Jain Resource Recycling Ltd Directors Report

Your Directors have pleasure in presenting the 5 th Annual Report containing the Audited Financial Statements of the Company forthe Financial Year ended March 31, 2026.

1. FINANCIAL RESULTS:

The financial performance of your company is stated hereunder:

(? In Million)

Particulars	Standalone		Consolidated
	FY 2025-26	FY 2024-25	FY 2025-26	FY 2024-25
Revenue from Operations	92,311.09	61,432.51	95,431.13	64,293.80
Profit before exceptional item, interest, depreciation and tax	5,707.96	3,495.09	5,863.56	4,008.20
Less : Interest, Depreciation and exceptional items	1,030.09	905.86	1,102.68	977.14
Profit before tax	4,677.87	2,589.23	4,760.88	3,031.06
Less : Provision for Taxation
Current Tax, Tax relating to previous years and Deferred Tax Li a bi 1 ity/ (Asset) (net)	1,211.07	777.88	1,238.73	813.06
Prof it/(Loss) after tax after tax from Continuing operations	3,466.80	2,111.35	3,522.15	2,218.00
Profit/(Loss) after tax from Discontinued Operation	0.00	0.00	(48.18)	14.87
Profit/(Loss) after tax from Continuing operations and Discontinued Operation	3,466.80	2,111.35	3,473.97	2,232.87
Other Comprehensive Income (net of Tax)	(2.13)	(6.94)	(13.93)	(7.85)
Total Comprehensive Income for the year	3,464.67	2,104.41	3,460.04	2,252.02

2. STATE OF COMPANYS AFFAIRS AND BUSINESS REVIEW:

Jain Resource Recycling Limited (JRRL or the Company), the flagship entity of the Chennai-based Jain Metal Group, represents over seven decades of evolution in Indias non- ferrous metal recycling sector. Established in 1953 as a single rolling mill, the Company has transformed into an integrated recycling enterprise with expertise across the non-ferrous metals value chain.

The Companys operations are focused on sustainable recycling and processing of non-ferrous metals, including lead, copper, aluminium, tin, and associated alloys, along with plastic recycling solutions. Its product portfolio comprises lead and lead alloy ingots, including the LME-registered JAIN 9997 brand, catering to diverse industries such as automotive, electronics, energy storage, electricals, infrastructure, and renewable energy.

JRRL operates integrated manufacturing facilities at Gummidipoondi, Chennai, supported by a global procurement network for sourcing recyclable materials. The Companys recycling capabilities enable conversion of scrap materials into high-quality value-added products, contributing to resource conservation and the principles of the circular economy.

Building on its established recycling platform, the Company is further strengthening its presence in the downstream metals segment through expansion into higher-value products, including copper cathodes, wire rods, and busbars. These initiatives are aimed at enhancing value addition, expanding the product portfolio, and strengthening long-term customer relationships.

The strategic location of the manufacturing facilities at Gummidipoondi provides access to key logistics infrastructure, including ports, highways, and industrial connectivity supporting efficient movement of raw materials and finished products.

Through its integrated recycling operations, global sourcing network, and focus on sustainable manufacturing practices, Jain Metal Group continues to strengthen its position in Indias non-ferrous metal recycling sector.

3. INDUSTRY SCENARIO - RECYCLING SECTOR IN INDIA AND GLOBAL LANDSCAPE:

The global recycling industry continues to gain importance with increasing focus on sustainability, circular economy, and efficient utilisation of natural resources. Recycling of metals such as lead, copper, aluminium, and other non-ferrous metals has become a key part of industrial supply chains due to growing demand from sectors such as automotive, electrical and electronics, renewable energy, infrastructure, and energy storage.

Globally, industries are increasingly adopting recycled materials to reduce dependence on primary resources, lower environmental impact, and improve supply chain security. The demand for recycled metals is expected to remain strong due to growth in electrification, electric vehicles, renewable energy projects, and infrastructure development.

In India, the recycling sector is witnessing steady growth driven by industrialisation, increasing metal consumption, and greater focus on sustainable resource management. The non-ferrous metal recycling industry plays an important role in supporting domestic metal requirements by converting scrap materials into value-added products while contributing to resource conservation and reduction in carbon emissions.

The sector is also moving towards greater formalisation, with increased emphasis on environmentally compliant recycling practices, advanced processing technologies, and organised recycling facilities. Government initiatives promoting circular economy practices and responsible waste management are further supporting the development of the recycling ecosystem in India.

4. FINANACIAL PERFORMANCE:

Standalone Financials

During the Financial Year under review your Company has recorded a Total Revenue of ? 92,679.59 Million (Previous Year ? 61,836.91 Million). The Profit before Finance Cost and Depreciation is ? 5,707.96 Million. Profit before Tax is ? 4,677.87 Million. After Deferred Tax & Current Tax, the Profit after Tax is ? 3,466.80 Million.

Consolidated Financials

For the Financial year ended March 31 2026, your Company has Consolidated financials with its Indian Wholly owned Subsidiary - Jain Green Technologies Private Limited and Indian Joint Venture Jain CY Circular Solutions Private Limited and other foreign affiliate companies.

Your Companys consolidated total revenue for the Financial Year under review stood at ? 95,714.84 Million as against ? 64,654.39 Million in the previous financial year. The Profit before Finance Cost and Depreciation is ? 5,863.56 Million. Profit before Tax is? 4,760.88 Million. The Profit after Tax is ? 3,473.97 Million.

5. SUBSIDIARY, JOINT VENTURE AND ASSOCIATE COMPANIES

The Company has one Wholly-Owned Subsidiaries, namely Jain Green Technologies Private Limited and one Joint Venture Company Jain CY Circular Solutions Private Limited.

In addition to the above, the Company has following foreign affiliate Companies:

Jain Ikon Global Ventures FZC (UAE)	Joint Venture
Sun Minerals (Mannar) Private Limited (Sri Lanka)	Associate

A Statement containing Salient Features of the Financial positions of the subsidiaries, associate companies, and joint ventures in Form - AOC -1 is annexed hereto as ANNEXURE - A.

