Waaree Technologies Ltd Directors Report

To

The Members

Waaree Technologies Limited Mumbai

Your Directors have the immense pleasure to present the 12 th Annual Report on the business and operations of the Company together with the Audited Financial Statements for the Financial Year ended March 31, 2025 .

1. FINANCIAL PERFORMANCE

The Company s financial performance for the year ended March 31, 2025 is summarised below:

(Amount in Rs.)

		(Amount in Rs.)
Particulars	2024-25	2023-24
Total Income	104,510,155	289,049,446
Less: Expenditure	179,835,979	387,993,236
Profit/(Loss) before Tax	(75,325,824)	(98,943,790)
Tax Expense (including Previous Year Tax Adjustment)	(18,825,950)	(23,942,464)
Profit/(Loss) after Tax	(56,499,873)	(75,001,326)

2. RESULTS OF OPERATIONS & STATE OF COMPANY S AFFAIRS AND FUTURE OUTLOOK

During the period under review total revenue of the Company for the year was Rs. 104,510,155/- as against Rs. 289,049,446/- in the previous year. During the period under review the Company incurred loss before tax of Rs. 75,325,824/- against the loss before tax of Rs. 98,943,790/- in the previous year. The loss after tax for the year is Rs. 56,499,873/- against the loss after tax of Rs. 75,001,326/- in the previous year.

Your Company is engaged in the business of manufacturing of batteries, catering to both industrial and consumer segments, with a particular focus on energy storage systems, electric vehicles (EVs).

The Company has faced multiple operational and financial challenges, including, higher input costs, underutilized production capacity, and slower-than-expected market traction.

Despite the setbacks, the Company has made considerable efforts in streamlining operations, optimizing working capital, restructuring its cost base, and upgrading technology and quality systems at the manufacturing facility. Significant steps have also been taken to diversify the product mix and enter new market segments such as lithium-ion batteries and battery energy storage systems (BESS).

Indias battery manufacturing sector is poised for exponential growth driven by the Government s initiatives like FAME-II, PLI scheme for ACC battery storage, and the push for electric mobility and renewable energy adoption. The Company is well-positioned to capitalize on these developments.

3. DIVIDEND AND RESERVES

The Board of Directors do not recommend dividend to its shareholders for the financial year ended on March 31, 2025 keeping in view of further requirement of the funds for growth. The Company does not propose to transfer any amount to reserves.

4. SHARE CAPITAL

The authorised share capital of the Company is Rs. 12,00,00,000 (Rupees Twelve Crores Only) divided into 1,20,00,000 (One Crore Twenty Lacs) equity shares of Rs. 10/- each.

The paid-up equity share capital as at March 31, 2025 stood at Rs. 10,76,81,390/- (Rupees Ten crores seventy-six lacs eighty-one thousand three hundred ninety only) divided into 1,07,68,139/- (One Crore seven lacs sixty-eight thousand one hundred thirty-nine) equity shares of Rs. 10/- each.

The Company has not issued any equity shares with or without differential rights during the year under review and hence no information as per provisions of Rule 4(4) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

The Company has not issued any sweat equity shares during the year under review and hence no information as per provisions of Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

There are no shares held by trustees for the benefit of employees and hence no disclosure under Rule 16(4) of the Companies (Share Capital and Debentures) Rules, 2014 has been furnished.

5. ASSOCIATE COMPANIES, JOINT VENTURE AND SUBSIDIARY COMPANIES

As on March 31, 2025 the Company has no associate, joint ventures and subsidiary Company.

6. CONSOLIDATED FINANCIAL STATEMENT

The Company was not required to consolidated financial statement for the financial year ended on March 31, 2025 , as required in terms of the provision of Section 129(3) of the Companies Act, 2013 (herein after referred as the Act ) and Rules made there-under.

7. CORPORATE GOVERNANCE

Pursuant to the regulation 15(2)(b) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred as the SEBI Listing Regulations ) , provisions as specified in regulations 17, 17A 18, 19, 20, 21, 22, 23, 24, 24A, 25, 26, 26A, 27 and clauses (b) to (i) and (t) of sub-regulation(2) of regulation 46 and para-C, D and E of the Schedule V of the SEBI Listing Regulations shall not apply to those listed entity which has the specified securities on the SME Exchange.

As the Company is listed on the SME Platform of BSE Limited, hence Compliance with regards to the provisions relating to Corporate Governance are not applicable and the Company. However, your Company has complied with all the disclosures and requirements which are applicable under all the rules, regulations for the time being in force.

8. ANNUAL RETURN

In accordance with the provisions of Companies (Amendment) Act, 2017, read with Section 134(3)(a) of the Companies Act, 2013 ( the Act ), the Annual Return under Section 92(3) of the Act is hosted on the website of the Company at https://waareetech.com/annual-return/.

