The Board of Directors take pleasure in presenting the 21^st Annual Report of Gallantt Ispat Limited (the Company) on businessess
and operations of the Company along with the Audited Financial Statements for the financial year ended March 31, 2025.

1. CORPORATE OVERVIEW

The Company being incorporated in the year 2005 has come a long way to become one of the leading steel manufacturing
companies in India. Factories of the Company are located at Samakhyali, Kutch District of Gujarat (hereinafter referred to
as "Gujarat Unit”) and Sahjanwa, Gorakhpur, Uttar Pradesh (hereinafter referred to as "Gorakhpur Unit”). The Company's
registered office is also situated at Gorakhpur Industrial Development Authority (GIDA), Gorakhpur.

WORKING RESULTS (' In Lakhs)

2. FINANCIAL ACCOUNTING AND ADOPTION OF IND AS

The Financial Statements for the FY 2024-25 are prepared under Ind-AS notified under Section 133 of the Companies Act,
2013 (hereinafter referred to as "The Act”) read with the Companies (Accounts) Rules, 2014 as amended from time to time.
The estimates and judgements relating to the Financial Statements are made on a prudent basis, so as to reflect in a true and
fair manner, the form and substance of transactions and reasonably present the Company's state of affairs, profits and cash
flows for the year ended March 31,2025. The Notes to the Financial Statements adequately cover the Audited Statements and
form an integral part of this Report. As mandated by the Ministry of Corporate Affairs, IND AS is applicable to the Company
from the Financial Year commencing from April 01, 2017. The estimates and judgments relating to the Financial Statements
are made on a prudent basis, so as to reflect in a true and fair manner, the form and substance of transactions and reasonably
present the Company's state of affairs, profits and cash flows for the year ended March 31, 2025.

3. BUSINESS OPERATION AND PERFORMANCE REVIEW

Your Company is a steel manufacturing Company. It manufactures high quality steel products to cater the needs of the
customers for use in the construction and infrastructure building through the deployment of robust processes and state
of-the-art technology. The Company's high-quality products help customers to build strong constructions and gain
competitive advantage.

During the FY 2024-25 Revenue from Operations stood at ' 4,29,272.89 Lakhs as against ' 4,22,711.75 Lakhs during the last
FY 2023-24. The Profit before Interest, Depreciation and Taxation stood at ' 71,004.78 Lakhs as against ' 45,504.79 Lakhs in

the previous year registering a growth of 56.04%. The Net Profit after Tax for the year under review stood at ' 40,074.24 Lakhs
as against ' 22,533.81 Lakhs in the previous year registering a remarkable growth of 77.84 %. Earnings per Share (EPS) stood
at ' 16.61 (face value of ' 10/- each) for the financial year ended March 31, 2025. During the year Company's performance
has been significantly higher as compared to the previous year especially in terms of profitability.

Such robust growth of the Company has been a result of several factors such as -

• setting up of a Pellet Plant having capacity of 7,92,000 MT which helped to reduce cost of raw materials;

• purchase of own railway rakes by the Company for transporting coal to the factory timely and cost effectively which
led to reduction in freight cost which in turn has helped to improve the profitability;

• Usage of modern technologies and state-of-the-art machineries with highly skilled workers resulting in efficient and
increased production.

Further, the grant of composite licence for Todupura Iron Ore Block, District Karauli in Rajasthan having an area of 260.71
hectare and the total deposit of Iron Ore of 85.42 million ton shall ensure operational flexibility, easy availability and no
dependency on international as well as domestic suppliers of Iron Ore for a period of 20-25 years (approximately). Owning
and efficiently operating through captive Iron Ore mining, significant cost saving can be realised and sustained which, in
turn, would surge the operating as well as net profit of the Company considerably in future.

4. PRODUCTION AT A GLANCE

The dividend was recommended by the Board at its meeting held on May 21, 2025 and the duly signed form for waiving off/
forgoing right to receive dividend as received from the Promoter and Promoter Group Shareholders were taken on record.

As per the Income Tax Act, 1961, as amended by the Finance Act, 2020, dividend paid or distributed by the Company on
or after April 01, 2020 has become taxable in the hands of the shareholders. Your Company shall therefore be required to
deduct tax at source (TDS) at the time of making payment of the said Dividend after obtaining the approval of shareholders
in the forthcoming AGM.

6. TRANSFER TO RESERVES

The Board of Directors has decided to retain the entire amount of profit in the profit and loss account. Accordingly, your
Company has not transferred any amount to the 'Reserves' for the year ended March 31, 2025.

7. BUSINESS RESPONSIBILITY AND SUSTAINIBILITY REPORT (BRSR)

SEBI, vide its circular dated May 10, 2021, made BRSR mandatory for the top 1,000 listed companies (by market capitalization)
from Financial Year 2022-23 and your Company falls under the category of top 1,000 listed companies. The Company has
adopted the BRSR compulsorily since financial year 2022-23 to provide enhanced disclosures on ESG practices and priorities
of the Company.

In accordance with Regulation 34(2)(f) of the SEBI (LODR) Regulations, 2015, Company is glad to present to you the 3^rd Business
Responsibility and Sustainability Report ('BRSR') for the financial year 2024-25 which forms part of the Annual Report and is
attached as Annexure - II.

8. MANAGEMENT DISCUSSION & ANALYSIS REPORT

As per SEBI (LODR) Regulations, 2015, Management Discussion and Analysis Report for the year under review forms part of
the Annual Report and is annexed herewith as Annexure-III.

9. CORPORATE GOVERNANCE REPORT

The Company is committed to maintain the highest standards of corporate governance and set a benchmark in the global
steel industry. The Company ensures that it adheres to good corporate practices and implements effective policies at all levels
as well as respect the rights of the minority shareholders. Company ensures that the requirements of Corporate Governance
as laid down in Regulation 27 of the SEBI (LODR) Regulations, 2015 are complied with, in letter and spirit.

Pursuant to SEBI (LODR) Regulations, 2015, the Corporate Governance Report along with the Certificate from a Practicing
Company Secretary, certifying compliance with conditions of Corporate Governance, forms part of the Annual Report.

10. 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, Cost and Secretarial Auditors including Audit of Internal Financial Controls
over financial reporting by the Statutory Auditors and the reviews performed by Management and the relevant Board
Committees, including the Audit Committee, the Board is of the opinion that the Company's Internal Financial Controls were
adequate and effective during the financial year 2024-25.

Accordingly, pursuant to Section 134(3)(c) and 134(5) of the Act, the Board of Directors, to the best of their knowledge and
ability, confirm that:

(i) In the preparation of annual accounts, the applicable accounting standards have been followed and there has been
no material departure.

(ii) The selected accounting policies were applied consistently and the Directors 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 as at March 31, 2025
and of the profit of the Company for the financial year ended March 31, 2025.

(iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities.

(iv) The annual accounts have been prepared on a going concern basis.

