Your Board of Directors is pleased to present the 27^th (Twenty-Seventh ) Annual Report of J. Kumar Infraprojects Limited ("your
Company"/ "JKIL") along with the Audited Financial Statements for the Financial Year ended March 31, 2026.

A brief summary of your Company's financials during the year ended March 31, 2026 is given below:

1. CONSOLIDATED FINANCIAL RESULTS:

Note:

1. There are no material changes and commitments affecting the financial position of your Company which have occurred between
the end of the financial year and the date of this report.

2. Previous year's figures have been regrouped/rearranged wherever considered necessary.

3. There has been no change in the nature of business of your Company.

Some of the key highlights of the year were:

Performance:

• Revenue from operations of '5,723.03 crore

• EBITDA of '823 crore

• Profit after tax of '386.89 crore.

The key aspects of your Company's operational performance during the FY 26 are as follows:

• Contracts awarded worth Rs 1,039 crore in FY 26

• Gross debt equity ratio reduced to 0.18 as on Mar 31, 2026

• Net debt equity ratio at (0.08) as on Mar 31, 2026

• Rated ICRA A / Positive for Fund based and Non Fund based limits

• Increase in Revenue & Order Book with a CAGR of 11% (2008 - 2026)

The operational performance of your Company has been comprehensively discussed in the Management Discussion and Analysis
Report, which forms part of this Annual Report.

2. REVIEW OF OPERATIONS OF YOUR COMPANY:

Your Company is a pure play EPC Company having a niche
in construction of Urban Infra Projects including Metros,
Flyover, bridges etc. It is renowned for undertaking design
and construction projects on a turnkey basis meeting their
clients' requirements. JKIL is focused on EPC projects,
having strong foothold in various sectors like Urban
Infrastructure, Transportation Engineering, Piling & Civil
Construction etc.

3. EARNINGS PER SHARE (EPS):

The Basic EPS of your Company stood at Rs. 51.13 for the
year ended March 31, 2026.

4. TRANSFER TO RESERVE:

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 during the current financial year.

5. DIVIDEND:

Your Company has a consistent track record of
dividend payment.

Continuing with this trend and in line with the Dividend
Distribution Policy of your Company, your Directors are
pleased to recommend a dividend of Rs_4/- (80%) per
equity share of Rs.5/- each payable to those shareholders
whose name appear in the Register of Members as on the
Book Closure / Record date for the financial year ended
March 31, 2026.

The dividend is subject to the approval of shareholders at
the ensuing Annual General Meeting (AGM). The total
outflow on account of equity dividend will be Rs.30.27
Crores out of profits of your Company for the current
year, vis a vis Rs. 30.27 Crores paid for FY 2024-25. The
dividend if approved by the members at the forthcoming
Annual General Meeting, will be paid in compliance with
applicable provisions of Companies Act 2013 ("the Act").

DIVIDEND DISTRIBUTION POLICY:

The dividend recommended is in accordance with your
Company's Dividend Distribution Policy.

The Dividend Distribution Policy, in terms of Regulation
43A of the SEBI Listing Regulations is available on your
Company's website athttps://www.ikumar.com/storage/
reportFile/policies/dividend-distribution-policy.pdf

6. TRANSFER TO INVESTORS EDUCATION AND
PROTECTION FUND:

The Company sends notifications to shareholders with
unclaimed dividends to ensure they receive their rightful
entitlements. It also coordinates with the Registrar

and Share Transfer Agents to identify and reach out to
such shareholders.

During the FY 25-26, , your Company has transferred a
sum of '1,24,294/- (One Lakhs Twenty-Four Thousand Two
Hundred and Ninety- Four only) to IEPF related to 2017-
18,the amount which was due and payable and remained
unclaimed and unpaid for a period of 7 (seven) years.

Further 1,517 number of equity shares (corresponding
shares) pertaining to such unclaimed or unpaid dividend has
also been transferred to the IEPF Authority in compliance
with the provisions of Section 124 of the Act read with
Regulation 6 of the Investor Education and Protection Fund
Authority (Accounting, Audit, Transfer and Refund) Rules,
2016, as amended from time to time.

