Mount Housing & Infrastructure Ltd Directors Report

FOR THE FINANCIAL YEAR ENDED MARCH 31, 2026

To the Members,

Your Directors are pleased to present the 31st Annual Report of Mount Housing and Infrastructure Limited ("the Company") together with the audited financial statements for the financial year ended March 31, 2026.

1. FINANCIAL PERFORMANCE

The financial performance of the Company for FY 2025-26, together with the corresponding figures for the previous financial year, is summarised below:

Particulars	FY 2025-26 (Rs. in lakh)	FY 2024-25 (Rs. in lakh)
Revenue from operations	1,436.33	Nil
Other income	3.76	23.88
Total Revenue	1,440.09	23.88
Total Expenses	1,420.06	108.52
Profit / (Loss) before tax	20.03	(84.64)
Current tax	Nil	Nil
Deferred tax	0.65	1.28
Profit / (Loss) after tax	19.39	(85.92)

During the year under review, the Company returned to profitability, reporting profit after tax of Rs. 19.39 lakh as against a loss of Rs. 85.92 lakh in the previous financial year.

2. STATE OF THE COMPANYS AFFAIRS / REVIEW OF BUSINESS OPERATIONS

The Company is principally engaged in real estate development, housing, construction and infrastructure activities, including identification and acquisition of land, planning, execution, construction and marketing of real estate projects.

During FY 2025-26, revenue from operations was Rs. 1,436.33 lakh and total revenue was Rs. 1,440.09 lakh. As disclosed in Note 20 to the financial statements, revenue from operations for the year has been classified as income from sale of land. Construction expenditure for the year was Rs. 1,055.00 lakh. The Company continues to focus on execution and monetisation of its real estate development opportunities, sales and collections, and prudent management of project and working-capital requirements.

During the year, the Company continued development of its residential project "Mount Galaxy - Phase I" at Maharani Avenue, Vadavalli, Coimbatore, registered with Tamil Nadu RERA under Registration No. TN/11/Building/0553/2024 dated December 4, 2024. Based on the project certificates made available to the Board, the project had achieved approximately 40% completion in respect of the scheduled development of Block B comprising Stilt + 5 Floors as at March 31, 2026. The aggregate amount collected from the project up to March 31, 2026 was approximately Rs. 6.70 crore and withdrawals from the designated project account were approximately Rs. 6.30 crore, with the utilisation certificate confirming utilisation for the project and withdrawals commensurate with the percentage of completion. The Company has a 72% developer share in the project pursuant to the development arrangement.

The Companys website describes Mount Galaxy as an ongoing residential development at Vadavalli, Coimbatore, offering residential apartment configurations and associated amenities. The Company remains focused on timely project execution and identification of suitable development opportunities in the Coimbatore real estate market.

3. DIVIDEND AND TRANSFER TO RESERVES

With a view to conserve resources for business requirements and ongoing project execution, the Board of Directors does not recommend any dividend for FY 2025-26. No amount is proposed to be transferred to the General Reserve.

4. CHANGE IN THE NATURE OF BUSINESS

There was no change in the nature of business of the Company during FY 2025-26.

5. MATERIAL CHANGES AND COMMITMENTS

Except as otherwise disclosed in this Report, there have been no material changes or commitments affecting the financial position of the Company which occurred between the end of the financial year, i.e. March 31, 2026, and the date of this Report.

6. SHARE CAPITAL

The authorised share capital of the Company as at March 31, 2026 was Rs. 6,00,00,000 divided into 60,00,000 equity shares of Rs. 10 each. The issued, subscribed and paid-up equity share capital was Rs. 3,02,87,000 divided into 30,28,700 equity shares of Rs. 10 each fully paid-up. There was no change in the paid-up equity share capital during the financial year under review.

7. LISTING OF SECURITIES

The equity shares of the Company are listed on BSE Limited. The BSE Scrip Code is 542864 and the ISIN is INE444X01014.

