Rolex Rings Ltd Management Discussions

GLOBAL ECONOMIC OVERVIEW

According to the IMFs April 2026 World Economic Outlook, global growth is expected to slow to 3.1% in 2026 and 3.2% in 2027, below recent outcomes and well under pre-pandemic averages, as the world economy absorbs the shock of the outbreak of conflict in the Middle East. This marks a deceleration from the roughly 3.4% pace recorded in 2024-25, and would settle below

the historical 2000-19 average of 3.7% over the medium term. Global headline inflation, having been on a disinflationary path, is now expected to rise modestly in 2026 before resuming its decline in 2027, with the pressure particularly pronounced in emerging market and developing economies.

The IMFs Chief Economist noted that the global economy had been on a

steady growth trajectory before the war disrupted momentum, with growth now projected at 3.1% under the reference forecast, alongside inflation rising to 4.4%, a sharp departure from the earlier trend.

Source: World Economic Outlook, April 2026

OUTLOOK

The balance of risks for the global economy remains tilted to the downside. The IMF has flagged that a longer or broader conflict, worsening geopolitical fragmentation, a reassessment of Al-driven productivity expectations, or renewed trade tensions could significantly weaken growth and destabilise financial markets, compounded by elevated public debt and eroding institutional credibility.

On the upside, the Fund has indicated that a swift resolution of the conflict, faster Al-driven productivity gains, or an easing of trade tensions could lift the global economy above current projections. Policymakers face the challenge of guarding against renewed inflation while avoiding premature monetary tightening that could deepen the ongoing slowdown, particularly given that emerging markets and commodity-importing economies with pre-existing vulnerabilities are expected to bear a disproportionate share of the impact.

Source: IMF Press Briefing Transcript, Spring Meetings 2026 (imf.org)

Forged in legacy, Engineering Excellence

INDIAN ECONOMIC OVERVIEW

India has continued to hold its position as the fastest-growing major economy despite the turbulent global backdrop. Following a revamp of its GDP calculation methodology (shifting the base year to 2022-23), the National Statistical Office raised its FY26 growth estimate to 7.6%, up from an earlier estimate of 7.4% and from 7.1% in FY25, with the revision reflecting a stronger capture of fast-growing segments of the economy, including double-digit growth in manufacturing.

More recent government data (Economic Survey 2025-26) points to real GDP growth of 7.4% in FY26, with GVA growth of 7.3%, driven primarily by strong domestic demand, supported by private consumption and investment. Private consumption grew 7.5% in H1 FY26 and accounted for 61.4% of GDP, the highest share since FY12, aided by low inflation, steady employment, and improved purchasing power, while investment activity remained buoyant with gross fixed capital formation at 30% of GDP, growing 7.6% in H1 FY26.

The services sector expanded by 9.1%, remaining the largest contributor to GDP, while headline CPI inflation averaged just 1.7% during April- December FY26, driven mainly by food price disinflation - giving the RBI considerable room on the monetary policy front.

Indias export performance held up despite global headwinds. Each of the first three quarters of FY26 recorded the countrys highest-ever export levels, with exports during April-December 2025 reaching USD 634.3 billion, a 4.3% year-on-year increase.

Within this, merchandise exports grew 2.4% YoY in April-December, with electronics exports surging 35.1% YoY,

continuing a trend where PLI-covered sectors have posted average annual export growth of 10.6% during FY21- FY25, led by electronics, IT hardware, ACC batteries, solar PV and speciality steel. The PLI scheme continues to underpin Indias positioning as a manufacturing and export hub for global producers, with cumulative investments under the scheme surpassing Rs.

2.16 lakh crore as of December 2025, reinforcing the broader private capex cycle across strategic sectors.

Source:

• IBEF, "Economic Survey 2025-26, Analysis and Key Findings

• Outlook Business, "Indias GDP to Grow 7.6% in FY26 After Revamp of Calculation Framework

• RealShePower, "PLI Scheme Impact 2026: 2.16 Lakh Cr Investment

OUTLOOK

Despite global headwinds, Indias economic activity has remained resilient, supported by a stable domestic policy environment and continued focus on structural reforms. Low inflation, healthy consumer sentiment, and a supportive policy backdrop are expected to aid the economy going forward. Continued policy support, investment promotion, and sustainable growth across sectors will be key to sustaining this positive trajectory.

INDUSTRY OVERVIEW

GLOBAL BEARINGS INDUSTRY

The global bearings market is estimated at around USD 156 billion in 2026 and is projected to grow at a CAGR of nearly 9-10% through the early 2030s. Automotive remains the largest end- use segment, followed by industrial machinery and aerospace, with Asia- Pacific continuing to be the largest regional market. Growth continues to be driven by rising vehicle production, industrial automation, and increasing adoption of smart, sensor-enabled bearings.

Grand View Researchs Report, Bearing Market (2026-2033), states that the ball bearings segment is expected to register a significant CAGR of 9.4% from 2026 to 2033, owing to the rising production volumes in the automotive and renewableenergy sectors, the expansion of automation and robotics, and the increasing use of precision deepgroove and miniature ball bearings in highspeed equipment and medical devices. In addition, these products are increasingly

used in both four- and two-wheeled automobiles, thereby the segment is anticipated to witness significant growth in the coming years.

Source: Global bearings market size & CAGR - Grand View Research, "Bearing Market Size, Share & Growth Report, 2026-2033

Large-scale investment in railways, aerospace, and heavy industrial machinery is also lifting demand for high-load bearings used in locomotives, aircraft engines, landing gear, and construction and mining equipment, where durability and heat resistance are critical. Infrastructure expansion, particularly in emerging markets, is adding to this demand through increased use of excavators, loaders, and similar heavy machinery.

The global push toward renewable energy, especially wind power, is another key growth driver, given the need for

large, specialised bearings in turbine rotors, generators, and gearboxes. Thermal and hydroelectric power plants add further steady demand through their extensive use of bearings in turbines and pumps.

At the same time, advances in materials and design, such as ceramic and hybrid bearings, advanced lubricants, and corrosion-resistant coatings, are extending service life and performance. The growing adoption of smart, sensor-enabled bearings for predictive maintenance is also supporting the shift toward loT-enabled, efficiency-focused manufacturing.

INDIAN BEARINGS INDUSTRY

The Indian bearings market, valued at around USD 5 billion, continues to grow at a healthy double-digit pace, driven by expanding automotive production, industrial automation, and infrastructure development. The automotive sector remains the largest source of demand, and the market is increasingly shifting toward high-precision and sensor- integrated bearings that support data- driven, efficiency-focused operations.

Government initiatives such as Make in India and Atmanirbhar Bharat continue to support domestic manufacturing,

benefiting end-user industries such as automobiles, aerospace, and defence that draw on these bearings.

Bearings remain a critical, nondiscretionary component across automotive, industrial machinery, railways, and renewable energy applications. Anti-friction bearings dominate the product mix, given their superior load-handling and friction- reduction characteristics, while magnetic bearings, though a smaller share, command premium pricing in high-speed precision machinery and are the fastest-growing segment. By

type, ball bearings lead on the back of widespread use in automotive wheel hubs, electric motors, and general machinery, while roller bearings hold a strong share in heavy-duty industrial, railway, and mining applications requiring higher radial load capacity.