9. NUMBER OF BOARD MEETINGS

Board meetings are conducted in accordance with the provisions of the Act read with Articles of Association of the Company, the SEBI Listing Regulations and Secretarial Standard-1.

The Board meets at regular intervals (at least once in a calendar quarter) to discuss and decide on business strategies/policy and review the financial performance of the Company.

The Board meetings are pre-scheduled and a tentative annual calendar of the Board meetings is circulated to the Directors well in advance to facilitate the Directors to plan their schedules and to ensure meaningful participation in the meetings, further notice of each Board Meeting is given well in advance in writing to all the Directors.

The agenda along with relevant notes and other material information are sent in advance separately to each Director. In case of Business exigencies, if any, the Board s approval is taken through circular resolution except in the cases which has been restricted by the Act, is noted and confirmed at the subsequent Board meeting. During the Financial Year, every Board Meeting was conducted in accordance with all the relevant provisions applicable and also with in accordance with the relaxations/extensions as time to time provided by the Ministry of Corporate affairs and Securities and Exchange Board of India to ease the Companies Struggling due to restrictions imposed by the Central/State Government to contain the spread of Corona virus.

The Chief Financial Officer of the Company was invited to attend all the Board Meetings. Other senior managerial personnel, if any, are called as and when necessary to provide additional inputs for the items being discussed by the Board.

The Managing Director and the Chief Financial Officer of the Company make the presentation as and when required on operating and financial performance of the Company, operational health & safety and other business issues.

The draft of the minutes prepared by Company Secretary is circulated among the Directors for their comment/suggestion within 15 days of meeting and finally after incorporating their views, final minutes are recorded in the books within 30 days of meeting.

Post meeting, important decisions taken are communicated to the concerned officials and department for the effective implementation of the same.

The Board of Directors met to discuss and decide on Company s business policy and strength apart from other normal Board business. During the year 2024-25, Five (5) Board Meetings were held, and the intervening gap between the meetings was within the period prescribed under the Act, Secretarial Standard-1 and the SEBI Listing Regulations, including relaxations/extensions as time to time provided by the Ministry of Corporate affairs and Securities and Exchange Board of India. The dates on which the said meetings were held are as follows:

S.No.	Day and Date of the Meeting
01	Friday, May 03, 2024
02	Tuesday, August 27, 2024
03	Monday, November 11, 2024
04	Thursday, March 06, 2025
05	Friday March 07, 2025

10. General Meeting(s)

The 11 th Annual General Meeting of your Company was held on September 27, 2024, through video conferencing and other audio video means.

Further no Extra Ordinary General Meeting of the Company was held during the period under review.

11. DIRECTORS AND KEY MANAGERIAL PERSONNEL

An active, informed and independent Board is a pre-requisite for strong and effective corporate governance. The Board plays a crucial role in overseeing how the management safeguards the interests of all the stakeholders. The Board ensures that the Company has clear goals aligned to the shareholders value and growth. The Board critically evaluates strategic direction of the Company and exercises appropriate control to ensure that the business of the Company is conducted in the best interests of the shareholders and society at large. The Board is duly supported by the Managing Director, Executive Director, Key Managerial Personnel and Senior Management Personnel, ensuring effective functioning of the Company.

Composition of Board

		No. of Board Meetings
S. No. Name of the Director	Category of Director/KMP	Held during the tenure	Attended	Attendance at Last AGM held on September 27, 2024	No of Shares held	% of holding
1. Mr. Kirit Chimanlal Doshi	ED*	5	1	YES	17,89,200	16.62
2. Mr. Rushabh Pankaj Doshi	ED* & CFO***	5	5	YES	NIL	NIL
3. Mr. Jayesh Dhirajlal Shah	ID**	5	5	YES	NIL	NIL
4. # Mr. Rajender Mohan Malla (up to February 13, 2025)	ID**	3	3	YES	NIL	NIL
5. # Mrs. Ruchi Sethi (up to February 21 2025)	ID **	3	3	YES	NIL	NIL
6. ## Mr. Mitul Chandulal Mehta	ID **	1	1	NO	NIL	NIL
7. ## Ms. Anita Jaiswal	ID **	1	1	NO	NIL	NIL
8. Mr. Vivek Srivastava	NED*****	5	4	YES	NIL	NIL
9. CS Vibhor Kumawat	CS****	5	5	YES	NIL	NIL

*

* ED	- Executive Director
** ID	- Independent Director
*** CFO	- Chief Financial Officer
**** CS	- Company Secretary
***** NED	- Non-Executive Director

# During the period under review Mr. Rajender Mohan Malla, Independent Director of the Company resigned from his position with effect from closure of business hours of February 13, 2025, and Ms. Ruchi Sethi, also an Independent Director, sadly passed away on February 21, 2025, and consequently ceased to hold office as Director.

