Unick Fix-A-Form And Printers Ltd Management Discussions

The global economy in CY 2025 and 2026 remained broadly stable, supported by resilient demand and gradual policy normalisation across several markets. At the same time, geopolitical developments, trade realignments and evolving supply chain dynamics continued to influence economic and business activity worldwide.

Global Economic Landscape

The global economy continued to navigate a period of transition marked by evolving trade dynamics, geopolitical developments and the ongoing normalisation of economic activity across regions. Despite these shifts, growth remained relatively resilient, supported by moderating inflation, stable labour markets and improving financial conditions in several major economies. Emerging markets continued to play an important role in sustaining global economic momentum, while policy measures undertaken by governments and central banks helped support investment and consumption. Overall, the global economic environment remained stable, demonstrating adaptability amid a changing geopolitical and economic landscape.

Regional Growth Dynamics

Global growth held broadly steady in 2025 even as its composition shifted. World output is estimated at 3.4% for 2025, modestly ahead of the 3.3% recorded in 2024, as resilient demand in advanced economies offset a continued, gradual cooling in China. Looking ahead, growth is projected to soften to 3.1% in 2026 before edging back up to 3.2% in 2027, as the lagged effects of high real interest rates and weaker industrial activity weigh more visibly on advanced economies.

Economic Performance in FY 2025-26

The global economy during FY 2025-26 exhibited moderate resilience amid persistent geopolitical uncertainties, inflationary pressures, and evolving monetary policies across major economies. Growth remained steady, supported by easing supply chain disruptions, improving labor market conditions, and gradual stabilization in inflation. Despite these positive developments, regional performance was uneven. Advanced economies experienced modest recoveries, while others continued to grapple with structural challenges such as aging populations and subdued productivity growth.

Global trade dynamics were increasingly shaped by geopolitical realignments, as nations prioritized supply chain security over cost efficiency. This shift led to the reconfiguration of trade routes and a renewed focus on domestic production in strategic sectors such as technology, semiconductors, and energy.

Technological innovation-particularly the widespread adoption of Artificial Intelligence (AO- emerged as a key driver of resilience. During FY 2025-26, Al transitioned from experimentation to measurable productivity gains, enhancing corporate efficiency and offsetting pressures from labor shortages and elevated energy costs. For capital market participants, this period marked a new normal, where traditional economic cycles are

increasingly influenced by digital transformation and cautious, fragmented global trade patterns.

INDIAN ECONOMY

During FY 2025-26. India further strengthened its position among the worlds leading economies, emerging as the sixth-largest economy globally in nominal GDP terms. This achievement underscores the countrys sustained economic momentum, supported by consistent policy measures, ongoing structural reforms, large-scale Infrastructure development and strong domestic demand. Backed by stable macroeconomic conditions and a young, expanding workforce, India remains well positioned to increase its influence in the global economic landscape.

The economy demonstrated robust performance during the year, with real GDP growth accelerating to 7.7%, up from 7.1% in FY 2024-25. Nominal GDP expanded by 8.9% to reach 346.36 lakh crore. Growth was driven by rising consumer spending, continued capital expenditure by both the government 3nd private sector and solid contributions from the manufacturing, industrial, and services segments. The widespread nature of this growth reflects the increasing depth, resilience and diversification of the Indian economy

Sectoral Performance

During FY 2025-26, the Indian economy recorded strong broad-based growth, with both industrial and services sectors playing a pivotal role in sustaining economic momentum. Manufacturing activity remained robust during FY 2025-26, recording growth of 10.7% in real GVA terms, supported by robust manufacturing activity, infrastructure expansion, and construction-led investment Manufacturing remained a key growth driver, benefiting from capacity expansion, improved industrial infrastructure, and policy-led reforms aimed at strengthening domestic production capabilities.

