HRS Aluglaze Ltd Directors Report

Dear Shareholders,

Your directors have pleasure in presenting the 14^th Annual Report of HRS Aluglaze Limited (Formerly Known as HRS Aluglaze Private Limited) along with the Audited Standalone and Consolidated Financial Statements and Auditors Report thereon for the financial year ended 31^st March, 2026.

1. FINANCIAL RESULTS:

The highlights of the standalone financial results for the year ended on March 31, 2026 are given below:

(Rs. in Lakhs)

PARTICULARS	Stantalone		Consolidated
	31/03/2026	31/03/2025	31/03/2026	31/03/2025
Revenue from Operations	6,753.12	4,210.85	6,753.12	4,210.85
Other income	31.54	3.61	31.38	3.61
Total income	6,784.66	4,214.46	6,784.50	4,214.46
Less: Expenses other than finance cost, depreciation and tax	4,958.84	3,140.38	4,958.99	3,140.38
Profit before finance cost, depreciation and tax	1,825.82	1,074.08	1,825.51	1,074.08
Finance costs	262.24	251.35	262.24	251.35
Depreciation & Amortisation	187.78	135.08	187.78	135.08
Profit / (Loss) Before Exceptional & Extra Ordinary Items & Tax	1,375.80	687.65	1,375.48	687.65
Less: Extraordinary/ Exceptional items	-	-	-	-
Profit before Tax (PBT)	1,375.80	687.65	1,375.48	687.65
Less: Taxes
Current Tax	309.16	125.88	309.16	125.88
Deferred Tax	42.90	45.59	42.90	45.59
Short \Excess provision of tax of earlier year	2.12	1.54	2.12	1.54
Profit after Tax (PAT)	1,021.62	514.64	1,021.31	514.64
Earnings per Share
Basic	6.58	3.76	6.58	3.76
Diluted	6.58	3.76	6.58	3.76

2. Operations And the State of Companys Affairs:

> FINANCIAL PERFORMANCE - STANDALONE AND CONSOLIDATED

Standalone Results

Your company has recorded revenue from operations of Rs. 6,753.12 Lacs as compared to previous years revenue from operations of Rs. 4210.85 Lacs. Net Profit after taxation was Rs. 1021.62 Lacs as compared to Net Profit after taxation of Rs. 514.64 Lacs of previous year.

Consolidated Results

During the year under review, your company has recorded consolidated revenue from operations of Rs. 6753.12 Lacs as compared to previous years revenue from operations of Rs. 4210.85 Lacs. and the Consolidated Net Profit after taxation was Rs. 1,021.31 Lacs as compared to Net Profit after taxation of Rs. 514.64 Lacs of previous year.

During the financial year ended March 31, 2026, your company delivered strong operational performance across revenue growth, order inflows, client diversification and capacity building. FY 2025-26 marks a clear inflection point in your Companys growth trajectory, backed by a growing order pipeline, disciplined project execution, and meaningful geographic expansion.

a) Order Book and Pipeline

Your Company recorded strong order inflows during the year, reflecting growing market confidence in its position as an integrated aluminium facade solutions provider. As of March 31, 2026, the confirmed order book stood in excess of Rs.142 crores providing clear revenue visibility over the next 12 to 24 months. This is a material increase over the preceding year and points to your Companys strengthening position in the facade and aluminium systems space.

During the year, your Company received Letters of Acceptance (LOAs) from a diverse set of clients spanning residential, commercial, infrastructure, and industrial segments. The details are as follows:

b) Capacity Expansion

To meet growing demand, your Company executed significant capacity expansion during FY26, partly funded through IPO proceeds raised in December 2025.

Key Initiatives During the Year:

• New Glass Glazing Facility, Ahmedabad: Your Company initiated development of a dedicated glass glazing manufacturing facility in Ahmedabad at an estimated investment of Rs.16.0 crores, funded from IPO proceeds. This facility is designed to reduce dependence on outsourced glazing and strengthen in house fabrication capabilities.

• Assembly & Glass Glazing Line Expansion, Rajoda Plant: Your Company earmarked Rs.4.4 crores for expanding the assembly and glass glazing line at its Rajoda manufacturing plant, aimed at increasing production throughput to handle the growing order volume.

• Solar Plant: A portion of IPO proceeds has been allocated towards installation of a solar plant at your companys manufacturing facilities, supporting long-term energy cost efficiency.

c) Geographical Presence

Your Companys operational footprint expanded during FY26. with project execution spanning

multiple stales and client segments.

Geographical!v, the active project port folio now covers:

• Gujarat - Core market, including Ahmedabad (manufacturing base) and Sanand (Micron Semiconductor Facility - high-specification industrial facade),

• Maharashtra - Entry into the Mumbai market via the Aaradhya Avaan project, Tardeo, executed for Shreepati Skies.

• Tamil Nadu - Company acquired assets of Geotrix Building Envelope ltd, following the creation of a Subsidiary known as Geotrix Private Ltd.

• West Bengal and Telangana - The Company is currently pursuing several large-sized project opportunities for commercial and specialised project segments.

All contracts are with domestic entities. Your Company currently serves clients across residential, commercial, infrastructure, institutional and industrial segments.

The contract for the Micron Semiconductor Facility in Sanand, Gujarat deserves particular mention. It reflects your Companys ability to execute technically demanding facade and glazing work in the high specification industrial real estate segment - a rapidly growing vertical driven by Indias expanding semiconductor manufacturing ecosystem.

J, JOINT VENTURES, ACQUISITIONS, AND OTHER MATTERS

3 Incorporation of Geotrix Private Limited {Febnutrv 2026)

HRS Alugla/e Limiteds Board approved the incorporation of Geotrix Private Limited as a Subsidiary in February 202& Your Company holds a 67% equity slake in the newly formed subsidiary. No government or regulatory approvals were required for this incorporation.

S .Asset Acquisition via Slump Sale.

