EPIGRAL

15.05.2026

To,

National Stock Exchange of India Limited
"Exchange Plaza",
Bandra-Kurla Complex,
Bandra (East) Mumbai 400 051

SYMBOL:- EPIGRAL

BSE Limited
Floor- 25, P J Tower,
Dalal Street,
Mumbai 400 001

Scrip Code: 543332

Dear Sirs,

Sub: Notice of Nineteenth (19th) Annual General Meeting along with Annual Report of the Company for F.Y. 2025-26.

In compliance with the provisions of the Companies Act 2013 & rules framed thereunder and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time and Circulars issued by Ministry of Corporate Affairs ("MCA") and Securities and Exchange Board of India ("SEBI"), we wish to inform that Nineteenth (19th) Annual General Meeting ("AGM") of the Members of the Company is scheduled to be held on Monday, June 08, 2026 at 11:00 a.m. through Video Conferencing / Other Audio Visual Means ("OAVM") to transact the business, as set out in the Notice of AGM.

In reference to above, we are submitting herewith the Annual Report for the F.Y. 2025-26 along with the Notice of 19th AGM, which is being sent to the Members only through electronic mode. The same is also available on Company's website at www.epigral.com.

Further to inform that the Company has fixed Monday, June 01, 2026 as the "Cut-off date" for the purpose of remote e-voting, for ascertaining the eligibility of the Shareholders to cast their votes electronically in respect of the businesses to be transacted at the AGM. The remote e-Voting facility would be available during the following period:

Commencement of remote e-Voting	Thursday, June 04, 2026 at 9:00 a.m.
Conclusion of remote e-Voting	Sunday, June 07, 2026 at 5:00 p.m.

The Company has fixed Monday, June 01, 2026 as "Record date" to determine the entitlement of the shareholders to receive dividend for the Financial Year 2025-26, if approved by the Members at the 19th AGM, subject to deduction of tax at source ('TDS'), the details of which is provided in the Notice of the AGM.

You are requested to kindly take the same on your record.

Yours faithfully,

For Epigral Limited

Maulik
Jayantibhai
Patel

Orphally signed by
Maulik Jayantibhai Patel
Date:2026.05.15
17:49:18 +03'30'

Maulik Patel
Chairman and Managing Director
DIN - 02006947

Epigral Limited
Epigral Tower, Behind Safal Profitaire, Corporate Road
Prahladnagar, Ahmedabad 380015, Gujarat, India.
T +91 79 2970 9600
E [email protected]
W epigral.com

EPIGRAL
ANNUAL REPORT 2025-26

DISCIPLINED EXPANSION. ENDURING ADVANTAGE.

Forward-looking statement

In this Annual Report we have disclosed forward-looking information to enable investors to comprehend our prospects and take informed investment decisions. This report and other statements - written and oral - that we periodically make contain forward-looking statements that set out anticipated results based on the management's plans and assumptions. We have tried wherever possible to identify such statements by using words such as 'anticipates,' 'estimates,' 'expects,' 'projects,' 'intends,' 'plans,' 'believes' and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward-looking statements will be realized, although we believe we have been prudent in assumptions. The achievement of results is subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialise or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should bear this in mind. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information.

01 5 Key messages of this Annual Report
02 Corporate snapshot
06 Our performance over the years
07 A decade of disciplined growth
08 What is good for the modern world is good for Epigral
12 This is our growth agenda for FY 2027
14 Chairman's overview
19 Strategic review
22 Driving growth: Creating sustainable value for stakeholders
24 Epigral's strategy and long-term positioning
26 Market positioning
27 Capital efficiency
28 Epigral's market exposure and demand dynamics
30 Research and development excellence
32 Financial discipline
33 Performance optimisation
34 Value diversification
36 Environment, social and governance review
43 Profile of our Board
45 Management discussion and analysis
54 Board's Report
95 Business Responsibility & Sustainability Report
149 Financial statements
304 AGM-Notice

5 KEY MESSAGES OF THIS ANNUAL REPORT

While navigating the chemical sector slowdown, Epigral extended from Solano, Ghent strengthening to capacity-led expansion, laying the ground for sustainable growth
The commissioning of the Chlorotoluenes value chain marked the Company's decisive step into higher-value specialty derivatives.
Epigral continued to reduce its Chlor-Alkali revenue exposure and increase its revenue share from derivatives and specialty products.
Deling ahead Epigral's projected CPVC expansion.
[20,000 TPA to 100,000 TPA] will position the Company among the weekly largest CPVC resin producers.
Epigral's enhanced bio-based (ECO) and hydro capacity (to 100,000 TPA) will reinforce Epigral's long-term competitive edge in the area of green chemistry.

EPIGRAL

EPIGRAL LIMITED

ANNUAL REPORT 2025-26

CORPORATE OVERVIEW

CORPORATE SNAPSHOT

Epigral Limited.

The Company's transformed identity reflects its continued dedication to its founding vision.

The Company's vision is to become a respected and admired global, multi-product chemical conglomerate delivering enhanced value for its stakeholders.

Our core ethos

Our purpose at Epigral is to create a meaningful impact by fostering integral partnerships and delivering exceptional solutions. Through collaboration and excellence, we catalyse sustainable growth that not only benefits our stakeholders but also elevates industries and communities, ensuring lasting advantages for all involved.

Enhance to exceed

Our core values define our approach: united in a spirit of empathy and responsiveness, we work cohesively to transform ideas into reality. With care and consideration for each other, our partners and the environment, we navigate challenges with agility, embracing change and pursuing excellence to bring about positive, meaningful change in all that we do.

Together, in caring and agile manner, we make it happen

EPIGRAL

EPIGRAL LIMITED
ANNUAL REPORT 2025-26

CORPORATE OVERVIEW

Background

Epigral Limited traces its origins to 2007, when it was incorporated as Meghmani Finechem Limited (MFL), a subsidiary of Meghmani Organics Limited (MOL). The Company became an independent, publicly listed entity on August 18, 2021, marking a significant milestone in its corporate journey. In 2023, it rebranded itself as Epigral Limited to reflect its growing aspirations in the specialty chemicals domain.

The Company commenced its Chlor-Alkali manufacturing operations in 2009, laying the foundation for its industrial scale-up. Over the years, Epigral has steadily expanded its capacity - growing its Chlor-Alkali production from 1,67,000 TPA in 2015 to 4,21,000 TPA, complemented by 2,50,000 TPA in the Derivatives and Specialties portfolio as of FY 2025-26. These investments underline Epigral's disciplined approach to capacity augmentation while maintaining a robust and resilient Balance Sheet.

Leadership and promoter group

Epigral is steered by a forward-looking generation of promoters led by Mr. Maulik Patel, who has been serving as Chairman and Managing Director since 2017. Supported by a team of seasoned professionals, the leadership continues to drive operational excellence, strategic innovation, and long-term value creation.

Integrated manufacturing ecosystem

The Company operates an extensively integrated chemical manufacturing complex spread across 60 hectares in Dahej, Gujarat. The site houses advanced production units, water management systems, effluent treatment infrastructure, quality testing laboratories, and a captive thermal power plant. Epigral also acquired additional land within the Dahej PCPIR to support its expansion roadmap over the next five to seven years.

Located within the Gujarat Government-notified Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR), the facility enjoys seamless access to raw material suppliers and key end-user industries. Its proximity to major transportation hubs — including road and rail networks and ports such as Hazira, Nhava Sheva, Mundra, Dahej, and Ankleshwar ICD — enhances its logistical efficiencies.

Research and innovation hub

Epigral's Research and Development Centre in Changodar (Ahmedabad) serves as the nucleus of its innovation efforts. Recognized by the Department of Scientific and Industrial Research (DSIR) under the Ministry of Science & Technology, the centre is equipped with advanced instrumentation to support new product development.

The R&D team is focused on developing new molecules within the chlorotoluene value chain and emerging specialty intermediates. The Centre's work supports the creation of advanced building blocks widely used in pharmaceuticals, agrochemicals, and other high-value downstream applications, strengthening Epigral's pipeline of future-ready offerings.

Operational scale and installed capacities (as on March 31, 2026)

Epigral's large-scale manufacturing footprint enables competitive cost structures and operational resilience. As of FY 2025-26, the Company has the following installed capacities:

| CPVC Resin
75 KTPA | Epichlorohydrin
50 KTPA |
| --- | --- |
| Chlorotoluenes
Value Chain
15 KTPA | Hydrogen
Peroxide
60 KTPA |
| Caustic Soda
400 KTPA | Caustic Potash
21 KTPA |
| Chloromethanes
50 KTPA | Captive Power
Plant
132 MW |

Wind-Solar Hybrid Power Plant 18.34 MW

People and culture

As of March 31, 2026, Epigral employed 1,140 full-time professionals with an average age of 36 years. The Company continues to strengthen its people capabilities through structured learning, career development, and cross-functional exposure.

Credit profile

Crisil Ratings re-affirmed Epigral Limited's long-term bank facilities to 'CRISIL AA/Stable', and 'CRISIL AI+' rating on short-term borrowings. The re-affirmation reflects the Company's strong competitive position, operational diversification, and increasing share of derivatives and specialty chemical offerings in its revenue mix.

Our product portfolio

Epigral offers a comprehensive suite of chemicals serving over 15 downstream sectors. These products are integral to industries that contribute significantly to national growth and everyday consumption.

CPVC Resin	CPVC Compound	Chlorotoluenes Value Chain
Epichlorohydrin	Chloromethanes	Hydrogen Peroxide
Caustic Soda	Caustic Potash
Chlorine	Hydrogen

EPIGRAL

EPIGRAL LIMITED

ANNUAL REPORT 2025-26

Our performance over the years

Revenue (f in Cr)

Value impact

The Company reported a de-growth of 1% in its revenue from f2,565 Cr to f2,542 Cr. The decline was on account of drop in volume by 4% and compressed realisations.

EBITDA (f in Cr)

Value impact

The Company reported an EBITDA of f567 Cr, 20% lower compared to the last year on account of an increase in raw material prices.

Net profit (f in Cr)

EBITDA margin (%)

ReCE (%)

Value impact

The Company reported a 16% ReCE in FY 2025-26, compared to 25% in FY 2024-25 due to lower utilization levels, a sizeable capital work in progress and profitability impacted by an increase in raw material Prices.

Net Debt/EBITDA (c)

Value impact

Net Debt/EBITDA stood at 0.5x in FY 2025-26, which was comfortable.

Net worth

A decade of disciplined growth

Over the past decade, Epigral has built a resilient and scalable chemical platform, supported by integration across the chlorine value chain, disciplined capital deployment and increasing participation in higher-value derivatives.

Through this period, the Company expanded its manufacturing capabilities, strengthened operational efficiencies, and progressively diversified its product portfolio. These initiatives enabled Epigral to deliver consistent financial growth while building a stronger platform for long-term value creation.

10-year financial performance snapshot

FY2016-FY2026
Metric	FY2016	FY2026	10-year CAGR
Revenue (f Cr)	400	2,542	20%
EBITDA (f Cr)	149	567	14%
Net profit (f Cr)	67	333	17%
Net worth (f Cr)	295	2,221	22%

Performance indicators

20% Revenue CAGR over the last decade

14% EBITDA CAGR supported by operational efficiencies

17% Profit CAGR reflecting strong earnings conversion

22% Net worth expansion over the decade

Value creation drivers

Integration-led efficiency An integrated model drives efficiency through three pillars — a 132 MW captive power plant for Caustic Soda, chlorine integration across CMS, ECH, CPVC, and Chlorotoluenes, and hydrogen integration for H₂O₂ and ECH.

Disciplined capital allocation

Growth investments were made in a phased and calibrated manner, ensuring financial prudence while maintaining Balance Sheet strength and supporting sustainable long-term returns.

Capacity expansion

Strategic investments in ECH, CPVC and the Chlorotoluene platform expanded the Company's manufacturing footprint and strengthened its position in the downstream chemical value chain, supporting scale and long-term growth.

Product portfolio evolution

Increasing participation in derivatives and specialty chemistries enhanced the value profile of the business while enabling the Company to cater to new industries and diversify its customer base.

The Company's growth will now be driven by:

Expansion of the chlorotoluene platform, CPVC and ECH

Increasing contribution from specialty derivatives

Strengthening import substitution opportunities

Continued integration and operational efficiency

These strategic pillars position Epigral to sustain long-term growth while enhancing shareholder value.

EPIGRAL

What is good for the modern world is good for Epigral

Epigral operates in product categories that address downstream products integral to modern infrastructure and improved lifestyles.

Our long-term strategy

Focus on enhancing our capital efficiency

Focus on select performance/ specialty-based chemical products

Focus on product integration

Focus on locational integration

Focus on capex-efficient expansion

Our competitiveness is derived from scale and market position

Epichlorohydrin (ECH)	CPVC Resin	Chlorotoluenes value chain
50,000
TPA	75,000
TPA	15,000
TPA
India's first bio-based ECH manufacturer	India's largest installed capacity	India's first manufacturer
Caustic Soda
~400,000
TPA	Chloromethanes
50,000
TPA	Hydrogen Peroxide
60,000
TPA
3rd largest producer in India	6th largest producer in India	5th largest producer in India
	Caustic Potash
21,000
TPA
	3rd largest producer in India

Our sustainability will deepen following our decisive expansion programmes

CPVC Resin capacity expansion	Epichlorohydrin (ECH) expansion
75,000 → 150,000
TPA	50,000 → 100,000
TPA
Positioned to become one of the world's largest CPVC plants	On track to become India's largest ECH manufacturer

Specialty value chain deepening

Focused integration into Chlorotoluenes and derivatives

Our strategic direction will enhance our capital efficiency

Increase our share of derivatives and specialty chemicals
Reduce our reliance on chlor-alkali cycles
Leverage our manufacturing integration at Dahej
Build scale in CPVC and ECH products

Our strategic direction is backed by proactive investments

2,894	195	394
† Cr, investments in the last ten years ending FY 2025-26	† Cr, FY 2024-25	† Cr, FY 2025-26
~400	~400
† Cr, FY 2026-27E	† Cr, FY 2027-28E

This is our growth agenda for FY 2026-27

We have outlined two strategic expansions with a clear objective: scale with integration and address demand visibility.

Programme: CPVC Resin capacity expansion

75,000 TPA

Incremental capacity addition

150,000 TPA

Total installed capacity post expansion

Scale

World's largest CPVC Resin manufacturing facility (post commissioning)

Q2 FY 2026-27

Commercialisation targeted

WHY OUR EXPANSIONS MATTER

Structural demand visibility: India's CPVC demand is projected to grow ~13% CAGR - driven by infrastructure expansion, housing and real estate growth, plumbing system upgrades and industrial applications. CPVC's penetration in India will continue to rise as durable, corrosion-resistant systems replace traditional materials.

Deeper integration benefits: Higher CPVC output will increase the consumption of chlorine manufactured by the Company. This integration will improve our cost efficiency, supply stability and reduce our merchant chlorine exposure

Scale backed by capability: Epigral has demonstrated strong execution capabilities related to the commissioning and operating of CPVC assets. The expansion will build on operational strength and established market acceptance — not speculative capacity.

Programme: Epichlorohydrin (ECH) capacity expansion

WHY OUR EXPANSIONS MATTER

High double-digit demand growth: ECH demand in India is rapidly expanding. This is supported by a growth in the offtake of epoxy resins through wind energy, protective coatings, adhesives, automotive applications and infrastructure-linked industries. Downstream growth provides strong medium-term demand visibility.

Integrated complex optimization: ECH production utilises Chlorine, Hydrogen and Caustic Soda. The expansion increases captive consumption, enhances asset utilization, strengthens operating leverage, reduces our external dependence and improves value capture across the same industrial complex.

Leadership consolidation: Epigral has deepened its ECH operational excellence and built a presence across the domestic and export markets. The capacity addition will reinforce our scale advantage and strengthen our market positioning.

This commitment to niche investing will transform Epigral's revenue mix

% of revenues derived from our Derivatives & Specialty business, FY 2023-24

% of revenues derived from our Derivatives & Specialty business, FY 2025-26

50,000 TPA

Additional capacity

100,000 TPA

Total installed ECH capacity, post-expansion

Scale

India's first and largest ECH manufacturer

Q2 FY 2026-27

Targeted capacity expansion commissioning

EPIGRAL LIMITED ANNUAL REPORT 2025-26

Disciplined expansion. Enduring advantage

Epigral navigated a challenging industry environment in FY 2025-26, supported by structural initiatives that strengthened resilience, diversification and integration-led efficiency

Dear shareholders,

The financial year under review marked a moderation in the performance of Epigral Limited, marked by a decline in revenue and profit after tax. This represents only the second instance of moderation at the revenue and PAT levels over six years, the previous occurrence being in FY 2023-24.

While the year performance in the reflected a temporary slowdown, the Company's long-term growth trajectory remained robust. Over the decade ending FY 2025-26, Epigral delivered a revenue CAGR of 20%, EBITDA CAGR of about 14%, and PAT CAGR of nearly 17%, underscoring the resilience of its business model.

However, it is important to interpret this development with a perspective.

The management of your Company does not view this decline as a reversal of the structural progress achieved over the past decade. Rather, we regard it as a temporary aberration in a long-term growth journey that otherwise remains intact, well-capitalized and strategically coherent.

Understanding the context

The moderation in our performance during FY 2025-26 arose from an unusual convergence of external and transitory factors.

First, there was a sharp decline in realisations across our principal raw materials and finished products. Global and Indian chemical markets remained under pressure due to excess capacity, inventory overhang and subdued downstream demand. Pricing volatility impacted margins across the industry.

Second, customers maintained low CPVC inventories in anticipation of a potential anti-dumping duty by the Government of India on PVC imports (key raw material). This wait-and-watch approach temporarily affected offtake and pricing dynamics within the domestic market.

Third, the Company undertook a major maintenance shutdown during the year. While this initiative was necessary to preserve long-term asset health and operational reliability, it affected production volumes and moderated capacity utilisation by 10%.

Fourth, there was a temporary sluggishness in the launch and completion of real estate projects. Given that certain segments of our portfolio are linked to housing and construction, this translated into moderated downstream demand.

Fifth, interest and depreciation costs increased following the commissioning of additional manufacturing capacities in the preceding year. While the full impact of these investments will only be visible down the years, their financial costs had to be fully absorbed during the year under review, affecting our overall profitability.

Finally, the extended monsoon from May-end to October 2025 impacted construction activity and infrastructure execution in several parts of the country, influencing consumption patterns across select chemical segments.

Taken together, these factors deepened a cyclical headwind.

Even within this challenging environment, Epigral remained strengthened the underlying drivers of its long-term growth. The Company continued to advance structural initiatives undertaken in the past to enhance its operational robustness, expand its product portfolio and leverage integration-led efficiencies. These efforts enabled the Company to navigate

a softer industry cycle with resilience while continuing to invest in capabilities that will generate a stronger performance as market conditions improve.

Financial stability in a moderated year

Even as the Company's operating performance moderated in FY 2025-26, the quality of the Company's Balance Sheet remained robust and confidence-enhancing.

From a Profit & Loss perspective, the Company generated ₹436 Cr in operating cash flows against a total net debt of ₹508 Cr and a consolidated capital investment of ₹394 Cr during the year. This demonstrates that even in a year of moderated earnings, cash flows remained positive, stable and adequate.

In cyclical industries, resilience is measured not merely by profit growth in the good years, but by Balance Sheet strength in the challenging ones. In this regard, Epigral strengthened, rather than weakened, its financial architecture.

Balance Sheet prudence:	Integration depth: Strong backward and forward integration enhance cost efficiency, supply reliability and stability.	Import substitution runway: Building capacity and capabilities to serve the expanding domestic demand in import-reliant chemical segments.
Conservative leverage and disciplined financial management provide resilience and growth flexibility.	Green chemistry alignment: Adoption of environmentally aligned processes supports sustainable and compliant growth.	Disciplined capital allocation: Investments are guided by return thresholds, strategic relevance and long-term value creation.

CHAIRMAN'S OVERVIEW

The Company's net debt-equity ratio remained at 0.2x, a level considered prudent by investors and rating agencies. The Company protected its credit rating at CRISIL AA/Stable/CRISIL A1+, notwithstanding a temporary decline in earnings. We believe this rating validation reflects the strength of our business model, our conservative financial management and our long-term competitiveness.

As on March 31, 2026, the Company possessed a comfortable net worth of ₹2,221 Cr.

Operational efficiency and capital discipline

Despite the sectoral weakness, the Company continued to report an EBITDA margin in excess of 77% across all four quarters of FY 2025-26. Return on Capital Employed stood at 16%, higher than the industry average.

A key contributor to this stability was our increasing captive consumption of chlor-alkali intermediates and operational efficiency. The proportion of chlorine consumed internally increased from 72% in FY 2024-25 to 75% in FY 2025-26. This progression, in line with the guidance previously shared with the market, enhanced average realisations, widened our value chain and improved our capital efficiency.

Integration and efficiency remained at the core of our competitiveness. By converting chlorine and related intermediates into higher-value derivatives, we achieved the following:

Addressed the commodity price volatility through disciplined sourcing and operational planning.
Maintained an operating discipline across the value chain amid a softer profitability environment.
Aligned our asset utilisation with prevailing demand conditions while ensuring operational readiness.
Protected a stable working capital position through prudent financial management.
Sustained initiatives to reduce environmental footprint through resource-efficiency and sustainability measures.

This structural shift continued to differentiate Epigral within the domestic speciality chemicals sector.

Sustaining our growth investment programme

Importantly, the Company did not curtail its long-term capital expenditure programme in response to the temporary performance moderation. We remained guided by a conviction: India offers a compelling long-term demand outlook for specialty chemicals, and Epigral's integrated platform represents a sustainable competitive advantage.

In FY 2024-25, the Company had commissioned three key projects:

April 2024: 45,000 TPA CPVC Resin capacity

June 2024: CPVC Compound facility

March 2025: Chlorotoluenes Value Chain facility

While the Chlorotoluenes value chain facility was commissioned, it is yet to contribute visibly to the FY 2025-26 profit and loss account, as products are currently at various stages of customer approval.

During the year under review, capital expenditure was focused on doubling the capacity of Epichlorohydrin from 50,000 TPA to 1,00,000 TPA and of CPVC Resin from 75,000 TPA to 1,50,000 TPA. These expansion projects are progressing in line with their planned timelines. When complete, they will strengthen scale, integration and operating efficiencies. What makes this exercise value-accretive is that they are being funded through our earnings, reflecting the capital allocation discipline.

The decision was not speculative; it was grounded in an import substitution opportunity, visible domestic demand, and the strategic integration benefits arising from the Company's existing Chlorine, Hydrogen and Caustic Soda streams.

The expansions are intended to enhance scale efficiencies, deepen backward integration, and strengthen supply reliability within the value chain, without being predicated on short-term margin assumptions or product-specific profitability expectations.

Doubling ECH and CPVC: Strategic leadership

The doubling of our Epichlorohydrin (ECH) and CPVC Resin capacities represents a milestone. We recognise that large capacity additions can temporarily influence supply-demand balances. However, our assessment of the medium-term prospects for both products remains positive.

ECH continues to benefit from demand in epoxy resins, wind energy, automotive components and infrastructure. CPVC demand is supported by urbanisation, housing development, plumbing upgrades and regulatory standards.

Moreover, economies of scale will progressively strengthen our competitiveness as utilisation levels rise. Higher output allows a better absorption of fixed costs, improved procurement leverage, stronger customer engagement and a wider export optionality.

We are convinced that proactive capacity expansion, aligned with visible demand trends, will reinforce our leadership position and brand credibility.

Chlorotoluene: A multi-year platform

Another area of strategic focus was the progressive broad-basing of our chlorotoluene family of products.

We entered this space based on the following realities: significant import substitution potential in agrochemical and pharmaceutical intermediates; growing domestic manufacturing under the Make in India initiative; scope for customized molecules and long-term supply contracts; synergy with our existing chlorine-based chemistry platform once scale is achieved.

We wish to communicate to our shareholders that this business will mature over multiple years. Specialty molecule development requires customer qualification cycles, technical validation and consistent supply performance. During this maturation phase, the Company will continue to invest in talent, R&D, strategic partnerships and financial resources.

Once our critical mass is achieved, we expect to establish one of the most integrated chlorotoluene

CHAIRMAN'S OVERVIEW

portfolios in our region, secure long-term relationships with leading agrochemical and pharmaceutical customers, broaden our revenues mix and enhance cross-selling opportunities across adjacent molecules.

This business will not merely be an addition to our portfolio. It represents a prospective growth engine.

Sustainability: Strengthening responsible growth

Sustainability for Epigral is not compliance-led; it is competitiveness-led.

During the year under review, the Company strengthened its sustainability credentials.

We launched our maiden Sustainability Report, reflecting transparency and accountability. Our EcoVadis Silver rating (94 percentile) indicated strong global credibility. Our Responsible Care certification was renewed for three years. The Company initiated an expansion of its renewable energy capacity from 18.34 MW to 38.14 MW through a hybrid wind-solar configuration. Upon completion, this proprietary capacity is expected to address around 15% of our total energy needs. This transition will reduce energy costs, moderate our carbon footprint, strengthen our export competitiveness and deepen our ESG perception among global customers.

Outlook: Reasons for optimism

We remain optimistic about the medium-term.

The Make in India thrust and PLI-linked initiatives are encouraging the substitution of imparted specialty intermediates with domestic alternatives. Rising environmental standards are favouring organized, integrated players like Epigral over smaller,

unorganized competitors. An increasing preference for reliable domestic supply chains will reduce our dependence on imports.

The PVC cycle in China is showing early signs of stabilisation, which is expected to lend support to CPVC dynamics. Concurrently, emerging trade linkages with the European Union are likely to strengthen ECH offtake, while enabling a greater export diversification. Progress under the India-US bilateral trade framework is expected to enhance trade flows, improve market access, and enhance demand visibility.

Geopolitical tensions in West Asia introduced near-term volatility in the global markets, resulting in fluctuations in prices and demand across select chemical segments. While this may impact the short-term sentiment, it reinforces the strategic importance of resilient supply chains and a diversified market exposure.

Looking ahead, India's strong economic momentum is expected to sustain demand across infrastructure, housing, renewable energy, and manufacturing. This positions the Company favourably to capitalise on structural growth opportunities across its key end-use segments.

Epigral is structurally aligned with these trends and realities.

Financial preparedness

Epigral completed the financial closure of its expansion programmes. These initiatives are expected to enhance revenues at peak levels compared to what we achieved in FY 2025-26.

Even if margins remain broadly aligned with current levels, incremental volumes and portfolio diversification are expected to secure market share and create a foundation for multi-year growth.

As on March 31, 2026, the Company possessed a Net debt to EBITDA of 0.9x, validating our conservative leverage profile. Our relatively under-borrowed Balance Sheet provides headroom to navigate diverse economic cycles while sustaining capital expenditure plans.

Final assurance

If there is one assurance I would like to leave with our shareholders, it is this: In the life of every company, there will be years when performance moderates relative to its historic growth trajectory. At Epigral, FY 2025-26 was one such year.

Yet, even in this year, net worth increased by ₹2,221 Cr. Gearing moderated from 0.3x to 0.2x. Credit rating remained protected at CRISIL AA/Stable/CRISIL AI+. Capacity expansion was sustained. Product integration deepened. Sustainability strengthened.

These are not characteristics of a weakening enterprise. They are characteristics of a company investing through cycles. The foundations of our business model — integration, capital discipline, value-addition and balance sheet prudence — remain strong.

With gratitude to our employees, customers, vendors, lenders and shareholders for their continued trust, I reaffirm our commitment to building Epigral into a resilient, competitive and responsible specialty chemical platform.

Maulik Patel

Chairman & Managing Director

STRATEGIC REVIEW

Overview

At the heart of Epigral's competitiveness lies a structural advantage that cannot be replicated quickly or easily: an extensively integrated product platform.

In the chemicals industry, integration is not merely an operational choice — it is a strategic philosophy. At Epigral, this philosophy has been consciously pursued over more than a decade. What began as a chlor-alkali manufacturing base has progressively evolved into one of India's most integrated chlorine-based specialty chemical platforms.

This integration represents a powerful engine of cost efficiency, margin stability, capital productivity and long-term competitiveness.

The foundation: Chlor-Alkali as a strategic core

Chlor-alkali manufacture produces three essential outputs: Chlorine, Caustic Soda and Hydrogen. In many companies, these outputs are sold as standalone commodities, exposing the manufacturer to global price volatility and cyclical realisation swings.

Epigral chose a different path.

Rather than remaining a bulk chemical seller, the Company built downstream derivative capacities that consumed Chlorine and Hydrogen internally. This shift transformed chlorine from a price-sensitive product into a strategic feedstock for value-added manufacture.

This decision altered the Company's earnings quality.

Captive consumption: Turning volatility into value

In essence, integration converted exposure into an advantage. One of the clearest indicators of integration strength come from rising captive consumption.

As Epigral expanded into Epichlorohydrin, CPVC Resin, the Chlorotoluene value chain and Chloromethanes, the proportion of Chlorine consumed with in increased. This had multiple structural benefits:

Improving profitability: Instead of selling chlorine at negative spreads, the Company converted it into higher-profitable derivatives.

Reduced earnings volatility: Chlorine price swings had a limited impact when the majority was consumed in-house.

Improved asset sweating: Higher downstream conversion enhanced the utilisation of upstream assets.

Working capital efficiency: Internal transfers reduced receivable cycles and inventory risks.

Cost leadership

Integration, therefore, was not theoretical efficiency — it is measurable cost competitiveness. An integrated platform generates cost advantages across several dimensions:

Shared utilities and Infrastructure: All manufacturing units are located within a single integrated complex. This enables shared power generation, common effluents treatment, centralized storage and logistics as well as shared maintenance and technical teams. The result is a lower capital intensity per new project and a reduced operating cost per unit of production.

Backward integration into raw materials: By manufacturing Chlorine, Hydrogen and Caustic Soda, Epigral reduced a dependence on external suppliers for key intermediates. This mitigated supply chain disruptions, improved input cost visibility, enhanced negotiation power and protects margins during global price spikes.

Energy efficiency: Chlor-alkali is energy-intensive. Epigral's captive power generation and hybrid renewable energy investments reduced energy cost volatility. Lower per-unit energy cost directly strengthened derivative margins.

Widening the value chain: Integration enables Epigral to extend its chlorine backbone into multiple high-value segments - Epichlorohydrin, CPVC, Chlorotoluenes and Chloromethanes. Each of these products benefited from Chlorine as a core input. By moving downstream, the Company captured additional value per Ton of Chlorine, strengthened customer relationships and reduced exposure to single-product cyclicality. This widening

of the value chain represented a structural shift from volume-driven growth to value-driven growth.

Capital efficiency and Return on Investment

Integration is not only about margins — it is about returns. An integrated platform enhanced capital productivity in three critical ways.

Lower incremental capex: New derivative plants do not require fresh land acquisition, independent utility infrastructure or standalone support systems. They plug into the existing ecosystem. This reduced project gestation time, capital cost per Ton and break-even thresholds.

Faster commercialisation: Because feedstock is internally available and infrastructure pre-established, commissioning cycles became shorter. Faster ramp-up translated into quicker revenue generation and accelerated return on capital employed (RoCE).

Superior RoCE profile: Integrated downstream derivatives typically deliver higher profitability than

upstream commodities. When combined with moderate incremental capex, this resulted in attractive capital efficiency metrics.

Portfolio diversification

Integration transforms a single-stream business into a diversified chemical ecosystem.

Chlor-alkali markets can be cyclical. However, when integrated into multiple downstream segments, cyclicality in one product can be offset by stability in another. For example, construction-linked CPVC may slow temporarily, while wind energy-linked ECH demand remains resilient, or agrochemical-linked Chlorotoluenes grow independently. This multi-product structure reduced concentration risk and enhances earnings stability.

Customer stickiness and market positioning

Integration builds relationship capital. Integration strengthens not only the cost structure but also market positioning.

Customers increasingly prefer suppliers that offer multiple related products, provide technical support, ensure supply reliability and maintain ESG credibility. An integrated manufacturer like Epigral supplied a portfolio of Chlorine-based products from a single location, enhancing convenience and reducing procurement complexity for customers. Moreover, forward integration into compounding and specialty intermediates deepened technical engagement and increased switching costs for customers.

Sustainability advantages

Sustainability and integration reinforce each other. An integrated facility ensures higher environmental oversight and regulatory compliance — increasingly important in global markets. Chlorine chemistry requires responsible handling. Integration enhances environmental control because production is centralized in one complex. Effluent and emissions are managed through shared systems. Renewable energy integration reduces carbon

intensity. Glycerine-based ECH production lowers environmental footprint relative to conventional routes.

Scale and global competitiveness

Scale without integration can dilute returns; scale with integration strengthens them. When integrated capacity scales, economies of scale amplify advantages like lower fixed cost per unit, stronger bargaining power in raw materials, export competitiveness and the ability to influence domestic supply-demand dynamics. As Epigral doubles manufacturing capacities in ECH and CPVC, integration will ensure that scale translates into resilience rather than price competitive.

Structural competitive

The power of Epigral's integrated platform lies in its ability to convert a cyclical bulk chemical base into a stable, value-added specialty chemical ecosystem. In challenging years, integration protects the downside; in favourable cycles, it magnifies the inside.

It is this structural strength — built patiently and expanded prudently — that positions Epigral not merely as just another chemical manufacturer, but as an integrated specialty chemical platform positioned for multi-year growth.

Driving growth: Creating sustainable value for stakeholders

Overview

Epigral is committed to enhance stakeholder value through prudent resource allocation across six key Capitals.

INPUTS

Financial Capital
Equity capital: ₹2,221 Cr
Net debt: ₹508 Cr
Capex: ₹394 Cr

Manufactured Capital
Manufacturing facilities: 1
Safe person-hours (employee + contractors): 10.8 Mn

Intellectual Capital
R&D professionals: 25
R&D infrastructure capex: ₹25 Cr

Human Capital
Total employees: 1,140
New join: 221

Social and Relationship Capital
Customers: 400+
Countries exported to: 20+
CSR expenditure: ₹8.99 Cr

Natural Capital
Solar energy capacity: 18.34 MW
Energy used: 20.41 GJ/ton of production
Water consumed: 5.78 KJ/ton of production

BUSINESS

Chlor-Alkali
Derivatives and Speciality chemicals

STRATEGIC PRIORITIES

Integrated product basket: rising captive consumption
Moving towards Derivatives & Speciality products
Entering new and large value chains
Servicing high growth downstream sectors
Locational integration: shared common utilities and infrastructure

VALUE GENERATED

Consistent growth, profitable growth, responsible operations
Growth higher than the sectorial average
Recognized as a mid-cap growth proxy within the country's chemical sector

For our people
Epigral strives to provide equal opportunities to all employees, capacity building, training and a safe workplace

For suppliers
The Company ensures an optimum supply chain with competent suppliers for seamless operations. Epigral also engages and collaborates with its suppliers closely for knowledge enhancement, process improvements and product applications

For customers
Epigral enhances customer value through the manufacture of products generally imported; helps secure their supply chains; provides quality products manufactured responsibly

For communities
Epigral contributes towards community improvement around the Company and invested in responsible processes and practices with no adverse environment fallout

OUTCOMES, FY 2025-26

Financial Capital
Revenue: ₹2,542 Cr
EBITDA: ₹567 Cr
Profit after tax: ₹333 Cr
Debt-equity ratio: 0.2x
EPS: ₹77.19
Dividend / share: ₹5
Credit rating: AA/Stable and AI+ from CRISIL Ratings

Manufactured Capital
Positioned among the top four manufacturers across 90% of its product portfolio.
First Company to produce sustainable bio-based ECH
Established India's largest CPVC Resin and CPVC Compound manufacturing capacity.
First in India to build the Chlorotoluenes value chain aligned with the Make in India and Aatmanirbhar Bharat vision

Human Capital
Lost Time Injury Frequency Rate (LTIFR): 0
Training, person-hours: 16.15 hours/employee
100% participation in employee engagement survey by a global analytics and advisory firm

Social and Relationship Capital
Diversified customer portfolio across sectors
Minimal dependence on any single customer

Natural Capital
Water recycled: 17.25%
Waste recycled: 14.21%

EPIGRAL ENERGY

THE STRATEGIC CONVERSATION

Epigral's strategy and long-term positioning

Core strategic bet

Transforming from a chlor-alkali producer to an integrated, derivative-driven specialty chemicals platform.

01

Q: If the management had to identify its biggest strategic bet, what would it be?

The single biggest strategic bet by the Company has been sustained transformation of its business model: from a predominantly Chlor-alkali manufacturer into an integrated, derivative-led specialty chemical platform.

This is not merely a capacity expansion strategy — it is a structural repositioning of the Company's earnings quality. Historically, Chlor-alkali earnings were exposed to electrochemical unit (ECU) volatility, driven by Caustic Soda prices and Chlorine realizations.

By increasing the captive consumption of Chlorine for

the manufacture of higher-value derivatives (CPVC Resin, Epichlorohydrin, Chlorotoluenes, Chloromethanes, and future specialty chemistries), the Company is transforming its cyclical bulk chemical exposure into a profitability-stable specialty ecosystem.

Our threefold objective: Improve our earnings stability through progressive value chain capture, enhance return on capital employed through integration-led capital efficiency and build long-term customer stickiness through approval-driven specialty molecules.

This strategic shift has transformed the risk profile of the enterprise and represents the most important long-term inflection in its journey.

02

Q: Does the Company foresee any large capex beyond FY 2027-28?

At the existing industrial complex, there is a land parcel available for a new project. This will strengthen our integrated complex as the products we manufacture will be downstream to our existing derivative products. This product enjoys good demand growth in India and export opportunities.

The acquisition of 100 acres in Dahej for new chemistry development signals a growth plan beyond FY 2027-28. This is intended to strengthen the Company's integration capabilities. The Company is currently evaluating new import substitution chemistries with a demand CAGR of 10-15% and expected RoCE-accretive returns. As the project involves the development of a large and strategically important

platform, detailed evaluations are underway; the Company will announce plans once the project scope has been finalized.

This suggests a platform-based expansion philosophy rather than a one-cycle expansion plan. However, based on past behaviour, the sizeable capex is likely to be phased, disciplined and integration-aligned rather than speculative or leverage-heavy.

03

Q: Why did the management prioritize capacity expansion over debt reduction and dividend enhancement?

The Company prioritized capacity expansion for good reasons.

One, the Company's Net Debt/EBITDA remains comfortable at 0.9x, providing financial flexibility to support the expansion.

Two, the Company's projects are integration-linked and expected to be RoCE-accretive,

strengthening operational efficiency and long-term value creation.

Three, import substitution opportunities are time-sensitive; faster implementation will enable the Company to capitalise on market gaps ahead of competition.

Four, transitioning toward specialty chemistries requires proactive capacity creation and early positioning in emerging value chains.

Five, India's chemical demand continues to grow steadily, and the planned capacities will enable the Company to effectively support this rising domestic demand.

In this scenario, marginal debt reduction would not have structurally enhanced the Company's competitiveness. In contrast, downstream integration would (and will) deepen the Company's moat and enhance long-term capital productivity. The decision reflects a strategic conviction over financial stress.

CASH FLOW WATERFALL

Cash generated from operations is first deployed to maintain assets and fund capacity growth. The annual retained surplus is thereafter used to reduce debt and reward shareholders, with the balance retained as a liquidity buffer.

MARKET POSITIONING

Epigral's competitive positioning and sectorial entry barriers

01

Q - What positions Epigral favourably to expand its CPVC market presence?

Epigral's competitive edge lies in integration depth rather than sheer scale.

The Company's backward integration into Chlorine ensures feedstock security. The manufacturing complex operates within a single integrated location, making it possible to share utilities, centralize effluents treatment, lower logistics intensity, and reduce capital intensity per expanded Ton.

In addition, Epigral's process expertise, multi-year operational experience in Chlorine handling, and established customer relationships have helped create intangible entry barriers for prospective competition. CPVC resin customers value reliability and technical engagement — attributes that the Company has built over time in addition to capacity announcements.

02

Q - What capabilities strengthen Epigral's position in the Chlorotoluene platform?

The Chlorotoluene platform is supported by a combination of integration, technical capability and long-term customer engagement, collectively strengthening Epigral's positioning in this value chain.

First, the platform benefits from backward integration into the Chlorine value chain, enabling a greater cost-efficiency and supply reliability.

Second, specialty intermediates in the pharma and agrochemical segments typically involve multi-year validation and approval cycles, requiring consistent quality, regulatory compliance and sustained customer engagement.

Third, the development of these molecules requires deep R&D capabilities, particularly in process optimisation and product development for specialized applications.

Fourth, commercial scale-up in specialty intermediates requires patient capital and operational endurance as product approvals and market adoption progress gradually.

In addition, specialty intermediates are generally approval-driven products. Once a supplier is validated, long-term customer relationships tend to develop as regulatory filings, process integration and product qualification are already established.

These factors collectively support Epigral's efforts to build a stable and scalable presence in the Chlorotoluene value chain.

03

Q - How will Epigral differentiate itself from larger integrated chemical players?

Epigral's differentiation lies in the efficiency and resilience of its operating model rather than scale alone. The Company focuses on disciplined capex and opex management, enabling strong asset utilisation, competitiveness, and healthy return ratios.

It is also among the largest integrated players with a significant captive consumption of chlorine and hydrogen, which enhances cost efficiency and reduces external dependence.

In addition, a diversified product portfolio across multiple end-use industries provides stability through market cycles and supports consistent performance.

Together, these strengths enable Epigral to compete effectively with larger players and delivering sustainable value.

CAPITAL EFFICIENCY

Epigral's disciplined capital allocation and returns

01

Q - How has Epigral deployed its capital investments over the past two years with the objective to strengthen its growth platform?

Over the past two years, Epigral invested approximately ₹600 Cr toward strengthening its long-term growth platform and expanding its presence in higher-value chemical segments.

These investments has supported several strategic initiatives, including the expansion of Epichlorohydrin capacity, scaling CPVC resin and compound capacities, and the commissioning and ramp-up of the Chlorotoluene platform. In addition, the Company strengthened its renewable energy integration through hybrid wind-solar capacity and developed the infrastructure to support the expansion of downstream derivatives.

Epigral benefits from a single integrated manufacturing complex, where upstream and downstream facilities are linked.

This integration reduces the need for separate land, utilities and infrastructure for new derivative plants, improving capital productivity and enabling a more efficient scaling compared to standalone greenfield projects.

Overall, the ₹600 Cr capital deployment reflects the Company's focus on building future earnings capacity, deepening integration and shifting the business toward Derivatives and Speciality chemistries, strengthening long-term value creation.

02

Q - What is the Company's blended project IRR?

While the Company did not disclose specific IRR percentages, the strategic framing suggests that these projects are expected to be RoCE-accretive once stabilized at optimal utilization. The blended IRR profile will be supported by the following structural advantages:

Integration-led margin capture: Instead of selling Chlorine at volatile or even negative realizations, it is converted into CPVC, ECH, CMS and specialty intermediates. This captures additional value per Ton of chlorine.

Lower incremental capital intensity: Shared utilities, logistics, effluent treatment, and power infrastructure reduce the capex per Ton for new derivative units.

Import substitution pricing power: CPVC, ECH and CT value chain platforms are aligned to meet growing domestic demand while reducing import dependence. This often provides pricing stability along with logistics cost advantages.

Operating leverage potential: As utilization rises above 75–80%, fixed-cost absorption improves, strengthening EBITDA margins and capital returns.

Over the past decade, the Company has consistently delivered a RoCE of above 15%, reflecting the strength and discipline of its operating model.

While near-term RoCE moderated due to CWIP and under-utilization during the downcycle, the normalized return profile is expected to improve once the CT family reaches commercial scale, the expanded capacity of CPVC and ECH operate at a higher sustained utilization, and the capex cycle transitions from the building phase to the harvesting phase.

THE JOURNAL OF VAGINE

MEDICAL REPORT 2025-26

MARKET DYNAMICS

Epigral's market exposure and demand dynamics

01

Q. How dependent is Epigral on domestic demand versus exports? If domestic demand slows, what is the Company's export competitiveness?

Epigral's demand profile is skewed toward domestic consumption, linked to various industries. In FY 2025-26, domestic demand was stronger than the global markets, where exports remained muted due to a European economy slowdown, tariff uncertainties, and geopolitical volatility. However, the business was not limited to the Indian market. Export competitiveness was embedded in select product platforms (explained later)

Epichlorohydrin: Global ECH supply is undergoing rationalization, especially with the permanent shutdown of some European plants. Epigral's advantages comprise the following:

Glycerin-based route aligned with global shift
Chlorine integration lowering feedstock dependency
Cost advantage arising from a single integrated complex
Lower carbon intensity due to renewable energy integration

Europe and adjoining regions present a strong opportunity for ECH exports, supported by the Company's established presence, including terminal infrastructure

at key ports and long-standing relationships with customers. The U.S. is also emerging as a prospective market, with the Company developing export optionality to diversify its geographic footprint.

Chlorotoluene: The Company initially focused on import substitution within India. However, once domestic customer approvals were secured, export scalability became feasible due to the following reasons:

Excessive China dependence risk among global buyers
Increased diversification away from single-origin sourcing
Cost competitiveness from integration

Cost structure advantage: Epigral's integration helped lower variable costs and improved operating leverage, enabling export pricing flexibility during global softness.

ESG and carbon positioning: Epigral's renewable energy integration (~15% green power, ~38 MW hybrid capacity) improved carbon footprint metrics, increasingly relevant in export markets subject to carbon border adjustments and sustainability scrutiny.

Market access and distribution readiness: Epigral established a presence in Europe, including leased tank storage infrastructure to efficiently service customers across the region.

In summary, while domestic demand remains the primary growth driver, export competitiveness in ECH and specialty derivatives is structurally embedded in the business, providing geographic diversification and market flexibility.

~15

% Energy demand will be addressed through green power

38.14*

MW, Hybrid capacity

*19.8 MW is expected to commission by Q2 FY 2026-27

02

Q. How resilient is Epigral's business during downcycles in the chemicals sector?

FY 2025-26 proved to be a challenging year for the chemical sector, influenced by a combination of global and domestic factors. Internationally, evolving tariff developments and ongoing geopolitical uncertainties disrupted trade flows and created volatility across chemical value chains. At the domestic level, an early and prolonged monsoon affected construction activity and related downstream demand, while the overall market sentiment remained subdued across key end-use segments.

In this environment, Epigral's performance reflected the resilience of its underlying business structure. The Company's focus on operational efficiency and cost optimisation enabled it to maintain a relatively competitive cost of production. In addition, its diversified revenue mix across multiple products and end-use applications helped

cushion the impact of demand softness in specific segments. While the broader industry slowdown did have an impact on overall performance during the year, these structural strengths helped moderate the effect and enabled the Company to navigate the challenging cycle with stability.

Despite these adverse factors, the Company maintained its EBITDA margin at 22% coupled with plant utilization of around 78%, net debt/EBITDA remained near 0.9x, and there was no liquidity stress or refinancing pressure. RoCE (excluding capital work-in-progress) remained near 17%, indicating that underlying asset productivity was largely intact despite a temporary margins compression.

The resilience stems from structural architecture rather than short-term tactical response.

First, the Company's increasing internal consumption of chlorine downstream derivatives reduced the exposure to volatile Chlorine for the manufacture of realizations. Instead of being

compelled to sell chlorine in a weak market, the Company captured additional value through conversion into CPVC, ECH, CMS and CT.

Second, portfolio diversification across construction (CPVC), wind energy and industrial coatings (ECH), agrochemicals, pharmaceuticals (CT), and other industrial segments reduced correlation risks across the Company's end markets.

Third, the Balance Sheet was managed conservatively through the capex cycle, preserving financial flexibility during a cyclical compression.

Fourth, the integrated manufacturing complex with shared utilities and effluent treatment infrastructure lowered fixed cost intensity relative to standalone operators.

While the Company remained a part of the chemical cycle that cannot eliminate cyclicality, Epigral's earnings compression during the downcycle was contained and did not translate into structural impairment.

APPLIED EPISAL

ANNUAL REPORT 2020-25

R&D EXCELLENCE

Technology, R&D and product strategy

01

Q. What technological advantages does the Company have in Epichlorohydrin production?

The Company's Epichlorohydrin (ECH) production is based on the glycerin route, which represents approximately 40% of global ECH production. This route is more aligned with environmental and cost-efficiency considerations compared to older propylene-based processes.

Globally, some ECH facilities in Europe were permanently shut due to cost disadvantages and tightening environmental standards. This rationalized global supply and tightened the supply-demand balance.

The Company's competitive positioning in ECH rests on three pillars.

First, internal Chlorine, Hydrogen and Caustic Soda integration reduces feedstock risk and improves cost predictability.

Second, the single-location integrated complex allows the sharing of utilities, logistics, and effluent treatment, lowering marginal production costs.

Third, capacity doubling enhances scale economies and improves export competitiveness.

Demand for ECH is diversified across epoxy resins (wind energy, automotive, adhesives and infrastructure), pharmaceuticals, water treatment chemicals and paper strengthening chemicals, etc. These sectors provide structural growth anchors, particularly in renewable energy infrastructure and industrial applications.

Together, integration, route selection, and scale provide a defensible economic base for the ECH platform.

02

Q. Is Epigral's R&D primarily focused on new products or process efficiencies?

Epigral's R&D focus is increasingly oriented towards new product development, particularly within the Chlorotoluene platform and upcoming import substitution chemistries.

The Company's key focus areas include the followings:

Development of high-value Chlorotoluene (CT) derivatives
Custom molecule engineering for pharmaceutical and agrochemical clients
Development of regulatory-compliant specialty intermediates
Process optimisation to enhance yield efficiency and reduce production costs

Process optimisation remains critical in maintaining cost competitiveness and operational efficiency within the Company's integrated manufacturing structure. At the same time, the strategic transition toward specialty chemistries requires deeper capabilities in molecule engineering and customer co-development.

To support this transition, the Company is establishing pilot plant facilities that will validate product quality, refine manufacturing processes and optimise raw material inputs. These pilot facilities will support the development of new chemistries and molecules within the chlorotoluene value chain, enabling early-stage learning and facilitating customer approvals prior to commercial-scale production.

FINANCIAL DISCIPLINE

Balance Sheet and capital discipline

01

Q. In a prolonged downcycle, what leverage level would still be considered comfortable for Epigral?

Currently, Net Debt/EBITDA is near 0.1%, considered conservative for a capital-intensive chemical business.

The Company is confident of the following:

Positive operating cash flows even during margins moderation.
Stable plant utilizations.
Strong asset base.
No aggressive short-term refinancing pressures.

A moderate temporary increase above current levels could remain manageable, if supported by cash flow visibility. However, there will be a preference for maintaining prudent leverage rather than stretching Balance Sheet capacity.

Importantly, the Company completed the financial closure of its expansion programmes without compromising its credit rating, signaling a disciplined financial architecture.

02

Q. Once expansion stabilizes, what will guide capital allocation — debt reduction, further specialty investments, or shareholder returns?

Epigral's capital allocation is expected to follow a phased discipline: stabilize assets, strengthen the Balance Sheet, evaluate new specialty investments at Dahej, and enhance shareholder returns.

Phase 1: Asset stabilization and utilization ramp-up

Ensuring newly commissioned capacities operate at optimal utilization.

Phase 2: Balance Sheet strengthening

Gradual deleveraging as cash flows improve.

Phase 3: Specialty reinvestment

New chemistry platforms at Dahej aligned with integration and import substitution.

Phase 4: Shareholder returns

As earnings normalize while leverage remains comfortable, the Company will be positioned to generate strong free cash flows, supporting higher shareholder returns alongside continued investments.

The Company's capital philosophy appears integration-first, leverage-prudent, and structurally growth-oriented.

PERFORMANCE OPTIMISATION

Immediate performance and recovery

Q. Epigral's profitability moderated last year. What key indicators should investors track to assess recovery?

Profitability recovery in Epigral's case is tied to cyclical normalization and internal ramp-up variables. Investors should monitor the following interlinked indicators:

Stabilization in raw material: Epigral's Q3 margin compression was driven by inventory mismatch in a falling PVC price environment. Stabilization or upward movement in PVC improves the CPVC business.

CPVC utilization trajectory: Utilization ramp-up remained a key driver of operating leverage, with higher utilisation significantly improving fixed cost absorption. CPVC utilisation levels showed improvement since November 2025, following the end of the monsoon and a pickup in demand.

CT ramp-up milestones: Customer approvals, contracts, and commercial scale production in CT will change the earnings mix.

ECU stability in chlor-alkali: Electrochemical Unit spreads remained stable compared to the previous year, supporting baseline earnings stability. However, Caustic Soda operations operated at a lower utilisation during the year due to a major scheduled maintenance shutdown undertaken once every eight years. Following the completion of maintenance and the resumption of optimal plant utilisation from mid-November 2025, operational efficiency and profitability are expected to improve.

Specialty mix progression: As Derivative and Specialty contributions rise toward 70%, profitability volatility should reduce structurally.

Importantly, Q3 represented a bottom-out phase; recovery is expected to be normalization-led, not speculative spike-led.

Q. Epigral's RoCE moderated to 16%. What key drivers could improve returns from the current level across the medium term?

RoCE moderation reflected the commissioning of large assets, elevated capital base due to CWIP, temporary margins compression, and ramp-up under-utilization.

RoCE improvement could be driven by four structural levers:

Utilization-driven operating leverage: As CPVC, ECH and Caustic Soda stabilize at optimum utilization, incremental revenue largely flows through at higher contribution margins.

Margin normalization: Raw materials cycle bottoming and inventory correction should improve Epigral's spreads.

CT revenue contribution: From FY 2026-27 onwards, CT revenue could add operating performance in specialty earnings on the capital base that has already been deployed.

It is notable that RoCE, excluding CWIP, was already near 17%, suggesting that the underlying asset productivity remained largely intact during the year under review.

EPIRAL CENTER

VALUE DIVERSIFICATION

Transition towards Derivatives and Specialty business

Q. As the Company transitions towards Derivatives and Specialty chemicals, how confident is it about operating the expanded capacities at optimal levels?

The Company's transition towards a higher share of Derivatives and Specialty chemicals—driven by the doubling of CPVC and ECH capacities and the development of the Chlorotoluene value chain—is anchored in a demanded strategy rather than speculative capacity creation.

Domestic demand for these products is supported by underlying growth across end-use sectors such as

construction, infrastructure, water management, automotive, agrochemicals and pharmaceuticals. Over the medium term, India's demand for these chemicals is expected to grow at a CAGR of $-10 - 12\%$ , providing a robust absorption base for the expanded capacities.

Capacity planning was undertaken with a forward-looking horizon of 5-7 years. While short-term variations in demand or pricing cycles may lead to temporary fluctuations in utilisation, the structural demand outlook remained intact, supporting a progressive ramp-up.

In parallel, the Company strengthened multiple

enablers to ensure efficient capacity utilisation. Integration across the value chain was deepened, improving cost efficiency, feedstock security and operational flexibility. This integrated structure allowed the Company to optimise production across product lines and respond flexibly to market conditions.

The transition also supported the Company's positioning towards greater market leadership in key segments, supported by scale, reliability and product quality. Higher volumes are expected to improve fixed cost absorption and enhance export competitiveness, strengthening capacity utilisation.

Overall, while near-term cycles could influence capacity utilisation, the combination of structural demand growth, integrated operations and disciplined capacity planning provides a visibility towards optimal utilisation over the medium term, while improving earnings quality and resilience.

Q. Epigral aims to increase Derivative and Specialty revenue contribution to $70\%$ by FY 2027-28. How much of this shift is already secured versus dependent on new product development?

The transition toward approximately $70\%$ Derivative and Specialty contribution by FY 2027-28 is already structurally underway, though a full realization depends on execution over the next few years.

A significant part of this shift is anchored in capacities that have already been commissioned.

The CT platform has been commissioned and, during FY 2025-26, remained in the approval and ramp-up phase. Meanwhile, the expansion of CPVC and ECH capacities is under implementation and is expected to be commissioned by Q2 FY 2026-27. These developments are expected to materially strengthen the contribution of Specialty and Derivative products compared to historical levels.

These factors alone materially elevate specialty weighting compared to historical levels.

However, achieving the full $70\%$ mix depends on several execution-linked variables.

First, CT must achieve customer approvals and reach optimum utilization levels.

Second, CPVC and ECH must reach optimum capacity utilization.

Third, domestic demand growth must sustain its projected $10 - 12\%$ CAGR trajectory.

The pathway to $70\%$ is neither speculative nor entirely automatic. The infrastructure is largely in place. The remaining shift depends on ramp-up efficiency, cycle normalization, and disciplined execution.

When successfully achieved, a $70\%$ specialty mix could materially reduce earnings volatility, enhance RoCE sustainability, and align the Company's profile closer with diversified chemical peers rather than bulk chemical producers.

~70%

Target Specialty & Derivative contribution by FY 2027-28

Anchored by CPVC and ECH capacity expansion and Chlorotoluene value chain development

~10–12%

CAGR demand visibility

Strong medium-term demand across construction, infrastructure, pharma and agrochemicals supports capacity absorption

ENVIRONMENT, SOCIAL, AND GOVERNANCE (ESG)

Epigral's ESG review

The chemicals manufacturing industry operates within a complex and evolving risk landscape, necessitating a structured and integrated ESG approach. These risks span legal and financial exposures such as regulatory penalties, operational suspensions, increased insurance costs, and compensation liabilities. Operational risks include production disruptions, workforce disengagement, reputational challenges, and supply chain interruptions. Environmental and social risks—ranging from pollution and ecological degradation

to community safety concerns—emphasise the importance of responsible operations.

In response, the Company embedded ESG principles into its core strategy and operational framework. Sustainability is governed through structured oversight mechanisms, with periodic reviews at the Board level to track progress and ensure accountability. Climate considerations are increasingly being integrated into business decisions, reinforcing a balanced focus on environmental responsibility and long-term financial performance.

Environmental responsibility

The Company continues to prioritise environmental stewardship by focusing on resource efficiency, emission control, and sustainable manufacturing practices.

Recognising the environmental intensity of chemical operations, efforts in FY 2025-26 were directed at optimising water and energy consumption, improving waste management systems,

and adopting cleaner production technologies.

At a strategic level, the Company initiated a structured climate roadmap, with FY 2024-25 as the baseline year, aimed at reducing emissions across operations and the value chain. This included focused efforts on Scope 1 and Scope 2 emissions, along with an expanded approach towards understanding Scope 3 emissions

to improve transparency and accountability.

The Company advanced its transition towards renewable energy through hybrid power initiatives, reducing dependence on conventional energy sources while improving energy reliability and cost stability. These initiatives contributed to improved emissions intensity, even as operations continue to scale.

ENVIRONMENTAL PERFORMANCE

0.75

% reduction in total waste generated in FY2025-26

2,64,263

MKcal energy saved during FY 2025-26

3,500

Saplings planted to strengthen ecological balance in FY 2025-26

Epigral's environment performance, FY 2025-26

Water conservation

Saved 8,55,501 m³ of water during the year
Achieved 51.40% steam condensate recovery across operations
Utilized 17,826 m³ of treated water for plantation and non-process use

Energy efficiency

Reduced specific energy consumption from 0.81 to 0.8476 TDE/Ton of production
Saved approximately 2,64,263 MKcal of energy

Emissions and energy transition

Continued improvement in emission intensity across Scope 1 and Scope 2
Expanded Scope 3 emission coverage to strengthen value chain accountability
Increased share of renewable energy in total power consumption
Advanced hybrid renewable energy capacity to support long-term decarbonisation

Green cover expansion

Developed cumulative 20 hectares of greenbelt area
Planted 3,500 saplings to enhance biodiversity

Sustainable materials

Continued adoption of bio-based Epichlorohydrin production using glycerol technology, supporting greener chemical processes with lower emissions and reduced waste generation

Energy efficiency and process optimisation

The Company continues to drive improvements through process optimisation and targeted engineering interventions. As a part of its commitment to energy efficiency, it remains aligned with national frameworks such as the Perform, Achieve and Trade (PAT) scheme, with a continued focus on reducing energy intensity across operations.

Strengthening its transition towards cleaner energy, the Company commissioned an 18.34 MW wind-solar hybrid power capacity and is in the process of adding an additional 19.8 MW, which could take the total hybrid renewable capacity to 38.14 MW. This strategic shift towards renewable energy will not only reduce dependence on conventional power but also enhance energy reliability and support long-term decarbonisation.

Operational improvements and engineering enhancements across key processes contributed measurable reductions in energy consumption and emissions, reflecting a strong focus on efficiency-led sustainability rather than output moderation.

Green chemistry and sustainable manufacturing

The Company continued to adopt advanced and sustainable manufacturing processes to reduce environmental impact at source. The use of glycerol-based technology for Epichlorohydrin production represented a significant step towards green chemistry, enabling lower emissions, reduced wastewater generation, and minimized by-products. This transition supported circularity by leveraging renewable feedstock, strengthening an alignment with global sustainability expectations

Social Capital

The Company's growth was linked with the well-being of its employees, partners, and surrounding communities. By combining operational expertise with a strong social commitment, the Company continued to promote inclusivity, safety, and community development.

A safe, healthy, and engaging work environment remained a priority, enabling higher employee morale, improved productivity, and stronger stakeholder relationships.

Employees and relationships

The Company benefited from a diverse workforce comprising experienced professionals, emerging talent, and trusted partners. Investments in skill development, structured training, and role alignment enhanced workforce capability, ensuring operational stability and long-term growth.

Partners and community

Long-standing relationships with vendors and customers contributed to operational reliability and business continuity. At the same time, active community engagement initiatives supported local development and strengthened social trust.

Capital investments and sustainability measures

Continued investments in EHS infrastructure and advanced technologies
Strengthened effluent treatment and by-product management systems
Achieved 100% regulatory compliance during FY 2025-26
Enhanced EHS capabilities through specialized teams and monitoring systems

Key challenges and strategic interventions

Challenges identified	Strategic initiatives implemented
EHS data management	Standardized reporting templates and training for improved accuracy
Employee engagement	Introduced digital training dashboard for tracking and accountability
Emergency preparedness	Conducted structured table-top drills with defined response plans
System integration	Centralized emergency siren systems linked to control centre
Fall hazard risks	Installed engineered lifeline systems ensuring complete fall protection

Strengthening Epigral's EHS framework, FY 2025-26

The Company strengthened its EHS systems through targeted interventions, digital tools, and infrastructure enhancements aimed at improving safety performance and operational resilience.

Embedding a safety-first culture

The Company continued to embed safety into every operational layer through its Occupational Health and Safety Management System (OHSMS).

Embezzling safety-first culture

The Company continued to embed safety into every operational layer through its Occupational Health and Safety Management System (OHSMS).

Employee consultation and feedback	Training and capability building	Proactive risk management	Emergency response and infrastructure
• Incorporated workforce inputs in safety process design	• Delivered role-specific training programmes through digital platforms	• Encouraged hazard reporting through structured incentive mechanisms	• Commissioned advanced fire safety infrastructure including pump systems
• Conducted regular Safety Perception Surveys	• Implemented the Buddy System for knowledge transfer and mentoring	• Conducted monthly safety awareness campaigns	• Strengthened firefighting capabilities with additional storage and mobile equipment

EHS HIGHLIGHTS, FY 2025-26

Recognition and achievements

Our EHS excellence and innovation were recognized at national platforms:

Special Jury Commendation Award: HSE Innovation Category (Pro MFG Media)

FAME National Award 2024 (Platinum): Occupational Health & Safety Category, presented by Dr. Laxmikant Bajpai (MP, Rajya Sabha)

CSR philosophy

Prospecting communities through education, healthcare, and skill development while building a sustainable and inclusive future.

Community engagement and CSR initiatives

The Company continued to drive social impact through its CSR initiatives, focusing on education, healthcare, skill development, and community welfare.

Our FY 2025-26 CSR impact

Key initiatives	Impact/outcome
Land identified for an education & skill centre	Foundation laid for long-term community development
Adoption of Divyang children (Asmita Vikas Kendra)	Supported 10 mentally challenged children
Contribution to Charutar Vidyamandal	Strengthened education infrastructure and student welfare
	CSR SPEND
8.99	8.68	8.12	0.76	2.76
†, Cr utilized in FY 2025-26	†, Cr utilized in FY 2024-25	†, Cr utilized in FY 2023-24	†, Cr utilized in FY 2022-23	†, Cr utilized in FY 2021-22

Epigraf's governance commitment

Strong corporate governance remained fundamental to the Company's long-term success. Built on transparency, accountability, and ethical leadership, the governance framework ensured responsible

decision-making and sustainable value creation.

Governance framework

The Company's governance practices were aligned with

regulatory requirements and global standards, supported by robust policies, internal controls, and proactive disclosures. This framework ensured effective risk management while safeguarding stakeholder interests.

Policies and ethical standards

A comprehensive policy framework guided ethical conduct, financial discipline, and sustainability practices. The Code of Conduct applicable to senior leadership reinforced responsible decision-making and corporate integrity.

ESG governance structure

A dedicated Sustainability / ESG Committee oversees ESG

strategy, implementation, and performance monitoring, ensuring alignment with long-term business objectives.

Board of Directors

The Board comprised experienced professionals with diverse expertise across chemicals, sustainability, finance, and governance. This diversity enabled balanced decision-making and effective strategic oversight.

Board effectiveness and development

Structured onboarding and familiarisation programmes
Continuous updates through management presentations
Annual performance evaluation of the Board and committees
Emphasis on diversity and independent oversight

Recognitions and Certifications

The Company's commitment to global standards was reflected through certifications:

EcoVadis Silver Rating (Top 15%), February 2026: Recognized Epigraf's strong ESG performance, placing it among the top 15% of companies globally.

ISO 9001: Quality Management System for product consistency.

ISO 14001: Environmental Management System for reducing industrial impact.

ISO 45001: Occupational Health & Safety Certification.

ISO 50001: Energy Management System for enhanced efficiency.

RSPO certification: Sustainable palm oil certification for glycerine.

REACH compliance: Adherence to European chemical regulations.

Responsible Care initiative: Global commitment to safety and sustainability.

Halal & Kosher certifications: Compliance with international food and safety standards.

ISO 37001: Anti-bribery management systems to prevent, detect and address bribery.

ISO 27001: Information security management system for risk management and cyber resilience

NSF certification for CPVC resin and compound: NSF certification standard ensures that the pipes and fittings made from Epigraf resin and compounds are safe for potable water.

EPIGRAL LIMITED ANNUAL REPORT 2025-26

EPIGRAL

Outlook

The Company remained committed to strengthen its ESG framework by focusing on the deployment of advanced digital safety and monitoring systems to enhance operational oversight and risk management. It will continue to expand its green cover to support ecological balance while driving sustained efforts to reduce water and energy intensity across operations. Alongside environmental priorities, the Company will invest in continuous employee skill development to build a more capable and safety-conscious workforce. These initiatives collectively support its long-term objective of progressing towards a zero-incident workplace, aligned with global sustainability and safety benchmarks.

For further details, please refer to the Company's Sustainability Report (https://epigral.com/sustainability-reports/) and the Business Responsibility and Sustainability Report (BRSR) presented on pages 95

Profile of our Board

Mr. Maulik Patel

Chairman & Managing Director

With 17 years of experience in the chemical industry, Mr. Maulik Patel has been instrumental in driving Epigral's growth. He oversees operations, project expansions, team development, and new product identification. He holds an MSc in Chemical Engineering and an MBA.

Mr. Kaushal Soparkar

Executive Director

He brings 16 years of expertise in the chemical sector. He manages the Company's finance, IT, and human resources functions. He holds a Master's degree in Engineering Management.

Mr. Ankit Patel

Non-Executive, Non-Independent Director

He has 15 years of experience in the chemical industry and serves as the Chairman & Managing Director of Meghmani Organics Limited. He has an MS in Engineering Management and an MBA.

Mr. Karana Patel

Non-Executive, Non-Independent Director

With 15 years in the chemical field, Mr. Karana Patel is the Executive Director at Meghmani Organics Limited, where he leads the Agrochemicals division. He holds a diploma and a B.E. in Chemical Engineering.

Mr. Darshan Patel

He has 14 years of experience in the chemical industry and is the Executive Director at Meghmani Organics Ltd, overseeing the pigment division. He has an MS in Engineering Management and an MBA.

Mr. Manu Patel

Non-Executive, Independent Director

A Chartered Accountant with extensive experience, Mr. Manu Patel spent 35 years with the Zydus Group, leading Finance and Taxation. His expertise includes Forex, Treasury, and Credit Management

Mr. Sanjay Asher

Non-Executive, Independent Director

A senior partner at MA Crawford Bayley & Co, Mr. Sanjay Asher has been a practicing advocate since 1991. He specializes in Mergers & Acquisitions, Joint Ventures, Private Equity, and Capital Markets. He is both a Chartered Accountant and an LLB graduate.

Mr. Kanu Patel

As the CMD of Voltamp Transformers Ltd, Mr. Kanu Patel has over 41 years of association with the Company. He possesses expertise in finance, marketing, strategic planning, and commercial matters. He is a member of ICAI and ICSI.

Mr. Raju Swamy

With over 35 years in management consulting for family businesses, Mr. Raju Swamy has deep expertise in marketing, project management, and HR. He earned his MBA from IIM Calcutta.

Ms. Priyanka Chopra

Independent Director

She is the CEO and Managing Partner at IIMA Ventures and a Venture Partner at Bharat Innovation Fund. With deep expertise in early-stage investing and advisory, she holds an MBA from The Wharton School and an M.S. in Electrical Engineering from Georgia Tech.

Board comprises of accomplished and knowledgeable directors, contributing diverse expertise and perspective to our collective decision making
50% of the board comprises of Independent Directors
Our 5 board committees are chaired by an Independent Director

Management discussion and analysis

Global economy

Global economic grew marginally at an 3.4% in 2025 compared to 3.3% in the previous year, influenced by the US tariff shock of April 2025. Despite being partially unwound through subsequent trade deals, it left effective tariff rates well above pre-2025 levels and heightened trade policy uncertainty.

Advanced economies witnessed a marginal growth from 1.8% in 2024 to 1.9% in 2025, while emerging market and developing economies demonstrated relative resilience, expanding by 4.4% in 2025 compared to 4.3% in 2024.

Global inflation continued its multi-year downward trend in 2025, declining to an estimated 4.1% from 5.8% in 2024.

Regional growth (%)	2025	2024
World output	3.4	3.3
Advanced economies	1.9	1.8
Emerging and developing economies	4.4	4.3

(Source: IMF, Un.org)

Performance of the major economies, 2025

| United States
GDP growth of 2.1%
in 2025 compared to
2.8% in 2024. | China
GDP growth
was 5.0% in 2025
compared to 5.0% in
2024. | United Kingdom
GDP growth was 1.3%
in 2025 compared to
1.1% in 2024. |
| --- | --- | --- |
| Japan
GDP growth was 1.2%
in 2025 compared to
(0.2)% in 2024. | Germany
GDP growth
was 0.2% in 2025
compared to a (0.5)%
in 2024. | (Source: IMF April 2026
Outlook, World Bank) |

Outlook

Given the challenge of forming stable, real-time assumptions for projections, the IMF World Economic Outlook report adopted a 'reference forecast' instead of a conventional baseline, assuming the war remains contained in duration, intensity, and reach, with disruptions easing by mid-2026, in line with commodity futures as of March 10, 2026.

Under this reference view, global growth is projected at 3.1% in 2026 and 3.2% in 2027. Global inflation is expected to rise to 4.4% in 2026 before easing to 3.7% in 2027.

(Source: OECD Interim Economic Outlook, IMF, World Economic Forum, Federal Reserve, Bank of England, European Central Bank, Bank of Japan)

Indian economy

The Indian economy grew at an estimated 7.6% in FY 2025-26 (official confirmations to come in following the Balance Sheet date), compared to 7.1% in FY 2024-25.

This growth was driven by strong consumption and increasing investments, reaffirming India's position as the fastest-growing major economy.

India's Real GDP at Constant Prices was estimated at ₹322.58 Lakh Cr in FY 2025-26, against the First Revised Estimate of ₹299.89 Lakh Cr for FY 2024-25.

Growth of the Indian economy	FY23	FY24	FY25	FY26E
Real GDP growth (%)	7.2	7.2	7.1	7.6

E: Estimated. Note: FY 2023-24 figure restated under new base year 2022-23. (Source: MoSPI (February 27, 2026))

Growth of the Indian economy quarter by quarter, FY 2025-26	Q1FY26	Q2FY26	Q3FY26	Q4FY26E
Real GDP growth (%)	6.7	8.4	7.8	7.3

Note: Q2 revised upward from 8.2% and Q3 from 7.35% under the new base year 2022-23 series released February 27, 2026. Q4 remains an estimate. (Source: MoSPI, February 27, 2026)

Inflation, policy and currency dynamics

Inflation remained benign through much of FY 2025-26, with full-year CPI estimated at an exceptionally low 2.1%. This created room for 125 basis points of cumulative rate cuts, supporting consumption and investment.

However, macro stability was accompanied by currency volatility. The Indian rupee depreciated sharply by 9.88% during FY 2025-26 — its steepest fall since FY 2011-12 — touching ₹94.78 against the US dollar. This reflected global capital flows, a strong dollar environment, and geopolitical uncertainties.

Capital flows and market behaviour

Foreign portfolio investors remained risk-averse, withdrawing a record ₹1.8 Trn during FY 2025-26 – the largest outflow in 36 years. However, strong domestic institutional inflows of ₹8.55 Trn provided a crucial counterbalance, highlighting the growing maturity and depth of India's domestic capital markets.

India's market capitalisation declined 8% year on year in FY 2025-26 to USD 4.5 Trn from USD 4.83 Trn in FY 2024-25, marking the sharpest drop since

FY 2022-23. On the last trading day of the year, the BSE Sensex fell 5.36%, or 4,076.96 points, compared with a rise of 5.10%, or 3,763 points, in the same period last year, while the Nifty 50 declined 3.6%, or 834 points, against a gain of 5.34%, or 1,192 points, in the corresponding period. The downturn was largely driven by the ongoing West Asia conflict and concerns around potential tariff measures under Donald Trump, which weighed on global investor sentiment.

Gold prices surged 61.47% during FY 2025-26 reflecting global risk aversion and safe-haven demand.

India's fiscal position continued to strengthen, with net direct tax collections rising 7.19% to ₹22.8 Trn as of March 17, 2026. Contributions from corporate and non corporate taxpayers remained nearly balanced, reflecting sustained formalisation of the economy, improved compliance, and the success of digitisation led reforms.

Banking sector

India's banking sector reflected improving financial health, with the gross non-performing asset ratio declining to a robust 2.1% as of September 2025, indicating stronger asset quality and disciplined lending practices. This stability was mirrored in profitability metrics, as scheduled commercial banks

reported a return on assets of 1.3% and a return on equity of 12.5% during the first half of 2025-26, underscoring sustained operational efficiency and a healthier balance sheet trajectory.

India's growth story

The tertiary services sector remained a key growth driver, expanding by 9.0% in FY 2025-26 and increasing its share in nominal gross value added to 54.3% from 52.8% in FY 2024-25, supported by broad-based momentum across segments.

During FY 2025-26, financial, real estate, IT and professional services grew by 9.9%, while trade, hotels, transport, communication and broadcasting recorded a strong 10.1% growth, and public administration and other services expanded by 5.8%.

At the same time, manufacturing demonstrated renewed strength, with Gross Value Added (GVA) rising 11.5% in FY 2025-26 at constant prices, marking the second instance of double-digit growth in three years and improving from 9.3% in FY 2024-25.

The secondary sector grew 9.1%, accelerating from 8.0% in the previous year, driven by manufacturing alongside construction growth of 7.1%. This combination of services-led scale

and manufacturing acceleration is shaping a more balanced and resilient economic structure.

Consumption and investment

During FY 2025-26, Private Final Consumption Expenditure (PFCE) and Gross Fixed Capital Formation (GFCF) maintained above-7% growth, reflecting a well-balanced demand composition across household spending and investment activity.

Growth catalysts

Policy-led consumption boost:

The Union Budget FY 2026-27's tax relief measures particularly income tax exemptions up to ₹12 Lakh are expected to stimulate discretionary spending and reinforce consumption-led growth.

