Natural Capsules Ltd Directors Report

Your Board of Directors are pleased to present their 33rd Annual Report together with the Audited Accounts of the company for the year ended March 31, 2026.

Financial results:

The Companys financial performance for the year ended March 31, 2026 is summarized here below:

( in Lakhs)

Particulars	Standalone		Consolidated
	Financial Year 2025-26	Financial Year 2024-25	Financial Year 2025-26	Financial Year 2024-25
Revenue from Operation	17,377.09	16,793.82	18,720.46	16,920.55
Other Income	765.09	423.54	173.16	70.36
Total Income	18,142.18	17,217.36	18,893.63	16,990.92
Profit before depreciation & taxation	2,323.04	1,762.51	(-)1,077.68	1,190.90
Less: Depreciation & Amortization	816.41	832.85	1,714.34	911.80
Less: Provision for Current Tax	362.36	207.39	362.36	207.39
Less: Prior Period Adjustment	-	(-)84.84	-	(-)84.84
Less: Deferred Tax Liability	22.88	136.00	(-)688.04	94.81
Add: Exceptional Items-Income/(Exp.)	-	0.00	-	0.00
Add: Other Comprehensive Income/ (Exp.)	(-)5.13	(-)38.49	(-)0.55	(-)39.01
Profit/(Loss) after taxation	1,116.26	632.62	(-)2,466.89	22.73
Attributable to owners of the company	1,116.26	632.62	(-)1,707.74	15.74
Non-controlling interests	NA	NA	(-)759.15	6.99
Add: Balance b/f from previous year	8,768.29	8,135.67	7,852.15	7,829.42
Surplus available for appropriation	9,884.55	8,768.29	5,385.26	7,852.15
Appropriations	-	-		-
General Reserve	-	-		-
Proposed Dividend	-	-		-
Tax on Dividend	-	-		-
Additional depreciation on fixed asset as per Companies Act, 2013	-	-		-
Balance carried to Balance sheet	9,884.55	8,768.29	5,385.26	7,852.15

The Change in the Nature of Business, if any:

There was no change in the nature of business for the period under review.

Transfer to reserves:

The company does not propose to transfer any amount to General Reserves.

Dividend:

Based on the performance of the Company and the need for conservation of internal accruals for capacity expansion, your Board of Directors have not recommended any dividend for the year 2025-26.

Transfer of Unclaimed Dividend to Investor Education and Protection Fund & Transfer of Shares to Investor Education and Protection Fund (IEPF):

In terms of the Companies Act, 2013 any unclaimed or unpaid dividend relating to the financial year 2018- 19, will be transferred to the Investor Education and Protection Fund established by the Central Government, after the conclusion of 33rd Annual General Meeting.

During the year under review, Company transferred Unpaid and Unclaimed Dividend of 2017-18 i.e. ^ 1,12,762 to IEPF and Pursuant to Section 124(6) of the Companies Act, 2013 all shares in respect of which Dividend has not been paid or claimed for seven consecutive years or more has to be transferred to IEPF.

During the year under review, company has transferred 14005 Shares to IEPF.

Further shares required to be transferred to IEPF for the financial year 2018-19 to 2025-26 will be transferred as per the provisions of the Act.

The details of the said shares transferred are provided on the website of the Company at http://www. naturalcapsules.com/pages/bes-compliance.html.

Share Capital:

During the year under consideration, there was change in the Share Capital.

The Paid-up share capital increased to ^ 10,38,61,540 after following:

1. Issue of 45,000 Equity shares of face Value of 10/- each under Employee Stock Option Plan.

As on March 31, 2026 details of Share Capital is as follow:

Sl. No.	Particulars	Total No of Equity Shares	Face Value	Total Equity Capital
1	Authorized Capital	15,000,000	10/-	1,50,000,000
2	Issued & subscribed Capital	10,399,467	10/-	1,03,994,670
3	Paid Up Capital	10,386,154	10/-	1,03,861,540

‘The Difference of 13,313 shares between Issued and paid-up capital is due to forfeiture of 13,313 partly paid-up Shares.