The Company entered into a Memorandum or Transfer or Business Assets on Slump Sale Basis with Geotrix Building Envelope Private Limited. The transaction covered the entire running business unit, including all tangible and intangible assets, engaged in providing turnkey facade solutions, design engineering services, and architectural precast work. The total consideration was Rs.f>.7 Crores. Your Company holds 1 ()()% title ownership of the acquired assets, free of any encumbrance.

fe) Purchase of assets on Slump Sa le basts:

Particulars	Details
C Dinnerparty	Geotrix. Building Envelope Pvt. Ltd.
Deal Size	Rs.6.7 Crones
Nature	Purchase of running business unit on slump sale basis
Related Party	NA

3 Strategic Partnership Structure:

I lte transaction is structured around four key elements;

Asset Ownership; The Company owns all acquired assets of Geotrix Building Envelope Private Limited and licenses them to Geotrix Pvt, Ltd. via an exclusive Strategic License Agreement valued at Rs.g0.4 lakhs per annum.

Equity Split: The Company holds 67% of Geotrix Pvt, Ltd. The remaining 33% is held by Ms. Snega Selvam.

Operating Vehicle: Gcotrix Pvt. Lid., incorporated in February 2026. serves as the opera ling entity responsible tor end-to-end manufacturing and installation of architectural systems, facades, curtain walls, and glazing systems.

Strategic Rationale: The structure brings together your Companys capital strength and

project execution track record with Mr. Sclvam R a manat bans 35 years of domain expertise, including delivery of over Rs.I50 erores in prqjccl value and management of 200+ team members. This com hi nation posil ions your Company to pursue larger, more technically demanding facade and curtain wall mandates that were previously outside its addressable market.

4. INVESTOR RELATIONS

Building enduring relationships with our shareholders is a Board-level priority for your company. We ?re committed to open communication, full transparency, and strategic decision-making that drives sustainable growth and long-term value.

B Our Commitment lo Transparency

We believe investors deserve the full picture. The Board discloses financial performance, strategic risks, and key business decisions with clarity and context - not just the numbers, but the reasoning behind them. Consistent reporting metrics and candid forward-looking commentary allow our shareholders to hold us accountable and make well-informed decisions.

8 Creating Shareholder Value

I⁷very capital allocation decision - whether investments in new capabilities, dividend distributions, or operational improvements - is evaluated against its long-term impact on shareholder returns. The

Board tracks ROE and EPS, as core performance indicators, balancing near-term returns with the investments necessary to compound value over lime.

0 Decisions Hocused on Growth

The Board actively oversees your companys strategic direction, approving plans centered on market expansion, innovation, operational efficiency, and digital transformation. We communicate our progress against strategic milestones regularly, ensuring investors have visibility into how we execute on our commitments.

We view our shareholders as partners. Their trust is not assumed - it is earned through consistent action, honest communication, and a relentless focus on growing HRS responsibly.

5. FUTURE OUTLOOK:

HRS Aluglazc Limited has grown into an integrated player engaged in the design, manufacturing, and installation of aluminium products and facade systems, including windows, doors, curtain walls, cladding, glazing systems, and other architectural solutions. The company was converted to a Public Limited Company in October 2024. with its registered office in Ahmed a had. Gujarat.

The company eaters to residential, commercial, industrial, and institutional projects through its integrated approach covering design, fabrication; supply, and installation. Operating through its state- of-the-art manufacturing facility m Bavla, Ahmcdabad. spanning approximately 1 1,176 square meters, HRS Aluglazc Lid. maintains rigorous quality standards with in-house testing capabilities and powder

coaling facilities. To support its Long-term growth strategy and rising market demand, the company has proposed an expansion of approximately 13,714 square meters adjoining its current facility.

Backed by a strong focus on quality, operational efficiency, and timely project delivery, the company has built a reputation for reliable and customized solutions across di\crse sectors, including hospitals and large institutional projects. I he company was recently listed on the BSE SME in December 2025, marking a significant milestone in its growth journey and enabling it to strengthen ns presence in the architectural facade and fenestration industry,

6. DIVIDEND;

Yottr directors do not recommend any Dh idend for the financial year ended on 31^1,1 March 2026 in order to conserve resources of the Company. The Company will retain the earnings for use in future operations and projects and strive to increase the net worth of Stakeholders of the Company.

7. REDEMPTION OK PREFERENCE SHARES:

During the year under review, the Company redeemed 25,000 (Twenty-Five Thousand) 8.1% Cumulative Optionally Redeemable Preference Shares (CORPS) of Rs.10/- each per share, along with accumulated dividend for three years. Accordingly, the Company paid Rs.2,50,000/- towards redemption and Rs.60,750/- (Rupees Sixty Thousand Seven Hundred Fifty only) towards accumulated dividend to the Preference Shareholders whose names appeared in the Register of Preference Shareholders as on 07th May, 2025.

8. TRANSFER TO RESERVE FUND:

The Company has not transferred any amount to the Reserve Tor the year under review, Further, Your Company does not propose to transfer any amount to general reserve.

9. CHANGE IN DIRECTORS AND KEY MANAGERIAL PERSONNEL (KYIP)

Our board com promises of a group of Executive, Non-Executive and Independent Directors. As on March 31, 2026, the Company has six Directors. Out of the six Directors, Lwn ate Non- Executive Directors three are Independent Directors. The composition of the Board is in conformity with the provisions of Section 149 of the Act and LODR Regulations.

The Board Comprise of the following:

NAME OF THE DIRECTOR	DESIGNATION	DFN
Mr. Rupesh Pravtnhhai Shah	Chairman &. Managing Director	02806068
Mrs, Pinky Rupcshbhai Shah	Executive Director	05220309
Mr. Elrishikesh Rupcshbhai Shah	Executive Director	09253175
Mr. Shail layeshbhai Shah	Independent Director	07543594
Ms. Niki Nitintahai Thakkar	Independent Director	10663415
Ms. Beta Hirenbhai Shah	Independent Director	10323021

a) Appointment: Following Directors/KMP are appointed during the financial year

2025-2026.

Mr Shall Jayesh Shah (DIN: 07543594k Ms. Niki Nitin Thakkar (DIN: 10663415) and Ms. Heta Hiren Shah (DIN: 10823021) were appointed as Directory (I tide pendent Category} with effect from L¹ May. 2025.

Mr. Saittirkumar Kami fa! Oswa! was appointed as Chief Financial Officer with eiTect from I¹ May, 2025.

b) Change in Designation:

Mr. Rupesh Pravinbhai Shah (DIN- 0280606S) was re-designated from Executive Director to Managing Director of the Company fora period of five years, with effect from t^! May 2025.

c) Resignation:

Ms. Siddhi Manga) (Membership No.: ACS A 72380) resigned from the position of Company Secretary and Compliance Officer of HRS Alugtaze Limited with effect from I^s* April, 2026.

