Uni Abex Alloy Products Ltd Directors Report

To,

The Members

The Directors have pleasure in presenting the Fifty third Annual Report together with the Audited Accounts of the Company for the year ended 31st March, 2026.

OPERATIONS AND FINANCIAL RESULTS SUMMARY OF FINANCIAL RESULTS AS PER IND-AS

Particulars	2025-26	2024-25
Revenue from Operations	21878.41	19308.61
Add: Other income	949.73	698.15
Total income	22828.14	20006.76
Profit / (loss) before Exceptional item and Depreciation	6034.30	5020.56
Less: Depreciation	503.46	498.55
Profit / (Loss) Before Exceptional item and Tax	5530.84	4522.01
Add : Exceptional Item	27353.05	-
Profit / (Loss) before Tax	32883.89	4522.01
Less : Income Tax for Current Year	4928.14	1096.50
Less: Deferred Tax & Prior years Tax adjustment	(30.46)	68.21
Profit / (Loss) After Tax	27986.21	3357.30
Add: Other Comprehensive income/(loss)	2.72	(19.18)
Balance brought forward	12292.13	10139.01
Profit Available for Appropriation	40281.06	12983.38
Dividend on Equity Shares	1975.00 *	691.25
Transferred to General Reserve	NIL	NIL

* Proposed Dividend

DIVIDEND / RESERVES

Yours Directors recommend a dividend of Rs. 40/- per share of face value of Rs.10 each (i.e.400%) for the Financial Year 2025-26. Further, the Board of Directors have also recommended a special dividend on account of Thane land sale of Rs.60 per share (600%) of face value of Rs. 10 each. Accordingly, the total dividend recommended by the Board for the FY 2025-26 aggregates to Rs.100 per share (1000%) of face value of Rs.10 each which shall be subject to the approval of shareholders as against Rs.35.00/- (i..e 350%) paid for the previous year. The total outgo towards dividend on equity shares amounts to Rs.1975.00 lakhs. Your Directors have decided not to transfer any amount to the reserves for the year under review. We are pleased to announce this highest dividend which stands as our commitment to reward shareholders by value creation and healthy returns to them.

OPERATIONS

The total Income in FY 25-26 stood at Rs.22,828.14 lakhs vs Rs. 20,006.76 lakhs in FY 24-25 marking a year- on-year growth of 14.10 %. The Petro and Decanter segments were the key drivers of this sales growth. Additionally, the Original Equipment Manufacturer (OEM) segment also witnessed a respectable growth in the order book. The FY 25-26 EBIDTA stood at Rs.6104.55 lakhs Vs Rs. 5,096.79 lakhs in FY 24-25 making a year on year growth of 19.77 %. The Profit Before exceptional item and Tax stood at. Rs. 5,530.84 lakhs in FY 25-26 Vs Rs. 4,522.01 lakhs in FY 24-25. The Profit Before Tax stood at. Rs 32,883.89* lakhs in FY 2526 Vs Rs. 4,522.01 lakhs in FY 24-25. The Profit After Tax in FY 25-26 was Rs. 27,986.21 lakhs Vs Rs. 3,357.30 lakhs in FY 24-25.

(* includes exceptional item Rs. 27,353.05 towards profit on sale of thane land)

Further, detailed information on the Companys operations, outlook, industry overview has been detailed in the report on Management Discussion and Analysis, which forms part of this Annual Report.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Companys internal control system has been designed keeping in mind the size and nature of operations to ensure strict compliance with applicable legislation. Your Company has in place adequate controls on resource utilization, and provision of accurate and speedy financial statements. The Company ensures compliance with policies and procedures and other statutory and legal obligations on an ongoing basis. Your Companys Internal Financial Controls on its entire processes have been vetted by the Statutory Auditors. Internal control is supplemented by effective and independent internal audit. The Board ensures that timely measures are taken in case of any deviation from budgeting. Management regularly reviews the findings of the Internal Auditors and ensures effective implementation of suggestions/ observations of the Internal Auditors. In addition, the Audit Committee of the Board regularly addresses significant issues raised by the Internal and the Statutory Auditors.

