Shri Kanha Stainless Ltd Directors Report

Dear Members,

Your directors are pleased to present the 11th Annual Report of Shri Kanha Stainless Limited ("Shri Kanha" or "the Company" or "your Company"), setting out a detailed review of its operations and affairs, together with the Audited Financial Statements for the financial year ended on March 31, 2026.

01 KEY FINANCIAL HIGHLIGHTS

The financial performance of the Company for the financial year 2025-26 and 2024-25 are summarized below:

(Amount in INR of Lakhs)

PARTICULARS	2025-26	2024-25
Revenue from Operations	20564.88	14579.11
Other Income	17.59	59.60
Total Income	20582.47	14638.71
Total Expenditure excluding Interest, Depreciation, Taxation and Extraordinary Items	18804.36	13241.22
Profit before Interest, Depreciation, Taxation and Extraordinary Items	1778.11	1397.49
Depreciation S Amortization	170.79	152.89
Profit before Extraordinary Items, Interest and Tax	1607.32	1244.6
Finance Costs	438.01	476.32
Profit before Extraordinary items S tax	1169.31	768.29
Add (Less): Extraordinary Items
Profit before Tax	1169.31	768.29
Tax Expense
Current Tax	265.46	119.85
Prior Period Taxes	8.39
Deferred Tax Assets (Created) /Reversed	(14.16)	(9.30)
MAT Credit Charge/(Created)	35.92	78.68
Profit after Tax	873.69	579.05
Earnings per Share (Basic)	7.28	5.55
Earnings per Share (Diluted)	7.28	5.55

02 STATE OF COMPANY AFFAIRS

During the year under review, the Company recorded a total income of Rs. 20,582.47 Lakhs as against Rs. 14638. 71 Lakhs

in the previous year, representing a growth of 40.60 % .

The Net Profit for the year stood at Rs. 873.69 Lakhs as compared to Rs. 579.05 Lakhs in the previous year reflecting an impressive increase. The increase in profitability was primarily attributable to enhanced margins on the sale of thin-sized coils and the procurement of raw materials at competitive costs, resulting in improved operational efficiency and overall financial performance. Further, the successful listing of the Companys equity shares in December 2025 strengthened its corporate profile, enhanced stakeholder confidence, and positioned the Company for future growth.

Further, there has been no change in the nature of business carried on by the Company during the financial year 2025-26.

Your directors are encouraged by this performance and remain committed to identifying and pursuing new avenues of

growth, strengthening operational efficiencies, and enhancing long-term shareholder value.

03 LISTING

During the Financial Year 2025-26, The Company came out with an Initial Public Offering ("IPO") comprising a fresh issue of

51,42,400 (Fifty-One Lakh Forty-Two Thousand Four Hundred) Equity Shares at an Issue Price of ~90/- (Rupees Ninety

only) per Equity Share, including a securities premium of ~80/- (Rupees Eighty only) per Equity Share ("Issue Price"), aggregating to ~4,628.16 Lacs, pursuant to the Prospectus dated November 27, 2025. The Company received the listing

and trading approval from the Exchange vide its letter dated December 09, 2025, and the Equity Shares of the Company were listed on the SME Platform of the National Stock Exchange of India Limited ("NSE Emerge") with effect from December 10, 2025.

04 UTILISATION OF IPO PROCEEDS

The Company has appointed lnfomerics Valuation and Rating Limited as the Monitoring Agency to monitor the utilisation of the proceeds of its Initial Public Offering ("IPO").

As per the Monitoring Agencys report for the half year ended March 31, 2026, out of the total IPO proceeds of Rs. 4,628.16 Lakhs, an amount of Rs. 4,137.62 Lakhs has been utilised towards the objects stated in the Prospectus dated November 27, 2025, while Rs. 490.54 Lakhs remains unutilised as on March 31, 2026.

There has been no deviation in the utilisation of IPO proceeds from the objects stated in the Prospectus. A summary of the

utilisation of IPO proceeds as on March 31, 2026, is provided below:

S.NO.	OBJECT STATED IN THE PROSPECTUS	ORIGINAL ALLOCATION	FUNDS UTILISED TILL MARCH 31, 2026	AMOUNT UNUTILIZED AS ON MARCH 31 2026
1.	Upgradation of existing manufacturing facility by installation of 1150 mm 4-Hi AGC Reversible Rolling Machine	1200.29	740.00	460.29
2.	Repayment/pre-payment, in part, of certain secured and unsecured borrowing availed by our Company	1800.00	1794.75	5.25
3.	Funding of Working Capital Requirement of our Company	548.46	548.46	Nil
4.	General Corporate Purpose	500.00	475.00	25.00
5.	Public Issue related expenses	579.41	579.41	Nil

os SHARE CAPITAL STRUCTURE OF THE COMPANY

As on March 31, 2026, the Authorized Share Capital of the Company stood at Rs. 16,00,00,000/- (Rupees Sixteen Crore) divided into 1,60,00,000 (One Crore Sixty Lakhs) Equity Shares of Rs. 10/- each. The Issued, Subscribed and Paid-up

Share Capital of the Company stood at Rs. 15,58,24,000/- (Rupees Fifteen Crores Fifty-Eight Lakhs Twenty-Four Thousand Only) divided into 1,55,82,400 (One Crore Fifty-Five Lakhs Eighty-Two Thousand Four Hundred) Equity Shares of Rs.

10/-each.

Following changes took place in the Capital Structure of the Company during the Financial Year 2025-26:

The Authorised Share Capital of the Company was increased from Rs. 4,00,00,000 (Rupees Four Crore Only) divided into 40,00,000 (Forty-Lakh) Equity Shares of Rs.10/- each to Rs.16,00,00,000 (Rupees Sixteen Crore Only) divided into 1,60,00,000 (One Crore Sixty Lakh) Equity Shares of Rs. 10/- each, ranking pari passu in all respect with the existing Equity Shares of the Company, pursuant to the approval of the Members accorded at the Extra-Ordinary General Meeting held on June 2, 2025.

Subsequently, pursuant to the approval of the Members at the Extra-Ordinary General Meeting held on June 11, 2025, the

Company issued 95,70,000 Bonus Equity Shares of Rs. 10/- each in the ratio of 11:1 i.e. 11 (Eleven) fully- paid up Equity Shares for every 1 (One) existing fully paid-up Equity Share held by the Members as on Record Date, being June 10, 2025.