Further after the closure of the year, Ms. Preeii Jaiswar was appointed as a Company Secretary and Compliance Officer of HRS A lug laze Limited from 25 th June, 2026.

10. DIRECTORS LIABLE TO RETIRE BY ROTATION

In accordance with the provisions of Section 152 of the Companies Act, 2013 and the Rules framed hereunder. Mr. Hrishikesb Rupesh Shah (DIN: 09253175) will retire by rotation at the ensuing Annual General Meeting and he being eligible has offered himself for re-appointment.

Brief profile of the Director who is being appointed or re-appointed as required under Regulations 36(3) of Listing Regulations, 2015 and Secretarial Standard on General Meetings is provided in the notice for the forthcoming AGM of the C ompany,

11. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015, the Management Discussion and Analysis Report highlighting inter alia the business performance, risk management, internal control and affairs of the Company for ilie reporting year is attached as Anncxurc - I to this Report.

12. CORPORATE GOVERNANCE:

Since the company is listed oil SME platform of BSE. the compliance with the Corporate Governance prov isions as specified in Regulation 17 to 27 and Clauses (b) to (i) of Regulation 46(2) and para-C, D and K of Schedule V of SKBi (Listing Obligations and Disclosure Requirements) Regulations, 2015. shall not apply to the Company. Hence Corporate Governance Report is not enclosed in this Annual Report. I loweyer, as a good corporate governance practice, the Company has been complying some of the important compliance in connection with the aforesaid provisions i regulations voluntarily.

13. NUMBER OF MEETINGS OF THE BOARD:

The Board of Directors duly meet 23 times during the financial year under review

The yap between two Board Meetings was well within die limit as prescribed in die Companies Act. 2013. In respect of the meetings, proper notice was given and the proceedings were recorded and signed Minutes Book was maintained for the purpose.

14. INDEPENDENT DIRECTORS MEETING:

Pursuant to the Act and SEBI Listing Regulations, the independent directors must hold at least one meeting m financial year without attendance of non-independent directors and members of the Management. Accordingly, independent directors of the Company met on Saturday Si*⁴ March. 2026 and:

a) reviewed the performance of non-independent directors of the company and the board as a whole:

b) assessed the quality, quantity and timeliness of flow of information between the Company s Management and the Board that is necessary for the Board to effectively and reasonably perform their dunes,

15. DECLARATION BY INDEPENDENT DIRECTORS:

The Independent directors have submitted a declaration of independence, stating drat they meet the criteria of independence provided under section 149(6) of the Companies Act, 2013. I he independent directors have also confirmed compliance with the piov is ions of Rule 6 of Companies (Appointment and Qualifications of Directors} Rules. 20! 4, as amended, relating to inclusion of their name in the databank of Independent Directors.

In the opinion of the Board, all the Independent Directors possess requisite qualifications, experience, expertise including Proficiency and hold high standards of integrity for the purpose of Rule 3(^) (iiia) of the Companies (Accounts) Rules. 2014.

in terms of provisions of Section 1.^0 of the Companies Act. 2013 read with Rule 6(4) of the Companies (Appointment & Qualification of Directors} Amendment Rules. 2019 the Independent Directors of the Company have registered themselves w ith the Indian Institute of Corporate Affairs, Manesar (MICA).

16. FAMILIARIZATION POLICY:

The policy and details of familiarization programme imparted to the Independent Directors of the Company are available on the website of the Company at tine w ww.hi lualaze.com

17. NOMINATION AND REMUNERATION POLICY:

Pursuant to the requirements of Section !7K of the Company Act. 2013, read with relevant rules framed thereunder, the Board has framed a Nomination and Remuneration Policy. The policy on appointment of Board Members and policy on remuneration of the Directors, KMPs and Senior Managerial Personnel is attached as per Annex hit - II and can be accessed at the companys website

at n w w.hrsnluLiln/e.com.

This policy imeralid, provides

a) The criteria Tor determining qualification?, positive at tributes and independence of directors; and b> Policy on retmiiteration of directors, key managerial personnel and other employees.

The policy is directed towards a compensation philosophy and structure that will reward and retain talent: and provides for a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the Company and its goals.

18. CONSTITUTION OF VARIOUS COMMITTEES*

As required under the Act and the SEBI Listing Regulations, your Company has constituted various statutory committees along with other governance committees and subcommittees to review specific business operations and governance matters, including any specific items that the Board may decide to delegate. As on March 31,2026, the Board has constituted the following committees.

Committees of rutr Board

We have constituted the following committees of our Board of Directors for compliance with Corporate Governance requirements:

1) Audit Committee

2) NominaiionandRemunerationCommiiiee

3) Stakeholders Relationship Committee

4) Corporate Social Responsibility Committee

aj Audit Committee:

En compliance with the provisions of Section 177 of the Act. the Board has constituted an A Ltd it Committee. The Audit Committee holds discussions with the Statutory Auditors on the Limited Review of the half-yearly, the yearly Audit Plan, matters relating to compliance of Accounting Standards, their observations arising from the annual audit of the Companys accounts and other related matters. The Audit Committed is presented with a summary of internal audit observations and follow up actions thereon. The terms of reference of Audit Committee includes the matters prescribed under Section 177 of the Companies Act, 2013 read with SLBi (LODR) Regulations, 2015,

The cpimposition af the Audit Committee as on 31^sl March, 2Q2(i was under:

Name	Designation	Category	No. uf Meeting? Attended during 2025-26
Mr. Shall Jayesh Shalt	Chairman	Non-Executive Independent Director	5
Ms. !Srik i Nitin Thakkar	Member	Non-Executive Independent Director	5
Mr. Rupcsh Pravinbhai Shah	Member	Chairman and Managing Director	5

The Company Secret a ry o. Our Company Shall act as the Secretary to the Committee.

