Navkar Corporation Ltd Directors Report

To the Members of Navkar Corporation Limited,

The Board of Directors of Navkar Corporation Limited (The Company or Navkar) is pleased to present their 18 th Annual Report along with the Audited Financial Statements of the Company for the financial year ended March 31, 2026.

1. FINANCIAL SUMMARY AND OPERATIONAL HIGHLIGHTS

The Companys financial performance during the year ended March 31, 2026 compared to the previous financial year is summarized below:

(Rs. in Lakhs except EPS)

Sr 1	Year Ended
Sr. Particulars No .	31 March, 2026 (Audited)	31 March, 2025 (Audited)
1. Income
(a)Revenue from Operations	68,745.89	48,730.54
(b)Other Income	312.26	245.49
Total Income (a+b)	69,058.15	48,976.03
2. Expenses
(a) Operating Expenses	49,249.67	38,997.55
(b) Employee Benefits Expenses	4,815.80	4,520.57
(c) Finance Costs	1,587.04	2,069.96
(d) Depreciation and Amortisation Expenses	5,673.42	5,090.86
(e) Other Expenses	2,864.03	4,380.30
Total Expenses (a to e)	64,189.96	55,059.24
3. Profit/(Loss) before exceptional items and tax (1-2)	4,868.19	(6,083.21)
4. Exceptional Items (Refer Note 3)	-	(611.09)
5. Profit/(Loss) before tax (3 + 4)	4,868.19	(6,694.30)
6. Tax Expense
Current Tax	839.31	-
Earlier year tax	-	(36.15)
Deferred Tax	1,014.32	(2,127.95)
Total Tax Expense	1,853.63	(2,164.10)
7. Profit/(Loss) for the Period/Year (5 - 6)	3,014.56	(4,530.20)
8. Other Comprehensive Income
Items that will not be reclassified to profit or loss
Re-measurement of net defined benefit obligations	(90.41)	(110.25)
Tax Effect on above	22.75	38.52
9. Total Comprehensive Income/(Loss) for the Period/Year (7 + 8)	2,946.90	(4,601.93)
10. Paid-up equity share capital (Face value Rs. 10 each share)	15,051.92	15,051.92
11. Other Equity (Excluding Revaluation Reserve)	180,743.58	177,796.68
12. Earnings Per Share (face value of Rs. 10 each)
(Not Annualised for the quarter)
(Derived based on Sr. No. 7 above)
(a) Basic EPS in Rs.	2.00	(3.01)
(b) Diluted EPS in Rs.	2.00	(3.01)

Financial Highlights

The total revenue of your Company stood at INR 69058.15 Lakhs for the financial year ended March 31, 2026 as against INR 48976.03 Lakhs for the previous financial year. The Profit before tax is INR 4868.19 Lakhs for the current year as against Loss before tax of INR (6694.30) Lakhs in previous financial year.

The Annual Audited Financial Statements of the Company are complied with Section 129 of the Companies Act, 2013 (the Act) and are prepared in accordance with the Indian Accounting Standards (Ind AS) as notified under Section 133 of the Act read with the Companies (Accounts) Rules, 2014 and other applicable provisions of the Act and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations).

The Annual Audited Financial Statements of the Company are prepared on a going-concern basis.

Publication and access to the Financial Statements and Results

The Company publishes its Unaudited Financial Results which are subjected to limited review on a quarterly basis. The Audited Financial Statements and Results are published on an annual basis. Upon publication, the Financial Statements and Results are also uploaded on the websites of the stock exchanges where equity shares of the Company are listed and the website of the Company.

In accordance with Section 136 of the Act, the Annual Audited Financial Statements of Company and all relevant documents, related thereto, are uploaded on the website of the Company and can be accessed at the weblink: https:// navkarcorp.com/investor-relations#quarterly-results

Operational Highlights

The operations are exhaustively discussed in the Management Discussion and Analysis forming part of the Annual Report.

Changes in the nature of Business:

The Company continued to provide logistics services to its customers and hence, there have been no changes in the nature of the business and operations of the Company during the financial year under review.

Material Changes and Commitment, if any, affecting financial position of the Company from financial year end and till the date of this report:

There have been no such material changes and commitments, affecting the financial position of the Company which have occurred between the end of financial year to which the Financial Statements relates and the date of this Report.

Significant and Material Orders Passed by the Regulators or Courts or Tribunals:

During the year under review, no significant and material orders have been passed by any Regulator or Court or Tribunal which would impact going concern status of the Company and its future operations.

2. STATE OF COMPANYS AFFAIRS:

BUSINESS OVERVIEW AND STATE OF COMPANYS AFFAIRS:

The Company operates into (a) Container Freight Stations or CFSs (b) Inland Container Depot or ICD and (c) Rail Terminals also referred to as Private Freight Terminals or PFTs by the Indian Railways (d) Container Train Operators:

Container Freight Stations (CFS)

Container Freight Stations serve a gateway port. In our case, our three Container Freight Stations serves the gateway port of Nhava Sheva (also called Jawaharlal Nehru Port Trust). Company has three Container Freight Stations - two at Ajiwali and one at Somathane - all in Panvel Taluka, Maharashtra. The Import containers nominated by container shipping lines or consignees are required to be evacuated from the port premises and transported to Container Freight Station. After arrival at the CFS, the import laden container is stacked and stored awaiting clearance by the consignees clearing agent. The process of customs clearance of goods is carried out by the Customs Broker (earlier referred to as Custom House Agent). Similarly, CFS provides all the services for Export Cargoes. Our CFS provides all the services that are needed to facilitate the clearance of the cargoes (Exim and Domestic). To service the needs of customs clearance and delivery of the goods or the laden container itself, we are required to have an array of equipment (both big and small) that include Reach Stackers, Fork Lifts, Cranes, slings, trailers, and other cargo handling equipment. For storage purposes there are warehouses which are marked for the storage of export and import goods. Open areas are marked for stacking and storing import and export containers. As a CFS we provide all the range of services that fall within the guidelines for handling cargoes and containers from the Container Yard (CY) of the ports terminal to the CFS and handover of the goods or the laden container at the CFS. Facilities for parking, container storing and repairs are available here.

