BCPL Railway Infrastructure Ltd Directors Report

Dear Members,

Your Directors are pleased to present their report and financial statements for the year ended 31 st March, 2026.

Standalone Financial Highlights (In Lacs)

Particulars	2025-26	2024-25
Profit before	1161.34	1432.33
Exceptional Items, Depreciation, Finance cost and Tax
Less: Depreciation and	16.37	22.89
Amortisation expense
Finance cost	307.69	374.82
Profit Before Tax	837.28	1034.62
Less: Tax Expense	234.63	206.04
Profit After Tax	602.65	828.58
Add: Other Comprehensive Income (loss)	(49.77)	(148.83)
Total Comprehensive income	552.88	679.75
Key Ratios
Earnings per share ( )	3.60	4.95
Dividend per share ( )	1.00	1.00

Consolidated Performance Highlights

Consolidated Performance Highlights of the Company are as follows:

(In Lacs)

Particulars	FY 26	FY 25	Change
Revenue	21,352.01	16423.92	30.01%
EBIDTA	1844.63	1307.40	41.09%
EBIDTA - %	8.64%	7.96%	8.54%
Profit Before Tax	928.57	620.14	49.74%
Profit After Tax	684.66	505.92	35.33%

Operating Performance

During the first half of the FY 25-26 the Railway Business of the Company achieved significant efficiencies because of Companys focus on larger contracts and particularly EPC contracts. EBIDTA margin of the division experienced a significant improvement mainly on account of the larger contracts where completion rate was faster and economies of scale were realised. Further the overall buoyancy in the supply of raw materials at relatively lower prices because of the relentless efforts of the team also contributed to the margin improvement.

The Railway Business of the Company faced head winds in the form of slower progress of projects during the second half of the FY 25-26, due to operational issues in the shape of lesser availability of sites because of works in existing tracks for which traffic blocks were imperative for work execution. Coupled with rising inflationary conditions, generated from the tensed Geo Political situation in the world also contributed in dragging the momentum down.

However, the managements continuous focus on efficiency improvements has resulted in improvements in profitability ratios at EBIDTA as well as PAT levels. Their all-out efforts to navigate the business through tough times as and when they arise resulted in overcoming the challenges faced from the situations.

The management is hopeful of scaling up the companys operations that would result in higher profitability from the division and is envisaged to maintain the momentum considering the overall buoyancy in the railways sector amplified by the Governments thrust for modernising the Railway Infrastructure through projects for speed augmentation and safety improvement.

The Management of the Company is optimistic about the plans of the Government towards investment in modernisation of the infrastructure sector of the country and hopes to bag significant quantum of orders from the Railways. The management is optimistic about fresh orders and improvement in execution due to continuous coordination with the Railway Authorities.

The Management is taking all steps to protect the margins and is hopeful of maintaining the same because of the companys focus on key areas that may affect the profitability.

However, the management of the Company shall continue to keep constant vigil on the present geo political situation which has emerged as a very strong risk factor in the global business environment.

The inflationary trend in the global economy resulted in volatile markets. The Management has been able to sustain the adversities mainly on account of price variation claims with the Railway Authorities and the hedging techniques adopted to mitigate the inflationary pressures.

Your Company is one of the leading providers of Railway Electrification infrastructure to the Indian Railways directly and to large corporates as well, to support their efficient connectivity initiatives.

Considering the efforts and plans of the Central Government for the Railways, in construction of double, third and fourth lines along the existing routes to facilitate movement of high-speed trains, laying of new routes especially in the tough terrain of the North-Eastern part of the country and Integration of postal and railway networks, enormous opportunities in the foreseeable future may be expected for the company. New Vande Bharat Routes including sleeper coaches are being introduced at regular intervals and Dedicated Freight Corridor routes are being expanded with increased speeds. All

Share Capital

The Authorised Share Capital of your Company as on March 31, 2026 stood at 180,000,000 divided into 18,000,000 equity shares of 10/- each. The Issued Share Capital of your Company is 167,236,380 divided into 16,723,638 equity shares of 10/- each and the subscribed and paid-up capital is 167,236,380 divided into 16,723,638 equity shares of 10/- each fully paid-up. The entire share capital of the Company is held in electronic form. No outstanding shares are held in Demat suspense/ unpaid suspense account. There are nil shares in suspense account. ESOP is not applicable to the Company.

Earnings

Despite the inflationary pressures, the management is committed to expedite the project execution which enabled the company to these initiatives would entail huge investments in the Railways for practically overhauling or strengthening the existing infrastructure comprising of tracks, signaling and electrification.

Shareholders Fund

Your Company has been able to keep increasing its members funds despite all challenges faced during the financial year. This has been made possible because of the extreme hard work, dedication and sincerity of the Companys work force, and efficient completion of Railway Electrification Projects. maintain the growth trajectory of the performance. Adversities faced on account of price variation were mitigated by raising claims with the Railway Authorities and adopting hedging techniques to mitigate the inflationary pressures.

The Management of the Company took the adversities in their stride and made all out efforts for improvement of the Companys operating efficiencies. This has been possible with the overall improvement in the productivity of the Companys work force and the Governments thrust for modernising the Railway Infrastructure through projects for speed augmentation at various division of Railways.

Dividends

The Board of Directors have recommended a final dividend of 1.00 (10%) per equity share of 10 each for the financial year ended 31 st March, 2026, subject to approval of shareholders. The outflow on account of dividend, if approved, would be 167.24 lacs. Details of the dividend payment schedule is provided in Annexure-4 . The Company has transferred 602.65 lacs to the Retained Earnings during the financial year 2025-26. In terms of the provisions of Section 124 of the Act, amount due for transfer to the Investor Education and Protection Fund, in respect of dividend amounts lying unclaimed or unpaid for more than seven years from the date they became due is provided in Annexure 4. Pursuant to the changes introduced by the Finance Act, 2020 in the Income-tax, Act 1961, the dividend paid or distributed by a Company shall be taxable in the hands of the shareholders. Accordingly, in compliance with the said provisions, your Company shall make the payment after necessary deduction of tax at source.