The Audit Committee meet 5 limes during the year under review

The very purpose of the Audit Committee is to assist the Board in fulfilling its oversight responsibilities of monitoring financial reporting processes, reviewing the Company s established systems and processes for Internal financial controls, governance ami reviewing the Companys Statutory and Internal Audit activities. The Committee is in compliance with the provisions of Regulation IK of the SEBi (LODR) Regulations, 2015 and Section 177 of the Companies Act, 2013,

Terms nf reference

The role and terms of reference of the Audit Committee cover the matters specified for Audit Committees under Section 177 of the Companies Act, 2013 inter-aha including the following:

a. Oversight of the Companys financial reporting process and the disclosure of its financial information to ensure that (he financial statement is correct, sufficient and credible:

b. Recommendation for appointment, remuneration and terms of appointment of auditors of the Company;

c. Approval of payment to statutory auditors for any other services rendered by them;

d. Reviewing, with ihe management, the annual financial statements and auditors report thereon before submission to the Board for approval, with particular reference to;

e. Matters required to he included in the Directors Responsibility Statement to he included in the Board s Report in terms of clause (c) of subsection (3) of Section 134 of the Companies Act, 2013:

f. Changes, if any, in accounting policies and practices & reasons for the same

g. Major accounting entries involving estimates based on the exercise of judgment by

management:

h. Significant adjustments made in the financial statements arising out of audit findings;

i. Compliance with listing and other legal requirements relating to financial statements;

j. Disclosure of any related party transactions:

k. Modified opinion (s) in the drafi audit report;

l. Reviewing, with the management, the quarterly financial statements before submission to the

Hoard for approval;

m. Reviewing, with the management, the statement of uses I application of funds raised through an issue (public issue, rights issue, preferential issue etc.), the statement of funds utilized for purposes other dian those slated in the offer document t prospectus ! notice and the report submitted by the monitoring agency monitoring the utilization of proceeds of a public issue or rights issue or preferential issue or qualified institutions placement, and making appropriate recommendations to the Board to take up steps in this matter,

n. Review and monitor the auditors independence and performance, and effectiveness of audit process;

o. Approval or any subsequent modification of transactions of the C ompany with related panics,

p. Scrutiny of inter-corporate loans and investments:

q. Valuation of undertakings or assets of the Company, w herever it is necessary:

r. Hva 1 uation of intcrna 1 finaneia 1 eontroIs and risk managemcnt systems;

s. Review ing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems:

L Reviewing the adequacy of interna] audit function, iT any, including the structure

of the internal audit depart menu staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit;

u. Discussion with internal auditors of any significant findings & follow up there on;

v. Reviewing the findings or any internal investigations by the internal auditors into matters

where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board;

w. Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern;

x. To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non-payment of declared dividends) and creditors;

y. To review the functioning ol the Whistle Blower Mechanism;

Approval of appointment of CFO after assessing the qualifications, experience and

background, etc. of the candidate;

aa, Carrying out any other function as is mentioned in the terms of reference of the Audit Committee.

bb. Consider and comment on rationale, cost benefits and impact of schemes involving merger, demerger, amalgamation etc., on the listed entity and its shareholders.

cc. Additionally, the Audit Committee shall mandated ly review the fol lowi nginformation:

dd. Management discussion and analysis of financial condition and results or operations;

ee. Management letters / letters of internal control w eaknesses issued by the statutory auditors;

fl. Internal audit reports relating to internal control weaknesses; and

gg. The appointment, rem o v a I a n d t erm s of remun erati on o f t h e Ch i e f intei n a I au d i I or

h h. Statement of deviations:

ii. quarterly statement of deviation(s) including report oT mom ton ng agency, iT applicable, submitted to slock exchan ge(s) in terms of Regulation 32( l).

jj. annual statement of funds utilized for purposes other than those staled in the offer documentprospectus/ notice in terms of Regulation 32(7}.

b) Nomination & Remuneration Committee:

In compliance with the provisions of Section 17H of the Act, the Board has constituted the Nomination and Remuneration Committee (“NRC”). 1he composition ofNRC as on 3 1st March, 2026 was as under:

Name	Designation	Category	No. of Meetings Attended during 2025-26
Mr. Shail Jayesli Shah	Chairman	Non-Executive Independent Director	1
Ms. Niki Nitin Thakkar	Member	Non-Exccutive Independent Director	I
Ms. Heta Hiren Shah	Member	Non-Executive Independent Director	1
Mr. Rupesh Pravinbhai Shah	Member	Chairman and Managing Director	1

The Nomination <& Remuneration Committee meet i time during the year under review Terms of Reference

The Terms of Reference of the Nomination and Remuneration Committee are as under:

1. To identify persons who are qualified to become Directors and who may be appointed in senior management in accordance with the criteria laid down, recommend to the Board their appoint ment and removal and shall cany out evaluation of every Directors performance.

2. To formulate the criteria for determining qualifications, positive attributes and independence of a Director and recommend to the Board a policy, relating to the remuneration for the Directors, Key Managerial Personnel and other employees.

3. The Nomination and Remuneration Committee shall, while formulating the policy ensure that:

a. the level and composition of remuneration is reasonable and sufficient to attract, retain and

motivate Directors ol the quality required to run the Company success fully;

b. relationship of remuneration to performance is dear and meets appropriate performance benchmarks; and

c. remuneration to Directors, Key Managerial Personnel and senior management

involves a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the company and its goals:

4. R cgul arly revi cw t he 11 u m a n Rcsource fu ncti o n o f th c Compa ny

5. Discharge such other functions) or exercise such powerfs) as may be delegated to the

Committee by the Board from time to time.

6. Make reports to the Board as appropriate.

7. Review and reassess the adequacy of this charter periodically and recommend any proposed changes to the Board for approval from time to time.

8. Any other work and policy, related and incidental to the objectives of the committee as per provisions of the Act and rules made there under.

c> Stakeholders Relationship Committee:

In compliance with the provisions of Section 178(5) of the Act, the Board lias constituted the Stakeholders Relationship Committee C SRC ). The composition of SRC as on 31st March, 2026 was as under:

Name	Designation	Category	No, of .Meetings Attended during 2025-26
Mr. Shad Jayesh Shah	Chairman	Non-Executive Independent director	1
Ms. Heta Hiren Shah	Member	Non-Executive Independent director	1
Mr. Hrishikesh Shah	Member	Non- Executive Director	1

The Stakeholder Relationship Committee meet 1 lime during the year under review S Role ofthg Coinmittefej

This Committee will address all grievances of Shareholders Investors and its terms of reference shall as may be decided by the Committee from time to ttine.

