Your Directors take pleasure in presenting the Fifty Seventh Annual Report
together with Audited Financial Statements for the year ended
31^st March, 2026.

Financial Results (Standalone)

* Pertaining to dividend for FY 2024-25
** Pertaining to dividend for FY 2025-26

# Pertaining to dividend for FY 2023-24

year ' 20.00/- per equity share of ' 1/- each on pre-bonus capital base
amounting to ' 1,017.34 Crores). Dividend is subject to approval of
members at the ensuing Annual General Meeting and shall be subject
to deduction of income tax at source. The dividend payout amount has
grown at a CAGR of 34.82% during the last 5 years.

The dividend payout is in accordance with the Dividend Distribution
Policy which is available on the website of the Company
https://www.pidilite.com/investor-relations/corporate-governance

Issuance of Bonus shares

During the year, the Company issued bonus equity
shares in the proportion of 1:1 i.e. 1 (One) equity share
of ' 1/- each for every 1 (One) fully paid-up equity share
of ' 1/- each held by the members as on the record date
& accordingly 50,88,57,016 equity shares of ' 1/- each
were issued and allotted on 24^th September 2025.

Increase in Authorised Share Capital

The Company increased its Authorised Share Capital
from ' 99 Crores (Rupees Ninety Nine Crores) divided
into 99,00,00,000 (Ninety Nine Crores) equity shares of
' 1/- each, to ' 125 Crores (Rupees One Hundred and
Twenty Five Crores only) divided into 1,25,00,00,000
(One Hundred and Twenty Five Crores) equity shares
of ' 1/- each by creation of additional 26,00,00,000
(Twenty Six Crores) equity shares of ' 1/- each.

Transfer to Reserves

The Company does not propose to transfer amounts to
the general reserve.

Term Finance

The Company has no outstanding term loans (previous
year NIL).

Capital Expenditure

The total capital expenditure during the year was
' 561.53 Crores (previous year ' 420.44 Crores)
primarily spent on fixed assets for various
manufacturing units, offices, laboratories, warehouses
and on information technology.

Deposits

The Company has not accepted any deposits covered
under Chapter V of the Companies Act, 2013 (‘the Act')
during the financial year 2025-26 (previous year NIL).

Subsidiaries

Investment in Subsidiaries

During the year, total investment of ' 42.2 Crores
(previous year ' 67.99 Crores) was made in domestic
subsidiaries.

The investments in domestic subsidiaries were in
M/s Bhimad Commercial Company Pvt Ltd amounting
to ' 17.10 Crores, M/s Pidilite Ventures Pvt Ltd
amounting to ' 20.1 Crores and M/s Pidilite Grupo
Puma Manufacturing Ltd amounting to ' 5 Crores.

The Company through its subsidiary M/s. Pidilite
Ventures Pvt. Ltd., made certain investments in
early-stage companies.

The Company acquired the balance 40% equity holding
from the existing shareholders of M/s. Pidilite C-Techos
Walling Ltd., (PCTWL) comprising 7,27,200 equity
shares at a consideration of ' 72,720/-. PCTWL is now a
wholly owned subsidiary of the Company.

Pidilite International Pte. Ltd. (‘PIPL'), a wholly
owned subsidiary of the Company in Singapore and
Insignia Limited (‘Insignia'), a company in Tanzania,
incorporated a joint venture company in Tanzania in the
name of “Pidilite Insignia Limited" to carry on business
of construction chemicals and waterproofing material.
PIPL holds 55% of the paid-up share capital of Pidilite
Insignia Limited.

Despite global economic uncertainty, inflation and
geopolitical situations, International subsidiaries
revenues for the year grew by 6.3% with EBITDA
Margins improving from 13.8% to 14.8%.

Consolidated Financial Statements

In accordance with the provisions of the Act,

Regulation 33 of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (hereinafter referred to as ‘Listing
Regulations') and applicable Accounting Standards,
the Audited Consolidated Financial Statements of the
Company for the financial year 2025-26, together with
the Auditor's Report, form part of this Annual Report.

