Salzer Electronics Ltd Directors Report

The Directors are pleased to present the 41st Annual Report of the Company together with the Audited Standalone and Consolidated Financial Statements for the Financial Year ended March 31,2026.

The disclosures and information contained in this Report are furnished in compliance with the requirements of Section 134 and other applicable provisions of the Companies Act, 2013 read with the rules made thereunder, as well as the relevant provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time.

1. PERFORMANCE REVIEW:-

Financial Summary of the Company

PARTICULARS	Standalone		Consolidated
	For the Year Ended 31/03/2026	For the Year Ended 31/03/2025	For the Year Ended 31/03/2026	For the Year Ended 31/03/2025
i. Revenue from operations	1,715.19	1,382.92	1,758.38	1,418.33
ii. Other Income	1.75	5.43	1.49	5.34
iii. Total Revenue (i + ii)	1,716.94	1,388.35	1,759.87	1,423.67
iv. Expenses
a. Cost of materials consumed	1,359.36	1,082.67	1,366.26	1,082.96
b. Purchase of Stock in trade	-	-	14.70	12.68
c. Changes in inventories of finished goods, work-in-progress and stock-intrade	-29.22	-34.02	-30.20	-33.69
d. Employee benefit expenses	65.26	53.89	71.75	58.97
e. Finance Cost	47.40	40.80	47.76	41.13
f.Depreciation and amortisation expense	26.01	22.29	27.32	23.42
g. Other expenses	178.36	155.45	188.81	163.52
h. Total Expenses	1,647.17	1,321.08	1,686.40	1,348.99
v. Profit before exceptional and extraordinary items and tax (iii-iv)	69.77	67.27	73.47	74.68
vi. Exceptional Items	0.65	15.18	-	-
vii. Profit before tax (v+vi) & extraordinary items	70.42	82.45	73.47	74.68
viii. Extraordinary items	-	-	-	-
ix. Profit before tax	70.42	82.45	73.47	74.68
x. Tax expense:	16.59	20.20	18.45	22.19
xi. Share of Profit from Associates	NA	NA	-1.24	-0.02
xii. Profit for the period - After Tax (ix-x-xi)	53.83	62.25	53.78	52.47
xiii. Earnings per equity share:
(1) Basic (in Rs.)	30.44	35.30	29.94	29.75
(2) Diluted (in Rs.)	30.44	35.21	29.94	29.75
xiv. Reserves and Surplus	561.39	512.60	574.97	526.27

2. PROGRESSION IN THE YEAR

The Indian economy demonstrated remarkable resilience during FY 2025-26, maintaining its position as one of the fastest-growing major economies in the world. Strong domestic consumption, sustained government capital expenditure, robust services sector growth, and improving manufacturing activity supported economic expansion. Inflation remained largely under control, aided by stable food prices and prudent monetary policy, while infrastructure investments continued to strengthen the countrys long-term growth prospects.

Globally, FY26 was marked by geopolitical tensions, trade uncertainties, supply chain disruptions, and fluctuating energy prices. Despite these challenges, India benefited from its diversified economic structure, expanding digital economy, and growing integration with global value chains. The country also witnessed healthy growth in exports, particularly in services, reflecting its increasing competitiveness in the global market. While external risks such as slowing global demand, trade barriers, and geopolitical conflicts persisted, Indias strong macroeconomic fundamentals, policy reforms, and investment- driven growth provided a solid foundation for sustainable economic development and long-term value creation.

The electrical equipment and industrial engineering sector continued to benefit from sustained investments in power infrastructure, industrial automation and renewable energy, electrification and manufacturing expansion under the Governments infrastructure development initiatives. These structural growth drivers continue to create long-term opportunities for companies with strong engineering capabilities, diversified product portfolios and manufacturing excellence.

During FY 2025-26, the Company delivered a strong standalone revenue performance, with revenue from operations increasing by 24% to Rs.1,715.19 crore from Rs.1,382.92 crore in the previous year. The company had a broad- based growth across Industrial Switchgear, Wires & Cables and Building Products, supported by a strong customer engagement, continued market expansion and improved manufacturing efficiencies.

Operating profit increased by 13% to Rs.141.43 crore as against Rs. 124.93 crore in FY 202425, reflecting the Companys ability to sustain operational growth despite a challenging cost environment. Profit Before Tax (before exceptional income) stood at Rs.69.77 crore compared to Rs.67.27 crore in the previous year, registering a growth of 4%.

During the year, the Company faced significant cost pressures arising from the sharp increase in the prices of key raw materials, particularly silver, copper, and plastics, which impacted operating margins. Consequently, the operating Profit margin in the year moderated to 8.25% from 9.03% in the previous year Despite these headwinds, the Company continued to maintain pricing discipline, improve operational efficiencies and optimize product mix, somewhat limiting the overall impact on profitability.

Profit after Tax stood at Rs.53.83 crore as against Rs.62.25 crore in FY 2024-25. The decline was primarily attributable to the significant exceptional gain recognized in the previous year arising from the sale of shares held in Kaycee Industries Limited. Excluding the impact of such exceptional income, the Companys core business operations continued to demonstrate resilience and profitability.

3. EXPORTS BUSINESS

The export market during FY 2025-26 was significantly impacted by global trade disruptions arising from tariff impositions by major economies, persistent geopolitical tensions, supply chain disruptions and subdued demand across certain international markets. These developments affected export-oriented industries worldwide, including Indian engineering and electrical product

manufacturers. Consequently, the Companys export business witnessed a de-growth of around 10% during the year. As a result, the contribution of exports to the Companys total revenue declined to 21%, compared to over 25%, a level consistently maintained over the past several years. Despite these un-favourable trends, Asia and North America continued to be the Companys largest export destinations, reflecting its strong market presence and long-standing customer relationships in these regions. The Companys export portfolio remained well diversified, with Toroidal Transformers, Wire Harnesses and Sensors continuing to be the key contributors to export revenue. The Company remains focused on expanding its global footprint by strengthening customer engagement, diversifying markets and introducing value-added products to drive sustainable export growth in the coming years.

