Your Directors have pleasure in presenting the Forty-first (41^st) Annual Report on the business and operations of your Company together with the Consolidated and Standalone Audited Financial Statements for the Financial Year ended March 31,2026.

FINANCIAL SUMMARY/STATE OF AFFAIRS:

The Company's financial performance for the year under review along with the previous year's figures is given hereunder:

(H in Crore)

The Company's consolidated gross turnover in the Financial Year 2025-26 increased significantly by 11.54% from H20,689.54 Crores to H23,079.00 Crores. The EBITDA on consolidated basis has increased by 47.76% from H1,295.04 Crores to H1,913.67 Crores for the year under review. The consolidated net profit of the Company has also increased by 58.91% from H757.06 Crores to H1203.08 Crores during the year under review.

OVERVIEW

The economy of India remained resilient during FY2025-26, supported by strong domestic demand, steady investment activity and policy stability. Real GDP growth was estimated at around 7.4% (as per the Economic Survey, February, 2026), positioning India among the fastest-growing major economies. Private consumption remained a key growth driver, while government-led infrastructure spending sustained momentum in capital formation. The manufacturing and services sectors showed robust performance, aided by improving capacity utilisation and digital adoption, while agricultural growth remained moderate due to uneven

weather conditions. Inflation stayed within the central bank's tolerance range, supported by stable food prices and calibrated monetary policy by the Reserve Bank of India. Overall, a stable macroeconomic environment and improving external position supported economic momentum.

In the next financial year, growth is expected to remain strong, supported by continued domestic demand and policy support. However, external risks such as geopolitical tensions and global trade uncertainties may pose challenges to sustained momentum.

BUSINESS PERFORMANCE

APL Apollo Tubes Ltd., India's leading producer of structural steel tubes, further strengthened its position in FY2025-26 by evolving into a more integrated and scalable building solutions provider. Despite macroeconomic uncertainties, the Company demonstrated resilience and agility, effectively navigating challenges while capitalising on strong domestic demand and infrastructure-led growth opportunities.

In FY2025-26, APL Apollo's structural steel tubes are primarily used in housing (67%), including homes, renovations and "Steel for Green" products like doorframes, fences, planks and handrails. Commercial buildings (19%) include offices, high-rises, hospitals, schools, hotels, malls and data centres, benefiting from recyclability and faster construction. Infrastructure (10%) covers railways, airports, hangars and NHAI foot overbridges. Industrial and Agriculture (4%) covers plumbing, firefighting and agricultural applications. The company holds a 60-70% share in supplying tubes to PreEngineered Building players for factories, warehouses and food parks. It is also growing in solar applications and plans speciality tubes for EVs, aerospace, petrochemicals, oil & gas and heavy engineering by 2030.

Driven by its sharp strategies, the Company strengthened its market leadership in FY26. Moreover, with a robust balance sheet and planned capacity expansion, it is well-positioned for sustained, high-quality compounding growth.

The Company's strategy focuses on premiumisation of its core brand while capturing the value segment through a dualbrand approach, enabling full market coverage. It is driving scalable growth through targeted capacity expansion and entry into new geographies. Simultaneously, it emphasises operational efficiency and capital discipline to sustain margins and high returns.

Operationally, APL Apollo Tubes delivered strong performance in FY2025-26, with sales volumes reaching 3.49 million tons for the whole year, supported by steady demand and improved market penetration, enabling effective participation across premium and value segments. Key facilities, including Raipur and Dubai, operated at high utilisation levels, enabling consistent output and supporting scalable, efficient growth.

The Company delivered strong financial performance during the year under review, supported by robust revenue growth, meaningful margin expansion and sustained capital efficiency. Revenue increased by 12% to H230.8 billion. Profitability improved significantly, with EBITDA rising 50% to H18.0 billion and net profit growing 59% to H12.0 billion. EBITDA per ton exceeded H5,000, driven by premiumisation, improved product mix and a higher share of value-added products. The Company maintained tight working capital discipline, achieving nearzero working capital and a net cash surplus of H15.3 billion. Return ratios remained strong, with ROCE at 37.3% and ROE at 25.3%, reflecting efficient capital deployment and a high-quality earnings profile.