Regionally, West India leads, reflecting the concentration of automotive OEM clusters in Pune and Gujarat, followed by South India (anchored by Chennais automotive hub) and North India (driven by the NCRs industrial manufacturing base).

The electric vehicle segment, in particular, is driving demand for bearings, while the industrys emerging needs for lighter, faster, and sustainable bearings are being met by new- generation products.

GLOBAL AUTOMOTIVE SECTOR

Global light-vehicle sales are expected to stay broadly flat in 2026, at around 90-92 million units, as easing momentum, geopolitical disruptions, and cautious consumer spending weigh on growth. While regional performance remains mixed, with softer demand in China and parts of Europe, EV penetration is expected to inch up moderately, supporting a gradual shift in the bearings demand mix.

INDIAN AUTOMOTIVE SECTOR

Market Scale and Structural Resilience

The Indian automobile market is valued at approximately USD 147.58 billion in 2026, underpinned by population-led consumption, rising household incomes, policy-backed electrification, and a robust domestic manufacturing base.

The overall passenger vehicle market is on course to cross 6-6.5 million units in annual sales, with the SUV segment commanding over 55-60% of all passenger vehicle volumes, a reflection of the Indian consumers growing preference for premium, feature-rich mobility.

Underlying demand across segments remains stable and resilient, with modest sequential fluctuations attributed to seasonal behaviour and calendar-driven selling-day variances rather than any structural weakness in the sector. The auto components sector contributes 2.3% to GDP, with export revenues projected to reach USD 30 billion in 2026, while total vehicle exports exceeded 5.3 million units in FY25, reflecting a year-on-year growth of 14.6%.

Source: INDIA AUTOMOBILE INDUSTRY SIZE & SHARE

ANALYSIS-GROWTH TRENDS AND FORECAST (2026-2031)

https://www.mordorintelligence.com/industry-reports/analysis-

of-automobile-industry-in-india

Auto Industry Outlook in India [2026], Creativesnext

The Electric Vehicle Transition and Technology Imperative

According to data published by technavio, the India automotive market size is valued to increase by USD 51.76 billion, at a CAGR of 6.5% from 2025 to 2030. Integration of SUV and industrialization of premium lifestyle mobility solutions will drive the India automotive market.

Indias electric passenger vehicle market is expected to achieve record sales in 2026, driven by an expanding range of model choices, improved charging infrastructure, and accelerating technological advancements. Public charging stations have increased fivefold since FY22 and the sector is simultaneously navigating a dual focus on upgrading internal combustion engine platforms and accelerating battery-electric vehicle adoption, with the rise of software-defined vehicles compelling original equipment manufacturers to fundamentally rethink their value chains - from component suppliers through to organised retail dealerships.

Source: https://www.ibef.org/industry/india-automobiles Technavio- India Automotive Market Analysis, Size, and Forecast 2026-2030

GOVERNMENT INITIATIVES

Supportive government policy continues to be a strong tailwind for Rolex Rings, reinforcing its competitive positioning across sourcing, sustainability, and innovation.

HOW GOVERNMENT INITIATIVES EMPOWER ROLEX RINGS:

Make in India / Atmanirbhar Bharat:

Continues to encourage local sourcing and value addition spanning defence, railways, and e-mobility verticals for qualified forgers. Rolex Rings adherence to ESG and high-quality standards positions it as a preferred supplier of choice as global customers diversify away from China.

Green Manufacturing & ESG Compliance:

Mandatory ESG disclosures, incentives for renewable energy use, and a clear regulatory preference for companies with transparent governance continue to favour sustainability leaders like Rolex Rings. The Companys total installed renewable energy capacity of 21.55 MW comprising rooftop and ground-mounted solar and windmill power directly reflects this alignment.

Skill India, Digital India, and R&D:

Continued funding for technology upgradation, workforce upskilling, and advanced manufacturing adoption supports Rolexs human capital and innovation agenda, particularly as the Company scales up precision, near-net-shape forging capabilities.

INITIATIVES IN ACTION:

Accelerated client acquisition as domestic and global customers prioritise "local for global" and ESG-compliant suppliers, with exports now spanning 57 customers across 14 countries.

Improved access to capital and a lower cost of compliance following the Companys exit from CDR and the completed Rs. 101 Crs Right of Recompense settlement, resulting in a fully debt-free balance sheet with net cash and investments of Rs. 367 Crs as of March 2026.

Enhanced opportunities in complex, high-margin sectors (EV, industrial, bearings) opened by policy-induced market creation, reflected in Bearing Rings revenue growth of 11% YoY to Rs. 539 Crs.

Participation and leadership in new-age manufacturing and export clusters via

government-enabled networks, even as select export markets navigate evolving trade and tariff dynamics.

BUSINESS OVERVIEW

Rolex Rings delivered a resilient performance in FY26 amid a mixed demand environment, leveraging its deep capabilities in forged and precision-processed components. The customer base remains diversified across automotive (including all major ICE, Hybrid and EV platforms), industrial machinery, renewable energy, wind, and railways, supported by well-invested facilities and a global-approved quality stack (ISO 9001, IATF 16949, ISO 45001, ISO 18001).

The global automotive sector continues to be a key demand driver, with the Companys EV and industrial diversification providing an increasing counterbalance to cyclical ICE-linked automotive demand.

STRATEGIC PHILOSOPHY

Rolex Rings strategy continues to masterfully blend diversification, innovation, operational excellence, and sustainability. Having achieved a debt-free balance sheet and announced a Rs. 180 Crs shareholder buyback in FY26, the Company is well positioned to continue its multi-year journey up the value chain, from core ring forging to advanced, precision-engineered assemblies for automotive, EVs, railways, and high-performance machinery.

STRATEGIC THEME:

Operational Prowess

Rolex Rings is channelling its operational excellence through funding targeted capacity additions, technology upgrades, and manufacturing initiatives to drive sustained margin expansion and efficiency. The Company is also combining processes to move up the value chain from core ring forging to advanced, precision-engineered assemblies for automotive, EVs, railways, and high-performance machinery. The Company continues to demonstrate strong operational discipline, with gross margin expanding to 51.5% in FY26 (from 49.4% in FY25) through disciplined cost management, improved yields, and a favourable product mix shift toward higher-value Bearing Rings even as the Company navigated softer global demand and tariff-related headwinds.

Long-term Stakeholder Returns

Rolex Rings is redirecting its financial strength toward sustained value creation reflected in its debt-free status, healthy net cash position, and the Rs. 180 crore shareholder buyback announced in FY26 reinforcing its commitment to disciplined capital allocation and longterm stakeholder returns. . The Company is persistent in its efforts to maximize growth and create long-term value for all stakeholders.

