Dear Members,

Your Directors have great pleasure in presenting the 45^th Annual Report of your Company together with the audited financial statements (standalone and consolidated) and Auditors' Report for the financial year ended 31^st March, 2026.

1.1 Physical Performance:

2.0 SALES PERFORMANCE:

A summary of sales achieved during 2025-26 and 2024-25 are tabulated hereunder:

*Including Special Grade Hydrate

3.0 FINANCIAL PERFORMANCE:

e details of financial performance are given below:

*Includes changes in inventories of finished goods and work-in-progress and Finance costs.

4.0 FUTURE OUTLOOK:

Market outlook for Alumina and Aluminium Industry is tabulated under:

Source: CRU

Source: CRU & LME

5.0 DIVIDEND AND APPROPRIATIONS: Consistent dividend payout, rewarding shareholders

During the year, your Company has paid interim dividend @ `10.50 per equity share amounting to `1,928.46 crore in three tranches of `4.00, `4.50 and `2.00 per equity share. Further, the Company has recommended final dividend of `1.00 per equity share (20% on face value of `5.00 each) subject to approval of shareholders in the Annual General Meeting amounting to `183.66 crore.

e total dividend payout for the financial year 2025-26 including recommended final dividend @ `1.00 per equity share is `2,112.12 crore against `1,928.46 crore during the previous year. Dividend payout for the financial year 2025-26 including recommended final dividend @ `1.00 per equity share is 36.32% of the PAT of current financial year against 36.21% of the previous financial year.

6.0 MOU PERFORMANCE:

Based on financial performance and achievement of other parameters, your Company is rated "Very Good" as per the Memorandum of Understanding (MoU), signed by your Company with the Government of India for the financial year 2024-25.

MoU Score for the financial year 2025-26 is awaited from DPE.

7.1 Bauxite:

Bauxite ore is the main raw material for Alumina Refinery. e supply of this ore is secured as NALCO's captive mines at Panchapatmali (Central & North Block) and South Block have all statutory clearances with lease validity up to 16.11.2032 & 19.07.2029 respectively.

7.2 Caustic Soda:

Another important raw material for refinery is Caustic Soda, which is sourced through long term domestic & international suppliers. NALCO's joint venture GNAL, with GACL, has further securitized this critical raw material. GNAL project has been successfully commissioned & started supply of Caustic Soda to Refinery since September, 2022. e Company has a long-term agreement with GNAL for the supply of Caustic Soda upto 1,50,000 DMT per annum on mutual consent basis.

7.3.1 Steam and Power Plant (SPP), Damanjodi:

For sustainable supply of coal to SPP, your Company operated with 11.43 lakh MT annual Fuel Supply Agreement with MCL during the year. Additional required quantity was sourced through participation in coal e-auctions.

7.3.2 Captive Power Plant, Anugola:

Aluminium Smelter Plant is having Captive power plant for sustainable power supply. e Captive Power Plant (CPP) having installed capacity of 1200 MW (10X120 MW), requires around 72 lakh MT Coal per annum to meet the power generation demand of Smelter. For CPP Units 1 to 8, your Company is having Fuel Supply Agreement (FSA) with MCL for 47.16 lakh MT of Coal.

7.3.3 Utkal-D & E Coal Block:

Your Company has been operating Utkal-D&E Coal Blocks with peak capacity of 40.0 lakh MT per year. During the FY 2025-26, 40 lakh MT of Coal was supplied from Utkal-D&E Captive Coal Mines to CPP at Anugola.

8.1 5^th Stream of Alumina Refinery:

Your Company is in the process of setting up of 5^th Stream in its existing Alumina Refinery which shall add 1.0 MTPY to its existing installed capacity of 2.1 MTPY, at a projected expenditure of `5,677.4 crore based on improved Medium Pressure Digestion technology of M/s. Rio Tinto Alcan Limited (RTAL).

Your Company has obtained major statutory clearances like Environmental Clearance from MoEF & CC and Consent to Establish (CTE) from Odisha State Pollution Control Board. Detailed engineering, all procurements and site activity comprising of Soil Investigation, Piling & Site Grading work have been completed. Project implementation is in full swing and most of the units are under final stage of completion. Phase wise trial & testing has been commenced from June, 2026. e production will be stablised in H2 2026-27.

8.2 Alternate sourcing of Bauxite for 5^th Stream:

Sourcing of Bauxite for 5^th Stream expansion of Alumina Refinery has been envisaged from Pottangi Mines. Alternatively, sourcing of Bauxite from existing Panchpatmali Mines South Block has also been planned through setting up of a crushing & conveying system at an estimated capital outlay of `496 crore. Order for major packages such as Over Land Conveyor, Crusher Plant, Water System, Electrical System and Site & Infrastructure packages have been placed. Site construction activities are under progress. Till 31^st May, 2026, about 93% physical progress have been completed and the project is scheduled to be operationalized by October, 2026.

8.3 25.5 MW Wind Power Project:

In pursuit of being a harbinger for harnessing green & clean energy, your Company has established 198.40 MW Wind Power Plants in various states of India. In this noble endeavour, your Company is in the process of augmenting its wind power generation capacity to 213.40 MW by adding another wind power project of capacity 15 MW at Kayathar, Tamil Nadu at a capital expenditure of `120 crore. e Grid connectivity permission was obtained from TANGEDCO and the pooling substation has been charged. 33 kV transmission line work for 4 no. of WTGs (Wind Turbine Generators) has been completed and the commissioning of these WTGs is likely to be held in Q2 of FY 2026-27. Balance 6 nos. of WTGs shall be commissioned progressively by Q3 of FY 2026-27.

8.4 Utkal-D & E Coal Mines:

Your Company was allocated two coal blocks viz. Utkal-D&E each having a peak rated capacity of 2 MT. Combined Mining lease of Utkal-D&E has been executed so as to operate both the mines as a single mine to reap economic advantage of scaled up production of both the mines and to gain the barrier coal of the common boundary. All the statutory clearances have been obtained for combined Utkal-D&E Coal Mines for its captive use. 4 MT Coal was produced in FY 2025-26 and for this current FY 2026-27, 4.8 MT production has been planned.

8.5 Pottangi Bauxite Mines:

Your Company was allocated Pottangi Bauxite Mines for meeting the Bauxite requirement of 1 Million Tonne Alumina Refinery under expansion. All statutory clearances are in place and the mining lease has been executed. MDO has been appointed on 09^th December, 2025 for development and operationalisation of mines for a period of 25 years. e operationalization of the mines is planned in Q3 of FY 2026-27, with production expected to commence from Q4 of FY 2026-27.

9.0 CAPITAL EXPENDITURE (CAPEX):

On a standalone basis the Company has achieved a capex of `2,068.16 crore. Considering the capitalization done by joint venture companies on a consolidated basis, the CAPEX of the Company stands at `2,071.78 crore.

