Milestone Global Ltd Directors Report

To the Members,

1. Your Directors take pleasure in presenting the 36th Annual Report of the Company together with the Audited Standalone and Consolidated Financial Statements for the financial year ended 31st March 2026.

2. THE FINANCIAL SUMMARY OR HIGHLIGHTS

(Rs. In Lakhs)

	Year Ended 31-03-2026	Year Ended 31-03-2025	Year Ended 31-03-2026	Year Ended 31-03-2025
	Standalone		Consolidated
Income from operations	1204.16	1220.32	1396.87	1230.72
Other income	46.18	29.60	46.31	29.60
Total	1250.34	1249.92	1443.18	1260.32
Total Expenditure	1212.93	1211.21	1350.69	1230.38
Profit/(Loss) before Tax	37.41	38.71	92.49	29.94
Provision for Taxation	9.77	10.43	17.20	10.43
Profit/(Loss) after Tax	27.64	28.28	75.29	19.51
Earning per Share
- Basic	0.55	0.56	1.33	0.39
- Diluted	0.55	0.56	1.33	0.39

3. THE STATE OF THE COMPANYS AFFAIRS:

During the financial year under review, the Company recorded total standalone revenue of Rs. 1250.34 lakhs as against Rs. 1,249.92 lakhs during the previous financial year.

The Profit Before Tax on a standalone basis stood at Rs.37.41 lakhs as compared to Rs. 38.71 lakhs in the previous year. The Profit After Tax for the year amounted to Rs. 27.64 lakhs as against Rs. 28.28 lakhs in the previous year.

The Board continuously reviews the operational and financial performance of the Company and remains focused on enhancing stakeholder value through prudent financial management, operational efficiencies and strategic business initiatives.

4. DIVIDEND AND TRANSFER TO RESERVES:

Your directors have not recommended any dividend on the Equity Shares of the Company for the financial year ended 31st March, 2026.

Accordingly, no amount is proposed to be transferred to the General Reserve.

5. MATERIAL CHANGES AND COMMITMENTS, IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENT RELATE AND THE DATE OF THE REPORT:

No Material changes and commitments affecting the financial position of the Company has occurred between the end of the financial year of the company to which the financial statement relate and the date of the report.

6. THE CHANGE IN THE NATURE OF BUSINESS:

During the financial year under review, there was no change in the nature of business of the Company.

7. DIRECTORS OR KEY MANAGERIAL PERSONNEL:

DIRECTORS:

In accordance with the provisions of Section 152 of the Companies Act, 2013 and the Articles of Association of the Company, Mr. Syed Fiyaz Ahmed, Director (Whole Time Director) of the Company, retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

During the financial year under review, the Board of Directors, based on the recommendation of the Nomination and Remuneration Committee and subject to the approval of the Members of the Company at the ensuing General Meeting, approved the reappointment of Mr. Somendra Kumar Agarwal and Mr. Tek Chand Bhardwaj as Independent Directors of the Company for a second term of five consecutive years, in accordance with the provisions of Sections 149, 150 and 152 read with Schedule IV and other applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The term of Ms. Alka Agarwal as Whole Time Director is also going to expire next year on 5^th January 2027. Considering her rich experience, leadership abilities, in-depth knowledge of the Companys business operations and significant contribution towards the growth and development of the Company, the Board of Directors (based on the recommendation of the Nomination and Remuneration Committee), at its meeting held on 23^rd May, 2026, approved, subject to the approval of the Members, the reappointment of Ms. Alka Agarwal as the Whole-time Director of the Company for a further period of five years commencing from 6th January, 2027 up to 5th January, 2032, liable to retire by rotation.

The approval of shareholders is being sought in the ensuing Annual General Meeting, w.r.t. the abovementioned re-appointment of Independent Directors and for the re-appointment of Ms. Alka Agarwal as Whole Time Director.

KEY MANAGERIAL PERSONNEL:

There was no change in Key Managerial Personnel during the year under review.

8. MEETINGS OF THE BOARD OF DIRECTORS:

The Board has met 4 times during the financial year under review on 24^th May 2025, 8^th August, 2025, 14^th November, 2025 and 7^th February, 2026.

The gap between any two meetings did not exceed one hundred and twenty days as prescribed under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

9. SUBSIDIARIES, JOINT VENTURES:

As on 31st March 2026, the Company had the following subsidiaries:

(i) Milestone Global (UK) Limited, United Kingdom;

(ii) Milestone Imports Inc., USA.

