As on: Sep 25, 2026 04:37 AM
To the Members,
Your Board of Directors (‘Board') is pleased to present the 15th Board's Report of EKI Energy Services Limited (‘EKI' or ‘Company') for the financial year ended March 31, 2026.
FINANCIAL HIGHLIGHTS
SHARE CAPITAL
During the year under review, there is no change in the authorised share capital of the Company. However, the Nomination and Remuneration Committee, at its meetings held on September 9, 2025 and January 22, 2026, allotted 40,000 and 43,056 equity shares of Rs.10 each, respectively, as fully paid-up, pursuant to the exercise of Employee Stock Options by eligible employees of the Company in accordance with the EKI Energy Services Limited - Employee Stock Option Plan - 2021 ("EESL-ESOP 2021"/ "Scheme").
Accordingly, the issued, subscribed and paid-up equity share capital of the Company stands increased from Rs. 27,60,36,940 to Rs. 27,68,67,500.
As on March 31, 2026, the authorised share capital is Rs. 50,00,00,000 and issued, subscribed and paid-up equity share capital is Rs. 27,68,67,500.
RESERVE
For the financial year ended March 31, 2026, no amount has been proposed to carry to General Reserve.
DEMERGER
In the previous financial year, EKI Energy Services Limited ("EKI") had filed an application und er Sections 230-232 of the Companies Act, 2013 for the demerger of its Generation Segment into its wholly owned subsidiary, EKI One Community Projects Limited ("EKI One"). During the year under review, the necessary approvals and regulatory processes have progressed in line with the proposed scheme, enabling continued focus on operational efficiency and value creation for shareholders.
During the year under review, the Company received Observation Letter No. DCS/AMAL/NB/R37/3668/2025-26 dated June 20, 2025, from BSE Limited, indicating ‘No Adverse Observation.'
Subsequently, the Company filed an application under Sections 230-232 of the Companies Act, 2013, before the Hon'ble National Company Law Tribunal (NCLT), Indore Bench, seeking directions to conduct meetings of members and unsecured creditors and to dispense with the meeting of secured creditors. The Hon'ble NCLT, Indore Bench, p assed its order on September 11, 2025 (certified copy received on September 15, 2025).
In accordance with the Tribunal's directions, the Court-convened Equity Shareholders' Meeting of the Company was held on Friday, November 7, 2025, through Video Conferencing / Other Audio Visual Means (‘VC / OAVM').
STATE OF COMPANY'S AFFAIRS
The financial year 2025-26 marked a period of stabilization and strategic repositioning for EKI Energy Services Limited amidst the evolving global carbon market landscape. Growing climate commitments, increasing focus on high-integrity carbon credits, and the gradual development of compliance carbon markets continued to create long-term opportunities for the carbon and sustainability sector. At the same time, the market remained influenced by regulatory developments, pricing volatility, and evolving stakeholder expectations.
During the year, EKI continued to strengthen its core business segments, with a focused approach towards carbon credit development, climate advisory services, and sustainability solutions. The Company remained committed to operational excellence through prudent cost management, resource optimization, and strategic business restructuring initiatives aimed at enhancing long-term value creation and organizational resilience.
The Company further expanded its efforts in the development and management of high-quality greenhouse gas mitigation projects across multiple sectors, while continuing to support clients through ESG advisory, sustainability reporting, climate risk assessment, greenhouse gas inventory management, and net-zero strategy development. EKI also strengthened its position in emerging areas such as Nature-based Solutions (NbS), carbon markets, and climate finance.
Throughout FY 2025-26, EKI continued to promote clean energy and community-focused climate initiatives, including improved cookstove programs, sustainable biomass solutions, and other climate-positive interventions designed to generate measurable environmental and social benefits. The Company remained actively engaged with domestic and international stakeholders to advance the adoption of credible and transparent carbon market mechanisms.
The sustainability consulting vertical continued to witness growth, with EKI supporting organizations across diverse sectors in meeting evolving regulatory requirements and sustainability objectives.
The Company also progressed with strategic initiatives aimed at enhancing operational efficiency, optimizing resource allocation, and evaluating business restructuring opportunities to unlock long-term shareholder value and strengthen focus across business verticals.
While the carbon market continued to undergo structural transformation, EKI believes that increasing global demand for verified carbon credits, growing corporate climate action, and the continued development of India's carbon market framework will create significant opportunities in the years ahead. With its diversified portfolio, technical expertise, strong execution capabilities, and established market presence, EKI remains well-positioned to capitalize on these emerging opportunities.
Looking ahead, EKI remains committed to delivering scalable, transparent, and impactful climate solutions while driving sustainable growth and creating long-term value for its stakeholders. Through innovation, strategic partnerships, and continued investment in climate action, the Company aims to contribute meaningfully to the global transition towards a low-carbon and sustainable future.
