To the Members, of ELANTAS Beck India Ltd.

The Board of Directors ("Board") of your Company is pleased to present the Seventieth (70 th ) Annual Report of ELANTAS Beck India Limited ("Company") and the Audited Financial Statements for the financial year ended 31 st December, 2025 ("year under review" or "year" or "FY25").

Financial Results

Your Company's financial performance for the financial year ended 31 st December, 2025 is summarized below:

(Amt. Rs. in Lakhs)

Performance

Your Company's revenue from operations posted a growth of 13.27%, amounting to Rs. 84,780.93 Lakhs for the year ended 31 st December, 2025, as compared to Rs. 74,851.31 Lakhs in the previous year. In terms of sales quantity, there was an increase of 5.92% as compared to the previous year. The profit before tax stood at Rs. 19,853.66 Lakhs, compared to the previous year of Rs. 18,345.03 Lakhs. Similarly, the profit after tax for the year ended 31 st December, 2025, (including Comprehensive Income) stood at Rs. 14,703.22 Lakhs, reflecting a growth of 5.71% as compared to Rs. 13,908.91 Lakhs in the previous year. Your Company's performance has been discussed in detail in the 'Management Discussion and Analysis Report'.

Key Business Developments:

• Your Company is in the process of setting up a new manufacturing facility at Taluka Vagra, District Bharuch, Gujarat, and is currently in the process of obtaining the requisite governmental approvals. This initiative is aimed at synergizing, expanding, and realigning your Company's manufacturing operations to support future growth opportunities in India.

• The acquisition of assets relating to the resin and tapes product business from Von Roll (India) Private Limited has enabled your Company to offer more tailored solutions and enhanced technology in the resin and tapes product segment, resulting in higher contribution from the Electrical Insulation Business. Your Company has successfully transferred and integrated the acquired technology into its R&D and operational framework. Additionally, your Company is progressing towards technology absorption and localisation of the HV resin business in India and has commenced manufacturing of 22 new such products at its Pimpri plant.

Awards and Recognition:

Your Company has achieved significant recognition in 2025, reflecting its commitment to safety and environmental excellence:

• Your Company has received the "ET India Supply Chain Award" in the Risk Mitigation category. This prestigious recognition, conferred by The Economic Times, acknowledges your Company's effective and structured approach towards identifying, managing and mitigating supply chain risks. The award reinforces your Company's continuous efforts to enhance resilience, ensure operational continuity and strengthen its supply chain framework through prudent risk management practices.

• Your Company has received recognitions at the "Safe Tech National Awards", supported by the Directorate of Industrial Safety and Health (DISH) and powered by the Maharashtra Fire Services, in the categories of Emergency and Disaster preparedness Excellence, Worker's Medical and health care Excellence & Best Safety Professional for the year 2025.

These recognitions acknowledge your Company's continued commitment towards industrial safety, fire protection, and safe operating practices. The awards reinforce your Company's continued focus on strengthening safety systems, compliance standards, and a culture of safety across its operations.

Share Capital:

During the year ended 31 st December, 2025, there was no change in the issued, subscribed and paid-up share capital of your Company, the outstanding capital as on 31 st December, 2025 was Rs. 79,276,820 comprising of 7,927,682 equity shares of Rs. 10/- each.

Dividend:

The Board of Directors has recommended a dividend of Rs. 7.50/- per equity share of Rs. 10/- each, subject to the deduction of tax as applicable, for the year ended 31 st December, 2025 (previous year Rs. 7.50/- per equity share). The dividend is payable subject to Members' approval at the ensuing Annual General Meeting ( AGM ). The dividend pay-out, if approved by the Members in the ensuing AGM, will be Rs. 594.58 Lakhs.

The Board of Directors of your Company has approved and adopted the Dividend Distribution Policy in line with Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"). The Dividend Distribution Policy of your Company can be accessed using the following link:

https://elantascomcdn.azureedge.net/fileadmin/elantas/companies/elantas beck india/financial document s/compliance with corporate governance/Dividend Distribution Policy.pdf

Transfer to Reserves:

The Board of Directors has not proposed to transfer of any amount to general reserves during the year under review.

