The Board of Directors of EPL Limited ("Company"/ "EPL") is pleased to present the Board's Report, as a part of the Integrated Annual Report
of the Company, along with the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended
on March 31,2026 ("year under review"/ "Financial Year 2025-26").

1. FINANCIAL HIGHLIGHTS

Notes:

(1) The performance of the Company and its subsidiaries on a consolidated basis has been discussed at relevant places in this report, wherever
applicable.

(2) The financial year ended on March 31,2025 is referred as "Financial Year 2024-25" or "previous year".

(3) Profit before tax disclosed above is after adjusting exceptional items and Share of profit/(loss) of associate.

On Consolidated Basis, the Company delivered another year of strong growth, with Total Income increasing by ~12.9% to ' 48,065
Million from ' 42,569 Million in the previous year, supported by a ~13.0% growth in Sales and Operating Income. The Company
continued to deliver profitable growth, with Net Profit After Tax attributable to equity holders rising by ~8.3% to ' 3,889 Million, from
' 3,590 Million in the previous year.

The Company's performance during the year is reflective of its resilient business model, and underscores the Company's ability to
drive sustainable growth while maintaining profitability and demonstrating the ability to create long-term value for its shareholders.

In compliance with the applicable provisions of the Companies Act, 2013 read with the rules made thereunder (as amended) ("Act")
and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
("SEBI LODR Regulations"), the Audited Standalone and Consolidated Financial Statements of the Company for the year under review,
form part of the Integrated Annual Report separately, along with the respective Auditors' Reports thereon. The notes to the financial
statements are self-explanatory and do not call for any further comments.

Share Capital and Issuance of Equity Shares

During the year under review, there were no changes in the Authorised Capital of the Company, and at the end of the Financial Year
2025-26, the Authorised Capital of the Company stood at ' 731.5 Million (divided into 36,57,50,000 Equity Shares of ' 2 each).

Further, during the year under review, the Company issued and allotted 6,88,108 fully paid-up Equity Shares, to its eligible employees
under the Employee Stock Options Scheme-2020 of the Company ("ESOS 2020"). Accordingly, the Paid-up Equity Share Capital of the
Company increased from ' 63,91,19,470 (comprising 31,95,59,735 Equity Shares of ' 2 each) as on March 31,2025, to ' 64,04,95,686
(comprising 32,02,47,843 Equity Shares of ' 2 each). The Equity shares issued under ESOS 2020 rank pari-passu with the existing Equity
Shares of the Company.

Exceptional Items

For the year under review, following expenditures were recorded as 'Exceptional Items' in the Consolidated Financial Statements:

(a) Financial impact estimated to be ' 59 Million, arising from implementation of New Labour Codes which have become effective
from November 21,2025, mainly due to an increase in gratuity and compensated absences liability in view of the change in the
definition of 'wages';

(b) Cost of' 156 Million incurred towards various services availed in relation to the Scheme of Amalgamation (by way of merger by
absorption) of Indovida India Private Limited with the Company and their respective shareholders (More details in this regard are
provided hereinbelow in Point no. 4); and

(c) Cost of ' 67 million incurred due to closure of a factory unit in China.

Items mentioned in Point (a) and (b) above, are also recorded as 'Exceptional Items' in the Audited Standalone Financial Statements
of the Company for the year under review.

More details in this regard are included in the Audited Standalone and Consolidated Financial Statements of the Company for the year
under review, which form part of the Integrated Annual Report, separately.

Dividend

In view of the ongoing process of the Proposed Merger (more details in this regards are provided hereinbelow in Point no. 4), and
the customary transaction-related covenants applicable in that regard, the Board of Directors of the Company ("Board") has not
recommended any final dividend for the Financial Year 2025-26.

It is pertinent to note that during the year under review, the Board had, at its meeting held on November 11,2025, declared an Interim
Dividend of ' 2.50 per fully paid-up Equity Share of ' 2 each, and which was paid to the Equity Shareholders whose names appeared
in the Register of Members as on November 17, 2025 (i.e. the record date determined for the purpose).

The Dividend Distribution Policy adopted by the Board, in terms of the provisions of the SEBI LODR Regulations, is available on the
website of the Company i.e. athttps://www.eplglobal.com/investors/corporate-governance/.

Transfer to Reserves

The Board has not proposed to transfer any amount to reserves during this year under review and accordingly, the entire amount of
profit for the Financial Year 2025-26 would be retained in the statement of profit and loss.

Intellectual Property Rights

During the year under review,

• the Company filed 23 applications for registration of patents which are under process of registration, and secured registration of
27 Patents in various countries, based on the applications filed by the Company during previous financial year(s), taking its global
patent portfolio to 154 Patents, as on March 31,2026;

• the Company filed applications for registration of 2 design patents in Europe Region; and

• the Company secured registration of 1 trademark in India, and 1 trademark across two classes in China.

All necessary measures are taken on continuous basis to ensure that the Company's Intellectual Property portfolio remains fully
protected at all times.

Material Changes and Commitments affecting the financial position of the Company

There have been no material changes and commitments affecting the financial position of the Company, after the end of the financial
year and date of this report.

Significant or Material Orders

During the year under review, no significant or material orders were passed by the regulators or courts or tribunals which impact the
going concern status or operations of the Company in future.

Applications made or proceedings initiated in terms of the provisions of Insolvency and Bankruptcy Code, 2016 ("IBC")

During the year under review, no new application was made or proceeding was initiated in terms of the provisions of IBC.

The Company continues to monitor the progress of the proceedings initiated by the Company in July 2024, against Medioint
Lifescience Private Limited (one of the customers of the Company) in terms of Section 9 of the IBC. The matter is presently under
Corporate Insolvency Resolution Process, with an Interim Resolution Professional appointed by the Hon'ble National Company Law
Tribunal, Indore Bench.

