MODISON LIMITED — Interim / Quarterly Report 2026

May 22, 2026

MANUFACTURER OF ELECTRICAL CONTACTS FOR LV, MV, HV & EHV SWITCHGEAR INDUSTRIES

MODISON LIMITED

33 - Nariman Bhavan, 227 - Nariman Point, Mumbai - 400021 India

T: +91-22-2202 6437 F: +91-22-2204 8009

E: sales@modison.com W: www.modison.com

Cin No.: L51900MH1983PLC029783

(Formerly known as MODISON METALS LIMITED)

UNIVERSITY OF MADRID

DNV

ISO 9001 = ISO 14001 ISO 45001

Certificate No. TC-0174

BSE Limited

Floor 25, P J Towers,

Dalal Street,

Mumbai - 400 001

Scrip Code: 506261

National Stock Exchange of India Limited

Exchange Plaza,

Bandra Kurla Complex,

Bandra (East), Mumbai - 400 051

Symbol: MODISONLTD

Dear Sir/Madam,

Subject : Outcome of the Meeting of Board of Directors held on May 22, 2026 and Audited Financial Results (Standalone and Consolidated) for the Quarter and Year ended March 31, 2026

Reference: Regulation 30 and other applicable Regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").

This is to inform you that the Board of Directors of the Company at its Meeting held on Friday, May 22, 2026, has inter-alia;

(1) Approved and taken on record the Audited Financial Statements (Standalone and Consolidated) for financial year ended March 31, 2026, and the Audited Financial Results (Standalone and Consolidated) for the quarter and year ended March 31, 2026, as recommended by the Audit Committee;

Pursuant to Regulation 33 and other applicable regulations of the Listing Regulations, we enclose the following:

• Statement showing the Audited Financial Results (Standalone and Consolidated),
• Statement of Assets and Liabilities (Standalone and Consolidated),
• Cash Flow Statements (Standalone and Consolidated),
• Auditor's Report on the Financial Results (Standalone and Consolidated), with un-modified opinion.

(2) Recommended a Final Dividend of Rs. 3.00/- per Equity Share of the face value of Rs. 1/- each (i.e.@300%) for the financial year ended March 31,2026, subject to obtaining Shareholders approval at the ensuing $43^{\mathrm{rd}}$ Annual General Meeting ('AGM').

Works: Plot No. 85 A, B, D, E & 2923, 2924 A & B, 'E' Road, Phase 1, GIDC, Vapi - 396195, Dist. Valsad, Gujarat, India

---

(3) Re-appointment of M/s. N. Ritesh & Associates, Cost Accountants (Firm Registration No. R100675) as the Cost Auditors of the Company for the financial year ending March 31, 2027.

Relevant details, as required under Regulation 30 of the Listing Regulations read with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, are enclosed as Annexure I.

The meeting of the Board of Directors commenced at 3.30 p.m. and concluded at 5.00 p.m.

We shall inform you in due course the date on which the Company will hold its 43rd Annual General Meeting for the financial year ended March 31, 2026, record date for determining the entitlement for the Final Dividend and date of payment of dividend, if approved by the shareholders.

The above information is also available on the website of the Company www.modisonltd.com.

This is for your information and records.

Thanking you.

Yours faithfully,

For Modison Limited

SINHA POOJA BIRENDRA
Digitally signed by SINHA POOJA BIRENDRA
Date: 2026.03.22 17:16:17 +00:00

