Dear Members,
The Board of Directors (Board) of B.L. Kashyap and Sons Limited (the Company) are pleased to present the 37th 37 th Annual Report on the business and operations along with the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended 31st March, 2026.
The Companys financial performance during the year as compared with the previous year is summarized below:
Amount ( Rs.In Crores) except no of shares
| PARTICULARS | STANDALONE Year ended 31st March, 2026 | STANDALONE Year ended 31st March, 2025 | CONSOLIDATED Year ended 31st March, 2026 | CONSOLIDATED Year ended 31st March, 2025 |
| Income from operations | 1347.91 | 1142.30 | 1379.13 | 1153.63 |
| Profit/(Loss) before depreciation, finance cost, exceptional item and Tax | 118.27 | 90.71 | 123.78 | 92.31 |
| Exceptional Items (gain) | (37.82) | 17.61 | (37.82) | 18.65 |
| Profit/(Loss) before Tax | 24.23 | 49.51 | 27.31 | 50.23 |
| Tax Expenses | 5.66 | 13.59 | 25.76 | 22.75 |
| Profit / (Loss) after Tax | 18.58 | 35.9 | 21.55 | 27.48 |
| Earnings per share, on the face value of Re. 1/- each (in Rs.) | 0.82 | 1.59 | 0.07 | 1.22 |
| No. of shares | 225440000 | 225440000 | 225440000 | 225440000 |
During the financial year 2025- 26:
Revenue from operations increased to 1347.91 crores, compared to 1142.30 crores in the previous year. Direct Cost as a percentage to revenue from operations slightly decrease to 82.76% 82.76% as against 84.30% 84.30% in the previous year. Employee benefit expenses as a percentage to revenue from operations decreased to 110.57 crores (8.20%) ( 8.20% ) from 97.81 crores (8.56%) ( 8.56% ) of revenue in the previous year. Finance cost as a percentage to revenue from operations decreased to 42.24 crores (3.13%) ( 3.13% ) compared to 47.50 crores (4.16%) ( 4.16% ) of revenue in the previous year. Profit before exceptional items and tax stood at 62.05 crores, compared to 31.90 crores in FY 2024- 25. Profit after tax stood at 18.57 crores (1.38%) ( 1.38% ) lower than 35.92 crores (3.14%) ( 3.14% ) of revenue in the previous year. Exceptional item : All the major financial terms stipulated under the CDR Package have been complied with, except for the amount payable towards the Right of Recompense (ROR) to the participant lenders, which is yet to be quantified. However, the Company has already made a provision of Rs. 15 Crore during FY 2024- 25, and an additional provision of Rs. 20 Crore has been recognized under Exceptional Items in the current financial results, the balance amount of Rs. 17.82 Crore represents the amount written off from Contract Assets pursuant to the arbitration settlement.
During the financial year 2025- 26:
Revenue from operations stood at 1379.13 crores, increased 19.54% 19.54% from 1153.63 crores in the previous year. Profit before exceptional items and tax was 65.12 crores, compared to 31.58 crores in FY 2024- 25- an increase of approximately 50% 50% Profit after tax stood at 1.54 crores, compared to 27.47 crores in the previous year.
The Consolidated Financial Statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Companies (Indian Accounting Standards) Rules, 2015, notified under Section 133 of the Companies Act, 2013 and other relevant provisions of the Act.
The Consolidated Financial Statements for the financial year ended 31st 31 st March, 2026 form an integral part of this Annual Report.
The Board of Directors has not recommended any dividend for the financial year ended 31st March, 2026.
In compliance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), the Company has formulated and adopted a Dividend Distribution Policy. The Policy is available on the Companys website at:
https://www.blkashyap.com/wp- content/ uploads/2023/07/Dividend- Distribution- Policy.pdf
No amount was required to be transferred to the Investor Education and Protection Fund (IEPF) during the year under review, as there were no unpaid or unclaimed dividends.
Further, the Company has not transferred any unclaimed equity shares to the IEPF account during the year.
During the year under review, the Company has not transferred any amount to the General Reserves. The entire surplus generated during the year has been retained in the Statement of Profit and Loss and carried forward under Other Equity.
During the year under review, there was no change in the nature of business carried out by the Company.
No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which these financial statements relate and the date of this Report.
The paid- up equity share capital of the Company as at 31st 31 st March, 2026 stood at Re. 22,54,40,000/- comprising 22,54,40,000 equity share of Re. 1 each.
