I G Petrochemicals Ltd Directors Report

To the Members,

On behalf of the Board of Directors of your Company, it gives me pleasure in presenting the Thirty Seventh Annual Report together with the Audited Financial Statements for the year ended 31 st March, 2026:

1. FINANCIAL RESULTS

STANDALONE FINANCIAL HIGHLIGHTS

(? in lakhs)

	FY 2025-26	FY 2024-25
Total Revenue	1,95,366.65	2,23,397.00
Profit before interest,	13,042.52	24,838.60
depreciation and tax
Finance Cost	3,751.68	3,880.18
Depreciation and	6,154.45	6,525.65
Amortization expenses
Profit before tax	3,136.39	14,432.77
Provision for tax	820.70	3,185.85
Profit after tax	2,315.69	11,246.92
Earnings per share (\u20b9)	7.52	36.52

A detailed analysis of the operations, financial performance and segmental performance of the Company is set out in the Management Discussion and Analysis Report which forms an integral part of this Annual Report.

2. DIVIDEND

Based on the Companys performance during the year, your Directors are pleased to recommend, for approval of the Members, a dividend @ 50% i.e. T 5 per equity share of face value T 10 each for the financial year ended 31 st March, 2026, aggregating to T 1,539.74 lakhs. The dividend, if approved, will be paid to those Members whose names appear in the Register of Members of the Company as at 30 th July, 2026.

The dividend is in accordance with the Companys Dividend Distribution Policy formulated under Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations). The Policy is hosted at .

As per the provisions of the Income-tax Act, 1961, the dividend will be taxable in the hands of the Members at the applicable rates. The Company will, accordingly, deduct tax at source at the prescribed rates while remitting the dividend.

3. STATE OF COMPANYS AFFAIRS AND OPERATIONS REVIEW

During the year under review, your Company recorded a total revenue of ? 1,95,366.65 lakhs as against ? 2,23,397.00 lakhs in the previous year, reflecting a decline of 12.5%. Profit after tax stood at ? 2,315.69 lakhs as against ? 11,246.92 lakhs in the previous year.

The global chemicals industry navigated a challenging landscape during FY 2025-26, marked by subdued economic growth, escalating geopolitical tensions in the Middle East, trade disruptions, and persistent overcapacity—particularly in basic chemicals—which continued to weigh on operating rates and margins across the sector.

Your Company, a leading player in Indias petrochemical sector with a dominant position in Phthalic Anhydride (PAN) commanding a market share ~50% and as the sole domestic manufacturer of Maleic Anhydride (MAN), experienced the impact of subdued demand and pricing pressures in the petrochemical sector during the year. Revenue from operations stood at T 1,92,497.90 lakhs compared to T 2,20,622.74 lakhs in the previous year, representing a decrease of 12.7%. Other income for the year was T 2,868.75 lakhs (previous year T 2,774.26 lakhs).

Profit before interest, depreciation and tax for the year was T 13,042.52 lakhs as compared to T 24,838.60 lakhs in the previous year, reflecting compressed operating margins on account of softer realisations and elevated input costs driven by crude-based raw material price volatility. Finance costs reduced to T 3,751.68 lakhs from T 3,880.18 lakhs, reflecting the Companys continued focus on optimising its capital structure. Depreciation and amortisation expense stood at T 6,154.45 lakhs (previous year T 6,525.65 lakhs).

Profit before tax for the year was T 3,136.39 lakhs as against T 14,432.77 lakhs in the previous year. After providing for tax of T 820.70 lakhs (previous year T 3,185.85 lakhs), the Profit after tax for the year stood at T 2,315.69 lakhs compared to T 11,246.92 lakhs in the previous year. The earnings per share (basic and diluted) for the year was T 7.52 as against T 36.52 in the previous year.

The lower profitability during the year was mainly due to compressed margin, elevated material costs and foreign exchange fluctuation. Your Company continued to focus on operational efficiencies, cost optimization and product mix improvement to mitigate the impact of adverse market conditions.

Pursuant to Section 134(3)(l) of the Companies Act, 2013 (the Act), the Directors confirm that no material changes or commitments have occurred between the end of the financial year and the date of this Report which may affect the financial position of the Company.