During the year under review, the Board reviewed the affairs of the subsidiaries

Pursuant to Section 129(3) of the Companies Act, 2013, the Consolidated Financial Statements of the Company together with its subsidiaries form part of this Annual Report.

The statement containing salient features of the financial statements of subsidiaries in Form AOC-1 is annexed as Annexure A. The Company did not have any associate company or joint venture during the year under review.

10. DEPOSITS

During the year under review, the Company has neither accepted nor renewed any deposits falling within the ambit of Chapter V of the Companies Act, 2013.

Accordingly, disclosures under Rule 8(5)(v) of the Companies (Accounts) Rules, 2014 are not applicable.

11. THE DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE:

No significant or material orders were passed by any Regulators, Courts or Tribunals impacting the going concern status of the Company or its future operations during the financial year under review.

12. THE DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:

The Company has in place adequate internal financial controls commensurate with the size, scale and complexity of its operations.

The internal financial controls have been designed to provide reasonable assurance regarding reliability of financial reporting, preparation of financial statements and safeguarding of assets.

The Board has reviewed the effectiveness of such controls and is of the opinion that the internal financial controls with reference to the financial statements were adequate and operated effectively during the year under review.

M/s Amit Dwivedi & Associates, Chartered Accountants, Internal Auditors of the Company, periodically review the adequacy and effectiveness of internal controls.

13. DIRECTORS RESPONSIBILITY STATEMENT AS PER SECTION 134(5) OF THE COMPANIES ACT, 2013:

As required U/s 134 (5) of the Companies Act, 2013, your Directors state that:

a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; Not Applicable

b) The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year 31st March 2026 and of the profit and loss of the company for that period;

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

d) The directors had prepared the annual accounts for the period ending 31st March 2026 on a going concern basis; and

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.

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.

14. A STATEMENT INDICATING THE MANNER IN WHICH FORMAL ANNUAL EVALUATION HAS BEEN MADE BY THE BOARD OF ITS OWN PERFORMANCE AND THAT OF ITS COMMITTEES AND INDIVIDUAL DIRECTORS [section 134 (3) (p) and Rule 8(4) of the Companies (Accounts)Rules, 2014]:

Pursuant to the provisions of the Companies Act 2013, the Board has carried out an annual performance evaluation of its own performance and that of individual Directors.

One of the Key functions of the Board is to monitor and review the Board evaluation framework. The Board works with the Nomination and Remuneration Committee to lay down the evaluation criteria for the performance of the Chairman, the Board, committees of the Board.

The Independent Directors reviewed the performance of Non-Independent Directors, the Board as a whole and the performance of the Chairperson.

The Board expressed satisfaction with the evaluation process and outcomes.

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

The Board has received the declaration from all the Independent Directors as per the requirement of Section 149(7) and pursuant to Rule 6 sub rule 3 of Companies (Appointment and Qualifications of Directors) Rules, 2014 and the Board is satisfied that all the Independent Directors meets the criterion of independence as mentioned in Section 149(6).

16. POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION:

The current policy of the Company is to have an appropriate mix of executive, non-executive and independent directors to maintain the independence of the Board and separate its functions of governance and management. As of March 31, 2026, the Board had six members, consisting of a non-executive and non-independent chairman of the Board (who is related to the Promoter), two executive directors and three independent directors. One of the independent directors of the Board is a woman. The details of Board and committee composition, areas of expertise and other details are available in the corporate governance section that forms part of this Annual Report.

Remuneration of the Executive Director is determined periodically by the Nomination and Remuneration Committee within the permissible limits under the applicable provisions of law. Non-Executive Directors paid sitting fees, if any, will be within the limits prescribed under law.

17. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:

The provisions relating to Corporate Social Responsibility under Section 135 of the Companies Act, 2013 were not applicable to the Company during the financial year under review.

Accordingly, the constitution of a Corporate Social Responsibility Committee and formulation of a CSR Policy were not required.

18. AUDITORS:

M/s P.L. Tandon & Co., Chartered Accountants (Firm Registration No. 000186C), Statutory Auditors of the Company, continue to hold office in accordance with the provisions of Section 139 of the Companies Act, 2013 up to the conclusion of the Annual General Meeting of the Company to be held for the financial year ending 31st March 2027.

The Auditors have confirmed that they continue to satisfy the eligibility criteria prescribed under Sections 139 and 141 of the Companies Act, 2013.

19. SECRETARIAL AUDIT REPORT:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, M/s. Akhilesh Singh & Associates, Practising Company Secretaries, has been appointed as the Secretarial Auditor to undertake the Secretarial Audit of the Company.