Railway Terminals

Navkar operates two railway terminals referred to as Gati Shakti Cargo Terminals (GCT). These terminals are at our Somathane (Panvel) facility and at ICD Morbi. The GCT at Somathane is served with three railway tracks. The railway terminals are used for handling export rakes of agro products, domestic rakes and container rakes (referred to as BLC rakes). The GCT handles all types of railway rakes (Exim and domestic) at Somathane. All rakes arriving with cargoes are handled as per the guidelines of the Indian railways.

Inland Container Depot

The Company owns and operates an Inland Container Depot at Morbi. Located on Gujarat State Highway 7, this ICD at Morbi caters to the industries in the Suarashtra region of Gujarat. Our Morbi ICD serves both - Mundra & Kandla Ports, with a majority of the volumes getting routed through Mundra Port as the Base Port. ICD Morbi is spread over 140 acres and is supported by our own Gati-Shakti Cargo Terminal having five Railway sidings. The facility is equipped with the best of equipment and infrastructure - Over one lakhs square feet of contemporary warehousing, Rubber Tyre Gantry Cranes, Reach Stackers, Cranes, Fork lifts etc. for meeting all handling and storage requirements at the facility. The facility is supported by our own fleet of Trailers for container movement and incorporates a spacious parking area. Handling all types of cargoes and containers. We have the best of facilities for container storage and repairs exceeding the standards specified by all our partner shipping lines. The import cycle commences with the laden import containers of the consignees being picked up at Mundra Port and being moved by rail to our ICD. At the ICD, the import laden containers are off-loaded from the rake and moved to stacks based on consignee identity. The consignee completes all formalities for custom clearance and container release with Indian Customs and Shipping Lines respectively with help of the Custom House Agent (CHA) and takes delivery of their import containers. In most cases, the consignee will work with the ICD on an integrated service package wherein transportation of laden container from our ICD to the customer facility and empty container from customer facility back to our ICD is performed by the ICD. The Import Cycle gets concluded with the offloading of empty containers to shipping line at our ICD. The Export Cycle commences with issue of empty containers to exporters from our ICD to shippers. Similar to import customers, most export customers contract our ICD for integrated service package wherein the transportation to and from the customers facility is performed by the ICD. Shippers complete Customs formalities for LEO at our ICD and subsequently containers are moved to Mundra / Kandla Port by Rail or Road. The Exports Cycle concludes with Gate in at Port in the Terminals capacity.

Container Train Operations

The company holds two Licenses issued by Indian Railway to operate container rakes on Indian Railway Network. The Company owns eleven BLC rakes and have taken three rakes on long term lease for CTO line of business. CTO business is supported by more than 3200 domestic containers which are used for carrying cargo across various circuits. The Company operates various domestic circuits namely from various cement companies to terminal at Somathane, between Somathane GCT located at Panvel CFS and Wadharwa GCT located at ICD Morbi and various railway good shed and both company owned terminals. The

Company is working in developing more domestic circuits using Railway good shed which has started recently. In addition to domestic circuit, CTO LOB also engaged in EXIM containerized movement between Mundra port and ICD Morbi.

Receiving of Letter of Acceptance for the Contract for Development of Gati Shakti Multi-Modal Cargo Terminal at Somathane

The Company has been awarded a Letter of Acceptance from Central Railway, Divisional Office, Commercial Department, CSMT, Mumbai, for the development of a Gati Shakti Multi-Modal Cargo Terminal (GCT) at Somathane under the GCT Policy, to be developed entirely on Railway land.

As per the terms of the award, the Company is required to complete the construction of the terminal within a period of eighteen (18) months from the date of grant of approval for the construction. The Railway land will be provided to the Company on a license basis for a period of 35 years. The estimated cost of construction of the project is approximately Rs63,21,92,373/- (Rupees Sixty Three Crores Twenty One Lakhs Ninety Two Thousand Three Hundred Seventy Three only).

The said project is expected to significantly strengthen the Companys logistics infrastructure and enhance its integrated cargo handling capabilities. It is also anticipated to improve customer service offerings and further reinforce the Companys strategic presence in the region.

ALTERATION OF MEMORANDUM OF ASSOCIATION AND ARTICLES OF ASSOCIATION:

During the financial year under review, there is no alteration in Memorandum and Articles of Association of the Company.

CORPORATE OFFICE OF THE COMPANY

The Board of Directors of the Company had, in their meeting held on July 17, 2025, approved the shifting of the corporate office of the Company from 13th Floor, Goodwill Infinity, Sector-12, Kharghar, Navi Mumbai- 410210 to Seawoods Grand Central Tower-1, 9th floor, C-wing, Sector-40, Navi Mumbai - 400 706 Maharashtra India

3. TRANSFER OF UNCLAIMED SHARE APPLICATION MONEY TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF):

During the year under review, pursuant to provisions of section 125 of the Companies Act 2013, read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, there is no unpaid or unclaimed share application money which is required to be transferred by the Company to the IEPF.

4. TRANSFER TO RESERVES:

Details of reserve and surplus are provided in the Note No16. of the Financial Statements.

5. DIVIDEND:

The Board of Directors of your Company, after considering holistically the relevant circumstances, has decided that it would be prudent, not to recommend any dividend for the financial year ended March 31, 2026.

As per Regulation 43A of the SEBI Listing Regulations the Company has formulated Dividend Distribution Policy taking into account the parameters prescribed in the said Regulations. The Dividend Distribution Policy is available on Companys website at data/Files/policies-dividend-distribution-policy.pdf

6. PUBLIC DEPOSIT:

During the year under review, the Company has not accepted any deposits from the public falling within the meaning of the provisions of Chapter V - Acceptance of Deposits under Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.