10.0 RISK MANAGEMENT POLICY:

A Risk Management Policy has been formulated and approved by the Board of Directors and the same is available in the Company's website www.nalcoindia.com

11.1 Presidential Directives on SC/ST reservation:

Your Company Complies with all applicable presidential directives and other guidelines in the matter of reservations of SC/ST/ OBC/EWS and other categories like PWD and Ex-Servicemen.

Your Company's manpower strength is 4,864 as on 31^st March, 2026, compared to 4,803 manpower as on 31^st March, 2025, out of which, 342 were women employees. As on 31.03.2026, there were 739 SC (15.19%), 916 ST (18.83%), 998 OBC (20.51%), 99 PWD (2.04%), 34 EWS (0.69%) and 10 Ex-Servicemen employees on roll.

11.2 Industrial Relations:

During the FY 2025–26, your Company continued to maintain a harmonious, cordial, and conducive industrial relations climate. e year marked yet another milestone with zero man-days lost due to labour disputes, reflecting the Company's strong commitment to fostering industrial harmony.

e healthy practice of resolving issues through constructive dialogue and continuous engagement with trade unions and workers' representatives facilitated effective employee participation at various levels of management and further strengthened the culture of mutual trust, cooperation and transparency.

Employees remained the driving force behind the Company's sustained outstanding performance and made a significant contribution towards achieving the highest-ever production in the Company's history during the year. Upholding the Company's core values, employee participation in management continued to be strengthened through a collaborative and participative approach based on mutual respect and trust.

e Company remained steadfast in ensuring full compliance with all applicable Labour Laws/Codes, Government guidelines and statutory requirements. A consultative approach to decision-making continued to be the cornerstone in addressing employee welfare and benefit-related matters. At the same time, the Company maintained its unwavering commitment to discipline, with zero tolerance towards indiscipline remaining a defining feature of its industrial relations philosophy.

11.3 Social Accountability 8000:

For developing and maintaining a decent workplace, your Company has adopted the International Standard, Social Accountability 8000 (SA-8000) since 2009-10. e Certification helped the Company in becoming more transparent in the areas of child labour, forced labour, safe and healthy work environment, working hours, remuneration, freedom of association, collective bargaining process, discrimination and disciplinary practices to all our stakeholders including employees, owner, customer, supplier and other interested parties. All the Production Units including Corporate Office are certified to SA 8000:2014 Standard since 2017 (New Version). Certification of all Production Units and Corporate Office are being renewed in every 3 years.

11.4 A_er implementation of new Labour code w.e.f 21.11.2025, your Company is continuously taking proactive steps to ensure compliance to the provisions made under the new Act and Rules.

12.1 Annual Highlights on CSR:

e CSR initiatives of your Company are aimed at the sustainable development of communities in the peripheral areas of its operations and are aligned with the organisational goals. ese initiatives are implemented through the NALCO Foundation, the CSR arm of your Company, established in 2010. CSR activities are carried out in accordance with the Companies Act, 2013 and amendment thereof, Government of India guidelines and the CSR Policy of the Company, in consultation with local communities, Panchayati Raj Institution (PRI) members and District Administration.

During FY 2025-26, your Company spent _80.77 crore on CSR against the mandated obligation of _79.13 crore. e major focus areas included Healthcare, Education, Drinking Water, Environmental Sustainability, Rural Development, Skill Development and Socio-Economic Development in the peripheral villages.

a) NALCO Ki Ladli: Financial assistance of _9,000 per annum was provided to 308 meritorious girl students from BPL/ Poor families in the peripheral villages of Anugola and Koraput Districts to support their education under the flagship programme aligned with the Government of India's "Beti Bachao, Beti Padhao" initiative.

b) Indradhanush: Under this residential education programme, 708 tribal students from remote villages around M&R Complex, Damanjodi received free education in reputed residential schools from Class-I to Class-X. Students are also supported for higher education, including ITI and Diploma courses.

a) Mobile Health Units: Your Company continued operating 09 Mobile Health Units providing doorstep healthcare services to over 1.30 lakh people in more than 210 periphery villages of M&R Complex, Damanjodi (including Pottangi Mining Region) and 44 periphery villages of S&P Complex, Anugola. e MHUs provide regular medical consultation and free medicines.

b) Out-Patient Department: A Multi-Speciality OPD Centre at S&P Complex, Anugola, operating in collaboration with Lions Club, provides specialist consultation, diagnostic services and free medicines to around 20,000 beneficiaries annually.

12.2.3 Holistic initiative in TB elimination & screening of Anemia and sickle cell Anemia in aspirational districts:

Your Company supported the District Administrations of Malkangiri and Nabarangpur in strengthening public healthcare through programmes focusing on TB elimination, anemia and sickle cell disease management, malnutrition and child health.

Other initiatives under the TB Elimination Programme include:

a) Distribution of nutritional food baskets to 500 TB patients and their families in Koraput District under Pradhan Mantri TB Mukt Bharat Abhiyan. b) Distribution of nutritional food baskets to 538 TB patients and their families in collaboration with the District Administration, Puri.

c) Distribution of nutritional food baskets to 1,115 TB patients and their families in Anugola District.

d) Support for medical equipment for TB treatment at Narayanapatna CHC and Pottangi CHC in Koraput District.

12.2.4 Provision of hygienic cooked food & safe drinking water during Rath Yatra at Puri:

During the world famous Rath Yatra at Puri, your Company distributed hygienic cooked food, dry food and packaged drinking water to a large number of pilgrims and devotees as part of its social responsibility.

12.2.5 Various Other Healthcare Infrastructure Development:

a) Supported for installation of Fully Automatic Chemistry and Haematology Analysers at Ramakrishna Mission Charitable Dispensary, Bhubaneswar.

b) Supported Vivekananda Hospital & Research Centre, Visakhapatnam with IT equipment, office furniture, Day Care OT and dental care equipment.

c) Provided 02 Battery-Operated Ambulances and 01 Battery-Operated Passenger Vehicle to SVPPG Institute of Pediatrics, Cuttack.

d) Supported for operation of a Dialysis Centre with 5 Dialysis Machines and one RO plant at Sub-Divisional Hospital, Bagha, Bihar.

e) Supported for healthcare, drinking water, sanitation and public welfare infrastructure in Karimnagar District, Telangana.

f) Supported for comprehensive health screening programmes for anemia and malnutrition among school children in Anugola, Koraput and Ganjam districts.

g) Supported for medical camps in Warangal (Rural & Urban), Jangaon and Jayashankar Bhupalpally districts of Telangana.

h) Distributed aids and assistive devices to Divyang beneficiaries in the peripheral areas of Damanjodi, Anugola and Bhubaneswar in collaboration with ALIMCO.