Business Review and Financial Performance of the Indian Subsidiary & Associates:

Jain Green Technologies Private Limited (JGT)

Jain Green Technologies Private Limited (JGT) was incorporated on January 24, 2022 and is a wholly owned subsidiary of Jain Resource Recycling Limited. The Company is engaged in the recycling of aluminium and focuses on converting aluminium scrap into value-added recycled aluminium products.

Located in Gummidipoondi, Chennai, JGT forms part of the Jain Metal Groups integrated recycling ecosystem and contributes towards sustainable resource utilisation by supporting the circular economy. Through its recycling operations, the Company aims to promote efficient recovery of aluminium resources, reduce dependence on primary raw materials, and support environmentally responsible manufacturing practices.

Jain Green Technologies Private Limited (JGT) recorded revenue of ? 3,776.67 Million in FY 2025-26, Prof it/(Loss) before tax was ? 149.55 Million.

Jain CY Circular Solutions Private Limited (Jain CY)

Jain CY Circular Solutions Private Limited was incorporated on December 08, 2025 as a subsidiary of Jain Resource Recycling Limited. The Company has been established with a focus on circular economy initiatives and activities relating to waste management, material recovery, and recycling solutions.

The Company is intended to complement the Jain Metal Groupssustainability-driven recycling ecosystem by strengthening capabilities in resource recovery and promoting efficient utilisation of recyclable materials. It aligns with the Groups broader objective of supporting sustainable practices and contributing towards the circular economy.

Jain CY Circular Solutions Private Limited (Jain CY) recorded revenue of ? 239.30 Million in FY 2025- 26, Profit/(Loss) before tax was ? (4,259.36) Lakhs

6. CORPORATE RESTRUCTURING:

There were no major corporate restructuring activities undertaken during the financial year 2025-26.

7. DIVIDEND:

The Company has adopted a dividend policy which balances the objective of appropriately rewarding shareholders through dividends and retaining adequate funds to support future growth and business requirements. Considering the financial performance of the Company for the year under review its future growth plans, the Board of Directors has not recommended any dividend for the financial year ended March 31, 2026.

8. SHARE CAPITAL AND RESERVES:

a) Authorised Share Capital

During the year under review, there is no change in the Authorised Share Capital of the Company.

As on March 31, 2026, the Authorised Share Capital of the company is ? 82,50,00,000/- comprising of 41,25,00,000 equity shares of face value ? 2/- each.

b) Issued, subscribed and paid-up share capital

The Paid up Equity Share Capital of the Company as on March 31, 2026 was ? 69,01,71,628 consisting of 34,50,85,814 Equity shares of Face value ? 2/- each fully paid up as against ? 64,70,68,180 consisting of 32,35,34,090 Equity shares of Face value ? 2/- each fully paid up on March 31, 2025.

Pursuant to the IPO, the Company made a fresh issue of 21551724 Equity shares of face value of ? 2/- each aggregating to ? 4,31,03,448/-

The Company has not transferred any amount to Reserves.

Reserves and Surplus stood at ? 14738 61 Million as on March 31 2026 as against ? 6443.17 Million as on March 31 2025.

9. INITIAL PUBLIC OFFER

During the Financial year 2025-26, the Company undertookthe Initial Public Offer (IPO) of 1,250 crores comprising of 5,38,79,309 equity shares of face value of ? 2 for cash at a price of ? 232 per equity share (including a share premium of ? 230 per equity share). The bidding of the IPO commenced on September 24, 2025 and concluded on September 26, 2025. The allotment of IPO wasfinalised on September 30, 2025 and the equity shares of the Company got listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSEj, hereinafter referred to as Stock Exchanges, with effect from October 01, 2025.

The Offer comprises a Fresh Issue (as defined in the Red Herring Prospectus) to the public of 2,15,51,724 Equity Shares and an Offer for Sale by identified Selling Shareholders to the public of 3,23,27,585 Equity Shares. The issue was led by Book Running Lead Managers i.e. Dam Capital Advisors Limited, ICICI Securities Limited, Motilal Oswal Investment Advisors Limited & PL Capital Markets Private Limited (collectively referred to as BRLM). The Board placed on record its appreciation for the support provided by various Authorities, Stock Exchanges, BRLMs, Legal Counsels, Depositories, Consultants, Auditors and Employees of the Company for making the IPO of the Company a success. We are gratified and humbled by the strong participation shown in the Companys IPO by leading domestic and global institutional investors, NRIs, HNIs, retail investors and other market participants.

Listing of Securities on Stock Exchange

The Company received listing and trading approvals from the Stock Exchanges on September 30 2025 and subsequently the equity shares were listed on Stock Exchangeson October 01 2025.

Proceeds from IPO

The details of proceeds raised through the IPO are set forth below:

Particulars	Amount (In Million)
Gross Proceeds of the Fresh Issue	5,000.00
(Less) Net of Provisional IPO	263.57
Expenses
Net proceeds	4,736.43

Monitoring agency

As IPO of the Company includes fresh issue of equity shares, the Company appointed CRISIL Ratings Limited as Monitoring Agency of the Company which provides reports on quarterly basis regarding utilisation of IPO proceeds and the same is filed on the Stock Exchanges in a timely manner pursuant to the requirements of Regulation 32(6) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (hereinafter referred to as the Listing Regulations).

The utilisation of funds raised through IPO as on March 31 2026 have been mentioned here:

Amount (In Million)

Particulars	Amount Allocated	Amount Utilised
Pre-payment or Scheduled repayment of a portion of certain outstanding borrowings availed by our Company	3,750	3,750
General corporate purposes	986.43	986.43
Net Proceeds	4,736.43	4,736.43
Issue Expenses	263.57	222.73
Gross Proceeds	5,000.00	4959.16

Deviation in Utilisation of IPO Proceeds

Du ring the utilisation of IPO proceeds, an amount of?540.00 Million out oftheamount earmarked towards General Corporate Purposes was inadvertently utilised towards part repayment of unsecured loan availed from the Promoter- Director of the Company. The said utilisation was identified as a deviation from the objects disclosed in the Prospectus, which provided that no part of the net proceeds shall be utilised for repayment of loans to promoters, promoter group, directors, key managerial personnel, senior management or group companies.

