JK Paper Ltd Directors Report

To the Members,

The Directors have pleasure in presenting the 65th Annual Report along with Audited Financial Statements of the Company for the financial year ended 31st March 2026.

FINANCIAL RESULTS

Rs. in crore (10 Million)

Particulars	Standalone*		Consolidated*
	2025-26	2024-25 (Restated)	2025-26	2024-25 (Restated)
Revenue from Operations (Gross)	7124.60	7011.65	7568.93	7064.62
Profit before Finance Costs and Depreciation & Tax (EBITDA)	828.76	914.42	984.11	1026.31
Profit before Depreciation and Tax (PBDT)	622.80	759.29	741.41	848.58
Profit After Tax (PAT)	241.02	369.89	271.87	406.68

*Figures of FY 2025-26 and FY 2024-25 are given after taking effect of Scheme of Arrangement

DIVIDEND

The Board is pleased to recommend dividend of H 4 per Equity Share (40%) for the financial year ended 31st March 2026, subject to approval of Members at the forthcoming Annual General Meeting (AGM) and deduction of tax at source, as may be applicable. The dividend outgo will be H 72.53 crore.

RESERVES AND APPROPRIATIONS

The amount available for appropriation, including surplus for the year under review, stood at H 2577.85 crore. The Directors propose this to be appropriated as under:

Rs. in crore (10 Million)

	2025-26	2024-25
General Reserve	100.00	200.00
Dividend for 2024-2025/2023-24	84.70	84.70
Surplus carried to Balance Sheet	2393.15	2336.83*

*Restated Figure of FY 2024-25, after taking effect of Scheme of Arrangement

PERFORMANCE REVIEW

The FY 2025-26 was one of the most challenging in recent times, primarily due to increased imports at lower prices and persistently high raw material (wood) costs. Consequently, operating margins remained under pressure and declined sharply. Despite these challenges, the Company demonstrated strong resilience through continuous focus on plantation initiatives under social farm forestry, improvements in operational efficiency and capacity utilization, strategic investments, and the streamlining of its corporate structure to enhance synergies and achieve overall cost reduction.

Availability of wood continued to be a major challenge, leading to a significant increase in input costs. Reduced plantation activity during the COVID period adversely affected raw material availability over the past couple of years, resulting in a sharp rise

in wood prices and severely impacting profitability in FY 2025-26. In response, the Company enhanced its plantation efforts, increasing acreage by over 50% in the last three years compared to the average of the preceding three years. This is expected to improve wood availability and stabilize prices in the coming years. During the financial year under review, the Company distributed more than 11.94 crore saplings, covering over 90,239 acres of plantation.

Despite an adverse market environment, the Company achieved its highest-ever sales volume of 8.19 lac MT during the year (previous year: 8.06 lac MT), reflecting its resilience and strong market presence. However, the year was marked by heightened competitive pressures, particularly in the paperboard segment, due to increased low-cost imports driven by significant capacity additions in Southeast Asian markets such as China and Indonesia.

The situation was further exacerbated by limited protection against low-priced imports and the inverted duty structure under GST 2.0, which created lot of ambiguity in the market and lesser buying for two months. In addition, constrained domestic availability of wood, coupled with rising demand from adjacent industries such as MDF and plywood, led to higher raw material procurement costs. These factors collectively exerted pressure on margins, even for integrated players.

Geopolitical tensions during FY 2025-26 also impacted the industry by disrupting global supply chains and increasing freight and energy costs. Conflicts in regions such as West Asia and the Red Sea resulted in longer shipping routes, higher logistics expenses, and delays in the import of pulp, waste paper, and chemicals, thereby elevating overall production costs. At the same time, trade tensions and subdued global demand led to surplus paper and paperboard from countries such as China and Indonesia being exported to India at lower prices, further compressing domestic margins. While domestic demand remained resilient, geopolitical uncertainties increased competition and added to overall industry volatility.

