DIRECTORS' REPORT

It is our pleasure to share the 8^th Integrated Report of GHCL, prepared under the IIRC framework, together with the 43^rd Annual Financial
Statements for the financial year ending March 31, 2026. This comprehensive report offers a detailed analysis of our standalone and
consolidated financial results, confirming high standards of accuracy and reliability in line with applicable accounting standards.

Centered on the theme of “Building Today - Sustaining Tomorrow”, this document reflects GHCL’s long-term goals focused on investing
today in efficiency, innovation, and sustainability to secure future competitiveness. It aligns well with investor expectations, integrated
thinking, and the company’s multi-year sustainability roadmap. It highlights our strategic initiatives, including the Vacuum Salt and
Bromine projects both at an advanced stage of development and expected to commence commercial production shortly along with
progress in greenfield Soda Ash project, and underscores our focus on long-term value creation by integrating financial and non-financial
insights, while adhering the best practices in reporting.

At GHCL, we strive for industry-leading transparency and accountability. This report goes beyond numbers to showcase our dedication
to ethical leadership, proactive risk management, and operational efficiency. We have detailed our milestones and strategic shifts,
emphasizing how our sustainability and ESG frameworks drive enduring value for all our stakeholders.

Additionally, we present the standalone and consolidated financial statements for the year, providing a transparent and precise assessment
of our financial position, operational results, cash flows, and changes in equity. These statements have been prepared in strict accordance
with applicable accounting standards, ensuring accuracy and reliability.

The financial highlights of the Company for the Financial Year 2025-26 are given below:

A: FINANCIAL RESULTS AND STATE OF AFFAIRS

The Management Discussion and Analysis (MDA) Report
and the Integrated Annual Report provide an in-depth
review of our financial performance, operational progress,
and key business developments.

We request all stakeholders to thoroughly review the
MDA and Integrated Annual Report for a comprehensive
understanding of GHCL’s business performance, strategic
direction, and long-term value creation efforts.

1. Dividend Distribution Policy and Tax Compliance: In

terms of Regulation 43A of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, the
Board of Directors of GHCL Limited had adopted a
Dividend Distribution Policy (Policy). The Policy was
reviewed and revised by the Board at its meeting held
on May 05, 2026, pursuant to which the dividend
payout ratio has been revised from the earlier range of
15%-20% to 15%-25% of Profit After Tax (PAT) on a
standalone basis, reflecting the Board’s confidence in
the Company’s sustained financial performance and its
commitment to enhancing shareholder returns.

The revised Policy is available on the Company’s website
at: https://ghcl.co.in/wp-content/uploads/2024/05/

Dividend-Distribution-Policy.pdf

Further in compliance with the applicable provisions
of the Income Tax Act, 2025, the following TDS
framework is applicable on dividend payments made
by the Company:

• Resident shareholders: TDS is applicable at the rate
of 10% on dividend payments under Section 393(1)
of the Income Tax Act, 2025. However, no TDS
shall be deducted where the aggregate dividend
payable to an individual resident shareholder
during the financial year does not exceed H 10,000,
in accordance with Section 393(4).

• Exempt categories: In terms of Section 393(4),
TDS is not applicable on dividend payments
made to the Life Insurance Corporation of India,
the General Insurance Corporation of India, and
other specified insurers notified for this purpose.
Further, dividend payments made to Mutual
Funds are exempt under Schedule VII of the
Income Tax Act, 2025 and accordingly no TDS
shall be deducted thereon.

• Non-resident shareholders: TDS shall be
deducted at the rate of 20% (plus applicable
surcharge and Health and Education Cess) under

Section 393(2) of the Income Tax Act, 2025, or
at the lower rate as may be applicable under the
relevant Double Taxation Avoidance Agreement
(DTAA) between India and the country of
residence of the shareholder, subject to furnishing
of prescribed documents and declarations within
the stipulated timelines.

Shareholders are requested to update their residential
status, PAN, and other relevant details with their
Depository Participant / the Company’s Registrar and
Share Transfer Agent to ensure correct application of
TDS provisions.

2. Dividend: Your Company takes pride in maintaining
an uninterrupted dividend track record spanning 32
consecutive years, reflecting its consistent financial
performance and the Board’s enduring commitment to
rewarding shareholders.

The Board of Directors, at its meeting held on May 05,
2026, has recommended a dividend of H 12.00 per equity
share of H 10 each (120% of face value) for the financial
year ended March 31, 2026, subject to the approval of
shareholders at the ensuing 43^rd Annual General Meeting.
Notwithstanding a moderation in profits during the
financial year 2025-26, the Board has maintained the
dividend at H 12.00 per share — identical to the dividend
declared for the financial year 2024-25 — resulting in a
payout of approximately 23.04% of standalone Profit
After Tax. This decision is a conscious affirmation of the
Board’s confidence in the Company’s underlying business
resilience, its sustained cash generation capacity, and
its commitment to delivering consistent returns to
shareholders even in a year of earnings moderation.

The recommended dividend is in conformity with the
Company’s Dividend Distribution Policy adopted pursuant
to Regulation 43A of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015. The
proposed dividend, if approved at the Annual General
Meeting scheduled on Thursday, June 25, 2026, will be
paid to those shareholders whose names appear on the
Register of Members or in the records of the depositories
as on the Record Date, i.e., Thursday, June 18, 2026.

3. Transfer to Reserves: The Board has decided not to
transfer any profit from FY 2025-26 to the reserve
account. Instead, the profits after dividend payments
will be retained to strengthen financial stability,
support growth initiatives, and enhance overall
financial resilience.

4. Share Capital: During the financial year under review, the paid-up Equity Share Capital of the Company changed due to (i)
allotment of Equity shares upon exercise of stock options under GHCL ESOS 2015; and (ii) Buyback of Equity Shares through
the tender offer route. The movement in share capital during the Financial Year 2025-26 is summarized below:

Buyback of equity shares: During the financial year 2025¬
26, the Company successfully completed the buyback of
41,37,931 fully paid-up equity shares of H 10 each at a
price of H 725 per share through the tender offer route,
aggregating to a total consideration of approximately
H 300 crore. The equity shares bought back were
extinguished on December 10, 2025, in accordance with
the applicable provisions of the Companies Act, 2013 and
the SEBI (Buy-Back of Securities) Regulations, 2018.

