Walpar Nutritions Ltd Directors Report

To,

The Members,

Walpar Nutritions Limited

Your Directors are pleased to present the 6th Board Report on the business and operations of the Company along with the Audited Standalone and Consolidated Financial Statements for the Financial Year ended on 31st March, 2026.

1. FINANCIAL RESULTS:

The financial performance of the Company for the Financial Year ended on 31st March, 2026 and for the previous financial year ended on 31st March, 2025 is given below:

(Rs. In Lakhs)

	Standalone		Consolidated
Particulars	2025-26	2024-25	2025-26	2024-25
Revenue from operations	6529.88	6016.16	7879.00	7176.33
Other Income	13.88	10.03	25.97	26.59
Total Income	6543.77	6026.19	7904.97	7202.93
Total Expenses	6291.79	5782.96	7494.66	6815.14
Profit / Loss before Exceptional and Extra-Ordinary Items and Tax Expenses	251.98	243.23	410.31	387.79
Less: Exceptional and Extra Ordinary Items	0	0	0	0
Profit / Loss before Tax Expenses	251.98	243.23	410.31	387.79
Less: Current Tax	63.66	59.95	95.47	88.01
Deferred Tax	(7.69)	13.44	(7.77)	8.95
Tax related to earlier years	(0.52)	0.58	1.91	11.02
Profit / Loss for after Tax	196.53	169.26	320.70	279.81
Profit/(Loss) of Associate	0.00	0.00	(20.37)	0.00
Profit Attributable to Minority Interest	0.00	0.00	52.88	47.37
Profit / Loss for the Period / Profit Attributable to Owners of Parent	196.53	169.26	247.44	232.44
Earnings Per Share (EPS)
Basis	2.09	1.80	2.64	2.48
Diluted	2.09	1.80	2.64	2.48

2. OPERATIONS:

- Standalone:

The total revenue from operations for the Financial Year 2025-26 stood at Rs. 6,543.77 Lakhs, as compared to Rs. 6,026.19 Lakhs in the previous Financial Year. The Company incurred a Profit before tax of Rs. 251.98 Lakhs during the year, as compared to Rs. 243.23 Lakhs in the previous Financial Year, while the Net Profit after tax increased to Rs. 196.53 Lakhs from Rs. 169.29 Lakhs in the previous Financial Year. The improved financial performance reflects the Companys steady operational growth and prudent financial management.

- Consolidated:

The total revenue from operations for the Financial Year 2025-26 stood at Rs. 7,904.97 Lakhs, as compared to Rs. 7,202.93 Lakhs in the previous Financial Year. The Company incurred a Profit before tax of Rs. 410.31 Lakhs during the year, as compared to Rs. 387.79 Lakhs in the previous Financial Year, while the Net Profit after tax increased to Rs. 247.44 Lakhs from Rs. 232.44 Lakhs in the previous Financial Year.

The Directors continue to explore new avenues for the future growth of the Company and remain optimistic about its growth prospects in the coming years.

3. CHANGE IN NATURE OF BUSINESS, IF ANY:

During the Financial Year 2025-26, there was no change in the nature of the Business of the Company.

4. WEBLINK OF ANNUAL RETURN:

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act and Rule 12 of the Companies (Management and Administration) Rule, 2014, the Annual Return as on March 31, 2026 is available on the Companys website at www.walparnutritions.com.

5. SHARE CAPITAL:

A. AUTHORISED SHARE CAPITAL:

The authorized equity share capital of the Company as on 31st March, 2026 is Rs. 11,00,00,000/- (Rupees Eleven Crores Only) divided into 1,10,00,000 (One Crore Ten Lakhs) Equity Shares of Rs. 10.00/- (Rupees Ten Only) each.

During the year there is no change in the Authorised Equity Share Capital of the Company.

B. PAID-UP SHARE CAPITAL:

The paid-up equity share capital of the Company as on 31st March, 2026 is Rs. 9,39,04,400/- (Rupees Nine Crores Thirty-Nine Lakhs Four Thousand and Four Hundred Only) divided into 93,90,440 (Ninety-Three Lakhs Ninety Thousand Four Hundred and Forty) equity shares of Rs. 10.00/- (Rupees Ten Only) each.

