The Board of Directors is pleased to present the 65^th Annual Report of the Company, outlining its operational and business
performance, along with the summary of standalone and consolidated financial statements for the financial year ended
March 31, 2026.

FINANCIAL HIGHLIGHTS:

The Company's Financial Performance for the Financial Year ended March 31, 2026 is summarized below

1. COMPANY'S PERFORMANCE:

The Highlights of the Company's performance(Standalone)

for the year ended March 31, 2026 are as under:

• During the year under review, the Company achieved
a turnover of '225.46 Crores, which is broadly in line
with the turnover of '199.54 Crores recorded in the
previous year.

• The Profit after Tax (PAT) for the financial year 2025¬
26 is '20.69 Crores against '15.16 Crores in the year
2024-25.

The Highlights of the Company's performance

(Consolidated) for the year ended March 31, 2026 are as

under:

• During the year under review, the Company achieved
a turnover of '226.24 Crores as compared to '205.05
Crores in the previous financial year 2024-25,
registering a modest growth in revenue.

• The Profit after Tax (PAT) for the financial year 2025¬
26 is '15.07 Crores against '15.74 Crores in the year
2024-25.

2. DIVIDEND:

Your Directors have recommended a final dividend of
'2.20/- (Rupees two and twenty paise only) per equity share
of face value '10 (Rupees Ten only), representing 22% for
the financial year ended March 31, 2026. The proposed
dividend is subject to the approval of the members at the
forthcoming Annual General Meeting and will be paid to
those shareholders whose names appear in the Register of
Members as on the record date.

Pursuant to the amendments introduced by the Finance
Act, 2020, under the Income-tax Act, 1961, dividends paid or
distributed by the Company are now taxable in the hands of
the shareholders. Accordingly, the Company will deduct tax
at source before making the payment of the final dividend.

3. CHANGE IN THE NATURE OF THE BUSINESS:

There were no changes in the nature of business during the
year under review as prescribed in Rule 8 of the Companies
(Accounts) Rules, 2014.

4. TRANSFER TO RESERVE:

The Board of Directors of the Company has not
recommended transfer of any amount to the General
Reserve for the Financial Year ended March 31, 2026.

5. DEPOSITS:

During the year the Company has not accepted deposits
from the public falling within the ambit of Section 73 of the
Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.

6. LISTING:

The shares of the Company are listed on "BSE Limited" at
Mumbai. The Company has paid the applicable listing fees
to the Stock Exchange till date.

7. DIRECTORS AND KEY MANAGERIAL
PERSONNEL:

As on March 31, 2026, the Company has 6 directors
with combination of executive & non-executive directors
including one women director.

a. Retirement by Rotation and subsequent
Re-appointment:

Sunaina Taparia (DIN: 07139610), Non-Executive Director
being the longest of the office among the directors liable to
retire by rotation, retires from the Board this year and being
eligible, has offered herself for re-appointment. The Boards
of Directors recommends her re-appointment at Item No.
3 of the Notice Calling 65^th Annual General Meeting for
consideration of the Shareholders.

b. Key Managerial Personnel:

The Key Managerial Personnel of the Company as on March
31, 2026 are:

8. DIRECTORS RESPONSIBILITY STATEMENT:

Accordingly, pursuant to Section 134(3)(c) and 134(5) of the

Act, the Board of Directors, to the best of their knowledge

and ability, confirm:

I. That in the preparation of the annual financial
statements for the year ended March 31, 2026, the
applicable accounting standards have been followed
along with proper explanation relating to material
departures, if any;

II. That such accounting policies as mentioned in Notes
to the Financial Statements have been selected and
applied consistently and judgments and estimates
have been made that are reasonable and prudent so
as to give a true and fair view of the state of affairs of
the Company as at March 31, 2026 and of the profit of
the Company for the year ended on that date;

III. That proper and sufficient care has been taken for
the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act,
2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;

IV. That annual financial statements have been prepared
on a going concern basis;

V. That proper internal financial controls were in place
and that the financial controls were adequate and
were operating effectively;

VI. That systems to ensure compliance with the provisions
of all applicable laws were in place and were adequate
and operating effectively.

9. CORPORATE GOVERNANCE

In terms of Regulation 34 of SEBI (Listing Obligations &
Disclosure Requirements) Regulations, 2015. A separate
section on corporate governance along with a certificate
from the auditors confirming compliance is annexed and
forms part of the Annual Report.

10. AUDITORS:Statutory Auditors

Pursuant to the provisions of Section 139 of the Companies
Act, 2013 and the Rules made there under, M/s. Jayesh
Sanghrajka & Co. LLP Chartered Accountants (Firm
Registration No. 104184W/W100075) was appointed
as Statutory Auditor of the Company in the 61^st Annual
General Meeting till the conclusion of the 66^th Annual
General Meeting of the Company. M/s. Jayesh Sanghrajka
& Co. LLP Chartered Accountants (Firm Registration No.
104184W/W100075) have confirmed their eligibility and
qualification required under Section 139, 141 and other
applicable provisions of the Companies Act, 2013 and Rules
issued thereunder (including any statutory modification(s)
or re-enactment(s) thereof for the time being in force).

