Quest Laboratories Ltd Directors Report

Dear Members,

Your Directors have pleasure in presenting the 28th Annual Report together with the Audited Financial Statement of the Company for the financial year ended 31st March, 2026.

FINANCIAL HIGHLIGHTS:

(Rs. in Lakhs)

Particulars	2025-26	2024-25
Income
Revenue from Operations	11,182.18	10,396.58
Other Income	239.44	424.38
Total Revenue	11,421.62	10,820.97
Less: Expenses other than Finance costand Depreciation	9,357.75	8,798.40
Profit before finance cost, depreciation & amortization, and tax	2,078.48	2,022.58
Less: Finance Costs	185.38	63.60
Less: Depreciation and amortization expenses	82.45	90.55
Profit before Tax	1,796.05	1,868.42
Less: Tax Expenses
Current Tax	349.83	457.18
Deferred Tax (Assets)/Liabilities	40.92	(54.60)
Profit for the year	1,487.14	1,371.24
Other Comprehensive Income	-	-
Total Comprehensive Income	1,487.14	1,371.24
Earning per equity share
Basic	9.07	8.37
Diluted	9.07	8.37

PERFORMANCE REVIEW & COMPANY AFFAIRS

During the year under review, your Company recorded total revenue (including other income) of Rs.11,421.23 lakhs for the financial year 2025-26, as compared to Rs.10,820.97 lakhs in the corresponding previous financial year, an increase of 5.56%. Revenue from operations grew by 7.56% to Rs.11,182.18 lakhs (previous year Rs.10,396.58 lakhs).

Profit After Tax stood at Rs.1,487.14 lakhs for financial year 2025-26, as compared to Rs.1,371.24 lakhs for financial year 2024-25, a year-on-year growth of 10.70%. Profit before tax was Rs.1,796.05 lakhs, compared to Rs.1,868.42 lakhs in the previous year, largely on account of higher finance costs incurred during the year; the growth in Profit After Tax was aided by a lower tax outgo during the year.

Earnings per share stood at Rs.9.07 (previous year Rs.8.37) on a face value of Rs.10/- each.

DIVIDEND:

The Board of Directors (Board), after considering holistically the relevant circumstances and keeping in view the tremendous growth opportunities that your company is currently engaged with, has decided that it would be prudent not to recommend any dividend for the year under review.

TRANSFER OF SHARES AND UNPAID/UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:

There is no money lying to unpaid/unclaimed dividend account pertaining to any of the previous years with the Company. As such the Company is not required to transfer such amount to the Investor Education and Protection Fund established by the Central Government in pursuant to the provisions of Sections 124 and 125 of the Act, read with the Investor

Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. Further, the provisions related to the shares in respect of which dividend has not been paid/claimed for the consecutive period of seven (7) years or more which are required to be transferred to the demat account of the IEPF Authority, are not applicable to the Company.

TRANSFERTO RESERVE:

Your Company did not transfer any amount to Reserves during the year under review.

LISTING OF THE SHARES.

The Equity Shares of the Company are presently listed at SME-Emerge Platform of National Stock Exchange Ltd. (NSE Ltd). Further, the Company has paid listing fees to NSE Ltd. for the FY 2026-2027.

Changes in Share Capital:

During the year under review, there was no change in the Authorised Share Capital of the Company, which continues to be Rs.20,00,00,000/- divided into 2,00,00,000 Equity Shares of Rs.10/- each.

There was also no change in the Issued, Subscribed and Paid-up Share Capital of the Company during the year under review. The Paid-up Share Capital of the Company as on 31st March, 2026 continues to be Rs.16,38,72,000/- divided into 1,63,87,200 Equity Shares of Rs.10/- each.

SUBSIDIARIES/ASSOCIATES/ JOINT VENTURES:

Your Company does not have any subsidiaries, associates companies & joint venture companies.

CHANGE IN THE REGISTERED OFFICE:

During the year, there was no change in address of registered office of the Company.

