BOARD'S REPORT


Your Board hereby presents the 65th Annual Report and the Audited Accounts for the year
ended 31st March, 2026.


1. OPERATING RESULTS


The Company's financial performance under review is summarized below:


  

    

    

    
(Rs. in lakhs)
  
  

    
Particulars
    
2025-26
    
2024-25
  
  

    
Sales (Net of GST)
    
8,310.24
    
8,075.22
  
  

    
Other Operating Income
    
42.40
    
24.60
  
  

    
Other Income
    
588.18
    
571.26
  
  

    
Total Income
    
8,940.82
    
8,671.08
  
  

    
Profit before Finance Costs, Depreciation and Tax and Exceptional
    Item
    
2,494.38
    
2,307.66
  
  

    
Less: Exceptional Item
    
124.66
    
-
  
  

    
Finance Costs
    
185.57
    
148.28
  
  

    
Depreciation
    
109.45
    
91.00
  
  

    
Profit before Tax
    
2,074.70
    
2,068.38
  
  

    
Less:
    

    

  
  

    
Provision for Taxation:
    

    

  
  

    
Current Tax
    
535.76
    
534.54
  
  

    
Deferred Tax
    
(0.24)
    
0.85
  
  

    
Net Profit
    
1,539.18
    
1,532.99
  
  

    
Other Comprehensive Income
    
(80.02)
    
(74.87)
  
  

    
Total Comprehensive Income
    
1,459.16
    
1,458.12
  


The Company recorded a turnover of Rs.8,352.64 lakhs in the year FY 2025-26, as
compared to Rs.8,099.82 lakhs, during the previous Financial Year 2024-25.


2. DEPOSITORY SYSTEM


The total number of shareholders as on 31st March, 2026 was 22,530 holding 89,63,840
shares (Face value of Rs.2/- each) of which 88,83,040 shares are held in Demat form by
22,455 shareholders.

This represents 99.10% of the total Equity Share Capital compared to 98.87% in the
previous year.


3. DIVIDEND


Your directors have recommended a dividend of 150% (Rs. 3/- (Rupees Three only) per
equity share of Rs.2/- each for the financial year ended 31st March, 2026, absorbing a sum
of Rs.268.92 lakhs, subject to the approval of shareholders at the ensuing 65thAnnual
General Meeting.


4. TRANSFER TO RESERVES


The requirement to do transfer from Current Year Profits to Reserves has been dispensed
by the Ministry of Corporate Affairs ("MCA"). No amount was transferred to any
reserve during the financial year.


5. PERFORMANCE REVIEW

a. SILVER ZINC BATTERIES


The Company achieved a turnover of Rs.7,660.28 lakhs through Silver Zinc Battery
supplies during the FY 2025-26 as against Rs.7,772.27 lakhs, during the FY 2024-25.


b. NICKEL CADMIUM BATTERIES


During the year, the turnover of Nickel Cadmium Division was Rs.649.96 lakhs, as
against Rs.302.95 lakhs during the previous year. The modernization goal of Railways for
development cum supply of both sintered plate type and pocket plate type Nickel Cadmium
(NICAD) batteries, is under progress. Discussions are in progress with reputed companies
abroad, to establish local manufacturing base, during FY 2026 - 27.


c. LEAD ACID BATTERIES (LAB)


As reported earlier, the operations of our Lead Acid Battery division remain suspended
since April, 2019 due to severe competition in the retail market resulting in
non-remunerative prices. While our efforts are continuing towards the revival of the
Plant, favorable options could not be arrived at, that will ensure sustained operations.


d. i) EXPORTS


During the year, the export turnover was Rs.24.30 lakhs, when compared to Rs.1,222.08
lakhs made during FY 2024 - 25.


ii) MERCHANT EXPORTS


During the year, the Merchant Export turnover was Rs.1,089.50 lakhs and it was Nil in
the previous year.


e. FINANCE


The financial position of the Company was comfortable during the year, owing to our
improved operations, coupled with judicial utilization of working capital limits and also
reduction in interest rate(s) by the Banks. Though the Company is categorized as MSME,
(presently in "Small" category since April 2025), due to the internal procedures
of the Defence/Government departments, payments were getting delayed at times. On such
occasions, the needed financial support was duly cognized and support taken from Bankers,
to ensure continued operations of our plant.


f. ISO 9001/ISO 14001, OHSAS 45001 CERTIFICATION ACCREDITATION


Our Quality Management Systems "(QMS) ISO 9001:2015", "Environmental
Management Systems" (EMS) ISO 14001:2015 and OHSMS 45001: 2018 "Occupational
Health and Safety Management Systems (OHSMS), continue to be accredited for
"Aerospace, Naval Battery" and "Lead Acid Battery" Divisions.