State of your Company's affairs & Management discussion and analysis:

During the year under review there is no change in the nature of the business of your Company. The Management Discussion and Analysis, as required in terms of the SEBI Listing Regulations, is annexed and forms an integral part of this report.

Capital Expenditure:

Capital expenditure incurred during the year ended 31 st December, 2025 aggregated to Rs. 3,087.84 Lakhs.

Revision in financial statements

There has been no revision in the financial statements of your Company during the financial year 2025. Directors and Key Managerial Personnel (KMPs)

The Board of your Company is duly constituted with a proper balance of executive, non-executive, and independent Directors.

The Board has identified core skills, expertise and competencies of the Directors in the context of your Company's business for effective functioning and how the current Board of Directors is fulfilling the required skills and competencies. This is detailed at length in the Corporate Governance Report.

Pursuant to Rule 8 (5) (iii) of the Companies (Accounts) Rules, 2014, the details relating to Directors who were appointed / re-appointed or resigned / retired are reported as under:

• Step down of Mr. Srikumar Ramakrishnan, Managing Director (KMP)

Mr. Srikumar Ramakrishnan (DIN: 07685069) stepped down as Managing Director and KMP with effect from the close of business hours of 31 st January, 2025 as he moved to another leadership position overseas within the ALTANA group. Accordingly, he ceased to be a Director of your Company and Member of various Board Committee(s) with effect from the close of business hours of 31 st January, 2025. The Board placed on record their appreciation for the valuable contribution towards growth trajectory of your Company during his tenure.

• Appointment of Mr. Anurag Roy as a Director and Managing Director (KMP)

The Board of Directors at its meeting held on 29 th January, 2025, based on the recommendation of Nomination and Remuneration Committee and subject to approval of the Members of your Company, approved the appointment of Mr. Anurag Roy (DIN: 07444595) as an Additional Director and Managing Director of the Company and Key Managerial Personnel under the Companies Act, 2013,("the Act") for a term from 01 st February, 2025 to 31 st December, 2027 (both days inclusive). As per the circulars issued by the Ministry of Corporate Affairs ("MCA") and Securities and Exchange Board of India,("SEBI") the Members by passing Special Resolution by way of postal ballot by voting through electronic means ('remote e-voting') approved the appointment of Mr. Anurag Roy as Director and Managing Director not liable to retire by rotation for a term from 01 st February, 2025 to 31 st December, 2027 (both days inclusive). The electronic voting was concluded on Saturday 08 th March, 2025 (5.00 p.m. 1ST) and the results were declared on Monday, 10 th March, 2025.

• Director(s) retired by rotation and re-appointment

• During the financial year 2025, at the Sixty Ninth (69 th ) Annual General Meeting held on 30 th April, 2025 Mr. Martin Babilas (DIN: 00428631), was re-appointed as Non-Executive & NonIndependent Director liable to retire by rotation.

• Mr. Nandkumar Dhekne (DIN: 02189370) will complete his first term of five (5) years as Independent Director of the Company on 26 th July, 2026. On the recommendation of the Nomination & Remuneration Committee and the Board of Directors, the proposal for reappointment of Mr. Nandkumar Dhekne as Independent Director of the Company for a second term of five (5) consecutive years commencing from 27 th July, 2026 to 26 th July, 2031 (both days inclusive), is being included in the Notice of the ensuing 70 th AGM for approval of the shareholders.

• Mr. Ravindra Kumar (DIN: 06755402) retires by rotation at the ensuing AGM pursuant to the provisions of Section 1 52 of the "Act" read with Companies (Appointment and Qualifications of Directors) Rules, 2014 and the Articles of Association of your Company and being eligible, has offered himself for re-appointment. The approval of the Members for the re-appointment of Mr. Ravindra Kumar (DIN: 06755402) has been sought in the Notice convening the AGM of your Company.

Particulars in pursuance of Regulation 36 of SEBI Listing Regulations read with Secretarial Standard-2 on General Meetings relating to Mr. Ravindra Kumar and Mr. Nandkumar Dhekne are given in the Notice convening the AGM.

None of the Directors is disqualified from being appointed as or for holding office as Director, as stipulated under Section 164 of the Act.