Your Company has uploaded the details of unpaid and
unclaimed amounts lying with your Company as on
September 23, 2025 (date of Last Annual General Meeting)
on the website of your Company athttps://www.ikumar.
com/storage/reportFile/JKIL IEPF NOTICE LIST FIN
DIV 1718.pdf

I n pursuance of Regulation 39 read with Schedule VI of
the SEBI Listing Regulations, the details of shares lying
in unclaimed suspense account and unclaimed shares/
dividend transferred to Investor Education and Protection
Fund, are provided in the Report on Corporate Governance,
forming a part of the Annual Report.

7. SHARE CAPITAL:

During the year under review, there was no change in the
authorized and paid up share capital of your Company.

The Paid-up Share Capital as on March 31, 2026 was
Rs. 37.83 Crores. The Company has neither issued any
shares nor has granted stock options or sweat equity
during the financial year. As on March 31, 2026, 100 %
of the total paid-up capital of your Company stands in the
dematerialized form.

8. PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS:

The particulars of Loans, Guarantees and Investments
covered under the provisions of Section 186 of the Act
read with Companies (Meetings of Board and its Powers)
Rules, 2014 as at March 31, 2026 have been disclosed
in the Audited Financial statements forming part of the
Annual Report.

9. MANAGEMENT DISCUSSION AND ANALYSIS:

I n accordance with Regulation 34 read with Part B of
Schedule V of the SEBI Listing Regulations, a detailed
review of the Company's performance, future outlook,
overall business affairs, and key financial and operational

developments is provided in the Management Discussion
and Analysis Report, which forms part of the Annual Report.

10. CORPORATE SOCIAL RESPONSIBILITY (CSR):

I n accordance with the provisions of section 135 of the
Act read with Companies (Corporate Social Responsibility
Policy) Rules, 2014, an Annual Report on the CSR activities
of your Company along with the CSR initiatives undertaken
during the FY 25-26 is appended to this Report as
"Annexure - A".

Your Company is committed to Corporate Social
Responsibility (CSR) and believes that its business objectives
should align with the legitimate developmental needs
of the society in which it operates, thereby promoting
sustainable local development and extending support
to underprivileged and economically weaker sections of
society. The Board, at its meeting held on July 29, 2025
approved the Annual Action Plan for CSR activities to be
undertaken during the year in line with the Company's
CSR Policy.

On the recommendation of the CSR Committee, your
Company has spent an amount of '9,50,40,000 (' Nine
Crore Fifty Lakhs Forty Thousand) towards CSR
expenditure for the Financial Year ending as on March
31, 2026.

As mandated under section 135 of the Act, the
Composition of Corporate Social Responsibility Committee
is given in the Report on Corporate Governance, forming
part of the Annual Report. Corporate Social Responsibility
Policy of your Company is available on the website of your
Companv::https://www.ikumar.com/storage/reportFile/
policies/corporate-social-responsibilitv-policv.pdf

11. INTERNAL FINANCIAL CONTROL SYSTEMS AND
THEIR ADEQUACY, RISK MANAGEMENT AND
COMPLIANCE FRAMEWORK:

Your Company has established adequate financial controls
commensurate with the size, scale, and complexity of
its operations. It has defined policies and procedures to
ensure the efficient conduct of business, safeguarding of
assets, prevention and detection of fraud, accuracy and
completeness of accounting records, and timely preparation
of reliable financial information.

12. BUSINESS RESPONSIBILITY AND SUSTAINABILITY
REPORTING (“BRSR”):

I n compliance with Regulation 34(2)(f) of the SEBI Listing
Regulations, read with SEBI circulars issued from time to
time, the Business Responsibility and Sustainability Report
(BRSR) for the financial year ended March 31, 2026 has
been separately included in the Annual Report and forms
an integral part thereof. The BRSR has been prepared in the
format prescribed by SEBI.

13. VIGIL MECHANISM / WHISTLE BLOWER POLICY:

As per the provisions of Section 177(9) of the Act and
the Listing Regulations, your Company has established
a mechanism through which all the stakeholders can
report the suspected frauds and genuine grievances to
the appropriate authority and to encourage and facilitate
employees to report concerns about unethical behaviour,
actual/ suspected frauds and violation of Company's Code
of Conduct or Ethics Policy.

The policy provides for adequate safeguards against
victimization of persons who avail the same and provides
for direct access to the Chairman of the Audit Committee.
The policy also establishes adequate mechanism to enable
employees report instances of leak of unpublished price
sensitive information. The Audit Committee of your
Company oversees the implementation of the Whistle¬
Blower Policy.

