We are delighted to present on behalf of the board of directors, the 17^th Annual Report of Raghav Productivity Enhancers Limited (the company or
Raghav) along with Audited Financial Statement for the financial year ended March 31, 2026.

To support ‘Green initiative', the Abridged Integrated Annual Report has been sent to the Members whose e-mail ids are not registered with the Company
/ Depositories.

The consolidated performance of the Company and its subsidiaries has been referred to wherever required.

1. FINANCIAL RESULTS

2. RESULTS OF OPERATIONS AND STATE OF COMPANY’S
AFFAIRS

Your company was incorporated in 2009 in Rajasthan and
is the world's largest manufacturer of silica ramming mass.
Headquartered in Jaipur, your company operates its state-of-the-art
manufacturing facilities using its patented technology in Newai,
Rajasthan, with a combined installed capacity of 414,000 MTPA.
The company exports to over 39 countries world-wide and 28
states pan-India being the only manufacturer to have successfully
broken geographical barriers in the silica ramming mass industry.
Silica Ramming Mass is a refractory material used in Induction
Furnaces having prominence in secondary steel plants, foundry
and casting units.

FY2026 marked a significant milestone for the Company, as
the company crossed '250 Crores in annual revenue and '50
Crores in PAT for the first time. This achievement underscores the
Company's consistent growth trajectory and its ability to deliver
sustained performance even during difficult industry cycles.

During the year under review, your Company achieved consolidated
revenue from operations of '25,707.28 Lakhs and recorded an
operational profit (PBT) of '6,962.88 Lakhs. After providing for all
expenses and taxes, the Company earned a Net Profit after Tax of
'5,480.30 Lakhs.

The Company continued to operate at healthy capacity utilization
levels during the year, supported by stable demand visibility and a
strong order pipeline.

DIVIDEND

Your Company has always endeavored to retain a balance
by providing an appropriate return to the Shareholders while
simultaneously retaining a reasonable portion of the profit to
maintain healthy financial leverage with a view to support and fund
the future expansion plans.

The Board of Directors recommended a dividend of '1.00/-per fully
paid up Equity Share (previous year '1.00/-) of face value of '10/-
each for the financial year ended March 31, 2026.

The total Dividend outgo amounts to ' 4.59 Crores/- (previous year
2024-25'4.59 Crore).

In terms of Regulation 43A of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“the Listing Regulations”), the
Dividend Distribution Policy duly approved by the Board is available

on the website of the Company and can be accessed athttps://
tiimg.tistatic.com/fm/1116159/dividend-distribution-policv.pdf.
The Board has recommended dividend based on the parameters
laid down in the Dividend Distribution Policy and dividend will be
paid out of the profits for the year.

3. AMOUNTS TRANSFERRED TO RESERVES

Your Board doesn't propose to transfer any amount to General Reserve in terms of Section 134(3)(j) of the Companies Act, 2013 (“the Act”) for
the financial year ended on March 31, 2026. Further, the Balance specified in the individual head is detailed as below:

4. CHANGE IN NATURE OF BUSINESS

There was no change in the nature of business of the Company
during the financial year 2025-2026.

5. INFORMATION ABOUT SUBSIDIARIES/ ASSOCIATES
COMPANY/ JOINT VENTURES

Raghav Productivity Solutions Private Limited is wholly Owned
Subsidiary of the company and engaged in the business of
manufacturing and trading of Ramming Mass. During the year
Company has a net profit of ' 3,024.46 Lakhs and there has been
no material change in the nature of the business of the subsidiary.

Further w.e.f April 1, 2025 Raghav Productivity Solutions
Private Limited is material Subsidiary of Raghav Productivity
Enhancers Limited

Pursuant to the provisions of section 129(3) of the Act, the Company
has prepared Consolidated Financial Statements which forms part
of this Annual Report. A separate statement providing details of
performance and salient features of the financial statements of the
Company's Subsidiary in prescribed Form AOC-1 is annexed as
‘Annexure-1’ to this report.

The Audited Financial Statements including the consolidated
financial statements of the Company and all other documents
required to be attached thereto is available on the Company's
website and can be accessed at i.e. www.rammingmass.
comThe financial statements of the subsidiary, as required are
available on the Company's website and can be accessed at i.e.
www.rammingmass.com. These documents will also be available
for inspection on all working days, during business hours, at the
Registered Office of the Company.

