DIRECTORS' REPORT

Your Directors are pleased to present the 33rd Annual Report of Asian Energy Services Limited ('AESL' or 'the Company')
along with its audited financial statements for the financial year ended March 31,2026. The consolidated performance of the
Company and its subsidiaries has been referred to wherever required.

FINANCIAL RESULTS:

The Company’s financial performance, for the year ended March 31,2026 is summarized below:

DIVIDEND:

The Board of Directors are pleased to recommend dividend@
12.5% of the Face Value i.e., ' 1.25/- per equity share (face
value of ' 10/- each) for the year under review subject to the
approval of members at the ensuing Annual General Meeting
of the Company.

TRANSFER TO RESERVES:

The Company does not propose to transfer any amount to
reserves out of the profits earned during the financial year
2025-26.

REVIEW OF OPERATIONS / STATE OF AFFAIRS OF THE
COMPANY:

There has been no change in the nature of business of
your Company during the Financial Year 2025-26. Our
Company is engaged as a service provider to the energy
and mineral sectors, offering end-to-end services which
extends across the value chain, including geophysical data
acquisition, material handling, coal handling and operation
and maintenance ('O&M').

We are one amongst the few companies in India providing
end-to-end services in the upstream oil segment, across
the value chain. The Company specializes in servicing the
value chain entirely, right from seismic data acquisition, data
analysis, building oil & gas facility to undertaking the O&M of
production facilities.

During the year under review, the Company secured
two substantial projects, one being the integrated field
management contract with Vedanta, and the other being the
Lakhanpur CHP project from Mahanadi Coalfields Limited
('MCL').

Further, the Company extended a corporate guarantee
as the parent entity to Asian Oilfield & Energy Services
DMCC ("ADMCC"), a Wholly Owned Subsidiary to facilitate
the acquisition of Kuiper Group Limited (Cayman Islands)
and Kuiper Holdings Limited (Abu Dhabi, UAE) by ADMCC.
The said acquisitions have helped in expanding AESL's
international platform, particularly in the Middle East.

CONSOLIDATED FINANCIAL STATEMENTS:

Pursuant to the provisions of section 129(3) of the Companies
Act, 2013 ('the Act') read with the rules framed thereunder,
a Statement containing the salient features of the financial
Statements of your Company's subsidiaries and associates
in form AOC-1 is annexed as Annexure A and forms a part
of the financial statement. The statement provides the
details of performance and financial position of each of the
subsidiaries and associates. In accordance with section 136
of the Act, the Audited financial statements, including the
consolidated financial statement, audited accounts of all the
subsidiaries and other documents attached thereto.

SUBSIDIARY COMPANIES:

The Company has 5(Five) subsidiaries, 4 (Four) step down
subsidiary and 5 (five) joint ventures as on March 31,2026.

There has been no material change in the nature of business
of the subsidiaries.

The consolidated financial statements reflect the operations
of all the subsidiaries (including Four step down subsidiaries)
viz. Asian Oilfield & Energy Services DMCC, AOSL Petroleum
Pte. Limited, AOSL Energy Services Limited, Optimum Oil
and Gas Private Limited, Cure Multi Trade Private Limited,
Ivorene Oil Services Nigeria Limited, Kuiper Holdings Limited,
Kuiper Group Limited and Global Resource Management
Employment Services LLC (UAE), and five joint ventures viz.
Zuberi Asian Joint Venture, AESL FFIL Joint Venture, Asian
Indwell Joint Venture, Asian Global Joint Venture and Asian
Oilmax Joint Venture.

In terms of section 136 of the Act, the financial statements
of the Company, consolidated financial statements along
with relevant documents and separate audited accounts in
respect of subsidiaries, are also kept at the registered office
of the Company and are available on the website of the
Company.

PARTICULARS OF LOANS AND GUARANTEES GIVEN,
SECURITIES PROVIDED, AND INVESTMENTS MADE:

Particulars of loans, guarantees given and investments
made during the year, as required under section 186 of the
Act and schedule V of the Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ('SEBI LODR’ or 'Listing Regulations’),
are provided in the notes 7 to 9 of the standalone financial
statements.