7. INTERNAL FINANCIAL CONTROLS:

The Company has in place adequate internal financial controls with reference to the Financial Statements commensurate with the size, scale, and complexity of operations of the Company. Regular audits and review processes ensure that such systems are reinforced on an ongoing basis.

The Auditors of the Company has audited and assessed the Internal Financial Controls of the Company during the financial year under review taking into consideration the essential components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by The Institute of Chartered Accountants of India. Based on the results of the assessments carried, no material weakness was observed in the effectiveness of internal control systems nor were any deficiencies in the design or operation of such internal controls observed. Further there were no significant changes in internal control over financial reporting and the internal control systems were operating adequately.

The Statutory Auditors have also examined the internal financial controls of the Company and have submitted an unmodified opinion on the adequacy and operating effectiveness of the internal financial controls over financial reporting as at March 31, 2026.

The internal auditor reports to the Audit Committee comprising of Independent Directors. Further there were no letters of internal control weaknesses issued by the Internal Auditor or the Statutory Auditors during the financial year under review.

The Company believes that strengthening of internal controls is an ongoing process and there will be continuous efforts to keep pace with changing business needs and environment.

8. RISK MANAGEMENT:

The Company has a well-defined risk management framework in place which inter-alia includes identification of elements of risk, if any, which in the opinion of the Management and the Board may impact the performance outcome of the Company. The Company has developed and implemented a Risk Management Policy which is approved by the Board.

The Risk Management Policy inter-alia includes identification and assessment of the likelihood and impact of risk, mitigation steps and reporting of existing and new risks associated with the Companys activities in a structured manner. This facilitates timely and effective management of risks and opportunities and achievement of the Companys objectives. The Risk Management Committee is, inter-alia, authorised to monitor and review the risk assessment, mitigation and risk management plans for the Company from time to time and report the existence, adequacy, and effectiveness of the above process to the Board on a periodic basis. The details of composition of the Risk Management Committee, their terms of reference, meetings held and attendance of the Committee Members thereat during the financial year 2025-26 are provided in the section titled Report on Corporate Governance, which forms part of the Annual Report.

9. INTERNAL CONTROL SYSTEM & THEIR ADEQUACY:

The Board has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, safeguarding of its assets, prevention and detection of fraud, error reporting mechanisms, accuracy and completeness of the accounting records, and timely preparation of reliable financial disclosures. For more details, refer to the Internal control systems and their adequacy section in the Management Discussion and Analysis Report, which forms part of the Annual Report.

10. SHARE CAPITAL:

During the year under review, there is no change in the Authorized, Issued, Subscribed and Paid-up Share Capital of the Company.

As on March 31, 2026 the Authorized Share Capital of the Company is INR 2,26,00,00,000/- (Indian Rupees Two Hundred Twenty-Six Crore) divided into 21,50,00,000 (Twenty-One Crore Fifty Lakhs) Equity Shares of INR. 10/- (Indian Rupees Ten only) each, 50,00,000 (Fifty Lakhs) 0% Cumulative Redeemable Preference Shares of INR. 10/- (Indian Rupees Ten only) each and 6,00,000 (Six Lakhs) 6% Cumulative Redeemable Preference Shares of INR. 100/- (Indian Rupees One Hundred only) each.

As on March 31, 2026, the issued, subscribed and paid- up equity share capital of the Company is 15,05,19,181 (Fifteen Crore Five Lakhs Nineteen Thousand One Hundred Eighty One) Equity Shares of INR. 10/- (Indian Rupees Ten only) each.

11. CREDIT RATING:

The details of the credit ratings during the financial year 2025-26 are as follows:

Total Bank Loan Facilities Rated	Date of Rating	Long Term Rating	Short Term rating
Rs.278 Crore	June 24, 2025	Crisil AA-/Stable (Reaffirmed)	Crisil A1 + (Reaffirmed)

15. BOARD OF DIRECTORS Composition

12. LOANS, GUARANTEES AND INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013

During the year under review, the Company has not granted any loans, guarantees and investments made as mentioned under Section 186 of the Companies Act, 2013.

13. REQUIREMENTS FOR MAINTENANCE OF COST RECORDS

The Company is not required to maintain the cost records as specified by Central Government under section 148 (1) of the Companies Act, 2013 and rules made thereunder.

14. SUBSIDIARY, ASSOCIATES AND JOINT VENTURE COMPANY

The company does not have any company, which is its subsidiary, associate or joint venture. Hence the details of this clause are not applicable to the Company.

In compliance with the provisions of Regulation 17(1)(a) of SEBI Listing Regulations, the board of directors shall have an optimum combination of executive and non-executive directors with at least one independent woman director and not less than fifty per cent of the board of directors shall be non-executive directors.

As on March 31, 2026, the Board of the Company consists of Eight (8) Directors comprising of One Chairman cum NonExecutive Non-Independent Director, One Executive Director, Two other Non- Executive Non-Independent Directors and Four Independent Directors including One Women Independent Director.

Director Retiring by Rotation

In terms of Section 152 (6) of the Act, Mr. Lalit Singhvi (DIN: 05335938), Non-Executive Non-Independent Director is eligible to retire by rotation and being eligible offers himself for the re-appointment at the ensuing Annual General Meeting (AGM)

The brief resume of the Directors to be appointed at this Annual General Meeting and other related information has been furnished in the Notice convening the 18 th Annual General Meeting.

Directors appointed/re-appointed at the AGM

During the financial year 2025-26, the Shareholders of the Company at the 17 th AGM held on Tuesday, July 08, 2025, on the basis of recommendation of the Board and the Nomination Remuneration Committee, approved the following re-appointment as per the regulatory requirement of the Act and relevant SEBI Listing Regulations .:

Sr. No.	Director	Designation	Terms and conditions
1.	Mr. Manish Gupta (DIN: 08567943)	Director -(Non-Executive & Non-Independent Director)	Re-appointed as Director, liable to retire by rotation on the terms and conditions, as set out in the Explanatory Statement annexed to the Notice convening the 17 th AGM.