The Company also continued to strengthen its export ecosystem by working closely with global OEM customers, expanding product certifications and enhancing engineering support for international markets. These initiatives are expected to improve competitiveness and support export recovery once global demand normalises.

4. INDIVIDUAL DIVISIONS PERFORMANCE AND CONTRIBUTIONS

i. Industrial Switch Gear Division:

The Industrial Switchgear segment continued to be the Companys largest business vertical and a significant contributor to its overall revenue during FY 2025-26. Demand remained healthy across industrial automation, infrastructure, power distribution and renewable energy sectors, supported by ongoing investments in manufacturing and electrification. The Companys comprehensive portfolio of rotary switches, load break switches, changeover switches and other switching solutions continued to serve a wide spectrum of industrial applications in domestic and international markets. The Companys emphasis on product quality, application-specific solutions, continuous product development and strong customer relationships supported the segments performance during the year. Looking ahead, increasing investments in industrial automation, power infrastructure and energy- efficient technologies are expected to provide sustained growth opportunities for the segment. During the year, the Company continued to invest in new product development, application engineering and manufacturing automation to strengthen its competitive position. The continued expansion of the product portfolio and focus on higher value- added products are expected to further enhance the segments long-term profitability.

The business recorded a robust growth of 21% over the previous year and accounted for 56% of the Companys total revenue, reflecting sustained demand across key end-user industries and the strength of the Companys product portfolio.

The Industrial Switchgear segment recorded a strong performance during FY 2025-26, with revenue increasing by 21% to Rs.961.47 crore from Rs.795.16 crore in the previous year EBITDA grew by 16%, reflecting healthy operational performance. The EBITDA margin stood at 11.37%, compared to 11.82% in FY 2024-25, with higher input costs exerting marginal pressure on margins despite the strong growth in revenue.

Over the past five years, the Industrial Switchgear business has emerged as the Companys strongest growth engine, delivering a robust 5-year CAGR of 30%. This sustained performance underscores Salzers ability to capitalize on growing opportunities in industrial automation, power infrastructure and renewable energy, while continuously expanding its product portfolio, strengthening customer relationships and enhancing its presence across domestic and international markets.

The Industrial Switchgear segment recorded broad-based growth across its key product categories during FY 2025-26. Three-Phase Electrical Transformers emerged as the fastest- growing product line, registering a growth of 46%, reflecting strong demand from power distribution and industrial applications. Custom Control Panels and Sensors also delivered robust growth of 38% and 30%, respectively, driven by increasing adoption of automation and intelligent electrical systems. The broad-based growth across almost all major product categories reflects the strength of the Companys diversified product portfolio and reduced dependence on any single product line. This balanced growth also demonstrates Salzers ability to participate across multiple end-user industries including power, automation, OEMs, infrastructure and renewable energy.

ii. Wires and Cables

The Wires and Cables segment continued to be the second-largest contributor to the Companys revenue during FY 2025-26, supported by steady demand from infrastructure, industrial and residential applications. The Companys diverse portfolio of flexible cables, control cables, data cables and specialty wires caters primarily to the domestic market, serving a wide spectrum of OEMs, industrial customers and project requirements. Demand remained supported by ongoing investments in infrastructure development, industrial expansion and increasing electrification across the country.

The Wires and Cables industry continues to be highly competitive, with the presence of both organized and unorganized manufacturers resulting in pricing pressures and the need for continuous product differentiation. Despite these challenges, the Company sustained its performance through its unwavering focus on product quality, manufacturing excellence, timely deliveries and long-standing relationships with OEM customers.

The Wires and Cables segment recorded revenue of Rs.666 crore during FY 2025-26, as against Rs.514 crore in the previous year, registering a healthy year-on-year growth of 30%. The segment accounted for 39% of the Companys total revenue during the year Growth was supported by sustained demand from infrastructure, industrial and residential applications.

Over the past five years, the Wires and Cables division has demonstrated consistent growth, with revenue increasing from Rs.320.62 crore in FY21 to Rs.665.49 crore in FY26, representing a healthy 5-year CAGR of 16%. The Company continues to focus on increasing the share of value-added specialty cables and OEM-focused products, which are expected to improve margins while strengthening long-term customer relationships.

iii. Building Products

The Building Products segment is the Companys Business-to-Consumer (B2C) business vertical, offering a comprehensive range of products including Modular Switches, Wires & Cables, Miniature Circuit Breakers (MCBs), Distribution Boards and Changeovers. The segment operates in a highly fragmented and intensely competitive market, characterized by the significant presence of unorganized players, resulting in persistent pricing pressures and relatively modest growth.

Salzers Building Products segment posted revenue of Rs.87 crore in FY26, reflecting a 9% year-on-year growth. Although the segment currently represents around 5% of standalone revenue, it continues to provide the Company with an important presence in the retail electrical products market and offers significant longterm growth potential through expansion of the distribution network and product portfolio.

5. CONSOLIDATED FINANCIAL PERFORMANCE

The Company delivered a healthy consolidated performance during FY 2025-26, with revenue increasing by 24% to Rs. 1,758.38 crore, compared to Rs.1,418.33 crore in the previous year with a strong growth of 24%. Operating Profit grew by 10% to Rs.147.06 crore, reflecting improved business volumes despite continued cost pressures. Consolidated Profit after Tax increased to Rs.53.78 crore, representing a 2% growth over

the previous year. The consolidated performance reflects the resilience of the Groups diversified business model and continued contribution from its subsidiaries despite a challenging operating environment.

6. KEY SIGNIFICANT DEVELOPMENTS

a. Renewed focus on the Energy Management Business

As reported in our previous Annual Report, the Company, after a gap of five years, has re-entered the Energy Management business by securing a significant Energy Efficiency Project from the Greater Bengaluru Authority (GBA), formerly known as the Bruhat Bengaluru Mahanagara Palike (BBMP), Bengaluru.

