Dear Shareholders,

The Board of Directors hereby present 12 th Annual Report on the business and operations of your Company along with the Audited Financial Statements, for the financial year ended March 31, 2026.

BUSINESS OVERVIEW

Aatmaj Healthcare Limited (The Company) is a rapidly growing organization aiming to establish itself as a leading healthcare provider, utilizing modern medicinal practices and advanced infrastructure for medical and surgical care solutions.

The Company is committed to elevating healthcare quality. They have established committees, employed extensively trained medical practitioners, and excelled in delivering top-tier healthcare services while effectively managing health emergencies. Additionally, they collaborate with partner organizations to offer affordable healthcare check-up options for employees, ensuring access to quality care for all.

JTP Group of Hospitals are on a mission to provide standard & comprehensive healthcare services to a human being at their affordability. And religioly working on supporting all the citizens to be self-reliable economically for their health care expenses through Mediclaim policy at their affordability.

FINANCIAL PERFORMANCE

The financial performance of the Company is summarized as below:

(Rs. in Lacs)

During the financial year 2025-26 the revenue from operation stood at 2431.80 lacs as compared to 1953.34 lacs during the previous financial year 2024-25. The other income of the Company stood at 95.53 Lacs in the financial year 2025-26 as compared to 131.67 Lacs in previous financial year 2024-25.

Further, during the financial year 2025-26 the total expenses have increased to 2430.40 lacs from 1977.93 lacs in the previous financial year 2024-25. The Net Profit for the financial year 2025-26 stood at 71.33 lacs in comparison to profit of 63.93 lacs in previous year 2024-25.

DIVIDEND

In order to conserve the resources, the Board of Directors of the Company, do not recommend the payment of dividend on the Equity Shares of the Company for the year under review.

TRANSFER TO GENERAL RESERVE

The Directors do not propose to transfer any amount to the Reserves. Total amount of net profit is carried to the Reserves & Surplus as shown in the Balance Sheet of the Company.

TRANSFER OF UNPAID / UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND

There remains no amount to be transferred to Investor Education and Protection Fund (IEPF).

CHANGE IN NATURE OF BUSINESS

During the year, the Company has not changed its business or object and continues to be in the same line of business as per the main object of the Company.

ISSUED, SUBSCRIBED & PAID-UP CAPITAL

During the year under consideration, the Company has not changed its capital structure and the authorized and paid-up share capital as on 31 st March 2026 stands as follow:

The Company's has issued, subscribed and paid-up capital at 11,30,00,000 (Rupees Eleven Crores Thirty Lacs) divided into 2,26,00,000 (Two Crores Twenty-Six Lacs) Equity Shares of 5/- (Rupees Five) each fully paid-up.

SUBSIDIARY, ASSOCIATES AND JOINT VENTURE OF THE COMPANY

The Company do not have any joint venture / associate / subsidiary Company. The Company is a standalone company.

LISTING INFORMATION

The equity shares of your Company are listed on the following stock exchange(s):

The Company confirms that the annual listing fees to the stock exchange for the Financial Year 25-26 and 26-27 have been paid, respectively.

MATERIAL ACQUISITIONS / AMALGAMATIONS / MERGERS/ REVALUATION OF ASSET / DISINVESTMENT OF BUSINESS / SETUP OF NEW UNDERTAKINGS, ETC

During the year under review, the Board has not made any amalgamations or made any disinvestment of business or undertaking. As part of our strategic growth initiatives, Aatmaj Healthcare Limited has expanded its healthcare footprint through the takeover of Anand Hospital, Anand Shri Laboratory, and Anand Shri Pharmacy, located in the rapidly developing locality of Nizampura, Vadodara. A separate announcement has been made by the Company at NSE vide its letter dtd 20 th January, 2026. The text of the announcement is available at the website of NSE.

DEMATERIALIZATION OF SHARES

M/s. MUFG Intime India Private Limited are the Registrar and Share Transfer Agent of the Company. The Company has all its equity holding as on March 31, 2026 in dematerialized form.

PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS & SECURITY:

Details of Loans, Guarantees, Investments and Security covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statement.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. Dr. Ravi Apte was appointed as an Executive Director of the Company w.e.f. 13 th November, 2025, vide special resolution approved through postal ballot, by way of e-voting by the Shareholders of the Company.

None of the Directors is disqualified as on March 31, 2026 from being appointed as a Director under Section 164 of the Companies Act, 2013.