During the year there is no change in the Paid-up Equity Share Capital of the Company.

6. DIVIDEND:

To conserve the resources for future prospect and growth of the Company, the Board of Directors do not recommend any dividend for the Financial Year 2025-26 (Previous year – NIL).

7. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:

Pursuant to Section 124 of the Companies Act, 2013, the amount of dividend remaining unpaid or unclaimed for a period of seven years shall be transferred to the Investor Education and Protection Fund ("IEPF"). During the year under review, there was no unpaid or unclaimed dividend in the "Unpaid Dividend Account" lying for a period of seven years from the date of transfer of such unpaid dividend to the said account. Therefore, there were no funds which were required to be transferred to Investor Education and Protection Fund.

8. TRANSFER TO OTHER EQUITY:

The Profit of the Company for the Financial Year ended 31st March, 2026 has been transferred to Profit and Loss account of the Company under Reserves and Surplus (i.e. Other Equity).

9. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THE FINANCIAL STATEMENTS RELATES AND THE DATE OF THE REPORT:

There has been no material change and commitment affecting the financial position or financial performance of the Company between the end of the Financial Year of the Company to which the financial statements relate and the date of this Report.

10. SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:

There is no significant material order passed by the Regulators or Courts or Tribunal, which would impact the going concern status of the Company and its future operations.

11. MEETING OF THE BOARD OF DIRECTORS:

The Directors of the Company met at regular intervals at least once in a quarter with the gap between two meetings not exceeding 120 days to take a view of the Companys policies and strategies apart from the Board Matters.

During the year under the review, the Board of Directors met 5 (Five) times viz. 15th May, 2025, 3rd September, 2025, 13th November, 2025, 20th January, 2026 and 20th March, 2026.

12. DIRECTORS RESPONSIBILITY STATEMENT:

In accordance with the provisions of Section 134(3)(c) and Section 134(5) of the Companies Act, 2013, to the best of their knowledge and belief the Board of Directors hereby submit that:

a. In the preparation of the Annual Accounts, for the year ended on 31st March, 2026 the applicable accounting standards read with requirements set out under schedule III to the Act, have been followed and there is no material departure from the same;

b. The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit & loss of the Company for the financial year ended on 31st March, 2026;

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

d. The Directors had prepared the Annual Accounts on a going concern basis;

e. The Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

f. The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

13. CORPORATE SOCIAL RESPONSIBILITY (CSR):

The provisions of Section 135 of the Companies Act, 2013 is not applicable to your Company as the Company does not fall under the criteria limits mentioned in the said section of the Act.

Hence, the Company has not taken voluntary initiative towards any activity mentioned for Corporate Social Responsibility.

14. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has in place adequate internal financial controls with reference to financial statement across the organization. The same is subject to review periodically by the internal audit cell for its effectiveness. During the financial year, such controls were tested and no reportable material weaknesses in the design or operations were observed. The Statutory Auditors of the Company also test the effectiveness of Internal Financial Controls in accordance with the requisite standards prescribed by ICAI. Their expressed opinion forms part of the Independent Auditors report.

Internal Financial Controls are an integrated part of the risk management process, addressing financial and financial reporting risks. The internal financial controls have been documented, digitized and embedded in the business processes.

Assurance on the effectiveness of internal financial controls is obtained through management reviews, control self-assessment, continuous monitoring by functional experts. We believe that these systems provide reasonable assurance that our internal financial controls are designed effectively and are operating as intended.

During the year, no reportable material weakness was observed.

15. PARTICULARS OF LOANS GIVEN, GUARANTEES GIVEN, INVESTMENTS MADE AND SECURITIES PROVIDED UNDER SECTION 186 OF THE COMPANIES ACT, 2013:

The details of loans, investment, guarantees and securities covered under the provisions of section 186 of the Companies Act, 2013 are provided in the financial statement.

16. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:

During the year under review, the Company has entered into transactions with its related parties in the ordinary course of business and on an arms length basis. All such transactions were undertaken in compliance with the applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as applicable.

The transactions entered into by the Company with its related parties fall within the scope of Section 188(1) of the Companies Act, 2013 and were carried out on an arms length basis and in the ordinary course of business. The transactions did not have any potential conflict with the interests of the Company.

Pursuant to Section 134(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014, the particulars of contracts or arrangements entered into with related parties in the prescribed Form AOC-2 are annexed to this Report as Annexure – II.

The details of transactions with related parties, as required under the applicable Accounting Standards, are disclosed in the notes forming part of the financial statements of the Company.

17. RESERVES & SURPLUS:

Sr. No.	Particulars	Amount (Rs. in Lakhs)
1.	Balance at the beginning of the year	358.77
3.	Current Years Profit / (Loss)	196.53
4.	Other Comprehensive Income	0.00
5.	Amount of Securities Premium and other Reserves	203.78
	Total	759.08

18. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF THE RISK MANAGEMENT POLICY OF THE COMPANY:

The Company has framed formal Risk Management framework for risk assessment and risk minimization for Indian operation which is periodically reviewed by the Board of Directors to ensure smooth operations and effective management control. The Audit Committee also reviews the adequacy of the risk management frame work of the Company, the key risks associated with the business and measures and steps in place to minimize the same.

19. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

The Company has not undertaken any major initiatives with respect to conservation of energy or technology absorption during the year under review. Hence, the particulars as required under section 134(3)(m) of the Companies Act 2013 read with the Companies (Accounts) Rules, 2014 are not applicable.

Further, details of the foreign exchange earnings and outgo during the financial year 2025-26 are as mentioned below:

(Rs in Lakhs)

	Foreign exchange earnings and outgo	F.Y. 2025-26	F.Y. 2024-25
a.	Foreign exchange earnings	164.00	438.53
b.	CIF value of imports	Nil	Nil
c.	Expenditure in foreign currency	Nil	Nil
d.	Value of Imported and indigenous Raw Materials, spare-parts and Components Consumption	Nil	Nil

20. POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION:

The Remuneration policy is directed towards rewarding performance based on review of achievements on a periodical basis. The remuneration policy is in consonance with the existing industry practice and is designed to create a high-performance culture. It enables the Company to attract, retain and motivate employees to achieve results. The Company has made adequate disclosures to the members on the remuneration paid to Directors from time to time. The Companys Policy on directors appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under Section 178(3) of the Act is available on the website of the Company at https://www.walparnutritions.com/assets/pdf/policy-on-remuneration.pdf.

21. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Management Discussion and Analysis Report as required under Regulation 34 and Schedule V of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 forms an integral part of this Report, and provides the Companys current working and future outlook as per Annexure – III to this report.

22. DISCLOSURES RELATING TO HOLDING, SUBSIDIARY, ASSOCIATE COMPANY AND JOINT VENTURES:

The Company has a two Subsidiary Companies, namely, M/s. Walpar Wellness Private Limited ("WWPL") and Walpar Nutri Science Private Limited ("WNSPL"), and one Associate Company, namely, M/s. Pallota Nutritions Private Limited ("PNPL"). The Company does not have any Joint Venture Company during the Financial Year under review.

During the Financial Year under review, Pallota Nutritions Private Limited ("PNPL") was incorporated on 26th July, 2025, pursuant to the Certificate of Incorporation issued by the Ministry of Corporate Affairs ("MCA"). Pursuant to the investment made by the Company in PNPL, PNPL became an Associate Company of the Company, within the meaning of Section 2(6) of the Companies Act, 2013, with effect from the date of its incorporation.

The Company has duly complied with the applicable provisions of the Companies Act, 2013 and the rules made thereunder in relation to its Subsidiary and Associate Companies. The Company has also formulated a policy for determining a "Subsidiary Company", which is available on the website of the Company at https://www.walparnutritions.com/company-policies.html.