Management Discussion & Analysis

Economic Scenario

The global economic environment remains uncertain, shaped by geopolitical tensions, trade disruptions, and divergent growth and inflation outcomes across major economies. Challenges are raised up by elevated inflation, tight monetary and financial conditions, escalating geopolitical tensions, rising geoeconomic fragmentation, disruptions in key global shipping routes, fragmented supply chains, high public debt, burdens and financial instability. Global financial markets are on edge with recurrent bouts of volatility as every incoming data increases uncertainty around monetary policy trajectories of major central banks. Notwithstanding the adversaries, the global activity has shown resilience in the near term by continuously reshaping itself faced with such unpredictable headwinds and reshaping the contours of our lives and livelihoods, positioning an increased reliance on economic policy instruments for strategic purposes. Against this backdrop, the Indian economy has maintained strong growth momentum in FY26. The real GDP growth at 7.7 per cent, with growth largely driven by domestic demand. Private consumption and capital formation continue to support expansion, while services remain the key contributor on the supply side. Manufacturing activity has strengthened, and agriculture has provided stability, notwithstanding structural constraints.

Resilience of the Indian Economy is drawn upon the innate strength of its underlying fundamentals, supported by a prudent and favourable policy mix. The supportive policy initiatives include more allocation of capital spending on Infrastructure development, easing of supply chain bottlenecks through easier access to credit, relief to the infrastructural sector especially to MSMEs and other direct tax measures. A significant increase in capital expenditure on infrastructure by the Government to prepare the economy for a sustained long-term expansion. The Government emphasised on a strong and resilient social infrastructure through Aatma Nirbhar Bharat Abhiyan packages and other sector specific initiatives aimed at indigenous research and development, reskilling population, as with building skills and providing employment and livelihood to one of the largest work forces in the world.

Industry outlook

Indian Railways infrastructure has undergone a large-scale transformation, by enhancing capacity, efficiency, safety and service delivery across operations. Budgetary support has been proposed at 2.78 lakh crore in FY2026 27. Electrification progressed rapidly, resulting in a total of 69,873 kilometers route electrified, improving energy efficiency and reducing dependence on fossil fuels. This transition also lowered operating costs and supported environmentally sustainable railway operations.

Indias indigenous Vande Bharat trains enhance modern rail travel by offering improved speed, comfort, and onboard technology. As of April 2026, 162 Vande Bharat train services are operational across the country. Higher-capacity 16 and 20-coach configurations are enhancing passenger capacity and accessibility. The Vande Bharat Sleeper, launched in January 2026, carried 1.21 lakh passengers across 119 trips in its first three months, recording 100% occupancy. Indian Railways has also expanded affordable long-distance travel through the Amrit Bharat Express. A total of 60 train services are now operational, improving connectivity and passenger convenience for low and middle-income families.

India is advancing its high-speed rail infrastructure with the Mumbai Ahmedabad High-Speed Rail (MAHSR) Corridor, which is currently under construction. The 508 km corridor has been designed for operations at speeds up to 320 kmph and is supported by advanced rolling stock, signalling, and train control systems. The Union Budget 2026 27 also announced plans for seven new high-speed rail corridors across the country.

The Amrit Bharat Station Scheme (2023) was launched to modernise railway stations and improve passenger amenities. Under the scheme, redevelopment work was completed at 208 stations out of 1,338 identified stations. Safety systems and operational upgrades also strengthened reliability across the railway network. Train punctuality improved to over 77%, with 24 divisions achieving more than 90% on-time performance.

Rail safety has been strengthened through Kavach, Indias indigenous automatic train protection system. The technology monitors train movement and automatically applies brakes to prevent collisions and unsafe operations. Kavach has been deployed across 3,103 route km, while implementation is underway on 24,427 km across major corridors. The system has also been installed on 4,277 locomotives, with work in progress on 8,979 locomotives. Kavach Version 4.0 has been commissioned on major routes such as Delhi Mumbai, Delhi Howrah, and Prayagraj Kanpur. Consequentially, the train accidents declined from 135 in 2014 15 to 16 in 2025 26.

Freight movement and logistics integration improved through dedicated cargo infrastructure and multimodal systems. Under the PM Gati Shakti framework, 139 terminals became operational, while 300 additional locations were approved for development. These terminals enhanced cargo handling efficiency, reduced transit delays, and strengthened supply chain connectivity across regions. Major infrastructure projects have strengthened connectivity across challenging terrains and strategic regions. Chenab Bridge (2025): Standing 359 metres above the Chenab River, it is the worlds highest railway arch bridge. The 1,315-metre-long steel structure is engineered to withstand extreme wind and seismic conditions. The bridge strengthens connectivity between Jammu and Srinagar while reducing travel time. Anji Khad Bridge (2025): The Anji Khad Bridge is Indias first cable-stayed railway bridge in Jammu and Kashmir. The bridge is boosting mobility, tourism, and economic activity in the region. Pamban Bridge (2025): Indias first vertical-lift railway sea bridge connects Rameswaram with the mainland through advanced coastal engineering. The 2.07 km bridge features a 72.5-metre vertical lift span for seamless railway and maritime movement. Bairabi Sairang (2025): The 51.38 km railway line strengthened rail connectivity to Mizoram through challenging mountainous terrain. The project passes through 45 tunnels and represents a major infrastructure milestone for the Northeast. Araria to Galgalia (2025): The 110.75-km stretch is touted as the lifeline of the region for its strategic importance Shielding Chicken Neck Corridor and Connecting Bihar with West Bengal.

Indian Railways, with its resolute efforts, is not just laying tracks but also paving the way for inclusive growth and integration of the Northeast, connecting through difficult terrain with the rest of the country. The Bairabi-Sairang line connectivity Aizawl, the Dimapur-Kohima new line project in Nagaland, the Murkongselek-Pasighat line in Arunachal Pradesh, the Sivok-Rangpo line connecting West Bengal and Sikkim, the Jiribam-Imphal line in Manipur, two major doubling projects from New Bongaigaon-Agthori via Rangia and New Bongaigaon-Goalpara-Kamakhya in Assam, represents more than just geographical connectivity. A real thrust has been given to boost connectivity in the Northeast entrusted with pivotal roles in transforming the Northeastern states with rapid implementation.