BUSINESS OPERATIONS/PERFORMANCE OF THE COMPANY AND ITS MAJOR SUBSIDIARIES:
Our subsidiaries have played a pivotal role in our overall growth and success throughout the year.
GHG Reduction Technologies Private Limited:
During the year under review, GHG Reduction Technologies Private Limited ("GHG") continued to operate in a challenging business environment due to persistent volatility in the carbon market. To maintain operational efficiency and optimize costs, the Company continued its Just-in-Time business model, under which cookstoves, Surya Nutan units, and water filters are manufactured under outsourcing model against confirmed orders or sourced externally to meet customer requirements. Despite these challenges, the management remains optimistic about future growth and is committed to strengthening operations and capitalizing on emerging opportunities as market conditions improve. Further, EKI acquired additional equity shares in the subsidiary, increasing its shareholding to 100% and thereby making it a wholly owned subsidiary. This acquisition was undertaken to strengthen control, enhance operational and strategic alignment, and improve administrative and governance efficiencies across the group.
Amrut Nature Solutions Private Limited:
During the year under review, Amrut Nature Solutions Private Limited ("Amrut") continued to focus on the development and advisory of carbon sequestration projects within the Nature-based Solutions (NbS) sector. The Company is engaged in projects such as Sustainable Agricultural Land Management (SALM), Afforestation, Reforestation and Revegetation (ARR), and other ecosystem restoration initiatives aimed at reducing greenhouse gas emissions and enhancing environmental sustainability. Amrut provides end-to-end project development and consulting services while ensuring compliance with internationally recognized standards, including Gold Standard, Verra's Verified Carbon Standard (VCS), and Climate, Community & Biodiversity (CCB) Standards, thereby delivering measurable benefits in carbon sequestration, biodiversity conservation, and community development.
Project Highlights:
Project TRIBAL is a community-based agroforestry and Sustainable Agricultural Land Management (SALM) project implemented across the Eastern Ghats of Andhra Pradesh under the VCS and CCB Standards. The project supports the adoption of regenerative land management practices by tribal farming communities, contributing to carbon sequestration, biodiversity enhancement, and sustainable livelihoods. During this year, the project was successfully registered under the Verified Carbon Standard (VCS).
Project TASAR is an Afforestation, Reforestation and Revegetation (ARR) project implemented in Madhya Pradesh and Jharkhand under the Gold Standard. The project focuses on restoring degraded private lands through plantation of native Tasar host tree species, supporting ecological restoration, carbon sequestration, and sustainable livelihoods linked to Tasar sericulture. During this year, the project successfully completed the validation process under the Gold Standard.
Project Aranya is a large-scale carbon project in Central India, for which Amrut provided technical support for the CCB certification process. Amrut's scope included baseline assessments, stakeholder consultations, development of monitoring frameworks, quality assurance and quality control (QA/QC), and preparation of the CCB Project Description in accordance with certification requirements. During this year, Amrut successfully completed its assigned scope of work and delivered the required technical documentation to support the project's certification process.
EKI Sustainability Services Private Limited:
EKI Sustainability Services Private Limited ("ESSPL" or "the Company"), a wholly owned subsidiary of EKI Energy Services Limited, is engaged in the provision of comprehensive sustainability and ESG advisory services to corporate and institutional clients across India and internationally. The Company offers an integrated suite of advisory solutions spanning greenhouse gas ("GHG") accounting, Environmental, Social and Governance ("ESG") strategy and reporting, carbon and climate risk management, Life Cycle Assessment ("LCA"), biodiversity, regulatory compliance, and green building and product certification consulting.
Service Portfolio
The Company's advisory practice covers the full spectrum of corporate decarbonisation and sustainability mandates, including climate and carbon management, Net Zero and decarbonisation roadmap development, Science-Based Targets initiative ("SBTi") target setting and support, Carbon Disclosure Project ("CDP") reporting, Carbon Border Adjustment Mechanism ("CBAM") advisory, Business Responsibility and Sustainability Report ("BRSR") preparation, EcoVadis performance support, product-level Life Cycle Assessments ("LCA") and Environmental Product Declarations ("EPD"), biodiversity assessments, water footprint studies, green building certification consulting, and customised ESG capacity building and training programmes.
Track Record and Standalone Business Strategy
Since commencement of operations, the Company has successfully executed engagements across a diverse cross-section of industries including steel, pharmaceuticals, FMCG, financial services, textiles, specialty chemicals, information technology, and agri-processing, with a client footprint spanning multiple Indian states and select international geographies. The Company is actively building its independent brand, proprietary methodologies, and direct client relationships with the objective of establishing itself as a self-sustaining ESG advisory enterprise one whose market positioning, technical capabilities, and business continuity are underpinned entirely by its own competencies.
ESSPL is well-positioned to capitalise on the growing regulatory and investor-driven demand for sustainability advisory services in India, and aims to be recognised as a preferred independent partner for organisations embedding sustainability at the core of their business strategy.