Anticipatory Pay Commission Impact:

The 8th Pay Commission, though expected to be implemented from FY 2027-28, is already shaping consumer sentiment, creating a forward consumption impulse.

Monetary stability:

The Reserve Bank of India's calibrated stance, with the repo rate at 5.25%, balances inflation risks

with growth support, ensuring macroeconomic stability.

Credit expansion:

Improved banking health and liquidity conditions are expected to sustain strong credit growth across MSMEs, housing, and retail segments.

Fiscal prudence with growth focus:

The Union Budget maintains fiscal discipline while prioritising infrastructure, MSME support, skilling, and innovation—key levers for long-term productivity.

Outlook

The year under review underscores a defining divergence: a world grappling with uncertainty, and an India navigating it with confidence.

In a global environment marked by fragmentation and caution, India stands out as a rare convergence of stability, scale and structural opportunity. The World Bank has revised its FY 2026-27 growth estimate upward to approximately 6.6%, reflecting resilient domestic momentum even as growth moderates from the previous year. India is expected to retain its position

as the fastest-growing major economy.

Growth will be shaped by a combination of strong domestic demand and resilient private consumption, supported by low inflation and GST rationalisation, alongside stable export performance with improved access to key markets. This momentum is further reinforced by sustained policy support, ongoing economic reforms, and a favourable demographic advantage.

While risks persist, particularly from elevated energy prices, subsidy pressures on government spending, and uncertainty in global demand, India's macroeconomic fundamentals remain strong.

Over the medium term, sustained consumption, gradual investment recovery, and expanding global trade linkages are expected to reinforce India's position as a key driver of global economic growth.

(Source: MoSPI, Business Standard, Press Information Bureau, Business Standard, IMF, OECD, Deccan Chronicle. NDTV Profit, Outlook Business, The Asian Banker)

Sectorial overview

India's chemical industry overview

The Indian chemicals and petrochemicals industry continues to rank among the largest and most diversified manufacturing segments of the economy, spanning bulk and basic chemicals, agrochemicals, dyes and pigments, polymers, and an expanding portfolio of specialty and green chemicals. The sector is currently estimated at around USD 290-300 Bn as of FY 2025-26, reflecting sustained demand momentum and an increasing share in global specialty chemical trade.

Growth has remained strong, supported by 8-9% annual demand expansion, resilient domestic consumption, and a favourable global supply

environment. India's chemical exports continue to demonstrate steady fraction, benefiting from supply chain realignments, plant shutdowns in high-cost regions such as Europe, and the ongoing 'China plus one' strategy adopted by global manufacturers.

Policy support remains a key enabler of long-term growth. Initiatives such as the Production Linked Incentive (PLI) scheme for specialty chemicals and the development of Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIRs) are expected to catalyse significant investments across the value chain. These initiatives are driving capacity additions in refining, petrochemicals, and

downstream specialty segments, while also strengthening India's competitiveness as a global manufacturing hub.

The sector is projected to reach USD 350-360 Bn by 2030, with a continued upward trajectory thereafter. Over the longer term, it is expected to play a pivotal role in India's industrial expansion, with the potential to approach USD 1 Trn by 2040, driven by rising domestic demand, export opportunities, and accelerated growth in specialty, performance, and green chemicals aligned with sustainability trends.

(Source: IBEF.org, EY.com, Grand View Research)

Chlorinated Polyvinyl Chloride (CPVC) industry overview

Chlorinated Polyvinyl Chloride (CPVC) resin is a high-performance thermoplastic derived from the chlorination of PVC, offering superior heat resistance, chemical stability, and mechanical strength. These properties make it a critical input material for manufacturing pipes and fittings used in residential plumbing, fire sprinkler systems, and industrial fluid handling.

The global CPVC-linked market is expanding steadily, supported by strong downstream demand, with the CPVC pipe segment valued at USD 1.47 Bn in 2025 and projected to reach USD 3.14 Bn by 2034,

reflecting robust growth and, in turn, rising consumption of CPVC resin.

Demand is primarily driven by increasing construction activity, rapid urbanisation, and the need for durable, corrosion-resistant piping solutions in water management systems. Regulatory preference for lead-free, non-toxic materials further supports adoption, while CPVC's cost and installation advantages over traditional metals enhance its competitiveness.

The Indian CPVC pipe segment presents a high-growth opportunity, expanding rapidly

within the broader plastic pipes market in India, which is projected to reach USD 3.65 Bn by 2034.

With India among the world's largest CPVC consumers, sustained urban growth and infrastructure investments position CPVC as a key beneficiary of long-term construction and building services demand.

Opportunities remain strong, particularly in plumbing application, industrial and fire sprinkler application positioning the CPVC resin industry for sustained long-term growth.

(Source: Intel Market Research, Spherical Insights)

Epichlorohydrin (ECH) industry overview

The Epichlorohydrin (ECH) industry continues to demonstrate steady growth, supported by expanding downstream applications and capacity additions, particularly in Asia-Pacific. The market was valued at approximately USD 3.4 Bn in 2025 and is projected to reach around USD 5.6 Bn by 2034, reflecting a CAGR of about 5-6% over the period. Growth is driven primarily by the sustained expansion of the epoxy resin segment.

Epoxy resins account for the majority of ECH consumption, with applications spanning coatings, adhesives, construction materials, electronics, automotive components, and renewable

energy infrastructure. Asia-Pacific remains the dominant consumption hub, supported by rapid industrialisation, infrastructure development, and increasing investments in downstream capacities.

Industry growth is further reinforced by the rising adoption of bio-based production routes using glycerin as feedstock, supported by the growing availability of crude glycerin from biodiesel production. This transition is improving cost efficiency while significantly reducing emissions and wastewater generation, aligning with tightening environmental regulations. Pricing trends during FY 2025-26 remained regionally

varied due to differences in feedstock costs, supply conditions, and demand dynamics across key markets.

In India, the market is witnessing strong momentum, driven by infrastructure expansion, increasing domestic demand for epoxy derivatives, and ongoing capacity additions. While challenges such as raw material price volatility and competitive pressures persist, the industry is well-positioned for sustained growth, supported by favourable demand fundamentals and a structural shift towards sustainable production technologies.

(Source: IMAIRC, Mordor Intelligence, Alchempri)

India Caustic Soda industry overview

India's Caustic Soda market continues to expand steadily, supported by strong demand across core industrial sectors. The market demand reached approximately 4.6 Mn Tons in 2025 and is projected to grow at CAGR of 6% to 7% over the coming years in line with GDP growth of the Company. This growth is driven by the increasing consumption of Caustic Soda across industries such as pulp and paper, textiles, chemicals, and aluminum, where it serves as a

critical input. As a key chlor-alkali derivative produced through the electrolysis of brine, Caustic Soda remains integral to a wide range of manufacturing and processing applications.

Demand is further supported by its extensive use in water treatment, alumina refining, and metallurgical processes, alongside its role in soaps, detergents, and chemical manufacturing. The expansion of infrastructure and construction

activities, coupled with rising textile processing requirements and growing pharmaceutical production, continues to reinforce consumption trends. While the industry remains exposed to cyclical demand patterns and input cost fluctuations, sustained industrial growth and diversification of end-use applications are expected to support long-term market expansion.

(Source: IMAIRC)

Chloromethanes (CMS) and Hydrogen Peroxide Industry Overview

In India, the Chloromethanes (CMS) and Hydrogen Peroxide (H₂O₂) markets are witnessing strong momentum, driven by their critical role as industrial intermediates across high-growth sectors. Together, these chemicals are integral to the pharmaceutical, agrochemical, refrigerant, and specialty chemical value chains, as well as to emerging applications aligned with sustainability and advanced manufacturing.

Chloromethanes (CMS) are widely used as solvents in pharmaceuticals (APIs and intermediates), agrochemicals (crop protection chemicals), and refrigerant gases. Their role as methylating agents makes them essential in pharmaceutical synthesis, while increasing agricultural intensity continues to drive demand from agrochemicals. The CMS finds application in the production of silicones, which are extensively

used in construction, automotive, and electrical insulation.

Hydrogen Peroxide (H₂O₂), known for its eco-friendly oxidising properties, has established applications across paper and pulp bleaching, textile processing, chemical synthesis, water treatment, and healthcare. Its use is expanding steadily in environmentally compliant processes, given its emission-free decomposition. Looking ahead, hydrogen peroxide is also expected to see increasing adoption in solar and semiconductor manufacturing, where high-purity chemicals are critical.

The Indian market for both CMS and hydrogen peroxide is expected to grow at a CAGR of approximately 10% to 12%, supported by:

Strong expansion in the pharmaceutical sector, driven by rising global demand for generics
Increasing demand for agrochemicals, supported by the need for higher agricultural productivity
Growth in refrigerant gases and environmentally compliant cooling solutions
Rising adoption in paper, textile, and water treatment industries
Emerging demand from solar energy and semiconductor manufacturing

With ongoing capacity expansions, improving process efficiencies, and a growing focus on sustainable and compliant manufacturing practices, the CMS and hydrogen peroxide markets in India are well-positioned for robust medium- to long-term growth.

(Source: IBEF, IMAIRC, Grand View Research, Mordor Intelligence, EY Analysis)

EPIGRAL LIMITED
ANNUAL REPORT 2025-26

Industry growth drivers

Increase in population: By FY 2025-26, India is expected to remain the world's most populous nation, having surpassed China, with an estimated population of around 1.46 Bn. This sustained demographic growth is poised to generate significant opportunities for the Indian chemical industry, driving demand across key end-use sectors including construction, infrastructure, agriculture, consumer goods, and industrial applications.

Urbanization: India's urban population is projected to continue rising, with estimates indicating it could approach around 675 Mn by 2035, positioning the country as the world's second-largest urban population after China's roughly one Bn urban residents. This rapid urbanization is expected to amplify demand for housing, infrastructure, healthcare, and pharmaceuticals, thereby supporting robust growth in the chemical sector.

Demographic dividend: With a median age of ~29 years in FY 2025-26, India continues to benefit from a young workforce supporting manufacturing growth of ~6 to 7% which is expected to drive sustained demand for chemicals in industries like manufacturing, electronics, and automotive.

Growing replacement demand: Per capita income is nearing ~USD 2,800 in FY 2025-26, accelerating premium housing, automobiles, and consumer goods upgrades. This strengthens demand for paints, sealants, adhesives, polymers, and agrochemical formulations.

Increased consumption: Per capita chemical consumption remains ~USD 95 to 100 in FY 2025-26 versus a global average above ~USD 250. With industry size approaching ~USD 240 to 250 Bn, significant volume expansion potential remains. Sectors such as construction, automotive, and personal care are expected to be key drivers of this growth.

Strategic partner: Global chemical manufacturing continues to diversify away from China toward India, driven by geopolitical tensions, supply-chain realignment, and rising costs in traditional hubs. India has emerged as a preferred chemical manufacturing destination, with the sector valued at ~USD 250 Bn in FY 2023-24 and poised for sustained growth into FY 2025-26.

Supplier shift: China's chemical industry has been restructuring under tighter environmental enforcement and industry consolidation, which, along with global trade and cost pressures, has created uncertainty for firms dependent on Chinese suppliers. As a result, many companies are diversifying their supply chains toward India to leverage its competitive costs and supportive policy environment.

'Plus One' strategy: Rising costs, tighter regulations, and trade tensions in China are prompting global chemical companies to adopt a China-1 strategy to diversify supply chains. This shift is creating strong opportunities for India to emerge as a preferred manufacturing hub for global chemical players.

[Source: The wire, Trading economics, PWC, IBEF, Amai India, Statista, economictimes.com, ciblog.in, livemint, Venture high, India chemical industry, Eycom, Times of India]

Company overview

Epigral Limited, is a leading integrated chemical manufacturer in India, headquartered in Ahmedabad. Established in 2007, the Company initially focused on Chlor-alkali products such as Caustic Soda, Caustic Potash, Chlorine, and Hydrogen, and over time has strategically expanded into higher-value downstream Derivatives including Chloromethanes, Hydrogen Peroxide, Epichlorohydrin, and CPVC, Chlorotoluenes value chain, building a robust integrated value chain.

Epigral has been a pioneer in several segments in India, including commissioning the country's first epichlorohydrin plant using renewable feedstock and developing one of the largest CPVC Resin facilities worldwide. In recent years, the Company has continued to broaden its specialty portfolio with the launch of CPVC compound capacity and the Chlorotoluenes value chain, targeting key growth sectors such as agrochemicals and pharmaceuticals.

Through consistent capacity additions and integration of captive power, Epigral has enhanced its operational and cost efficiency, underpinned by sustainable practices such as wind-solar hybrid power generation and dedicated R&D initiatives. The Company's product range serves over 15 downstream industries, including construction, water treatment, textiles, paints and coatings, electronics, and personal care.

Products

CPVC Resin: Epigral has significantly scaled up its CPVC Resin operations at its Dahej manufacturing complex, increasing capacity by 45,000 TPA and taking total installed capacity to 75,000 TPA. This expansion positions the Company as the largest CPVC resin producer in India. Going forward, Epigral plans to add a further 75,000 TPA, targeting a total capacity of 1,50,000 TPA, which would rank among the largest CPVC resin capacities globally. The product primarily serves for pipe and fitting application in plumbing, fire safety and industrial applications.

Chlorotoluenes value chain: The Company has commissioned a Chlorotoluenes project along with its downstream value chain, marking a first-of-its-kind initiative in India. This integrated facility manufactures key intermediates used in the production of active ingredients for the pharmaceutical and agrochemical industries.

Epichlorohydrin: Epigral manufactures high-purity epichlorohydrin using bio-based glycerin as feedstock, producing a clear, colourless liquid with purity exceeding 99.9%. The product finds applications in epoxy resins, water treatment chemicals, automotive components, pharmaceuticals, paper reinforcement, and infrastructure-related chemicals. The process incorporates advanced technology enabling brine recycling, thereby reducing waste generation. With an ongoing capacity expansion of 50,000 TPA, Epigral's Epichlorohydrin capacity is expected to reach 1,00,000 TPA, making it the largest facility of its kind in India.

Chlor-Alkali Products: Epigral is among the leading Chlor-Alkali producers in the country, offering a comprehensive product basket that includes Caustic Soda, Caustic Potash, liquid Chlorine, Hydrochloric acid, Hydrogen gas, Sodium Hypochlorite, diluted Sulphuric acid, and related derivatives. These products serve a wide range of industries such as chemicals, textiles, water treatment, alumina, paper, and pharmaceuticals.

Chloromethanes (CMS): The Company manufactures a full range of Chloromethanes, including Methyl Chloride, Methylene Dichloride, Chloroform, and Carbon Tetrachloride. These products are critical intermediates for pharmaceutical formulations, refrigerants, Silicone compounds, and the production of Tetrafluoroethylene (TFE), supporting demand from both domestic and export markets.

Hydrogen Peroxide (H2O2): Epigral is among the fifth largest producers of hydrogen peroxide in India, supplying this versatile chemical to a broad spectrum of industries. Key applications include paper and pulp processing, textiles, effluent treatment, and various chemical manufacturing processes, where hydrogen peroxide is valued for its strong oxidising properties and environmentally benign profile.

Financial review

During FY 2025-26, the revenue of the Company was ₹2,542 Cr, and decrease of 1% compared to FY 2024-25.

EBITDA in FY 2025-26 stood at ₹567 Cr, decline of 20% compared to ₹711 in FY 2024-25.

The Company recorded a profit after tax (PAT) of 333 in FY 2025-26 as against ₹357, in FY 2024-25.

Operational review

The Company's overall production decreased by 4%, primarily impacted by early and prolonged monsoon impacting few products and major maintenance work in 1st half of the year.
Overall capacity utilization stood at 78% in FY 2025-26, compared to 81% in FY 2024-25.
Captive chlorine consumption reached 75%, strengthening integrated manufacture.

The more we produced, the less we consumed from external sources.

Product	Current capacity (TPA)	New/additional capacity (TPA)
Caustic Soda	4,00,000	-
Caustic Potash	21,000	-
Chloromethanes	50,000	-
Hydrogen Peroxide	60,000	-
Epichlorohydrin	50,000	50,000
CPVC Resin	75,000	75,000
CPVC Compound	35,000	-
Chlorotoluene and Value Chain	15,000	-
Wind-solar hybrid power plant	18.34 MW	19.8 MW
Captive Power Plant	132 MW	-

Human resource management

Human capital continues to be a key enabler of Epigral Limited's growth and operational excellence. The Company follows progressive human resource practices focused on talent development, employee engagement, and leadership capability building.

Epigral implements a structured learning framework comprising formal training, continuous development initiatives, and on-the-job exposure to enhance technical and behavioural competencies. An open and

collaborative work culture, supported by transparent communication and clearly defined roles, promotes employee motivation and productivity.

These initiatives have resulted in strong employee retention levels and effective internal leadership development, strengthening succession planning and providing enhanced career growth opportunities. Performance management systems aligned with organizational goals, along with competitive remuneration and

recognition programs, reinforce a high-performance culture.

During the year, the Company further strengthened its workforce by onboarding experienced professionals and senior management across key functions to support expansion initiatives.

As of March 31, 2026, Epigral Limited employed 1,140 personnel. The Company remains committed to building a future-ready organization through continuous investment in its people and organizational capabilities.

Business risk management

Effective risk management remains integral to sustaining business continuity, operational resilience and long-term value creation. A structured risk management framework enables the identification, assessment and mitigation of potential risks across operations, markets, compliance, supply chains and other business functions. It also supports informed decision-making, strengthens operational

efficiency, enhances resource utilization and minimizes potential disruptions and losses.

At Epigral Limited, risk management is embedded within the Company's governance and operational processes. The Company has established a comprehensive risk management framework that is periodically reviewed by the Board of Directors / Committees to assess its adequacy and effectiveness.

Through continuous monitoring and strategic mitigation measures, the Company seeks to address evolving business risks while strengthening organizational resilience and sustainable growth.

Information on key risks and concerns are outlined in the Business Responsibility and Sustainability Report (BRSR) of the Company.

Internal control systems

Epigral Limited maintains a robust internal control framework commensurate with its size and operations, ensuring operational efficiency, reliability of financial reporting, compliance with applicable laws, and safeguarding of assets. The Board of Directors oversees the internal control system and periodically reviews its adequacy and effectiveness.

The Company has a documented and tested Internal Financial Control (IFC) system, validated

by statutory auditors, with no material weaknesses identified during the year. Regular internal audits are conducted, and observations along with corrective actions are reviewed by the Audit Committee.

Risk governance is supported by a dedicated Risk Management Committee comprising independent directors and the Managing Director, which actively identifies, monitors, and mitigates material business risks across

operational, compliance, financial, and economic areas.

Epigral also enforces a Supplier Code of Conduct, ensuring adherence to ethical practices and human rights standards through periodic assessments and audits.

Together, these systems provide reasonable assurance on management efficiency, accuracy of accounting information, regulatory compliance, and effective risk management.

Cautionary statement

Certain statements in this section may constitute 'forward-looking statements' within the meaning of applicable securities laws and

regulations. These statements reflect the Company's current views with respect to future events and are subject to risks,

uncertainties, and assumptions that could cause actual results to differ materially.

EPIGRAL
EPIGRAL LIMITED
ANNUAL REPORT 2025-26

Statutory Report

STATUTORY REPORT

BOARD'S REPORT

Dear Shareholders,

Your Directors have pleasure in presenting 19th (Nineteenth) Annual Report together with the Audited Financial Statements of the Company for the Financial Year ended March 31, 2026.

FINANCIAL RESULTS:

(₹ in Crs.)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Revenue from Operations	2527.18	2550.13
Other Income	14.98	15.21
Total Revenue	2542.16	2565.34
Profit Before Finance Cost, Tax, Depreciation & Amortization	582.05	725.92
Finance Cost	71.96	53.27
Depreciation	168.29	132.56
Profit Before Tax	341.80	540.10
Payment & Provision of Current Tax	84.66	98.17
Deferred Tax Expenses/(Income)	(75.87)	85.23
Profit After Tax	333.01	356.70

i) Business Outlook & Financial Performance:

During FY 2025-26, the Company reported revenue of Rs. 2542 Cr., reflecting the impact of evolving market conditions and operational factors during the year. EBITDA stood at Rs. 582 Cr. in FY 2025-26, demonstrating the Company's continued focus on operational resilience and cost management.

The Company recorded a Profit After Tax (PAT) of Rs. 333 Cr. in FY 2025-26 as against Rs. 357 Cr. in FY 2024-25. Overall production during the year was impacted due to an early and extended monsoon affecting certain products, along with major maintenance activities undertaken in the first half of the year. These planned maintenance initiatives are expected to strengthen operational efficiency and support future growth.

A detailed overview of the Company's business performance is presented in the Management Discussion and Analysis section of this Annual Report. Further highlights on the Company's operations and key developments are also provided under the Corporate Snapshot section..

ii) Consolidated Financial Statements:

Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 and rules framed thereunder ('Act') read with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 ("Listing Regulations"), the Company has prepared Consolidated Financial Statements of the Company and its Associates, namely ReNew Green (GJS Three) Private Limited and Pro-Zeal Green Power Ten Private Limited, which forms part of the Annual Report 2025-26.

The aforesaid Financial Statements are available on the Website of the Company at www.epigral.com.

iii) Change in Nature of Business, if any:

There has been no change in the nature of business of the Company during the financial year under review. The overall business profile and operational focus of the Company remain unchanged from the previous financial year.

RECOGNITIONS:

i. EcoVadis Silver Medal

During the financial year under review, the Company was awarded the 'EcoVadis Silver Medal' recognizing its strong performance in sustainability, ethics, environmental management, and responsible sourcing. This achievement reflects Company's continued commitment to ESG standards and continuous improvement across manufacturing operations.

ii. ISO – 27001 (Information Security Management System)

During the financial year under review, the Company was awarded ISO – 27001 (Information Security Management System) certification, affirming Company’s commitment towards safeguarding the confidentiality, integrity, and availability of information assets. This certification reflects the Company’s structured, risk-based approach to information security, supported by continuous risk assessments, system monitoring, and employee awareness initiatives.

iii. ISO – 37001 (Anti-Bribery Management System)

During the financial year under review, the Company was awarded ISO – 37001 (Anti-Bribery Management System), strengthening its commitment to ethical business practices and zero tolerance for bribery and corruption. The Company’s Anti-Bribery System is designed to prevent, identify, and respond to both the offering and acceptance of improper benefits through internal controls, due diligence, and ongoing employee training, which remain integral to Company’s operations.

iv. Responsible Care

During the financial year under review, the Company continued to maintain the Responsible Care (RC) logo certification for another term of three years, re-affirming Company’s commitment to continuous improvement in the safe management of chemicals and achieve excellence in Environmental, Health, Safety, and Security (EHS&S) performance.

SHARE CAPITAL:

Authorised Share Capital and Paid-Up Share Capital:

During the financial year under review, there has been no change in the Authorised Share Capital and Paid-Up Share Capital of the Company. The breakup of Share Capital is provided in Notes to Financial Statements for the Financial Year ended March 31, 2026.

DIVIDEND:

Final Dividend:

The Board of Directors is pleased to recommend a Final Dividend of ₹5.00 (50%) per Equity Share of ₹10/- each fully paid on 4,31,41,338 Equity Shares of the Company, subject to approval of the Shareholders at the ensuing Annual General Meeting of the Company.

The Final Dividend recommended, shall be paid to the Shareholders, within statutory time limit, whose name appears in the Register of Members, as on the Record Date i.e. June 01, 2026.

The Final Dividend recommended by the Board is in line with the Company’s Dividend Distribution Policy and reflects a balanced approach, taking into account the Company’s financial performance, cash flows, future capital requirements, growth plans, and overall economic conditions.

The total Dividend declared/recommended during the Financial Year ended March 31, 2026 aggregates to ₹21.57 Crores. The Dividend Payout Ratio for the Financial Year ended March 31, 2026 stood at 6.48%.

The Dividend Distribution Policy, in terms of Regulation 43A of the Listing Regulations, is available on the Website of the Company at https://epigral.com/governance-policies-compliances.

Unclaimed Dividend:

As of March 31, 2026, an amount of ₹0.07 Crores pertaining to Unclaimed Dividend remains outstanding and is held in the Company’s Unpaid Dividend Accounts in accordance with the applicable provisions of the Act.

In line with the Company’s commitment to transparency and to facilitate shareholders in claiming their unpaid dividends, a statement containing the relevant details has been made available on the Company’s Website at www.epigral.com under the ‘Investors’ section. The statement includes the names of the concerned Shareholders, their Depository Participant (DP) IDs/Client IDs, number of Shares held, and the corresponding Unclaimed Dividend Amounts. Shareholders are encouraged to verify their details and initiate the necessary steps to claim their outstanding dividends in a timely manner.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

Save and except as disclosed elsewhere in the Annual Report 2025–26, there have been no material changes or commitments affecting the financial position of the Company that have occurred between the close of the Financial Year ended March 31, 2026 and the date of this Board’s Report, i.e. May 02, 2026.

CAPITAL EXPENDITURE

During the financial year under review, Capital Expenditure (including Intangible Assets) stood at ₹394.15 Crores as on March 31, 2026 (₹194.69 Crores as on March 31, 2025). Your Company manages Cash

STATUTORY REPORT

and Cash Flow processes assiduously, involving all parts of the Business. There was Cash and Bank balance of ₹5.02 Crores as on March 31, 2026 (₹18.64 Crores as on March 31, 2025).

AMOUNT TO BE TRANSFERRED TO RESERVES:

The Board of Directors after taking into account the Company's financial position, liquidity requirements and future business plans, proposed not to transfer any profits to the Reserves of the Company.

DEPOSITS:

During the financial year under review, your Company has not accepted any amount as Public Deposits within the meaning of provisions of Chapter V – Acceptance of Deposits by Companies of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.

FINANCE:

Your Company with an objective of meeting its working capital requirements, operational needs, expansion initiatives, and new project plans, has availed financial facilities from banks and/or a consortium of banks. These borrowings have been undertaken in the ordinary course of business to ensure adequate liquidity and to support the Company's growth strategy and capital expenditure plans.

The particulars of such financial facilities, including the nature and amount thereof, are set out in the relevant Notes to the Financial Statements for the Financial Year ended March 31, 2026.

CREDIT RATING:

The Company's Bank Facilities aggregating to ₹1050 Crores were assigned a Long-Term Rating of "CRISIL AA/Stable" and a Short-Term Rating of "CRISIL A1+" by CRISIL Limited (Credit Rating Agency).

The Ratings not only reflect the Company's credit profile, financial strength, and debt-servicing capability, but also signify its ability to meet financial obligations in a timely manner, taking into account the Company's operational performance and prudent financial management.

DISCLOSURE RELATING TO SUBSIDIARIES, ASSOCIATES:

The Company has two Associates, namely ReNew Green (GJS Three) Private Limited and Pro-Zeal Green Power Ten Private Limited, which have been incorporated with the objective of establishing Wind Solar Hybrid Power Plant of ~18.34 MW and 19.80 MW, respectively, for the Company's Captive Consumption. These initiatives are aligned with the Company's commitment to sustainability by promoting the use of renewable energy, reducing carbon emissions, and reinforcing its focus on environmental responsibility and sustainable development.

A separate Statement containing the salient features of Financial Statement of Subsidiaries, Associates and Joint Ventures in 'Form No. AOC-1' forms part of the Annual Report 2025-26.

As required under Regulations 16(1)(c) and 46 of the Listing Regulations, the Board of Directors have approved the Policy for determining Material Subsidiaries. The details of the Policy are available on the Company's Website at https://epigral.com/governance-policies-compliances.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The particulars of Investments. Guarantees, etc. made by the Company during the financial year under review, which are covered under the provisions of Section 186 of the Act, are disclosed in the relevant Notes to the Financial Statements for the Financial Year ended March 31, 2026.

All such transactions have been undertaken in compliance with the applicable statutory provisions, and within the limits approved by the Board and/or Shareholders of the Company.

MERGERS AND ACQUISITIONS:

During the financial year under review, the Company did not undertake any mergers, amalgamations, acquisitions, takeovers, or restructuring transactions. There were no strategic investments resulting in acquisition of control, business transfers, or consolidation of entities.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

i. Regularization of Director:

In accordance with the provisions of Section 149, 152 and other applicable provisions read with Schedule IV to the Act and applicable Listing Regulations and approval of the Shareholders obtained through Postal Ballot process, appointment of Ms. Priyanka Agarwal Chopra (DIN: 10011547) was regularized as a Non-Executive Independent Woman Director of the Company effective from February 28, 2025 for a term of 5 years, not liable to retire by rotation.

ii. Directors to retire by Rotation:

In accordance with the provisions of Section 152 of the Act and the Articles of Association of your Company, Mr. Ankit Patel (DIN - 02180007) and Mr. Karana Patel (DIN - 01727321), retires by rotation at the ensuing Annual General Meeting and being eligible have offered themselves for re-appointment.

The details of the Directors to be re-appointed as required under the provisions of the Act and the Listing Regulations are provided in the Notice convening the ensuing Annual General Meeting.

iii. Declaration by Independent Directors:

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed under the provisions of Section 149(6) of the Act read with Schedules & Rules issued thereunder as well as Regulation 16 of the Listing Regulations.

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

iv. Key Managerial Personnel (KMP):

During the year under review, Mr. Sanjay Jain tendered his resignation from the position of Chief Financial Officer of the Company with effect from September 30, 2025. The Board of Directors placed on record its appreciation for his contributions and services rendered during his tenure.

Subsequently, the vacancy arising from his resignation was filled by the appointment of Mr. Rakesh Agrawal as Chief Financial Officer of the Company with effect from November 10, 2025, in accordance with the applicable provisions of law and the Company's policies.

Further, pursuant to Section 2 (51) and Section 203 of the Act, the following executives have been designated as Key Managerial Personnel (KMP) of the Company.

1. Mr. Maulik Patel	- Chairman & Managing Director
2. Mr. Kaushal Soparkar	- Executive Director
3. Mr. Rakesh Agrawal	- Chief Finance Officer
4. Mr. Gaurang Trivedi	- Company Secretary

In the opinion of the Board, all the Directors and Key Managerial Personnel, as well as the Directors proposed to be re-appointed possess the requisite

qualifications, experience, expertise and hold high standards of integrity and relevant proficiency.

v. Re-Appointment of Non-Executive Independent Directors:

The present term of Mr. Kanubhai Patel (DIN: 00008395), Mr. Sanjay Asher (DIN: 00008221) and Mr. Raju Swamy (DIN: 03032679) as Non-Executive Independent Directors expires on May 19, 2026. Accordingly, on the recommendation of the Nomination and Remuneration Committee and the Board of Directors of the Company, a Postal Ballot process has been initiated for obtaining Shareholders approval by issue of Postal Ballot Notice dated April 16, 2026 for passing of special resolution for re-appointment of Mr. Kanubhai Patel (DIN: 00008395), Mr. Sanjay Asher (DIN: 00008221) and Mr. Raju Swamy (DIN: 03032679) as Non-Executive Independent Directors for a Second Term of 5 years w.e.f. May 20, 2026, the e-voting for which has commenced on Monday, April 20, 2026 at 9.00 a.m. and concludes on Tuesday, May 19, 2026 at 5.00 p.m. Based on the Scrutinizer's Report, the resolutions, if approved by the requisite majority, shall be deemed to have been passed on the last date of remote e-voting i.e. Tuesday, May 19, 2026.

MEETINGS OF THE BOARD:

During the year, four (4) Board meetings were convened and held on May 05, 2025, August 02, 2025, November 10, 2025 and January 30, 2026, respectively, in respect of which meetings proper notices were given and the proceedings were properly recorded and signed.

DIRECTORS' RESPONSIBILITY STATEMENT:

In pursuance of Section 134(5) of the Companies Act, 2013 read with the rules made there under, including any enactment or re-enactment thereon, the Directors hereby confirm that:

a) In the preparation of the Annual Accounts for the Financial Year ended on March 31, 2026, the applicable Accounting Standards had been followed along with proper explanation relating to material departures;

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 for Financial Year ended March 31, 2026 and of the Profit of the Company for the period ended on March 31, 2026;

c) The Directors had 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;

d) The Directors had prepared the Annual Accounts on a going concern basis;

e) The Directors had laid down Internal Financial Controls ('IFC') and that such Internal Financial Controls are adequate and were operating effectively;

f) The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS:

During the financial year under review, the Company conducted Familiarization Programmes for its Independent Directors in accordance with the requirements of the Act and the Listing Regulations. These programmes are designed to apprise the Independent Directors about the Company's business operations, industry dynamics, regulatory environment, risk management framework, internal control systems and other relevant aspects.

The details of the Familiarization Programmes are given in the Corporate Governance Report and are also posted on the Website of the Company at https://epigral.com/governance-policies-compliances.

BOARD PERFORMANCE EVALUATION:

Pursuant to the provisions of the Act and Regulation 17 of the Listing Regulations, the Board of Directors has undertaken an annual evaluation of its own performance, as well as that of its Statutory Committees, namely the Audit Committee, Stakeholders' Relationship Committee, Nomination and Remuneration Committee, Corporate Social Responsibility Committee, and Risk Management Committee, in addition to the performance of the Individual Directors.

For this purpose, a structured evaluation framework and questionnaire were adopted, covering key aspects of the Board's functioning, including the adequacy of its composition and that of its Committees, effectiveness of Board processes, quality of deliberations, Board culture, governance standards, and the discharge of specific roles, responsibilities, and fiduciary obligations.

A separate evaluation was carried out to assess the performance of Individual Directors based on defined parameters such as participation and contribution in meetings, preparedness, independence of judgment, adherence to ethical standards, and their role in safeguarding the interests of the Company and its minority shareholders. The Board also evaluated the performance of the Independent Directors.

In compliance with the requirements of the Act and the SEBI Listing Regulations, a separate meeting of the Independent Directors was convened, wherein they evaluated the performance of the Chairman, the Non-Independent Directors, and the Board as a whole. The Independent Directors also assessed the adequacy, quality, and timeliness of the flow of information between the Management and the Board to ensure effective decision-making and governance oversight.

The Directors expressed satisfaction with the overall evaluation process and the outcomes thereof, noting that the process was comprehensive, objective, and constructive.

REMUNERATION POLICY:

Based on the recommendation of the Nomination and Remuneration Committee [constituted in accordance with the provisions of Section 178 of the Act and Regulation 19 of the Listing Regulations], the Board has approved a Policy laying down the criteria for appointment, evaluation, and remuneration of Directors and Senior Management personnel. The Policy, inter alia, sets out the principles for determining qualifications, positive attributes, independence of Directors, and a framework for remuneration. A summary of the Policy is provided in the Corporate Governance Report and the complete Policy is available on the Company's Website at https://epigral.com/governance-policies-compliances. The composition, terms of reference, and other relevant details of the Nomination and Remuneration Committee are set out in the Corporate Governance Report forming part of the Annual Report 2025-26.

Non-Executive Independent Directors are paid sitting fees for attending each meeting of the Board and/or Committee of the Board, approved by the Board of Directors within the overall ceilings prescribed under the Companies Act, 2013 and Rules framed thereunder.

All the Executive Directors (i.e. Chairman/Managing Director/Whole-time Director) are paid remuneration as mutually agreed between the Company within the overall limits prescribed under the Companies Act, 2013.

In determining the remuneration of the Executive Directors, the Nomination and Remuneration Committee ensures / considers the following:

The remuneration is divided into two components viz. fixed component comprising salaries, perquisites and retirement benefits and a variable component comprising performance bonus;
The remuneration including annual increment and performance bonus is decided based on the criticality of the roles and responsibilities, the Company's performance vis-à-vis the annual budget achievement, individual's performance vis-à-vis Key Result Areas (KRAs) / Key Performance Indicators (KPIs), industry benchmark and current compensation trends in the market.

COMMITTEES OF THE BOARD:

Currently, the Company has 5 (five) Statutory Board Level Committees viz. Audit Committee ('AC'), Stakeholders Relationship Committee ('SRC'), Nomination and Remuneration Committee ('NRC'), Corporate Social Responsibility Committee ('CSR') and Risk Management Committee ('RMC'). The composition of the above committees, as on March 31, 2026, is provided in Corporate Governance Report, which forms part of the Annual Report 2025-26.

Audit Committee:

The Company has constituted an Audit Committee in accordance with the provisions of Section 177 of the Act and Regulation 18 of the Listing Regulations. The primary objective of the Committee is to oversee and supervise the financial reporting process of the Company, ensuring that financial statements are accurate, complete, and prepared in a timely manner. The Committee also seeks to uphold the highest standards of transparency, integrity, and quality in financial reporting and internal controls.

The composition, terms of reference, and other relevant details of the Audit Committee are set out in the Corporate Governance Report forming part of the Annual Report 2025-26.

Risk Management Committee:

The Company has constituted a Risk Management Committee in accordance with the requirements of Regulation 21 of the Listing Regulations. The Committee follows a structured risk management framework comprising risk identification, evaluation and prioritization, formulation of mitigation plans, monitoring, and documentation of emerging risks. This systematic approach enables proactive management of risks and supports informed decision-making.

The Committee reviews identified risks on a rotational basis, in line with the approved risk management plan, to evaluate the effectiveness of the mitigation measures implemented and to assess their impact on the Company's overall risk exposure. Through periodic reviews and oversight, the Committee ensures that risk management practices remain robust, responsive, and aligned with the Company's evolving business environment.

The composition, terms of reference, and other relevant details of the Risk Management Committee are set out in the Corporate Governance Report forming part of the Annual Report 2025-26.

Corporate Social Responsibility Committee:

As per the provision of Section 135 read with Schedule VII of the Act and the Companies (Corporate Social Responsibility Policy) Rules 2014, the Company has constituted Corporate Social Responsibility (CSR) Committee and formulated Corporate Social Responsibility Policy (CSR Policy). This policy is accessible to all stakeholders on the Company's Website at https://epigral.com/governance-policies-compliances, ensuring transparency and accessibility of the Company's responsibilities towards society.

The Corporate Social Responsibility ("CSR") Committee plays a pivotal role in guiding and overseeing the Company's CSR initiatives. The primary responsibilities of the Committee include identifying and approving CSR projects and programmes to be undertaken by the Company, recommending the amount of expenditure to be incurred on such activities, and monitoring the implementation and impact of the CSR initiatives. The Committee also ensures that the CSR activities are aligned with the statutory requirements and the Company's broader sustainability objectives.

In line with the provisions of Section 135 and Schedule VII of the Act, the Company has identified and undertaken ongoing CSR projects in areas such as establishment and support of educational institutions, including skill development center; promotion of healthcare and preventive health measures; eradication of poverty; women empowerment initiatives; and other permissible activities as specified under Schedule VII of the Act. These initiatives reflect the Company's commitment to inclusive growth and sustainable community development.

The composition, terms of reference, and other relevant details of the CSR Committee are set out in the Corporate Governance Report forming part of the Annual Report 2025-26.

During the year under review, the Company has unspent CSR amount of Rs. 7.97 Crores which was transferred to Unspent CSR account FY2026 on April 30, 2026 in accordance with provisions of Section 135(6) of Companies Act, 2013, which will be utilized on defined ongoing CSR projects and in terms of CSR policies of the Company. A detailed Annual Report on CSR activities for the Financial Year ended March 31, 2026 prepared in accordance with Companies (Corporate Social Responsibility Policy) Rules, 2014 is appended as 'Annexure – A' to this report..

AUDITORS AND AUDITORS' REPORT:

Statutory Auditors:

M/s. S R B C & Co LLP, Chartered Accountants, Ahmedabad (Firm Regn. No. 324982E / E300003) were re-appointed as Statutory Auditors for the Second Term to hold office till the conclusion of 20th AGM to be held in 2027, subject to ratification of their appointment at every Annual General Meeting.

M/s. S R B C & Co LLP have confirmed their eligibility and qualification required under Section 139, 141 and other applicable provisions of the Act (including any statutory modification(s) or re-enactment(s) thereof for the time being in force).

The Notes to the Financial Statements referred in the Auditors' Report are self-explanatory.

There are no qualifications or reservations, or adverse remarks made by Statutory Auditors of the Company and therefore do not call for any comments under Section 134 of the Act. The Auditors' Report is attached with the Financial Statements in the Annual Report 2025-26.

Cost Auditors:

Pursuant to the provisions of Section 148 of the Act, M/s. K V Melwani & Associates (FRN - 100497), Cost Accountants were appointed as the Cost Auditors of the Company to conduct audit of the Company's Cost Accounting Records in respect of the products of the Company for the Financial Year 2025-26 at the remuneration of ₹2,75,000/- (Rupees Two Lakhs Seventy Five Thousand only) per annum plus Goods and Service Tax (GST) and out of pocket expenses.

Your Company has received consent from M/s. K V Melwani & Associates (FRN - 100497), Cost Accountants, to act as the Cost Auditors of your Company for the Financial Year 2026-27 along with a certificate confirming their independence. As per the provisions of the Act, a resolution seeking approval of the Shareholders ratifying remuneration payable to the Cost Auditors forms part of the Notice convening Annual General Meeting.

The Company has maintained the Cost accounts and records in accordance with Section 148 of the Act and Rules framed thereunder. The Cost Audit Report for the Financial Year 2024-25 was filed with the Ministry of Corporate Affairs on September 27, 2025.

Secretarial Auditors:

Pursuant to the provisions of Section 204 of the Act read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, your Company had engaged the services of M/s Shahs & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company for the Financial Year ended March 31, 2026. The Secretarial Audit Report in Form No. MR - 3 for the Financial Year ended March 31, 2026 is annexed to this report as 'Annexure - B'.

M/s Shahs & Associates, a peer reviewed firm has been appointed as Secretarial Auditors for five years starting from Financial Year ended March 31, 2026. A Resolution seeking their appointment was passed by the Shareholders at Annual General Meeting held on June 28, 2025.

Internal Auditor:

M/s. C N K Khandwala & Associates, Chartered Accountants was appointed as Internal Auditors for Financial Year 2025-26 to carry out the periodic audit as per the Scope of Work approved by the Audit Committee.

Frauds Reported by Auditors

During the year under review, the Statutory Auditors of the Company have not reported any instance of fraud committed in the Company by its officers or employees under Section 143(12) of the Act.

The Company maintains internal control systems, well-defined policies and procedures, and an effective internal audit mechanism to safeguard its assets and ensure the accuracy and reliability of its financial records. The absence of any reported fraud during the year indicates Company's effective internal controls, adherence to good governance and reflects the strength of the Company's governance framework, internal controls, and commitment to ethical business practices.

INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY:

The Company has in place adequate Internal Financial Controls with reference to Financial Statements. During the financial year, such controls were tested and no reportable material weakness in the design or operation of Internal Finance Control System was observed.

For all amendments to Accounting Standards and the new Standards notified, the Company carries out a detailed analysis and presents the impact on accounting policies, financial results including revised disclosures to the Audit Committee. The approach and changes in policies are also validated by the Statutory Auditors.

The Audit Committee periodically reviews the reports submitted by the Internal Auditors. Key findings, observations, and recommendations arising from internal audit reviews, along with the corrective actions taken by the Management, are presented to the Committee. The Audit Committee monitors the status of implementation of audit recommendations on a regular basis and escalates significant matters, if any, to the Board for its consideration.

In accordance with the relevant provisions of the Act, the Statutory Auditors have provided their opinion on the adequacy and operating effectiveness of the Company's Internal Financial Controls in their Audit Report forming part of Annual Report 2025-26.

RELATED PARTY TRANSACTIONS (RPT):

All Related Party Transactions entered into by the Company during the financial year were conducted in the ordinary course of business and on an arm's length basis. The Company has not entered into material transactions with related parties i.e., exceeding 10% or more of the turnover of the Company with related parties, which may have a potential conflict with the interest of the Company at large. Accordingly, there are no transactions required to be disclosed in Form AOC-2 pursuant to the provisions of the Act.

During the financial year, all Related Party Transactions were placed before the Audit Committee and were also reviewed by the Board, as applicable. Further, no material transactions with related party(ies) requiring shareholders' approval has been entered during the financial year under review. However, the Company, as and when required, will obtain Shareholders' approval for entering into such material transactions with related party(ies).

In compliance with Regulation 23 of the Listing Regulations, the Company has formulated a Policy on Materiality of Related Party Transactions and on dealing with Related Party Transactions. The Policy lays down the framework and guiding principles for identification, approval, and monitoring of such transactions and is available on the Company's Website at https://epigral.com/governance-policies-compliances.

VIGIL MECHANISM / WHISTLE BLOWER POLICY:

In accordance with the provisions of Section 177 of the Act and Regulation 22 of the Listing Regulations, the Company has established a Vigil Mechanism-cum-Whistle Blower Policy ("Policy").

The Policy provides a formal mechanism for Directors, Employees, and other Stakeholders to report genuine concerns, including instances of unethical conduct, suspected fraud, violations of the Company's Code of Conduct, or any other improper practices. The mechanism ensures that such concerns can be raised in a confidential and secure manner, without fear of retaliation or victimization. It also lays down procedures for receiving, reviewing, and addressing complaints in a fair and transparent manner, thereby reinforcing the Company's commitment to high standards of integrity, accountability, and ethical governance.

The Policy applies to all Directors and Employees of the Company and aims to foster a culture of openness and responsibility within the organization. The Vigil Mechanism-cum-Whistle Blower Policy is available on the Company's Website at https://epigral.com/governance-policies-compliances.

During the financial year under review, no complaints were received under the Policy by the Company, the Audit Committee, or the Board of Directors.

Further, no concerns were reported relating to unethical conduct, bribery or corruption, violation of the Company's Code of Conduct, or any other misconduct under the framework of the Policy.

PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:

In compliance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("POSH Act") and the rules framed thereunder, the Company has constituted an Internal Complaints Committee ("ICC") at its workplaces. The ICC is entrusted with the responsibility of receiving, investigating, and redressing complaints pertaining to sexual harassment of women at the workplace in a fair, impartial, and time-bound manner.

The Company is committed to providing a safe, secure, and inclusive working environment free from harassment and discrimination. It has adopted a Policy on Prevention of Sexual Harassment of Women at Workplace, which outlines the procedures for reporting complaints, conducting inquiries,

and ensuring protection against victimization or retaliation. Regular awareness initiatives are also undertaken to sensitize employees about their rights and responsibilities under the Act.

The Policy on Prevention of Sexual Harassment of Women at Workplace is available on the Company's website at https://epigral.com/governance-policies-compliances.

During the financial year under review, no complaints were received by the Internal Complaints Committee (ICC) under the provisions of the POSH Act. Further, no incidents of sexual harassment were reported at any of the Company's workplaces during the year.

COMPLIANCE WITH THE MATERNITY BENEFIT ACT, 1961:

Your Company confirms that it has complied with the applicable provisions of the Maternity Benefit Act, 1961 and the rules made thereunder during the financial year under review. Eligible women employees were provided maternity benefits in accordance with the provisions of the Act.

PARTICULARS OF EMPLOYEES:

Details of remuneration of Directors, KMPs and Employees as per Section 197 of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are annexed to this report as 'Annexure – C'. However, as per the provisions of Section 136 of the Act, the Annual Report 2025-26 is being sent to the Members and others entitled thereto, excluding the information on Employees' Remuneration particulars as required under Rule 5 (2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The disclosure is available for inspection by the Members at the Registered Office of your Company during business hours on all working days (except Saturday) of the Company up to the date of the ensuing AGM. Any Member interested in obtaining a copy thereof, may write to the Company Secretary of the Company.

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

The information pertaining to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo as required under Section 134(3)(m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is annexed to this report as 'Annexure - D'.

RESEARCH AND DEVELOPMENT:

Located in Changodar, Ahmedabad, the Company's Research and Development (R&D) Centre serves as a key driver of innovation and technological advancement in the specialty chemicals sector. The Centre plays a strategic role in strengthening the Company's product portfolio, enhancing process efficiencies, and supporting sustainable growth initiatives.

Equipped with state-of-the-art laboratories, advanced analytical instruments, and modern pilot-scale facilities, the R&D Centre is staffed by a dedicated team of experienced scientists and researchers. The team focuses on the development of new molecules, advanced specialty intermediates, and value-added chemical solutions, while also working on process optimization, cost efficiencies, and environmentally responsible technologies. Through continuous innovation and research, the Centre contributes to the Company's competitive positioning and long-term growth strategy. The Company's R & D has been recognized by the Department of Scientific and Industrial Research (DSIR) and Ministry of Science & Technology.

SIGNIFICANT OR MATERIAL ORDERS PASSED BY THE AUTHORITY:

No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status of the Company and its future operations.

CORPORATE GOVERNANCE:

At the heart of effective corporate governance are the core values that guide the Company's actions and decision-making. The four pillars of the Company's value system - Together, Caring For, Agile, and Making It Happen - serve as the foundation for its culture and business practices. These values shape the way the Company conducts its operations, engages with stakeholders, and pursues its strategic objectives.

Corporate Governance, in its true sense, represents a harmonious integration of sound business practices and ethical principles. It encompasses accountability, responsibility, fairness, transparency, robust risk management, and sustainability. By embedding these principles into its governance framework, the Company not only strengthens organizational performance and long-term growth but also fosters trust, confidence, and enduring relationships with its stakeholders and shareholders.

In accordance with Regulation 34 read with Schedule V of the Listing Regulations, we have included a Report on Corporate Governance forming part of the Annual Report 2025-26 along with the Certificate from Practicing Company Secretary confirming the compliance with the conditions of Corporate Governance.

MANAGEMENT DISCUSSION AND ANALYSIS:

Pursuant to Regulation 34(2)(e) of the Listing Regulations, the Management Discussion and Analysis Report for the year under review is presented in a dedicated section of the Annual Report 2025-26. The Report provides an overview of the Company's performance, industry developments, risks and opportunities, financial results, and future outlook.

ANNUAL RETURN:

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on March 31, 2026 of the Company, is available on Company's Website and can be accessed, at https://epigral.com/governance-policies-compliances.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT:

In compliance with Regulation 34(2)(f) of the Listing Regulations, the Business Responsibility and Sustainability Report ("BRSR") forms an integral part of the Annual Report 2025-26. The BRSR outlines the Company's key Environmental, Social and Governance (ESG) initiatives and its commitment to sustainable and responsible business practices.

CEO/ CFO CERTIFICATION:

In compliance with Regulation 17(8) of the Listing Regulations, a Certificate from Chairman & Managing Director and Chief Financial Officer of the Company ('Annexure - E') to the Board of Directors as specified in Part B of Schedule II of the Listing Regulations forms part of the Annual Report 2025-26.

INSURANCE:

The Company's Plant, Property, Equipment and Stocks are adequately insured under the Industrial All Risk (IAR) Policy. The Company has insurance coverage for Product and Public Liability and Commercial General Liability. It also maintains various other types of insurance, such as Directors' and Officers' Liability Policy, Transit and Marine Policy, Employee Benefit Insurance Policies, etc. The Company covers the properties on full sum insured basis on replacement value. The scope of coverage, insurance premiums, policy limits and deductibles are in line with the size of the Company and its nature of business.

ENVIRONMENT, HEALTH AND SAFETY:

Environment:

As a responsible corporate citizen and a manufacturer in the chemicals sector, environmental protection and safety remain paramount priorities for the Company. The Company is committed to strict adherence to all applicable environmental laws and pollution control norms and continuously endeavors to not only comply with statutory requirements but also to adopt best environmental practices.

The Company continuously undertakes initiatives to develop and implement safer process technologies, optimized unit operations, and sustainable systems, thereby strengthening its risk management framework and fostering long-term, sustainable value creation for all stakeholders.

To achieve its commitment to sustainability, the Company has constituted an internal Environment, Social and Governance (ESG) Committee to guide, monitor, and review ESG initiatives and performance. A detailed section on ESG initiatives and performance forms part of the Annual Report for the financial year 2025-26.

Health and Safety:

Health and safety remain a priority for Company's manufacturing operations. Your Company operate under Process Safety Management systems, supported by regular HAZOP studies, risk assessments, and compliance audits to mitigate operational risks. Regular training programs and emergency response drills promote a strong safety culture and preparedness across the site. Through governance and continuous improvement, your Company remain committed to the goal of zero harm and safe, responsible operations.

INDUSTRIAL RELATIONS:

During the year under review, the Company continued to maintain cordial and harmonious industrial relations across all its units and establishments. The relationship between the Management, workmen, and staff remained positive, constructive, and built on mutual trust and respect. Open communication channels, employee engagement initiatives, and a

collaborative work culture contributed to maintaining a stable and productive work environment throughout the year.

DETAILS OF NODAL OFFICER:

In accordance with Rule 7(2A) of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, the detail of Dy. Nodal Officer of the Company, for the purpose of coordination with Investor Education and Protection Fund (IEPF) Authority is as under:

Name:	Mr. Gaurang Trivedi
Designation:	Company Secretary and Compliance Officer
Postal Address:	“Epigral Tower”, B/h Safal Profitaire, Corporate Road, Prahladnagar, Ahmedabad - 380 015, Gujarat.
Telephone No.:	+91 79 7176 1000
E-mail ID:	[email protected]

The Company has also displayed the above details of Dy. Nodal Officer at its Website at www.epigral.com.

OTHER DISCLOSURES AND INFORMATION:

(A) Secretarial Standards:

During the year under review, the Company is in Compliance with the Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI) on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2).

The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India and approved by the Central Government under Section 118(10) of the Act.

(B) Annual Listing Fee:

The Company shares are listed with National Stock Exchange of India Limited and BSE Limited and listing fees was paid to both the Stock Exchanges.

(C) No One Time Settlement:

There was no instance of one-time settlement with any Bank or Financial Institution.

ACKNOWLEDGMENT:

Your Directors thank the various Central and State Government Departments, Organizations and Agencies for the continued help and co-operation extended by them. The Directors also gratefully acknowledge all Stakeholders of the Company viz. Customers, Members, Dealers, Vendors, Banks and other Business Partners for the excellent support received from them during the year. The Directors place on record unstinted commitment and continued contribution of the Employee to the Company.

By Order of the Board

For Epigral Limited

Date: May 02, 2026

Place: Ahmedabad

Maulik Patel

(DIN - 020006947)

ANNEXURE - A

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY

[Pursuant to Section 134(3)(o) of the Companies Act, 2013 and Rule 8 of the Companies (Corporate Social Responsibility) Rules, 2014]

1. Brief outline on CSR Policy of the Company:

Corporate Social Responsibility (CSR) reflects the Company's commitment to fostering inclusive growth and creating value for society. The Company endeavors to empower communities by supporting initiatives in the areas of education, healthcare, and skill development, with a view to building a sustainable and equitable future.

Guided by this philosophy, the Company has formulated a comprehensive CSR Policy to undertake structured and development initiatives. The focus areas under the Policy include skill enhancement and livelihood generation, environmental sustainability, women empowerment, promotion of gender equality, preventive healthcare, sanitation, and advancement of education, among other socially relevant programs. Through these initiatives, the Company aims to contribute meaningfully to the socio-economic development of the communities in which it operates.

The Company's CSR activities are undertaken through Meghmani Foundation and other Trust, Foundations and Section 8 Companies and are compliant with CSR requirements as prescribed under Companies Act, 2013 (the 'Act') read with Schedule VII of the Act and rules framed thereunder.

2. Composition of CSR Committee:

Sr. No	Name of Director	Designation / Nature of Directorship	No. of Meetings held	No. of Meetings attended
1	Mr. Manubhai Patel	Chairman - Independent Director	1	1
2	Mr. Maulik Patel	Member - Chairman & Managing Director	1	1
3	Mr. Kaushal Soparkar	Member - Executive Director	1	1

3. Provide the web-link where Composition of CSR Committee, CSR Policy and CSR Projects approved by the Board are disclosed on the website of the Company:

https://epigral.com/corporate-social-responsibility/

4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014, if applicable:

Not applicable.

5. (a) Average net profit of the Company as per Section 135(5): Rs. 449.42 Crores

(b) Two percent of average net profit of the Company as per Section 135(5): Rs. 8.99 Crores
(c) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil
(d) Amount required to be set off for the financial year, if any: Nil
(e) Total CSR obligation for the financial year (b + c - d): Rs.8.99 Crores

6. (a) Amount spent on CSR Projects (both Ongoing Project and other then Ongoing Project): Rs. 1.02 Crores

(b) Amount spent in Administrative Overheads: Nil
(c) Amount spent in Impact Assessment, if applicable: Nil
(d) Total amount spent for F.Y. 2025-26 (a + b + c): Rs.1.02 Crores

(e) CSR amount spent or unspent for the F.Y. 2025-2026

(Rs. In Crs.)

Total amount spent for F.Y. 2025-26	Amount Unspent
	Total amount transferred to unspent CSR account as per Section 135(6)		Amount transferred to any fund specified under Schedule VII as per second provision to section 135(5)
	Amount	Date of transfer	Name of Fund	Amount	Date of transfer
1.02	7.97	30.04.2026	-	-	-

(f) Excess amount for set off, if any: NIL

Details of unspent CSR amount for the preceding three Financial Year:

(Rs. In Crs.)

Sr. No.	Preceding Financial Year(s)	Amount transferred to Unspent CSR Account under Section 135 (6)	Balance Amount in Unspent CSR Account under Section 135 (6)	Amount spent in the Reporting financial Year	Amount transferred to any fund specified under Schedule VII as per Section 135(6), if any		Amount remaining to be spent in succeeding Financial Years	Deficiency, if any.
					Amount	Date of Transfer
1.	2022-23	3.13	0	3.13	0	-	0	0
2.	2023-24	0.37	0.37	0	0	-	0.37	0
3.	2024-25	0	0	0	0	-	0	0

Note:
The Company has identified Skill development cum educational project which will be carried out through Meghmani Foundation, a section 8 Company. In this direction, Meghmani Foundation has identified the land and Banakhat was executed on April 03, 2025 to acquire required land to carry out above said project. Accordingly, the amount transferred to unspent CSR account of the Company has been / shall be utilized by Meghmani Foundation for the projects as specified above.

Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in the F. Y. 2025-2026: Nil
Specify the reason(s), if the Company has failed to spend two percent of the average net profit as per Section 135(5):

The Company has identified a Skill Development-cum-Educational Project [to be established at Dheny, Bharuch] to be undertaken through Meghmani Foundation, a Section 8 Company, in accordance with the provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014. In furtherance of the said project, Meghmani Foundation has identified the requisite land and executed a Banakhat on April 03, 2025 for acquisition thereof. Necessary statutory approvals, regulatory compliances, and pre-construction activities are currently in progress, and the CSR funds shall be utilized in a phased manner upon commencement of construction activities.

Accordingly, the Company could not spend an amount of Rs. 7.97 Crores during the financial year and in compliance with the applicable provisions of the Companies Act, 2013, the unspent CSR amount has been transferred to the Unspent CSR Account on April 30, 2026 and shall be utilized towards the aforesaid ongoing project and/or other CSR projects approved by the Board / Committee and covered under Schedule VII of the Companies Act, 2013, within the prescribed timelines.

Maulik Patel
Chairman & Managing Director
(DIN: 02006947)

Manubhai Patel
Chairman CSR Committee
(DIN: 00132045)

ANNEXURE B

Shahs & Associates

Company Secretaries

Email: [email protected]
[email protected]

Ph: +91-79-26423700 / 40040708

M: +91-9428016200, 9327992688

305, Hrishikesh-II,

Opp. Municipal School,

Nr. Navrangpura Bus Stand,

Navrangpura, Ahmedabad-380 009

FORM NO. MR-3

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED ON 31.03.2026

[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies

(Appointment and Remuneration Personnel) Rules, 2014]

To,

The Members,

EPIGRAL TOWER, B/H Safal Profitaire,

Corporate Road, Prahladnagar,

Ahmedabad, Gujarat, India, 380015

Dear Sirs,

We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate practices of EPIGRAL LIMITED CIN L24100GJ2007PLC051717 (hereinafter called the Company). The Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/ statutory compliances and expressing our opinion thereon. It is further stated that we have also relied up on the scanned documents and other papers in digital/ electronic mode, explanation and representations made/ submitted to us by the official of the Company for the financial year ended on March 31, 2026.

Based on our verification of the Company's books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided in digital/ electronic mode by the Company, its officers, agents and authorized representatives during the conduct of Secretarial Audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on March 31, 2026 ("Audit Period"), complied with the statutory provisions listed hereunder and also that the Company has proper Board processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter.

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on 31st March, 2026 according to the provisions of:

The Companies Act, 2013 (the Act), as amended till date and the Rules made there under;
The Securities Contracts (Regulation) Act, 1956 ('SCRA'), as amended till date and the Rules made there under;
The Depositories Act, 1996, as amended till date and the Regulations and bye-laws framed there under;
Foreign Exchange Management Act, 1999. as amended till date and the Rules and Regulations made there under to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 ('SEBI Act')

(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as lastly amended on December 05, 2025;

(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, as lastly amended on March 12, 2025;

(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2009; as lastly amended on March 21, 2026;

(d) Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021; as lastly amended on December 04, 2025; (Not Applicable during the Audit Period);

(e) Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations 2021; as lastly amended on January 21, 2026 (Not Applicable during the Audit Period);
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 2025;
(g) Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021; as lastly amended on September 03, 2025 (Not Applicable during the Audit Period); and
(h) Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018; as lastly amended on November 28, 2024 (Not Applicable during the Audit Period);

The other laws, as informed and certified by the Management of the Company, which are specifically applicable to the Company based on the industry are as listed in Annexure – I and we report that based on the examination of the relevant documents and records, and as certified by the Management, prime facie it appears that the proper system exist in the Company to confirm compliance of the applicable laws.

We have also examined compliance with the applicable clauses of the followings:

i. The Listing Agreements entered into by the Company with Stock Exchanges.
ii. Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations 2015, as amended till date.
iii. Secretarial Standards (SS-1 & SS-2) issued by the Institute of Company Secretaries of India, as amended till date.

During the period under review, the Company has complied with the provisions of the Act,

Rules, Regulations, Guidelines, Standards, etc. mentioned above.

We further report that;

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors, Woman Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.

Adequate notice is given to all Directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

Board decisions are carried out with unanimous consent and therefore, no dissenting views were required to be captured and recorded as part of the minutes.

We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

We further report that during the audit period, there were no instances (other than as specified in this report) of:

(1) Public / Rights / Preferential issue of Shares / Debentures / Sweat Equity
(2) Redemption/Buy Back of Securities.
(3) Major decisions taken by the members in pursuance to Section 180 of the Companies Act, 2013.
(4) Foreign Technical Collaborations.
(5) Merger / Amalgamation / Reconstruction etc.

Place: Ahmedabad
Date: May 02, 2026

For, SHAHS & ASSOCIATES
Company Secretaries

Kaushik Shah
Partner
FCS No 2420 CP No 1414
UDIN: F002420H000238788
Peer Review No. 6839/2025
UI No. P2012GJ0286000

Note: This report is to be read with our letter of even date which is annexed as Annexure-II and forms an integral part of this report.

Annexure- "I"

Environment Protection Act, 1986 & Other Environmental Laws
Central Goods and Services Tax Act, 2017
Industries Development And Regulations Act, 1951
Boilers Act, 1923 & Indian Boiler Regulations, 1950
Explosives Act, 1884 and Explosives Rules, 2008 - Poison Act, 1919
Income Tax Act, 1961
The Gujarat State Professional Tax Act, 1976
Negotiable Instruments Act, 1881
Code on Wages, 2019 [Replaced Payment of Wages Act, Minimum Wages Act, Payment of Bonus Act, etc.]
Industrial Relations Code, 2020
Code on Social Security, 2020
Occupational Safety, Health and Working Conditions Code, 2020
The Apprentice Act, 1961
Child and Adolescent Labour (Prohibition & Regulation) Act, 1986 & Rules
Indian Stamp Act, 1899
The Foreign Trade (Development and Regulation) Act, 1992
Customs Act, 1962
The Trademarks Act, 1999
Petroleum Act, 1934 & Petroleum Rules, 2002
Ozone Depleting Substances (Regulation & Control) Rules, 2000

Place: Ahmedabad

Date: May 02, 2026

For, SHAHS & ASSOCIATES

Company Secretaries

Kaushik Shah

Partner

FCS No 2420 CP No 1414

UDIN: F002420H000238788

Peer Review No. 6839/2025

UI No. P2012GJ0286000

Annexure "II"

To,
The Members,
EPIGRAL LIMITED
EPIGRAL TOWER, B/H Safal Profitaire,
Corporate Road, Prahladnagar,
Ahmedabad, Gujarat, India, 380015

Based on audit, our responsibility is to express an opinion on the compliance with the applicable laws and maintenance of records by the Company. We conducted our audit in accordance with the auditing standards CSAS 1 to CSAS 4 ("CSAS") prescribed by the Institute of Company Secretaries of India ("ICSI"). These standards require that the auditor complies with statutory and regulatory requirements and plans and performs the audit to obtain reasonable assurance about compliance with applicable laws and maintenance of records.

Due to the inherent limitations of an audit including internal, financial and operating controls, there is an unavoidable risk that some misstatements or material non-compliances may not be detected, even though the audit is properly planned and performed in accordance with the CSAS. Our Report of even date is to be read along with this letter:

a. Maintenance of Secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit.
b. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion.
c. We have not verified the correctness and appropriateness of the financial statement of the Company.
d. The compliance of the provisions of the Corporate and other applicable laws, rules, regulation, standards is the responsibility of the management.
e. Where ever required, we have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc.
f. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.

Place: Ahmedabad
Date: May 02, 2026

For, SHAHS & ASSOCIATES
Company Secretaries

Kaushik Shah
Partner
FCS No 2420 CP No 1414
UDIN: F002420H000238788
Peer Review No. 6839/2025
UI No. P2012GJ0286000

ANNEXURE - C

STATEMENT OF DISCLOSURE OF REMUNERATION

[Pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

i. The ratio of the remuneration of each Working Director to the median remuneration of the employees of the Company:

Sr. No	Name	Ratio to median remuneration	% increase in remuneration
1	Mr. Maulik Patel, Chairman & Managing Director	21.09	-
2	Mr. Kaushal Soparkar, Executive Director	21.09	-

ii. the percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any, (other than directors identified as KMP) in the financial year 2026: 13.5%

Note:

The Independent Directors of the Company are entitled for sitting fees as per the statutory provisions and are within the prescribed limits. The details of sitting fees paid to independent directors are provided in the Corporate Governance Report that forms part of this Annual Report. The ratio of remuneration and percentage increase for Independent Directors Remuneration is therefore not considered for the purpose above.
Performance Bonus distributed among Executive Directors which is decided on yearly basis, based on performance of the Company, is excluded. Performance Bonus for F.Y. 2025-26 is Rs. 11 Crores.
The Non-Executive Non-Independent Directors are neither paid any remuneration nor any sitting fees.

iii. Percentage increase in the median remuneration of employees in the financial year 2025-2026: 9.86%

iv. Number of permanent employees on the rolls of the Company as on March 31, 2026: 1140

v. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstance for increase in managerial remuneration:

Average percentile increase in remuneration of employees other than managerial personnel was 10.44% and average increase in remuneration of managerial personnel* was around 13.50%.

*remuneration of CFO & CS is only considered.

vi. The key parameters for any variable component of remuneration availed by the Executive Directors are considered by the Board of Directors as per the Remuneration Policy of the Company.

vii. It is affirmed that the Remuneration paid is as per the Remuneration Policy of the Company.

For and on behalf of the Board

Epigral Limited

Maulik Patel

(DIN - 02006947)

ANNEXURE - D

CONSERVATION OF ENRGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

[A] Conservation of Energy:

| 1 | The steps taken / impact on conservation of energy: | During the year, following steps were taken to reduce energy consumption and CO2 emission.
Reduced Power Consumption:
• by optimizing pump operations on account of steam recovery in ECH Plant.
• by optimization of power consumption on account of re-membraning.
• by optimization of Nitrogen from 138 Nm3/MT to 72 Nm3/MT consumption in CPVC plant.
• by optimizing operations of Boilers.
• by optimizing Air and Nitrogen consumption on account of header study and leakage arresting.
• by optimizing pumps operation on account of base frame renovation across all the pumps in CA and Utility section.
• by optimization of CW System in CA Process
• by optimizing screw air compressor ducting in CPVC
• by reinsulating in high temperature zone areas.
Reduced Steam Consumption:
• By Steam recovery in ECH Plant.- |
| --- | --- | --- |
| B | The steps taken by the Company for utilising Alternate Sources of Energy: | The Company commissioned an 18.34 MW wind-solar hybrid power capacity and is in the process of adding an additional 19.8 MW, which could take the total hybrid renewable capacity to 38.14 MW. |
| C | The capital investment on energy conservation equipment: | During the year the company has invested approx. Rs. 23.37 crore on energy conservation equipment. |

[B] Technology Absorption:

Technology Absorption, Adoption and Innovation:

| A | Efforts, in brief, made towards technology absorption, adoption and innovation: | 1. In-house design of direct Hydrogen gas supply to the QC laboratory for GC operation instead of using loose cylinders.
2. Optimization of Cooling water flow led to efficient operation of the Freon condenser, which resulted in energy savings of 1,677 kWh per day.
3. In-house re-designing of the CCU enabled parallel operation for both liquid and solid product lines. |
| --- | --- | --- |
| B | Benefits derived as a result of the above efforts e.g. Product improvement, cost reduction, product development, import substitution etc.: | 1. This scheme resulted in annual savings of approximately ₹10 lakhs and enhanced safety by eliminating loose cylinder movement and handling operations.
2. Implementation of this scheme resulted in annual savings of around ₹46 lakhs.
3. The life of the final concentrator element will increase due to parallel operation. |

C	In case of imported technology (imported during the last three years reckoned from the beginning of the financial year:	NA
D	Research & Development
	Specific areas in which R & D is carried out by the Company:	Development of diverse new products using novel catalysts having wide range of application and also facilitate in reducing energy consumption. We focus on “Green Chemistry, Clean Chemistry”.
	Benefits derived as a result of the above R & D:	1. Increase in productivity through optimized resource utilization, resulting in reduced energy consumption.
2. Adoption of Eco-friendly process contributed to cycle time reduction, thereby reducing resource and energy consumption.
3. Contributed to economic growth, industrial development, and social benefits while ensuring energy efficiency.
	Future Plan of Action:	Ongoing process development through adoption of emerging trends in chemistry to optimize benefits while minimizing and recycling waste generation.
	Expenditure on R & D:	Rs. 15 Lakhs

[C] Foreign Exchange Earnings and Outgo:

(₹ in Crs.)

Particulars	2025-26	2024-25
a. Foreign Exchange earned	100.64	185.78
b. Foreign Exchange outgo	630.14	677.86

For and on behalf of the Board

Epigral Limited

(DIN - 02006947)

ANNEXURE - E

CMD / CFO CERTIFICATE

Certificate in Pursuance to Regulation 17(8) of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
for the period ended March 31, 2026

To,
The Board of Directors
Epigral Limited

We the undersigned, in our respective capacities as Chairman & Managing Director and Chief Financial Officer of Epigral Limited (“the Company”) to the best of our knowledge and belief certify that:

A. We have reviewed the Audited Financial Statements (“Statements”) of the Epigral Limited for the period ended March 31, 2026 and state that to the best of our knowledge and belief:

(1) these Statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;

(2) these Statements together present a true and fair view of the listed entity’s affairs and are in compliance with existing accounting standards, applicable laws and regulations.

B. There are, to the best of our knowledge and belief, no transactions entered into by the Company during the period ended March 31, 2026 which are fraudulent, illegal or violative of the Company’s code of conduct.

C. We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated the effectiveness of internal control systems of the Company pertaining to financial reporting and we have disclosed to the Auditors and the Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which we are aware and the steps we have taken or propose to take to rectify these deficiencies.

D. We have indicated to the Auditors and the Audit committee:

(1) significant changes in internal control over financial reporting during the year;

(2) significant changes in accounting policies during the year and that the same have been disclosed in the notes to the financial statements; and

(3) instances of significant fraud of which we have become aware and the involvement therein, if any, of the management or an employee having a significant role in the listed entity’s internal control system over financial reporting.

Maulik Patel
Chairman & Managing Director
(DIN: 02006947)

Rakesh Agrawal
Chief Financial Officer

CORPORATE GOVERNANCE REPORT

1. COMPLIANCE OF CORPORATE GOVERNANCE

The Board of Directors hereby presents the Company's Report on Corporate Governance for the financial year ended March 31, 2026, prepared in accordance with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations").

2. THE COMPANY'S PHILOSOPHY ON CORPORATE GOVERNANCE

The Company's approach to corporate governance is rooted in its core values, which serve as the guiding principles for all business decisions and conduct. The four foundational values of the Company-Together, Caring For, Agile and Making It Happen—define the manner in which the Company conducts its operations, promotes ethical behavior and upholds accountability and transparency across the organization.

The Company recognizes that effective corporate governance is essential for building trust, ensuring responsible leadership and driving sustainable performance. Accordingly, the Company has adopted governance practices that emphasize openness, integrity, accountability and ethical conduct, in alignment with applicable regulatory requirements and recognized industry best practices, with the objective of creating enduring value for all stakeholders.

The Company's governance framework is supported by comprehensive policies, internal control mechanisms, disciplined financial management, and timely and transparent disclosures. The Company remains committed to maintaining high standards of corporate governance by promoting responsible decision-making throughout the organization. Ongoing training and awareness programs help ensure that employees consistently adhere to compliant and responsible business practices.

The Board of Directors and the Management remain committed to maintaining strong and progressive corporate governance practices that safeguard and balance the interests of all stakeholders, including employees, shareholders, customers, suppliers, lenders, regulatory authorities, and the wider community.

The Company confirms its compliance with the requirements prescribed under Regulations 17 to 27 read with Regulation 34(2) and Schedule V of the SEBI Listing Regulations.

3. BOARD OF DIRECTORS

(a) Composition and Category of Directors

The composition of the Board of Directors was in conformity with the provisions of Section 149 of the Companies Act, 2013 ('Act') and Regulation 17 of the SEBI Listing Regulations during the period under review. The strength of the Board of Directors as on March 31, 2026 consisted of Ten (10) Directors comprising of One (1) Chairman and Managing Director, One (1) Executive Director, Three (3) Non-Executive Non-Independent Directors [all being Promoter-Directors] and Five (5) Non-Executive Independent Directors (including One Independent Woman Director). The composition of the Board represents an optimal mix of professionalism, knowledge and experience and enables the Board to discharge its responsibilities. The Board presently, does not have any nominee director.

In view of the scope and the nature of the Company's operations, the present size of the Board is appropriate for effective decision making. The Board of Directors has ultimate responsibility for the management, general affairs, direction, performance and long-term success of business.

(b) Attendance of Directors at Board and last Annual General Meeting

The Board meets at regular intervals on a quarterly basis to discuss and decide on business policies and strategies apart from minimum information placed before the Board of Directors as specified in Part A of Schedule II of the SEBI Listing Regulations. An ad-hoc meeting is convened as and when circumstances require.

The Company in consultation with the Directors prepares the Annual calendar of meetings and circulates a tentative Schedule for the meeting of the Board and Committee in order to facilitate the Directors to plan their schedules.

The Board meetings are normally held at Registered Office of the Company situated at Epigral Tower, B/h. Safal Profitaire, Corporate Road, Prahladnagar, Ahmedabad – 380 015.

The details of composition of the Board, category, attendance of Directors at the Board Meetings and last Annual General Meeting (18th AGM), number of other Directorships and Committee positions as on March 31, 2026 are given below:

Name of Director	Category	Board Meeting attended^{1}	Attendance at 18^{th} AGM	Directorship in Listed Entities including this Entity	No. of Committee positions held in Indian Public Limited Companies^{2}
					Membership	Chairmanship
Mr. Maulik Patel	CMD	4	Yes	2	1	0
Mr. Kaushal Soparkar	ED	4	Yes	2	0	0
Mr. Ankit Patel	NED (P)	3	Yes	2	1	0
Mr. Karana Patel	NED (P)	4	Yes	2	0	0
Mr. Darshan Patel	NED (P)	4	Yes	2	0	0
Mr. Manubhai Patel	NED (I)	4	Yes	2	4	3
Mr. Sanjay Asher	NED (I)	4	Yes	7	9	1
Mr. Kanubhai Patel	NED (I)	4	Yes	2	3	1
Mr. Raju Swamy	NED (I)	4	Yes	1	0	0
Ms. Priyanka Chopra	NED (W)	4	Yes	2	0	0

CMD: Chairman and Managing Director; ED: Executive Director; NED (P): Non-Executive Non-Independent Director (Promoter Group); NED (I): Independent Non-Executive Director; NED (W): Independent Non-Executive Woman Director.

