To,

The Members

Ahmedabad.

The Board of Directors is pleased to present its 30th Annual Report on the Business and Operations of your Company ("the Company") and the Standalone and Consolidated Audited Financial Statements for the Financial Year ended March 31, 2026.

The summarized Financial Performance/highlights of the Company for the year ended on March 31, 2026 is as under:

(Rs .in lakhs)

1. Previous year figures have been regrouped / re-arranged wherever necessary.

Your Company is engaged into the business of manufacturing of Stainless Steel (SS) Billets and Ingots, rolling of SS Flat & Round Bars, Bright Bars, Seamless Pipes & Tubes, U – Bend Tubes and ERW Pipes with its fully integrated infrastructure consisting of steel melting shops, rolling mills and finishing machines at its plants located at Halol, Changodar and Kapadvanj, Gujarat; and also trading in Steel scrap and Ferro alloys and recently the company has under Installation two ground mounted solar power plants of 5200 Kwp Dc each aggregating to 10400 Kwp Dc, at Village Handod, Taluka Karjan, District Vadodara for the company's Halol unit for Captive purpose.

The Company manufactures wide range of stainless steel of 200 series, 300 series (including series 304 and series 316), 400 series - grades in Austenitic, Ferritic, Martensitic and special chemical composition grades steel like 17/4 PH, Duplex and Super Duplex Steel. The Company is Quality Management System certified company and holds ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and 2014/68/EU Certificates.

The Company's stainless-steel products are marketed / traded under the brand name ‘Mangalam Saarloh' and ‘Mangalam Tubicore'.

During the year under review, the Standalone Total Revenue of your Company is increased to Rs. 1,21,498.82 Lakhs for the financial year 2025-26 from Rs. 1,06,603.19 Lakhs for the previous financial year 2024-25, registering a growth of 13.97 % in the year under Review.

Your Company has earned a Profit After Tax (PAT) of Rs. 5,004.70 Lakhs in the financial year 2025-26 as compared to PAT of Rs. 2,941.48 Lakhs in the previous financial year 2024-25 which achieved 70.14% growth in the year under review.

During the year under review, the consolidated Total Revenue of your company has increased to Rs. 1,21,498.82 Lakhs for the financial year 2025-26 from Rs. 1,06,603.37 Lakhs for the previous year 2024-25 registering a growth of) 13.97% in the year under review.

Your Company has earned Profit After Tax (PAT) of Rs. 5,014.32 Lakhs in the year 2025-26 as compared to PAT of Rs. 2,952.55 Lakhs in the previous financial year 2024-25 with growth of 69.83 % growth in the year under review.

The Board of Directors is satisfied with the Financial Performance of your Company and assures that all necessary actions will be initiated for further increasing the income and profitability of the Company in the years to come.

Your Company is operating into a single segment of manufacturing of Stainless Steel (SS) Billets and ingots, rolling of SS Flat and Round Bars, Bright Bars, Seamless Pipes & Tubes, U – Bend Tubes and ERW Pipes with its fully integrated infrastructure.

Mangalam Worldwide Limited (CIN: L27100GJ1995PLC028381) was originally incorporated in the name as "Temchem Exports Private Limited" under the Companies Act, 1956 on December 11, 1995. Further, the name of the Company was changed to "Hindprakash Exim Private Limited" and a Fresh Certificate of Incorporation consequent upon change of name was issued on April 30, 2007 by the Registrar of Companies, Ahmedabad. The name of the Company was further changed to "Mangalam Worldwide Private Limited" and a Fresh Certificate of Incorporation consequent upon change of name was issued on October 13, 2014 by the Registrar of Companies, Ahmedabad. The Company was then converted into a Public Company and the name of the Company was changed to "Mangalam Worldwide Limited" and a Fresh Certificate of Incorporation consequent upon conversion and change of name of Company from Private Limited to Public Limited was issued by the Registrar of Companies, Ahmedabad on March 16, 2022. Further, the Company had submitted an application for the migration of its securities from the NSE Emerge Platform to the Main Board of NSE and the Company listed in the NSE emerged platform w.e.f. July 11, 2022 and the Company migrated emerged platform to main board of NSE w.e.f. September 18, 2025. The Company had applied for direct listing on main board of BSE Limited on 1st May, 2026 and the Company has received In-principal approval for main board listing w.e.f. 22nd May, 2026 and the Company has received listing and trading approval from BSE Limited effective from 27th May, 2026.