12.2.6 Promotion of Art, Culture & Protection of National Heritage:

a) Supported various initiatives for promotion of traditional art and culture in Odisha.

b) Supported the District Administration, Koraput for organising the Tribal Cultural Festival "PARAB".

c) Supported for organising Panchpattmali Natya Mahotsav at Damanjodi.

d) Supported the District Administration, Anugola for organising Zilla Mahotsav.

e) Supported for tensile fabric sheet shed at Shri Varaha Lakshmi Narasimha Swamy Vari Devasthanam, Simhachalam, Visakhapatnam.

f) Supported for restoration and redevelopment of pilgrim accommodation and infrastructure at Badrinath Dham, Uttarakhand.

12.2.7 Swachha Iconic City Development Project in Puri:

a) Battery-operated vehicles continued to provide safe and convenient transport for senior citizens, persons with disabilities and women visiting Shri Jagannath Temple at Puri and at railway stations in Puri, Cuttack and Bhubaneswar. b) Gandhi Park at Puri, developed and maintained by your Company. e Park has the facilities like Yoga Mandap, Open Gym and Walking Track for residents and pilgrims.

12.2.8 Swachhta hi Seva Campaign:

Swachhata Hi Seva campaign was organised across all locations of your Company with active participation of employees, students and local communities to promote cleanliness and public awareness with the concept of Jan Bhagidari.

12.2.9 Skill Development Initiatives (Skilling to Working):

a) To enhance employability, your Company provided coaching classes to the un-employed ITI passed students of peripheral villages of its operational units and other vulnerable groups for preparing them to appear various competitive examination.

b) Around 97 youth from the peripheral villages of Anugola and Damanjodi received skill training through CTTC and SDI, Bhubaneswar, with around 70% placed in various industries and rest opted for self-employment.

c) Supported skill development training for 40 unemployed OBC, SC and ST youth in plumbing, electrical and masonry trades in Jamshedpur.

d) Provided employment-linked skill training to 12 visually challenged youth through Vision Aid India.

12.2.10 Rural Development & Other Developmental Initiatives:

Your Company undertook various infrastructure development works in peripheral villages, including roads, school infrastructure, community centres, drinking water facilities, Spring-based water systems, bore wells, street lights, public toilets and strengthening of Anganwadi Centres based on local needs.

12.2.11 Livelihood Promotion:

Your Company promoted sustainable livelihood opportunities by providing training to Self-Help Groups (SHGs) and rural communities in activities such as ginger processing, goat farming, beekeeping, mushroom cultivation and Drone technology (PM Drone Didi), enabling self-employment and income generation.

12.2.12 Rural Sports:

To promote rural sports and encourage young talent, your Company organised: a) Rural Football Tournament at Damanjodi with participation of 720 players from 48 peripheral villages. b) Rural Sports Meet at Bhubaneswar with participation of 300 students from 17 rural schools in various athletic and sports events.

A detailed report on CSR activities prepared in line with various applicable provisions of the Companies Act, 2013 is attached at

13.0 VISIT OF PARLIAMENTARY COMMITTEES:

During the FY 2025–26, your Company extended necessary support and coordinated with various Parliamentary Committees during their study visits and review meetings.

e Standing Committee on Labour, Textiles and Skill Development conducted a study visit at Hyderabad on 05^th June, 2025. e Standing Committee on Coal, Mines and Steel, held its study visit at Mumbai on 08^th July, 2025.

e Parliamentary Committee on Estimates visited Bhubaneswar on 03^rd December, 2025 to review the implementation of development activities under the Pradhan Mantri Khanij Kshetra Kalyan Yojana (PMKKKY).

e Committee on Public Undertakings (COPU) visited Bhubaneswar on 10^th January, 2026 in connection with examination of Inventory Management.

14.0 MANAGEMENT DISCUSSION & ANALYSIS REPORT:

Management Discussion & Analysis Report in line with Regulation 34(3) read with Schedule-V of the SEBI (LODR) Regulations, 2015 is placed at Annexure-II to this report.

e report also contains:

a) Various initiatives undertaken to further business development.

b) e details in respect of adequacy of internal financial controls with reference to the financial statements and risk management practices.

c) Various initiatives taken up in the field of environment management at different units of the Company.

15.1 Technology as a Strategic Competitive Advantage:

Your Company's Information Technology function has evolved well beyond operational support. Today it is cornerstone of the Company's competitive strategy. By harnessing digital transformation at scale, your Company is driving operational excellence, embedding enterprise-wide transparency and institutionalising data-driven decision-making across every layer of the organisation. is strategic orientation put your Company firmly ahead of the curve in India's evolving industrial landscape.

15.2 A World-Class Digital Backbone:

NALCO has established a fully integrated SAP ERP platform, a robust, end-to-end digital foundation spanning Finance (FI/CO), Materials Management, Sales & Distribution, Human Capital Management, Payroll, Production Planning and Plant Maintenance. is uni_ed platform eliminates information silos, accelerates process cycles. e ERP is well augmented by digitally enabled Employee Self-Service (ESS) and Manager Self-Service (MSS) platforms giving every employee seamless, anytime access to the full spectrum of HR processes along with rich, multi-channel digital engagement ecosystem through purpose-built mobile applications for all stakeholders.

15.3 Embracing the Technologies of Tomorrow:

NALCO has embarked decisively on its Industry 4.0 journey. AI and machine learning-based use cases are being deployed to transform manufacturing operations, driving data-driven automation, elevating efficiency and building predictive capabilities that anticipate challenges before they arise. is positions NALCO to lead, not merely adapt, as industrial technology continues to evolve.

Predictive maintenance models are planned to be developed and piloted to reduce unplanned equipment downtime, extend asset life and lower maintenance costs with the ambition of converting reactive repair cycles into proactive, intelligence-driven asset management. Real-time process optimisation through intelligent sensors and connected systems is being progressively introduced across the production chain, with the goal of improving yield consistency, reducing energy consumption per tonne of output and tightening quality control at every stage. Work is underway to deploy digital twins of critical plant assets, the virtual replicas that will enable engineers to simulate, test and refine operational parameters before implementation, eliminating trial-and-error and accelerating process improvement at scale. As these initiatives mature and scale, the expected benefits are substantial viz. lower operating costs, higher throughput, fewer safety incidents through automated hazard detection and a workforce increasingly empowered by digital tools. NALCO's Industry 4.0 journey is still unfolding, but its direction is clear and its commitment unwavering to build an intelligent, continuously improving enterprise that grows sharper and more competitive with every step forward.

15.4 A Resilient, Protected & Future-Ready Infrastructure:

NALCO's digital ambitions are anchored by a resilient and highly scalable infrastructure. A centralised Data Centre paired with a geographically separated Disaster Recovery site ensures business continuity under any condition. Virtualised environments, SD-WAN-enabled intelligent networking, redundant MPLS connectivity and enterprise-grade security including firewalls, WAF, DDoS protection and SSL interception, form a fortress of reliability. Uni_ed communications, including full video conferencing capability, keep NALCO's teams connected and productive across every location. In an era of escalating cyber risk, NALCO maintains an industry-leading cybersecurity posture fully aligned with ISO 27001:2022 standards. A multi-layered security architecture encompassing network, endpoint, email and web security.