Status of Complaints daring the financial year ended on March 31, 2026:

Complaints; at the beginning of the year	0
Complaints received during the year	0
Complaints resolved during tire year	0
Complaints remain unresolved at the end of the year	0
Complaints remain unresolved to the satisfaction of the shareholders	0

Name and Designation of the Compliance Officer:

Name: Ms. Preeti Jaiswar

Designation: Company Secretary and Compliance Officer

Contact Details:

E mail: csfd hrsa 1 u i;1aze. com Phone: +91 87807 85445

d) Corporate Social Responsibility Committee

Corporate Social Responsibility Committee which comprised of following Directors as its members:

Name	Designation	Category	No.of Meetings Attended during 2025-26
Ms. Heta Hiren Shah	Chairperson	Non-Executive Independent director	1
Mr. Hrishikesh Shah	Member	Executive Director	1
Mr. Rupesh Pravinbhai Shah	Member	Chairman and Managing Director	]

Corporate Social Responsibility Committee Committee meet I time during the year under review 0 Roje iif the Committee:

(i) formulate and recommend Lq the Board, a "Corporate Social Responsibility Policy" which shall indicate the activities to be undertaken by the Company as specified in Schedule Vi! of the Companies Act, 2013 and the rules made thereunder, as amended, monitor the implementation of the same from time to time, and make any revisions therein as and when decided by the Board;

(ii) identify corporate social responsibility policy partners and corporate social responsibility policy programmes;

(iii) review and recommend the amount of expenditure to be incurred on the activities referred to in clause (i) and the distribution of the same to various corporate social responsibility programs undertaken by the Company;

(iv) delegate responsibilities to the corporate social responsibility team and supervise proper execution of all delegated responsibilities;

(v) review and monitor the implementation of corporate social responsibility programmes and issuing necessary directions as required for proper implementation and timely completion of corporate social responsibility programmes;

(vi) any other matter as the Corporate Social Responsibility Committee may deem appropriate after approval of the Board or as may be directed by the Board, from time to time; and

(vii) exercise such other powers as may be conferred upon the Corporate Social Responsibility Committee in terms of the provisions of Section 135 of the Companies Act.

19, ANNUAL RETURN;

A copy of the Annual Return of the company for the financial year ended on March 31, 2026 as provided under section 92(3) of the Act. in the prescribed form, is hosted on ihe Companys website and can be accessed at www.hrsahjglaze.com

20, REPORT ON PERFORMANCE OF SUBSIDIARIES, ASSOCIATE

COMPANIES & JOINT VENTURES:

As on March 3J, 2026, the Company has one subsidiary, Geotrix Private Limited, There lias been no material change in the nature of the subsidiarys business during the year under review.

The financial statements, including the consolidated financial statements and related information of the Company and the financial statements of its subsidiary, are available on the Companys website at https ;//hrsa 1 ug Ia7.e. com /i n vest ors-rcl ati ons/.

The Company docs not have any material subsidiary in terms of the provisions of the SLB! (Listing Obligations and Disclosure Requirements) Regulations, 2016. The Policy for Determining Material Subsidiaries is available on the Companys website at https:/7hrsaluglaze.com.

Farther, the details of the subsidiary company* associate companies and joint ventures as defined under Sections 2(87) and 2(b) of the Companies Act, 2013 are as under:

* Subsidiary:

The report on the performance and financial position of the subsidiary and the salient features of its financial statements in the prescribed Form AOC-I forms part of this Annual Report as Annexure IH.

* Associate:

The Company does not have any associate company as on March 31,2026.

* Joint Venture:

The Company does not have any joint venture company as on March 3!, 2026.

21. CHANCE IN NATURE OF BUSINESS

During the year under review, there was no change in the nature of business of the Company

22. DEPOSITS:

The Company has not accepted any deposit within the meaning of Section 73 of the Companies Act. 2013 read with the Companies (Acceptance of Deposit} Rules, 20 J 4, during the year under review.

23. DIRECTORS RESPONSIBILITY STATEMENT:

The financial statements arc prepared in accordance with the Accounting Standards (AS) pursuant to the provisions of the Companies Act. 2013 and regulations issued by SE13I. Accounting policies have been consisternly applied except where a newly issued Accounting Standard is initially adopted or are vision to an existing Accounting Standard requires a change in the accounting policy. These form a part of the Notes to the financial statements.

In accordance with the provisions of section 134(3)(c) of the Act and based on the information provided by the Management, the directors state that:

I.In the preparation of the annual accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures:

IT.They 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 of the Company for FY 2025-2026;

III. They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act. 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities,

IV. They have prepared the annual accounts on a going concern basis;

V. They have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating elYeclively: and

VI. They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and are operating effectively.

24. PARTICULARS OF LOANS. GUARANTEES AND INVESTMENTS:

Details of Loans, Gita ran lees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 respectively are given in the notes to the Financial Statements- The same are in compliance.

25. SHARE CAPITAL:

Authorised Share Capital:

As at March 31, 2026, the Company has only one class of Equity Shares having equal voting rights. The Authorised Share Capital of the Company was Rs. 25,00.00,000/- divided into 2.50,00.000 Equity Shares of Rs. 10/- each fully paid-tip.

During the year under review, following changes took place in the capital si me lure:

Bonus issue:

The Company has issued 73,21,875 (Seventy-Three Lakh Twenty-One Thousand Eight Hundred Seventy- Eive) Equity Shares of ^ 10/- fRupees Ten only) each, credited as fully paid-up Bonus Shares, to the Members In the ratio of 11 [Eleven) Equity .Shares foreveiy 10 (Ten) Equity Shares held as on the Record Date, i.e., 29th April, 2025.

