Dear Shareholders,

The Board of Directors are pleased to present the 42nd Annual Report of the Company
accompanied by the Audited Financial Statements (Standalone and Consolidated) for the
Financial Year (‘FY') ended 31st March, 2026.


FINANCIAL AND OPERATIONAL RESULTS

A. FINANCIAL RESULTS


(' in lakhs, except EPS)


  

    
Particulars
    
Standalone
    
Consolidated
  
  

    

    
2025-26
    
2024-25
    
2025-26
    
2024-25
  
  

    
Total Operational Revenue (Net of GST)
    
1,27,600.40
    
1,39,774.37
    
1,27,600.40
    
1,39,774.37
  
  

    
Other Income
    
4,010.55
    
3,829.10
    
3,897.75
    
3,738.86
  
  

    
Total Income
    
1,31,610.95
    
1,43,603.47
    
1,31,498.15
    
1,43,513.23
  
  

    
EBIDTA
    
25,633.73
    
25,278.60
    
25,520.93
    
25,188.36
  
  

    
Less: Finance Cost
    
20.63
    
19.37
    
20.63
    
19.37
  
  

    
Depreciation and Amortisation
    
836.49
    
900.21
    
836.49
    
900.21
  
  

    
Profit before share of net profit/(loss) of investment accounted
    for using equity method
    
24,776.61
    
24,359.02
    
24,663.81
    
24,268.78
  
  

    
Share of profit/(loss) from Joint Venture accounted for using equity
    method
    
-
    
-
    
82.34
    
109.83
  
  

    
Profit Before Tax (PBT)
    
24,776.61
    
24,359.02
    
24,746.15
    
24,378.61
  
  

    
Provision for tax (including Deferred Tax)
    
6,730.02
    
6,377.09
    
6,730.02
    
6,377.09
  
  

    
Profit from Continuing Operations after Tax (PAT)
    
18,046.59
    
17,981.93
    
18,016.13
    
18,001.52
  
  

    
Other Comprehensive Income/ (Loss), Net of tax
    
54.21
    
(118.55)
    
54.21
    
(118.55)
  
  

    
Total Comprehensive Income for the FY
    
18,100.80
    
17,863.38
    
18,070.35
    
17,882.97
  
  

    
Net Worth
    
1,08,193.47
    
1,00,047.01
    
1,08,322.17
    
1,00,206.17
  
  

    
EPS (Equity Share of Rs. 1/- each)
    
7.25
    
7.23
    
7.24
    
7.23
  



B. OPERATIONS


During FY 2025-26, the Company achieved a production volume of 71,601.50 TPA against
installed capacity of 75,000 TPA. Sales volume for the year stood at 71,501.12 TPA as
compared to 74,381 TPA in FY 2024-25.


FINANCIAL HIGHLIGHTS


The key highlights of the Company's performance based on the Standalone Balance
Sheet as on 31st March, 2026 are reflected as under:


Net Worth: During the FY under review, the Net Worth of the Company stood at Rs.
1,08,193.47 lakhs as compared to Rs. 1,00,047.01 lakhs for the previous FY


Book Value of Shares: The Book value of the Equity shares stood at '43.48 as
against '40.21 for FY 2024-25.


Current Ratio: As on 31st March, 2026 the current ratio was 5.88 as compared to
11.25 as of 31st March, 2025.


TOL/TON: The ratio of total liability to total net worth for FY 2025-26 was 18.68
as compared to 10.16 for FY 2024-25.


Sales Credit Control: The debtor's percentage to sales increased from 18.28 in FY
2024-25 to 19.87 in FY 2025-26


Trade Receivable Ratio: During the FY under review, the Trade Receivable Ratio was
5.01 as compared to 5.76 in the FY 2024-25.


Inventory Turnover Ratio: During the FY under review, the Inventory Turnover Ratio
was 5.62 as compared to 7.79 in FY 2024-25.


Profit before Tax (%): The Profit before Tax for FY 2025-26 stood at 19.42 % as
compared to 17.43 % for FY 2024-25.


Net Profit Margin (%): The Net Profit Margin for FY 2025-26 stood at 14.14 % as
compared to 12.86 % for FY 2024-25.


