UHM Vacation Ltd Management Discussions

The following discussion is intended to convey managements perspective on our financial condition and results of operations for the financial year ended on March 31, 2025, March 31, 2024, and March 31, 2023 and period ended on February 28, 2026. You should read the following discussion of our financial condition and results of operations together with our restated financial statements included in the Red Herring Prospectus. You should also read the section entitled Risk Factors beginning on page 24 of this Red Herring Prospectus, which discusses several factors, risks and contingencies that could affect our financial condition and results of operations. The following discussion relates to our Company and is based on our restated financial statements, which have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI Regulations. Portions of the following discussion are also based on internally prepared statistical information and on other sources. Our fiscal year ends on March 31 of each year, so all references to a particular fiscal year (Fiscal Year) are to the twelve-month period ended March 31 of that year.

In this section, unless the context otherwise requires, any reference to we, us or our refers to UHM Vacation Ltd, our Company. Unless otherwise indicated, financial information included herein are based on our Restated Financial Statements for Financial Year ended on March 31, 2023, March 31, 2024, and March 31, 2025, and the period ended February 28, 2026, included in this Red Herring Prospectus beginning on page 217.

We are engaged in the business of travel and tourism aggregator services, offering comprehensive range of travel and tourism solutions under one platform, we are catering to the Business-to-Business segment. We source and aggregate services from airlines operators, accommodation service providers, cruise lines, car rental companies, visa facilitators, and other travel service providers with direct connectivity or through third party aggregators and offer them to our clients as per their needs. This enables us to offer customers a wide range of travel services and curated options to meet their specific requirements through a single platform. We provide international and domestic air tickets booking services, accommodation booking services and other travel and tourism related services which include, holiday packages bookings, tours & activities bookings, transfer management services, car rental services, visa services, cruise bookings etc.

We provide services through a technology platform (the Platform) that connects travel service providers with travel buyers. Travel agencies (online and offline), corporate travel managers, and independent travel agents (together combinedly called Agents) use our Platform to search, compare, and book travel and tourism services. These services include flights, accommodation, cruise booking, car rentals, visa assistance and more, offered by various service providers (called Suppliers or Service Providers). Our Platform helps buyers book all these services at one platform. At the same time, it allows suppliers to manage their pricing, availability, and reach the right customers more easily.

Service providers with our platform can access to travel agent without needing to form direct relationships with each agent. Our platform provides, service providers to efficiently upload, manage, and distribute their services and pricing in real time. The Platform offers control to service providers, allowing them to manage how their offerings are presented, set dynamic pricing structures, regulate availability, and define targeted market segments. The platform streamlines the booking process by providing buyers with access to a comprehensive range of travel and tourism services, enabling them to efficiently search, compare, and book offerings that are tailored to their clients preferences and needs. The platform filters various deals, empowering agents to offer clients the best value without confusion from outdated or overlapping deals. By connecting service providers and agents, our platform helps reduce the gap between service providers and agents.

Our Company was incorporated as UHM Vacation Private Limited pursuant to a certificate of incorporation dated March 17, 2009, issued by the Registrar of Companies, Mumbai, Maharashtra. The Company was converted into a public limited company pursuant to a resolution passed by the Board of Directors of our Company in their meeting held on June 21, 2024 and a shareholders resolution passed at the general meeting of our Company held on June 24, 2024 and consequently, the name of our Company was changed to UHM Vacation Limited and a fresh certificate of incorporation dated July 31, 2024, was issued by the Registrar of Companies, Central Registration Centre. The corporate identity number of our Company is U55101MH2009PLC190976.

The Promoters have been instrumental in the development of our company, leveraging their extensive experience

in the travel and tourism industry. With over 10 years of experience, Izhar Ahmad has developed understanding of the travel and tourism sector. He is instrumental person that drives the integration of diverse services, including airlines, hotels, transfer services, sightseeing, and customized holiday packages, through API and XML connections with service providers on the UHM portal. Further, our promoter, Rubeena Khatoon I Ahmed, with over 9 years of experience, plays a crucial role in managing the companys daily operations. She ensures smooth operational processes and is pivotal in maintaining strong client and supplier relationships, driving business growth and strengthening business relationship. Additionally, our senior management team, which is qualified and experienced in the travel and tourism sector, provides us with a competitive edge. We believe that the combined domain knowledge and experience of our Promoters and senior management team will help us expand in existing markets and explore new segments and geographies.