The National Rail Plan lays down the road map for capacity expansion of the railway network by 2030 to cater to growth up to 2050. It envisages the creation of a future ready railway system that is able to not only meet the passenger demand but also increase the freight corridors from the present level. IRs capital expenditure includes investments for constructing new lines, procuring wagons, doubling of lines, quadrupling, station redevelopment, modernisation and renewing tracks.

Opportunities and Threats

A lot of emphasis is given to Railway Electrification in recent years with a view to reduce the Nations dependence on imported petroleum-based energy and to enhance the countrys energy security, with a vision of providing eco-friendly, faster and energy efficient mode of transportation, keeping in mind the huge cost savings and considerable reduction in carbon foot print. Railways will develop new products and efficient logistics services for small farmers, and small and medium enterprises. 100 PM-GatiShakti Cargo Terminals for multimodal logistics facilities will be developed over the next few years. Multimodal connectivity between mass urban transport and railway stations will be facilitated on priority. New-generation Vande Bharat trains, Vande Bharat sleeper coaches, replacement of ICF coaches with LHB coaches, further enhancing the high-speed travel network, will result in more capital infusion by the Government in the Railway Infrastructural sector.

Aided by the Government policy and initiatives your Company foresees a very bright future for organisations which are providing dedicated services for the Railway Electrification Eco System.

Your Company faced the bottlenecks created by uncertainties due to inflationary conditions and volatile logistic pricing thereby causing supply chain disruptions and project extensions. The inflationary trend in the global economy especially in ferrous and copper materials as well as increasing rates of freight has resulted in a volatile pricing mechanism. However, the Management has been able to overcome the adversities mainly on account price variation claims with the Railway Authorities and adept hedging strategies.

Further, issues like the inadequate availability of section clearance conducive for working at sites due to block availability at busy stations, thereby resulting in cost escalation of idle labour, posed a challenge for the Company. However, your Company is poised to mitigate such problems through, efficient workforce management, adept leadership qualities, quick decision making and internal control system.

To sum up, it may be stated that digitization, planning and execution coupled with skilled workforce and robust internal control system may help in mitigating the risks associated with the business.

Companys Operations

Your Companys consistent focus on transforming challenges into opportunities has been the pivot which has enabled the Company to do well even during tough times. The inherent challenges brought about by geographical tensions followed by global inflation made it imperative that we focus on our strengths and look for all available opportunities. The Companys tremendous progress over the past decade has been possible because of an organizational culture that encourages and rewards team endeavours and value to the customer. The ability of the teams to consistently craft and execute winning strategies while ensuring that the corporate governance standards are maintained at the highest levels have ensured robust and consistent growth of the Company. Despite the undeniable challenges, your company has been agile and focussed to adapt to the new normal with understanding of the core values of business entrenched in team, technology and techniques more than ever, thus strengthening its position in the industry.

Your company has a dedicated team of in-house design engineers, to lay out the drawings and plan of execution as per the specifications of the Indian Railways.

Your Company has a pan India presence in executing electrification projects and traction substation work under Indian Railways. It has a strong order book position with path-breaking orders in the railway electrification segment received from Indian Railways as well as the Rail Vikas Nigam Limited (RVNL), Rail Infrastructure Development Company (Karnataka) Limited (K-Ride), Military Engineering Services (MES), WEBEL (West Bengal Electronics Industry Development Corporation Limited) and Tata Steel Limited.

Subsidiary Company - BCL Bio Energy Private Limited 300 MT per day of Rice Bran Oil Extraction

The 300 TPD Rice Bran Oil Extraction plant has achieved profitability during the year due to better capacity utilisation. The plant operated at almost 50% capacity and the same is expected to improve further in the times to come.

Further as a green shoot measure for the Division the Government of India has removed the ban on export of De-Oiled Rice Bran (DORB) which has improved the prices of the divisions products. The division has also started production of Deoiled DDGS wherein Corn Oil is extracted from DDDS which is a bye product of Ethanol production. The resultant De-Oiled DDGS acts as a very good source of animal protein at relatively lower prices and the Corn oil is having a very good market.

The project is expected to experience tail winds in the form of depreciating Indian Rupee which would act as a catalyst for profitability improvement as Rice Bran Oil is an import substitution product.

The hurdles faced in the initial stages of the operation at the start of FY25-26, was appropriately negotiated by the Management and the plant is expected to generate revenue as well as profitability in the coming years, thereby expanding the margins of the consolidated accounts benefitting both the holding as well as the subsidiary. The Management proposes to rescind the divestment of the stake of BCL Bio Energy Private Limited and continue as the Holding Company of BCL Bio Energy Private Limited which would strengthen the consolidated accounts and effectively guide the management of BCL in its efforts towards growth of business.

Details of subsidiary in Form AOC-1 is provided in

Annexure 1.

Consolidated Financial Statements

The duly audited Consolidated Financial Statements as required under the Indian Accounting Standard 110, provisions of

Regulation 33 of the Listing Regulations and Section 136 of the Act have been prepared after considering the audited financial statements of your Companys subsidiaries and appear in the Annual Report of the Company for the FY 25-26.

Focus, Outlook and Future Projections

Your Companys focus on Railway Electrification has been able to carve a niche for itself in the field, whereby it has become a highly acceptable partner for the Railways. This has been possible because of the Companys focus on efficient execution management system.

The Indian Railway ecosystem is evolving and getting upgraded with previously unimaginable pace and commitment. New Vande Bharat Routes are being introduced every passing day and Dedicated Freight Corridor routes are being expanded with increased speeds. All these initiatives would entail huge investments in the Railways for strengthening the existing infrastructure comprising of tracks, signaling and electrification so that the dream of making the Indian Railways one of the best in the world is realized sooner than later.

The North eastern region of the country is relatively backward in terms of the reach of the Railways and the Central government of the day is committed to eradicating this weakness by implementing railway projects in the North Eastern states. Considering the efforts and plans of the central government for the Railways and its initiatives in expansion by way of capital infusion in infrastructural development, the sector assumes the importance of being a sunrise sector of the present decade.

Risks and Concerns

The Management of the Company endeavours to identify elements of risk in different areas of operations and to develop mechanism for initiating actions required to mitigate the risks.

The Management on a timely basis informs the Board about risks along with measures that they propose to take in order to mitigate the risks.

