National Fittings Ltd Directors Report

TO THE SHAREHOLDERS

Your directors have pleasure in presenting the Thirty Third Annual Report together with the Audited Balance Sheet & Profit and Loss Account for the year ended 31.03.2026..

FINANCIAL RESULTS

The operating results for the year 2025-2026 are given below :

	( in Lakhs)
Profit before Interest and Depreciation and Other adjustments		1686.10
Less : Interest	87.06
Depreciation	294.55	381.61
Net Profit before Tax		1304.49
Provision for Tax :
Current Tax	356.64
MAT Credit	?
Deferred Tax (income) / expenses	37.17	393.81
Net Profit after Tax		910.68
Amount brought forward from previous year		5515.32
Amount available for appropriation		6426.00
Appropriations
Dividend on Equity Shares		90.83
Other Comprehensive Income (Net of Tax)		12.11
Surplus carried over to Balance Sheet		6323.06

FINANCIAL PERFORMANCE:

The Companys income for the financial year ended 31st March, 2026 was Rs. 9618.57 lacs compared to Rs. 8109.95 lacs in the previous year. The profit before tax for the Company is Rs 1304.49. lacs as against Rs. 2623.56 lacs in the previous year. Last year profit included one-time exceptional gain arrived from the sale of foundry Units. The depreciation for the year is Rs 294.55 lacs compared to Rs. 295.00 lacs in the previous year. After providing Taxation, the Companys net profit stands at Rs 910.68 lacs as against Rs. 2330.34 lacs in the previous year.

An amount of Rs 6323.06 lacs is to be carried over to Balance Sheet.

The Net worth of the company is at Rs. 8905.31 lacs as on 31.03.2026 as against Rs. 8097.58 lacs in the previous year.

DIVIDEND

The Board of Directors has recommended a dividend of Re 1/- per Equity shares on 90,83,182 Equity shares of Rs 10/- each aggregating to Rs 90.83 lacs for the financial year ended 31.03.2026, (Previous year - Rs 90.83 lacs) which if approved by the shareholders in the ensuing Annual General Meeting will be paid to all the Equity shareholders, whose name appear in the Register of Members as on 09th September, 2026 and will be paid to the shareholders on or before 15.10.2026.

CHANGE OF PROMOTER AND PROMOTER GROUP

On 22.05.2025 the promoter of the Company, Mr A V Palaniswamy had conveyed his intention to divest his entire shareholding i.e. 30,92,093 fully paid-up equity shares, comprising 34.04% of the total paid-up capital of our Company, to M/s Himgiri Castings Pvt Limited (“Acquirer”), along with Persons Acting in Concert (PAC). The acquirer M/s Himgiri Castings Pvt Limited made an open offer on 10.09.2025 which ended on 08.10.2025. 31 equity shares had been acquired in the open offer.

Mr A V Palaniswamy sold his entire shareholding to M/s Himgiri Castings Pvt Limited (“Acquirer”), along with Persons Acting in Concert (PAC) on 18.10.2025 and seek reclassification of his status from Promoter to Public Category. M/s Himgiri Castings Private Limited with 556608 Equity Shares (6.13%) is now the promoter of the Company and the Persons Acting Concert by holding 2535516 Equity Shares (27.91%) are in the Promoter Group.

The re-classification of Mr Palaniswamy was approved by the shareholders resolution dated 25.12.2025 and on 04.02.2026 he was classified as public shareholder.

SHIFTING OF REGISTERED OFFICE OF THE COMPANY

The Company took step to shift its registered office from Tamil Nadu to Gujarat and was approved by the shareholders of the company through Postal Ballot on 12.02.2026. The Regional Director, Chennai was approved the shifting of registered office by his order dated 02.04.2026. Moreover, the Registrar of Companies, Ahmedabad issued a Certificate of Registration on 30.04.2026 for Change of Registrar Office of the State based on Regional Director, Chennais order. The new registered office is at 314/315 Village Mudhela, Taluka, Savli, Savli, Vadodara - 391770, Gujarat, India and the new CIN is L29199GJ1993PLC177328.

