Utkal Speciality Industries India Ltd Directors Report

BOARDS REPORT

To

The Shareholders,

Your Directors have pleasure in presenting their Annual Report on the business and operations of the Company and the accounts for the Financial Year ended 31st March, 2026.

I. FINANCIAL RESULTS AND STATE OF COMPANY AFFAIRS:

The Companys financial performance for the year ended March 31, 2026, is summarized as below:

Financial Results Summary

		Amount Unit: Rs. in lakh
Particulars	2025-26	2024-25
Revenue from operations (net)	5,528.75	4,861.96
Other income	116.09	165.98
Total Income	5,644.83	5,027.94
Total Expenses	4,665.95	4,149.05
Profit/(Loss) Before Tax (PBT)	978.88	878.89
Tax expense	249.08	210.66
Profit/(Loss) After Tax (PAT)	729.80	668.23
EPS (Rs.)	05.10	06.16

2. COMPANY PERFORMANCE OVERVIEW:

The Company, Utkal Speciality Industries India Limited, was originally incorporated as a private limited company on September 01, 2015. During the previous financial year, the Company was converted into a public limited company pursuant to a Special Resolution passed by the shareholders at the Extra-Ordinary General Meeting held on December 24, 2024. Consequently, the name of the Company was changed from "Utkal Speciality Industries India Private Limited" to "Utkal Speciality Industries India Limited", and a fresh Certificate of Incorporation dated January 22, 2025 was issued by the Registrar of Companies, Central Registration Centre.

During the financial year under review, the Company recorded a total income of Rs.5,644.83 lakhs as against Rs.5,027.94 lakhs in the previous financial year. The total expenditure for the year stood at Rs.4,665.95 lakhs, compared to Rs.4,149.05 lakhs in the previous year. The Company earned a Profit Before Tax (PBT) of Rs.978.88 lakhs as against Rs.878.89 lakhs in the previous financial year and a Profit After Tax (PAT) of Rs.729.80 lakhs, compared to Rs.668.23 lakhs in the previous financial year.

The Company continued to maintain a steady growth trajectory during the year, driven by improved operational performance and prudent financial management. A detailed review of the Companys operations, performance, opportunities, risks, and outlook is provided in the Management Discussion and Analysis Report, which forms an integral part of this Annual Report.

3. BUSINESS OUTLOOK:

The Company is engaged in the manufacturing and supply of superior quality raw materials for the paper cup and paper plate industry, along with a diverse range of paper-based finished products catering to wholesale, retail, industrial and MSME customers. Its product portfolio includes PE coated paper rolls, paper cup and plate blanks (raw materials for cups and plates), bottom reels, paper boards, paper cups, paper plates, tissue paper, paper napkins, food wrap in both paper and aluminium, sweet boxes, pizza, burger and sandwich boxes and allied products. The Company also undertakes customized printing (in bulk) solutions for paper cup blanks to meet specific customer requirements and has established an export presence in international markets.

With the increasing adoption of sustainable and eco-friendly paper-based packaging solutions, driven by changing consumer preferences and regulatory initiatives discouraging single-use plastics, the Company expects continued growth in demand for its products. Backed by its focus on product quality, customer-centric approach, customised offerings and expanding domestic and export markets, the Company is well positioned to capitalise on emerging opportunities in the paper packaging industry. The Management remains committed to strengthening operational efficiencies, broadening its product portfolio and enhancing market reach, which is expected to support the Companys long-term growth and profitability.

4. DIVIDEND:

Keeping in mind the fund requirements for further expansion of its business and to augment working capital requirements, your directors do not recommend any dividend for the financial year ended March 31, 2026.

In order to bring transparency pertains to declaration of dividend and protect the interests of shareholders, the company has adopted a Dividend Policy and the same has been displayed on the Companys website at link utkalspeciality.com

5. TRANSFER TO RESERVES:

During the year, the company has not transferred any amount from the surplus in retained earnings to the General Reserves account. No further amount is proposed to be transferred to reserves during the year under review.