As on 31st 31 st March, 2026, 99.99% 99.99% of the total paid- up share capital of the Company held in the dematerialized form.
The Company has not issued any securities (including convertible warrants) by way of Sweat Equity or Employee Stock Options or equity shares with differential voting rights or by any other way of allotment during the year under review.
There are no significant material orders passed by the Regulators or Courts or Tribunals, which would impact the going concern status of the Company and its future operations. However, members attention is drawn to the details about Contingent Liabilities and Commitments appearing in the Notes forming part of the Financial Statements.
No proceedings are made or pending under the Insolvency and Bankruptcy Code, 2016 and there is no instance of onetime settlement with any Bank or Financial Institution.
During the year under review, the Company has not yet exited the Corporate Debt Restructuring (CDR) mechanism. However, there has been no financial default as on date. Reflecting an improvement in the Companys financial profile, CRISIL has upgraded its credit rating from CRISIL B+ B + /Stable to CRISIL BB- /Stable and short term rating from CRISIL A4 to CRISIL A4+
The Company has not accepted any public deposits during the year under review, in accordance with the provisions of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.
As on date of this report the Company has four subsidiaries and two step down subsidiaries. The consolidated financial statements presented by the Company include the financial results of its subsidiary companies. In compliance with the provision of Section 129(3) of the Companies Act, 2013, (Act), a separate statement containing the salient features of financial statements of the subsidiary Company is in the prescribed Form AOC- 1 and same is enclosed to this report as Annexure - A.
The details of the policy on determining Material Subsidiary of the Company is available on Companys website at;
https://www.blkashyap.com/wp- content/uploads/2023/07/ Policy- on- Material- Subsidiary.pdf
The Companys subsidiaries played a pivotal role in driving the overall revenue growth and performance of the Company. The highlights of performance of subsidiaries, associates and joint venture Companies and their contribution to the overall performance of the Company during the year under review is given below:
BLK Lifestyle a wholly owned subsidiary (WOS) of the Company to diversify its portfolio in the area related to the manufacturing of UPVC Windows, Doors, Modular Wardrobes & Kitchens and fabrication of scaffolding. During the year under review, BLK Lifestyle has reported revenue from operations of Rs. 12.82 crores and a net profit of Rs. 1.05 crores.
No business activity was carried out during the financial year 2025- 26.
SSPL, a subsidiary of the Company is a Design driven, real estate development company in India. SSPL creates, builds and markets spaces that are refreshingly different and offer exceptionally incomparable experiences. Different by design, Soul Space is redefining Living, Working and Shopping spaces across India with rapidly emerging shopping malls, residential projects and office spaces.
During the year under review, SSPL has reported total income of Rs. 3.54 Cr and a net loss of Rs. 20.54 Cr.
The Company, through its subsidiary SSPL has a stake of 97.91% 97.91% in SSHL. No business activity was carried out during the financial year 2025- 26.
During the year under review, no business activities were carried on.
The Company, through its subsidiary SSPL has a stake of 97.91% 97.91% in SSRL. No business activity was carried out during the financial year 2025- 26.
During the year under review, no Company ceased to be a subsidiary of the Company. The Company does not have any joint ventures or associate companies.
Your Company has established a robust internal financial control system and framework to ensure:
Orderly and efficient conduct of business operations; Safeguarding of assets; Prevention and detection of frauds and errors; Accuracy and completeness of accounting records; and Timely preparation of reliable financial information.
To support these objectives, the Company has implemented clearly defined policies and Standard Operating Procedures (SOPs), a comprehensive Financial and Operational Delegation of Authority matrix, and a well- structured organizational hierarchy across all business functions, enabling seamless and effective operations.
Further, the implementation of an integrated ERP system has enhanced process standardization and automation, significantly strengthening internal controls and operational efficiency.
The internal financial control framework is reinforced through a
comprehensive internal audit program, conducted by qualified in- house professionals in collaboration with an external firm of Chartered Accountants, appointed upon the recommendation of the Audit Committee. Audit findings and corrective actions are periodically reviewed by the Audit Committee, ensuring continual improvement and maintenance of an effective internal control environment.
Overall, the internal financial controls are designed to provide reasonable assurance regarding the integrity of financial reporting and operational accountability across the organization.
