1. FINANCIAL HIGHLIGHTS

2. DIVIDEND

Your directors have retained the reserves and surplus as they have plans for expansion and diversification of Business. The Company is in the growth stage and so it is better to retain its Reserves and Surplus and reinvest to support the expansion and diversification plans.

3. OPERATIONAL HIGHLIGHTS

The Company earned operational income of 18,455.35 Lakhs compared to 12,265.25 Lakhs for the previous year. The other income is 232.18 Lakhs compared to 216.76 Lakhs in the previous year. The revenue increased by 50% during the year.

4. CHANGES IN THE NATURE OF BUSINESS, IF ANY

During the year the Company is in the business of manufacturing solid surface material. The Company has its registered office at Mumbai.

During the financial year under review, there was no change in the existing core business activity of the Company. However, with a view to expand its business portfolio and optimize market opportunities, the Company broadened its operational horizon by altering its Main Objects Clause in the Memorandum of Association to include the trading in all kinds of granules, including plastic, chemical, agricultural, or any other type, on a wholesale and retail basis in India and abroad and trading in all kinds of construction and building materials, building machinery and equipments and all other related products. The members approved the alteration by way of a Special Resolution passed via Extra Ordinary General Meeting on 24th November, 2025.

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

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

(A) Conservation of energy

Steps taken / impact on conservation of energy, with special reference to the following:

i. The Company has taken all effective steps to conserve the energy by installing latest equipment's for conservation of energy. As a stand-by arrangement in case of no supply of electricity, the Company has installed generator set.

(B) Technology absorption

Efforts, in brief, made towards technology absorption. Benefits derived as a result of the above efforts, e.g., product improvement, cost. Expenditure incurred on Research and Development: The Company has not incurred any expenditure on research and development.

reduction, product development, import substitution, etc.: During the year, the Company has not taken any technical knowhow from anyone and hence not applicable.

(C) Foreign exchange earnings and Outgo

6. RISK MANAGEMENT POLICY

The Company has a structured Risk Management policy. The Risk Management process is designed to safeguard the organization from various risks through adequate and timely actions. It is designed to anticipate, evaluate and mitigate risks in order to minimize its impact on the business. The potential risks are integrated with the management process such that they receive the necessary consideration during decision making.

7. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

The provisions of Section 135 of the Companies Act, 2013 read with Rule 9 of the Companies (Accounts) Rules, 2013 is applicable to the Company and report on CSR is annexed to this report - Annexure A.

8. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013

Details of loans, guarantees or investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review are given in the notes to financial statements.

9. RELATED PARTY TRANSACTIONS

All transactions entered with Related Parties for the year under review were on arm's length basis and in the ordinary course of business. There are no materially significant related party transactions during the year, which may have potential conflict with the interest of the company at large. The details of the transactions with the related parties are disclosed in the notes to Financial Statements.

10. DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of Section 152 of the Companies Act, 2013 and the Rules framed thereunder, Mr. SHRAVAN LAXMICHAND SUTHAR (holding DIN: 02985316) Managing Director of the Company retire by rotation at the forthcoming Annual General Meeting and he being eligible, offers himself for reappointment.

Key Managerial Personnel

The Key Managerial Personnel (KMP) in the Company as per Section 2(51) and 203 of the Companies Act, 2013 are as follows:

1. Mr. Shravan Suthar, Managing Director (DIN: 02985316)

2. Mr. Lalit Suthar, Whole Time Director (DIN: 02985324)

3. Ms. Kalpana Nikam, Chief Financial Officer (Resigned w.e.f. 02nd May, 2026)

4. Ms. Komal Upendra Birla, Company Secretary

5. Mr. Mahipal Vasant Vyas Chief Financial Officer (Appointed w.e.f. 04th May, 2026)

Independent Directors

1. Mr. Narayan Uttam Samantra (DIN: 09798498)

2. Mr. Bhavesh Rajendra Jain (DIN: 10745884)

3. Ms. Palak Jain (DIN: 09182098)

BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and Rules made thereunder read with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried the evaluation of its own performance, Individual Directors, its Committees, including the Chairman of the Board on the basis of attendance, contribution and various criteria as recommended by the Nomination and Remuneration Committee of the Company. The evaluation of the working of the Board, its committees, experience and expertise, performance of specific duties and obligations etc were carried out. The Directors expressed their satisfaction with the evaluation process and outcome.

