Yash Highvoltage Ltd Directors Report

Dear Members,

Your directors have pleasure in presenting their 24th Integrated Annual Report of the Company together with the Audited Financial Statements of the Company for the year ended on 31st March 2026.

1. FINANCIAL RESULTS/ REVIEW OF OPERATIONS: (Rs Rs. In Lakhs)

Particulars	Standalone		Consolidated
	2025-2026	2024-2025	2025-2026	2024-2025
Total Income	24,096.27	15,155.54	24,096.36	15,155.55
Total Expenditure	18,878.77	12,334.05	18,878.50	12,334.38
P rofit Before Exceptional & Extraordinary items & tax	5,217.50	2,821.49	5217.86	2821.16
Exceptional & Extraordinary items & tax	(210.10)	-	(210.10)	-
P rofit /(Loss) Before Taxes	5,007.41	2,821.49	5007.76	2821.16
Less: Current Tax	1,230.73	735.44	1,230.73	735.44
Less: Deferred Tax Expenses (Income)	30.17	(8.34)	30.17	(8.34)
Less: Tax Expenses prior period	12.49	(50.66)	12.49	(50.66)
P rofit /(Loss) After Taxes	3,734.01	2,145.04	3,734.37	2144.71
Share of P rofit /(loss) of Joint Venture	-	-	(2.05)	-
P rofit /(Loss) For the Period	3,734.01	2,145.04	3,732.32	2,144.71
EPS (Face Value of D 5 each)	13.08	8.94	13.08	8.94
Diluted EPS (Face Value of D 5 each)	12.95	8.94	12.95	8.94

Note: The figure s for the years ended 31 st March 2026 and 31 st March 2025 are in accordance with Ind AS. The comparative figure s for the year ended 31 st March 2025 have been restated, wherever necessary, in line with Ind AS requirements.

2. TRANSFER TO RESERVES:

During the year under review, the Company has transferred Rs.3734.01 lakhs to General Reserves.

3. DIVIDEND:

The Board of Directors of the Company has proposed the final dividend @ D 1.40/- on equity shares of Rs 5 each, which will be paid subject to the approval of the Shareholders at the ensuring general meeting, to those shareholders who are registered on the register of members of the Company as on record date.

Pursuant to Regulation 43(A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations), the Company does not fall under top 1000 Listed Companies by market capitalization as on March 31, 2026 and hence the requirement for adopting the Dividend Distribution Policy is not applicable to the Company.

4. RESULTS OF OPERATIONS AND THE STATE OF COMPANYS AFFAIRS & FUTURE OUTLOOK:

During the financial year 2025-26, the Company achieved several significant milestones that strengthened its position as one of Indias leading manufacturers of high-voltage transformer bushings and supported its long-term growth strategy.

Record Financial Performance

* Revenue from Operations increased by 57.2% to Rs. 235.2 Crore in FY26 from Rs. 149.6 Crore in FY25, reflecting robust business execution and strong demand across key markets

* EBITDA grew by 74.9% to Rs. 60.4 Crore in FY26 compared to Rs. 34.5 Crore in FY25, while the EBITDA margin improved to 25.7% from 23.1%, demonstrating enhanced operating efficiency and better product mix. Profit After Tax (PAT) rose by 74.0% to Rs. 37.3

Crore in FY26 from Rs. 21.4 Crore in FY25. The PAT margin expanded to 15.9% from 14.3%, reflecting strong profitability and effective cost management.

* Basic Earnings Per Share (EPS) increased by

46.3% to Rs. 13.08 in FY26 compared to Rs. 8.94 in FY25, creating substantial value for shareholders

Highest Ever Order Book

The Company achieved its highest-ever order book, exceeding Rs. 400 crore as of 31 March 2026, providing strong revenue visibility for the coming periods. The order backlog includes over 11,000 bushings, reflecting rapidly rising demand for OIP and RIP bushings. This growth is driven by the increasing need for power transformers to support expanding renewable energy integration, rapid urbanization, data center infrastructure, EV infrastructure, and the modernization of ageing power grids globally.

The Companys manufacturing capacity for FY 2026-27 was fully booked even before the start of the financial year, and order inflows for the subsequent year continue at a robust pace with significant volumes.

The order book has demonstrated strong and consistent growth, increasing from Rs. 150 crore as of 31 March 2025 to Rs. 250 crore as of 30 September 2025, and further to over Rs. 400 crore as of 31 March 2026.

Strategic Expansion through Green field Project y Significant progress was made in the Companys greenfield manufacturing facility at Vadodara, Gujarat, with an estimated investment of Rs. 153 Crore. y The facility is expected to enhance manufacturing capacity, enable backward integration for RIP/RIS core production, and support future export growth.

S ignifi cant operational updates y Achieved a 35% improvement in production efficiency from H1 to H2, measured in terms of the number of bushings produced. Labor productivity also increased by 28%, reflecting enhanced operational effectiveness.

* Improved On-Time Delivery (OTD) performance from approximately 62% to 80%, driven by better production planning, stronger inter-departmental coordination, and improved material availability. y FY 2025-26 sales reached a record 7,272 units, compared to 5,752 units in the previous year. This strong volume growth, alongside value expansion, underscores the Companys robust execution capabilities and operational scalability.

Acquisition of Strategic Stake in Sukrut Electric

The Company acquired a 50% equity stake in Sukrut

Electric, Pune, in Jointly with Quality Power, thereby strengthening its presence in the transformer component manufacturing ecosystem.

International Expansion y The Company established its wholly owned subsidiary, Yash HV USA Inc., creating a direct sales and marketing presence in the United States market. y Strategic distribution partnerships were entered into with international partners for Europe, North Africa, the United Kingdom, Ireland and Wales, enhancing the Companys global reach.

Technology and Product Development

During the year, the Company focused on strengthening its technology capabilities, expanding its product portfolio, and building advanced testing infrastructure to support future growth.

