Trejhara Solutions Ltd Management Discussions

1. OVERVIEW:

Trejhara Solutions Limited (Trejhara) financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 (the Act), read with the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time, and other provisions of the Act to the extent notified and applicable. The management of Trejhara accepts responsibility for the objectivity and integrity of these financial statements, as well as for various estimates and judgments used therein. The estimates and judgments relating to the financial statements have been made on a prudent and reasonable basis in order that the financial statements reflect in a true and fair manner, the state of affairs and operations. The forward-looking statements contained herein are subject to certain risks and uncertainties, including but not limited to the risks inherent in the Companys growth strategy, the external economic and business environment, and other risk factors stated in this report. The readers are cautioned not to place undue reliance on the forward-looking statements, which reflect Trejhara managements analysis only as on date hereof.

2. OPERATIONAL UPDATES:

Trejhara today stands at an important inflection point, having successfully closed the amalgamation of LP Logistics with the Company, a milestone that brings to fruition a strategic journey set in motion to anchor the Companys future in the fast-expanding logistics space, an arena where Trejhara already carried strong technological depth and sharp industry insight. Completion of the merger opens an entirely new horizon for the Company, positioning it not merely as a logistics player but as a comprehensive, technology-led solutions partner across the value chain.

Building on this foundation, the Company has also completed the acquisition of LP Logistics Plus LLC, Dubai, expanding its footprint into the Middle East and unlocking access to new markets and geographies to drive growth in this rapidly growing space. This international step complements the domestic consolidation and gives Trejhara a cross-border presence.

The Company has further widened its horizons by entering the trade fairs and exhibitions business, a deliberate move to diversify its portfolio and build revenue streams that sit alongside, and draw synergy from, its core logistics operations. This reflects a considered philosophy at the Board level rather than growth confined to one vertical, Trejhara is building a more diversified, resilient portfolio that can weather sector-specific cycles while still leveraging the Companys core strengths.

None of this growth is possible without the people driving it, and the Company has accordingly introduced an Employees Stock Purchase Scheme (ESPS) aimed at retaining key talent and giving employees a genuine equity partnership in the Companys journey ahead aligning their interests directly with long-term value creation.

Looking forward, the next phase will centre on consolidation of the offerings, strengthening

Trejharas position in existing markets while pursuing new geographies through organic growth, acquisitions, and strategic partnerships, and extending further into the wider logistics ecosystem and allied sectors where the Companys expertise can add real value. With supportive market conditions and a healthy financial position, Trejhara is well placed to enter a phase of sustained, long-term growth.

3. INDUSTRIAL STRUCTURE AND DEVELOPMENTS:

MACROECONOMIC OUTLOOK

GLOBAL SCENARIO:

The global economy demonstrated substantial resilience throughout 2025, maintaining strength despite political volatility and cross-border trade friction linked to US tariffs and protectionist policies. This stability was underpinned by sustained tech sector capital deployment, accommodative financial conditions, adaptive enterprise strategies, and synchronized fiscal and monetary interventions—proving the operational flexibility and structural durability of global commerce during a complex regulatory phase.

Notwithstanding sustained trade headwinds, 2026 concluded on a constructive momentum wherein private enterprises navigated structural hurdles supported by lower-than-anticipated tariff barriers, targeted government spending, liquid credit markets, and tech-enabled operational efficiencies.

However, geopolitical escalation in the Middle East in early 2026 reintroduced severe market volatility. The resulting disruption constrained critical energy infrastructure and destabilized primary commodity prices. Higher cargo shipment charges and increased logistics cost had increased the inflationary pressure across all the major economies in the world.