Further, there was no Company which has ceased to be Company's
Subsidiary, Joint Venture or Associate Company during the financial
year ended on March 31, 2026.

6. CHANGES IN CAPITAL STRUCTURE

As on March 31, 2025, the Authorised Share Capital of the
Company stood at '50,00,00,000/- (Rupees Fifty Crores Only),
while the Paid-up Share Capital was '45,90,52,000/- (Rupees
Forty-Five Crores Ninety Lakhs Fifty-Two Thousand Only),

During the year under review, the following changes were made:

. No change in Authorised Share Capital.

• Allotment of shares under ESOP Scheme 2018:

The Board of Directors, at its meeting held on April 30, 2025 alloted
6,760 shares to the specified employee of the Company

All statutory proceedings and compliances related to allotment of
ESOP shares were completed within the timelines prescribed under
applicable laws.

Consequent to the allotment of shares under ESOP scheme 2018,
As on March 31, 2026, the Paid-up Equity Share Capital of the
Company increased to '45,91,19,600/- (Rupees Forty-Five Crores
Ninety one Lakhs Ninteen Thousand Six hundred Only), divided into
4,59,11,960 (Four Crores Fifty-Nine Lakhs eleven Thousand nine
Hundred and sixty only) Equity Shares of '10/- each.

7. EXTRACT OF ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the
Annual Return as on March 31,2026 is available on the Company's
website and can be accessed at www.rammingmass.com

8. MATERIAL CHANGES AND COMMITMENTS

As on April 24, 2026, Board of Directors in their meeting held
on April 24, 2026 made allotment of 9990 equity shares @ face
value of ' 10/- each and premium of ' 297.36/- shares to specific
list of employees under ESOP Scheme 2018 which increase the

paid up capital of Company to ' 45, 921,9500 (Forty five crore
ninety two lakh nineteen thousand five hundred only) comprising of
' 4,59,21,950 shares @face value of ' 10/- each.

In view of a positive demand outlook, sustained customer
requirements, and consistently high utilization levels, the Board
of Directors approved capacity expansion at both manufacturing
plants on April 24, 2026.

The approved expansion plan is as follows:

The capacity is expected to be commissioned in phases,
with full capacity likely to be available from October 1, 2026.
Upon completion of the proposed expansion, the updated capacity
will further strengthen the Company's market position and enabling
it to efficiently cater to growing customer demand.

Other than above there are no material changes and commitments
affecting the financial position of the Company that have occurred
between the end of the financial year of the Company to which the
financial statements relate and the date of this report.

9. MATERIAL ORDERS

In pursuance to Rule 8(5)(vii) of the Companies (Accounts)
Rules, 2014, no significant or material orders were passed by the
regulators or courts or tribunals impacting the going concern status
and Company's operations in future.

10. CORPORATE SUSTAINABILITY

At Raghav, sustainability constitutes a fundamental component
of the Company's core values and operational philosophy. It is
integrated into decision-making processes, governance standards,
and business conduct across all levels of the organisation.
The Company applies Environmental, Social, and Governance
(ESG) principles throughout its operations and value chain, with the
objective of fostering sustainable, inclusive, and equitable outcomes.

This ESG commitment is operationalised through defined,
measurable initiatives that support environmental responsibility,
promote workforce well-being and inclusion, strengthen community
partnerships, and generate long-term value for stakeholders.
The approach is designed to address current priorities while
maintaining a long-term perspective on resource stewardship and
intergenerational equity.

Through its Corporate Social Responsibility (CSR) initiatives,
Raghav engages with local communities and non-governmental

organisations to deliver targeted interventions in the areas
of education, empowerment, environment, and healthcare.
These efforts are structured to improve quality of life and build
resilience among marginalised populations.

The Company endeavours to exceed statutory requirements and
benchmark itself against recognised sustainability practices.
Its ESG disclosures align with national and international
frameworks, including the United Nations Sustainable Development
Goals (SDGs) and the National Guidelines on Responsible Business
Conduct (NGRBC).

Raghav's progress across various dimensions of corporate
sustainability has contributed to its recognition in the ESG
domain. Details of such recognitions and initiatives are provided
in the Company's sustainability reports, which are available on its
official website. The Company remains committed to upholding
the principles of transparency, ethical conduct, and continuous
improvement in all aspects of its sustainability agenda.