Independent Directors

Mr. Sujjain Talwar (DIN: 01756539), Mrs. Usha Rajeev (DIN: 05018645) and Mr. Nandkumar Dhekne (DIN: 02189370) are Non-Executive Independent Directors of your Company.

All Independent Directors have given declaration that:

a. They meet the criteria for independence as laid down under Section 149 (6) of the Act read with Regulation16(1)(b) of the SEBI Listing Regulations.

b. In terms of Regulation 25(8) of the SEBI Listing Regulations, they are not aware of any circumstance or situation, which exists or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence.

c. The Independent Directors have complied with the Code for Independent Directors prescribed in Schedule IV to the Act.

d. They have complied with the requirement of inclusion of their name in the data bank maintained by Indian Institute of Corporate Affairs as envisaged under Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019, as applicable and they hold valid registration certificate with Data Bank of Independent Directors.

In the opinion of the Board, the Independent Directors fulfil the conditions specified in the SEBI Listing Regulations and are Independent of Management, and possess requisite qualifications, experience, proficiency, expertise, and they hold highest standards of integrity.

Further there has been no change in the circumstances affecting their status as Independent Directors of your Company. The terms and conditions of appointments of the Independent Directors are posted on Company's website.

Key Managerial Personnel (KMPs)

Pursuant to provisions of Section 2(51) and Section 203 of the Act along with the rules thereunder, your Company has the following KMPs as on the date of the report:

There was no change in the composition of the Board of Directors and Key Managerial Personnel during the year under review, except as stated above.

Separate Meeting of Independent Directors

The Independent Directors are kept informed of your Company's business activities in all areas. A separate Meeting of Independent Directors was held on 18 th February, 2025 in which the Independent Directors reviewed the performance of (i) non- Independent Directors, (ii) the Board as a whole and (iii) Chairperson of your Company for the year under review.

They also assessed the quality, quantity and timeliness of flow of information between your Company's Management and the Board that are necessary for the Directors to effectively and reasonably perform their duties. Independent Directors expressed their satisfaction on the working of your Company, Board deliberation and contribution of the Chairman and other Directors in the growth of your Company. All the Independent Directors were present at the Meeting.

Board Evaluation

Pursuant to the provisions of the Act and SEBI Listing Regulations, the Board has carried out an annual performance evaluation of its own performance, the performance of Independent Directors and other Directors individually, as well as the evaluation of the working of its Committees for the Year 2025. The evaluation has been carried out based on the criteria defined by the Nomination & Remuneration Committee.

Based on the evaluation, Company expects the Board and the Directors to continue to play a constructive and meaningful role in creating value for all the stakeholders in the ensuing years.

Training and familiarization programme for Directors

The details of the familiarization programme for independent Directors are available on the website of your Company and can be accessed through:

https://elantascomcdn.azureedge.net/fileadmin/elantas/companies/elantas beck india/financial document s/compliance with corporate governance/Familiarization Program 2025.pdf

Nomination and Remuneration Policy

Pursuant to Section 178(3) of the Act, the Nomination & Remuneration Committee reviews the composition of the Board to ensure that there is an appropriate mix of abilities, experience and diversity to serve the interests of all Members and your Company.

Your Company has in place a Nomination and Remuneration Policy (NRC Policy) for nomination and remuneration of Directors, Key Managerial Personnel (KMP), Senior Management (SM), and other employees, pursuant to the Act and SEBI Listing Regulations, as amended from time to time.

The salient features of the NRC Policy:

i. Appointment and remuneration of Directors, KMP, SM and other employees.

ii. Determination of qualifications, positive attributes and independence for appointment of a Director (Executive/Non-Executive/Independent) and recommendation to the Board matters relating to the remuneration for the Directors, KMP, SM and other employees.

iii. Formulating the criteria for performance evaluation of all Directors.

The NRC policy is available on the website of your Company and can be accessed through https://elantascomcdn.azureedge.net/fileadmin/elantas/companies/elantas beck india/financial document s/compliance with corporate governance/Nomination and Remuneration Policy .pdf

Board and Committees

During the year 2025, five (5) Board Meetings were convened and held. Details of the same are given in the Corporate Governance Report which forms part of this Report. The intervening gap between any two Meetings was within the period prescribed by the Act, the SEBI Listing Regulations and as per the Circulars issued by the MCA and SEBI.