The Board of Directors of the Company, in its Meeting held on 29th April, 2026 recommended a dividend of Re. 0.30/- (Thirty paise only) (3%) per Equity share of Rs. 10/- each for the financial year ended on March 31, 2026 (previous year Re. 0.20/- per Equity Share), subject to approval of Members in the ensuing Annual General Meeting. The dividend payable to the shareholders would amounting to Rs. 89.10 lacs (Gross of TDS).

In view of the changes made under the Income-tax Act, 1961, by the Finance Act, 2020, dividends paid or distributed by the Company shall be taxable in the hands of the Shareholders. The dividend, if declared, shall be subject to deduction of income tax at source. Your Company shall, accordingly, make the payment of the Final Dividend after deduction of tax at source.

During the year, the Board of your Company has not appropriated any amount to the reserves. The profit earned during the year has been carried to the balance sheet of the Company.

During the year, there was no change in business or object of the Company and it continues to be in the same line of business as per main objects of the Company.

During the year under review, the following changes have been taken place in the Authorised and Paid-up Share Capital of your Company:

During the financial year 2025-26, there is no change in the authorised capital of the Company.

During the financial year 2025-26, under review, there was no change in the Issued, Subscribed and Paid-up Share Capital of the Company. The Company has not issued or allotted any shares nor bought back any securities during the financial year.

The Company is listed on Main Board of NSE. During the year, the Board of Directors accorded its approval for the offer, issue and allotment of Secured, Rated, Listed Redeemable Non-Convertible Debentures (NCDs) on a private placement basis, in one or more tranches, for an aggregate amount J 100 crore, within the overall borrowing limits of the Company. The issuance was undertaken in compliance with the applicable provisions of the Companies Act, 2013 and the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, as amended from time to time. The terms and conditions of the NCDs, including face value, were delegated to the Debentures Committee, subject to applicable laws and the provisions of the Memorandum and Articles of Association of the Company, is also annexed as to report on Corporate Governance.

During the year, your Company has allotted 50,000 (Fifty Thousand) Secured, Rated, Listed, Redeemable, Non–Convertible Debentures of face value of J 10,000 each ("NCDs), aggregating to J 50 crore by way of Private Placement during the year under review. The said NCDs were listed on NSE w.e.f. 20^th March, 2026.

The Company has been migrated from NSE Emerge to Main Board of NSE on 18th September, 2025.

The Company has made an application for direct listing on the Main Board of BSE Limited on 1st May, 2026, The Company is listed on Main Board of BSE Limited w.e.f. 27th May, 2026.

During the year under 2025-26, the Company was not required to transfer the equity shares/unclaimed dividend to Investor Education and Protection Fund (IEPF) pursuant to provisions of Section 124 and 125 of the Companies Act, 2013.

There were no outstanding shares lying in the demat suspense account/unclaimed suspense account and therefore, disclosure relating to the same is not applicable.

The Board of Directors of the Company consists of Mr. Vipin Prakash Mangal, Chairman and Managing Director, Mr. Chandragupt Prakash Mangal, Managing Director, Mr. Chanakya Prakash Mangal, Non-Executive Director w.e.f. 29th April, 2026 (Managing Director upto 28th April, 2026), Mr. Mohit Kailash Agrawal, Whole Time Director & CFO, and Mr. Anilkumar Shyamlal Agrawal, Mrs. Pritu Gupta, Mrs. Sarika Sachin Modi, Mrs. Varsha Biswajit Adhikari and Mr. Susanta Kumar Panda as Non-Executive Independent Directors of the Company.

In the opinion of the Board, all the Independent Directors possess requisite qualifications, experience, expertise including the Proficiency and hold high standards of integrity for the purpose of Rule 8(5)(iiia) of the Companies (Accounts) Rules, 2014.

During the Financial Year 2025-26, there was no change in the designation of any Director of the Company.

Subsequent to the close of the financial year, pursuant to the provisions of Sections 196, 197 and 203 of the Companies Act, 2013, Mr. Chanakya Prakash Mangal ceased to be the Managing Director of the Company with effect from 28th April 2026 and was designated as a Non-Executive Director with effect from 29th April 2026.

During the year 2025-26, Mr. Mohit Kailash Agrawal (DIN: 09696637) was re- appointed as Whole Time Director and CFO

of the Company for further period of Three (3) years effective from August 6, 2025 upto August 5, 2028 at the Annual General Meeting of the Company.

Based on recommendation of Nomination and Remuneration Committee, the board of directors of the company approved appointment of Mr. Susanta Kumar Panda (DIN: 07917003) as an additional Director of the Company w.e.f. June 28, 2025 which was subsequently approved by the Shareholders at the 29th Annual General Meeting of the Company for the period of 5 years w.e.f. June 28, 2025 upto June 27, 2030 as a Non- Executive and Independent Director of the Company.

