DIRECTORS' REPORT

Your Directors are pleased to present the 20^th Annual Report of the Company along with the Audited Financial Statements for the financial
year ended on 31^st March, 2026.

FINANCIAL RESULT

The Financial Statements of the Company have been prepared in accordance with the Indian Accounting Standards (Ind AS) as defined
under the Companies Act, 2013, read with rules made there under. The financial performance of the Company for the financial year ended
on 31^st March, 2026, is summarised below:

OPERATIONS

Performance of Company:

During the year under review, the Company's Standalone revenues
from operations increased to ? 70,296.17 Lakhs as compared to
?47,747.86 Lakhs in the previous year, while consolidated revenues
from operations increased to ? 89,071.39 Lakhs as compared to
? 57,613.01 Lakhs in the previous year. The Company has grown
up to be a "One Stop Solution" provider for every need in Oil and
Gas field operations by providing various equipment and services
under rental and chartered-hire basis.

The Company's Standalone net profit increased to ? 9,748.19 Lakhs
as compared to loss of ? 11,543.32 Lakhs in the previous year,
while the Consolidated net profit increased to ? 19,705.99 Lakhs as
compared to loss of ? 7,876.18 Lakhs in the previous year.

Your Directors assure the stakeholders of the Company to continue
their efforts and enhance the overall performance of the Company
in the coming financial years.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements of the Company are
prepared in accordance with relevant Indian Accounting Standards
prescribed under Section 133 of the Companies Act, 2013, which
forms part of this report.

SUBSIDIARY AND ASSOCIATE COMPANY

As on 31^st March, 2026, Deep Industries Limited has Eight (8) direct
Subsidiaries Companies and Five (5) indirect Subsidiaries. There has
been no material change in the nature of business of the subsidiaries.

A report on the financial position of each of the subsidiaries and
associates as per the Act as provided in Form AOC-1 is attached to
the financial statements of the Company.

Further, pursuant to the provisions of Section 136 of the Act, the
standalone and consolidated financial statements of the Company
along with relevant documents and separate audited financial
statements in respect of subsidiaries, are available on the website
of the Company at www.deepindustries.com/investors.

SHARE CAPITAL

As on 31^st March, 2026, the Authorised Share Capital of the
Company stands at ?70,25,00,000 (Rupees Seventy Crores and
Twenty Five Lakhs Only) comprising 14,05,00,000 (Fourteen Crores
and Five Lakhs) equity shares of ?5 each, and the paid-up equity
share capital stands at ? 32,00,00,000 (Rupees Thirty Two Crores
Only) comprising 6,40,00,000 (Six Crores and Forty Lakhs) equity
shares of ? 5/- (Rupees Five Only) each.

Pursuant to the Scheme of Amalgamation, the Authorised Share
Capital of the Company stands increased from ?35,25,00,000
(Rupees Thirty Five Crores and Twenty Five Lakhs Only)
comprising 7,05,00,000 (Seven Crores and Five Lakhs) equity
shares of ?5 each to ?70,25,00,000 (Rupees Seventy Crores and
Twenty Five Lakhs Only) comprising 14,05,00,000 (Fourteen
Crores and Five Lakhs) equity shares of ?5 each, consequent to
the clubbing of the authorised share capital of erstwhile Kandla
Energy & Chemicals Limited with that of the Company, pursuant
to the Scheme of Amalgamation approved by the Hon'ble NCLT,
Ahmedabad Bench.

During FY 2025-26, the Company has not issued any shares,
securities / instruments convertible into equity shares, sweat
equity shares or shares with differential voting rights also have not
made any provision of money for purchase of its own shares by
employees or by trustees for the benefit of employees.

EMPLOYEE STOCK OPTION SCHEME

With a view to attracting, retaining, motivating and rewarding
talented employees and aligning their interests with the long-term
growth and performance of the Company, the Board of Directors
has approved the proposal to introduce an Employee Stock
Option Scheme ("ESOP Scheme"), subject to the approval of the
shareholders and such other statutory and regulatory approvals as
may be required.

