Valiant Communications Ltd Directors Report

To the Members,

The Directors present their 33 rd Annual Report on the business and operations of the Company and the audited statement of accountsforthe year ended 31 March 2026.

Financial Results

(In Rs. Lacs except EPS)

Particulars	Standalone		Consolidated
	2025-2026	2024-2025	2025-2026	2024-2025
Sales &OtherIncome	8,574.38	5,159.38	8,984.71	5,265.70
Earnings before depreciation, interest, and taxation	3,235.03	1,566.37	3,520.24	1,558.55
Less:-
Depreciation	288.36	262.14	288.36	262.14
Finance cost	18.99	20.79	18.99	20.79
Taxes	762.04	332.16	794.82	314.35
Net Profit(loss) aftertax	2,165.64	951.28	2,418.07	961.27
Other comprehensive income (net)	(17.70)	(7.41)	47.56	9.75
Total comprehensive income	2,147.94	943.87	2,465.63	971.02
Earnings PerShare(EPS)
- Basic (in )	18.93	8.31	21.13	8.40
- Diluted (in )	18.88	8.31	21.08	8.40

Corporate Highlights

Our net revenues (net of taxes and component sales) from operations on a standalone basis grew by 66.90% to Rs. 8,411.37 lacs in the reporting year. Domestic and export revenues constituted 85.78% and 14.22% of our total revenues respectively. The growth in revenue has a further positive impact on margins and profitability. The reported Earnings before Depreciation, Interest, and Taxation (EBITDA) stands at Rs. 3,235.03 lacs [previous year: Rs. 1,566.37 lacs] with the reported net profit at 2,165.64 lacs [previous year: 951.28 lacs] with a recorded growth of 127.66%.

At the consolidated level, our net revenues (net of taxes and component sales) from operations on a consolidated basis grew by 66.90% to Rs. 8,487.29 lacs in the reporting year. Domestic and export revenues constituted 85.01% and 14.99% of our total revenues respectively. The growth in revenue has a further positive impact on margins and profitability. The reported EBITDA is increased to Rs. 3,520.24 lacs from Rs. 1,558.55 lacs as reported last year. Whereas, the reported net profit increased to Rs. 2,418.07 lacsfrom Rs. 961.27 lacswith a recorded growth of 151.55%.

Operations and State ofAffairs

The operation and state-of-affairs have been adequately explained in the Management Discussion and Analysis segmentandform partofthisreport.

Subsidiariesand their Performance

To explore the emerging opportunities in communications business and infrastructure development, the Company has established direct subsidiaries, viz. Valiant Communications (UK) Limited, United Kingdom and Valiant Infrastructure Limited, India, as part of its future growth strategy. Whereas, Valcomm Technologies Inc., USA, is its step-down subsidiary of the Company. The statement containing the salient features of the financial statements of the aforesaid subsidiaries is annexed herewith asAnnexure-1.

Valcomm USA, has clientele of prestigious name such as the US Government (various departments), General Dynamics, Ministry of Defence Serbia, Ministry of Defence Bulgaria, Ministryof DefenceAustralia, Costal Department France etc., as its end user customers.

Whereas, Valiant UK has also been approved as registered vendor withSiemens for Lithuania and Latvia.

The Company has adopted a policy for determining Material Subsidiaries in terms of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the Listing Regulations"). The Policy, as approved by the Board, is uploaded on the Companys website at the web link: https://www.valiantcom.com/corporate/cp/material- subsidiary-policy.pdf

There were no transactions during the year which would require to be reported in Form AOC-2.

Consolidated Financial Statements

As required under Section 129 of the Companies Act, 2013 ("the Act") and the Listing Regulations, the audited Consolidated Financial Statements of the Company and its subsidiaries, prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 ("Ind AS"), form part of the Annual Report and are reflected inthe Consolidated Financial Statements.

The annual accounts of the subsidiaries and related detailed information will be kept at the Registered Office of the Company, as also at the registered offices of the respective subsidiary companies and will be available to investors seeking information at any time. They are also available on the website ofthe Company.