The Company demonstrates strong ESG performance, ranking in the 91^st percentile of the 2025 Dow Jones Sustainability Indices. It has SBTi-validated net-zero goals by 2050 and targets a 25% reduction in Scope 1 and 2 emissions by 2030. The company reports sub-5% attrition, zero accidents, promotes workforce diversity and undertakes active CSR initiatives.

OPPORTUNITIES IN THE YEARS AHEAD

APL Apollo is well-positioned to benefit from a sustained infrastructure-led growth cycle in India, supported by continued government policy focus and rising private-sector investment. Increased budgetary allocations toward infrastructure are expected to accelerate execution across railways, roads, urban development and aviation, creating strong visibility into demand for steel-intensive construction. Government spending remains robust in critical sectors such as railways, airports and highways, where adoption of structural steel is increasing. Ongoing modernisation of railway stations, expansion of airport infrastructure under regional connectivity initiatives such as UDAN, and development of road infrastructure through agencies such as NHAI are expected to drive consistent demand for structural steel tubes.

Policy support is also strengthening industry stability. The imposition of a 12% safeguard duty on steel imports has reduced the influx of low-cost imports, stabilising raw material prices such as Hot Rolled Coils (HRC) and supporting consistent demand across the value chain. This creates a more predictable operating environment for domestic manufacturers.

In addition, government incentives promoting manufacturing and new industrial investments continue to enhance capital efficiency. Tax benefits for new facilities, such as those availed by the Company's Raipur plant, are expected to support a structurally lower tax rate as new capacities scale up.

Collectively, these macroeconomic and policy tailwinds, spanning infrastructure spending, import protection and manufacturing incentives, provide a strong multi-year growth runway, positioning APL Apollo to capitalise on rising steel intensity across sectors while sustaining profitability and returns.

DIVIDEND

The Board of Directors of the Company have recommended the payment of Final Dividend of H8.50/- (Rupees Eight and Paise Fifty only) per equity share of H2/- (Rupees Two only) each for the year ended March 31,2026, subject to approval of the Members at the ensuing Annual General Meeting ("AGM").

In terms of Regulation 43A of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), the Board of Directors formulated and adopted Dividend Distribution Policy. During the year, the Board of Directors of the Company, at its meeting held on 7 May, 2025, approved amendments to the Dividend Distribution Policy. The amendment was carried out to clarify that the dividend payout ratio shall be determined based on the consolidated profits of the Company.

The amended Dividend Distribution Policy is available on the website of the Company at https://media.aplapollo.com/files/ Dividend Distribution Policy.pdf

TRANSFER TO RESERVES

The Board of Directors of your Company, has decided not to transfer any amount to the Reserves for the year under review.

INTERNAL FINANCIAL CONTROL

The Company has in place adequate internal financial controls as referred in Section 134(5)(e) of the Companies Act, 2013 ("the Act"). For the year ended March 31, 2026, the Board is of the opinion that the Company had sound Internal Financial Controls commensurate with the size and nature of its operations and which were operating effectively, and that no reportable material weakness was observed in the system during the year.

Based on annual Internal Audit program as approved by Audit Committee of the Board, regular internal audits are conducted covering all offices, factories and key areas of the business. The findings of the internal auditors are placed before Audit Committee, which reviews and discusses the actions taken with the management. The Audit Committee also reviews the effectiveness of Company's internal controls and regularly monitors implementation of audit recommendations.

There are existing internal policies and procedures for ensuring the orderly and efficient conduct of business, including adherence to the Company's policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records and timely preparation of reliable financial disclosures.

ANNUAL RETURN

In accordance with the provisions of Section 134(3)(a) of the Act, the Annual Return, as required under Section 92 of the Act for the Financial Year 2025-26, is available on the Company's website at https://aplapollo.com/investors/financial-performance#Annual-Returns.

REPORT ON PERFORMANCE AND FINANCIAL POSITION OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANY

A separate statement presenting the salient features of the financial statements of the subsidiaries and associates, in the prescribed Form AOC-1, is annexed to the Financial Statements.

In accordance with the provisions of Section 136 of the Act, the audited financial statements and related information of the subsidiaries, where applicable, will be available for inspection during regular business hours at the Company's registered office and the same are also available at our website i.e. https:// aplapollo.com/investors/financial-performance#Subsidiaries.

