Veritaas Advertising Ltd Management Discussions

FY 2025 represents the fiscal year 2025-26, from 1 April 2025 to 31 March 2026, and analogously for FY 2025 and previously such labeled years.

GLOBAL ECONOMY

The global economy is proving more resilient than anticipated despite persistent trade tensions and policy uncertainty, according to the World Banks latest Global Economic Prospects report. Global growth is projected to remain broadly steady over the next two years, easing to 2.6% in 2026 before rising to 2.7% in 2027, an upward revision from the June forecast. The resilience reflects better-than-expected growth—especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026. Even so, if these forecasts hold, the 2020s are on track to be the weakest decade for global growth since the 1960s. The sluggish pace is widening the gap in living standards across the world, the report finds: at the end of 2025, nearly all advanced economies enjoyed per capita incomes exceeding their 2019 levels, but about one in four developing economies had lower per capita incomes.

In 2025, growth was supported by a surge in trade ahead of policy changes and swift readjustments in global supply chains. These boosts are expected to fade in 2026 as trade and domestic demand soften. However, the easing global financial conditions and fiscal expansion in several large economies should help cushion the slowdown, according to the report. Global inflation is projected to edge down to 2.6% in 2026, reflecting softer labor markets and lower energy prices. Growth is expected to pick up in 2027 as trade flows adjust and policy uncertainty diminishes.

In 2026, growth in developing economies is expected to slow to 4% from 4.2% in 2025 before edging up to 4.1% in 2027 as trade tensions ease, commodity prices stabilize, financial conditions improve, and investment flows strengthen. Growth is projected to be higher in low-income countries, reaching an average of 5.6% over 2026-27, buoyed by firming domestic demand, recovering exports, and moderating inflation. However, this will not be sufficient to narrow the income gap between developing and advanced economies. Per capita income growth in developing economies is projected to be 3% in 2026—about a percentage point below its 20002019 average. At this pace, per capita income in developing economies is expected to be only 12% of the level in advanced economies.

More than half of developing economies now have at least one fiscal rule in place. These can include limits on fiscal deficits, public debt, government expenditures, or revenue collection. Developing economies that adopt fiscal rules typically see their budget balance improve by 1.4 percentage points of GDP after five years, once interest payments and the ups and downs of the business cycle are accounted for. Use of fiscal rules also increases by 9 percentage points the likelihood of a multi-year improvement in budget balances. However, the medium- and long-term benefits of fiscal rules depend heavily on the strength of institutions, the economic context in which the rules are introduced, and how the rules are designed, the report finds.

As India enters 2026, several themes will shape the next phase of growth and demand the same level of pragmatism. We expect full fiscal year growth to be revised substantially upward, as third-quarter numbers are likely to remain strong due to festive spending. Growth is expected to stand between 7.5% and 7.8% in fiscal 2025 to 2026, and then between 6.6% and 6.9% in fiscal 2026 to 2027, buoyed by the rollout of new goods and services tax (GST) rules and slowing inflation.

In 2025, India also expanded its trade outreach across emerging markets (figure 2). These regions now account for nearly 85% of the worlds population and close to 40% of global GDP.16 Going forward, trade corridors linking South Asia, Southeast Asia, Africa, and the Middle East are projected to grow nearly 4% faster than the global average.17 There is growing recognition that global commerce is shifting toward greater trade, investment, and innovation within the "global south," with long-term implications for supply chains, digital services, and new agreements.

India is expanding its reach across Africa, Latin America, and West Asia, and recent BRICS and G20 engagements have focused on collaboration in energy, critical minerals, and digital infrastructure.

All eyes are on the much-anticipated US-India trade deal. Recurring delays in the deal (at the time of writing) continue to be a concern. The agreement, which had been expected to boost bilateral trade and improve market access for key sectors, remains pending, creating uncertainty for exporters. Until the deal materializes, export growth for goods is likely to stay moderate, while exposing services exports to uncertainties in the long run.

Under two different scenarios, we expect the impact of US trade tariffs on Indian exports to range between 0.3% and 0.4% of GDP.

Much of 2025 was about managing external shocks and strengthening domestic fundamentals. As India enters 2026, it will have to carefully manage both global and domestic risks.

Three of the biggest global risks for India in 2026 will come from:

• US tariff policies and the conclusion of the India-US trade deal, which remains unpredictable.

• Chinas slow recovery and its dominance in critical minerals, which India must monitor as it recalibrates its relationship with Beijing.