Based on recommendation of Nomination and Remuneration Committee, the board of directors of the company approved the re-appointment Ms. Pritu Gupta (DIN: 07983510) as a non-executive independent director and she is proposed to be re-appointed for further period of Five (5) years effective from February 21, 2027 to February 20, 2032 subject to approval of shareholders of the Company at the ensuing 30th Annual General Meeting of the Company for which the necessary resolution has been incorporated at the Notice of 30th Annual General Meeting.

Pursuant the provisions of Section 152 of the Companies Act, 2013 and rules thereof and Articles of Association of the Company, Mr. Mohit Kailash Agrawal (DIN: 09696637), Director of the Company, retires by rotation at the 30th Annual General Meeting and being eligible, offers himself for re-appointment.

The Board recommends the re-appointment of Mr. Mohit Kailash Agrawal as Whole-time Director of the Company.

The Company has received declarations from the Independent Directors of the Company that they meet with the criteria of independence as prescribed under Sub- section (6) of Section 149 of the Companies Act, 2013 in compliance of Rule 6(1) and (3) of Companies (Appointment and Qualifications of Directors) Rules, 2014 as amended from time to time and there has been no change in the circumstances which may affect their status as independent director during the year and they have complied with the code of conduct for Independent Directors prescribed in Schedule IV of the Companies Act, 2013.

During the year under review, the Non-Executive Directors/Independent Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees, paid to them for attending meetings of the Board and Committee of the Company.

The Directors on the Board have submitted requisite disclosure under Section 184(1) of the Companies Act, 2013, declaration of non-disqualification under Section 164(2) of the Companies Act, 2013 and Declaration as to compliance with the Code of Conduct of the Company.

During the financial year 2025-26, 08 (Eight) Board meetings were held, in respect of which proper notices were given and the proceedings were properly recorded, signed and maintained in the Minutes book kept by the Company for the purpose. The intervening gap between two meetings was not more than 120 days. Detailed information and the dates of the Board Meetings held during the year under review is included in the Corporate Governance Report, forming part of this Annual Report.

The Company has several Committees which have been established as part of the best Corporate Governance practices and are in compliance with the requirements of the relevant provisions of applicable laws and statutes. The following are Committees of the Board of Directors:

1) Audit Committee

2) Stakeholder's Grievances and Relationship Committee

3) Nomination and Remuneration Committee

4) Management Committee

5) Debenture Committee

The details with respect to the composition, powers, terms of reference, other information and the number of meetings of relevant committees held during the financial year 2025-26 are given in the Corporate Governance Report, forming part of this Annual Report.

In terms of the provisions of Section 134(3)(p) of the Companies Act, 2013 read with Rule 8(4) of the Companies (Accounts) Rules,

2014, the Nomination and Remuneration Committee has carried out the annual evaluation of Individual Directors of the Company; and the Board of Directors has carried out the annual evaluation of the performance of performance of the Board and its Committees and Independent Directors. Further, Independent Directors also reviewed the performance of the Non-Independent Director and Board as a Whole and performance of the Chairman. The evaluation sheet for evaluation of Board, committees and Directors/Chairman were circulated to the respective meetings of the Board, Nomination and remuneration Committee and Independent Directors Separate Meeting.

The performance of the Board is evaluated based on composition of the Board, its committees, performance of duties and obligations, governance issues etc. The performance of the committees is evaluated based on adequacy of terms of reference of the Committee, fulfilment of key responsibilities, frequency and effectiveness of meetings etc. The performance of individual Directors and Chairman was also carried out in terms of adherence to code of conduct, participation in board meetings, implementing corporate governance practices etc.

The Independent Directors are evaluated based on their participation and contribution, commitment, effective deployment of knowledge and expertise, effective management of relationship with stakeholders, integrity and maintenance of confidentiality and independence of behavior and judgement.

The information on conservation of energy technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of The Companies (Accounts) Rules, 2014, is attached to this Report as "Annexure - A".

The information required pursuant to Section 197 of Companies Act, 2013 read with Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is attached as "Annexure - B" to this report.

Further, Managing Directors or Whole Time Director have not received any remuneration or commission from any of subsidiary of the Company for the financial year under review. Further, the Company does not have any holding company. As such, disclosure regarding receipt of the remuneration or commission by the Managing Directors or Whole Time Director from the subsidiary of the Company under provisions of Section 197(14) of the Companies Act, 2013 is not required.

