CLOSE PRICE

HMIL’S PERFORMANCE

Our Company, delivered a resilient performance in FY 26,
recording total sales of 7,75,031 units, comprising 5,84,906
domestic units and 1,90,125 export units. The Company
continues to remain a key player in the Indian automotive
industry, supported by a strong and evolving product portfolio,
particularly in the SUV segment.

SUVs remained the primary growth driver during the year,
contributing ~68% of domestic sales, significantly ahead of
industry trends. The continued success of the Hyundai CRETA
surpassing 2,00,000 units during the year and maintaining
segment leadership along with the strong performance of
models such as VENUE, ALCAZAR, EXTER and newer launches
including the all-new VENUE and VENUE N line and PRIME
Taxi, reinforced HMIL's leadership in shaping premium and
technology-led mobility preferences.

The Company further strengthened its market reach through
continued expansion of its distribution network. With 1,508
sales outlets across 1,125 cities and towns, including 89 net
additions during the year, HMIL achieved its highest-ever rural
penetration of over 24%, reflecting deeper engagement across
emerging and high-growth markets.

HMIL's export business remained a strong pillar of growth, with
1,90,125 units exported during FY 26 and export contribution
increasing to 25.56% of revenue. The Company expanded its
global footprint to 70 countries, while achieving a cumulative
milestone of more than 3.9 Million exports to more than 150
countries, reinforcing India's position as a strategic global
manufacturing hub under the “Make in India, Made for the
World” philosophy.

On the manufacturing front, HMIL produced 7,69,280
units during the year. The Company continued to optimize
capacity utilization at its Chennai plant while successfully
operationalizing its Pune (Talegaon) facility, which commenced
production in October 2025 and is being ramped up steadily.
With capacity at Pune facility, HMIL is well-positioned to
support future demand across domestic and export markets.

The Company also sustained its focus on innovation,
premiumization and future mobility. During the year, HMIL
introduced multiple new models and product interventions,
strengthened its EV ecosystem and continued investments
toward electrification, digitalization and software-defined
mobility, reinforcing its long-term growth strategy.

Overall, FY 26 reflects HMIL's strong operational resilience,
continued market leadership in key segments and a forward¬
looking approach to growth driven by capacity expansion,
product innovation and global integration.

During the year ended March 31, 2026, the performance of
HMIL on consolidated basis is as under:

a. Revenue from operations increased to ? 7,07,633.34
Million as against ? 6,91,928.88 Million in the previous year.

b. Cost of goods sold as a percentage to revenue from
operations increased to 82.25% as against 82.23% in the
previous year.

c. Employee cost as a percentage to revenue from
operations increased to 3.88% (? 27,474.38 Million) as
against 3.34% (? 23,112.09 Million) in the previous year.

d. Other expense as a percentage to revenue from
operations increased to 12.63% (? 89,366.57 Million) as
against 11.56% (? 79,989.80 Million) in the previous year.

e. Profit before tax for the current year is ? 72,430.57 Million
as against ? 75,913.49 Million in the previous year.

f. Profit after tax for the current year is ? 54,315.20 Million
as against ? 56,402.14 Million in the previous year.

Production

During FY 26, a total of 7.69 lakhs units were produced as

against 7.63 Lakh units in the previous year.

PRODUCTION DATA - LAST 5 YEARS

(Plant 1 and 2 represent separate assembly lines at the Chennai
factory)

Our Chennai Manufacturing Plant continues to be the
cornerstone of our operations, with an installed annual capacity
of 8,24,000 units. During the year, we further strengthened our
manufacturing capabilities with the operationalization of the
Talegaon Manufacturing Plant (Pune Plant), where passenger
vehicle production commenced in October 2025.

The Pune Plant currently adds 1,70,000 units to our annual
production capacity and is being ramped up in a phased
manner. With the addition of this facility, the Company's total
installed capacity has reached approximately 1 million units
per annum, enhancing our ability to address both domestic
demand and export opportunities.

We currently manufacture 15 passenger vehicle models
across 450 variants through a flexible and integrated
manufacturing setup.

Our robust Production Planning and Scheduling systems,
supported by advanced manufacturing technologies and
digital integration, enable efficient management of product
mix, optimized capacity utilization and timely fulfilment of
market requirements across domestic and export operations.

