Your Directors have pleasure in presenting the Fiftteenth Annual Report on business and operations of the Company together with the Audited Financial Statements of the Company for the Financial Year (FY.) ended 31 March 2026
The Companys financial performance for the year under review along with previous years figures is given hereunder:
in Million
| Particulars | For the FY ended 31 March 2026 | For the FY ended 31 March 2025 |
| Revenue from operations | 25,518.32 | 23,868.84 |
| Other Income | 604.11 | 345.70 |
| Total Income | 26,122.43 | 24,214.54 |
| Total Expenses | 18,352.77 | 17,673.23 |
| Profit before exceptional items and tax | 7,769.66 | 6,541.31 |
| Less: Exceptional Items | 256.57 | - |
| Profit Before Tax | 7,513.09 | 6,541.31 |
| Less: Current tax | 1,838.92 | 1,624.40 |
| Less: Deferred Tax | 29.34 | 60.64 |
| Net Profit After Tax | 5,644.83 | 4,856.27 |
Total Income: Our total income increased by 7.9% to ? 26,122.43 million for the FY. 2026 from ? 24,214.54 million for the FY. 2025, primarily due to growth momentum across regulated as well as emerging markets.
Revenue from Operations: Our revenue from operations increased by 6.9% to ? 25,518.32 million for the FY. 2026 from ? 23,868.84 million for the FY. 2025. Our revenue from the sale of products increased by 7.0% to ? 25,041.94 million for the FY. 2026 from ? 23,398.35 million for the FY. 2025, majorly due to strong growth momentum across regulated as well as emerging markets. Our other operating revenue increased by 1.3% to ? 476.38 million for the FY. 2026 from ? 470.49 million for the FY. 2025 due to increase in export incentive.
Other Income: Our other income increased to ? 604.11 million for the FY. 2026 from ? 345.70 million for the FY. 2025, primarily due to mark to market gain on investment in the Mutual Funds and exchange gain on transactions in foreign currency.
Expenses:
Cost of Materials: Cost of materials decreased by 1.3% to ? 10,665.68 million for the FY. 2026 from ? 10,808.52 million for the FY. 2025. This decrease is due to product mix.
Employee Benefits Expenses: The expenses increased by 8.3% to ? 2,724.69 million for FY. 2026 from ? 2,516.96 million for the FY. 2025, due to performance bonus payable to employees, annual increment and rise in headcount.
Depreciation and Amortization Expense: Our depreciation and amortization expenses increased by 24.3% to ? 753.57 million for the FY. 2026 from ? 606.09 million for the FY. 2025, primarily due to brownfield expansion in the existing plants viz. Dahej and Ankleshwar.
Other Expenses: Other expenses increased by 11.8% to ? 4,155.11 million for the FY. 2026 from ? 3,717.52 million for the FY. 2025, primarily due to an increase in repairs and maintenance by 48.4% to ? 740.83 million for the FY. 2026 from ? 499.06 million for the FY. 2025, an increase in Freight outward by 22.1% to ? 238.64 million for the FY. 2026 from ? 195.41 million for the FY. 2025, an increase in Job work Charges by 25.5% to ? 241.98 million for the FY. 2026 from ? 192.79 million for the FY. 2025 and an increase in Insurance charges by 38.2% to ? 98.45 million for the FY. 2026 from ? 71.23 million for the FY. 2025. Increase in other expenses slightly offset by decrease in utility charges by 2.9% to ? 1138.76 million for the FY. 2026 from ? 1172.37 million for the FY. 2025.
Total Tax Expense: Our total tax expenses increased to ? 1,868.26 million for the FY. 2026 from ? 1,685.04 million for the FY. 2025, primarily in line with profit before tax.
Profit for the Year: As a result of the foregoing, our net profit increased to ? 5,644.83 million for the FY. 2026 from ? 4,856.27 million for the FY. 2025.