In the opinion of the Board of Directors of our Company, there have not arisen, since the date of February 28, 2026 as disclosed in this Red Herring Prospectus, any significant developments or any circumstance that materially or adversely affect or are likely to affect the profitability of our Company or the value of its assets or its ability to pay its material liabilities within the next twelve months.

For Significant accounting policies please refer Significant Accounting Policies, Annexure IV beginning under Chapter titled Financial Information beginning on page 217 of the Red Herring Prospectus.

Metric	For the period ended as on		As of and for the Fiscal
	February 28, 2026	2025	2024	2023
Revenue From operations (? in Lakhs)	4523.20	4,014.44	3,061.23	2,043.98
Total revenue (? in Lakhs)	4529.09	4,019.80	3,066.09	2,049.07
EBITDA (? in Lakhs)	919.14	825.50	587.46	17.70
EBITDA Margin (%)	20.32%	20.56%	19.19%	0.87%
Profit after tax (? in Lakhs)	804.92	718.30	527.06	11.11
PAT Margin (%)	17.80%	17.89%	17.22%	0.54%
Return on Equity (ROE) (%)	31.56%	41.42%	71.69%	11.17%
Debt To Equity Ratio	0.00	0.02	0.03	0.00
Return on Capital Employed (ROCE) (%)	35.14%	46.01%	75.74%	14.66%
Current Ratio	3.31	2.13	3.44	0.89
Net Capital Turnover Ratio	1.53	2.03	2.43	(79.74)

Notes:

a) As certified by M/s S C Mehra & Associates LLP, Chartered Accountants pursuant to their certificate dated April 29, 2026. The Audit committee in its resolution dated April 29, 2026has confirmed that the Company has not disclosed any KPIs to any investors at any point of time during the three years preceding the date of this Red Herring Prospectus other than as disclosed in this section.

b) Revenue from Operations means the Revenue from Operations as appearing in the Restated Consolidated Financial Statements.

c) EBITDA refers to earnings before interest, taxes, depreciation, amortisation, gain or loss from discontinued operations and exceptional items. EBITDA excludes other income but includes reversal ofprovision of doubtful debts.

d) EBITDA Margin refers to EBITDA during a given period as a percentage of revenue from operations during that period.

e) Net Profit Ratio/Margin quantifies our efficiency in generating profits from our revenue and is calculated by

dividing our net profit after taxes but before other comprehensive income by our revenue from operations.

f) Return on equity (RoE) is equal to profit after tax for the year divided by the Average Total Equity and is expressed as a percentage.

g) Debt to equity ratio is calculated by dividing the total debt by total equity (which includes issued capital and all other equity reserves).

h) RoCE (Return on Capital Employed) (%) is calculated as EBIT divided by capital employed. Capital employed is calculated as Average of (Total Assets - Current Liabilities).

i) Current Ratio is a liquidity ratio that measures our ability to pay short-term obligations (those which are due within one year) and is calculated by dividing the current assets by current liabilities.

j) Net Capital Turnover Ratio quantifies our effectiveness in utilizing our capital of equity shareholders fund and is calculated by dividing our revenue from operations by our working capital.

Table set forth below is service wise bifurcation of our revenue on consolidated basis for the period ended February 28, 2026 and for the financial years ended on March 31, 2025, March 31, 2024 and March 31, 2023:

(? in lakhs, except stated in %)

