Indiqube Spaces Ltd Directors Report

Dear Members,

Your directors are delighted to present the 12th Annual Report of Indiqube Spaces Limited (formerly known as Indiqube Spaces Private Limited / Innovent Spaces Private Limited) hereinafter known as "Company" or "Indiqube") together with the audited financial statements for the financial year ended March 31, 2026. This year marks a defining milestone in the Companys journey our first Annual Report following the successful Initial Public Offer and the listing of our equity shares on BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") (collectively referred as "Stock Exchanges") on July 30, 2025. The transition from a privately held enterprise to a publicly listed company represents not just a change in corporate structure, but a bold step into a new era of scale, transparency and long-term value creation.

Financial Highlights

The financial performance of the Company for the year under review as compared to the previous year is summarised below:

	Financial Year ended March 31, 2026			Financial Year ended March 31, 2025
PARTICULARS	Ind AS	Ind AS Adj.	IGAAP Equivalent	Ind AS	Ind AS Adj.	IGAAP Equivalent
Revenue from operations	1,451	(18)	1,469	1,059	(16)	1,076
Other income	77	55	21	44	41	3
Total Income	1,528	37	1,491	1,103	24	1,079
Purchases of traded goods	96	-	96	52	-	52
Employee benefit expense	93	-	93	76	-	76
Finance costs	448	412	37	330	307	24
- Interest on borrowings	37	-	37	24	-	24
- Interest on lease liabilities and Security Deposit	412	412	-	307	307	-
Received *
Depreciation & Amortisation expense	645	506	139	487	387	100
- Property, Plant, Equipment & Intangible Asset	139	-	139	100	-	100
- ROU (Right-of-use Assets)**	506	506	-	387	387	-
Other expenses	381	598	979	315	445	760
Total expenses	1,663	320	1,344	1,260	249	1,012
Profit / (loss) before tax	(136)	(282)	147	(157)	(225)	68
Tax expense	(29)	(51)	22	(18)	(34)	17
Profit / (loss) after tax	(106)	(231)	125	(140)	(190)	51
Other Comprehensive Income	1	1	-	(1)	(1)	-
Total Comprehensive Income	(105)	(230)	125	(141)	(191)	51

Note: Certain figures may reflect minor casting differences arising from the rounding of numbers. These differences are not material and do not impact the overall accuracy or integrity of the information presented.

*Refer Note No. 25 of financial statements at page no. 125 of the Annual Report. **Refer Note No. 26 of financial statements at page no. 125 of the Annual Report.

Companys Financial Performance

As of March 31, 2026, our revenue from operations increased by 36.55 % to 1,469 crore in FY 2025-26, compared to 1,076 crore in FY 2024-25. Our EBITDA has increased from 188 Crore in FY 2024-25 to 301 crore in FY 2025-26, depicting a YoY growth of 60.11%. This growth was primarily driven by increase in Rent Yielding Area from 5.33 million sq.ft. to 6.33 million sq.ft. and a steady state occupancy of 88% and growing Value Added Services contribution.

Our underlying profitability is demonstrated by a positive Profit After Tax (PAT) of 125 crore and consistent income tax payments. The reported accounting loss under Ind AS is a non-cash variance driven entirely by Ind AS 116 (Leases), which mandates recognising notional expenses like depreciation on Right-of-Use assets and interest on lease liabilities.

A detailed discussion on the Companys financial results is provided in the Management Discussion and Analysis Report, which forms an integral part of this Annual Report.

Transfer to Reserves

Details with regard to amount transferred to reserves are provided in the Notes to Financial Statements forming part of this Annual Report.

Dividend

In order to preserve resources for strategic investments, build a stronger capital foundation and support future scalability, the Board of Directors of the Company (the "Board") has decided not to recommend a dividend for the FY 2025 26. The Companys Dividend Distribution Policy is available at https://indiqube.com/wp-content/ uploads/2025/08/462y_Dividend-Distribution-policy.pdf.

Management Discussion and Analysis Report

In accordance with Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), the Management Discussion and Analysis (MD&A) Report for FY 2025 26 has been presented as a dedicated section of this Annual Report. A review of the performance and future outlook of the Company and its businesses, as well as the state of the affairs of the business, along with the financial and operational developments have been discussed in detail in the Management Discussion and Analysis Report.