1. New Product Development & Portfolio Expansion y A dedicated Technology & Innovation function was established to accelerate product development and enhance capabilities in RIP/ RIS (dry type) bushing technology. y Development of 72.5 kV to 245 kV RIP bushings has been initiated, with type testing planned in FY 2026-27 and initial commercialization focused on the Indian market. y The Company is also expanding our RIP portfolio up to 420 kV, enabling participation in extra higher voltage substation applications in Indian grid with market readiness expected from next year. y In line with international market requirements, 138 kV and 230 kV OIP bushings are under validation against IEEE high seismic standards for the US market and are expected to be ready by September 2026. y Additionally, 245 kV short tail bushings are under development for compact transformer applications in Europe. y Continued strengthening of RIP/RIS technology and localization initiatives in line with the Make in India vision. y 5% of the Companys revenue in FY 25-26 came from newly developed products such as IEEE Bushings, Short tail bushings and Oil-Oil Bushings.

2. Testing Capability Enhancement

To support advanced product development, the Company has initiated the establishment of high-current testing facility (up to 25,000 A) for thermal performance validation. This will be a first-of-its-kind capability in India, enabling the Company to cater to global demand for high-current bushings, particularly in power generation applications.

These initiatives position the Company to strengthen its technological leadership, expand into new markets, and enhance its competitiveness locally & globally.

Quality and Operational Excellence y Obtained ISO 14001:2015 certification for Environmental Management Systems and ISO 45001:2018 certification for Occupational Health and Safety Management Systems. y Enhanced in-house testing infrastructure through addition of RIV and TRT testing facilities and commissioning of a Dew Point Measurement facility.

Global Market Presence y The Company continued to expand its international footprint and now serves customers across more than 60 countries with over 45,000 transformer bushings installed globally.

Marketing and Branding Initiatives Undertaken During the Year

During FY 2025-26, the Company elevated its brand architecture to proactively support its strategic objectives regarding global market penetration and large-scale manufacturing expansion. These initiatives were executed to function as a critical commercial asset, bridging the gap between our technical engineering capabilities and the evolving requirements of global power utilities. Beyond standard brand visibility, our digital and industry-facing efforts were specifically designed to solidify institutional trust, articulate the value proposition of our broad product portfolio, and support our export growth strategy. By streamlining the communication and deploying high-impact content across international platforms, the Company has ensured that the Yashr identity remains synonymous with technical reliability, industry-leading innovation, and long-term sustainability.

Major Campaigns, Events, and Promotional Activities

Strategic participation in global forums, including CWIEME Berlin 2025, CARILEC USA, Industry Navigator, and the Vibrant Gujarat Regional Exhibition, served as the primary vehicle for engaging international decision-makers and signaling our manufacturing scale-up to the global market. These events were managed through a rigorous promotional cycle that integrated technical storytelling with targeted outreach, ensuring optimal return on investment for our marketing expenditure. Internally, branding and communication programs for initiatives such as Quality Week and Safety Week were prioritized to reinforce a corporate culture of excellence, ensuring that our internal operational standards align seamlessly with the premium quality promised to our global clientele.

Customer Engagement and Market Outreach Achievements

The Companys integrated marketing strategy effectively expanded our digital presence, achieving a reach of over 6 lakh individuals across key stakeholder demographics. This engagement was systematically curated to nurture long-term relationships with industry professionals and strategic partners. By prioritizing technical authority through the publication of expert articles, white papers, and thought leadership content in specialized industry journals, we have fortified our market position and credibility. The systematic execution of more than 30 targeted email campaigns and 15 technical application videos have served to simplify complex engineering concepts for our customers, thereby reducing technical barriers and facilitating a measurable increase in global brand recall and customer loyalty.

Awards, Recognitions, and Notable Milestones

The Companys commitment to operational excellence and robust market expansion was validated through significant industry honors. Mr. Keyur Shah, Chairman

& Managing Director, received the Leadership Award for Entrepreneur at the 4th GEO Excellence Awards, recognizing his strategic vision in steering the Company toward new technological frontiers. Furthermore, the Company was recognized as Runner-Up for Export Excellence in Manufacturing at the 12th ASSOCHAM Global SME Excellence Awards 2026. These accolades serve as external verification of our governance, technical prowess, and contribution to the energy sector, confirming that our investments in branding and outreach are directly contributing to the Companys sustainable growth and enhanced market capitalization.

Major achievements during the year under review:

(a) The Company recorded a robust 123.38% growth in export revenue during FY 2025-26, reaching Rs. 17.2 crore compared to Rs. 7.7 crore in FY 2024-25, reflecting strong traction in international markets. During the year, the Company expanded its global footprint by entering 13 new geographies, including Canada, Morocco, Lebanon, South Africa, Thailand, Colombia, China, the United States, Vietnam, Peru, the Philippines, Spain, and Turkey, marking a significant milestone in its international growth journey.

(b) Exports accounted for 43% of total sales of OIP and High Current Bushings in FY 2025-26, underscoring the Companys increasing integration with global supply chains. The growing acceptance of the Companys products across diverse and competitive markets highlights its strong product quality, technological capabilities, and ability to meet global standards, positioning it as a reliable partner in the global power equipment ecosystem.

(c) The management teams focused efforts to enhance export contribution to overall sales resulted in landmark order bookings exceeding Rs. 22 crore during FY 2025-26, representing a twofold increase compared to approximately Rs. 11 crore of order inflows in FY 2024-25.

(d) During the year, the Company successfully completed the expansion of its OIP manufacturing facility at the existing premises. This included the extension of the manufacturing area, commissioning of high-speed wideband winding machines, installation of new autoclave systems, and addition of advanced assembly and oil flooding stations for OIP bushings.

As a result, the Companys manufacturing capacity has been enhanced to approximately 10,000 units per annum, compared to the earlier capacity of around 6,000 units per annum. This significant capacity augmentation positions the Company to effectively cater to the rapidly growing global demand for transformer bushings.