			For the Fiscal Year
Revenue	For the period ended February 28,2026		March 31, 2025		March 31, 2024		March 31, 2023
Segment	(? in akhs)	% of our revenue	(? in lakhs)	% of our revenue	(? in lakhs)	% of our revenue	(? in lakhs)	% of our revenue
Airline	214.44	4.74%	201.13	5.01%	194.92	6.37%	167.39	8.19%
Hotel & Ancillary	3199.4	70.73%	2799.84	69.74%	1905.18	62.24%	1,876.59	91.81%
Total	3413.84	75.47%	3,000.97	74.75	2,100.10	68.60	2,043.98	100.00%
Arabian Wonder FZC LLC
Accommoda tion and Other Travel and Tourism Services	568.6	12.57%	374.69	09.33	802.45	26.21	-	-
Transfers and other services	540.76	11.96%	638.78	15.91	158.68	5.18	-	-
Total (B)	1109.26	24.52%	1013.47	25.25	961.13	31.39	-	-
Total (A+B)	4523 .20	100. 00%	4,01 4.44	100. 00	3,06 1.23	100. 00	2,04 3.98	100. 00%

Principle Components of our Restated Statement of Assets & Liabilities Fiscal 2025 Compared with Fiscal 2024:

Particulars	For the period ended			Increase/ (Decrease)
	March 31, 2025	March 31, 2024		Amount	%
Liabilities
Long- Term Borrowings	0.00	0.00		0.00	0.00%
Short Term Borrowings	47.55	37.97		9.58	25.23%
Trade payables	1464.73	401.30		1063.43	265.00%
Assets
Non-current Investments	0		0	0	0.00%
Long term loan and advances	0		0	0	0.00%
Short term loan and advances	16.03		0.09	15.94	17711.11%
Trade receivables	1866.24		721.40	1144.84	158.70%
Inventories	0		0	0	0.00%

Short-Term Borrowings:

Short-term borrowings in Fiscal 2025 amounts to ? 47.55 lakhs, representing an increased of ?9.58 lakhs or 25.23% from ? 37.97 lakhs in Fiscal 2024. This increase was primarily driven by overdraft facility availed for working capital to support business operations.

Trade Payable:

Trade payables amounted to ? 1,464.73 lakhs in Fiscal 2025, representing an increase of ? 1,063.43 lakhs

i.e. 265.00%, from ? 401.3 lakhs in Fiscal 2024. As a part of the Companys working capital management framework, the timing of vendor payments is aligned with collections from trade receivables. Accordingly, trade payable has increased corresponding to the increase in scale of operations.

Short-term loans and advances:

Short-term loans and advances amounted to ? 16.03 lakhs in Fiscal 2025, representing an increase of ?15.94 lakhs, from ?0.09 lakhs in Fiscal 2024. It majorly includes loans and advances given to employees and others.

Trade Receivables:

Trade receivables amounted to ?1,866.24 lakhs in Fiscal 2025, representing an increase of ? 1,144.84 lakhs or 158.70% from ?721.40 lakhs in Fiscal 2024 to. This increase is primarily attributable to our client acquisition strategy owing to our B2B nature of business, whereby a significant portion of our client has been driven by our ability to offer extended credit periods, due to the nature of bulk and group travel bookings.

Fiscal 2024 Compared with Fiscal 2023:

Particulars	For the period ended		Increase/ (Decrease)
	March 31, 2024	March 31, 2023	Amount	%
Liabilities
Long- Term Borrowings	0.00	0.00	0.00	0.00%
Short Term Borrowings	37.79	0.00	37.79	-
Trade payables	401.3	224.4	176.9	78.83%
Assets
Non-current Investments	0.00	0.00	0.00	0.00%
Long term loan and advances	0.00	0.00	0.00	0.00%
Short term loan and advances	0.09	0.00	0.09	-
Trade receivables	721.4	128.09	593.31	463.20%
Inventories	0.00	0.00	0.00	0.00%

Short-Term Borrowings:

Short-term borrowings increased by ?37.79 lakhs being Nil in Fiscal 2023. This increase is primarily driven by

overdraft facility availed for working capital to support business operations.

Trade Payable:

Trade payables amounted to ? 401.3 lakhs in Fiscal 2024, representing an increase of ?176.9 lakhs i.e. 78.83%, increase from ?224.4 lakhs in Fiscal 2023 to. As a part of the Companys working capital management framework, the timing of vendor payments is aligned with collections from trade receivables. Accordingly, trade payable has increased corresponding to the increase in scale of operations.