The project, valued at approximately Rs. 192 crore, involves the implementation of a Centralized Control and Monitoring System (CCMS) and the replacement of conventional streetlights with energy-efficient LED streetlights across the East Zone and a part of the Bommanahalli Zone of Bengaluru.

The contract is being executed through Effilume Private Limited, a Special Purpose Vehicle (SPV), in which Salzer Electronics Limited holds a 49% equity stake, while the remaining 51% is held by Schnell Energy Equipments Private Limited, a company with proven expertise in executing and managing large-scale street lighting and energy efficiency projects.

The project is progressing as per the implementation schedule and is expected to be completed during the second quarter of FY27. Upon commencement of operations, the project is expected to start contributing to the Companys revenue from the same quarter, thereby strengthening our presence in the Energy Management business. The successful execution of this project will establish an important reference for securing similar smart lighting and energy efficiency projects across India, thereby creating a scalable platform for future growth.

b. Poised for Scalable Growth in Smart Metering

The Smart Meter Programme under the Government of Indias Revamped Distribution Sector Scheme (RDSS), with an overall outlay of approximately Rs.3.04 lakh crore and Gross Budgetary Support of Rs.97,631 crore, continues to represent one of the most significant long-term growth opportunities in the Indian power sector However, the pace of implementation across the industry has been slower than originally envisaged due to a combination of factors, including consumer resistance arising from perceived billing concerns, communication network constraints, integration

with legacy distribution infrastructure, extended tendering and testing cycles, and labour-related challenges. Consequently, the Government has extended the target date for installation of approximately 25 crore smart meters from March 31,2026 to March 31,2028.

The slower rollout has resulted in a deferment of purchase orders from Advanced Metering Infrastructure Service Providers (AMISPs), impacting the order inflow across the industry, including your Company, and consequently affecting the anticipated scale of operations and revenue from the Smart Meter business during the year Notwithstanding these short-term challenges, Salzer continues to remain confident of the long-term potential of this business. During the year, the Company continued to strengthen its manufacturing capabilities, product certifications and customer engagement initiatives to ensure readiness for large-scale deployment. The Company believes that its investments in technology, manufacturing infrastructure and strategic partnerships position it favourably to capitalize on the next phase of smart meter implementation.

c. Overseas Venture

Salzer Electronics Arabia Limited ("SEAL), the Companys wholly owned subsidiary incorporated in the Kingdom of Saudi Arabia, has been established to cater to the growing demand for the Companys products across Saudi Arabia and the wider Gulf Cooperation Council (GCC) region. The establishment of the manufacturing facility is progressing as planned, with a proposed capital expenditure of approximately Rs. 10 crore. The facility is expected to commence commercial operations towards the end of the second quarter or the beginning of the third quarter of the Current Financial year

The Saudi Arabian venture marks a significant milestone in the Companys international expansion strategy and is expected to strengthen Salzers presence in the Middle East. Leveraging the regions growing investments in infrastructure, industrial development and energy transition, the subsidiary is expected to make a meaningful contribution to the Companys revenue and profitability over the next three to five years while enhancing its global footprint.

d. Innovation & Technology

Engineering innovation has always been one of the defining strengths of Salzer Electronics Limited. As technology continues to reshape industries and customer expectations evolve, the Company remains committed to developing innovative products and engineering solutions that deliver higher performance, enhanced reliability and greater value.

During FY 2025-26, the Company continued to invest in product engineering, manufacturing technologies, process automation and quality enhancement across its business verticals. These investments are focused not only on developing new products but also on continuously improving existing product platforms, manufacturing efficiency and customer-specific engineering solutions.

Salzers engineering teams work closely with customers to understand emerging application requirements and develop products that meet evolving industry standards in industrial automation, power distribution, renewable

energy, building electricals, energy management and smart metering. The Companys integrated design, testing and manufacturing capabilities enable faster product development, improved quality and shorter time-to-market.

In parallel, the Company continues to strengthen its manufacturing infrastructure through

automation, digital process controls and

continuous improvement initiatives that enhance productivity, consistency and operational excellence. These initiatives support Salzers commitment to delivering world-class products while maintaining high standards of quality, safety and reliability.

The Board believes that innovation is not a onetime activity but a continuous journey. By investing in engineering talent, technology and advanced manufacturing capabilities, the Company is building a strong foundation for sustainable growth and reinforcing its position as a trusted engineering solutions partner for customers across India and global markets.

7. DIVIDEND

At its meeting held on May 23, 2026, the Board of Directors considered and recommended a final dividend of 25% (Rs. 2.50 per Equity Share of face value of Rs.10 each) for the Financial Year ended March 31,2026. The total cash outflow on account of the proposed dividend is approximately Rs.4.42 crore.

The proposed dividend is subject to the approval of the shareholders at the ensuing Annual General Meeting. Upon such approval, the dividend will be paid within the prescribed statutory time limit to those members whose names appear in the Register of Members or in the records of the Depositories, as the case may be, as on the Record Date fixed for the purpose.

8. CAPITAL STRUCTURE

As on 31st March 2026, the Authorized, Issued, Subscribed and Paid-up Share Capital is as follows

Authorised Rs. 19,00,00,000/- comprising

Share of 1,90,00,000 Equity shares of

Capital Rs.10/- each and

Rs. 1,00,00,000/- - Comprising 10,00,000 Non Cumulative Convertible Preference Shares of Rs.10/- each

Subscribed Rs. 17,68,27,370/- comprising

and Paid- of 1,76,82,737 Equity shares of

up Share Rs.10/- each

Capital

During the year under review,

The Company has not issued Equity Shares with differential rights as to dividend, voting or otherwise.

The Company has not issued Equity Shares (including Sweat Equity Shares) to employees of the Company, under any scheme.

The Company has not resorted to any buyback of the Equity Shares.

The Company has not undertaken any share issues either on a private placement basis or preferential allotment basis or Right issues basis.