Issuance Of Equity Shares On Preferential Basis:

No Equity Shares were issued during the year on Preferential basis.

Forfeiture of partly paid-up Right Equity Shares:

No forfeiture of partly paid-up Right Equity Shares.

Status of Expansion & API Projects:

In the Bangalore Unit, Company is yet to install one HPMC capsule unit, which is expected to be completed in Financial Year 2026-27.

Annual Return:

In terms of Section 92(3) and Section 134(3)(a) of the Act read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014, the Annual Return is uploaded on the website of the Company web link www.naturalcapsules.com.

Board Meetings and Its Committees Conducted During the Period Under Review:

Board Meeting No.	Date of Board Meeting	Board Strength	No. of Directors Present
166th	Thursday, May 29, 025	8	8
167th	Monday, August 04, 2025	8	8
168th	Thursday, November 13, 2025	8	7
169th	Friday, February 13, 2026	8	7
170th	Thursday, February 26, 2026	8	7

Further details of the same have been enumerated in the Corporate Governance Report annexed in Annexure-5 to this report.

Deposits:

Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

Details of Loans, Guarantees or Investments:

The company has given corporate guarantees of 74.75 crores to its subsidiary Natural Biogenex Private Limited covered under the provisions of section 186 of the Companies Act, 2013. The details of the investments made by company are given in the notes to the financial statements.

Internal control systems and their adequacy:

Internal financial controls 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; The Company has adequate internal control systems to monitor business processes, financial reporting and compliance with applicable regulations. The systems are periodically reviewed for identification of control deficiencies and formulation of time bound action plans to improve efficiency at all levels. The Audit Committee of the Board constantly reviews internal control systems and their adequacy, significant risk areas, observations made by the internal auditors on control mechanism and the operations of the Company and recommendations made for corrective action through the internal audit reports. The Committee reviews the statutory auditors report, internal audit reports, secretarial audit reports, project reports, quarterly budgets, significant processes and accounting policies and other key issues from time to time.

Directors Responsibility Statement:

The Directors confirm that

(a) In the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures from those standards.

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

(c) They have taken proper and sufficient care for maintenance of adequate accounting records in accordance with the provisions of the Companies Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

(d) They have prepared the annual accounts on a going concern basis.

(e) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such system was adequate and operating effectively. Based on the framework of internal financial controls established and maintained by the Company, work performed by the Internal, Statutory and Secretarial Auditors, reviews performed by the management and the relevant Board Committees, the Board, in concurrence with the Audit Committee, is of the opinion that the Companys internal financial controls were adequate and effective as on March 31, 2026;

(f) They have duly complied with Secretarial Standards issued by Institute of Company Secretaries of India (ICSI) from time to time.

Information Pertaining to Auditors and Other Allied Matters:

Details In Respect of Frauds Reported by Auditors under Section 143(12) Other Than Those Which Are Reportable To the Central Government

There were no instances of frauds identified or reported by the Statutory Auditors during the course of their audit pursuant to Section 143(12) of the Companies Act, 2013.

Explanation and Comments on Auditor Reports:

The reports of the Statutory Auditors (annexed elsewhere in the Annual Report) and that of the Secretarial Auditors (annexed hereto as Annexure - 2) and the explanations on the observations of Secretarial Audit Report is given below:

Comments/Observations of the Secretarial Auditor:	Companys Response/Explanations:
i) Form MGT-14 dtd.04.08.2024 relating to re- appointment of WTD was filed on 15.10.2025.	Filings have been done with additional fees, due to technical issue in MCA portal.
(ii) Form CHG-1 dtd.30.07.2025 relating to creation of charge for 5 Crores filed on 02.09.2024.	Filings have been done with additional fees, due to delay made by Bank.
(iii) Form CHG-1 dtd.27.02.2026 relating to modification of charge for extension of security on immovable assets for loan from SBI filed on 08.04.2026.	Filings have been done with additional fees, due to delay made by Bank.
iv) IEPF-2 for exit of nodal officer on 07.05.2025 was filed on 06.05.2026.	Filings have been done with additional fees, due to technical issue in MCA portal.