Composition of Board of Directors

The Composition of the Board of Directors of the Company as on March 31, 2026 are as follows:

Sr. No.	Name of Director	DIN	Designation
1.	Mr. Rinkesh Roy	07404080	Chairman & (Non-Executive & Non- Independent Director)
2.	Mr. Amit Garg	00350413	Whole-time Director
3.	Mr. Lalit Singhvi	05335938	Non-Executive & Non-Independent Director
4.	Mr. Manish Gupta	08567943	Non-Executive & Non-Independent Director
5.	Mr. Ashok Kumar Thakur	07573726	Non-Executive Independent Director
6.	Mr. Sandeep Kumar Singh	02814440	Non-Executive Independent Director
7.	Ms. Pooja H Goyal	07813296	Non-Executive Women Independent Director
8.	Mr. Atul Kumar	09045002	Non-Executive Independent Director

Declaration by 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 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 complied with the Code for Independent Directors prescribed in Schedule IV to the Act and have also confirmed their registration with the databank of Independent Directors maintained by the Indian Institute of Corporate Affairs in compliance with the requirements of the Companies (Appointment and Qualifications of Directors) Rules, 2014.

Further, the Board, after taking these declarations/ disclosures on record and acknowledging the veracity of the same, opines that the Independent Directors of the Company strictly adheres to corporate integrity, possesses requisite expertise, experience and qualifications to discharge the assigned duties and responsibilities as mandated by the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Further, none of the Directors are debarred from holding office as Director by virtue of any order of SEBI or any other competent authority.

The Independent Directors of the Company have passed the online proficiency self-assessment test conducted by the Indian Institute of Corporate Affairs

Performance Evaluation

Pursuant to the applicable provisions of the Act and the SEBI Listing Regulations, the Board of your Company has carried out an annual evaluation of its own performance and that of its Committees as well as reviewed the performance of the Directors individually for financial year 2025-26. The performance evaluation of the NonIndependent Directors and the Board as a whole, was carried out by the Independent Directors. The Independent Directors also carried out evaluation of the Chairman of the Company, considering the views of the other Non-Executive Directors and assessed the quality, quantity and timeliness of flow of information between the Company Management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

Process of evaluation

Feedback for each of the evaluations was sought by way of internal structured questionnaires with the Directors and the Committee for accessing the questionnaires and submitting their feedback/comments. The questionnaires for performance evaluation are in alignment with the guidance note on Board evaluation issued by the Securities and Exchange Board of India (SEBI), vide its circular dated 5 January 2017 and cover various attributes/functioning of the Board such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties etc., based on the criteria approved by the Nomination Remuneration Committee (NRC). The Members of the Board/Committees were also able to give qualitative feedback and comments apart from the standard questionnaires.

Results of evaluation

The outcome of the evaluations was presented to the Board, the NRC and the Independent Directors at their respective meetings for assessment and development of plans/suggestive measures for addressing action points that arise from the outcome of the evaluation. The Directors expressed their satisfaction on the parameters of evaluation, the implementation and compliance of the evaluation exercise done and the results/outcome of the evaluation process. The outcome of the evaluations, with the feedback/comments given by the Board Members are provided in the section titled Report of Corporate Governance, which forms part of this report.

Familiarisation Program for Independent Directors

The Directors are afforded many opportunities to familiarise themselves with the Company, its Management, and its operations during their association with the Company. The Company conducts induction and familiarisation programs for the Directors joining the Board including site visits, to familiarise them.

All the Independent Directors of the Company are made aware of their roles and responsibilities at the time of their appointment through a formal letter of appointment, which also stipulates terms and conditions of their engagement. The Whole-Time Director, CFO and the Senior Management provide an overview of the operations and familiarise the Directors on matters related to the Companys values and commitments. They are also introduced to the organisation structure, constitution, terms of reference of the Committees, board procedures, management strategies etc.

The Board Members are apprised by the Senior Management at quarterly Board Meetings by way of presentations which include industry outlook, competition update, company overview, operations and financial highlights, regulatory updates, presentations on internal control over financial reporting, strategic investment, etc. which not only give an insight to the Directors on the Company and its operations but also allows them an opportunity to interact with the Senior Management. The Directors are also informed of the various developments in the Company. Further the Directors are on a quarterly basis apprised on the powers, roles and responsibilities and constitution of the Board Committees, its charter and terms of reference and changes therein and, the Committee meetings held during a quarter.

The details of the familiarization programmes for Directors are available on the Companys website, viz.

Remuneration Policy and criteria for determining attributes, qualification, independence, and appointment of Directors

In terms of the provisions of Section 178(3) of the Act and Regulation 19 read with Part D of Schedule II to the SEBI Listing Regulations, the Nomination and Remuneration Committee is responsible for formulating the criteria for determining qualification, positive attributes and independence of a Director. The Nomination and Remuneration Committee is also responsible for recommending to the Board a policy relating to the remuneration of the Directors, Key Managerial Personnel, Senior Management Personnel and other employees.

Salient Features of this policy are as under: -

> The Philosophy for remuneration of Directors, Key Managerial Personnel, Senior Management Personnel and all other employees of the Company is based on the commitment of fostering a culture of leadership with trust. The remuneration policy is aligned to this philosophy.

> Independent Directors and Non-Independent NonExecutive Directors may receive sitting fees and such other remuneration as permissible under the provisions of Companies Act, 2013 and approved by Board of Directors. (for attending the meetings of the Board and of committees of which they may be members).

> Overall remuneration should reflect the size of the company, complexity of the sector/industry/ companys operations and the companys capacity to pay the remuneration.

> The Nomination and Remuneration Committee will recommend to the Board the remuneration paid for each director based upon the outcome of the evaluation process which is driven by various factors including attendance and time spent in the Board and committee meetings, individual contributions at the meetings and contributions made by directors other than in meetings.

> The extent of overall remuneration to Executive Directors/ Key Managerial Personnel / rest of the employees should be sufficient to attract and retain talented and qualified individuals suitable for every role.