The Company has a Risk Management policy approved by the Audit Committee and the Board of Directors. The Policy provides a framework for identification of risks inherent in the business operations of the Company, and devises mitigation methods in a dynamic manner and on a continuous basis which are periodically reviewed and modified considering the size and complexity of the business and the regulatory as well as business requirements. The hedging policy laying down the technique, guidelines and procedures to mitigate the risk from high volatile as well as high value items forms part of the Risk Management policy. This hedging tool is devised for mitigating risk due to price fluctuation. The Risk Management Policy can be viewed at the following web link: https://bcril.com/policies/

Due to inflationary pressures, there were some uncertainties/ disruptions in the supply chains, availability of labour and their movement. Your Company continues to provide special attention to these areas requiring flexibility of operations and quick decision making.

Operational Efficiency

Your Company is constantly directing its efforts towards efficiency enhancement on all fronts starting from administrative office to project locations. Your Company has also started various programmes for training the work force in achieving improvements in micro level efficiency.

Your Company also encourages leadership skills amongst its employees which have helped in maintaining a motivated and efficient work force.

Safety

Your Company has, as a policy, always strived to ensure safety and security of its work force. Safety is of paramount importance in our area of work and we, at BCPL, are ever focussed on improving the safety of our workers and the safety of lives. With a view to achieve this, your Company constantly organises training programmes to inform employees about the ways and means of working under strict safe conditions. Your Company procures the best safety gears comprising of helmets, safety belts and undertakes regular safety checks to ensure that the rules are followed. The Company has a dedicated safety officer to ensure compliance with rules.

We have been vigilant at site in line with the health and safety policy and rules framed thereunder and ensured strict implementation of the STAY SAFE policy and the ZERO TOLERENCE policy towards slackness in maintaining safety at work site. Towards achieving our motto of preserving well-being of the employees we provide them adequate insurance cover. We also encourage virtual meetings at site offices at all levels, be it internal and/or client or stakeholders periodically.

Quality Control

Your Company is aware of its responsibility towards the delivery of a safe Railway Electrification Eco System for the safety of property and the masses who use the services of the Railways for meeting their transport requirements.

With a view to achieving the best standards in its construction efforts the Company has in place a system of checks and balances whereby the work performed by its employees is thoroughly checked by trained engineers in terms of safety standards set by the Railway Administration.

Your Company depends on vendors approved by RESEARCH DESIGNS & STANDARDS ORGANISATION (RDSO) for procuring equipment required in execution of projects. Further your Company has a system of identifying its vendors based on their credibility in terms of timely delivery of quality products.

Considering the ambitious plans of the Government towards Railway Electrification, timely procurement may play out as a key factor towards timely project completion. In order to address any risk involved, your Company takes further precautions by constantly developing vendor base so that in the event of a scarcity in supply of equipment the challenge can be effectively dealt with.

Further the Board of Directors have laid down a standard procurement policy for ensuring the orderly and efficient conduct of its business. The Policy provides a framework for procurement of materials as may be required by issuing purchase orders pursuant to these standard terms and conditions, thereby devising mitigation methods for orderly supply chains and for operating standard negotiating terms. The Procurement Policy can be viewed at the following web link: https://bcril.com/policies/

Environment

The aim of your Company is to develop business while improving its environmental performance in creating a more sustainable future. In order to achieve this, your Company continues to focus on measures for the conservation and optimal utilization of energy in all the areas of its operations. Work Sites are encouraged to consistently improve operational efficiencies, minimize consumption of natural resources and reduce water, energy consumption and carbon emissions while maximizing productivity. Adopting the use of digitisation in our business operations is encouraged by arranging virtual meetings at all levels, be it internal with the employees and work sites or Railway personnel, client or other stakeholders.

Health of Employees

Your Company recognises the importance of maintaining health of its employees who work away from home for considerable lengths of time. With a view to providing the best medical facilities to its employees, whenever required, your Company has tied up with Insurance provider to provide Accidental cover for its employees to avail the best medical attention without worrying about the cost.

In the past few years, we have learnt to be vigilant and be aware of health, hygiene and cleanliness at home and at work places. Your Company provided remote specialised training at various units through video conferencing and ensured personal hygiene, safe work habits and best practices in sanitation and disinfection in the work place.

Your Company is taking the utmost care of its staff and work force. Measures taken at all units of the Company include, Display of Posters regarding safety rules to be followed. Awareness at prominent places of all business units. Periodical conduct of safety vigilance and safety audit. Adopting Zero tolerance for safety issues. Insuring employees against Accidents/injuries.

Directors Responsibility Statement

Your Directors wish to inform that the Audited Accounts containing Financial Statements for the financial year ended 31 st March, 2026 are in full conformity with the requirements of the Act. They believe that the Financial Statements reflect fairly, the form and substance of transactions carried out during the year and reasonably present your Companys financial condition and results of operations.

Your Directors further confirm that in preparation of the Annual Accounts: i) The applicable accounting standards have been followed and wherever required, proper explanations relating to material departures have been given, ii) 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 at the end of the financial year and of the profit or loss of the Company for that period, iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities, iv) The Accounts have been prepared on a going concern basis, v) The Directors have laid down internal financial controls to be followed by the Company and ensure that such internal financial controls are adequate and operating effectively, vi) The Directors have devised proper systems to ensure proper compliance with the provisions of all applicable laws and these systems are adequate and operating effectively.

Corporate Governance

Your Company re-affirms its commitment to the standards of corporate governance. This Annual Report carries a Section on Corporate Governance and benchmarks your Company with the relevant provisions of the Listing Regulations. Pursuant to the Listing Regulations, as amended, a certificate obtained from a Practising Company Secretary certifying that the Directors of the Company are not debarred or disqualified from being appointed or to continue as directors of the companies by the Securities and Exchange Board of India/Ministry of Corporate Affairs, forms part of the report as Annexure 6 to the Corporate Governance Report. In terms of Section 204 of the Act read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,

2014 (as amended), appointed Messrs TP & Associates, Company Secretaries (ACS-49208 COP No.22187) as the Secretarial Auditor for a period of 5 consecutive years, from April 1, 2025 to March 31, 2030 to conduct audit of the secretarial records and to submit the Secretarial Audit Report. The Secretarial Audit Report as received from Messrs TP & Associates, Company Secretaries in the prescribed Form No. MR-3 is annexed to this Boards Report and marked as Annexure 5 . The Secretarial Audit Report does not contain any qualification, reservation or adverse remark. In terms of Regulation 34 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter Listing Regulations), a Report on Corporate Governance along with Compliance Certificate issued by Statutory Auditors of the Company is attached as Annexure 8 and forms integral part of this Report (hereinafter Corporate Governance Report).

