Peoples Investment Ltd Directors Report

Boards Report & Management Discussion and Analysis Report

Dear Members,

Your Directors are pleased to present the Fiftieth Annual Report together with the Audited Financial Statements of the Company for the financial year ended March 31, 2026. The Management Discussion and Analysis Report forms part of this Annual Report.

1. Financial Performance

(Rs. in *000)

Particulars	Year ended 31.3.2026	Year ended 31.3.2025
Total revenue during the year	700.00	500.00
Depreciation	-	-
Profit / (loss) before tax	25.60	(212.43)
Tax	4.00	-
Net Profit / (loss) after tax	21.60	(212.43)
(Deficit) of retained earnings brought forward	(3407.96)	(3195.53)
(Deficit) of retained earnings as per Balance Sheet	(3,382.36)	(3407.96)

During the financial year 2025-26, the total revenue of your Company was Rs. 7,00,000/- as compared with Rs. 5,00,000/- in the previous financial year. During the year under review, the profit after tax was Rs. 21,600/- as compared with loss after tax of Rs. 2,12,430/- in the previous financial year.

There are no material changes or commitments affecting the financial position of the Company which have occurred between the end of the financial year and the date of this Report. There has been no change in the nature of the business during the year under review.

2. Dividend

In view of accumulated losses, the Board has not recommended any dividend for the financial year 2025-26.

3. Reserves

Your company has not transferred any amount to the reserves of the Company.

4. Share Capital

The paid-up Equity Share Capital of the Company as on March 31, 2026, is Rs. 20.00 lakhs. During the year under review, the Company has not issued shares with differential voting rights nor has granted any stock options or sweat equity. As on March 31, 2026, none of the Directors of the Company hold instruments convertible into equity shares of the Company.

5. Management Discussion and Analysis Report Industry Structure and Developments:

The financial year 2025-26 was marked by sound economic fundamentals, with inflation trending within the Reserve Bank of Indias target band and interest rates stabilizing to maintain economic momentum. Indias real Gross Domestic Product (GDP) recorded a robust growth rate of 7.7% for FY 2025-26 according to provisional estimates released by the Ministry of Statistics and Programme Implementation (MoSPI). This growth was primarily propelled by sustained domestic capital formation, public infrastructure investment, and resilient industrial output.

The overall macroeconomic climate continues to position India as a key global destination for strategic investments, backed by strong financial sector balance sheets and a well-capitalized corporate landscape. While the monetary policy stance remained calibrated, the steady policy environment reinforced market stability. Overall, the country continues to attract significant global interest for strategic investments owing to its diversified industrial base and expanding investment avenues.¹

Opportunity and Threats:

The annual rate of inflation based on the All India Wholesale Price Index (WPI) stood at 1.64% (provisional) for the month of March 2026 (over March 2025), as released by the Department for Promotion of Industry and Internal Trade (DPIIT). The moderate wholesale inflation rate reflects easing input costs, offset by selective price movements in primary food articles and essential commodities. Meanwhile, the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) in its April 2026 assessment decided to keep the policy repo rate unchanged at 5.25% to sustain economic momentum while ensuring durable price stability.²

On the global front, the rapid proliferation of Generative AI presents both transformative opportunities and structural risks. According to the International Monetary Fund (IMF), approximately 40% of global employment is exposed to AI disruption, rising to 60% in advanced economies and around 26% in emerging economies like India underscoring the critical need for workforce reskilling and operational agility. Additionally, geo-economics fragmentation and global supply chain realignments continue to pose external trade challenges.³

Segment-wise or product-wise performance:

The Company is solely engaged in financial consultancy services, which is the only reporting segment. The total revenue from financial advisory services stood at Rs. 7,00,000/- for the financial year ended March 31, 2026 as compared with Rs. 5,00,000/- in the previous financial year.

Outlook:

Rising employment levels and increasing private consumption, supported by positive consumer sentiment, are expected to sustain GDP growth momentum in the coming months. Future capital expenditure by the government and private sector is anticipated to be bolstered by tax buoyancy, a streamlined tax framework, and ongoing digital transformation in financial processes.