The buyback was undertaken as a strategic capital
allocation measure to return surplus funds to
shareholders while maintaining adequate liquidity for
operational requirements and future growth initiatives.
The consequent reduction in the equity share capital base
is expected to improve key financial metrics, including
Earnings Per Share (EPS) and Return on Equity (ROE), and
is reflective of the Board’s confidence in the Company’s
intrinsic value and long-term prospects.

Allotment of Equity Shares subsequent to the Financial
Year: Subsequent to the close of the financial year, the
Nomination and Remuneration Committee of the Board
of Directors, at its meeting held on May 05, 2026,
allotted 1,96,500 equity shares of H 10 each to 10
allottees (including two Key Managerial Personnel) of the
Company, upon exercise of stock options granted under
GHCL ESOS 2015.

Consequent to the said allotment, the issued and paid-up
Equity Share Capital of the Company has increased from
H 91,93,41,550 comprising 9,19,34,155 equity shares of
H 10 each to H 92,13,06,550 comprising 9,21,30,655
equity shares of H 10 each.

5. Employee Stock Options Scheme (ESOP): Our

Employee Stock Options Scheme (ESOP scheme),
designed for permanent employees, was approved by

shareholders on July 23, 2015, with in-principle approval
from Stock Exchanges to issue 50 lakh equity shares
upon the exercise of vested options. The scheme remains
unchanged and fully compliant with all the applicable
provisions of SEBI (Share Based Employee Benefits and
Sweat Equity) Regulations, 2021 (“SBEB Regulations").

Our Secretarial Auditor, Chandrasekaran & Associates,
has certified that the ESOP scheme aligns with SBEB
Regulations and the resolution passed by shareholders.
This certificate is available for electronic inspection.

For the financial year 2025-26, no new stock options
were granted. Further details on the ESOP are provided in
the financial statement notes and included as Annexure I
to this report.

During the financial year under review, the ESOS Trust,
which was retained for the limited purpose of litigation
reached a settlement with the broker subsequent to the
balance sheet date on April 10, 2026, pursuant to Board
approval, bringing all pending litigations to closure; the
detailed particulars of the settlement and the accounting
treatment thereof, are set out in Note No. to the
Financial Statements.

6. Finance

6.1 Resource Mobilization

During the year, your Company renewed working
capital facilities at existing level of H 750 crores
(Fund Based: H 450 crs & Non-fund Based:
H 300 crs). Institutions involved in working capital
borrowing are State Bank of India, Bank of Baroda,
IDBI Bank, HDFC Bank, ICICI Bank, Axis Bank &
CTBC Bank. Additionally, we renewed unsecured
working capital facility of H 75 crs with HSBC Bank.

6.2 Interest Rate Management

During the year, the Reserve Bank of India reduced
the Repo Rate by 100 basis points from 6.25% to
5.25%. However, the benefit of this rate reduction
was not fully transmitted to the borrowing costs in
the Indian economy, due to global environment and
persistent tight liquidity conditions in the banking
system. Despite this macro environment, your
Company actively performed banking and treasury
operations and achieving a 0.57% reduction in its
borrowing costs, thus demonstrating strong financial
discipline, proactive treasury management, and
enhanced confidence among lending institutions.

As of March 31, 2026, long-term borrowing is
H 61.82 Cr at 8.10% ROI, with no short-term
borrowing. The interest accrued on this loan,
H 0.85 Cr, will be paid next quarter.

6.3 Affirmation of External Credit Ratings

CARE (Credit Analysis & Research Ltd) has affirmed
our Company's ratings: CARE AA- (Stable) for long¬
term facilities and CARE A1 (Stable) for short-term
facilities, reflecting efficient cash flow management
and timely repayment.

6.4 Investors' Education and Protection Fund (IEPF)

Our Company transferred H 65.22 lacs to
the IEPF during the financial year, including
unclaimed dividends and accrued interest. This
transfer reflects our commitment to compliance,
transparency, and investor protection. We
encourage investors to claim their dividends
and deposits to avoid transfers to the IEPF. We
remain dedicated to upholding high standards
of corporate governance and protecting
investor rights.

7. Change in Nature of Business: During the financial year
2025-26, the core business of the Company remained
unchanged, ensuring continuity, stability, and consistency
in its operations. The Company has undertaken strategic
initiatives to expand its product portfolio, with the
addition of Vacuum Salt and Bromine - both of which are
at an advanced stage of development and are expected
to commence commercial production during the financial
year 2026-27. These additions are anticipated to broaden
the Company’s revenue streams and strengthen its
position in the chemicals segment.

With respect to the Greenfield Soda Ash Project, progress
has been slower than originally envisaged; however, the
project remains on course and the Board is confident
that upon completion, it will deliver significant long-term
operational efficiencies and financial returns for the
Company and its stakeholders.

The Board of Directors further confirms that no material
changes or commitments affecting the financial position
of the Company have occurred between April 01, 2026,
and the date of signing of this Report.

8. Management Discussion & Analysis

In accordance with Regulation 34(2)(e) of the SEBI (Listing
Obligations and Disclosure Requirements), Regulations,
2015, (“SEBI Listing Regulations") we invite you to review
the Management Discussion & Analysis (MDA) Report
included in our Annual Report.

The MDA Report offers a comprehensive overview of our
operations, financial performance, and strategic direction.
It covers market trends, key achievements, challenges,
and future growth initiatives, providing valuable insights
into our business performance and outlook.

We encourage all stakeholders to refer to the MDA
Report for a detailed understanding of our company’s
progress, industry positioning, and long-term vision.

B: INTEGRATED REPORT

At GHCL, we are committed to sustainable development,
striving for a future that balances economic growth, social
inclusion, and environmental responsibility. Our approach
goes beyond mere compliance. We have followed governance-
based reporting, aligning with the Integrated Reporting (IR)
framework developed by the International Integrated Reporting
Council (IIRC).

This Integrated Report, included in our Annual Report, provides
a clear and comprehensive view of our business model and how
we embed sustainability into our decision-making processes.
It strengthens transparency, accountability, and stakeholder
understanding of how we create value while aligning our
business objectives with sustainable development goals (SDGs).

C: Performance Highlights and State of Company's
Affairs:

A detailed analysis of our business performance and the overall
state of the Company’s affairs can be found in the Management
Discussion & Analysis (MDA) Report and the Integrated Report
of this Annual Report. These sections provide valuable insights
into our operational progress, financial performance, and
strategic direction.