(I) Constitutions of Board

As on the date of this report, the Board comprises of the following Directors:

1 Committee includes Audit Committee, and Shakeholders' Relationship Committee across all Public Companies including our Company. 2 excluding Section 8 Company, Struck off Company, Amalgamated Company and LLPs.

The composition of Board complies with the requirements of the Companies Act, 2013 ("Act") and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").

(II) Composition of Key Managerial Personnel (KMP)

(III) Appointment/Cessation of Directors/ KMP during the Year

None of the Directors' / KMPs' have resigned from the Office during the year under review.

(IV) Disclosure by Directors

The Directors on the Board have submitted notice of interest under Section 184(1) i.e. in Form MBP-1, intimation under Section 164(2) i.e. in Form DIR 8 and declaration as to compliance with the Code of Conduct of the Company. None of the Director of the Company is serving as a Whole-Time Director in any other Listed Company and the number of their directorship is within the limits laid down under section 165 of the Companies Act, 2013.

(V) Declaration by the independent directors

In terms of Section 149 of the Companies Act, 2013 and rules made there under, the Company has three Non-Executive Independent Directors in line with the act. The Company has received necessary declaration from each Independent Directors under Section 149(7) of the Companies Act, 2013 that they meet the criteria of independence laid down in Section 149(6) of the Act.

All the Independent Directors of the Company have registered themselves in the Independent Director Data Bank. Further, In the opinion of the Board, all our Independent Directors possess requisite qualifications, experience, expertise including the Proficiency and hold high standards of integrity for the purpose of Rule 8(5)(iiia) of the Companies (Accounts) Rules, 2014.

A separate meeting of Independent Directors was held on 28 th June, 2025 to review the performance of Non-Independent Directors and Board as whole and performance of Chairman of the Company including assessment of quality, quantity and timeliness of flow of information between Company management and Board.

BOARD MEETINGS

The Board of the Company regularly meets to discuss various Business opportunities. Additional Board meetings are convened, as and when required to discuss and decide on various business policies, strategies and other businesses.

During the year under review, Board of Directors of the Company met 6 (Six) times as on 27.05.2025, 28.06.2025, 09.09.2025, 13.11.2025, 23.12.2025 and 04.03.2026.

The details of attendance of each Director at the Board Meetings are given below:

The gap between two consecutive meetings was not more than one hundred and twenty days as provided in Section 173 of the Act.

GENERAL MEETINGS

During the year under review, the following General Meetings were held, the details of which are given as under:

COMMITTEES OF BOARD

The Board of Directors, in line with the requirement of the act, has formed various committees, details of which are given hereunder.

[i] Audit Committee

The Board has constituted Audit Committee in line with the provisions of Section 177 of the Companies Act, 2013. During the year under review, Audit Committee met 4 (Four) times viz. on 27.05.2025, 28.6.2025, 13.11.2025 and 23.12.2025.

The composition of the Committee and the details of meetings attended by its members are given below:

The Statutory Auditors of the Company are invited in the meeting of the Committee wherever requires. The Company Secretary and Chief Financial Officer of the Company are the regular invitee at the Meeting. Recommendations of Audit Committee, wherever/whenever given, have been accepted by the Board of Directors.

Audit Committee Policy

The Audit Committee Policy, as adopted by the Board of Directors, is placed on the website of the Company.

Whistle Blower and Vigil Mechanism

The Company has established a vigil mechanism and accordingly framed a Whistle Blower Policy. The policy enables the employees to report to the management instances of unethical behavior actual or suspected fraud or violation of Company's Code of Conduct.

Further the mechanism adopted by the Company encourages the Whistle Blower to report genuine concerns or grievances and provide for adequate safe guards against victimization of the Whistle Blower who avails of such mechanism and also provides for direct access to the Chairman of the Audit Committee in exceptional cases. The functioning of vigil mechanism is reviewed by the Audit Committee from time to time.

The Company hereby affirms that no Director/employee have been denied access to the Chairman of the Audit Committee and that no complaints were received during the year. The Whistle Blower Policy of the Company is available on the website of the Company.

[ii] Stakeholders' Relationship Committee

The Company has constituted Stakeholder's Grievance & Relationship Committee mainly to focus on the redressal of Shareholders'/Investors' Grievances, if any, like Transfer / Transmission / Demat of Shares; Loss of Share Certificates; Non-receipt of Annual Report; Dividend Warrants, etc.

During the year under review, Stakeholder's Relationship Committee met 3 (Three) times viz. on 27.05.2025, 28.06.2025 and 24.03.2026. The composition of the Committee and the details of meetings attended by its members are given below:

During the year, the Company has received nil Queries/complaints from the Shareholders and all the queries/complaints were resolved. There was nil complaint pending to be resolved as on March 31, 2026.