Trade Receivables:

Trade receivables amounted to ? 721.4 lakhs in Fiscal 2024, representing an increase of ? 593.31 lakhs or 463.20%, increase from ?128.09 lakhs in Fiscal 2023. The increase in trade receivables is primarily due to extended credit terms offered to customers as a part of companys client acquisition strategy.

Our Companys future results of operations could be affected potentially by the following factors:

1. General economic conditions in India, changes in laws and regulations.

2. Changes in revenue mix, including geographic mix of our revenues.

3. Changes in Fiscal, Economic or Political conditions in India.

4. Increased market fragmentation.

5. Competition with existing and new entrants

6. T echnology System and Infrastructure Risks

The following table sets forth select financial data from our restated financial statement of profit and loss for the period ended February 28, 2026, and for the financial years ended March 31, 2025, 2024, and 2023 the components of which are also expressed as a percentage of total revenue for such period and financial years.

	For the		period ended		For the year ended
Particulars	February 28, 2026	% of Total Income	March 31, 2025	% of Total Income	March 31, 2024	% of Total Income	March 31, 2023	% of Total Income
Revenue from operation	4523.20	99.87%	4014.44	99.87%	3061.23	99.84%	2043.98	99.75 %
Other income	5.88	0.13%	5.36	0.13%	4.86	0.16%	5.09	0.25%
Total Income	4529.09	100.00%	4019.80	100.00%	3066.09	100.00%	2049.07	100.00 %
Cost of Service consumed	3356.20	74,10%	2770.83	68.93%	2118.02	69.08%	1907.15	93.07 %
Net Movement in Inventories	-193.87	-4.28%	-	-	-	-	-	-
Employee Benefit Expenses	208.10	4.59%	226.28	5.63%	200.97	6.55%	75.77	3.70%
Finance Cost	5.04	0.11%	3.39	0.08%	1.14	0.04%	2.25	0.11%
Depreciation and Amortisation Expense	8.42	0.19%	9.09	0.23%	9.13	0.30%	4.84	0.24%
Other Expenses	233.64	5.16%	191.83	4.77%	154.77	5.05%	43.35	2.12%
Total Expenses	3617.53	79.87%	3201.42	79.64%	2484.03	81.02%	2033.36	99.23 %
Profit Before Tax	911.56	20.13%	818.38	20.36%	582.06	18.98%	15.71	0.77%
Tax Expenses	106.64	2.35%	100.08	2.49%	54.99	1.79%	4.60	0.22%
Profit (Loss) for the Year	804.92	17.77%	718.30	17.87%	527.06	17.19%	11.11	0.54%

Revenue from Operations: Revenue from operations consists of sale of services.

Other Income: Other income mainly includes interest income on FDR, discount received and commission income.

Total Income: Our total income comprises revenue from operations and other income.

Total Expenses: Companys total expenses consist of cost of service consumed, employee benefits expenses, finance cost, depreciation and amortization expense, and other expenses.

Employee Benefits Expense: Employee benefit expense includes salaries, wages and allowances, directors remuneration, incentives, staff welfare expenses and gratuity expenses.

Finance Cost: Finance cost includes bank and credit card charges, interest payment and bank guarantee charges.

Other expenses: Other expenses mainly consist of brokerage fees, accounting service, administrative expenses, repairs & maintenance expenses, professional fees, travelling & conveyance expenses, and other expenses.

Revenue from Operations

The Companys revenue from operations for the period ended February 28, 2026, is ? 4,523.20 lakhs. This is represented wholly by sale of services. Sales from Dubai and other Gulf Corporation Council (GCC) Region accounted for 24.52% of total revenue, while domestic sales accounted for 75.48% during the stub period.

Other Income

Other Income for the period ended February 28, 2026 was ? 5.88 lakhs.

Cost of Service consumed

Cost of services consumed for the period ended February 28, 2026, amounted to t 3,356.20 lakhs constituting 74.10% of total income.