BonusIssue

On 13 October 2025, the Company allotted 38,14,030 fully paid-up Bonus Equity Shares of the face value of Rs. 10/- each in the ratio of one new fully paid-up bonus equity share for every two existing equity shares, held by the shareholders of the Company on record date of 10 October2025.

In accordance with approval received from the Members at their last annual general meeting held on 30 September 2025, the said bonus equity shares rank pari-passu in all respects with the existing equity shares ofthe Company.

Share Capital

As a result of the bonus issue, the paid-up capital of the Company increased to Rs. 1,144.21 lacs from Rs. 762.81 lacs. The paid-up capital on account of bonus issue of 381.40 lacs has been appropriated from the securities premium and capital redemption reserve.

There has been no change in the authorized share capital. The Company has not issued shares with differential voting rights. It has neither issued employee stock options nor sweat equity shares and does not have any scheme to fund its employees to purchase the shares of the Company.

Issuanceofconvertible warrants

The Board of Directors ofthe Company, in their meeting held on 27 November 2025 have allotted 6,00,000 warrants, each are convertible into fully paid-up equity shares ofthe Company, on preferential basis to the Non- Promoter category, up to an amount of 4,608 Lacs, at an issuance price of Rs. 768/- per warrant [derived pursuant to the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018].

Equity share(s) issued upon exercise of warrant(s), shall rank pari-passu to the existing equity shares of the Company. The shareholders of the Company, by way of postal ballot, approved the issuance of warrants on preferential basis. During the financial year under reporting, the Company has received an aggregate consideration of 1,152 Lacs towards minimum 25% of the total consideration of the warrants. The convertible warrants are required to be exercised and converted into equity shares within 12 months from the date of allotment of warrants, in accordance with the provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. In the event, the warrants are not exercised within the said period, the upfront consideration of 25% paid by the warrant holders shall stand forfeited by the Company.

Utilisation of funds

Regulation 32 ofthe Listing Regulations states that where a listed entity has raised funds through preferential allotment, the listed entity shall disclose every year, the utilization of such funds during that year in its Annual Report until such funds are fully utilized. Accordingly, the same has been disclosed in the Corporate Governance Reportand the financial statements ofthe Company.

Further, it is also confirmed that the funds raised have been used for the purpose for which funds were raised only and there is no reported deviation.

Transferto Reserves

As permitted under the provisionsoftheAct,the Board of Directors has decided to retain the entire amount of profits for financial year2025-26inthe retainedearnings.

Dividend

Considering the performance ofthe Company, the Board of Directors has recommended a Dividend of 15% ( 1.50 per equity share on face value of Rs. 10/- each), on the expanded paid-up capital. The total dividend outgo for the financial year ended 31 March 2026, shall be higher by 50% than the previous year commensurate with the increase in the number of equity shares on account ofthe Bonus Issue in ratio 1:2. The said Dividend on equity shares is subject to the approval of the Members at the ensuing Annual General Meeting ("AGM"). The Dividend income will be taxable in the hands of the Members and the Company is required to deduct tax at source from the Dividend paidtothe Members at prescribed rates.

Ifthe dividend, as recommended above, is declared at the ensuing AGM, the total outflow towards dividend on Equity Shares for the year would be Rs. 175.38 lacs (previous year: Rs. 114.42 lacs), which may be increased further because of the outstanding convertible warrants, asreferred above.

Dematerialisation of EquityShares

As on 31 March 2026, 99.13% (previous year: 98.57%) of the outstanding equity shares of the Company have been dematerialized.

Deposits

During the year under review, your Company has not taken any public deposits.

Particulars of Loans, Guarantees and Investments

During the year under review, your Company has not given any loans, guarantees or made investments under Section 186oftheAct, 2013.

Related Party Transactions

All Related Party Transactions that were entered into during the financial year were on an arms length basis, in the ordinary course of business and were in compliance with the applicable provisions of the Act and the Listing Regulations. There were no materially significant Related PartyTransactions made by the Company during the year that would have required Shareholders approval under the Listing Regulations.