The Company has adopted a robust Risk Management Framework to proactively identify, assess, evaluate, monitor and mitigate risks associated with its business operations. The framework enables a proactive and structured approach towards managing risks and enhancing organizational resilience. The Risk Management Policy of the Company provides a comprehensive mechanism for risk identification, evaluation, prioritization, mitigation, monitoring, reporting, and periodic review. The framework facilitates timely identification of emerging risks and implementation of appropriate control measures to minimize their potential impact.
The Audit Committee and the Board of Directors periodically review the risk management procedures, particularly during the review of quarterly financial results. The Audit Committee exercises additional oversight over financial and internal control- related risks.
Key risks are identified at the departmental level and include, but are not limited to:
Project Execution and Estimation Risk Market and Competition Risk Raw Material Procurement Risk Financial and Liquidity Risks Information Technology and Cybersecurity Risks Legal, Regulatory and Compliance Risks Human Resource Risk Operational Risks
These risks are continuously monitored, and mitigation plans are developed and implemented accordingly.
In addition, the Company maintains adequate insurance coverage to safeguard its assets and operations against unforeseen events and contingencies.
This integrated risk management approach enables the Company to respond effectively to emerging threats and uncertainties, ensuring business resilience and long- term value creation.
As per the provision of Companies Act, 2013 and Regulation 23 of Listing Regulations, the Company has formulated a Policy on Related Party Transaction to ensure transparency between the Company and the Related Parties. The Policy on materiality
of related party transactions and dealing with related party transactions as approved by the Board may be accessed on the Companys website at the link:
https://www.blakshyap.com/wp- content/uploads/2023/08/ Related- Party- Transaction.pdf
All related party transactions entered into by the Company during the financial year were conducted on an arms length basis and were in the ordinary course of business. The Company did not enter into any contract, arrangement, or transaction with related parties that could be considered material under the Companys Policy on Materiality of Related Party Transactions.
In line with statutory requirements and governance best practices, prior approval of the Audit Committee is obtained on a quarterly basis for transactions that are foreseen and of a repetitive nature. Transactions entered into pursuant to such approvals are subject to audit review, and a detailed statement of all related party transactions is presented to the Audit Committee and the Board of Directors for their review and approval each quarter.
There were no material related party transactions entered into by the Company during the financial year under review.
Disclosure in Form AOC- 2, as required under Section 134(3)(h) of the Companies Act, 2013, is provided as Annexure- B to this Report.
Members attention is also drawn to Note 31 of the financial statements, which sets out the related party disclosures in detail.
The Board of Directors is duly constituted and comprises of 8 (Eight) directors out of which 4 (Four) are Independent directors and 1 (One) is a Nominee director as at the close of the financial year. The detail of the composition of Board of Directors are set out in the Corporate Governance Report forming part of Annual Report.
There were no other appointments or reappointments of Directors on the Board during the financial year 2025- 26.
Mr. Vikram Kashyap, Whole Time Director, shall be retiring by rotation at the forthcoming Annual General Meeting (AGM) and being eligible, offers himself for reappointment.
The brief profiles, areas of expertise, details of other directorships held, and relationships between Directors inter- se (where applicable), as required under Regulation 36 of SEBI (LODR) Regulations, 2015, are provided in the Notice convening the Annual General Meeting.
Pursuant to the provisions of Section 203 of the Companies Act, 2013 the following are the Key Managerial Personnel of the Company:
Mr. Vinod Kashyap Chairman & Whole Time Director Mr. Vineet Kashyap Managing Director Mr. Vikram Kashyap Whole time Director (Joint Managing Director) Mr. Pushpak Kumar VP & Company Secretary Mr. Vikesh Agarwal Chief Financial Officer
Pursuant to the provisions of Section 149(6) of the Companies Act, 2013 and Regulation 25(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR Regulations), the Company has received declarations from all Independent Directors confirming that they meet the criteria of independence as prescribed under the said provisions.
In the opinion of the Board:
All Independent Directors fulfil the conditions specified under the Companies Act, 2013 and the SEBI LODR Regulations for their appointment / reappointment as Independent Directors. They possess the requisite integrity, expertise, and experience as required under Rule 8(5)(iii) of the Companies (Accounts) Rules, 2014.
Further, in compliance with Regulation 25(8) of the SEBI LODR Regulations, the Independent Directors have also confirmed that they are not aware of any circumstance or situation which exists or may reasonably be anticipated to exist that could impair or impact their ability to discharge their duties independently and objectively, without any external influence.
