M.V.K. Agro Food Product Ltd Management Discussions

FY 2025 represents the fiscal year 2024-25, from 1 April 2024 to 31 March 2025, and analogously for FY 2024 and previously such labelled years.

GLOBAL ECONOMY

The global economy is holding steady, although the degree of grip varies widely across countries. Global GDP growth in the third quarter of 2024 was 0.1 percentage point below that predicted in the October 2024 WEO, after disappointing data releases in some Asian and European economies. Growth in China, at 4.7 percent in year-over-year terms, was below expectations. Faster-than-expected net export growth only partly offset a faster-than-expected slowdown in consumption amid delayed stabilization in the property market and persistently low consumer confidence. Growth in India also slowed more than expected, led by a sharper-than-expected deceleration in industrial activity. Growth continued to be subdued in the euro area (with Germanys performance lagging that of other euro area countries), largely reflecting continued weakness in manufacturing and goods exports even as consumption picked up in line with the recovery in real incomes. In Japan, output contracted mildly owing to temporary supply disruptions. By contrast, momentum in the United States remained robust, with the economy expanding at a rate of 2.7 percent in year-over-year terms in the third quarter, powered by strong consumption.

Where inflation is proving more sticky, central banks are moving more cautiously in the easing cycle while keeping a close eye on activity and labor market indicators as well as exchange rate movements. A few central banks are raising rates, marking a point of divergence in monetary policy.

Global financial conditions remain largely accommodative, again with some differentiation across jurisdictions (see box below) Equities in advanced economies have rallied on expectations of more business friendly policies in the United States. In emerging market and developing economies, equity valuations have been more subdued, and a broad-based strengthening of the US dollar, driven primarily by expectations of new tariffs and higher interest rates in the United States, has kept financial conditions tighter.

Economic policy uncertainty has increased sharply, especially on the trade and fiscal fronts, with some differentiation across countries (see box below). Expectations of policy shifts under newly elected governments in 2024 have shaped financial market pricing in recent months. Bouts of political instability in some Asian and European countries have rattled markets and injected additional uncertainty regarding stalled progress on fiscal and structural policies. Geopolitical tensions, including those in the Middle East, and global trade frictions remain elevated.

THE OUTLOOK

Energy commodity prices are expected to decline by 2.6 percent in 2025, more than assumed in October. This reflects a decline in oil prices driven by weak Chinese demand and strong supply from countries outside of OPEC+ (Organization of the Petroleum Exporting Countries plus selected non-member countries, including Russia), partly offset by increases in gas prices as a result of colder-than-expected weather and supply disruptions, including the ongoing conflict in the Middle East and outages in gas fields. Nonfuel commodity prices are expected to increase by 2.5 percent in 2025, on account of upward revisions to food and beverage prices relative to the October 2024 WEO, driven by bad weather affecting large producers. Monetary policy rates of major central banks are expected to continue to decline, though at different paces, reflecting variations in growth and inflation outlooks. The fiscal policy stance is expected to tighten during 2025–26 in advanced economies including the United States and, to a lesser extent, in emerging market and developing economies.

Global growth is expected to remain stable, albeit lackluster. At 3.3 percent in both 2025 and 2026, the forecasts for growth are below the historical (2000–19) average of 3.7 percent and broadly unchanged from October. The overall picture, however, hides divergent paths across economies and a precarious global growth profile (see the box below). Among advanced economies, growth forecast revisions go in different directions. In the United States, underlying demand remains robust, reflecting strong wealth effects, a less restrictive monetary policy stance, and supportive financial conditions. Growth is projected to be at 2.7 percent in 2025. This is 0.5 percentage point higher than the October forecast, in part reflecting carryover from 2024 as well as robust labor markets and accelerating investment, among other signs of strength. Growth is expected to taper to potential in 2026.

In the euro area, growth is expected to pick up but at a more gradual pace than anticipated in October, with geopolitical tensions continuing to weigh on sentiment. Weaker-than-expected momentum at the end of 2024, especially in manufacturing, and heightened political and policy uncertainty explain a downward revision of 0.2 percentage point to 1.0 percent in 2025. In 2026, growth is set to rise to 1.4 percent, helped by stronger domestic demand, as financial conditions loosen, confidence improves, and uncertainty recedes somewhat.