All Related PartyTransactions are placed before the Audit Committee for approval. Prior omnibus approval of the Audit Committee is obtained for the transactions which are repetitive in nature. A statement of all Related Party Transactions is placed before the Audit Committee for its review on a quarterly basis, specifying the nature, value and terms and conditions ofthe transactions.

During the year under review, your Company has not entered in any kind of transaction, referred in Clause 2 and 2A, Part AofScheduleVof Listing Regulations.

The Company has adopted a Related Party Transactions Policy. The policy, as approved by the Board, is uploaded on the website ofthe Company at the following web link: https://www.valiantcom.com/corporate/cp/materiality- related-party.pdf

Details of the transactions with Related Parties are provided in the accompanyingfinancial statements.

Risk Management Policy

The Company has adopted a Risk Management Policy in accordance with the provisions of the Act and the Listing Regulations. It establishes various levelsof accountability and overview within the Company, while vesting identified managers with responsibility for each significantrisk.

The Company has laid down procedures to inform the Audit Committee as well as the Board of Directors about risk assessment and management procedures and status.

The risk management process consists of risk identification and assessment; risk measurement, mitigation and monitoring; and risk reporting.

Board of Directors

The Board of Directors of the Company is comprised of members with proven competence and integrity. Besides the experience, strong financial acumen, strategic astuteness and leadership qualities, they also have a significant degree of commitment towards the Company and devote adequate time to the meetings and preparation.

As on reporting date, the Board consists of eight Directors comprising of four Independent Non-Executive Directors and four Executive Directors, details of which have been provided in the Corporate Governance Report.

In terms of the requirement of the Listing Regulations, the Board has identified core skills, expertise, and competencies of the Directors in the context of the Companys businesses for effective functioning. The list of key skills, expertise and core competencies of the Board of Directors is detailed in the Corporate Governance Report. In the opinion of the Board, all the Directors, including the Directors re-appointed during the year under review possess the requisite qualifications, experience & expertise and hold high standards of integrity.

Appointment of Directors

Pursuant to the provisions of the Companies Act, 2013 and the Articles of Association of the Company, and on the recommendations of the Nomination and Remuneration Committee, the Board of Directors appointed at its meeting held on 03 February 2026:

a) Mr. Garv Mohan Sood as an Additional Director and as Whole-time Director of the Company, liable to retire by rotation, for a period of three (3) years with effect from 03 February 2026, later approved and regularized by the shareholders by way of passing a special resolution on 12 March 2026;

b) Sh. Aditya Pratap Singh as an Additional Director in Independent Capacity, not liable to retire by rotation, for an initial term of five (5) consecutive years from 03 February 2026, later approved and regularized by the shareholders by way of passing a special resolution on 12 March 2026.

Independent Directors

The Members of the Company at their 31st Annual General Meeting (AGM) held on 25September 2024, had appointed Sh. Subhash Kumar Mehta, Sh. Anil Tandon and Ms. Sanjna Aggarwal as Independent Directors of the Company for the first term to hold office up to 24 September 2029. Whereas, as disclosed above, Sh. Aditya Pratap Singh, will hold office for the first term up to 02 February 2031.

All the Independent Directors have given declarations that they meet the criteria of independence as laid down underSection 149 (6) of the Act and the provisions of the Listing Regulations. In the opinion of the Board, they fulfill the conditions of independence as specified in the Act and the Rules made thereunder and are independent of the management.

The Board is of the opinion that the Independent Directors possess requisite qualifications, experience and expertise in the fields of commerce, laws, strategy, auditing, tax and risk advisory services, financial services, corporate governance, etc. and that they hold highest standards of integrity.

The Independent Directors of the Company have confirmed that they have enrolled themselves in the Independent Directors Databank maintained with the Indian Institute of Corporate Affairs (IICA) in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment & Qualification of Directors) Rules, 2014, asamended.