The services sector continued to be the primary driver of economic activity, delivering a GVA growth of 9.3% in FY 2025-26, compared with 7.9% in the preceding fiscal year. Growth was particularly strung In trade, logistics, communication, and related services, which registered the highest expansion among service segments at 10.1%. Robust services exports, expanding employment opportunities, and improving urban consumption trends lurther reinforced sectoral performance. The continued advancement of the services ecosystem Is expected to support demand generation across real estate, infrastructure, and other consumption-led industries, thereby contributing to sustained economic development

Inflation Trends and Monetary Policy Landscape

Indias macroeconomic framework remained robust during FY 2025-26, supported by a stable inflation environment and prudent monetary management Headline Consumer Price Index fCPl) inflation averaged 3.48% in April 2026, remaining well within the Reserve Bank of Indias target range. The easing of food and energy prices played a key role in containing inflationary pressures, thereby supporting household budgets and reinforcing overall economic stability. A more henign inflation hackdrop positively influenced household confidence and spending patterns, particularly in discretionary categories. The improving price outlook also provided the central hank with greater flexibility to support economic activity through monetary measures. Accordingly, the Reserve Bank of India adopted a growth-supportive policy stance, lowering the repo rate to 5.25% .and reducing the Cash Reserve Ratio (CRR) to 3.0% during the fiscal year. These actions enhanced systemic liquidity and facilitated improved credit availability across the economy. The combined effect of moderated inflation, favourable interest rates, and ample liquidity has strengthened the overall economic environment Improved access to financing for both businesses and consumers is expected to encourage investment, stimulate consumption demand, and support sustained economic expansion. These developments have also contributed to a more conducive operating and funding landscape across sectors. While headline inflation remained benign at the macro level, the Company experienced firming input cost pressures at the operational level, particularly during the third and fourth quarters of FY 2025-26. Prices of key raw materials, including stainless steel and copper, rose during this period, compounded by elevated logistics costs stemming from prevailing geopolitical tensions. This Input cost inflation, together with lower realisations under the Magel Tyala Scheme, weighed on the Companys profitability. The Company continues to pursue backward integration and strategic procurement initiatives to mitigate the impact of such raw material price volatility going forward.

Risks and Policy Challenges

The global growth trajectory through 2027 remains below pre-pandemic historical averages, with the balance of risks tilted to the downside. Escalating trade policy uncertainty, the protracted Middle Past conflict, and the deepening fragmentation of the global economic order — evidenced by lightening export controls on critical minerals and accelerating supply chain diversification — continue to inject near-term volatility Into financial markets and Investment decisions.

That said, a gradual improvement in global financial conditions is expected as central banks across advanced economies ease monetary policy further where disinflation has been durably achieved. Stabilisation in trade relations and contained geopolitical disruption remain the key preconditions for the global economy to sustain even its current modest growth path.

Outlook

In conclusion, the Indian economy in 2025-26 is in a very healthy position. We have strong growth, stable prices, and a financial system that can handle global shocks. While challenges like a global slowdown remain, Indias focus on creating jobs and encouraging private investment is paying off. India remains a key contributor to the worlds economy and a land of Immense opportunity.

Key Highlights for the Year (At a Glance)

Feature	What Happened?	Why it Matters
Interest Rates	Came down (to 5.25%)	Makes it cheaper for people to borrow and businesses to grow.
Indias GDP.	Estimated at 6.5%	Confirms India is the worlds fastest- growing major economy
Inflation	Dropped to 1.7%	Your money goes further as prices stay stable.
Domestic Demand	Stayed very strong	Shows that Indian consumers are confident about the future.

Challenges and Strategic Responses

While Indias growth prospects remain strong, potential risks include global economic slowdowns, geopolitical tensions, and inflationary pressures due to unforeseen supply shocks. However, the RBIs accommodative monetary stance is likely to bolster consumption and investment, while government policies, such as increased capital expenditure and fax incentives, are expected to sustain growth momentum Additionally, stabilized global commodity prices and a resilient services sector are anticipated to support continued economic activity.

B. Printing Industry in India--

The Indian printing industry continued to demonstrate resilience and adaptability during FY 2025-26. supported by strong demand from the packaging, labels, pharmaceuticals, FMCG, e-commerce, publishing, and commercial printing segments. As one of the hugest printing markets in Asia, India has steadily transitioned from conventional print processes to technology-driven, value-added, and sustainable printing solutions. The industry has increasingly embraced digital transformation, automation, and environmentally responsible manufacturing practices to meet evolving customer expectations and global quality standards

Packaging and label printing remained the primary growth drivers of the industry, tueled by rising consumer spending, expanding organized retail, growing exports, and increasing regulatory requirements for product identification and traceability. Demand from sectors such as pharmaceuticals, food & beverages, personal cure, and logistics continued to support investments in high-quality printed packaging and specialty labels. Commercial printing also witnessed stable demand from corporate communication, educational publishing, and marketing collateral, while digital printing gained further acceptance for short-run, customized, and variable data printing applications.

