As on: Aug 04, 2026 10:12 AM
To the Members,
Your Directors have pleasure in presenting before you the Fiftieth Annual Report of the Company together with the Audited Financial Statements of the Company for the year ended 31st March, 2026.
FINANCIAL RESULTS
The performance during the period ended 31st March, 2026 has been as under:
Consolidated figure includes standalone figure and figure of Global Automotive & Appliances Pte Limited (GAAL), a wholly owned subsidiary company, Thai Automotive and Appliances Ltd. (TAAL), and Schmid Automotive & Appliances GmbH (SAAG), the step-down subsidiary companies and IFB Refrigeration Limited, an Associate Company.
OPERATIONS - Standalone
Your company completed the Financial Year with a moderate increase of 10.02% on revenue terms, and earned PBT of ' 179.61 cr. after adjustment of exceptional item of ' 13.96 cr. on account of increase in gratuity liability as one time expense arising due to introduction of Labour codes w.e.f. 21st November, 2025. The net revenue from operations grew by 10.13% to ' 5,443.25 cr. The profit before depreciation, finance cost and tax as compared to last year increased by 2.91% to ' 334.07 cr.
OPERATIONS- Consolidated
Net Revenue from operations on consolidated basis increased by 10.36% to ' 5,619.48 cr. Profit before depreciation, finance cost
and tax on consolidated basis as compared to last year increased by 4.04% to ' 351.23 cr.
DIVIDEND
Your Directors have decided not to recommend any dividend for the financial year under review to conserve resources for working capital, capital expenditure projects, acquisition etc.
TRANSFER TO RESERVE
The company does not propose to transfer any amount to Reserve. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
As required under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ("LODR Regulations") the Management Discussion and Analysis Report is enclosed as a part of this report.
CHANGE IN THE NATURE OF BUSINESS OF THE COMPANY
During the year under review, there is no change in the nature of the business operations of the Company.
CORPORATE GOVERNANCE AND SHAREHOLDERS INFORMATION
Your Company has taken adequate steps to adhere to all the stipulations laid down in 'LODR Regulations'. A report on Corporate Governance is included as a part of this Annual Report. Certificate from the Secretarial Auditors of the company M/s. Patnaik & Patnaik, Company Secretaries (Firm Registration No. P2017WB064500), confirming the compliance with the conditions of Corporate Governance as stipulated under LODR Regulations is included as a part of this report.
LISTING WITH STOCK EXCHANGES
The Company's Equity shares are listed on National Stock Exchange of India Limited and BSE Limited. Annual listing fee has been paid to the respective stock exchanges for the financial year 2026-27.
DEMATERIALISATION OF SHARES
98.52% of the company's paid-up Equity Share Capital is in dematerialized form as on 31st March, 2026 and balance 1.48% is in physical form. The Company's Registrar and Share Transfer Agent is M/s. MUFG Intime India Private Limited (Consequent to merger of CB Management Services Private Limited with MUFG Intime India Private Limited effective from 8th May, 2026) having their registered office at C-101, 247 Park, LBS Marg, Vikhroli (West), Mumbai - 400083 and Kolkata branch office at Rasoi Court, 5th Floor, 20, R. N. Mukherjee Road, Kolkata - 700001. The entire shareholding of the promoters' and promoters' group are in dematerialized form.
NUMBER OF BOARD MEETINGS HELD
The Board of Directors duly met six times during the financial year from 1st April 2025 to 31st March 2026. The dates on which the meetings were held are as follows:
28th May, 2025, 29th July, 2025, 24th September, 2025, 30th October, 2025, 24th January, 2026 and 28th March, 2026.
DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)
As on 31st March, 2026, the Company has twelve Directors of which eight are Non-Executive Directors (including one woman Director). The Company has Six Independent Directors (including one woman Independent Director).
