Manali Petrochemicals Ltd Directors Report

to the Shareholders

The Directors present their 40th Annual Report on the business and operations of your Company and the Audited Financial Statements for the year ended 31st March 2026.

Financial Results

The highlights of the financial results for the year are given below:

(Rs in crore)

	Standalone		Consolidated
Description	2025-26	2024-25	2025-26	2024-25
Total Income	821.73	669.27	1069.85	921.63
Interest	11.80	9.33	13.55	10.45
Depreciation	27.56	23.59	33.80	27.09
Profit Before Tax	42.14	(9.77)	150.45	42.05
Provision for Taxation	7.38	(1.03)	20.50	12.74
(Loss)/Profit After Tax	34.76	(8.74)	129.95	29.31
Total Comprehensive Income	34.60	(8.87)	195.61	45.67

Operational Highlights

During FY 2025-26, your Company delivered a notable improvement in performance, with total income increasing to about Rs 822 crore from Rs 669 crore in the previous year, representing growth around 23%.

The year continued to be affected by competitive import-led pressure across key product segments. This affected domestic pricing and placed pressure on realisation and operating margins.

Despite these challenges, your Company remained focused on operational excellence, cost optimisation, product quality, and customer relationships. Continuous process improvements, energy conservation initiatives, and prudent cost management helped mitigate part of the impact arising from the unfavourable market environment.

Propylene Glycol sales volumes remained broadly in line with the previous financial year. In contrast, the Slabstock Polyol business recorded a decline in both sales volume and value. This was mainly due to competitive pricing pressure from imports, heightened competitive intensity, and fluctuations in raw material prices. These factors influenced customer procurement behaviour and market demand, resulting in lower sales realisation and additional pressure on profitability.

Overall, while market conditions remained difficult, your Company continued to strengthen its operational base. The focus remained on improving efficiency, expanding the product portfolio, building market presence, and investing in sustainable growth initiatives. These efforts support the Companys long-term operational resilience and strategic flexibility.

Capital Investments and Project Progress

During the year, the Company made additions to fixed assets aggregating Rs 92.42 crore. Most of this expenditure was directed towards the procurement and installation of plant and equipment aimed at enhancing operational capability and capacity.

The Propylene Glycol Expansion Project was successfully commissioned on 3rd October 2025. This marked an important milestone in the Companys growth journey. Following commissioning, the Company also obtained the amended Drug Licence, enabling the sale of Propylene Glycol manufactured from the new facility for pharmaceutical applications.

The expanded capacity has significantly improved the Companys ability to serve rising domestic demand for pharmaceutical, food and fragrance grade Propylene Glycol. It has also enhanced production flexibility, supply reliability, and timely delivery to customers across diverse end-use industries.

This strategic expansion further strengthens the Companys position in the Indian Propylene Glycol market. It reduces dependence on imports, supports the Government of Indias "Make in India" vision, and creates a stronger base for long-term growth and competitiveness.

Update on new manufacturing facility in Western India

During the year, your Company continued to make steady progress on the proposed manufacturing facility in western India, in line with its long-term growth and supply-chain strategy.

The Company has also achieved a key regulatory step by obtaining the Standard Terms of Reference (ToR) in August 2025 for the proposed expansion project. Based on this and other statutory requirements, the Company is actively pursuing fresh Environmental Clearance and Consent to Establish for the proposed facility.

The Company obtained the required assurance letters for essential infrastructure and utilities. The Gujarat Pollution Control Board has already issued the indicative Consent to Establish, and the Company is pursuing the final Environmental Clearance and Consent to Establish for the proposed facility and expects to receive the approval by end of September 2026. In parallel, the Company has obtained Building Plan Approval from the Gujarat Industrial Development Corporation, which is a prerequisite for plan approval from the Chief Inspector of Factories.

On the engineering front, the Basic Engineering package has been completed. Detailed engineering for civil and structural works has also been completed, while detailed engineering for plant and machinery is progressing as planned.

Geotechnical soil investigation studies and contour mapping of the project site have been completed, and site development activities such as land levelling and ground consolidation are currently in progress. These activities are laying the foundation for the commencement of major civil works.

The project continues to progress in line with the planned execution schedule, with statutory approvals, engineering activities, and site development advancing in parallel. The Company remains focused on timely implementation of this strategic project.

Financial Review

During the Financial Year 2025-26, the finance cost has increased to Rs 11.80 crore from Rs 9.33 crore in FY 2024-25. The finance cost on lease decreased to Rs 7.01 crore in FY 2025-26 from Rs 7.13 crore in FY 2024-25. The actual interest and related payout for the year was Rs 4.80 crore (including term loan interest of Rs 1.39 crore) against Rs 2.19 crore in previous year.

The capital expenditure for various projects are being/will be met from internal sources/borrowing from banks. As on 31st March 2026, long term debt of Rs 34.52 crore was availed from sanctioned facilities.

Credit Rating

During February 2026, Care Ratings Limited re-affirmed the ratings for banking facilities aggregating to Rs 125 crore. For long term bank facilities of Rs 75 crore, the rating has been reaffirmed at CARE A+; Stable (Single A Plus; Outlook: Stable) and CARE A+; Stable / CARE A1+ (A One Plus) for short-term bank facilities of Rs 50 crore.

Dividend

Your Company has a consistent dividend track record of 20 years till the last year and follows a consistent dividend policy to ensure that dividend payments are sustained even when the earnings are relatively lower. In this regard, parameters for distribution of dividend have been outlined in the Dividend Distribution Policy approved by the Board, pursuant to Regulation 43A of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, as amended ("the Regulations"). The policy can be accessed on the website of the Company in the link: https://www.manalipetro.com/investors/policies/

As regards the distribution for the year under review, to determine the amount that could be paid out to the shareholders as dividend, the Directors have followed the guidelines enumerated in the said policy and also considered other relevant key factors such as profitability for the year, planned capital expenditure, plans for long-term deployment of the funds, sustenance of the sales, pricing & margins and volatile market conditions.

Considering all these developments, your Directors are happy to recommend a dividend of 10% i.e., fifty paise per equity share of Rs 5/- each fully paid-up, for the financial year 2025-26, aggregating to Rs 8.60 crore, subject to applicable withholding tax.