Global growth is projected to be 3.0 percent in 2026 and 3.4 percent in 2027, below from the average of 3.5 percent observed in FY 2024–25. The modest slowdown reflects the effects of the war in the Middle East being partly offset by accelerated demand-driven momentum in the global technology cycle thanks to advances in artificial intelligence (AI) and its adoption. The inflationary trends are expected to rise in the near short term; however, those will be stabile over a longer term. (Press Release Page Press Information Bureau) (Press Note Details: Press Information Bureau) According to the WTOs latest Global Trade Outlook and Statistics, global merchandise trade volume grew 4.6% in 2025, supported notably by a 21.9% increase in trade of AI-enabling goods, which reached US$4.18 trillion and accounted for around 42% of global trade growth. For 2026, merchandise trade growth is projected to moderate to 1.9%, with services trade expected to grow 4.8%, resulting in combined goods and services trade growth of 2.7%. However, sustained energy price pressures arising from geopolitical disruptions could lower merchandise trade growth to 1.4% and services trade growth to 4.1%. Global GDP growth is projected at 2.8% in both 2026 and 2027.

The outlook remains subject to significant geopolitical and energy-related risks, particularly disruptions to critical trade corridors such as the Strait of Hormuz, which could increase fuel, freight and insurance costs and further pressure global supply chains.

At the same time, continued investment in AI-related products and digitally delivered services could provide an upside to global trade growth (https://www.wto.org/english/ news_e/news26_e/stat_19mar26_329_e.htm).

INDIAN ECONOMY OUTLOOK:

Despite of global precariousness characterised by geopolitical uncertainties, tariff wars and evolving external risk, the Indian economy has demonstrated strong elasticity during FY 2025-26. India remained among the fastest growing major economies globally, with its economic size reaching approximately US$ 4.15 trillion. Real GDP growth strengthened to 7.7%, compared with 7.1% in FY2024 25, reflecting the sustained strength of domestic economic activity and broad-based expansion across key sectors. Indias integration with global trade is gaining further momentum, supported by expanding exports, diversification of manufacturing and services, and an increasingly broad network of trade agreements.

The conclusion of the India–European Union Free Trade Agreement negotiations in January 2026 represents a significant milestone in this direction. The EU is Indias largest trading partner, with bilateral goods trade of approximately €120 billion in 2024 and services trade of €59.7 billion in 2023. The agreement is expected to improve market access, reduce tariff barriers and strengthen trade and investment linkages across manufacturing, engineering, pharmaceuticals, textiles, chemicals and other sectors, thereby supporting greater integration of Indian businesses with European supply chains. (https://policy.trade.ec.europa.eu/eu-trade-relationships-country-and-region/countries-and-regions/india/eu-india-agreements_ entrutm_source=chatgpt.com)

Similarly, the India New Zealand FTA, signed in April 2026, provides India with zero-duty access to 100% of New Zealands tariff lines, while New Zealand has committed to liberalising access across a wide range of

Indian exports. The agreement covers goods, services, customs and trade facilitation, investment and MSME cooperation, and is expected to support Indias exports across labour-intensive and high-growth sectors including textiles, pharmaceuticals, engineering goods, leather and agriculture.

New Zealand has also committed to facilitating investments of US$20 billion over 15 years, creating potential opportunities for manufacturing, infrastructure and services. (www. commerce.gov.in) India is also pursuing a trade agreement with the United States, with negotiations focused on securing more predictable and competitive market access for Indian exports while addressing tariff and non-tariff barriers. Together, these developments have the potential to broaden Indias export markets, diversify trade corridors and strengthen its position in global value chains.

Against this backdrop, the Company believes that Indias expanding global trade footprint and evolving FTA landscape present a significant long-term opportunity to build a stronger, technology-enabled logistics platform. The Companys logistics capabilities, supported by its Supply Chain Management solutions, position it to participate in the increasing requirement for greater visibility, efficiency, connectivity and resilience across domestic and international supply chains.

OVERVIEW OF GLOBAL LOGISTICS INDUSTRY:

FY26 finds the global logistics sector operating in a considerably more turbulent environment than the year before. Conflict in the Middle East has strained key shipping lanes and pushed up energy and insurance costs, while businesses worldwide continue to restructure their sourcing and distribution footprints in response to shifting trade policy. Even considering such disruptions worldwide, growing e-commerce volumes, adoption of AI enabled tools, increasing investments in warehouse, ports and rails infrastructure persistently generating greater opportunities across geographies.

The ever-dynamic geopolitical situations has stimulated the nations to finalize long awaited trade negotiations, build on new partnerships and accelerating the supply chain diversification within the region.