4. NEW PROJECTS

The Company also achieved mechanical completion of the Advance Plasticizer plant during the year, which is expected to commence commercial operations during FY 2026-27, positioning the Company to capitalise on the growing India plasticizers market.

The Compressed Biogas (CBG) plant is expected to commence its operations during FY 2026-27.

5. CREDIT RATING

The Company is regular in servicing its debt obligations including interest. India Ratings & Research has affirmed/ assigned IND AA-/Stable/IND A1+ to the Companys bank loan facilities.

6. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Particulars of loans given, guarantees provided and investments made during the year under Section 186 of the Act and the disclosures required under Schedule V to the SEBI Listing Regulations are set out in the notes to the financial statements.

7. SUBSIDIARIES/ASSOCIATES/JOINT VENTURES

I GPL International Ltd. and I G Biofuels Ltd., wholly owned subsidiaries of the Company are yet to commence operations. The present activities of IGPL International Ltd. relate to investments. IGPL Energy Ltd. is in the process of liquidation.

I GPL Charitable Foundation, a subsidiary and a Section 8 company, is engaged in undertaking CSR activities of the Company.

The consolidated financial statements of the Company are prepared in accordance with the applicable provisions of the Act and the Indian Accounting Standards. The audited consolidated financial statements together with the Auditors Report thereon form part of this Annual Report.

Pursuant to Section 129(3) of the Act, a statement containing the salient features of the financial statements of the subsidiaries in Form AOC-1 is annexed to this Report as Annexure-I.

I n accordance with Section 136 of the Act, the financial statements of the subsidiaries are available for inspection by the Members at the corporate office of the Company. A copy of the audited accounts has also been placed on the website of the Company and shall be made available to any Member upon request.

8. CORPORATE SOCIAL RESPONSIBILITIES (CSR) INITIATIVES

The Company is committed to its Corporate Social Responsibility (CSR) objectives, focusing on sustainable and inclusive development of the communities in which it operates. The CSR initiatives of the Company are aligned with Schedule VII of the Act and are implemented through credible implementing agencies.

During the year, the Company has undertaken CSR activities across the thematic areas of education and skill development, healthcare, environmental sustainability and social welfare. Key initiatives included:

• Skill Development: continued association with Tata Strive for vocational training for underserved youth in and around Taloja.

• Women Empowerment: industrial sewing and

livelihood-generation training programmes for women.

• Healthcare: rehabilitation and care programmes for individuals affected by Parkinsons disease, benefiting over 300 individuals.

• Menstrual Health Awareness: awareness programmes for adolescent girls in schools, benefiting over 500 individuals.

• Environmental Sustainability: watershed-development projects benefiting over 3,000 villagers and Miyawaki- style plantation programmes for biodiversity and carbon sequestration.

• Community Welfare: support to old-age homes and other social institutions.

• Education Infrastructure: school development

and infrastructure-enhancement projects in nearby communities.

The CSR obligation of the Company for FY 2025-26 was T 299.19 lakhs, against which the Company has spent T 255.14 lakhs. The unspent amount of T 44.07 lakhs, which pertains to ongoing projects, has been transferred to the Unspent CSR Account in compliance with Section 135(6) of the Act.

The Annual Report on CSR activities is annexed to this Report as Annexure-II. The CSR Policy is available on the Companys website at .

9. ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company for the year ended 31 st March, 2026 is uploaded on the Companys website at .

10. VIGIL MECHANISM AND WHISTLE BLOWER POLICY

In terms of Section 177 of the Act and Regulation 22 of the SEBI Listing Regulations, the Company has established a Vigil Mechanism / Whistle-blower Policy enabling Directors, employees and third parties dealing with the Company to report instances of unethical or illegal conduct, actual or suspected fraud, leak or suspected leak of unpublished price-sensitive information and any conduct that could adversely affect the operations, financial integrity, business performance or reputation of the Company.

The Policy provides adequate safeguards against victimisation of persons who use the mechanism and provides for direct access to the Chairperson of the Audit Committee in appropriate cases. During the year under review, no person has been denied access to the Audit

Committee. Details of the Vigil Mechanism are set out in the Corporate Governance Report and the Policy is available at .