8. REGISTERED OFFICE

During the year under review, the Registered Office of the Company was shifted within the local limits of the City of Coimbatore from 122-I, Silver Rock Apartment, 2nd Floor, Venkatasamy Road West, R.S. Puram, Coimbatore - 641002, Tamil Nadu to No. 1175, Sungam Circle, Trichy Road, Ramanathapuram, Coimbatore - 641045, Tamil Nadu, with effect from March 5, 2026. The requisite statutory and stock exchange compliances in connection with the change were undertaken by the Company.

9. DIRECTORS AND KEY MANAGERIAL PERSONNEL

During FY 2025-26, there was no change in the composition of the Board in the capacity of Director, and the Chief Financial Officer and Company Secretary & Compliance Officer continued in office. However, the earlier executive tenures of Mr. Ramesh Chand Bafna as Managing Director and Mr. Kalpesh Bafna as Whole-Time Director had concluded on March 31, 2025 and were not formally renewed during FY 2025-26; both continued to hold office as Directors. Subsequent to the financial year, the Board, at its meeting held on September 04, 2026, approved their fresh appointments as Managing Director and Whole-Time Director, respectively, with effect from September 04, 2026, subject to approval of the Members at the ensuing AGM.

Name	Designation / Category
Mr. Ramesh Chand Bafna	Director
Mr. Kalpesh Bafna	Director
Mrs. Alka Kankani	Independent Director
Mr. Jitendra Kumar Jain	Independent Director
Mrs. Poonam Bafna	Chief Financial Officer
Mrs. Anita Kumari Chhajer	Company Secretary & Compliance Officer

In accordance with Section 152 of the Companies Act, 2013 and the Articles of Association of the Company, Mr. Kalpesh Bafna (DIN: 01490521) retires by rotation at the ensuing Annual General Meeting and, being eligible, offers himself for re-appointment. The requisite particulars are set out in the Notice convening the 31st Annual General Meeting.

10. DECLARATION BY INDEPENDENT DIRECTORS

The Company has received the requisite declarations from Mrs. Alka Kankani and Mr. Jitendra Kumar Jain under Section 149(7) of the Companies Act, 2013 confirming that they meet the criteria of independence prescribed under Section 149(6) of the Act. In the opinion of the Board, the Independent Directors possess the requisite integrity, expertise, experience and proficiency.

11. MEETINGS OF THE BOARD

During FY 2025-26, seven meetings of the Board of Directors were held on April 19, 2025, June 13, 2025, August 14, 2025, September 8, 2025, November 14, 2025, February 14, 2026 and March 5, 2026. The intervening gap between any two consecutive meetings was within the period prescribed under the Companies Act, 2013 and Secretarial Standard-1.

Name of Director	Meetings held during tenure	Meetings attended
Mr. Ramesh Chand Bafna	7	7
Mr. Kalpesh Bafna	7	7
Mrs. Alka Kankani	7	7
Mr. Jitendra Kumar Jain	7	7

12. COMMITTEES OF THE BOARD

The Board has constituted the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee in accordance with the applicable provisions of the Companies Act, 2013. The corporate governance provisions specified in Regulations 17 to 27 of the SEBI Listing Regulations are exempted to the Company in terms of Regulation 15(2), subject to continued satisfaction of the prescribed thresholds.

12.1 Audit Committee

Name	Category	Position	Meetings held	Attended
Mr. Jitendra Kumar Jain	Independent Director	Chairperson	7	7
Mrs. Alka Kankani	Independent Director	Member	7	7
Mr. Kalpesh Bafna	Director	Member	7	7

Seven meetings of the Audit Committee were held on the same dates as the Board Meetings stated above. During the year, there was no instance where the Board did not accept a recommendation of the Audit Committee.

Page 10

12.2 Nomination and Remuneration Committee

Name	Category	Position	Meetings held	Attended
Mrs. Alka Kankani	Independent Director	Chairperson	2	2
Mr. Jitendra Kumar Jain	Independent Director	Member	2	2
Mr. Ramesh Chand Bafna	Director	Member	2	2

Two meetings of the Nomination and Remuneration Committee were held on September 8, 2025 and March 5, 2026.