> The remuneration mix for the Executive Directors is as per the resolutions approved by the shareholders.

The said policy of the Company has been hosted on the website of the Company at upload data/Files/policies-nomination-and-remuneration- policy.pdf

Directors Responsibility Statement

Pursuant to Section 134(5) of the Act, your Directors, based on representation from the management and after due enquiry, confirm that:

a. In the preparation of the annual accounts for the financial year ended March 31, 2026 the applicable accounting standards had been followed and there are no material departures therein;

b. They had in consultation with Statutory Auditors 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 on March 31, 2026 and of the profit of the Company for the financial year ended on that date;

c. They 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. They have prepared the annual accounts on a going concern basis;

e. They have laid down internal financial controls to be followed by the Company and such internal financial controls were adequate and were operating effectively during the financial year ended March 31,2026;

f. They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively throughout the financial year ended March 31, 2026.

Board Meetings

During the period under review, 06 (Six) Board Meetings were duly convened and held. The intervening gap between the said meetings were in accordance with the provisions of the Companies Act, 2013 read with relevant Rules made thereunder, Secretarial Standard-I issued by the Institute of Company Secretaries of India and provisions of SEBI

Listing Regulations. The dates of the Board meetings and details of attendance of each director has been disclosed in the Report on Corporate Governance forming part of the Annual Report.

Annual General Meeting

The 17 th AGM of the Company was held on Tuesday, July 08, 2025, at 11:00 A.M. (IST) through Video Conferencing (VC) or Other Audio-Visual Means (OAVM).

During the year under review, no Extraordinary General Meeting was held. However, certain business items were transacted through Postal Ballot.

Board Committees

The Board Committees constitution is in acquiescence of provisions of the Companies Act, 2013, read with the relevant rules made thereunder, SEBI Listing Regulations and the Articles of Association of the Company. The Board has constituted the following Committees of the Board of Directors of the Company:

Composition of Audit Committee

The Company Secretary of the Company acts as the Secretary to the Committee.

Recommendation of Audit Committee

During the period under review, there were no instances of non-acceptance of any recommendation of the Audit Committee by the Board of Directors of the Company.

Meeting of Independent Directors

The Independent Directors of the Company met without the presence of other Directors or the Management of the Company.

The Meetings were conducted to enable the Independent Directors to, inter-alia, discuss matters pertaining to review of performance of the Non-Independent Directors, the Board as a whole and the Chairman of the Company (taking into account the views of the Non-Executive Directors) and to assess the quality, quantity and timeliness of flow of information between the Companys Management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

During the financial year under review, the Independent Directors met 2 (Two) Times during the years on April 25, 2025 and March 12, 2026. All the Meetings were attended by all the Independent Directors of the Company.

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders Relationship Committee

4. Corporate Social Responsibility Committee

5. Finance and Operation Committee

6. Risk Management Committee

The details of all the above Committees along with their composition, terms of reference and meetings held during the year are provided in Report on Corporate Governance forming part of the Annual Report.

Audit Committee

As on March 31, 2026, the Audit Committee comprised of three members , of whom Two Members, including the Chairman are Independent. All the Members of the Committee possess strong accounting and financial management knowledge.

No sitting fees were paid to the Independent Directors of the Company for participating in the said meeting.

Declaration from Directors and Practicing Professional

Based on the written representations pursuant to provisions of Section 164 of the Companies Act, 2013, received from all the Directors of the Company, none of the directors of the Company are disqualified to act as a Director as on March 31, 2026.

Ragini Choksi, Practicing Company Secretaries, also have certified that none of the Directors of the Company have been debarred or disqualified from being appointed or continuing as director of the Company by Securities and Exchange Board of India (SEBI) or Ministry of Corporate Affairs (MCA)or any such statutory authority. The said certificate is attached in the Corporate Governance Report, which forms part of the Annual Report.

16. KEY MANAGERIAL PERSONNEL

As on March 31, 2026, the following persons have been designated as Key Managerial Personnel (KMP) of the Company pursuant to the provisions of Sections 2(51) and 203 of the Companies Act 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:

Sr. No.	Name of Director	Designation
1.	Mr. Amit Garg	Whole-Time Director
2.	Mr. Sabyasachi Mukherjee	Chief Financial Officer
3.	Ms. Deepa Gehani	Company Secretary & Compliance Officer

During the year under review, Mr. Arun Sharma, Chief Executive Officer, tendered his resignation on June 05, 2025, effective from September 05, 2025, due to personal reasons.

17. AUDITORS AND THEIR REPORTS Statutory Auditor

Pursuant to the provisions of Section 139 of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014, as amended from time to time, M/s. Uttam Abuwala Ghosh & Associates (FRN 111184W) Chartered Accountants was reappointed as Statutory Auditors of the Company for a period of five consecutive years, commencing from the conclusion of the 16 th Annual General Meeting to hold office till the conclusion of the 21 th Annual General Meeting of the Company, to be held in the calendar year 2029.

The Statutory Auditors have confirmed their eligibility under Section 141 of the Companies Act, 2013. Further, as required under the relevant regulation of SEBI Listing Regulations, the Statutory Auditors had also confirmed that they had subjected themselves to the peer review process of the Institute of Chartered Accountants of India (ICAI) and they hold a valid certificate issued by the Peer Review Board of ICAI.

Unmodified Statutory Auditor Reports

The Statutory Auditors Reports on the Annual Audited Financial Statements for the financial year 2025-26 forms part of the Annual Report and are unmodified i.e. they do not contain any qualification, reservation, or adverse remark.

Secretarial Auditor

Ragini Chokshi & co., Practicing Company Secretaries, Mumbai is appointed as the Secretarial Auditor of the Company for a term of five consecutive years from the conclusion of the 17th Annual General Meeting till the conclusion of 22 nd Annual General Meeting to be held in the year 2030 to conduct the audit of the secretarial records of the Company and for providing Annual Secretarial Compliance Report, Corporate Governance Certifications and other certifications as may be required under the SEBI Listing Regulations.

