Your Directors are pleased to present the 61^st Annual
Report on the business and operations of the Company
along with the Audited Financial Statements, Auditor's
Report and comments of the Comptroller & Auditor
General of India for the year ended 31^st March, 2026.

Financial Highlights of the Company

During the financial year 2025-26 the Profit After Tax
stands at ' 22,169 lakhs as against ' 40,298 lakhs
in the previous year. Profit Before Tax was ' 29,569
lakhs compared to ' 50,390 lakhs in the previous year.
Company has recorded total revenue of ' 45,304 lakhs.
Total E-commerce income has increased from ' 36,627
lakhs to ' 41,253 lakhs.

The Standalone Financial results of the Company for the
financial year 2025-26 and 2024-25 are given below:

*(Dividend (%) for FY 2025-26 includes interim dividend
@ 76% and final dividend @ 81%)

**(Dividend (%) for FY 2024-25 includes 1^st interim
dividend @ 40%, 2^nd interim dividend @ 320% and 3^rd
interim dividend @ 45%)

Operational Highlights:

During the financial year 2025-26, the Company has

crossed ' 79,737.47 crores in terms of value of goods

transacted through its trading and e-commerce. Other

operational highlights are as follows;

1. Coal Mine Auction for Commercial Mining: 13 tranches
of auctions under Commercial Mining have been
completed and the 14^th tranche has been going on. A
total of 136 mines have been auctioned and sold out.
The total number of Coal Mines successfully sold in
FY 2025-26 is 10.

2. MSTC have successfully completed 6 tranches of
Critical Mineral auctions and 7^th tranche of Critical
Mineral Auctions containing 19 blocks was launched
on 23^rd March 2026. Further, 2^nd tranche of Exploration
Licenses, having 11 blocks, was also launched in the
month of February 2026. A total of 23 nos. of Critical
Mineral Blocks and 7 EL blocks have been successfully
sold in FY 2025-26.

3. Mineral Block Auction: MSTC has successfully
conducted e-auction for 523 major mineral blocks.
MSTC is also conducting auctions for lease of Minor
Mineral blocks in various states.

4. MSTC has developed a Web portal for the Ministry
of Steel and its CPSEs to monitor the physical and
financial progress of projects undertaken by CPSEs
with a capital expenditure of ' 100 crore and above.
The portal is called "ISPAT".

5. MSTC is developing various portals like R&D Portal,
Bharat Steel Awards Portal etc on behalf of Ministry
of Steel.

6. MSTC has developed and deployed the e-auction
platform for sale of timber from Chhattisgarh Forest
Department.

7. MSTC has conducted 174 No of Sand Block e-auctions
on behalf of DGM, Chhattisgarh.

8. EXIM Portal for Petroleum Industry: The online bidding
platform for Export & Import of petroleum products
was developed & delivered to IOCL. The EXIM portal
is fully operational and IOCL is reaping the benefits
after transforming its Import & Export activities to
online mode. Considering the benefits acquired by
IOCL from this portal, ONGC had also engaged MSTC
for developing similar portal for them. Accordingly,
the e-bidding portal for Export & Import of petroleum
products had been developed for ONGC and the
Group Companies and the same is operational now.
These portal(s) have improved the efficiency in the
export & Import process of IOCL & ONGC.

9. MSTC continued to offer services for the Online Draw
System for selection of LPG & Petrol Pumps and
Dealership to the Oil Marketing Companies. In 2025¬
26, MSTC has successfully conducted 3,430 online
draws for distribution of Petrol Pumps under SRMP
2018 & SRMP 2023, and 296 draws for distribution of
LPG Dealership.

10. MSTC has sold 1,35,17,950 MT of Iron Ore/Slimes/
Pellets worth ' 5,670 Crores on behalf of NMDC
limited.

11. Additionally, MSTC has sold 34.28 mMT of iron ore for
' 19,033 Crore on behalf of different miners of Iron ore
in the state of Odisha.

12. MSTC has sold Land parcels/prime lands/
residential plots/seized flats/plots/buildings worth
' 7,244 Crores on behalf of Hyderabad Metropolitan
Development Authority/Telangana Industrial
Infrastructure Corporation/Telangana Housing
Board and Enforcement Directorate.

13. MSTC is conducting online events for allocating
Tariff Rate Quotas (TRQ) for gold bullion and other
commodities on behalf of the Directorate General of
Foreign Trade (DGFT).

14. MSTC is providing the e-commerce Solution for
e-Bidding for Critical minerals and Exploration
Licenses.

15. MSTC is also providing e-commerce solutions for
coal gasification project and allotment of Offshore
Mineral Blocks.

16. MSTC has sold 1.6 mMT of chrome ore for ' 1,573 Crore
on behalf of OMC.

17. MSTC started e-auctioning of coal on behalf of CIL
and its Subsidiaries as per the revised requirements
of CIL. Additionally, MSTC is e-auctioning coal on
behalf of SCCL and OCPL. Total quantity of Coal sold
in 2025-26 is 38.92 million MT valued at ' 7,516.09
crore.

18. MSTC has successfully bid and emerged as the L1
bidder in the tender floated by CIL for conducting
NRS Linkage auctions for 3 years.

19. MSTC is developing an Electronic Trading Platform
(ETP) for Extended Producer Responsibility (EPR)

Certificates on behalf of Central Pollution Control
Board (CPCB).

20. MSTC has signed Selling Agency Agreement (SAA)
with Shri Mata Vaishno Devi Shrine Board (SMVDSB),
Katra for conducting e-auction/e-sale of following
items:

a. E-Sale of Precious Metals, Gems Jewellery,
ornaments, Coins, gold, silver and precious
Stones

b. E-Auction of Scrap, Obsolete Items, condemned
goods (including e-waste, battery scrap furniture
items, metal scrap, paper, etc.

c. E-Auction of ELVs.

21. MSTC has developed Green Steel Certification Portal
for NISST and Ispat Project Monitoring portal and
Bharat Steel Expo portal for the Ministry of Steel.

