Kanishk Aluminium India Ltd Directors Report

To The Members of

Kanishk Aluminium India Limited

(formerly known as Kanishk Aluminium India Private Limited)

The Board of Directors (hereinafter referred to as ‘the Board) are pleased to present the Eight (8th) Annual Report, on the business and operations of Kanishk Aluminium India Limited along with the Audited Financial Statements and Auditors reports thereon for the financial year (‘FY) ended March 31, 2026 (‘Period under review/year under review).

1. Financial Results:

( in Lakhs except EPS)

Standalone Financial Results
Particulars	For the Financial Year Ended March 31, 2026	For the Financial Year Ended March 31, 2025
Total Revenue	7886.91	6015.24
Total Expenses	7330.26	5595.09
Exceptional Items		-
Profit/(Loss) before Tax	556.65	420.15
Provision for:
a. Current Tax	(131.53)	(95.53)
b. Deferred Tax	(13.19)	(20.17)
c. Short/(Excess) Provision for earlier years Profit/(Loss) after Tax	411.93	- 304.45
Earning per equity shares of 10 each (Basic and diluted)	4.10	3.23

2. Dividend:

Your Directors regret their inability to recommend any dividend for the financial year ended March 31, 2026.

Further during the year under review, the Company was not required to transfer any unpaid or unclaimed dividend to the Investor Education and Protection Fund.

3. Transfer to reserves, if any:

The details of transfer to reserves are provided in Note 5 of the financial statements for the year under review.

4. Review of Operations:

The Company specializes in manufacturing a comprehensive range of aluminium extrusion products, including solid & hollow section profiles, solar profiles, railings, heatsinks and sliding / fixed windows and doors profiles. Our products serve a diverse array of industries, such as electronics, automotive, mechanical, solar, furniture, transport, electrical, and architecture. Further, the dies used in manufacturing these extrusion profiles are custom-made and owned by our Company. We possess a large variety of dies, continuously expanding our collection based on customer designs and specifications to meet diverse industrial needs.

During the year under review, the Company recorded total income of 7886.91 Lakhs as compared to 6015.24 Lakhs during the financial year ended March 31, 2025 (‘Previous financial year), registering a growth of approximately 31.11%. This growth was driven by an expansion in the scale of operations.

Total expenses for the year ended stood at 7330.26 Lakhs as against 5595.09 Lakhs in the previous financial year. The major component of expenditure continued to be the cost of materials consumed, which amounted to 6411.36 Lakhs during the year as compared to 5465.15 Lakhs in the previous year, in line with the increase in the scale of operations. Notably, the increase in material cost was more moderate than the growth in income, contributing to improved margins.

During the year under review, the Company reported a profit after tax of 411.93 Lakhs as compared to 304.45 Lakhs in the previous year, registering a growth of approximately 35.30%. The profit after tax grew at a faster pace than total income reflecting improved operational efficiency and better cost absorption during the year under review.

The overall performance of the Company during the year under review remained satisfactory, with growth in revenue and profitability reflecting an improvement in the scale of operations. The management remains focused on strengthening the Companys manufacturing capabilities, improving operational efficiencies, expanding its product portfolio and exploring opportunities for sustainable growth in the aluminium products segment.

5. Change in the nature of business:

There were no changes in the nature of business of the Company during the year under review.

6. Share Capital:

(i) Authorized Share Capital of the Company:

As on March 31, 2026, the authorized capital of the Company was 15,00,00,000 (Indian Rupees Fifteen Crore) comprising of 1,50,00,000 (One Crore Fifty Lakh) equity Shares of 10/- (Indian Rupees Ten) each.

During the year under review, there was no change in the authorized share capital of the Company.

(ii) Issued, Subscribed and paid-up share capital:

(a) Buy Back of Securities:

The Company has not bought back any of its securities during the year under review.

(b) Sweat Equity:

The Company has not issued any Sweat Equity Shares during the year under review.

(c) Bonus Shares:

The Company has not issued any bonus Shares during the year under review.

(d) Employee Stock Option:

The Company has not provided any Stock Options to the employees during the year under review.