11. TRANSFER OF SHARES TO IEPF AUTHORITY

In accordance with Sections 124 and 125 of the Act read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (the IEPF Rules), the amount of dividend or any other amount remaining unclaimed or unpaid for a period of seven consecutive years is required to be transferred to the IEPF Authority. The shares in respect of which dividend has remained unclaimed or unpaid for seven consecutive years or more are also liable to be transferred to the demat account of the IEPF Authority.

I n terms of Section 124(6) of the Act read with the IEPF Rules, during the year, the Company had transferred equity shares to the IEPF Authority in respect of shares on which dividend had not been claimed for seven consecutive years. The Company also transferred unpaid/unclaimed dividend pertaining to FY 2017-18 to the Investor Education and Protection Fund.

Members may note that the dividend declared by the Company for FY 2018-19 and remaining unclaimed shall be liable to be transferred to the IEPF Authority on 5 th September, 2026. Further, where Members have not claimed dividend for any of the seven consecutive financial years from FY 2018-19 to FY 2024-25, the underlying shares will also be transferred to the IEPF Authority. Members are advised to forthwith claim their dividend by writing to the Company / Registrar and Share Transfer Agent.

The details of unclaimed dividend are uploaded on the Compa nys website at and on the website of the Ministry of Corporate Affairs at .

Members whose shares have been transferred to the IEPF Authority can claim their shares and dividend by filing the online web-based Form IEPF-5 available at . The Company Secretary has been designated as the Nodal Officer for the purpose of co-ordination with the IEPF Authority and may be contacted for any guidance/assistance in this regard.

12. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. APPOINTMENTS

On the recommendation of the Nomination and Remuneration Committee, the Board of Directors appointed Shri Sanjoy Datta (DIN 00499015) as Non-Executive Independent Director for a term of five consecutive years with effect from 3 rd November, 2025. His appointment was approved by the Members through postal ballot on 15 th December, 2025 in compliance with Regulation 17(1C) of the SEBI Listing Regulations.

In accordance with Section 152 of the Act, Shri Nikunj Dhanuka (DIN 00193499) retires by rotation at the ensuing Annual General Meeting and being eligible has offered himself for re-appointment.

The term of Shri Sagar Jadhav (DIN 09547029) expires on 30 th June, 2026. Subject to the approval of the members of the Company, the Board of Directors re-appointed Shri Sagar Jadhav as Executive Director of the Company for a period of three years effective 1 st July, 2026 as per the terms, conditions and remuneration more particularly set out in the Notice.

Brief profiles of the Directors seeking re-appointment, in accordance with Regulation 36(3) of the SEBI Listing Regulations and Secretarial Standard-2 (SS- 2), are set out in the Notice convening the Annual General Meeting.

B. INDEPENDENT DIRECTORS

The Company has received declarations from all Independent Directors under Section 149(7) of the Act and Regulation 25(8) of the SEBI Listing Regulations confirming that they meet the criteria of independence laid down in Section 149(6) of the Act and Regulation 16(1)(b) of the SEBI Listing Regulations.

I n the opinion of the Board, all the Independent Directors of the Company possess the requisite integrity, expertise, experience (including the proficiency, where applicable) and qualifications, and are independent of the management of the Company.

The Key Managerial Personnel of the Company as on 31 st March, 2026 are:

• Shri Nikunj Dhanuka, Chairman &

Managing Director

• Shri Mayank Dhanuka, Executive Director & CEO

• Shri Sagar Jadhav, Executive Director

• Shri Pramod Bhandari, Chief Financial Officer and

• Shri Sudhir R. Singh, Company Secretary & Compliance Officer

There were no changes in the Key Managerial Personnel of the Company during the year under review.

C. FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS

I n compliance with Regulation 25(7) of the SEBI Listing Regulations and Schedule IV of the Act, the Company has in place a structured familiarisation programme for Independent Directors covering, inter alia, the Companys business model, industry overview, regulatory framework, internal control systems and key risks. Details of the programme

are uploaded on the Companys website at .

