Paushak Ltd Directors Report

Dear Members,

Your Directors have pleasure in presenting their 53 rd Annual Report together with the Audited Statement of Accounts for the year ended on 31 st March, 2026.

1. Operations and State of Affairs of the Company:

(Rs. in Lacs)

Particulars	Year ended on 31 st March, 2026	Year ended on 31 st March, 2025
Revenue from Operations	21,860.10	21,094.94
Other Income	1,210.86	1,423.66
Profit for the year before Interest, Depreciation & Amortization and Tax	7,290.92	7,388.43
Less:
Interest (net)	111.40	14.15
Depreciation & Amortization expense	2,138.39	1,497.03
Profit before Tax	5,041.13	5,877.24
Less:
Tax Expenses	1,108.60	939.52
Profit after Tax	3,932.53	4,937.73
Other Comprehensive Income	(752.77)	1,830.11
Total Comprehensive Income	3,179.76	6,767.83

The Company has prepared the Standalone Financial Statements in accordance with the Companies (Indian Accounting Standards) Rules, 2015 prescribed under Section 133 of the Companies Act, 2013 (the Act).

2. Transfer to Reserve:

During the year, no amount was transferred to any of the reserves of the Company.

3. Dividend:

The Board of Directors at their meeting held on 5 th May, 2026 has recommended Dividend of ? 2.50/- (50%) per equity share having face value of ? 5/- each for the financial year ended 31 st March, 2026 as against ? 20/- (200%) per equity share having face value of ? 10/- each for the previous financial year ended 31 st March, 2025.

4. Changes in Share Capital:

During the year under review, the Board of Directors of the Company at their meeting held on 11 th August, 2025 recommended, and the members vide resolutions passed by way of postal ballot on 18 th September, 2025 approved the following:

(i) sub-division of the Equity Shares of the Company from 1 (One) equity share of face value of ? 10/- (Rupees Ten Only) each into 2 (Two) Equity Shares of face value of ? 5/- (Rupees Five Only) each;

(ii) reclassification of Authorised Share Capital of ? 20,00,00,000/- (Rupees Twenty Crore Only) into 4,00,00,000 (Four Crore) equity shares of face value ? 5/- (Rupees Five Only) each fully paid-up; and

(iii) issue of bonus equity shares in proportion of 3 (Three) bonus equity shares for every 1 (One) equity share of face value of ? 5/- (Rupees Five Only) each fully paid-up held by the members post sub-division of shares, as on the record date of 3rd October, 2025.

The bonus shares were listed on BSE Limited w.e.f. 7 th October, 2025.

5. Management Discussion and Analysis Report:

The Management Discussion and Analysis Report as required under Regulation 34 read with Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations, 2015), forms part of this Annual Report and is annexed herewith as Annexure A . Certain Statements in the said report may be forward-looking. Many factors may affect the actual results, which could be different from what the Directors envisage in terms of the future performance and outlook.

6. Directors:

During the year under review, Mr. Abhijit Joshi (DIN: 06568584), Whole-time Director & CEO of the Company resigned due to his advancing age w.e.f. 2 nd April, 2025 after close of business hours.

Mr. Chintan Gosaliya (DIN: 11013894) was appointed as the Whole-time Director and Chief Operating Officer (COO) of the Company w.e.f. 2 nd April, 2025 by the Board of Directors, based on the recommendation of Nomination and Remuneration Committee. Mr. Chintan Gosaliya resigned from the services (including directorship) of the Company

w.e.f. 31 st March, 2026 after close of business hours.

Mr. Jain Parkash (DIN: 10922687) was appointed as the Whole-time Director of the Company w.e.f. 1 st April, 2026 by the Board of Directors, based on the recommendation of Nomination and Remuneration Committee.