Zero Debt: The Company continues to enjoy the status of a "Zero Debt
Company".


Financing Pattern: There was no change in financing pattern and the Company would
be able to sustain its business operations through internal accruals.

Further, there has been no change in the nature of business of the Company.


RESEARCH AND DEVELOPMENT FACILITIES


The Company's state-of-the-art Research and Development Center (‘R&D Center')
at Abu Road, Rajasthan has received recognition from the Department of Science and
Industrial Research (DSIR), Government of India.

Nippon A&L Inc. Company's Joint Venture Partner are continuously extending their
support and co-operation in terms of development of new recipe for application
development.

During FY 2025-26, the R & D Center successfully developed 12 new grades and
improved properties of 15 grades, of which 2 improved grades have been commercialized.

The R & D Center has also successfully developed 169 new colour grades, of which 47
colour grades have been commercialized. The R&D Center, as a continuous process, also
focuses on improvements in the properties of existing material and other colour
developments. The Company has kept gaining the benefits of its in-house R&D Center by
way of new and improved products, leading to customer loyalty and satisfaction and better
margins.

During the year under review DB wax column was installed in GC analysis equipment in
the R&D to measure residual monomer contents in base polymers;


UPDATE ON ABS CAPACITY EXPANSION


The implementation of capacity expansion from existing 75000 TPA to 1,00,000 TPA is
progressing well and orders have been placed for critical long delivery equipments. The
balance engineering, procurement and construction work is in progress and the
commissioning of enhanced capacity is expected to be completed by end of September, 2026.


SHARE CAPITAL


There has been no change in the share capital of the Company during the year under
review. As on 31st March, 2026, the paid-up share capital of your Company stood at
'24,88,58,460/- comprising 24,88,58,460 Equity shares of Rs. 1/- each fully paid.

The Company has, during the year under review, neither issued any Equity shares with
differential voting rights nor any shares (including sweat equity shares) to its employees
under any scheme.


TRANSFER TO RESERVES


For the FY ended 31st March, 2026, the Directors do not propose to transfer any amount
to the General Reserve.


DIVIDEND AND DIVIDEND DISTRIBUTION POLICY


The Board of Directors had approved the Dividend Distribution Policy in accordance with
Regulation 43A of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("Listing Regulations").

The policy consists of various parameters, inter-alia, Company's dividend track record,
usage of retained earnings, internal and external factors, financial conditions, etc.
based on which the Board may recommend or declare Dividend.

The Policy may be accessed under the ‘Policies and Procedures' section on the
website of the Company at link: https://bhansaliabs.
com/assets/policies_and_procedures/1593593067.Dividend_Distribution_Policv.pdf

Considering the Company's performance for FY 2025-26 and to appropriately reward the
members, the Directors have declared 3 (three) Interim Dividends of Rs. 1/- each (300%)
per Equity Share of face value of Rs. 1/- each which were paid on 29th August, 2025, 11th
November, 2025 and 26th February, 2026 respectively. The Directors have recommended a
Final Dividend of Rs. 1/- (100 %) per Equity Share (of face value of Rs. 1/- each) for the
financial year ended 31st March, 2026 which is subject to approval of the shareholders of
the Company in the ensuing 42nd Annual General Meeting.

Considering the above, the total dividend declared/recommended by the Company for FY
2025-26 amounts to '4/- (400 %) per Equity Share of face value of Rs. 1/- each fully
paid-up. This dividend is consistent with the dividend declared/recommended in FY 2024-25,
reflecting the Company's steadfast commitment to providing consistent and reliable returns
to its valued shareholders.


DEPOSITS


The Company has not invited any deposits from the public during the FY and as such, no
amount of principal or interest related thereto was outstanding as on 31st March, 2026.


PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES GIVEN OR SECURITY PROVIDED
UNDER SECTION 186 OF THE COMPANIES ACT, 2013 ("the Act")


The Company has, during the FY under review, not given any loans, guarantees or
provided security and has not made any investments in any body corporate in excess of
limits specified under Section 186 of the Act.