During the year under review, the Board has accepted the recommendations of the Audit Committee. Details of all the Committees of the Board have been given in the Corporate Governance Report.

Related Party Transactions

All Related Party Transactions (RPTs) entered into by your Company during the year under review were at arms' length basis and in the ordinary course of business. Since there were no materially significant RPTs with holding Company and its subsidiaries, Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict of interest with your Company at large, the disclosure of RPTs as required under Section 134(3)(h) of the Act, in Form AOC-2 is not applicable to your Company.

All RPTs are placed before the Audit Committee for its review and approval. Prior omnibus approval of the Audit Committee is obtained for transactions which are of a foreseen and repetitive nature. The Audit Committee continues to monitor RPTs on a quarterly basis to ensure transparency and compliance with applicable Regulations. Pursuant to the provisions of the SEBI Listing Regulations as well as the Rule 6A of the Companies (Meetings of Board and its Powers) Rules, 2014, Audit Committee, had granted omnibus approval for the proposed RPTs to be entered into by your Company during the year 2025. In compliance with the Indian Accounting Standards (IND AS), details of RPT are mentioned in Note no. 35 of Financial Statements forming part of this Report.

The requisite information of Related Party Transactions, as applicable as per the Industry Standards as notified by SEBI, is placed before the Audit Committee for its review and approval, in accordance with the provisions of Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Your Company has in place a Related Party Transactions Policy. The Audit Committee reviews this policy periodically and reviews and approves all related party transactions, to ensure that the same are in line with the provisions of applicable law and the Related Party Transactions Policy. The Policy as approved by the Board is uploaded and can be viewed on your Company's website:

https://elantascomcdn.azureedge.net/fileadmin/elantas/companies/elantas beck india/financial document s/compliance with corporate governance/Related Party Transactions policy 2025.pdf

The Company, in terms of the SEBI Listing Regulations submits on the date of publication of its financial results for the half year, disclosures of RPTs, in the format specified by the SEBI. The said disclosures are available on www.bseindia.com .

The Non-Executive Directors / Independent Directors have no pecuniary relationship or transaction with your Company other than commission and sitting fees, if any, paid to them. For details, kindly refer to the Corporate Governance Report which forms part of this Report.

Details of Loans, Guarantees and Investments

During the year under review, your Company has not entered into any transaction pertaining to loans, guarantees and investments as per Section 186 of the Act read with Companies (Meetings of Board and its Powers) Rules, 2014.

Vigil Mechanism/Whistle Blower Policy

Your Company has established a vigil mechanism named as 'Whistle Blower Policy' within your Company in compliance with the provisions of Section 177(10) of the Act and Regulation 22 of the SEBI Listing Regulations.

The policy of such mechanism which has been circulated to all employees within your Company, provides a framework to the employees for guided & proper utilization of the mechanism. Under the said Policy, provisions have been made to safeguard persons who use this mechanism from victimization. The Policy also provides access to the Chairman of the Audit Committee by any person under certain circumstances. The Whistle Blower Policy is available on your Company's website:

https://elantascomcdn.azureedge.net/fileadmin/elantas/companies/elantas beck india/financial document s/compliance with corporate governance/archive compliance with corporate governance/whistle blow er policy.pdf

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings & Outgo

Information as required by Section 134(3)(m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014, relating to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings & Outgo, is given in 'Annexure A' to this report.

Corporate Social Responsibility (CSR)

Pursuant to provision of Section 135 of the Act read with Companies (Corporate Social Responsibility Policy) Rules, 2014, your Company being a responsible corporate citizen engages with community at large for betterment of society, it serves. There were a number of projects and programmes undertaken, pursued and sustained very well by your Company as part of CSR initiatives.

As part of this responsibility, your Company has inter-alia focused, on providing educational support and promoting inclusive growth through initiatives relating to education, skill development, women empowerment, and sports for underprivileged children. These initiatives include providing scholarships to students, running study centres to help reduce school dropout rates, imparting vocational training to enable gainful employment, and encouraging talented student athletes to pursue academics along with sports.