Corporate Governance Report

The Corporate Governance Report is prepared in accordance with the SEBI Listing Regulations and annexed to this Report as Annexure I.

A certificate from CS Varsha V Shenoy, Company Secretary in Practice, confirming compliance with the corporate governance requirements under the SEBI Listing Regulations, is annexed to this Report as

Business Responsibility & Sustainability Reporting (BRSR)

Under Regulation 34(2)(f) of the SEBI Listing Regulations, a Business Responsibility and Sustainability Report (BRSR) is mandatory for the top 1,000 entities ranked by Stock Exchanges on December 31, determined on the basis of their average market capitalisation from July 1 to December 31.

The Company was listed on Stock Exchanges in July 2025 and subsequently ranked within the top 1,000 entities on the Stock Exchanges as of December 31, 2025. Consequently, pursuant to the SEBI Listing Regulations, the requirement of

Business Responsibility and Sustainability Report (BRSR) disclosure is effective for the Company from FY 2026 27 and onwards. Accordingly, the Company will include its first BRSR in the Annual Report for FY 2026 27.

Credit Rating

The Company has been rated by CRISIL Ratings Limited vide its letter dated November 07, 2025 as CRISIL A+/Stable credit rating, reflecting strong financial performance and operational stability, and the same can be accessed at https://indiqube.com/investor/wp-content/uploads/2025/11/Intimation-of-credit-rating-to-SE_Indiqube.pdf.

Major Events During the Year

i) Initial Public Offering & Listing of Equity Shares

During the year under review, your Company initiated an Initial Public Offering (IPO) comprising a Fresh Issue of equity shares aggregating up to 2,74,32,636 equity shares of face value of 1 each aggregating to 650 crore and an Offer for Sale of up to 21,09,704 equity shares of face value of 1 each aggregating to 50 crore by Promoter Selling Shareholders.

The issue was led by Book Running Lead Managers, viz., ICICI Securities Limited and JM Financial Limited. The issue opened on July 23, 2025, and closed on July 25, 2025, and the Company was listed on NSE and BSE on July 30, 2025.

ii) Solar Plant

The 20 MW Solar Project, undertaken as part of the Companys broader capital programme, became fully operational during FY 2025-26, contributing to the Companys long-term sustainability and energy efficiency objectives.

Capital Structure

i. Authorised share capital:

During the financial year under review, the shareholders of the Company approved the re-classification of the authorised share capital of the Company, vide resolution dated September 14, 2025, from 32,50,00,000 comprising 25,00,00,000 equity shares of 1 each, 6,25,00,000 0.001% Series A compulsorily convertible preference shares of 1 each, and 1,25,00,000 0.001% Series B compulsorily convertible preference shares of 1 each, to 32,50,00,000 comprising 32,50,00,000 equity shares of 1 each.

Consequently, the authorised share capital of the Company as of the financial year ended on March 31, 2026, stood at 32,50,00,000 divided into 32,50,00,000 equity shares having a face value of 1/- each.

ii. Issued, subscribed and paid-up share capital:

The issued, subscribed and paid-up share capital of the Company as on financial year ended on March 31, 2026, is 21,19,97,634, divided into 21,19,97,634 equity shares of 1/- each.

Details of allotment of equity shares made by the Company during the financial year under review are given below: a) The Company has allotted an aggregate of 5,23,95,259 equity shares of 1/- each on May 16, 2025, pursuant to the conversion of outstanding convertibles securities, as described below: i. 6,07,61,232 0.001% Series A compulsorily convertible preference shares [Series A

CCPS] converted into 4,14,67,436 equity shares of 1/- each. ii. 1,09,27,823 0.001% Series B compulsorily convertible preference shares [Series B

CCPS] converted into 1,09,27,823 equity shares of 1/- each. b) Pursuant to Companys IPO, the Company made a fresh issue of 2,74,32,636 equity shares of face value 1 each (including Employee Reservation Portion of 69,767 equity shares) at an issue price of 237 per equity share (including a premium of 236 per equity share), aggregating to 650 crore. c) The Company allotted 19,53,646 equity shares of 1/- each against exercise of 1,953,646 vested options to eligible employees upon exercise of stock options under the Indiqube Employee Stock Option Plan 2022 on December 22, 2025. d) The Company allotted 32,481 equity shares of 1/- each against exercise of 32,481 vested options to eligible employees upon exercise of stock options under the Indiqube Employee Stock Option Plan 2022 on March 12, 2026.