The deviation occurred due to an inadvertent error in routing of funds from the designated IPO account under the General Corporate Purposes head. The utilisation was not made with any intention to deviate from the objects of the Fresh Issue or to provide any undue benefit to the Promoter. Upon identification of the matter, corrective action was undertaken and the amount paid to the Promoter was returned to the Company as a loan, thereby restoring the funds for business purposes.

The Company has reported the deviation in the utilisation of IPO proceeds to the Monitoring Agency and Stock Exchanges. The Board of Directors has noted that the deviation is temporary in nature, does not result in any change in the overall utilisation of IPO proceeds, has no material adverse impact on the financial position or cash flows of the Company, and does not prejudicethe interest of public shareholders.

The Company has initiated necessary corrective measures and has sought shareholders approval for ratification of the aforesaid variation/deviation in utilisation of IPO proceeds in accordance with applicable provisions of the Companies Act, 2013 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

10. CREDIT RATINGS OF SECURITIES

During the year under review, there was no situation for the Company to obtain the credit rating of securities.

11. NON-CONVERTIBLE DEBENTURES

There are no Non-Convertible Debentures outstanding as on March 31, 2026.

12. DEPOSITS

During the year under review, the Company has not accepted any public deposits falling within the ambit of Section 73 of the Companies Act, 2013 and the Rules framed thereunder. The requisite return for FY 2024-25 with respect to amount(s) not considered as deposits has been filed.

13. CASH FLOW STATEMENT

In compliance with the provisions of Section 134 of Companies Act, 2013 and Regulation 34(2) (c) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Cash flow statement for the financial year ended March 31, 2026 forms part of this Annual Report.

14. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The Company has disclosed the particulars of the loans given, investments made or guarantees given or security provided during the year, as required under Section 186 of the Companies Act, 2013, Regulation 34(3) and Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in Notes forming part of the financial statements.

15. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All the transactions between the Company and its related parties were reviewed and approved by Audit Committee and are in accordance with the Policy on Related Party Transactions, formulated and adopted by the Board of Directors. In compliance with the requirements of the Companies Act, 2013 and SEBI Listing Regulations, your Company has formulated a Policy on Related Party Transactions, which is also available on Companys website at https://

The Policy intends to ensure that proper reporting, approval and disclosure processes are in place for all transactions between the Company and its Related Parties. All Related Party Transactions were placed before the Audit Committee for review and approval. Prior omnibus approval is obtained for Related Party Transactions which are of repetitive nature and/ or entered in the ordinary course of business and are at arms length basis.

Further, the Company has not entered into any contracts/arrangements/transactions with related parties which are material in nature and not entered into any transaction that has any potential conflict with the interest of the Company. In view of the above, the requirement of giving particulars of contracts/arrangements made with related parties in Form AOC-2 is not applicable for the year under review.

16. DISCLOSURE RELATING TO EQUITY SHARES WITH DIFFERENTIAL RIGHTS

The Company has not issued any equity shares with differential rights during the year under review and hence no information as per provisions of Rule 4(4) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

17. DISCLOSURE RELATING TO SWEAT EQUITY SHARES

The Company has not issued any sweat equity shares during the year under review and hence no information as per provisions of Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

18. DISCLOSURE RELATING TO EMPLOYEE STOCK OPTION SCHEME AND EMPLOYEE STOCK PURCHASE SCHEME

During the year under review there were no instances of grant, vest, exercise, or lapse/ cancellation of employee stock option scheme under the Employee Stock Option Scheme of the Company. Also, as at the beginning of the year, there were no outstanding options granted. Hence, no disclosure in terms of Companies (Share Capital and Debenture) Rules, 2014 and SEBI (Employee Share Based Employee Benefits) Regulations 2014 are required.

19. DISCLOSURE IN RESPECT OF VOTING RIGHTS NOT DIRECTLY EXERCISED BY EMPLOYEES

There are no shares held by trustees for the benefit of employees and hence no disclosure under Rule 16(4) of the Companies (Share Capital and Debentures) Rules, 2014 has been furnished.

20. E-WASTE MANAGEMENT

The Company is well ahead in terms of e-waste management compliance directed by Government of India. The Company has registered and authorised collection, storage and disposal centers in the required locations and has complied with the statutory requirements relating to E-Waste Management.

21. INTERNAL FINANCIAL CONTROLS

The Company has designed and implemented a process-driven framework for Internal Financial Controls (IFC) within the meaning of the Explanation to Section 134(5)(e) of the Companies Act, 2013. For the financial year ended March 31, 2026, the Board is of the opinion that the Company has adequate internal financial controls commensurate with the nature and size of its business operations and that such controls are operating effectively. No material weakness was observed in the internal financial controls of the Company.

The Company has a system in place to monitor the effectiveness of such controls, identify gaps,

if any, and implement new and/or improved controls wherever required.

22. INTERNAL CONTROL SYSTEMS

Adequate internal control systems commensurate with the nature of the Companys business, size and complexity of its operations are in place and have been operating satisfactorily. Internal control systems comprising of policies and procedures are designed to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedure, applicable laws and regulations.

Internal control systems are designed to ensure that all assets and resources are acquired economically, used efficiently and adequately protected.

23. CHANCE IN DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Pursuant to the recommendation of the Nomination and Remuneration Committee (NRC), the Board of Directors, at its meeting held on October 21, 2025, approved the appointment of Mr. Sanchit Jain (DIN: 08751991) as an Additional Director in the Executive category of the Company, for a term of one year with effect from October 21, 2025.