12.3 Stakeholders Relationship Committee

Name	Category	Position	Meetings held	Attended
Mrs. Alka Kankani	Independent Director	Chairperson	2	2
Mr. Jitendra Kumar Jain	Independent Director	Member	2	2
Mr. Kalpesh Bafna	Director	Member	2	2

Two meetings of the Stakeholders Relationship Committee were held on September 8, 2025 and March 5, 2026. There were no investor complaints outstanding at the beginning of the year, no complaints were received during the year and no complaints were pending as at March 31, 2026.

13. NOMINATION AND REMUNERATION POLICY

Pursuant to Section 178 of the Companies Act, 2013, the Company has formulated a Nomination and Remuneration Policy based on the recommendation of the Nomination and Remuneration Committee. The Policy, inter alia, lays down the criteria relating to appointment, qualifications, positive attributes, independence and remuneration of Directors, Key Managerial Personnel, Senior Management and other employees, as applicable. The Policy is available on the website of the Company.

14. ANNUAL PERFORMANCE EVALUATION

The Company has in place a framework for evaluating the performance of the Board, its committees and individual Directors. During the financial year under review, the performance evaluation exercise was undertaken; however, as observed by the Secretarial Auditor in the Annual Secretarial Compliance Report, the evaluation exercise was completed only to a certain extent, and the entire formal evaluation process could not be completed during the year.

The Board has taken note of the observation and has initiated appropriate steps to ensure comprehensive completion and documentation of the annual performance evaluation process in accordance with the applicable requirements going forward.

15. CORPORATE GOVERNANCE

Based on the paid-up equity share capital and net worth of the Company, the corporate governance provisions specified in Regulations 17 to 27 and the corresponding requirements under Regulation 46 and Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), to the extent specified in Regulation 15(2), were not applicable to the Company during FY 2025-26. Accordingly, Regulation 24A is also not mandatorily applicable to the Company so long as the exemption under Regulation 15(2) continues to apply.

Notwithstanding the above exemption, the Company has constituted Board-level committees under the applicable provisions of the Companies Act, 2013 and continues to follow appropriate governance and disclosure practices.

16. CODE OF CONDUCT

The Company has adopted a Code of Conduct for the members of the Board of Directors and Senior Management Personnel. The requisite affirmations regarding compliance with the Code of Conduct were received for the financial year under review.

17. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013, the Directors confirm that:

1. in the preparation of the annual accounts for FY 2025-26, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any;2. 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 as at March 31, 2026 and of the profit of the Company for the year ended on that date;3. the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;4. the Directors had prepared the annual accounts on a going concern basis;5. the Directors had laid down internal financial controls to be followed by the Company and such internal financial controls were adequate and operating effectively; and

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

18. INTERNAL FINANCIAL CONTROLS AND INTERNAL CONTROL SYSTEMS

The Company has in place internal financial controls with reference to the financial statements commensurate with the size and nature of its operations. The Statutory Auditors have opined that the Company had, in all material respects, adequate internal financial controls with reference to the standalone financial statements and that such controls were operating effectively as on March 31, 2026.

The internal control systems are designed to provide reasonable assurance regarding orderly conduct of business, safeguarding of assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records and timely preparation of reliable financial information.

19. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

The Company did not have any subsidiary, joint venture or associate company during FY 25-26.

20. DEPOSITS

The Company has not accepted or renewed any deposits within the meaning of Sections 73 to 76 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 during the year. There were no deposits remaining unpaid or unclaimed as at March 31, 2026.

21. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

During FY 2025-26, the Company did not give any loan or guarantee, provide any security or make any investment covered under Section 186 of the Companies Act, 2013. The financial statements also state that the Company had no investments as at March 31, 2026.

22. RELATED PARTY TRANSACTIONS

All related party transactions entered into by the Company during the financial year under review were placed before the Audit Committee for prior approval/review, as applicable, and before the Board wherever required under the Companies Act, 2013.