Employee Stock Option

The Company has Employee Stock Option Plan for the Employees of the Company named as Indiqube- Employee Stock Option Plan 2022 ("ESOP Plan") with an aggregate pool of 40,61,200 options. The ESOP Plan is in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 ("SEBI (SBEB & SE) Regulations") and is administered by the Nomination and Remuneration Committee of the Board pursuant to the provision of Section 178 of the Companies Act, 2013 (the "Act"). Applicable disclosures as stipulated with regard to the ESOP Plan is available on the Companys website at https://indiqube.com/ investor/financials/. The Secretarial Auditors certificate confirming that the implementation of plan is in accordance with SEBI (SBEB & SE) Regulations will be made available at the AGM.

Post listing, the shareholders of the Company approved the ratification of the ESOP Plan by way of passing a special resolution on September 14, 2025, in compliance with SEBI (SBEB & SE) Regulations.

During the year under review, the Company has obtained in-principle approvals from the Stock Exchanges on October 17, 2025, in relation to the ESOP Plan for further grants and allotment of equity shares against the vested stock options.

Investor Education and Protection Fund (IEPF)

During the financial year under review, the Company was not required to transfer any funds and equity shares to the investor education and protection fund as per the provisions of Section 125 of the Act.

Statement of Deviation(S) or Variation(S)

The proceeds of the funds raised by the Company through IPO are in line with the details mentioned in the Prospectus and the monitoring agency has reported no deviation in this regard. The report of the monitoring agency is disclosed to Stock Exchanges on a quarterly basis and available on our website at https://indiqube. com/investor/corporate-announcements/.

Material changes and commitments if any, affecting the financial position which have occurred between the end of the financial year and the date of the report

There were no material changes and commitments affecting the financial position of the Company which occurred between the end of the financial year on

March 31, 2026, and the date of this report, except that the shareholders, via a Postal Ballot approved on June 24, 2026, authorised a variation in the objects and terms of utilisation of the IPO proceeds.

Details of contracts or arrangements with Related Parties:

All related party transactions entered during the financial year ended March 31, 2026 were in the ordinary course of the business and on an arms length basis. In terms of the Act and the rules framed thereunder read with the SEBI Listing Regulations, your Company did not enter into any material related party transactions during the financial year ended March 31, 2026. Accordingly, the disclosure of related party transactions in Form AOC-2, as required under Section 134(3)(h) of the Act, is not applicable. Members may refer to Note no. 31 to the financial statements which sets out related party disclosures pursuant to IND AS-24.

The Company had adopted Policy on dealing with Related Party Transactions ("RPT Policy") in compliance with Regulation 23 of the SEBI Listing Regulations. The RPT Policy is available on the Investor Relations section of the website of the Company at https://indiqube.com/investor/wp-content/uploads/2026/05/Policy_on_Related_Party_ Transaction.pdf.

Details of Joint Ventures/Subsidiaries/

Associates

The Company did not have any Joint Venture/Subsidiary/ Associate Company during the year under review.

Loans, Guarantees or Investments Under Section 186 of Companies Act, 2013

During the year under review, the Company has not given any loans, guarantees or made investments covered under the provisions of section 186 of the Act.

Deposits:

During the year under review, the Company has neither accepted nor renewed any deposits in terms of Chapter V of the Act read with the Companies (Acceptance of Deposits) Rules, 2014.

Directors and Key Managerial Personnel

Directors

During the year under review, the Board of the Company was duly constituted in line with the requirements under the Act and SEBI Listing Regulations. For more details, please refer to the relevant section of Corporate Governance Report forming part of this Report. Mr. Anshuman Das (DIN: 00420772), Non-Executive Director of the Company who retires by rotation and being eligible, offers himself for re-appointment.

Adequate disclosures have been made in the notice of 12th Annual General Meeting pursuant to Regulation 36 of SEBI Listing Regulations and Secretarial Standard-2 on General Meetings.