Net Movement in Inventories

The Company has transited from a demand-based procurement model to an advance purchasing strategy for airline and hotel bookings based on demand forecasts. This has led to the creation of inventory in the form of pre-booked tickets and requires upfront payments to vendors before sales are realized and the inventory as at period end was t 193.87 lakhs

Employee Benefits Expenses

Employee benefit expenses for the period ended February 28, 2026, were t 208.10 lakhs representing 4.59 % of total income for that period. Employee benefit expenses consisted of Salaries and wages of t 184.26 lakhs, Directors remuneration of t 22.68 lakhs and Staff welfare Expenses of t 5.45 lakhs and gratuity reversals of t 5.75 lakhs.

Finance Costs

Finance Costs for the period ended February 28, 2026, amounted to t 5.04 lakhs, where bank guarantee charges amounted to t 0.13 lakhs and Interest, Credit card charges and bank charges amounted to t 4.91 lakhs.

Depreciation and amortization expenses

Depreciation and amortization for the period ended February 28, 2026, were t 8.42 lakhs, representing 0.19% of total income for that period.

Other Expenses

Other expenses for the period ended February 28, 2026, were t 233.64 lakhs, representing 5.16 % of total income for that period. Other expenses consisted of travelling & conveyance expenses of t 23.89 lakhs, rent expenses of t 90.45 lakhs, brokerage fees of t 14.46 lakhs, office expense of t 30.00 lakhs, Brokerage expenses of t 14.46 lakhs, Advertisement expenses of t 10.34 lakhs, and communication expenses of t 13.86 lakhs and rest other expenses.

Tax Expenses

Tax expenses for the period ended February 28, 2026, were t 106.64 lakhs.

Profit after Tax (PA T)

Due to the aforementioned factors, the profit for the period ended February 28, 2026, was t 804.92 lakhs representing 17.80 % of total income.

Revenue from Operations

The Companys revenue from operations in the financial year 2024-25 is t4014.44 lakhs. This represents t 953.22 lakhs or 31.14% increase compared to the previous financial years revenue from operations of t 3061.23 lakhs. Sales from Dubai and from other Gulf Corporation Council (GCC) Region was primarily responsible for this increase, the same contributed to t 886.97 lakhs increase in revenue marking a 46.49% increase from last year.

Other Income

Other Income in the financial year 2024-25 amounted to t 5.36 lakhs, increasing by t0.50 lakhs or 10.23%, in comparison to t 4.86 lakhs incurred in the financial year 2023-24.

Cost of Service consumed

Services consumed for the financial year 2024-25 amounted to t2,770.83 lakhs constituting 68.93% of total income. This represents t652.82 lakhs or 30.82% increase compared to the previous financial years consumption of t2,118.02 lakhs. This increase is primarily attributed to higher transaction volumes with our air travel agencies and accommodation service providers, directly correlating with our recent bulk bookings.

Employee Benefits Expenses

Employee benefit expenses in the financial year 2024-25 amounted to t 226.28 lakhs, increasing by 12.59% in comparison to the t200.97 lakhs incurred in the financial year 2023-24. This increase in employee expenses primarily stemmed from increases in Salaries, wages and allowances by t21.43 lakhs and Directors remuneration by t3.28 lakhs.

Finance Costs

Finance cost in the financial year 2024-25 amounted to t3.39 lakhs, increasing by t2.25 lakhs, in comparison to the t1.14 lakhs incurred in the financial year 2023-24. This increase in finance cost primarily stemmed from increase in bank guarantee charge by t1.32 lakhs.

Depreciation and amortization expenses

Depreciation and amortization in the financial year 2024-25 decreased marginally by -0.41%, reaching t9.09 lakhs in comparison to the t 9.13 lakhs incurred in the financial year 2023-24.

Other Expenses

Other expenses in the financial year 2024-25 increased by 23.94%, reaching t 191.83 lakhs in comparison to the t 154.77 lakhs incurred in the financial year 2023-24. This increase in other expenses was primarily attributed to increase in office expenses of t 7.21 lakhs, advertisement expenses of t11.29 lakhs, travelling & conveyance expenses of t9.06 lakhs.