Pooja Birendra Sinha
Company Secretary & Compliance Officer

Encl: As above

---

MODISON LIMITED Regd. Office:- 33-Nariman Bhavan, 227-Nariman Point, Mumbai - 400021 Te: +91 22 2202 6437 Fax: +91 22 2204 8009 Email:shareholder@modison.com Web: www.modison.com CIN:L51900MH1983PLC029783 ( In Lakhs)- Except EPS
Statement of audited Standalone Financial Results for the Quarter & Year Ended 31st March 2026
Sr No	Particulars	Quarter Ended			Year Ended
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
		31-03-2026	31-12-2025	31-03-2025	31-03-2026	31-03-2025
1	Income
	(a) Revenue from Operations	28,731.89	14,371.22	13,006.55	71,032.89	49,024.08
	(b) Other Income	180.07	92.94	156.14	567.26	325.46
	Total Income from operations	28,911.96	14,464.16	13,162.69	71,600.15	49,349.54
2	Expenses:
	a) Cost of Materials consumed	23,719.89	14,084.06	9,972.65	61,899.23	41,117.34
	b) Purchase of Stock-in-trade	-	-	-	-	-
	c) Changes in Inventory of Finished goods, Work-in-progress and Stock-in-trade	(3,880.22)	(3,206.55)	(22.74)	(8,985.51)	(2,511.56)
	d) Employee Benefits Expenses	694.42	728.41	635.69	2,720.21	2,489.14
	e) Finance Cost	290.80	209.87	169.32	870.76	582.80
	f) Depreciation and Amortisation expense	254.77	242.52	241.07	965.02	801.45
	g) Other expenses	1,059.70	871.33	883.52	3,605.90	3,407.95
	Total Expenses	22,139.36	12,929.64	11,879.51	61,075.61	45,887.12
3	Profit / (Loss) from ordinary activities before Exceptional items (1-2)	6,772.60	1,534.52	1,283.18	10,524.54	3,462.42
4	Exceptional Items (Refer Note 3 and Note 6)	(1,992.45)	1,170.39	20.59	(830.86)	(108.32)
5	Profit / (Loss) before tax (3 +/- 4)	4,780.15	2,704.91	1,303.77	9,693.68	3,354.10
6	Tax Expense
	- Current tax	1,202.02	702.00	339.33	2,487.02	792.69
	- Deferred tax	(25.22)	(3.31)	10.64	(48.66)	93.39
	Total Tax Expenses	1,176.80	698.69	349.97	2,438.36	886.08
7	Profit / (Loss) for the period (5 +/-6)	3,603.35	2,006.22	953.80	7,255.32	2,468.02
8	Other Comprehensive Income, net of income tax
	A. (i) Items that will not be reclassified to Profit or Loss	73.97	(54.98)	1.53	11.87	(11.75)
	(ii) Income tax relating to items that will not be reclassified to profit or loss	-	-	(0.28)	-	(0.28)
	B. (i) Items that will be reclassified to Profit or Loss	-	-	-	-	-
	(ii) Income tax relating to items that will be reclassified to profit or loss	-	-	-	-	-
	Total Other Comprehensive Income, net of income tax	73.97	(54.98)	1.25	11.87	(12.03)
9	Total Comprehensive Income for the period (8 +/- 7)	3,677.32	1,951.24	955.05	7,267.19	2,455.99
10	Paid-up equity share capital ( face value of Rs 1/- per share )	324.50	324.50	324.50	324.50	324.50
11	Other Equity	-	-	-	27,137.96	21,331.01
12	Earning per share (EPS) (of Rs 1/- each ) (not annualised)
	Basic/ Diluted EPS ( in Rupees)	11.10	6.18	2.94	22.36	7.61

---

| MODISON
LIMITED | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| Notes: | | | | | | |
| 1) | The above audited standalone financial results of the Company for the quarter and Year ended March 31, 2026 have been reviewed by the Audit Committee of the Board and approved by the Board of Directors in their respective meetings held on 22 May 2026. The Statutory Auditors of the Company have carried out the audit of the aforesaid results. | | | | | |
| 2) | The audited standalone financial results have been prepared in accordance with Indian Accounting Standards (Ind AS), the provisions of the Companies Act, 2013 (the Act), as applicable and guidelines issued by the Securities and Exchange Board of India (SEBI). | | | | | |
| 3) | Exceptional Item for the period(s) represents profit/(loss) on Hedging of Silver in stock of the company, mark to market of forward contracts and loss due to fire as given below: | | | | | |
| | (₹ in Lakhs) | | | | | |
| | Particulars | Quarter Ended | | | Year Ended | |
| | | (Audited) | (Unaudited) | (Audited) | (Audited) | (Audited) |
| | | 31-03-2026 | 31-12-2025 | 31-03-2025 | 31-03-2026 | 31-03-2025 |
| | Profit/(Loss) on Hedging of Silver in stock | (950.52) | 1,137.27 | - | 261.23 | (169.57) |
| | (Loss) due to Fire | (1,063.46) | - | - | (1,063.46) | - |
| | Profit/(Loss) on mark to market of forward contracts | 21.53 | 33.12 | 20.59 | (28.63) | 61.25 |
| | Total | (1,992.45) | 1,170.39 | 20.59 | (830.86) | (108.32) |
| 4) | As the Company's business activity falls within a single Primary segment viz.: "Manufacturing of Electrical Contacts" the disclosure requirement of Indian Accounting Standard (IND AS-108) "Segment Reporting" is not applicable. | | | | | |
| 5) | On November 21, 2025, the Government of India notified four Labour Codes, effective immediately, replacing the existing 29 labour laws. In accordance with Ind AS 19 - Employee benefits, changes to employee benefit plans arising from legislative amendments are treated as plan amendments, requiring immediate recognition of past service cost in the Statement of Profit and Loss. The Group has assessed the financial implications of these changes which has resulted in increase in gratuity liability arising out of past service cost and leave encashment totaling to Rs.98.95 Lakhs and the same has been recognised in the consolidated financial results for the year ended March 31, 2026. The Group continues to monitor the developments pertaining to Labour Codes and will evaluate impact if any on the measurement of the employee benefits liability. | | | | | |
| 6) | The Board has recommended final dividend of Rs.3/-per equity share (i.e 300%) of the face value of Re. 1 each for the financial year ended March 31, 2026. | | | | | |
| 7) | On 7th February 2026 there was a fire incident at the factory and items of property plant and equipment (PPE) and inventory were lost due to fire. The Company has charged off the written down value (WDV) of PPE, cost of inventory and Goos & Service Tax (GST) for Inventories on the same, total amounting to Rs. 1,063.46 Lakhs (WDV of PPE Rs.153.58 Lakhs, Cost of Inventory Rs.867.46 Lakhs and GST Rs.42.42 Lakhs) which is shown under the head "Exceptional Items". The Company has lodged claim with Insurance Company of Rs. 1801.95 and has received preliminary confirmation for part payment of Rs. 170.00 Lakhs towards loss of PPE which has been accounted as other Income. The other claim towards loss of Inventory, balance claim towards PPE and Goods & Service Tax for Inventory is in process with the Insurer. | | | | | |
| 8) | The figures for quarter ended March 31, 2026 and March 31, 2025 are balancing figures between the audited figures of the full financial year and the reviewed year-to-date figures up to the third quarter of the relevant financial year. | | | | | |
| 9) | Corresponding figures of the previous year's/quarter's/period's have been regrouped, recasted and reclassified to conform to the current period presentations. | | | | | |
| FOR AND ON BEHALF OF THE BOARD
For Modison Limited