Key Managerial Personnel(s):

Mr. Pranav Ayanath Kuttiyat (ICSI Membership No. A57351), who served as the Company Secretary from November 15, 2024, and as the Compliance Officer from December 18, 2024, stepped down from his role during the year w.e.f. February 25, 2026. Further, Mr. Rishi Das (Chairman, Executive Director, and Chief Executive Officer), Ms. Meghna Agarwal (Executive Director and Chief Operating Officer), Mr. Pawan Jaichandbhai Jain (Chief Financial Officer), and Mr. Deepak Dadhich (Chief Business Officer) continued to serve as the Key Managerial Personnel of the Company during the year and as on date of this report, pursuant to Section 203 of the Act. To ensure continuity in governance and compliance, subsequent to the year under review, the Board has appointed Mr. Bhasker Dubey (ICSI Membership No. A33287) as the Company Secretary and Compliance Officer of the Company with effect from May 20, 2026.

Amendment to Memorandum of Association

Pursuant to a shareholder resolution passed via postal ballot on September 14, 2025, the Company approved the reclassification of its Authorised Share Capital. This resulted in the consequential alteration of Clause V of the Memorandum of Association (MOA). Subsequently, on December 11, 2025, the shareholders approved a further amendment to the Object Clause of the Memorandum of Association via postal ballot to align with the Companys strategic objectives.

Committees

As on March 31, 2026, the Board had 8 (eight) Committees, namely the Audit Committee, Nomination and Remuneration Committee, Risk Management Committee, Stakeholders Relationship Committee, Corporate Social Responsibility Committee, IPO Committee, Committee of Independent Directors and the Management Sub Committee, the details of the same are provided in the corporate governance report.

Board Meetings

During the financial year ended March 31, 2026, the Board met 10 (Ten) times. The maximum interval between any two meetings of the Board did not exceed 120 days. Details of the meetings of the Board along with the attendance of the Directors therein have been disclosed in the Corporate Governance Report forming part of the Annual Report.

Auditors and Auditors Report

1. Statutory Auditor

Walker Chandiok & Co. LLP, Chartered Accountants (Firm Registration No. 001076N/N500013), were appointed as the statutory auditors of the Company in the 10th AGM held on Friday, November 29, 2024 from FY 2024-25 till FY 2028-29 and they shall hold the office until the conclusion of 15th Annual

General Meeting at a remuneration as determined by the Board.

The Statutory Auditors report does not contain any qualifications, reservations or adverse remarks or disclaimer. During the financial year ended March 31, 2026, the statutory auditors have not reported any matter under Section 143(12) of the Act. The said Auditors Report(s) for the financial year ended March 31, 2026, on the financial statements of the Company forms part of the Annual Report.

2. Secretarial Auditor

Pursuant to the provision of Section 204 of the Act, and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors of the Company on May 16, 2025, had appointed Ms. Varsha V Shenoy, Company Secretary in Practice, proprietress of M/s. VVS and Associates, Company Secretaries (FCS No. 9012, COP No. 10499, Peer Review Certificate No. 1476/2021) as Secretarial Auditor of the Company to conduct secretarial audit for FY 2025-26.

The Secretarial Audit report issued by Ms. Varsha V Shenoy, Company Secretary in Practice, for the FY 2025-26 is attached as Annexure III to this report and does not contain any qualifications, reservations or adverse remarks or disclaimer. The Board now recommends the appointment of Ms. Varsha V Shenoy as the Secretarial Auditor of the Company for a fresh term of 5 (five) consecutive financial years from FY 2026-27, subject to the approval of the shareholders at the ensuing 12^th Annual General Meeting (AGM).

3. Internal Auditor

In compliance with the provisions of Section 138 of the Act, the Company has appointed Singhvi Dev and Unni LLP as Internal Auditors for the financial year ended on March 31, 2026.

4. Cost Auditor

The provisions of Section 148 of the Act read with Rule 3 of the Companies (Cost Records and Audit) Rules, 2014 do not apply to the Company. Accordingly, the Company has not appointed a Cost Auditor.

Internal Financial Controls:

The Company has established adequate internal financial controls commensurate with the size, scale and nature of its operations. These controls are rules and procedures that help a company run smoothly, follow policies, protect assets, prevent fraud and errors, keep accurate records, and prepare reliable financial reports on time.

The effectiveness of these internal financial controls is maintained through a combination of management reviews, control self assessments and independent testing carried out by the Internal Auditor. The Board has adopted and periodically reviews these systems to ensure their continued adequacy and operating effectiveness. Further, the Company has adopted accounting policies that are consistent with the Indian Accounting Standards (Ind AS) notified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015 and subsequent amendments.