Stakeholder's Relationship Policy

The Stakeholder's Relationship Policy, as adopted by the Board of Directors, is placed on the website of the Company.

[iii] Nomination and Remuneration Committee

The Company has constituted Nomination and Remuneration committee in line with the provisions of Section 178 of the Companies Act, 2013. Nomination and Remuneration Committee meetings are generally held for identifying the persons who are qualified to become Directors and may be appointed in senior management and recommending their appointments and removal.

During the year under review, the Nomination and Remuneration Committee meeting was held on 13 th November, 2025. The composition, etc. of the Committee is given below:

Nomination and Remuneration Policy

Nomination and Remuneration Policy in the Company is designed to create a high-performance culture. It enables the Company to attract motivated and retained manpower in competitive market, and to harmonize the aspirations of human resources consistent with the goals of the Company. The Company pays remuneration by way of salary, benefits, perquisites and allowances to its Executive Directors and Key Managerial Personnel.

Annual increments are decided by the Nomination and Remuneration Committee within the salary scale approved by the members and are effective from April 1 of each year. The Nomination and Remuneration Policy, as adopted by the Board of Directors, is placed on the website of the Company.

PERFORMANCE EVALUATION

The Board of Directors has carried out an annual evaluation of its own performance, board committees and individual directors pursuant to the provisions of Section 134(3)(p) the Companies Act, 2013 read with Rule 8(4) of the Companies (Accounts) Rules, 2014, and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 in the following manners:

The performance of the board was evaluated by the board, after seeking inputs from all the directors, on the basis of the criteria such as the board composition and structure, effectiveness of board processes, information and functioning etc.

The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings, etc.

The board and the nomination and remuneration committee reviewed the performance of the individual directors on the basis of the criteria such as the contribution of the individual director to the board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc.

In addition, the chairman was also evaluated on the key aspects of his role.

Separate meeting of independent directors was held on 28 th June, 2025 to evaluate the performance of non-independent directors, performance of the board as a whole and performance of the chairman, taking into account the views of Executive Directors and Non-Executive Directors. Performance evaluation of independent directors was done by the entire board, excluding the independent director being evaluated.

[iv] Corporate Social Responsibility Committee

As per Section 135(9), where the CSR obligation of the company is less than 50 lacs then the constitution of the CSR Committee is not mandatory and the function of the CSR committee may be discharged by the Board of such company. However, as a measure of good corporate governance, the Company has adopted a CSR policy in line with the applicable provisions of the Act.

During the year under review, the Corporate Social Responsibility (CSR) Committee met 1 (One) time viz. on 28.06.2025. The composition of the Committee and the details of meetings attended by its members are given below:

Corporate Social Responsibility Initiative

Pursuant to the provisions of Section 135 of the Act read with the Companies (Corporate Social Responsibility) Rules, 2014, the Company has framed policy on Corporate Social Responsibility. As part of its initiatives under CSR, the Company has also identified various projects / activities in accordance with Schedule VII of the Act.

However, the Company's total Net Profit as per Section 135, falls below the limit set for mandatory CSR contribution / spending by the Company. Hence, there are no separate reports attached for CSR activities undertaken during the financial year 2025-26, as required under Rule 8 of the Companies (Corporate Social Responsibility) Rules, 2014.

CHANGE IN REGISTERED OFFICE

During the year, there was no change in Registered Office place of the Company.

PUBLIC DEPOSITS

The company has not accepted any deposits from the public. Hence, the directives issued by the Reserve Bank of India & the relevant Provisions of Section 73 to 76 the Company Act, 2013 and the Rules made thereunder are not applicable.

PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS & SECURITY

Details of Loans, Guarantees, Investments and Security covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statement.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

All the Related Party Transactions entered into during the financial year were on an Arm's Length basis and in the Ordinary Course of Business. The disclosure of Related Party Transactions as required under Section 134(3)(h) of the Companies Act, 2013, in Form AOC-2 is attached as 'Annexure- A' forms part of this Report.

The details of the related party transactions for the financial year 2025-26 is given in notes of the financial statements which is part of Annual Report.

DISCLOSURE OF REMUNERATION

In terms of 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, a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules will be available for inspection at the Registered Office of the Company during working hours and any member interested in obtaining such information may write to the Company and the same will be furnished on request. Having regard to the provisions of the first proviso to Section 136(1) of the Act and as advised, the Annual Report excluding the aforesaid information is being sent to the members of the Company.

