging approximately 4.5% worldwide. Despite a decline in commodity and energy prices, inflationary within the services sector, driven by rising wage costs. These factors continue to influence key economic indicators across both advanced and emerging markets.

Advanced economies are expected to experience subdued growth, with the United States forecast to expand by 1.8%, influencedby evolving trade policies and renewed tariff-related tensions. In contrast, Chinas growth is anticipated to moderate to 4.0%, reflecting challenges from export dependency and ongoing stress in the property sector. India remains a standout performer, with GDP projected to rise by 6.5%, supported by robust domestic consumption and sustained infrastructure investments, which are driving momentum in the industrial and construction sectors.

Outlook

Looking ahead to 2025, central banks are expected to maintain a calibrated approach to monetary policy, guiding interest rates and shaping investment flows. However, heightened uncertainty and tighter financial conditions are likely to limit economic activity in the near term. Unlocking new growth opportunities and strengthening long-term global economic resilience will depend on the easing of trade restrictions and the formation of strategic trade agreements.

Sources:

IMF World Economic Outlook, April 2025; Deloitte Insights – Global Economic Outlook; IMF Blogs – Global Economy Enters a New Era

Indian Economy

In FY 2024–25, the Indian economy has exhibited remarkable resilience in the face of global uncertainties. According to projections from the National Statistical Office (NSO), GDP growth is anticipated to reach 6.5%, underpinned by strong domestic consumption, increased infrastructure investments, and a notable recovery in rural demand. Key sectors—including construction, trade, and financial services have delivered robust performances, further bolstering overall economic momentum.

Inflationary the Consumer Price Index (CPI) declining to 3.16% in April its lowest level since July 2019 and well below the RBIs medium-term target of 4%. This moderation was primarily led by a sharp drop in food inflation, which fell to 2.69%, driven by a significant and pulses prices. Notably, vegetable prices entered deflation, registering a 7.04% year-on-year decrease, while inflation in the fuel and light category stood at just 1.48% in March 2025. The broad-based softening in price levels has enhanced the Reserve Bank of Indias monetary policy flexibility.

Against this backdrop, the RBI implementedpressurespersist a decisive 50 basis point cut to the repo rate, bringing it down to 5.50%, and reduced the Cash Reserve Ratio (CRR) by 100 basis points to 3% during its June 2025 policy meeting. These measures aim to stimulate credit growth, boost consumption, and reinforce economic momentum. With borrowing costs falling across retail, housing, and MSME segments, financial institutions have responded swiftly by lowering lending rates—translating into improved affordability and stronger credit demand. With inflation under control and macroeconomic conditions stable, the RBIs policy shift underscores a clear pivot towards a pro-growth monetary stance to support Indias economic expansion in FY 2025–26.

Outlook

The growth momentum is expected to continue, underpinned by strong domestic demand, strategic government-led infrastructure investments, and a stable macroeconomic framework. Flagship initiatives such as the National

Infrastructure Pipeline (NIP) and the National Monetisation Pipeline (NMP) are anticipated to catalyse greater private sector participation, addressing the rising need for large-scale infrastructure development.

Moreover, the PM Gati Shakti programme, which integrates key transport modes—including aviation, railways, roads, and waterways—represents a transformative step towards enhancing multimodal connectivity and accelerating infrastructure-led growth. These developments are aligned with the Government of Indias long-term vision of Viksit Bharat 2047, which seeks to position India as a developed nation by its centenary year of independence. These initiatives, combined with a favourable inflation outlook and proactive policy measures, position India for sustained economic expansion in the medium term.

Sources:

Press Information Bureau (PIB), May 2025;

Reuters Indias April Retail Inflation Moneycontrol India Inflation

Global Tea Industry

The global tea market was valued at USD 17.42 billion in

2024 and is projected to reach USD 24.61 billion by 2030, registering a CAGR of 6.0% during the forecast period (2025 2030). This growth is underpinned by rising health awareness among consumers, who increasingly recognize teas functional benefits such as anti-inflammatory reduction.