6. R & D - CURRENT YEAR (2026 - 27)

i. DRDO Program

Silver Zinc Battery:


During FY 2025 - 26, our Research & Development (R&D) received Development cum
supply of a battery involving Silver Zinc system for Heavy Weight Torpedoes. The
development activity progressed satisfactorily within the stipulated period.

Apart from this, the design of Silver Zinc cells with improved Cycle life and Wet life
was developed and the testing is under progress.


Silver Chloride Magnesium Battery:


On similar lines, development of Sea Water activated battery catering to Light Weight
Torpedo requirements requiring higher power of 120 kW was completed. Further modifications
and improvements were carried out and the Sea Trial was completed successfully. Supply
orders from DRDO and Indian Navy is enabling regular production, and is expected to
commence during the FY 2026-27.


ii. Nicad Pocket Plate batteries for Railways


The Company received development cum supply order of Nickel Cadmium (Ni-Cd) batteries
for Indian Railways loco application. Towards this, the battery manufacturing, assembly
cum testing facility was established and regular production shall commence upon receiving
the approval from the customer during FY 2026-27.


iii. Towed Reel and Torpedo Reel Indigenization


The Company initiated the activity of indigenizing Towed Reel and Torpedo Reel for
Underwater applications. In this, the company achieved the indigenization of Mechanical
hardware. The reel wire development is in progress and upon completion of this activity
and approval by Navy, regular supply can be pursued from FY 2026 - 27.


STATUS OF OTHER R&D PROJECTS

(FY 2025 - 26).

i. Long Life Sea Water Activated Battery


The purpose of this battery type is to provide power for underwater monitoring
instruments for over a year or longer, continuously. Activities pertaining to the design,
development cum evaluation of long endurance Sea Water battery was initiated through TDF
(Technology Development Fund) DRDO. The field trials and testing of the battery were
completed satisfactorily during FY 2025 -26 (one at HEB premises and one battery in
co-ordination with National Institute of Ocean Technology (NIOT) at sea, off the coast of
Chennai).


ii. Sea Water activated battery for Acoustic devices


The Company developed Sea Water activated battery for underwater expendable acoustic
devices during FY 2025 - 26 and the performance on testing, met the requirements
satisfactorily. Regular production and supply is slated for FY 2026 - 27 onwards.


iii. Primary Silver Zinc battery for Combat applications


The Company received development cum supply of High-Power Silver Zinc Batteries for
Combat underwater applications. Battery designed and developed by our company was
qualified by DRDO and the performance was satisfactory. Possibility is there for regular
supplies, once the System/Platform is inducted into service in the upcoming six to nine
months, through Indian Navy.


iv. Energy related Centre for High Technology (CHT) Programs


CHT had initiated another program during FY 2023 - 24, with IOCL and GAIL as funding
agencies and with our participation. The target of this two-year program is to come up
with a low power Fuel Cell (FC) stack using Hydrogen and Air as an open Cathode design
PEMFC system.

On this, optimization of membranes, the catalysts material selection, catalyst loading
and proto type stack evaluation progressed satisfactorily. The Process flow and control
parameters for proto development was established and this program was completed including
the testing cum evaluation of a scaled up 2.5 kW plus level unit, during the FY 2025 - 26
at Company premises. The on-road demonstration at IOCL (R&D Centre) is in progress.


v. Vanadium based flow battery (VRFB) - Energy Storage


Based on the satisfactory demonstration cum completion of the development program with
OECT on 1 kW/10 kWh module carried out in co-ordination with IIT Chennai, OECT preferred
to initiate the next level of funded program with our participation.

Main scope of the program involves scaling up of the system to 10 kW/50 kWh rating and
further evaluation, on stand-alone storage mode using Solar PV based energy harness.
Activities pertaining to this contract had started from March 2024 and the proposed work
progressed well and was completed during the period FY 2025 - 26.

Further, agreement is under process with funding agency for further continuity of
activities including on-site testing & validation, towards commercial exploitation.

