The Directors are pleased to present the Company's 60th Annual Report together with the Audited Standalone and Consolidated Financial
Statements for the financial year ended March 31, 2026.

Financial Results-An Overview

Company's Performance

The Company continued to strengthen its market position during
the year and achieved consolidated revenue of H 2611.58 crore,
with EBITDA of H 405.40 crore and PBT of Rs 319.74 crore. While
the previous year recorded consolidated revenue of H 2270.14
crore, EBITDA of H 307.46 crore and PBT of H 255.75 crore, the
performance of year under review reflects the Company's focus on
operational resilience, cost discipline and efficiency improvements
in a dynamic business environment.

During the year, the Company continued to make steady progress
under its strategic initiative "Lakshya RISE 5000”, with a focus on
strengthening operational efficiencies, enhancing capabilities and
building scale. These initiatives are expected to support improved
performance and drive sustainable growth in the coming years.

A detailed analysis of the Company's operational performance,
market environment and financial position is provided in the
Management Discussion and Analysis section forming part of this
Annual Report. Members are requested to refer to the Management
Discussion and Analysis section for detailed information.

The consolidated financial statements of the Company and its
subsidiaries, forming part of this Annual Report, have been prepared
in accordance with the applicable accounting standards and the
requirements of Section 129 of the Companies Act, 2013. The

audited standalone financial statements, along with the financial
statements and related documents of each subsidiary, are available
on the Company's website athttps://www.iaispring.com/annual-
and-financial-report-financial.aspx?financial-year=2025-2026.

Change in the Nature of Business

There was no change in the nature of business of the Company
and its subsidiaries during the year under review.

Material Changes and Commitments

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

Details of Significant and material orders passed by
the Regulators, Courts and Tribunals.

As on the date of this report, there are no applications pending
against the Company under the Insolvency and Bankruptcy Code,
2016. Further, the Company has not filed any application under
the Insolvency and Bankruptcy Code. No significant or material
orders have been passed by any Regulators, Courts, or Tribunals
which may impact the going concern status of the Company or its
future operations.

Transfer to Reserves

During the FY 2025-26, H 250.82 Lacs were transferred to
general reserves.

Share Capital and Stock Options

The Company continues to administer the Employee Stock
Option Scheme, 2017, pursuant to which stock options have been
granted to its employees. During the year under review, 806750
equity shares of H1 each were allotted to eligible employees upon
exercise of stock options.

A certificate from the Secretarial Auditors confirming that the
Scheme has been implemented in accordance with the provisions
of the Securities and Exchange Board of India (Share Based
Employee Benefits and Sweat Equity) Regulations, 2021 ("SEBI
ESOP Regulations, 2021”) will be placed before the members at
the ensuing Annual General Meeting.

The disclosures as required under the SEBI ESOP Regulations,
2021 and the Companies (Share Capital and Debentures) Rules,
2014 are provided in Annexure-1 forming part of this Report. The
Company has not issued any sweat equity shares or equity shares
with differential voting rights during the year under review and,
accordingly, the disclosure requirements under the aforesaid
Rules are not applicable.

Dividend and Dividend Distribution Policy

The Board of Directors has recommended a final dividend of
H1.50 per equity share of H 1 each for the financial year 2025-26
to the shareholders for approval at the ensuing Annual General
Meeting. The final dividend, together with the interim dividend of
H 1.00 per equity share paid during the year, results in a total
dividend of H 2.50 per equity share, representing 43.3% of the profit
after tax and aligned with the Company's "Lakshya RISE 5000” plan.

The dividend declared is in line with the Company's dividend
distribution policy, which is available on its website athttps://
www.iaispring.com/assets/images/investors-relations/corporate-
governance/Dividend-Policy.pdf.

Subsidiaries, Joint Ventures and Associates

During the year under review and up to the date of this report, there
has been no change in the Company's subsidiaries. The Company
continues to have three subsidiaries, viz., Jai Suspensions Limited
and Jai Automotive Components Limited, both wholly owned
subsidiaries, and Jai Suspension Systems Private Limited, in which
the Company holds a 99.9985% shareholding.