Mrs. Sreedevi Pillai (DIN: 08944944), was appointed as an Independent Director w.e.f. 28th Jan, 2025 by the Shareholders of the Company on 23rd April, 2025 for a term of one year, which ended on 27th January, 2026. Based on recommendation of Nomination and Remuneration Committee, she was reappointed as an Independent Woman Director of the Company for her second term by the Board of Directors in its meeting dated 24th January, 2026 for a term of five consecutive years w.e.f. 28th January, 2026.
Mr. Saurav Adhikari (DIN: 08402010) was appointed as an Independent Director of the Company by the Board of Directors in its meeting dated 24th January, 2026, for first term of two consecutive years.
Mr. Subir Chakraborty (DIN: 00130864) was appointed as an Independent Director of the Company by the Board of Directors in its meeting dated 24th January, 2026, for first term of two consecutive years.
Mr. Tarun Kumar Daga (DIN: 01686499) was appointed as an Independent Director of the Company by the Board of Directors through circular resolution on 10th February, 2026, for first term of two consecutive years.
Mr. Ashok Bhandari (DIN: 00012210) completed his second term as Independent Director of the Company on 29th January, 2026. Based on the recommendation of the Nomination and Remuneration Committee Mr. Bhandari was appointed as a Non-Executive, Non-Independent Director of the Company for a period of two years with effect from 30th January, 2026. Appointment/re-appointment of Mrs. Sreedevi Pillai, Mr. Saurav Adhikari, Mr. Subir Chakraborty, Mr. Tarun Kumar Daga and Mr. Ashok Bhandari was duly approved by the shareholders of the Company by passing of special resolution through postal ballot on 22nd April, 2026.
Based on the recommendation of Nomination and Remuneration Committee ("NRC"), the following Directors were appointed by the Board, subject to approval of the members.
Mr. Arup Das (DIN: 08417965) was appointed as Executive Director for a period of one-year w.e.f. 1st April, 2026 by the Board of Directors in its meeting dated 28th March, 2026.
Mr. Manoj Kumar Vijay (DIN: 00075792) was appointed as an Independent Director of the Company by the Board of Directors on 9th April, 2026, for first term of two consecutive years.
Mr. Sandeep Joseph Abraham (DIN: 11656222) was appointed as Managing Director & CEO (HAD) w.e.f. 9th April, 2026 for a period of 5 years.
The appointment of Mr. Arup Das, Mr. Manoj Kumar Vijay and Mr. Sandeep Joseph Abraham has been put for vote by the members of the company through postal ballot dated 25th May, 2026.
Terms of Mr. Rahul Choudhuri (DIN: 06817748), and Mr. Biswadip Gupta (DIN: 00048258), as Independent Directors of the Company completed on 27th July, 2025 and 9th February, 2026 respectively. Mr. P. H. Narayanan (DIN: 10158148), resigned from the post of Managing Director - Engineering Business w.e.f. 1st April, 2026. The Board places on record its appreciation for their invaluable contributions and guidance provided to the Company.
Based on the recommendation of Nomination and Remuneration Committee ("NRC"), and in terms of the provisions of the Act, the Board of Directors at its meeting held on 25th May, 2026, proposes the following appointments: - Mr. Collegal Srinivasan Govindaraj (DIN: 10149022), retires by rotation and being eligible offers himself for reappointment.
Mr. Sudip Banerjee (DIN: 05245757), retires by rotation and being eligible offers himself for reappointment.
Brief particulars and expertise of the directors seeking re-appointment together with their other Directorship and Committee membership have been given in the annexure to the notice of the Annual General Meeting.
Apart from the above, there is no other change in the Director(s)/ KMP of the Company.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 134(5) of the Companies Act, 2013, Directors of your Company hereby state and confirm that:
a) in the preparation of the annual accounts for the year ended 31st March, 2026, the applicable accounting standards have been followed along with proper explanation relating to material departures;
b) they 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 at the end of the financial year and of the profit of the company for the same period;
c) they 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) they have prepared the annual accounts on a going concern basis;
e) they have laid down internal financial controls in the company that are adequate and were operating effectively.
f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and these are adequate and are operating effectively.
