Jyoti Global Plast Ltd Directors Report

To,

The Members,

Jyoti Global Plast Limited

Your directors are pleased to present the 23rd Annual Report of Jyoti Global Plast Limited together with the Audited Standalone Financial Statements for the financial year ended 31 March 2026 . The financial year under review marked a defining milestone in the Company s journey with the successful listing of its Equity Shares on the NSE EMERGE Platform, alongside continued progress in strengthening its manufacturing capabilities and expanding into Defence & Aerospace and drone technologies. The Board remains committed to delivering sustainable growth, innovation and long-term value creation for all stakeholders.

The Board expresses its gratitude to all shareholders, employees, customers, partners, and regulatory authorities for their continued support and confidence in the Company

1. Financial Summary or Highlights/Performance of the Company (Standalone):

The Board s Report shall be prepared based on the stand-alone financial statements of the company.

(Rs. In Lacs)

Particulars	2025-26	2024-25
Sales and Other Income	10,357.06	9379.79
Less: Total Expenses	9402.24	8575.59
Profit before Tax (PBT)	946.80	804.20
Less: Current Tax	(226.82)	(198.84)
Deferred Tax	(17.34)	(1.50)
Net Profit after Tax (PAT)	702.64	603.86
Share Capital	1982.00	1550.00
Reserves	3416.31	584.48
Total shareholder funds	5398.31	2134.48
Earnings Per Share
1) Basic	3.55	3.90
2) Diluted	3.55	3.90

2. Reserves & Surplus:

During the financial year under review, the Company s Securities Premium Account increased by Rs. 24,19,20,000 (Rupees Twenty-Four Crore Nineteen Lakh Twenty Thousand Only) pursuant to the successful completion of the Initial Public Offering (IPO). In addition, the Company s Profit after Tax of Rs. 7,02,63,412 (Rupees Seven Crore Two Lakh Sixty-Three Thousand Four Hundred and Twelve Only) for the financial year has been transferred to surplus in the Statement of Profit and Loss. The aforesaid movements have strengthened the Company s net worth and capital base, providing a strong financial foundation to support its future growth and expansion plans.

3. Operations & State of Affairs of the Company:

During the financial year under review, Jyoti Global Plast Limited continued to strengthen its position as a diversified plastic engineering and manufacturing company with a focus on innovation, quality and advanced manufacturing capabilities. The Company continued its operations in the manufacturing of plastic packaging products, moulded components, FRP products and allied engineering solutions catering to diverse industries. Building upon its expertise in precision moulding, research & development, material innovation and engineering excellence, the Company further strengthened its presence in the Defence & Aerospace sector through the development of components for aircraft, drones and defence equipment. These strategic initiatives represent the Companys continued evolution from a traditional packaging manufacturer to a technology-driven engineering solutions provider.

A defining milestone during the financial year was the successful listing

National Stock Exchange of India Limited (NSE EMERGE) Platform on 11 August 2025 , marking its transition into a publicly listed company. The listing strengthened the Companys capital base, enhanced its corporate governance framework and established a strong platform for long-term sustainable growth.

4. Change in the nature of business, if any:

During the financial year under review, there was no change in the principal nature of business of the Company. The Company continued to engage in the business of manufacturing plastic packaging products, moulded components, FRP products and allied engineering solutions. During the year, the Company further strengthened and diversified its existing business operations through the expansion of its capabilities in the Defence & Aerospace sector and the development of drone solutions, including surveillance, agricultural and defence applications. These developments represent a strategic expansion of the Companys product portfolio and manufacturing capabilities and do not constitute a change in the principal nature of business.

5. Capital Structure:

A) Authorized Share Capital

The Authorized share capital of the Company stood to Rs. 22,00,00,000 (Rupees Twenty-two crores) divided into 2,20,00,000 (Two crores twenty lakhs) equity shares of Rs. 10 each as there was no change in the authorized capital during the year.

B) Issued, Subscribed and Paid-up Share Capital

During the financial year under review, the Company successfully completed its Initial Public Offering (IPO) comprising 53,70,000 (Fifty-Three Lakh Seventy Thousand) Equity Shares of face value Rs. 10/- each at an issue price of Rs. 66/- per Equity Share, including a securities premium of Rs. 56/- per Equity Share.

