Shetron Ltd Directors Report

Your Directors are pleased to present the Forty Sixth (46th) Annual Report on the business and operations of your Company along with the Audited Financial Statements for the year ended 31st March, 2026.

FINANCIAL HIGHLIGHTS:

The summarized financial performances for the Financial Year ended March 31,2026 are as under:

Particulars	2025-26	2024-25
	Rs. in Lakhs	Rs. in Lakhs
Gross Sales and Other Income	24,733	22,968
Profit before Interest and Depreciation	1934	1915
Finance Cost	710	824
Depreciation	611	620
Profit before Tax	613	471
Less: Provision for Tax	210	160
Less: Deferred Tax	3	3
Profit after tax	400	308
Other Comprehensive Income	-	-
Total Comprehensive Income	400	308
Dividend	90	90
Net Comprehensive Income	310	218

OVERVIEW OF COMPANYS FINANCIAL PERFORMANCE:

Your Company has achieved turnover of Rs. 24,733 lakhs as against Rs. 22,968 lakhs showing increase of 7.68 % over the previous year. The Company reported net profit of Rs. 400 lakhs in FY 2025-26 as against profit of Rs. 308 lakhs in previous year showing an increase of 29.9 % over the previous year.

Business Overview & Market Reach

We serve a diverse range of industries wide range of packaging consumer food product like coffee, sweetmeats, dairy products, pharma health products and Industrial packaging. Our year-round, consistent supply chain ensures uninterrupted service across all segments.

Capacity Expansion & Regional Focus

To expand our presence in western markets, we commissioned and operationalized a new production line in Mumbai. This line is now fully operational and positioned to drive growth in FY 2026-27.

During the year, we initiated an expansion plan to increase lug-cap food can capacity by installing additional lines at our Bangalore facility. We also upgraded existing production facilities at Bangalore to serve the southern region and at Mumbai to serve the western region. These expansions will support sustained growth over the coming periods.

Cost Environment & Mitigation

Key inputs cost - including inks and coatings, packaging materials, gas, electricity, and other consumables has risen significantly due to geopolitical disruptions and global inflationary pressures. Passing these cost increases on to key customers remains challenging in the current market environment.

To offset the impact, we have implemented measures to control operational costs and improve working capital efficiency through tighter inventory management, optimized procurement, and faster collections.

DIVIDEND:

Your Company has voluntarily adopted Dividend Distribution Policy in line with SEBI (LODR) Regulations, 2015. Pursuant to the Dividend Distribution Policy of the Company, your Directors are pleased to recommend dividend of 10 % i.e. Re. 1.00 per Equity Share of face value of Rs. 10 each for financial year 2025-26 for consideration and approval of the Members at the ensuing Annual General Meeting of the Company.

The policy on Dividend Distribution Policy is available on the website of the Company at https://firebasestorage.googleapis.com/v0/b/shetron-720db.firebasestorage.app/o/Make%2FAdmin1777705483012Admin1675667398600Dividend%20Distribution%20Policydb13.pdf?alt=media&token=f6faf548-eb20-4323-9

TRANSFER TO RESERVES:

Your Board does not propose to transfer any amounts to reserves for the financial year ended on 31st March, 2026.

CHANGE IN NATURE OF BUSINESS:

There were no changes in the nature of business during the year.

BUSINESS PERSPECTIVE:

Based on current market data, the can market is in a growth phase globally and especially in India. Heres the breakdown:

1. Global Market Outlook Market size:

• Market size: Global metal cans market was valued at USD 69.2B in 2025 and is forecast to reach USD 82.7B by 2034, CAGR ~1.93%.

• Faster growth estimates: Fortune Business Insights projects USD 79.22B in 2025 ^ USD 139.87B by 2034, CAGR 6.52%. Grand View Research sees 6.4% CAGR 2025-2033.

• Key drivers: Demand for sustainable/recyclable packaging, packaged food & beverages, convenience/RTD products, and longer shelf life.

2. India is one of the fastest growing markets:

• India metal cans: 5.55% CAGR to 2031.

• Aluminum cans: 4.9% CAGR 2025-2033, reaching 65.6B units by 2033.

• Beverage cans: 4.70B units in 2025, driven by EPR policy and shift from PET to aluminum.

• Canned food: USD 9.2B in 2024 ^ USD 10.8B by 2033, CAGR 1.7%.

Key Growth Drivers

Sustainable packaging push: Aluminum cans are 100% recyclable and save 95% energy vs primary smelting. EPR rules in India now require 70% recycling by 2027. Big FMCG brands are switching to cans for ESG reporting.