NEW MANUFACTURING FACILITY, GUJARAT

The Company is establishing a new manufacturing unit at Village Mudhela, Gujarat, designed as a single-location, fully integrated facility ? taking raw casting through to finished, machined pipe fittings and valves for industrial and non-industrial applications ? with a total capacity of 2,500 MT per month (approximately 30,000 MT per annum) ? over four times the Companys current capacity of 600 MT per month (approximately 7,200 MT per annum). The Company is investing in the facility across two phases. Phase I involving 60 crores already started.

Gujarat was chosen as the location for this facility, in preference to expanding at the Companys existing Tamil Nadu locations, primarily for the ready availability of power, labour and raw material in the region ? availability that Tamil Nadu does not offer to the same degree. On completion, this facility is expected to be the Companys largest single manufacturing investment to date, and the single largest step-change in capacity in the Companys history.

The Company proposed to utilise the funds available from the sale of factory units at Thekkalur and Dindigul during 2024-25.

PROPOSED MERGER OF BANIL CASTINGS PRIVATE LIMITED AND AVISA PRIVATE LIMITED

The Board of Directors, on 22.05.2026, approved a Scheme of Arrangement for the merger of M/s Banil Castings Private Limited and M/s Avisa Private Limited into the Company. Banil Castings, located in Goa, currently supplies rough-iron-casting components to the Company. Avisa Private Limited holds the leasehold land at Village Mudhela, Gujarat, on which the Companys new manufacturing facility described in Section 8 above is being constructed. On completion of the Scheme, the Company will have two manufacturing locations under direct ownership ? Goa and Gujarat ? each 100% fully integrated, meaning each independently carries out both casting and finishing rather than depending on the other. This gives the Company direct control over both ends of its manufacturing process at two separate sites: genuine diversification and de-risking of its manufacturing supply chain, in place of the related-party arrangements that have historically sat outside the listed entity. The Company has filed the necessary application with BSE Limited for a No Objection Certificate, and the Scheme remains subject to the requisite statutory and judicial approvals.

PERFORMANCE:

Due to the change of promoter and promoter group various re-structuring initiative being carried out by the Company.

We expect this to have a positive impact on the supplies and improve the sales level.

FY 2025-2026 in Review

Revenue	?91.40 Cr (+17.0%)
Total Income	?96.19 Cr (+18.6%)
Operating PBT	?13.04 Cr (+85.8%)
Net Worth	?89.05 Cr
Cash & Bank Balance	?44.23 Cr
Promoter Transition - from A V Palaniswamy to M/s Himgiri Castings Private Limited along with persons acting in concert	Completed
Merger with M/s Banil Castings Limited and M/s Avisa Private Limited	Announced

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

1. Financial and Operational Performance

FY26 was a year of strong operational progress for National Fittings Limited, reflecting the benefits of the strategic initiatives undertaken over the past two years.

Revenue from Operations increased by 16.98% to ?91.40 crore, while Total Income increased by 18.61% to ?96.19 crore, representing the highest annual revenue achieved by the Company. Improved demand across domestic and export markets, coupled with better operational efficiencies and enhanced manufacturing utilisation, contributed to this growth.

The Companys underlying profitability improved significantly during the year. Profit Before Tax before exceptional items increased by 85.8%, from ?7.02 crore in FY25 to ?13.04 crore in FY26, demonstrating the positive impact of operational consolidation, improved cost management and a stronger product mix.

Reported Profit Before Tax and Profit After Tax are lower than the previous year as FY25 included an exceptional gain arising from the sale of manufacturing assets as part of the Companys restructuring programme. Accordingly, the reported profits for FY25 and FY26 are not directly comparable. On a like- for-like basis, the Companys core operating performance improved substantially during the year.

The Company continued to maintain a strong financial position with shareholders funds increasing to ?89.05 crore and cash and cash equivalents remaining healthy at ?44.23 crore, providing adequate financial flexibility to support future growth opportunities.