Industry Structure and Development

Your Company operates in the Polyurethanes (PU) industry which is among the most versatile polymer materials used across a wide range of industries. They are produced by reacting liquid raw materials such as polyols and isocyanates to create materials that can be tailored to different shapes, densities, and performance requirements.

Their versatility allows them to substitute traditional materials such as wood, metal, and rubber in several applications. PU can be engineered to resist water, oil, heat, weathering, pressure, and temperature variation, making them suitable for both industrial and consumer applications.

These materials are widely used in flexible foam for mattresses, furniture, and seating systems, where they provide comfort and support. They also play an important role in rigid insulation panels for buildings, refrigeration equipment, and cold-chain applications, where thermal efficiency contributes meaningfully to energy conservation.

In the automotive sector, PU are used in seating, bumpers, interior components, and coatings, helping improve comfort, aesthetics, durability, and fuel efficiency through lightweighting. They are also used extensively in footwear, electronics, adhesives, sealants, marine coatings, industrial rollers, and several specialty applications where durability, protection, and processing flexibility are essential.

The lightweight nature of polyurethane materials helps reduce logistics costs, while their durability contributes to longer product life and lower waste generation. The industry is also witnessing growing interest in bio-based inputs and recycling solutions, which are expected to support more sustainable product development in the years ahead.

PU has therefore emerged as a foundational material of modern manufacturing. Its continued relevance across comfort, mobility, infrastructure, energy efficiency, and industrial performance makes it a key enabler of innovation in contemporary life.

Global PU Market and Outlook

The global polyurethane market in 2025-26 is estimated at around USD 90-95 billion, with demand remaining steady across major application segments such as flexible foam, construction insulation, automotive interiors, footwear, appliances, and industrial coatings. Flexible foam continues to represent the largest application segment, followed by rigid foam used in insulation and refrigeration.

Over the next five years, the global polyurethane market is expected to expand at a CAGR of around 5-6%, reaching approximately USD 115-125 billion by 2031. Growth is expected to be supported by rising demand for construction insulation, automotive lightweighting, premium bedding and furniture, footwear, coatings, and energy-efficient building materials.

Rigid foam is expected to remain a strong growth area, supported by increasing focus on thermal insulation and energy conservation. Flexible foam demand is also expected to remain healthy, driven by population growth, rising living standards, and higher spending on comfort-oriented products.

Specialty polyurethane systems, bio-based polyols, and high-performance elastomers are also expected to contribute to the markets expansion. Overall, the industry outlook remains positive, supported by broad-based demand, stable supply conditions, and PUs continued relevance in applications requiring durability, comfort, and efficiency.

Indian PU Market and Outlook

The Indian PU market in 2025-26 is estimated at around USD 5.5-6.0 billion. Demand remains strong across flexible foam used in furniture and bedding, footwear, automotive seating, and construction insulation, while rigid foam demand is being supported by cold-chain expansion, appliance manufacturing, and rising interest in energy-efficient building materials.

The automotive segment has recorded strong growth during the year and is expected to maintain momentum, supported by electric vehicle adoption, the Vehicle Scrappage Policy, and improving consumer purchasing power. Supply conditions remained broadly stable during the year, supported by domestic production as well as steady imports from Asian markets.

Over the next five years, Indias polyurethane market is expected to grow at an estimated CAGR of 7-8%, reaching around USD 8-9 billion by 2030-31. This growth is likely to be driven by urbanisation, increased spending on comfort products, expansion of the footwear industry, higher automotive production, and increased use of insulation in construction and refrigeration.

Specialty polyurethane systems and formulated polyols are expected to gain increasing relevance as customers seek better performance, more consistent quality, and easier processing. India therefore continues to remain a structurally attractive growth market for polyurethane over the medium term.

Products of MPL

Your Company manufactures Propylene Oxide, Propylene Glycol, Polyether Polyols, Polyester Polyols, and a range of formulated systems. Your Company is the first Indian manufacturer of Propylene Oxide, a critical intermediate used in the production of Propylene Glycol, Polyols, and several downstream derivatives.

The Company is the only domestic manufacturer of Propylene Glycol, giving it an important strategic presence in the Indian market. Its integrated polyol capabilities further strengthen reliability, quality, and supply security across the polyurethane value chain.

Propylene Glycol (PG):

PG is produced by reacting Propylene Oxide with water, yielding PG along with smaller quantities of Di-Propylene Glycol and Tri-Propylene Glycol. Each of these products has distinct industrial applications, thereby enhancing the value of the overall product portfolio.

PG is known for its stability, low toxicity, and compatibility with water and several solvents. High-purity pharmaceutical, food, and fragrance grades are widely used in medicines, food processing, cosmetics, personal care, flavours, and fragrances, while other grades support applications in paints, coatings, and polymer resins.

Your Company supplies food and pharmaceutical grades of PG, helping domestic industries reduce dependence on imports while ensuring a reliable supply of a key solvent, humectant, and carrier material. The Company does not manufacture lower-purity industrial grades.

PG also finds application in carbonless paper, brake fluids, coolants, and specialty polymer systems. Its co-products, DPG and TPG, further add value through their use as solvents and preservatives in food, flavour, and fragrance applications.

The expanded PG capacity creates a significant opportunity for the Company to strengthen its position in the Indian market and pursue export opportunities in a calibrated manner. The product is EU REACH compliant, Kosher and Halal certified, and FSSAI approved, thereby widening its potential access to international markets.

Alongside PG and its co-products, the Company also manufactures Propylene Glycol Mono Methyl Ether (PGMME), a cleaner and high-solvency glycol ether that is gaining relevance in paints, coatings, and electronics as customers increasingly prefer safer and more environmentally compatible solvent systems.

Polyols

Polyols are among the Companys most important product groups. These liquid materials contain multiple reactive hydroxyl groups, which enable them to react with isocyanates to form polyurethane and largely determine whether the end product becomes soft, flexible, rigid, or tough.

Polyols may be classified by the number of hydroxyl groups they contain or by the nature of their chemical backbone. Within the broader market, polyether polyols and polyester polyols represent the two principal product families, while polycarbonate polyols, hydroxy-terminated polybutadiene, and bio-based polyols serve more specialised applications.

Your Company has the capability to manufacture both major categories, namely polyether polyols and polyester polyols. This gives the Company a broader presence across the polyurethane value chain and enables participation in both large-volume and specialised application areas.

