Vishnusurya Projects and Infra Ltd Management Discussions

1. Economic and Industry Overview

1.1 Macroeconomic Environment

The Indian economy continued to expand at a healthy pace through FY2026, supported by sustained public capital expenditure, resilient domestic consumption and a gradually improving private investment cycle. The Union Budget for 2025-26 had earmarked Rs 11.21 lakh crore towards capital expenditure, reinforcing the Governments continuing emphasis on infrastructure-led growth as the principal engine for Indias long-term ambition of becoming one of the worlds leading economies. This was followed, in February 2026, by the Union Budget for 2026-27, which raised public capital expenditure further to Rs 12.2 lakh crore and announced a dedicated Infrastructure Risk Guarantee Fund intended to de-risk private participation during the construction phase of large projects. The Ministry of Road Transport and Highways and the National Highways Authority of India received some of the largest individual allocations within this envelope, while flagship programmes such as Gati Shakti, the

National Infrastructure Pipeline and production-linked incentive schemes continued to underpin demand for core construction inputs, EPC services and allied infrastructure during the year. Tamil Nadu – the Companys principal market – remained one of the more active states for highway, port, airport, metro rail and urban water infrastructure investment through FY2026.

Source: Union Budget 2025-26, Union Budget 2026-27, Ministry of Finance, Government of India.

1.2 Infrastructure, Mining and Construction Aggregates

The Company operates at the intersection of two structurally growing themes within Indian infrastructure: the production of manufactured sand (M-Sand) and construction aggregates, which form a base input for almost every category of physical infrastructure, and engineering, procurement and construction

(EPC) services, with a particular and growing focus on water supply, desalination, sewerage and allied environmental infrastructure. Independent industry estimates suggest that Indiaplanscumulativeinfrastructureinvestments of approximately Rs 143 lakh crore between FY2024 and FY2030, while the Government has targeted monetisation of mining-sector assets worth approximately Rs 28,727 crore. The domestic sand market is projected to grow at a CAGR of approximately 5.7% between 2024 and 2032 to reach approximately US$908.6 million by 2032. Demand for manufactured sand and aggregates continues to be supported by rising infrastructure spending, urbanisation, housing demand and increasing restrictions on river-sand mining. These factors are expected to strengthen the role of organised and environmentally compliant producers, creating long-term growth opportunities for companies operating in this segment.

Source: National Infrastructure Pipeline (NIP), Ministry of Mines, Government of India, and IMARC Group Industry Report

1.3 Water and Sanitation Infrastructure

Water security and urban sanitation have become a national policy priority, driven by programmes such as the Jal Jeevan Mission, AMRUT 2.0 and the Swachh Bharat Mission (Urban) 2.0, together with state-level water boards – notably TWAD Board and Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB) – accelerating capital programmes for piped water supply, sewerage and seawater desalination, particularly across water-stressed industrial corridors in southern Tamil Nadu such as the SIPCOT industrial estates around Tuticorin. The increasing focus on water security, desalination, wastewater treatment and urban sanitation is creating significant opportunities for EPC companies with specialised execution capabilities in water infrastructure projects. Growing investments by central and state governments, coupled with rising industrial and urban water demand, are expected to drive sustained growth across the water infrastructure value chain over the medium to long term.

Source: Jal Jeevan Mission, AMRUT 2.0, Swachh Bharat Mission (Urban) 2.0, Ministry of Housing and Urban Affairs.

1.4 Waste Management and Biomining

Legacy waste processing, biomining and geosynthetic engineering remain emerging but rapidly growing segments within Indias environmental infrastructure landscape.

The increasing focus on scientific waste management, landfill remediation and sustainable urban development has created significant opportunities for organised players with specialised technical capabilities. Government initiatives under Swachh Bharat Mission and various state-level waste management programmes are expected to support long-term growth in this sector. As municipalities and industrial establishments increasingly adopt scientific waste processing solutions, demand for biomining and environmental remediation services is expected to remain strong over the coming years.

1.5 Water Infrastructure Outlook

Indias water infrastructure sector is witnessing significant urbanisation, industrialisation, water scarcity concerns and the Governments commitment to ensuring universal access to safe drinking water. Programmes such as Jal Jeevan Mission, AMRUT 2.0 and various state-level water infrastructure initiatives continue to create substantial opportunities across water treatment, desalination, transmission pipelines, sewerage and wastewater management. Tamil Nadu remains one of the leading states in adopting desalination and advanced water infrastructure solutions due to growing urban and industrial water demand. Large industrial clusters, including SIPCOT industrial estates, are expected to generate sustained demand for reliable water supply infrastructure over the coming years.