The Registered office of the Company is situated at Plot No. 45 Sector III Pithampur, Pithampur, Dhar, Dhar, Madhya Pradesh, India, 454775

PUBLIC DEPOSITS:

There were no outstanding deposits within the meaning of Section 73 and 74 of the Act read with rules made thereunder at the end of the financial year 2025-26 or the previous financial years. Your Company did not accept any deposit during the year under review.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

There are no loans, investments, guarantees, and security in respect of which provisions of section 185 of the Companies Act, 2013 is applicable. The Company has complied with the provisions of Section 186 of the Companies Act, 2013, to the extent applicable. The particulars of loans, guarantee and investments made during the year under review are disclosed in the financial statements.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis Report for the year under review, as stipulated under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations), is presented in a separate section, forming part of the Annual Report.

DIRECTORS RESPONSIBILITY STATEMENT:

In terms of provisions of Section 134(3) (c) read with Section 134(5) of the Companies Act, 2013, your Directors state

that:

• in the preparation of the annual accounts for the year ended 31st March, 2026, the applicable accounting standards read with requirements set out under schedule III to the act have been followed and there are no material departures from the same;

• the Directors 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 as at 31st March, 2026 and of the profit of the Company for the year ended on that date;

• the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

• the Directors have prepared the annual accounts on a going concern basis;

• the Directors, 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

• The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

DISCLOSURE BY DIRECTORS:

The Directors on the Board have submitted notice of interest under Section 184(1) of the Companies Act, 2013 i.e. in Form MBP 1, intimation under Section 164(2) of the Companies Act, 2013 i.e. in Form DIR 8 and declaration as to compliance with the Code of Conduct of the Company.

Further, your Company has received declaration from all the Independent Directors of the Company confirming that they meet criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and that they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence. In the opinion of the Board, they fulfill the conditions of independence as specified in the Act and the Listing Regulations and are independent of the management.

DIRECTORS & KEY MANAGERIAL PERSONNEL

During the year under review, Smt. Surabhi Gupta resigned as Company Secretary and Compliance Officer of the Company with effect from 3rd September, 2025, and Ms. Ayushi Taunk was appointed as Company Secretary and Compliance Officer of the Company with effect from 3rd September, 2025.

In accordance with the provisions of Section 152 of the Act read with the rules made thereunder and the Articles of Association of the Company, Smt. Tejaswini Sabarwal (DIN: 09088283) is liable to retire by rotation at the ensuing Annual General Meeting and, being eligible, offers herself for re-appointment.

Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of the Company as on date are:-

\u2022 Shri Anil Sabarwal	Managing Director
\u2022 Smt Tejaswini Sabarwal	Whole Time Director
\u2022 Shri Vinayak Sabarwal	Whole Time Director
\u2022 Shri. Umendra Singh	Whole Time Director
\u2022 Smt. Ayushi Taunk	Company Secretary
\u2022 Shri R.K. Sharma	Chief Financial Officer

BOARD EVALUATION:

The Company has duly approved and adopted Nomination and Remuneration policy prescribing inter-alia the criteria for appointment, remuneration and performance evaluation of the directors. As mandate by Section 134 & 178 read with Schedule IV of the Act and Regulation 25 of the SEBI (LODR) Regulations, 2015 as applicable on the Company. The Independent Director in their separate meeting held on 18th March, 2026 have reviewed the performance of NonIndependent Directors and Board as a whole along with review of quality, quantity and timeliness of flow of information between Board and management and expressed their satisfaction over the same.

INSURANCE:

Your Company has taken appropriate insurance for all assets against foreseeable perils.

NO DEFAULTS:

The Company has not defaulted in payment of interest and/or repayment of loans to any of the financial institutions and/or banks during the year under review.