9. AMENDMENT TO THE MEMORANDUM AND ARTICLES OF ASSOCIATION

During the year under review, your Company has not amended any Provisions in the Memorandum and Articles of Association.

10. CORPORATE GOVERNANCE

Your Company remains committed to maintaining the highest standards of Corporate Governance and continue to adhere to sound governance practices in the cond uct of its business. The Company has complied with the Corporate Governance requirements specified under Regulations 17 to 27 and Regulation 46, read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as applicable.

Pursuant to the said Regulations, the Report on Corporate Governance forms an integral part of this Annual Report and is annexed hereto as Annexure - 1.

The certificate issued by the Statutory Auditor confirming compliance with the conditions of Corporate Governance, as required under S chedule V of the S EBI (Listing Oblig ations and Disclosure Requirements) Regulations, 2015, forms part of this Directors Report.

The Board believes that strong corporate governance continues to be a key enabler of sustainable value creation and remains committed to maintaining high standards of transparency, accountability and ethical business conduct.

11. RESERVES

The Company had transferred an amount of Rs.50 Lakh from the profits for the financial year 202526 to the General Reserve.

12. LIQUIDITY

The Company has adequate cash and cash equivalents in its Books as at March 31,2026 to effectively take care of all current liabilities.

13. CHANGE IN THE NATURE OF BUSINESS, IF ANY

During the year, the nature of the business of your Company - Manufacturing of Electrical Installation Products- has not changed.

14. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

There were no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which financial statements relate and the date of this report.

15. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE

During the year under review and up to the date of this Report, no significant orders have been passed by any Court in India, Tribunal, or Regulatory Authority which would impact the Companys going concern status or have a material bearing on its future operations.

16. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS.

The Company has established a robust and effective Internal Financial Controls (IFC) framework designed to ensure the orderly and efficient conduct of its business, safeguarding of assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, timely preparation of reliable financial information, and compliance with applicable laws and regulations. The internal control framework is periodically reviewed, documented through well- defined policies and procedures, and continuously strengthened through automation and digital initiatives to enhance operational efficiency and system reliability.

In view of the evolving business and regulatory environment, the Company proactively identifies and evaluates financial reporting risks associated

with key business processes and significant financial statement line items. Appropriate internal controls are designed and implemented to mitigate such risks and are reviewed periodically to address changes in business operations, information technology systems and regulatory requirements. The Corporate Accounts function plays an active role in the design, implementation and validation of process improvements, including changes impacting financial reporting systems.

The Companys internal control mechanism also encompasses periodic physical verification of inventories, property, plant and equipment, and cash balances, in accordance with established policies. No material discrepancies were observed during the year under review. Significant accounting estimates and judgements applied in the preparation of the financial statements are based on well-established accounting policies and, wherever considered necessary, are supported by expert opinions. Such estimates and judgements are subject to appropriate review by the Audit Committee.

The Company has an independent and risk-based Internal Audit function that periodically evaluates the adequacy and operating effectiveness of internal controls across business functions. The findings and recommendations of the Internal Auditors are reviewed by the Audit Committee, which monitors the implementation of corrective actions. In addition, the Company has established a comprehensive Code of Conduct and a Whistle Blower Policy to foster ethical business practices, transparency, accountability and a strong governance culture across the organization.

Based on the evaluation carried out during the year, the Board is of the opinion that the Companys Internal Financial Controls with reference to the financial statements are adequate and operating effectively.

17. DETAILS OF SUBSIDIARY/JOINT VENTURES/ ASSOCIATE COMPANIES

With reference to the shareholdings held by the Company as at March 31, 2026, your Company has following subsidiary Companies

a. Subsidiaries

i. Kaycee Industries Limited

ii. Salzer Kostad EV Chargers Private Limited

b. Wholly Owned Subsidiaries

iii. Salzer EV Infra Private Limited

iv. Salzer Electronics Arabia Limited

c. Step-down subsidiary

v. Salzer Emarch Electromobility Private Limited (Step down subsidiary of Salzer EV Infra Private Limited)

d. Associate Entity

vi. Effilume Private Limited

vii. Aurawin Solutions Private Limited

e. Step -down Associate Entity

viii. Ultra -Fast Chargers Private Limited

Performance Analysis of aforesaid Entities

i. Kaycee Industries Limited (Subsidiary)

Presently, Salzer holds a 71.70% equity stake in Kaycee Industries Limited ("Kaycee"). During the financial year 2025-26, Kaycee reported a revenue of Rs.60.05 crore, registering a growth of 13% over the previous financial year 2024-25. However, its profit was down by 15% owing to the unprecedented increase in input costs.

In spite of the temporary challenges arising out of the spiralling raw material costs, Kaycee is on a strong trajectory owing to its established position in the market and has been able to deliver consistent performance during the year The Company remains well-positioned to sustain its growth momentum in the years ahead.

Over the last five financial years, the Company has demonstrated a strong growth trajectory, with revenue increasing from Rs.22.70 crore in FY21 to Rs.60.05 crore in FY26, representing a healthy 5-year CAGR of approximately 21.5%. Profit After Tax (PAT) has grown even more robustly, rising from Rs.0.85 crore to Rs.4.98 crore during the same period, translating into an impressive 5-year CAGR of approximately 42.4%. This sustained performance reflects the Companys continued focus on operational excellence, product diversification, market expansion and value creation for its stakeholders.

Kaycee continues to strengthen the Groups position in precision electrical products and complements Salzers existing industrial switchgear portfolio.

ii. Salzer Kostad EV Charges Private Limited (Subsidiary)

Salzer Kostad EV Chargers Private Limited was incorporated with the primary objective of establishing fast charging stations for electric vehicles, in collaboration with Kostad, an Austrian technology partner However, the venture was subsequently assessed to be operationally unviable and failed to generate any economic value.

Accordingly, the Board of Directors, at their meeting held on May 24, 2025, approved the write-off of the entire equity investment of Rs.83 Lakh, representing a 67% shareholding in the said subsidiary The investment has been fully impaired during the financial year 2024-25, in accordance with the requirements of Indian Accounting Standard (Ind AS) 36 - Impairment of Assets.