As on March 31, 2026, the Company has M/s. Mangalam Saarloh Private Limited (CIN No. U27100GJ2019PTC109406) as a Subsidiary company having registered office situated at 205, Mangalam Corporate House, 42, Shrimali Society, Netaji Marg, Mithakhali, Navrangpura, Ahmedabad, Ahmedabad, Gujarat, India, 380009. During the year, the Board of Directors reviewed the affairs of the subsidiary Company.

Also, M/s. MWL Multicomm Private Limited (CIN No. U46102GJ2025PTC157592) was incorporated as a Wholly Owned Subsidiary, Company having registered office situated at 204, Mangalam Corporate House, 42, Shrimali Society, Netaji Marg, Mithakhali, Navrangpura, Ahmedabad-380009, Gujarat, India. As M/s. MWL Multicomm Private Limited has been incorporated on 01st January, 2025, the financial statement of the said company has been made for the period ending on 31st March, 2026.

Further, a statement containing the salient features of the financial statements including the highlights of performance of Company's subsidiaries is given in Form AOC-1 is attached to this Report as "Annexure- C"

Except above, the Company does not have any Subsidiary Companies or Joint Venture or Associate Companies, during the year under review.

Pursuant to the Section 136 of the Companies Act, 2013, the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited accounts in respect of Subsidiary Companies, are available on the website of the Company www.mangalamworldwide.com.

Pursuant to the provisions of Section 135(9) of the Companies Act, 2013, where the amount to be spent under Corporate Social Responsibility (CSR) by a company does not exceed fifty lakh rupees, the requirement under Section 135(1) for constitution of the Corporate Social Responsibility Committee is not applicable and the functions of such committee provided under Section 135 of the Act, are discharged by the Board of Directors of the Company. The function of CSR Committee is discharged by the Board under the provisions of Section 135(9) of the Act. Accordingly, the Board has approved the Corporate Social Responsibility (CSR) Policy. CSR Policy is available on the website of the Company at https://mangalamworldwide.com/wp-content/uploads/2022/08/ CSR-Policy.pdf.

The Annual Report on CSR Activities during the financial year 2025-26 forming part of this Board's Report is annexed herewith as "Annexure- D" to this report.

All the related party transactions that were entered during the financial year were in the ordinary course of business of the Company and were on arm's length basis. There were no materially significant related party transactions entered by the Company with its Promoters, Directors, Key Managerial Personnel or other persons which may have potential conflict with the interest of the Company.

All Related Party transactions are placed before the Audit Committee for approval, wherever applicable. Prior omnibus approval for normal business transactions is also obtained from the Audit Committee for the related party transactions which are of repetitive nature and accordingly the required disclosures are made to the Committee on quarterly basis in terms of the approval of the Committee.

The policy on Related Party Transactions as approved by the Board of Directors is uploaded on the website of the Company https:/ /mangalamworldwide.com/wp-content/uploads/2025/10/Policy-on-Materiality-of-RPT-17.10.2025.pdf

Details of material related party Transactions, if any, i.e. transactions exceeding ten percent of the annual consolidated turnover / net worth as per the last audited financial statements, is disclosed in Form AOC-2 at "Annexure - E", pursuant to the requirements of section 134(3)(h) of the Companies Act, 2013.

The details of the related party transactions for the financial year 2025-26 is given in notes of the financial statements, forming part of this Annual Report.

The Members of the Company at the 25th Annual General Meeting ("AGM") held on September 27, 2021, had approved the appointment of M/s. Keyur Shah & Co., Chartered Accountants (FRN: 141173W), Ahmedabad as the Statutory Auditors of the Company for a term of five consecutive years commencing from the conclusion of the 25th AGM to hold office till the conclusion of the AGM to be held for the financial year 2025–26.

The term of the existing Statutory Auditors is expiring at the conclusion of the ensuing 30th AGM of the Company.

Based on the recommendation of Audit Committee and board of directors of the company, M/s. N.K. Aswani & Co., Chartered Accountants (FRN: 100738W), Ahmedabad are proposed to be appointed as a Statutory Auditors of the Company for a term of five consecutive years commencing from the conclusion of the 30th AGM and to hold office till the conclusion of the 35th AGM of the Company to be held for the financial year 2030–31, at such remuneration as may be determined by the Board of Directors in consultation with the Auditors M/s. N K Aswani & Co., Chartered Accountants (Firm Registration No. 100738W) is one of the prominent Chartered Accountants, based in Ahmedabad, having experience of 44 years in the field of financial services, statutory audits, tax audits and other taxation matters.