M/s. Jayesh Sanghrajka & Co. LLP and have confirmed
that they hold a valid certificate issued by the Peer Review
Board of the Institute of Chartered Accountants of India as
required under the Listing Regulations.

Auditors' Report

The Auditor's Report for the year ended March 31, 2026 on
the financial statements of the Company is a part of this
Annual Report. The notes on Financial Statements referred
in the Annual Report are self-explanatory and do not call
for any further comments. The Auditor's Report for the
financial year 2025-26 does not contain any qualification,
reservation or adverse remark.

Secretarial Audit

M/s. Dash Dwivedi & Associates LLP, Practising Company
Secretaries, were appointed as the Secretarial Auditors of the
Company for a term of five consecutive years commencing
from the financial year 2025-26, in accordance with the
provisions of Section 204 of the Companies Act, 2013, as
amended. They have conducted the Secretarial Audit of the
Company for the financial year ended March 31, 2026. The
Secretarial Audit Report for the financial year ended March
31, 2026, issued pursuant to the Companies Act, 2013 read
with the rules made thereunder and Regulation 24A of the
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, is annexed to this Report as Annexure A.

The observations made in the Secretarial Audit Report are
self-explanatory

Internal Auditors

Pursuant to the provisions of Section 139 of the Companies
Act, 2013 and The Companies (Accounts) Rules, 2014,
during the year under review the Internal Audit of the
functions and activities of the Company was undertaken
by the Internal Auditors of the Company on quarterly basis
by G. S. Nayak & Co., Chartered Accountants the Internal
Auditors of the Company. There were no adverse remarks
or qualification on accounts of the Company from the
Internal Auditors.

Internal Audit report is reviewed by the audit committee
from time to time.

The Board of Directors, at its meeting held on February
9, 2026, based on the recommendation of the Audit
Committee, has approved the appointment of InCorp
Advisory Services Private Limited as the Internal Auditor of
the Company for the financial year 2026-27, in place of
M/s. G. S. Nayak & Co., Chartered Accountants, who will
complete the internal audit for FY 2025-26.

11. SUBSIDIARIES, JOINT VENTURES AND
ASSOCIATE COMPANIES:

The Company has one wholly owned subsidiary and does
not have any Associate or Joint Venture companies within
the meaning of Section 2(6) of the Companies Act, 2013
('the Act').

Subsidiary Company - Quantum Magnetics Private Limited
(Incorporated on May 31, 2023).

The Consolidated Financial Statements of the Company
and its subsidiary, forming part of this Annual Report, have
been prepared in accordance with Section 129(3) of the
Companies Act, 2013. A statement containing the salient
features of the financial statements of the subsidiary, in
the prescribed format AOC-1, is annexed to this Report
as "Annexure B". This statement also highlights the
performance and financial position of the subsidiary.

In accordance with the provisions of Section 136 of the
Companies Act, 2013 and the amendments thereto, read
with the SEBI Listing Regulations the audited Financial
Statements, including the consolidated financial statements
and related information of the Company and financial
statements of the subsidiary Company are available on the
website of the Company at www.pmlindia.com.

12. EXPLANATION ON AUDITOR'S COMMENT:

The Board have to state as under with reference to the
Auditor's certain remarks as contained in the annexure to
the Auditor's Report:

With reference to para IX of the Annexure A to the
Auditor's Report, the Central Excise Loan interest has
remained unpaid as the matter is pending for the cause
of implementing agency claiming compound interest on
an interest free excise loan under a scheme of incentives.
Matter with relevant agencies and Government of India is
being taken up and will be sorted out in due course of time.
No material liability is expected in this regard.

13. MANAGEMENT DISCUSSION AND
ANALYSIS:

A detailed review of operations, performance and future
outlook of your Company and its businesses is given in the
Management Discussion and Analysis, which forms part of
this Report as stipulated under Regulation 34(2)(e) of the
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.

14. PARTICULARS OF EMPLOYEES:

The information required pursuant to Section 137 (12) read
with Rule 5 (1) & (2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, in
respect of employees of the Company is herewith annexed
as "Annexure C".

15. SIGNIFICANT AND MATERIAL ORDER
PASSED BY THE REGULATORS OR COURTS:

Hon'ble Bombay High Court has given interim stay order
against the winding up order passed (against the Company)
dated April 15, 2015. This was a lawsuit filed by M/s. Savino
Del Bene Freight Forwarders (India) Private Limited.
Company has deposited '0.19 Cr including interest as per
direction of Hon'ble Bombay High Court. The Appeal shall
be added to the appropriate board for hearing. But the
same is not yet listed on the Board of High Court.

