Monolithisch India Ltd Directors Report

Dear Shareholders,

Your Directors have pleasure in presenting the_8th Annual Report for the financial year ended March 31, 2026 together with the Audited Standalone and Consolidated Statement of Accounts of your Company for the financial year ended March 31, 2026.

1. FINANCIAL SUMMARY:

The Companys financial performance for the financial year ended March 31, 2026:

(Amount in Lacs)

	STANDALONE		CONSOLIDATED
Particulars	Year ended March 31, 2026	Year ended March 31, 2025	Year ended March 31, 2026	Year ended March 31, 2025
Revenue from Operations	12,051.75	9,734.43	13,529.32	9,734.43
Other Income	177.47	-	169.55	-
Total Revenue	12,229.22	9,734.43	13,698.88	9,734.43
Profit/ Loss Before Tax	2,606.94	1,927.46	3087.80	1,927.30
Less: Current Tax	676.97	495.75	804.05	495.75
Deferred Tax	-10.29	-6.95	-20.14	-6.95
Income Tax earlier years	0.84	2.48	1.25	2.48
Profit For the Year	1,939.43	1,436.17	2,302.65	1,436.01

2. STATE OF AFFAIRS / HIGHLIGHTS:

1. Our Company is engaged in the business of manufacturing and supply of specialized ramming mass used as a heat insulation/ lining material, by our customers as a refractory consumable for Induction furnaces installed in iron/steel and foundry plants.

2 There has been no change in the business of the Company during the financial year ended March 31, 2026.

3. OPERATIONS AND FUTURE PROSPECTS :

Your Company backed by automation, integration and renewable energy initiatives, is well-positioned for sustained growth. The ongoing expansion is expected to establish the Company as the largest ramming mass manufacturer globally by installed capacity. The new facility in West Bengal strengthens our presence in the high-demand eastern region and is strategically positioned to capture growing market demand while supporting long-term growth. The Company is also expanding its land holdings at the Greenfield campus and has identified new project opportunities aligned with its core products, including high-value silica-based offerings.

The Companys capacity utilization stood approximately 81.5% and the Company aims to further optimize capacity utilization in FY 2026-27. Of the total capex allocation of INR 44.48 crores from IPO proceeds, INR 20.74 crores have already been deployed, with the balance of INR 23.74 crores to be utilized in a phased manner through Q1 and Q2 FY 2026-27.

- Your Company launched a product last year that has received an excellent customer response. The company expects over 60% customer migration from SGB-777 in Q1, supported by 15%–20% better lifespan and strong demand, which may aid premium pricing as we advance. The product has gained exceptional attention from customers due to its emphasis on a minimum life assurance/ warranty scheme, the first of its kind in the ramming mass market, at a premium price.

- The capacity enhancement at Mineral India Global capacity has been successfully completed and the plant is now fully operational and ready to function at an enhanced capacity of 72,000 MTPA.

- Prestigious Brand Recognition by ET Edge

Your Company has been recognised as one of Bharats Best to a Billion Brands – 2026 by ET Edge, highlighting its strong growth, scalability, and market leadership. This prestigious recognition reinforces the companys commitment to excellence, innovation, sustainable growth, and its expanding role in supporting Indias industrial development.

- Manufacturing and Operations:

The Companys manufacturing facilities are strategically located to efficiently serve customers across major industrial regions in India. Its flagship manufacturing unit at Sarbari, Purulia (West Bengal) and Ranchi (Jharkhand) is equipped with modern production infrastructure for manufacturing a comprehensive range of critical consumable silica refractory products. The business is backed by a robust and dependable supply chain, with key raw materials sourced from established domestic and international suppliers, ensuring consistent product quality and operational efficiency. The Company with its strong presence across Indias major steel-producing regions and continues to expand its market reach by strengthening relationships with existing customers while procuring new customers in India and abroad aggressively. The greenfield project is going to be one of the largest complex of silica handling which will cater to production capacity in the most sustainable way.

- Monolithisch in 3 years:

As part of our strategic roadmap, the company is actively pursuing high-value diversification. The acquired land near the greenfield project will witness development of the biggest silica processing complex. Having established its brand and operational scale in silica ramming mass, the Company will foray into: High-Purity Quartz (HPQ): HPQ is a mission-critical, import-dependent precursor for quartz crucibles, solar photovoltaic (PV) wafer manufacturing, semiconductors, and telecom optics. The Company will set up lab and pilot plant further scaling to commercial capability to produce- 4N (99.99%), 4N5 (99.995%), 5N (99.999%), eventually 5N5/6N for semiconductor/quartz- crucible applications in the timeline of 2 (Two) years approximately.

Specialty Adhesives: Expansion into polymer-modified dry-mix building materials. Graded silica sand and micro-fine quartz powder constitute 60-75 % of modern tile-fixing mortars by weight, directly linking our aggregate-processing infrastructure to the construction chemicals sector. Timeline setup by the Company to develop and begin commercial sales in 1 (One) year approximately.

Silica Bricks: This product will mark our entry into the primary steel sector and glass manufacturing sector etc. An organic forward integration into shaped refractories tailored for coke oven batteries, hot blast stoves, and float glass furnaces. This enables us to cross-sell bundled refractory linings— target product mix would be coke-oven silica bricks and Glass-furnace silica bricks—to primary steelmakers and non-ferrous smelters. The timeline set by the Company is 3 (Three) years for this product.