(e) The expansion of the Companys OIP bushing range up to 245 kV has witnessed strong customer traction during FY 2025-26 and continues to gain momentum. This development is expected to significantly enhance revenue potential through increased sales of higher-voltage, higher-value products, thereby strengthening the Companys position in the premium segment of the transformer bushing market.

(f) The Company recorded strong order bookings for high-voltage 245 kV bushings during the year, comprising over 1,100 OIP bushings and close to 1,000 RIP bushings, thereby creating significant revenue potential across both product categories.

In addition, the Company secured substantial orders for specialized products such as wall bushings and short tail bushings from both export and domestic customers, further diversifying its order mix and strengthening its position in niche application segments.

(g) The Company executed over 200 High Current Bushings during FY 2025-26, generating revenue of approximately Rs. 10 crore, compared to Rs. 6 crore from 80 units in the previous year. This strong growth in both volume and value reflects improved execution capabilities and contributed significantly to the Companys bottom line.

(h) The export contribution from High Current Bushings stood at Rs. 6.6 crore, accounting for 66% of total High Current Bushing sales during FY 2025-26. This strong export mix highlights the Companys growing global competitiveness in this segment. Demand for High Current Bushings is expected to witness sustained growth across both domestic and international markets, driven by increasing power generation requirements arising from renewable energy integration, expansion of data center infrastructure, and rapid urbanization.

The Company continues to secure several prestigious export orders for High Current Bushings for execution over the next two financial years. A number of these orders are earmarked for end use in advanced data center projects of a leading global technology company headquartered in the United States.

(i) The Companys dedicated Retrofits division for transformer bushings recorded strong growth during FY 2025-26, achieving sales of Rs. 16.0 crore, representing a 60% increase compared to Rs. 10.2 crore in FY 2024-25. The division continues to be a key contributor to the Companys profitability, supported by sustained demand and a growing installed base requiring refurbishment and replacement solutions.

Future Outlook

The outlook for the Company remains positive, supported by robust growth opportunities in the power generation and transmission sector both in India and globally. Significant investments in grid modernization, renewable energy integration, transmission infrastructure expansion, and increasing electricity demand are expected to drive sustained demand for transformer bushings.

The Company is well positioned to capitalize on emerging opportunities, supported by its strong market position, extensive customer approvals, diversified product portfolio, and expanding global footprint. An order book exceeding Rs. 400 crore as of 31 March 2026 provides strong revenue visibility over the coming years.

The power infrastructure sector is entering a multi-year investment cycle, with grid modernization, renewable energy integration, and transmission capacity expansion translating into firm orders rather than mere intent. This demand environment aligns closely with the Companys core strengths, as reflected in the significant growth of its order book-from Rs. 150 crore to over Rs. 400 crore within a single year-offering multi-year revenue visibility that few peers of similar scale can match.

To support this growth, capacity expansion initiatives are underway. The greenfield facility at Vadodara will enable localization of RIP/RIS condenser core production, which is currently import-dependent. This strategic move is expected to reduce costs, mitigate supply chain risks, and, importantly, position the Company to competitively address global markets for RIP/RIS bushings

Internationalization is no longer aspirational, it is operating. Yash HV USA Inc. gives the Company a direct commercial presence in its largest addressable export market. Distribution partnerships across Europe, the UK, and North Africa extend that reach further. The Companys stake in Sukrut Electric strengthens its manufacturing depth within the transformer component ecosystem, while its association with Quality Power brings in complementary capabilities, enhancing overall operational synergy and market positioning.

With increasing adoption of advanced RIP/RIS transformer bushings globally, the Company is focused on expanding its presence in this high-growth segment through technology development, manufacturing excellence, and customer-centric solutions. The management remains confident that its strategic investments, strong execution capabilities, and favorable industry dynamics will enable the Company to deliver sustainable growth and create long-term value for all stakeholders.

5. SHARE CAPITAL:

Authorised Share Capital:

The Authorised Share Capital of the Company D20,00,00,000 (Rupees Twenty crore only) divided into

4,00,00,000 (Four Crore) equity shares of D5/- each of the Company.

Paid up Capital Share Capital:

The Companys paid-up equity share capital as on 31st March, 2026 is D14,27,56,245 (Rupees fourteen crore

Twenty Seven lakh fifty six thousand two hundred forty-five) divided into 2,85,51,249 (Two Crores Eighty-Five Lakhs Fifty one Thousand Two hundred Forty Nine)equity shares of D5/- each).

The Company has allotted 58,800 equity shares having face value of D5/- each upon exercise of vested stock options by the eligible employees under the Employee Stock Option Scheme(s) on 13th May, 2026. The existing paid-up share Capital of the Company is D14,30,50,245 (Rupees fourteen crore thirty lakh fifty thousand two hundred forty-five) divided into 2,86,10,049 (Two Crores Eighty-Six Lakhs Ten Thousand Forty Nine)equity shares of D5/- each).

Buy Back of Securities:

The Company has not bought back any of its securities during the year under review.

Sweat Equity:

The Company has not issued any Sweat Equity Shares during the year under review.

Bonus Shares:

No Bonus Shares were issued during the year under review.

Employee Stock Option Scheme:

Pursuant to the approval of the ESOP Scheme 2025 by the shareholders through postal ballot on 7th March 2025 for 11,42,000 Stock options to be offered to the employees of the Company, the Company has allotted 58,800 equity shares having face value of D5/- each upon exercise of vested stock options by the eligible employees under the Employee Stock Option Scheme(s)- 2025 on 13th May, 2026.

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.

Secretarial Auditors Certificate in respect of the Implementation of Employee Stock Option Schemes of the Company [Pursuant to Regulation 13 of the Securities Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021] attached in the Board Report as Annexure- A .

