Your Board of Directors (‘Board' or ‘Directors') are pleased to present their Twenty Sixth Board's Report (‘this Report')
highlighting the business and operations of All Time Plastics Limited together with the Audited Standalone and
Consolidated Financial Statements of your Company for the financial year ended March 31, 2026.

This is the first Annual Report of the Company after its listing on the Stock Exchanges on August 14, 2025.

1. Listing of Equity Shares:

During the year under review, the Company successfully completed its Initial Public
Offering (IPO) for 1,45,70,760 Equity Shares comprising a Fresh Issue of 1,01,85,198 Equity
Shares and an offer for Sale of 43,85,562 Equity Shares and total 6,55,07,778 Equity Shares of
the Company were listed on BSE Limited and National Stock Exchange of India on August
14, 2025.

The Company has complied with all applicable requirements of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“SEBI LODR Regulations”) since the date of listing.

2. Financial Performance:

Below is a condensed overview of the financial performance of your Company for the financial year ended
March 31, 2026 and March 31, 2025:

3. Operations and Business Overview:

During the year under review, being the Company's
first year as a listed entity, your Company delivered
stable operational performance supported by
sustained demand in its key business segments.

Standalone: During the year under review, the
Revenue from operations of your Company was

H 61,042.47 Lakhs as compared to H 55,816.73 Lakhs
in the previous year. The net profit for the year
stood at H 3,559.78 Lakhs against H 4,729.79 Lakhs in
the previous year.

Consolidated: During the year under review, the
Revenue from operations of your Company was
H 61,052.88 Lakhs as compared to H 55,816.73 Lakhs

in the previous year. The net profit for the year
stood at H 3,539.52 Lakhs against H 4,729.34 Lakhs in
the previous year.

Your Company's performance has been discussed
in detail in the ‘Management Discussion and
Analysis Report'.

4. Dividend and Dividend Distribution
Policy:

Your Board does not recommend any Dividend on
the Equity Shares of the Company for Financial Year
ended March 31, 2026 considering that the company
is in a growth stage and require funds to support its
growth objectives.

The Dividend Distribution Policy is available
on the website of the Company athttps://
dhxsmo2hh5phd.cloudfront.net/media/9XvsXo 5-
DividendDistributionPolicv.pdf

5. Transfer to Reserves:

Your Board of Directors has not proposed to
transfer any amount to any reserves during the
financial year 2025-26.

6. IPO and Pre-IPO Proceeds - Utilization:

As per Regulation 32 of SEBI LODR Regulations, a
statement of utilization of IPO proceeds is as follows
as on March 31, 2026:

IPO Proceeds:

Total funds raised: Fresh Issuance of Rs 2,800.00
million (Gross proceeds from the Fresh issue:
2,800.00 million and Issue Expenses of Rs. 228.91)

Funds utilised year-to-date: Rs. 1,896.01 million

Unutilised funds and their placement:
Rs. 903.99 million

Comments by Audit Committee and statutory
auditors (if applicable): None

Deviation, if any, and explanation (include in
Statement of Deviation Report): None

Pre- IPO Proceeds:

Total funds raised: Fresh issuance of Rs 700 million

Funds utilised year-to-date: Rs. 684.48 million

Unutilised funds and their placement: Rs. 15.52 million

Comments by Audit Committee and statutory
auditors (if applicable): None

Deviation, if any, and explanation (include in
Statement of Deviation Report): None

The Company has submitted quarterly Statement of
Deviation(s) or Variation(s) to the Stock Exchanges
and the Audit Committee has reviewed the same.

7. Share Capital:

During the year under review, the Company had
successfully completed its Initial Public Offering
(IPO) for 1,45,70,760 Equity Shares comprising a fresh
issue of 1,01,85,198 equity shares and an offer for
sale of 43,85,562 equity shares and total 6,55,07,778
Shares were listed. The equity shares issued
through the IPO were listed on BSE Limited and
National Stock Exchange of India on August 14, 2025,
and the Company has complied with all applicable
post-listing requirements.

During the year under review, the Company had
allotted 28,22,580 Equity Shares of face value of H
2/- each at a premium of H 246/- per equity shares
by way of preferential offer on private basis to
Abakkus Four2Eight Opportunities Fund, Alternate
Investment Funds.