Accordingly, the Issued, Subscribed and Paid-up capital of the Company increased from 87,00,000 (Rupees Eighty-Seven

Lakh Only) divided into 8, 70,000 (Eight Lakhs Seventy Thousand) Equity Shares of Rs. 10 each to Rs. 10,44,00,000 (Rupees Ten Crores Forty-Four Lakh Only) divided into 1,04,40,000 (One Crore Four Lakh Forty Thousand) Equity Shares

of Rs. 10/- each.

Further, during the Financial Year 2025-26, the Company successfully raised funds through an Initial Public Offering (IPO) by issuing 51,42,400 Equity Shares of Rs. 10/- each at an issue price of Rs. 90/- per Equity Share (including a securities

premium of Rs. 80/- per Equity Share). The IPO was approved by the Members at the Extra-Ordinary General Meeting held on June 11, 2025, and the equity shares were allotted on December 08, 2025. Consequently, the Issued, Subscribed and Paid-up capital of the Company increased from Rs. 10,44,00,000 (Rupees Ten Crore Forty-Four Lakh Only) divided into

1,04,40,000 (One Crore Four Lakh Forty Thousand) Equity Shares of Rs. 10/- each to Rs. 15,58,24,000/- (Rupees Fifteen Crore Fifty-Eight Lakh Twenty-Four Thousand) divided into 1,55,82,400 (One Crore Fifty-Five Lakh Eighty-Two Thousand

Four Hundred) Equity Shares of Rs. 10/- each.

os TRANSFER TO RESERVES

Your Company has not transferred any amount to any reserve during the financial year 2025-26. After careful consideration,

the Board of Directors decided to retain the entire profit of 873.69 Lakhs in the Statement of Profit and Loss to strengthen the Companys financial position and support its future growth plans.

01 BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

The composition of the Board of Directors ("Board") is in compliance with the provisions of Section 149 of the Companies

Act, 2013 ("the Act"). The Board comprises individuals with diverse expertise, experience, and integrity, enabling effective

strategic oversight and long-term value creation. In the opinion of the Board, all the Independent Directors are persons of integrity, possess the requisite expertise, experience, and proficiency, satisfy the conditions prescribed under the applicable

laws, and are independent of the management of the Company.

The Board comprises the following Directors and Key Managerial Personnel at the end of the financial year 2025-26:

	NAME OF DIRECTORS AND KMP	DESIGNATION
1.	Jai Bhagwan Agarwal	Chairman and Managing Director
2.	Shashank Agrawal	Whole-Time Director
3.	Kavita Agarwal	Non-Executive Director
4.	Priyanshi Agrawal	Independent Director
5.	Abhishek Sharma	Independent Director
6.	Neha Agarwal	Chief Financial Officer
7.	Arzoo Mantri	Company Secretary and Compliance Officer

During the financial year 2025-26, there were no changes in the composition of Board of Directors.

The profile of all Directors and Key Managerial Personnel is available on the website of the Company at

https :/ /kanhastai n less. com/i nvestor/governance#board-of-d i rectors .

None of the Directors on the Board of the Company has been debarred or disqualified from being appointed or continuing

as director of the Company by Securities and Exchange Board of India, Ministry of Corporate Affairs or any other Statutory Authority.

oa DIRECTORS RETIRING BY ROTATION

Pursuant to the provisions of Section 152(6) of the Companies Act, 2013 read with the rules made thereunder and as per the

Articles of Association of the Company, Mr. Shashank Agrawal (DIN: 03542611), Whole-Time Director of the Company is

liable to retire by rotation at this 11th Annual General Meeting and being eligible has offered his candidature for reappointment. The Board recommends his re-appointment for your approval. The notice convening the Annual General

Meeting includes the proposal for re-appointment of Director.

A brief resume of the Mr. Shashank Agrawal being re-appointed, his nature of expertise in specific functional areas, names of

companies in which he holds directorship, committee memberships/chairmanships, his shareholding in the Company, etc., as stipulated under Secretarial Standard-2 and Regulation 36 of the Listing Regulations, have been furnished in the

explanatory statement to the notice of the ensuing Annual General Meeting of the Company.

Earlier, Mr. Jai Bhagwan Agarwal (DIN: 01575848), Chairman and Managing Director of the Company, retired by rotation at the 10th AGM of the Company, held on September 30, 2025. The Members of the Company subsequently approved his reappointment to continue his services with the Company. His leadership, vision, and guidance have been instrumental in steering the Company towards sustained growth and operational excellence.

os NUMBER OF MEETING OF BOARD OF DIRECTORS

Owing to the Companys Initial Public Offering (IPO) and other related corporate actions undertaken during the financial year 2025-26, the Board met 26 (Twenty-Six) times, maintaining the maximum permissible gap of 120 days between consecutive

meetings, in compliance with regulatory requirements.

ATTENDANCE AT THE BOARD MEETINGS	JAi BHAGWAN AGARWAL	SHASHANK AGRAWAL	KAVITA AGARWAL	PRIYANSHI AGRAWAL	ABHISHEK SHARMA	ATTENDANCE (IN%)
April 24, 2025						100
May 26, 2025						100
May 31, 2025						100
June 11, 2025						100
June 11, 2025						100
June 25, 2025						100
July 07, 2025						100
July 10, 2025						100
July 28, 2025						100
September 05, 2025						100
September 08, 2025						100
September 23, 2025						100
September 29, 2025						100
October 06, 2025						100
October 15, 2025						100
October 18, 2025						100
October 30, 2025						100
November 18, 2025						100
November 19, 2025						100
November 25, 2025						100
November 26, 2025						100
November 27, 2025						100
December 02, 2025				X		80
December 08, 2025				X		80
December 09, 2025				X		80
February 26, 2026						100

*Two separate Board Meetings were held on June 11, 2025

During the financial year 2025-26, the Company held Annual General Meeting (AGM) on September 30, 2025 and three (3) Extra-Ordinary General Meetings (EGMs) on April 28, 2025, June 02, 2025, and June 11, 2025. All the Directors of the Company attended the aforesaid Annual General Meeting and the Extra-Ordinary General Meetings held during the year.

10 COMMITTEE OF THE BOARD

The Board has following Statutory Committees as on March 31, 2026, to effectively discharge their respective duties and responsibilities:

1. Audit Committee

2. Nomination and Remuneration Committee;

3. Stakeholders Relationship Committee;

4. Corporate Social Responsibility Committee;

The Board has also constituted a Banking and Finance Committee to facilitate banking and finance-related matters of

the Company.