Dividend

During the year, the Company has paid interim dividend
of ' 7.60 per share. In addition, the Board of Directors of
our Company has recommended a final dividend of ' 8.10
per share for the year, thereby taking the total dividend
for the year to ' 15.70 per share with the total payout of
' 11,052.80 Lakhs. The final dividend will be payable to
those shareholders whose name appears in the Register
of Members as on the Book Closure / Record Date. The
dividend declared/ recommended for the year are in
accordance with the Company's dividend distribution
policy. The Dividend Distribution policy as formulated by
the Company may be assessed at the web link https://
www.mstcindia.co.in/MSTC_Static_Pages/frontpage/
newpolicy/DIVIDENDDISTRIBUTIONPOLICY.pdf .

Reserves

The Reserves stand at ' 85,015 Lakhs as on 31^st March 2026.
Changes in Share Capital

The authorized share capital of your Company as on
31^st March, 2026 stands at ' 15,000.00 Lakhs divided into
1,500.00 Lakhs equity shares of ' 10.00 each. During the
year under review there is no change in share capital of
your company.

Directors Responsibility Statement

Pursuant to the provisions of Section 134(5) of the
Companies Act, 2013, the Board of Directors state that:

a) In preparation of the Annual Accounts, applicable
Indian Accounting Standards (IND-AS) have been
followed along with proper explanation relating to
material departures.

b) The Directors have selected such accounting policies
and applied them consistently and made judgments
and estimates that are reasonable and prudent so
as to give a true and fair view of the state of affairs of
the Company as at 31^st March, 2026 and of the profit
of the Company for the financial year 2025-26.

c) The Directors have taken proper and sufficient care
for the maintenance of adequate accounting records
in accordance with the provisions of the Companies
Act, 2013 for safeguarding the assets of the Company
and for preventing and detecting frauds and other
irregularities.

d) The Directors have prepared the Annual Accounts for
the year ended 31^st March, 2026 on a going concern
basis.

e) The Directors had laid down internal financial
controls of the Company and that such systems
were adequate and operating effectively.

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

Directors & Key Managerial Personnel

Shri Manobendra Ghoshal, Chairman and Managing
Director, Smt. Bhanu Kumar, Director (Commercial)
and Shri Subrata Sarkar, Director (Finance) and Chief
Financial Officer are Whole-time Directors of the
Company. Shri Manobendra Ghoshal is also acting as
Chairman of Mahindra MSTC Recycling Pvt. Ltd. (MMRPL),
a 50:50 joint venture of the Company. Shri Subrata Sarkar
is also acting as Director of MMRPL.

During the year under review the Administrative Ministry
has vide its Order No. 1/1/2025-BLA dated 15^th April, 2025
appointed Shri Ramesh Kumar Soni (DIN:09399355) as
Non-Official Independent Director of the company for
a period of one year from the date of notification of his
appointment, or till further orders whichever is earlier.
Administrative Ministry has vide its Order No. 1/1/2025-
BLA dated 15^th May, 2025 appointed Smt. Alka Chandrakar
(DIN: 11111923) and Shri Chandrashekhar Baghel (DIN:
11111187) as Non-Official Independent Directors of the
company for a period of three years from the date
of their appointment, or till further orders whichever
is earlier. Further, the Administrative Ministry has vide
its order no. S-14011/1/2022-BLA dated 11^th June, 2025

appointed Ms Sudershan Mendiratta (DIN: 11152018), Joint
Secretary, Ministry of Steel as Government Nominee
Director on the Board of Directors of MSTC Limited, with
immediate effect, until further orders, in place of Shri
Vinod Kumar Tripathi (DIN: 10711675) and Shri Ashwini
Kumar (DIN: 07598593). Approval of shareholders for
appointment of the aforesaid Independent Directors and
Government Nominee Director were obtained in the 60^th
Annual General Meeting of the Company.

The tenure of Shri Ramesh Kumar Soni (DIN: 09399355)
as Non-Official Independent Director of the company,
has completed and he ceased to be the Independent
Director on the Board of MSTC Limited with effect from
15^th April, 2026.

The Board places on record its sincere gratitude for
the valuable guidance and support rendered by Shri
Ramesh Kumar Soni, Shri Vinod Kumar Tripathi and
Shri Ashwini Kumar during their association with the
company. Consequent to their cessation from the Board
they also ceased to be the Chairman/Member of Audit
Committee, Nomination and Remuneration Committee,
Risk Management Committee, Stakeholders Relationship
Committee and Corporate Social Responsibility
Committee.

Shri Manobendra Ghoshal, (DIN 09762368) Chairman and
Managing Director of the Company is retiring by rotation
and being eligible offered himself for reappointment.
The Directors recommended his reappointment in the
ensuing Annual General Meeting of the Company.

The Company has received necessary declaration
and certificate from all the Independent Directors
confirming that they meet the criteria prescribed for
Independent Directors under the applicable provisions
of the Companies Act, 2013, SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and rules
made there under.

A separate meeting of Independent Directors was held
during the year.

The provisions of Section 134(3)(p) of the Companies
Act, 2013 require a listed entity to include a statement
indicating the manner of formal annual evaluation
of performance of the Board, its Committees and of
individual Directors. However, the said provisions are
not applicable for Government Companies as the
performance evaluation of Directors is carried out by

the Administrative Ministry as per laid down evaluation
methodology.

A brief profile of the Directors proposed to be appointed
and reappointed at the ensuing AGM is provided in the
notice calling the AGM.

The details of the Key Managerial Personnel of the
Company as on the date of this report are as follows;

The provisions of Section 134(3)(e) of the Companies
Act, 2013 regarding the policy on Director's appointment
and remuneration including criteria for determining
qualifications, positive attributes, independence of a
Director and other matters provided in Section 178(3) are
exempted for Government Companies.

