Mangalam Global Enterprise Ltd Directors Report

To,

The Members,

Mangalam Global Enterprise Limited ,

Ahmedabad

The Board of Directors have pleasure to present its 16th Annual Report on the business and operations of your Company ("the Company"), along with the Standalone & Consolidated Audited Financial Statements, for the Financial Year ended on March 31, 2026.

FINANCIAL HIGHLIGHTS:

The summarized financial performance/ highlights are as mentioned below:

(J in Lakhs)

PARTICULARS	STANDALONE-YEAR ENDED	CONSOLIDATED-YEAR ENDED
	31/03/2026	31/33/2025	31/03/2026	31/03/2025
I. Revenue from Operations	2,96,167.28	2,09,253.49	3,38,445.67	2,28,147.62
II. Other Income	1,186.70	2,052.89	1,625.29	2,143.66
III. Total Revenue (I+II)	2,97,353.98	211,306.38	3,40,070.96	2,30,291.28
IV. Earnings Before Interest, Taxes, Depreciation and Amortization Expense	6,798.99	6,114.71	7,727.13	6,576.06
V. Finance Cost	2,622.06	2,670.78	3,080.91	2,971.32
VI. Depreciation and Amortization Expense	230.85	210.92	250.28	229.38
VII. Profit Before Tax (IV-V-VI)	3,946.08	3,233.01	4,395.94	3,375.36
VIII. Tax Expense:
a) Current Tax (Adjusted)	537.50	2.50	602.70	9.80
b) Deferred Tax (Asset)/Liabilities	335.57	827.08	335.30	826.92
c) Income Tax (Prior Period)	0.00	-2.48	0.00	(2.48)
Total Tax Expense	873.07	827.10	938.00	834.24
IX. Profit After Tax (VII-VIII)	4,137.21	2,174.93	4,522.14	2,310.13

Previous year figures have been regrouped / re-arranged wherever necessary.

STATE OF THE COMPANYS AFFAIRS / OPERATIONS:

The Company is mainly engaged into:

Manufacturing, trading and import of Edible Oil/ Non-edible oil and Agricultural Products i.e. Soya Oil, Soya Meal, Soya De Oiled Cake, Mustard Oil, Mustard Meal, Mustard De Oiled Cake, Refined Soyabean Oil, Refined Vegetable Oil, Pungent Mustard Oil, Refined Castor Oil First Special Grade (FSG), Castor De- Oiled Cake and High Protein Castor De-Oiled Cake, Cotton Bales, Cotton Cake Cattle Feed, Cotton Wash Oil, processing of wheat and rice. Also, the Company is engaged in Trading including domestic and export of Agricultural Products i.e. Wheat, Rice etc.

Presently, the Company operates four plants located at: (i) Unit Bavla, Sanand- Gujarat ffl Wheat & Rice Processing; (ii) Unit Kapadvanj, Kheda- Gujarat - Castor oil (iii) Unit Kapadvanj, Kheda- Gujarat - Cotton; (iv) Unit Jotana, Mehsana, Gujarat.

At Neat Everyday, we believe true wellness starts from within. Our range of nutraceuticals, wellness supplements, and personal care products is thoughtfully developed to support a healthier, more balanced lifestyle. Rooted in nature and guided by science, our products are vegan, cruelty-free, and made with carefully selected ingredients that help nourish the body, support overall well-being, and promote everyday vitality. From nutritional supplements that complement your wellness journey to personal care solutions that nurture your skin, every product reflects our commitment to quality, purity, and conscious living.

Your Company has taken a bold and strategic leap by entering the high-growth Business-to-Consumer (B2C) segment with the launch of our new wellness brand ffl Neat Everyday. This move marks a decisive shift in our long-term growth strategy, aimed at tapping into the rapidly expanding global demand for clean, natural, and science-backed health products.

Your Company has taken a strategic step towards strengthening its presence in the wellness, and nutraceutical sector through its wellness brand, Neat Everyday. During the year, the brand further expanded its product portfolio and today offers a comprehensive range of 100% vegetarian nutraceutical and personal care products formulated using natural ingredients and supported by scientific validation.

The product portfolio includes premium Cold-Pressed Oils such as Castor Oil, Yellow Mustard Oil, Extra Virgin Coconut Oil, Black Sesame Oil, Pistachio Oil, Almond Oil, and Walnut Oil, along with a diverse range of wellness supplements and nutraceutical products, including Ashwagandha & A2 Ghee Soft Capsules, Triphala & A2 Ghee Soft Capsules, Brahmi & A2 Ghee Soft Capsules, Turmeric & A2 Ghee Soft Capsules, Trikatu & A2 Ghee Soft Capsules, Vegan Omega 3-6-9 Capsules, Evening Primrose Oil Soft Vegan Capsules, Castor Oil Soft Vegan Capsules, Garlic Oil Soft Vegan Capsules, Immunity Booster Soft Vegan Capsules, Vitamin B12 + D3 Gummies, Multivitamin Gummies, Apple Cider Vinegar Gummies, and Shilajit Gummies.

The Company launched its wellness and personal care brand, "Neat Everyday", through the simultaneous inauguration of five retail stores across Ahmedabad, Gujarat in addition to existing stores. The brand integrates time-honoured wellness traditions with carefully selected natural ingredients and is supported by an omnichannel business model designed to enhance customer accessibility and engagement across India.

Standalone operating results:

During the year under review, Revenue from Operations of the Company is Rs. 2,96,167.28 Lakhs as compared to Rs. 2,09,253.49 Lakhs in the previous financial year.

During the year under review, the Company has recorded a Profit Before Tax (PBT) of Rs. 3,946.08 Lakhs and Profit After Tax (PAT) of Rs. 4,137.21 Lakhs as compared to Profit Before Tax (PBT) of Rs. 3,233.01 Lakhs and Profit After Tax (PAT) of Rs. 2,174.93 Lakhs, respectively, in the previous financial year.