Secretarial Auditors and Secretarial Standards

During the year under review, the Company has duly complied with the applicable provisions of the Secretarial Standards on meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by the Institute of Company Secretaries of India (ICSI).

The Secretarial Audit Report and the Annual Secretarial Compliance Report as per Securities and Exchange Board of India circular dated 8th February, 2019 and as amended vide NSE circular dated 16th March, 2023 and 10 th April, 2023 does not contain any qualification, reservation or adverse remark. Messrs TP & Associates, Practising Company Secretaries (Membership Number: 49208 and Certificate of Practice number: 22187), is appointed as the Secretarial Auditor of the Company for a period of 5 years from the financial year 2025-2030, approved by the shareholders at the general meeting held during the FY24-25.

Policy on Appointment and Remuneration of Directors and Key Managerial Personnel

The Company has formulated a Remuneration Policy pursuant to the provisions of Section 178 and other applicable provisions of the Act and Rules thereof. There has been no change in the said policy during the financial year ended 31 st March, 2026. The Policy is available at the following web link: https://bcril.com/policies/

Qualification or Reservations in the Statutory/Secretarial Audit Reports

Your Board has the pleasure of confirming that no qualification, reservation, adverse remark or disclaimer has been made by the Statutory Auditors and the Company Secretary in Practice in their Audit Reports issued to the members of the Company.

Directors and Key Managerial Personnel

Your Companys Board is duly constituted and in compliance with the requirements of the Act, the Listing Regulations and provisions of the Articles of Association of the Company. Your Board has been constituted with requisite diversity, wisdom, expertise and experience commensurate to the scale of operations of your Company.

Composition of Board

The Board comprises 8 Directors of which, 3 are Executive Directors (2 of whom are part of the promoter group), 1 is Non-Executive (part of the promoter group) and 4 are Non-Executive, Independent Directors. The composition of the Board is in conformity with Regulation 17 of the Listing Regulations read with Section 149 of the Act.

Structure of the Board of Directors

Name of Director	Executive/ Non-Executive	Inde pend ent	Lady
Aparesh Nandi	Non-Executive	No	No
Jayanta Kumar Ghosh	Executive	No	No
Uday Narayan Singh	Executive	No	No
Debasis Sircar	Executive	No	No
Sanghamitra Mukherjee	Non-Executive	Yes	Yes
Swapan Kumar Chakraborty	Non-Executive	Yes	No
Sudipta Kumar Mukherjee	Non-Executive	Yes	No
Ranajit Kumar Mondal	Non-Executive	Yes	No

Meetings of the Board

The Meetings of the Board of Directors are pre-scheduled and intimated to all the Directors in advance, in order to enable them to plan their schedule. During the year 2025-2026, the Board of Directors met 4 (Four) times and the maximum gap between any two consecutive Board Meetings did not exceed 120 (One Hundred Twenty) days. For details of the meetings of the Board of Directors, please refer to the Corporate Governance Report.

Changes in Board Composition

Details of Directors appointment/reappointment and change in board composition during the financial year under review are as follows:

Name of Director Designation & Category	Reason and date of appointment/reappointment/ retirement/ resignation
Mr Aparesh Nandi Non-Executive Chairman/ Promoter (Non- Independent)	Mr Aparesh Nandi (DIN:00722439), Non- Executive Chairman, Non- Independent Director of the Company retired by rotation and was re-appointed pursuant to Section 152(6) of the Act at the 29 th Annual General Meeting held on 11 th August, 2025. He is due to retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re- appointment pursuant to Section 152(6) of the Act.
Mr Sudipta Kumar Mukherjee	Mr Sudipta Kumar Mukherjee (DIN-09022104) was appointed as a Non-Executive
Non-Executive - Independent Director	- Independent Director for a period of five consecutive years with effect from 30 th January, 2021 to 29 th January, 2026 as per Sections 149 and 160 of the Act. Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company approved the re- appointment Sudipta Kumar Mukherjee as an Additional Director of the Company with effect from 29 th January, 2026 to hold office as a Non- Executive, Independent Director of the Company for a term of 5 (five) consecutive years, subject to approval of the Members of the Company at the ensuing AGM.
	Mr Sudipta Kumar Mukherjee was re-appointed as an Independent Director of the Company by special resolution passed by the members through postal ballot on 25 th April 2026.
Mr Ranajit Kumar Mondal Non-Executive - Independent Director	Mr Ranajit Kumar Mondal (DIN-09022104) was appointed as a Non-Executive - Independent Director for a period of five consecutive years with effect from 14 th August, 2021 to 13 th August 2026 as per Sections 149 and 160 of the Act. Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company approved the re- appointment of Ranajit Kumar

Independent Directors

In the opinion of the Board, the Independent Directors possess the attributes of integrity, expertise and experience as required to be disclosed under Rule 8(5)(iiia) of the Companies (Accounts) Rules, 2014 (as amended). The following are the independent directors of the Company:

1. Dr Sanghamitra Mukherjee

2. Mr Swapan Kumar Chakraborty

3. Mr Sudipta Kumar Mukherjee

4. Mr Ranajit Kumar Mondal

The Company has received declarations from Independent Directors that they meet the criteria of independence as prescribed u/s 149(6) of the Companies Act, 2013 and as required under the Listing Regulations. In the opinion of the Board, they fulfil the condition for appointment/ reappointment as Independent Directors on the Board.