A statement containing the salient features of the
Company's subsidiaries and associate companies in
the prescribed Form AOC- 1, is also included.

The Consolidated Financial Statements have been
prepared on the basis of audited financial statements
of the Company, its subsidiaries, associate companies
and joint venture, as approved by their respective
Board of Directors except for two associate companies
- Buildnext Construction Solutions Pvt Ltd and
Aapkapainter Solutions Pvt Ltd for which the financial
statements have been approved by the management.
There are no transactions in Pidilite Insignia Ltd.

The accounts of the subsidiaries are also uploaded on
the website of the Company, https://www.pidilite.com/
investor-relations/financials/subsidiary-companies
Directors and Key Managerial Personnel
Shri Vinod Dasari, Independent Director, has retired
from the close of business hours on 31^st August,

2025, on completion of his second term on the
Board of the Company. The Board places on record
the deep appreciation and gratitude for the valuable
contributions made by him during his tenure on
the Board.

Shri Piyush Pandey, Independent Director, passed away
on 24^th October, 2025. Mr. Pandey was a legendary
figure in the advertising world, highly respected and
recognized for his exemplary work in the field of
advertising. The Board recognizes and appreciates
the significant contributions made by him to both the
industry and the Company.

The Members have approved appointment of following
two Independent Directors as recommended by the
Board and Nomination and Remuneration Committee:

A. Shri Sandeep Kataria, as an Independent Director, for
a period of 5 years, effective from 30^th August, 2025
by passing special resolution through Postal Ballot
process on 11^th September, 2025.

B. Dr. Naushad Forbes, as an Independent Director, for
a period of 5 years, effective from 21^st January, 2026
by passing special resolution through Postal Ballot
process on 12^th March, 2026.

In the opinion of the Board, both the aforesaid
Independent Directors possess requisite expertise,
experience and integrity including proficiency.

In accordance with the Act and the Articles of
Association of the Company, Shri A B Parekh and
Shri Kavinder Singh, Directors of the Company, retire
by rotation and being eligible, offer themselves for
re-appointment at the ensuing AGM.

None of the Directors of the Company are disqualified
for being appointed as Directors as specified under
Section 164(2) of the Act read with Rule 14(1) of the
Companies (Appointment and Qualification of Directors)
Rules, 2014.

Policy on Directors' remuneration

The policy on Directors' remuneration is available
on the website of the Company, https://www.pidilite.
com/investor-relations/corporate-governance. The
remuneration paid to the Directors is as per the terms
laid out in the said policy.

Directors' Responsibility Statement

Your Directors confirm that:

• in the preparation of the annual accounts, the
applicable accounting standards have been followed
along with proper explanation relating to material
departures;

• they 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 at the end of the financial year ended

31^st March, 2026 and of the profit of the Company for
that period;

• they 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 fraud and
other irregularities;

• they have prepared the annual accounts on a going
concern basis;

• they have laid down internal financial controls to
be followed by the Company and that such internal
financial controls are adequate and are operating
effectively; and

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

Annual Evaluation by the Board of its own performance,
its Committees and individual Directors

The Board has put in place a mechanism for evaluation
of its own performance and performance of its
Committees and individual Directors. The evaluation
of the Board, Committees, Directors and Chairman
of the Board was conducted based on the evaluation
parameters, such as Board composition and structure,
effectiveness of the Board, participation at meetings,
domain knowledge, awareness and observance of
governance, etc. For further details, please refer to the
Report on Corporate Governance, which forms a part of
this Annual Report.

Familiarisation Programme

The Company has put in place an induction and
familiarisation programme for all its Directors including
the Independent Directors.

The familiarisation programme for Independent
Directors in terms of provisions of Regulation 46(2)(i)
of the Listing Regulations is uploaded on the website
of the Company.

Number of Meetings of Board of Directors

Seven meetings of the Board of Directors of the
Company were held during the financial year
2025-26. For further details, please refer to the Report
on Corporate Governance, which forms a part of this
Annual Report.