The performance of each of the Non- Independent Directors (including the Chairman) was also evaluated by the Independent Directors at the separate meeting held of Independent Directors of the Company.

REMUNERATION POLICY

The Board has on the recommendation of the Nomination & Remuneration Committee, formulated criteria for Determining, Qualifications, Positive Attributes and Independence of a Director and also a Policy for remuneration of Directors, Key Managerial Personnel and senior management.

DECLARATION BY INDEPENDENT DIRECTORS

The Independent Directors have submitted their disclosures to the Board that they fulfil all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules.

11. NUMBER OF MEETING OF BOARD OF DIRECTORS

During the year 11 (Eleven) Board Meetings and were convened and held on 13/05/2025, 22/05/2025, 11/06/2025, 03/07/2025, 29/08/2025, 06/10/2025, 28/10/2025, 13/11/2025, 17/12/2025, 06/02/2026 and 06/03/2026. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

Disclosure on the compliance of Secretarial Standards

The Directors confirm to the best of their knowledge and belief that the Company has complied with the applicable provisions of Secretarial Standards on the Meeting of the Board of Directors issued by the Institute of Company Secretaries of India.

12. AUDIT COMMITTEE

During the year, the Audit Committee met 4 (Four) times on 13/05/2025, 29/08/2025, 13/11/2025 and 06/02/2026. The Board has accepted all recommendations of Audit Committee and accordingly, no disclosure is required to be made in respect of non- acceptance of any recommendation of the Audit Committee by the Board.

13. SHAREHOLDERS RELATIONSHIP COMMITTEE

The Committee, inter alia, started overseeing and reviewing all matters connected with the shares and looks into shareholders complaints. During the year, the Shareholders Relationship Committee met 1 (One) time on 29/08/2025.

14. NOMINATION AND REMUNERATION COMMITTEE

The Committee met only once on 29/08/2025 during the year.

15. DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 134(5) of the Companies Act, 2013 the Board hereby submits its responsibility Statement:

(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 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 FY26 and of the profit and loss of the company for that period;

(c) the 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;

(d) the directors had prepared the annual accounts on a going concern basis; and

(e) the directors, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

(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.

16. ANNUAL RETURN

The Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the Companies (Management and administration) Rules, 2014 is placed at the website of the Company.

17. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

The Company does not have any Subsidiary, Joint venture or Associate Company.

18. DEPOSITS

The Company has neither accepted nor renewed any deposits during the year under review.

19. AUDITORS

Statutory Auditors

M/s N K Mittal & Associates, Chartered Accountants, Mumbai were appointed as the statutory auditors of the Company at the 13th Annual General Meeting of the Company to hold office till Eighteenth Annual General Meeting to be held in the year 2028. As required under Listing Regulations, the auditors have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

Secretarial Audit

M/s. Rahul Jain & Co., Practicing Company Secretaries, was appointed as Secretarial Auditors of the Company for the FY26 pursuant to the provisions of Section 204 of the Companies Act, 2013. The Secretarial Audit Report submitted by them in prescribed form MR- 3 is attached as Annexure B to this Report.

20. OBSERVATION OF AUDITORS

There are no qualifications, reservations or adverse remarks made by the Auditors. The other observations of the auditors are self- explanatory and do not call for further information.

21. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

The Company has adequate system of internal control to safeguard and protect from loss, unauthorized use or disposition of its assets. All the transactions are properly authorised, recorded and reported to the Management. The Company is following all the applicable Accounting Standards for properly maintaining the books of accounts and reporting financial statements. The internal management of the company checks and verifies the internal control and monitors them in accordance with policy adopted by the company.