The Company has received a written consent and eligibility certificate from the said Auditors to the effect that their re-appointment, if made, would be in accordance with the provisions of Sections 139, 141 and other applicable provisions of the Companies Act, 2013 and the rules framed thereunder.

The Board recommends the re-appointment of the Statutory Auditors for approval of the Members.

During the year under review, the Auditors have not reported any instances of fraud under Section 143(12) of the Act, committed against the Company by its officers or employees, to the Audit Committee or the Board, the details of which would be required to be mentioned in the Directors' Report.

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and rules thereof, the Company has appointed M/s. Manoj Hurkat & Associates, Practising Company Secretary, Ahmedabad (Firm Registration No.: P2011GJ025800) as a Secretarial Auditor of the Company for the period of 5 years to conduct the Secretarial Audit of the Company for the period of 5 years i.e. 2025-26 to 2029-30 at the 29th Annual General Meeting of the Company held on 4th August, 2025. The Secretarial Audit Report for the year ended March 31, 2026 is annexed herewith as "Annexure - F" to this Board's Report.

There is no qualification/ observation/ adverse remark in the Secretarial Audit Report.

Pursuant to the provisions of Section 138 of the Companies Act, 2013 and the Companies (Accounts) Rules, 2014, the Board appointed M/s. S S Rawat & Co., (FRN: 147356W) Chartered Accountants, Surat as an Internal Auditor of the Company for conducting internal audit of the Company for F.Y. 2025-26.

On the recommendation of Audit Committee, the Board of Directors of the Company appointed M/s. S S Rawat & Co., Chartered Accountants, Surat as an Internal Auditors of the Company for the F.Y. 2026-27.

Pursuant to the provisions of Section 148 of the Companies Act, 2013 and rules thereof and on the recommendation of the Audit Committee, the Board of Directors of the Company has appointed M/s. V.M. Patel & Associates, Cost Accountants, Ahmedabad (Firm Registration No.: 101519) as the Cost Auditor of the Company to audit the cost records of the Company for the financial year ending at March 31, 2026. Further, as per Section 148 of the Companies Act, 2013, the remuneration payable to the Cost Auditor was ratified and approved by the Members at the 29th Annual General Meeting.

The Company has maintained the cost accounts and records in accordance with provisions of Section 148 of the Companies Act, 2013 and rules thereof. The Cost Audit report for the financial year 2024-25 has been filed within the due date. The due date for submission of the Cost Audit Report for the financial year 2025-26 is within 180 days from March 31, 2026.

There was no material order passed by Regulators/Courts/Tribunals during the year under review impacting the going concern status and company's operations in future.

The Company, its Promoters, Directors and certain other persons received a Show Cause Notice ("SCN") dated January 29, 2025 (received on February 3, 2025) from SEBI in connection with Mangalam Global Enterprise Limited. The Company and the other notices filed their preliminary replies along with settlement applications before SEBI in March 2025. A Settlement Order dated March 30, 2026 has been received by the common Independent Directors. The Company is awaiting formal communication from SEBI. Accordingly, the Company has taken the said Order on record based on its availability on SEBI's official website.

The Board of Directors of the Company at its meeting held on April 25, 2023, considered and approved the Scheme of Amalgamation of Mangalam Saarloh Private Limited (a subsidiary company) with Mangalam Worldwide Limited and their respective shareholders and creditors under Section 230 to 232 of the Companies Act, 2013 read with rules made thereunder ('Scheme'), subject to required statutory and regulatory approvals. The Company, on 6th May, 2023 (which was re-filed on 22nd February, 2024) made application for seeking in principle approval/NOC in terms of Regulation 37 of the SEBI-LODR.

Further, pursuant to the proposed Scheme, 245 (Two Hundred Forty-Five) fully paid up equity shares of Rs. 10/- each would be issued by the Company, for every 100 (Hundred) fully paid-up equity shares of Rs. 10/- each of Mangalam Saarloh Private Limited, being Transferee Company. Presently the amalgmation application is pending with NSE.

The assets of your Company are adequately insured.

The Company has not accepted any deposit from the public within the meaning of Chapter V of the Companies Act 2013 and rules there under. Thus, as on 31st March, 2026, there were no deposits which were unpaid or unclaimed and due for repayment. Further, details of monies accepted by the Company if any, from Directors / relatives of Directors have been disclosed in the notes attached to and forming part of the Financial Statements of the Company prepared for the Financial Year ended March 31, 2026.