The sector is also witnessing increasing investments in desalination, industrial water supply, wastewater recycling and integrated water management systems, particularly across industrial and urban clusters. Growing water stress in several regions of India, coupled with stricter environmental regulations and rising industrial demand, is expected to drive sustained investment in water infrastructure over the long term. These trends provide significant opportunities for companies with established execution capabilities and domain expertise in water-related EPC projects.

Given its growing expertise, strategic partnerships and participation in marquee water infrastructure projects, Vishnusurya is well positioned to capitalise on the long-term opportunities emerging in this sector.

Source: Ministry of Jal Shakti, AMRUT 2.0, Government of India and industry reports on water infrastructure and desalination.

2. About the Company

Vishnusurya Projects and Infra Limited (NSE:

VISHNUINFR), headquartered in Chennai, Tamil Nadu, is a diversified infrastructure company with more than 28 years of project execution experience. The Companys operations are organised around three principal business segments: (i) production of M-Sand and construction aggregates from owned quarrying and crushing facilities at Aruppukottai (Virudhunagar district), Vandavasi (Tiruvannamalai district) and Hosur (Krishnagiri district); (ii) engineering, procurement and construction (EPC) services spanning water infrastructure, marine and maritime works, roads and bridges, rail infrastructure and housing; and (iii) waste management, comprising legacy and wet waste processing and biomining.

3. Key Highlights of FY2026

(Rs in Crore)

Key Highlights	FY2026
Revenue from Operations	Rs 352
EBITDA	Rs 56
Profit AfterTax	Rs 36
New Orders Secured	Rs 296.45
Order Book (March 31, 2026)	Rs 455.64
Net Debt / Equity	0.19x
Preferential allotment of 13,15,867 Equity Shares of the face value of Rs 10/- each at an issue price of Rs 174.18 per share	Rs 22.9197
Preferential allotment of 7,31,998 Convertible Warrants at an issue price of Rs 174.18 per warrant – 25% of the issue price paid upfront by the warrant holders	Rs 3.1874
Total Funds Raised through Preferential Issue	Rs 26.1071

FY2026 was a transformational year for Vishnusurya

Projects and Infra Limited as the Company strengthened its position across infrastructure construction, mining, water infrastructure and waste management. The Company reported revenue from operations of Rs 352 crore, representing a growth of 30% increased by 17% to overFY2025, while profit Rs 36 crore. During the year, the Company secured new orders aggregating Rs 296.45 crore and ended FY2026 with a consolidated order book of Rs 455.64 crore, providing healthy revenue visibility.

A key milestone during the year was the Companys growing presence in the water infrastructure segment through participation in marquee projects, including the 60 MLD seawater desalination plant at Tuticorin and the Hybrid Annuity Model water supply project awarded by Chennai Metropolitan Water Supply and Sewerage Board. These projects significantly strengthened the Companys position in a sector that is expected to witness substantial investment over the coming years.

The Company also expanded into the waste management and biomining segment, creating an additional avenue for future growth while supporting environmental sustainability. Further, the successful domain experience, enabling completion of a preferential issue aggregating Rs 35.66 crore strengthened the balance sheet and supported the Companys expansion plans. As a result of disciplined financial management, the Companys net debt-to-equity ratio improved to 0.19x as at March 31, 2026.

4. Competitive Strengths

Diversified Infrastructure Platform

The Company operates across multiple infrastructure segments, including M-Sand and construction aggregates, EPC construction, water infrastructure and waste management. This diversified business model enables the Company to participate in multiple growth opportunities while reducing dependence on any single business segment or end market.

• Strong Positioning in Water Infrastructure

Water infrastructure has emerged as the Companys primary growth vertical, supported by participation in large-scale desalination, water transmission and Hybrid Annuity Model (HAM) projects. Strategic partnerships with reputed domestic and international players have strengthened the Companys credentials and enhanced its ability to participate in larger and more complex infrastructure opportunities.

• Established Mining and Aggregates Operations

The Company operates quarrying and crushing facilities across multiple locations in Tamil Nadu with significant installed production capacity for construction aggregates and M-Sand. The strategic location of these facilities near key infrastructure and urban development corridors provides operational efficiencies and supports long-term demand visibility.