As on March 31, 2026, the Authorized Share Capital
of the Company was H 20,00,00,000 divided into
10,00,00,000 equity shares of H2/- each.

The Issued, subscribed and paid up share capital of
the Company as on March 31, 2026 was H 13,10,15,556
divided into 6,55,07,778 equity shares of H2/- each.

8. Management Discussion and Analysis
(MD&A):

In terms of SEBI Listing Regulations, the Management
Discussion and Analysis Report is appended to
this Annual Report.

9. Corporate Governance Report:

The Company is committed to maintain the highest
standards of Corporate Governance and adhere
to the Corporate Governance requirement set
out by the SEBI. The Company has complied with
the requirements of Corporate Governance as
stipulated under the Listing Regulations, 2015 and
accordingly, the Report on Corporate Governance
forms part of this Annual Report. A certificate from
the Statutory Auditors confirming compliance with
the conditions of corporate governance is annexed
to the said report.

10. Business Responsibility & Sustainability
Report (BRSR):

Pursuant to Regulation 34(2)(f) of the SEBI (Listing
Obligations and Disclosure Requirements)
Regulations, 2015, the requirement to submit a
Business Responsibility and Sustainability Report

(BRSR) is applicable to the top 1,000 listed entities
based on market capitalization as at the end of the
previous financial year. Since the Company does
not fall within the top 1,000 listed entities during the
financial year under review, the provisions relating
to BRSR are not applicable to the Company,
and accordingly, the BRSR is not forming part of
this Annual Report.

U. Board of Directors and Key Managerial
Personnel:

During the year under review, Mr. Nilesh Punamchand
Shah (DIN: 00281407) retires by rotation and being
eligible, offers himself for re-appointment. A
resolution seeking Shareholders' approval for his
re-appointment along with other required details
forms part of the Notice.

The Company has received declaration from all
Independent Directors of the Company confirming
that they meet with the criteria of independence
as laid down under Section 149(6) of the Companies
Act, 2013 as well as Regulation 16(1)(b) of the Listing
Regulations, 2015.

Pursuant to the provisions of Section 203 of the Act,
the Key Managerial Personnel of the Company as
on the date of this Report are:

12 Performance Evaluation:

The Board of Directors has conducted its annual
evaluation, assessing the performance of the
Board, its Committees, and individual Directors
including Chairman in accordance with the
applicable provisions of the Companies Act and
the corporate governance requirements outlined in
the Listing Regulations, 2015.

The performance evaluation of Independent
Directors was conducted by the entire Board. As
part of this process, a dedicated meeting of the
Independent Directors for the FY 2025-26, chaired
by Mr. Shrinivas Joshi, was held on March 30, 2026.

During this meeting, the Independent Directors
reviewed the performance of Non-Independent

Directors, the Board as a whole, and the Chairman
based on key parameters of effectiveness.
Additionally, they assessed the quality, quantity,
and timeliness of information flow between
Management and the Board, ensuring transparency
and efficiency in governance practices.

13. Directors' Responsibility Statement:

Pursuant to Section 134(3) and 134(5) of the
Companies Act, 2013, the Directors, to the best of
knowledge, confirm that:

i. in the preparation of annual accounts for the
year ended March 31, 2026, the applicable
Accounting Standards have been followed
and no material departures had been
made from the same;

ii. they have selected such accounting policies
and applied them consistently, and made
judgments and estimates that were reasonable
and prudent so as to give a true and fair view of
a state of affairs of the Company as at March
31, 2026, and of the profit of the Company for
the said Financial Year;

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

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; and

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

14. Internal Financial Controls:

The Board is of opinion that the Company's Internal
Financial Controls are commensurate with the
nature of its business and the size and complexity
of its operations and were effective during the
Financial Year 2025-26. These are routinely tested
by Statutory as well as Internal Auditors and cover
all the key business areas. The Audit Committee
reviews the adequacy and effectiveness of internal
control systems and monitors the implementation
of audit recommendations, including those relating
to strengthening the same. The Audit Committee
and Statutory Auditors are appraised of the internal
audit findings and corrective actions taken. The

Statutory Auditors of the Company have reported
on adequacy of internal control in their Report.
The Board of Directors confirm compliance with
the Secretarial Standards issued by the Institute of
Company Secretaries of India.