The global logistics market size is accounted at USD 11.23 trillion in 2025 and predicted to increase from USD 12.68 trillion in 2026 to approximately USD 24.36 trillion by 2035, expanding at a CAGR of 8.05% from 2026 to 2035. The markets growth is majorly propelled by factors such as rapid transformation driven by e-commerce expansion, AI-powered route optimization, and significant government infrastructure investments to lower the supply chain costs. (Source: https://www. precedenceresearch.com/logistics-market). The Asia Pacific logistics market size was valued at USD 5.07 trillion in 2025 and is

MIDDLE EAST AND AFRICA LOGISTICS MARKET TRENDS

The Middle East and Africa are observed to have consistent growth. The markets growth is majorly driven by heavy infrastructure investments, the e-commerce boom, and the regions strategic position as a global trade hub. The market is also known to lead in automation, logistics, and mega investment projects, and international trade gateways. Courier, express, and parcel services have the highest contribution to the growth of the market.

The UAE has a major contribution to the growth of the market, depending on the strictness of freight regulations. The market is also dominated by transportation services, with warehousing and distribution emerging as the fastest-growing segments. Growth in the online retail sector, pushing businesses to outsource logistics to fulfill orders faster, is also a major market driver.

OVERVIEW OF INDIAN LOGISTICS INDUSTRY

Indias logistics sector is witnessing sustained growth, supported by infrastructure investment, policy reforms and increasing adoption of technology. These developments are improving connectivity, efficiency and visibility across the logistics network, while gradually transforming the sector into a faster, more integrated and globally competitive industry. Government-led initiatives and digital platforms such as the Unified Logistics Interface Platform (ULIP), LDB 2.0 and HSN-based data integration are strengthening information sharing, cargo tracking and accountability. At the same time, programmes such as SMILE, Dedicated Freight Corridors and the development of inland waterways are encouraging better multimodal movement, while plug-and-play industrial infrastructure, GST and the e-Way Bill are contributing to greater efficiency and formalisation of the logistics ecosystem. The sector is also gaining from broader policy frameworks such as the National Logistics Policy and PM GatiShakti, which seek to promote integrated planning and improve coordination across different modes of transport. A joint study by the Department for Promotion of Industry and Internal Trade (DPIIT) and the National Council of Applied Economic Research (NCAER), based on inputs from more than 3,500 stakeholders and data from sources including MoSPI, RBI and GSTN, has provided a more reliable assessment of Indias logistics costs. The study estimated national logistics costs at 7.97% of GDP in 2024 25, compared with earlier estimates of 13 14% of GDP, with the estimate at 8.9% of GDP for FY 2025–26 (www.pib.gov.in). The increasing focus on accurate measurement, infrastructure development and digital integration is expected to support further improvements in logistics efficiency and strengthen Indias competitiveness in domestic and global supply chains.

KEY GOVERNMENT INITIATIVES:

Indias logistics landscape is being reshaped by a series of well-coordinated policy interventions that, taken together, amount to a structural reform of the sector. The National Logistics Policy, PM GatiShakti, the Dedicated Freight Corridors, Sagarmala, the Open Network for Digital Commerce (ONDC), Multi- Modal Logistics Parks and the Production Linked Incentive (PLI) schemes each address a distinct facet of the logistics value chain, yet their combined effect is far greater than the sum of these individual parts.

The scale of investment being directed towards freight corridors, port modernisation and logistics parks is already having a visible effect on the ground, easing congestion on Indias transport arteries and bringing down transittimesacrosskeytraderoutes.ThePLI-led resurgence in domestic manufacturing and exports is adding a further, complementary dimension to this growth story, as rising industrial output naturally translates into greater logistics intensity and stronger demand for integrated, value-added supply chain services.

KEY GROWTH DRIVERS OF LOGISTICS INDUSTRY Growth in Global Trade and Cross-Border Commerce

International trade remains the fundamental driver for global logistics, with major players reporting growth by adapting to shifting corridors and expanding intra-Asia, cross-border e-commerce, and SME routes.