Product	Why	How	TAM (Global scale)
High-Purity Quartz (HPQ)	Critical import-substitution driver aligned with domestic solar cell, wafer pulling, and semiconductor fabrication investments.	Utilizes established sourcing of high-purity vein quartz and pre-sorting processes.	USD 1.2 - 1.5 Billion ( \u20b910,000 \u2013 \u20b912,500+ )
	Generates premium realizations and significantly higher operating margins than bulk mineral grades.	Incorporates advanced beneficiation upgrades: multi-stage magnetic separation, acid leaching, and contamination-free micronization.	(High-value precursor feeding into the USD 13+ Billion global quartz sector; growing at 7-8% CAGR alongside global silicon and semiconductor fab expansions)

Product	Why	How	TAM (Global scale)
Specialty Adhesives	Captures the structural migration across Indian construction from conventional on-site sand-cement mortars to engineered dry-mix adhesives.	Graded silica aggregate and fine quartz powder form the primary structural filler of adhesive formulations.	USD 4.0 - 4.5 Billion ( \u20b933,000 \u2013 \u20b937,000+ Cr ) (Part of the USD 65+ Billion global dry-mix mortar and building chemicals ecosystem; expanding at 7-8% CAGR toward USD 7+ Billion by 2032)
Silica Bricks	Will mark entry into primary steel and other sectors adjacent to silica bricks.	Leverages existing raw quartz procurement channels, primary crushing, and bulk thermal-handling infrastructure.	USD 2.2 - 2.8 Billion ( \u20b918,000 \u2013 \u20b923,000+ Cr )
	Completes our portfolio by providing shaped refractory solutions alongside existing monolithic ramming mass.	Requires investment in high-tonnage hydraulic shaping presses and high-temperature tunnel kilns to manage polymorphic phase transformations (quartz-to-cristobalite/tridymite).	(Anchor segment of the USD 32+ Billion global refractory market, driven by worldwide primary steel expansion and glass manufacturing)

4. TRANSFER_TO RESERVE:

During the financial year under review, the Companys Securities Premium Account increased by 6,672.59 Lacs (net off issue related expenses) representing the premium realized from the allotment of equity shares via the Initial Public Offer (IPO) completed on 19 June, 2025.

Additionally, the Companys net profit of _1,939.43 Lacs for the year was transferred to Reserves and Surplus under the sub-head Surplus in Statement of Profit and Loss. These combined allocations have significantly enhanced the Companys net worth, strengthened its capital adequacy framework, and built a robust financial foundation to accelerate future strategic expansion.

5. DIVIDEND:

Considering the Companys ongoing expansion and the growing scale of operations, along with the need to meet its working capital requirements, the Board of Directors do not recommend any dividend on the equity shares for the financial year 2025-26. A policy for the same will be drafted by end of this year.

6. 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 STATEMENTS RELATE AND THE DATE OF THE REPORT:

There have been no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of this report, which forms part of this report.

7. CHANGE IN NATURE OF BUSINESS:

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

8. DETAILS_ OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS, COURTS AND TRIBUNALS:

No significant and material order has been passed by the regulators, courts, tribunals impacting the going concern status and Companys operations in future._

9. MATERIAL EVENT:

UTILIZATION OF FUNDS RAISED THROUGH INITIAL PUBLIC OFFER (IPO):

During the financial year under review, the Company successfully completed its Initial Public Offer (IPO) and raised an aggregate amount of _82.02 Crore. The proceeds of the IPO are being utilized strictly in accordance with the objects stated in the Prospectus.

The Company had appointed Acuité Ratings & Research Limited as the Monitoring Agency to monitor the utilization of the proceeds raised through the Initial Public Offer (IPO). As per the Monitoring Agency Report for the half year ended 31st March, 2026 , the Company had utilized Rs. 55.40 Crore out of the total IPO proceeds of Rs. 82.02 Crore towards the objects stated in the Prospectus. The balance unutilized amount of Rs. 26.62 Crore was invested in fixed deposits with scheduled commercial banks and maintained in the designated monitoring account pending its utilization for the approved objects of the Issue. The Monitoring Agency has confirmed that no deviation has been observed in the utilization of the IPO proceeds from the objects stated in the Prospectus.

The details of the utilization of IPO proceeds as on 31st March, 2026 are as under:

	Amount	Amount	Unutilized
Particulars	Allocated	Utilized	Amount
	(Rs. in Crore)	(Rs. in Crore)	(Rs. in Crore)
Funding capital expenditure towards setting up of the Companys manufacturing facility	16.58	10.54	6.04
Investment in Metalurgica India Private Limited towards capital expenditure	27.90	10.20	17.70
Working capital requirements	20.00	20.00	Nil
General Corporate Purpose	8.34	5.46	2.88
Issue related expenses	9.20	9.20	Nil
Total	82.02	55.40	26.62

10. INDUSTRY REVIEW, FUTURE OUTLOOK AND EXPANSION PLANS:

In view of a positive demand outlook, sustained customer requirements, and consistently high utilization levels, the Board of Directors approved capacity expansion at manufacturing plants plan is as follows:

Entity	Entity Current Capacity (MTPA)	Addition (MTPA)	Updated Capacity (MTPA)
Monolithisch India Limited	132,000	1,18,000	2,50,000
Mineral India Global Private Limited	57,600	14,400	72,000
Metalurgica India Private Limited- Greenfield	-	2,52,000- 2,54,000	2,52,000- 2,54,000

Upon completion of the proposed expansion, the enhanced production capacity is expected to further strengthen the Companys market position and enable it to efficiently meet the growing demand from customers. The expansion will support the Companys objective of achieving a net installed group capacity of 576,000 MTPA by H1 FY 2026-27 , reinforcing its leadership in the unshaped refractory materials segment and positioning the Company as the largest manufacturer in terms of installed production capacity.