The proposed ESOP Scheme is intended to provide eligible
employees with an opportunity to participate in the future growth
and success of the Company through equity-based incentives. The
Scheme shall be implemented in accordance with the provisions
of the Companies Act, 2013 and the applicable provisions of the
Securities and Exchange Board of India (Share Based Employee
Benefits and Sweat Equity) Regulations, 2021, as amended from
time to time.

The approval of the shareholders for adoption of the ESOP Scheme
and the related matters, including the necessary alteration of the
Articles of Association of the Company to incorporate an enabling
provision for issuance of equity shares under the ESOP Scheme, is
being sought at the ensuing General Meeting.

RESTRUCTURING AND ACQUISITIONS

During FY 2025-26, your Company has undertaken various internal
restructuring activities, as follows:

• Kandla Energy & Chemicals Limited, a wholly owned
subsidiary of the Company, was merged with the Company
pursuant to a Scheme of Amalgamation sanctioned by the
Hon'ble National Company Law Tribunal, Ahmedabad Bench,
vide its Order dated 23^rd March, 2026. The Scheme became
effective on 30^th March, 2026 upon filing with the ROC, and

was filed with the Registrar of Companies on 30^th March, 2026.
Consequently, Kandla Energy & Chemicals Limited ceased to
be a wholly owned subsidiary of the Company pursuant to
the said merger.

• During the year under review, the Company expanded
its operational footprint by acquiring 70% equity stake in
Deep Natural Resources Limited on 2^nd December, 2025.
Consequent to this acquisition, Deep Natural Resources
Limited became a subsidiary of the Company with effect
from the said date.

• During the year, Dolphin Offshore Enterprises India Limited, a
step-down subsidiary of the Company, incorporated Beluga
International (IFSC) Private Limited on 9^th March, 2026, as
its Wholly Owned Subsidiary, in GIFT City, Gandhinagar,
Gujarat, to undertake the business of operating ship leasing.
Accordingly, Beluga International (IFSC) Private Limited has
become a step-down subsidiary of the Company.

DIVIDEND

The Board recommends a dividend of ? 2.50/- per fully paid
up equity share of face value ? 5/- each, for the financial year
ended 31^st March, 2026. The Board has recommended dividend
based on the parameters laid down in the Dividend Distribution
Policy, which can be accessed at https://www.deepindustries.
com/docs/Dividend-Distribution-Policy.pdf.

The dividend on equity shares is subject to approval of the
Members at the Annual General Meeting ('AGM') scheduled to be
held on Tuesday, 1⁵¹ September, 2026. The dividend, once approved
by the Members, will be paid, subject to deduction of tax at source,
on or after 1^a September, 2026.

If approved, the dividend will result in a cash outflow of ? 1600
Lakhs. The dividend on equity shares is 50% of the paid-up value
of each share. The total dividend pay-out works out to 3.95% of
the consolidated profit after tax attributable to shareholders but
excluding Exceptional loss for FY 2025-26.

The Company has fixed Friday, 21^st August, 2026 as the 'Record
Date' for determining entitlement of Members to final dividend for
the financial year ended 31^st March, 2026, if approved at the AGM.

RESERVES

Your Directors do not propose to transfer any amount to the
General Reserve for the financial year ended 31^st March, 2026. The
entire balance of the net profit after tax has been retained in the
Profit and Loss Account as surplus.

BOARD MEETINGS

During the year, Six (6) meetings of the Board of Directors were
held, as required under the Companies Act, 2013. The details of the
number of Board meetings held and attendance of Directors are
provided in the Corporate Governance Report, which forms part
of this Report.

During the year under review, the Company has complied
with applicable Secretarial Standards issued by the Institute of
Company Secretaries of India (ICSI) and notified by the Ministry of
Corporate Affairs.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

• It is with profound grief that the Company informs about the
sad demise of Mr. Ashok Ratilal Patel, Independent Director
of the Company, on 13^th December, 2025. Consequent upon
his unfortunate demise, Mr. Ashok Ratilal Patel ceased to be a
Director of the Company with effect from that date, in terms
of the provisions of the Companies Act, 2013.