16.1 Integrated Management System (IMS):

In all Units i.e. Mines, Alumina Refinery, CPP, Smelter and Port Facilities, Integrated Management System based on ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 continued to be effectively implemented with regular external audits, internal audits and Management Review Meetings. Recertification of ISO 9001:2015 of Bauxite Mines, Port facilities & CPP and recertification of ISO 14001:2015 of Smelter were done during this reporting year. At the closure of financial year, certification status of all the Units w.r.t ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 remained intact.

16.2 Energy Management System (EnMS):

e EnMS continued to be effectively implemented with regular external audits, internal audits and management review meetings in three units CPP, Smelter and Alumina Refinery. During the financial year, Recertification of ISO 50001:2018 of Alumina Refinery was done successfully. At the closure of financial year, certification status of the three units w.r.t ISO50001:2018 remained intact.

16.3 Quality Circles:

In the financial year, total 36 quality circle projects were completed whereas several more were in progress.

Total 16 Quality Circle Teams participated in the National Convention NCQC 2025 of QCFI out of which 9 QCs received Par-Excellence award. Also, 7 Quality Circle teams participated in the CII Odisha State-level competition out of which 4 teams were selected and participated in CII East Zone Regional Finals at Kolkota. 1 QC ‘Nirnaya' of Bauxite Mines was invited to and participated in the CII National Finals. e Inter-Unit QC Competition was also organised at Mines & Refinery complex.

2 new QCs at Smelter and 6 new QCs at Alumina Refinery were registered during the FY 2025-26.

QC team "TEJAS" from CPP, participated at the ICQCC-2025 held at "Taipei", Taiwan in November, 2025 & won the prestigious Gold award.

16.4 Kaizen by SGA Groups:

As per the Kaizen by SGA scheme total 1854 Kaizens were completed during the reporting year across all production Units, continuing with numerous small improvements in operational convenience, house-keeping, waste reduction, time reduction etc.

16.5 Quality Improvement Projects:

During the year, as per the Six-Sigma methodology, 4 nos of LSSGB (Lean-Six Sigma-Green Belt) projects at Alumina Refinery and 2 nos. LSSGB project at Bauxite Mines were taken up. During the year, 1 LSSGB project was completed at Mines.

16.6 Awards:

QCFI-JUSE 5S Award Par Excellence Category for Alumina Refinery and Excellence Category for Bauxite Mines at the National Conclave on 5S held in June, 2025 at Madurai.

National Award as "Winner Leadership in Quality & Innovation" for Alumina Refinery at the Greentech Awards 2025.

16.7 5S System:

5S-Work Place Management System continued to be effectively implemented at Smelter, Alumina Refinery and Bauxite Mines with regular internal assessments and review meetings by Unit Management. At Refinery and Bauxite Mines, in addition to regular internal assessments and review meetings, external recertification and surveillance audits were successfully completed. At CPP, initiatives taken for revival of 5S.

16.8 Others:

Various training & awareness programs on TQM concepts were organised at all four production Units.

Quality competitions among employees (Essay, Poster, Group Presentation etc.) were organised at all four production Units. Smelter Plant was granted with BIS Product Certificate license on alloy Ingot w.r.t IS 617 for meeting the requirement of Ministry of Industry. Amendment of scope of License under IS 5484 for Wire rod and renewal of five BIS licenses- IS 5484, IS 4026, IS 617, IS 737 & IS 2590 was done successfully.

17.0 IMPLEMENTATION OF OFFICIAL LANGUAGE POLICY:

a) e progressive implementation of Hindi is being carried out in compliance with the provisions of the O_cial Language Act, 1963 and the O_cial Language Rules, 1976.

b) NALCO holds the Chairmanship of TOLIC in both Bhubaneswar and Anugola. Regular meetings have been conducted at these locations, involving all local PSU offices. During these meetings, the company's efforts were commended by representatives from the RIO, Government of India.

c) An inspection of the Corporate Office in Bhubaneswar for the implementation of the O_cial Language was carried out by Dr. Vichitrasen Gupt, Dy. Director, Regional Implementation Office, Department of O_cial Language, Ministry of Home Affairs, Government of India on 12.06.2025.

d) Representatives from the Ministry of Mines completed the O_cial Language inspection of the Mumbai Regional Office on 17.10.2025.

e) e Company's website is being regularly updated both Hindi and English.

f) Hindi Fortnight 2025 was observed at the Corporate Office, Production Units and Regional Offices to promote the use of Hindi in offcial work, with various competitions held for employees.

g) A Hindi declamation Competition was organized for the members of TOLIC(U), Bhubaneswar, under the banner of TOLIC(U) on 27.05.2025.

h) On the occasion of Hindi Fortnight 2025, a Kavi Sammelan was organized on 08.10.2025 at M&R Complex, Damanjodi, featuring poets of national repute.

i) Faculty support on Kanthastha (Translation Tool), Unicode and tools and techniques for Hindi computing was provided to the member offices of TOLIC, Bhubaneswar.

j) During the conference of Member secretaries of TOLICs of eastern region, TOLIC (U), Bhubaneswar was facilitated by Regional Implementation office, Department of O_cial Language, Government of India.

18.0 SPORTS: NALCO - Empowering Sports and Fostering Excellence:

Your Company has always been supporting the promotion and development of sports. Your company has been passionate about it and proud to recruit talented sports personnel from different fields like Cricket, Hockey, Athletics, Chess and football.

a) Shri Debasis Mohanty, former Indian cricketer, served as Fast Bowling Coach of the India Under-19 Elite Group at Rajkot and accompanied the India Under-19 Team on its Australia tour. He is presently Consultant to the Odisha Cricket Association and Chief Coach of the Nagaland Ranji Trophy Team.

b) Shri Shiv Sundar Das, former Indian opening batsman, served as a Member of the BCCI Men's Senior Selection Committee, contributing to talent identification and selection for the Indian Cricket Team.

c) Ms. Aparajita Gochhikar, international chess player, became the first Indian woman to receive the Fair Play Expert (FPE) title from the World Chess Federation. She also won the Women's title at the All India Rapid Chess Championship 2025 and served as Fair Play Officer in several national and international chess events.

d) Ms. Anuradha Biswal, Olympian and former Indian sprinter, served as Selector for the Odisha Junior Athletics Team and the Indian Team for the World University Games 2025. She also coached the Odisha Under-23 Athletics Team and was elected Executive Board Member of the All India Public Sector Sports Promotion Board.

e) Ms. Ranjita Mohanty, former goalkeeper of the Indian Women's Football Team, served as Head Coach of the Odisha U-17 Girls Team, Goalkeeper Coach of the Odisha Senior Women's Team, AIFF Youth League and Khelo India Women Tribal Games 2026.

f) Ms. Sradhanjali Samantaray, former Captain of the Indian Women's Football Team, served as State Selector for Odisha Women's Football and Assistant Coach of NITA Football Academy during the Indian Women's League.

g) Ms. Sunita Lakra, former Captain of the Indian Women's Hockey Team, participated in the coaching camps for the Hockey India Senior Women's National Championship and the 38th National Games (Women), contributing to the development of women hockey players.