The said policy is available on your Company's website
at:https://www.ikumar.com/storage/reportFile/policies/
whistle-blower-policv-iki.pdf

During the year under review, your Company has not
received any complaint(s) under the said policy.

14. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Your Company's Board consists of a total of eight (8)
members comprising of four Executive Directors and four
Independent Directors including one Woman Director
as of March 31, 2026. Nomination & Remuneration
Committee has been mandated to review and recommend
appointment/s, terms of appointment / re-appointment of
Director/s and KMPs based on your Company's policies,
industry requirements and business strategies.

The details of Board and Committee composition, tenure
of directors, and other details are available in the Corporate
Governance Report, which forms part of this Annual
Report. In terms of the requirement of the SEBI Listing
Regulations, your Board has identified core skills, expertise,
and competencies of the Directors in the context of your
Company's business for effective functioning. The key skills,
expertise and core competencies of your Board of Directors
are detailed in the Corporate Governance Report, which
forms part of this Annual Report.

15. APPOINTMENT/CESSATION/CHANGE IN
DESIGNATION OF DIRECTORS:

RETIREMENT OF DIRECTOR BY ROTATION:

Pursuant to the provisions of Section 152 of the Act,
Mr. Pravin R. Ghag (DIN: 10566207), Executive Director of
your Company, is liable to retire by rotation at the ensuing
Annual General Meeting ("AGM") of your Company
and being eligible, he offers himself for re-appointment.
Necessary resolution for his re-appointment is included in
the Notice of AGM for seeking approval of Members.

Additional information, pursuant to Regulations 36(3) of the
Listing Regulations and Secretarial Standard - 2 in respect
of the Director seeking re-appointment in AGM, forms a
part of the Notice. The Board of Directors recommends his
re- appointment for your approval.

Based on the disclosures received by them, none of the
Directors of your Company are disqualified/debarred for
being appointed as Directors as specified in Section 164(2)
of the Act and Rule 14(1) of the Companies (Appointment
and Qualification of Directors) Rules, 2014.

Your Company has received and taken on record the
declarations from all the Independent Directors of your
Company confirming that they meet the criteria of
independence as prescribed under Section 149(6) of the Act,
sub rule (1) and (2) of Rule 6 of Companies (Appointment
and Qualification of Directors) Rules, 2014 as amended and
Regulation 16(1)(b) of the Listing Regulations.

Based on the confirmation/disclosures received from the
Directors and on evaluation of the relationships disclosed,
the following Non-Executive Directors are Independent.

Mr. Raghav Chandra, Mr. Sidharath Kapur, Mr. Ramesh
Kumar Choubey and Mrs. Archana Surendra Yadav.

There has been no change in the circumstances affecting
their status as independent directors of your Company.

The Independent Directors have also given declaration of
compliance with Section 150 of the Act and Rule 6(1) and
6(2) of the Companies (Appointment and Qualification of
Directors) Rules, 2014, with respect to their name appearing
in the data bank of Independent Directors maintained by
the Indian Institute of Corporate Affairs.

Also Senior Management Personnel, including Executive
Directors have submitted their disclosures under Regulation
26(3) of the Listing Regulations, confirming compliance with
the Code of Conduct for Directors and Senior Management
Personnel. The Board is of the opinion that the Independent
Directors possess requisite qualifications, experience and
expertise in the fields of operations, finance, strategy, risk
management and they hold high standards of integrity, Skill
set, expertise & competencies matrix of all the Directors is
provided in the Report on Corporate Governance forming
part of this Annual Report.

During the year none of the directors of the Company are
disqualified under the provisions of the Companies Act,
2013. In line with the requirements of Regulation 25 (10)
of the isting Regulations, the Company has in place a
Director's and Officer's liability.

The Code of Conduct for Directors and Senior Management
Personnel can be accessed athttps://www.jkumar.com/
storage/reportFile/policies/code-of-conduct-for-directors-
and-senior-management.pdf

Familiarization Programme:

I n terms of Regulation 25 of the SEBI Listing Regulations
your Company undertakes a familiarization programme
for the Independent Directors to familiarize them with
their roles, rights and responsibilities as Independent
Directors, nature of the industry, the operations of your
Company, business model, risk management etc. The
details of the programme are hosted on your Company's
websitehttps://www.ikumar.com/storage/reportFile/
FAMILIARISATION 2025-26.pdf

Key Managerial Personnel:

I n terms of Section 2(51) and 203 of the Act, read with
the Companies (Appointment and Remuneration of
Managerial Personnel), Rules 2014 the following are the
Key Managerial Personnel of your Company as on March
31, 2026:

• Mr. Jagdishkumar M. Gupta, Executive Chairman

• Mr. Kamal J. Gupta, Managing Director

• Dr. Nalin J. Gupta, Managing Director

• Mr. Pravin R. Ghag, Director- Administration
and Compliances

• Mr. Vasant Savla, Chief Financial Officer

• Mrs. Poornima Chintakindi, Company Secretary

16. BOARD AND DIRECTOR'S EVALUATION:

Pursuant to the provisions of Section 134(3), Section 149(8)
and Schedule IV of the Act read with Regulation 17(10)
of the Listing Regulations, Annual Performance Evaluation
of the Board, the Directors as well as Committees of
the Board has been carried out, in accordance with the
Policy on Board Evaluation, criteria laid down which are in
alignment with the best corporate governance practices
and the said policy of your Company can be accessed at
https://www.ikumar.com/storage/reportFile/policies/policy-
on-the-appointment-of-person-as-director-and-evaluation-
of-directors-and-senior-management-personnel.pdf

The Board of Directors has carried out an annual evaluation
of its own performance, board committees, and individual
directors pursuant to the provisions of the Act and SEBI
Listing Regulations.

In a separate meeting of Independent Directors, performance
of Non-Independent directors, the Board as a whole and
Chairman of your Company was evaluated, taking into
account the views of executive directors and non-executive
directors.The performance of the board was evaluated by
the Board after seeking inputs from all the directors on
the basis of criteria such as the board composition and
structure, effectiveness of board processes, information
and functioning, etc.

The performance of the Board was evaluated by the Board
after seeking inputs from all the Directors on the basis
of criteria such as the board composition and structure,
effectiveness of board processes, information and
functioning, etc.

The performance of the Committees was evaluated
by the Board after seeking inputs from the Committee
Members on the basis of criteria such as the composition
of Committees, effectiveness of committee meetings, etc.

The Board and the Nomination and Remuneration
Committee reviewed the performance of individual
directors on the basis of criteria such as the contribution
of the individual director to the Board and Committee
meetings like preparedness on the issues to be discussed,
meaningful and constructive contribution and inputs in
meetings, etc.

17. BOARD COMMITTEES:

As required under the Act and the SEBI Listing Regulations,
your Company has constituted various Statutory
Committees. The Board has constituted six committees,
viz, Audit Committee, Nomination and Remuneration
Committee, Corporate Social Responsibility Committee,
Stakeholders' Relationship Committee, Risk Management
Committee and the Committee of Directors- Management
Committee (non-statutory). All the recommendations
made by these Committees to the Board were accepted
by the Board.

Details of all the committees such as terms of reference,
composition, and meetings held during the year under
review are disclosed in the Corporate Governance Report,
which forms part of this Annual Report.

18. INDEPENDENT DIRECTORS' MEETING:

On March 18, 2026, the Independent Directors convened
a separate meeting without the presence of the Non¬
Independent Directors and members of the management.
During the meeting, the Independent Directors reviewed
and evaluated the performance of the Non-Independent
Directors, the Committees, and the Board as a whole. They
also assessed the performance of the Chairman of the
Company, taking into consideration the views of both the
Executive Directors and Non-Executive Directors. Further,
the Independent Directors evaluated the adequacy, quality,
quantity, and timeliness of the information flow between
the management and the Board, which is essential
for the Board to effectively and efficiently discharge
its responsibilities.

19. BOARD DIVERSITY:

Your Company recognizes and embraces the importance
of a diverse board in its success. The Board has adopted
the Board Diversity Policy which sets out the approach

to the diversity of the Board of Directors. The said Policy
is available on your Company's website athttps://www.
ikumar.com/storage/reportFile/policies/Board Diversity
Policy, pdf

20. AUDIT COMMITTEE:

The Audit Committee of the Board has been constituted
in accordance with the provisions of Regulation 18 of the
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and Section 177 of the Companies Act,
2013. Details relating to the composition and functioning
of the Audit Committee are provided in the Corporate
Governance Report forming part of the Annual Report.
During the year under review, all recommendations and
suggestions made by the Audit Committee were duly
considered and approved by the Board of Directors.