(e) Rights Issue:

The Company has not issued any shares on rights issue basis during the year under review.

(f) Initial Public Offering:

During the year under review, your Company successfully completed its Initial Public Offering (“IPO”) comprising a fresh issue of 40,00,000 (Forty Lakh) equity shares of face value of 10 (Indian Rupees Ten) each at an issue price of 73 (Indian Rupees Seventy-Three) per equity share, including a securities premium of 63 (Indian Rupees Sixty-Three) per equity share, aggregating to 2,920.00 Lakhs.

Pursuant to the successful completion of the IPO and allotment of the aforesaid equity shares to eligible applicants, the equity shares of the Company were listed and commenced trading on BSE Limited SME Platform on February 04, 2026.

Consequent to the aforesaid fresh issue, the issued, subscribed and paid-up equity share capital of the Company increased from 9,44,00,000 (Rupees Nine Crore Forty-Four Lakhs only), comprising of 94,40,000 (Ninety-Four Lakh Forty Thousand) equity shares of 10 each, to 13,44,00,000 (Rupees Thirteen Crore Forty-Four Lakhs only), comprising of 1,34,40,000 (One Crore Thirty-Four Lakh Forty Thousand) equity shares of 10 each.

The IPO represents a significant milestone in the Companys growth journey and marks the Companys transition to a listed entity. The successful listing is expected to further enhance the Companys visibility, credibility and access to the capital markets.

As on March 31, 2026, the issued, subscribed, and paid-up Share capital of your Company stood at 13,44,00,000/- (Indian Rupees Thirteen Crore and Forty-Four Lakhs) comprising of 1,34,40,000 (One Crore Thirty Four Lakhs Forty Thousand) equity Shares of 10/- (Indian Rupees Ten) each.

For further details on the Share Capital, kindly refer to Note 4 of notes to Accounts of the financial statements

7. Events having major bearing on the Companys affairs after the end of the FY:

There were no events which occurred between the end of the financial year 2025-26 of the Company and this report date having a major bearing on the Companys affairs.

8. Material changes and commitments, if any, affect the financial position of the Company:

There were no material changes and commitments affecting the financial position of the Company, other than specially disclosed in this report under particular head, occurred between the end of the financial year to which these financial statements relate to and till the date of this report.

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

There were no significant or material orders passed by the regulators or courts or tribunals impacting the going concern status and the Companys operations in the future.

10. Details of Subsidiaries, Joint Ventures or Associate Companies:

The Company does not have any subsidiaries, joint ventures, or associate Companies during the year under review.

Further, during the year under review, no Company has become or has ceased to be a Subsidiary, Joint Venture or Associate Company of the Company.

11. Board of Directors:

(a) Composition of the Board:

As of 31^st March 2026, the Board consists of:

Name of Directors	Designation
1 Mr. Parmanand Agarwal	Chairman cum Managing Director
2 Mr. Ashish Agarwal	Whole-time Director
3. Ms. Khushboo Agarwal	Whole-time Director
4. Mr. Shubham Arora	Independent Director
5. Ms. Hemlata Lohar	Independent Director
6. Ms. Meenakshi Marmat	Independent Director

There were no changes in the composition of the Board of Directors during the year under review.

(b) Director liable to retire by rotation:

In accordance with the provisions of Companies Act 2013, Mr. Parmanand Agarwal (DIN: 08295200), is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, is seeking re-appointment.

The Board recommends his re-appointment.

(c) Declaration by the Independent Directors:

All Independent Directors of the Company have given declarations under Section 149(7) of the Act, that they meet the criteria of independence as laid down under Section 149(6) of the Act.

The Board is of the opinion that the Independent Directors possess the requisite expertise and experience and are persons of high integrity and repute. They fulfil the conditions specified in the Act as well as the Rules made thereunder and are independent of the Management.

Lastly during the year, the non-executive Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees, commission, and reimbursement of expenses incurred by them to attend the meetings of the Company.