Rajkumar Modi
Joint Managing Director
DIN: 00027449 | | | | | | |
| Place: Mumbai
Date: 22 May 2026 | | | | | | |

---

MODISON
LIMITED

Statement of Standalone Audited Assets and Liabilities

₹ In Lakhs

		Particulars	As at 31.03.2026 (Audited)	As at 31.03.2025 (Audited)
A	Assets
	1	Non - current assets
	(a)	Property, Plant and Equipment	9,148.93	8,923.45
	(b)	Capital work - in - progress	349.35	330.56
	(c)	Investment Property	266.64	280.29
	(d)	Other Intangible Assets	28.70	3.08
	(e)	Intangible Assets under development	-	25.47
	(f)	Financial assets
		(i) Investments	24.98	25.98
		(ii) Other financial assets	121.43	108.04
	(g)	Other non - current assets	525.32	353.97
		Total Non Current Assets	10,465.35	10,050.84
	2	Current Assets
	(a)	Inventories	21,980.04	12,748.14
	(b)	Financial assets
		(i) Trade receivables	15,996.95	8,612.72
		(ii) Cash and cash equivalents	12.79	10.93
		(iii) Bank balances other than (ii) above	111.62	84.33
		(iv) Other financial assets	208.08	62.78
	(c)	Other tax assets (Net)	61.36	61.36
	(d)	Other current assets	1,438.67	293.37
		Total Current Assets	39,809.51	21,873.63
	Total Assets		50,274.86	31,924.47
B	Equity and Liabilities
	1	Equity
	(a)	Equity share capital	324.50	324.50
	(b)	Other Equity	27,137.96	21,331.01
		Total Equity	27,462.46	21,655.51
	2	Liabilities
	2.1	Non Current Liabilities
	(a)	Financial Liabilities
		(i) Borrowings	200.21	160.25
		(ii) Other financial liabilities	6.60	8.96
	(b)	Provisions	202.74	181.78
	(c)	Deferred tax liabilities (Net)	425.69	474.35
		Total Non Current Liabilities	835.24	825.34
	2.2	Current Liabilities
	(a)	Financial Liabilities
		(i) Borrowings	17,246.70	7,115.73
		(ii) Trade payables
		Dues of micro and small enterprises	32.96	15.86
		Dues other than micro and small enterprises	1,524.99	948.44
		(iii) Other financial liabilities	169.90	81.46
	(b)	Other current liabilities	2,446.26	1,093.30
	(c)	Provisions	205.77	117.53
	(d)	Current tax liabilities (Net)	350.58	71.30
		Total Current Liabilities	21,977.16	9,443.62
		Total Liabilities	22,812.40	10,268.96
	Total Equity & Liabilities		50,274.86	31,924.47

For And on Behalf of the Board
For Modison Limited

Place: Mumbai
Date: 22 May 2026
Rajkumar Modi
Joint Managing Director
DIN: 00027449

---

MODISON LIMITED

Standalone Cash Flow Statement For the Year Ended 31st March 2026

(₹ in Lakhs)