The details relating to the composition and meetings of the statutory committees are provided in the ensuing paragraphs.

AUDIT COMMITTEE

The Audit Committee was constituted pursuant to Section 177 of the Companies Act, 2013. The Audit Committee

comprises of:

S. NO.	NAME OF THE DIRECTOR	DESIGNATION IN THE COMMITTEE	NATURE OF DIRECTORSHIP
1.	Mr. Abhishek Sharma	Chairperson	Independent Director
2.	Mrs. Priyanshi Agrawal	Member	Independent Director
3.	Mr. Jai Bhagwan Agarwal	Member	Chairman and Managing Director

Company Secretary and Compliance officer acts as the secretary of the Committee.

Terms of Reference for the Audit Committee:

The Audit Committee shall be responsible for, among other things, as may be required by the stock exchange(s) from time to

time, the following:

A. Powers of Audit Committee

The Audit Committee shall have powers, including the following: a) to investigate any activity within its terms of reference; b) to seek information from any employee; c) to obtain outside legal or other professional advice; d) to secure attendance of outsiders with relevant expertise, if it considers necessary; and e) such other powers as may be prescribed under the Companies Act and SEBI Listing Regulations.

B. Role of Audit Committee

The role of the Audit Committee shall include the following:

a) oversight of financial reporting process and the disclosure of financial information relating to the Company to

ensure that the financial statements are correct, sufficient and credible;

b) recommendation for appointment, re-appointment, replacement, remuneration and terms of appointment of

auditors of the Company and the fixation of the audit fee;

c) approval of payment to statutory auditors for any other services rendered by the statutory auditors;

d) formulation of a policy on related party transactions, which shall include materiality of related party transactions;

e) reviewing, at least on a quarterly basis, the details of related party transactions entered into by the Company pursuant to each of the omnibus approvals given;

f) examining and reviewing, with the management, the annual financial statements and auditors report thereon before submission to the Board for approval, with particular reference to:

1. i} Matters required to be included in the directors responsibility statement to be included in the Boards report in terms of clause (c} of sub-section 3 of section 134 of the Companies Act, 2013

ii} Changes, if any, in accounting policies and practices and reasons for the same; iii} Major accounting entries involving estimates based on the exercise of judgment by management; iv} Significant adjustments made in the financial statements arising out of audit findings; v} Compliance with listing and other legal requirements relating to financial statements; vi} Disclosure of any related party transactions; and vii} Modified opinion(s} in the draft audit report.

g} reviewing, with the management, the quarterly, half-yearly and annual financial statements before submission to the Board for approval;

h} reviewing, with the management, the statement of uses/ application of funds raised through an offer(public offer,

rights offer, preferential offer, etc.), the statement of funds utilized for purposes other than those stated in the Offer

document / prospectus / notice and the report submitted by the monitoring agency monitoring the utilization of proceeds of a public or rights offer, and making appropriate recommendations to the Board to take up steps in

this matter;

i) reviewing and monitoring the auditors independence and performance, and effectiveness of audit process;

j) approval of any subsequent modification of transactions of the Company with related parties and omnibus

approval for related party transactions proposed to be entered into by the Company, subject to the conditions as may be prescribed;

Explanation: The term "related party transactions" shall have the same meaning as provided in Clause 2(zc) of the SEBI Listing Regulations and/or the applicable Accounting Standards and/or the Companies Act, 2013.

k} scrutiny of inter-corporate loans and investments;

I} valuation of undertakings or assets of the Company, wherever it is necessary;

m) evaluation of internal financial controls and risk management systems;

n} reviewing with the management, performance of statutory and internal auditors, adequacy of the internal control

systems;

o} reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of

internal audit;

p) discussion with internal auditors of any significant findings and follow up there on;

q} reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board;

r} discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern;

s} recommending to the board of directors the appointment and removal of the external auditor, fixation of audit fees

and approval for payment for any other services;

t} looking into the reasons for substantial defaults in the payment to depositors, debenture holders, members (in

case of non-payment of declared dividends) and creditors;

u} reviewing the functioning of the whistle blower mechanism; v} monitoring the end use of funds raised through public offers and related matters;

w} overseeing the vigil mechanism established by the Company, with the chairman of the Audit Committee directly hearing grievances of victimization of employees and directors, who used vigil mechanism to report genuine concerns in appropriate and exceptional cases;

x} approval of appointment of chief financial officer (i.e., the whole-time finance Director or any other person heading the finance function or discharging that function} after assessing the qualifications, experience and

background, etc. of the candidate;

y} reviewing the utilization of loans and/or advances from / investment by the holding Company in the subsidiary exceeding ~ 1,000,000,000 or 10% of the asset size of the subsidiary, whichever is lower including existing loans /advances/ investments existing;

z} carrying out any other functions required to be carried out as per the terms of reference of the Audit Committee as

contained in the SEBI Listing Regulations or any other applicable law, as and when amended from time to time;

{} consider and comment on rationale, cost- benefits and impact of schemes involving merger, demerger,

amalgamation etc., on the Company and its members; and

I} to review compliance with the provisions of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, at least once in a financial year and shall verify that the systems for internal control under the said regulations are adequate and are operating effectively; and

}} Such roles as may be prescribed under the Companies Act, SEBI Listing Regulations and other applicable provisions.

~} Approve all related party transactions and subsequent material modifications. Audit Committee shall mandatorily review the following information:

1. Management discussion and analysis of financial condition and results of operations;

2. Management letters/ letters of internal control weaknesses offered by the statutory auditors;

3. Internal audit reports relating to internal control weaknesses;

4. The appointment, removal and terms of remuneration of the internal auditor;

5. Statement of deviations in terms of the SEBI Listing Regulations: a} quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock exchange(s) where the Equity Shares are proposed to be listed in terms of Regulation 32(1) of the SEBI Listing Regulations; and

b} annual statement of funds utilized for purposes other than those stated in the offer

document/prospectus/notice in terms of Regulation 32(7) of the SEBI Listing Regulations.

6. review the financial statements, in particular, the investments made by any unlisted subsidiary.