The statement containing the salient features of the financial
statements of the subsidiaries in Form AOC-1 forms part of this
Report as Annexure-2. The Policy on Material Subsidiaries is
available on the Company's website.

The Company does not have any associate companies or
ioint ventures.

Particulars of Loans, Guarantees or Investments

The particulars of loans given, guarantees provided, and
investments made by the Company, as covered under Section
186 of the Companies Act, 2013, have been disclosed in notes to
the financial statements.

Related-Party Transactions

The Company ensures that all related party transactions are
undertaken in compliance with applicable laws and regulations
and in accordance with its Policy on Related Party Transactions.
During the year under review, such transactions were primarily
with the Company's subsidiaries and, other than remuneration, no
transactions were entered into with any person or entity belonging
to the promoter or promoter group. The Audit Committee oversees
and monitors these transactions, including granting omnibus
approvals for transactions of a repetitive nature, which are
reviewed periodically.

All related party transactions were carried out in the ordinary
course of business and on an arm's length basis. The disclosures
as required under the Companies Act, 2013 are provided in Form
AOC-2, forming part of this Report as Annexure-3. Transactions
with Jai Suspension Systems Private Limited, being material
related party transactions, will be placed before the members for
approval at the ensuing Annual General Meeting.

Board of Directors and Meetings

The composition of the Board of Directors of the Company,
comprising executive, independent and women directors, is in
compliance with the provisions of the Companies Act, 2013 and
the SEBI Listing Regulations. None of the Directors are disqualified
from being appointed or continuing as Directors in terms of Section
164(2) of the Companies Act, 2013. The Independent Directors
have furnished declarations confirming that they meet the criteria
of independence, and there has been no change in their status
during the year.

During the year under review, there was no change in the
composition of the Board, except for the re-appointment of Mr. R.
S. Jauhar (DIN: 00746186) as Chairman & Executive Director for a
further term of three years effective January 01, 2026.

Mr. Gautam Mukherjee (DIN: 02590120) was appointed as an
Independent Director on the Board of the Company with effect from
May 31, 2021, for a term of five consecutive years. His initial term
will expire on May 30, 2026. The Nomination and Remuneration
Committee and the Board of Directors after evaluating his skills,
experience and knowledge recommended his re-appointment as an
Independent Director of the Company for a second consecutive term
of five years commencing from May 31, 2026 up to May 30, 2031.

The Board met four times during the year, and the details relating
to Board composition, attendance of Directors and meetings of the
Board and its Committees are set out in the Corporate Governance
Report forming part of this Annual Report.

Pursuant to the provisions of the Companies Act, 2013, Mr. S P
S Kohli (DIN01643796) retires by rotation at the ensuing Annual
General Meeting and, being eligible, has offered himself for re¬
appointment. The Board recommends his re-appointment.

Committees of the Board

As part of its governance framework, the Board has constituted
various Committees to oversee key operational and strategic
areas, in compliance with applicable statutory and regulatory
requirements under the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
Each Committee functions in accordance with its defined scope
and responsibilities.

Details relating to the composition of the Committees, meetings
held during the year under review, attendance of Directors at
Committee meetings and other relevant information are provided
in the Corporate Governance Report forming part of this Annual
Report. During the year under review all recommendations
made by the Committees to the Board of Directors have been
accepted by the Board.

Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and
the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Board carried out an annual evaluation of its
own performance, as well as that of its Committees and individual
Directors, including the Chairman.

The evaluation of the Board as whole covered key aspects such
as Board composition and diversity, quality of deliberations,
effectiveness of meetings, adequacy of information flow, strategic
guidance, financial oversight and governance practices. The
performance of individual Directors was assessed based on their
participation, contribution to decision-making, independence,
professional competence and discharge of responsibilities. The
performance of the Chairman was evaluated with respect to his
leadership, conduct of meetings and ability to facilitate effective
decision-making.