Key updates on subsidiaries of the Company

APL Apollo Building Products Limited (formerly known as APL Apollo Building Products Private Limited) was converted from private limited to public limited company. The Registrar of Companies, NCT of Delhi and Haryana, issued fresh Certificate of Incorporation upon conversion on April 4, 2025.

Subsequent to year end, the Board of Directors in its meeting held on May 2, 2026, took note of and considered the initiation of voluntary liquidation of APL Apollo Mart Limited ("AAML"), a wholly owned subsidiary of the Company, in accordance with the applicable provisions of the Insolvency and Bankruptcy Code, 2016 read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, as amended from time to time.

Further, the Board in same meeting also granted in-principle approval for divestment of the Company's shareholding in Blue Ocean Projects Private Limited ("BOPPL"), a wholly owned subsidiary engaged in holding real estate assets, with the objective of unlocking capital and redeploying the same into the core manufacturing business of the Company. The proposed divestment shall be undertaken based on an independent valuation exercise and the final proposal, including valuation, buyer details and transaction structure, shall be placed before the Board for its consideration and approval in due course.

DEPOSITS

Your Company neither accepted and/or was not having any outstanding public deposits within the meaning of Section 73 of the Act read with Companies (Acceptance of Deposits) Rules, 2014, during the year under review.

SHARE CAPITAL

As on March 31, 2026, the authorized capital of the Company stood at H97,00,00,000/- (Rupees Ninety-Seven Crore only) divided into 48,50,00,000 (Forty-Eight Crore Fifty Lakhs only) equity shares of H2/- (Rupees Two only) each. There was no change in the Authorised Share Capital during the year under review.

During the Financial Year under review, the Company allotted 1,33,841 equity shares of H2 each, to the eligible employee(s) of the Company, who have exercised their rights, under 'APL Apollo Tubes Limited Stock Appreciation Rights Scheme -2019.

Pursuant to above said allotment(s) of equity shares, the paid up capital of the Company stands increased from H55,50,49,128 (Rupees Fifty-Five Crore Fifty Lakhs Forty-Nine Thousand One Hundred & Twenty-Eight only) to H55,53,16,810 (Rupees Fifty-Five Crore Fifty-Three Lakhs Sixteen Thousand & Eight Hundred Ten only).

The Company has neither issued shares with differential voting rights nor has issued any sweat equity shares.

DIRECTORS AND KEY MANAGERIAL PERSONNEL Appointments/Re-appointments of Directors during the year under review

Based upon the recommendation of the Nomination and Remuneration Committee and the Board of Directors, the

Members of the Company, vide their resolution passed at the AGM held on September 15, 2025, approved the following appointments:

i. Shri C. K. Singh (DIN: 11108837) as Whole-time Director of the Company, liable to retire by rotation, for a period of five years w.e.f. July 24, 2025,

ii. Shri Dukhabandhu Rath (DIN: 08965826) as NonExecutive Independent Director of the Company for a term of three years, w.e.f. July 24, 2025; and

iii. Shri Rakesh Sharma (DIN: 06695734) as Non-Executive Independent Director of the Company for a term of three years, w.e.f. July 24, 2025.

Completion of tenures and cessation of directorships

During the year under review, Ms. Neeru Abrol (DIN: 01279485) completed her second consecutive term as an Independent Director on the Board and, accordingly, ceased to hold office with effect from the close of business hours on September 15, 2025.

The Board places on record deep appreciation for her valuable advice and exceptional guidance.

Retirement by Rotation and Appointment of Directors

In accordance with the provisions of Section 152 of the Act and in terms of Articles of Association of the Company, Shri Ashok Kumar Gupta (DIN: 01722395) and Shri Rahul Gupta (DIN: 07151792) will retire at the ensuing AGM and being eligible, offer themselves for re-appointment.

Based on the recommendation of the Nomination and Remuneration Committee, the Board at its meeting held on May 2, 2026, has recommended the re-appointment of the following Directors, to the shareholders of the Company.

• Mrs. Asha Anil Agarwal (DIN: 09722160) as Non-Executive Independent Director of the Company for a second term of five years with effect from October 30, 2026.