Including participation by video conference
Committees considered are Audit Committee & Stakeholder's Relationship Committee.

All the Directors are in compliance with the provisions of the Act and SEBI Listing Regulations, in this regard.

The details of the Directors with respect to Directorships in other Listed Entities along with category are as under:

S.N.	Name	Name of Listed Entities	Category
1	Mr. Maulik Patel	Meghmani Organics Limited	Non-Executive Non-Independent Director
2	Mr. Kaushal Soparkar	Meghmani Organics Limited	Non-Executive Non-Independent Director
3	Mr. Ankit Patel	Meghmani Organics Limited	Chairman & Managing Director
4	Mr. Karana Patel	Meghmani Organics Limited	Executive Director
5	Mr. Darshan Patel	Meghmani Organics Limited	Executive Director
6	Mr. Sanjay Asher	Gillette India Limited	Independent Director
		Repro India Limited
		Sonata Software Limited
		Hawkins Cookers Limited
		Ashok Leyland Limited	Non-Executive Non-Independent Director
		Sudarshan Chemical Industries Limited
7	Mr. Kanubhai Patel	Voltamp Transformers Limited	Chairman and Managing Director
8	Mr. Manubhai Patel	Meghmani Organics Limited	Independent Director
9	Ms. Priyanka Chopra	Harsha Engineers International Ltd.	Independent Director

The Board met Four (4) times during the F. Y. 2025-26 on 05.05.2025, 02.08.2025, 10.11.2025 & 30.01.2026. The time elapsed between any two consecutive meetings did not exceed 120 days.

(d) Disclosure of Relationship Between Director Inter-Se

None of the Directors of the Company have any inter-se relationship except between Mr. Maulik Patel, Mr. Ankit Patel, Mr. Karana Patel and Mr. Darshan Patel as they are cousins.

(e) Number of Shares held by Non-Executive Independent Directors

Particulars of number of shares held by the Non-Executive Independent Directors as on March 31, 2026 is given below:

Name of Non-Executive Director	No. of Equity Shares held
Mr. Manubhai Patel	Nil
Mr. Sanjay Asher	Nil
Mr. Raju Swamy	4324
Mr. Kanubhai Patel	Nil
Ms. Priyanka Chopra	Nil

(f) Familiarisation Programme of Independent Director

All Independent Directors are provided with an induction and familiarization programme to enable them to effectively discharge their roles and responsibilities. As part of this process, the Management Team engages with the Independent Directors to present an overview of the Company's background, organizational structure, core values, vision, and strategic objectives.

The Company has instituted a structured familiarization framework for its Independent Directors, which, inter alia, covers briefings on the Company's business operations and performance, industry and economic environment, research and development initiatives, key regulatory developments, and the Company's sustainability and ESG initiatives.

In addition, the Independent Directors are apprised in detail of the compliance requirements applicable to the Company under the Act and SEBI Listing Regulations. The details of the familiarization programme for Independent Directors are hosted on the Company's website at www.epigral.com under the Investor Relations section.

(g) Skills / Expertise / Competencies of the Board of Director

The Board as on March 31, 2026 comprises of qualified members who bring in the required skills, competence and expertise that allow them to make effective contributions to the Board and its Committees.

The table below summarizes the list of core skills, expertise, competencies identified by the Board as required in the context of the Company's business and as possessed by individual members of the Board.

Name of the Director	Skill / Expertise/ Competence
Mr. Maulik Patel	Executive Leadership and Strategic Direction, Operations Management, Sales & Marketing Strategy, Corporate Governance.
Mr. Kaushal Soparkar	Business Planning and Management, Technology Competence, Leadership, Corporate Governance.
Mr. Ankit Patel	Business Leadership, Financial and Strategy Planning, Corporate Governance, Marketing Strategy.
Mr. Karana Patel	Strategic Leadership, Marketing and Business Development, Technology Orientation, Procurement and Commercial Management.
Mr. Darshan Patel	Strategic Leadership, Business Planning, Technology Management, Marketing Strategy, Manufacturing & Production Management.
Mr. Manubhai Patel	Industry Experience, Corporate Governance, Financial Management, Taxation, Foreign Exchange Management, Treasury & Credit Risk Management.
Mr. Sanjay Asher	Corporate Governance, Legal Expertise, Mergers and Acquisitions, Cross-Border Transactions, Joint Ventures, Capital Markets, Leadership.
Mr. Kanubhai Patel	Finance and Accounting, Legal and Corporate Affairs, Marketing Strategy, Overall Business Administration including Strategic Leadership.
Mr. Raju Swamy	Leadership, Organizational Management, Administrative Governance, Succession Planning and Talent Development.
Ms. Priyanka Chopra	Strategic and Project Management, Management Consulting, Start-up Development, Product Innovation & Management, Technology and Innovation.

(h) Independent Directors

Independent Directors play a pivotal role in strengthening the governance framework of the Company. Through their diverse professional expertise, experience and independent judgement, they contribute meaningfully to the deliberations of the Board, thereby enhancing the quality of decision-making and oversight.

The Independent Directors are appointed for a fixed tenure of five (5) years from their respective dates of appointment and are eligible to resign from office at any time during their term. Their appointments have been duly approved by the Members of the Company. The Independent Directors have also affirmed that they fulfil the criteria of independence as prescribed under the provisions of the Act, the applicable Code of Conduct of the Company and the SEBI Listing Regulations.

(i) Limit on Number of Directorship

None of the Director of the Company is holding Directorship in more than 10 (Ten) Public Limited Companies and none of an Independent Directors serve as an Independent Director in more than 7 (Seven) Listed Companies.

None of the Director of the Company is appointed in more than 10 Committees or is acting as Chairman in more than 5 Committees across all the Companies in which he is a Director.

(j) Separate Meeting of Independent Director

In accordance with provisions of Regulation 25(3) of the SEBI Listing Regulation read with Schedule IV of the Companies Act, 2013 the Independent Directors separately met on 30.01.2026, without the attendance of Non-Independent Directors and Management Personnel of the Company. The meeting was held with the objective of reviewing the performance of Non-Independent Directors, the Board as a whole and the Chairman of the Company.

They also have a separate meeting with the Chairman of the Board, to discuss issues and concerns, if any.

(k) Issuance of Letter of Appointment

Each Independent Director is issued a formal letter of appointment which, inter alia, sets out the tenure of appointment, roles, functions and responsibilities, expected time commitment, remuneration and related benefits, insurance coverage, applicable codes of conduct, training and development initiatives, performance evaluation mechanism, as well as obligations relating to disclosures, confidentiality and other governance requirements.

(l) Board / Committees Meeting Procedure

The Board of Directors provides strategic leadership and oversight to the Company and is entrusted with the responsibility of guiding its long-term direction, safeguarding stakeholder interests and ensuring sustainable value creation. The Board exercises its authority over all significant matters relating to the affairs of the Company, except those which are statutorily required to be approved by the Shareholders under applicable laws or the Articles of Association of the Company.

The Board is supported by information and reporting framework that enables informed, transparent and effective decision-making. Comprehensive and timely information is placed before the Board to facilitate meaningful deliberations on matters reserved for its consideration. In addition to the disclosures and information mandated under Regulation 17(7) read with Part A of Schedule II of the SEBI Listing Regulations, the Directors are regularly briefed on key developments, material events and emerging risks. The Board, inter alia, periodically reviews the Company's strategic roadmap, annual business plans and budgets, operational and financial performance, capital allocation and expenditure proposals, technology and innovation initiatives, enterprise risk management framework, as well as health, safety and environmental matters. The Board also exercises oversight over statutory and regulatory compliance, internal financial controls, financial reporting processes, approval of financial results and monitoring of related party transactions.

The Company Secretary plays a pivotal role in ensuring that meetings are conducted in accordance with applicable laws and Secretarial Standards, that the approved terms of reference and committee charters are adhered to, decisions are accurately captured in the minutes, and action items are systematically monitored to completion. To remain aligned with evolving regulatory and governance requirements, the terms of reference and charters of the Board / Committees are reviewed and updated from time to time, and such changes are duly placed before the Board and the respective Committees to support effective governance and decision-making.

Board and Committee effectiveness is strengthened through a structured meeting process. Detailed agenda papers, management presentations and relevant supporting

information are circulated to the Directors well in advance of meetings and within the prescribed statutory timelines. The Company has adopted digital dissemination of agenda papers and related documents, which has enhanced confidentiality, improved access to information, reduced paper consumption and reinforced the Company's commitment to sustainability. Based on the nature of business under consideration at the meetings, members of the senior management and functional heads are invited to attend meetings to provide subject-matter expertise, ensure accountability and enable engagement on key issues.

Where exigencies of business so require, the Board or its Committees accord approvals through resolutions passed by circulation, in compliance with applicable legal provisions. Such resolutions are subsequently placed before the Board or the relevant Committee for noting and confirmation at the ensuing meeting.

The Board works in close partnership with the management to drive the Company's strategic and operational objectives and continues to steer the Company towards operational excellence and long-term stakeholder value.

(m) Compliance Report

In the preparation of agenda papers, due care is taken to ensure strict compliance with all applicable legal and regulatory requirements, including the provisions of the Companies Act, 2013 read with the rules made thereunder and the Secretarial Standards issued by the Institute of Company Secretaries of India. The Board periodically reviews comprehensive statutory compliance reports covering all laws applicable to the Company, thereby strengthening its oversight and governance framework.

To further enhance compliance management and monitoring, the Company has implemented the Legatrix Compliance Management System, which enables systematic tracking, timely reporting and effective monitoring of statutory and regulatory compliances across the organization.

4. COMMITTEES OF THE BOARD OF DIRECTORS

The Committees constituted by the Board focus on specific areas and take informed decisions within the framework designed by the Board and make specific recommendations to the Board on matters in their areas or purview.

All decisions and recommendations of the Committees are placed before the Board for information or for approval, if required. To enable better and more focused attention on the affairs of the Company, the Board has delegated particular matters to the Committees of the Board set up for the purpose.

The Board has following five statutory committees constituted as on March 31, 2026:

A. Audit Committee (AC)
B. Nomination and Remuneration Committee (NRC)
C. Stakeholders Relationship Committee (SRC)
D. Corporate Social Responsibility Committee (CSR)
E. Risk Management Committee (RMC)

The terms of reference of the Committees are determined by the Board from time to time. The respective Chairman of the Committee informs the summary of discussions held in the Committee Meetings to the Board.

The Minutes of the Committee Meetings are tabled at the respective Committee Meetings. The role and composition of these Committees, including the number of meetings held during the financial year and the related attendance, are provided below.

A. AUDIT COMMITTEE

The Audit Committee serves as an effective interface between the Board of Directors, the Statutory Auditors and the Internal Auditors, thereby strengthening the integrity of the Company's financial reporting and governance framework. The Board has constituted a duly qualified and independent Audit Committee in accordance with the provisions of Regulation 18 of the SEBI Listing Regulations, read with Section 177 of the Companies Act, 2013, and the Committee operates in full compliance with the applicable statutory and regulatory requirements.

The Audit Committee is empowered with unrestricted access to all financial information, records and personnel as may be necessary for the effective discharge of its roles and responsibilities.

(a) Terms of Reference

In alignment with the terms of reference of the Audit Committee as are set out in Part C of Schedule II of the SEBI Listing Regulations read with Section 177 of the Companies

Act 2013, the Committee, amongst others, periodically reviews the quality and integrity of the accounting, auditing and reporting practices of the Company and its compliance with the legal and regulatory requirements. The Committee specifically oversees the accounting and financial reporting process to ensure that the financial statements are correct and credible; reviewing and examining with Management the audits of the Company's financial statements including quarterly and annual financial results and the Limited Review/Auditors Report thereon before submission to the Board for approval; reviewing with the management, the statement of uses / application of funds raised through an issue (public issue, rights issue, preferential issue, etc.); the appointment, re-appointment, independence, performance and remuneration of the statutory auditors including the Cost Auditors; reviewing, approving or subsequently modifying any Related Party Transactions including omnibus approval granted for the said Transactions, reviewing the adequacy of the internal audit function and the findings of any internal investigations by the internal auditors, scrutiny of inter-corporate loans and investments, reviewing the grievance redressal mechanism of the Company and overseeing the functioning of the same and other related matters.

The full text of the terms of reference of the Audit Committee is available at the Company's website on www.epigral.com.

(b) Composition of Audit Committee

The Audit Committee comprised of Three (3) Independent Directors. Members of the Audit Committee are financially literate having expertise in the fields of Finance, Taxation, Economics, Risk and International Finance. The composition of the Audit Committee is given below:

Name of the Director	Category	Qualification
Mr. Manubhai Patel
Chairman	NED (I)	Chartered Accountant
Mr. Kanubhai Patel
Member	NED (I)	Chartered Accountant
Mr. Maulik Patel*
Member	CMD	MS (Chemical Engineering) and MBA
Mr. Sanjay Asher**
Member	NED (I)	Chartered Accountant, Solicitor

*The Board of Directors vide its resolution dated 29.04.2025 approved changes in composition of Audit Committee whereby Mr. Maulik Patel, Chairman and Managing Director ceased as a Member of the Audit Committee w.e.f. 29.04.2025.

**The Board of Directors vide its resolution dated 29.04.2025 approved changes in composition of Audit Committee whereby Mr. Sanjay Asher, Independent Director was inducted as a Member of the Audit Committee w.e.f. 29.04.2025

The Company Secretary, acts as the Secretary of the Audit Committee.

All the recommendations made by the Committee during the year under review were accepted by the Board.

(c) Meetings and Attendance

The Committee met Four (4) times during the F.Y. 2025-26 on 05.05.2025, 02.08.2025, 10.11.2025 and 30.01.2026 and that the time elapsed between any two consecutive meetings did not exceed 120 days.

Name of the Director	No. of meetings attended
Mr. Manubhai Patel	4
Mr. Kanubhai Patel	4
Mr. Sanjay Asher	3

The meetings of Audit Committee are also attended by the Chief Financial Officer, Statutory Auditors and Internal Auditors as special invitees.

The Audit Committee also meets the internal and statutory auditors separately, without the presence of Management Representatives. The Internal Auditors and Statutory Auditors of the Company discuss their audit findings and updates with the Committee and submit their views directly to the Committee. The discussions are held with the Internal Auditors to focus on compliance issues and to conduct detailed reviews of the processes and internal controls in the Company.

Mr. Manubhai Patel, Chairman of the Committee, was present at the last AGM held on June 28, 2025.

(d) Internal Audit Function

The Company has appointed M/s. CNK Khandwala & Associates, Chartered Accountants, as the Internal Auditors of the Company to conduct the internal audit of the Company and submit its internal audit findings to the Audit Committee which are periodically reviewed by the Committee along with Internal Audit Team of the Company.

(e) Maintenance of Financial Records

Based on reports submitted by the statutory and internal auditors, the system of internal controls, including that of financial, operational, compliance, information technology, and risk management systems maintained by the management, was in place throughout the financial year and up to date of this report. The Board, with the concurrence of the Audit Committee and assurance of the management (including Managing Director and Chief Financial Officer) as well as the Auditors, are of the opinion that:

i. the financial records have been properly maintained and financial statements give a true and fair view of the Company's operations and finances; and
ii. the system of internal controls, including financial, operational, compliance, information technology, and risk management systems are adequate and effective as at the date of this report.

To ensure the adequacy of the internal audit function, the Audit Committee reviews and approves, on an annual basis, the internal audit plans and the resources required to adequately performing this function.

However, the Board and management acknowledge that no system can provide absolute assurance against the occurrence of materials / human errors, losses, fraud or other irregularities.

(f) Review of Information by Audit Committee

Audit Committee has reviewed and satisfied that the Company's internal audit function is adequately resourced and has appropriate standing within the Company. Audit Committee has also reviewed:

(1) Management Discussion Analysis of financial condition and results of operation.
(2) Statement of significant Related Party Transactions submitted by management.
(3) Internal Audit Reports relating to internal control weaknesses.

(g) Assurance from CMD and CFO

The Board has received assurance from Chairman and Managing Director (CMD) and Chief Financial Officer (CFO) ensuring that the financial records have been properly maintained and the financial statements give a true and fair view of the Company's operations

and finances; and that the effectiveness of the Company's risk management and internal control systems are operating effectively in all material respects.

B. NOMINATION AND REMUNERATION COMMITTEE (NRC)

The Board has constituted the Nomination and Remuneration Committee in line with the provisions of Regulation 19 of the SEBI Listing Regulations read with Section 178 of the Companies Act, 2013 and is in compliance of all the provisions stated therein.

(a) Terms of Reference

In alignment with the terms of reference of the Nomination and Remuneration Committee as are set out in Part D of Schedule II of the SEBI Listing Regulations read with Section 178 of the Companies Act 2013, the Committee is inter-alia responsible for:

formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommend to the Board of Directors a policy relating to, the remuneration of the Directors, Key Managerial Personnel and other Employees;
evaluating the balance of skills, knowledge and experience required of any Independent Director for appointment on the Board of the Company;
formulating Remuneration Policy of the Company;
formulation of criteria for evaluation of performance of Independent Directors and the Board of Directors;
devising a policy on diversity of Board of Directors;
identifying persons who are qualified to become Directors and who may be appointed in Senior Management in accordance with the criteria laid down, and recommend to the Board of Directors their appointment and removal.
whether to extend or continue the term of appointment of the Independent Director, on the basis of the report of performance evaluation of Independent Director.
recommend the Board, all remuneration, in whatever form, payable to Senior Management.
Such other functions as may be delegated by the Board.

The full text of the terms of reference of the Nomination and Remuneration Committee is available at the Company's website on www.epigral.com.

(b) Composition & Meetings of Nomination and Remuneration Committee

As on March 31, 2026, the Nomination & Remuneration Committee comprised of Three (3) Independent Directors. During the year, Two (2) meeting of the Nomination and Remuneration Committee was held on 05.05.2025 and 10.11.2025.

The composition of the Nomination & Remuneration Committee and the details of meetings attended by its members are appearing hereinafter:

Name of the Director	Category	No. of Meetings attended
Mr. Raju Swamy Chairman	NED (I)	2
Mr. Manubhai Patel Member	NED (I)	2
Mr. Sanjay Asher Member	NED (I)	2

(c) Performance Evaluation of Board & Individual Directors

The Nomination and Remuneration Committee has devised criteria for evaluation of the performance of the Directors including the Independent Directors. Pursuant to the provisions of the Act and the SEBI Listing Regulations, the Board carries out the Annual performance evaluation of the Board as well as the evaluation of the working of its Committees.

A separate exercise is also carried out to evaluate the performance of individual Directors. The Chairman of the Board of Directors and the Chairman of Nomination and Remuneration Committee meets all the Directors individually to get an overview of functioning of the Board and its constituents inter alia on the following broad criteria:

attendance and acquaintance with business level of participation,
independence of judgement exercised by Independent Directors,
vision and strategy,
Interpersonal relationship,
effective participation, domain knowledge,

Based on the valuable inputs received from the Directors, an action plan is drawn up to encourage greater engagement of the Independent Directors with the Company.

(d) Nomination Process for New Directors

The search and nomination process for new Directors are through database of Independent Directors, personal contacts and recommendations of the Director. NRC reviews and assess candidates before making recommendation to the Board.

NRC also take the lead in identifying, evaluating and selecting suitable candidate for new Directorship. In its search and selection process, NRC considers factors such as commitment and the ability of the prospective candidate to contribute to discussions, deliberations and activities of the Board and its Committees.

(e) Pecuniary Relationship or Transaction

Other than as stated in the Related Party Transactions forming part of Notes to Financial Statements, there are no other pecuniary relationship or transaction by the Company with Independent Directors.

(f) Payment to Executive Directors

The Company pays remuneration to its Chairman & Managing Director and Executive Director by way of Salary & Perquisites and Performance Bonus.

(g) Payment to Non-Executive Directors

The Independent Directors are not paid any compensation / commission and other fees except sitting fees for attending Board and its Committees meetings. The Board has fixed the sitting fees payable to Non-Executive Directors within the limits prescribed under the Act. The criteria of making payments to Non-Executive Directors is available on Company's website at www.epigral.com.

The details of sitting fees paid to Independent Directors for the year ended March 31, 2026 are as under:

Name of Independent Director	Sitting Fees (in ₹)
Mr. Manubhai Patel	9,75,000
Mr. Sanjay Asher	7,75,000
Mr. Kanubhai Patel	8,50,000
Mr. Raju Swamy	4,75,000
Ms. Priyanka Chopra	4,25,000
Total	35,00,000

(h) Remuneration to Directors

In F.Y. 2025-26, the Company paid ₹2.70 Crores as Salary and Perquisites to Mr. Maulik Patel (CMD) and Mr. Kaushal Soparkar (ED). Apart from this, during the year under review the Company has made provision for Performance Bonus of ₹11 Crores (collectively) payable to CMD and ED as on March 31, 2026. The remuneration paid is within the limits approved by the Shareholders.

The details of remuneration paid during the year is as under:

(₹ in Crs.)

Name of Director	Salary & Perquisites
Mr. Maulik Patel	1.35
Mr. Kaushal Soparkar	1.35
Total	2.70

The Company is providing remuneration to its Executive Directors in compliance with Section II of Part II of Schedule V of the Companies, Act, 2013.

The Company does not have any Employee Share Option Scheme or Employee Stock Purchase Scheme or any long-term incentive scheme.

C. STAKEHOLDERS' RELATIONSHIP COMMITTEE (SRC)

The Board has constituted the Stakeholders' Relationship Committee in line with the provisions of Regulation 20 of the SEBI Listing Regulations, read with Section 178 of the Companies Act, 2013 and is in due compliance of all the provisions stated therein.

(a) Terms of Reference

In alignment with the terms of reference of the Stakeholder's Relationship Committee as are set out in Part D of Schedule II of the SEBI Listing Regulations read with Section 178 of the Companies Act 2013, the Committee is inter-alia responsible for:

Resolving the grievances of the security holders of the Company including complaints related to transfer/transmission of shares, non-receipt of annual report, non-receipt of declared dividends, issue of new/duplicate certificates, general meetings etc.;
Reviewing measures taken for effective exercise of voting rights by shareholders;
Reviewing adherence to the service standards in respect of various services being rendered by the Registrar & Share Transfer Agent;
Reviewing various measures and initiatives taken for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/ annual reports/statutory notices by the shareholders of the Company.

The full text of the terms of reference of the Stakeholders Relationship Committee is available at the Company's website on www.epigral.com.

(b) Composition & Meetings of SRC Committee

As on March 31, 2026, the Stakeholders' Relationship Committee comprised of Three (3) Directors of which Two (2) are Independent Directors and one Executive Director. During the year, One (1) meeting of the SRC were held on 05.05.2025.

The composition of the SRC Committee and the details of meetings attended by its members are appearing hereinafter:

Name of the Director	Category	No. of Meetings attended
Mr. Kanubhai Patel Chairman	NED (I)	1
Mr. Manubhai Patel Member	NED (I)	1
Mr. Maulik Patel Member	CMD	1

During the year under review, Nil shareholders' complaints were received, resulting in no shareholders' complaint pending as end of the financial year.

Mr. Gaurang Trivedi acted as Company Secretary & Compliance officer.

D. CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE

The Corporate Social Responsibility (CSR) Committee of the Company is constituted in line with the provisions of Section 135 of the Companies Act, 2013 and is in due compliance of all the provisions stated therein.

The Company has always been mindful of its obligations vis-à-vis the communities it impacts and has been pursuing various CSR activities long before it became mandated by law.

(a) Terms of Reference

The terms of reference of the Corporate Social Responsibility Committee includes the following:

to formulate and recommend to the Board of Directors, the CSR Policy, indicating the CSR activities to be undertaken as per Companies Act, 2013, as amended;
to review and recommend the amount of expenditure to be incurred on the activities to be undertaken;
to monitor the CSR Policy of the Company from time to time;
to formulate and recommend to the Board (including any revisions thereto), an annual action plan in pursuance of the CSR policy and to oversee its implementation;
any other matter as the CSR Committee may deem appropriate after approval of the Board of Directors or as may be directed by the Board of Directors from time to time.

The full text of the terms of reference of the Corporate Social Responsibility Committee is available at the Company's website on www.epigral.com.

(b) Composition & Meetings of Corporate Social Responsibility Committee

As on March 31, 2026, the Corporate Social Responsibility Committee (CSR) comprised of Three (3) Directors of which One (1) is Independent Director and Two (2) are Executive Directors. During the year, one (1) meeting of the Corporate Social Responsibility Committee were held on 05.05.2025.

The composition of the Corporate Social Responsibility Committee and the details of meetings attended by its members are appearing hereinafter:

Name of the Director	Category	No. of Meetings attended
Mr. Manubhai Patel Chairman	NED (I)	1
Mr. Maulik Patel Member	CMD	1
Mr. Kaushal Soparkar Member	ED	1

During the year the Company has spent ₹1.02 Crores towards CSR activities.

E. RISK MANAGEMENT COMMITTEE

The Board has constituted the Risk Management Committee in line with the provisions of Regulation 21 of the SEBI Listing Regulations, read with Section 178 of the Companies Act, 2013 and is in due compliance of all the provisions stated therein.

(a) Terms of Reference

The terms of reference of the Risk Management Committee includes the following:

formulate a detailed risk management policy which shall include:

(a) A framework for identification of internal and external risks specifically faced by the listed entity, in particular including financial, operational, sectoral, sustainability (particularly, ESG related risks), information, cyber security risks or any other risk as may be determined by the Committee.
(b) Measures for risk mitigation including systems and processes for internal control of identified risks.
(c) Business continuity plan.

ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks associated with the business of the Company;
monitor and oversee implementation of the risk management policy, including evaluating the adequacy of risk management systems;
periodically review the risk management policy, at least once in two years, including by considering the changing industry dynamics and evolving complexity;
keep the board of directors informed about the nature and content of its discussions, recommendations and actions to be taken;
appointment, removal and terms of remuneration of the Chief Risk Officer (if any) shall be subject to review by the Risk Management Committee.

(b) Composition & Meetings of Risk Management Committee

As on March 31, 2026, the Risk Management Committee (RMC) comprised of Three (3) Directors of which One (1) is Independent Director and Two (2) are Executive Directors. During the year, Two (2) meetings of the Risk Management Committee were held on 05.05.2025 & 10.11.2025.

The composition of the Risk Management Committee and the details of meetings attended by its members are appearing hereinafter:

Name of the Director	Category	No. of Meetings attended
Mr. Manubhai Patel Chairman	NED (I)	2
Mr. Maulik Patel Member	CMD	2
Mr. Kaushal Soparkar** Member	ED	2
Mr. Sanjay Asher* Member	NED (I)	-

*ceased as a Member w.e.f. 29.04.2025
** inducted as a Member w.e.f. 29.04.2025

5. GENERAL BODY MEETINGS

The details of date, time and location of Annual General Meetings (AGM) held in last 3 years and Special Resolutions passed are as under: -

Financial Year	Date & Time	Venue	Special - Resolutions passed
2024-25	June 28, 2025	Through Video Conferencing ("VC")/ Other Audio - Visual Means ("OAVM") deemed to be held at Epigral Tower, B/h. Safal Profitaire, Corporate Road, Prahladnagar, Ahmedabad - 380015, Gujarat.	-
2023-24	July 09, 2024		1. Continuation of Mr. Manubhai Khodidas Patel as a Non-Executive Independent Director of the Company on attainment of 75 years of age.
2022-23	June 27, 2023		1. Re-appointment of M/s S R B C & Co LLP, Chartered Accountants (ICAI firm registration no. 324982E/ E300003) as the statutory auditors of the Company.

Details of Special Resolution passed last year through postal ballot

During the financial year 2025-26, the Company had sought the approval of the Shareholders by way of Postal Ballot through remote e-Voting process, vide Notice dated April 12, 2025, on the following Resolution:

Sr. No.	Resolutions	Type of Resolution
1	Appointment of Ms. Priyanka Agarwal Chopra (DIN: 10011547) as a Non-Executive Independent Woman Director of the Company.	Special

Details of E-voting:

Resolution	Votes in Favour of Resolution		Vote Against Resolution		Invalid Votes
	No. of Votes	% of Votes	No. of Votes	% of Votes
Appointment of Ms. Priyanka Agarwal Chopra (DIN: 10011547)	2,83,26,892	99.98	5,336	0.02	0

Person who conducted the aforesaid postal ballot exercise

The Board of Directors of the Company had appointed CS Utkarsh Piyushkumar Shah of M/s Utkarsh Shah & Co., Practicing Company Secretaries, Ahmedabad (Membership No. FCS - 12526; C. P. No. 26241) to act as a Scrutinizer to conduct the Postal Ballot voting process in a fair and transparent manner.

Procedure for Postal Ballot

In compliance with the provisions of Section 108 and Section 110 and other applicable provisions, if any, of the Companies Act, 2013, (the "Act"), read together with Rule 20 and Rule 22 of the Companies (Management and Administration Rules, 2014 (the "Rules"), Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "SEBI Listing Regulations"), Secretarial

Standards issued by the Institute of Company Secretaries of India on General Meeting ("SS-2") and the relaxations and clarifications issued by Ministry of Corporate Affairs ("MCA") vide General Circular No. 09/2024 dated September 19, 2024 (in continuation to the circulars issued earlier in this regard) and subsequent circulars issued by the Ministry of Corporate Affairs ("MCA") (hereinafter collectively referred to as the "MCA Circulars") and other applicable laws, rules and regulations (including any statutory modification(s) or re-enactment(s) thereof for the time being in force and as amended from time to time), the Company provided only remote e-Voting facility to its Equity Shareholders to enable them to cast their votes electronically instead of submitting the Postal Ballot form.

For this purpose, the Company had availed electronic voting platform of MUFG Intime India Private Limited ('MUFG India') for facilitating e-voting.

The Company had sent the Notice of the Postal Ballot by electronic mode only to those members whose names appears in the Register of Members / List of Beneficial Owners maintained by the Company or its Registrar and Transfer Agent i.e. MUFG Intime India Private Limited ('RTA') or Depositories as at close of business hours Friday, April 11, 2025 (the 'Cut-off date') and whose e-mail IDs are registered with the Company or its RTA or with the Depository Participants (DPs) as on the Cut-off date.

Voting rights were reckoned on the paid-up value of the shares registered in the names of the Members as on the cut-off date i.e., Friday, April 11, 2025.

The Scrutinizer, after the completion of scrutiny, submitted his report and the consolidated results of the Postal Ballot through remote e-Voting were announced by the Company Secretary on Friday, May 16, 2025. The results are displayed on the website of the Company at www.epigral.com, besides being communicated to the stock exchanges, depository and registrar and share transfer agent. The resolutions are deemed to have been passed on Thursday May 15, 2025, the last date specified for receipt of votes through remote e-voting process.

Whether any special resolution is proposed to be conducted through postal ballot

Apart from Postal Ballot process initiated vide Postal Ballot Notice dated April 16, 2026 for passing special resolution for re-appointment of Mr. Kanubhai Patel (DIN: 00008395), Mr. Sanjay Asher (DIN: 00008221) and Mr. Raju Swamy (DIN: 03032679) as Non-Executive Independent Directors for a Second Term of 5 years w.e.f. May 20, 2026, the e-voting for which has commenced on Monday, April 20, 2026 at 9.00 a.m. and concludes on Tuesday, May 19, 2026 at 5.00 p.m., no other special resolution is proposed to be conducted through Postal Ballot.

6. OTHER DISCLOSURES

(a) Disclosure of Material Transactions: Related Party Transaction

All transactions entered into with Related Parties as defined under the Companies Act, 2013 and SEBI (Listing Obligations & Disclosure Requirement) Regulation, 2015 during the financial year were in the ordinary course of business and on an arm's length pricing basis and do not attract the provisions of Section 188 of the Companies Act, 2013.

There were no material transactions with related parties during the financial year which were in conflict with the interest of the Company. Suitable Disclosure as required by the Accounting Standards (AS18) has been made in the notes to the Financial Statements in this Annual Report. The Policy on Related Party Transaction has been placed on the Company's website at www.epigral.com.

(b) Compliance with the SEBI Listing Regulations

The Company has complied with all the mandatory requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. There was no Non-Compliance by the Company and no penalties or strictures were imposed on the Company by the Stock Exchanges or SEBI or any statutory authority on any matter related to the capital markets during the F.Y. 2025-26.

The Company has complied with the Corporate Governance requirements specified in Regulation 17 to 27 and clauses (b) to (i) of sub-regulation (2) of Regulation 46 of the SEBI Listing Regulations and paras (2) to (10) mentioned in Part 'C' of Schedule V of the SEBI Listing Regulations.

(c) Vigil Mechanism / Whistle Blower Policy

In line with Regulation 22 of the SEBI Listing Regulations and Section 177 of the Act, the Company has formulated a Whistle Blower Policy / Vigil Mechanism for Directors and Employees to report genuine concerns about instance of unethical behaviour, actual or suspected fraud or violation of the Company's Code of Conduct. The Whistle Blower Policy is posted on the website

of the Company at www.epigral.com. None of the personnel of the Company has been denied access to the Audit Committee.

During the year under review, no complaint has been received under the Vigil Mechanism/Whistle Blower Policy.

(d) Subsidiary Company(ies)

During the year under review, the Company does not have any Subsidiary Company(ies). However, the Company has in place Policy for Determining Material Subsidiaries. The details of the Policy are available on the Company's Website at https://epigral.com/governance-policies-compliances.

(e) Commodity Price Risks and Hedging Activities

Even though the Company is not dealing in Commodity Trading, disclosure pertaining to risks and hedging activities, if any, forms part of Notes to Financial Statements.

(f) Certificate from a Practicing Company Secretary on Non-Disqualification of Directors

The Company has received a Certificate from M/s. Shahs & Associates, Practicing Company

Secretaries, Ahmedabad (Annexure I) to the effect that none of the Directors on the Board of the Company have been debarred or disqualified from being appointed or continuing as a Director of any Company by SEBI / Ministry of Corporate Affairs or any such statutory authority.

(g) The total fees for F.Y. 2025-26, payable by the Company to the Statutory Auditors i.e. S R B C & CO LLP is ₹0.35 Crores.

(h) Prevention of Sexual Harassment (POSH) of Women at workplace:

Pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Rules, 2013, the Company has framed a policy on prevention of Sexual Harassment of women at workplace. The Status of complaints during FY 2025-26 is as under: -

Period	Complaints
Opening as on 01.04.2025	Nil
Received during – 01.04.2025 to 31.03.2026	Nil
Disposed of during – 01.04.2025 to 31.03.2026	Nil

(i) Discretionary Requirements

The table below summarizes compliance status of discretionary requirements of Part E of Schedule II of the SEBI Listing Regulations.

S. N.	Particulars	Status
1	The Board	The Clause is not applicable as the Chairman of the Board is Executive Chairman.
2	Shareholders Rights	The quarterly, half yearly and yearly financial results are published in the newspapers and are also posted on the website of Stock Exchanges and of the Company.
3	Modified opinion(s) in audit report	The Statutory Auditors have issued the Audit Report of the year ended March 31, 2026 with unmodified opinion.
4	Reporting of Internal Auditor	In accordance with the provisions of the Companies Act, 2013, the Company has appointed M/s. C N K Khandwala & Associates, Chartered Accountants as Internal Auditor(s), who reports to the Audit Committee. On quarterly basis internal audit reports are submitted to the Audit Committee.
5	Independent Directors	A separate meeting of Independent Directors is held without the presence of the Non-Independent Directors and Members of the Management.
6	Risk Management	The Company has constituted Risk Management Committee.

(j) Accounting Treatment

In the preparation of the Financial Statements, the Company has followed the Indian Accounting Standards notified pursuant to Companies Indian (Accounting Standards) Rules, 2015 (as amended from time to time) and the relevant provision of the Companies Act, 2013. The significant accounting policies which are consistently applied have been set out in the Notes to the Financial Statements.

(k) Certificate on Corporate Governance

The Company has obtained a certificate from M/s. Shahs & Associates, Practicing Company Secretaries, Ahmedabad (Annexure II) regarding compliance of conditions of Corporate Governance prescribed under the Listing Agreement with Stock Exchanges which forms part of the Annual Report – 2025-26.

(l) Shareholder’s Information

This Chapter read with the information given in the section titled General Shareholders’ information constitutes the compliance report on Corporate Governance.

(m) Code of Conduct

The Company has adopted a Code of Conduct for all Directors and Senior Management Personnel. All Board Members and Senior Management Executives have affirmed compliance with the Code of Conduct for the Financial Year 2025-26. An annual declaration signed by the Chairman and Managing Director of the Company (Annexure III) affirming compliance to the Code by the Board of Directors and the Senior Management forms part of the Annual Report 2025-26. The Code of Conduct has been posted on the Company’s website at www.epigral.com.

(n) Insider Trading

The Company has in place “Code of Conduct to regulate, monitor and report Trading by Insider” and accordingly Company Secretary of the Company closes window for trading in Equity Shares of the Company at the end of every quarter in addition to specific event, if any to comply with said Insider Trading Code.

(o) Disclosures regarding re-appointment of Directors liable to retire by rotation

As per the Articles of Association of the Company, one third of the Directors are liable to retire by rotation every year and if eligible, they offer themselves for re-election by the shareholders at the General Meeting. There is no Alternate Director being appointed to the Board. The independent Directors are not liable to retire by rotation.

(p) Transfer of shares to Investor Education and Protection Fund (IEPF)

The provision of Section 124(6) of Companies Act, 2013 read with Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, is not applicable, as the Company declared interim dividend in the F.Y. 2022-23 since listing of its shares in F.Y. 2021-2022.

Further, pursuant to approval of Composite Scheme of Arrangement by the Hon’ble National Company Law Tribunal, Ahmedabad Bench vide its order dated May 03, 2021, shareholders of Meghmani Organics Limited were entitled to receive 94 (Ninety Four) fully paid up equity shares of the Meghmani Finechem Limited of the face value of ₹10/- each for every 1000 (One Thousand) equity shares of Re. 1/- each held by the shareholders of Meghmani Organics Limited as on May 19, 2021.

In view of above, the Company has transferred 12432 Equity Shares to IEPF Account, being proportionate shares for which dividend remained unclaimed / uncashed in Meghmani Organics Limited for seven consecutive years commencing from the unpaid Final Dividend for the Year 2013-2014.

The Shareholders whose unclaimed shares have been transferred to IEPF, may contact the Company or Registrar & Transfer Agent M/s. MUFG Intime India Pvt. Ltd. and submit the required documents for issue of Entitlement Letter. The Shareholders can attach the Entitlement Letter and other documents mentioned thereon and file e-Form IEPF-5 for claiming the shares available on www.iepf.gov.in. The details of Shareholders whose shares are liable to be transferred to IEPF are uploaded on the website of the Company at www.epigral.com.

(q) Reminders to Unpaid Dividend

The Company will send a reminder to the shareholders who have not claimed their dividends as per the provisions of the Companies Act, 2013.

(r) No Suspension of Securities

None of the securities of the Company have been suspended for trading at any point of time during the year.

(s) Means of Communication

i. Financials Results

The quarterly / half yearly / yearly financial results (unaudited / audited) are normally published in Financial Express English and Gujarati, Ahmedabad Edition.

ii. Website Display

The Company's official news releases, presentations to analysts and institutional investors, policies, financial results, all information submitted to stock exchanges, etc. are displayed on the Company's website www.epigral.com.

iii. Green Initiative for Paperless Communications

To support the "Green Initiative in the Corporate Governance", by the Ministry of Corporate Affairs (MCA), the Company has sent the soft copies of Annual Report 2025-26 to those members whose Email IDs were registered with the Depository Participants (DP) after informing them suitably.

(t) Investors Grievances

The Securities and Exchange Board of India (SEBI) vide circular dated July 31, 2023 has introduced comprehensive Investors Redressal framework whereby an Investor after lodging a complaint directly with the concerned listed entity through "SCORES" portal is not satisfied with the redressal of its grievance and after exhausting all available options for resolution of the grievance, the Investor can initiate dispute resolution through the Online Dispute Resolution ("ODR") Portal. To align its framework for effective redressal of the Investors grievances, The Company has registered itself on ODR portal (https://smartodr.in/login) and endeavours to resolve all grievances. Members are requested to take note of the same.

GENERAL SHAREHOLDER INFORMATION:

Annual General Meeting:	Monday, June 08, 2026 at 11.00 a.m. through Video Conferencing /Other Audio Visual Means (VC).
Financial Year:	April 01, 2025 to March 31, 2026
Record Date for Dividend:	Monday, June 01, 2026
Dividend Payment Date:	After Monday, June 08, 2026, if approved by the members in the ensuing Annual General Meeting.
Listing Details:	Equity Shares are listed on the following Stock Exchanges:
	National Stock Exchange of India Limited (NSE) Symbol - EPIGRAL	"Exchange Plaza", Bandra Kurla Complex, Bandra (East), Mumbai - 400051
	BSE Limited (BSE) Scrip Code - 543332	Phiroze Jeejeebhoy , Dalal Street, Mumbai - 400 001
	The Annual Listing Fees for the year 2025-26 has been paid to the said Stock Exchanges.
ISIN Number:	INE071N01016
Corporate Identification Number (CIN):	L24100GJ2007PLC051717
Registrar and Share Transfer Agent:	MUFG Intime India Private Limited (formerly known as Link Intime India Private Limited) 506 To 508, Amarnath Business Centre- 1, Beside Gala Business Centre, Nr. St. Xavier's College Corner, Off C. G. road, Ellisbridge, Ahmedabad- 380006 Contact No.: 91-79-2646 5179 Email: [email protected]
Share Transfer System:	The Share Transfer and related services are processed by the Company's RTA viz. MUFG Intime India Private Limited, Mumbai. The transfer of shares in Depository mode need not be approved by the Company.

Distribution of Shareholding & Category-wise Distribution:	Refer Table A & B
Dematerialization of shares and liquidity:	As on March 31, 2026, 100% of the paid-up share capital (face value of Equity Shares of ₹10/- each) is held in Demat form with NSDL and CDSL.
	Mode	No. of Equity Shares	% to Total Share Capital
	Physical	0	0
	Electronic
	A. NSDL	37817838	87.66
	B. CDSL	5323500	12.34
Total	43141338	100.00
Outstanding GDR / ADR / Warrants or any Convertible Instruments and their likely impact on Equity:	NIL
Plant Locations:	Plot No.CH/1, CH/2, CH/1+2B, GIDC Industrial Estate, Dahej, Tal. Vagara, Dist. Bharuch 392 130, Gujarat, India.
Address for Correspondence:	All enquiries, clarification and correspondence should be addressed to the Company Secretary and Compliance Officer: Mr. Gaurang Trivedi, Company Secretary & Compliance Officer Epigral Tower, B/h Safal Profitaire, Corporate Road, Prahladnagar, Ahmedabad - 380 015 Telephone No. 91-79-2970 9600/ 7176 1000 Fax No. 91-79-2970 9605, E-mail: [email protected]
Credit Ratings	CRISIL has assigned Long Term Rating of CRISIL AA/Stable and Reaffirmed Short Term Rating to CRISIL A1+ for its various Bank Facilities aggregating to ₹1050 Crores.

Distribution of Shareholding: 31.03.2026:

TABLE A

Category	Shareholders		Total Shares of ₹10/- each
	Number	Percent	Number	Percent
1-500	77452	97.62	3111583	7.22
501-1000	919	1.16	679352	1.57
1001-2000	454	0.57	664856	1.54
2001-3000	143	0.18	355198	0.82
3001- 4000	70	0.09	246715	0.57
4001- 5000	46	0.06	212906	0.49
5001-10000	97	0.12	694421	1.61
10001- & ABOVE	160	0.20	37176307	86.18
Total	79341	100.00	43141338	100.00

Shareholding Pattern – 31.03.2026:

Sr. No.	Category	No. of Shares held	% of Shares held
1	Promoters	29695530	68.83
2	Public	7733979	17.93
3	Mutual Funds	2114605	4.90
4	Other Bodies Corporate	1238114	2.87
5	FPI (Corporate) - I	610353	1.41
6	Hindu Undivided Family	568884	1.32
7	Non Resident Indians	508549	1.18
8	Body Corporate - Ltd Liability Partnership	443952	1.03
9	Non Resident (Non Repatriable)	127969	0.30
10	FPI (Corporate) - II	54928	0.13
11	Clearing Members	20512	0.05
12	Investor Education And Protection Fund	12432	0.03
13	Government Companies	10339	0.02
14	Escrow Account	530	0.00
15	Alternate Invst Funds - II	330	0.00
16	Alternate Invst Funds - III	197	0.00
17	Trusts	71	0.00
18	NBFCs registered with RBI	64	0.00
TOTAL		43141338	100.00

8. SHARES LYING IN THE DEMAT SUSPENSE ACCOUNT

Pursuant to the approval of the Composite Scheme of Arrangement approved by National Company Law Tribunal, Ahmedabad Bench vide order dated May 03, 2021, the Company allotted 23903029 Equity Shares of ₹10/ each on May 20, 2021 to the shareholders whose name appeared in the register of the members of the Demerged Company on Record Date i.e. May 19, 2021.

During the process of allotment, there were total 80 cases aggregating 12732 equity shares parked in Demat escrow account of the Company due to various reasons i.e. BO closed etc. The Company has sent letters to the respective shareholders to claim their shares from Demat Escrow account of the Company.

As on the date of this report, voting right of 530 shares lying in the demat suspense account shall remain frozen till the rightful owner of such shares claims the shares.

The shareholders whose shares are lying in the demat suspense account are requested to contact MUFG Intime India Private Limited, Registrar and Share Transfer Agent of the Company to claim the shares from the suspense account.

Annexure I

CS
Shahs & Associates
Company Secretaries

Email: [email protected]
[email protected]
Ph: +91-79-26423700 / 40040708
M: +91-9428016200, 9327992688

305, Hrishikesh-II,
Opp. Municipal School,
Nr. Navrangpura Bus Stand,
Navrangpura, Ahmedabad-380 009

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10) (i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015)

To,
The Members,
EPIGRAL LIMITED
Epigral Tower, B/H Safal Profitaire,
Corporate Road, Prahladnagar,
Ahmedabad, Gujarat, India, 380015

We have examined the relevant registers, records, forms, returns and disclosures including thereon in digital /electronic mode received from the Directors of EPIGRAL LIMITED CIN L24100GJ2007PLC051717, having its registered office at Epigral Tower, B/H Safal Profitaire, Corporate Road, Prahladnagar, Ahmedabad, Gujarat, India, 380015 (hereinafter referred to as 'the Company'), as produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) status at the portal www.mca.gov.in as considered necessary and explanations furnished to us by the Company and its officers, we hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending on March 31, 2026 have been debarred or disqualified from being appointed or continuing as Directors of Company, by the Securities and Exchange Board of India, Ministry of Corporate Affairs, New Delhi or any such other Statutory Authority.

Sr. No	Name of Director	DIN	Date of Appointment
1.	Maulik Jayantibhai Patel	02006947	10/05/2016
2.	Kaushal Ashishbhai Soparkar	01998162	10/05/2016
3.	Ankit Natwarlal Patel	02180007	10/05/2016
4.	Karana Rameshbhai Patel	01727321	10/05/2016
5.	Darshan Anandbhai Patel	02047676	10/05/2016
6.	Manubhai Khodidas Patel	00132045	18/05/2017
7.	Priyanka Agarwal Chopra	10011547	28/02/2025
8.	Sanjay Khatau Asher	00008221	20/05/2021
9.	Kanubhai Shakarabhai Patel	00008395	20/05/2021
10.	Raju Swamy	03032679	20/05/2021

We further report that the ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management of the Company. Our responsibility is to express an opinion on the basis of our verification. This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.

Kaushik Shah
Partner
FCS No 2420 CP No 1414
UDIN: F002420H000238502
Peer Review No. 6839/2025
UI No. P2012GJ0286000

Annexure – II

Shahs & Associates

Email: [email protected]
[email protected]

Ph: +91-79-26423700 / 40040708

M: +91-9428016200, 9327992688

305, Hrishikesh-II,

Opp. Municipal School,

Nr. Navrangpura Bus Stand,

Navrangpura, Ahmedabad-380 009

AUDITORS' CERTIFICATE ON CORPORATE GOVERNANCE

To,

The Members,

Epigral Tower, B/H Safal Profitaire,

Corporate Road, Prahladnagar,

Ahmedabad, Gujarat, India, 380015

We have examined the compliance of conditions of Corporate Governance of EPIGRAL LIMITED CIN L24100GJ2007PLC051717, for the year ended on March 31, 2026, as stipulated in Chapter IV of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 pursuant to the Listing Agreement of the Company with Stock Exchanges.

The compliance of conditions of Corporate Governance is the responsibility of the Management. Our examination has been limited to a review of the procedures and implementation thereof adopted by the Company for ensuring the compliance of the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.

In our opinion and to the best of our information and according to the explanations given to us and based on the representations made by the Directors and the Management, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in Chapter IV of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 pursuant to the Listing Agreement of the said Company with Stock Exchanges.

We further state that such compliance is neither an assurance as to future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.

For, SHAHS & ASSOCIATES

Kaushik Shah

Partner

FCS No 2420 CP No 1414

UDIN: F002420H000238700

Peer Review No. 6839/2025

UI No. P2012GJ0286000

Annexure III

DECLARATION OF COMPLIANCE WITH COMPANY'S CODE OF CONDUCT

This is to confirm that Company has adopted a Code of Conduct for Directors, Senior Management and all Employees across all Units and Offices of the Company. These Codes are available on the Company's website.

I further confirm that the Company has in respect of the Financial Year ended on March 31, 2026, received from all the Board Members and Senior Management Personnel of the Company, a declaration of compliance with the Code of Conduct as applicable to them.

BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORTING

(Business Responsibility and Sustainability Reporting (BRSR) is the practice of companies disclosing information about their environmental, social, and governance (ESG) performance. It goes beyond financial reporting to provide stakeholders with a comprehensive view of a company's non-financial impacts and contributions to sustainable development. BRSR covers topics such as environmental impact, social responsibility, and governance practices, aiming to promote transparency and accountability.)

SECTION A: GENERAL DISCLOSURES

I. Details of the listed entity

Sr. No.	Particulars	FY 2025-2026
1	Corporate Identity Number (CIN) of the Listed Entity	L24100GJ2007PLC051717
2	Name of the Listed Entity	Epigral Limited
3	Year of incorporation	11/09/2007
4	Registered office address	Epigral Tower, B/h. Safal Profitaire, Corporate Road, Prahladnagar, Ahmedabad - 380015, Gujarat
5	Corporate address	Epigral Tower, B/h. Safal Profitaire, Corporate Road, Prahladnagar, Ahmedabad - 380015, Gujarat
6	E-mail	[email protected]
7	Telephone	079-2970 9600
8	Website	www.epigral.com
9	Financial year for which reporting is being done	FY 2025-2026
10	Name of the Stock Exchange(s) where shares are listed	National Stock Exchange of India Limited, BSE Limited
11	Paid-up Capital	Rs. 43,14,13,380/-
12	Name and contact details (telephone, email address) of the person who may be contacted in case of any queries on the BRSR report	Mr. Gaurang Trivedi Company Secretary & Compliance Officer Mobile - 6357458377 [email protected]
13	Reporting boundary - Are the disclosures under this report made on a standalone basis (i.e. only for the entity) or on a consolidated basis (i.e. for the entity and all the entities which form a part of its consolidated financial statements, taken together)	Standalone Basis
14	Name of assurance provider	Vinay and Keshava LLP have conducted audit for our Sustainability Report
15	Type of assurance obtained

II. Products/services

Details of business activities (accounting for 90% of the turnover):

Sr. No.	Description of Main Activity	Description of Business Activity	% of Turnover of the entity
1	Manufacturing and Selling of Chemicals including Derivatives and Specialty Chemicals	Manufacturing and Selling of Chemicals including Derivatives and Specialty Chemicals	100%

Products/Services sold by the entity (accounting for 90% of the entity's Turnover):

Sr. No.	Product/Service	NIC Code	% of total Turnover Contributed
1	Manufacturing and Selling of Chemicals including Derivatives and Specialty Chemicals	20119	100%

III. Operations

Number of locations where plants and/or operations/offices of the entity are situated:

Location	Number of plants	Number of offices	Total
National	1	4	5
International	0	0	0

Markets served by the entity:

a. Number of locations

Locations	Number
National (No. of States)	2
International (No. of Countries)	15

b. What is the contribution of exports as a percentage of the total turnover of the entity?

c. A brief on types of customers

We serve a diverse portfolio of clients across both public and private sector organizations. Our expertise extends across a wide range of industries, including alumina, pharmaceuticals, textiles, agrochemicals, epoxy resins, paints and coatings, paper and pulp, PU foams, CPVC pipes and fittings, construction, refineries, soaps, detergents, and several other sectors. We remain committed to delivering tailored solutions and high-quality services that address the evolving needs of our valued customers

IV. Employees

Details as at the end of Financial Year:

a. Employees and workers (including differently abled):

Sr. No.	Particulars	Total (A)	Male		Female
			No. (B)	% (B / A)	No. (C)	% (C / A)

EMPLOYEES

1	Permanent (D)	1,135	1,119	98.59%	16	1.41%
2	Other than Permanent (E)	5	5	100%	0	-
3	Total employees (D + E)	1,140	1,124	98.60%	16	1.40%

WORKERS

4	Permanent (F)	0	0	-	0	-
5	Other than Permanent (G)	1,179	1,126	95.50%	53	4.50%
6	Total workers (F + G)	1,179	1,126	95.50%	53	4.50%

b. Differently abled Employees and workers:

Sr. No.	Particulars	Total (A)	Male		Female
			No. (B)	% (B / A)	No. (C)	% (C / A)
DIFFERENTLY ABLED EMPLOYEES
1	Permanent (D)	5	5	100%	0	-
2	Other than Permanent (E)	0	0	-	0	-
3	Total differently abled employees (D + E)	5	5	100%	0	-
DIFFERENTLY ABLED WORKERS
4	Permanent (F)	NA	NA	NA	NA	NA
5	Other than Permanent (E)	0	0	-	0	-
6	Total differently abled workers (F + G)	0	0	-	0	-

Participation/Inclusion/Representation of women

Particular	Total	No. and percentage of Females
	(A)	No. (B)	% (B / A)
Board of Directors	10	1	10.00%
Key Management Personnel*	4	0	0%

*Total KMP includes the Managing Director and Whole-Time Director.

Turnover rate for permanent employees and workers

Particular	FY 2025-26			FY 2024-25			FY 2023-24
	(Turnover rate in current FY)			(Turnover rate in previous FY)			(Turnover rate in the year prior to the previous FY)
	Male	Female	Total	Male	Female	Total	Male	Female	Total
Permanent Employees	14.52%	38.71%	14.86%	15.42%	32.26%	15.67%	20.24%	13.79%	20.14%
Permanent Workers*	NA	NA	NA	NA	NA	NA	NA	NA	NA

*We do not engage any workers under a permanent contract category; hence, this section is not applicable.

V. Holding, Subsidiary and Associate Companies (including joint ventures)

(a) Names of holding / subsidiary / associate companies / joint ventures

Sr. No.	Name of the holding / subsidiary / associate companies / joint ventures (A)	Indicate whether holding/ subsidiary/ Associate/ Joint Venture	% of shares held by listed entity	Does the entity indicated at column A, participate in the Business responsibility initiatives of the listed entity? (Yes/No)
1	ReNew Green (GJS Three) Private Limited	Associate	26.00%	No
2	Pro-Zeal Green Power Ten Private Limited	Associate	26.00%	No

VI. CSR Details

24. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No)	Yes
a. Turnover (in Rs.)	2527,18,40,523.54
b. Net worth (in Rs.)	2221,46,92,298.35

VII. Transparency and Disclosures Compliances

25 Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business Conduct:

Stakeholder group from whom complaint is received	Grievance Redressal Mechanism in Place (Yes/No) *	FY 2025-26 (Current Financial Year)			FY 2024-25 (Previous Financial Year)
		Number of complaints filed during the year	Number of complaints pending resolution at close of the year	Remarks	Number of complaints filed during the year	Number of complaints pending resolution at close of the year	Remarks
Communities	Yes	0	0	-	0	0	-
Investors (other than shareholders)	Yes	0	0	-	0	0	-
Shareholders	Yes	0	0	-	3	0	-
Employees and workers	Yes	0	0	-	0	0	-
Customers	Yes	0	0	-	0	0	-
Value Chain Partners	Yes	0	0	-	0	0	-

Grievance Redressal Mechanism in Place (Yes/No) (If Yes, then provide web-link for grievance redress policy)

Stakeholder group from whom complaint is received	Web Link for Grievance Policy
Communities	https://epigral.com/governance-policies-compliances/
Investors (other than shareholders)	https://epigral.com/key-contacts/
Shareholders	https://epigral.com/key-contacts/
Employees and workers	https://epigral.com/wp-content/uploads/2024/03/Policy-on-Code-of-Conduct.pdf
Customers	https://epigral.com/governance-policies-compliances/
Value Chain Partners	https://epigral.com/governance-policies-compliances/

Overview of the entity's material responsible business conduct issues

Material responsible business conduct and sustainability issues pertaining to environmental and social matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the risk along-with its financial implications.

Sr. No.	Material issue identified	Indicate whether risk or opportunity (R/O)	Rationale for identifying the risk / opportunity	In case of risk, approach to adapt or mitigate	Financial implications of the risk or opportunity (Indicate positive or negative implications)
1	Sustainable Supply Chain	O	In today's era of growing environmental awareness, companies are adopting more ethical and sustainable purchasing policies. By procuring goods that are environmentally and socially responsible, companies can not only reduce their impact on the environment but also create a positive brand image.	-	Positive
2	Emissions and Pollutants	R	Chemical production produces direct (Scope 1) greenhouse gas (GHG) emissions from fossil fuel burning in manufacturing and cogeneration processes and process emissions from feedstock transformation. In addition to greenhouse gases (GHGs), Chemical manufacturing may also emit air emissions such as sulphur dioxides (SOx), nitrogen oxides (NOx), and hazardous air pollutants during manufacturing. For chemical firms, emissions might result in operating risks, fines, or expenditures associated with regulatory compliance.	We recognize the importance of minimizing our carbon footprint and are committed to fulfilling our environmental responsibilities through sustainable business practices. Our organization continuously strives to reduce energy consumption by adopting innovative and energy-efficient technologies. In addition, we are actively exploring and integrating renewable energy solutions to decrease dependence on conventional non-renewable energy sources.
As part of our clean energy transition initiatives, we have established an 18.34 MW wind-solar hybrid project and are in process of adding 19.80 MW wind-solar hybrid project for captive consumption. Furthermore, we have implemented advanced technologies such as ECH Glycerol, which are designed to optimize energy and water consumption while generating minimal waste, thereby supporting our broader sustainability objectives.	Negative

Sr. No.	Material issue identified	Indicate whether risk or opportunity (R/O)	Rationale for identifying the risk / opportunity	In case of risk, approach to adapt or mitigate	Financial implications of the risk or opportunity (Indicate positive or negative implications)
3	Circular Economy	O	The Circular Economy model of production and consumption emphasizes and promotes the reuse, refurbishment, and recycling of materials and products already in existence. Transition to circular economy can reduce the material consumption during the production.	-	Positive
4	Water Management	R	Water is a critical input in chemical production. Companies with water intensive operations face a greater risk of operational disruption due to water scarcity, which can also increase water procurement prices and capital expenditures. Similarly, chemical manufacturing generates process wastewater that must be treated before disposal. Non-compliance with water quality regulations may result in regulatory compliance and mitigation costs.	As a responsible chemical manufacturer, we place significant emphasis on efficient water management and sustainable resource utilization. By adopting advanced wastewater treatment technologies, we are able to reduce our environmental footprint through optimized water and energy consumption. Our initiatives extend beyond wastewater treatment and include several water conservation and reuse measures across operations. For instance, rinse water from selected process units is treated and reused in cooling towers, while condensate recovery systems enable the reuse of water for boiler makeup applications. Additionally, treated water from our sewage treatment plants is utilized for irrigation purposes, thereby reducing reliance on freshwater for landscaping activities. These initiatives demonstrate our continued commitment to responsible water stewardship and sustainable operational practices.	Negative

In line with our commitment to transparency, relevant environmental and social aspects associated with our products are communicated to customers. Furthermore, the company strictly adheres to all applicable hazardous waste management regulations to ensure safe handling, proper disposal, and minimization of environmental impacts. | Negative |
| 6 | Waste Management | R | Typically, waste is generated as part of a company’s operations, captive power plant, maintenance of machinery and office administrative work. Improper waste handling may contribute to air pollution, climate change, and various direct and indirect impacts on the ecosystem. It may also cause health and safety risks to personnel exposed to waste. Non-compliance with waste management regulations may lead to the imposing of heavy fines. | The company has implemented several advanced technologies to replace outdated processes, resulting in a significant reduction in waste generation. This strategic transition has not only optimized the use of natural resources but also minimized waste disposal requirements and dependence on landfills.

In addition, the company has proactively registered under the Extended Producer Responsibility (EPR) framework, demonstrating its commitment to the responsible management of plastic waste associated with its products and packaging materials. | Negative |

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As part of this commitment, we have established a dedicated Research and Development (R&D) center aimed at fostering innovation, advancing technological capabilities, and developing cutting-edge products that meet evolving market and sustainability requirements. | Negative |
| 9 | Diversity and Equal Opportunity | R | A company's high diversity and inclusion rate reflect employees' sense of belonging and fairness within the company. Improving diversity and inclusion helps companies to support vulnerable groups resulting in community brand image creation for the company. | We are committed to fostering a diverse, equitable, and inclusive workplace that promotes collaboration, innovation, and enhanced employee productivity. Our organization strongly upholds the principles of equal opportunity and fair treatment across all aspects of employment.

This commitment is reflected in our policies and practices governing recruitment, hiring, promotions, transfers, compensation, employee benefits, training, and termination, ensuring a fair and inclusive work environment for all employees. | Negative |

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SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting the NGRBC Principles and Core Elements.

Sr. No	Disclosure Questions	P1	P2	P3	P4	P5	P6	P7	P8	P9
Policy and management processes
1. a	Whether your entity's policy/policies cover each principle and its core elements of the NGRBCs. (Yes/No/NA)	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
b	Has the policy been approved by the Board? (Yes/No/NA)	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
c	Web Link of the Policies, if available	https://epigral.com/governance-policies-compliances/
2	Whether the entity has translated the policy into procedures. (Yes / No/ NA)	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
3	Do the enlisted policies extend to your value chain partners? (Yes/No/NA)	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
4	Name of the national and international codes/certifications/labels/ standards (e.g. Forest Stewardship Council, Fairtrade, Rainforest Alliance, Trustee) standards (e.g. SA 8000, OHSAS, ISO, BIS) adopted by your entity and mapped to each principle.	ISO 37001	Halal certification, Kosher certification, ISO 27001	ISO 9001, ISO 45001, Responsible Care from Indian Chemical Council, ISO 27001, EcoVadis	EcoVadis	ISO 14001, ISO 50001, EcoVadis (Silver)	,	,	,	,
5	Specific commitments, goals and targets set by the entity with defined timelines, if any.	In pursuit of our ESG vision, we have taken the following specific commitments, goals, and targets:

Environment
• Achieve carbon neutrality in operations by 2030
• Increase the share of renewable energy in total consumption to 50% by 2028
• Improve waste utilization efficiency and maximize resource recovery

Social
• Ensure 100% of employees are covered under health and safety programs Strengthen employee capability development through regular training, skill upgradation, and career development initiatives
• Maintain zero incidents related to human rights violations and promote an inclusive and safe workplace

Governance
• Maintain zero tolerance towards corruption, anti-competitive behaviour, and conflict of interest
• Strengthen sustainability assessment and engagement across the value chain | | | | | | | | |

		Ensure full compliance with all applicable environmental, health, safety, and regulatory standards. These commitments and targets are formally documented and incorporated into our Sustainability Report.
6	Performance of the entity against the specific commitments, goals and targets along-with reasons in case the same are not met.	Epigral has demonstrated steady progress against its ESG commitments during the reporting period. Environment • Achieve carbon neutrality in operations by 2050 In FY 2025, the entity strengthened its carbon management initiatives through energy optimization, fuel efficiency measures, and periodic GHG emission monitoring, progressing towards its 2050 carbon neutrality target. • Increase the share of renewable energy in total consumption to 50% by 2028 During FY 2025, the entity increased renewable energy adoption through green power. Company has expanded renewable energy capacity to 38.14 MW to support the 50% renewable energy target by 2028. • Improve waste utilization efficiency and maximize resource recovery 93% of waste diverted to recovery which lead to reduction in waste disposal to landfill. Social • Ensure 100% of employees are covered under health and safety programs In FY 2025, 100% of employees remained covered under occupational health and safety programs, including safety training, health awareness, and workplace risk management initiatives. • Strengthen employee capability development through regular training and skill upgradation During FY 2025, employees participated in regular technical, behavioural, and leadership training programs aimed at capability enhancement and career development. • Maintain zero incidents related to human rights violations and promote an inclusive workplace zero reported incidents of human rights violations during FY 2025 and continued to promote diversity, inclusion, and workplace safety through established policies and awareness initiatives. Governance • Maintain zero tolerance towards corruption, anti-competitive behaviour, and conflict of interest During FY 2025, the entity reported zero incidents related to corruption, anti-competitive behaviour, or conflict of interest, supported by regular compliance and ethics awareness programs. • Strengthen sustainability assessment and engagement across the value chain In FY 2025, the entity continued supplier engagement and sustainability assessments by integrating ESG considerations into vendor evaluation and procurement processes. • Ensure full compliance with applicable environmental, health, safety, and regulatory standards The entity maintained compliance with applicable environmental, health, safety, and regulatory requirements during FY 2025 through periodic audits, monitoring, and corrective action mechanisms.

7
Governance, leadership and oversight
Statement by director responsible for the business responsibility report, highlighting ESG related challenges, targets and achievements (listed entity has flexibility regarding the placement of this disclosure)

At Epigral Limited, we recognize that Environmental, Social, and Governance (ESG) considerations are no longer optional commitments but fundamental responsibilities and strategic priorities. As the Director responsible for the Business Responsibility Report, I am pleased to present the progress we have made in embedding ESG principles across our operations, while also acknowledging the areas where continuous improvement remains essential.

During the year, we undertook several strategic initiatives to strengthen our Environment, Health, and Safety (EHS) framework. Enhanced reporting templates were implemented to improve the accuracy, reliability, and transparency of EHS data, enabling more effective decision-making and stronger compliance management. We also prioritized employee well-being through ergonomic and health-focused programs, including periodic medical screenings and psychological safety initiatives. In addition, a Safety Perception Survey was introduced to capture employee feedback and support the development of targeted safety interventions. These initiatives contributed to improved employee engagement, enhanced productivity, and a reduction in incident rates.

Our commitment to operational excellence, safety, and innovation has been recognized through notable industry accolades, including the Special Jury Commendation Award in the HSE Innovation Category by Pro MFG Media and the FAME National Award 2024 (Platinum) for Occupational Health & Safety. Further strengthening our ESG credentials, the Company was awarded the prestigious EcoVadis Silver Medal, placing us among the top 15% of over 150,000 companies assessed globally, reflecting strong performance across Environment, Labor & Human Rights, Ethics, and Sustainable Procurement.

Looking ahead, we remain focused on expanding green cover, reducing specific energy and water consumption, adopting advanced digital safety systems, and continuously enhancing workforce capabilities through upskilling initiatives. In line with our ESG targets, we are committed to improving resource efficiency, reducing environmental footprint intensity, and strengthening sustainable procurement practices across our value chain, while progressively aligning our performance with globally recognized sustainability benchmarks. We remain steadfast in our commitment to achieving a zero-incident workplace and aligning our performance with global sustainability benchmarks.

Our Corporate Social Responsibility (CSR) initiatives continued to reflect our commitment to inclusive growth and community development. During the reporting period, we advanced key initiatives in education, skill development, and support for vulnerable communities. Land was secured for the establishment of a future Education and Skill Development Centre aimed at empowering youth through accessible learning and vocational training opportunities. We also extended support towards the care and education of specially abled children and contributed to community-based educational initiatives that promote equitable access to learning.

We recognize that sustainable progress requires continuous commitment, accountability, and collaboration. Through our ESG initiatives, we strive to create long-term shared value for our stakeholders while contributing positively to the environment, our workforce, and the communities in which we operate.

Mr. Maulik Patel,
Chairman and Managing Director

8
Details of the highest authority responsible for implementation and oversight of the Business Responsibility policy (ies).

Mr. Maulik Patel, Chairman and Managing Director

9
Does the entity have a specified Committee of the Board/ Director responsible for decision making on sustainability related issues? (Yes / No/ NA). Yes

If Yes please provide details

The Company has established various committees comprising Board members and senior management personnel to oversee and govern sustainability-related matters effectively. These include the Audit Committee, Risk Management Committee, Stakeholders' Grievance Committee, Corporate Social Responsibility (CSR) Committee, and ESG Committee.

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10	Details of Review of NGRBCs by the Company
	Subject for Review	Indicate whether review was undertaken by Director/Committee of the Board/Any other Committee
		P1	P2	P3	P4	P5	P6	P7	P8	P9
a.	Performance against above policies and follow up action	Committee of the Board
b.	Compliance with statutory requirements of relevance to the principles and rectification of any non-compliances	Director
	Subject for Review	Frequency (Annually / Half yearly /Quarterly/ Any other-please specify)
		P1	P2	P3	P4	P5	P6	P7	P8	P9
a.	Performance against above policies and follow up action	Quarterly
b.	Compliance with statutory requirements of relevance to the principles and rectification of any non-compliances	Quarterly
11	Has the entity carried out independent assessment/evaluation of the working of its policies by an external agency? (Yes/No).	Yes	Yes	Yes	No	Yes	Yes	No	No	No
	If yes, provide name of the agency.	International Organisation for Standardisation	Halal, Kosher	International Organisation for Standardisation, possible care from Indian Chemical Council, EcoVadis	-	EcoVadis	International Organisation for standardisation, EcoVadis	-	-	-
12	If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:	P1	P2	P3	P4	P5	P6	P7	P8	P9
	The entity does not consider the Principles material to its business (Yes/No)	NA
	The entity is not at a stage where it is in a position to formulate and implement the policies on specified principles (Yes/No)	NA
	The entity does not have the financial or/human and technical resources available for the task (Yes/No)	NA
	It is planned to be done in the next financial year (Yes/No)	NA
	Any other reason (please specify)

SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

PRINCIPLE 1 Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent and Accountable.

(This principle focuses on the importance of ethical conduct and transparency in business operations. Companies should follow ethical business practices and adhere to high standards of integrity. They should also be transparent about their activities, operations, and financial reporting, as well as be accountable for their actions)

Essential Indicators

Percentage coverage by training and awareness programmes on any of the principles during the financial year:

Segment	Total number of training and awareness programmes held	Topics/principles covered under the training and its impact	%age of persons in respective category covered by the awareness programmes
Board of Directors	4	Throughout the year, the Board of Directors were kept informed on a range of topics, including:
• Business performance and operations
• Economic and industry outlooks
• Research and development updates
• Regulatory updates
• ESG commitments	100%
Key Managerial Personnel	4	ESG Commitments, Prevention of Sexual Harassment, Regulatory Updates, Code of Conduct & Ethics	100%
Employees other than BOD and KMPs	1,279	1. Safety & Emergency Response
• First Aid & Emergency Procedures
• Safety Awareness (PPE, Hot Work, Confined Space, Fire Safety)
• Emergency Scenario Handling (Chemical, Fire, Gas Leak, Blackout)
• Hazard Identification & Risk Assessment
• Work Permit & Safe Work Practices
• Handling of Hazardous Chemicals (H2SO4, Chlorine, etc.)
• Fire Safety & Extinguisher Training
2. Process & Equipment Operations
• Boiler & Turbine Operations (Start-up, Shutdown, Logic)
• Compressor & Pump Changeover Procedures
• Tanker Filling & Loading Procedures (Caustic, H2SO4, Methanol)
• Chemical Handling & Transfer Operations	100%

Segment	Total number of training and awareness programmes held	Topics/principles covered under the training and its impact	%age of persons in respective category covered by the awareness programmes
		· Air, Water, & Gas System Operations (Compressor, Cooling Tower, Nitrogen) · Control Systems & Interlock Logic · Maintenance & Troubleshooting (Equipment, Pumps, Valves) 3. Automation & Control Systems · PLC & DCS Operations (Filling, Tanker Loading, Safety Systems) · Automation of Processes (Batch Preparation, Chemical Handling) · Alarm, Tripping, and Interlock Systems · Shutdown & Start-up Logic 4. Plant & Facility Management · Housekeeping & 5S (Plant Maintenance, Warehouse) · Plant Start-up, Shutdown, & Emergency Handling · Power Systems & Generator Operations · Utility Systems (Water, Air, Steam, Gas) Operations · Process Flow Management & Troubleshooting 5. ISO & Documentation Awareness · ISO 50001 Energy Management · IMS (Integrated Management System) Awareness · Document Control & Safety Management · Compliance with Industry Standards & Regulations 6. Specialized Equipment & Systems · Hydrogen Handling, Storage, & Safety · Caustic & Chemical Process Operations · Distillation, Reactors, & Thermal Systems · Soot Blowing, Coal Handling, Ash Management 7. Maintenance & Troubleshooting · Preventive Maintenance & SOPs · Equipment Isolation & Lockout/Tagout (LOTO) · Motor & Pump Maintenance · Generator, Boiler, & Electrical Maintenance 8. Skill Development & Soft Skills · Communication Skills & Time Management · Emotional Intelligence & Interpersonal Skills · Conflict Management & Team Development · Leadership & Problem-Solving Skills
Workers*	37	1. Rights of employees under POSH laws. 2. Employer responsibilities in promoting human rights. 3. Code of Conduct (COC) Training 4. Child Labour Awareness Training 5. Health and safety training 6. Work functional trainings	100%

*The data provided is for other than permanent workers.

Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial year, in the following format

Monetary
Particular	NGRBC Principle	Name of the regulatory/ enforcement agencies/ judicial institutions	Amount (In INR) (For Monetary Cases only)	Brief of the Case	Has an appeal been preferred? (Yes/No)
Penalty/ Fine	NA	NA	NA	NA	NA
Settlement	NA	NA	NA	NA	NA
Compounding fee	NA	NA	NA	NA	NA
Non-Monetary
---	---	---	---	---
Particular	NGRBC Principle	Name of the regulatory/ enforcement agencies/ judicial institutions	Brief of the Case	Has an appeal been preferred? (Yes/No)
Imprisonment	NA	NA	NA	NA
Punishment	NA	NA	NA	NA

Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary or non-monetary action has been appealed.

Case Details	Name of the regulatory/ enforcement agencies/ judicial institutions
NA	NA

Does the entity have anti-corruption or anti-bribery policy? Yes

If Yes, provide details in brief

Epigral is committed to conducting business ethically and with zero tolerance for bribery and corruption. Any form of bribery—including offering, accepting, or soliciting money, gifts, hospitality, travel, or other benefits to secure an improper advantage—is strictly prohibited.

This commitment extends to all employees and third parties associated with the Company, including suppliers, subcontractors, consultants, agents, and business partners, who are expected to comply with the same standards of integrity and ethical conduct. The Company undertakes appropriate due diligence and communicates its anti-bribery expectations to relevant third parties as part of its compliance framework. Regular awareness and training programs are also conducted for employees to strengthen compliance with anti-bribery and anti-corruption requirements.

To further strengthen its anti-bribery framework, Epigral has obtained ISO 37001 certification for its Anti-Bribery Management System, reflecting its commitment to global best practices and ethical business conduct.

If Yes, Provide a web link to the policy, if available -Web link anti-corruption or anti bribery policy is place https://epigral.com/governance-policies-compliances/

Number of Directors/ KMPs/ employees/ workers against whom disciplinary action was taken by any law enforcement agency for the charges of bribery/ corruption:

Particulars	FY 2025-26	FY 2024-25
Directors	0	0
KMPs	0	0
Employees	0	0
Workers	0	0

Details of complaints with regard to conflict of interest:

Case Details	FY 2025-26		FY 2024-25
	Number	Remark	Number	Remark
Number of complaints received in relation to issues of Conflict of Interest of the Directors	0	-	0	-
Number of complaints received in relation to issues of Conflict of Interest of the KMPs	0	-	0	-

Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest.

