1a. INDUSTRY STRUCTURE AND DEVELOPMENTS:

During the year under review, the Company undertook a strategic investment in a public company engaged in the manufacturing and trading of plastic, polymers and allied products. This investment marks a significant step towards diversifying the Company s business portfolio and establishing its presence in a sector with considerable growth potential, driven by increasing demand from industries such as packaging, infrastructure, agriculture, automotive and consumer goods.

In line with this strategic investment, the Company also altered the Object Clause of its Memorandum of Association to broaden its business scope and align its objects with the activities of the investee company. The amendment enables the Company to pursue opportunities in the manufacture, purchase, sale, import, export and trading of plastic, polyethylene, tarpaulins, moulded industrial articles, industrial components and other allied products, either directly or through strategic investments, collaborations or other permissible business arrangements. The plastics and polymers industry continues to play a vital role in supporting various sectors of the economy. With increasing emphasis on product innovation, operational efficiencies, sustainable manufacturing practices and expanding industrial applications, the industry offers significant opportunities for long-term growth. The Company s strategic realignment and investment are expected to strengthen its business prospects, enhance stakeholder value and provide a platform for future expansion in this evolving industry. The Company will continue to evaluate suitable opportunities consistent with its revised objects and business strategy, while maintaining prudent financial and governance practices.

1b. OPPORTUNITIES AND THREATS:

Opportunities

The Company s strategic investment in a public company engaged in the plastics, polymers and allied products sector, coupled with the amendment of its Objects Clause, has broadened its business horizon and positioned it to explore opportunities in a growing manufacturing segment.

The plastics and polymers industry caters to a wide range of end-user industries, including packaging, infrastructure, agriculture, automotive, healthcare, electrical and consumer goods, thereby providing diversified avenues for growth. The Company s revised objects provide the flexibility to evaluate and pursue suitable business opportunities, strategic collaborations and investments in accordance with its long-term business strategy and prevailing market conditions.

The Board believes that the Company s diversified business approach, supported by prudent investment decisions and sound corporate governance practices, will enable it to capitalize on emerging opportunities while creating sustainable value for its stakeholders.

Threats

Like any business, the Company is exposed to various risks and uncertainties that may impact its operations and financial performance. These include changes in economic conditions, fluctuations in the prices and availability of raw materials, changes in government policies and regulations, technological advancements, competitive market conditions, supply chain disruptions and evolving environmental and sustainability requirements.

Further, the performance of the Company s strategic investment may be influenced by industry-specific factors affecting the plastics and polymers sector, including changes in demand, input costs, regulatory developments and market dynamics.

The Company continues to monitor these risks on an ongoing basis and adopts appropriate risk mitigation measures through prudent business planning, periodic review of its investment portfolio, strong internal controls and effective corporate governance practices.

1c. SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE:

During the financial year under review, the Company did not carry out any manufacturing or operational activities in the plastics, polymers or allied products segment. Accordingly, there was no segment-wise or product-wise operational performance to report in respect of the newly introduced line of business.

1d OUTLOOK

The Company remains committed to pursuing sustainable growth by exploring opportunities aligned with its revised business objectives and long-term strategic vision.

The Board believes that these strategic initiatives provide the Company with the flexibility to evaluate business opportunities in the plastics and polymers industry, which continues to cater to a broad spectrum of end-use sectors, including packaging, infrastructure, agriculture, automotive, healthcare and consumer goods.potential opportunities in line with its revised Objects Clause, while adopting a prudent and disciplined approach towards investments and business expansion.

The Company s future performance will depend on various factors, including market conditions, economic environment, industry developments and the successful implementation of its strategic initiatives.

The management remains focused on creating sustainable long-term value for all stakeholders through responsible business practices and sound financial management.

1e RISKS AND CONCERNS

The Company operates in a dynamic business environment and is exposed to various risks that could affect its business operations, financial performance and strategic objectives. The Board and the Management continuously monitor the internal and external business environment and take appropriate measures to identify, assess and mitigate such risks. The Company s strategic investment in a public company engaged in the plastics, polymers and allied products sector exposes it to industry-specific risks, including fluctuations in raw material prices, changes in customer demand, evolving regulatory requirements, environmental and sustainability obligations, technological advancements and competitive market conditions.