Pursuant to section 134(3)(c) and 134(5), the Board of Director, to the best of their knowledge and ability confirms that:
i. In the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures.
ii. The directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profits of the Company for the year under review;
iii. The directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
iv. The directors have prepared the annual accounts of the Company on a going concern basis.
v. 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.
vi. The directors had devised proper system to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.
The Company has duly constituted the following committees as per the provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015 viz; Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, Corporate Social Responsibility Committee,
Risk Management Committee. The details pertaining to the composition of above committees & their meetings are given separately under the Corporate Governance Report, which forms part of this report.
The Board meets on regular intervals to discuss on Company/ business policy, strategy and financial results apart from other Board business. A tentative calendar of Meetings is prepared and circulated in advance to the Directors to facilitate them to plan their schedule and to ensure meaningful participation in the meetings.
During the year Four Board Meetings were convened and held. The details of which are given in the Corporate Governance Report which forms part of this report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013/notification issued by the Government from time to time.
The Companys policy on directors appointment and remuneration and other matters provided in Section 178(3) of the Act has been disclosed in the Corporate Governance report, which forms part of the Boards report.
https://www.blkashyap.com/wp- content/uploads/2023/08/ NRC- Policy.pdf
In accordance with the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Annual Performance Evaluation of the Board and individual Directors has been duly conducted.
The evaluation was carried out based on a structured framework and set of criteria approved by the Board. The process involved the use of a systematically designed questionnaire, covering various parameters such as the effectiveness of Board and Committee meetings, the composition and diversity of the Board, strategic inputs provided by Directors, and their performance in discharging specific duties and responsibilities.
The performance evaluation of Independent Directors was conducted by the entire Board, excluding the Directors being evaluated. The evaluation of the Chairman and Non- Independent Directors was carried out in a separate meeting of the Independent Directors, as prescribed under applicable regulations.
The Board expressed its overall satisfaction with the evaluation process, recognizing it as a useful exercise in enhancing its own effectiveness and governance standards.
Details of the evaluation criteria and methodology are disclosed in the Corporate Governance Report, forming part of this Annual Report.
Your Company has in place a structured induction and
familiarization programme for its directors. Upon appointment, directors receive a Letter of Appointment setting out detail, the terms of appointment, duties, responsibilities, obligations, Code of Conduct for preventing of Insider Trading and Code of Conduct applicable to Directors, Key Managerial Personnel and Senior Management Personnel.
They are also updated on all business related issues and new initiatives. Independent directors are also encouraged to visit the facilities of the Company and engage with Senior Management. Regular presentations and updates on relevant statutory changes encompassing important laws are made and circulated to the Directors.
Such familiarization programmes help the Independent Directors to understand the Companys strategy, business model, operations, markets, organization structure, risk management etc. and such other areas as may arise from time to time.
The details of familiarization program are provided in Corporate Governance Report which forms part of the Annual Report.
The policy and details of familiarization programme imparted to the Independent Directors of the Company is available at;
https://www.blkashyap.com/wp- content/uploads/2025/03/ Familiarization_programme.pdf
In compliance with Rule 6 of Companies (Appointment and Qualification of Directors) Rules, 2014, all the Independent Directors of the Company have registered themselves with the Independent Directors Data Bank maintained by IICA.
M/s. Sood Brij & Associates, Chartered Accountants (Firm Registration No.: 00350N) were appointed as Statutory Auditors of the Company at the 35th Annual General Meeting (AGM) held on 30th September, 2024 to hold office from the conclusion of 35th AGM till the conclusion of 40th AGM to be held in the year 2029.
The Auditors Report on Standalone and Consolidated financial statements is a part of this Annual Report. The Statutory Auditors of the Company has issued Audit Reports on the Standalone and Consolidated Annual Financial Statement of the Company with unmodified opinion. The observation made in the Auditors Report read together with relevant notes thereon are self- explanatory and hence, do not call for any further comments under Section 134 of the Companies Act, 2013.
There were no qualifications, reservations or adverse remarks made by the Auditors in their report.
During the year under review, there were no frauds reported by the auditors to the Audit Committee or the Board under section 143(12) of the Companies Act, 2013.
The Members at the 36th Annual General Meeting held on 30th September, 2025, appointed M/s. Dhananjay Shukla
6 Associates, Company Secretaries as Secretarial Auditors of the Company for a term of 5 years from FY2025- 26 to FY2029- 30.