Re-appointmentof Directors retiringby rotation

In accordance with the provisions of Section 152 of the Act, Sh. Inder Mohan Sood and Sh. Davinder Mohan Sood, Directors of the Company, retire by rotation, and being eligible, offer themselvesforre-appointments.

Cessations

There has not been any instance of cessation of Directors duringthe year underreporting.

Key Managerial Personnel

Thefollowingarethe Key Managerial Personnel ("KMPs") of theCompanyas per Sections 2(51) and203 of the Act:

a) Sh. Inder Mohan Sood, Managing Director & Chief Executive Officer,

b) Sh. Davinder Mohan Sood, Executive Whole-time Director & Chief Financial Officer,

c) Sh. Gaurav Mohan Sood, Executive Whole-time Director,

d) Sh. Garv Mohan Sood, Executive Whole-time Director and

e) Sh. Manish Kumar, Company Secretary & Compliance Officer.

As referred above, Sh. Garv Mohan Sood was appointed as Whole-time Director of the Company, for a period of three (3) years with effect from 03 February 2026. There has been no other instance of appointment or cessation of Key Managerial Personnel during the year under reporting.

Policy onAppointmentand Remuneration of Directors

The Company has adopted a Nomination and Remuneration Policy for the Directors, Key Managerial Personnel, and other employees, pursuant to the provisionsoftheActand the Listing Regulations.

In accordance with the Nomination and Remuneration Policy adopted by the Company, the Nomination and Remuneration Committee is responsible for developing competency requirements for the Board based on the industry and strategy of the Company.

The Committee is responsible for reviewing and vetting the profile of potential candidate vis-a-vis the required competencies and meeting potential candidates, prior to making recommendations of their nomination to the Board in accordance with the Nomination and Remuneration Policy of the Company. The Nomination and Remuneration Committee has formulated the criteria for determining requisite qualifications, positive attributes such as high standards of ethical behavior, strong interpersonal and communication skills and soundness of judgment and independence of Directors in terms of provisions of Section 178 of the Act and the Listing Regulations.

The philosophy for remuneration of Directors, Key Managerial Personnel and all other employees of the Company is based on the commitment of fostering a culture of leadership with trust. The Remuneration Policy of the Company is aligned to this philosophy.

The Nomination and Remuneration Committee has inter- alia considered the following factors while formulating the Policy:

(i) The level and composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors of the quality required to run the Company successfully;

(ii) Relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and

(iii) Remuneration to Directors, Key Managerial Personnel and Senior Management involves a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of theCompanyand itsgoals.

It is affirmed that the remuneration paid to Directors, Key Managerial Personnel and all other employees is as per the Remuneration Policyofthe Company.

The Nomination and Remuneration Policy, as approved by the Board, is uploaded on the Companys website at: https://www.valiantcom.com/corporate/cp/nomination -remuneration-policy.pdf

Annual Evaluation of Board Performance and Performanceof its Committees and ofDirectors

Pursuant to the applicable provisions of the Act and the Listing Regulations, the Board has carried out an Annual Evaluation of its own performance, performance of the Directors and the working of its Committees based on the evaluation criteria defined by Nomination and Remuneration Committee (NRC) for performance evaluation process of the Board, its Committees and of Directors.

The Boards functioning was evaluated on various aspects, including inter-alia the Structure of the Board, Meetings of the Board, Functions of the Board, Degree of fulfilment of key responsibilities, Establishment and delineation of responsibilities to various Committees, Effectiveness of Board Processes, information and functioning.

The Committees of the Board were assessed on the degree of fulfilment of key responsibilities, adequacy of Committee composition and effectiveness of meetings. The Directors were evaluated on aspects such as attendance, contribution at Board/Committee Meetings and guidance/support to the Management outside Board/Committee Meetings.

The performance assessment of Non-Independent Directors, Board as a whole and the Chairman were evaluated in a separate meeting of Independent Directors. The same was also discussed in the meetings of NRCandthe Board.

Performance evaluation of Independent Directors was done by the entire Board, excluding the Independent Director being evaluated.