(v) Sufficient internal financial controls have been laid down and such internal financial controls are adequate and were
operating effectively, and

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

11. PUBLIC DEPOSITS

The Company has not accepted or renewed any public deposits during the period under review. It has not accepted any
deposits from the public within the meaning of the provisions of Section 73 of the Companies Act, 2013 and Rules made
there under. Therefore, it is not required to furnish information in respect of outstanding deposits under non-banking, non¬
financial Companies (Reserve Bank) Directions, 1966 and Companies (Accounts) Rules, 2014.

12. DEBENTURES

During the financial year under review, the Company has not issued or allotted any Debentures and does not have any
outstanding Debentures.

13. SHARE CAPITAL

As on March 31 2025, the Authorized Capital of the Company is ' 2,41,30,33,000/- (Rupees Two Hundred Forty-One Crores
Thirty Lakhs and Thirty-Three Thousand Only) and the paid-up capital stands at ' 2,41,28,09,450/- (Rupees Two Hundred
Forty-One Crores Twenty-Eight Lakhs Nine Thousand Four Hundred and Fifty Only) consisting of 24,12,80,945 equity shares
of ' 10/- (Rupees Ten) each.

As on March 31, 2025 the issued, subscribed and paid-up Share Capital is ' 2,41,28,09,450/- (Rupees Two Hundred Forty-One
Crore Twenty-Eight Lakhs Nine Thousand Four Hundred and Fifty only) divided into 24,12,80,945 Equity Shares of ' 10/- each.

During the year under review, the Company has not issued shares with differential voting rights nor has granted any stock
options or sweat equity. As on March 31,2025, none of the Directors of the Company hold instruments convertible into equity
shares of the Company. The Company has paid Listing Fees for the financial year 2025-26 to each of the Stock Exchanges,
where its equity shares are listed.

14. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION AND CHANGE IN BUSINESS

There have been no material changes and commitments affecting the financial position of the Company which have
occurred between the end of the Financial Year of the Company to which the financial statements relate and the date of
this report.

The Income Tax Department has conducted a search operation in April, 2023. Pursuant to that, the Income Tax Department
initiated the assessment for 7 (Seven) Assessment Years and has concluded the assessment till Assessment Year 2023-24
without any addition to the taxable income. However, assessment for the Assessment Year 2024-25 is in progress and the
management is of the view that conclusion for the Assessment Year 2024-25 will be without any addition in the taxable
income in line with the last previous years.

15. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE

There are no significant material orders passed by the Regulators or Courts or Tribunal which would impact the going concern
status of the Company and its future operations. However, Members attention is drawn to the statement on contingent
liabilities, commitments in the notes forming part of the Financial Statements.

16. FINANCIAL STATEMENTS OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES

Pursuant to the provisions of Section 129(3) of the Act, a statement containing performance & salient features of the financial
statements of Company's Associate Companies in Form AOC - 1 is attached as Annexure - IV. The Company has no Subsidiary
Company. Gallantt Medicity Devlopers Private Limited is an 'Associate' of the Company.

The accounts of the Associate Company are audited and certified by their respective Statutory Auditors for consolidation.

In accordance with Section 136 of the Act, the financial statements of the Associate Companies are available for inspection
by the members at the Registered Office of the Company during business hours on all days except Saturdays, Sundays and
public holidays up to the date of the AGM. Any member desirous of obtaining a copy of the said financial statements may
write to the Company Secretary at the Registered Office of the Company. The financial statements including the CFS, and
all other documents required to be attached to this report have been uploaded on the website of the Company at www.
gallantt.com

17. DISCLOSURE ON COMPLIANCE WITH SECRETARIAL STANDARDS

Your Directors confirm that the Company complies with the applicable Secretarial Standards on Meetings of Board of
Directors and General Meetings issued by the Institute of Company Secretaries of India.

18. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The information required to be disclosed under Section 134(3) (m) of the Companies Act, 2013 read with Rule 8(3) of the
Companies (Accounts) Rules, 2014, regarding conservation of energy, technology absorption and foreign exchange earnings
and outgo is annexed as Annexure - V to this Report.

19. BUSINESS GROWTH, OUTLOOK AND EXPANSION

Several key factors have influenced the robust growth of your Company. Your Directors believe that the Company has the
potential to further scale up its business volumes and profitability and are in the process of identifying new avenues of
growth and effective utilization of its existing resources. The infrastructure creation continues to be one of the major priorities
of the State Governments as well as Government of India and thereby the infrastructure space is likely to see significant
activity which augurs well for steel demand.

Your Company has a dedicated team of Management and Operating Personnel who have been instrumental in the growth
of the business over the years.

Your Company has been constantly endeavouring for building the brand image of the Company PAN India. Shri Ajay Devgan,
Bollywood Superstar, Film Director and Producer has been associated with the Company since 2021 as a Brand Ambassador.
Mr. Devgan commands a huge mass fan following across all the age groups which in turn has helped the Company to pitch
its products to all age groups. Mr. Devgan's endorsement of our products has helped to build the brand reputation of the
Company manifold.

The pellet plant commissioned at the Gorakhpur unit having a capacity of 7,92,000 MT in July 2023 was operating at a
capacity of 58% only but the during the FY 2024-25 Company has witnessed full capacity utilization. This in turn has helped
to reduce the raw material cost which in turn led to improvement in profitability of the Company to a great extent.

The Company has completed the purchase of two railway rakes with an investment of ' 55 Crores (Rupees Fifty-Five Crores
Only) in the second half of FY 2023-24. FY 2024-25 has witnessed full year benefit of these newly purchased railway rakes in
terms of reduced freight cost and timely delivery of raw materials at its Gorakhpur unit.

Your Company has also ventured into the mining project this financial year. Your Company has been declared as a Successful
"Preferred Bidder” by the Director of Mines & Geology, Government of Rajasthan on June 15, 2024, for Composite Licence
for Todupura Iron Ore Block, District Karauli in Rajasthan. Company has submitted and offered the Highest Final Price Offer
of 175.05% to become a Successful "Preferred Bidder”. As per topographical studies, the geological data and the structure
indicate that the Iron Ore investigated area is 260.71 hectare and the total deposit of Iron Ore is 85.42 million tonnes. The
said Iron Ore Mine has been allotted for Gujarat Steel Unit of the Company. In-house mining of Iron Ore, being the basic raw
material of the Company, shall ensure operational flexibility, easy availability and no dependency on international as well as
domestic suppliers of Iron Ore for a period of 20-25 years (approximately). Owning and efficiently operating through captive
Iron Ore mining, significant cost saving can be realised and sustained which, in turn, would surge the operating as well as
net profit of the Company considerably.

The Direct Reduced Iron (DRI) Kiln having a capacity of1,65,000 MTPA at the Company's manufacturing facilities at Gorakhpur,
Uttar Pradesh has been completed during the financial year. The total cost incurred by the Company towards this project
has been ' 125 Crores.

