Your Directors have pleasure in presenting their Report along with the Audited Accounts (Standalone as well as Consolidated) of
your Company for the year ended March 31,2026.

FINANCIAL SUMMARY

PERFORMANCE AND OPERATION REVIEW
Standalone Financial Results

In FY 2025-26, your Company achieved revenue of R 231.56
crores as compared to R 399.84 crores in FY 2024-25. Loss
before tax stood at R (59.25) crores in FY 2025-26 as against
loss before tax R (30.83) crores in FY 2024-25. Loss after
tax for the year remain at R (38.40) crores in FY 2025-26 as
compared to loss after tax of R (9.87) crores in FY 2024-25.

Earnings per share for the FY 2025-26 remains at R (2.45) per
share as against R (0.63) per share in FY2024-25.

Consolidated Financial Results

In FY 2025-26, your Company achieved revenue of R 2,931.90
crores as compared to R 2,711.50 crores in FY 2024-25. Profit
before tax stood at R 104.90 crores in FY 2025-26 as against
Profit before tax of R 19.31 crores in FY 2024-25. Profit for the
year remains at R 97.45 crores in FY 2025-26 as compared to
Profit of R 3.24 crores in FY 2024-25.

Earnings per share for the FY 2025-26 remains at R 6.22
per share as against R 0.21 per share in FY 2024-25. Cash
Earning per share for the current year works out to R27.82 as
against R18.94 in the previous year.

DIVIDEND

The results of the Company do not permit payment of any
dividend. Hence your Directors do not recommend the
payment of any dividend for the financial year ended March
31, 2026.

TRANSFER TO RESERVES

Your Company has not transferred any amount to the general
reserves.

DEPOSIT

The Company has neither accepted nor invited any deposit
from public, falling within the ambit of Section 73 of the
Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.

OPERATIONS

Your company was able to excel significantly in terms of
operational performance during the financial year 2025-26.
The development activities in Switzerland, which were slow in
FY 2024-25 saw a significant ramp up in FY 2025-26 as the
geopolitical uncertainties and hence the funding scenario for
biotech companies improved in the financial year. Moreover,
your company undertook various initiatives, including the
SPRINT initiative in order to capture early phase development
business. SPRINT stands for Smart and efficient, Proactive
and agile, Regulatory compliant, Innovative science, No
compromise on safety and Trusted partnership approach to

win more early phase projects. This effort has resulted into
a high ramp up in early phase development activities for the
Group.

The Dutch entity’s continuous focus on cost improvement
efforts, especially related to the cost of the key raw materials,
resulted in significant cost advantages and helping to secure
more business. The French entity’s ramp up was slow due to
potential customers wanting to wait for the first one to provide
a late phase or commercial project to the new site after receipt
of the ANSM regulatory approval. However, the pipeline of
projects looks healthy and the ramp up in the activities is
expected over the next 18 months.

The Bavla site operations were impacted due to non-receipt
of purchase orders from two large customers in the FY 2025¬
26, however, efforts are underway to bring back that business
as well as to compensate it by way of new business as a
result of close collaboration between the Swiss and the Indian
entities both from a sales and operations perspective. The
Naroda site received regulatory clearance from the US FDA
inspection in August, 2025 reinforcing our strong focus on the
continuous quality improvement initiatives undertaken at the
Naroda facility.

Your Netherlands subsidiary performed exceedingly well in the
financial year ending March 31,2026. The revenues as well as
the profitability improved significantly on account of increased
focus on sale of Vitamin D analogues and sourcing of wool
grease at lower prices. The site also received “Certificate
of GMP (Good Manufacturing Practice) Compliance” for its
Veenendaal Site from Health and Youth Care Inspectorate
(IGJ) in February, 2026, which is again a significant milestone.

Impact of Geopolitical Developments

The continuing geopolitical tensions across various regions,
including conflicts impacting international trade routes and
evolving global tariff and sanction regimes, led to periodic
disruptions in logistics and supply chains during FY 2025¬
26. These developments resulted in increased freight costs,
longer transit times and heightened uncertainty across global
markets. Given that a substantial portion of the Company's
revenue is derived from exports, such developments remain
an important area of focus. Nevertheless, supported by its
diversified manufacturing network across multiple jurisdictions,
strong customer relationships in regulated markets, and robust
business continuity planning, the Company has maintained
stable operations and continues to serve global customers
without any material adverse impact on its overall business
performance.

CDMO

The contribution of the Contract Development and
Manufacturing Organisation (“CDMO”) segment of the
business stood at 83% of the overall business generated
during the year. The contribution from development revenue
increased significantly as compared to commercial revenue in
the financial year 25-26 on the back of high supplies of late
phase projects during the year and efforts to increase the early
phase development work. Your company’s efforts to integrate
the Swiss CDMO business with the Indian CDMO business
kept on gaining momentum so much so that there are multiple
tech transfer projects as well as new business opportunities
that are being discussed and finalized. The sales organization
has been unified creating a singular business development

function with the proposition of offering end to end solutions
to the customers. Your company is seeing great traction in this
respect, which should result into significant business in the
years to come. Your company’s Swiss subsidiary also entered
into a strategic partnership with another Swiss company,
Celonic AG, for the supply of monoclonal antibodies for
providing an integrated offering for the ADC platform. This
proposition is expected to increase the ADC business even
further.

Your company is currently supplying 29 commercial molecules
and has a healthy pipeline of 10 molecules in late Phase III
development, which augurs well for the future growth potential
of your company. Your company’s ADC portfolio has been
growing and the business potential from the co-investment
agreement entered into with a large Japanese innovator in
2021 seems to be on track to deliver significant growth to
the CDMO business. Additionally, your company entered into
a second co-investment agreement with the same Japanese
innovator for further expansion of ADC capacity at its Aarau
and Hunzenswil sites, which reinforces our great partnership
with the company and the potential growth prospects of the
molecule that we supply.

Your company’s French operations is taking more time than
expected to ramp up its operations mainly because of the site
being new and not having a track record of handling large
Phase III or commercial molecules. However, the Requests for
Proposals have been increasing, with potential new orders
coming in the next 12-18 months.