Boardand Committee Meetings

Details of the composition of the Board and its Committees and of the Meetings held and attendance of the Directors at such Meetings, are provided in the Corporate Governance Report. The intervening gap betweenthe Meetingswas within theprescribed period.

Directors ResponsibilityStatement

In terms of Section 134(3) (c) of the Act, your directors, to the best of their knowledge and belief and according to the information and explanations obtained by them in the normal course of their work, state that, in all material respects:

a) In the preparation of the annual financial statements for the year under reporting, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b) Appropriate accounting policies have been selected, applied consistently and judgment 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 reporting date and of the profit of thecompanyforthe 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 Act, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

d) The annual financial statements have been prepared on a going concern basis;

e) Proper internal financial controls were in place and the financial controls were adequate and operating effectively; and

f) Proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequateand operating effectively.

Corporate Governance Report and Management Discussion & Analysis Report

As per the provisions of Listing Regulations, Corporate Governance Report with auditors certificate thereon and Management Discussion and Analysis are attached and form part of this report.

Vigil Mechanism /Whistle Blower Policy

The company has a vigil mechanism named Whistle Blower Policy to deal with instances of fraud and mismanagement, if any. The complete details of the policy can be found at the following web link: https://www.valiantcom.com/corporate/cp/vigil- mechanism.pdf

ReportingofFrauds

There was no instance of fraud during the year under review, which required the Statutory Auditors to report to the Audit Committee and / or Board under Section 143(12) oftheAct and therules made thereunder.

Anti-Sexual Harassment Policy

The Company has in place a Prevention of Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013, (POSH) and rules made thereunder. All persons employed on a permanent, contractual, temporary basis and trainees are covered under this Policy. In addition, the Company has complied with provisions relating to constitution ofInternal Committees and has a stablewell- governed ethics investigation process. The Internal Committee constituted under the POSH comprises four members including three women, with a woman as the Presiding Officer, in accordance with the provisions of Section 4 of the POSH.

No complaints were pending at the beginning of the financial year 2025-2026. During the year under review, no complaints with allegations of sexual harassment were received by the Company and accordingly no complaints were pending as at the end of the year.

Code ofConduct

All Board of Directors and senior management personnel have affirmed their respective annual compliance with the provisions of the Code of Conduct for the reporting year, laid down by the Board to govern the conduct of Directors and senior management of the Company by certain fundamental business principles, ethics, values, policies and procedures within the applicable laws, rules and regulations.

Secretarial Standards

The Company is in compliance with the Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI).

Codefor PreventionofInsider Trading

Pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended, the Company has adopted a Code for Prevention of Insider Trading. The objective of the code is to restrict an insider from dealing in the shares of the company either directly or indirectly when in possession of unpublished price sensitive information and also to restrict communication of such information. The code is applicable to directors and designated employees/ persons associated with the company. The code enumerates the procedure to be followed for dealing in the shares of the company and periodic disclosures to be made. It also restricts the insiders from dealing in the companys shares during the period when the Trading Window is announced closed. The company secretary has been designated as the Compliance Officer.

The details of the said code are available on our website at: https://www.valiantcom.com/corporate/cp/codes- insider-trading.html

Internal Controls Systems and Adequacy

The Companys internal audit systems are geared towards ensuring adequate internal controls commensurate with the size and needs of the business, with the objective of efficient conduct of operations through adherence to the Companys policies, identifying areas of improvement, evaluating the reliability of Financial Statements, ensuring compliances with applicable laws and regulations and safeguarding of assets from unauthorized use.

Details of the internal controls system are given in the Management Discussion and Analysis Report, which forms partof the Directors Report.

Auditors and Audit

i) Statutory Auditors

The Members of the Company at their Annual General Meeting held on 30 September 2022, had approved the re-appointment of M/s. Pawan Nanak Bansal & Co., Chartered Accountants, (ICAI Firm Registration no. 008953C), as the statutory auditors of the Company for a second term of five consecutive years commencing from the conclusion of the 29th AGM until the conclusion of 34th AGM ofthe Company to beheld in theyear2027.