15. Subsidiary Companies:

During the year under review, the Company
incorporated one wholly owned subsidiary in India,
namely All Time Bamboo Private Limited, on July 05,
2025 during the financial year 2025-26. Additionally,
the Company already had an overseas subsidiary,
All Time Plastics Pte Limited, incorporated in
Singapore during the financial year 2024-25.
Consequently, as on March 31, 2026, the Company
has two subsidiaries, one in India and one outside
India. The performance and financial highlights of
these subsidiaries form part of the Consolidated
Financial Statements, and the statement containing
the salient features of the financial statements of
subsidiaries in Form AOC-1 is annexed to this Report
as Annexure - I.

16. Board and Committee:

During the year, the Board met 8 (Eight) times, as
detailed in the Corporate Governance Report. The
intervening gap between the meetings was within
the period prescribed under the Act and the SEBI
Listing Regulations and relevant relaxation granted
from time to time.

During the year under review, the Board has
accepted the recommendation of the Audit
Committee. Details of all the Committees of the Board
are given in the Corporate Governance Report.

17. Credit Ratings

During the financial year 2025-26, the Company's
credit rating on the Bank Loan facilities was
Crisil A-/Positive.

Thereafter, on March 16, 2026, CRISIL Ratings Limited,
further upgraded the credit rating on the Bank Loan
facilities of the Company from ‘Crisil A-/Positive' to
‘Crisil A/Stable'.

The credit ratings information is available on the
Company's Website and can be accessed at
https://www.alltimeplastics.com/investors

18. Material Changes and Commitments:

There have been no material changes and
commitments affecting the financial position of the
Company between the end of the financial year
and the date of this Report except as disclosed
elsewhere in this Annual Report.

19. Particulars of loans, guarantees or
investments under section 186:

Particulars of loans given, investments made,
guarantees given and securities are provided in
the notes to Standalone Financial Statements
of the Company.

20. Related Party Transactions:

All Related Party Transactions that were entered into
during the Financial Year under review were on an
arm's length basis, in the ordinary course of business.
A statement of all Related Party Transactions is
placed before the Audit Committee for its review
on a quarterly basis, specifying nature, value, terms
and conditions of the transactions. The details of
the transactions with Related Parties are provided
in the accompanying Financial Statements. There
were no material transaction of the Company with
any of its related parties, hence the disclosure
under section 134(3) (h) of the Act in AOC-2 is not
applicable. The Company has adopted a Policy
on materiality of Related Party Transactions and
dealing with the same, as approved by the Board of
Directors. It is uploaded on the Company's website
at:https://dhxsmo2hh5phd.cloudfront.net/media/
RsZbk1 12-PolicvonRelatedPartvTransactions.pdf

21. Public Deposits:

Your Company has not accepted any deposits
from public and as such, no amount on account of
principal or interest was outstanding as on the date
of the Balance Sheet.

22. Risk Management Policy:

The Company in accordance with the provisions
of the Act has adopted a Risk Management Policy.
The Company has identified the risks impacting
the business and formulated policies for mitigation
of risks. The Company has voluntarily constituted
a risk management committee. The details of the
Committee and its terms of reference are set out
in the Corporate Governance Report forming part
of this report.

For the key business risks identified by the Company,
please refer to the Management Discussion and
Analysis annexed to this Report.

23. Corporate Social Responsibility (CSR):

The Board has constituted a Corporate Social
Responsibility Committee, headed by Mr. Kailesh
Punamchand Shah as Chairman, as detailed in
the Corporate Governance Report forming part
of the Annual Report. The CSR Policy adopted in
compliance with the provisions of Section 135 of the

Companies Act, 2013 is uploaded on the Company's
website athttps://dhxsmo2hh5phd.cloudfront.net/
media/voncNm 4-PolicyonCSR.pdf.

During the year, the programmes / initiatives /
projects are taken up in line with the schedule
VII of the Companies Act, 2013, which are duly
incorporated in CSR Policy and forms the guiding
principle for all our initiatives.

The annual report on CSR activities is annexed to
this report as Annexure - II.