Your company has plans to better utilize its Shanghai facility
after the receipt of the local GMP certification, which will allow
it to cater to the entire Chinese market for the APIs it could
manufacture out of this site. Your company has beefed up
its sales team focussed on China market and have started
winning orders with this strategy. Additionally, the Manchester
site would continue producing non-GMP starting materials and
intermediates, which will help the Swiss entity to reduce the
cost of manufacturing APIs.

Vitamin D Analogues and Cholesterol

This business segment was the best performing in FY25-26,
which was a turnaround from the previous years on account
of high focus on Vitamin D analogues sub-segment and
better sourcing of wool grease resulting in reduction in input
costs and thus having a positive impact on the margins. The
sales team at your company’s Dutch subsidiary has been
reorganized with a greater focus on targeting markets and
products with a higher margin. Your company is also exploring
ways of backward integrate the saponification of woolgrease
and manufacturing Cholesterol at its Bavla facility in order to
gain on the cost advantages and better securing the supply
chain.

Generic API Business

Your company shall keep focussing only on those quaternary
compounds and generic APIs which meet the minimum margin
criteria. Certain low margin products are being discontinued
or shall be sold only in those geographies where the margin
realizations are greater than the minimum threshold. Your
company plans to expand the portfolio of contrast media
products as it sees a lot of unmet need in that segment of
generic products and expects the demand to keep growing.
Your company has been making lot of improvements in its

facility in Naroda location as well as in Bavla location in order
to reduce the costs of manufacturing these generic products
and thus fetch a better margin.

Capital Expenditure Plan at your Company

Your company entered into second co-investment agreement
for building capacity for increasing ADC supplies to the
Japanese innovator. Your company would keep on incurring
the maintenance capital expenditure at all its global locations.
This will be needed to make sure that the manufacturing plants
are running as per the compliance standards specified by the
regulators and the business is able to run without any major
equipment issues. There would be refurbishment expenditure
to be incurred at the company’s Bavla manufacturing site in
order to restart additional manufacturing units as the receipt
of sales orders increases. Additionally, your company will
keep investing in its digital transformation initiatives and
expects these initiatives to yield significant benefits for global
integration and centralized processes.

Performance of Major Subsidiary Associates

The major subsidiary companies have performed quite
well during the year under review. CARBOGEN AMCIS AG.,
Switzerland has performed quite satisfactorily as it reported a
healthy revenue of R 2,216.25 crores and operating profit of
R 443.35 Crores.

CARBOGEN AMCIS BV, during the year, reported revenue
of R 398.48 crores and operating profit of R 72.54 crores.
CARBOGEN AMCIS (Shanghai) Co. Ltd., has reported
revenue of R 95.25 crores and operating loss of R 15.30
crores. CARBOGEN AMCIS Ltd. (UK) reported a revenue of
around R 118.58 Crores and operating loss of R 0.04 Crores.
CARBOGEN AMCIS SAS (RIOM) reported revenue of R 92.32
crores and operating loss of R 126.26 crores.

The major marketing subsidiaries viz. Dishman USA Inc.
reported revenue of R 68.80 crores and operating loss of
R 2.96 Crores. Dishman CARBOGEN AMCIS (Europe) Ltd
reported revenue of R 136.14 crores and operating profit of R
1.84 Crores during the year under review. Other subsidiaries
have performed reasonably well during the year under review.

NON-CONVERTIBLE DEBENTURES (“NCD”)

During the financial year 2025-26, the Company issued and allotted 5,000 Senior, Secured, Rated, Listed, Transferable and
Redeemable Non-Convertible Debentures having a face value of R1,00,000 each, aggregating to R50.00 Crores, on a private
placement basis. The details of the said issuance are as under:

Also, on 17 April 2025 the Company has fully redeemed
NCD issued by the Company in January, 2023 having ISIN
INE385W07018 (Scrip Code: 974556) and subsequently
delisted from BSE Limited with effect from 23 May 2025.

Further, during the year under review, the Company has duly
complied with all obligations relating to payment of interest and
redemption of principal in respect of all listed Non-Convertible
Debentures issued by the Company and there has been no
default in interest payment and principle payment thereof.

RESEARCH AND DEVELOPMENT

After a year of consolidation and streamlining our operations
at our drug product site in France, we increased market
interest in our offering. During the year a project management
Drug Substance/Drug Product concept has been established.
Customers appreciate the “One-Stop-Shop” approach.
Especially, the integrated offering from Linker-Payload -
conjugation - drug product out of one hand triggers a lot of
interest with customers.

An new warehouse has been added and GMP-qualified in Saint
Beauzire. This increases the storage capacity significantly
Hence, more and bigger batches of drug products can be
produced.

Further, the Saint-Beauzire, France facility is a state-of-the-
art plant with two production lines (one filling/lyophilisation
and one filling) that are increasingly operated at full capacity
to meet demand from customers in the Americas, Europe,
and Asia-Pacific. In addition to manufacturing, the site offers
extensive development capabilities and associated analytical
capabilities.

Across the Carbogen Amcis Group, development capacity
and expertise, with a strong emphasis on drug substances,
remain excellent. Work on late-stage projects was successfully
continued in the last fiscal year, and several new molecules
were added during the year. The focus was and still is on
close collaborations between the Carbogen Amcis sites and
Dishman in India. It is the clear goal of seamlessly transfer
activities between the different sites. People exchange
programmes have been established to support these efforts.

The ADC business show an increased interest with clients.
Carbogen Amcis entered in an non-exclusive collaboration
with a Swiss based antibody development company. The
partnership with this company closes the gap of not having any
antibody development and production capacity at Carbogen
Amcis. This collaboration offers customers a seamless value
chain from end to end in the ADC business. Again a “One-
Stop-Shop” approach is the driver behind this alliance.

The cholesterol and vitamin D business showed some
divergent characteristics. While the cholesterol business
suffered from low market prices and high operations costs
at the beginning of the year the vitamin D and analogue
business showed a strong increase in demand. An optimised
procurement strategy showed significant lower costs in the
cholesterol production, hence, margins could be increased.
Optimised production processes in Calcifediol and Calcitriol
brought some significant operational improvements.

Overall, the Dishman Carbogen Amcis Group is committed
to expanding its pipeline through efficient, high-quality R&D
activities, a goal we have pursued successfully in the past
year. These efforts contribute meaningfully to improving public
health across multiple countries.