	Particulars	31st March 2026	31st March 2025
A)	Cash Flow From Operating Activities
	Net Profit before tax & Extraordinary Items	9,693.68	3,354.10
	Adjustment for:
	Depreciation /Amortisation	965.02	801.45
	Interest received	(3.99)	(24.79)
	Interest Expenses	788.31	535.42
	Bad debts written off	0.71	23.60
	Loss due to Fire	1,021.04	-
	Allowance for Bad Debts/Excess provision written back	(27.91)	(89.28)
	(Profit)/Loss on Sale of Property, Plant & Equipments	(1.28)	(0.38)
	Exceptional Items-Mark to Market Gain	28.63	(61.25)
	(Profit)/Loss on Sale of Investment	51.16	-
	Sundry balance written back (Net)	(3.24)	(30.31)
	Exchange Rate Fluctuation (Net)	(28.41)	(83.68)
		2,790.05	1,070.78
	Operating Profit Before Working Capital Changes	12,483.73	4,424.88
	Adjustments For Working Capital Changes :
	Other non - current assets	(2.33)	0.20
	Inventories	(10,099.35)	(3,137.40)
	Trade Receivable	(7,321.14)	(1,847.96)
	Other Non Current financial assets	(13.39)	16.25
	Other financial assets	(190.78)	(65.91)
	Other current assets	(1,146.48)	348.76
	Other non current financial liabilities	(2.36)	(1.19)
	Trade payables	612.97	10.65
	Other current financial liabilities	(0.17)	(18.19)
	Other current liabilities	1,348.16	(592.90)
	Provisions	121.07	28.08
	(16,693.79)	(5,259.61)
Cash Generated from Operations	(4,210.06)	(834.73)
Direct Taxes paid	(2,207.75)	(774.82)
Net Cash From Operating Activities	(6,417.81)	(1,609.55)
B)	Cash Flow From Investing Activities
	Purchase of Property Plant and Equipment, Intangible Assets including
	Capital Work in Progress & Capital Advances	(1,510.13)	(1,546.84)
	Inter Corporate Deposit	-	500.00
	Sale of Property Plant and Equipment	11.39	4.19
	Purchase of Investment	(874.71)	-
	Sale of Investment	823.55	155.54
	Interest Received	3.99	24.79
	Sale of Investment in wholly owned Subsidiary	1.00	-
		(1,544.91)	(862.32)
Net Cash Used In Investing Activity		(1,544.91)
C)	Cash Flow From Financing Activities
	Net (Decrease)/ Increase in Borrowings	10,153.34	4,104.90
	Interest Paid	(728.51)	(540.71)
	Dividend Paid	(1,460.25)	(1,135.75)
		7,964.58	2,428.44
	Net Cash Used In Financing Activity		2,428.44
	Net Changes In Cash & Cash Equivalents(A+B+C)	1.86	(43.43)
	Opening Balance Of Cash & Cash Equivalents	10.93	54.36
	Closing Balance Of Cash & Cash Equivalents	12.79	10.93
		1.86	(43.43)
	Notes
	Closing Balance of Cash & Cash Equivalents
1	Cash and Cash Equivalents Includes:
	Cash In Hand	1.11	1.14
	Balance With Scheduled Banks
	- In Current Account	11.68	9.80
		12.79	10.93

2 Cash flow statement has been prepared under the indirect method as set out in Indian Accounting Standard (Ind AS 7) statement of cash flows.
3 Interest received of ₹ 7.18 lakhs (₹ 14.81 lakhs as at 31st March 2025) has been considered from operational activities of the company.

For And on Behalf of the Board

For Modison Limited

Place: Mumbai

Date: 22 May 2026

Rajkumar Modi

Jt. Managing Director

DIN: 00027449

---

| MODISON
LIMITED | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| Regd. Office:- 33-Nariman Bhavan, 227-Nariman Point, Mumbai - 400021
Te: +91 22 2202 6437 Fax: +91 22 2204 8009 Email:shareholder@modison.com Web: www.modison.com
CIN:L51900MH1983PLC029783
(₹ in Lakhs)- Except EPS | | | | | | |
| Statement of Audited Consolidated Financial Results for the Quarter and Year Ended 31st March 2026 | | | | | | |
| Sr No | Particulars | Quarter Ended | | | Year Ended | |
| | | (Audited) | (Unaudited) | (Audited) | (Audited) | (Audited) |
| | | 31-03-2026 | 31-12-2025 | 31-03-2025 | 31-03-2026 | 31-03-2025 |
| 1 | Income | | | | | |
| | (a) Revenue from Operations | 28,731.89 | 14,371.22 | 13,006.55 | 71,032.89 | 49,024.08 |
| | (b) Other Income | 180.06 | 93.30 | 156.47 | 569.69 | 327.11 |
| | Total Income from operations | 28,911.95 | 14,464.52 | 13,163.02 | 71,602.58 | 49,351.19 |
| 2 | Expenses: | | | | | |
| | a) Cost of Materials consumed | 23,719.89 | 14,084.06 | 9,972.65 | 61,899.23 | 41,117.34 |
| | b) Purchase of Stock-in-trade | - | - | - | - | - |
| | c) Changes in Inventory of Finished goods, Work-in-progress and Stock-in-trade | (3,880.22) | (3,206.55) | (22.74) | (8,985.51) | (2,511.56) |
| | d) Employee Benefits Expenses | 694.42 | 728.41 | 635.69 | 2,720.21 | 2,489.14 |
| | e) Finance Cost | 290.80 | 209.87 | 169.31 | 870.76 | 582.83 |
| | f) Depreciation and Amortisation expense | 254.77 | 242.52 | 241.07 | 965.02 | 801.45 |
| | g) Other expenses | 1,059.73 | 871.54 | 883.74 | 3,606.85 | 3,409.08 |
| | Total Expenses | 22,139.39 | 12,929.85 | 11,879.72 | 61,076.56 | 45,888.28 |
| 3 | Profit / (Loss) from ordinary activities before Exceptional Items (1-2) | 6,772.56 | 1,534.67 | 1,283.30 | 10,526.02 | 3,462.91 |
| 4 | Exceptional Items (Refer Note 3 and Note 6) | (1,992.45) | 1,170.39 | 20.59 | (830.86) | (108.32) |
| 5 | Profit / (Loss) before tax (3 +/- 4) | 4,780.11 | 2,705.06 | 1,303.89 | 9,695.16 | 3,354.59 |
| 6 | Tax Expense | | | | | |
| | - Current tax | 1,202.13 | 701.85 | 339.58 | 2,487.13 | 792.94 |
| | - Deferred tax | (22.25) | (3.12) | 11.02 | (45.48) | 93.50 |
| | Total Tax Expenses | 1,179.88 | 698.73 | 350.60 | 2,441.65 | 886.44 |
| 7 | Profit / (Loss) for the period (5 +/-6) | 3,600.23 | 2,006.33 | 953.29 | 7,253.51 | 2,468.15 |
| 8 | Other Comprehensive Income, net of Income tax | | | | | |
| | A. (i) Items that will not be reclassified to Profit or Loss | 73.97 | (54.98) | 1.53 | 11.87 | (11.75) |
| | (ii) Income tax relating to items that will not be reclassified to profit or loss | - | - | (0.28) | - | (0.28) |
| | B. (i) Items that will be reclassified to Profit or Loss | - | - | - | - | - |
| | (ii) Income tax relating to items that will be reclassified to profit or loss | - | - | - | - | - |
| | Total Other Comprehensive Income, net of Income tax | 73.97 | (54.98) | 1.25 | 11.87 | (12.03) |
| 9 | Total Comprehensive Income for the period (8 +/- 7) | 3,674.20 | 1,951.35 | 954.54 | 7,265.38 | 2,456.12 |
| 10 | Paid-up equity share capital ( face value of Rs 1/- per share ) | 324.50 | 324.50 | 324.50 | 324.50 | 324.50 |
| 11 | Other Equity | - | - | - | 27,141.22 | 21,336.09 |
| 12 | Earning per share (EPS) (of Rs 1/- each ) (not annualised) | | | | | |
| | Basic/ Diluted EPS ( in Rupees) | 11.09 | 6.18 | 2.94 | 22.35 | 7.61 |