Meetings of Audit Committee:

ATTENDANCE AT THE MEETING HELD ON	MR. ABHISHEK SHARMA (CHAIRPERSON)	MRS. PRIYANSHI AGRAWAL (MEMBER)	MR. JAi BHAGWAN AGARWAL (MEMBER)	ATTENDANC (IN%)
May 26, 2025				100
June 10, 2025				100
July 08, 2025				100
July 28, 2025				100
September 05, 2025				100
September 23, 2025				100
November 26, 2025				100
December 22, 2025				100
February 25, 2026				100

NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee was constituted in line with section 178 of the Companies Act, 2013. The

Nomination and Remuneration Committee comprises of:

NAME OF THE DIRECTOR	DESIGNATION IN THE COMMITTEE	NATURE OF DIRECTORSHIP
Mr. Abhishek Sharma	Chairperson	Independent Director
Mrs. Priyanshi Agrawal	Member	Independent Director
Mrs. KavitaAgarwal	Member	Non- Executive Director

Company Secretary and Compliance officer acts as the secretary of the Committee.

Terms of Reference for the Nomination and Remuneration Committee:

The Nomination and Remuneration Committee shall be responsible for, among other things, the following:

1. Formulation of the criteria for determining qualifications, positive attributes and independence of a director and

recommend to the board of directors of the Company (the "Board" or "Board of Directors") a policy relating to the remuneration of the directors, key managerial personnel and other employees ("Remuneration Policy").

1.

The Nomination and Remuneration Committee, while formulating the above policy, should ensure that:

2. a} the level and composition of remuneration be reasonable and sufficient to attract, retain and motivate directors of the quality required to run our Company successfully;

b} relationship of remuneration to performance is clear and meets appropriate performance benchmarks;

and

c} remuneration to directors, key managerial personnel and senior management involves a balance between fixed and incentive pay reflecting short-term and long-term performance objectives

appropriate to the working of the Company and its goals.

2. Formulation of criteria for evaluation of performance of independent directors and the Board;

3. Devising a policy on Board diversity;

4. Identifying persons who are qualified to become directors and who may be appointed as senior management in accordance with the criteria laid down, and recommend to the Board their appointment and removal and carrying

out effective evaluation of performance of Board, its committees and individual directors (including independent

directors) to be carried out either by the Board, by the Nomination and Remuneration Committee or by an independent external agency and review its implementation and compliance;

5. Analysing, monitoring and reviewing various human resource and compensation matters;

6. Deciding whether to extend or continue the term of appointment of the independent director, on the basis of the report of performance evaluation of independent directors;

7. Determining the Companys policy on specific remuneration packages for executive directors including pension rights and any compensation payment, and determining remuneration packages of such directors;

8. Recommending to the board, all remuneration, in whatever form, payable to senior management and other staff, as deemed necessary;

9. Reviewing and approving the Companys compensation strategy from time to time in the context of the then current Indian market in accordance with applicable laws;

10. Perform such functions as are required to be performed by the compensation committee under the Securities

and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, if applicable;

11. Frame suitable policies, procedures and systems to ensure that there is no violation of securities laws, as amended from time to time, including: a) the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015; and

b) the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to the Securities Market) Regulations, 2003, by the trust, the Company and its employees, as applicable.

12. Administering monitoring and formulating detailed terms and conditions the employee stock option scheme/ plan approved by the Board and the members of the Company in accordance with the terms of such scheme/ plan

("ESOP Scheme"), if any;

13. Construing and interpreting the ESOP Scheme and any agreements defining the rights and obligations of the Company and eligible employees under the ESOP Scheme, and prescribing, amending and/ or rescinding rules and regulations relating to the administration of the ESOP Scheme;

14. Perform such other activities as may be delegated by the Board or specified/ provided under the Companies Act,

2013 to the extent notified and effective, as amended or by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended or by any other applicable law or regulatory authority.

15. For every appointment of an independent director, the Nomination and Remuneration Committee shall evaluate

the balance of skills, knowledge and experience on the Board and on the basis of such evaluation, prepare a description of the role and capabilities required of an independent director. The person recommended to the Board for appointment as an independent director shall have the capabilities identified in such description. For the purpose of identifying suitable candidates, the Committee may:

1. a) use the services of an external agencies, if required; b) consider candidates from a wide range of backgrounds, having due regard to diversity; and c) consider the time commitments of the candidates.

16. Carrying out any other functions required to be carried out by the Nomination and Remuneration Committee as contained in the SEBI Listing Regulations or any other applicable law, as and when amended from time to time.

Meetings of Nomination and Remuneration Committee:

ATTENDANCE AT THE MEETING HELD ON	MR. ABHISHEK SHARMA (CHAIRPERSON)	MRS. PRIYANSHI AGRAWAL (MEMBER)	MRS. KAVITA AGARWAL (MEMBER)	ATTENDANC (IN%)
September 05, 2025				100
February 25, 2026				100
March 27, 2026				100

 

NAME OF THE DIRECTOR	DESIGNATION IN THE COMMITTEE	NATURE OF DIRECTORSHIP
Mrs. Priyanshi Agrawal	Chairperson	Independent Director
Mr. Jai Bhagwan Agarwal	Member	Chairman and Managing Director
Mr. ShashankAgrawal	Member	Whole Time Director

Company Secretary and Compliance officer acts as the secretary of the Committee.

Terms of Reference for the Stakeholders Relationship Committee:

The Stakeholders Relationship Committee shall be responsible for, among other things, as may be required under the applicable law, the following:

1. Considering and specifically looking into various aspects of interest of shareholders, debenture holders and other security holders;

2. Resolving the grievances of the security holders of the listed entity including complaints related to transfer / transmission of shares or debentures, including non-receipt of share or debenture certificates and review of cases for refusal of transfer/ transmission of shares and debentures, non-receipt of annual report, non-receipt of declared dividends, offer of new/duplicate certificates, general meetings etc. and assisting with quarterly reporting of such complaints;

3. Review of measures taken for effective exercise of voting rights by members;

4. Investigating complaints relating to allotment of shares, approval of transfer or transmission of shares, debentures or any other securities;

5. Giving effect to all transfer/transmission of shares and debentures, dematerialization of shares and re-materialization of shares, split and offer of duplicate/consolidated share certificates, compliance with all the requirements related to shares, debentures and other securities from time to time;

6. Review of adherence to the service standards adopted by the listed entity in respect of various services being rendered by the registrar and share transfer agent of the Company and to recommend measures for overall improvement in the quality of investor services;

7. Review of the various measures and initiatives taken by the listed entity for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices by the members of the Company; and

8. Carrying out such other functions as may be specified by the Board from time to time or specified / provided under the Companies Act or SEBI Listing Regulations, or by any other regulatory authority.