In addition, your Company has generously contributed to the fund set up by the Central Government for mitigating natural disasters, namely the Prime Minister's National Relief Fund.

Your Company officials are diligently monitoring the implementation of CSR projects through frequent site visits, meeting officials, checking records etc.

The Corporate Social Responsibility Policy is available on the website of your Company at: https://elantascomcdn.azureedge.net/fileadmin/elantas/companies/elantas beck india/financial document s/compliance with corporate governance/CSRPolicv.pdf

The Annual Report on CSR activities undertaken during the year is annexed as 'Annexure B' .

Risk Management

Pursuant to Section134(3)(n) of the Act & Regulation 21 of SEBI Listing Regulations, your Company has constituted the Risk Management Committee by the Board and the details of the Committee along with terms of reference are provided in the Corporate Governance forming an integral part of this report. Your Company has in place a mechanism to identify, assess, monitor and mitigate various risks perceived by your Company. Your Company has taken appropriate measures for identification of risk elements related to the industry in which your Company is engaged and is working to effectively manage such risks. The Risk Management Policy is available on the Website of your Company i.e.

https://elantascomcdn.azureedge.net/fileadmin/elantas/companies/elantas beck india/financial document s/compliance with corporate governance/archive compliance with corporate governance/risk manage ment policy elantas beck.pdf . The Board is satisfied that there are adequate systems and procedures in place to identify, assess, monitor and manage risks including the risks associated with cyber security.

Internal Financial Controls and their adequacy

Your Company has an established internal financial control framework including internal controls over financial reporting, operating controls and entity level controls. The framework is reviewed regularly by the Management and tested by the global internal audit team. To maintain its objectivity and independence, M/s. Mahajan & Aibara, Chartered Accountants, Internal Auditors report their observations to the Audit Committee. The internal auditors monitor and evaluate the efficacy and adequacy of internal control system in your Company, its compliance with operating systems, accounting procedures and policies at all locations of your Company. Based on the report of the internal auditors, process owners undertake corrective action in their respective areas which then strengthens the controls.

Audit observations and corrective actions thereon are presented to the Audit Committee of the Board. Based on the aforesaid framework and processes and consideration of results of work performed by the internal, statutory and secretarial auditors and external consultants, including the audit of internal financial controls over financial reporting by the statutory auditors and the reviews performed by management, the Board is of the opinion that your Company's internal financial controls were adequate and operating effectively during FY 2025.

Subsidiary, Associates and Joint Venture

Your Company does not have any Subsidiary or Associate or Joint Venture Company as on date of this Report.

Annual Return

As required under Section 92(3) of the Act and the Rules made thereunder and amended from time to time, the Annual Return of your Company in prescribed Form MGT-7 is available on the website of your Company at and can be accessed through the following link:

https://elantascomcdn.azureedge.net/fileadmin/elantas/companies/elantas beck india/financial document s/compliance with corporate governance/Signed MGT 7.pdf

Directors' Responsibility Statement

In terms of Section 134 (3)(c) of the Act, the Directors hereby state that:

a. in the preparation of Annual Accounts for the Year ended 31 st December, 2025, the applicable accounting standards have been followed along with proper explanations relating to material departures, if any.

b. the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give true and fair view of the state of affairs of your Company as at 31 st December, 2025 and of the profit of your Company for the year ended 31 st December, 2025.

c. the proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities.

d. the Directors have prepared the Annual Accounts of your Company on a 'going concern' basis.

e. your Company has laid down proper Internal Financial Controls and they are adequate and are operating effectively.

f. the Directors have devised proper systems and processes to ensure compliance with the provisions of all applicable laws and such systems and processes are adequate and operating effectively.

Compliance with Secretarial Standards

During the financial year, your Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

Auditors

a) Statutory Auditors

The Members, in the 60 th AGM held on 03 rd June, 2016, appointed Price Waterhouse, Chartered Accountants LLP, as Statutory Auditors of your Company for the financial year 2016. Further, the Members in the 61 st AGM held on 10 th May, 2017 appointed them as Statutory Auditors for the remaining period of four years forming part of the first term of five years i.e. up to the conclusion of AGM for the year 2020.