Subsequently, the appointment of Mr. Sanchit Jain as a Director in the Executive category was regularised by the Members of the Company by way of an ordinary resolution passed through postal ballot on January 20, 2026.

Except as stated above, there was no change in the Board of Directors or the Key Managerial Personnel of the Company during the year under review.

Retirement by Rotation and Re-appointments

Based on the recommendation of the NRC, the Board of Directors, inter alia, approved the following, subject to the approval of the Members:

Mr. Kamlesh Jain, Managing Director of the Company, who retires by rotation at the ensuing Annual General Meeting (AGM) and, being eligible for re-appointment, offers himself for reappointment.

Necessary resolution, seeking approval of the Members, in respect of the above reappointment has been included in the Notice of the ensuing Annual General Meeting, and the

Board recommends the same for approval by the Members with the requisite majority.

24. DECLARATIONS BY INDEPENDENT DIRECTORS

The Company has received declaration of Independence as stipulated under Section 149(7) of the Companies Act, 2013, and Regulation 25(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, from the Independent Directors confirming that they are not disqualified from being appointed, reappointed or continuing as Independent Director of the Company, as per the criteria laid down in Section 149(6) of the Companies Act, 2013, and Regulation 16(1) (b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Further, in terms of the provisions of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014 as amended from time to time, all Independent Directors have confirmed that they have registered themselves with databank maintained by the Indian Institute of Corporate Affairs (IICAj and have undertaken the online proficiency self-assessment test conducted by the MCA.

25. FAMILIARISATION PROGRAMME:

The Company has in place a familiarisation programme for its Independent Directors. The objective of the programme is to familiarise Independent Directors on our Board with the business of the Company, industry in which the Company operates, business model, challenges etc. through various programmes which include interaction with subject matter experts within the Company, meetings with our business leads and functional heads on a regular basis.

The details of familiarisation programme during the Financial Year 2025-26 are available on the website of the Company at . iainmetalaroup.com/ .

26. DISCLOSURE RELATED TO BOARD, COMMITTEES AND POLICIES

Board Meeting

The Board of Directors of the Company met 9 (Nine) times during the financial year ended March 31 2026. The meetings were held on June 30, 2025, August 24, 2025, September 06, 2025, September 18, 2025 (02:30 pm), September 18, 2025 (09:45 pm), September 26, 2025, October 08,2025, October21,2025 and February09,2026.

The gap between the Board meetings was within the maximum period prescribed under

the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and as amended and notified from time to time.

Detailed statement of attendance of directors at the Board Meetings and other meeting of all Committees held during the financial year ended March 31, 2026 are given in the Corporate Governance report which is forming part of this Annual Report.

Composition of Committees of the Board

The Company has duly constituted the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, Corporate Social Responsibility Committee, and Risk Management Committee, in accordance with the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Details of the composition, number and dates of meetings of each of the aforesaid Committees held during the financial year ended March 31, 2026, together with the attendance of the members thereat, form part of the Corporate Governance Report, which is annexed to and forms part of this Annual Report.

27. PASSING OF RESOLUTION BY CIRCULATION:

During the financial year, the Board of Directors approved various matters through circular resolutions passed on June 24, 2025, July 08, 2025, July 18, 2025, August 21, 2025, November 05,2025, December 17,2025, March 25,2026, and March 26, 2026.

28. NOMINATION AND REMUNERATION COMMITTEE

A Nomination and Remuneration Committee is in existence in accordance with the provisions of sub-section (1) of Section 178 of the Companies Act, 2013. Kindly refer section on Corporate Governance, for matters relating to constitution, meetings, functions of the Committee; and the remuneration policy formulated by this Committee.

29. AUDIT COMMITTEE:

Pursuant to Section 177 (8) of Companies Act 2013, the Company has constituted an Audit Committee. The particulars of composition of the Audit Committee, meetings held during the year and other particulars have been detailed in the Corporate Governance Report forming part of this Annual Report.

30. DETAILS OF RECOMMENDATIONS OF AUDIT COMMITTEE WHICH WERE NOT ACCEPTED BY THE BOARD ALONG WITH REASONS:

The Audit Committee generally makes certain recommendations to the Board of Directors of the Company during their meetings held to consider any financial results (Unaudited and Audited) and such other matters placed before the Audit Committee as per the provisions of Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 from time to time. During the year the Board of Directors has considered all the recommendations made by the Audit Committee and has accepted and carried on the recommendations suggested by the Committee to its satisfaction. Hence, there are no recommendations which were unaccepted by the Board of Directors of the Company during the year under review.

31. COMPANYS POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION:

The Company has constituted a Nomination and Remuneration Committee in accordance with the provisions of Section 178(1) of the Companies Act, 2013. The Committee has formulated a policy on matters relating to the appointment of Directors, payment of managerial remuneration, criteria for determining qualifications, positive attributes and independence of Directors, and other related matters as provided under Section 178(3) of the Act.

Remuneration to Non-Executive/Independent Director

The Non-Executive/Independent Director may receive remuneration by way of fees for attending meetings of Board or Committee thereof.

Provided that the amount of such fees shall not exceed the maximum amount as provided in the Act, per meeting of the Board or Committees or such amount as may be prescribed from time to time.

Managerial Remuneration

The remuneration paid to Executive Directors is approved by the Board, subject to the subsequent approval of the shareholders at the General Meeting and such other authorities, as may be required. The remuneration is decided after considering various factors such as qualification, experience, performance, responsibilities shouldered, industry standards as well as financial position of the Company.