Company is presently exploring other opportunities by participating in
Tenders/proposals on VRFB segment and energy storage back-up needs of Solar PV projects.


vi. Lithium-Ion Battery [LIB]


The facility for cell screening, making battery pack assembly, BMS (Battery Management
System), Controller and Electronics and testing as both LIB packs or Lithium Ion battery
using cylindrical as well as prismatic type cells, is now fully established.

We have made a number of standalone Solar PV based street lights which are regularly
monitored and evaluated at different locations at Mathur village and at Large Industrial
sites. Work on EV battery is also under in-house evaluation along with in-house
development of Lithium-Ion batteries along with Inverter, BMS and Electronics for backup
services as an integrated Battery Energy Storage System [BESS]. Field evaluation cum
inhouse testing is under progress in tandem with Solar PV based Energy source.


vii. Electrolyzer project (BOP)


Recently (FY 2025 - 26), our Company participated in a tender for Balance of Plant
(BOP) for 60kW PEM (Proton Exchange Membrane) Electrolyzer and the technical evaluation is
under progress. Our plan is to work on Hydrogen Electrolyzers, both alkaline based and PEM
based.


7. MANAGEMENT DISCUSSION AND ANALYSIS REPORT


A detailed discussion on the industry structure as well as on the financial and
operational performance is contained in the ‘Management Discussion and Analysis
Report' that forms an integral part of this Report as Annexure - 1.


8. CORPORATE GOVERNANCE


Pursuant to Regulation 34(3) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations 2015, Corporate Governance Report together with the certificate from the
Company's auditors confirming the compliance of conditions on Corporate Governance is
given in Annexure-2. The Corporate Governance Report also includes contents and
disclosures required under Section 134(3) of the Companies Act, 201 3 at relevant places
that forms an integral part of this report.


9. EXTRACT OF ANNUAL RETURN


Pursuant to provisions of Section 92(3) of the Companies Act, 2013 read with the
Companies (Management and Administration) Rules, 2014, a copy of annual return for FY 2025
- 26 will be placed on the website of the company after conclusion of the 65th AGM.
However, a copy of Annual Return for FY 2024-25 has been placed on the website of the
Company https://www. highenergy.co.in/ .


10. DIRECTORS' RESPONSIBILITY STATEMENT


Pursuant to Section 134(3)(c) of the Companies Act, 2013 with respect to the Directors'
Responsibility Statement, your Board confirms that:

(a) in the preparation of the annual accounts, the applicable Accounting Standards have
been followed and there are no material departures from the same;

(b) the Directors had selected such accounting policies and applied them consistently
and made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company, at the end of the financial year and of
the profit of the Company for that period;

(c) the Directors have 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 have prepared the annual accounts on a "going concern"
basis;

(e) the Directors have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively; and

(f) the Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operate effectively.


11. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS


During the year, the Company did not give any loan or guarantee or made any investment
or provide any Security, which are covered under Section 186 of the Companies Act, 2013.


12. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTY


In line with the requirements of the Act and the SEBI (LODR) Regulations, 2015, the
Company has formulated a Policy on Related Party Transactions. All Related Party
Transactions (RPTs) entered into by the Company have the prior approval of the Audit
Committee. The Related party transactions that were entered into by the Company during the
FY 2025-26, were on Arm's length basis. Further, no material related party transactions
were entered into by the Company during the FY 2025 -26.

The Corporate Governance Report contains relevant details on the nature of Related
Party Transactions (RPTs) and the policy formulated by the Board on Material RPTs.

Particulars of contracts or arrangements with related parties referred in Section
188(1) of the Companies Act, 2013 is furnished in accordance with Rule 8(2) of the
Companies (Accounts) Rules, 2014 in disclosed in Form No.AOC-2 is given in Annexure - 3.

The details of related party transactions entered into by the Company, in terms of Ind
AS-24 have been disclosed in the notes to the financial statements of the Company.


13. MATERIAL CHANGES AND COMMITMENTS


There is no change in the nature of business of the Company during the year. There is
no material change or commitment affecting the business operations and the financial
position of the Company that has occured since 31st March 2026, to the date of this
Report.


14. CONSERVATION OF ENERGY


Information relating to Conservation of Energy, Technology Absorption and Foreign
Exchange Earnings and Outgo, as required under Section 134(3)(m) of the Companies Act,
2013, read with Rule 8 (3) of the Companies (Accounts) Rules, 2014 is given in Annexure
- 4 that forms part of this report.