Beyond pharmaceuticals, the Group has launched and
continues to launch other initiatives. Among those quaternary
ammonium salts used in the electronics industry and dentistry
show promising development. In sum, the Dishman Carbogen
Amcis Group is broadening its activities to strengthen support
for our customers and to sustain robust business performance.

ENVIRONMENT, HEALTH, SAFETY AND QUALITY
(EHSQ)

Dishman is committed to excellence in Environment, Health,
Safety and Quality (EHSQ) Management and strives to ensure
a safe working environment for all those associated with the
Company. The Company fosters a culture in which everyone
shares responsibility for maintaining high standards of health,
safety and environmental performance. Environmental, Health
and Safety (EHS) and climate change considerations are
integrated into business decisions, and continuous efforts are
made to minimize the environmental impact of operations.

Measuring, monitoring, reviewing, analysing and reporting
environmental, health and safety performance form an integral
part of the Company’s continuous improvement approach.
The EHS function undertakes strategic planning to establish
long-term EHS objectives, assess the resources required
to achieve such objectives and ensure alignment with key
business goals.

The Company’s products and processes are developed
in accordance with applicable local and international
requirements to ensure the health and safety of employees and
protection of the environment. This is achieved through Risk
Assessments, Qualitative Risk Assessments, Process Hazard
Assessments, identification of significant environmental
aspects, Safety Audits, Customer Audits, HAZOP Studies and
Environmental Audits. Appropriate Safety and Environmental
Management Programmes are implemented to reduce
significant risks and environmental impacts. The Company also
evaluates customer feedback and satisfaction through internal
and external communication channels to strengthen long-term
relationships and support manufacturing excellence.

The Company has established standard operating
procedures, guidelines, policies and work instructions relating
to Environment, Health and Safety. Risk Assessments are
conducted to identify potential hazards and evaluate associated
risks. Significant environmental aspects are regularly
monitored through safety, customer and environmental audits,
and suitable management programmes are implemented to
mitigate significant risks and environmental impacts.

Dishman continues to pursue world-class operational
excellence in Process Safety Management (PSM). The
Company has developed in-house expertise across various
facets of PSM and established a structured framework for the
proactive identification, evaluation, mitigation and prevention
of chemical releases that may arise from failures in processes,
procedures or equipment. Process Hazard Analyses (PHA)
are periodically conducted across manufacturing facilities to
reduce process safety risks. The Process Safety Management
programme encompasses all fourteen elements prescribed
under applicable standards.

The Company’s EHSQ Policy is implemented through various
initiatives, including: (i) Upgradation of existing Effluent
treatment system by investing substantial amount. The
revamped conventional effluent treatment system and MEE
being state of the art and fully automated units (ii) Maintaining
the “Zero Discharge” of waste water by series of treatment
and reuse. (iii) Stripper system, Multiple effect evaporator
and ATFD for concentrated effluent stream (iv) Biological
Effluent Treatment System, Tertiary treatment, Two Stage
R.O. System and Multiple Effect Evaporator for Dilute Stream
Effluent (v) Safe disposal of all types of solid and liquid waste
ensuring zero harm to the environment and compliance of all
norms established by law of the land. (vi) Practicing On-site
emergency plan by conducting mock-drills. (vii) Training on first
aid and emergency response team incorporated at regular
intervals by third party, Maintain and displayed the First aider
and ERT list. (viii) Replacement of hazardous process/chemical
to non-hazardous process for converting into low hazards by
PSI/PHA/Hazop study and Provide recommendation and also
tracking the CAPA sheet and ensure closure. (ix) Fire detection
and protection system available at site (x) EHSQ policy with
committed to Proactive identification and implementation of
occupational health hazard, safety and environment aspects.
(xi) Ensure 100% PPE’s compliance to all employees as well
as contractors/visitors also. (xii) Conducting intensive QHSE
Training programs including contractor employees and
monitoring the effectiveness of the same. (xiii) Participation
of employees in Safety committee meetings at all levels
and celebrating the National Safety Day/Week and World
Environment Day as well as observing Fire Service Day.
(xiv) Tree plantation to increase the green cover at site (xv)
Independent safety and environment audits at regular intervals
by third party and also in-house by cross functional team. (xvi)
Independent safety and environment audit at regular intervals
for hazardous waste disposal vendors. Also conducted vendor
onsite audit for key starting raw material supplier (xvii) In¬
house medical and health facility at site for pre- employment
& periodical medical check-up of all employees including
contract employees (xviii) Additional health checkup for
employees based on their occupational needs. (xix) Blood
Donation Camp at site 2025 in association with the Sanjivani
Blood Bank, Ahmedabad for social cause. (xx) Conducted
training for first aid basic life support, CPR treatment, heat
stress, Medical Screening & Basic Health Check up Camp and
Health Talks on women’s day and performed Digital Detox:
Building Healthy Habits classroom training sessions.

The Company continues to focus on continual improvement
of its Environment, Health, Safety and Quality Management
Systems through periodic reviews, audits, performance
monitoring and adoption of appropriate preventive
and corrective actions aimed at enhancing operational
effectiveness and sustainability.

Dishman remains committed to sustainable development and
continual improvement beyond compliance requirements.
The Company has integrated and maintains certifications
under ISO 14001:2015 for Environmental Management
Systems (EMS), ISO 9001:2015 for Quality Management
Systems (QMS) and ISO 45001:2018 for Occupational Health
and Safety Management Systems. The Company is also
certified under EN ISO 13485:2016 for the Medical Device
Quality Management System for disinfectant products. These
management systems are regularly monitored and reviewed
to ensure continual improvement.

CREDIT RATING

India Ratings & Research Pvt. Ltd. ("Ind-Ra") has assigned
both the Long-Term Loan and Short-Term Loan rating/outlook
of the Company as IND A/Negative and IND A1/ Negative,
respectively. It has also assigned rating/outlook for non¬
convertible debentures and for Proposed non-convertible
debentures both as IND A/ Negative.

INVESTOR EDUCATION AND PROTECTION FUND
(IEPF)

Pursuant to the provisions of Section 124(5) and 125 of the
Companies Act, 2013, during the year, no shares or unclaimed
dividend amount were due for transfer to IEPF.

Details of unpaid/unclaimed dividend lying in the unpaid
account up to the Year and the corresponding shares, which
are liable to be transferred to the IEPF, and the due dates for
such transfer are given in details in the report on Corporate
Governance which forms part of this Annual Report.