---

| MODISON
LIMITED | | | | | |
| --- | --- | --- | --- | --- | --- |
| Notes: | | | | | |
| 1) | The above audited consolidated financial results of the Company for the quarter and year ended March 31, 2026 have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at its meeting held on 22nd May 2026. The Statutory Auditors of the Company have carried out the audit of the aforesaid results. | | | | |
| 2) | The audited consolidated financial results have been prepared in accordance with Indian Accounting Standards (Ind AS), the provisions of the Companies Act, 2013 (the Act), as applicable and guidelines issued by the Securities and Exchange Board of India (SEBI). | | | | |
| 3) | Exceptional Item for the period(s) represents profit/(loss) on Hedging of Silver in stock of the group, mark to market of forward contracts and loss due to Fire as given below: | | | | |
| | (₹ in Lakhs) | | | | |
| Particulars | Quarter Ended | | | Year Ended | |
| | (Audited) | (Unaudited) | (Audited) | (Audited) | (Audited) |
| | 31-03-2026 | 31-12-2025 | 31-03-2025 | 31-03-2026 | 31-03-2025 |
| Profit/(Loss) on Hedging of Silver in stock | (950.52) | 1,137.28 | - | 261.23 | (169.57) |
| (Loss) due to Fire | (1,063.46) | - | - | (1,063.46) | - |
| Profit/(Loss) on mark to market of forward contracts | 21.53 | 33.11 | 20.59 | (28.63) | 61.25 |
| Total | (1,992.45) | 1,170.39 | 20.59 | (830.86) | (108.32) |
| 4) | As the group's business activity falls within a single Primary segment viz.: "Manufacturing of Electrical Contacts" the disclosure requirement of Indian Accounting Standard (IND AS-108) "Segment Reporting" is not applicable. | | | | |
| 5) | The Company has divested its entire stake in its wholly owned subsidiary, Modison Hitech Private Limited, effective June 9, 2025, having no material impact on the financials. | | | | |
| 6) | On November 21, 2025, the Government of India notified four Labour Codes, effective immediately, replacing the existing 29 labour laws. In accordance with Ind AS 19 - Employee benefits, changes to employee benefit plans arising from legislative amendments are treated as plan amendments, requiring immediate recognition of past service cost in the Statement of Profit and Loss. The Group has assessed the financial implications of these changes which has resulted in increase in gratuity liability arising out of past service cost and leave encashment totaling to Rs.98.95 Lakhs and the same has been recognised in the consolidated financial results for the year ended March 31, 2026. The Group continues to monitor the developments pertaining to Labour Codes and will evaluate impact if any on the measurement of the employee benefits liability. | | | | |
| 7) | The Board has recommended final dividend of Rs. 3/-per equity share (i.e 300%) of the face value of Re. 1 each for the financial year ended March 31, 2026. | | | | |
| 8) | On 7th February 2026 there was a fire incident at the factory and items of property plant and equipment (PPE) and inventory were lost due to fire. The Company has charged off the written down value (WDV) of PPE, cost of inventory and Goos & Service Tax (GST) for Inventories on the same, total amounting to Rs. 1,063.46 Lakhs (WDV of PPE Rs.153.58 Lakhs, Cost of Inventory Rs.867.46 Lakhs and GST Rs.42.42 Lakhs) which is shown under the head "Exceptional Items". The Company has lodged claim with Insurance Company of Rs. 1801.95 and has received preliminary confirmation for part payment of Rs. 170.00 Lakhs towards loss of PPE which has been accounted as other Income. The other claim towards loss of Inventory, balance claim towards PPE and Goods & Service Tax for Inventory is in process with the Insurer. | | | | |
| 9) | The figures for quarter ended March 31, 2026 and March 31, 2025 are balancing figures between the audited figures of the full financial year and the reviewed year-to-date figures up to the third quarter of the relevant financial year. | | | | |
| 10) | Corresponding figures of the previous year's/quarter's/period's have been regrouped, recasted and reclassified to conform to the current period presentations. | | | | |
| FOR AND ON BEHALF OF THE BOARD
For Modison Limited