Polyether Polyols

Polyether polyols are the most widely used polyols in the polyurethane industry and account for an estimated 70-75% of global polyol consumption.

They are used extensively in flexible foam, rigid foam, and CASE applications comprising coatings, adhesives, sealants, and elastomers.

Flexible foam used in furniture, bedding, and automotive seating represents the largest end-use segment for polyether polyols, followed by rigid foam used in insulation panels, appliances, and construction. Your Company produces flexible slabstock polyols and high-resilience polyether polyols used in automotive seating.

The Indian slabstock polyol market is estimated at around 250 KTA, while demand for High Resilience (HR) polyols is about 70 KTA. In rigid foam applications, your Company can manufacture a wide range of grades with varying functionality and molecular weight, which strengthens its position in the insulation systems market.

Footwear remains the largest polyurethane application segment in India, with polyol demand estimated at around 150 KTPA, and your Company manufactures the base polyols required for this sector. In specialty applications, the market for Polypropylene glycol (PPG) diols and related formulated versions is estimated at around 120-150 KTPA, and your Company can produce the relevant grades, including elastomer-oriented formulated polyols.

Your Company currently has total polyether polyol capacity of about 46 KTPA. This positions it to participate across a broad range of end-use segments while supporting future growth in value-added and system-based applications.

Polyester Polyols

Polyester polyols represent the second major category of polyols and account for around 20-25% of the global polyol market. They are typically used in applications requiring higher strength, chemical resistance, and durability.

Key applications include footwear soles, industrial coatings, adhesives, elastomers, automotive parts, and PIR insulation foam. Demand for polyester polyols is rising in segments that require tougher material properties and better thermal performance. Although their relatively higher viscosity and lower hydrolytic stability may limit usage in certain applications, polyester polyols continue to hold importance in several high-performance sectors. Your Company has the capability to produce around 2,400-2,600 MTPA of polyester polyols.

Formulated Polyols

Formulated polyols are another important segment of the polyurethane value chain. These are ready-to-use blends in which base polyols are combined with additives such as catalysts, surfactants, blowing agents, and stabilisers, enabling customers to process them without developing in-house formulation expertise.

This segment is particularly important for customers who do not have dedicated R&D capabilities, as formulated polyol suppliers offer application-specific know-how and therefore earn a premium over base polyols. These systems are widely used in flexible foam, rigid foam, footwear, adhesives, sealants, elastomers, and other specialty applications.

Demand for formulated polyols is increasing as customers seek simpler operations, lower formulation risk, and faster production cycles. As PU use expands in insulation, mobility, comfort products, and industrial materials, formulated polyols are becoming increasingly important in delivering consistent and application-specific performance.

Your Company is increasing its focus on this segment and has developed several advanced formulated polyols. For instance, its PIR grades meet evolving fire-rating requirements and have already been approved by customers, while its low-density CCM systems have also been well received in the market.

Through continuous innovation, dependable supply, and a commitment to reducing Indias reliance on imported specialty chemicals, your Company continues to position itself as a strategic partner to both established and emerging industries. Its expanding product portfolio, spanning core materials and more environmentally responsible derivatives, strengthens your Companys place in Indias evolving chemical manufacturing landscape.

Current Market Scenario

The global polyurethane market remained broadly steady during the last quarter despite geopolitical tensions, although demand witnessed a mild slowdown across parts of the industry. The West Asia conflict affected feedstock availability, disrupted shipping routes, and increased freight and insurance costs, leading to temporary price increases even though there were no major supply shortages.

These elevated prices caused some downstream manufacturers to moderate purchases in anticipation of a stabilisation in the geopolitical situation. As a result, market conditions remained volatile and difficult to predict during the period under review.

In India, demand remained healthy across flexible foam, footwear, automotive interiors, and insulation materials, barring a brief period of disruption. While supply conditions were generally comfortable due to consistent imports from Asia, the West Asia conflict caused temporary disruption in supplies and constrained the availability of key base raw materials for the Company. The Company took appropriate measures to navigate these challenges and maintain operational continuity.

These actions, together with selective market participation, contributed positively to the bottom line. Nevertheless, despite growing downstream polyurethane demand, India continues to remain significantly dependent on imports for key raw materials such as Polyols and PG.

Your Company remains the only domestic manufacturer of PG and a significant producer of several polyol grades. However, low-priced imports and intense price competition continue to affect the pace of capacity utilisation and participation in certain product segments.

The Company is also the first and only manufacturer to have obtained BIS certification for both Propylene Glycol and Polyol. In parallel, it continues to work with the Government on Quality Control Orders for these products, which could help regulate the market and reduce heavy dumping of imports.

On the polyol front, the Company has produced and qualified DMC-based slab and PPG polyols using more advanced process technology.

The Company intends to use the DMC route to compete more effectively in cost-sensitive slab and high-purity PPG segments. Its participation in the slab market is expected to remain selective and opportunity-led, with flexibility to divert raw materials and capacity toward higher-value systems markets where returns are more attractive.

Opportunities, Threats and Way Forward

The polyurethane industry continues to offer strong growth prospects both in India and globally.

Demand is expanding because polyurethane remains a highly versatile material used across construction, automotive, appliances, footwear, comfort products, and lifestyle applications, while newer specialty grades and system-based solutions are opening higher-value opportunities.

India also remains an under-penetrated market in per-capita polyurethane usage, suggesting significant long-term growth potential. At the same time, the Company continues to face pressure from low-priced imports, particularly in more commoditised product categories such as slabstock polyols and PG.

Global oversupply, weak international demand, and geopolitical disruption have contributed to surplus import inflows into India, resulting in pressure on domestic realisations and margins.

In response, the Company is shifting its focus from commodity products to specialised and higher-value segments. Through stronger R&D and closer customer engagement, it is developing system-based polyurethane solutions for niche applications, and progress during FY 2025-26 has been encouraging, with volumes in the differentiated polyurethane systems showing strong growth.

This strategic shift has contributed to an improvement in the bottom line despite the absence of major policy support or favourable market conditions. The systems business offers more stable pricing, customised solutions, and deeper customer relationships, and the Company believes this direction can support sustainable performance over the coming years.