Artificial Intelligence and Digital Supply-Chain Intelligence

Technology is a central driver of operational efficiency, with a growing majority of e-tailers adopting AI for demand forecasting and route optimization. Major logistics firms are heavily investing in network automation, digital freight APIs, dynamic routing, and real-time visibility to manage exceptions and refine pricing strategies.

Contract Logistics and End-to-End Supply-

Chain Solutions

Logistics providers are expanding into integrated warehousing, fulfilment, and specialized contract services to capture market share in high-value sectors. Outsourcing end-to-end supply chain operations enables businesses to access customized fulfilment, advanced inventory positioning, and value-added services.

Capacity Management and Operational Efficiency

Market volatility and inflationary pressures are forcing major carriers to prioritize disciplined capacity management and structural cost-reduction programs. Companies are driving multi-billion-dollar savings through network consolidation, automated sorting, improved asset utilization, and data-led route optimization.

Changing Consumer Expectations and Delivery Experience

Delivery speed, flexibility, and hassle-free returns have become central to customer retention and final purchasing decisions. To meet these heightened expectations, global carriers are enhancing their last-mile networks, real-time tracking, and digital user interfaces.

Regionalisation and Nearshoring

To mitigate supply chain disruption, businesses are pairing global sourcing with nearshoring and regional manufacturing footprints. This shift is creating high-growth trade corridors and driving demand for local warehousing, customs support, and multimodal freight across Southeast Asia, South Asia, Eastern Europe, and the Americas.

Infrastructure Investment and Multimodal Connectivity

Global logistics expansion is directly dependentonmoderntransportinfrastructure to resolve persistent land-side and port bottlenecks. Sustained investment in modern ports, rail freight corridors, logistics parks, and efficient last-mile networks serves as a vital long-term driver of industry productivity.

4. OUR COMPANY

Our Company is positioning itself as an integrated logistics solutions provider, with a strategic focus on building an integrated and scalable presence across the logistics value chain. The Company is focused on leveraging its technology capabilities to progressively build a comprehensive logistics ecosystem, serving customers across manufacturing, distribution, freight forwarding and other logistics-intensive sectors. As supply chains become increasingly complex, driven by e-commerce, global trade, multi-modal transportation, faster delivery expectations and the need for real-time visibility, the Company seeks to position itself as a strategic logistics partner rather than merely a technology service provider. The Companys growth strategy is centred on deepening its presence in the logistics sector, expanding its service and technology capabilities, strengtheningcustomerrelationshipsandcreating an integrated logistics platform. Complementing its core logistics focus, the Company also operates in the Trade Fairs and Exhibitions segment. Through this business, the Company provides services supporting exhibitions, trade shows and business events, facilitating industry interaction, networking and market engagement.

5. OUR OFFERINGS

SCMProFit

Our software allows you to streamline and enhance your logistics operations by improving efficiency and optimizing working capital. This will take control of your supply chain by streamlining and enhancing your logistics operations and gain an edge over competitors. SCMProFit product suite, with its integrated dimensions of supply chain visibility, control, collaboration and execution delivers a simple solution to optimize efficiencies and create a seamless supply chain.

Core Integrated Logistics & Freight Services

Our multimodal transport model delivering end-to-end movement of goods through high-efficiency Ocean (FCL/LCL), Air, and Cross-Trade freight forwarding across international borders. This service portfolio encompasses specialized handling and route planning for heavy-lift project cargo, compliant packaging and certified shipment of hazardous Dangerous Goods, and comprehensive customs brokerage and trade compliance management designed to streamline border processes and eliminate transit delays.

Warehousing & Distribution Management

Trejharas state-of-the-art warehousing networks cater to diverse retail, e-commerce, chemical, and industrial supply chain requirements by providing secure, climate-controlled environments tailored for sensitive pharmaceuticals, high-value electronics, and FMCG goods, along with specialized open-yard storage for heavy machinery and non-standard raw materials.

Supporting end-to-end distribution, these facility operations integrate micro-fulfillment capabilities, specialized pick-and-pack services, retail stock replenishment, and time-definite last-mile delivery to power robust omnichannel retail networks.