PREFERNTIAL ISSSUE OF SECURITIES:

During subsequent to the year under review, the Board of Directors, at its meeting held on June 22, 2026, approved a proposal for raising funds by way of a preferential issue of up to 12,62,131 Equity Shares and up to 8,32,177 Convertible Warrants (each convertible into one Equity Share) at a price of Rs. 721/- per security, aggregating up to approximately Rs. 151 crore, to identified allottees including institutional investors, family offices and long-term investors, subject to the approval of the Members and other regulatory/statutory approvals as applicable. The proceeds of the issue are proposed to be utilised towards expansion of the Companys manufacturing and testing infrastructure, including development of 550 kV RIP bushing manufacturing capability and brownfield expansion of the OIP bushing facility. The preferential issue is proposed to be undertaken in accordance with the provisions of Section 42 and Section 62(1)(c) of the Companies Act, 2013 read with the Companies (Prospectus and Allotment of Securities) Rules, 2014, and Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, and the applicable provisions of the SEBI (LODR) Regulations, 2015.

6. DETAILS OF UTILISATION OF FUNDS & STATEMENT OF DEVIATION(S) OR VARIATION(S):

Pursuant to Regulation 32 (1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations/LODR) there was no deviation/ variation in the utilization of proceeds.

The Objects for which funds have been raised and where there has been any deviation/ variation, if any as on 31st March 2026 is as tabled below:

Sr. Original Object No.	Modified Object, if any	Original Allocation Rs In Lacs	Modified allocation, if any	Funds Utilized In Lacs	Amount of Deviation/ Variation for the quarter according to applicable object
1 Setting up a new factory	Not Applicable	7033.98	Not Applicable	6292.83	Not Applicable
2 General Corporate Purposes.	Not Applicable	1476.15	Not Applicable	785.71	Not Applicable
3 Issue Expenses paid- With GST	Not Applicable	841.17	Not Applicable	841.17	Not Applicable
Total		9351.30		7919.17

7. ADEQUACY OF INTERNAL FINANCIAL CONTROLS:

The Company has designed and implemented a process driven framework for Internal Financial Controls within the meaning of the explanation to Section 134(5)(e) of the Companies Act, 2013. For the year ended March 31,2026, the Board considers that the Company has sound Internal Financial Controls commensurate with the nature and size of its business operations and operating effectively and there is no material weakness. The Company has a process in place to monitor the same and identify gaps, if any, and implement new and/or improved controls wherever the effect of such gaps could have a material effect on the Companys operations.

8. CORPORATE GOVERNANCE:

Your company provides utmost importance at best Governance Practices and are designated to act in the best interest of its stakeholders. Better governance practice enables the Company to introduce more effective internal controls suitable to the changing nature of business operations, improve performance and provide an opportunity to increase stakeholders understanding of the key activities and policies of the Organization.

Further Pursuant to Regulation 27(2) of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, read with Regulation 15 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, regulations of corporate governance are not applicable to company. However, the major information of the corporate governance are already available in this report in the interest of the shareholders of the Company.

Hence, this Annual Report does not contain a Separate Corporate Governance Report. However, some of the important contents are already covered as a part of this Directors Report.

9. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

A detailed review of the operations, performance and future outlook of the Company and its businesses is given in the Management Discussion and Analysis, which forms part of this Integrated Annual Report.

10. MATERIAL CHANGES AND COMMITMENT OCCURRED AFTER THE END OF THE FINANCIAL YEAR AND UP TO THE DATE OF THE REPORT:

There are no material changes and commitments affecting the financial position of the Company between the end of the financial year and the date of this report.

11. SUBSIDIARY COMPANY OR JOINT VENTURE COMPANY OR ASSOCIATE COMPANY:

During the financial year 2025-26, the Company has incorporated a wholly owned subsidiary in the United States of America under the name and style Yash HV USA Inc. , in the State of Texas on 21st April, 2025, with the objective of supporting the Companys future business expansion and growth opportunities in international markets.

Additionally, the Board of Directors, at its meeting held on 20th May, 2025, approved the acquisition of Yash HV Power Components Private Limited through the purchase of 1,000 equity shares of Rs. 10 each, aggregating to Rs. 10,000 (Rupees Ten Thousand Only). The acquisition has been undertaken to strengthen the Companys presence in the sales and service segment of transformer components and substation equipment.

Further, during the year under review, the Company has acquired 20,42,754 equity shares, constituting 50% of the equity share capital of Sukrut Electric Company Private Limited, for an aggregate consideration of approximately Rs. 5.35 Crores. Pursuant to the said acquisition, Sukrut Electric Company Private Limited became a Joint Venture Company of the Company, with Quality Power Electrical Equipments Limited continuing to hold the balance 50% equity shareholding. This acquisition is to strengthen the Companys strategic position and enhance business opportunities in the power and electrical equipment segment.

Accordingly, as on the date of this Report, the Company has the following subsidiaries/ joint venture/ associate entities:

Subsidiaries:

1. Abhigam Foundation (Wholly Owned Subsidiary)

2. Yash HV USA Inc. (Wholly Owned Subsidiary)

3. Yash HV Power Components Private Limited

(Wholly Owned Subsidiary)

Joint Venture Company:

1. Sukrut Electric Company Private Limited (50% stake held by the Company)

The Company does not have any associate company during the year under review.

12. ACCEPTANCE OF PUBLIC DEPOSITS:

During the year under review, the Company has not accepted any public deposits falling within the ambit of Section 73 of the Companies Act, 2013 and the Rules framed thereunder. The requisite return for FY 2025-26 with respect to amount(s) not considered as deposits has been filed. The Company does not have any unclaimed deposits as of date.

13. PARTICULARS OF LOANS, GUARANTEES, SECURITIES OR INVESTMENTS UNDER SECTION 186:

The particulars of loans, guarantees and investments as per Section 186 of the Act by the Company have been disclosed in the financial statements, under Schedule 42.

14. TRANSFER TO INVESTOR EDUCATION & PROTECTION FUND:

The provisions of Section 125(2) of the Companies Act 2013 do not apply as there was no amount required to be transferred to the Investor Education & Protection Fund.