1. Awards and Recognition:

During the financial year 2025-26, GHCL received
prestigious awards and accolades, recognizing our
commitment to excellence in CSR, sustainability,
environmental stewardship, and a positive work culture.
These achievements are a testament to the hard work
and dedication of our employees and stakeholders.

For a detailed list of awards and recognitions, please refer
Page 53 of the Integrated Report

2. Subsidiaries:

Currently, GHCL Limited does not have any operational
subsidiaries. We would like to inform that “Dan River
Properties LLC”, a non-operational wholly owned
subsidiary of the Company in USA ("subsidiary"), has been
voluntarily closed on February 18, 2026. Further, our
Indian subsidiary, Rosebys Interiors India Limited (RIIL),
has been under liquidation since July 15, 2014.

Further, the financial statements of subsidiary companies
are available for inspection at the Registered Office of the
Company during business hours from the date of dispatch
of this report till the date of ensuing AGM and the copy
thereof can be provided upon written request.

For more details on subsidiaries, joint ventures, or
associate companies, please refer to Note 45 of the
Annual Report and the statement under Section
129(3). These details are also available on our
website: www.ghcl.co.in.

3. Consolidated Financial Statements:

We are pleased to present the Consolidated Financial
Statements for the year ended March 31, 2026, prepared
in accordance with Indian Accounting Standards (Ind
AS), as mandated by Regulations 33 and 34 of SEBI
Listing Regulations.

The enclosed consolidated financial statements offer a
comprehensive evaluation of our operational performance
and financial position, containing the consolidated assets,
liabilities, and results of both the parent company (i.e.
GHCL Limited) and its subsidiaries. This consolidated
approach provides stakeholders with a holistic view of
our financial integrity.

4. Corporate Governance:

At GHCL, we are committed to upholding the highest
standards of corporate governance, recognizing its
critical role in promoting transparency, accountability,
and credibility. We strictly adhere to SEBI’s Corporate
Governance norms and continuously adopt best
practices across key areas, including board composition,
independent directorship, board committees, risk
management, internal controls, ethical conduct, and
stakeholder engagement.

As part of our Annual Report, we provide a comprehensive
Corporate Governance Report, in line with Regulation 34
of SEBI Listing Regulations. This report offers valuable
insights into our governance structure, policies, and
practices. Additionally, our auditors certify our compliance
with Corporate Governance norms, supporting our
commitment to regulatory excellence and ethical business
conduct. Through our strong governance standards, we
aim to build trust, integrity, and long-term sustainability,
ensuring that we continue to create value for our
stakeholders and strengthen our relationships with them.

5. Board Meetings:

The Board of Directors follows a structured and
strategic approach to conducting meetings, ensuring
timely decision-making and effective governance. While
meetings are typically scheduled in advance, the Board
also convenes on shorter notice when urgent matters
require immediate attention.

During the financial year ending March 31, 2026, the
Board held four meetings, where directors reviewed and
discussed the Company’s strategic direction, operational
progress, and financial performance. Details of these
meetings, including dates and key agenda items, are
available in the Corporate Governance Report.

The meetings were conducted in full compliance with
the Companies Act, 2013, and SEBI Listing Regulations,
ensuring that governance standards were upheld.
This structured approach promotes transparency,
accountability, and informed decision-making,
highlighting GHCL’s commitment to sustainable growth
and long-term success.

Duties of Directors — Compliance with Section 166
of the Companies Act, 2013: The Board of Directors of
the Company confirms that all Directors of the Company
have, during the financial year 2025-26, discharged their
duties in accordance with the requirements of Section
166 of the Companies Act, 2013. Each Director has:

• acted in accordance with the Articles of Association
of the Company;

• acted in good faith and in the best interests of the
Company, its employees, shareholders, and the
community at large, with a view to fulfilling the
objects of the Company;

• exercised duties with due and reasonable care, skill,
and diligence, and exercised independent judgment
in matters coming before the Board;

• avoided situations in which a direct or indirect
interest conflicts, or may possibly conflict, with the
interests of the Company, and disclosed any such
interest wherever applicable in accordance with the
applicable provisions of the Act;

• not achieved or attempted to achieve any undue
gain or personal advantage, whether for themselves
or for their relatives, partners, or associates; and

• not assigned their office as Director, and confirm
that any assignment, if made, shall be void.

The Company has in place a Code of Conduct for Directors
and Senior Management, which incorporates the
principles underlying Section 166 and related governance
standards. All Directors have affirmed compliance with
the said Code for the financial year 2025-26. The Annual
Compliance Affirmation by the Managing Director & CEO
in respect of compliance with the Code is annexed to the
Corporate Governance Report.

6. Director liable to retire by rotation:

The Board of Directors is pleased to announce
re-appointment of Mr. Raman Chopra, CFO & Executive
Director (Finance), who is retiring by rotation and has
offered himself for the re-appointment. The Board
recommends his re-appointment at the ensuing Annual
General Meeting (AGM).

The Independent Directors of the Company have
additionally conducted themselves in a manner consistent
with their duties of independence as prescribed under
Section 149(6) of the Companies Act, 2013 and the

SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, and have submitted their declarations
of independence under Section 149(7) of the Act
for the financial year 2025-26.

The Board affirms that all Independent Directors possess
the integrity, expertise, and experience required for their
roles. They are enrolled in the Independent Directors'
Databank with the Indian Institute of Corporate Affairs
(IICA) of the four Independent Directors, two are exempt
from the online proficiency test, while the other two have
successfully cleared the test within the stipulated time.

7. Lead Independent Director:

On August 1, 2024, the Board re-appointed Dr. Manoj
Vaish, Independent Director and Chairman of the Audit
& Compliance Committee, as the Lead Independent
Director. His role involved strengthening governance,
facilitating independent oversight, and enhancing board
effectiveness. The specific roles and responsibilities of the
Lead Independent Director are detailed in the Corporate
Governance Report within the Annual Report.

8. Nomination and Appointment of Directors:

Details on the nomination and appointment process
of Directors, including the core skills, expertise, and
competencies of the Board, are provided in the Corporate
Governance Report within the Annual Report. This
section offers valuable insights into our governance
framework, ensuring transparency, accountability, and a
well-structured approach to director selection.