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 are provided as an 'Annexure B', forms part of this Report.

SIGNIFICANT AND MATERIAL ORDERS

There are no significant and material orders passed by the regulators or courts or tribunals which impact the going concern status and the Company's operations in future.

MATERIAL CHANGES AND COMMITMENT

There are no material changes and commitments, affecting the financial position of the Company, have occurred between the ends of financial year of the Company i.e. March 31, 2026 to the date of this Report.

SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

To foster a positive workplace environment, free from harassment of any nature, the Company has institutionalized the Anti-Sexual Harassment Initiative (ASHI) framework, through which the Company addresses complaints of sexual harassment at the all workplaces of the Company as per the Anti-Sexual Harassment Policy adopted by the Board of Directors.

The Company policy assures discretion and guarantees non-retaliation to complainants. The Company has setup an Internal Complaints Committee (ICC) for redressal of Complaints. Further, the company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

During the financial year, the Company has received nil complaints on sexual harassment, out of which nil complaints have been disposed of and nil complaints remained pending as of March 31, 2026.

ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Act read with Rule 8 of The Companies (Accounts) Rules 2014:

Conservation of Energy:

In its endeavor towards conservation of energy, the Company ensures optimal use of energy, avoid wastages and conserve energy as far as possible.

i) The steps taken or impact on conservation of energy : The Company has taken measures and applied strict control system to monitor day to day power consumption, to endeavor to ensure the optimal use of energy with minimum extent possible wastage as far as possible.

The day-to-day consumption is monitored and various ways and means are adopted to reduce the power consumption in an effort to save energy.

ii) The steps taken by the Company for utilizing alternate sources of energy : The Company has not taken any step for utilizing alternate sources of energy. iii) The capital investment on energy conservation equipment : During the year under review, Company has not incurred any capital investment on energy conservation equipment.

A. Technology absorption i) The effort made towards technology absorption: The Company has not imported any technology and hence there is nothing to be reported here. ii) The benefit derived like product improvement, cost reduction, product development or import substitution: None iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)

a. The details of technology imported: None

b. The year of import: None

c. Whether the technology has been fully absorbed: None d. If not fully absorbed, areas where absorption has not taken place, and the reasons t hereof: None

B. The expenditure incurred on Research and Development: NIL C. Foreign Exchange Earnings & Expenditure: NIL

i) Details of Foreign Exchange Earnings:

( Rs. in Lacs)

Pursuant to provisions of section 118 of the Companies Act, 2013, the Company has complied with the applicable provisions of the Secretarial Standards issued by The Institute of Company Secretaries of India and notified by Ministry of Corporate Affairs, wherever applicable.

RISK MANAGEMENT

A well-defined risk management mechanism covering the risk mapping and trend analysis, risk exposure, potential impact and risk mitigation process is in place. The objective of the mechanism is to minimize the impact of risks identified and taking advance actions to mitigate it. The mechanism works on the principles of probability of occurrence and impact, if triggered. A detailed exercise is being carried out to identify, evaluate, monitor and manage both business and non-business risks.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an effective internal control system, which ensures that all the assets of the Company are safeguarded and protected against any loss from unauthorized use or disposition.

The Company has put in place adequate internal financial controls with reference to the financial statements commensurate with the size and nature of operations of the Company. During the year, such controls were tested and no material discrepancy or weakness in the Company's internal controls over financial reporting was observed.

CORPORATE GOVERNANCE

The Company strives to incorporate the appropriate standards for corporate governance. However, pursuant to Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Company is not required to mandatorily comply with the provisions of certain regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and therefore the Company has not provided a separate report on Corporate Governance, although few of the information are provided in this report under relevant headings.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

In terms of Regulation 34 and Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 a review of the performance of the Company for the year under review, Management Discussion and Analysis Report is presented in a separate section which is annexed to this Report as 'Annexure C'.

AUDITORS & AUDITORS' REPORT [i] Statutory Auditor and their report

Pursuant to the provisions of Section 139 of the Companies Act, 2013 read with rules made thereunder, M/s. Bela Mehta and Associates, Chartered Accountants, Vadodara (FRN: 101073W), were the Statutory Auditors of the Company for the F.y 25-26 and continue to hold the position as such for the F.y 26-27.

The Statutory Auditors of the Company have not reported any fraud as specified under the second proviso of Section 143(12) of the Companies Act, 2013 for the year under review. The Auditors' Report for the Financial Year ended March 31, 2026, does not contain any qualification, reservation or adverse remark. Further, the Auditors' Report are with unmodified opinion, self-explanatory does not call for any further comments from the Board of Directors.