The Company adheres to the best Corporate Governance practices and always works in the best interest of its stakeholders. The Company has also incorporated the appropriate standards for corporate governance.

The Corporate Governance Report forms part of this report as Annexed thereto and certificate from practicing company secretary regarding compliance of conditions of corporate governance, as stipulated under SEBI (LODR) Regulations, 2015 is forming part of this Annual Report. A certificate of CFO of the Company in terms of the SEBI (LODR) Regulations, 2015 inter-alia confirming the correctness of the financial statements and cash flow statements adequacy of the internal control measures and reporting of matters to the Audit Committee is annexed to the report of Corporate Governance.

In accordance with the Listing Regulations, a certificate has been received from M/s Manoj Hurkat & Associates, Practicing Company Secretary, Ahmedabad that none of the Directors on the Board of the Company has been disqualified to act as a Director. The same is annexed to the part of Annual Report.

The Management Discussion and Analysis Report for the financial year under review as stipulated under Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, forming part of this Annual Report.

The particulars of loans, guarantees or investments made during the Financial Year 2025-26, are disclosed in the notes attached to and forming part of the Financial Statements of the Company, prepared for the financial year ended March 31, 2026.

No material changes and commitments affecting the financial position of the Company have occurred between the end of the financial year of the Company to which the Financial Statements relate and the date of this report.

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 Clause (c) of Sub-Section (3) of Section 134 of the Companies Act, 2013, which states: a) in the Preparation of the Annual Accounts, the applicable Accounting Standards had been followed along with proper explanation relating to material departures;

b) the 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 at the end of the financial year and of the profit /loss of the Company for that period;

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

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

e) the Directors have laid down Internal Financial Controls to be followed by the Company and that such Internal Financial Controls are adequate and were 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.

The Companies Act, 2013 read with Rule 8(5)(viii) of Companies (Accounts) Rules, 2014 re-emphasizes the need for an effective Internal Financial Control system in the Company which should be adequate and shall operate effectively. The Company has devised proper system of internal financial control which is commensurate with size and nature of business. The Company has an Audit Committee headed by the Independent Director, inter-alia, to oversee company's financial reporting process, disclosure of financial information, and reviewing the performance of statutory and internal auditors with management. Further, the Board had appointed Internal Auditor of the Company for the financial year 2025- 26 pursuant to the provisions of Section 138 of the Companies Act, 2013.

The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such systems are adequate and operating effectively. During the year under review, the Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

As per the requirement of Section 92(3) read with Section 134(3)(a) of the Companies Act, 2013 read with rules made there under, as amended from time to time, the Annual Return in Form MGT-7 is available on the website of the Company at https://mangalamworldwide.com/annual-return-mgt-7/

To foster a positive workplace environment, free from harassment of any nature, the Company have adopted a policy on "Prevention of Sexual Harassment", through which the Company addresses complaints of sexual harassment at all the workplaces. The policy assures discretion and guarantees non-retaliation to complainants. The Company follows a gender-neutral approach in handling complaints of sexual harassment. The Company has complied with the provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the year under review, there were no incidences/complaint reported under said Act.

The Company has in place a mechanism to identify, assess, monitor and mitigate various risks to key business objectives. Major risks identified are systematically addressed through mitigating actions on a continuing basis. These are discussed at the Meetings of the Audit Committee and the Board of Directors of the Company.

Risk Management is the process of identification, assessment and prioritization of risks followed by coordinated efforts to minimize, monitor and mitigate/control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. The Company has laid down a comprehensive Risk Assessment and Minimization Procedure which is reviewed by the Board from time to time. These procedures are reviewed to ensure that executive management controls risk through means of a properly defined framework. The Board judges the fair and reasonable extent of risks that your Company is willing to take and its decisions shall be based on this reasonable judgment. The Company is not required to constitute Risk Management Committee and Risk Management Policy as the Company does not fall under the criteria mentioned in the Companies Act and SEBI Regulations.

The Company has established a whistle blower policy/ Vigil mechanism in compliance with the provision of Section 177(10) of the Companies Act, 2013 for the genuine concerns expressed by the employees and Directors about the unethical behavior, actual or suspected fraud or violation of the Company's Code of Conduct. The Company provides adequate safeguards against victimization of employees and Directors who express their concerns. The Company has also provided direct access to the Chairman of the Audit Committee on reporting issues concerning the interests of employees and the Company. The Board has approved the policy for vigil mechanism which is available on the website of the Company at https://mangalamworldwide.com/wp-content/uploads/ 2022/04/Whistle-Blower-Policy-Vigil-Mechanism.pdf

There are no proceedings initiated/pending against the Company under the Insolvency and Bankruptcy Code, 2016 which materially impact the Business of the Company.