Strategic Supply Chain Advisory & Value-Added

Services

Beyond physical execution and software, Trejhara serves as a strategic 4PL partner, delivering end-to-end supply chain re-engineering, network design, and optimized inventory positioning strategies alongside dedicated air charter capabilities for time-critical, high-value shipments requiring immediate capacity. This strategic advisory role is further strengthened by comprehensive freight audit and invoicing intelligence, which systematically analyzes multimodal billing to eliminate cost discrepancies, refine rate tariffs, and minimize landside operational expenses.

Managing Trade Fairs and Exhibitions:

End-to-End Exhibition Management: Manages the full event lifecycle, including ATA Carnet customs clearance, specialized transport, venue delivery, booth setup, and post-event repatriation. Trade Fair Logistics: Delivers time-critical, high-value exhibit materials and heavy machinery safely using specialized multimodal transport under strict timelines.

Strengthened Customer Engagement: Takes complete ownership of venue logistics and tight arrival schedules to prevent operational delays, allowing exhibitors to focus on their audience.

Business Networking Opportunities: Streamlines cross-border compliance and event execution, enabling global brands to connect seamlessly and expand into new international markets.

6. OPPORTUNITIES AND CHALLENGES

Trejharas evolution into an integrated logistics and supply chain management technology player, supported by an operating presence across Singapore and the Middle East, positions the Company to capture several converging structural tailwinds. Sectors such as chemicals are increasingly outsourcing their logistics requirements to organised 3PL players, drawn by the need for specialised handling, secure infrastructure and integrated warehousing, transportation and value-added services that carry inherently stronger margins.

The deployment of AI, IoT and automation across its supply chain management platform is enabling real-time tracking, network optimisation and predictive, data-led decision-making. Taken together, these trends support Trejharas ambition to grow as a technology-led, asset-light logistics and mobility solutions provider across its expanding footprint.

At the same time, the operating environment presents a distinct set of challenges that the Company monitors closely. Heightened geopolitical volatility continues to disrupt established international trade corridors, forcing frequent maritime re-routing and contingency planning that result in uneven capacity availability, extended transit lead times, and compounding cost unpredictability which affects, Trejhara directly given its cross-border freight forwarding operations and footprint across the Middle East.

Most critically, the prolonged disruption and closure of the Strait of Hormuz, the worlds most vital maritime chokepoint for global energy and freight has created severe ripple effects throughout international shipping lines. This choke on regional throughput has caused severe vessel backlogs, surging war-risk insurance premiums, container shortages, and forced long-haul rerouting around alternative corridors, directly impacting shipping schedules, ocean freight tariffs, and global supply chain stability.

Pricing dynamics present a further area of ongoing challenge, as customers across sectors remain highly focused on cost optimisation even as variable input costs such as fuel, utilities and subcontracting continue to exert pressure on operating margins, requiring disciplined cost management and a steady focus on operational efficiency to protect profitability.

7. RISK AND CONCERNS

The Company operates in a dynamic, highly fragmented logistics landscape marked by ongoing macroeconomic shifts, technological disruption, and global operational complexities.

The key risks and the Companys broad mitigation approach as set out below:

Macroeconomic and Industry Risks:

Logistics demand is influenced by economic growth, consumer spending, business investment, interest rates, fuel prices, trade policies and geopolitical developments. Economic slowdowns, inflationary pressures or disruptions to global trade could adversely affect volumes, costs and profitability.

Geopolitical Risk:

Geopolitical tensions and disruptions across critical trade corridors can materially affect global logistics operations by restricting shipping routes, increasing fuel and freight costs, raising war risk insurance premiums and extending transit times. The ongoing disruption around the Strait of Hormuz demonstrates the potential scale of such risks. The waterway normally carries approximately one-fifth of global oil and gas supplies, and the recent disruption has resulted in significantly lower vessel movements, rerouting of cargo, higher shipping costs and heightened supply-chain uncertainty.