11. CASH FLOW STATEMENT:

As required under Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Cash Flow Statement for FY 2025-26 forms part of the Annual Report.

12. CHANGES IN CAPITAL OF THE COMPANY:

There were no Changes in the Authorized Equity Share Capital of our Company during the year.

Changes in Equity Share Capital of our Company during the year:

Date of Allotment of Equity Shares	No. of Equity Shares allotted	Face Value (Rs.)	Issue Price (including Premium if applicable (Rs.)	Consideration Cash/ Other than Cash	Nature of Allotment	Total amount raised
June 18, 2025	57,36,000	10/-	143/-	Cash	Initial public offer	82.02 (In crore)

Therefore, as on 31 st March, 2026 the total paid-up Capital of the Company is _21,73,60,000 (Twenty One Crore Seventy Three Lakhs Sixty Thousand Only.)

13. WEB LINK OF ANNUAL RETURN, IF ANY:

As required pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, the Annual Return in e-form MGT-7 for FY 2025-26 will be available on Companys website at URL https://monolithisch.com/financials-and-reports/

14. DETAILS _ OF _ SUBSIDIARY ,_ JOINT _ VENTURE _ OR _ ASSOCIATE _ COMPANIES:

Your directors are of the view that your Companys subsidiaries performed satisfactorily during the period F.Y. 2025-26. The Company has a Wholly Owned Subsidiary and a Subsidiary Company, namely Mineral India Global Private Limited and Metalurgica India Private Limited , which is engaged in the similar line of business as our Company. During the financial year 2025-26, the Company did not have any Joint Venture or Associate Company . The Company has prepared the consolidated financial statements for the year ended March 31, 2026, in accordance with the applicable provisions of the Companies Act, 2013 and relevant Accounting Standards. The salient features of the financial statements of the Subsidiary Company in Form AOC-1 are annexed herewith as ANNEXURE – I to this Report. Shareholders who wish to obtain the complete Statement of Accounts and detailed information about Subsidiary Companies may send their requests at the Registered Office of the Company. They are available for inspection electronically to the members during working hours on working days (excluding Saturday) provided that a prior request is sent at Investor.relation@monolithischindia.in and are also available on Companys website: https://monolithisch.com/ The Company recognizes the strategic importance of its subsidiary companies in strengthening its business operations and enhancing its market presence. Going forward, the subsidiaries are expected to focus on expanding their operational capabilities, exploring new business opportunities, improving efficiencies, and contributing positively to the overall growth and profitability of the Company. The Board will continue to provide necessary guidance and support to the subsidiaries to align their business strategies with the long-term objectives of the Company and maximize value for all stakeholders.

15. CONTRACTS_AND ARRANGEMENTS WITH RELATED PARTIES:

All related party transactions that were entered into during the financial year ended March 31, 2026, were on an arms length basis and were in the ordinary course of business. Therefore, the provisions of Section 188 of the Companies Act, 2013 were not attracted.

However, the disclosure of transactions with related parties for the financial year, as per Accounting Standard -18 Related Party Disclosures is given in Note no. 15 to the Notes forming part of financial statements as on March 31, 2026. Form AOC-2 is annexed herewith as ANNEXURE –II to this Report.

16. LISTING INFORMATION:

The Equity Shares of the Company are listed and admitted to dealings on the NSE EMERGE Platform of the National Stock Exchange of India Limited (NSE). The Equity Shares of the Company were listed on NSE EMERGE on 19 th June, 2025.

The International Securities Identification Number (ISIN) allotted to the Equity Shares of the Company is INE1DV401010.

The Company has paid the Annual Listing Fees to the National Stock Exchange of India Limited for the Financial Year 2026-27.

To provide efficient services to its shareholders, the Company has appointed M/s. KFin Technologies Limited, having its Registered Office at Selenium Building, Tower-B, Plot Nos. 31 & 32, Financial District, Nanakramguda, Serilingampally, Hyderabad, Rangareddy – 500 032, Telangana, India, as the Registrar and Share Transfer Agent (the RTA) of the Company for rendering services to its members / investors and for providing electronic connectivity with National Securities Depository Limited and Central Depository Services (India) Limited.

17. DIRECTORS AND KEY MANAGERIAL PERSONNEL: I. Retirement by Rotation

Pursuant to the provisions of the Companies Act, 2013, Mrs. Sharmila Tekriwal (DIN: 00884541) (Non- Executive Director) of the Company, retires by rotation at the ensuing Annual General Meeting and being eligible, offers herself for re-appointment. The information as required to be disclosed under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Listing Regulations in case of reappointment of Directors is provided in the Notice of the ensuing Annual General Meeting.

II. Appointment During the F.Y. 2025-26

There were no appointments made during the year.

III. Resignation

No resignations were made during the year.

IV. Declaration of Independent Directors

Pursuant to Section 149(7) of the Act, the Company has received declarations from all Independent Directors, confirming that they meet the criteria of independence as specified in Section 149(6) of the Act, as amended, read with Rules framed thereunder and Regulation 16(1)(b) of the SEBI Listing Regulations. In terms of Regulation 25(8) of the SEBI Listing Regulations, the Independent Directors have confirmed that they are not aware of any circumstance or situation which exists or may be reasonably anticipated that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence and that they are independent of the Management. The Independent Directors have also confirmed that they have complied with the Companys Code of Conduct and that they are registered on the databank of Independent Directors maintained by the Indian Institute of Corporate Affairs. The Directors have further confirmed that they are not debarred or disqualified from holding the office of director under any order of MCA, SEBI or other regulator. The Board of Directors of the Company has taken on record the aforesaid declaration and confirmation submitted by the Independent Directors.