The Packaging Coversion business has done well during the year with increase in overall sales volume & plant utilization and focus on more value added products & premium customers. On the financial front, the Company continues to remain healthy with positive cash flow generation and tightened the cost controls during challenging time. The Company continued to strengthen its Balance sheet further and maintained enough liquidity in the system to encounter any unforeseen economic situations. It focused on reduction in financing cost by refinancing of high- cost loans with low-cost financing and use of government incentives wherever feasible. The Company also focused on automation/digitalisation of processes to save time/cost and reduce manual intervention.

NEW PROJECTS AND ACQUISITIONS Hybrid Renewable Power Plant for Unit CPM

In order to uphold Companys long-term strategy on energy security, sustainability, cost reduction and carbon footprint reduction, the Company is setting up a Hybrid Renewable Energy Power Plant (the Hybrid Power Project), comprising Solar, Wind, Energy Management/Captive Power Evacuation Infrastructure or any combination thereof, with an approximate aggregate capacity of 83 MW, for unit CPM. Project is going on as per the schedule and expected to be commissioned in the third quarter of the FY 2027-28.

Acquisition of additional stake in Quadragen Vethealth Private Limited (QVPL)

The Company has acquired additional 2.86 % equity stake in QVPL. Following this acquisition, the holding of the Company has increased to 65% w.e.f. 22nd August 2025.

Acquisition of additional stake in Radhesham Wellpack Private Limited (RWPL)

The Company acquired additional 20% equity stake in RWPL. Following this acquisition, the holding of the Company has increased to 80% w.e.f. 26th September 2025.

Acquisition of Borkar Packaging Private Limited (BPPL)

The Company acquired 65.65% Equity Shares of BPPL for cash consideration funded out of internal accruals, resulting in BPPL becoming a subsidiary of the Company w.e.f. 28th October 2025. Further, BPPL has allotted additional equity shares to the Company via private placement resulting increase in holding of the Company to 71.96%. BPPL is engaged in the business of manufacturing of Folding Cartons, and Corrugated boxes and this acquisition is in line with the long-term strategic objective of the Company. It gives an opportunity to the Company to have a greater footprint in the western region of India.

Scheme of Arrangement

As reported in the Boards Report of FY 2024-25, the Board of Directors of the Company at its meeting held on 13th December 2024 had approved the draft Scheme of Arrangement for amalgamation of JKPL Utility Packaging Solutions Private Limited (Formerly Manipal Utility Packaging Solutions Private Limited) (Transferor Company-1), Securipax Packaging Private Limited (Transferor Company -2), and Horizon Packs Private Limited (Transferor Company -3) with and into JK Paper Limited and demerger of Demerged Undertaking of Enviro Tech Ventures Limited (Demerged Company) into PSV Agro Products Private Limited (Resulting Company) and amalgamation of Demerged Company into JK Paper Ltd (the Scheme). The said Scheme has been sanctioned by the Honble National Company Law Tribunal, Ahmedabad Bench (NCLT) vide its Order dated 3rd February, 2026 and has become effective with effect from 15th March, 2026 (Effective Date), upon filing of the certified copies of the said orders with the Registrar of Companies Ahmedabad, by Transferor Companies, Transferee Company and Resulting Company.

The Scheme is operative from 1st April, 2024, for Transferor Company-1, Transferor Company-2 and Transferor Company-3 and from 1st April 2025 for Transferor Company 4 (Appointed Date 1 and Appointed Date 2, respectively) of the said Scheme. The impact of the Scheme has been given in the audited Financial Statements of the Company for FY 2024-25 and 202526. Pursuant to the Scheme, among others:

(i) The Transferor Company 1, Transferor Company 2 and Transferor Company 3 amalgamated with and into the Company and the shareholding of the Company in those Transferor Companies stand cancelled.

(ii) The Residual Business of Enviro Tech Ventures Limited (ETVL) amalgamated into the Company and for amalgamation of the said business of ETVL with the Company, 1,19,16,427 fully Paid-up Equity Shares of H 10/- each (including fractional entitlement) allotted to eligible shareholders of ETVL, whose names appeared in the Register of Members of ETVL as on the Record Date i.e. 13th March 2026.