Meetings of Stakeholders Relationship Committee ("SRC"}:

ATTENDANCE AT THE MEETING HELD ON	MRS. PRIYANSHI AGRAWAL (CHAIRPERSON)	MR. JAi BHAGWAN AGARWAL (MEMBER)	MR. SHASHANKAGRAWAL (MEMBER)	ATTENDANC (IN%)
November 03, 2025				100

STAKEHOLDERS RELATIONSHIP COMMITTEE

The Stakeholders Relationship Committee ("SRC") has been duly constituted pursuant to the provisions of Section 178 of the Act and functions as a key governance forum between the Company and its shareholders and investors, ensuring

effective stakeholder engagement, timely grievance redressal, and transparent communication. The Stakeholders Relationship Committee comprises of:

ATTENDANCE AT THE MEETING HELD ON	MRS. PRIYANSHI AGRAWAL (CHAIRPERSON)	MR. JAi BHAGWAN AGARWAL (MEMBER)	MR. SHASHANKAGRAWAL (MEMBER)	ATTENDANC (IN%)
January 10, 2026				100

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

The Corporate Social Responsibility Committee ("CSR Committee") has been duly constituted, pursuant to the provisions

of Section 135 of the Act, read with the rules made thereunder. The Committee is entrusted with the responsibility of formulating and recommending the Corporate Social Responsibility Policy to the Board, recommending the amount of expenditure to be incurred on CSR activities, and monitoring the implementation of the CSR Policy and related initiatives of

the Company from time to time. The composition of the Corporate Social Responsibility Committee is as follows:

NAME OF DIRECTOR	POSITION IN THE COMMITTEE	CATEGORY
Mrs. Priyanshi Agrawal	Chairperson	Independent Director
Mr. Jai Bhagwan Agarwal	Member	Chairman and Managing Director
Mr. ShashankAgrawal	Member	Whole-Time Director

Meetings of Corporate Social Responsibility Committee ("CSR"):

ATTENDANCE AT THE	MRS. PRIYANSHI AGRAWAL	MR. JAi BHAGWAN	MR. SHASHANKAGRAWAL	ATTENDANC
MEETING HELD ON	(CHAIRPERSON)	AGARWAL (MEMBER)	(MEMBER)	(IN%)
July 07, 2025				100
March 23, 2026				100

Present ? x Absent

11 MEETING OF INDEPENDENT DIRECTORS

Pursuant to the provisions of the Companies Act 2013 and the applicable Secretarial Standards, the Independent Directors of the Company met on March 30, 2026, without the presence of the Non-Independent Directors and members of the management. The Independent Directors, inter alia, reviewed the performance of the Board as a whole, the Chairperson,

Non-Independent Directors, and assessed the quality, quantity, and timeliness of the flow of information between the Companys management and the Board to enable the Board to effectively discharge its duties.

12 MATERIAL CHANGES

A. MATERIAL CHANGES BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE

FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

Extension of Timeline for Utilisation of IPO Proceeds:

Subsequent to the end of the financial year, the Board of Directors, by way of a circular resolution passed on May 8, 2026, approved the extension of the timeline for utilisation of the unutilised IPO proceeds up to March 31, 2027. The delay in full utilisation is primarily attributable to prevailing global economic uncertainties and volatile market conditions and related factors.

Other than stated elsewhere in this report, there have been no material changes and commitments, if any, 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.

B. MATERIAL EVENTS DURING THE YEAR UNDER REVIEW

Listing of Shares:

During the financial year 2025-26, the Company successfully completed its Initial Public Offering (IPO) comprising a fresh

issue of 51,42,400 Equity Shares of face value of Rs. 10/- each at an issue price of Rs. 90/- per Equity Share (including a securities premium of Rs. 80/- per Equity Share). Pursuant to the successful completion of the IPO, the Equity Shares of the

Company were listed and admitted to dealings on the NSE Emerge Platform of the National Stock Exchange of India Limited

with effect from December 10, 2025 under the symbol "SHRIKANHA, marking a significant milestone in the Companys growth journey.

Alteration of Memorandum of Association:

During the financial year 2025-26, the Members approved the alteration of the Capital Clause of the Memorandum of

Association consequent to the increase in the authorised share capital of the Company from Rs. 4,00,00,000 (Rupees Four Crores Only) divided into 40,00,000 (Forty-Lakh) Equity Shares of Rs.10/- each to Rs.16,00,00,000 (Rupees Sixteen Crore Only) divided into 1,60,00,000 (One Crore Sixty Lakh) Equity Shares of Rs. 10/- each ranking pari passu in all respect with

the existing Equity Shares of the Company pursuant to the approval of Members of the Company taken at Extra-Ordinary

General Meeting held on June 02, 2025

C. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING

THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE

During the period under review, no significant and material orders passed by the regulators or courts or tribunals impacting

the going concern status and Companys operations in future.

13 DIVIDEND

The Board of directors of the Company has not recommended any dividend in order to conserve the Companys resources and strengthen the financial position for future growth opportunities.

As a measure of good corporate governance and transparency, the Company has voluntarily adopted a Dividend Distribution Policy. The said policy is available on the Companys website at https://kanhastainless.com/investor/governance#policies .

14 DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134 of the Companies Act, 2013 and the rule framed thereunder, the Board of Directors of the Company hereby states and confirms that:

a) in the preparation of the annual accounts, the applicable accounting standards have been followed and there has

been no material departure;

b) the selected accounting policies were applied consistently, and the Directors 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 of March 31, 2026, and that of the profit of the Company for the year ended on that date;

c) proper and sufficient care has been taken 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) the annual accounts have been prepared on a going concern basis;

e) the Board has laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and f) the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and

that such systems are adequate and operating effectively.

1s INFORMATION ABOUT SUBSIDIARY/ JV/ ASSOCIATE COMPANY

Company does not have any Subsidiary, Joint venture or Associate Company.

10 PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

Particulars of loans, guarantees or investments made are provided in Financial Statements read together with notes

annexed and form an integral part of the financial statements and hence not repeated herein for the sake of brevity.

11 MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Management Discussion and Analysis Report for the year under review, as stipulated under Regulation 34{2)(e) read with Part B of Schedule V of the Listing Regulations, is presented in a separate section forming part of this Report is given in "Annexure-A.