Pursuant to Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (Listing Regulations), the Board has approved and adopted a Dividend Distribution Policy. The Dividend Distribution Policy is available on the Companys website at https://alivus.b-cdn.net/alivus.pdfs/investors/corporate governance/Dividend-distribution-policy.pdf
In line with the said Policy, the Board has recommended a Dividend of 250% ( ? 5/- per equity share of ? 2 each) to be appropriated from the profits of the FY. 2025-26 subject to the approval of the Shareholders at the ensuing Annual General Meeting (AGM). The dividend will be paid in compliance with applicable Section of the Companies Act, 2013 (Act) & Listing Regulations. The dividend, if approved, will result approximately in an outflow of ? 613.41 million.
As per the provisions of the Income Tax Act, 2025, dividend declared and paid by the Company is taxable in the hands of shareholders. The Company shall, therefore, be required to calculate deduction of tax at source (TDS) at the time of payment of dividend at the applicable rates.
The Company has voluntarily provided the Integrated Report, which includes both financial and nonfinancial information.
The Integrated Report also covers aspects such as materiality assessment, forward looking strategy, value creation model, corporate governance, risk management, performance and prospects of value creation based on the six forms of capitals viz. Financial, Manufactured, Intellectual, Human, Social and Relationship and Natural.
The Company has not transferred any amount to general reserves for the FY. 2025-26.
The Company is committed to follow the best Corporate Governance practices, including the requirements under the Listing Regulations and the Board is responsible to ensure the same from time to time. The Company has duly complied with the Corporate Governance requirements. Further, a separate section on Corporate Governance in compliance with the provisions of Regulation 34 of the Listing Regulations read with Schedule V of the said regulations, along with a certificate from a Practicing Company Secretary confirming that the Company is and has been compliant with the conditions stipulated under aforesaid Regulations forms part of this Annual Report.
The Company does not have any Subsidiary, Joint Venture or Associate Company as defined in the Act during the FY. under review.
In terms of the provisions of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, there was no unpaid/unclaimed dividends to be transferred during the FY. to the Investor Education and Protection Fund (IEPF).
Details regarding the due dates of transfer of unpaid / unclaimed dividends to the IEPF are provided in the Report on Corporate Governance, which forms part of this Annual Report.
The Companys Board of Directors consists of seven accomplished individuals possessing rich and diverse experience across various sectors. The Board brings together a broad range of knowledge, expertise and perspectives, thereby strengthening the Companys governance framework and long-term strategic oversight.
Further details, including brief profiles of the Directors, are provided in the Governance Section (Page No. 16) and the Report on Corporate Governance forming part of the Annual Report. These details are also available on the Companys website at https://www.alivus.com/about-us/our-board-of-directors/ .
Appointments and Changes of Directors:
a) Re-appointment of Mrs. Manju Agarwal: During the year, based on the recommendation of Nomination and Remuneration Committee and the Board of Directors of the Company, considering her integrity, expertise, experience and proficiency, Mrs. Manju Agarwal (DIN: 06921105), was re-appointed as an Independent Director through Special Resolution passed by postal ballot of the Company, not liable to retire by rotation, to hold office for a second term of five (5) consecutive years commencing from 30 October 2025 to 29 October 2030 (both days inclusive). She had previously served as an Independent Director of the Company for a term of five (5) consecutive years commencing from 30 October 2020 to 29 October 2025 (both days inclusive).
Being eligible for re-appointment, Mrs. Manju Agarwal, an Independent Director had duly given her consent along with a declaration that she meets the criteria for independence under Section 149(6) of the Act and the Rules framed thereunder and Regulation 16(1)(b) of the Listing Regulations. The Company had also received a Notice in writing from a Member under Section 160(1) of the Act proposing her candidature for the office of Director.
b) Re-appointment of Mr. T. L. Easwar: During the year, based on the recommendation of Nomination and Remuneration Committee and the Board of Directors of the Company, considering his integrity, expertise, experience and proficiency, Mr. Taruvali Laxminarayanan Easwar (DIN: 03135959), was re-appointed as an Independent Director through Special Resolution passed by postal ballot of the Company, not liable to retire by rotation, to hold office for a second term of five (5) consecutive years commencing from 8 January 2026 to 7 January 2031 (both days inclusive). He had previously served as an Independent Director of the Company for a term of five (5) consecutive years commencing 8 January 2021 to 7 January 2026 (both days inclusive).