Sales

During the FY 26, the Company continued to stand strong as
India's largest exporter of passenger vehicles cumulatively.
Exports of 1,90,125 units in FY 26 against 1,63,386 Units in
FY 25, fortifying its position as an export hub.

The Company registered domestic sales of 5,84,906 units in
FY 26, with SUVs contributed 68% of HMIL Domestic sales in
FY 26.

Domestic Sales

The domestic sales during the year were 5.85 Lakh units as
against 5.98 Lakh units in the previous year.

Export Sales

On the export front, the company sales increased to 1.90 Lakh
units in FY 26 from 1.63 Lakh units in FY 25.

SHARE CAPITAL

The Authorized Share Capital of the Company is
? 14,00,00,00,000 (Rupees One Thousand Four Hundred
Crores) divided into 140,00,00,000 (One Hundred and Forty
Crores Only) equity shares of face value of ? 10 (Rupees Ten
Only) each. Issued, subscribed and paid-up share capital of the
Company is ? 812,54,11,000/- (Rupees Eight Hundred Twelve
Crore Fifty-Four Lakhs and Eleven Thousand Only) divided into
81,25,41,100 (Eighty-One Crore Twenty-Five Lakhs Forty-One
Thousand and One Hundred Only) equity shares of face value
of ? 10/-(Rupees Ten Only) each.

There has been no change in the share capital during the
period under review.

DIVIDEND

The Board of Directors have proposed a final dividend of
? 21 per share (nominal value of ? 10 per share) for the FY 26.
The dividend is subject to the approval of shareholders at
the ensuing Annual General Meeting (AGM) and will be paid
to those Shareholders whose names appear in the Register
of Members as on the Record Date. The total expected cash
outflow is ? 17,063.36 Million including withholding tax.

Record Date

The company has fixed August 5, 2026 as the “Record Date”
for the purpose of determining the entitlement of members to
receive dividend for FY26.

Pursuant to Regulation 43A of SEBI (Listing Obligations and
Disclosure Requirements), Regulations, 2015 (SEBI (LODR)
Regulations, 2015), the Company has formulated and adopted
a revised Dividend Distribution Policy in the board meeting
held on October 14, 2025 to establish the parameters to be
considered before declaring or recommending dividend
by the Board of Directors of the Company and lay down
a broad framework for decisions to be made with regard
to (i) Distribution of Dividend and (ii) Retaining profits so
as to maintain a consistent approach of returning cash to
shareholders and for further development of business. The
Dividend Distribution Policy is available on the website of
the Company atCorporate Governance Policies | Investor
Relations | Hyundai India

SUBSIDIARY, ASSOCIATE & JOINT VENTURE
COMPANIES

The Company has two subsidiaries as on March 31, 2026:

Further, during the year under review, the Company has
invested in FPEL TN Wind Farm Pvt Ltd, which is an Associate
Company. The Company had invested in the said Company in
two tranches and holds 26.49% of the share capital in the said
Company. There has been no other addition or deletion of the
subsidiaries list in the FY ended 2025-26.

The Consolidated Financial Statements are presented as part
of this Report in accordance with the Companies Act, 2013 and
IND AS wherever applicable. The statement pursuant to section
129(3) of the Companies Act, 2013, containing salient features
of the Financial Statements of the Company's Subsidiaries
(including their performance and financial position) in Form
AOC-1 is attached to the Financial Statements.

Further, contribution of subsidiary(ies) to the overall
performance of your Company is outlined in Note No. 44 of
the Consolidated Financial Statements.

Further, pursuant to the provisions of Section 136 of the
Companies Act, 2013, the financial statements of the
Company, consolidated financial statements along with
relevant documents and separate audited financial statements
in respect of subsidiaries, are available on the website of
the Company atInvestor Reports - Financial Information |
Hyundai India

The Company does not have any material subsidiary as on
March 31, 2026. Policy for determining the Material subsidiary
is available on the website of the Company atCorporate
Governance Policies | Investor Relations | Hyundai India

RELATED PARTY TRANSACTIONS

In line with the requirements under Companies Act, 2013 and
SEBI (LODR) Regulations, 2015, the company has formulated
a Policy on Related Party Transactions and the same can be
accessed using the following linkCorporate Governance
Policies | Investor Relations | Hyundai India

This policy deals with the review and approval of related party
transactions. All necessary details for each of the Related
Party Transactions as applicable along with the justification
are provided to the Audit Committee in terms of the SEBI
Master Circular dated January 30, 2026 for compliance with
the provisions of the SEBI (LODR) Regulations, 2015. All related
party transactions are placed before the Audit Committee for
its review and approval.