RTD & convenience foods: Ready-to-drink coffee, chai, meals, and canned fruits are growing fast. Govts food processing scheme has allocated I NR 6,000 Cr for new canning lines.

Beverages: Craft beer, energy drinks, and RTD coffee prefer cans. Aluminum cuts logistics costs 30% vs glass and keeps carbonation better.

Pharma & aerosols: Pharma packaging is the fastest growing segment at 5.78% CAGR. Personal care aerosols growing at 5.94% CAGR to 2030.

Challenges to Watch

Input cost inflation: Tin-plate, inks, coatings, gas, electricity costs are rising. 60% of tin-plate is imported, so currency swings matter.

Competition from PET/flexible pouches: 20-30% cheaper for mass-market products.

Passing costs to customers: Big FMCG buyers resist price hikes, so margin pressure stays unless you differentiate on quality/service.

The Indian metal cans industry is embracing innovative and visually appealing packaging concepts. At the core of this evolution is sustainability and recyclability. Metal packaging, including cans and containers made from tinplate or tin-free steel, is well positioned to play a major role in the future. It aligns with the reduce-reuse-recycle framework and offers a truly circular packaging solution.

The global packaging industry has seen steady growth over the last decade, driven by shifts in substrate choice, expansion into new markets, and changing ownership dynamics. Traditional rigid formats like metal tins and glass jars are increasingly facing competition from flexible packaging, high-barrier films, and stand-up retort pouches, particularly across a wide range of food products.

The highlights of the industry trend, the outlook and the opportunities ahead for the Company are exhibited in detail in the Management Discussion and Analysis Report.

EXPORTS:

In the year 2025-26, the export turnover was Rs. 2835 Lakhs as compared to the previous year exports of Rs. 4347 Lakhs recording a decrease of 34.78% over the previous year.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:

As on date, your Company does not have any subsidiary or Joint Venture Company.

The Company has no associate Companies within the meaning of Section 2(6) of the Companies Act, 2013. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY BETWEEN THE END OF THE FINANCIAL YEAR AND DATE OF THE REPORT:

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

SHARE CAPITAL:

During the financial year ended as on March 31, 2026, the Authorized Share Capital of the Company was Rs. 30,00,00,000/- (Rupees Thirty Crores Only) and the Paid up Share Capital was Rs. 9,00,33,000/- (Rupees Nine Crores Thirty-Three Thousand Only). No changes took place in Share Capital of the Company during the year under review.

DIRECTORS RESPONSIBILITY STATEMENT:

Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the Internal, Statutory and Secretarial Auditors, the reviews performed by Management and the relevant Board Committees, including the Audit Committee, your Board is of the opinion that the Companys internal financial controls were adequate during the financial year 2025-26.

Accordingly, pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, confirms that:

1) In the preparation of the Annual Accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

2) The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;

3) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

4) The Directors had prepared the Annual Accounts on a Going Concern basis;

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

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

CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Members of the Companys Board of Directors are eminent persons of proven competence and integrity. Besides experience, strong financial acumen, strategic astuteness and leadership qualities, they have a significant degree of commitment to the Company and devote adequate time to the meetings and preparation.

Retirement by rotation and subsequent re-appointment

In terms of the provisions of the Companies Act, 2013 and the Articles of Association of the Company, Mr. Kartik Manohar Nayak (DIN: 00477686), Joint Managing Director, retires at the forthcoming Annual General Meeting and being eligible, offers himself for re-appointment.

Re-appointment of Mr. Kartik Manohar Nayak (DIN: 00477686) as Joint Managing Directors

Based on the outcome of performance evaluation and recommendations of the Nomination and Remuneration Committee, the Board of Directors of the Company, at its meeting held on 02nd May 2026 has recommended the re- appointment of Mr. Kartik Manohar Nayak (DIN: 00477686) as Joint Managing Director for a further period of three years (3) with effect from 15th May 2026 to 14th May 2029. Accordingly, a Special Resolution seeking re-appointment of Mr. Kartik Manohar Nayak as Joint Managing Director of the Company is included in the Notice convening the Annual General Meeting. Details of Mr. Kartik Nayak are exhibited in the Explanatory Statement to the Notice of the Annual General Meeting. The Board of Directors recommends his re-appointment as Joint Managing Director of the Company.

Changes to key managerial personnel

There was no change to Key Managerial Personnel.

DECLARATIONS FROM DIRECTORS:

The Company has received necessary declarations from each Independent Director of the Company under the provisions of Section 149(7) of the Companies Act, 2013, that they meet the criteria of their Independence laid down under the provisions of Section 149(6) of the Companies Act, 2013 read with the Listing Regulations. All the Independent Directors have also confirmed under Regulation 16(b) of the Listing Regulations that they are not Non- Independent Director of another Company on the Board of which any Non-Independent Director of the listed entity is an Independent Director.