The management information system (MIS) forms an integral part of the companys control mechanism. This enables the Company to strictly adhere to all applicable procedures, laws, rules and statutes.

Further, during the year under review, the Auditors had not reported any matter under Section 143 (12) of the Act, therefore no detail is required to be disclosed under Section 134 (3)(ca) of the Act.

PROSPECTS

To drive long-term growth, the Company has approved a capital outlay of Rs.121 crore (Rupees one hundred twenty one crore) towards strengthening its production and operational capabilities. The global economy faces renewed tests as the war in the Middle East threatens to disrupt growth and disinflation. Moving ahead, the industry is expected to positively benefit from technological advancement. As the industry adopts cutting-edge technology, it is expected to help in promoting effective and sustainable production

processes within the industry. This is expected to help in reducing waste, improving production efficiency and therefore support sustainable growth in the industry in the coming years.

QUALITY MANAGEMENT

The Company has set high benchmarks on quality and on on-time delivery thereby providing a competitive edge in current business scenario. The Companys operations continued to be certified ISO 9001:2015/ISO 14001:2015/ISO 45001:2018.

ENVIRONMENT, HEALTH AND SAFETY

The Company ensures the well-being and safety of employees, customers, and the community. The companys operations continue to hold certifications for ISO 14001:2015 and ISO 45001:2018, reflecting its unwavering commitment to maintaining high standards of environmental management and occupational health and safety.

HUMAN RESOURCE MANAGEMENT

The workforce of the Company forms the foundation for attaining the long-term goals of the Company. The Company supports the growth and development of its workforce through various initiatives. Uni Abex ensures a healthy working environment, further maintaining a healthy employee retention rate in the organisation. Transparent communication channels are provided within the organisation which facilitates the employees to provide their feedback and express their concerns. These initiatives together aid in creating a responsive working culture in the Company.

MATERIAL DEVELOPMENTS ON HUMAN RESOURCES INCLUDING NUMBER OF PEOPLE EMPLOYED

As on 31st March 2026, the total numbers of permanent employees on the payrolls of the Company at all the locations was 103

Number of employees as on the closure of financial year:

Particulars	2025-26
Male	88
Female	15
Transgender	0
TOTAL	103

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

The information required pursuant to Section 197(12) read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of this report. In terms of Section 136 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employees particulars which is available for inspection by the Members up to the date of the ensuing Annual General Meeting. If any Member is interested in obtaining a copy thereof, such Member may email to the Company in this regard.

DISCLOSURE UNDER THE MATERNITY BENEFITS ACT, 1961:

During the year under review, the Company has complied with provisions of Maternity Benefits Act, 1961 as may be applicable.

OTHER MATTERS:

The requirement to disclose the details of the difference between the amount of the valuation done at the time of one-time settlement and the valuation done while taking a loan from the Banks or Financial Institutions along with the reasons thereof, is not applicable.

The sitting fees per Board Meeting attended is Rs.75,000/-, as also for each meeting of the Audit Committee attended. For attending all other Committee Meetings, the fees per meeting is Rs.10,000/- (except Stakeholders Relationship Committee, where no fee is paid).