On quarterly basis, the Audit Committee of the Company also
reviews the actual transactions for which necessary approvals
have been granted as per Regulation 23 of the SEBI (LODR)
Regulations, 2015 and section 177 of the Companies Act, 2013.
All Related Party Transactions entered during the year were
in the ordinary course of business and on arm's length basis.

The Company has obtained prior approval of the shareholders
for the material related party transactions as per the SEBI
(LODR) Regulations, 2015. In view of requirement of Section
134(3)(h) read with section 188 of the Act, material related
party transactions which are entered on arm's length are
reported in E-Form AOC - 2 which is attached as Annexure - A.

The details of transactions with all Related Parties under section
188 of the Act, as well as under IND AS 24 are provided in Note
37.2 of the Notes to the Consolidated Financial Statements and
hence not repeated here, for the purpose of brevity.

REVISION OF FINANCIAL STATEMENTS

There was no revision of the financial statements for the year
under review.

GROSS VALUE OF INVESTMENT IN PROPERTY,
PLANT & EQUIPMENT AND INTANGIBLES

Upon transition to IND AS, the Company had elected to
continue with the carrying value of all of its property, plant
and equipment recognized as of April 01, 2015 (transition date)
measured as per the previous GAAP and use that carrying value
as its deemed cost as at the transition date.

Consequently, the gross book as at March 31, 2026 presented
in the standalone financial statements (refer Note 4 of the
standalone financial statements) represents the deemed cost
as of 01^st April 2015 (Written down value as of 01^st April 2015)
adjusted for the additions & deletions till 31^st March 2026.
The summary of impact of changes in the Gross investment
is given below:

During the year, the company has made Additional Investment
of ? 80,420.13 million Cumulative Gross Investment in
Property, Plant & Equipment and Intangibles is given in
Annexure B to the Board's Report. CWIP as on 31^st March 2026
stood at ? 7,096.82 Million.

FINANCE & CREDIT RATING

The Company continued to maintain the highest credit rating
of A1 for its short term borrowings and AAA for Long Term
borrowings from CRISIL. The rating emphasizes the financial
strength of the Company in terms of the highest safety with
regard to timely fulfillment of its financial obligations

TRANSFER TO RESERVES

Our Company does not propose to transfer any amount to the
General Reserves out of the amount available for appropriation.

INTERNAL CONTROLS OVER FINANCIAL
REPORTING

The Company has established and maintained adequate
Internal Financial Controls over Financial Reporting (IFCR) and
such controls were operating effectively as at 31^st March 2026,
based on the criteria for internal financial controls prescribed
in the Guidance Note on Audit of Internal Financial Controls
over Financial Reporting issued by the Institute of Chartered
Accountants of India.

DEPOSITS

During the year under review, the Company did not accept
any deposits within the meaning of provisions of Chapter V
- Acceptance of Deposits by Companies of the Companies
Act, 2013 (“Act”) read with the Companies (Acceptance of
Deposits) Rules, 2014.

PARTICULARS OF LOANS, GUARANTEES AND
INVESTMENTS

Pursuant to Section 186 of the Act, the Company has not
provided any loan / guarantee/ security in connection with such
loan to any person or any other body corporate. During the year
under review, the Company invested an aggregate amount of
' 38,05,07,367 in two tranches and acquired 49,21,043 equity
shares of FPEL TN Wind Farm Private Limited. Consequently, as
on 31^st March 2026, the Company holds 26.49% of the equity
share capital of FPEL TN Wind Farm Private Limited.

DIRECTORS AND KEY MANAGERIAL
PERSONNEL (KMP)

Board of Directors

As on the date of this Report, the Board of Directors comprises
of 8 Directors, comprising of 4 Executive Directors and
4 Independent Directors. Details of Directors and KMP is
mentioned in Corporate Governance section forming part of
Annual Report.

Appointment of Directors and KMP
Executive Directors:

♦ Mr. Dong Huwy Park (DIN: 09389394), was appointed as
Additional Director and designated as Whole-time Director
and Chief Operating Officer for a period of three years with
effect from 02^nd February 2026 and was subsequently
approved by the shareholders through Postal Ballot on
01^st April 2026.