The Board places on record its deep appreciation for the
valuable guidance, contribution, and support extended by
Mr. Ashok Ratilal Patel during his tenure as an Independent
Director of the Company, and conveys its heartfelt
condolences to the bereaved family.

• Subsequent to the cessation of Mr. Ashok Ratilal Patel,
the Board of Directors, on the recommendation of the
Nomination and Remuneration Committee, appointed
Mr. Shalin Harshadbhai Patel as an Additional Director
(Independent) of the Company with effect from 12^th March,
2026, pursuant to Section 161(1) of the Companies Act, 2013,
read with the Articles of Association of the Company, to hold
office up to the date of the ensuing Annual General Meeting
/ Extra-Ordinary General Meeting.

The Members of the Company subsequently approved his
appointment as an Independent Director, not liable to retire
by rotation, for a term of five consecutive years, with effect
from 12^th March, 2026 by passing of resolution dated 27^th
April, 2026, in terms of Section 149 read with Schedule IV and
other applicable provisions of the Companies Act, 2013.

The Board is of the opinion that Mr. Shalin Harshadbhai Patel
is a person of integrity and possesses the relevant expertise
and experience to be appointed as an Independent Director
of the Company, and he meets the criteria of independence
as prescribed under Section 149(6) of the Companies Act,
2013 and Regulation 16(1)(b) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015.

Pursuant to the provisions of Section 149 of the Act and Regulation
25(8) of the SEBI Listing Regulations, the Independent Directors
have submitted declarations stating that each of them fulfill the
criteria of independence as provided in Section 149(6) of the
Act along with rules framed thereunder and Regulation 16(1 )(b)
of the SEBI Listing Regulations. There has been no change in the
circumstances affecting their status as Independent Directors
of the Company. In the opinion of the Board, the Independent
Directors are competent, experienced, proficient and possess
necessary expertise and integrity to discharge their duties and
functions as Independent Directors. The Independent Directors
of the Company have undertaken requisite steps towards the
inclusion of their names in the data bank of Independent Directors
maintained with the Indian Institute of Corporate Affairs.

None of the Company's directors are disqualified from being
appointed as a director as specified in Section 164 of the Act. All
directors have further confirmed that they are not debarred from
holding the office of a director under any order from SEBI or any
other authority.

In accordance with the provisions of Section 152 of the Act and the
Articles of Association of the Company, Mr. Rohan Vasantkumar
Shah retires by rotation at the ensuing AGM and being eligible, has
offered himself for re-appointment.

During the year under review, the Non-Executive Directors of the
Company had no pecuniary relationship or transactions with the
Company, other than receipt of sitting fees, reimbursement of
expenses incurred by them for the purpose of attending meetings
of the Board and its committees or other Company events and
any other transactions as approved by the Audit Committee or
the Board which are disclosed under the Notes to Accounts. For
more details about the directors, please refer to the Corporate
Governance Report.

During the year there was no change in the Key Managerial
Personnel ('KMP') of the Company.

Pursuant to the provisions of Section 203 of the Act, the Key
Managerial Personnel of the Company are:

• Mr. Paras Shantilal Savla - Chairman & Managing Director

• Mr. Rupesh Kantilal Savla - Managing Director

• Mr. Rohan Vasantkumar Shah - Whole-time Director & Chief

Financial Officer

• Mrs. Shilpa Sharma - Company Secretary (upto 31^st

July, 2026)

DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 134 (3)(c) and Section
134(5) of the Companies Act, 2013, the Board of Directors confirms
that to the best of its knowledge and belief:

a. In the preparation of the Annual Accounts for the financial
year ended 31^st March, 2026, the applicable accounting
standards had been followed and there are no material
departures;

b. They 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 financial
year and of the profit of the Company for the financial year
ended 31^st March, 2026;

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

d. They have prepared the Annual Accounts for the financial
year ended 31^st March, 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
were adequate and operating effectively.