Related Party Transactions

All Related Party Transactions that were entered into
during the financial year were on an arm's length basis
and were in the ordinary course of business. Hence,
the provision of Section 188 of Companies Act, 2013 as
amended are not attracted. The details of the related
party transactions during the financial year are provided
in note no. 34 of the standalone financial statement.

Thus, disclosures in Form AOC-2 are not required. Further
there are no related party transactions with the Directors
and KMP or other designated persons, which may have
a potential conflict with the interest of the Company. All
Related Party Transactions are placed before the Audit
Committee for approval.

The Company has a related party transaction policy and
the same is available on the website of the Company at
www.mstcindia.co.in.

Conservation of Energy, Technology Absorption,
Foreign Exchange Earning and Outgo

In accordance with the provisions of Section 134(3)
(m) of the Companies Act, 2013 read with Rule 8 of the
Companies (Accounts) Rules, 2014, the particulars

relating to Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo
are given in Annexure-I to this Report.

Corporate Governance Report

Separate report on Corporate Governance along with
the Compliance Certificate on Corporate Governance
are attached herewith as Annexure-II and form part of
the Board's Report.

Management Discussion and Analysis Report

Management Discussion and Analysis Report forms part
of the Board's Report.

Business Responsibility and Sustainability Report

Business Responsibility and Sustainability Report is
attached herewith as Annexure III and forms part of the
Board's Report.

Annual Return

In compliance of Section 92 of the Companies Act, 2013
and Rules made thereunder, the Annual Return for the
financial year 2025-26 is available on the Company's
Website at https://www.mstcindia.co.in/content/
AnnualReturns.aspx

Corporate Social Responsibility

The Company is committed to social upliftment. In line
with the Companies Act, 2013, Companies (Corporate
Social Responsibility Policy) Rules, 2014 & DPE guidelines,
the Company has constituted a CSR Committee which
functions as per the Govt. guidelines and the Company's
CSR policy. The CSR Policy of the Company has been
approved by the Board and is hosted on the website of
the Company.

The Company has undertaken various activities as per the
CSR policy of the Company. The Projects/ programmes/
activities are taken up in line with Schedule VII of the
Companies Act, 2013.

Annual Report on Corporate Social Responsibility as
required under Rule 8 of the Companies (Corporate Social
Responsibility Policy) Rules, 2014 is placed as Annexure IV
and forms part of the Board's Report.

Secretarial Audit

In compliance with Section 204(1) of the Companies
Act, 2013 and Rule 9 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules,
2014, Shri Saurabh Basu (Membership No. A18686),

Practicing Company Secretary has been appointed as
the Secretarial Auditor for the year 2025-26. The Report
of the Secretarial Auditor as prescribed is enclosed as
Annexure V to this Report.

The Secretarial Auditor has made following
observations;

1. In pursuance to the provision of Regulation 17(1)(a)
of SEBI LODR,2015, the company being top 1000 listed
entity does not have at least one independent woman
director for the period 01.04.2025 to 28.05.2025.

2. In pursuance to the provision of Regulation 17(1)(a) of
SEBI LODR,2015, the number of Independent Directors on
the Board were less than fifty percent of Board Members
during 01.04.2025 to 31.03.2026. From 01.04.2025 to
14.04.2025, there was no Independent Director and
from 15.04.2025 to 28.05.2025 the Company had only
one Independent Director. So, the Company was not
complied with the Section 149 of the Companies Act,
2013 read with Schedule IV during the period from
01.04.2025 to 28.05.2025.

3. In pursuance to the provision of Regulation 17(1)(c) of
SEBI LODR,2015, the Board of Directors comprised of five
directors from 01.04.2025 to 15.04.2025.

4. Due to inadequate number of Independent Director,
during the period from 01.04.2025 to 28.05.2025 the
following Statutory Committees like Audit Committee
(Reg.18 of SEBI LODR, 2015 and Sec.177 of the Companies
Act, 2013) and Nomination and Remuneration
Committee (Reg.19 of SEBI LODR, 2015 were not formed in
proper manner. In pursuance to Regulation 18(2)(b), in
meeting of audit committee two independent director
must be present to form the quorum, however in the
Audit Committee meeting held on 29.05.2025 only one
independent director attended the meeting.

5. The Company has not complied with certain provisions
of DPE Guidelines on Corporate Governance regarding
constitution of Board and Committees during the
period under review.

In this regard it is clarified that your Company is a Govt.
Company under the administrative control of Ministry of
Steel, Govt. of India. Neither the Board nor the Company is
empowered to appoint Independent Directors as the power
to appoint Independent Director vest with Government of
India as per the Government guidelines. Company has
requested administrative ministry for appointment of
Independent directors and have continuously followed up.

Further, the Board Committees were reconstituted
w.e.f. 16^th April, 2025 upon appointment of Shri Ramesh
Kumar Soni as Non-Official Independent Director of the
company. The committees were further reconstituted
on 29^th May, 2025 upon appointment of Smt. Alka
Chandrakar and Shri Chandrashekhar Baghel as Non¬
Official Independent Directors.

Auditors

Pursuant to Section 139 of the Companies Act, 2013, the
Comptroller and Auditor General of India, has appointed
M/s. S Guha & Associates, Chartered Accountants (FRN:
322493E), as Statutory Auditors of the Company for the
year 2025-26. The report of the Auditors is attached to
the Financial Statements of the Company. Management
replies on the comments/observations of the Auditors
are placed as Annexure VI to the Board's Report.

Comments by the Comptroller and Auditor
General of India (CAG)

The comments of the CAG on the Annual Accounts of the
Company in terms of Section 143(6) (b) of the Companies
Act, 2013, shall be deemed as part of the Board's Report.

Number of Meetings of the Board

The Board met six times during the financial year 2025¬
26. The details of number of meetings of the Board of
Directors held during the year 2025-26 form a part of the
Corporate Governance Report.

Disqualification of Directors

Pursuant to Section 164(2) of the Act and Rule 14(1)
of Companies (Appointment and Qualification of
Directors) Rules, 2014, all the Directors have intimated
that, they stand free from any disqualification from being
appointed as a Director.