Cost and Efficiency Measures

The Company continues to pursue structural cost improvements through greater renewable energy usage, energy-efficient utilities, and process optimisation. At the same time, supply-chain and market-facing strategies have been implemented to support profitability and cash flow.

Optimisation of raw material sourcing, improvement in credit terms, and increased participation in higher-margin segments have helped offset part of the pressure arising from imports. The Company believes that long-term competitiveness will be driven by innovation, operational efficiency, and a diversified product portfolio.

Accordingly, the strategic focus remains on innovation, efficiency, and higher-value product mix.

Risk Management Policy and Process

The Company has established a structured framework for addressing business risk management issues. A risk management plan has been framed, implemented and monitored by the Board through the Risk Management Committee of Directors (RMC).

The Company has two employee-level Committees viz., a Sub-Committee and an Apex Committee, headed by the Managing Director & CEO - MPL Group to review and assess the risks that could affect the Companys business. The Sub-Committee brings out the matters that could affect the operations, and the Apex Committee determines the issues that could become business risks.

The mitigation actions are also suggested by the Committees and the report of the Head of Apex Committee is submitted to the RMC. The RMC meets periodically, reviews the reports, recommends and monitors actions to be taken in this regard.

The Risk Management Committee constituted by the Board fulfils the requirements as specified in Regulation 21 of the SEBI Listing Regulations, 2015. The details of the composition of the Committee, meetings and other relevant information are furnished in the Corporate Governance Report (CGR) annexed to this Report.

As per the amended Regulations, a Risk Management Policy has been framed, and the roles and responsibilities of the Committee are as prescribed under the Regulations. As required under Section 177 of the Act, the Audit Committee also reviews the risk management process periodically.

Risks and concern

The Indian PU industry continues to rely heavily on imported raw materials, particularly polyols and propylene glycol. Although the Company serves a meaningful share of domestic PU demand, the industry remains exposed to intense competition from multinational manufacturers and low-cost imports.

Several global suppliers have established storage and distribution facilities at key Indian ports. This enables them to serve customers directly, with shorter lead times and greater pricing flexibility. As a result, domestic manufacturers continue to face pressure on market share and profitability.

In the absence of adequate trade protection measures such as anti-dumping or safeguard duties, international players continue to use their scale, integrated supply chains, and cost efficiencies to adopt aggressive pricing strategies.

The competitive environment may become more challenging if multinational companies enter strategic partnerships with Indian refiners to establish domestic manufacturing capabilities for polyols and related products. If such developments occur without corresponding growth in domestic demand, the industry could face excess capacity, deeper price competition, and further pressure on operating margins.

The global PU raw material market also remains highly concentrated. A limited number of multinational producers control a major share of global capacity. This concentration gives them significant influence over pricing, supply availability, and market dynamics, thereby limiting the flexibility and negotiating power of domestic manufacturers.

The operating environment is also being shaped by evolving environmental regulations approval processes and stakeholder expectations may affect project timelines, capital expenditure and operating costs. The Company monitors regulatory developments and undertakes technical assessments to support compliance planning, sustainable operations and long-term environmental performance.

Mandatory adoption of Zero Liquid Discharge systems may not be technically or economically viable across all chemical manufacturing processes, particularly for facilities designed around regulated marine discharge systems. Such requirements may involve substantial capital investment and operational complexity without always delivering proportionate environmental benefit.

Against this backdrop, your Companys ability to expand upstream feedstock capacities remains subject to regulatory and market-related constraints. This may increase long-term dependence on imported raw materials and expose the Company to supply chain disruptions, foreign exchange volatility, and reduced pricing flexibility.

Nevertheless, the Company continues to pursue strategic initiatives focused on operational efficiency, product diversification, technology adoption, and sustainable manufacturing practices. These measures are intended to strengthen its competitive position and support long-term value creation.

Your Company remains firmly committed to environmental stewardship and sustainable growth. As part of this commitment, it had engaged CSIR– NEERI to assess the technical and economic feasibility of implementing partial or full Zero Liquid Discharge systems.

The findings of the study were received in August 2026 and it suggested the implementation of a partial Zero Liquid Discharge (ZLD) system using High-Pressure Reverse Osmosis (HPRO) technology. Implementation will be subject to receipt of the necessary regulatory approvals. The Company proposes to undertake the required investments in a phased manner, in line with applicable statutory requirements.

On the operational front, your Company continues to engage constructively with the Government of Tamil Nadu regarding the renewal of the lease for Plant-2, which expired in 2017. The renewal application was submitted well in advance of the expiry, and the Company has continued to honour its obligations by remitting lease payments regularly in good faith. Discussions with the concerned authorities are progressing positively, and your Company remains optimistic of an early resolution.

Your Company continues to operate in an increasingly competitive and highly regulated business environment, with market volatility, evolving environmental regulations, and raw material supply uncertainties remaining key business risks. Nevertheless, the Companys continued emphasis on operational excellence, cost optimization, sustainability, product innovation, capacity enhancement, and strategic partnerships strengthens its ability to mitigate these risks, capitalize on emerging opportunities, and create sustainable long-term value for all stakeholders.

The upgraded bio-based effluent treatment systems continue to meet all prescribed marine discharge standards. This reaffirms the Companys commitment to responsible environmental management. At the same time, the Company continues to monitor advances in wastewater treatment technologies and global best practices to enhance resilience and maintain compliance.

Global Economic Outlook

The global economy continues to move through a phase of slow but steady growth. Inflation has moderated in most major markets and supply chains have largely stabilised, although the pace of recovery remains uneven due to geopolitical tensions, elevated borrowing costs, and weak demand in certain regions.

The United States has shown relative resilience, Europe continues to face subdued industrial activity, and Chinas growth remains stable though below historical levels. Overall, global growth is expected to remain modest, supported by services, construction, and selective recovery in manufacturing.

Indian Economic Outlook

India continues to remain one of the fastest-growing major economies. Domestic consumption, Government-led infrastructure spending, and strong manufacturing activity continue to support growth, while sectors such as construction, automotive, FMCG, and real estate remain healthy.

Exports are also expected to improve gradually as global conditions stabilise. With inflation largely under control and investment sentiment remaining positive, India is expected to maintain stable growth over the next year, supported by urbanisation, capital expenditure momentum, and rising demand across both consumer and industrial sectors.