Being eligible for re-appointment, Mr. Taruvali Laxminarayanan Easwar, an Independent Director had duly given his consent along with a declaration that he meets the criteria for independence under Section 149(6) of the Act and the Rules framed thereunder and Regulation 16(1)(b) of the Listing Regulations. The Company had also received a Notice in writing from a Member under Section 160(1) of the Act proposing his candidature for the office of Director.
c) Retirement by Rotation: Mr. Hiren Patel (DIN: 00145149) retires by rotation and being eligible, offers himself for re-appointment at the ensuing fifteenth AGM of the Company. A detailed profile of Mr. Hiren Patel seeking re-appointment at the ensuing AGM as required under Secretarial Standard on General Meetings issued by ICSI is provided separately by way of an Annexure to the Notice of the AGM.
Independent Directors:
All Independent Directors have declared that they meet the criteria of Independence as laid down under Section 149(6) of the Act and Regulation 16(1)(b) of Listing Regulations.
In terms of Regulation 25(8) of the Listing Regulations, all the Independent Directors have confirmed that they are not aware of any circumstance or situation, which exists or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence.
The Independent Directors of the Company have confirmed that they have enrolled themselves in the Independent Directors Databank maintained with the Indian Institute of Corporate Affairs (IICA) in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment & Qualification of Directors) Rules, 2014, as amended. They have also affirmed compliance to the Code for Independent Directors as prescribed in Schedule IV of the Act.
During the year, the Non-Executive Independent Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees and reimbursement of expenses incurred by them for the purpose of attending Meetings of the Board/Committees of the Company.
Independent Directors of the Company are not liable to retire by rotation.
A note on the familiarisation programme adopted by the Company for orientation and training of the Directors in compliance with the provisions of the Act and Listing Regulations is provided in the Report on Corporate Governance, which forms part of this Annual Report.
Key Managerial Personnel:
In terms of Section 203 of the Companies Act, 2013, the following are the Key Managerial Personnel (KMP) of the Company:
Details of composition, attendance of the Board of Directors and other details of the Board & its Committees are provided in the Report on Corporate Governance which forms part of this Annual Report. The Intervening gap between the Meetings was within the period prescribed under the Act and Listing Regulations.
In accordance with the provisions of Section 134(5) of the Act, the Directors confirm that: a) in the preparation of the annual accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures, if any; b) appropriate accounting policies have been selected and applied consistently and have made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31 March 2026 and of the profit of the Company for the year ended 31 March 2026; c) proper and sufficient care has been taken for 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; d) the annual accounts have been prepared on a going concern basis; e) they have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and were operating effectively; f) proper systems have been devised to ensure compliance with the provisions of all applicable laws and such systems were adequate and operating effectively.
The Company has devised a Performance Evaluation Framework and Policy, which sets out a mechanism for the evaluation of the Board, Committees of the Board and the individual Directors.
Pursuant to the provisions of the Act and Listing Regulations, the Board had carried out an annual evaluation of its own performance and the performance of its Committees as well as the individual Directors.
During the year under review, the shareholders met once at the fourteenth Annual General Meeting of the members, held on 8 September 2025.
Pursuant to the requirements of the Schedule IV of the Act (Code for Independent Directors) and Regulation 25(3) of the Listing Regulations, separate Meeting of the Independent Directors of the Company, without the attendance of NonIndependent Directors and Members of Management, was held on 22 January 2026. All the Independent Directors attended the Meeting.