The Company has installed an additional furnace of 30 ton per heat capacity. This furnace will improve production capability
by 10%. The benefit of this has led to much better capacity utilisation (better production) during the financial year.

Company has also introduced a stronger and more durable value added offering under its Gallantt Advance brand TMT Bar.

Your Company plans to enter into new venture of real estate and infra including construction of hotels and mall by partnering
with Shalimar Group. A Group Housing project with ultra- modern facilities under the name "Shalimar Gallantt” is already
under process.

Your Company has been catering to 3,000 dealers and around 30 distributors in Uttar Pradesh and Gujarat for close to 2
decades and plans are underway for expanding distributor and dealer reach across both Uttar Pradesh and Gujarat.

Company has decided to expand the installed production capacity of the existing Integrated Steel Plants (Integration of
Sponge Iron, Billets, Pellets, Captive Power Plant and Rolling Mill Unit) at Gorakhpur. The Board has approved a total of
' 1,014.98 Crores of Capex for the above expansion which also includes installation of Captive Solar Power Plant. The entire
expansion is expected to be completed in the next financial year.

20. CREDIT RATING

The Credit Rating Agency M/s. India Rating & Research Private Limited has maintained the rating to IND A /Stable for the
Company's Fund Based Long Term facilities (long term) and IND A for Non-Fund based Short Term facilities vide its rating
press release.

21. LISTING INFORMATION

The equity shares of the Company are in dematerialized form and is listed with BSE Limited and National Stock Exchange
of India Limited. The Listing Fees has been paid to the Stock Exchanges for the financial year 2025-26. The ISIN No. of the
Company is INE297H01019.

22. AUDITORS & AUDITORS' REPORT

M/s Maroti & Associates, Chartered Accountants (Firm Registration Number: 313132E) were appointed as Statutory Auditors
in the 18^th (Eighteenth) Annual General Meeting (AGM) of the Company for a period of five years, from the conclusion of 18^th
AGM till the conclusion of the 23^rd AGM of the Company.

The Statutory Auditors had carried out audit of financial statements of the Company for the financial year ended March 31,
2025 pursuant to the provisions of the Act. The reports of Statutory Auditors form part of the Annual Report. The reports
are self-explanatory and do not contain any qualifications, reservations or adverse remarks. The Statutory Auditors have
issued an unmodified opinion on the Company's Financial Statements for the financial year ended March 31,2025. Necessary
certificate has been obtained from the Auditors as per Section 139(1) of the Companies Act, 2013.

23. COST AUDIT

The Company is required to maintain cost records pursuant to the provisions of Section 148 of the Companies Act read with
Companies (Cost Records and Audit) Rules, 2014, as amended from time to time. Accordingly, such accounts and records
have been maintained by the Company.

The Company has submitted the Cost Audit Report and Cost Compliance Report to the Central Government for the financial
year 2024-25.

Pursuant to the provisions of Section 148 of the Companies Act read with the Companies (Cost Records and Audit) Rules, 2014,
as amended from time to time, the Board of Directors at its meeting held on May 21, 2025 and based on the recommendation
of the Audit Committee, had appointed M/s. U. Tiwari & Associates, Cost Accountants, as Cost Auditor of the Company for
conducting the Cost Audit for the financial year 2025-26 on a remuneration of ' 1,00,000/- (Rupees One Lakh Only) plus out
of pocket expenses. A Certificate from M/s. U. Tiwari & Associates, Cost Accountants, has been received to the effect that their
appointment as Cost Auditor of the Company, if made, would be in accordance with the limits specified under Section 141
of the Act and Rules framed thereunder. The remuneration is subject to the ratification of the members in terms of Section
148 read with Rule 14 of the Companies (Audit and Auditors) Rules, 2014.

Further, M/s. U. Tiwari & Associates, Cost Accountants, have been appointed as Cost Auditors to conduct cost audit of the
Company for the financial year 2025-26 subject to approval of their remuneration by the shareholders in the ensuing AGM.

24. INTERNAL FINANCIAL CONTROLS

Internal Financial Control means the policies and procedures adopted by the Company for ensuring the orderly and efficient
conduct of its business, including adherence to Company's policies, the safeguarding of its assets, timely prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records and timely preparation of reliable
financial information.

The Company has an adequate system of internal controls in place. It has documented policies and procedures covering
all financial and operating functions. These controls have been designed to provide a reasonable assurance with regard
to maintaining of proper accounting controls for ensuring reliability of financial reporting, monitoring of operations and
protecting assets from unauthorized use or losses, compliances with regulations. The Company has continued its efforts to
align all its processes and controls with global best practices.

The framework on Internal Financial Controls over Financial Reporting has been reviewed by the internal and external auditors.
The Company's internal financial controls were operating effectively based on the internal control criteria established by the
Company considering the essential components of internal control stated in the guidance note on audit of internal control
over financial reporting issued by the Institute of Chartered Accountants of India.

The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of internal control systems
and suggests improvements wherever needed to strengthen the same. The Audit Committee evaluated the internal financial
controls based on the following criteria:

A. Systems have been laid to ensure that all transactions are executed in accordance with management's general and
specific authorisation. There are well-laid manuals for such general or specific authorisation.

B. Systems and procedures exist to ensure that all transactions are recorded as necessary to permit preparation of
financial statements in conformity with generally accepted accounting principles or any other criteria applicable to
such statements, and to maintain accountability for aspects and the timely preparation of reliable financial information.

C. Access to assets is permitted only in accordance with management's general and specific authorisation. No assets of
the Company are allowed to be used for personal purposes, except in accordance with terms of employment or except
as specifically permitted.

D. The existing assets of the Company are verified / checked at reasonable intervals and appropriate action is taken with
respect to any differences, if any.

E. Proper systems are in place for prevention and detection of frauds and errors and for ensuring adherence to the
Company's policies.

A report on the internal financial controls under clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013 issued
by M/s. Maroti & Associates, Chartered Accountants, Statutory Auditors of the Company is attached with their Independent
Auditor's Report and the same is self-explanatory.

Effective steps are taken by the Management to enable continuous monitoring of lead control indicators and action taken
towards correcting identified gaps. Respective functions have been trained and equipped to enable continuous monitoring
of exceptions by themselves to reduce surprises and enable corrective action on timely and regular basis.

Your Company has a robust financial closure self-certification mechanism wherein the line managers certify adherence to
various accounting policies, accounting hygiene and accuracy of provisions and other estimates.

25. INSURANCE

All the insurable interests of your Company including inventories, buildings, plant and machinery and liabilities under
legislative enactments are adequately insured.

26. PARTICULARS OF EMPLOYEES

Disclosures pertaining to remuneration and other details as required under section 197(12) read with Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 is annexed herewith as Annexure - VI to this report.

The said Annexure also contains a statement comprising the names of top 10 employees in terms of remuneration drawn.

27. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186

The particulars of loans, guarantees and investments u/s 186 of the Companies Act, 2013 is annexed herewith as Annexure- VII.

28. DETAILS OF POLICIES

(i) Nomination and Remuneration Policy

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection
and appointment of Directors, Senior Management and their remuneration. The summary of Remuneration Policy of
the Company prepared in accordance with the provisions of Section 178 of the Companies Act, 2013 read with Part D of
Schedule II of the SEBI (LODR) Regulations, 2015 are provided in the Corporate Governance Report. The Remuneration
Policy is uploaded on the website of the Company at www.gallantt.com

(ii) Corporate Social Responsibility Policy (CSR)

The Board has, on the recommendation of the CSR Committee, approved the CSR Policy. The Company's CSR Policy is
available on the Company's website at www.gallantt.com and the same is also attached herewith as Annexure - VIII.

As a part of its initiative under the "Corporate Social Responsibility” (CSR) drive, the Company has undertaken projects
in the area of health, education and rural development, eradicating hunger, promoting health care and education.
These projects are in accordance with Schedule VII of the Companies Act, 2013 and the Company's CSR policy. Annual
Report on CSR as required under Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 is also
attached herewith as Annexure - IX.

(iii) Risk Management Policy

Business Risk Evaluation and Management is an ongoing process within the Organization. Pursuant to Section 134(3)
(n) of the Companies Act, 2013, the Board has framed a Risk Management Policy for the Company. The Company has in
place a mechanism to identify, assess, monitor and mitigate various risks to key business objectives. Major risks identified
by the business and functions are systematically addressed through mitigating actions on a continuing basis. At present
the Company has not identified any element of risk which may threaten the business (or) existence of the Company.

Company has formulated a policy on Risk Management. The Policy is formulated in compliance with Regulation 17(9)
(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and provisions of the Companies Act,
2013, which requires the Company to lay down procedures about risk assessment and risk minimization.

The Risk Management Policy is available on the Company's website at www.gallantt.com

(iv) Whistle Blower Policy - Vigil Mechanism

Your Company has formulated a Vigil Mechanism Policy with a view to provide a mechanism for employees and directors
of the Company to approach the Chairman of the Audit Committee to ensure adequate safeguards against victimisation.

This policy would help to create an environment wherein individuals feel free and secure to raise an alarm, whenever
any fraudulent activity takes place or is likely to take place. It will also ensure that complainant(s) are protected from
retribution, whether within or outside the organization. The Board has elected Mr. Nitesh Kumar, Company Secretary
as the Whistle Officer under the Vigil Mechanism Policy.

The details of establishment of the Vigil Mechanism Policy are displayed on the website of the Company at www.
gallantt.com

29. DISCLOSURE REGARDING ISSUE OF SWEAT EQUITY SHARES AND EQUITY SHARES WITH DIFFERENTIAL RIGHTS

The Company has not issued any Sweat Equity Shares or Equity Shares with Differential Rights during the year under review.

30. MATERNITY BENEFIT

During the period under review, the Company has complied with the provisions relating to the Maternity Benefit Act, 1961.

31. DISCLOSURE IN RESPECT OF VOTING RIGHTS NOT EXERCISED

No disclosure is required under Section 67 of the Companies Act, 2013 read with Rule 16(4) of the Companies (Share Capital
and Debentures) Rules, 2014, in respect of voting rights not exercised directly by the employees of the Company as the
provisions of the said Section are not applicable.

32. SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (Prevention, Prohibition and Redressal) Act, 2013

The Company is an equal opportunity Company and has zero tolerance for sexual harassment at workplace. It has adopted
a policy against sexual harassment in line with the provisions of Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the rules framed thereunder.

The Company has complied with the provisions relating to the constitution of the Internal Complaints Committee as per
the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

Details of complaints received and redressed during the financial year 2024-25:

33. SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT

Mr. Anurag Fatehpuria, Practicing Company Secretary, having office address at 4/B/1, Salkia School Road, Raghav River View
Apartment, Howrah-711106 has been appointed as Secretarial Auditors of the Company for the financial year ended March
31, 2025. The Secretarial Audit Report received from the Secretarial Auditor is annexed to this report marked as Annexure-X
and forms part of this report. There are no qualifications, observations, adverse remark or disclaimer in the said Report.

In terms of Regulation 24A read with other applicable provisions of the SEBI (LODR) Regulations and applicable provisions of
the Companies Act, 2013, the Company is required to appoint Secretarial Auditors for a period of 5 (Five) years commencing
from FY 2025-26 till FY 2029-30, to conduct the secretarial audit of the Company.

Board on recommendation of the Audit Committee and the Nomination and Remuneration Committee, has approved
the appointment of Mr. Anurag Fatehpuria, a Peer Reviewed Practicing Company Secretary (Peer Review No. 3367/2023), as
Secretarial Auditors of the Company subject to approval of the Members of the Company at the ensuing Annual General
Meeting for a period of 5 (Five) consecutive years from commencing from FY 2025 -26 till FY 2029-30 at such remuneration
as shall be fixed by the Board of Directors of the Company.

34. REPORTING OF FRAUD

During the year under review, the Statutory Auditors, Cost Auditors and Secretarial Auditors have not reported any instances
of frauds committed in the Company by its officers or employees to the Audit Committee under Section 143(12) of the Act,
details of which need to be mentioned in this Report.

35. EXTRACT OF ANNUAL RETURN

As required pursuant sub-section (3) of Section 92 of the Companies Act 2013, read with Rule 12 of the Companies
(Management and Administration) Rules, 2014 the extract of the Annual Return in Form MGT-9 is available on the website
of the Company at www.gallantt.com.

36. RELATED PARTY TRANSACTIONS

In terms of the Indian Accounting Standard "Related Party Disclosures”, as prescribed under Section 133 of the Companies
Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014, the Company has identified the related parties covered
therein and details of transactions with such related parties have been disclosed in Notes to the Accounts forming part of
this Annual Report.

Transactions with related parties entered into by the Company are in the ordinary course of business and on arm's length basis
and do not have potential conflicts with the Company. Further, these transactions are also placed in the Audit Committee
Meeting(s) for its prior approval or omnibus approval. There is no materially significant related party transaction during the
financial year ended March 31, 2025.

None of the related party transactions entered into by the Company were in conflict with the Company's interest. There
are no materially significant Related Party Transactions made by the Company with Promoters, Directors or Key Managerial
Personnel etc. which may have potential conflict with the interest of the Company at large.

All Related Party Transactions are placed before the Audit Committee for their approval. Omnibus approvals are taken for
the transactions which are repetitive in nature. In compliance with Listing Regulations, the necessary statements/disclosures
with respect to the Related Party Transactions are tabled before the Audit Committee and the Board of Directors on quarterly
basis. In line with requirement of the Companies Act, 2013 and Regulation 23 of the SEBI LODR Regulations, your Company
has adopted a Policy on Related Party Transactions which is available at Company's website www.gallantt.com

Further, in compliance with Regulation 23(9) of the Listing Regulations, the Company has duly submitted the half-yearly
disclosures on Related Party Transactions to the Stock Exchanges where its equity shares are listed.