The related party transactions entered into during the year were in the ordinary course of business and on an arms-length basis. The interested Directors disclosed their interest and abstained from participation in the discussions and voting on the relevant transactions, wherever applicable. The particulars of related party transactions are disclosed in the Notes to the Financial Statements in accordance with the applicable Indian Accounting Standards.

23. CORPORATE SOCIAL RESPONSIBILITY

The provisions of Section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility were not applicable to the Company during FY 2025-26, having regard to the prescribed thresholds.

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

The particulars required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 are as follows:

1. Conservation of Energy: The nature of the Companys real estate activities is not energy intensive. The Company nevertheless continues to take reasonable measures to conserve energy wherever practicable.

2. Technology Absorption: There was no material technology absorption during the year requiring specific disclosure.

3. Foreign Exchange Earnings and Outgo: There were no material foreign exchange earnings or outgo during the financial year under review.

25. RISK MANAGEMENT

The Company has processes for identification, assessment and monitoring of material business risks. Key risks include market and demand risk, project execution risk, regulatory and approval risk, liquidity and financing risk, customer and collection risk, input-cost escalation and general economic risks. The Board and management periodically review material risks and take appropriate mitigation measures having regard to the size and nature of the Companys operations.

26. VIGIL MECHANISM/WHISTLE BLOWER

The Company has established a Vigil Mechanism / Whistle Blower framework in accordance with the applicable provisions of the Companies Act, 2013. No whistle-blower complaint was received during FY 2025-26.

27. ANNUAL RETURN

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 Investors section of the Companys website at www.mounthousing.com/investors.

28. STATUTORY AUDITORS AND AUDITORS REPORT

M/s. Raja & Raman, Chartered Accountants (Firm Registration No. 003382S), are the Statutory Auditors of the Company. The Statutory Auditors have issued an unmodified opinion on the financial statements for FY 2025-26.

The Auditors Report does not contain any qualification, reservation, adverse remark or disclaimer requiring explanation by the Board. During the year, no fraud by or on the Company was reported by the Statutory Auditors under Section 143(12) of the Companies Act, 2013.

29. SECRETARIAL AUDITOR AND SECRETARIAL AUDIT

Pursuant to Section 204 of the Companies Act, 2013 and the applicable rules, the Secretarial Audit for FY 2025-26 was conducted by Ms. Monalisa Datta, Practising Company Secretary (FCS 10040, CP 13580; Peer Review No. 3438/2023). The Secretarial Audit Report in Form MR-3 is annexed to this Report as Annexure II.

The Annual Secretarial Compliance Report for the year ended March 31, 2026 was also obtained and submitted to BSE Limited as a governance/compliance measure. Regulation 24A of the SEBI Listing Regulations is not mandatorily applicable to the Company in view of the exemption available under Regulation 15(2), subject to continued satisfaction of the prescribed thresholds.

Boards explanation on observations of the Secretarial Auditor

The Secretarial Audit / Compliance Reports record certain instances of delayed filings and incomplete performance evaluation. The Boards explanations are as follows:

Form MGT-15: The form was filed with the Registrar of Companies along with the applicable additional filing fees. The Company has strengthened its internal compliance-monitoring mechanism to ensure timely statutory filings. BSE fines under Regulations 31, 33 and 34 of the SEBI Listing Regulations: The requisite compliances were subsequently completed and the applicable fines were paid/settled. The Company has strengthened its internal compliance calendar and review mechanism to avoid recurrence. Performance evaluation: The evaluation exercise was undertaken during the year but was completed only to a certain extent. Appropriate steps are being taken to ensure comprehensive completion and documentation of the annual performance evaluation process.

30. INTERNAL AUDITOR

The Board appointed M/s. K Divya, Chartered Accountants, as Internal Auditor of the Company for FY 2025-26 pursuant to Section 138 of the Companies Act, 2013 read with the applicable

ules. The internal audit system is commensurate with the size and nature of the Companys business, and the Statutory Auditors have recorded that the internal audit reports were considered during the statutory audit.