Tax Expenses

Tax expenses increased by 82.00%, reaching a total of t 100.08 lakhs in the financial year 2024-25, in contrast to the t 54.99 lakhs in the financial year 2023-24. Rationale for Profit after Tax (PA T)

The Profit After Tax (PAT) for the financial year 2024-25 increased to t 718.30 lakhs from t 527.06 lakhs in the financial year 2023-24. PAT as a percentage of total revenue improved to 17.87% in financial year 2024-25 from 17.19% in financial year 2023-24, primarily driven by higher revenues and increased operating volumes.

The Companys revenue from operations for the financial year 2024-25 stood at t 4,014.44 lakhs, reflecting an increase of t 953.22 lakhs, or 31.14%, over the revenue of t 3,061.23 lakhs recorded in the previous financial year. This growth was largely attributable to higher sales volumes from Dubai and other Gulf Cooperation Council (GCC) regions, which contributed t 886.97 lakhs to the increase in revenue, representing a 46.49% growth over the previous year.

Despite the significant increase in volumes, the Company maintained a consistent gross profit margin of 31% in both Fiscal 2025 and Fiscal 2024. The combination of revenue growth, higher sales volumes, and stable margins contributed to the improvement in profitability and the increase in PAT during the year.

Revenue from Operations

The Companys revenue from operations in the financial year 2023-24 is t3,061.23 lakhs. This represents t1,017.25 lakhs or 49.77% increase compared to the previous financial years revenue from operations of t2043.98 lakhs. Sales from Dubai and from other Gulf Corporation Council (GCC) Region was primarily

responsible for this increase, the same contributed to ? 754.95 lakhs increase in revenue marking a 65.49% increase from last year.

Other Income

Other Income in the financial year 2023-24 decreased by ?0.23 lakhs or 4.52%, reaching ?4.86 lakhs in comparison to the ?5.09 lakhs incurred in the financial year 2022-23. This decrease was primarily due no commission income earned in FY 24.

Cost of services consumed

Services consumed during the financial year 2023-24 amounted to ?2118.02 lakhs constituting 69.08% of total income. This represents ? 210.87 lakhs or 11.06% increase compared to the previous financial years consumption of ? 1907.15 lakhs. This increase is primarily attributed to higher transaction volumes with our air travel service providers, directly supporting the growth in our business.

Employee Benefits Expenses

Employee benefit expenses in the financial year 2023-24 increased by 165.24%, reaching ?200.97 lakhs in comparison to the ?75.77 lakhs incurred in the financial year 2022-23. This increase in employee expenses primarily stemmed from increases in salaries, wages and allowances by ?117.05 lakhs.

Finance Costs

Finance Costs in the financial year 2023-24 decreased by ?1.11 lakhs or 49.25%, reaching ?1.14 lakhs in comparison to the ?2.25 lakhs incurred in the financial year 2022-23. This decrease in finance cost primarily stemmed from 45.27% decrease in interest expense, credit card charges and bank charges as compared to financial year 2022-23.

Depreciation and amortization expenses

Depreciation and amortization in the financial year 2023-24 increased by 88.69%, reaching ?9.13 lakhs in comparison to the ?4.84 lakhs incurred in the financial year 2022-23. The increase in depreciation was primarily due to addition in assets.

Other Expenses

Other expenses in the financial year 2023-24 increased by ?111.42 lakhs, reaching ?154.77 lakhs in comparison to the ?43.35 lakhs incurred in the financial year 2022-23. This increase in other expenses was primarily attributed to increase in accounting service by ?6.09 lakhs, advertisement expenses by ?17.25 lakhs, travelling and conveyance expense of ?44.62 lakhs, rent expense of ?11.41 lakhs, professional fees of ?18.14 lakhs and communication expense of ?6.90 lakhs among other expenses.

Tax Expenses

Tax expenses increased by ?50.40 lakhs, reaching a total of ?54.99 lakhs in the financial year 2023-24, in contrast to the ?4.60 lakhs in the financial year 2022-23.

Profit after Tax (PA T)

The Profit After Tax (PAT) for the financial year 2023-24 reached ?527.06 lakhs, marking a notable increase from ?11.11 lakhs in the financial year 2022-23. In the financial year 2023-24, PAT constituted 17.19% of the total revenue, in contrast to 0.54% in the financial year 2022-23. This increase PAT was primarily driven by growth in revenue and improvement in gross margins.