## On the recommendation of the Nomination and remuneration committee of the Company the Board of the Company appointed Mr. Mitul Chandulal Mehta and Ms. Anita Jaiswal, as an Additional Director (Non-executive and Independent) with effect from March 06, 2025.

Name of the Director	Mr. Kirit Chimanlal Doshi	Mr. Rushabh Pankaj Doshi	Mr. Jayesh Dhirajlal Shah	Mr. Mitul Chandulal Mehta	Ms. Anita Jaiswal	Mr. Vivek Srivastava
Designation	Chairman & Managing Director	Executive Director	Non- Executive Independen t Director	Non- Executive Independent Director	Non- Executive Independent Director	Non-Executive Director
Date of Appointment	24/10/2018	27/11/2018	18/06/2020	06/03/2025	06/03/2025	08/08/2023
No. of Directorship/
Membership/Chairmanshi ps in Public Limited Companies (including this)	1	1	3	2	3	1
No. of Directorship/ Membership/Chairmanshi ps in Private Limited and Section 8 Companies	5	7	0	1	0	1
No. of Committee Memberships (including this)*	1	2	5	2	3	0
No. of Chairmanships in Committee (Including this)	0	0	4	0	0	0

*while calculating the membership in committees, all the committees of the all the companies are considered.

During the period under review:

* Mr. Vivek Srivastava, Director of the Company retired by rotation and being eligible for re-appointment, was re-appointed in the last AGM. * Mr. Jayesh Dhirajlal Shah was re-appointed as an Independent Director (Non-executive) of the Company for the second term of 5(five) years with effect from June 18, 2025. * Mr. Rajender Mohan Malla, Independent Director of the Company resigned from his position with effect from closure of business hours of February 13, 2025, and Ms. Ruchi Sethi, also an Independent Director, sadly passed away on February 21, 2025, and consequently ceased to hold office as Director. * On the recommendation of the Nomination and remuneration committee of the Company the Board of the Company appointed Mr. Mitul Chandulal Mehta and Ms. Anita Jaiswal, as an Additional Director (Non-executive and Independent) with effect from March 06, 2025.

After the end of the financial year up to the date of the report:

After the closure of the financial year, the your board has re-appointed Mr. Kirit Chimanlal Doshi as Managing Director and further designated him as Chairman and Managing Director of the Company.

Retirement by rotation and subsequent re-appointment

* In terms of the provision of section 152 of the Act and of Articles of Association of the Company, Mr. Rushabh Pankaj Doshi, Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible, seeks re-appointment. The Board of Directors of the Company recommends this re-appointment at the ensuing Annual General Meeting. * On the recommendation of the Nomination and Remuneration Committee of the Company the Board of the Company appointed Mr. Mitul Chandulal Mehta and Ms. Anita Jaiswal, as an Additional Director (Non-executive and Independent) with effect from March 06, 2025 up to the date of ensuing Annual General meeting, and the same has been recommended to the members for their appointment as Director (Non-executive and Independent) for the first term of 5(five) years w.e.f. March 06, 2025.

The composition of the Board reflects the judicious mix of professionalism, competence and sound knowledge which enables the Board to provide effective leadership to the Company. The Board periodically evaluates the need for change in its size and composition to ensure that it remains aligned with statutory and business requirements. None of the Director hold office as a director, including any alternate directorship, in more than twenty companies, nor is a Director on the Board of more than ten Public Companies or acts as an Independent Director in more than seven Listed Companies. Further, none of the Director is a Member of more than ten Committees or Chairman of more than five Committees, across all the Companies in which he/she is a Director. The Company has issued the formal letter of appointment to all the Independent Directors as prescribed under the provisions of the Act and the terms and conditions of their appointment has been uploaded on the website of the Company.

The Board is entrusted with ultimate responsibility of the management, directions and performance of the Company. Board conducts and exercises the overall supervision and control by setting the goals and policies, reporting mechanism and decision making processes to be followed.

12. COMMITTEES OF THE BOARD

Under the aegis of Board of Directors, several committees have been constituted and delegated powers for different functional areas. The Board Committees are formed with approval of the Board and function under their guidance. These Board committees play an important role in overall management of day to day affairs and governance of the Company. The Board committees meet at regular intervals, takes necessary steps to perform its duties entrusted by the Board. To ensure good governance, Minutes of the meetings are placed before the Board to take note.