21. NOMINATION AND REMUNERATION POLICY:

I n accordance with the provisions of Section 178 of the
Companies Act, 2013 read with the applicable rules
framed thereunder and Regulation 19 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations,
2015 ("LODR"), the Board of Directors, based on the
recommendation of the Nomination and Remuneration
Committee ("NRC"), has adopted a Nomination and
Remuneration Policy for appointment and remuneration
of Directors, Key Managerial Personnel and Senior
Management Personnel.

The said Policy, inter alia, lays down the criteria for
determining qualifications, positive attributes, integrity
and independence of Directors and provides a framework
for remuneration aligned with individual performance,
responsibilities and industry practices. The Policy is
available on the website of the Company athttps://www.
ikumar.com/storage/reportFile/policies/nomination-and-
remuneration-policv.pdf

The Policy aims to attract, retain and motivate competent
professionals and ensures that the remuneration paid is
commensurate with responsibilities, performance and
prevailing industry standards.

22. MEETINGS:

During the financial year under review, the Board of Directors
convened Nine meetings. The Audit Committee held Eight
meetings, the Nomination and Remuneration Committee
met twice, the Stakeholders Relationship Committee met
three times, the Corporate Social Responsibility Committee
held four meetings, and the Risk Management Committee
met three times.

The interval between two consecutive meetings of the
Board and the Audit Committee remained within the limits
prescribed under Section 173(1) of the Act and complied
with the applicable Listing Regulations.

Details regarding the Board and Committee meetings,
including attendance particulars as required under
Secretarial Standard-1 issued by the Institute of Company
Secretaries of India, are provided in the Corporate
Governance Report forming part of this Annual Report.

23. STATEMENT ON COMPLIANCE OF APPLICABLE
SECRETARIAL STANDARDS & SEBI (LODR)
REGULATIONS, 2015:

As per SEBI Listing Regulations, the Corporate Governance
Report with the Auditors' Certificate thereon, and the
Management Discussion and Analysis, the Business
Responsibility and Sustainability Report ("BRSR") form part
of the Director's Report.

Your Company has complied with the applicable mandatory
Secretarial Standards issued by the Institute of Company
Secretaries of India (ICSI). Your Company has in place
proper systems to ensure compliance with the provisions
of the applicable secretarial standards issued by the ICSI
and such systems are adequate and operating effectively.

24. DIRECTORS' RESPONSIBILITY STATEMENT:

To the best of their knowledge and belief, your Directors
of your Company make the following statements in terms
of Section 134(3)(c) and Section 134(5) of the Act:

i . I n the preparation of the annual accounts, for the
Financial Year ended March 31, 2026, the applicable
Accounting Standards have been followed and there
is no material departure from the same;

ii. We have selected such accounting policies and
applied them consistently and made judgments and
estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of your
Company as at March 31, 2026 and of the profit of
your Company for the financial year ended March
31, 2026;

i ii. We have taken proper and sufficient care for the
maintenance of adequate accounting records
in accordance with the provisions of the Act for
safeguarding the assets of your Company and for
preventing and detecting fraud and other irregularities;

i v. We have prepared the Annual Accounts for the year
ended March 31, 2026 on a going concern basis;

v. We had laid down Internal Financial Controls
to be followed by your Company and that such
Internal Financial Controls are adequate and were
operating effectively;

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

25. PARTICULARS OF CONTRACTS OR
ARRANGEMENTS WITH RELATED PARTIES:

During the financial year under review, all Related Party
Transactions entered into by the Company were in the
ordinary course of business and on an arm's length basis
and were in compliance with the applicable provisions of
the Companies Act, 2013 and other statutory requirements.
All such transactions were reviewed and approved by the
Audit Committee in accordance with the applicable legal
and regulatory framework.

The particulars of contracts or arrangements with related
parties referred to under Section 188(1) of the Companies
Act, 2013, as prescribed in Form AOC-2, are provided as
Annexure B to this Report.

The disclosures relating to related party transactions in
accordance with the applicable Indian Accounting Standards
(Ind AS) are set out in Note 35 to the Financial Statements.

The updated Related Party Transactions Policy has been
hosted on the Company's website athttps://www.jkumar.
com/storage/reportFile/POLICY RPT.pdf

26. PUBLIC DEPOSITS:

Your Company has not accepted any public deposits during
the financial year under review.

