Amarnath Securities Ltd Directors Report

To, The Members Amarnath Securities Limited

Your Directors have pleasure in presenting the 32nd Annual Report together with the audited statement of accounts for the year ended 31st March, 2026.

FINANCIAL RESULTS

The summarized financial results for the year ended 31st March, 2026 are as under: (Amount in Lakhs)

Particulars	2025-26	2024-25
Profit before Interest, Depreciation and Tax	(520.63)	27.24
Interest	0.28	38.93
Depreciation	–	–
Exceptional Item	–	–
Profit (Loss) Before Tax	(520.91)	19.27
Provision for taxation	–	–
Profit (Loss) After Tax	(520.91)	19.27

OPERATIONS — The income and profits of the Company are majorly derived from other incomes.

AMOUNT TO BE CARRIED TO RESERVE — The Company has not transferred any amount to the reserves during the period under review.

DIVIDEND — During year under review, your director does not recommend dividend.

SHARE CAPITAL — The paid-up equity share capital as on 31st March 2026 was Rs.3,00,02,000/- divided into 30,00,200 equity shares of Rs.10/- each. During the year under review the company has not made any fresh issue of shares.

TRANSFER OF UNPAID/UNCLAIMED DIVIDEND — The Company does not have any amount of Unpaid/Unclaimed Dividend which is required to be transferred to the Investors Education & Protection Fund as required under Section of the Companies Act. There are no other statutory amounts like outstanding unpaid Refund Amount on Share Applications, unpaid interests or principal of Deposits and Debentures etc. lying with the company which are required to be transferred to Investors Education and Protection Fund.

COMPLIANCE WITH THE LISTING AGREEMENT — The Companys shares are listed on BSE Ltd. and Company has complied with the mandatory provisions of Corporate Governance as stipulated in the Listing Agreement with the Stock Exchange.

MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE COMPANY

MATERIAL CHANGE — There were Changes in Management during the year as below mentioned:

Sr. No. Name of Director	Appointment/Cessation	Date of Appointment/Cessation
1 Chetan Balubhai Patel	Appointment	02/01/2025
2 Sanjay Rajkumar Dua	Appointment; Appointment (change in designation)	17/01/2025; 20/02/2025
3 Kinnari Chetan Patel	Appointment	10/04/2026
4 Prarthee Chetan Patel	Appointment (CEO)	10/04/2026
5 Afzalkhan UsmanKhan Afridi	Appointment; Cessation	17/01/2025; 13/08/2025
6 Nitin Valunj	Appointment (change in designation); Cessation	13/08/2025; 30/04/2026
7 Vaishali Dhruvabal Mahadik	Appointment	13/08/2025
8 Amit Priyakant Pandya	Cessation	23/09/2025
9 Rajendrabhai Ramanbhai Patel	Appointment; Cessation	02/12/2025; 28/04/2026
10 Kaustubh Pramod Joshi	Appointment; Cessation	02/12/2025; 28/04/2026

During the financial year, the Board appointed the following Directors as Additional Directors of the Company:

Ms. Kinnari Patel — Additional Director, Executive Woman Director, w.e.f. 10 April 2026.

Mr. Nitin Walunj — Additional Director, Independent Director, w.e.f. 13 August 2025.

Ms. Vaishali Dhruvabal Mahadik — Additional Director, Independent Woman Director, w.e.f. 13 August 2025.

Mr. Rajendra Ramanbhai Patel — Additional Director, Executive Director, w.e.f. 2 December 2025.

Mr. Kaustubh Pramod Joshi — Additional Director, Non-Executive Independent Director, w.e.f. 2 December 2025.

The following Directors ceased to hold office during the year:

Mr. Afzalkhan Usmankhan Afridi — ceased w.e.f. 13 August 2025.

Mr. Amit Priyankant Pandya — ceased w.e.f. 23 September 2025.

Mr. Rajendra Ramanbhai Patel — ceased w.e.f. 28 April 2026.

Mr. Kaustubh Pramod Joshi — ceased w.e.f. 28 April 2026.

Mr. Nitin Walunj — ceased w.e.f. 30 April 2026.

DEPOSITS — The company has not accepted the deposits during the year under review, which is in compliance of the statutory provisions.