EVALUATION OF BOARD PERFORMANCE AND
PERFORMANCE OF ITS COMMITTEES AND OF
DIRECTORS

The Board of Directors has carried out an annual evaluation of its
own performance, performance of Board committees and that of
individual directors pursuant to the provisions of the Act and SEBI
Listing Regulations.

The performance of the Board, its committees and individual
directors was evaluated by the Board after seeking inputs from all
directors on the basis of criteria established on the Guidance Note
on Board Evaluation issued by the SEBI on 5^th January, 2017, such
as the board / committee composition and structure, effectiveness
of board processes / committee meetings, information and
functioning, etc. In a separate meeting of the Independent
Directors, performance of Non-Independent Directors and the
Board as a whole was evaluated, taking into account the views of
the Executive Director and Non-Executive Directors.

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 the Board meeting that followed the meeting of the Independent
Directors and the meeting of the Nomination and Remuneration
Committee, the performance of the Board, its committees, and
individual directors was discussed. Performance evaluation of
Independent Directors was done by the entire Board, excluding
the Independent Director being evaluated.

POLICY ON DIRECTOR'S APPOINTMENT AND
REMUNERATION AND OTHER DETAILS

A Nomination and Remuneration Policy has been formulated
pursuant to the provisions of Section 178 of the Companies
Act, 2013 and Regulation 19 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015. The Nomination
and Remuneration Policy for Directors, Key Managerial Personnel
and Senior Management is available on the website of the
Company www.deepindustries.com. The weblink is https://www.
deepindustries.com/policies.html.

COMMITTEE OF THE BOARD

The Board of Director has constituted various Committees(s)
pursuant to the requirements of the Companies Act, 2013 read
with the rules framed there under and SEBI (Listing Obligations
& Disclosure Requirements) Regulations, 2015. The details of
the composition of the Audit Committee and other various
Committee(s), including Nomination and Remuneration
Committee and Stakeholder's Relationship Committee, the number
of meetings held and attendance of the committee members are
provided in the Corporate Governance Report, which forms part
of this Report.

AUDIT COMMITTEE

The details of the Audit Committee, including its composition
terms of reference, attendance, etc., are included in the Corporate
Governance Report, which forms a part of this Integrated Annual

Report. The Board has accepted all the recommendations of the
Audit Committee.

RISK MANAGEMENT

The Board of Directors of the Company has formed a Risk
Management Committee for monitoring and reviewing the risk
management plan and ensuring its effectiveness. The Audit
Committee exercises enhanced oversight in the area of financial
risks and controls. Major risks identified by businesses and
functions are proactively managed through ongoing mitigating
measures.

Further information on development and implementation of
risk management policy has been covered in the Management
Discussion and Analysis Report, which forms part of this Integrated
Annual Report.

For more details on the key risks identified and mitigation plans,
please refer to the Risk Management section of this Integrated
Annual Report.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

The Company has a Policy on Corporate Social Responsibility
(CSR) and the same is available on website of the Company www.
deepindustries.com. The Annual Report on CSR activities in terms
of the requirements of Companies (Corporate Social Responsibility
Policy) Rules, 2014 is annexed as Annexure - A, which forms part of
this Integrated Annual Report.

The details of the composition of the CSR committees, the number
of meetings held and attendance of the committee members are
provided in the Corporate Governance Report, which forms part of
this Integrated Annual Report.

RELATED PARTY TRANSACTIONS

In line with the requirements of the Act and the SEBI Listing
Regulations, the Company has formulated a policy on Related
Party Transactions ('RPT Policy') which can be accessed on the
Company's website at https://www.deepindustries.com/policies.
html. The RPT Policy was last reviewed and amended by the Board
at its meeting held on 2^nd May, 2025, on the recommendation of
the Audit Committee.

All related party transactions are placed before the Audit
Committee for review and approval. Prior omnibus approval was
obtained for transactions which are of a repetitive nature and are
in the ordinary course of business and at arm's length pricing.