18.2 Contribution of NALCO in promoting various sports activities:

a) NALCO successfully organised the All India Public Sector Badminton Tournament from 7^th to 10^th April, 2026 at Biju Patnaik Indoor Stadium, KIIT Campus Bhubaneswar. e tournament witnessed participation of around 200 players from 15 Public Sector Undertakings, providing a platform for promoting sportsmanship and excellence.

Handing over the Dividend Cheque for FY 2024-25 to Hon'ble Union Minister of Coal and Mines, Govt. of India.

b) Your Company organised various sports events in its peripheral areas during FY 2025-26, including Rural Volleyball, Open Cricket and Badminton Tournaments, All India Bhutia Memorial Football Tournament at Anugola, Gramina Football Cup, Independence Day Football Cup and Rural Sports & Games for School Students at Damanjodi.

c) Your Company sponsored the All Odisha NALCO Open Tennis Tournament in association with the District Tennis Association, Bhubaneswar, to promote tennis and encourage young sporting talent.

d) Your Company also organised various Inter-Departmental and Inter-Unit sports tournaments under its Annual Sports Calendar for FY 2025-26, promoting sportsmanship, teamwork and a healthy sporting culture among employees.

19.0 VIGILANCE:

e Vigilance Department was established in your Company in the year 1981.Your Company has a well-established Vigilance Department headed by a Chief Vigilance Officer (CVO) who is appointed in consultation with Central Vigilance Commission, a Statutory Body by Government of India. Twelve (12) Vigilance Officers; who assist the CVO are selected on deputation-basis in consultation and concurrence of CVO.

Your Company has its Vigilance set up at three locations:

a) Corporate Office at Bhubaneswar.

b) S&P Complex at Anugola.

e) M&R Complex at Damanjodi.

19.1 Functions of CVO:

e indicative functions of CVO in addition to other Vigilance related Functions are as follows:

a) Overall Vigilance Administration of the Company.

b) Maintaining a good link with CVC and CBI besides organizing structured review meetings with CMD, assisting & advising CMD on the matter of vigilance.

c) Furnishing of various returns/reports to Ministry/CVC/CBI.

e) Assisting CVC in selection of Independent External Monitors (IEMs) for I.P (Integrity Pact).

f) Assisting management in formulation/ updation of anti-corruption policies/ measure.

g) Organizing training on Vigilance Awareness, Vigilance Administration, case studies etc.

h) To tender advice to the Disciplinary Authority and the Appellate Authority in vigilance cases, irrespective of level of officers involved.

i) To investigate or cause an investigation to be made into such allegations involving vigilance angle.

j) To ensure that charge-sheet, statement of imputations, lists of witness and documents etc. are carefully drawn up; copies of all the documents relied upon and the statements of witnesses cited on behalf of the disciplinary authority are prudently prepared, issued expeditiously and supplied to the charged officer whenever possible.

k) Conduct regular and surprise inspections in the sensitive areas in order to detect if there have been instances of corrupt or improper practices by the public servants.

l) Prompt scrutiny of annual property returns and taking further necessary action. m) To give systemic improvement suggestions to the management to address the loopholes in the system whenever observed.

19.2 Various activities of Vigilance Department in 2025-26:

(i) Effective Complaint Handling:

A total of 61 complaints were received during FY 2025-26, out of which 60 complaints were analyzed and disposed of through appropriate actions. As on 31.03.2026, one complaint was pending.

(ii) Timely Completion of Investigations:

A total of 14 investigations were completed in FY 2025-26. As on 31.03.2026, one investigation was pending.

(iii) Capacity Building & Training Programs:

A total of 30 capacity-building/training programs were conducted or attended on topics including Formulation of PQC and Financial Prudence in Procurement, Dra_ing of Chargesheet, Ensuring Transparency in Procurement, Finance & HR Practices, Changing Dynamics and Applicability of the Prevention of Corruption Act, Vigilance Functionality and Prohibition of Insider Trading, Project Management & CTE inspection, Disciplinary Proceedings & Role of IO, PO and Disciplinary Authority, Preventive Vigilance & Public Procurement, Ethics and CDA rules, Rules and Procedures of procurement of goods, Preventive Vigilance, Financial concurrence & Contract Management etc.

(iv) Inspections:

A total of 74 inspections were carried out in FY 2025-26, comprising 13 surprise inspections, 16 sample checks, 39 regular inspections, 6 CTE type inspections.

(v) Ensuring compliance to various regulations and guidelines as defined by CVC/Ministry of Mines/CBI/NALCO Corporate Guidelines/any other Regulatory and Statutory requirements.

(vi) Preventive Vigilance which includes conducting Capacity Building & Training Programs, Outreach Activities etc. (vii) Adherence to 3 Months' Vigilance Campaign as per the guidelines of CVC and Observation of Vigilance Awareness Week.

20.0 RIGHT TO INFORMATION:

In order to address the provisions of Right to Information Act (RTI), one Appellate Authority, one Public Information Officer and nine Assistant public information officers responsible for providing information sought by stakeholders, have been appointed.

e following are the details of the RTI applications and appeals during FY 2025-26:

ird party Transparency Audit for the year 2024-25 of your Company has been carried out by M/s. Indian Rubber Manufacturing Research Institute with satisfactory remarks.

e RTI requests and appeals are received and replied through both physical and online mode. Your Company is aligned with online RTI portal of Department of Personal and Training (www.rtionline.gov.in) with effect from January, 2017.

21.0 LISTING IN STOCK EXCHANGES AND PAYMENT OF LISTING FEES:

e equity shares of your Company continued to be listed on BSE Limited and National Stock Exchange of India Ltd, the premier Stock Exchanges of the country, having nationwide trading terminals. e listing fees for the financial year 2026-27 have been paid on time to the Stock Exchanges.

22.0 PAYMENT OF ANNUAL CUSTODY/ISSUER FEES TO DEPOSITORIES:

Annual connectivity fees and custody fees/issuer fees for the financial year 2026-27 have been paid on time to both M/s. National Securities Depository Ltd. and M/s. Central Depository Services (India) Ltd.

23.0 SERVICE TO SHAREHOLDERS:

All matters relating to transmission of shares, issue of duplicate share certificates, payment of dividend, de-materialization and re-materialization of shares and redressal of investors grievances were carried out by the Company's RTA i.e. M/s. Bigshare Services Pvt. Ltd., Mumbai.

24.0 BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT:

In line with the requirement under SEBI (LODR) Regulations, 2015, your Company has adopted Business Responsibility & Sustainability Report (BRSR) describing the initiatives taken by the Company on Environmental, Social and Governance perspective and the same forms part of this Annual Report as Annexure-III.