In accordance with the provisions of the Section 152 and other applicable provisions, if any, of the Act and the Articles of Association of the Company, Mr. Udit Amin (DIN: 00244235), Director of the Company, will retire by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

7. Key Managerial Personnel:

As on the date of this report, Mr. Jain Parkash, Whole-time Director, Ms. Kirti Shah, Chief Financial Officer (CFO) and Mr. Sagar Gandhi, Company Secretary are Key Managerial Personnel of the Company.

8. Meetings of the Board:

Eight (8) Board Meetings were held during the financial year ended 31 st March, 2026. The details of the Board Meetings with regard to their dates and attendance of each of the Directors thereat have been provided in the Corporate Governance Report.

9. Independent Directors:

The Company has received declarations / confirmations from all the Independent Directors of the Company as required under Section 149(7) of the Act read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014 and Regulations 16(1)(b) and 25(8) of the SEBI Listing Regulations, 2015.

10. Performance Evaluation:

Pursuant to the provisions of the Act, SEBI Listing Regulations, 2015 and Nomination and Remuneration Policy of the Company, the Nomination and Remuneration Committee (NRC) and the Board has carried out the annual performance evaluation of the Board, its Committee and Individual Directors, by way of individual and collective feedback from Directors. The Independent Directors have also carried out annual performance evaluation of the Chairperson, the non-independent directors and the Board as a whole. Structured questionnaires covering the evaluation criteria laid down by the NRC, prepared after taking into consideration inputs received from Directors were used for carrying out the evaluation process.

The Directors expressed their satisfaction with the evaluation process.

11. Audit Committee:

In compliance with the requirement of Section 177 of the Act and Regulation 18 of the SEBI Listing Regulations, 2015, the Company has formed an Audit committee. The composition of the Committee is provided in the report on Corporate Governance forming part of this Annual Report. The Committee inter alia reviews the Internal Control System, Scope of Internal Audit, Reports of Internal Auditors, Key Audit Matters presented by the Statutory Auditors and Compliance of various regulations. The Committee also reviews the financial statements before they are placed before the Board. During the financial year 2025-26, the recommendations of Audit Committee were duly accepted by the Board.

12. Vigil Mechanism/Whistle Blower Policy:

In compliance with requirements of Section 177(9) & (10) of the Act and Regulation 22 of SEBI Listing Regulations, 2015, a Vigil Mechanism or Whistle Blower Policy for directors, employees and other stakeholders to report genuine concerns has been established. The same is uploaded on the website of the Company.

The web-link as required under SEBI Listing Regulations, 2015 is as under: https://www.paushak.com/wp-content/uploads/2025/06/Whistle-Blower-Policy.pdf

13. Internal Control Systems:

The Companys internal control procedures which include internal financial controls, ensure compliance with various policies, practices and statutes and in keeping in view with the organizations pace of growth and increasing complexity of operations. The internal auditors team carries out extensive audits across all functional areas and submits its reports to the Audit Committee.

14. Corporate Social Responsibility:

Alembic Group has been proactively carrying out CSR activities since more than fifty years. Alembic Group has established, nurtured and promoted various Non-Profit Organisations focusing on three major areas - Education, Healthcare and Rural Development.

In compliance with requirements of Section 135 of the Act, the Company has laid down a CSR Policy. The composition of the Committee, contents of CSR Policy and report on CSR activities carried out during the financial year ended 31 st March, 2026 in the format prescribed under the Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed herewith as Annexure B .

15. Policy on Nomination and Remuneration:

In compliance with the requirements of Section 178 of the Act and Regulation 19 of the SEBI Listing Regulations, 2015, the Company has laid down a Nomination and Remuneration Policy which has been uploaded on the Companys website.

The web-link as required under the Act is as under:

https://www.paushak.com/wp-content/uploads/2025/06/Nomination-and-Remuneration-Policy.pdf

The salient features of the NRC Policy are as under:

1) Setting out the objectives of the Policy.

2) Definitions for the purposes of the Policy.

3) Policy for appointment and removal of Director, KMP and Senior Management.