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

AUDITORS

A. Statutory Auditors and Statutory Auditor's Report

M/s Mahendra N. Shah & Co., Chartered Accountant (Firm
Registration No 105775W), Chartered Accountants, were
appointed as the Statutory Auditors of the Company for the
period of five (5) years from the conclusion of the 16^th Annual
General Meeting to hold office till the conclusion of the 21^st

Annual General Meeting of the Company to be held in the
year 2027.

The Auditors' Report for financial year 2025-26 forms part of
this Annual Report and does not contain any qualification,
reservation or adverse remark or disclaimer which requires
the clarification of the Management of the Company.

The Statutory Auditors of the Company have not reported
any fraud as specified under Section 143(12) of the Act, for
the year under review.

B. Secretarial Auditors and Secretarial Audit Report

M/s RPAP & Co., Practicing Company Secretary, Ahmedabad
(P/R No. 4025/2023), were appointed as the Secretarial
Auditors of the Company for a term of five consecutive
years commencing from FY 2025-26 by the shareholders
of the Company at the 19^th Annual General Meeting of the
Company.

The report of the Secretarial Auditor in Form MR-3 for the
financial year ended 31^st March, 2026 is attached to this
Report. The Secretarial Audit Report does not contain any
qualifications, reservations, adverse remarks or disclaimers.

C. Internal Auditors

Pursuant to the provision of Section 138 of the Companies
Act, 2013 read with the Companies (Accounts) Rules, 2014,
the Company has appointed M/s. Manubhai & Shah LLP,
Chartered Accountants (FRN: 106041W/W100136), as Internal
Auditor in the Board of Directors' meeting held on 14^th May,
2026, to conduct Internal Audit for the financial year 2026-27.

D. Cost Auditors And Records

In terms of the provisions of Section 148 of the Companies
Act, 2013 read with the Companies (Cost Records and Audit)
Rules, 2014, as amended from time to time, the Company is
not required to maintain the Cost Records and Cost Accounts.
Hence, the appointment of Cost Auditors is not applicable to
the Company.

PARTICULARS OF EMPLOYEES

The statement containing particulars of employees as required
under section 197(12) of the Companies Act, 2013 read with
Rule 5(2) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 is given in an Annexure
and forms part of this report. In terms of Section 136(1) of the
Companies Act, 2013, the Report and Audited Accounts are being
sent to the members excluding the aforesaid Annexure. Any
member interested in obtaining a copy of the Annexure may write
to the Company Secretary at the registered office of the Company
for a copy of it.

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

The Information pertaining to Conservation of Energy, Technology
Absorption, Foreign Exchange Earnings and outgo as required
under Section 134(3)(m) of the Companies Act, 2013 read with

Rule 8 of the Companies (Accounts) Rules, 2014 is annexed as
Annexure - B, which forms part of this Integrated Annual Report.

DISCLOSURE REQUIREMENTS

As per SEBI Listing Regulations, the Corporate Governance Report
along with the Auditors' Certificate thereon, and the Management
Discussion and Analysis Report forms part of this Integrated Annual
Report. As per Regulation 34 of the SEBI Listing Regulations, BRSR
is also forming part of this Integrated Annual Report.

The Company has devised proper systems to ensure compliance
with the provisions of all applicable Secretarial Standards issued by
the Institute of Company Secretaries of India and such systems are
adequate and operating effectively.

MATERIAL EVENTS AFTER BALANCE SHEET DATE

There are no material events between the end of the financial year
and the date of this Report which have a material impact on the
financials of the Company.

INTERNAL FINANCIAL CONTROL SYSTEMS AND
THEIR ADEQUACY

The details on Internal Financial Control systems and their
adequacy are provided in Management Discussion and Analysis,
which forms part of this report.

CHANGE IN NATURE OF BUSINESS, IF ANY

There has been no change in nature of business of the Company,
during the year under review.

DEPOSITS

The Company has neither accepted nor renewed any deposits from
the public within the meaning of Section 73 of the Companies Act,

2013 read with the Companies (Acceptance of Deposits) Rules,

2014 during the financial year under review.

PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS MADE UNDER SECTION 186 OF THE
COMPANIES ACT, 2013

During the year under review, the Company has granted loans,
advances and made an investment under the provisions of section
186 of the Companies Act, 2013. The details of Loans, Guarantees
and Investment made are given in the Notes to the Financial
Statements, which forms part of this Report.