15. EVALUATION OF THE PERFORMANCE OF THE BOARD, ITS COMMITTEES AND OF INDIVIDUAL DIRECTORS:

Pursuant to the provisions of the Companies Act, 2013 and applicable regulatory requirements, the Board of Directors has carried out an annual evaluation of its own performance, the performance of its committees, and that of individual Directors.

The evaluation process was undertaken based on criteria including, inter alia, composition and structure of the Board, effectiveness of Board processes, participation and contribution of members, quality of discussions, strategic guidance, governance practices, flow of information, and functioning of the Board and its Committees.

The Board observed that its overall performance was effective and satisfactory and that it continued to discharge its responsibilities efficiently in supporting the Companys growth objectives, governance standards, and long-term strategic direction. The Board further noted that the Committees of the Board functioned effectively and independently in accordance with their respective terms of reference and applicable provisions of the Companies Act, 2013.

The evaluation of individual Directors was carried out considering parameters such as attendance and participation in meetings, contribution to deliberations, domain knowledge, strategic insights, adherence to ethical standards, and fulfilment of fiduciary responsibilities. The Board acknowledged that all Directors continued to discharge their duties and responsibilities diligently and contributed significantly through their experience, expertise, and guidance in addressing opportunities and challenges faced by the Company during the financial year.

The Board is satisfied with the overall effectiveness of the evaluation process and remains committed to maintaining high standards of corporate governance and continuous improvement.

16. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNELS (KMPs)

During the financial year under review, there was no change in the composition of the Board of Directors of the Company.

Sr. No	DIN	Name of the Director	Designation
1	01064190	Keyur Girishchandra Shah	Managing Director- Promoter
2	03575362	Twinkle Keyur Shah	Non-executive Director- Promoter Group
3	02658070	Rabindra Nath Nayak	Non-executive Independent Director
4	10697584	Harthmuth Udo Erich Fethke	Non-executive Director- Professional
5	09804792	Suril Saumil Mehta	Non-executive Independent Director

However, there was a change in the Key Managerial Personnel of the Company. Mr. Tushar J Lakhamapurkar,

Company Secretary and Compliance Officer of the Company, tendered resignation from the position with effect from 30th May, 2026 due to personal reasons. The Board placed on record its appreciation for the valuable contributions and services rendered during the tenure.

Subsequently, the Board, on the recommendation of the Nomination and Remuneration Committee, appointed Ms. Bhoomi Talati as the Company Secretary and Compliance Officer of the Company with effect from 1st June, 2026 in accordance with the provisions of the Companies Act, 2013 and applicable regulations.

The Board welcomes the appointee and looks forward for continued support in strengthening governance and compliance practices of the Company.

17. COMPOSITION OF THE COMMITTEES AND ITS MEETINGS:

As on March 31, 2026, the Board has following Three Statutory committees:

AUDIT COMMITTEE: Composition:

MEMBERS OF COMMITTEE	Position	Category
Rabindranath Nayak	Chairman	Independent Director
Suril Saumil Mehta	Member	Independent Director
Twinkle K. Shah	Member	Non-Executive Director

Terms of Reference: y Auditor appointment & remuneration:

Recommending appointment, reappointment, removal, and remuneration of statutory auditors. y Auditor independence monitoring: Reviewing independence and performance of auditors. y Financial statement examination: Examining financial statements and auditors report before submission to the Board.

y Related party transactions: Approving or modifying related party transactions, including omnibus approvals. y Inter-corporate loans & investments: Scrutinizing loans, investments, and guarantees. y Valuation of undertakings/assets: Overseeing valuation of assets or undertakings when required. y Internal controls & risk management: Evaluating adequacy of internal financial controls and risk management systems. y Fund utilization monitoring: Monitoring end-use of funds raised through public offers.

NOMINATION & REMUNERATION COMMITTEE: Composition:

MEMBERS OF COMMITTEE	Position	Category
Suril Saumil Mehta	Chairman	Independent Director
Rabindranath Nayak	Member	Independent Director
Twinkle K. Shah	Member	Non-Executive Director

Term of Reference: y Criteria for appointment: Determine and recommend criteria for appointment of Executive, Non-Executive, and Independent Directors. Identify qualified candidates and recommend their appointment or removal to the Board. y Remuneration package review: Review and determine all elements of remuneration for Executive Directors, including salary, benefits, bonuses, stock options, and pension. y Performance-linked incentives: Review and determine fixed components and performance-linked incentives for Directors, along with performance criteria. y Service contracts policy: Establish policy on service contracts, notice periods, and severance fees for Directors and Senior Management.

y Performance evaluation: Formulate criteria and carry out evaluation of each Directors performance and the performance of the Board as a whole. y Retention policy: Structure and design a suitable retention policy for the Board and senior management team. y Board diversity: Ensure diversity in Board composition, including skills, experience, and gender representation. y Succession planning: Oversee succession planning for Directors and senior management.

STAKEHOLDERS RELATIONSHIP COMMITTEE: Composition:

MEMBERS OF COMMITTEE	Position	Category
Suril Saumil Mehta	Chairman	Independent Director
Keyur Girishchandra Shah	Member	Executive Director
Twinkle K. Shah	Member	Non-Executive Director

Term of Reference: y Investor relations oversight : Ensure cordial investor relations and oversee mechanisms for redressal of grievances. y Grievance redressal: Address complaints relating to share transfers, non-receipt of annual reports, non-receipt of dividends, and other allied matters. y Share transfers/transmissions: Note and approve transfer and transmission of shares. y Dematerialization/ rematerialization: Review requests for dematerialization and rematerialization of shares. y Share certificates: Approve issue of new and duplicate share certificates. y Legal registrations: Register Power of Attorneys, Probate, Letters of Transmission, or similar documents. y Regulatory compliance: Monitor expeditious redressal of investor grievances received from SEBI, Stock Exchanges, ROC, etc. y Member queries: Oversee resolution of queries/ complaints from members relating to transfers, dividends, annual reports, etc. y Other share matters: Handle all other matters related to shares and securities of the company.