In accordance with the provisions of Section 129(3) of the Companies Act, 2013, read with the applicable provisions of the Companies (Accounts) Rules, 2014, a statement containing the salient features of the financial statements of the Subsidiary and Associate Companies in Form No. AOC-1 is annexed to this Report as Annexure – I.

23. SECRETARIAL STANDARDS:

During the year under review, the Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India ("ICSI"). The Company has devised proper systems to ensure compliance with its provisions and is in compliance with the same.

24. REPORTING OF FRAUDS BY THE AUDITORS:

During the year under review, neither the Statutory nor the Secretarial Auditors has reported to the Audit Committee under Section 143(12) of the Companies Act, 2013, any instances of fraud committed against the Company by its officers or employees, the details of which would need to be mentioned in the Boards Report.

25. STATE OF COMPANYS AFFAIRS:

Management Discussion and Analysis Report for the year under review, as stipulated in Regulation 34(2)(e) of SEBI Listing Regulations is given as a separate part of the Annual Report. It contains a detailed write up and explanation about the performance of the Company.

26. STATEMENT ON ANNUAL EVALUATION OF BOARDS PERFORMANCE:

The Board evaluated the effectiveness of its functioning, that of the Committees and of individual Directors, pursuant to the provisions of the Act and SEBI Listing Regulations. The Board sought the feedback of Directors on various parameters including:

- Degree of fulfillment of key responsibilities towards stakeholders (by way of monitoring corporate governance practices, participation in the long-term strategic planning, etc.);

- Structure, composition, and role clarity of the Board and Committees;

- Extent of co-ordination and cohesiveness between the Board and its Committees;

- Effectiveness of the deliberations and process management;

- Board / Committee culture and dynamics; and

- Quality of relationship between Board Members and the Management.

The above criteria are broadly based on the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017.

The Chairman of the Board had one-on-one meetings with each Independent Director and the Chairman of Nomination and Remuneration Committee had one-on-one meetings with each Executive and Non-Executive, Non-Independent Directors. These meetings were intended to obtain Directors inputs on effectiveness of the Board / Committee processes.

In a separate meeting of Independent Directors, performance of Non-Independent Directors, the Board as a whole, and the Chairman of the Company was evaluated, taking into account the views of Executive Directors and Non-Executive Directors.

The Nomination and Remuneration Committee reviewed the performance of the individual directors and the Board as a whole.

In the Board meeting that followed the meeting of the independent directors and the meeting of Nomination and Remuneration Committee, the performance of the Board, its committees, and individual directors was discussed.

The evaluation process endorsed the Board Members confidence in the ethical standards of the Company, the resilience of the Board and the Management in navigating the Company during challenging times, cohesiveness amongst the Board Members, constructive relationship between the Board and the Management, and the openness of the Management in sharing strategic information to enable Board Members to discharge their responsibilities and fiduciary duties.

The Board carried out an annual performance evaluation of its own performance and that of its committees and individual directors as per the formal mechanism for such evaluation adopted by the Board. The performance evaluation of all the Directors was carried out by the Nomination and Remuneration Committee.

The performance evaluation of the Chairman, the Non-Independent Directors and the Board as a whole was carried out by the Independent Directors. The exercise of performance evaluation was carried out through a structured evaluation process covering various aspects of the Board functioning such as composition of the Board & committees, experience & competencies, performance of specific duties & obligations, contribution at the meetings and otherwise, independent judgment, governance issues etc.

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Board has carried out the annual performance evaluation of the Directors individually as well as evaluation of the working of the Board by way of individual feedback from directors.

The evaluation frameworks were the following key areas:

a) For Non-Executive & Independent Directors:

- Knowledge

- Professional Conduct

- Comply Secretarial Standard issued by ICSI Duties

- Role and functions

b) For Executive Directors:

- Performance as leader

- Evaluating Business Opportunity and analysis of Risk Reward Scenarios

- Key set Investment goal

- Professional conduct and integrity

- Sharing of information with Board.

- Adherence applicable government law

The Directors expressed their satisfaction with the evaluation process.