D. SKILLS, EXPERTISE AND COMPETENCIES OF THE BOARD

I n compliance with Schedule V of the SEBI Listing Regulations, the list of core skills/expertise/ competencies identified by the Board as required in the context of the Companys business and sector for it to function effectively, and those actually available with the Board, is set out in the Corporate Governance Report.

E. BOARD EVALUATION

I n compliance with the Act and the SEBI Listing Regulations, the annual evaluation of the performance of the Board, its Committees and individual Directors was carried out. The evaluation criteria included transparency, flow of information, competency, diversity, experience, knowledge, adequacy of time, independence, decision-making, deliberations at meetings, etc. The evaluation framework was designed taking into consideration suggestions received from the Directors. The outcome of the evaluation has been discussed in the Corporate Governance Report.

F. MEETINGS OF BOARD AND COMMITTEES

During the year under review, four meetings of the Board of Directors were held in compliance with Section 173 of the Act, Regulation 17 of the SEBI Listing Regulations and Secretarial Standard-1 (SS- 1). The intervening gap between any two consecutive meetings did not exceed one hundred and twenty days. The dates of the meetings, attendance of the Directors and the composition and terms of reference of the Board and its Committees are set out in the Corporate Governance Report which forms an integral part of this Annual Report.

13. COMMITTEES OF THE BOARD

The Board has constituted the following statutory Committees in compliance with the Act and the SEBI Listing Regulations: (i) Audit Committee; (ii) Nomination and Remuneration Committee; (iii) Stakeholders Relationship Committee; (iv) Corporate Social Responsibility Committee; and (v) Risk Management Committee. The composition, terms of reference, number of meetings held during the year and attendance of the Members are set out in the Corporate Governance Report.

All recommendations of the Audit Committee made during the year were accepted by the Board.

14. REMUNERATION POLICY

The Remuneration Policy of the Company, formulated by the Nomination and Remuneration Committee in terms of Section 178(3) of the Act and Regulation 19 of the SEBI

Listing Regulations, is set out in the Corporate Governance Report. The salient features of the Policy and changes thereto, if any, are also disclosed therein.

The 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 (the Rules) is given below:

(a) Ratio of remuneration of each Director to the median remuneration of employees of the Company for

FY 2025-26
Name & Designation	Ratio
Shri Nikunj Dhanuka, Chairman & Managing Director	29:1
Shri Mayank Dhanuka, Executive Director & CEO	39:1
Shri Sagar Jadhav, Executive Director	16:1

(b) Percentage increase in the remuneration of each Director, CFO and Company Secretary in FY 2025-26

Name & Designation	Ratio / % increase
Shri Nikunj Dhanuka, Chairman & Managing Director	(27.95%) due to decline in commission on account of lower profits
Shri Mayank Dhanuka, Executive Director & CEO	Not comparable
Shri Sagar Jadhav, Executive Director	20.70%
Shri Pramod Bhandari, Chief Financial Officer	6%
Shri Sudhir R. Singh, Company Secretary	8%

(c) Percentage increase in the median remuneration of employees in the financial year: (3.97%)

(d) Number of permanent employees on the rolls of the Company as on 31 st March, 2026: 509

(e) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration

The average percentile increase in the salaries of employees other than the managerial personnel was 3.24% whereas the percentile increase in the managerial remuneration was 33.16%.

I t is hereby affirmed that the remuneration paid during the year is in accordance with the Remuneration Policy of the Company.

15. PARTICULARS OF EMPLOYEES

The disclosures pertaining to remuneration and other details required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (the Rules) are given above. In accordance with the provisions

of Section 197(12) read with Rule 5(2) and 5(3) of the Rules, the names and other particulars of employees drawing remuneration in excess of the limits set out therein are kept open for inspection by the Members at the corporate office of the Company up to the date of the ensuing Annual General Meeting. The Annual Report and Accounts are being sent to all the Members of the Company excluding the said information. The said information will be furnished to any Member upon receipt of a written request.