3. SUBSIDIARIES AND ASSOCIATES

The Company operates out of 11 other countries besides India, through 18 Direct and Step-Down Subsidiaries, and 1 Associate
Company. (While the Company holds more than 20% Equity Shares in Clean Max Aria Private Limited, since the Company does not exercise significant
influence/ control on its decisions, it is not considered as an associate company).

During the year under review, the Company invested a further amount of 30 Crore in EPL Packaging (Thailand) Co. Ltd., to support
the operations in the first year of its incorporation including commissioning of its manufacturing facility. Further, the Company also
invested an amount of ' 150 Crore in EPL Brasil LTDA, which is expected to have favourable impact on its financial position.

The Company did not have any Joint Venture, as at the end of the year under review.

There has been no material change in the nature of the business of any of the Company's Subsidiaries and Associate Companies.

I n terms of the provisions of Section 129(3) of the Act, a statement containing the salient features of Financial Statements of the
Company's Subsidiaries and Associate Company as on March 31, 2026, in Form AOC-1, is provided along with the Audited Financial
Statements of the Company for the year under review, which forms part of the Integrated Annual Report, separately. The statement
also contains details about the performance of Subsidiaries and Associate Company, and their contribution to the overall performance
of the Company during the period under review. Further, the details of the region-wise performance, which comprises performance
of the Subsidiaries and Associate Company located in such regions, are included in the 'Management Discussion and Analysis' for the
year under review, which forms part of the Integrated Annual Report, separately.

In terms of the provisions of Section 136 of the Act, the Audited Standalone and Consolidated Financial Statements of the Company
as on March 31, 2026, along with relevant documents are available on the website of the Company i.e. at https://www.eplglobal.
com/investors/financial-filings/. Also, more details about the Subsidiaries and Associate Company are available on the website of the
Company i.e. at https://www.eplglobal.com/investors/, as a part of the Annual Return of the Company (in Form MGT-7) with respect
to the year under review.

The Company has, in terms of the provisions of Regulation 16(1)(c) of the SEBI LODR Regulations, adopted a 'Policy for Determining
Material Subsidiaries' of the Company, and the same is available on the website of the Company i.e. at https://www.eplglobal.com/
investors/corporate-governance/.

In terms of the provisions of the Regulation 24 of the SEBI LODR Regulations, minutes of the meetings of the Subsidiaries are placed
before the Board on a quarterly basis, along with a statement containing details of the significant transactions and arrangements
entered into by the Subsidiary Companies, if any. Further, the Company duly complies with other applicable Corporate Governance
requirements with respect to the Subsidiaries of the Company in terms of Regulation 24 of the SEBI LODR Regulations.

4. SCHEME OF AMALGAMATION (BY WAY OF MERGER BY ABSORPTION) OF INDOVIDA INDIA PRIVATE LIMITED
("INDOVIDA") WITH THE COMPANY AND THEIR RESPECTIVE SHAREHOLDERS

During the year under review, the Board, based on the recommendations of the Audit Committee and the Committee of Independent
Directors, approved the Scheme of Amalgamation (by way of merger by absorption) of Indovida with the Company and their
respective shareholders, pursuant to Sections 230 to 232 and other applicable provisions of the Act, the SEBI LODR Regulations and
other applicable laws ("Proposed Merger").

The Proposed Merger represents a strategic step aligned with the Company's long-term growth vision of becoming a leading
consumer packaging partner across emerging markets, as it is expected to combine the Company's leadership in specialty flexible
packaging with Indovida's strong presence in rigid packaging solutions, thereby expanding the combined entity's product portfolio,
customer coverage and geographic footprint across key emerging markets.

The Proposed Merger is expected to strengthen the Company's ability to offer a wider range of products through the combined
operations of the Company and Indovida, while enhancing geographical diversification and operational, organisational and financial
efficiencies. It is also expected to support cost optimisation and synergies through pooling of resources, facilitate an integrated
approach to financial consolidation, capital allocation and cash management, enable adoption of best practices and process
automation, and strengthen organisational capability and leadership by bringing together diverse skills, talent and experience to
drive operational excellence and sustained value creation for stakeholders.

Upon effectiveness of the Proposed Merger, which is subject to the requisite regulatory and statutory approvals, the Company will
continue as the listed entity. Also, on effectiveness of the Proposed Merger, the Company shall issue and allot to each shareholder of
Indovida 286 fully Paid-up Equity Shares of face value ' 2 each of the Company, for every 10,000 fully Paid-up Equity Shares of face
value ' 10 each held by such shareholder in Indovida. The share exchange ratio for the Proposed Merger has been determined on the
joint valuation report dated March 28, 2026, issued by BDO Valuation Advisory LLP and D and P India Advisory Services, Independent
Registered Valuers. Ernst & Young Merchant Banking Services LLP, a SEBI registered Category-I Merchant Banker, has issued its fairness
opinion dated March 28, 2026, confirming on the fairness of the aforesaid share exchange ratio.

Further details in relation to the Proposed Merger are available on the website of the Company i.e. athttps://www.eplglobal.com/
investors/scheme-of-amalgamation/.

5. DIRECTORS' RESPONSIBILITY STATEMENT

Based on the framework of internal financial controls and compliance systems established and maintained by the Company, the work
performed by the Internal, Statutory and Secretarial Auditors as well as external consultants, including the audit of internal financial
controls over financial reporting by the Statutory Auditors, and the reviews performed by the Management and the relevant Board
Committees, including the Audit Committee of the Board, the Board is of the opinion that the Company's internal financial controls
were adequate and effective during and as at the end of the year under review.

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

(a) applicable accounting standards have been followed in the preparation of the Annual Standalone and Consolidated Financial
Statements of the Company for the year under review, and there are no material departures;

(b) such accounting policies, as mentioned in the notes to the Audited Standalone and Consolidated Financial Statements of the
Company for the year under review, have been selected and applied consistently, and judgment and estimates have been made
that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at the end of the year
under review and of the profit of the Company for that period;

(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 Standalone and Consolidated Financial Statements of the Company have been prepared on a going concern basis;

(e) proper internal financial controls are in place at the Company, and such internal financial controls are adequate and were
operating effectively; and

(f) necessary systems have been devised to ensure compliance with the provisions of all applicable laws and such systems were
adequate and operating effectively.

6. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
Board of Directors

As on March 31,2026, the Board composition was as under:

(1) Mr. Hemant Bakshi was appointed as Managing Director & Global Chief Executive Officer of the Company with effect from January 1,2026.

(2) Mr. Anand Kripalu was appointed as Non-Executive, Non-Independent Director of the Company with effect from April 1,2026.

During the year under review, the Non-Executive Directors of the Company had no pecuniary relationship or transactions with the

Company, other than the Commission and sitting fees paid to them (if any), and reimbursement of expenses incurred by them for the

purpose of attending meetings of the Board/ Committee(s) of the Company, if any.

Other details of the Directors on the Board such as,

• the number of other Directorships, Committee Chairmanships/ Memberships held by the Directors in other Indian Public

Companies;

• number of shares and convertible instruments of the Company held by the Directors;

• names of other Equity Listed Companies, where the Directors of the Company hold directorships, along with the category of
such Directorships; and

• remuneration of Directors,

are disclosed in the 'Corporate Governance Report' of the Company for the year under review, which forms part of the Integrated

Annual Report, separately.

Changes in Directorate

During the year under review, following changes took place in the Board composition:

(a) Mr. Aloke Lohia (holding Director Identification Number: 11107239) was appointed as an Additional (Non-Executive) Director of
the Company with effect from May 27, 2025. Thereafter, in terms of the approval of the Members by way of Postal Ballot (results
of which were declared on August 17, 2025), he was appointed as a Non-Executive Director of the Company with effect from
May 27, 2025.

(b) Mr. Amit Dixit (holding Director Identification Number: 01798942), who was liable to retire by rotation at 42^nd Annual General
Meeting of the Company, was re-appointed as a Non-Executive Director of the Company.

(c) Ms. Ayshwarya Vikram (holding Director Identification Number: 08153649) ceased to be a Non-Executive Director of the
Company with effect from close of business hours of December 31,2025. As communicated by Ms. Vikram vide her resignation
letter, she resigned as the Non-Executive Director of the Company due to her pre-occupations and other commitments.

(d) Mr. Anand Kripalu (holding Director Identification Number: 00118324) retired from the post of Managing Director & Global
CEO of the Company with effect from December 31, 2025, and continued as the Executive Director of the Company with
effect from January 1,2026 till March 31,2026. Thereafter, considering Mr. Kripalu's significant contributions during his tenure as
the Managing Director & Global CEO, and based on the recommendation and approval of the Nomination and Remuneration
Committee of the Board ("NRC") and the Board, he was appointed as a Non-Executive Director of the Company with effect from
April 1,2026, in terms of the approval of the Members by way of Postal Ballot (results of which were declared on March 26, 2026).

(e) Mr. Hemant Bakshi (holding Director Identification Number: 02362738) was appointed as an Additional Director, and as the 'Managing
Director & Global Chief Executive Officer' of the Company (being one of the Key Managerial Personnel) for a term of 5 (five) years,
with effect from January 1, 2026. Thereafter, in terms of the approval of the Members by way of Postal Ballot (results of which were
declared on March 26, 2026), he was appointed as the 'Managing Director & Global Chief Executive Officer' of the Company.

The Board extends its sincere gratitude to Mr. Anand Kripalu for his impactful leadership, and for his enormous contribution in
strengthening Company's market leadership during his tenure as the Managing Director & Global CEO of the Company. The Board also
extends a warm welcome to Mr. Hemant Bakshi and looks forward to his leadership and strategic guidance as the Company embarks
on its next phase of growth, innovation and value creation for all stakeholders.

I n the opinion of the Board, the Executive and Non-Executive Directors appointed during the year possesses requisite integrity,
expertise, experience and proficiency, as required in terms of the provisions of the Act and the SEBI LODR Regulations.

Further, Mr. Animesh Agrawal (holding Director Identification Number: 08538625) who is serving as a Non-Executive, Non-Independent
Director of the Company, is due to retire by rotation at the ensuing 43^rd Annual General Meeting ("ensuing AGM"), and being eligible, he
has offered himself for re-appointment. The Board has approved the proposal for re-appointment of Mr. Agrawal, subject to approval
of the Members, at the ensuing AGM and a resolution seeking approval of the Members for the same forms part of the Notice of the
ensuing AGM. Detailed profile of Mr. Agrawal along with information required to be disclosed in terms of the provisions of Regulation
36 of the SEBI LODR Regulations and the Secretarial Standards on General Meetings is provided as a part of the Annexure to the Notice
of the ensuing AGM.

Declaration from Independent Directors

The Company has received declarations from all the Non-Executive, Independent Directors, inter alia, confirming that:

• they meet the criteria of independence as prescribed under Section 149 of the Act and Regulation 16 of the SEBI LODR
Regulations;

• they have enrolled themselves in the Independent Directors' Databank maintained with the Indian Institute of Corporate Affairs (IICA);

• they have passed online proficiency test, if required or have been exempted therefrom due to their seniority and experience;
and

• in terms of Regulation 25(8) of the SEBI LODR Regulations, they are not aware of any circumstances or situation, which exist or
may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent
judgement and without any external influence.

I n terms of Regulation 25(9) of the SEBI LODR Regulations, the Board has taken such declarations on record after undertaking due
assessment of the veracity of the same. Based on the declarations received from the Non-Executive, Independent Directors, the Board
is of the opinion that the Non-Executive, Independent Directors fulfil the conditions of independence mentioned under Section 149
of the Act and SEBI LODR Regulations and that they are independent of the Management.

Policy on Directors' Appointment and Remuneration and Other Details

I n terms of Section 178 of the Act, the Board has adopted the 'Nomination and Remuneration Policy' which inter alia lays down
guidelines for matters with respect to appointment and remuneration of Directors (Executive and Non-Executive), Senior Management
and Key Managerial Personnel of the Company, including determination of their remuneration, and evaluation of the performance.