There have been no cases of corruption or conflicts of interest reported, so no corrective actions have been taken.

Number of days of accounts payables in the following format:

Particulars	FY 2025-26	FY 2024-25
Number of days of accounts payables	53	44

Open-ness of business

Details of concentration of purchases and sales with trading houses, dealers, and related parties along-with loans and advances & investments, with related parties:

Parameter	Metrics	FY 2025-26	FY 2024-25
Concentration of Purchases	a. Purchases from trading houses as % of total purchases	22.81%	26.05%
	b. Number of trading houses where purchases are made from	6	2
	c. Purchases from top 10 trading houses as % of total purchases from trading houses	100%	100%
Concentration of Sales	a. Sales to dealers/distributors as % of total sales	48.84%	49.82%
	b. Number of dealers/distributors to whom sales are made	155	173
	c. Sales to top 10 dealers/distributors as % of total sales to dealers/distributors	47.09%	46.67%
Share of RPTs in	a. Purchases (Purchases with related parties / Total Purchases)	1.42%	2.40%
	b. Sales (Sales to related parties / Total Sales)	7.37%	6.82%
	c. Loans & advances (Loans & advances given to related parties / Total loans & advances)	0	0
	d. Investments	100%	0

Leadership Indicators

Awareness programmes conducted for value chain partners on any of the Principles during the financial year:

Total number of awareness programmes held	Topics / principles covered under the training	Percentage of value chain partners covered (by value of business done with such partners) under the awareness programmes
8	We conduct regular training with our customers on inspection of the system, safe handling and storage of hydrogen and chlorine.	15% of customers are covered in the training

Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board? (Yes/No)

Yes

If Yes, provide details of the same.

The Company has adopted a Code of Conduct and related policies to address conflicts of interest across the organization, including at the Board and Senior Management levels. As part of its governance framework, the Company obtains annual declarations from Directors confirming compliance with the Code of Conduct.

Additionally, Directors are required to disclose their interests or concerns in the Company as well as in other companies, bodies corporate, firms, or associations, including details of shareholding and any changes therein. Such disclosures are made on an annual basis and updated on an ongoing basis, as applicable.

In line with good governance practices, interested Directors abstain from participating in discussions and voting on agenda items where a conflict of interest exists at Board and Committee meetings.

The Company's Code of Conduct and related policies are available on its website at:

https://epigral.com/governance-policies-compliances/

PRINCIPLE 2 Businesses should provide goods and services in a manner that is sustainable and safe.

(This principle highlights the importance of sustainable and safe production practices. Companies should strive to minimize the environmental impact of their activities and ensure that their products and services are safe for consumers and the environment.)

Essential Indicators

Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and social impacts of product and processes to total R&D and capex investments made by the entity, respectively.

Sr. No.	Particular	FY 2025-26	FY 2024-25	Details of improvements in environmental and social impacts
1	R&D	100%	100%	The R&D and Capex investment are used to drive improvements in products with environmental and social impact.
2	Capex	3.88%	2.5%

2 a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)

Yes, The Company has established procedures for sustainable sourcing through its Supplier Code of Conduct and ESG assessment framework. As part of the Supplier ESG Assessment process, new suppliers, vendors, and contractors are evaluated using an internally defined Sustainability Scoring Card. Suppliers scoring between 40% to 100% are designated as preferred suppliers, and procurement is prioritized from such vendors, ensuring integration of ESG considerations into sourcing decisions.

b. If yes, what percentage of inputs were sourced sustainably?

The Company has a structured Supplier Code of Conduct and ESG assessment process to incorporate sustainability parameters into procurement practices. Sustainable sourcing considerations are applied during supplier onboarding and evaluation. As part of these efforts, approximately 59.34% of input raw materials were sourced sustainably during the reporting period.

3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of life, for

(a)	Plastics (including packaging)	By adopting the Extended Producer Responsibility (EPR) framework, we actively facilitate the recovery and responsible management of plastics at the end of their lifecycle, thereby contributing to the reduction of plastic waste and supporting the transition towards a circular economy. Our EPR action plan has been duly approved by the Pollution Control Board, and we have successfully achieved the prescribed program targets. We remain committed to advancing cleaner and more sustainable solutions while continuously strengthening responsible waste management practices across our operations.
(b)	E-waste	NA
(c)	Hazardous waste	Clients are provided with a comprehensive Standard Operating Procedure (SOP) outlining the proper handling and management of hazardous waste, water usage requirements, and the mandatory use of personal protective equipment (PPE). The SOP clearly defines the roles and responsibilities of both waste generators and waste handlers to ensure effective compliance and operational safety. It emphasizes critical practices such as appropriate waste segregation, safe storage procedures, and emergency response protocols. Waste generators are responsible for the accurate segregation and secure storage of waste, while waste handlers are required to follow prescribed disposal procedures and consistently use the appropriate PPE. This structured SOP framework is designed to strengthen hazardous waste management practices, enhance workplace health and safety, and promote environmental responsibility across operations.
(d)	other waste
4. a	Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board? (Yes/No)	Yes
---	---	---
b	If yes, whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards?
	The waste collection plan is aligned with the Extended Producer Responsibility (EPR) framework submitted to the Pollution Control Board and is designed to comply with the targets and obligations prescribed by the regulatory authority.
c	If not, provide steps taken to address the same
	Not Applicable

Leadership Indicators

Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing industry) or for its services (for service industry)? (Yes/No)

Yes

If yes, provide details in the following format?

NIC Code	Name of Product / Service	% of total Turnover contributed	Boundary for which the Life Cycle Perspective / Assessment was conducted	Whether conducted by independent external agency (Yes/No)	Results communicated in public domain (Yes/No)	If yes, provide the web-link.
29103000	Bio-based ECH	-	Cradle to Gate	Yes	Yes, It is shared with the supplier as and when required

If there are any significant social or environmental concerns and/or risks arising from production or disposal of your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other means, briefly describe the same along-with action taken to mitigate the same.

Sr. No.	Name of Product/Service	Description of the risk/concern	Action Taken

Based on comprehensive Product Carbon Footprint (PCF) assessments and other relevant evaluations, no significant environmental or social risks have been identified in relation to the production, use, or disposal of our products and services.

The Company remains committed to continuous monitoring, periodic assessments, and the adoption of sustainable practices across all aspects of its operations to ensure responsible environmental and social performance.

Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing industry) or providing services (for service industry).

Sr. No.	Indicate input material*	Recycled or re-used input material to total material (In % to Total Material considering the Value)
		FY 2025-26	FY 2024-25

At Epigral, we reuse and recycle the waste generated during the process in production.
Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled, and safely disposed, as per the following format:

Sr. No.	Particular	FY 2025-2026			FY 2024-2025
		Re-Used (In MT)	Recycled (In MT)	Safely Disposed (In MT)	Re-Used (In MT)	Recycled (In MT)	Safely Disposed (In MT)
1	Plastics (including packaging)	The products manufactured by the Company are primarily utilized as raw materials by various downstream industries and manufacturers. Consequently, the products sold cannot be reclaimed at the end of their use cycle. The Company ensures that the plastic packaging materials associated with its products are collected, reclaimed, and processed in compliance with the requirements prescribed by the applicable regulatory authorities.
2	E waste
3	Hazardous waste
4	Other waste

Reclaimed products and their packaging materials (as percentage of products sold) for each product category.

Sr. No.	Indicate product category	Reclaimed products and their packaging materials (as % of total products sold in respective category)

Our products are primarily sold as raw materials to downstream buyers, and therefore, the Company does not undertake reclamation of the products after sale. However, in accordance with the Extended Producer Responsibility (EPR) framework, we ensure that the plastic packaging associated with our products is collected, reclaimed, and processed in compliance with applicable regulatory requirements.

PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including those in their value chains.

(This principle emphasizes the importance of employee well-being. Companies should provide safe and healthy working conditions, fair wages, and opportunities for career development to all employees in their value chains, including suppliers, contractors, and temporary workers.)

Essential Indicators

1 a. Details of measures for the well-being of employees:

Category	% of employees covered by
	Total (A)	Health insurance		Accident insurance		Maternity benefits		Paternity Benefits		Day Care facilities
		Number (B)	% (B / A)	Number (C)	% (C / A)	Number (D)	% (D / A)	Number (E)	% (E / A)	Number (F)	% (F / A)
Permanent employees
Male	1,119	1,049	93.74%	1,119	100%	NA	NA	0	-	0	-
Female	16	13	81.25%	16	100%	16	100%	NA	NA	0	-
Total	1,135	1,062	93.57%	1,135	100%	16	100%	0	-	0	-
Other than permanent employees
Male	5	2	40%	5	100%	0	-	0	-	0	-
Female	0	0	-	0	-	0	-	0	-	0	-
Total	5	2	40%	5	100%	0	-	0	-	0	-

b. Details of measures for the well-being of workers:

Category	% of employees covered by
	Total (A)	Health insurance		Accident insurance		Maternity benefits		Paternity Benefits		Day Care facilities
		Number (B)	% (B / A)	Number (C)	% (C / A)	Number (D)	% (D / A)	Number (E)	% (E / A)	Number (F)	% (F / A)
Permanent workers
Male	Not Applicable
Female
Total
Other than permanent workers
Male	1,126	0	-	1,126	100%	0	-	0	-	0	-
Female	53	0	-	53	100%	0	-	0	-	0	-
Total	1,179	0	-	1,179	100%	0	-	0	-	0	-

c. Spending on measures towards well-being of employees and workers (including permanent and other than permanent) in the following format

	FY 2025-26	FY 2024-25
Cost incurred on well-being measures as a % of total revenue of the company	0.05%	0.08%

Details of retirement benefits, for Current FY and Previous Financial Year.

Benefits	FY 2025-26			FY 2024-25
	No. of employees covered as a % of total employees	No. of workers covered as a % of total workers	Deducted and deposited with the authority (Y/N/N.A.)	No. of employees covered as a % of total employees	No. of workers covered as a % of total workers	Deducted and deposited with the authority (Y/N/N.A.)
PF	100%	0	Yes	100%	0	Yes
Gratuity	100%	0	Yes	100%	0	Yes
ESI*	100%	0	Yes	100%	0	Yes
Others – please specify	-	-	-	-	-	-

*Employees covered under the ESI scheme are provided with 100% coverage.

Accessibility of workplaces

Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016?

Yes

If not, whether any steps are being taken by the entity in this regard. The Company's offices and operational premises are designed to ensure accessibility for differently abled employees and workers. Key accessibility features include ramp access to lifts, wide doorways, accessible restrooms, tactile guide paths, and designated parking spaces. The Company remains committed to fostering an inclusive work environment by continuously maintaining and enhancing accessibility standards across all its operations.

Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016?

If so, provide a web-link to the policy.

Epigral Limited is committed to fostering a diverse, equitable, and inclusive workplace culture that promotes equal opportunity and mutual respect. The Company ensures fair and unbiased employment practices for all qualified individuals, irrespective of race, caste, religion, color, ancestry, marital status, gender, age, nationality, disability, or veteran status.

This commitment is embedded across all stages of the employee lifecycle, including recruitment, hiring, promotions, transfers, compensation, employee benefits, and separation processes. The Company strives to maintain a safe, respectful, and dignified work environment through policies and practices that strictly prohibit discrimination, harassment, and intimidation in any form.

https://epigral.com/wp-content/uploads/2024/01/Epigral-Human-Rights-Policy.pdf

Return to work and Retention rates of permanent employees and workers that took parental leave.

Gender	Permanent Employees		Permanent Workers
	Return to work rate	Retention Rate	Return to work rate	Retention Rate
Male	0	0	0	0
Female	100%	0	0	0
Total	100%	0	0	0

Is there a mechanism available to receive and redress grievances for the following categories of employees and worker? If yes, give details of the mechanism in brief.

Category	Yes/No	If Yes, then give details of the mechanism in brief
Permanent Workers	Yes	At Epigral Limited, we are committed to fostering a safe, respectful, and transparent workplace where employees feel empowered to raise concerns and report issues without hesitation. To support this commitment, the Company has established a comprehensive grievance redressal mechanism designed to ensure fair, timely, and effective resolution of employee concerns.
Other than Permanent Workers	Yes
Permanent Employees	Yes
Other than Permanent Employees	Yes	The grievance redressal framework provides multiple reporting channels, enabling employees to choose the mode of communication most convenient and comfortable for them. Employees may raise concerns by:
• Directly approaching the Human Resources team or relevant personnel
• Submitting a formal written complaint
• Using the secure online grievance portal
• Reporting concerns through email communication
At the manufacturing facilities, non-permanent employees and workers are also provided with accessible grievance reporting mechanisms through administrative and industrial relations personnel, in addition to digital communication platforms such as email and online systems.
Irrespective of the reporting channel used, all grievances are directed to the appropriate department for prompt review, fair investigation, and effective resolution. By ensuring accessible reporting mechanisms and robust follow-up processes, the Company promotes open communication, strengthens employee trust, and contributes to a positive, productive, and inclusive workplace environment.

Membership of employees and worker in association(s) or Unions recognised by the listed entity:

Category	FY 2025-26			FY 2024-25
	Total employees / workers in respective category (A)	No. of employees / workers in respective category, who are part of association(s) or Union (B)	% (B/A)	Total employees / workers in respective category (C.)	No. of employees / workers in respective category, who are part of association(s) or Union (D)	% (D/C)
Total Permanent employees	1,135	0	0%	1,072	0	0%
Male	1,119	0	0%	1,057	0	0%
Female	16	0	0%	15	0	0%
Total Permanent Workers	Not Applicable
Male
Female

Details of training given to employees and workers:

Category	FY 2025-26					FY 2024-25
	Total (A)	On Health and Safety Measures		On Skill Upgradation		Total (D)	On Health and Safety Measures		On Skill Upgradation
		Number (B)	% (B / A)	Number (C)	% (C / A)		Number (E)	% (E / D)	Number (F)	% (C / D)
Employees
Male	1,119	1,119	100%	998	89.19%	1,057	1,057	100%	911	86.19%
Female	16	16	100%	14	87.50%	15	15	100%	13	86.67%
Total	1,135	1,135	100%	1,012	89.16%	1,072	1,072	100%	924	86.19%
Workers*
Male	Not Applicable
Female
Total

*Disclosure is provided for permanent employees.

Details of performance and career development reviews of employees and worker:

Category	FY 2025-26			FY 2024-25
	Total (A)	No. (B)	% (B / A)	Total (D)	No. (E)	% (E / D)
Employees
Male	1,119	877	78.37%	1,057	968	91.58%
Female	16	16	100%	15	15	100%
Total	1,135	893	78.68%	1,072	983	91.70%
Workers*
Male	Not Applicable
Female
Total

*Disclosure is provided for permanent employees.

Health and safety management system

a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/ No)	Yes
If Yes, the Coverage such systems?
The Company places the safety, health, and well-being of its employees at the core of its operations. This commitment is demonstrated through the implementation of a robust Occupational Health and Safety Management System (OHSMS), which is fully integrated across all business processes.
The OHSMS extends beyond regulatory compliance and is anchored in globally recognized best practices and standards, including ISO 45001 for occupational health and safety and ISO 14001 for environmental management. It also incorporates elements of process safety and Responsible Care management systems, ensuring a holistic and systematic approach to risk management.
This integrated framework enables the Company to embed safety considerations across the entire value chain, encompassing all functions, operations, and technical systems. The Company actively fosters a strong safety culture through a range of proactive and participative initiatives.
Employee awareness is reinforced through regular safety campaigns and structured training programs designed to build competencies for safe work practices. Periodic safety meetings provide platforms for open dialogue on safety concerns and continuous improvement. Safety competitions are organized to encourage engagement and reinforce safe behaviors, while inter-plant training initiatives facilitate cross-learning and dissemination of best practices.

The Company also promotes a culture of transparency and accountability by encouraging the reporting of near misses, unsafe acts, and hazardous conditions, enabling timely identification and mitigation of risks. Additionally, clear and prominent safety signage is maintained across all sites to ensure adherence to established safety protocols.

Through these measures, the Company remains committed to creating a safe and healthy workplace where safety is embedded as a fundamental organizational value.

b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine basis by the entity?

Ensuring the safety, health, and well-being of employees remains a core priority at Epigral. The Company adopts a proactive and systematic approach to identifying, assessing, and mitigating workplace hazards and risks. Its safety framework integrates best-in-class processes, supported by strong employee engagement and continuous awareness-building initiatives.

Hazard and Operability Studies (HAZOP) are conducted periodically across plant sites, involving both internal teams and external experts. These structured assessments enable the identification of potential operational risks and the implementation of targeted mitigation measures. In addition, Job Safety Analysis (JSA) is carried out for specific tasks and procedures to ensure that employees are equipped with task-specific safety knowledge and training, thereby strengthening risk awareness and safe work practices.

In line with its commitment to inclusive and practical safety design, the Company actively incorporates worker feedback while developing safety procedures, ensuring their relevance and effectiveness at the operational level. Monthly thematic safety campaigns are also conducted to enhance awareness, reinforce safe behaviors, and promote continuous learning across sites.

For new and modified facilities, Pre-Startup Safety Reviews (PSSR) are undertaken to verify that all critical safety systems and controls are in place prior to commissioning. This pre-operational review mechanism helps in identifying and addressing potential risks at an early stage, thereby minimizing start-up hazards.

Furthermore, the Permit to Work (PTW) Management System ensures that no activity is initiated without prior authorization and safety clearance. This process confirms that all necessary precautions and control measures are established before work begins.

Collectively, these multi-layered safety systems, combined with active employee participation and a focus on continuous improvement, form the foundation of the Company's Environment, Health, and Safety (EHS) strategy. By embedding safety as a core organizational value, Epigral continues to foster a safe, healthy, and resilient workplace.

c. Whether you have processes for workers to report the work-related hazards and to remove themselves from such risks? (Yes/ No)	Yes

At Epigral Limited, employee health and safety remain fundamental organizational priorities, supported by a robust and multi-layered safety management framework. Employees are actively encouraged to identify and report potential hazards through multiple reporting channels, including a newly introduced incentive-based hazard reporting system aimed at promoting proactive risk identification and prevention.

To strengthen employee engagement and foster a culture of safety, the Company conducts regular Safety Perception Surveys to gather workforce feedback and identify opportunities for continuous improvement. In addition, monthly thematic safety campaigns are organized to enhance awareness of critical safety topics and reinforce safe work practices across all operational sites.

Standardized methodologies such as Hazard Identification and Risk Assessment (HIRA) and Job Safety Analysis (JSA) are integrated into routine operational and maintenance activities to ensure systematic risk management. These processes are further supported through regular safety training programs and detailed reviews of past incidents to continuously improve operational procedures and preventive measures.

The Company also undertakes periodic audits, inspections, and structured evaluations of lessons learned from previous incidents as part of its continuous improvement approach. This integrated safety framework not only helps minimize workplace risks but also promotes a safe, secure, and health-focused work environment for all employees. Through active employee participation, structured safety protocols, and a culture of continuous learning, the Company reinforces its commitment to operational excellence and its vision of achieving zero harm across all operations.

d. Do the employees/ worker of the entity have access to non-occupational medical and healthcare services? (Yes/ No)
Yes

The Company provides access to non-occupational healthcare services to employees and workers through periodic health check-ups and wellness initiatives, including eye examinations, dental check-ups, and routine blood tests, to support overall well-being and preventive healthcare.

Details of safety related incidents, in the following format:

Safety Incident/Number	Category*	FY 2025-26	FY 2024-25
Lost Time Injury Frequency Rate (LTIFR)
(per one million-person hours worked)	Employees	0	0
	Workers	0	0.2
Total recordable work-related injuries	Employees	0	0
	Workers	0	1
No. of fatalities	Employees	0	0
	Workers	0	1
High-consequence work-related injury or
ill health (excluding fatalities)	Employees	0	0
	Workers	0	0

*Including in the contract workforce

Describe the measures taken by the entity to ensure a safe and healthy workplace.

The Company places the highest priority on the safety of its employees, assets, and materials. This is achieved through a comprehensive and multi-layered approach that emphasizes prevention, standardization, and continuous improvement across all operations.

A strong foundation of engineering controls serves as the first line of defense, incorporating in-built safety mechanisms such as containment systems to minimize exposure to hazards, including chemical spills and process-related risks. These controls are complemented by well-defined and standardized operating procedures and safe work practices, ensuring consistency and adherence to high safety standards across all facilities.

The Company adopts a proactive approach to risk management by continuously monitoring workplace conditions, identifying potential hazards, and fostering an environment of open communication. Employees are actively encouraged to report concerns and contribute to strengthening workplace safety.

Advanced safety infrastructure further enhances preparedness and responsiveness. A centralized fire alarm system with real-time monitoring enables prompt action in the event of emergencies. A trained Emergency Response Team (ERT) is in place to effectively manage critical situations, while widespread first aid certification among employees ensures immediate response to minor injuries and incidents.

Capability building is supported through a combination of in-house and external initiatives. A custom-built training management system tracks competency requirements and ensures timely delivery of safety training. In addition, the Company collaborates with external agencies to provide specialized training on a range of safety topics.

To ensure regulatory compliance, a dedicated legal dashboard is maintained to monitor licenses, permits, and statutory requirements. The Company also conducts periodic Safety Perception Surveys to capture employee feedback, identify gaps, and drive continuous improvement in its safety culture.

Collectively, these measures form a robust safety framework that integrates technology, processes, and people. This approach not only mitigates risks but also fosters a culture where safety is deeply embedded as a core organizational value across all aspects of operations.

Number of Complaints on the following made by employees and workers:

Particulars	FY 2025-26			FY 2024-25
	Filed during the year	Pending resolution at the end of year	Remarks	Filed during the year	Pending resolution at the end of year	Remarks
Working Conditions	0	0	-	0	0	-
Health & Safety	0	0	-	0	0	-

Assessment for the year:

Particulars	% of your plants and offices that were assessed (by entity or statutory authorities or third parties)
Health and safety practices	100%
Working Conditions	100%

Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant risks/ concerns arising from assessments of health & safety practices and working conditions.

No corrective action required arising from assessments of health & safety practices and working conditions.

Leadership Indicators

Does the entity extend any life insurance or any compensatory package in the event of death of

(A) Employees (Y/N)	Yes
(B) Workers (Y/N)	Yes

Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited by the value chain partners.

We maintain robust oversight mechanisms to ensure that all statutory dues are accurately deducted and duly deposited by our value chain partners. As part of our statutory compliance framework, contractors are required to submit the following documents along with their monthly billing statements:

Attendance Registers: To verify employee attendance records and support fair compensation practices.
Wage Registers: Detailing employee wages, overtime payments, and allowances to ensure compliance with applicable minimum wage regulations and prevent wage-related discrepancies.
Bank Transfer Statements: To confirm electronic salary disbursements, thereby enhancing payment transparency and minimizing risks associated with cash transactions.
Provident Fund (PF) Challans and Electronic Challan-cum-Returns (ECRs): To validate timely and accurate statutory contributions towards Provident Fund obligations for eligible employees.
Local Professional Tax Receipts: Demonstrating compliance with applicable local professional tax requirements and timely remittance of employee-related taxes.

This structured documentation and verification process reinforces transparency, promotes ethical business practices, and strengthens accountability and trust throughout our value chain.

Provide the number of employees/workers having suffered high consequence work-related injury / ill-health / fatalities (as reported in Q11 of Essential Indicators above), who have been/ are rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment:

Particular	Total no. of affected employees/ workers		No. of employees/workers that are rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment
	FY 2025-26	FY 2024-25	FY 2025-26	FY 2024-25
Employees	0	0	0	0
Workers	0	0	0	0

Does the entity provide transition assistance programs to facilitate continued employability and the management of career endings resulting from retirement or termination of employment? (Yes/ No/ NA)

Yes

We provide comprehensive transition support programs aimed at assisting employees at various stages of their professional journey. These initiatives are designed to enhance long-term employability and facilitate smooth career transitions, including retirement preparedness.

As part of these efforts, the Company conducts awareness sessions on the National Pension System (NPS) to help employees make informed decisions regarding their long-term financial planning and retirement security.

Details on assessment of value chain partners:

Particulars	% of value chain partners (by value of business done with such partners) that were assessed
Health and safety practices	80%
Working Conditions	80%

Provide details of any corrective actions taken or underway to address significant risks / concerns arising from assessments of health and safety practices and working conditions of value chain partners.

We have conducted a comprehensive assessment of our value chain partners to evaluate their alignment with our operational, sustainability, and compliance expectations. Areas identified for improvement will be addressed through the recommendation and implementation of appropriate corrective actions in collaboration with the respective partners, thereby promoting continuous improvement and adherence to our standards.

PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders.

(This principle highlights the importance of stakeholder engagement. Companies should consider the interests and perspectives of all stakeholders, including shareholders, employees, customers, suppliers, and the communities in which they operate. They should also be responsive to stakeholder concerns and feedback.)

1. Describe the processes for identifying key stakeholder groups of the entity.

To ensure effective consultation between stakeholders and the Board on economic, environmental, and social topics, the company has established a clear and structured process. The company actively gathers ESG-related input from stakeholders during the Annual General Meeting (AGM) and other relevant forums, where stakeholders can voice their concerns and provide feedback. Additionally, regular quarterly meetings are held where the Board reviews various environmental and social topics, ensuring ongoing dialogue and alignment with the company's sustainability goals.

Furthermore, the company conducts a materiality assessment, during which feedback from internal stakeholders is incorporated into decision-making processes. This ensures that relevant ESG concerns are prioritized. Management gathers this feedback and communicates it to the appropriate Board committees or, where necessary, directly to the Board. This collaborative process allows the Board to stay informed about stakeholder perspectives and to formulate appropriate action plans to address key concerns, aligning with the company's ESG objectives and overall corporate responsibility. This approach ensures the Board receives timely and comprehensive feedback, allowing for informed decision-making on economic, environmental, and social topics.

2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group.

Stakeholder Group	Whether identified as Vulnerable & Marginalized Group	Channels of communication (Email, SMS, Newspaper, Pamphlets, Advertisement, Community Meetings, Notice Board, Website, Other- Please Specify)	Frequency of engagement (Annually, Half-yearly, Quarterly, others- Please specify)	Purpose and scope of engagement including key topics and concerns raised during such engagement
Employee and Workers	No	Email, Telephone, Notice Board, Meetings, Team Forums & Training Programmes, Human Resource Portal	As and when required	• Notifying Employee About Benefits, Rewards, Policies, Programs, Etc.
• Employee Development Programme.
• Career Progression,
• Performance Reviews & Ratings.
• Understanding Employee Concerns, Feedback, Grievance.
• Health and Safety.

Stakeholder Group	Whether identified as Vulnerable & Marginalized Group	Channels of communication (Email, SMS, Newspaper, Pamphlets, Advertisement, Community Meetings, Notice Board, Website, Other- Please Specify)	Frequency of engagement (Annually, Half-yearly, Quarterly, others- Please specify)	Purpose and scope of engagement including key topics and concerns raised during such engagement
Investors and Shareholders	No	Email, Newspaper, Advertisement, Media Releases, Website, Annual Report, Disclosures to Stock Exchanges and Investor Meetings / Calls/ Conferences	Quarterly	• Operational & Financial Performance.
• Business Growth & Strategy.
• Future Investments.
• Corporate Governance.
• Dividend Declaration.
Government and Regulators	No	E-Mail, Letters, Representations, Meetings, Forums	As needed	• Changes In Regulatory Framework.
• Regulatory Compliances.
• Industry Reforms
Vendors	No	Emails, Meetings, Surveys	Ongoing	• Materials & Products Specifications / Requirements.
• Delivery & Payments
• Sustainability
Customers and Dealers	No	Emails, Letters, Representations, Meetings	Ongoing	• Facilities / Services Offered.
• Interest Rates
Community/ Society	No	Emails, Meetings, Events / Activities,	Ongoing	• CSR Activities in the field Of Education, Healthcare, Women Empowerment, Etc.
• Understand expectations from the company.
• Local employment opportunities.

125

Provide the processes for consultation between stakeholders and the Board on economic, environmental, and social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.

To facilitate effective consultation between stakeholders and the Board on economic, environmental, and social matters, the Company has established a clear and structured stakeholder engagement framework. The Company actively seeks ESG-related inputs and feedback from stakeholders through platforms such as the Annual General Meeting (AGM) and other relevant engagement forums, enabling stakeholders to raise concerns and share their perspectives.

In addition, regular quarterly meetings are conducted during which the Board reviews key environmental, social, and governance topics to ensure continuous dialogue and alignment with the Company's sustainability objectives and strategic priorities.

The Company also undertakes periodic materiality assessments, incorporating feedback from internal stakeholders into its decision-making processes to ensure that significant ESG issues are appropriately identified and prioritized. Management consolidates and communicates stakeholder feedback to the relevant Board committees and, where necessary, directly to the Board for further review and action.

This collaborative and structured approach enables the Board to remain informed about stakeholder expectations and emerging ESG concerns, while supporting the development of appropriate action plans aligned with the Company's sustainability commitments and broader corporate responsibility objectives.

Through this process, the Company ensures that the Board receives timely, comprehensive, and relevant feedback to support informed decision-making on key economic, environmental, and social matters.

Whether stakeholder consultation is used to support the identification and management of environmental, and social topics (Yes/No).

Yes

If so, provide details of instances as to how the inputs received from stakeholders on these topics were incorporated into policies and activities of the entity.

In collaboration with internal stakeholders, we conducted a comprehensive assessment to identify and prioritize the most material Environmental, Social, and Governance (ESG) issues relevant to our business operations and strategic objectives. Based on the outcomes of this assessment, the Company has initiated targeted programs and initiatives to effectively address the identified priority areas.

In addition, we maintain ongoing engagement with our suppliers to promote alignment with our ESG commitments and sustainability expectations. Feedback and inputs received through these interactions—such as requirements related to Product Carbon Footprint (PCF) assessments and supplier audits—have been integrated into our operational and procurement practices.

These initiatives demonstrate our commitment to responsible sourcing, continuous improvement, and the advancement of sustainability across our value chain.

Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/ marginalized stakeholder groups.

As part of our commitment to responsible business practices, we engaged with salt vendors, a key stakeholder group, to address concerns related to safe handling and storage practices. The Company conducted training and provided safety guidance on proper handling, storage, and usage of salt, thereby enhancing awareness and promoting improved safety practices across the value chain.

In addition, through our Corporate Social Responsibility (CSR) initiatives, we actively engage with various vulnerable and marginalized groups to better understand their needs and deliver meaningful, community-focused support programs.

PRINCIPLE 5 Businesses should respect and promote human rights.

(This principle focuses on the importance of human rights. Companies should respect and promote human rights, including the rights to freedom of expression, association, and privacy. They should also prevent and address human rights violations in their operations and value chains.)

Essential Indicators

Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the following format

Benefits	FY 2025-26			FY 2024-25
	Total (A)	No. of employees/workers covered (B)	% (B / A)	Total (C)	No. of employees/workers covered (D)	% (D / C)
Employees
Permanent	1,135	1,135	100%	1,072	1,072	100%
Other than permanent	5	5	100%	7	7	100%
Total Employees	1,140	1,140	100%	1,079	1,079	100%
Workers
Permanent	NA	NA	NA	NA	NA	NA
Other than permanent	1179	1179	100%	866	866	100%
Total Workers	1179	1179	100%	866	866	100%

Details of minimum wages paid to employees and workers

Category	FY 2025-26					FY 2024-25
	Total (A)	Equal to Minimum Wage		More than Minimum Wage		Total (D)	Equal to Minimum Wage		More than Minimum Wage
		No. (B)	% (B /A)	No. (C)	% (C /A)		No. (E)	% (E /D)	No. (F)	% (F /D)
Employees Permanent
Male	1,119	0	-	1,119	100%	1,057	0	-	1,057	100%
Female	16	0	-	16	100%	15	0	-	15	100%
Total	1,135	0	-	1,135	100%	1,072	0	-	1,072	100%
Other than Permanent
Male	5	0	-	5	100%	7	0	-	7	100%
Female	0	0	-	0	-	0	0	-	0	100%
Total	5	0	-	5	100%	7	0	-	7	100%
Workers Permanent
Male	Not Applicable
Female
Total
Other than Permanent
Male	1,126	117	10.39%	1009	89.61%	810	123	15.19%	687	84.81%
Female	53	4	7.55%	49	92.45%	56	3	5.36%	53	94.64%
Total	1179	121	10.26%	1058	89.74%	866	126	14.55%	740	85.45%

3. Details of remuneration/salary/wages

a. Median remuneration / wages:

Particulars	Male		Female
	Number	Median remuneration/salary/wages of respective category	Number	Median remuneration/salary/wages of respective category
Board of Directors (BOD)*	2	1,34,40,000	-	-
Key Managerial Personnel**	2	64,09,598	-	-
Employees other than BOD and KMP	1115	6,40,008	16	8,54,556
Workers	NA	NA	NA	NA

*The remuneration of the Board of Directors (BOD) includes remuneration paid to the Executive Directors and excludes commission and/or sitting fees paid to directors. Non-Executive Independent Directors (Four Male and One Female) are paid sitting fees only, while the three Non-Executive Non-Independent Directors do not receive any remuneration or sitting fees.

**Key Managerial Personnel (KMP) excludes Chairman and Managing Director (CMD) and Executive Director (ED) as they are already covered under Board of Directors (BOD).

b. Gross wages paid to females as % of total wages paid by the entity, in the following format:

Particulars	FY 2025-26	FY 2024-25
Gross wages paid to females as % of total wages	1.58%	1.40%

Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues caused or contributed to by the business?

Yes, we have Internal complaint committee for addressing human rights impacts or issues caused or contributed to the business.

5. Describe the internal mechanisms in place to redress grievances related to human rights issues.

The Company is committed to fostering a safe, respectful, and inclusive workplace for all employees. To support this commitment, robust grievance redressal mechanisms have been established to promote transparency, accountability, and employee trust across the organization.

1. Encouraging Employee Engagement

Employees are actively encouraged to report concerns or suspected violations related to the Company's Code of Conduct, internal policies, applicable laws, and human rights standards. This open and transparent communication framework empowers employees to contribute to a positive and ethical workplace culture.

2. Prompt Review and Corrective Action

All reported concerns are reviewed promptly and thoroughly by designated authorities. Where violations are identified, appropriate corrective and preventive actions are implemented to ensure accountability, resolution, and continuous improvement. This structured approach ensures that all grievances are addressed with fairness, diligence, and integrity.

3. Internal Complaints Committee (ICC)

The Company has constituted a dedicated Internal Complaints Committee (ICC) to address complaints related to sexual harassment and other gender-related grievances. The ICC operates with confidentiality, impartiality, and sensitivity to ensure timely, fair, and unbiased resolution of concerns.

Through these mechanisms, the Company reinforces a workplace culture founded on trust, integrity, inclusivity, and mutual respect, ensuring that every employee feels heard, supported, and valued.

Number of Complaints on the following made by employees and workers:

Benefits	FY 2025-26			FY 2024-25
	Filed during the year	Pending resolution at the end of year	Remarks	Filed during the year	Pending resolution at the end of year	Remarks
Sexual Harassment	0	0	-	0	0	-
Discrimination at workplace	0	0	-	0	0	-
Child Labour	0	0	-	0	0	-
Forced Labour / Involuntary Labour	0	0	-	0	0	-
Wages	0	0	-	0	0	-
Other human rights related issues	0	0	-	0	0	-

Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, in the following format:

Safety Incident/Number	FY 2025-26	FY 2024-25
Total Complaints reported under Sexual Harassment on of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH)	0	0
Complaints on POSH as a % of female employees / workers	0	0
Complaints on POSH upheld	0	0

Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.

At Epigral Limited, we are committed to maintaining a workplace that is free from discrimination, harassment, and retaliation. To uphold this commitment, the Company has established comprehensive mechanisms to protect individuals who report concerns and ensure that they are safeguarded against any form of adverse treatment.

Confidential Reporting Mechanisms: The Company provides multiple channels for reporting concerns, including provisions for anonymous reporting, enabling employees to raise issues without fear of retaliation. Confidentiality is maintained throughout the investigation process, and identities are disclosed only when necessary to ensure fairness and due process.
Support Measures for Complainants: To support individuals who report concerns, the Company provides access to counselling services and employee assistance programs. Where required, temporary reassignments or flexible work arrangements may also be implemented to minimize direct interaction with the parties concerned and reduce the potential risk of retaliation.
Anti-Retaliation Framework: The Company strictly prohibits retaliation against individuals who report concerns or participate in investigations. This commitment is reinforced through a clearly defined anti-retaliation policy, supported by appropriate disciplinary actions for any violations.
Timely and Impartial Investigations: All complaints are addressed through prompt, thorough, and impartial investigations conducted by trained personnel. The investigation process is designed to ensure objectivity, maintain confidentiality, and minimize disruption to the workplace environment.
Promoting a Respectful Workplace Culture: The Company actively promotes a zero-tolerance approach towards discrimination and harassment. Regular awareness and training programs are conducted for employees and management to strengthen understanding of appropriate workplace behavior, grievance procedures, and bystander responsibilities. Employees are encouraged to openly communicate and report any observed misconduct.

Through these measures, the Company continues to foster a safe, respectful, and inclusive workplace environment, reinforcing its commitment to fairness, employee well-being, and organizational integrity.

129

Do human rights requirements form part of your business agreements and contracts? (Yes/No/NA)
Yes

Human rights requirements are incorporated in the Company's standard purchase orders, contracts, and vendor agreements. Suppliers and business partners are expected to comply with these requirements, ensuring adherence to ethical practices and respect for human rights across the value chain.

Assessments for the year:

Name of the Assessment	% of your plants and offices that were assessed (by entity or statutory authorities or third parties)
Child labour	100%
Forced/involuntary labour	100%
Sexual harassment	100%
Discrimination at workplace	100%
Wages	100%
Others	-

Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 10 above.

The Company remains firmly committed to preventing child labour, forced labour, involuntary labour, and related human rights concerns by implementing stringent controls and compliance measures to ensure ethical labour practices across its operations.

Enhanced Attendance Management System: The Company's attendance management system is designed to restrict the registration of casual workers below the age of 18, serving as a key preventive measure against child labour.
Mandatory Identity Verification: All casual workers are required to submit valid government-issued identification documents, such as an Aadhaar card, to verify compliance with the minimum legal age requirements for employment.
Medical Fitness Certification: Casual workers are also required to provide medical fitness certificates confirming their age and fitness for employment, further strengthening compliance with applicable labour standards and regulations.

These proactive measures demonstrate the Company's continued commitment to ethical employment practices, regulatory compliance, and the protection of vulnerable groups within the workforce.

Details of a business process being modified / introduced as a result of addressing human rights grievances/complaints.

The company has not received any grievances or complaints related to human rights.

Details of the scope and coverage of any Human rights due diligence conducted

We have conducted a comprehensive human rights due diligence assessment covering approximately 100% of our value chain partners. The assessment focused on key areas related to worker welfare, ethical labour practices, and human rights compliance, including:

Workplace Management
Prevention of Child Labour
Work Environment
Employee Health and Safety
Human Rights Practices

This assessment reflects the Company's commitment to promoting responsible business practices and strengthening human rights standards across its value chain.

Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of Persons with Disabilities Act, 2016? (Yes/No)

The Company is committed to promoting inclusivity and accessibility across its operations and within the broader community. Necessary provisions have been made to ensure convenient access and accommodation for differently abled visitors at Company premises.

In addition, the Company actively supports the employment of differently abled individuals by providing suitable roles and appropriate working conditions that enable an inclusive and equitable work environment.

Details on assessment of value chain partners:

Name of the Assessment	% of value chain partners (by value of business done with such partners) that were assessed
Sexual harassment	100%
Discrimination at workplace	100%
Child Labour	100%
Forced Labour/Involuntary Labour	100%
Wages	100%
Others – please specify	-

Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 4 above.

We have conducted a comprehensive assessment of our value chain partners to evaluate their compliance and alignment with our operational and sustainability expectations. Any areas identified for improvement will be addressed through appropriate corrective actions, which will be communicated and implemented in coordination with the respective value chain partners.

PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment.

(This principle emphasizes the importance of environmental stewardship. Companies should minimize their impact on the environment, conserve natural resources, and promote environmental sustainability. They should also take steps to restore and rehabilitate degraded ecosystems.)

Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:

Parameter	FY 2025-26 (in Giga Joules)	FY 2024-25 (in Giga Joules)
From renewable sources
Total electricity consumption (A)**	2,52,831.02	2,62,453.80
Total fuel consumption (B)	-	-
Energy consumption through other sources (C.)	-	-
Total energy consumed from renewable sources (A+B+C)	2,52,831.02	2,62,453.80
From non-renewable sources
Total electricity consumption (D)	3,44,468.56	2,57,361.91
Total fuel consumption (E)	1,59,89,914.26	1,57,45,268.93
Energy consumption through other sources (F)	-	-
Total energy consumed from non-renewable sources (D+E+F)	1,63,34,382.82	1,60,02,630.84
Total energy consumed (A+B+C+D+E+F)	1,65,87,213.84	1,62,65,084.64
Energy intensity per Lakhs of turnover [Total energy consumed (in GJ) / Revenue from operations (in Lakhs)]	65.64	63.78
Energy intensity per Lakhs of turnover adjusted for Purchasing Power Parity (PPP)* [Total energy consumed (in GJ)/ Revenue from operations in Lakhs adjusted for PPP]	1,335.02	1317.72
Energy intensity in terms of physical output [Total energy consumed (in GJ) / tonne of production]	20.41	19.61
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency?		Yes
If yes, name of the external agency.	Vinay and Keshava LLP have conducted audit for our Sustainability Report

The revenue from operations has been adjusted for Purchasing Power Parity (PPP) using the latest PPP conversion factor published by the International Monetary Fund (IMF) for India for the year 2026, which is 20.34.
*The company utilizes 42.33% of its total electricity consumption from renewable sources and the Green Grid.

Does the entity have any sites/facilities identified as designated consumers (DCs) under the Performance, Achieve and Trade (PAT) Scheme of the Government of India? (Yes/No)

If yes, disclose whether targets set under the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action taken, if any.

Target given for year 2025-2026 is to reduce specific energy consumption from 0.8476 TOE/ Tonne Equivalent to 0.8106 TOE/ Tonne Equivalent

Yes

Provide details of the following disclosures related to water, in the following format:

Parameter	FY 2025-26	FY 2024-25
Water withdrawal by source (in kilolitres)
(i) Surface water	0	0
(ii) Groundwater	0	0
(iii) Third party water*	62,41,902.45	60,03,964.13
(iv) Seawater / desalinated water	0	0
(v) Others	0	0
Total volume of water withdrawal (in kilolitres)** (i + ii + iii + iv + v)	62,41,902.45	60,03,964.13
Total volume of water consumption (in kilolitres)	46,96,118.00	44,99,037.00
Water intensity per Lakhs of turnover [Total water consumption (in KL) / Revenue from operations (in Lakhs)]	18.58	17.64
Water intensity per Lakhs of turnover adjusted for Purchasing Power Parity (PPP) [Total water consumption (in KL) / Revenue from operations in Lakhs adjusted for PPP]	377.97	364.49
Water intensity in terms of physical output [Total water consumption (in KL) / tonne of production]	5.78	5.42
Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Yes/No)		Yes
If yes, name of the external agency.	Vinay and Keshava LLP have conducted audit for our Sustainability Report

As per CGWA guidelines, the estimated water consumption for the Mumbai and Ahmedabad offices is based on an assumption of 45 litres per person per day and is included in third-party water.
*The company's water savings amounted to 8,55,501 kiloliters from its overall water withdrawal.

Provide the following details related to water discharged:

Parameter	FY 2025-26	FY 2024-25
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water	0	0
No treatment	0	0
With treatment – please specify level of treatment	0	0
(ii) To Groundwater	0	0
No treatment	0	0
With treatment – please specify level of treatment	0	0
(iii) To Seawater	0	0
No treatment	0	0
With treatment – please specify level of treatment	0	0
(iv) Sent to third-parties*	15,43,570	15,03,380
No treatment	0	0
With treatment – Secondary treatment	15,43,570	15,03,380
(v) Others**	2,214.45	1,547
No treatment	2,214.45	1,547
With treatment – please specify level of treatment	0	0
Total water discharged (in kilolitres)	15,45,784.45	15,04,927
Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N)		Yes
If yes, name of the external agency.	Vinay and Keshava LLP have conducted audit for our Sustainability Report

The treated wastewater is discharged to GIDC for further treatment
*Water from offices and R&D center is discharged to the municipal corporation sewage system

5. Has the entity implemented a mechanism for Zero Liquid Discharge?

The wastewater generated at the plant is subjected to a comprehensive treatment process prior to being transferred to the Gujarat Industrial Development Corporation (GIDC) for additional treatment. This multi-tiered approach ensures compliance with all applicable regulatory standards and significantly reduces the environmental impact of the discharged water.

If yes, provide details of its coverage and implementation.

6. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:

Parameter	Please specify unit	FY 2025-26	FY 2024-25
NOx	MT/year	19.51	32.49
SOx	MT/year	29.68	12.54
Particulate matter (PM)	MT/year	23.17	22.18
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N)			Yes
If yes, name of the external agency.	GPCB conducts periodic assessments and evaluations at the site.

7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following format:

Parameter	Please specify unit	FY 2025-26	FY 2024-25
Total Scope 1 emissions** (Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available)	Metric tonnes of CO2 equivalent	12,66,483.61	12,42,185.22
Total Scope 2 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available)	Metric tonnes of CO2 equivalent	67,936.85	51,972.81
Total Scope 1 and Scope 2 Emissions*	Metric tonnes of CO2 equivalent	13,34,420.46	12,94,158.03
Total Scope 1 and Scope 2 emissions per Lakhs of turnover [Total Scope 1 and Scope 2 GHG emissions (in MTCO2e) / Revenue from operations (in Lakhs)]	Metric tonnes of CO2 equivalent per Lakhs of revenue from operations	5.28	5.07
Total Scope 1 and Scope 2 emission intensity per Lakhs of turnover adjusted for Purchasing Power Parity (PPP) [Total Scope 1 and Scope 2 GHG emissions (in MTCO2e) / Revenue from operations in Lakhs adjusted for PPP]	Metric tonnes of CO2 equivalent per Lakhs of revenue from operations for PPP	107.40	104.85
Total Scope 1 and Scope 2 emission intensity in terms of physical output [Total Scope 1 and Scope 2 GHG emissions (in MTCO2e) / tonne of production	Metric tonnes of CO2 equivalent generated Per tonne of production	1.64	1.56
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N)			Yes
If yes, name of the external agency.	Vinay and Keshava LLP have conducted audit for our Sustainability Report

Source of emission factors used - EPA's GHG Emission Factors Hub, CEA's CDM - CO2 Baseline Database User Guide Version 21 has been used for the purpose of GHG Emissions calculations.
*CO2 emission generated for the stationary sources for coal has been taken from the Continuous emission monitoring system.

Does the entity have any project related to reducing Green House Gas emission? (Yes/ No)
Yes

If Yes, then provide details.

The Company has undertaken multiple initiatives to reduce its greenhouse gas (GHG) emissions through a combination of renewable energy adoption, process optimization, use of sustainable raw materials, and carbon sequestration practices.

The Company has implemented a wind-solar hybrid power project with a capacity of 38.14 MW, contributing to increased use of renewable energy and reduction in dependence on fossil fuel-based electricity.
Sustainable raw material usage is promoted through the use of glycerine, a renewable input, in manufacturing processes.
The Company has adopted process and technology improvements to enhance operational efficiency and reduce emissions, including MSRU technology, sulphate removal systems, ECH glycerol-based process, and zero-gap membrane technology.
As part of its carbon sequestration efforts, the Company has undertaken green belt development, with approximately 31,000 trees planted.
The Company has transitioned the mode of salt transportation from road to rail, resulting in the achievement of a total Rail Green Point score of 342.

These initiatives reflect the Company's ongoing efforts to reduce its carbon footprint and align operations with its long-term sustainability objectives.

Provide details related to waste management by the entity, in the following format:

Parameter	FY 2025-26	FY 2024-25
Total Waste generated (in metric tonnes)
Plastic waste (A)	514.06	453.39
E-waste (B)	-	-
Bio-medical waste (C)	0.0003	0.006
Construction and demolition waste (D)	1,451.70	-
Battery waste (E)	6.60	0.08
Radioactive waste (F)	-	-
Other Hazardous waste. Please specify, if any. (G)	48,652.89	47,824.80
Other Non-hazardous waste generated (H). Please specify, if any. (Break-up by composition i.e. by materials relevant to the sector)	47,046.02	50,131.33
Total (A+B + C + D + E + F + G + H)	97,671.27	98,409.61
Waste intensity per Lakhs of turnover [Total waste generated (in MT) / Revenue from operations (in Lakhs)]	0.39	0.39
Waste intensity per Lakhs of turnover adjusted for Purchasing Power Parity (PPP) Total waste generated (in MT) / Revenue from operations in Lakhs adjusted for PPP	7.86	7.97
Waste intensity in terms of physical output Total waste generated (in MT) / per tonne of production	0.12	0.12
For each category of waste generated, total waste recovered through recycling, re-using or other recovery operations (in metric tonnes)
Category of waste	FY 2025-26	FY 2024-25
---	---	---
(i) Recycled	14.21	9.97
(ii) Re-used	50,028.11	45,037.90
(iii) Other recovery operations	40,865.87	46,094.57
Total	90,908.19	91,142.44
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)

135

Category of waste	FY 2025-26	FY 2024-25
(i) Incineration	-	-
(ii) Landfilling	6,763.08	50.74
(iii) Other disposal operations	-	7,216.43
Total	6,763.08	7,267.17
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N)		No
If yes, name of the external agency.	-

Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by your company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices adopted to manage such wastes.

Epigral Ltd. adopts a structured and systematic approach to waste management across its operations, ensuring that both hazardous and non-hazardous wastes are handled, treated, and disposed of in a safe and environmentally compliant manner. The Company follows established procedures for collection, segregation, storage, transportation, and disposal of waste in accordance with applicable regulatory requirements and industry best practices.

All hazardous waste generated is disposed of through authorized Treatment, Storage, and Disposal Facilities (TSDF), with appropriate documentation, manifest systems, and tracking mechanisms in place to ensure transparency and regulatory compliance. The Company maintains detailed records of waste generation and disposal and adheres to all statutory reporting obligations.

Epigral emphasizes waste minimization at source as a key pillar of its sustainability strategy. The Company focuses on process optimization, adoption of advanced manufacturing technologies, and continuous operational improvements to reduce waste generation and enhance resource efficiency. Notably, the adoption of advanced technologies such as membrane-based processes (including zero-gap membranes) and improved brine purification systems has contributed to reduced process waste and improved material efficiency.

The Company also actively promotes reuse and recycling practices within its operations. For example, process improvements and efficiency measures have enabled partial recycling of resources such as water and process streams, supporting reduced waste discharge and improved circularity.

In terms of hazardous and toxic chemical management, Epigral follows a strategy of process modification and cleaner production techniques to minimize the use of hazardous inputs. The Company invests in research and development initiatives to promote sustainable chemistry and identify safer alternatives, thereby reducing dependency on hazardous substances and limiting the generation of toxic waste streams.

Additionally, Epigral ensures that waste management practices are supported by robust environmental management systems, internal monitoring mechanisms, and continuous improvement initiatives, enabling ongoing reduction in waste intensity and environmental impact.

Overall, through a combination of regulatory compliance, technology adoption, waste minimization, recycling initiatives, and cleaner production practices, Epigral demonstrates its commitment to responsible waste management and reduction of hazardous chemical usage across its operations.

If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental approvals / clearances are required, please specify details in the following format:

Sr. No.	Location of operations/ offices	Type of operations	Whether the conditions of environmental approval/clearance are being complied with? (Y/N)	If no, the reasons thereof and corrective action taken, if any.
We do not have office/operations in ecological sensitive areas

Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current financial year:

Name and brief details of project	EIA Notification No.	Date	Whether conducted by independent external agency (Yes / No)	Results communicated in public domain (Yes / No)	Relevant Web link
No EIA was conducted in the current financial year

Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act and rules thereunder (Y/N/NA).

If not, provide details of all such non-compliances, in the following format:

Specify the law/ regulation/ guidelines which was not complied with	Provide details of the non-compliance	Any fines / penalties / action taken by regulatory agencies such as pollution control boards or by courts	Corrective action taken, if any
Not Applicable as Company is compliant with the applicable environmental law/ regulations/ guidelines in India

Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):

For each facility / plant located in areas of water stress, provide the following information:
(i) Name of the Area*	NA
(ii) Nature of Operations	NA

We do not have a presence in any water-stressed area.
Please provide details of total Scope 3 emissions & its intensity, in the following format:

Parameter	Unit	FY 2025-26	FY 2024-25
Total Scope 3 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available)	MTCO2e	For Scope 3
Please refer to
our sustainability
report	4,22,039.72
Total Scope 3 emissions per Lakhs of turnover
[Total Scope 3 emissions (in MTCO2e) / Revenue from operations (in Lakhs)]	MTCO2e per lakhs of turnover		1.65
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N)			Yes
If yes, name of the external agency.	Vinay and Keshava LLP have conducted audit for our Sustainability Report

With respect to the ecologically sensitive areas reported at Question 11 of Essential Indicators above, provide details of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention and remediation activities.

Not Applicable

If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide details of the same as well as outcome of such initiatives, as per the following format:

Initiative Undertaken	Details of the Initiative (Web-link, if any, may be provided along-with summary)	Outcome of the Initiative	Corrective Action Taken, if any
Transition to Rail-Based Transportation	Shifted Salt transportation from road-based logistics to rail mode to reduce fuel consumption and emissions.	Improved logistics efficiency and achieved a Rail Green Point score of 342, indicating reduced transportation-related emissions.	-
HCL Furnace Steam Recovery (ECH Plant)	Captured and utilized steam previously vented from the HCL furnace as process steam in other plant.	Enabled recovery of waste heat energy and reduced dependence on fresh steam generation without impacting process efficiency.	-
Steam Recovery Scheme & Pump Optimization (ECH Plant)	Recovered steam energy through system diversion and eliminated redundant pump operation.	Reduced steam energy losses and optimized power and coal consumption.	-
Cell Efficiency Improvement through Remembraning	Undertook remembering to enhance cell performance and reduce specific power consumption.	Achieved reduction in energy consumption through improved process efficiency.	-
Nitrogen Consumption Optimization (CPVC Plant)	Replaced compressed nitrogen with compressed instrument air in the acid filtration process, reducing consumption from 138 Nm³/MT to 72 Nm³/MT.	Reduced utility energy consumption and operating costs.	-
ESP Leakage Rectification in Boiler	Addressed leakage points to improve draft control and minimize false air ingress.	Achieved energy savings of ~10 kW per hour and improved boiler and ESP operational efficiency.	-
Boiler Efficiency Improvement	Replaced screen coils, APH, and bed nozzles to address high flue gas temperature and steam parameter deviations.	Achieved up to 1% reduction in auxiliary power consumption and improved thermal efficiency.	-
Condenser Efficiency Enhancement through Chemical Dosing	Implemented chemical dosing in condenser cooling water lines to reduce fouling and improve heat exchange.	Improved condenser vacuum, reduced choking frequency, and enhanced turbine efficiency.	-
Compressed Air System Optimization	Conducted leakage identification and rectification in nitrogen, service, and instrument air systems.	Reduced air losses, resulting in improved system efficiency, pressure stability, and reduced utility consumption.	-
Pump Efficiency Improvement through Foundation Replacement	Replaced deteriorated foundations and base frames for CW and utility pumps to ensure proper alignment.	Improved operational stability and reduced power consumption through enhanced pump efficiency.	-
Cooling Water System Optimization in Caustic Plant	Optimized equipment operations by stopping one CW pump based on load analysis.	Reduced power consumption and improved utility efficiency.	-

Initiative Undertaken	Details of the Initiative (Web-link, if any, may be provided along-with summary)	Outcome of the Initiative	Corrective Action Taken, if any
Compressor Heat Loss Reduction (CPVC)	Installed ducting to minimize heat losses from screw air compressor due to inadequate insulation.	Achieved energy savings of ~250 kWh per day.	-
Renewable Energy Integration	Commissioned 18.34 MW and adding additional 19.80 MW wind-solar hybrid project for renewable power generation.	Generated 70,230.84 MWh of renewable energy and avoided 49,863.89 tCO2e emissions in FY 2025–26.	-
Steam Network Efficiency Improvement	Conducted plant-wide steam leak detection and rectification across valves, flanges, and steam traps.	Reduced steam losses and improved overall system efficiency.	-
Thermal Efficiency Improvement through Re-insulation	Undertook re-insulation in high-temperature zones identified during thermal audits.	Reduced heat loss and improved thermal energy retention.	-
Cooling Tower Blowdown Recycling (CTBD)	Installed a recycling system to reuse cooling tower blowdown water.	Recycled 34,362 m³ of water within three months, reducing freshwater withdrawal.	-
Process Water Recovery from pH Meters	Redirected process water from 13 pH meters to cooling tower instead of discharge.	Saved 3,420 m³ of water in FY 2025–26.	-
Mechanical Seal Conversion in CW Pumps	Replaced gland packing with mechanical seals to minimize cooling water losses.	Saved 343 m³ of water in FY 2025–26.	-
Sewage Water Reuse	Installed STPs (25 KLD and 40 KLD) and reused treated water for irrigation purposes.	Reduced freshwater consumption by reusing 17,826 m³ of treated wastewater.	-
Ion Exchanger Rinse Water Recovery	Collected rinse water from SAC, WBA, and SBA units and reused in cooling tower systems after quality checks.	Reduced freshwater intake and ETP load; recovered 24,844 m³ of water.	-
DMF & ACF Backwash Water Recovery	Collected, filtered, and reused backwash and rinse water in process systems.	Reduced freshwater consumption and ETP load; recovered 100,218 m³ of water.	-
Steam Condensate Recovery (Process Plant)	Installed system to collect and reuse condensate as boiler makeup water.	Recovered 436,221 m³ of condensate, reducing freshwater demand and improving energy efficiency.	-
Condensate Recovery (H2O2 to KOH CT)	Recovered steam condensate from H2O2 plant for reuse in KOH cooling tower.	Saved 52,847 m³ of freshwater.	-
Cooling Water Recovery (CCU-2 & CCU-3 to CA-2)	Recovered water previously discharged to ETP and reused in brine systems.	Recovered 52,560 m³ of water and reduced freshwater consumption.	-
Molten Salt Process Water Recovery	Reused process water in KOH cooling tower.	Saved 10,585 m³ of freshwater.	-
H2 Seal Pot Water Recovery	Recovered seal pot water for reuse in KOH cooling tower.	Saved 31,025 m³ of water.	-

139

Does the entity have a business continuity and disaster management plan? (Yes/No)
Yes

Give details in 100 words/ web link.

The On-Site Emergency Plans are aligned with the Local Crisis Management Plan and the District Emergency Response Plan. These plans have been developed in accordance with Schedule 8-A of Sub-rule 68-J-(12)(1) under the Gujarat Factory Rules, 1963. In addition, the Disaster Management Plan is prepared in compliance with the provisions of the Gujarat State Disaster Management Act, 2003 and the Disaster Management Act, 2005.

The Company's disaster and crisis management framework addresses a wide range of potential emergency scenarios, including fire and explosion incidents, toxic gas releases, acid and alkali spillages, structural failures, electrical installation malfunctions, bomb threats, terrorist activities, and natural disasters such as heavy rainfall, floods, earthquakes, storms, and cyclones.

These plans are designed to ensure effective communication, coordinated emergency response, and clear operational guidance for the timely restoration of normal plant activities. The framework aims to minimize operational risks while enhancing overall safety, preparedness, and organizational resilience.

Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What mitigation or adaptation measures have been taken by the entity in this regard.

Give details in 100 words/ web link.

Epigral Limited recognizes the environmental risks associated with certain materials across its value chain and acknowledges that improper handling of such substances may result in significant environmental, health, and safety impacts. To effectively manage these risks, the Company has implemented a comprehensive and multi-dimensional risk management approach.

Value Chain Assessment: The Company has conducted a detailed assessment of its value chain with a specific focus on environmental parameters. This assessment enables the identification of areas with elevated environmental risk exposure, supporting the implementation of targeted mitigation measures and continuous improvement initiatives.
Product Stewardship Training: As part of its commitment to responsible product stewardship, the Company provides specialized training programs to value chain partners covering safe material handling practices, leak prevention, and emergency response management. These initiatives are aimed at strengthening environmental responsibility and operational safety throughout the value chain.

Through these measures, the Company reinforces its commitment to minimizing environmental risks, promoting sustainable practices, and strengthening environmental stewardship across its operations and value chain network.

Percentage of value chain partners (by value of business done with such partners) that were assessed for environmental impacts.
80%
How many Green Credits have been generated or procured*:

a. By the listed entity	0
b. By the top ten (in terms of value of purchases and sales, respectively) value chain partners	0

*We have transitioned the mode of salt transportation from road to rail, resulting in the achievement of a total Rail Green Point score of 342.

PRINCIPLE 7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent.

(This principle highlights the importance of responsible advocacy. Companies should engage in policy advocacy in a responsible and transparent manner, and avoid engaging in activities that could undermine the public interest or the democratic process.)

a. Number of affiliations with trade and industry chambers/ associations.
7

b. List the top 10 trade and industry chambers/ associations (determined based on the total members of such body) the entity is a member of/ affiliated to.

Sr. No.	Name of the trade and industry chambers/ associations	Reach of trade and industry chambers/ associations (State/National/ International)
1	Dahej Industries Association	State
2	Dahej Eco-Friendly Society	State
3	Alkali Manufactures Association of India	National
4	Indian Chemical Council	National
5	Chemicals and Petrochemicals Manufacturer’s Association	National
6	Association of Chloromethane Manufacturers	National
7	Roundtable on Sustainable Palm Oil	International

Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the entity, based on adverse orders from regulatory authorities.

Name of authority	Brief of the case	Corrective action taken
No cases were filed by any stakeholder against the Company regarding unfair trade practices or anti-competitive behaviour during the financial year.

Leadership Indicators

Details of public policy positions advocated by the entity:

Sr. No.	Public policy advocated	Method resorted for such advocacy	Whether information available in public domain? (Yes/No)	Frequency of Review by Board (Annually/ Half Yearly/ Quarterly/ Others- Please specify)	Web Link, if available
Epigral Limited actively participates in public policy discussions through industry associations, regulatory consultations, and sectoral forums, advocating for sustainable manufacturing practices, environmental compliance, and innovation within the specialty chemicals industry.
The Company supports policy initiatives that promote green chemistry, responsible waste management, enhanced safety standards, and sustainable industrial development, in alignment with its commitment to responsible growth, regulatory compliance, and environmental stewardship.

PRINCIPLE 8 Businesses should promote inclusive growth and equitable development.

(This principle emphasizes the importance of promoting inclusive and equitable economic development. Companies should create economic opportunities for all, including disadvantaged and marginalized groups. They should also contribute to the development of local communities and support social and economic empowerment.)

Details of rAssessments (SIA) of projects undertaken by the entity based on applicable laws, in the current financial year.

Name and brief details of project	SIA Notification No.	Date of notification	Whether conducted by independent external agency (Yes / No)	Results communicated in public domain (Yes / No)	Relevant Web link
As the contribution does not exceed Rs. 10 Crores, the same is not applicable.

Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by your entity, in the following format:

Sr. No.	Name of Project for which R&R is ongoing	State	District	No. of Project Affected Families (PAFs)	% of PAFs covered by R&R	Amounts paid to PAFs in the FY (In INR)
The Company's manufacturing complex is situated within PCPIR Region of GIDC Dahej, Bharuch. As a result, the Company does not require any measures for Rehabilitation and Resettlement.

Describe the mechanisms to receive and redress grievances of the community.

The Company has established various policies incorporating a comprehensive Grievance Redressal Mechanism applicable to all stakeholders, including local communities. These policies are publicly available on the official website of at www.epigral.com to ensure transparency and accessibility.

In addition, the Company has provided a dedicated contact number (2641-693000) to enable local community members to directly communicate any concerns, grievances, or queries for timely resolution and support.

Percentage of input material (inputs to total inputs by value) sourced from suppliers:

Particular	FY 2025-26	FY 2024-25
Directly sourced from MSMEs/ small producers	15.89%	14.29%
Directly from within India	71.42%	64.78%

Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers employed on a permanent or non-permanent / on contract basis) in the following locations, as % of total wage cost

Particular	FY 2025-26	FY 2024-25
Rural	-	-
Semi-urban	79.56%	80.44%
Urban	-	-
Metropolitan	20.44%	19.56%
(Place has been categorized as per RBI Classification System - rural / semi-urban / urban/metropolitan)

Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments (Reference: Question 1 of Essential Indicators above):

Details of negative social impact identified	Corrective action taken
Not Applicable

Provide the following information on CSR projects undertaken by your entity in designated aspirational districts as identified by government bodies:

Sr. No.	State	Aspirational District	Amount spent (In INR)
No CSR activities were undertaken in designated aspirational districts identified by Government of Gujarat

a) Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising marginalized /vulnerable groups? (Yes/No/NA) Yes
b) From which marginalized /vulnerable groups do you procure?

Our procurement practices incorporate targeted sourcing initiatives that support women-owned enterprises, veteran-owned businesses, and other vulnerable or underrepresented groups. During FY 2025-26, procurement from such suppliers accounted for approximately 1.5% of the Company's total GRN-based spend.

This approach reflects the Company's broader commitment to inclusive growth, supplier diversity, and responsible supply chain management practices.

c) What percentage of total procurement (by value) does it constitute?	1.5%

Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the current financial year), based on traditional knowledge:

Sr. No.	Intellectual Property based on traditional knowledge	Owned/ Acquired (Yes/No)	Benefit shared (Yes / No)	Basis of calculating benefit share
No intellectual property based on traditional knowledge was owned or acquired during the current financial year, and consequently, no benefits were shared.

Details of corrective actions taken or underway, based on any adverse order in intellectual property related disputes wherein usage of traditional knowledge is involved.

Name of authority	Brief of the Case	Corrective action taken
No Corrective action required

Details of beneficiaries of CSR Projects:

Sr. No.	CSR Project	No. of persons benefitted from CSR Projects	% of beneficiaries from vulnerable and marginalized groups
1	"Asmita Vikas Kendra" a Free Residential school for mentally challenged (Divyang) children	10	100%
2	Establishment of Skill Development Centre*	-	100%
3	Education*	-	100%
4	Healthcare Initiatives*	-	100%
5	Social Welfare & Sustainable Livelihood Initiatives*	-	100%
6	Women's empowerment and livelihood*	-	100%

The total number of individuals benefiting from the above CSR projects is difficult to determine.

PRINCIPLE 9 Businesses should engage with and provide value to their consumers in a responsible manner.

(This principle highlights the importance of responsible consumer engagement. Companies should provide safe, high-quality products and services, and ensure that they are marketed and sold ethically and responsibly. They should also be transparent about their products and services, and provide consumers with the information they need to make informed choices.)

1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.

Epigral Limited has established a formal customer complaint management system supported by a structured Standard Operating Procedure (SOP), which is communicated to all customers to ensure transparency and consistency in grievance handling. The complaint resolution process includes the following steps:

Step 1: Upon receipt of a customer complaint, whether verbal or written, the Marketing Department promptly forwards the details through a designated First Information Report (FIR) format for further assessment and action.
Step 2: In cases where a complaint appears to lack merit due to evident inconsistencies or justifiable reasons, formal registration of the complaint is undertaken only after mutual agreement between the heads of the Marketing and Quality Assurance/Quality Control (QA/QC) departments.
Step 3: The QA/QC department maintains a digital Complaints Register in which all validated complaints are systematically recorded and monitored.
Step 4: Each complaint is assigned a unique serial number based on the calendar year to facilitate efficient tracking, monitoring, and resolution.

This structured mechanism ensures timely, transparent, and effective management of customer grievances, reinforcing the Company's commitment to product quality, operational excellence, and customer satisfaction.

2. Turnover of products and/ services as a percentage of turnover from all products/ service that carry information about

Particular	As a percentage to total turnover
Environmental and social parameters relevant to the product	100%
Safe and responsible usage	100%
Recycling and/or safe disposal	100%

3. Number of consumer complaints in respect of the following:

| Benefits | FY 2025-26
(Current Financial Year) | | Remark | FY 2024-25
(Previous Financial Year) | | Remark |
| --- | --- | --- | --- | --- | --- | --- |
| | Received during the year | Pending resolution at end of year | | Received during the year | Pending resolution at end of year | |
| Data privacy | 0 | 0 | - | 0 | 0 | - |
| Advertising | 0 | 0 | - | 0 | 0 | - |
| Cyber-security | 0 | 0 | - | 0 | 0 | - |
| Delivery of essential services | 0 | 0 | - | 0 | 0 | - |
| Restrictive Trade Practices | 0 | 0 | - | 0 | 0 | - |
| Unfair Trade Practices | 0 | 0 | - | 0 | 0 | - |
| Other | 0 | 0 | - | 0 | 0 | - |

Details of instances of product recalls on account of safety issues:

Particular	Number	Reason for recall
Voluntary recalls	0	-
Forced recalls	0	-

Does the entity have a framework/policy on cyber security and risks related to data privacy? (Yes/No)
Yes
If available, provide a web link of the policy https://epigral.com/governance-policies-compliances/
Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty / action taken by regulatory authorities on safety of products / services.

During the reporting period, no complaints or concerns were reported relating to advertising practices, delivery of essential services, customer data privacy, or cybersecurity matters. Furthermore, no product recalls were recorded during the reporting year. The Company was also not subject to any fines, penalties, or regulatory actions related to the safety or compliance of its products and services.

Provide the following information relating to data breaches

a. Number of instances of data breaches along-with impact	0
b. Percentage of data breaches involving personally identifiable information of customers	0
c. Impact, if any, of the data breaches
Not applicable

Leadership Indicators

Channels / platforms where information on products and services of the entity can be accessed (provide web link, if available).

The product information is available on following link: https://epigral.com/

Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.

The Company places significant emphasis on ensuring the safety, satisfaction, and well-being of its customers through the implementation of various structured initiatives and communication mechanisms.

Comprehensive Product Information: Detailed product-related information is made readily accessible through multiple channels, including product labels, brochures, technical documents, and the Company's official website.
Customer Engagement and Guidance: The Company actively engages with customers to provide appropriate guidance on the safe handling, usage, and application of its products to ensure effective and responsible utilization.
Effective Communication Channels: The sales and customer support teams maintain regular communication with customers to understand and address product-related concerns, expectations, and grievances in a timely manner.
Timely Resolution of Customer Feedback: All customer feedback, concerns, and complaints received through various communication channels are addressed promptly in accordance with established response timelines and resolution procedures.

These initiatives collectively contribute to enhancing customer confidence and delivering a safe, reliable, and customer-centric experience.

145

3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.

Epigral Limited is committed to maintaining transparent, timely, and effective communication with stakeholders during periods of disruption or operational challenges. To facilitate the efficient dissemination of information, the Company utilizes multiple communication channels, including its official website, media platforms, social media channels, distribution network, sales representatives, and email communications.

This multi-channel communication approach enables the Company to ensure consistent stakeholder engagement, timely updates, and effective information sharing during critical situations.

4. Does the entity display product information on the product over and above what is mandated as per local laws? (Yes/No/NA)

a. If yes, provide details in brief.

Our packaging is designed with a strong focus on safety, regulatory compliance, and user awareness, while ensuring the clear communication of essential product information. Detailed product descriptions and emergency contact details are prominently displayed on multiple sides of the transport vehicle to support safe handling and emergency response requirements. The inclusion of the applicable UN Number further facilitates proper transportation, handling, and compliance with relevant regulatory standards.

In addition, clear precautionary statements and standardized pictograms are provided to guide the safe use, storage, and handling of the product.

b. Did your entity carry out any survey with regard to consumer satisfaction relating to the major products/ services of the entity, significant locations of operation of the entity or the entity as a whole? (Yes/No)

We conduct formal customer satisfaction surveys and maintain regular engagement with customers through our dedicated support and sales teams. The Company ensures that all product-related information is clearly communicated in compliance with applicable legal and regulatory requirements, supported by detailed product literature and information made available through the Company's official website.

Customer feedback, concerns, and complaints received through various communication channels are addressed promptly within established response timelines, supporting customer satisfaction, continuous improvement, and enhanced service quality.

Form AOC - 1

Statement of Salient Features of Financial Statement of Subsidiaries/Associates as per Section 129 (3) of the Companies Act, 2013

Part - B: "Associates and Joint Ventures"

(Rs. In Crs.)

Name of Associates / Joint Ventures	ReNew Green (GJS Three) Pvt. Ltd.	Pro-Zeal Green Power Ten Pvt. Ltd.
1. Latest audited Balance Sheet Date	31.03.2025	31.03.2025
2. Shares of Associate/Joint Ventures held by the Company on 31st March, 2026*
No. of Shares (Equity)	1,86,73,455	1,30,000
No. of Optionally Convertible Debentures (OCDs)	-	21,25,400
Amount of Investment in Associates / Joint Venture	20.54	2.26
Extend of Holding %	26.00	26.00
3. Description of how there is significant Influence	26% voting rights held by the Company	26% voting rights held by the Company
4. Reason why the Associate/Joint Venture is not consolidated	N.A.	N.A.
5. Net Worth attributable to Shareholding as per latest audited Balance Sheet*	81.43	64.14
6. Profit / Loss for the year*
i. Considered in Consolidation	(0.37)	(0.67)
ii. Not Considered in Consolidation	-	-

Based on unaudited numbers as on 31st March, 2026, as the financials of associate were not audited as on the date of this Report.
Names of Associates or Joint Ventures which are yet to commence operations – N.A.
Names of Associates or Joint Ventures which have been liquidated or sold during the year- N.A.

For and on behalf of the Board
Epigral Limited

Rakesh Agrawal
Chief Financial Officer

Gaurang Trivedi
Company Secretary

Kaushal Soparkar
Executive Director
(DIN: 01998162)

147

EPIGRAL
EPIGRAL LIMITED
ANNUAL REPORT 2025-26

Standalone Financial Statements

148

FINANCIAL STATEMENTS

Independent Auditor's Report

To
the Members of
Epigral Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Epigral Limited ("the Company"), which comprise the Balance sheet as at March 31 2026, the Statement of Profit and Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the standalone financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as "Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013, as amended ("the Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, its profit including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the 'Auditor's Responsibilities for the Audit of the Standalone Financial Statements' section of our report. We are independent of the Company in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements for the financial year ended March 31, 2026. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the standalone financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the standalone financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone financial statements.

149

Key audit matters

How our audit addressed the key audit matter

Revenue recognition (as described in Note 2 and Note 27 of the standalone financial statements)

The Company majorly generates revenue from sale of Chlor-Alkali and its Derivative products. The Company recognises revenue from sales of goods in accordance with the requirements of Ind AS 115, Revenue from Contracts with Customers, measured at fair value of consideration received or receivable in the ordinary course of its activities. Revenue from sale of goods is recognised net of discounts, rebates and taxes.

Certain terms in sales arrangements relating to timing for transfer of control to the customer and delivery specifications including incoterms, involves significant judgement in determining whether the revenue is recognised in the correct period. Accordingly, revenue recognition has been identified as a key audit matter. | Our audit procedures included the following:

• Read and evaluated the Company’s policy for revenue recognition and assessed its compliance with Ind AS 115 - Revenue from Contracts with Customers.

• Assessed the design and tested the operating effectiveness of internal controls related to revenue.

• We obtained and read the terms of customer contracts on a sample basis to assess various performance obligations in the contract, the point in time of transfer of control of goods to customers and pricing terms.

• We have tested on sample basis sales transactions and inspected the underlying sales orders, invoice copies, terms of delivery, lorry receipts, bill of lading, and collection as per the terms of the contract with customers.

• We have tested on sample basis transactions near year end date as well as credit notes issued after the year end date.

• Assessed the relevant disclosures in Standalone Financial Statements for compliance with disclosure requirements. |

We have determined that there are no other key audit matters to communicate in our report.