• Geopolitical tensions in Central Asia that could disrupt commodity prices and key logistics routes, including the Red Sea corridor.

Domestically, the three biggest risks that need to be monitored are:

• Poor transmission of policy rate cuts to credit growth.

• A resurgence of inflation as demand picks up fast (and core has been above 4%).

• Possible implications of lower tax revenues for fiscal consolidation this year.

OVERVIEW OF THE INDIAN ECONOMY

Indias economic journey over the past few years has been marked by remarkable growth and a steady rise in its position on the global stage. After overtaking the United Kingdom (UK) to become the fifth largest economy in Q1 FY23, India has continued this upward trajectory to surpass Japan in June 2025 to become the fourth largest economy in the world. With a nominal Gross Domestic Product (GDP) of Rs. 3,31,03,000 crore (US$ 3.78 trillion), Indias growth reflects a combination of strong domestic demand and policy reforms positioning the country as a key destination for global capital.

Further, India is projected to reach a GDP of Rs. 4,26,45,000 crore (US$ 5 trillion) by 2027 and is on course to surpass Germany by 2028. Rising employment and increasing private consumption, supported by rising consumer sentiment, will support GDP growth in the coming months.

"For India, 2026 will be the year of resilience in domestic demand, decisive reforms in fiscal, monetary, and labor policies, and recalibrations in trade policies"

Market Overview

Indias Real Gross Domestic Product (GDP) or GDP at Constant Prices stood at Rs. 47.89 lakh crore (US$ 544.20 billion) in Q1 of FY26, up from Rs. 44.42 lakh crore (US$ 504.77 billion) in Q1 FY25, registering a growth rate of 7.8%. Nominal GDP or GDP at Current Prices for the same period was estimated at Rs. 86.05 lakh crore (US$ 977.84 billion), compared to Rs. 79.08 lakh crore (US$ 898.64 billion) in the corresponding quarter of the previous year, showing a growth rate of 8.8%.

As on October 14, 2025, India is home to 123 unicorns, with six new startups achieving unicorn status in 2025. Indias current account recorded a deficit of Rs. 21,288 crore (US$ 2.37 billion) in Q1 FY26 (April-June), compared to Rs. 76,282 crore (US$ 8.6 billion) in the same period of FY25, according to the Reserve Bank of India (RBI). The improvement reflects a narrower merchandise trade gap and steady growth in service exports. Exports fared remarkably well during the pandemic and aided recovery when all other growth engines were losing steam in terms of their contribution to GDP. Going forward, the contribution of merchandise exports may waver as several of Indias trade partners witness an economic slowdown. According to Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Mr. Piyush Goyal, Indian exports are expected to reach US$ 1 trillion by 2030.

Indias near-term outlook

In its latest World Economic Outlook report, the IMF said Indias economy is now expected to grow by 7.3% in FY26, up 0.7 percentage points from its earlier estimate. The upgrade reflects better-than-expected growth in the third quarter and continued strength in the fourth quarter of the current fiscal year.

The International Monetary Fund (IMF) has raised its growth forecast for Indias economy in fiscal year 2026 by 0.7 percentage points to 7.3%, pointing to strong economic momentum. However, it expects growth to moderate to around 6.4% over the following two financial years as temporary cyclical factors ease.

The IMFs revised outlook follows an update by Indias National Statistics Office (NSO), which earlier this month raised its estimate for growth in the year ending March 31 to 7.4%. This was higher than the governments initial projection of 6.3% to 6.8%, reinforcing the view that the economy has performed better than expected.

ADVERTISING INDUSTRY IN INDIA

MARKET SIZE

The India advertising market size INR 1017.12 Billion in 2025. The industry is expected to grow at a CAGR of 11.00% during the forecast period of 2026-2035. By 2035, the market is expected to reach INR 2888.03 Billion.

The popularity of social media platforms is contributing primarily to content viewing among the young generation, contributing to the growth of the India advertisement market. The users are devoting more hours to such platforms compared to conventional media, including television and print, further presenting immense scope for advertisers for direct access to them. As per industry reports, India witnessed 462 million active social media users during January 2024, of which 32% were aged 18 years and over. This is highlighting the importance of relatable as well as authentic content in advertising strategies.