RELATED PARTY TRANSACTIONS:

The Company has not entered into any material contracts, with the related parties during the year 2025-26 and other contracts or arrangements were in the ordinary course of business on arms length basis. Therefore, there is no particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013 which needs to disclose in the prescribed form AOC-2 and may be treated as not applicable. However, the particulars of related parties transaction have been disclosed in the Note. No.30 of the Notes to Accounts of financial statements for the year ended under review.

INTERNAL FINANCIAL CONTROLS:

Your Companys system and process relating to internal controls and procedures for financial reporting provide a reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with applicable Indian Accounting Standards, the Companies Act, 2013 and Rules made thereunder and all other applicable regulatory/ statutory guidelines etc. As per Section 134(5)(e) of the Companies Act, 2013, the Directors have an overall responsibility for ensuring that the Company has implemented robust system and framework of Internal Financial Controls. This provides the Directors with reasonable assurance regarding the adequacy and operating effectiveness of controls with regards to reporting, operational and compliance risks. The Company has devised appropriate systems and framework including proper delegation of authority, policies and procedures, effective systems aligned to business requirements, risk based internal audits, risk management framework and whistle blower mechanism.

DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT PLAN:

In todays challenging and competitive environment, strategies for mitigating inherent risks in accomplishing the growth plans of the Company are imperative. Your Company recognizes that the risk is an integral part of business and is committed to managing the risk in proactive and efficient manner. The Company had adopted Risk Management Policy to ensure sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. In order to achieve the key objective, the policy establishes a structured and disciplined approach to Risk Management.

The management is however, of the view that none of the risks may threaten the existence of the Company as robust Risk mitigation mechanism is put in place to ensure that there is nil or minimum impact on the Company in case of any of these risks materialize. The risk management framework is reviewed periodically by the Board and Audit Committee. The details of risks and other concerns are included in the Management Discussion and Analysis Report which is the part of this Report.

CORPORATE GOVERNANCE:

Your Company is listed on the NSE Emerge and exempted from provisions of corporate governance as per Regulation 15 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Hence no Corporate Governance Report is required to be disclosed with Annual Report. It is pertinent to mention that your Company is committed to maintain the highest standards of Corporate Governance.

CONSERVATION OF ENERGY, TECHNICAL ABSORPTION AND FOREIGN EXCHANGE EARNING & OUTGO

The Particulars relating to conservation of energy, technology absorption and foreign exchange earnings and outgo as required to be disclosed under Section 134(3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, are provided in ANNEXURE -I to this Report.

ANNUAL RETURN:

In compliance with provision of sec 92(3) & sec 134(3)(a), the annual return of company for the FY ended 31st March, 2026 has been uploaded on website of the company and web link of same is www.questlabltd.com .

MEETING OF DIRECTORS:

The Board meets at regular intervals to discuss and decide on the Companys business policy and strategy, apart from other Board business. Notice of Board Meetings is given well in advance to all Directors, and the Agenda, together with detailed notes on the items to be discussed, is circulated in accordance with the Companies Act, 2013 and the rules made thereunder, to enable the Directors to take informed decisions. During the financial year 2025-26, the Board met 7 (Seven) times, viz. on 15.05.2025, 28.05.2025, 24.07.2025, 03.09.2025, 26.09.2025, 13.11.2025 and 13.02.2026. The time gap between two consecutive meetings was within the maximum permissible/extended time gap stipulated under Section 173(1) of the Companies Act, 2013.

During the year under review One (1) meeting of Independent Directors was held on 18th March, 2026.