• https://www.Dib.gov.in/PressReleasePage.aspx?PRID=22 69286&reg=48&lang=2¹

• https://www.finnovate.in/learn/blog/rbi-repo-rate-unchanged-april-2 026²

• https://ddnews.gov.in/en/wholesale-price-inflation-at-1-64-in-march-202 6-government-data/³

• https://www.ndtv.com/india-news/40-global-jobs-hit-entrv-level-roles-in-danger-imf-chiefs-ai-economv-warning-11111774⁴

In the medium term, sustained infrastructure investments are set to enhance growth multipliers. The services and financial advisory sector continues to demonstrate promise, supported by favorable high-frequency indicators.

Risk and concerns:

Geopolitical tensions, supply chain reorientations, global inflation pressures, and volatile commodity conditions continue to pose key macroeconomic considerations. Inflation is expected to remain controlled alongside the stabilization of global demand and raw material prices. A prudent monetary framework will continue to balance demand and temper inflationary spikes.

The Reserve Bank of India (RBI) continues to shoulder the responsibility of maintaining market liquidity while managing price stability. Preserving financial stability and nurturing core growth drivers remain a central priority for policymakers and the broader economy.

Internal Control Systems and their adequacy:

The Company has an effective internal control and risk-mitigation system, which are constantly assessed and strengthened with new/revised standard operating procedures. The present internal control systems are adequate and commensurate with the nature and size of the Company.

Material developments in Human Resources/Industrial Relations front, including number of peoples employed:

There is no major development on the human resources/industrial relations front. At present, the Company has only one employee.

Details of significant changes in key financial ratios:

Ratio	FY 2026	FY2025	Change in %	Reason for Change
Debtors Turnover	-	-	-	-
Inventory Turnover	-	-	-	-
Interest Coverage Ratio	-	-	-	-
Current Ratio	4.61	5.13	-10.00%	Decrease in current assets
Debt Equity Ratio	-	-	-	-
Operating Profit Margin	-	-	-	-
Net Profit Margin (%)	3.09%	(-)42.49	107.26%	Increase in Turnover and better cost management
Return on Net Worth (%)	11.90%	(-)106.82	111.14%	Increase ratio due to positive profit in the Current year

Details of any change in Current Ratio as compared to the immediately previous financial year along with a detailed explanation thereof:

The Current Ratio has reduced from 5.13 to 4.61 mainly due to decrease in current assets such as bank balances and also decrease in current liabilities such as trade payables.

6. Finance and Accounts

During the year under review, the Company did not raise any finance.

The Financial Statements for the year ended on March 31, 2026 have been prepared in accordance with the Indian Accounting Standards (IND AS) notified under Section 133 of the Companies Act, 2013 (hereinafter referred to as "the Act”) read with the Companies (Accounts) Rules, 2014 as amended from time to time. There are no material departures from the prescribed norms stipulated by the Accounting Standards in preparation of the Annual Accounts The estimates and judgments relating to the Financial Statements are made on a prudent basis, so as to reflect in a true and fair manner, the form and substance of transactions and reasonably present the Companys state of affairs, profits and cash flows for the year ended March 31, 2026.

7. Subsidiaries / Joint Ventures / Associate Companies

The Company does not have subsidiary, joint venture and associate company and therefore furnishing of information on performance and financial position of subsidiary, joint venture and associate company is not applicable to the Company.

8. Corporate Governance Report

In terms of the Regulation 15(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the compliance with the corporate governance provisions is not mandatory to the Company; therefore, the Corporate Governance Report for the year ended March 31, 2026 is not given.

9. Web-link of the Annual Return

The Annual Return in form MGT-7 for the financial year ended March 31, 2026, as required under section 92(3) of the Companies Act, 2013, has been placed on the website of the Company www.pplsinvestments.com.

10. Directors and Key Managerial Personnel

I. Directors

• In accordance with the provisions of Section 152 of the Companies Act, 2013, Smt. Suma Nair, Director, retires by rotation at the forthcoming AGM and, being eligible, offers herself for re-appointment. The Board recommends his re-appointment for the consideration of the Members of the Company at the forthcoming AGM.