27. MANAGING THE RISKS OF FRAUD, CORRUPTION AND UNETHICAL BUSINESS PRACTICES:

A. VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company has established vigil mechanism and framed whistle blower policy for Directors and employees to report concerns about unethical behaviour, actual or suspected fraud or violation of Companys Code of Conduct or Ethics Policy.

B. BUSINESS CONDUCT POLICY:

The Company has framed "Business Conduct Policy". Every employee is required to review and sign the policy at the time of joining and an undertaking shall be given for adherence to the policy. The objective of the policy is to conduct the business in an honest, transparent and in an ethical manner. The policy provides for anti-bribery and avoidance of other corruption practices by the employees of the Company.

28. LOANS FROM DIRECTOR / RELATIVE OF DIRECTOR:

During the year under review, the Company has not entered into any materially significant related party transactions which may have potential conflict with the interest of the Company at large. Suitable disclosures as required are provided in AS-18 which is forming the part of the notes to financial statement.

29. PARTICULARS OF EMPLOYEES:

The provisions of Rule 5(2)&(3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 are not applicable to the Company as none of the Employees of the Company has received remuneration above the limits specified in the Rule 5(2) & (3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 during the Financial Year 2025-26.

30. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The Directors and Key Managerial Personnels of the Company are summarized below:

Sr. No.	Name	Designation	DIN / PAN
1.	Mr. Kalpesh Ladhawala	Chairman-cum-Managing Director	02849232
2.	Mr. Tanmaykumar Shah	Whole-time Director	08984640
3.	Mrs. Sejal Ladhawala	Executive Director & CFO	07331231
4.	Ms. Nidhi Shah	Executive Director	09008374
5.	Mr. Fenil Shah	Executive Director	09012730
6.	Mr. Krunal Patel1	Executive Director	09008355
7.	Mr. Abhishekkumar Patel1	Executive Director	09012728
8.	Mr. Jigneshkumar Modi1	Executive Director	09012731
9.	Mr. Rupesh Shah2	Non-Executive and Independent Director	07911687
10.	Mr. Jayshukh Detroja2	Non-Executive and Independent Director	09066938
11.	Mr. Tapan Patel2	Non-Executive and Independent Director	09066951
12.	Mr. Ne halkumar Shah2	Non-Executive and Independent Director	09066955
14.	Ms. Rahiben A Thakkar	Company Secretary	B*******K

1 Mr. Krunal Patel, Mr. Abhishekkumar Patel and Mr. Jigneshkumar Modi have resigned from the office of Executive Directors of the Company with effect from 19th May, 2026.

2 Mr. Rupesh Shah, Mr. Jayshukh Detroja, Mr. Tapan Patel and Mr. Nehalkumar Shah have been re-appointed as Non-Executive Directors of the Company for a term of five consecutive years with effect from 29th August, 2026.

Apart from the above changed, there were no other changes in the composition of the Board of Directors of the Company during the Financial Year 2025-26 and till the date of Boards Report. As per Companies Act, 2013, the Independent Directors are not liable to retire by rotation.

31. DECLARATION BY INDEPENDENT DIRECTORS:

Mr. Rupesh Shah, Mr. Jayshukh Detroja, Mr. Tapan Patel, and Mr. Nehalkumar Shah are Independent Directors of the Company have confirmed to the Board that they meet the criteria of Independence as specified under Section 149(6) of the Companies Act, 2013 and are qualified to be Independent Director. They also confirmed that they meet the requirements of Independent Director as mentioned under Regulation 16(1)(b) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The confirmations were noted by the Board.

32. CORPORATE GOVERNANCE:

Since the Company has listed its specified securities on the NSE Emerge platform, the provisions relating to Corporate Governance specified under Regulation 17 to 27, clauses (b) to (i) of sub-regulation (2) of Regulation 46, and Para C, D and E of Schedule V of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, are not applicable to the Company by virtue of Regulation 15 thereof.

Accordingly, the provisions relating to Corporate Governance are not applicable to the Company and, therefore, the Corporate Governance Report does not form part of this Boards Report.