In other advanced economies, two offsetting forces keep growth forecasts relatively stable. On the one hand, recovering real incomes are expected to support the cyclical recovery in consumption. On the other hand, trade headwinds—including the sharp uptick in trade policy uncertainty— are expected to keep investment subdued.

Source: World Economic Outlook, Update Growth: Divergent and Uncertain, International Monetary Fund

OVERVIEW OF THE INDIAN ECONOMY

India is poised to lead the global economy once again, with the International Monetary Fund (IMF) projecting it to remain the fastest growing major economy over the next two years. According to the April 2025 edition of the IMFs World Economic Outlook, Indias economy is expected to grow by 6.2 per cent in 2025 and 6.3 per cent in 2026, maintaining a solid lead over global and regional peers.

The April 2025 edition of the WEO shows a downward revision in the 2025 forecast compared to the January 2025 update, reflecting the impact of heightened global trade tensions and growing uncertainty Despite this slight moderation, the overall outlook remains strong. This consistency signals not only the strength of Indias macroeconomic fundamentals but also its capacity to sustain momentum in a complex international environment. As the IMF reaffirms Indias economic resilience, the countrys role as a key driver of global growth continues to gain prominence.

(Source: India: Fastest-Growing Major Economy, Ministry of Finance, Posted On: 23 APR 2025 4:40PM by PIB Delhi)

The recent GDP growth figures of 5.4% year over year1 for the second quarter of fiscal year 2024 to 2025 probably caught markets off guard (it was significantly below the Reserve Bank of Indias projection of 6.8%). Slower growth in the first half of the fiscal (6%) led the RBI to bring down the annual projection to 6.6% (down from an earlier projection of 7%). However, its essential not to let the headline numbers overshadow the nuanced story beneath: GDP is just one lens to evaluate economic health, and this quarter reveals resilience in certain pockets that are worth noting.

Rural consumption has remained robust, supported by strong agricultural performance, while the services sector continues to be a key driver of growth. Manufacturing exports, particularly in high-value-added components (such as electronics, semiconductors, and pharmaceuticals), have displayed strength, underscoring Indias growing role in global value chains. We believe the slow growth in the secondary sector3 is temporary (due to disruptions caused by monsoons).

Deloitte has revised its annual GDP growth projection for India to between 6.5% and 6.8% in this fiscal year, and between 6.7% and 7.3% in the following one. A tempered global growth outlook and a delayed synchronized recovery in the industrial economies amid changing trade and policy regulations—compared to what was previously expected—will likely weigh on Indias exports and outlook for the next fiscal year. India will have to adapt to the evolving global landscape and harness its domestic strengths to drive sustainable growth.

Decoding the slowdown in the second quarter

On the expenditure side, the slowdown in investments and exports were key factors weighing on the economy. Gross fixed capital formation (GFCF), a key driver of economic growth, slowed down to 5.4%. This was partly due to slower government capex utilization, which was at 37.3% in the first half of this year, lower than last years 49%.

Geopolitical uncertainties and disruptions in global supply chains, particularly in the Red Sea region, continued to weigh on exports. Petroleum product exports experienced a consistent decline across all three months of the quarter, averaging an approximate 30% contraction. As a result, total export growth slowed to 2.8%. At the same time, imports were higher due to a rise in oil and gold imports.

On the production side, gross value added grew by 5.6% in the second quarter, down from 6.8% in the previous one, primarily due to poor performance in the secondary sector. The slowdown in the industrial sector was somewhat expected as the index of industrial production showed signs of slowing across multiple sectors, particularly in mining and electricity. Mining contracted by 0.1%, while electricity and other utilities grew by just 3.3% (a sharp decline from the previous quarters 10.4%). The construction sector grew 7.7%—its lowest since the last quarter of fiscal 2021 to 2022. Growth in manufacturing was modest, at 2.2% (down from 7%).

We believe these sectoral declines are temporary due to monsoon-driven disruptions (8% above-normal rainfall)4 and restrictive spending during elections. What is concerning is we also suspect the possibility of higher dumping from neighboring countries. Imports of goods such as plastics, organic chemicals, iron and steel products, machinery, and electronic components have seen a sharp jump in recent months and pose a significant threat in the months ahead amid restrictive trade regulations in industrialized nations.