During the year 2021, in the 65 th Annual General Meeting held on 04 th May, 2021, Members appointed Price Waterhouse, Chartered Accountants LLP, Pune as the Statutory Auditors of your Company for a second term of five years from the conclusion of the 65 th AGM till the conclusion of the 70 th AGM. Price Waterhouse, Chartered Accountants LLP second term of 5 years as Statutory Auditors will conclude at this Annual General Meeting ("AGM"). Price Waterhouse, Statutory Auditors of your Company have confirmed that they hold a valid certificate issued by the 'Peer Review Board' of Institute of Chartered Accountants of India (ICAI) for these years and have provided a copy of the said certificate to your Company for reference and records.

Your Company's financial statements have been prepared in accordance with Ind AS 2015 notified under Section 133 of the Act.

The report of the Statutory Auditors on the Audited Financial Statements for the financial year ended 31 st December, 2025 is annexed and forms an integral part of this report and is unmodified, i.e., it does not contain any qualifications and notes thereto are self-explanatory and do not require any explanations by the Board of Directors.

The Board of Directors of the Company has on the recommendation of the Audit Committee at its meeting held on 04 th November, 2025 and as per Section 139 of the Act, recommended the appointment of M S K A & Associates LLP, Chartered Accountants (previously known as "M S K A & Associates") (FRN: 105047W / W101187), as Statutory Auditors of the Company for conducting the Statutory Audit of the Company for the term of 5 (Five) consecutive years effective from the conclusion of the ensuing 70 th AGM of the Company for the financial year 2026 until the conclusion of the 75 th AGM for the financial year 2030 to be held in year 2031. The aforesaid appointment is subject to approval by the Members of the Company at the ensuing 70 th AGM of the Company. Details of M S K A & Associates LLP, Chartered Accountants along with resolution seeking Member's approval for the appointment and remuneration of M S K A & Associates LLP, Chartered Accountants as the Statutory Auditors forms part of the Notice convening the 70 th AGM of the Company.

Further, M S K A & Associates LLP, Chartered Accountants have under Section 139(1) of the Act, and the Rules framed thereunder, furnished a certificate of their eligibility and consent for the appointment. They have further confirmed that the said appointment, if made, would be within the prescribed limits under Section 141 (3)(g) of the Act, and that they are not disqualified for the appointment and hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India. The Board recommends obtaining the consent of its Members for appointment of M S K A & Associates, Chartered Accountants as Statutory Auditors for tenure of 5 consecutive years, to examine and audit the accounts of the Company during the said period.

b) Internal Auditors

Pursuant to the provisions of Section 138 of the Act and rules made there under, the Board of Directors of the Company has appointed Mahajan & Aibara, Chartered Accountants, Mumbai as Internal Auditors of the Company and to conduct internal audits periodically and submit their reports to the Audit Committee. The Internal Auditors have confirmed that they are not disqualified from being appointed as the Internal Auditors of the Company and satisfy the prescribed eligibility criteria. Their Reports have been reviewed by the Audit Committee from time to time.

c) Cost Auditors

In terms of Section 148 of the Act, read with Rule 8 of the Companies (Accounts) Rules, 2014, as amended, the cost accounts and records are prepared and maintained by your Company as specified by the Central Government.

Pursuant to Section 148(1) of the Act, read with the Companies (Cost Records & Audit) Rules, 2014, as amended, the cost records maintained by your Company in respect of its products are required to be audited. Your Directors, on the recommendation of the Audit Committee, appointed Dhananjay V. Joshi & Associates, Cost Accountants, to audit the cost records of your Company for the financial year 2025 on a remuneration to be ratified by the Members, in the forthcoming AGM. Accordingly, a Resolution for ratification of payment of remuneration to Dhananjay V. Joshi & Associates, Cost Auditors, is included in the Notice convening the AGM for approval of Members.

Your Company has received written consent to the effect that their appointment is in accordance with the applicable provisions of the Act and Rules framed thereunder. The Cost Auditors have confirmed that they are not disqualified to be appointed as the Cost Auditors of your Company for the financial year ending on 31 st December, 2025.