Mondal as an Additional Director of the Company with effect from 14 th August, 2026 to hold office as a Non- Executive, Independent Director of the Company for a term of 5 (five) consecutive years, subject to approval of the Members of the Company at the ensuing AGM. The Company has received a Notice under Section 160 of the Act from a Member of the Company signifying the candidature of Mr Mondal for his appointment as a Director of the Company at the ensuing AGM. Your Board recommends re-appointment of Mr Mondal as a Non- Executive, Independent Director of the Company for a term of 5 (five) consecutive years commencing from 14 th August, 2026 by way of special resolution.The Board of Directors confirms that the Independent Directors have affirmed compliance with the Code for Independent Directors as prescribed in Schedule IV to the Act and also with the Companys Code of Conduct applicable to all the Board Members and Senior Management Personnel of the Company for the financial year ended on 31 st March, 2026.

All the Independent Directors of your Company are registered with the Indian Institute of Corporate Affairs (IICA) and have their name included in the Independent Directors Data Bank maintained by the IICA.

The Company arranges circulation of documents and discussions on various business aspects to familiarise the Independent directors about the different aspects of the prevailing business environment, economy, performance of the Company and its strategies.

Statement of Evaluation of Board of Directors and Committees thereof

Your Company understands the requirements of an effective Board Evaluation process and accordingly conducts the Performance Evaluation every year in respect of the following: i. Board of Directors as a whole. ii. Committees of the Board of Directors. iii. Individual Directors including the Chairman of the Board of Directors.

In compliance with the requirements of the provisions of Section 178 of the Act, the Listing Regulations and the Guidance Note on Board Evaluation issued by SEBI, your Company has carried out a performance evaluation process internally for the Board/Committees of the Board/Individual Directors including the Chairman of the Board of Directors for the financial year ended 31 st March, 2026. The key objectives of conducting the Board Evaluation process were to ensure that the Board and various Committees of the Board have appropriate composition of Directors and they have been functioning collectively to achieve common business goals of your Company. Similarly, the key objective of conducting performance evaluation of the Directors through individual assessment and peer assessment was to ascertain if the Directors actively participate in the Board/Committee Meetings and contribute to achieve the common business goals of the Company. The Directors carry out the aforesaid performance evaluation in a confidential manner and provide their feedback on a rating scale of 1-

5. This year too, the outcome of such performance evaluation exercise was discussed at a separate Meeting of the Independent Directors held on 31 st March, 2026 and was later tabled at the Board Meeting held on 19 th May, 2026. After completion of internal evaluation process, it was noted that the Board and the Committees are working effectively.

Pursuant to Section 178(3) of the Act and Regulation 17(6) of the Listing Regulations, the Remuneration Committee is entrusted with responsibility of formulating criteria for determining qualifications, positive attributes and independence of an independent director. This can be viewed at https://bcril.com/policies/

Committees of the Board

A. Audit Committee

The Board of Directors of your Company has duly constituted an Audit Committee in compliance with the provisions of Section 177 of the Act, the Rules framed thereunder read with Regulation 18 of the Listing Regulations. The terms of reference of the Audit Committee have been duly approved by the Board of Directors.

During the year under review, the Audit Committee comprised Independent Directors, namely, Mr. Sudipta Kumar Mukherjee (Chairman), Mr. Swapan Kumar Chakraborty (Member) and Mr. Uday Narayan Singh,

Executive Director & CFO. Powers and role of the Audit Committee are included in Corporate Governance Report. All the recommendations made by the Audit Committee were accepted by the Board of Directors.

Whistle Blower Policy

In terms of the provisions of Section 177 of the Act and the Rules framed therein read with Regulation 22 of the Listing Regulations, your Company has a vigil mechanism in place for directors and employees of the Company through which genuine concern regarding various issues relating to inappropriate functioning of the organisation can be raised. The Whistle Blower Policy has been uploaded in the website of the Company at https://bcril.com/policies/

The Vigil Mechanism of your Company is governed by the Whistle Blower Policy Mechanism, which provides for adequate safeguards against victimization of director(s)/ employee(s) who avail of the mechanism and also provides for direct access to the Chairman of the Audit Committee in exceptional cases.

C. Nomination and Remuneration Committee

The Company has a Nomination & Remuneration Committee. The details of the committee are given in the Report on Corporate Governance

Annexure 7 .

C. Stakeholders Relationship and Investor Grievance Committee

The Company has a Stakeholders Relationship and Investor Grievance Committee. The details of the committee are given in the Report on Corporate Governance Annexure 7 .

D. Corporate Social Responsibility Committee

The Company has a Corporate Social Responsibility Committee. The details of the committee are given in the Report on Corporate

Governance Annexure 7 . A report on the CSR activities/initiatives undertaken by the Company is provided in Annexure 2 .

Your Company has spent the entire amount of 16.93 lacs during the year 2025-26 as against its 2% obligation through donation to BRIL Social Foundation, a section 8 company. Your Directors ensure that all funds are directly used for the CSR activities as per the directives of the CSR committee and in accordance with the CSR policy of the Company. The Corporate Social Responsibility Policy has been uploaded in the website of the Company at https://bcril.com/policies/

Prevention of Sexual Harassment

Your Company had framed a policy on Prevention of Sexual Harassment of Women at workplace pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 which commits to provide a workplace that is free from all forms of discrimination, including sexual harassment. The Policy can be viewed at the following weblink: https://bcril.com/policies/

Pursuant to 134(3)(q) read with the Companies (Accounts) Rules, 2014, the Company has complied with the provisions relating to constitution of Internal Complaints Committee (ICC) under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. As per the Policy, any complaint received shall be forwarded to an Internal Complaint Committee (ICC) formed under the Policy for redressal. The investigation shall be carried out by ICC constituted for this purpose. From the date of inception, there has been no such complaint received.

Summary of the complaints status during the year ended 31 st March 2026:

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

Familiarization Programme for Independent Directors

The Company believes that the best training is imparted when dealing with actual roles and responsibilities on the job. To this extent, the Company arranges detailed presentation by Key Functional Heads on various aspects including the business environment, economy, performance of the Company, industry scenario, financial controls, the Companys strategy, safety policy and practices at work sites etc. Visits to the Companys works are also undertaken from time to time. Details of Familiarization Programmes imparted during the year under review has been available at the following weblink: https://bcril.com/familiarization-programme/

Business Responsibility

Creating shared value is your Companys fundamental way of working and contributing to society while ensuring long-term business success. Your Company has been conducting business in a way that delivers long-term shareholder value and benefits to society. SEBI has made it mandatory to publish a Business Responsibility and Sustainability Report (BRSR) by the top 1000 listed companies based on market capitalization in their Annual Report, in terms of Regulation 34(2)(f) of the Listing Regulations. Considering the nature and size of the Company, the same is not applicable to the Company.