27. RISK MANAGEMENT:

Your Company has a comprehensive Risk Management
framework that seeks to minimize adverse impact on
business objectives and ensure appropriate identification
and treatment of risks. Your Company understands the
risk evaluation and risk mitigation is an ongoing process
within the organization and is fully committed to identify
and mitigate the risk in the business. The identification of
risks is done at strategic, business and operational levels.

The Board of Directors of your Company has a Risk
Management Committee to frame, implement and
monitor the risk management plan for your Company.
Your Company has formulated and implemented a
Risk Management policy in accordance with the Listing
Regulations to identify and monitor business risk and assist
in measures to control and mitigate such risks. The same
can be accessed at the website of your Company:https://
www.ikumar.com/storage/reportFile/policies/i-kumar-risk-
management-policv.pdf

In accordance with the policy, the risk associated with your
Company's business is always reviewed and evaluated
by the management team and placed before the Audit
Committee and the Risk Management Committee. The
Committee and Board review these risks on a periodical

basis and ensures that mitigation plans are in place. The
Committee and Board is briefed about the identified risks
and mitigation plan undertaken.

Your Company through its Risk Management process
aims to contain the risks within the risk appetite. There
are no risks which in the opinion of the Board threaten
the existence of your Company. To further endeavour,
your Board constantly formulates strategies directed
at mitigating these risks which are implemented at the
Executive Management level and a regular update is
provided to the Committee and the Board.

28. AUDITORS AND AUDIT REPORTS:a) Statutory Auditors:

In terms of provisions of Section 139 of the Act, M/s. Todi
Tulsyan & Co., Chartered Accountants (Firm Registration
Number 002180C) were reappointed as Statutory Auditors
of the Company at the 22^nd Annual General Meeting
(AGM) held on 21^st September, 2021, to hold office for
a term of 5 consecutive years from the conclusion of the
said 22^nd AGM till the conclusion of 27^th AGM of the
Company. The Report given by M/s. Todi Tulsyan & Co, on
the financial statements of the Company for the FY 2025¬
26 is part of this Integrated Annual Report. There has been
no qualification, reservation, adverse remark or disclaimer
given by the Auditors in their Audit Report on Consolidated
and Standalone financial statements of your Company for
the Financial Year ended March 31, 2026 and therefore,
do not call for any further explanations or comments from
the Board under Section 134 (3) (c) (a) of the Act.

The Statutory Auditors have not reported any instance of
fraud committed in your Company nor in the subsidiary
Company by its Officers or Employees to the Audit
Committee under section 143(12) of the Act, details of
which needs to be mentioned in this Report.

b) Secretarial Auditors and Audit Report:

Pursuant to Section 204 of the Companies Act, 2013 read
with Rules made thereunder and in terms of Regulation
24A of the Listing Regulations, Members at their Twenty
Sixth AGM held on September 23, 2025, had appointed
M/s Dhrumil M. Shah & Co. LLP (ICSI Unique Code
L2023MH013400), Practicing Company Secretaries as the
Secretarial Auditor of the Company, for a term of five years,

i.e., from FY2025-26 up to FY2029-30.

The Secretarial Audit Report in Form MR 3 for the financial
year ended March 31, 2026, is annexed to this report
as "Annexure C" and forms an integral part of this
Report. The Secretarial Audit Report does not contain any
qualifications, reservations or adverse remarks.

c) Internal Auditors:

As per the provisions of section 138 of the Act read with
rule 13 of the Companies (Accounts) Rules, 2014, and on
the recommendation of the Audit Committee, the Board
of Directors has appointed. B.N. Kedia & Co., Chartered
Accountants, (ICAl Registration No. of the Firm: 01652N)
as Internal Auditors of your Company for the Financial
Year 2025-26. M/s. B. N. Kedia & Co., have conducted the
Internal Audit of your Company. Internal Audit Report was
presented in both, the Audit Committee Meeting and the
Meeting of the Board of Directors. No instances of fraud,
suspected fraud, irregularity or failure of internal control
systems of material nature were reported under section
143(12) of the Act, by the internal auditors during the year.

d) Cost Audit & Records:

M/s. Kirit Mehta & Co. LLP, Cost Accountants,
(Membership Number: 29348) (Firm Registration
Number: 000353) were appointed as Cost Auditors
of your Company for conducting the audit of the cost
records maintained by your Company for the Financial Year

2025- 26.

On the recommendation of the Audit Committee, the
Board of Directors appointed M/s. Kirit Mehta & Co.
LLP, Cost Accountants, (Membership Number: 29348)
(Firm Registration Number: 000353) as the Cost Auditors
of your Company for conducting the audit of the cost
records maintained by your Company for the Financial year

2026- 27.