The impact extends beyond energy markets, with disruptions affecting container movements, vessel availability, fuel prices and downstream transportation costs. Industry reports have also highlighted increased insurance premiums and freight rates, while logistics operators have been required to alter vessel destinations, use alternative ports and consider overland transportation, resulting in higher costs and longer delivery cycles.

For India and other import-dependent economies, prolonged disruption in the region could increase the cost and availability of crude oil, LNG, chemicals and other critical commodities, with consequential effects on transportation and supply-chain costs.

In this environment, the Company recognises geopolitical and route-disruption risk as an important fact or inlogistics planning. The Company seeks to mitigate such risks through its diversified customer and geographic exposure, multi modal transportation capabilities, route optimisation, proactive monitoring of global developments and the ability to evaluate alternative transportation corridors and modes.

Elevated Trade and Insurance Cost:

The Companys freight-forwarding and international logistics operations remain exposed to the ongoing crisis in West Asia, which has forced large-scale rerouting of vessel traffic away from historically preferred corridors, extending transit times and tightening vessel and container availability. Periodic port closures and congestion along affected routes have added further unpredictability to cargo scheduling and delivery commitments, while war-risk surcharges and higher marine insurance premiums levied by carriers and underwriters on shipments transiting the region have pushed up the overall cost of trade, layering onto already elevated bunker and freight costs.

The Company is seeking to mitigate this exposure through diversification of trade lanes and carrier partnerships and closer engagement with insurers on surcharge structures, though given the fluid, externally-driven nature of the crisis, there can be no assurance that these measures will fully offset the impact of further deterioration in the regional environment.

Demand for Outsourced Logistics Services:

Changes in customer sourcing strategies, freight costs and economic conditions may impact demand for outsourced supply chain and logistics services. The Company seeks to address this through integrated solutions, diversified industry exposure and technology-enabled offerings.

Customer Concentration Risk:

Dependence on key customers may expose the Company to revenue and volume risks in the event of loss or reduction of business. The Company mitigates this through long-term customer relationships, service excellence and diversification across industries and customer segments.

Technology Risk:

Rapid technological developments require continuous investment in automation, digital platforms, analytics and cyber security. The Company continues to strengthen its technology capabilities, systems resilience and digital infrastructure to remain competitive.

Human Capital Risk:

Attracting, developing and retaining skilled talent remains important to sustaining operational and technology-led growth. The Company focuses on employee engagement, capability development and an inclusive, performance-oriented work environment.

8. DISCUSSION ON CONSOLIDATED FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

Revenue from Operations

Our revenues are derived from Software Service and Freight Forwarding and Exhibition Service Income. During the year, the total revenue from operations was 14,224.86 Lakhs against 11,575.39 Lakhs for the previous year.

Operating and Other Expenses

Our operating and other expense comprises of Software Services Charges, Freight Handling and Other Operating cost, Administration and other general functions, travelling, communication, legal and professional charges, rent, repairs and maintenance, recruitment and training and other allocated infrastructure expenses.

During the year, the operating and other expense were 11,242.90 Lakhs as against 9,107.28 Lakhs Lakhs in the previous year.

Employee Benefit Expenses

During the year, the Employee Cost was 2,200.46 lakhs as against 1,745.74Lakhs in the previous year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) excluding other income.

During the year, EBITA increased to 781.51 lakhs, compared with 722.37 lakhs in the previous year, reflecting a growth of 8.19%.

Depreciation and Amortisation

The Depreciation and Amortisation on Property Plant & Equipment (PPE) and Other Intangible Assets and Right to Use Assets was 403.60 Lakhs for the year as against 400.12 Lakhs during the previous year. As percentage of revenue, it was 2.84 % and 3.46 % for the year and previous year respectively.

Other Income

Other Income primarily consists of interest income on Loans and Advance and Fixed deposits, Foreign exchange fluctuation gain and other miscellaneous income. Other income for the year was 830.90 Lakhs compared to 393.58 Lakhs for the previous year.

Tax expense

Current tax expense was 189.20 Lakhs as against 224.81 Lakhs for the previous year. Deferred tax Credit was 7.05 lakhs as against 13.97 lakhs lakhs for the previous year.

