Times Green Energy India Ltd Management Discussions

I) INDUSTRY STRUCTURE AND DEVELOPMENTS:

Times Green Energy (India) Limited ("TIMES" / "the Company") is a company founded by a group of women entrepreneurs. It started off with the manufacturing of natural organic fertilizers through agri-waste management systems, with technical support from Excel Industries, alongside the manufacturing of sanitary napkins and other womens hygiene products.

Since its inception, TIMES has built a strong network across Southern India. With manufacturing units located in and around Hyderabad, TIMES has grown into a diversified corporate with Agriculture, Women Hygiene and E-commerce as its three main verticals.

The Board of Directors of the Company is made up entirely of experienced and dynamic women, who have been steering TIMES since its inception. The Company operates in the womens hygiene and safety segment through the manufacture and marketing of sanitary napkins, baby nappies, adult nappies and other products, and through its e-commerce platform, Bazaartimes.in.

1. GLOBAL ECONOMY

Despite persistent geopolitical tensions, elevated trade policy uncertainty and disruptions in global energy markets, the global economy has demonstrated resilience through 2025-26. Growth has been supported by technological investment, particularly in artificial intelligence, accommodative financial conditions, fiscal support and the adaptability of the private sector. The global outlook, however, remains subject to downside risks arising from prolonged geopolitical conflicts, trade fragmentation, energy price volatility, high public debt and potential corrections in technology-related investments.

The global economy is projected to grow by approximately 3.0% in 2026 and 3.4% in 2027, per the latest International Monetary Fund (IMF) projections. Growth in advanced economies is expected to remain moderate, while emerging market and developing economies are projected to continue growing at a relatively stronger pace. Chinas economy is projected to grow at around 4.4% in 2026, reflecting continued policy support alongside structural challenges and weaker domestic demand.

India continues to remain one of the fastest-growing major economies. The IMFs April 2026 projections estimated Indias growth at 7.5% for 2026, supported by resilient domestic consumption, investment activity and continued economic reforms, providing resilience against external headwinds.

Global inflation, which had been on a declining trajectory, faces renewed pressure from higher energy prices and geopolitical disruptions, with the IMFs July 2026 outlook projecting global headline inflation at approximately 4.7% for 2026, before moderating as these pressures ease.

2. INDIAN ECONOMY

Indias growth continues to be underpinned by resilient domestic demand, sustained investment activity and continued structural reforms. While the global economy navigates geopolitical developments, trade-related uncertainties, energy price volatility and financial market conditions, Indias macroeconomic fundamentals — supported by improving fiscal metrics and a stable policy environment — have provided a degree of insulation against these external headwinds during the year under review.

1. TRENDS IN THE GLOBAL AGRICULTURE MARKET

The global organic farming market continues to expand significantly, driven by rising consumer demand for sustainable agricultural practices, chemical-free food products, environmental awareness and increasing adoption of technology-enabled farming methods. Recent market estimates indicate that the global organic farming market is expected to reach approximately USD 253.09 billion in 2026 and is projected to grow at a CAGR of around 10.6% through 2033.

India remains an important market within the rapidly growing Asia-Pacific region, supported by increasing consumer awareness, government initiatives, expanding retail demand and growing opportunities for organic exports. The Indian organic farming market was valued at approximately USD 6.13 billion in 2025 and is projected to grow at a CAGR of about 10% during 2026-2034. Indias participation as the Country of the Year at BIOFACH 2026 further reflects the countrys growing presence in the global organic sector.

2. INDIAN AGRICULTURE

Indias organic farming sector continues to see significant growth, driven by rising consumer demand for organic products and continued government support. The organic food industry in India is projected to reach INR 625.69 billion by 2028, growing at a CAGR of 37.01%, while the organic fertilizer market is expected to reach USD 942.39 million by 2032.

Government initiatives such as the Paramparagat Krishi Vikas Yojana (PKVY) and the Mission Organic Value Chain Development for North Eastern Region (MOVCDNER) continue to provide financial assistance and support for organic farming practices. With India having over 17.6 lakh hectares of organic farming land and exports projected to reach Rs. 20,000 crore by 2028, the sector remains poised for continued growth.