Statutory Auditors:

M/s P. Chandrasekar LLP, Chartered Accountants, were appointed as the Statutory Auditors of the Company for a term of five consecutive years at the 29th Annual General Meeting held on September 20, 2022. However, with the advent of Companies (Amendment) Act, 2017 the requirement of annual ratification of the appointment of the Statutory Auditors of the Company by the shareholders at the Annual General meeting has been done away with.

The Reports given by M/s P. Chandrasekar LLP, Chartered Accountants on the standalone and consolidated Financial Statements of your Company for the financial year ended March 31, 2026 ("Financial Statements”) is part of the Annual Report. The Notes on the Financial Statements referred to in the Auditors Report are self-explanatory and do not call for any comments. The Auditors Report does not contain any qualification, reservation, adverse remark or disclaimer.

Secretarial Auditors:

Pursuant to Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (as amended from time to time) the Company has appointed Mr. R. Parthasarathy, Company Secretary, in practice to undertake the Secretarial Audit of the Company. The Secretarial Audit report is annexed herewith as Annexure - 2 and forms an integral part of this Report.

Internal Auditors:

M/s. Mallya & Mallya, Chartered Accountants, was appointed as Internal Auditors for the accounting year 2025-26.

Cost Auditors and Cost Records:

The provisions of Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules, 2014 (as amended from time to time) are currently not applicable to the company.

Significant and Material Orders Passed by the Regulators or Courts:

Temporary Closure of Operation of Pondicherry Plant from December 26, 2025 to January 29, 2026 and was resumed after receipt of order from Honourable High Court of Madras.

Declaration of Independent Directors:

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as stipulated in Section 149(6) of the Companies Act, 2013 to qualify themselves to act as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules.

Directors:

Mr. Laxminarayan Moondra (DIN: 00214298) and Mrs. Jyoti Mundra (DIN: 07143035), Directors retire by rotation and being eligible, offer themselves for re-appointment.

Mr. Laxminarayan Moondras tenure as Whole-Time Director is ending on August 20, 2026. Considering his immense contribution to the progress of the company as a promoter and executive director since inception, the Board recommends his reappointment for a further period of 3 years and also to revise his remuneration subject to the approval of members.

Mr. Laxminarayan Moondras remuneration term as Whole-Time Director is ending on August 20, 2026. Considering his immense contribution to the progress of the Company as a promoter and executive director since inception, the Board recommends revision of his remuneration, subject to the approval of the members.

During the year under consideration All independent directors have given declarations that they meet the criteria of independence as laid down under section 149 (6) of the Companies Act, 2013 and Regulation 25(3) of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015. All Directors have given declarations relating to compliance with code of conduct.

Key Managerial Personnel (“KMP”):

Pursuant to the provisions of Section 203 of the Act, Mr. Sunil L Mundra, Managing Director, Mr. R K Prasad, Chief Financial Officer, and Ms. Pranjal Deshmukh, Company Secretary are the Key Managerial Personnel of your Company as on March 31st, 2026 .

During the financial year 2025-26, the erstwhile Company Secretary, Mrs. Shilpa Burman resigned from the Company on May 07, 2025 and on the recommendation of Nomination and Remuneration Committee the Board of Directors appointed Ms. Pranjal Deshmukh as Company Secretary and Compliance Officer w.e.f. May 29, 2026.

During the current year, Ms. Pranjal Deshmukh resigned from the Position of Company Secretary & Compliance Officer w.e.f April 25, 2026. On the recommendation of Nomination and Remuneration Committee the Board of Directors appointed Mr. Akshay Dutta as Company Secretary & Compliance Officer w.e.f May 27, 2026.

Nomination and Remuneration Committee and Policy:

As per the requirements of the provisions of the Companies Act, 2013, a Nomination and Remuneration Committee of Directors was constituted by the Board of Directors and the details of the Members of the Committee are disclosed elsewhere in this Annual Report. The Board has, on the recommendation of the Nomination and Remuneration Committee framed a policy on

Directors appointment and remuneration including criteria for determining qualification, positive attributes, independence of a Director and other matters provided under sub-section (3) of Section 178. The said Policy is available on the website of the Company; various web links of the companys policy is detailed under the head Policy.