Corporate Social Responsibility (CSR)

The Corporate Social Responsibility (CSR) Policy of the Company, as approved by the Board, is available on the Companys website at https://indiqube.com/investor/ wp-content/uploads/2026/04/CORPORATE_SOCIAL_ RESPONSIBILITY_POLICY.pdf.

In compliance with the provisions of Section 135 of the Act read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 ("CSR Rules"), the Company has constituted a Corporate Social Responsibility Committee ("CSR Committee"). The provisions relating to mandatory CSR expenditure was not applicable for the year under review. The disclosure mandated under Section 135 of the Act and CSR Rules, is provided in Annexure IV.

Weblink of Annual Return

Pursuant to Section 92(3) of the Act, the extract of the Annual Return is available on the website of the Company at: https://indiqube.com/investor/financials/.

Directors Responsibility Statement

In accordance with the provisions of Section 134 (5) of the Act, your directors confirm that: i) In the preparation of the annual accounts for the financial year ended March 31, 2026, the applicable accounting standards had been followed along with proper explanation relating to material departures. ii) The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent 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 and loss of the Company for that period. iii) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. iv) The directors have prepared the annual accounts on a going concern basis. v) The directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and vi) The directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Declaration by Independent Directors

In accordance with Section 149(7) of the Act and Regulation 25(8) of the SEBI Listing Regulations, Independent Directors have confirmed to the Company that they continue to meet the criteria of independence as laid down in Section 149(6) of the Act and Regulation 16(1)(b) of SEBI Listing Regulations.

In the opinion of the Board, Independent Directors of the Company possess necessary expertise, integrity, experience and proficiency in their respective fields. Further, all Independent Directors have confirmed that they have registered with the data bank of Independent Directors maintained by the Indian Institute of Corporate Affairs ("IICA") and are either exempt from or have completed the online proficiency self-assessment test conducted by the IICA in accordance with the provisions of Section 150 of the Act.

Conservation of Energy, Absorption of Technology, Foreign Exchange

Earnings and Outgo:

The particulars relating to conservation of energy, technology absorption, and foreign exchange earnings and outgo are given hereunder:

A. Conservation of Energy

The Company has adopted a systematic approach to energy efficiency by integrating smart infrastructure and alternate energy solutions across its workspaces. The Company has deployed smart technologies like sensor-based lighting and advanced energy-efficient equipment managed under an ISO 14001 Environmental Management System. The Company has actively utilised clean power generated through its dedicated solar farms and rooftop solar systems, while establishing an electric vehicle (EV) charging network to maximise renewable energy usage. The Company continuously invest in sustainable infrastructure, renewable energy, and efficient management systems to create high-performance, eco-friendly spaces through the prudent adoption of innovative technologies.

B. Technology absorption

Please refer to page no. 11 of the Annual Report for details regarding the efforts made towards technology absorption and the benefits derived therefrom. The Company has not imported any technology during the last three financial years. Further, there was no expenditure incurred on Research and Development during the financial year.

C. Foreign Exchange Earnings and Outgo:

During the financial year ended March 31, 2026, there was no exposure on foreign exchange and the outgo on foreign exchange.

Risk Management

The Company has a risk management framework for identification and management of risks. In line with the SEBI Listing Regulations, the Company has constituted a Risk Management Committee comprising members of the Board of Directors. Terms of reference of the Committee and composition thereof including details of meetings held during the FY 2025-26 forms part of the Corporate Governance Report, which forms part of this Annual Report. Additional details relating to Risk Management are provided in the Management Discussion and Analysis Report forming part of this Report. Further, Risk Management Policy of the Company can be accessed at- https://indiqube.com/wp-content/uploads/2025/07/ Risk-Management-Policy.pdf.

Whistle Blower / Vigil Mechanism Policy

The Company has adopted a comprehensive Whistle Blower Policy and established a robust vigil mechanism in accordance with the provisions of Section 177 of the Act and Regulation 22 of the SEBI Listing Regulations.

Annual Report 2025-26 43

The Policy is designed to provide directors and employees a secure and transparent channel for reporting genuine concerns relating to unethical behaviour, actual or suspected fraud, violation of the Companys Code of Conduct, or any improper or wrongful activity, without fear of retaliation.