♦ Mr. Tarun Garg (DIN: 00045669) was appointed as
Managing Director & Chief Executive Officer (CEO) with
effect from 01^st January 2026 upto 31^st August 2028 and
was subsequently approved by the shareholders of the
Company through postal ballot on 11^th December 2025.

♦ Mr. Gopalakrishnan CS (DIN: 09679256) was re-appointed
as Whole-time Director for a further period upto 31^st
August 2026 by the Board of Directors and was approved
by the shareholders at the Annual General Meeting held on
28^th August 2025.

♦ Mr. Wangdo Hur (DIN: 10039866), Whole-time Director &
CFO of the Company is liable to retire by rotation at the
ensuing Annual General Meeting.

♦ The Board of Directors, in its meeting held on July 30, 2026,
has recommended to the shareholders the appointment
of Mr. Mukundan MS (DIN: 11814362) as the Whole-time
Director of the Company for approval at the ensuing
Annual General Meeting, with effect from September
1, 2026.

Changes in Key Managerial Personnel (KMP):
Re-appointment of Directors:

♦ During the year under review, Mr. Tarun Garg (DIN:
00045669), was re-appointed, who was liable to retire
by rotation, on the recommendation of Nomination &
Remuneration Committee (NRC) and Board of Directors of
the Company in their meeting held on 25^th July 2025.

♦ Mr. Gopalakrishnan CS (DIN: 09679256) was re-appointed
as Whole-time Director of the Company for a period
starting from 28^th July 2025 to 31^st August 2026 on the
recommendation of NRC and Board of Directors at their
meeting held on 25^th July 2025 and subsequently approved
by the shareholders at the Annual General Meeting held on
28^th August 2025.

In the opinion of the Board, all the directors, as well as the
directors appointed / re-appointed during the year and
proposed to be appointed / re-appointed possess the requisite
qualifications, skills, experience and expertise and hold high
standards of integrity.

Resignation and retirement of Directors and KMP:

♦ Mr. Unsoo Kim (DIN: 09470874) who was the Managing
Director of the Company resigned from the position of the
same effective from 31^st December 2025 due to returning
back to South Korea to a Strategic Role at Hyundai
Motor Company.

Retirement by rotation and subsequent re¬
appointment:

Mr. Wangdo Hur (DIN: 10039866) being the longest serving
Director shall retire by rotation at the forthcoming Annual
General Meeting and being eligible, offer himself for re¬
appointment.

The Board, on the recommendation of the Nomination &
Remuneration Committee, recommended his re-appointment
at the ensuing Annual General Meeting.

The Independent Directors of the Company are not liable to
retire by rotation.

Key Managerial Personnel (KMP)

Mr. Tarun Garg, Managing Director and CEO,
Mr. Gopalakrishnan CS, Whole-time Director & CMO,
Mr. Wangdo Hur, Whole-time Director and CFO, Mr. Dong
Huwy Park, Whole-time Director & COO and Mr. Pradeep
Chugh Company Secretary and Compliance Officer, are the
Key Managerial Personnel (“KMP”) of the Company, as on
date of sending this report, in accordance with the provisions
of Sections 2(51) and 203 of the Companies Act, 2013 read
with the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014.

The changes to the KMPs during the year under review and up
to the period of this report are also mentioned in Corporate
Governance Report section.

BOARD & COMMITTEES

During the year under review and pursuant to the SEBI
(LODR) Regulations, 2015 the Board had re-constituted Risk
Management Committee. During the year under review, the
Company had dissolved the IPO Committee that was formed
for the purpose of IPO.

As on the date of this report the Board has the following
committees:

i. Audit Committee (AC)

ii. Nomination and Remuneration Committee (NRC)

iii. Stakeholders' Relationship Committee (SRC)

iv. Risk Management Committee (RMC)

v. Corporate Social Responsibility Committee (CSR)

The structure of the Board Committees and their terms of
reference/roles and responsibilities are mentioned in the
Corporate Governance Report which forms part of this
Annual Report.

Audit Committee

The Audit Committee comprised of Ms. Shalini Puchalapalli
as Chairperson, Ms. Sree Kirat Patel and Mr. Wangdo Hur
as members.