CORPORATE SOCIAL RESPONSIBILITY — As per Section 135(1) of the Companies Act, 2013 and the Companies (Corporate Social Responsibility) Rules, 2014 read with various clarifications issued by the Ministry of Corporate Affairs, every Company having the net worth of Rs.500 crores or more or turnover of Rs.1000 crores or more or net profit of Rs. 5 crores or more shall constitute a CSR Committee of the board consisting of three or more directors. Accordingly, the provision of CSR activities under Companies Act, 2013 does not apply to your company.

CORPORATE GOVERNANCE — A detailed report on corporate governance, together with a certificate from the Secretarial Auditor, in compliance with the relevant provisions of SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, is attached as part of this report. Compliance reports in respect of all laws applicable to the Company have been reviewed by the Board of Directors.

PARTICULARS OF THE EMPLOYEES — The Company has no employee to whom the provision of section 197(12) of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 apply hence not applicable to the company.

JOINT VENTURE COMPANY/ASSOCIATES — The Company has no Joint Venture Company/Associates as on date of this Balance Sheet.

SUBSIDIARY — The Company has no subsidiary as on date of this Balance Sheet dated March 31st, 2026.

CONSOLIDATION OF ACCOUNTS — In accordance with the Notification issued by the Ministry of Corporate Affairs, Government of India to amend the Companies (Accounts) Rules, 2014, vide notification dated 14th October 2014, No.G.S.R. 723(E), in Rule 6, after existing provision of the Companies (Accounts) Rules, 2014. As such Consolidation of Accounts is not Applicable for the current financial year 2025-26.

RELATED PARTY TRANSACTION — All related party transactions that were entered into during the financial year were on an arms length basis and in the ordinary course of business. All the Related party transactions are pre-approved by the Audit Committee. During the year, the Company has not entered into any contract/arrangement with related parties which could be considered materially significant related party transactions. Therefore AOC-2 is not required to be attached. The details of the transaction with Related Party are provided in the accompanying financial statement.

EXTRACTS OF ANNUAL RETURNS — The details forming Part of the Extracts of Annual Returns can be accessed through website of the company i.e. https://www.amarnathsecurities.org/ Shareholders can assess the extract of annual return through link: https://www.amarnathsecurities.org/

DISCLOSURE OF INFORMATION AS REQUIRED UNDER SECTION 134(3)(m) OF THE COMPANIES ACT, 2013 (ACT) READ WITH THE COMPANIES (ACCOUNTS) RULES, 2014

(i) CONVERSION OF ENERGY — The Additional information required under the Act relating to conservation of energy is not applicable to your company.

(ii) TECHNOLOGY ABSORPTION — The Additional information required under the Act relating to technology absorption is not applicable to your company.

(iii) FOREIGN EXCHANGE EARNINGS OR OUTGO — The company has no foreign exchange earnings or outgoes during the year under review.

SECRETARIAL STANDARDS — The Ministry of Corporate Affairs notified the Secretarial Standard on Meetings of the Board of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2) effective from July 1, 2015. Your Company complies with the same. Your Company will comply with the other Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI) as and when they are made mandatory.

AUDITORS

Statutory Auditors — During the year under review, pursuant to the resignation of M/s. S D P M & Co., Chartered Accountants, the Board of Directors appointed M/s. H. K. Shah & Co., Chartered Accountants, as the Statutory Auditors of the Company to fill the casual vacancy. M/s. H K Shah & Co, Chartered Accountants (FRN.: 109583W), is appointed as Statutory Auditors of Amarnath Securities Limited for a term of five (5) years, commencing from the conclusion of the postal Ballot till the annual general meeting of the year 2030. The Ministry of Corporate Affairs vide its Notification dated May 7, 2018 had dispensed with the requirement of ratification of Auditors appointment by the shareholders, every year.

Hence, the resolution relating to ratification of Auditors appointment is not included in the Notice of the ensuing Annual General Meeting. The Auditors Report contains modified opinion as per the Auditors report attached.

Internal Auditors — Pursuant to the provision of Section 138 of the Companies Act, 2013 and the Companies (Accountants) Rules, 2014, the company has adequate internal audit system.

