Umiya Buildcon Ltd Management Discussions

The following Management Discussion and Analysis ("MD&A") should be read in conjunction with the financial statements and accompanying notes ("Financial Statements") of Umiya Buildcon Limited for financial year ended March 31,2026.

• Segment wise or Product wise performance

• Risk and Concerns

• Internal Control Systems and their adequacy

• Discussion on operational performance

• Material Developments in Industrial Relations front.

SEGMENT WISE OR PRODUCT WISE PERFORMANCE

During the financial year under review, the Company continued to focus on strengthening its existing business verticals while pursuing strategic growth opportunities across emerging sectors. The Companys emphasis remained on technology innovation, operational efficiency, product development, market expansion and strengthening organizational capabilities across all business segments.

The Company also undertook strategic initiatives during the year towards expanding its presence in next- generation technologies, strengthening its real estate portfolio, enhancing indigenous manufacturing capabilities and increasing focus on research and development activities.

• Real Estate

• Products

• Solutions SEGMENT : PRODUCTS

The Products Business Unit demonstrated strong operational and revenue performance during the financial year 2025-26, driven by enhanced research and development efforts, introduction of new products, greater technology absorption and increasing market acceptance of the Companys networking and communication solutions.

The Companys routers, switches and networking products continued to gain traction across Telecom, Broadband, Enterprise, Government and Public Sector markets, including deployments in critical infrastructure and institutional projects.

A key highlight during the year was the strong performance of the Products segment, which recorded its highestsales in last quarter in the last decade, driven by growing demand for the Companys indigenous networking solutions. During the year, the Company saw strong traction in high-capacity switches and Data centre networking products, while continuing to invest in R&D and development of its proprietary Network Operating System (NOS).

Telecom and Networking: Public Sector and Innovation Focus:

The Company continued to strengthen its telecom and networking business through its indigenous product portfolio and system integration capabilities. while continuing to invest in R&D across its indigenous product portfolio and platform capabilities. The induction of new products in high-capacity switches and data centre networking has gained momentum and is expected to drive future growth.

The Company also maintained momentum in government and public sector projects, particularly in digital infrastructure, and continues to hold a healthy order pipeline, providing visibility for future growth.

These developments reflect the Companys focused approach towards expanding its presence in the market with cutting-edge network products, supported by high local content across design, hardware and software. Innovation and technology continue to remain key focus areas, backed by ongoing investments in research and development to enhance product offerings and drive long-term value creation.

Railways: Railways continues to be an important market for our Products. This year we received increased orders for our Switches and Routers for deployment in various Signaling and Surveillance applications across the Railways.Our products also cleared stringent RDSO inspection. We have been constantly upgrading the product line up for Railways sector with improvements and additional features as per user requirements.

Defence: We have developed a TDMolP Device for a Large Defence System Integrator. The device functions as a Network Interface Unit of a part of the Main System which will be fielded upcoming Defence Tenders. During the year we constantly interfaced for further future development and Military grade hardening of the device. The product was deployed for Army Field Trials and proved successful. It is expected that two defence tenders will be released in the next Financial year 2026-27 wherein partner SI will bid with our product.

Network Security: Our Unified Threat Manager device (UTM) is deployed in Pondicherry SWAN connecting all the Government Offices. The devices are deployed and functioning very reliably. Our team through the Network Operations Center (NOC) at Pondicherry are providing efficient network management services to the various departments and users. We are regularly implementing security policies as desired by the users and ensure NIL security breach till date. The customer has recognized our efforts and provided additional 50 new sites. This Keystone project is a recognition of our capabilities in the Network Security domain.Our UTMs are also successfully deployed in the Railways and Coal Sector. We are focusing on increasing our efforts to leverage on our proveness and capture the larger market.

R&D and Product Development: We have also commenced R&D on developing an indigenous 1G switch. The firmware development is in progress and we expect to see the product roll out with more than 65% Local content. The switch hardware will be run from a CKD (Completely Knocked Down) kit and manufactured at our factory. The development is proof of your companys R&D capabilities and is a significant step in our vision to invest more into R&D and innovation.