V. Directors and Key Managerial Personnel

During the reporting period, the Board of the Directors is duly constituted. Following are the details of Directors of the Company as on 31st March, 2026:

Sr. no Name Of Director	Designation	Date of Appointment	Date of Cessation (If Any)
Mr. Prabhat Tekriwal	Chairman, Whole-Time Director & CFO	August 29, 2018	-
Mr. Harsh Tekriwal	Managing Director	August 29, 2018	-
Mrs. Sharmila Tekriwal	Non- Executive Director	August 29, 2018	-
Mr. Kritish Tekriwal	Executive Director	January 29, 2025	-
Mr. Satyen Sahay	Non- Executive Independent Director	December 12, 2024	-
Mr. Suman Jee	Non- Executive Independent Director	December 12, 2024	-
CS Deepa Vijay Agrawal	Company Secretary and Compliance Officer	January 28, 2025	-

The information in accordance with the provisions of section 197(12) of the Companies Act, 2013 read with Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules,2014 is annexed herewith as ANNEXURE –III to this Report.

18. MEETINGS OF BOARD OF DIRECTORS:

As required under Section 173 of the Act, the Board of Directors met 31 (Thirty-One) times during FY 2025-26, The intervening gap between any two meetings was within the period prescribed by the Act and Listing Regulations.

S. N. Date of Board Meeting	Name of the Directors who attended the Meeting
	Mr. Prabhat Tekriwal	Mrs. Sharmila Tekriwal	Mr. Harsh Tekriwal	Mr. Kritish Tekriwal	Mr. Satyen Sahay	Mr. Suman Jee
1 07.04.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
2 16.04.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
3 29.04.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
4 27.05.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
5 31.05.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
6 05.06.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
7 11.06.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
8 17.06.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
9 17.06.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
10 19.06.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
11 30.06.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
12 14.07.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
13 05.08.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
14 08.08.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
15 18.08.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
16 19.09.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
17 15.10.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
18 30.10.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
19 08.11.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
20 13.11.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
21 28.11.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
22 12.12.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
23 17.12.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
24 18.12.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
25 19.12.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
26 23.12.2025	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
27 27.01.2026	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
28 11.02.2026	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
29 04.03.2026	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
30 16.03.2026	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713
31 24.03.2026	\u2713	\u2713	\u2713	\u2713	\u2713	\u2713

The maximum interval between any two consecutive meetings of the Board did not exceed the period prescribed under the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

19. FORMAL_ ANNUAL EVALUATION OF THE PERFORMANCE OF THE BOARD, ITS COMMITTEES & OF INDIVIDUAL DIRECTORS: Pursuant to the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors has carried out an annual evaluation of its own performance, the performance of the Board Committees and that of the individual Directors.

The evaluation was conducted through a structured and comprehensive process based on a questionnaire formulated after considering inputs from the Directors. The evaluation framework covered various aspects, including the composition and effectiveness of the Board and its Committees, Board culture and dynamics, strategic guidance, participation in decision-making, discharge of fiduciary duties, governance practices and overall contribution of each Director.

The Independent Directors, at their separate meeting, reviewed the performance of the Chairman, Non-Independent Directors and the Board as a whole. The Board also reviewed the effectiveness of the Secretarial and Compliance functions of the Company.

The Directors were satisfied with the evaluation process and acknowledged that the performance evaluation mechanism is robust, transparent and contributes to the continuous improvement of the Boards effectiveness and corporate governance standards.

20. _ DETAILS IN RESPECT OF FRAUD:

Pursuant to provisions of Section 143 (12) of the Companies Act, 2013, the Statutory Auditors have not reported any incident of fraud to the Board during the financial year under review.

21. BOARDS_COMMENT_ON THE AUDITORS REPORT/ SECRETARIAL AUDIT REPORT:

The observations of the Statutory Auditors/Secretarial, when read together with the relevant notes to the accounts and accounting policies are self-explanatory and do not call for any further comment.

22. BOARD COMMITTEES:

Your Company has constituted the following Committees of the Board, as applicable under the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:

1. Audit Committee.

2. Nomination and Remuneration Committee.

3. Stakeholders Relationship Committee.

The details of the committees along with their composition are discussed below: AUDIT COMMITTEE

The present composition of Audit Committee is as follows:

Name of the Director	Status in Committee	Nature of Directorship
Satyen Sahay	Chairman	Independent Director
Suman Jee	Member	Independent Director
Sharmila Tekriwal	Member	Non- Executive Director

Your Company has constituted Audit Committee as per section 177 of the Companies Act, 2013 and Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015; the terms of reference of Audit Committee are broadly in accordance with the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies Act, 2013. The Audit Committee comprises the following Members as on 31st March, 2026. During the year under review 11 (Eleven) meeting of the Audit Committee were held as under:

S. No. Date of Meeting	Members Present
	Mrs. Sharmila Tekriwal	Mr. Suman Jee	Mr. Satyen Sahay
1 07.04.2025	\u2713	\u2713	\u2713
2 27.05.2025	\u2713	\u2713	\u2713
3 31.05.2025	\u2713	\u2713	\u2713
4 05.06.2025	\u2713	\u2713	\u2713
5 08.08.2025	\u2713	\u2713	\u2713
6 19.09.2025	\u2713	\u2713	\u2713
7 15.10.2025	\u2713	\u2713	\u2713
8 10.11.2025	\u2713	\u2713	\u2713

S. No. Date of Meeting	Members Present
	Mrs. Sharmila Tekriwal	Mr. Suman Jee	Mr. Satyen Sahay
9 12.12.2025	\u2713	\u2713	\u2713
10 27.01.2026	\u2713	\u2713	\u2713
11 14.02.2026	\u2713	\u2713	\u2713

The recommendations made by the Audit Committee during the year were accepted by the Board of Directors.