(d) Number of Meetings of the Board:

The Board of Directors duly met 9 (Nine) times during the year under review in respect of which proper notices were given and the proceedings were duly recorded and signed in the Minutes Book maintained for the purpose.

(e) Company Policy on Director Appointment, Remuneration and Annual Formal Evaluation:

The Company has in place a policy relating to Directors Appointment, remuneration, and other related matters under Section 178(3) of the Companies Act, 2013.

Appointment and evaluation of the Independent Directors are governed by the Code for Independent Directors provided in Schedule IV of the Companies Act, 2013.

Pursuant to the provisions of the Companies Act, 2013, the Independent Directors at their meeting held on March 11, 2026, have carried out the annual performance evaluation of the non- Independent Directors individually as well as of the Chairman. Further, they have also assessed the quality, quantity, and timeliness of the flow of information between the Company management and the Board.

The policies of the Company can be accessed at https://kanishkindia.co.in/investor-profile-2/.

(f) Committees of the Board:

The Company has the following Committees pursuant to the provisions of the Companies Act, 2013 read with relevant rules framed therein:

(i) Audit Committee:

The Audit Committee comprises of the following Members:

Name of the Members	Designation
Mr. Shubham Arora	Chairman
Ms. Hemlata Lohar	Member
Ms. Meenakshi Marmat	Member

The audit Committee met 5 (Five) times during the year under review.

All recommendations of the audit committee were duly accepted by the Board of Directors.

(ii) Nomination and Remuneration Committee:

The Nomination and Remuneration Committee comprises of the following Members:

Name of the Members	Designation
Ms. Hemlata Lohar	Chairperson
Mr. Shubham Arora	Member
Ms. Meenakshi Marmat	Member

The Nomination and Remuneration Committee met 1 (One) time during the year under review.

All the recommendations of the Committee were accepted by the Board.

(iii) Stakeholders Relationship Committee:

The Stakeholders Relationship Committee comprises of the following Members:

Name of the Members	Designation
Ms. Meenakshi Marmat	Chairperson
Ms. Hemlata Lohar	Member
Ms. Khushboo Agarwal	Member

The Stakeholders Relationship Committee met 1 (one) time during the year under review.

The terms of reference of the Committee have been duly approved by the Board of Directors and adopted by the Stakeholders Relationship Committee.

(g) Vigil Mechanism/ Whistle Blower Policy:

The Company has duly adopted a Whistle Blower Policy as a part of the Vigil Mechanism for the Employees to report genuine concerns or grievances to the Chairman of the Audit Committee or the Ombudsman and take steps to resolve the issues amicably.

Your Directors would like to inform that the no such concerns were received during the year under review.

(h) Directors Responsibility Statement:

In pursuance of Section 134 (3) (c) and (5) of the Companies Act, 2013, the Directors hereby confirm that:

(i) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(ii) the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the FY and of the profit and loss of the Company for that period;

(iii) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) the Directors had prepared the annual accounts on a going concern basis;

(v) the Directors, had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

(vi) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

(i) Management Discussion and Analysis Report:

The Management Discussion and Analysis, as required in terms of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, is annexed to this Report.

12. Key Managerial Personnel:

During the year under review, there were no changes in the office of Key Managerial Personnel (KMP), and the Key Managerial Personnel of the Company are as follows:

(a) Mr. Parmanand Agarwal - Managing Director (b) Mr. Nitin Pandya Chief Financial Officer (c) Ms. Prachi Mittal Company Secretary 13. Auditors:

(a) Statutory Auditors:

M/s Mahaveer Gandhi & Associates, Chartered Accountant, Bhiwara having firm l registration number 010756C, were appointed as the Statutory Auditors of the Company, to hold office until the conclusion of the Annual General Meeting to be held in the year 2028 i.e. for a term of five consecutive years.

M/s. Mahaveer Gandhi & Associates, Chartered Accountants, Bhilwara, have confirmed their continued eligibility to hold office as Statutory Auditors and have furnished a written certificate to the effect that their appointment remains within the limits prescribed under Section 141 of the Companies Act, 2013, and that they are not disqualified from continuing as Statutory Auditors of the Company.