32. VIGIL MECHANISM/WHISTLE BLOWER POLICY:

The Company has implemented a robust vigil mechanism overseen by the Audit Committee. As part of this mechanism, the Chairperson of the Audit Committee has been appointed as the Ombudsman responsible for overseeing the vigil process. The policy outlines a formal frame work for directors and employees to report any genuine concerns or grievances related to unethical behaviour, actual or suspected fraud, or violations of the Companys Code of Business Conduct and Ethics policy. The Company has aIso provided direct access to the Chairperson of the Audit Committee on reporting issues concerning Company. This Policy is amended from time to time to make it in line with the amendments to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI (Prohibition of Insider Trading) Regulations, 2015. The Policy is available on the Companys Website at

33. FRAUD REPORTING:

During the year under review, no instances of fraud were reported by the Auditors of the Company against the Company by its officers or employees as specified under section 143(12) of the Companies Act, 2013.

34. RISK MANAGEMENT POLICY:

The Board of Directors of the Company has put in place a Risk Management Policy which aims at enhancing shareholders value and providing an optimum risk-reward tradeoff. The risk management approach is based on a clear understanding of the variety of risks that the organisation faces, disciplined risk monitoring and measurement and continuous risk assessment and mitigation measures.

35. PERFORMANCE EVALUATION

Nomination and Remuneration Committee (NRC) and the Board have set out how the annual performance evaluation of the Board, its Committees, individual Directors, and the Chairman & Managing Director is to be carried out. As part of this process, a detailed questionnaire to all Directors, covering areas such as Board composition, effectiveness, functioning, availability of information, and quality of discussions. The questionnaire also has separate criteria for evaluating each Director individually. The Chairperson of the NRC then reviews all the responses and feedback to arrive at a fair assessment, and any areas needing improvement are discussed and acted upon.

For the year under review, all Directors completed the questionnaire and gave their feedback on the performance of the Board, its Committees, individual Directors, and the Chairman & Managing Director.

36. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 134 (3) (c) read with Section 134 (5) of the Companies Act, 2013, the Directors of your Company state as follows:

(a) that in the preparation of the Annual Accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures;

(b) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year, March 31 2026 and of the Profit of the Company for that period;

(c) that the Directors 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;

(d) that the Directors have prepared the Annual Accounts on a going concern basis;

(e) that 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;

(f) that 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.

37. DISCLOSURE OF EMPLOYEES REMUNERATION:

The information in respect of remuneration of employees of the Company pursuant to Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended from time to time, is provided in Annexure B forming part of this Boards Report. In terms of and section 136(1) of the Companies Act, 2013 and the rules made thereunder, is excluded in the Report and Accounts being sent to the shareholders.

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

Information relating to energy conservation, technology absorption, foreign exchange earned and spent and research and development activities undertaken by the Company in accordance with the provisions of Section 134(3)(m) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 are given in ANNEXURE - C to this Boards Report.

39. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

A comprehensive discussion and analysis of the outlook of Industry and the financial and operational performance and future outlook of the Company and its business has been separately furnished in the Annual Report and forms a part of the Annual Report.

40. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORTING:

In compliance with the Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circulars issued from time to time, the Business Responsibility and Sustainability Reporting for the financial year ended March 31, 2026 has been separately furnished in the Annual Report and forms a part of the Annual Report, annexed hereto as ANNEXURE - D

41. CORPORATE GOVERNANCE REPORT:

The Company is committed to maintaining high standards of corporate governance. Pursuant to Regulation 34 (3) read with Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Report on Corporate Governance a long with the Compliance Certificate confirming the compliance of conditions of Corporate Governance given by the Statutory Auditor of the Company is annexed hereto as ANNEXURE - E

42. CORPORATE SOCIAL RESPONSIBILITY (CSR):

The Company has constituted Corporate Social Responsibility Committee in accordance with the Act and the Listing regulations. The brief overview of the Corporate Social Responsibility (CSR) Policy of the Company, composition of the CSR Committee along with other details are provided in ANNEXURE - F. of this Report.

The details are presented in the prescribed format under the Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended from time to time.

The CSR policy is available on the Companys website

43. STATUTORY AUDITOR:

Pursuant to the provisions of Section 139 of the Act read with the Companies (Audit and Auditors) Rules, 2014 (as amended from time to time), M/s. MSKC & Associates LLP, Chartered Accountants, were appointed as the Statutory Auditors of the Company by the Members at the 3 rd Annual General Meeting of the Company held on September 09,2024for a term of 5 (Five) years commencing from 3 rd Annual General Meeting till the conclusion of Annual General Meeting of the Company to be held on 2029.

The Auditors have confirmed that they are not disqualified to continue as Auditors and are eligible to hold office as Auditors of the Company.

The Audit Committee reviews independence and objectivity of the Auditors and effectiveness of the audit process.

The Statutory Auditors Report issued by M/s MSKC &Associates LLP for the year under review does not contain any qualification, reservations, adverse remarks or disclaimer. The Notes to Accounts referred to in the Auditors Report are self-explanatory, therefore, do not call for any further clarifications under Section 134(3)(f) of the Act.

44. COST AUDITORS:

Pursuant to section 148 of the Companies Act 2013, the Board of Directors on the recommendation of Audit Committee appointed Mr B. Venkateswar, Practicing Cost Accountant (Firm Registration No. 100753 and Membership No. 27622) as the Cost Auditors of the Company for the Financial Year 2025-26 for conducting audit of the cost records maintained by the Company relating to inorganic chemicals and base metals.

The Board of Directors, on the recommendation of the Audit Committee has approved a remuneration of ? 35,000/- (Rupees Thirty Five Thousand Only) in addition to the applicable taxes and out of pocket expenses. The requisite resolution for ratification of remuneration of Cost Auditors by members of the Company has been set out in the Notice of the 5 th AGM.

The Cost Auditors have certified that their appointment is within the limits of Section 141(3)

(g) of the Act and that they are not disqualified from appointment within the meaning of the said Act.

There are no observations (including any qualifications, reservations, adverse remarks or disclaimer) of the Cost Auditors in their Report which call for any explanation/comment from the Board of Directors.

45. MAINTENANCE OF COST RECORDS:

The Company is duly maintaining the cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014, such accounts and records are made available for the Cost Auditors of the Company for Audit purposes.