Under the provisions of the Act and the SEBI Listing Regulations, the Board of the Company have three committees namely:

I. Audit Committee

II. Stakeholders Relationship Committee III. Nomination and Remuneration Committee

These are briefly enumerated as under:

a.) Audit Committee:

The Audit Committee is duly constituted in accordance with Section 177 of the Act read with Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014. It adheres to the terms of reference, prepared in compliance with Section 177 of the Act, and the SEBI Listing Regulations to the extent applicable. The Audit Committee of the Company is entrusted with the responsibility to supervise the Company s internal controls and financial reporting process. The Committee acts as a link between the Management, the Statutory Auditors, the Internal Auditors, Secretarial Auditors and the Board of Directors.

Composition:

The Audit Committee comprises of 3 (three) Directors, out of whom 2 (two) are Non-Executive Independent Directors and 1 (one) is Executive Director. All the members of Audit Committee are financially literate and bring in expertise in the fields of finance, taxation, economics, risk, secretarial and international finance. Mr. Jayesh Dhirajlal Shah, Independent Director is the Chairperson of the Committee. The Audit Committee seeks to ensure both corporate governance and provides assistance to the Board of Directors in fulfilling the Board s overall responsibilities.

The constitution of the Audit Committee as on March 31, 2025 is as under:

Name of Members	Designation
Mr. Jayesh Dhirajlal Shah	Chairperson (Independent Director)
Mr.Mitul Mehta*	Member (Independent Director)
Mr. Rushabh Pankaj Doshi	Member (Executive Director)

* Due to the sad demise of Ms. Ruchi Sethi Independent Director of the Company, who was also the member of the Committee, the board reconstituted the audit committee and appointed Mr. Mitul Chandulal Mehta, Independent Director of the Company as member w.e.f. March 06, 2025.

Extract of Terms of Reference-

The indicative list of terms of reference of the Audit Committee are in accordance with Section 177 of the Act and as per the SEBI Listing Regulations are as follows:

(i) the recommendation for appointment, remuneration and terms of appointment of auditors of the Company;
(ii) review and monitor the auditor \u2019 s independence and performance, and effectiveness of audit process;
(iii) examination of the financial statement and the auditors \u2019 report thereon;
(iv) approval or any subsequent modification of transactions of the Company with related parties;
(v) scrutiny of inter-corporate loans and investments;
(vi) valuation of undertakings or assets of the Company, wherever it is necessary;
(vii) evaluation of internal financial controls and risk management systems;
(viii) monitoring the end use of funds raised through public offers and related matters
(ix) review of internal audit reports relating to internal control weakness and discuss with internal auditors any significant findings and follow up thereon;
(x) reviewing the statements of significant related party transactions submitted by the management.
(xi) review of the Whistle Blower Mechanism of the Company as per the Whistle Blower Policy and overseeing the functioning of the same.
(xii) review and approve policy on materiality of related party transactions and also dealing with related party transactions.

Powers of Audit Committee:

* To investigate any activity within its terms of reference. * To seek information from any employee. * To obtain outside legal and professional advice.

Audit Committee Meetings and Attendance-

During the Financial Year 2025-26, 4(four) meetings of the Audit Committee were held. The necessary quorum was present in all the meetings. The dates of the meetings are as follows:

S.No.	Day and Date of the Meeting
01	Friday, May 03, 2024
02	Tuesday, August 27, 2024
03	Monday, November 11, 2024
04	Friday March 07, 2025

The table below provides the attendance of the Audit Committee members:

Name	Position	Category	No. of Audit Committee Meeting during the year
			Held during the tenure	Attended
Mr. Jayesh Dhirajlal Shah	Chairman	Non Executive (Independent Director)	4	4
Mr. Mitul Chandulal Mehta	Member (w.e.f. March 06, 2025)	Non Executive (Independent Director)	1	1
Mrs. Ruchi Sethi (up to February 21, 2025)	Member	Non Executive (Independent Director)	3	3
Mr. Rushabh Pankaj Doshi	Member	Executive Director	4	4

The Audit Committee invites such of the executives as it considers appropriate i.e. the head of the finance (CFO), representatives of the Statutory Auditors, Secretarial Auditors etc. to attend the Committee s meetings. The Company Secretary of the Company acts as the Secretary to the Audit Committee.

b.) Stakeholders Relationship Committee:

The Stakeholders Relationship Committee is entrusted with the responsibility of addressing the shareholders / investors complaints with respect to transfer, transmission of shares, issuance of duplicate share certificate, non-receipt of Annual Report, non-receipt of dividend etc.

This committee overlooks the performance of the Registrar and Share Transfer Agent and to recommend measures for overall improvement in the Quality of Investor services. The Company has always valued its customer relationships.