The ratio of the remuneration of each director to the median remuneration of the employees:

Name of Director and Designation	Remuneration of Director for financial year 2025-26	Previous years Remuneration including sitting fees	% increase/ decrease in Remuneration over the Financial year 2024-25	Ratio of Remuneration of each Director to median remuneration of employees	Comparison of the remuneration of the KMP against the performance of the Company
F. D. Neterwala Chairman	3,85,000	2,70,000	42.59%	0.39:1	-
A. F. Neterwala Vice Chairman	3,95,000	3,00,000	31.66%	0.40:1	-
P F. Neterwala Director	2,25,000	2,00,000	12.5%	0.23:1	-
M. K. Fondekar Director	6,85,000	4,30,000	59.30%	0.69:1	-
J. J. Parakh Director	3,75,000	5,10,000	(26.47)%	0.38:1	-
M. K. Mahajan Director	3,95,000	5,60,000	(29.46)%	0.40:1	-
Mr. Kuldeep Bhan Director	3,75,000	2,50,000	50%	0.38:1	-
Dr. Sonali Tipre Director *	6,75,000	2,60,000	159.61%*	0.68:1	-

* Dr. Sonali Tipre was inducted in the Audit Committee w.e.f. 8th May, 2026. Hence, the % increase figures for sitting fees over the last financial year i.e. FY 24-25 are not comparable.

Particulars of Remuneration of Key Managerial Personnel

The percentage increase in remuneration of:

Chief Operating Officer and Manager	10%
Chief Financial Officer	11%
Company Secretary	7%
Median remuneration of employee	15%
Number of Permanent employees on the rolls of company (As on 31st March 2026)	103
Average percentage increase made in the salaries of employees other than the key managerial personnel in the last financial year i.e 2025-26	13.73%
Affirmation that the remuneration is as per the remuneration policy of the company	It is hereby affirmed that the remuneration paid is as per the remuneration policy for Directors, Key Managerial Personnel and other employees

DIRECTORS

a) Pursuant to the provisions of Section 152(6) of the Companies Act, 2013 and the Rules made thereunder, Mr. Kuldeep Bhan (DIN: 01598686) retires by rotation at the ensuing General Meeting and is eligible for re-appointment.

b) Based on the recommendation of the Nomination and Remuneration Committee, the Board approved the continuation of tenure of Mr. F. D. Neterwala (DIN:00008332) and Mrs. P. F. Neterwala (DIN: 01083117) beyond the age of 75 years subject to the approval of shareholders at the ensuing annual general meeting which has been annexed to the Notice and forms part of the annual report.

COMMITTEES OF THE BOARD

In terms of the provisions of the Companies Act, 2013 as applicable to Listed Companies, the following Committees of the Board have been duly constituted:

I. Audit Committee:

The Audit Committee Members as at 31st March, 2026 comprised of:

Name of Director	Category Category
Mr. M. K. Fondekar	Chairman & Independent Director
Mr. J. J. Parakh	Independent Director
Mr. M. K. Mahajan	Independent Director
Dr. S. V. Tipre*	Independent Director

* Dr. S. V. Tipre was inducted as the member of the Audit Committee w.e.f. 08th May, 2025.

The information generally provided to the Committee for its consideration and approvals include:

- Quarterly, half yearly and annual financial results of the Company and performance report on its business segments;

- Annual budget and performance targets;

- Appointment of statutory and internal auditors;

- Appointment of Chief Financial Officer;

- Appointment of key managerial personnel;

- Review of foreign exchange exposures and exchange rate movement, if material;

- Contracts in which Director(s) are interested or deemed to be interested;

- Details of related party transactions;

- Defaults in payment of statutory dues, if any;

- Related party transactions;

- Compliance of various laws and Indian Accounting Standards - IND-AS;

- Any remarks/ observances/ findings made by the Statutory and Internal Auditors of the Company;

- Making of loans and investment of surplus funds;

- Whistle blower policy / Vigil Mechanism

During the Financial Year 2025-26, 4 Meetings of the Audit Committee were held.

II. Nomination and Remuneration Committee:

The Nomination and Remuneration Committee as at 31st March, 2026 comprised of:

Name of Director	Category Category
Mr. M K Fondekar	Chairman & Independent Director
Mr. M K Mahajan	Independent Director
Mr. A. F. Neterwala	Non-Executive Director

The Committee frames the Remuneration Policy and recommends remuneration / revision / merit increment and related matters in respect of Executive Director, Chief Executive Officer, Manager, Chief Financial Officer, Company Secretary and Senior Executives.