M/s. Kirit Mehta & Co. LLP, Cost Accountants, have
confirmed that they are free from any disqualifications
as specified under Section 141(3) and proviso to Section
148(3) read with Section 141(4) of the Act.

They have further confirmed their independent status.
Further, a resolution seeking members' approval for the
ratification of remuneration payable to the Cost Auditors
for the Financial Year 2026-27 in view of the provisions of
Section 148 of the Act read with the Companies(Audit and
Auditors) Rules 2014 forms part of the notice of the 27^th
Annual General Meeting of your Company and the same
is recommended for your consideration and approval.

29. REPORT ON CORPORATE GOVERNANCE:

In compliance with the provisions of Chapter IV read with
Schedule V of the Listing Regulations, a separate section
on Corporate Governance has been included in the
Annual Report for the information of the members of the
Company. The Corporate Governance Report, along with
the Certificate on Corporate Governance issued by Dhrumil
M. Shah, Practicing Company Secretaries (FCS: 8021 and
COP: 8978), confirming compliance with the Corporate
Governance requirements prescribed under Regulation 34
of the Listing Regulations, and the Management Discussion

& Analysis Report forming part of this Annual Report,
together constitute an integral part of this Report.

30. ANNUAL RETURN:

I n accordance with Section 92(3) of the Act read with the
Companies (Management and Administration) Amendment
Rules, 2022, the Annual Return in Form MGT-7 and as
referred in Section 134(3)(a) of the Act for the financial year
ended March 31, 2026 is available on the website of your
Company athttps://www.ikumar.com/redirect/Annual%20
Returns.

31. PARTICULARS OF EMPLOYEES:

The statement of disclosure of Remuneration under
Section 197(12) of the Act read with the Rule 5(1) and
5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 ("Rules") as amended
from time-to-time forms part of this report and is appended
as "Annexure D" to this report.

The provisions as contained regarding the particulars of
employees, as required under Section 197 of the Act,
read with rule 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, is
applicable to the Company. However, in terms of Section
136 of the Act, the Annual Report is being sent to the
shareholders and others entitled thereto, excluding the said
detail, which is available for inspection by the shareholders
at the Registered Office of your Company during business
hours on working days of your Company. If any shareholder
is interested in obtaining a copy thereof, such shareholder
may write to your Company Secretary in this regard.

32. SUBSIDIARY, ASSOCIATE / JOINT VENTURE
COMPANIES:

Your Company has 28 joint operations, one Associate
Company and one Subsidiary Company, and one Step
down Subsidiary Company refer to Note No. 33 to the
Audited Financial Statements in this Annual Report.

No other subsidiary, associate, or joint venture was
incorporated or ceased during the year.

The Company will provide the Financial Statements of
the Subsidiary Company and the related information to
any member of the Company who may be interested
in obtaining the same. The financial statements of the
Subsidiary Company will also be available for inspection in
electronic mode. Members who wish to inspect the same
are requested to write to the Company by sending an email
tosecretarial@ikumar.com. The Financial Statements of
subsidiary are also hosted on the website of the Company
at https://www.ikumar.com/investor-corner/financials-and-
reports/financials-of-subsidiary-companies

Pursuant to the provisions of Section 129, 134 and 136 of
the Act read with rules made thereunder and Regulation

33 of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations,
2015 ("SEBI Listing Regulations") your Company has
prepared standalone and consolidated financial statements
of your Company.

Further, Statement pursuant to first proviso to sub¬
section (3) of Section 129 read with Rule 5 and Rule
8(1) of the Companies (Accounts) Rules, 2014, a report
on the performance and financial position of each of the
subsidiaries and associates of the Company in the prescribed
Form AOC-1 has been appended as Annexure-E to the
Board's Report.

33. CONSERVATION OF ENERGY AND TECHNOLOGY
ABSORPTION:

A. Conservation of energy: The Company's core activity
is civil construction which is not power intensive. The
Company is making every effort to conserve the usage
of power wherever possible.