(iii) The Sirpur Paper Mills Limited (SPML) became direct subsidiary of the Company.

Further in a separate transaction, the Company has acquired remaining shares of SPML held by public shareholders (negligible percentage), thus, SPML becoming a wholly owned subsidiary of the Company w.e.f. 15th March 2026.

Consequent to allotment of 1,19,16,427 Equity Shares, as aforesaid, the Paid-up Equity Share Capital of the Company has increased to H 181.32 crore from H 169.40 crore. Application for Listing of the said Shares has been made with BSE Limited and National Stock Exchange of India Limited, which is pending for approval.

CAPITAL STRUCTURE

During the year under review, the Authorised Share Capital of the Company was increased by H 726.47 crore pursuant to the Scheme of Arrangement. As on 31st March 2026, the Authorised Share Capital stands revised to H 1226.47 crore.

Further, during the year under review, the Issued, Subscribed and Paid-up Equity Share Capital increased from H 169.40 crore to H 181.32 crore as a result of the allotment of Equity Shares pursuant to the Scheme of Arrangement.

BORROWINGS AND CREDIT RATING

The Company continued to tighten & optimise its working capital and improved operational efficiencies resulting in positive cash generation. During the year under review, the Company has repaid long-term loans to the extent of H 340 crore.

CRISIL Ratings Limited (CRISIL) - CRISIL has reaffirmed its rating for Long term and Short term borrowing facilities. Current Long Term Rating is CRISIL AA/Stable, Short Term Rating is CRISIL A1 + and Fixed Deposit Rating is CRISIL AA/Stable.

India Ratings and Research (Ind-Ra): Ind-Ra has reaffirmed its rating for Long Term and Short term borrowing facilities. Current Long Term Rating is IND AA/Stable, Short Term Rating is IND A1 + and Fixed Deposit Rating is IND AA/Stable.

India Ratings and Research (Ind-Ra) has also reaffirmed the longterm Credit Rating of The Sirpur Paper Mills Ltd., a wholly owned subsidiary of the Company. Current Long Term Rating is IND AA/ Stable, Short Term Rating is IND A1+.

COMPLIANCE WITH SECRETARIAL STANDARDS

The applicable Secretarial Standards issued under Section 118 of the Companies Act, 2013 (the Act) have been complied with.

AWARDS AND RECOGNITIONS

Our commitment towards Safety & Environment, Quality & Operational Excellence, Sustainability and Corporate Social Responsibility initiatives continue to garner appreciation from various industry chambers and social bodies. Some of the prominent accolades and awards received during the year under review are as follows:

Unit JKPM, Rayagada, Odisha:

• Global Environment & Sustainability Award - 2025 for demonstrating best practices adopted for Outstanding Achievement in Environment Management by Greentech Foundation, New Delhi.

• 26th National Award for Excellence in Energy Management for demonstrating Excellent Energy Efficient Unit and recognition as a National Energy Leader by Confederation of Indian Industries (CII), Hyderabad.

• At the 55th CII National Kaizen Competition earned a Gold Award in Innovative Kaizen and a Platinum Award in Renovative Kaizen at Confederation of Indian Industries (CII), Bengaluru.

• Odisha Best Employer Brand Awards - 2024 for demonstrating best practices adopted by the organization and individuals by World HRD Congress & Employer Branding Awards, Bhubaneswar.

• National Best Employer Brand Award Business Leader Award 2025 by 34th World HRD Congress 2026 in Mumbai. Unit CPM, Fort Songadh, Gujarat:

• 26th National Award for Excellence in Energy Management 2025 for Excellent Energy Efficient Unit by Confederation of Indian Industry (CII).

• 5 Gold Awards and Top Special Second Award -7th Surat Chapter Convention on Quality concepts (SCCQC 2025) and 2 Excellence Award -39th National Convention on Quality Concepts (NCQC 2025) - by Quality Circle Forum of India (QCFI).