6. TRANSFER OF UNCLAIMED DIVIDEND AND UNCLAIMED SHARES TO INVESTOR EDUCTION AND PROTECTION FUND:

As the company is yet to declare any dividend, there is no unpaid/unclaimed dividend which is required to transfer in IEPF (Investor Education and Protection Fund) as per the provisions of the Companies Act, 2013.

7. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:

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

8. AWARDS, RECOGNITION AND CERTIFICATIONS:

Your Directors are pleased to inform that the Company has been awarded an SME 1 rating by SMERA (SME Rating Agency of India Ltd.). The rating signifies "High Creditworthiness in relation to other SMEs" and reflects the Companys sound financial position, operational strength and commitment to maintaining high standards of business performance and corporate governance.

9. CHANGE IN NATURE OF THE BUSINESS:

During the year under review, the Company expanded its product portfolio by adding a new category of Aluminium Products. However, there was no change in the nature of the Companys business, and the Company continues to engage in the manufacturing, trading and supply of its existing product range in addition to the newly introduced product category.

10. SHARE CAPITAL:

The authorised capital of the Company as on March 31, 2026 stood at Rs.21 Crores comprising of 2,10,00,000 equity shares of Rs.10/- each. The paid-up capital of the company as on March 31, 2026 stood at Rs.14.30 Crores comprising of 1,43,00,000 number of equity shares of Rs.10/- each.

There were no changes in the Authorised, issued, subscribed, and paid-up share capital of the Company during the year. Further it is hereby confirmed that, the Company has not:

i) issued any shares, warrants, debentures, bonds, or any other convertible or non convertible securities.

ii) issued equity shares with differential rights as to dividend, voting or otherwise

iii) issued any sweat equity shares to its directors or employees

iv) made any change in voting rights

v) reduced its share capital or bought back shares

vi) changed the capital structure resulting from restructuring

vii) failed to implement any corporate action

11. DEPOSITS FROM PUBLIC:

The Company has not accepted any deposits from public falling within the ambit of section 73 and Section 76 of the Act, read with the Companies (Acceptance of Deposits) Rules, 2014. Hence, no disclosure is required under Rule 8(5)(v) and (vi) of the Companies (Accounts) Rules, 2014.

12. BORROWINGS:

As on 31st March, 2026, the total outstanding borrowings of the Company amounted to Rs. 16,30,67,652.31, comprising only secured loans.

13. COMPLIANCE OF SECRETARIAL STANDARDS:

The Company has complied with the applicable Secretarial Standards, namely SS-1 and SS-2, relating to "Meetings of the Board of Directors" and "General Meetings", respectively, issued by the Institute of Company Secretaries of India (ICSI) during the financial year ended 31st March, 2026.

14. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 134(3)(c) read with Section 134(5) of the Companies Act, 2013, the Directors hereby confirm that:

a) in the preparation of the annual accounts for the financial year ended March 31, 2026, the applicable accounting standards have been followed and there are no material departures from the same;

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

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

d) the Directors have prepared the annual accounts on a going concern basis;

e) the Directors have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively; and

f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.

15. PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES GIVEN AND SECURITIES PROVIDED UNDER SECTION 186 OF THE ACT.

The Company has not given any Loans, made any Investments, given any Guarantees and provided any Securities during the Financial Year coming under the purview of Section 186 of the Companies Act, 2013.

16. CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES UNDER SECTION 188(1) OF THE ACT

All transactions entered into with related parties during the year under review were in the ordinary course of business and on an arms length basis. The details of related party transactions are disclosed in the Notes to the Financial Statements. The requisite approvals of the Audit Committee and the Board of Directors, wherever applicable, were obtained for such transactions.

The disclosure of related party transactions in Form AOC-2, pursuant to Section 134(3) of the Companies Act, 2013 read with the applicable Rules made thereunder, is annexed as Annexure – I to this Report.

17. ANNUAL RETURN

Pursuant to the provisions of Section 92(3) and Section 134(3)(a) of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014, as amended from time to time, the Annual Return of the Company as on 31st March, 2026 is available on the Companys website and can be accessed at utkalspeciality.com

18. DIRECTORS OR KEY MANAGERIAL PERSONNEL:

A. COMPOSITION OF THE BOARD OF DIRECTORS:

As on 31st March, 2026, the Board of Directors of the Company comprised six Directors, including three Executive Directors-namely, the Managing Director, the Whole-Time Director & Chief Financial Officer, and a Director-and three Independent Directors. The composition the Board reflects an appropriate balance between Executive and Non-Executive Directors, with not less than one-third of the Board comprising Independent Directors, in compliance with the applicable provisions of the Companies Act, 2013.