16. DIRECTORS RESPONSIBILITIES STATEMENT

To the best of our knowledge and belief and according to the information and explanation obtained by us, in terms of Section 134(3) (c) of the Companies Act, 2013, we state:

a. that in the preparation of the annual financial statements for the year ended 31 st March, 2026, all the applicable accounting standards have been followed and no material departures have been made from the same;

b. t hat 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 at the end of the financial year ended 31 st March, 2026 and of the profit of the Company for that year;

c. that proper and sufficient care has been taken 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/ detecting fraud and other irregularities;

d. t hat the annual financial statements have been prepared on a going concern basis;

e. that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively;

f. that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

17. INTERNAL FINANCIAL CONTROLS

The Company has in place an adequate Internal Financial Controls (IFC) system commensurate with the size, scale and complexity of its operations. The IFC framework has been designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets, preventing and detecting frauds and errors, accuracy and completeness of accounting records and timely preparation of reliable financial information.

The Audit Committee periodically reviews the adequacy and effectiveness of the IFC. The Statutory Auditors have, in their report, opined on the adequacy and operating

effectiveness of the IFC over financial reporting under Section 143(3)(i) of the Act.

18. RISK MANAGEMENT

I n compliance with Section 134(3)(n) of the Act, the Company has in place a Risk Management Policy that identifies the elements of risk which, in the opinion of the Board, may threaten the existence of the Company, and lays down a structured framework for risk identification, evaluation, mitigation and monitoring.

The Risk Management Committee constituted in compliance with Regulation 21 of the SEBI Listing Regulations oversees the implementation of the Policy and reports to the Board on key risks. Key risks identified during the year include market/commodity-price risk; foreign-currency risk; interest-rate risk; cyber-security risk; regulatory and ESG risks, along with the corresponding mitigation strategies.

19. RELATED PARTY TRANSACTIONS

All transactions entered into by the Company with related parties during the year under review were on an arms length basis and in the ordinary course of business and were in compliance with the applicable provisions of the Act and Regulation 23 of the SEBI Listing Regulations. Prior approval of the Audit Committee, including by way of omnibus approval where applicable, was obtained for all related-party transactions. There were no material related- party transactions, as defined under Regulation 23(1A) of the SEBI Listing Regulations or under the Companys Policy on Related Party Transactions, that required approval of the Members.

The Policy on Related Party Transactions is hosted on the Companys website at . Disclosures regarding related-party transactions in compliance with the Indian Accounting Standards form part of the notes to the financial statements.

None of the Directors and Key Managerial Personnel has any pecuniary relationship or transaction with the Company other than as disclosed in the financial statements.

20. AUDITORS

A. STATUTORY AUDITORS

M/s S M M P & Company, Chartered Accountants (Firms Registration No.: 120438W) and M/s M S K A & Associates LLP (Formerly known as M S K A & Associates) Chartered Accountants (Firm s Registration No.: 105047W/W101187) are the Joint Statutory Auditors of the Company.

The Statutory Auditors have confirmed compliance with applicable independence and ethical requirements and that they have not provided any of the services prohibited under Section 144 of the Act. The Audit Committee periodically reviews the

independence of the Auditors and the effectiveness of the audit process.

The Statutory Auditors Report does not contain any qualification, reservation, adverse remark or disclaimer. The notes on financial statements referred to in the Auditors Report are self-explanatory and do not call for any further comments under Section 134(3)(f) of the Act.

B. COST AUDITOR

I n terms of Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, the Board of Directors, on the recommendation of the Audit Committee, has appointed M/s Krishna S & Associates, Cost Accountants (Firms Registration No.: 100939), as the Cost Auditor of the Company for the year 2026-27, and recommended their remuneration to the Members for ratification at the ensuing Annual General Meeting.

M/s Krishna S & Associates have given their consent and confirmed that their appointment is within the limits prescribed under Section 141 of the Act and that they are independent of the Company and free of any disqualifications. The Cost Audit Report for FY 2024-25 was filed within the prescribed timelines. The Company has maintained cost accounts and records as specified by the Central Government under Section 148(1) of the Act for FY 2025-26.