RELATED PARTY TRANSACTIONS:

Your Company has historically adopted the practice of
undertaking related party transactions only in the ordinary
and normal course of business and at arm’s length as part
of its philosophy of adhering to highest ethical standards,
transparency, and accountability. In line with the provisions
of the Act and SEBI LODR, the Company has a policy for
related party transactions which is also available on the
website of the Company (www.asianenergy.com).

All the related party transactions are placed for prior
approval of the audit committee; as well as the shareholders
for transactions which are material in nature.

All related party transactions that were entered into during
the financial year were on arm’s length basis and were in

the ordinary course of Company’s business. Disclosure of
Related Party Transactions, which are material in nature, as
required under Section 134(3)(h) of the Act in form AOC-2
enclosed to this report as Annexure B.

Related party transactions under Accounting Standard -
AS-18 are disclosed in the notes to the financial statements.

DIRECTORS' RESPONSIBILITY STATEMENT:

To the best of their knowledge and information and based
on the information and explanations provided to them by the
Company, your Directors make the following statement in
terms of section 134(5) of the Act:

a. that in preparation of the annual accounts for the
year ended March 31, 2026, the applicable accounting
standards have been followed and there are no material
departures from the same;

b. that the Directors have selected such accounting
policies and applied them consistently and made
judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of
affairs of the Company at the end of the financial year
March 31, 2026 and of the profit of the Company for
that period;

c. that proper and sufficient care has been taken 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. that the directors have prepared the annual accounts
for the financial year ended March 31,2026 on a going
concern basis.

e. They have laid down internal financial controls to
be followed by the Company and that such internal
financial controls are adequate and are operating
effectively; and

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

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Dr. Rabi Narayan Bastia retires by rotation and being eligible
offers himself for re-appointment.

During the reporting period, Mr. Parikshit Datta (DIN:
06377749) was appointed as Non-Executive Non¬
Independent Director w.e.f. May 28, 2025. Further, Mr. Mukesh

Jain (DIN: 01316027), Non-Executive Non-Independent
Director and Mr. Brij Mohan Bansal (DIN: 00261063), Non¬
Executive Independent Director, resigned w.e.f. May 28, 2025
and January 03, 2026, respectively.

Except as mentioned above, there has been no other
change in the composition of Directors and Key Managerial
Personnel during the year under review since the last
report. Detailed information on the directors is provided in
the Corporate Governance Report.

DECLARATION BY INDEPENDENT DIRECTORS:

The Company has received necessary declaration from all
the Independent Directors of the Company, confirming that
they meet the criteria of independence laid down in Section
149(6) of the Act, as well as under regulation 16(1)(b) of
SEBI LODR. There has been no change in the circumstances,
which may affect their status as independent director during
the year.

BOARD EVALUATION:

The Board of directors have carried out an annual evaluation
of its own performance, Board committees, and individual
directors pursuant to the provisions of the Act and the
corporate governance requirements as prescribed by the
SEBI LODR.

The performance of the Board was evaluated by the Board,
after seeking inputs from all the directors on the basis
of criteria such as the board composition and structure,
effectiveness of Board processes, information and
functioning, etc. as provided by the guidance note on Board
evaluation issued by the Securities and Exchange Board of
India ('SEBI') on January 05, 2017.

The performance of the committees was evaluated by the
Board after seeking inputs from the committee members on
the basis of criteria such as the composition of committees,
effectiveness of committee meetings, etc.

The Board and the nomination and remuneration committee
reviewed the performance of individual directors on the basis
of criteria such as the contribution of the individual director
to the Board and committee meetings like preparedness on
the issues to be discussed, meaningful and constructive
contribution and inputs in meetings, etc.

In a separate meeting of independent directors held on
February 13, 2026, performance of non-independent
directors and the Board as a whole, and Chairperson of the

Company was evaluated, taking into account the views of
executive directors and non-executive directors. The same
was discussed in the Board meeting that followed the meeting
of the independent directors, at which the performance of
the Board, its committees, and individual directors was also
discussed. Performance evaluation of independent directors
was done by the entire Board, excluding the independent
director being evaluated.

FAMILIARIZATION PROGRAMME FOR THE INDEPENDENT
DIRECTORS:

In compliance with the requirements of SEBI LODR, the
Company has put in place a familiarization programme
for the independent directors to familiarize them with
their role, rights and responsibilities as directors, the
working of the Company, nature of the industry in which
the Company operates, business model, etc. The details of
the familiarization programme are explained in corporate
governance report.