9. Key Managerial Personnel:

In accordance with Section 203, read with Section
2(51) of the Companies Act, 2013, the following
executives continue to serve as Key Managerial
Personnel (KMP) of GHCL:

• Mr. Ravi Shanker Jalan - Managing Director

• Mr. Raman Chopra - CFO & Executive
Director (Finance)

• Mr. Bhuwneshwar Mishra - Vice President -
Sustainability & Company Secretary

10. Familiarization Program for Independent Directors:

At GHCL, we have a structured orientation program
designed to help new Independent Directors (IDs)
seamlessly integrate into the Board. This program
includes comprehensive sessions led by Executive
Directors and the Company Secretary, covering key

aspects such as company operations and business model,
corporate structure and governance framework and
roles, responsibilities, and regulatory obligations.

Additionally, upon request, site visits to our manufacturing
plants and CSR initiative locations are arranged as and
when required, providing firsthand exposure to our
business operations and social impact.

To further enhance their knowledge and expertise, all
Independent Directors have been provided structured
self-learning modules on various aspects of Corporate
Governance, ESG, compliance & risk management,
cybersecurity, stakeholders engagement, CSR, and
policies awareness program. They are actively encouraged
to complete these courses to stay updated on evolving
governance trends and industry best practices.

Policy awareness Program

To align our leadership with global ESG best practices,
GHCL Limited executed a comprehensive awareness
campaign for its nine BRSR Policies in FY 2025-26.
Through 26 distinct training modules, the Company
ensured that its Board and senior management are fully
versed in the principles of responsible and transparent
business conduct. This focus on governance ensures that
our strategic decisions are consistently informed by our
sustainability commitments.

The program was integrated with the Success-Factors
platform for easy access to materials and participation in
an examination linked directly to the learning management
system. Participants engaged with the policies through an
awareness test series.

The program ran from August 25, 2025, to February
28, 2026, and was specifically administered to senior
management personnel of the Company as defined
under applicable laws and regulations, along with the
Board of Directors. Of the senior management personnel
eligible under the program, 92.31% successfully appeared
in and qualified the awareness test, demonstrating
strong engagement with the nine BRSR policies and
other policies of the Company. At the Board level,
85.10% of Board members successfully appeared in
and qualified the tests; the remaining Board members
were unable to participate in certain modules during
the program period on account of scheduling and
committee-specific commitments.

Promoting policy awareness is vital for organizational
growth and regulatory compliance, underscoring
GHCL Limited's commitment to transparency
and accountability.

For further details, please refer to the Corporate
Governance section of our Annual Report, highlighting
our dedication to informing Independent Directors for
effective contributions to Board decisions.

11. Board Evaluation and Performance Review:

In line with the Companies Act, 2013, SEBI Guidance
Note on Board Evaluation, and SEBI Listing Regulations,
the Board conducted its annual evaluation for the financial
year 2025-26 during its meeting held on May 05, 2026,
wherein the performance of all Independent Directors
(except the Director being evaluated) was assessed
by the entire Board. Additionally, a separate meeting
of Independent Directors was held on April 9, 2026,
to evaluate the performance of the Non-Independent
Directors, the Executive Directors, the Board as a whole,
and its Committees, in accordance with the requirements
of Schedule IV to the Companies Act, 2013 and Regulation
25(3) of the SEBI Listing Regulations. For reference, the
corresponding evaluations for the financial year 2024¬
25 were conducted at the Board meeting held on May 8,
2025, and at the separate Independent Directors’ meeting
held on April 19, 2025.

The Board’s evaluation covered critical areas such as roles
and responsibilities, competencies, strategic direction,
risk management, diversity, and industry relevance. A
comprehensive questionnaire was circulated to assess
Directors’ knowledge, independence, involvement
in decision-making, strategic engagement, and risk
awareness. The evaluation also included an assessment of
the Chairman’s leadership, coordination, and facilitation
skills after taking feedback from executive directors and
non-executive directors.

The Nomination and Remuneration Committee (NRC)
reviewed the performance of individual Directors based
on their contributions to the Board and its committees.
Additionally, the profit-based commission for Directors
was determined, ensuring that remuneration aligns with
individual and overall Board performance.

This structured evaluation process strengthens Board
effectiveness, enhances individual contributions,
and ensures fair and performance-driven
remuneration, reinforcing our commitment to strong
corporate governance.

The evaluation for the year 2025-2026 indicated that the
Board and its Committees continue to function effectively
and adhere to the highest standards of governance. Key
strengths identified included:

• Strong alignment between management and the
Board on long-term strategy.

• Effective oversight of the Business Responsibility
and Sustainability Reporting (BRSR) Core KPIs,
which is mandatory for the top 500 entities.

• Timely and transparent flow of information from
management to the Board and its Committees.

12. Nomination and Remuneration Policy:

The Board of Directors, based on the recommendation
of the Nomination and Remuneration Committee (NRC),
has approved the Nomination and Remuneration Policy
for Directors, Key Managerial Personnel (KMP), and all
other employees.

This policy is designed to:

• Attract, retain, and motivate highly
qualified professionals.

• Ensure market-competitive compensation aligned
with industry standards.

• Provide performance-based rewards that

drive excellence.

• Ensure compliance with statutory and

regulatory requirements.

It serves as a guiding framework for managing nominations
and remunerations effectively, ensuring alignment with
the Company’s objectives and best industry practices.

The Nomination and Remuneration Policy is available on
our website at given link:https://ghcl.co.in/wp-content/
uploads/2024/09/Nomination-Remuneration-Policy.pdf

13. Managerial Remuneration & Particulars of employees:

In compliance with Section 197(12) of the Companies Act,
2013, and Rules 5(1) to (3) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014,
the Annual Report includes detailed disclosures on
managerial remuneration and employee compensation,
presented in Annexure II.

This annexure provides a comprehensive statement
of employees receiving remuneration exceeding
the prescribed limits, along with key details of the
remuneration structure for Directors, Key Managerial
Personnel (KMP), and senior management.
These disclosures uphold our commitment to
regulatory compliance, fairness, and transparency
in remuneration reporting.

14. Secretarial Audit and other Certificates:

As per Section 204 of the Companies Act, 2013, every
listed company is required to conduct a Secretarial
Audit and attach a Secretarial Audit Report to its Board’s
Report, issued by a Company Secretary in practice, in the
prescribed format.

At GHCL, we have adopted a proactive and ongoing
secretarial audit practice throughout the financial year.
Periodic Secretarial Audit Reports were regularly placed
before the Audit & Compliance Committee and the
Board, enabling early detection of compliance gaps and
ensuring continuous improvement in governance and
reporting standards.