The IPO comprised a Fresh Issue of 43,20,000 (Forty-Three Lakh Twenty Thousand) Equity Shares and an Offer for Sale of 10,50,000 (Ten Lakh Fifty Thousand) Equity Shares by the Promoter Selling Shareholders.

Pursuant to the Fresh Issue, the paid-up Equity Share Capital of the Company increased from Rs. 15,50,00,000, comprising 1,55,00,000 (One Crore Fifty-Five Lakh) Equity Shares of Rs. 10/- each, to Rs. 19,82,00,000, comprising 1,98,20,000 (One Crore Ninety-Eight Lakh Twenty Thousand) Equity Shares of Rs. 10/- each. The securities premium arising from the Fresh Issue has been credited to the Securities Premium Account in accordance with the applicable provisions of the Companies Act, 2013.

6. Dividend:

The Board of Directors has not declared any interim dividend during the financial year under review. Further, in order to conserve resources to support the Companys future growth plans, business expansion and strengthening of its capital base, the Board has not recommended any final dividend for the financial year ended March 31, 2026.

7. Details of new subsidiaries, associates and joint ventures:

As on March 31, 2026, the Company did not have any subsidiary, associate or joint venture within the meaning of the Companies Act, 2013. During the financial year under review, no company became or ceased to be a subsidiary, associate or joint venture of the Company

8. Directors and Key Managerial Personnel:

The constitution of board and key managerial personnel during the year and as on the date of report is as follows:

Sr. No Name	Designation	Date of appointment	Date of cessation
1. Bhawanji Khimji Shah (DIN: 00467483)	Director	06/01/2004
2. Hiren Bhawanji Shah (DIN: 00467575)	Managing Director	06/01/2004	-
3. Deven Bhawanji Shah (DIN: 00467647)	Whole-time Director & CEO	06/01/2004	-
4. Sharadchandra Kishorilal Patel (DIN:01514926)	Independent Director	01/02/2025	-
5. Gajanan Vinayak Godbole (DIN: 10910386)	Independent Director	01/02/2025	-
6. Swati Sandeep Nivalkar (DIN: 06922647)	Independent Director	01/02/2025	30/06/2026
7. Sugandha Ramchandra Rane (DIN: 07254968)	Additional Director (Independent)	30/06/2026	-

Sr. No Name	Designation	Date of appointment	Date of cessation
8. Mayur Dube	Company Secretary	25/11/2025	-
9. Karan Deven Shah	CFO	01/02/2025	-
10. Shrutika Mandal	Company Secretary	01/02/2025	25/11/2025

9. Directors and KMP:

A) Changes in Directors and Key Managerial Persons:

During the period under review and up to the date of report, there has been following changes in the composition of the Board of Directors .

Ms. Sugandha Ramchandra Rane (DIN: 07254968) has been appointed as Additional Director in the capacity of Independent Director (Non-Executive) by the Board of Directors at the Board Meeting held on June 30, 2026.

Ms. Swati Sandeep Nivalkar (DIN: 06922647) has resigned as an Non-Executive Independent with effect from June 30, 2026.

Appointment and Resignation of Company Secretary:

Ms. Shrutika Lalan Mandal resigned from the office of Company Secretary of the Company with effect from November 25, 2025.

Subsequently, Mr. Mayur Kamtaprasad Dube was appointed as the Company Secretary and Key Managerial Personnel of the Company by the Board of Directors at its meeting held on November 25, 2025.

Retire by rotation and subsequent re-appointment:

In accordance with the provisions of Section 152 and other applicable provisions, if any, of the Act read with Companies (Appointment and Qualifications of Directors) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force) and the Articles of Association of the Company, Mr. Deven Bhawanji Shah (DIN: 00467647), Whole-time Director of the Company is liable to retire by rotation at this AGM and being eligible, has offered himself for re-appointment.

The Board of Directors recommends the re-appointment of Mr. Deven Bhawanji Shah (DIN: 00467647), Whole-time Director of the Company, liable to retire by rotation. Appropriate resolution for his re-appointment is being placed for the approval of the shareholders of the Company at the ensuing AGM.