I. Composition:

Constitution of the Committee as on March 31, 2025 is as under:

Name	Designation
Mr. Jayesh Dhirajlal Shah*	Chairperson (Independent Director)
Mr. Kirit Chimanlal Doshi	Member (Chairman and Managing Director)
Mr. Rushabh Pankaj Doshi	Member (Executive Director)

*Due to the sad demise of Ms. Ruchi Sethi Independent Director of the Company, who was also the chairperson of the Committee, the board reconstituted the committee and appointed Mr. Jayesh Dhirajlal Shah, Independent Director of the Company, as Chairperson at her place w.e.f. March 06, 2025.

II. Terms of reference of the Stakeholders Relationship Committee are broadly as under-

The Stakeholders Relationship Committee specifically looks into various issues of the Shareholders such as:

a.) Resolving the grievances of the security holders of the listed entity including complaints related to transfer/transmission of shares, non-receipt of annual report, non-receipt of declared dividends, issue of new/duplicate certificates, general meetings etc.

b.) Review of measures taken for effective exercise of voting rights by shareholders.

c.) Review of adherence to the service standards adopted by the listed entity in respect of various services being rendered by the Registrar & Share Transfer Agent.

d.) 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 shareholders of the Company.

III. Stakeholders Relationship Committee Meetings and attendance

During the Financial Year 2024-25, (one) meetings of the Committee were held. The necessary quorum was present in all the meetings. The dates of the meetings are as follows:

S.No. Day and Date of the Meeting
01 Thursday, March 27, 2025

The table below provides the attendance of the Stakeholders Relationship Committee members:

Name	Position	Category	No. of Stakeholder Relationship Committee Meeting during the year
			Held during the tenure	Attended
Mr. Jayesh Dhirajlal Shah	Chairperson	Non Executive (Independent Director)	1	1
Mr. Kirit Chimanlal Doshi	Member	Managing Director	1	1
Mr. Rushabh Pankaj Doshi	Member	Executive Director	1	1

Doshi

IV.Details of Complaints:

Particulars	Quarter ended June 30, 2024	Quarter ended September 30, 2024	Quarter ended December 31, 2024	Quarter ended March 31, 2025
No. of Investor Complaints pending at the beginning of the quarter.	0	0	0	7
No. of Investor Complaints received during the quarter.	2	0	9	9
No. of Investor Complaints disposed-off during the quarter.	2	0	2	16
No. of Investor Complaints remaining unresolved at the end of the quarter ended.	0	0	7	0

No pending complaints were there as on March 31, 2025.

Company Secretary of the Company acts as the Secretary of the Committee.

c.) Nomination and Remuneration Committee

The Nomination and Remuneration Committee reviews and recommends the payment of salaries, commission and finalizes appointment and other employment conditions of Directors, Key Managerial Personnel and other Senior Employees.

* Composition:-

The Nomination and Remuneration Committee has been constituted in order to bring about objectivity in determining the remuneration package while striking a balance between the interest of the Company and the shareholders.

As per the provisions of the Act and the SEBI Listing Regulations, the Nomination and Remuneration Committee (the Committee ) has laid down the evaluation criteria for performance evaluation of Independent Directors and the Board. The manner for performance evaluation of Directors (including Independent Directors) and Board as whole has been covered in the Board s Report.

* Extract of Terms of Reference-

The broad terms of reference of the Nomination and Remuneration Committee, as amended from time includes the following-

1. formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommend to the board of directors a policy relating to, the remuneration of the directors, key managerial personnel and other employees; 2. formulation of criteria for evaluation of performance of independent directors and the board of directors;

3. devising a policy on diversity of board of directors;

4. identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down, and recommend to the board of directors their appointment and removal.

5. 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.

* Nomination and Remuneration Committee Meetings and attendance - During the Financial Year 2024-25, 02 (two) meetings were held:-

S.No. Day and Date of the Meeting
01 Tuesday, August 27, 2024
02 Thursday, March 06, 2025

The table below provides the attendance of the Nomination and Remuneration Committee members:

			No. of Nomination & Remuneration Committee Meeting during the year
Name	Position	Category	Held during the tenure	Attended
Mr. Jayesh Dhirajlal Shah (w.e.f. March 06, 2025)	Chairperson	Non Executive (Independent Director)	2	2
Ms. Ruchi Sethi * (Upto February 21, 2025)	Chairperson	Non Executive (Independent Director)	1	1
Mr. Mitul Chandulal	Member	Non Executive (Independent Director)	1	1

Due to the sad demise of Ms. Ruchi Sethi Independent Director of the Company, who was also the Chairperson of the Committee, the board reconstituted the audit committee and appointed Mr. Jayesh Dhirajlal Shah, Independent Director of the Company as Chairperson w.e.f. March 06, 2025.