• 2 Gold Awards for Digitalization & Artificial Intelligence for Quality Improvements by Virtual Platform- by Confederation of Indian Industry (CII).

• 1 Platinum Award, 1 Gold Award- National POKA YOKE Competition for Quality Improvements Virtual Platform conducted by CII - 13th & 14th Oct 2025 by Confederation of Indian Industry (CII).

INDUSTRIAL RELATIONS

The Company maintained peaceful and harmonious industrial relations across its Units throughout the year under review. We deeply appreciate the longstanding commitment of our employees, including contractors. and their workforce, in fostering industrial harmony and a positive work environment. Through the implementation of new work practices and automation, we have successfully enhanced manpower productivity. We actively promote ongoing interaction, dialogue, and collaboration with the local community and other stakeholders to drive various social initiatives. Our commitment to employee well-being, skill development, and inclusive growth remains a priority, ensuring a motivated workforce and a sustainable business ecosystem. Through proactive engagement, we continue to build trust and strengthen our relationships with all stakeholders, contributing to long-term socio-economic progress.

ANNUAL RETURN

Pursuant to the provisions of the Act, the Annual Return of the Company is available on the website of the Company and can be accessed at

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

The particulars of loans given, guarantees or securities provided and investments made in terms of the provisions of Section 186 of the Act and the purpose for which the loans/ guarantees/securities are proposed to be utilised are given in the financial statements.

RELATED PARTY TRANSACTIONS

During the financial year ended 31st March 2026, all the contracts or arrangements or transactions entered into by the Company with the Related Parties were in the ordinary course of business and on arms length and were in compliance with the applicable provisions of the Act and SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (Listing Regulations).

Form AOC-2 containing details of the material Related Party Transactions entered during the FY 2025-26 as per Policy on Materiality of Related Party Transactions and on Dealing with Related Party Transactions, is attached as Annexure-1 to this Report and forms part of it.

The said Policy is available on the website of the Company and the weblink for the same is

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Shri A.S. Mehta (DIN: 00030694) was re-appointed as President & Director of the Company for a period of three years w.e.f. 1st April 2025 by the Members at the AGM of the Company held on 3rd September 2024 and accordingly will continue to be a Key Managerial Personnel of the Company.

Shri Anoop Seth (DIN:00239653) was re-appointed as a NonExecutive Independent Director, of the Company for second term of five consecutive years w.e.f. 27th September 2025 by the Members at the AGM held on 1st September, 2025. The Board is of the opinion that Shri Anoop Seth has high integrity and relevant experience.

The Board has re-appointed Shri Harsh Pati Singhania (DIN:00086742) as Chairman & Managing Director of the Company for a further period of five years w.e.f. 1st January 2027, subject to approval of the Members at the forthcoming AGM of the Company.

Shri Harshavardhan Neotia (DIN:00047466), who was appointed as Non-Executive Independent Director of the Company w.e.f. 29th July 2022, for a period of five consecutive years by the Members on 6th September, 2022, re-appointed as Independent Director of the Company for second term of five consecutive years w.e.f. 29th July 2027, subject to approval of the Members at the forthcoming AGM of the Company. The Board is of the opinion that Shri Harshavardhan Neotia has high integrity and relevant experience.

Smt. Vinita Singhania (DIN: 00042983), retires by rotation and being eligible offers herself for re-appointment at the forthcoming AGM of the Company.

All the Independent Directors of the Company have given requisite declarations at the beginning of the year that they meet the criteria of independence as provided under the Act and Listing Regulations and there is no change in the circumstances as on the date of this report which may affect their status as an independent director.

Except as stated above, there was no other change in Directors and Key Managerial Personnel of the Company.

INTERNAL CONTROL SYSTEM

The Company is committed to maintaining a robust and effective internal control framework across all offices, plants, and key functions. This ensures a structured system for business planning, goal review, risk evaluation and management, financial reporting, regulatory compliance, asset protection, fraud prevention, and IT security validation. These controls are continuously refined to align with evolving business needs, regulatory changes, and industry best practices, ensuring transparency, accountability, and operational excellence.