Annual Secretarial Compliance Report

The Company has obtained an Annual Secretarial Compliance Report for the financial year ended March 31, 2026 from Ragini Chokshi & Co. in compliance with the Regulation 24A of the SEBI Listing Regulations and the SEBI circular CIR/ CFD/CMD1/27/2019 dated 8 th February, 2019. The said Report has been submitted to the Stock Exchanges within the prescribed statutory timelines. The Annual Secretarial Compliance Report in compliance with Regulation 24A of the SEBI Listing Regulations is annexed to the Report on Corporate Governance and forms part of this report.

Unmodified Secretarial Audit Report and Annual Secretarial Compliance Report

The Secretarial Audit Report and the Annual Secretarial Compliance Report for the financial year ended March 31, 2026 are unmodified i.e. they do not contain any qualification, reservation, or adverse remark.

The Secretarial Audit Report in Form No. MR-3 as per the provisions of Section 204 of the Act read with Rules framed thereunder for the financial year ended March 31, 2026 is annexed to this Boards Report as Annexure I and forms part of the Annual Report.

Internal Audit

The Company has in place an adequate internal audit framework to monitor the efficacy of the internal controls with the objective of providing to the Audit Committee and the Board of Directors, an independent, objective and reasonable assurance on the adequacy and effectiveness of the Companys processes.

The Internal Auditor reports directly to the Chairman of the Audit Committee. The Internal Audit function develops an audit plan for the Company, which covers, inter-alia, corporate, core business operations, as well as support functions and is reviewed and approved by the Audit Committee.

The internal audit approach verifies compliance with the operational and system related procedures and controls. Significant audit observations are presented to the Audit Committee, together with the status of the management actions and the progress of the implementation of the recommendations on a regular basis.

Cost Audit

The provisions of Cost Audit and maintenance of cost records as specified by the Central Government under

Details of the composition of the Audit Committee as on March 31, 2026 is given hereunder

Sr. No.	Name	Designation	Category
1	Mr. Ashok Kumar Thakur	Non - Executive, Independent Director	Chairman
2	Ms. Pooja Hemant Goyal	Non - Executive, Independent Director	Member
3	Mr. Lalit Singhvi	Non-Executive - Non - Independent Director	Member

Section 148 of the Act read with the Rules framed thereunder, are not applicable to the Company and hence such accounts and records are not required to be maintained by the Company.

Reporting of frauds by Auditors

During the financial year under review, the Statutory Auditor and the Secretarial Auditor of the Company have not reported any instance of fraud committed in the Company by its officers or employees to the Audit Committee under Section 143(12) of the Act.

18. RELATED PARTY TRANSACTIONS

All transactions entered by the Company during the financial year 2025-26 with related parties were in compliance with the provisions of the Companies Act, 2013 and SEBI Listing Regulations. All such transactions were approved by the Audit Committee and the Board, from time to time and the same are disclosed in the financial statements of your Company for the financial year under review. The Company had obtained prior approval of the Audit Committee for all the related party transactions during the Financial Year 2025-26 as envisaged in Regulation 23(2) of the SEBI Listing Regulations and Section 177 of the Companies Act, 2013.

Further, the Audit Committee had given prior omnibus approval under Regulation 23(3) of the SEBI Listing Regulations and provisions of section 177 of the Companies Act, 2013, for related party transactions that are foreseen and of repetitive nature during the period under review and the required disclosures are made to the Committee on quarterly basis.

The particulars of contracts or arrangements with related parties referred to in Section 188(1) read with section 134(1)(h) and applicable rules of the Companies Act, 2013 are provided in the prescribed e-form AOC-2 as Annexure II which forms part of this Report.

The Policy on Materiality of Related Party Transactions and dealing with Related Party Transactions as approved by the Board of Directors of the Company can be viewed on the website of the Company through the link:

19. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company believes that as a responsible corporate citizen, it has a duty towards the society, environment, and the Country where it operates. The Companys sense of responsibility (which goes beyond just complying with operational and business statutes) towards the community and environment, both ecological and social, in which it operates is known as corporate social responsibility.

CSR Committee

The CSR Committee of the Board is constituted in compliance with the provisions of the Act read with the applicable rules made thereunder.

The CSR Committee of the Company comprises of Four Directors as on March 31, 2026 as detailed hereunder. The Chairman of the CSR Committee is an Independent Director and the Company Secretary of the Company acts as the Secretary to the CSR Committee.

Details of the composition of the CSR Committee as on March 31, 2026 is given hereunder.

Sr. No.	Name	Designation	Category
1	Ms. Pooja Hemant Goyal	Non - Executive, Independent Director	Chairperson
2	Mr. Sandeep Kumar Singh	Non - Executive, Independent Director	Member
3	Mr. Lalit Singhvi	Non-Executive, Non Independent Director	Member
4	Mr. Manish Gupta	Non-Executive, Non Independent Director	Member

The terms of reference of CSR committee has been disclosed in the Corporate Governance section of Annual Report and a detailed breakup of expenditure carried out on CSR activities has been disclosed in the Corporate Social Responsibility Report attached as Annexure IV of the Boards Report.

CSR Policy

On the recommendation of the CSR Committee, the Board of Directors have adopted and formulated comprehensive Corporate Social Responsibility policy, which sets out the objective, areas, activities and the manner in which the expenditure on CSR obligation would be carried out by the Company.

The CSR Policy including a brief overview of the projects or programs approved by the Board with implementation schedule thereof is uploaded on the Company website and can be accessed through the weblink:

CSR Spend

During the financial year under review, the Company has spent INR 16 Lakhs towards CSR activities as stipulated under Schedule VII of the Act. There is no unspent CSR expenditure as on March 31, 2026.

Impact Assessment of CSR Projects

The Companys average CSR obligation in the three immediately preceding financial years does not exceed INR 10 crores. Hence the Company is not required to undertake impact assessment, through an independent agency in terms of Rule 8(3)(a) of the Companies (Corporate Social Responsibility) Rules, 2014.