NOMINATION AND REMUNERATION COMMITTEE:

In accordance with Section 178 of the Act and the SEBI Listing Regulations, the Board has adopted a Nomination and Remuneration Policy which outlines the procedures and guidelines for the identification, evaluation, and determination of the remuneration for Directors, Key Managerial Personnel and Senior Management. It also specifies the criteria for assessing the qualifications, positive attributes, and independence of Directors, along with other matters as mandated under the Act and SEBI Listing Regulations. The detailed policy is also available on the website of the Company at https://monolithisch.com/ The Nomination and Remuneration Committee comprises of the following Members as on 31st March, 2026:

Name of the Director	Status in Committee	Nature of Directorship
Satyen Sahay	Chairman	Independent Director
Suman Jee	Member	Independent Director
Sharmila Tekriwal	Member	Non- Executive Director

During the year under review 01 (One) meeting of the Nomination and Remuneration Committee was held as under:

Sl No. Date of Meetings	Name of the Members Present
	Mrs. Sharmila Tekriwal	Mr. Suman Jee	Mr. Satyen Sahay
1 05.04.2025	\u2713	\u2713	\u2713

The Nomination and Remuneration Policy adopted by your Directors based on recommendation of NRC is available at https://monolithisch.com/wp-content/uploads/2024/12/3.-Nomination-and-Remuneration-Policy.pdf Said Policy inter-alia provides for matters concerning appointment and remuneration of Directors including criteria for determining qualifications, positive attributes, Independence of Directors and those provided in Section 178(3) of the Act.

STAKEHOLDERS RELATIONSHIP COMMITTEE:

Your Company has constituted a Stakeholders Relationship Committee in accordance with the section 178(5) of the Companies Act, 2013 and Regulation 20 of the SEBI (Listing Obligations and Disclosure Requirements Regulations, 2015, to redress complaints of the shareholders. The Stakeholders Relationship Committee comprises the following Members as on 31st March, 2026:

Name of the Director	Status in Committee	Nature of Directorship
Satyen Sahay	Chairman	Independent Director
Prabhat Tekriwal	Member	Chairman and Whole time Director
Harsh Tekriwal	Member	Managing Director

During the year under review 01 (One) meeting of the Stakeholders Relationship Committee was held as under:

Sl No. Date of Meetings	Name of the Members Present
	Mr. Harsh Tekriwal	Mr. Prabhat Tekriwal	Mr. Satyen Sahay
1 16.10.2025	\u2713	\u2713	\u2713

INTERNAL COMPLAINTS COMMITTEE (ICC) FOR PREVENTION OF SEXUAL HARASSMENT (POSH):

Name of the Member	Status in Committee	Nature of Position
Gowri Tekriwal	Presiding Officer	Human Resource Manager
Sharmila Tekriwal	Member	Non- Executive Director
Johnson Kanak Kujur	Member	Accounts Head
Prachi Narayan	External Member	External Member

During the year under review 01 (One) meeting of the Internal Complaints Committee (ICC) was held as under:

	Name of the Members Present
Sl No. Date of Meetings	Mr. Gowri Tekriwal	Mrs. Sharmila Tekriwal	Mr.Johnson Kanak Kujur	Prachi Narayan
1 27.01.2026	\u2713	\u2713	\u2713	\u2713

MEETING OF INDEPENDENT DIRECTORS

Independent Directors of the Company held their separate meeting under Regulation 25(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Schedule IV of Companies Act, 2013 on 16th October, 2025 at Corporate office of the Company at Cosy Corner, Burdwan Compound, Lalpur, Ranchi-834001, Jharkhand to evaluate their performance.

Sl No. Date of Meetings	Name of the Members Present
	Mr. Suman Jee	Mr. Satyen Sahay
1 16.10.2025	\u2713	\u2713

23. COMPLIANCE WITH SECRETARIAL STANDARDS:

During the year under review, the Company has strictly adhered to and complied with all applicable Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI) and approved by the Central Government under Section 118(10) of the Companies Act, 2013, relating to Meetings of the Board of Directors (SS-1) and General Meetings (SS-2), including any subsequent amendments thereto.

24. PARTICULARS_OF_LOANS_AND_INVESTMENT:

Pursuant to the provisions of Section 186 of the Companies Act, 2013 read with the Companies (Meetings of Board and its Powers) Rules, 2014, the particulars of loans given, guarantees provided, securities furnished and investments made by the Company during the Financial Year 2025-26 are disclosed in the Notes to the Financial Statements forming part of this Annual Report.

During the year under review, the Company granted a loan of _929 lacs (Rupees Nine Crore and Twenty Nine Lacs only)to its subsidiary, Metalurgica India Private Limited, out of the IPO proceeds, in accordance with the objects of the issue as stated in the Prospectus dated 17 June 2025 and within the limits approved by the Members under Section 186 of the Companies Act, 2013.