37. BOARD COMMITTEES

Detailed notes on composition of Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship
Committee, Corporate Social Responsibility Committee, Risk Management Committee and Committee of Directors have
been disclosed under Corporate Governance Report.

38. ANNUAL EVALUATION OF BOARD, COMMITTEES AND INDIVIDUAL DIRECTORS

During the financial year, formal annual evaluation of the Board, its committees and individual Directors was carried out
pursuant to the Board Performance Evaluation Policy of the Company.

For annual performance evaluation of the Board as a whole, it's Committees and individual Directors including the Chairman
of the Board, the Company has formulated a questionnaire to assist in evaluation of the performance. Every Director has to
fill the questionnaire related to the performance of the Board, its Committees and individual Directors except himself by
rating the performance on each question on the scale of 1 to 10, 1 being Unacceptable and 10 being Excellent. On the basis
of the response to the questionnaire, a matrix reflecting the ratings was formulated and placed before the Board for formal
annual evaluation by the Board of its own performance and that of its Committees and individual Directors.

The questionnaire usually contains aspects such as attendance of Directors at Board and committee meetings, acquaintance
with business, communicating inter se board members, effective participation, domain knowledge, compliance with code
of conduct, vision and strategy, benchmarks established by global peers, etc., which is in compliance with applicable laws,
regulations and guidelines.

A separate meeting of Independent Directors was also held to review the performance of Managing Director, performance
of the Board as a whole and performance of the Chairperson of the Company, taking into account the views of Executive
Directors and Non-Executive Directors.

39. FAMILIARISATION PROGRAMME

Your Company follows a structured orientation and familiarization programme through various reports/ codes/internal
policies for all the Directors with a view to update them on the Company's policies and procedures on a regular basis. All
new Directors (including Independent Directors) inducted to the Board go through a structured orientation programme.
Presentations are made by Senior Management giving an overview of the operations, to familiarise the new Directors with
the Company's business operations. The new Directors are given an orientation on the products of the business, group
structure and subsidiaries, Board constitution and procedures, matters reserved for the Board and the major risks and risk
management strategy of the Company.

They are made to interact with senior management personnel and proactively provided with relevant news, views and
updates on the Company and sector. All the information/documents sought by them is/are also shared with them for
enabling a good understanding of the Company, its various operations and the industry.

Also, periodic presentations are made at the Board Meetings on business and performance, long term strategy, initiatives
and risks involved.

The details of programmes for familiarisation for Independent Directors are posted on the website of the Company at www.
gallantt.com

40. DETAILS OF RECOMMENDATIONS OF AUDIT COMMITTEE WHICH WERE NOT ACCEPTED BY THE BOARD ALONG
WITH REASONS

The same is not applicable as the Audit Committee's recommendations were accepted and implemented by the Board.

41. CODE OF CONDUCT

Your Company has adopted a Code of Conduct for members of the Board (incorporating duties of Independent Directors)
and the Senior Management. The Code aims at ensuring consistent standards of conduct and ethical business practices across
the Company. Your Company has received confirmations from all concerned regarding their adherence to the said Code.

Pursuant to Regulation 26(3) of the SEBI LODR Regulations, 2015, Mr. Chandra Prakash Agrawal, Managing Director and
Mr. Mayank Agrawal, Chief Executive Officer has confirmed compliance with the Code by all members of the Board and the
Senior Management.

The full text of the Code is hosted on the Company's website at www.gallantt.com

42. CODE OF CONDUCT FOR PROHIBITION OF INSIDER TRADING

Your Company has adopted a Code of Conduct for Prevention of Insider Trading which is in line with the policy of the Company
to implement and practice the principles of Corporate Governance based on fairness, transparency, integrity, honesty
and accountability, consistently being followed by the Company in all its business practices and dealings. The Company
recognizes that strict observance of the Code is a basic pre-requisite for ensuring full confidentiality of all "Unpublished
Price Sensitive Information” and to build general investor confidence and stakeholder credibility. Unless otherwise stated,
this policy applies to the employees/designated persons/connected persons (including immediate relatives) of all the
subsidiaries, joint ventures and associates (whether in or outside of India) of the Company.

All Directors, Designated Persons and Connected Persons who could have access to the Unpublished Price Sensitive
Information of the Company are governed by the Code. During the year under review, there has been due compliance with
SEBI (Prohibition of Insider Trading) Regulations, 2015. The full text of the Code is hosted on the Company's website at www.
gallantt.com

43. NUMBER OF MEETINGS OF BOARD AND AUDIT COMMITTEE HELD DURING THE YEAR 2024-2025

Six (6) meetings of the Board of Directors of the Company were conducted during the financial year and also six (6) meetings
of the Audit Committee of the Board of Directors were conducted during the financial year. The details of board/committee/
shareholders meetings are provided under the Corporate Governance Report which forms part of the Annual Report.

44. AUDIT COMMITTEE

The Audit committee of the Company as on the date of this report is constituted of following Directors:

* Mr. Udit Agarwal, Independent Director has been inducted as a Member of the Audit Committee w.e.f. 16.09.2024

Constitution of the Audit Committee is in compliance with requisite provisions of the Companies Act, 2013 and rules made
thereunder, SEBI LODR Regulations, 2015 and all other applicable laws, rules and regulations.

45. STAKEHOLDERS RELATIONSHIP COMMITTEE

The Stakeholders Relationship Committee of the Company as on the date of this report is constituted of following Directors:

Constitution of the Stakeholder Relationship is in compliance with requisite provisions of the Companies Act, 2013 and rules
made thereunder, SEBI LODR Regulations, 2015 and all other applicable laws, rules and regulations.

46. NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee of the Company as on the date of this report is constituted of following Directors:

Constitution of the Nomination and Remuneration Committee is in compliance with requisite provisions of the Companies
Act, 2013 and rules made thereunder, SEBI LODR Regulations, 2015 and all other applicable laws, rules and regulations.

47. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

The Corporate Social Responsibility Committee of the Company as on the date of this report is constituted of following Directors:

Constitution of the Corporate Social Responsibility Committee is in compliance with requisite provisions of the Companies
Act, 2013 and rules made thereunder, SEBI LODR Regulations, 2015 and all other applicable laws, rules and regulations.

48. RISK MANAGEMENT COMMITTEE

In compliance with the requirements of Regulation 21 of the SEBI LODR Regulations, 2015 and Regulation 134(3)(n) of
the Companies Act, 2013, Board of Directors of the Company has constituted the Risk Management Committee with the
following Directors:

49. COMMITTEE OF DIRECTORS

The Board of Directors has constituted a Committee of Directors with nomenclature of "Committee of Directors”. The
Committee of Directors has the following composition of members as on the date of this report and is constituted of
following Directors:

50. COMPANIES WHICH HAVE BECOME OR CEASED TO BE COMPANY'S SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE
COMPANIES DURING THE YEAR

As on March 31, 2025 the Company did not have any subsidiary or joint ventures. Company has an Associate named Gallantt
Medicity Devlopers Private Limited.