33. DEPOSITS:

As per Section 73 of the Companies Act, 2013, the Company has neither accepted nor renewed any deposits during the financial year. Hence, the Company has not defaulted in repayment of deposits or payment of interest during the financial year.

34. FORMAL ANNUAL EVALUATION PROCESS BY BOARD:

Pursuant to the provisions of the Companies Act, 2013 and Rules made thereunder, the Board has carried the evaluation of its own performance, performance of Individual Directors, Board Committees, including the Chairman of the Board on the basis of attendance, contribution towards development of the Business and various other criteria as recommended by the Nomination and Remuneration Committee of the Company. The evaluation of the working of the Board, its committees, experience and expertise, performance of specific duties and obligations etc. were carried out. The Directors expressed their satisfaction with the evaluation process and outcome.

In a separate meeting of Independent Directors i.e. held on Friday, 20th March 2026, the performances of Executive and Non-Executive Directors were evaluated in terms of their contribution towards the growth and development of the Company. The achievements of the targeted goals and the achievements of the expansion plans were too observed and evaluated, the outcome of which was satisfactory for all the Directors of the Company.

35. AUDITORS AND THEIR REPORTS:

A. Statutory Auditor:

M/s. A Y & Company, Chartered Accountants (Firm Registration No. 020829C), the Statutory Auditor of the Company, were appointed for their first term, which shall conclude at the 6th Annual General Meeting ("AGM") of the Company schedule to be held on 5th September, 2026.

The Board of Directors, based on the recommendation of the Audit Committee, has proposed the re-appointment of M/s. A Y & Company, Chartered Accountants, as the Statutory Auditors of the Company for a further term of five consecutive years, commencing from the conclusion of the 6th AGM and continuing until the conclusion of the 11th AGM, to be held in the year 2031, subject to the approval of the Members of the Company at the 6th AGM schedule to be held on 5th September, 2026. The remuneration of the Statutory Auditors shall be as may be determined by the Managing Director of the Company in consultation with the Statutory Auditors.

There are no qualifications, reservations, adverse remarks or disclaimers made by M/s. A Y & Company, Chartered Accountants, the Statutory Auditors of the Company, in their Audit Report for the Financial Year ended 31st March, 2026. The observations, if any, made in the Auditors Report are self-explanatory and, therefore do not call for further comments or explanations from the Board of Directors.

The Auditors report for the financial year ended 31st March, 2026 has been issued with an unmodified opinion by the Statutory Auditors and the report is part of the Annual Report.

B. Secretarial Auditor:

Pursuant to the provisions of Section 204 of the Companies Act, 2013, read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors of the Company has appointed Mr. Gaurav Bachani & Associates, Proprietor of M/s. Gaurav Bachani & Associates, Company Secretaries, Ahmedabad, FRN: S2020GJ718800), as the Secretarial Auditor of the Company to conduct the Secretarial Audit for the Financial Year 2025-26.

The Secretarial Audit Report for the Financial Year 2025-26, in Form No. MR-3, is annexed hereto as Annexure – IV to this Report. There are no adverse observations or Qualifications in the Secretarial Audit Report which require any explanations or comments from the Board of Directors.

C. Internal Auditor:

The Board of Directors of the Company has appointed M/s. Saumil J. Shah & Associates, Chartered Accountants, Ahmedabad, (FRN: 135636W), as the Internal Auditor of the Company to conduct the Internal Audit of the Company for Financial Year 2025-26.

The Internal Auditor conducts the internal audit of the functions and operations of the Company and reports to the Audit Committee and Board of Directors from time to time. The Internal Auditor also reviews the adequacy and effectiveness of the internal control systems and processes of the Company, as applicable.