Subsidiaries

As on 31st March 2026, the Company has two Wholly Owned Subsidiaries (WOS) and two Wholly Owned Step-Down Subsidiaries (WOSDS). The financials of all these subsidiaries have been consolidated as applicable and the financial and other information have been furnished in the Consolidated Financial Statement (CFS) attached to this Report.

AMCHEM, Singapore

AMCHEM Speciality Chemicals Private Limited, Singapore, set-up by the Company in 2015-16, to expand its global footprint, holds the foreign assets of the Company. Your Company had invested in 2015-16 US$ 16.42 million (equivalent to Rs 110.32 crore) in the WOS to part fund the acquisition of Notedome Limited, UK and also for further exploratory work. During the year 2016-17 the WOS set up AMCHEM Speciality Chemicals UK Limited (AMCHEM, UK) as its WOS which acquired an operating unit namely Notedome Limited, UK.

Your Company made further investment of US$ 35 million (equivalent to about ? 288 crore) during November 2022. With this, the aggregate investment in the subsidiary is US$ 51.42 million (equivalent to about ? 398 crore). Based on the Consolidated Turnover of MPL for FY 2024-25, AMCHEM, Singapore is a material subsidiary of your Company for FY 2025-26.

For FY 2025-26, the total income of AMCHEM, Singapore was US$ 15.28 million (equivalent to ? 134.94 crore) and the profit for the year was US$ 12.94 million (equivalent to ? 114.29 crore). AMCHEM, Singapore continues to explore further opportunities for acquisition of overseas facilities for enhancing Companys global presence, and also has interests in trading, transaction facilitations, business and project consultancy. The details of each of the investment made in step-down subsidiaries have been covered separately.

Note: AMCHEM recognised a capital gain of USD 11.30 million on the divestment of Notedome Limited, UK. However, for the purpose of the consolidated financial statements, the goodwill recognised at the consolidated level, expenditure incurred in connection with the divestment, and the net assets of Notedome as at the date of sale were adjusted against the sale consideration. Accordingly, any excess gain recognised by AMCHEM, Singapore in its standalone financial statements was eliminated on consolidation.

NOTEDOME LIMITED, UK

Notedome, established in 1979, is a System House with more than 30 years experience, manufacturing Neuthane Polyurethane Cast Elastomers catering to customers across 45 countries. Neuthane polyurethanes are used in diverse range of industries and applications, in the automotive sector for antiroll bar, suspension and shock bushes for buses, trucks and other high-performance vehicles, limit or bump stops, material handling etc. and in the agriculture sector for Rollers, Harvester components and idler wheels on track laying tractors.

Sale of Notedome Limited, UK

During October 2025, AMCHEM, Singapore approved the sale of Notedome Limited, UK along with its subsidiary Notedome Europe GmbH. Accordingly, after obtaining necessary approvals from the Board and Shareholders of MPL (Ultimate Holding Company) on 15th October 2025 and 14th November 2025 respectively, the entire stake held in Notedome Limited, UK was sold by AMCHEM, Singapore to C.O.I.M. S.p.A. – Chimica Organica Industriale Milanese (COIM) (Buyer) on 17th November 2025 on receipt of entire consideration for the sale. Accordingly, Notedome Limited, UK and its subsidiary ceased to be wholly owned step-down subsidiaries of the Company with effect from 17th November 2025.

For the period from 1st April, 2025 to the date of sale of Subsidiary i.e. 17th November 2025, Notedome recorded a revenue of ? 6.13 million (equivalent to Rs72.60 crore) and profit of ? 1.33 million (equivalent to Rs 15.75 crore).

PENNWHITE LIMITED, UK

Your Company, through its WOS AMCHEM, Singapore acquired PennGlobe Limited, UK (PGL) on 30th November 2022 by acquiring its entire stake (100%) for a consideration of GBP 24.98 million. With this acquisition by AMCHEM, Singapore, PGL along with its two subsidiaries in UK viz., PennWhite Limited (PWL) and PennWhite Print Solutions Limited (PPSL) have become wholly owned step-down subsidiaries of the Company. Based on the Consolidated Turnover of MPL for FY 2024-25, PennWhite Limited, UK is a material subsidiary of your Company for FY 2025-26.

PennWhite Limited, UK is a leading manufacturer of antifoam chemistry under the FoamDoctor? brand which is sold in more than 40 countries. A wide range of other specialty chemicals are also manufactured to service the needs of long-term customers in a wide range of applications, like food and food processing, wastewater treatment, upstream and downstream oil, and increasingly in the coatings and adhesives industry.

During the year under review, the Company maintained stability in both turnover and EBITDA compared to the previous year. Despite ongoing challenges in global markets, it maintained healthy margins, strengthened its presence in key markets, and continued to invest strategically in sales and marketing initiatives, including the recruitment of additional commercial personnel. The Company remains committed to systematically executing its long-term growth strategy.

To support the enhancement of its innovative product portfolio, the Company expanded its development activities and committed additional resources for laboratory equipment and capabilities. With growing demand in its two primary focus areas viz., food & beverage, and wastewater & recycling, the long-term market outlook remains positive, underpinned by an increasing emphasis on sustainability.

The revenue for PennWhite Limited, UK for the reporting period was ? 13.61 million (equivalent to Rs 161.23 crore) and profit was ? 2.19 million (equivalent to Rs 25.99 crore).

Update on Subsidiaries restoration

During the year, Penn Globe Limited was reinstated for the limited purpose of facilitating an application for the reinstatement of its subsidiary, PennWhite Print Solutions Limited, in connection with the receipt and distribution of Corporation Tax refunds due to the latter. Upon completion of this limited purpose, the relevant voluntary strike-off applications will be made to Companies House, in accordance with applicable law.

Indian Subsidiaries

PennWhite India Private Limited

Subsequent to the close of FY 2025–26, the Company successfully inaugurated its new manufacturing facility in Oragadam, Kancheepuram, Tamil Nadu, in April 2026. The facility has commenced production and is expected to provide a strong platform for future growth in India and the wider Asia-Pacific region.

The revenue for PennWhite India for the reporting period was Rs 3.43 crore and loss incurred was Rs 4.95 crore.

Manali Speciality Private Limited

During June 2023, your Company had incorporated a wholly owned subsidiary in India viz., Manali Speciality Private Limited, primarily engaged in the business of Speciality Chemicals. The Company is in the process of setting up its business and is yet to commence its business operations.