1. WOMAN HYGIENE & SAFETY

The India feminine hygiene products market, valued at USD 1.56 billion in 2025, is forecast to reach USD 3.15 billion by 2030, advancing at a 15.1% CAGR. This growth trajectory is primarily fuelled by government-led subsidy programmes, the rapid expansion of digital commerce platforms, and an evolving consumer demographic that increasingly associates menstrual health with overall well-being. The market continues to see a steady influx of innovative products, including organic, chemical-free and biodegradable options, expanding the addressable consumer base.

Drug stores and pharmacies continue to lead the distribution channels, while online retail exhibits the fastest growth rate. Government initiatives promoting menstrual hygiene and awareness continue to support market growth.

2. FEMININE HYGIENE PRODUCT MARKET OUTLOOK

The global feminine hygiene product market size is estimated at US$ 34.1 Bn in 2025 and is projected to reach US$ 51.9 Bn by 2032, at a CAGR of 6.2% during 2025-2032, driven by rising awareness and education around menstrual hygiene, supportive government initiatives, and increasing disposable incomes, particularly in low- and middle-income countries.

3. OPPORTUNITIES AND THREATS:

After nearly four decades of the globally acclaimed Green Revolution, Indian agriculture stands once again at a crossroads. Despite a plethora of schemes at the national and state level, the agricultural growth rate continues to lag behind the four per cent growth target set by the National Development Council for a double-digit overall growth rate of 10%. Agriculture remains, for many, non-remunerative, underscoring the need for continued policy support to keep farmers engaged in the sector.

(A) Opportunities

The growing trend towards sustainable and organic agriculture, together with state-level initiatives promoting organic farming, continues to create lucrative opportunities for the Company during the forecast period.

• Favourable Government initiatives — PKVY and MOVCDNER provide financial assistance for cluster-based organic farming with PGS certification, including support of Rs.50,000 per hectare over three years. Complementary schemes such as NPOF, RKVY and NHM offer training, certification and market support.

• Growing research — The Indian organic fertilizer market is projected to reach USD 670.85 million by 2030 (CAGR of 7.56%), supported by ICAR research initiatives and rising investment in nano-fertilizers and bio-based inputs.

• Expansion in niche segments — Opportunities exist to cater to specialised consumer needs within feminine hygiene, such as products designed for specific consumer cohorts and lifestyles.

• Market trends — Rising on-the-go eating, healthier eating alternatives, ready-to-eat meals and growing consumption of organic foods continue to open new opportunities in the consumer foods market, relevant to the Companys e- commerce vertical.

(B) Threats

• Land degradation — Over 146.8 million hectares of Indian land are affected by erosion, water-logging, salinity and acidity, posing a continuing risk to agricultural productivity.

• Low seed replacement ratio — A seed replacement ratio of 20-25% continues to constrain productivity gains achievable through modern, high-yielding varieties.

• Declining interest in agriculture — Limited access to microfinance, insurance and formal banking channels continues to make farming appear economically unrewarding to many cultivators and youth.

• Lack of education and awareness — Persistent stigma around menstrual health continues to constrain the addressable market for feminine hygiene products.

• Marketing obstacles — Cultural attitudes towards menstruation in several regions continue to make market penetration and brand-building challenging.

4. RISKS AND CONCERN:

Risk is an integral part of the business, and the Company aims to deliver superior shareholder value by achieving an appropriate balance between risk and return. The agricultural sector is exposed to a variety of risks that occur with high frequency, including climate and weather risk, natural catastrophes, and pest and disease risk, which cause highly variable production outcomes. These production risks are compounded by price risk, credit risk, technological risk and institutional risk.

Cultural taboos surrounding menstruation continue to present a formidable restraint on the growth of the feminine hygiene products market in several geographies, perpetuating myths and misconceptions that constrain adoption of modern hygiene products.