The NRC is responsible for dealing with the matters as specified in the Nomination and Remuneration Policy, which includes matters
specified under the Act and the SEBI LODR Regulations.

This Policy is divided into three parts and salient features of the aforesaid Policy are as under:

• Part - A of the policy enlists the matters that shall be considered by the NRC, before recommending the same to the Board.

• Part - B of the policy lays down the guidelines with respect to appointment and nomination, including following matters:

(a) Appointment criteria and qualifications of Directors, Senior Management and Key Managerial Personnel of the Company;

(b) Term/ Tenure of Managing Director/ Whole-time Director, Independent Director(s);

(c) Evaluation of Performance of Directors on yearly basis;

(d) Removal of Directors, Senior Management and Key Managerial Personnel of the Company; and

(e) Retirement of Directors, Senior Management and Key Managerial Personnel of the Company.

• Part - C covers matters with respect to remuneration to the Directors (incl. Managing Director/ Whole-time Director), Key
Managerial Personnel and Senior Management Personnel, including following matters:

(a) General Matters of process;

(b) Remuneration to Managing Director/ Whole-time Director, Key Managerial Personnel and Senior Management Personnel,
including provisions with respect to payment of excess remuneration;

(c) Remuneration to Non-Executive/ Independent Director(s) including limits on the amounts that may be paid by way of
commission and sitting fees (for attending the meetings of the Board and of Committees of which they may be Members) etc.

• The Policy specifies that the Independent Director(s) shall not be entitled to Employee Stock Options of the Company.

• The Policy is subject to review, as and when required, but at least once in 3 (three) years.

The above policy i.e. Nomination and Remuneration Policy, is available on the website of the Company i.e. at https://www.eplglobal.
com/investors/corporate-governance/.

Performance Evaluation

During the year under review, the performance evaluation of the Board, its Committees, Individual Directors (including Independent
Directors), and the Chairman was undertaken, in accordance with the criteria formulated by the NRC, and applicable provisions of the
Act and the SEBI LODR Regulations.

The evaluation process was facilitated through a secure online platform enabling confidential feedback from Directors. The system
generated consolidated reports and summary thereof were reviewed and discussed by the Independent Directors, NRC and the
Board, at their respective meetings. The Board further considered the Action Taken Report on feedback received in the previous year
as part of its commitment to continuous improvement and effective corporate governance.

More details of the performance evaluation of the Board, its Committees and Individual Directors (including the Chairperson) are
disclosed in the 'Corporate Governance Report' of the Company for the year under review, which forms part of the Integrated Annual
Report, separately.

Familiarization Programme

The Company conducts Familiarisation Programmes for the Non-Executive, Independent Directors with an aim to provide them with
an insight about the Company, its business and nature of the industry in which the Company operates. The Directors are provided
with opportunities to visit the Company's manufacturing units to gain deeper insights into the Company's operations, processes and
business environment. Further, necessary documents, reports and internal policies are provided to them from time to time, including
at the time of their induction to the Board, to enable them to familiarise with the Company's procedures and practices. Presentations
are made at the Board Meetings, on performance of each of the Geographical Regions where the Company operates and on practices
relating to Human Resources, Business Strategy, Business Plans, Cyber Security, Sustainability, Safety etc.

Details of the Familiarisation Programmes are available on the website of the Company i.e. at https://www.eplglobal.com/investors/
corporate-governance/.

Key Managerial Personnel

Following officers of the Company were designated as the Key Managerial Personnel of the Company ("KMP"), as on March 31,2026:

During the year under review, as mentioned above:

(a) Mr. Anand Kripalu retired from the post of Managing Director & Global CEO of the Company with effect from December 31,
2025, and continued as the Executive Director of the Company with effect from January 1,2026 till March 31,2026, post which
he ceased to be one of the KMPs of the Company.

(b) Mr. Hemant Bakshi was appointed as the 'Managing Director & Global Chief Executive Officer' of the Company (being one of the
Key Managerial Personnel) for a term of 5 (five) years, with effect from January 1,2026.

7. MEETINGS OF THE BOARD

During the year under review, the Board met 8 (eight) times i.e. on May 8, 2025, May 27, 2025, August 5, 2025, October 8, 2025,
November 11,2025, February 13, 2026, March 29, 2026, and March 31,2026. The maximum interval between any 2 (two) consecutive
meetings did not exceed 120 days.

Details of the attendance of the Directors at the Board Meetings are disclosed in the 'Corporate Governance Report' of the Company
for the year under review, which forms part of the Integrated Annual Report, separately.

8. COMMITTEES OF THE BOARD

As on March 31, 2026, the Board had six duly constituted Committees viz. Audit Committee, Nomination and Remuneration
Committee, Corporate Social Responsibility Committee, Risk Management Committee, Stakeholders Relationship Committee, and
Security Committee, which function according to their respective roles and defined scope. The Board also constitutes certain special
purpose Committees, as and when required, based on the evolving needs of the business and/or for looking into specific matters of
strategic importance.

The composition and terms of reference of all the Committees, along with details of their respective meetings, attendance of Members
of the Committee etc. are disclosed in the 'Corporate Governance Report' of the Company for the year under review, which forms part
of the Integrated Annual Report, separately.

9. AUDITORS
Statutory Auditors

M/s. Walker Chandiok & Co LLP, Chartered Accountants (Firm Registration no. 001076N/N500013), were appointed as the Statutory
Auditors of the Company at the 42^nd Annual General Meeting of the Company ("42^nd AGM"), to hold office for the second term of
5 (five) consecutive years i.e. from conclusion of the 42^nd AGM till conclusion of 47^th AGM of the Company ("Statutory Auditors").