Related Party Transactions:

During the financial year ended March 31, 2026, all the contracts or arrangements or transactions entered into by the Company with the related parties were in the ordinary course of business and on ‘arms length basis and were in compliance with the applicable provisions of the Companies Act, 2013, read with Regulation 23 of SEBI (LODR), 2015.

The Policy on Related Party Transactions (including the revised policy applicable for related party transactions effective April 01, 2019), is available on the Companys website and can be accessed at http://www.naturalcapsules.com/pdf/policy-on- related-partv-transactions.pdf

All related-party transactions are placed before the Audit Committee for review and approval. Prior omnibus approval of the Audit Committee and the Board is obtained for the transactions which are of a foreseen and repetitive nature. A statement giving details of all related-party transactions is placed before the Audit Committee for their noting/ approval every quarter. As prescribed by Section 134 (3) (h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014, particulars of material contracts/arrangements with related parties are given in Form AOC-2, annexed as Annexure - 1 to this report.

All related party transactions are mentioned in the notes to the accounts. The Directors draw attention of the members to the Notes to the financial statements which sets out the disclosure for related party transactions.

Material Changes and Commitments, if any, affecting the Financial Position of the Company from the end of Financial Year till the date of this report:

There is no any material changes and commitments occurred between the end of the financial year ended as on March 31st, 2026 and the date of the report which can affect the financial position of the company.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo:

The information pertaining to conservation of energy, technology absorption, Foreign Exchange Earnings and Outgo as required under section 134 (3) (m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 (as amended from time to time) is attached herewith as Annexure - 3 to this report.

Risk Management:

The Company follows a comprehensive and integrated risk management process. The risk management process is designed to safeguard the organization from various risks through adequate and timely actions. It is designed to anticipate, evaluate and mitigate risks in order to minimize its impact on the business. The potential risks are inventoried and integrated with the management process such that they receive the necessary consideration during decision making and are periodically reviewed and revised by the Board of Directors.

Corporate Social Responsibility:

During the financial year ended March 31, 2026, the CSR Committee constitute Mr. Pramod Kasat (Chairperson), Mr. Sunil L Mundra (Member) and Mr. Sushil Kumar Mundra (Member). The terms of reference of the CSR Committee are provided in the Corporate Governance Report, which forms an integral part of this Report. Your Company has also formulated a CSR Policy, which is available on the website of your Company at http://naturalcapsules. com/pages/policies.html.

The Annual Report on Companys CSR activities of the Company is furnished in the prescribed format as Annexure - 4 and attached to this report.

Board Evaluation:

The Companies Act, 2013 states that a formal annual evaluation needs to be made by the Board of its own performance and that of its committees and individual directors. Schedule IV of the Companies Act, 2013, states that the performance evaluation of independent directors shall be done by the entire Board of Directors, excluding the director being evaluated. Pursuant to the provisions of the Act, the Board has carried out an annual evaluation of its own performance, the individual Directors (including the Chairman) as well as an evaluation of the working of all Board Committees. The performance evaluation was carried out on the basis of inputs received from all the Directors/Members of the Committees, as the case may be.

The Independent Directors of the Company have also convened a separate meeting for this purpose. All the results of evaluation have been communicated to the Chairman of the Board of Directors.

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, mandates that the Board shall monitor and review the Board evaluation framework. The framework includes the evaluation of directors on various parameters such as:

• Board dynamics and relationships

• Information flows

• Decision-making

• Relationship with stakeholders

• Company performance and strategy

• Tracking Board and committee effectiveness

• Peer evaluation

The evaluation process has been explained in the corporate governance report. The Board approved the evaluation results as collected by the nomination and remuneration committee.

Familiarization Program for Independent Directors:

Pursuant to provisions of Regulation 25(7) of the SEBI Listing Regulations, a detailed familiarization program was held on November 13, 2025, and March 28, 2026. The details of familiarization program are available at website of your Company at www.naturalcapsules.com.