The familiarization programme for the independent directors
is placed on the website of the Company www.asianenergy.
com.

POLICY ON DIRECTORS' APPOINTMENT AND
REMUNERATION AND OTHER DETAILS:

The current policy is to have an appropriate mix of executive,
non-executive and independent directors to maintain the
independence of the Board and separate its functions
of governance and management. The details of Board
and committee composition, tenure of directors, areas of
expertise and other details are available in the corporate
governance report that forms part of this Annual Report.

The policy of the Company on directors’ appointment
and remuneration, including the criteria for determining
qualifications, positive attributes, independence of a director
and other matters, as required under sub-section (3) of
Section 178 of the Act, is available on our website at www.
asianenergy.com.

MEETINGS OF THE BOARD OF DIRECTORS AND ITS
COMMITTEES

The Board of Directors of the Company met 7(seven) times
during the year on April 17, 2025; May 16, 2025; August 12,
2025; September 06, 2025; October 07, 2025; November
14, 2025; and February 13, 2026 to deliberate on various
matters. The details of the meetings of the Board and its
committees held during the year are stated in the corporate
governance report forming part of this Annual Report.

Material changes and commitments, if any, affecting the
financial position of the Company which have occurred
between the end of financial year of the Company to which
the financial statement relate and the date of the report:

Except for the matter stated below, there have been no
material changes and commitments affecting the financial
position of the Company between the end of the financial
year under review and the date of this Report:

The Board of Directors of Oilmax Energy Private Limited
("OEPL" or "Transferor Company") and Asian Energy Services
Limited ("AESL" or "Transferee Company") (together referred
to as "Applicant Companies") had approved the draft
Scheme of Merger by Absorption of OEPL with AESL and
their respective shareholders under sections 230-232, read
with section 66 of the Companies Act, 2013.

Subsequently, pursuant to receipt of No-objection Certificates
from the stock exchanges and upon joint application filed
by the Applicant Companies, the Hon’ble National Company
Law Tribunal, Mumbai Bench, ("NCLT Mumbai") passed the
order dated April 22, 2026, inter alia, for convening meeting
of the equity shareholders. Accordingly, equity shareholders
of the Applicant Companies at their respective meetings
held on June 1 1,2026 and June 12, 2026, have approved the
Scheme of Merger by Absorption.

Pursuant to the above, a Joint Company Scheme Petition
was filed before the NCLT Mumbai. The NCLT Mumbai
admitted the Petition vide its order dated July 07, 2026. The
said Petition is fixed for hearing and final disposal by the
NCLT Mumbai.

MANAGEMENT DISCUSSION AND ANALYSIS:

In terms of the provisions of Regulation 34 of the SEBI LODR,
the management Discussion and analysis has been given
separately and forms part of this report.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR
ADEQUACY:

The Company’s Internal Financial Controls ('IFC’) is
commensurate with the size and operations of the business
and is in line with the requirements of the Act. This framework
includes well-documented policies, procedures and
Standard Operating Procedures ('SOP’), specific to respective
processes. Regular management review processes evaluate
various policies for the dynamic and evolving business
environment. Furthermore, our internal auditors undertake
rigorous testing of the control environment of the Company.

CORPORATE SOCIAL RESPONSIBILITY ('CSR'):

In terms of the provisions of Section 135 of the Act read
with the Companies (Corporate Social Responsibility
Policy) Rules, 2014, ('CSR Rules’) the Board of Directors

of your Company has constituted a Corporate Social
Responsibility committee chaired by Mr. Nayan Mani Borah
(DIN: 00489006), Chairperson & Non-Executive Independent
Director. Other Members of the Committee are Mr. Parikshit
Datta (DIN: 06377749), Non-Executive Non-Independent
Director and Dr. Rabi Narayan Bastia (DIN: 05233577),
Non-Executive Non-Independent Director. Your Company
also has in place a CSR Policy which is available at www.
asianenergy.com.