46. INTERNAL AUDIT:

Pursuant to Section 138 (1) of the Companies Act, 2013, the Company had appointed M/s S Kishore Kumar & Co., Chartered Accountants (Firm Registration No. 006092S); and M/s RKVT and Co., Chartered Accountants (Firm Registration No. 0007863S) as Joint Internal auditors of the Company to conduct internal audit for the Financial Year 2025 - 26. The Internal Auditor has submitted his reports to the Audit Committee and Board of Directors of the Company, periodically.

47. SECRETARIAL AUDIT:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the applicable rules made thereunder and Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, the Board of Directors, based on the recommendation of the Audit Committee, had approved the appointment of M/s. VAK & Associates, Practicing Company Secretaries (Firm Registration No. P2025TN322600) as the Secretarial Auditors of the Company for a term of five (5) consecutive years commencing from the Financial Year 2025-26 till the Financial Year 2029-30,subjecttotheapproval of the members of the Company.

The members of the Company approved the said appointment through Postal Ballot by passing an Ordinary Resolution on January 20,

2026. Accordingly, M/s. VAK & Associates have been appointed as the Secretarial Auditors of the Company for the aforesaid term. The remuneration and other terms of appointment shall be determined by the Board of Directors in consultation with the Secretarial Auditors and as recommended by the Audit Committee.

The Secretarial Audit Report for the Financial Year 2025-26 contains the following observations. The Managements responses thereto are provided below:

1. Regulation 32 of the SEBI (LODR) Regulations, 2015

The Secretarial Auditor observed that the Company had utilized INR 540 million from the amount earmarked under General Corporate Purpose towards repayment of an unsecured loan to the Promoter, which was not in line with the disclosures made in the Prospectus. Accordingly, a deviation was observed under Regulation 32 of the SEBI (LODR) Regulations, 2015, arising due to inadvertent routing of funds from the designated IPO account.

The Management clarifies that the utilization was inadvertent and temporary in nature, without any intent to deviate from the stated objects of the issue. The amount paid to the Promoter has since been returned to the Company as a loan for business purposes. The Company has undertaken to ensure necessary disclosures and compliance under the applicable SEBI regulations.

2. Regulation 23 of the SEBI (LODR) Regulations, 2015

The Secretarial Auditor observed that the Company had entered into related party transactions with Mr. Kamlesh Jain, Chairman and Managing Director, relating to loans taken, repayment of loans and interest expense, without obtaining prior/ omnibus approval of the Audit Committee. The transactions for the periods from 01 April 2025 to 31 December 2025 and from 01 January 2026 to 31 March 2026 were subsequently ratified by the Audit Committee at its meetings held on 09 February2026and 18 May2026, respectively.

The Management clarifies that the non obtaining of prior/omnibus approval of the Audit Committee was an inadvertent procedural lapse. The transactions were subsequently ratified by the Audit Committee at the aforesaid meetings. The Company has strengthened its internal compliance processes to ensure prior approval of all related party transactions in accordance with the applicable regulatory requirements.

In pursuance of Section 204 of the Companies Act, 2013, the Secretarial Audit Report of the Company, is annexed hereto as ANNEXURE -G

48. SECRETARIAL STANDARDS:

Pursuant to Section 118 (10) of the Companies Act, 2013, the Company has complied with Secretarial Standards with respect to General and Board Meetings, prescribed bythe Institute of Company Secretaries of India.

49. ACCOUNTING STANDARDS:

The Company adheres to the Accounting Standards as applicable to it and there are no deviations, in this respect.

50. RESEARCH AND DEVELOPMENT:

During the year under review, the focus of the R&D department was on increasing range and new product development in the MRI machine and towards Preventive Healthcare. Procurement cost optimisation efforts continued in the year under review and will be accelerated in the coming year.

51. ISO CERTIFICATION:

As part of its commitment towards operational excellence, sustainability, and responsible recycling practices, Jain Metals Group has received several certifications and industry recognitions in the field of lead recycling. These accreditations reflect the Groups focus on quality, environmental stewardship, occupational health and safety, and continuous improvement. The key certifications and recognitions include:

• ISO 9001:2015 - Certification for Quality Management Systems, demonstrating adherence to robust quality standards and process excellence.

• ISO 14001:2015 - Certification for

Environmental Management Systems, recognising the Groups commitment towards sustainable operations and environmental responsibility.

• OHSAS 18001:2007 - Certification for Occupational Health and Safety Management Systems, reflecting the Groups focus on maintaining safe and healthy workplace practices.

• Industry-specific awards and recognitions -Various awards received for sustainability initiatives, innovation, and contributions to the recycling industry.

52. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY, BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THE REPORT

There are no material changes and commitments affecting the financial position of the Company between the end of the financial year and date of this report.

53. DISCLOSURE OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL

No significant and material orders have been passed by any Regulator or Court or Tribunal which can have impact on the going concern status and the Companys operations in future.

54. INSOLVENCY PROCEEDINGS PENDING, IF ANY UNDER THE INSOLVENCY AND BANKRUPTCY CODE 2016

During the year no application has been made and there are no proceeding pending as per Insolvency and Bankruptcy Code 2016.

55. TRANSFERS TO THE INVESTOR EDUCATION AND PROTECTION FUND (IEPF):

During this year, no shares/Dividends amounts were liable to be transferred to the IEPF authority.

56. SERVICE OF DOCUMENTS THROUGH ELECTRONIC MEANS

Subject to the applicable provisions of the Companies Act, 2013, and applicable law, all documents, including the Notice and Annual Report shall be sent through electronic transmission in respect of members whose email IDs are registered in their demat account or are otherwise provided by the members. A member shall be entitled to request for physical copy of any such documents.

57. DISCLOSURE IN TERMS OF THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has a policy on prevention of sexual harassment at workplace in line with the requirement of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. An Internal Complaints Committee (ICC) to redress complaints received regarding sexual harassment has been constituted in compliance with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The policy extends to all employees (permanent, contractual, temporary and trainees). Employees at all levels are being sensitized about the Policy and the remedies available thereunder.