Eventually, Salzer Kostad has filed an application with the Registrar of Companies for striking off its name from the Register of Companies pursuant to Section 248 of the Companies Act, 2013, as the Company has decided to discontinue its operations through the said entity.

iii. Salzer EV Infra Private Limited (Wholly Owned Subsidiary)

Salzer EV Infra Private Limited, a wholly owned subsidiary of the Company, has been established as an investment vehicle to channel strategic investments into companies engaged in the electric vehicle (EV) sector and energy-related ventures. During the year, the Company has not generated any revenue from operations, and has been taking efforts to do Energy business in the near future

iv. Salzer Electronics Arabia Limited (Wholly Owned Overseas Subsidiary)

Salzer Electronics Arabia Limited ("SEAL), the Companys wholly owned subsidiary incorporated in the Kingdom of Saudi Arabia, has been established to cater to the growing demand for the Companys products across Saudi Arabia and the wider Gulf Cooperation Council (GCC) region. The establishment of the manufacturing facility is progressing as planned, with a proposed capital expenditure of approximately Rs.10 crore.

v. Salzer EMarch Electromobility Pvt. Ltd (Step down subsidiary)

Your Company, through its wholly owned subsidiary Salzer EV Infra Private Limited, had formed a joint venture entity, Salzer EMarch Electomobility Private Limited, in association with EMarch LLP, with the objective of developing and manufacturing electric vehicle conversion kits for auto-rickshaws. However, the proposed project was subsequently evaluated and found to be operationally unsustainable, with no economic returns realised from the investment. Accordingly, the Board of Directors, at their meeting held on May 24, 2025, approved the write-off of the entire investment of Rs.34.75 Lakh, representing a 98.50% equity holding in the step-down subsidiary, Salzer EMarch Electromobility Private Limited.

The said investment has been fully impaired in the financial year 2024-25, in accordance with the principles of Indian Accounting Standard (Ind AS) 36 - Impairment of Assets, and has been appropriately accounted for in the consolidated financial statements of the Company .

vi. Effilume Private Limited (Associate Entity)

As reported earlier in this Report, Effilume Private Limited is a Special Purpose Vehicle (SPV)

jointly promoted by Salzer Electronics Limited and Schnell Energy Equipments Private Limited, wherein the former holds a 49% equity stake and the latter holds the remaining 51% equity stake.

Effilume Private Limited is implementing the Energy Efficiency Project valued at approximately Rs.192 crore, awarded by the Greater Bengaluru Authority (GBA) during the financial year 202425.

vii. Aurawin Solutions Pvt Ltd (Associate Entity]

An investment of Rs.0.30 Lakh was made in the company primarily to facilitate participation in smart meter tenders in some states and to explore opportunities in the smart metering segment.

viii. Ultra-Fast Chargers Pvt Ltd (step-down associate entity through Kaycee Industries Limited]

Ultra-Fast Chargers Private Limited is a step- down associate entity of Salzer Electronics Limited through its subsidiary, Kaycee Industries Limited. Kaycee Industries Limited holds a 30% equity stake in Ultra-Fast Chargers Private Limited, which was acquired in October 2024.

The Company is engaged in the business of developing and marketing charging infrastructure and solutions for electric vehicles, catering to the growing demand for EV charging networks across the country

During the financial year 2025-26, Ultra-Fast Chargers Private Limited reported revenue of Rs. 5.53 Crore. The investment aligns with the Groups strategic focus on emerging opportunities in the electric mobility and sustainable energy sectors.

18. DEPOSITS

During the Financial year under review, your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act 2013 read with Companies (Acceptance of Deposits) Rules, 2014. As such there was no deposit outstanding as at March 31,2026.

19. AUDITORS

a. Statutory Auditor

The Shareholders, at the 39th Annual General Meeting held on September 1 4, 2024, approved the appointment of M/s. Swamy & Ravi, Chartered Accountants (Firm Registration No. 004317S), Coimbatore, as the Statutory Auditors of the Company for a term of five consecutive years, commencing from the conclusion of the 39th Annual General Meeting until the conclusion of the 44th Annual General Meeting, covering the financial year 2028-29.

M/s. Swamy & Ravi, Chartered Accountants, have furnished a certificate to the Board confirming that they are not disqualified from continuing as the Statutory Auditors of the Company under the provisions of Section 141 of the Companies Act, 2013.

b. Secretarial Auditors

Pursuant to Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Sections 179 and 204 of the Companies Act, 2013, read with the Companies (Meetings of Board and its Powers) Rules, 2014, M/s G V and Associates, Company Secretaries, Coimbatore, were appointed as the Secretarial Auditors of the Company for a first term of five consecutive financial years commencing from FY 2025-26, by the shareholders at the 40^th Annual General Meeting of the Company held on September 12, 2025.

c. Cost Auditor

Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules, 2014, the Directors, on the recommendation of the Audit Committee and subject to the approval of the Members, have appointed CMA Mr A. R. Ramasubramania Raja, Practicing Cost and Management Accountant, as the Cost Auditor of the Company for the Financial Year 2026-27 to conduct the audit on the Maintenance of Cost Records of the Company and submit the report to the Central Government with the due approval of the Board of Directors within the stipulated time.

20. INVESTMENTS MADE BY THE COMPANY

The Company has established adequate systems to periodically review the fair value of its investments and assess any material impact resulting from fluctuations in their valuation. These assessments are carried out in accordance with the applicable accounting standards and are appropriately reflected in the financial statements.

21. AUDITORS REPORT

The Independent Audit Report along with the Annexure as prescribed under Companies (Auditors Report) Order 2020 as issued by the Auditors are appended to this Annual Report. The Auditors have not made any qualification / adverse remarks.

22. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB-SECTION (12] OF SECTION 143 OF THE COMPANIES ACT 2013

There were no instances of fraud reported by the Auditors to the Central Government or to the Audit Committee of the Company as indicated under the provisions of Section 143 (12) of the Companies Act, 2013.