The Auditors Report forthefinancialyearended 31 March 2026 does not contain any qualification, reservation, adverse remarkordisclaimer.

ii) SecretarialAudit

In accordance with the provisions of Section 204 of the Act and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed Bhalla & Associates, Company Secretaries, Delhi, to undertake the Secretarial Audit of the company. The Secretarial Audit report is annexed herewithasAnnexure-2.

The Secretarial Audit Report for the financial year ended 31 March 2026 does not contain any qualification, reservation, adverse remark or disclaimer.

In accordance with the SEBI Listing Regulations, the Members of the Company at their Annual General Meeting held on 30 September-2025, had approved the appointment of Bhalla & Associates, Practicing Company Secretaries (Firm Registration No. S2016DE424900), a Peer reviewed firm, as the Secretarial Auditors of the Company for conducting Secretarial Audit and issue the Secretarial Audit Report for a term of consecutive five (5) years from financial year 2025-2026 to financial year 2029-2030.

ExtractofAnnual Return

In accordance with Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return of the Company as on 31 March 2026 is available on the Companys website at: https://valiantcom.com/corporate/extract-annual- return/extract-annual-return.html

Cost Records

The provisions of the Act relating to maintenance of cost records are not applicable in the light of the 2nd proviso of Rule 3 of the Companies (Cost Records and Audit) Rules, 2014.

Material Changes and Commitments

The Preferential Issue Committee of the Board of Directors of the Company at their meeting held on 07 May 2026, allotted 2,50,000 equity shares of face value of Rs. 10/- each, pursuant to the conversion of 2,50,000 fully convertible warrants into equity shares. Accordingly, after this allotment of 2,50,000 equity shares, there shall be 3,50,000 convertible warrants remaining outstanding and available for conversion.

Other than above, there has been no material change and commitment, affecting the financial performance of the Company which occurred between the end of the financial year of the Company to which the financial statements relateand the date of this Report.

Significant and Material Orders passed by the Regulators or Courts

No significant material orders have been passed by the Regulators or Courts or Tribunals which would impact the going concern status of the Company and its future operations.

No applications were made or any proceedings were pending against the Company under the Insolvency and Bankruptcy Code, 2016.

Personnel

The information required underSection 197 (12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 with anyamendmentsthereto, isannexed asAnnexure-3.

In terms of Section 136 of the Act, the Reports and Accounts are being sent to the shareholders excluding the information required under Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Any shareholder interested in obtaining the same may write to the Company Secretary at the Registered Office of the Company. The said information is available for inspection by the Members at the Registered Office of the Company on any working day of the Company.

Corporate Social Responsibility

The Company has complied with the provisions of Section 135 of the Act, by way of the required contribution to the Prime Ministers National Relief Fund (PMNRF) in the reported financial year. The Company shall continue its endeavor to fulfill its responsibility towards society.

The above contribution projects are in accordance with Schedule VII to the Act, The Annual Report on CSR activities is attached as Annexure-4, which forms part of this Report.

The CSR Policy is available on the website of the Company at https://valiantcom.com/corporate/cp/csr-policy.pdf

Registrar and Share Transfer Agent

The Company has been informed by the Registrar and ShareTransfer Agent that consequent to the acquisition of Link Group by Mitsubishi UFJ Trust and Banking Corporation by way of Scheme of Arrangement, the name of the Registrar and Share Transfer Agent of the Company

changed from Linkintime India Private Limited to MUFG Intime India Private Limited with effect from 31 December2024.

Particulars of Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134 (3) (m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 with any amendments thereto, isannexed asAnnexure-5.

Acknowledgments

The Directors sincerely acknowledge the trust and confidence that has been placed by the employees, shareholders and investors in the Company. The Directors are thankful to all the employees and the officers of the Company, for their dedication, support and co-operation.

On behalfofthe Board of Directors

ForValiant Communications Limited

Sd/-

Inder Mohan Sood

Chairman and Managing Director

Place: New Delhi

Date: 30 May 2026