Amid this growth slowdown, there were a few emerging trends that pointed to inert resilience.

• Robust rural consumption: Agricultural growth hit a five-quarter high of 3.5%, aided by a strong monsoon season. Indicators like rising sales of fast-moving consumer goods and declining numbers of jobs demanded through the Mahatma Gandhi National Rural Employment Guarantee Act (more commonly, MGNREGA) confirm strength in rural demand. With healthy kharif5 harvests and improved rabi sowing, rural consumption is expected to remain strong, further boosted by festive season spending.6

• Strong services sector growth: Services grew by 7.2%, driven by public administration and defense (9.1%) and finance, insurance, and real estate (7.2%). Services exports surged 21.3%. Between April and October 2024, total services exports stood at US$216 billion, compared to US$192 billion in 2023. This growth is crucial given the sectors significant contribution to Indias GDP and employment, specifically for the urban middle-income population.

• High-value manufacturing exports: Exports of electronics, engineering goods, and chemicals have grown significantly, now comprising 31% of total merchandise exports. Given that micro, small, and medium enterprises are significant contributors to manufacturing supply chains and exports, rising performance of these enterprises points to healthy growth in this export segment.

• Controlled fiscal deficit: The fiscal deficit stood at 4.4% of GDP in the second quarter of this fiscal year, accounting for 29.4% of the budget estimate, and standing 10% lower than last year. This gives government some room to ramp up spending to boost demand. With lower capital expenditure in the first half of this fiscal year, the government is poised to ramp up spending in the coming half, supporting demand and crowding in private investments. A significant uptick in government spending is expected in the second half of this fiscal year to meet budgetary targets, which may provide additional support to the economy and boost investment by crowding in private investments.

Indias near-term outlook

We now expect India to grow between 6.5% and 6.8% in fiscal year 2024 to 2025, in our baseline scenario. Although admittedly lower than previously estimated, because of a slower first half of the year, we expect strong domestic demand in the second half, driven by a significant uptick in government spending).

This will be followed by growth between 6.7% and 7.3% in fiscal year 2025 to 2026, with significant downside risks (hence a wider range; figure 1). Indias growth projections in the subsequent year will likely be tied to broader global trends, including rising geopolitical uncertainties and a delayed synchronous recovery in the West than anticipated. Disruptions to global trade and supply chain due to intensifying geopolitical uncertainties will also affect demand for exports.

(Source: https://www2.deloitte.com/us/en/insights/economy/asia-pacific/india-economic-outlook.html)

INDIAS GROWTH IN GLOBAL CONTEXT

India is projected to remain the fastest-growing large economy for 2025 and 2026, reaffirming its dominance in the global economic landscape. The countrys economy is expected to expand by 6.2 per cent in 2025 and 6.3 per cent in 2026, outpacing many of its global counterparts. In contrast, the IMF projects global economic growth to be much lower, at 2.8 per cent in 2025 and 3.0 per cent in 2026, highlighting Indias exceptional outperformance.

The IMF has also revised its growth estimates for other major global economies. Chinas GDP growth forecast for 2025 has been downgraded to 4.0 per cent, down from 4.6 per cent in the January 2025 edition of the World Economic Outlook. Similarly, the United States is expected to see a slowdown, with its growth revised downward by 90 basis points to 1.8 per cent. Despite these revisions, Indias robust growth trajectory continues to set it apart on the global stage.

(Source: India: Fastest-Growing Major Economy, Ministry of Finance, Posted On: 23 APR 2025 4:40PM by PIB Delhi)

Industry Overview

Sugar is one of the most important sectors for the national economy. Consumption has been on a growth curve historically, whereas production has been more of a cycle. Today, the sugar industry is controlled at all points of the value chain. India is the worlds second largest producer after Brazil and also the worlds largest consumer. In 2022/23, India constitutes around 15.5% of the global consumption. It is the worlds largest consuming country and its consumption total has gone up by 10% since 2018/19. The global industrial sugar market size was at USD 39.59 billion in 2023 and is expected to reach USD 40.63 billion in 2024 and USD 50.76 billion by 2032 with a CAGR of 3.23% over the forecast period. However, it has been seen as a heritage industry, where new innovation has largely gone by unnoticed and agricultural practices such as the harvesting of green cane manually and doing field work by bullocks are still in place. But even on such low-tech foundations, government and industry have come together in recent years to add on top of them a successful ethanol fuel blending programme and a record sugar export total.