In terms of the Regulation 46(2)(h) of the SEBI LODR Regulations, 2015, the policy for determining material subsidiaries is
placed on the website of the Company at www.gallantt.com under 'Investors' section of Gallantt Ispat Limited.

51. KEY MANAGERIAL PERSONNEL

The following are the whole-time key managerial personnel of the Company:

52. DETAILS ON BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

(a) Composition:

As at March 31, 2025 your Board comprises of ten Directors of which five are Independent. Mr. Chandra Prakash Agrawal
(DIN: 01814318), Mr. Dinesh R. Agarwal (DIN: 01017125), Mr. Prem Prakash Agrawal (DIN: 01397585), Mr. Nitin Mahavir Prasad
Kandoi (DIN: 01979952) and Mr. Prashant Jalan (DIN: 06619739) are Executive Directors of the Company. Mr. Ashtbhuja
Prasad Srivastava (DIN: 08434115), Mrs. Nishi Agrawal (DIN: 08441260), Mr. Udit Agarwal (DIN: 07036864), Mrs. Smita Modi
(DIN: 01141396) and Mr. Pankaj Khanna (DIN: 10377030) are Independent Directors of the Company. Mr. Mayank Agrawal
is working in the capacity of Chief Executive Officer of the Company. Mr. Sandip Kumar Agarwal is Chief Financial Officer

and is inter alia looking after the core finance function of the Company. Mr. Nitesh Kumar appointed as Company
Secretary and Compliance Officer looks after the corporate compliances as well as investor relations.

(b) Changes during the year:

No changes during the year.

(c) Retirement by Rotation:

In terms of Section 152 of the Companies Act, 2013, Mr. Dinesh R. Agarwal (DIN: 01017125), who retires by rotation at
the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

(d) Declaration by Independent Directors

All Independent Directors have given declarations that they meet the criteria of independence as laid down under
Section 149(6) of the Companies Act, 2013 and Regulation 16 (b) of SEBI LODR Regulations, 2015.

(e) Policy on Directors' appointment and remuneration and other details:

The Policy on Directors' appointment and remuneration, including the criteria for determining the qualifications, positive
attributes and independence of Directors forms a part of the Corporate Governance Section of the Annual Report. The
Nomination and Remuneration Policy is placed on the website of the Company at www.gallantt.com under 'Investors'
section of Gallantt Ispat Limited.

Presently, Company has an optimum combination of Executive and Non-Executive (Independent) Directors on the Board
of the Company.

Independent Directors are appointed for five consecutive years and are not liable to retire by rotation in terms of Sections
149, 152, Schedule IV and other applicable provisions, if any, of the Companies Act, 2013 read with Companies (Appointment
and Qualification of Directors) Rules, 2014.

None of the Directors of your Company is disqualified under the provisions of Section 164(2)(a) & (b) of the Companies Act, 2013
and a certificate dated May 21,2025 received from Company Secretary in Practice certifying that none of the Directors on the
Board of the Company have been debarred or disqualified from being appointed or continuing as Directors of the Companies
by SEBI/Ministry of Corporate Affairs or any such statutory authority is annexed to the Corporate Governance Report.

53. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION

Procedure for Nomination and Appointment of Directors:

The Nomination and Remuneration Committee (NRC) has been mandated to oversee and develop competency requirements
for the Board based on the industry requirements and business strategy of the Company. The NRC reviews and evaluates the
resumes of potential candidates for appointment of Directors and meets them prior to making recommendations of their
nomination to the Board. Specific requirements for the position, including expert knowledge expected, are communicated
to the appointee.

On the recommendation of the NRC, the Board has adopted and framed a Remuneration Policy for the Directors, Key
Managerial Personnel and other employees pursuant to the provisions of the Act and the Listing Regulations. The remuneration
determined for Executive/ Independent Directors is subject to the recommendation of the Nomination and Remuneration
Committee and approval of the Board of Directors. The Non-Executive Independent Directors are compensated by way of
sitting fees for attending meetings of the Board and its Committees. The Executive Directors are not paid sitting fees.

It is affirmed that the remuneration paid to Directors, Key Managerial Personnel and all other employees is in accordance
with the Remuneration Policy of the Company. The Company's Policy on Directors' Appointment and Remuneration and
other matters provided in Section 178(3) of the Act and Regulation 19 of the Listing Regulations have been disclosed in the
Corporate Governance Report, which forms part of the Annual Report.

54. RISK MANAGEMENT

The Company has a comprehensive risk management framework designed to identify, evaluate, and mitigate risks that could
impact the Company's operations and objectives. The risk management framework is reviewed periodically by the Board
and the Audit Committee. The Audit Committee is responsible for monitoring and reviewing the risk management plan
and ensuring its effectiveness. The Audit Committee has additional oversight in the area of financial risks and controls.

The major risks identified by the businesses and functions are systematically addressed through mitigating actions on a
continuing basis. Some of the risk elements that the Company is exposed to are:

Commodity Price Risk

Risk of price fluctuation on basic raw materials like Iron Ore, Coal, Chemicals, Scraps as well as finished goods used in the
process of manufacturing.

Mitigation measures

The Company commands excellent business relationship with the business associates. In case of major fluctuation either
upwards or downwards, the matter will be mutually discussed and compensated both ways. Also by focusing on new value
added products helps in lowering the impact of price fluctuation in finished goods.

Geopolitical Risk

War zones, sanctions or policy changes in Africa, Europe or Middle East may impact overseas sites.

Mitigation measures

We have internal procedure to mitigate geopolitical risks such as diversified procurement base, regional supply redundancy,
localised storage and manufacturing

Interest Rate Risk

Any increase in interest rate can affect the finance cost.

Mitigation measures

Any increase in interest rate can affect the finance cost. Dependence on debt is very minimum and we have surplus funds
cushion to settle the entire debt in case the need arises. Further, the Company has repaid the Term Loan in full.

Foreign Exchange Risk

Your Company does not have export sales. However, Company imports raw materials from countries outside India. Any
volatility in the currency market can impact the overall profitability.

Mitigation measures

The Company commands excellent business relationship with the sellers and suppliers. In case of major fluctuation either
upwards or downwards, the matter will be mutually discussed and compensated both ways.

Human Resources Risk

Your Company's ability to deliver value is dependent on its ability to attract, retain and nurture talent. Attrition and non¬
availability of the required talent resource can affect the overall performance of the Company.

Mitigation measures

Your Company demonstrates strong HR practices across the industry and carry out necessary improvements to attract and
retain the best talent. Also, recruitment is across almost all States of India which helps to mitigate this risk and we do not
anticipate any major issue in the coming years.