Other Information

The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report, but does not include the standalone financial statements and our auditor’s report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view

of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

FINANCIAL STATEMENTS

Those Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements for the financial year ended March 31, 2026 and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure 1" a statement on the matters specified in paragraphs 3 and 4 of the Order.
As required by Section 143(3) of the Act, we report, to the extent applicable, that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books except for the matters stated in paragraph (i) (vi) below on reporting under Rule 11(g).

(c) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;

(e) On the basis of the written representations received from the directors as on March 31, 2026 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2026 from being appointed as a director in terms of Section 164 (2) of the Act;

(f) The modification relating to the maintenance of accounts and other matters connected therewith are as stated in paragraph (b) above on reporting under Section 143(3)(b) and paragraph (i)(vi) below on reporting under Rule 11(g).

(g) With respect to the adequacy of the internal financial controls with reference to these standalone financial statements and the operating effectiveness of such controls, refer to our separate Report in "Annexure 2" to this report;

(h) In our opinion, the managerial remuneration for the year ended March 31, 2026 has been paid / provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act;

(i) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements – Refer Note 40 to the standalone financial statements;

ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts – Refer Note 44 to the standalone financial statements;

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

iv. a) The management has represented that, to the best of its knowledge and belief, as disclosed in the note 47 to the standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b) The management has represented that, to the best of its knowledge and belief, as disclosed in the note 47 to the standalone financial statements, no funds have been received by the Company from any persons or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c) Based on such audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come

to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material misstatement.

v. The final dividend paid by the Company during the year in respect of the same declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend.

As stated in note 16 to the standalone financial statements, the Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

vi. Based on our examination which included test checks, the Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded

in the software except that, audit trail feature is not enabled for certain changes made using privileged/ administrative access rights, as described in note 48 to the Standalone Financial Statements. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with in respect of other accounting software.

Additionally, the audit trail of prior years has been preserved by the Company as per the statutory requirements for record retention to the extent it was enabled and recorded in the respective years.

For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003

per Abhishek Karia
Partner
Membership Number: 132122
UDIN: 26132122EYXZLU1053
Place of Signature: Ahmedabad
Date: May 02, 2026

153

Annexure 1 referred to in paragraph 1 of Report on other legal and regulatory requirements of our report of even date of Epigral Limited for the year ended March 31, 2026

In terms of the information and explanations sought by us and given by the company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:

(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.

(i) (a) (B) The Company has maintained proper records showing full particulars of intangibles assets.

(i) (b) Property, Plant and Equipment have been physically verified by the management during the year in accordance with a planned programme of verifying them over the period of three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were identified on such verification.

(i) (c) The title deeds of all the immovable properties as disclosed in note 3 to the Standalone Financial Statements (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company.

(i) (d) The Company has not revalued its Property, Plant and Equipment (including Right of use assets) or intangible assets during the year ended March 31, 2026.

(i) (e) There are no proceedings initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

(ii) (a) The inventory has been physically verified by the management during the year except for goods in transit and inventories lying with third parties. In our opinion, the frequency of verification by the management is reasonable and the coverage and procedure for such verification is appropriate. Inventories lying with third parties have been confirmed by them as at March 31, 2026 and no discrepancies of 10% or more were not noticed in respect of such confirmations. No material discrepancies in aggregate for each class of inventory were noted on physical verification of inventory.

(ii) (b) As disclosed in note 21 to the Standalone Financial Statements, the Company has been sanctioned working capital limits in excess of ₹ five crores in aggregate from banks during the year on the basis of security of current assets of the Company. Based on the records examined by us in the normal course of audit of the financial statements, the quarterly returns/statements filed by the Company with such banks are in agreement with the audited books of accounts of the Company. The Company do not have sanctioned working capital limits in excess of ₹ five crores in aggregate from financial institutions during the year on the basis of security of current assets of the Company.

(iii) (a) During the year the Company has not provided loans, advances in the nature of loans, stood guarantee or provided security to companies, firms or Limited Liability Partnerships. During the year the Company has granted loans to other parties (employees) as follows:

	Loans (INR in Crores)
Aggregate amount granted/provided during the year
- Others (employees)	0.33
Balance outstanding as at balance sheet date in respect of above cases
- Others (employees)	0.35

(iii) (b) During the year the Company has not provided guarantees, provided security and advances in the nature of loans to companies, firms, Limited Liability Partnerships or any other parties. During the year the investments made in company and loans granted to employees are not prejudicial to the Company's interest.

(iii) (c) The Company has not granted loans and advances in the nature of loans to companies, firms or Limited Liability Partnerships. The Company has granted loans to other parties (employees) where the schedule of repayment of principal has been stipulated and the repayment or receipts are regular.

(iii) (d) The Company has not granted loans and advances in the nature of loans to companies, firms or Limited Liability Partnerships. There are no amounts of loans granted to other parties (employees) which are overdue for more than ninety days.

(iii) (e) The Company has not granted loans and advances in the nature of loans to companies, firms or Limited Liability Partnerships. There are no loans granted to other parties (employees) which was fallen due during the year, that have been renewed or extended or fresh loans granted to settle the overdues of existing loans given to the same parties.

(iii) (f) The Company has not granted any loans or advances in the nature of loans, either repayable on demand or without specifying any terms or period of repayment to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement to report on clause 3(iii)(f) of the Order is not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, provisions of Section 186 of the Act in respect of investments made have been complied with by the Company. Further, in our opinion and according to the information and explanations given to us, there are no loans, guarantees, and Securities given in respect of which provisions of Section 185 and 186 of the Act are applicable.

(v) The Company has neither accepted any deposits from the public nor accepted any amounts which are deemed to be deposits within the meaning of sections 73 to 76 of the Companies Act and the rules made thereunder, to the extent applicable. Accordingly, the requirement to report on clause 3(v) of the Order is not applicable to the Company.

(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013, related to the manufacturing of Chloro-Alkali and its Derivatives products, and are of the opinion that prima facie, the specified accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.

(vii) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including goods and services tax, provident fund, employees' state insurance, income-tax, duty of customs, professional tax, cess and other statutory dues applicable to it. According to the information and explanations given to us and based on audit procedures performed by us, no undisputed amounts payable in respect of these statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.

(vii) (b) The dues of duty of goods and service tax, income tax, duty of excise, service tax and other statutory dues which have not been deposited on account of any dispute, are as follows:

Name of the statute	Nature of the dues	Amount (₹ in crores)*	Period to which the amount relates	Forum where the dispute is pending
Custom Act, 1962	Custom Duty	5.99	2012-13	CESTAT
Custom Act, 1962	Custom Duty	0.02	2023-24	CESTAT
Goods and Service Tax, 2019	Goods and Service Tax	17.34	2018-19 to 2024-25	CESTAT
Income Tax Act, 1961	Income Tax	9.70	2016-17 to 2018-19	CIT(A)
Income Tax Act, 1961	Income Tax	52.53	2022-23	ITAT

*Net of amount paid under protest amounting to ₹0.23 Crores.

(viii) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year. Accordingly, the requirement to report on clause 3(viii) of the Order is not applicable to the Company.

(ix) (a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(ix) (b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(ix) (c) Term loans were applied for the purpose for which the loans were obtained.

(ix) (d) On an overall examination of the standalone financial statements of the Company, no funds raised on short-term basis have been used for long-term purposes by the Company.

(ix) (e) On an overall examination of the Standalone Financial Statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its associates.

(ix) (f) The Company has not raised loans during the year on the pledge of securities held in its associates. Hence, the requirement to report on clause 3 (ix)(f) of the Order is not applicable to the Company.

(x) (a) The Company has not raised any money during the year by way of initial public offer / further public offer (including debt instruments) hence, the requirement to report on clause 3(x)(a) of the Order is not applicable to the Company.

(x) (b) The Company has not made any preferential allotment or private placement of shares / fully or partially or optionally convertible debentures during the year under audit and hence, the requirement to report on clause 3(x)(b) of the Order is not applicable to the Company.

(xi) (a) No fraud by the Company or no material fraud on the Company has been noticed or reported during the year.

(xi) (b) During the year, no report under sub-section (12) of section 143 of the Companies Act, 2013 has been filed by cost auditor/ secretarial auditor or by us in Form ADT – 4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(xi) (c) As represented to us by the management, there are no whistle blower complaints received by the Company during the year.

(xii) The Company is not a nidhi Company as per the provisions of the Companies Act, 2013. Therefore, the requirement to report on clause 3(xii)(a), (b) and (c) of the Order is not applicable to the Company.

(xiii) Transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the financial statements, as required by the applicable accounting standards.

(xiv)(a) The Company has an internal audit system commensurate with the size and nature of its business.

(xiv)(b) The internal audit reports of the Company issued till the date of the audit report, for the period under audit have been considered by us.

(xv) The Company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence requirement to report on clause 3(xv) of the Order is not applicable to the Company.

(xvi)(a) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the Company. Accordingly, the requirement to report on clause (xvi)(a) of the Order is not applicable to the Company.

(xvi)(b) The Company is not engaged in any Non-Banking Financial or Housing Finance activities. Accordingly, the requirement to report on clause (xvi)(b) of the Order is not applicable to the Company.

(xvi)(c) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi) of the Order is not applicable to the Company.

(xvi)(d) There is no Core Investment Company as a part of the Group, hence, the requirement to report on clause 3(xvi) (d) of the Order is not applicable to the Company.

(xvii) The Company has not incurred cash losses in the current year and in the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors during the year and accordingly requirement to report on Clause 3(xviii) of the Order is not applicable to the Company.

(xix) On the basis of the financial ratios disclosed in note 45 to the Standalone Financial Statements, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the Standalone Financial Statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date.

We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx)(a) In respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a fund specified in Schedule VII of the Companies Act (the Act), in compliance with second proviso to sub section 5 of Section 135 of the Act. This matter has been disclosed in note 34 to the Standalone Financial Statements.

(xx)(b) All amounts that are unspent under section (5) of section 135 of Companies Act, pursuant to any ongoing project, has been transferred to special bank account in compliance of with provisions of sub section (6) of Section 135 of the said Act. This matter has been disclosed in note 34 to the Standalone Financial Statements.

For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003

per Abhishek Karia
Partner
Membership Number: 132122
UDIN: 26132122EYXZLU1053
Place of Signature: Ahmedabad
Date: May 02, 2026

157

Annexure 2 to the Independent Auditor’s Report of even date on the standalone financial statements of Epigral Limited

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls with reference to standalone financial statements of Epigral Limited (“the Company”) as of March 31, 2026 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (“ICAI”). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financial controls with reference to these standalone financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, as specified under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to these standalone financial statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to these standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements included obtaining an understanding of internal financial controls with reference to these standalone financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls with reference to these standalone financial statements.

Meaning of Internal Financial Controls with Reference to these Standalone Financial Statements

A company’s internal financial controls with reference to standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial controls with reference to standalone financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with Reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls with reference to standalone financial

statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to standalone financial statements to future periods are subject to the risk that the internal financial control with reference to standalone financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to standalone financial statements and such internal financial controls with reference to

standalone financial statements were operating effectively as at March 31, 2026, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

per Abhishek Karia
Partner
Membership Number: 132122
UDIN: 26132122EYXZLU10S3
Place of Signature: Ahmedabad
Date: May 02, 2026

159

Standalone Balance Sheet

as at March 31, 2026

(₹ in Crores)

Particulars		Note	As at March 31, 2026	As at March 31, 2025
I. Assets
Non-Current Assets
(a)	Property, Plant and Equipment	3.1	2,101.69	2,219.29
(b)	Capital Work in Progress	3.2	450.83	63.89
(c)	Other Intangible Assets	3.3	15.50	18.73
(d)	Financial Assets
	(i) Investments	4	22.80	20.54
	(ii) Other Financial Assets	5	57.02	7.30
(e)	Non Current Tax Assets (net)	6	14.29	16.33
(f)	Other Non-Current Assets	7	16.52	30.12
Total Non-Current Assets			2,678.65	2,376.20
Current Assets
(a)	Inventories	8	348.63	387.99
(b)	Financial Assets
	(i) Investments	9	-	76.60
	(ii) Trade Receivables	10	416.53	232.32
	(iii) Cash and Cash Equivalents	11	5.02	18.64
	(iv) Bank Balances other than (iii) above	12	0.44	3.55
	(v) Loans	13	0.35	0.39
	(vi) Other Financial Assets	14	7.78	40.06
(c)	Other Current Assets	15	47.94	15.69
Total Current Assets			826.69	775.24
Total Assets			3,505.34	3,151.44
II Equity and Liabilities
Equity
(a)	Equity Share Capital	16	43.14	43.14
(b)	Other Equity	17	2,178.33	1,860.39
Total Equity			2,221.47	1,903.53
Liabilities
Non-Current Liabilities
(a)	Financial Liabilities
	(i) Borrowings	18	333.69	448.97
	(ii) Lease Liabilities	42	2.52	3.37
	(iii) Other Financial Liabilities	19	15.40	3.38
(b)	Provisions	20	4.05	2.95
(c)	Deferred Tax Liabilities (net)	36	217.79	293.65
Total Non-Current Liabilities			573.45	752.32
Current Liabilities
(a)	Financial Liabilities
	(i) Borrowings	21	229.30	135.61
	(ii) Lease Liabilities	42	6.53	4.58
	(iii) Trade Payables	22
	Total outstanding dues of Micro and Small Enterprise		25.23	24.72
	Total outstanding dues of Creditors other than Micro and Small Enterprise		234.47	160.96
	(iv) Other Financial Liabilities	23	121.66	98.78
(b)	Other Current Liabilities	24	79.07	67.52
(c)	Provisions	25	3.98	3.17
(d)	Current Tax Liabilities (net)	26	10.18	0.25
Total Current Liabilities			710.42	495.59
Total Liabilities			1,283.87	1,247.91
Total Equity and Liabilities			3,505.34	3,151.44
Summary of Material Accounting Policies		2

The accompanying notes are an integral part of these Standalone Financial Statements

As per our Report of even date

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration No. 324982E / E300003

For and on behalf of the Board of Directors of

(CIN: L24100GJ2007PLC051717)

per Abhishek Karia

Partner

Membership No. 132122

Rakesh Agrawal

Chief Financial Officer

DIN: 02006947

Gaurang Trivedi

Company Secretary

Kaushal Soparkar

Executive Director

DIN: 01998162

Date: 2nd May,2026

Standalone Statement of Profit and Loss

for the Year ended March 31, 2026

(₹ in Crores, except stated otherwise)

Particulars	Note	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Revenue
Revenue from Operations	27	2,527.18	2,550.13
Other Income	28	14.98	15.21
Total Income (A)		2,542.16	2,565.34
Expenses
Cost of Materials Consumed	29	1,490.66	1,322.40
Changes in Inventories of Finished Goods and Work in Progress	30	(60.94)	31.09
Employee Benefits Expenses	31	129.66	114.48
Finance Costs	32	71.96	53.27
Depreciation and Amortization Expenses	3	168.29	132.56
Power and Fuel Expenses	33	156.40	130.08
Other Expenses	34	244.33	241.36
Total Expense (B)		2,200.36	2,025.24
Profit Before Tax (C) = (A-B)		341.80	540.10
Tax Expense:	36
Current Tax		84.66	98.17
Net Deferred Tax Expense		(75.87)	85.23
Total Tax Expense (D)		8.79	183.40
Net Profit for the Year (E) = (C-D)		333.01	356.70
Other Comprehensive Income
Items that will not be reclassified to Profit or Loss in subsequent periods
Remeasurement Gain/(Loss) on Defined Benefit Plans	37	0.04	(0.65)
Income Tax effect on above	36	(0.01)	0.23
Total Other Comprehensive Gain/(Loss) for the Year, net of Tax (F)		0.03	(0.42)
Total Comprehensive Income for the Year (G) = (E+F)		333.04	356.28
Earnings per Equity Share (face value of ₹10 each) (in ₹)
Basic	35	77.19	84.45
Diluted		77.19	84.45
Summary of Material Accounting Policies	2

The accompanying notes are an integral part of these Standalone Financial Statements

As per our Report of even date

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration No. 324982E / E300003

For and on behalf of the Board of Directors of

(CIN: L24100GJ2007PLC051717)

per Abhishek Karia

Partner

Membership No. 132122

Rakesh Agrawal

Chief Financial Officer

DIN: 02006947

Gaurang Trivedi

Company Secretary

Kaushal Soparkar

DIN: 01998162

Date: 2nd May, 2026

161

Standalone Cash Flow Statement

for the Year ended March 31, 2026

(₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
A. Cash Flow from Operating Activities
Profit Before Taxation	341.80	540.10
Adjustment to reconcile profit before tax to net cash flow :
Depreciation and Amortisation Expenses	168.29	132.56
Interest Income	(0.87)	(0.33)
Liquidated Damages recovered	(1.51)	(0.05)
Finance costs	71.96	53.27
Unrealised Foreign Exchange Loss/(Gain)	3.15	(0.95)
Profit on Sale of Property, Plant and Equipment	(6.55)	(5.04)
Profit on Sale of Mutual Fund	(2.65)	(1.48)
Unrealised Gain on Mutual funds	-	(0.41)
Impairment/Loss on Investment in Subsidiary	-	0.02
Sundry Balances Written back	(1.05)	(0.05)
Operating Profit before Working Capital changes	572.57	717.64
Adjustment for:
(Increase)/Decrease in Inventories	39.36	(125.00)
(Increase) in Trade Receivables	(183.93)	(53.90)
Decrease in Other Financial Assets	32.70	1.30
(Increase) in Other Assets	(32.31)	(4.29)
Decrease in Loans	0.04	0.10
Increase in Trade Payables	72.83	3.08
(Decrease)/Increase in Other Financial Liabilities	(6.54)	16.82
Increase/(Decrease) in Other Liabilities	11.54	(5.12)
Increase in Provisions	1.95	0.38
Working Capital Changes	(64.36)	(166.63)
Cash Generated from Operation	508.21	551.01
Direct Taxes Paid (Net of Refund)	(72.68)	(110.45)
Net Cash Generated from Operating Activities	435.53	440.56
B. Cash Flow from Investing Activities
Purchase of Property, Plant & Equipment (including CWIP and Intangible Assets)	(394.15)	(194.69)
Proceed from Sale of Property, Plant & Equipment	8.66	8.34
Investment in Associate	(2.26)	-
Investment in Bank Deposits	(50.06)	(1.18)
Redemption of Bank Deposits	3.11	0.42
Interest Received	0.78	0.26
Investment in Mutual Fund	(99.00)	(307.86)
Proceeds from Sale of Mutual Funds (including realised gain)	178.25	233.15
Net Cash (Used in) Investing Activities	(354.67)	(261.56)
C. Cash Flow from Financing Activities
Finance Charges Paid	(48.69)	(65.94)
Proceeds from Long-Term Borrowing	-	137.00
Repayment of Long-Term Borrowing	(86.12)	(248.55)
Proceed/(Repayment) from Short-Term Borrowing (Net)	64.52	(171.55)
Payment of Lease Liability	(5.87)	(2.36)
Dividend paid on Redeemable Preference Shares	(3.24)	(10.32)
Dividend paid on Equity Shares	(15.08)	(31.54)
Proceeds from issue of Share Capital	-	333.05
Share Issue Expenses	-	(8.33)
Redemption of Redeemable Preference Shares	-	(95.00)
Net Cash (Used in) from Financing Activities	(94.48)	(163.54)
Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C)	(13.62)	15.46

Standalone Cash Flow Statement

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Cash and Cash Equivalent at the beginning of the Year	18.64	3.18
Cash and Cash Equivalent at the end of the Year	5.02	18.64
Cash and Cash Equivalent comprises as under
Cash on Hand	0.02	0.01
Balance with Schedule Banks in Current Accounts	5.00	8.63
Deposits with Schedule Banks	-	10.00
Cash & Cash Equivalent at the end of the Year (refer note 11)	5.02	18.64

Notes to the Cash Flow Statement

1) The Cash Flow Statement has been prepared as per Indirect Method in accordance with the Indian Accounting Standard - 7 on "Statement of Cash Flow" issued by the Institute of Chartered Accountants of India.
2) Disclosure of changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes under Para 44A as set out in Ind AS 7 "Statement of Cash flows" under Companies (Indian Accounting Standards) Rules, 2017 (as amended) is as under.

3) Changes in liabilities arising from Financing Activities

Particulars	April 1, 2025	Cash Flow	Other	March 31, 2026
Current Borrowings (Note 21)	49.50	64.52	-	114.02
Lease Liabilities (Note 42)	7.95	(5.87)	6.98	9.05
Non- Current Borrowings (Including current portion of long term debt) (Note 18 & 21)	535.08	(86.12)	0.01	448.97
Total Liabilities from Financing Activities	592.53	(27.48)	6.99	572.04

Particulars	April 1, 2024	Cash Flow	Other	March 31, 2025
Current Borrowings (Note 21)	221.05	(171.55)	-	49.50
Lease Liabilities (Note 42)	1.35	(2.36)	8.96	7.95
Non- Current Borrowings (Including current portion of long term debt) (Note 18 & 21)	741.64	(206.55)	(0.01)	535.08
Total Liabilities from Financing Activities	964.04	(380.46)	8.95	592.53

Others includes the effects of reclassification of Non Current portion of Borrowings including Lease Liabilities to Current due to passage of time.

Partner

163

Standalone Statement of Changes in Equity (SOCIE)

For the Year ended March 31, 2026

(A) Equity Share Capital (refer note 16)

Particulars	No. of Shares	Amount
Equity Share of ₹10 each Issued, Subscribed and Fully Paid up
Balance as at 1st April 2024	4,15,50,158	41.55
Changes in Equity Share Capital due to Prior Period Errors	-	-
Balance as at 1st April 2024	4,15,50,158	41.55
Issue of Equity Share Capital during the Year	15,91,180	1.59
Balance as at 31st March 2025	4,31,41,338	43.14
Balance as at 1st April 2025	4,31,41,338	43.14
Changes in Equity Share Capital due to Prior Period Errors	-	-
Balance as at 1st April 2025	4,31,41,338	43.14
Change during the period	-	-
Balance as at 31st March 2026	4,31,41,338	43.14

(B) Other Equity (refer note 17)

Particulars	Capital Reserve	Retained Earnings	Security Premium	Total Other Equity
Balance at 1st April 2024	(246.68)	1,459.22	-	1,212.54
Changes in Accounting Policy or Prior Period Errors	-	-	-	-
Balance as at 1st April 2024	(246.68)	1,459.22	-	1,212.54
Issue of Equity Shares (refer note 16)	-	-	331.46	331.46
Share Issue Expenses (refer note 16)	-	-	(8.33)	(8.33)
Profit for the Year	-	356.70	-	356.70
Other Comprehensive Income for the Year (net of Taxes)	-	(0.42)	-	(0.42)
Total Comprehensive Income for the Year	-	356.28	323.13	679.41
Dividend Paid During the Year	-	(31.56)	-	(31.56)
Balance at 31st March 2025	(246.68)	1,783.94	323.13	1,860.39
Balance as at 1st April 2025	(246.68)	1,783.94	323.13	1,860.39
Changes in Accounting Policy or Prior Period Errors	-	-	-	-
Balance as at 1st April 2025	(246.68)	1,783.94	323.13	1,860.39
Profit for the Year	-	333.01	-	333.01
Other Comprehensive Income for the Year (net of Taxes)	-	0.03	-	0.03
Total Comprehensive Income for the Year	-	333.04	-	333.04
Dividend Paid During the Year	-	(15.10)	-	(15.10)
Balance as at 31st March 2026	(246.68)	2,101.88	323.13	2,178.33

Notes to the Standalone Financial Statement

for the year ended March 31, 2026

1. CORPORATE INFORMATION

Epigral Limited (the Company) (CIN L24100GJ2007PLC051717) is a Public Company limited by shares domiciled in India, incorporated under the provisions of Companies Act, 1956. Its share are listed on BSE Limited and National Stock Exchange in India. The registered office at Epigral Tower, B/h. Safal Profitaire, Prahladnagar, Satellite, Ahmedabad Gujarat, India.

The company is primarily engaged in manufacturing and selling of Chlor Alkali & its Derivatives.

The Standalone Financial Statements were approved for issue in accordance with a resolution of the directors on 02nd May, 2026.

2. MATERIAL ACCOUNTING POLICIES

2.1 Statement of compliance and basis of preparation

The Standalone Financial Statements have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended thereafter and presentation requirements of Division II of Schedule III to the Companies Act, 2013, (Ind AS compliant Schedule III), as applicable to the SFS.

The Financial Statements have been prepared on accrual basis and under historical cost basis, except for the following assets and liabilities which have been measured at fair value:

Certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial instruments).
Derivative financial instruments

In addition, the Financial Statements are presented in INR which is also the Company's functional currency and all values are rounded to the nearest crore (INR 00,00,000), except when otherwise indicated.

The Company has prepared the financial statements on the basis that it will continue to operate as a going concern.

The Standalone financial statements provide comparative information in respect of the previous period.

2.2 Use of Estimates, Assumptions and Judgements

The preparation of the Company's Financial Statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Estimates and Assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

Taxes:

There are many transactions and calculations undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. Where the final tax outcome of these matters is different from the amounts initially recorded, such differences will impact the current and deferred tax provisions in the period in which the tax determination is made. The assessment of probability involves estimation of a number of factors including future taxable income.

Defined Benefit Plans (Gratuity Benefits)

A liability in respect of defined benefit plans is recognised in the Balance Sheet, and is measured as the present value of the defined benefit obligation at the reporting date less the fair value of the plan's assets. The present value of the defined benefit obligation is based on expected future payments which arise from the fund at the reporting date, calculated annually by independent actuaries. Consideration is given to expected future salary levels, experience of employee departures and periods of service. Refer note 37 for details of the key assumptions used in determining the accounting for these plans.

Useful economic lives of Property, Plant and Equipment

Property, Plant and Equipment as disclosed in note 3 are depreciated over their useful economic lives. Management reviews the useful economic lives at least once a year and any changes could affect the

165

Notes to the Standalone Financial Statement

for the year ended March 31, 2026

depreciation rates prospectively and hence the asset carrying values.

Impairment of Non-Financial Assets

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's fair value less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the risk specific to the asset. In determining fair value less cost of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share price for publicly traded subsidiaries or other available fair value indicators.

2.3 Summary of Material Accounting Policies

a. CURRENT VS. NON-CURRENT CLASSIFICATION:

The Company segregates assets and liabilities into current and non-current categories for presentation in the balance sheet after considering its normal operating cycle and other criteria set out in Ind AS 1, "Presentation of Financial Statements". For this purpose, current assets and liabilities include the current portion of non-current assets and liabilities respectively. Deferred tax assets and liabilities are always classified as non-current.

The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents. The Company has identified period up to twelve months as its operating cycle.

b. REVENUE FROM CONTRACTS WITH CUSTOMERS

Revenue from contracts with customers is recognised when control of the goods are transferred to the Customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. The Company has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the Customer.

The disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts with customers are provided below.

1) Sale of Goods

Revenue from Sale of Goods is recognised at the point in time when control of the goods is transferred to the customer, generally on dispatch/ delivery of the goods or terms as agreed with the customer. The normal credit term is 30 to 90 days from the date of dispatch. The Company considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price for the sale of goods, the Company considers the effects of variable consideration, the existence of significant financing components, non-cash consideration, and consideration payable to the customer.

(i) Variable Consideration

If the consideration in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the Customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Some contracts for the sale of goods provide customers with cash discount in accordance with the company policy. The cash discount component gives rise to variable consideration.

Volume Rebates

The Company applies the most likely amount method or the expected value method to estimate the variable consideration in the contract. The selected method that best predicts the amount of variable consideration is primarily driven by the number of volume thresholds contained in the contract. The most

likely amount is used for those contracts with a single volume threshold, while the expected value method is used for those with more than one volume threshold. The Company then applies the requirements on constraining estimates in order to determine the amount of variable consideration that can be included in the transaction price and recognized as revenue.

(ii) Trade Receivables

A receivable represents the Company's right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in section (h) (Financial Instruments – initial recognition and subsequent measurement.)

(iii) Contract Liabilities (advance from customers)

A contract liability is recognized when a customer pays consideration before the Company transfers goods to the Customer or when the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Company performs under the contract.

2) Interest Income

For all financial instruments measured at amortized cost, interest income is recorded using the effective interest rate (EIR). The EIR is the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset. When calculating the effective interest rate, the Company estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. Interest income is included in Other Income in the Statement of Profit or Loss.

3) Export Incentives

Export Incentives are recognized as income when right to receive credit as per the terms of the scheme is established in respect of the

exports made and when there is no significant uncertainty regarding the ultimate collection of the relevant export proceeds.

c. FOREIGN CURRENCIES

The Company's standalone financial statements are presented in INR, which is also the Company's functional currency.

Transactions and Balances

Transactions in foreign currencies are initially recorded by the Company at the functional currency spot rates at the date the transaction first qualifies for recognition. However, for practical reasons, the Company uses an average rate if the average approximates the actual rate at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date.

Exchange differences arising on settlement or translation of monetary items are recognized in Statement of Profit or Loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in OCI or Statement of Profit or Loss are also recognised in OCI or Statement of Profit or Loss, respectively).

In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which the Company initially recognises the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Company determines the transaction date for each payment or receipt of advance consideration.

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d. FAIR VALUE MEASUREMENT

The Company measures financial instruments, such as investments (other than equity investments in Associates) and derivatives at fair values at each Balance Sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

In the principal market for the asset or liability, or
In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participants that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the Financial Statements are categorised within the fair value hierarchy, described as under, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.
Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognised in the Financial Statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

The Company's management determines the policies and procedures for both recurring fair value measurement, such as unquoted financial assets measured at fair value, and for non-recurring measurement, such as assets held for distribution in discontinued operations. The management comprises of the Managing Director, Chief Executive Officer (CEO) and Chief Finance Officer (CFO).

External valuers are involved for valuation of significant assets. Involvement of external valuers is decided upon annually by the Board of Directors after discussion with and approval by the management. Selection criteria include market knowledge, reputation, independence and whether professional standards are maintained. Valuers are normally rotated every three years. The management decides, after discussions with the Company's external valuers, which valuation techniques and inputs to use for each case.

At each reporting date, the management analyses the movements in the values of assets and liabilities which are required to be re-measured or re-assessed as per the Company's accounting policies. For this analysis, the management verifies the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents.

The management, in conjunction with the Company's external valuers, also compares the change in the fair value of each asset and liability with relevant external sources to determine whether the change is reasonable.

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

This note summarises accounting policy for fair value. Other fair value related disclosures are given in the relevant notes. Refer note 44.

Disclosures for valuation methods, significant estimates and assumptions.
Quantitative disclosures of fair value measurement hierarchy.
Investment in Equity Shares.
Financial Instruments (including those carried at amortised cost).

e. PROPERTY, PLANT AND EQUIPMENT

Property, Plant and Equipment (PPE) and Capital Work in Progress is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in Statement of profit and loss as incurred.

Capital Work-in-Progress comprises cost of fixed assets that are not yet installed and ready for their intended use at the Balance Sheet date.

Items of stores and spares that meet the definition of Property, Plant and Equipment are capitalised at cost and depreciated over their useful life. Otherwise, such items are classified as Inventories.

An item of Property, Plant and Equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognized.

Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as prescribed under Part C of Schedule II of the Companies Act 2013 except for assets where management believes and based on independent technical evaluation, assets estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be used.

Leasehold land is amortized over the lease period on a straight line basis.

The residual values are not more than 5% of the original cost of the item of Property, Plant and Equipment. The residual values, useful lives and methods of depreciation of Property, Plant and Equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. The Depreciation rates charges over following estimated lives:

Asset	Estimated Useful life
Leasehold Land	99 Years
Building	30 Years
Carpeted Roads – RCC	10 Years
Plant & Machinery	12-25 Years
Electrical Installations	10 Years
Captive Power Plant and equipments	20 – 40 Years
Furniture and Fixtures	10 Years
Vehicles	8 Years
Computers	3 Years
Other equipments	5 Years

f. INTANGIBLE ASSETS

Intangible Assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses, if any. Cost include acquisition and other incidental cost related to acquiring the intangible asset. Research costs are expensed as incurred. Intangible development costs are capitalised as and when technical and commercial feasibility of the asset is demonstrated and approved by authorities, future economic benefits are probable.

The useful lives of Intangible Assets are assessed as either finite or indefinite.

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or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the Statement of Profit and loss unless such expenditure forms part of carrying value of another asset.

Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the Statement of Profit and Loss when the asset is derecognised.

Intangible Assets

Assets	Amortization Method	Amortization Period
Usage Rights	On Straight-line basis	10 years
Technical Know How	On Straight-line basis	10 years

g. IMPAIRMENT OF NON-FINANCIAL ASSETS

The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or Cash-Generating Unit's (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.

The Company basis its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Company's CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. For longer periods, a long-term growth rate is calculated and applied to project future cash flows after the fifth year. To estimate cash flow projections beyond periods covered by the most recent budgets/forecasts, the Company extrapolates cash flow projections in the budget using a steady or declining growth rate for subsequent years, unless an increasing rate can be justified. In any case, this growth rate does not exceed the long-term average growth rate for the products, industries, or country or countries in which the Company operates, or for the market in which the asset is used.

Impairment losses of continuing operations, including impairment on inventories, are recognised in the statement of Profit and Loss, except for properties previously revalued with the revaluation surplus taken to Other Comprehensive Income (OCI). For such properties, the impairment is recognised in OCI up to the amount of any previous revaluation surplus.

h. FINANCIAL INSTRUMENT

A Financial Instrument is any contract that gives rise to a Financial Asset of one Entity and a Financial Liability or Equity instrument of another Entity.

(A) Financial Asset

Initial Recognition and Measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (FVTOCI), and Fair Value Through Profit or Loss(FVTPL).

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset. Trade receivables that do not contain a significant

financing component are measured at the transaction price determined under Ind AS 115.

Subsequent Classification and measurement

For purposes of subsequent measurement, financial assets are classified in four categories:

a) Debt instruments at amortised cost
b) Debt instruments at fair value through other comprehensive income (FVTOCI)
c) Debt instruments, derivatives and equity instruments at fair value through profit or loss (FVTPL)
d) Equity instruments measured at fair value through other comprehensive income (FVTOCI)

Debt Instruments at Amortised Cost

A 'debt instrument' is measured at its amortised cost if both the following conditions are met:

a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in other income in the Statement of Profit and Loss such as interest income on Bank deposits and other interest income. The losses arising from impairment are recognised in the Statement of Profit and Loss.

Debt instrument at Fair Value through Other Comprehensive Income (FVTOCI)

A 'debt instrument' is classified at FVTOCI if both of the following criteria are met:

a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and
b) The asset's contractual cash flows represent SPPI.

Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the other comprehensive income (OCI). However, the Company recognizes interest income, impairment losses & reversals and foreign exchange gain or loss in the Profit and Loss. On derecognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the Equity to Profit and Loss. Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.

Debt Instrument at Fair Value through Profit & Loss (FVTPL)

FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as FVTPL.

In addition, the Company may elect to designate a debt instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as 'accounting mismatch'). The Company has designated certain debt instrument as at FVTPL.

Debt instruments included within the FVTPL category are measured at fair value with all changes recognized in the Statement of Profit and Loss.

Equity Investments

Investment in Associates is out of scope of Ind AS 109 and hence, the Company has accounted for its investment in Associates at cost.

All other Equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading are classified as at FVTOCI. For all other Equity instruments, the Company may make an irrevocable election to present in Other Comprehensive Income subsequent changes in the fair value. The Company makes such election on an instrument-by instrument basis. The classification is made on initial recognition and is irrevocable.

If the Company decides to classify an Equity instrument as at FVTOCI, then all fair value

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changes on the instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to Statement of Profit and Loss, even on sale of investment. However, the Company may transfer the cumulative gain or loss within Equity.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the Statement of Profit and Loss.

De-recognition

A financial asset (or, where applicable, a part of a financial asset or part of a Company of similar financial assets) is primarily derecognised (i.e. removed from the Company's Balance Sheet) when

a) The rights to receive cash flows from the asset have expired, or
b) The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a 'pass-through' arrangement; and either

i) the Company has transferred substantially all the risks and rewards of the asset, or
ii) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the company continues to recognise the transferred asset to the extent of the Company's continuing involvement. In that case, the company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is

measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay.

Impairment of Financial Assets

In accordance with Ind AS 109, the Company applies Expected Credit Loss (ECL) model for measurement and recognition of impairment loss on the following financial assets and credit risk exposure:

a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities, deposits, trade receivables and bank balance
b) Trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are within the scope of Ind AS 18 (referred to as 'Contractual Revenue Receivables' in these Financial Statements)

The Company follows 'simplified approach' for recognition of impairment loss allowance on:

Trade receivables

The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognizes impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

(B) Financial Liabilities

Initial Recognition and Measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, Loans and Borrowings, Payables, as appropriate.

All financial liabilities are recognised initially at fair value and, in the case of Loans and Borrowings and Payables, net of directly attributable transaction costs.

The Company's financial liabilities include Trade and Other Payables, Loans and Borrowings.

Subsequent measurement of Financial Liabilities

The measurement of financial liabilities depends on their classification, as described below:

Financial Liabilities at Fair Value through Profit or Loss (FVTPL)

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Company that are not designated as hedging instruments in hedge relationships as defined by Ind AS 109.

Gains or losses on liabilities held for trading are recognised in the Statement of Profit and Loss.

Financial liabilities at amortised cost - Loan and Borrowings

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the Statement of Profit and Loss.

Trade and Other Payables

These amounts represent liability for good and services provided to the Company prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 60 days of recognition. Trade and Other Payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Derivatives and Hedging Activities

The Company uses derivative financial instruments, such as forward currency contracts and currency swaps to hedge its foreign currency risks and interest rate risks respectively. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

De-recognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of Profit and Loss.

Off-setting Financial Instrument

Financial assets and liabilities are offset and the net amount is reported in the Balance Sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

i. INVENTORIES

Inventories are valued at the lower of cost and net realisable value.

Stores and Spares, Packing Materials and Raw Materials are valued at lower of cost or net realisable value and for this purpose cost is determined on moving weighted average basis. Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition. However, the aforesaid items are not valued below cost if the finished products in which they are to be incorporated are expected to be sold at or above cost.

Finished goods: cost includes cost of direct materials and labour and a proportion of manufacturing overheads based on the normal operating capacity but excluding borrowing costs. Cost is determined on moving weighted average basis.

Work in progress are valued at lower of cost or net realisable value and for this purpose, cost is determined on standard cost basis which approximates the actual cost. Variances, exclusive of abnormally low volume and operating performance, are adjusted to inventory.

Net realisable value is the estimated selling price in the ordinary course of business, less estimated

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costs of completion and the estimated costs necessary to make the sale.

j. BORROWING COSTS

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the borrowing costs.

k. RETIREMENT AND OTHER EMPLOYEE BENEFITS

Provident Fund is a defined contribution scheme established under a State Plan. The contributions to the scheme are charged to the Statement of Profit and Loss in the year when employee rendered related services.

The Company has a defined benefit Gratuity Plan. Every employee who has completed five years or more of service gets a gratuity on post-employment at 15 days salary (last drawn salary) for each completed year of service as per the rules of the Company. The aforesaid liability is provided for on the basis of an actuarial valuation on projected unit credit method made at the end of the financial year. The Scheme is funded with an Insurance Company in the form of a qualifying insurance policy.

The Company has other employee benefits in the nature of leave encashment. The liability in respect of leave encashment is provided for on the basis of an actuarial valuation on projected unit credit method made at the end of the financial year.

Re-measurements, comprising of actuarial gains and losses, the effect of asset ceiling, excluding amounts included in the net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset.

The Company recognises the following changes in the net defined benefit obligation as an expense in the Statement of Profit and Loss:

Service costs comprising of current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and
Net interest expense or income

Liabilities for wages, salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related services are recognised in respect of employees' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are to be settled. The liabilities are presented as current employee benefit obligations in the Balance Sheet.

I. Other long-term employee benefits

Compensated absences are provided for on the basis of an actuarial valuation, using the projected unit credit method, as at the date of the balance sheet. Actuarial gains / losses, if any, are immediately recognised in the statement of profit and loss. Compensated absences, which are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service, are treated as short term employee benefits. The Company measures the expected cost of such absences as the additional amount that it expects to pay as a result of the unused entitlement that has accumulated at the reporting date.

Accumulated compensated absences which are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are treated as other long term employee benefits for measurement purposes.

II. Presentation and disclosure

For the purpose of presentation of defined benefit plans, the allocation between the short term and long-term provisions have been made as determined by an actuary. Obligations under other long-term benefits are classified as short-term provision, if the Company does not have an unconditional right to defer the settlement of the obligation beyond 12 months from the reporting date. The Company presents the entire compensated

absences as short-term provisions since employee has an unconditional right to avail the leave at any time during the year.

I. TAXES

Tax expenses comprises current tax expense and deferred tax expense

Current Income Taxes

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities in accordance with the Income-tax Act, 1961. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the countries where the Company operates and generates taxable income.

Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company reflects the effect of uncertainty for each uncertain tax treatment by using either most likely method or expected value method, depending on which method predicts better resolution of the treatment.

Deferred Taxes

Deferred tax is provided using the balance sheet approach on temporary differences between the tax base of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax liabilities are recognised for all taxable temporary differences, except:

In respect of taxable temporary differences associated with investments in Associates, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future

Deferred Tax Assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused

tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except:

When the Deferred Tax Asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences;
In respect of deductible temporary differences associated with investments in, associates, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.

The carrying amount of Deferred Tax Asset is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred Tax Assets and Liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

Deferred Tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in Other Comprehensive Income or in Equity). Deferred Tax items are recognised in correlation to the underlying transaction either in OCI or directly in Equity.

The Company offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity which intends either to settle

175

current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

Minimum Alternate Tax (MAT)

Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss as current tax for the year. The deferred tax asset is recognised for MAT credit only to the extent that it is probable that the Company will be able to set off against the normal income tax during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In the year in which the Company recognize MAT credit as an asset, it is created by way of credit to the statement of profit and loss and shown as part of deferred tax asset. The company review the "MAT credit entitlement" asset at each reporting date and writes down the asset to the extent that it is no longer probable that it will pay normal tax during the specified period.

m. PROVISIONS

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the Statement of Profit and Loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pretax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a Finance Cost.

n. CONTINGENT LIABILITIES

Contingent liability is:

(i) a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or

(ii) a present obligation that arises from past events but is not recognized because;

it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or
the amount of the obligation cannot be measured with sufficient reliability.

The Company does not recognize a contingent liability but discloses the same as per the requirements of Ind AS 37.

o. LEASES

The Company assesses at contract inception whether a contract is or contains a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Company as a Lessee

The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

i) Right-of-use-assets

The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets

ii) Lease Liabilities

At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under

residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

Lease payments have been classified as financing activities in Statement of Cash Flow.

The Company has elected not to recognize Right-Of-Use Assets and Lease Liabilities for short term leases that have a lease term of less than or equal to 12 months with no purchase option and assets with low value leases. The Company recognises the lease payments associated with these leases as an expense in statement of profit and loss over the lease term. The related cash flows are classified as operating activities.

iii) Short-term leases and leases of low-value assets

The Company applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option).

The Company applies the low-value asset recognition exemption on a lease-by-lease basis, if the lease qualifies as leases of low-value assets, with a value when new of up to

INR 3 lacs. In making this assessment, the Company also factors below key aspects:

The assessment is conducted on an absolute basis and is independent of the size, nature, or circumstances of the lessee.
The assessment is based on the value of the asset when new, regardless of the asset's age at the time of the lease.
The lessee can benefit from the use of the underlying asset either independently or in combination with other readily available resources, and the asset is not highly dependent on or interrelated with other assets.
If the asset is subleased or expected to be subleased, the head lease does not qualify as a lease of a low-value asset.

Based on the above criteria, the Company has classified leases of IT equipment for individual employees, and leases of office furniture and water dispensers as leases of low value assets.

Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.

p. EARNING PER SHARE

Basic Earnings Per Share

Basic Earnings Per Share are calculated by dividing the net profit or loss for the period attributable to Equity Shareholders by the weighted average number of equity shares outstanding during the period.

Diluted Earnings per Share

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to Equity Shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential Equity Shares.

q. CASH AND CASH EQUIVALENTS

Cash and Cash Equivalent in the Financial Statements comprise Cash at Banks and on Hand and Short-Term Deposits with an original maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.

For the purpose of the Statement of Cash Flows, Cash and Cash Equivalents consist of Cash

and Short-Term Deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Company's cash management.

r. Government Grants and Subsidies:

Government Grants are recognised when there is a reasonable assurance that the same will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised in the Statement of Profit and Loss by way of a deduction to the related expense on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income on a systematic basis over the expected useful life of the related asset.

Government grants, that are receivable towards capital investments under State Investment Promotion Scheme, are recognised in the Statement of Profit and Loss in the period in which they become receivable.

The benefit of a government loan at a below-market rate of interest is treated as a government grant, measured as the difference between proceeds received and the fair value of the loan based on prevailing market interest rates and is being recognised in the Statement of Profit and Loss

When the company receives grants of non-monetary assets, the asset and the grant are recorded at fair value amounts and released to profit or loss over the expected useful life in a pattern of consumption of the benefit of the underlying asset i.e. by equal annual instalments.

s. SEGMENT REPORTING

Based on "Management Approach" as defined in Ind AS 108 -Operating Segments, the Chief Operating Decision Maker evaluates the Company's performance and allocates the resources based on an analysis of various performance indicators by business segments. Inter segment sales and transfers are reflected at market prices.

Unallocable items includes general corporate income and expense items which are not allocated to any business segment.

Segment Policies:

The Company prepares its segment information in conformity with the accounting policies adopted

for preparing and presenting the financial statements of the Company as a whole. Common allocable costs are allocated to each segment on an appropriate basis.

t. Dividend to Equity and Redeemable Preference Shareholders of the Company

The Company recognises a liability for dividends to Equity Holders of the Company when the dividend is authorised and the dividend is no longer at the discretion of the Company. As per the Corporate laws in India, a dividend is authorised when it is approved by the shareholders. A corresponding amount is recognised directly in Equity.

The Company recognises liability for dividends to Redeemable Preference share Holders of the Company on accrual basis. Dividend is paid based on authorisation by the Board of Directors. Dividend to Redeemable Preference Shareholders is cumulative and recognised in finance cost as interest expense.

u. New Standards, Interpretations and amendments adopted by the company

The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the preparation of the Company's annual financial statements for the year ended March 31, 2026, except for amendments to the existing Indian Accounting Standards (Ind AS). The Company has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

The new and amended standards that are notified by the Ministry of Corporate Affairs (MCA), but not yet effective, up to the date of issuance of the Company's financial statements are disclosed below. The Company will adopt these amendments to the standards, when they become effective.

(i) Amendments to Ind AS 1 - Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants:

In August 2025, the MCA notified amendments to paragraphs 69 to 76 of Ind AS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify:

What is meant by a right to defer settlement
That a right to defer must exist at the end of the reporting period
That classification is unaffected by the likelihood that an entity will exercise its deferral right
That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification

In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entity's right to defer settlement is contingent on compliance with future covenants within twelve months.

If there is a breach of a material covenant of a long term loan arrangement on or before the end of the reporting period, resulting in the liability becoming payable on demand as at the reporting date, and the lender agrees—after the reporting period but before the financial statements are approved for issue—not to demand repayment for at least 12 months as a consequence of the breach, this shall be treated as an adjusting event. Accordingly, the entity is not required to classify the liability as current.

The amendments are effective for annual reporting periods beginning on or after 1 April 2025 retrospectively in accordance with Ind AS 8.

The amendments have not resulted in an impact on the classification of Company's liabilities and neither on the disclosures in the financial statements.

(ii) Amendments to Ind AS 21 - Lack of exchangeability

The Ministry of Corporate Affairs (MCA) notified the Companies (Indian Accounting Standards) Amendment Rules, 2025, which amend Ind AS 21, The Effects of Changes in Foreign Exchange Rates to specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity's financial performance, financial position and cash flows.

The amendments are effective for annual reporting periods beginning on or after 1 April 2025. When applying the amendments, an entity cannot restate comparative information.

The amendments do not have a material impact on the Company's financial statements.

(iii) Amendments to Ind AS 7 and Ind AS 107 - Supplier Finance Arrangements

In August 2025, the MCA notified amendments to Ind AS 7 Statement of Cash Flows and Ind AS 107 Financial Instruments: Disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity's liabilities, cash flows and exposure to liquidity risk.

The amendments do not have a material impact on the Company's financial statements.

(iv) International Tax Reform—Pillar Two Model Rules – Amendments to Ind AS 12

In August 2025, the MCA notified amendments to Ind AS 12 Income Taxes in response to the OECD's BEPS Pillar Two rules and include:

A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and
Disclosure requirements for affected entities to help users of the financial statements better understand an entity's exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date.

The mandatory temporary exception – the use of which is required to be disclosed – applies immediately. The remaining disclosure requirements apply for annual reporting periods beginning on or after 1 April 2025, but not for any interim periods ending on or before 31 March 2026.

The amendments had no impact on the Company's financial statements as the Company is not in scope of the Pillar Two model rules.

179

Property, Plant and Equipment, Capital Work in Progress and Other Intangible Assets as at March 31, 2026
(€ in Crores)

Description	Gross Block				Accumulated Depreciation/Amortisation				Net Block
		As at 1st April, 2025	Additions	Deduction / Adjustments	As at 31st March, 2026	As at 1st April, 2025	For the Year	On Deduction / Adjustment	As at 31st March, 2026	As at 31st March, 2026	As at 31st March, 2025
3.1	TANGIBLE ASSET
	Freehold Land	15.27	-	-	15.27	-	-	-	-	15.27	15.27
	Right of Use Asset - Lease Hold Land	197.42	-	-	197.42	6.37	2.29	-	8.66	188.76	191.05
	Building	257.01	-	-	257.01	62.50	10.46	-	72.96	184.05	194.51
	Right of Use Asset - Building	14.70	6.10	-	20.80	6.77	6.03	-	12.80	8.00	7.93
	Plant & Machineries	2,022.75	41.51	42.05	2,022.21	535.40	129.87	39.19	626.08	1,396.13	1,487.35
	Captive Power Plant & Equipments	407.04	-	-	407.04	93.18	13.90	-	107.08	299.96	313.86
	Furnitures & Fixtures	7.92	0.08	-	8.00	3.17	0.75	-	3.92	4.08	4.75
	Office Equipment	6.63	0.84	0.03	7.44	2.74	1.16	0.03	3.87	3.57	3.89
	Vehicles	2.28	0.75	-	3.03	2.22	0.28	0.75	1.75	1.28	0.06
	Computers	1.73	0.29	0.02	2.00	1.11	0.32	0.02	1.41	0.59	0.62
	TOTAL (A)	2,932.75	49.57	42.10	2,940.22	713.46	165.06	39.99	838.53	2,101.69	2,219.29
3.3	INTANGIBLE ASSET
	Usage Rights	26.21	-	-	26.21	11.95	2.47	-	14.42	11.79	14.26
	Technical Know-How	8.03	-	-	8.03	3.56	0.76	-	4.32	3.71	4.47
	TOTAL (B)	34.24	-	-	34.24	15.51	3.23	-	18.74	15.50	18.73
	TOTAL (A+B)	2,966.99	49.57	42.10	2,974.46	728.97	168.29	39.99	857.27	2,117.19	2,238.02

Notes:
During the Current Year exchange gain of € Nil (31 March 2025: exchange gain of Nil) arising on reporting of long term foreign currency monetary item related to Property, Plant and Equipment has been added/deducted to cost of Property, Plant and Equipment and the unamortised balance carried as part of tangible asset as at the year end aggregate to €2.56 Crore (31st March 2025: €2.86 Crore), in view of option given in para D13AA of IND-AS 101 on first time adoption of IND-AS.

Property, Plant and Equipment, Capital Work in Progress and Other Intangible Assets as at March 31, 2026 (Contd.)

3.2 Capital Work-in-Progress (₹ in Crores)

Particulars	Amount
Cost
As at 31st March 2025	63.89
Addition during the Year	429.35
Capitalisation	(42.41)
As at 31st March 2026	450.83

Ageing Schedule of Capital Work in Progress as at March 31, 2026 (₹ in Crores)

Particulars	Amount of CWIP for a period of				Total
	Less than 1 Year	1-2 Year	2-3 Year	More than 3 Year
Project in Progress	401.48	49.35	-	-	450.83
As at 31st March 2026	401.48	49.35	-	-	450.83

Capital Work in Progress ₹450.83 Crore as at 31st March 2026 comprises expenditure for Expansion Project of Chloro Polyvinyl Chloride, Epichlorohydrin and other Projects which are in the course of construction.

The amount of borrowing costs added to cost of capital work-in-progress during the year ended 31st March 2026 is ₹ Nil (31st March 2025: ₹20.63 Crore). The rate used to determine the amount of borrowing costs eligible for capitalisation is 8.15%, which is the effective interest rate of the specific borrowings taken for above mentioned Projects.

Refer note 42 for Right of Use assets details.

Refer Note 18 and 21 for details of charge created against the above mentioned assets

Refer Note 40 for details of Contractual Commitments for the acquisition of Property, Plant and Equipments.

As on 31st March, 2026 there are no Projects whose completion are overdue or exceed its cost as compare to plan, also there are no suspended projects as on 31st March 2026.

For Property Plant & Equipment and Intangible Assets existing as on 1 April 2015 i.e. the date of transition to Ind AS, the Company has used Indian GAAP carrying value as deemed cost as permitted by Ind AS 101 "First Time Adoption of Indian Accounting Standard". Accordingly, the net WDV as per Indian GAAP as on 1 April 2015 has been considered as Gross block under Ind AS. The accumulated depreciation is netted off as on 1 April 2015.

Property, Plant and Equipment, Capital Work in Progress and Other Intangible Assets as at March 31, 2025
(€ in Crores)

Description	Gross Block				Accumulated Depreciation/Amortisation				Net Block
		As at 1st April, 2024	Additions	Deduction / Adjustments	As at 31st March, 2025	As at 1st April, 2024	For the Year	On Deduction / Adjustment	As at 31st March, 2025	As at 31st March, 2025	As at 31st March, 2024
3.1	TANGIBLE ASSET
	Freehold Land	15.27	-	-	15.27	-	-	-	-	15.27	15.27
	Right of Use Asset - Lease Hold Land	197.42	-	-	197.42	4.08	2.29	-	6.37	191.05	193.34
	Building	233.63	23.50	0.12	257.01	52.90	9.63	0.03	62.50	194.51	180.73
	Right of Use Asset - Building	5.84	9.02	0.16	14.70	4.77	2.00	-	6.77	7.93	1.07
	Plant & Machineries	1,495.01	573.51	45.77	2,022.75	479.39	98.66	42.65	535.40	1,487.35	1,015.62
	Captive Power Plant & Equipments	407.04	-	-	407.04	78.89	14.29	-	93.18	313.86	328.15
	Furnitures & Fixtures	7.71	0.21	-	7.92	2.43	0.74	-	3.17	4.75	5.28
	Office Equipment	5.87	0.76	-	6.63	1.60	1.14	-	2.74	3.89	4.27
	Vehicles	2.43	0.01	0.16	2.28	2.02	0.28	0.08	2.22	0.06	0.41
	Computers	1.35	0.38	-	1.73	0.81	0.30	-	1.11	0.62	0.54
	TOTAL (A)	2,371.57	607.39	46.21	2,932.75	626.89	129.33	42.76	713.46	2,219.29	1,744.68
3.3	INTANGIBLE ASSET
	Usage Rights	26.21	-	-	26.21	9.48	2.47	-	11.95	14.26	16.73
	Technical Know-How	8.03	-	-	8.03	2.80	0.76	-	3.56	4.47	5.23
	TOTAL (B)	34.24	-	-	34.24	12.28	3.23	-	15.51	18.73	21.96
	TOTAL (A+B)	2,405.81	607.39	46.21	2,966.99	639.17	132.56	42.76	728.97	2,238.02	1,766.64

Notes:
During the Current Year exchange gain of € Nil (31 March 2024: exchange gain of Nil) arising on reporting of long term foreign currency monetary item related to Property, Plant and Equipment has been added/deducted to cost of Property, Plant and Equipment and the unamortised balance carried as part of tangible asset as at the year end aggregate to €2.86 Crore (31st March 2024: €3.16 Crore), in view of option given in para D13AA of IND-AS 101 on first time adoption of IND-AS.

Property, Plant and Equipment, Capital Work in Progress and Other Intangible Assets as at March 31, 2025 (Contd.)

3.2 Capital Work-in-Progress (₹ in Crores)

Particulars	Amount
Cost
As at 31st March 2024	482.84
Addition during the Year	176.24
Capitalisation	(595.19)
As at 31st March 2025	63.89

Capital Work in Progress ₹63.89 Crore as at 31st March 2025 comprises expenditure for Expansion Project of Chloro Polyvinyl Chloride, Epichlorohydrin and other Projects which are in the course of construction.

The amount of borrowing costs added to cost of capital work-in-progress during the year ended 31st March 2025 is ₹20.63 Crore (31st March 2024: ₹6.84 Crore). The rate used to determine the amount of borrowing costs eligible for capitalisation is 8.15%, which is the effective interest rate of the specific borrowings taken for above mentioned Projects.

Refer note 42 for Right of Use assets details.

Refer Note 18 and 21 for details of charge created against the above mentioned assets

Refer Note 40 for details of Contractual Commitments for the acquisition of Property, Plant and Equipments.

As on 31st March, 2025 there are no Projects whose completion are overdue or exceed its cost as compare to plan, also there are no suspended projects as on 31st March 2025.

For Property, Plant & Equipment and Intangible Assets existing as on 1 April 2015 i.e. the date of transition to Ind AS, the Company has used Indian GAAP carrying value as deemed cost as permitted by Ind AS 101 "First Time Adoption of Indian Accounting Standard". Accordingly, the net WDV as per Indian GAAP as on 1 April 2015 has been considered as Gross block under Ind AS. The accumulated depreciation is netted off as on 1 April 2015.

183

4. Financial Assets : Investments

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Investment in Equity Shares of Associate at Cost (Unquoted)
Equity Shares of ₹10 each in Renew Green (GJS Three) Pvt Limited	20.54	20.54
1,86,73,455 (31 March 2025 : 1,86,73,455)
Equity Shares of ₹10 each in Pro-Zeal Green Power Ten Pvt Limited	0.13	-
1,30,000 (31 March 2025 : Nil)
Investment - Others (Unquoted)
24,500 Equity Shares (31 March 2025 : 24,500) Shares Of - Meghmani Foundation	0.03	0.03
Impairment of investment in Equity Share of - Meghmani Foundation	(0.03)	(0.03)
Investment in Debentures (at amortised cost) (Unquoted)
0.0001% Optionally Convertible Debentures of ₹10 each in Pro-Zeal Green Power Ten Pvt Ltd. 21,25,400 (31 March 2025 : Nil)	2.13	-
Aggregate book value of Unquoted Investment	22.80	20.54

During the year ended March 31, 2026, the Company had entered into Share Subscription and Shareholders' Agreement (SSSA)" with 'Prozeal Green Power Private Limited' (Promoter) and 'Pro-Zeal Green Power Ten Private Limited' (Power Producer) whereby the Company has agreed to invest ₹0.13 Crores for 26% equity share capital of the Power Producer and ₹21.25 Crores in Optionally Convertible Debentures of the Power Producer. The Power Producer company is in the process of developing and operating 19.80 MW 'Wind Solar Hybrid Power plant in Gujarat. The Company had further entered into "Energy Supply Agreement" (ESA) with Power Producer whereby the Company will purchase minimum 51% of the power generated by Power Producer for a period of 25 years.

Pursuant to above agreement the Company has invested ₹0.13 Crores in equity share capital and ₹2.13 Crores in Non cumulative Optionally Convertible Debentures of Power Producer.

Notes:

a) Terms of Optionally Convertible Debentures (OCDs) are as under:

The OCDs shall be optionally convertible into equity share capital at the discretion of issuer, the issuer shall have right to convert all or any of the OCDs into fixed number of equity shares at the price determined on the date of issue of OCDs based on valuation report, or the issuer may after the expiry of 25 years from the date of first allotment pay the OCDs consideration and any unpaid coupon. The interest shall be accrued at the end of each financial year and payable at the discretion of the issuer.

5. Other Financial Assets (Non-Current)

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Security Deposits	6.92	7.27
Bank Deposits with original maturity of more than 12 months (including interest accrued) (refer note below)	50.10	0.03
Total	57.02	7.30

Note:

Margin Money Deposits amounting ₹50.10 Crore (31 March 2025: ₹0.03 Crore) are given as Security Deposit against Bank Guarantee and Short Term Borrowing with bank. These deposits are made for varying periods of between 1 year to 5 years and earn interest ranging between 6.25% to 7.00%.

6. Non Current Tax Assets (net)

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Advance payment of Income Tax (Net of Provision)	14.29	16.33
Total	14.29	16.33

7. Other Non-Current Assets

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Unsecured, Considered Good
Capital Advances	14.47	28.12
Balance with Government Authorities (Credit/Amount paid under Protest)	2.05	2.00
Total	16.52	30.12

8. Inventories (valued at lower of cost or net realisable value)

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Raw Materials (including in Transit ₹13.06 Crore (31^{st} March 2025: ₹14.63 Crore))	130.96	242.47
Work-in-Progress	20.93	4.17
Finished Goods	118.36	72.92
Finished Goods In transit	5.86	7.12
Consumable Stores and Spares	69.14	59.05
Others (Packing Materials)	3.38	2.26
Total	348.63	387.99

(i) During the year ended 31st March 2026 ₹16.37 Crore (31st March 2025: Nil) was recognised as an expense for inventories carried at net realisable value.
(ii) Provision of slow moving and non moving inventory is Nil as at 31st March 2026 (31st March 2025: Nil).
(iii) Refer Note 21 for details of Inventories pledged.

9. Investments

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Investment at Fair Value through Profit and Loss (FVTPL)
Investment in Units of Mutual Funds (quoted)	-	76.60
Total	-	76.60
Aggregate amount of Quoted investments and Market Value thereof	-	76.60

9. Investments (Contd.)

Note: Details of Investments
(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
SBI Liquid Funds Direct Growth (Units : Nil (31^{st} March 2025 : 42,488.35))	-	17.23
Bandhan Liquid Fund -Direct Growth Fund (Units : Nil(31^{st} March 2025 : 61,220.65))	-	19.18
Kotak Equity Arbitrage Fund (Units : Nil (31^{st} March 2025 : 51,05,054.52))	-	20.09
Tata Mutual Funds (Units : Nil (31^{st} March 2025 : 1,35,41,751.34))	-	20.10
Aggregate market value of Quoted investments	-	76.60
Aggregate amount of impairment in the value of investment	-	-

10. Trade Receivables

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Trade Receivables - Related Parties (refer note 38)	44.60	48.79
Trade Receivables - Others	371.93	183.53
Total Trade Receivables	416.53	232.32
Break-up for security details:
Secured, Considered Good	6.60	6.12
Unsecured, Considered Good	409.93	226.20
Trade Receivables which have significant increase in Credit Risk	-	-
Trade Receivables - Credit Impaired	-	-
Total	416.53	232.32
Impairment allowance (allowance for bad and doubtful debts)	-	-
Unsecured, Considered Good	-	-
Trade Receivables which have significant increase in Credit Risk	-	-
Trade Receivables - Credit Impaired	-	-
Total	416.53	232.32

Trade Receivable are secured to the extent of deposit received from the Customers.

Trade Receivables are non interest bearing and generally have credit period of 1-90 days.

For amount due and terms and conditions relating to related party, please refer note no 38.

No Trade or Other Receivable are due from Directors or other Officers of the Company either severally or jointly with any other person.

For information about Credit Risk and Market Risk related to Trade Receivables, please refer note no 44.

10. Trade Receivables (Contd.)

Trade Receivables Ageing Schedule
(₹ in Crores)

As at 31 March 2026	Current but Not Due	Outstanding for following periods from due date of payment					Total
		Less than 6 Months	6 Months - 1 Year	1-2 Years	2-3 Years	More than 3 Years
Undisputed Trade Receivables - Considered good	339.48	75.81	0.63	0.60	0.01	0.00	416.53
Undisputed Trade Receivables - Which have significant increase in Credit Risk	-	-	-	-	-	-	-
Undisputed Trade Receivables - Credit impaired	-	-	-	-	-	-	-
Disputed Trade Receivables - Considered good	-	-	-	-	-	-	-
Disputed Trade Receivables - Which have significant increase in Credit Risk	-	-	-	-	-	-	-
Disputed Trade Receivables - Credit impaired	-	-	-	-	-	-	-
Total	339.48	75.81	0.63	0.60	0.01	0.00	416.53

As at 31 March 2025	Current but Not Due	Outstanding for following periods from due date of payment					Total
		Less than 6 Months	6 Months - 1 Year	1-2 Years	2-3 Years	More than 3 Years
Undisputed Trade Receivables - Considered good	176.29	52.85	2.94	0.24	-	-	232.32
Undisputed Trade Receivables - Which have significant increase in Credit Risk	-	-	-	-	-	-	-
Undisputed Trade Receivables - Credit impaired	-	-	-	-	-	-	-
Disputed Trade Receivables - Considered good	-	-	-	-	-	-	-
Disputed Trade Receivables - Which have significant increase in Credit Risk	-	-	-	-	-	-	-
Disputed Trade Receivables - Credit impaired	-	-	-	-	-	-	-
Total	176.29	52.85	2.94	0.24	-	-	232.32

There are no unbilled receivables as at March 31,2026 and March 31,2025, hence the same is not disclosed in the ageing Schedule.

11. Cash and Cash Equivalents

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Balance with Banks
- In Current Accounts	5.00	8.63
- Deposits with original maturity of less than three months (refer note below)	-	10.00
Cash on Hand	0.02	0.01
Total	5.02	18.64

Deposits are made for varying periods of between 5 days to 90 days and earn average interest rate of 4.75% to 5.00%

12. Bank Balances other than Cash and Cash Equivalents

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Balance with Banks earmarked for Corporate Social Responsibility Expenses	0.37	3.50
Balance with Banks earmarked for Unpaid Dividend	0.07	0.05
Total	0.44	3.55

There are no amounts due and outstanding to be credited to the Investor Education and Protection Fund as at 31st March, 2026 and 31st March, 2025

13. Loans

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Unsecured, Considered Good (Current)
Loans to Employees (refer note below)	0.35	0.39
Total	0.35	0.39

Loans to Employees are interest free and generally given for tenure of 6 to 12 months

Since all the above loans given by the Company are unsecured and considered good, the bifurcation of loan in other categories as required by Schedule III of Companies Act 2013 via: a) Secured, b) Loans which have significant increase in credit risk and c) Credit Impaired is not applicable.

There are no Loans and Advances due by Directors or other Officers of the Company or any of them either severally or jointly with any other person or amounts due by firms or private companies respectively in which any director is a Partner or a Director or a Member.

14. Other Financial Assets (Current)

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Unsecured, Considered Good
Export Benefits Receivables (refer note (i) below)	0.09	0.12
Balances with Government Authorities (Cess Refund)	1.07	2.49
Government Grant/Incentive Receivable (refer note (ii) below)	4.79	26.33
Security Deposits	-	0.32
Bank deposits with original maturity of less than 12 months (including interest accrued)	1.34	1.26

14. Other Financial Assets (Current) (Contd.)

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Other Receivables (refer note (iii) below)	0.49	9.54
Total	7.78	40.06

(i) The Company will be receiving financial assets at the time of realisation, accordingly the same has been classified as other current financial assets.

(ii) Government Grants pertains to SGST refund receivable for the applications made by the Company under Scheme for Incentive to Industries.

(iii) Other Receivables as at March 31,2026 majorly pertains to employee notice period settlements and balance as on March 31,2025 majorly pertains to inventory generated in trial run the same is sold in current financial year.

15. Other Current Assets

(₹ in Crores)

(i) Company expects to utilize the export licences for payment of duties, accordingly the same has been classified as other current assets.

(ii) Balance with Government Authorities include VAT / Cenvat / Goods and Service Tax credit Receivable, net of liabilities.

16. Share Capital

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Authorised Share Capital
Equity Shares of ₹10 each
12,05,00,000 Equity Shares (31st March 2025: 12,05,00,000) each Share of ₹10/-	120.50	120.50
Preference Shares of ₹100 each
20,00,000 Preference Shares (31st March 2025: 20,00,000) each Share of ₹100/-	20.00	20.00
Preference Shares of ₹10 each
43,26,28,796 Preference Shares (31st March 2025: 43,26,28,796) each Share of ₹10/-	432.63	432.63
Total Authorised Capital	573.13	573.13

16. Share Capital (Contd.)

(€ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
ISSUED, SUBSCRIBED and FULLY PAID UP
Equity Share Capital
4,31,41,338 Equity Shares (31^{st} March 2025: 4,31,41,338) each of ₹10 /- Fully Paid Up	43.14	43.14
Total	43.14	43.14

Reconciliation of Shares outstanding at the beginning and at the end of the Year

(€ in Crores)

Equity Share Capital	No. of Shares	Amount
As at 1^{st} April 2024	4,15,50,158	41.55
Share issue During the Year (refer note (ii) below)	15,91,180	1.59
As at 31^{st} March 2025	4,31,41,338	43.14
Change During the Year	-	-
As at 31^{st} March 2026	4,31,41,338	43.14

(i) Equity Share:

The Company has only one class of Equity Shares with par value of ₹10 per share. Each Equity Shareholder is entitled to one vote per share. All Equity Shareholders have equal dividend rights. In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the shareholders.

(ii) During the previous year, the Company basis approval of Fund Raising Committee in their meeting dated October 24, 2024 has issued 15,91,180 Equity Shares of face value of ₹10 each in a Qualified Institutional Placement (QIP) pursuant to Chapter VI of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, at an issue price of ₹2,093.13 per Equity Share (including securities premium of ₹2,083.13 per Equity Share) aggregating to ₹333.05 Crore. The Company has received listing and trading approval for the shares issued from BSE Limited and National Stock Exchange of India Limited on October 25, 2024 and October 28, 2024 respectively.

Pursuant to allotment of above mentioned Equity Shares, the paid up share capital of the Company increased from ₹41.55 Crore comprising 4,15,50,158 Equity Shares to ₹43.14 Crore comprising 4,31,41,338 Equity Shares. In accordance with Ind AS 32, the transaction costs amounting ₹8.33 Crore in relation to QIP has been accounted for as deduction from equity under Securities Premium.

During the previous year ended March 31, 2025, the Company had utilised the proceeds for repayment of existing debt of the Company amounting to ₹250.00 Crore, for funding capital expenditure amounting to ₹30.00 Crore and for General Corporate Purpose (including share issue expenses) amounting to ₹53.05 Crore.

(iii) There are no shares allotted as fully paid-up by way of bonus shares or allotted as fully paid up pursuant to a contract, without payment being received in cash, or bought back during the period of five years immediately preceding the reporting date.

(iv) There are no outstanding securities which are convertible into equity shares.

Details of Shareholding (more than 5% Equity Shares)

(In Numbers)

Particulars	As at March 31, 2026	As at March 31, 2025
(a) Naturalal Patel	41,76,851	41,76,851
% of Share held	9.68%	9.68%
(b) Ashish Soparkar	63,19,857	63,19,857
% of Share held	14.65%	14.65%

Share Capital (Contd.)
(In Numbers)

Particulars		As at March 31, 2026	As at March 31, 2025
(c)	Jayanti Patel	35,76,707	35,76,707
	% of Share held	8.29%	8.29%
(d)	Ramesh Patel	29,29,569	29,29,569
	% of Share held	6.79%	6.79%
(e)	Maulik Patel	22,39,091	22,39,091
	% of Share held	5.19%	5.19%

As per records of the Company, including its register of shareholder / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

Promoters' Shareholding

Promoter Name (31 March 2026)	No of Share at the beginning of the Year	Change during the Year	No of Share at the end of the Year	% of Total share	% Change during the Year
Ashish Soparkar	63,19,857	-	63,19,857	14.65%	0.00%
Natwarlal Patel	41,76,851	-	41,76,851	9.68%	0.00%
Jayanti Patel	35,76,707	-	35,76,707	8.29%	0.00%
Ramesh Patel	29,29,569	-	29,29,569	6.79%	0.00%
Maulik Patel	22,39,091	-	22,39,091	5.19%	0.00%
Anand Patel	18,16,644	-	18,16,644	4.21%	0.00%
Kaushal Soparkar	22,929	-	22,929	0.05%	0.00%
Promoter Name (31 March 2025)	No of Share at the beginning of the Year	Change during the Year	No of Share at the end of the Year	% of Total share	% Change during the Year
---	---	---	---	---	---
Ashish Soparkar	46,19,857	17,00,000	63,19,857	14.65%	36.80%
Natwarlal Patel	41,76,851	-	41,76,851	9.68%	0.00%
Jayanti Patel	35,76,707	-	35,76,707	8.29%	0.00%
Ramesh Patel	29,29,569	-	29,29,569	6.79%	0.00%
Maulik Patel	21,98,074	41,017	22,39,091	5.19%	1.87%
Anand Patel	18,16,644	-	18,16,644	4.21%	0.00%
Kaushal Soparkar	17,22,929	(17,00,000)	22,929	0.05%	-98.67%

Dividend Distribution made and proposed
(€ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Dividend on Equity shares declared and paid:
Interim Dividend for 31 March 2026 : ₹ Nil per share (31 March 2025 : ₹2.50 per share)	-	10.79
Proposed Dividend on Equity shares:
Proposed Dividend for 31 March 2026 : ₹5.00 per share (31 March 2025 : ₹3.50 per share)	21.57	15.10

Proposed Dividends on Equity Shares are subject to approval at the Annual General Meeting and are not recognised as a Liability as at 31 March.

191

17. Other Equity

Particulars	As at March 31, 2026	As at March 31, 2025
Security Premium
Balance as at the beginning of the Year	323.13	-
Premium received on issue of Equity Share Capital.	-	331.46
Share Issue Expenses	-	(8.33)
Balance as at the end of the Year	323.13	323.13
Capital Reserve
Balance as at the beginning of the Year	(246.68)	(246.68)
Balance as at the end of the Year	(246.68)	(246.68)
Retained Earnings
Balance as at the beginning of the Year	1,783.94	1,459.22
Add: Profit for the Year	333.01	356.70
Add: Other Comprehensive Income for the Year	0.03	(0.42)
Less: Dividend Paid	(15.10)	(31.56)
Balance as at the end of the Year	2,101.88	1,783.94
Total	2,178.33	1,860.39

Securities Premium

Securities Premium pertains to issue of Equity Shares during the year in a Qualified Institutional Placement (QIP) (refer note 16).

Securities Premium is used to record the premium on issue of Shares. The Reserve can be utilised only for limited purposes such as issuance of Bonus shares, Buy back of Shares in accordance with the provisions of the Companies Act, 2013.

Capital Reserve

The balance in Capital Reserve represents difference between consideration paid and net asset acquired under common control business combination transactions and cancellation of shares pursuant to Scheme of Arrangement. The Reserve can be utilised in accordance with the provisions of the Companies Act, 2013.

Retained Earnings

Retained earnings are the profits that the Company has earned till date, less any transfer to General Reserve, Dividend paid to Shareholders. It also includes Re-measurement gain/(loss) on defined benefit plans that will not be re-classified to the Statement of Profit and Loss.

18. Borrowings

Particulars	As at March 31, 2026	As at March 31, 2025
Term Loan Facilities from Banks:
Indian Rupee loan (Secured) (refer note below)	333.69	448.97
Total Non-Current Borrowing	333.69	448.97
[refer note 21 for Current Maturities of Term Loan from Banks ₹115.28 Crore (31st March 2025 : ₹86.11 Crore)]
The above amounts includes:
Secured borrowing	333.69	448.97
Unsecured borrowing	-	-

refer note - 44 For Interest Rate Risk and Liquidity Risk.