M/s. Bela Mehta and Associates, Chartered Accountants, have confirmed that they have not been disqualified to act as Statutory Auditors of the Company and that their appointment is within the maximum ceiling limit as prescribed under Section 141 of Companies Act, 2013 / relevant statute.

[ii] Secretarial Auditor and their Report:

Pursuant to the provisions of Section 204 of the Act read with The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, M/s. K Parikh and Associates, continue to hold office as a Secretarial Auditor of the Company for the Financial Year 2025-26.

In compliance with the provisions of Section 204 of the of the Companies Act, 2013 read with The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and as amended from time to time, the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015, and all other applicable provisions, if any, the Company has obtained a Secretarial Audit Report for the F.y 25-26 from M/s. K Parikh and Associates, Company Secretaries and is annexed herewith as "Annexure D". There are no adverse remarks/ observations made by Secretarial Auditor in their Secretarial Audit Report.

HUMAN RESOURCE DEVELOPMENT AND INDUSTRIAL RELATIONS

The Company believes that its human resources are one of the most crucial assets and critical enablers of the Company's growth. To that extent, the Company engages with its employees to hone their skill sets and equip them with knowledge and know-how. It is also deeply invested in establishing its brand name to attract and retain the best talent in the market.

During the period under review, employee relations continued to be healthy, cordial, and harmonious at all levels, and the Company aims to maintain such relations with the employees going forward as well.

ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act 2013 read with rule 12 of the Companies (Management and Administration) Rules, 2014 including amendments thereunder, the draft Annual Return for the Financial Year 2024-25 is being made available on the website of the Company.

MAINTENANCE OF COST RECORD

The Company is not required to maintain cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013. Accordingly, such accounts and records are not made and maintained by the Company.

DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER INSOLVENCY AND BANKRUPTACY CODE 2016

During the financial year under review, there were Nil application/s made or proceeding were pending in the name of the company under the Insolvency and Bankruptcy Code, 2016.

DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE-TIME SETTLEMENT AND VALUATION WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS

During the Financial year under review, there was Nil one-time settlement of Loans taken from Banks and Financial institutions.

LIQUIDITY

The Company maintains sufficient cash to meet the strategic objectives. The Board clearly understand that the liquidity in the Balance Sheet is to ensure balance between earning adequate returns and the need to cover financial and business risks. Liquidity also enables the Company to position itself for quick responses to market dynamics.

WEBSITE

In compliance with the Regulation 46 of SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 the Company has maintained a functional website namely https://jtphospitals.com/ containing information about the Company.

SEBI COMPLAINTS REDRESS SYSTEM (SCORES)

The investor complaints are processed in a centralized web-based complaints redressal system. The salient features of this system are centralized database of all complaints, online upload of Action Taken Reports (ATRs) by the concerned companies and online viewing by investors of actions taken on the complaint and its current status. Your Company has been registered on SEBI SCORES Portal and makes every effort to resolve all investor complaints received through SCORES portal or otherwise within the statutory time limit from the receipt of the complaint. The Company has received Nil complaint through the SCORES portal during financial year.

GREEN INITIATIVE

In compliance with Regulation 36 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Notice of the AGM along with the Annual Report is being sent only through electronic mode to those Members whose email addresses are registered with the Company/Depositories.

Members may note that the Notice and Annual Report for the year under review will also be available on the Company's website https://jtphospitals.com/corporate/annual-general-meeting

CODE OF CONDUCT FOR PROHIBITION OF INSIDER TRADING

The Board of Directors has adopted the Insider Trading Policy in accordance with the requirement of the Securities & Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. The Insider Trading Policy of the Company lays down guidelines and procedures to be followed and disclosures to be made while dealing with shares of the Company as well as consequences of disclosures to be made while dealing with shares of the Company as well as consequences of violation. The Policy has been formulated to regulate, monitor and ensure reporting of deals by employees and to maintain the highest ethical standards of dealing in Company's shares.

The Insider Trading Policy of the Company covering the "Code of practices and procedures for Fair disclosures of unpublished price sensitive information" is available on the website of the Company.

REVISION OF FINANCIAL STATEMENTS OR BOARD'S REPORT {Section.131(1)}

The company has not made any modification or alteration in its Financial Statement / Board Report in respect of last three financial year/s.