Consumer preferences are shifting toward organic, premium, and specialty teas, with growing demand for high-quality and artisanal blends. Notably, green tea continues to gain traction due to its antioxidant-rich profile, contributing significantly to market expansion. The rising demand for environmentally friendly and natural products has further accelerated the adoption of organic tea, reflecting broader lifestyle trends centered on wellness and sustainability.

The growing popularity of flavored and herbal teas is further propelling market expansion, as these variants appeal to diverse consumer palates and evolving taste preferences. Additionally, the rapid adoption of e-commerce and direct-to-consumer

(D2C) channels has enhanced product accessibility, enabling consumers to explore and purchase a broader selection of tea offerings, thereby accelerating market growth.

Grand View Research Global Tea Market (2024 2030)

Indian Tea Industry

The Indian tea market was valued at USD 11.50 billion in 2024 and is projected to reach USD 15.0 billion by 2033, growing at a CAGR of 3.10% over the forecast period (2025 2033), according to the IMARC Group. This growth trajectory is supported by rising health awareness, increasing demand for organic and specialty teas, and a steady shift in consumer preferences toward premium, functional, and ready-to-drink tea formats. Expanding e-commerce and direct-to-consumer

(D2C) channels, coupled with innovations in sustainable packaging and sourcing practices, are further enhancing market properties and stress penetration across urban and semi-urban demographics.

India also continues to strengthen its position in the global tea trade, ranking as the third-largest tea exporter in 2024. Total exports stood at 254.67 million kilograms, valued at approximately 7,111.43 crore. North India played a dominant role, accounting for 60.79% of total export volume and 67.96% of export value. Tea production in North India during January to March 2025 rose by 14.38%, reaching 45.35 million kilograms, compared to 39.65 million kilograms in the corresponding period of the previous year.

In contrast, South India witnessed a decline in production during the same quarter, with volumes falling by 14.38% to 23.87 million kilograms, down from 27.88 million kilograms year-on-year. Despite regional variances in output, the overall outlook for Indias tea industry remains positive, driven by a combination of domestic demand, product diversification, and strong export performance.

Sources:

IMARC Group India Tea Market (2024 2033);

Economic Times India rises to 3rd position in global tea exports (2024);

Business Standard – Tea exports from India rise 9.92% to 254.67 mn kg in 2024

Tea Processing Equipment Market

The global tea processing equipment market was valued at USD 2.40 billion in 2024 and the market is expected to grow from USD 2.49 billion in 2025 to USD 3.43 billion by 2032, registering a CAGR of 4.7% during the forecast period (2025 2032). The Asia-Pacific accounting for a dominant 37.91% share, driven by high tea production volumes and strong demand from commercial processors.

Tea remains one of the most widely consumed beverages globally, and its production involves a complex series of steps including withering, rolling, fermenting, sorting, drying, and grading. Tea processing equipment plays a critical role in ensuring consistency, quality, and efficiency across these stages—particularly in large-scale, commercial production environments. The choice of equipment and processing techniques varies significantly depending on the type of tea (e.g., black, green, oolong), the level of oxidation, and region-specific consumption patterns. Leading manufacturers rely on an integrated set of solutions, including orthodox tea machines,

CTC (Crush, Tear, Curl) equipment, tea drying and sorting systems, fiber extractors, tea powder grinders, and grading machines, to meet both domestic and export market demands.

As the global tea industry evolves with increasing demand for quality and volume, the adoption of advanced, energy-efficient, and automated processing technologies is expected to further accelerate, particularly across emerging economies in Asia and Africa.

Sources: Fortune Business Insights – Tea Processing Equipment

Market (2025 2032)

Emerging Opportunities

India s diverse geography and favorable agro-climatic conditions continue to support the cultivation of a wide range of varieties, enabling the country to cater to evolving global tastes and regional consumer preferences

Increasing tea consumption in emerging markets, along with rising demand from developed regions such as North America and Europe, presents strong export growth opportunities—particularly for value-added and specialty teas

Growing health consciousness and a shift toward premium lifestyle products have accelerated consumer interest in organic, specialty, and wellness-focused teas, positioning India as a key supplier in this segment