The Company continues to ensure proper and adequate systems and procedures commensurate with its size and nature of its business.

22. SHARES

Buy Back of Securities

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

Sweat Equity

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

Bonus Shares

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

Employees Stock Option Plan

The Company has not provided any Stock Option Scheme to the employees.

Fresh Issue of Shares

The Company has not issued any Fresh Issue of Shares during the year under review.

Right Issue of Shares

During the year, the Company completed a Right Issue of 1,23,04,497 fully paid- up equity shares of face value 10/- each at an issue price of 40/- per share (including securities premium of 30/- per share), aggregating to 49.22 Crores on right basis. The Right Equity Shares were allotted on March 06, 2026 and listed on National Stock Exchange of India Limited on March 10, 2026.

23. CORPORATE GOVERNANCE REPORT

As required under Regulation 34(3) read with Schedule V (C) of the SEBI (LODR) Regulations, 2015, a report on the 'Corporate Governance', together with a certificate of practicing company secretary, confirming compliance of the conditions of the Corporate Governance, is annexed to this report as Annexure C. Further, in compliance of Regulation 17(5) of the SEBI (LODR) Regulations, 2015, your Company has adopted a 'Code of Conduct and Ethics' for its Directors and Senior Executives.

24. MANAGEMENT'S DISCUSSION AND ANALYSIS

The Management's Discussion and Analysis Report is appended as Annexure D to this Report.

25. PARTICULARS OF EMPLOYEES

The ratio remuneration of each director Disclosure under the provisions of Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:

i. Company Your Directors Remuneration (including commission and variable pay) to the median remuneration of the employees of your company for the year 2025-26 was as under:

ii. The percentage increase in the remuneration of each director, Chief Executive Officer, Chief Financial Officer and Company Secretary, if any in the FY26:

iii. The percentage increase in the median remuneration of employees in the FY26: 22.31%

iv. The number of permanent employees on the rolls of the Company as on FY26: 105

v. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last FY26 and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration: 10% increase in salaries of the Employees and 17% increase in Managerial Remuneration of Directors during FY26.

vi. Affirmation that the remuneration is as per the remuneration policy of the company. The Company's remuneration policy is driven by the success and performance of the individual employees and the Company. Through the compensation package, the company endeavours to attract, retain, develop and motivate high performance staff. The Company follows a compensation mix of fixed pay, benefits and performance based variable pay: The Company affirms that the remuneration is as per remuneration policy of the Company.

vii. Details pertaining to remuneration 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 with reference to remuneration of employees in excess of the limits prescribed - None of the employees were in receipt of remuneration above 8 lakhs 50 thousand per month or rupees One crore Two lakhs per annum and above.

26. COST AUDIT

Your company is required to maintain cost records. Accordingly, pursuant to the recommendation of the Audit Committee, the Board has appointed M/s H. S. BAJAJ & Co., Cost Accountants (Firm Registration No. 100222) as the Cost Auditor for the financial year ending on 31st March, 2027, at a remuneration of 70,000/- (Rupees Seventy thousand only) plus applicable taxes, who have given consent and eligibility certificate to act as a Cost Auditors of your Company. The remuneration payable is required to be ratified at the ensuing 16th AGM.