During the year under review

Number of complaints received in the year: Nil

Number of complaints disposed off during the year: Not Applicable

Number of cases pending for more than 90 days: Nil

Nature of Action taken by the employer or District Officer: Nil

58. COMPLIANCE WITH THE PROVISIONS RELATING TO THE MATERNITY BENEFITS ACT, 1961:

The Company is committed to providing a safe, inclusive, and supportive workplace for all its employees and recognises the importance of compliance with applicable labour laws, including the provisions of the Maternity Benefit Act, 1961. The Company is in the process of reviewing and strengthening its internal policies and procedures to ensure alignment with the applicable statutory requirements relating to maternity benefits.

The Company shall take necessary steps to implement the required measures and ensure compliance with the applicable provisions of the Maternity Benefit Act, 1961, going forward.

59. CODE FOR PREVENTION OF INSIDER TRADING

The Company has complied and formulated a Code of Conduct for Prevention of Insider Trading Policy, which prohibits trading in shares of the Company by insiders while in possession of unpublished price sensitive information in relation to the Company is available on the Companys website . com/

The objective of this Code is to protect the interest of shareholders at large, to prevent misuse of any price sensitive information and to prevent any insider trading activity by way of dealing in securities of the Company by its Designated Persons. The code is applicable to all directors, designated persons and their immediate relatives and connected persons who have access to unpublished price sensitive information.

Further, the Company has maintained a Structural Digital Database (SDD) pursuant to Regulations 3(5) and (6) of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015.

60. COMPLIANCE WITH CODE OF CONDUCT

The Company has framed a Code of Conduct fort he Board of Directors and Senior Management personnel of the Company. All the Board of Directors and Senior Management person net have affirmed compliance with the Code of conduct as on March 31, 2026. The Code of Conduct is available on the Companys website.

As required under Regulation 34(3) and Schedule V (D) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a declaration from Mr Kamlesh Jain, Chairman and Managing Director, to this effect is annexed to the Report on corporate governance which forms part of this Annual Report.

61. DIVIDEND DISTRIBUTION POLICY:

The objective of the Dividend Distribution Policy is to ensure right balance between the quantum of dividend paid and amount of profits to be retained in the business for various purposes. Towards this objective, the following key parameters are considered for declaration of dividend:

(i) Internal Factors (Financial Parameters):

• Net Operating Profit after Tax;

• Working Capital Requirements;

• Capital Expenditure Requirements;

• Cash required to meet contingencies;

• Outstanding Borrowings; and

• Past Dividend Trends.

(ii) External factors:

• Statutory requirements under

applicable law for the time being in force; and

• Dividend Payout Ratios of companies in the same Industry.

The Dividend Distribution policy is available on the website of the Company at https:// iainmetalaroup.com . under the section Investors.

62. OTHER DISCLOSURES

Other disclosure as per provisions of Section 134 of the Companies Act, 2013 read with Companies (Accounts) Rules,2014 are furnished as under:

Annual Return

Pursuant to the provisions of Section 134(3)(a) of the Companies Act, 2013, the Annual Return for the financial year ended March 31, 2026 is available on the website of the Company at

. under the section Investors.

Details of difference between amount of the valuation done at the time of one time settlement and the valuation done while taking loan from the banks or financial institutions along with the reasons thereof During the financial year under review, there were no instances of one-time settlement with any bank or financial institution.

63. ACKNOWLEDGEMENT:

Your Directors take this opportunity to thank the employees, customers, suppliers, bankers, business partners/associates, financial institutions and various regulatory authorities for their consistent support/encouragement to the Company.

Your Directors would also like to thank the Members for reposing their confidence and faith in the Company and its Management.

Annexure - A

AOC-l

STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIAL STATEMENTS OF SUBSIDIARIES/ASSOCIATE COMPANIES/JOINT VENTURES OF THE COMPANY

[Pursuant to first proviso to Section 129 (3) of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules, 2014]

PART A: SUBSIDIARIES

(Amount in Million)

s.	Particulars	Name of the Subsidiary/Associate/ Joint Venture
No.		Jain Green Technologies Private Limited
1.	CIN/any other registration number of subsidiary Company	U 28999TN 2022 PTC149361
2.	Date since when Subsidiary was acquired	January 24, 2022
3.	Provisions pursuant to which the Company has become a subsidiary (Section 2(87)(i)/Section 2(87)(ii)	Section 2(87)(ii)
4.	Reporting Period of the Subsidiary concerned, if different from the holding company\u2019s reporting period	Not Applicable
5.	Reporting Currency and Exchange rate as on the last date of the relevant financial year in the case of foreign subsidiaries	Indian Rupees
6.	Share Capital	85.00
7.	Reserves and Surplus	309.68
8.	Total Assets	2,608.16
9.	Total Liabilities	2,608.16
10.	Investments	-
11.	Turnover	3,760.86
12.	Profit/(Loss) before Taxation	149.55
13.	Provision for Taxation	27.66
14.	Profit/(Loss) after Taxation	121.89
15.	Proposed Dividend (in %)	-
16	Extent of Shareholding (in %)	100.00

I. Names of subsidiaries which are yet to commence operations

Sr. No	CIN/any other registration number	Names of subsidiaries which are yet to commence operations
Nil

II. Names of subsidiaries which have been liquidated or sold during the year

Sr. No CIN/any other registration number		Names of subsidiaries
Nil

PART B: ASSOCIATES AND JOINT VENTURES

Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures

(Amount in Million)