Corporate Governance:

Pursuant to Regulation 34 of the SEBI (LODR) Regulations, 2015, Report on Corporate Governance and Auditors Certificate regarding compliance of conditions of Corporate Governance provided in Annexure - 5 in this Report and the same forms part of the Directors Report.

Management Discussion and Analysis Report:

Management Discussion and Analysis Repot for the year under review as stipulated under Regulation 34(2) (e) of SEBI (LODR) Regulations, 2015, forms part of the Annual Report.

Composition of Audit Committee and Vigil Mechanism/Whistle Blower Policy:

As on March 31, 2026 the Committee constitutes of Mr. T Y Prabhu (Chairperson), Mr. Pramod Kasat (Member), Mr. S G Belapure (Member) & Mr. Sunil L Mundra (Member), details of which are enumerated in the Corporate Governance Report. The Company has devised a vigil mechanism in the form of a Whistle Blower Policy in pursuance of provisions of Section 177(10) of the Companies Act, 2013 and the policy is explained in corporate governance report. During the year under review, there were no complaints received under this mechanism.

Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:

The Company has in place a policy on Sexual Harassment of Women at Workplace in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. An Internal Complaint Committee has been set up to redress complaints received. All employees (permanent, contractual, temporary, trainees) are covered under this policy. There were no complaints received from any employee during the financial year 2025- 26.

Number of complaints of sexual harassment received in the year	0
Number of complaints disposed off during the year	0
Number of cases pending for more than ninety days	0

Other Disclosure:

a) details of establishment of vigil mechanism, whistle blower policy, and affirmation that no personnel have been denied access to the audit committee;

b) details of compliance with mandatory requirements and adoption of the non- mandatory requirements;

c) web link where policy for determining ‘material subsidiaries is disclosed;

d) web link where policy on dealing with related party transactions;

e) a certificate from a company secretary in practice that none of the directors on the board of the company have been debarred or disqualified from being appointed or continuing as directors of companies by the Board/Ministry of Corporate Affairs or any such statutory authority.

Particulars of Employees:

Disclosures with respect to the remuneration of Directors and employees as required under Section 197 of Companies Act, 2013 and Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 has been appended as Annexure - 6 to this Report.

Employee Stock Option Schemes:

Pursuant to Rule 12(9) of the Companies (Share Capital and Debentures) Rules, 2014 read with Regulation 14 of the SEBI (Share Based Employee Benefits) Regulations, 2014 The Company has implemented ESOP Scheme 2018, to reward and retain the qualified and skilled employees and to give them an opportunity to participate in the growth of the Company. These Schemes are administered by the Nomination and Remuneration Committee of the Company and have been appended as Annexure - 7 to this Report.

Disclosure under Schedule V(F) of the SEBI(LODR) Regulations, 2015:

Your Company does not have shares in the demat suspense account or unclaimed suspense account.

Subsidiaries, Joint Ventures and Associate Companies:

The Company has 2 subsidiaries - Natural Biogenex Private Limited & Natural Phyto Pharma Private Limited.

Unclaimed Dividend:

Pursuant to Section 125 of the Companies Act, 2013, dividends that are unpaid/unclaimed for a period of 7 (Seven) years from the date they became due for payment are required to be transferred by the Company to the Investor Education and Protection Fund (lEPF/Fund). Given below are the dates of declaration of dividend and corresponding cut-off dates when unpaid/unclaimed dividends are due for transfer to IEPF:

Year	Type of dividend	Dividend per share	Date of declaration of dividend	Cutoff date for transfer to IEPF
2018-2019	Final Dividend	1/- Per Share	August 22, 2019	September 29, 2026
2019-2020	Final Dividend	1/- Per Share	August 21, 2020	September 28, 2027
2020-2021	Final Dividend	1/- Per Share	July 15, 2021	August 22, 2028
2021-2022	Final Dividend	1/- Per Share	September 20, 2022	October 27, 2029
2022-2023	Final Dividend	1/- Per Share	July 28, 2023	September 04, 2030
2023-2024	Final Dividend	NIL	NA	NA
2024-2025	Final Dividend	NIL	NA	NA

Members who have not yet encashed their dividend warrants till date are requested to write to the Company/ Cameo, RTA to claim the same, on or before cut-off dates given above to avoid transfer of dividend to IEPF.