• Asset-Backed Business Model

Unlike many EPC contractors that operate with limited asset ownership, the Company possesses a substantial base of mining assets, crushing plants and construction equipment. This asset-backed business model supports operational control, execution capabilities and long-term value creation while providing greater flexibility in project execution.

• Experienced Management and Execution Track Record

With more than 28 years of operating history, the Company has developed expertise across mining, infrastructure construction, marine works, water infrastructure and environmental engineering. Its management team and technical personnel possess significant project execution across diverse infrastructure segments.

• Prudent Capital Structure

The Company follows a disciplined approach towards capital allocation and financial management. The successful completion of the preferential issue during FY2026 and improvement in net debt-to-equity ratio to 0.19x demonstrate managements focus on maintaining a healthy balance sheet while supporting future growth initiatives.

5. Business Segment Review

Business Segment	Key Activities
Mining & Aggregates	M-Sand and construction aggregates
EPC Infrastructure	Water, roads, rail, marine and housing projects
Waste Management	Biomining and waste processing

5.1 Production of M-Sand and Construction Aggregates

The Company operates three quarrying and crushing facilities with combined installed crusher-plant capacity of approximately 37 lakh MT per annum and M-Sand plant capacity of approximately 6.5 lakh MT per annum across the Aruppukottai, Vandavasi and 3.6 lakh MT per annum at the new Hosur unit. During FY2026, the Company produced approximately 17.31 lakh MT of construction aggregates (blue metal) and approximately 3.45 lakh MT of M-Sand across its facilities.

This segment continues to benefit from the

Companys strategic siting close to national highway corridors and major ready-mix-concrete consumption centres in Tamil Nadu, which provides a structural transportation-cost advantage over more distant suppliers and underpins a relatively high EBITDA margin profile within the segment. The Company also continues to evaluate capacity addition near Tuticorin to align with the broader Rs 35,000 crore Tuticorin Port expansion project by the Central Government. The Companys mining and aggregates business continues to benefit from increasing infrastructure activity, urbanisation and growing adoption of M-Sand as a sustainable alternative to river sand. The strategic location of its quarrying assets enables efficient servicing of key construction markets across

Tamil Nadu and neighbouring regions, supporting operational efficiencies and margin resilience.

5.2 EPC – Infrastructure Construction

The EPC segment remained the Companys largest contributor to revenue and order book during FY2026. The Company focuses on executing infrastructure projects across water supply, roads and bridges, rail infrastructure, marine works and housing. Over the years, the Company has developed strong project execution capabilities and established relationships with public sector authorities, infrastructure developers and reputed industry partners.

During FY2026, the Company continued to strengthen its presence in the water infrastructure segment through strategic collaborations with established domestic and international partners. The Companys focus remains on projects backed by government bodies and institutional clients, which provide greater execution visibility and a predictable collections cycle. Going forward, management intends to increase its participation in water and environmental infrastructure projects while maintaining a selective approach towards opportunities across other infrastructure segments.

5.3 Water Infrastructure – Key Project Developments in FY2026

Water infrastructure emerged as one of the growth vertical during FY2026. Driven by increasing investments in desalination, industrial water supply, transmission pipelines and urban water infrastructure, the Company secured several significant projects that strengthened its position in the sector. These projects are expected to provide long-term revenue visibility and enhance the Companys credentials in executing large-scale water infrastructure projects.

The single largest project secured by the Company to date is the 60 MLD seawater desalination plant at Mullakadu, Tuticorin, awarded by SIPCOT (State Industries Promotion Corporation of Tamil Nadu

Limited) to a consortium comprising the Company (10% stake), JWIL Infra and IDE Technologies. The total project value is Rs 2,217 crore, of which the Companys share is approximately Rs 220 crore.

During FY2026, the Company also secured: (i) a

Rs 103.07 crore turnkey contract from JWIL Infra Limited for the supply, erection and commissioning of high-capacity MS pipelines for Chennai Metropolitan

Water Boards 400 MLD desalination plant at Perur,

ECR, and (ii) in February 2026, a Rs 344.64 crore water supply project for CMWSSB, in which the Company holds a 10% consortium stake. To facilitate execution of the latter, the Board of Directors, at its meeting held on February 23, 2026, approved an investment of up to Rs 5 crore in a dedicated special purpose vehicle and the incorporation of an associated wholly-owned subsidiary.