Leveraging Indias Manufacturing Capabilities

Operational excellence, competitive advantage, and professional expertise positions Rolex Rings to fully leverage Indias competitive edge in precision forging and machining, enabling continued investment in capacity, technology, and global customer relationships from a position of financial strength.

Empowering Growth Through ESG

The Company focuses on governance credibility, supporting the Companys ESG-led growth agenda and reinforcing its standing with global customers and investors who increasingly favour financially transparent, sustainability- aligned suppliers. Our continued programs towards sustainability foster diversity, skill-building, and local job creation, including afforestation of over trees over the past five years, reinforcing social license to operate and talent magnetism.

The Company intends to reach 60% consumption from renewable energy by 2030 through own green power generation subject to government policy and approvals. The Company focuses on increasing renewable power resources year-on-year through-

Afforestation- approximately 12,000+ trees over the past five years and an additional 500+ trees planted annually, contributing to carbon sequestration and ecological restoration.

Water Management- systematic treatment and reuse of wastewater for gardening and other internal applications, ensuring efficient water conservation

Circular Waste Management- Canteen waste processed through biogas plant, generated gas used for cooking. Additionally, an oil-water separator system is deployed to effectively segregate oil from water, enabling reuse within plant operations

• Rooftop Solar power plant

2.3 MW

• Ground Mounted Solar Power plant

15.5 MW

• Windmill power station

3.75MW

STRATEGIC PILLARS:

Strategy along with initiatives & results:

MARKET DRIVERS

• Expanding Automotive and EV Production:

Indias registered vehicle fleet of over 340 million (including 227 million two-wheelers) generates structurally high, non-discretionary bearing demand. The EV transition is accelerating adoption of highspeed, low-friction bearings for motor and e-axle systems, which must tolerate significantly higher RPMs than standard ICE applications - creating a shift toward precision-engineered, wear- resistant designs.

• Industrial Automation and Manufacturing Expansion:

Sustained infrastructure investment and the PLI schemes coverage of 14 strategic sectors are driving factory automation upgrades across the manufacturing base, intensifying demand for precision bearings in conveyor systems, CNC machinery, and robotics. Rising manufacturing capacity utilisation (above 63% as of FY26) points to continued capex-led demand for industrial-grade bearings.

• Railway Modernisation and Fleet Expansion:

Indian Railways large annual capital expenditure, alongside continued expansion of high-speed Vande Bharat services and freight corridor upgrades, is generating sustained demand for tapered roller and spherical bearings used in traction motors, axle boxes, and bogie suspension systems - a segment requiring high durability and long service intervals.

• Renewable Energy and Power Infrastructure Growth:

Indias expanding wind and solar capacity is driving demand for large, highly specialised bearings used in wind turbine rotors, generators, and gearboxes, which require long operational life and resistance to harsh operating conditions. Thermal and hydroelectric power assets add further steady demand for bearings in turbines and rotating machinery.

• Shift Toward Smart, High-Performance Bearing Technologies:

Growing adoption of sensor-integrated "smart" bearings for vibration, temperature, and load monitoring is opening a new demand stream tied to predictive maintenance and IoT-enabled plants. Combined with rising use of ceramic, hybrid, and corrosion-resistant materials, this trend is pushing customers toward higher-value, higher-margin bearing categories rather than commodity products.

r

STRENGTHS

Growing Demand for EVs and Hybrid Range of Vehicles: Large, structurally growing automotive &

EV fleet and hybrid range of vehicles driving nondiscretionary bearing demand

Government Policies: Industrial automation and PLI-led manufacturing expansion boosting precision bearing demand

Railway modernisation: Capex, Vande Bharat expansion generating large-scale bearing procurement

Alternative Energy Sources: Growing renewable energy and power infrastructure base supporting specialised bearing demand

Technology Support: Shift toward smart, sensor- enabled, and high-performance bearing technologies opening higher-margin categories

WEAKNESSES

Low-Cost Chinese Import Competition: Cheaper imports intensify price competition, causing margin compression in price-sensitive and aftermarket segments

Raw Material Price Volatility: inputs tied to global commodity cycles create unpredictable production costs, straining profitability under fixed-price contracts

High Revenue Concentration in Automotive OEM Demand: With the automotive sector accounting for over 60% of Indias bearing demand, revenues remain closely tied to auto production cycles; this concentration leaves manufacturers vulnerable to slowdowns in vehicle sales and reduced pricing power during periods of weak OEM offtake.

High Import Dependence for Precision and Specialty Bearings: domestic production meets only 70-71% of demand, with premium segments (ceramic, magnetic, hybrid) reliant on imports, exposing margins to forex and supply-chain risk

OPPORTUNITIES

EV Drivetrain Bearing Demand: FAME-III targets (30% 2W, 70% CV EV penetration by 2030) driving demand for specialised traction motor bearings (low-noise deep groove ball, ceramic hybrid)

Aerospace & Defence Indigenization: Growing thrust toward self-reliant defence manufacturing creating new, premium demand for precision forgings can help the Company cater this sector in the upcoming years.

Wind Energy & Renewable Infrastructure: Indias 500 GW renewable target by 2030 driving demand for large-format spherical roller and slewing ring bearings in turbine main shaft, gearbox, and generator applications

THREATS

Counterfeit Bearing Proliferation: substandard/fake products in the replacement segment create safety risks, dilute brand value, and undercut authorised players on price via unorganised channels

Intensifying Competitive Pressure: Established industry leaders with entrenched pricing power, superior scale economies, and integrated supply chains pose a threat to market share and margin sustainability.

Quality Workforce & Precision Manufacturing Gap: limited availability of skilled operators and controlled manufacturing environments for ISO Grade 3/4 precision bearings needed for EV, aerospace, and precision machinery applications

FINANCIAL PERFORMANCE ANALYSIS

Metric	FY25	FY26	Change	Analysis & Commentary
Net Sales (INR Mn)	11,548	11,435	-1%	Marginal decline as US export slowdown offset improving domestic and European demand
EBITDA (excluding Exceptional Items) (INR Mn)	2,406	2,302	-4%	Margin compression due to the impact of one-time Exceptional Items
EBITDA Margin (%)	20.8%	20.1%	-0.7 pp	Slight margin dip due to due to the impact of one-time Exceptional Items
Adj Net Profit (INR Mn)	1,925	1,927	0%	Near-flat profit despite revenue decline, reflecting cost discipline and improved gross margin
Gross Margin (%)	49.4%	51.5%	+2.1 pp	Improved product mix and operational efficiency supported margin expansion
Net Cash (INR Mn)	3,290	3,670	+12%	Company turned fully debt-free after settling Rs. 101 Cr RoR obligation; net cash strengthened further
Auto Component Mix (%)	50%	45%	-10%	Mix shifted toward Bearing Rings as Automotive Components demand softened globally owing to the rising tariff rates imposed by the US.
Bearing Rings Mix (%)	42%	47%	+12%	Bearing Rings emerged as the largest and fastest-growing product category, up 11% YoY
Export Share (%)	52%	44%	-15%	Export share declined as US tariff uncertainty weighed on volumes; domestic and Europe gained share

REVENUE & SEGMENT TRENDS:

Global trade uncertainty, especially US tariffs, weighed on legacy bearings and auto component exports through FY26. Rolex Rings growing focus on bearing rings and precision components helped cushion the impact. Stronger domestic demand and improving traction in Europe supported overall revenue, keeping the revenue mix broadly stable despite the export headwinds.