TRANSFER TO THE INVESTOR EDUCATION AND PROTECTION FUND


Pursuant to the provisions of Section 124 and 125 of the Act, read with Investor
Education and Protection Fund Authority (Accounting Audit, Transfer and Refund) Rules,
2016 (‘IEPF Rules'), as amended from time to time, the unpaid and unclaimed dividend
pertaining to the FY 2017-18, amounting to Rs. 13,58,067 (Rupees Thirteen Lakh Fifty Eight
Thousand Sixty Seven only) which was lying in the Company's unpaid / unclaimed dividend
account and remaining unclaimed for a period of seven years, was transferred to the
Investor Education and Protection Fund (‘IEPF').

Further, pursuant to the provision of Section 124(6) of the Act, read with Rule 6 of
IEPF Rules, 63,450 Equity shares belonging to 79 Shareholders, on which dividend remained
unpaid or unclaimed for seven consecutive years had been transferred to the DEMAT account
of the IEPF authority as provided in Circular no. 11/06/2017-IEPF dated 16th October, 2017
(General Circular No. 12/2017).


SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANY


During the FY under review, the Company did not have any Subsidiary Company. It has a
Joint Venture (JV) Company, namely Bhansali Nippon A&L Private Limited, wherein it
holds 50% of the paid-up equity share capital. The Registered Office of the JV Company is
at 301 & 302, 3rd Floor, Peninsula Heights, C. D. Barfiwala Road, Andheri (West),
Mumbai - 400 058.

The Report on the performance and statement containing salient feature of Financial
Statements of the aforesaid Joint Venture Company in terms of Section 129 of the Act is
separately attached in Form No. AOC-1 with the Consolidated Financials, which forms part
of this Annual Report.

In accordance with Section 136 of the Act, the Financial Statements of the Company
including the Consolidated Financial Statements pertaining to its aforesaid Joint Venture
Company are available on the Company's website (www.bhansaliabs.com).

The Company has framed a policy on Material Subsidiaries in terms of Regulation
16(1)(c) of Listing Regulations. The policy may be accessed under the ‘Policies and
Procedures' section on the website of the Company at link: https://bhansaliabs.com/assets/
policies_and_procedures/1780738876.Policy_on_Material_Subsidiaries.pdf


CONSOLIDATED FINANCIAL STATEMENTS


The Company has, in accordance with Section 129(3) of the Act, prepared Consolidated
Financial Statements, consolidating its financials with its JV Company, Bhansali Nippon
A&L Private Limited. The Audited Consolidated Financial Statements have been prepared
in accordance with the requirements of Ind AS prescribed under Section 133 of the Act,
read with relevant rules issued thereunder, as applicable and other accounting principles
generally accepted in India and forms part of this Annual Report.


MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT


Management's Discussion and Analysis Report, as stipulated under the Listing
Regulations, forms part of this Annual Report and is attached as Annexure 1.


COMMITMENT TO QUALITY


The Company is committed to quality. It aims to develop, produce and deliver products
which consistently conform to the customer requirements, and to pursue the goal of
error-free performance through product, process and quality management. The Company
continues to monitor and maintain its effective and well-crafted Quality Control (QC)
measures. QC is aligned to the business objectives and ensures that the Company is focused
on maintaining Quality Centric approach towards its customers/ clients. Over the years,
the Company has evolved robust processes and strives to improve them continuously.


CORPORATE SOCIAL RESPONSIBILITY AND OTHER CHARITABLE ACTIVITIES


The Company believes in making lasting impact towards creating a just, equitable,
humane and sustainable society. It considers that, ‘it does not exist only for doing
good business, but equally for the betterment of society.' It is always at the forefront
while extending helping hand to the public at large.

CSR provides an opportunity to the Company to effectively align its values and strategy
for the benefits of the society, by contributing to the social, economic and environmental
development of the society at large.

In compliance with the requirements of Section 135 of the Act read with the applicable
rules made thereunder the Company has a duly constituted CSR Committee which steers the
CSR activities. The CSR Policy, formulated in accordance with the Act (as amended from
time to time), guides the Company to serve the society.