23. MAINTENANCE OF COST RECORDS UNDER SUB-SECTION (11 OF SECTION 148 OF THE COMPANIES ACT, 2013

Pursuant to the provisions of Section 148 (1) of the Companies Act, 2013 read with Companies (Cost Records and Audit) Rules, 2014, the Company was required to maintain cost records. Accordingly, the Company has duly made and maintained the Cost Records as mandated by the Central Government.

24. EXTRACT OF THE ANNUAL RETURN

The extract of the Annual Return in form No. MGT - 7 forms part of the Boards report given in the companys website www.salzergroup.net in compliance with Rule 12(1) of the Companies (Management and Administration) Rules, 2014.

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

The details of conservation of energy, technology absorption, foreign exchange earnings and outgo given as Annexure- 2 herewith separately.

26. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company continues to align its CSR initiatives with national priorities, focusing on education, healthcare, environmental sustainability and community development. The Company has constituted a CSR Committee of the Board of Directors and has adopted a CSR Policy. The same is posted in the Companys website www. salzergroup.net A report in the prescribed format detailing the CSR expenditure for the year 202526 is attached herewith as Annexure-3 and forms a part of this report.

27. DIRECTORS:

a. Changes in Directors and Key Managerial Personnel

During the year under review, there was no change in the composition of the Board of Directors. As on March 31, 2026, the Board comprised eight Directors, consisting of two Executive Directors, three Independent Directors and three Non-Executive, Non-Independent Directors. The composition of the Board is in compliance with the requirements of Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the applicable provisions of the Companies Act, 2013.

b. Re-appointment of the Managing Director

Mr. R. Doraiswamy was re-appointed for a further term of three years with effect from May 01, 2026, pursuant to the approval accorded by the shareholders by way of a Special Resolution

passed through Postal Ballot on April 18, 2026 as recommended by the Board at its meeting held on February 11,2026

c. Retirement by Rotations

Mr. N. Rangachary and Mr V Sankaran, who retire by rotation at the ensuing 41st Annual General Meeting, being eligible, have offered themselves for re-appointment in pursuance of Section 152 of the Companies Act, 2013 read with Article 178 of the Articles of Association of the Company. As both the Directors have attained the age of 75 years, their re-appointment is also being placed before the Members for approval by way of Special Resolutions in terms of Regulation 17(1A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

d. Declaration by the Independent Directors

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015. The Board has optimum composition of the Independent and Non Independent Directors.

e. Formal Annual Evaluation

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, mandates that the Board shall monitor and review the Board evaluation framework. The framework includes the evaluation of directors on various parameters such as:-

Board dynamics and relationships Information flows Decision-making.

Relationship with stakeholders Company performance and strategy Tracking Board and committees effectiveness

f. Peer evaluation

The Companies Act, 2013 states that a formal annual evaluation needs to be made by the Board of its own performance and that of its committees and individual directors. Schedule IV of the Companies Act, 2013 states that the performance evaluation of independent directors shall be done by the entire Board of Directors, excluding the director being evaluated. The evaluation of all the directors and the Board as a whole was conducted based on the criteria and framework adopted by the Board. The evaluation process has been explained in the corporate governance report.

g. Committees of the Board.

Currently, the Board has five committees: the Audit Committee, the Nomination and

Remuneration Committee, the Corporate Social Responsibility Committee, Stakeholders Relationship Committee, and the Risk Management Committee. A detailed note on the composition of the Board and its committees is provided in the corporate governance report section of this Annual Report. It may be noted that, pursuant to Regulation 21(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the constitution of a Risk Management Committee is not mandatory for the Company, as it does not fall within the top 1,000 listed entities based on market capitalization. Nevertheless, as a m easure of g ood corpora te g overna nce a nd to strengthen the Companys risk management framework, the Board has voluntarily constituted a Risk Management Committee to identify, assess, monitor and mitigate risks associated with the Companys business and operations.

28. LISTING REGULATIONS

Your Company has duly complied with various Regulations as prescribed under SEBI (Listing Obligations and Disclosure) Regulations, 2015.

29. MEETINGS

The details in respect of the Meeting of the Board of Directors, Audit Committee and all other sub Committee are given in the Corporate Governance Report.

30. WHISTLE BLOWING POLICY MECHANISM

The Company has in place a robust Whistle Blower Policy, which provides a structured mechanism for Directors and Employees to report genuine concerns regarding unethical behaviour, actual or suspected fraud, or violation of the Companys Code of Conduct and Ethics Policy.

This mechanism:

Allows Directors and Employees to access the Audit Committee, in good faith, to report any unethical, improper, or wrongful conduct observed within the organization.

Prohibits managerial personnel from taking any adverse personal action against employees who report concerns.

Provides necessary safeguards to protect whistle-blowers from reprisals, victimization, or unfair treatment.

The policy is applicable to all Directors and employees of the Company and reinforces the Companys commitment to transparency, integrity, and accountability.

To report any such concerns or incidents, employees and directors may directly contact or write to the Chairman of the Audit Committee at

the designated email address or correspondence address provided by the Company.

Office of the Audit Committee (Compliance Officer)

E-Mail : murugesan@salzergroup.com Contact No. 0422 4233614 Office of the Managing Director E-Mail : rd@salzergroup.com Contact No.0422-4233612

Office of Joint Managing Director and Chief Financial Officer

E-Mail : rajesh@salzergroup.com Contact No.0422-4233610

During the year under review, no complaint was received by the above officers under whistle blowing policy mechanism with respect to the performance of the company and other related matters.

31. PREVENTION OF SEXUAL HARASSMENT AT THE WORK PLACE

The Company has constituted an Internal Committee (IC) at all its units in accordance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Committee is responsible for addressing and resolving complaints related to sexual harassment reported by women employees.

This policy applies to all categories of employees, including permanent, contractual, temporary, and trainees, ensuring a safe and respectful work environment for all.