Pursuant to the provisions of Section 152 of the Companies Act, 2013, Ms. Meena Agarwal (DIN: 07260502), Director of the Company, retires by rotation at the ensuing Annual General Meeting ("AGM") and, being eligible, has offered herself for re-appointment. The Board of Directors has recommended her re-appointment. The requisite details of the Director seeking re-appointment, as required under the Companies Act, 2013 and the applicable Secretarial Standards, are set out in the Explanatory Statement annexed to the Notice convening the ensuing AGM.

B. NUMBER OF BOARD MEETINGS AND ATTENDANCE OF DIRECTORS

During the Financial Year 2025-26, the Company held 9 (Nine) board meetings of the Board of Directors as per Section 173 of Companies Act, 2013, viz 23rd April, 2025, 1st July, 2025, 14th August, 2025, 22nd August, 2025, 17th September, 2025, 22nd September, 2025, 3rd December, 2025, 7th January, 2026, 26th March, 2026. The provisions of Companies Act, 2013 were adhered to while considering the time gap between two meetings.

The composition of the board and the details of meetings attended by its members are given below:

Board Meeting Attendance Details

SNO DIRECTOR	DESIGNATION	NO. OF MEETING ENTITLED	NO. OF MEETING ATTENDED
1 Mr. AKASH AGRAWAL	Managing Director	9	9
2 Ms. MEENA AGRAWAL	Whole Time Director	9	9
3 Mr. MANOJ KUMAR AGRAWAL	Whole Time Director & CFO	9	9
4 Ms. RINKU JAIN	Independent Director	6	6
5 Ms. RUCHIKA SHYAMSUKHA	Independent Director	6	6
6 Ms. ANJALI LAKHOTIA	Independent Director	6	6

C. CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of Section 152 of the Companies Act, 2013, Ms. Meena Agarwal (DIN: 07260502) Director of the Company, retire by rotation at the ensuing Annual General Meeting. The Board of Directors, on the recommendation of the Nomination and Remuneration Committee, has recommended his re-appointment. Details of the Directors retiring by rotation/ seeking re-appointment have been furnished in the explanatory statement to the notice of the ensuing AGM.

The following are the changes in the Board of Directors/KMPs of the Company during the year under review:

Name	DIN/PAN	Particulars	Effective Date/ Appointment/ Resignation
Ms. RINKU JAIN	10943452	Independent Director	14/08/2025
Ms. RUCHIKA SHYAMSUKHA	11040650	Independent Director	14/08/2025
Ms. ANJALI LAKHOTIA	11238711	Independent Director	14/08/2025
Mr. SATYABRATA BARAL	BFHPB6680Q	Company Secretary and Compliance Officer	23/04/2025

The Board of Directors of the company are of the opinion that all the Independent Directors of the company appointed / re-appointed during the year possess impeccable integrity, relevant expertise and experience required to best serve the interests of the company.

19. AUDITORS AND AUDITORS REPORT:

A. STATUTORY AUDITORS AND THEIR REPORT:

M/s. AKA HSB & Associates, Chartered Accountants (Firm Registration No. 0323314E), having their office at Office Unit 515, 5th Floor, West Wing, Nexus Esplanade, Rasulgarh, Bhubaneswar – 751010, Odisha, India, were appointed as the Statutory Auditors of the Company by the Members at the Annual General Meeting held on 30th September, 2024 to hold office from the conclusion of the said Annual General Meeting until the conclusion of the Annual General Meeting to be held in the year 2029 to audit the financial statements of the Company up to the financial year ending 31st March, 2029, at such remuneration as may be determined by the Board of Directors.

The Statutory Auditors have confirmed that they continue to satisfy the eligibility criteria prescribed under the Companies Act, 2013 and the Rules made thereunder and hold a valid Peer Review Certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India (ICAI).