Initial Public Offer (IPO):

The Company has made an initial Public Offer (IPO) of 53,04,000 (Fifty-Eight Lakh) Equity Shares at a face value of Rs. 10/- (Rupees Ten Only) per share at an issue price of Rs. 96/- (Rupees Ninety-Six Only) amounting to Rs- 50,91,84,000/- [Rupees Fifty Crure Ninety-One Lakh Eighty-Four Thousand Only). The Equity Shares of the Company got listed on SMK Platform oi 8SE Limited on 18^lh December, 2025-

Retieruption, of preference share capital

During the year under review, the Company redeemed 25,000 (Twenty-Five Thousand) 8.1% Cumulative Optionally Redeemable Preference Shares (CORPS) of Rs.10/- each per share, along with accumulated dividend for three years. Accordingly, the Company paid Rs.2,50,000/- towards redemption and Rs.60,750/- (Rupees Sixty Thousand Seven Hundred Fifty only) towards accumulated dividend to the Preference Shareholders whose names appeared in the Register of Preference Shareholders as on 07th May, 2025.

Issued, Subscribed and paid-up Share Capital:

As at March 31. 2026, Consequent to the aforesaid allotment, of Equity Shares and redemption of preference share capital, the paid-up Share capital of the Company stood at Rs. 19,2 K, 21.2 50/- (Rupees Nineteen Crons Twenty-Eight Lakh Twenty Thousand Two Hundred Fifty Only) divided into 1,92.82,125 (One (tore Ninety-Two Lakh Eighty-Two Thousand One Hundred Twenty-Five) Equity Shares of Rs. 10/- (Rupees Ten Only) each.

Tiie Company lias neither issued shares with differential verting lights nor granted stock options nor issued sweat equity shares.

UTILISATION OF FUNDS RAISED THROUGH IPO:

Pursuant to Regulation 32 of the SERI (Listing Obligations and Disclosure Requirements) Res: illations, 2015, the Company has appointed a Monitoring Agency to monitor the utilization of proceeds of the Initial Public Offer (IPO). The Monitoring Agency has submitted its reports for the Quarter ended 3 1st December. 2025. 31 st March. 2026 and 30th June. 2026, The said reports have been reviewed by the Audit Committee and the Board of Directors of the Company in their respective meetings. The Company confirms that there has been deviation which is less than 10% and no variation in the utilization of the IPO proceeds from the objects stated in the Prospectus for Quarter ended 31st December. 2025. The Company con firms that there has not been any deviation and Variation in the utilization of the IPO proceeds from the objects stated in the Prospectus for Quarter ended 31st March, 2026 and 30th June, 2026. The Unutilized amount as on 30th June, 2026 is Rs. 3,11 Crore,

26. RELATED PARTY TRANSACTIONS:

All contracts;arrangementtransactions entered by the Company during the financial year under review with the related parties were m compliance with the applicable provisions of the Act and SERI Listing Regulations. A detail of transaction entered into is also reviewed by the Audit Committee on a quarterly basis.

Alt the related party transactions entered into during the financial year 2025-26 were on an arms length basis and were in the ordinary course of business. The particulars of the contracts or arrangements with the related parties as per the provisions of Section 188 of the Companies Act, 2013 is given in prescribed form AOC 2 attached to the report as Aunexure - IV.

The Policy on materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed on the Companys website at https:/ hrsaltiglazc.com

27, MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

There were no material changes and commitments affecting the financial position of the Company which occurred between the end of the financial year and the date of this board report.

28. PARTICULARS OF EMPLOYEES:

The statement containing particulars of employees as required under section 197 of the Companies Act. 2013 read with Rule 8(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. will be provided upon request. In terms of Section 136 of the Companies Aet, 2013, the Report and accounts are being sent to the members and others entitled thereto, excluding the information on employees particulars which is available for inspection by members at the Registered office of the Company during business hours on working days of the Company between I !;(X) A.M, to 4:00 P.M. up to the date of ensuing Annual General Meeting. If any member is interested in obtaining a copy thereof, such member may write to the Company Secretary in this regard.

29, ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO:

Information on conservation of Energy, Technology absorption. Foreign Exchange earnings and outgo required to be disclosed under Section 134 of the Companies Act. 2013 read with Companies (Accounts) Rules, 2014 arc provided hereunder:

PARTICULARS	REMARKS
CONSERVATION OF ENERGY:
the steps taken or impact on conservation of energy;	The Company continues to take appropriate measures for conservation of energy in its day-to-day operations. The Company has adopted energy-efficient practices, including the use of LED lighting and energy-efficient electrical and office equipment, wherever feasible. The Company also monitors and optimises electricity consumption across its premises. These measures contribute to efficient utilisation of energy and reduction in energy consumption.
Lite steps taken by the company for utilizing alternate sources of energy; the capital in\ estment on energy conservation equipments.	Our experienced management team, combined with our 422-kW captive solar power plant, delivers both technical expertise and structural cost leadership. This dual advantage significantly reduces electricity costs in energy-intensive fabrication and powder coating, ensuring long-term margin protection against grid tariff volatility and inflationary pressures.
TECHNOLOGY ABSORPTION;
the efforts made towards technology absorption;	NA
the benefits derived like product improvement, cost reduction, product development or import substitution;	NA
in case of imported technology (imparted during the last three years reckoned from the beginning of the financial year)-	NA
the details of Technology imported;
the year of import;	—
whether the technology been fully absorbed.	—
if not hilly absorbed, areas where absorption has not taken place, and the reasons thereof; Not applicable since 5 years period is over
The expenditure incurred on Research and Development	NA

 

FOREIGN EXCHANGE EARNINGS AND OUTGO:
The Foreign Exchange earned in terms of actual inflows during the year and the Foreign Exchange outgo during the year in terms of actual out Hows		Amount in $
	Foreign Exchange Earing		Foreign Exchange Outgo
	2025-26	2024-25	2025-26	2024-25
	-	-	-	91.30

30. CORPORATE SOCIAL RESPONSIBILITY:

The details of Corporate Social Responsibility (CSR) carried out by die Company arc appended in the "Annexure-V". Company pursuant to Ac provisions of Section 135 of the Companies Act. 2013 and the Rules forming part of the same arc included in the Corporate Governance Report annexed and form part of this Annual Report.

31. FORMAL ANNUAL EVALUATION:

Pursuant to die provisions of the Companies Act, 2013. Schedule IV thereto and die SKB1 (Listing Obligations and Disclosure Requirements) Regulations. 2015. the Board has carried out an annual evaluation of its own performance, that of its committees, individual Directors and Key Managerial Personnel,

The evaluation was carried out based on various parameters including composition of the Board, effectiveness of Board processes, participation m meetings, strategic guidance, governance practices and contribution of individual Directors. The performance of the on-Independent Directors, the Chairman and the Board as a whole was also evaluated by the Independent Directors at their separate meeting. The Directors expressed satisfaction with the evaluation process and its outcomes.