During the year, the Company also increased its working capital and receivables exposure as trade receivables and inventories grew in line with the expansion of its agri-trading operations, while operating cash flow was temporarily negative on account of this working capital build-up; this was funded through the proceeds of the Rights Issue completed during the year (refer Financial Overview below).

5. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has an Internal Control System commensurate with the requirements and size of its business, designed to ensure that the assets and interests of the Company are safeguarded. The adequacy and effectiveness of internal controls across various activities, and compliance with laid-down systems and policies, are comprehensively and frequently monitored by the Companys management at all levels of the organisation. The Company has established well-defined policies and processes across the organisation covering all major activities, including authority for approvals, with appropriate limits and authorisations for monetary decisions.

The Companys internal controls are structured to provide reasonable assurance with regard to recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorised use or loss, executing transactions with proper authorisation, and ensuring compliance with corporate policies, laws and accounting standards.

6. HUMAN RESOURCES:

Times Green Energy (India) Limited is part of a dynamic and progressive group that actively fosters a challenging work environment and encourages entrepreneurship. With trust at the core of its business philosophy, the Company places strong emphasis on integrity, teamwork, innovation, performance and partnership. The Companys professional staff, with diverse backgrounds, brings varied talent, knowledge and experience that helps the businesses remain competitive and achieve new milestones. The management team and Board of Directors remain resolved to act in the best interests of shareholders, clients and associates

7. FINANCIAL OVERVIEW:

The Companys revenue from operations for the year under review (FY 2025-26) was Rs.2,206.07 lakhs, as against Rs.4,003.50 lakhs in the previous year (FY 2024-25), a decline of approximately 44.9%. The decline in turnover during the year was primarily on account of moderation in trading volumes within the agri-produce trading business, even as the Company continued to strengthen its balance sheet through capital infusion and deleveraging.

Profit before finance costs, depreciation, tax and exceptional items for the year stood at Rs.74.73 lakhs, as against Rs.96.05 lakhs in the previous year. Profit before tax was Rs.30.26 lakhs (previous year: Rs.52.93 lakhs), and net profit after tax was Rs.22.13

lakhs (previous year: Rs.39.92 lakhs).

Particulars (Rs. in Lakhs)	FY 2025-26	FY 2024-25
Revenue from Operations	2,206.07	4,003.50
Total Income	2,206.26	4,009.56
Profit before Finance Cost, Depreciation, Tax & Exceptional Items	74.73	96.05
Profit before Tax	30.26	52.93
Net Profit after Tax	22.13	39.92
Earnings per Share — Basic & Diluted (Rs.)	0.40	1.20

Table 1: Summary of financial performance — FY 2025-26 vs FY 2024-25 (< in Lakhs)

The decline in Earnings per Share, from Rs.2.40 to Rs.0.04, is largely attributable to the significant expansion of the Companys equity base during the year — through a Rights Issue and a Bonus Issue — rather than to a proportionate decline in absolute profitability. Paid-up equity share capital increased from Rs.166.40 lakhs to Rs.557.44 lakhs during the year.

During the year, pursuant to approvals of the Board of Directors dated November 19, 2025 and March 25, 2026, the Company allotted 11,23,200 equity shares under a Rights Issue and 27,87,200 equity shares under a Bonus Issue. The Rights Issue raised Rs.898.56 lakhs, of which Rs.778.56 lakhs was utilised towards expansion of the agri-trading business as at March 31, 2026, with Rs.120.00 lakhs remaining unutilised as at the year end.

On the balance sheet, total assets grew by 27.2% to Rs.6,204.52 lakhs (previous year: Rs.4,878.09 lakhs) and shareholders equity grew by 26.9% to Rs.4,338.55 lakhs (previous year: Rs.3,417.86 lakhs). Long-term borrowings of Rs.312.00 lakhs outstanding at the start of the year were fully repaid during the year, funded substantially through the Rights Issue proceeds, leaving the Company with a materially deleveraged balance sheet as at March 31, 2026.