EKI Greengas Solutions Private Limited
EKI Greengas Solutions Private Limited ("EGSPL"), a wholly owned subsidiary of EKI Energy Services Limited, is engaged in the manufacturing, trading, and distribution of biogas and other renewable energy products and technologies. The company also provides consulting, research, and technical services in the areas of biomass, biochar, carbon capture, and the development, operation, and maintenance of biogas plants and related infrastructure.
CONSOLIDATED FINANCIAL STATEMENTS
The Consolidated Financial Statements of the Company and its subsidiary and associate companies prepared in accordance with the Companies Act, 2013 ("the Act") and applicable Accounting Standards along with all relevant documents and the Auditors' Report forms a part of this Annual Report.
SUBSIDIARIES. JOINT VENTURES AND ASSOCIATE COMPANIES
During the year under review.
• The Company has sold 10% stakes of EKI Sustainability Services Private Limited. Resulting in ceased to be a wholly owned subsidiary of the Company but remain a subsidiary of the Company.
• The Company has sold 100% stakes of Galaxy Certification Services Private Limited (formerly known as EKI Four Community Projects Private Limited), Wholly Owned Subsidiary. Consequent to the sale, Galaxy Certification Services Private Limited ceased to be a wholly owned subsidiary of the Company.
• The Company has incorporated one wholly owned subsidiary company i.e. EKI Greengas Solutions Private Limited.
• The Company has acquired 4.11% equity shares of GHG Reduction Technologies Private Limited, Subsidiary of the Company. Consequently, GHG Reduction Technologies Private Limited became wholly owned subsidiary of the Company.
• The Company has filed application for strike off of following subsidiary and associate companies and the same has been struck off with effect from dates as mentioned below:
o EKI Two Community Projects Private Limited (w.e.f., June 17, 2025) o EKI Power Trading Private Limited (w.e.f., June 17, 2025) o ClimaCool Projects & EduTech Limited (w.e.f., April 16, 2025)
Detailed list of subsidiaries, associates and joint ventures are annexed as Annexure A to this report.
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 subsidiaries, associates and joint venture companies is provided, prescribed in the Form AOC-1, in Annexure B to this Report.
In accordance with the provisions of Section 136 of the Act, the annual report, annual financial statements and the related documents of the subsidiaries are placed on the website of the Company. Shareholders may download the annual financial statements and detailed information of the subsidiary companies from the Company's website at: https://enkingint.org/investor-relations/
The Company has formulated a Policy for determining Material Subsidiaries. The Policy is available on the Company's website and can be accessed at https://enkingint.org/wp-content/uploads/2022/07/Material-Unlisted-Subsidiarv-Policv.pdf.
During the year under review, no subsidiary was identified as material subsidiary of the Company as per the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").
DIVIDEND
During the year under review, the Board of Directors does not recommend any dividend for the financial year ended March 31, 2026.
DEPOSITS
During the year under review, your Company has not accepted any deposits from public, in accordance with the Provisions of Section 73 and 74 of the Act & rules made thereunder.
CORPORATE GOVERNANCE
At EKI, we are committed to upholding the highest standards of corporate governance. Our core values, reflected in the Spirit of EKI, serve as the foundation for how we manage and oversee our business, ensuring long-term sustainability and profitability. These principles are embedded in our Code of Conduct, Statutory Policies, and sub-committee charters. As we deepen our understanding of the impacts of climate change and the urgency of climate action, we continue to evolve and strengthen our governance framework to effectively respond to these critical challenges.
As per Regulation 34 of the Listing Regulations, a separate section on corporate governance practices together with a certificate from the Secretarial Auditors of the Company regarding the compliances of conditions of Corporate Governance, forms part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
As stipulated under the provisions of Regulation 34 of the Listing Regulations, Management Discussion & Analysis Report forms an integral part of this Report and provides details on overall industry structure and developments, financial and operational performance and other material developments during financial year under review.
CORPORATE SOCIAL RESPONSIBILITY
The Company's Corporate Social Responsibility (CSR) objective is to actively contribute to society's well-being and support the nation's development through its various initiatives.
To execute its CSR initiatives, the Company established EnKing International Foundation and EKI Community Development Foundation as its dedicated CSR arms. The entities focus on livelihood, education, empowerment of girl child through education, and healthcare for the backward sections of the society.
As per Section 135 of the Act and rules made thereunder the Company has formed a CSR Committee of the Board and implemented a CSR Policy in compliance with the relevant provisions. This Committee oversees and monitors the Company's various CSR initiatives and activities. The CSR Policy may be accessed on the Company's website at the link https://enkingint.org/wp-content/uploads/2023/05/5.-Corporate-Social-Responsibility-CSR-Policy.pdf
The policy includes the following key aspects:
a. CSR Philosophy
b. Composition of CSR Committee
c. Roles and responsibilities of the CSR Committee
d. Implementation of CSR Projects, Programs, and Activities
e. Allocation of Budget
f. Monitoring and Review Mechanism
g. Management Commitment
The Annual Report on CSR, as per Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014, is annexed herewith and marked as Annexure C to this Report in the prescribed format.