11. PARTICULARS OF LOANS, GUARANTEES AND
INVESTMENTS

Pursuant to the provisions of section 186 of the Act and Schedule
V of the Listing Regulations, the company has made investment
in its wholly owned subsidiary details of which are provided in the
financial statements. Further, there are no loans granted, guarantees
given or issued or securities provided by your Company in terms of
section 186 of the Act, read with the rules issued there under.

12. RELATED PARTY TRANSACTION

During the financial year ended March 31, 2026, all transactions
with the Related Parties as defined under section 188 the Act read
with rules framed there-under and Regulation 23 of the Listing
Regulations were in the ‘ordinary course of business' and ‘at
arm's length' basis. Considering Financial Statement of Financial
Year 2024-25, Raghav Productivity Solutions Private Limited,
wholly owned Subsidiary of your Company has become a ‘Material
Subsidiary' as defined under Regulation 16(1)(c) of the Listing
Regulations w.e.f. April 1, 2025 and continued the same therefore
policy for the same has adopted which can be accessed athttps://
www.rammingmass.com/our-policies.php#investor-tab

During the year under review, the Company did not enter into any
Related Party Transactions which require prior approval of the
Members. All Related Party Transactions of your Company had
prior approval of the Audit Committee and the Board of Directors,
as required under the Listing Regulations. Subsequently, the
Audit Committee and the Board have reviewed the Related Party
Transactions on a periodic basis. During the year under review,
there has been no materially significant Related Party Transactions
having potential conflict with the interest of the Company except
with the wholly owned subsidiary.

Further As per SEBI (LODR) Regulations, 2015 and Companies Act,
2013 transactions entered into between a holding company and its
wholly owned subsidiary is exempted from any type of approvals
whether by Board or shareholders.

There are no particulars of material contracts or arrangements
with related parties referred in section 188(1) of the Act.
Necessary disclosures required under the AS-18 have been made
in Note No. 34 of the Notes to the Financial Statements for the year
ended March 31, 2026.

Your Company has formulated a Policy on materiality of Related
Party Transactions and the said Policy has been uploaded on
the website of the Company and can be accessed athttps://
www.rammingmass.com/our-policies.php#investor-tabFurther,
your Company has an internal mechanism for the purpose of
identification and monitoring of Related Party Transactions.

13. Employee Stock Option Scheme

During the year, your Company had ‘Raghav Productivity Enhancers
Limited Employee Stock Option Scheme 2018 (RPEL ESOP Scheme
2018) The ESOP Schemes are in compliance with the Act and SEBI
(Share Based Employee Benefits and Sweat Equity) Regulations,
2021 and the disclosures relating to the ESOP Schemes as required
under the abovementioned SEBI Regulations is mentioned below:

DISCLOSURES WITH RESPECT TO EMPLOYEE STOCK OPTION
SCHEMES OF THE COMPANY PURSUANT TO REGULATION 14
OF THE SEBI (SHARE BASED EMPLOYEE BENEFITS AND SWEAT
EQUITY) REGULATIONS, 2021 AS ON MARCH 31, 2026

During FY 2026, the Company had only one Employee
Stock Option Scheme:

1. Raghav Productivity Enhancers Limited Employees Stock
Option Scheme 2018” (‘RPEL ESOP Scheme 2018’)

During the financial year under review there has been no
material change in the Employee Stock Option Schemes
(‘ESOP Schemes') of the Company and the same are in
compliance with the Companies Act, 2013 read with rules
thereunder and the SEBI (Share Based Employee Benefits
and Sweat Equity) Regulations, 2021 and other SEBI
Regulations, if any.

Disclosures required under Regulation 14 of SEBI (Share
Based Employee Benefits and Sweat Equity) Regulations,
2021, are as under:

A. Relevant disclosures in terms of accounting standards
prescribed by the Central Government in terms of section
133 of the Companies Act, 2013 (18 of 2013) including the
'Guidance note on accounting for employee share-based
payments' issued in that regard from time to time.

For details, shareholders may refer to the audited financial
statement which forms part of the Integrated Annual
Report FY 2025-26.

B. Diluted EPS on issue of shares pursuant to all the schemes
covered under the regulations shall be disclosed in
accordance with 'Indian Accounting Standard 33 - Earnings
Per Share' issued by Central Government or any other relevant
accounting standards as issued from time to time.