(b) Auditors Report:

The Auditors Report on the Financial Statements of the Company for the year under review does not have any qualifications, disclaimers or adverse remarks.

(c) Details in respect of Frauds Reported by the Auditors under sub section (12) of Section 143 other than those reportable to the Central Government:

The Auditors of the Company have not reported any instances of fraud to the Board of Directors and Audit Committee during the year under review in terms of Section 143(12) of the Companies Act, 2013.

14. Disclosure on compliance with Secretarial Standards:

The Directors have devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards and such systems are adequate and operating effectively.

15. Secretarial Audit:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board appointed KNK & Co LLP, Company Secretaries in Practice, having firm registration number (‘FRN) L2018MH002800 to undertake Secretarial Audit of the Company for the year under review.

The Secretarial Audit Report submitted by KNK & Co LLP is furnished as ‘Annexure A, and forms an integral part of this report.

The Secretarial Auditors report contains the following qualification in the report issued for the period under review:

(a) The Company has delayed the filing of the prescribed e-Forms with the Registrar of Companies in few instances, beyond the timelines prescribed under the Companies Act, 2013 read with the rules made thereunder.

Management response:

The delay was due to an inadvertent procedural oversight. The requisite e-Form have since been filed with applicable additional fees, and the Company has strengthened its compliance monitoring process to prevent recurrence.

16. Deposits:

The Company has neither invited nor accepted any deposits during the year under review. Accordingly, no amount of principal or interest related thereto was outstanding as on March 31, 2026.

17. Unsecured Loans from Directors:

During the year under review, the Company received an unsecured and interest-free loan of 725 Lakhs from a Director. The details of the said loan have been duly disclosed in the Financial Statements of the Company in Note 6 and Note 29 of the financial statements.

18. Particulars of Loans, Guarantees or Investments:

The Company has not made investments, given any loans or provided any guarantee or securities to loans during the financial year under review. Hence Section 186 of Companies Act, 2013 is not applicable.

19. Extract of Annual Return:

Pursuant to Section 92(3) read with Section 134(3) (a) of the Act, the Annual Return as on March 31, 2026 is available on the Companys website and may be accessed at the following web link https://kanishkindia.co.in/investor-profile-2/

20. Particulars of contracts or arrangements with related parties:

All related party transactions under Section 188 of the Companies Act, 2013, entered into during the year under review were on an arms length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with its Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large. The Company has also adopted a framework on related party transactions to ascertain the criteria of ‘ordinary course of business and ‘Arms Length Price

During the year under review, the Company has not entered any transaction with Related Parties which is not in its ordinary course of business or not on an arms length basis. Further, there were no transaction requiring disclosure under Section 134(3)(h) of the Act. Hence, the prescribed Form AOC-2 does not form a part of this report.

21. Corporate Social Responsibility:

The provisions of Section 135 with respect to Corporate Social Responsibility were not applicable to the Company during the year under review.

The Company was also not required to develop adopt any policy on Corporate Social Responsibility during the year under review.

22. Internal Control System and their adequacy:

The Company has duly established and maintained its internal controls and procedures for the financial reporting and evaluated the effectiveness of Internal Control Systems. The internal control systems are commensurate with the size, scale and complexity of its operations.

23. Internal audit:

The Company conducts its Internal and Statutory audit within the parameters of regulatory framework which is well commensurate with the size, scale, and complexity of its operations.

The Internal Auditors monitor the efficiency and effectiveness of the internal control systems in the Company. Significant audit observations and corrective actions thereon are presented to the Audit Committee.

24. Statement on remuneration of employees of the Company:

The Company has 2 (Two) Executive Directors, one of whom is the Managing Director of the Company.

(a) The particulars of the employees who are covered by the provisions contained in Rule 5(2) and rule 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are:

Employed throughout the year	Nil
Employed for part of the year	Nil

(b) The remuneration paid to all key management personnel was in accordance with remuneration policy adopted by the Company.