2. Strategic Developments

FY26 marked an important milestone in the Companys strategic evolution.

The successful completion of the change in the Companys promoter group following receipt of all regulatory approvals introduce a promoter group M/s Himgiri Castings Private Limited with over 40 years of experience in the pipe fittings and castings industry. This represents a strong strategic alignment with the Companys core business, as castings constitute one of the principal raw material inputs for its products. The new promoter groups extensive manufacturing expertise is expected to strengthen the Companys capabilities through greater backward integration, improved manufacturing processes, enhanced quality consistency and stronger supply chain resilience.

During the year, the Board also approved a Scheme of Arrangement for the merger og M/s Banil Castings Private Limited and M/s Avisa Private Limited with National Fittings Limited. The proposed merger is currently progressing through the statutory approval process and is expected to further strengthen the Companys manufacturing platform through greater operational integration.

The proposed integration is expected to improve coordination between casting and downstream manufacturing operations, optimise procurement, enhance production planning and strengthen long-term competitiveness while supporting sustainable and profitable growth.

3. Market Environment

Demand conditions improved during FY26, contributing to the Companys highest-ever annual revenue. Export markets continued to remain an important contributor to business, while domestic infrastructure investments created additional growth opportunities.

We continue to focus on specialised grooved piping products where our quality, manufacturing capabilities, certifications and customer service differentiate us from lower-cost competition. Our ability to manufacture technically demanding and specialised products enables us to maintain longstanding customer relationships across domestic and international markets.

The Company also continues to benefit from increasing awareness of quality standards, growing infrastructure investments and the continued adoption of reliable mechanical piping systems across industrial and commercial applications.

RISK MANAGEMENT AND FUTURE OUTLOOK

The Company continues to monitor both domestic and international developments that could influence its operating environment.

Geopolitical Environment

The Middle East remains one of the Companys important export markets. While infrastructure investments across the region continue to present significant opportunities, ongoing geopolitical developments have the potential to affect project execution schedules, customer purchasing decisions, logistics and freight costs. We continue to work closely with our customers and distribution partners to minimise any potential disruptions while maintaining the flexibility to respond to changing market conditions.

International Trade

Recent changes in tariff policies and global trade dynamics have the potential to alter competitive conditions across several export markets. While these developments may create new opportunities for Indian manufacturers in certain regions, the eventual response of competing suppliers through pricing, sourcing and market strategies remains uncertain. The Company continues to closely monitor these developments and remains committed to maintaining its competitiveness through product quality, operational efficiency and customer service.

Foreign Exchange

As an export-oriented business, the Company remains exposed to fluctuations in foreign exchange rates. Management continues to closely monitor currency movements while maintaining a balanced approach between domestic and export sales to mitigate the impact of exchange rate volatility. Raw Material and Supply Chain Castings remain one of the Companys principal raw material inputs. The completed promoter transition and the proposed integration of casting operations are expected to strengthen supply chain resilience, improve manufacturing coordination and reduce long-term procurement risks through greater backward integration. The Company also continues to diversify its supplier base and optimise inventory management to minimise supply chain disruptions.

Outlook

FY26 represents the completion of one phase in National Fittings Limiteds evolution and the beginning of another.

The operational restructuring undertaken over recent years has translated into stronger operating performance, improved profitability and record revenues. The successful transition to the new promoter group introduces significant industry expertise that complements the Companys existing strengths, while the proposed merger of Banil Castings Private Limited and Avisa Private Limited is expected to further strengthen manufacturing integration and operational efficiency.

Although geopolitical developments and evolving global trade policies continue to create uncertainty, we believe the Company is well positioned to navigate these challenges through its strengthened balance sheet, integrated manufacturing strategy, diversified customer base and continued focus on quality and customer service.

As we enter FY27, we remain committed to building on the strong foundation established over the past several years. Our priorities continue to be operational excellence, profitable growth, manufacturing integration and long-term value creation for our shareholders and all other stakeholders.