13. BOARD EVALUATION, INDUCTION AND TRAINING OF BOARD MEMBERS

Pursuant to the provisions of the Companies Act, 2013 the Board has carried out an annual performance evaluation of its own performance, the Directors individually as well as evaluation of the working of the Board and its Committees, culture, execution and performance of specific duties, obligations and governance.

The performance evaluation of the Independent Directors was completed. The performance evaluation of the Chairman and the Non-independent Directors was carried out by the Independent Directors. The Board of Directors expressed their satisfaction with the evaluation process.

In the opinion of Board, the Independent Directors possess the requisite expertise and experience and are the persons of high integrity and repute.

14. PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES GIVEN AND SECURITIES PROVIDED BY

THE COMPANY U/s 186

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the note no. 10 and 16 to financial statements.

15. VIGIL MECHANISM/WHISTLE BLOWER POLICY

The Company has a robust vigil mechanism through its whistle blower policy, approved and adopted by the Board of Directors of the Company in compliance with the provisions of Section 177(10) of the Act.

The policy also provides protection to the employees and Directors who report unethical practices and irregularities. Any incidents that are reported are investigated and suitable action is taken in line with the whistle blower policy. The employees are encouraged, to raise voice, for their concerns by way of whistle blowing and all the employees have been given access to the Audit Committee. It also provides adequate safeguards against victimization of Directors/ Employees who avail the mechanism and are free to report violations of applicable laws and regulations and the code of conduct. No personnel have been denied access to the Audit Committee pertaining to the Whistle Blower Policy. The Whistle Blower Policy is available on the https://waareetech.com/pdfs/Whistler-Blower-Policy.pdf

16. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

During the period under review, there are no significant and material orders passed by the Regulators/Courts that would impact the going concern status of the Company and its future operations.

17. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the provisions of section 134(5) of the Act, your Directors confirms that;

i. in the preparation of the Annual Accounts for the year ended March 31, 2025 , the applicable accounting standards and Schedule III have been followed along with proper explanation relating to departures, if any;

ii. appropriate accounting policies have been selected and applied consistently and such 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 March 31, 2025 and of the profit / loss of the Company for the year ended on that date

iii. proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. the annual accounts have been prepared on a going concern basis;

v. proper internal financial controls are laid down and such internal financial controls are adequate and operating effectively;

vi. proper systems to ensure compliance with the provisions of all applicable laws have been devised and such systems were adequate and operating effectively.

18. STATUTORY AUDITORS

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and Companies (Audit and Auditors) Rules, 2014, M/s R T Jain & Co. LLP, Chartered Accountants (Firm Registration No.103961W) were appointed as Statutory Auditor of the Company at the 8 th Annual General Meeting held in the year 2021, to hold office for a period of 5 (five) years from the conclusion of the 8 th Annual General Meeting till the conclusion of the 13 th Annual General Meeting to be held in the year 2026.

Further, pursuant to Section 139 and 141 of the Act and relevant Rules prescribed thereunder, the Company has received certificate from the Auditors to the effect that they are not disqualified under the provisions of applicable laws and also that there are no pending proceedings against them or any of their partners with respect to professional matters of conduct. As required under Regulation 33 of the SEBI Listing Regulations, the Statutory Auditors have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

19. STATUTORY AUDITOR S REPORT

The Board has duly received the Statutory Auditor s Report on the Audited Financial Statements of the Company for the financial year ended March 31, 2025. The Report given by the Auditors on the Audited Financial Statements of the Company is forming part of the Annual Report. There has been no qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report and the observations made by the Auditors are self - explanatory and have been dealt with in Independent Auditors Report & its annexures and hence do not require any further clarification.

Further, the Auditors have not reported any incident of fraud in the Company for the year under review under section 143(12) of the Act.

20. COST AUDIT AND COST RECORDS

Provision of Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014 are not applicable to the Company during the financial year under review.

21. SECRETARIAL AUDITOR & SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and rules made thereunder, the Board of Directors of the Company has appointed M/s R M Mimani & Associates LLP, Company Secretaries as Secretarial Auditor of the Company to conduct secretarial audit for the Financial Year 2024-25.

The Secretarial Audit Report for the financial year ended March 31, 2025 under the Act read with rules made there under in Form MR-3 obtained from M/s R M Mimani & Associates LLP, Company Secretaries, forms part of this Annual Report as

Annexure-2 .

The report is self-explanatory and does not contain any qualification, reservation, adverse remark, or disclaimer. Accordingly, no explanation or comment is required in the Board s Report pursuant to Section 134(3)(f) of the Companies Act, 2013 read with Secretarial Standard-4 issued by ICSI.

During the financial year 2024-25, no fraud was reported by the Secretarial Auditor of the Company in their Audit Report.