The Company has in place a comprehensive Occupational Health, Safety and Environment (OHSE) Policy aimed at safeguarding the environment and ensuring safe and healthy working conditions for all its stakeholders. During the year under review, the Company observed key initiatives such as National Safety Week, Road Safety Week, Fire Safety Week. The Company also strengthened its training framework by introducing diverse and relevant topics, complemented by structured on-the-job training (OJT), thereby enhancing competencies and fostering a strong safety culture across the organization. Workers can report hazards and safety concerns through multiple channels. OHSE accessible to employees and workers across locations. The Company has been designed system for HSE reporting and management, covering areas such as unsafe acts and unsafe conditions, near-miss reporting, incident tracking, site inspections, permit to work, and related corrective and preventive action follow-up. It enables HSE data to be captured, stored, tracked, and monitored in one place, improving transparency, visibility, and timely closure of observations. Observations reported & escalated based on priority, with closure timelines generally ranging from 1 to 11 days and are reviewed and closed within the respective unit by the Unit/Plant Head.

The Company is in compliance with the applicable provisions relating to maternity benefits under the Code on Social Security, 2020 (which subsumes the provisions of the erstwhile Maternity Benefit Act, 1961), to the extent applicable. During the financial year, no employee of the Company claimed maternity benefits.

As per Regulation 46 & 62 of SEBI (LODR) Regulations, 2015, the Company is maintaining a functional website namely www.mangalamworldwide.com containing basic information about the Company. The website of the Company is also containing information like Policies, Financial Results, Annual Reports and information of the designated officials of the Company who are responsible for assisting and handling investor grievances for the benefit of all stakeholders of the Company, etc.

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:

1. Details relating to deposits covered under Chapter V of the Act.

2. Issue of equity shares with differential rights as to dividend, voting or otherwise.

3. Issue of shares (including sweat equity shares) to employees of the Company under any scheme.

4. Neither the Managing Director nor the Whole-time Directors of the Company receive any commission from the Company and not disqualified from receiving any remuneration or commission from any of subsidiaries of the Company.

5. All properties and insurable interests of the company to the extent required have been adequately insured.

6. No significant and material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and the Company's future operations.

As per approval of Board of Directors of the Company dated 24th February, 2026 for issuance of Non- Convertible Debentures upto Rs. 100 Crore, Debenture Committee of the Company has approved allotment of 5000 (Five Thousand) Secured, Rated, Listed, Redeemable, Non–Convertible Debentures of face value of J 1,00,000 each ("NCDs), aggregating to J 50 crore by way of Private Placement on 28th April, 2026.

The Board of Directors of the Company has approved Sub- Division of Equity Shares of the Company of 2,97,00,674 Equity Shares of the Company on 15th May, 2026 for every 1 Equity Share having face value of Rs. 10/- each into 10 Equity Shares having face value of J 1/- each. The Shareholders of the Company has unanimously approved Sub-division/ Stock Split through Postal ballot on 20th June, 2026. The Company has made an application to NSE and BSE for Stock Split.

Consequent upon Sub-division of Equity Shares of the Company. The Company has taken approval of Shareholders of the company through Postal ballot for change in the Capital Clause of Memorandum of Association of the Company on 20th June, 2026. The Company is under process to take subsequent approvals to give effect of alteration of Capital Clause of Memorandum of Association of the Company.

Your Directors are highly grateful for all the guidance, support and assistance received from the Company's Customers, Vendors, Financial Institutions & Bankers, Auditors, Investors, Depository, Workers, Executive Staff and Team Members of the Mangalam family at all levels. Your Directors thank all the esteemed shareholders, customers, suppliers and business associates for their faith, trust and confidence reposed in the Company.

Your Directors also wish to place on record their deep sense of appreciation and contributions for the committed services by the Workers, Executive Staff and Team Members of the Mangalam family at all levels, to ensure that the Company continues to grow and excel. Your Company's consistent growth was made possible by their hard work, solidarity, co- operation and support.

(Pursuant to Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014)

During the year under review, the Company had successfully installed and commissioned 1200 KWp Rooftop Solar Power Plant at the Company's unit situated at Kapadwanj, District - Kheda, Gujarat to generate electricity for Captive Consumption, which shall significantly boost our renewable energy production and contributing to our sustainability goals.