Rajkumar Modi
Joint Managing Director
DIN: 00027449

Place: Mumbai
Date: 22 May 2026 | | | | | |

---

MODISON LIMITED
In Lakhs

Statement of Consolidated Unaudited Assets and Liabilities

| | | Particulars | As at 31.03.2026
(Audited) | As at 31.03.2025
(Audited) |
| --- | --- | --- | --- | --- |
| A | Assets | | | |
| | 1 | Non - current assets | | |
| | (a) | Property, Plant and Equipment | 9,148.93 | 8,923.45 |
| | (b) | Capital work - in - progress | 349.35 | 330.56 |
| | (c) | Investment Property | 266.64 | 280.29 |
| | (d) | Other Intangible Assets | 28.70 | 3.08 |
| | (e) | Intangible Assets under development | - | 25.47 |
| | (f) | Financial assets | | |
| | | (i) Other financial assets | 121.43 | 108.04 |
| | (g) | Other non - current assets | 525.32 | 353.97 |
| | | Total Non Current Assets | 10,440.37 | 10,024.86 |
| | | | | |
| | 2 | Current Assets | | |
| | (a) | Inventories | 21,980.04 | 12,748.14 |
| | (b) | Financial assets | | |
| | | (i) Trade receivables | 15,996.96 | 8,612.72 |
| | | (ii) Cash and cash equivalents | 14.12 | 13.50 |
| | | (iii) Bank balances other than (ii) above | 134.87 | 107.58 |
| | | (iv) Other financial assets | 211.55 | 64.91 |
| | (c) | Other tax assets (Net) | 61.36 | 61.36 |
| | (d) | Other current assets | 1,438.66 | 293.37 |
| | | Total Current Assets | 39,837.56 | 21,901.58 |
| | | | | |
| | Total Assets | | 50,277.93 | 31,926.44 |
| | | | | |
| B | Equity and Liabilities | | | |
| | 1 | Equity | | |
| | (a) | Equity share capital | 324.50 | 324.50 |
| | (b) | Other Equity | 27,141.22 | 21,336.09 |
| | | Total Equity | 27,465.72 | 21,660.59 |
| | | | | |
| | 2 | Liabilities | | |
| | 2.1 | Non Current Liabilities | | |
| | (a) | Financial Liabilities | | |
| | | (i) Borrowings | 200.21 | 160.25 |
| | | (ii) Other financial liabilities | 6.60 | 8.96 |
| | (b) | Provisions | 202.74 | 181.78 |
| | (c) | Deferred tax liabilities (Net) | 424.82 | 470.23 |
| | | Total Non Current Liabilities | 834.37 | 821.22 |
| | 2.2 | Current Liabilities | | |
| | (a) | Financial Liabilities | | |
| | | (i) Borrowings | 17,246.96 | 7,116.23 |
| | | (ii) Trade payables | | |
| | | Dues of micro and small enterprises | 32.96 | 15.86 |
| | | Dues other than micro and small enterprises | 1,525.18 | 948.64 |
| | | (iii) Other financial liabilities | 169.90 | 81.46 |
| | (b) | Other current liabilities | 2,446.32 | 1,093.30 |
| | (c) | Provisions | 206.00 | 117.75 |
| | (d) | Current tax liabilities (Net) | 350.52 | 71.39 |
| | | Total Current Liabilities | 21,977.84 | 9,444.63 |
| | | | | |
| | | Total Liabilities | 22,812.21 | 10,265.85 |
| | | | | |
| | Total Equity & Liabilities | | 50,277.93 | 31,926.44 |

For And on Behalf of the Board
For Modison Limited

Place: Mumbai
Date: 22 May 2026
Rajkumar Modi
Joint Managing Director
DIN: 00027449

---

MODISON LIMITED

Consolidated Cash Flow Statement For the Year Ended 31st March 2026

(₹ in Lakhs)