• Mr. Ashok Khedekar resigned as an Independent Director of the Company with effect from April 15, 2025 due to other professional engagements and commitments.

• Mr. Atul Dharap was appointment as an independent director of the Company, not liable to retire by rotation, for a term of 5 years effective from May 20, 2025.

• Mr. Venkatesh Ramaswami was re-appointed as Manager (Key Managerial Personnel) of the Company for a period of three years effective August 09, 2025.

All Independent Directors of the Company have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations. In terms of Regulation 25(8) of the Listing Regulations, Independent Directors have confirmed that they are not aware of any circumstances or situation which exists or may be reasonably anticipated that could impair or impact their ability to discharge their duties.

Further, in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, Independent Directors of the Company have confirmed that they have registered themselves with the databank maintained by the Indian Institute of Corporate Affairs. The Independent Directors who were required to clear the online proficiency self-assessment test have passed the test.

In the opinion of the Board, the Independent Directors possess the requisite integrity, experience, expertise, proficiency and qualifications.

II. Key Managerial Personnel

As on March 31, 2026, the following are the Key Managerial Personnel of the Company:

1. Shri Suryakant Laxman Khare: Chief Financial Officer and Company Secretary

2. Shri Venkatesh Ramaswami: Manager

III. Procedure for Nomination and Appointment of Directors

The Nomination and Remuneration Committee is entrusted with the responsibility for developing competency requirement of the Board. The Nomination and Remuneration Committee makes recommendations to the Board in relation to appointment of new Director.

IV. Criteria for Determining Qualification, Positive Attributes and Independence of a Director

The Nomination and Remuneration Committee has formulated the criteria for determining qualifications, positive attributes and independence of Directors in terms of Section 178(3) of the Companies Act, 2013. The same is given in Annexure - A and forms an integral part of this Report.

11. Board Meetings

The Board of Directors as on March 31, 2026 consists of the followings:

1. Shri S. L. Pokharna, Non-Executive Director

2. Shri Padmanabhan Balasubramaniam, Independent Director

3. Shri Jitender Agarwal, Non-Executive Director

4. Smt. Suma G. Nair, Non-Executive Woman Director

5. Shri Atul Dharap, Non-Executive Director

During the financial year 2025-26, the Board met five times. The Meetings were held on May 20, 2025, July 15, 2025, August 11, 2025, and November 04, 2025 and February 5, 2026.

Attendance of Directors at the Board Meetings was as under:

Sr. No. Name of the Director(s)	No. of Board Meetings attended
1. Shri S. L. Pokharna	5 of 5
2. Shri Padmanabhan Balasubramaniam	5 of 5
3. Shri Jitender Agarwal	5 of 5
4. Smt. Suma G. Nair	5 of 5
5. Shri Atul Dharap*	5 of 5

*Shri Ashok Khedekar tendered his resignation as an Independent Director of the Company with effect from April 15,2025. To fill the vacancy caused by his resignation, Shri Atul Dharap was appointed to the Board of Director.

12. Committees of the Board

I. Audit Committee

The composition of Audit Committee as at March 31, 2026 is as under:

i. Shri Atul Dharap : Independent Director, Chairman

ii. Shri Padmanabhan Balasubramaniam : Independent Director, Member

iii. Smt. Suma G. Nair : Non-Executive Director, Member

During the financial year 2025-26, the Audit Committee met four times. The Meetings were held on May 20, 2025, August 11, 2025, November 4, 2025 and February 5, 2026.

Attendance of Members of Audit Committee was as under:

Sr. No. Name of the Member(s)	No. of Meetings attended
1. Shri Padmanabhan Balasubramaniam	4 of 4
2. Smt. Suma G. Nair	4 of 4
3. Shri Atul Dharap	4 of 4

II. Nomination and Remuneration Committee

The composition of Nomination and Remuneration Committee as at March 31, 2026 is as under:

i. Shri Padmanabhan Balasubramaniam : Independent Director, Chairman

ii. Shri Atul Dharap : Independent Director, Member

iii. Smt Suma Nair : Non-Executive Director, Member

In the financial year 2025-26, the Nomination and Remuneration Committee met once on May 20, 2025. Attendance of Members of Nomination and Remuneration Committee was as under:

Sr. No. Name of the Member(s)	No. of Meetings attended
1. Shri. Padmanabhan Balasubramaniam	1 of 1
2. Shri Atul Dharap	1 of 1
3. Smt Suma Nair	1 of 1

*Shri Ashok Khedekar tendered his resignation as an Independent Director of the Company with effect from April 15, 2025. To fill the vacancy caused by his resignation, Shri Atul Dharap was appointed to the Board of Directors and inducted into the respective NRC Committee.