LISTING

The equity shares of the Company are listed on the National
Stock Exchange of India Ltd., Mumbai (NSE) and BSE Ltd.,
Mumbai; while non-convertible debentures issued by the
Company are listed on BSE Ltd. Annual listing fees for the
FY 2026-27, as applicable, have been paid before due date
to the concerned Stock Exchanges.

FORMATION OF VARIOUS COMMITTEES

Your Company has several Committees which have been
established as part of the best Corporate Governance
practices and are in compliance with the requirements of the
relevant provisions of applicable laws and statutes.

The Company has following Committees:

• Audit Committee

• Stakeholders Relationship Committee

• Nomination and Remuneration Committee

• Corporate Social Responsibility Committee

• Risk Management Committee

• Management Committee

• Internal Complaints Committee (for redressal of Sexual
Harassment complaint)

During the year, the Board has accepted all the
recommendations made by various committees including

Audit Committee. The details with respect to the compositions,
powers, terms of reference, number and dates of meetings of
such committees held during the year are given in details in
the report on Corporate Governance which forms part of this
Annual Report.

DISCLOSURES UNDER THE COMPANIES ACT,
2013

i) Annual Return

In accordance with the Companies Act, 2013, the annual return
in the prescribed format is available athttps://imdcal.com/
imaqes/files/Investor-Relations/Annual%20Return/Annual%20
Return%20for%20the%20year%20ended%2031.03.2026.pdf

ii) Board Meetings

Regular Meetings of the Board are held, inter-alia, to review
the financial result of the Company. Additional Board Meetings
are convened to discuss and decide on various business
policies, strategies and other businesses. Due to business
exigencies, certain business decisions are taken by the board
through circulation from time to time.

During the FY 2025-26, the Board met 7 (Seven) times i.e.
on 1^st April, 2025, 21^st May, 2025, 12^th August, 2025, 4^th
November, 2025, 27^th December, 2025, 3^rd February, 2026
and 18^th March, 2026. The Board of Directors has also passed
circular resolutions on 27^th May, 2025. Detailed information
on the meetings of the Board is included in the report on
Corporate Governance, which forms part of this Annual Report.

iii) Related Party Transactions

All Related Party Transactions are placed before the Audit
Committee and also the Board for approval. All the related
party transactions entered into during the financial year were
on an arm's length basis and were in the ordinary course
of business. Particulars of contracts or arrangements with
related parties referred to in Section 188(1) of the Companies
Act, 2013, in the prescribed Form AOC-2, is appended as
Annexure A to this Board's report. The policy on Related Party
Transactions has been approved by the Board and uploaded
on the website of the Company. The details of the transactions
with Related Party are provided in the accompanying financial
statements vide note no.31 of notes on financial statement
as per requirement of Ind AS 24 -related party disclosure.
These transactions are not likely to conflict with the interest of
the Company at large. All significant transaction with related
parties is placed before audit committee periodically.

iv) Particulars of Loans, Guarantees or Investments
under Section 186

The details of Loans, Investments and Guarantees covered
under the provisions of Section 186 of the Companies Act,
2013 are given in the Notes to the Financial Statements
forming part of Annual Report.

v) Material Changes and Commitments affecting
the Financial Position of the Company occurred
after the end of Financial Year

There are no material changes and commitments affecting the
Financial Position of the Company occurred after the end of
financial year.

vi) Subsidiaries, Joint Ventures and Associate
Companies

During the year, following changes happened in Subsidiary,
Joint Ventures and Associate Companies:

• During the year, a wholly owned step-down subsidiary
company namely “CARBOGEN AMCIS Specialities AG"
has been merged into another wholly owned step-
down subsidiary company namely “CARBOGEN AMCIS
Innovations AG" on 9^th October 2025 with retrospective
effect from 1^st April, 2025 to Streamline the current
organisation structure, and reduction in multiplicity
of legal and regulatory compliances and reduction in
overheads.

In view of the above, the total number of subsidiaries including
step down subsidiaries as on 31^st March, 2026 was 17
(Seventeen).

vii) Accounting Impact due to revision in useful life
of Goodwill

The amalgamation held between Dishman Pharmaceuticals
and Chemical Limited and Dishman Care Limited into Dishman
Carbogen Amcis Limited accounted in the year 2016-17 under
the “Purchase Method” as per the then prevailing Accounting
Standard 14 - Accounting for Amalgamations, as referred to in
the Scheme of Amalgamation approved by the Hon’ble High
Court, Gujarat, which is different from Ind AS 103 “Business
Combinations”. The excess of consideration payable over net
assets acquired had been recorded as goodwill amounting
to T 1,326.86 crores, represented by underlying intangible
assets acquired on amalgamation and was being amortized
over the period of 15 years from the Appointed Date i.e. 1^st
January, 2015.

The value of the Goodwill had already been reduced by T
641.28 crores by March 31, 2022, the Board re-assessed
the life of the Goodwill looking at the expected growth and
benefits available to the Company. Taking a conservative view,
considering the possible impact of COVID and the delay in
clearance of EDQM observations for the Bavla site, the Board
revised the useful life of goodwill to 15 years starting from 1^st
April 2022 instead of the remainder useful life of 7 years, with
a next time frame to further re-assess the same after COVID
and major regulatory clearance. After successfully completing
all major regulatory audit in last six to twelve months and the
impact of COVID having phased out, the Board now expects
the performance of the India business to improve and the
current value of Goodwill as on 1^st April, 2024 of T 594.17
Crores as reflecting a fair value of the intangible assets for
a sustainably long period. The robust outlook in the CDMO
sector also supports the company’s path for growth.

Considering all above factors, Board has decided to keep the
current goodwill value of T 594.17 Crores till perpetuity i.e.
99 years considering life with effect from January 1, 2015.
This change in estimate of life will be applicable prospectively
over the remaining useful life starting from 1^st April, 2024. The
goodwill will tested for impairment at the end of every financial
year. Had the goodwill not been amortized as required under
Ind AS 103, the Depreciation and Amortization expense for
the year ended 31^st March, 2026 would have been lower by T

6.60 crores (Previous year T 6.60 crores) and the Loss Before
Tax for the year ended 31^st March, 2026 have been lower by
an equivalent amount.