31. MAINTENANCE OF COST RECORDS AND COST AUDIT

The Company is engaged in real estate development, an activity falling within the construction industry specified under the Companies (Cost Records and Audit) Rules, 2014. However, having regard to the overall turnover of the Company in the immediately preceding financial year and the threshold prescribed under Rule 3 of the said Rules, the requirement to maintain cost records under Section 148(1) of the Companies Act, 2013 was not applicable to the Company for FY 2025-26. Consequently, cost audit under Section 148(2) read with Rule 4 of the Companies (Cost Records and Audit) Rules, 2014 was also not applicable.

32. COMPLIANCE WITH SECRETARIAL STANDARDS

The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India and approved by the Central Government, namely Secretarial Standard-1 on Meetings of the Board of Directors and Secretarial Standard-2 on General Meetings, as applicable during the year.

33. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

The Company is committed to providing a safe and conducive working environment and has complied with the applicable provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The particulars required under Rule 8(5)(x) of the Companies (Accounts) Rules, 2014, as amended, are set out below:

Particulars	Number
Complaints received during FY 2025-26	Nil
Complaints disposed of during FY 2025-26	Nil
Complaints pending for more than 90 days	Nil

34. COMPLIANCE WITH THE MATERNITY BENEFIT ACT, 1961

Pursuant to Rule 8(5)(xiii) of the Companies (Accounts) Rules, 2014, as amended, the Company confirms that it has complied with the applicable provisions of the Maternity Benefit Act, 1961 during the financial year under review.

35. SIGNIFICANT AND MATERIAL ORDERS

Other than the instances of delayed filings / fines disclosed under the Secretarial Audit section of this Report, no significant and material order was passed by any regulator, court or tribunal during

2025-26 which would impact the going concern status of the Company or its future operations.

36. INSOLVENCY AND BANKRUPTCY CODE, 2016

No application was made and no proceeding was pending against the Company under the Insolvency and Bankruptcy Code, 2016 during FY 2025-26.

37. ONE-TIME SETTLEMENT/VALUATION DIFFERENCE

There was no instance of one-time settlement with any bank or financial institution during FY 2025-26 requiring disclosure of any difference between the amount of valuation done at the time of one-time settlement and the valuation done while taking loan from banks or financial institutions.

38. OTHER STATUTORY DISCLOSURES

During FY 2025-26, the Company did not issue equity shares with differential rights, sweat equity shares or shares under any employee stock option scheme, and did not undertake any buy-back of securities. The Company did not have any subsidiary and hence the provisions relating to voting rights not exercised directly by employees in respect of shares held by trustees for their benefit were not applicable.

The financial statements state that, in the opinion of the Board, there was no contingent liability as at March 31, 2026. The Notes to Accounts also disclose that Input Tax Credit included under current assets had been considered ineligible under the provisions of the Central Goods and Services Tax Act, 2017; the Company was reviewing legal options regarding the eligibility of such credit and no adjustment or impairment was recognised in the Statement of Profit and Loss for FY 2025-26.

The equity shares of the Company remained listed on BSE Limited during the financial year under review and were not suspended from trading.

39. PARTICULARS OF EMPLOYEES AND MANAGERIAL REMUNERATION

The information required pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this Report as Annexure III.

As disclosed in Note 23 to the financial statements, employee benefit expenses for FY 2025-26 were Rs. 155.93 lakh. The particulars required under Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are set out in Annexure III to this Report and should be read together with the audited financial statements.

40. MANAGEMENT DISCUSSION AND ANALYSIS

40.1 Industry Structure and Developments

The Indian real estate sector continues to be influenced by urbanisation, household formation, infrastructure development, availability and cost of finance, regulatory approvals, input costs and customer demand. Coimbatore continues to be an important regional market supported by industrial, services, educational and residential demand. The Company operates primarily in the Coimbatore real estate market and seeks to leverage its local market knowledge and execution capabilities.

