Triton Corp. Ltd Management Discussions

OPERATIONS

During the past few years, the Company has not been engaged in its legacy business operations. In line with its long-term vision and emerging market opportunities, the Company, in FY 2025-26, strategically redirected its resources and efforts towards the renewable energy sector. The initial focus has been placed on biomass pellet manufacturing and other green fuel technologies, with the objective of establishing a sustainable presence in this high-growth domain.

OPPORTUNITIES

Indias renewable energy sector presents vast growth potential, driven by government mandates for biomass co-firing in coal- based power plants, rising global demand for clean fuels, and the increasing need for sustainable energy alternatives. With strong policy support from the Ministry of Power and the global shift towards carbon neutrality, Triton Corp Limited is well-positioned to leverage its upcoming biomass pellet manufacturing facilities to cater to both domestic and international markets. The Company is also planning a Right Issue to fund this project, while simultaneously engaging with NBFCs and banking institutions for both project financing and working capital funding requirements.

ADEQUACY OF INTERNAL CONTROL

Robust internal control systems are being enhanced to accommodate the operational complexities of the new renewable energy business, ensuring compliance with environmental regulations, energy efficiency standards, and occupational safety norms. These systems will also ensure that financial and operational reporting remains accurate and transparent.

HUMAN RESOURCES:

The renewable energy business will require skilled manpower in plant operations, quality control, supply chain management, and environmental compliance. To successfully commence operations in FY 2025-26, the Company has appointed a dedicated technical, finance, and operations team. In parallel, it is investing in training programs to upskill its workforce, with a focus on local employment generation around project sites.

CORPORATE GOVERNANCE:

The Company follows principle of effective Corporate Governance. The endeavor of the Company is not only to comply with regulatory requirements but also to practice Corporate Governance principles that lay emphasis on integrity, transparency and overall accountability.

The Company adheres to most of the recommendations made by the SEBI and incorporated by the Stock Exchanges in the Standard Listing Agreement.

VALUE CREATION

The diversification into renewable energy aligns with Triton Corp Limiteds long-term vision to create sustainable value for shareholders, stakeholders, and the environment. By converting agricultural residues into clean energy, the Company will contribute to reducing open-field burning, lowering carbon emissions, and fostering rural economic growth.

DISCLAIMER:

This MD&A contains forward-looking statements, which may differ materially due to various risks and uncertainties. The Company assumes no obligation to publicly update such statements in light of future events or developments.

Disclosures

There are no materially significant related party transactions of the Company, which have conflict with the interests of the Company at large. Transactions with Senior Managerial Personnel are reported in case there is any personal interest involved. Details of transaction with related parties are reflected in the Annual Accounts under the head "Notes to Accounts".

The Company has complied with all the mandatory requirements of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended time to time, pertaining to Corporate Governance of the listing agreement with the Stock Exchanges. The Non Mandatory requirements have been adopted as stated in this report against the relevant items.

Means of Communication:

The Quarterly Results along with the Notes are normally published in one National English Newspaper and one Hindi Newspaper circulating in New Delhi, within 48 hours of approval by the Board and are faxed/e-mailed/ intimated to Stock Exchanges.

General Body Meetings

The last three (3) Annual General Meetings of the Company were held on:

Financial Year	AGM	Location	Date	Time
2023- 24	34th	Through Video Conferencing (\u201cVC\u201d) / Other Audio Visual Means (\u201cOAVM\u201d)	28 th September, 2024	01:00 p.m.
2022- 23	33 rd	Through Video Conferencing (\u201cVC\u201d) / Other Audio Visual Means (\u201cOAVM\u201d)	30 th September, 2023	01:30 p.m.
2021- 22	32 nd	Through Video Conferencing (\u201cVC\u201d) / Other Audio Visual Means (\u201cOAVM\u201d)	30 th September, 2022	01:30 p.m.

During these meetings, all the resolutions were duly passed unanimously.

Postal Ballot:

During the year under review, No resolution through postal ballot was passed.

Dividend payment

In view of losses during 2024-2025, the Directors have decided not to recommend any dividend.

Listing

Equity shares of your Company are listed on the Bombay Stock Exchange Limited (BSE) and Calcutta Stock Exchange Association Limited.

The Company has filed an application with the Calcutta Stock Exchange Association Limited for voluntary delisting of equity

shares.