Statement of Declaration on Independence given by
Independent Directors

All the Independent Directors of the Company have giver
declarations that:

a. they meet the criteria of independence as laid down
under the Act and the Listing Regulations;

b. they have complied with the Code of Independent
Directors prescribed under Schedule IV of the Act;
and

c. they have registered themselves with the
Independent Directors' Database maintained by the
Indian Institute of Corporate Affairs.

Corporate Governance

The Company is committed to good corporate
governance practices. The Report on Corporate
Governance, as stipulated under Listing Regulations,
forms an integral part of this Annual Report. The
requisite certificate from M/s Parikh & Associates,
Practising Company Secretaries, is attached to the
Report on Corporate Governance.

Management Discussion and Analysis Report

The Management Discussion and Analysis Report for
the year under review, as stipulated under the Listing
Regulations, is presented in a section forming part
of this Annual Report. For the sake of brevity the
items covered in this Report are not repeated in the
Management Discussion and Analysis Report.

Committees of the Board

The following are the statutory Committees constituted
by the Board and they function according to their
respective roles and defined scope:

• Audit Committee

• Nomination and Remuneration Committee

• Corporate Social Responsibility Committee

• Stakeholders Relationship Committee

• Risk Management Committee

Details of composition, terms of reference and number
of meetings held for respective Committees are given
in the Report on Corporate Governance, which forms
a part of this Annual Report. Further, during the year
under review, all recommendations made by the Audit
Committee have been accepted by the Board.

Corporate Social Responsibility (CSR) Report and
CSR Policy

The Annual Report on CSR activities as per Section
135 of the Act read with Companies (Corporate Social
Responsibility Policy) Rules, 2014 and amendments
thereto, is attached as Annexure 1 to this Report.

The details of CSR Initiatives forms part of Social &
Community Service Initiatives section of this Annual
Report. CSR Policy can be accessed on website of the
Company https://www.pidilite.com/investor-relations/
corporate-governance

Vigil Mechanism / Whistle Blower Policy

The Company has established a Vigil Mechanism
and Whistle Blower Policy for its Directors and
employees. The said policy has been communicated
to the Directors and employees of the Company
and is also posted on the website of the Company
https://www.pidilite.com/investor-relations/corporate-
governance. For further details, please refer to the
Report on Corporate Governance, which forms a part of
this Annual Report.

Policy relating to Prevention of Sexual Harassment

In accordance with the requirements of the Sexual
Harassment of Women at Workplace (Prevention,
Prohibition & Redressal) Act, 2013 (‘POSH Act')
and Rules made thereunder, the Company has
formulated a Prevention of Sexual Harassment
Policy, which mandates zero tolerance against any
conduct amounting to sexual harassment of women
at workplace. The Company has formed Internal
Complaints Committee to redress and resolve any
complaints arising under the POSH Act. To build
awareness in this area, Company has been conducting

induction/ training programmes in the organisation on
a periodical basis. For further details, please refer to the
Report on Corporate Governance, which forms a part of
this Annual Report.

Maternity Benefits

The Company complies with the provisions of the
Maternity Benefit Act, 1961, and provides maternity
benefits to eligible women employees. Adequate
facilities and support are provided in line with statutory
requirements.

Statutory Auditors

In accordance with the provisions of the Act, M/s. B S
R & Co. LLP, Chartered Accountants (Firm Registration
No 101248W/W-100022) have been appointed as the
Statutory Auditors of the Company, for a period of five
years i.e. upto the conclusion of 59^th AGM to be held for
the adoption of accounts for the financial year ending
31^st March, 2028. The Auditors have confirmed that they
are not disqualified from continuing as auditors of
the Company.

There is no qualification or adverse remark in Auditors'
Report. There is no incident of fraud requiring reporting
by the Auditors under Section 143(12) of the Act.

Cost Auditor

The Company has maintained cost records as specified
by Central Government u/s 148(1) of the Act.

M/s. V J Talati & Co., Cost Accountants, were appointed
as the Cost Auditor for the financial year 2025-26 to
conduct the audit of the cost records of the Company
and they have been reappointed as the Cost Auditor for
the financial year 2026-27. In terms of the provisions
of Section 148(3) of the Act, read with the Companies
(Audit and Auditors) Rules, 2014, as amended, the
remuneration payable to the Cost Auditor has to be
ratified by the Members of the Company. Accordingly,
at the ensuing AGM, the Board seeks ratification of
the remuneration payable to the Cost Auditor for the
financial year 2026-27.