All the recommendations made by the Audit Committee were
accepted by the Board during the year. Further details on the
above committees and other committees of the Board are
given in the Corporate Governance Report.

Board Independence

Pursuant to Section 149(7) of the Act, the Company has
received declarations from all Independent Directors
confirming that they meet the criteria of independence as
specified in Section 149(6) of the Act, as amended, read with
Rules framed thereunder and Regulation 16(1) (b) of the SEBI
(LODR) Regulations, 2015. In terms of Regulation 25(8) of the
SEBI (LODR) Regulations, 2015, the Independent Directors
have confirmed that they are not aware of any circumstance
or situation which exists or may be reasonably anticipated that
could impair or impact their ability to discharge their duties
with an objective independent judgement without any external
influence and that they are independent of the Management.
The Independent Directors have also confirmed that they
have complied with the Company's Code of Conduct and that
they are registered on the databank of Independent Directors
maintained by the Indian Institute of Corporate Affairs. The
Directors have further confirmed that they are not debarred
from holding the office of director under any SEBI order or any
other such authority.

The Board of Directors of the Company have taken on record
the aforesaid declarations and confirmations submitted by the
Independent Directors.

Familiarization program

The details of the familiarization programs for the Independent
Directors are available on the website of the Company at the
weblinkRegulation 46 SEBI LODR | Hyundai India

Board Meetings

The Board met 06 (Six) times during the FY 26, the details of
meetings of Board and Committees and the attendance thereto
and composition of Committees are provided in the Corporate
Governance Report, which forms part of this Annual Report.

The intervening gap between any two meetings was within the
time limits prescribed under Section 173 of the Companies Act,
2013 read with the relevant Rules and SEBI (LODR) Regulations,
2015 amendments as applicable from time to time.

Board Evaluation

Pursuant to the provisions of Section 178 of the Companies
Act, 2013, along with Companies (Meetings of the Board and
its Power) Rules, 2014 and Regulation 19(4) read with Part D
of Schedule II of SEBI (LODR) Regulations, 2015, the Board
has carried out an annual evaluation of its own performance
and that of its Committee as well as performance of the
Directors individually including the Chairman for the FY 26
through an independent external evaluation firm. Inputs were
sought on various aspects of Board/Committee Governance
for evaluation.

The aspects covered in the evaluation included the
contribution to and monitoring of corporate governance
practices, participation in the long-term strategic planning
and the fulfillment of Directors’ obligations and fiduciary
responsibilities, including but not limited to, active
participation at the Board and Committee Meetings.

As per Companies Act, 2013 and SEBI (LODR) Regulations,
2015 the Company has in place a policy on evaluation of the
Performance of Board of Directors. The NRC had evaluated
the performance of Board of Directors, Committee of Board of
Directors and Individual Directors and Chairperson including
Independent Directors on annual basis.

The company also has in place a Nomination and Remuneration
policy to consider matters relating to the remuneration,
appointment and removal of the Directors, Key Managerial
Personnel and Senior Management and the same is available
on the website of the Company at the weblinkCorporate
Governance Policies | Investor Relations | Hyundai India

DIRECTORS’ RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the
information and explanations obtained, in terms of Section 134
(3) (c) of the Act, the Directors state that:

♦ in the preparation of the accounts for the FY ended
31^st March 2026, the applicable accounting standards had
been followed along with proper explanation relating to
material departures if any;

♦ the Directors had selected such accounting policies and
applied them consistently and made judgements and

estimates that are reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company at
the end of the FY 26 and of the profit of the Company for
the year under review;

♦ the Directors had taken proper and sufficient care for
the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act,
2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;

♦ the Directors had prepared the accounts for the FY ended
31^st March 2026 on a ‘going concern' basis;

♦ the Directors had laid down adequate internal financial
controls to be followed by the Company and that such
internal financial controls are adequate and operating
effectively; and

♦ 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.

PARTICULARS OF EMPLOYEES AND
REMUNERATION

Disclosure pertaining to remuneration and other details
as required under Section 197(12) of the Act read with Rule
5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 (including amendments
thereto) is annexed to the Report as Annexure C.