With increased usage of the internet in the local space, voice search and AI-driven native chatbots have become increasingly popular within the India ad market. Towards that purpose, various companies are using customized content strategy and AI-based translation to appeal to non-English-speaking consumers for increased accessibility and inclusivity within advertising. In May 2025, Appy Pie launched PixelYatra, Indias first Hindi AI design tool for allowing users to generate visually rich content via simple Hindi prompts, adding to the industry growth.

The robust expansion of retail media networks is also influencing the India advertising market outlook. Of late, consumers are shifting their shopping behaviours to online channels and engaging with e-commerce platforms. Capitalizing on this trend, retailers are building powerful in-house advertising ecosystems. As per industry reports, the number of online shoppers in India touched 300 million in 2023. This is urging platforms to monetize their first-party customer data to provide highly measurable and targeted advertising solutions.

Digital Advertising Dominance

The rising popularity of digital advertising, led by the increasing reliance on online platforms for targeted as well as measurable strategies is boosting the India advertising market expansion. As per industry reports, the internet user populace of India is estimated to cross 900 million by 2025. This is assisting businesses to reach specific audiences whilst tracking the performance of their campaigns in real time. Several companies are further shifting their advertising budgets to digital channels from traditional media as more consumers are spending their time on online platforms, driving rapid market growth.

Rise of Programmatic Advertising

Programmatic advertising is a significant factor boosting the India advertising market growth. This automated approach offers real-time bidding as well as precise audience targeting for enhancing campaign efficiency. According to industry reports, programmatic advertising contributed to about Rs.20,686 crore to digital ad spending in India in 2024. The adoption of programmatic methods is further expected to surge as advertisers are seeking more data-driven and cost-effective solutions.

Integration of AI and Automation

The surging adoption of artificial intelligence for enabling real-time targeting, dynamic ad creation, and predictive analytics is increasing the India advertising market share. In May 2025, Tata Gluco+ unveiled Piyo Goodness. Karo Greatness, a fully AI-crafted thematic ad film that exhibited its energy-for-good message post-stadium cleanup, favouring the technology demand. Tools, such as ChatGPT are also deployed to generate high-quality content at scale for limiting time-to-market for campaigns.

Growth of OTT Advertising

The rise in over-the-top platforms is providing advertisers with new avenues to engage with the growing tech- savvy audiences, subsequently adding to the India advertising market revenue. In February 2025, Netflix disclosed plans for an impressive content expansion across India by 2025, surging its yearly budget to USD 18 billion. The increasing preference for these platforms has resulted in the rise in advertising investments for targeting specific viewer segments.

Major Government Schemes for Advertising Industry in India

Several government schemes in India offer support to the advertising industry, particularly focusing on Micro, Small, and Medium Enterprises (MSMEs). Key initiatives include the Marketing Assistance Scheme by the Ministry of MSME and the Special Marketing Assistance Scheme (SMAS) under the SC-ST Hub, which provides assistance for participating in domestic and international trade fairs, organizing vendor development programs, and conducting workshops. Additionally, the Procurement & Marketing Support (PMS) Scheme aims to promote market access initiatives through participation in trade fairs and exhibitions:

• Marketing Assistance Scheme (MSME): This scheme, implemented through the National Small Industries Corporation (NSIC), provides support to MSMEs in various marketing activities as for example-Domestic and International Trade Fairs, Vendor Development Programmes, Workshops and Seminars.

• Special Marketing Assistance Scheme (SMAS): This scheme, specifically targeted towards SC/ST enterprises, offers enhanced support for marketing activities.

• Procurement & Marketing Support (PMS) Scheme: This scheme focuses on promoting market access for MSMEs through.

• Central Bureau of Communication (CBC): This body, under the Ministry of Information and Broadcasting, plays a crucial role in disseminating information about government schemes and policies through various advertising and publicity channels.

INVESTMENT AND KEY DEVELOPMENT

Recent Developments in the Media and Entertainment Industry are:

Indias advertising industry continued to demonstrate steady growth in 2025 at 8.3% to reach Rs 1,21,339 crore, macroeconomic uncertainty notwithstanding. According to the Dentsu Digital Advertising Report 2026, the countrys advertising expenditure (AdEx) is expected to grow at a CAGR of 7.41% this year to reach Rs 1,30,416 crore. It is expected to reach Rs 1,40,001 crore by the end of CY27.

Digital advertising continues to lead the industrys growth at a significant 19% in 2025 to reach Rs 71,621 crore, accounting for 59% of the countrys total ad spending. The momentum for digital is expected to continue through 2027, growing at 17% to reach a projected Rs 98,034 crore, accounting for 70% of the countrys AdEx.