36. DISCLOSURES:

A. Audit Committee:

During the year under review, meetings of members of the Audit Committee as tabulated below, was held on 15th May, 2025, 13th November, 2025, 20th January, 2026 and 20th March, 2026, the attendance records of the members of the Committee are as follows:

The constitution of the Audit Committee is as follows:

		No. of the Committee
Name	Status	Meetings entitled	Meetings attended
Mr. Rupesh Shah	Chairman	4	4
Mr. Tapan Patel	Member	4	4
Mrs. Sejal Ladhawala	Member	4	4

B. Nomination and Remuneration Committee:

During the year under review, meetings of members of the Nomination and Remuneration Committee was held on 3rd September, 2025 and the attendance records of the members of the Committee are as follows:

The constitution of the Nomination and Remuneration Committee is as follows:

		No. of the Committee
Name	Status	Meetings entitled	Meetings attended
Mr. Tapan Patel	Chairman	1	1
Mr. Rupesh Shah	Member	1	1
Mr. Nehalkumar Shah	Member	1	1

C. Stakeholders Relationship Committee:

During the year under review, meetings of members of the Stakeholders Relationship Committee was held on 3rd September, 2025 and the attendance records of the members of the Committee are as follows:

The constitution of the Stakeholders Relationship Committee is as follows:

		No. of the Committee
Name	Status	Meetings entitled	Meetings attended
Mr. Rupesh Shah	Chairman	1	1
Mr. Tapan Patel	Member	1	1
Mrs. Sejal Ladhawala	Member	1	1

37. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013:

The Company has always been committed to provide a safe and conducive work environment to its employees. Your Directors further state that during the year under review there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 as confirmed by the Internal Complaints Committee as constituted by the Company.

The following no. of complaints was received under the POSH Act and the rules framed thereunder during the year:

a. number of complaints filed during the financial year - NIL

b. number of complaints disposed of during the financial year - NIL

c. number of complaints pending as on end of the financial year – NIL

38. INDUSTRIAL RELATIONS:

The Directors are pleased to report that the relations between the employees and the management continued to remain cordial during the year under review.

39. MAINTENANCE OF COST RECORDS:

The provisions relating to maintenance of cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013, are not applicable to the Company and accordingly such accounts and records are not required to be maintained.

40. DEMATERIALISATION OF EQUITY SHARES:

Pursuant to the applicable provisions and directions issued by the Securities and Exchange Board of India (SEBI), the equity shares of the Company are required to be held in dematerialised form.

The Company has established connectivity with both the Depositories, namely, National Securities Depository Limited ("NSDL") and Central Depository Services (India) Limited ("CDSL"), and has been allotted the International Securities Identification Number (ISIN): INE0G2G01015.

Accordingly, the equity shares of the Company are presently held and traded in dematerialised form.

41. COMPLIANCE ON MATERNITY BENEFITS ACT, 1961:

The Company affirms that it has duly complied with all provisions of the Maternity Benefit Act, 1961, and has extended all statutory benefits to eligible women employees during the year.

42. THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016:

During the year under review, there was no application made or proceeding pending in the name of the Company under the Insolvency and Bankruptcy Code 2016.

43. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE AVAILING LOAN FROM THE BANKS AND FINANCIAL INSTITUTIONS:

During the year under review, there has been no one time settlement and the valuation done while taking loans taken from Banks and Financial Institutions along with the reasons thereof is not applicable to the Company.

44. ACKNOWLEDGEMENTS:

Your Directors would like to express their sincere appreciation for the co-operation and assistance received from the Bankers, Regulatory Bodies, Stakeholders including Financial Institutions, Suppliers, Customers and other business associates who have extended their valuable sustained support and encouragement during the year under review.

Your Directors take this opportunity to recognize and place on record their gratitude and appreciation for the commitment displayed by all executives, officers and staff at all levels of the Company. We look forward for the continued support of every stakeholder in the future.

Registered Office:

2nd Floor L5:377 PLOT:5, Opp. Sabarmati,

Village: Khatraj, Taluka: Kalol, Gandhinagar,

Gujarat, India – 382721.

Place: Gandhinagar

Date: 29th August, 2026

By the Order of the Board of

Walpar Nutritions Limited

Sd/-

Tanmaykumar Shah

Whole-time Director

DIN: 08984640

Sd/-

Kalpesh Ladhawala

Managing Director

DIN: 02849232