18. Borrowings (Contd.)

Details of Security and Repayment Terms :

i) The Company has availed following Rupee Term Loan facilities:

1) Term Loan amounting ₹350.00 Crore from Axis Bank Limited is for capital expenditure towards setting up of new Chloro Toluene and its Value Chain Plant and expansion of Chloro Polyvinyl Chloride, the outstanding balance for the facility is ₹320.83 Crore as at Balance Sheet date (31st March 2025 : ₹350.00 Crore). The borrowing carries interest @ Repo Rate plus spread (fixed@ 1.65%) payable on monthly rest. The Term Loan is repayable in 24 quarterly installment of ₹14.58 Crore each starting from December 2025.

2) Term Loan amounting ₹284.75 Crore from HDFC Bank Limited is for capital expenditure towards setting up of new Chloro Polyvinyl Chloride Plant and expansion of Caustic capacity with 36 MW Captive Power Plant. Outstanding balance for the facility is ₹128.14 Crore as at the Balance Sheet date (31st March 2025: ₹185.09 Crore). The borrowing carries interest at Repo rate (Benchmark rate) + 300 bps. The Term Loan is repayable in 20 quarterly instalments of ₹14.24 Crore each starting from September 2023.

The Company has entered into a cross currency swap ("CCS") transaction on the said Rupee Term loan facility whereby outstanding Rupee Term loan of ₹256.27 Crore has been swapped with notional principal of EUR 2.83 Crore. As per the terms of CCS agreement, the Company receives interest at 9.15% p.a. on notional principal outstanding in INR and pays interest at 5.18% p.a. on notional principal of EUR at monthly rest. The notional principal will be settled in EURO by the Company in exchange of INR on quarterly basis starting from financial year 2024-25.

3) The Term Loan facilities are secured by first pari passu mortgage charge of all immovable properties of the Company and first pari passu hypothecation charge over all the movable assets of the Company.

ii) The Company has executed an Indenture of Mortgage with Lenders of above term loans (Secured Parties) by creating mortgages on Immovable properties of the Company by creating a charge by way of registered mortgage. According to the indenture, all the Secured Parties will share pari passu charge with first ranking and priority over the Immovable Properties of the Company, both present and future.

iii) Bank loans availed by the Company are subject to certain covenants relating to Interest Service Coverage Ratio, Current Ratio, Debt Service coverage Ratio, Total Outside Liabilities to Total Net Worth, Fixed Assets Coverage Ratio, Ratio of Total Term Liabilities to Net Worth and Return on Property, Plant and Equipments. The Company has complied with the covenants as per the terms of the loan agreements.

iv) The Company has not defaulted for any repayment of Borrowings and Interest during the year.

19. Other Non Current Financial Liabilities

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Mark to Market Derivative Instrument valued at Fair Value Through Profit and Loss	15.40	3.38
Total	15.40	3.38

The Company has entered into a cross currency swap ("CCS") transaction on the Rupee Term loan facility refer note 18. The change in fair value of CCS has been recognized in Finance Cost. Refer note 44 for fair value hierarchy.

20. Long Term Provisions

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Provision for Employee Benefits
Gratuity (refer note 37)	4.05	2.95
Total	4.05	2.95

21. Borrowings (Current)

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Secured Loans
Rupee Loans repayable on Demand
Cash Credit /WCDL Facility from Banks	114.02	49.50
Current Maturities of Long-Term Debt (refer note 18)	115.28	86.11
Total	229.30	135.61

Note:

The Company has sanctioned Working Capital Facility of ₹600.00 Crore (31st March 2025: ₹400.00 Crore) as sanctioned limit from consortium comprising of ICICI Bank Limited ₹140.00 Crore, Standard Chartered Bank ₹110.00 Crore and HDFC Bank Ltd. ₹80.00 Crore, State Bank of India ₹100.00 Crore, Axis Bank ₹50.00 Crore and Kotak Mahindra Bank ₹120.00 Crore.

Rate of interest stipulated by ICICI Bank Limited is 6 Month MCLR +Nil spread on the principal amount remains outstanding each day.

Rate of interest stipulated by Standard Chartered Bank is monthly MCLR.

Rate of interest stipulated by HDFC Bank Limited is as per prevailing 6 Month MCLR + Nil Spread

Rate of interest stipulated by Kotak Mahindra Bank is 6 month MCLR +NIL Spread.

Rate of interest stipulated by Axis Bank is 6 month MCLR +NIL Spread.

Rate of interest stipulated by State Bank of India is 6 month MCLR +NIL Spread.

The Company has not defaulted for any repayment of Borrowings and Interest during the year.

The company submits quarterly statements of assets mortgaged and the same are in agreement with the books.

Bank loans availed by the Company are subject to certain covenants relating to Interest Service Coverage Ratio, Current Ratio, Debt Service Coverage Ratio, Total Outside Liabilities to Total Net Worth, Fixed Assets Coverage Ratio, Ratio of Total Term Liabilities to Net Worth and Return on Property, Plant and Equipments. The Company has complied with the covenants as per the terms of the loan agreements.

22. Trade Payables

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Outstanding dues of Micro and Small Enterprise (refer note 41)	25.23	24.72
Outstanding dues of Creditors other than Micro and Small Enterprise	234.47	160.96
Total	259.70	185.68

Trade Payables are non-interest bearing and are normally settled on 90-360 days terms.

For amounts due to Related Parties and terms and conditions with Related Parties, refer note 38.

For Company's Credit Risk management processes refer note 44.

22. Trade Payables (Contd.)

Trade Payables Ageing Schedule
(₹ in Crores)

As at 31 March 2026	Unbilled Dues	Current but Not Due	Outstanding for following periods from due date of payment				Total
			Less than 1 year	1-2 year	2-3 year	More than 3 year
Total outstanding dues of Micro and Small Enterprise	3.64	12.02	9.36	0.18	0.03	-	25.23
Total outstanding dues of creditors other than Micro and Small Enterprise	48.15	155.14	30.97	0.08	0.06	0.07	234.47
Disputed outstanding dues of Micro and Small Enterprise	-	-	-	-	-	-	-
Disputed outstanding dues of creditors other than Micro and Small Enterprise	-	-	-	-	-	-	-
Total	51.79	167.16	40.33	0.26	0.09	0.07	259.70

As at 31 March 2025	Unbilled Dues	Current but Not Due	Outstanding for following periods from due date of payment				Total
			Less than 1 year	1-2 year	2-3 year	More than 3 year
Total outstanding dues of Micro and Small Enterprise	3.65	10.64	10.44	-	-	-	24.72
Total outstanding dues of creditors other than Micro and Small Enterprise	8.50	132.31	18.92	0.07	1.05	0.12	160.96
Disputed outstanding dues of Micro and Small Enterprise	-	-	-	-	-	-	-
Disputed outstanding dues of creditors other than Micro and Small Enterprise	-	-	-	-	-	-	-
Total	12.15	142.95	29.36	0.07	1.05	0.12	185.68

23. Other Current Financial Liabilities

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Financial Liabilities carried at Amortised Cost
Interest/Dividend accrued but not due on Borrowing/RPS	1.34	5.01
Capital Creditors (refer note (i) below)	66.52	42.74
Security Deposits Payable	12.37	13.43
Employee Benefits Payable	29.05	36.05
Payable for unclaimed Dividend (refer note (ii) below)	0.07	0.05
Financial Liabilities carried at Fair Value through Profit and Loss
Mark to Market Derivative Instrument (refer note 19)	12.31	1.50
Total	121.66	98.78

(i) Refer note 41 for Capital Creditors due to MSME.
(ii) It does not include any amount due and outstanding to be credited to the Investor Education and Protection Fund but represents only unclaimed dividend.

24. Other Current Liabilities

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Advances from Customers	3.29	6.45
Statutory and Other Dues Payables	75.78	61.07
Total	79.07	67.52

25. Short Term Provisions

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Provision for Employee Benefits
Compensated Absences (refer note 37)	3.98	3.17
Total	3.98	3.17

26. Current Tax Liabilities (Net)

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Current Tax Payable (net)	10.18	0.25
Total	10.18	0.25

27. Revenue from Operations

(₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Sales of Products
Sale of products	2,443.95	2,467.16
Sale of By-product	51.53	47.24
Sales of Products	2,495.48	2,514.40
Other Operating Revenue
Export Benefits and Other Incentives	25.96	32.20
Scrap Sales	5.74	3.53
Total Other Operating Revenue	31.70	35.73
Total	2,527.18	2,550.13

27.1 Disaggregated Revenue Information

Set out below is the disaggregation of the Company's revenue from Contracts with Customers: (₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Type of Goods or Service
Chlor Alkali & its Derivatives	2,443.95	2,467.16
Other	51.53	47.24
Total Revenue from Contracts with Customers	2,495.48	2,514.40
Geographical location of Customer
India	2,418.30	2,345.42
Outside India	77.18	168.98
Total Revenue from Contracts with Customers	2,495.48	2,514.40
Timing of Revenue Recognition
Goods transferred at a point in time	2,495.48	2,514.40
Total Revenue from Contracts with Customers	2,495.48	2,514.40

27. Revenue from Operations (Contd.)

27.2 Contract balances

The Company has recognised the following Revenue-related Contract Asset and Liabilities
(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Trade Receivables (refer note 10)	416.53	232.32
Advance from Customers (refer note 24)	3.29	6.45

Details of revenue recognised from opening contract liabilities:
(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Revenue recognised out of contract liabilities outstanding at the beginning of the year	6.45	12.41

Changes in contract liabilities are mainly due to revenue recognised against the same.

Trade Receivables are non interest bearing and generally have credit period of 1-90 days.

Trade Receivable are secured to the extent of deposits received from the Customers.

Advance from Customers represents Short Term Advance received from Customers towards Sale of Products.

27.3 Reconciling the amount of Revenue recognised in the Statement of Profit and Loss with the Contracted price

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Revenue as per contracted price	2,649.41	2,667.20
Adjustments
Sale Returns	(4.29)	(11.66)
Trade Discount and Quantity Rebate	(135.98)	(125.19)
Cash Discount	(4.24)	(5.67)
Sales Commission	(9.42)	(10.27)
Revenue from Contract with Customers	2,495.48	2,514.40

(Net of amount capitalised during the trial run amounting to ₹ Nil (March 31, 2025: ₹5.63)

27.4 Performance Obligation

All sales are made at a point in time and revenue recognised upon satisfaction of the performance obligations which is typically upon dispatch/ delivery. The Company does not have any remaining performance obligation for sale of goods or services which remains unsatisfied as at March 31, 2026 or March 31, 2025. Applying the practical expedient as given in Ind AS 115, the Company has not disclosed the remaining performance obligation related disclosures for contracts where the revenue recognised corresponds directly with the value to the customer of the entity's performance completed to date

27.5 Information about Major Customers

No single Customer represents 10% or more of the Company's total Revenue during the year ended 31st March 2026 and 31st March 2025.

27.6 Refer note 39 for segmental information.

28. Other Income

(₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Interest Income on
- Bank Deposit	0.69	0.29
- Other	0.19	0.04
Net Gain on Sale of Mutual Funds	2.65	1.89
Net Gain on Foreign Currency Transactions and Translations (net)	1.52	7.61
Profit On Sale of Property, Plant and Equipment	6.55	5.04
Miscellaneous Income	0.61	0.24
Liquidated Damages recovered	1.51	0.05
Insurance Claims Received	0.21	-
Sundry Balance Written Back	1.05	0.05
Total	14.98	15.21

29. Cost of Materials Consumed

(₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Inventories at the beginning of the Year	242.47	93.84
Add : Purchase during the Year	1,379.15	1,471.03
Less : Inventories at the end of the Year	(130.96)	(242.47)
Cost of Materials Consumed	1,490.66	1,322.40

30. Change In Inventories Of Finished Goods, Work in Progress and Stock in Trade

(₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Inventories at the beginning of the Year
(i) Finished Goods	80.04	114.02
(ii) Work in Progress	4.17	1.28
Total (A)	84.21	115.30
Inventories at the end of the Year
(i) Finished Goods	124.22	80.04
(ii) Work in Progress	20.93	4.17
Total (B)	145.15	84.21
Changes in Inventories (A-B)	(60.94)	31.09

31. Employee Benefit Expenses

(₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Salaries and Wages	101.93	86.16
Directors Remuneration (refer note 38)	13.40	16.67
Contribution to Provident and Other Funds (refer note 37)	7.17	4.62
Staff Welfare Expenses	7.16	7.03
Total	129.66	114.48

32. Finance Costs

(₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Interest Expense on :
- Term Loan	42.65	30.06
- Cash Credit and Working Capital Demand Loan	2.63	10.28
- Lease Liability (refer note 42)	0.64	0.15
- Interest on Security Deposits	0.73	2.03
Dividend on Non Convertible Redeemable Preference Shares (refer note 38)	-	3.60
Loss on Derivative Instruments on borrowings valued at FVTPL	22.83	5.91
Exchange Difference on Borrowing and Lease	1.77	0.36
Other Borrowing Costs (includes Bank Charges, etc.)	0.71	0.88
Total	71.96	53.27

33. Power and Fuel Expenses

(₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Power and Fuel	121.02	104.48
Electricity Duty on Power Generation	35.38	25.60
Total	156.40	130.08

34. Other Expenses

(₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Consumption of Stores and Spares	40.14	31.83
Consumption of Packing Materials	26.85	23.98
Repairs and Maintenance:
- Buildings	2.79	2.27
- Plant and Machinery	21.27	15.72
Rent ( refer note 42)	6.76	13.00
Rates and Taxes	3.81	3.33
Insurance	6.63	4.64
Contract Labour Charges	22.00	19.80
Selling and Promotion Expenses	25.83	45.13
Water Charges	54.91	49.56
Expenditure towards Corporate Social Responsibility (refer not (i) below)	8.99	7.98
Payments to the Auditors (refer note (ii) below)	0.35	0.37
Reasearch & Development Expenses (refer note (iii) below)	0.86	0.55
Miscellaneous Expenses (refer note (iv) below)	23.14	23.20
Total	244.33	241.36

34. Other Expenses (Contd.)

(i) Corporate Social Responsibility Expenditure

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Amount required to be spent during the Year	8.99	7.98
Amount approved by the Board to be spend during the Year	8.99	7.98
Amount Spent during the year in Cash	1.02	7.98
i. Construction / Acquisition of an Assets	-	-
ii. On purpose other than (i) above	1.02	7.98
Details related to spent/unspent obligation
i) Contribution to Public Trust		-
ii) Contribution to Charitable Trust	1.02	7.98
iii) Unspent amount for ongoing Project	7.97	0.00

(₹ in Crores)

Details of Ongoing Projects :

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
In case of Section 135(6) (Ongoing Project)
Opening Balances
With Company
In Separate CSR unspent account	3.50	3.95
Amount required to be spent during the year	8.99	7.98
Amount spent during the year
From Company's bank account	1.02	7.98
From Separate CSR unspent account	3.13	0.45
Closing balances
With Company	-	-
In Separate CSR unspent account (refer note below)	0.37	3.50
In Company's bank account to be transferred to separate CSR account before April 30, 2026	7.97	-

Includes amount transferred to separate CSR bank account as per section 135 of the Companies Act, transferred subsequent to the year end on April 30, 2026.

Refer note 38 for Contribution to CSR foundation

Nature of CSR Activities

(i) Eradicating hunger, poverty and malnutrition, promoting health care including preventive health and sanitation, plantation for environment sustainability.

(ii) Safeguarding environmental sustainability by plantation activities.

(iii) Promoting education including special education and employment enhancing vocation skills in educational institutes.

(iv) Promoting gender equality, empowering women, setting up homes and hostels for women and orphans; setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups.

34. Other Expenses (Contd.)

(ii) Payment to Auditors (excluding Tax)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
(a) Statutory Audit Fees	0.32	0.32
(b) Reimbursement of Expenses	0.03	0.05
Total	0.35	0.37

Fees of ₹ Nil (31st March 2025 : ₹0.40 Crore) in relation to Qualified Institution Placement is disclosed as a reduction from Securities Premium.

(iii) Research & Development Expenses

The Company's R&D Center is a hub of innovation, driving advancements in the specialty chemicals sector. Equipped with state-of-the-art facilities, the team of Scientists and Researchers focuses on developing new molecules and advanced specialty intermediates. The Company's R & D has been recognized by the Department of Scientific and Industrial Research (DSIR) and Ministry of Science & Technology.

Capital Expenditure is included in Property, Plant & Equipment and depreciation is provided at the respective applicable rates.
Details of Revenue expenditure (excluding depreciation and amortisation expenses) incurred on R&D which is mainly related to product development/improvement has been included in the respective account heads in the statement of accounts.

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
(a) Capital Expenditure (included in note 3.1)	0.15	0.24
(b) Revenue Expenditure (as below)	3.02	2.19
Employee Benefit Expenses (included in note 31)	1.80	1.31
Power and Fuel Expenses (included in note 33)	0.09	0.11
Other Expenses (included in note 34)
Reasearch & Development Expenses	0.86	0.55
Miscellaneous Expenses	0.27	0.22
Total (a) + (b)	3.17	2.43

(iv) Does note include any item of expenditure with a value of more than 1% pf Revenue from Operation.

35. Disclosure Of Earning Per Share

Basic and Diluted EPS amounts are calculated by dividing the profit for the year attributable to Equity Shareholders by the weighted average number of Equity Shares outstanding during the year.

The following reflects the Income and Share used in the Basic and Diluted EPS computation:

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Profit for the Year attributable to Shareholders (Figure in ₹ in Crore)	333.01	356.70
Total number of Equity Shares at the end of the Year (Nos)	4,31,41,338	4,31,41,338
Weighted Average number of Equity Shares outstanding (Nos)
- For basic EPS calculation	4,31,41,338	4,22,38,943
- For diluted EPS calculation	4,31,41,338	4,22,38,943
Nominal value per Equity Share (₹)	10.00	10.00
Basic Earnings Per Share (₹)	77.19	84.45
Diluted Earnings Per Share (₹)	77.19	84.45

36. Tax expense

(a) Amounts recognised in Profit and Loss
(₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Current Tax
Current Income Tax	82.98	98.17
Adjustment of Tax relating to Earlier Periods	1.68	-
Deferred Tax
Deferred Tax Expenses	(76.57)	85.23
Adjustment of Tax relating to Earlier Periods	0.70	-
Tax Expense for the Year	8.79	183.40

(b) Amounts recognised in Other Comprehensive Income
(₹ in Crores)

Particulars	March 31, 2026			March 31, 2025
	Before Tax	Tax (expense)/benefit	Net of Tax	Before Tax	Tax (expense)/benefit	Net of Tax
Items that will not be reclassified to Profit or Loss
Remeasurements of the Defined Benefit Plans	0.04	(0.01)	0.03	(0.65)	0.23	(0.42)
Total	0.04	(0.01)	0.03	(0.65)	0.23	(0.42)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Profit Before Tax	341.80	540.10
Tax using the Company's domestic tax rate	86.03	188.73
(Current Year 25.168% and 31st March 2025: 34.944%)
Tax effect on Non Deductible Tax Expenses/Income not subject to tax/other adjustments
Dividend on Preference Share	-	1.26
Corporate Social Responsibility Expense	2.26	1.40
Depreciation on lease hold land	0.58	0.80
Income exempt u/s 80 IA	-	(4.94)
Share Issue Expenses	-	(2.91)
Effect of change in Tax Rate (Reversal of DTL)	(80.87)	-
Others	0.79	(0.94)
Tax Expense as per Standalone Statement of Profit and Loss	8.79	183.40
Effective Tax Rate	2.57%	33.96%

(d) Movement in Deferred Tax balances for the year ended 31st March 2026
(₹ in Crores)

Particulars	Net balance 1st April 2025	Recognised in Profit and Loss	Recognised in OCI	March 31, 2026
				Net	Deferred Tax Asset	Deferred Tax Liability
Property, Plant and Equipment (including Lease Assets)	(296.63)	78.94	-	(217.69)	-	(217.69)
Employee Benefits	2.36	(0.17)	(0.01)	2.18	2.18	-

36. Tax expense (Contd.)

Particulars	Net balance 1st April 2025	Recognised in Profit and Loss	Recognised in OCI	March 31, 2026
				Net	Deferred Tax Asset	Deferred Tax Liability
Lease Liabilities	(2.09)	(1.27)	-	(3.36)	-	(3.36)
Others	2.71	(1.63)	-	1.08	1.08	-
Tax Assets/ (Liabilities)	(293.65)	75.87	(0.01)	(217.79)	3.26	(221.05)
Set off Tax						3.26
Net Tax Assets / (Liabilities)						(217.79)

The Company, effective from Financial year 2025-26, has exercised the option permitted under Section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Company has recognized provision for income tax for the Year ended March 31, 2026 at the reduced rate prescribed under the said section. A one-time deferred tax credit of ₹80.87 crores has been recognized in the Statement of Profit and Loss towards remeasurement of deferred tax liabilities (net).

(e) Movement in Deferred Tax balances for the year ended 31st March 2025

Particulars	Net balance 1st April 2024	Recognised in Profit and Loss	Recognised in OCI	March 31, 2025
				Net	Deferred Tax Asset	Deferred Tax Liability
Property, Plant and Equipment (including Lease Assets)	(248.60)	(48.04)	-	(296.63)	-	(296.63)
Employee Benefits	1.60	0.54	0.23	2.36	2.36	-
Lease Liabilities	(1.32)	(0.76)	-	(2.09)	-	(2.09)
Tax Credit (MAT)	38.18	(38.18)	-	-	-	-
Others	1.50	1.21	-	2.71	2.71	-
Tax Assets/ (Liabilities)	(208.65)	(85.23)	0.23	(293.65)	5.07	(298.72)
Set off tax						5.07
Net Tax Assets/ (Liabilities)						(293.65)

37. Gratuity And Other Employment Benefit Plans

(a) Retirement Benefits

The Gratuity Plan is governed by the Payment of Gratuity Act, 1972. Under the act, employee who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the member's length of service and salary at retirement age. The following tables summarise the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the Balance Sheet for the respective plans:

Table 1: Reconciliation of Defined Benefit Obligation (DBO)
(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Opening balance of Defined Benefit Obligation	11.20	8.88
Service Cost
a. Current Service Cost	2.53	2.04
b. Past Service Cost	1.69	-
c. Loss/(Gain) from Settlement	-	-

37. Gratuity And Other Employment Benefit Plans (Contd.)

Table 1: Reconciliation of Defined Benefit Obligation (DBO)
(€ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Interest Cost	0.72	0.62
Benefits Paid	(0.99)	(0.71)
Benefits Paid Directly from company	-	(0.26)
Re-measurements
a. Actuarial Loss/(Gain) from changes in demographic assumptions	-	-
b. Actuarial Loss/(Gain) from changes in financial assumptions	(0.21)	0.43
c. Actuarial Loss/(Gain) from experience over the past period	0.28	0.19
Effect of acquisition/ (divestiture)
Changes in foreign exchange rates
a. Actuarial (Loss)/Gain from change in demographic assumptions	-	-
Closing balance of the Defined Benefit Obligation	15.22	11.20

Table 2: Reconciliation of Fair Value of Plan Assets
(€ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Opening balance of Fair Value of Plan Assets	8.24	5.67
Contributions by Employer	3.21	2.86
Benefits Paid	(0.99)	(0.71)
Interest Income on Plan Assets	0.60	0.45
Re-measurements
a. Actuarial (Loss)/Gain from changes in financial assumptions	-	-
b. Return on plan assets excluding amount included in net interest on the net Defined Benefit Liability/(Asset)	0.11	(0.03)
Closing balance of Fair Value of Plan Assets	11.17	8.24
Actual Return on Plan Assets	0.70	0.42
Expected Employer Contributions for the coming period	7.00	3.00

Table 3: Expenses Recognised in the Profit and Loss Account
(€ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Service Cost
a. Current Service Cost	2.53	2.04
b. Past Service Cost	1.69	-
c. Loss/(Gain) from Settlement	-	-
Net Interest on net Defined Benefit Liability/ (Asset)	0.12	0.18
Employer Expenses	4.34	2.22

37. Gratuity And Other Employment Benefit Plans (Contd.)

Table 4: Net Liability/ (Asset) recognised in the Balance Sheet
(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Present Value of DBO	15.22	11.20
Fair Value of Plan Assets	11.17	8.24
Liability/ (Asset) recognised in the Balance Sheet	4.05	2.95
Funded Status [Surplus/(Deficit)]	(4.05)	(2.95)
Of Which, Short term Liability	-	-
Experience Adjustment on Plan Liabilities: (Gain)/Loss	0.28	0.19
Experience Adjustment on Plan Assets: Gain/(Loss)	0.11	(0.03)

Table 5: Percentage Break-down of Total Plan Assets

Particulars	As at March 31, 2026	As at March 31, 2025
Investment Funds with Life Insurance Company	100%	100%
Of which, Conservative/ Non-Unit Linked	100%	100%
Total	100%	100%

Note: None of the assets carry a quoted market price in an active market or represent the Company's own transferable financial instruments or are property occupied by the Company.

Table 6: Actuarial Assumptions

Particulars	As at March 31, 2026	As at March 31, 2025
Salary Growth Rate	10% p.a.	10% p.a.
Discount Rate	6.6%p.a	7 %p.a
Withdrawal Rate	12% p.a.	12% p.a.
Mortality	IALM 2012-14 Ult.	IALM 2012-14 Ult.
Expected Return on Plan Assets	6.4%p.a	7%p.a
Expected weighted average remaining working life	5 years	5 years

Table 7: Movement in Other Comprehensive Income
(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Opening Balance (Loss)/Gain	(2.53)	(1.88)
Re-measurements on DBO
a. Actuarial (Loss)/Gain from changes in financial assumptions	0.21	(0.43)
b. Actuarial (Loss)/Gain from experience over the past period	(0.28)	(0.19)
c. Actuarial (Loss)/Gain from change in demographic assumptions	-	-
Re-measurements on Plan Assets
a. Actuarial (Loss)/Gain from changes in financial assumptions	-	-
b. Return on Plan assets, excluding amount included in net interest on the net Defined Benefit Liability/(Asset)	0.11	(0.03)
Other Comprehensive Income	0.04	(0.65)
Closing Balance (Loss)/Gain	(2.49)	(2.53)

37. Gratuity And Other Employment Benefit Plans (Contd.)

Table 8: Sensitivity Analysis

Financial Year ended 31st March 2026	Increases 1%	Decreases 1%
Salary Growth Rate	DBO increases by ₹1.05 Crore	DBO decreases by ₹0.95 Crore
Discount Rate	DBO decreases by ₹0.97 Crore	DBO increases by ₹1.09 Crore
Withdrawal Rate	DBO decreases by ₹0.23 Crore	DBO increases by ₹0.25 Crore
Mortality (increase in expected lifetime by 1 year)	DBO increases by ₹0.00 Crore
Mortality (increase in expected lifetime by 3 years)	DBO increases by ₹0.00 Crore
Financial Year ended 31st March 2025	Increases 1%	Decreases 1%
---	---	---
Salary Growth Rate	DBO increases by ₹0.74 Crore	DBO decreases by ₹0.67 Crore
Discount Rate	DBO decreases by ₹0.69 Crore	DBO increases by ₹0.77 Crore
Withdrawal Rate	DBO decreases by ₹0.17 Crore	DBO increases by ₹0.18 Crore
Mortality (increase in expected lifetime by 1 year)	DBO increases by ₹0.00 Crore
Mortality (increase in expected lifetime by 3 years)	DBO increases by ₹0.00 Crore

Note: The sensitivity is performed on the DBO at the respective valuation date by modifying one parameter whilst retaining other parameters constant. There are no changes from the previous period to the methods and assumptions underlying the sensitivity analyses.

Table 9: Movement in Surplus/ (Deficit)
(₹ in Crores)

Particulars	March 31, 2026	March 31, 2025
Surplus/ (Deficit) at start of Year	(2.96)	(3.21)
Current Service Cost	(2.53)	(2.04)
Past Service Cost	(1.69)	-
Net Interest on net DBO	(0.12)	(0.18)
Actuarial Gain/ (Loss)	0.04	(0.65)
Contributions	3.21	3.12
Surplus/ (Deficit) at end of Year	(4.05)	(2.95)

(b) Amount recognised as expense in respect of compensated absences is ₹1.36 Crores (31st March 2025 : ₹1.91 Crores)

Amount of provision for compensated absences as below :
(₹ in Crores)

Particulars	March 31, 2026	March 31, 2025
Non Current Liabilities	-	-
Current Liabilities	3.98	3.17

The Company makes Provident Fund contributions to Defined Contribution Plans for qualifying employees. Under the schemes, the Company is required to contribute a specified percentage of payroll costs to fund the benefits. The Company has recognised Provident Fund contribution of ₹2.83 Crore (31st March 2025: ₹2.40 Crore) and contribution to labour welfare of ₹0.00 Crore (31st March 2025: ₹0.00 Crore) as expense in Note 31 under the head 'Contributions to Provident and Other Funds'

38. Related Parties Disclosures

Associates	ReNew Green (GJS three) Pvt Limited
	Pro-Zeal Green Power Ten Pvt Limited (w.e.f August 28. 2025)
Enterprises in which Key Managerial Personnel [KMP] & their relatives have significant influence :	Meghmani Organics Limited (MOL)
	Meghmani Dyes & Intermediates LLP (MDIL)
	Meghmani Industries Limited (MIL)
	Meghmani Pigments (MP)
	Trent Chemical Industries (Trent Chemicals)
	Arjan Owners LLP (Arjan)
	Meghmani Novotech Pvt Ltd (Meghmani Novotech)
	Meghmani LLP (MLLP)
	Atvantic Finechem Private Limited (Atvantic)
	Kilburn Chemicals Limited (Kilburn)
	Meghmani Foundation
	Voltamp Transformers Ltd (Voltamp)
	Crawford Bayley & Co (Crawford)
Key Managerial Personnel	Mr. Maulik Patel (Chairman and Managing Director)
	Mr. Kaushal Soparkar (Executive Director)
	Mr. Gaurang Trivedi ( Company Secretary )
	Mr. Sanjay Jain (Chief Financial Officer) (Upto August 31, 2025)
	Mr. Rakesh Agrawal (Chief Financial Officer) ( w.e.f. November 10, 2025)
Relatives of Key Managerial Personnel	Mr. Jayanti Patel
	Mr. Ashish Soparkar
	Mr. Natwarlal Patel
	Mr. Ramesh Patel
	Mr. Anand Patel
Non Executive Directors/Independent Directors	Mr. Manubhai Patel
	Mr. Kanubhai Patel
	Mr. Sanjay Asher
	Mr. Raju Swami
	Ms. Priyanka Chopra (w.e.f February 28, 2025)
	Ms. Nirali Parikh (upto February 28, 2025)
	Mr. Ankit Patel
	Mr. Karana Patel
	Mr. Darshan Patel

Related Parties Disclosures (Contd.)
Transaction with Related Parties
(f in Crores)

Particulars	Subsidiary and Associate		Enterprises in which Key Managerial Personnel (KMP)and its Relatives have significant influence		Key Managerial Personnel and its Relatives(KMP)		Total
	31st March 2026	31st March 2025	31st March 2026	31st March 2025	31st March 2026	31st March 2025	31st March 2026	31st March 2025
Sale of Goods to MOL	-	-	121.62	118.17	-	-	121.62	118.17
Sale of Goods to MDIL	-	-	8.13	8.59	-	-	8.13	8.59
Sale of Goods to MIL	-	-	12.69	11.54	-	-	12.69	11.54
Sale of Goods to MP	-	-	3.34	3.28	-	-	3.34	3.28
Sale of Goods to MLLP	-	-	35.90	27.00	-	-	35.90	27.00
Sale of Goods to Trent Chemicals	-	-	3.21	3.52	-	-	3.21	3.52
Sale of Goods to Atvantic	-	-	0.36	0.90	-	-	0.36	0.90
Sale of Goods to Kilburn	-	-	0.31	0.49	-	-	0.31	0.49
Sale of Goods to Meghmani Novotech	-	-	0.59	0.47	-	-	0.59	0.47
Availing of Services (Rent) Arjan	-	-	1.65	1.47	-	-	1.65	1.47
Purchase from Atvantic	-	-	1.00	2.94	-	-	1.00	2.94
Purchase from Renew Green (GJS three) Pvt Ltd	27.69	39.51	-	-	-	-	27.69	39.51
Purchase from Voltamp	-	-	1.83	0.92	-	-	1.83	0.92
Availing of Services Crawford	-	-	-	1.09	-	-	-	1.09
Sitting fees	-	-	-	-	0.35	0.34	0.35	0.34
Maulik Patel- Remuneration	-	-	-	-	8.68	10.96	8.68	10.96
Kaushal Soparkar- Remuneration	-	-	-	-	5.01	5.88	5.01	5.88
Sanjay Jain - Remuneration	-	-	-	-	0.68	0.65	0.68	0.65
Rakesh Agrawal - Remuneration	-	-	-	-	0.32	-	0.32	-
Gaurang Trivedi - Remuneration	-	-	-	-	0.28	0.23	0.28	0.23
Investment in Equity shares of Prozeal Green Power Ten Pvt Ltd	0.13	-	-	-	-	-	0.13	-
Investment in Optionally Convertible Debentures of Prozeal Green Power Ten Pvt Ltd	2.13	-	-	-	-	-	2.13	-
Contribution for CSR to Meghmani foundation	-	-	3.13	0.91	-	-	3.13	0.91
Redemption of Preference Shares to MOL	-	-	-	95.00	-	-	-	95.00
Dividend Paid on RPS to MOL	-	-	-	3.60	-	-	-	3.60

Notes to the Standalone Financial Statement

38. Related Parties Disclosures (Contd.)

Outstanding Balance with Related Parties:

Particulars	Subsidiary and Associate		Enterprises in which Key Managerial Personnel (KMP) and its Relatives have significant influence		Key Managerial Personnel and its Relatives(KMP)		Total
	31st March 2026	31st March 2025	31st March 2026	31st March 2025	31st March 2026	31st March 2025	31st March 2026	31st March 2025
Receivable from MOL*	-	-	28.95	31.68	-	-	28.95	31.68
Receivables from MDIL*	-	-	1.48	2.35	-	-	1.48	2.35
Receivables from MIL*	-	-	2.02	2.58	-	-	2.02	2.58
Receivables from MP*	-	-	0.53	0.60	-	-	0.53	0.60
Receivables from MLLP*	-	-	7.55	8.98	-	-	7.55	8.98
Receivables from Trent Chemical*	-	-	0.65	0.83	-	-	0.65	0.83
Receivables/ (Payable) to Meghmani Novotech*	-	-	0.12	(0.04)	-	-	0.12	(0.04)
Receivable from Kilburn	-	-	-	0.53	-	-	-	0.53
Receivables from Atvantic	-	-	0.10	0.17	-	-	0.10	0.17
Payable to Renew Green (GJS three) Pvt Ltd	0.01	3.90	-	-	-	-	0.01	3.90
Payable to Arjan	-	-	0.01	0.10	-	-	0.01	0.10
Payable/(Advance) against supply to Voltamp	-	-	0.06	(0.08)	-	-	0.06	(0.08)
Remuneration Payable to Maulik Patel	-	-	-	-	7.39	15.03	7.39	15.03
Remuneration Payable to Kaushal Soparkar	-	-	-	-	3.72	7.53	3.72	7.53
Remuneration Payable to Sanjay Jain	-	-	-	-	-	0.04	-	0.04
Remuneration Payable to Rakesh Agrawal					0.07		0.07	-
Remuneration Payable to Gaurang Trivedi	-	-	-	-	0.07	0.03	0.07	0.03
Dividend Payable on RPS to MOL	-	-	-	3.24	-	-	-	3.24

*Receivables from Related Parties are net of payable balances as agreed between parties.

38. Related Parties Disclosures (Contd.)

Terms and Conditions of transactions with related parties:

(1) Sales to Related Parties and concerned Balances

For terms of transaction

Sales are made to related parties on the same terms as applicable to third parties in an arm's length transaction and in the ordinary course of business. The Company mutually negotiates and agrees sales price, discount and payment terms with the related parties by benchmarking the same to transactions with non-related parties, who purchase goods and services of the Company in similar quantities. Such sales generally include payment terms requiring related party to make payment within 60 to 120 days from the date of invoice.

For terms of balance

Trade Receivables outstanding balances are unsecured, interest free and require settlement in cash. No guarantee or other security has been received against these receivables. The amounts are recoverable within 60 to 120 days from the reporting date (31 March 2025: 60 to 120 days from the reporting date). For the year ended 31 March 2026, the Company has not recorded any impairment on receivables due from related parties (31 March 2025: Nil).

(2) Purchases of Goods and related Balances

For terms of transaction

Purchases are made from related parties on the same terms as applicable to third parties in an arm's length transaction and in the ordinary course of business. The Company mutually negotiates and agrees purchase price and payment terms with the related parties by benchmarking the same to sale transactions with non-related parties entered into by the counter-party and similar purchase transactions entered into by the Company with the other non-related parties. Such purchases generally include payment terms requiring the Company to make payment within 60 to 120 days from the date of invoice.

For terms of balance

Trade payables outstanding balances are unsecured, interest free and require settlement in cash. No guarantee or other security has been given against these payables. The amounts are payable within 60 to 120 days from the reporting date (31 March 2025: 60 to 120 days from the reporting date).

(3) Services received from Related Parties

During the year 2025-26, the company has obtained renting services of its office premises over which one of the Director exercises significant influence. The amount billed for this service was INR 1.19 crores (2024-25: 1.48 crores) and it was agreed based on mutual negotiation between parties. The service agreement included payment terms requiring the Company to make upfront payment at the time of receipt of invoice.

(4) Compensation to KMP of the Company

The amounts disclosed in the table are the amounts recognised as an expense during the financial year related to KMP. The amounts do not include expense, if any, recognised toward post-employment benefits and other long-term benefits of key managerial personnel. Such expenses are measured based on an actuarial valuation done for each Company as a whole. Hence, amounts attributable to KMPs are not separately determinable.

(5) The Company's transactions with Related Parties are at arm's length. Management believes that the Company's domestic transactions with related parties post 31st March 2026 continue to be at arm's length and that the transfer pricing legislation will not have any impact on the Financial Statements particularly on the amount of the tax expense for the year and the amount of the provision for taxation at the period end. Transactions with related parties are disclosed including applicable taxes.

(6) The Company had issued Redeemable Preference Shares of ₹10 each is cumulative and carry coupon/ dividend rate of 8.00% p.a. with redeemable tenure of 20 Years from the date of allotment. The Company has the right to exercise the option of early redemption, considering which Company has redeemed ₹ Nil (31st March 2025: ₹95.00 Crore). Redemption is done at face value. The company had accrued dividend at the rate of 8% on Redeemable Preference Shares for the year ended March 31,2025.

39. Segment Reporting

The Company's Chief Operating Decision Maker (CODM) examines the Company's performance from business and geographic perspective. In accordance with Ind AS-108 - Operating Segments, evaluation by the CODM and based on the nature of activities performed by the Company, which primarily relate to manufacturing of Chloro Alkali & its Derivatives, the Company does not operate in more than one business segment.

Analysis By Geographical Segment

Segment Revenue is analysed based on the location of Customers regardless of where the goods are produced. The following provides an analysis of the Sales by Geographical Markets.

Particulars	Year ended March 31, 2026	Year ended March 31, 2025
Revenue :
Within India	2,418.30	2,345.42
Outside India	77.18	168.98
Total Revenue from Contracts with Customers	2,495.48	2,514.40

The following is analysis of the carrying amount of Non Current Assets, which do not include Tax Assets, Investment in Associate and Financial Assets analysed by the geographical area in which the assets are located:

Particulars	As at March 31, 2026	As at March 31, 2025
Carrying amount of Segment Assets
Within India	2,584.54	2,332.03
Outside India	-	-

40. Contingent Liabilities & Commitments

A. Claim against the Company not acknowledged as Debts (excluding Interest and Penalty)

Particulars	As at March 31, 2026	As at March 31, 2025
Income Tax Liability*	16.63	16.63
Service Tax Liability**	0.25	0.25
Custom Duty Liability***	6.22	6.22
GST Liability***	17.34	-
Other Claims***	44.22	44.22
(In respect of the above matters, future cash outflows in respect of contingent liabilities are determinable only on receipt of judgements pending at various Forums / Authorities. The Company has assessed that it is only possible but not probable, the outflow of economic resources will be required)

*Income tax demand comprise demand from the Indian Income Tax authorities for payment of additional tax of ₹16.63 Crore (31 March 2025: ₹16.63 Crore). The tax demands are mainly on account of adjustment pertaining to 80 IA benefits claimed for captive power plant against sale of steam and power. During FY 2024-25, the Company has received a favourable Order amounting to ₹11.08 Crore from ITAT for AY 2016-17 and AY 2017-18, however the department has further filed an appeal in High Court against the ITAT Order. Further, the company also received favourable order pertaining to AY 2011-12 from CIT(Appeal).

**Service tax demand comprise demand from Service tax Authorities for payment of additional tax of ₹0.25 Crore (31 March 2025: ₹0.25 Crore), upon completion of their tax review for the financial year 2012-13 and 2014-15. The tax demands are on account of service tax on sales commission and classification of coal. The matter is pending before Commissioner of Excise Service Tax Appellate Tribunal (CESTAT).

40. Contingent Liabilities & Commitments (Contd.)

***Customs duty demand comprise demand from Custom Authorities for payment of additional duty of ₹6.22. Crore (31 March 2025: ₹6.22. Crore), upon completion of their tax review for the financial year 2012-13. The tax demands are on account of classification of coal. The matter is pending before Commissioner of Excise Service Tax Appellate Tribunal (CESTAT).

*** The GST demand represents an amount of ₹17.34 crore (as at 31 March 2025: Nil) raised by the Goods and Services Tax authorities following completion of their tax review for the financial years 2018-19 to 2024-25. The demand primarily pertains to GST liabilities under the reverse charge mechanism on External Commercial Borrowings (ECB), other borrowing cost and other imported services. The matter is currently under litigation and is pending adjudication before the Commissioner of Customs, Excise and Service Tax Appellate Tribunal (CESTAT).

***Other claims / litigations comprise demand on account of litigations for alleged non-fulfilment of obligations as per the terms of agreement by the counter party to ₹44.22 Crore (31 March 2025: ₹44.22 Crore). The matters are pending at various stages in judicial authorities.

The Company is contesting the demands and the management, including its tax advisors, believe that its position will likely be in favour of Company in the appellate process and no tax expense has been accrued in the financial statements for the tax demand raised. The management believes that the ultimate outcome of this proceeding will not have a material adverse effect on the company's financial position and results of operations.

B. Capital Commitment

The estimated amount of Contract to be executed on Capital Account of ₹54.61 Crore (31st March 2025 ₹186.87 Crore) and not provided for (Net of Advances).

C. Other Commitment

The Company has imported capital good for the various expansion projects under the EPCG Scheme at nil rate of custom duty by undertaking obligation to export. Future outstanding export obligation under the scheme is ₹176.07 Crore (31st March 2025: ₹25.02 Crore). The export obligation need to be completed by February 2032.

41. Disclosures as per Msmed Act, 2006

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated 26th August, 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its Customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum in accordance with the 'Micro, Small and Medium Enterprises Development Act, 2006' ('the MSMED Act').

Accordingly, the disclosure in respect of the amounts payable to such Enterprises as at 31st March, 2026 has been made in the Financial Statements based on information received and available with the Company. The Company has not received any claim for interest from any Supplier as at the Balance-Sheet date.

The details as required by MSMED Act are given below:

Particulars	As at March 31, 2026	As at March 31, 2025
The principal amount and the interest due thereon (to be shown separately) remaining unpaid to any Supplier as at the end of each accounting year;
Principal and Interest
Trade Payables	25.23	24.72
Capital Payables	19.35	10.56
The amount of interest paid by the Buyer in terms of Section 18 of MSMED Act, along with the amounts of the payment made to the Supplier beyond the appointed day during each accounting year	Nil	Nil

41. Disclosures as per Msmed Act, 2006 (Contd.)

Particulars	As at March 31, 2026	As at March 31, 2025
The amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under this MSMED Act;	-	-
The amount of interest accrued and remaining unpaid at the end of each accounting year; and	-	0.63
The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the Small Enterprise, for the purpose of disallowance as a deductible expenditure under Section 23 of MSMED Act.	-	-

Above information has been determined to the extent such parties have been identified on the basis intimation received from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006.

42. Leases

The Company has lease contracts for storage facilities. Leases are having lease terms of 2 to 3 years. The Company's obligations under its leases are secured by the lessor's title to the leased assets. The Company is restricted from assigning and subleasing the leased assets and some contracts require the Company to maintain premises in good state. The lease contract include extension and termination options. The Company also has certain premises and assets with lease terms of 12 months or less. The Company applies the 'short-term lease' recognition exemptions for these leases.

Terms of Cancellation and Escalation

The Leases are cancellable by giving one month notice by either parties and these does not carries any escalation.

(A) Leases as lessee

(i) The movement in Lease liabilities during the Year

	As at March 31, 2026	As at March 31, 2025
Opening Balance	7.95	1.35
Additions during the Year	6.10	8.81
Finance costs incurred during the Year	0.64	0.15
Exchange Difference on Lease	0.24	-
Payments of Lease Liabilities	(5.87)	(2.36)
Balance at the end of the Year	9.05	7.95

(ii) The carrying value of the Rights-of-use and depreciation charged during the year

Particulars	As at March 31, 2026	As at March 31, 2025
Opening Balance	198.97	194.40
Additions during the Year (refer note 3)	6.10	9.02
Deletion during the Year (refer note 3)	-	(0.16)
Depreciation charged during the Year (refer note 3)	(8.32)	(4.29)
Balance at the end of the Year	196.75	198.97

42. Leases (Contd.)

(iii) Amount Recognised in Statement of Profit & Loss Account during the Year
(₹ in Crores)

	Year ended March 31, 2026	Year ended March 31, 2025
Depreciation expense of Right-of-Use assets	8.32	4.29
Interest expense on lease liabilities	0.64	0.15
Exchange Difference on Lease	0.24	-
Expense relating to short-term leases (included in other expenses)	6.76	13.00
Total Expenses	15.96	17.44

(iv) Amounts recognised in Statement of Cash Flows
(₹ in Crores)

	Year ended March 31, 2026	Year ended March 31, 2025
Total Cash outflow for Leases	(5.87)	(2.36)

(v) Maturity analysis of Lease Liabilities
(₹ in Crores)

	As at March 31, 2026	As at March 31, 2025
Maturity Analysis of contractual undiscounted cash flows
Less than one year	6.92	5.05
One to five years	2.57	3.49
More than five years	-	-
Total undiscounted Lease Liability	9.49	8.53

Balances of Lease Liabilities
(₹ in Crores)

	As at March 31, 2026	As at March 31, 2025
Non Current Lease Liability	2.52	3.37
Current Lease Liability	6.53	4.58
Total Lease Liability	9.05	7.95

43. Capital Management

For the purpose of the Company's capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company's capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company includes within net debt, interest bearing borrowings, lease liabilities, less cash and cash equivalents. There were no changes in the objectives, policies or processes during the year ended March 31, 2026 and March 31, 2025.

Particulars	March 31, 2026	March 31, 2025
Total Interest bearing liabilities	572.04	592.53
Less: Cash and Cash Equivalent	5.02	18.64
Adjusted Net Debt	567.02	573.89
Total Equity	2,221.47	1,903.53
Adjusted Equity	2,221.47	1,903.53
Adjusted Net Debt to Adjusted Equity ratio	0.26	0.30

44. Financial Instruments – Fair Values and Risk Management

The Material Accounting Policies, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of Financial Asset, Financial Liability and Equity Instrument are disclosed in Note 2 to the Financial Statements.

A. Category-wise classification of Financial Instrument

The carrying value of Financial Instruments by categories as of 31st March, 2026 and 31st March, 2025 is as follows:

March 31, 2026	Carrying Amount
	Fair Value Through Profit and Loss	Fair Value Through Other Comprehensive Income	Amortised Cost	Total
Financial Assets
Other Non-Current Financial Asset (refer note 5)	-	-	57.02	57.02
Non current Investment (refer note 4)	-	-	22.80	22.80
Trade Receivables (refer note 10)	-	-	416.53	416.53
Cash and Cash Equivalents (refer note 11)	-	-	5.02	5.02
Bank Balances other than above (refer note 12)	-	-	0.44	0.44
Loans (refer note 13)	-	-	0.35	0.35
Other Current Financial Assets (refer note 14)	-	-	7.78	7.78
Total Financial Assets	-	-	509.94	509.94
Financial Liabilities
Non-Current Borrowings (refer note 18)	-	-	333.69	333.69
Non-Current Lease Liabilities (refer note 42)	-	-	2.52	2.52
Other Non-Current Financial Liabilities (refer note 19)	15.40	-	-	15.40
Current Borrowings (refer note 21)	-	-	229.30	229.30
Current Lease Liabilities (refer note 42)	-	-	6.53	6.53
Trade Payable (refer note 22)	-	-	259.70	259.70
Other Current-Financials Liabilities (refer note 23)	12.31	-	109.35	121.66
Total Financial Liabilities	27.71	-	941.09	968.80

March 31, 2025	Carrying Amount
	Fair Value Through Profit and Loss	Fair Value Through Other Comprehensive Income	Amortised Cost	Total
Financial Assets
Other Non-Current Financial Asset (refer note 5)	-	-	7.30	7.30
Non Current Investments (refer note 4)	-	-	20.54	20.54
Investments (refer note 9)	76.60	-	-	76.60
Trade Receivables (refer note 10)	-	-	232.32	232.32
Cash and Cash Equivalents (refer note 11)	-	-	18.64	18.64
Bank Balances other than above (refer note 12)	-	-	3.55	3.55
Loans (refer note 13)	-	-	0.39	0.39
Other Current Financial Assets (refer note 14)	-	-	40.06	40.06

44. Financial Instruments – Fair Values and Risk Management (Contd.)

March 31, 2025	Carrying Amount
	Fair Value Through Profit and Loss	Fair Value Through Other Comprehensive Income	Amortised Cost	Total
Total Financial Assets	76.60	-	322.80	399.40
Financial Liabilities
Non-Current Borrowings (refer note 18)	-	-	448.97	448.97
Non-Current Lease Liabilities (refer note 42)	-	-	3.37	3.37
Other Non-Current Financial Liabilities (refer note 19)	3.38	-	-	3.38
Current Borrowings (refer note 21)	-	-	135.61	135.61
Current Lease Liabilities (refer note 42)	-	-	4.58	4.58
Trade Payable (refer note 22)	-	-	185.68	185.68
Other Current-Financials Liabilities (refer note 23)	1.50	-	97.28	98.78
Total Financial Liabilities	4.88	-	875.49	880.37

B. Measurement of Fair values and Sensitivity analysis

Fair Value Hierarchy:

The fair value of the Financial Assets and Liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Company uses the following hierarchy for determining and/or disclosing the fair value of financial instruments by valuation techniques:

(i) Level 1: quoted prices (unadjusted) in active markets for identical Assets or Liabilities.
(ii) Level 2: inputs other than quoted prices included within Level 1 that are observable for the Asset or Liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
(iii) Level 3: inputs for the Asset or Liability that are not based on observable market data (unobservable inputs).

In determining fair value measurement, the impact of potential climate related matters which may affect this fair value measurement of assets and liabilities in the financial statements have been considered.

Financial Instrument measured at Fair Value
(₹ in Crores)

Financial Assets / Financial Liabilities	Fair value as at		Fair value hierarchy	Significant observable inputs
	March 31, 2026	March 31, 2025
Mark to market Derivative (Liabilities)/ Assets on interest Rate Swap and cross Currency Swap valued at FVTPL. (refer note 19 &23)	(27.71)	(4.88)	Level 2	Statement of Mark to Market as confirmed by Bank
Mutual Fund investment valued at FVTPL. (refer note 9)	-	76.60	Level 2	Investment in liquid and short term mutual funds which are classified as FVTPL are measured using net assets value as declared by the mutual fund at the reporting date multiplied by the quantity held.

44. Financial Instruments – Fair Values and Risk Management (Contd.)

Financial Instrument measured at Amortised Cost

The carrying amount of Financial Assets and Financial Liabilities measured at amortised cost in the Financial Statements are a reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled.

Reconciliation of level 1 Fair Values

There have been no transfers between level 1, level 2 and level 3 during the year ended March 31, 2026 and March 31, 2025.

Description of significant unobservable inputs to valuation:

The significant unobservable inputs used in the fair value measurement categorised within Level 2 of the fair value hierarchy is based on the Fair value as ascertained and provided by the banks.

Reconciliation of fair value measurement of mutual funds classified as FVTPL assets: (in Crores)

Particulars	March 31, 2026	March 31, 2025
Opening balance	76.60	-
Net change in fair value (unrealised)	-	0.41
Purchases	99.00	307.86
Sales	175.60	231.67
Closing balance	-	76.60

Financial Risk Management Framework

The Company's Board of Directors have overall responsibility for the establishment and oversight of the Company's risk management framework. The Company manages market risk through treasury operations, which evaluates and exercises independent control over the entire process of market risk management. The finance team recommends risk management objectives and policies. The activities of this operations include management of cash resources, hedging of foreign currency exposure, credit control and ensuring compliance with market risk limits and policies.

The Company's principal Financial Liabilities, other than Derivatives, comprises of Long Term and Short Term Borrowings, Trade and Other Payables, and Financial Liabilities. The main purpose of these Financial Liabilities is to finance the Company's operations. The Company's principal Financial Assets include Loans, Trade and other Receivables, Cash and Cash Equivalents, other Bank Balances and Other Financial Assets that derive directly from its Operations.

The Company has an effective risk management framework to monitor the risks controls in key business processes. In order to minimise any adverse effects on the bottom line, the Company takes various mitigation measures such as credit control, foreign exchange forward contracts to hedge foreign currency risk exposures. Derivatives are used exclusively for hedging purposes and not as trading or speculative instruments.

The Company has exposure to the following risks arising from Financial Instruments

Credit Risk;
Liquidity Risk; and
Market Risk

i. Credit Risk

Credit Risk is the risk that counter party will not meet its obligation leading to a financial loss. The Company is exposed to credit risk arising from its operating activities primarily from Trade Receivables and from financing activities primarily relating to parking of surplus funds as Deposits with Banks. The Company considers probability of default upon initial recognition of Assets and whether there has been a significant increase in credit risk on an ongoing basis throughout the reporting period.

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44. Financial Instruments – Fair Values and Risk Management (Contd.)

The carrying amount of following Financial Assets represents the maximum credit exposure:

Financial Instruments and Cash Deposit:

Credit Risk from Balances with Banks and Financial Institutions is managed by the Company's Treasury Department. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty's potential failure to make payments.

Trade Receivables

Trade receivables consist of a large number of customers. The Company has credit evaluation policy for each customer and based on the evaluation credit limit of each customer is defined. The exposure in credit risk is backed either by bank guarantee, letter of credit or security deposits in case of few customers. The Company's exposure and wherever appropriate the credit ratings of its counterparties are continuously monitored and spread amongst various counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by the management of the Company.

The Company does not have higher concentration of credit risks. Total trade receivable as on March 31, 2026 is ₹416.53 Crore (March 31, 2025 - ₹232.32 Crore).

Refer Note 10 for ageing of trade receivables.

The Company measures the expected credit loss of Trade Receivables and Loan from individual Customers based on historical trend, industry practices and the business environment in which the Entity operates. Loss rates are based on actual credit loss experience and past trends.

Expected credit loss assessment

For trade receivables, as a practical expedient, the Company compute credit loss allowance based on a provision matrix. The provision matrix is prepared based on historically observed default rates over the expected life of trade receivables and is adjusted for forward-looking estimates. At each reporting date, the historically observed default rates and changes in the forward-looking estimates are updated. Accordingly, loss allowances on trade receivables are measured using provision matrix at an amount equal to life time expected losses i.e. expected cash shortfall. There is no history of bad debts and accordingly ECL is Nil for year ended March 31, 2026 and March 31,2025.

Credit Impaired

For expected credit loss as at each reporting date the Company assesses position for the assets for which credit risk has not significantly increased from initial recognition, assets for which credit risk has increased significantly but are not credit impaired and for assets for which credit risk has increased significantly and are credit impaired. The Company assesses detrimental impacts on the estimated future cash flows of the financial asset including loans, receivables and other assets. Based on the assessment of the observable data relating to significant financial difficulty and creditworthiness of the counterparties, the management believes that there are no financial assets which are credit impaired except as disclosed in the notes to the financial statements.

ii. Liquidity Risk

Liquidity Risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Exposure to Liquidity Risk

The Company manages liquidity risk by maintaining adequate reserves, by continuously monitoring forecast and Actual Cash flows and matching the maturity profiles of the Financial Assets and Liabilities. The table below summarises the remaining contractual maturities of Financial Liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments and exclude the impact of netting agreements.

Financial Liabilities
(₹ in Crores)

March 31, 2026	Contractual Cash Flows
	Total	On Demand	1 Year or Less	1-2 years	2-5 years	More than 5 years
India Rupee loan	524.52	-	143.30	136.06	215.22	29.94
Working Capital Loans from Banks	114.02	114.02	-	-	-	-
Trade Payables	259.70	-	259.70	-	-	-
Lease Liability	9.05	-	6.53	2.52	-	-
Other Payables	137.06	-	121.72	12.32	3.02	-
Total	1,044.35	114.02	531.25	150.90	218.24	29.94

Financial Liabilities
(₹ in Crores)

March 31, 2025	Contractual Cash Flows
	Total	On Demand	1 Year or Less	1-2 years	2-5 years	More than 5 years
India Rupee loan	665.05	-	128.46	148.68	294.35	93.56
Working Capital Loans from Banks	49.50	49.50	-	-	-	-
Trade Payables	185.68	-	185.68	-	-	-
Lease Liability	7.95	-	4.58	3.37	-	-
Other Payables	102.17	-	98.80	1.50	1.87	-
Total	1,010.35	49.50	417.52	153.55	296.22	93.56

The gross inflows/(outflows) disclosed in the above table represent the contractual undiscounted cash flows relating to derivative financial liabilities held for risk management purposes and which are not usually closed out before contractual maturity. The disclosure shows net cash flow amounts for derivatives that are net cash-settled and gross cash inflow and outflow amounts for derivatives that have simultaneous gross cash settlement.

Excessive Risk Concentration

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Company's performance to developments affecting a particular Industry

In order to avoid excessive concentrations of risk, the policies and procedures include specific guidelines to focus on the maintenance of a diversified portfolio. Identified concentrations of credit risks are controlled and managed accordingly. Selective hedging is used within the Company to manage risk concentrations at both the relationship and industry levels.

iii. Market Risk

Market Risk is the risk that the fair value of future Cash Flows of a Financial Instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: Currency Risk, Interest Rate Risk, and Other Price Risk such as Equity Price Risk. Financial Instruments affected by market risk include Loans and Borrowings, Deposits, FVTOCI and Amortised Cost Investments and Derivative Financial Instruments.

Foreign Currency Risk

Foreign Currency Risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Company's operating activities (when revenue or expense is denominated in a foreign currency).

The Company manages its foreign currency risk by hedging transactions that are expected to occur of actual sales, purchases and for foreign currency loans based on management risk perception and company's policy. When a derivative is entered into for the purpose of being a hedge, the Company negotiates the terms of those derivatives to match the terms of the hedged exposure. For hedges of forecast transactions the derivatives cover the period of exposure from the point the cash flows of the transactions are forecasted up to the point of settlement of the resulting receivable or payable that is denominated in the foreign currency.

Exposure to Currency Risk

The Currency profile of Financial Assets and Financial Liabilities as at 31st March, 2026 and 31st March, 2025 are as below:

The Company's exposure to Foreign Currency Risk at the end of the reporting period expressed in ₹, are as follows

March 31, 2026	Total	INR Equivalent to USD	INR Equivalent to Euro	INR Equivalent to CNY	INR
Financial Assets
Trade Receivables	416.53	4.82	1.15	-	410.56
Other Non-Current Financial Assets	57.02	-	-	-	57.02
Other Current Financial Assets	7.78	-	-	-	7.78
	481.33	4.82	1.15	-	475.36
Financial Liabilities
Non Current Borrowings (refer note below)	333.69	-	85.78	-	247.91
Current Borrowings	229.30	-	68.62	-	160.67
Trade Payables	259.70	92.08	0.16	-	167.46
Other Non-current Financial Liabilities	15.40		15.40		-
Other Current Financial Liabilities	121.66	0.55	14.65	11.83	94.63
Less: Foreign Currency Hedged	-	-	-	-	-
Total	959.75	92.63	184.62	11.83	670.67

March 31, 2025	Total	INR Equivalent to USD	INR Equivalent to Euro	INR Equivalent to CNY	INR
Financial Assets
Trade and other Receivables	232.32	4.94	3.99	-	223.39
Other Non-Current Financial Assets	7.30	-	-	-	7.30

March 31, 2025	Total	INR Equivalent to USD	INR Equivalent to Euro	INR Equivalent to CNY	INR
Other Current Financial Assets	40.06	1.58	-	-	38.48
Total	279.68	6.52	3.99	-	269.17
Financial Liabilities
Non Current Borrowings (refer note below)	448.97	-	202.94	-	246.03
Current Borrowings	135.61	-	14.50	-	121.11
Trade Payables	185.68	63.30	0.65	-	121.73
Other Current Financial Liabilities	98.78	0.15	4.50	8.11	86.02
Less: Foreign Currency Hedged	-	-		-	-
Total	869.04	63.45	222.59	8.11	574.89

The Company has entered into a cross currency swap ("CCS") transaction for Rupee Term loan of ₹256.27 Crore swapped with notional principal of EUR 2.83 Crore (refer note 18). Current outstanding as on balance sheet date is ₹128.14 Crore with notional EUR 1.41 Crore.

Sensitivity Analysis

A reasonably possible strengthening (weakening) of the Indian Rupee against Foreign Currency at March 31 would have affected the measurement of financial instruments denominated in foreign currency and affected Equity and Profit or Loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.

March 31, 2026	Profit or (Loss)		Equity, Net of Tax
	Strengthening	Weakening	Strengthening	Weakening
5% movement
USD	(4.39)	4.39	(3.29)	3.29
EUR	(9.17)	9.17	(6.86)	6.86
CNY	(0.59)	0.59	(0.44)	0.44

March 31, 2025	Profit or (Loss)		Equity, Net of Tax
	Strengthening	Weakening	Strengthening	Weakening
5% movement
USD	(2.85)	2.85	(1.85)	1.85
EUR	(10.93)	10.93	(7.11)	7.11
CNY	(0.41)	0.41	(0.26)	0.26

Interest Rate Risk

Interest Rate Risk is the risk that the fair value or future Cash Flows of a Financial Instrument will fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's Long-Term Debt obligations with floating interest rates. The Company manages its Interest Rate Risk by having balanced portfolio of fixed and variable rate Loans and Borrowings.

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Exposure to Interest Rate Risk

The Company's Interest Rate Risk arises from Borrowings obligations. Borrowings is exposed to fair value interest rate risk. The interest rate profile of the Company's interest-bearing Financial Instruments as reported to the management of the Company is as follows.

Variable-Rate Instruments	As at March 31, 2026	As at March 31, 2025
Non Current - Borrowings	333.69	448.97
Current - Borrowings	229.30	135.61
Total	562.99	584.58

Cash Flow Sensitivity Analysis for Variable-Rate Instruments

A reasonably possible change of 100 basis points in Interest Rates at the reporting date would have increased (decreased) Equity and Profit or Loss by the amounts shown below. This analysis assumes that all other variables, in particular Foreign Currency Exchange Rates, remain constant.

Particulars	Profit or Loss		Equity, Net of Tax
	100 bp increase	100 bp decrease	100 bp increase	100 bp decrease
As at March 31, 2026
Non Current - Borrowings	(3.34)	3.34	(2.50)	2.50
Current - Borrowings	(2.29)	2.29	(1.72)	1.72
Total	(5.63)	5.63	(4.21)	4.21
As at March 31, 2025
Non Current - Borrowings	(4.49)	4.49	(2.92)	2.92
Current - Borrowings	(1.36)	1.36	(0.88)	0.88
Total	(5.85)	5.85	(3.80)	3.80

45. Ratios

Disclosure of Ratios	Numerator	Denominator	For the Year ended March 31, 2026	For the Year ended March 31, 2025	% Change	Reason for variance in excess of +/- 25%
Current Ratio	Current Assets	Current Liabilities	1.16	1.56	-26%	Current Ratio decreased because of increase in mainly short term borrowing and trade payables.
Debt-Equity Ratio	Current Borrowings + Non Current Borrowings + Lease Payments	Shareholder's Equity	0.26	0.31	-17%	No major variance

Ratios (Contd.)

Disclosure of Ratios	Numerator	Denominator	For the Year ended March 31, 2026	For the Year ended March 31, 2025	% Change	Reason for variance in excess of +/- 25%
Debt Service Coverage Ratio	Earnings for debt service = Net profit after taxes + Non-cash operating expenses + Interest & Lease payment - Other adjustment like profit/ loss on sale of Assets	Debt service = Interest & Lease Payments + Principal Repayments	3.14	3.83	-18%	No major variance
Return on Equity Ratio	Net Profits after taxes – Preference Dividend	Average Shareholder's Equity	16.15%	22.59%	-29%	Return on Equity declined with decrease in profitability.
Inventory Turnover Ratio	Revenue from Operation	Average Inventory	6.86	7.83	-12%	No major variance
Trade Receivables Turnover Ratio	Revenue from Operation	Average Trade Receivable	7.79	12.41	-37%	Ratio declined due to increase in trade receivables.
Trade Payables Turnover Ratio	Total Purchase	Average Trade Payables	6.54	8.30	-21%	No major variance
Net Capital Turnover Ratio	Revenue from Operation	Working capital = Current assets – Current liabilities	21.74	9.12	-138%	Ratio improved with decrease in working capital due to increase in current liabilities.
Net Profit Ratio	Net Profit	Revenue from Operation	13.18%	13.99%	-6%	No major variance
Return on Capital Employed	Earnings before interest and taxes	Capital Employed = Tangible Net Worth + Total Debt + Lease Liability + Deferred Tax Liability	13.47%	22.48%	-40%	Return declined with decrease profitability.

Ratios (Contd.)

46. Events occurred after the Balance Sheet date

The Company evaluates events and transactions that occur subsequent to the Balance Sheet date but prior to approval of Financial Statement to determine the necessity for recognition and/or reporting of any of these events and transactions in the Financial Statements. As of 02nd May 2026 there were no material subsequent events to be recognized or reported that are not already disclosed.

47. Other Statutory Information for the year ended March 31,2026 and March 31,2025

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

(ii) The Company do not have any transactions or balance with companies struck off under section 248 of Companies Act, 2013 or section 560 of Companies Act, 1956.

(iii) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period,

(iv) The Company has not traded or invested in Crypto currency or Virtual currency during the financial year and in previous financial year.

(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(vii) The Company does not have transaction which are not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

(viii) The Company has not been declared as wilful defaulter by any bank or financial institution or other lender.

(ix) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (restriction in number of layers) rules,2017.

The Company uses an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the accounting software, except that audit trail feature is not enabled for certain changes made using privileged administrative access rights at the application and database layer. Further, there are no instance of audit trail feature being tampered. Additionally, the audit trail of prior year(s) has been preserved by the Company as per the statutory requirements for record retention to the extent it was enabled and recorded in the respective years.
On November 21, 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations.

The Company on the basis of available information has assessed incremental liability for own employees which is disclosed under employee benefit expenses as it is not material to the standalone financial results as per the guidance provided by the Institute of Chartered Accountants of India. The Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments, as required.

For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration No. 324982E / E300003

For and on behalf of the Board of Directors of
Epigral Limited
(CIN: L24100GJ2007PLC051717)

per Abhishek Karia
Partner
Membership No. 132122

Maulik Patel
Chairman & Managing Director
DIN: 02006947

Gaurang Trivedi
Company Secretary

Kaushal Soparkar
Executive Director
DIN: 01998162

Place: Ahmedabad
Date: 2nd May, 2026

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Consolidated Financial Statements

226

Independent Auditor's Report

To
The Members of
Epigral Limited

Report on the Audit of the Consolidated Financial Statements

We have audited the accompanying consolidated financial statements of Epigral Limited (hereinafter referred to as "the Holding Company") and its associates comprising of the consolidated Balance sheet as at March 31 2026, the consolidated Statement of Profit and Loss, including other comprehensive income, the consolidated Cash Flow Statement and the consolidated Statement of Changes in Equity for the year then ended, and notes to the consolidated financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as "the consolidated financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated financial statements give the information required by the Companies Act, 2013, as amended ("the Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the Holding Company and its associates as at March 31, 2026, their consolidated profit including other comprehensive income, their consolidated cash flows and the consolidated statement of changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the 'Auditor's Responsibilities for the Audit of the Consolidated Financial Statements' section of our report. We are independent of the Holding Company and its associates, in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the consolidated financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the financial year ended March 31, 2026. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matter described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our report, including in relation to this matter. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of audit procedures performed by us, including the procedures performed to address the matter below, provide the basis for our audit opinion on the accompanying consolidated financial statements.

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Key audit matters	How our audit addressed the key audit matter
Revenue recognition (as described in Note 2 and 27 of the consolidated financial statements)
The Holding Company majorly generates revenue from sale of Chlor-Alkali and its Derivative products. The Holding Company recognises revenue from sales of goods in accordance with the requirements of Ind AS 115, Revenue from Contracts with Customers, measured at fair value of consideration received or receivable in the ordinary course of its activities. Revenue from sale of goods is recognised net of discounts, rebates and taxes.	Our audit procedures included the following: • Read and evaluated the Holding Company's policy pertaining to revenue recognition and assessed its compliance with Ind AS 115 - Revenue from Contracts with Customers. • Assessed the design and tested the operating effectiveness of internal controls related to revenue. • We obtained and read the terms of customer contracts on a sample basis to assess various performance obligations in the contract, the point in time of transfer of control of goods to customers and pricing terms. • We have tested on sample basis sales transactions and inspected the underlying sales orders, invoice copies, terms of delivery, lorry receipts, bill of lading, and collection as per the terms of the contract with customers. • We have tested on sample basis transactions near year end date as well as credit notes issued after the year end date. • Assessed the relevant disclosures in Consolidated Financial Statements for compliance with disclosure requirements.
Certain terms in sales arrangements relating to timing for transfer of control to the customer and delivery specifications including incoterms, involves significant judgement in determining whether the revenue is recognised in the correct period. Accordingly, revenue recognition has been identified as a key audit matter.

We have determined that there are no other key audit matters to communicate in our report.

Other Information

The Holding Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report, but does not include the consolidated financial statements and our auditor's report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management for the Consolidated Financial Statements

The Holding Company's Board of Directors is responsible for the preparation and presentation of these consolidated financial statements in terms of the requirements of the Act that give a true and fair view of the consolidated financial position, consolidated financial performance including other

comprehensive income, consolidated cash flows and consolidated statement of changes in equity of the Holding Company including its associates in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. The respective Board of Directors of the Holding Company and of its associates are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of their respective companies and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding Company, as aforesaid.

In preparing the consolidated financial statements, the respective Board of Directors of the Holding Company and of its associates are responsible for

assessing the ability of their respective companies to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Holding Company and its associates or to cease operations, or has no realistic alternative but to do so.

Those respective Board of Directors of the Holding Company and its associates are also responsible for overseeing the financial reporting process of their respective companies.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Holding Company and its associates to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Holding Company and its associates to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Holding Company of which we are the independent auditors, to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of the Holding Company as included in the consolidated financial statements of which we are the independent auditors. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements for the financial year ended March 31, 2026 and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes

229

public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matter

The consolidated financial statements also include the Holding Company's share of net loss of ₹1.04 Crores for the year ended March 31, 2026, as considered in the consolidated financial statements, in respect of two associates, whose financial statements, other financial information have not been audited and whose financial statements, other financial information have been furnished to us by the Management. Our opinion, in so far as it relates amounts and disclosures included in respect of these associates, and our report in terms of sub-sections (3) of Section 143 of the Act in so far as it relates to the aforesaid associates, is based solely on such unaudited financial statements and other unaudited financial information. In our opinion and according to the information and explanations given to us by the Management, these financial statements and other financial information are not material to the Holding Company.

Our opinion above on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matter with respect to our reliance on the financial statements and other financial information of associates as certified by the Management.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, based on our audit of separate financial statements and the other financial information of the holding company, incorporated in India and to the extent applicable, as noted in the 'Other Matter' paragraph, there are no qualifications or adverse remarks in the Companies (Auditors Report) Order (CARO) reports of the Holding Company. Accordingly, the requirement to report on clause 3(xxii) of the Order is not applicable to the Holding Company.
As required by Section 143(3) of the Act, based on our audit of separate financial statements and the other financial information of Holding Company and to the extent applicable, as noted in the 'other matter' paragraph we report, to the extent applicable, that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements;

(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidation of the financial statements have been kept so far as it appears from our examination of those books except for the matters stated in the paragraph (i)(vi) below on reporting under Rule 11(g);

(c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Consolidated Cash Flow Statement and Consolidated Statement of Changes in Equity dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of the consolidated financial statements;

(d) In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;

(e) On the basis of the written representations received from the directors of the Holding Company as on March 31, 2026, taken on record by the Board of Directors of the Holding Company, none of the directors of the Holding company, is disqualified as on March 31, 2026 from being appointed as a director in terms of Section 164 (2) of the Act;

(g) With respect to the adequacy of the internal financial controls with reference to consolidated financial statements of the Holding Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure 2" to this report. This report, however, does not include a Report on the internal financial controls under clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 in respect of two associate companies, where such reports have not been made available to us;

(h) In our opinion, the managerial remuneration for the year ended March 31, 2026 has been paid / provided by the Holding Company, incorporated in India, to their directors in accordance with the provisions of section 197 read with Schedule V to the Act;

(i) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us, as noted in the 'Other matter' paragraph:

i. The consolidated financial statements disclose the impact of pending litigations on its consolidated financial position of the Holding Company and its associates in its consolidated financial statements – Refer Note 40 to the consolidated financial statements;

ii. Provision has been made in the consolidated financial statements, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts – Refer Note 44 to the consolidated financial statements in respect of such items as it relates to the Holding Company and its associates;

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Holding Company and its associates, incorporated in India during the year ended March 31, 2026;

iv. a) The management of the Holding Company whose financial statements has been audited under the Act have represented to us that, to the best of its knowledge and belief, as disclosed in the note 47 to the consolidated financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Holding Company or any of such associates to or in any other persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other

persons or entities identified in any manner whatsoever by or on behalf of the respective Holding Company or any of such associates ("Ultimate Beneficiary") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiary;

b) The management of the Holding Company whose financial statements has been audited under the Act have represented to us that, to the best of its knowledge and belief, as disclosed in the note 47 to the consolidated financial statements, no funds have been received by the respective Holding Company or any of such associates from any persons or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Holding Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiary") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiary; and

c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us on Holding Company which is a company incorporated in India whose financial statements has been audited under the Act, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material mis-statement;

v. The final dividend paid by the Holding Company during the year in respect of the same declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend.

As stated in note 16 to the Consolidated financial statements, the Board of Directors of the Holding Company have proposed final dividend for the year which is subject to the approval of the members of the Holding Company at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

231

vi. Based on our examination which included test checks, the Holding Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software except that, audit trail feature is not enabled for certain changes made using privileged/ administrative access rights, as described in note 49 to the consolidated financial statements. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with in respect of the accounting software.

Additionally, the audit trail of the prior years(s) has been preserved by the

Holding Company as per the statutory requirements for record retention to the extent it was enabled and recorded in the respective years.

For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number:324982E/E300003

per Abhishek Karia
Partner
Membership Number: 132122
UDIN: 26132122EKGUWB1929
Place of Signature: Ahmedabad
Date: May 02, 2026

232

Annexure 1 to the Independent Auditor's Report of even date on the Consolidated Financial Statements of Epigral Limited

There are no qualification or adverse remarks in the Companies (Auditors Report) Order (CARO) report of the Holding Company. Further, the reports of the associate Companies included in the Consolidated Financial Statements has not been issued by its auditor till the date of our auditor's report. Accordingly, the requirement to report on clause 3(xxii) of the Order is not applicable to Holding Company.

per Abhishek Karia
Partner
Membership Number: 132122
UDIN: 26132122EKGUWB1929
Place of Signature: Ahmedabad
Date: May 02, 2026

233

Annexure 2 to the Independent Auditor’s Report of even date on the Consolidated Financial Statements of Epigral Limited

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

In conjunction with our audit of the consolidated financial statements of Epigral Limited (hereinafter referred to as the “Holding Company”) as of and for the year ended March 31, 2026, we have audited the internal financial controls with reference to consolidated financial statements of the Holding Company, as of that date.