CONSOLIDATED FINANCIAL STATEMENT

Pursuant to the provisions of Sections 129, 134 and 136 of
the Companies Act, 2013 read with rules framed thereunder
and pursuant to Regulations 33 and 52 of SEBI (LODR)
Regulations, 2015, your Company had prepared consolidated
financial statements of the company and its subsidiaries and a
separate statement containing the salient features of financial
statement of subsidiaries, joint ventures and associates in
Form AOC-1 forms part of the Annual Report.

The annual financial statements and related detailed
information of the subsidiary companies will be provided
on specific request made by any shareholders and the said
financial statements and information of subsidiary companies
are open for inspection at the registered office of the company
during office hours on all working day except Saturdays,
Sundays and Public holidays, between 2 p.m. to 4 p.m. The
separate audited financial statement in respect of each of the
subsidiary companies is also available on the website of the
Company at www.imdcal.com.

As required under Regulations 33 and 52 of SEBI (LODR)
Regulations, 2015 and in accordance with the requirements
of Ind AS 110, the Company has prepared Consolidated
Financial Statements of the Company and its subsidiaries and
is included in the Annual Report.

GENERAL DISCLOSURE

i) Issue of Equity Shares with differential rights as
to dividend, voting or otherwise:

During the year 2025-26, the Company has not issued any of
Equity Shares including sweat equity with differential rights as
to dividend, voting or otherwise.

ii) Issue of shares (including sweat equity shares)
to employees of the Company under any scheme
save and ESOS:

During the year, the Company has not issued any shares
under Employee Stock Option Scheme.

iii) Whether the Managing Director or the Whole¬
time Directors of the Company receive any
remuneration or commission from any of its
holding/subsidiary companies:

Mr. Arpit J. Vyas, Global Managing Director of the Company
has received remuneration as a Director from on e foreig n
wholly owned subsidiary company namely CARBOGEN AMCIS
AG., Switzerland, which is in compliance with the provisions
of the Companies Act, 2013. He being a Partner of Adimans
Technologies LLP, a holding LLP of the Company, has right to
receive profit in the ratio of 20% from the said LLP.

Mrs. Deohooti J. Vyas, Whole-time Director, being a Partner
of Adimans Technologies LLP, a holding LLP of the Company,
has right to receive profit in the ratio of 80% from the said LLP.

Mr. Arpit J. Vyas has voluntarily decided not to draw any
remuneration from the Company during financial year 2025¬
26. Other details of remuneration pertaining to Mr. Arpit J.
Vyas and Mrs. Deohooti J. Vyas have been disclosed in report
on Corporate Governance.

iv) Any significant or material orders were passed
by the Regulators or Courts or Tribunals which
impact the going concern status and Company's
operations in future:

There are no significant and material orders passed by the
Regulators or Courts or Tribunals which could impact the
going concern status and the Company's future operations.

v) Secretarial Standards

Secretarial Standards issued by the Institute of Company
Secretaries of India as applicable to the Company were
followed and complied with during 2025-26. The Company
has devised proper systems to ensure compliance with the
provisions of all applicable Secretarial Standards issued by
the Institute of Company Secretaries of India and that such
systems are adequate and operating effectively.

vi) The Company has complied with the applicable provisions
of The Maternity Benefit Act, 1961.

DIRECTORS & KMPS
Demise

As members are aware, Shri Janmejay R. Vyas (DIN:
00004730), Chairman and Non-Executive Director of the
Company, passed away on 27^th May, 2025 and consequently
ceased to be the Chairman and Non-Executive Director of the
Company with effect from the said date.

Late Shri Janmejay R. Vyas was the Founder Chairman of
the Dishman Group and a visionary leader whose foresight,
guidance and unwavering commitment laid the foundation for
the growth and success of the Company. Since its inception,
he played a pivotal role in shaping the Company’s strategic
direction and establishing its reputation in the pharmaceutical
industry. Under his distinguished leadership, the Company
achieved significant milestones and sustained growth.

The Board of Directors places on record its deep appreciation
and gratitude for his invaluable contribution, exemplary
leadership and dedicated service to the Company. His vision,
values and commitment to excellence have left an enduring
legacy that will continue to inspire and guide the Company in
the years to come.

The Board of Directors, Management and employees fondly
remember his remarkable contribution and mourn the loss of
a respected leader, mentor and guiding force.

The disclosure in this regard is available athttps://imdcal.
com/images/files/Investor-Relations/Corporate%20
Announcements/202 5-26/Disclosure%20pursuant%20
to%2 0Regulation%2030,%2 031A%2 0and%2 051%2 0
of%20SEBI%20(L0DR)%20Regulation%202015%20-%20
Demise%20of%20Shri%20Janmeiay%20R.%20Vyas%20
on%2027-%20May,%202025.pdf

Retire by Rotation

Mr. Arpit J. Vyas (DIN: 01540057) Director of the Company
retires by rotation at the forthcoming Annual General Meeting
and being eligible offers himself for re-appointment. Based
on the performance evaluation and the recommendation of
the Nomination and Remuneration Committee, the Board
recommends his re-appointment, as a Director and agenda
seeking shareholders’ approval for his re-appointment forms
part of the Notice.

Completion of Tenure of Independent Directors

Mr. Rajendra Shantilal Shah (DIN: 00061922) has completed
his second and final term as an Independent Director on
1^st April, 2025 and consequently ceased to be Director
of the Company and member of various committees of the
Board w.e.f. 2^nd April, 2025. The Board of Directors and the
Management of the Company expressed deep appreciation
and gratitude to Mr. Rajendra Shantilal Shah for his
extensive contribution and stewardship as an Independent
Director. The disclosure in this regard is available athttps://
imdcal.com/images/files/Investor-Relations/Corporate%20
Announcements/2025-26/Regulations%2030%20and%20
51%20of%20the%20SEBI%20(Listinq%20Qbliqations%20
and%20Disclosure%20Requirements)%20Regulations,%20
2015%20reqardinq%20Appointment%20and%20
Cessation%20of%20Independent%20Directors.pdf

Appointment & Re-Appointment

Independent Director

Based on the recommendation of Nomination and
Remuneration Committee, the Board of Directors of the
Company in their meeting held on 1^st April, 2025 appointed
Mr. Hemantkumar Jayantiprasad Bhatt (DIN: 02657432) and
Dr. Margie Sunil Parikh (DIN: 07056179) as Independent
Directors (Additional Directors) of the Company for an
initial term of 5 (Five) consecutive years effective from 1^st
April, 2025. In the opinion of the Board, Mr. Hemantkumar
Jayantiprasad Bhatt and Ms. Margie Sunil Parikh appointed
w.e.f. 1^st April, 2025 are a person of integrity and possess
vide experience and expertise beneficial to the Company for
appointment as Independent Directors of the Company. The
said appointments have been approved and regularised by
the shareholders by passing resolution through Postal Ballot
on 25^th June, 2025.