The Nomination and Remuneration Policy of the Company is available on the Companys website and forms part of the Corporate Governance framework.

32. REGULATORY ACTION:

There are no significant and material orders passed by the regulators or courts or Tribunals that could impact the going concern status and operations of the company in future.

33. INTERN AL FINANCIAL CONTROLS:

The Companies Act, 2013 re-emphasizes the need for an effective internal Financial Control system in the Company. I lie system should lie designed and operated effectively. Rule 8(5) (viii) of Companies (Accounts) Rules, 2014 requires the information regarding adequacy of Internal Financial Controls with reference to the financial statements to be disclosed in the Boards report. To ensure effective Internal Financial Controls the Company has laid down the following measures:

1 The internal financial control systems arc commensurate with the size and nature of its operations.

2 Alt legal and statutory compliances are ensured on a monthly basis. Non-compliance, if any, is seriously taken by the management and corrective actions arc taken immediately. Any amendment is regularly updated by internal as welt as external agencies in the system.

3 Approval of all transactions is ensured through a preapproved Delegation of

Authority Schedule which is reviewed periodically by the management.

4 The Company follows a robust internal audit process. Transaction audits are conducted regularly to ensure accuracy of financial reporting, safeguard and protection of all the assets. Fixed Asset verification of assets is done on an annual basis. The audit reports for the above audits are compiled and submitted to Board of Directors for review and necessary action.

34. WHISTLE BLOWER POLICY/VIGIL MECHANISM:

The Company has established a Vigil Mechanism / Whistle Blower Policy to deal with instances of fraud and mismanagement, if any. The Policy has a systematic mechanism for directors and employees to report concerns about unethical behavior, actual or suspected fraud or violation of the Companys Code of Conduct or policy.

35. SECRETARIAL STANDARDS OF ICSI:

The Company has complied with the requirements prescribed under the Secretarial Standards on meetings of the Board of Directors (SS—1) and General Meetings (SS—2) read with the MCA circulars.

36. AUDITORS:

1. STATUTORY AUDITOR

• At the Annual General Meeting held on 30th September, 2024, M/s Shah and Patel., Chartered Accountants (Firm Registration Number: 124743W), was appointed as Statutory Auditors of the Company to hold office for the period of 5 years i.e., for the financial years 2024-25 to 2028-29.

The Auditors Report for financial year 2025-26 contain following qualification or reservation or adverse remark:

Auditors Qualification:

a) The company has not defaulted in repayment of loans or interest thereon to any other lender except in following cases;

S.No Nature of Borrowing	Name of Lender	Amount not paid on due date	Whether principle / interest	No. of days delaye d	Remarks
1. Loan against Property	Tata Capital Limited	2,03,029	Principle +interest	3	Paid Subsequently
2. Loan against Property	Tata Capital Limited	2,03,029	Principle +interest	1	Paid Subsequently
3. Loan against Property	Tata Capital Limited	63,545	Principle +interest	8	Paid Subsequently

Corrective Measures by Management:

The outstanding statutory dues have been subsequently paid by the Company. The Company has strengthened its internal monitoring and compliance mechanism to ensure timely payment of statutory dues and to avoid recurrence of such instances.

The Auditors Report is enclosed with the financial statements in this Annual report.

b) The Company had taken a loan from NBFC in earlier years, which was taken against securities of two Investment Properties. The said loan was fully repaid; however, the charge with the Registrar of Companies (RoC) is yet to be satisfied. The Company has taken one loan from NBFC during the year against security of one Investment Property, the charge with the Registrar of Companies (RoC) is yet to be registered. Except for these two cases, all the required registration or satisfaction of charges with the Registrar of Companies was done as per the requirement.

Corrective Measures by Management:

The Company is in process of filing the necessary forms with the Registrar of Companies (RoC) for registration of the charge, in accordance with the applicable provisions of the Companies Act, 2013 and the rules made thereunder.

• After Closure of the Financial year, the existing Statutory Auditors, M/s. Shah & Patel, Chartered Accountants (FRN: 124743W), Statutory Auditors of the Company, resigned from office after the closure of the financial year due to their preoccupation with other assignments. The Board places on record its appreciation for the valuable services rendered by them during their tenure.

Pursuant to Sections 139, 141, 142 and other applicable provisions of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014, and based on the recommendation of the Audit Committee, the Board appointed M/s. Chirag R. Shah & Associates, Chartered Accountants (FRN: 118791W) to fill the casual vacancy caused by such resignation, subject to the approval of the Members.

The Board has further proposed the appointment of M/s. Chirag R. Shah & Associates as Statutory Auditors of the Company for a term of 5 (Five) consecutive years, from the conclusion of the 14th AGM to be held on 30th September, 2026, until the conclusion of the 19th AGM to be held for the financial year 2030-31.

The brief profile of M/s. Chirag R. Shah & Associates, Chartered Accountants (Firm Registration No. 118791W), including their professional experience and expertise, is provided in the Notice and the accompanying Explanatory Statement. The Board of Directors after considering the eligibility, experience and professional competence of the proposed auditors, recommends the Ordinary Resolution set out in the Notice for approval of the Members.

2. APPOINTMENT OF INTERNAL AUDITOR:

Pursuant to the provisions of the section 138 of the Companies Act, 2013 and rule 13 of the Companies (Accounts Rules) 2014, and other applicable provisions, if any, of the Companies Act, 2013 read with rules made thereunder (including any statutory modification(s) or enactment thereof for the time being in force), and on recommendation of Audit Committee of the company, M/s. Mrunal M Shah, Chartered Accountant (Membership No. 131492), were appointed as the Internal Auditors of the company to conduct an internal audit of the functions and activities of the company for the Financial Year 2025-26 at such remuneration as may be mutually agreed upon between the Board of Directors, Audit Committee and Internal Auditors.

The Internal Auditors conducts the internal audit of the functions and operations of the Company and reports to the Audit Committee and Board from time to time. There are no qualifications or adverse remarks of the Internal Auditor in the Report issued by them for the Financial Year 2025 calls for any explanation from the Board of Directors.