18. DECLARATION BY INDEPENDENT DIRECTORS:

The Company has received necessary declarations from each of the Independent Directors under Section 149(7) of the Act that they meet the criteria of independence laid down in Section 149(6) of the Act of the Listing Regulations and also in the opinion of the Board and as confirmed by these Directors, they fulfil the conditions specified in Section 149 of the Act and the Rules made thereunder about their status as Independent Directors of the Company.

The Company has received necessary declarations from all the Independent Directors of the Company confirming that: y they meet the criteria of independence as prescribed under the provisions of the Act, read with Schedule IV and Rules issued thereunder, and the Listing Regulations. There has been no change in the circumstances affecting their status as Independent Directors of the Company; y they have complied with the Code for Independent Directors prescribed under Schedule IV to the Act; and y they have registered themselves with the Independent Directors Database maintained by the Indian Institute of Corporate Affairs and have qualified the online proficiency self-assessment test or are exempted from passing the test as required in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualifications of Directors) Rules, 2014.

19. MEETING OF INDEPENDENT DIRECTORS:

A separate meeting of the Independent Directors was held on 3rd March 2026 as per the provisions of Schedule IV (Code for Independent Directors) of the Companies Act, 2013 and Regulation 25(3) of Listing Regulations; in which the following matters were considered: y Evaluation of the performance of Non-Independent Directors and the Board of Directors. y Evaluation of the performance of the Chairman, taking into account the views of the Executive and Non-Executive Directors. y Evaluation of the quality, content and timeliness of flow of information between the management and the Board that is necessary for the Board to effectively and reasonably perform its duties. The Independent Directors expressed satisfaction with the overall performance of the Directors and the Board as a whole.

20. MEETINGS:

Five (5) Board Meetings were held during the FY 1st April, 2025 to 31st March, 2026.

The intervening gap between the meetings was within the time period prescribed under the Companies Act, 2013, the revised Secretarial Standards - 1 (SS-1) issued by the Institute of Company Secretaries of India and SEBI LODR.

All the Directors actively participated in the meetings and contributed valuable inputs on the matters brought before the Board of Directors from time to time.

The dates on which the Board meetings were held and convened during FY and details as given:

Sr. No	Date of Meeting	Total Number of Directors as on the date of the meeting.	No. of Directors attended
1	20-05-2025	5	3
2	11-08-2025	5	4
3	03-10-2025	5	4
4	10-10-2025	5	4
5	03-02-2026	5	4

Further, during the year under review, the Annual General Meeting was held on 10th September, 2025.

21. DIRECTORS RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 134 OF THE COMPANIES ACT, 2013:

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Act:

I) That in the preparation of the Annual Financial Statements for the FY ended 31st March, 2026, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any.

II) That Directors have 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 as 31st March, 2026 and of the profit of the Company for the period ended on that date.

III) The Directors have taken sufficient and proper care 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 material fraud and other irregularities;

IV) The Directors had prepared the annual accounts for the FY ended 31st March, 2026 on a going concern basis.

V) That the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.

VI) That the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

22. AUDITORS:

A. STATUTORY AUDITORS:

At the Annual General Meeting held on 8th July, 2024, M/s. Shah Mehta & Bakshi, a firm of Chartered Accountants, Vadodara (FRN No. 103824W) having a valid Peer review Certificate issued by the Peer Review Board of ICAI, were appointed as Statutory Auditor of the Company from the conclusion of 22nd Annual General Meeting till the conclusion of the Annual General Meeting to be held in the year 2029, at a remuneration as may be decided by and between the Auditors and Management of the Company.

The Auditors Report for the financial year ended on March 31, 2026, has been provided in Financial Statements forming part of this Annual Report.

The report of the Statutory Auditor does not contain any qualification, reservation, adverse remark or disclaimer. The observations made in the Auditors Report are self-explanatory and therefore do not call for any further comments.

B. INTERNAL AUDITORS:

M/s. K C Mehta & Co LLP (LLPIN - ABB-3171) is registered as Partnership with limited liability, having their registered office in Vadodara, has been appointed as an Internal Auditor of the company for the Financial Year 2025-26 and continues until resolved further. Internal Auditor is appointed by the Board of Directors of the Company on a yearly basis based on the recommendation of the Audit Committee. The Internal Auditor reports their findings on the Internal Audit of the Company, to the Audit Committee on a half-yearly basis. The scope of the internal audit is approved by the Audit Committee.

C. SECRETARIAL AUDITOR:

Pursuant to Section 204 of the Companies Act, 2013 and rules made thereunder, the Company has appointed M/s. Kashyap Shah & Co., Practicing Company Secretaries as Secretarial Auditor of the Company for the financial year ended on March 31, 2026. The Secretarial Audit Report in Form MR-3 for the financial year ended on March 31, 2026, is attached to the Directors Report and forming part of this Annual Report. (Annexure- B)

The report of the Secretarial auditor does not contain any qualification, reservation, adverse remark or disclaimer.

23. FRAUDS REPORTED UNDER SECTION 143(12) OF THE COMPANIES ACT, 2013:

During the year under review, the Statutory Auditors, Internal Auditors and Secretarial Auditor have not reported any instances of frauds committed in the Company by its Directors or Officers or Employees to the Audit Committee under Section 143(12) of the Companies Act, 2013, details of which needs to be mentioned in this Report.

24. CORPORATE SOCIAL RESPONSIBILITY (CSR):

The Company has constituted Corporate Social Responsibility (CSR) Committee. The CSR Committee has formulated and recommended to the Board, a CSR Policy which provides the overview of projects or programs and the guiding principles for selection, implementation and monitoring of the CSR activities, which has been approved by the Board. The CSR Policy adopted by Board is available on the website of the Company and is accessible through the link: https://yashhv.com/policies-code-of-conduct-practices

As per the provisions of the Companies Act, 2013, a company meeting the specified criteria shall spend at least 2% of its average net profits for three immediately preceding financial years towards CSR activities. Accordingly, Company has to spent D40,53,920 towards

CSR activities during the financial year 2025-26.