Digital advertising growth

Social and online video are at the forefront of digital advertising growth while retail media has also proven to be a major disruptor. E-retail ad spending grew by over 55% in 2025 to Rs 17,601 crore, making it the fastest growing digital channel.

The report notes that traditional media has continued to retain scale but is steadily losing share as advertisers shift budgets toward digital-first, performance-led channels.

Television holds the second highest share at 21% in Indias AdEx, and is the largest of the traditional channels. AdEx on television reached Rs 25,964 crore last year, on the back of live sports, high-impact entertainment and regional programming.

Print advertising

Print commanded a 14% share (Rs 16,594 crore), out-of-home advertising had 4% (Rs 4,724 crore), while radio and cinema held 1% each at Rs 1,501 crore and Rs 935 crore respectively.

According to dentsus analysis, the media mix in India has seen a sharp shift over the last decade, with digital advertisings share rising from a mere 12% in 2016 to reach 59% last year.

Among traditional channels, out of home advertising is the only medium projected to grow, expanding at a CAGR of 3% through 2027 on the back of digital OOH expansion and enhanced urban infrastructure. Televisions share is expected to drop to 15% and print to 10% by 2027.

The largest ad spending category in 2025 was FMCG, accounting for 30% of total ad spending at Rs 36,084 crore. E-commerce was at number two, with an 18% share (Rs 22,132 crore) and auto was the third largest contributor at 7% (Rs 7,821 crore).

The next decade will shape the way media, culture, technology and commerce converge to create a more immersive landscape.

Year	AdEx	Digital
2025	Rs 1,21,339 crore	Rs 71,621 crore
2026 (forecast)	Rs 1,30,416 crore	Rs 84,977 crore
2026 (forecast)	Rs 1,40,001 crore	Rs 98,034 crore

(Source: dentsu Digital Advertising Report, 2026)

• Social media commands the largest share of digital ad spending at 29% - Rs 21,057 crore

• Online video commands 28% - Rs 20,004 crore

• E-retail advertising grew the fastest at 55.86% to reach Rs 17,601 crore

THE FUTURE OF ADVERTISING INDUSTRY

The future of advertising is already unfolding, and its moving faster than most teams expect. By 2027, more than 70% of consumers will expect real-time, AI-powered personalization.

This wont be a premium feature anymore. Itll be the baseline.

From segmentation and pacing to creative testing, fraud detection, and real-time budget shifts, AI will handle routine decisions with precision and speed. Human teams will stay focused on strategy and storytelling, while AI takes care of the mechanics.

At the same time, synthetic media will introduce new risks. Deepfake detection and content authenticity verification will become essential to protect brand trust and meet growing regulatory standards. Advertisers will need technology partners that can adapt quickly as these challenges evolve.

But heres the core shift: to thrive in this multichannel, privacy-first landscape, its not enough to use AI - you need to feed it the right data.

That means collecting and owning conversion data independently, attributing it accurately across digital channels in real time, and letting AI transform that clarity into action. Without this foundation, even the most advanced AI is just guessing.

This is where RedTrack sets itself apart.

It brings conversion tracking, real-time attribution, automation, and AI-driven reporting into one platform. Instead of juggling disconnected tools or losing money to bad data, media buyers gain a single source of truth for every channel.

The result?. Faster decisions, less waste, and a clear path to scaling profitable campaigns.

The future of advertising wont reward those who wait. It will reward those who prepare now - with the right ad tech at the center of their strategy..

(https://www.adleaks.com/analvzing-and-predicting-the-future-of-advertising-in-2026-and-bevond/).

OPERATIONS

We are VERITAAS. A dedicated, self-motivated and creative team of marketeers driven by the belief that advertising is a significant process in marketing that ensures brand success. We make sure that our branding strategies are impactful, unique, flamboyant and formidable so that you can be the "Choice of Customers".