• Shri Upendra Kamath H S (DIN:02648119) as Non-Executive Independent Director of the Company for a second term of five years with effect from October 30, 2026.

• Shri Rajeev Anand (DIN: 02519876) as Non-Executive Independent Director of the Company for a second term of five years with effect from May 11,2027.

• Shri Dinesh Kumar Mittal (DIN: 00040000) as NonExecutive Independent Director of the Company for a second term of five years with effect from May 11,2027.

The said persons are eligible for re-appointment in the respective capacity and the Company has received their consent(s) and requisite disclosure(s), etc. All the details required to be disclosed in connection with the appointment/ re-appointment of Directors as above, are appearing in the Notice of AGM.

Key Managerial Personnel

In terms of Section 203 of the Companies Act, 2013, the Key Managerial Personnel of the Company as on March 31, 2026 are as follows:

• Shri Sanjay Gupta, Chairman & Managing Director

• Shri Deepak Kumar, Whole Time Director

• Shri C. K. Singh, Whole Time Director

• Shri Chetan Khandelwal, Chief Financial Officer

• Shri Vipul Jain, Company Secretary

Declaration w.r.t. Independent Directors

Further, in pursuance of Rule 6 of the Companies (Appointment and Qualifications of Directors) Rules, 2014, all Independent Directors of the Company have duly confirmed validity of their respective registration with the Indian Institute of Corporate Affairs (IICA) database.

The Company has received declaration from all Independent Directors confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Act and Regulation 16(1)(b) of SEBI Listing Regulations. In the opinion of the Board, the Independent Directors of the Company possess the requisite expertise skill and experience (including the proficiency) and are persons of high integrity and repute as well as are independent of the management.

PARTICULARS OF REMUNERATION

The statement of remuneration under Section 197 of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is attached to this report as 'Annexure A'.

Further, as per second proviso to Section 136(1) of the Act read with Rule 5 of the aforesaid Rules, the Board's Report and Financial Statements are being sent to the Members of the Company excluding the statement of particulars of employees as required under Rule 5(2) of the aforesaid Rules.

Any member interested in obtaining such particulars may write to the Company Secretary. The said information is available for inspection at the registered office of the Company during working days of the Company up to the date of the ensuing annual general meeting.

AUDITORS AND AUDITORS' REPORTA. Statutory Auditors

Pursuant to the provisions of Section 139 of the Act and the Companies (Audit and Auditors) Rules, 2014, and based on the recommendation of the Audit Committee and Board of Directors, the Members of the Company at the 40^th AGM held on September 15, 2025 appointed M/s. Walker Chandiok & Co LLP, Chartered Accountants

(FRN: 001076N/N500013), as the Statutory Auditors of the Company for a term of up to 5 (five) consecutive years, to hold office from the conclusion of 40^th AGM till the conclusion of 45^th AGM of the Company to be held in the Year 2030.

The Statutory Auditors' Report, on the Standalone and Consolidated Financial Statements for the Financial Year 2025-26, issued by M/s. Walker Chandiok & Co LLP, Chartered Accountants (FRN: 001076N/N500013) does not contain any qualification, reservation or adverse remark and forms part of the Annual Report. The Statutory Auditors have not reported any fraud under Section 143(12) of the Act.

B. Cost Auditors

The Company has maintained the cost records as prescribed by the Central Government under Section 148(1) of the Act.

In terms of Section 148 of the Act, the Company is required to get the audit of its cost records conducted by a Cost Accountant. In this connection, the Board of Directors of the Company at its meeting held on May 7, 2025, on the recommendation of the Audit Committee, approved the appointment of M/s Sanjay Gupta & Associates, Cost Accountants, New Delhi, (ICWAI Registration No. 000212) as the cost auditors of the Company for the Financial Year ending March 31,2026.

The Cost Audit Report of the Company for the Financial Year ended March 31,2026 will be filed with the Registrar of Companies, after its noting by the Board. The Company has maintained accounts and records as specified under subsection (1) of 148 of the Act. Further, the Cost Auditors have not reported any fraud under Section 143(12) of the Act.