The de velopment of new tea blends, functional infusions, and eco-conscious packaging solutions is creating differentiated offerings that appeal to a broader and more discerning customer base

The rapid expansion of online retail platforms and direct-to-consumer (D2C) channels continues to transform the Indian tea industry, offering scalable and cost-efficient distribution while broadening access

Threats

P ersistent volatility in raw material prices, particularly steel and electrical components, poses challenges to maintaining cost efficiency and may impact profitability if not offset by price

Rapid advancements in automation and smart manufacturing technologies may render legacy equipment less competitive, requiring continuous investment in R&D and product innovation to maintain relevance

COMPANY OVERVIEW

About T&I Global Limited

T & I Global Ltd is a leading manufacturer and exporter of tea processing machinery, offering end-to-end solutions including CTC and orthodox machines, dryers, sorters, and turnkey tea factory setups. Headquartered in Kolkata, our Company has over four decades of expertise and serves clients across India, Africa, Southeast Asia, and Latin America.

With advanced manufacturing facilities and a strong focus on innovation, T & I Global delivers equipment that enhances processing efficiency, energy savings, and product quality. Our Companys offering —ranging from design and fabrication to installation and after-sales support—positions us as a trusted partner for both large and mid-scale tea producers.

In FY 2024–25, our Company further expanded its footprint in global markets, aligning with evolving industry trends such as automation, sustainable processing, and modern factory infrastructure. Beyond tea, we have strengthened our capabilities in the broader food processing sector, becoming the first absorbent dryers. we also offer equipment for suji, carbon pellets, potato flakes, and complete processing lines for ginger, kasuri methi, vegetables, and integrated coconut processing. Our Companys expertise also includes end-to-end plant design for food processing units, reflectingour commitment to continuous innovation, customer satisfaction, and long-term value creation.

Certification: ISO 9001: 2008 for Quality Management System

ISO 9001: 2015 for Manufacture & Exporter of Tea & Coconut Processing Machinery

Offerings CTC Machinery

CTC (Crush, Tear, Curl) machines are designed to transform tea leaves into finely processed, uniform granules through a systematic sequence of crushing, tearing, and curling. This method enhances the surface area of the leaves, enabling quicker infusion and delivering a bold, consistent flavor in every brew.

Orthodox & Green Tea Machinery

Orthodox tea machinery supports time-honored processing techniques that retain the structure and character of whole tea leaves, resulting in superior quality and a more refined, layered flavor experience. On the other hand, green tea machinery is purpose-built for delicate treatment and controlled oxidation, helping preserve the leafs vibrant color, fresh aroma, and natural antioxidant content.

Mini Tea Processing

The machinery facilitates the transformation of raw tea leaves into a diverse range of tea types using space-efficient, high-performance equipment tailored to specific processing requirements.

Automation

This involves the use of modern equipment to enhance every stage of tea production—from sorting and processing to final packaging enabling greater efficiency, precision, and uniformity across operations.

Blending & Packing

This involves combining different teas or added ingredients to create tailored blends, which are then packed into finished products ready for market distribution and consumer use.

Trunkey Solutions

Turnkey solutions offer a comprehensive suite of services—in India to deliver banana dehydration lines and super including boilers, steam fittings, electrical systems, factory layout, training, installation, and commissioning—delivering a fully integrated, ready-to-operate setup tailored to client requirements from concept to completion.

Others Products

Other product offering includes

Industrial Dryer

Agro Processing Machinery

Fruit & Vegetable Processing Equipment Coconut Processing Machinery

Banana Dehydration Line

Our Company designs and supplies a complete banana dehydration line. This pioneering solution is tailored to meet the growing demand for processed fruit products, offering advanced drying technology, hygienic handling, and energy-efficient performance enabling large-scale, high-quality banana processing for both domestic and export markets.

Herbs & Spices Drying Systems

Our Company, T & I Global Ltd delivers precision-engineered dryers for ginger, turmeric, kasuri methi, and other herbs and spices. These systems ensure optimal temperature and humidity control to retain essential oils and bioactive compounds, while ensuring hygiene and efficiency.