1a AUDITORS

A. STATUTORY AUDITORS & THEIR REPORT

M/s Bhojak Lunawat & Company, Chartered Accountants (Firm Registration No. 027566C), were appointed as the Statutory Auditors of the Company at the Extra-Ordinary General Meeting held on April 28, 2025, to fill the casual vacancy caused by the resignation of M/s P.K.S & Co., Chartered Accountants (Firm Registration No. 007007C), with effect from April 23, 2025. They were appointed to hold office until the conclusion of the 10th Annual General Meeting of the Company and conducted the statutory audit for the financial year 2024-25.

Subsequently, M/s Bhojak Lunawat & Company were appointed as the Statutory Auditors of the Company for a term of five consecutive years at the 10th Annual General Meeting held on September 30, 2025, to hold office from the conclusion of the 10th Annual General Meeting until the conclusion of the 15th Annual General Meeting to be held for the Financial Year 2029-30.

The Company has received the written consent and a certificate from the Statutory Auditor confirming that they are eligible for appointment and are not disqualified from acting as the Statutory Auditor of the Company in accordance with the provisions of the Companies Act, 2013.

The Statutory Auditors did not report any instances of fraud in their Audit Report under Section 143(12) of the Companies Act, 2013. Accordingly, no additional disclosure is required under Section 134(3) (ca) of the Act. The Notes on financial statements referred to in the Auditors Report are self-explanatory and do not call for any further comments.

B. COST AUDITORS

Pursuant to the provisions of Section 148 of the Companies Act, 2013, read with the Companies (Cost Records and Audit)

Rules, 2014, the maintenance of cost records and the conduct of cost audit is applicable to the Company.

The Company has appointed M/s Rajesh & Company (FRN: 000031), Cost Accountants as Cost Auditor of the Company for

the Financial Year 2025-26 to conduct the audit of cost records of the Company.

C. SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, M/s S.K. Joshi 6 Associates, Practicing Company Secretaries (FRN: P2008RJ064900), were appointed as the Secretarial Auditors of the Company by the Board of Directors at its meeting held

on June 11, 2025, to conduct the secretarial audit for the Financial Year 2025-26. The Secretarial Auditors carried out the Secretarial Audit for the financial year ended March 31, 2026. The Secretarial Audit Report is annexed as "Annexure-B" and

forms an integral part of this Report.

D. INTERNAL AUDITOR

Pursuant to the provisions of Section 138 of the Companies Act, 2013, M/s G.L. Dangayach 6 Company, Chartered Accountants, were appointed as the Internal Auditors of the Company by the Board of Directors at its meeting held on June

11, 2025, to conduct the internal audit of the Company for the Financial Year 2025-26.

19 CORPORATE SOCIAL RESPONSIBILITIES (CSR)

The Company has a well-defined policy on Corporate Social Responsibility ("CSR Policy") as per the requirement of Section 135 of the Act. The CSR Policy covers the proposed CSR activities to be undertaken by the Company and ensuring that they are in line with Schedule VII of the Act as amended from time to time.

The annual report on the CSR activities is required to be given under section 135 of the Companies Act, 2013 read with rule 8 of the Companies (Corporate Social Responsibility) Rules, 2014 which has been provided as "Annexure-C" and forms part

of this Report.

Details of the CSR policy are available at website of the Company at https://kanhastainless.com/investor/governance#policies .

20 PARTICULARS OF EMPLOYEE AND THEIR MEDIAN OF REMUNERATION:

The information required under section 197 of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and a statement showing the names and other particulars of the

employees drawing remuneration in excess of the limits set out in rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are disclosed in Annexure-D".

21 DECLARATION BY INDEPENDENT DIRECTORS UNDER SECTION 149(6)

1. Pursuant to the provisions of Section 149 of the Act, the Independent Directors have submitted declarations that each of them meets the criteria of independence as provided in Section 149(6) of the Act along with Rules framed thereunder. There has been no change in the circumstances affecting their status as Independent Directors of the Company.

2. The Company has also received from Independent Directors, declaration of compliance of Rule 6(1) 6 (2) of the Companies (Appointment and Qualifications of Directors) Rules, 2014, regarding online registration with the "Indian Institute of Corporate Affairs" at Manesar, for inclusion of name in the data bank of Independent

Directors.

3. The Board has taken on record the declarations and confirmations submitted by the Independent Directors after undertaking due assessment of the accuracy of the same.

22 FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS

The Company has a structured familiarization programme for its Independent Directors. They are apprised of their roles, rights, and responsibilities through their letters of appointment, relevant documents, reports, and internal policies. Further, the Company familiarizes them with its business, strategy, operations, and industry developments through presentations.

The details of familiarization program imparted for financial year 2025-26 are available on the website of your Company at https://kanhastainless.com/investor/governance .

23 ENERGY CONSERVATION TECHNOLOGY ABSORPTION

6 FOREIGN EXCHANGE EARNINGS AND OUTGO

Information on conservation of Energy, Technology absorption, Foreign Exchange earnings and outgo required to be disclosed under Section 134 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 are provided hereunder:

PARTICULARS	REMARKS
CONSERVATION OF ENERGY:
the steps taken or impact on conservation of energy;	The Company continues to emphasize responsible and efficient use of energy in its operations. Adequate measures are taken to ensure optimal utilization of electricity in the office premises through monitoring and prudent practices. However, no significant capital investment was made during the financial year towards the purchase or installation of specific energy conservation equipment.
the steps taken by the Company for utilizing alternate sources of energy; the capital investment on energy conservation equipments;
TECHNOLOGY ABSORPTION:
the efforts made towards technology absorption;	The Company continued its efforts towards technology absorption through the modernization and optimisation of its manufacturing processes. These initiatives enabled better maintenance of production quality, improved process efficiency, and enhanced overall operational performance.
the benefits derived like product improvement, cost reduction, product development or import substitution;	The Company derived benefits in the form of improved operational efficiency and cost reduction through competitive raw material procurement and enhanced margins on the sale of thin-sized coils, which contributed to improved profitability during the year.
in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)-	Not applicable
(a) the details of technology imported;
(b) the year of import;
(c) whether the technology been fully absorbed;
(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof; Not applicable since
5 years period is over the expenditure incurred on Research and Development	Not applicable
FOREIGN EXCHANGE EARNINGS AND OUTGO:
The Foreign Exchange earned in terms of actual inflows during the year and the Foreign Exchange outgo during the year in terms of actual outflows	The Company has no Foreign Exchange earnings and outgo in the year under review.