The Secretarial Audit Report in Form MR-3 forms part of this Report as Annexure B.

The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer.

20. INTERNAL AUDITOR:

Pursuant to Section 138 of the Companies Act, 2013 read with the applicable Rules made thereunder, M/s Amit Dwivedi & Associates, Chartered Accountants, continued as Internal Auditors of the Company during the financial year under review.

The Internal Auditors periodically submitted their reports to the Audit Committee, which reviewed the adequacy and effectiveness of the internal control systems and suggested improvements, wherever considered necessary.

21. EXPLANATIONS OR COMMENTS ON QUALIFICATION, RESERVATION OR ADVERSE REMARK OR DISCLAIMER MADE BY THE AUDITORS:

a) Independent Auditors Report:

The Notes forming part of the Financial Statements are self-explanatory and therefore do not call for any further explanation under Section 134(3)(f) of the Companies Act, 2013.

The Statutory Auditors Report does not contain any qualification, reservation, adverse remark or disclaimer.

During the year under review, the Statutory Auditors have not reported any fraud under Section 143(12) of the Companies Act, 2013.

b) Secretarial Audit Report:

The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer requiring explanation by the Board.

22. COST RECORDS AND COST AUDIT:

The maintenance of cost records as specified by the Central Government under Section 148(1) of the Companies Act, 2013 is not applicable to the Company in respect of its business activities.

Accordingly, the requirement of cost audit does not apply to the Company.

23. STATEMENT OF DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY:

The Company has established a comprehensive risk management framework to identify, assess, monitor and mitigate various risks associated with its business operations.

The Board periodically reviews the risk management framework and the major risks impacting the Company.

In the opinion of the Board, there are no risks which threaten the existence of the Company. The Company continues to strengthen its risk mitigation processes in line with evolving business requirements.

24. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS & OUTGO - Rule 8(3) of the Companies (Accounts) Rules,2014

The information required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is set out below:

a) Conservation of Energy

The Company continues to undertake various initiatives for conservation of energy and optimum utilisation of available resources. The manufacturing facilities operate using energy-efficient technologies and systems.

b) Technology absorption- The Company continues to evaluate and adopt suitable technological advancements and process improvements in its operations with a view to enhancing efficiency, maintaining product quality and achieving optimum utilisation of resources.

No technology was imported during the financial year under review or during the preceding three financial years.The Company did not incur any material expenditure on Research and Development during the year under review.

c) Foreign Exchange Earnings and Outgo- The Foreign Exchange earned in terms of actual inflows during the year and the Foreign Exchange outgo during the year in terms of actual outflows are as follows:

Foreign Exchange Earnings: Rs. 12,47,32,047.48/- Foreign Exchange Outgo: Rs.88,13,819.86/-

25. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013:

The Company has not given any loans or guarantees in terms of Section 186 of the Companies Act, 2013, during the financial year under review.

26. THE PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SUBSECTION (1) OF SECTION 188:

All Related Party Transactions entered into during the financial year were in the ordinary course of business and on an arms length basis.

There were no materially significant related party transactions entered into by the Company with Promoters, Directors, Key Managerial Personnel or their relatives which could have had a potential conflict with the interests of the Company.

The particulars of contracts or arrangements with related parties referred to under Section 188(1) of the Companies Act, 2013, in Form AOC-2, form part of this Report as Annexure C.

27. DISCLOSURES ABOUT CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY:

As the provisions relating to Corporate Social Responsibility were not applicable to the Company during the financial year under review, the disclosures prescribed under Section 135 of the Companies Act, 2013 are not applicable.

28. ANNUAL RETURN AS PROVIDED UNDER SUB-SECTION (3) OF SECTION 92:

Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act, 2013, the Annual Return of the Company is available on the website of the Company and can be accessed at: “http://www.milestonegloballimited.com/wp-content/uploads/2026/07/Annual-Return-2025-2026.pdf”

29. DISCLOSURE IN RESPECT OF VOTING RIGHTS NOT EXERCISED DIRECTLY BY THE EMPLOYEES IN RESPECT OF SHARES TO WHICH THE SCHEME RELATES [Section 67(3)]:

The Company has not implemented any scheme involving purchase of its shares by employees through a trust. Accordingly, the disclosure requirements under Section 67(3) of the Companies Act 2013 are not applicable.

30. THE DETAILED REASONS FOR REVISION OF SUCH FINANCIAL STATEMENT OR REPORT [Section 131(1)]:

During the financial year under review, the Company did not revise its Financial Statements or Boards Report under Section 131 of the Companies Act, 2013.