Details with respect to his experience, attributes, skills, disclosure of the relationship between directors inter se, directorships held in other companies etc., as stipulated under Secretarial Standard on General Meetings, have been disclosed in the Annexure to the Notice of the AGM.

The Board of Directors of the Company has been validly constituted as per Section 149 of the Act and corresponding Rules thereunder.

B) Declaration by an Independent Director(s) and re-election, if any:

In accordance to sub-section (7) of Section 149 of the Companies Act, 2013, the Independent Directors appointed by the membersoftheCompany have given Declaration to theeffectthatthey meet all the criteria of Independence as per sub-section (6) of Section 149 of the Companies Act, 2013 at the first meeting of the Board in which they participated as a Director, at the first meeting of the Board in every financial year and thereafter whenever there was any change in the circumstances which may affect their status of Independence.

C) Details of Managerial Remuneration required to be Disclosed in Board Report as per Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:

The information required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, is given in Annexure-A

D) Policy on directors appointment and remuneration:

Pursuant to Section 178(3) of the Companies Act, 2013, the nomination and remuneration policy of the Company which lays down the criteria for determining qualifications, competencies, positive attributes and independence for appointment of Directors and policies of the Company relating to remuneration of Directors, KMP and other employees is available on the Companys website at www.jyotiglobalplast.com.

E) Disclosure of remuneration of employees covered under rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:

During the financial year under review, no employee of the Company was in receipt of remuneration in excess of the limits prescribed under the provisions of Section 197 of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Accordingly, the disclosure pursuant to the said provisions is not applicable to the Company.

10. Meetings: Board Meetings:

During the Financial Year 2025-26, the Company held 11 board meetings of the Board of Directors as per Section 173 of Companies Act, 2013 which is summarized below. The provisions of Companies Act, 2013 were adhered to while considering the time gap between two meetings. Further, the requisite quorum was present for all the meetings.

No. of Meeting Date of Meeting	Number of Directors Attended the Meeting
1 April 10, 2025	6
2 April 15, 2025	4
3 June 18, 2025	4
4 July 22, 2025	5
5 August 01, 2025	3
6 August 07, 2025	6
7 September 05, 2025	6
8 November 07, 2025	6
9 November 25, 2025	4
10 December 16, 2025	4
11 March 09, 2026	6

Number of Board meetings attended by Directors during the financial year 2025-26 is as follows:

Sr. No Names of the Directors	No. of Meetings Director required to attend	No. of Meetings Attended by the Director
1. Bhawanji Khimji Shah (DIN: 00467483)	11	11
2. Hiren Bhawanji Shah (DIN: 00467575)	11	11
3. Deven Bhawanji Shah (DIN: 00467647)	11	11
4. Sharadchandra Kishorilal Patel (DIN: 01514926)	11	8
5. Swati Sandeep Nivalkar (DIN: 06922647)	11	5
6. Gajanan Vinayak Godbole (DIN: 10910386)	11	8

Separate Meeting of Independent Directors:

Independent Directors of the Company held their Separate meeting on Monday, March 09, 2026.

Annual General Meeting:

The 22 nd Annual General Meeting of the company was held on Monday, September 29, 2025 at 03:00 p.m. at the registered office of the company.

Extra Ordinary General Meeting:

During the financial year, the Company convened one Extra-Ordinary General Meeting (EGM) in accordance with the provisions of Section 100 of the Companies Act, 2013, on 7th August 2025.

Further, the Company passed a resolution through postal ballot on 15th January 2026, in compliance with the applicable provisions of the Companies Act, 2013 and the rules made thereunder.

11. Committees and its Composition:

Pursuant to provisions of Section 177, 178 and other applicable provisions of the Companies Act, 2013, the company has constituted various committees, namely Audit Committee, Nomination and Remuneration Committee and Stakeholder Relationship Committee.

The Composition of such committees is as follows:

Audit Committee:

Your Company has constituted Audit Committee as per section 177 of the Companies Act, 2013 and Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015; the terms of reference of Audit Committee are broadly in accordance with the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies Act, 2013. The Audit Committee comprises of the following Members as on 31st March, 2026.