Management’s Responsibility for Internal Financial Controls

The Board of Directors of the Holding Company are responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Holding Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Holding Company’s internal financial controls with reference to consolidated financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, specified under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both, issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to consolidated financial statements

was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to consolidated financial statements and their operating effectiveness. Our audit of internal financial controls with reference to consolidated financial statements included obtaining an understanding of internal financial controls with reference to consolidated financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to consolidated financial statements.

Meaning of Internal Financial Controls with Reference to Consolidated Financial Statements

A company’s internal financial control with reference to consolidated financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control with reference to consolidated financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to Consolidated Financial Statements

Because of the inherent limitations of internal financial controls with reference to consolidated financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to consolidated financial statements to future periods are subject to the risk that the internal financial controls with reference to consolidated financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Holding Company, has maintained in all material respects, adequate internal financial controls with reference to consolidated financial statements and such internal financial controls with reference to consolidated financial statements were operating effectively as at March 31, 2026, based on the internal control over financial reporting criteria established by the Holding Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

235

Consolidated Balance Sheet

as at March 31, 2026

Particulars		Note	As at March 31, 2026	As at March 31, 2025
I. Assets
Non-Current Assets
(a)	Property, Plant and Equipment	3.1	2,101.69	2,219.29
(b)	Capital Work in Progress	3.2	450.83	63.89
(c)	Other Intangible Assets	3.3	15.50	18.73
(d)	Financial Assets
	(i) Investments	4	22.76	21.54
	(ii) Other Financial Assets	5	57.02	7.30
(e)	Non Current Tax Assets (net)	6	14.29	16.33
(f)	Other Non-Current Assets	7	16.52	30.12
Total Non-Current Assets			2,678.61	2,377.20
Current Assets
(a)	Inventories	8	348.63	387.99
(b)	Financial Assets
	(i) Investments	9	-	76.60
	(ii) Trade Receivables	10	416.53	232.32
	(iii) Cash and Cash Equivalents	11	5.02	18.64
	(iv) Bank Balances other than (iii) above	12	0.44	3.55
	(v) Loans	13	0.35	0.39
	(vi) Other Financial Assets	14	7.78	40.06
(c)	Other Current Assets	15	47.94	15.69
Total Current Assets			826.69	775.24
Total Assets			3,505.30	3,152.44
II Equity and Liabilities
Equity
(a)	Equity Share Capital	16	43.14	43.14
(b)	Other Equity	17	2,178.29	1,861.39
Total Equity			2,221.43	1,904.53
Liabilities
Non-Current Liabilities
(a)	Financial Liabilities
	(i) Borrowings	18	333.69	448.97
	(ii) Lease Liabilities	42	2.52	3.37
	(iii) Other Financial Liabilities	19	15.40	3.38
(b)	Provisions	20	4.05	2.95
(c)	Deferred Tax Liabilities (net)	36	217.79	293.65
Total Non-Current Liabilities			573.45	752.32
Current Liabilities
(a) Financial Liabilities
	(i) Borrowings	21	229.30	135.61
	(ii) Lease Liabilities	42	6.53	4.58
	(iii) Trade Payables	22
	Total outstanding dues of Micro and Small Enterprise		25.23	24.72
	Total outstanding dues of Creditors other than Micro and Small Enterprise		234.47	160.96
	(iv) Other Financial Liabilities	23	121.66	98.78
(b)	Other Current Liabilities	24	79.07	67.52
(c)	Provisions	25	3.98	3.17
(d)	Current Tax Liabilities (net)	26	10.18	0.25
Total Current Liabilities			710.42	495.59
Total Liabilities			1,283.87	1,247.91
Total Equity and Liabilities			3,505.30	3,152.44
Summary of Material Accounting Policies		2

The accompanying notes are an integral part of these Consolidated Financial Statements

Consolidated Statement of Profit and Loss

(₹ in Crores, except stated otherwise)

Particulars	Note	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Revenue
Revenue from Operations	27	2,527.18	2,550.13
Other Income	28	14.98	15.21
Total Income (A)		2,542.16	2,565.34
Expenses
Cost of Materials Consumed	29	1,490.66	1,322.40
Changes in Inventories of Finished Goods and Work in Progress	30	(60.94)	31.09
Employee Benefits Expenses	31	129.66	114.48
Finance Costs	32	71.96	53.27
Depreciation and Amortization Expenses	3	168.29	132.56
Power and Fuel Expenses	33	156.40	130.08
Other Expenses	34	244.33	241.36
Total Expense (B)		2,200.36	2,025.24
Profit Before Exceptional Items and Tax		341.80	540.10
Share of profit/(loss) from associate (net off tax)		(1.04)	0.99
Profit Before Tax (C) = (A-B)		340.76	541.09
Tax Expense:	36
Current Tax		84.66	98.17
Net Deferred Tax Expense		(75.87)	85.23
Total Tax Expense (D)		8.79	183.40
Net Profit for the Year (E) = (C-D)		331.97	357.69
Other Comprehensive Income
Items that will not be reclassified to Profit or Loss in subsequent periods
Remeasurement Gain/(Loss) on Defined Benefit Plans	37	0.04	(0.65)
Income Tax effect on above	36	(0.01)	0.23
Total Other Comprehensive Gain/(Loss) for the Year, net of Tax (F)		0.03	(0.42)
Total Comprehensive Income for the Year (G) = (E+F)		332.00	357.27
Profit attributable to :
Owners of the Company		331.97	357.69
Non controlling interests		-	-
Other comprehensive income attributable to:
Owners of the Company		0.03	(0.42)
Non controlling interests		-	-
Total comprehensive income attributable to:
Owners of the Company		332.00	357.27
Non controlling interests		-	-
Earnings per Equity Share (face value of ₹10 each) (in ₹)
Basic	35	76.95	84.68
Diluted		76.95	84.68
Summary of Material Accounting Policies	2

The accompanying notes are an integral part of these Consolidated Financial Statements

Consolidated Cash Flow Statement

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
A. Cash Flow from Operating Activities
Profit Before Taxation	340.76	541.09
Adjustment to reconcile profit before tax to net cash flow :
Depreciation and Amortisation Expenses	168.29	132.56
Interest Income	(0.87)	(0.33)
Liquidated Damages recovered	(1.51)	(0.05)
Finance costs	71.96	53.27
Unrealised Foreign Exchange Loss/(Gain)	3.15	(0.95)
Share of (Profit)/Loss from Associates	1.04	(0.99)
Profit on Sale of Property, Plant and Equipment	(6.55)	(5.04)
Profit on Sale of Mutual Fund	(2.65)	(1.48)
Unrealised Gain on Mutual funds	-	(0.41)
Impairment/Loss on Investment in Subsidiary	-	0.02
Sundry Balances Written back	(1.05)	(0.05)
Operating Profit before Working Capital changes	572.57	717.64
Adjustment for:
(Increase)/Decrease in Inventories	39.36	(125.00)
(Increase) in Trade Receivables	(183.93)	(53.90)
Decrease in Other Financial Assets	32.70	1.30
(Increase) in Other Assets	(32.31)	(4.29)
Decrease in Loans	0.04	0.10
Increase in Trade Payables	72.83	3.08
(Decrease)/Increase in Other Financial Liabilities	(6.54)	16.82
Increase/(Decrease) in Other Liabilities	11.54	(5.12)
Increase in Provisions	1.95	0.38
Working Capital Changes	(64.36)	(166.63)
Cash Generated from Operation	508.21	551.01
Direct Taxes Paid (Net of Refund)	(72.68)	(110.45)
Net Cash Generated from Operating Activities	435.53	440.56
B. Cash Flow from Investing Activities
Purchase of Property, Plant & Equipment (including CWIP and Intangible Assets)	(394.15)	(194.69)
Proceed from Sale of Property, Plant & Equipment	8.66	8.34
Investment in Associate	(2.26)	-
Investment in Bank Deposits	(50.06)	(1.18)
Redemption of Bank Deposits	3.11	0.42
Interest Received	0.78	0.26
Investment in Mutual Fund	(99.00)	(307.86)
Proceeds from Sale of Mutual Funds (including realised gain)	178.25	233.15
Net Cash (Used in) Investing Activities	(354.67)	(261.56)
C. Cash Flow from Financing Activities
Finance Charges Paid	(48.69)	(65.94)
Proceeds from Long-Term Borrowing	-	137.00
Repayment of Long-Term Borrowing	(86.12)	(248.55)
Proceed/(Repayment) from Short-Term Borrowing (Net)	64.52	(171.55)
Payment of Lease Liability	(5.87)	(2.36)
Dividend paid on Redeemable Preference Shares	(3.24)	(10.32)
Dividend paid on Equity Shares	(15.08)	(31.54)
Proceeds from issue of Share Capital	-	333.05
Share Issue Expenses	-	(8.33)
Redemption of Redeemable Preference Shares	-	(95.00)
Net Cash (Used in) from Financing Activities	(94.48)	(163.54)

Consolidated Cash Flow Statement

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C)	(13.62)	15.46
Cash and Cash Equivalent at the beginning of the Year	18.64	3.18
Cash and Cash Equivalent at the end of the Year	5.02	18.64
Cash and Cash Equivalent comprises as under
Cash on Hand	0.02	0.01
Balance with Schedule Banks in Current Accounts	5.00	8.63
Deposits with Schedule Banks	-	10.00
Cash & Cash Equivalent at the end of the Year (refer note 11)	5.02	18.64

Notes to the Cash Flow Statement

3) Changes in liabilities arising from Financing Activities
(₹ in Crores)

Particulars	April 1, 2025	Cash Flow	Other	March 31, 2026
Current Borrowings (Note 21)	49.50	64.52	-	114.02
Lease Liabilities (Note 42)	7.95	(5.87)	6.98	9.05
Non- Current Borrowings (Including current portion of long term debt) (Note 18 & 21)	535.08	(86.12)	0.01	448.97
Total Liabilities from Financing Activities	592.53	(27.48)	6.99	572.04

Particulars	April 1, 2024	Cash Flow	Other	March 31, 2025
Current Borrowings (Note 21)	221.05	(171.55)	-	49.50
Lease Liabilities (Note 42)	1.35	(2.36)	8.96	7.95
Non- Current Borrowings (Including current portion of long term debt) (Note 18 & 21)	741.64	(206.55)	(0.01)	535.08
Total Liabilities from Financing Activities	964.04	(380.46)	8.95	592.53

Others includes the effects of reclassification of Non Current portion of Borrowings including Lease Liabilities to Current due to passage of time.

Consolidated Statement of Changes in Equity (SOCIE)

For the Year ended March 31, 2026

(A) Equity Share Capital (refer note 16)

Particulars	No. of Shares	Amount
Equity Share of ₹10 each Issued, Subscribed and Fully Paid up
Balance as at 1st April 2024	4,15,50,158	41.55
Changes in Equity Share Capital due to Prior Period Errors	-	-
Balance as at 1st April 2024	4,15,50,158	41.55
Issue of Equity Share Capital during the Year	15,91,180	1.59
Balance as at 31st March 2025	4,31,41,338	43.14
Balance as at 1st April 2025	4,31,41,338	43.14
Changes in Equity Share Capital due to Prior Period Errors	-	-
Balance as at 1st April 2025	4,31,41,338	43.14
Change during the period	-	-
Balance as at 31st March 2026	4,31,41,338	43.14

(B) Other Equity (refer note 17)

Particulars	Capital Reserve	Retained Earnings	Security Premium	Total Other Equity
Balance at 1st April 2024	(246.68)	1,459.23	-	1,212.55
Changes in Accounting Policy or Prior Period Errors	-	-	-	-
Balance as at 1st April 2024	(246.68)	1,459.23	-	1,212.55
Issue of Equity Shares (refer note 16)	-	-	331.46	331.46
Share Issue Expenses (refer note 16)	-	-	(8.33)	(8.33)
Profit for the Year	-	357.69	-	357.69
Other Comprehensive Income for the Year (net of Taxes)	-	(0.42)	-	(0.42)
Total Comprehensive Income for the Year	-	357.27	323.13	680.40
Dividend Paid During the Year	-	(31.56)	-	(31.56)
Balance at 31st March 2025	(246.68)	1,784.94	323.13	1,861.39
Balance as at 1st April 2025	(246.68)	1,784.94	323.13	1,861.39
Changes in Accounting Policy or Prior Period Errors	-	-	-	-
Balance as at 1st April 2025	(246.68)	1,784.94	323.13	1,861.39
Profit for the Year	-	331.97	-	331.97
Other Comprehensive Income for the Year (net of Taxes)	-	0.03	-	0.03
Total Comprehensive Income for the Year	-	332.00	-	332.00
Dividend Paid During the Year	-	(15.10)	-	(15.10)
Balance as at 31st March 2026	(246.68)	2,101.84	323.13	2,178.29

Notes to the Consolidated Financial Statement

1. CORPORATE INFORMATION

The Consolidated Financial Statements comprises Financial Statements of Epigral Limited ('the Holding Company') and its Associates i.e ReNew Green (GJS Three) Private Limited and Prozeal Green Ten Private Limited for year ended on March 31, 2026. Epigral Limited (CIN L24100GJ2007PLC051717) is a Public Company limited by shares domiciled in India, incorporated under the provisions of Companies Act, 1956. Its share are listed on BSE Limited and National Stock Exchange in India. The registered office at Epigral Tower, B/h. Safal Profitaire, Prahladnagar, Satellite, Ahmedabad Gujarat, India

The Holding Company is primarily engaged in manufacturing and selling of Chlor Alkali & its Derivatives.

The Consolidated Financial Statements were approved for issue in accordance with a resolution of the directors on May 02,2026.

2. MATERIAL ACCOUNTING POLICIES

2.1 Statement of compliance and basis of preparation

The Consolidated Financial Statements have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended thereafter and presentation requirements of Division II of Schedule III to the Companies Act, 2013, (Ind AS compliant Schedule III), as applicable to the SFS.

The Financial Statements have been prepared on accrual basis and under historical cost basis, except for the following assets and liabilities which have been measured at fair value:

Certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial instruments).
Derivative financial instruments

The Holding Company has prepared the financial statements on the basis that it will continue to operate as a going concern.

The Consolidated financial statements provide comparative information in respect of the previous period.

2.2 Basis of Consolidation

The Consolidated Financial Statements comprise the Financial Statements of the Holding Company and its associate as at 31st March 2026. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

Equity Accounted Investees :

An associate is an entity over which the Holding Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. The considerations made in determining whether significant influence or joint control are similar to those necessary to determine control over the subsidiaries. The Holding Company's investments in its associate are accounted for using the equity method. Under the equity method, the investment in an associate is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Holding Company's share of net assets of the associate since the acquisition date. Goodwill relating to the associate is included in the carrying amount of the investment. When the Holding Company's share of losses of an equity accounted investee exceeds the Holding Company's interest in that associate (which includes any long-term interest that, in substance, form part of Holding Company's net investment in the associate), the Holding Company discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Holding Company has incurred legal or constructive obligation or made payments on behalf of the associate. Unrealised gains resulting from the transaction between the Holding Company and associates are eliminated to the extent of the interest in the associate, and deferred tax is made on the same.

After application of the equity method, the Holding Company determines whether it is necessary to recognise an impairment loss on its investment in its associate. At each reporting date, the Holding Company determines whether there is objective evidence that the investment in the associate is impaired. If there is

Notes to the Consolidated Financial Statement

such evidence, the Holding Company calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value, and then recognises the loss as 'Share of profit of an associate' in the Statement of Profit and Loss.

Upon loss of significant influence over the Associate, the Holding Company measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate upon loss of significant influence and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss.

2.3 Use of Estimates, Assumptions and Judgements

The preparation of the Holding Company's Financial Statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Estimates and Assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Holding Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Holding Company. Such changes are reflected in the assumptions when they occur.

Taxes:

Defined Benefit Plans (Gratuity Benefits)

Useful economic lives of Property, Plant and Equipment

Impairment of Non- Financial Assets

The Holding Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Holding Company estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's fair value less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the risk specific to the asset. In determining fair value less cost of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share

price for publicly traded subsidiaries or other available fair value indicators.

2.4 Summary of Material Accounting Policies

a. CURRENT VS. NON-CURRENT CLASSIFICATION:

The Holding Company segregates assets and liabilities into current and non-current categories for presentation in the balance sheet after considering its normal operating cycle and other criteria set out in Ind AS 1, "Presentation of Financial Statements". For this purpose, current assets and liabilities include the current portion of non-current assets and liabilities respectively. Deferred tax assets and liabilities are always classified as non-current.

The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents. The Holding Company has identified period up to twelve months as its operating cycle.

b. REVENUE FROM CONTRACTS WITH CUSTOMERS

Revenue from contracts with customers is recognised when control of the goods are transferred to the Customer at an amount that reflects the consideration to which the Holding Company expects to be entitled in exchange for those goods. The Holding Company has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the Customer.

The disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts with customers are provided below.

1) Sale of Goods

Revenue from Sale of Goods is recognised at the point in time when control of the goods is transferred to the customer, generally on dispatch/ delivery of the goods or terms as agreed with the customer. The normal credit term is 30 to 90 days from the date of dispatch. The Holding Company considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price for the sale of goods, the Holding Company considers the effects of variable consideration,

the existence of significant financing components, non-cash consideration, and consideration payable to the customer.

(i) Variable Consideration

If the consideration in a contract includes a variable amount, the Holding Company estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the Customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Some contracts for the sale of goods provide customers with cash discount in accordance with the company policy. The cash discount component gives rise to variable consideration.

Volume Rebates

The Holding Company applies the most likely amount method or the expected value method to estimate the variable consideration in the contract. The selected method that best predicts the amount of variable consideration is primarily driven by the number of volume thresholds contained in the contract. The most likely amount is used for those contracts with a single volume threshold, while the expected value method is used for those with more than one volume threshold. The Holding Company then applies the requirements on constraining estimates in order to determine the amount of variable consideration that can be included in the transaction price and recognized as revenue.

(ii) Trade Receivables

A receivable represents the Holding Company's right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in section (h) (Financial Instruments - initial recognition and subsequent measurement.)

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(iii) Contract Liabilities (advance from customers)

A contract liability is recognized when a customer pays consideration before the Holding Company transfers goods to the Customer or when the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Holding Company performs under the contract.

2) Interest Income

For all financial instruments measured at amortized cost, interest income is recorded using the effective interest rate (EIR). The EIR is the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset. When calculating the effective interest rate, the Holding Company estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. Interest income is included in Other Income in the Statement of Profit or Loss.

3) Export Incentives

Export Incentives are recognized as income when right to receive credit as per the terms of the scheme is established in respect of the exports made and when there is no significant uncertainty regarding the ultimate collection of the relevant export proceeds.

c. FOREIGN CURRENCIES

The Holding Company's standalone financial statements are presented in INR, which is also the Holding Company's functional currency.

Transactions and Balances

Transactions in foreign currencies are initially recorded by the Holding Company at the functional currency spot rates at the date the transaction first qualifies for recognition. However, for practical reasons, the Holding Company uses an average rate if the average approximates the actual rate at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date.

Exchange differences arising on settlement or translation of monetary items are recognized in Statement of Profit or Loss.

In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which the Holding Company initially recognises the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Holding Company determines the transaction date for each payment or receipt of advance consideration.

d. FAIR VALUE MEASUREMENT

The Holding Company measures financial instruments, such as investments (other than equity investments in Associates) and derivatives at fair values at each Balance Sheet date.

In the principal market for the asset or liability, or
In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Holding Company. The fair value of an asset or a liability is measured using the assumptions that market participants would

use when pricing the asset or liability, assuming that market participants act in their economic best interest.

The Holding Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.
Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognised in the Financial Statements on a recurring basis, the Holding Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

The Holding Company's management determines the policies and procedures for both recurring fair value measurement, such as unquoted financial assets measured at fair value, and for non-recurring measurement, such as assets held for distribution in discontinued operations. The management comprises of the Managing Director, Chief Executive Officer (CEO) and Chief Finance Officer (CFO).

External valuers are involved for valuation of significant assets. Involvement of external

valuers is decided upon annually by the Board of Directors after discussion with and approval by the management. Selection criteria include market knowledge, reputation, independence and whether professional standards are maintained. Valuers are normally rotated every three years. The management decides, after discussions with the Holding Company's external valuers, which valuation techniques and inputs to use for each case.

At each reporting date, the management analyses the movements in the values of assets and liabilities which are required to be re-measured or re-assessed as per the Holding Company's accounting policies. For this analysis, the management verifies the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents.

The management, in conjunction with the Holding Company's external valuers, also compares the change in the fair value of each asset and liability with relevant external sources to determine whether the change is reasonable.

For the purpose of fair value disclosures, the Holding Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

This note summarises accounting policy for fair value. Other fair value related disclosures are given in the relevant notes. Refer note 44.

Disclosures for valuation methods, significant estimates and assumptions.
Quantitative disclosures of fair value measurement hierarchy.
Investment in Equity Shares.
Financial Instruments (including those carried at amortised cost).

e. PROPERTY, PLANT AND EQUIPMENT

its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in Statement of profit and loss as incurred.

Capital Work-in-Progress comprises cost of fixed assets that are not yet installed and ready for their intended use at the Balance Sheet date.

Asset	Estimated Useful life
Leasehold Land	99 Years
Building	30 Years
Carpeted Roads – RCC	10 Years
Plant & Machinery	12-25 Years
Electrical Installations	10 Years
Captive Power Plant and equipments	20 – 40 Years
Furniture and Fixtures	10 Years
Asset	Estimated Useful life
---	---
Vehicles	8 Years
Computers	3 Years
Other equipments	5 Years

f. INTANGIBLE ASSETS

The useful lives of Intangible Assets are assessed as either finite or indefinite.

Intangible Assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the Statement of Profit and loss unless such expenditure forms part of carrying value of another asset.

Intangible Assets

Assets	Amortization Method	Amortization Period
Usage Rights	On Straight-line basis	10 years
Technical Know How	On Straight-line basis	10 years

g. IMPAIRMENT OF NON-FINANCIAL ASSETS

The Holding Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Holding Company estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or Cash-Generating Unit's (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

The Holding Company basis its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Company's CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. For longer periods, a long-term growth rate is calculated and applied to project future cash flows after the fifth year. To estimate cash flow projections beyond periods covered by the most recent budgets/forecasts, the Holding Company extrapolates cash flow projections in the budget using a steady or declining growth rate for subsequent years, unless an increasing rate can be justified. In any case, this growth rate does not exceed the long-term average growth rate for the products, industries, or country or countries in which the Holding Company operates, or for the market in which the asset is used.

Impairment losses of continuing operations, including impairment on inventories, are recognised in the statement of Profit and Loss,

except for properties previously revalued with the revaluation surplus taken to Other Comprehensive Income (OCI). For such properties, the impairment is recognised in OCI up to the amount of any previous revaluation surplus.

h. FINANCIAL INSTRUMENT

A Financial Instrument is any contract that gives rise to a Financial Asset of one Entity and a Financial Liability or Equity instrument of another Entity.

(A) Financial Asset

Initial Recognition and Measurement

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Holding Company commits to purchase or sell the asset. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under Ind AS 115.

Subsequent Classification and measurement

For purposes of subsequent measurement, financial assets are classified in four categories:

Debt Instruments at Amortised Cost

A 'debt instrument' is measured at its amortised cost if both the following conditions are met:

Debt instrument at Fair Value through Other Comprehensive Income (FVTOCI)

A 'debt instrument' is classified at FVTOCI if both of the following criteria are met:

a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and
b) The asset's contractual cash flows represent SPPI.

Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the other comprehensive income (OCI). However, the Holding Company recognizes interest income, impairment losses & reversals and foreign exchange gain or loss in the Profit and Loss. On derecognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the Equity to Profit and Loss. Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.

Debt Instrument at Fair Value through Profit & Loss (FVTPL)

FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as FVTPL.

In addition, the Holding Company may elect to designate a debt instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as 'accounting mismatch'). The Holding Company has designated certain debt instrument as at FVTPL.

Debt instruments included within the FVTPL category are measured at fair value with all changes recognized in the Statement of Profit and Loss.

Equity Investments

Investment in Associates is out of scope of Ind AS 109 and hence, the Holding Company has accounted for its investment in Associates at cost.

All other Equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading are classified as at FVTOCI. For all other Equity instruments, the Holding Company may make an irrevocable election to present in Other Comprehensive Income subsequent changes in the fair value. The Holding Company makes such election on an instrument-by instrument basis. The classification is made on initial recognition and is irrevocable.

If the Holding Company decides to classify an Equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to Statement of Profit and Loss, even on sale of investment. However, the Holding Company may transfer the cumulative gain or loss within Equity.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the Statement of Profit and Loss.

De-recognition

A financial asset (or, where applicable, a part of a financial asset or part of a Company of similar financial assets) is primarily derecognised (i.e. removed from the Company's Balance Sheet) when

a) The rights to receive cash flows from the asset have expired, or

b) The Holding Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a 'pass-through' arrangement; and either

i) The Holding Company has transferred substantially all the risks and rewards of the asset, or
ii) The Holding Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Holding Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the company continues to recognise the transferred asset to the extent of the Holding Company's continuing involvement. In that case, the holding company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Holding Company could be required to repay.

Impairment of Financial Assets

In accordance with Ind AS 109, the Holding Company applies Expected Credit Loss (ECL) model for measurement and recognition of impairment loss on the following financial assets and credit risk exposure:

The Holding Company follows 'simplified approach' for recognition of impairment loss allowance on:

Trade receivables

The application of simplified approach does not require the Holding Company to track changes in credit risk. Rather, it recognizes impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

(B) Financial Liabilities

Initial Recognition and Measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, Loans and Borrowings, Payables, as appropriate.

All financial liabilities are recognised initially at fair value and, in the case of Loans and Borrowings and Payables, net of directly attributable transaction costs.

The Holding Company's financial liabilities include Trade and Other Payables, Loans and Borrowings.

Subsequent measurement of Financial Liabilities

The measurement of financial liabilities depends on their classification, as described below:

Financial Liabilities at Fair Value through Profit or Loss (FVTPL)

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Holding Company that are not designated as hedging instruments in hedge relationships as defined by Ind AS 109.

Gains or losses on liabilities held for trading are recognised in the Statement of Profit and Loss.

Financial liabilities at amortised cost - Loan and Borrowings

Trade and Other Payables

These amounts represent liability for good and services provided to the Holding Company prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 60 days of recognition. Trade and Other Payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Derivatives and Hedging Activities

The Holding Company uses derivative financial instruments, such as forward currency contracts and currency swaps to hedge its foreign currency risks and interest rate risks respectively. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

Off-setting Financial Instrument

i. INVENTORIES

Inventories are valued at the lower of cost and net realisable value.

Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

j. BORROWING COSTS

k. RETIREMENT AND OTHER EMPLOYEE BENEFITS

The Holding Company has a defined benefit Gratuity Plan. Every employee who has completed five years or more of service gets a gratuity on post-employment at 15 days salary (last drawn salary) for each completed year of service as per the rules of the Holding Company. The aforesaid liability is provided for on the basis of an actuarial valuation on projected unit credit method made at the end of the financial year. The Scheme is funded with an Insurance Company in the form of a qualifying insurance policy.

The Holding Company has other employee benefits in the nature of leave encashment. The liability in respect of leave encashment is provided for on the basis of an actuarial valuation on projected unit credit method made at the end of the financial year.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Holding Company recognises the following changes in the net defined benefit obligation as an expense in the Statement of Profit and Loss:

Service costs comprising of current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and
Net interest expense or income

when the liabilities are to be settled. The liabilities are presented as current employee benefit obligations in the Balance Sheet.

I. Other long-term employee benefits

Compensated absences are provided for on the basis of an actuarial valuation, using the projected unit credit method, as at the date of the balance sheet. Actuarial gains / losses, if any, are immediately recognised in the statement of profit and loss. Compensated absences, which are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service, are treated as short term employee benefits. The Holding Company measures the expected cost of such absences as the additional amount that it expects to pay as a result of the unused entitlement that has accumulated at the reporting date.

II. Presentation and disclosure

For the purpose of presentation of defined benefit plans, the allocation between the short term and long-term provisions have been made as determined by an actuary. Obligations under other long-term benefits are classified as short-term provision, if the Holding Company does not have an unconditional right to defer the settlement of the obligation beyond 12 months from the reporting date. The Holding Company presents the entire compensated absences as short-term provisions since employee has an unconditional right to avail the leave at any time during the year.

I. Taxes

Tax expenses comprises current tax expense and deferred tax expense

Current Income Taxes

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countries where the Holding Company operates and generates taxable income.

Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Holding Company reflects the effect of uncertainty for each uncertain tax treatment by using either most likely method or expected value method, depending on which method predicts better resolution of the treatment.

Deferred Taxes

Deferred tax liabilities are recognised for all taxable temporary differences, except:

In respect of taxable temporary differences associated with investments in Associates, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future

Deferred Tax Assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except:

When the Deferred Tax Asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences;
In respect of deductible temporary differences associated with investments in, associates, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.

The Holding Company offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity which intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

Minimum Alternate Tax (MAT)

to set off against the normal income tax during the specified period, i.e., the period for which MAT credit is allowed to be carried forward. In the year in which the Holding Company recognize MAT credit as an asset, it is created by way of credit to the statement of profit and loss and shown as part of deferred tax asset. The holding company review the "MAT credit entitlement" asset at each reporting date and writes down the asset to the extent that it is no longer probable that it will pay normal tax during the specified period.

m. PROVISIONS

Provisions are recognised when the Holding Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Holding Company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the Statement of Profit and Loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a Finance Cost.

n. CONTINGENT LIABILITIES

Contingent liability is:

it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or
the amount of the obligation cannot be measured with sufficient reliability.

The Holding Company does not recognize a contingent liability but discloses the same as per the requirements of Ind AS 37.

o. LEASES

The Holding Company assesses at contract inception whether a contract is or contains a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Holding Company as a Lessee

The Holding Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The holding company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

i) Right-of-use-assets

The Holding Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets

ii) Lease Liabilities

At the commencement date of the lease, the Holding Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Holding Company and payments of penalties for terminating the lease, if the lease term reflects the Holding Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

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In calculating the present value of lease payments, the Holding Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

Lease payments have been classified as financing activities in Statement of Cash Flow.

The Holding Company has elected not to recognize Right-Of-Use Assets and Lease Liabilities for short term leases that have a lease term of less than or equal to 12 months with no purchase option and assets with low value leases. The Holding Company recognises the lease payments associated with these leases as an expense in statement of profit and loss over the lease term. The related cash flows are classified as operating activities.

iii) Short-term leases and leases of low-value assets

The Holding Company applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option).

The Holding Company applies the low-value asset recognition exemption on a lease-by-lease basis, if the lease qualifies as leases of low-value assets, with a value when new of up to INR 3 lacs. In making this assessment, the Company also factors below key aspects:

The assessment is conducted on an absolute basis and is independent of the size, nature, or circumstances of the lessee.
The assessment is based on the value of the asset when new, regardless of the asset's age at the time of the lease.
The lessee can benefit from the use of the underlying asset either independently or in combination with other readily available resources, and the asset is not highly dependent on or interrelated with other assets.
If the asset is subleased or expected to be subleased, the head lease does not qualify as a lease of a low-value asset.

Based on the above criteria, the Holding Company has classified leases of IT equipment for individual employees, and leases of office furniture and water dispensers as leases of low value assets.

Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.

p. EARNING PER SHARE

Basic Earnings Per Share

Diluted Earnings per Share

q. CASH AND CASH EQUIVALENTS

Cash and Cash Equivalent in the Financial Statements comprise Cash at Banks and on Hand and Short-Term Deposits with an original maturity of three months or less, that are readily convertible to a known amount of cash and and subject to an insignificant risk of changes in value.

For the purpose of the Statement of Cash Flows, Cash and Cash Equivalents consist of Cash and Short-Term Deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Company's cash management.

r. Government Grants and Subsidies:

Government Grants are recognised when there is a reasonable assurance that the same will

be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised in the Statement of Profit and Loss by way of a deduction to the related expense on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income on a systematic basis over the expected useful life of the related asset.

When the holding company receives grants of non-monetary assets, the asset and the grant are recorded at fair value amounts and released to profit or loss over the expected useful life in a pattern of consumption of the benefit of the underlying asset i.e. by equal annual instalments.

s. SEGMENT REPORTING

Unallocable items includes general corporate income and expense items which are not allocated to any business segment.

Segment Policies:

The Holding Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the Holding Company as a whole. Common allocable costs are allocated to each segment on an appropriate basis.

t. Dividend to Equity and Redeemable Preference Shareholders of the Company

The Holding Company recognises a liability for dividends to Equity Holders of the Holding Company when the dividend is authorised and the dividend is no longer at the discretion of the Holding Company. As per the Corporate laws in India, a dividend is authorised when it is approved by the shareholders. A corresponding amount is recognised directly in Equity.

The Holding Company recognises liability for dividends to Redeemable Preference share Holders of the Holding Company on accrual basis. Dividend is paid based on authorisation by the Board of Directors. Dividend to Redeemable Preference Shareholders is cumulative and recognised in finance cost as interest expense.

u. New Standards, Interpretations and amendments adopted by the company

The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the preparation of the Holding Company's annual financial statements for the year ended March 31, 2026, except for amendments to the existing Indian Accounting Standards (Ind AS). The Holding Company has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

The new and amended standards that are notified by the Ministry of Corporate Affairs (MCA), but not yet effective, up to the date of issuance of the Holding Company's financial statements are disclosed below. The Holding Company will adopt these amendments to the standards, when they become effective.

(i) Amendments to Ind AS 1 - Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants:

In August 2025, the MCA notified amendments to paragraphs 69 to 76 of Ind AS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify:

What is meant by a right to defer settlement
That a right to defer must exist at the end of the reporting period
That classification is unaffected by the likelihood that an entity will exercise its deferral right

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That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification

The amendments are effective for annual reporting periods beginning on or after 1 April 2025 retrospectively in accordance with Ind AS 8.

The amendments have not resulted in an impact on the classification of Company's liabilities and neither on the disclosures in the financial statements.

(ii) Amendments to Ind AS 21 - Lack of exchangeability

The amendments are effective for annual reporting periods beginning on or after 1 April 2025. When applying the amendments, an entity cannot restate comparative information.

The amendments do not have a material impact on the Holding Company's consolidated financial statements.

(iii) Amendments to Ind AS 7 and Ind AS 107 - Supplier Finance Arrangements

The amendments do not have a material impact on the Holding Company's consolidated financial statements.

(iv) International Tax Reform—Pillar Two Model Rules – Amendments to Ind AS 12

In August 2025, the MCA notified amendments to Ind AS 12 Income Taxes in response to the OECD's BEPS Pillar Two rules and include:

A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and
Disclosure requirements for affected entities to help users of the financial statements better understand an entity's exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date.

The amendments had no impact on the Holding Company's consolidated financial statements as the Holding Company is not in scope of the Pillar Two model rules.

Property, Plant and Equipment, Capital Work in Progress and Other Intangible Assets as at March 31, 2026
(€ in Crores)

Description	Gross Block				Accumulated Depreciation/Amortisation				Net Block
	As at 1st April, 2025	Additions	Deduction / Adjustments	As at 31st March, 2026	As at 1st April, 2025	For the Year	On Deduction / Adjustment	As at 31st March, 2026	As at 31st March, 2026	As at 31st March, 2025
3.1 TANGIBLE ASSET
Freehold Land	15.27	-	-	15.27	-	-	-	-	15.27	15.27
Right of Use Asset - Lease Hold Land	197.42	-	-	197.42	6.37	2.29	-	8.66	188.76	191.05
Building	257.01	-	-	257.01	62.50	10.46	-	72.96	184.05	194.51
Right of Use Asset - Building	14.70	6.10	-	20.80	6.77	6.03	-	12.80	8.00	7.93
Plant & Machineries	2,022.75	41.51	42.05	2,022.21	535.40	129.87	39.19	626.08	1,396.13	1,487.35
Captive Power Plant & Equipments	407.04	-	-	407.04	93.18	13.90	-	107.08	299.96	313.86
Furnitures & Fixtures	7.92	0.08	-	8.00	3.17	0.75	-	3.92	4.08	4.75
Office Equipment	6.63	0.84	0.03	7.44	2.74	1.16	0.03	3.87	3.57	3.89
Vehicles	2.28	0.75	-	3.03	2.22	0.28	0.75	1.75	1.28	0.06
Computers	1.73	0.29	0.02	2.00	1.11	0.32	0.02	1.41	0.59	0.62
TOTAL (A)	2,932.75	49.57	42.10	2,940.22	713.46	165.06	39.99	838.53	2,101.69	2,219.29
3.3 INTANGIBLE ASSET
Usage Rights	26.21	-	-	26.21	11.95	2.47	-	14.42	11.79	14.26
Technical Know-How	8.03	-	-	8.03	3.56	0.76	-	4.32	3.71	4.47
TOTAL (B)	34.24	-	-	34.24	15.51	3.23	-	18.74	15.50	18.73
TOTAL (A+B)	2,966.99	49.57	42.10	2,974.46	728.97	168.29	39.99	857.27	2,117.19	2,238.02

Property, Plant and Equipment, Capital Work in Progress and Other Intangible Assets as at March 31, 2026 (Contd.)

Particulars	Amount
Cost
As at 31st March 2025	63.89
Addition during the Year	429.35
Capitalisation	(42.41)
As at 31st March 2026	450.83

As on 31st March, 2026 there are no Projects whose completion are overdue or exceed its cost as compare to plan, also there are no suspended projects as on 31st March 2026.

For Property Plant & Equipment and Intangible Assets existing as on 1 April 2015 i.e. the date of transition to Ind AS, the Holding Company has used Indian GAAP carrying value as deemed cost as permitted by Ind AS 101 "First Time Adoption of Indian Accounting Standard". Accordingly, the net WDV as per Indian GAAP as on 1 April 2015 has been considered as Gross block under Ind AS. The accumulated depreciation is netted off as on 1 April 2015.

Ageing Schedule of Capital Work in Progress as at March 31, 2026 (₹ in Crores)
Particulars	Amount of CWIP for a period of				Total
	Less than 1 Year	1-2 Year	2-3 Year	More than 3 Year
Project in Progress	401.48	49.35	-	-	450.83
As at 31st March 2026	401.48	49.35	-	-	450.83

Property, Plant and Equipment, Capital Work in Progress and Other Intangible Assets as at March 31, 2025
(€ in Crores)

Description	Gross Block				Accumulated Depreciation/Amortisation				Net Block
	As at 1st April, 2024	Additions	Deduction / Adjustments	As at 31st March, 2025	As at 1st April, 2024	For the Year	On Deduction / Adjustment	As at 31st March, 2025	As at 31st March, 2025	As at 31st March, 2024
3.1 TANGIBLE ASSET
Freehold Land	15.27	-	-	15.27	-	-	-	-	15.27	15.27
Right of Use Asset - Lease Hold Land	197.42	-	-	197.42	4.08	2.29	-	6.37	191.05	193.34
Building	233.63	23.50	0.12	257.01	52.90	9.63	0.03	62.50	194.51	180.73
Right of Use Asset - Building	5.84	9.02	0.16	14.70	4.77	2.00	-	6.77	7.93	1.07
Plant & Machineries	1,495.01	573.51	45.77	2,022.75	479.39	98.66	42.65	535.40	1,487.35	1,015.62
Captive Power Plant & Equipments	407.04	-	-	407.04	78.89	14.29	-	93.18	313.86	328.15
Furnitures & Fixtures	7.71	0.21	-	7.92	2.43	0.74	-	3.17	4.75	5.28
Office Equipment	5.87	0.76	-	6.63	1.60	1.14	-	2.74	3.89	4.27
Vehicles	2.43	0.01	0.16	2.28	2.02	0.28	0.08	2.22	0.06	0.41
Computers	1.35	0.38	-	1.73	0.81	0.30	-	1.11	0.62	0.54
TOTAL (A)	2,371.57	607.39	46.21	2,932.75	626.89	129.33	42.76	713.46	2,219.29	1,744.68
3.3 INTANGIBLE ASSET
Usage Rights	26.21	-	-	26.21	9.48	2.47	-	11.95	14.26	16.73
Technical Know-How	8.03	-	-	8.03	2.80	0.76	-	3.56	4.47	5.23
TOTAL (B)	34.24	-	-	34.24	12.28	3.23	-	15.51	18.73	21.96
TOTAL (A+B)	2,405.81	607.39	46.21	2,966.99	639.17	132.56	42.76	728.97	2,238.02	1,766.64

Property, Plant and Equipment, Capital Work in Progress and Other Intangible Assets as at March 31, 2025 (Contd.)

Particulars	Amount
Cost
As at 31st March 2024	482.84
Addition during the Year	176.24
Capitalisation	(595.19)
As at 31st March 2025	63.89

As on 31st March, 2025 there are no Projects whose completion are overdue or exceed its cost as compare to plan, also there are no suspended projects as on 31st March 2025.

Ageing Schedule of Capital Work in Progress as at March 31,2025 (₹ in Crores)
Particulars	Amount of CWIP for a period of				Total
	Less than 1 Year	1-2 Year	2-3 Year	More than 3 Year
Project in Progress	63.89	-	-	-	63.89
As at 31st March 2025	63.89	-	-	-	63.89

4. Financial Assets : Investments

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Investment in Equity Shares of Associate at Cost (Unquoted)
Equity Shares of ₹10 each in Renew Green (GJS Three) Pvt Limited	21.17	21.54
1,86,73,455 (31 March 2025 : 1,86,73,455)
Equity Shares of ₹10 each in Pro-Zeal Green Power Ten Pvt Limited	(0.54)	-
1,30,000 (31 March 2025 : Nil)
Investment - Others (Unquoted)
24,500 Equity Shares (31 March 2025 : 24,500) Shares Of - Meghmani Foundation	0.03	0.03
Impairment of investment in Equity Share of - Meghmani Foundation	(0.03)	(0.03)
Investment in Debentures (at amortised cost) (Unquoted)
0.0001% Optionally Convertible Debentures of ₹10 each in Pro-Zeal Green Power Ten Pvt Ltd. 21,25,400 (31 March 2025 : Nil)	2.13	-
Aggregate book value of Unquoted Investment	22.76	21.54

During the year ended March 31, 2026, the Holding Company had entered into Share Subscription and Shareholders' Agreement (SSSA) with 'Prozeal Green Power Private Limited' (Promoter) and 'Pro-Zeal Green Power Ten Private Limited' (Power Producer) whereby the Holding Company has agreed to invest ₹0.13 Crores for 26% equity share capital of the Power Producer and ₹21.25 Crores in Optionally Convertible Debentures of the Power Producer. The Power Producer company is in the process of developing and operating 19.80 MW 'Wind Solar Hybrid Power plant in Gujarat. The Company had further entered into "Energy Supply Agreement" (ESA) with Power Producer whereby the Holding Company will purchase minimum 51% of the power generated by Power Producer for a period of 25 years.

Pursuant to above agreement the Holding Company has invested ₹0.13 Crores in equity share capital and ₹2.13 Crores in Non cumulative Optionally Convertible Debentures of Power Producer.

Notes:

a) Terms of Optionally Convertible Debentures (OCDs) are as under:

5. Other Financial Assets (Non-Current)

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Security Deposits	6.92	7.27
Bank Deposits with original maturity of more than 12 months (including interest accrued) (refer note below)	50.10	0.03
Total	57.02	7.30

Note:

261

6. Non Current Tax Assets (net)

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Advance payment of Income Tax (Net of Provision)	14.29	16.33
Total	14.29	16.33

7. Other Non-Current Assets

(₹ in Crores)

8. Inventories (valued at lower of cost or net realisable value)

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Raw Materials (including in Transit ₹13.06 Crore (31^{st} March 2025: ₹14.63 Crore))	130.96	242.47
Work-in-Progress	20.93	4.17
Finished Goods	118.36	72.92
Finished Goods In transit	5.86	7.12
Consumable Stores and Spares	69.14	59.05
Others (Packing Materials)	3.38	2.26
Total	348.63	387.99

9. Investments

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Investment at Fair Value through Profit and Loss (FVTPL)
Investment in Units of Mutual Funds (quoted)	-	76.60
Total	-	76.60
Aggregate amount of Quoted investments and Market Value thereof	-	76.60

9. Investments (contd.)

Note: Details of Investments
(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
SBI Liquid Funds Direct Growth (Units : Nil (31^{st} March 2025 : 42,488.35))	-	17.23
Bandhan Liquid Fund -Direct Growth Fund (Units : Nil(31^{st} March 2025 : 61,220.65))	-	19.18
Kotak Equity Arbitrage Fund (Units : Nil (31^{st} March 2025 : 51,05,054.52))	-	20.09
Tata Mutual Funds (Units : Nil (31^{st} March 2025 : 1,35,41,751.34))	-	20.10
Aggregate market value of Quoted investments	-	76.60
Aggregate amount of impairment in the value of investment	-	-

10. Trade Receivables

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Trade Receivables - Related Parties (refer note 38)	44.60	48.79
Trade Receivables - Others	371.93	183.53
Total Trade Receivables	416.53	232.32
Break-up for security details:
Secured, Considered Good	6.60	6.12
Unsecured, Considered Good	409.93	226.20
Trade Receivables which have significant increase in Credit Risk	-	-
Trade Receivables - Credit Impaired	-	-
Total	416.53	232.32
Impairment allowance (allowance for bad and doubtful debts)
Unsecured, Considered Good	-	-
Trade Receivables which have significant increase in Credit Risk	-	-
Trade Receivables - Credit Impaired	-	-
Total	416.53	232.32

Trade Receivable are secured to the extent of deposit received from the Customers.

For amount due and terms and conditions relating to related party, please refer note no 38.

No Trade or Other Receivable are due from Directors or other Officers of the Holding Company either severally or jointly with any other person.

For information about Credit Risk and Market Risk related to Trade Receivables, please refer note no 44.

10. Trade Receivables (contd.)

Trade Receivables Ageing Schedule
(₹ in Crores)

As at 31 March 2026	Current but Not Due	Outstanding for following periods from due date of payment					Total
		Less than 6 Months	6 Months - 1 Year	1-2 Years	2-3 Years	More than 3 Years
Undisputed Trade Receivables - Considered good	339.48	75.81	0.63	0.60	0.01	0.00	416.53
Undisputed Trade Receivables - Which have significant increase in Credit Risk	-	-	-	-	-	-	-
Undisputed Trade Receivables - Credit impaired	-	-	-	-	-	-	-
Disputed Trade Receivables - Considered good	-	-	-	-	-	-	-
Disputed Trade Receivables - Which have significant increase in Credit Risk	-	-	-	-	-	-	-
Disputed Trade Receivables - Credit impaired	-	-	-	-	-	-	-
Total	339.48	75.81	0.63	0.60	0.01	0.00	416.53

As at 31 March 2025	Current but Not Due	Outstanding for following periods from due date of payment					Total
		Less than 6 Months	6 Months - 1 Year	1-2 Years	2-3 Years	More than 3 Years
Undisputed Trade Receivables - Considered good	176.29	52.85	2.94	0.24	-	-	232.32
Undisputed Trade Receivables - Which have significant increase in Credit Risk	-	-	-	-	-	-	-
Undisputed Trade Receivables - Credit impaired	-	-	-	-	-	-	-
Disputed Trade Receivables - Considered good	-	-	-	-	-	-	-
Disputed Trade Receivables - Which have significant increase in Credit Risk	-	-	-	-	-	-	-
Disputed Trade Receivables - Credit impaired	-	-	-	-	-	-	-
Total	176.29	52.85	2.94	0.24	-	-	232.32

There are no unbilled receivables as at March 31,2026 and March 31,2025, hence the same is not disclosed in the ageing Schedule.

11. Cash and Cash Equivalents

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Balance with Banks
- In Current Accounts	5.00	8.63
- Deposits with original maturity of less than three months (refer note below)	-	10.00
Cash on Hand	0.02	0.01
Total	5.02	18.64

Deposits are made for varying periods of between 5 days to 90 days and earn average interest rate of 4.75% to 5.00%

12. Bank Balances other than Cash and Cash Equivalents

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Balance with Banks earmarked for Corporate Social Responsibility Expenses	0.37	3.50
Balance with Banks earmarked for Unpaid Dividend	0.07	0.05
Total	0.44	3.55

There are no amounts due and outstanding to be credited to the Investor Education and Protection Fund as at 31st March, 2026 and 31st March, 2025

13. Loans

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Unsecured, Considered Good (Current)
Loans to Employees (refer note below)	0.35	0.39
Total	0.35	0.39

Loans to Employees are interest free and generally given for tenure of 6 to 12 months

Since all the above loans given by the Holding Company are unsecured and considered good, the bifurcation of loan in other categories as required by Schedule III of Companies Act 2013 via: a) Secured, b) Loans which have significant increase in credit risk and c) Credit Impaired is not applicable.

There are no Loans and Advances due by Directors or other Officers of the Holding Company or any of them either severally or jointly with any other person or amounts due by firms or private companies respectively in which any director is a Partner or a Director or a Member.

14. Other Financial Assets (Current)

(₹ in Crores)

14. Other Financial Assets (Current) (Contd.)

Particulars	As at March 31, 2026	As at March 31, 2025
Other Receivables (refer note (iii) below)	0.49	9.54
Total	7.78	40.06

(i) The Holding Company will be receiving financial assets at the time of realisation, accordingly the same has been classified as other current financial assets.

(ii) Government Grants pertains to SGST refund receivable for the applications made by the Company under Scheme for Incentive to Industries.

15. Other Current Assets

(i) Company expects to utilize the export licences for payment of duties, accordingly the same has been classified as other current assets.

(ii) Balance with Government Authorities include VAT / Cenvat / Goods and Service Tax credit Receivable, net of liabilities.

16. Share Capital

Particulars	As at March 31, 2026	As at March 31, 2025
Authorised Share Capital
Equity Shares of ₹10 each
12,05,00,000 Equity Shares (31st March 2025: 12,05,00,000) each Share of ₹10/-	120.50	120.50
Preference Shares of ₹100 each
20,00,000 Preference Shares (31st March 2025: 20,00,000) each Share of ₹100/-	20.00	20.00
Preference Shares of ₹10 each
43,26,28,796 Preference Shares (31st March 2025: 43,26,28,796) each Share of ₹10/-	432.63	432.63
Total Authorised Capital	573.13	573.13

16. Share Capital (Contd.)

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
ISSUED, SUBSCRIBED and FULLY PAID UP
Equity Share Capital
4,31,41,338 Equity Shares (31st March 2025: 4,31,41,338) each of ₹10 /- Fully Paid Up	43.14	43.14
Total	43.14	43.14

Reconciliation of Shares outstanding at the beginning and at the end of the Year

(₹ in Crores)

Equity Share Capital	No. of Shares	Amount
As at 1st April 2024	4,15,50,158	41.55
Share issue During the Year (refer note (ii) below)	15,91,180	1.59
As at 31st March 2025	4,31,41,338	43.14
Change During the Year	-	-
As at 31st March 2026	4,31,41,338	43.14

(i) Equity Share:

The Holding Company has only one class of Equity Shares with par value of ₹10 per share. Each Equity Shareholder is entitled to one vote per share. All Equity Shareholders have equal dividend rights. In the event of liquidation of the Holding Company, the holders of Equity Shares will be entitled to receive the remaining assets of the Holding Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the shareholders.

(ii) During the previous year, the Holding Company basis approval of Fund Raising Committee in their meeting dated October 24, 2024 has issued 15,91,180 Equity Shares of face value of ₹10 each in a Qualified Institutional Placement (QIP) pursuant to Chapter VI of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, at an issue price of ₹2,093.13 per Equity Share (including securities premium of ₹2,083.13 per Equity Share) aggregating to ₹333.05 Crore. The Holding Company has received listing and trading approval for the shares issued from BSE Limited and National Stock Exchange of India Limited on October 25, 2024 and October 28, 2024 respectively.

Pursuant to allotment of above mentioned Equity Shares, the paid up share capital of the Holding Company increased from ₹41.55 Crore comprising 4,15,50,158 Equity Shares to ₹43.14 Crore comprising 4,31,41,338 Equity Shares. In accordance with Ind AS 32, the transaction costs amounting ₹8.33 Crore in relation to QIP has been accounted for as deduction from equity under Securities Premium.

During the previous year ended March 31, 2025, the Holding Company had utilised the proceeds for repayment of existing debt of the Holding Company amounting to ₹250.00 Crore, for funding capital expenditure amounting to ₹30.00 Crore and for General Corporate Purpose (including share issue expenses) amounting to ₹53.05 Crore.

(iii) There are no shares allotted as fully paid-up by way of bonus shares or allotted as fully paid up pursuant to a contract, without payment being received in cash, or bought back during the period of five years immediately preceding the reporting date.

(iv) There are no outstanding securities which are convertible into equity shares.

Details of Shareholding (more than 5% Equity Shares)

(in numbers)

Particulars		As at March 31, 2026	As at March 31, 2025
(a)	Natwarlal Patel	41,76,851	41,76,851
	% of Share held	9.68%	9.68%
(b)	Ashish Soparkar	63,19,857	63,19,857
	% of Share held	14.65%	14.65%

16. Share Capital (Contd.)

(in numbers)

Particulars		As at March 31, 2026	As at March 31, 2025
(c)	Jayanti Patel	35,76,707	35,76,707
	% of Share held	8.29%	8.29%
(d)	Ramesh Patel	29,29,569	29,29,569
	% of Share held	6.79%	6.79%
(e)	Maulik Patel	22,39,091	22,39,091
	% of Share held	5.19%	5.19%

Promoters' Shareholding

Promoter Name (31 March 2026)	No of Share at the beginning of the Year	Change during the Year	No of Share at the end of the Year	% of Total share	% Change during the Year
Ashish Soparkar	63,19,857	-	63,19,857	14.65%	0.00%
Natwarlal Patel	41,76,851	-	41,76,851	9.68%	0.00%
Jayanti Patel	35,76,707	-	35,76,707	8.29%	0.00%
Ramesh Patel	29,29,569	-	29,29,569	6.79%	0.00%
Maulik Patel	22,39,091	-	22,39,091	5.19%	0.00%
Anand Patel	18,16,644	-	18,16,644	4.21%	0.00%
Kaushal Soparkar	22,929	-	22,929	0.05%	0.00%
Promoter Name (31 March 2025)	No of Share at the beginning of the Year	Change during the Year	No of Share at the end of the Year	% of Total share	% Change during the Year
---	---	---	---	---	---
Ashish Soparkar	46,19,857	17,00,000	63,19,857	14.65%	36.80%
Natwarlal Patel	41,76,851	-	41,76,851	9.68%	0.00%
Jayanti Patel	35,76,707	-	35,76,707	8.29%	0.00%
Ramesh Patel	29,29,569	-	29,29,569	6.79%	0.00%
Maulik Patel	21,98,074	41,017	22,39,091	5.19%	1.87%
Anand Patel	18,16,644	-	18,16,644	4.21%	0.00%
Kaushal Soparkar	17,22,929	(17,00,000)	22,929	0.05%	-98.67%

Dividend Distribution made and proposed

Particulars	As at March 31, 2026	As at March 31, 2025
Dividend on Equity shares declared and paid:
Interim Dividend for 31 March 2026 : ₹ Nil per share
(31 March 2025 : ₹2.50 per share)	-	10.79
Proposed Dividend on Equity shares:
Proposed Dividend for 31 March 2026 : ₹5.00 per share
(31 March 2025 : ₹3.50 per share)	21.57	15.10

Proposed Dividends on Equity Shares are subject to approval at the Annual General Meeting and are not recognised as a Liability as at 31 March.

268

17. Other Equity

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Security Premium
Balance as at the beginning of the Year	323.13	-
Premium received on issue of Equity Share Capital.	-	331.46
Share Issue Expenses	-	(8.33)
Balance as at the end of the Year	323.13	323.13
Capital Reserve
Balance as at the beginning of the Year	(246.68)	(246.68)
Balance as at the end of the Year	(246.68)	(246.68)
Retained Earnings
Balance as at the beginning of the Year	1,784.94	1,459.23
Add: Profit for the Year	331.97	357.69
Add: Other Comprehensive Income for the Year	0.03	(0.42)
Less: Dividend Paid	(15.10)	(31.56)
Balance as at the end of the Year	2,101.84	1,784.94
Total	2,178.29	1,861.39

Securities Premium

Securities Premium pertains to issue of Equity Shares during the year in a Qualified Institutional Placement (QIP) (refer note 16).

Capital Reserve

Retained Earnings

Retained earnings are the profits that the Holding Company has earned till date, less any transfer to General Reserve, Dividend paid to Shareholders. It also includes Re-measurement gain/(loss) on defined benefit plans that will not be re-classified to the Statement of Profit and Loss.

18. Borrowings

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Term Loan Facilities from Banks:
Indian Rupee loan (Secured) (refer note below)	333.69	448.97
Total Non-Current Borrowing	333.69	448.97
[refer note 21 for Current Maturities of Term Loan from Banks ₹115.28 Crore (31^{st} March 2025 : ₹86.11 Crore)]
The above amounts include:
Secured borrowing	333.69	448.97
Unsecured borrowing	-	-

refer note - 44 For Interest Rate Risk and Liquidity Risk.

18. Borrowings (Contd.)

Details of Security and Repayment Terms :

i) The Holding Company has availed following Rupee Term Loan facilities:

The Holding Company has entered into a cross currency swap ("CCS") transaction on the said Rupee Term loan facility whereby outstanding Rupee Term loan of ₹256.27 Crore has been swapped with notional principal of EUR 2.83 Crore. As per the terms of CCS agreement, the Holding Company receives interest at 9.15% p.a. on notional principal outstanding in INR and pays interest at 5.18% p.a. on notional principal of EUR at monthly rest. The notional principal will be settled in EURO by the Company in exchange of INR on quarterly basis starting from financial year 2024-25.

3) The Term Loan facilities are secured by first pari passu mortgage charge of all immovable properties of the Holding Company and first pari passu hypothecation charge over all the movable assets of the Holding Company.

ii) The Holding Company has executed an Indenture of Mortgage with Lenders of above term loans (Secured Parties) by creating mortgages on Immovable properties of the Holding Company by creating a charge by way of registered mortgage. According to the indenture, all the Secured Parties will share pari passu charge with first ranking and priority over the Immovable Properties of the Holding Company, both present and future.

iii) Bank loans availed by the Holding Company are subject to certain covenants relating to Interest Service Coverage Ratio, Current Ratio, Debt Service coverage Ratio, Total Outside Liabilities to Total Net Worth, Fixed Assets Coverage Ratio, Ratio of Total Term Liabilities to Net Worth and Return on Property, Plant and Equipments. The Holding Company has complied with the covenants as per the terms of the loan agreements.

iv) The Holding Company has not defaulted for any repayment of Borrowings and Interest during the year.

19. Other Non Current Financial Liabilities

Particulars	As at March 31, 2026	As at March 31, 2025
Mark to Market Derivative Instrument valued at Fair Value Through Profit and Loss	15.40	3.38
Total	15.40	3.38

The Holding Company has entered into a cross currency swap ("CCS") transaction on the Rupee Term loan facility refer note 18. The change in fair value of CCS has been recognized in Finance Cost. Refer note 44 for fair value hierarchy.

20. Long Term Provisions

21. Borrowings (Current)

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Secured Loans
Rupee Loans repayable on Demand
Cash Credit /WCDL Facility from Banks	114.02	49.50
Current Maturities of Long-Term Debt ( refer note 18)	115.28	86.11
Total	229.30	135.61

Note:

The Holding Company has sanctioned Working Capital Facility of ₹600.00 Crore (31st March 2025: ₹400.00 Crore) as sanctioned limit from consortium comprising of ICICI Bank Limited ₹140.00 Crore, Standard Chartered Bank ₹110.00 Crore and HDFC Bank Ltd. ₹80.00 Crore, State Bank of India ₹100.00 Crore, Axis Bank ₹50.00 Crore and Kotak Mahindra Bank ₹120.00 Crore.

Rate of interest stipulated by ICICI Bank Limited is 6 Month MCLR +Nil spread on the principal amount remains outstanding each day.

Rate of interest stipulated by Standard Chartered Bank is monthly MCLR .

Rate of interest stipulated by HDFC Bank Limited is as per prevailing 6 Month MCLR + Nil Spread

Rate of interest stipulated by Kotak Mahindra Bank is 6 month MCLR +NIL Spread.

Rate of interest stipulated by Axis Bank is 6 month MCLR +NIL Spread.

Rate of interest stipulated by State Bank of India is 6 month MCLR +NIL Spread.

The Holding Company has not defaulted for any repayment of Borrowings and Interest during the year.

The Holding Company submits quarterly statements of assets mortgaged and the same are in agreement with the books.

22. Trade Payables

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Outstanding dues of Micro and Small Enterprise (refer note 41)	25.23	24.72
Outstanding dues of Creditors other than Micro and Small Enterprise	234.47	160.96
Total	259.70	185.68

Trade Payables are non-interest bearing and are normally settled on 90-360 days terms.

For amounts due to Related Parties and terms and conditions with Related Parties, refer note 38.

For Holding Company's Credit Risk management processes refer note 44.

22. Trade Payables (Contd.)

Trade Payables Ageing Schedule
(₹ in Crores)

As at 31 March 2026	Unbilled Dues	Current but Not Due	Outstanding for following periods from due date of payment				Total
			Less than 1 year	1-2 year	2-3 year	More than 3 year
Total outstanding dues of Micro and Small Enterprise	3.64	12.02	9.36	0.18	0.03	-	25.23
Total outstanding dues of creditors other than Micro and Small Enterprise	48.15	155.14	30.97	0.08	0.06	0.07	234.47
Disputed outstanding dues of Micro and Small Enterprise	-	-	-	-	-	-	-
Disputed outstanding dues of creditors other than Micro and Small Enterprise	-	-	-	-	-	-	-
Total	51.79	167.16	40.33	0.26	0.09	0.07	259.70

As at 31 March 2025	Unbilled Dues	Current but Not Due	Outstanding for following periods from due date of payment				Total
			Less than 1 year	1-2 year	2-3 year	More than 3 year
Total outstanding dues of Micro and Small Enterprise	3.65	10.64	10.44	-	-	-	24.72
Total outstanding dues of creditors other than Micro and Small Enterprise	8.50	132.31	18.92	0.07	1.05	0.12	160.96
Disputed outstanding dues of Micro and Small Enterprise	-	-	-	-	-	-	-
Disputed outstanding dues of creditors other than Micro and Small Enterprise	-	-	-	-	-	-	-
Total	12.15	142.95	29.36	0.07	1.05	0.12	185.68

23. Other Current Financial Liabilities

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Financial Liabilities carried at Amortised Cost
Interest/Dividend accrued but not due on Borrowing/RPS	1.34	5.01
Capital Creditors (refer note (i) below)	66.52	42.74
Security Deposits Payable	12.37	13.43
Employee Benefits Payable	29.05	36.05
Payable for unclaimed Dividend (refer note (ii) below)	0.07	0.05
Financial Liabilities carried at Fair Value through Profit and Loss
Mark to Market Derivative Instrument (refer note 19)	12.31	1.50
Total	121.66	98.78

24. Other Current Liabilities

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Advances from Customers	3.29	6.45
Statutory and Other Dues Payables	75.78	61.07
Total	79.07	67.52

25. Short Term Provisions

(₹ in Crores)

26. Current Tax Liabilities (Net)

(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Current Tax Payable (net)	10.18	0.25
Total	10.18	0.25

27. Revenue from Operations

(₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Sales of Products
Sale of products	2,443.95	2,467.16
Sale of By-product	51.53	47.24
Sales of Products	2,495.48	2,514.40
Other Operating Revenue
Export Benefits and Other Incentives	25.96	32.20
Scrap Sales	5.74	3.53
Total Other Operating Revenue	31.70	35.73
Total	2,527.18	2,550.13

27.1 Disaggregated Revenue Information

Set out below is the disaggregation of the Holding Company's revenue from Contracts with Customers:
(₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Type of Goods or Service
Chlor Alkali & its Derivatives	2,443.95	2,467.16
Other	51.53	47.24
Total Revenue from Contracts with Customers	2,495.48	2,514.40
Geographical location of Customer
India	2,418.30	2,345.42
Outside India	77.18	168.98
Total Revenue from Contracts with Customers	2,495.48	2,514.40

27. Revenue from Operations (Contd.)

(₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Timing of Revenue Recognition
Goods transferred at a point in time	2,495.48	2,514.40
Total Revenue from Contracts with Customers	2,495.48	2,514.40

27.2 Contract balances

The Holding Company has recognised the following Revenue-related Contract Asset and Liabilities
(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Trade Receivables (refer note 10)	416.53	232.32
Advance from Customers (refer note 24)	3.29	6.45

Details of revenue recognised from opening contract liabilities:
(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Revenue recognised out of contract liabilities outstanding at the beginning of the year	6.45	12.41

Changes in contract liabilities are mainly due to revenue recognised against the same.

Trade Receivable are secured to the extent of deposits received from the Customers.

Advance from Customers represents Short Term Advance received from Customers towards Sale of Products.

27.3 Reconciling the amount of Revenue recognised in the Statement of Profit and Loss with the Contracted price

(₹ in Crores)

(Net of amount capitalised during the trial run amounting to ₹ Nil (March 31, 2025: ₹5.63)

27.4 Performance Obligation

All sales are made at a point in time and revenue recognised upon satisfaction of the performance obligations which is typically upon dispatch/ delivery. The Holding Company does not have any remaining performance obligation for sale of goods or services which remains unsatisfied as at March 31, 2026 or March 31, 2025. Applying the practical expedient as given in Ind AS 115, the Holding Company has not disclosed the remaining performance obligation related disclosures for contracts where the revenue recognised corresponds directly with the value to the customer of the entity's performance completed to date

27.5 Information about Major Customers

No single Customer represents 10% or more of the Holding Company's total Revenue during the year ended 31st March 2026 and 31st March 2025.

27.6 Refer note 39 for segmental information.

28. Other Income

(₹ in Crores)

29. Cost of Materials Consumed

(₹ in Crores)

30. Change In Inventories Of Finished Goods, Work in Progress and Stock in Trade

(₹ in Crores)

31. Employee Benefit Expenses

(₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Salaries and Wages	101.93	86.16
Directors Remuneration (refer note 38)	13.40	16.67
Contribution to Provident and Other Funds (refer note 37)	7.17	4.62
Staff Welfare Expenses	7.16	7.03
Total	129.66	114.48

32. Finance Costs

(₹ in Crores)

33. Power and Fuel Expenses

(₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Power and Fuel	121.02	104.48
Electricity Duty on Power Generation	35.38	25.60
Total	156.40	130.08

34. Other Expenses

(₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Consumption of Stores and Spares	40.14	31.83
Consumption of Packing Materials	26.85	23.98
Repairs and Maintenance:
- Buildings	2.79	2.27
- Plant and Machinery	21.27	15.72
Rent ( refer note 42)	6.76	13.00
Rates and Taxes	3.81	3.33
Insurance	6.63	4.64
Contract Labour Charges	22.00	19.80
Selling and Promotion Expenses	25.83	45.13
Water Charges	54.91	49.56
Expenditure towards Corporate Social Responsibility (refer not (i) below)	8.99	7.98
Payments to the Auditors (refer note (ii) below)	0.35	0.37
Reasearch & Development Expenses (refer note (iii) below)	0.86	0.55
Miscellaneous Expenses (refer note (iv) below)	23.14	23.20
Total	244.33	241.36

(i) Corporate Social Responsibility Expenditure

(₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Amount required to be spent during the Year	8.99	7.98
Amount approved by the Board to be spend during the Year	8.99	7.98
Amount Spent during the year in Cash	1.02	7.98
i. Construction / Acquisition of an Assets	-	-
ii. On purpose other than (i) above	1.02	7.98
Details related to spent/unspent obligation
i) Contribution to Public Trust		-
ii) Contribution to Charitable Trust	1.02	7.98
iii) Unspent amount for ongoing Project	7.97	-

Details of Ongoing Projects :

(₹ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
In case of Section 135(6) (Ongoing Project)
Opening Balances
With Company
In Separate CSR unspent account	3.50	3.95
Amount required to be spent during the year	8.99	7.98
Amount spent during the year
From Company's bank account	1.02	7.98
From Separate CSR unspent account	3.13	0.45
Closing balances
With Company
In Separate CSR unspent account (refer note below)	0.37	3.50
In Company's bank account to be transferred to separate CSR account before April 30, 2026	7.97	-

Includes amount transferred to separate CSR bank account as per section 135 of the Companies Act, transferred subsequent to the year end on April 30, 2026.

Refer note 38 for Contribution to CSR foundation

Nature of CSR Activities

(i) Eradicating hunger, poverty and malnutrition, promoting health care including preventive health and sanitation, plantation for environment sustainability.

(ii) Safeguarding environmental sustainability by plantation activities.

(iii) Promoting education including special education and employment enhancing vocation skills in educational institutes.

(ii) Payment to Auditors (excluding Tax)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
(a) Statutory Audit Fees	0.32	0.32
(b) Reimbursement of Expenses	0.03	0.05
Total	0.35	0.37

Fees of ₹ Nil (31st March 2025 : ₹0.40 Crore) in relation to Qualified Institution Placement is disclosed as a reduction from Securities Premium.

(iii) Research & Development Expenses

The Holding Company's R&D Center is a hub of innovation, driving advancements in the specialty chemicals sector. Equipped with state-of-the-art facilities, the team of Scientists and Researchers focuses on developing new molecules and advanced specialty intermediates. The Holding Company's R & D has been recognized by the Department of Scientific and Industrial Research (DSIR) and Ministry of Science & Technology.

Capital Expenditure is included in Property, Plant & Equipment and depreciation is provided at the respective applicable rates.
Details of Revenue expenditure (excluding depreciation and amortisation expenses) incurred on R&D which is mainly related to product development/improvement has been included in the respective account heads in the statement of accounts.

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
(a) Capital Expenditure (included in note 3.1)	0.15	0.24
(b) Revenue Expenditure (as below)	3.02	2.19
Employee Benefit Expenses (included in note 31)	1.80	1.31
Power and Fuel Expenses (included in note 33)	0.09	0.11
Other Expenses (included in note 34)
Reasearch & Development Expenses	0.86	0.55
Miscellaneous Expenses	0.27	0.22
Total (a) + (b)	3.17	2.43

(iv) Does note include any item of expenditure with a value of more than 1% pf Revenue from Operation.

35. Disclosure of Earning Per Share

Basic and Diluted EPS amounts are calculated by dividing the profit for the year attributable to Equity Shareholders by the weighted average number of Equity Shares outstanding during the year.

The following reflects the Income and Share used in the Basic and Diluted EPS computation:

36. Tax expense

(a) Amounts recognised in Profit and Loss
(₹ in Crores)

Particulars	Year ended March 31, 2026	Year ended March 31, 2025
Current Tax
Current Income Tax	82.98	98.17
Adjustment of Tax relating to Earlier Periods	1.68	-
Deferred Tax
Deferred Tax Expenses	(76.57)	85.23
Adjustment of Tax relating to Earlier Periods	0.70	-
Tax Expense for the Year	8.79	183.40

(b) Amounts recognised in Other Comprehensive Income
(₹ in Crores)

Particulars	March 31, 2026			March 31, 2025
	Before Tax	Tax (expense)/benefit	Net of Tax	Before Tax	Tax (expense)/benefit	Net of Tax
Items that will not be reclassified to Profit or Loss
Remeasurements of the Defined Benefit Plans	0.04	(0.01)	0.03	(0.65)	0.23	(0.42)
Total	0.04	(0.01)	0.03	(0.65)	0.23	(0.42)

36. Tax expense (Contd.)

(d) Movement in Deferred Tax balances for the year ended 31st March 2026

(e) Movement in Deferred Tax balances for the year ended 31st March 2025

Particulars	Net balance 1st April 2024	Recognised in Profit and Loss	Recognised in OCI	March 31, 2025
				Net	Deferred Tax Asset	Deferred Tax Liability
Property, Plant and Equipment (including Lease Assets)	(248.60)	(48.04)	-	(296.63)	-	(296.63)
Employee Benefits	1.60	0.54	0.23	2.36	2.36	-
Lease Liabilities	(1.32)	(0.76)	-	(2.09)	-	(2.09)
Tax Credit (MAT)	38.18	(38.18)	-	-	-	-
Others	1.50	1.21	-	2.71	2.71	-
Tax Assets/ (Liabilities)	(208.65)	(85.23)	0.23	(293.65)	5.07	(298.72)
Set off tax						5.07
Net Tax Assets/ (Liabilities)						(293.65)

37. Gratuity and other Employment Benefit Plans

(a) Retirement Benefits

Table 1: Reconciliation of Defined Benefit Obligation (DBO)
(₹ in Crores)

Particulars	March 31, 2026	March 31, 2025
Opening balance of Defined Benefit Obligation	11.20	8.88
Service Cost
a. Current Service Cost	2.53	2.04
b. Past Service Cost	1.69	-

37. Gratuity and other Employment Benefit Plans (Contd.)

Table 1: Reconciliation of Defined Benefit Obligation (DBO)
(€ in Crores)

Particulars	March 31, 2026	March 31, 2025
c. Loss/(Gain) from Settlement	-	-
Interest Cost	0.72	0.62
Benefits Paid	(0.99)	(0.71)
Benefits Paid Directly from company	-	(0.26)
Re-measurements
a. Actuarial Loss/(Gain) from changes in demographic assumptions	-	-
b. Actuarial Loss/(Gain) from changes in financial assumptions	(0.21)	0.43
c. Actuarial Loss/(Gain) from experience over the past period	0.28	0.19
Effect of acquisition/ (divestiture)
Changes in foreign exchange rates
a. Actuarial (Loss)/Gain from change in demographic assumptions	-	-
Closing balance of the Defined Benefit Obligation	15.22	11.20

Table 2: Reconciliation of Fair Value of Plan Assets
(€ in Crores)

Particulars	March 31, 2026	March 31, 2025
Opening balance of Fair Value of Plan Assets	8.24	5.67
Contributions by Employer	3.21	2.86
Benefits Paid	(0.99)	(0.71)
Interest Income on Plan Assets	0.60	0.45
Re-measurements
a. Actuarial (Loss)/Gain from changes in financial assumptions	-	-
b. Return on plan assets excluding amount included in net interest on the net Defined Benefit Liability/(Asset)	0.11	(0.03)
Closing balance of Fair Value of Plan Assets	11.17	8.24
Actual Return on Plan Assets	0.70	0.42
Expected Employer Contributions for the coming period	7.00	3.00

Table 3: Expenses Recognised in the Profit and Loss Account
(€ in Crores)

Particulars	For the Year ended March 31, 2026	For the Year ended March 31, 2025
Service Cost
a. Current Service Cost	2.53	2.04
b. Past Service Cost	1.69	-
c. Loss/(Gain) from Settlement	-	-
Net Interest on net Defined Benefit Liability/ (Asset)	0.12	0.18
Employer Expenses	4.34	2.22

37. Gratuity and other Employment Benefit Plans (Contd.)

Table 4: Net Liability/ (Asset) recognised in the Balance Sheet
(₹ in Crores)

Particulars	March 31, 2026	March 31, 2025
Present Value of DBO	15.22	11.20
Fair Value of Plan Assets	11.17	8.24
Liability/ (Asset) recognised in the Balance Sheet	4.05	2.95
Funded Status [Surplus/(Deficit)]	(4.05)	(2.95)
Of Which, Short term Liability	-	-
Experience Adjustment on Plan Liabilities: (Gain)/Loss	0.28	0.19
Experience Adjustment on Plan Assets: Gain/(Loss)	0.11	(0.03)

Table 5: Percentage Break-down of Total Plan Assets

Particulars	March 31, 2026	March 31, 2025
Investment Funds with Life Insurance Company	100%	100%
Of which, Conservative/ Non-Unit Linked	100%	100%
Total	100%	100%

Note: None of the assets carry a quoted market price in an active market or represent the Company's own transferable financial instruments or are property occupied by the Holding Company.