As a Trusted Source on the DoT trusted Portal, Our Products have gained greater acceptance in the Market especially in the Switching and Routing Domain. We have regained a good foothold in the products sector as is evident from our revenue growth. In the coming year our focus will be on greater hiring and R&D efforts to significantly bolster our growth in this highly demanding sector.

The Companys Product Development Road map is as follows:

Product	Application/Sector
1G indigenous Switch	Railways Telecom SI Enterprise
TDMoIP	Defence
Unified Threat Manager(UTM)	Telecom SI Enterprise Railways
Software Defined WAN	Telecom SI Enterprise
Cloud Managed Services	Telecom SI Enterprise

The Service Business Unit continues to be the operations arm for maintenance / operations / repair of all OEM products sold by the Company.

The turnover of the Company under this Product Segment for FY 2025-26 stood at Rs. 3,267.28 lakhs as compared to Rs. 1,820.04 lakhs in FY 2024-25, registering a robust growth of 80% over the previous year. The segment result for FY 2025-26 was Rs. 1,383.33 lakhs as against Rs. 762.50 lakhs in the corresponding previous year, reflecting a significant improvement in profitability

SEGMENT : REAL ESTATE

The Board is pleased to inform that the real estate segment witnessed significant progress during the financial year 2025-26, driven by project execution, customer engagement and strategic expansion initiatives.

During the year 2025-26, the Company continued to advance its premium real estate strategy. "UmiyaBricklane" at Candolim, North Goa, received an encouraging market response with initial bookings and receipt of customer advances. The project has secured all key regulatory approvals, including RERA registration and plan approvals, and marks the Companys strategic expansion into a high-potential tourism and lifestyle destination.

Further strengthening its premium residential portfolio, associated firm Umiya Buildtek launched "Umiya Prism" on Cunningham Road, Bengaluru, positioned as an ultra-luxury boutique residential project in the Central Business District (CBD). The development has received RERA approval and initial project development activities are currently underway.

Revenue from operations of the Real Estate Business increased to Rs. 2,725.33 lakhs in FY 2025-26 from Rs. 1,599.63 lakhs in FY 2024-25, reflecting a strong growth. The segment results also improved significantly to Rs. 2,536.33 lakhs during FY 2025-26 as compared to Rs. 1,609.56 lakhs in the previous year.

SEGMENT : SOLUTIONS

Your Company is Managing, Operating and Maintaining 5 projects across the country which has ensured a robust regular cashflow for your Company.

With this your Company is Operating nearly 1500 Links across the Country with four Network Operations Centers.

We will continue to focus on turnkey projects business in Network specific areas. Our new product induction like SDWAN, UTM and Cloud Services are expected to help in our business development efforts in the System Integration vertical. During the year we received additional order of 50 Sites for the Pondicherry SWAN Project. We also received a significant order from RailTel for supply of TDM/IP device for a key Railways Project. Our efforts are on to secure new projects and business in System Integration which will ensure regular cash flows with good bottom line.

The total revenue generated from the Solutions Business Segment decreased from Rs. 1,441.11 lakhs in FY 2024-25 to Rs. 1,243.90 lakhs in FY 2025-26. The decrease in revenue of Rs. 197.21 lakhs was primarily attributable to projects being in the renewal and contract renegotiation stage during the year, resulting in a temporary impact on revenue recognition

RISKS AND CONCERNS

The Company has consolidated its business focus into specific dedicated opportunities.

a) Products for Telecom and Railways; b) Turnkey Projects/System Integration c) Services d) Real Estate. These will continue to be the four pillars of the company for the next few years. The updated SWOT Analysis of the Company is as follows:

strengths	1. Home Grown Indian OEM, T rusted brand name and now a strong player in the SI Market 2. High quality Product engineering skills 3. Wide range of Product Offerings with high Local Content 4. Major Tier-1 customer confidence	weaknesses	1. High skill manpower bench is limited 2. High Cost of Capital 3. R&D needs to be strengthened
oppurtunities	1. Favorable trends in Government policies 2. Make in India initiatives 3. System Integration	threats	1 .Liquidity shortage with most customers 2.Dependence on government customers

OPERATIONAL PERFORMANCE

The Business has improved and shown growth in all the verticals. Product Development was carried out as planned and new products as well as existing Products with upgrades were introduced to the markets. The marketing teams have been able to achieve increased market penetration for our products, improved market visibility, created brand awareness and brough about a great deal of confidence among the customers for your Companys Products. Securing TEC Certification for our Switches and Routers also went a long way to improve our grip on the market. Having self-sufficiency in Routing and Switching Products had also provided the capability to provide more cost-efficient solutions. This has proven extremely valuable for the Company to bid Competitively for SI tenders.