Technological advancements continued to reshape the industry landscape. Printing companies increasingly invested in digital presses, automation, ivorkllow management systems, colour management solutions, and AJ-enabled production planning to improve productivity, reduce turnaround time, and enhance print quality. Offset printing remained the preferred solution for large-volume production, while digital printing complemented it by serving personalized and short-run requirements efficiently.

Sustainability remained a key strategic priority across the industry. Printers focused on reducing waste, improving energy efficiency, adopting recyclable and eco-friendly substrates, using low-VOC inks, and complying with evolving environmental standards. Customers increasingly preferred suppliers capable of delivering sustainable packaging and environmentally responsible print solutions, encouraging greater adoption of green manufacturing practices.

Despite positive long-term fundamentals, the industry continued to lace challenges during the year, including fluctuations in paper and raw material prices, increasing logistics costs, skilled manpower shortages, and competitive pricing pressures. Nevertheless, companies that invested in technology, operational efficiency, innovation, and customer-centric solutions were better positioned to capitalize on emerging opportunities.

According to industry estimates, the Indian commercial printing market was valued at approximately USD 36.5 billion in 2025 and is expected to maintain steady long-term growth, supported by expanding e-commerce, increasing branding activities, rising packaging demand, and continued investments in advanced printing technologies.

Overall, the outlook for the Indian printing industry remains positive. Growing domestic consumption, rapid expansion of the packaging sector, government emphasis on manufacturing, increasing exports, and continued technological innovation are expected to provide sustainable growth opportunities for the industry in the coming years

Conclusion: FY 2025-26 Outlook

The outlook lor the Indian printing industry remains positive, supported by sustained demand from the packaging, labels, pharmaceuticals, FMCG, e-commerce, and commercial printing sectors. Continued investments in automation, digital printing technologies, and sustainable manufacturing practices are expected to enhance operational efficiencies and create new growth opportunities. While challenges such as raw material price volatility, rising input costs, and competitive market conditions may persist, the industrys strong fundamentals, expanding domestic consumption, and increasing focus on value-added printing solutions position it for steady long-term growth. Companies that prioritize innovation, quality, customer-centric solutions, and operational excellence are expected to remain well placed to capitalize on emerging opportunities in the evolving priming landscape.

c. Human Capital;

The most important asset of our company isnt something we can put our hands on. It isnt equipment or the physical plant, and it isnt data, technology, or intellectual property. The most valuable part of our company is the people the human capital and any plans to move our business forward have to start there. Without the availability of employees and labour no industry can work. Hence for that purpose the company keeps in mind the welfare of all the Employees and Labours. Company maintains smooth relations with whole of the workforce and incentives are provided to them from time to time.

D. Segment Growth Drivers:

Availability of Labour, Raw Material and Capital. A strong customer base is must for all the segments and hence required in this industry also. Keeping updates of all the available and updated technological changes.

E. Review of Companys Business and Financials :

F. Opportunities

India has averted the effects of the global slump and continues to grow. More and more multinational companies are now targeting India as the hub for manufacturing and exporting. This provides good opportunities to component manufacturers and service providers for accelerated growth. Project expansion is in progress demanding many companies

G, Challenges for Printing Industry

Maintaining existing customer base, servicing them with the goal of retaining their business is imperative. Also, the Importance of the retention of expert employees cannot be ignored, building & communicating will always be the most valuable investment organization makes to delivering sustainable growth. The pressure of senior managers to deliver will intensify significantly in Future with Fierce competition.

H. Internal Control Mechanism :

The Company has in place a Systematized setup for the purpose of Interna! Control. The company has an authorized person for the purpose of management of internal control of the Organization. There are neither any Loop In the internal control of company nor Is there any Activity carried which results in any interruption in the smooth functioning of the operations.

I. Changes in the Nature of adjustments

There has not been any change in the Nature of business being carried by the Company. The Company Is still working hard for being a leader in the Printing industry in all over the India. There has not been any change in the operations of the company except in case of up gradation of the Technology.

. ENVIRONMENT AND SAFETY

The need for environmentally clean and safe operations is companys key priority. The Company policy requires the conduct of all operations in such a manner so as to ensure the Safety of all concerned, compliance of statutory and industrial requirements for environment protection and conservation of natural resources to the extent possible.