3. APPOINTMENT OF SECRETARIAL AUDITOR:

As required by Section 204 of The Companies Act, 2013 read with The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and amended Regulation 24 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, M/s Parikh Dave & Associates, Company Secretaries, Ahmedabad, a peer reviewed firm of Company Secretaries in Practice, were appointed as the Secretarial Auditors of the Company for financial years from F.Y. 2025 Board Meeting held on March 03, 2026.

The Report of the Secretarial Audit for the financial year ended on March 31, 2026 is enclosed as Annexure VI to this Directors Report. Their Report does not contain any qualification/remark.

37. MAINTENANCE OF COST RECORDS AND COST AUDITOR:

The Company is required to maintain cost records as prescribed under Section 148(1) of the Companies Act, 2013, read with the Companies (Cost Records and Audit) Rules, 2014, as amended from time to time. Accordingly, the Company has maintained the requisite cost records for the Financial Year 2025-26.

However, the provisions relating to cost audit under Section 148(2) of the Companies Act, 2013, read with the applicable provisions of the Companies (Cost Records and Audit) Rules, 2014, are not applicable to the Company for the Financial Year 2025-26, as the Company does not meet the prescribed threshold limits for applicability of cost audit.

Accordingly, cost audit is not applicable to the Company for the Financial Year 2025-26.

38. HUMAN RESOURCES AND INDUSTRIAL RELATIONS:

The Company takes pride in the commitment, competence and dedication of its employees in all areas of the business. The Company has a structured induction process at all locations and management development programs to upgrade skills of managers. Objective appraisal systems based on key result areas (KRAs) are in place for senior management staff.

The Company is committed to nurturing, enhancing and retaining its top talent through superior learning and organizational development. This is a part of our Corporate HR function and is a critical pillar to support the organizations growth.

39. HEALTH, SAFETY AND ENVIRONMENT PROTECTION:

Companys Health and Safety Policy commits to comply with applicable legal and other requirements connected with occupational Health, Safety and Environment matters and provide a healthy and safe work environment to all employees of the Company.

40. CODE OF CONDUCT:

The Company has laid down a Code of Conduct applicable to the Board of Directors and Senior management which is available on Companys website www.hrsaluglaze.com. All Board members and senior management personnel have affirmed compliance with the Code of Conduct.

41. CODE OF FAIR DISCLOSURE:

As required under the new Insider Trading Policy Regulations of SEBI, your directors have framed new Insider Trading Regulations and Code of Internal Procedures and Conducts for Regulating, Monitoring and Reporting of Trading by Insider. For details, please refer to the companys website at www.hrsaluglaze.com

42. LISTING:

Your companys shares are listed with SME Segment of The BSE Limited, Mumbai (Stock Code: - 544656).

The Annual Listing Fees for the Financial Year 2025-26 have been duly paid to BSE Limited where the equity shares of the Company are listed.

43. OTHER STATUTORY DISCLOSURES:

43.1 INSTANCES OF FRAUD, IF ANY REPORTED BY THE AUDIT ORS

There have been no instances of fraud reported by the Auditors under Section 143(12) of the Companies Act, 2013.

43.2 INSURANCE:

The movable and immovable properties of the Company including Plant and Machinery and stocks wherever necessary and to the extent required have been adequately insured against the risks of fire, riot, strike, malicious damage etc.

43.3 RISKS MANAGEMENT POLICY

The Company has a risk management policy, which from time to time, is reviewed by the Audit Committee of Directors as well as by the Board of Directors. The Policy is reviewed quarterly by assessing the threats and opportunities that will impact the objectives set for the Company as a whole. The Policy is designed to provide the categorization of risk into threat and its cause, impact, treatment and control measures. As part of the Risk Management policy, the relevant parameters for protection of environmen t, safety of operations and health of people at work are monitored regularly with reference to statutory regulations and guidelines defined by the Company.

43.4 SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COUR:TS OR TRIBUNALS

There has been no significant and material orders passed by any regulators or courts or tribunals, impacting the going concern status of the Company and its future operations.

43.5 ENVIRONMENT AND SAFETY:

The Company is conscious of the importance of environmentall y clean and safe operations. The Companys policy requires conduct of operations in such a manner, so as to ensure safety of all concerned, compliances of environmental regulations and preservation of natural resources.

43.6 DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013:

The Company is committed to provide a safe and conducive work environment to its employees during the year under review and the Company has been set up Internal Complaints Commit tee (ICC) to redress complaints received regarding Sexual Harassment.

In compliance with the provisions of the Sexual Harassment of Women at Workplace (Prevention,

Prohibition and Redressal) Act, 2013 ("POSH Act") and the Rules framed thereunder, the Company has constituted an Internal Complaints Committee ("ICC") and adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at Workplace.

During the year under review, the Company did not receive any complaint.

a. Number of complaints rec eived during the year Nil

b. Number of complaints disposed off during the year Nil

c. Number of cases pending for more than 90 days Nil

43.7 DISCLOSURE UNDER THE MATERNITY BENEFIT ACT, 1961

The Company is in compliance of the provision of The Maternity Benefit Act, 1961 to the extent applicable.

43.8 DETAILS OF PROCEEDINGS UNDER IBC & OTS, IF ANY:

There is no proceeding pending under the Insolvency and Bankruptcy Code, 2016. Further, there was no instance of one -time settlement with any Bank or Financial Ins titution.

44. APPRECIATION AND ACKNOWLEDGEMENT:

Your Directors, place on record their deep appreciation to employees at all levels for their hard work, dedication and commitment. The Board places on record its appreciation for the support and cooperation, your company has been receiving from its Suppliers, Retailers, Dealers & Distributors and others associated with the Company. The Directors also take this opportunity to thank all Clients, Vendors, Banks, Government and Regulatory Authorities for their continued support.

Place: Ahmedabad Date: 3rd September 2026	For and on behalf of Board of Directors Hrs Aluglaze Limited (Formerly Known as HRS Aluglaze Private Limited)
Registered Office: 601 -W1, OPP. PSP House, B/H S.G. Highway, Ambli Road, Ahmedabad - 380058, Gujarat	Mr. Rupesh Pravinbhai Shah Chairman and Managing Director DIN : 02806068