PARTICULAR OF EMPLOYEES
Disclosures relating to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given in Annexure D to this Report.
In accordance with the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, a statement showing the name and other particulars of the employees drawing remuneration in excess of the limits set out in the said Rule forms part of this report. In terms of Section 136 of the Act, the Report and Accounts are being sent to the Members of the Company excluding information on employees' particulars which is available for inspection by the Members at the Registered Office/Corporate Office of the Company during the business hours on working days of the Company up to the date of the ensuing Annual General Meeting. If any Member is interested in obtaining such information, he/she may write to the Company Secretary at the Registered Office of the Company and may address their email to cs@enkingint.org.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS
No significant or material orders have been passed by the regulators or courts or tribunals impacting the going concern status of the Company and the Company's operations in future.
PREVENTION. PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT OF EMPLOYEE AT THE WORKPLACE
The Company upholds a strong commitment to preventing sexual harassment and fostering a positive work environment for all its employees. In accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2013, the Company has implemented a comprehensive Prevention of Sexual Harassment Policy.
The primary objective of this policy is to create a secure and inclusive workplace where employees can thrive and contribute their best without any hindrance or fear. To ensure the effective implementation of this policy, the Company has established an Internal Complaints Committee (ICC) as mandated by the Act.
It is encouraging to note that no complaints were reported during the reviewed period under the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2013. This signifies the Company's dedication to maintaining a respectful and harassment-free work environment.
Details of complaints, if any, received during the year;
(a) number of complaints of sexual harassment received in the year - NIL
(b) number of complaints disposed off during the year - NIL
(c) number of cases pending for more than ninety days - NIL
COMPLIANCE WITH MATERNITY BENEFIT ACT 1961
The organization remains fully compliant with the provisions of the Maternity Benefit Act, 1961. All eligible women employees were granted maternity leave as per the statutory guidelines, along with all entitled benefits including paid leave, nursing breaks, and protection from dismissal during the leave period. Regular awareness sessions were conducted to ensure employees are informed of their rights under the Act. No instances of non-compliance or grievances related to maternity benefits were reported during the financial year.
PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS AND SECURITIES
Pursuant to Section 186 of the Act read with the Companies (Meetings of the Board and its Powers) Rules, 2014, disclosures relating to loans, advances and investments as on March 31, 2026, are given in the Note No. 35 and 49 of the Financial Statements. There are no guarantees issued or securities provided by your Company in terms of Section 186 of the Act read with the Rules issued thereunder.
PARTICUALR OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
During the year under review:
a) all contracts / arrangements / transactions entered by the Company with related parties were in its ordinary course of business and on an arm's length basis;
b) The Company had not entered into any contract / arrangement / transaction with related parties which are material and are required to be reported in Form No. AOC-2 in terms of Section 134(3)(h) read with Section 188 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014.
The Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions as approved by the Board is available on the Company's website and can be accessed at https://enkingint.org/wp- content/uploads/2026/03/Policy-on-Related-Patry-Transaction.pdf.
There were no materially significant related party transactions which could have potential conflict with the interests of the Company at large.
The related party transactions have been set out in Note No. 35 to the financial statement.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO
Conservation of Energy and Technology absorption
As the Company focused on climate change, sustainability, and carbon offsetting, our operations prioritize energy efficiency and conservation. We recognize the significance of adopting measures to achieve optimal energy utilization.
Considering the nature of our activities, as stated under Section 134(3)(m) of the Act, in conjunction with Rule 8(3) of the Companies (Accounts) Rules, 2014, the concept of technology absorption and conservation does not apply to our Company. Our primary focus lies in mitigating climate change and promoting sustainable practices rather than technology absorption.
Foreign exchange earnings and outgo
During the year under review, the Company received earnings of Rs. 4,581.66 Lakhs in foreign currency, with corresponding outgo of Rs. 1,286.32 Lakhs in foreign currency throughout the year.
RISK MANAGEMENT
Risk Management is one of the critical elements in operating business. For your Company, Risk Management is an integral and important aspect of Corporate Governance. Your Company believes that a robust Risk Management ensures adequate controls and monitoring mechanisms for a smooth and efficient running of the business.
The Company has voluntarily adopted the Risk Management Policy as per Regulation 21 of the Listing Regulations. The Company's ‘Risk Management Policy' provides for identification, assessment, and control of risks that the Company would face in the normal course of business and mitigation measures associated with them. The Management identifies and controls risks through a properly defined framework in terms of the aforesaid Policy.