Notice of Interest by the Directors

Pursuant to Section 184(1) of the Act, Rule 9(1) of the
Companies (Meetings of Board and its Powers) Rules,
2014 and applicable provisions of SEBI, all the Directors
have given Notice of Interest.

Committees of the Board

MSTC has constituted five committees of the Board
viz., Audit Committee, Nomination and Remuneration
Committee, Corporate Social Responsibility (CSR)
Committee, Stakeholders Relationship Committee and
Risk Management Committee, details of which are
provided in the Corporate Governance Report.

Audit Committee

The Company has in place a board level Audit Committee,
the details in respect of which are given in the Corporate
Governance Report. Further, there has been no instance
where the Board of Directors has not accepted the
recommendation of Audit Committee.

Corporate Social Responsibility (CSR) Committee

In compliance of Section 135(1) of the Act, read with
Rule 5 of the Companies (CSR Policy) Rules 2014, the
Company has constituted CSR Committee of the Board,
the details in respect of which are given in the Corporate
Governance Report.

Subsidiary and Joint Venture Company

The Company has no subsidiary.

Mahindra MSTC Recycling Private Limited
MSTC had entered into a JV Agreement with M/S Mahindra
Accelo Ltd. and formed a Joint Venture Company
"Mahindra MSTC Recycling Pvt. Ltd." MSTC through this
JV, had set up India's first authorised Collection and
Dismantling centre at Greater Noida in 2018. At present,
MMRPL has 6 operational Registered Vehicle Scrapping
Centres/Registered Vehicle Scrapping Facilities (RVSFs)
in Kalyan, Chennai, Indore, Ahmedabad, Guwahati and
Bengaluru. Apart from RVSF plants, MMRPL has set up 45
collection centres throughout India.

MMRPL has tied up with M&M Ltd., Honda Motorcycle &
Scooters, KIA, and SML Mahindra as partners for procuring
scrap vehicles Pan India. MMRPL is also in discussion with
other OEMs for a tie-up.

During the year ended 31^st March 2026, the Company
earned an income of ' 5,192 lakhs as against a figure of
' 3,466 lakhs in previous year.

The detailed information relating to the Joint Venture
company in form AOC-1 in compliance with Section
129(3) of the Companies Act, read with Rule 5 of
Companies (Accounts) Rules forms part of Annual Report
as Annexure VII.

Consolidated Financial Results

In accordance with the provisions of the Companies Act,
2013 and the Accounting Standards issued by the Institute
of Chartered Accountants of India, your Company has
prepared the Consolidated Financial Statement for the
group, including its joint venture.

The Summary of Consolidated Financial Results are as
follows: (' in Lakhs)

Material Changes and Commitments, if any, affecting
the Financial Position of the Company

There are no material changes and commitments
affecting the financial position of the Company that
have occurred between the close of the financial year
ended 31^st March, 2026 and the date of Board's Report.

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

No significant and material order has been passed by
the Regulators, Courts and Tribunals impacting the going
concern status and the Company's operation in future.

Particulars of Loans, Guarantees or Investments

Details of Loans, Guarantees and Investments covered
under the provisions of Section 186 of the Companies Act,
2013 and Rules made there under are given in the notes
to the financial statements.

Public Deposits

Your company has not accepted any deposits under the
Companies Act, 2013 during the financial year ended 31^st
March, 2026.

Compliance with DPE Guidelines and Policies

The guidelines and policies issued by the Department
of Public Enterprise from time to time are duly complied
with by the Company.

Compliance with Secretarial Standards

Your Company complies with the applicable Secretarial
Standards issued by the Institute of Company Secretaries
of India (ICSI).

Internal Financial Controls

Your Company has put in place adequate internal
financial controls for ensuring the efficient conduct of
its business in adherence with laid-down policies; the
safeguarding of its assets; the prevention and detection
of frauds and errors; the accuracy and completeness of
the accounting records; and the timely preparation of
reliable financial information, which is commensurate
with the operations of the Company.

M/s. Lodha & Co. LLP (FRN: 301051E/E300284) was the
Internal Auditor of the Company for the year and their
reports are put up to the management at regular
intervals and summarized statement of important issues
are placed before the Audit Committee.

Systems

MSTC's IT infrastructure is by far the most sophisticated
and robust in the country to take up ecommerce services
in a secure and transparent manner for more than
2,60,000 clients across the globe.

MSTC's IT Department is equipped with the powerful RISC
based IBM Power Series Servers having robust processing
power and can serve more than ten thousand concurrent
hits. The servers are highly energy efficient leading to
saving of power and these servers are in operation with
redundancy & high availability disaster recovery mode for
providing uninterrupted services to our stakeholders like
Principals, Bidders & other users. Mumbai Disaster Recovery
site is also having a similar set up as in Kolkata Data Centre.

MSTC is concerned with information security issues and
has left no stone unturned to achieve maximum security
by installing different OEM Next Generation Firewall,
Intrusion Prevention System (IPS), Managed Distributed
Denial of Service (MDDoS), SSL etc.

The much-needed security features 'Write Once Media'
which captures the Audit trails on a non-editable
tamperproof media, has been the hallmark of MSTC's
e-Commerce system.

SSL Encryption

SSL (Secure Sockets Layer) is the standard security
technology for establishing an encrypted link between a
web server and a client end browser. This link ensures that
all data passed between the web server and browsers
remain private and integral. We have implemented 256-
bit SSL in our web server with enforcement of TLS 1.3 &
above.

All network equipment like routers, switches are from
CISCO/CHECKPOINT and are totally ready for IPv6
migration. Security Appliances like Firewalls, IPS are
in place to prevent unauthorized intrusion with latest
signatures.

Periodical Application Security Testing is conducted
by STQC, a Govt. of India Department. MSTC ensures
security through periodical penetration, vulnerability &
performance testing by STQC. MSTC conducts its business
through a dedicated 255 MBPS ILL and also has another
200MBPS ILL connectivity taken from a different provider
and with Point-to-Point (P2P) connectivity between DC &
DR for data synchronization with redundancy. Two ILLs are
in operation with load balancing with the implementation
of Radware Link Load Balancer.