Diluted EPS as per Standalone financial statement for ESOP
Schemes for the year ended March 31, 2026 is: ' 6.35

C. Details related to RPEL ESOP Scheme 2018

I . Description including the general terms and conditions of
RPEL ESOP Scheme 2018 is as follows:

i. Method used to account for ESOP (Intrinsic or fair
value): Fair Value

ii. Where the company opts for expensing of the options using
the intrinsic value of the options, the difference between
the employee compensation cost so computed and the
employee compensation cost that shall have been recognized
if it had used the fair value of the options shall be disclosed.
The impact of this difference on profits and on EPS of the
company shall also be disclosed: Not Applicable

II. Option movement during FY26:

III. Weighted-average exercise prices and weighted-average fair
values of options shall be disclosed separately for options
whose exercise price either equals or exceeds or is less than
the market price of the stock: Not Applicable

IV. Employee wise details (name of employee, designation,
number of options granted during the year, exercise price) of
options granted to - Not Applicable

a. Senior managerial personnel as defined under
Regulation 16(d) of the Securities and Exchange
Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015: Nil

b. Any other employee who receives a grant in any one
year of option amounting to 5% or more of option
granted during that year: Nil

c. Identified employees who were granted option,
during any one year, equal to or exceeding 1% of the
issued capital (excluding outstanding warrants and
conversions) of the company at the time of grant: Nil

V. A description of the method and significant assumptions used
during the year to estimate the fair value of options including
the following information: Not Applicable

The certificate of Secretarial Auditor confirming compliance of the
ESOP Schemes with the Act and abovementioned SEBI Regulations
is given in ‘Annexure 2' to this Report.

14. CREDIT RATINGS

During the financial year 2025-26, on the basis of recent
development including operational and financial performance of
the Company, Credit Rating Agency- CRISIL has assigned stable
rating as follows:

Further, the company has been regular in making principal and
interest repayments to the Banks and financial institutions.

15. BOARD AND COMMITTEE MEETINGS

The details of Board and Committee meetings held during the
financial year ended on March 31, 2026 and the attendance of the
Directors are set out in the Corporate Governance Report which
forms part of this report.

The frequency of Board Meetings and quorum at such meetings
were in accordance with the Act, the Listing Regulations and
Secretarial Standards-1 on Meetings of the Board of Directors
issued by ICSI. The intervening gap between any two meetings was
within the period prescribed by the Act and the Listing Regulations.

16. DIRECTORS AND KEY MANAGERIAL PERSONNEL

The Board plays crucial role in overseeing how the management
serves the short and long term interests of shareholders and other
stakeholders. This belief is reflected in our governance practices,
under which we strive to maintain an effective, informed and
independent Board of Directors and keep our governance practices
under continuous review.

As on March 31, 2026, the total Board strength comprises of 7
Directors out of which 2 Directors are Executive - Non Independent
Directors, 1 Director is Non-Executive - Non Independent Directors
and 4 are Non-Executive - Independent Directors. All Independent
Directors of the company as on the date of this report have
also registered on Independent Directors in Database of IICA for
Independent Directors.

The Company's Board Members are from diverse backgrounds
with skills and experience in critical areas like Marketing, Finance
& Taxation, Economics, Law, Governance etc. Further, all
Independent Directors are persons of eminence and bring a wide
range of expertise and experience to the board thereby ensuring the
best interests of stakeholders and the Company. They take active
part at the Board and Committee Meetings by providing valuable
guidance to the management on various aspects of Business,

Policy Direction, Compliance etc. and play critical role on issues,
which enhances the transparency and add value in the decision
making process of the Board of Directors. The composition of the
Board also complies with the provisions of the Act and Regulation
17(1) of Listing Regulations. The Board reviews its strength and
composition from time to time to ensure that it remains aligned with
the statutory, as well as business requirements.

During the year under review, the following changes occurred in the
Board of Directors:

A) Retire By Rotation

• In accordance with the provisions of Articles of Association
of the Company, read with Section 152 of the Act,
Mrs. Krishna Kabra, Director of the company, whose office
is liable to retire at the ensuing Annual General Meeting,
being eligible, seeks reappointment. Based on performance
evaluation and the recommendation of the Nomination
and Remuneration Committee, the Board recommends
his reappointment.

Necessary resolutions for the appointment/ re- appointment
of aforesaid Directors, wherever applicable, have been
incorporated in the notice convening the ensuing AGM.
As required under the listing regulations and Secretarial
Standards on General Meetings issued by ICSI, the relevant
details of Directors retiring by rotation and/or seeking
appointment/re-appointment at the ensuing AGM are
furnished as ‘Annexure A to the notice of AGM.