Further, M/s. TUV SUD South Asia Pvt. Ltd. has been appointed for carrying out the reasonable assurance of the BRSR Core for the financial year 2025-26. e Assurance statement provided by M/s. TUV SUD South Asia Pvt. Ltd. forms part of the BRSR which forms part of this Annual Report.

24.1 Reports on Sustainable Development:

a) e mandatory report on sustainability i.e. the Business Responsibility & Sustainability Report (BRSR) addressing the environmental, social & governance aspects as required by SEBI, is completed and published.

b) In addition to above report, a standalone report is prepared on voluntary basis, in accordance with GRI Universal Standards.

25.1 Research and Development:

a) Initiatives undertaken in Critical Mineral: In alignment with the national mission of Atmanirbharta in critical minerals, NALCO has initiated a project aimed at developing scalable indigenous technology for Gallium recovery from Bayer liquor.

b) e pilot plant for extraction of Gallium metal from Bayer liquor, being set up at Alumina Refinery in collaboration with BARC (Bhava Atomic Research Center) & HWB (Heavy Water Board), is set to be commissioned during 3^rd quarter of FY 2026-27.

c) Waste to Wealth Utilisation: NALCO has participated in a project framed by NITI Aayog to develop a holistic approach for processing red mud to extract alumina, iron, titanium oxide and rare earth elements. e project work has been successfully completed, with a flow sheet developed for extracting a rare earth elements (REE) mix, along with other metallic values, from red mud. Based on the findings of the project, NALCO has signed an MoU with NML, Jamshedpur on 6^th January, 2026 for further technical collaboration to extract valuables like Scandium from Red mud.

d) Bulk Utilisation of Red Mud: NALCO is establishing a pilot plant in collaboration with JNARDDC, Nagpur for producing bricks from red mud, with a processing capacity of 30 TPD (tonnes per day). e plant will employ advanced processing techniques for iron separation and produce normal & lightweight construction bricks of various types using state-of-the-art equipment and a controlled process system. is plant is first of its kind in the world being set up as a demonstration plant.

e) 45 patents have been filed since inception, out of which 33 have been granted, 8 have been commercialized.

f) Research Advisory Committee (RAC), consisting of outside experts in the field of Alumina and Aluminium periodically review R&D activities of the company and offer guidance for meeting objectives and future goals of the company.

g) NALCO has collaborated with reputed Indian Institutes like IIT Bhubaneswar, CSIR-IMMT, JNARDDC, CSIR-CECRI for various process development and validation of waste to wealth initiatives, to generate value added products. Nalco has taken up twelve (12) numbers of new collaborative projects in different areas of operations of the company in this year.

h) Initiatives targeting the simultaneous recovery of alumina and Rare Earth Elements (REEs) from coal _y ash have transitioned from lab-scale research into Ministry of Mines (MoM) approved pilot plant project for "Recovery of Alumina & REE from Fly ash" at NRTC, Gothapatna in collaboration with CSIR-IMMT and KIIT, Bhubaneswar. e pilot plant is expected to be commissioned in second quarter of FY 2026-27.

i) To create awareness on various challenges faced by Industries on circular economy, a Seminar on "Transforming Aluminium Waste stream into valuable resources' was organized in association with JNARDDC at Nagpur on 12^th December, 2025. More than 200 participants from R&D and educational institutions, private companies and consultants attended and deliberated on the topic during the event.

j) NALCO signed an MoU with CSIR-IMMT, Bhubaneswar to be the industrial partner for establishing a Centre of Excellence (CoE) Hub on Critical Minerals at IMMT, under the National Critical Mineral Mission (NCMM), the Ministry of Mines, with an aim of Technology Upscaling, Import Substitution & Circular Economy Integration.

k) With an aim to explore recoverable valuables from Red Mud, NALCO signed an MoU with Entity1 Value Emission Pvt Ltd. (E1VEPL), Chennai, to conduct trials using Nalco red mud with Entity1 reactor.

l) Two research papers presented in the Annual meet of International Committee for the study of Bauxite & Alumina (ICSOBA) 2025 held at Nanning, China. Two technical research papers were published in international journals.

m) High Pure Alumina (HPA) is a vital critical material required to support the country's semiconductor, electric vehicle (EV), and aerospace supply chains. In this regard, a Collaborative project was undertaken, to develop a Process for 4N High pure Alumina (99.99%) and substrate making for its validation in LED application project with JNARDDC, IIT-Bhubaneswar & Anna University. e project has been successfully completed.

n) NALCO had undertaken a collaborative project for development of a process for Production of Ferro-Titanium alloy from Bauxite residue by recovery and matrix change of the metal values with CSIR-IMMT, Bhubaneswar. e project has been successfully completed. Based on the outcome of the project, a pilot plant is being set up at NRTC, Bhubaneswar for processing 200 Kg per day red mud for producing Ferro-Titanium alloys and REE.

o) Development of activated alumina and treatment of _uoride contaminated water & waste water with M/s. LN Indtech, Bhubaneswar has been completed.

p) Two collaborative projects for process improvement with CSIR-IMMT i.e. (i) Characterization of different scales & studies on their utilization in Alumina Refinery and (ii) Downstream processing of high silica liquor, have been completed.

q) Collaborative project with JNARDDC, Nagpur for Development of DC cast Al alloy for yoke material, which focused on reducing its weight and minimizing manufacturing defects, in automobile application has been successfully completed.

r) 20,000 samples of Bauxite, Aluminium metal, Alumina, Coal etc. were tested in NRTC Laboratory during FY 2025-26, with an approximate revenue generation/saving of `2.38 crore.

25.2 e particulars relating to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo, as required to be disclosed under the Companies Act, 2013 are given in the Annexure-IV to this report.

26.0 DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 134(3)(c) and 134(5) of the Companies Act, 2013, your Directors hereby confirm that: a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; b) e Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period; c) e Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; e) e Directors had prepared the annual accounts on a going concern basis; f) e 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; and g) e Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

27.0 CORPORATE GOVERNANCE:

A report on Corporate Governance in line with Regulation 34 read with Schedule-V of SEBI (LODR) Regulations, 2015 and DPE guidelines is prepared and placed at Annexure-V to this report.

e Statutory Auditors of the Company have issued a certificate on Corporate Governance which is appended to the Corporate Governance Report.

28.0 CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:

e Policy on Related Party Transactions has been approved by the Board and placed in your Company's website which can be accessed at www.nalcoindia.com. Your Directors draw the attention of the members to note no. 39 of the financial statements which sets out related party disclosures. A related party transaction was entered with M/s. GACL-NALCO Alkalies and Chemicals Private Limited (A JV Company of National Aluminium Company Limited and Gujarat Alkalies and Chemicals Limited) at arm's length basis for procurement of Caustic soda lye as per Caustic soda supply agreement during the year under report. A report in Form AOC-2 is attached at Annexure-VI to this report.

