Dear Shareholders,

Your Directors' are pleased to present the 34th Annual Report along with the Audited Financial Statements of your

Company for the financial year ended March 31, 2026 ("FY 2025-26/ FY26").

The Audited Financial Statements of your Company as on March 31, 2026, are prepared in accordance with the relevant applicable Indian Accounting Standards ("Ind AS") and Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") and the provisions of the Companies Act, 2013 ("Act").

The summarised financial highlights are depicted below:

( in crore)

1. There are no material changes and commitments affecting the financial position of your Company which have occurred between the end of the financial year and the date of this report.

2. Previous year figures have been regrouped/re-arranged wherever necessary.

3. There has been no change in nature of business of your Company.

Total income increased by 3 % to 1,02,943 crore in FY 2025-26 vs 1,00,365 crore in FY 2024-25.

EBITDA maintained at 16,464 crore in FY 2025-26 vs 16,722 crore in FY 2024-25.

PAT attributable to shareholders increased by 32% to 9,339 crore in FY 2025-26 vs 7,099 crore in FY 2024-25.

Total income stood at 25,657 crore in FY 2025-26 vs 28,313 crore in FY 2024-25.

EBITDA increased by 7% to 4,496 crore in FY 2025-26 vs 4,197 crore in FY 2024-25.

PAT increased by 88% to 11,378 crore in FY 2025-26 vs 6,040 crore in FY 2024-25.

The key aspects of your Company's consolidated performance during the FY 2025-26 are as follows:

Solar modules increased by 15% to 4,904 MW

Wind division started supply of 3.3 MW WTG model

Supply of WTG sets increased by 41% to 231 sets comprising 5.2 MW and 3.3 MW model

Pax movement increased by 1% to 95.3 mn

Greenfield Navi Mumbai International Airport commenced operations from December 25, 2025

Largest greenfield Ganga Expressway BOT project inaugurated on April 29, 2026

"Nanasa-Pidgaon" in the state of Madhya Pradesh

"Vijayawada bypass" in the state of Andhra Pradesh

"Badakumari Karki" in the state of Odisha

Dispatch volume increased by 14% to 49.4 MMT

GP-II coal mine service contract made operational

The operational performance of your Company has been comprehensively discussed in the Management Discussion and Analysis Report, which forms part of this Integrated Annual Report.

Your Company's financial discipline and prudence is reflected in the strong credit ratings ascribed by rating agencies. The details of credit rating are disclosed in the Corporate Governance Report, which forms part of this Integrated Annual Report.

Your Directors have recommended a dividend of 1.30 (130%) per Equity Share of 1 each (fully paid up) for FY 2025-26. The dividend is subject to approval of shareholders at the ensuing Annual General Meeting (AGM). Pro-rata dividend shall be paid in proportion to the paid-up value of partly paid shares. The dividend, if approved by the shareholders, would involve a cash outflow of up to 169.22 crore.

The dividend recommended is in accordance with your Company's Dividend Distribution Policy. The Dividend Distribution Policy, in terms of Regulation 43A of the SEBI Listing Regulations is available on your Company's website and link for the same is given in Annexure-A of this report.

Details of outstanding and unclaimed dividends, previously declared and paid by your Company, are given under the Corporate Governance Report, which forms part of this Integrated Annual Report.

During the financial year 2025-26, your Company has transferred unclaimed and un-paid dividends pertaining to year 2017-18 to IEPF. Further, corresponding shares, on which dividends have remained unclaimed and unpaid for seven consecutive years, were transferred to IEPF as per the requirements of the IEPF Rules. The details of the resultant benefits arising out of shares already transferred to the IEPF, year wise amounts of unclaimed / un-paid dividends lying in the unpaid dividend account up to the year, and the corresponding shares, which are liable to be transferred, are provided in the shareholder information section of the Corporate Governance

Report forming part of this Integrated Annual Report and are also available on your Company's website at www.adanienterprises.com.

As permitted under the Act, your Board does not propose to transfer any amount to General Reserves. The closing balance of the retained earnings of your Company for FY26, after all appropriations and adjustments, was 24,544.11 crore.

During the year under review, there was no change in the authorised share capital of the Company. The authorised share capital of your Company is 490.42 crore.