MSTC has developed an in-house browser independent
e-Procurement solution with e-tendering, e-reverse
auction, e-reverse auction with L1 matching and many
other models. General Financial Rules, CVC guidelines, IT
Act 2000 and its Amendment of 2008 have been adhered
to in this e-Procurement application and the said service
has been certified by STQC.

MSTC server in Kolkata is manned round-the-clock
throughout the year. The Systems dept. is well equipped
with qualified professionals whose skills are continuously
upgraded with training on latest technology.

MSTC's System Department is ISO 27001:2022 certified by
STQC,

MSTC e-Commerce division is also ISO 9001:2015 Quality
certified.

Developments of Information Technology during
2025-26

MSTC e-Commerce Systems is certified for ISO 27001:2022
by STQC and is valid up to 27^th August 2026 (Information
Security Management System Certification).

Security is in place with two different OEM Checkpoint &
CISCO Next Generation Firewall at two levels (Perimeter
& Server side).

ISO 9001:2015 certification is also maintained as per
standards and this certificate is valid up to 19^th January
2027.

Imperva Write-once management device (DAM) is in
place for better management & monitoring of activities
related to data.

MSTC has developed in-house and implemented many
customised projects like Udaan 5.5(bidding for seaplanes
and Helicopters), Chhattisgarh Forest Department
portal, FM Channel auction portal, SCCL Shakti Short
term linkage, Bank API Integration, Fixed Virtual Account
Number, Multi Currency Bidding for V3 portal, Dynamic
EMD for MLCL portal, MSTC Realty Portal, Penny Drop
System for account verification, Ticket Raising Systems
for users, nCode multi-browser PKI implementation, OTP
verification in buyer login across portals, etc.

MSTC has also developed and customised in-house
application of SIMS Phase 2, Fixed Deposit Register, Portal
for Contractual and Retired Employees, Automated
Refund Portal, Fixed Asset Register, Development and
deployment of packages for FSNL like Online Recruitment
module etc.

MSTC has implemented Security Information & Event
Management (SIEM) and Security Orchestration,
Automation, & Response (SOAR) solutions in its Data
Centre at Kolkata for automation in log collection,
analysis and response for improved security across
different devices and servers.

Like previous year, MSTC's main focus in this year also was
on Automation, streamlined solutions and integration of
services.

API based integration has been done with Axis Bank for
post-auction payments and same is being used on pilot
basis for Eastern Regional Office. API integration also
been done with Kerala State Treasury for post auction
payment for auctions conducted for various State
Government Departments.

Portal has been developed for the Excise Department,
Government of Karnataka for e-auction of Liquor License.
Portal has been developed for NMDC for conducting
technical-cum-forward auction for selection of
contractor for Operation, Maintenance and Development
of Assets (OMDA) for 0.30 MTPA Silica Sand Mine and
Crushing & Beneficiation Plant of NMDC at Lalapur,
Prayagraj, UP on Revenue Sharing Model. A portal has
also been developed for NMDC for Tender cum online
Forward Auction for sale of slimes.

Customised bidding platform has been developed for
e-AUCTION sale of NEO MAX GROUP properties as per the
order of the Honourable High Court of Madras to recover

the amount by sale of attached properties from the
defaulter.

An electronic trading platform for Central Pollution
Control Board has been developed for trading of Extended
Producer Responsibility (EPR) Certificates, where
producers and recyclers shall buy and sell compliance
credits to meet mandatory recycling targets (for Plastic,
E-Waste, Battery, Waste Tyres, Used Oil, etc.).

MSTC has also developed a portal on behalf of the
Directorate General of Foreign Trade (DGFT) for providing
a platform for allocating Tariff Rate Quotas (TRQ) for gold
bullion and other commodities. Two events have already
been successfully completed.

In FY 2025-26, MSTC has generated revenue from
operations from service charges on e-Commerce to the
tune of ' 32,972 Lakhs (previous year ' 27,829 Lakhs).

MoU Performance

The Memorandum of Understanding (MoU) with the
Government of India setting performance parameters
and targets for the year 2025-26 was digitally signed
by Chairman and Managing Director of the Company
on 08.08.2025 and Secretary (Ministry of Steel), Govt.
of India, on 22.08.2025. MoU targets for the Company
continue to be more challenging and tougher over the
years. However, the Company has been continuously
striving to achieve new heights in terms of performance
numbers. The performance rating for the financial year
2025-26 is under evaluation.

In terms of DPE guidelines, the evaluation of financial
parameters of MSTC will be done based on Standalone
Financial Results.

Information on key parameters in respect of CPSE

a. Achievement against Physical Parameters (where
prescribed in MoU)

In 2025-26, MSTC had executed 2,57,157 no. of Auctions/
events through its portal for general e-Auction, Coal
e-Auction and e-Procurements.

b. Exports/Income from Overseas/ Import
Consumption (where applicable)

Not Applicable

c. Expenditure on R&D (including innovation
initiatives) -

NIL

d. Onboarding on TReDS Platforms

e. Timely payments to MSME's Vendors (directly or
through TReDS) within prescribed timelines under
the MSMED Act, 2006

No payments were made beyond 45 days to MSME's.

f. Procurement through GeM

MSTC has procured goods and services amounting
' 31.20 Cr through GeM portal and such procurement
percentage comes to 99% of total procurement of
' 31.65 Cr made during the FY 2025-26.

Information pertaining to compliance parameters

a. Procurement from MSMEs

Procurement from MSMEs is 35% of total procurement.
Procurement from SC/ST owned MSEs is 4.93% of total
procurement.

Procurement from Women MSEs is 5.47% of total
procurement.

b. Total Annual Procurement - ' 31.65 Cr

c. Break-up of Procurement from MSMEs

Procurement from MSMEs is 35% of total procurement.
Procurement from SC/ST owned MSMEs is 4.93% of
total procurement.