Revenue from operations increased by 49.77% to ? 3,061.23 lakhs in financial year 2023-24 from ? 2,043.98 lakhs in financial year 2022-23, largely attributable to higher sales volumes from Dubai and other Gulf Cooperation Council (GCC) regions, which contributed ? 754.95 lakhs to the incremental revenue. The improvement in gross margin from 6.69% in financial year 2022-23 to 30.81% in financial year 2023- 24 was primarily due to increased

contribution from Dubai and other GCC markets, which offer relatively higher margin.

Accordingly, the combination of revenue growth, improved geographic and segmental mix, and higher gross margins contributed to the improvement in profitability and the increase in PAT during the year.

Cash Flow

The table below summaries our cash flows from our Restated Financial Information for the period ended February 28, 2026 and for the financial years ended on 2025, 2024, and 2023:

(A in lakhs)

Particulars	Period ended February 28, 2026	FY 2025	FY 2024	FY 2023
Net cash (used in)/ Generated from operating activities	(142.03)	(30.58)	(149.24)	49.20
Net cash (used in)/ Generated from investing activities	65.11	(27.69)	(1.85)	(78.21)
Net cash (used in)/ Generated from finance activities	38.69	62.23	80.46	7.13
Net increase/ (decrease) in cash and cash equivalents	(38.23)	3.96	(70.63)	(21.88)
Cash and Cash Equivalents at the beginning of the period	52.70	38.56	94.30	105.43
Decrease/ (Increase) In Foreign currency translation reserve	29.61	10.19	14.90	-
Cash and Cash Equivalents at the end of period	44.09	52.70	38.56	83.55

Net cash used in operating activities for the period ended February 28, 2026, was ? (142.03)lakhs and our profit before tax that period was ?911.56 lakhs. The difference was majorly attributable to change in working capital of ? (954.33)) lakhs, depreciation and amortisation of ?8.42 lakhs, interest expense of ?5.04 lakhs, resulting in gross cash generated from operations at ? (35.19) lakhs. We have income tax paid of ?(106.83) lakhs.

Net cash used in operating activities in the Fiscal 2025 was ? (30.58) lakhs and our profit before tax that period was ?818.38 lakhs. The difference was majorly attributable to change in working capital of ? (757.16) lakhs, depreciation and amortisation of ? 9.09 lakhs, interest income of ? 5.36 lakhs, interest expense of ? 3.39 lakhs, resulting in gross cash generated from operations at ? 68.35 lakhs. We have income tax paid of ?98.92 lakhs.

Net cash used in operating activities in the Fiscal 2024 was ? (149.24) lakhs and our profit before tax that period was ? 582.06 lakhs. The difference was majorly attributable to change in working capital of ? (681.97) lakhs, depreciation and amortisation of ?9.13 lakhs, interest income of ?4.86 lakhs, interest expense of ? 1.14 lakhs, resulting in gross cash generated from operations at ? (94.50) lakhs. We have income tax paid of ? (54.74) lakhs.

Net cash generated from operating activities in the Fiscal 2023 was ? 49.20 lakhs and our profit before tax that

period was ?15.71 lakhs. The difference was majorly attributable to change in working capital of ?34.80 lakhs, depreciation and amortisation of ? 4.84 lakhs, Interest income of ?4.06 lakhs, interest expense of ? 2.09 lakhs, resulting in gross cash generated from operations at ? 53.37 lakhs. We have income tax paid of ?4.18 lakhs.

Cash Flowfrom/ (used in) Investing Activities

For the period ended February 28, 2026, our net cash used in investing activities was ? 65.11 lakhs, which was primarily used for IPO expenses and decrease in fixed deposits of ? 64.85 lakhs and interest income of ? 0.84 lakhs. In the Fiscal 2025, our net cash used in investing activities was ? (27.69) lakhs, which was primarily due to purchase of PPE of ? (3.24) lakhs, increase in fixed deposits of ? (26.42) lakhs and interest income of ?1.97 lakhs.