However, in line with the CSR Policy, the Company voluntarily conducts internal assessments, situational analysis, need assessment surveys, project visits or social audits etc. to monitor and evaluate the CSR projects of the Company.

Annual Report on CSR

Annual Report on CSR for the financial year 2025-26 including the salient features of the CSR Policy adopted by the Company is annexed as Annexure IV of this report and forms part of the Annual Report.

20. VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Vigil Mechanism as envisaged in the Act, the Rules framed thereunder and the SEBI Listing Regulations, is implemented through the Companys Whistle Blower Policy. The Whistle Blower Policy provides a mechanism for the Directors, employees and all the stakeholders of the Company to report their genuine concerns and provides adequate safeguard against victimization to those who use such mechanism.

Pursuant to the Policy, the Whistle Blower can raise concerns relating to Reportable Matters (as defined in the Policy) such as unethical behavior, breach of Code of Conduct Policy, actual or suspected fraud, any other malpractice, impropriety or wrongdoings, illegality, noncompliance of legal and regulatory requirements, retaliation against the Directors & Employees and instances of leakage of/suspected leakage of Unpublished Price Sensitive Information of the Company etc.

Further, the mechanism adopted by the Company encourages the Whistle Blower to report genuine concerns or grievances to the Audit Committee, and provides for adequate safeguards against victimization of Whistle Blower, who avail of such mechanism and also provides for direct access to the Chairman of the Audit Committee, in appropriate or exceptional cases. The Audit Committee oversees the functioning of the same. Further, no personnel have been denied access to the Audit Committee during the financial year under review.

The details of this Policy is explained in the Corporate Governance Report and also posted on the website of the Company at: policies-whistle-blower-policy.pdf

There was no instance of such reporting received during the financial year ended March 31, 2026 .

21. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

- Internal Complaints Committee (ICC): The Company has instituted an Internal Complaints Committee (ICC) to redress and manage sexual harassment complaints in a timely manner. The Committee is chaired by a female employee employed at a senior level amongst the employees and has an external senior representative who is a subject matter expert. The Board is periodically updated on matters arising out of the policy/ framework and on certain incidents, if any.

- Policy on Prevention of Sexual Harassment at Workplace (POSH) and Awareness: The Company has zero tolerance towards sexual harassment and is committed to providing a safe environment for all. The Companys policy is inclusive, irrespective of the gender or sexual orientation of an individual. Pursuant to the POSH Act, the details regarding the number of complaints received, disposed, and pending during the financial year 2025-26, pertaining to incidents under the above framework/ law are as follows:

Particulars	Numbers
Number of complaints pending at the beginning of the financial year	Nil
Number of complaints received during the financial year	Nil
Number of complaints disposed off during the financial year	Nil
Number of complaints those remaining unresolved at the end of the financial year	Nil
Number of cases pending for more than ninety days	Nil

22. CORPORATE GOVERNANCE

Companys Corporate Governance Practices reflects value system encompassing culture, policies, and relationships with the stakeholders. Integrity and transparency are key to Corporate Governance Practices to ensure that Company gain and retain the trust of stakeholders at all times. It is about maximizing shareholder value legally, ethically and sustainably. The Board exercises its fiduciary responsibilities in the widest sense of the term.

The Report on Corporate Governance as stipulated under Regulation 34 of SEBI Listing Regulations, is provided together with a certificate from the auditors of the company regarding compliance of conditions of corporate governance as stipulated under SEBI Listing Regulations. A certificate of the Whole-time Director and Chief Financial Officer of the company in terms of SEBI Listing Regulations, inter alia, confirming the correctness of the financial statements and cash flow statements, adequacy of the internal control measures and reporting of matters to the Audit Committee, is also annexed. Also a declaration signed by the Whole-time Director stating that members of the board and senior management personnel have affirmed the compliance vide Code of Conduct of the board and senior management is attached to the report on corporate governance.

23. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

As stipulated in Regulation 34(2)(f) of the SEBI Listing Regulations, the top one thousand listed entities based on market capitalization shall report Business Responsibility and Sustainability Report on the environmental, social and governance disclosures, in the format as may be specified by the Board. During the year under review this report is not applicable to our Company.

24. COMPLIANCE WITH SECRETARIAL STANDARD

The Company complies with all applicable mandatory secretarial standards i.e. SS-1 and SS-2, relating to Meetings of the Board of Directors and General Meetings, respectively issued by the Institute of Company Secretaries of India.

25. ANNUAL RETURN

In accordance with provisions of Section 134 of the Companies Act, 2013 read with applicable rules made thereunder, the Annual Return in the prescribed format is available on the website of the Company at the link: https:// data/Files/documents- annual-return-2025-26.pdf

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

Information in accordance with the provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 regarding conservation of energy, technology absorption and foreign exchange earning & outgo is given in Annexure III forms part of this report.

27. COMPLIANCE TO THE PROVISIONS RELATING TO THE MATERNITY BENEFITS ACT, 1961.

The company adheres to all legal compliances pertaining to the Company as applicable with respect to Maternity Benefits Act, 1961 / Maternity Benefit (Amendment) Act 2017.

28. CODE OF CONDUCT FOR DIRECTORS AND KMPs

The Board of Directors of the Company has adopted the Code of Conduct for its Directors and Senior Management Personnel of the Company in compliance with Regulation 17(5) of the SEBI Listing Regulations. For the financial year 2025-26, all Board members and Senior Management personnel of the Company have affirmed the compliance with the code as applicable to them and a declaration to this effect signed by the Whole-time Director and forms part of the Corporate Governance Report. The Companys Code of Conduct for Directors and Senior Management is hosted on the website of the Company at . com/b/download/ policies/code-of-conduct.pdf. The Declaration signed by the Whole-time Director stating that members of the board and senior management personnel have affirmed the compliance vide Code of Conduct of the board and senior management is attached to the report on corporate governance.