EMPLOYEE STOCK OPTION PLAN (ESOP)
The Nomination and Remuneration Committee of the Board of Directors, inter alia, administers and monitors the Employees Stock Option Plan, 2021 of the Company "the ESOP". The ESOP is in compliance with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.
The Company has granted 2,91,837 ESOP till the date of this report out of the same 1,90,753 options has been exercised.
The details as required to be disclosed under the SBEB Regulations are available on the Company's website and can be accessed at https://enkingint.org/wp-content/uploads/2025/08/2.-ESOP DISCLOSURE 2024-25.pdf
The Company has received a certificate dated June 15, 2026 from the Secretarial Auditors of the Company that the Schemes have been implemented in accordance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 and resolution passed by the shareholders. The certificate shall be available for inspection by members in electronic mode during the Annual General Meeting of the Company.
UNCLAIMED DIVIDEND AND TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND
Pursuant to the provisions of Section 124(5) and 125 of the Act read with the rules framed thereunder, the dividend lying in the Unpaid Dividend Account which remains unpaid or unclaimed for a period of seven consecutive years along with underlying shares are transferred by the Company to Investor Education and Protection Fund (IEPF). During the year, unclaimed dividend amounting to Rs. 33,408 lying in the unclaimed dividend account of the Company for which the Company has taken various initiatives to reduce the quantum of unclaimed dividend. Furthermore, the last date to claim unclaimed / unpaid dividends before transfer to IEPF, for the financial year 2020-21, 2021-22 and 2024-25 is September 07, 2028, May 03, 2029 and March 20, 2032, respectively.
The Company has uploaded on its website, the details of unpaid and unclaimed amounts lying with the Company as on March 31, 2026.
The procedure for claiming underlying shares and unpaid / unclaimed dividend from IEPF Authority is covered in the Investor Section available on the website of the Company.
Further, in accordance with the IEPF Rules, the Board of Directors have appointed Mr. Manish Kumar Dabkara as Nodal Officer of the Company for the purposes of verification of claims of shareholders pertaining to shares transferred to IEPF and / or refund of dividend from IEPF Authority and for coordination with IEPF Authority. The details of the Nodal Officer are available on the website of the Company.
DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL APPOINTED/RESIGNED DURING THE FINANCIAL YEAR
DIRECTORS
The composition of Board of Directors is in conformity with the applicable provisions of the Act and Listing Regulations. During the year under review, Mr. Ritesh Gupta (DIN: 00223343) and Mr. Burhanuddin Ali Husain Maksi Wala (DIN: 08326766) has completed their first term of five (5) consecutive years as an Independent Directors of the Company on November 5, 2025. Further, the Board of Directors of the Company based on the recommendation of NRC re-appoint Mr. Ritesh Gupta and Mr. Burhanuddin Ali Husain Maksi Wala for a second term of five (5) consecutive years with effect from November 5, 2025 and that the shareholders of the Company approved their re-appointment in the 14th Annual General Meeting of the Company.
Further, Mr. Mohit Kumar Agarwal has resigned from position of Whole Time Director and Chief Financial Officer with effect from July 15, 2026 of the Company.
The Board has appointed Ms. Pooja Jorway (DIN: 11760766) as an Additional Director (Whole Time Director) of the Company, liable to retire by rotation, for a term of five (5) consecutive years with effect from July 16, 2026 to July 15, 2031, subject to the approval of members of the Company at the ensuing 15 th Annual General Meeting (AGM) of the Company. Further, she will continue to act as an Additional Director (Whole Time Director) till the ensuing 15th AGM of the Company.
In accordance with the provisions of Section 152 of the Act and the Articles of Association of the Company, Ms. Priyanka Dabkara - Non-Executive, Non - Independent Director, who is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. The said Director is not disqualified from being reappointed as a Director of a Company as per the disclosure received from him pursuant to Section 164(2) of the Act.
A brief profile of Ms. Priyanka Dabkara is provided in the Notice of the ensuing Annual General Meeting of the Company.
Pursuant to the provisions of the Act, the Directors of the Company as on date are Mr. Manish Kumar Dabkara - Chairman and Managing Director, Ms. Priyanka Dabkara - Non-Executive, Non - Independent Director, Ms. Astha Pareek - NonExecutive, Women Independent Director, Mr. Ritesh Gupta - Non-Executive, Independent Director, Mr. Burhanuddin Ali Hussain Maksi Wala - Non-Executive, Independent Director and Ms. Pooja Jorway, Chief Financial Officer and Additional Director (Whole Time Director).
All the Independent Directors on the Board have given a declaration of their independence to the Company as required under Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations. In the opinion of the Board, all the Independent Directors possess the integrity, expertise and experience including the proficiency required to be Independent Directors of the Company, meets the criteria of independence as specified in the Act and the Listing Regulations and are independent of the management and have also complied with the Code for Independent Directors as prescribed in Schedule IV of the Act.