16. RELATED PARTY TRANSACTIONS:

Related party transactions entered during the financial
year under review are disclosed in Note No. 8 of Notes
to Accounts of the Company for the financial year ended
March 31, 2026.

All related party transactions entered into by the Company,
were approved by the Audit Committee and were at arm's
length and in the ordinary course of business. There were
no material significant related party transactions with the
Company's Promoters, Directors, Management or their
relatives, which could have had a potential conflict with the
interests of the Company.

The information on transactions with related parties
pursuant to Section 134(3) (h) of the Act read with Rule
8(2) of the Companies(Accounts) Rules, 2014 are given in
"Annexure D" in Form AOC-2 which is part of this report.

In line with the requirements of the Companies Act,2013
and the SEBI Listing Regulations, the Company has
formulated a Policy on Related Party Transactions. The
Policy can be accessed on the Company's website at
www.pmlindia.com.

17. CORPORATE SOCIAL RESPONSIBILITY:

As part of the Corporate Social Responsibility initiative the
Company has spent an amount of '0.61 Cr towards the
various CSR activities during the financial year 2025-26. A
report on CSR Activities as required under Rule 9 of the
Companies (Corporate Social Responsibility) Rules, 2014 is
enclosed herewith as "Annexure E".

The Company has adopted Corporate Social Responsibility
Policy in line with Schedule-VII of Companies Act 2013. The
CSR Policy is disclosed on the website of the Company.
www.pmlindia.com.

18. VIGIL MECHANISM/WHISTLE BLOWER
POLICY:

The Company has a robust vigil mechanism through its
Whistle Blower Policy approved and adopted by the Board
of Directors of the Company in compliance with the
provisions of Section 177(9) of the Act and Regulation 22
of the Listing Regulations. Your Company's Whistle blower
Policy encourages Directors and employees to bring to
your Company's attention, instances of illegal or unethical
conduct, actual or suspected incidents of fraud, actions that
affect the financial integrity of your Company, or actual or
suspected instances of leak of unpublished price sensitive
information that could adversely impact your Company's
operations, business performance and/or reputation.

The Policy requires your Company to investigate such
incidents, when reported, in an impartial manner and take
appropriate action to ensure that the requisite standards of
professional and ethical conduct are always upheld.

The Whistle Blower Policy has been uploaded on
the website of the Company under investors tab at
www.pmlindia.com.

19. CONSERVATION OF ENERGY,
TECHNOLOGY DEVELOPMENT AND
ABSORPTION:

The Conservation of Energy, R & D activity in the Company
is mainly carried out by the key line manufacturing and
technical personnel in alliance with the key technical sales
personnel and outsourced consultants.

"Annexure F" attached hereto which provides the
information required to be disclosed on the efforts made
on Conservation of Energy, Technology Development
and Absorption as per Section 134(3)(m) of the
Companies Act, 2013 read with Rule 8 of the Companies
(Accounts) Rules, 2014.

20. FOREIGN EXCHANGE EARNING AND
OUTGO:

Please refer to paragraph No. 14 of Notes to accounts for
the foreign exchange outgo and earnings of the Company
which is required to be disclosed under Section 134(3)
(m) of the Companies Act, 2013 read with Rule 8 of the
Companies (Accounts) Rules, 2014.

21. PARTICULARS OF LOANS GIVEN,
GUARANTEES AND INVESTMENTS MADE,
GUARANTEES GIVEN AND SECURITIES
PROVIDED:

The particulars of loans, guarantees and investments as
per Section 186 of the Act by the Company, have been
disclosed in the financial statements.

22. DECLARATION FROM INDEPENDENT
DIRECTORS:

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

1. They meet the criteria of independence as prescribed
under the provisions of the Act, read with the

Schedule and Rules issued thereunder, and the
Listing Regulations. There has been no change in the
circumstances affecting their status as Independent
Directors of the Company;

2. They have complied with the Code for Independent
Directors prescribed under Schedule IV to the Act; and

3. They have registered themselves with the Independent
Director's Database maintained by the Indian Institute
of Corporate Affairs.

None of the Directors of the Company are disqualified 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.

23. BOARD MEETINGS:

During the year under review Five Board Meetings were
convened and held on May 23, 2025, August 06, 2025,
August 28, 2025, November 12, 2025, and February 09, 2026.

24. COMMITTEE MEETINGS:

The Board has the following Committees:-

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders Relationship Committee

4. Corporate Social Responsibility Committee

A detailed disclosure on the Board, its committees, its
composition and brief terms of reference, number of
board and committee meetings held, and attendance of
the directors at each meeting is provided in the Report on
Corporate Governance which forms part of the Annual
Report.