COMMITTEES OF THE BOARD:

The Board of Directors has the following committees:

1. Audit Committee

2. Stakeholders Relationship Committee

3. Nomination & Remuneration Committee

4. Corporate Social Responsibility Committee

The details of the committees along with their composition, number of the meetings and attendance at the meetings are as follows:

Audit committee:

Your Company has constituted Audit Committee as per section 177 of the Companies Act, 2013 and Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015; the terms of reference of Audit Committee are broadly in accordance with the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies Act, 2013. The Audit Committee meets 4 (Four) times in the Financial Year 2025-26 viz., 28.05.2025, 24.07.2025, 13.11.2025 and 13.02.2026. The Audit Committee comprises of the following Members as on 31st March, 2026:

Name of the Directors	Nature of Directorship	Designation in Committee	Number of Meetings	Attendance
Shri Amit Ramesh Chandak	Non-Executive Independent Director	Chairman	4	2
Shri Gautam Chand Kothari	Non-Executive Independent Director	Member	4	4
Shri Anil Kumar Sabarwal	Chairman & Managing Director	Member	4	4

Stakeholders Relationship Committee:

Your Company has constituted a Stakeholders Relationship Committee in accordance with the section 178 (5) of the Companies Act, 2013 and Regulation 20 of the SEBI (Listing Obligations and Disclosure Requirements Regulations, 2015, to redress complaints of the shareholders. The Stakeholders Relationship Committee meets 4 (Four) times in the Financial Year 2025-26 viz., 28.05.2025, 24.07.2025, 13.11.2025 and 13.02.2026.

The Stakeholders Relationship Committee comprises the following Members as on 31st March, 2026:

Name of the Directors	Nature of Directorship	Designation in Committee	Number of Meetings	Attendance
Shri Basant Lai Menghwani	Non-Executive Independent Director	Chairman	4	4
Shri Gautam Chand Kothari	Non-Executive Independent Director	Member	4	4
Shri Anil Kumar Sabarwal	Chairman & Managing Director	Member	4	4

Nomination and Remuneration Committee:

Your Company has constituted a Nomination and Remuneration Committee in accordance with the section 178 of the Companies Act, 2013 and Regulation 19 of the SEBI [Listing Obligations and Disclosure Requirements) Regulations, 2015. The Nomination and Remuneration Committee meets 2 (two) times in the Financial Year 2025-26 viz., 03.09.2025 and 13.02.2026. The Nomination and Remuneration Committee comprises of the following Members as on 31 st March, 2026:

Name of the Directors	Nature of Directorship	Designation in Committee	Number of Meetings	Attendance
Shri Basant Lai Menghwani	Non-Executive Independent Director	Chairman	2	2
Shri Gautam Chand Kothari	Non-Executive Independent Director	Member	2	2
Shri Amit Ramesh Chandak	Non-Executive Independent Director	Member	2	0

Corporate Social Responsibility Committee:

Your Company has constituted a CSR Committee in accordance with the provisions of section 135 of Companies Act, 2013. The CSR Committee meets 2 (two) times in the Financial Year 2025-26 viz., 28.05.2025 and 13.02.2026. The CSR Committee as on 31st March, 2026 comprises the following Members:

Name of the Directors	Nature of Directorship	Designation in Committee	Number of Meetings	Attendance
Shri Anil Kumar Sabarwal	Chairman & Managing Director	Chairman	2	2
Smt. Tejaswini Sabarwal	Whole Time Director	Member	2	2
Shri Basant Menghwani	Non-Executive Independent Director	Member	2	2

NOMINATION & REMUNERATION POLICY:

Pursuant to Section 178 of the Companies Act, 2013, the rules made there under and Regulation 19 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Company has a policy for selection and appointment of Directors, Key Managerial Personnel and Senior Management Personnel and for determination of their remuneration. The Nomination & Remuneration Policy duly approved by the Board has been posted on the Companys website www.questlabltd.com.

VIGIL MECHANISM/WHISTLE BLOWER POLICY:

The Company has a Vigil Mechanism / Whistle Blower Policy to report genuine concerns or grievances. The vigil mechanism provides for adequate safeguards against victimization of persons who use such mechanism and make provision for direct access to the chairperson of the Audit Committee in appropriate or exceptional cases. Besides, as per the requirement of SEBI (Prohibition of Insider Trading) Regulations as amended by SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2018, the Company ensures to make employees aware of such Whistle -Blower Policy to report instances of leak of unpublished price sensitive information. This policy may be accessed on the Companys website, at web link: http://www.questlabltd.com/Whistle-Blower-Policy.pdf

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:

The information in accordance with the provisions of section 197(12) of the Companies Act, 2013 read with Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules,2014 is annexed herewith as ANNEXURE -II to this Report.