The Cost Audit Report for the financial year ended 31 st December, 2024 does not contain any qualifications, reservations, adverse remarks or disclaimers and notes thereto are self- explanatory and do not require any explanations by the Board of Directors. The same was filed with the Ministry of Corporate Affairs on 27 th May, 2025 i.e., within the stipulated time mandated in the Companies (Cost Records & Audit) Rules, 2014 as amended.

d) Secretarial Auditors

Pursuant to the amended provisions of Regulation 24A of the SEBI Listing Regulations and Section 204 of the Act read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Members of the Company at 69 th AGM, appointed Prajot Tungare & Associates, a Peer Reviewed firm of Company Secretaries in Practice (registration no. P2001MH010200) as the Secretarial Auditors of the Company for a term of 5 (five) consecutive financial years (from 01 st January, 2025 to 31 st December, 2029), to hold the office from conclusion of 69 th (Sixty-Ninth) Annual General Meeting ("AGM") till the conclusion of 74 th (Seventy-Fourth) AGM of the Company to be held in the year 2030.

The Secretarial Audit Report for the Financial Year 2025 does not contain any qualifications, reservations or adverse remarks and notes thereto are self- explanatory and do not require any explanations by the Board of Directors and is attached to this report as ' Annexure C '.

Details in respect of fraud reported by Auditors

During the year under review, the statutory auditors or the cost auditors or the secretarial auditors have not reported any instances of fraud committed against your Company by its officers or employees to the audit committee/ Board and/or Central Government, under Section 143 (12) of the Act, and Rules framed thereunder, the details of which would need to be mentioned in the Board's report.

Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition, Redressal) Act, 2013

As required under Rule 8(5)(x) of the Companies (Accounts) Rules, 2014, your Company has in place a Policy for prevention of Sexual Harassment in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition, Redressal) Act, 2013 ("POSH Act") and the Rules made thereunder. Your Company has zero-tolerance approach towards Sexual Harassment at workplace.

In compliance with the provisions of the Companies (Accounts) Rules, 2014, as amended, the Internal Complaints Committee ("ICC") has been constituted to redress the complaints relating to sexual harassment. The Policy covers all employees including permanent, contractual, temporary, trainees and other stakeholders.

To ensure compliances with the POSH Act, promote a safe working environment for women, and enhance awareness, your Company conducted various POSH awareness sessions and workshops during the financial year.

The following is the summary of sexual harassment complaints received and disposed-off during the Financial Year 2025, as required under Rule 8(5)(x) of the Companies (Accounts) Rules, 2014:

There were no complaints pending at the end of the financial year.

Remuneration of Directors and Key Managerial Personnel

The information required under Section 197(12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed as ' Annexure D ' and forms an integral part of this report.

Disclosure with respect to the provisions relating to the Maternity Benefit Act 1961

As required under Rule 8(5)(xiii) of the Companies (Accounts) Rules, 2014, your Company affirms that it has complied with all applicable provisions of the Maternity Benefit Act, 1961, during FY 2025 including the provision of paid maternity leave and other prescribed benefits to eligible women employees during the financial year. The Company remains committed to supporting the health, dignity and welfare of women in the workplace.

Details of Employees

Number of employees on 31 st December, 2025 is as follows:

Particulars of employees

In accordance with the provisions of Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the names and other particulars of employees drawing remuneration in excess of the limits set out in the aforesaid Rules, forms part of this Report. Further, the Report and the Accounts are being sent to the Members excluding the aforesaid annexure. In terms of Section 136(1) of the Act, any Member, who is interested in obtaining the details, may write to your Company Secretary at CS.ELANTAS.BECK.India@altana.com. The same is also open for inspection during working hours at the Registered Office of your Company.

Compliance Certificate

Compliance Certificate pursuant to Regulation 17(8) of the SEBI Listing Regulations, is given in 'Annexure E' to this Report.

Business Responsibility and Sustainability Report

Pursuant to regulation 34(2)(f) of SEBI Listing Regulations, read with SEBI Master circular No.HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 last updated on 30 th January, 2026 the Report on Business Responsibility and Sustainability, describing the initiatives taken by the Management from an environmental, social and governance perspective, forms an integral part of this Report is annexed as 'Annexure F' .