Non-Executive and Non-Independent Director

Based on the recommendation of Nomination and

Remuneration Committee, the Board of Directors of the
Company in their meeting held on 12^th August, 2025
appointed Mr. Dhaval Rameshchandra Shah (DIN:09385325)
as a Non-Executive and Non-Independent Director (Additional
Director) of the Company w.e.f. 12^th August, 2025. The said
appointment has been approved and regularised by the
shareholders by passing resolution through Postal Ballot on
19^th September, 2025.

Whole-time Director

Based on the recommendation of Nomination and

Remuneration Committee, the Board of Directors of the
Company in their meeting held on 12^th August, 2025 re¬
appointed Mrs. Deohooti J. Vyas (DIN:00004876) as a Whole¬
time Director of the Company for a further period 5 (Five)
years w.e.f. 3^rd September, 2026, which was also approved by
members by passing resolution through Postal Ballot on 19^th
September, 2025.

Key Managerial Personnel

Pursuant to the provisions of Section 203 of the Act, the Key
Managerial Personnel of the Company as on March 31, 2026
are i) Mr. Arpit J. Vyas, Global Managing Director; ii) Mr. Harshil
R. Dalal, Global Chief Financial Officer and iii) Ms. Shrima Dave,
Company Secretary.

Statement of Declaration by Independent Directors

The Company has received the necessary declaration from
each Independent Director in accordance with Section 149(7)
of the Companies Act, 2013, read with Regulation 25(8) of the
SEBI (LODR) Regulation, 2015 (“Listing Regulations”) that he/
she meets the criteria of independence as laid down in the
Companies Act, 2013 and the Listing Regulations.

Also, Independent Directors affirmed that they have complied
with the Code for Independent Directors prescribed in
Schedule IV to the Act as well as Code of Conduct for
Directors and senior management personnel formulated by
the Company.

In the opinion of the Board, there has been no change in the
circumstances which may affect their status as Independent
Directors of the Company and the Board is satisfied of the
integrity, expertise, and experience (including proficiency
in terms of Section 150(1) of the Act and applicable rules
thereunder) of all Independent Directors on the Board. Further,
in terms of Section 150 read with Rule 6 of the Companies
(Appointment and Qualification of Directors) Rules, 2014,
as amended, Independent Directors of the Company have
included their names in the data bank of Independent Directors
maintained with the Indian Institute of Corporate Affairs.

Board Evaluation & Criteria

Pursuant to the provisions of the Companies Act, 2013 and
Regulation 17 of SEBI (LODR) Regulations, 2015, a structured
questionnaire was prepared after taking into consideration
the various aspects of the Board’s functioning, composition,
effectiveness of processes & information etc. of the Board
and its committees. The Board has carried out an annual
performance evaluation of its own performance, the directors
individually as well as the evaluation of the working of its
Committees and Independent Directors after seeking inputs
from all the members of the Board and its Committees. The
Board of Directors expressed their satisfaction after evaluation
process.

Nomination and Remuneration Committee (“NRC”) also
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. After considering the
views of Directors, NRC expressed its satisfaction.

Independent Directors’ Meeting

A Separate meeting of Independent Directors was held on 3^rd
February, 2026 without the attendance of Non-Independent
Directors and members of the Management. In the said
meeting, Independent Directors reviewed the followings:

• Performance evaluation of Non Independent Directors
and Board of Directors as a whole;

• Performance evaluation of the Chairperson of the
Company taking into account the views of executive
directors and non-executive directors;

• Evaluation of the quality of flow of information between
the Management and Board for effective performance by
the Board.

The Independent Directors expressed their satisfaction with
the evaluation process.

Board Diversity

The Company recognizes and embraces the importance of a
diverse board in its success. We believe that a truly diverse
board will leverage differences in thought, perspective,
knowledge, skill, regional and industry experience, cultural
and geographical background, age, ethnicity, race and
gender, which will help to retain our competitive advantage.
The Board has adopted the Board Diversity Policy which sets
out the approach to diversity of the Board of Directors. The
Board Diversity Policy is available on company’s website www.
imdcal.com.

POLICY ON DIRECTOR’S APPOINTMENT AND
REMUNERATION

The salient features of the Policy on Directors’ appointment
and remuneration of Directors, KMP & senior employees and
other related matters as provided under Section 178(3) of the
Companies Act, 2013 is stated in the report on Corporate
Governance which is a Part of the Board’s Report. The detailed
Policy is placed on the website of the Company athttps://
imdcal.com/images/files/Investor-Relations/Policies%20
of%20Dishman%20Carbogen%20Amcis%20Limited/
Policy%20on%20Remuneration%20of%20Directors,%20
Key%20Managerial%20Personnel%20&%20Senior%20
Employees%20AND%20Succession%20Policy.pdf

DISCLOSURE UNDER RULE 5 OF THE COMPANIES
(APPOINTMENT & REMUNERATION) RULES, 2014

The information required under Section 197 of the Companies
Act, 2013 read with Rule 5(1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 are
provided in separate annexure forming part of this Report as
Annexure B.

The statement containing particulars of employees as required
under Section 197 of the Companies Act, 2013 read with Rule
5(2) & (3) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, forming part of this
report as Annexure C.

FAMILIARIZATION PROGRAMME FOR
INDEPENDENT DIRECTOR

The Independent Directors are provided with necessary
documents, brochures, reports and internal policies to enable
them to familiarize with the Company’s procedures and
practices. The Company undertook various steps to make
the Independent Directors have full understanding about
the Company. The Company has through presentations at
regular intervals, familiarized and updated the Independent
Directors with the strategy, operations and functions of the
Company and Pharma Industry as a Whole. Generally, site
visits to various plant locations are organized for the Directors
to enable them to understand the operations of the Company.