A separate meeting of the Independent Directors was held on
March 14, 2026 wherein the performance of the Board, the
Chairman and non-independent Directors was reviewed. The
Independent Directors expressed their satisfaction with the overall
functioning of the Board and the quality of information provided by
the management for effective decision-making.

Nomination and Remuneration Policy

The Company has adopted a Nomination and Remuneration Policy
in accordance with the provisions of the Companies Act, 2013
and the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, to govern the appointment, evaluation and
remuneration of Directors, Key Managerial Personnel and Senior
Management. The Policy aims to ensure a fair, transparent and

merit-based process for the selection of individuals to leadership
roles, and to establish a framework for determining remuneration
aligned with responsibilities and performance. The Nomination
and Remuneration Policy is available on the Company's website
athttps://www.iaispring.com/assets/images/investors-relations/
corporate-governance/NRC-Policy.pdf.

Employees holding positions at the level of President (Level "O”),
along with the Chief Financial Officer and the Company Secretary,
are considered as Senior Management Personnel. There were no
changes in the Key Managerial Personnel of the Company during
the year under review.

It is confirmed that none of the Directors or Senior Management
Personnel receive any remuneration or commission from the
Company's subsidiaries.

Particulars of Remuneration

The information as required in accordance with Section 197(12)
of the Act read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is given in
Annexure-4 forming part of this report.

As per the provisions of Section 136(1) of the Act, the Annual
Report and the Accounts are being sent to all the members of
the Company, excluding the information required under Section
197(12) of the Act read with Rule 5(2) and 5(3) of Companies
(Appointment and Remuneration of Managerial Personnel) Rules,
2014. Any member interested in obtaining such information may
write to the Company Secretary at the Registered Office. The
said information is also available for inspection at the Registered
Office during working hours up to the date of the ensuing Annual
General Meeting.

Directors' Responsibility Statement

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

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

b) The directors had selected such accounting policies
and applied them consistently and made iudgments and
estimates that are reasonable and prudent so as to give a true
and fair view of the state of affairs of the company at the end
of the financial year and of the profit and loss of the company
for that period.

c) The directors had 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
the Company and for preventing and detecting fraud and
other irregularities.

d) The directors had prepared the annual accounts on a
going concern basis.

e) The directors had laid down internal financial controls to be
followed by the company and that such internal financial
controls are adequate and operating effectively.

f) The directors had devised proper systems to ensure
compliance of the provisions of all applicable laws and that
such systems were adequate and operating effectively.

Statutory Auditors and Reports

M/s Price Waterhouse Chartered Accountants LLP (Firm
Registration No. 012754N/N500016), Chartered Accountants, are
the Statutory Auditors of the Company and its three subsidiaries.
This ensures a consistent, coordinated and integrated audit
approach across the Group, with alignment in audit methodology,
risk assessment and reporting, and supports effective oversight
and communication with Those Charged with Governance in line
with applicable regulatory requirements.

The Board of Directors has been identified as Those Charged with
Governance (TCWG) in accordance with the provisions of the
Companies Act, 2013 and the applicable Standards on Auditing.
The Audit Committee functions as a sub-group of the Board for
focused oversight of financial reporting, internal controls and
audit matters. In line with the framework for effective two-way
communication prescribed by the National Financial Reporting
Authority (NFRA), the Company has designated Mrs. Rashmi Duggal
and Mr. SPS Kohli as nodal officers on behalf of TCWG to facilitate
structured, timely and appropriately documented communication
with the Statutory Auditors throughout the audit cycle.

The Statutory Auditors have confirmed that they continue to satisfy
the criteria of independence and eligibility as prescribed under
the Companies Act, 2013 and the Code of Ethics issued by the
Institute of Chartered Accountants of India.

The report of the Statutory Auditor forms part of this Integrated
Report and Annual Accounts FY 2026. The said report does not
contain any qualification, reservation, adverse remark or disclaimer.