Name of Associates/Joint Ventures	Sun Minerals Mannar Private Limited	Jain CY Circular Solutions Private Limited (Joint Venture)	Jain Ikon Global Ventures FZC (Joint Venture)
1. Latest audited Balance Sheet Date	March 31, 2026	Not Applicable	September 30, 2025
2. Date on which the Associate or Joint Venture was associated or acquired	August 29, 2024	December 08, 2025	December 26, 2023
3. Shares of Associate/Joint Ventures held bythe company on the year end
No. of shares	48,125	26,00,000	1,05,000
Amount of Investment in Associates/Joint Venture	191.28	26.00	85.00
Extent of Holding%	28.88%	52.00%	70.00%
4. Description of how there is significant influence	The Company holds 28.88 % of the equity share capital carrying voting rights and has significant influence over the investee	The Company exercises joint control over the entity pursuant to the Joint Venture Agreement and holds 52% of the equity share capital	The Company exercises joint control over the entity pursuant to the Joint Venture Agreement and holds 70% of the equity share capital
5. Reason why the associate/joint venture is not consolidated	Not Applicable	Not Applicable	Not Applicable
6. Net worth attributable to shareholding as per latest audited Balance Sheet	181.60	23.79	(147.20)
7. Profit/Loss for the year
i. Considered in Consolidation	(7.26)	(2.21)	(105.25)
ii. Not Considered in Consolidation	(79.29)	2.04	(7.98)

III. Names of associates or joint ventures which are yet to commence operations

Sr. No	^ . Names of Associates and Joint ventures which CIN/any other registration number are yet to commence operations
Nil

IV. Names of associates or joint ventures which have been liquidated or sold during the year

Sr. No	CIN/any other registration number	Names of Associates and Joint ventures
Nil

Annexure - B

DISCLOSURE UNDER SECTION 197 (12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OFMANACERIAL PERSONNEL) RULES, 2014

1. Ratio of remuneration of each Director to the median remuneration of the employees of the Company for the Financial Year 2025-26:

Name of the directors	Ratio to median remuneration
Executive Directors
Mr Kamlesh Jain	1041 times
Mr Mayank Pareek	590 times
Mr Hemant Shantilal Jain	17 times
Mr Sanchit Jain	278 times
Non - Executive Directors
Mr Rajendra Kumar Prasan	23 times
Ms Revathi Raghunathan	34 times
Mr Jayaramakrishnan Kannan	29 times
Mr Kandaswamy Paramasivan	30 times

2. The percentage increase in remuneration of each director, chief executive officer, chief financial officer, company secretary in the financial year:

There was no increase in the remuneration of the Directors, Chief Executive Officer, Chief Financial Officer and Company Secretary during the financial year. Accordingly, the percentage increase in remuneration is Nil.

3. Percentage increase in the median remuneration of employees in the Financial Year 2025 - 26: Nil

4. No. of permanent employees on the Rolls of the Company: 443

5. 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 and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration: No increase in remuneration of the employees as well as managerial remuneration.

6. The key parameters for the variable component of remuneration availed by directors: - There is no variable component in the remuneration paid to the directors.

7. Affirmation that the remuneration is as per the Remuneration Policy of the Company: It is affirmed that the remuneration paid to the Directors and Key Managerial Personnel is as per the Remuneration Policy of the Company.

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

[Pursuant to Section 134 (3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014]

A. CONSERVATION OF ENERGY:

The Company continues to accord high priority to energy conservation as an integral part of its manufacturing and operational practices. Various initiatives have been implemented to optimise energy consumption, improve process efficiency and minimise the environmental impact of its operations. The key measures undertaken during the year include:

• Continuous monitoring and optimisation of power consumption across manufacturing facilities.

• Installation and use of energy-efficient machinery and equipment to improve operational efficiency.

• Preventive maintenance of furnaces, pollution control equipment and other process machinery to minimise energy losses.

• Installation of energy-efficient motors, Variable Frequency Drives and LED lighting systems throughout the manufacturing facilities.

• Optimisation of compressed air systems and reduction of energy leakages through regular maintenance.

• Improved process controls to maximise furnace efficiency and reduce specific energy consumption during metal recycling operations.

• Installation of a liquid oxygen plant to facilitate better fuel management and enhance process efficiency.

• Utilisation of natural daylight through slighting arrangements within the plant, thereby reducing dependence on artificial lighting.

• Conducting employee awareness programmes and promoting best operating practices for effective energy management and conservation.

• Procurement of solar power from third- party suppliers, reflecting the Companys continued commitment towards renewable energy adoption, reduction of carbon emissions and sustainable manufacturing.

These initiatives have contributed towards efficient utilisation of energy resources, reduction in the Companys overall energy intensity and advancement of its sustainability objectives.

B. TECHNOLOGY ABSORPTION

The Company continuously endeavours to adopt appropriate technologies and process improvements to enhance operational efficiency, product quality and environmental performance.

(i) The efforts made towards technology absorption:

• Continuous upgradation and optimisation of recycling and refining processes.

• Adoption of improved process control systems for enhanced productivity and quality.

• Automation of critical manufacturing processes to improve operational reliability and consistency.

• Strengthening quality assurance systems through advanced testing and laboratory practices.

(ii) The benefits derived like product improvement, cost reduction, product development or import substitution:

• Improved recovery and yield of non- ferrous metals.

• Enhanced product quality and process consistency.

• Reduction in manufacturing costs through efficient utilisation of raw materials and energy.

• Improved environmental performance and regulatory compliance.

• Increased operational efficiency and productivity.

(iii) Details of technology imported during the last three years:

The Company has not imported any technology during the last three financial yea rs.

(iv) The expenditure incurred on Research and Development:

The Company continues to undertake process improvement and operational optimisation activities as part of its regular business operations. No separate expenditure on Research and Development requiring disclosure under the aforesaid Rules was incurred during the year.

C. FOREIGN EXCHANGE EARNINGS AND OUTGO

The Company is engaged in import of raw materials and export of finished products in the ordinary course of its business.

The details of foreign exchange earnings and outgo during the financial year are as under:

Particulars	FY 2025-26	FY 2024-25
Foreign Exchange	57,127	32,640
Earned
Foreign Exchange	53,666	23,637
Expenditure

The details of foreign exchange earnings and expenditure form part of the Notes to the Financial Statements.