31. RE APPOINTMENT OF INDEPENDENT DIRECTORS:

During the year under review, the Board of Directors, in their meeting held on 7^th February 2026, approved the re-appointment of Mr. Somendra Kumar Agarwal and Mr. Tek Chand Bhardwaj as Non-Executive Independent Directors of the Company for a second term of 5 (five) consecutive years with effect from 13^th March 2026.

The shareholders approval for the aforesaid re-appointment shall be taken in the ensuring Annual General Meeting of the Company.

The Board is of the opinion that the Independent Directors possess requisite qualifications, integrity, expertise and experience, including proficiency as required under the Companies Act, 2013 and the Rules made thereunder.

32. THE REASONS FOR THE BOARD HAD NOT ACCEPTED ANY RECOMMENDATION OF THE AUDIT COMMITTEE [Section 177 (8)]:

During the financial year under review, there were no instances where the Board of Directors did not accept any recommendation of the Audit Committee. Accordingly, the disclosure requirement under Section 177(8) of the Companies Act, 2013 does not arise.

33. WHISTLE BLOWER POLICY/VIGIL MECHANISM:

Pursuant to the provisions of Section 177 of the Companies Act, 2013 and Regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has established a Vigil Mechanism/Whistle Blower Policy for Directors, employees and other stakeholders to report genuine concerns relating to unethical behaviour, actual or suspected fraud, violation of the Companys Code of Conduct or any other misconduct.

The Vigil Mechanism provides adequate safeguards against victimisation of persons who use such mechanism and also provides for direct access to the management of the Company in appropriate cases.

During the financial year under review, no complaint requiring disclosure under the applicable laws was received under the Vigil Mechanism.

34. DISCLOSURES PURSUANT TO SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

(i) The ratio of the remuneration of each director to the median employees remuneration

SL. No	Name	Designation	Remuneration (in Rs.)	Ratio to Median Remuneration
1.	Mr. Syed Fiyaz Ahmed	Whole Time Director	7,60,200/-	1.15:1
3.	Ms. Alka Agarwal	Whole Time Director	48,00,000/-	7.28:1

(ii) The percentage increase in remuneration of each Director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the financial year:

Name	Designation	Increase in percentage
Alka Agarwal	Whole Time Director	NIL (No change from last year)
Syed Fiyaz Ahmed	Whole Time Director	5.85%
Sunil Kumar Sharma	Chief Financial Officer	19.06%
Anita	Company Secretary	10%

(iii) The percentage increase in the median remuneration of employees in the financial year: 1.88%

(iv) The number of permanent employees on the rolls of the Company: 14

(v) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in managerial remuneration:

• Average percentage increase in salaries of employees other than managerial personnel: 9.23%

• Average percentage increase in managerial remuneration: 2.93%

The average increase in managerial remuneration during the financial year was 2.93%, as against the average increase of 9.23% in the salaries of employees other than the managerial personnel. The increase in managerial remuneration was in accordance with the terms approved by the shareholders and the recommendations of the Nomination and Remuneration Committee, having regard to the responsibilities shouldered by the managerial personnel, their performance and the remuneration policy of the Company. There were no exceptional circumstances warranting the increase in managerial remuneration.

(vi) Affirmation that the remuneration is as per the remuneration policy of the Company:

It is hereby affirmed that the remuneration paid during the financial year is in accordance with the remuneration policy of the Company.

35. DETAILS OF DIRECTORS WHO IS IN RECEIPT OF ANY COMMISSION FROM THE COMPANY AND WHO IS A MANAGING OR WHOLE-TIME DIRECTOR OF THE COMPANY [Section 197(14)]:

None of the Director is getting commission from the Company so this is not applicable to the Company.

36. UNDER THE HEADING “CORPORATE GOVERNANCE” [Schedule V Part II Section II-point IV]:

As required by SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015, a separate section on Report on corporate governance practices followed by the Company, together with certificate from the Companys Auditors confirming compliance is attached. Pursuant to Regulation 34 read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a separate Report on Corporate Governance together with the requisite certificate from the Practising Company Secretary confirming compliance with the conditions of Corporate Governance forms an integral part of this Annual Report.

The Company remains committed to maintaining the highest standards of corporate governance and ethical business practices.

37. THE ISSUE OF EQUITY SHARES WITH DIFFERENTIAL RIGHTS WAS COMPLETED [Rule 4 of the Companies (Share Capital and Debentures) Rules, 2014]:

During the financial year under review, the Company did not issue any equity shares with differential rights as to dividend, voting or otherwise.