Despite increased market competition and various challenges, your company ensured steady product sales and ensured an exceptional revenue growth of 80% over the last FY in the Products BU.

On the Solutions front, your company has ensured successful Operations and Maintenance of current projects with BSNL-WCL, BSNL-bCcl, RailTel-WCL and APEPDCL. The stipulated SLAs are being achieved and progressively improved.

Key financial ratios comparison:

PARTICULARS	2025-26	2024-25
Debtors Turnover	7.00	7.86
Inventory Turnover	0.40	0.51
Debt Service Coverage Ratio	2.87	1.14
Current Ratio	4.19	1.59
Debt Equity Ratio	1.09	1.56
Net Profit Margin (%)	0.58	0.12
Return on Net Worth	0.27	0.09

MATERIAL DEVELOPMENTS / OUTLOOK Data Centre Networking

Indias data centre IT load capacity is expected to reach approximately 4.7 GW over the next three years, driven by increasing adoption of Cloud Computing, Artificial Intelligence (AI), High Performance Computing (HPC) and Edge Computing. The addressable market for AI and data centre networking solutions is estimated at around Rs. 6,500 crore. The Company has strengthened its product portfolio with high- performance switching platforms based on disaggregated architecture and SONiC Network Operating System, positioning it to address the growing demand for next-generation cloud and AI networking infrastructure.

Private 5G Solutions

Demand for Private 5G networks is witnessing significant growth across manufacturing, airports, railways and other industrial sectors, driven by the need for secure, reliable and dedicated communication infrastructure. The Company has developed an integrated Private 5G solution comprising Radio Unit (RU), Centralised/Distributed Unit (CU/DU), Core Network and Network Management platform, and is well positioned with a ready solution to address the growing opportunities in the Private 5G market.

Carrier Grade Networking

With increasing demand for reliable carrier-grade networking infrastructure, the Company is expanding its product roadmap to include MPLS-enabled carrier-grade switches designed to meet the requirements of Internet Service Providers (ISPs), telecom operators and critical network applications.

Expansion of Switching Portfolio

The Company continues to expand its portfolio of Ethernet switching products by introducing additional variants with enhanced features, higher performance and cost-effective configurations to address the evolving requirements of enterprise, government and telecom customers.

MATERIAL DEVELOPMENTS IN INDUSTRIAL RELATIONS FRONT

The Company continued to maintain cordial and harmonious industrial relations during the financial year 2025-26. The management remains committed towards maintaining a positive work environment, strengthening employee engagement and enhancing organizational capabilities across all business segments.

During the year, the Company continued to focus on talent development, leadership strengthening and expansion of technical and research teams to support its growth initiatives in networking products, technology development and real estate operations.

The Company places significant emphasis on employee welfare, skill development, productivity improvement and fostering a culture of innovation and collaboration. There were no major industrial disputes or disruptions during the year under review.

The company recorded an EPS growth of 146 % from 3.17 to 7.8 during the current financial year from operations as compared to corresponding period of the previous financial year 2024-25.

Looking ahead, Umiya Buildcon Limited remains optimistic about its growth trajectory. The Company plans to continue scaling its telecom and networking operations, strengthen its product and R&D capabilities, and advance its premium real estate developments.

Backed by a diversified business model, strong in-house innovation, and alignment with Indias infrastructure and manufacturing priorities, Umiya Buildcon is well-positioned to deliver sustainable growth.

	For and on behalf of Board of Directors of
	Umiya Buildcon Limited
	(Formerly known as MRO-TEK Realty Limited)
Place: Bengaluru	Aniruddha Bhanuprasad Mehta
	Chairman & Managing Director
Date: 27-04-2026	DIN:00720504
	Address: # 06, New BEL Road,
	Chikkamaranahalli, Bangalore- 560054