Your Company is committed to sustainable practices and reducing its environmental footprint through this project. There will be reduction in carbon emissions resulting into positive environmental impact and lower energy costs with increase in energy independence. It shall also have positive impact on the local community and the environment and also contribute to renewable energy targets of the country.

The Company had successfully installed and commissioned 1200 KWp Rooftop Solar Power Plant at the Company's unit situated at Kapadwanj, District - Kheda, Gujarat to generate electricity for captive consumption. Except that, the Company has not taken any step for utilizing alternate sources of energy.

During the year under review, Company has not incurred any capital investment on energy conservation equipment except mentioned below.

During the year, the Company has undertaken installation of two ground-mounted Solar Power Plants of 5,200 kWp DC each, aggregating to 10,400 kWp DC, at Village Handod, Taluka Karjan, District Vadodara, for captive consumption of power for the Company's Halol manufacturing unit.

• The solar power plants are expected to:

• Reduce dependence on conventional grid power;

• Promote the use of clean and renewable energy;

• Reduce carbon footprint and greenhouse gas emissions; and

• Contribute towards long-term energy cost optimisation.

The generated solar power will be utilised primarily for captive consumption at the Company's Halol unit, thereby supporting the Company's commitment towards sustainable operations and improved energy efficiency.

The Company will continue to explore opportunities for further improvement in energy efficiency and increased utilisation of renewable energy in its operations.

The Company has not imported any technology and hence there is nothing to be reported here.

None

a. The details of technology imported: Nil b. The year of import: Not Applicable c. Whether the technology has been fully absorbed: Not Applicable d. If not fully absorbed, areas where absorption has not taken place, and the reasons thereof: Not Applicable

During the year under review, the Company has not incurred any Expenditure on Research and Development

a) The ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the financial year 2025-26 and the percentage increase in remuneration of each Director, Chief Financial Officer, Company Secretary during the financial year 2025-26, are as under:

* During the year under review, all the Non-Executive Directors including Independent Directors of the Company were paid sitting fees for attending the Board Meetings and other Committee Meetings. Therefore, the ratio of remuneration of all Non-Executive Directors to the median remuneration of employees are not disclosed or compared.

** Ms. Apexa Ajaykumar Panchal resigned from the position of Company Secretary & Compliance Officer of the Company w.e.f. 8th January, 2026.

*** Mr. Soham Raval has been appointed as the Company Secretary & Compliance Officer of the Company with effect from March 31, 2026, pursuant to the applicable provisions of the Companies Act, 2013 and the rules made thereunder.

# Change in designation of Mr. Chanakya Prakash Mangal (DIN: 06714256) from Managing Director to Director (Non-Executive Non-Independent Director) of the Company w.e.f. 29th April, 2026.

In the financial year 2025-26, the percentage increase in median remuneration of employees was 7.82%.

There are 509 permanent employees on the rolls of Company as on March 31, 2026.

Average annual increase in the salaries of the employees, other than managerial remuneration was 15.66 % whereas there was no increase/decrease in the remuneration to the managerial personal i.e. Chairman and Managing Directors.

It is hereby affirmed that the remuneration paid is as per the Remuneration Policy of the Company.

f) During the financial year, there was no employee employed throughout the financial year or part of the financial year who was in receipt of remuneration in the aggregate of more than Rs. 8.50 Lacs per month or Rs. 1.02 Crore per financial year.

g) During the financial year, there was no employee employed throughout the financial year or part of the financial year who was in receipt of remuneration in the aggregate of not less than Rs. 8.50 Lacs per month or Rs. 1.02 Crore per financial year. The statement containing the names of the top ten employees in terms of remuneration drawn as per Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in a separate annexure forming part of this report. In terms of Section 136 of the Act, the said annexure is open for inspection at the Registered Office of the Company. The Annual Report is being sent to the members excluding the said separate annexure. Any member interested in obtaining a copy of the same may write to the Company Secretary.

Statement containing salient features of the Financial statement of Subsidiaries/Associate Companies/Joint ventures (Pursuant to first proviso to sub-section (3) of section 129 read with Rule 5 of the Companies (Accounts) Rules, 2014)

Notes: The following information shall be furnished at the end of the statement:

1. Names of subsidiaries which are incorporated on 1st January, 2025- MWL Multicomm Private Limited

2. Names of subsidiaries which are yet to commence operations - Not Applicable

3. Names of subsidiaries which have been liquidated or sold during the year - Not Applicable

1. Names of associates or joint ventures which are yet to commence operations: Not Applicable

2. Names of associates or joint ventures which have been liquidated or sold during the year: Not Applicable.