The Reports of the Statutory Auditors on the Annual Standalone and Consolidated Financial Statements of the Company for the
Financial Year 2025-26, are provided along with the Audited Financial Statements of the Company, which form part of the Integrated
Annual Report, separately. There is no modification, qualification, reservation, adverse remark or disclaimer given by the Statutory
Auditors in their reports for the year under review, and in terms of the provisions of Section 143(12) of the Act, no fraud has been
reported by the Statutory Auditors in their reports against the Company by its officers or employees for the year under review.

Further, as contemplated in terms of the provisions of the circular dated January 7, 2026 by the National Financial Reporting Authority,
a separate meeting of the Statutory Auditors of the Company with 'Those Charged with Governance' in relation to the Company, was
held on May 13, 2026.

Secretarial Auditors

M/s. Dilip Bharadiya & Associates, Practising Company Secretaries, a peer reviewed firm of Practising Company Secretaries (Unique
Identification no. P2005MH091600 & Peer Review Certificate no. 5825/2024), was appointed as the Secretarial Auditors of the Company
at the 42^nd AGM of the Company, for a term of 5 (five) consecutive years commencing from the Financial Year 2025-26 i.e. April 1,2025
till the conclusion of Financial Year 2029-30 i.e. March 31,2030 ("Secretarial Auditors").

The Secretarial Audit Report for the year under review, as issued by the Secretarial Auditors of the Company, is annexed as
Annexure Ato this report. There is no qualification, reservation, adverse remark or disclaimer given by the Secretarial Auditors in their
Report for the year under review.

Cost Auditors

I n terms of the provisions of Section 148 of the Act, read with Companies (Cost Records and Audit) Rules, 2014 (as amended), the
Company is required to maintain cost records and consequently, is required to undertake an audit of such cost records maintained.
Accordingly, the Board had appointed M/s. Jitendrakumar & Associates, Cost and Management Accountants (Firm Registration
no. 101561), as the Cost Auditors for conducting audit of the Cost Accounting Records maintained by the Company for the financial
year ended on March 31,2026.

Further, the Board has, on recommendation of the Audit Committee, appointed them as the Cost Auditors of the Company for
conducting audit of the Cost Accounting Records maintained by the Company for the financial year ending on March 31, 2027
("Financial Year 2026-27"). A resolution seeking ratification from the Members, for the remuneration payable to the Cost Auditors for
Financial Year 2026-27, forms part of the Notice of the ensuing AGM.

There was no qualification, reservation, adverse remark or disclaimer given by the Cost Auditors in their report for the Financial Year
2024-25, which was issued during the year under review.

Internal Auditor

During the year under review, Mr. Navneet Mahansaria ceased to be the Internal Auditor of the Company. Accordingly, in terms of the
provisions of Section 138 of the Act read with the applicable rules made thereunder, Mr. Vinay Thakur was appointed as the Internal
Auditor of the Company, with effect from May 14, 2026.

The Internal Audit Plan for the year under review is approved by the Board, based on the recommendation of the Audit Committee, and
the Internal Auditor presents a quarterly update on the status of the Internal Audit Plan, along with other relevant updates, to the Audit
Committee.

10. CORPORATE GOVERNANCE

The Company, as a global organization, is committed to maintaining the highest standards of corporate governance, and accordingly,
its governance framework is designed to protect stakeholder interests, ensure regulatory compliance and support sustainable
long-term value creation. The Company also aligns its governance practices with applicable laws, regulations issued by the Securities
and Exchange Board of India ("SEBI") and global best practices driving responsible growth across its global operations.

The Company is in compliance with the Corporate Governance requirements stipulated under the Act and the provisions of
Regulations 17-27 of the SEBI LODR Regulations, which deal with the Corporate Governance Requirements. The Company has also
obtained a Certificate from the Secretarial Auditors of the Company, in terms of the applicable provisions of the SEBI LODR Regulations,
whereby they have, on basis of their examination, certified that during the year under review, the Company has duly complied with
the conditions of Corporate Governance as stipulated in the SEBI LODR Regulations. The certificate is annexed as Annexure Bto
this report.

Further, a detailed report on Corporate Governance, in terms of the provisions of the SEBI LODR Regulations, forms part of the
Integrated Annual Report, separately.

11. COMPLIANCE WITH SECRETARIAL STANDARDS

The Company has implemented appropriate systems to ensure compliance with all applicable Secretarial Standards issued by the
Institute of Company Secretaries of India (ICSI). These systems are well-structured, adequate, and have been operating effectively
throughout the year under review.

12. INTERNAL AUDIT AND INTERNAL FINANCIAL CONTROLS
Internal Audit

The Company has established a robust and comprehensive framework for Internal Financial Controls, integrating internal audit,
enterprise risk management, and compliance monitoring. The internal control environment is strengthened by an independent
Internal Audit function, which is supported by a network of external audit firms to enhance coverage and expertise.

I n line with its governance responsibilities, the Audit Committee annually approves a risk-based Internal Audit Plan. This plan
encompasses key risks and controls across manufacturing units, offices, warehouses, and centrally managed functions. The Audit
Committee, on a quarterly basis, reviews significant audit observations and the status of remediation actions, ensuring timely
resolution and continuous improvement. Further, it also reviews the final reports on audit findings, follow-up actions, and the overall
internal control environment, on an annual basis.

Internal Financial Controls ("IFC")

The IFC framework of the Company is aligned with the principles of the Committee of Sponsoring Organizations of the Treadway
Commission (COSO) and is commensurate with the scale and complexity of the Company's operations, thereby meeting the
requirements of the Act. It is anchored in the 'three lines of defence' model and supported by well-defined Standard Operating
Procedures (SOPs) and policy framework. The Management of the Company, along with Statutory and Internal Auditors, conducts
periodic testing of controls to assess both design adequacy and operating effectiveness.

During the year under review, the IFC framework was independently assessed in accordance with the guidelines issued by the Institute
of Chartered Accountants of India (ICAI), and the review confirmed that the Internal Financial Controls are satisfactory in both design
and operational effectiveness.

More details on the Company's Internal Control Systems, including Internal Financial Controls, are provided in the 'Management
Discussion and Analysis' section, which forms part of the Integrated Annual Report, separately.