Statutory Auditors

Messrs. L B Jha & Co. LLP, Chartered Accountants was appointed as Statutory Auditors of the Company in the 25 th AGM held on 12 th August 2021 for a period of 5 years till 2025-26. The Auditors, Messrs. L B Jha & Co. LLP, Chartered Accountants, will retire at the conclusion of the ensuing Annual General Meeting and, being eligible under Section 139(2) of the Act, offer themselves for re-appointment. The Board, based on the recommendation of the Audit Committee and subject to the approval of the shareholders, recommended the reappointment of Messrs. L B Jha & Co. LLP, Chartered Accountants, based on their furnishing eligibility certificates confirming their eligibility to continue as auditors of the Company in terms of the Section 141 of the Act and the rules framed thereunder, from the conclusion of the 30 th Annual General Meeting till the conclusion of 35 th AGM and accordingly, the same forms a part of the business as contained in the Notice convening the ensuing Annual General Meeting. The report of the Statutory Auditors M/s. L B Jha & Co. LLP alongwith notes to Schedules is enclosed with this report. There is no qualification, reservation or adverse remark made by the Statutory Auditors in their report. The Auditors have not reported any incident of fraud in terms of Section 143 (12) of the Act. Statements referred to in the Auditors Report are self- explanatory and do not call for any further comments. The observations made in the Auditors Report are self-explanatory and therefore do not call for any further comments.

Listing with Stock Exchanges

Your Company is listed with BSE Limited and has paid the listing fees to the Exchange. Your Company was listed with the SME Exchange of BSE Limited and migrated to the main board of the BSE Limited on the 4 th January, 2021. The Company got listed with the National Stock Exchange of India Limited on the 27 th March 2026. The address of the Stock Exchanges and other information for shareholders are given in this Annual Report.

Cost Accounts and Cost Auditors

Cost audit applicability provisions are contained under rule 4 of the Companies (Cost Records and Audit) Rules, 2014 are not applicable to the

Company. Hence no cost accounts are required be maintained nor are Cost Auditors required to appointed by the Company.

Details of Loans and Investments

Details of the loans given by your Company under Section 186 of the Act during the financial year ended 31 st March, 2026 are as follows:

BCL Bio Energy Private Limited Subsidiary Company Guarantee Given against loan from Bank of India amounting to 47.79 Crores. Loan and interest outstanding balance for its working capital needs amounting at the year ended 31 st March 2026 stands at 16.67 Crores.

Related Party Transactions

The Company has always been committed to good corporate governance practices, including in matters relating to Related Party Transactions (RPTs). Endeavour is consistently made to have only arms length transactions with all parties including Related Parties. The Board of Directors of the Company had adopted the Related Party Transaction policy regarding materiality of related party transactions and also on dealings with Related Parties in terms of Regulation 23 of the Listing Regulations and Section 188 of the Act. The policy is available at the following weblink: https://bcril.com/policies/ All related party transactions have been carried out at arms length basis in the ordinary course of business. There is no material related party transaction i.e. transaction exceeding 10% of the annual consolidated turnover as per the last audited financial statements of the Company during the year by your Company. Accordingly, the disclosure of Related Party Transaction as required under Section 134(3)(h) of the Act in Form AOC-2 is provided in Annexure 1 . Members may refer to notes no.34 to the financial statement which sets out related party disclosures.

Policy on Appointment and Remuneration of Directors, Key Managerial Personnel and other Employees

The Company has formulated a Remuneration Policy pursuant to the provisions of Section 178 and other applicable provisions of the Act and Rules thereof. The policy is based on the guiding principle aimed towards retaining and rewarding performers. There has been no change in the said policy during the financial year ended 31st March, 2026. The Policy is available at the following weblink: https://bcril.com/policies/

Policy to Determine Material Events

As per the Listing Regulations, the Company has framed a policy for determination of materiality, based on criteria specified in the Regulations. The Policy is available at the following web link: https://bcril.com/policies/

Policy for Preservation of Documents

As per Regulation 9 of Listing Regulations, the Company has framed a policy for Preservation of Documents, based on criteria specified in the said Regulations. The Policy is available at the following web link: https://bcril.com/policies/

Significant Changes

During the financial year 2025-2026, no significant change has taken place which could have an impact over the financial position of the Company. There is no Change in the nature of the business & operation of the Company done during the year under review. During the Financial Year 2025-26, your Company has not proposed or considered or approved any Scheme of Merger / Amalgamation /Takeover / Demerger or Arrangement with its Members and/or Creditors.

Public Deposits

Your Company has not accepted any Public Deposits under Chapter V of the Companies Act, 2013.

Audit Trail Applicability (Audit and Auditors) Rules 2014 - Rule 11 Of the Companies Act 2013

The Company has used accounting software for maintaining its books of account for the financial year ended March 31, 2026 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software.

Appointment Of Designated Person (Management and Administration) Rules 2014 - Rule 9 of the Companies Act 2013

In accordance with Rule 9 of the Appointment of Designated Person (Management and Administration) Rules 2014, The Company has appointed a designated person in a Board meeting and the same has been reported in Annual Return of the company.

Credit Rating

During the year under review, Acuite Ratings & Research Limited has re-affirmed a credit rating of Acuite BBB-Stable on long term and A3+ on the short-term facilities on the Bank Loan facilities of the Company.

Extract of the Annual Return

The Annual Return of the Company in Form MGT7 in accordance with Section 92(3) of the Act, read with Companies (Management and Administration) Rules, 2014 (as amended), will be available on the website of the Company at https://bcril.com/annual-returns/ and the annual report at https://bcril.com/annual-report/ . As per the notification of the MCA dated 28 th August, 2020 it is not required to annex to this Report and as such the same is not attached in this report but available at the aforesaid weblink.