DECLARATION BY INDEPENDENT DIRECTORS
All the Independent Directors have submitted a declaration that each of them meets the criteria of independence as provided in Section 149(6) of the Companies Act, 2013 along with Rules framed thereunder and Regulation 16(1)(b) of the SEBI LODR Regulations. In the opinion of the Board there has been no change in the circumstances affecting their status as independent directors of the Company. The Independent Directors have also confirmed the compliance pertaining to their enrolment with the databank of the independent directors maintained by "The Indian Institute of Corporate Affairs" in terms of Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014. The declaration was placed and noted by the Board in its meeting held on 9th April, 2026.
REMUNERATION POLICY
A Nomination and Remuneration Policy has been formulated pursuant to the provisions of Section 178 and other applicable provisions of the Companies Act, 2013 and rules thereto and Regulation 19 of LODR Regulations stating therein the Company's policy on Directors/ Key Managerial Personnel/ other employees' appointment and remuneration by the Nomination and Remuneration Committee and approved by the Board of Directors. The said policy may be referred to on company's website at www.ifbindustries.com/nomination remuneration policy.php. As part of the policy, the Company strives to ensure that the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors / KMPs of the quality required to run the company successfully; Relationship between remuneration and performance is clear and meets appropriate performance benchmarks.
ANNUAL EVALUATION OF BOARD'S PERFORMANCE
The Board of Directors has carried out an annual evaluation of its own performance, board committees, and individual directors pursuant to the provisions of the Act and LODR Regulations.
The performance of the board was evaluated by the Board after seeking inputs from all the directors on the basis of criteria such as the board composition and structure, effectiveness of board processes, information and functioning etc.
The performance of the committees was evaluated by the Board after seeking inputs from the committee members on the basis of criteria such as the composition of committees, effectiveness of committee meetings etc.
In a separate meeting of Independent Directors, performance of Non-Independent Directors, the Board as a whole and Chairman of the Company was evaluated, taking into account the views of Executive directors and Non-Executive Directors.
Nomination and Remuneration Committee also in a separate meeting reviewed the performance of the individual directors and the Board as a whole. In the Board meeting the performance of the Board, its committees, and individual Directors were also discussed.
AUDIT COMMITTEE
The Board has constituted an Audit Committee, the details pertaining to the composition of the audit committee are included in the report on Corporate Governance. There has been no instance during the year where recommendations of the Audit Committee were not accepted by the board.
AUDITORS' REPORT
During the year under review, the Auditors did not report any matter under Section 143(12) of the Act, therefore no detail is required to be disclosed under Section 134(3)(ca) of the Act. The notes on Financial Statements referred to in the Auditor's Report are self-explanatory and do not call for any further explanation. The Secretarial Auditor's Report for the year under review does not contain any qualification, reservation, or adverse remark. The Secretarial Auditor's Report submitted by Company Secretary in Practice is appended as Annexure-A, which forms part of this report.
During the year under review, the statutory auditor and the secretarial auditor have not reported any instance of fraud committed in the Company by its officers or employees.
STATUTORY AUDITORS
At the 48th Annual General Meeting held on 29th July, 2024, the shareholders of the company appointed M/s. Price Waterhouse & Co Chartered Accountants LLP (Firm Registration No.: 304026E/E-300009) as Statutory Auditors of the company for a period of five years from the conclusion of 48th Annual General Meeting of the company to the conclusion of 53rd Annual General Meeting of the company.
COST AUDITORS
Your Board has appointed M/s. Mani & Co, Cost Accountants as Cost Auditors of the Company for conducting cost audit for the financial year 2026-27. Accordingly, a resolution seeking approval of the members for ratifying the remuneration payable to the Cost Auditors for Financial Year 2026-27 is provided in the Notice to the ensuing Annual General Meeting.