The CSR policy may be accessed under the ‘Policies and Procedures' section on the
website of the Company at link
https://bhansaliabs.com/assets/policies_and_procedures/1780738921.Corporate_Social_Responsibilitv_Policv.
pdf

The Company inter alia undertakes projects/activities pertaining to (a) Education /
Skill Development Programme, (b) Protection and Promotion of National Heritage, Art &
Culture, and (c) Health & Safety etc.

The details of amount to be spent on CSR activities/amount to be set off in FY 2025-26
are mentioned in the Annual Report on CSR activities forming part of this Report and
attached as Annexure 2.


ANNUAL RETURN


Pursuant to the provisions of Section 134(3) (a) of the Act, an extract of Annual
Return for the FY ended 31st March, 2026 in accordance with the provisions of Section
92(3) of the Act is available on the Company's website and can be accessed through the
link: https://bhansaliabs.com/assets/financial_docs/vearlv/1782103627.AC3754175.pdf


CORPORATE GOVERNANCE


The Company believes in adopting the best corporate governance practices. The report on
Corporate Governance as stipulated under Regulation 34(3) read with Schedule V of the
Listing Regulations and the certificate from a Practicing Company Secretary regarding
compliance with Corporate Governance norms, forms part of this Annual Report and is
attached as Annexure 3 and Annexure 3A.


CERTIFICATIONS AND DECLARATIONS


The declaration by Managing Director of the Company relating to compliance of Code of
Conduct by all Board Members and Senior Management Personnel of the Company, in accordance
with the provisions of Regulation 17(5) of Listing Regulations is attached as Annexure
3B and forms part of this Annual Report.


DECLARATION OF INDEPENDENCE


The Company has received necessary declarations from the Independent Directors stating
that they meet the prescribed criteria for independence and complied with the code for
Independent Directors prescribed in Schedule IV of the Companies Act, 2013.


MEETINGS OF THE BOARD


During the FY 2025-26, 4 (Four) meetings of the Board of Directors were held. The
details of the said meetings are mentioned in the report on Corporate Governance forming
part of this Annual Report.


WHISTLE BLOWER / VIGIL MECHANISM POLICY


The Company believes in conducting its business activities in a fair and transparent
manner by adopting highest standards of professionalism, honesty, integrity and ethical
behaviour. Pursuant to Section 177(9) of the Act read with Rule 7 of the Companies
(Meetings of Board and its Powers) Rules, 2014 and Regulation 22 of the Listing
Regulations, the Board of Directors have implemented a vigil mechanism through the
adoption of Whistle Blower/Vigil Mechanism Policy. The details of the same are mentioned
in the Corporate Governance Report forming part of this Annual Report.


RISK MANAGEMENT


Pursuant to Section 134(3)(n) of the Act read with Regulation 17(9) (b) of the Listing
Regulations, the Company has in place a robust risk management framework which identifies
and evaluates business risks and opportunities. The Company recognizes that these risks
need to be managed and mitigated to protect the interest of the shareholders and
stakeholders, to achieve business objectives and enable sustainable growth. The risk
management framework is aimed at effectively mitigating the Company's various business and
operational risks, through strategic actions. Risk management is embedded in our critical
business activities, functions and processes. It also provides control measures for risk
and future action plans. The policy may be accessed under the ‘Policies and
Procedures' section on the website of the Company at the web link https://bhansaliabs.com/
assets/policies_and_ procedures/1593593348.Risk_Management_Policy.PDF


CONTRACTS AND ARRANGEMENTS WITH RELATED PARTY


In terms of Section 188 of the Act, read with rules framed thereunder and as per
Regulation 23 of the Listing Regulations, the Company has formulated the policy for
Related Party Transactions. The policy may be accessed under the ‘Policies and
Procedures' section on the website of the Company at the web link
https://bhansaliabs.com/assets/policies_and_procedures/1780738892.
Policv_for_Related_Partv_Transactions.pdf

During the FY under review, there were no transactions entered into by the Company with
any related party falling within the purview of Section 188 of the Act.

All Related Party Transactions as required under Ind AS 24 - Related Party Disclosures
are reported in Note 41 of Notes to Accounts of the Standalone financial statements of the
Company.