Further, during the Financial Year 2025-26, the Company acquired the equity shares of Mineral India Global Private Limited pursuant to the approval of the Members obtained on 8 November 2025, whereby Mineral India Global Private Limited became a Wholly Owned Subsidiary of the Company. The investment made in Mineral India Global Private Limited during the year is reflected under Non-Current Investments in the Financial Statements.

The Company continues to hold its investment in Metalurgica India Private Limited, which is a subsidiary of the Company. The details of investments and the relevant particulars of loans and investments as at 31 March 2026 are disclosed in the Notes to the Financial Statements forming part of this Annual Report.

25. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

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

26. RISK_MANAGEMENT POLICY:

Risk Management involves identifying, assessing, and prioritizing risks, followed by coordinated actions to minimize, monitor, and mitigate the impact of adverse events while maximizing strategic opportunities. The Company operates under a comprehensive Risk Assessment and Minimization Procedure, which the Board reviews periodically to ensure executive management controls risks within a well-defined framework. Key risks across business operations, project execution, financial systems, human resources, environmental impact, and statutory compliance have been identified, with robust mitigation measures actively implemented.

27. PREVENTION_OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE [POSH]:

The Company is committed to providing and maintaining a safe, secure, respectful and harassment-free workplace for all its employees and persons associated with the Company. The Company continues to foster an environment that is free from discrimination, harassment and intimidation, thereby ensuring dignity and equal opportunity for every individual at the workplace.

In compliance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH Act), the Company has in place a Policy on Prevention of Sexual Harassment at Workplace. The policy applies to all employees, including permanent, temporary, ad-hoc, contractual employees, consultants, interns and trainees, irrespective of gender, and provides a mechanism for prevention, prohibition and redressal of complaints relating to sexual harassment.

The Company has duly constituted an Internal Committee in accordance with the provisions of the POSH Act. During the year under review, the Internal Committee held its meeting on 27 January 2026 and recommended the POSH Annual Report for the Financial Year 2025-26. The said report was placed before the Board of Directors, and after due consideration, the Board approved the POSH Annual Report and resolved that the same be submitted to the District Officer in accordance with the statutory requirements.

Further, as part of the Companys ongoing commitment towards awareness and prevention, a POSH complaint box for the Mineral Group (for holding, Subsidiaries and group Companies) has been installed at the workplace to facilitate confidential reporting and to encourage employees to raise concerns, if any, without fear or hesitation.

During the Financial Year ended 31 March 2026, no complaint pertaining to sexual harassment was received or recorded by the Internal Committee.

28. INTERNAL FINANCIAL CONTROL:

The Company has in place adequate internal financial controls with reference to financial statements. During the financial year, such controls were tested and no reportable_material weakness in the design or operation was observed._

29. AUDITOR:

Statutory Auditors

Pursuant to the provisions of Sections 139, 141 and other applicable provisions of the Companies Act, 2013 (the Act), read with the Companies (Audit and Auditors) Rules, 2014, M/s P N & Company, Chartered Accountants (Firm Registration No. 016783C), were appointed as the Statutory Auditors of the Company for a term of five consecutive years from the conclusion of the 6th AGM until the conclusion of the 11th AGM of the Company to be held in the financial year 2028-29.

Further, pursuant to the provisions of Section 139 and other applicable provisions of the Act, the Members of the Company at the Extra-Ordinary General Meeting (EGM) held on 8 November 2025 approved the appointment of M/s R K Jagetiya & Co., Chartered Accountants (Firm Registration No. 146264W), Mumbai, as Joint Statutory Auditors of the Company, in addition to M/s P N & Company, for a period of one year commencing from 8 November 2025 until the conclusion of the next AGM of the Company.

The term of appointment of M/s R K Jagetiya & Co. as Joint Statutory Auditors is accordingly due to expire at the conclusion of the 8th AGM of the Company.

The Board of Directors, based on the recommendation of the Audit Committee, has proposed the appointment of M/s R K Jagetiya & Co., Chartered Accountants (Firm Registration No. 146264W), Mumbai, as Joint Statutory Auditors of the Company, in addition to the existing Statutory Auditors, M/s P N & Company, Chartered Accountants (Firm Registration No. 016783C), for a further term of three consecutive years, commencing from the conclusion of the 8th AGM and continuing until the conclusion of the 11th AGM of the Company.

The Company has received the written consent and eligibility certificate from M/s R K Jagetiya & Co. confirming that their appointment, if made, shall be in accordance with the applicable provisions of the Act and that they satisfy the criteria prescribed under Section 141 of the Act.

The Board recommends the appointment of M/s R K Jagetiya & Co., Chartered Accountants (Firm Registration No. 146264W), as Joint Statutory Auditors of the Company for a term of three consecutive years, for approval of the Members at the ensuing AGM.

The remuneration payable to the Joint Statutory Auditors shall be such as may be determined by the Board of Directors in consultation with the Joint Statutory Auditors and in accordance with the provisions of Section 142 of the Act, together with reimbursement of reasonable out-of-pocket expenses incurred in connection with the audit.

The resolution seeking approval of the Members for the appointment of M/s R K Jagetiya & Co. as Joint Statutory Auditors for the aforesaid term is set out in the Notice convening the ensuing AGM.

Cost Auditor

During the Financial Year 2025–2026, the Company was not required to get its cost records audited under the applicable provisions of the Companies Act, 2013. However, the Company was required to maintain cost records in accordance with the applicable provisions, and the same have been duly maintained by the Company during the year under review.