The Board of Directors noted that Companys CSR spend for the year ended March31, 2026, was D40,53,920 duly

fulfilled, pursuant to the recommendation of Corporate Social Responsibility Committee and approval of the Board of Directors.

The Annual Report for FY 2025-26 on CSR activities of the Company has been attached as Annexure- C and forms part of this Report.

25. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPALCE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013:

In accordance with the requirements of the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 (POSH Act) and the Rules made thereunder, the Company has in place a policy which mandates no tolerance against any conduct amounting to sexual harassment of women at workplace. The Company has constituted Internal Complaints Committee(s) (ICCs) to redress and resolve any complaints arising under the POSH Act. Training/ awareness programme are conducted throughout the year to create sensitivity towards ensuring a respectable workplace.

During the Financial Year under review, no complaints were pending at the beginning of the year. And the Company has not received any complaints of sexual harassment at workplace.

Sr. No.	Particulars	No. of Complaints
1	Complaints file d during the finan cial year	NIL
2	Complaints disposed of during the finan cial year	NA
3	Complaints pending as on the end of the finan cial year	NIL

26. COMPLIANCE OF THE PROVISIONS RELATING TO THE MATERNITY BENEFIT ACT 1961:

During the FY 2025-26, the Board of Directors of the Company confirms that the Company has complied with the provisions of the Maternity Benefit Act, 1961, and the rules made thereunder including relating to maternity leave and other benefits to women employees.

The Board confirms that the Company is committed to providing a supportive and inclusive work environment for all employees, including expectant and new mothers, and will continue to comply with the provisions of the Maternity Benefit Act, 1961.

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

The information pertaining to conservation of energy, technology absorption, foreign exchange Earnings and outgo as required under Section 134(3) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished:

(A) Conservation of energy:

Key strategic initiatives undertaken during the year on water and electricity conservation-

1. An energy-saving device has been installed in the air conditioning units, resulting in an estimated reduction of approximately 15%-20% in operating costs. This initiative supports both cost optimization and energy efficiency objectives.

2. Treated water from the ETP is being effectively utilized for gardening activities. This has resulted in significant water conservation and reduced dependency on fresh water sources. Approx 10 KL per month.

(B) Technology absorption:

1. Efforts, in brief, are made towards technology absorption. Benefits derived as a result of the above efforts, e.g., product improvement, cost reduction, product development, import substitution, etc.

Import substitution: a. RIP & RIS Bushing Development is going on. Prototype production will commence in Aug-26. b. 36 kV 25000 Amp Bushing is developed and planned for Temperature rise test in Foreign test lab c. OIP Bushings with TUK paper is manufactured and is under Special test.

Product development:

230 kV NQ series Bushings for EU region are under development.

Design Optimization:

We have started improving and standardizing designs for new components based on engineering guidelines to make them more efficient and easier to produce.

Cost Reduction: We changed the design of the transport bolt and reduced its height. This helps to save material and to reduce costs. Other Value engineering changes are as following:

y Development of casting for Flange extension of HC Bushings y Development of Casting flange for 230 kV IEEE Bushings.

y Change in Spring fixing bolt of 72.5 kV Bushing from SS304 to HT8.8 MS bolts.

Product Development: We are currently making three bushings using a Unigel filling material. These bushings are now going through internal testing to check their performance.

Sustainability Efforts: We are working on using corrugated boxes instead of wooden (Jungle wood) boxes for packing bushings. This change will help to reduce negative environmental impact.

1. In the case of imported technology (imported during the last 3 years reckoned from the beginning of the financial year), the following information may be furnished: NOT APPLICABLE

2. Expenditure incurred on Research and Development: 100.78 lakhs

(C) Foreign exchange earnings and Outgo:

PARTICULARS	Amt ( Rs. In Lacs)
Foreign Exchange earned in terms	1719.81
of actual in flow s during the year.
Foreign Exchange outgo during	13057.04
the year in terms of actual out flow s

28. VIGIL MECHANISM/ WHISTLE BLOWER POLICY:

In line with the provisions of the Section 177(9) of the Companies Act, 2013, your Company has adopted Whistle Blower Policy, as part of vigil mechanism to provide appropriate avenues to the Directors and employees to bring to the attention of the management any issue which is perceived to be in violation of or in conflict with the fundamental business principles of the Company.

This vigil mechanism provides for adequate safeguards against victimization of employees and directors who avail of the vigil mechanism and also provide for direct access to the chairperson of the Audit committee, in exceptional cases. The Company Secretary is the designated officer for effective implementation of the policy and dealing with the complaints registered under the policy.

The Whistle Blower Policy aims for conducting the affairs in a fair and transparent manner by adopting highest standards of professionalism, honesty, integrity and ethical behaviour. All employees of the Company are covered under the Whistle Blower Policy.

During the year under review, no incidence under the above mechanism was reported.

29. CODE OF CONDUCT:

The Company has laid down a Code of Conduct for all Board members and senior management personnel. The Code of Conduct is available on the website of the Company.

The detail policy on the Code of Conduct is available on the website at https://www.yashhv.com/investor-portal/ policies-code-of-conduct-and-practices

30. INSIDER TRADING CODE:

As per SEBI (Prohibition of Insider Trading) Regulation, 2015, the Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated persons of the Company which was reviewed by the Board from time to time and amended accordingly till date. The Code requires pre-clearance for dealing in the Companys shares and prohibits the purchase or sale of Companys shares by the Directors and the designated persons while in possession of Unpublished Price Sensitive Information (UPSI) in relation to the Company and during the period when the Trading Window is closed.

The Company has also installed structural digital database. The Company has SDD Software License from Orion Legal Supplies (Orion) to monitor/ facilitate compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended.

During the year under review, there has been due compliance with the said code.

31. DISCLSOURE RELATING TO REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND PARTICULARS OF EMPLOYEES:

Your directors placed on record the sense of appreciation for the valuable contribution made by the staff members of the Company and hope that their continued support will help in achieving the goals of the Company.