Sr. No Name	DIN	Designation	No. of Meeting held	No. of Meeting attended
1 Gajanan Vinayak Godbole	10910386	Chairperson	4	4
2 Swati Sandeep Nivalkar *	06922647	Member	4	3
3 Hiren Bhawanji Shah	00467575	Member	4	4

During the year the financial year 04 (Four) meeting of the Audit Committee were on June 18, 2025, September 5, 2025, November 7, 2025 and March 2, 2026

Nomination and Remuneration Committee:

The Company has constituted the Nomination and Remuneration Committee in accordance with the provisions of Section 178 of the Companies Act, 2013 and Regulation 19 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. As on 31st March, 2026, the Nomination and Remuneration Committee comprised the following members.

Sr. No Name	DIN	Designation	No. of Meeting held	No. of Meeting attended
1 Sharadchandra Patel	01514926	Chairperson	1	1
2 Swati Sandeep Nivalkar*	06922647	Member	1	1
3 Gajanan Vinayak Godbole	10910386	Member	1	1

During the financial year, 1 (One) meeting of the Nomination and Remuneration Committee was held on 25 th November, 2025.

Stakeholder Relationship Committee:

Sr. No Name	DIN	Designation
1 Swati Sandeep Nivalkar*	06922647	Chairperson
2 Gajanan Vinayak Godbole	10910386	Member
3 Sharadchandra Patel	01514926	Member

The Company is exempt from compliance with the corporate governance provisions specified under Regulations 17 to 27 and Clauses (b) to (i) and (t) of Regulation 46(2), read with Regulation 15(2)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Accordingly, the requirement of holding meetings of the Stakeholders Relationship Committee in terms of Regulation 20(3A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is not applicable to the Company. Consequently, no meeting of the Stakeholders Relationship Committee was held during the financial year

Internal Complaint Committee:

The Company has constituted the Internal Complaint Committee in accordance with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. As on 31st March, 2026, the Internal Complaint Committee comprised the following members.

Sr. No. Name	Designation	No. of Meeting held	No. of Meeting attended
1 Ms. Jaya Ambetkar	Presiding Officer	1	1
2 Mr. Karan Shah	Member	1	1
3 Mr. Machhindra pansare	Member	1	1
4. Ms. Suneeta Mane	External Member (NGO)	1	1

During the financial year, 1 (One) meeting of the Internal Complaint Committee was held on September 20, 2025.

* Swati Sandeep Nivalkar resigned from the office of Independent Director with effect from June 30, 2026. Consequent to her resignation Ms. Sugandha Ramchandra Rane (DIN: 07254968) was appointed as Additional Director in the capacity of Independent Director (Non-Executive) with effect from June 30, 2026, and the composition of the Board Committees was reconstituted accordingly with effect from June 30, 2026.

12. Deposit:

During the year, the Company did not accept any deposits from the general public and shareholders in terms of the provisions of Section 73 of the Act. Further, no amount on account of principal or interest on deposits from the public was outstanding as on March 31, 2026.

13. Statutory Auditors:

M/s. Shah Valera & Associates LLP, Chartered Accountants (Firm Registration No. W100238), are appointed as the Statutory Auditors of the Company for a term of five consecutive years, in the 22nd Annual General Meeting held on September 29, 2025 to hold office from the conclusion of the 22nd Annual General Meeting until the conclusion of the 27th Annual General Meeting of the Company, to conduct the statutory audit of the financial years 2025-26 to 2029-30 .

14. Auditors Report: The Auditors Report does not contain any qualification. Notes to Accounts and Auditors remarks in their report are self-explanatory and do not call for any further comments.

15. Secretarial Audit and Secretarial Audit Report :

Pursuant to the provisions of Section 204 of the Companies Act, 2013, the Company is required to undertake the Secretarial Audit for the financial year 2025-26.

The Company has appointed M/s Ashita Kaul and Associates, the Practicing Company Secretaries, having ICSI Membership No.: FCS-6988 and Certificate of Practice No.: 6529 as the Secretarial Auditor of the Company for the financial year 2025-26.

The Secretarial Audit Report issued by M/s Ashita Kaul and Associates, the Practicing Company Secretaries for the financial year 2025-26 contains following qualifications or adverse remarks. The Secretarial Auditor has not reported any incident of fraud during the financial year under review. The Secretarial Audit Report is annexed to the Board s

Report in Form No.: MR-3 as an Annexure-B.