The Annual Report is being sent to the Shareholders of the
Company excluding information required under Section
197(12) read with Rule 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel)
Rules, 2014. Any Shareholder interested in obtaining a copy
of such statement may write to the Company Secretary and
compliance officer atcomplianceofficer@hmil.net. With
reference to Section 197(14), none of the Managerial Personnel
of the Company, i.e., either Managing Director or Whole-time
Director, draw any Commission from the Company. None of
the employees listed in the said Annexure are related to any
Director of the Company.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Annual Report on CSR activities containing details of CSR
policy and other prescribed details including the composition
of the Committee are given in Annexure D and in the Corporate
Governance Report, which forms part of this Annual Report.

The CSR Committee comprises of Mr. John Martin Thompson
as Chairman and Ms. Shalini Puchalapalli, Mr. Ajay Tyagi and
Mr. Gopalakrishnan CS as Members.

ANNUAL RETURN

Pursuant to section 134(3)(a) and section 92(3) of the
Companies Act, 2013 read with Rule 12 of the Companies
(Management and Administration) Rules, 2014, a copy of

the Annual return of the Company for the year 2025-2026
is available on the website of the company at the web-link
Statutory Disclosures | Hyundai Motor India

CORPORATE GOVERNANCE REPORT

The company believes in following best in class Corporate
Governance practices. Our commitment to follow Corporate
Governance practices is reflected in our Corporate Governance
philosophy and Code of Conduct.

Pursuant to Regulation 34 of the SEBI (LODR) Regulations,
2015, the Report on Corporate Governance along with the
certificate from a Practicing Company Secretary certifying
compliance with conditions of Corporate Governance is part
of this Annual Report.

BUSINESS RESPONSIBILITY AND
SUSTAINABILITY REPORT

Pursuant to Regulation 34(2)(f) of the SEBI (LODR) Regulations,
2015, the Company has included the Business Responsibility
and Sustainability Report (BRSR) as part of this Annual Report.
Further, in accordance with SEBI Circular No. SEBI/HO/CFD/
CFD-SEC-2/P/CIR/2023/122 dated 12^th July 2023, as amended
from time to time, relating to the BRSR Core framework and
the phased roadmap for assessment/assurance of BRSR Core
disclosures, the Company, being an applicable listed entity,
has undertaken assessment/assurance of the BRSR Core
parameters for FY 26 and the related disclosure forms part of
the BRSR section of the Annual Report and is also available on
the Company's websiteAnnual Report & Financial Overview |
Hyundai India.

MANAGEMENT DISCUSSION AND ANALYSIS
REPORT

The Management Discussion and Analysis Report (MD&A) for
the FY 26, as required in terms of the SEBI (LODR) Regulations,
2015, is part of this Annual Report.

COMPLIANCE OF SECRETARIAL STANDARDS

As required under Section 118 (10) of the Companies Act, 2013,
the Company has complied with the Secretarial Standards
issued by The Institute of Company Secretaries of India.

MATERIAL CHANGES & COMMITMENTS
AFFECTING THE FINANCIAL POSITION

There were no material changes and commitments affecting
the financial positions of the Company which have occurred
between the end of the FY 26 and the date of this Report.

AUDITORS

Internal Auditors

Mr. Madhan Raj T N was appointed as the Internal Auditor of
the Company with effect from 01^st April 2025.

The reports submitted by the Internal Auditor have been
reviewed by the Audit Committee from time to time.

Statutory Auditors

M/s B S R & Co., LLP, Chartered Accountants (ICAI Firm
No. 101248W/W-100022), Chennai, were re-appointed as
Statutory Auditors of the Company for a period of five years
from the conclusion of the 26^th Annual General Meeting until
the conclusion of the 31^st Annual General Meeting to be held in
2027 by the shareholders, at the Annual General Meeting held
on 08^th August 2022.

The Auditor's report on the Standalone and Consolidated
financial statements for the year ended 31^st March 2026 to the
Board dated 08^th May 2026 does not contain any qualification,
observation or adverse remark.