The Secretarial Audit Report for the financial year ended
March 31, 2026, is annexed to the Board’s Report as
part of the Annual Report. The report is unqualified, self¬
explanatory, and does not require any further comments,
reflecting GHCL’s commitment to strong compliance and
governance practices.

Also, as per Regulation 24A of the SEBI Listing
Regulations, the Company has obtained an Annual
Secretarial Compliance Report from our Secretarial
Auditor Chandrasekaran Associates, Practicing Company
Secretaries, confirming compliances with all applicable
SEBI Regulations, Circulars and Guidelines for the year
ended March 31, 2026.

15. Secretarial Standards:

GHCL remains fully committed to complying with the
Secretarial Standards prescribed by the Institute of
Company Secretaries of India (ICSI) and notified by the
Ministry of Corporate Affairs (MCA), Government of
India. These standards serve as essential guidelines for

ensuring regulatory compliance, governance excellence,
and best corporate practices.

16. Listing Status

GHCLs equity shares are listed on BSE Limited and National
Stock Exchange of India Limited. We paid the annual listing
fees for 2025-26 and 2026-27, ensuring continued listing
and trading. Our commitment to regulatory compliance
and good governance remains steadfast as we maintain a
strong relationship with the stock exchanges.

17. Web-link for annual return and other policies /
documents:

The Annual Return (in Form MGT 7) , as required by Section
92(3) read with Section 134(3)(a) of the Companies Act,

2013, and Rule 12 (1) of Companies (Management and
Administration) Rules, 2014, is available on our website at
this linkhttps://ghcl.co.in/wp-content/uploads/7076/05/
GHCL Annual-Return-202-5-26.pdf

Additionally, other policies and documents of the
Company are also accessible on the Company’s website
as per statutory requirements.

18. Corporate Social Responsibility (CSR):

GHCL Limited has been deeply committed to inclusive
and sustainable community development since its
inception. Through the GHCL Foundation Trust, the
Company has progressively expanded the reach
and impact of its CSR initiatives, extending support
to marginalised communities, strengthening social
infrastructure, and contributing to long-term well-being
across the geographies in which it operates.

The Company’s CSR activities are guided by a
comprehensive CSR Policy, framed in accordance
with Section 135 of the Companies Act, 2013 and the
Companies (Corporate Social Responsibility Policy) Rules,

2014. The CSR Policy is available on the Company’s

website at www.ghcl.co.inand may be accessed directly
at: https://ghcl.co.in/wp-content/uploads/2024/05/

CSR-Policy.pdf

CSR Expenditure — Financial Year 2025-26: For the

financial year 2025-26, the statutory CSR obligation of
the Company, computed as 2% of the average net profits
of the preceding three financial years under Section
135(5) of the Companies Act, 2013, amounted to H 20.05
crore. Against this obligation, the Company incurred
CSR expenditure of H 18.05 crore during the year. The

unspent amount of H 2.00 crore, pertaining to ongoing
CSR projects, has been transferred to the Unspent CSR
Account maintained with ICICI Bank within 30 days of
the close of the financial year, in compliance with Section
135(6) of the Companies Act, 2013. The said amount
shall be utilised towards the identified ongoing projects
within the timelines prescribed under the Act.

CSR Committee: The CSR Committee of the
Board, constituted in accordance with Section
135(1) of the Companies Act, 2013, is chaired by
Mr. Anurag Dalmia, Independent Director, and
comprises Mrs Vijaylaxmi Joshi, Justice Ravindra Singh,
Mr. R S Jalan, Mr. Raman Chopra and Mr. Neelabh Dalmia.

The CSR Committee met once during the financial
year 2025-26. The Committee actively oversaw the
planning, implementation, and monitoring of CSR
activities undertaken by the Company through the GHCL
Foundation Trust, ensuring alignment with the CSR
Policy and the objects specified in Schedule VII of the
Companies Act, 2013.

The Company’s CSR initiatives during the financial year
2025-26 were focused on the following key impact areas,
all of which fall within the purview of Schedule VII of the
Companies Act, 2013:

• Agriculture — enhancing agricultural productivity
and supporting farming communities

• Healthcare — improving access to preventive and
curative healthcare services

• Education — promoting quality education and skill
development among underprivileged sections

• Women Empowerment — enabling economic
independence and social well-being of women

A detailed report on CSR activities undertaken during
the financial year 2025-26, in the prescribed format, is
annexed to this Report as Annexure - III.

19. Business Responsibility and Sustainability
Report (BRSR):

In accordance with Regulation 34(2)(f) of the SEBI Listing
Regulations, and the National Guidelines on Responsible
Business Conduct (NGRBC) issued by the Ministry of
Corporate Affairs, companies are required to prepare a
Business Responsibility and Sustainability Report Core

(BRSR Core). This requirement had replaced the Business
Responsibility Report (BRR) and aligned with global
reporting frameworks such as GRI, SASB, TCFD, and
Integrated Reporting.

As of December 31, 2025, GHCL Limited ranked 739^th
position on NSE and 747^th position on BSE by average
market capitalization, falling within the scope of this
regulation. Although external assurance of BRSR Core is
not mandatory for companies among the top 1000 listed
entities by market capitalisation for FY 2025-26, GHCL
has voluntarily opted for reasonable assurance to further
strengthen the credibility of its BRSR Core disclosures.

The BRSR Core has been independently assessed and
assured by Sustainability Actions Pvt. Ltd. and is available
on the Company’s website as well as in the Annual Report.
Your Company ensured that there is no conflict of interest
with the assurance provider appointed for assuring the
BRSR Core. The reasonable assurance process reviewed
GHCL’s policies related to NGRBC, quantitative metrics,
data collection mechanisms, and overall governance
frameworks, ensuring accuracy and transparency in
sustainability reporting.

20. Composition of Audit and Compliance Committee

The Audit and Compliance Committee has been
constituted in compliance with Section 177 of the
Companies Act, 2013, Rule 6 of the Companies (Meetings
of Board and its Powers) Rules, 2014, and Regulation 18
of the SEBI Listing Regulations. Details of its composition
are provided in the Corporate Governance Report.

The committee plays a critical role in overseeing and
monitoring the financial reporting process, ensuring
adherence to the highest standards of transparency,
integrity, and accuracy. Its primary objective is to
provide independent and effective supervision,
fostering robust financial governance and strengthening
stakeholder confidence in the Company’s financial and
compliance practices.