EBITDA & PROFITABILITY:

Margins came under mild pressure owing to the impact of exceptional items that arose for a single time and may not impact further margins.

COST & DEBT MANAGEMENT:

Rolex Rings became fully debt-free in FY26 after settling its RoR obligation with lenders. This freed up cash flow and lowered finance costs, though a one-time exceptional charge related to the settlement impacted reported profit after tax for the year.

CASH FLOW & LIQUIDITY:

Operating cash flows remained healthy, supporting the Companys shift to a stronger net cash position. This gave management room to announce a shareholder buyback while still maintaining flexibility for future capacity expansion and working capital needs.

ROLEX RINGS PROGRESS ON GREEN MANUFACTURING:

Reducing energy and resource intensity, increasing renewable capacity, and minimising waste continued through FY26, reinforcing the Companys cost position and its alignment with customer expectations on sustainability.

RATIO ANALYSIS

Ratios	March 31, 2026	March 31, 2025
Current ratio	8.29	4.64
Debt- equity ratio	0.00	0.01
Debt service coverage ratio	18.04	13.19
Return on Equity ratio	12.00%	17.66%
Inventory turnover ratio	2.32	2.41
Trade receivable turnover ratio	5.55	5.63
Trade payable turnover ratio	9.24	8.84
Net capital turnover ratio	1.76	2.20
Net profit ratio	11.82%	14.70%
Return on Capital Employed	19.26%	20.37%

RISK MANAGEMENT AND MITIGATION

Rolex Rings faces a dynamic risk ecosystem, meticulously managed using integrated digital risk management systems and robust Board and ESG oversight:

Key Risk	Potential Impact	Mitigation Strategy
Demand Cyclicality	Fluctuations in demand from automotive, industrial, off-highway and export markets may affect order volumes and capacity utilisation.	Diversifying across end-use industries, expanding into high-growth sectors such as electric mobility, renewable energy, railways and industrial applications, and strengthening the domestic customer base.
Customer Concentration	Dependence on a limited number of customers of large OEMs may impact revenue visibility in the event of changes in sourcing strategies.	Broadening the customer portfolio through new plants of the existing customer groups, increasing engagement with global customers, and expanding into new geographies and industry segments.
Raw Material Price Volatility	Marginal Changes in alloy steel prices and input costs due to time lag constraints can influence profitability and production economics.	Ensuring an approval of the raw materials price change through customers, long-term procurement arrangements, strategic inventory management, supplier diversification and continuous cost optimisation initiatives.
Technology & Product Development	Evolving customer specifications, precision requirements and manufacturing technologies may require continuous capability enhancement.	Investments in advanced manufacturing technologies, automation, quality systems, process innovation and product development.
Supply Chain Disruptions	Interruptions in the supply of critical raw materials or logistics challenges may affect production schedules.	Developing a diversified supplier base, maintaining appropriate inventory levels, strengthening vendor relationships and enhancing supply chain visibility.
Quality & Regulatory Compliance	Failure to meet stringent quality standards or regulatory requirements may affect customer confidence and market access.	Robust quality management systems, regular audits, continuous process monitoring and adherence to applicable international quality and environmental standards.
Energy & Sustainability	Rising energy costs and evolving environmental expectations may increase operating costs and compliance requirements.	Improving energy efficiency, increasing the use of renewable energy, optimising resource consumption and strengthening environmental management practices.
Operational Continuity	Equipment failures, workforce disruptions or unforeseen events may impact manufacturing operations.	Preventive maintenance programmes, digital production monitoring, workforce training, business continuity planning and strong health and safety practices.

HUMAN RESOURCES

The Companys employees contribute significantly to the business operations. As of March 31, 2026, we had 1835+ permanent employees and 450+ contractual employees.

The Company trains its employees on a regular basis to increase the level of operational excellence, improve productivity and maintain compliance standards on quality and safety. The Company also conducts training workshops for its employees to develop a variety of skill sets to promote teamwork and personal growth of employees. ESG in HR is

embedded in our function and operations and all trainings include sustainability, ethics, and governance modules, ensuring awareness at every tier for long-term stakeholder value delivery.

Additionally, enhanced EHS protocols, digital safety dashboards, regular audits, and climactic risk mitigation (e.g., heat protocols) elevate occupational safety and resilience, enabling the Company to foster Safety and well-being of all the employees.

INTERNAL CONTROL SYSTEMS

The Company has adequate internal control systems commensurate with its size and nature of business. has implemented a comprehensive and modern internal control system designed to ensure accuracy, operational

efficiency, and strong compliance across all functions. Financial controls are largely automated to enable high- precision reporting and continuous anomaly detection, fortified by

scheduled internal and external audits. Operationally, the use of a robust ERP platform streamlines end-to-end workflows, minimizes manual errors, and improves real-time visibility into compliance and performance across departments. The system is further supported by advanced cybersecurity infrastructure, featuring multi-layered protection and regular penetration testing to safeguard enterprise data against evolving threats.

The Audit Committee of the Board periodically reviews these systems, which record transactions, assets, and report on developments timely. Internal audit is being carried out by an independent firm of Chartered Accountants on a quarterly basis. The Audit Committee also regularly reviews the periodic reports of the Internal Auditors. Issues raised by Internal Auditors and Statutory Auditors, if any, are discussed and addressed by the Audit Committee.

SUSTAINABILITY

Sustainability forms an integral part of Rolex Rings business strategy, embedded across key areas of decisionmaking, including capital allocation, supply chain management, customer engagement and talent development. The Companys continued focus on renewable energy, resource-efficient operations, responsible sourcing and

robust ESG governance reflects its commitment to creating long-term value while strengthening operational resilience.

As sustainability assumes greater importance in global procurement practices, the Company is well positioned to align with evolving

customer expectations. The Companys emphasis on circularity, low-carbon manufacturing, community engagement and transparent disclosures reinforces its commitment to responsible business practices and supports long-term relationships with both global and domestic customers.

CAUTIONARY STATEMENT

The Management Discussion and Analysis contains forward-looking statements, identified by words like plans! expects, will, anticipates, believes, intends, projects! estimates and so on within the meaning of applicable securities laws and regulations concerning the companys future business prospects and business profitability. All statements that address expectations or projections about the future, the Companys strategy for growth, product development, market position, expenditures and financial results, are forward-looking statements.

All these prospects are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward-looking statements.

The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, ability to manage growth, competition (both domestic and international), economic growth in India and the target countries worldwide, ability to attract and retain highly skilled professionals, time and cost overruns on contracts, ability

to manage international operations, Government policies and actions with respect to investments, fiscal deficits, regulations, interest and other fiscal costs generally prevailing in the economy etc. Past performance may not be indicative of future performance. The Company does not undertake to make any announcement in case any of these forward-looking statements become materially incorrect in future nor shall the Company update any forwardlooking statements made from time to time by or on its behalf.