Profit before tax (PBT)

Net Profit before tax for the year was 1,063.32 lakhs as against 662.87 lakhs for the previous year.

Profit after tax (PAT)

Net Profit after tax for the year was 867.07 Lakhs as against 424.09 Lakhs for the previous year.

Equity

Equity as at 31 March 2026 Increased to 29,769.45 Lakhs as compared with 23,596.79 Lakhs as at 31 March 2026.

Short-term and Long-term borrowing including Current maturities of long-term borrowings

The total short-term and long-term borrowing as at 31 March 2026 was 2,189.97 Lakhs as against 680.06 as at 31 March 2025.

Trade Payable and other liabilities excluding Current maturities of long-term borrowings

The total Trade Payable and other current liabilities (financial and Non-Financials) increased by 5,364.91 Lakhs from 1,753.70 lakhs on 31 March 2025 to 7,118.61 Lakhs on 31 March 2026.

Property, Plant and Equipment (PPE), Intangible Assets and Intangible Assets under development

The Net Block of PPE, Right of Use Assets, Goodwill, Intangible Assets and Intangible Assets under development increased by 12,690.33 Lakhs from 3,209.39 Lakhs as on 31 March 2025 to 15,899.72 Lakhs on 31 March 2026.

Non-current Investments (Net)

There was no cash Sale-Purchase in Non-Current Investments.

Other Non-Current Assets (Financials and Non Financials)

There was a decrease in Long-term loans and advances from 8,853.14 on 31 March 2025 to 8,752.79 Lakhs on 31 March 2026.

Trade receivables

Trade receivables as on 31 March 2026 was 3,359.29 Lakhs against 2,884.73 Lakhs on 31 March 2025. In the opinion of management, all the Trade receivables are good, recoverable and necessary provision has been made for debts considered to be bad and doubtful. The level of receivables is normal and is in tune with business requirements and trends.

Cash and cash equivalents

The cash and bank balances lying with the company as on 31 March 2026 were 1,033.08 Lakhs as against 471.87 Lakhs in the previous year.

Key Financial Ratios

Sr no. Consolidated Ratio	31st March,2026	31st March,2025	Change in %	Reasoning
1 Debtors Turnover Ratio	4.23	4.01	5.53%	Increase is mainly because of Increase in Revenue from Operations
2 Current Ratio	2.08	5.53	-62.46%	Decrease in Current Ratio due to Increase in Current Liability
3 Debt Equity Ratio	0.07	0.03	155.25%	Due to More Borrowing in Current year
4 Interest Coverage Ratio	9.25	19.96	-53.68%	More Interest Expenses as compared to Previous year
5 Operating profit margin	12.7%	11.9%	6.66%	No Significant changes
6 NetProfit	6.1%	3.7%	66.37%	Increase on account of Increase in revenue from Operation in current year.
7 Return on Net Worth	2.9%	1.8%	2.4%	Increase on account of Increase in Net Income

9. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Directors Report section in the Annual Report discusses the adequacy of our internal control system and procedures.

10. FUTURE OUTOOOK

The logistics industry is on cusp of structural transformation, supported by the global trade expansion, infrastructure development and growing adoption of technology. The Indian logistics industry is expected to remain on continuous growth trajectory supported by rising domestic consumption, manufacturing expansion, increasing outsourcing to organised logistics providers and continued investment in multimodal infrastructure.

As we move forward, automation in logistics, AI enabled services and real-time supply chain visibility are expected to contribute on building the next phase of logistics industry. The ongoing reconfiguration of global supply chains is expected to create additional opportunities. Geopolitical developments, trade-policy changes and supply-chain disruptions are encouraging businesses to diversify sourcing, establish alternative supply routes and develop more resilient networks.

Against this backdrop, the Company intends to reinforce its position as integrated logistics solutions provider, leveraging its Supply Chain Management capabilities to provide more integrated, efficient and scalable solutions across the logistics value chain. The Trade Fairs and Exhibitions business will continue as a complementary vertical, while the Companys strategic direction remains focused on building a scalable logistics-led business supported by its SCM technology capabilities, with emphasis on sustainable growth, operational excellence and long-term value creation.