15. CORPORATE SOCIAL RESPONSIBILITY (CSR)


The company is covered under the mandate of Section 135 of the Companies Act, 2013 for
FY 2025 - 26. The CSR Report, in the prescribed form is given in Annexure - 5, that
forms part of this report.


16. PARTICULARS OF EMPLOYEES


The Statement of Disclosure of Remuneration under Rule 5 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, is given in Annexure - 6 that
forms part of this report.


17. CLASSIFICATION OF MICRO, SMALL AND MEDIUM ENTERPRISES (MSME)


The Company comes under MSME classification, since 01st July 2020 as "Small"
Enterprises (UDYAM- TN-02-0000445). The said category was changed as "Medium"
Enterprises from Small from 16th May, 2021. The Company complies with all the requirements
of MSME and further, avails/utilizes the benefits, arising out of this reclassification
including GOI/MOD contracts and Bank operations.

MSME vide notification number S.O. 1364(E) dated 21st March, 2025 defined the revised
threshold for investment and turnover which is effective from 01st April, 2025. As per the
said notification, the Company was categorized as "Small" under MSME
Classification with effect from 01st April, 2025. For the FY 2025 - 26 our company
continues to remain as "Small" category.


18. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES


As on 31st March, 2026, the Company has no Subsidiary, Joint venture and Associate
Companies.


19. PUBLIC DEPOSIT


The Company does not accept public deposits and there is no outstanding at the
beginning or end of the year.


20. ADVERSE ORDERS


No significant or material order has been passed by the regulators or courts or
tribunals impacting the ongoing concern status of the Company and the operations of the
Company in future.


21. ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS


(i) The Company has laid down adequate systems and well-drawn procedures for ensuring
internal financial controls. It has appointed an external audit firm as Internal Auditors
for periodical checking and reviewing the adequacy of systems.

(ii) Internal auditors are present at the Audit Committee meetings where internal audit
reports are discussed alongside of management comments and the final observation of the
internal auditor.

(iii) The Board of Directors have adopted various policies like Related Party
Transactions Policy and Whistle Blower Policy and put in place budgetary control and
monitoring measures for ensuring proper and efficient conduct of the business of the
Company, safeguarding of its assets, the prevention and detection of frauds and errors,
accuracy of reporting, completeness of the accounting records and the timely preparation
cum presentation of reliable financial information.

(iv) Audit Trail requirements as per New Standards, are available in ERP system of the
Company.


22. COST RECORD


Though Cost Audit is not applicable to the Company. The Cost records as specified by
the Central Government under sub-section (1) of section 148 of the Companies Act, 2013,
are prepared and maintained by the Company.


23. CONSTITUTION OF INTERNAL COMPLAINTS COMMITTEE UNDER THE SEXUAL HARASSMENT OF WOMEN
AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013


The Company has a Policy for Prevention of Sexual Harassment (POSH) of

Women at Workplace and also 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. The Company had constituted an Internal
Committee (IC) with 4 Members (including 1 External member) and conducts Awareness
programmes every year for all the Women employees of the Company.

Number of complaints received and resolved in relation to Sexual Harassment of Women at
Workplace (Prevention, Protection, and Redressal) Act, 2013: during the year under review
and their details is as under:

a) No. of complaints of sexual harassment received in the year:


NIL


b) No. of complaints disposed off during the year: NIL



c) No. of cases pending at the end of year (as on 31.03.2026) : NIL



d) No. of cases pending for more than 90 days: NIL


24. INSOVENCY AND BANKRUPTCY CODE, 2016


Application made or proceeding pending under the Insolvency and Bankruptcy Code, 2016: NIL


25. ONE TIME SETTLEMENT (OTS)


The Company has not made OTS with Banks or Financial institutions.


26. DISCLOSURE UNDER MATERNITY BENEFIT ACT, 1961


The Company is committed to providing a safe, inclusive and supportive work environment
for all employees, including women employees. The Company complies with the provisions of
the Maternity Benefit Act, 1961 and the rules framed thereunder, as amended from time to
time. However, the requirement of providing benefit to woman under Maternity Benefit Act,
1961 has not arisen during the year.