Your Company’s CSR activities include promoting education,
healthcare, eradicating hunger, poverty and malnutrition,
empowering women and rural development projects.
The Annual Report on CSR activities and expenditure, as
required under sections 134 and 135 of the Companies
Act, 2013 read with Rule 8 of the Companies (Corporate
social Responsibility Policy) Rules, 2014 and Rule 9 of
the Companies (Accounts) Rules, 2014, is provided as
Annexure C.

SAFETY, ENVIRONMENT AND HEALTH:

The Company’s commitment to excellence in health and
safety is embedded in the Company’s core values. The
Company has a stringent policy of 'safety for all’, which
drives all employees to continuously break new ground
in safety management for the benefit of people, property,
environment and the communities where we operate on
sites.

The Company respects human rights, values its employees
and the communities that it interfaces with. The Company
is aware of the environmental impact of its operations, and
it continually strives to reduce such impact by investing in
technologies and solutions for economic growth.

The Company considers safety, environment and health as
the management responsibility. Regular employee training
programmes are in place throughout the Company on safety,
environment and health and has well identified and widely
covered safety management system in place for ensuring,
not only the safety of employees but surrounding population
of the project sites as well.

POLICY ON PREVENTION, PROHIBITION AND REDRESSAL
OF SEXUAL HARASSMENT AT WORKPLACE:

The Company has zero tolerance for sexual harassment
at the workplace and has adopted a policy on prevention,
prohibition and Redressal of sexual harassment at
the workplace, in line with the provisions of the Sexual
Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013 and the Rules made thereunder.

The policy aims to provide protection to employees at the
workplace and prevent and redress complaints of sexual
harassment and for matters connected or incidental thereto,
with the objective of providing a safe working environment,
where employees feel secure.

Further, pursuant to the provisions of section 134 of the
Companies Act, 2013, read with Rule 8 of the Companies
(Accounts) Rules, 2014, the Company has complied with the
provisions relating to the constitution of Internal Complaints
Committee under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.

The details of complaints received by the Company related
to sexual harassment during the financial year 2025-26 are
as follows:

COMPLIANCE UNDER THE MATERNITY BENEFIT ACT,
1961:

The Company has complied with the Maternity Benefit Act,
1961, to the extent applicable.

VIGIL MECHANISM/ WHISTLE BLOWER POLICY:

We have embodied the mechanism in the code of conduct
of the Company for employees to report concerns about
unethical behavior, actual or suspected fraud or violation
of our code of conduct. This mechanism also provides for
adequate safeguards against victimization of employees
who avail of the mechanism and also provide for direct
access to the Chairperson of the audit committee in
exceptional cases and no personnel have been denied access
to the audit committee. The Board and audit committee are
informed periodically on the cases reported, if any, and the
status of resolution of such cases. Your Company has in
place a Whistle Blower Policy, which is available at www.
asianenergy.com.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS OR COURTS:

There are no significant and material orders which have
been passed by the regulators or courts or tribunals which
would impact the going concern status of the Company and
its future operations.

DISCLOSURE REQUIREMENTS:

As per SEBI LODR, corporate governance report with a
certificate from Practicing Company Secretary ('PCS’)
thereon and management discussion and analysis are
attached, which form part of this report.

HUMAN RESOURCES:

The human resource plays a vital role in the growth and
success of an organization. The Company has maintained
cordial and harmonious relations with employees across
various locations.

The Company continuously invests in attraction, retention
and development of talent on an ongoing basis. A number of
programs that provide focused people attention are currently
underway. Your Company’s thrust is on the promotion of
talent internally through job rotation and job enlargement.

DEPOSITS FROM PUBLIC:

The Company has neither invited nor accepted or renewed
any amount falling within the purview of provisions of
Section 73 of the Companies Act 2013 ("the Act") read with
the Companies (Acceptance of Deposit) Rules, 2014 during
the year under review. Hence, the requirement for furnishing
of details relating to deposits covered under Chapter V of the
Act or the details of deposits which are not in compliance
with the Chapter V of the Act is not applicable.

The Company has not accepted any deposits from public
and as such, no amount on account of principal or interest
on deposits from public, was outstanding or unpaid as on
the date of the balance sheet.