24 RELATED PARTYTRANSACTIONS

All transactions entered into with Related Parties as defined under the Companies Act, 2013 during the financial year were in the ordinary course of business and on an arms length pricing basis. Suitable disclosure as required by the Accounting Standards (AS18) has been made in the notes to the Financial Statements. The particulars of contracts or arrangements with related parties, referred to in Section 188(1) of the Companies Act, 2013, in the prescribed Form AOC-2 isattached as "Annexure-E" to this Report.

2s ANNUAL RETURN

The Annual Return pursuant to the provisions of Section 92(3) and Section 134(3)(a) read with Rule 12 of (Management and Administration) Rules, 2014 is available at the website of the Company at https://kanhastainless.com/investor/annual-report#annual-return .

2s RISK MANAGEMENT

The Board of Directors of the Company identify, evaluate business risks and opportunities. The Directors of the Company take pro-active steps to minimize adverse impact on the business objectives and enhance the Companys competitive advantage. Presently no material risk has been identified by the directors except of general business risks, for which the Company is leveraging on their expertise and experience. The Company has also adopted a Risk Management Policy, which is available on its website at www.kanhastainless.com .

21 SECRETARIALSTANDARDS

The Company has complied with Secretarial Standard on Meetings of the Board of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2) issued and notified by the Institute of Company Secretaries of India as amended from time to time.

2a DEPOSITS

Your Company has not accepted any fixed deposits covered under Chapter V of the Companies Act, 2013 during the Financial Year2025-26.

29 INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has adequate system of internal control to safeguard and protect from loss, unauthorized use or disposition of its assets. All the transactions are properly authorized, recorded and reported to the Management. The Company is following applicable Accounting Standards for properly maintaining the books of accounts and reporting financial statements.

30 DEPOSITORY SYSTEM

The Companys equity shares are admitted to the depository system under the International Securities Identification Number (ISIN) INE1V4601019. The Company has appointed MAS Services Limited as its Registrar and Share Transfer Agent to facilitate the dematerialisation of its shares. As on March 31, 2026, the entire shareholding of the Company is held in dematerialized form.

31 COMPANYS POLICY ON DIRECTORS APPOINTMENT, REMUNERATION AND BOARD EVALUATION

The Company has adopted a Nomination and Remuneration Policy in accordance with the provisions of Section 178 of the Companies Act, 2013. The Policy lays down the criteria for appointment, remuneration, and performance evaluation of Directors and Key Managerial Personnel. The Nomination and Remuneration Policy is available at the website of the

Company at https://kanhastainless.com/investor/governance#policies . Pursuant to the provisions of the Companies Act, 2013 and the aforesaid Policy, the Board has carried out an evaluation of its own performance, as well as that of its committees and individual Directors, for the financial year 2025-26.

32 DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT

WORKPLACE (PREVENTION PROHIBITION AND REDRESSAL), ACT 2013

Pursuant to the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,

2013, the Company has in place a policy on prevention of sexual harassment at work place.

The Company has constituted the Internal Complaints Committee ("ICC") under Prevention of Sexual Harassment of Women at Workplace in accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and

Redressal) Act, 2013 to consider and resolve the complaints related to sexual harassment. Composition of ICC includes:

S. NO.	NAME OF MEMBER	DESIGNATION IN COMMITTEE
1.	Mrs. KavitaAgarwal	Chairperson S Presiding Officer
2.	Ms. Bhavna Agarwal	Member
3.	Mr. ShashankAgrawal	Member
4.	Ms. Somya Mathur	External Member

The following is the summary of sexual harassment complaints received and disposed off during the year:

S. NO.	NAME OF MEMBER	DESIGNATION IN COMMITTEE
1.	Number of complaints on sexual harassment pending at the beginning of the year	Nil
2.	Number of complaints on sexual harassment received during the year	Nil
3.	Number of cases pending for more than ninety days	Nil
4.	Number of workshops or awareness programme against sexual harassment carried out	The Company conducts necessary awareness programme for its employees from time to time.
5.	Nature of action taken by the employer or district officer	Not Applicable

33 VIGIL MECHANISM/ WHISTLE BLOWER POLICY

The Company is committed to ethical conduct and transparency in all its business dealings. To uphold these values and in compliance with the section 177(9) and 177(10) of the Companies Act, 2013 read with rule 7 of the Companies (Meetings of

Board and its Powers) Rules, 2014, the Company had adopted Whistle Blower Policy for Directors and employees. No cases were reported under the Whistle Blower Policy during the financial year 2025-26. The policy is available on the website of the Company at www.kanhastainless.com. The Company has established direct access to the Chairperson of the Audit Committee for reporting concerns related to the interests of co-employees and the organization in appropriate or

exceptional cases.

34 CREDIT RATING

During the financial year 2025-26, CRISIL Ratings Limited has assigned credit ratings to the Companys bank facilities aggregating Rs. 60 Crore, as follows:

FACILITY	RATING ASSIGNED
Long Term Rating	Crisil 888-/Stable
Short Term Rating	CrisilA3

These ratings reflect an adequate degree of safety regarding timely servicing of the Companys financial obligations. The

Company will continue its endeavour to further strengthen its credit profile going forward.

35 POLICIES

The Company is committed to maintaining high standards of ethics, integrity, and corporate governance in its business operations. In compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has adopted various statutory policies, which are reviewed and updated by the Board from time to time in line with

applicable laws. These policies are available on the Companys website at https://kanhastainless.com/investor/governance#policies .

36 INTERNAL FINANCIAL CONTROL SYSTEM

The Company has established an effective internal control system that covers all major business functions, including operations, financial reporting, fraud prevention, and compliance with applicable laws and regulations. These controls

ensure the safeguarding of assets and the proper authorization of transactions.

The internal control framework is supported by regular management reviews to ensure accuracy and reliability of financial

and other records. The Audit Committee reviews and monitors the effectiveness of internal controls.

The Company has adequate internal financial controls in place, which are operating effectively.

37 TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND

Pursuant to the provisions of Section 124 and 125 of the Companies Act, 2013 read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("IEPF Rules"), dividend, if not claimed for a period of 7 years from the date of transfer to Unpaid Dividend Account of the Company, shall be transferred to the Investor

Education and Protection Fund ("IEPF"). The provision of Section 125 (2) of the Companies Act, 2013 do not apply as there was no dividend declared and paid in the previous years.