M/s. Shome and Banerjee were appointed the Cost Auditors of the Company for the year 2025-26 by the Board and their
fees was ratified by the members in the 49th Annual General Meeting held on 30th July, 2025. However, M/s Shome and Banerjee submitted their resignation on 23rd January, 2026 due to personal reasons. M/s. Mani and Co. Cost Accountants were appointed as Cost Auditors of the Company for the financial year 2025-26 by the Board of Directors / Committee on 24th January, 2026. The Cost auditor remuneration was duly ratified by the members of the Company by passing of Resolution through postal ballot on 22nd April, 2026.
COST RECORDS
The Cost accounts and records as required to be maintained under Section 148(1) of the Act are duly made and maintained by the Company.
SECRETARIAL AUDITOR
At the 49th Annual General Meeting held on 30th July, 2025 the shareholders of the company appointed M/s. Patnaik & Patnaik, Company Secretaries (Firm Registration No. P2017WB064500), as the Secretarial Auditors of the Company, for a term of five (5) consecutive years, to hold office of the Secretarial Auditor from the Financial Year 2025-26 upto Financial Year 2029-30.
SECRETARIAL STANDARDS
The Company has in place proper system to ensure compliance with the provisions of the applicable Secretarial Standards issued by The Institute of Company Secretaries of India and such systems are adequate and operating effectively.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Information required under section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, is appended as Annexure-B, which forms part of this report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
In terms of section 135 and Schedule VII of the Companies Act, 2013, the Board of Directors of your Company constituted a CSR Committee. The Committee comprises Independent Director, Non-Executive Director and Executive Director. CSR Committee of the Board has developed a CSR Policy which has been uploaded on the website of the Company at www.ifbindustries . com. Your company has identified the activities mainly relating to (a) Promoting education, (b) Promoting Health Care and (c) skill development programme in line with the CSR policy of the Company. The company made an expenditure of ' 182.70 lakhs against the budgeted amount of ' 164.26 lakhs. The complete disclosure on CSR activities in terms of Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 is appended as Annexure-C, which forms part of this report.
VIGIL MECHANISM
Pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism for directors and employees to report genuine concerns has been established. The Vigil Mechanism Policy has been uploaded on the website of the Company at www.ifbindustries.com/vigil mechanism .
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
All contracts/ arrangements/ transactions entered by the company during the financial year with related parties were in ordinary course of business and on an arm's length basis. During the year, the company has not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the policy of the company on materiality of related party transaction, which is required to be reported in Form No. AOC-2 in terms of Section 134(3)(h) read with Section 188 of the Act. The policy on materiality of related party transaction and on dealing with related party transaction as approved by the board may be accessed on company's website at www.ifbindustries.com . There were no material significant related party transactions which could have potential conflict with interest of the Company at large. Your directors draw attention of members to note 37 to the Financial Statements which sets out related party disclosures. As required under the Companies Act, 2013, the prescribed Form AOC-2 is appended as Annexure-D to the Board's report.
ANNUAL RETURN
In compliance with Section 92(3) and Section 134(3)(a) of the Act read with Companies (Management and Administration) Amendment Rules, 2020, the Annual Return for FY 2025-26 in the prescribed format has been placed on the Company's website at www.ifbindustries.com .
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The particulars of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements of the Company.
REMUNERATION RATIO OF THE DIRECTORS / KEY MANAGERIAL PERSONNEL (KMP) / EMPLOYEES
The information required pursuant to Section 197 of the Companies Act, 2013 read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is appended as Annexure-E, which forms part of this report.
The number of permanent employees on the rolls of the Company as on 31 March 2026 is 2397.
The statement containing particulars of employees employed throughout the year and in receipt of remuneration of ' 1.02 crore or more per annum and employees employed for part of the year and in receipt of remuneration of ' 8.5 lakhs or more per month, as required under Section 197(12) of the Companies Act, 2013, read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forming part of this report and is available on the website of the Company, at www.ifbindustries.com .