5.4 Waste Management and Biomining

The Company formally entered the waste management and biomining segment during FY2026, securing a

Rs 23.6 crore order from Gorantla Geosynthetics Ltd for construction of a Benzol Storage Facility including the Benzol Recovery Plant (BRP-2), Coke Oven and By-Product Plant at SAILs Bokaro Steel Plant, the Companys first project in industrial and environmental engineering outside Tamil Nadu. The Company continues to evaluate opportunities in legacy-waste remediation and biomining projects across various states.

The Companys entry into waste management and biomining represents a strategic expansion into an emerging infrastructure segment aligned with increasing environmental sustainability requirements. Management believes this business offers growing significant government focus on scientific waste processing, landfill remediation and circular economy initiatives.

6. Order Book and Business Development

The Companys consolidated order book stood at Rs 455.64 crore as at March 31, 2026, compared with Rs 526.83 crore as at September 30, 2025. The moderation in the overall order book was primarily attributable to execution and billing on existing projects outpacing fresh order accretion during the second half of FY2026. Notwithstanding the decline in the overall order book, its composition shifted significantly towards water infrastructure, reflecting the Companys strategic focus on the sector and participation in marquee projects secured during the year. Water infrastructure projects accounted for approximately 89% of the order book as at March 31, 2026, compared with 60% as at September 30, 2025. The Company secured new orders aggregating Rs 296.45 crore during FY2026 and has cumulatively executed EPC projects worth more than Rs 390 crore since inception.

Order Book – Key and order inflow expectations for Metrics	Sept 30, 2025	Mar 31, 2026
Total Order Book (Rs crore)	526.83	455.64
Water Infrastructure Share (%)	60%	89%
New Orders Secured (Rs crore)	278.00 (H1 FY2026)	296.45 (FY2026)
Cumulative EPC Projects Executed Since Inception (Rs crore)	390+	390+

Order Book Composition – FY2026

The increasing share of water infrastructure within the order book demonstrates the Companys successful transition towards higher-value and long-duration infrastructure opportunities. The order book provides healthy revenue visibility and is supported by projects backed by government agencies and reputed infrastructure partners. The Companys growing presence in water infrastructure is expected to support sustainable growth, strengthen execution capabilities and enhance long-term revenue visibility.

7. Financial Performance

7.1 Financial and Operational Performance

Revenue from operations increased by 30% year-on-year to Rs 352 crore in FY2026 from Rs 271 crore in FY2025, driven by higher EPC billing in water infrastructure projects and continued growth in the M-Sand and construction aggregates business. EBITDA increased by 12% to Rs 56 crore, while profit after tax rose by 17% to Rs 36 crore. EBITDA margin moderated to 15.8% from 18.5% in FY2025, primarily due to changes in project mix and temporary operational challenges experienced during the latter part of the year, including labour availability constraints, adverse weather conditions and higher input costs.

During FY2026, management had outlined revenue, the profitability year. The Company achieved approximately 94% of its revenue objective,whileEBITDAandprofitafter tax achieved approximately 78% and 80%, respectively, of the indicated levels. New order inflow ofRs 296.45 crore represented approximately 85% of the Companys indicated order inflow expectation for the year. Capital expenditure during H1 FY2026 alone amounted to approximately Rs 8.5 crore, exceeding the full-year capital expenditure range of Rs 6–7 crore communicated earlier. The Company has not separately disclosed full-year FY2026 capital expenditure.

Particulars	FY2026	FY2025	YoY
(Rs crore)
Revenue from Operations	352	271	+30%
EBITDA	56	50	+12%
EBITDA Margin	15.8%	18.5%	(270) bps
Profit AfterTax	36	30	+17%
PAT Margin	10.2%	11.1%	(90) bps
Basic EPS (Rs )	14.33	12.31	+16%
Net Debt / Equity	0.19x	0.28x	Improved

7.2 Working Capital Management

Infrastructure and EPC businesses are inherently working capital intensive due to project execution cycles, milestone-based billing mechanisms and certification processes. The Company remains focused on maintaining disciplined working capital management through efficient project monitoring, timely billing, proactive collection efforts and prudent cash flow planning.