THE FUTURE OF ADVERTISING INDUSTRY

With 10+ years of experience, we have understood that in todays world of like, share and subscribe, OOH Advertising is pivotal in attracting customers and creating an impact. Where online activities can be manipulated, tampered, hacked, blocked and banned, outdoor advertising surpasses the threats of malicious activities and continues to attract customers effectively. The various platforms of outdoor advertising immerses audiences with powerful communication messages while on the move. It provides brands to be effectively and physically present and builds streamlined interactions with potential customers. Therefore, we help you -

• Create brand Presence & Educate your Customers

• Increase brand Reach & Visibility

• Create highRecall & Goodwill for the brand

• Engage & Interact with your targeted customers

• Increase Sales & Boost conversions

The highlights of the financial results for the year ended March 31, 2026 and the corresponding figure for the previous year as under:

Particulars	Fiscal (Rs In Lakhs except EPS)
	2025-26	2024 - 25
Revenue from Operations	1,475.17	1,515.61
Other Income	151.63	20.20
Total Income	1,626.80	1,535.90
Total Expenditure	1,375.10	132298
Profit before tax	251.70	212.92
Current Tax	48.89	57.06
Income Tax Adjustment	(1.76)	7.31
Deferred Tax Adjustment	25.20	0.74
Profit after tax	179.37	147.81
Earning per shares	6.35	5.24

HUMAN RESOURCES AND IDUSTRIAL RELATIONS

Our employees are our core resource and the Company has continuously evolved policies to strengthen its employee value proposition. Your Company was able to attract and retain best talent in the market and the same can be felt in the past growth of the Company. The Company is constantly working on providing the best working environment to its Human Resources with a view to inculcate leadership, autonomy and towards this objective; your company spends large efforts on training. Your Company shall always place all necessary emphasis on continuous development of its Human Resources. The belief "great people create great organization" has been at the core of the Companys approach to its people.

KEY RATIOS

Particulars	FY 2026	FY 2025
Revenue (Rs. in Lacs)	1,475.17	1,515.61
Net Profit After Tax (Rs. in Lacs)	179.37	147.81
Earnings per share (in Rs.)	6.35	5.24
EBITDA (Rs in lacs)	488.35	367.01
Net Profit Margin (%) 1	12.16	0.10
Return on Capital Employed	24.62	0.22
Current Ratio (times)	1.51	1.50
Debtors Turnover (times)	2.36	3.09
Debt - equity (times)	0.61	0.48
Inventory turnover ratio (times)	18.78	30.14

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis report detailing the Companys objectives, projections, estimates, expectations or predictions may be "forward looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include global and Indian demand, supply conditions, raw material prices, finished goods prices, cyclical demand and pricing in the Companys products and their principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries with which the Company conducts business and other factors such as litigation and / or labor negotiations.

ADDITIONAL SHAREHOLDERS INFORMATION

FY2026 represents fiscal year 2025-26, from 1 April 2025 to 31 March 2026, and analogously for FY2025 and previously such labelled years.

1. General Body Meetings

Below table gives the details of date, time, location and business transacted through special resolution at last three Annual General Meetings:

Financial Year	Date & Time	Location	Special Resolution(s) Passed
2024-25	September 26, 2025 at 3:30 P.M	Video Conferencing ("VC")/ other audio visual means ("OAVM")	NA
2023-24	September 30, 2024 at 1:30 P.M	Video Conferencing ("VC")/ other audio visual means ("OAVM")	NA
2022-23	September 30. 2023 at 11:00 A.M	Registered office of the company at 71/C Linton Street, Kolkata 700014	NA

Resolution(s) passed through Postal Ballot

During the year, the Company did not pass any special resolution through postal ballot.

Annual General Meeting (AGM):

As per the Circulars issued by the Ministry of Corporate Affairs and the SEBI, from time to time, the 8th Annual General Meeting of the Company is scheduled to be held on Friday, September 26, 2025, at 3.30 P.M through Video Conference /Other Audio-Visual Means ("VC/OAVM") facility. The venue of the AGM shall be deemed to be the registered office of the Company 38/2A, Gariahat South Road, Dhakuria, Rash Behari Avenue, Kolkata - 700029. The detailed instruction for participation and voting at the meeting is available in the notice of the 8th AGM.

Proposal to Conduct Postal Ballot for any Matter in the Ensuing Annual General Meeting

There is no proposal to conduct a postal ballot for any matter in the ensuing Annual General Meeting.

2. Book Closure Date:-

From August 6, 2026 to August 12, 2026 (both days inclusive)

3. Dividend

To strengthen the financial position of the Company and to augment working capital, your directors do not recommend any dividend for the FY 2026.