Environment and Safety

Your Company remains committed to environmental sustainability, occupational health and safety, and quality excellence through robust management systems and continuous improvement. Dedicated in-house teams and internal committees continue to ensure compliance with all applicable legal requirements and industry standards.

Your Company continues to maintain ISO 9001:2015 (Quality Management Systems) and ISO 14001:2015 (Environmental Management Systems) certifications. During the year, the management systems were further strengthened through ISO 45001:2018 certification for Occupational Health and Safety, FSSC 22000 Version 6 certification for Propylene Glycol, Kosher certification for Propylene Glycol, and ISCC PLUS certification.

These certifications reflect the Companys commitment to quality, food safety, occupational health and safety, sustainability, and international best practices. All certifications are subject to periodic internal audits, external surveillance audits, and management reviews to ensure continued compliance and improvement.

Both Plant-1 and Plant-2 now operate entirely on R-LNG, replacing conventional fossil fuels. This transition has significantly reduced air emissions and strengthened the Companys alignment with environmental regulations and low-carbon initiatives.

The Company has further strengthened its environmental governance framework through the digitalisation of environmental monitoring systems. Real-time monitoring of key water and air quality parameters has been integrated with the online monitoring platforms of the State Pollution Control Board and the Central Pollution Control Board.

This digital integration enables continuous and transparent sharing of environmental data with regulatory authorities. It improves compliance, enhances operational accountability, and reflects the Companys commitment to responsible environmental management and digital sustainability practices.

In line with its long-term decarbonisation strategy, the Company successfully transitioned both Plant-1 and Plant-2 to Regasified Liquefied Natural Gas as the exclusive thermal energy source. The installation of Low NOx burners with latest technology has substantially reduced greenhouse gas emissions while improving combustion efficiency and supporting climate commitments.

As a result of these initiatives and continued regulatory compliance, the renewed Consent to Operate has been granted for Plant-1 until March 2027 and for Plant-2 until March 2030.

The Companys long-term renewable energy arrangements under the Group Captive Power Scheme have begun to deliver meaningful results. During the year, renewable energy accounted for 58% of total power consumption against the contracted target of 68%. The shortfall was mainly due to adverse weather conditions in the Tuticorin region during the third quarter, which affected generation from the hybrid renewable energy facilities. Even so, the initiative has reduced dependence on conventional energy sources and reinforced the Companys transition towards cleaner operations. As the assets stabilise, the Company expects to move closer to the contracted contribution in the coming years.

The Company has also installed rooftop solar systems at Plant-1 and floating solar panels on its water reservoirs as part of its renewable energy programme. The rooftop solar installation has been commissioned, while the floating solar project is awaiting statutory approvals. Once fully operational, these projects are expected to contribute around 4% of the Companys total energy consumption from renewable sources.

During the year, the Company received the Certificate of Merit from the Bureau of Energy Efficiency (BEE) in the petrochemical category for its performance in energy conservation and efficient energy management. This recognition reflects the Companys sustained efforts in process optimisation, adoption of cleaner energy sources, and energy efficiency improvements.

Through cleaner fuels, renewable energy, and energy-efficient technologies, the Company achieved an annual reduction of approximately 55,000 tonnes of CO2 equivalent. This outcome was supported by multiple energy conservation initiatives across the plants and reflects the Companys continued commitment to reducing its carbon footprint.

To strengthen food safety standards in Propylene Glycol filling operations, the Company invested in an automatic filling station integrated with GMP requirements. The facility includes a controlled clean-room environment with an advanced HVAC system to support hygiene, product quality, and contamination control.

This investment enhances operational efficiency and product integrity while supporting compliance with the revised Schedule M requirements under the Drugs and Cosmetics Rules. It also reinforces the Companys commitment to quality, regulatory compliance, and customer satisfaction.

In continuation of its traceability initiatives, the Company introduced QR codes on all Propylene Glycol Pharma Grade barrels. This digital system enables end-to-end traceability up to the final customer, strengthens product authenticity, reduces the risk of counterfeiting and pilferage, and improves supply chain transparency.

Customers can scan the QR code to access important product information, including the Certificate of Analysis, sampling procedures, handling guidelines, and other technical details. This initiative further strengthens customer confidence and supports the Companys digital transformation agenda.

As part of its biodiversity conservation and carbon sequestration efforts, the Company has developed and maintained more than 19 hectares of green belt comprising around 30,000 saplings of 33 native tree species over the last three years. These plantations support local biodiversity and contribute to carbon sequestration. During the last financial year, it sequestered approximately 2,500 MT of CO2, and its contribution is expected to grow as the plantations mature.

The safety of employees, contractors, visitors, assets, and operations remains the Companys foremost priority. This commitment is supported by continuous training, employee engagement, regular awareness programmes, and ongoing improvements to safety management systems. The Company continues to strengthen its safety culture through training, employee engagement, awareness programmes, and the use of a dedicated Safety Park as an interactive learning centre for safe work practices, hazard identification, emergency response, and PPE discipline.

Audit Committee

The details about the Committee are furnished in the Corporate Governance Report (CGR). All the recommendations of the Committee were accepted by the Board.

Vigil Mechanism

As required under Section 177 of the Act and Regulation 22 of the SEBI Listing Regulations 2015, the Company has established a vigil mechanism for directors and employees to report their genuine concerns through the Whistle Blower Policy as available on the website of the Company. As prescribed under the Act and the SEBI Listing Regulations 2015, provision has been made for direct access to the Chairperson of the Audit Committee in appropriate/exceptional cases.

Human Resources

Your Company believes that its people are its greatest strength and remains committed to building an engaging, inclusive, and high-performance workplace. During the year, continued emphasis was placed on leadership development, employee engagement, continuous learning, innovation, diversity, and employee wellbeing.

To strengthen employee engagement and promote transparent communication, the Company introduced a leadership interaction platform that enables employees to engage directly with the top management. The initiative provides an open forum for employees to share ideas, discuss opportunities and challenges, seek guidance, and gain valuable insights from the Companys leadership, thereby reinforcing a culture of openness, collaboration, and mutual trust.