During the year under review, the Company has allotted 13,85,01,687 equity shares (partly paid) of face value 1 each on a rights basis to the eligible equity shareholders of the Company in the ratio of 3 (Three) Rights Equity Shares for 25 (Twenty Five) fully paid up Equity Shares held by the eligible Equity Shareholders on the Record Date, at a price of 1,800 per Rights Equity Share (including premium of 1,799 per Rights Equity Share), aggregating to 24,930.30 crore.

The Rights Equity Shares were issued (on partly paid basis) and allotted in compliance with the applicable provisions of the Act, the SEBI Listing Regulations, 2018, the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, FEMA and other applicable laws and in accordance with the terms of the Letter of Offer dated November 12, 2025. Consequently, the issued share capital of your Company as on March 31, 2026 was 129.27 crore.

During the year under review, your Company has allotted/redeemed Secured, Rated, Listed, Redeemable, Non Convertible Debentures ("NCDs") as follows:

Issue of NCDs a) 2,00,00,000 NCDs of face value of 1,000 each, aggregating to 2,000 crore by way of public issue. b) 1,00,000 NCDs of face value of 1,00,000 each aggregating to 1,000 crore by way of private placement.

During the year under review, your Company redeemed 1,95,000 NCDs of face value of 1,00,000 each aggregating to 1,950 crore which were issued on private placement basis.

As on March 31, 2026, your Company has outstanding debentures of 3,800 crore and the same are listed on BSE Limited and National Stock Exchange of India Limited.

There were no outstanding deposits within the meaning of Section 73 and 74 of the Act read with rules made thereunder at the end of FY26 or the previous financial years. Your Company did not accept any deposit during the year under review.

During the year under review, your Company has made loans, given guarantees, provided securities and made investments in compliance with Section 186 of the Act. The particulars of loans, guarantee and investments made during the year under review, are given in the notes forming part of the financial statements.

During the year under review, your Company and its subsidiary(ies)/joint venture(s) have made following acquisitions:

1. Your Company acquired 50% stake in MetTube Copper India Private Limited.

2. AdaniConneX Private Limited, a joint venture of your Company, acquired 100% stake in Granthik Realtors Private Limited, Trade Castle Tech Park Private Limited and Giridhari Build Estate Limited.

3. Adani Defence Systems and Technologies Limited (ADSTL), a wholly owned subsidiary (WOS) of your Company acquired 99.98% stake in Air Works India (Engineering) Pvt. Ltd and defence unit of Punj Lloyd Ltd.

4. ADSTL and Horizon Aero Solutions Limited (HASL), a subsidiary of ADSTL, acquired 72.8% of stake in Flight Simulation Technique Centre Private Limited.

5. HASL acquired 100% stake in Indamer Technics Private Limited.

6. Adani Road Transport Limited (ARTL), a WOS of your Company, acquired 100% stake in D P Jain TOT Toll Roads Private Limited and 49% stake of Sree Vishwa Varadhi Private Limited.

7. Adani Airport Holdings Limited (AAHL), a WOS of your Company acquired 100% stake in AGH Port Aviation Services Private Limited and SKYIWAVE Private Limited.

8. AMG Media Networks Limited, a WOS of your Company acquired balance 24% Category I shares (with voting rights) and 0.74% Category II shares (without voting rights) of IANS India Private Limited.

During the year under review, your Company and its subsidiaries made following divestments:

1. Your Company divested 50% stake in Kutch Copper Tubes Limited.

2. AAHL divested 25% stake in World Plate Collective Cuisines Limited.

3. Adani Global Limited (Mauritius) and Adani Global Pte Ltd (Singapore), subsidiaries of your Company, divested their entire stake in PT Adani Global (Indonesia).

4. Kutch Copper Limited, a WOS of your Company, divested entire 50% stake in Praneetha Ecocables Limited.

5. Adani Agri Fresh Limited, ("AAFL"), a WOS of your Company, divested its entire 50% stake in Vishakha Industries Private Limited.

6. Adani Commodities LLP, a subsidiary of your Company, sold the remaining 30.42% of the paid-up equity share capital of AWL Agri Business Ltd. (formerly known as Adani Wilmar Ltd).