4. Financial Calendar

The financial year of the Company starts on 1st April every year and ends on 31st March subsequent year. Indicative calendar of events for the financial year 2026-27 are as under

For the first half-year ending 30 September 2026	First / Second week of November 2026
2nd half and year March 31, 2027	By third the week of May 2027
AGM for the year ending 31 March 2027	First week of September 2027

5. Listing of Stock Exchange and Stock Codes

National Stock Exchange of India Limited

Exchange Plaza, C-1, Block G, Bandra-Kurla Complex, Bandra (East) Mumbai - 400 051

Trading Symbol- VERITAAS

Annual Listing fees to the National Stock Exchange of India have been paid for the FY 2026-27. The Custodian fee for NSDL & CDSL has also been paid for the FY 2026-27.

6. The International Security Identification Number (ISIN)

ISIN is a unique identification number of traded scrip. This number has to be quoted in each transaction relating to the dematerialized securities of the Company. The ISIN of the Companys equity shares is INE0SRI01019.

7. Market Price Data

Monthly High and Low Prices of the Equity Shares of the Company for the year ended 31^st March, 2026

	NSE
Month	High	Low
Apr 25	82.55	75.90
May 25	82.55	65.45
Jun 25	84.20	66.65
Jul 25	86.65	59.15
Aug 25	74.80	74.80
Sep 25	74.90	67.60
Oct 25	64.35	56.00
Nov 25	60.90	51.35
Dec 25	70.00	53.75
Jan 25	62.70	44.00
Feb 25	66.80	53.40
Mar 26	58.50	35.90

8. Performance in comparison to board based indices

Performance of Equity Shares of the company in comparison to NIFTY:

9. Registrar and Share Transfer Agents

M/s. MAS Services Limited, T-34, 2nd Floor, Okhla Industrial Area, Phase - II, New Delhi -110020, is the Registrar and Share Transfer Agent of the Company, both for Physical & Demat Shareholders. Accordingly, all communications on matters relating to Share Transfers, Dividend etc. may be sent directly to them. Complaints, if any, on these matters may also be sent to the Compliance Officer of the Company.

As on date, the 100% of the issued and subscribed capital are held in dematerialised form.

10. Share Transfer System

11. Description of Voting Rights

All shares issued by the Company carry equal voting rights, and one share confirms one vote.

12. Nomination Facility

Shareholders may contact their respective Depository Participant (DP) to avail nomination facility.

13. Shareholding Pattern as on 31st March 2026:

Distribution of shareholdings on the basis of owner ship

Particulars	As on 31 March, 2026		As on 31 March, 2025		% change
	No. of shares	% of total	No. of shares	% of total
Promoters Holding
-Individuals	18.95,400	67.14	18,49,800	65.53	1.61
-Companies	-	-	-	-	-
Sub - Total	18.95,400	67.14	18,49,800	65.53	1.61
Indian Financial Situation	-	-	-	-	-
Banks	-	-	-	-	-
Mutual funds	-	-	-	-	-
Foreign Holdings	-	-	-	-	-
-Foreign Institutional Investors	62,400	2.21	69,600	2.47	(0.26)
-Non - Residents Indians	9,600	0.34	9,600	0.34	0.34
-ADRs/Foreign Nationals	-	-	-	-	-
Sub total	72,000	2.55	79,200	2.81	(0.26)
Indian Public and Corporate	8,55,600	30.31	8,94,000	31.66	(1.35)
Total	28,23,000	100.00	28,23,000	100.00

14. Distribution of shareholding as on March 31,2026

Range	No. of Shareholders	% of Total Shareholders	No. of Shares	% of Total Shares
1 - 5000	5	2100	821	0029
5001 -10000	2	0840	1400	0049
10001 - 20000	161	67647	192300	6833
20001 - 30000	24	10084	57600	2040
30001 - 40000	7	2941	25200	0892
40001 - 50000	5	2100	24000	0850
50001 -100000	15	6302	105500	3737
100001 & Above	19	7983	2415579	85567
Total	238	100000	2823000	100000S

15. Outstanding ADRs & GDRs, Warrants or any other convertible instruments, conversion date and likely impact on equity shares

During the year under review, the Company has not issued any ADRs & GDRs, Warrants or any other convertible instruments. The Company has at present no outstanding ADRs/GDRs/Warrants to be converted that has an impact on the equity shares of the Company.

16. Commodity Price Risk or Foreign Exchange Risk

The Company is engaged in the advertisement industry and is therefore not significantly exposed to commodity price risk. As a result, the impact of fluctuations in commodity prices on the Companys operations is minimal.