Based on the recommendation of the Audit Committee, the Board had appointed M/s. Sanjay Gupta & Associates, Cost Accountants, New Delhi (ICWAI Regn. No.: 000212), as the Cost Auditors to conduct the cost audit of the Company for FY 2026-27, subject to ratification of their remuneration by the members of the Company.

C. Secretarial Auditors

Pursuant to amended provisions of Regulation 24A of the SEBI Listing Regulations and Section 204 of the Act read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Members of the Company at the 40^th AGM held on September 15, 2025 appointed M/s. Parikh & Associates, Peer Reviewed Firm of Company Secretaries in Practice (FRN: P1988MH009800) as Secretarial Auditors of the Company for a term of up to 5 (five) consecutive years, to hold office from the conclusion of 40^th AGM till the conclusion of 45^th AGM of the Company to be held in the Year 2030.

The Secretarial Audit Report for the Financial Year 202526 does not contain any qualification, reservation or adverse remark and is attached to this report as 'Annexure B'. Further, the Secretarial Auditors have not reported any fraud under Section 143(12) of the Act.

RELATED PARTY TRANSACTIONS

During the Financial Year ended March 31, 2026, all the contracts or arrangements or transactions entered into by the Company with the related parties were in the ordinary course of business and on 'arm's length' basis and were in compliance with the applicable provisions of the Act read with Regulation 23 of SEBI Listing Regulations.

Further, the Company has not entered into any contract or arrangement or transaction with the related parties which were not on 'arm's length' basis or could be considered material in accordance with the policy of the Company on materiality of related party transactions. In view of the above, it is not required to provide the specific disclosure of related party transaction in Form AOC-2.

Your Directors draw attention of the Members to Note No. 41 to the Standalone Financial Statement which sets out related party disclosures.

EMPLOYEES STOCK OPTIONS

During the year under review, the Board of Directors of the Company approved the termination of the earlier APL Apollo Employee Stock Option Scheme - 2015.

In order to attract and retain talent, create a sense of ownership among the eligible employees and to align their medium and long-term compensation with the Company's performance, the Company has a share based employee benefit Schemes i.e. APL Apollo Tubes Limited Stock Appreciation Rights Scheme - 2019 ("SAR-2019") which complies with the requirements of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, as amended from time to time. The Nomination and Remuneration Committee is authorised to administer the SAR - 2019 and is entitled to determine the terms of the SARs at the time of their grant.

During the year under review, the Company has not granted SAR Units under the SAR-2019. The details of the SAR-2019 as per the requirement specified under Regulation 14 of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, are available on the website of the Company at www.aplapollo.com. There is no material change in the said Scheme(s) during the year.

Subsequent to the year end, the Company, on April 1, 2026, has approved the grant of 30,00,000 Stock Appreciation Rights ("SAR") Units to eligible employees under the APL Apollo Tubes Limited Stock Appreciation Rights Scheme, 2019 ("the Scheme").

The details of the SAR-2019, also forms part of the Notes to Accounts of the Financial Statements in this Annual Report. The Secretarial Auditor's certificate on the implementation of share-based schemes in accordance with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, will be placed at the Annual General Meeting for inspection by the Members.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to provisions of sub-section 3(c) and sub-section 5 of Section 134 of the Act, your Directors to the best of their knowledge hereby state and confirm that:

a. In the preparation of the annual accounts for the year ended March 31, 2026, the applicable accounting standards have been followed along with proper explanations relating to material departures.

b. Such accounting policies have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent to give a true and fair view of the Company's state of affairs as at March 31, 2026 and of the Company's profit for the year ended on that date.

c. Proper and sufficient care has been taken for the maintenance of adequate accounting records, in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d. The annual financial statements have been prepared on a going concern basis.

e. The internal financial controls are laid down to be followed that and such internal financial controls are adequate and are operating effectively.

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

CORPORATE SOCIAL RESPONSIBILITY (CSR)

In line with the provisions of Section 135 read with Schedule VII to the Act, and Companies (Corporate Social Responsibility Policy) Rules, 2014, the Company has framed its Corporate Social Responsibility (CSR) policy for development of programme and projects for the benefit of weaker sections of the society and the same has been approved by Corporate Social Responsibility Committee (CSR Committee) and the Board of Directors of the Company. The Corporate Social Responsibility (CSR) policy of the Company provides a road map for its CSR activities.