The Statutory Auditors Report on the Standalone Financial Statements for the financial year ended 31st March, 2026 forms part of this Annual Report. The Auditors have expressed an unmodified opinion on the financial statements, and their report does not contain any qualification, reservation, adverse remark or disclaimer.

B. COST RECORDS AND COST AUDIT / COMPLIANCE:

Pursuant to the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014, the requirement for appointment of a Cost Auditor is applicable based on the prescribed turnover thresholds. Since the Companys turnover during the immediately preceding financial year did not exceed the threshold limits specified under the said provisions, the requirement for appointment of a Cost Auditor was not applicable to the Company for the financial year 2025–26.

C. SECRETARIAL AUDITOR AND THEIR REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the applicable Rules made thereunder, the requirement for appointment of a Secretarial Auditor was not applicable to the Company for the financial year 2025–26. Accordingly, no Secretarial Audit Report is annexed to this Report.

20. INTERNAL FINANCIAL CONTROL SYSTEM:

The Companys internal financial control framework meets the requirement of the Companies Act, 2013. The framework requires a company to identify and analyze risks and manage appropriate responses. The company has successfully laid down the framework and ensured its effectiveness.

21. DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION, AND REDRESSAL) ACT, 2013:

The Company has zero tolerance for sexual harassment at workplace and has a mechanism in place for prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder. The Company is committed to provide equal opportunities without regard to their race, caste, sex, religion, color, nationality, disability, etc. All employees are treated with dignity with a view to maintain a work environment free of sexual harassment whether physical, verbal or psychological. All employees (permanent, contractual, temporary, trainees) are covered.

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. An Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment at workplace. During the year under review, Company has not received any complaints on sexual harassment and there are no complaints pending either at the beginning or at the end of the Financial Year 2025-26 on sexual harassment.

22. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERNS STATUS AND COMPANYS OPERATIONS IN FUTURE:

The Company has not received any significant or material orders passed by any regulatory authority, court or tribunal which shall impact the going concern status and Companys operations in future.

23. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT:

The Statutory Auditors, Secretarial Auditors of the Company have not reported any frauds to the Audit Committee or to the Board of Directors under section 143(12) of the Act, including rules made there under.

24. CORPORATE SOCIAL RESPONSIBILITY (CSR):

The Companys CSR initiatives and activities are aligned with the requirements of Section 135 of the Companies Act, 2013. Since the amount required to be spent towards CSR during the financial year 2025–26 does not exceed Rs.50 lakh, the requirement to constitute a CSR Committee is not applicable to the Company. The Board of Directors has discharged the functions of the CSR Committee in accordance with the provisions of the Act. The details of CSR activities undertaken by the Company during FY 2025–26, in the prescribed format, are annexed as "Annexure – II" to this Report.

25. RISK MANAGEMENT:

The Board of Directors has adopted a Risk Management Policy for identifying, assessing, monitoring and mitigating various risks that may affect the Companys business and operations. The Board oversees the implementation and effectiveness of the risk management framework and periodically reviews the key risks and the measures adopted to mitigate them. In the opinion of the Board, there is no such risk, which may threaten the existence of the Company.

26. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND 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 are provided in ANNEXURE - III to this Report.

27. PARTICULARS OF EMPLOYEES:

Employee relations continued to remain cordial during the year under review. The Company continued to focus on the development and well-being of its human resources. The details of employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are annexed as Annexure – IV to this Report.

28. PARTICULARS OF HOLDING, SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE:

The Company does not have any Holding, Subsidiary, Joint Venture and Associate Company.

29. RECEIPT OF REMUNERATION OR COMMISSION BY THE MANAGING / WHOLE TIME DIRECTOR FROM ITS HOLDING OR SUBSIDIARY COMPANY:

The Company does not have any Holding or Subsidiaries Company. Accordingly, any disclosure or reporting under this heading does not arise.