NOTICE

NOTICE is hereby given that the 24th Annual General Meeting of the Members of the Company will be held on Thursday, 24^th September, 2026 at 12:00 pm through Video Conferencing ("VC")/ Other Audio Video Means ("OAVM") to transact the following businesses:

? ORDINARY BUSINESS:

1. To receive, consider and adopt the Audited Financial Statements of the Company for the year ended March 31, 2026 together with the reports of the Board of Directors and Auditors thereon.

"RESOLVED THAT the audited financial statements of the Company for the year ended 31st March, 2026 together with the reports of the Board of Directors and Auditors thereon be and are hereby received, considered and adopted"

2. To Appoint Mr. Bhautik Dayashankar Madeka (DIN: 01761543) who retires by rotation at this meeting as a Director and being eligible offers himself for re-appointment and in this regard, if thought fit, to pass the following resolution as an Ordinary Resolution:

"RESOLVED THAT Mr. Bhautik Dayashankar Madeka (DIN: 01761543) who retires by rotation at this meeting and being eligible, offers himself to be reappointed, be and is hereby appointed as a Director of the company, liable to retire by rotation"

? SPECIAL BUSINESS:

2. To ratify the remuneration of Cost Auditors for the Financial Year ending March 31, 2027 and, in this regard:

To consider and, if thought fit, to pass the following as an Ordinary Resolution:

"RESOLVED THAT pursuant to provisions of Section 148 and other applicable provisions, if any, of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactments thereof, for the time being in force) the remuneration, as approved by the Board of Directors and set out in the Statement annexed to the Notice convening this Meeting, to be paid to the Mitesh Suvagiya & Co., Cost Auditors, Rajkot appointed by the Board of Directors of the company to fill the casual vacancy caused during the reporting period, to conduct audit of cost records of the company for the financial year ending March 31, 2027, be and is hereby ratified"

NOTES:

1. Ministry of Corporate Affairs ("MCA") vide its Circular vide Circular No. 3/2025 dated September 22, 2025 in continuation of its earlier circulars on the subject ("MCA Circulars") have permitted the holding of the Annual General Meeting ("AGM") through Video Conferencing ("VC") or Other Audio-Visual Means ("OAVM") without the physical presence of the members at a common venue. Accordingly, 24th Annual General Meeting of the company will be held through VC/OAVM and members can attend and participate in the AGM through VC/OAVM only. Participation of members through VC/OAVM will be reckoned for the purpose of quorum for the AGM as per Section 103 of the Act. The registered office of the company shall be deemed to be the venue for the AGM.

2. In compliance with the MCA Circulars and Circular Nos. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May 12, 2020 SEBI/ HO/CFD/CMD2/CIR/P/2021/11 dated January 15, 2021, SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated May 13, 2022, SEBI/ HO/CFD/PoD-2/P/CIR/2023/4 dated January 5, 2023, SEBI/HO/CFD/CFD-PoD-2/P/CIR/2023/167 dated October 7, 2023 and SEBI/HO/CFD/CFD-PoD-2/P/CIR/2024/133 dated October 03, 2024 issued by Securities Exchange Board of India (collectively referred to as "SEBI Circulars"), Notice of the AGM and Integrated Annual Report is being only through electronic mode to those members whose e-mail addresses are registered with the Company/Depositories.

Members may note that the Notice of AGM and Integrated Annual Report for financial year 2025-26 will also be available on the Companys website at www.rolexrings. com, websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com respectively and on the website of RTA at https://instavote.linkintime. co.in/

In case any member is desirous of obtaining hard copy of the Annual Report for the Financial Year 202526 and Notice of the 24^th AGM of the Company, may send request to the Companys email address at compliance@rolexrings.com mentioning Folio No. / DP ID and Client ID.

3. The Explanatory Statement setting out the material facts pursuant to Section 102 of the Companies Act, 2013 ("the Act"), in respect of the Special business and the details as required under Regulation 26(4) and 36(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (herein after referred to as SEBI Listing Regulations) and Secretarial Standard on General Meeting (SS-2) in respect of Item No. 3 is annexed hereto.

4. The Members can join the AGM in the VC/OAVM mode 15 minutes before and after the scheduled time of the commencement of the Meeting by following the procedure mentioned in "Annexure" to the Notice. The facility of participation at the AGM through VC/OAVM will be made available to at least 1000 members on first come first serve basis. This will not include large shareholders (Shareholders holding 2% of more shareholding), Promoters, Institutional Investors, Directors, Key managerial Personnel, the Chairperson of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee, Auditors etc. who are allowed to attend the AGM without restriction on account of first come first serve basis.

5. The attendance of the Members attending the AGM through VC/OAVM will be counted for the purpose of ascertaining the quorum under Section 103 of the Act.

6. Pursuant to the provisions of Section 105 of the Act, a Member entitled to appoint a proxy to attend and vote on his/her behalf and the proxy need not be a Member of the Company. Since this AGM is being held in pursuance to MCA Circulars through VC/OAVM, physical attendance of members have been dispensed with and therefore, there is no requirement of appointment of proxies. Accordingly, the facility of appointment of proxies by members under Section 105 of the Act will not be available for the 24th AGM and hence the Proxy Form, Attendance Slip and route map of the AGM are not annexed to this Notice.

7. Pursuant to the provisions of Section 108 of the Act read with Rule 20 of the Companies (Management and

Administration) Rules, 2014 (as amended from time to time), Secretarial Standard on General Meetings (SS-2) issued by the Institute of Company Secretaries of India ("ICSI") and Regulation 44 of the SEBI Listing Regulations read with MCA Circulars, the Company is providing remote e-Voting facility to the members in respect of the business to be transacted at the 24th AGM and facility for those members participating in the 24th AGM to cast vote through e-voting system during the 24th AGM. For this purpose, MUFG Intime India Private Limited will be providing facility for voting through remote e-Voting, for participation in the 24th AGM through VC/OAVM facility and e-Voting during the 24th AGM.

8. In the terms of MCA Circulars, the Notice calling the AGM and Audited Financial Statement for the Financial Year 2025-26 has been uploaded on the website of the company i.e. www.rolexrings.com. The Notice can also be accessed on the website of Stock Exchanges i.e. BSE Limited and The National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com respectively. The AGM Notice is also disseminated on the website of MUFG Intime India Private Limited at https://instavote. linkintime.co.in/

9. Members whose email address is not registered with the Company or with their respective Depository Participant(s), and who wish to receive the Notice of the 24th AGM and the Annual Report for the Financial Year 2025-26 and all other communication sent by the Company, from time to time, can get their email address registered by following the steps as given below:

a) Members holding shares in physical form may send scan copy of a signed request letter mentioning the folio number, complete address, email address to be registered along with scanned self-attested copy of the PAN and any document (such as Driving License, Passport, Bank Statement, Aadhar) supporting the registered address of the Member, by email to the Companys email address at compliance@rolexrings. com or to Link Intime India Private Limited at rnt.helpdesk@in.mpms.mufg.com.

b) Members holding shares in Demat mode may update the email address through their respective Depository Participant(s).