Table 6: Actuarial Assumptions

Particulars	March 31, 2026	March 31, 2025
Salary Growth Rate	10% p.a.	10% p.a.
Discount Rate	6.6%p.a	7 %p.a
Withdrawal Rate	12% p.a.	12% p.a.
Mortality	IALM 2012-14 Ult.	IALM 2012-14 Ult.
Expected Return on Plan Assets	6.4%p.a	7%p.a
Expected weighted average remaining working life	5 years	5 years

Table 7: Movement in Other Comprehensive Income
(₹ in Crores)

Particulars	March 31, 2026	March 31, 2025
Opening Balance (Loss)/Gain	(2.53)	(1.88)
Re-measurements on DBO
a. Actuarial (Loss)/Gain from changes in financial assumptions	0.21	(0.43)
b. Actuarial (Loss)/Gain from experience over the past period	(0.28)	(0.19)
c. Actuarial (Loss)/Gain from change in demographic assumptions	-	-
Re-measurements on Plan Assets
a. Actuarial (Loss)/Gain from changes in financial assumptions	-	-
b. Return on Plan assets, excluding amount included in net interest on the net Defined Benefit Liability/(Asset)	0.11	(0.03)
Other Comprehensive Income	0.04	(0.65)
Closing Balance (Loss)/Gain	(2.49)	(2.53)

37. Gratuity and other Employment Benefit Plans (Contd.)

Table 8: Sensitivity Analysis

Financial Year ended 31st March 2026	Increases 1%	Decreases 1%
Salary Growth Rate	DBO increases by ₹1.05 Crore	DBO decreases by ₹0.95 Crore
Discount Rate	DBO decreases by ₹0.97 Crore	DBO increases by ₹1.09 Crore
Withdrawal Rate	DBO decreases by ₹0.23 Crore	DBO increases by ₹0.25 Crore
Mortality (increase in expected lifetime by 1 year)	DBO increases by ₹0.00 Crore
Mortality (increase in expected lifetime by 3 years)	DBO increases by ₹0.00 Crore
Financial Year ended 31st March 2025	Increases 1%	Decreases 1%
---	---	---
Salary Growth Rate	DBO increases by ₹0.74 Crore	DBO decreases by ₹0.67 Crore
Discount Rate	DBO decreases by ₹0.69 Crore	DBO increases by ₹0.77 Crore
Withdrawal Rate	DBO decreases by ₹0.17 Crore	DBO increases by ₹0.18 Crore
Mortality (increase in expected lifetime by 1 year)	DBO increases by ₹0.00 Crore
Mortality (increase in expected lifetime by 3 years)	DBO increases by ₹0.00 Crore

Table 9: Movement in Surplus/ (Deficit)
(₹ in Crores)

Particulars	March 31, 2026	March 31, 2025
Surplus/ (Deficit) at start of Year	(2.96)	(3.21)
Current Service Cost	(2.53)	(2.04)
Past Service Cost	(1.69)	-
Net Interest on net DBO	(0.12)	(0.18)
Actuarial Gain/ (Loss)	0.04	(0.65)
Contributions	3.21	3.12
Surplus/ (Deficit) at end of Year	(4.05)	(2.95)

(b) Amount recognised as expense in respect of compensated absences is ₹1.36 Crores (31st March 2025 : ₹1.91 Crores)

Amount of provision for compensated absences as below :
(₹ in Crores)

Particulars	March 31, 2026	March 31, 2025
Non Current Liabilities	-	-
Current Liabilities	3.98	3.17

(c) Defined Contribution Plans

The Holding Company makes Provident Fund contributions to Defined Contribution Plans for qualifying employees. Under the schemes, the Holding Company is required to contribute a specified percentage of payroll costs to fund the benefits. The Holding Company has recognised Provident Fund contribution of ₹2.83 Crore (31st March 2025: ₹2.40 Crore) and contribution to labour welfare of ₹0.00 Crore (31st March 2025: ₹0.00 Crore) as expense in Note 31 under the head 'Contributions to Provident and Other Funds'

38. Related Parties Disclosures

Enterprises in which Key Managerial Personnel [KMP] & their relatives have significant influence :	Meghmani Organics Limited (MOL)
	Meghmani Dyes & Intermediates LLP (MDIL)
	Meghmani Industries Limited (MIL)
	Meghmani Pigments (MP)
	Trent Chemical Industries (Trent Chemicals)
	Arjan Owners LLP (Arjan)
	Meghmani Novotech Pvt Ltd (Meghmani Novotech)
	Meghmani LLP (MLLP)
	Atvantic Finechem Private Limited (Atvantic)
	Kilburn Chemicals Limited (Kilburn)
	Meghmani Foundation
	Voltamp Transformers Ltd (Voltamp)
	Crawford Bayley & Co (Crawford)
Key Managerial Personnel:	Mr. Maulik Patel (Chairman and Managing Director)
	Mr. Kaushal Soparkar (Executive Director)
	Mr. Gaurang Trivedi (Company Secretary)
	Mr. Sanjay Jain (Chief Financial Officer) (Upto August 31, 2025)
	Mr. Rakesh Agrawal (Chief Financial Officer) (w.e.f. November 10, 2025)
Relatives of Key Managerial Personnel:	Mr. Jayanti Patel
	Mr. Ashish Soparkar
	Mr. Natwarlal Patel
	Mr. Ramesh Patel
	Mr. Anand Patel
Non Executive Directors/Independent Directors:	Mr. Manubhai Patel
	Mr. Kanubhai Patel
	Mr. Sanjay Asher
	Mr. Raju Swami
	Ms. Priyanka Chopra (w.e.f February 28, 2025)
	Ms. Nirali Parikh (upto February 28, 2025)
	Mr. Ankit Patel
	Mr. Karana Patel
	Mr. Darshan Patel

Transaction with Related Parties (Continued)
(€ in Crores)

Particulars	Subsidiary and Associate		Enterprises in which Key Managerial Personnel (KMP) and its Relatives have significant influence		Key Managerial Personnel and its Relatives (KMP)		Total
	March 31, 2026	March 31, 2025	March 31, 2026	March 31, 2025	March 31, 2026	March 31, 2025	March 31, 2026	March 31, 2025
Sale of Goods to MOL	-	-	121.62	118.17	-	-	121.62	118.17
Sale of Goods to MDIL	-	-	8.13	8.59	-	-	8.13	8.59
Sale of Goods to MIL	-	-	12.69	11.54	-	-	12.69	11.54
Sale of Goods to MP	-	-	3.34	3.28	-	-	3.34	3.28
Sale of Goods to MLLP	-	-	35.90	27.00	-	-	35.90	27.00
Sale of Goods to Trent Chemicals	-	-	3.21	3.52	-	-	3.21	3.52
Sale of Goods to Atlantic	-	-	0.36	0.90	-	-	0.36	0.90
Sale of Goods to Kilburn	-	-	0.31	0.49	-	-	0.31	0.49
Sale of Goods to Meghmani Novotech	-	-	0.59	0.47	-	-	0.59	0.47
Availing of Services (Rent) Arjan	-	-	1.65	1.47	-	-	1.65	1.47
Purchase from Atlantic	-	-	1.00	2.94	-	-	1.00	2.94
Purchase from Renew Green (GJS three) Pvt Ltd	27.69	39.51	-	-	-	-	27.69	39.51
Purchase from Voltamp	-	-	1.83	0.92	-	-	1.83	0.92
Availing of Services Crawford	-	-	-	1.09	-	-	-	1.09
Sitting fees	-	-	-	-	0.35	0.34	0.35	0.34
Maulik Patel- Remuneration	-	-	-	-	8.68	10.96	8.68	10.96
Kaushal Soparkar- Remuneration	-	-	-	-	5.01	5.88	5.01	5.88
Sanjay Jain - Remuneration	-	-	-	-	0.68	0.65	0.68	0.65
Rakesh Agrawal - Remuneration	-	-	-	-	0.32	-	0.32	-
Gaurang Trivedi - Remuneration	-	-	-	-	0.28	0.23	0.28	0.23
Investment in Equity shares of Prozeal Green Power Ten Pvt Ltd	(0.54)	-	-	-			(0.54)	-
Investment in Optionally Convertible Debentures of Prozeal Green Power Ten Pvt Ltd	2.13	-	-	-	-	-	2.13	-
Contribution for CSR to Meghmani foundation	-	-	3.13	0.91	-	-	3.13	0.91
Redemption of Preference Shares to MOL	-	-	-	95.00	-	-	-	95.00
Dividend Paid on RPS to MOL	-	-	-	3.60	-	-	-	3.60

Transaction with Related Parties (Continued)
Outstanding Balance with Related Parties:

*Receivables from Related Parties are net of payable balances as agreed between parties.

38. Transaction with Related Parties (Continued)

Terms and Conditions of transactions with related parties:

(1) Sales to Related Parties and concerned Balances

Sales are made to related parties on the same terms as applicable to third parties in an arm's length transaction and in the ordinary course of business. The Holding Company mutually negotiates and agrees sales price, discount and payment terms with the related parties by benchmarking the same to transactions with non-related parties, who purchase goods and services of the Holding Company in similar quantities. Such sales generally include payment terms requiring related party to make payment within 60 to 120 days from the date of invoice.

Trade Receivables outstanding balances are unsecured, interest free and require settlement in cash. No guarantee or other security has been received against these receivables. The amounts are recoverable within 60 to 120 days from the reporting date (31 March 2025: 60 to 120 days from the reporting date). For the year ended 31 March 2026, the Holding Company has not recorded any impairment on receivables due from related parties (31 March 2025: Nil).

(2) Purchases of Goods and related Balances

Purchases are made from related parties on the same terms as applicable to third parties in an arm's length transaction and in the ordinary course of business. The Holding Company mutually negotiates and agrees purchase price and payment terms with the related parties by benchmarking the same to sale transactions with non-related parties entered into by the counter-party and similar purchase transactions entered into by the Holding Company with the other non-related parties. Such purchases generally include payment terms requiring the Holding Company to make payment within 60 to 120 days from the date of invoice.

(3) Services received from Related Parties

During the year 2025-26, the Holding Company has obtained renting services of its office premises over which one of the Director exercises significant influence. The amount billed for this service was INR 1.19 crores (2024-25: 1.48 crores) and it was agreed based on mutual negotiation between parties. The service agreement included payment terms requiring the Holding Company to make upfront payment at the time of receipt of invoice.

(4) Compensation to KMP of the Company

(5) The Holding Company's transactions with Related Parties are at arm's length. Management believes that the Holding Company's domestic transactions with related parties post 31st March 2026 continue to be at arm's length and that the transfer pricing legislation will not have any impact on the Financial Statements particularly on the amount of the tax expense for the year and the amount of the provision for taxation at the period end. Transactions with related parties are disclosed including applicable taxes.

(6) The Holding Company had issued Redeemable Preference Shares of ₹10 each is cumulative and carry coupon/ dividend rate of 8.00% p.a. with redeemable tenure of 20 Years from the date of allotment. The Holding Company has the right to exercise the option of early redemption, considering which Holding Company has redeemed ₹ Nil (31st March 2025: ₹95.00 Crore). Redemption is done at face value. The Holding Company had accrued dividend at the rate of 8% on Redeemable Preference Shares for the year ended March 31,2025.

287

39. Segment Reporting

The Holding Company's Chief Operating Decision Maker (CODM) examines the Holding Company's performance from business and geographic perspective. In accordance with Ind AS-108 - Operating Segments, evaluation by the CODM and based on the nature of activities performed by the Holding Company, which primarily relate to manufacturing of Chlor Alkali & its Derivatives, the Holding Company does not operate in more than one business segment.

Analysis By Geographical Segment

Segment Revenue is analysed based on the location of Customers regardless of where the goods are produced. The following provides an analysis of the Sales by Geographical Markets.

Particulars	Year ended March 31, 2026	Year ended March 31, 2025
Revenue :
Within India	2,418.30	2,345.42
Outside India	77.18	168.98
Total Revenue from Contracts with Customers	2,495.48	2,514.40

Particulars	As at March 31, 2026	As at March 31, 2025
Carrying amount of Segment Assets
Within India	2,584.54	2,332.03
Outside India	-	-

40. Contingent Liabilities & Commitments

A. Claim against the Holding Company not acknowledged as Debts (excluding Interest and Penalty)

Particulars	As at March 31, 2026	As at March 31, 2025
Income Tax Liability*	16.63	16.63
Service Tax Liability**	0.25	0.25
Custom Duty Liability***	6.22	6.22
GST Liability***	17.34	-
Other Claims***	44.22	44.22
(In respect of the above matters, future cash outflows in respect of contingent liabilities are determinable only on receipt of judgements pending at various Forums / Authorities. The Holding Company has assessed that it is only possible but not probable, the outflow of economic resources will be required)

*Income tax demand comprise demand from the Indian Income Tax authorities for payment of additional tax of ₹16.63 Crore (31 March 2025: ₹16.63 Crore). The tax demands are mainly on account of adjustment pertaining to 80 IA benefits claimed for captive power plant against sale of steam and power. During FY 2024-25, the Holding Company has received a favourable Order amounting to ₹11.08 Crore from ITAT for AY 2016-17 and AY 2017-18, however the department has further filed an appeal in High Court against the ITAT Order. Further, the Holding Company also received favourable order pertaining to AY 2011-12 from CIT(Appeal).

40. Contingent Liabilities & Commitments (Contd.)

Service tax demand comprise demand from Service tax Authorities for payment of additional tax of ₹0.25 Crore (31 March 2025: ₹0.25 Crore), upon completion of their tax review for the financial year 2012-13 and 2014-15. The tax demands are on account of service tax on sales commission and classification of coal. The matter is pending before Commissioner of Excise Service Tax Appellate Tribunal (CESTAT).

*Customs duty demand comprise demand from Custom Authorities for payment of additional duty of ₹6.22 Crore (31 March 2025: ₹6.22 Crore), upon completion of their tax review for the financial year 2012-13. The tax demands are on account of classification of coal. The matter is pending before Commissioner of Excise Service Tax Appellate Tribunal (CESTAT).

*The GST demand represents an amount of ₹17.34 crore (as at 31 March 2025: Nil) raised by the Goods and Services Tax authorities following completion of their tax review for the financial years 2018-19 to 2024-25. The demand primarily pertains to GST liabilities under the reverse charge mechanism on External Commercial Borrowings (ECB), other borrowing cost and other imported services. The matter is currently under litigation and is pending adjudication before the Commissioner of Customs, Excise and Service Tax Appellate Tribunal (CESTAT).

The Holding Company is contesting the demands and the management, including its tax advisors, believe that its position will likely be in favour of Holding Company in the appellate process and no tax expense has been accrued in the financial statements for the tax demand raised. The management believes that the ultimate outcome of this proceeding will not have a material adverse effect on the company's financial position and results of operations.

B. Capital Commitment

The estimated amount of Contract to be executed on Capital Account of ₹54.61 Crore (31st March 2025 ₹186.87 Crore) and not provided for (Net of Advances).

C. Other Commitment

The Holding Company has imported capital good for the various expansion projects under the EPCG Scheme at nil rate of custom duty by undertaking obligation to export. Future outstanding export obligation under the scheme is ₹176.07 Crore (31st March 2025: ₹25.02 Crore). The export obligation need to be completed by February 2032.

41. Disclosures as per Msmed Act, 2006

Accordingly, the disclosure in respect of the amounts payable to such Enterprises as at 31st March, 2026 has been made in the Financial Statements based on information received and available with the Holding Company. The Holding Company has not received any claim for interest from any Supplier as at the Balance-Sheet date.

289

41. Disclosures as per Msmed Act, 2006 (Contd.)

The details as required by MSMED Act are given below:

Particulars	As at March 31, 2026	As at March 31, 2025
The principal amount and the interest due thereon (to be shown separately) remaining unpaid to any Supplier as at the end of each accounting year;
Principal and Interest
Trade Payables	25.23	24.72
Capital Payables	19.35	10.56
The amount of interest paid by the Buyer in terms of Section 18 of MSMED Act, along with the amounts of the payment made to the Supplier beyond the appointed day during each accounting year	Nil	Nil
The amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under this MSMED Act;	-	-
The amount of interest accrued and remaining unpaid at the end of each accounting year; and	-	0.63
The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the Small Enterprise, for the purpose of disallowance as a deductible expenditure under Section 23 of MSMED Act.	-	-

42. Leases

The Holding Company has lease contracts for storage facilities. Leases are having lease terms of 2 to 3 years. The Holding Company's obligations under its leases are secured by the lessor's title to the leased assets. The Holding Company is restricted from assigning and subleasing the leased assets and some contracts require the Holding Company to maintain premises in good state. The lease contract include extension and termination options. The Holding Company also has certain premises and assets with lease terms of 12 months or less. The Holding Company applies the 'short-term lease' recognition exemptions for these leases.

Terms of Cancellation and Escalation

The Leases are cancellable by giving one month notice by either parties and these does not carries any escalation.

(A) Leases as lessee

(i) The movement in Lease liabilities during the Year

	As at March 31, 2026	As at March 31, 2025
Opening Balance	7.95	1.35
Additions during the Year	6.10	8.81
Finance costs incurred during the Year	0.64	0.15
Exchange Difference on Lease	0.24	-
Payments of Lease Liabilities	(5.87)	(2.36)
Balance at the end of the Year	9.05	7.95

42. Leases (Contd.)

(ii) The carrying value of the Rights-of-use and depreciation charged during the year
(₹ in Crores)

Particulars	As at March 31, 2026	As at March 31, 2025
Opening Balance	198.97	194.40
Additions during the Year (refer note 3)	6.10	9.02
Deletion during the Year (refer note 3)	-	(0.16)
Depreciation charged during the Year (refer note 3)	(8.32)	(4.29)
Balance at the end of the Year	196.75	198.97

(iii) Amount Recognised in Statement of Profit & Loss Account during the Year
(₹ in Crores)

	Year ended March 31, 2026	Year ended March 31, 2025
Depreciation expense of Right-of-Use assets	8.32	4.29
Interest expense on lease liabilities	0.64	0.15
Exchange Difference on Lease	0.24	-
Expense relating to short-term leases (included in other expenses)	6.76	13.00
Total Expenses	15.96	17.44

(iv) Amounts recognised in Statement of Cash Flows
(₹ in Crores)

	Year ended March 31, 2026	Year ended March 31, 2025
Total Cash outflow for Leases	(5.87)	(2.36)

(v) Maturity analysis of Lease Liabilities
(₹ in Crores)

	As at March 31, 2026	As at March 31, 2025
Maturity Analysis of contractual undiscounted cash flows
Less than one year	6.92	5.05
One to five years	2.57	3.49
More than five years	-	-
Total undiscounted Lease Liability	9.49	8.53

Balances of Lease Liabilities
(₹ in Crores)

	As at March 31, 2026	As at March 31, 2025
Non Current Lease Liability	2.52	3.37
Current Lease Liability	6.53	4.58
Total Lease Liability	9.05	7.95

43. Capital Management

For the purpose of the Holding Company's capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company's capital management is to maximise the shareholder value.

The Holding Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Holding Company may adjust the dividend payment to shareholders, return capital to shareholders or issue

43. Capital Management (Contd.)

new shares. The Holding Company includes within net debt, interest bearing borrowings, lease liabilities, less cash and cash equivalents. There were no changes in the objectives, policies or processes during the year ended March 31, 2026 and March 31, 2025.

Particulars	March 31, 2026	March 31, 2025
Total Interest bearing liabilities	572.04	592.53
Less: Cash and Cash Equivalent	5.02	18.64
Adjusted Net Debt	567.02	573.89
Total Equity	2,221.43	1,904.53
Adjusted Equity	2,221.43	1,904.53
Adjusted Net Debt to Adjusted Equity ratio	0.26	0.30

44. Financial Instruments – Fair Values and Risk Management

A. Category-wise classification of Financial Instrument

The carrying value of Financial Instruments by categories as of 31st March, 2026 and 31st March, 2025 is as follows:

March 31, 2026	Carrying Amount
	Fair Value Through Profit and Loss	Fair Value Through Other Comprehensive Income	Amortised Cost	Total
Financial Assets
Other Non-Current Financial Asset (refer note 5)	-	-	57.02	57.02
Non current Investment (refer note 4)	-	-	22.76	22.76
Trade Receivables (refer note 10)	-	-	416.53	416.53
Cash and Cash Equivalents (refer note 11)	-	-	5.02	5.02
Bank Balances other than above (refer note 12)	-	-	0.44	0.44
Loans (refer note 13)	-	-	0.35	0.35
Other Current Financial Assets (refer note 14)	-	-	7.78	7.78
Total Financial Assets	-	-	509.90	509.90
Financial Liabilities
Non-Current Borrowings (refer note 18)	-	-	333.69	333.69
Non-Current Lease Liabilities (refer note 42)	-	-	2.52	2.52
Other Non-Current Financial Liabilities (refer note 19)	15.40	-	-	15.40
Current Borrowings (refer note 21)	-	-	229.30	229.30
Current Lease Liabilities (refer note 42)	-	-	6.53	6.53
Trade Payable (refer note 22)	-	-	259.70	259.70
Other Current-Financials Liabilities (refer note 23)	12.31	-	109.35	121.66
Total Financial Liabilities	27.71	-	941.09	968.80

44. Financial Instruments – Fair Values and Risk Management (Contd.)

B. Measurement of Fair values and Sensitivity analysis

Fair Value Hierarchy:

The fair value of the Financial Assets and Liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Holding Company uses the following hierarchy for determining and/or disclosing the fair value of financial instruments by valuation techniques:

(i) Level 1: quoted prices (unadjusted) in active markets for identical Assets or Liabilities.

(ii) Level 2: inputs other than quoted prices included within Level 1 that are observable for the Asset or Liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).

(iii) Level 3: inputs for the Asset or Liability that are not based on observable market data (unobservable inputs).

Financial Instrument measured at Fair Value
(₹ in Crores)

Financial Assets / Financial Liabilities	Fair value as at		Fair value hierarchy	Significant observable inputs
	March 31, 2026	March 31, 2025
Mark to market Derivative (Liabilities)/ Assets on interest Rate Swap and cross Currency Swap valued at FVTPL. (refer note 19 &23)	(27.71)	(4.88)	Level 2	Statement of Mark to Market as confirmed by Bank
Mutual Fund investment valued at FVTPL. (refer note 9)	-	76.60	Level 2	Investment in liquid and short term mutual funds which are classified as FVTPL are measured using net assets value as declared by the mutual fund at the reporting date multiplied by the quantity held.

Financial Instrument measured at Amortised Cost

The carrying amount of Financial Assets and Financial Liabilities measured at amortised cost in the Financial Statements are a reasonable approximation of their fair values since the Holding Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled.

Reconciliation of level 1 Fair Values

There have been no transfers between level 1, level 2 and level 3 during the year ended March 31, 2026 and March 31, 2025.

Description of significant unobservable inputs to valuation:

The significant unobservable inputs used in the fair value measurement categorised within Level 2 of the fair value hierarchy is based on the Fair value as ascertained and provided by the banks.

Reconciliation of fair value measurement of mutual funds classified as FVTPL assets:
(₹ in Crores)

Particulars	March 31, 2026	March 31, 2025
Opening balance	76.60	-
Net change in fair value (unrealised)	-	0.41
Purchases	99.00	307.86
Sales	175.60	231.67
Closing balance	-	76.60

Financial Risk Management Framework

The Holding Company's Board of Directors have overall responsibility for the establishment and oversight of the Holding Company's risk management framework. The Holding Company manages market risk through treasury operations, which evaluates and exercises independent control over the entire process of market risk management. The finance team recommends risk management objectives and policies. The activities of this operations include management of cash resources, hedging of foreign currency exposure, credit control and ensuring compliance with market risk limits and policies.

The Holding Company's principal Financial Liabilities, other than Derivatives, comprises of Long Term and Short Term Borrowings, Trade and Other Payables, and Financial Liabilities. The main purpose of these Financial Liabilities is to finance the Holding Company's operations. The Holding Company's principal

Financial Assets include Loans, Trade and other Receivables, Cash and Cash Equivalents, other Bank Balances and Other Financial Assets that derive directly from its Operations.

The Holding Company has an effective risk management framework to monitor the risks controls in key business processes. In order to minimise any adverse effects on the bottom line, the Holding Company takes various mitigation measures such as credit control, foreign exchange forward contracts to hedge foreign currency risk exposures. Derivatives are used exclusively for hedging purposes and not as trading or speculative instruments.

The Holding Company has exposure to the following risks arising from Financial Instruments

Credit Risk;
Liquidity Risk; and
Market Risk

i. Credit Risk

Credit Risk is the risk that counter party will not meet its obligation leading to a financial loss. The Holding Company is exposed to credit risk arising from its operating activities primarily from Trade Receivables and from financing activities primarily relating to parking of surplus funds as Deposits with Banks. The Holding Company considers probability of default upon initial recognition of Assets and whether there has been a significant increase in credit risk on an ongoing basis throughout the reporting period.

The carrying amount of following Financial Assets represents the maximum credit exposure:

Financial Instruments and Cash Deposit:

Credit Risk from Balances with Banks and Financial Institutions is managed by the Holding Company's Treasury Department. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty's potential failure to make payments.

Trade Receivables

Trade receivables consist of a large number of customers. The Holding Company has credit evaluation policy for each customer and based on the evaluation credit limit of each customer is defined. The exposure in credit risk is backed either by bank guarantee, letter of credit or security deposits in case of few customers. The Holding Company's exposure and wherever appropriate the credit ratings of its counterparties are continuously monitored and spread amongst various counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by the management of the Holding Company.

The Holding Company does not have higher concentration of credit risks. Total trade receivable as on March 31, 2026 is ₹416.53 Crore (March 31, 2025 - ₹232.32 Crore).

Refer Note 10 for ageing of trade receivables.

The Holding Company measures the expected credit loss of Trade Receivables and Loan from individual Customers based on historical trend, industry practices and the business environment in which the Entity operates. Loss rates are based on actual credit loss experience and past trends.

Expected credit loss assessment

For trade receivables, as a practical expedient, the Holding Company compute credit loss allowance based on a provision matrix. The provision matrix is prepared based on historically observed default rates over the expected life of trade receivables and is adjusted for forward-looking estimates. At each reporting date, the historically observed default rates and changes in the forward-looking estimates are updated. Accordingly, loss allowances on trade receivables are measured using provision matrix at an amount equal to life time expected losses i.e. expected cash shortfall. There is no history of bad debts and accordingly ECL is Nil for year ended March 31, 2026 and March 31,2025.

Credit Impaired

For expected credit loss as at each reporting date the Holding Company assesses position for the assets for which credit risk has not significantly increased from initial recognition, assets for which credit risk has increased significantly but are not credit impaired and for assets for which credit risk has increased significantly and are credit impaired. The Holding Company assesses detrimental impacts on the estimated future cash flows of the financial asset including loans, receivables and other assets. Based on the assessment of the observable data relating to significant financial difficulty and creditworthiness of the counterparties, the management believes that there are no financial assets which are credit impaired except as disclosed in the notes to the financial statements.

ii. Liquidity Risk

Liquidity Risk is the risk that the Holding Company will not be able to meet its financial obligations as they fall due. The Holding Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Exposure to Liquidity Risk

The Holding Company manages liquidity risk by maintaining adequate reserves, by continuously monitoring forecast and Actual Cash flows and matching the maturity profiles of the Financial Assets and Liabilities. The table below summarises the remaining contractual maturities of Financial Liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest payments and exclude the impact of netting agreements.

Financial Liabilities
(₹ in Crores)

March 31, 2026	Contractual Cash Flows
	Total	On Demand	1 Year or Less	1-2 years	2-5 years	More than 5 years
India Rupee loan	524.52	-	143.30	136.06	215.22	29.94
Working Capital Loans from Banks	114.02	114.02	-	-	-	-
Trade Payables	259.70	-	259.70	-	-	-
Lease Liability	9.05	-	6.53	2.52	-	-
Other Payables	137.06	-	121.72	12.32	3.02	-
Total	1,044.35	114.02	531.25	150.90	218.24	29.94

Financial Liabilities
(₹ in Crores)

March 31, 2025	Contractual cash flows
	Total	On Demand	1 Year or Less	1-2 years	2-5 years	More than 5 years
India Rupee loan	665.05	-	128.46	148.68	294.35	93.56
Working Capital Loans from Banks	49.50	49.50	-	-	-	-
Trade Payables	185.68	-	185.68	-	-	-
Lease Liability	7.95	-	4.58	3.37	-	-
Other Payables	102.17	-	98.80	1.50	1.87	-
Total	1,010.35	49.50	417.52	153.55	296.22	93.56

The table has been drawn up based on the undiscounted contractual maturities of the financial liabilities including interest that will be paid on those liabilities up to the maturity of the instruments. The gross inflows/(outflows) disclosed in the above table represent the contractual undiscounted

cash flows relating to derivative financial liabilities held for risk management purposes and which are not usually closed out before contractual maturity. The disclosure shows net cash flow amounts for derivatives that are net cash-settled and gross cash inflow and outflow amounts for derivatives that have simultaneous gross cash settlement.

Excessive Risk Concentration

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Holding Company's performance to developments affecting a particular Industry

In order to avoid excessive concentrations of risk, the policies and procedures include specific guidelines to focus on the maintenance of a diversified portfolio. Identified concentrations of credit risks are controlled and managed accordingly. Selective hedging is used within the Holding Company to manage risk concentrations at both the relationship and industry levels.

iii. Market Risk

Foreign Currency Risk

Foreign Currency Risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Holding Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Holding Company's operating activities (when revenue or expense is denominated in a foreign currency).

The Holding Company manages its foreign currency risk by hedging transactions that are expected to occur of actual sales, purchases and for foreign currency loans based on management risk perception and holding company's policy. When a derivative is entered into for the purpose of being a hedge, the Holding Company negotiates the terms of those derivatives to match the terms of the hedged exposure. For hedges of forecast transactions the derivatives cover the period of exposure from the point the cash flows of the transactions are forecasted up to the point of settlement of the resulting receivable or payable that is denominated in the foreign currency.

Exposure to Currency Risk

The Currency profile of Financial Assets and Financial Liabilities as at 31st March, 2026 and 31st March, 2025 are as below:

The Holding Company's exposure to Foreign Currency Risk at the end of the reporting period expressed in ₹, are as follows

March 31, 2026	Total	INR Equivalent to USD	INR Equivalent to Euro	INR Equivalent to CNY	INR
Financial Assets
Trade Receivables	416.53	4.82	1.15	-	410.56
Other Non-Current Financial Assets	57.02	-	-	-	57.02
Other Current Financial Assets	7.78	-	-	-	7.78
	481.33	4.82	1.15	-	475.36

The Holding Company has entered into a cross currency swap ("CCS") transaction for Rupee Term loan of ₹256.27 Crore swapped with notional principal of EUR 2.83 Crore (refer note 18). Current outstanding as on balance sheet date is ₹128.14 Crore with notional EUR 1.41 Crore.

Sensitivity Analysis

March 31, 2026	Profit or (Loss)		Equity, Net of Tax
	Strengthening	Weakening	Strengthening	Weakening
5% movement
USD	(4.39)	4.39	(3.29)	3.29
EUR	(9.17)	9.17	(6.86)	6.86
CNY	(0.59)	0.59	(0.44)	0.44

March 31, 2025	Profit or (Loss)		Equity, Net of Tax
	Strengthening	Weakening	Strengthening	Weakening
5% movement
USD	(2.85)	2.85	(1.85)	1.85
EUR	(10.93)	10.93	(7.11)	7.11
CNY	(0.41)	0.41	(0.26)	0.26

Interest Rate Risk

Interest Rate Risk is the risk that the fair value or future Cash Flows of a Financial Instrument will fluctuate because of changes in market interest rates. The Holding Company's exposure to the risk of changes in market interest rates relates primarily to the Holding Company's Long-Term Debt obligations with floating interest rates. The Holding Company manages its Interest Rate Risk by having balanced portfolio of fixed and variable rate Loans and Borrowings.

Exposure to Interest Rate Risk

The Holding Company's Interest Rate Risk arises from Borrowings obligations. Borrowings is exposed to fair value interest rate risk. The interest rate profile of the Company's interest-bearing Financial Instruments as reported to the management of the Holding Company is as follows.

Variable-Rate Instruments	As at March 31, 2026	As at March 31, 2025
Non Current - Borrowings	333.69	448.97
Current - Borrowings	229.30	135.61
Total	562.99	584.58

Cash Flow Sensitivity Analysis for Variable-Rate Instruments

Particulars	Profit or Loss		Equity, Net of Tax
	100 bp increase	100 bp decrease	100 bp increase	100 bp decrease
As at March 31, 2026
Non Current - Borrowings	(3.34)	3.34	(2.50)	2.50
Current - Borrowings	(2.29)	2.29	(1.72)	1.72
Total	(5.63)	5.63	(4.21)	4.21
As at March 31, 2025
Non Current - Borrowings	(4.49)	4.49	(2.92)	2.92
Current - Borrowings	(1.36)	1.36	(0.88)	0.88
Total	(5.85)	5.85	(3.80)	3.80

Ratios

46. Events occurred after the Balance Sheet date

The Holding Company evaluates events and transactions that occur subsequent to the Balance Sheet date but prior to approval of Financial Statement to determine the necessity for recognition and/or reporting of any of these events and transactions in the Financial Statements. As of 02nd May 2026 there were no material subsequent events to be recognized or reported that are not already disclosed.

47. Other Statutory Information for the year ended March 31, 2026 and March 31, 2025

(i) The Holding Company does not have any Benami property, where any proceeding has been initiated or pending against the Holding Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

(ii) The Holding Company do not have any transactions or balance with companies struck off under section 248 of Companies Act, 2013 or section 560 of Companies Act, 1956.

(iii) The Holding Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period,

(iv) The Holding Company has not traded or invested in Crypto currency or Virtual currency during the financial year and in previous financial year.

(v) The Holding Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

47. Other Statutory Information for the year ended March 31, 2026 and March 31, 2025 (Contd.)

(vi) The Holding Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(vii) The Holding Company does not have transaction which are not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
(viii) The Holding Company has not been declared as wilful defaulter by any bank or financial institution or other lender.
(ix) The Holding Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (restriction in number of layers) rules,2017.

48. (a) Information about Subsidiary and Associate

The Consolidated Financial Statements consists of the Holding Company Epigral Limited and share in Associate company ReNew Green (GJS Three) Pvt. Ltd. and Pro Zeal Green Power Ten Pvt Ltd.

48. (b) Additional Information Required by Schedule III

Name of the Entity in the Group	Net Assets (Total Assets minus Total Liabilities)		Share in Profit/(Loss)		Share in other Comprehensive Income/(Loss)		Share in Total Comprehensive Income/(Loss)
	As % of Consolidated Net Assets	Amount	As % of Consolidated Profit/(Loss)	Amount	As % of Other Comprehensive Income	Amount	As % of Total Comprehensive Income	Amount
A Parent
Epigral Limited 31 March 2026	100.00%	2,221.47	100.31%	333.01	100%	0.03	100.31%	333.04
Epigral Limited 31 March 2025	99.95%	1,903.53	99.72%	356.70	100%	(0.42)	99.72%	356.28
B Associate
(I) Indian
ReNew Green (GJS Three) Pvt Ltd 31 March 2026	0.03%	0.63	-0.11%	(0.37)	-	-	-0.11%	(0.37)
ReNew Green (GJS Three) Pvt Ltd 31 March 2025	0.05%	1.00	0.28%	0.99	-	-	0.28%	0.99
(II) Indian
Pro Zeal Green Power Ten Pvt Ltd 31 March 2026	-0.03%	(0.67)	-0.20%	(0.67)	-	-	-0.20%	(0.67)
Pro Zeal Green Power Ten Pvt Ltd 31 March 2025	0.00%	-	0.00%	-	-	-	0.00%	-

The Holding Company uses an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the accounting software, except that audit trail feature is not enabled for certain changes made using privileged administrative access rights at the application and database layer. Further, there are no instance of audit trail feature being tampered. Additionally, the audit trail of prior year(s) has been preserved by the Holding Company as per the statutory requirements for record retention to the extent it was enabled and recorded in the respective years.
On November 21, 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations.

The Holding Company on the basis of available information has assessed incremental liability for own employees which is disclosed under employee benefit expenses as it is not material to the consolidated financial results as per the guidance provided by the Institute of Chartered Accountants of India. The Holding Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments, as required.

For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration No. 324982E / E300003

For and on behalf of the Board of Directors of
Epigral Limited
(CIN: L24100GJ2007PLC051717)

per Abhishek Karia
Partner
Membership No. 132122

Maulik Patel
Chairman & Managing Director
DIN: 02006947

Kaushal Soparkar
Executive Director
DIN: 01998162

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NOTICE

NOTICE is hereby given that 19th (Nineteenth) Annual General Meeting of Epigral Limited will be held on Monday, June 08, 2026 at 11.00 a.m. through Video Conferencing / Other Audio Visual Means to transact the following business:

ORDINARY BUSINESS:

To receive, consider, approve and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the Financial Year ended March 31, 2026 together with reports of the Board of Directors & Auditors thereon.
To declare Final Dividend of Rs. 5.00 (50%) per equity share of Rs. 10/- each fully paid-up for the Financial Year ended March 31, 2026.
To appoint a Director in place of Mr. Ankit Patel (DIN: 02180007), who retires by rotation and being eligible, offers himself for re-appointment.
To appoint a Director in place of Mr. Karana Patel (DIN: 01727321), who retires by rotation and being eligible, offers himself for re-appointment.
To consider and if thought fit to pass the following resolution with or without modification as an Ordinary Resolution:

"RESOLVED THAT pursuant to the provisions of Sections 139, 142 and other applicable provisions, if any, of the Companies Act, 2013 and the Companies (Audit and Auditors Rules), 2014, including any statutory modification(s) or re-enactment(s) thereof for the time being in force, M/s. S R B C & CO LLP, Chartered Accountants (ICAI Firm Registration No.324982E /E300003) were appointed as the Statutory Auditors of the Company for a Second term of five years from the conclusion of 15th Annual General Meeting held in 2022 to the conclusion of 20th Annual General Meeting of the Company to be held in 2027, subject to ratification of their appointment by the Members at every intervening Annual General Meeting,

AND THAT the re-appointment of M/s. S R B C & CO LLP, Chartered Accountants (ICAI Firm Registration No. 324982E / E300003) for the year F.Y. 2026-27 be and is hereby ratified on such remuneration plus tax, out-of-pocket expenses etc. as may be decided by the Board of Directors in consultation with the Statutory Auditors of the Company.

RESOLVED FURTHER THAT the Board of Directors of the Company (including its Committee thereof) be and is hereby authorized to do all acts and take all such steps as may be considered necessary, proper or expedient to give effect to this Resolution."

SPECIAL BUSINESS:

Ratification of remuneration of Cost Auditors

To consider and if thought fit to pass the following resolution with or without modification as an Ordinary Resolution:

"RESOLVED THAT in accordance with the provisions of Section 148 (3) of the Companies Act, 2013 read with Rule 14 of the Companies (Audit and Auditors) Rules, 2014 and other applicable provisions, if any, of the Companies Act, 2013 (including any statutory modification(s) or re-enactment thereof for the time being in force), the remuneration of Rs. 2,75,000/- (Rupees Two Lakh Seventy-Five Thousand Only) plus tax as applicable and reimbursement of out-of-pocket expenses payable to M/s K V Melwani & Associates, Cost Accountants (Registration No. 100497), being Cost Auditors of the Company appointed by the Board of Directors to conduct of the audit of the cost records of the Company for the Financial Year 2026-27, be and is hereby ratified.

RESOLVED FURTHER THAT the Board of Directors of the Company (including Audit Committee), be and is hereby authorized to do all acts and take all such steps as may be necessary, proper or expedient to give effect to this resolution."

Registered Office:

Epigral House,

B/H Safal Profitaire,

Prahladnagar,

Ahmedabad 380 015

By Order of the Board

Membership No. A22307

Notes:

Convening of 19th Annual General Meeting ("19th AGM") through Video Conferencing ("VC") or any Other Audio-Visual Means ("OAVM")

In terms of General Circular No. 03/2025 dated September 22, 2025 and other earlier circulars issued in this regard by the Ministry of Corporate Affairs ("MCA Circulars") and in compliance with the provisions of the Companies Act, 2013 ("Act") and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulation, 2015 ("SEBI Listing Regulations"), the 19th Annual General Meeting (AGM) of the Members of the Company will be held through VC/OAVM, so that members can attend and participate in the AGM from their respective locations. The deemed venue for the 19th AGM shall be the Registered Office of the Company.

The Members are therefore requested not to visit the Registered Office to attend the AGM.

Dispatch of Notice and Annual Report through electronic means

In compliance with the MCA Circulars read with provisions of SEBI Listing Regulations, Notice of the AGM along with the Annual Report 2025-26 is being sent only through electronic mode to those Members whose name is recorded in the Register of Members / Register of Beneficial Owners as on Monday, June 01, 2026 and whose email addresses are registered with the Company / Registrar and Share Transfer Agent ("MUFG Intime India Private Limited" / "RTA") or with the respective Depository Participant(s). The physical copies of such statements and Notice of AGM will be dispatched only to those shareholders who request for the same. Members holding shares in dematerialized form are requested to contact their Depository Participant for updation of their email id.

In terms of Regulation 36 of the SEBI Listing Regulations, a letter containing the exact web-link of the website hosting the Annual Report - 2025-26 has been sent to those Members whose e-mail addresses are not registered, at their addresses as recorded with the Company / RTA / Depositories / Depository Participants.

Members who are desirous of obtaining hard copy of the Annual Report should send a request to the Company's e-mail id viz., [email protected] clearly mentioning their Folio number / DP ID and Client ID.

The Notice can also be accessed at the Company's website at www.epigral.com and at the website of the Stock Exchanges i.e. National Stock Exchange of India Limited at www.nseindia.com and BSE Limited www.bseindia.com and at the website of CDSL (agency for providing the Remote e-Voting facility) at https://www.evoting.cdsl.com.
Since the AGM will be held through VC/OAVM, the Route Map is not annexed in this Notice.

Proxy form

In terms of the MCA Circulars, physical attendance of members has been dispensed with and as such, the facility to appoint proxy to attend and cast vote for the members is not available for this AGM. Hence, the Proxy Form and Attendance Slip are not annexed to the Notice. However, Pursuant to Section 113 of the Companies Act, 2013, representatives of the Corporate Members are entitled to attend the AGM through VC/OAVM and cast their votes through e-voting.

Explanatory Statement and details of Directors seeking Re-appointment

The Explanatory Statement pursuant to Section 102 of the Companies Act, 2013, which sets out details relating to Special Business at the meeting, forms part of this Notice.
Details in respect of the Directors seeking Re-appointment (Agenda No. 3 & 4) at the Annual General Meeting, forms integral part of the Notice as 'Annexure to the Notice'. The Directors have furnished the requisite declarations for their Re-appointment.

E-Voting facility and joining of AGM through VC / OAVM

Pursuant to the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 (as amended) and Regulation 44 of SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 (as amended), and the MCA Circulars, the Company is providing facility of remote e-voting to its Members in respect of the business to be transacted at the 19th AGM. Shareholders are requested to refer Page No. 309 to 313 for detailed procedure for e-Voting and participation in the AGM through VC/OAVM. The detailed procedure for participation in the meeting through VC/OAVM is also available at the Company's website www.epigral.com.

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For this purpose, the Company has entered into an agreement with Central Depository Services (India) Limited ('CDSL') for facilitating voting through electronic means, as the authorized e-Voting agency. The facility of casting votes by a member using remote e-voting as well as the e-voting system on the date of the AGM will be provided by CDSL.
In view of MCA Circulars & SEBI Listing Regulations, printed copy of the Annual Report (including Notice) is not being sent to the Members.
AGM convened through VC/OAVM is in compliance with applicable provisions of the Companies Act, 2013 read with MCA Circulars & SEBI Listing Regulations as stated above.
The voting period begins on Thursday June 04, 2026 at 9.00 a.m. and ends on Sunday, June 07, 2026 at 5.00 p.m. During this period shareholders of the Company, holding shares either in dematerialized form, as on the 'Cut-off Date' i.e. Monday, may cast their vote electronically. The e-voting module shall be disabled by CDSL for voting thereafter.
Shareholders who have already voted prior to the meeting date would not be entitled to vote at the meeting venue.
The Members can join the AGM in the VC/OAVM mode 15 minutes before and after the scheduled time of the commencement of the Meeting by following the procedure mentioned in the Notice. The facility of participation at the AGM through VC/OAVM will be made available to at least 1000 members on first come first served basis. This will not include large Shareholders (Shareholders holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee, Auditors etc. who are allowed to attend the AGM without restriction on account of first come first served basis.
The helpline number regarding any query / assistance for participation in the AGM through VC/OAVM is 1800 21 09911.

Cut-off Date for Dividend & Voting

The Company has designated Monday, June 01, 2026 as "Record Date" to determine the entitlement of the shareholders to receive Final Dividend, if declared, for the financial year ended March 31, 2026.
The voting rights of the members shall be in proportion to their share in the paid up equity share capital of the Company as on the cut-off date i.e. Monday, June 01, 2026.

Quorum

The attendance of Members attending the AGM through VC/OAVM will be counted for the purpose of reckoning quorum under Section 103 of the Companies Act, 2013.

Scrutinizer for conducting E-Voting

The Company has appointed Mr. Kaushik Shah (FCS No 2420 CP No 1414) of K. J. Shah & Company, - Practicing Company Secretary, Ahmedabad to act as the Scrutinizer for conducting the remote e-voting process as well as the e-voting system on the date of the AGM, in a fair and transparent manner.

Voting Result

The voting results shall be declared within two working days from the conclusion time of the Meeting. The results declared along with the Scrutinizer's Report will be placed on the website of the Company at www.epigral.com immediately after the result is declared by the Chairman or any other person authorised by the him in this regard and will simultaneously be sent to National Stock Exchange of India Limited and BSE Limited, where equity shares of the Company are listed.

Prevent Fraudulent Transactions

To prevent fraudulent transactions, members are advised to exercise due diligence and notify the Company of any change in address or demise of any member as soon as possible. Members are also advised not to leave their demat account(s) dormant for long. Periodic statement of holdings should be obtained from the concerned Depository Participant and holdings should be verified.
The Securities and Exchange Board of India (SEBI) has mandated the submission of Permanent Account Number (PAN) by every participant in securities market. Members holding shares in electronic form are, therefore, requested to submit the PAN to their Depository Participants with whom they are maintaining their demat accounts.

Inspection of Documents

The Register of Directors' and Key Managerial Personnel and their shareholding maintained under Section 170 of the Companies Act, 2013, the

Register of contracts or arrangements in which the Directors are interested under Section 189 of the Companies Act, 2013 and all other documents referred to in the Notice will be available for inspection in electronic mode by sending an e-mail to [email protected]

Dividend

The Board of Directors at its meeting held on May 02, 2026, has recommended a Final Dividend of Rs. 5.00 (50%) per equity share of the face value of Rs. 10/- each. The Final Dividend, if declared, at the Annual General Meeting, will be paid to those members of the Company, whose names appear in the Register of Members or Register of Beneficial Ownership as at the close of business hours on Monday, June 01, 2026 ("Record Date"). The dividend will be paid within statutory time limit.
SEBI has made it mandatory for all companies to use the bank account details furnished by Depositories and maintained by the Registrar and Share Transfer Agent for payment of Dividend to the Members electronically. In the absence of details for electronic payment or in cases where electronic payments have failed/ rejected by the Bank, the Company would issue demand drafts/ dividend warrants/cheques and print the bank account details, as available, on instrument of payment of dividend.
Members are requested to update the bank details including 11-digit IFSC code and 9 digit MICR code with the Depository Participants (DP) to receive the amount of dividend quickly.

Taxation of Dividend

We would like to draw the attention of members that the dividend after approval in the ensuing AGM will be paid to those shareholders who held shares in their demat account as on Monday, June 01, 2026 (cut-off date for the purpose of dividend entitlement). Many times, Brokers are not transferring the shares purchased by their client (shareholders) and parking their shares in pool account and these shares are falling under category "clearing member". Shareholders are therefore advised to ask their brokers to transfer their shares purchased into their demat account in order to receive amount of dividend and credit of Tax Deducted at Source (TDS), if any, into the account of members. If the shares are parked in their pool accounts as clearing member by the brokers of shareholders, the dividend will be paid to them.
In compliance with the Income Tax Act, 2025 (earlier Income Tax Act, 1961) read with the provisions of the Finance Act, 2020, dividend income is taxable in the hands of shareholders w.e.f. April 01, 2020, and the Company is required to deduct tax at source from the dividend paid to shareholders at the prescribed rates. For the prescribed rates for various categories, the shareholders are requested to refer to the Finance Act, 2020 and amendments thereof.

A. Resident shareholder with PAN and who is not liable to pay income tax can submit a yearly declaration in Form No. 121 applicable w.e.f. April 01, 2026 as per Income Tax Act, 2025 (previously known as Form 15G / 15H as per Income Tax Act, 1961), to avail the benefit of non-deduction of tax at source by submitting the documents at a dedicated link https://web.in.mpms.mufg.com/formsreg/submission-of-Form-121-41.html on or before June 01, 2026.

B. Shareholders are requested to ensure that their Permanent Account Number (PAN) is updated with the Company / Registrar and Transfer Agent ("RTA") in case shares are held in physical form, or with the relevant depository participant in case shares are held in dematerialized form. Shareholders to further note that, in case, their PAN is not registered or if the PAN furnished is invalid, the tax will be deducted at a higher rate of 20% as per section 397(2)(b) of Income Tax Act, 2025 (corresponding section 206AA (1) of Income Tax Act, 1961).

C. Non-resident shareholders [including Foreign Portfolio Investors (FPIs)] can avail beneficial rates under tax treaty between India and their country of tax residence, subject to providing necessary documents i.e. No Permanent Establishment and Beneficial Ownership Declaration, Tax Residency Certificate, Form 41 applicable w.e.f. April 01, 2026 as per Income Tax Act, 2025 (previously known as Form 10F as per Income Tax Act, 1961), any other document which may be required to avail the tax treaty benefits by uploading the duly signed scanned documents by visiting https://web.in.mpms.mufg.com/formsreg/submission-of-Form-121-41.html on or before June 01, 2026.

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D. No communication in relation to submission of document(s) shall be accepted after the Record Date.

E. No TDS shall be deducted, if aggregate dividend distributed or paid or likely to be distributed or paid during the financial year to resident individual shareholder does not exceed Rs. 10,000/-.

F. Tax rates that are applicable to shareholders depend upon their residential status and classification. All shareholders are thereby requested to update the residential status and category in their respective Demat accounts, if the shareholding is in Demat form or with Company's RTA, if the shareholding is held in physical form, as may be applicable before the Record date.

G. Application of any exemption from TDS / lower / beneficial rate of tax is subject to submission of the requisite & valid documents with RTA before the record date and also verification of the submitted documents by the Company. If the documents submitted by the shareholder are found incomplete or ambiguous, exemption / lower / beneficial rate of tax shall not be applied. Shareholders have option to claim refund of excess tax deducted from their respective tax authorities in case the Company had deducted tax at source at higher rate due to non-submission / incomplete submission of documents with the RTA. No claim shall lie against the Company for such taxes deducted.

Unclaimed dividends

Members who have not yet encashed the dividend warrant(s) from the financial year ended March 31, 2023 onwards are requested to forward their claims to the Company's Registrar and Share Transfer Agent (RTA) viz. MUFG Intime India Private Limited. It may be noted that once the unclaimed dividend is transferred to IEPF as mentioned below, no claim shall rest with the Company in respect of such amount.
The details of the unclaimed dividends are available on the Company's website at www.epigral.com. Members are requested to contact Company's RTA, to claim the unclaimed / unpaid dividends.
Members are requested to note that dividends not encashed or claimed within Seven Years from the date of transfer to the Company's Unpaid Dividend Account, will be, transferred to the Investor Education and Protection Fund (IEPF) as per Section 125 of the Companies Act, 2013. Further, the shares in respect of such unclaimed dividends are also liable to be transferred to the demat account of the IEPF Authority. In view of this, members/claimants are requested to claim their dividends from the Company within the stipulated timeline. The Members, whose unclaimed dividends/shares have been transferred to IEPF, may claim the same by making an online application to the IEPF Authority in web Form No. IEPF-5 available on www.iepf.gov.in.

Investors Grievance Redressal

Members may kindly note that in accordance with SEBI Circular reference SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/131 dated July 31, 2023, the Company is registered on the newly launched SMART ODR Portal (Securities Market Approach for Resolution through Online Disputes Resolution Portal). This platform aims to enhance investor grievance resolution by providing access to Online Dispute Resolution Institutions for addressing complaints. Members can access the SMART ODR Portal via the following link: https://smartodr.in/login. Members may feel free to utilize this online conciliation and/or arbitration facility, as outlined in the circular, to resolve any outstanding disputes between Members and the Company (including RTA).

Financial Information required

Members desirous of obtaining any information concerning the accounts of the Company are requested to address their questions in writing to the Company at least 10 (Ten) days before the date of the Meeting from their registered e-mail address, mentioning their name, DPID and Client ID number/folio number and mobile number at the Company's investor desk at [email protected] or [email protected] so that the information required may be made available at the Meeting.
The Company is pleased to provide members, facility to exercise their right to vote at the 19th Annual General Meeting (AGM) by electronic means through e-Voting Services provided by Central Depository Services (India) Limited (CDSL).
The Recording/transcript of the AGM will be made available on the website of the Company www.epigral.com in the Investors Section, as soon as possible after the Meeting is over.

INSTRUCTIONS TO SHAREHOLDERS FOR E-VOTING AND JOINING VIRTUAL MEETINGS ARE AS UNDER:

Step 1 Access through Depositories CDSL/NSDL e-Voting system in case of Individual Shareholders holding shares in demat mode.

In terms of SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/242 dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are advised to update their mobile number and email Id in their demat accounts in order to access e-Voting facility.

Pursuant to above said SEBI Circular, Login method for e-Voting and joining virtual meetings for Individual shareholders holding securities in Demat mode CDSL/NSDL is given below:

Type of shareholders	Login Method
Individual Shareholders holding securities in Demat mode with CDSL Depository	1) Users who have opted for CDSL Easi / Easiest facility, can login through their existing user id and password. Option will be made available to reach e-Voting page without any further authentication. The users to login to Easi / Easiest are requested to visit CDSL website www.cdslindia.com and click on login icon & My Easi New (Token) Tab.
2) After successful login the Easi / Easiest user will be able to see the e-Voting option for eligible companies where the evoting is in progress as per the information provided by company. On clicking the evoting option, the user will be able to see e-Voting page of the e-Voting service provider for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting. Additionally, there is also links provided to access the system of all e-Voting Service Providers, so that the user can visit the e-Voting service providers' website directly.
3) If the user is not registered for Easi/Easiest, option to register is available at CDSL website www.cdslindia.com and click on login & My Easi New (Token) Tab and then click on registration option.
4) Alternatively, the user can directly access e-Voting page by providing Demat Account Number and PAN No. from a e-Voting link available on www.cdslindia.com home page. The system will authenticate the user by sending OTP on registered Mobile & Email as recorded in the Demat Account. After successful authentication, user will be able to see the e-Voting option where the evoting is in progress and also able to directly access the system of all e-Voting Service Providers.
Individual Shareholders holding securities in demat mode with NSDL Depository	1) If you are already registered for NSDL IDeAS facility, please visit the e-Services website of NSDL. Open web browser by typing the following URL: https://eservices.nsdl.com either on a Personal Computer or on a mobile. Once the home page of e-Services is launched, click on the “Beneficial Owner” icon under “Login” which is available under ‘IDeAS’ section. A new screen will open. You will have to enter your User ID and Password. After successful authentication, you will be able to see e-Voting services. Click on “Access to e-Voting” under e-Voting services and you will be able to see e-Voting page. Click on company name or e-Voting service provider name and you will be re-directed to e-Voting service provider website for casting your vote during the remote e-Voting period.
2) If the user is not registered for IDeAS e-Services, option to register is available at https://eservices.nsdl.com. Select “Register Online for IDeAS “Portal or click at https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
3) Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholder/Member’ section. A new screen will open. You will have to enter your User ID (i.e. your sixteen digit demat account number hold with NSDL), Password/OTP and a Verification Code as shown on the screen. After successful authentication, you will be redirected to NSDL Depository site wherein you can see e-Voting page. Click on company name or e-Voting service provider name and you will be redirected to e-Voting service provider website for casting your vote during the remote e-Voting period.

Type of shareholders

4) For OTP based login you can click on https://eservices.nsdl.com/SecureWeb/evoting/evotinglogin.jsp. You will have to enter your 8-digit DP ID,8-digit Client Id, PAN No., Verification code and generate OTP. Enter the OTP received on registered email id/ mobile number and click on login. After successful authentication, you will be redirected to NSDL Depository site wherein you can see e-Voting page. Click on company name or e-Voting service provider name and you will be redirected to e-Voting service provider website for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting.

Individual Shareholders (holding securities in demat mode) login through their Depository Participants (DP)

You can also login using the login credentials of your demat account through your Depository Participant registered with NSDL/CDSL for e-Voting facility. After Successful login, you will be able to see e-Voting option. Once you click on e-Voting option, you will be redirected to NSDL/CDSL Depository site after successful authentication, wherein you can see e-Voting feature. Click on company name or e-Voting service provider name and you will be redirected to e-Voting service provider website for casting your vote during the remote e-Voting period.

Important note: Members who are unable to retrieve User ID / Password are advised to use Forget User ID and Forget Password option available at abovementioned website.

Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository i.e. CDSL and NSDL

Login type	Helpdesk details
Individual Shareholders holding securities in Demat mode with CDSL	Members facing any technical issue in login can contact CDSL helpdesk by sending a request at [email protected] or contact at toll free no. 1800 21 09911
Individual Shareholders holding securities in Demat mode with NSDL	Members facing any technical issue in login can contact NSDL helpdesk by sending a request at [email protected] or call at: 022 - 4886 7000 and 022 - 2499 7000

Step 2: Access through CDSL e-Voting system in case of shareholders holding shares in physical mode and non-individual shareholders in demat mode.

1) The shareholders should log on to the e-voting website www.evotingindia.com.
2) Click on "Shareholders" module.
3) Now enter your User ID

a. For CDSL: 16 digits beneficiary ID,
b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID,
c. Shareholders holding shares in Physical Form should enter Folio Number registered with the Company.

4) Next enter the Image Verification as displayed and Click on Login.
5) If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an earlier e-voting of any company, then your existing password is to be used.
6) If you are a first-time user follow the steps given below:

	For Physical shareholders and other than individual shareholders holding shares in Demat.
PAN	Enter your 10 digit alpha-numeric *PAN issued by Income Tax Department (Applicable for both demat shareholders as well as physical shareholders)

Shareholders who have not updated their PAN with the Company/Depository Participant are requested to use the sequence number sent by Company/RTA or contact Company/RTA. |

	For Physical shareholders and other than individual shareholders holding shares in Demat.
Dividend Bank Details OR Date of Birth (DOB)	Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as recorded in your demat account or in the company records in order to login.
✦ If both the details are not recorded with the depository or company, please enter the member id / folio number in the Dividend Bank details field.

After entering these details appropriately, click on "SUBMIT" tab.
Shareholders holding shares in physical form will then directly reach the Company selection screen. However, shareholders holding shares in demat form will now reach 'Password Creation' menu wherein they are required to mandatorily enter their login password in the new password field.
Kindly note that this password is to be also used by the demat holders for voting for resolutions of any other company on which they are eligible to vote, provided that company opts for e-voting through CDSL platform. It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential.
For shareholders holding shares in physical form, the details can be used only for e-voting on the resolutions contained in this Notice.
Click on the EVSN of Epigral Limited.
On the voting page, you will see "RESOLUTION DESCRIPTION" and against the same the option "YES/NO" for voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and option NO implies that you dissent to the Resolution.
Click on the "RESOLUTIONS FILE LINK" if you wish to view the entire Resolution details.
After selecting the resolution, you have decided to vote on, click on "SUBMIT". A confirmation box will be displayed. If you wish to confirm your vote, click on "OK", else to change your vote, click on "CANCEL" and accordingly modify your vote.
Once you "CONFIRM" your vote on the resolution, you will not be allowed to modify your vote.
You can also take a print of the votes cast by clicking on "Click here to print" option on the Voting page.
If a demat account holder has forgotten the login password, then Enter the User ID and the image verification code and click on Forgot Password & enter the details as prompted by the system.
There is also an optional provision to upload BR/POA if any uploaded, which will be made available to scrutinizer for verification.
Additional Facility for Non-Individual Shareholders and Custodians - For Remote Voting only.

✦ Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodians are required to log on to www.evotingindia.com and register themselves in the "Corporates" module.
✦ A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed to [email protected].
✦ After receiving the login details a Compliance User should be created using the admin login and password. The Compliance User would be able to link the account(s) for which they wish to vote on.
✦ The list of accounts linked in the login will be mapped automatically & can be delink in case of any wrong mapping.
✦ It is Mandatory that, a scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in favour of the Custodian, if any, should be uploaded in PDF format in the system for the scrutinizer to verify the same.
✦ Alternatively Non Individual shareholders are required mandatory to send the relevant Board Resolution/Authority letter etc. together with attested specimen signature of the duly authorized signatory who are authorized to vote, to the Scrutinizer and to the Company at the email address viz [email protected] (designated email address by company), if they have voted from individual tab & not uploaded same in the CDSL e-voting system for the scrutinizer to verify the same.

311

INSTRUCTIONS FOR SHAREHOLDERS ATTENDING THE AGM THROUGH VC/OAVM & E-VOTING DURING MEETING ARE AS UNDER:

The procedure for attending meeting & e-Voting on the day of the AGM is same as the instructions mentioned above for e-voting.
The link for VC/OAVM to attend meeting will be available where the EVSN of Company will be displayed after successful login as per the instructions mentioned above for e-voting.
Shareholders who have voted through Remote e-Voting will be eligible to attend the meeting. However, they will not be eligible to vote at the AGM.
Shareholders are encouraged to join the Meeting through Laptops / IPads for better experience.
Further shareholders will be required to allow Camera and use Internet with a good speed to avoid any disturbance during the meeting.
Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop connecting via Mobile Hotspot may experience Audio/Video loss due to Fluctuation in their respective network. It is therefore recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.
Shareholders who would like to express their views/ask questions during the meeting may register themselves as a speaker by sending their request in advance at least 7 (Seven) days prior to meeting mentioning their name, demat account number/folio number, email id, mobile number at [email protected].

The shareholders who do not wish to speak during the AGM but have queries may send their queries in advance at least 7 (Seven) days prior to meeting mentioning their name, demat account number/folio number, email id, mobile number at (company email id). These queries will be replied to by the company suitably by email.

Those shareholders who have registered themselves as a speaker will only be allowed to express their views/ask questions during the meeting.
Only those shareholders, who are present in the AGM through VC/OAVM facility and have not casted their vote on the Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be eligible to vote through e-Voting system available during the AGM.
If any Votes are cast by the shareholders through the e-voting available during the AGM and if the same shareholders have not participated in the meeting through VC/OAVM facility, then the votes cast by such shareholders may be considered invalid as the facility of e-voting during the meeting is available only to the shareholders attending the meeting.

PROCESS FOR THOSE SHAREHOLDERS WHOSE EMAIL/MOBILE NO. ARE NOT REGISTERED WITH THE COMPANY/ DEPOSITORIES.

For Physical shareholders- please provide necessary details like Folio No., Name of shareholder, scanned copy of the share certificate (front and back), PAN (self-attested scanned copy of PAN card), AADHAR (self-attested scanned copy of Aadhar Card) by email to the Company/ RTA email id.
For Demat shareholders -, Please update your email id & mobile no. with your respective Depository Participant (DP)
For Individual Demat shareholders - Please update your email id & mobile no. with your respective Depository Participant (DP) which is mandatory while e-Voting & joining virtual meetings through Depository.

If you have any queries or issues regarding attending AGM & e-Voting from the CDSL e-Voting System, you can write an email to [email protected] or contact at toll free no. 1800 21 09911

All grievances connected with the facility for voting by electronic means may be addressed to:

Mr. Rakesh Dalvi, Sr. Manager, Central Depository Services (India) Limited, A Wing, 25th Floor, Marathon Futurex, Mafatlal Mill Compounds, N M Joshi Marg, Lower Parel (East), Mumbai - 400013 or send an email to [email protected] or call toll free no. 1800 21 09911.

NAME	CONTACT DETAILS
COMPANY	Epigral Limited
"Epigral Tower", B/h. Safal Profitaire, Corporate Road, Prahladnagar, Ahmedabad- 380 015
E-MAIL:- [email protected]
REGISTRAR AND TRANSFER AGENT ('RTA AGENT')	MUFG Intime India Private Limited
5^{th} Floor, 506 TO 508, Amarnath Business Centre-I (ABC- I), Nr St. Xavier’s College Corner, Off C G Road, Ellisbridge
Ahmedabad - 380006
Tel: +91 Tel : 079 - 2646 5179
E-MAIL:- [email protected]
E-VOTING AGENCY	Central Depository Services [India] Limited
E-MAIL:- [email protected]
SCRUTINIZER	Mr. Kaushik Shah (FCS No 2420 CP No 1414)
of K. J. Shah & Company, – Practicing Company Secretary, Ahmedabad
Email - [email protected]

Registered Office:
Epigral House,
B/H Safal Profitaire,
Prahladnagar,
Ahmedabad 380 015

By Order of the Board
For Epigral Limited

Gaurang Trivedi
Company Secretary
Membership No. A22307

313

ANNEXURE TO THE NOTICE

Item No. 3 & 4

Details of Directors seeking appointment / reappointment at the 19th Annual General Meeting in pursuance of provisions of the Companies Act, 2013 & Regulation 36 (3) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Full Name	Mr. Ankit Patel	Mr. Karana Patel
DIN No.	02180007	01727321
Age	40 years	44 years
Designation	Non-Executive, Non-Independent Director	Non-Executive, Non-Independent Director
Re-Appointment	Retire by rotation	Retire by rotation
Qualification	He holds B E Chemical Engineering from S. P. University, Anand, Gujarat, Master of Engineering from Griffith University, Australia, Global Masters in Business Administration from SP Jain Centre of Management.	He holds a Diploma in Chemical Engineering from Nirma University, Ahmedabad and B E Chemical Engineering - Drexel University USA.
Experience	He has experience of 14 years in chemical industry.	He has experience of 14 years in the chemical industry.
Expertise	He has experience of 14 years in Crop Protection and Dyes and Pigments.	He has experience of 14 years in Crop Protection.
Last Remuneration	N.A.	N.A.
Shareholding	19,15,409	7,25,135
Relationship with other directors and KMP	None of our Directors are related to other Directors and any of the Key Managerial Personnel.	None of our Directors are related to other Directors and any of the Key Managerial Personnel.
Member/ Chairperson of committees of the Company	Nil	Nil
Directorships held in other public companies	1. Vidhi Global Chemicals Limited
2. Meghmani Lifesciences Limited
3. Kilburn Chemicals Limited
4. Meghmani Crop Nutrition Limited
5. Meghmani Organics Limited	1. Meghmani Crop Nutrition Limited
2. Kilburn Chemicals Limited
3. Meghmani Organics Limited
Membership of committees held in other Indian companies	Meghmani Organics Limited
1. Stakeholders Relationship Committee – Member
2. Corporate Social Responsibility Committee - Member	Meghmani Organics Limited
1. Corporate Social Responsibility Committee - Member
Chairpersonship of committees held in other Indian companies	Nil	Nil

EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013

Item No. 6: Ratification of remuneration of Cost Auditors

The Board of Directors of the Company, on the recommendation of the Audit Committee, approved the reappointment of M/s K V Melwani & Associates, Cost Accountants (Registration No. 100497), as the Cost Auditors to conduct the audit of the cost records of the Company for the financial year ending March 31, 2027 at a remuneration amounting to Rs. 2,75,000/- (Rupees Two Lakh Seventy Five Thousand only) per annum plus applicable tax and out of pocket expenses payable to the Cost Auditors.

M/s. K V Melwani & Associates, Cost Accountants, have been engaged in the profession for last 35 years with focus on Cost Audits, Designing Cost Accounting Systems, Cost Record Maintenance, Company Law Assignments, Indirect Taxation, Project Finance and are serving manufacturing and service sectors which among others include chemicals, construction, engineering, electricity, pharmaceuticals, infrastructure, metals, textiles, etc.

In accordance with the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, the remuneration payable to the Cost Auditors need to be ratified and approved by the members of the Company.

Accordingly, consent of the Members is sought by way of an Ordinary Resolution as set out at Item No. 6 of the Notice. The Board accordingly recommends the resolution at Item No. 6 of this Notice for the approval of the Members.

None of the Directors or Key Managerial Personnel or their relatives are in any way concerned or interested, financially or otherwise, in the resolution at Item No. 6 of this Notice.

Registered Office:
Epigral House,
B/H Safal Profitaire,
Prahladnagar,
Ahmedabad 380 015

By Order of the Board
For Epigral Limited

Gaurang Trivedi
Company Secretary
Membership No. A22307

315

Notes

Corporate Information

Board of Directors

Mr. Maulik Patel (DIN: 02006947)
Chairman & Managing Director

Mr. Kaushal Soparkar (DIN: 01998162)
Executive Director

Mr. Karana Patel (DIN: 01727321)
Non-Executive, Non-Independent Director

Mr. Ankit Patel (DIN: 02180007)
Non-Executive, Non-Independent Director

Mr. Darshan Patel (DIN: 02047676)
Non-Executive, Non-Independent Director

Mr. Manubhai Patel (DIN: 00132045)
Independent Director

Mr. Sanjay Asher (DIN: 00008221)
Independent Director

Mr. Kanubhai Patel (DIN: 00008395)
Independent Director

Mr. Raju Swamy (DIN: 03032679)
Independent Director

Ms. Priyanka Chopra (DIN: 10011547)
Independent (Woman) Director

Audit Committee

Mr. Manubhai Patel, Chairman

Mr. Kanubhai Patel, Member

Mr. Sanjay Asher, Member

Nomination & Remuneration Committee

Mr. Raju Swamy, Chairman

Mr. Manubhai Patel, Member

Mr. Sanjay Asher, Member

Shareholders' / Investors' Grievance Committee

Mr. Kanubhai Patel, Chairman

Mr. Manubhai Patel, Member

Mr. Maulik Patel, Member

Corporate Social Responsibility Committee

Mr. Manubhai Patel, Chairman

Mr. Maulik Patel, Member

Mr. Kaushal Soparkar, Member

Risk Management Committee

Mr. Kaushal Soparkar, Member

Company Secretary

Mr. Gaurang Trivedi

Chief Financial Officer

Mr. Rakesh Agrawal (Appointed w.e.f. 10.11.2025)

Mr. Sanjay Jain (Ceased w.e.f 30.09.2025)

Registrar & Share Transfer Agent

MUFG Intime India Private Limited
506 To 508, Amarnath Business Centre-1,
Beside Gala Business Centre, Nr. St. Xavier's College Corner,
Off C. G. Road, Ellisbridge, Ahmedabad- 380006
Tel No.: 079-2646 5179

Principal Bankers

State Bank of India

Overseas Branch, ISCON Elegance,
Near Prahladnagar Crossroads, SG Highway,
Ahmedabad - 380015

ICICI Bank Limited

JMC House, Opp. Parimal Garden,
Ambawadi, Ahmedabad - 380 009

HDFC Bank Limited

Ground Floor, Astral Towers, Nr. Mithakhali Six Road,
Navrangpura, Ahmedabad - 380 009

Standard Chartered Bank

Abhijeet- II, Ground Floor, Near Mithakhali Six Road,
Ahmedabad - 380006

Kotak Mahindra Bank Limited

7th Floor, B-Wing, Venus Amadeus, Jodhpur Cross Roads,
Ahmedabad - 380015

Axis Bank Limited

2nd Floor, 3rd Eye One Building, Panchvati Circle,
CG Road, Ahmedabad 380009

Registered office

Epigral Tower, Behind Safal Profitaire, Corporate Road,
Prahladnagar, Ahmedabad - 380 015, Gujarat, India.

Plant Location

Plot No.CH1/CH2, CH1 + 2B, GIDC Industrial Estate, Dahej,
Tal. Vagra, Dist. Bharuch 392 130, Gujarat, India.

Mumbai office

304 A | B, Alpha Building, Main Street,
Hiranandani Business Park, Powai, Mumbai - 400076

Hyderabad office

113, Regus Mid-Town, Level 1, Midtown Building, Road No. 1,
Banjara Hills, Hyderabad - 500034, Telangana (India).

Statutory Auditor

S R B C & CO LLP
Assurance Services, 21st Floor, B Wing, Privilon,
Ambli BRT Road, Behind ISKCON Temple,
Off S. G. Highway, Ahmedabad - 380 059.

Internal Auditor

C N K Khandwala & Associates
Chartered Accountants, 2nd Floor, Hrishikesh,
Vasantbaug Society, Opposite Water Tank,
Gulbai Tekra, Ahmedabad - 380006

Investor Services e-Mail Id

[email protected]
[email protected]

A TRISYS PRODUCT | [email protected]

EPIGRAL

(Formerly Meghmani Finechem Limited)

Corporate office

Epigral Tower

B/H, Safal Profitare, Corporate Road,

Prahladnagar, Ahmedabad-380015,

Gujarat (India)

Phone: +91 79 29709600 / 71716000

Fax: +91 79 29709605

Email: [email protected]

Manufacturing site

CH/1 and CH/2, GIDC Industrial Estate,

Dahej, Tal. Vagra, Dist. Bharuch - 392130

Gujarat (India)

Phone: +912641-256688/77/99

Chlorine Helpline 1800-11-1735

epigral.com

AI assistant

Epigral Limited — Annual Report 2026

59342_rns_2026-05-15_6fba9b29-e058-41e7-9085-117897d92cdd.pdf

DISCIPLINED EXPANSION. ENDURING ADVANTAGE.

Forward-looking statement

CONTENTS

5 KEY MESSAGES OF THIS ANNUAL REPORT

Epigral Limited.

Our core ethos

Enhance to exceed

Background

Leadership and promoter group

Integrated manufacturing ecosystem

Research and innovation hub

Operational scale and installed capacities (as on March 31, 2026)

People and culture

Credit profile

Our product portfolio

Our performance over the years

A decade of disciplined growth

10-year financial performance snapshot

Performance indicators

Value creation drivers

Disciplined capital allocation

Capacity expansion

Product portfolio evolution

The Company's growth will now be driven by:

What is good for the modern world is good for Epigral

Our long-term strategy

This is our growth agenda for FY 2026-27

Programme: CPVC Resin capacity expansion

WHY OUR EXPANSIONS MATTER

Programme: Epichlorohydrin (ECH) capacity expansion

WHY OUR EXPANSIONS MATTER

This commitment to niche investing will transform Epigral's revenue mix

50,000 TPA

100,000 TPA

Scale

Q2 FY 2026-27

Disciplined expansion. Enduring advantage

Understanding the context

Financial stability in a moderated year

CHAIRMAN'S OVERVIEW

Operational efficiency and capital discipline

Sustaining our growth investment programme

Doubling ECH and CPVC: Strategic leadership

Chlorotoluene: A multi-year platform

CHAIRMAN'S OVERVIEW

Sustainability: Strengthening responsible growth

Outlook: Reasons for optimism

Financial preparedness

Final assurance

Maulik Patel

STRATEGIC REVIEW

Overview

The foundation: Chlor-Alkali as a strategic core

Captive consumption: Turning volatility into value

Cost leadership

Capital efficiency and Return on Investment

Portfolio diversification

Customer stickiness and market positioning

Sustainability advantages

Scale and global competitiveness

Structural competitive

Driving growth: Creating sustainable value for stakeholders

Overview

INPUTS

BUSINESS

STRATEGIC PRIORITIES

VALUE GENERATED

OUTCOMES, FY 2025-26

Epigral's strategy and long-term positioning

01

02

03

MARKET POSITIONING

Epigral's competitive positioning and sectorial entry barriers

01

02

03

Epigral Limited Annual Report 2026