24. Vigil Mechanism & Whistle Blower Policy:

The Vigil Mechanism of the Company which
also incorporates a whistle blower policy in the
terms of SEBI (Listing Obligations and Disclosure
Requirements), 2015 deals with instances of fraud
and mismanagement, if any. Adequate safeguards
have been provided against victimisation of
persons who use the vigil mechanism. The Policy
on vigil mechanism and whistle blower policy may
be accessed on the Company's website at:https://
dhxsmo2hh5phd.cloudfront.net/media/pxXUK0 15-
WhistleBlowerPolicv.pdf.

25. Measures for prevention of sexual
harassment at work place:

The Company is committed to provide safe
working environment free from discrimination and
harassment for all its employees and associates.
The Company has a Policy of Prevention of
Sexual Harassment in accordance with the
provisions of Sexual Harassment of Women at the
Workplace (Prevention, Prohibition & Redressal) Act,
2013 (‘POSH Act').

Internal Complaints Committee (‘ICC') has been
established to redress the Complaints regarding
sexual harassment. All employees (permanent,
contractual, temporary and trainees) are covered
under this policy. ICC has its presence at corporate
offices as well as at site locations of the Company.

The Company has in place an effective mechanism
for dealing with complaints relating to sexual
harassment at workplace. The details relating to
number of complaints received and disposed off
during the financial year 2025-26 are as under:

26. Disclosures under the Maternity Benefit
Act, 1961:

The Company is committed to ensuring a safe,
inclusive, and supportive workplace for women
employees. The Company has complied with
the provisions of The Maternity Benefit Act,
1961, including amendments and rules framed
thereunder, to the extent applicable.

27. Annual Return:

Pursuant to Section 92(3) read with section 134(3)(a)
of the Companies Act, 2013, copies of the Annual
Returns of the Company prepared in accordance
with Section 92(1) of the Act read with Rule 11 of the
Companies (Management and Administration)
Rules, 2014 may be accessed on the Company's
website at:https://dhxsmo2hh5phd.cloudfront.net/
media/GUqmUW Annual-Return-2025-26.pdf

28. Change in Nature of Business:

There is no change in the nature of business of your
Company during the year under review.

29. Conservation of Energy, Technology
Absorption and Foreign Exchange
Earnings and Outgo:

The information on conservation of energy,
technology absorption and foreign exchange
earnings and outgo as stipulated under Section
134(3)(m) of the Act read with Rule 8 of the Companies
(Accounts) Rules, 2014 is annexed as Annexure - III.

30. Particulars of Employees and related
disclosures:

The information required under Section 197(12) of
the Companies Act, 2013 read with Rules 5(1) of
the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 is attached
as Annexure - IV.

Details of employee remuneration as required under
provisions of Section 197 of the Act, and Rule 5(2) &5(3)
of Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, forms part of
this report. As per the provisions of Section 136 of
the Act, the reports and Financial Statements are
being sent to shareholders of the Company and
other stakeholders entitled thereto, excluding the
Statement containing Particulars of Employees. Any
shareholder interested in obtaining such details
may write to the Secretarial Department at the
registered office of the Company.

31. Auditors and their Report:

Statutory Auditors:

M/s. Walker Chandiok & Co LLP, Chartered
Accountants (FRN: 001076N/N500013), the Statutory
Auditor of the Company, were appointed for the
term of five (5) years in the Annual General Meeting
held on November 30, 2021 till the conclusion of the
26^th Annual General Meeting.

In accordance with the provisions of Sections
139, 141, 142 and other applicable provisions of the
Companies Act, 2013 read with the Companies
(Audit and Auditors) Rules, 2014, and based on
the recommendation of the Audit Committee, the
Board of Directors recommended the appointment
of M/s. Walker Chandiok & Co LLP, Chartered
Accountants (Firm Registration No. 001076N/
N500013), as the Statutory Auditors of the Company
for a second term of five (5) consecutive years,
commencing from the conclusion of the 26^th Annual
General Meeting till the conclusion of the 31^st
Annual General Meeting, subject to the approval
of the Members.

The Company has received their written consent
to act as Statutory Auditors and a certificate
confirming that their appointment, if approved,
would be in accordance with the provisions of
Sections 139 and 141 of the Companies Act, 2013 and
that they are not disqualified from being appointed
as Statutory Auditors of the Company.