Net sugar consumption in the country might reach an unprecedented 30 million tonnes in the next 2024-25 season (October to September) on the back of a steady 2.2 per cent year-on-year growth. Net sugar consumption means consumption minus what goes for ethanol diversion. The food ministry estimates a sugar production of 33 million tonnes (MT) for the 2024-25 sugar season (Oct-Sept), which will be enough for domestic consumption of 29 MT annually and 4.5 MT for ethanol production.

Sugar usage in India is growing 2.2 per cent, year in and year out. It is much stronger than the world average, close to 1 per cent. The contribution of the sugar industry towards the rural economy is in addition to major socio-economic importance for the country as well. The Sugar industry is a green one and nearly self-sustained in its energy requirements owing to bagasse being exploited towards generating electricity and steam in significant measure.

Prior to this diversification very few by-products were produced out of cane apart from sugar. Several states such as Maharashtra, Karnataka, and Andhra Pradesh, have been encouraged to take extra energy through cogeneration so as to reduce this sizeable amount of energy deficit presently facing India. The sugar industry is a major source of raw materials for the alcohol industry. The industry merits typically contribute over INR 2800 crores annually, including the taxes collected by the government.

MARKET SIZE

India branded sugar market size was estimated at USD 787 million in 2022. During the forecast period between 2023 and 2029, India branded sugar market size is projected to grow at a CAGR of 9.5% reaching a value of USD 1,472.12 million by 2029. The major factor driving the branded sugar market growth is increasing consumer knowledge of the advantages of branded sugar among the nations urban and rural populations. Also, the countrys branded sugar market is expected to increase as a result of the rising presence of industry participants on e-commerce platforms. Rapid urbanization, increasing disposable income, and rising product innovations are projected to boost the growth India branded sugar market.

FROM FIELDS TO FUEL: THE INDIAN SUGAR INDUSTRYS ROLE IN ADVANCING ETHANOL BLENDING

The Indian sugar industry is undergoing a transformation as it embraces ethanol production, positioning itself as a key player in the nations renewable energy landscape. With the governments push for sustainable fuel alternatives, the blending of ethanol with petrol is gaining momentum, promising to reduce dependence on fossil fuels and enhance energy security. This initiative aims to support the agricultural sector by providing sugarcane farmers with a stable income and addresses environmental concerns by lowering greenhouse gas emissions. As India strives for energy independence, the sugar industry stands at the forefront of this crucial transition.

Ethanol: A sustainable alternative

Indias energy demand is rapidly increasing due to economic growth, a rising population, urbanisation, evolving lifestyles, and higher disposable incomes. Currently, about 98% of fuel for road transportation comes from fossil fuels, while only 2% is from biofuels. The country imports around 85% of its oil needs, with petroleum imports reaching 185 million tons at a cost of US$ 551 billion in 2020-21, primarily for transportation.

Domestic biofuels, specifically ethanol, is a strategic opportunity to reduce dependence on imported fossil fuels. Ethanol, being produced through the fermentation of sugar, is a versatile alternative source of energy with various industrial and medical applications. Brazil is the market leader in the western hemisphere and India is the market leader in the eastern hemisphere for the sugar market. Being the third largest global ethanol-producing country after USA and Brazil, India is focused towards achieving green energy transition. The ability of this policy to address domestic sugar surpluses while reducing imports of fossil fuels is one that will help achieve Indias COP 26 target. It is remarkable that Indias ethanol blending percentage has grown from 5% in 2019-20 to 12% in 2022-23, while production has gone up from 173 crore litres to over 500 crore litres in the same period. The implementation of the E20 program that aims for a 20% blend of ethanol with petrol by 2025 could save India around US$ 4 billion annually, while reducing pollution and maintaining efficiency comparable to petrol. With abundant arable land, increasing food grain, and sugarcane production, India can become a prime target in this regard. The government itself is supporting this transformation process through incentives and regulatory frameworks as it promotes energy security and a clean environment.