The Secretarial Auditors have confirmed that they have subjected themselves to the peer review process of Institute of Company Secretaries of India (ICSI) and hold valid certificate issued by the Peer Review Board of the ICSI
The Secretarial Audit Report for FY2025- 26 is annexed as Annexure C to this Report. The Secretarial Audit Report does not contain any qualification, reservation or disclaimer or adverse remarks.
In terms of Section 148 of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, it is stated that the cost accounts and records are made and maintained by the Company as specified by the Central Government under sub- section (1) of Section 148 of the Companies Act, 2013.
The Board of Directors of the Company on the recommendation of the Audit Committee approved the appointment of M/s. Sanjay Gupta & Associates, Cost Accountants as the Cost Auditors of the Company to audit the cost records for the financial year ending 31st 31 st March, 2026. The Cost auditor shall submit its report to the Board of Directors within the time prescribed under the Companies Act, 2013 and the rules made thereunder.
During the year under report, the Company has duly complied with all the applicable secretarial standards as issued by the Institute of Company Secretaries of India from time to time.
Loans, guarantees and investments covered under the provisions of section 186 of the Companies Act, 2013 forms part of the notes to the financial statements provided in the Annual Report.
The Company, in compliance with Section 135 of the Companies Act, 2013 has constituted a Corporate Social Responsibility Committee (CSR Committee) of the Board of Directors. The objective of the Companys Corporate Social Responsibility (CSR) initiatives is to improve the quality of life of communities through long- term value creation for all stakeholders. The Companys CSR policy provides guidelines to conduct CSR activities of the Company. The CSR Committee comprising Mr. S. Basavaraj as the Chairman and Mr. Vinod Kashyap, Mr. Vineet Kashyap and Mr. Vikram Kashyap as other members.
The CSR Policy is available on our website at:
https://www.blkashyap.com/wp- content/uploads/2023/07/ CSR Policy.pdf
The initiatives undertaken by your Company during the year have been detailed in CSR Section of this Annual Report. The Annual Report on CSR activities as required under the Companies Corporate Social Responsibility Policy Rules, has been annexed to this Report as Annexure D which forms an integral part of this report.
In accordance with Section 92(3) read with Section 134(3)(a) of the Act, the extract of the annual return in Form MGT- 7 for the financial year ended 31st March, 2026 is available on the website of the Company at
https://www.blkashyap.com/investor- relation/
The Company has in place an alert procedure Vigil Mechanism / Whistle Blower Policy to deal with instance of fraud and mismanagement, if any.
In staying true to our values of Strength, Performance and Passion and in line with our vision of being one of the most respected companies in India, the Company is committed to the high standards of Corporate Governance and stakeholder responsibility.
The procedure Vigil Mechanism / Whistle Blower Policy ensures that strict confidentiality is maintained whilst dealing with concerns and also that no discrimination will be meted out to any person for a genuinely raised concern.
The policy on vigil mechanism and Whistle Blower Policy may be accessed on the Companys website at;
https://www.blkashyap.com/wp- content/uploads/2023/12/ Whistle_Blower_2014- 1. pdf
The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires pre- clearance for dealing in the Companys shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for implementation of the Code.
All Board Directors and the designated employees have confirmed compliance with the Code.
Pursuant to amendments to the PIT Regulations, the Company has also adopted a procedure for inquiry in case of leak or suspected leak of Unpublished Price Sensitive Information (UPSI). This procedure aims to maintain ethical standards in handling sensitive information and strengthen internal controls to ensure that UPSI is communicated only in accordance with applicable regulations. It also provides for an appropriate investigation mechanism in case of leak or suspected leak of UPSI.
In compliance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed thereunder, the Company has adopted a comprehensive policy on the prevention, prohibition, and redressal of sexual harassment at the workplace.
The policy aims to create awareness among employees about
behaviors that constitute sexual harassment, establish preventive measures, and outline an effective redressal mechanism for addressing complaints, if any. The policy has been communicated to all employees and is strictly implemented across all levels of the organization.
An Internal Complaints Committee (ICC) has been constituted as per the statutory mandate. The ICC is responsible for investigating and redressing complaints of sexual harassment, in accordance with the prescribed guidelines and procedures under the Act and the Companys policy.
The Company is committed to fostering a safe, secure, and inclusive work environment that upholds the dignity of every employee.