32. DURING THE YEAR UNDER REVIEW, NO COMPLAINTS WERE RECEIVED BY THE INTERNAL COMMITTEE.

The Company remains committed to upholding the dignity of every individual and maintaining a workplace free from discrimination and harassment.

33. COMPLIANCE WITH THE PROVISIONS OF THE MATERNITY BENEFIT ACT, 1961

The Company has complied with the provisions relating to the Maternity Benefits Act, 1961 for the Financial Year ended March 31,2026.

34. NOMINATION AND REMUNERATION COMMITTEE

The purpose of the committee is to screen and to review individuals qualified to serve as executive directors, non-executive directors and

independent directors, consistent with policies approved by the Board, and to recommend, for approval by the Board, nominees for election at the AGM.

The committee also makes recommendations to the Board on candidates for

i. nomination for election or re-election by the shareholders and

ii. any Board vacancies that are to be filled.

It also reviews and discusses all matters pertaining to candidates and evaluates the candidates. The nomination and remuneration committee coordinates and oversees the annual self-evaluation of the Board and of individual directors.

The nomination and remuneration committees charter and policy are available on our website.

35. POLICY ON THE DIRECTORS APPOINTMENT AND REMUNERATION

As of March 31, 2026 the Board of Directors of the Company comprises eight members, including two Executive Directors, three NonExecutive, Non-Independent Directors, and three Independent Directors, one of whom is a Woman Independent Director

The composition of the Board is in compliance with the requirements of Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and reflects a balanced blend of executive and non-executive leadership.

The Company follows its Nomination and Remuneration Policy, formulated in accordance with Section 178(3) of the Companies Act, 2013, which outlines the criteria for appointment, qualifications, and remuneration of Directors and Key Managerial Personnel. The policy is available on the Companys website for reference by stakeholders.

We affirm that the remuneration paid to the Directors during the year is in accordance with the terms and conditions laid out in the said policy.

36. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

During the year under review,

The Company has not granted/taken loans, unsecured, from or to Companies, firms or other parties, listed in the Register maintained under section 189 of the Companies Act, 2013 (‘the Act).

The investments in other bodies corporate are well within the limit as prescribed under Section 186 of the Companies 2013.

37. RELATED PARTY TRANSACTIONS

All the transactions of the Company with related parties are at arms length and have taken place in the ordinary course of business. None of the transactions with related parties is a material transaction. Since there are no transactions that are not in arms length and material in nature, disclosure under AOC 2 does not arise. The Board approved Related Party Transaction Policy is available at the Companys website www. salzergroup.net

38. INSIDER TRADING

In compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended, the Company has adopted a comprehensive Code of Conduct to Regulate, Monitor and Report Trading by Insiders. This Code is strictly adhered to by all Designated Persons (DPs) while dealing in the Companys securities beyond the defined threshold limits.

The Company also maintains a Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI), ensuring transparent and timely disclosure. The company also conducts periodic compliance awareness programmes are conducted for Designated Persons.

A structured system is in place for tracking trading activities of DPs and their immediate relatives. The trading window remains closed from the end of each financial quarter until 48 hours after the public disclosure of financial results or other UPSI. DPs are regularly advised not to trade during this period. Additionally, the trading window is closed in connection with Board meetings considering UPSI, and demat accounts of relevant DPs are frozen in line with SEBI circulars.

Further, a Structured Digital Database (SDD) has been installed for effective implementation of the practices.

39. MANAGERIAL REMUNERATION

The Company has employed individuals whose remuneration falls within the purview of the limits prescribed under the provisions of Section 197(12) of the Companies Act, 2013, read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Details pursuant to section 197(12) of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 form part of this Report and are annexed herewith as Annexure - 4.

40. SECRETARIAL AUDIT REPORT

In accordance with Section 204 of the Companies Act, 2013, the Board of Directors, at their meeting held on May 24, 2025, appointed Mr G. Vasudevan, B.Com, LLB, FCS, of M/s. G V Associates, Company Secretaries (Certificate of Practice No. 6522), as the Secretarial Auditor to carry out the audit of secretarial records for the Financial Year 2025-26, pursuant to the provisions of Section 204 of the Companies Act, 2013, read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

The Secretarial Audit Report for the Financial Year ended March 31,2026, is provided in Annexure - 5 to this report.

The report confirms the Companys compliance with the applicable provisions of the Act, Rules, Regulations, Guidelines, and Standards, with the exception of two observations as given below

S.No Observation of the Secretarial Auditor	Board Comments
1 As per Regulation 30 of SEBI (LODR) Regulations, 2015, outcome of the Board Meeting is required to be submitted within 30 minutes from the closure of the Board Meeting. The Board Meeting held on 08.08.2025 concluded at 1:45 PM. However, the outcome of the Board Meeting was submitted to NSE at 2:20 PM, resulting in a delay of 5 minutes. Subsequently, NSE sent an email dated 05.09.2025 regarding the delay in submission.	The delay was caused due to intermittent technical glitches faced while uploading the outcome on the NSE portal and that the delay was inadvertent and beyond the control of the Company. No Monetary penalty was levied
2 During the financial year 2025-26, the Company identified certain instances of contra trade transactions by Designated Persons, delayed disclosures under Regulation 7(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015 and trading during the Trading Window Closure Period under the Companys Code of Conduct. Pursuant thereto, the matter was placed before the Audit Committee as well as before the Board on March 10,2026. Upon the Boards directions, concerned designated persons disgorged contra trade profits aggregating to Rs.4.79 Lakh to the SEBI Investor Protection and Education Fund (IPEF) Account, and also paid monetary penalties aggregating to Rs.3.25 Lakh by such designated persons to aforesaid SEBI Account. The Company reported above violations to both SEBI on March 14.2026 and to the Stock Exchanges on March 30.2026	The Company Secretary and Compliance Officer have been advised to provide periodic awareness to the Designated Persons regarding trading in the securities of the Company, the applicable compliance requirements, and the penal consequences of violations, and to strengthen the monitoring mechanism to avoid recurrence of such instances in the future."
3 Certain disclosures required under the Companies Act, 2013 and SEBI Regulations were not available on the website of the Company. The Company has been advised to update the same on its website	The Company has been regularly updating its website with all disclosures required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Owing to technical glitches on the Investors page of the website, certain disclosures were temporarily unavailable during the audit. Upon identification of the issue, the same was promptly rectified, and all requisite disclosures are now duly updated and available on the Companys website.