Management continues to prioritize projects involving reputed government agencies, public sector entities and established infrastructure partners, which helps improve receivable quality and payment visibility. The Companys growing participation in water infrastructure projects through strategic consortium arrangements is also expected to support better execution efficiency and working capital management over the medium term.

7.3 Dividend and Capital Structure

The Board of Directors has recommended a final dividend of Rs 1 per equity share of Rs 10 each for the financial year 2025-26, subject to the approval of the shareholders at the ensuing Annual General Meeting,

A withtherecorddateasspecifiedinthe

With regard to the capital structure, the Company completed a preferential allotment on January 31, 2026, comprising 13,15,867 equity shares of the face value of Rs 10 each at an issue price of Rs 174.18 per share and 7,31,998 convertible warrants at an issue price of Rs 174.18 per warrant, on a preferential basis. The warrant holders paid 25% of the issue price upfront, aggregating to Rs 3,18,74,852.91. The total amount raised through the preferential issue, including the equity shares and the upfront amount received against the warrants, aggregated to Rs 26.1071 crore. The proceeds are intended to support the Companys growth initiatives, capital expenditure requirements and strengthening of its balance sheet.

The Companys net debt stood at Rs 45 crore as at March 31, 2026, while the net debt-to-equity ratio improved to 0.19x from approximately 0.28x as at the end of FY2025. This improvement reflects the combined impact of retained earnings and the equity infusion arising from the preferential issue.

8. Human Resources and Industrial Relations

The Companys operations remain people- and equipment-intensive, supported by a fleet heavy equipment exceeding 80 units, including hydraulic excavators, crushing and screening machinery, CDE plants, tippers, drilling rigs and ancillary equipment deployed across its quarrying and EPC project sites. As the Company continues to expand its operations across water infrastructure, mining, waste management and annuity-based projects, it remains focused on strengthening its human capital and organizational capabilities.

The Company recognizes that its employees are fundamental to its long-term success and competitive advantage. During FY2026, Vishnusurya continued to invest in strengthening its talent pool across engineering, project execution, mining operations, finance and business development functions. The

Company remains focused on attracting, developing and retaining skilled professionals capable of supporting its growing operations across multiple infrastructure verticals. To support future growth, the Company has also strengthened its leadership team through the induction of experienced professionals and domain experts across mining, EPC, marine works, water infrastructure and waste management businesses.

The Company places significant emphasis on workplace safety, employee welfare, technical training and capability enhancement. Continuous learning initiatives, operational training programmes and leadership development efforts are undertaken to improve productivity, enhance technical competencies and strengthen organizational effectiveness.

The Company remains committed to fostering a culture of collaboration, accountability, integrity and performance excellence.

Industrial relations across the Companys quarrying and project sites remained cordial and stable throughout FY2026. The Company continues to maintain a positive work environment built on mutual trust, employee engagement and adherence to high standards of safety and operational discipline.

9. Internal Control Systems and their Adequacy

The Company has in place internal control systems commensurate with the size, scale and complexity of its operations, covering financial reporting, project execution and billing, procurement, treasury and statutory compliance, supported by an in-house engineering and accounts function together with statutory and internal audit oversight. The Audit Committee and Board periodically review the adequacy and effectiveness of internal controls, compliance systems and utilisation of funds raised by the Company.

10. Risks and Concerns

The Companys business is subject to a number of risks and uncertainties, including, but not limited to:

Geographic Concentration: A significant of the Companys operations, mining assets and project execution activities are concentrated in Tamil Nadu. Consequently, changes in regional economic conditions, regulatory policies, weather patterns or infrastructure spending priorities may impact business performance.

• Project Execution through Consortium Arrangements: Certain large infrastructure projects are executed through consortium arrangements with established domestic and international partners. While such arrangements provide access to larger opportunities and technical expertise, project outcomes remain dependent on effective coordination and execution by all participating entities. may Margin Sensitivity: The Companys profitability be influenced by changes in project mix, input costs, labour availability, weather conditions and other operational factors that can affect project execution timelines and costs.

• Working Capital Requirements: Infrastructure and EPC projects typically involve milestone-based billing, security deposits and extended execution cycles, resulting in working capital requirements that need to be effectively managed to support growth and project execution.

• Regulatory and Environmental Compliance: The Companys mining and quarrying operations remain subject to state mining, pollution-control and land-use approvals, any adverse change to which could affect production volumes or costs.