During the meeting, the Independent Directors, inter-alia, reviewed the performance of NonIndependent Directors, Board as a whole and Chairman of the Company, taking into account the views of Managing Director and Non-Executive Directors. They also assessed the quality, quantity, timeliness and adequacy of information between the Companys management and the Board.
In addition, the Independent Directors meet as and when required to discuss matters pertaining to the affairs of the Company in an informal and flexible manner and communicate their suggestions, views or concerns, if any, during the Board and Committee meetings.
The Independent Directors have unrestricted access to the Board and its Committees and are encouraged to freely express their views, suggestions and concerns on matters relating to the Companys operations, governance and strategic directions.
The Management Discussion and Analysis Report on the operations of the Company, is presented in a separate section forming part of this Annual Report.
A. Statutory Auditors: Walker Chandok & Co LLP (Firm Registration No. 001076/N5000013) Chartered Accountants were appointed as Statutory Auditors of the Company at the Shareholders Meeting held on 25 July 2018, for a term of five consecutive years i.e. up to the conclusion of twelfth AGM. Further, as per the provisions of Section 139 of the Act, the Board of Directors of the Company, on the recommendation of the Audit Committee, recommended the re-appointment of Walker Chandok & Co LLP, Chartered Accountants and at the AGM held on 26 September 2023, the shareholders had approved re-appointment of Walker Chandok & Co LLP, Chartered Accountants for a further period of five years i.e. up to the conclusion of seventeen AGM.
Auditors Report for the year under review forms part of this Annual Report. It does not contain any qualification, reservation or adverse remark.
Further, there are no instances of any fraud reported by the Auditors to the Audit Committee or to the Board pursuant to Section 143(12) of the Act.
B. Secretarial Auditor: Pursuant to provisions of Section 204 of the Companies Act, 2013 and Rules made thereunder read with Regulation 24A & other applicable provisions of the Listing Regulations, M/s. Bhadresh Shah and Associates, Practicing Company Secretaries (COP 15957), were appointed as the Secretarial Auditor of the Company at the fourteenth AGM held on 8 September 2025 for a term up to five consecutive years, commencing from 1 April 2025 and ending on 31 March 2030.
M/s. Bhadresh Shah and Associates have undertaken the Secretarial Audit of the Company for the FY. 2026. Secretarial Audit Report in prescribed Form No. MR-3 is annexed to this report as Annexure I. The Secretarial Audit report does not contain any qualification, reservation or adverse remark.
C. Cost Auditor: The Company maintains cost records as per the provisions of Section 148(1) of the Act and the same are audited by the Cost Auditors.
The Board, on recommendation of Audit Committee, has appointed Kirit Mehta & Co. LLP, Practicing Cost Accountants to conduct audit the cost records of the Company for the FY. 2027 at a remuneration of ? 0.50 million plus applicable taxes and reimbursement of actual travel and out of pocket expenses. Their remuneration is subject to ratification by shareholders at the ensuing AGM. Accordingly, resolution seeking Members ratification of their remuneration, forms part of the Notice convening the Fifteenth AGM. Board recommends the same for approval of Members.
The Cost Auditors have certified that their appointment is within the limits of Section 141(3)(g) of the Act and that they are not disqualified from appointment within the meaning of the said Act.
D. Internal Auditor: Pursuant to the provisions of Section 138 of the Act and the Companies (Accounts) Rules, 2014, the Board of the Company has appointed M/s. Shridhar & Associates, to conduct internal audit for the Company.
The Auditors of the Company have not reported any fraud as specified under the second provision of Section 143(12) of the Act (including any statutory modification(s) or re-enactment(s) thereof for the time being in force).
The Company has laid down an adequate system of internal controls, policies and procedures for ensuring orderly and efficient conduct of the business, including adherence to the Companys policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records and timely preparation of reliable financial disclosures.
The current system of IFC is aligned with the statutory requirements and is adequate and operating effectively.
Effectiveness of IFC is ensured through Management reviews, controlled self-assessment and independent testing by the Internal Auditor.