The Company is required to make and maintain cost record pursuant to Section 148 of the Companies Act, 2013. In terms of the provisions of Section 148 of the Companies Act, 2013, read with the Companies (Cost Records and Audit) Amendment Rules, 2014, the Board of Directors of your Company on the recommendation of the Audit Committee appointed M/S. AJAY DEEP WADHWA & ASSOCIATES , Cost Accountants, as the Cost Auditors, to conduct the Cost Audit of your Company for the Financial Year ended March 31, 2027.

The Board, on the recommendation of Audit Committee has appointed M/S. AJAY DEEP WADHWA & ASSOCIATES , Cost Accountants, as Cost Auditors of the Company for Financial Year 2026-2027 at a remuneration of Rs. 30,000 p.a. inclusive of applicable taxes and reimbursement of travel and out of pocket expenses. The Company has received consent from M/S. AJAY DEEP WADHWA & ASSOCIATES , to act as the Cost Auditor of your Company for Financial Year 2026-2027, along with the certificate confirming their eligibility. In accordance with the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, since the remuneration payable to the Cost Auditors has to be ratified by the shareholders, the Board recommends the same for approval by shareholders at the ensuing Annual General Meeting.

Secretarial Auditor

In terms of the provision of the Section 204 of the Act read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board had appointed M/S. AMAN PODDAR & COMPANY , Company Secretaries, as the Secretarial Auditor for conducting the Secretarial Audit of your Company for the Financial Year ended March 31, 2026. The report of the Secretarial Auditor is annexed to this report as ANNEXURE-V . The contents of the Secretarial Audit Report are self-explanatory and do not contain any qualification, reservation or adverse remark. There were no qualification, reservation or adverse remark or disclaimers made by the Secretarial Auditor in the Secretarial Audit Report for the Financial Year 2025-2026.

30. DIRECTORS RESPONSIBILITY STATEMENT:

The Directors would like to inform the Members that the Audited Accounts for the financial year ended March 31, 2026, are in full conformity with the requirement of the Companies Act, 2013. The Financial Accounts are audited by the Joint Statutory Auditors, M/s P.N. & Company., having FRN: 016783C and M/s. R K Jagetiya & Co., having FRN:146264W . The Directors further confirm that: -

a) In the preparation of the annual accounts for the year ended March 31, 2026 the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures 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 as at March 31, 2026 and of the profit of the Company for the year ended on that date.

c) The Directors have 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 have prepared the annual accounts on a going concern basis.

e) The Directors have established and implemented Internal Financial Controls that are adequate and 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.

31. VIGIL MECHANISM/WHISTLE-BLOWER POLICY:

The Company has established a Vigil Mechanism / Whistle Blower Policy pursuant to Section 177(9) and 177(10) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014. The Vigil Mechanism / Whistle Blower Policy provides a framework for Directors and Employees to report genuine concerns regarding:

• Unethical behaviour;

• Malpractices;

• Actual or suspected fraud;

• Violation of the Companys Code of Conduct; and

• Suspected leakage of Unpublished Price Sensitive Information (UPSI).

The Vigil Mechanism provides adequate safeguards against victimisation of persons who use the mechanism and provides for direct access to the Chairperson of the Audit Committee in appropriate or exceptional cases. The Policy is also available on the Companys website.

32. MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis Report for the year under review, as stipulated under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations), is presented in a separate section, forming part of the Annual Report.

33. DEPOSITS:

The Company has not accepted any deposits from the public falling within the ambit of Sections 73 and 76 of the Companies Act, 2013, read with the Companies (Acceptance of Deposits) Rules, 2014, during the financial year under review. However, the Company has availed loans from Directors/relatives of Directors during the year, the details of which are as follows: (in cr)

Name of Director	Loan taken during the year	Loan remaining at the end of the year
Mr. Harsh Tekriwal	18.00	3.30

34. CORPORATESOCIALRESPONSIBILITY:

The Company is committed to conducting its business in a socially, economically and environmentally responsible manner and believes that sustainable business growth goes hand in hand with the development and welfare of the communities in which it operates. The Companys Corporate Social Responsibility (CSR) initiatives are guided by the objective of creating long-term value for society and contributing towards inclusive and sustainable development.

During the Financial Year 2025-26, the provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 became applicable to the Company. Accordingly, the Company has in place a comprehensive CSR Policy, approved by the Board of Directors, which provides the framework for undertaking CSR activities in the areas specified under Schedule VII of the Companies Act, 2013. The CSR Policy is available on the website of the Company at https://monolithisch.com Since the Company is not required to constitute a Corporate Social Responsibility Committee under the applicable provisions of the Companies Act, 2013, the functions of the CSR Committee are being discharged by the Board of Directors. During the year, the Board actively reviewed, monitored and evaluated the implementation and utilisation of the CSR budget and ensured that the Companys CSR initiatives were undertaken in accordance with the approved CSR Policy and the applicable statutory provisions.

The Company undertakes and implements its Corporate Social Responsibility initiatives primarily through its Section 8 company, Mahanand Ram Atmaram Tekriwal Foundation , which has been established for carrying out charitable and social welfare activities. The Foundation serves as the implementing agency for various CSR programmes of the Company in accordance with the provisions of Section 135 of the Companies Act, 2013, the Companies (Corporate Social Responsibility Policy) Rules, 2014 and the Companys CSR Policy. During the year under review, the Company continued to focus its CSR initiatives in the areas of education, healthcare, sanitation, environmental sustainability, rural development, women empowerment and community welfare, in line with the activities specified under Schedule VII of the Companies Act, 2013. The Board also noted the receipt of a proposal dated 18th November, 2025 from Janseva Bahuuddeshly Sevabhavi Samajik Sanstha , a registered non-profit organisation, for undertaking CSR initiatives relating to education for underprivileged children, healthcare in rural areas, women empowerment and tribal welfare. The proposal was taken on record by the Board for consideration and may be evaluated for implementation at an appropriate time, in accordance with the Companys CSR Policy and applicable legal provisions.