Consolidated operating results:

During the year under review, on a Consolidated basis, your Company (together with its Subsidiaries) has recorded Revenue from Operations Rs. 3,38,445.67 Lakhs as compared to Rs. 2,28,147.62 Lakhs in the previous financial year. Correspondingly, the Consolidated Profit Before Tax and Consolidated Profit After Tax during the year under review is Rs. 4,395.94 Lakhs and Rs. 4,522.14 Lakhs, respectively, as compared to Consolidated Profit Before Tax and Consolidated Profit After Tax of Rs. 3,375.36 Lakhs and Rs. 2,310.13 Lakhs, respectively, in the previous financial year.

COMPANY BACKGROUND:

Mangalam Global Enterprise Limited is having Corporate Identification Number L24224GJ2010PLC062434 was originally incorporated as "Hindprakash Colourchem Private Limited" under the Companies Act, 1956 on September 27, 2010. Further, name of the Company was changed to Mangalam Global Enterprise Private Limited and a Fresh Certificate of Incorporation consequent to change of name was issued on July 31, 2014 by Registrar of Companies, Ahmedabad. Further, the Company was converted into Public Limited Company and the name of the Company was changed to "Mangalam Global Enterprise Limited" and a Fresh Certificate of Incorporation consequent upon conversion of Company from Private Limited to Public Limited dated September 30, 2019 was issued by the Registrar of Companies, Ahmedabad.

The Company was initially listed on Emerge platform of National Stock Exchange of India Limited (GNSEG) on November 27, 2019. The company was subsequently migrated from the Emerge Platform to the Main Board of the National Stock Exchange (NSE) on December 23, 2020. Further the Company was listed on main board of BSE Limited on October 29, 2024. Now the Equity shares of the Company are listed on National Stock Exchange of India (NSE) and BSE Limited .

NEW STORES OPENING (NEAT STORY LINES):

During the year, the Company announced its strategic expansion plan to establish 100 new "Neat Everyday" stores/outlets by March 2028 to strengthen its retail footprint and enhance customer accessibility across key markets.

Neat Everyday is the Companys retail brand committed to delivering premium-quality daily essentials with a strong focus on purity, hygiene, affordability, and customer trust. The brand offers a diversified portfolio comprising various nutraceutical & well ness products, catering to the evolving lifestyle and wellness needs of consumers. Through this expansion, the Company aims to further strengthen its presence in the organized retail segment and deliver a trusted shopping experience to customers.

The "NEAT EVERYDAY" product range has been receiving strong market acceptance and positive consumer response. Further, each incremental sale is expected to be earnings accretive, supported by the higher margins associated with these products.

STANDALONE & CONSOLIDATED FINANCIAL STATEMENTS:

The Standalone and Consolidated financial statements of the Company for the financial year -2025-26 are prepared in compliance with applicable provisions of the Companies Act, 2013, Indian Accounting Standards ("Ind AS") and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the ESEBI (LODR) Regulations, 20152) which form part of this 16th Annual Report.

DIVIDEND:

The Directors of the Company have recommended a final dividend of Rs. 0.01 /- (1% of the Face Value of Rs. 1/-) per equity share having face value of Rs. 1/- each for the year ended March 31, 2026 (previous year Rs. 0.02/- per equity share of FV Rs. 2/- each) subject to approval of members in the ensuing 16th Annual General Meeting.

In view of the changes made under the Income-tax Act, 1961, by the Finance Act, 2020, dividends paid or distributed by the Company shall be taxable in the hands of the Shareholders. The dividend, if declared, shall be subject to deduction of income tax at source. Your Company shall, accordingly, make the payment of the final Dividend after deduction of tax at source.

TRANSFER TO RESERVES:

During the year, the Company has not apportioned any amount to other reserve. The profit earned during the year has been carried to the balance sheet of the Company.

CHANGE IN NATURE OF BUSINESS:

During the year, your Company has not changed its business or object and continues to be in the same line of business as per main objects of the Company.

INSURANCE:

The assets of your Company have been adequately insured.

CHANGE IN THE REGISTERED OFFICE:

During the year under review, there is no change of registered office of the Company. The Registered Office of the Company is situated at 101, Mangalam Corporate House, 42, Shrimali Society, Netaji Marg, Mithakhali, Navrangpura, Ahmedabad- 380 009, Gujarat, India.

SHARE CAPITAL:

As on March 31, 2026:

AUTHORISED CAPITAL:

The Authorised Share Capital of the Company as on March 31, 2026 stood at Rs. 104,54,00,000/- (Rupees One Hundred Four Crore Fifty-Four Lakhs Only) divided into 104,54,00,000 (One Hundred Four Crore Fifty-Four Lakhs) Equity Shares of Re. 1/- each.

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

ISSUED, SUBSCRIBED & PAID-UP CAPITAL AND ALLOTMENTS:

During the year there was no change in Issued, Subscribed & Paid-up Equity shares of the Company.

The Company has neither issued shares with differential rights as to dividend, voting or otherwise nor issued shares to the Employees or Directors of the Company.

The disclosure pursuant to Section 67(3)(c) of the Companies Act, 2013 read with Rule 16(4) of the Companies (Share Capital and Debentures) Rules, 2014 regarding voting rights not exercised directly by employees is not applicable to the Company. .

EMPLOYEE STOCK OPTION PLAN (ESOP):

Pursuant to the approval of the Members obtained through Postal Ballot on February 21, 2026 and in accordance with the provisions of the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 ("SEBI SBEB & SE Regulations"), the Nomination and Remuneration Committee of the Board, during the financial year 2025-26, granted 33,00,000 stock options to eligible employees of the Company at an exercise price determined in accordance with the terms of the Mangalam Global Enterprise Limited Employee Stock Option Plan, 2019 ("ESOP Plan").