None of the Directors of the Company is disqualified from being appointed as Director as specified in Section 164(2) of the Act and Rule 14(1) of the Companies (Appointment and Qualification of Directors) Rules, 2014.

BOARD MEETINGS:

During the year under review, the Board of Directors met four (4) times i.e. on 09-May-2025, 06-August-2025, 07-November-2025 and 07-February-2026.

The Meetings of the Board are held at regular intervals with a time gap of not more than 120 days between two consecutive Meetings. The Notice and Agenda of the Meetings were circulated to Directors in advance. Minutes of the Meetings of the Board of Directors were circulated amongst the Directors for their perusal.

Further, pursuant to Clause VII (1) of Schedule IV of the Companies Act, 2013, the Independent Directors held a separate meeting on 07th February, 2026.

SEBI (LODR)(Amendment) Regulations, 2018 has changed the evaluation criteria of Independent Directors from April 1,2019. As per the amendment, evaluation of Independent Directors by the entire Board shall include:

(a) Performance of Directors and

(b) Fulfilment of independence criteria as specified in Listing Regulations and their independence from the management.

The Board has evaluated the Independent Directors and confirms that all the Independent Directors of the Company fulfils the independence criteria as specified in the Listing Regulations and their independence from the management.

Details on terms of appointment of Independent Directors and the familiarization program have been displayed on website of the Company at

https://firebasestorage.googleapis.com/v07b/shetron-720db.firebasestorage.app/o/Make%2FAdmin1777533455550Familiarisation%20Programme%20for%20Independent%20Directors.pdf?alt=media&token=a1599b20-d36b-4

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION:

The policy of the Company on Directors appointment and remuneration, including the criteria for determining qualifications, positive attributes, independence of a director and such other matters, as required under subsection (3) of Section 178 of the Companies Act, 2013, is available on the Companys website at

https://firebasestorage.googleapis.com/v0/b/shetron-720db.firebasestorage.app/o/Make%2FAdmin1777704981745Admin1652095551082Letter%20of%20Appointment%20-%20Independent%20Directors9802.pdf?alt=media&tok

The Company affirms that the remuneration paid to the Directors is as per the terms laid out in the Nomination and Remuneration Policy of the Company.

BOARD EVALUATION:

Pursuant to the provisions of the Companies Act, 2013 and the Listing Regulations, the Board has carried out an annual performance evaluation of its performance, and of the Directors individually, as well as the evaluation of the working of its Committees.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE:

During the year the Company has not given any loans or guarantees covered under the provisions of Section 186 of the Companies Act, 2013.

The details of the investments made by Company are given in the notes to the financial statements.

ANNUAL RETURN:

Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management and Administration) Rules, 2014, an Annual Return in Form MGT-7 is placed on the website of the Company at

https://firebasestorage.googleapis.com/v07b/shetron-720db.firebasestorage.app/o/Make%2FAdmin1782283404058Admin1763010176592Form%20MGT%20-%2079e20.pdf?alt=media&token=a694279c-f00d-4355-8d62-82370e743e

DETAILS OF INTERNAL FINANCIAL CONTROLS REALTED TO FINANCIAL STATEMENTS:

Your Company has adopted accounting policies which are in line with the Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006 that continue to apply under Section 133 and other applicable provisions, if any, of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014. These are in accordance with generally accepted accounting principles in India.

COMPLIANCE WITH THE APPLICABLE SECRETARIAL STANDARDS:

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board Meetings (SS-1) and General Meetings (SS-2).

ADDITIONAL DISCLOSURES:

In line with the requirements of the Listing Regulations and Accounting Standards, your Company has made additional disclosures in respect of Related Party transactions and segment reporting in notes to accounts.

RISK MANAGEMENT POLICY:

The Audit Committee has oversight in the area of financial risks and controls. The major risks identified by the businesses and functions are systematically addressed through mitigating actions on an ongoing basis. The Policy for risk management is available on the Companys website at

https://firebasestorage.googleapis.com/v0/b/shetron-720db.firebasestorage.app/o/Make%2FAdmin1777704904781Admin1652094546446Risk%20Management%20Policy5c2b.pdf?alt=media&token=fd586733-6ee0-481d-877e-c1

DEPOSITS:

In terms of the provision of Sections 73, 74 & 76 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014, your Company has not accepted/ renewed any fixed deposits from the public during the year under review.