The details of such familiarisation programmes have been
disclosed on the Company’s website at https://imdcal.com/
ir-index.php?Policies%20of%20Dishman%20Carbogen%20
Amcis%20Limited/Familiarisation%20Programme%20for%20
Independent%20Directors As a part of familiarisation
programme, the Company has updated the Independent
Directors with the strategy, operations and functions of the
Company including its subsidiaries in Board Meetings held
on 1^st April, 2025, 21^st May, 2025, 12^th August, 2025, 4^th
November, 2025 and 3^rd February, 2026.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013, the
Board of Directors, to the best of their knowledge and ability,
state that:

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

• the Directors have selected such accounting policies
and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give
a true and fair view of the state of affairs of the Company
at the end of the financial year and of the profit or loss of
the Company for that period;

• the Directors 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;

• the Directors have prepared the annual accounts on a
going concern basis;

• the Directors, have laid down internal financial controls
to be followed by the Company and that such internal
financial controls are adequate and were operating
effectively;

• the Directors have devised proper systems to ensure
compliance with the provisions of all applicable laws
and that such systems were adequate and operating
effectively.

INTERNAL FINANCIAL CONTROL SYSTEM

The details in respect of internal financial control system and
their adequacy are included in Management Discussion and
Analysis Report, which forms part of this report.

INSURANCE

Assets of your Company are adequately insured against
various perils.

RISK MANAGEMENT FRAMEWORK & POLICY

In compliance with the provisions of Regulation 21 of SEBI
(LODR) Regulations, 2015, the Board of Directors has
constituted a Risk Management Committee. The details
of Committee and its terms of reference are set out in the
Corporate Governance Report forming part of the Director’s
Report. The Risk Management policy is formulated and

implemented by the Company in compliance with the
provisions of the Companies Act, 2013 and SEBI (LODR)
Regulations, 2015. The policy helps to identify the various
elements of risks faced by the Company, which in the opinion
of the Board may threaten the existence of the Company.

As per Regulation 17(9) of SEBI (LODR) Regulations, 2015,
the Company has framed formal Risk Management framework
for risk assessment and risk minimization for Indian operation
which is periodically reviewed by the Board of Directors to
ensure smooth operations and effective management control.
The Audit Committee has additional oversight in the area of
financial risks and control.

Risk management is an integral part of business practices of the
Company. The framework of risk management concentrates
on formalizing a system to deal with the most relevant risks,
building on existing management practices, knowledge and
structures.

The Company has framed formal Risk Management framework
to identify, evaluate business risks and opportunities.
Corporate Risk Evaluation and Management is an ongoing
process within the Organization. The Company’s Risk
Management framework is well-defined to identify, monitor
and minimizing/mitigating risks. While defining and developing
the formalized risk management system, leading standards
and practices have been considered. The risk management
system is relevant to business reality, pragmatic and simple.

The Risk Management framework has been developed and
approved by the Risk Management Committee in accordance
with the business strategy. Risk Management and Risks &
concerns have also been discussed in the Management
Discussion and Analysis Report, which forms part of this report.

The key elements of the framework include Risk Structure;
Risk Portfolio and Risk Measuring & Monitoring and Risk
Optimising. The implementation of the framework is supported
through criteria for Risk assessment, Risk forms & MIS.

The brief role of Risk Management Committee as per amended
SEBI (LODR) Regulations, 2015 are:

• To formulate a detailed Risk Management Policy;

• To ensure that appropriate methodology, processes
and systems are in place to monitor and evaluate risks
associated with the business of the Company;

• To monitor and oversee implementation of the risk
management policy, including evaluating the adequacy
of risk management systems;

• To periodically review the risk management policy
including by considering the changing industry dynamics
and evolving complexity;

• To keep the board of directors informed about the nature
and content of its discussions, recommendations and
actions to be taken.

WHISTLE BLOWER POLICY/VIGIL MECHANISM

The Company has adopted a Whistle Blower Policy pursuant
to the requirements of the Companies Act, 2013 and the
SEBI (LODR) Regulations, 2015. The Policy empowers all
the stakeholders to raise concerns by making protected
disclosures as defined in the Policy.

The policy also provides for adequate safeguards against
victimization of whistle blower who avail of such mechanism
and also provides for direct access to the Chairman of the
Audit Committee, in exceptional cases. The details of the
Whistle Blower Policy are explained in the Report on Corporate
Governance and the Policy is available on the website of the
Company at www.imdcal.com.

SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE

The Company has in place an Anti-Sexual Harassment Policy
in line with the requirements of Sexual Harassment of Women
at the Workplace (Prevention, Prohibition & Redressal) Act,
2013. Internal Complaints Committee (ICC) has been set up to
redress complaints received regarding sexual harassment. All
employees (permanent, contractual, temporary, trainees) are
covered under this policy. The company has complied with
provisions relating to the constitution of Internal Complaints
Committee under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.

The Company has not received any complaint during the
financial year 2025-26. The status/details of complaint during
the financial year 2025-26 are as under:

AUDITORS AND AUDITORS’ REPORT
Statutory Auditors

M/s. T R Chadha & Co. LLP, Chartered Accountants (Firm
Registration No.006711N/N500028) were appointed as
Statutory Auditors of the Company to hold office until the
conclusion of 19^th AGM to be held in the year 2026.

Accordingly, their office will expire on the conclusion of the
19^th AGM and are eligible to be re-appointed as Statutory
Auditors for second term of five years starting from FY 2026¬
27 to 2030-31 as per Section 139 of the Companies Act,
2013 read with the Companies (Audit and Auditors) Rule,
2014. The Audit Committee and the Board of Directors at their
meetings held on 19^th May, 2026, after considering various
parameters like Auditor’s independence, performance, and
effectiveness of audit process and subject to approval of the
shareholders, recommended the re-appointment of M/s. T R
Chadha & Co. LLP, Chartered Accountants (Firm Registration
No.006711N/N500028) as Statutory Auditors for the second

term of five years starting from FY 2026-27 to 2030-31 which
is commencing from the conclusion of 19^th Annual General
Meeting (2026) till the conclusion of 24^th Annual General
Meeting of the Company (2031).

The Company has received a confirmation from M/s. T R
Chadha & Co. LLP, Chartered Accountants (Firm Registration
No.006711N/N500028) to the effect that they are independent
from the management of the Company and they are not
disqualified from continuing as Auditors of the Company.