40.2 Opportunities and Threats

Opportunities include sustained housing demand in established and developing micro-markets, infrastructure-led urban growth, redevelopment and joint-development opportunities, and the Companys local market presence. Threats include delays in statutory approvals, fluctuations in construction and finance costs, competition, changes in customer demand, liquidity constraints and project execution risks.

40.3 Operational and Financial Performance

Revenue from operations for FY 2025-26 was Rs. 1,436.33 lakh, total revenue was Rs. 1,440.09 lakh and profit after tax was Rs. 19.39 lakh. Employee benefit expenses were Rs. 155.93 lakh and finance costs were Rs. 108.02 lakh. The Company continued development of Mount Galaxy - Phase I during the year while pursuing monetisation of real estate assets and development opportunities.

40.4 Outlook

The Companys outlook remains focused on timely execution and monetisation of ongoing projects, improvement in sales and collections, disciplined cost and working-capital management and evaluation of development opportunities consistent with its resources and risk appetite.

40.5 Risks and Concerns

The Company is exposed to market, project execution, regulatory, liquidity, financing, customer, input-cost and general economic risks. Real estate projects are also exposed to risks relating to approvals, title and development arrangements, customer collections and changes in regulatory requirements. The Board and management review material risks periodically and seek to mitigate them through project monitoring, financial discipline and compliance controls.

40.6 Internal control systems and adequacy

The Company has internal control systems commensurate with its size and operations. The Statutory Auditors have reported that the internal financial controls with reference to the financial statements were adequate and operating effectively as at March 31, 2026.

40.7 Human resources

The Company maintained cordial relations with its employees during the year. The Directors place on record their sincere appreciation for the services rendered by employees at all levels.

Employee strength as at March 31, 2026 was 34 employees, including Key Managerial Personnel.

40.8 Key Financial Ratios

The following key financial ratios have been computed from the audited financial statements for FY 2025-26. Where the corresponding ratio for FY 2024-25 is not meaningful because revenue from operations was Nil or the relevant operating result was negative, it is indicated accordingly.

Ratio	FY 2025-26	FY 2024-25	Change / Remarks
Current Ratio = Current Assets/Current Liabilities	0.69	2.12	Decrease in numerator and increase in denominator resulted in change in the ratio.
Debt-Equity Ratio = Total Debt / Shareholders Equity	4.26	3.87	Change within 25% - no further explanation required.
Debt – Service Coverage Ratio = Earnings available for debt service/ Debt Services	0.72	-138.95	Increase in numerator and Decrease in denominator resulted in change in the ratio.
Return on Equity Ratio = Net Profit after Tax/ Average Shareholders Equity	0.05	-0.20	Increase in numerator and Decrease in denominator resulted in change in the ratio.
Inventory Turnover Ratio = Revenue from Operations / Average Inventory	1.31	0.00	NA
Trade Receivables Turnover Ratio = Net Credit revenue from Operations/ Average Trade Receivables	1.13	0.00	NA
Trade Payables Turnover Ratio = Net Credit Purchases/ Average Trade Payables	2.19	0.00	NA
Net Capital Turnover Ratio = Revenue from Operations/ Working Capital	-2.36	0.00	NA
Net Profit Ratio = Net Profit/ Revenue from Operations	0.01	-	NA
Return on Capital Employed= EBIT/ Capital Employed	0.06	-0.05	Increase in numerator and Increase in denominator resulted in change in the ratio.
Return on Investment = EBIT/ Average Total Assets	0.05	-0.04	Increase in numerator and Increase in denominator resulted in change in the ratio.

41. CAUTIONARY STATEMENT

Statements in the Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may be forward-looking statements within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed or implied due to economic conditions, market demand, regulatory developments, availability and cost of finance, project execution, input costs and other factors affecting the Companys operations.

42. ACKNOWLEDGEMENT

The Directors place on record their appreciation for the continued support and cooperation received from the shareholders, customers, bankers, business associates, statutory authorities, stock exchange, depositories, Registrar and Share Transfer Agent, professionals and employees of the Company.

Kalpesh Bafna

Whole-Time Director

DIN: 01490521

Place: Coimbatore

Date: September 4, 2026