A list of subsidiaries/associates/joint ventures of your Company is provided as part of the notes to the consolidated financial statements. During the year under review, 45 entities were formed/ acquired by subsidiaries / joint ventures of your Company. During the year under review, the following entities ceased to be subsidiary/associate /joint venture

Pursuant to the provisions of Section 129, 134 and 136 of the Act read with rules made thereunder and Regulation

33 of the SEBI Listing Regulations, your Company has prepared consolidated financial statements of the Company and a separate statement containing the salient features of financial statement of subsidiaries, joint ventures and associates in Form AOC-1, which forms part of this Integrated Annual Report.

The annual financial statements and related detailed information of the subsidiary companies shall be made available to the shareholders of the holding and subsidiary companies seeking such information on all workingdaysduringbusinesshours.Thefinancial statements of the subsidiary companies shall also be kept for inspection by any shareholders during working hours at your Company's registered office and that of the respective subsidiary companies concerned. In accordance with Section 136 of the Act, the audited financial statements, including consolidated financial statements and related information of your Company and audited accounts of each of its subsidiaries, are available on website of your Company (https:// www.adanienterprises.com).

Your Board, at its meeting held on August 01, 2024, had approved, subject to requisite approvals and consents, a Composite Scheme of Arrangement ("the Composite Scheme") amongst Adani Green Technology Limited ("Amalgamating Company 1"), Adani Emerging Business Private Limited ("Amalgamating Company 2"), your Company, Adani Tradecom Limited ("Transferor Company") and Adani New Industries Limited ("Transferee Company") pursuant to the provisions of Sections 230 to 232 and other applicable provisions of the Act.

The Hon'ble National Company Law Tribunal, Ahmedabad Bench ("Hon'ble Tribunal") has pronounced the order approving the Composite Scheme, with appointed date as April 1, 2026. Subsequently your Company has approved allotment of 90,11,048 equity shares of 1 each fully paid-up to eligible shareholder of Amalgamating Company 2 towards consideration.

The authorised capital of your Company was increased pursuant to the Composite Scheme as mentioned above and accordingly, the Memorandum of Association of your Company was altered to that effect.

As per criteria given in Regulation 16 of the SEBI Listing Regulations, based on financial statements as on March 31, 2026, your Company has 3 (three) unlisted material subsidiaries namely Adani Global FZE, UAE, Adani Global Pte. Limited, Singapore and Kutch Copper Limited. Your Company has formulated a policy for determining material subsidiaries. The policy is available on your Company's website and link for the same is given in Annexure-A of this report.

Pursuant to Section 134 of the Act read with rules made thereunder, the details of business developments at the level of subsidiaries and joint ventures of your Company are covered in the Management Discussion and Analysis Report, which forms part of this Integrated Annual Report.

As of March 31, 2026, your Company's Board had eight members comprising of four Executive Directors and four Independent Directors including one Woman Director. The details of Board and Committee composition, tenure of Directors, and other details are available in the Corporate Governance Report, which forms part of this Integrated Annual Report.

In terms of the requirement of the SEBI Listing Regulations, your Board has identified core skills, expertise, and competencies of the Directors in the context of your Company's business for effective functioning. The key skills, expertise and core competencies of your Board are detailed in the Corporate Governance Report, which forms part of this Integrated Annual Report.

During the year under review, following changes took place in the Directorships:

Mr Bharat Sheth (DIN: 00022102) was appointed as an Additional Director (Non-Executive and Independent) on the Board of your Company w.e.f. August 9, 2025, for first term of three years. His appointment was approved by the shareholders vide a Special Resolution passed through Postal Ballot process on October 15, 2025.

Mr Hemant Nerurkar (DIN: 00265887) ceased as an Independent Director of your Company w.e.f. August 9, 2025 upon completion of his tenure. Your Board places on record deep appreciation for valuable services and guidance provided by him during his tenure of Directorship.

In accordance with the provisions of Section 152 of the Act, read with rules made thereunder and Articles of Association of your Company, Dr Vinay Prakash, Director, (DIN: 03634648) is liable to retire by rotation at the ensuing AGM and being eligible, offers himself for re-appointment.

Your Board, on the recommendation of Nomination and Remuneration Committee (NRC) of your Company, recommends the re-appointment of Dr Vinay Prakash as a Director for your approval.

Brief details, as required under Secretarial Standard-2 and Regulation 36 of SEBI Listing Regulations, are provided in the Notice of ensuing AGM.