During the year under review, the Statutory 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.

The Statutory Auditors have identified the assessment of the
carrying value of investments in subsidiaries i.e. Jai Suspensions
Limited and Jai Automotive Components Limited as a Key Audit
Matter, as the net worth of these subsidiaries remained below
the carrying value of the Company's investments primarily
due to losses incurred during the project implementation and
capitalisation phase.

The losses incurred by subsidiaries represent interest components
on loan given to subsidiaries by the Company. Further, during

the year, both these subsidiaries have commenced commercial
production and the Board expects these subsidiaries to
progressively ramp up operations and generate revenues in
the coming years.

Secretarial Audit and Reports

Pursuant to the provisions of Section 204 of the Companies Act,
2013, M/s RSM & Co., Practicing Company Secretaries, were
appointed to conduct the Secretarial Audit of the Company.
The Secretarial Audit for the FY 2025-26 has been duly
carried out by them.

The Secretarial Audit Report forms part of this Report and is
annexed as Annexure-5. The said report does not contain any
qualification, reservation, adverse remark or disclaimer.

Cost Auditor and Reports

In accordance with the provisions of Section 148 of the Companies
Act, 2013, the Company was appointed M/s Jangira & Associates,
Cost Accountants, to carry out the Cost Audit for the financial year
2025-26. Based on the recommendation of the Audit Committee,
the Board has approved the re-appointment of M/s Jangira &
Associates as Cost Auditors for the FY 2026-27. The remuneration
proposed to be paid to the Cost Auditors is subject to the ratification
by the members at the ensuing Annual General Meeting.

The Company has duly maintained cost records as required under
the provisions.

Internal Financial Control

The Company continues to maintain a robust internal control
framework to safeguard assets, ensure the accuracy and
completeness of accounting records, and prevent and detect
frauds and errors. This framework is reinforced through well-defined
policies, procedures and system-driven controls embedded within
the ERP environment, ensuring efficiency, reliability and timeliness
of financial reporting.

The Internal Audit function is carried out by M/s Protiviti Global
Business Consulting, who conduct concurrent audits across
the Company and its subsidiaries and report directly to the
Audit Committee.

During the year under review, the Company further strengthened
its IT infrastructure and cybersecurity framework in collaboration
with its Cyber Controls Implementation Partner, PKF Algosmic. The
Company enhanced its cyber security posture through improved
system architecture, advanced threat detection mechanisms
and strengthened data protection protocols. The RAMCO ERP
system is now fully integrated across all group locations, including
the newly migrated units, enabling seamless operations and
supporting real-time banking integration, DMS connectivity for
over 350 distributors and ASRS-based warehousing operations,
with no security incidents reported during the year.

Credit Rating

The Company's credit ratings continue to reflect its strong financial position and liquidity profile. CARE Ratings Limited reaffirmed the
Company's long-term rating to CARE AA (Stable) on March 13, 2026. Subsequently, ICRA Limited upgraded the Company's rating to
[ICRA]AA (Stable) on April 15, 2026.

The credit ratings reaffirm the Company's strong credit
profile and reflect its adequate financial liquidity to meet its
business requirements.

Business Responsibility and Sustainability Report

In accordance with Regulation 34 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, the Company
has prepared the Business Responsibility and Sustainability Report
("BRSR”), detailing its performance against the nine principles
of the National Guidelines on Responsible Business Conduct
for the FY 2026.

The CSR & ESG Committee monitors the Company's ESG
performance, with emphasis on responsible resource utilization,
reduction of environmental impact and strengthening governance
practices. Business Responsibility and Sustainability Report in
terms of the provisions of Regulation 34 of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 forms an integral
part of this report and annexed as Annexure-6.

Management Discussion & Analysis

In compliance with Regulation 34 of the SEBI Listing Regulations,
the Management Discussion and Analysis Report for the financial
year ended March 31, 2026, is presented in a separate section. The
report provides a detailed analysis of Company's performance and
operations during the year under review.