Competition Risk

Your Company is always exposed to competition risk from Steel Manufacturers across the region. The increase in competition
can cause loss in market share, experiencing reduced profitability, or facing challenges in growth and innovation.

Mitigation measures

By giving continuous efforts to enhance the brand value of the Company, quality, cost, timely delivery and customer service.
Aggressive marketing can also help to mitigate competition risk.

Compliance Risk

Increasing regulatory requirements. Any default can attract penal provisions.

Mitigation measures

By identifying risks and mitigating the financial, legal, and operational impacts pertaining to non-compliance and regulatory
misalignments. Regularly monitoring and reviewing the changes in regulatory framework. By monitoring of compliance
through legal compliance management tools and regular internal audit and secretarial audit.

Industrial Safety, Employee Health and Safety Risk

The Steel Industry is labour intensive and are exposed to accidents, health and injury risk due to machinery breakdown,
human negligence etc.

Mitigation measures

By development and implementation of critical safety standards across the various departments of the factory, establishing
training need identification at each level of employee. Conduct regular inspections of all operations, equipment, work areas
and facilities. Have workers participate on the inspection team and talk to them about hazards that they see or report.

Cyber Security Risk

Cyber security risk deals with the potential for business issues and financial losses due to cyber attack that affects operations
or a security breach that results in the theft of Company data. It's closely related to technology risk, but listing it as a
standalone type of risk recognizes the significant costs and business damage that cyber security incidents can cause. With
the growing instances of cyber-attacks, data security has become a challenge for the Company.

Mitigation measures

Confidential information has been enhanced by implementing best-in-class firewalls. The Company is aware about the
current elevated levels of cybersecurity risks across the globe. All critical IT servers are protected with best-in-class firewalls
which are monitored and updated regularly.

All access to critical IT servers, including SAP ERP, for those working remotely, are allowed through security authentication tunnel.

Necessary update patches and security policies are pushed over the internet to all computers of the Company on a daily
basis, even if the user is at home or away from office. Deviations and alerts are monitored closely and corrective/preventive
actions are implemented as per need.

The Risk Management Committee looks into the monitoring and reviewing of the risk management plan and such other
functions, as it may deem fit and such function specifically covers cyber security.

Supply Chain and Sourcing Risks

Fluctuating raw material prices and potential supply chain disruptions can negatively impact cost control and delivery timelines.
Mitigation measures

The Company enhances backward integration through local sourcing, captive power generation capabilities, owning own
railway rakes, commissioning own pellet plant and taking on lease iron ore mines. It employs strategic stockpiling and long¬
term agreements to ensure assured supply.

Technological Risks

Continuous investment in new technologies is required to avoid obsolescence and maintain a competitive edge.
Mitigation measures

The Company is committed to strengthening its R&D efforts, focusing on innovations such as advanced TMT Bars. It also
partners with experts to drive technological advancement within its operations.

55. PERSONNEL, INDUSTRIAL RELATIONS AND MARKETING

Our employees are our greatest asset and we are committed to attract, retain and recognize talent. The Company's HR
philosophy is to establish and build a high performing organization, where each individual is motivated to perform to the
fullest capacity. The Company constantly facilitates and encourages its employees at all levels to enhance their knowledge
and skills and continuously seeks to inculcate within its employees, strong sense of business ethics and social responsibility.
The Company continues to maintain its record on cordial industrial relations. The Company continues to invest in people
through various initiatives such as regularly conducting training programmes to enhance the skills, knowledge, and
productivity of employees and keep them updated about the latest techniques. Company also places high importance on
the safety of its employees and ensures adherence to safe work practices. Industrial relations in the Company have remained
amicable throughout the year.

56. UNPAID AND UNCLAIMED AMOUNT OF DIVIDEND

Following are the details of Unpaid Dividend that has not been claimed and paid till March 31, 2025:

Members whose dividend amounts remained unpaid/unclaimed in respect of Final Dividend 2018, 2019 and 2024 are
requested to approach the RTA immediately and claim their dividend. The details of unclaimed dividend are available on
the Company's corporate website www.gallantt.com and also uploaded on the website of IEPF viz. www.iepf.gov.in

Since, erstwhile Gallantt Ispat Limited has amalgamated with Gallantt Metal Limited (now name changed to Gallantt Ispat
Limited) all details of unpaid and unclaimed dividend amount and compulsory transfer of equity shares and dividend
amount lying unclaimed for 7 consecutive years to Investor Education and Protection Fund (IEPF) shall be maintained and
looked after by the Company.

Following amount of Unpaid Dividend of erstwhile Gallantt Ispat Limited has not been claimed and paid till March 31, 2025:

57. TRANSFER UNCLAIMED DIVIDEND AND EQUITY SHARES TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

Pursuant to Sections 124 and 125 of the Act read with the Investor Education and Protection Fund Authority (Accounting,
Audit, Transfer and Refund) Rules, 2016 ("IEPF Rules”), dividends, if not claimed for a period of seven years from the date of
transfer to Unpaid Dividend Account of the Company, are liable to be transferred to IEPF.

Further, all the shares in respect of which dividend has remained unclaimed for seven consecutive years or more from the
date of transfer to unpaid dividend account shall also be transferred to IEPF Authority. The said requirement does not apply
to shares in respect of which there is a specific order of Court, Tribunal or Statutory Authority, restraining any transfer of
the shares.

In the interest of the Members, the Company sends periodical reminders to the Members to claim their dividends in order
to avoid transfer of dividends/shares to IEPF Authority. Notices in this regard are also published in the newspapers and the
details of unclaimed dividends and Members whose shares are liable to be transferred to the IEPF Authority, are uploaded
on the Company's website at www.gallantt.com

The details of unclaimed dividends and shares transferred to IEPF during FY 2024-25 are as follows:

• Shri Yogi Adityanath Maharaj Ji, Hon'ble Chief Minister of Uttar Pradesh, honoured the company for 'Entrepreneur of
the region' during Gorakhpur Mahotsav 2018.

• The top challengers Award 2018: awarded by the Construction World Magazine, a world-famous magazine.

• The Gallantt Men: Steel 360, a renowned magazine of steel industry felicitated the group and its promoters in its cover
story May, 2018.

• Ranked at 6^th position among the top 10 mid-size rebar producers in India by Steel 360 magazine in August, 2018 edition.

• Listed ”200 BEST UNDER A BILLION COMPANIES” in Forbes Asia Magazine, July/August 2019 edition.

• Our Chairman and Managing Director, Shri Chandra Prakash Agrawal was felicitated with memento for his significant
and imperishable contributions to the Industrial development in the State, by Shri Yogi Adityanath Maharaj ji, Hon'ble
Chief Minister of Uttar Pradesh, on the eve of U.P. Diwas Mahotsav, in January, 2020.