SIGNIFICANT CHANGES

Operating profit and net profit margin increased over previous year due to increase in selling prices in the export and domestic markets and also due to increase in Turnover and other income.

Capital expenditure to the extent of 3.09 Crores was done during the year in the infrastructure and on Valve design, machines, tooling.

Debtors, Inventories, turnover ratio, current sale ratio and debt equity ratio has not changed significantly over the previous year.

As indicated above Return on Net Worth was also affected compared to previous year. Ratios are detailed in Note 2.32 of the Notes to the Financial Statements.

DIRECTORS

Mr Anil Kumar Agarwal was appointed as Non-Executive Non-Independent Director and Mr Arpit Agarwal was appointed as Managing Director on 18.10.2025. Their appointments were approved by the shareholders of the company through Postal Ballot on 24.12.2025

Mr Jayaram Govindarajan has also been appointed as Managing Director with effect from 18.10.2025 Mr Arpit Agarwal, Director, who retires by rotation, and being eligible, offered himself for reappointment.

KEY MANAGEMENT PERSONNEL

The following persons are the Key Management Personnel as per the provisions of the Companies Act, and rules made there under:-

Mr Jayaram Govindarajan	Managing Director
Mr Arpit Agarwal	Managing Director
Mr J Saravanan	Chief Financial Officer
Mr S Aravinthan	Company Secretary

DIRECTORS RESPONSIBILITY STATEMENT

Your Directors further report that

(i) in the preparation of annual accounts, the applicable accounting standards have been followed and there were no material departures;

(ii) the accounting policies selected have been applied consistently, prudent judgments and estimates have been made to give a true and fair view of the state of affairs of the company as at 31.03.2026 and of the Profit of the company and the cash flow statement for the year ended 31.03.2026.

(iii) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(iv) the annual accounts have been prepared on a going concern basis.

(v) 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. Internal financial control means the policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business including adherence to Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information.

(vi) 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.

CODE OF CONDUCT

All Directors and Senior Management of the Company have affirmed Compliance with the Code of Conduct of National Fittings Limited for the financial Year ended 31st March 2026.

DECLARATION OF INDEPENDENT DIRECTORS

The Independent Directors have submitted their disclosures to the Board that they fulfill all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules.

NUMBER OF BOARD MEETINGS

During the year, 7 (Seven) Board Meetings were convened and held, the details of which are given in the Corporate Governance Report.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION INCLUDING CRITERIA FOR DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES, INDEPENDENCE OF A DIRECTOR, KEY MANAGEMENT PERSONNEL AND OTHER EMPLOYEES

The Company shall have such person on the Board who complies with the requirements of the Companies Act, 2013. Directors/KMPs shall be persons of sound integrity and honesty, apart from knowledge, experience etc in the respective fields.

Composition of the Board shall be in compliance with the requirements of the Companies Act, 2013. No person less than the age of 21 years shall be appointed as the director of the Board.

The Executive Directors are paid with remuneration as approved by the members but are not paid sitting fees. Independent directors are not entitled for ESOPs.

MANNER IN WHICH FORMAL ANNUAL EVALUATION HAS BEEN MADE BY THE BOARD OF ITS OWN PERFORMANCE AND THAT OF ITS COMMITTEES AND INDIVIDUAL DIRECTORS

1. Nomination and Remuneration Committee of the Board prepared and sent through its chairman draft feedback form for evaluation of the Board and Independent Directors.

2. Independent Directors at a meeting of themselves considered and evaluated the performance of the Board, performance of the Chairman and other Non-Independent Directors.

3. The Board subsequently evaluated performance of the Board, the Committees and Independent Directors.

SHARES

During the financial year the details regarding issue of Equity shares are as follows:

a)	Fresh Equity Shares	NIL
b)	Bonus Shares	NIL
c)	Sweat Equity Shares	NIL
d)	Employees Stock Option Scheme	NIL
e)	Buyback	NIL

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

The company does not have any Subsidiary, Joint Venture or Associate Company.

Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 a statement containing salient features of the Financial Statements of your Companys Subsidiaries, Associates and Joint Ventures in Form AOC-1 is attached to the Financial Statements of your Company as Annexure - 1.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013

Investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review are given in para 2.2 of Notes forming part of the financial statements.

There were no loans, guarantees made by the Company under Section 186 of the Companies Act, 2013 during the year.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

There were materially significant related party transactions entered by the Company with its Promoters, Directors, Key Management Personnel and other persons which may have a potential conflict with the interest of the Company.

All the related party transactions that were entered during the financial year were in the ordinary course of the business of the Company

All the related party transactions are placed before the Audit Committee for approval. Required disclosures are made to the Committee on quarterly basis in terms of the approval of the Committee. After Board of Directors approval the same was disseminated to BSE on half year basis.

The Policy on materiality of related party transactions and also on dealing with the related party transactions as approved by the Audit Committee and Board of Directors is uploaded on the Companys web-site and the link for the same is https://www.nationalfitting.com.

The particulars of Contracts or Arrangements with the related parties made under Section 188 of the Companies Act, 2013 are furnished in Annexure - 2 and are attached to this report.

INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY

The Company has implemented adequate procedures and internal controls which provide reasonable assurance regarding reliability of financial reporting and preparation of financial statements.

The Company also assures that internal controls are operating effectively.

MATERIAL CHANGES AND COMMITMENTS

There were no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year and the date of the report.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Amount prescribed for CSR Expenditure during 2025-26 is 14.37 lacs

The company spent Rs 14.37 lacs in this financial year as CSR activities. Amount unspent is Rs. Nil.

In 2026-27 Rs 18.50 lacs has been prescribed for CSR expenditure. Details are attached separately to this report in Annexure - 3

EXTRACTS OF ANNUAL RETURN

Pursuant to Section 134(3)(a) and Section 92(3) of the Companies Act, 2013 read with corresponding rules, the extract of the Annual Return as at 31st March, 2026 in the specified format is hosted on the website www.nationalfitting.com

LEGAL COMPLIANCE

There were no significant and material orders passed by the regulators or courts or tribunals impacting the going concerns status and companys operations in future.

CORPORATE GOVERNANCE

Your Company is in compliance with the Corporate Governance guidelines, as laid out in the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations).

All the Directors and the Senior Management personnel have affirmed in writing their compliance with and adherence to the Code of Conduct adopted by the Company. A certificate was received from the Managing Director in terms of SEBI Listing Regulations on the compliance declarations received from the Directors and the Senior Management personnel.

The Statutory Auditors of the Company have examined the requirements of Corporate Governance with reference to SEBI Listing Regulations and have certified the compliance, as required under SEBI Listing Regulations. The Certificate in this regard is attached as Annexure - 4 to this Report.

The Chief Executive Officer and Chief Financial officer (CEO/CFO) certification as required under SEBI Listing Regulations is attached as Annexure - 5 to this Report.

Related Party disclosures/transactions are detailed in Note 2.32 of the Notes to the financial statement. SEXUAL HARASSMENT

Company has a policy on prohibition, prevention and redressal of sexual harassment of women at work place and matters connected therewith. The policy is being posted at the website of the Company www. nationalfitting.com/investors/policies.

Company has constituted an Internal Control Committee for prevention of sexual harassment of women at work place.

There is no sexual harassment complaints received during the year and as such no complaints disposed of during the year. The number of cases pending for a period exceeding ninety days is NIL.

STATEMENT OF MATERNITY BENEFIT COMPLIANCE

The Company complied with the Maternity Benefit requirements under the provisions of the Maternity Benefit Act, 1961.

Number of employees as on the closure of financial year: Female - 75, Male - 135 & Transgender - Nil

DETAILS IN RESPECT OF FRAUD

In terms of provisions of section 134(3) (ca) no fraud was reported by auditors under section 143(12) of the Companies Act, 2013.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND

The Company has unclaimed dividend amounting to Rs. 44,08,025/-

a) Pursuant to Rule 6 (12) of IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 the dividend entitlement on the shares transferred to IEPF authority on dividend paid for the financial year 2024-25 amounting to Rs. 4,01,478/- have been transferred to the Investor Education and Protection Fund in this financial year.

b) The details of the unpaid and unclaimed dividend lying with the Company have been uploaded on the website of Ministry of Company Affairs.