The Independent Directors of the Company have confirmed that they have registered themselves with the Indian Institute of Corporate Affairs, Manesar for the inclusion of their name in the data bank of independent directors, pursuant to the provision of Rule 6 (1) of Companies (Appointment and Qualification of Directors) Rules, 2014.
KEY MANAGERIAL PERSONNEL
During the year under review, Ms. Itisha Sahu has resigned from the position of Company Secretary and Compliance Officer of the Company with effect from February 9, 2026.
Further, based on the recommendation of Nomination and Remuneration Committee, the Board of Directors in its meeting held on March 13, 2026 has appointed Mr. Yash Joshi (ACS: 73192) as the Company Secretary and Compliance Officer of the Company with effect from March 13, 2026.
Mr. Mohit Kumar Agarwal has resigned from position of Whole Time Director and Chief Financial Officer with effect from July 15, 2026 of the Company.
Based on the recommendation of the Nomination and Remuneration Committee and approval of the Audit Committee, the Board of Directors in its meeting held on July 15, 2026 has appointed Ms. Pooja Jorway as the Chief Financial Officer of the Company with effect from July 16, 2026.
Pursuant to the provisions of section 203 of the Act, the key managerial personnel of the Company as on date are Mr. Manish Kumar Dabkara - Chairman and Managing Director, Ms. Pooja Jorway - Additional Director (Whole Time Director) and Chief Financial Officer and Mr. Yash Joshi - Company Secretary and Compliance Officer.
PERFORMANCE EVALUATION OF THE BOARD
In accordance with legal requirements and the guidelines outlined in the Listing Regulations, the Board of Directors has conducted a comprehensive yearly assessment of its performance, the performance of its Committees, Independent Directors, Non-Executive Directors, Executive Directors, and the Chairman of the Board.
The Nomination and Remuneration Committee ('NRC'), a part of the Board, has established a clear process for conducting formal annual evaluations of the Board's performance, its Committees, and Individual Directors. This process involves distributing separate evaluation forms for the Board and its Committees, as well as for Independent Directors, NonExecutive Directors, the Executive Director, and the Chairman of the Company.
The evaluation process was carried out by Independent Directors in a dedicated meeting. During this meeting, the performance of Non-Independent Directors, the overall Board, and its committees were appraised. Additionally, the Independent Directors evaluated the performance of the Chairman of the Company, taking into consideration feedback from the Executive Director and Non-Executive Directors. The outcome of this evaluation by Independent Directors were shared with the NRC and subsequently presented to the entire Board.
Subsequently, the Board convened a meeting to discuss the performance of the Board as a whole, its committees, and Individual Directors. During this discussion, the Board expressed its contentment with the effective functioning of both the Board and its Committees. The Directors' contributions in their respective roles were acknowledged as satisfactory, signifying their active involvement and commitment.
The Company has also adopted a policy for remunerating directors, key managerial personnel, and other employees. This policy includes criteria for determining the qualifications, positive attributes, and independence of directors. The complete details of this policy are accessed on the Company's website at the link https://enkingint.org/wp- content/uploads/2023/05/8.-Nomination-and-Remuneration-Policy.pdf.
MEETING OF THE BOARD AND COMPOSITION OF COMMITTEES
During the year ended March 31, 2026, the Board of Directors met 5 (Five) times in accordance with the provisions of the Act and rules made thereunder. The Details of the meetings held are provided in the Report of the Directors on Corporate Governance, which forms part of this report.
As required under Section 177(8) read with Section 134(3) of the Companies Act, 2013 and the Rules made thereunder, the composition and meetings of the Audit Committee are in line with the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, details of which alongwith composition, number of meetings of all other Board Committees held during the year under review and attendance at the meetings are provided in the Report on Corporate Governance, which forms part of the Annual Report. During the year under review, all the recommendations of the Audit Committee were accepted by the Board of Directors.
AUDITORS
Statutory Auditor
M/s Dassani & Associates LLP, Chartered Accountant (FRN: 009096C), were appointed as Statutory Auditors of the Company at the 12th Annual General Meeting ("AGM") held on October 27, 2023, for a second term of 5 (five) consecutive years from the conclusion of 12th AGM till the conclusion of 17th AGM of the Company.
The Auditor's Report does not contain any qualification, reservation or adverse remark or disclaimer, and no explanation on part of the Board of Directors is called for.
There were no instances of fraud reported by the auditors.
Secretarial Auditor
Pursuant to the provisions of Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and regulation 24A of Listing Regulations, the Board of Directors of the Company on the recommendation of audit committee of the Company, has appointed M/s Agrawal Mundra & Associates, Practicing Company Secretaries (FRN: P2019MP077600.) for a first term of 5 (five) years beginning from financial year 2025-26.