Secretarial Auditor and Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Act
and the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, the Company
has appointed M/s. Parikh & Associates, Practising
Company Secretaries to undertake the Secretarial Audit
of the Company for a period of 5 (Five) consecutive
years i.e. from Financial Year 2025-2026 to 2029-2030.
The Secretarial Auditors have confirmed that they are
not disqualified from continuing as secretarial auditors
of the Company.

The Secretarial Audit Report for the financial year 2025¬
26 under the Act, read with Rules made thereunder and

Regulation 24A of the Listing Regulations, is set out in
Annexure 2 to this report. There is no qualification or
adverse remark in their Report.

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

The particulars under Section 134 of the Act, read with
the Companies (Accounts) Rules, 2014 are attached as
Annexure 3 to this Report.

Risk Management

In accordance with Regulation 21 of the Listing
Regulations, the Board has established a Risk
Management Committee (RMC), also known as the
Risk Management Oversight Committee (RMOC). This
committee is entrusted with roles and responsibilities
as outlined in Part D of Schedule II of the Listing
Regulations.

The Company has established a robust and structured
risk management system designed to identify, assess,
and mitigate potential threats. This framework is guided
by a top-down approach, where the Board of Directors
and its RMOC approves the risk management policy.
Following the RMOC's guidelines, the Management
Risk Committee (also known as the Risk Identification
and Mitigation Committee - RIMC) supplements the
process with a bottom-up approach which focuses
on identifying and mitigating long-term, strategic, and
macro risks for the Company.

Role of Risk Management Oversight Committee

The Board's Risk Management Oversight Committee
(RMOC) comprises of Independent Directors, Executive
Vice Chairman, Executive Directors and Senior
Management and is chaired by an Independent Director.
It is responsible for reviewing and approving the
risk management plan, monitoring its progress, and
endorsing the proposed risk classification methodology.
The committee ensures the comprehensive execution of
the risk management framework.

Role of Risk Identification and Mitigation Committee

The RMOC is assisted by the Risk Identification and
Mitigation Committee (RIMC). RIMC comprises of
Managing Director, Joint Managing Director, Executive
Vice Chairman, Executive Director & CFO and Senior
Management. RIMC is responsible for identifying risks
that can have an impact on the business, people or
its processes and developing risk mitigation plans
for the same in consultation with the Risk Owners i.e
respective heads of the business and /or functions to
which the identified risk belongs. The RIMC regularly
reviews the risk library and updates the RMOC on
key/ new risks.

Role of Risk Owners

The Risk owners hold the responsibility for formulating
and executing the risk mitigation plan in their respective
areas and they periodically report to the RIMC about
the risks and corresponding mitigation strategies.

They continuously assess the risk status and the
effectiveness of mitigation actions in collaboration
with line managers, ensuring efficient implementation
and surveillance.

Risk Management Process

An overview:2. Health at workplace

Risk description - The risk relates to people health at
manufacturing locations, R&D centers, warehouses
and offices, due to exposure to hazardous chemicals,
ergonomic hazards and other medical emergencies.

Mitigation Measures: The Company has a
comprehensive occupational health awareness
program for all people across all locations under the
theme of Happy and Healthy (HAH) Pidilite. Regular
health related training is carried out through Factory
Medical Officers and Occupational Health specialists.

The Company has deployed a comprehensive risk
identification process, wherein each business and
function identifies and maintains a detailed repository
of risks and vulnerabilities (Risk Charters). The
identified risks are assessed based on probability and
potential impact. The Company reviews the relevant
risks and vulnerabilities including regulatory changes
that can impact the business continuity and reputation.
The broad risk areas as identified are as under:

1. Safety at workplace

Risk description - The risk relates to people safety
at manufacturing locations, offices, R&D centers, and
warehouses, due to operational hazards like handling
of hazardous material, fire, and potential injury from
moving machinery parts.