DIRECTORS

Retiring by Rotation / Change in Directorate:


In accordance with the provisions of Section 152 of the Act and in terms of the
Articles of Association of the Company, Mr. Dilip Shendre (DIN: 10566412) Whole Time
Director retires by rotation at the ensuing 42nd AGM of the Company and being eligible,
offers himself for re-appointment.

There were no changes in composition of the Board of Directors and Key Managerial
Personnel of the Company during FY 2025-26


Performance evaluation of the Board:


In accordance with the provisions of the Act and Listing Regulations, the Company has
formulated the criteria for performance evaluation of all the Directors including
Independent Directors, the Chairman, the Board and its Committees, details of which are
mentioned in the Corporate Governance Report forming part of this Annual Report.


KEY MANAGERIAL PERSONNEL


Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of
the Company as on the date of this Report are: Mr. B. M. Bhansali, Chairman & Managing
Director;

Mr. Jayesh B. Bhansali, Joint Managing Director cum CFO;

Mr. Dilip K. Shendre, Whole Time Director; and

Mr. Ashwin M. Patel, Company Secretary & GM (Legal).


COMMITTEES OF THE BOARD OF DIRECTORS


The details pertaining to the Committees of Board of Directors of the Company viz.
Audit Committee, Nomination and Remuneration Committee, Stakeholders' Relationship
Committee, Corporate Social Responsibility Committee and Risk Management Committee have
been stated in the Corporate Governance Report forming part of this Annual Report


AUDITORS Statutory Auditors:


M/s. Azad Jain & Co., Chartered Accountants, Mumbai (FRN-006251C), were appointed
as Statutory Auditors of the Company at the 38th AGM held on 29th June, 2022 to hold
office up to the conclusion of 43rd AGM on the remuneration to be determined by the Board
of Directors.

The Report given by the Statutory Auditors on the financial statements of the Company
forms part of this Annual Report. There is no qualification, reservation or adverse remark
made by the Auditor in their report.


Secretarial Auditors:


M/s Rathi & Associates, Practicing Company Secretaries, (FRN-P1988MH011900), were
appointed as Secretarial Auditors of the Company at the 41st AGM held on 20th September,
2025 for a term of five (5) consecutive years, to conduct the Secretarial Audit from
financial years 2025-26 to 2029-30 on such remuneration and reimbursement of out of pocket
expenses for the purpose of audit as may be approved by the Audit Committee/Board of
Directors of the Company.

In accordance with Section 204(1) of the Act, the Secretarial Audit Report for the FY
ended 31st March, 2026 is annexed as Annexure 4 to this Report. The Secretarial
Audit Report does not contain any qualification, reservation or adverse remark.


Cost Auditors:


The Board of Directors, on recommendation of the Audit Committee, had appointed M/s.
Joshi Apte and Associates, Cost Accountants, Pune (FRN-000240), as Cost Auditors of the
Company, for the FY 2026-27, for conducting the audit of the cost records maintained by
the Company for the products, as mandated by the Central Government, at a remuneration as
mentioned in the Notice convening the 42nd AGM of the Company.

The Company has received a certificate from M/s. Joshi Apte and Associates, Cost
Accountants certifying that they are eligible to be appointed as Cost Auditors under
Section 141 of the Act and Rules framed thereunder.

A resolution seeking members' ratification for the remuneration payable to the Cost
Auditors for the FY 2026-27 forms part of the Notice of the 42nd AGM of the Company.

As per Section 148 of the Act read with the Companies (Cost Records and Audit) Rules,
2014, the Company is required to maintain cost records and accordingly, such accounts and
records are maintained.


INTERNAL FINANCIAL CONTROL AND THEIR ADEQUACY


Adequate Internal Financial Control systems, commensurate with the nature of the
Company's business, size and complexity of its operations, are in place and have been
operating satisfactorily and effectively. During the FY under review, no material
weaknesses in the design or operation of Internal Financial Control system was reported.


SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS


No significant material order(s) were passed by the regulators/courts which would
impact the going concern status of the Company and its future operation during the FY
under review.


REPORTING OF FRAUDS


There have been no instances of fraud reported by the Statutory Auditors under Section
143 (12) of the Act and Rules framed thereunder, either to the Company or to the Central
Government.


MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY WHICH HAS OCCURRED BETWEEN THE END OF THE FY TILL THE DATE OF THE REPORT


There have been no material changes, which have occurred between the end of FY till the
date of this report, affecting the financial position of the Company.


COMPLIANCE OF SECRETARIAL STANDARDS


During the FY under review, the Company has complied with all the applicable provisions
of Secretarial Standards issued by the Institute of Company Secretaries of India.


HUMAN RESOURCE DEVELOPMENT


The Company believes in strategic alignment of Human Resources to its business
priorities and corporate objectives. The Company undertakes various staff welfare
measures/activities to strengthen unity, breaking the monotony and bringing the peer
groups together for collaborative decision-making.

Pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the Rules made thereunder, the Company has in place a Policy on
Prevention of Sexual Harassment (PoSH) of women at workplace. Further, the Company has
also formed an Internal Complaints Committee to redress the complaints regarding sexual
harassment. During the FY under review, no complaint regarding Sexual Harassment has been
reported and the same has been communicated to the concerned authority i.e. the District
Officer, Mumbai Suburban vide annual report for the calendar year 2025.


PARTICULARS OF EMPLOYEES


The Company has adopted a well-defined Nomination and Remuneration Policy for
Directors, Key Managerial Personnel and other employees. The policy may be accessed under
the ‘Policies and Procedures' section on the website of the Company at the web link
https://bhansaliabs.com/assets/policies_and_procedures/1780738907.Nomination_and_Remuneration_Policy.
pdf

Disclosure with respect to the remuneration of Directors and Employees as required
under Section 197 of the Act and Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, as amended, is annexed as Annexure 5 which forms
part of this Report.

Statement containing Particulars of Employees pursuant to Section 197 of the Act and
Rule 5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, as amended, forms part of the Annual Report. As per the provisions
of Section 136 of the Act, the reports and Financial Statements are being sent to
shareholders of the Company and other stakeholders entitled thereto, excluding the
Statement containing Particulars of Employees. Any shareholder interested in obtaining
such details may write to the Company Secretary of the Company.


CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS/ OUTGO


The particulars as required pursuant to the provisions of Section 134(3) (m) of the Act
read with Rule 8 of the Companies (Accounts) Rules, 2014, with respect to conservation of
energy, technology absorption, foreign exchange earnings and outgo etc. forms part of this
Annual Report as Annexure-6.


BUSINESS RESPONSIBILITY AND SUSTAINABLITY REPORT


As per Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Business Responsibility and Sustainability Report for FY 2025-26
forms part of this Annual Report as Annexure 7. Further, the Company has evolved a
Business Responsibility Policy, encompassing the broad scope of initiatives undertaken, to
best sub serve the interest of all the Stakeholders. The policy may be accessed under the
‘Policies and Procedures' section on the website of the Company at the web link
https://bhansaliabs.com/assets/policies_and_procedures/1593593437.Business_Responsibilitv_Policv.pdf


DIRECTORS' RESPONSIBILITY STATEMENT


Pursuant to the requirement of Section 134 of the Act, the Directors of the Company
confirm that:

i. in the preparation of the annual accounts for the FY ended 31st March, 2026, the
applicable accounting standards have been followed and there are no material departures
from the same;

ii. they have 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 31st March, 2026 and of the profit of the
Company for the year ended on that date;

iii. they have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;

iv. they have prepared the annual accounts on a ‘going concern' basis;

v. they have laid down internal financial controls to be followed by the Company and
that such internal financial controls are adequate and are operating effectively; and

vi. they have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively.


ACKNOWLEDGEMENT AND APPRECIATION


The Board takes this opportunity to thank the Company's Members, Customers, Vendors and
all other Stakeholders for their continued support throughout the FY. The Directors also
thank the Stock Exchanges, Banks, Ministry of Corporate Affairs, State Governments,
Government of India, and all other Government agencies and Regulatory authorities for the
support extended by them and look forward to their continued support in future.

The Board would also like to take this opportunity to express their appreciation for
the dedicated efforts of all the employees.


For and on behalf of the Board of Directors 

B. M. Bhansali

Chairman & Managing Director

(DIN: 00102930)


Place : Mumbai

Date : 24th April, 2026