A dedicated Corporate Internal Audit team, comprising qualified professionals, subject matter experts supported by independent audit firms and specialized agencies, conducts regular internal audits as per the annual audit plan approved by the Audit Committee. The audit process not only reviews existing control systems but also identifies areas for improvement, ensuring a culture of continuous improvement. Audit findings are reviewed by the Audit Committee, and corrective actions are taken as needed to mitigate risks and strengthen controls and governance.

Risk Management

The Company has developed a comprehensive risk management framework to identify, evaluate, and manage risks across all major functions and business segments. A documented Risk Control Matrix is in place to ensure structured risk assessment and mitigation strategies. During the year under review, no material reportable weaknesses were observed. The Company also has a comprehensive budgetary control system aligned with its strategic business plan. Key performance targets are set for each plant and product line, with periodic monitoring of actual performance against these targets. Corrective actions are taken as needed to address any deviations. For details of risks as required to be disclosed in the Boards Report under section 134(3) of the Act, please refer Management Discussion and Analysis forming part of the Report.

Compliance Management

The Company ensures strict adherence to legal and regulatory requirements through a structured compliance management system. A compliance monitoring software tool is being used to track the status of all applicable statutory compliances online. This system enables proactive compliance tracking and timely reporting to mitigate any potential risk associated with non-compliance. The Company remains committed to maintaining high standards of corporate governance and regulatory adherence.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company integrates CSR into its core values, guided by a corporate vision that emphasizes care for both the environment and the community. The Company regards CSR as a continuous commitment to operate ethically, responsibly, and sustainably, while contributing meaningfully to the countrys socioeconomic development. Our Companys overarching goal is to enhance the quality of life for communities surrounding its operations and to contribute positively to society at large.

With a sustainability and CSR vision centered on holistic community development and long-term impact, the Company is committed to inclusive growth through initiatives that empower individuals, create sustainable livelihoods, and promote social equity. Aligned with the Sustainable Development Goals (SDGs) and national priorities, the Companys CSR efforts focus on key thematic areas including promoting preventive healthcare, education, livelihood generation, women empowerment, rural development, environmental sustainability, conservation of natural resources, promotion of art & culture and promotion of sports.

Over the years, these initiatives have made a significant and measurable impact, reaching over 12.5 lac beneficiaries through strategic collaborations and community-driven programs. The CSR footprint of the Company now extends across 10 states, 1 Union Territory (New Delhi) and 17 districts, positively influencing the lives of more than 12.5 lac people, with a strong emphasis on underserved and marginalized communities. The Companys CSR policy complies fully with the provisions of the Act and is implemented with utmost transparency and accountability under the guidance of a dedicated CSR and Sustainability Committee, ensuring that all programs remain aligned with strategic goals and contribute to inclusive, sustainable development.

The CSR Policy of the Company is hosted on the website of the Company.

Annual Report on the CSR activities undertaken by the Company during the financial year ended 31st March 2026, in the prescribed format, along with summary of Impact Assessment Report summarizing the outcomes and effectiveness of CSR initiatives is annexed to this Report as Annexure-2 and forms part of it.

AUDITORS & THEIR REPORTS

(a) Statutory Auditors

In accordance with the provisions of the Act and the Rules made thereunder, Lodha & Co. LLP., Chartered Accountants, were re-appointed as Statutory Auditors of the Company for their second term of five consecutive years from the conclusion of the 61st AGM held on 6th September 2022 till the conclusion of the 66th AGM to be held in the year 2027.

The observations of the Auditors in their report on Accounts and the Financial Statements, read with the relevant notes are self-explanatory. The Auditors Report does not contain any qualification, reservation, adverse remark or disclaimer. During the year under review, the Auditors have not reported any matter under Section 143(12) of the Act, therefore no detail is required to be disclosed.