41. COMPLIANCE ON SECRETARIAL STANDARDS

The Company complies with all applicable mandatory secretarial standards issued by the Institute of Company Secretaries of India.

42. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND

In accordance with the applicable provisions of the Companies Act, 2013, and the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("IEPF Rules"), all unpaid or unclaimed dividends are required to be transferred by the Company to the Investor Education and Protection Fund (IEPF), established by the Government of India, upon the expiry of seven years from the date they become due for transfer

Further, pursuant to the IEPF Rules, shares in respect of which dividend has remained unpaid or unclaimed for seven consecutive years or more are also required to be transferred to the demat account of the IEPF Authority.

During the year under review, the Company transferred unclaimed and unpaid dividends amounting to Rs. 4,25,498/- to the IEPF. Further, 12,824 equity shares, in respect of which dividends remained unclaimed for seven consecutive years, were also transferred to the demat account of the IEPF Authority, as mandated under the IEPF Rules. Detailed information in this regard is available on the Companys website at www.salzergroup.net .

43. RISK MANAGEMENT POLICY

The Company recognizes that effective risk management is fundamental to achieving its strategic objectives and creating sustainable long-term value. Risk management at Salzer is an integral part of the Companys business planning and decision-making process, enabling the organization to identify potential risks, assess their impact, implement appropriate mitigation measures and continuously monitor the evolving business environment.

Risk management entails the identification and mitigation of potential threats that may significantly disrupt or adversely affect the organization. This process generally involves analyzing the companys operations, recognizing potential risks, evaluating their likelihood, and implementing appropriate strategies to minimize those deemed most probable.

To address such risks that may arise during the course of business, the Board of Directors has constituted a Risk Management Committee. The primary purpose of this committee is to identify threats that may impede the companys growth and to formulate strategic plans to manage and mitigate such risks effectively.

Accordingly, the operational management

conducts regular assessments of the companys risk profile, focusing on risks that could impact business performance. These reviews are

carried out in alignment with the organizations Risk Management Policy and in compliance with relevant regulatory guidelines.

The principal risks reviewed by the Company include fluctuations in raw material prices, supply chain disruptions, foreign exchange exposures, changes in customer demand, technological developments, cyber security, regulatory and legal compliance, working capital management, export market uncertainties, project execution risks and human resource-related risks. The Company continuously monitors these risks and implements appropriate mitigation strategies to minimize their potential impact on business performance

44. MANAGEMENTS DISCUSSION AND ANALYSIS REPORT

In terms of the provisions of Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Managements Discussion and Analysis is set out in this Annual Report as Annexure- 6.

45. POLICIES OF THE COMPANY

The Company is committed to good corporate governance and has consistently maintained its organizational culture as a remarkable confluence of high standards of professionalism and building shareholder equity with principles of fairness, integrity and ethics.

The Board of Directors of the Company have from time to time framed and approved various Policies as required by the Companies Act, 2013 read with the Rules issued thereunder and the Listing Regulations. These Policies and Codes are reviewed by the Board and are updated, if required.

Some of the key policies adopted by the Company are as follows:

a. Policy on Materiality of Related Party Transactions

b. Corporate Social Responsibility Policy

c. Insider Trading Policy

d. Nomination and Remuneration Policy

e. Policy on Related Party Transactions

f. Risk Management Policy

g. Policy on prevention of sexual harassment at workplace

h. Whistle Blower Policy

i. Policy on payment of remuneration to NonExecutive Directors

j. Policy on Familiarization Program for the Non-Executive Directors

k. Policy on Determination of materiality of events/ information

l. Policy for Preservation of Records

m. Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information

n. Policy on Subsidiary & Material Subsidiary Company

46. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirements of Section 134(5) of the Companies Act, 2013, the Directors, based on the representations received from the Operating Management, confirm that:

a. in the preparation of the annual accounts for the financial year ended March 31, 2026, the applicable Indian Accounting Standards (Ind AS) have been followed, and there are no material departures therefrom;

b. they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2026, and of the profit of the Company for the financial year ended on that date;

c. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. they have prepared the annual accounts on a going concern basis;

e. they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

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

47. CREDIT RATINGS

During the year under review, the credit ratings have reaffirmed as ‘CRISIL A/Stable for long term borrowing and ‘CRISIL A1 for short term borrowings. The reaffirmation reflects the Companys strong financial profile, healthy banking relationships and prudent financial management.

48. INDUSTRIAL RELATIONS

During the year under review, Industrial relations across all manufacturing locations remained

cordial throughout the year. The Company continues to focus on employee engagement, capability development, workplace safety and fostering a culture of collaboration and continuous improvement.

49. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 DURING THE YEAR ALONG WITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR

Not Applicable

50. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF

Not Applicable

51. CAUTIONARY STATEMENT

Statements in the Annual Report, particularly those which relate to Management Discussion and Analysis, describing the Companys objectives, projections, estimates and expectations, may constitute ‘forward looking statements within the meaning of applicable laws and regulations. Although the expectations are based on reasonable assumptions, the actual results might differ.

52. ACKNOWLEDGEMENTS

The Board of Directors places on record its sincere appreciation to the Companys customers, shareholders, employees, suppliers, bankers, business associates, regulators, local communities & local administration and all other stakeholders for their continued trust and confidence. The Directors particularly acknowledge the dedication and commitment of every employee across the organisation whose efforts have enabled the Company to continue its journey of sustainable growth. We also thank our shareholders for their continued confidence in the Company and look forward to creating greater long-term value in the years ahead.