Communication Framework between Those Charged
with Governance (TCWG) and Statutory Auditors:

The Board of Directors of the Company is pleased to
report that GHCL Limited has taken a significant step
forward in strengthening its audit governance framework
through the formulation and adoption of a formal
Communication Framework between Those Charged
with Governance (TCWG) and Statutory Auditors

— a structured governance mechanism designed to
strengthen audit quality, enhance transparency, and
ensure effective two-way communication between
the Audit & Compliance Committee and the Statutory
Auditors throughout the audit cycle.

The Framework was formulated and recommended by
the Audit & Compliance Committee at its meeting held
on March 07, 2026, during the financial year 2025¬
26. Subsequent to the close of the financial year, the
Framework was formally approved by the Board of
Directors at its meeting held on April 06, 2026, and has
been operationalised with immediate effect. It has been
framed in compliance with the NFRA Circular dated
January 07, 2026, SA 260 (Revised) — Communication
with Those Charged with Governance, SA 265, and other
applicable Standards on Auditing, the Companies Act,
2013, and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.

The Framework establishes, inter alia, the following
governance architecture:

• The Audit & Compliance Committee of the Board
of Directors has been designated as TCWG for the
purposes of the Framework, with the Chairman
of the Audit & Compliance Committee and the
Chief Financial Officer serving as Nodal Persons
on behalf of the Board, and the Audit Engagement
Partner serving as Nodal Person on behalf of the
Statutory Auditors;

• Structured meetings between the Nodal Persons
of the Board and the Audit Engagement Team
at least once every quarter, separately from and
in addition to the regular Audit & Compliance
Committee meetings, to facilitate candid and direct
communication on significant audit matters;

• A minimum of three formal communications by
the Statutory Auditors to TCWG during the year
— before commencement of audit along with the
Audit Plan; after completion of test of controls and
before conclusion of substantive testing; and at the
completion of the audit;

• A comprehensive two-way communication protocol
covering audit strategy and planning, risk of material
misstatement, significant accounting estimates and
judgments, internal financial controls, related party
transactions, fraud risks, going concern assessment,
auditor independence, and key audit matters;

• A formal escalation mechanism for immediate
communication to TCWG of significant matters
having impact on financial reporting, fraud,
serious control failures, regulatory breaches,
or any difficulties encountered in the conduct
of the audit; and

• Robust documentation standards for all
communications, including agreed minutes of
meetings, written confirmations prior to issuance of
audit reports, and maintenance of a traceable audit
communication record.

In pursuance of the governance intent underlying the
Framework, and subsequent to its formal approval, the
Audit & Compliance Committee held an independent
meeting with the Statutory Auditors on May 02, 2026, in
compliance with the requirements of the NFRA Circular
dated January 07, 2026 and the applicable provisions of
the Framework. This meeting provided TCWG with an
unrestricted forum to engage directly with the Statutory
Auditors on matters of audit quality, independence, and
significant findings.

The Board believes that the formulation and adoption of
this Framework reflects GHCL Limited’s commitment to
the highest standards of audit governance and positions
the Company at the forefront of evolving regulatory
expectations in this area. The Framework is available on
the Company’s website at www.ghcl.co.in

21. Composition of Stakeholders Relationship
Committee (SRC):

The Stakeholders Relationship Committee (SRC) has
been constituted in accordance with Section 178(5) of
the Companies Act, 2013, and Regulation 20 of the SEBI
Listing Regulations. The composition details are provided
in the Corporate Governance Report.

The committee is responsible for resolving grievances
raised by the Company’s security holders, including issues
related to share transfers, non-receipt of annual reports,
non-receipt of dividends, and other investor concerns.
Its primary objective is to ensure efficient and timely
redressal of shareholder queries, thereby enhancing
investor confidence and trust.

To further strengthen investor communication, the
Company has published its Investors' Grievance
Redressal Policy, which is available on our website at given

link: https://ghcl.co.in/wp-content/uploads/2024/05/

lnvestor-Grievance-Redressal-Policy.pdf

22. Composition of Nomination and Remuneration
Committee (NRC)

The Nomination and Remuneration Committee (NRC) has
been constituted in compliance with Section 178 of the
Companies Act, 2013, Rule 6 of the Companies (Meetings
of Board and its Powers) Rules, 2014, and Regulation 19
of the SEBI Listing Regulations.

The NRC is responsible for identifying and evaluating
the qualifications, attributes, and independence of
directors, as well as formulating and recommending
the remuneration policy for Directors, Key Managerial
Personnel (KMP), and other employees.

The committee is chaired by an Independent Director,
with all its members being Independent Directors,
ensuring unbiased decision-making and adherence to
best governance practices. Further details about the
committee’s composition and its terms of reference are
available in the Corporate Governance Report.

23. Vigil Mechanism

GHCL Limited is committed to promoting a fair,
transparent, and ethical work environment that upholds
the highest standards of professionalism, integrity, and
accountability. As part of this commitment, the Company
has established a comprehensive "Whistle Blower Policy",
ensuring a secure and fearless platform for employees,
directors, and stakeholders to report concerns without
fear of retaliation. The Board of Directors had revised
this policy in their meeting on May 6, 2024, to further
strengthen its effectiveness.

The Whistle Blower Policy encourages individuals to
report any unethical behavior, suspected fraud, or
violations of GHCL’s Code of Conduct and Ethics Policy.
This mechanism serves as a crucial tool for maintaining
a culture of transparency and corporate integrity. Please
note that no complaint was reported during the year
under vigil mechanism. Further details on the Whistle
Blower Policy can be found in the Corporate Governance
Report and are also available on the Company’s website.

24. Related Party Transactions:

In accordance with Section 188 of the Companies Act,
2013, and Regulation 23 of the Listing Regulations
read with the Industry Standards for Related Party

Transactions (RPTs), the Company has ensured a robust
framework for the identification and reporting of such
transactions. The status of RPTs for the Financial Year
2025-26 are as follows:

• Nil Material Transactions: GHCL Limited has
not entered into any material related party
transactions with its Promoters, Directors, Key
Managerial Personnel (KMP), or other designated
persons that could create a potential conflict of
interest. Consequently, the disclosure requirement
under Section 134(3)(h) of the Companies Act,
2013, in Form AOC-2, is not applicable for the
year under review.