(b) Secretarial Auditors

Shri Namo Narain Agarwal, Company Secretary in Practice, was appointed as the Secretarial Auditor of the Company by the Members at their 64th AGM held on 1st September 2025 for a term of up to five (5) consecutive years from FY 2025-26 to FY 2029-30. His report for the FY 2025-26, provided in the prescribed format in compliance with Section 204 of the Act, and Regulation 24A of the Listing Regulations, is annexed to this Report as Annexure-3 and forms part of it. The Secretarial Audit Report does not contain any qualification, reservation, adverse remark, or disclaimer. During the year under review, the Secretarial

Auditor has not reported any matter under Section 143(12) of the Act, therefore no detail is required to be disclosed.

The Company has one material unlisted subsidiary incorporated in India, viz The Sirpur Paper Mills Limited (SPML). The Secretarial Audit Report for FY 2025-26 of SPML issued by Shri Namo Narain Agarwal, Secretarial Auditor, in the prescribed format, is annexed to this Report as Annexure - 3(i) pursuant to Regulation 24A of the Listing Regulations.

Shri Namo Narain Agarwal, Company Secretary in Practice has tendered his resignation as Secretarial Auditor of the Company effective from 18th May 2026 due to his health conditions. Pursuant to Regulation 24A of Listing Regulations and in order to fill the casual vacancy caused by resignation of Shri Namo Narain Agarwal, Company Secretary in Practice, the Board has appointed M/s Ronak Jhuthawat & Co (Firm Registration No. P2025RJ104300), a peer reviewed Company Secretaries Partnership Firm, having peer review No. 6592/2025, as Secretarial Auditor of the Company till the conclusion of forthcoming AGM.

Pursuant to the provisions of Regulation 24A of the Listing Regulations and Section 204 of the Act, read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Directors have approved and recommended to the Members at the forthcoming AGM the appointment of M/s Ronak Jhuthawat & Co (Firm Registration No. P2025RJ104300), a peer reviewed Company Secretaries Partnership Firm, having peer review No. 6592/2025, as the Secretarial Auditor of the Company for a term of five (5) consecutive years from the conclusion of forthcoming AGM of the Company till the conclusion of 70th AGM of the Company to conduct the secretarial audit for FY 2026-27 to FY 2030-31.

M/s Ronak Jhuthawat & Co have provided their consent to act as the Secretarial Auditor of the Company and has confirmed that their appointment, if made, would be within the limits prescribed under the Act, the Rules made thereunder, and the Listing Regulations. They have further confirmed that they are not disqualified from being appointed as the Secretarial Auditor as per the provisions of the Act, and the Listing Regulations.

(c) Cost Auditors

In accordance with the provisions of Section 148(1) of the Act, the Company has maintained cost accounts and records. The Cost Audit for the financial year ended 31st March 2025 was conducted by M/s R.J. Goel & Co., Cost Accountants, and the Cost Audit Report was duly filed with the Ministry of Corporate Affairs, Government of India. The Audit of the Cost Records for the financial year ended 31st March 2026 is being conducted by the said firm and the Report will also be filed with the Ministry of Corporate Affairs, Government of India. During the year under review, the Auditors have not reported any matter under Section 143(12) of the Act, therefore no detail is required to be disclosed.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

During the year under review, there were no significant and material orders passed by the Regulators or Courts or Tribunals which could have impact on the going concern status of the Company and its future operations. Further, during the year under review, no applications were made or no proceedings were pending as at the end of the year under the Insolvency and Bankruptcy Code, 2016.

MATERIAL CHANGES AND COMMITMENTS

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

CONSERVATION OF ENERGY ETC.

The details as required under Section 134(3)(m) of the Act read with the Companies (Accounts) Rules, 2014 is annexed to this Report as Annexure-4 and forms part of it.