10. The Board of Directors has appointed CS Purvi Dave, Practising Company Secretary [Membership Number:- ACS 27373 COP 10462 Peer Review Cert No. 1780/2022], Rajkot as the Scrutinizer to scrutinize the e-voting process in a fair and transparent manner.

11. Statutory Registers, Financial Statement and all the documents referred to in the Notice and Explanatory Statement will be available for inspection by the Members. Members who wish to inspect or seek any information in relation to the same are requested to write to the Company through e-mail at compliance@rolexrings.com.

12. Members may note that, in terms of the SEBI Listing Regulations equity shares of the company can only be transferred in dematerialized form.

13. Members holding shares in physical form, in identical order of names, in more than one folio are requested sent the company or RTA, the details of such folios together with the share certificates for consolidating their holdings in one folio. A Consolidated share certificate will be issued to such members after making requisite changes.

14. Members are requested to intimate changes, if any, pertaining to their name, postal address, email address, telephone/mobile numbers, Permanent Account Number (PAN), mandates, nominations, power of attorney, bank account etc. to their DPs if the shares are held by them in electronic form and to RTA if the shares are held by them in physical form.

15. Pursuant to Section 72 of the Companies Act, 2013, Members are entitled to make a nomination in respect of shares held by them. Members desirous of making a nomination, pursuant to the Rule 19(1) of the Companies (Share capital and Debentures) Rules, 2014 are requested to send their requests in Form SH-13, to the Registrar and Transfer Agent of the Company. Further, members desirous of cancelling, varying nomination pursuant to the Rule 19(9) of the Companies (Share Capital and Debentures) Rules, 2014, are requested to send their requests in Form SH-14, to the Registrar and Transfer Agent of the company. These forms will be made available on request.

16. For redressal of shareholders complaints/ grievances they can write the company at compliance@rolexrings.com.

17. Members seeking any information/desirous of asking any questions at the Meeting with regard to the accounts or any other matter to be placed at the Meeting are requested to send email to the Company at compliance@rolexrings. com at least 7 days before the Meeting. The same will be replied by the company suitably.

REMOTE EVOTING INSTRUCTIONS:

In terms of SEBI circular no. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants.

Shareholders are advised to update their mobile number and email Id correctly in their demat accounts to access remote e-Voting facility.

Login method for Individual shareholders holding securities in demat mode is given below:

Individual Shareholders holding securities in demat mode with NSDL

METHOD 1-NSDL OTP based login

a) Visit URL: https://eservices.nsdl.com/SecureWeb/

evoting/evotinglogin.jsp

b) Enter your 8-character DP ID, 8-digit Client Id, PAN, Verification code and generate OTP.

c) Enter the OTP received on your registered email ID/ mobile number and click on login.

d) Post successful authentication, you will be re-directed to NSDL depository website wherein you will be able to see e-Voting services under Value added services. Click on "Access to e-Voting" under e-Voting services.

e) Click on "MUFG InTime" or "evoting link displayed alongside Companys Name" and you will be redirected to InstaVote website for casting the vote during the remote e-voting period.

METHOD 2-NSDL IDeAS facility

Shareholders registered for IDeAS facility:

a) Visit URL: https://eservices.nsdl.com and click on

"Beneficial Owner" icon under "IDeAS Login Section".

b) Enter IDeAS User ID, Password, Verification code & click on "Log-in".

c) Post successful authentication, you will be able to see e-Voting services under Value added services section. Click on "Access to e-Voting" under e-Voting services.

d) Click on "MUFG InTime" or "evoting link displayed alongside Companys Name" and you will be redirected to InstaVote website for casting the vote during the remote e-voting period.

OR

Shareholders not registered for IDeAS facility:

a) To register, visit URL: https://eservices.nsdl.com and select "Register Online for IDeAS Portal" or click on https://eservices.nsdl.com/SecureWeb/IdeasDirectReg. jsp

b) Enter 8-character DP ID, 8-digit Client ID, Mobile no, Verification code & click on "Submit".

c) Enter the last 4 digits of your bank account / generate OTP

d) Post successful registration, user will be provided with Login ID and password.

e) Follow steps given above in points (a-d).

METHOD 3-NSDL e-voting website

a) Visit URL: https://www.evoting.nsdl.com

b) Click on the "Login" tab available under Shareholder/ Member section.

c) Enter User ID (i.e., your 16-digit demat account no. held with NSDL), Password/OTP and a Verification Code as shown on the screen & click on "Login!

d) Post successful authentication, you will be re-directed to NSDL depository website wherein you will be able to see e-Voting services under Value added services. Click on "Access to e-Voting" under e-Voting services.

e) Click on "MUFG InTime" or "evoting link displayed alongside Companys Name" and you will be redirected to InstaVote website for casting the vote during the remote e-voting period.

Individual Shareholders holding securities in demat mode

with CDSL

METHOD 1-CDSL e-voting page

a) Visit URL: https://www.cdslindia.com.

b) Go to e-voting tab.

c) Enter 16-digit Demat Account Number (BO ID) and PAN No. and click on "Submit".

d) System will authenticate the user by sending OTP on registered Mobile and Email as recorded in Demat Account

e) Post successful authentication, user will be able to see e-voting option. The evoting option will have links of e-voting service providers i.e., MUFG InTime. Click on "MUFG InTime" or "evoting link displayed alongside Companys Name" and you will be redirected to InstaVote website for casting the vote during the remote e-voting period.

METHOD 2-CDSL Easi/ Easiest facility:

Shareholders registered for Easi/ Easiest facility:

a) Visit URL: https://web.cdslindia.com/myeasitoken/

Home/Login or Visit URL: www.cdslindia.com, click on "Login" and select "My Easi New (Token)"

b) Enter existing username, Password & click on "Login"

c) Post successful authentication, user will be able to see e-voting option. The evoting option will have links of e-voting service providers i.e., MUFG InTime. Click on "MUFG InTime" or "evoting link displayed alongside Companys Name" and you will be redirected to InstaVote website for casting the vote during the remote e-voting period.

Shareholders not registered for Easi/ Easiest facility:

a) To register, visit URL: https://web.cdslindia.com/

myeasitoken/Home/EasiRegistration / https://web. cdslindia.com/myeasitoken/Home/EasiestRegistration.

b) Proceed with updating the required fields for registration.

c) Post successful registration, user will be provided username and password on the registered email id. Follow steps given above in points (a-c).

Individual Shareholders holding securities in demat mode with Depository Participant

Individual shareholders can also login using the login credentials of your demat account through your depository participant registered with NSDL / CDSL for e-voting facility.

a) Login to DP website

b) After Successful login, user shall navigate through "e-voting" option.

c) Click on e-voting option, user will be redirected to NSDL / CDSL Depository website after successful authentication, wherein user can see e-voting feature.

d) Post successful authentication, click on "MUFG InTime" or "evoting link displayed alongside Companys Name" and you will be redirected to InstaVote website for casting the vote during the remote e-voting period.