DEPOSITS

The Company has neither accepted nor renewed any deposits during the financial year.

PARTICULARS OF EMPLOYEES

The information required under Section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below:

The ratio of the remuneration of each Director to the median and mean remuneration of the employees of the Company for the financial year and 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 of Directors/Key Management Personnel	Ratio to Median Remuneration (times)	% Increase / Decrease in Remuneration
Mr. Jayaram Govindarajan	9.42	33.90
Mr. Susheela Balakrishnan	0.51	102.50
Mr. Chenniappan Selvakumar	0.52	107.50
Mrs. A Panath Anitha	1.09	(31.26)
Mr. J Saravanan (Chief Financial Officer)	2.85	11.25
Mr. S Aravinthan (Company Secretary)	2.28	10.44

iii) The percentage increase in the median remuneration of employees in the financial year: 14.45%

iv) The number of permanent employees on the rolls of the Company: 51

v) The decrease in employees cost for the financial year 2025-26 was 2%

vi) The average decrease in salaries of employees other than managerial personnel in 2025-26 was 2.34%. Percentage increased in the managerial remuneration for the year was 3.09%

vii) The Company affirms that remuneration is as per the remuneration policy of the Company.

The information required under Section 197 of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2015 are given below:

During the period under review, there was no employee drawing remuneration in excess of the limits prescribed under Section 197 of the Companies Act, 2013 and Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

STATUTORY AUDITORS

M/s Krishaan & Co Chartered Accountants, Chennai were appointed as Statutory Auditors of the Company from the conclusion of the 29th Annual General Meeting held on 23.09.2022 until the conclusion of 34th Annual General Meeting.

The report of the Statutory Auditors for financial year ended 31st March, 2026 is given along with the Financial Statements, which are annexed to and forms part of this report.

SECRETARIAL AUDITOR

Pursuant to the requirements of the Companies Act, 2013, the Company has appointed Mr. M R L Narasimha, B. Com, FCS, Practicing Company Secretary (Cop No: 799) as the Secretarial Auditor for the financial years from 01.04.2025-31.03.2030 (five years) whose report on 22nd of May, 2026 is attached separately to this report. Annexure - 6.

EXPLANATION OR COMMENTS OR QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS

There were no qualifications, reservations or adverse remarks made by the Statutory Auditors in their report and there were few qualifications, reservations or adverse remarks made by the Practicing Company Secretary in the Secretarial Audit Report.

In point 5 of the Secretarial Audit Report - Secretarial Auditor commented that non-submission of voting results within the period under Reg 44(3) SEBI (LODR) Regulations, 2015. The Company taking steps to comply with the provisions in time.

CONSERVATION OF ENERGY

Company continues to buy renewable energy.

TECHNOLOGY ABSORPTION

Company taking steps to upgrade conventional manufacturing set up to high productive automated system.

FOREIGN EXCHANGE EARNINGS AND OUTGO

Foreign exchange inflow (actual) : Rs. 65,34,54,661/-

Foreign exchange used (actual) : Rs. 1,54,85,544/-

INDUSTRIAL RELATIONS

Relationship with the employees/labor was cordial during the year under review.

ACKNOWLEDGEMENT

Your Directors take this opportunity to thank M/s. Bank of India for the support extended during the period. Your Directors also wish to thank all the suppliers, employees, Government Departments/Agencies and others for their valuable contribution and assistance during the year.

	FOR AND ON BEHALF OF THE BOARD
Place : Coimbatore	Sd/- ARPIT AGARWAL	Sd/- JAYARAM GOVINDARAJAN
Date : 22.05.2026	DIN No. 01105477	DIN No. 02178416
	Managing Director	Managing Director