In terms of Section 136 of the Act, the said annexure is open for inspection and any member interested in obtaining a copy of the same may write to the Company to email id: investors@ ifbglobal.com.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
In conformity with the requirements of the clause (f) of subregulation (2) of regulation 34 of LODR Regulations. The Business Responsibility and Sustainability Report for financial year 2025-26 is appended as Annexure-F, which forms part of this report.
DIVIDEND DISTRIBUTION POLICY
The Board of Directors of IFB Industries Limited at its meeting held on 29th May, 2018 has adopted this Dividend Distribution Policy as required by Regulation 43A of the LODR Regulations is available at your Company website at www.ifbindustries . com/dividend distribution policy.php.
DEPOSITS
During the year under review, your company has not accepted any deposits from the public/members under section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules. There is no deposit outstanding as on date.
SHARE CAPITAL
During the year under review, no new shares were issued by the Company, therefore there was no change in the Issued and Paid-Up Share Capital of the Company.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
There have been no material changes and commitments that have occurred after the closure of the year till the date of this Report, which affect the financial position of the Company.
CREDIT RATING
On 24th October, 2025, CRISIL rating has reaffirmed the "CRISIL AA - / Positive" (pronounced as CRISIL double A minus rating) for long term debts and "CRISIL A1+ for short term debts".
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION &REDRESSAL) ACT, 2013
As per the requirement of Sexual Harassment of Women at workplace (Prevention, Prohibition & Redressal) Act, 2013, your Company has in place a Policy for Prevention of Sexual Harassment of Women at Work Place and constituted Internal Complaints Committees. No complaint has been raised during the year ended 31st March, 2026 and there is no complaint pending unresolved as on 31st March, 2026.
DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY
The Board of Directors of the Company already formed a Risk Management Committee to frame, implement and monitor the risk management plan for the Company. The Committee is monitoring and reviewing the risk management plan and ensuring its effectiveness.
Risk management is the process of minimizing or mitigating
the risk. It starts with the identification and evaluation of risk followed by optimal use of resources to monitor and minimize the same. The company is exposed to several risks. They can be categorized as operational risk and strategic risk. The company has taken several mitigating actions, applied many strategies and introduced control and reporting systems to reduce and mitigate those risks.
Appropriate structures are in place to proactively monitor and manage the inherent risks in businesses with unique/ relatively high-risk profiles.
An independent Internal Audit function carries out risk focused audits across all business, enabling identification of areas where risk management processes may need to be strengthened. The Audit committee of the board reviews internal audit findings on risk and provides strategic guidance on internal controls.
FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS
To familiarize the Independent Directors with the strategy, operations and functions of your company, the executive directors / senior managerial employees make presentations to the Independent Directors about the company's strategy, operations, product and service offerings, markets, finance, quality etc. Independent Directors are also visiting factories and branch offices to familiarise themselves with the operations of the company and to offer their specialized knowledge for improvement of the performance of the Company.
Further, at the time of appointment of an Independent Director, the company issues a formal letter of appointment outlining his/ her role, function, duties and responsibilities as a director. The format of the letter of appointment is available at the Company website at www.iffiindustries.com .
SUBSIDIARY/ASSOCIATE COMPANIES
IFB Industries Limited, has one wholly owned subsidiary company Global Automotive & Appliances Pte Limited (GAAL), its step-down subsidiaries Thai Automotive and Appliances Ltd. (TAAL) and Schmid Automotive & Appliances GmbH (SAAG) and one Associate company IFB Refrigeration Limited.
WHOLLY OWNED SUBSIDIARY GLOBAL AUTOMOTIVE & APPLIANCES PTE LIMITED (GAAL) AND STEP-DOWN SUBSIDIARIES THAI AUTOMOTIVE AND APPLIANCES LIMITED (TAAL) AND SCHMID AUTOMOTIVE AND APPLIANCES GMBH (SAAG)
GAAL is engaged in trading of Electronics Parts and semiconductors and other commodities. TAAL is engaged in the business of Fine Blanking and Conventional Blanking in Thailand. SAAG was incorporated at Switzerland in December, 2025 to carry out design, drawing, planning and development of Machine tools, fine blanking tools etc to augment the Engineering capabilities of the Company.