• Interest Rate Risk: Although the Companys net debt/ equity ratio remains modest at 0.19x as at March 31, 2026, the Company continues to carry working-capital and term borrowings that are sensitive to interest rate movements.

11. Strategic Priorities

The Company remains focused on building a diversified and sustainable infrastructure platform while maintaining disciplined capital allocation, operational excellence and long-term value creation. The key strategic priorities for the coming years include:

• Strengthening Water Infrastructure Portfolio: The Company intends to further expand its participation in water supply, desalination, wastewater treatment and Hybrid Annuity Model (HAM) projects through a combination of independent bids and strategic consortium partnerships. Management believes the water infrastructure segment offers significant long-term growth opportunities supported by increasing public and private sector investments.

• Scaling Mining and M-Sand Operations: The Company plans to enhance production capacities, improve operational efficiencies and evaluate expansion opportunities in high-growth infrastructure markets.

The objective is to capitalize on increasing demand for construction aggregates and M-Sand arising from infrastructure development and urbanization.

• Expanding Waste Management Business: The Company aims to strengthen its capabilities in biomining, legacy waste remediation and environmental engineering services. This segment is expected to complement the Companys existing infrastructure portfolio while creating opportunities in the growing environmental sustainability sector.

• Enhancing Financial Strength: The Company remains committed to maintaining a prudent capital structure, improving working capital efficiency and strengthening cash flows. Management will continue to focus on disciplined financial management to support growth while preserving balance sheet strength.

• Pursuing Selective Growth Opportunities: The Company will continue to evaluate opportunities across infrastructure segments that align with its execution capabilities, risk management framework and long-term strategic objectives. The focus will remain on opportunities that enhance profitability, improve revenue visibility and create sustainable value for stakeholders.

• Operational Excellence and Project Execution: The Company will continue to focus on timely project execution, cost optimization, technology adoption and strengthening project management capabilities to improve operational efficiency and enhance customer satisfaction.

11. Sustainability and Environmental Responsibility

Sustainability remains an integral part of the Companys business philosophy and operational approach. Through its mining operations, the Company promotes the use of manufactured sand (M-Sand), which serves as an environmentally sustainable alternative to river sand and supports responsible resource utilization.

The Companys entry into waste management and biomining reflects its commitment towards environmental restoration, circular economy principles and sustainable urban development. By participating in waste remediation and environmental engineering projects, the Company seeks to contribute to cleaner communities, responsible waste management practices and improved environmental outcomes.

The Company remains committed to complying with applicable environmental regulations, adopting responsible mining practices, promoting workplace safety and creating long-term value for all stakeholders while minimizing its environmental footprint.

13. Outlook and Way Forward

The Company enters FY2027 with a consolidated order book of Rs 455.64 crore, of which approximately 89% relates to water infrastructure, providing reasonable medium-term revenue visibility. The Union Budget 2026-27, which increased public capital expenditure to Rs 12.2 lakh crore and introduced the Infrastructure Risk Guarantee Fund, together with continuing investments in water, transportation and urban infrastructure, is expected to remain supportive of demand across the Companys key business segments.

Key priorities for FY2027 and beyond include the execution of the SIPCOT seawater desalination project, the JWIL pipeline contract and the CMWSSB

Hybrid Annuity Model project through their respective construction phases. The Company also intends to continue strengthening its M-Sand and construction aggregates business, including evaluating opportunities for additional capacity expansion near Tuticorin, while further developing its waste management and biomining business.

With a strengthened balance sheet, growing participation in water infrastructure, an expanding waste management portfolio and an established mining business, the Company is well positioned to capitalize on emerging opportunities across Indias infrastructure sector. Management remains focused on disciplined execution, prudent capital allocation and sustainable value creation for all stakeholders.

14. Cautionary Statement

Statements in this Management Discussion and Analysis describing 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 economic conditions affecting demand and supply, government regulations, tax laws, monsoon and other weather conditions, availability and cost of raw materials, labour and finance, and other incidental factors. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements on the basis of any subsequent developments, information or events. This MD&A should be read in conjunction with the audited financial statements, notes and other disclosures forming part of this Annual Report.

For and on behalf of Board of Directors of

Vishnusurya Projects and Infra Limited

CIN: L63090TN1996PLC035491

Sanal Kumar V

Whole-time Director & CEO

DIN:07546821

Date: August 31,2026

Place: Chennai

A C Thangam

Whole-time Director

DIN: 06958029