22. INTERNAL AUDITOR AND INTERNAL AUDIT REPORT

Pursuant to Section 138 of the Act read with Rule 13 of the Companies (Accounts) Rules, 2014, every Listed Company is required to appoint an Internal Auditor or a firm of Internal Auditors to carry out Internal Audit of the Company.

As per the requirements of the Act Company had appointed H Dave & Co. Chartered Accountants (FRN: 0137992W) as the Internal Auditor of the Company for the financial Year 2024-25 for conducting Internal Audit.

In compliance with the aforesaid requirements, the board has re-appointed H Dave & Co. Chartered Accountants (FRN: 0137992W) as internal auditor to conduct the Internal Audit of the Company for the Financial Year 2025-26.

During the financial year 2024-25, no fraud was reported by the Internal Auditor of the Company in their Audit Report.

23. INTERNAL FINANCIAL CONROL AND THEIR ADEQUACY

Your Company has an effective internal control and risk-mitigation system, which are constantly assessed and strengthened. The company is in process to adopt the standard operating procedures for this purpose. The Company s internal control system is commensurate with its size, scale and complexities of its operations.

The main thrust of internal audit is to test and review controls, appraisal of risks and business processes, besides benchmarking controls with best practices in the industry. The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of the internal control systems and suggests improvements to strengthen the same. The Company has a robust Management Information System, which is an integral part of the control mechanism.

The Audit Committee of the Board of Directors, Statutory Auditors and the Business Heads are periodically apprised of the internal audit findings and corrective actions taken. Audit plays a key role in providing assurance to the Board of Directors. Significant audit observations and corrective actions taken by the management are presented to the Audit Committee of the Board. To maintain its objectivity and independence, the Internal Audit function reports to the Chairperson of the Audit Committee.

24. NOMINATION AND REMUNERATION POLICY

The Board of Directors has framed a policy which lays down a framework in relation to remuneration of Directors, Key Managerial Personnel and Senior Management of the Company.

This policy also lays down criteria for selection and appointment of Board Members. The remuneration and nomination policy has been posted on the website of the Company, available on the https://waareetech.com/wp-content/uploads/2023/07/Nomination-Remuneration-and-Evaluation-Policy.pdf

25. RELATED PARTY TRANSACTIONS AND POLICY

The Company has developed a related party transactions framework through standard operating procedures for the purpose of identification and monitoring of transactions with the related parties.

The policy on related party transactions as approved by the Board of Directors has been uploaded on the website of the Company at https://waareetech.com/pdfs/Policy-on-Related-Party-Transactions.pdf.

None of the Directors has any pecuniary relationship or transactions vis-a-vis the Company.

The details of transactions entered into with the related parties are given in form AOC-2 in terms of the provision of section 188(1) including certain arm s length transactions and annexed herewith as Annexure- 1.

26. RISK MANAGEMENT POLICY

Your Company has a Risk Management Policy adopted by the Board. Periodical in-house risk audits were conducted to detect and mitigate the risks in a timely and effective manner.

Management Discussion and Analysis Report contain more details on the risk management practiced by the Company.

During the financial year under review, the Company has identified and evaluates elements of business risk. Consequently, a Business Risk Management framework is in place. The risk management framework defines the risk management approach of the Company and includes periodic review of such risks and also documentation, mitigating controls and reporting mechanism of such risks. The framework has different risk models which help in identifying risks trend, exposure and potential impact analysis at a Company level as also separately for business.

27. PREVENTION OF SEXUAL HARASSMENT POLICY

The Company has in place a policy on Prevention of Sexual Harassment, in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013 and rules framed thereunder.

An Internal Complaints Committee has been set up to redress complaints received regarding sexual harassment.

All employees (permanent, contractual, temporary, trainees) are covered under this policy.

During the Financial Year 2024-25, no complaint of sexual harassment were received by the Company details/particulars for the same are as follows:

Particulars	No. of Complaints
No. of Complaints Pending at the Beginning of the Year	0
No. of Complaints Received and Resolved during the Year	0
No. of Complaints Pending at the End of the Year	0

The Company is committed to providing a safe and conducive work environment to all of its employees and associates.

28. DISCLOSURE UNDER THE MATERNITY BENEFIT ACT, 1961

The Maternity Benefit Act, 1961 was enacted to safeguard the employment and well-being of women during maternity by providing for maternity leave, benefits, and protection against dismissal or discrimination on account of pregnancy. In accordance with the provisions of the Maternity Benefit Act, 1961, as amended, the Company hereby discloses the following information for the financial year 2024-25:

Particulars No.