CORPORATE SOCIAL RESPONSIBILITY:

In accordance with the requirement under Section 135 of Companies Act, 2013, and the rules made thereunder, read with schedule VII of the Companies Act, 2013, the Company has constituted CSR Committee and framed Policy for CSR indicating the activities to be undertaken by the Company. The CSR policy of the Company is annexed herewith as ANNEXURE-III. The Company had undertaken CSR activities in the areas of promoting education, Health Care and social welfare.

The Annual Report on CSR activities, as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed herewith as ANNEXURE-IV to this Report.

CREDIT RATINGS:

During the period under review your company has not obtained any credit rating.

AUDITORS:

a. Statutory Auditors

M/s. C.H. Padliya & Co., Chartered Accountants (FRN: 003151C), were appointed as Statutory Auditors of the Company by the Members through Postal Ballot (results declared on 9th January, 2026) to hold office from the conclusion of the 27th Annual General Meeting till the conclusion of this 28th Annual General Meeting. On the recommendation of the Audit Committee, the Board proposes the re-appointment of M/s. C.H. Padliya & Co. as Statutory Auditors of the Company for a further term of Four consecutive years, to hold office from the conclusion of this 28th AGM until the conclusion of the 32 nd AGM of the Company, at such remuneration as may be decided by the Board in consultation with the Auditors. The relevant resolution is included in the Notice convening the ensuing AGM.

The Auditors Report for FY 2025-26 does not contain any qualification, reservation, adverse remark or disclaimer, and no explanation from the Board of Directors is called for. The Auditors Report is self-explanatory and forms part of the financial statements.

b. Cost Auditor

M/s. Sushil Kumar Mantri & Associates, Cost Accountants, Indore (FRN: 101049), were appointed as Cost Auditors of the Company to conduct the audit of cost records of the Company for the financial year 2025-26, on the recommendation of the Audit Committee and pursuant to Section 148 of the Companies Act, 2013. On 29th May, 2026, the Board, on the recommendation of the Audit Committee, further approved the appointment of M/s. Sushil Kumar Mantri & Associates as Cost Auditors for financial year 2026-27. In compliance with Section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, the remuneration payable to the Cost Auditors for FY 2026-27 is required to be ratified by the Members, and the Board accordingly seeks such ratification at the ensuing Annual General Meeting.

c. Secretarial Auditor

The Secretarial Audit Report for the financial year ended 31st March, 2026 is annexed as Annexure-VI to this Report.

The Members had, at the 27th Annual General Meeting, appointed M/s. Shilpesh Dalal & Co., Company Secretaries, Indore (C.P. No. 4235), as Secretarial Auditors of the Company for a term of five consecutive years, commencing from financial year 2025-26 till financial year 2029-30. On 29th May, 2026, the Board approved the remuneration payable to M/s. Shilpesh Dalal & Co. for the conduct of the Secretarial Audit for financial year 2026-27, pursuant to the said appointment. No fresh appointment resolution is therefore required at this Annual General Meeting.

d. Internal Auditor

Pursuant to the provisions of Section 138 of the Companies Act, 2013 read with Rule 13 of the Companies (Accounts) Rules, 2014, the Company, on the recommendation of Audit Committee, re-appointed M/s Vikas Jain, Chartered Accountant, as an Internal Auditor of the Company for the financial year 2026-27.

REPORTING OF FRAUDS BY AUDITORS:

During the year under review, the Statutory Auditors and Secretarial Auditor have not reported any instances of fraud committed against the Company by its officers or employees to the Audit Committee or the Board under section 143(12) of the Act.