Secretarial Auditors

M/s. BP & Associates, Practicing Company Secretaries,
Chennai, a peer reviewed firm of Company Secretaries in
Practice had been appointed as Secretarial Auditors of the
Company to conduct the Secretarial Audit of the Company for
a period of 5 (five) years from FY 26 to FY 30, as required under
Regulation 24A of SEBI (LODR) Regulations, 2015 Section 204
of the Companies Act, 2013 and other applicable provisions,
if any, of the Companies Act, 2013 read with Rule 9 of the
Companies (Appointment & Remuneration of Managerial
Personnel) Rules. The Board of Directors of the Company
based on the recommendations of the Audit Committee at its
Meeting held on July 30, 2025 approved and recommended to
the Shareholders for their approval and subsequently the said
appointment was approved by the shareholders at the Annual
General Meeting held on August 28, 2025. The Secretarial Audit
Report for FY 26 forms part of the Annual Report as Annexure
E to the Board's Report. The Company had complied with the
provisions of the Acts and Rules made there under that are
applicable to the Company.

The said Secretarial Audit Report does not contain any
qualification, reservations, adverse remarks or disclaimer.

There is no Material Unlisted Indian Subsidiary of the Company
as on 31^st March 2026 and as such the requirement under
Regulation 24A of the SEBI LODR Regulations regarding the
Secretarial Audit of Material Unlisted Indian Subsidiary is not
applicable to the Company for the FY 26.

Cost Auditors

Pursuant to the provisions of Section 148(3) of the Companies
Act, 2013, the Board of Directors had appointed M/s. Geeyes
& Co., (Firm Registration No: 00044), as Cost Auditors of
the Company, for conducting the audit of cost records for
the FY ended March 31, 2026. The Cost Audit Report for the
FY 26 submitted by the Cost Auditors does not contain any
qualification, reservation, observation or adverse remarks. The
Company maintains the cost records as per the provisions of
Section 148(1) of the Act.

The remuneration of the Cost Auditors for the FY 26 has been
approved by the Board of Directors in their meeting held on July
30, 2025 and was subsequently ratified by the Shareholders at
the Annual General Meeting held on August 28, 2025.

The Cost records as specified by the Central Government
under sub-section (1) of Section 148 of the Act as required by
the Company are maintained by the Company.

Further, the Board on the recommendation of the Audit
Committee, has re-appointed M/s Geeyes & Co., (Firm
Registration No: 00044), Cost Accountants, as the Cost Auditor
of the Company, to carry out the Cost Audit of FY 27. They have
confirmed that their appointment is within the limits of section
141(3)(g) of the Act and have also certified that they are free
from any disqualifications specified under section 141(3) and
proviso to section 148(3) read with section 141(4) of the Act
and has also certified their independence and arm's length
relationship with the Company.

The remuneration of Cost Auditors for the FY 27 has been
approved by the Board of Directors on the recommendation
of Audit Committee and in terms of the Companies Act, 2013
and Rules thereunder requisite resolution for ratification of
remuneration of the Cost Auditors by the members has been
set out in the Notice of the 30^th AGM of the Company.

Reporting Frauds by Auditors

During the year under review, Auditors have not reported any
instances of frauds committed in the Company by its Officers
or Employees in terms of Section 143(12) of the Companies
Act, 2013.

DISCLOSURE UNDER FOREIGN EXCHANGE
MANAGEMENT ACT, 1999

The Company is in compliance with applicable Rules and
Regulations under Foreign Exchange Management Act, 1999.
The Company has also reported the Downstream Investment
with the Reserve Bank of India, for its investment in FPEL TN
Wind Farm Private Limited, during the year under review.

Pursuant to Rule 23(6) of the Foreign Exchange Management
(Non-Debt Instruments) Rules, 2019, the Company has
ensured compliance with the applicable provisions relating
to downstream investments made by it in FPEL TN Wind Farm
Private Limited. The Company has obtained the requisite
annual certificate from its Statutory Auditors confirming
compliance with the provisions of the said Rules. The Statutory
Auditors have not reported any qualification in this regard
during the FY under review.

INTERNAL FINANCIAL CONTROL

The Company has laid down adequate internal financial
controls commensurate with the scale, size and nature of
the business of the Company. The Company has adopted the
policies and procedures for ensuring orderly and efficient
conduct of its business, including adherence to the Company's

policies, safeguarding of its assets, prevention and detection
of frauds and errors, accuracy and completeness of the
accounting records and timely preparation of reliable financial
disclosures. Effectiveness of internal financial controls is
ensured through management reviews, controlled self¬
assessment and independent testing by the internal auditor.