Registrar and Transfer Agent

Securities and Exchange Board of India (SEBI), has made it mandatory for all work relating to share transfer, both in physical and electronic form, to be handled either wholly in house by Companies or wholly by a SEBI registered external Registrar and Transfer Agent. Pursuant to this, the Company has appointed Mas Services Limited, T-34 IInd Floor Okhla Industrial Area, Phase-11, New Delhi-110020 .

Companys Corporate Address:

Registered Office: R-4, Unit-102 First Floor, Khirki Extention Main Road, Malviya Nagar, New Delhi- 110017.

Address for Correspondence

For Share Transfer/Dematerialization of shares, change of address and any other query relating to shares	Mas Services Limited T-34, IInd Floor, Okhla Industrial Area, Phase-II New Delhi - 110 020
For Investors Assistance & Compliance Officer	Compliance Officer R -4, Unit-102 First Floor, Khirki Extention Main Road, Malviya Nagar, New Delhi-110017 Telephone No. : 011-49096562 e-mail id : cs@tritoncorp.in

Stock Code
Bombay Stock Exchange (Scrip)	:	523387
Physical mode (No of shares)	:	8986051
Demat mode (No of shares)	:	190903599

ISIN No.: INE982C01033

Corporate Identity Number : L55101DL1990PLC039989

Dematerialization of Shares and Liquidity

The Company has entered into agreement with National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL) for dematerialization of its equity shares. The shares of your company are frequently traded on Bombay Stock Exchange. As of March 31, 2025, 95.50% of the equity capital of your company is in demat mode.

Shareholding Pattern as on March 31, 2025

S.No.	Category	No. of Shares held	% age Shareholding
A.	Shareholding of Promoter and Promoter Group
1.	Indian Promoters: Individuals/HUF Bodies Corporate	37510 135130513	00.02 67.60
2.	Foreign Promoters- Individuals Bodies Corporate	0 0	0 0
B.	Public Shareholding
1.	Institutions
(a)	Mutual Funds/UTI	199100	0.10
(b)	Financial Institutions/Banks	0	0
(c)	Central Government/State Government(s)	0	0
(d)	Venture Capital Funds	0	0
(e)	Insurance Companies	0	0
(f)	Foreign Portfolio Investors	460968	0.23
(g)	Foreign Venture Capital Investors	0	0
2.	Non- Institutions
	Individuals-
(a)	i) Individual shareholders holding nominal share capital up to Rs. 2 lakhs	43767916	21.90
	ii) Individual shareholders holding nominal share capital in excess	14986719	7.50
	of Rs. 2 lakhs
(b)	Non Resident Indians (NRIs)	3742284	1.87
(c)	Body Corporate	1484982	0.74
(d)	Any Other	79658	0.04
	Total	19,98,89,650	100.00

Distribution of Shareholding as on March 31, 2025

Share Holding Of Nominal Value Of Rs	Number of Shareholders	% to Shareholders	No. of shares held	Amount in Rs	% to share holding
1 TO 5000	17973	92.316	13872757	13872757	6.940
5001 TO 10000	745	3.827	6035482	6035482	3.019
10001 TO 20001	365	1.875	5393865	5393865	2.698
20001 TO 30001	123	0.632	3096859	3096859	1.549
30001 TO 40001	49	0.252	1753380	1753380	0.877
40001 TO 50001	44	0.226	2066026	2066026	1.034
50001 TO 100000	98	0.503	7234300	7234300	3.619
100001 AND ABOVE	72	0.370	160436981	160436981	80.263
Total	19469	100.00	199889650	199889650	100.00

Market Price Data (BSE)

The Market price data is given below from April 1, 2024 up to March 31, 2025.

Month	High	Low
Apr- 2024	0.48	0.46
May- 2024	0.50	0.48
Jun \u2013 2024	0.52	0.48
Jul \u2013 2024	0.54	0.52
Aug- 2024	0.56	0.54
Sep - 2024	0.56	0.50
Oct- 2024	0.53	0.49
Nov- 2024	0.51	0.47
Dec- 2024	0.51	0.47
Jan- 2025	0.51	0.51
Feb- 2025	0.53	0.51
Mar-2025	0.55	0.53

Source: www.bseindia.com

Directors Shareholding

Name of the Director	Number of Equity Shares held
Mrs. Meena Rastogi	32,250

		By order of the Board of Directors
		For Triton Corp Limited
	Sd/-	Sd/-
	Sheetal Jain	Meena Rastogi
Date: 30.05.2025	(Managing Director)	(Director)
Place: New Delhi	DIN: 00269470	DIN: 01572002