4) Policy relating to the Remuneration for the Managerial Personnel, KMP, Senior Management Personnel & other employees.

5) Remuneration to Non-Executive / Independent Director.

16. Dividend Distribution Policy:

In compliance with the requirements of Regulation 43A of the SEBI Listing Regulations, 2015, the Company has laid down a Dividend Distribution Policy, which has been uploaded on the Companys website.

The web-link as required under SEBI Listing Regulations, 2015 is as under: https://www.paushak.com/wp-content/uploads/2025/06/Dividend-Distribution-Policy.pdf

17. Related Party Transactions:

Related party transactions that were entered into during the financial year were on arms length basis and were in ordinary course of business. There were no related party transactions which could be considered material. Hence, there is no information to be provided as required under Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014.

There are no related party transactions made by the Company which may have potential conflict with the interest of the Company.

The Board has approved a policy for related party transactions which has been uploaded on the Companys website.

The web-link as required under SEBI Listing Regulations, 2015 is as under:

https://www.paushak.com/wp-content/uploads/2025/06/Policy-on-dealing-with-Related-Party-Transaction.pdf

18. Corporate Governance Report:

The Report on Corporate Governance as required under Regulation 34 read with Schedule V of the SEBI Listing Regulations, 2015, forms part of this Annual Report.

The certificate from M/s. Samdani Shah & Kabra, Practicing Company Secretaries confirming compliance with the conditions of Corporate Governance as stipulated under the aforesaid Schedule V is annexed to the Report on Corporate Governance.

19. Loans, Guarantees or Investments:

During the year under review, the Company has neither granted any Loans nor given any Guarantees falling within the purview of Section 186 of the Act read with the Companies (Meetings of Board and its Powers) Rules, 2014. The details of Investments made under the said provisions are provided at Note No. 3 & 7 of Notes to Financial Statements of the Company.

20. Listing of Shares:

The Board of Directors of the Company at its meeting held on 9 th October, 2025 had approved the proposal to make an application for listing of the equity shares of the Company on the National Stock Exchange of India Limited (NSE). The said application was approved by NSE and the equity shares of the Company got listed and started trading on NSE w.e.f. 1 st December, 2025.

The equity shares of the Company are currently listed on BSE Limited (BSE) and NSE. The stock code of the Company on BSE is 532742 and the security ID / symbol on NSE is PAUSHAKLTD. The ISIN for equity shares is INE111F01024.

The Company confirms that the annual listing fees for the financial year 2026-27 have been paid to both the stock exchanges.

21. Auditors:

(a) Statutory Auditors:

In compliance with the provisions of Section 139 of the Act read with the Companies (Audit and Auditors) Rules, 2014, M/s. CNK & Associates LLP, Chartered Accountants, having Firm Registration No. 101961W/W-100036 were appointed as Statutory Auditors of the Company by the Members at their 52 nd AGM held on 31 st July, 2025 to hold office till the conclusion of 57 th AGM of the Company for the financial year 2029-30.

The Auditors Report for financial year 2025-26 does not contain any qualification, reservation or adverse remark. The Auditors Report is enclosed with the financial statements in this Annual Report.

(b) Secretarial Auditors:

In compliance with the provisions of Section 204 of the Act read with rules framed thereunder and Regulation 24A of the SEBI Listing Regulations, 2015, M/s. Samdani Shah & Kabra, Practicing Company Secretaries, Vadodara, having Firm Registration Number: P2008GJ016300 were appointed as Secretarial Auditors of the Company by the Members at their 52 nd AGM held on 31 st July, 2025 for a term of five years commencing from financial year 2025-26 till the financial year 2029-30.

The Secretarial Audit Report of M/s. Samdani Shah & Kabra, Practicing Company Secretaries for the financial year 2025-26 is annexed herewith as Annexure C . The Secretarial Auditors Report does not contain any qualification, reservation or adverse remark.