A certificate from the Secretarial Auditors confirming that the ESOP Plan has been implemented in accordance with the applicable provisions of the SEBI SBEB & SE Regulations and the resolution passed by the Members shall be available for inspection by the Members at the ensuing Annual General Meeting.

The disclosures as required under the SEBI SBEB & SE Regulations and Section 62(1)(b) of the Companies Act, 2013 read with Rule 12(9) of the Companies (Share Capital and Debentures) Rules, 2014 as on March 31, 2026 are provided in Annexure D forming part of this Report.

RE-CLASSIFICATION OF SHAREHOLDER

Pursuant to Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company had submitted an application to the National Stock Exchange of India Limited ("NSE") and BSE Limited ("BSE") for re-classification of Ms. Radhika Bansal from the "Promoter Group" category to the "Public" category vide application dated January 15, 2025.

After completion of the requisite formalities and submission of the necessary documents, the Company received approval from NSE and BSE vide their letters bearing reference numbers NSE/LIST/COMP/MGEL/550/2025-2026 and LIST/COMP/Hg/745/2025-26, respectively, both dated March 24, 2026, for re-classification of Ms. Radhika Bansal from the "Promoter Group" category to the "Public" category.

TRANSFER OF SHARES AND UNPAID/UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:

During the year under 2025-26, the Company was not required to transfer the equity shares/unclaimed dividend to Investor Education and Protection Fund (IEPF) pursuant to provisions of Section 124 and 125 of the Companies Act, 2013.

The Details of unpaid / unclaimed divided is as under:

Financial year	Date of Declaration of Dividend	Dividend per Share (in Rs.)	Due Date for transfer to IEPF	Amount not claimed as on March 31, 2026 (In Rs.)
2024-25	July 30, 2025	0.01	August 29, 2032	10,256.57
2023-24	August 6, 2024	0.02	September 5, 2031	6,769.56
2022-23	August 24, 2023	0.02	September 23, 2030	9,759.67
2021-22	July 25, 2022	1	August 24, 2029	27,686.00
2020-21	September 30, 2021	1	October 29, 2028	9,188.00

No amount of unclaimed dividend is due for transfer to the Investor Education and Protection Fund administered by the Central Government pursuant to Section 124 and 125 of the Companies Act, 2013. Further, the Company does not have any unclaimed shares pursuant to Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund), Rules, 2016 as notified from time to time.

DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP):

• Board of Directors and KMP:

The Board of Directors of the Company is lead by the Chairman and comprises Six other Directors which including two Managing Directors and Four Independent Directors. As on March 31, 2026, the members of the Board of the Directors are as follows: Mr. Vipin Prakash Mangal - Chairman, Mr. Chanakya Prakash Mangal - Managing Director, Mr. Chandragupt Prakash Mangal - Managing Director, Mr. Praveen Kumar Gupta - Independent Director, Mr. Anilkumar Shyamlal Agrawal - Independent Director, Ms. Varsha Biswajit Adhikari - Independent Director and Ms. Sarika Sachin Modi - Independent Director.

• Disclosure by Directors

The Directors on the Board have submitted notice of interest under Section 184(1) of the Companies Act, 2013 i.e. in Form MBP-1, intimation under Section 164(2) of the Companies Act, 2013 i.e. in Form DIR 8 and declaration regarding compliance with the Code of Conduct of the Company.

None of the Directors proposed to be appointed or re-appointed at the ensuing Annual General Meeting is disqualified from being appointed or re-appointed under the provisions of the Companies Act, 2013, the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), or any order issued by the Ministry of Corporate Affairs (MCA), Securities and Exchange Board of India (SEBI) or any other statutory authority..

• Appointment:

During the financial year 2025-26, no person was appointed as a Director of the Company.

• Change in Designation:

During the financial year 2025E26 there was no changes in composition of Board of Directors.

• Retiremnt by Rotation

In accordance with the provisions of Section 152 of the Companies Act, 2013 read with the Companies (Appointment and Qualification of Directors) Rules, 2014 and the Articles of Association of the Company, Mr. Chanakya Prakash Mangal (DIN: 06714256) retires by rotation at the ensuing Annual General Meeting and, being eligible, has offered himself for reappointment.

The relevant details of the Director seeking re-appointment, as required under Regulation 36(3) of the Listing Regulations and Secretarial Standard-2 on General Meetings, form part of the Notice convening the ensuing Annual General Meeting.

• Cessation:

During the financial year 2025-26, no Director resigned from or ceased to hold office as Director of the Company. BOARD AND COMMITTEE MEETINGS

Regular meetings of the Board and its Committees are conducted to discuss and approve various strategies, policies, financial matters and such other businesses. The Notice and Agendas of Board and Committee Meetings to be held during the year was circulated in advance to the Directors within prescribed time limit.

a. Details of Board Meetings:

During the year under review, nine (9) Board Meetings were held, details of which are provided in the Corporate Governance Report forming the part of this Annual Report.

b. Composition of Audit Committee:

The Audit Committee comprises of Four (4) Members out of which three (3) are Independent Directors and one (1) is an Managing Director. During the year under review, eight (8) Audit Committee Meetings were held, details of constitution of committee, meeting held and attendance of the members during the year are provided in the Corporate Governance Report, forming part of this Annual Report. All recommendations made by the Audit Committee were accepted by the Board..

c. Composition of Nomination and Remuneration Committee:

The Nomination and Remuneration Committee comprises of three (3) Members out of which three (3) are Independent Directors. During the year under review, three (3) Nomination and Remuneration Committee Meetings were held, details constitution of committee, meeting held and attendee of the members during the year are provided in the Corporate Governance Report, forming part of this Annual Report. All recommendations made by the Nomination and Remuneration Committee were accepted by the Board..