25. ANTI SEXUAL HARASSMENT POLICY:

In compliance with the provisions of the Sexual Harassment
of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 ("POSH Act") and the Rules framed
thereunder, the Company has adopted a strict policy of
zero tolerance towards any form of sexual harassment
at the workplace. This policy applies to all employees,
including permanent, contractual, temporary, and trainees.

The Company has complied with the provisions relating
to the constitution of the Internal Complaints Committee
as per the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013. During
the financial year under review, no complaints pertaining to
sexual harassment were received.

The Company also complies with the provisions of the
Maternity Benefit Act, 1961, as amended from time to
time, and extends maternity benefits to eligible women
employees in accordance with the applicable provisions of
the Act.

26. ANNUAL RETURN:

The Annual Return of the Company as on March 31, 2026 in
Form MGT - 7 is in accordance with Section 92(3) of the Act
read with the Companies (Management and Administration)

Rules, 2014, and is available on the website of the Company
in investor tab at www.pmiindia.com.

27. ADEQUACY OF INTERNAL FINANCIAL
CONTROLS:

The Company has instituted a robust Internal Financial
Control (IFC) framework over financial reporting, aimed
at ensuring that aii transactions are properly authorized,
accurately recorded, and reported in a timely manner. These
controls offer reasonable assurance regarding the integrity
and reliability of the Company's financial statements.

The responsibility for compliance with applicable laws,
regulations, and internal policies lies with the respective
functional heads. The adoption of system-driven reporting
and increased automation across various aspects of
financial reporting has significantly improved both accuracy
and operational efficiency.

The Company actively monitors updates to Accounting
Standards and the Companies Act, and promptly aligns its
systems, processes, and controis to maintain fuii reguiatory
compiiance.

Aii poiicy changes and their potentiai impact on the
financial statements are carefully assessed in consultation
with the statutory auditors and the Audit Committee, and
are appropriateiy disciosed in the financiai reports.

28. SHARE CAPITAL:

The paid-up equity share capital of the Company as on
March 31, 2026, stood at '8.60 Crores. There was no
change in the share capitai of the Company during the year
under review. The authorized share capitai of the Company
currently stands at '26 Crores.

29. BOARD EVALUATION:

In terms of the provisions of Section 134(3)(p) of the
Companies Act, 2013 and Regulation 17(10) of the
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Board has carried out an annual
performance evaiuation of its own performance, individuai
Directors as weii as the evaluation of the working of its Board
Committees. Performance evaluation of Independent
Directors was done by the entire Board, excluding the
Independent Directors being evaiuated. The manner

in which the evaiuation has been carried out has been
explained in the Corporate Governance Report.

30. INVESTOR EDUCATION AND PROTECTION
FUND (IEPF):

Pursuant to Section 124 and Section 125 of the Companies
Act, 2013 read with the IEPF Authority (Accounting, Audit,
transfer and Refund) Ruies, 2016 ('the Ruie'), aii the unpaid
and unciaimed dividends are required to be transferred by
the Company to the IEPF established by the Government of
India, after the completion of Seven Years. Further according
to the Rules, the shares on which dividend has not been
paid or claimed by the Shareholder for seven consecutive
years or more shaii also be transferred to demat account of
the IEPF Authority.

Company has not compieted seven years since its iast
dividend deciaration or payment, it means that the threshoid
for transferring funds to the IEPF has not been met. In such
cases, the Company wouid not be eiigibie to transfer funds
to the IEPF untii it fuifiiis this requirement.

31. REPORTING OF FRAUDS:

During the year under review, neither the Statutory Auditor
nor the Secretariai Auditor has reported to the Audit
Committee under Section 143(12) of the Companies
Act, 2013, any instances of the fraud committed by the
Company, its officers and empioyees, the detaiis of which
wouid need to be mentioned in the Board Report.

32. RISK MANAGEMENT:

The Board periodicaiiy reviews the business risks affecting
the Company and takes appropriate measures to mitigate
such risks. In the opinion of the Board, there are no risks
which may threaten the existence of the Company.

33. APPRECIATION:

The Board of Directors piaces on record its deep
appreciation for the outstanding personai efforts and
coiiective contribution of aii empioyees towards the
Company's performance during the year. The Board aiso
expresses its sincere gratitude for the continued support
and cooperation extended by financiai institutions, banks,
government and reguiatory authorities, stock exchanges,
customers, and vendors throughout the year under review.

FOR AND ON BEHALF OF THE BOARD

Place: Thane Sd/- Sd/-

Date: May 13, 2026 Sharad Taparia Mukul Taparia

Managing Director Director

DIN:00293739 DIN:00318434

Corporate Office:

Plot No. B-3, MIDC Industrial Area, Village Mira,

Mira Road - 401107, Dist. Thane