The Whistle Blower Policy is available on the Companys website at https://indiqube.com/investor/wp-content/ uploads/2026/05/Whistle_Blower_Policy.pdf.

Performance Evaluation

The Board and Nomination and Remuneration Committee have approved the policy for evaluating the performance of the Board, its committees, individual Director, and the Chairman in compliance with the provisions of Section 178 read with Schedule IV of the Act and SEBI Listing Regulations. In accordance with the evaluation criteria specified in the policy, the annual performance evaluation of the Board as a whole, all respective committees, Chairperson, individual Director have been carried out by Independent Directors and Board through a structured questionnaire covering various aspects of the evaluation framed in line with the guidance notes Issued by the Act and SEBI Listing Regulations. The feedback and results of the questionnaire were collated, and a consolidated report was shared with the Board. The Board expressed its satisfaction with the evaluation process.

Compliance with Secretarial Standards

The Company has complied with all applicable mandatory secretarial standards issued by the Institute of Company Secretaries of India.

Policy on Directors Appointment and Remuneration:

Pursuant to Section 178(3) of the Act, the Company has formulated a comprehensive Policy (Nomination and Remuneration Policy) on the appointment and remuneration of Directors, Key Managerial Personnel (KMP) and Senior Management Personnel (SMP). The Policy, approved by the Board, is available on the Companys website at https://indiqube.com/investor/ wp-content/uploads/2026/04/Nomination-and-Remuneration-Policy.pdf. The Policy outlines the framework for appointment, removal, tenure and remuneration of Directors, KMP(s) and SMP(s). The Companys remuneration philosophy is performance oriented and aims to reward merit, achievement and long-term value creation.

Human Resource

Disclosures relating to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this Report as Annexure-V.

In terms of the provisions of Section 197(12) of the Act, read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names of the top ten employees in terms of remuneration drawn and names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules, forms part of this Report.

Having regard to the provisions of the second proviso to Section 136(1) of the Act, the Annual Report excluding the aforesaid information is being sent to the members of the Company. Any member interested in obtaining such information may address their email to cs.compliance@ indiqube.com.

Prevention of Sexual Harassment at

Workplace

The Company has adopted a comprehensive Policy on Prevention, Prohibition and Redressal of Sexual Harassment at the Workplace, formulated in accordance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed thereunder with zero tolerance to sexual harassment at workplace. The Policy reflects the Companys commitment to fostering a safe, respectful and inclusive work environment for all employees, and outlines a structured framework for preventing, reporting and addressing incidents of sexual harassment.

In compliance with statutory requirements, the Company has constituted an Internal Complaints Committee (ICC) comprising trained and qualified members, including an external expert, to ensure impartial inquiry and fair redressal of complaints.

During the year under review, the details of sexual harassment complaints are as follows: a. Number of complaints of sexual harassment received in the year: Nil b. Number of complaints disposed off during the year: Nil c. Number of cases pending for more than ninety days: Nil

Compliance under the Maternity

Benefit Act, 1961

The Company has duly complied with the provisions of the Maternity Benefit Act, 1961, as amended from time to time, to ensure that all eligible women employees are granted maternity leave and associated benefits as prescribed under the said Act.

General

The Directors state that no disclosure or reporting is required in respect of the following matters as there were no transactions on these matters during the year under review: a. Issue of equity shares with differential rights as to dividend, voting or otherwise. b. Issue of sweat equity shares to the employees or directors of the Company. c. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Companys operations in future. d. No change in nature of business of the Company.

e. No proceeding pending under the Insolvency and Bankruptcy Code, 2016. f. No instance of one-time settlement with any Bank or Financial Institution. g. In accordance with Regulation 32(4) of the SEBI

Listing Regulations the disclosure of the Statement of Deviation(s) or Variation(s) is not applicable to the Company, as there are instances of deviation(s) or variation(s) in the utilisation of proceeds of IPO as mentioned in the objects of Offer in the Prospectus dated July 25, 2025, in respect of the IPO of the Company.

Acknowledgements

The Directors express their appreciation for the continued support and cooperation received by the company from its Customers, Bankers, Shareholders, Suppliers, Business Partners, Financial Institutions and the Central and State Governments. The Directors also express their gratitude and sincere appreciation to all the employees of the Company for their contribution, hard work and commitment.