Further, the Company s proposed diversification the plastics and polymers sector, pursuant to the amendment of its Main Objects Clause, may involve business, operational and regulatory risks associated with entering or expanding into a new line of business. The Company has established appropriate internal control systems, governance mechanisms and risk management processes to identify and address potential risks.

1f. INTERNAL CONTROLS SYSTEMS AND THEIR ADEQUACY:

The Company is following a proper and adequate system of internal controls in respect of all its activities; further all transactions entered into by the Company are fully authorised, recorded and reported correctly.

1g. FINANCIAL PERFORMANCE WITH RESPECT TO

OPERATIONAL PERFORMANCE:

During the financial year underreview,the alent ratios, as applicable.

Company continued to focus on strengthening its strategic position through investment-led business diversification. The Company made a strategic investment in a public company engaged in the manufacture and trading of plastic, polymers and allied products and amended its Main Objects Clause to align its business objectives with its long-term growth strategy.

Since the Company has not commenced operational activities in the newly introduced line of business during the financial year 2025-26 under review, its financial performance does not yet reflect the impact of such diversification. The financial results for the year are, therefore, primarily attributable to the Company s existing operations and other income, as disclosed in the audited financial statements.

1h. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBER OF PEOPLE EMPLOYED.

The Company recognizes that its human resources are a valuable asset and remains committed to fostering a work environment that promotes professionalism, integrity, equal opportunity and employee well-being. During the financial year under review, there were no material developments on the human resources or industrial relations front. The industrial relations within the Company remained cordial and harmonious throughout the year, and no significant industrial disputes or disruptions were reported.

As on 31 March 2026, the Company had 9 (Nine) employees on its rolls. The Company continues to focus on maintaining a productive work environment and strengthening its human resource practices in line with its business requirements and strategic objectives.

1i. DETAILS OF SIGNIFICANT CHANGES (I.E. CHANGE OF 25% OR MORE AS COMPARED TO THE IMMEDIATELY PREVIOUS FINANCIAL YEAR) IN KEY FINANCIAL RATIOS, ALONG WITH DETAILED EXPLANATIONS THEREFORE, INCLUDING:

(i) Debtors Turnover 0.00%

(ii) Inventory Turnover 0.00%

(iii) Interest Coverage Ratio 0.00%

(iv) Current Ratio 579.04%

(v) Debt Equity Ratio (100%)

(vi) Operating Profit Margin (%) 0.00%

(vii) Net Profit Margin (%) 0.00% orsector-specific

(j) details of any change in Return on Net Worth as compared to the immediately previous financial year along with a detailed explanation thereof.] The Return on Net Worth of the Company decreased by 101.39% as compared to the immediately preceding financial year. The decrease is primarily attributable to a significant decline in the Company s operating profitability during the year, resulting in negligible/ negative returns on shareholders net worth as against the positive return generated in the previous financial year.

Notes: i. The current ratio increased primarily due to the reduction in current liabilities from 44.08 lakh as at 31 March 2025 to 6.24 lakh as at 31 March 2026. Current assets decreased marginally from 182.84 lakh to 175.76 lakh.

ii. The debt-equity ratio decreased from 0.15 times to nil primarily due to repayment/settlement of debt during the year, resulting in no material outstanding borrowings as at March 31, 2026.

2. DISCLOSURE OF ACCOUNTING TREATMENT

The financial statements of the Company for the financial year ended 31st March 2026 have been prepared in accordance with the Indian Accounting Standards ( Ind AS ) prescribed under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time, and other accounting principles generally accepted in India.

The accounting treatment adopted in the preparation of the financial statements is consistent with the applicable Indian Accounting Standards (Ind AS), and there has been no deviation from the prescribed accounting standards.

3. CAUTIONARY STATEMENT:

Statements in this Management Discussion and Analysis describing the Company s objectives, projections, estimates and expectations may be forward looking statement within the meaning of applicable laws and regulations. Actual results might differ materially from those either expressed or implied.

	For and on behalf of the Board of Directors
	Tandhan Industries Limited
	(Formerly known as Sanmitra Commercial Limited)
	Sd/-	Sd/-
Place: Howrah	Mr. Ankit Jalan	Mrs. Prachi Jalan
Date: 07.09.2026	Managing Director	Whole time Director
	DIN: 01835733	DIN: 10454972