Your Company has received declarations from all the Independent Directors of your Company confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Act and Regulation 16(1) (b) of the SEBI Listing Regulations and there has been no change in the circumstances which may affect their status as an Independent Director. The Independent Directors have also given declaration of compliance with Rules 6(1) and 6(2) of the Companies (Appointment and Qualification of Directors) Rules, 2014, with respect to their name appearing in the data bank of Independent Directors maintained by the Indian Institute of Corporate Affairs.

During the year under review, there was no change in the KMPs of your Company.

As on the date of this report, the following are KMPs of your Company as per Sections 2(51) and 203 of the Act:

Mr Gautam S. Adani, Executive Chairman

Mr Rajesh S. Adani, Managing Director

Mr Pranav V. Adani, Director

Dr Vinay Prakash, Director

Mr Jugeshinder Singh, Chief Financial Officer

Mr Jatin Jalundhwala, Company Secretary & Joint President (Legal)

As required under the Act and the SEBI Listing Regulations, your Company has constituted various Statutory Committees. Additionally, the Board has formed other governance committees and sub-committees to review specificbusiness operations and governance matters including any specific items that the Board may decide to delegate. As on March 31, 2026, the Board has constituted the following committees / sub-committees.

Audit Committee

Nomination and Remuneration Committee

Stakeholders Relationship Committee

Risk Management Committee

Corporate Social Responsibility Committee

Corporate Responsibility Committee

Information Technology & Data Security Committee

Legal, Regulatory & Tax Committee

Reputation Risk Committee

Mergers and Acquisitions Committee

Commodity Price Risk Committee

Public Consumer Committee

Details of all the Committees such as terms of reference, composition, and meetings held during the year under review are disclosed in the Corporate Governance Report, which forms part of this Integrated Annual Report.

The Board met 8 (eight) times during the year under review. The intervening gap between the meetings did not exceed 120 days, as prescribed under the Act and SEBI Listing Regulations. The details of board meetings and the attendance of the Directors are provided in the Corporate Governance Report, which forms part of this Integrated Annual Report.

The Board adopted a formal mechanism for evaluating its performance and as well as that of its committees and individual Directors, including the Chairman of the Board. The exercise was carried out through a structured evaluation process covering various aspects of the Board's functioning such as composition of the Board and committees, experience and competencies, performance of specific duties and obligations, contribution at the meetings and otherwise, independent judgment, governance issues etc. Performance evaluation of independent directors was done by the entire Board, excluding the independent directors being evaluated. The results of the evaluation confirmed commitment and engagement of Board, its various committees and senior leadership. The recommendations arising from the evaluation process were discussed at the Independent Directors' meeting held on March 17, 2026 and at the Board meeting held on April 30, 2026. The suggestions were considered by the Board to optimise the effectiveness and functioning of the Board and its committees.

The Independent Directors met on March 17, 2026, without the attendance of Non-Independent Directors and members of the management. The Independent Directors reviewed the performance of Non-Independent Directors, the Committees and the Board as a whole along with the performance of the Chairman of your Company, taking into account the views of Executive Directors and assessed the quality, quantity and timeliness of flow of information between the management and the Board that is necessary for the Board to effectively and reasonably perform their duties.

The Board is regularly updated on changes in statutory provisions, as applicable to your Company. The Board is also updated on the operations, key trends and risk universe applicable to your Company's business. These updates help the Directors in keeping abreast of key changes and their impact on your Company.

An annual strategy retreat is conducted by your Company where the Board provides its inputs on the business strategy and long- term sustainable growth for your Company. Additionally, the Directors also participate in various programs /meetings where subject matter experts apprise the Directors on key global trends. The details of such programmes are provided in the Corporate Governance Report, which forms part of this Integrated Annual Report.

Pursuant to Section 178(3) of the Act, your Company has framed a policy on Directors' appointment and remuneration and other matters ("Remuneration Policy") which is available on the website of your Company and link for the same is given in Annexure-A of this report.

The Remuneration Policy for selection of Directors and determining Directors' independence sets out the guiding principles for the NRC for identifying the persons who are qualified to become the Directors.

Your Company's Remuneration Policy is directed towards rewarding performance based on review of achievements. The high Remunerationlevel of Policy is in consonance with existing industry practice.

We affirm that the remuneration paid to the Directors is as per the terms laid out in the Remuneration Policy.

Your Company recognises and embraces the importance of a diverse board in its success. The Board has adopted the Board Diversity Policy which sets out the approach to the diversity of the Board. The Board Diversity Policy is available on your Company's website and link for the same is given in Annexure-A of this report.