Mitigation Measures: The Company is committed to
Occupational Safety of all people across its value chain
with a goal of ‘Zero Harm'. Further, ISO 45001:2018
has been adopted for safety management in majority
of its operations & the Company continues to drive
improvements in process safety and people safety
management. Behaviour Based Safety (BBS) program
has been implemented with a goal to encourage safe
behaviours and minimise at-risk behaviour. Regular
reviews of safety systems and processes are carried
out by trained & certified safety auditors during external
independent audits as well as by the internal audit
teams. The Company has a system to monitor the lead
and lag safety KPIs across all its locations.

Regular health risk assessments and workplace
monitoring are carried out at manufacturing and
R&D locations. Action plans derived from these risk
assessments are implemented in a timely manner.
Exposure of people to hazardous chemicals is
minimized through a combination of engineering and
administrative controls.

The Company conducts periodic health checkups for all
its employees and takes necessary preventive actions.

3. Input Materials Supply disruption

Risk description - The risk relates to single-source or
dominant material supplier which can cause disruption,
if they shutdown.

Mitigation Measures: For materials contributing to
critical finished products, the Company has identified
alternate raw materials or alternate sources of
supply, including supply from different geography
or an alternative formulation. Strategic supplier
partnerships and inventory buffers are maintained to
ensure continuity of supply and minimize production
disruptions. A structured review process has been
implemented to assess supply vulnerabilities, supplier
capacity and inventory levels on a periodic basis and
adjust sourcing strategies accordingly.

4. Plastic Waste Management

Risk description - This risk pertains to non-adherence
to applicable laws and regulations relating to plastic
waste management.

Mitigation Measures: The Company is actively aligning
its packaging practices with changing regulations while
maintaining operational efficiency. Collaborations are
in place with multiple waste management agencies
to manage the plastic waste responsibly, complying
100% to the Extended Producer Responsibility (EPR)
requirements. Several initiatives to optimize the
packaging and reduce virgin plastic usage, utilize Post
Consumer Recycled (PCR) plastics in packaging to
promote circularity are undertaken. A few pilots have
been initiated on the reuse of rigid plastic packaging.
The Company remains committed to the broader vision
of circular economy.

5. Intellectual Property Infringement

Risk description - This risk covers potential leakage/
exposure that could undermine the confidentiality of
our Intellectual Property (IP).

Mitigation Measures: R&D has a robust plan to
safeguard its IP in all the R&D centers. Both physical
and digital access controls are implemented, including
biometric entry systems and restricted mobile phone
usage in laboratories. Data loss prevention measures
are also established to prevent and monitor any
potential data leaks. The implementation of layered
controls and regular audits effectively mitigates
vulnerabilities throughout the entire innovation and
production lifecycle. Patent filing frameworks have been
established to secure key innovations.

The Company has also established an intellectual
property management strategy at its manufacturing
facilities, emphasizing the protection of confidential
information through the implementation of physical
access controls and system-based safeguards. These
measures are designed to mitigate risks such as data
leakage and the loss of proprietary knowledge within
the premises.

6. Counterfeit

Risk description - The counterfeit and infringement
activities can have significant risks in the form of
adverse impact on goodwill & brand reputation,
consumer trust & confidence and safety of users.

Mitigation Measures: The anti-counterfeit strategy
focuses on protection and effective management of
trademarks, design and copyright across markets.

The Company has secured additional IP rights such as
well-known trademark registrations for key brands. The
Company creates visible ‘difficult to copy' differentiation

in its packaging through technology led, most
updated lens effect and holograms. Further, steps like
awareness building on brand protection & counterfeit
risks amongst employees, regular enforcement
measures through both Civil & Criminal actions against
counterfeiters and infringers and seeking damage
claims in courts, are taken to
combat counterfeits.

7. Legal and Regulatory Compliance

Risk description - This risk pertains to non-compliance
to applicable laws and regulations that may lead to
fines/penalties impacting Company reputation.