None of the Directors of the Company are disqualified/
debarred as per the applicable provisions of the Act and the
Securities and Exchange Board of India.

B) Cessation due to Tenure Completion

Mr. Praveen Totla, Non-Executive Independent Director of the
Company completed his tenure on December 1,2025, in accordance
with the provisions of Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.

Board of Directors places on record its sincere appreciation of 10
years for his valuable contribution and guidance during his tenure.

17. NUMBER OF MEETINGS OF THE BOARD

Six (4) meetings of the Board were held during the year. For details
of meetings of the Board, please refer to the Corporate Governance
Report, which is a part of this report.

18. COMMITTEES OF BOARD

The Board of Directors of the Company has constituted the
following Committees:

a) Audit Committee

b) Corporate Social Responsibility Committee

c) Nomination and Remuneration Committee

d) Stakeholders Relationship Committee

e) Bank & Credit Committee

f) Risk Management Committee

The Committees' composition, charters and meetings held
during the year and attendance thereat, are given in the Report on
Corporate Governance forming part of this Annual Report.

19. DECLARATION BY INDEPENDENT DIRECTORS

Pursuant to the provisions of section 149(6) of the Act and
Regulation 16(1 )(b) of the Listing Regulations, all Independent
Directors of the Company have given declaration that they meet the
criteria of independence.

It is to be further noted that and per the provisions of Rule 6 of
the Companies (Appointment and Qualifications of Directors)
Rules, 2014 all the Independent Directors of the company have
registered their name as Independent Directors in Database of IICA
and Mr. Govind Saboo and Mrs. Rajni Sekhri Sibal has passed the
online proficiency self-assessment test and Mr. Amar Lal Daultani
and Mr. Hemant Nerurkar Madhusudan are exempted to clear the
said online proficiency self-assessment test.

The terms & conditions for the appointment of Independent
Directors are given on the website of the Company' website and can
be accessed at i.e.https://www.rammingmass.com/our-policies.
php#investor-tab

Further, in terms of Regulation 25(8) of the Listing Regulations, the
Independent Directors have confirmed that they are not aware of
any circumstance or situation, which exist or may be reasonably
anticipated, that could impair or impact their ability to discharge
their duties. The Independent Directors have also confirmed that
they have complied with the Company's code of conduct prescribed
in Schedule IV to the Act.

20. FAMILIARIZATION PROGRAMME FOR INDEPENDENT
DIRECTORS

I n compliance with the requirements of the Act and the Listing
Regulations, the Company has put in place a familiarization
programme for the Independent Directors with regard to their roles,
rights and responsibilities in the Company and provides details
regarding the nature of the industry in which the Company operates
the business models of the Company etc. which aims to provide
insight to the Independent Directors to understand the business
of the Company. Upon induction, the Independent Directors are
familiarized with their roles, rights and responsibilities.

The details of the familiarization program for Independent Directors
are available on the Company's website and can be accessed at
https://www.rammingmass.com/our-policies.php#investor-tab

21. FORMAL ANNUAL EVALUATION

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

The performance evaluation of the Board was based on criteria
such as composition and role of the Board, Board communication
and relationships, functioning of Board Committees of Board
processes, manner of conducting the meetings, review of
performance of Executive Directors, value addition of the Board

members and corporate governance, succession planning,
strategic planning, etc.

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 above criteria are broadly based on the Guidance Note on Board
Evaluation issued by the Securities and Exchange Board of India on
January 5, 2017. In a separate meeting of independent directors,
performance of non-independent directors, the Board as a whole
and Chairman of the Company was evaluated, taking into account
the views of executive directors 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.

At the board meeting that followed the meeting of the independent
directors and meeting of Nomination and Remuneration
Committee, 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.

The Board founded the evaluation satisfactory and no observations
were raised during the said evaluation in current year as well as
in previous year

22. AUDITOR AND REPORT THEREON
• Statutory Auditor

M/s. A. Bafna & Co., Chartered Accountants, Jaipur (Firm
Registration Number: 03185C) were appointed as Statutory
Auditors of the Company, at the Annual General Meeting held on
June 25, 2021 for a period of five years from the conclusion of 12th
Annual General Meeting till the conclusion of 17th Annual General
Meeting to be held in year 2026.