Risk Management

Risk Management is deeply embedded within the governance architecture of the Company, and it is treated as a strategic enabler that
supports its long-term vision, rather than just a defence mechanism against uncertainties.

The Company's Business Risk Assessment (BRA) processes enable periodic self-assessment of business risks, operating controls, and
compliance with corporate policies, which facilitates continuous monitoring of evolving risks and the effectiveness of mitigation
measures. The Internal Audit function provides independent and objective assurance to the Management and the Board, on the
effectiveness of risk management and internal control systems. The use of data analytics further enhances audit depth, coverage, and
efficiency. Proactive fraud risk assessments are also undertaken across key functions to identify control vulnerabilities.

The Board has also constituted the Risk Management Committee ("RMC") in terms of the provisions of Regulation 21 of SEBI LODR
Regulations, for reviewing the risks and mitigation measures on a periodic basis. All aspects of risk, such as strategic, regulatory
and compliance, operational, financial and reputational risks, whether internal or external, are discussed in the meeting(s) of the
RMC. Details of the composition of the RMC along with the details of participation of the Members at its meetings and the terms of
reference of RMC are disclosed in the 'Corporate Governance Report' of the Company for the year under review, which forms part of
the Integrated Annual Report, separately.

The structured Risk Management process of the Company spans the entire risk lifecycle, i.e. identification of risks that could adversely
impact the achievement of business objectives ^ evaluation of the likelihood and potential impact of identified risks ^ development
and alignment on appropriate mitigation strategies for principal risks ^ implementation of risk mitigation actions and continuous
evaluation of their effectiveness ^ periodic reporting of key risks and mitigation status to the Management, Risk Management
Committee, and the Board.

More details about the Risk Management, including external and operational risks, are provided in the 'Management Discussion and
Analysis' section, which forms part of the Integrated Annual Report, separately.

13. VIGIL MECHANISM

The Company remains committed to upholding the highest standards of Corporate Governance and stakeholder responsibility. In
alignment with this commitment, and in accordance with the provisions of the Act and the SEBI LODR Regulations, the Company has
implemented a Whistle Blower Policy, as a part of its Vigil Mechanism.

The Whistle Blower Policy enables the timely reporting of concerns, including suspected fraud, misconduct, irregularities, or breaches
of Company policies, directly to the Management. It ensures that such matters are addressed promptly, fairly, and transparently, while
also safeguarding the confidentiality of the whistle blower and protecting them from any form of retaliation. The policy is available on
the website of the Company i.e. athttps://www.eplglobal.com/investors/corporate-governance/.

More details about the Vigil Mechanism/ Whistle Blower Policy are disclosed in the 'Corporate Governance Report' of the Company for
the year under review, which forms part of the Integrated Annual Report, separately.

14. LOANS, GUARANTEES AND INVESTMENTS

Details of the loans, guarantees and investments covered under applicable provisions of Section 186 of the Act and as per Para A of
Schedule V of the SEBI LODR Regulations are disclosed in Note No. 48 to the Audited Standalone Financial Statements of the Company,
for the Financial Year 2025-26, which forms part of the Integrated Annual Report, separately.

Further, during the year under review, there were no transactions requiring disclosure or reporting in respect of matters relating to
one-time settlement with any bank or financial institution.

15. RELATED PARTY TRANSACTIONS I.E. CONTRACTS AND ARRANGEMENT WITH RELATED PARTIES

In line with the requirements of the Act and the applicable provisions of the SEBI LODR Regulations, the Company has formulated a
policy on dealing with Related Party Transactions ("RPTs"). The Policy intends to ensure that proper reporting, approval and disclosure
processes are in place for all transactions between the Company and its related parties.

All transactions with related parties during the year under review were in accordance with the Policy on RPT formulated by the
Company. Further, all arrangements or transactions entered by the Company during the year under review with related parties were
conducted on an 'arm's length' basis and in the ordinary course of business. Prior omnibus approval was obtained for RPTs which were
of repetitive nature, were entered in the ordinary course of business and were at arm's length. Further, the Company has complied
with the applicable requirements of the SEBI LODR Regulations, in relation to the RPTs undertaken by its subsidiaries, including review,
approval and disclosure requirements, wherever applicable.

A statement on RPTs specifying the details of the transactions, pursuant to each omnibus approval granted, was placed on a quarterly
basis for review by the Audit Committee. All RPTs, requiring approval of the Audit Committee/ Board, are placed for approval of the
Audit Committee and the Board wherever necessary, in compliance with the provisions of the Act and the SEBI LODR Regulations.

I n terms of the provisions of Section 188(1) of the Act, read with the Companies (Meetings of Board and its Powers) Rules, 2014
(as amended), all contracts/ arrangements/ transactions entered into by the Company with its related parties, during the year under
review, were in 'ordinary course of business' of the Company, on an 'arm's length basis' and not 'material! Accordingly, Form no. AOC-2,
prescribed under the provisions of Section 134(3)(h) of the Act and Rule 8 of the Companies (Accounts) Rules, 2014 (as amended), for
disclosure of details of RPTs, which are 'not at arm's length basis' and which are 'material and at arm's length basis', is not applicable and
hence, the same is not provided as an annexure of this report.

In terms of the applicable provisions of the SEBI LODR Regulations and Indian Accounting Standards, details of the RPTs entered into
during the year under review are disclosed in Note No. 50 to the Audited Standalone Financial Statements of the Company for the
Financial Year 2025-26, which forms part of the Integrated Annual Report, separately.

The Company's policy on RPTs and related matters, as approved by the Board, is available on the website of the Company i.e. at
https://www.eplglobal.com/investors/corporate-governance/.

16. CORPORATE SOCIAL RESPONSIBILITY

The Company's Corporate Social Responsibility (CSR) framework extends well beyond traditional philanthropy reflecting a strategic
commitment to holistic community development and sustainability driven initiatives, with the programmes designed to create
enduring value through targeted interventions in rural development, plastic waste management, skill enhancement, and educational
advancement. By integrating these focus areas, the Company aims to generate measurable outcomes that strengthen community
wellbeing and contribute to longterm societal progress.