27. INDIAN ACCOUNTING STANDARDS (IndAS)


The Financial Statements of the current year are prepared as per IndAS, which was
adopted since Financial Year 2017-18.


28. CASH FLOW STATEMENT


As required under Regulation 53 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, a Cash Flow Statement is attached to the Balance Sheet.


29. INDUSTRIAL RELATIONS


Relations between the Management and Employees were cordial throughout the year under
review. The Management ensured that all necessary steps were taken to follow the
guidelines/norms of safety and health mandated by the Government.

During FY 2025-26, the company concluded the wage negotiation and the same is valid for
a tenure of five (5) years effective from 01st April, 2024 to 31st March, 2029.


30. DIRECTORS


(a) At the 64th Annual General Meeting of the Company, shareholders through Special
Resolution reappointed Mr. N Gopalaratnam (DIN:00001945) as a Director of the Company,
liable to retire by rotation.

(b) On the recommendation of the Nomination and Remuneration Committee, the Board of
Directors at the meeting held on 31.01.2026, re-appointed Dr. G A Pathanjali
(DIN:05297665) as Managing Director of the Company for a period of three years with effect
from 01st April, 2026 to 31st March, 2029.

(c) LIC vide its letter dated (IBO/ ND Cell/SS) dated 13.01.2026 nominated Mr. C V
Ramana as Nominee Director of the Company, in place of Mr. N P Sinha. The Board of
Directors at the meeting held on 31.01.2026, appointed Mr. C.V. Ramana (DIN: 11517220) as
Nominee Director of the Company with effect from 31st January, 2026, in place of Mr N P
Sinha (DIN:07980838).

(d) The Board based on the recommendation of the Nomination and Remuneration Committee
passed resolution through Circulation on 20.02.2026 relating to recommending the
appointment of Mrs Jayashree Ajit Shankar (DIN:08397093) as Woman Independent Director of
the Company for a first term of five years from 01st April, 2026 and approved the Postal
Ballot notice to seek shareholders approval for the Reappointment of Managing Director by
Special Resolution, Appointment of Nominee Director by an Ordinary Resolution and for the
Appointment of Woman Independent Director by a Special Resolution.

(e) In the opinion of the Nomination and Remuneration Committee and the Board of
Directors, Mrs Jayashree Ajit Shankar (DIN:08397093) carries an experience over three
decades in the varied areas especially Insurance, Personnel Management and Corporate
Strategies and she possesses the relevant qualification, skill, experience and technical
knowledge. Further, Mrs Jayashree Ajit Shankar has registered with the Databank maintained
by the Indian Institute of Corporate Affairs (IICA) and she is exempted from undertaking
the online proficiency self - assessment test conducted by the Indian Institute of
Corporate Affairs.

(f) Pursuant to Section 149, 152 and other applicable provisions of the Companies Act,
201 3 and Regulation 17 (1C) of the SEBI (LODR) Regulations, 2015, following Special and
Ordinary Resolutions were passed through Postal Ballot by the Shareholders on 24th March,
2026:


Special Resolution


• For the Re-appointment of Dr. G A Pathanjali (DIN:05297665) as Managing Director
of the Company for a period of three (03) years with effect from 01st April, 2026 to 31st
March, 2029, not liable to retire by rotation

• For the Appointment of Mrs. Jayashree Ajit Shankar (DIN: 08397093) as Woman
Independent Director for a first term of five years from 01st April, 2026 to 31st March,
2031, not liable to retire by rotation.


Ordinary Resolution


• For the Appointment of Mr. C V Ramana (DIN: 11517220) Nominee Director (Nominee
of LIC) of the Company with effect from 31st January, 2026, not liable to retire by
rotation.

The above Special and Ordinary Resolutions as stated in the Postal ballot notice dated
20.02.2026 has been passed with requisite majority. The Voting results of the Postal
ballot process was declared on 24th March, 2026 and posted in our Company's website.

(g) Pursuant to Section 149 of the Companies Act 2013, the Directorship of Mrs Lalitha
Lakshmanan (DIN:07140032) as Independent Director of the Company was completed by 31st
March, 2026, upon completion of her two terms of five consecutive years each.

(h) Pursuant to Section 152 (6) of the Companies Act, 2013 and in accordance with
Article 89 of the Articles of Association of the Company, Mr. M Ignatius (DIN: 08463140),
Director (Operations) of the Company, retires by rotation at the ensuing 65th AGM of the
Company and being eligible offers himself for re-appointment, through Ordinary Resolution.
Due disclosure and rationale for his reappointment are furnished in the statement pursuant
to Section 102(1) of the Companies Act, 2013 attached to the AGM Notice.