There has been no instance of valuation done for settlement or for
taking loan from the Banks or Financial Institutions.

ANNUAL RETURN

As per the requirements of Section 134(3)(a) read with Section
92(3) of the Act and the rules framed thereunder, including any
statutory modifications / amendments thereto for the time being
in force, the Annual Return for FY 2025-26 is available on https://
www.deepindustries.com/general-meeting-records.html.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has adopted Vigil Mechanism / Whistle Blower policy
to provide a formal mechanism for the directors and employees
to disclose their concerns and grievances on unethical behavior

and improper/illegal practices and wrongful conduct taking place
in the Company for appropriate action. Through this mechanism,
the Company provides necessary safeguards to all such persons
for making sheltered disclosures in good faith. It is hereby
affirmed that no personnel have been denied access to the Audit
Committee. The Vigil Mechanism / Whistle Blower policy has been
placed on the website of the Company www.deepindustries.com.
The weblink is https://www.deepindustries.com/policies.html.

POLICY ON DETERMINATION OF MATERIALITY OF
EVENT/DISCLOSURES:

The Company has adopted Policy for determining materiality of
Events/Disclosures that mandates the Company to disclose any
of the events or information which, in the opinion of the Board of
Directors of the Company is material in the terms of requirement
of Regulation 30 of SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015, which is available on the website
of the Company www.deepindustries.com. The weblink is https://
www.deepindustries.com/policies.html.

SIGNIFICANT AND MATERIAL ORDERS PASSED
BY THE REGULATORS OR COURTS OR TRIBUNALS
IMPACTING THE GOING CONCERN STATUS OF THE
COMPANY:

During the year under review, there were no significant and
material orders passed by the regulators or courts or tribunals
impacting the going concern status and the Company's operations
in future.

STATEMENT ON COMPLIANCE WITH THE
MATERNITY BENEFIT ACT, 1961:

Your Company is fully committed to complying with the Maternity
Benefit Act, 1961. We recognize and uphold the rights of our women
employees to maternity benefits as enshrined under the Act.

WEBSITE OF YOUR COMPANY

Your Company maintains a website www.deepindustries.com
where detailed information of the Company and specified
details in terms of the Companies Act, 2013 and SEBI (Listing

Obligations & Disclosure Requirements) Regulations, 2015 has
been provided.

GENERAL DISCLOSURE

Your directors state that no disclosure or reporting is required
in respect of the following items as there were no such events/
transactions on these items during the year under review:

a. Provision of money by company for purchase of its own shares
by employees or by trustees for the benefit of employees.

b. Issue of sweat equity shares.

c. Issue of equity shares with differential rights as dividend,
voting or otherwise.

d. Issue of employee stock options scheme.

e. There has been no instance of valuation done for settlement
or for taking loan from the Banks or Financial Institutions.

DESIGNATED PERSON FOR FURNISHING
INFORMATION AND EXTENDING CO-OPERATION
TO REGISTRAR OF COMPANIES (ROC) IN RESPECT
OF BENEFICIAL INTEREST IN SHARES OF THE
COMPANY:

Mrs. Shilpa Sharma, the Company Secretary & Compliance Officer
of the Company is the designated person responsible for furnishing
information and extending cooperation to the ROC in respect of
beneficial interest in the Company's shares.

ACKNOWLEDGEMENTS

Your directors places on record their sincere thanks to the
Customers, Vendors, Stakeholders, Banks, Regulatory Bodies,
Financial Institutions, Employees and other Business Associates
who have extended their valuable sustained support and
encouragement during the year under review.

Your directors take this opportunity to recognize and place on
record their gratitude and appreciation for the commitment
displayed by all executives, officers and staff at all levels of the
Company. We look forward for the continued support of every
stakeholder in the future.

For and on behalf of the Board
Paras Shantilal Savla

Place: Ahmedabad Chairman and Managing Director

Date: 28^th July, 2026 DIN: 00145639