Further, it is pertinent to note that the Company's overseas subsidiaries also go the extra-mile and take various initiatives on the health,
education and other fronts, for helping the society in their respective geographies.

The CSR initiatives and activities undertaken during the year under review by the Company were aligned with the requirements of
Section 135 of the Act. The brief outline of the CSR policy of the Company, details regarding the CSR Committee and the initiatives
undertaken by the Company on CSR activities during the year under review are set out in Annexure Cof this report, in the format
prescribed under the Companies (Corporate Social Responsibility Policy) Rules, 2014 (as amended).

The CSR Policy of the Company is in compliance with the provisions of the Act and the same is available on the website of the
Company i.e. athttps://www.eplglobal.com/investors/corporate-governance/.

17. EMPLOYEE STOCK OPTIONS SCHEME

The Company has implemented ESOS 2020 and Employee Stock Option Scheme 2025 ("ESOS 2025"), pursuant to the approvals of the
NRC, the Board, and the Members of the Company. These schemes are designed to attract, retain, reward, and motivate employees by
aligning their interests with the long-term growth, profitability, and value creation objectives of the Company.

I n accordance with the applicable provisions of the Securities and Exchange Board of India (Share Based Employee Benefits and
Sweat Equity) Regulations, 2021, as amended ("SEBI SBEB & SE Regulations"), ESOS 2020 is implemented and administered by the NRC,
and ESOS 2025 is implemented by the NRC and administered through - 'EPL ESOP Trust, which has been constituted for the specific
purpose. During the year under review, no changes or modifications were made to either ESOS 2020 or ESOS 2025.

The Company has obtained a certificate from M/s. Dilip Bharadiya & Associates, i.e. the Secretarial Auditors of the Company, thereby
confirming that ESOS 2020 and ESOS 2025 have been implemented in compliance with the provisions of the SEBI SBEB & SE Regulations
and in accordance with the approvals granted by the Members of the Company.

Details relating to stock options granted under the aforesaid schemes and the related accounting matters are disclosed in the Notes
to the Audited Standalone Financial Statements forming part of this Integrated Annual Report, separately. Further, the disclosures
prescribed under the SEBI SBEB & SE Regulations in respect of ESOS 2020 and ESOS 2025 are available on the website of the Company
athttps://www.eplglobal.com/investors/corporate-governance/.

18. ENVIRONMENTAL, SOCIAL AND GOVERNANCE ("ESG") FRAMEWORK, INTEGRATED REPORTING, AND BUSINESS
RESPONSIBILITY AND SUSTAINABILITY REPORT

The Company remains steadfast in delivering results aligned with its mission, vision, and long-term strategic objectives. During the
year under review, despite persistent global macroeconomic headwinds, including inflationary pressures, geopolitical uncertainties,
and ongoing supply chain realignments, the Company demonstrated strong resilience and agility. This enabled it to sustain growth
momentum while further improving operational efficiencies and margins.

The Company continues to work closely with its customers to co-create innovative, sustainable, and customized packaging solutions
that support their environmental commitments. Sustainability-led innovation remains at the core of this approach, with sustainable
tubes now accounting for 39% of the Company's overall portfolio. Concurrently, focused initiatives to reduce material intensity,
increase use of recycled content, and lower carbon emissions are being actively advanced across operations.

The Company's commitment to Environmental, Social and Governance (ESG) excellence continues to be recognized by leading
global platforms. During the year under review, the Company enhanced its ratings, including a "Green" rating from Ellen MacArthur
Foundation and an EcoVadis Platinum rating, reflecting its sustained progress on sustainability goals.

Aligned with global climate priorities, the Company remains committed to achieving Net Zero emissions by 2050, supported by a
structured roadmap focusing on renewable energy adoption, energy efficiency, circular economy practices, and responsible sourcing
aligned with Science Based Targets initiative (SBTi), and CDP framework.

More details on the Company's sustainability initiatives and performance are provided in a dedicated section on Page Nos. 4 - 129
of this Integrated Annual Report, as well as in the 'Management Discussion and Analysis' section, which forms part of the Integrated
Annual Report, separately.

Further, the Company has integrated its global sustainability disclosures within this Integrated Annual Report, prepared in alignment
with the Global Reporting Initiative (GRI) Standards, which presents material financial and non-financial information relating to the
global operations of the Company. It provides an overview of the Company's performance across key business functions, including
people and culture, manufacturing, research and development, warehousing, sales and distribution.

Pursuant to Regulation 34(2)(f) of the SEBI LODR Regulations, the Business Responsibility and Sustainability Report (BRSR) for the year
under review, encompassing the Company's ESG disclosures, also forms part of the Integrated Annual Report, separately.

19. ENERGY, TECHNOLOGY & FOREIGN EXCHANGE

Details of conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)
of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 (as amended) are annexed as Annexure Dto this report.

20. ANNUAL RETURN

In terms of the provisions of Section 92(3) and 134(3)(a) of the Act and rules made thereunder, the Annual Return of the Company for
the Financial Year 2025-26, in Form no. MGT-7 is available on the website of the Company i.e. athttps://www.eplglobal.com/investors/
corporate-governance/.

21. PARTICULARS OF EMPLOYEES

Details in terms of the provisions of Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 (as amended) ("said rules") are annexed as Annexure Eto this report.

The statement containing names and other details of the employees as required in terms of Section 197(12) of the Act read with
Rule 5(2) and 5(3) of the said rules, forms part of this report. In terms of sub-section (1) of Section 136 of the Act, the Integrated Annual
Report is being sent to the Members and others entitled thereto, excluding the aforesaid statement. The said statement will be open
for inspection upon request by the Members, and any Member interested in obtaining a copy of the same may write to the Company
Secretary atlegal-secretarial@eplglobal.com.