Since tenure of M/s A. Bafna & Co. will be completed in this ensuing
17th Annual General Meeting of the Company. Therefore appointment
of new Statutory Auditors is been recommended to Shareholders.

Further, in terms of the SEBI (Listing Obligations & Disclosure
Requirements) (Third Amendment) Regulation, 2024, the Board
on recommendation of Audit Committee has recommended
appointment of M/s Ravi Sharma & Co., Chartered Accountant
(Firm Registration No. 015143C), as Statutory Auditors of the
Company for a period of five years from the conclusion of 17th
Annual General Meeting till the conclusion of 22nd Annual General
Meeting to be held in year 2031. A resolution seeking shareholders'
approval for the appointment of M/s Ravi Sharma & Co., Chartered
Accountants as Statutory Auditors has been included in the notice
of the ensuing Annual General Meeting of the Company.

In this regard and rules made there-under, the Company has
received certificate from the in accordance with provisions of
Section 141 of the Act.

M/s. A. Bafna & Co., Chartered Accountants, have submitted their
Report on the Financial Statements of the Company for the Financial
Year 2025-26, which forms part of the Annual Report 2025-26.

There are no observations (including any qualification, reservation,
adverse remark or disclaimer) of the Auditors in their Audit Reports
that may call for any explanation from the Directors.

As per sub section 12 of section 143 of the Act during the financial
year no fraud was reported by the Auditor of the Company in
their Audit Report.

• Secretarial Auditor

Pursuant to provisions of Section 204 of the Companies Act, 2013
and rules made thereunder, The Board of Directors has appointed
M/s. ARMS & Associates LLF? Company Secretaries as Secretarial
Auditors for a term of five consecutive financial years commencing
from April 1, 2025 till March 31, 2029. Therefore they conduct the
secretarial audit of the Company for the financial year 2025-26.

Accordingly, they have conducted Secretarial Audit for the
Financial Year 2025-26 and Secretarial Audit Report in Form MR-3
is enclosed herewith as ‘Annexure 3’. Pursuant to provisions of
Regulation 24A of Listing Regulations, the Secretarial Auditors
have also issued Annual Secretarial Compliance Report for the
F.Y 2025-26. Both the reports do not contain any qualification,
reservation or adverse remark.

• Internal Auditor

I n accordance with the provisions of section 138 of the Act and
rules made thereunder, the Board of Directors of the Company
has appointed M/s Birla Gupta & Co., Chartered Accountants,
Jaipur (FRN: 020802C) as Internal Auditor of the Company for the
financial year 2025-2026.

The Internal Audit Report was received half-yearly by the Company
and the same were reviewed and approved by the Audit Committee
and Board of Directors. The yearly Internal Audit Report received for
the financial Year 2025-2026 is free from any qualification, further
the notes on accounts are self-explanatory and the observations
were looked into by the management.

During the financial year 2025-2026, no fraud was reported by the
Internal Auditor of the Company in their Audit Report.

Further M/s RP Khandelwal & Associates., Chartered Accountants,
(FRN: 001795C) Jaipur have been appointed by the Board,
to conduct the Internal Audit of the Company for the financial
year 2026-2027.

23. INSIDER TRADING PREVENTION CODE

Pursuant to the provisions of the Securities and Exchange Board
of India (Prohibition of Insider Trading) Regulations, 2015 and

amendments thereto, the Company has adopted an ‘Internal Code
of Conduct for Regulating, Monitoring and Reporting of Trades by
Designated Persons' (“the Code”).

The Code is applicable to Promoters, Member of Promoter's Group,
all Directors and such Designated Employees and other connected
persons who are expected to have access to unpublished price
sensitive information relating to the Company. The Company
Secretary is the Compliance Officer to regulate, monitor and report
trading adherence to the PIT Regulations. The same is available on
the website of the Company athttps://www.rammingmass.com/
our-policies.php#investor-tab.

24. VIGIL MECHANISM/ WHISTLE BLOWER POLICY

Pursuant to the Section 177(9) of the Act and Regulation 22 of
the SEBI Listing Regulations and SEBI (Prohibition of Insider
Trading) Regulations, 2015, as amended, the company has set
up a Direct Touch initiative, under which all Directors, employees/
business associates have direct access to the Chairman of
the Audit Committee for this purpose. The Company promotes
ethical behavior in all its business activities and in line with the
best international governance practices, Raghav has established
a system through which Directors, employees and business
associates may report unethical behavior, malpractices, wrongful
conduct, fraud, violation of Company's code of conduct without
fear of reprisal. The Whistle-Blower Protection Policy aims to:

• Allow and encourage stakeholders to bring to the
Management notice concerns about unethical behavior,
malpractice, wrongful conduct, actual or suspected fraud or
violation of policies.