The Company continued to foster innovation through IGNITE, its strategic platform designed to encourage experimentation, research, and creative problem-solving among young engineers. Building on the success of the earlier programme, IGNITE 2.0 was launched during the year with the participation of young engineers supported by experienced mentors, enabling them to contribute to key business projects, demonstrate technical capability, and develop innovative solutions aligned with organisational growth.

Recognising that continuous learning is critical to long-term excellence, the Company continued its LEAD programme (Learn, Enhance and Aspire to Develop) to promote cross-functional learning and internal capability building. During the year, multiple knowledge-sharing sessions were conducted on topics including Prevention of Sexual Harassment (POSH), Internal Auditor Training, National Pension System (NPS) awareness, Good Manufacturing Practices (GMP), and other technical and operational subjects, strengthening employee competencies and encouraging a collaborative learning culture.

To deepen industrial knowledge and exposure to best practices, the Company organised industrial visits to leading chemical and engineering organisations. Around 20 engineers participated in these visits and gained first-hand exposure to advanced technologies, operational excellence, and industry practices, thereby enhancing their technical and professional capabilities.

The Company remains committed to building a diverse and inclusive workplace where talent is recognised and nurtured irrespective of gender. Women professionals are actively encouraged to take on leadership roles across functions, including core technical and operational areas, and, as part of the Companys succession planning process, high-potential young women professionals have been identified and entrusted with critical technical projects and strategic assignments to strengthen the leadership pipeline for the future.

Employee health and wellbeing continued to remain an important priority during the year. Through the SHFT programme (Session on Health & Fitness Training), the Company regularly conducted wellness sessions led by qualified medical professionals and subject matter experts, covering areas such as prevention of seasonal infections, healthy eating habits, stress management, personal hygiene, and overall physical and mental wellbeing, while also encouraging employees to make use of the on-site fitness centre.

The Company also continued to implement various cultural, behavioural, and employee-engagement initiatives aimed at strengthening teamwork, collaboration, participation, and inclusiveness in the workplace. These initiatives have supported open communication, reinforced organisational values, and enhanced employee commitment and belongingness.

Industrial relations during the year remained cordial and constructive. A long-standing wage dispute originating in 2001, which was previously heard by the Honble Supreme Court and is presently pending before the Honble Madras High Court, continues to involve a small group of workmen; following constructive dialogue, the majority of workmen had accepted the Managements settlement proposal, while the remaining claims continue to be subject to judicial proceedings.

As on March 31, 2026, the Company employed 337 people across its various locations, comprising Executive Directors, Senior Management Personnel, Engineers, Technicians, and Trainees. The Company remains committed to attracting, developing, and retaining talent while fostering a culture of excellence, innovation, safety, and sustainable growth.

Related Party Transactions

During the year under review, the Company did not enter any related party transaction that was not in the ordinary course of business and on an arms length basis within the meaning of Section 188 of the Act. During the year, board has reviewed and amended the policy on related party transaction which is available on the website of the Company viz., https://www.manalipetro.com/wp-content/uploads/2026/04/RPT-Policy-2026.pdf

As required under Regulation 23(4) of the SEBI Listing Regulations 2015, approval of the Members was obtained for transactions with Tamilnadu Petroproducts Limited during the year 2025-26 at the 39th Annual General Meeting.

The approval proposed at the ensuing AGM is intended to remain valid until the date of the next Annual General Meeting, in accordance with the applicable provisions of the SEBI Listing Regulations, 2015.

Board of Directors and related disclosures

As on date of the Report, the Board comprises twelve directors including three woman directors. There are six Independent Directors including one Woman Independent Director, and all of them have furnished necessary declaration under Section 149(7) of the Act and under Regulation 25(8) of the Regulations. As per the said declarations, they meet the criteria of independence as provided in Section 149(6) of the Act and the SEBI Listing Regulations 2015. All of them have confirmed that they have registered themselves with the Indian Institute of Corporate Affairs under Rule 6 of the Companies (Appointment and Qualifications of Directors) Rules, 2014, as amended and all of them have been exempted from or passed the proficiency test.

The Board met seven times during the year under review and the relevant details are furnished in the CGR. The Board has approved a Remuneration Policy as recommended by the Nomination and Remuneration Committee (NRC), which inter alia contains the criteria for determining the positive attributes and independence of a director as formulated by the NRC. The policy on remuneration to directors is disclosed in the CGR annexed to this Report.

The following changes took place in the composition of the Board and KMPs since the last AGM held on 16th September 2025 until the date of this report:

a. Mr. Anand Raghavan (DIN: 00243485) was appointed as an Additional Director under Non-Executive Independent category for a period of five years with effect from 03rd October 2025. The said appointment was regularised by the members via Postal Ballot process.

b. Ms. K Lalitha, Chief Financial Officer resigned with effect from 03rd October 2025.

c. Ms. Srishti M Bathija was appointed as Chief Financial Officer – MPL Group with effect from 03rd October 2025.

d. Mr. T K Arun was reappointed as an Independent Director for second term of five years w.e.f. 29th September 2026 consequent to approval received from Members of the Company through postal ballot process on 06th August 2026.

Annual Evaluation of the Board, Committees and Directors

The formal evaluation of the Board was done taking into account the various parameters such as the structure, meetings, functions, risk evaluation, management of conflict of interests, stakeholder value & responsibility, corporate culture & value, facilitation to the Independent Directors to function impartially and other matters. The evaluation of the Committees was done based on the mandate, composition, effectiveness, structure and meetings, independence and contribution to the decisions of the Board.

The evaluation of the individual directors, including the independent directors was done taking into account their qualification, experience, competency, knowledge, understanding of their respective roles (as a Director, Independent Director and as a Member of the Committees of which they are Members/Chairpersons), adherence to Codes and ethics, conduct, attendance and participation in the meetings, etc. In compliance with the requirements of Schedule IV to the Act and the Regulations, a separate meeting of the Independent Directors was held during the year under review.

Directors Responsibility Statement

Pursuant to the requirement of sub-sections 3(c) and 5 of Section 134 of the Act it is hereby confirmed that:

a. in the preparation of the annual accounts for the financial year ended 31st March 2026, 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 were 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 the year under review.

c. the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d. the Directors had prepared the accounts for the financial year ended 31st March 2026 on a "going concern" basis.

e. 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

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.