Secretarial Audit — Pursuant to the amended provisions of regulation 24A of the Listing Regulations vide its notification dated 12 December 2024 and provisions of Section 204 of the Act and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the audit committee and the Board of Directors at their respective meetings have approved and recommended the appointment of Mr. Anirudh Kumar Tanvar (ACS No. A23145; COP No. 19757), auditor of the Company to hold office for one term of 5 consecutive years, commencing from financial year 2026-27 to financial year 2030-31, to conduct secretarial audit of the Company and to furnish the secretarial audit report and secretarial compliance report. Pursuant to the provision of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personal) Rules, 2014, the company has appointed Mr. Anirudh Kumar Tanvar, Company Secretary in Practice to undertake the Secretarial Audit of the Company. The Report of the Secretarial Audit is as a part of this Annual Report.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY — The Company maintains adequate internal control systems, which provide, amongst other things, adequate support to all its operations and effectively handle the demands of the Companys financial management systems. The Company has in place effective systems safeguarding the assets and interest of the Company and ensuring compliance with law and regulations. The Companys internal control systems are supplemented by an extensive program of internal audit conducted to ensure adequate system of internal control.

DIRECTORS RESPONSIBILITY STATEMENT — Pursuant to the provisions of Section 134(5) of Companies Act, 2013, as amended, with respect to the Directors Responsibility Statement, it is hereby confirmed that:

In the preparation of the accounts for the financial year ended 31st March, 2026 the applicable Accounting Standards have been followed along with proper explanation relating to material pastures;

The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2026 and of the Profit and Loss of the Company for the year ended 31st March, 2026.

The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

The Directors have prepared the annual accounts for the financial year ended 31st March, 2026 on a going concern basis.

The Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.

The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and those systems were adequate and operating effectively.

DIRECTORS AND KEY MANAGERIAL PERSONNEL — The Directors of your company are well experienced with expertise in their respective fields of technical, finance and strategic and operational management and administration. None of the directors of your company are disqualified under the provision of companies Act 2013. During the period under review, no Non-Executive Director of your Company had any pecuniary relationship or transactions with the Company except as stated elsewhere in this Report and in the notes to the accounts. All the appointments of the Directors of the company is in compliance with the provisions of Section 164 of the Companies Act, 2013. All Independent Directors have given declarations that they meet the criteria of independence as laid down under section 149(6) of the Companies Act, 2013 and according to LODR Regulation.

FAMILIARISATION PROGRAMME FOR THE INDEPENDENT DIRECTORS — In compliance with the requirements of Regulation 25(7) of the Listing Regulations, 2015 the Company has put in place a Familiarization Programme for Independent Directors to familiarize them with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model etc. The details of the Familiarization Programme conducted are available on the website of the Company https://www.amarnathsecurities.org/

EVALUATION OF PERFORMANCE OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTOR

During the year, the evaluation of the annual performance of individual directors including the Chairman of the Company and Independent Directors, Board and Committees was carried out under the provisions of the Act and relevant Rules and the Corporate Governance requirements as prescribed under Regulation 17 of Listing Regulations, 2015 and the circular issued by SEBI dated January 5, 2017 with respect to Guidance Note on Board Evaluation. The Nomination and Remuneration Committee had approved the indicative criteria for the evaluation based on the SEBI Guidance Note on Board Evaluation.

The Chairman of the Company interacted with each Director individually, for evaluation of performance of the individual directors.

In a separate meeting of Independent Directors, performance of Non Independent Directors and performance of the Board as a whole was evaluated. Further, they also evaluated the performance of the Chairman of the Company, taking into account the views of the Executive Directors and Non-executive Directors.

The performance of the Board was evaluated by the Board after seeking inputs from all the Directors on the basis of various criteria such as structure and diversity of the Board, experience of Director, strategy and performance evaluation, secretarial support, evaluation of risk, evaluation of performance of the management and feedback, independence of the management from the Board etc. The performance of the Committees was evaluated by the Board after seeking inputs from the Committee members on the basis of criteria such as mandate and composition, effectiveness of the committee, structure of the committee and meetings, independence of the committee from the Board and contribution to decisions of the Board. The Nomination and Remuneration Committee reviewed the performance of the individual Directors on the basis of the criteria such as knowledge and competency, fulfillment of functions, availability and attendance, initiative integrity contribution and commitment, independence, independent views and judgment etc.