The Managements reply on the observations provided in the Secretarial Report is given below:

Secretarial Auditor\u2019s remark	Management\u2019s response
Pursuant to the Company\u2019s conversion to a Public Limited Company on December 30, 2024, the provisions of Section 152(6) regarding the retirement of directors by rotation became applicable. At the Annual General Meeting held on September 29, 2025, for the financial year ended March 31, 2025, the first directors (being the only directors of the Company) did not retire by rotation, in reliance upon a specificclause in the Company \u2019 s Articles of Association. Since the statutory provisions of Section 152(6) override conflicting clauses in the Articles of Association, this resulted in a non-compliance regarding the rotational retirement of directors for the period under review.	The Board notes the non-compliance with Section 152(6) of the Companies Act, 2013 regarding retirement of directors by rotation at the AGM held on September 29, 2025. The lapse was inadvertent the transition phase following conversion to a Public Limited Company. The Company has since taken corrective steps to align its practices with the statutory requirements.
	Going forward, the Board shall ensure strict compliance with Section 152(6) and directors will retire by rotation in accordance with the provisions of the Companies Act, 2013.
The company delayed the submission Related Party Transactions Disclosure as per Regulation 23(9) of SEBI (LODR) Regulations, 2015 for half year ended September 30, 2025. Consequently, the National Stocke Exchange of India Limited imposed fine of Rs. 5000 excluding GST. draft response for this qualification too	The Board notes the delayed submission of Related Party Transactions disclosure under Regulation 23(9) of SEBI (LODR) for the half year ended September 30, 2025. The delay was inadvertent, the disclosure has since been filed,and the fine of 5,000 (excluding GST) has been paid. Corrective measures have been implemented to ensure timely compliance in future.
	Going forward, the Company shall ensure strict adherence to SEBI LODR timelines to avoid recurrence of such lapses.

16. Cost Records and Cost Audit:

The Company has maintained cost records as required under Section 148(1) of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014. The requirement for appointment of a Cost Auditor under Section 148(2) of the Companies Act, 2013 and the Companies (Cost Records and Audit) Rules, 2014 is also not applicable to the Company.

17. Internal Auditor:

Pursuant to provisions of Section 138 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, Mr. Haresh P. Kothari, Chartered Accountant, (ICAI Membership No: 040549), was appointed as the Internal Auditor of the Company for the financial year ended March 31, 2026. The Internal Auditors has conducted periodic audit of operations of the Company. The Audit Committee of the Board of Directors has reviewed the reports and findings of the Internal Auditor on a regular basis and provided necessary guidance for strengthening the internal control framework.

18. Utilisation of IPO Proceeds:

During the year, the Company successfully completed its Initial Public Offer (IPO) and raised net proceeds of INR 25.63 Crore (net of issue expenses). Out of the total proceeds, INR 11.77 Crore has been utilized towards the objects stated in the Prospectus. The balance amount of INR 13.86 Crore remains unutilized as at the end of the financial been temporarily parked in fixed deposits, the escrow account, and the current account, pending its utilization for the stated objects of the issue.

19. Extract of Annual Return:

Pursuant to the provisions of Section 92(3) of the Companies Act, 2013 read with the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company as on March 31, 2026 is available on the Companys website and can be accessed at www.jyotiglobalplast.com

20. Risk Management Policy:

To ensure the effectiveness of our risk management framework, the Company has developed and implemented a risk management policy which identifies major risks which may threaten the existence of the Company. The same is also subject to its review from time to time. Risk mitigation process and measures have been also formulated and clearly spelled out in the said policy. The policy on Risk Management has been displayed on the Companys website at www. jyotiglobalplast.com.

21. Formal Annual Evaluation:

The Company has devised a Policy for Performance Evaluation of Independent Directors, Board, Committees and other individual Directors which include criteria for performance evaluation of the non–executive directors and executive directors.

The process of review of Non-Independent Directors, the Chairperson, the Board as a whole and also its committees were undertaken in a separate meeting of Independent Directors without the attendance of Non-Independent Directors and members of the management. The Independent Directors also assessed the quality, quantity and timeliness of information required for the Board to perform its duties properly.