Login method for shareholders holding securities in physical mode / Non-Individual Shareholders holding securities in demat mode.

Shareholders holding shares in physical mode / Non-Individual Shareholders holding securities in demat mode as on the cut-off date for e-voting may register and vote on InstaVote as under:

STEP 1: LOGIN / SIGNUP on InstaVote

Shareholders registered for INSTAVOTE facility:

a) Visit URL: https://instavote.linkintime.co.in & click on "Login" under SHARE HOLDER tab.

b) Enter details as under:

1. User ID: Enter User ID

2. Password: Enter existing Password

3. Enter Image Verification (CAPTCHA) Code

4. Click "Submit"

(Home page of e-voting will open. Follow the process given under "Steps to cast vote for Resolutions")

Shareholders not registered for INSTAVOTE facility:

a) Visit URL: https://instavote.linkintime.co.in & click on "Sign Up" under SHARE HOLDER tab & register with details as under:

1. User ID: Enter User ID

2. PAN: Enter your 10-digit Permanent Account Number (PAN) (Shareholders who have not updated their PAN with the Depository Participant (DP)/ Company shall use the sequence number provided to you, if applicable.

3. DOB/DOI: Enter the Date of Birth (DOB) / Date of Incorporation (DOI) (As recorded with your DP/ Company-in DD/MM/YYYY format)

4. Bank Account Number: Enter your Bank Account Number (last four digits), as recorded with your DP/ Company.

o 4Shareholders, holding shares in NSDL form, shall provide point 4 above.

o Shareholders, holding shares in CDSL form, shall provide point 3 or point 4 above.

o Shareholders, holding shares in physical form but have not recorded point 3 and point 4! shall provide their Folio number in point 4 above

5. Set the password of your choice.

(The password should contain minimum 8 characters, at least one special Character (!#$&*), at least one numeral, at least one alphabet and at least one capital letter).

6. Enter Image Verification (CAPTCHA) Code.

7. Click "Submit" (You have now registered on InstaVote).

STEP 2: Steps to cast vote for Resolutions through InstaVote

A. Post successful authentication and redirection to InstaVote inbox page, you will be able to see the "Notification for e-voting!

B. Select View icon. E-voting page will appear.

C. Refer the Resolution description and cast your vote by selecting your desired option Favour / Against (If you wish to view the entire Resolution details, click on the View Resolution file link).

D. After selecting the desired option i.e. Favour / Against, click on Submit

E. A confirmation box will be displayed. If you wish to confirm your vote, click on Yes, else to change your vote, click on No and accordingly modify your vote.

NOTE: Shareholders may click on "Vote as per Proxy Advisors Recommendation" option and view proxy advisor recommendations for each resolution before casting vote. "Vote as per Proxy Advisors Recommendation" option provides access to expert insights during the e-Voting process. Shareholders may modify their vote before final submission.

Once you cast your vote on the resolution, you will not be allowed to modify or change it subsequently.

Non-Individual Body corporate shareholders shall send a scanned copy of the board resolution authorising its representative to vote, to the scrutinizer at registered email address with a copy marked to RTA at enotices@in.mpms.mufg. com and the company at registered email address.

Guidelines for Institutional shareholders ("Custodian / Corporate Body/ Mutual Fund")

STEP 1 - Custodian / Corporate Body/ Mutual Fund Registration

A. Visit URL: https://instavote.linkintime.co.in

B. Click on "Sign Up" under "Custodian / Corporate Body/ Mutual Fund"

C. Fill up your entity details and submit the form.

D. A declaration form and organization ID is generated and sent to the Primary contact person email ID (which is filled at the time of sign up). The said form is to be signed by the Authorised Signatory, Director, Company Secretary of the entity & stamped and sent to insta.vote@linkintime.co.in.

E. Thereafter, Login credentials (User ID; Organisation ID; Password) is sent to Primary contact persons email ID. (You have now registered on InstaVote)

STEP 2 - Investor Mapping

A. Visit URL: https://instavote.linkintime.co.in and login with InstaVote Login credentials.

B. Click on "Investor Mapping" tab under the Menu section

C. Map the Investor with the following details:

1) Investor ID - Investor ID for NSDL demat account is 8 Character DP ID followed by 8 Digit Client ID i.e., IN00000012345678; Investor ID for CDSL demat account is 16 Digit Beneficiary ID.

2) Investors Name-Enter Investors Name as updated with DP.

3) Investor PAN-Enter your 10-digit PAN.

4) Power of Attorney-Attach Board resolution or Power of Attorney.

NOTE: File Name for the Board resolution/ Power of Attorney shall be - DP ID and Client ID or 16 Digit Beneficiary ID.

Further, Custodians and Mutual Funds shall also upload specimen signatures.

D. Click on Submit button. (The investor is now mapped with the Custodian / Corporate Body/ Mutual Fund Entity). The same can be viewed under the "Report section!

STEP 3 - Steps to cast vote for Resolutions through InstaVote

The corporate shareholder can vote by two methods, during the remote e-voting period.

METHOD 1-VOTES ENTRY

a) Visit URL: https://instavote.linkintime.co.in and login with InstaVote Login credentials.

b) Click on "Votes Entry" tab under the Menu section.

c) Enter the "Event No" for which you want to cast vote.

Event No. can be viewed on the home page of InstaVote under "On-going Events.

d) Enter "16-digit Demat Account No"

e) Refer the Resolution description and cast your vote by selecting your desired option Favour / Against (If you wish to view the entire Resolution details, click on the View Resolution file link). After selecting the desired option i.e. Favour / Against, click on Submit

f) A confirmation box will be displayed. If you wish to confirm your vote, click on Yes! else to change your vote, click on No and accordingly modify your vote.

(Once you cast your vote on the resolution, you will not be allowed to modify or change it subsequently).

METHOD 2-VOTES UPLOAD

a) Visit URL: https://instavote.linkintime.co.in and login with InstaVote Login credentials.

b) After successful login, you will see "Notification for e-voting".

c) Select "View" icon for "Companys Name / Event number".

d) E-voting page will appear.

e) Download sample vote file from "Download Sample Vote File" tab.

f) Cast your vote by selecting your desired option Favour / Against in the sample vote file and upload the same under "Upload Vote File" option.

g) Click on Submit Data uploaded successfully message will be displayed.

(Once you cast your vote on the resolution, you will not be allowed to modify or change it subsequently).

NOTE: Non-Individual Body corporate shareholders shall send a scanned copy of the board resolution authorising its representative to vote, to the scrutinizer at registered email address with a copy marked to RTA at enotices@in.mpms.mufg. com and the company at registered email address.

HELPDESK:

Shareholders holding securities in physical mode / NonIndividual Shareholders holding securities in demat mode:

Shareholders holding securities in physical mode / NonIndividual Shareholders holding securities in demat mode facing any technical issue in login may contact INSTAVOTE helpdesk by sending a request at enotices@in.mpms.mufg.com or contact on:-Tel: 022 - 4918 6000.