Your Company has an effective mechanism for succession planning which focuses on orderly succession of Directors, Key Management Personnel and Senior Management. The NRC implements this mechanism in concurrence with the Board.

Pursuant to Section 134(5) of the Act, the Board, to the best of their knowledge and based on the information and explanations received from the management of your Company, confirm that: a. in the preparation of the Annual Financial Statements, the applicable accounting standards have been followed and there are no material departures; b. they have selected such accounting policies and applied them consistently and judgements 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 your Company for that period; c. proper and sufficient maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities; d. the annual financial statements have been prepared on a going concern basis; e. they have laid down internal financial controls to be followed by your Company and that such internal financial controls are adequate and operating effectively;

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

The details in respect of internal financial controls and their adequacy are included in the Risk & Opportunity chapter, which forms part of this Integrated Annual Report.

Your Company has a structured Risk Management Framework, designed to identify, assess and mitigate risks appropriately. The Board has formed a Risk Management Committee (RMC) to frame, implement and monitor the risk management plan for your Company. The RMC is responsible for reviewing the risk management plan and ensuring its effectiveness. The Board has also constituted sub-committees of RMC to ensure focused discussion on specific risks such as information technology & data security, legal, regulatory & tax, reputation and commodity price risk. The Audit

Committee has additional oversight in the area of financial risks and controls. The major risks identified by the businesses are systematically addressed through mitigation actions on a continual basis. Further details on the Risk Management activities, including the implementation of risk management policy, key risks identified and their mitigations are covered in Risks & Opportunity chapter, which forms part of this Integrated Annual Report.

Your Company has deployed a Statutory Compliance Mechanism providing guidance on broad categories of applicable laws and process for monitoring compliance. In furtherance to this, your Company has instituted carehasbeen takenfor the an online compliance management system within the organisation to monitor compliances and provide update to the senior management on a periodic basis. The Audit Committee and the Board periodically monitor the status of compliances with applicable laws.

The details of various policies approved and adopted by the Board as required under the Act and SEBI Listing Regulations are provided in Annexure – A to this report.

A detailed report on the Company's CSR initiatives has been provided in the Corporate Social Responsibility section of this Integrated Annual Report. The details of the CSR Committee, terms of reference, meetings held during the year are provided in the Corporate Governance Report, which forms part of this Integrated Annual Report. The CSR policy is available on the website of your Company and the link for the same is given in Annexure-A of this report.

The Annual Report on CSR activities is annexed and forms part of this Integrated Annual Report. The Chief Financial Officer of your Company has certified that CSR spending of your Company for FY 2025-26 has been utilised for the purpose and in the manner approved by the Board.

The Management Discussion and Analysis Report for the year under review, as stipulated under the SEBI Listing Regulations, is presented in a section forming part of this Integrated Annual Report.

Your Company is committed to maintain highest standards of corporate governance practices. The Corporate Governance Report, as stipulated by SEBI Listing Regulations, forms part of this Integrated Annual Report along with the required certificate from a Statutory Auditor, regarding compliance of the conditions of corporate governance, as stipulated. In compliance with corporate governance requirements as per the SEBI Listing Regulations, your Company has formulated and implemented a Code of Conduct for all Board members and senior management personnel of your Company ("Code of Conduct"), who have affirmed the compliance thereto. The Code of Conduct is available on the website of your Company and the link for the same is given in Annexure-A of this report.

In accordance with the SEBI Listing Regulations, the BRSR for the FY 26, describing the initiatives taken by your Company from an environment, social and governance (ESG) perspective, forms part of this Integrated Annual Report. In addition to BRSR, the Integrated Annual Report of your Company provides an insight on various ESG initiatives adopted by the Company. The ESG disclosures are in compliance with BRSR core and have been independently assured by M/s Intertek India Pvt. Ltd.

Pursuant to Section 134(3)(a) of the Act, the draft annual return as on March 31, 2026 prepared in accordance with Section 92(3) of the Act is made available on the website of your Company and can be accessed using the https://www.adanienterprises.com/investors/ investor-downloads

All transactions with related parties are placed before the Audit Committee for its approval. An omnibus approval from Audit Committee is obtained for the related party transactions which are repetitive in nature.