Particulars		31st March 2026	31st March 2025
A)	Cash Flow From Operating Activities
	Net Profit before tax & Extraordinary Items	9,695.16	3,354.59
	Adjustment for:
	Depreciation /Amortisation	965.02	801.45
	Dividend received	-	(24.79)
	Interest Expenses	788.31	535.45
	Interest Income	(3.99)	-
	Bad debts written off	0.71	23.60
	Loss due to fire	1,021.04	-
	Allowance for Bad Debts/Excess provision written back	(27.91)	(89.28)
	(Profit)/Loss on Sale of Property, Plant & Equipments	(1.28)	(0.38)
	Exceptional Items-Mark to Market Gain	28.63	(61.25)
	(Profit)/Loss on Sale of Investment	51.16	-
	Profit on Disposal of wholly owned Subsidiary	(0.94)	-
	Sundry balance written back (Net)	(3.24)	(30.31)
	Exchange Rate Fluctuation (Net)	(28.41)	(83.68)
		2,789.10	1,070.81
	Operating Profit Before Working Capital Changes	12,484.26	4,425.40
	Adjustments For Working Capital Changes :
	Other non - current assets	(2.33)	0.20
	Inventories	(10,099.35)	(3,137.40)
	Trade Receivable	(7,321.14)	(1,847.96)
	Other Non Current financial assets	(13.39)	16.25
	Other financial assets	(192.12)	(66.42)
	Other current assets	(1,146.47)	348.76
	Other non current financial liabilities	(2.36)	(1.19)
	Trade payables	612.95	10.66
	Other current financial liabilities	(0.17)	(18.19)
	Other current liabilities	1,348.22	(592.90)
	Provisions	121.08	28.07
		(16,695.08)	(5,260.12)
	Cash Generated from Operations	(4,210.82)	(834.72)
	Direct Taxes paid	(2,208.00)	(775.23)
	Net Cash From Operating Activities	(6,418.82)	(1,609.95)
B)	Cash Flow From Investing Activities
	Purchase of Property Plant and Equipment,Intangible Assets including
	Capital Work in Progress & Capital Advances	(1,510.12)	(1,546.85)
	Purchase of Investment	(874.71)	-
	Sale of Investment	823.55	155.54
	Inter Corporate Deposit	-	500.00
	Sale of Property Plant and Equipment	11.39	4.19
	Interest Received	3.99	24.79
	Sale of Investment in wholly owned subsidiary	1.00	-
		(1,544.90)	(862.33)
Net Cash Used In Investing Activity		(1,544.90)
C)	Cash Flow From Financing Activities
	Net (Decrease)/ Increase in Borrowings	10,153.10	4,105.40
	Interest Paid	(728.51)	(540.74)
	Dividend Paid	(1,460.25)	(1,135.75)
		7,964.34	2,428.91
	Net Cash Used In Financing Activity		2,428.91
	Net Changes In Cash & Cash Equivalents(A+B+C)	0.62	(43.37)
	Opening Balance Of Cash & Cash Equivalents	13.50	56.88
	Closing Balance Of Cash & Cash Equivalents	14.12	13.50
	Notes	0.62	(43.37)
	Closing Balance of Cash & Cash Equivalents
	1 Cash and Cash Equivalents Includes:
	Cash In Hand	1.13	1.19
Balance With Scheduled Banks
- In Current Account	12.99	12.32
		14.12	13.50

For Modison Limited

Place: Mumbai

Date: 22 May 2026

Rajkumar Modi

Joint Managing Director

DIN: 00027449

---

M L BHUWANIA AND CO LLP

CHARTERED ACCOUNTANTS

F-11, 3rd floor, Manek Mahal, 90, Veer Nariman Road, Churchgate, Mumbai - 400 020, INDIA.
T: +91 22 3507 4949  E: info@mlbca.in  W: www.mlbca.in

INDEPENDENT AUDITOR'S REPORT ON QUARTERLY AND YEAR TO DATE AUDITED STANDALONE FINANCIAL RESULTS OF THE COMPANY PURSUANT TO THE REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015, AS AMENDED

To
The Board of Directors of
MODISON LIMITED

Report on the Audit of the Standalone Financial Results

Opinion

We have audited the accompanying Statement of Standalone Financial Results of MODISON LIMITED (“the Company”) for the quarter and year ended March 31, 2026 (“the Statement”), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, these standalone financial results:

i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and
ii. give a true and fair view, in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards and other accounting principles generally accepted in India of the net profit, other comprehensive income and other financial information for the quarter and year ended March 31, 2026.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Standalone Financial Results” 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 results 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 opinion on the standalone financial results.

---

M L BHUWANIA AND CO LLP

CHARTERED ACCOUNTANTS

Management’s and Board of Directors’ Responsibilities for the Standalone Financial Results

These standalone financial results have been prepared on the basis of the standalone annual financial statements. The Company’s Management and Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

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 results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, the Management and Board of Directors are 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial results 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 results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

MUMBAI
Continuation Sheet...

---

M L BHUWANIA AND CO LLP

CHARTERED ACCOUNTANTS

• Identify and assess the risks of material misstatement of the standalone financial results, 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 controls 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 an opinion through a separate report on the complete set of standalone annual financial statements 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 in the standalone financial results made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management’s and Board of Directors’ 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 standalone financial results 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 results, including the disclosures, and whether the standalone financial results 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.

MUMBAI

Continuation Sheet...

---

M L BHUWANIA AND CO LLP
CHARTERED ACCOUNTANTS

Other Matters

The standalone financial results for the quarter ended on March 31, 2026 and for the corresponding quarter ended March 31, 2025 are the balancing figures between the audited figures in respect of the year ended on March 31, 2026 and March 31, 2025 and the published year to date figures up to the third quarter of the respective financial year, which were subject to limited review, as required under the Listing Regulations.