The Secretarial Audit Report, issued by Mr. Aditya Agrawal, M/s. Agrawal Mundra & Associates, Company Secretaries, in Form MR-3 for the financial year 2025-26 which forms part of the Director's Report as Annexure E. The report does not contain any qualification, reservation, disclaimer or adverse remark. However, the Secretarial auditor has specified self-explanatory notes in their report.
The Secretarial Compliance Report issued by Mr. Aditya Agrawal, M/s. Agrawal Mundra & Associates, Company Secretaries for the financial year ended March 31, 2026, in relation to compliance of all applicable SEBI Regulations/ circulars/ guidelines issued thereunder, pursuant to the requirement of Regulation 24A of the Listing Regulations, is available on the website of the Company at: https://enkingint.org/wp-content/uploads/2026/05/Secretarial-Compliance- Report FY-2025-26.pdf
Internal Auditor
In compliance with the provisions of Section 138 of the Act, read with the Companies (Accounts) Rules, 2014, the Internal Audit of the Company, for the FY 2025-26 was carried out by M/s. Agrawal & Dhoot, Chartered Accountants (FRN: 014804C).
Further, M/s. Agrawal & Dhoot, Chartered Accountants has tendered their resignation from the position of Internal Auditors of the Company with effect from May 5, 2026. Further, the management is in the process of appointing a new Internal Auditor and the same will be done in due course in compliance with applicable provisions.
Cost Auditor
The provisions of section 148 of the Act, read with Rule 14 of the Companies (Audit & Auditors) Rules, 2014 relating to the cost audit are not applicable to the Company during the period under review.
VIGIL MECHANISM/ WHISTLE - BLOWER POLICY
In accordance with Section 177(9) of the Act, and Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014, it is mandatory for a listed company and certain prescribed classes of companies to establish a Vigil Mechanism. This mechanism ensures adequate protection to employees and directors who raise concerns about violations of legal or regulatory requirements, misrepresentation of financial statements, and other related matters.
Our company has developed a Vigil Mechanism known as the Whistle Blower Policy, which is designed to uphold the highest standards of ethical, moral, and legal conduct in our business operations. Throughout the year, there were no instances where individuals were denied access to the Audit Committee.
The details of the Vigil Mechanism can be found in the Corporate Governance Report, included in this Annual Report. Additionally, the Whistle-Blower Policy is available on our Company's website at https://enkingint.org/wp- content/uploads/2024/02/Whistle-Blower-Policy.pdf.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
In accordance with the market capitalisation as of Financial Year 2025-26, the requirement to submit a Business Responsibility and Sustainability Report (BRSR) under Regulation 34(2)(f) of the Listing Regulations was not applicable to the Company.
Management Discussion and Analysis Report for the year under review, as stipulated under the Listing Regulations, is presented in a separate section, and forms an integral part of this Annual Report.
DIRECTORS' RESPONSIBILITY STATEMENT
In terms of provisions of Section 134(3)(c) ofthe Companies Act, 2013, your Board of Directors hereby confirms that:
a) in the preparation of the annual financial statements for the year ended March 31, 2026 the applicable accounting standards read with requirements set out under schedule III to the Companies Act, 2013 have been followed and there are no material departures from the same;
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 as at March 31, 2026 and the profit of the Company for the year ended on that date;
c) proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) annual accounts have been prepared on a going concern basis;
e) The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively and
f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
INTERNAL FINANCIAL CONTROL
The Company has implemented a strong and integrated system of internal controls to ensure the reliability of financial reporting, the smooth and efficient operation of business activities, compliance with policies and procedures, safeguarding of assets, and the economical and efficient utilization of resources. To ensure the effectiveness and sufficiency of these control systems, appropriate review and monitoring mechanisms are established.
The Company adheres to accounting policies that align with the Indian Accounting Standards specified under Section 133 of the Act, in accordance with the Companies (Indian Accounting Standard) Rules, 2015.
The evaluation of internal controls and assurance of their adequacy and effectiveness are conducted through the Internal Audit, which is carried out by external auditing firms. The Internal Audit Reports are actively reviewed by the Audit Committee, and any necessary remedial measures are taken. The Board of Directors also periodically reviews the Internal Audit Reports. Notably, there were no significant weaknesses identified in the design or operation of the controls during the year.
The Standalone and Consolidated Financial Statements of the Company undergo quarterly reviews by its Statutory Auditors.
ANNUAL RETURN
Pursuant to the provisions of Section 92(3) and Section 134(3)(a) of the Act, the Annual Return of the Company as on March 31, 2026 is placed on the website of the company at the following web -address: https://enkingint.org/wp- content/uploads/2025/08/Form_MGT_7_EKIESL-2025_-for-website_final.pdf
COMPLIANCE WITH SECRETARIAL STANDARDS
The Company is in compliance with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India and approved by the Central Government under Section 118(10) of the Act.