Particulars (Rs. in Lakhs)	As at 31.03.2026	As at 31.03.2025	Growth (%)
Total Assets	6,988.19	4,878.09	27.2%
Shareholders Equity	4,338.55	3,417.86	26.9%
Share Capital	557.44	166.40	235.0%
Total Current Assets	3,869.41	1,755.65	120.40 %
Total Current Liabilities	2,649.64	1,047.23	153.01 %
Long-term Borrowings	0.00	312.00	(100.00) %
Cash & Bank Balances	129.21	47.94	169.52 %

10. GOVERNMENT INITIATIVES

Government Initiatives in the Agriculture Sector

The Government of India continues to implement supportive policies and schemes to promote organic farming, including PKVY and MOVCDNER, which provide end-to-end support to farmers engaged in organic farming, from production to processing, certification, marketing and post-harvest management.

• Budget allocation for promoting organic fertilizers has increased substantially in recent years, with schemes such as GOBARdhan and PM-PRANAM continuing to incentivise a shift away from chemical fertilizer usage.

• The Market Development Assistance (MDA) scheme continues to incentivise the sale and marketing of FOM/LFOM (a by-product from GOBARdhan plants).

• The National Bioenergy Programme (including the Biomass and Biogas Programmes under the Ministry of New & Renewable Energy) continues to be implemented with a Phase-I outlay of Rs.858 crore.

• The Union Budget has continued to increase overall allocation for agriculture and allied sectors, alongside continued digital initiatives such as the National e-Governance Plan in Agriculture (NeGP-A) and Digital Public Infrastructure (DPI) for agriculture.

• Schemes including PM-KISAN, Pradhan Mantri Fasal Bima Yojana, Pradhan Mantri Krishi Sinchai Yojana, Kisan Credit Card and e-NAM continue to support farmer incomes, insurance, irrigation and access to markets.

Government Initiatives in the Feminine Hygiene Sector

• Menstrual Hygiene Scheme (MHS) — Continues to increase awareness and access to high-quality sanitary napkins for adolescent girls in rural areas, and to ensure safe disposal.

• National Guidelines on Menstrual Hygiene Management (MHM) — Developed under Swachh Bharat Abhiyan to raise awareness of menstrual hygiene management in rural areas.

• Rashtriya Kishor Swasthya Karyakram — Continues to increase awareness of, and access to, sanitary pads for adolescents.

• Pradhan Mantri Bharatiya Janausadhi Pariyojna (PMBJP) — Continues to provide affordable, oxo-biodegradable sanitary napkins ("Suvidha") at Rs.1 per pad through Janaushadhi Kendras across the country.

19. FINANCIAL AND OPERATING PERFORMANCE:

The Total Income of the Company stood at Rs.2,206.26 lakhs for the year ended March 31, 2026, as against Rs.4,009.56 lakhs in the previous year. The Company made a net profit (after tax) of U22.13 lakhs for the year ended March 31, 2026, as compared to Rs.39.92 lakhs in the previous year.

Key Financial Ratios

(Disclosure of ratios that changed by 25% or more as compared to the previous year, together with the reasons therefor, is set out below. All ratios have been computed on a consistent basis from the Companys audited financial statements for FY 2025-26 and FY 2024-25.)

Sr. No.	Ratio	FY 202526	FY 202425	Variance (%)	Reason for variance (where > 25%)
1	Current Ratio	1.65	1.68	(1.36)%	Due to Increase in Current Assets due to Advance payment to Suppliers
2	Debt-Equity Ratio	0.02	0.09	(80.51)%	Due to Increase in Equity due to isuue of Bonus and Rights Issue during the year
3	Debt Service Coverage Ratio	0.32	2.31	(86.30)%	Due to repayment of substantial part of Borrowings during the year
4	Inventory Turnover Ratio	661.37	1642.85	(62.79)%	Due to drastic Decrease in Cost of Materials consumed
5	Trade Receivables Turnover Ratio	1.23	2.27	(45.79)%	Due to drastic Decrease in Revenue from Operations during the year
6	Trade Payables Turnover Ratio	0.05	0.05	(11.14)%	Due to decrease in Trade Payables
7	Net Profit Ratio	1.81	5.65	68.00%	Due to decrease in PAT due to decraesed revenue during the year
8	Return on Net Worth (Equity)	0.51%	1.17%	(56.3)%	Decline in net profit combined with a larger equity base following the Rights Issue and Bonus Issue
9	Return on Investment (PBT / Total Assets)	0.49%	1.09%	(55.0)%	Decline in profitability alongside a larger asset base
10	Net Capital Turnover Ratio	1.81	5.65	(68.00)%	Due to decrease in Revenue and Increase in Working Capital of the Company