17. Credit Rating

The Company has not availed any Credit Rating.

18. Dematerialization of Shares

The Companys scrip forms part of the compulsory dematerialization segment for all investors. To facilitate easy access of the dematerialized system to the investors, the Company has signed up with both the depositories namely National Securities Depository Limited ("NSDL") and the Central Depository Services (India) Limited ("CDSL") - and has established connectivity with the depositories through its Registrar and Transfer Agents, MAS Services Limited.

The breakup of dematerialised shares and shares in certificate form as on March 31, 2026 as under:

Physical	NSDL	CDSL
-	4,07,300	24,15,700

19. Other Disclosures

Disclosures on materially significant related party transaction

The statements containing the transactions with related parties were submitted periodically to the Audit Committee. The details of Related Party Transaction are discussed in detail in Notes to the Financial Statements.

All the contracts/ arrangements/transactions entered by the Company during the financial year with related parties were in its ordinary course of business on an Arms Length Basis.

None of the transactions with any of related parties were in conflict with the Companys interest.

Details of non-compliance(s) by the company

There were no strictures or penalties imposed by either SEBI or the Stock Exchanges or any Statutory Authority for Non-Compliance of any matter related to the Capital Markets

Whistle Blower Policy/Vigil Mechanism

The Board of Directors of the company has adopted Whistle Blower Policy. The management of the Company, through the policy envisages encouraging the employees of the Company to report the higher authorities any unethical, improper, illegal, or questionable acts, deeds & things which the management or any superior may indulge in. This policy has been circulated to the employees of the Company. However, no employee has been denied access to the Audit Committee.

Details of Compliance with mandatory requirements and adoption of the non-mandatory requirements

The Company is exempted from compliance with the mandatory requirements of Corporate Governance under listing Regulations. However, the Company has complied with the corporate governance requirement, particularly in relation to appointment of independent directors including woman director on the Board, constitution of an Audit Committee and Nomination and Remuneration Committee.

Disclosure of Accounting Treatments

The financial statements of the Company have been prepared in accordance with Indian Accounting Standard (IndAS) to comply in all material aspects under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013 ("the 2013 Act")/ Companies Act, 1956 ("the Act 1956"), as applicable. These financial statements have been prepared on an accrual basis and under the historical cost conventions.

20. Name, Designation & Address of Compliance Officer and RTA for Complaints & Correspondence

Mrs. Mahima Khandelwal Company Secretary & Compliance Officer

Veritaas Advertising Limited 38/2A, Gariahat South Road,

Dhakuria, Rash Behan Avenue,

Kolkata - 700 029 Tel: +91 7791036490

Registered / Corporate Office Address for Correspondence

Veritaas Advertising Limited

38/2A, Gariahat South Road,

Dhakuria, Rash Behari Avenue,

Kolkata - 700 029,

Tel:91 33 4044 6683

Email Id: info@veritaasadvertising.com

CIN: L74999WB2018PLC227215

Registrar & Share Transfer Agents

M/s. MAS Services Limited

T-34, 2nd Floor, Okhla Industrial Area,

Phase - II, New Delhi -110020

Tel: 033 2280-6616/6617/6618, Fax: 033 2280-6619

Email: info@masserv.com

URL: www.masserv.com

21. Disclosure with respect to demat suspense account/unclaimed suspoense account

SL No. Particulars	Applicability
1. Aggregate number of Shareholder and the outstanding shares in the suspense account lying in the beginning of the year	Nil
2. Number of Shareholder who approached the Company for transfer of shares from suspense account during the year	Nil
3. Number of Shareholders to whom shares were transferred from suspense account during the year	Nil
4. Aggregate number of shareholders and the oitstanding shares in the suspense account lying at the end of the year	Nil
5. That the voting rights on these shares shall remain frozen till the rightful owner of such shares claims the shares	Nil

22. Transfer of Unpaid / Unclaimed Amounts and Shares to Investor Education and Protection Fund

Your Company did not declared any dividend hence the above provisions is not applicable.

23. Reminder to Investors:

As there is no unpaid / unclaimed dividends, no reminders for such unclaimed shares and unpaid dividends to be sent to shareholders. The Company shall ensure compliance as and when applicable.

For and on behalf of the Board of Directors	Veritaas Advertising Limited
Date: May 13, 2026	Debojyoti Banerjee
Place: Kolkata	(Chairman & Managing Director)
	DIN: 08126557