Individual Shareholders holding securities in demat mode:

Individual Shareholders holding securities in demat mode may contact the respective helpdesk for any technical issues related to login through Depository i.e., NSDL and CDSL.

Login type	Helpdesk details
Individual Shareholders holding securities in demat mode with NSDL	Members facing any technical issue in login can contact NSDL helpdesk by sending request at evoting@nsdl.co.in or call at: 022-4886 7000
Individual Shareholders holding securities in demat mode with CDSL	Members facing any technical issue in login can contact CDSL helpdesk by sending request at helpdesk.evoting@cdslindia.com or contact at toll free no. 1800 22 55 33

Forgot Password:

Individual Shareholders holding securities in physical mode / Non-Individual Shareholders holding securities in demat mode:

Individual Shareholders holding securities in physical mode / Non-Individual Shareholders holding securities in demat mode have forgotten the USER ID [Login ID] or Password or both then the shareholder can use the "Forgot Password" option available on: https://instavote.linkintime.co.in

Click on "Login" under SHARE HOLDER tab.

Further Click on "forgot password?"

Enter User ID, select Mode and Enter Image Verification code (CAPTCHA). Click on "SUBMIT"

In case Custodian / Corporate Body/ Mutual Fund has forgotten the USER ID [Login ID] or Password or both then the shareholder can use the "Forgot Password" option available on: https://instavote.linkintime.co.in

¦ Click on Login under "Custodian / Corporate Body/ Mutual Fund" tab

¦ Further Click on "forgot password?"

¦ Enter User ID, Organization ID and Enter Image Verification code (CAPTCHA).

¦ Click on "SUBMIT"

In case shareholders have a valid email address, Password will be sent to his / her registered e-mail address. Shareholders can set the password of his/her choice by providing information about the particulars of the Security Question and Answer, PAN, DOB/DOI etc. The password should contain a minimum of 8 characters, at least one special character (!#$&*), at least one numeral, at least one alphabet and at least one capital letter.

Individual Shareholders holding securities in demat mode with NSDL/ CDSL has forgotten the password:

Individual Shareholders holding securities in demat mode have forgotten the USER ID [Login ID] or Password or both, then the Shareholders are advised to use Forget User ID and Forget Password option available at above mentioned depository/ depository participants website.

General Instructions-Shareholders

? It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential.

? For shareholders/ members holding shares in physical form, the details can be used only for voting on the resolutions contained in this Notice.

? During the voting period, shareholders/ members can login any number of time till they have voted on the resolution(s) for a particular "Event!

INSTAMEET VC INSTRUCTIONS:

In terms of Ministry of Corporate Affairs (MCA) General Circular No. 03/2025 dated 22.09.2025, the companies can continue to conduct AGMs by VC or OAVM, as per the existing procedural requirements. Till further orders, the relaxations will remain in force.

Shareholders are advised to update their mobile number and email Id correctly in their demat accounts to access InstaMeet facility.

Login method for shareholders to attend the General Meeting through InstaMeet:

a) Visit URL: https://instameet.in.mpms.mufg.com & click on "Login"

b) Select the "Company Name" and register with your following details:

c) Select Check Box-Demat Account No. / Folio No. / PAN

• Shareholders holding shares in NSDL/ CDSL demat account shall select check box-Demat Account No. and enter the 16-digit demat account number.

• Shareholders holding shares in physical form shall select check box - Folio No. and enter the Folio Number registered with the company.

• Shareholders shall select check box - PAN and enter 10-digit Permanent Account Number (PAN). Shareholders who have not updated their PAN with the Depository Participant (DP)/ Company shall use the sequence number provided by MUFG Intime, if applicable.

• Mobile No: Mobile No. as updated with DP is displayed automatically. Shareholders who have not updated their Mobile No with the DP shall enter the mobile no.

• Email ID: Email Id as updated with DP is displayed automatically. Shareholders who have not updated their Email Id with the DP shall enter the Email Id.

d) Click "Go to Meeting"

You are now registered for InstaMeet, and your attendance is marked for the meeting.

Instructions for shareholders to Speak during the General Meeting through InstaMeet:

a) Shareholders who would like to speak during the meeting must register their request with the company at companys registered email address.

b) Shareholders will get confirmation on first cum first basis depending upon the provision made by the company.

c) Shareholders will receive "speaking serial number" once they mark attendance for the meeting. Please remember speaking serial number and start your conversation with panellist by switching on video mode and audio of your device.

d) Other shareholder who has not registered as "Speaker Shareholder" may still ask questions to the panellist via active chat-board during the meeting.

*Shareholders are requested to speak only when moderator of the meeting/ management will announce the name and serial number for speaking.

Instructions for shareholders to Inspect Document during the General Meeting through InstaMeet:

During the AGM session, shareholders shall click the "Inspect Documents" button which will be appearing on the VC meeting screen. By clicking the same you shall be able to view/ inspect documents available for inspection during the AGM.

Instructions for Shareholders to Vote during the General

Meeting through InstaMeet:

Once the electronic voting is activated during the meeting,

shareholders who have not exercised their vote through the

remote e-voting can cast the vote as under:

a) On the Shareholders VC page, click on link "Cast your vote!

b) Enter your 16-digit Demat Account No. / Folio No. and OTP (received on the registered mobile number/ registered email Id) received during registration for InstaMeet.

c) Click on Submit!

d) After successful login, you will see "Resolution Description" and against the same the option "Favour/ Against" for voting.

e) Cast your vote by selecting appropriate option i.e. "Favour/ Against" as desired. Enter the number of shares (which represents no. of votes) as on the cut-off date under Favour/Against!

f) After selecting the appropriate option i.e. Favour/Against as desired and you have decided to vote, click on "Save! A confirmation box will be displayed. If you wish to confirm your vote, click on "Confirm" else to change your vote, click on "Back" and accordingly modify your vote. Once you confirm your vote on the resolution, you will not be allowed to modify or change your vote subsequently.

Note:

Shareholders/ Members, who will be present in the General Meeting through InstaMeet facility and have not casted their vote on the Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be eligible to vote through e-Voting facility during the meeting.

Shareholders/ Members who have voted through Remote e-Voting prior to the General Meeting will be eligible to attend/ participate in the General Meeting through InstaMeet. However, they will not be eligible to vote again during the meeting. Shareholders/ Members are encouraged to join the Meeting through Tablets/ Laptops connected through broadband for better experience.

Shareholders/ Members are required to use Internet with a good speed (preferably 2 MBPS download stream) to avoid any disturbance during the meeting.

Please note that Shareholders/ Members connecting from Mobile Devices or Tablets or through Laptops connecting via Mobile Hotspot may experience Audio/Visual loss due to fluctuation in their network. It is therefore recommended to use stable Wi-FI or LAN connection to mitigate any kind of aforesaid glitches.

Helpdesk:

Shareholders facing any technical issue in login may contact INSTAMEET helpdesk by sending a request at instameet@ in.mpms.mufg.com or contact on:-Tel: 022 - 4918 6000 / 4918 6175.