Thakkers Group Ltd Management Discussions

The Management Discussion and Analysis Report has been prepared in accordance with the requirements of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and provides an overview of the business environment, opportunities, risks and outlook of the Company.

Industry Structure and Developments

Thakkers Group Ltd is engaged in the business of Real Estate Development, Construction Activities and Hospitality Services. The Indian real estate and hospitality sectors continue to offer significant long-term opportunities driven by urbanization, infrastructure development, growth in tourism and increasing consumer aspirations.

The Company continues to focus on identifying suitable business opportunities in its chosen areas of operation and aims to create sustainable value through prudent investments, efficient execution and customer-centric business practices.

Opportunities and Threats

The Company believes that the growing demand for quality of construction and hospitality infrastructure presents substantial opportunities for future growth. Increasing investments in infrastructure, rising urban population, growth in domestic tourism and favourable demographic trends are expected to support the long-term prospects of the sectors in which the Company operates.

However, the Companys business remains exposed to various challenges including changes in economic conditions, fluctuations in interest rates, regulatory developments, delays in statutory approvals, increasing competition, volatility in construction costs and changing market dynamics. The management continuously monitors these factors and undertakes appropriate measures to mitigate associated risks.

Segment-wise Performance

The Company operates through the following business segments:

Real Estate and Construction

The segment comprises development, construction and management of residential, commercial and other real estate projects. During the year under review, the Company continued to evaluate and pursue opportunities aligned with its business objectives while focusing on operational efficiency and long-term value creation.

Hospitality

The hospitality segment comprises activities relating to hospitality services and related business opportunities. The Company continues to explore avenues for growth in this segment and remains focused on delivering quality services and enhancing customer experience.

Outlook

The Board remains optimistic about the long-term growth prospects of the Companys businesses. The management continues to focus on strengthening the Companys presence in the real estate, construction and hospitality sectors through disciplined business strategies and prudent financial management.

The Company is committed to identifying viable growth opportunities, enhancing operational efficiencies and maintaining a strong governance framework to support sustainable growth and value creation.

Risks and Concerns

The Companys operations are subject to various risks, including economic slowdowns, regulatory changes, market fluctuations, project execution risks, availability of finance, cost escalations and competitive pressures.

To address these challenges, the Company has established appropriate monitoring and control mechanisms and continuously reviews its business strategies and risk management practices.

Internal Control Systems and Their Adequacy

The Company has adequate internal control systems commensurate with the size, scale and nature of its operations. These systems are designed to safeguard assets, ensure reliability of financial reporting, promote operational efficiency and ensure compliance with applicable laws and regulations.

The effectiveness of the internal control framework is reviewed periodically by the management, Internal Auditors and the Audit Committee of the Board. Necessary improvements are implemented wherever required.

Discussion on Financial Performance with Respect to Operational Performance

During the year under review, the Company continued its efforts towards strengthening its operational base and expanding its activities in the identified business segments. The financial performance reflects the Companys continued focus on business development, efficient utilization of resources and prudent financial management.

The management remains committed to enhancing operational efficiencies and creating long-term value for stakeholders.

Human Resources and Industrial Relations

The Company recognizes that its employees are its most valuable asset and key contributors to its success. The Company continues to maintain cordial industrial relations and a positive work environment that promotes professionalism, integrity, teamwork and continuous learning.

The management remains committed to developing human capital through appropriate training, development and employee engagement initiatives.

Key Financial Ratios

The key financial ratios of the Company, together with explanations for significant changes therein, wherever applicable, form part of the Financial Statements and Notes to Accounts included in the Annual Report.

Return on Net Worth

The Return on Net Worth of the Company reflects the overall financial and operational performance during the year under review. Variations, if any, are explained in the Financial Statements and the Notes forming part thereof.

Cautionary Statement

Statements made in this Management Discussion and Analysis Report describing the Companys objectives, expectations, projections, estimates and predictions may constitute forward-looking statements within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed or implied due to various factors including economic conditions, market developments, regulatory changes, competitive pressures and other factors beyond the control of the Company. The Company assumes no obligation to publicly update or revise any forward-looking statements.

For and on behalf of the Board of Directors of

Thakkers Group Ltd

Chetan Giridharlal Batavia

Director

DIN-00400700

Gaurav Jitendra Thakker

Director

DIN- 01587854

Place: Nashik

Date: 13-08-2026