During the year 2025-2026, 1 meetings of the Nomination and Remuneration Committee was held.

III. Stakeholders Relationship Committee:

The composition of the Stakeholders Relationship Committee as at 31st March, 2026 is as under:

Name of Director	Category Category
Mr. F. D. Neterwala	Non-Executive Director & Chairman
Mr. A. F. Neterwala	Non-Executive Director
Mr. J. J. Parakh	Independent Director
Mr. M. K. Mahajan	Independent Director

The Committee meets as often as necessary. In accordance with the authority granted by the Board, the Stakeholders Relationship Committee, deals with the following matters concerning shareholders, on fortnightly basis:

- Transfer/Transmission/Deletion/Name change of physical shares.

- Split/Sub-division, consolidation and Issue of duplicate share certificates of physical shares.

- Re materialization of Shares.

IV. Corporate Social Responsibility Committee (CSR):

The composition of the CSR Committee as at 31st March, 2026 is as under:

Name of Director	Category Category
Mr. F. D. Neterwala	Non-Executive Director & Chairman
Mr. A. F. Neterwala	Non-Executive Director
Mr. M. K. Mahajan	Independent Director

The Committee frames the CSR Policy of the Company; identifies the projects which the Company can undertake towards the CSR initiatives and recommends the same to the Board of Directors for its approval.

Two meetings of the CSR Committee was held during the year.

BOARD MEETINGS

During the period from 1st April, 2025 to 31st March, 2026, four meetings of the Board were held as under:

- 28th May, 2025

- 7th August, 2025

- 03rd October, 2025

- 10th November, 2025

- 12th February, 2026

BOARD EVALUATION

The formal procedure for evaluation by the Board of its own performance and that of its Committee and Individual Directors was done.

The meeting of the Independent Directors of the Company was held on 12th February, 2026.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134 (3) (c) and 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, the applicable accounting standards have been followed and that there are no material departures;

(b) In consultation with the Statutory Auditors, appropriate accounting policies have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2026 and of the profit for year ended on that date;

(c) To the best of their knowledge and ability, proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the applicable provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities, if any;

(d) The annual accounts have been prepared on a going concern basis.

(e) The Directors have laid down internal financial controls in respect of policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business including adherence to the Companys policies, the safe guarding of its assets, the accuracy and completeness of the accounting records and timely preparation of reliable financial information and such internal controls are adequate and were operating effectively.

(f) 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.

SHARE CAPITAL:

The paid up Equity Share Capital as at 31st March, 2026 stood at Rs.197.50 lakhs.

During the year under review, the company did not issue any Equity shares. Further, the company has not issued any convertible securities or shares with differential voting rights or sweat equity share or warrants.

SUBSIDIARIES / JOINT VENTURES/ ASSOCIATES:

As at 31st March, 2026, the Company does not have any subsidiary / Joint venture or Associate Company.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS:

No significant and materials orders were passed by the regulators or courts or tribunals impacting the going

concern status and your Companys operations in future.

There was no application made or proceeding pending against the Company under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year under review.

KEY MANAGERIAL PERSONNEL

During the year under review, there was no change in the Key Managerial Personnel of the Company.

The Board based on the recommendation of the Nomination and Remuneration Committee elevated Mr. Nisar Hassan as the Chief Executive Officer (Key Managerial Personnel) of the Company w.e.f. 27th May, 2026. Accordingly, Mr. Nisar ceased to be the Chief Operating Officer and Manager as on that date.

ABSTRACT OF ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act, 2013 an abstract of the Annual Return for 2025-26 is placed on the website of the Company at www.uniabex.com.

DECLARATION BY INDEPENDENT DIRECTORS

Pursuant to Section 149(7) of the Companies Act, 2013 each of the Independent Director of the Company, has given a declaration at the Board Meeting to the effect that he meets the criteria of Independence as provided in Section 149(6) of the Companies Act, 2013.