Disclosures under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 for the Financial Year 2025- 26:
a. Number of complaints of sexual harassment received in the year- Nil b. Number of complaints disposed off during the year - Nil c. Number of cases pending for more than ninety days - Nil d. Number of complaint pending as on end of the financial year : Nil
The Company affirms its adherence to the provisions of the Maternity Benefit Act, 1961, and the rules made thereunder. We are committed to upholding the rights and welfare of our women employees by ensuring compliance with all applicable statutory obligations related to maternity benefits, including paid maternity leave, nursing breaks, and protection from dismissal during maternity leave.
The Equity Shares of the Company are listed on National Stock Exchange of India Limited and BSE Limited. The requisite annual listing fees have been paid to these Exchanges.
The Company continues to take appropriate measures for conservation of energy. Although the core business activity of the Company- civil construction- is not inherently energyintensive, efforts are consistently made to optimize the usage of energy resources, including power and fuel, across all operational levels. Conscious steps are taken to promote efficiency and minimize wastage, thereby supporting sustainable practices in day- to- day operations.
During the year under review, there is no information to be furnished under the head of Technology Absorption, as the Company has not undertaken any specific Research & Development (R&D) activities, nor has it acquired or implemented any external technology that would require absorption or adaptation.
However, innovation remains an integral part of the Companys
culture, particularly in achieving cost efficiencies and operational excellence within its core construction activities. These processlevel improvements and best practices, though not formally categorized as R&D or technology absorption, contribute meaningfully towards enhancing productivity and maintaining competitiveness in a challenging market environment.
While there was no Foreign Currency earning during the year under review, the Foreign Currency outgo was Rs. 0.24 Cr.
As Company is not falling under the Top- 1000 listed entities, based on market capitalization as at 31st March 2026, the provisions of Regulation 34(2)(f) of the Listing Regulations pertaining to the Business Responsibility and Sustainability Report (BRSR), are not applicable.
Your Company does not have any stock options scheme.
Your company continues to enjoy ISO 9001:2015, ISO 45001:2018 and OHSAS 14001:2015 accreditation, for meeting international standards of Quality, Environmental, Occupational Health and Safety Management Systems.
The Company places the highest priority on the safety and well- being of its employees, labour workforce, third parties, and visitors. Safety continues to be an integral part of the Companys operational philosophy, with a strong emphasis on fostering a culture of prevention, accountability, and continuous improvement across all project locations.
Our focus on accident- free operations, robust risk management, and the creation of a cleaner and safer work environment has yielded significant benefits over the years, resulting in enhanced growth opportunities and increased stakeholder trust. The Company has been accredited with the OHSAS 14001:2015 certification, which serves as both a reinforcement and a benchmark of the high- quality safety standards and practices implemented across our project sites.
The Company continued to demonstrate strong operational performance across all business segments during the year, earning widespread recognition from leading industry bodies for excellence in safety, quality, engineering, and construction practices. These accolades reflect the Companys unwavering commitment to operational excellence, innovation, and adherence to the highest industry standards.
Some of the key recognitions received during the year include:
Gold Award for Excellence in Occupational Health & Safety in the Construction Sector from the Apex India Foundation for the DLF Downtown- 2 MOIG Project, Gurugram.
National Safety Award from the National Safety Council - Karnataka Chapter for exemplary safety performance across various project sites.
Award of Excellence for Institutional/Industrial Concrete Structure jointly conferred by the Indian Concrete Institute (ICI), Gurugram Centre and UltraTech Cement Limited for the DLF Downtown, Block-4 Project.
Construction Excellence Award for Excellence in the Engineering & Construction Sector from the Indian Concrete Institute,
Lucknow Centre for the Redevelopment of Gomtinarag Railway Station, Lucknow.
These recognitions reaffirm the Companys focus on delivering world- class projects while maintaining the highest standards of safety, quality, engineering excellence, and sustainable construction practices.