• Industry outlook Magazine recognised Gallantt under "TOP 10 TMT IRON & STEEL MANUFACTURES 2021”.

• North India Best Employer Brand: Awarded by Employer Branding Institute.

• Gallantt Group recognised as the highest tax payers for financial year 2023-24 by the State Tax Department, Gorakhpur,
Uttar Pradesh

• Chairman & Managing Director of the Company - Shri Chandra Prakash Agrawal has been awarded with the "Bhamashah
Award” and Certificate of Appreciation on the eve of "Vyapari Kalyan Diwas” by the State Tax Department, Gorakhpur,
Uttar Pradesh

During the year:

• Company was awarded the IIA Kohinoor Award from the Indian Industries Association, Lucknow for excellence in
steel manufacturing.

• Chairman and Managing Director of the Company - Shri Chandra Prakash Agrawal was awarded the Family Entrepreneur
of the Year from The Economic Times Entrepreneur - Summit and Awards

• Company has received awards for Best efficient "CPP Coal Below 50 MW Category” and "Best efficient waste heat
recovery Power Plant "CPP Plant of the Year” from Mission Energy Foundation in Goa in respect to the Captive Power
Plant of the Company at Kutch, Gujarat.

• Chairman and Managing Director of the Company - Shri Chandra Prakash Agrawal, was felicitated by the Alumni of
Department of Commerce, Dindayal Upadhyay Gorakhpur University as "The Eminent Entrepreneur of Gorakhpur.”

60. THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY
CODE, 2016 (31 OF 2016) DURING THE FINANCIAL YEAR

During the year under review, the Company has not made any application before the National Company Law Tribunal
under Insolvency and Bankruptcy Code, 2016 for recovery of outstanding loans against customer and there is no pending
proceeding against the Company under Insolvency and Bankruptcy Code, 2016.

61. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONETIME SETTLEMENT
AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH
THE REASONS THEREOF DURING THE FINANCIAL YEAR:

It is not applicable to the Company, during the financial year under review.

62. ENVIRONMENT, HEALTH AND SAFETY

Your Company is conscious of the importance of environmentally clean and safe operations. The Company's policy requires
conduct of operations in such a manner so as to ensure safety of all concerned, compliances of environmental regulations
and preservation of natural resources.

Your Company continues to focus on welfare and improving the quality of lives of its employees by providing educational
assistance to their children, employee wellness sessions, periodic occupational health checks, spiritual peace by yoga classes,
creche and child care facilities, transport facilities to employees at subsidized rate or at no charge.

Your Company is committed to foster a safe and healthy working environment for the prevention of work-related injuries and
ill-health. Company strives to be a leader in safety excellence in the global power and energy business. The Occupational
Health and Safety Policy is available on the Company's corporate website www.gallantt.com

63. GENERAL DISCLOSURE

• The Managing Director of the Company has not received any remuneration or commission from any of the subsidiary
companies: There is no subsidiary of the Company.

• None of the Auditors of the Company have reported any fraud as specified under the second provision of Section 143
(12) of the Companies Act, 2013 (including any statutory modification(s) or re-enactment (s) thereof for the time being
in force);

• The Company does not have any ESOP scheme or provision of money for the purchase of its own shares by employees/
Directors or by trustees for the benefit of employees/ Directors; and

• In the preparation of financial statements, no treatment different from that prescribed in an Accounting Standard has
been followed.

• The Company serviced all the debts & financial commitments as and when they became due and no settlements were
entered into with the bankers.

• The securities were not suspended from trading during the year due to corporate actions or otherwise.

• There was no change in Auditors and/or Secretarial Auditors during the year.

64. ACKNOWLEDGEMENT

Your Directors place on record their gratitude for the co-operation and assistance received from the Central Government,
State Governments, all other Government agencies and Ministry of Steel and encouragement they have extended to the
Company. Your Directors also take this opportunity to thank Ministry of Corporate Affairs, SEBI, BSE Limited, National Stock
Exchange of India Limited, Depositories, Regulators, Financial Institutions and Banks, Credit Rating Agencies, Suppliers,
Contractors, Vendors and business associates for their continuous support and co-operation. The Board also looks forward
to their continued support in the future.

The Board also expresses its heartiest gratitude to all our stakeholders for their unflinching faith and trust in the Company.

On behalf of the Board
Chandra Prakash Agrawal

Place: Gorakhpur Chairman &MD

Date: May 21, 2025 DIN: 01814318

1

Sales include captive consumption also.

5. DIVIDEND

Your Directors have recommended final dividend of ' 1.25 per equity share i.e. 12.5 % on equity shares of face value of '10/-
each for the financial year ended on March 31, 2025. The dividend is subject to approval of the shareholders at the ensuing
Annual General Meeting ('AGM') and will be paid to those shareholders whose names appear in the Register of Members
as on close of September 20, 2025.

The Board has recommended dividend based on the parameters laid down in the Dividend Distribution Policy. The dividend
will be paid out of the profits for the year. Pursuant to Regulation 43A of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 [hereinafter referred to as "the Listing Regulations/SEBI (LODR)”], the Dividend Distribution Policy duly
approved by the Board is available on the website of the Company and can be accessed at 'Investors' of the website of the
Company i.e. www.gallantt.com and the same is annexed as Annexure-I.

With a view to retain some funds and utilize them for ongoing expansion, the Promoter and Promoter Group shareholders
except a few Promoter Group Shareholders has voluntarily waived off/forgone their right to receive dividend.

The total dividend pay-out will be approximately ' 11,15,61,197.50 (Rupees Eleven Crores Fifteen Lakhs Sixty-One Thousand
One Hundred Ninety-Seven and Fifty Paisa Only).

2

Actual amount liable to be transferred to IEPF was 12,445.50 but the amount has been auto rounded off to ' 12,446.00 at
the time of generating the payment challan at MCA portal

58. KEY FINANCIAL RATIOS

Key Financial Ratios for the financial year ended March 31, 2025, are provided in the Management Discussion and Analysis
Report given in Annexure - III, which is annexed hereto and forms part of the Directors' Report.

59. AWARD AND RECOGNITIONS

During the year and during previous years Company/ Management has received following awards, accolades and reconciliation:
During previous years:

• Udyami Samman 2011: Awarded by Zee Media House and was presented by Shri Prakash Jaiswal, Hon'ble Coal Minister,
Government of India.

• Udyami Samman 2013: Awarded by Sahara Samay Media House and was presented by Shri Akhilesh Yadav, Hon'ble
Chief Minister of Uttar Pradesh.

• Promoter of Gallantt Group Mr. Chandra Prakash Agrawal & family has been listed on India's Super Rich List at 188^th
position in 2014 by the Business World Magazine.

• Gems of Purvanchal: Jagran Coffee Table Book has given a place to our promoter Shri. C.P. Agrawal by stating "MAKING
A MARK WITH BUSINESS IN STEEL”