DATA PRIVACY, DATA PROTECTION, AND CYBERSECURITY

The Company is committed to upholding the highest standards of data privacy and protection. In light of the increasing reliance on digital infrastructure, the Company has implemented comprehensive cybersecurity and data protection policies, aligned with industry best practices and the evolving regulatory framework, including provisions under the Information Technology Act, 2000, and applicable data protection regulations.

Key initiatives undertaken during the year include:

Deployment of end-to-end encryption and multi-layered security protocols for data storage and transfer. Third-party cybersecurity audits and vulnerability assessments. Employee training programs on data protection and cybersecurity awareness. Strict access control mechanisms and implementation of role-based permissions. Data breach response protocols in accordance with the CERT-In guidelines.

The Company continues to invest in digital infrastructure to ensure robust protection of stakeholder information and business continuity.

STRUCTURED DIGITAL DATABASE ("SDD")

Maintenance of Structured Digital Database ("SDD") has been mandatory since April 1, 2019 in view of the relevant provisions under the SEBI (Prohibition of Insider Trading) Regulations, 2015 ('PIT Regulations'). The Company Have Installed SDD Services. The Company regularly updates entries in this software and submitted report quarterly to stock exchanges under Regulation 3(5) & (6) of SEBI PIT Regulations.

THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 DURING THE YEAR ALONG WITH THEIR STATUS AS AT THE END OF THE FINANCIAL YEAR

During the Financial Year there was no application made and proceeding initiated / pending under the Insolvency and Bankruptcy Code, 2016, by any Financial and/or Operational Creditors against the Company.

As on the date of this report, there is no application or proceeding pending against the company under the Insolvency and Bankruptcy Code, 2016.

AUDIT TRAIL APPLICABILITY (AUDIT AND AUDITORS) RULES 2014 - RULE 11 OF THE COMPANIES ACT 2013.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on the preservation of audit trail as per the statutory requirements for record retention.

The Company has used accounting software for maintaining its books of account for the financial year ended March 31, 2026 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the softwares.

APPOINTMENT OF DESIGNATED PERSON (MANAGEMENT AND ADMINISTRATION) RULES 2014 - RULE 9 OF THE COMPANIES ACT 2013.

In accordance with Rule 9 of the Appointment of Designated Person (Management and Administration) Rules 2014, it is essential for the company to designate a responsible individual for ensuring compliance with statutory obligations. The company has appointed Dr. Tushar K Suvagiya (DIN: 06802410), Managing Director of the Company as a Designated person for ensuring compliance with statutory obligations.

GENERAL DISCLOSURE

Your Directors state that the Company has made disclosures in this report for the items prescribed in section 134 (3) of the Act and Rule 8 of The Companies (Accounts) Rules, 2014 and other applicable provisions of the Act and listing regulations, to the extent the transactions took place on those items during the year. Your directors' further state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review;

a. Buy Back Of Securities: - The Company has not bought back any of its securities during the year under review. b. Sweat Equity: - The Company has not issued any Sweat Equity Shares during the year under review. c. Bonus Shares: - No Bonus Shares were issued during the year under review. d. Employees Stock Option Plan: - The Company has not provided any Stock Option Scheme to the employees. e. Private Placement Of Shares: The Company has not issued any Equity Shares through private placement.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to section 134(5) of the Companies Act, 2013, the board of directors, to the best of their knowledge and ability, confirm that:

a) In preparation of annual accounts for the year ended March 31, 2026, the applicable accounting standards have been followed and that no material departures have been made 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 at the end of the financial year and of the profit or loss of the Company for that year; c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) The Directors had prepared the annual accounts for the year ended March 31, 2026 on going concern basis. e) The Directors had laid down the 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 had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

CAUTIONARY STATEMENT

Statements in the Management Discussion and Analysis and other parts of the report describing the Company's objectives, projections, estimates and expectations may be forward-looking statements. Actual results may differ materially from those expressed or implied due to various risks and uncertainties. Important factors that could make a difference to the Company's operations include economic and political conditions in India and other countries, if any, in which the Company may operate. Other factors that may impact the Company's operations include volatility in interest rates, changes in government regulations and policies, tax laws, statutes, and other incidental factors.

ACKNOWLEDGEMENTS

Your directors' wish to place on record their sincere appreciation for significant contributions made by the employees at all levels through their dedication, hard work and commitment, enabling the Company to achieve good performance during the year under review.

Your directors' also take this opportunity to place on record the valuable co-operation and support extended by the banks, government, business associates and the shareholders for their continued confidence reposed in the Company and look forward to having the same support in all future endeavors.