GAAL
During the year under review, GAAL has achieved a revenue of US$ 11.28 million (' 99.61 cr. approx.) which is a 12.02% growth as compared to 10.07 million US $ achieved during 2024-25. During the year the company made a PBT of US$ 1.15 million (' 10.16 cr. approx.) which is 10.20% of revenue as compared to
US$ 1.08 million which is 10.73% of revenue, achieved during 2024-25.
TAAL
During the year under review, TAAL has achieved turnover of 288.91 million Thai Baht (THB) (' 78.62 cr. approx.), which is a 5.56 % growth as compared to 273.69 million Thai Baht (THB) (' 66.35 cr. approx.) achieved during the year 2024-25. During the year the company registered a profit of 15.81 million THB (' 4.32 cr. approx.) at PBT level which was 124.57% higher as compared to a profit of 7.04 million Thai Baht (THB) (' 1.72 cr. approx.) made during the year 2024-25.
SAAG
During the year under review, GAAL has incorporated another wholly owned subsidiary namely Schmid Automotive & Appliances GmbH (SAAG) in December, 2025. SAAG will be engaged in the business of tool design and development to augment the engineering capabilities of the Company.
IFB Refrigeration Limited
During FY 2022-23, your Company invested an amount of ' 97 cr. (Rupees Ninety Seven Crores Only) in Equity shares of IFB Refrigeration Limited (IFBRL). Your Company's shareholding in IFB Refrigeration Limited as on 31.03.2026 comes to 41.40%.
During the year under review IFBRL has achieved a turnover of ' 465.26 cr., which is 32.16% growth as compared to ' 352.03 cr. achieved during the year 2024-25. During the year the company reported a loss of ' 3.37 cr., which was ' 40.80 cr. lower than the loss of ' 44.17 cr. made during the year 2024-25. IFBRL has turned positive at PBDIT level since February, 2025 riding on gradual increase in volume. The Company may plan to increase its shareholding in IFBRL during the year, if it makes sense.
Consolidated financial statements of the company and its subsidiaries and Associate have been prepared in accordance with Section 129(3) of the Companies Act, 2013. Further, the report on the performance and financial position of the subsidiary companies in the prescribed form AOC-1 is appended as Annexure-G, which forms part of this report.
In accordance with Section 136 of the Companies Act, 2013, the audited financial statements, including the Consolidated financial statements and related information of the company and
financial statement of the subsidiary companies will be available on our website www.ifbindustries.com . These documents will also be available for inspection during business hours at the corporate office of company.
Other Disclosures
Pursuant to the provisions of the Companies (Accounts) Rules, 2014, the Company affirms that for the year ended March 31, 2026:
a. There were no proceedings, either filed by the Company or against the Company, pending under the Insolvency and Bankruptcy Code, 2016, before the National Company Law Tribunal or any other court.
b. There was no instance of a one-time settlement with any bank or financial institution.
c. No significant or material orders were passed by regulators, courts, or tribunals impacting the going concern status or the Company's future operations.
d. The Company has complied with the provisions of the Maternity Benefit Act, 1961, and the rules made thereunder, including all applicable obligations relating to maternity benefits for eligible employees.
e. The Managing Director of the Company does not receive any remuneration or commission from any of the Company's subsidiaries.
f. The Company did not issue any Employee Stock Options, Sweat Equity Shares, or Equity Shares with differential rights as to dividend, voting, or otherwise during 2025-26.
ACKNOWLEDGEMENT:
The Directors take this opportunity to express their thanks to various departments of the Central and State Government, Bankers, Customers and Shareholders for their continued support. The Directors wish to place on record their appreciation for the dedicated efforts put in by the Employees of the Company at all levels.
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