COMPANYS POLICY ON DIRECTORS APPOINTMENT, REMUNERATION ETC

The Nomination and Remuneration Committee of the Board is evolving a policy on appointment and remuneration and other matters as provided in Section 178 (3) of the Companies Act, 2013. Any further appointment of executive Director, Manager and his remuneration or appointment of an Independent Director would be based on the policy that is being evolved.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

Details of Working Capital facilities and Term Loans obtained by the Company are provided at Note no.21 in the Notes to Financial Statement. Details of investment made by the Company are provided at Note no. 8 in

the Notes to Financial Statement, under Investment Schedule. These Investments are made by the Company in ordinary course of business, out of the surplus funds presently available with the Company, with a view to get an effective return. All loans given, guarantees and Investments, are made in compliance with Section 186 of the Companies Act, 2013.

PARTICULARS OF CONTRACTS AND ARRANGEMENTS COVERED UNDER SECTION 188 OF THE COMPANIES ACT, 2013

During the year under review, pursuant to the amendments notified by the Securities and Exchange Board of India (SEBI) with reference to Regulation 23 of the Listing Regulations, the Company has amended its existing Policy on Materiality and dealing with Related Party Transactions to ensure alignment with these revised requirements at its meeting held on 13th February, 2025. The policy is available on the website of the Company at www.uniabex.com. This policy deals with the review and approval of related party transactions. The Board of Directors of the Company has approved the criteria for making the omnibus approval by the Audit Committee within the overall framework of the policy on related party transactions. Prior omnibus approval is obtained for related party transactions which are of repetitive / recurring in nature, entered in the ordinary course of business and at arms length. All related party transactions are placed before the Audit Committee for review and approval.

All related party transactions entered during the Financial Year were in ordinary course of the business and on arms length basis. No material related party transactions were entered during the Financial Year by your Company. Accordingly, the disclosure of related party transactions as required under Section 134(3)

(h) of the Companies Act, 2013 in Form AOC 2 is not applicable to your Company.

There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large.

Members may refer to note no. 38 to the financial statement which sets out related party disclosures pursuant to IND- AS - 24.

CONSERVATION OF ENERGY, TECHNOLOGY & FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars required to be disclosed pursuant to Section 134 (3) of the Companies Act, 2013 read with rule 8 of the Companies (Accounts) Rule, 2014 are given in Annexure I, and is an integral part of this Report.

RISK MANAGEMENT POLICY

The Board of Directors has identified risks and steps to mitigate the same, if and when need arises. However the executive Management has an adequately defined framework for risk management. The Company, like all business in the country, is exposed to business and economic risk arising out of war, market conditions, vagaries of monsoon, tariffs and commodity risks etc.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Annual Report on CSR activities in term of the provisions of Companies (Corporate Social Responsibilities Policy) Rules, 2014 is at Annexure II and is an integral part of this Report.

CORPORATE GOVERNANCE

The Company has taken adequate steps to ensure that all mandatory provisions of Corporate Governance as prescribed under the SEBI (Listing Obligation & Disclosure Requirements), 2015 are complied with. A separate report on Corporate Governance is attached as a part of the Annual Report along with the Auditors certification on its compliance.

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

VIGIL MECHANISM/ WHISTLE BLOWER POLICY:

The Board of Directors of the Company has established a robust vigil mechanism process and to govern the same a well-defined whistle blower policy has been adopted by the Company. The policy is available on the website of the Company at www.uniabex.com

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

The Company has in place an Anti-Sexual Harassment Policy since 2009 as per the Supreme Court Guidelines which is in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

The following is a summary of sexual harassment complaints received and disposed off during the year 2025-26.