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

The particulars as prescribed under section 134(3)(m) of the
Act read with Rule 8 of The Companies (Accounts) Rules,
2014, are:

a. Conservation of Energy : NILb. Technology Absorption : NIL

PARTICULARS OF EMPLOYEES AND REMUNERATION:

The information required under section 197(12) of the Act
read with Rule 5 (2) and (3) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 is
provided in the Annexure D forming part of the Report.

In terms of the second proviso to section 136 (1) of the Act,
the report and accounts are being sent to the shareholders
excluding the aforesaid annexure. Any shareholder interested
in obtaining the same may write to the Company Secretary
at secretarial@asianenergy.com or at the registered office
of the Company. None of the employees listed in the said
annexure is related to any Director of the Company

AUDITORS AND AUDITORS' REPORT
(1) Statutory Auditors:

During the year under review, there was a change in the
Statutory Auditors of the Company in accordance with
the provisions of the Companies Act, 2013.

M/s Walker Chandiok & Co., Chartered Accountants
(ICAI Firm Registration No 001076N/N500013) resigned
as the Statutory Auditors of the Company with effect
from September 26, 2025 due to the completion of
Second term for a period of 5 years from the conclusion
of the AGM held in the year 2025. as per the provisions
of Section 139 and other applicable provisions of the
Companies Act, 2013.

Consequently, the Board of Directors, based on the
recommendation of the Audit Committee, appointed
M/s SGCO & Co. LLP Chartered Accountants, Firm
Registration No:112081W/W100184, as the Statutory
Auditors of the Company for a period of five years
commencing from the conclusion of the 32nd Annual
General Meeting and will hold office till the conclusion
of 37th Annual General Meeting to be held in the year
2030.

Pursuant to section 141 of the Act, the statutory
auditors have represented that they are not disqualified
and continue to be eligible to act as the auditor of the
Company.

Statutory Auditors' Report:

The Statutory Auditors have issued an Audit Report with
unmodified opinion on Standalone and Consolidated
Results for the period ended March 31,2026.

(2) Secretarial Auditors:

Pursuant to the provisions of section 204 of the Act
and the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, the Board of
directors of the Company had appointed Mr. Hemanshu
Kapadia of Hemanshu Kapadia & Associates,
Practicing Company Secretaries for a period of five
years, commencing from the conclusion of the 32nd

Annual General Meeting till the conclusion of 37th
Annual General Meeting to be held in the year 2030, to
undertake the secretarial audit of the Company. The
secretarial audit Report for the financial year ended
March 31,2026 is annexed as Annexure E.

The following observations were noted by the
Secretarial Auditors:

i. Intimation for convening Schedule / Analyst
meet on September 08, 2025 was given at a
shorter notice i.e. on September 06, 2025.
However, explanation for conducting the meeting
at a shorter notice was not mentioned in the
aforesaid intimation.

Management's response:

The decision to host a business update call on
Monday, September 08, 2025 at 9:00 am was
made on Saturday, September 06, 2025 and
the call details / invite were uploaded on stock
exchanges on Saturday, September 06, 2025.
Since this being a price sensitive matter, the
intimation for investor call could not be provided
before the conclusion of Board Meeting on
September 06, 2025. We respectfully submit that
the intimation of the meeting was duly provided;
however, the explanation for short notice, as
directed under Industry Standards Note on
Regulation 30 of the LODR Regulations issued by
the Industry Standards Forum was inadvertently
not mentioned in the intimation.

We sincerely apologize for the inadvertent
omission of explanation of short notice and assure
you that due care will be taken to avoid recurrence.

ii. XBRL intimation for the following events were
filed with delay:

1. Outcome of Board Meeting held on May 16,
2025

2. Appointment of Statutory Auditors of the
Company.

However, intimation in pdf mode for the aforesaid
events were filed within due time.

Management's response:

All the required intimations and submissions were
made in PDF format within the due time. However,
for inadvertent reasons, submissions in XBRL
mode were made with a delay.

iii. Remote e-voting facility provided for postal
ballot was kept open for a period beyond 30 days
i.e. from Friday, December 05, 2025 at 9.00 A.M.
(IST) to Monday, January 05, 2026 at 5.00 P.M.
(IST). However, no votes were received beyond
thirty days i.e. after January 03, 2026.

Management's Response:

We hereby submit that the error in calculation of
remote e-voting period was inadvertent. However,
we ensure to adhere to the prescribed timelines in
the future.