During the year under review your Company has engaged independent third party for assessment of related party transactions and providing assurance to the Audit Committee that all the transactions were at arm's length basis and in the ordinary course of business and in accordance with the provisions of the Act and the rules made thereunder, the SEBI Listing Regulations and your Company's Policy on Related Party Transactions.

The Audit Committee comprise solely of the Independent Directors of your Company. The members of the Audit Committee abstained from discussing and voting in the transaction(s) in which they were interested.

During FY26, your Company has not entered into any transactions with related parties which could be considered material in terms of Section 188 of the Act. Accordingly, the disclosure of related party transactions as required under Section 134(3)(h) of the Act, in Form AOC 2, is not applicable.

During the year, the materially significant Related Party Transactions pursuant to the provisions of SEBI Listing Regulations were duly approved by the shareholders of your Company at the AGM held on June 24, 2025 and through Postal Ballot on October 15, 2025.

Your Company did not enter into any related party transactions during the year under review, which could be prejudicial to the interest of minority shareholders.

The Policy on Related Party Transactions is available on your Company's website and can be accessed using the link given in Annexure-A of this report.

Pursuant to the provisions of Regulation 23 of the SEBI Listing Regulations, your Company has filed yearly reports to the stock exchanges, for the related party transactions.

Pursuant to Section 139 of your Act read with rules made thereunder, as amended, M/s. Shah Dhandharia & Co LLP, Chartered Accountants (Firm Registration No. 118707W/W100724) were re-appointed as the Statutory Auditors of your Company, for the second term of five years till the conclusion of 35th Annual General Meeting (AGM) of your Company to be held in the year 2027. The Statutory Auditors have confirmed that they are not disqualified to continue as Statutory Auditors and are eligible to hold office as Statutory Auditors Company. A representative of the Statutory Auditors of your Company attended the previous AGM of your Company held on June 24, 2025.

The Notes to the financial statements referred in the Auditors' Report are self-explanatory. The Auditors' Report is enclosed with the financialstatements forming part of this Integrated AnnualReport. or employees which are

Pursuant to section 204 of the Act, read with the rule made thereunder and Regulation 24A of SEBI Listing Regulations, CS Ashwin Shah, Practicing Company Secretary, Ahmedabad, (C. P. No. 1640; Peer reviewed certificate no. 1930/2022) were appointed as a Secretarial Auditor to undertake the Secretarial Audit of your Company for the firstterm of five consecutive years from financial year 2025-26 to CS Ashwin Shah has confirmed that he is not disqualified to continue as a Secretarial Auditor and is eligible to hold office as Secretarial Auditor of your Company.

The Secretarial Audit Report for the year under review is provided as Annexure-B of this report.

Your Company does not have any material Indian subsidiary hence secretarial audit of material subsidiary is not applicable to your Company.

The Statutory Auditor's qualifications have been appropriately dealt with in Note No. 50(d) and 50(e) of the Notes to the consolidated audited financial statements. Further, your Company has not received any comments from the Secretarial Auditor.

During the year under review, in accordance with Section 148(1) of the Act, your Company has maintained the accounts and cost records, as specified by the Central Government. Such cost accounts and records are subject to audit by M/s. K V M & Co., Cost Accountants, Cost Auditors of the Company for FY 2025-26.

The Board has re-appointed M/s. K V M & Co., Cost Accountants, as Cost Auditors of your Company to conduct cost audit for the FY 2026-27. A resolution seeking approval of the Shareholders for ratifying the remuneration payable to the Cost Auditors for

FY 2026-27 is provided in the Notice of the ensuing AGM. The cost accounts and records as required to be ofyour maintained under section 148(1) of the Act are duly made and maintained by your Company.

During the year under review, the Statutory Auditors and Secretarial Auditor of your Company have not reported any instances of fraud committed in your Company by Company's officers to be reported to the Audit Committee under Section 143(12) of the Act.

Your Company had 2,940 employees as of March 31, 2026, on standalone basis.

The information required under Section 197 of the Act, read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, financial year 2029-30. relating to percentage increase in remuneration, ratio of remuneration of each Director and Key Managerial Personnel (KMP) to the median of employees' remuneration are provided in Annexure-C of this report.

The statement containing particulars of employees, as required under Section 197 of the Act, read with rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. However, in terms of Section 136 of the Act, the Integrated Annual Report is being sent to the shareholders and others entitled thereto, excluding the said annexure, which is available for inspection by the shareholders at the Registered Office of your Company during business hours on working days of your Company.