- No of complaints received: NIL

- No of complaints disposed off: NIL

STATUTORY AUDITORS:

As per Section 139 of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014, Messrs. Walker Chandiok and Company, LLP (Firm Registration No. 001076N/N500013), were appointed as a Statutory Auditors of the Company at the 49th Annual General Meeting of the Company held on 26th September, 2022 for a period of 5 (Five) consecutive financial years and whose term expires at the ensuing 54th Annual General Meeting of the Company.

The report given by Messrs. Walker Chandiok and Company, LLP (Firm Registration No. 001076N/ N500013), as Statutory Auditors of the Company on the financial statement of the Company for the year 2025-26 is part of the Annual Report. There has been no qualification, reservation or adverse remark or disclaimer in their Report.

During the year under review, the Auditors had not reported any matter under Section 143 (12) of the Act, therefore no detail is required to be disclosed under Section 134 (3)(ca) of the Act.

INTERNAL AUDITORS:

M/s. Protiviti India Member Private Limited, Chartered Accountants, Mumbai were appointed as the Internal Auditors of the Company for FY25-26. In a year, they carried out Internal Audit Runs which were commensurate with the size of the Company and nature of its business.

SECRETARIAL AUDIT:

The Company had appointed M/s. Naithani & Shetty

Associates, Company Secretaries Firm (Firm registration No. P2025MH103800), a firm of Practicing Company Secretaries to undertake the Secretarial Audit of the Company for FY 2025-26. The Secretarial Audit Report for the FY 2025-26 is annexed herewith as Annexure III. There are no reservations or qualifications made in the Audit Report.

The Company has obtained a Secretarial Compliance Report pursuant to Regulation 24 (A) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 for FY 2025-26 which is annexed herewith as Annexure IV. There are no reservations or qualifications made in this report.

The Company has obtained a certificate pursuant to Regulation 34 (3) and Schedule V para C clause 10(i) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 certifying that none of the Directors of the Company is barred or disqualified for being appointed as Director for the Financial Year ending 31st March, 2026. The same is annexed herewith as Annexure V.

DEPOSITS:

The Company has not accepted any deposits during the year under review.

COST AUDITOR:

M/s Dhananjay V Joshi & Associates, Cost Accountant firm were the Cost Auditors of the Company for FY 25-26.

Further, pursuant to the provisions of section 148 of the Act, the Board of Directors on the recommendation of the Audit Committee has re-appointed M/s Dhananjay V Joshi & Associates, Cost Accountants (Firm Registration No. 000030) as the cost auditor of the Company for the financial year ending on 31st March 2027 and have recommended their remuneration to the members for ratification at the ensuing AGM. Accordingly, a resolution seeking members ratification for the remuneration payable to the cost auditor forms part of the Notice of the ensuing AGM.

The cost auditor has furnished the eligibility certificate along with his consent to such appointment in terms of the relevant provisions of the Act read with Rules framed thereunder. The Audit Committee has also received a certificate from the cost auditor certifying their independence and arms length relationship with the Company.

As per the provisions of section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, the Company is required to maintain cost records and accordingly, such accounts and records are maintained.

MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION:

The Executive management has an appropriate framework that generates confidence of foreseeing and mitigating the risks, which every manufacturing Company faces. The material changes like tariffs, current war situation and the process of commodities linked thereto may put uncertainty in the business environment which may affect the financial position.

APPRECIATION:

Your Directors place on record their appreciation and heartfelt gratitude for the continued support and cooperation extended to the Company by the Central and State Government agencies, and by our Shareholders, Customers, Suppliers, Bankers, Employees at all levels, Employees Union and other Business Associates.

CAUTIONARY NOTE:

Certain statements in the Directors Report and Management & Discussion Analysis section may be forward looking and are stated as required by applicable laws and regulations. Many factors may affect the actual results, which could be different from what the Directors envisage in terms of future performance and outlook.

	On Behalf of the Board of Directors
	F. D. Neterwala
Date: 27th May, 2026	Chairman
Place: Mumbai	DIN: 00008332