29. POLICIES

In accordance with the requirements of the provisions of the Companies Act, 2013 (the Act), the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations), the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (SEBI Insider Trading Regulations) and other applicable laws, as amended from time to time, your Company has formulated certain Policies. These Policies are reviewed periodically and are updated as and when needed. The policies are uploaded on the website of the Company https:// navkarcorp.com/investor relations.

Name of the Policy	Brief Description
Code of Conduct	The Board of your Company has laid down Codes of Conduct viz. for all the Directors, Key Managerial Personnel, Senior Management and Employees of the Company. These Codes are the central policy documents which specify the requirements for business practices and principles of behaviour that the Directors associated the Company and employees working for and with the Company must comply with, regardless of their location.
Policy on Materiality of and on dealing with Related Party Transactions	The Policy has been framed in accordance with Regulation 23(1) of the SEBI Listing Regulations to regulate all the transactions between the Company and its related parties.

Policy on Appointment and Remuneration of Directors and Senior Management and Succession Planning	This Policy includes the criteria for determining qualifications, positive attributes and independence of a Director, identification of persons who are qualified to become Directors and who may be appointed in the Senior Management Team in accordance with the criteria laid down therein, succession planning for Directors and Senior Management and sets out the approach of the Company towards the Compensation of Directors, Key Managerial Personnel, Senior Management Personnel of the Company.
Risk Management Policy	The Risk Management Policy statement is adopted to outline guidelines mandated by the Companys Board of Directors in identification, assessment, measurement, mitigation, monitoring and reporting of all risks associated with the activities conducted by the Company.
Dividend Distribution Policy	The Dividend Distribution Policy is adopted in accordance to the provisions of Regulation 43A of the SEBI Listing Regulations.
Whistleblower Policy (Policy on Vigil Mechanism)	The Vigil Mechanism as envisaged in the Act and SEBI Listing Regulations is implemented through Whistleblower Policy for providing adequate safeguards against victimization of persons to report genuine concerns regarding unethical behaviour or actual or suspected fraud or violation of the Companys Codes and Policies and also makes a provision for direct access to the Chairperson of the Audit Committee.
Policy for determination of materiality for disclosure of events or information	This Policy is adopted in accordance with the SEBI Listing Regulations and requires the Company to make disclosure of events or information which are material to the Company as specified under the provisions of Regulation 30 of the SEBI Listing Regulations

Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI)	This Code has been formulated in accordance with the SEBI Insider Trading Regulations to ensure prompt, timely and adequate disclosure of UPSI which inter alia includes Policy for Determination of Legitimate Purposes.
Corporate Social Responsibility Policy	The Corporate Social Responsibility (CSR) Policy of the Company is aimed to promote CSR initiatives across the Company as required under section 135 of the Companies Act, 2013.
Document Retention and Archival Policy	This Policy provides for retention of events or information which has been disclosed to the Stock Exchange(s) under Regulation 30 of the SEBI Listing Regulations, on the website of the Company for a period of five years from the date of hosting.

30. SHAREHOLDERS AND INVESTORS

The Company regularly interacts with its shareholders and investors through results announcements, annual reports, investor presentations the Companys website, and subject- specific communications. The AGM gives the shareholders an opportunity to communicate directly with the Board and Management. During this meeting, the Board engages with shareholders and answers their queries on various subjects. The Company has a designated e-mail address for shareholders i.e. .

31. DIRECTORS AND OFFICERS LIABILITY INSURANCE (D&O)

Pursuant to Regulation 25(10) of the Listing Regulations, the Company has taken the Directors and Officers Liability Insurance (D & O Insurance) policy for all the Directors, including Independent Directors, to indemnify them against any liability in respect of any negligence, default, misfeasance, breach of duty, or breach of trust for which they may be guilty in relation to the Company.

32 . INSIDER TRADING CODE

The Company has instituted a mechanism to avoid Insider Trading and abusive self-dealing in the securities of the Company. In accordance with the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (SEBI PIT Regulations), the Company has established systems and procedures to prohibit insider trading activity and has framed the Code of Prohibition of Insider Trading (the Code). The Code of the Company prohibits the directors of the Company and other specified

employees from dealing in the securities of the Company on the basis of any Unpublished Price Sensitive Information (UPSI), available to them by virtue of their position in the Company. The objective of this Code is to prevent the misuse of any UPSI and prohibit any insider trading activity to protect the interests of the shareholders at large. The Board of Directors of the Company has adopted the Code and formulated the Code of Practices and Procedures for Fair Disclosure in terms of the requirements of the SEBI PIT Regulations.

The Code is available on the website of the Company at

33. PARTICULARS OF EMPLOYEES

Disclosures pertaining to remuneration and other details as 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 and amendments thereto, are provided in the Annual Report and is attached as Annexure V and forms an integral part of this Report. However, as per first proviso to Section 136(1) of the Act and second proviso of Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the Report and Financial Statements are being sent to the Members of the Company excluding the said statement. Any Member interested in obtaining a copy of the said statement may write to the Company Secretary at the Registered Office of the Company.

5. The details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status as at the end of the financial year.

6. The details of difference between amount of the valuation done at the time of one time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof.

35. CAUTIONARY NOTE

The statement in the Directors Report and the Management Discussion and Analysis Report describing the Companys objectives, expectations or predictions, may be forward looking within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed in the statement. These risks and uncertainties include the effect of economic and political conditions in India, volatility in interest rates, new regulations and Government policies that may impact the Companys business as well as its ability to implement the strategy. The Company does not undertake to update these statements.

36. ACKNOWLEDGEMENT

Your Directors place on record their deep appreciation to employees at all levels for their hard work, dedication and commitment, in particular during this unprecedented year. The Directors place on record their special gratitude towards the front line employees who were working in our CFSs/ICD and in the market to ensure timely delivery of services to the clients.

	On Behalf of the Board of Directors
	Navkar Corporation Limited
	Rinkesh Roy
	Chairman
	DIN: 07404080
Place: Navi Mumbai
Date: April 20, 2026