RISK MANAGEMENT POLICY

Pursuant to Regulation 21 of SEBI (LODR) Regulations,
2015 the Company has a Risk Management Committee,
the details of which are given in the Corporate Governance
Report. The Company has adopted the Risk Management
Policy in the board meeting held on 12^th June 2024 to ensure
that all the current and future material risk exposures of the
Company are identified, assessed, quantified, appropriately
mitigated, minimized and managed i.e. to ensure adequate
systems for risk management and to establish a framework for
identification of internal and external risks specifically faced
by the Company, in particular including financial, operational,
sectoral, sustainability, information, cyber security risks, or
any other risk as may be determined by the Risk Management
Committee for the company's risk management process and
to ensure its implementation.

For more details, please refer to the Management Discussion
and Analysis (MD&A) section of the Annual Report.

VIGIL MECHANISM/ WHISTLE BLOWER
POLICY

As per section 177(9) of Companies Act, 2013 read with Rule 7
of Companies (Meeting of Board and its Powers) Rules, 2014
and SEBI (LODR) Regulations, 2015 the Company has in place
Vigil Mechanism/ Whistle Blower Policy and the same is hosted
on the website of the Company which can be accessed at
Corporate Governance | Hyundai Motor India

A mechanism has been established for stakeholders to report
concerns about unethical behavior, actual or suspected
fraud or violation of Code of Conduct and Ethics. It also
provides for adequate safeguards against the victimization of
stakeholders who avail of the mechanism and allows direct
access to Chairperson of the audit committee in exceptional
and appropriate cases.

The Company hereby affirms that no Director/ employee has
been denied access to the Managing Director, during the
FY 26. For more details on the number of complaints received,
resolved and pending investigation under this mechanism are
provided in the to the Corporate Governance report of the
Company which forms part of the Annual Report.

Brief details about the policy are provided in Business
Responsibility and Sustainability Report Section of the
Annual Report.

DISCLOSURE UNDER THE SEXUAL
HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND
REDRESSAL) ACT, 2013

The Company has a policy of zero tolerance in line with the
provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013. Brief details
about the policy and the constitution of Internal Complaints
Committee (ICC) are provided in Business Responsibility and
Sustainability Report Section of the Annual Report.

The details of number of complaints, received during
FY 26, pending and resolved are provided in the Corporate
Governance Report.

RESEARCH & DEVELOPMENT, CONSERVATION
OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE

The Company continues to focus on Research and
Development activities with specific reference to emission
conformance, fuel efficiency, vehicular performance and
enhancement of safety, aesthetics & ride comfort and
green initiatives. Expenditure incurred by way of capital and
revenue on these activities is shown separately in Annexure F
to this report.

The particulars prescribed under Section 134 of the Companies
Act, 2013 read with Rule 8 (3) of the Companies (Accounts)
Rules, 2014, relating to Conservation of Energy, Technology
Absorption, Foreign Exchange Earnings and Outgo are also
furnished in Annexure F to this Report.

SIGNIFICANT AND MATERIAL ORDERS
PASSED

There are no significant and material orders passed by the
Regulators or Courts or Tribunals impacting the going concern
status of the Company and its operations in the future.
However, Members attention is drawn to the Statement on
Contingent Liabilities and Commitments mentioned in the
Notes forming part of the Financial Statements and is not
detailed here again for the sake of brevity.

OTHER DISCLOSURES

♦ During the year under review, there are no proceedings
pending under the Insolvency and Bankruptcy Code, 2016.

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

♦ There are unclaimed/unpaid dividends during the year.
However, since 7 years has not expired, there is no
requirement to transfer any amount to Investor Education
and Protection Fund.

♦ There has been no change in the nature of business of
the Company.

♦ The Company has complied with all relevant provisions
under Maternity Benefit Act, 1961.

♦ There were no transactions / events relating to Issue of
equity shares with differential rights as to dividend, voting
or otherwise.

CAUTIONARY STATEMENT

Statements in this Report and the Management Discussion
& Analysis Report describing the Company's objectives,
expectations or forecasts may be forward-looking within the
meaning of applicable laws and regulations. Actual results may
differ from those expressed in the statements.

ACKNOWLEDGEMENT

The Directors take this opportunity to acknowledge the
continuous support of its holding company Hyundai Motor
Company, South Korea, Investors, QIBs' and the retail
shareholders of the Company.

The Directors would like to express their appreciation for the
assistance and co-operation received from the Government