The prescribed CSR obligation of the Company for the Financial Year 2025-26 was Rs. 25.22 Lacs . The Board is pleased to report that the Company has spent the entire prescribed CSR amount of Rs. 25.42 Lacs during the year in compliance with the provisions of Section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy) Rules, 2014. Accordingly, there was no unspent CSR amount required to be transferred to any specified fund or to the Unspent CSR Account.

The Annual Report on CSR activities containing the particulars prescribed under the Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended, forms part of this Annual Report as ANNEXURE-VI .

35. CORPORATEGOVERNANCE:

Pursuant to Regulation 15(2)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR Regulations), the corporate governance provisions specified in Regulations 17 to 27, clauses (b) to (i) and (t) of Regulation 46(2) and paragraphs C, D and E of Schedule V are not applicable to a listed entity which has listed its specified securities on the SME Exchange.

However, with effect from April 1, 2025, Regulation 23 relating to Related Party Transactions is applicable to an SME-listed entity where its paid-up equity share capital exceeds 10 crore or its net worth exceeds 25 crore, as on the last day of the previous financial year. Accordingly, the applicability of Regulation 23 to the Company shall be determined based on the aforesaid thresholds and the applicable provisions of the SEBI LODR Regulations.

Notwithstanding the exemptions available to the Company under the SEBI LODR Regulations, the Company remains committed to maintaining high standards of corporate governance based on the principles of accountability, transparency, fairness and ethical business conduct. The Company continues to comply with the applicable provisions of the Companies Act, 2013 and the SEBI LODR Regulations.

Board and Committees

The Board of Directors of the Company is responsible for overseeing the affairs of the Company and ensuring that its operations are conducted in accordance with applicable laws, regulations and the best interests of its stakeholders. The Board functions either as a full Board or through committees constituted in accordance with the applicable provisions of law.

The Board of your Company comprises six Directors, with an appropriate representation of Executive, Non-Executive and Independent Directors. The Company has two Independent Directors on its Board. There is no institutional nominee on the Board.

Details of the Directors liable to retire by rotation and their brief profiles are provided in the Notice convening the Annual General Meeting.

The Company undertakes to take all necessary steps to ensure continued compliance with the applicable requirements of the SEBI LODR Regulations and the Companies Act, 2013.

Companys Philosophy on Corporate Governance

Corporate Governance is a set of systems, principles and practices adopted to ensure that the affairs of the Company are managed with accountability, transparency, fairness and integrity, while safeguarding the interests of all stakeholders.

The Company believes that sound corporate governance practices are fundamental to achieving sustainable growth and creating long-term value for its stakeholders. The Company has always endeavoured to conduct its affairs in a responsible, transparent and ethical manner, while maintaining the highest standards of corporate conduct.

The Company is committed to adopting and adhering to sound corporate governance principles and practices and to conducting its business in a manner that promotes accountability, transparency, fairness and ethical business conduct towards its shareholders, employees, customers, business associates and society at large. The management of the Company strives to ensure adherence to applicable corporate governance principles and statutory requirements across all areas of its operations and remains committed to continuously strengthening its governance framework.

36. PROCEEDINGSPENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE,2016:

No application has been made or any proceeding is pending under the IBC, 2016.

37. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:

There is no money lying to unpaid/unclaimed dividend account pertaining to any of the previous years with the Company. As such the Company is not required to transfer such amount to the Investor Education and Protection Fund established by the Central Government pursuant to the provisions of Sections 124 and 125 of the Act, read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. Further, the provisions related to the shares in respect of which dividend has not been paid/claimed for the consecutive period of seven (7) years or more which are required to be transferred to the demat account of the IEPF Authority, are not applicable to the Company

38. DIFFERENCEIN VALUATION:

The company has never made any one-time settlement against loans obtained from banks and financial institution and hence this clause is not applicable.

39. INTERNAL AUDITOR DISCLOSURE:

Pursuant to the provisions of Section 138 of the Companies Act, 2013 read with Rule 13 of the Companies (Accounts) Rules, 2014, and in compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors, based on the recommendation of the Audit Committee, has appointed CA Riya Kumari the Internal Auditors of the Company for the Financial Year ended 31 March 2026. The Internal Auditors directly report to the Audit Committee. They conduct regular audits to evaluate the adequacy, operational efficiency, and effectiveness of the Companys internal control systems, risk management protocols, and governance processes. The Internal Audit reports, along with managements corrective action plans, are periodically reviewed by the Audit Committee to ensure sustained statutory compliance and process optimization.

40. ACKNOWLEDGMENT:

Your Directors place on record their appreciation of the contribution made by employees, consultants at all levels, who with their competence, diligence, solidarity, co-operation and support have enabled the Company to achieve the desired results.

The Board of Directors gratefully acknowledge the assistance and co-operation received from the Central and State Governments Departments, Shareholders and Stakeholders.

For and on behalf of the Board of Directors

Monolithisch India Limited

	Sd/-	Sd/-
	Prabhat Tekriwal	Harsh Tekriwal
Date: 04.09.2026	Chairman, WTD & CFO	Managing Director
Place: Purulia	DIN:00884751	DIN: 07147021