III. Stakeholders Relationship Committee

The composition of Stakeholders Relationship Committee as on March 31, 2026 is as under:

i. Smt. Suma G. Nair : Non-Executive Director, Chairman

ii. Shri Atul Dharap : Independent Director, Member

iii. Shri Padmanabhan Balasubramaniam : Independent Director, Member

In the financial year 2025-26, the Stakeholder Relationship Committee met once on February 5, 2026. Attendance of Members of the Committee was as under:

Sr. No. Name of the Member(s)	No. of Meetings attended
1. Smt. Suma Nair	1 of 1
2. Shri Atul Dharap	1 of 1
3. Shri. Padmanabhan Balasubramaniam	1 of 1

*Shri Ashok Khedekar tendered his resignation as an Independent Director of the Company with effect from April 15,2025. To fill the vacancy caused by his resignation, Shri Atul Dharap was appointed to the Board of Directors and inducted into the respective SRC Committee.

IV. Committee of Directors

The composition of Committee of Directors as at March 31, 2026 is as under:

i. Smt. Suma G. Nair : Non-Executive Director, Chairman

ii. Shri S.L. Pokharna : Non-Executive Director, Member

No meetings of Committee of Directors were held during the year.

13. Compliance with Secretarial Standards

The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

14. Performance Evaluation

Pursuant to the provisions of the Companies Act, 2013, the Board has carried out annual evaluation of its own performance and the performance of the Board Committees and individual Directors. The performance evaluation was carried out after seeking inputs from all the Directors and Committee Members on the basis of criteria adopted in this regard. The Board expressed their satisfaction with the evaluation process.

The Independent Directors of the Company have held one meeting during the year on March 24, 2026, without the presence of Non-Independent Directors and members of the management to review the performance of Non-Independent Directors and the Board of Directors as a whole; review the performance of the Chairman of the Meetings of the Company and to assess the quality, quantity and timeliness of flow of information between the management and the Board of Directors.

15. Particulars of Loans, Guarantees or Investments

The Company has not given any loan or guarantee or made investment falling within Section 186 of the Companies Act, 2013.

16. Vigil Mechanism / Whistle Blower Policy

The Company has a whistle blower policy to report genuine concerns and / or grievances. The Whistle Blower policy has been posted on the website of the Company (www.pplsinvestments.com). The Company affirms that no personnel has been denied access to the Audit Committee.

17. Nomination and Remuneration Policy

The Board of Directors has framed a policy which lays down a framework in relation to remuneration of Directors, Key Managerial Personnel and other Employees of the Company. This policy also lays down criteria for selection and appointment of Board Members. The detail of the policy is given in Annexure - B annexed hereto and forms an integral part of this Annual Report. The Nomination and Remuneration Policy has been posted on the website of the Company (www.pplsinvRstments.com).

18. Related Party Transactions

There is no transaction entered into with Related Parties for the year under review. Hence, the provisions of Section 188 of the Companies Act, 2013 are not attracted.

19. Significant and Material Orders Passed hy the Regulator or Courts

There are no significant and material orders passed by the Regulators / Courts that would impact the going concern status of the Company and its operations in future.

20. Material Change and Commitments

Pursuant to the provisions of Section 134(3)(i) of the Companies Act, 2013, there were no material changes and commitments which affects the financial position of the Company for the year under review.