Particulars	No.
Total number of women employees	0
Number of women employees who availed maternity leave during the year	0

Number of women employees who availed maternity leave during the year 0

The Company is committed to providing a safe, inclusive, and supportive working environment for all women employees, in line with the provisions of the Act.

In line with our commitment to employees welfare and compliance with applicable labor laws, the company has proactively adopted relevant provisions of the Act wherever feasible.

29. CORPORATE SOCIAL RESPONSIBILITY (CSR)

Provision of Schedule VII of the Companies Act, 2013 read with Companies Corporate Social Responsibility Policy Rules, 2014 are not applicable to the Company during the year under review.

30. ENVIRONMENT AND SAFETY

Your Company is committed to ensure sound Safety, Health and Environmental (SHE) performance related to its activities, products and services. Your Company is taking continuous steps to develop Safer Process Technologies and Unit Operations and has been investing heavily in areas such as Process Automation for increased safety and reduction of human error element. Enhanced level of training on Process and Behavior based safety, adoption of safe & environmentally friendly production process, Management System is done on a continuous basis.

The Company is committed to continuously take further steps to provide a safe and healthy environment.

31. STATUTORY INFORMATION

a) The information on conservation of energy, technology absorption and foreign exchange earnings and outgo pursuant to Section 134(3)(m) of the Companies Act, 2013, read with the Rule 8(3) of the Companies (Accounts) Rules, 2014 are given in annexure 5 b) The information required under section 197 of the Companies Act, 2013 read with Rule 5(1), (2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company are given in Annexure 3 & 4 to this report. c) The Company has not accepted any deposits, within the meaning of Section 73 of the Companies Act, 2013, read with the Companies (Acceptance of Deposits) Rules, 2014. d) The Business Responsibility and Sustainability Reporting as required under SEBI (LODR), 2015 and is not applicable to your Company for the financial year under review. e) Disclosure as required under para-F of Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, are not applicable to the Company during the financial year.

32. COMPLIANCE OF SECRETARIAL STANDARDS

During the year under review, the Company has complied with the applicable SS-1 (Secretarial Standard on Meetings of the Board of Directors) and SS-2 (Secretarial Standard on General Meetings) issued by the Institute of Company Secretaries of India and approved by the Central Government under Section 118(10) of the Companies Act, 2013.

33. LISTING REGULATIONS

During the period under review, the Company has complied with all the mandatory requirements of the SEBI Listing Regulations and other applicable regulations.

34. MANAGEMENT DISCUSSION AND ANALYSIS

In compliance with the Regulation 34 (2) of the SEBI Listing Regulations, the Management Discussion and Analysis Report is presented in a separate section forming part of this Report as Annexure-6 for the financial year ended March 31, 2025.

35. CAUTIONARY STATEMENT

Statements in this Report, Management Discussion and Analysis, Corporate Governance, notice to the Shareholders or elsewhere in this Annual Report, describing the Company s objectives, projections, estimates and expectations may constitute forward looking statement within the meaning of applicable laws and regulations. Actual results might differ materially from those either expressed or implied in the statement depending on the Market conditions and circumstances.

36. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE

COMPANY/CHANGE IN NATURE OF THE BUSINESS

Except as disclosed elsewhere in this report, no material changes and commitments which could affect the Company s financial position have occurred between the end of the financial year of the Company and date of this report.

37. STATEMENT PURSUANT TO SEBI LISTING REGULATIONS

The Company s shares are listed with SME segment of BSE Ltd. Your Company has paid the annual listing fee and there are no arrears.

38. OTHER DISCLOSURES

Other disclosures with respect to Board s Report as required under the Act, Rules notified thereunder and Listing Regulations are either NIL or Not Applicable.

39. ACKNOWLEDGEMENT AND APPRECIATION

The Board of Directors place on record their deep appreciation to employees at all levels for their hard work, dedication and commitment. The enthusiasm and unstinting efforts of the employees have enabled the Company to retain its Brand within the sector.

The Board places on record its appreciation for the support and co-operation received from its suppliers, distributors, retailers and others associated with it, as its trading partners. Company looks upon them as partners in its progress and has shared with them the rewards of growth. It will be Company s endeavor to build and nurture strong links with the trade based on mutuality of benefits, respect for and co-operation with each other, consistent with consumer interests.

The Board of Directors also take this opportunity to thank all Shareholders, Clients, Vendors, Banks, Government and Regulatory Authorities and Stock Exchanges, for their continued support.

Reg. Office: 602, Western Edge I, Western Express	For and on Behalf of the Board of Directors
Highway Borivali East, Mumbai 400066 Mumbai	For Waaree Technologies Limited
(Maharashtra)	Sd/-
	Kirit Chimanlal Doshi
Date: August 18, 2025	Chairman and Managing Director
Place: Mumbai	DIN: 00211972