During the year under review, the Company has made contribution of H11.32 Crores for various CSR purposes in compliance to the provisions of the Act relating to Corporate Social Responsibility and has transferred H9.41 Crores to the unspent CSR account of the Company on April 29, 2026 pertaining to ongoing projects.

The Annual Report on CSR activities for the Financial Year 2025-26 containing salient features of CSR Policy and other relevant details is annexed herewith as 'Annexure C'. The CSR Policy has been uploaded on the Company's website and may be accessed at the link: https://aplapollo.com/wp-content/ uploads/CSR POLICY APL.pdf

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186

In terms of Section 186 of the Act and Rules framed thereunder, details of Loans, Guarantees given and Investments made have been disclosed in the Notes to the financial statements for the Financial Year ended March 31,2026.

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

Information pertaining to conservation of energy, technology absorption, foreign exchange earnings and outgo as required under Section 134 (3)(m) of the Act read with the Rule 8 (3) of the Companies (Accounts) Rules, 2014, is furnished as 'Annexure D', forming part of this Report.

MANAGEMENT DISCUSSION AND ANALYSIS

In terms of Regulation 34 of the SEBI Listing regulations, Management's Discussion and analysis report for the year under review, is presented in a separate section, forming an integral part of this annual report.

CORPORATE GOVERNANCE

Your Company reaffirms its commitment to the highest standards of corporate governance practices. Pursuant to Regulation 34 read with schedule V of SEBI Listing Regulations, the Corporate Governance Report and practicing company secretaries Certificate regarding compliance of conditions of Corporate Governance are annexed to this report 'Annexure E'.

The Corporate Governance Report which forms part of this report, also covers the following:

a) Particulars of the Board Meetings held during the Financial Year under review.

b) Policy on Nomination and Remuneration of Directors, Key Managerial Personnel and Senior Management including, inter alia, the criteria for performance evaluation of Directors.

c) The manner in which formal annual evaluation has been made by the Board of its own performance and that of its Committees and individual Directors.

d) The details with respect to composition of Audit Committee and establishment of Vigil Mechanism.

e) Details regarding Risk Management.

f) Secretarial Audit Report(s) of Material Subsidiaries of the Company

COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND ANNUAL GENERAL MEETINGS

During the period under review, the Company has duly complied with the applicable provisions of the Secretarial Standards issued by the Institute of Company Secretaries of India.

DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has complied with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and has in place a Policy on Prevention of Sexual Harassment at the Workplace in line with the provisions of the said Act and an Internal Complaints Committee has also been set up to redress complaints received regarding Sexual Harassment. Details of Sexual Harassment Complaints for the Financial Year 2025-26.

COMPLIANCE WITH THE MATERNITY BENEFIT ACT, 1961

The Company complies with all provisions of the Maternity Benefit Act, 1961, and ensures that eligible female employees receive the maternity benefits, including paid leave, as per the statutory requirements.

OTHER DISCLOSURES AND REPORTING

Your Directors state that no disclosure or reporting is required with respect to the following items as there were no transactions / instances on these items during the year under review:

1. Change in the nature of business of the Company.

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

3. Any remuneration or commission received by Managing Director of the Company, from any of its subsidiary.

4. Issue of shares (including sweat equity shares) to employees of the Company under any scheme save and except under SAR-2019 referred to in this report.

5. Significant or material orders passed by the regulators or courts or tribunal which impacts the going concern status and Company's operations in future.

6. Material changes affecting the financial position of the Company which have occurred between the end of the Financial Year of the Company and the date of the Report, except as disclosed elsewhere in this Report.

7. The details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 during the year along with their status as at the end of the Financial Year.

8. The details of difference between amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof

APPRECIATION

Yours Directors take this opportunity to express their appreciation for the co-operation received from the customers, vendors, bankers, stock exchanges, depositories, auditors, legal advisors, consultants, stakeholders, business associates, Government of India, State Governments, Regulators and local bodies during the period under review. The Directors also wish to place on record their appreciation of the devoted and dedicated services rendered by the employees of the Company.