In the Fiscal 2024, our net cash used in investing activities was ? (1.85) lakhs, which was primarily due to acquisition of property, plant and equipment of ? (1.08) lakhs and increase in fixed deposits of ? (4.48) lakhs which was largely offset by interest received of ? 3.72 lakhs.

In the Fiscal 2023, our net cash used in investing activities was ? (78.21) lakhs, which was primarily due to acquisition of property, plant and equipment of ? (2.08) lakhs and increase in fixed deposits of ? (78.10) lakhs. The company received net interest income of ? 1.97 lakhs.

Cash Flow from/ (used in) Financing Activities

For the period ended February 28, 2026, our net cash generated from financing activities was ? 44.09 lakhs, which was primarily due to issue of equity shares via private placement and decrease in short term borrowings.

In the Fiscal 2025, our net cash generated from financing activities was ? 62.23 lakhs, which was due to increase in short term borrowings and provisions.

In the Fiscal 2024, our net cash generated from financing activities was ? 80.46 lakhs. This was primarily due to increase in short term borrowings and provisions.

In the Fiscal 2023, our net cash generated from financing activities was ? 7.13 lakhs. This was primarily due to increase in short term borrowings and provisions.

1. Unusual or infrequent events or transactions

To our knowledge there have been no unusual or infrequent events or transactions that have taken place during the last three years.

2. Significant economic changes that materially affected or are likely to affect income from continuing operations.

Our business has been subject, and we expect it to continue to be subject to significant economic changes arising from the trends identified above in Factors Affecting our Results of Operations and the uncertainties described in the section entitled Risk Factors beginning on page 24 of this Red Herring Prospectus. To our knowledge, except as we have described in this Red Herring Prospectus, there are no known factors which we expect to bring about significant economic changes.

3. Income and Sales on account of major product/main activities

The Companys income and sales are mainly derived from the sale of travel and tour related services.

4. Whether the company has followed any unorthodox procedure for recording sales and revenues

Our Company has not followed any unorthodox procedure for recording sales and revenues.

5. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations.

Apart from the risks as disclosed under Section titled Risk Factors beginning on page 24 in this Red Herring Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.

6. Extent to which material increases in net sales or revenue are due to increased sales volume, introduction of new products or services or increased sales prices.

Increases in revenues are by and large linked to increases in volume of business.

7. Total turnover of each major industry services in which the issuer company operated.

The Company is in the business of, the relevant industry data, as available, has been included in the chapter titled Industry Overview beginning on page 136 of this Red Herring Prospectus.

8. Status of any publicly announced new products or business services.

Our Company has not announced any new services or business services.

9. The extent to which business is seasonal.

Our Companys business is not seasonal.

10. Any significant dependence on a single or few suppliers or customers.

The % of contribution of our Companys suppliers vis-a-vis the total revenue from operations respectively for the period ended February 28, 2026 and for Fiscal 2025, 2024, and 2023 is as follows:

	Top Suppliers as a percentage (%) of total purchases
Particulars	For period ended	For year ended	For year ended	For year ended
	February 28,2026	March 31, 2025	March 31, 2024	March 31, 2023
Top 5	9.59%	8.27%	14.96%	25.33%
Top 10	12.66%	11.46%	18.77%	28.22%

	Top Customer as a percentage % of total Revenue from Operations
Particulars	For period ended February 28,2026	For year ended	For year ended	For year ended
		March 31, 2025	March 31, 2024	March 31, 2023
Top 5	19.10%	41.16%	18.78%	64.87%
Top 10	21.77%	49.33%	25.70%	70.16%

11. Competitive conditions.

Competitive conditions are as described under the Chapters titled Industry Overview and Our Business beginning on pages 136 and 155, respectively of this Red Herring Prospectus.

FINANCIAL INDEBTEDNESS

Our Company has availed certain credit facilities in the ordinary course of business to meet our working capital requirements and for general corporate purposes. HDFC Bank Limited has provided an overdraft facility against the companys fixed deposit, which is a continuing arrangement. As on November 30, 2025, there is no outstanding balance payable to the bank, though the facility remains available for use.

*As certified by the Statutory Auditors M/s SC Mehra &Associates LLP, Chartered Accounts pursuant to their certificate dated April 29, 2026.