HUMAN RESOURCES
The foundation of your Company's success lies in its human resources, which opens up countless possibilities for its business. Our dedicated workforce drives efficient operations, fuels market development, and expands our range of services. By prioritizing continuous learning and development, and implementing effective talent management practices, we ensure that the Organization's talent needs are met. The exceptional employee engagement score demonstrates the strong commitment and pride our employees feel as valued members of the Company.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY, BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THE REPORT
There are no material changes and commitments affecting the financial position of the Company which have occurred after March 31, 2026 till date of this report.
REGULATORY COMPLIANCE AND ADJUDICATION ORDERS
After the end of the financial year, on June 30, 2026, the Company received adjudication orders from the Hon'ble Registrar of Companies, Gwalior, detailed as under.
The adjudication orders from the_Hon'ble Registrar of Companies, Gwalior stems from the communication received by the company in response to its request filed bearing a communication from the Office of the Director General of Corporate Affairs (DGCoA), MCA in respect of the reporting made by the erstwhile Statutory Auditors under Rule 13 of the Companies (Audit and Auditors) Rules, 2014, subsequent to the Balance Sheet date of 31st March 2026. In the said communication, in respect of the observations of the erstwhile auditor, the MCA has directed that no action be taken. However, the Hon'ble Registrar of Companies, Gwalior was directed to adjudicate certain issues as pointed out in the impugned communication.
The Hon'ble Registrar of Companies, Gwalior, accordingly passed certain adjudication orders imposing penalties on the Company in respect of procedural and technical non-compliances under the Companies Act, 2013. These matters were regulatory in nature and did not relate to the reporting made by the erstwhile auditor. The adjudication orders primarily related to procedural disclosure and filing requirements under the Companies Act, 2013.
The details of the adjudication orders are provided below:
(i) The Hon'ble Registrar of Companies (ROC), Gwalior, imposed a penalty of Rs. 3,00,000 on the Company and Rs. 50,000 on the Officer in Default, Mr. Manish Kumar Dabkara, on June 29, 2026, for non-compliance with
Section 134(3)(f) of the Companies Act, 2013, alleging that the Board's Report for FY 2022-23 did not contain the explanations/comments on the qualifications, reservations, and emphasis of matter made by the Statutory Auditors.
(ii) The Hon'ble Registrar of Companies (ROC), Gwalior, imposed a penalty of Rs. 3,00,000 on the Company and Rs. 50,000 on the Officer in Default, Mr. Manish Kumar Dabkara, on June 29, 2026, for non-compliance with the provisions of the Companies Act, 2013, alleging that the Board's Report did not contain the explanations/comments on the remarks contained in the Secretarial Audit Report relating to the delay in filing e- Form IEPF-2.
(iii) The Hon'ble Registrar of Companies (ROC), Gwalior, imposed a penalty of Rs. 4,64,500 on the Company and Rs. 97,900 on the Officer in Default, Mr. Manish Kumar Dabkara, on June 29, 2026, for non-compliance with the provisions of the Companies Act, 2013, alleging that the prescribed details required under Rule 5(8) of the Investor Education and Protection Fund (IEPF) Authority Rules were not attached with e-Form IEPF-2 for the relevant financial years.
(iv) The Hon'ble Registrar of Companies (ROC), Gwalior, imposed a penalty of Rs. 5,00,000 on the Company and Rs. 50,000 on the Officer in Default, Mr. Manish Kumar Dabkara, on June 29, 2026, for non-compliance with the provisions of the Companies Act, 2013, alleging that the same individual was appointed as the Whole-time Director while simultaneously continuing as the Chief Financial Officer, without the appointment of a separate Chief Financial Officer.
The company is within time barring limit to assess its legal standing vis-a-vis cost effectiveness to pursue the matter further before appropriate authority.
OTHER DISCLOSURE
During the year under review, there were no transactions or events with respect to the following, hence no disclosure or reporting:
1. Buy back of securities/issue of sweat equity shares/ issue of equity shares with differential rights.
2. Receipt of any remuneration or commission from any of its subsidiary companies by the Managing Director or the Whole-time Director(s) of the Company.
3. Matters reported by the Auditor under Section 143(12) of the Companies Act, 2013 either to Audit Committee, Board of Directors or the Central Government.
4. Revision of the previous year's financial statements.
5. Change in the nature of business of the Company.
6. Application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016.
7. One-time settlement with any bank or financial institution.
ACKNOWLEDGEMENTS AND APPRECIATION
Your Directors take this opportunity to thank the Company's customers, shareholders, suppliers, bankers, business partners/associates, financial institutions and various regulatory authorities including Securities and Exchange Board of India (SEBI), the Bombay Stock Exchange (BSE), Ministry of Corporate Affairs (MCA), Registrar of Companies (ROC), National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) for their consistent support and encouragement to the Company. The Directors extend their sincere appreciation to all employees of the Company and its subsidiaries and associates for their hard work and commitment. Their dedication and competence have ensured that the Company continues to be a significant and leading player in the industry.
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