Procurement from Women MSMEs is 5.47% of total
procurement.

d. Shortfall in MSE Procurement Targets - NIL

e. Health and Safety Initiatives for Human Resources

MSTC is maintaining a safe and healthy workplace
through comprehensive risk mitigation and well¬
being initiatives. To foster a robust safety culture, the
Company conducts regular training on fire safety
and emergency protocols, ensuring all personnel
are prepared for unforeseen events. Additionally,
proactive preventive maintenance of machinery and
equipment is prioritised to ensure optimal functioning
and minimise hazards. MSTC also provides essential
emergency resources, such as on-site wheelchairs
and stretchers, for immediate medical support.

Human Resource Development (HRD)

MSTC Limited views its workforce as its most vital asset. As
a people-centric organisation, employee growth through

continuous learning remains a cornerstone of our HR
strategy.

In FY 2025-26, MSTC intensified its focus on capacity
building to drive operational efficiency and professional
excellence. While traditional training methods remained
a staple for customised awareness and refresher
courses, the year was marked by a remarkable uptake of
self-paced learning.

Leveraging the iGOT Karmayogi portal, employees
embraced a more flexible, digital-first approach to skill
acquisition. This shift resulted in a significant surge in
engagement, with a total of 8,743 training programs
completed. These initiatives successfully upskilled 231
executives and 59 non-executives, blending structured
institutional learning with the agility of modern, self-
directed platforms.

To ensure a deep understanding of MSTC's business
ecosystem, we prioritised sessions led by Internal
Resource Persons (IRPs), complemented by institutional
nominations and sessions by external subject matter
experts.

Welfare of Weaker Sections

MSTC remains steadfast in its commitment to social
equity, strictly adhering to Presidential Directives
regarding reservations, relaxations, and concessions
for SC/ST/OBC/PWD candidates. All recruitment and
promotion policies comply with government mandates,
and SC/ST representation is ensured in all Departmental
Promotion Committees.

This year, training opportunities were extended to all
the SC, ST, OBC, and all PWD employees. Furthermore,
all possible cooperation and assistance was provided
to the MSTC SC/ST Employees' Council to proactively
safeguard the interests of reserved-category personnel
by the Company.

Empowerment of Women

As a Corporate Life Member of the Forum of Women
in Public Sector (WIPS), MSTC is dedicated to the
professional and personal advancement of its female
workforce.

The company is in compliance with the applicable
provisions of the Maternity Benefit Act, 1961/The Code on
Social Security, 2020.

Key initiatives for empowerment include:

♦ Safety & Redressal: Internal Committees (IC) are active
at the zonal level across all national offices, conducting
regular meetings and awareness sessions to ensure a
secure workplace.

♦ Skill Enhancement: During the 2025-26 period, 45 women
employees participated in specialised training programs.

Disclosure under Section 22 of the Sexual Harassment
of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.

MSTC has in place a mechanism for prevention and
redressal of sexual harassment of women employees at
the workplace, in accordance with the Sexual Harassment
of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013. Internal Complaints Committees
(ICCs) have been set up in all the offices of the Company
for rendering necessary assistance to and dealing
with complaints, if any, of all the women employees of
the Company. All employees (permanent, outsourced,

trainees etc.) are covered under this policy. Workshops
are held with an objective to create awareness among
the employees.

(a) Number of Complaints filed during the financial year
2025-26:0

(b) Number of complaints disposed off during the
financial year 2025-26 : 1*

(c) Number of Complaints pending as on end of the
financial year 2025-26 : 0

*The complaint was filed during the year 2024-25.

Grievance Redressal Mechanism

MSTC has well-established internal mechanisms to handle
grievance-related matters, ensuring timely and effective
resolution. There are total 18 (eighteen) cells in Regions
and Branches of the organisation and there is a Central
Grievance Cell at the Corporate Office. Stakeholders can
submit their grievances through the MSTC Public Grievance
Portal or via the citizen portal of the Centralised Public
Grievance Redress and Monitoring System (CPGRAMS).

Additionally, MSTC conducts both online and offline
client satisfaction surveys for its various e-commerce
services, using the feedback to enhance the overall
customer experience. Through these channels, MSTC
reinforces its commitment to maintaining a transparent
and accountable system for addressing stakeholder
concerns.

Statement of Public Grievances for the period of 1^st April, 2025 to 31^st March, 2026 is as under:

Right to Information Act 2005

Your Company has aligned with the online RTI portal
launched by DoPT and all the applications / appeals
received through the portal have been disposed off
through the portal, namely https://rtionline.gov.in.
Provisions of RTI Act 2005 have been complied with for
processing the RTI applications and appeals received
in all offices of MSTC. There is one Transparency Officer,
one First Appellate Authority, one CPIO, one Nodal Officer
in MSTC, Corporate office and every region/branch has
one PIO for effectively processing the RTI applications
received at various locations of the Company.

All quarterly reports have been uploaded online on CIC
site. During 1^st April, 2025 to 31^st March, 2026, a total of 126
RTI applications have been received through online and
by post. A total of 13 First Appeals have been received.
Out of the above, 126 RTI Applications and 13 First Appeals
have been disposed off.

Official Language

Continuous efforts are being made to promote the use
and ensure the effective implementation of the Official
Language across all company offices. The progress in
this regard is regularly reviewed and closely monitored.
As a result of these sustained initiatives, the Company
has surpassed its previous achievements and secured
a total of 12 awards for excellence in Official Language
implementation, including the Second Prize in the
Eastern Region conferred by the Department of Official
Language, Ministry of Home Affairs, Government of India,
for the year 2024-25.

To further encourage the use of the Official Language
within the Company, the following activities have been
undertaken:

1. Official Language Implementation Committee

A total of 18 Official Language Implementation
Committees have been constituted across MSTC,
including the Corporate Office, Registered Office, and
various Regional and Branch Offices. Implementation

Committee meetings are held regularly under the
chairmanship of the Chairman and Managing
Director at CO and RO. During the year, four such
review meetings were convened.