NUMBER OF MEETINGS OF THE BOARD — The Board of Directors of the Company met 7 (Seven) times during the financial year. The details of Board Meetings are provided in the Corporate Governance Report, which forms part of this Annual Report. For details of meetings of the Board, please refer to the Corporate Governance Report, which is a part of this report.

COMMITTEES OF THE BOARD — Your company has three (3) statutory committees of the Board of Director as on March 31, 2026. Details given in the Corporate Governance Report.

Statutory Committees:

Audit Committee

Nomination and Remuneration Committee

Stakeholders Relationship Committee

The details pertaining to composition of Audit Committee are included in the Corporate Governance Report, which forms a part of this Report.

CORPORATE GOVERNANCE REPORT — A detailed Report on Corporate Governance and Certificate of the Auditors of the Company regarding compliance of the conditions of Corporate Governance as stipulated in Part C of Schedule V of the Listing Regulations, 2015, are enclosed as a separate section and forms a part of this Report.

MANAGEMENT DISCUSSION AND ANALYSIS — Pursuant to Regulation 34 read with Schedule V of the SEBI Listing Regulations, 2015, detailed review of operations, performance and future outlook of the company is covered under Managements Discussion & Analysis which forms a part of this report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY THE COMPANY — Being Non-Banking Financial Company (NBFC) Provision of Section 186 of the Companies Act 2013 is not applicable.

NON-BANKING FINANCIAL COMPANIES (RESERVE BANK OF INDIA) DIRECTIONS — The Company follows the RBI Directive regarding NBFC Business.

PREVENTION OF SEXUAL HARASSMENT AT WORK PLACE — Your Company strongly believes in providing a safe and harassment free workplace for each and every individual working for the Company through various interventions and practices. It is the continuous endeavor of the Management of the Company to create and provide an environment to all its employees that is free from discrimination and harassment including sexual harassment. The Company has adopted a policy on prevention, prohibition and redressal of sexual harassment at work place in line with the provisions of the Sexual Harassment of Women at Work place (Prevention, Prohibition and Redressal) Act 2013 and the Rules thereunder. The Company arranged various interactive awareness workshops in this regard for the employees in the Corporate Office during the financial year. During the financial year ended March 31, 2026 no complaint pertaining to sexual harassment was received by the Company.

VIGIL MECHANISM POLICY — The company has devised an effective Vigil Mechanism for stakeholders including Directors, shareholders, employees to report concerns about unethical behavior, actual or suspected fraud or violation of the companys code of conduct or ethics policy to freely communicate their concerns about illegal or unethical practices. The policy has been explained in detail in the website of company i.e. https://www.amarnathsecurities.org/

SIGNIFICANT OR MATERIAL ORDER PASSED BY REGULATORS/COURTS — During the year under review, No Material Order has been passed by the Regulators/Courts.

SECRETARIAL STANDARDS — The Company is in compliance with applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

DETAILS OF FRAUD, IF ANY REPORTED BY THE AUDITORS — There have been no instances of fraud reported by Auditors pursuant to Section 143(12) of the Companies Act, 2013.

ANNUAL SECRETARIAL COMPLIANCE REPORT — In view of the exemption provided under Regulation 15(2)(a) of the SEBI (LODR) Regulations, 2015. As per the said provision, compliance with Regulations 17 to 27 and Regulation 24A is not mandatory for listed entities having: Paid-up equity share capital not exceeding ?10 crore, and Net worth not exceeding ?25 crore, as on the last day of the previous financial year.

The Company does not having paid-up capital and net worth exceeds the above criteria. Hence, Regulation 24A is not applicable to the Company.

Furthermore, under Regulation 15(2)(a), which states that in case the applicability of the referred regulations arises at a later date, the listed entity is required to comply within six months from such applicability.

APPRECIATIONS AND ACKNOWLEDGEMENT — The Board wish to express their appreciation for the continued co-operation of the Government of India, Governments of various States in India, bankers, financial institutions, Shareholders, customers, dealers, suppliers and also, the valuable assistance. The Directors also wish to thank all the employees for their contribution, Support and continued commitment throughout the year.

Date: 8th September, 2026Place: Ahmedabad

SD/- Mr. Chetan Pate Whole-time Director DIN: 03556088