• Compliance with Industry Standards: All RPTs are
processed through a rigorous review mechanism
managed by the Audit & Compliance Committee.
The Company adheres to the prescribed standard
formats for providing minimum information to
the Committee, ensuring transparency in terms of
pricing, tenure, and rationale as mandated by the
SEBI Circular dated June 26, 2025.

• Approval Process: Prior omnibus approval is
obtained for recurring transactions conducted
on an arm’s length basis and in the ordinary
course of business.

• Oversight & Certification: A comprehensive
statement of all RPTs, supported by a certificate
from the Chief Financial Officer (CFO), is presented
quarterly to both the Audit & Compliance
Committee and the Board. This ensures that all
transactions are fair, transparent, and in the best
interests of the Company.

• Pecuniary Relationships & Policy: No Director
has any material pecuniary relationship with the
Company. The Related Party Transactions Policy,
recently revised to incorporate the latest guidelines,
is available on the Company’s website.

25. Particulars of Loans, Guarantees or Investments:

Details of loans, guarantees, and investments made under
Section 186 of the Companies Act, 2013, are provided in
the notes to the Financial Statements. These disclosures
include comprehensive information on the nature, terms,
conditions, and any related party transactions associated
with these financial activities.

These disclosures ensure that stakeholders have a clear
understanding of the Company’s financial commitments.
We encourage stakeholders to refer to the Financial
Statements for a detailed overview, reinforcing our
commitment to regulatory compliance and accountability.

26. Risk and Sustainability Committee:

The Risk & Sustainability Committee, constituted in
compliance with Regulation 21 of the SEBI Listing
Regulations, plays a key role in overseeing governance,
risk management, sustainability, and compliance (GRC).
Details of the committee’s composition and activities are
available in the Corporate Governance Report.

At GHCL Limited, we recognize that various internal
and external factors can impact our business value
chain, making systematic risk management essential for
long-term sustainability and resilience. While the Board
holds overall responsibility for risk oversight, the Risk &
Sustainability Committee provides strategic guidance on
the implementation and execution of the Company's Risk
Management Policy.

Risk management is embedded in our corporate
culture, with operational heads ensuring the policy is
effectively implemented and senior executives acting
as risk owners. This structured approach fosters a risk-
aware organization, enabling proactive identification and
mitigation of potential challenges.

The Board-approved Risk Management Policy is available
on our website at given link:https://ghcl.co.in/wp-
content/uploads/2024/05/Risk-Management-Policy.pdf

27. Conservation of Energy, Technology Absorption,
Foreign Exchange Earning, and Outgo

In line with Section 134(3)(m) of the Companies Act,

2013, and Rule 8 of the Companies (Accounts) Rules,

2014, GHCL remains committed to energy conservation,
technological advancements, and optimizing foreign
exchange transactions.

A detailed report on these initiatives is provided in
Annexure IV, which forms an integral part of this Board’s
Report. This annexure outlines the Company’s efforts and
achievements in:

• Enhancing energy efficiency through
sustainable practices.

• Adopting and integrating advanced technologies for
operational excellence.

• Foreign exchange earnings and outflows, reflecting
our global business engagements.

We encourage stakeholders to refer to Annexure IV for
a comprehensive overview of our initiatives, reinforcing
GHCL’s commitment to sustainability, innovation, and
global business growth.

28. Disclosures under the Sexual Harassment of Women
at Workplace (Prevention, Prohibition & Redressal)
Act, 2013:

GHCL is deeply committed to promote a safe, inclusive,
and respectful workplace free from any form of
harassment or intimidation. In line with the Sexual
Harassment of Women at Workplace (Prevention,
Prohibition & Redressal) Act, 2013 (POSH Act), the
Company has implemented a comprehensive policy to
prevent and address instances of sexual harassment.

To ensure fair and transparent grievance redressal,
Internal Complaints Committees (ICCs) have been
established at all major locations. These committees are
empowered to handle complaints efficiently, ensuring a
confidential, impartial, and just resolution process.

GHCL also conducts regular awareness programs to
educate employees about their rights and responsibilities
under the POSH Act, promoting a culture of respect,
equality, and inclusivity across the organization.

We would like to confirm that no complaints related
to sexual harassment were reported during the year,
reflecting the effectiveness of our policies, awareness
initiatives, and commitment to maintaining a safe and
dignified work environment for all employees.

29. Statutory Auditors

Incumbent Auditor — Completion of Tenure:

S. R. Batliboi & Co. LLP, Chartered Accountants
(Firm Registration No. 301003E / E300005), were
re-appointed as the Statutory Auditor of the Company at
the 38^th Annual General Meeting held on June 19, 2021,
for a second term of five consecutive years, extending
until the conclusion of the 43^rd Annual General Meeting.
Upon the conclusion of the 43^rd Annual General Meeting,
the tenure of S. R. Batliboi & Co. LLP as Statutory Auditor
of the Company will stand completed, having served two
consecutive terms of five years each, aggregating to the

maximum permissible tenure of ten years under Section
139(2) of the Companies Act, 2013. The Company places
on record its sincere appreciation for the professional
services rendered by S. R. Batliboi & Co. LLP during their
tenure as Statutory Auditor.

For the financial year ended March 31, 2026, the Statutory
Auditor has audited the financial statements of the
Company and issued an Independent Auditor’s Report,
which forms part of this Annual Report. The Auditor’s
Report does not contain any qualification, reservation,
adverse remark, or disclaimer. The Board further confirms
that the Statutory Auditor has not reported any instance of
fraud to the Audit & Compliance Committee or the Board
of Directors under Section 143(12) of the Companies Act,
2013 during the financial year under review.

Appointment of New Statutory Auditor: Upon the
recommendation of the Audit & Compliance Committee,
the Board of Directors, at its meeting held on May 05,
2026, has recommended to the Members the appointment
of Deloitte Haskins & Sells Chartered Accountants LLP,
(Firm Registration No. 117364W / W100739) as the
Statutory Auditor of the Company, for a term of five
consecutive years commencing from the conclusion of
the 43^rd Annual General Meeting (being the AGM for
the financial year ended March 31, 2026) and continuing
until the conclusion of the 48^th Annual General Meeting
(being the AGM for the financial year ended March 31,
2031), to conduct the statutory audit of the Company
for the financial years from 2026-27 to 2030-31, subject
to the approval of Members at the ensuing 43^rd Annual
General Meeting.