• Ensure timely and consistent organizational response.

• Build and strengthen a culture of transparency and trust.

• Provide protection against victimization.

The above mechanism has been appropriately communicated
within the Company across all levels and has been displayed on
the Company's intranet as well as on the Company's website and
can be accessed athttps://www.rammingmass.com/our-policies.
php#investor-tab

During the financial year, no whistle blower event was reported and
mechanism is functioning well. The Audit Committee periodically
reviews the existence and functioning of the mechanism. It reviews
the status of complaints received under this policy on regular basis.
The Committee has, in its report, affirmed that no personnel have
been denied access to the Audit Committee.

25. CORPORATE SOCIAL RESPONSIBILITY

The company's CSR initiatives and activities are aligned to the
requirements of Section 135 of the Act. The brief outline of the CSR
policy of the Company and the initiatives undertaken by the Company
on CSR activities during the year are set out in “Annexure 4” of this
report in the format prescribed in the Companies (Corporate Social
Responsibility Policy) Rules, 2014.

For other details regarding the CSR Committee, please refer to
the Corporate Governance Report, which is a part of this report.
This Policy is available on the Company's website and can
be accessed athttps://www.rammingmass.com/our-policies.
php#investor-tab.

27. RISK MANAGEMENT POLICY

The Company has developed a very comprehensive Risk
Management Policy under which all key risk and mitigation plan
are compiled in three stages i.e. Risk assessment/ evaluation, Risk
Reporting and Management of the risk evaluated and reported.
The objective of the policy is to create and protect shareholders'
value by minimizing threats or losses, and identifying and
maximizing opportunities. The Risk Management Policy defines
the risk management approach across the enterprise at various
levels including documentation and reporting. This Policy is
available on the Company's website and can be accessedhttps://
www.rammingmass.com/our-policies.php#investor-tab.

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

In order to prevent sexual harassment of women at workplace “The
Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013” was notified on December 09, 2013,
under the said Act, every Company is required to set up an Internal
Complaints Committee to look into complaints relating to sexual
harassment at workplace of any women employee.

In terms of the provisions of the said Act, the Company has
adopted a Policy on Prevention, Prohibition and Redressal of Sexual
Harassment at the Workplace.

Company has formed an “Internal Complaints Committee” for
prevention and redressal of sexual harassment at Workplace.
The Committee is having requisite members and is chaired by
a senior woman member of the organization. The following is a
summary of sexual harassment complaints received and disposed
off during the year 2025-26:

Number of complaints pending at the beginning of the
Financial Year : NIL

Number of complaints received during the Financial Year : NIL
Number of complaints disposed off during the Financial Year : NIL
Number of complaints unsolved at the end of the Financial Year
Number of cases pending for more than ninety days : NIL

29. Disclosure under the Maternity Benefit Act, 1961

The provisions of the Maternity Benefit Act, 1961 are applicable
to the Company. However, during the financial year 2025-26,
there were no instances requiring compliance under the said Act.
The Company remains committed to adhering to all applicable
labour and welfare legislations.

30. NOMINATION AND REMUNERATION POLICY

The Company's policy on Appointment and Remuneration of
Directors, Senior Management Personnel and other matters
as per the provisions of section 178 (3) of the Act is available
on the Company's website and can be accessed athttps://
www.rammingmass.com/our-policies.php#investor-tab.

Further, the silent features of the policy have been disclosed in the
Corporate Governance Report, which is a part of this Report.

31. PARTICULARS OF EMPLOYEES

In terms of the first proviso to Section 136 of the Act, the Reports
and Accounts are being sent to the shareholders excluding the
information required under Rule 5(2) and (3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules,
2014. Any shareholder interested in obtaining the same may write
to the Company Secretary at the Registered Office of the Company.
The said information is available for inspection by the Members at
the Registered Office of the Company on any working day of the
Company upto the date of the 17^th Annual General Meeting.

The statement containing information as required under the
provisions of Section 197(12) of the Act read with Rule 5(1) of
the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 is given in ‘Annexure-5’ and forms part
of this Report.