Cost records and cost audit:

Maintenance of cost records and requirement of
cost audit as prescribed under the provisions of
section 148 of the Act are not applicable for the
business activities carried out by the Company.

Reporting of frauds by auditors:

During the year under review, neither the statutory
auditors nor the secretarial auditor has reported
to the audit committee, under Section 143(12) of
the Act, any instances of fraud committed against
the Company by its officers or employees, the
details of which would need to be mentioned in
the Board’s report.

Share Capital:

The paid-up equity share capital as on March 31,
2026 was ' 44.94 Crores. During the year under
review, 1,62,677 ESOP shares were Exercised
by the allottees and application was made
to the stock exchange for listing and trading
approval of such equity shares. Accordingly,
the paid-up equity share capital increased from
' 44.77 Crores to ' 44.94 Crores. The Company
has not issued shares with differential voting
rights.

Employees' Stock Option Plan:

Your Company has instituted various employees’
stock options plans from time to time to motivate
and reward employees. The ESOP compensation
committee administers these plans. The stock
option plans are in compliance with the Securities
and Exchange Board of India (Share Based
Employee Benefits and Sweat Equity) Regulations,
2021, as amended from time to time. ('Employee
Benefits Regulations’).

The Members of the Company, at their meeting
held on September 27, 2021, and through Postal
Ballots concluded on March 16, 2024, and July

5, 2026, respectively, approved the Asian Energy
Services Limited - Employee Stock Option Plan,
2021 ("AESL ESOP 2021"), Asian Energy Services
Limited - Employee Stock Option Plan, 2024
("AESL ESOP 2024"), and Asian Energy Services
Limited - Employee Stock Option Plan, 2025
("AESL ESOP 2025") (collectively referred to as the
"ESOP Plans").

Pursuant to the aforesaid approvals, the Members
authorized the grant of up to 3,80,744 (Three Lakhs
Eighty Thousand Seven Hundred Forty-Four)
stock options to eligible employees under AESL
ESOP 2021 and AESL ESOP 2024, respectively,
and up to 9,00,000 (Nine Lakhs) stock options to
eligible employees under AESL ESOP 2025.

Details of AESL ESOP 2021 are as follows:

Appropriate disclosure prescribed under the said Regulations
with regard to the ESOP Plans are available on the Company’s
website www.asianenergy.com.

COMPLIANCE WITH SECRETARIAL STANDARDS:

The Company has complied with all the applicable provisions
of secretarial standards - 1 and secretarial standards - 2
relating to 'Meetings of the Board of Directors’ and 'General
Meetings’, respectively issued by the Institute of Company
Secretaries of India. ('ICSI’)

ANNUAL RETURN:

Pursuant to section 92(3) and section 134(3)(a) of the Act,
the Company has placed a copy of the annual return as at
March 31,2025 on its website at www.asianenergy.com.

OTHER DISCLOSURES:

Your directors state that disclosure or reporting is not
required in respect of the following items as there were no
transactions relating to these items during the year under
review:

a) issue of equity shares with differential rights as to
dividend, voting or otherwise.

b) details relating to deposits covered under chapter V of
the Act.

c) voting rights which are not directly exercised by the
employees in respect of shares for the subscription /
purchase of which loan was given by the Company (as
there is no scheme pursuant to which such persons
can beneficially hold shares as envisaged under section
67(3)(c) of the Act).

d) the details of application made or any proceeding
pending under the Insolvency and Bankruptcy Code,
2016 (31 of 2016) during the year along with their
status as at the end of the financial year.

e) the details of difference between amount of the
valuation done at the time of one-time settlement and
the valuation done while taking loan from the banks or
financial institutions along with the reasons thereof.

Under AESL ESOP 2025, the options have not yet
been vested and hence no options were exercised
as on March 31,2026.

ACKNOWLEDGEMENT:

The Board places on record its deep appreciation for the continued support received from various clients, vendors, suppliers
and technical partners, bankers, government authorities, employees at all levels and stakeholders, in furthering the interest of
the Company.

On behalf of the Board of Directors of
Asian Energy Services LimitedNayan Mani Borah

Place: Mumbai Chairperson

Date: August 13, 2026 DIN: 00489006