B. R&D and technology absorption: Not applicable

34. FOREIGN EXCHANGE EARNINGS AND OUTGO:

with respect to the Foreign Exchange outgo, disclosure of
information as required under section 134 (3) (m) of the
Act read with Rule 8 (3) of the Companies (Accounts) Rules,
2014 is given in below:

35. SIGNIFICANT AND MATERIAL ORDERS:

I n view of Rule 8(5)(vii) of The Companies (Accounts)
Rules, 2014, there were no significant and material orders
passed by any Regulators or Courts or Tribunals during the
Financial Year ended March 31, 2026, impacting the going
concern status of your Company and Companies operation
in future.

36. LISTING WITH STOCK EXCHANGES:

The shares of your Company are listed on National Stock
Exchange of India Ltd. (NSE) and the BSE Ltd. (BSE). Your
Company confirms that it has paid the Annual Listing Fees
for the Financial Year 2025-26 to NSE and BSE

37. PREVENTION OF INSIDER TRADING:

Your Company has adopted the Code of Fair Disclosure
and Code of Conduct for regulating the dissemination
of Unpublished Price Sensitive Information and
trading in securities by Insiders and the same can be
accessed athttps://www.jkumar.com/storage/reportFile/
investorTradingCaution/investorcaution.pdf

38. PREVENTION OF SEXUAL HARASSMENT OF
WOMEN AT WORKPLACE:

The Company has formulated a policy on Prevention of
Sexual Harassment of Women at Workplace in accordance
with the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013. The
Company has an Internal Complaints Committee for
providing a redressal mechanism pertaining to sexual
harassment of women employees at workplace. During the
financial year ended March 31,2026, the Company has not
received any complaints pertaining to Sexual Harassment.

39. CREDIT RATING AGENCY:

Your Company's financial discipline and prudence is
reflected in the strong credit ratings prescribed by ICRA
Limited with a rating of A /Positive for fund based limits
and A /Positive for Non Fund based limits and reaffirmed
to A1 for Commercial Paper. The detailed report on credit
ratings is covered in Corporate Governance Report, which
forms a part of the Annual Report.

40. CHANGE INTHE NATURE OF BUSINESS (IF ANY):

There has been no material change in the nature of business
carried on by your Company during the year under review.

41. SUCCESSION PLAN:

Your Company has an effective mechanism for succession
planning which focuses on orderly succession of Directors,
Key Management Personnel and Senior Management.
The NRC implements this mechanism in concurrence with
your Board.

42. MATERIAL CHANGES AND COMMITMENTS
OCCURRED BETWEEN THE END OF THE
FINANCIAL YEAR AND THE DATE OF THE REPORT:

No material changes or commitments affecting the financial
position of the Company occurred between the end of the
financial year and the date of this report.

43. REPORTING OF FRAUDS BY AUDITORS:

During the year under review, the Statutory Auditors and
Secretarial Auditor of your Company have not reported
any instances of fraud committed in your Company by
Company's officers or employees, to the Audit Committee,
as required under Section 143(12) of the Act.

44. GENERAL DISCLOSURES:

Your Directors state that no disclosure or reporting is
required in respect of the following items, as there were
no transactions/events of these nature during the year
under review:

1. I ssue of equity shares with differential rights as to
dividend, voting or otherwise.

2. I ssue of Shares (Including Sweat Equity Shares) to
employees of your Company under any scheme.

3. Voting rights which are not directly exercised by the
employees in respect of shares for the subscription/
purchase of which loan was given by your Company
(as there is no scheme pursuant to which such persons
can beneficially hold shares as envisaged under
Section 67(3)c) of the Act).

4. Application made or any proceeding pending under
the Insolvency and Bankruptcy Code, 2016.

5. Revision of financial statements and Directors' Report
of your Company.

6. The Company is in compliance with the applicable
provisions relating to the Maternity Benefit as
prescribed under the Maternity Benefit Act, 1961.

7. There was no instance of one-time settlement with
any Bank or Financial Institution.

8. Neither the Managing Director nor the Whole¬
time Directors of the Company receive any salary
or commission from any of the subsidiaries of
the Company.

45. ACKNOWLEDGMENT:

The Board of Directors places on record its heartfelt gratitude
to all stakeholders, including customers, employees,
vendors, channel partners, bankers, financial institutions,
investors, statutory authorities, and government agencies
for their valuable support and co-operation throughout the
year. Your Directors deeply value the trust reposed in the
Company and remain committed to achieving sustained
growth with the continued support of all stakeholders.

For and on behalf of the Board of Directors

Jagdishkumar M. Gupta

Executive Chairman Place: Mumbai

DIN: 01112887 Date: May 19, 2026