2. Town Official Language Implementation
Committee

MSTC Ltd.'s Corporate Office, Registered Office,
and its 16 Regional and Branch Offices are active
members of their respective Town Official Language
Implementation Committees (NARAKAS). In
recognition of their efforts, several offices have
received Official Language Implementation Awards.

The Gujarat Regional Office (Vadodara), Telangana
Regional Office (Hyderabad), and Jharkhand Branch
Office (Ranchi) secured First Prize. The Andhra
Pradesh Branch Office (Visakhapatnam), Odisha
Regional Office (Bhubaneswar), Madhya Pradesh
Branch Office (Bhopal), and Kerala Branch Office
(Thiruvananthapuram) were awarded Third Prize. The
Registered Office (Kolkata) and Southern Regional
Office (Chennai) received Consolation Prizes.

Additionally, the Chhattisgarh Branch Office and
North East Branch Office were awarded Certificates
of Appreciation by their respective NARAKAS.

Overall, MSTC Ltd. has, for the first time, achieved
a record by securing a total of 11 NARAKAS Awards
cumulatively.

3. Official Language Inspections

• Odisha Regional Office, Bhubaneswar (10^th

September, 2025), and Western Regional Office,
Mumbai (18^th November, 2025) were inspected by the
Committee of Parliament on Official Language.

• Southern Regional Office (09^th April, 2025),

Karnataka Regional Office (7^th May, 2025), Odisha
Regional Office (16^th May, 2025), Western Regional
Office (10^th October, 2025), Andhra Pradesh Branch
Office (14^th October, 2025) and the Rajasthan
Regional Office (21^st January, 2026) were inspected by
the Ministry of Steel.

• Southern Regional Office (8^th April, 2025),

Karnataka Regioal Ofice (6^th May, 2025), Odisha
Regional Office (15^th May, 2025),

Telangana Regional Office (10^th July, 2025),
Bihar Branch Office (17^th December, 2025),

Rajasthan Regional Office, (20^th January, 2026),
Chhattisgarh Branch Office (6^th February, 2026),
Jharkhand Branch Office (6^th February, 2026),

Kerala Branch Office (21^st February, 2026), Madhya
Pradesh Branch Office (21^st February, 2026), Western
Regional Office (24^th February, 2026), Andhra Pradesh
Branch Office (13^th March, 2026), Gujarat Regional
Office (13^th March, 2026), Uttar Pradesh Regional
Office (18^th March, 2026), North East Branch Office
(25^th March, 2026), Chandigarh Branch Office (27^th
March, 2026) were inspected by MSTC's Official
Language Department.

• Official Language Department of MSTC also
inspected E-Commerce Department (26^th June, 2025),
Company Secretary Department (25^th November,

2025) , Finance & Accounts Department (23^rd February,

2026) , Legal Department (25^th February, 2026) &
Systems Department (23^rd March, 2026).

MSTC Ltd. has demonstrated continuous improvement in
its performance with regard to the implementation of the
Official Language.

4. Seminar, Conference, Workshops and Hindi
Language Training

Seminar on 'Vikshit Bharat me Rajbhasha ki Bhumika'
was organized on 6^th January, 2026, under the aegis of
NARAKAS Undertaking, Kolkata. Dr. Vichitra Sen Gupta,
Deputy Director (Implementation - East) and Mr.
Mrityunjay Srivastava, former General Manager of MSTC,
were present in the seminar as Speakers. All the members
of NARAKAS, Kolkata and official language coordinators
of the Registered office also participated in the event.
Several participants presented their views on the topic.
MSTC Ltd. also organized Official Language workshops at
the all-India level on the topics of "Translation Practice"
(14^th May, 2025), "Noting and Drafting Practice" (25^th
September, 2025), "Correspondence Practice" (6^th
December, 2025), and "Constitutional Provisions related
to Official Language" (20^th February, 2026). In addition,
internally prepared study materials were circulated, and
practice-based quiz competitions were conducted.

During the year 2025-26, from the Registered Office,
06 employees were nominated for training in the
July-November 2025 session and 08 employees in the
January-May 2026 session under the Hindi Language
Training Programme conducted by the Central Hindi
Training Institute. Of these, 12 employees underwent
training under the Parangat course, 01 under Pragya, and
01 under Praveen.

In addition, 33 employees from the Regional and Branch
Offices also received official language training through
the Central Hindi Training Institute.

5. Official Language Fortnight

Official Language Fortnight-2025 was organised from
14^th September 2025 to 30^th September 2025. Various
competitions were conducted for employees and their
family members, and prizes were awarded to the winners.

The MSTC Rajbhasha Coordinators' Conference-2025
was also held on the theme "Review of the New Quarterly
Report." Shri Rudra Nath Mishra, Deputy General Manager
(Official Language), NMDC Ltd., was invited as the Chief
Trainer.

6. Rajbhasha Sangati

MSTC's in-house magazine, "Rajbhasha Sangati" (7^th &
8^th joint edition), was unveiled on 25^th June 2025 by the
Chairman and Managing Director during a meeting of
the Official Language Implementation Committee. This
edition was a special issue titled "MSTC Shabdanjali"
(Departmental Dictionary). The dictionary contains
department-wise terminology commonly used in day-
to-day official work.