Significant and Material orders passed by the Regulators/Courts/ Tribunals

Pursuant to Section 134(3)(q) of the Act read with Companies (Accounts) Rules, 2014, it is stated that no significant or material orders were passed by the Regulators or Courts or Tribunals which impacts the going concern status and Companys operations in future. There is no material change and commitment, affecting the financial position of the Company which have occurred between the end of the financial year to which the financial statements relates and the date of the report. No application has been made under the Insolvency and Bankruptcy Code, 2016 against the Company; hence the requirement to disclose the details are not applicable. The requirement to disclose the details of difference between amount of the valuation done at the time of one- time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof, is not applicable.

Internal Controls and their adequacy

Your Companys Internal Control Systems are commensurate with the nature, size and complexity of its business. The Board of Directors have laid down internal financial control measures to be followed by the Company and such procedures have been adopted by the Company for ensuring the orderly and efficient conduct of its business, including adherence to Companys policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records and timely preparation of reliable financial information. Good governance, well defined systems and processes, risk assessment, a vigilant control function, communication and monitoring and an independent internal audit function is the foundation of the internal control systems. Internal Audit department provides assurance on functioning and quality of internal controls along with adequacy and effectiveness through periodic reporting. Internal Risk and Control function also evaluates organisational risk along with controls required for mitigating those risks. The control activities include continuous monitoring, routine reporting, digital business environment with minimum possible interference, checks and balances, purchase policies, authorization and delegation procedures, audits including compliance audits, which are periodically reviewed by the Audit Committee. Your Company has a Code of Conduct for all directors and senior management and a clearly articulated and internalized delegation of financial authority. Your Company also takes prompt action on any violations of the Code of Conduct. The Code of Conduct for directors and senior management can be viewed at the following web link: https://bcril.com/policies/

Internal Financial Controls and their adequacy

The Directors had laid down internal financial controls to be followed by your Company and such policies and procedures adopted by your Company for ensuring the orderly and efficient conduct of its business, including adherence to your Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information. The Audit Committee evaluates the internal financial control system periodically and modifications and strengthening of the systems is carried on based on the recommendations of the committee with the approval of the board, if required.

Information regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

The Companys activities during the year do not entail disclosure with respect to conservation of energy, technology absorption, etc. in accordance with the provisions of Section 134(3)(m) of the Company Act, 2013, considering the nature of activities undertaken by the Company during the year under review. Endeavor is made to ensure optimum use of energy by using energy-efficient computers, processes and other office equipment. The Company is taking due care for using electricity in the office. Constant efforts are made through regular/ preventive maintenance and upkeep of existing electrical equipment to minimize breakdowns and loss of energy. The Company has not undertaken any induction of innovative technologies and techniques required for the business activities. Considering the nature of activities undertaken, utilization of alternate sources of energy and capital investment on energy conservation equipments is not entailed.

The Companys has no foreign exchange earnings or outgo during the FY 25-26.

Information regarding Employees and related disclosures

The Company ensures to maintain a proper balance to ensure balanced workforce in the Company comprising of both men and women at the workplace. The Company affirms that it has duly complied with all provisions of the Maternity Benefit Act, 1961, and as and when required all statutory benefits is extended to eligible women employees.

In terms of the provisions of Section 197(12) read with Rule 5(2) and 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 particulars of certain category of employees have been set out in Annexure 3 of this report. Your Company considers employees as its biggest asset and Believing in People is at the heart of its human resource strategy. Concerted efforts at talent management, and strong performance management and learning and training initiatives are conducted to ensure that your Company consistently develops inspiring, strong and credible leadership. Your Company also organises employee felicitation events wherein proficient performers are rewarded. Despite challenges faced by the employees during this inflationary period, they cooperated in every respect for the benefit of the Company.

The statement of Disclosure of Remuneration under Section 197 of the Act and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (Rules), is appended as Annexure 3 to the Report. The information as per Rule 5(2) of the Rules, forms part of this Report. Ratio of remuneration of Director or Key Managerial Personnel to the median of the employees: (In Lacs)

Name of Director /KMP	Remune ration	Ratio as to that of the median employee	Percent age increas e in remune ration
Mr Jayanta Kumar Ghosh	123.57	25.01:1	28.46
Mr Uday Narayan Singh	103.64	20.98:1	28.19
Mr Debasis Sircar	36.29	7.35:1	19.77
Ms Devshree Sinha	10.41	2.10:1	4.1

Note: 1. The median employee remuneration for 2025-26 is Rs. 4.94 lakhs (11.26% increase from Pr yr. of Rs 4.44 lakhs). 2. Details of male employees as at 31.03.2026 : male employees is 68 (97.14%) and female employees is 2 (2.86%) 3. Mr Debasis Sircars salary amounting to 29.03 lacs is reimbursed from subsidiary company, BCL Bio Energy Private Limited.

Cautionary Statement

Statements in this Report, particularly those which relate to Management Discussion and Analysis, describing the Companys objectives, projections, estimates and expectations may constitute forward looking statements within the meaning of applicable laws and regulations. Actual results might differ materially from those either expressed or implied in the statement depending on the circumstances.

Appreciation

Your Company has been able to operate efficiently because of the culture of professionalism, creativity, integrity and continuous improvement in all functions and areas as well as the efficient utilization of the Companys resources for sustainable and profitable growth. Your Directors hereby wish to place on record their appreciation for the undaunted efforts, despite the challenges faced by the employees, during the inflationary conditions. Your Directors also wish to place on record their appreciation for the efficient and loyal services rendered by each and every employee, without whose wholehearted efforts, the overall satisfactory performance would not have been possible. The Industrial Relations were generally satisfactory during the year. Your Company wishes to put on record its deep appreciation of the cooperation extended and efforts made by all employees. Your Directors look forward to the long term future with confidence. Your Company continued to receive co-operation and unstinted support from the Railways, Suppliers, and others associated with the Company as its business partners. The Directors wish to place on record their appreciation for the same and your Company will continue in its endeavour to build and nurture strong links with concerned parties, based on mutuality, respect and co-operation with each other and consistent with National interest.

On behalf of the Board of Directors

Jayanta Kumar Ghosh	Uday Narayan Singh
Managing Director	Executive Director & CFO
(DIN:00722445)	(DIN:00722449)

Date 19/05/2026
Place Kolkata