27. MATERIAL CHANGES AND COMMITMENT IF ANY, AFFECTING FINANCIAL POSITION OF THE COMPANY FROM THE END OF FY26 TILL THE DATE OF THE REPORT:

Except as disclosed below, there have been no material changes and commitments affecting the financial position of the Company between the end of the financial year to which the Financial Statements relate (March 31, 2026) and the date of this Report (May 21, 2026):

Preferential Issuance of Fully Convertible Warrants: The Board of Directors at its meeting held on 16th April, 2026, approved the creation, offer, issue, allotment, and delivery in one or more tranches of up to 1,03,15,790 (One Crore Three Lakhs Fifteen Thousand Seven Hundred and Ninety) Fully Convertible Warrants ("Warrants / Convertible Warrants") for cash at an issue price of 47.50/- (Rupees Forty Seven and Fifty Paise Only) per warrant, determined in accordance with the provisions of Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("ICDR Regulations"). Each Convertible Warrant carries an entitlement to apply for and be allotted 1 (One) Equity Share of face value of 10.00/- (Rupees Ten Only) each of the Company at a premium of 37.50/- (Rupees ThirtySeven and Fifty Paise Only) per share, within a period of 18 (Eighteen) months from the date of allotment of the Warrants, aggregating up to 49,00,00,025/- (Rupees Forty- Nine Crores and Twenty- Five Only).

The proposed issuance was subsequently approved by the members of the Company by passing a Special Resolution at the Extra- Ordinary General Meeting (EGM) held on 12th May, 2026.

28. HUMAN RESOURCES

During the period under review, the personal and industrial relations with the employees remained cordial in all respects.

The management has always carried out systematic appraisal of performance and imparted training at periodic intervals. The Company recognizes talent and has judiciously followed the principle of rewarding performance. During the year, Company has adopted Human Rights Policy Statement to express Company's commitment to do business with ethical values and embrace practices that supports human rights, and labour laws on a continuous basis. During the Lockdown period caused by the global pandemic, Company promptly responded and adopted the Work from Home Policy and ensured timely payment of monthly remuneration to its employees. After the initiation of operations, proper care is taken to provide safe and healthy work environment to employees by providing regular health checkups, thermal screening and regular sanitization of work place.

29. POLICY RELATING TO ANTI SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The Company has placed a Policy to treat women employees with dignity and no discrimination against them plus zero tolerance toward any sexual abuse - to abide by letter and spirit requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules there under and redressal of complaints of sexual harassment at work place. All employees (permanent, contractual, temporary, trainees) are supposed to adhere to the conduct themselves as prescribed in this policy.

During the year under review, details are as follows:

30. DETAILS OF SIGNIFICANT & MATERIAL ORDERS IMPACTING THE GOING CONCERN STATUS/ COMPANY'S OPERATIONS IN FUTURE

No significant, material orders have been passed by the regulators or courts or tribunals impacting the going concern status of the Company or Company's operations in future.

31. PREVENTION OF INSIDER TRADING

The Company has adopted a Code of Conduct for Prevention of Insider Trading pursuant to new SEBI (Prohibition & Insider Trading) Regulation 2015 in place of SEBI (Prohibition & Insider Trading) Regulation 1992 with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires pre- clearance for dealing in the Company's shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window' is closed. The Board is responsible for implementation of the Code. All Directors and the designated employees have confirmed compliance with the Code.

32. COMPLIANCE OF APPLICABLE SECRETARIAL STANDARDS

The Company has complied with the provisions of Secretarial Standards (I & II) issued by the Institute of Company Secretaries of India and approved by the Central Government under section 118(10) of the Companies Act, 2013.

33. DETAILS OF APPLICATION UNDER THE IBC, 2016 DURING THE YEAR ALONG WITH THEIR STATUS

During the year under review, there were no applications made or proceedings pending in the name of the Company under the Insolvency and Bankruptcy Code, 2016.

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

During the year under review, there has been no one time settlement of loans taken from Banks and Financial Institutions.

35. CAUTIONARY STATEMENT

Statements in these reports describing company's projection statements, expectations and hopes are forward looking statements. Though, these are based on reasonable assumption, the actual results may differ.

36. ACKNOWLEDGEMENTS

Your Directors place on record their sincere thanks to bankers, business associates, consultants, and various Government Authorities for their continued support extended to your Companies activities during the year under review. Your Directors also acknowledges gratefully the shareholders for their support and confidence reposed on your Company.