Based on the findings from the evaluation process, the Board will continue to review its procedures, processes and effectiveness of Board s functioning, individual Director s effectiveness and contribution to the Board s functioning in the Financial Year 2025-26 with a view to practice the highest standards of Corporate Governance.

22. Particulars of Loans, Guarantees or Investments Under Section 186 of the Companies Act, 2013:

The Company has not made any Loans and Investments and Guarantees in relation to section 186 of the Companies Act, 2013 during the fiscal year.

23. Particulars of Contracts or Arrangements with Related Parties under Section 188 of the Companies Act, 2013

The Related Party Transactions entered into by the Company during FY 2025-26 are in accordance with Section 188 of the Companies Act, 2013 and appropriate disclosures regarding the same have been made in Form AOC-2 as attached with the Board Report as an Annexure C . The details of the Related Party Transactions form a part of the Directors Report and also notes to the accounts of this Annual Report.

24. Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:

The Companys goal has always been to create an open and safe workplace for every employee to feel empowered, irrespective of gender, sexual preferences and other factors, and contribute to the best of their abilities. In line to make the workplace a safe environment, the Company has set up a policy on prevention of sexual harassment in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ( PoSH Act ). Further, the Company has complied with the provisions under the PoSH Act relating to the framing of an anti-sexual harassment policy and the constitution of an Internal Committee. The policy on Sexual Harassment has been displayed on the Companys website at www.jyotiglobalplast.com The Company has not received any complaints of work place complaints, including complaints on sexual harassment during the year under review.

The Company has in place an Internal Complaints Committee (ICC) in compliance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

During the Financial Year 2025-26

Number of complaints received	0
Number of complaints disposed of	0
Number of cases pending for more than 90 days	0
Number of complaints unsolved during the year	0

25. Corporate Social Responsibility:

Pursuant to the provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, the provisions relating to Corporate Social Responsibility (CSR) are applicable to the Company.

Since the amount required to be spent by the Company towards Corporate Social Responsibility activities during the financial year under review did not exceed Rs. 50,00,000, the Company was not required to constitute a Corporate Social Responsibility Committee in terms of the provisions of Section 135(9) of the Companies Act, 2013. Accordingly, the functions of the CSR Committee were discharged by the Board of Directors.

The Annual Report on CSR Activities containing the disclosures prescribed under the Companies (Corporate Social Responsibility Policy) Rules, 2014 forms part of this Boards Report as Annexure D.

The Company has in place a duly approved CSR Policy, which outlines its guiding principles and framework for undertaking CSR activities. The CSR Policy will be made available on the Companys website at: www.jyotiglobalplast. com.

26. Conservation of Energy, Technology, Absorption and Foreign Exchange Earnings And Outgo:

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo as required to be disclosed pursuant to Section 134(3)(m) of the Companies Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014, are given to the extent applicable in Annexure E forming part of this report.

27. Management Discussion and Analysis Report :

Management Discussion and Analysis Report for the year under review, as stipulated under the Securities and Exchange

Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations ), is presented in a separate section, forming part of the Annual Report as Annexure F.

28. Adequacy of Internal financial controls:

Your Company has Internal Control system to ensure an effective internal control environment that provides assurance on the efficiency of conducting business, including adherence to the Company s policies, the safe guarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of accounting records and the timely preparation of reliable financial disclosures.

29. Establishment of Vigil Mechanism:

The Company has in place the Vigil Mechanism which provides mechanism to its directors, employees and other stakeholders to raise concerns about any wrongdoing in the Company and provide for adequate safeguards against victimization of the persons who avail this mechanism.

The Vigil Mechanism Policy and Whistle Blower Policy had been recommended by the Audit Committee and thereafter approved and adopted by the Board of Directors of the Company. The Vigil Mechanism and Whistle Blower Policy has been displayed on the Companys website at www.jyotiglobalplast.com

30. Material changes and commitments, if any, affecting the financial between the end of the financial year of the company to which the financial the report:

During the year, the Company entered into a Joint Venture Agreement with DRONEIQ AERONEXT LLP to collaborate in the development of drone technologies and unmanned aerial systems. Pursuant thereto, Jyoti AeroNext Private Limited was incorporated subsequent to the close of the financial year.