22. AWARDS AND RECOGNITIONS

During the year under review, the Company received significant recognition for its achievements across various domains highlighting
our commitment to sustainability, innovation, and employee well-being. Details about the same are disclosed in a separate section
on Page Nos. 20 - 21 of the Integrated Annual Report, separately.

23. DISCLOSURES PERTAINING TO THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013

The Company is committed to providing a safe, respectful, inclusive and dignified workplace and maintains zero tolerance towards
any form of sexual harassment or conduct that undermines the dignity of its employees. In compliance with the provisions of the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed thereunder (the
"POSH Act"), the Company has adopted a comprehensive Policy on Prevention, Prohibition and Redressal of Sexual Harassment at
Workplace ("POSH Policy").

To ensure effective implementation of the POSH Policy, the Company has constituted Internal Committees across its administrative
units and offices for the redressal of complaints relating to sexual harassment. Further, a Central Committee for Governance and
Review of POSH has been established to oversee policy implementation, monitor compliance and promote a consistent governance
framework across the organization.

The Company regularly conducts awareness and sensitization programmes for employees to reinforce a culture of mutual respect,
equality and inclusion, while enhancing understanding of the provisions of the POSH Act and the Company's POSH Policy.

Details of the complaints received during the year under review, under POSH Policy, are as under:

(a) Number of complaints received during the year : 4

(b) Number of complaints disposed off during the year : 4

(c) Number of complaints pending as at the end of the year : Nil

24. INVESTOR EDUCATION AND PROTECTION FUND ("IEPF")

In terms of the applicable provisions of the Act, read with the Investor Education and Protection Fund Authority (Accounting, Audit,
Transfer and Refund) Rules, 2016 (as amended) ("IEPF Rules"), all dividends which are lying unpaid or unclaimed for a period of
7 (seven) years, are required to be transferred by the Company to the IEPF, established by the Government of India, after the completion
of 7 (seven) years. Further, in terms of the IEPF Rules, the Equity Shares on which the dividend has remained unpaid or unclaimed for
7 (seven) consecutive years or more shall also be transferred to the demat account of the IEPF Authority.

During the year, the Company transferred an amount of ' 13,55,429 representing the unclaimed and unpaid dividend pertaining
to Financial Year 2017-18 to the IEPF. Further, 1,05,584 Equity Shares of the Company, to which such dividend pertained, were also
transferred to IEPF Authority, as per the requirements of the IEPF Rules.

The Company regularly sends reminders to those members whose dividends have remained unclaimed, thereby requesting them to
update the bank account details with Registrar and Transfer Agents (RTA)/ Depository Participants/Company, to ensure timely credit
of Dividends by the Company. The members can claim the shares transferred to the IEPF Authority along with the dividend(s) by
making an application to IEPF Authority in accordance with the procedure available on www.iepf.gov.in and on submission of such
documents as prescribed under the IEPF Rules.

Details of the unpaid/ unclaimed dividend along with the names of the Members to whom such dividend pertains, are available on
the website of the Company i.e. athttps://www.eplglobal.com/investors/shareholder-information/.

Mr. Onkar Ghangurde, Head - Legal, Company Secretary & Compliance Officer of the Company is appointed as the Nodal Officer under
Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. Details of the Nodal Officer are
available on the website of the Company i.e. athttps://www.eplglobal.com/investors/shareholder-information/.

25. OTHER DISCLOSURES

In terms of the other applicable provisions of the Act, it is reported that during the year under review:

• the Company did not issue any shares with differential voting rights;

• the Company did not issue any Sweat Equity Shares;

• there was no revision in the financial statements during year under review;

• the Company issued and allotted total 7,200 units of Commercial Papers ("CPs") aggregating to ' 360 Crores, which were listed
on National Stock Exchange of India Limited, and the amount due and outstanding on maturity of the CPs, was duly paid within
the stipulated timelines;

• the Company did not issue any Non-Convertible Debentures; and

• the Company has not accepted any deposits from public and hence, no amount on account of principal or interest on deposits

from public was outstanding as on March 31,2026.

Details about the credit ratings assigned to the Company are disclosed in the 'Corporate Governance Report' of the Company for the
year under review, which forms part of the Integrated Annual Report, separately.

Further, the Company has complied with all applicable provisions of the Maternity Benefit Act, 1961 (as amended).

26. ACKNOWLEDGEMENT

The Board of Directors places on record its sincere appreciation to the Company's valued customers, suppliers, vendors, banking
partners, financial institutions, and investors for their continued confidence, trust and support. Their enduring partnership has been
integral to the Company's growth, resilience and sustained success.

The Board also expresses its gratitude to the Government of India, the Governments of various States within India, and the governments
and regulatory authorities and other stakeholders across the jurisdictions in which the Company operates, for their continued
co-operation and support.

The Board further acknowledges with deep appreciation the dedication, commitment and contributions of the Company's employees
across the globe and the support extended by their families. Their passion, professionalism and collective efforts have been instrumental
in driving the Company's performance, strengthening its market leadership and creating long-term value for all stakeholders.

For and on behalf of the Board of Directors of the CompanyHemant Bakshi Sharmila A. Karve

Managing Director & Global Chief Executive Officer Independent Director

DIN:02362738 DIN:05018751

Date : May 14, 2026

Place : Mumbai

1

COMPANY'S PERFORMANCE - FINANCIAL YEAR 2025-26
Business Performance

Key highlights of the performance of the Company, including the review of market, business and operations of the Company during
the year under review, are included in the 'Management Discussion and Analysis', which forms part of the Integrated Annual Report,
separately.

Financial Performance

2

On Standalone Basis, the Total Income of the Company for the year under review stood at ' 15,952 Million, representing a robust
growth of ~10.2% over the previous year's Total Income of ' 14,482 Million. This was supported by a ~4.5% increase in Sales and
Operating Income during the year. Further, the Net Profit After Tax of the Company increased by ~40.5% to ' 2,949 Million, from
' 2,099 Million in the previous year.