Whether there has been any default in repayment of deposits or payment of interest thereon during the year and if so, number of such cases and the total amount involved-

(i) At the beginning of the year	: Nil
(ii) Maximum during the year	: Nil
(iii) At the end of the year	: Nil

FRAUD REPORTED BY THE AUDITORS DURING THE YEAR:

Not applicable as there were no such instances during the year under consideration.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

The information pertaining to conservation of energy, technology absorption, foreign exchange Earnings and outgo as required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished in (Annexure - 1) and is attached to this report.

The Company endeavours to support the environment by adopting environment-friendly practices in the working patterns. The efforts in this direction centre around making efficient use of natural resources, elimination of waste and promoting recycling of resources.

STATUTORY AUDITORS:

Messrs Naresh & Co, Chartered Accountants, (Firm Registration No. 011293S) were re-appointed as the Statutory Auditors at the Annual General Meeting held in the year 2022 and hold office for 5th term of 5 years, till the conclusion of the 47th Annual General Meeting of the Company to be held in the year 2027. Consequent upon the amendments to the Companies Act, 2013, ratification of appointment of the statutory auditor at every Annual General Meeting is no longer required.

COST AUDITORS:

As per the requirement of the Central Government and pursuant to the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, your Company has been carrying out audit of cost records relating to all product line. The Board of Directors, on the recommendation of Audit Committee, has appointed Mr. Vishwanath Bhat, Messrs Proprietor Bhat & Co, to audit the cost accounts of the Company for the financial year 2026-27.

As required under the Companies Act, 2013, a resolution seeking approval of Members for the remuneration payable to the Cost Auditor forms part of the notice convening the Annual General meeting.

SECRETARIAL AUDIT:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Mr. Parameshwar Ganapati Bhat, Practising Company Secretary was appointed as the Secretarial Auditor for a fixed term of five consecutive financial years, from FY 2025-26 to FY 2029-30. The Secretarial Audit Report for the year ended 31st March, 2026 is attached to the Boards Report (Annexure - 2).

AUDITORS REPORT AND SECRETARIAL AUDIT REPORT:

There was no qualification, reservations or adverse remarks made either by the Statutory Auditors or by the Secretarial Auditor in their respective reports and their reports are annexed.

CORPORATE SOCIAL RESPONSIBILITY:

Pursuant to Section 135 of the Companies Act 2013 the Company is obligated to spend on Corporate Social Responsibility (CSR) for FY 2025-26. Since the CSR expenditure for FY 2025-26 is less than Rs. 50 lakhs the Company is not required to constitute a CSR Committee. The details of the CSR projects are given as Annexure - 3 to this Report.

REPORT ON CORPORATE GOVERNANCE:

Your Company has taken adequate steps to adhere to all the stipulations laid down in Regulation 27 of the Listing Regulations. A report on compliance of the code is annexed herewith as Annexure - 4.

Certificate from Practicing Company Secretary confirming the compliance with the conditions of Corporate Governance as stipulated under Regulation 27 of the Listing Regulations, is attached to this report.

CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:

All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and at arms length basis. During the year, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions. All contracts / arrangements / transactions with related parties are placed before the Audit Committee and also the Board, as may be required, for approval.

The Policy on Materiality of Related Party Transactions and also on dealing with Related Party Transactions as approved by the Audit Committee and the Board of Directors are displayed on the Companys website at

https://firebasestorage.googleapis.com/v07b/shetron-720db.firebasestorage.app/o/Make%2FAdmin1777705497684Admin1744780450860Related%20Party%20Transaction%20Policyd7b2.pdf?alt=media&token=fee56854-3cf6-

All Related Party Transactions entered into, during the year were in Ordinary Course of the Business and at Arms Length basis. No Material Related Party Transactions, i.e. transactions exceeding rupees one thousand crores or exceeding 10% of the annual consolidated turnover as per the last audited financial statements, whichever is lower, were entered during the year by your Company. The information on transactions with related parties pursuant to Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 are given in (Annexure- 5) in Form No. AOC-2 and the same forms part of this report.

Details of contracts / arrangements / transactions with Related Parties are given in the notes to the financial statements.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:

Adhering to the provisions of Section 125 of the Companies Act, 2013 relevant amounts which remained unpaid or unclaimed for a period of seven years have been transferred by the Company, from time to time on due dates, to the Investor Education and Protection Fund.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMAN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The Company has been employing women employees in various cadres within its office and factory premises. The Company has in place a policy against sexual harassment in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Internal Complaint Committee is set up at shop floor level to redress any complaints received. All employees are covered under the Policy.