29.1 Directors:

e following changes took place in the Board of Directors and KMP of your Company since the last report:

a) Ministry of Mines vide Order No. 2/8/2020-Met.I (part-I) dated 01.04.2025 had re-appointed Shri Patel Sanjaykumar and Dr. Ajay Narang and appointed Ms. Trupti Kamlesh Patel as Part-time Non-o_cial (Independent) Directors for a tenure of one year w.e.f. 01.04.2025.

b) Shri Ramesh Chandra Joshi, Director (Finance) ceased to hold office on 30.04.2025 on attaining the age of superannuation.

c) Shri Brijendra Pratap Singh, Chairman-cum-Managing Director was assigned with additional charge of Director (Finance) w.e.f. 01.05.2025 vide Order No. 2/3/2024-Met.I dated 24.04.2025. d) Shri Abhay Kumar Behuria was appointed as Director (Finance) of the Company w.e.f. 11.06.2025 in terms of Order No.2/3/2024-Met-I dated 06.06.2025 of Ministry of Mines, Government of India.

e) Upon superannuation, the tenure of Shri Sadashiv Samantaray as Director (Commercial) ended on 30.06.2025.

f) Shri Brijendra Pratap Singh, Chairman-cum-Managing Director was assigned with the additional charge of Director (Commercial) w.e.f. 01.07.2025 vide Order No. 2/4/2024-Met.I dated 30.06.2025.

g) Shri Anil Kumar Singh was appointed as Director (Commercial) of the Company w.e.f 07.01.2026 in terms of Order No.2/4/2024- Met-I dated 05.01.2026 of Ministry of Mines, Government of India.

h) Upon completion of tenure, the term of Shri Patel Sanjaykumar, Dr. Ajay Narang and Ms. Trupti Kamlesh Patel as Part-time Non-o_cial (Independent) Directors of the Company ended on 31.03.2026.

i) Consequent upon the new assignment in the Department of Financial Services, Ministry of Finance, Shri Sanjay Lohiya, IAS, Additional Secretary, Ministry of Mines and Part-time O_cial Director of the Company ceased to be Director w.e.f 01.04.2026(FN).

j) Dr. Veena Kumari Dermal, Additional Secretary, Ministry of Mines was appointed as Part-time O_cial Director on the Board of NALCO vice Shri Sanjay Lohiya, IAS w.e.f 04.05.2026 vide Order No. 31/3/2020-Met.I dated 04.05.2026 of Ministry of Mines,

Government of India.

29.2 Key Managerial Personnel:

In accordance with the provisions of the Act, the following are the Key Managerial Personnel of your Company:

a) Shri Brijendra Pratap Singh, Chairman-cum-Managing Director

b) Shri Pankaj Kumar Sharma, Director (Production)

c) Shri Jagdish Arora, Director (Projects & Technical)

d) Dr. Tapas Kumar Pattanayak, Director (HR)

e) Shri Abhay Kumar Behuria, Director (Finance)

f) Shri Anil Kumar Singh, Director (Commercial)

g) Shri Bharat Kumar Sahu, Company Secretary

29.3 Declaration of Independence by Independent Directors:

Your Company had received declaration from the three Independent Directors on their appointment on 01.04.2025, confirming that they meet the criteria of independence as prescribed both under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

29.4 Meetings of the Board:

During the year, 12 (Twelve) Board meetings were held. Details of the meetings with Board strength and attendance of Directors are available in the report on Corporate Governance (Annexure–V) placed in this Annual Report.

29.5 Various Sub-committees of the Board:

e details of various Sub-committees of the Board, their composition, terms of reference, details of meetings held are given in the Corporate Governance Report (Annexure–V) placed in this report.

30.0 ANNUAL RETURN:

In accordance with the Companies Act, 2013, the Annual Return for the financial year 2025-26 in the prescribed format is available in the Company's website at https://nalcoindia.com/investor-services/annual-return/

31.0 GENERAL:

No disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under report:

a) Details relating to deposits covered under Chapter-V of the Act.

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

c) Issue of shares, sweat equity shares and ESOS to employees of the Company.

d) Receipt of commission, if any by the Chairman-cum-Managing Director and Functional Directors from the Company.

e) Significant or material orders, if any, passed by the Regulators or Courts or Tribunals which impact the going concern status and Company's operations in future.

Your Directors also state that no disclosure or reporting is required in respect of the following areas as they are exempted for Government Companies by Ministry of Corporate Affairs vide notification dated 5^th June, 2015 and notification dated 5^th July, 2017:

(i) Company's policy on Director's appointment and remuneration including criteria for determining qualification, attributes, independence, etc. as per Section 134(3)(e) and Section 178(2), (3) and (4) of the Companies Act, 2013 ("Act").

(ii) Manner in which formal annual evaluation of performance of Board, its Committees and individual Directors has been carried out as per Section 134(p) read with Rule 8 (4) of Companies (Accounts) Rules of the Act.

(iii) Ratio of remuneration of each Director to the median remuneration of the employee and other prescribed details as per Section 197(12) read with Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules of the Act.

32.0 SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

a) Your Company is a model employer to provide equal opportunity and consciously strives to build a healthy work culture that promotes dignity to all employees. In pursuance of Section 4 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, Internal Committee have been constituted at the production units and the corporate office of the Company to redress complaints relating to sexual harassment. b) Awareness programmes were conducted across the Company to sensitize employees and uphold the dignity of their colleagues at the workplace, particularly with respect to prevention of sexual harassment.

c) Details related to complaints received during the year 2025 under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 is as under:

33.0 COMPLIANCE WITH THE MATERNITY BENEFIT ACT, 1961:

Provisions of Maternity Benefit Act, 1961 is duly complied in your Company. Further, after implementation of new Labour code, your Company is compliant with the provisions of the Social Security Code, 2020.

a) Representation of data in posts and services in respect of SCs, STs, OBCs, EWSs and PwBDs are given below:

b) Backlog reserved vacancies filled up during the year and remaining unfilled along with reasons are given below:

* Vacancies will be advertised. (Group A & Group C) ** Vacancies are already advertised and in process (Group A)

e above vacancies are arisen due to non-availability of suitable candidates. c) Details of Liaison Officer(s) for SC/ST, OBC, PwBD, EWS and Ex-servicemen:

Corporate office and Regional offices

35.0 PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:

Details of Loans, Guarantee and Investments covered under the provisions of Section 186 of the Companies Act, 2013 read with Companies (Meetings of Board and its Powers) Rules, 2014 are given in the Note nos. 9 and 11 to Standalone Financial Statements 2025-26.

36.0 SUBSIDIARIES, JOINT VENTURE COMPANIES AND ASSOCIATED COMPANIES:

In accordance with the provisions of Section 129 (3) of the Act, read with the Companies (Accounts) Rules, 2014, a report on the performance and financial position of each of the joint venture and associates and their salient features are given in the Note nos. 9, 42 and 43 of the Consolidated Financial Statements for the year ended 31.03.2026 respectively. Salient features of JV/Associate companies in Form AOC-1 (Note no. 43) forms integral part of the consolidated financial statement of the Company.