The Company has a Risk Management Policy with the objective to formalise the process of identification of potential risk and adopt appropriate risk mitigation measures through a risk management structure. The Risk Management Policy is a step taken by the Company towards strengthening the existing controls. The details of risk management have been included in the Management Discussion and Analysis Report, which forms part of this Annual Report.
There were no loans, guarantees or investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review and hence the said provision is not applicable.
During the FY. 2026, the paid-up equity share capital of the Company has increased from ? 24,50,74,104 to ? 24,54,72,696, consequent to allotment of 1,99,296 equity shares of ? 2 each upon exercise of stock options under the Employee Stock Options Scheme 2021.
In compliance with the provisions of Sections 62 of the Act and Rules made thereunder and the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (the SEBI SBE Regulations), the Company has formulated an employee stock option scheme, namely, Employee Stock Option Plan, 2021, (the ESOP Scheme). The ESOP scheme has been implemented in accordance with the SEBI SBE Regulations and in accordance with the resolution passed by the shareholders at the Extraordinary General Meeting held on 9 April 2021, approving such scheme. ESOP Scheme of the Company aims to reward employees for their performance as well as to attract and retain talent in the organization. The Company views the ESOP Scheme as an instrument that would enable the Employees to get a share in the value they create for the Company in the years to come. 9,51,734 ESOP options have been granted to the eligible Employees/Directors at Nomination and Remuneration Committee meeting held on 17 May 2021.
The Nomination and Remuneration Committee and Board, in adherence to ESOP Scheme and on conclusion of the sale of 75% shareholding from Glenmark Pharmaceuticals Limited to Nirma Limited, approved the acceleration of vesting of the granted options that have not vested i.e. 6,114,465 options under ESOP 2021, with effect from 16 March 2024, subject to compliance with the minimum statutory vesting period of one year from the date of grant.
As of 31 March 2025, 7,44,927 options were outstanding. During the FY. 2026, none of the options were cancelled and 1,99,296 options were exercised under the ESOP Scheme. As of 31 March 2026, 5,45,631 options were outstanding and are due for exercise.
The information in compliance with Regulation 14 of the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, as amended, is attached as Annexure- II and forms part of this Annual Report.
The Company did not have any contracts or arrangements with Related Parties in terms of Section 188(1) of the Act. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3)(h) of the Act in Form AOC-2 is not applicable to the Company for FY. 2026 and hence does not form part of this Annual Report. The disclosure of transactions with related party for the year under review is given in Notes to the Balance Sheet as on 31 March 2026.
All transactions with related parties were reviewed and approved by the Audit Committee and were in accordance with the Policy of Related Party Transactions and its Materiality and the related party framework formulated and adopted by the Company. Prior omnibus approval of the Audit Committee is obtained for the transactions which are repetitive in nature.
As per SEBI Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/93 dated 26 June 2025 and SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/135 dated 13 October 2025, Minimum Information with respect to related party were placed before the Audit Committee, wherever required.
During the year, the Company amended the Policy on Related Party Transactions and its Materiality (RPT Policy) to align with the SEBI (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2025. The RPT Policy is available on the Companys website at https://alivus.b-cdn.net/alivus.pdfs/investors/corporate governance/LH Revised RPT Alivus 20212026. pdf
In terms of Regulation 23 of the Listing Regulations, the Company submits details of related party transactions as per the format specified in the relevant accounting standards/SEBI notification to the stock exchanges on a half yearly basis.
The information pertaining to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo as required under Section 134(3)(m) of the Act, read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is appended herewith as Annexure III to this Annual Report.
The report on the CSR in the format prescribed in the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 including the composition of the CSR Committee is appended herewith as Annexure IV to this Annual Report. Impact assessment disclosures, where applicable, are included in the CSR annexure and the detailed reports are hosted on the Companys website.
CSR Policy is available on Companys website at: https://alivus.b-cdn.net/alivus.pdfs/investors/ corporate_governance/Glennark- Life- Sciences- CSR- Policy.pdf
The Chief Financial Officer (CFO) of the Company has certified that CSR funds disbursed for the projects have been utilized for the purposes and in the manner as approved by the Board.