Corporate Governance

The Company considers corporate governance as a fundamental
pillar for achieving sustainable growth and enhancing long-term
stakeholder value. The Board of Directors provides strategic
direction and ethical leadership, ensuring that all decisions and
actions are aligned with the Company's core values of integrity,
transparency and accountability.

To enable focused supervision of key functional areas, the Board
operates through various Committees constituted in accordance

with the provisions of the Companies Act, 2013 and the SEBI
(Listing Obligations and Disclosure Requirements) Regulations,
2015. These Committees function within clearly defined terms of
reference and play a critical role in strengthening governance and
decision-making processes. Company's corporate governance
framework comprises defined policies, procedures and systems
designed to promote responsible business conduct and
effective oversight.

During the financial year under review, the Company has complied
with all mandatory requirements of corporate governance as
prescribed under applicable laws and regulations. The Auditor's
Certificate on Corporate Governance, confirming compliance with
the applicable provisions of the SEBI Listing Regulations, forms
part of this Annual Report as Annexure-7. The certificate does not
contain any qualifications, adverse remarks or reservations.

During the year under review, the Company has complied with
all applicable Secretarial Standards issued by the Institute of
Company Secretaries of India.

Annual Return

In accordance with Section 134(3)(a) and Section 92(3) of the Act,
the Annual Return of the Company is available on the website of
the Company athttps://www.iaispring.com/annual-return.aspx.

Transfer to Investor Education and Protection Fund
(IEPF)

Pursuant to the provisions of Section 124 of the Companies
Act, 2013 read with the Investor Education and Protection Fund
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, the
Company has transferred to the Investor Education and Protection
Fund ("IEPF”) the dividends that remained unclaimed for a period
of seven years. Corresponding equity shares, in respect of which
dividends had not been claimed for seven consecutive years,
were also transferred to the IEPF. The details of such transfers
made during the year under review are as follows:

Members whose dividends and corresponding shares have
been transferred to the IEPF may claim the same by following the
prescribed procedure under Form IEPF-5, available on the website
of the IEPF Authority.

Corporate Social Responsibility (CSR)

The Company is committed to balancing economic growth with
social equity and environmental sustainability. The Board's CSR &
ESG Committee guides and oversees the Company's Corporate
Social Responsibility ("CSR”) and Environmental, Social and
Governance ("ESG”) initiatives. The Company's CSR activities are
undertaken with a focus on fostering inclusive and sustainable
development. The Corporate Social Responsibility Policy,
outlining the Company's focus areas and project selection criteria,
is available on the Company's website.

During the year under review, the Company continued to
undertake CSR initiatives in key areas such as education,
healthcare and environmental conservation. The details of CSR
activities undertaken during the FY 2026 are provided in the Report
on Corporate Social Responsibility (CSR) Activities, prepared in
accordance with Section 135 of the Companies Act, 2013, and
annexed as Annexure-8 forming part of this Annual Report.

Energy Conservation, Technology Absorption &
Foreign Exchange

The details of conservation of energy, technology absorption, and
foreign exchange earnings and outgo, required under Section
134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the
Companies (Accounts) Rules, 2014, are provided in Annexure - 9
and forms part of this Report.

Risk Management Policy

The Company adopts a holistic approach to risk identification,
encompassing both financial and non-financial risks. The Board
has established a Risk Management Policy to identify, assess, and
mitigate threats that may impact Company's business operations
and strategic objectives. The Policy provides a comprehensive
framework for proactive risk management, enabling the Company
to navigate a dynamic business environment with resilience
and stability. The Risk Management Policy is available on the
Company's website athttps://www.laispring.com/assets/images/
investors-relations/corporate-governance/RM-Policy.pdf.

The Risk Management Committee of the Board oversees the
implementation of the Risk Management Policy and provides
recommendations to the Board to strengthen mitigation efforts
and minimize potential disruptions. The Company continues to
foster a risk-aware culture across the organization, ensuring that
risk assessment is deeply embedded in both operational and
strategic decision-making processes.