37.0 AWARDS AND ACHIEVEMENTS:

a) In recognition of the pollution control measures and sound Environmental Practices, the township of Mines & Refinery Complex, Koraput, Odisha, has been conferred the Pollution Control Excellence Award 2025, by the State Pollution Control Board, Odisha, in the industrial township category, on 15^th September, 2025. e award was presented by Dr. Hari Babu Kambhampati, Hon'ble Governor of Odisha, on the 42^nd Foundation Day of SPCB Odisha.

b) Alumina Refinery, M&R Complex, has won the Greentech Quality and Innovation Award 2025, instituted by the Greentech Foundation, New Delhi. e award was presented on 7^th October, 2025 in New Delhi, in recognition of the refinery's outstanding performance and dedication to quality.

c) e Quality Circles teams of Alumina Refinery (QC Discovery and QC Jagruti) participated in the QCFI Bhilai Chapter Convention held at Bhilai from 11^th to 12^th October, 2025, where the teams secured Gold Awards for their exceptional performance. d) NALCO recognised as the ‘Best PSU of the Year' at the Equipments Times Mining & Mineral Excellence Awards 2025, held during the 11^th Asian Mining Congress held at Kolkata from 30^th to 31^st October 2025. e recognition acknowledged NALCO's contribution to the mining and minerals sector.

e) Quality Circle Team ‘Tejas' of NALCO Captive Power Plant, Anugola won the Gold Award at the 50^th International Convention on Quality Control Circles (ICQCC 2025) held at Taipei, Taiwan, from 3^rd to 6^th November, 2025, acknowledging NALCO's commitment to innovation, operational excellence, and sustainable growth. f) NALCO's Alumina Refinery, Damanjodi was awarded Kalinga Safety Excellence Award in Gold Category and the Captive Power Plant, Anugola secured Platinum category award for the assessment year 2024 at the 16^th National Safety Conclave cum Workshop 2025 held at Bhubaneswar from 19^th to 20^th November, 2025.

g) Quality Circle (QC) teams from multiple units of the Company delivered an outstanding performance, securing Par Excellence and Excellence awards across categories at the 39^th National Convention on Quality Concepts (NCQC 2025), held at Greater Noida from 19^th to 22^nd December, 2025.

h) Smelter Plant, Anugola was bestowed with "State Championship-Odisha award" in the Manufacturing Category of Energy Conservation Award (Encon 2025), CII Eastern Region at the concluding ceremony on 16^th December, 2025 at Kolkata.

i) NALCO secured the 1^st Prize in the Large Manufacturing Organisation Non-Ferrous category at the IIM Sustainability Awards, highlighting its dedication to sustainable growth and responsible mining & metal production, during the IIM-ATM-2025 flagship event held at IIT Hyderabad from 4^th to 6^th December, 2025.

j) NALCO was honoured with " e Best Exporter" Award for the year 2025 at the International Customs Day 2026 held on 16^th February, 2026 at Customs House, Visakhapatnam. e Award was received by Shri A.V. Subba Rao, CGM (PF), from Dr. Shankhabrata Bagchi, IPS in the presence of Shri Sanjay Rathi IRS, Principal Chief Commissioner Customs & CGST and Shri N. Sridhar, IRS Principal Commissioner of Customs.

k) Panchpatmali Bauxite Mines received multiple awards for its commitment to sustainable mining and environmental protection, at the final day celebration of the 27^th MEMC Week 2025 on 28^th March, 2026 at Bhubaneswar.

l) NALCO's Panchpatmali Bauxite Mines, Alumina Refinery, Captive Power Plant and Aluminium Smelter bagged the Kalinga Environment Excellence Award 2025 at the 11^th National Conclave on Environment, Energy & Climate Change (NCEECC) 2025, held on 20^th June, 2026 at Bhubaneswar.

38.0 COMMENTS OF COMPTROLLER AND AUDITOR GENERAL OF INDIA ON THE FINANCIAL STATEMENT OF THE COMPANY:

Annual Financial Statements, both standalone and consolidated, as approved by Board was submitted to the Office of Director General of Audit (Mines & Coal), Kolkata for their comments. e Comptroller and Auditor General of India has issued comments on both the standalone and consolidated financial statements for the year ended 31-03-2026 vide their letter nos. 352/AMG III/01-10 (NALCO)/2026-27 and 354/AMG III/01-10 (NALCO-CFS)/2026-27 both dated 03.07.2026 respectively. Further, the managements' reply against each comment of Comptroller and Auditor General of India duly approved by the Board forms part of the Annual Report.

39.1 Statutory Auditors:

M/s. B M Chatrath & Co. LLP, Chartered Accountants and M/s. SRB & Associates, Chartered Accountants are appointed as joint statutory auditors of the company by the Comptroller and Auditor General of India for the financial year 2025-26.

e Statutory Auditors report on the Standalone and Consolidated financial statements have already been placed before the Board in its meeting held on 30.04.2026.

39.2 Cost Auditors:

In terms of the provisions of Section 148 of the Act read with the Companies (Cost Records and Audit) Amendment Rules, 2014, Cost Audit is applicable to the Company for the financial year 2025-26. In compliance with the Companies (Audit and Auditors) Rules, 2014, the Board of Directors of the Company, on recommendation of the Audit Committee, have appointed M/s. B.S.S & Associates, Cost Accountants as the Cost Auditors for the year 2025-26. e Company will submit its Cost Audit Report to the Ministry of Corporate Affairs within the stipulated time period.

36 45^th Annual Report 2025-26

39.3 Secretarial Auditors:

M/s. Saroj Ray & Associates, Practicing Company Secretaries were appointed for undertaking Secretarial Audit job of your Company for a period of five year i.e. from financial year 2025-26 to 2029-30 in terms of Section 204 of the Companies Act, 2013 and Rules made there under.

e Secretarial Audit report submitted by M/s. Saroj Ray & Associates, Secretarial Auditors along with managements' explanation on observations made by them for financial year 2025-26 is enclosed as Annexure VII to this report.

39.4 Internal Auditors:

e Company has appointed the following Chartered Accountants' Firms/Cost Accountants' Firms for carrying out Internal Audit functions of the Company for the financial year 2025-26.

40.0 ACKNOWLEDGEMENT:

Your Directors acknowledge the excellent support extended by the Government of India particularly Ministry of Mines, DIPAM, DPE and other Ministries/Departments of the Government of India, various Ministries/Departments of the Government of Odisha, various PSUs in Company's value-added chain, all stakeholders and investors and look forward for maintaining such mutually supportive business relationship in the coming years too.

Last but not the least, your Directors also place on record their deep sense of appreciation for the dedication and commitment shown by all employees, contractors, contract workers, trade unions and officers associations during the financial year. e Company's consistent growth was made possible due to belongingness, solidarity, co-operation and support received from all fronts.