Pursuant to Section 92 read with Section 134(3) (a) of the Act, the Annual Return as on 31 March 2026 is available on the Companys website at https://www.alivus.com/investors/reports- andpresentations/#Reports
The Company has in place a policy on Prevention, Prohibition and Redressal of Sexual Harassment at workplace in line with the requirements of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013. An Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment.
The policy has set guidelines on the redressal and enquiry process that is to be followed by complainants and the ICC, whilst dealing with issues related to sexual harassment at the work place. All women employees (permanent, temporary, contractual and trainees) are covered under this policy.
There were no complaints reported under the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 during FY. 2026.
The Company is committed to providing safe and conducive work environment to all of its employees and associates.
The Company, as required under Rule 7 of Companies (Meetings of Board and its Powers) Rules, 2014, has established a Vigil Mechanism for their Directors and employees to report their genuine concerns or grievances.
The Audit Committee of the Company shall oversee the vigil mechanism, which provides for adequate safeguards against victimization of employees and Directors who avail of the vigil mechanism.
All the employees and Directors of the Company are provided direct access to the Chairman of the Audit Committee.
The details of the Policy are available on the Companys website at https://alivus.b-cdn.net/alivus.pdfs/investors/corporate_governance/Details%20of%20Establishment%20of%20Vigil%20Mechanism.pdf
Companys industrial relations continued to be harmonious during the year under review.
The Company has in place a Policy on the appointment and remuneration for Directors and Senior Management Personnel, including criteria for determining qualifications, independence of a Director and other related matters, in accordance with the provisions of Section 178 and other applicable
[Page break in text - continues from previous page] provisions of the Companies Act, 2013 and Regulation 19 of the Listing Regulations. The Nomination and Remuneration Policy is available on the website of the Company at https://alivus.bcdn.net/alivus.pdfs/investors/corporate_governance/Nomination-and-remuneration-policy.pdf
Information required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in Annexure V to this Annual Report.
Information required under Section 197(12) of the Act read with Rule 5(2) and rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is appended herewith and forms part of this Annual Report.
In compliance with the provisions of Regulation 34 of the Listing Regulations, the Business Responsibility and Sustainability Report (BRSR) on the environmental, social and governance disclosures, including BRSR Core, is appended herewith as Annexure VI to this Annual Report.
During the FY. under review: a) the Company has complied with the applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to Meetings of the Board of Directors and General Meetings, respectively. b) the Company did not accept any deposit within the meaning of Sections 73 and 74 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014 and accordingly no amount on account of principal or interest on public deposits was outstanding as on 31 March 2026. c) the Company has not issued shares with differential voting rights and sweat equity shares during the year under review. d) neither the Managing Director nor the Whole-time Directors of the Company has received any remuneration or commission from any of its subsidiaries. e) no significant or material orders were passed by the regulators or courts or tribunals which could impact the going concern status of the Company and its future operations. f) no material changes and commitments have occurred after the close of the year till the date of this report which may affect the financial position of the Company. g) there was no change in the nature of business of the Company. h) no application has been made under the Insolvency and Bankruptcy Code, 2016; hence the requirement to disclose the details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 during the year along with their status as at the end of the financial year is not applicable. i) the Company has complied with the relevant provisions relating to Maternity Benefit Act, 1961.
Your Directors express their gratitude to the Companys customers, business partners viz. distributors and suppliers, medical professionals, Companys bankers, financial institutions including investors for their valuable support and co-operation.
Your Directors commend the continuing commitment and dedication of employees at all levels.
| For and on behalf of the Board of Directors | |
| Yasir Rawjee | Vinod Naik |
| Managing Director & CEO | Executive Director |
| DIN: 01965174 | DIN: 03635487 |
| Place: Mumbai | |
| Date: 14 May 2026 | |
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