30. COMMITTEES OF THE BOARD:

As on March 31, 2026, the company has three Board level committees:

A) Audit Committee

B) Nomination and Remuneration Committee

C) Stakeholders Relationship Committee

The composition of various Committees of the Board of Directors is available on the website of the Company. The Board is responsible for constituting, assigning, co-opting and fixing the terms of reference of various committees. Details on the role and composition of these committees, including the number of meetings held during the financial year and the related attendance are provided below:

A. AUDIT COMMITTEE:

The Audit Committee was constituted at the Board Meeting held on 17th September, 2025 pursuant to the provisions of Section 177 of the Companies Act, 2013. During the financial year 2025–26, the Company held 4 (Four) Audit Committee Meetings on 22nd September, 2025, 3rd December, 2025, 7th January, 2026 and 30th March, 2026.

The composition of the Audit Committee as on 31st March, 2026 and the details of meetings attended by its members during the financial year 2025–26 are given below:

Audit Committee Attendance Details

SNO DIRECTOR	Designation in the Committee	NO. OF MEETING ENTITLED	NO. OF MEETING ATTENDED
1 Mrs. Rinku Jain (DIN: 10943452)	Chairperson	4	4
2 Mrs. Ruchika Shyamsukha (DIN: 11040650)	Member	4	4
3 Mr. Manoj Kumar Agrawal (DIN: 03104710)	Member	4	4

All recommendations of Audit Committee during the year under review were accepted by the Board of Directors. The Company Secretary acted as the secretary of the Committee. The role and terms of reference of the Committee are in consonance with the requirements mandated under Section 177 of the Companies Act, 2013 is available on the website of the Company at utkalspeciality.com.

B. NOMINATION AND REMUNERATION COMMITTEE:

The Nomination and Remuneration Committee was constituted at a meeting of the Board of Directors held on 17th September, 2025. During the Financial Year 2025-26, the Company held 01 (One) Nomination and Remuneration Committee meetings on March 26, 2026.

The composition of the Committee and the details of meetings attended by its members are given below:

Nomination and Remuneration Committee Attendance Details

SNO DIRECTOR	Designation in the Committee	NO. OF MEETING ENTITLED	NO. OF MEETING ATTENDED
1 Mrs. Rinku Jain (DIN: 10943452)	Chairperson	1	1
2 Mrs. Ruchika Shyamsukha (DIN: 11040650)	Member	1	1
3 Mrs. Anjali Lakhotia (DIN: 11238711)	Member	1	1

The Company Secretary acted as the secretary of the Committee. The role and terms of reference of the Committee are in consonance with the requirements mandated under Section 178 of the Companies Act, 2013 and is available on the website of the Company at utkalspeciality.com.

C. STAKEHOLDERS RELATIONSHIP COMMITTEE:

The Stakeholders Relationship Committee has been formed by the Board of Directors, at the meeting held on 17th September, 2025. During the Financial Year 2025-26, the Company held 01 (One) Stakeholders Relationship Committee meetings on 26th March, 2026.

The composition of the Committee and the details of meetings attended by its members are given below:

Stakeholders Relationship Committee Attendance Details

SNO DIRECTOR	Designation in the Committee	NO. OF MEETING ENTITLED	NO. OF MEETING ATTENDED
1 Mrs. Ruchika Shyamsukha (DIN: 11040650)	Chairperson	1	1
2 Mr. Akash Agrawal (DIN: 03104722)	Member	1	1
3 Mr. Manoj Kumar Agrawal (DIN: 03104710)	Member	1	1

The Company Secretary acted as the secretary of the Committee. The role and terms of reference of the Committee are in consonance with the requirements mandated under Section 178 of the Companies Act, 2013 and is available on the website of the Company at utkalspeciality.com.

31. INDEPNDENT DIRECTORS MEEETING:

During the financial year 2025–26, one meeting of the Independent Directors was held on 26th March, 2026. The details of attendance of the Directors are provided below:

Independent Directors Meeting Attendance Details

SNO	DIRECTOR	DESIGNATION	NO. OF MEETING ENTITLED	NO. OF MEETING ATTENDED
1	Ms. RINKU JAIN	Independent Director	1	1
2	Ms. RUCHIKA SHYAMSUKHA	Independent Director	1	1
3	Ms. ANJALI LAKHOTIA	Independent Director	1	1

DECLARATION:

The Independent Directors have confirmed that they meet the criteria of independence laid down under Section 149(6) read with Schedule IV of the Act and Regulation 16(1)(b) of the Listing Regulations and that they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence. The board of directors hereby taken on record the declaration and confirmation submitted by the independent directors after undertaking due assessment of the veracity of the same and is of the opinion that they fulfil the conditions specified in the Act and that they are independent of the management.