Internal Control Systems and their Adequacy:

The Company has an adequate Internal Control System commensurate with its size and operations. Management has overall responsibility for the Companys Internal Control System to safeguard the assets and to ensure reliability of financial records. Audit Committee reviews all financial statements and ensures adequacy of internal control systems. The Company has engaged the services of an Independent Chartered Accountant to carry out an internal audit and ensure that recording and reporting are adequate and proper, the internal controls exist in the system and that sufficient measures are taken to update the internal control system. The system also ensures that all transactions are appropriately authorized, recorded and reported. Exercises for safeguarding assets and protection against unauthorized use are undertaken from time to time. The company has also installed an extensive CCTV Surveillance system to cover the entire factory premises. All these measures are continuously reviewed by the management and as and when necessary, improvements are affected.

Discussions on financial performance with respect to operational performance:

The Net Sales during the year were 173.77 Cr and your Company could make Net Profit 11.16 Cr after tax.

No. of Employees:

31-03-2026				31-03-2025
PLACE	REGULAR	TRAINEE	TOTAL	PLACE	REGULAR	TRAINEE	TOTAL
HO	31	0	31	HO	29	0	29
UNIT-1	71	0	71	UNIT-1	69	0	69
UNIT-2	79	0	79	UNIT-2	73	0	73

Code of Conduct for Prevention of Insider Trading:

As per the SEBI (Prohibition of Insider Trading) Regulations, 2015 ("PIT Regulations”), your Company has adopted a "Code of Conduct for Prevention of Insider Trading in Securities” (the "Code”) and "Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information ("UPSI”)”. All the Directors, employees and third parties such as auditors, consultants etc., who could have access to UPSI related to the Company, are governed by the Code. The trading window is closed as per the PIT Regulations during the time of declaration of financial results and occurrence of any material events as per the Code.

Credit Rating:

The details of credit rating are disclosed in the Corporate Governance Report (Annexure-5), which forms part of the Integrated Annual Report.

Cautionary Statement:

Statements in the Boards Report and the Management Discussion & Analysis describing the Companys objectives, expectations or forecasts may be forward looking within the meaning of applicable laws and regulations. Actual results may differ from those expressed in the statements.

Others:

1. During the financial year ended March 31, 2026, your Company has complied with applicable Secretarial Standards i.e. SS-1 and SS-2, relating to "Meetings of the Board of Directors” and "General Meetings”, respectively.

2. The Company does not have any scheme of provision for the purchase of its own shares by employees or by trustees for the benefit of employees.

General:

Your Board of Directors confirms that no disclosure or reporting is required in respect of the following items as there was no transaction on these items during the year under review Except One (c.):

a) Issue of equity shares with differential voting rights as to dividend, voting or otherwise.

b) Issue of Shares (Including Sweat Equity Shares) to employees of your Company under any scheme.

c) Significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Companys operations:

Temporary Closure of Operation of Pondicherry Plant from December 26, 2025 to January 29, 2026 and was resumed after receipt of order from Honourable High Court of Madras.

d) The Company has not made any application, nor are any proceedings pending under the Insolvency and Bankruptcy Code, 2016 during the year.

e) One time settlement of loan obtained from the Banks or Financial Institutions.

f) Revision of financial statements and Directors Report of your Company.

Acknowledgement:

Your Board of Directors express gratitude to all stakeholders, including customers, bankers, suppliers, distributors, dealers, and contractors, for their ongoing assistance, cooperation, and support. They also extend sincere appreciation to all employees for their dedication and ongoing contributions to the Company. The Directors are thankful for the confidence, faith, and trust shown by shareholders in the Company. Additionally, appreciation is extended to the Central Government and the Government of Karnataka for their continual support and cooperation.

	For and on behalf of the Board of Directors of
	Natural Capsules Limited
	T Y Prabhu	Sunil L Mundra
Place: Bangalore	Chairman	Managing Director
Date: May 27, 2026	DIN: 02113527	DIN: 00214304