Management Discussion and Analysis

Indian Healthcare Industry Overview

India's healthcare industry in 2026 has crossed the milestone of a US$ 400 billion market size , growing at an annual rate of 8 12%. The sector is being reshaped by digital health, hospital expansion, diagnostics growth, and government-backed universal coverage schemes like Ayushman Bharat.

Market Size & Growth

Total market size (FY26): ~US$ 400 billion ( 33 lakh crore). Annual growth rate: 8 12%.

Digital health CAGR: 35%+, driven by telemedicine, e-pharmacies, and AI diagnostics. Insurance penetration: Still below 40%, limiting effective financial protection.

Sector Structure

Organized market (hospitals, diagnostics, pharma, devices, insurance): US$ 220 250 billion. Unorganized providers (solo clinics, traditional medicine): 35 40% of total spend.

The National Health Accounts (NHA) estimate, which includes out-of-pocket expenditure, government health spending, insurance payouts, and private sector revenues, puts the figure at approximately 33 lakh crore (~US$ 400 billion at current exchange rates). But this headline number includes a long tail of informal, unorganized providers solo practitioners, unregistered clinics, traditional medicine practitioners who collectively account for 35 40% of total spend. The organized, investable healthcare market hospitals, diagnostics chains, pharma companies, medical device firms, and health insurance is closer to US$ 220 250 billion. This distinction matters enormously for investors, operators, and researchers trying to size addressable markets.

Sub-sector Economics

The Insurance Gap The Structural Constraint Nobody Talks About Enough

Health insurance penetration in India remains below 40% of the population and effective coverage (policies that actually pay claims without dispute) is significantly lower. This is the single largest structural constraint on organized healthcare growth. When patients pay out-of-pocket, they defer care, seek cheaper alternatives, and avoid organized providers. The expansion of Ayushman Bharat (PM-JAY) has extended coverage to 500 million people at the bottom of the pyramid but the scheme's low reimbursement rates ( 1,500 5,000 per procedure) are insufficient to make most procedures financially viable for private hospitals. The real growth opportunity lies in the 200 300 million middle-income households who are underinsured, covered by basic employer policies that don't cover critical illness, cancer, or high-cost procedures.

Where Capital Is Concentrating and Where It Should

Private equity and strategic capital in Indian healthcare has concentrated in three areas over the past 5 years: hospital chain consolidation (Manipal, Aster, Care Hospitals acquisitions), diagnostics roll-ups, and digital health platforms. The next wave of capital concentration is likely to shift toward: (1) Tier 2/3 city hospital expansion where demand is growing faster than supply and competition is lower; (2) Specialty care centres oncology, cardiac, orthopedics where reimbursement rates are higher and patient willingness to pay is less price-sensitive; (3) Diagnostics infrastructure in underserved markets where organized penetration remains below 20%; and (4) Healthcare-adjacent services medical tourism facilitation, home healthcare, and chronic disease management platforms.

GOVERNMENT INITIATIVES Union Budget 2026-27

In 2026, India's healthcare sector is seeing a major government push with a record 1,06,530 crore allocation in the Union Budget, focusing on universal health coverage, medical infrastructure expansion, affordable medicines, and biopharma innovation. Key initiatives include Ayushman Bharat expansion, new AIIMS and Ayurveda institutes, reduced cancer drug costs, and the launch of the 10,000 crore "Bio Pharma Shakti" program.

Major Government Healthcare Initiatives (2026)

1. Budgetary Boost

1,06,530 crore allocated to the Ministry of Health & Family Welfare (10% rise from FY 2025 26). 194% cumulative growth in health spending over the past 12 years. 2. Flagship Schemes

Ayushman Bharat (PM-JAY): Expanded to cover millions more with free/subsidized care, supported by 184,000+ primary health centers and 863 million digital health IDs. National Health Mission (NHM): Allocation increased to 39,390 crore (6.17% rise). PM Ayushman Bharat Health Infrastructure Mission (PM-ABHIM): Funding surged by 67.66% to strengthen district hospitals and trauma centers. 3. Medical Infrastructure New AIIMS & medical college upgrades under PMSSY with 11,307 crore allocation. Three new All India Institutes of Ayurveda and upgrading of the WHO Global Traditional Medicine Centre in Jamnagar. Five integrated medical hubs announced to boost medical tourism and advanced diagnostics. 4. Affordable Medicines & Research 100% customs duty exemption on 17 new cancer drugs and reduced duty on rare disease drugs. Bio Pharma Shakti initiative: 10,000 crore program to promote biologics, biosimilars, and pharma R&D. Department of Health Research: Allocation raised to 4,821 crore (24% increase). 5. Human Resource Development Training 100,000 allied health professionals and 1.5 lakh caregivers over the next five years. Creation of regional medical hubs and allied health institutions to address workforce shortages.