d. Composition of Stakeholder Relationship Committee:

The Stakeholder Relationship Committee comprises of three (3) Members out of which Two (2) are Independent Directors and one (1) is an Executive Director. During the year under review, two (2) Stakeholder Relationship Committee Meetings were held, details of constitution of committee, meeting held and attendance of the members during the year are provided in the Corporate Governance Report, forming part of this Annual Report. All recommendations made by the Stakeholders Relationship Committee were accepted by the Board.

e. Composition of Corporate Social Responsibility

The CSR Committee comprises of three (3) Members out of which one (1) is an Independent Director and two (2) are Managing Directors. During the year under review, one (1) CSR Committee Meetings were held, details of which are provided in the Corporate Governance Report, forming part of this Annual Report. All recommendations made by the CSR Committee were accepted by the Board. .

f. Composition of other committees:

Composition of other Committees and other details on the Committees are given in the Corporate Governance Report, forming a part of the Annual Report.

FORMAL EVALUATION OF THE PERFORMANCE OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS:

In terms of the provisions of Section 134(3)(p) of the Companies Act, 2013 and Regulation 17 of SEBI (LODR) Regulations, 2018, the annual performance evaluation of the Board, its Committees and Individual directors and Independent Directors has been carried out during the year under review.

The Nomination and Remuneration Committee has carried out the annual evaluation of Individual Directors of the Company; and the Board of Directors has carried out the annual evaluation of the performance of the Board and its Committees and Independent Directors. Further, Independent Directors also reviewed the performance of the Non-Independent Director and Board as a Whole and performance of the Chairman. The evaluation sheet for evaluation of Board, committees and Directors/ Chairman were circulated to the respective meetings of the Board, Nomination and remuneration Committee and Independent Directors Separate Meeting.

The performance of the Board is evaluated based on composition of the Board, its committees, performance of duties and obligations, governance issues etc. The performance of the committees is evaluated based on adequacy of terms of reference of the Committee, fulfilment of key responsibilities, frequency and effectiveness of meetings etc. The performance of individual Directors and Chairman was also carried out in terms of adherence to code of conduct, participation in board meetings, implementing corporate governance practices etc.

The Independent Directors are evaluated based on their participation and contribution, commitment, effective deployment of knowledge and expertise, effective management of relationship with stakeholders, integrity and maintenance of confidentiality and independence of behaviour and judgement.

In pursuant to Regulation 17(10) of the SEBI (LODR) Regulations, 2015, the evaluation of Independent Directors was done by the entire Board of Directors which includes:

Performance of the Directors and Fulfillment of the Independence criteria as specified in the regulations and their independence from the management. The manner in which the evaluation was carried out is provided in the Corporate Governance Report, which is part of this Annual Report.

STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER SUB-SECTION (6) OF SECTION 149:

The Company has received declarations from all the Independent Directors of the Company that they meet with the criteria of independence as prescribed under sub- section (6) of Section 149 of the Companies Act, 2013 alongwith in compliance in Rule 6(1) and (3) of Companies (Appointment and Qualifications of Directors) Rules, 2014 as amended from time to time and Regulation 16(1)(b) of the SEBI (LODR) Regulations, 2015 and there has been no change in the circumstances which may affect their status as independent director during the year and they have complied with the code of conduct for Independent Directors prescribed in Schedule IV of the Companies Act, 2013.

In the opinion of the Board, all the Independent Directors possess requisite qualifications, experience, expertise including the Proficiency and hold high standards of integrity for the purpose of Rule 8(5)(iiia) of the Companies (Accounts) Rules, 2014.

During the year under review, the non-executive directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees, paid to them for the purpose of attending meetings of the Board / Committee of the Company.

FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS:

The Independent Directors have been updated with their roles, rights and responsibilities in the Company by specifying them in their appointment letter alongwith necessary documents, reports and internal policies to enable them to familiarize with the Companys Procedures and practices. The Company has through presentations at regular intervals, familiarized and updated the Independent Directors with the strategy, operations and functions of the Company and Agricultural Industry as a Whole and business model. The details of such familiarization programmes imparted to Independent Directors can be accessed on the website of the Company at https://groupmangalam.com/wp-content/uploads/2026i04/FamNiaNzation-Programme_-28.04.2026.pdf.

POLICY ON DIRECTORS0APPOINTMENT AND REMUNERATION:

The Board has, on the recommendation of the Nomination & Remuneration Committee, formulated a policy on appointment and remuneration of Directors, Key Managerial personnel and Senior Management personnel, including the criteria for determining qualifications, positive attributes, independence of a director and other matters, as required under sub-section (3) of Section 178 of the Companies Act, 2013. The Nomination and Remuneration Policy is outlined in the Corporate Governance Report which is a Part of this Report. The detailed Policy is placed on the website of the Company at https://groupmangalam.com/wp-content/ uploads/2023/35/7.-NOMINATION-AND-REMUNERATION-POLICY.pdf.

DIRECTORS0RESPONSIBILITY STATEMENT:

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Clause (c) of Sub-Section (3) of Section 134 of the Companies Act, 2013, which states thatffl

(a) in the preparation of the Annual Accounts, the applicable Accounting Standards have been followed and that no material departures have been made from the same;

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

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

(e) the Directors have laid down Internal Financial Controls to be followed by the Company and that such Internal Financial Controls are adequate and were operating effectively; and the Directors have devised proper systems to ensure compliance with the provisions of all applicable Laws and that such systems were adequate and operating effectively.