The ethanol demand in India

Demand for ethanol as fuel in India is driven by blending mandates, wide availability of ethanol-blended fuel, and the suitability of the vehicle for such fuels. India has a large population of vehicles; there are approximately 220 million two and three-wheelers and 36 million four-wheelers. Two- and three-wheelers account for 74% of this total, consuming two-thirds of gasoline by volume, while four-wheelers make up 12% and consume the remaining one-third. The growth rate for vehicle registrations in these segments is projected at 8-10% annually. With the current gasoline consumption of 698 crore litres in FY24 and the assumed blending targets, the likely demand for ethanol would grow to 1,016 crore litres by the end of the ethanol supply year FY26. This, therefore, puts emphasis on ethanol in Indias fuel strategy and its potential role in enhancing energy security and curbing emissions.

Ethanol blending benefits

? Impact on environment : Ethanol blending has cut carbon emissions substantially, resulting in a reduction of around 5.44 million metric tons of CO2, in support of Indias climate goals and commitments to sustainable development. As a cleaner-burning fuel, ethanol improves air quality and lowers health risks from pollution. In India, vehicular emissions of Carbon Monoxide (CO), Hydrocarbons (HC), and Oxides of Nitrogen (NOx) are regulated, and ethanol-blended gasoline has been found to cut these emissions. For example, two-wheelers will have Carbon Monoxide emission decreased by 50% and four-wheelers by 30%, and Hydrocarbon will be down by 20% than regular gasoline. Unregulated carbonyl emissions such as acetaldehyde is higher with ethanol blends but minor as compared to regulated emissions. In total, blending of ethanol provides an opportunity for a reduction of emissions from two- as well as four-wheelers, with clean transportation being promoted.

? Boosting agricultural income : Over the last decade, the government has allocated around Rs. 87,558 crore (US$ 9.98 billion) to farmers involved in ethanol production, boosting rural economies and improving livelihoods. Through this scheme, the diversified income generation of farmers diminishes their vulnerability to changes in sugar prices and increases their financial stability. By engaging in ethanol production, farmers can ensure an economic future while contributing to renewable energy in the country.

? Foreign exchange savings : The ethanol blending program has generated significant foreign exchange savings for India, amounting to approximately Rs. 1,06,072 crore (US$ 12.67 billion) over the past decade. This has been achieved by reducing crude oil imports through increased domestic ethanol production. This achievement is particularly important given Indias heavy reliance on imported oil. Additionally, the program has substituted around 1.81 million metric tons of crude oil, easing the pressure on foreign reserves and bolstering energy security. By promoting domestic ethanol production, India is enhancing its energy independence while achieving substantial economic benefits.

? Future economic potential : The seriousness of developing renewable energy projects can be ascertained from Indias aim of 20% ethanol blending in the 2025-26 budget. Economic and environmental benefits from blending percentages are much more when it exceeds E85 or E100. When the investment and policy support will be in the right proportion, India will remain the front runner for rest of the world in the case of biofuels.