C. SECRETARIAL AUDITOR

Pursuant to Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 24A of the SEBI Listing Regulations, the Members at the Annual General Meeting held on 7 th August, 2025 appointed M/s Makarand M Joshi & Co., Practising Company Secretaries, as Secretarial Auditors of the Company for a period of five consecutive years from FY 2025-26.

The Secretarial Audit Report for FY 2025-26 issued by M/s Makarand M Joshi & Co. is annexed to this Report as Annexure-III. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

21. REPORTING OF FRAUD BY AUDITORS

During the year under review, the Statutory Auditors have not reported any instance of fraud committed against the Company by its officers or employees under Section 143(12) of the Act read with Rule 13 of the Companies (Audit and Auditors) Rules, 2014.

22. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information required under Section 134(3)(m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014, with respect to conservation of energy, technology absorption and foreign exchange earnings and outgo, is annexed to this Report as Annexure-IV.

23. BUSINESS RESPONSIBILITIES AND SUSTAINABILITY REPORT

In compliance with Regulation 34(2)(f) of the SEBI Listing Regulations, the Business Responsibility and Sustainability Report describing the initiatives undertaken by the Company from an environmental, social and governance perspective is provided as a separate section forming part of this Annual Report and is annexed as Annexure-V.

24. SIGNIFICANT AND MATERIAL ORDERS PASSED

No significant or material orders have been passed by the regulators, courts or tribunals during the year impacting the going-concern status or the future operations of the Company. Members attention is drawn to the statement on contingent liabilities and commitments forming part of the financial statements.

25. CEO / CFO CERTIFICATION

I n terms of Regulation 17(8) read with Schedule II Part B of the SEBI Listing Regulations, the certification by the Managing Director and the Chief Financial Officer in respect of FY 2025-26 was placed before the Board and forms part of the Corporate Governance Report.

26. CORPORATE GOVERNANCE

The Company has complied with the requirements of Corporate Governance prescribed under the SEBI Listing Regulations. A separate Report on Corporate Governance, together with the Statutory Auditors Certificate confirming such compliance, forms part of this Annual Report. The Management Discussion and Analysis Report for the year under review is also presented as a separate section forming part of this Report.

27. OTHER DISCLOSURES

a. There is no change in the share capital structure during the year under review.

b. There has been no change in the nature of business of the Company during the year under review.

c. During the year, the Company has not accepted or invited any deposits from the Public.

d. The Company does not propose to transfer any amount to the General Reserve for the financial year under review.

e. The Company has complied with the Secretarial Standards issued by the Institute of Company

Secretaries of India on Board Meetings and General Meetings.

28. PREVENTION OF SEXUAL HARASSMENT

The Company has zero tolerance towards sexual harassment at the workplace and has, in accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder, formulated a Policy on Prevention of Sexual Harassment. All employees (permanent, contractual, temporary and trainees) are covered under the Policy.

An Internal Complaints Committee (ICC) has been constituted in accordance with the said Act.

No complaints pertaining to sexual harassment were received during the year.

29. QUALITY AND ENVIRONMENTAL CERTIFICATIONS

Your Company is certified under ISO 9001:2015 for Quality Management Systems and ISO 14001:2015 for Environment Management Systems by Bureau Veritas.

30. VALUATION FOR ONE TIME SETTLEMENT

During the year under review, there was no instance of one time settlement with any bank or financial institution.

31. PROCEEDINGS UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016

During the year under review, no proceedings were initiated/pending against the Company under the Insolvency and Bankruptcy Code, 2016.

32. COMPLIANCE WITH MATERNITY BENEFIT ACT, 1961

The Company is compliant with the applicable provisions of the Maternity Benefit Act, 1961 and has policies, systems and processes in place to ensure ongoing compliance.

33. ACKNOWLEDGEMENT

Your Directors place on record their sincere appreciation of the unstinted support and contribution of business partners and thank the customers, members, dealers, employees, bankers, financial institutions, regulatory authorities and all other stakeholders for the co-operation and confidence reposed in the Company.

For and on behalf of the Board of directors
Nikunj Dhanuka
Chairman & Managing Director
DIN 00193499

Place: Mumbai,
Date: 18 th May, 2026