Through continuous monitoring and a structured management
approach, the Company remains well-positioned to address
emerging challenges and sustain long-term growth while
consistently safeguarding stakeholder interests.

Vigil Mechanism / Whistle Blower

The Company is committed to maintaining the highest standards
of ethical, moral and legal conduct in all its business operations.
Company's Vigil Mechanism provides a secure and transparent
channel for directors, employees and other stakeholders to report
genuine concerns relating to unethical behaviour, actual or
suspected fraud or violation of the Company's Code of Conduct.

The mechanism covers a wide range of matters, including
breaches of the Code of Conduct, financial irregularities, non¬
compliance with applicable laws and regulations, misuse of
Unpublished Price Sensitive Information (UPSI) and any actions
that may adversely impact the Company's operations or reputation.
The Vigil Mechanism provides for adequate safeguards against
victimization of persons who use the mechanism and ensures
confidentiality of the identity of the whistleblower. It also provides
for direct access to the Chairperson of the Audit Committee in
appropriate or exceptional cases.

The Whistle Blower Policy, detailing the reporting and investigation
procedures, is available on the Company's website athttps://www.
laispring.com/assets/images/investors-relations/Disclosures-under-
Regulation-46-LODR/Whistle-Blower-Mechanism.pdf During the
financial year 2025-26, two complaints were received, investigated
and closed under the mechanism.

IPR

The Company owns two patents, namely (i) Air Suspension
System and (ii) Air Suspension Systems for Trailers. During the
year under review, the Company has applied for a new patent
titled "A Stepped Collar Assembly to Prevent Bolt Failure in Heavy

Commercial Vehicle Systems." Further, the Company has also
filed an additional application for grant of patent in respect of its
existing patent Air Suspension Systems for Trailer. The application
for getting Well Known status of its Trademark is pending at
approval stages. The Company also holds copyrights in over 140
product designs, and its trademark "JAI” is registered across 16
countries globally.

Disclosure under Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal)
Act, 2013

The Company is committed to fostering a safe, inclusive and
respectful work environment where every individual is treated
with dignity. In line with the provisions of the Sexual Harassment
of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013, the Company has constituted an Internal Complaint
Committee to address complaints, if any, in a fair, timely and
confidential manner under its Policy on Prevention of Sexual
Harassment, which is available on the Company's website at
https://www.iaispring.com/assets/images/investors-relations/
corporate-governance/POSH-Policy.pdf.

The Internal Committee functions in accordance with the
prescribed statutory guidelines and ensures that all complaints
are handled with due impartiality and in compliance with the
principles of natural justice. The Company continues to strengthen
its POSH framework through regular awareness and sensitization
programmes aimed at promoting ethical conduct and reinforcing
a culture of mutual respect across the organization.

During the FY 2026 following are the details: -

(a) number of complaints of sexual harassment
received in the year; 1

(b) number of complaints disposed off during the year;1

(c) number of cases pending for more than ninety days:0

The Company remains committed to maintaining a workplace free
from harassment and discrimination.

Other Statutory Disclosures

1. The Company has not accepted any public deposits within
the meaning of the Companies (Acceptance of Deposits)
Rules, 2014. Accordingly, no amount relating to principal or
interest on public deposits was outstanding as on the date of
the Balance Sheet.

2. The disclosure requirement pertaining to the difference in
valuation at the time of one-time settlement and the valuation
while availing loans from banks or financial institutions is not
applicable to the Company.

3. The Company has complied with the provisions of Maternity
Benefit Act, 1961 during the year under review.

Appreciation

The Board of Directors extends its heartfelt thanks and deep
appreciation to all employees for their hard work, unity, cooperation,
and unwavering dedication throughout the past year. The Board
also expresses its sincere gratitude to customers, shareholders,
suppliers, bankers, business partners, regulators, and government
agencies for their continued trust and support.

For and on behalf of the Board of Directors

Randeep Singh Jauhar

Chairman and Executive Director