Government policies and initiatives to support ethanol blending

? Ethanol Blended Petrol (EBP): The EBP program forms an integral part of the approach India is adopting towards making ethanol a constituent part of its fuel mix. Starting in 2003, the program has really seen significant strides over the years, as the government moved the goal date from 2030 to achieve 20% blending of ethanol in petrol by 2025. This would increase energy security, reduce reliance on imported fossil fuels, and be a sustainable energy proposition. Interestingly, the blending percentage has increased from 1.53% in 2014 to around 15% in 2024, which is a significant achievement towards the target and reflects the success of the program in changing the fuel landscape of India. ? Policy revisions for feedstock usage: For an enhancement in ethanol production, feedstock policies have been reformed. Since November 2024, besides the usage of B-heavy and C-heavy molasses, sugarcane juice and syrup also were permitted for ethanol manufacturing. Raw materials will vary as well, but sugar mills will have options for various feedstocks sources that is likely to strengthen the capacity to produce. The government intends to expand the input range for ethanol production, thus strengthening the biofuel sector and supporting sustainable energy initiatives. ? National Policy on Biofuels (2018): Biofuel National Policy establishes an integral framework for the production as well as use of biofuels, including ethanol. The policy promotes diversified usage of feedstocks like sugarcane juice, sugar syrup, and damaged food grains for enhancing the level of ethanol production. These will then help to increase availability largely for blending purpose by ensuring fewer supplies of imported fossil fuels into the country. ? Sustainable Supply: The Indian government will extend the ban on sugar exports for the second year running due to lower-than-expected cane production. In this context, it intends to raise the procurement price of ethanol from sugar mills to boost biofuel supplies. The plan will help achieve the Indian governments ambition to boost ethanols share in gasoline to 20% by 2025-26, up from the current 13-14%. Additionally, the government has allowed sugar mills to use cane juice for ethanol production, reflecting efficient resource management amid fluctuating sugar supplies.

CONCLUSION

The Indian sugar industry is ready to lead the drive for further progress of ethanol blending initiatives toward nation energy security and environmental sustainability. Thus, addressing challenges in food security, water resource management, and infrastructure will get the industry set for its sustainable future. This, coupled with the demand for clean fuel alternatives, will be the push from the government for India to reduce its reliance on imported fossil fuels. As the country pushes for a 20% ethanol blend by 2025, the sugar sector will not only ensure a stable income for farmers but also pave the way for a greener economy that would, in turn, benefit society and the environment.

The highlights of the financial results for the year ended March 31, 2025 and the corresponding figure for the previous year are as under: (Rs in Lakhs except EPS)

	Standalone		Consolidated
Particulars
	2024-25	2023-24	2024-25	2023-24
Revenue from Operations	13297.95	12458.48	14973.21	14143.67
Other Income	441.16	54.36	606.62	222.23
Total Income	13739.11	12512.84	15579.83	14365.90
Total Expenditure	12802.96	11643.45	14453.40	13311.79
Profit before tax	936.15	869.39	1126.43	1054.11
Current Tax	104.70	168.46	133.70	197.09
Income tax Adjustment	-	-	-	-
Deferred Tax Adjustment	-	-	-	-
Profit after Tax	772.07	716.08	933.34	872.17
Basic Earnings per share
	4.98	10.53	6.03	12.82
(in )

KEY RATIOS(AS PER STANDALONE DATA)

Particulars	FY 2025	FY2024
Revenue (Rs. in Lacs)	13297.95	12458.48
Net Profit After Tax (Rs. in Lacs)	772.07	716.08
Earnings per share (in Rs.)	4.98	10.53
EBITDA (Rs. in Lacs)	936.15	869.39
Net Profit Ratio (%)	5.81	5.75
Return on Capital Employed (%)	9.46	8.35
Current Ratio (times)	1.73	1.45
Debtors Turnover(times)	683.07	1562.19
Debt-equity (times)	1.31	2.04
Inventory Turnover Ratio	1.57	1.46

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

FY 2025 represents fiscal year 2024-25, from 1 April 2024 to 31 March 2025, and analogously for FY 2024 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	Date & Time	Location	Special	Resolution(s)
Year			Passed
2023-24	September 28, 2024 at	AGM Conducted Through Video		NA
	2:30 P.M.	Conferencing ("VC") / Other Audio-
		Visual Means (OAVM)
2022-23	September 01, 2023 at	AGM Conducted Through Other Audio-		NA
	11.00 A.M.	Visual Means (OAVM) at Registered
		office of the Company
2021-22	September 30, 2022 at	AGM Conducted Through Other Audio-		NA
	11.00 A.M.	Visual Means (OAVM) at Registered
		office of the Company

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 7^th Annual General Meeting of the Company is scheduled to be held on Monday, September 29, 2025, at 5:30 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 at GUT No. 44 and 46, Kusumnagar, At Post Waghalwada, Umari, Nanded – 431 807, Maharashtra. The detailed instruction for participation and voting at the meeting is available in the notice of the 7^th 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 September 22, 2025 to September 29, 2025 (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 2025.

4. Financial Calendar

The financial year of the Company starts on 1^st April every year and ends on 31^st March subsequent year.