31. Details of significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and companys operations in future:

During the year under review, no significant or material orders were passed by any regulator, court or tribunal which would impact the going concern status of the Company or its future operations.

32. Directors Responsibility Statement:

The Directors Responsibility Statement referred to in clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, shall state that—

a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures.

b) The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit of the company for that period;

c) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

d) The directors had prepared the annual accounts on a going concern basis;

e) The directors, in the case of a listed company, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively

f) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

33. Corporate Governance:

The Company has adopted best corporate governance practices and is committed to conducting its business in accordance with the applicable laws, rules and regulations. The Companys corporate governance practices are driven by effective and strong Board oversight, timely disclosures, transparent accounting policies and high level of integrity in decision making. The policy on Corporate Governance has been displayed on the Companys website at www. jyotiglobalplast.com.

34. Compliance with Secretarial Standard:

The Company has complied with the applicable Secretarial Standards (as amended from time to time) on meetings of the Board of Directors i.e. SS-1 and Meeting of Shareholders i.e. SS-2, issued by the Institute of Company Secretaries of India and approved by Central Government under sub-section (10) of Section 118 of the Companies Act, 2013.

35. Proceedings pending under the Insolvency and Bankruptcy Code, 2016:

During the financial year under review, there were NO application/s made or proceeding were pending in the name of the company under the Insolvency and Bankruptcy Code, 2016.

36. Disclosure of reason for difference between valuation done at the time of taking loan from bank and at the time of one-time settlement:

The Company has not made any one-time settlement for loans taken from the Banks or Financial Institutions, and hence the details of difference amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the Banks or Financial institution along with the reasons thereof is not applicable.

37. Maternity Benefit: (CODE OF SOCIAL SECURITY 2020):

The Company declares that it has duly complied with the provisions of the Maternity Benefit Act, 1961. All eligible women employees have been extended the statutory benefits prescribed under the Act, including paid maternity leave, continuity of salary and service during the leave period, and post-maternity support such as nursing breaks and flexible return-to-work options, as applicable. The Company remains committed to fostering an inclusive and supportive work environment that upholds the rights and welfare of its women employees in accordance with applicable laws.

38. Audit Trail:

As per the proviso to sub-rule (1) of rule 3 of the Companies (Accounts) Rules, 2014, the accounting software used by the Company for maintaining its books of accounts has a feature of recording audit trails for each and every transaction, creating an edit log of each change made in the books of accounts along with the data when such change were made and the audit trail cannot be disabled, and pursuant to sub-rule (g) of rule 11 of the Companies (Audit and Auditors) Rules, 2014, the Board hereby declares that audit trail (edit log) facility has been operated throughout the year for all transactions and the audit trail feature has been preserved and not tampered with by the Company as per the statutory requirements for record retention.

39. Website Disclosure:

The Company maintains an updated website at www.jyotiglobalplast.com, which serves as a comprehensive resource for stakeholders, including shareholders, investors, and the general public. The website contains important information about the Company s operations, corporate governance policies, financial reports, statutory filings, details.

40. Acknowledgements:

Your Directors place on record their sincere appreciation for the commitment, dedication, and invaluable contributions of all employees across the organization, whose continued efforts have been instrumental in the Company s growth and value creation for its stakeholders.

The Board also extends its heartfelt gratitude to the Companys customers, vendors, dealers, consultants, bankers, financial institutions, business associates, and the Central and State Government authorities for their continued support, cooperation, and confidence in the Company.

The Directors further express their deep appreciation to the shareholders for their unwavering trust and confidence in the Company and look forward to their continued support as the Company strives for sustainable growth and long-term value creation.

For and on behalf of the Board
JYOTI GLOBAL PLAST LIMITED
Hiren Bhawanji Shah	Deven Bhawanji Shah
Managing Director	Whole Time Director & CEO
DIN: 00467575	DIN: 00467647
Address: R-554/555TTC M I D C Area Rabale, Navi Mumbai \u2013 400701	Address: R-554/555TTC M I D C Area Rabale, Navi Mumbai \u2013 400701
Date: June 30, 2026	Date: June 30, 2026
Place: Navi Mumbai	Place: Navi Mumbai