21. Auditors

I) Statutory Auditors

On the recommendation of Audit Committee and subject to the approval of Members, M/s Khandhar Mehta & Shah, Chartered Accountants (registration number 125512W) were appointed as the Statutory Auditors of the Company at the 47th AGM held on September 22, 2023 for a period of 5 (five) years, to hold office from the conclusion of 47th AGM until the conclusion of the 52nd AGM of the Company, on such remuneration plus applicable taxes, out-of pocket expenses, as may be mutually agreed upon by the Board of the Directors and the Statutory Auditors on the recommendations of the Audit Committee.

The Statutory Auditors Report forms part of the Annual Report. The Statutory Auditors report does not contain any qualification, reservation or adverse remark for the year under review.

II) Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and rules made thereunder, the Company has appointed M/s Kaushik Joshi & Co., a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company. The Secretarial Audit Report for the year ended March 31, 2026 is included as Annexure - C and forms an integral part of this Report.

Pursuant to SEBI Listing Regulations, the Board of Directors at their meeting held on May 20, 2026, subject to approval of the shareholders at the ensuing Annual General Meeting, have appointed M/s Kaushik Joshi & Co., as the Secretarial Auditor for a term of five (5) years commencing from FY 2025-26 at a remuneration to be mutually decided between the Company Secretary and Secretarial Auditors.

22. Auditors Report

a) There is no audit qualification or reservation, or adverse remark or disclaimer made by the Statutory Auditor in the Auditors Report to the financial statements for the year under review.

b) There is no qualification in the secretarial audit report for the year under review.

23. Maintenance of Cost Records

As per the provisions of the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, the Company is not required to maintain cost records as specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013.

24. Internal Control Systems

Your Company has an effective internal control and risk-mitigation system, which are constantly assessed and strengthened with new/revised standard operating procedures. The internal audit is entrusted to M/s. K. D. Rambhiya & Co., Chartered Accountants, Mumbai. The Board is of the opinion that the present internal control systems are adequate and commensurate with the nature and size of the Company.

25. Risk Management

The Company has adequate risk management measures which are implemented, developed, assessed, reviewed and strengthened from time to time. During the year under review, there were no risks which in the opinion of the Board threaten the existence of the Company.

26. Reporting of Frauds

There was no instance of fraud during the year under review which required the Statutory Auditors to report to the Audit Committee and/or Board under Section 143(12) of the Companies Act, 2013 and Rules framed thereunder.

27. Corporate Social Responsibility (CSR)

The provisions of Section 134(3)(o) of the Companies. Act, 2013 and Rule 9 of the Companies (Accounts) Rules, 2014 on corporate social responsibility are not applicable to the Company.

28. Deposits

The Company has not accepted any deposits from the public within the meaning of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014.

29. Particulars of Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

Since the Company has no manufacturing facility, information pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, on conservation of energy and technology absorption is not furnished. Foreign exchange earnings during the year were Nil and foreign exchange outgo during the year was Nil.

30. Managerial Remuneration and Particulars of Employees

The Directors of the Company are not in receipt of any remuneration and there is only one employee in the Company. The particulars pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given in Annexure - D annexed hereto and forms an integral part of this Annual Report.

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

During the year under review, no complaints were reported under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

32. Directors Responsibility Statement

To the best of knowledge and belief and according to the information and explanations obtained, your Directors make the following statement in terms of Section 134(3)(c) of the Companies Act, 2013:

(i) that in the preparation of the Annual Accounts for the year ended March 31, 2026, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any;

(ii) that the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2026 and of the loss of the Company for the year ended on that date;

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

(iv) that the annual accounts had been prepared on a going concern basis;

(v) that the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

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

33. OTHER DISCLOSURES

(i) No application has been made under the Insolvency and Bankruptcy Code. The requirement to disclose 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 is not applicable.

(ii) The requirement to disclose the details of difference between amount of the valuation done at the time of onetime settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof, is not applicable.

(iii) The Company is in compliance with the provisions of Maternity Benefit Act, 1961 during the year under review.

34. Acknowledgements

Your Directors would like to express their sincere appreciation of the co-operation and assistance received from the shareholders, bankers and regulatory bodies during the year under review.

For and on behalf of the Board	Jitender Agarwal	Suma Nair
Peoples Investments Limited	Director	Director
Date : May 27, 2026	DIN:06373239	DIN:07100911
Place : Mumbai