(a) number of complaints filed during the financial year (2025-26)	- Nil
(b) number of complaints disposed of during the financial year (2025-26)	- Nil
(c) number of complaints pending as on end of the financial year (2025-26)	- Nil

HEALTH, SAFETY AND ENVIRONMENT PROTECTION:

Your Company has complied with all applicable environment laws and labour laws. The Company has been taking all the necessary measures to protect the environment and maximize worker protection and safety. The Companys policy requires conduct of operation in such a manner so as to ensure safety of all concerned, compliance of environment regulations and preservation of natural resources.

DISCLOSURE UNDER RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION) RULES, 2014:

Disclosures required under Section 197 of the Companies Act, 2013 read with rule 5 of the Companies (Appointment & Remuneration) Rules, 2014 have been annexed as Annexure - 6.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS:

There were no such events during the year.

REVISION OF FINANCIAL STATEMENT OR THE ANNUAL REPORT:

As per the Secretarial Standards-4 in case the Company has revised its financial statement or the Report in respect of any of the three preceding financial years either voluntarily or pursuant to the order of a judicial authority, the detailed reasons for such revision shall be disclosed in the Report of the year as well as in the Report of the relevant financial year in which such revision is made.

No such revision of Financial Statements took place in any of the three preceding financial years under consideration.

CORPORATE INSOLVENCY RESOLUTION PROCESS INITIATED UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (IBC):

There was no such process initiated during the year and therefore, the said clause is not applicable to the Company.

FAILURE TO IMPLEMENT ANY CORPORATE ACTION:

There were no such events which took place during the year under consideration.

CREDIT RATING OF SECURITIES:

The Credit ratings obtained by the Company during the year under review are as under:

Date	Facilities	Rating
21st November, 2025	Long Term Facilities	ICRA BB+ (Positive); reaffirmed
	Short Term Facilities	ICRA A4; reaffirmed

VIGIL MECHANISM:

The Company has a robust vigil mechanism through its Whistle Blower Policy approved and adopted by Board of Directors of the Company in compliance with the provisions of Section 177(10) of the Act and Regulation 22 of the Listing Regulations.

The Company has adopted a revised Whistle Blower policy, which provides a formal mechanism for all Directors and employees of the Company to approach the Management of the Company (Audit Committee in case where the concern involves the Senior Management) and make protective disclosures to the Management about unethical behaviour, actual or suspected fraud or violation of the Companys code of conduct or ethics policy.

The policy on Vigil Mechanism and Whistle Blower Policy is available on the website of the Company at https://firebasestorage.googleapis.com/v07b/shetron-720db.firebasestorage.app/o/Make%2FAdmin1777522311745Vigil%20Policy.pdf?alt=media&token=1855fa55-74d3-4092-aa42-a737cc765230

COMPLIANCE UNDER THE MATERNITY BENEFIT ACT, 1961

Pursuant to the Companies (Accounts) Second Amendment Rules, 2025 through dated May 30, 2025, your Company has complied with the applicable provisions of the Maternity Benefit Act, 1961. All eligible women employees have been extended the benefits as prescribed under the Act.

NUMBER OF EMPLOYEES AS ON THE CLOSURE OF FINANCIAL YEAR:

S. No.	Employees Details	Number
1	Female	19
2	Male	199
3	Transgender	0

INFORMATION ABOUT THE FINANCIAL PERFORMANCE / FINANCIAL POSITION OF THE SUBSIDIARIES / ASSOCIATES:

The Company does not have any subsidiaries / associates. Hence, the said clause is not applicable to the Company.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Managements Discussion and Analysis forms an integral part of this report and gives detail of the overview, industry structure and developments, different product groups of the Company, operational performance of its business segment, annexed as Annexure- 7.

ANNEXURES FORMING A PART OF THE BOARDS REPORT:

The Annexures referred to in this Report and other information which are required to be disclosed are annexed herewith and form a part of this Report:

Annexure	Particulars
1	Particulars of Conservation of Energy, Technology and Foreign Exchange
2	Secretarial Audit Report
3	Corporate Social Responsibility Report
4	Corporate Governance Report
5	Related Party Transactions
6	Managerial Remuneration and Particulars of Employees
7	Management Discussion And Analysis Report

ACKNOWLEDGEMENTS:

Your Directors wish to place on record their sincere thanks to bankers, business associates, consultants, various Government Authorities and employees at all levels in the Company for their continued support extended to your Companys activities during the year under review. Your Directors also acknowledge gratefully the shareholders for their support and confidence reposed in your Company.

	By the order of the Board
	For Shetron Limited
Place : Bengaluru	Diwakar S Shetty
Date : 2nd May, 2026	Executive Chairman
	DIN: 00432755
	[Address Divya Bunglow, Dr. R.S. Jain Marg, Gandhigram Road, Juhu, Mumbai 400049]