Vigilance Setup

Vigilance Department ensures proactive monitoring, risk
mitigation, and compliance, safeguarding organisation's
integrity and efficiency. It plays an instrumental role
in identifying and mitigating risks of fraud, corruption,
and misconduct, thereby protecting the reputation and
fostering public trust. At MSTC, the Vigilance Department is
led by the Chief Vigilance Officer (CVO), who spearheads
anti-corruption initiatives, enforces ethical adherence,
and oversees impartial investigations to preserve
organizational integrity. The department cultivates a
culture of transparency and accountability while providing
strategic counsel to management on vigilance matters.
The primary duties of the Vigilance Department include
conducting meticulous investigations into complaints
received from customers, principals, bidders, contractors,
employees, stakeholders, the Ministry of Steel, the Central
Vigilance Commission (CVC), the Prime Minister's
Office (PMO), MSTC management, media outlets, audit
reports, and other relevant sources. In addition, proactive
preventive measures, including surprise inspections,
routine audits, scrutiny of procurement and contract
documentation, system evaluations, monitoring of
sensitive positions, compilation of lists of officials with
doubtful integrity & agreed list and scrutiny of employees'
property returns. The department also maintains robust
coordination with the Central Vigilance Commission
(CVC), Chief Technical Examiner (CTE), Central Bureau

of Investigation (CBI), and the Ministry of Steel to ensure
compliances and objectives.

Some of the important activities undertaken by the
Vigilance Department during FY 2025-26 are as follows:

a) 31 complaints received and 33 complaints disposed
off (04 complaints from last financial year and 29
complaints from this year).

b) 02 investigation reports have been completed.

c) 10 contracts/audit reports scrutinized.

d) 08 Surprise Checks and 08 Regular Inspections were
conducted.

e) Based on vigilance activities, 05 Systemic
Improvements were recommended to the
management.

f) Scrutiny of 58 Property returns was undertaken which
constitute more than 20.07% of total employees.

g) Training Programme: One Vendor Meet was organized
by the Vigilance Department during Vigilance
Awareness Week 2025. Four Preventive Vigilance
Training sessions were conducted in physical
mode. Employees were encouraged to participate
in Preventive Vigilance Training through the iGOT
portal, and a total of 93 employees were trained. Nine
sensitization programmes were conducted at various
MSTC offices located in New Delhi, Kolkata, Vadodara,
Chandigarh, Jaipur, Lucknow, Visakhapatnam, Raipur,
and Chennai.

h) In accordance with the instructions of the Central
Vigilance Commission (CVC), a three-month
preventive vigilance campaign was successfully
undertaken as a prelude to Vigilance Awareness
Week 2025, from 18^th August 2025 to 17^th November
2025, focusing on five preventive vigilance areas.

Vigilance Awareness Week:

MSTC Limited observed Vigilance Awareness Week
2025 from 27^th October to 2^nd November 2025, in line
with the theme " 3KT^ciT: ^TT^fT (vi^lc;i{l" / "Vigilance:

Our Shared Responsibility." A series of activities were
organized to highlight the organization's commitment to
promoting transparency and ethical governance.

The organization's website and social media platforms
were extensively used for wide dissemination of Vigilance
Awareness Week activities and the theme among
employees as well as the general public. Leaflets were
distributed to create public awareness and to encourage
citizens to take the Integrity Pledge.

On this occasion, the 7^th edition of MSTC's in-house
Vigilance magazine, "Jaagrat," was published, featuring
articles and poems written by MSTC employees based
on the Vigilance Awareness Week theme. Messages
received from the Hon'ble President of India, Vice¬
President of India, Prime Minister of India, and the Central
Vigilance Commission (CVC) were also published in the
Vigilance Corner of the organization's website.

A skit play and a walkathon based on the theme were
organized to spread awareness among employees of the
Corporate Office, Registered Office, and other Regional
and Branch Offices. 08 Vendors Meet and Customer
Grievance Redressal Camps were organized at various
MSTC offices across the country.

In addition, competitions such as Elocution, Essay
Writing, Slogan Writing, Painting, and Quiz competitions
were conducted, involving more than 200 participants,
including MSTC employees, their wards, and school and
college students from Kolkata.

Compliance of recommendations made by the
Committee on Papers Laid on the Table (Rajya Sabha)
in its 150^th Report:

Details of cases initiated / disposed-off during the
financial year 2025-26.

♦ No. of cases pending as on 31^st March 2025: 0

♦ No. of cases initiated during 2025-26: 3

♦ No. of cases pending as on 31^st March 2026: 2

Nature of Pending case: Irregularities related to medical
bill and sharing of login credentials.

♦ Officer involved: 1 No. in one case and second case is
under investigation.

♦ Charge sheet issue on: 1 No. (Minor)

♦ Disciplinary Proceedings: N.A.

Acknowledgement

The Board of Directors wish to place on record their
gratitude to the Hon'ble Union Minister for Steel, Hon'ble
Minister of State for Steel, Secretary (Steel), Additional
Secretary and FA (Steel), and other officials of the
Ministry of Steel, Defence Ministry, Coal Ministry, Mining
Ministry, Civil Aviation, Petroleum, Natural Gas Ministry
and various other Central Government Ministries, all
State Governments, various Central and State public
sector undertakings, private companies, the bankers, our
principals and others for their valuable assistance and
guidance extended to the Company during the year.
The Directors express their gratitude to all stakeholders,

customers and suppliers for the trust and confidence
reposed by them on your Company year after year.

Your Directors also place on record the appreciation
of the sincere efforts made by employees which has
resulted in good performance of the Company.

For and on behalf of the Board of Directors

Sd/-

(Manobendra Ghoshal)
Chairman and Managing Director
[DIN : 09762368]

Place: New Delhi
Date : May 29, 2026

Annexure: I

Particulars of conservation of energy, technology
absorption, foreign exchange earnings and outgo as
per Section 134 of the Companies Act, 2013, as read with
Rule 8(3) of the Companies (Accounts) Rules, 2014.

A. Conservation of Energy and Technology Absorption

The company has upgraded its existing IBM Power
Series Server to its latest model which consumes much
less electrical power and conserves energy which will
become live in due course. Being IT oriented Company,
technological upgradation is a continuous process in
MSTC and has been fully achieved by your Company.

B. Foreign Exchange Earnings & Outgo

The Company has no foreign exchange earnings and
foreign exchange outgo during the year 2025-26 as well
as in the previous year i.e. 2024-25.

For and on behalf of the Board of Directors

Sd/-

(Manobendra Ghoshal)
Chairman and Managing Director
[DIN : 09762368]

Place : New Delhi
Date : May 29, 2026