Table 3: Key financial ratios — FY 2025-26 vs FY 2024-25

The most significant movements during the year relate to the Companys deleveraging and equity -raising exercise — the Debt-Equity Ratio and Debt Service Coverage Ratio both moved sharply as long-term borrowings were fully repaid using Rights Issue proceeds — together with the effect of lower trading volumes on turnover-linked ratios such as Inventory, Trade Receivables and Trade Payables Turnover, and Net Capital Turnover.

20. OUR STRENGTH:

Strong network and established relationships within rural communities in Southern India

The Companys promoters began their journey by procuring and distributing natural organic plant protection products for the benefit of farming communities. The Company subsequently acquired agricultural land in 2013 (later converted to nonagricultural land) to research and develop methods of improving farm yield, and to educate and support women farmers in using such products, thereby growing its distribution and touch-point base. Through its growing network of women across these villages, the Company also began creating awareness of womens hygiene products, formally entering the Women Hygiene & Safety segment in 2018 under its brand ‘Monthly Times. The Company believes its established point-of-sale contacts, built on a women-led ecosystem, will continue to support stronger growth.

Low indirect tax product space

The Companys three core activities — Agro Products, Bio-Products and Sanitary Napkins — continue to enjoy NIL and/or concessional indirect tax rates such as GST, a benefit expected to continue supporting the growth of these businesses.

21. OUR STRATEGIES

Continue to focus on women-centric business avenues

The Company remains a womens entrepreneurial venture, deeply embedded in the rural ecosystem surrounding women in and around Telangana, Andhra Pradesh and the border areas of Karnataka. The Company believes that being one of the few companies in India with an all-women Board of Directors provides it a distinctive advantage in dealing with women-related products such as sanitary napkins and natural organic plant protection products. The Company continues to grow its B2C e- commerce application, Bharat Bazaar (‘Kisaan to Kitchen), which today carries over 1,000 products ranging from cooking essentials and bakery and dairy items to branded foods, beverages and a dedicated sanitary napkins category.

Focus on sustainable options in the women hygiene product market

The Company continues to explore reusable and disposable hygiene product options to promote a sustainable future, thereby reducing plastic usage and contributing to environmental sustainability.

22. OUTLOOK:

The outlook for the industry continues to depend on

(a) consistent demand for the Companys plantation and agri-trading crops throughout the year,

(b) realisations commensurate with the cost of production, and

(c) continued growth of the packaged and branded product segments. The Company remains focused on quality upgradation and cost efficiency as its prime missions, with plant modernisation and field development undertaken in line with these objectives.

Having substantially deleveraged its balance sheet and strengthened its equity base during FY 2025 -26, the Company is positioned to redeploy capital towards the expansion of its agri-trading, women hygiene and e-commerce verticals in the coming year, while continuing to manage working capital prudently. The Government of Indias continued reform agenda in the agriculture and rural sector is expected to provide a supportive policy backdrop for the Companys growth strategy.

Disclaimer

The Companys objectives, projections, outlook, expectations, estimates and other information expressed in this Management Discussion and Analysis may be considered forward-looking statements under applicable securities laws and regulations. These statements are based on certain assumptions that the Company cannot guarantee.

Several circumstances, some of which the Company may not have direct control over, could have a substantial impact on the Companys operations. As a result, actual results may differ materially from such projections, whether expressed or implied, as it may be beyond the Companys ability to successfully implement its growth strategy. The Company assumes no obligation to update forward-looking statements or to publicly amend, modify or revise them to reflect events or circumstances occurring after the date of this statement, on the basis of subsequent developments, information or events.