The information required under Section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below:
Median Remuneration of Employees during the financial year 2025- 26: Rs. 4.59 lakh p.a.
a. The ratio of the remuneration of each director to the median remuneration of the employees of the Company for the financial year:
| Non-executive directors | Ratio to median Remuneration |
| Mr. Gopinath Ambadithody | - |
| Mrs. Neelam Naresh Kothari | - |
| Mr. Vishal S Ohiri | - |
| Mr. Vivek Talwar | - |
| Mr. Setthalli Basavraj | - |
No remuneration was paid to Non- executive directors except sitting fees.
| Executive directors | Ratio to median Remuneration |
| Mr. Vinod Kashyap | 29.61 times |
| Mr. Vineet Kashyap | 29.61 times |
| Mr. Vikram Kashyap | 29.61 times |
b. The percentage increase in remuneration of each director, chief executive officer, chief financial officer, company secretary in the financial year:
| Directors, Chief Executive Officer, Chief Financial Officer and Company Secretary | % increase in remuneration in the financial year |
| Mr. Vinod Kashyap | NIL |
| Mr. Vineet Kashyap | NIL |
| Mr. Vikram Kashyap | NIL |
| Mr. Pushpak Kumar CS | 9.5% |
| Mr. Vikesh Agarwal CFO | NIL |
c. The percentage increase in the median remuneration of employees in the financial year: 10% 10%
d. The number of permanent employees on the rolls of Company: 1297
e. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:
Average percentile increase in the remuneration for all employees and managerial personnel was 10% 10%
and NIL respectively. Increments in remuneration of employees are as per the appraisal / remuneration policy of the Company.
Remuneration to executive directors was paid during FY 2025- 26 in terms of Schedule V of the Companies Act, 2013.
Affirmation that the remuneration is as per the remuneration policy of the Company:
The Company affirms remuneration is as per the remuneration policy of the Company.
Information pursuant to Rule 5(2) & 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 pertaining to the top ten employees in terms of remuneration drawn and their other particulars also form part of this report. However, the report and the accounts are being sent to the members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection at the Registered Office of the Company. Any shareholder interested in obtaining a copy of the same may write to the Company Secretary.
Managerial Personnel includes Chairman, Managing Director, Whole- time Director, Company Secretary and Chief Financial Officer.
The Board of Directors have framed a Policy which lays down a framework in relation to remuneration of Directors, KMP and other employees of the Company. The said Policy is available on the Companys website at https://www.blkashyap.com/wp- content/uploads/2023/08/NRC- Policy.pdf
During the year under review, no instances of failure to implement corporate actions were reported.
Your Company is committed to maintaining the highest standards of corporate governance and business ethics. The governance framework of the Company is founded on the principles of transparency, accountability, integrity, fairness, and responsible corporate conduct, which guide all business decisions and stakeholder interactions.
The Company has complied with the applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, and has adopted appropriate systems and processes to ensure effective governance and regulatory compliance.
A detailed Report on Corporate Governance, pursuant to the requirements of the SEBI Listing Regulations, forms an integral part of this Annual Report. The Report provides comprehensive details regarding the Companys governance philosophy, Board composition, Committees of the Board, policies, practices, and disclosures.
The requisite certificate from the Statutory Auditors confirming compliance with the conditions of Corporate Governance as prescribed under the SEBI Listing Regulations forms part of the Corporate Governance Report.
Further, the certificate issued by the Managing Director/Chief Executive Officer and the Chief Financial Officer pursuant to Regulation 17(8) read with Part B of Schedule II of the SEBI Listing Regulations is annexed to and forms part of this Annual Report.
The Board periodically reviews the Companys governance practices and remains committed to strengthening governance standards in line with evolving regulatory requirements and global best practices.
In compliance with the provisions of Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Management Discussion and Analysis Report forms an integral part of the Annual Report and is presented in a separate section.
The Company is also periodically uploading Annual Reports, Financial Results, Shareholding Pattern, Corporate Governance Reports etc. on its website viz. www.blkashyap.com within the prescribed time limit.
Your directors would like to express their gratitude for the support, assistance and cooperation received from the Bankers, Government Authorities, Regulatory Authorities and Stock Exchanges. Your Directors also take this opportunity to thank all investors and shareholders for their continued support. The Board places on record its appreciation for the continued support received from associates, vendors, retailers and business partners, which is indispensable in the smooth functioning of B. L. Kashyap and Sons Limited.
Your directors place on record its appreciation of the contribution made by employees at all levels. Our efforts at consolidating our position would not have been possible without their hard work, solidarity, cooperation and support. The Board expects to continue receiving their support and cooperation in the future as well.
For and on behalf of the Board of Directors of B.L.KASHYAP AND SONS LIMITED
(VINOD KASHYAP) CHAIRMAN DIN: 00038854
Place: New Delhi Dated: 12.08.2026
(VINEET KASHYAP) MANAGING DIRECTOR DIN: 00038897
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