AUDITORS:

STATUTORY AUDITORS:

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and rules thereof, M/s. Keyur Shah & Co., Chartered Accountants, (Firm Registration No. 141173W) Ahmedabad was appointed as Statutory Auditors of the Company at the 13th Annual General Meeting of the Company held on August 24, 2023 for a period of five years from the conclusion of the 13th Annual General Meeting till the conclusion of 18th Annual General Meeting to be held in the financial year 2027-28.

The Notes forming part of the financial statements referred in the Auditors Report are self-explanatory and therefore do not call for any comments under Section 134 of the Companies Act, 2013. The report given by the Statutory Auditors on the financial statements of the Company is a part of this Annual Report. There were no qualifications, reservations, and adverse remark or Disclaimer given by the Statutory Auditors in their Report.

Reporting of frauds by Auditors:

During the year under review, the Auditors have not reported to the Audit Committee or the Board, under Section 143 (12) of the Act, any instances of fraud committed against the Company by its officers or employees, the details of which would be required to be mentioned in the DirectorsS Report.

COST AUDITORS:

The Company is required to maintain cost records as specified by the Central Government as per Section 148(1) of the Act and the rules framed thereunder and accordingly, the Company has made and maintained such cost accounts and records. For the financial year 2025-26, the Board of Directors on the recommendation of the Audit Committee, appointed M/s. V. M. Patel & Associates, Cost Accountants, as the Cost Auditors of the Company. The Cost Audit Report for the financial year ended March 31, 2025 (FY. 2024-25) was filed with the Central Government.

In terms of Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, based on the recommendations of the Audit Committee, the Board of Directors appointed M/s. V. M. Patel & Associates, Cost Accountants, (Firm Registration No.: 101519), being eligible, to conduct Cost Audit relating to the business of the Company for the year ending March 31, 2026. M/s. V. M. Patel & Associates, Cost Accountants, have confirmed that they are free from disqualification specified under Section 141(3) and proviso to Section 148(3) read with Section 141(4) of the Act and that their appointment meets the requirements of Section 141(3)(g) of the Act. They have further confirmed their independent status and an arms length relationship with the Company. The remuneration payable to the Cost Auditors is required to be placed before the Members in a General Meeting for their ratification. Accordingly, a resolution for ratification of remuneration payable to M/s. V. M. Patel & Associates, Cost Accountants is included in the Notice of the 16th AGM forming part of this Annual Report.

SECRETARIAL AUDITOR AND THEIR REPORTS:

The Company has appointed M/s. RPSS & Co. Practicing Company Secretaries, Ahmedabad to conduct the Secretarial Audit of the Company for the financial year 2025-26, as required under Section 204 of the Companies Act, 2013 and Rules thereunder. The Secretarial Audit Report in Form No. MR-3 for the financial year 2025-26 is annexed to this report as an Annexure EAUI to this Boards Report.

The Annual Secretarial Compliance Report for the financial year ended March 31, 2026 issued by M/s. RPSS & Co., through their Partner Mr. Rajesh Parekh , in relation to compliance of all applicable SEBI Regulations/Circulars/ Guidelines issued thereunder, pursuant to requirement of Regulation 24A of the Listing Regulations read with Circular no. CIR/ CFD/CMD1/27/2019 dated 8th February, 2019 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force) is annexed to this report as an Annexure GA1S The Secretarial Compliance Report has been voluntarily disclosed as a part of Annual Report as good disclosure practice.

APPOINTMENT OF SECRETARIAL AUDITORS:

In terms of Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has appointed RPSS & Co., Company Secretaries a firm of Company Secretaries in Practice, (Firm Registration No.- P2019GJ076200 and Peer review No. 3804/2023) ) as the Secretarial Auditors of the Company to hold office for a period of 5 (Five) consecutive years to hold office from Financial Year 2025-26 upto Financial Year 2029-30, on such remuneration, as recommended by the Audit Committee and as may be mutually agreed between the Board of Directors of the Company and the Secretarial Auditors from time to time.

ANNUAL RETURN:

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return in Form MGT-7 is available on the Companys website on https://groupmangalam.com/annual-return-mgt-7/.

PARTICULARS OF EMPLOYEES:

The information required pursuant to Section 197 of Companies Act, 2013 read with Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is annexed as Annexure EB" to this report.

Further, Executive Director and/or Managing Directors have not received any remuneration or commission from any of subsidiary of the Company for the financial year under review. Further, the Company does not have any Holding Company. As such, disclosure regarding receipt of the remuneration or commission by the Managing Director(s)/ Whole Time Director from the subsidiary of the Company under provisions of Section 197(14) of the Companies Act, 2013 is not required.

SUBSIDIARIES, ASSOCIATE AND JOINT VENTURE COMPANIES AND LLP:

As on March 31, 2026, the Company has following subsidiaries:

SR. No. Name of the Subsidiary	Date of Creation of Interest	Location	Nature of Interest	Nature of Business
1. Mangalam Global (Singapore) Pte Ltd	October 19, 2018	Singapore	Wholly Owned Subsidiary	The Main Business is to carry on wholesale trade of variety of goods without a dominant product.
2. MGEL Multicomm Private Limited	January 3, 2025	India	Wholly Owned Subsidiary	The main Business are to provide prompt solutions in India and abroad as traders, distributors, dealers, agent, processors, exporters, importers, consultants, brokers, indenters, stockist, sellers, buyers, marketers, business associates of various types of agriculture products, commodities, goods, things, articles, including metals and metals products, chemical and chemicals products, textile, cotton and textile products, Paper & paper products, Publishing and printing, Timber products, Plastics and plastic products, Footwear, Marble, Granites, Cement, and ceramic Tiles, Pesticides, Glass & Glassware, Tyres and tubes, Fertilizers, Iron & Steel Products, Steel Pipes and Tubes, Copper, Gold, Silver, Diamonds, Precious Stones and Jewellery.
3 Mangalam Vanasya Organic Private Limited	January 22nd, 2026	India	Subsidiary	The Main Business is To carry on the business of wholesale, trading, distribution, import, export, processing, formulation, and supply of agricultural raw materials, plant-based materials, herbs, botanicals, bio-resources, natural extracts, intermediates, and derivatives thereof, whether organic or inorganic, for use in food, health, wellness, pharmaceutical, cosmetic, veterinary, feed, and allied industries; to manufacture, formulate, process, blend, synthesize, develop, refine, research, and deal in organic and inorganic chemical compounds, biochemical and phytochemical substances, mineral compounds, micronutrients, macronutrients, amino acids, enzymes, proteins, probiotics, prebiotics, functional and dietary ingredients, fortifying agents, supplements, concentrates, additives, and allied products for human, animal, agricultural, industrial, or commercial use; and to undertake research and development, quality control, standardization, packaging, labeling, marketing, and commercialization of products derived from natural, agricultural, chemical, or biological sources intended to support health, nutrition, wellness, performance, immunity, and preventive care, subject to applicable laws and regulations.
4 Mangalam Neat Everyday Private Limited	December 26th, 2025	India	Wholly Owned Subsidiary	The Main Business is to carry on the business of wholesale, trading, distribution, import, export, processing, formulation, and supply of agricultural raw materials, plant-based materials, herbs, botanicals,bio-resources, natural extracts, intermediates, and derivatives thereof, whether organic or inorganic, for use in food, health, wellness, pharmaceutical, cosmetic, veterinary, feed, and allied industries; to manufacture, formulate, process, blend, synthesize, develop, refine, research, and deal in organic and inorganic chemical compounds, biochemical and phytochemical substances, mineral compounds, micronutrients, macronutrients, amino acids, enzymes, proteins, probiotics, prebiotics, functional and dietary ingredients, fortifying agents, supplements, concentrates, additives, and allied products for human, animal, agricultural, industrial, or commercial applications; and to undertake research and development, quality control, standardization, packaging, labeling, marketing, and commercialization of products derived from natural, agricultural, chemical, or biological sources intended to support health, nutrition, wellness, performance, immunity, and preventive care, subject to applicable laws and regulations.
5 MANGALAM GLOBAL GENERAL TRADING FZE #	December 25, 2025	Dubai, UAE	Wholly Owned Subsidiary	General Trading (a) to carry on all such business within the area of the Jebel Ali Free Zone as the Jebel Ali Free Zone Authority may permit under the terms of the license issued in respect of the FZE; and
				(b) to carry on any other trade or business which can be carried on by the FZE in connection with or as ancillary to any of the business objectives mentioned in this Clause 3 or the general business of the FZE.
6 MANGALAM OLEO SPECIALITY PRODUCTS PRIVATE LIMITED	November 17th, 2025	India	Wholly Owned Subsidiary	The Main Business is to carry on the buesiness of manufacturing, processing, refining, extracting, crushing, pressing, blending, hydrogenating, deodorizing, selling, importing, exporting, distributing, and otherwise dealing in all kinds of vegetable oils, animal fats, oil seeds, oil cakes, oil meals, fatty acids, glycerine, esters, alcohols, waxes, surfactants,
				oleochemical derivatives, and oleo speciality products, including residual and derivative products such as oleostearin, palmstearin, and palmolein; to establish, acquire, operate, and maintain refineries, solvent extraction plants, processing units, and manufacturing facilities for edible, industrial, and commercial purposes; to undertake purification, filtration, preservation, packaging, storage, marketing, and distribution activities; to utilize or recycle waste and by-products for the manufacture of animal feed, fertilizers, soaps, detergents, cosmetics, lubricants, biodiesel, and other value-added products; and to engage in research, development, collaboration, technology transfer, and joint ventures in India or abroad for innovation, process improvement, and expansion in connection with the manufacture, trade, and application of oils and related products.

Note: #Yet to commence business operations

The Policy for determining Material Subsidiaries adopted by the Board pursuant to Regulation 16 of the Listing Regulations,

can be accessed on the CompanyS website at https://groupmangalam.com/wp-content/uploads/20 23/35/9.-POLICY-FOR- DETERMINING-MATERIAL-SUBSIDIARY.pdf.

Board of Directors of your Company reviewed the affairs of the Wholly owned Subsidiaries.

Further, a statement containing the salient features of the financial statements of its respective subsidiaries of the Company in the prescribed format i.e. Form AOC-1 is annexed to this Report as Annexure ECU Apart from the aforesaid subsidiaries, the Company does not have any joint venture or associate company as on March 31, 2026. .

Pursuant to the Section 136 of the Companies Act, 2013, the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited accounts in respect of Subsidiary Companies, are available on the website of the Company https://groupmangalam.com/financials/.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

The CompanyS Corporate Social Responsibility (SCSRS) initiatives and activities are aligned with the requirements prescribed under Section 135 of the Companies Act, 2013 (Sthe Acts). The Company had constituted the Corporate Social Responsibility Committee on June 25, 2021, in compliance with the applicable provisions of the Act.

During the financial year ended March 31, 2026, the Company incurred CSR expenditure of J44,06,000/- (Rupees Forty-Four Lakhs Six Thousand Only) against the prescribed CSR obligation of J44,03,490/- (Rupees Forty-Four Lakhs Three Thousand Four Hundred Ninety Only). Accordingly, the Company has spent an excess amount of J2,510/- (Rupees Two Thousand Five Hundred Ten Only) towards CSR activities, thereby ensuring compliance with the provisions of Section 135 of the Companies Act, 2013.