Indicative calendar of events for the financial year 2025-26 are as under

For the first half-year ending 30 September 2025	First / Second week of November 2025
For the quarter and nine months ending 31 December 2025	First / Second week of February 2026
AGM for the year ending 31 March 2026	Last week of September 2026

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- MVKAGRO

Annual Listing fees to the National Stock Exchange of India have been paid for the FY 2025-26. The Custodian fee for NSDL & CDSL has also been paid for the FY 2025-26.

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 INE0SGC010105

7. Market Price Data

Monthly High and Low Prices of the Equity Shares of the Company for the year ended 31st March, 2025: (Source: www.nseindia.com)

Month		NSE
	High	Low
Apr-24	55.50	47.95
May-24	49.50	41.00
Jun-24	45.20	36.00
Jul-24	66.85	42.30
Aug-24	60.00	51.20
Sep-24	57.00	47.20
Oct-24	51.95	41.70
Nov-24	45.80	37.70
Dec-24	42.35	38.00
Jan-25	41.40	34.90
Feb-25	41.35	32.05
Mar-25	55.90	36.10

8. Performance in comparison to board based indices

Performance of Equity Shares of the Company in comparison to.

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.

10. Share Transfer System

As on date, the 100% of the issued and subscribed capital are held in dematerialised form, the process for physical share transfer is not relevant.

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 2025:

Distribution of shareholdings on the basis of ownership

	As on 31 March 2024		As on 31 March 2025
Promoters Holding	No. of shares	% of total	No. of shares	% of Total	% change
- Individuals	1,00,00,000	64.56	1,00,00,000	64.56	-
- Companies
Sub-Total	1,00,00,000	64.56	1,00,00,000	64.56	-
Indian Financial Institutions
Banks
Mutual Funds
Foreign holdings
-Foreign Institutional Investors	-	-	28,800	0.19	0.19
- Non-Resident Indians	30,000	0.19	82,800	0.53	0.34
- ADRs / Foreign Nationals
Sub total	-	-	1,11,600	0.72	0.72
Indian Public and Corporate	54,60,000	35.25	53,78,400	34.72	(0.53)
Total	1,54,90,000	100	1,54,90,000	100

14. Distribution of shareholding as on March 31, 2025

Range	No. of Shareholders	% of Total Shareholders	No. of Shares	% of Total Shares
1 to 5000	0	0	0	0
5001 – 10000	0	0	0	0
10001 – 20000	2564	82.36	3078400	19.87
20001 – 30000	322	10.34	772800	4.98
30001 – 40000	94	3.02	338400	2.18
40001 – 50000	49	1.57	235200	1.51
50001 – 100000	43	1.38	307200	1.98
100001 & Above	41	1.31	10758000	69.45
Total	3,113	100	1,54,90,000	100

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 exposed to the risk of price fluctuation of raw materials as well as finished goods. The Company proactively manages these risks through forward booking Inventory management and proactive vendor development practices. The Companys reputation for quality, products differentiation and service, coupled with existence of powerful brand image with robust marketing network mitigates the impact of price risk on finished goods.

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 dematerialized shares and shares in certificate form as on March 31, 2025 as under:

Physical	NSDL	CDSL
-	20,28,000	1,34,62,000

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 Note No. 28.2 of 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

In the preparation of the financial statements, the Company has followed the Accounting Standards referred to in Section 133 of the Companies Act, 2013. The significant accounting policies which are consistently applied are set out in the Notes to the Financial Statements.

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

Mrs. Swapna Bansode Rajaram

Company Secretary & Compliance Officer M.V.K. Agro Food Product Limited GUT No. 44 and 46, Kusumnagar, At Post Waghalwada, Umari, Nanded – 431 807, Maharashtra, India. Telephone: +91 862 309 4480

Registered / Corporate Office Address for Correspondence

M.V.K. Agro Food Product Limited

GUT No. 44 and 46, Kusumnagar, At Post Waghalwada, Umari, Nanded– 431 807, Maharashtra, India Tel: +91 7447462601 Email Id: cs@mvkagrofood.com CIN: L15316MH2018PLC304795

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 suspense account

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

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.