T & I Global Ltd Management Discussions

FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2026

Tea continues to benefit from an established consumption base, with growing demand for premium, specialty, organic, green and herbal varieties driving product differentiation and innovation. India remains an important producer and exporter, although weather, crop yields, labour availability, input costs, trade policies and logistics continue to influence the industry. Tea processing is moving towards greater automation, energy efficiency and process optimisation, supporting demand for modernisation and integrated solutions. T & I Global Limited is positioned through its tea-processing machinery and engineering capabilities, while also leveraging its drying processing expertise to expand into food and agro-processing applications.

T & I Global Limited is an established manufacturer and exporter of tea-processing machinery, with a growing presence in food and agro-processing equipment. The Company provides turnkey solutions covering design, installation, commissioning and after-sales support. Its portfolio includes CTC, orthodox and green-tea machinery, dryers, sorters, blending and packing systems, and integrated processing lines. It has also expanded into banana dehydration, super-absorbent- polymer dryers, and drying and processing solutions for spices, herbs, coconut, fruits and vegetables. Its Kolkata facilities integrate precision machining, fitting, welding and laser cutting, supported by quality-control systems and ISO 9001:2015 certification.

Key opportunities include recovery in export demand and continued modernisation of tea-processing capacity across India and globally. Expansion of the food and agro-processing portfolio can diversify revenue and reduce dependence on the cyclical tea-machinery business. Rising demand for automation, energy- efficient dryers, turnkey solutions and equipment for premium, green, organic and specialty teas further supports the Companys growth prospects. Its debt-free balance sheet and liquidity provide flexibility to pursue capacity expansion, product development and selective growth opportunities.

The project-led and export-oriented nature of the business can result in uneven revenue and exposure to geopolitical and trade developments. Volatility in steel and electrical-component prices may affect margins where cost increases cannot be passed on promptly. The Company also faces competition, technological obsolescence and foreign-exchange risk. In addition, the seasonal, labour-intensive and weather-dependent nature of the tea industry may influence investment and equipment demand.

The outlook remains one of cautious optimism. The Company expects to consolidate the recovery as export markets stabilise and its food and agro- processing portfolio expands. Strategic priorities include strengthening the core tea-machinery business, broadening the product range, diversifying geographically and investing in automation and energy- efficient technologies. The debt-free balance sheet and healthy liquidity provide a sound base, although project- led revenue may continue to vary between periods.

The Company operates a structured risk-management framework through which the principal risks to the business are identified, monitored and mitigated. The key risks, and the measures adopted to manage them, are summarised below.

The Company maintains internal controls commensurate with its size and operations to safeguard assets and ensure accurate recording and reporting of transactions. Policies and procedures are periodically tested through an independent internal-audit programme based on risk assessment. Significant findings are reviewed by the Audit Committee, and corrective actions are monitored. The statutory auditors issued an unmodified opinion on the financial statements for FY 2025-26.

FY 2025-26 marked a recovery in performance. The recovery was driven mainly by improved project execution and normalisation of export-market demand, including Bangladesh. The Board wishes to record that, while the full-year result represents a marked improvement over the preceding year, the recovery was concentrated in the earlier part of the year, the final quarter having been operationally softer. The snapshot of our performance is given below:-

(in Lakhs)

The Company remained debt-free throughout the year. Total assets stood at approximately 149 crore, net worth at approximately 99 crore and treasury investments at approximately 62 crore as at 31st March, 2026. Net cash generated from operations was approximately 19 crore. The current ratio remained healthy at approximately 1.7 times. To conserve resources for future growth, the Board has not recommended a dividend.

In accordance with the requirements of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the details of significant changes (that is, changes of 25% or more as compared with the immediately preceding financial year) in key financial ratios, together with the explanations therefor, are set out below.

(in Lakhs)

The Company remained debt-free throughout the year, and accordingly the debt-equity ratio is not applicable. The significant improvements in the return on equity, the inventory, trade-receivables, trade-payables and net-capital turnover ratios, and the return on capital employed are attributable principally to the substantial increase in sales and in profit after tax during the year under review as compared with the preceding year. The improvement in the trade-receivables turnover ratio additionally reflects the collection of receivables and the write-off of certain bad debts during the year, while the improvement in the trade-payables turnover ratio reflects the increase in purchases commensurate with the higher level of activity. The current ratio and the net profit and return-on-investment ratios remained broadly stable over the two years.

The Company regards human capital as an important enabler of long-term growth and operational excellence. Its human-resource framework focuses on attracting, developing and retaining talent through structured hiring, skill development and performance-based career progression. The Company continued to promote a collaborative and inclusive work environment, and industrial relations remained cordial and harmonious during the year.

Statements regarding the Companys objectives, projections, estimates and expectations may constitute forward- looking statements under applicable securities laws. Actual results may differ materially due to economic conditions, market prices, regulatory and tax changes, foreign-exchange movements and other factors. The tea industry is also affected by weather and natural conditions. The Company undertakes no obligation to publicly revise forward- looking statements based on subsequent developments or events.