An Ordinary Resolution proposing the appointment of
Deloitte Haskins & Sells Chartered Accountants LLP, as
Statutory Auditor of the Company pursuant to Section
139(1) of the Companies Act, 2013 read with Rule 3 of
the Companies (Audit and Auditors) Rules, 2014, forms
part of the Notice of the 43^rd Annual General Meeting.
The Company has received from Deloitte Haskins & Sells
Chartered Accountants LLP:

• a written consent to the proposed appointment
in accordance with Section 139(1) of the
Companies Act, 2013; and

• a certificate confirming that the firm satisfies the
criteria of eligibility prescribed under Section
141 of the Companies Act, 2013 and that the
appointment, if made, shall be in accordance with

the applicable provisions of the Act and the rules
framed thereunder.

Profile of Proposed Statutory Auditor: Deloitte Haskins
& Sells Chartered Accountants LLP, is a firm of Chartered
Accountants registered with the Institute of Chartered
Accountants of India, operating as part of the Deloitte
Touche Tohmatsu Limited (DTTL) network — one of
the largest professional services networks in the world.
The firm is registered in Ahmedabad and provides
statutory audit, assurance, tax, and advisory services to
a large number of leading listed companies across diverse
sectors in India. The firm brings with it deep sector
expertise, a technology-driven audit methodology, and a
strong commitment to audit quality and independence,
and the Board is confident that its appointment will
further strengthen the audit governance framework
of the Company.

A brief profile of Deloitte Haskins & Sells Chartered
Accountants LLP, is given under the AGM Notice
to shareholders.

30. Auditor's Report:

The Company's Statutory Auditors did not make any
qualification, reservation, adverse remark, or disclaimer in
their Report for the financial year ended March 31, 2026.
Hence, no further explanation or comment is required
under Section 134(3)(f) of the Companies Act, 2013.

31. Cost Auditors:

The Company maintains cost records as required by
Section 148 of the Companies Act, 2013, and appoints
Cost Auditor to audit these records. R. J. Goel & Company,
Cost Accountants, New Delhi, has been appointed as
the Cost Auditor for the financial year ending March
31, 2026, based on the recommendation of the Audit &
Compliance Committee. The Cost Audit Report for the
financial year ending March 31, 2025, does not contain
any qualification or adverse remarks requiring clarification
or explanation.

32. Internal Auditors

As per provisions of Section 138 of the Companies
Act, 2013, every Listed Company is required to
appoint an Internal Auditor to conduct internal audit
of the functions and activities of the company. The
Board of Directors, based on the recommendation of
the Audit & Compliance Committee, had approved
the appointment of M/s Sharp & Tannan Associates,
Chartered Accountant, and SPMB & Co. LLP, Chartered

Accountants, as the Internal Auditors of the Company
for the financial year ended on March 31, 2026, to
conduct the internal audit of the activities of the Company.

33. Corporate Insolvency Resolution Process (CIRP)

As reported in the earlier Board’s Reports, the application
filed by HT Media Limited against GHCL Limited under
the Insolvency and Bankruptcy Code, 2016 was dismissed
by the Hon’ble NCLT, Ahmedabad, vide its order dated
March 12, 2024, on the grounds that the claim did not
qualify as a ‘financial debt’ under Section 5(8) of the Code.
Subsequently, HT Media Limited challenged the order
before the NCLAT, New Delhi. GHCL filed its objections
and the matter is now listed for final hearing.

34. Directors’ Responsibility Statement:

Based on the framework of internal financial controls
established and maintained by the company, work
performed by the internal, statutory, secretarial and cost
auditors and external agencies including audit of internal
financial controls over financial reporting by the statutory
auditor and reviews performed by the management
and relevant Board Committees, including the Audit &
Compliance Committee, the Board is of the opinion that
the Company’s internal financial controls were adequate
and effective during financial year 2025-26. Accordingly,
pursuant to Section 134(5) of the Companies Act, 2013,
the Board of Directors, to the best of their knowledge and
ability confirm that:

a. in the preparation of the annual accounts for the
financial year ended March 31, 2026, the applicable
accounting standards have been followed along
with proper explanation relating to material
departures, if any;

b. such accounting policies as mentioned in the Notes
to the Financial Statements have been selected 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 as at March 31, 2026 and of the
profit and loss of the Company for the financial year
ended March 31, 2026;

c. the proper and sufficient care has been taken by
them 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;

d. the annual accounts for the financial year ended
March 31, 2026 have been prepared by them on a
going concern basis;

e. proper Internal financial controls have been
followed by the company and that such internal
financial controls are adequate and were operating
effectively; and

f. proper systems to ensure compliance with the
provisions of all applicable laws were in place
and that such systems were adequate and
operating effectively.

35. General Disclosures

Your Directors would like to confirm that there are no
instances during FY 2025-26, when the recommendations
of any Committees were not accepted by the Board.

Further, no disclosure or reporting is required in respect
of the following matters as there is no transaction on
these items during the year under review:

(i) Details relating to deposits covered under
Chapter V of the Act.

(ii) Issue of equity shares with differential rights as to
dividend, voting or otherwise.

(iii) Issue of shares (including sweat equity shares) to
employees of the Company under any scheme save
and except Employees’ Stock Options Schemes
referred to in this Report.

(iv) The Company does not have any scheme of
provision of money for the purchase of its own
shares by employees or by trustees for the
benefit of employees.

(v) No significant or material orders were passed
by the Regulators or Courts or Tribunals, which
impact the going concern status and Company’s
operations in future.

(vi) There is no Corporate Insolvency Resolution
Process initiated under the Insolvency and
Bankruptcy Code, 2016 except one matter, which is
reported separately.

36. Acknowledgement:

The Board of Directors extends its heartfelt gratitude
to all our stakeholders—customers, vendors, dealers,
investors, business associates, and bankers—for their
continued trust and support, which has been instrumental
in GHCL’s success.

We also express our deep appreciation for the dedication
and hard work of our employees at all levels. Their
commitment, teamwork, and resilience have played a
crucial role in overcoming challenges and driving the
Company toward its goals.

We sincerely thank the Government of India, State
Governments, and regulatory authorities for providing
a supportive business environment and enabling
sustainable growth. We look forward to their continued
cooperation and guidance.

The collective contributions of all stakeholders remain
the foundation of our progress, and we are truly grateful
for their trust, commitment, and partnership in GHCL’s
journey forward.

For GHCL LIMITED

Sd/-

Anurag Dalmia

Date: May 05, 2026 Chairman

Place: Noida DIN: 00120710