Dryers for Suji, Carbon Pellets & Potato Flakes

Tailored for industrial applications, these energy-efficient dryers are designed for consistent output, low degradation, and operational economy—ideal for semolina, carbon pellets, and potato processing.

Dryers for Super Absorbent Polymers (1st in India)

These are specialized dryers engineered for Super Absorbent Polymers (SAP), ensuring uniform drying, energy efficiency, and consistent product quality. Designed with advanced process controls, these dryers meet the stringent requirements of the SAP industry, enabling enhanced absorption performance and reliability across applications.

Turnkey Plant Design & Engineering

Our Company offers comprehensive design-to-commissioning services for food processing plants, covering layout, integration, and utility planning—delivering complete turnkey execution.

Manufacturing Facilities

T & I Global Limited operates advanced, state-of-the-art manufacturing facilities in Kolkata, where all core processes—from precision machining and fitting to welding and laser cutting are seamlessly integrated under one roof. This centralized infrastructure enhances operational efficiency and ensures consistent quality across all production stages. A dedicated quality control division adheres to a strict zero-defect policy, rigorously inspecting every component to uphold the highest manufacturing standards.

This unified and quality-focused approach enables the Company to deliver reliable, world-class machinery solutions that meet the evolving expectations of clients across global markets.

Financial Performance

In FY 2024-25 our Company recorded a turnover of 8,755.66 lakhs, a significant decrease from 18,653.77 lakhs in FY 2023-24. We reported profit before tax of 466.86 lakhs, down from 1,382.49 lakhs resulting in a net profit of 408.06 lakhs compared to 993.92 lakhs in the previous year.

Key Ratios

Key Ratios	FY 2023-24	FY 2024-25
EBITDA Margin (%)	0.08	0.05
PAT Margin (%)	0.05	0.05
Debt Equity Ratio	NA	NA
Return on Assets	0.08	0.03
Return on Equity	0.13	0.06
Current Ratio	2.92	1.68

Human Resources

At T & I Global Limited, human capital is recognized as a key strategic enabler of long-term growth and operational excellence.

The Companys Human Resource framework is designed to attract, develop, and retain high-quality talent through structured hiring practices, targeted skill development programs, and performance-driven career advancement pathways. Our approach ensures alignment between individual potential and organizational priorities, reinforcing a culture of accountability and continuous improvement.

During FY 2024–25, our Company remained committed to fostering an engaging and collaborative work environment. Focused efforts were made to enhance the employee experience through both professional and cultural initiatives. Programs such as the annual Diwali celebration and Company picnic served to strengthen team cohesion and employee morale. Furthermore, T & I Global continues to uphold its commitment to diversity, equity, and inclusion—ensuring that all employees work within a supportive and high-performance culture that encourages both personal and professional growth.

Corporate Social Responsibility

Our Company remains committed to sustainability, with initiatives such as solar energy adoption to reduce its environmental footprint. We also advance our CSR objectives through projects focused on education, infrastructure, and community rehabilitation, reinforcing its role as a socially responsible organization.

Risk & Concerns

The tea industry, being closely linked to the agricultural sector, is significantly impacted by natural conditions and seasonal variability. It is inherently labour-intensive and operates under stringent labour law compliance. A key operational challenge remains the shortage of skilled labour during peak harvest periods in certain regions. As with any business, risks and opportunities are interdependent, and the Companys management takes a proactive, balanced approach to decision-making—ensuring the interests of all stakeholders are safeguarded against potential disruptions.

Internal Control System

Our Company has implemented internal control systems to ensure that all assets are safeguarded and protected against losses and all transactions are recorded and reported correctly. Our Company has also laid down policies, guidelines and procedures, which form part of its internal control system. TIGLs internal control systems are periodically tested and supplemented by an extensive program of internal audit by independent firm of Chartered Accountants. Audits are finalized and conducted based on internal risk assessment. Significant findings are brought to the notice of the Audit Committee of the Board and corrective measures are recommended for implementation.

Cautionary Statement

The statement in the report of the Board of Directors and the Management Discussion & Analysis Report describing the Companys projections, estimates, expectation 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. Further tea industry depends on vagaries of nature and and any adverse conditions can reverse the overall situation.