If any shareholder is interested in obtaining a copy thereof, such shareholder may write to the Company Secretary in this regard.

As per the requirement of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 and rules made thereunder, your Company has laid down a Prevention of Sexual Harassment (POSH) Policy and has constituted Internal Complaints Committees (ICs), at all relevant locations across India to consider and resolve the complaints related to sexual harassment. The ICs includes external members with relevant experience. The ICs, presided by senior women, conduct the investigations and make decisions at the respective locations. Your Company has zero tolerance on sexual harassment at the workplace. The ICs also work extensively on creating awareness on relevance of sexual harassment issues, including while working remotely. The employees are required to undergo a mandatory training/ certification on POSH to sensitise themselves and strengthen their awareness. During the year under review, your Company has not received any complaint pertaining to sexual harassment.

All new employees go through a detailed personal orientation on anti-sexual harassment policy adopted by your Company.

Your Company is committed to ensuring a safe, supportive, and inclusive workplace for all women employees. All eligible women employees have been extended the benefits under the said Act, including maternity leave, nursing breaks, and other statutory entitlements as prescribed. Your Company has duly complied with the provisions of the Maternity Benefits Act, 1961, as amended from time to time. Your Company continuously strives to maintain a work environment that upholds the rights and well-being of its women workforce in accordance with applicable laws.

Your Company has adopted a whistle blower policy and has established the necessary vigil mechanism for directors and employees in confirmation with Section 177 of the Act and Regulation 22 of SEBI Listing Regulations, to facilitate reporting of the genuine concerns about unethical or improper activity, without fear of retaliation.

The vigil mechanism of your Company provides for adequate safeguards against victimisation of whistle blowers who avail of the mechanism and provides for direct access to the Chairman of the Audit Committee in exceptional cases.

No person has been denied access to the Chairman of the Audit Committee. The said policy is uploaded on the website of your Company and link for the same is given in Annexure-A of this report.

During the year under review, your Company has not received any complaint under the vigil mechanism.

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, as amended is provided as Annexure-D of this report.

In view of increased cyberattack scenarios, the cyber security maturity is reviewed periodically and the processes, technology controls are being enhanced in-line with the threat scenarios. Your Company's technology environment is enabled with real time security monitoring with requisite controls at various layers starting from end user machines to network, application and the data.

During the year under review, your Company did not face any incidents or breaches or loss of data breach in cyber security.

Your Company has adopted a Code of Conduct ("PIT Code") to regulate, monitor and report trading in Company's shares by Company's designated persons and their immediate relatives as per the requirements under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. The PIT Code, inter alia, lays down the procedures to be followed by designated persons while trading/ dealing in Company's shares and sharing Unpublished Price Sensitive Information ("UPSI"). The PIT Code covers Company's obligation to maintain a digital database, mechanism for prevention of insider trading and handling of UPSI, and the process to familiarise with the sensitivity of UPSI. Further, it also includes code for practices and procedures for fair disclosure of unpublished price sensitive information which has been made available on your Company's website and link for the same is given in Annexure-A of this report.

The employees undergo a mandatory training/ certification on this PIT Code to sensitise themselves and strengthen their awareness.

The Chairman & Managing Director of your Company did not receive any remuneration or commission from any of the subsidiary of your Company.

Your Directors state that during the year under review:

1. Your Company did not issue equity shares with differential rights as to dividend, voting or otherwise.

2. Your Company did not Issue Shares (Including Sweat Equity Shares) to employees of your Company under any scheme.

3. No significant or material orders passed by the Regulators or Courts or Tribunals which impact the going concern status and your Company's operation in future.

4. No application was made and no proceeding was pending under the Insolvency and Bankruptcy Code, 2016.

5. No one time settlement of loan was obtained from the banks or financial institutions.

6. No revisions were made in the financial statements and Directors' Report of your Company.

Your Directors are highly grateful for all the guidance, support and assistance received from the Government of India, Governments of various states in India, concerned Government Departments, Financial Institutions and Banks. Your Directors thank all the esteemed shareholders, customers, suppliers and business associates for their faith, trust and confidence reposed in your Company.

Your Directors wish to place on record their sincere appreciation for the dedicated efforts and consistent contribution made by the employees at all levels, to ensure that your Company continues to grow and excel.