38 BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT (BRSR)

Pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with the applicable circulars and amendments thereto, the requirement to include a Business Responsibility and Sustainability

Report ("BRSR") in the Annual Report is applicable to the prescribed listed entities based on market capitalisation. Since the Equity Shares of the Company are listed on the SME Platform of the National Stock Exchange of India Limited, the provisions relating to mandatory inclusion of BRSR in the Annual Report are not applicable to the Company.

Accordingly, the Company has not included a BRSR in its Annual Report for the financial year ended March 31, 2026.

39 INVESTOR GRIEVANCE REDRESSAL

During the Financial Year 2025-26, all investor complaints received directly or indirectly through Scores and RTA were duly reported to the Stock Exchange(s) as part of the applicable regulatory filings and were resolved in a timely and satisfactory

manner. As on March 31, 2026, no investor complaint remained pending or unresolved. The designated e-mail address for redressal of investor grievances is investorgrievances@kanhastainless.com .

Following is the summary of investor complaints received and disposed off during the financial year.

PARTICULARS	NUMBERS
Number of Complaints pending at the beginning of the financial Year	Nil
Complaints received during the financial year	10
Complaints resolved during the financial year	10
Complaints pending at the end of the financial year	Nil

40 DISCLOSURES OF CERTAIN TYPES OF AGREEMENTS BINDING LISTED ENTITIES

Pursuant to the requirements of Regulation 30A, read with Clause 5A of Para A of Part A of Schedule Ill of the Listing Regulations, the Company confirms that during the financial year 2025-26, no such binding agreements were executed by

the Company, its Promoters, Directors or other specified parties that fall within the ambit of this regulatory requirement. Consequently, no disclosures are required to report under this provision for the year under review.

41 DISCLOSURE WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/ UNCLAIMED SUSPENSE ACCOUNT

As per the confirmation given by Registrar and Transfer Agent, the Company has Nil shares that remains unclaimed by the shareholders of the Company. All shares of the Company are held in demat form and have been duly claimed by the respective shareholders. Hence, the Company is not required to undergo the procedural requirements of Schedule VI of the SEBI (LODR) Regulations, 2015.

a) Aggregate number of shareholders and the outstanding shares in the suspense account lying at the beginning of the year: Nil

b) Number of shareholders who approached listed entity for transfer of shares from suspense account during the year: Nil

c) Number of shareholders to whom shares were transferred from suspense account during the year: Nil d) aggregate number of shareholders and the outstanding shares in the suspense account lying at the end of the year: Nil

e) That the voting rights on these shares shall remain frozen till the rightful owner of such shares claims the shares:

Nil

42 PREVENTION OF INSIDER TRADING

The Company has formulated a Code of practices and procedures for fair disclosure of Unpublished Price Sensitive Information (UPSI) in accordance with the applicable provisions of the SEBI (Prohibition of Insider Trading) Regulations,

2015. The said code is available on the Companys website at https://kanhastainless.com/investor/governance#policies .

43 DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE 2016 DURING THE YEAR

During financial year 2025-26, no application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016.

44 HUMAN RESOURCES AND INDUSTRIAL RELATIONS

Human resources are integral to the Companys sustainable growth and success. As on March 31, 2026, the Company had a workforce of 81 employees, comprising 79 males, 2 females, and no transgender employees, representing diverse social,

economic, and geographical backgrounds.

The Company believes that its people are its greatest assets, and their calibre and commitment are its inherent strengths. The Company remains committed to developing a robust talent pool through continuous training and succession planning.

Relations between the management and employees continued to remain cooperative and constructive, fostering a harmonious work environment and enabling the achievement of business objectives.

45 DETAILS OF DIFFERENCE BETWEEN THE AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANK OR FINANCIAL INSTITUTION

During the financial year 2025-26, no such settlement and the valuation done while taking loan from the Banks or Financial Institutions.

46 CORPORATE GOVERNANCE

The disclosure requirements as prescribed under Para C, D and E of the Schedule V of the SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015 are not applicable to the Company pursuant to the Regulation 15 (2) of the SEBI LODR as the Company is listed on the SME Exchange.

47 ENVIRONMENT, HEALTH AND SAFETY

We are committed to ensuring the health and safety of our employees, visitors, and all stakeholders involved in our operations. The Company complies with applicable relevant health and safety laws, licenses, and certifications. Our goal is

to maintain a safe and compliant work environment for everyone at our facility or under our management.

48 COMPLIANCE WITH PROVISIONS RELATING TO MATERNITY BENEFIT ACT 1961

The Company has complied with applicable provisions of the Maternity Benefit Act, 1961. All eligible women employees have been extended the prescribed benefits, and the Company remains committed to maintaining a supportive and inclusive workplace.

49 REGULATORY ACTION

There are no significant and material orders passed by the regulators or courts or tribunals that could impact the going concern status and operations of the Company in future.

so OTHER DISCLOSURES

1. During the financial year, The Company has not issued any equity share with differential rights.

2. The Company has not issued any sweat equity shares.

3. There was no commission paid by the Company to its managing director or whole-time directors, so no disclosure required in pursuance to the section 197(14) of The Companies Act, 2013.

4. The Company has not bought back any of its securities during the financial year 2025-26.

5. The Company has not provided any stock option scheme its employees.

51 FORWARD-LOOKING STATEMENTS

Statements contained in the Boards Report and the Management Discussion and Analysis Report describing the Companys objectives, estimates, expectations or forecasts may constitute forward-looking statements within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed or implied due to various risks and uncertainties.

The Companys performance is influenced by several factors, including changes in demand and supply, fluctuations in raw material and foreign exchange rates, tax law, government policies and regulations, economic conditions, and other factors beyond the Companys control.

52 ACKNOWLEDGEMENT

Your directors sincerely thank all shareholders, customers, suppliers, bankers, financial institutions, business associates

and other stakeholders for their continued trust, support and cooperation during the year.

The Directors also place on record their appreciation for the dedication, commitment and hard work of the Companys employees at all levels. Their continued efforts have been instrumental in the Companys performance and growth.

For & on behalf of the Board of Directors of
Shri Kanha Stainless Limited
Sd/-	Sd/-
Jai Bhagwan Agarwal	Kavita Agarwal
Chairman And Managing Director	Director
DIN: 01575848	DIN: 01741333
Place: Jaipur
Date: 31st August, 2026