For M L BHUWANIA AND CO LLP
Chartered Accountants
FRN: 101484W / W100197

Vijay Kumar Jain
Partner
Membership No. 108374
UDIN: 26108374IUTTOQ4885

Place: Mumbai
Date: May 22, 2026.

F-11, 3rd Floor, Manek Mahal,
90, Veer Nariman Road, Churchgate,
Mumbai - 400 020, India.

Continuation Sheet...

---

M L BHUWANIA AND CO LLP

CHARTERED ACCOUNTANTS

F-11, 3rd floor, Manek Mahal, 90, Veer Nariman Road, Churchgate, Mumbai - 400 020, INDIA.
T: +91 22 3507 4949  E: info@mlbca.in  W: www.mlbca.in

INDEPENDENT AUDITOR'S REPORT ON QUARTERLY AND YEAR TO DATE AUDITED CONSOLIDATED FINANCIAL RESULTS OF THE COMPANY PURSUANT TO THE REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015, AS AMENDED

To
The Board of Directors of
MODISON LIMITED

Report on the Audit of the Consolidated Financial Results

Opinion

We have audited the accompanying Statement of Consolidated Financial Results of MODISON LIMITED (“Holding Company”) and its subsidiaries (holding company and its subsidiaries together referred to as “the Group”) for the quarter and year ended March 31, 2026 (“the Statement”), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, these consolidated financial results:

i. include the results of the subsidiaries “Modison HV Private Limited” and Modison Solartech Private Limited (Formerly known as Modison Hitech Private Limited) up to 9th June 2025;

ii. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and

iii. give a true and fair view, in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the consolidated net profit, other comprehensive income and other financial information of the Group for the quarter and year ended March 31, 2026.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Results” section of our report. We are independent of the Group in

MUMBAI

---

M L BHUWANIA AND CO LLP

CHARTERED ACCOUNTANTS

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 results 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 opinion on the consolidated financial results.

Management’s and Board of Directors’ Responsibilities for the Consolidated Financial Results

These consolidated financial results have been prepared on the basis of the consolidated annual financial statements. The Holding Company’s Management and Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the consolidated net profit and other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in applicable Indian Accounting Standard prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

The respective Management and Board of Directors of the entities included in the Group is responsible for maintenance of adequate accounting records in accordance with the provisions of the Act; for safeguarding of the assets of the each entity 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 accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial results 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 results by the Board of Directors of the Holding Company, as aforesaid.

In preparing the consolidated financial results, the respective Management and Board of Directors of the entities included in the Group is responsible for assessing the ability of the respective entity to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group is responsible for overseeing the financial reporting process of the entities in the Group.

MUMBAI
Continuation Sheet...

---

M L BHUWANIA AND CO LLP

CHARTERED ACCOUNTANTS

Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated financial results 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 results.

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 results, 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 controls 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 an opinion through a separate report on the complete set of consolidated annual financial statements on whether the Group 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 in the consolidated financial results made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management’s and Board of Directors’ 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 Group 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 results 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 Group to cease to continue as a going concern.

MUMBAI
Continuation Sheet...

---

M L BHUWANIA AND CO LLP

CHARTERED ACCOUNTANTS

• Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial results / financial information of the entities within the Group to express an opinion on the consolidated financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors.

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results 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.

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.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

The consolidated financial results for the quarter ended March 31, 2026 and for the corresponding quarter ended March 31, 2025 are the balancing figures between the audited figures in respect of the year ended March 31, 2026 and March 31, 2025 and the published year to date figures up to the end of the third quarter of the respective financial year, which were subject to limited review, as required under the Listing Regulations.

For and on behalf of

M L BHUWANIA AND CO LLP
Chartered Accountants
FRN: 101484W/W100197

Vijay Kumar Jain
Partner
Membership No. 108374
UDIN: 26108374FIYMGP1274

Place: Mumbai
Date: May 22, 2026

F-11, 3rd Floor, Manek Mahal,
90, Veer Nariman Road, Churchgate,
Mumbai - 400 020, India.

Continuation Sheet...

---

Details under amended Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Annexure I

Sr. No	Particulars	Cost Auditors
1	Reason for Change viz. appointment	Re-appointment of M/s. N. Ritesh & Associates, Cost Accountants (FRN: 100675) as the Cost Auditor of the Company.
2	Date of appointment and term of appointment	The Board of Directors at its meeting held on May 22, 2025, on the recommendation of the Audit Committee, approved the re-appointment of M/s. N. Ritesh & Associates, Cost Accountants (FRN: 100675) as the Cost Auditor of the Company for the financial year ending March 31, 2027.
3	Brief Profile (in case of appointment)	M/s. N. Ritesh & Associates, Cost Accountants (FRN: 100675) is a firm established in 2008 and have rich experience in Cost audit of various Industries like Rubber, Textile, Chemicals, Electricity, petro-chemical, cements, soda, Tyre, Electronic motors, Bulk Drugs, Engineering, Food Products, Polyester, Rayon Paper, Dyes, Glass, Cables, Steel Plants, Fertilisers, Glass and Industrial Gases, etc.
4	Disclosure of relationships between directors (in case of appointment of a director)	Not Applicable