Corporate Governance and Statutory Reports

Pursuant to the provisions of Regulation 34 (2) & (3), read with Schedule V to the SEBI Listing Regulations, Management Discussion and Analysis Report, Report on Corporate Governance, Business Responsibility and Sustainability Report and Price Waterhouse, Chartered Accountants LLP Auditor's Certificate regarding compliance of conditions of Corporate Governance are annexed and form integral part of this Report.

Statement on Compliance with Code of Conduct for Directors and Senior Management:

Members are requested to refer the Report on Corporate Governance annexed to this Report as 'Annexure G'.

Details of difference between amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the banks or financial institutions along with the reasons thereof

During FY 2025, your Company has not made any one-time settlement with the banks or financial institutions and hence, the same is not applicable to the Company.

Deposits

During the financial year, your Company has not accepted any fixed deposits from the public falling under Section 73 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014. Thus, as on 31 st December, 2025, there were no deposits which were unpaid or unclaimed and due for repayment, hence, there has been no default in repayment of deposits or payment of interest thereon.

Prohibition of Insider trading

In compliance with the provisions of the SEBI (Prohibition of Insider Trading) Regulations, 2015 and to preserve the confidentiality and prevent misuse of unpublished price sensitive information (UPSI), your Company has adopted a Code of Conduct to Regulate, Monitor and Report Trading by Insiders ('Insider Trading Code') and a Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information ('Code of Fair Disclosure'). Your Company has in place the digital structured database as required under SEBI (Prohibition of Insider Trading) Regulations, 201 5.

The said Code of Conduct is intended to prevent the misuse of UPSI by insiders and connected persons and ensure that the Directors and designated persons of your Company and their immediate relatives shall not derive any benefit or assist others to derive any benefit from having access to and possession of such UPSI about your Company which is not in the public domain, that is to say, insider information.

The Code of Fair Disclosure ensures that the affairs of your Company are managed in a fair, transparent and ethical manner keeping in view the needs and interest of all the stakeholders.

Transfer of equity shares to Investor Education and Protection Fund ("IEPF") Demat Account

During the year under review, pursuant to Section 124 (6) of Act, and the Rules & Circulars notified thereunder, 3028 shares on which dividend was unclaimed/unpaid for seven years have been transferred to the designated demat account of the IEPF Authority and the same can be claimed from IEPF Authority only after complying with prescribed procedure under IEPF Rules.

Except transfer of unclaimed /unpaid dividend of Rs. 2,77,088 /- there were no transfers to IEPF Authority during the year under review. The details of unpaid/unclaimed dividend and the Shares transferred to IEPF Authority are available on the Company's website https://www.elantas.com/beck-india/financial- documents/compliance-with-corporate-governance-1 .html

Disclosure

Your Directors are pleased to furnish the details which are required to be reported by your Company in the Director's Report pursuant to Section 134(3) (a) to (q) of the Act.

General

Your Directors state that no disclosure or reporting is required in respect of following items as either there were no transactions on these items, or these items are not applicable to your Company during the year under review.

• No material changes or commitments, affecting the financial position of your Company occurred between the end of the financial year of your Company i.e., 31 st December, 2025 and the date of this Report.

• No significant and material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company's operations in future. Further no application against your Company has been filed or is pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016).

• Your Company does not have an Employee stock option scheme.

• No sweat equity shares nor equity shares with differential voting rights as to dividend, voting or otherwise have been issued by your Company during the year under review.

• Your Company has not resorted to any buy back of its Equity Shares during the year under review.

• Your Company follows the period of 01 st January to 31 st December as its Financial Year in terms of Section 2(41) of the Act, as approved by the Company Law Board.

Acknowledgements

Your Directors take this opportunity to place on record their sense of gratitude and continued cooperation and support of ALTANA Group as a whole, customers, suppliers, business associates, central and state government departments, banks and local authorities.

Your Directors express their deep appreciation for the commitment, dedication and hard work put in by the employees at all levels. Lastly, your Directors are grateful for the confidence and faith shown in them by the Shareholders of your Company.

For and on behalf of the Board

Place: Mumbai

Date: 24 th February, 2026

Regd. Office: 147, Mumbai - Pune Road

Pimpri, Pune 411018