The Notes on Financial Statements referred to in the Auditors’
Report are self-explanatory and do not call for any further
comments. The Auditors’ Report does not contain any
qualification or reservation. There is also no fraud has been
reported by the Auditors in their Audit Report for the year
ended March 31,2026.

Internal Auditors

M/s. Sharp & Tannan Associates, Chartered Accountants (Firm
Registration No. 109983W) have been internal auditors of the
Company for the year 2025-26. Internal auditors are appointed
by the Board of Directors of the Company on a yearly basis,
based on the recommendation of the Audit Committee. The
Internal Auditors’ reports and their findings on the internal
audit, have been reviewed by the Audit Committee on a
quarterly basis. The scope of internal audit is also reviewed
and approved by the Audit Committee.

Secretarial Auditors

Pursuant to the provisions of Regulation 24A of the SEBI
(LODR) Regulations and Section 204 of the Companies Act,
2013 read with Rule 9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, based
on the recommendation of Board of Directors, Mr. Ashok P.
Pathak, Practicing Company Secretary (Membership No.
ACS: 9939 and CP No. 2662) of M/s. Ashok P. Pathak &
Co., Ahmedabad, were appointed as Secretarial Auditor to
conduct the Secretarial Audit of the Company for a term of five
consecutive years commencing from 2025-26 to 2029-30 at
the Eighteenth AGM held on 29^th September, 2025. Mr. Ashok
P. Pathak, Practicing Company Secretary of M/s. Ashok P.
Pathak & Co. have issued the secretarial audit report for the
Financial Year ended on March 31,2026, which is appended
in the Annexure D to the Directors’ Report. The observations
and comments, if any, appearing in the Secretarial Audit
Report are self-explanatory and do not call for any further
explanation/clarification. The Secretarial Auditors Report does
not contain any qualification or reservation and also no fraud
has been reported for the year ended March 31, 2026.

Cost Audit

Central Government has notified rules for Cost Audit and as
per Companies (Cost Records and Audit) Rules, 2014 issued
by Ministry of Corporate Affairs, Company is not falling under
the Industries, which will subject to Cost Audit. Therefore, filing
of cost audit report for the FY 2025-26 is not applicable to the
Company. However, as required under Section 148(1) of the
Companies Act, 2013, Company has maintained necessary
Cost Records.

CORPORATE GOVERNANCE & MANAGEMENT
DISCUSSION AND ANALYSIS REPORT

As per Regulation 34 of SEBI (LODR) Regulations, 2015, a
separate section on corporate governance practices followed
by the Company, as well as “Management Discussion and
Analysis Report” confirming compliance, is set out in the
Annexure forming an integral part of this Report. A certificate
from Practicing Company Secretary regarding compliance
with corporate governance norms stipulated in Regulation 34
of SEBI (LODR) Regulations, 2015 is annexed to the report on
Corporate Governance.

In compliance with one of the Corporate Governance
requirements as per Regulation 34 read with Schedule V of the
SEBI (LODR) Regulations, 2015, the Company has formulated
and implemented a Code of Conduct for all Board members
and senior management personnel of the Company, who have
affirmed compliance thereto.

CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE

Information of conservation of energy, technology absorption
and foreign exchange earnings and outgo as required under
Section 134 (3) (m) of the Companies Act, 2013 read with rule
8 of the Companies (Accounts) Rules, 2014, is given in the
Annexure E and forms part of this Report.

CORPORATE SOCIAL RESPONSIBILITY

As a part of Corporate Social Responsibility (CSR), the
Company continued extending help towards social and
economic development of the villages and the communities
located close to its operations and also providing assistance to
improving their quality of life. Company’s intention is to ensure
that we meet the development needs of the local community.
CSR is not just a duty; it is an approach towards existence. The
Company see CSR as a creative opportunity to fundamentally
strengthen the Company’s business, while contributing to
the society and creating social, environmental and economic
impact. The Company’s motto is to build a sustainable life for
the weaker and under-privileged sections of the Society.

However, as per the provision of Section 135 of the
Companies Act, 2013 red with applicable Rules, the Company
is not required to spent any amount towards CSR during
FY 2025-26.

The Company has constituted CSR Committee and has framed
a CSR Policy. The brief details of CSR Committee is provided in
the report on Corporate Governance. The details of contents
of CSR Policy and CSR activities carried out by the Company
are appended in the Annexure F to the Director’s Report. The
CSR Policy is available on the website of the Company at -
www.imdcal.com.

(URL:https://imdcal.com/imaqes/files/Investor-Relations/Policies%20
of%20Dishman%20Carbogen%20Amcis%20Limited/Corporate%20
Social%20Responsibility%20Policy..pdf )

BUSINESS RESPONSIBILITY AND SUSTAINABILITY
REPORT (BRSR)

In accordance with Regulation 34(2)(f) of the Listing Regulations,
the Business Responsibility and Sustainability Report (‘BRSR’)
forms part of this Annual Report. BRSR describes initiatives
undertaken by the Company from an environmental, social
and governance perspective.

A separate report on Business Responsibility and Sustainability
Report is annexed herewith as Annexure G.

DIVIDEND DISTRIBUTION POLICY

As per Regulation 43A of SEBI (LODR) Regulations, 2015,
top 1000 companies based on market capitalization are
required to formulate Dividend Distribution Policy. In this
regard, the Board has approved the Dividend Distribution
Policy in line with said Regulation. The said policy is available
on website of the Company and can be accessed athttps://
imdcal.com/images/files/Investor-Relations/Policies%20of%20
Dishman%20Carbogen%20Amcis%20Limited/Dividend%20
Distribution%20Policy.pdf.

ACKNOWLEDGEMENT

Your Directors would like to express their appreciation for the
assistance and co-operation received from foreign institutions,
banks, associates, Government authorities, customers,
supplier, vendors and members during the year under review.
Your Directors also wish to place on record their deep sense
of appreciation for the committed services and teamwork by
the executives, staff members and workers of the Company
for enthusiastic contribution to the growth of Company’s
business.

For and on behalf of the Board of Directors

Arpit J. Vyas ^De°^h°^{oti J}. ^Vy^as

Global Managing Director Wlroffiffiirre Erector-

DIN: 01540057 ^{DIN: 00004876}

Date: 19^th May, 2026 Place: Vitznau Place: Ahmedabad