PARTICULARS OF REMUNERATION

Disclosure of the ratio of the remuneration of each Director to the median employees remuneration and other requisite details pursuant to Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed to this Report as Annexure-5 and forms part of it. Further, particulars of employees pursuant to Rule 5(2) & (3) of the above Rules, also form part of this Report. However, in terms of provisions of Section 136 of the Act, the Report for the FY 2025-26 is being sent to all the Members of the Company and others entitled thereto, excluding the said particulars of employees. Any member interested in obtaining such particulars may write to the Company Secretary. The said information is also available for inspection at the Registered Office of the Company on working days during working hours.

CORPORATE GOVERNANCE

Your Company reaffirms its commitment to the highest standards of corporate governance practices. Pursuant to Regulation 34 read with Schedule V to the Listing Regulations, Management Discussion and Analysis, Corporate Governance Report and Auditors Certificate regarding compliance of conditions of Corporate Governance are made part of this Annual Report.

The Corporate Governance Report & Management Discussion and Analysis Report which forms part of this Annual Report also covers the following:

a) Particulars of Board and Committee Meetings held during the financial year under review.

b) Policy on Nomination and Remuneration of Directors, Key Managerial Personnel and Senior Management including, inter alia, the criteria for performance evaluation of Directors.

c) Manner in which formal annual evaluation has been made by the Board of its own performance and that of its Committees and individual Directors.

d) Details with respect to composition of Audit Committee and establishment of Vigil Mechanism.

e) Details regarding Risk Management.

f) Dividend Distribution Policy.

g) Disclosures under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

h) Disclosures related to maternity benefits under Maternity Benefit Act, 1961/the Code on Social Security, 2020.

i) Management Discussion and Analysis of Financial condition and result of operations.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

Pursuant to Regulation 34(2)(f) of the Listing Regulations, the Business Responsibility and Sustainability Report of the Company for the financial year ended 31st March 2026 in the prescribed format, is given in a separate section and forms a part of the Annual Report.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements of your Company for the FY 2025-26 have been prepared in accordance with the Act and applicable Indian Accounting Standards. The Audited Consolidated Financial Statements together with Auditors Report forms a part of the Annual Report.

A report on the performance and financial position of each of the subsidiaries and joint ventures included in the Consolidated Financial Statements is presented in a separate section in this Annual Report (refer Form AOC-1 annexed to the Financial Statements forming part of the Annual Report).

Pursuant to the provisions of Section 136 of the Act, standalone audited financial statements, consolidated audited financial statements along with relevant documents and separate audited financial statements of each of the subsidiaries are available on the website of the Company and the weblink for the same is

DEPOSITS

Pursuant to the approval of Members by means of a Special Resolution at the AGM held on 27th September 2014, the Company has been accepting deposits from the public and its Members, in accordance with the provisions of the Act and Rules made thereunder. The particulars in respect of the deposits covered under Chapter V of the said Act, for the financial year ended 31st March 2026 is annexed to this Report as Annexure-6 and forms part of it.

As mentioned in the Boards Report for FY 2024-25, the Board discontinued the Scheme w.e.f. the date of expiry of previous circular (i.e.1st September 2025) issued in the form of advertisement and deposits will be paid to Deposit Holders on their respective due dates.

DIRECTORS RESPONSIBILITY STATEMENT

As required under Section 134(3)(c) of the Act, your

Directors state that:

(a) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

(b) the accounting policies have been selected and applied consistently and judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

(c) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the said Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) the annual accounts have been prepared on a going concern basis;

(e) the proper internal financial controls to be followed by the Company have been laid down and that such internal financial controls are adequate and were operating effectively; and

(f) the proper systems have been devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

ACKNOWLEDGEMENT

Your Directors acknowledge the unstinted support and cooperation received from the Central Government, State Governments, participating Financial Institutions and Banks and above all the Customers, Dealers, Suppliers and other Stakeholders.

The Board extends its deepest appreciation for the unwavering commitment, dedication, and hard work of every employee and member of Team JK Paper.

On behalf of the Board of Directors

Place: New Delhi	Harsh Pati Singhania
Date: 18th May 2026	Chairman & Managing Director