Disclosure pertaining to remuneration and other details as required under Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as Annexure- D .

In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, a statement showing the names and other particulars of the employees in terms of the remuneration is attached as Annexure- E .

32. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

All the related party transactions that were entered into during the financial year were on an arms length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel, or other designated persons which may have a potential conflict with the interest of the Company at large. All the related party transactions are approved by the Audit Committee and Board of Directors.

The Company has adopted a Policy on Related Party Transactions for the purpose of identification and monitoring of such transactions.

The particulars of contracts or arrangements with related parties referred to in sub section (1) of Section 188 entered by the Company during the Financial Year ended 31st March, 2026 in prescribed Form AOC-2 is appended to this Report as Annexure- F .

The policy on Related Party Transactions as approved by the Board is uploaded on the website of the Company and the web link is https://www.yashhv.com/investor-portal/policies-code-of-conduct-and-practices

33. ANNUAL RETURN:

In terms of the provisions of Section 134(3)(a) and Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return in form No. MGT -7 of the Company is available on the website of the Company at the web-link https://www.yashhv.com/investor-portal/ annual-filings

34. SIGNIFICANT MATERIAL ORDERS PASSED BY THE REGULATORS OF COURTS OR TRIBUNALS IMPACTING THE COMPANYS OPERATION IN FUTURE:

During the year under review, there were no significant or material orders passed by regulators, courts, or tribunals impacting the Companys ongoing concern status and its operations in the future.

35. MAINTENANCE OF COST RECORD:

The provisions of Section 148(1) of the Companies Act, 2013 are applicable to the Company and accordingly the Company maintains cost accounts and records in respect of the applicable products for the year ended March 31,2026.

36. COMPLIANCE OF APPLICABLE SECRETARIAL STANDARDS:

During the financial year under review, the Company has complied with applicable Secretarial Standards on

Board and General Meetings specified by the Institute of Company Secretaries of India pursuant to Section 118 of the Act.

37. DETAILS OF APPLICATION MADE OR ANY PROCEEDINGS PENDING UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016 DURING THE FY ALONG WITH THE CURRENT STATUS:

During the year under Review, neither any application was made nor are any proceedings pending under Insolvency and Bankruptcy Code, 2016.

38. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONETIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF:

During the year under review, there were no instances of onetime settlement with any Banks or Financial Institutions.

39. RISK MANAGEMENT:

Cyber Crime Reporting:

During the year under review, the Company detected a cyber fraud incident involving fraudulent email impersonation of one of its regular overseas (China-based) suppliers, whereby altered bank account details were furnished by the fraudster(s), resulting in misdirected payments. The estimated financial impact of the incident was Rs. 2.10 crore, comprising Rs. 1.36 crore towards materials for which partial shipment was received and Rs. 0.74 crore towards materials not received. The Company disclosed the incident to BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with the SEBI Master Circular dated January 30, 2026, vide intimations dated March 31, 2026 and April 10, 2026. The Company has lodged formal complaints with the National Cyber Crime Reporting Portal and the Vadodara Police on April 9, 2026, and is pursuing recovery of funds through its bankers. The Company has since strengthened its internal controls relating to vendor bank account verification, document review and due diligence for international payments to prevent recurrence of such incidents. The said incident, being an exceptional item of Rs. 2.10 crore, has been appropriately disclosed in the Financial Statements for the year and, in the opinion of the Board, has had no material adverse impact on the operations, business continuity or financial position of the Company.

40. HUMAN RESOURCES AND INDUSTRIAL RELATIONS:

Your Company takes pride in the commitment, competence and dedication shown by its employees in all areas of business. Your Company ensures that it provides a harmonious and cordial working environment for all its employees. To ensure good human resources management, your Company focused on all aspects of the employee lifecycle. This provides holistic experience for the employee as well. Your Company has Objective appraisal systems based on Key Result Areas are in place for all employees.

Your Company is committed to nurture, enhance and retain talent through superior Learning & Organizational Development.

Employee Engagement & Celebrations:

Your Company actively fostered a culture of participation and inclusivity through diverse engagement initiatives during the year. Key highlights included the observance of Safety Week to reinforce workplace safety, celebration of Womens Day to honor and empower women employees, and the grand Annual Day showcasing talent and team spirit. The company also organized Quality Week to promote excellence, and Environment Day to strengthen sustainability awareness. Vibrant Festival Celebrations across units enriched cultural diversity, while the Appreciation Awards recognized outstanding contributions, motivating employees to excel. These initiatives collectively enhanced employee morale, strengthened industrial harmony, and reinforced the companys commitment to a positive workplace culture. FY 2025-26 was a year full of joy, laughter, and celebrating festivals and special occasions in Yash!

41. INVESTOR RELATIONSHIP:

Investor relations is a critical function within a Company that focuses on building and maintaining relationships with its investors and stakeholders. It serves as the bridge between the Companys management team, its shareholders, analysts, and the broader investment community. The primary goal of investor relations is to effectively communicate the Companys financial performance, strategic direction, and key developments to the investment community.

The company has maintained strong and transparent communication with its investors throughout the year. Regular updates were provided through quarterly earnings calls, analyst meetings, and shareholder communications. The organization emphasized its commitment to sustainable growth, prudent financial management, and long-term value creation. Engagement initiatives included timely disclosures, investor presentations, and participation in industry forums. The companys proactive approach to investor relations strengthened trust and confidence among stakeholders, ensuring alignment with strategic objectives and corporate governance standards.

42. ACKNOWLEDGMENTS:

The Chairman & Board of Directors of the Company takes this opportunity in expressing their gratitude to the bankers of the Company. The Board also acknowledges the continuous support received from its shareholders, stakeholders and employees of the Company.

On behalf of the Board For Yash Highvoltage Limited

	Sd/-
Place: Vadodara	Keyur Girishchandra Shah
Date: 03-08-2026	Chairman & Managing Director
	DIN:01064190