32. VOLUNTARY REVISION OF FINANCIAL STATEMENTS OR BOARDS REPORT:

During the financial year under review, no revision of the financial statements or the Boards Report was made under the provisions of Section 131 of the Companies Act, 2013.

33. VIGIL MECHANISM AND WHISTLE-BLOWER POLICY:

The Company has established a Vigil Mechanism and Whistle-Blower Policy in accordance with the provisions of Section 177(9) of the Companies Act, 2013, to enable Directors and employees to report genuine concerns regarding unethical behaviour, actual or suspected fraud or violation of the Companys policies. The Policy is available on the Companys website at utkalspeciality.com.

34. POLICIES OF THE COMPANY:

The Company is committed to a good corporate governance and has consistently maintained its organizational culture as a remarkable confluence of high standards of professionalism and building shareholder equity with principles of fairness, integrity and ethics. The Board of Directors of the Company have from time to time framed and approved various Policies as required by the Companies Act, 2013 read with the Rules issued thereunder. These Policies and Codes are reviewed by the Board and are updated, if required. The aforesaid policies can be accessed at utkalspeciality.com.

35. INITIAL PUBLIC OFFER (IPO):

During the year under review, the shareholders of the Company, at the Extraordinary General Meeting held on 22 August 2025, approved the proposal to raise capital through an Initial Public Offer (IPO) of the Equity Shares of the Company and to list the Equity Shares on the SME Platform of the Stock Exchange, subject to receipt of the requisite statutory and regulatory approvals.

Pursuant to the aforesaid approval, the Company initiated the IPO process and undertook the necessary regulatory compliances. The Draft Red Herring Prospectus (DRHP) dated 25 September 2025 and the Red Herring Prospectus (RHP) dated 2 June 2026 were filed with the concerned authorities in accordance with the provisions of the Companies Act, 2013, the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, and other applicable laws and regulations.

As on the date of this Report, the IPO process was under progress.

36. REGISTRAR AND TRANSFER AGENT (RTA):

During the year under review, pursuant to the proposed listing of the Companys Equity Shares on the Stock Exchange, the Company appointed Cameo Corporate Services Limited as its Registrar and Share Transfer Agent ("RTA") for handling share registry and related investor services.

The details of the Registrar and Share Transfer Agent are as under:

Cameo Corporate Services Limited

CIN: U67120TN1998PLC041613

"Subramanian Building" No. 1, Club House

Road, Chennai- 600 002

Tamil Nadu, India

37. COMPLIANCE OFFICER DETAILS AND ADDRESS FOR CORRESPONDENCE:

Ms. Satyabrata Baral,

Company Secretary & Compliance Officer

Registered office : IDCO Plot No. I/5/B,

Food Processing Park, Khurda, Khorda,

Khurda, Orissa, India, 752057.

Contact No. +91 90401 34060;

E-mail: compliance@utkalspeciality.com

38. ACKNOWLEDGEMENT:

The Board of Directors would like to express their sincere appreciation for the assistance and co-operation received from the government and regulatory authorities, financial institutions, banks, business associates, customers, vendors, members, for their co-operation and support and looks forward to their continued support in future.

The Board of Directors wish to place on record its deep sense of appreciation for the committed services by all the employees of the Company.

	For and on behalf of the Board
	UTKAL SPECIALITY INDUSTRIES INDIA LIMITED
Signatures	Details
AKASH AGRAWAL	AKASH AGRAWAL
MANAGING DIRECTOR	Chairman & Managing Director
DIN-03104722	DIN: 03104722
MANOJ KUMAR AGRAWAL	MANOJ KUMAR AGRAWAL
WHOLE-TIME DIRECTOR	Whole-time Director
DIN-03104710	DIN: 03104710
Place: Khorda
Date: 13.06.2026