Accordingly, the disclosure requirements under Rule 4(4) of the Companies (Share Capital and Debentures) Rules, 2014 are not applicable.

38. THE VOTING RIGHTS ARE NOT EXERCISED DIRECTLY BY THE EMPLOYEES IN RESPECT OF SHARES TO WHICH THE SCHEME RELATES:

The Company has not formulated any scheme providing for issue of shares to employees through a trust where voting rights are not exercised directly by employees.

Accordingly, the disclosure requirements in this regard are not applicable to the Company.

39. DETAILS OF ISSUE OF SWEAT EQUITY SHARES [Rule 8(13) of the Companies (Share Capital and Debentures) Rules, 2014]:

During the financial year under review, the Company did not issue any Sweat Equity Shares.

Accordingly, the disclosure requirements under Rule 8(13) of the Companies (Share Capital and Debentures) Rules, 2014 are not applicable.

40. DETAILS OF EMPLOYEES STOCK OPTION SCHEME [Rule 12 (9) of the Companies (Share Capital and Debentures) Rules, 2014]:

The Company has not implemented any Employee Stock Option Scheme (ESOS) during the financial year under review.

Accordingly, the disclosure requirements under Rule 12(9) of the Companies (Share Capital and Debentures) Rules, 2014 are not applicable.

41. PARTICULARS OF EMPLOYEES UNDER RULE 5(2)(ii) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014:

None of the employees of the Company was in receipt of remuneration in excess of that drawn by the Managing Director/Whole- time Director and holding, either individually or together with his/her spouse and dependent children, not less than two per cent of the equity shares of the Company during the financial year. Accordingly, the disclosure required under Rule 5(2)(iii) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is not applicable.

42. DISCLOSURE IN RELATION TO SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE:

The Company is committed to providing and maintaining a safe, secure and conducive work environment free from sexual harassment and discrimination.

The Company does not have much of women workforce. However, the Company has taken adequate measures to ensure safety of those who are there. The Company has complied with the provisions relating to the requirements under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, wherever applicable.

The status of complaints received and disposed of during the financial year under review is as follows:

S.No. Particulars
1. Number of Complaints of Sexual Harassment received in the year	NIL
2. Number of Complaints disposed off during the year	NIL
3. Number of cases pending for more than Ninety days	NIL

43. MATERNITY BENEFIT:

The Company remains committed to ensuring compliance with the provisions of the Maternity Benefit Act, 1961, as amended from time to time, and extends all applicable statutory benefits to eligible women employees. During the financial year under review, no maternity benefit claims were made or availed under the said Act.

44. OTHER DISCLOSURES AND AFFIRMATIONS:

Pursuant to the provisions of Companies (Accounts) Rules, 2014, the Company affirms that for the year ended on March 31,2026:

(a) there were no applications made or proceedings pending against the Company under the Insolvency and Bankruptcy Code, 2016 during the financial year under review;

(b) there was no instance of one-time settlement entered into by the Company with any bank or financial institution during the financial year under review;

(c) there were no significant and material orders passed by Regulators, Courts or Tribunals impacting the going concern status of the Company and its future operations, except as disclosed elsewhere in this Report;

(d) the Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India relating to meetings of the Board of Directors and General Meetings;

(e) the Company has complied with all applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

45. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Management Discussion and Analysis Report forms part of this Annual Report.

46. ANNUAL SECRETARIAL COMPLIANCE REPORT

In terms of Regulation 15(2)(a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the provisions of Regulation 24A of the said Regulations are not applicable to the Company. Accordingly, the requirement relating to obtaining and submitting the Annual Secretarial Compliance Report for the financial year ended 31st March 2026 does not apply to the Company.

ACKNOWLEDGMENTS

Your Directors wish to place on record their sincere appreciation for the continued support, trust and confidence reposed in the Company by its customers, shareholders, investors, bankers, suppliers, business associates and various Government and regulatory authorities.

The Directors also place on record their deep appreciation for the commitment, dedication and valuable contribution made by all employees at every level of the organisation, whose continued efforts have enabled the Company to achieve its objectives and sustain its operations.

The Board expresses its gratitude to all stakeholders for their continued encouragement and support and looks forward to their ongoing cooperation in the years ahead.

	For and on behalf of the Board of Directors
	Sd/-
Place: New Delhi	Alok Krishna Agarwal
Date: 31st July 2026	Chairman