Necessary resolution is placed before the Shareholders for their approval.


31. AUDITORS

(i) Statutory Auditors


The Company obtained the approval of Shareholders at the 61st AGM held on 29th June,
2022 for the appointment of M/s. Maharaj N R Suresh And Co LLP, Chartered Accountants as
Statutory Auditors of the Company for a Second term of Five years. Accordingly, their term
will expire at the conclusion of the 66th Annual General Meeting of the Company.


(ii) Internal Auditors


On the basis of recommendation of Audit Committee, the Board at its meeting held on
21st January, 2025 appointed M/s. R Subramanian And Company LLP, Chartered Accountants as
Internal Auditor of the Company for a period of two (2) years, from FY 2025-26 & FY
2026-27.


(iii) Secretarial Auditors


Pursuant to Regulation 24A of SEBI (LODR) Third Amendment Regulations, 2024 dated 12th
December, 2024, relating to the appointment of Secretarial Auditor, the Board at its
meeting held on 10th May, 2025 recommended the appointment of M/s. V Suresh Associates,
Practicing Company Secretaries as Secretarial Auditor of the Company for a term of Five
(05) consecutive financial years, from FY 2025-26 to FY 2029-30 and the same was approved
by the shareholders in the 64th Annual General meeting held on 21st June, 2025.


(iv) Cost Auditors


The appointment of Cost Auditors is not mandatory for the Company during the FY
2026-27.

Particulars of Statutory Auditor, Internal Auditor and the Secretarial Auditor are
given in the "Corporate Governance" Report that forms an integral part of
this Report.

Secretarial Audit Report, as required by Section 204(1) of the Companies Act, 2013, is
attached as Annexure - 7.


ACKNOWLEDGEMENT


Your Directors wish to express their sincere thanks to:

(i) all the valued customers viz., Defence Services, VSSC, ISRO, RCI, ASL, DRDO
Laboratories and Ministry of Defence (MOD), NSTL, NPOL, NMRL, BDL, BrahMos (BAPL), BEL,
HAL, ADE, ADA, Mahindra Defense, TDF, NIOT and other Defence based organizations such as
DGONA, DAPI, CVRDE, MGO, Air (HQ), HQMC for the whole-hearted support and encouragement,
towards indigenous sourcing of Batteries for strategic applications, fulfilling Atma
Nirbhar.

(ii) all our valued Govt Statutory Bodies like IOF, PCB and Inspection cum Certifying
agencies such as CEMILAC, DGAQA, DGNAI, DGQA, MSQAA, SSQAG, R&QA, CLW (Chittaranjan
Loco Works) and Railways for their timely and meticulous adherence of Quality
Assurance/Product acceptance procedures.

(iii) Educational Institutions viz., NIT(T), IIT Chennai for their co-operation and
technical support to our R & D progress, OECT, part of ONGC for initiating a program
on Vanadium Redox Flow Battery (VRFB); Centre for High Technology (CHT) in partnership
with OECT, IOCL and GAIL for initiating development activities pertaining to Fuel Cells
and Electrolyzer based Green Energy using Hydrogen; Research Institutions like CECRI,
National Institute of Technology (NIT), Trichy for actively involving in our
Indigenization efforts.

(iv) the Overseas customers, WASS (Italy), Thyssenkrupp (Germany), DASTAN (Kyrgyzstan),
SLAF (Sri Lanka) and VIRTUS (Merchant Exporter), who have reposed utmost faith and
confidence in our products and co-operating with us, including as offset partners.

(v) the Consortium of Bankers viz., UCO Bank (UCO) and Punjab National Bank (PNB) for
extending timely financial support towards the continued positive performance of the
Company.

(vi) the Employees at all levels of the company for their co-operation, harmonious
working to achieve committed deliveries and the sincere efforts put in to sustain the
performance.

(vii) to all suppliers, vendors, service providers, sub-contractors and Shareholders
for their continued trust and support.


  

    

    
(For Board of Directors)
  
  

    

    
N GOPALARATNAM
  
  

    
Chennai
    
Chairman
  
  

    
12th May, 2026
    
(DIN:00001945)