MATERNITY BENEFIT PROVIDED BY THE COMPANY UNDER MATERNITY BENEFIT ACT 1961.

The Company has followed applicable provisions of the Maternity Benefit Act, 1961.

PREVENTION OF SEXUAL HARASSMENT POLICY:

The Company has a Prevention of Sexual Harassment Policy in force in terms of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal] Act, 2013. The objective of this policy is to ensure a safe, secure and friendly work environment where employees will deliver their best without any inhibition, threat of fear. The company has constituted Internal Complaints Committee as per the requirement of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal] Act, 2013. No complaints were reported during the year under review under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal] Act, 2013.

COMPANY POLICY FOR PROMOTION OF EMPLOYMENT OF YOUTH COMING FROM THE UNDER- PRIVILEGED/DISADVANTAGED SECTION OF THE SOCIETY:

The people are recruited in the Company on the basis of their qualification/eligibility and merits without any discrimination against their gender, religion, caste, colour, ancestry, marital status, nationality and disability, and among equally qualified individuals, preference are given to people from the disadvantaged groups. The Company also conducts training programme from time to time for up-skilling, training of employees from socially disadvantaged sections of society.

ENVIRONMENT & SOCIAL CONCERN:

Your Company is committed to conserving energy and protecting the environment, and to the sustainable use of natural resources, including minimising waste at source and recycling wherever possible. The Company continues to maintain a Rain Water Harvesting System at its factory premises at Pithampur.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION OF THE COMPANY:

During the quarter ended 31st March, 2026, the Company acquired land at Indore admeasuring 0.107 hectares for Rs.321.20 lakhs for the expansion of its manufacturing activities.

Save as aforesaid, there are no other material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year to which the financial statements relate, i.e. 31st March, 2026, and the date of this Report.

There has been no change in the nature of the business of the Company.

COMPLIANCE WITH SECRETARIAL STANDARDS:

The Company is in compliance with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India. The Directors have devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards and that such systems are adequate and operating effectively.

DISCLOSURE OF COMMISSION PAID TO MANAGING OR WHOLE TIME DIRECTORS:

There is no commission paid or payable by the company to the managing director or the whole time directors ISSUE OF SHARES DURING THE YEAR:

The Company did not issue or allot any shares during the year under review. There was no change in the issued, subscribed and paid-up share capital of the Company during FY 2025-26

CYBER SECURITY:

In view of increased cyberattack scenarios, the cyber security maturity is reviewed periodically and the processes, technology controls are being enhanced in-line with the threat scenarios. Your Companys technology environment is enabled with real time security monitoring with requisite controls at various layers starting from end user machines to network, application and the data.

GENERAL:

Your directors state that no disclosures or reporting is required in respect of the following items as there were no transactions on these items during the year under review:

-Details relating to deposits covered under chapter V of the Companies Act, 2013

-No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Companys operations in future.

Your Directors further state that:

-The accounts and cost records as required to be made and maintained by the Company as specified under sub-section (1) of Section 148 of the Companies Act, 2013, were made and maintained by the Company during the year 2025-26.

-In terms of the provisions of Section 134(3) (ca) of the Companies Act, 2013, there were no fraud committed against the Company by any person under Section 143(12) during the year 2025-26. Further that there were no frauds which needs to be reported by the Auditors of the Company to the Central Government.

ACKNOWLEDGEMENTS:

Your Directors would like to gratefully acknowledge all stakeholders of the Company viz: customers, dealers, suppliers, banks, shareholders and other business associates for the excellent support received from them during the year. The Directors place on record their sincere appreciation to all employees of the Company for their unstinted commitment and continued contribution to the Companys well-being.

	For and on behalf of the Board of Directors
	Quest Laboratories Limited
Place: Pithampur
Date: 04th September, 2026
	Anil Kumar Sabarwal	Tejaswini Sabarwal
	Managing Director	Whole Time Director
	(DIN:00646133)	(DIN:09088283)