The notes on the financial statements referred
to in the Auditors' Report are self-explanatory
and do not call for any further comments. There
is no audit qualification, reservation or adverse
remark in their Report for the year under review.
During the year, the Statutory Auditors have not
reported any instances of fraud committed against
the Company by its officers or employees under
Section 143(12) of the Act, the details of which would
need to be mentioned under Section 134(3) (ca) of
the Companies Act, 2013.

Secretarial Auditors:

Pursuant to the provisions of Section 204(1) of the
Companies Act, 2013 and Rule 9 of the Companies
(Appointment and Remuneration of Personnel)
Rules, 2014 and other applicable provisions, if any
of the Companies Act, 2013, and Regulation 24A
of the Securities and Exchange Board of India
(Listing Obligations And Disclosure Requirements)
Regulations, 2015 read with circulars issued
thereunder to the extent applicable, other
applicable regulations framed by the Securities and
Exchange Board of India in this regard, and subject
to approval of shareholders in AGM, the Board
of Directors has appointed M/s. Vinesh K Shah &
Associates (Practicing Company Secretaries), Peer
Review No: 1981/2022 as Secretarial Auditors of the

Company for a period of five consecutive years
commencing from FY 2025-26 till FY 2029-2030.

The Secretarial Audit Report in Form MR-3 for the
said financial year is annexed to this Report as
Annexure - V. The Secretarial Audit Report does
not contain any qualification, reservation, adverse
remark or disclaimer.

Internal Auditors:

Aneja Assurance Private Limited, were appointed
as Internal Auditors of the Company to audit
the adequacy and effectiveness of the internal
controls laid down by the management
and to suggest improvements. During the
year, no material weakness in our operating
effectiveness was observed.

The Board based on the recommendation of the
Audit Committee has appointed Aneja Assurance
Private Limited, as Internal Auditors, to undertake
audit of the Internal Control Systems of the
Company for the financial year 2025-26.

During the financial year 2025-26, the Internal
Audit Report does not contain any qualification,
reservation, adverse remark or disclaimer.

32. Compliance with the Institute of Company
Secretaries of India (“ICSI”) Secretarial
Standards:

The relevant Secretarial Standards issued by the
ICSI related to the Board Meetings and General
Meeting have been complied with by the Company.

33. No disclosure or reporting is required in
respect of the following items as there
was no transaction on these items during
the year under review.

a. Details relating to deposit and unclaimed
deposits or interest thereon.

b. Issue of equity shares with differential rights as
to dividend or voting.

c. Issue of shares (including sweat equity shares)
and Employee Stock Option Scheme of the
Company under any scheme.

d. None of the managerial personnel i.e.
Managing Director, Joint Managing Director
and Whole-time Director of the Company are
in receipt of remuneration / commission from
Subsidiary Companies of the Company.

e. No significant or material orders were passed
by the Regulators or Courts or Tribunals which
impact the going concern and Company's
operation in future.

f. Transfer of unclaimed/unpaid amount to the
Investor Education and Protection Fund.

g. Maintenance of Cost records under section 148
of the Companies Act, 2013.

34. IBC Code & One-time Settlement:

The Board of Directors confirms that there are no
proceedings pending against the Company under
the Insolvency and Bankruptcy Code, 2016 (IBC
Code). Furthermore, the Company has not engaged
in any one-time settlement with any bank or
financial institution during the financial year.

35. Acknowledgement:

Your Company continues to operate efficiently,
driven by a strong culture of professionalism,
creativity, integrity, and continuous improvement
across all functions and areas. This commitment,
combined with the efficient utilization of resources,
has enabled sustainable and profitable growth,
ensuring long-term value for stakeholders.

The Board of Directors expresses its sincere
appreciation for the invaluable assistance and

cooperation received from financial institutions,
banks, government authorities, customers, vendors,
and members during the year under review. Their
support has been instrumental in the Company's
continued growth and success.

The Board also wishes to place on record its deep
sense of appreciation for the dedicated and
committed services of the Company's executives,
staff, and workers, whose efforts have been pivotal
in driving operational excellence and achieving
strategic objectives.

Last but not the least, your Directors wish to place
on record their warm appreciation to you for your
continuous support and encouragement.

For and on behalf of the Board of Directors

Place: Mumbai Kailesh Shah

Date: May 22, 2026 Chairman and

Managing Director
DIN: 00268442