32. DEPOSITS FROM PUBLIC

During the financial year under review, the Company has neither
invited nor accepted or renewed any deposit from public,
shareholders or employees and no amount of principal or interest
on deposits from public is outstanding as at the Balance Sheet date
in terms of provisions of section 73 to 76 of the Act read with the
Companies (Acceptance of Deposits) Rules, 2014.

33. I NTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR
ADEQUACY

The details in respect of internal financial control and their adequacy
are included in the Management Discussion and Analysis, which is
a part of this report.

34. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
AND FOREIGN EXCHANGE EARNING AND OUTGO

Pursuant to provisions of Section 134(M) of the Act read with
Rule 8(3) of the Companies (Accounts) Rules, 2014 the details of
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo are attached as ‘Annexure 6’ to this report.

35. STATUS OF CASES FILED UNDER INSOLVENCY AND
BANKRUPTCY CODE, 2016

The company has neither made any application nor any application
made against the Company during the financial year 2025-2026.

36. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year under
review as stipulated under Listing Regulations is presented in a
separate section forming part of this Report.

37. CORPORATE GOVERNANCE

The Company has complied with the requirements of corporate
governance as stipulated under the listing regulations. The corporate
governance report and certificate from practicing Company
Secretary confirming compliance of conditions as required by
Regulation 34(3) read with Part E of Schedule V of the Listing
Regulations are forming part of this Report.

38. CODE OF BUSINESS CONDUCT AND ETHICS FOR
DIRECTORS AND SENIOR MANAGEMENT

The code of conduct has been circulated to all the members of the
Board and Senior Management Personnel and they have affirmed
their compliance with the said code of conduct for the financial year
ended on March 31, 2026.

A declaration to this effect signed by Mr. Rajesh Kabra, Managing
Director and Mr. Deepak Jaju, Chief Financial Officer, of the
Company stating that the members of Board of Directors and Senior
Management Personnel have affirmed compliance with the code of
conduct of Board of Directors and senior management is annexed
as “Annexure A” to the Corporate Governance Report forming part
of this Report.

39. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND
PROTECTION FUND (IEPF)

Pursuant to sections 124 and 125 of the Act read with the Investor
Education and Protection Fund Authority (Accounting, Audit,
Transfer and Refund) Rules, 2016 (“IEPF Rules”) there was no
dividend which is unclaimed/ unpaid for more than seven years,
hence the company is not required to transfer any amount to
Investor Education and Protection Fund.

40. DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Act, the Board of Directors, to the
best of its knowledge and ability, confirm that:

i) i n the preparation of annual accounts, the applicable accounting
standards have been followed and there are no material departures;

i i ) t hey 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 the affairs of the Company at the end of financial year and
of the profit of the Company for that year;

iii) they have taken proper and sufficient care 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;

iv) they have prepared the annual accounts on a going concern basis;

v) they have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and
were operating effectively;

vi) they have devised proper systems to ensure compliance with the
provisions of all applicable laws and such systems are adequate
and are operating effectively.

41. COMPLIANCES OF APPLICABLE SECRETARIAL
STANDARDS

The Company has complied with the applicable Secretarial
Standards, i.e. SS-1 and SS-2 issued by the Institute of Company
Secretaries of India.

42. ACKNOWLEDGEMENT

Your Board is grateful for the continuous patronage of our valued
customers and remains committed to serving their needs by
delivering more style and comfort at every step. Our Board
acknowledges and appreciates the relentless efforts by employees,
workmen and staff including the Management headed by the
Executive Directors who have all worked together as a team in
achieving a commendable business performance year on year.

Your Board wishes to place on record their appreciation for the
co-operation and support received from the Banks, Government
Authorities, Customers, Suppliers, BSE, NSE, CDSL, NSDL, Business
Associates, Shareholders, Auditors, Financial Institutions and other
individuals/ bodies for their continued co-operation and support.

Your Board wishes to place on record its deep appreciation of
the Independent Directors and the Non-Executive Directors of the
Company for their great contribution by way of strategic guidance,
sharing of knowledge, experience and wisdom, which helps your
Company to take the right decisions in achieving its business goals
and to maintain its position as one of the leading players in the
Ramming Mass industry, in India and around the world.

By the Order of Board of Directors
For Raghav Productivity Enhancers Limited

Sd/-

Sanjay Kabra

Date: June 01, 2026 (Chairman & Whole-Time Director)

Place: Jaipur DIN: 02552178