In terms of Section 136 of the Act, the reports and accounts are being sent to the members and others entitled thereto, excluding the information on employees particulars which is available for inspection by the members at the Registered office of the Company during business hours on working days of the Company up to the date of ensuing Annual General Meeting. If any member is interested in inspecting the same, such member may write to the Company Secretary in advance at cs@kanishkindia.co.in.

Further, the Company had 44 employees as on March 31, 2026, out of which 07 are Female employees and 37 are Male employees.

None of the employees hold (by himself/herself or along with his/her spouse and dependent children) more than two percent of the Equity Shares of the Company.

25. Disclosures as per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:

The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on Prevention, Prohibition and Redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules framed thereunder. Internal Complaints Committee (‘ICC) is in place to redress complaints received regarding sexual harassment.

(a) Number of complaints of sexual harassment received during the year under review - Nil.

(b) Number of complaints disposed off during the year under review Not applicable.

(c) Number of cases pending for more than ninety days Not applicable.

Kanishk Aluminium India Limited

26. Compliance with the Maternity Benefit Act, 1961:

The Company remains fully compliant with the Maternity Benefit Act, 1961, along with all its applicable amendments and associated rules. We are committed to fostering a safe, inclusive, and supportive work environment for our women employees.

All eligible women employees are provided maternity benefits as mandated by law, which include paid maternity leave, nursing breaks, and protection from dismissal during their maternity period. Beyond legal compliance, the Company is mindful to ensure that maternity is never a ground for discrimination whether in hiring, promotions, or day-to-day service conditions.

Our internal systems and HR policies are thoughtfully designed to reflect both the spirit and the letter of the law, ensuring dignity, respect, and care for all women during this important phase of life.

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

The detail of conservation of Energy, Technology Absorption and Foreign Exchange earnings and outgo is annexed as ‘Annexure B.

28. Risk Management:

The Company acknowledges the inherent risks in its business operations and is in the process of developing a system to identify, minimize, and manage these risks which shall be reviewed at regular intervals. At present, the management has identified the following key risks:

Securing critical resources, including capital and human talent. Ensuring cost competitiveness.

Creating product differentiation and a strong value proposition. Maintaining and enhancing customer service standards.

Introducing innovative marketing and branding initiatives, particularly in digital media.

29. Code of conduct:

The Board of Director had approved a Code of Conduct which is applicable to the Board of Directors and Senior Management Personnel of the Company.

It is confirmed that all Directors and Senior Management Personnel have affirmed their adherence to the provisions of the Code of Conduct during the year under review.

30. Corporate Governance:

Pursuant to exemption available as per Regulation 15 of the SEBI (LODR) Regulations 2015, the reporting as per Para C, D and E of the Schedule V of said Regulations are not applicable to our Company. The Company has already filed necessary disclosure on the BSE portal stating the non-applicability of various provisions of SEBI (LODR) Regulations 2015.

31. One time settlement with Banks or Financial Institution:

There was no instance of one-time settlement with any Bank or Financial Institution.

32. The 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:

Not Applicable.

33. Details of maintenance of cost record as specified by Central Government under section 148(1) of the Companies Act, 2013:

The Company was required to maintain cost records as specified by the Central Government u/s 148(1) of the Companies Act 2013 for the year under review. Accordingly, the Company is maintaining such cost records for the financial year under review.

34. Proceedings initiated/pending under the Insolvency and Bankruptcy Code, 2016

There is/was no proceeding initiated/pending under the Insolvency and Bankruptcy Code, 2016 during the year under review.

35. Acknowledgements:

Your Directors wish to place on record their deep sense of appreciation for the devoted services of all the employees of the Company for its growth.

Your Directors also acknowledge with gratitude the help and support received from the Shareholders, Bankers, Customers, Exchanges, and Regulators and hope to continue to get such support in times to come.

By the order of the Board of Directors

For Kanishk Aluminium India Limited

(formerly known as Kanishk Aluminium India Private Limited)

Sd/-

Parmanand Agarwal

Chairman cum Managing Director

DIN: 08295200

Place: Jodhpur

Date: August 27, 2026