Details of Unclaimed Share Certificates

In accordance with the requirements of Clause 5A of the erstwhile Listing Agreement, during the year 2012-13 shares remaining unclaimed even after 3 reminders have been transferred and held in a separate demat account. As per the information provided by the Registrars and Share Transfer Agent, out of the 54,749 shares, which remained unclaimed by 230 shareholders at the beginning of the FY, 1,800 shares were released to 7 shareholders during the year. Further, 4,500 shares relating to 21 shareholders were transferred to the Investor Education and Protection Fund in compliance with the requirements of Section 124(6) of the Act. As at the end of the FY, 48,449 shares remained unclaimed by 202 shareholders. As specified under the Regulations, the voting right on the above shares remain frozen.

A separate suspense escrow demat account has been opened for moving the shares, required to be transferred beyond 120 days from issuing of Letter of Confirmation by the Company as stipulated under SEBI Circular dated 30th December, 2022. As at 31st March, 2026, 3,075 Shares were transferred to the said account.

Auditors

Brahmayya & Co., Chartered Accountants, Chennai were re-appointed as the Auditors of the Company for the second term at the 36th Annual General Meeting (AGM) held on 28th September 2022 for a period of five years, viz. till the conclusion of 41st AGM.

Maintenance of Cost Records & Cost Audit

The Company is required to maintain cost records as specified by the Central Government under Section 148(1) of the Act and is also covered under Cost Audit, which are duly complied with. Mr. L Thriyambak, Practicing Cost Accountant, Chennai was appointed as the Cost Auditor of the Company for the financial year 2025-26 on a remuneration of Rs 3.00 lakh plus applicable taxes and reimbursement of out-of-pocket expenses which was ratified by the Members at the AGM held on 16th September 2025.

Based on the recommendation of the Audit Committee, Board has appointed Mr. L Thriyambak as the Cost Auditor for the financial year 2026-27 to hold office till 27th September 2027 or submission of the report for the year 2026-27, whichever is earlier. The remuneration will be Rs 3 lakh, plus applicable taxes and reimbursement of out-of-pocket expenses subject to ratification of the Members at the ensuing AGM.

Adequacy of Internal Financial Controls

Your Company has in place adequate internal financial control systems combined with delegation of powers and periodical review of the process. The control system is also supported by Internal Audit and management review with documented policies and procedures. In the past the system was also reviewed by an external agency, and no major weaknesses were reported. To ensure effective operation of the system, periodical reviews are made by the Internal Auditors and their findings discussed by the Audit Committee and with the Statutory Auditors. The Statutory Auditors of the Company have also furnished certificates in this regard, which are attached to their Reports.

Corporate Governance

Your Company has complied with the requirements of Corporate Governance stipulated under the Regulations. A Report on Corporate Governance is given in Annexure A. Declaration of the Managing Director & Chief Executive Officer - MPL Group on compliance with the Code of Conduct of the Board and Senior Management and compliance certificate from Practicing Company Secretary regarding compliance of conditions of Corporate Governance are given in Annexure B. Secretarial Audit Report as required under Section 204 of the Act, was issued by Ms. B Chandra, Company Secretary in Practice is annexed to this Report as Annexure C.

Disclosures under Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:

a. The ratio of remuneration of Managing Director and Wholetime Director to the median remuneration of other employees of the Company was 45.68%.

b. The increase in remuneration of MD & CEO: 3.04%, CS: NA, WTD: 22.79%, CFO: NA.

*includes PLP paid for FY 2024-25

Does not include PLP for 2025-26

c. The increase in the median remuneration of the employees was 5.50%.

d. As at the year end, there were 289 permanent employees, including MD, WTD and excluding trainees.

e. During the year, the average increase in the salaries other than managerial remuneration was 5.57% and the increase in managerial remuneration was 8.84%. Considering the performance of the Company and respective individuals during the year under review, the increase in managerial and other remuneration are deemed reasonable which have been determined based on the appraisal process adopted by the Company.

f. Information stipulated under Rule 5(2) are given in Annexure D to this Report.

g. The remuneration paid to the employees are as per the remuneration policy of the Company.

Note: Wages to workmen covered under the wage settlements have not been considered for (c) and (e) above.

Other disclosures

a. Information on conservation of energy, technology absorption, foreign exchange earnings and outgo prescribed under Section 134 of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014, to the extent applicable are given in Annexure E.

b. Pursuant to Section 92(3) of the Act, the Annual Return filed during the year under review has been uploaded on the website of the Company under the link https://www.manalipetro.com/investors/annual-return/

c. The Company has not accepted any deposits from the public during the year under report.

d. The information under Section 186 of the Act relating to investments, loans, etc. as at the year-end has been furnished in Notes to the Financial Statements.

e. The annual report on CSR is given in Annexure F.

f. The Company has complied with the provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. No cases were filed under the said Act.

Following are the details:

i. No. of complaints of sexual harassment received in the year: NIL

ii. No. of complaints disposed off during the year: NA

iii. Number of cases pending for more than ninety days: NA

g. The Company has complied with the provisions relating to the Maternity Benefit Act 1961.

h. The Company has complied with the requirements of all the applicable Secretarial Standards.

i. Significant changes in key financial ratios:

During the year under review, net margin increased by 426%. The current ratio and inventory turnover ratio decreased by 1.43% and 1.35% respectively. The Return on Net worth was at 3.61% in 2025-26 as against (0.91)% in 2024-25. All these were because of cost reduction measures implemented during the year and better price realizations during the year.

The complete details of Ratios along with Variance are provided in Note 52, clause xii of Standalone Financial Statements.

Acknowledgement

Your Directors express their sincere gratitude to the Government of India, the Government of Tamilnadu, the Promoters and the Banks for the assistance, co-operation and support extended to the Company. The Directors thank the Shareholders for their continued support. The Directors also place on record their appreciation of the consistent good work put in by all cadres of employees and especially for raising up to the occasion and ensuring sustained operations during the year.

Disclaimer

The Management Discussion and Analysis contained herein is based on the information available to the Company and assumptions based on experience in regard to domestic and global economy, on which the Companys performance is dependent. It may be materially influenced by changes in economy, government policies, environment and the like, on which the Company may not have any control, which could impact the views perceived or expressed herein.

For and on behalf of the Board

Ashwin C Muthiah

Place: Singapore

DIN: 00255679

Date: 13.08.2026

Chairman