The CSR Activities undertaken by the Company were under the thrust areas of healthcare and Education. Your CompanyB major focus is to educate people and improve the quality of lives of people in the Communities in which it operates through VIPASNA KENDRA, a meditation centre situated at PUSHKAR, Rajasthan, AGRAWAL SEWA SAMITI for education, situated at Ahmedabad, Gujarat, FRIENDS OF TRIBALS SOCIETY situated at Ahmedabad, Gujarat, GURJAR VIPASSANA KENDRA situated at Dholka, Ahmedabad for educating people through Vipassana Meditation. Vipassana, which means to see things as they really are, it is a logical process of mental purification through self-observation. Vipassana is one of the Indians most ancient techniques of meditation. It was taught in India more than 2500 years ago as a universal remedy for universal ills. The technique of Vipassana is a simple, practical way to achieve real peace of mind and to lead happy, useful life. This technique of meditation is taught at ten days residential courses during which people learn the basics of the method and practice sufficiently to experience its beneficial results.

The Companys CSR Policy Statement and Annual Report on CSR activities undertaken during the financial year ended March 31, 2026, in accordance with Section 135 of the Act and Companies (Corporate Social Responsibility Policy) Rules, 2014 is attached at Annexure SEE to this report. CSR Policy is available on the Company!! Website at https://groupmangalam.com/wp-content/ uploads/2023/35/L-CORPORATE-SOCIAL-RESPONSIBILITY- POLICY.pdf

OCCUPATIONAL HEALTH, SAFETY AND ENVIRONMENT (OHSE):

The Company has in place a comprehensive Occupational Health, Safety and Environment (OHSE) Policy aimed at safeguarding the environment and ensuring safe and healthy working conditions for all its stakeholders. During the year under review, the Company observed key initiatives such as National Safety Week, Road Safety Week, Fire Safety Week. The Company also strengthened its training framework by introducing diverse and relevant topics, complemented by structured on-the-job training (OJT), thereby enhancing competencies and fostering a strong safety culture across the organization. Workers can report hazards and safety concerns through multiple channels. OHSE accessible to employees and workers across locations. The platform has been designed as a one-touch system for HSE reporting and management, covering areas such as unsafe acts and unsafe conditions, near-miss reporting, incident tracking, site inspections, permit to work, and related corrective and preventive action follow-up. It enables HSE data to be captured, stored, tracked, and monitored in one place, improving transparency, visibility, and timely closure of observations. Observations reported & escalated based on priority, with closure timelines generally ranging from 1 to 11 days and are reviewed and closed within the respective unit by the Unit/Plant Head.

COMPLIANCE WITH SECRETARIAL STANDARDS:

The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such systems are adequate and operating effectively. During the year under review, the Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India, New Delhi.

ADEQUACY OF INTERNAL FINANCIAL CONTROL:

The Companies Act, 2013 read with Rule 8(5)(viii) of Companies (Accounts) Rules, 2014 re-emphasizes the need for an effective Internal Financial Control system in the Company which should be adequate and shall operate effectively. The Company has devised proper system of internal financial control which is commensurate with size and nature of business. The Company has an Audit Committee headed by the independent director, inter-alia, to oversee companys financial reporting process, disclosure of financial information, and reviewing the performance of statutory and internal auditors with management. Further, the Board has also appointed M/s. Bhupendra J Shah & Associates, (FRN: 121812W) as an Internal Auditors of the Company pursuant to the provisions of Section 138 of the Companies Act, 2013.

SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:

To foster a positive workplace environment, free from harassment of any nature, we have adopted a policy on ^Prevention of Sexual HarassmentE through which we address complaints of sexual harassment at the all workplaces of the Company. Our policy assures discretion and guarantees non-retaliation to complainants. We follow a gender-neutral approach in handling complaints of sexual harassment and we are compliant with the law of the land where we operate.

We have also constituted an Internal Complaints Committee to consider and address sexual harassment complaints in accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the year under review, there were no incidences/compliant reported under said Act.

During the year under review, your Company has not received any complaint pertaining to sexual harassment.

COMPLIANCE WITH MATERNITY BENEFIT PROVISIONS

The Company is in compliance with the applicable provisions relating to maternity benefits under the Code on Social Security, 2020 (which subsumes the provisions of the erstwhile Maternity Benefit Act, 1961), to the extent applicable. During the financial year, one eligible employee availed maternity benefits in accordance with the applicable provisions of law, and the Company duly extended all statutory benefits and entitlements.

CORPORATE GOVERNANCE:

The Corporate Governance Report forms an integral part of this Report as Annexed hereto as Annexure 0G0 and Certificate from the Practicing Company Secretary regarding compliance of condition of corporate governance, as stipulated under SEBI (LODR) Regulations, 2015 is forming a part of this Annual Report. A Certificate of CFO of the Company in terms of the SEBI (LODR) Regulations, 2015, inter-alia, confirming the correctness of the financial statements and cash flow statements, adequacy of the internal control measures and reporting of matters to the Audit Committee, is also annexed as Annexure 00 to report on Corporate Governance.

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

In accordance with the Listing Regulations, a certificate has been received from M/s. RPSS & Co. Practicing Company Secretaries, that none of the Directors on the Board of the Company has been disqualified to act as Director. The same is annexed herewith as Annexure 00.

MANAGEMENTS DISCUSSION AND ANALYSIS (MDA):

Pursuant to Regulation 34(2)(e) read with part B of Schedule V of the SEBI (LODR) Regulations, 2015, Management Discussion and Analysis Report is forming the part of this Annual Report.

DEPOSITS:

The Company has not accepted any deposit from the public within the meaning of Chapter V of the Companies Act 2013 and rules there under. Further, details of monies accepted by the Company if any, from Directors have been disclosed in the notes attached to and forming part of the Financial Statements of the Company prepared for the Financial Year ended March 31, 2026.

CASH FLOW STATEMENT:

As required under the applicable provisions of the Act and Listing Regulations, a Cash Flow Statement is attached to the Balance Sheet.

PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS & SECURITY:

The particulars of Loans, Guarantees, Investments and Security covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements which is a part of this Annual Report.

CONTRACTS / ARRANGEMENTS WITH RELATED PARTY TRANSACTIONS

The Company has established a robust governance framework for Related Party Transactions (RPTs) in line with industry best practices, the provisions of the Act, and Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Company has established a robust governance framework for Related Party Transactions (RPTs) in line with industry best practices, the provisions of the Act, and Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The necessary details for each of the RPTs as applicable along with the justification are provided to the Audit Committee as per Industry Standard on [Minimum information to be provided for review of the audit committee

All the Related Party Transactions entered into during the financial year were on an ArmS Length basis and in the Ordinary Course of Business. There were no material significant Related Party Transactions with Promoters, Directors, Key Managerial Personnel (KMP) and other related parties which may have a potential conflict with the interest of the Company at large, were entered during the year by your Company. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3)(h) read with Section 188 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014 of the Companies Act, 2013, The same is mentioned in Form AOC-2 as annexed in Annexure ED0.

Further, prior omnibus approval of the Audit Committee is obtained on yearly basis for the transactions which are of a foreseen and repetitive nature. The transactions entered into pursuant to the omnibus approval so granted were placed before the Audit Committee and the Board of Directors for their approval on quarterly basis.

The details of the related party transactions for the financial year 2025-26 is given in notes of the financial statements which is forming part of Annual Report.

The Policy on Related Party Transactions as approved by the Board of Directors is available on the website of the Company at https://groupmangalam.com/wp-content/uploads/2025/12/11.-RELATED-PARTY-TRANSACTION-POLICY.pdf

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION OF THE COMPANY:

There are no material changes and commitments, affecting the financial position of your company which has occurred between the end of financial year of the Company i.e. March 31, 2026 and the date of Directors Report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHNAGE EARNINGS AND OUTGO:

The information on conservation of energy technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of The Companies (Accounts) Rules, 2014 as amended from time to time is annexed to this Report as Annexure EF0.

WHISTLE BLOWER POLICY/VIGIL MECHANISM:

The Company has established a whistle blower policy/ vigil mechanism in compliance with the provision of Section 177(10) of the Companies Act, 2013 and Regulation 22 of the SEBI (LODR) Regulations, 2015 for the genuine concerns expressed by the employees and Directors about the unethical behaviour, actual or suspected fraud or violation of the Company!! Code of Conduct. The Company provides adequate safeguards against victimization of employees and Directors who express their concerns. The Company has also provided direct access to the Chairman of the Audit Committee on reporting issues concerning the interests of employees and the Company. The Board has approved the policy for vigil mechanism which is available on the website of the Company at https://groupmangalam.com/wp-content/uploads/2023/35/13.-WHISTLE-BLOWER-POLICY.pdf

DIVERSITY AND INCLUSION:

Diversity and inclusion in the workplace play a pivotal role in fostering innovation by harnessing a broad spectrum of perspectives, experiences, and ideas contributed by employees across diverse age groups, genders, and cultural backgrounds. The Company remains committed to cultivating an inclusive work environment that values differences and promotes equal opportunities for all.

Women empowerment continues to be a key focus area for the Company, and sustained efforts are being made to promote gender diversity, leadership development, and an inclusive ecosystem that enables every individual to thrive. To reinforce this commitment, the Company has conducted a series of sensitization and awareness initiatives aimed at fostering an open, respectful, and collaborative workplace culture. In celebration of International Womens Day, the Company organized various programs and engagement activities to recognize and highlight the significant contributions of women in driving key business operations.

RISK MANAGEMENT:

A well-defined risk management mechanism covering the risk mapping and trend analysis risk exposure potential impact and risk mitigation process is in place. The objective of the mechanism is to minimize the impact of risks identified and taking advance actions to mitigate it. The mechanism works on the principles of probability of occurrence and impact if triggered. A detailed exercise is being carried out to identify evaluate monitor and manage both business and non-business risks. During the year under review, the Management reviewed the risk management and minimization procedure adopted by the Company covering the business operations of the Company.

SIGNIFICANT AND MATERIAL ORDERS:

No significant or material orders were passed by Regulators or Courts or Tribunals which impact or influence the Companys going concern status and/ or its future operations.

PROCEEDINGS INITIATED/PENDING AGAINST YOUR COMPANY UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016:

There are no proceedings initiated/ pending against your Company under the Insolvency and Bankruptcy Code, 2016 which materially impact the Business of the Company.

WEBSITE:

As per Regulation 46 of SEBI (LODR) Regulations, 2015, the Company has maintained a functional website namely https:// groupmangalam.com/ containing basic information about the Company. The website of the Company is also containing information like Policies, Shareholding Pattern, Financial Results and information of the designated officials of the Company who are responsible for assisting and handling investor grievances for the benefit of all stakeholders of the Company, etc.

DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF.

During the financial year under review, no one-time settlement was entered into with any bank or financial institution. Accordingly, the disclosure requirement under Rule 8(5)(xii) of the Companies (Accounts) Rules, 2014 is not applicable.

APPRECIATIONS AND ACKNOWLEDGEMENT:

Your directors would like to express their appreciation for the assistance and co-operation received from the Companys customers, vendors, bankers, auditors, investors and Government bodies during the year under review. Your Directors place on record their appreciation of the contributions made by employees at all levels. Your Companys consistent growth was made possible by their hard work, solidarity, co-operation and support.

Registered office:	For and on behalf of Board of Directors
101, Mangalam Corporate House,	Mangalam Global Enterprise Limited
42, Shrimali Society, Netaji Marg,
Mithakhali, Ahmedabd-380009,
Gujarat, India.
	Chanakya Prakash Mangal
Date : June 26, 2026	Managing Director
Place : Ahmedabad	DIN: 06714256