During the year under review, the Company has complied with all the applicable provisions of the Secretarial Standards as prescribed by the Institute of Company Secretaries of India.

(c) Cost Auditors:

The provisions of Section 148(1) of the Act with regard to maintenance of cost records are applicable to the Company and the Company has made and maintained the cost records as specified therein.

The Board of Directors of the Company has appointed M/s. Santosh Jejurkar & Associates, Cost Accountant, as Cost Auditors of the Company for conducting audit of the cost records maintained by the Company relating to organic and inorganic chemicals for the financial year 2026-27.

(d) Internal Auditors:

The Board of Directors of the Company has appointed M/s. Sharp & Tannan Associates, Chartered Accountants as Internal Auditors of the Company for the financial year 2026-27.

22. Risk Management:

The Company has constituted a Risk Management Committee and formulated a Risk Management Policy which functions as a guiding tool in fulfilling the managements responsibility towards risk management. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. These are discussed at the meetings of the Risk Management Committee, Audit Committee and the Board of Directors of the Company.

23. Particulars of employees and related disclosures:

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed herewith as Annexure D .

A statement showing the names and other particulars of the employees falling within the preview of Rules 5(2) and 5(3) of the aforesaid rules are provided in the Annual Report. The Annual Report is being sent to the Members of the Company excluding the aforesaid information. The said information is available for inspection at the Registered Office of the Company during working hours and the same will be furnished on request in writing to the Members.

24. Business Responsibility & Sustainability Report:

The Business Responsibility & Sustainability Report as required under Regulation 34(2)(f) of the SEBI Listing Regulations, 2015, forms part of this Annual Report.

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

The information required under Section 134(3)(m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014, is annexed herewith as Annexure E .

26. Annual Return:

A copy of the Annual Return as required under Section 92(3) and Section 134(3)(a) of the Act has been placed on the Companys website.

The web-link as required under the Act is as under:

https://www.paushak.com/investors/ ? Notices / Correspondences / Disclosures ? 2025- 26

27. Material Changes:

There have been no material changes and commitments affecting the financial position of the Company since the close of financial year ended 31 st March, 2026. Further, it is hereby confirmed that there has been no change in the nature of business of the Company.

28. Other Disclosures:

a) The Company does not have any subsidiary / associates / joint venture company during the year as well as on 31st March, 2026.

b) The Auditors of the Company have not reported any instances of fraud committed against the Company by its officers or employees as specified under Section 143(12) of the Act.

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

d) The Company has not appointed / re-appointed any Independent Director during the year.

e) The Company has in place a Policy on prevention of Sexual Harassment in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013 and has constituted the Internal Complaints Committee to redress complaints received regarding sexual harassment. During the year, no complaint was received by the Company.

f) The Company has not invited/accepted any deposits from public. Further, there has been no default in repayment of deposits or payment of interest thereon. No deposits remain unpaid or unclaimed as at the end of the year under review.

g) There are no significant and material orders passed by the Regulators or Courts or Tribunal impacting the going concern status of the Company and its operations in future.

h) Neither any application was made nor any proceeding is pending under the Insolvency and Bankruptcy Code, 2016.

i) No settlements have been done with banks or financial institutions.

j) The Company has complied with the provisions of the Maternity Benefit Act, 1961. The Company remains committed to providing a supportive work environment in accordance with statutory requirements.

29. Directors Responsibility Statement:

Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and ability, confirm that:

a) in preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

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 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 that such internal financial controls are adequate and were operating effectively; and

f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

	On behalf of the Board of Directors,
	Sd/-
	Chirayu Amin
	Chairman
	DIN: 00242549
Paushak Limited
CIN: L51909GJ1972PLC044638
Regd. Office: Alembic Road, Vadodara 390 003
Tel: +91 265 6637000
Website: www.paushak.com
e-mail ID: investors@paushak.com
Date: 5th May, 2026
Place: Vadodara