Challenges & Trade-offs

Implementation gaps: Infrastructure expansion may face delays in rural areas.

Workforce shortages: Despite training initiatives, India still needs more doctors and nurses per capita. Affordability vs. sustainability: Duty exemptions lower costs but reduce government revenue. Digital divide: Expansion of digital health IDs may exclude populations with limited internet access.

Government Initiatives

Ayushman Bharat: Provides free/subsidized care to hundreds of millions, supported by 184,000+ primary healthcare centres and 863 million digital health IDs. Medical Tourism: Over 600,000 foreign patients in 2024; government announced five integrated medical hubs in Union Budget 2026 27. Bioeconomy: Targeting US$ 300 billion by 2030, leveraging vaccines, biopharma, and innovation.

To sum-up, India's 2026 healthcare initiatives mark a decisive step toward universal health coverage, combining modern infrastructure, affordable medicines, and traditional medicine integration. For citizens, this means cheaper cancer treatments, more accessible hospitals, and expanded insurance coverage under Ayushman Bharat.

Outlook

India's healthcare industry is poised for sustained double-digit growth, driven by hospital expansion, diagnostics, pharma exports, and digital health adoption. With government-backed universal coverage and rising medical tourism, India is positioning itself as a global healthcare powerhouse, though challenges in insurance penetration and cost management remain critical hurdles. Summary

The Indian healthcare industry in 2026 is robust, diversified, and globally influential, but its future growth depends on bridging insurance gaps, strengthening organized infrastructure, and leveraging technology for inclusive access.

MANAGEMENT OVERVIEW

Aatmaj Healthcare Limited is transforming into an integrated healthcare platform that combines clinical excellence, technology, and patient-centric care. Through disciplined expansion, operational excellence, and a diversified portfolio of healthcare services, we are building a scalable organisation designed to deliver superior patient outcomes while creating sustainable value for all stakeholders.

We also made significant progress strengthening the Company's liquidity position and overall financial health. This focused recovery initiative is expected to enhance cash flows, improve working capital efficiency, and support sustainable future growth.

As part of our strategic growth initiatives, Aatmaj Healthcare Limited has expanded its healthcare footprint through the takeover of Anand Hospital, Anand Shri Laboratory, and Anand Shri Pharmacy, located in the rapidly developing locality of Nizampura, Vadodara. This expansion strengthens our integrated healthcare ecosystem by combining hospital services, advanced diagnostics, and pharmaceutical care under one platform. The acquisition enhances our presence in one of Vadodara's key healthcare corridors, enabling us to serve a larger patient population with accessible, affordable, and quality medical services. It also reinforces our long-term vision of building a comprehensive, patient-centric healthcare network while creating operational synergies, improving service delivery, and supporting sustainable growth. This strategic addition marks another significant milestone in our journey towards becoming a leading regional healthcare provider.

GROWTH & EXPANSION

CTVS DEPARTMENT, Jupiter Hospital, Vadodara JTP IVF & FERTILITY CENTRE Karelibaugh, Vadodara

As part of our strategic growth roadmap, Aatmaj Healthcare Limited has expanded its portfolio with the launch of a dedicated CTVS (Cardiothoracic & Vascular Surgery) Department At Jupiter Hospital, Atladara Vadodara and the JTP IVF & Fertility Centre at Karelibaug, Vadodara.

These new specialty centres strengthen our commitment to providing comprehensive, advanced, and patient-centric healthcare under one roof. Equipped with modern infrastructure and supported by experienced medical professionals, these facilities are expected to enhance clinical capabilities, improve patient access to specialized care, and contribute to the Company's long-term growth and value creation.

MILESTONES ACHIEVED

We are pleased to share a significant milestone in our growth journey. JTP SP Hospital : Badnawar has been successfully empanelled under the Pradhan Mantri Jan Arogya Yojana (PM-JAY) and is now actively serving beneficiaries across five designated PMJAY clusters. This achievement strengthens our commitment to delivering accessible, affordable, and high-quality healthcare while expanding our reach to underserved communities.

We thank you for your continued trust and confidence in Aatmaj Healthcare Limited. Your support inspires us to advance our mission of delivering accessible, affordable, and high-quality healthcare. As we continue our journey of sustainable growth and innovation, we remain committed to creating lasting value for our patients, partners, and shareholders.

We look forward to strengthening these relationships and achieving new milestones together.