Mitigation Measures: The Company has implemented
a comprehensive compliance monitoring system for
all its entities. Further, an online tool has also been
implemented for large entities, which addresses
regulatory changes notified from time to time.
Technology is leveraged to enhance governance on
insider trading and control over unpublished price
sensitive information. The Company also conducts
periodic training and awareness sessions for those
responsible for compliance activities. The legal and
compliance team and external experts periodically
audit the compliance practices across locations.

8. Cyber Security Risk

Risk description - This risk pertains to cyber-attacks,
both external and internal, impacting IT infrastructure,
and the potential collapse of digital infrastructure
impacting business applications, network, and
individual user assets.

Mitigation Measures: To manage this risk, the Company
has established a comprehensive cybersecurity
framework that deploys advanced technical controls
and systems to effectively detect and prevent cyber
incidents. Regular training programs are conducted to
strengthen employee awareness and responsiveness
to cyber threats. Critical systems and data have been
migrated to secure cloud environments, incorporating
real-time redundancy to minimize downtime and data
loss during incidents. Additionally, clear governance
structures oversee cybersecurity initiatives, and
our security framework undergoes regular review to
proactively respond to emerging technological threats.

9. Fraud

Risk description - Risk emanating from inability to
detect fraud that may lead to loss of Company's assets
or impact reputation.

Mitigation Measures: The Company has robust fraud
prevention measures in place for key financial and
business processes. Fraud risk assessments are
performed proactively for critical processes along with

data analytics to identify any fraud or vulnerabilities.

A formal whistleblower policy and an independent
Ethics Committee ensure that all concerns are
addressed promptly. The Company has zero tolerance
policy against any unethical practice. Additionally,
comprehensive insurance coverage provides an
added layer of protection against potential
fraud-related losses.

10. Risk arising from Macro-economic factors:

Risk description - This risk pertains to macroeconomic
risks leading to inflation in commodity prices, currency
fluctuations, and geopolitical situations that can cause
global supply chain disruptions, which can impact
profitability and operational efficiency.

Mitigation Measures: To navigate potential risks, the
Company closely monitors key indicators such as
commodity prices, foreign exchange fluctuations, and
geopolitical developments that may impact operations.
Leveraging its strong brand equity, the Company is
able to pass on cost increases by taking suitable
pricing actions. Adequate inventory is maintained to
ensure supply continuity. All net open foreign exchange
exposures are hedged to mitigate currency risk.

11. Changing consumer preferences:

Risk description - This risk pertains to evolving
customer preferences due to technological shifts,
availability of newer products and preference for
greener / sustainable products leading to business loss.

Mitigation Measures: The Company is focused on
innovation to meet the changing needs and preferences
of the consumers. This includes the launch of new
products that address technological shifts. The
Company has also taken various initiatives like product
traceability, replacing hazardous material with greener
material to make sustainable products which also
enhances product safety.

The other details in this regard are provided in the
Report on Corporate Governance, which forms a part of
this Annual Report.

Contracts and Arrangements with Related Parties

All contracts/arrangements/transactions entered
into by the Company during the financial year under
review with related parties (as defined in the Act and
Listing Regulations) were in the ordinary course of
business and on an arm's length basis. During the
year, the Company did not enter into any contract/
arrangement/transaction with related parties which
could be considered as material in accordance with the
Policy of the Company on Materiality of Related Party
Transactions (RPT Policy) or which is required to be
reported in Form No. AOC-2 in terms of Section

134(3)(h) read with Section 188 of the Act and Rule 8(2)
of the Companies (Accounts) Rules, 2014.

The RPT Policy, as approved by the Board, is available
on the Company's website: https://www.pidilite.com/
investor-relations/corporate-governance.

Disclosure of related party transactions with the
promoter(s)/promoter(s) group which individually hold
10% or more shareholding of the Company, as per the
Indian Accounting Standards, are set out in Note No 44
of the Standalone Financial Statements of the Company.

Particulars of Loans, Guarantees or Investments

Details of loans, guarantees or investments covered
under the provisions of Section 186 of the Act are given
in the Notes to the Financial Statements.

Employees Stock Option Scheme

The Employees Stock Option Scheme (Scheme) is in line
with SEBI (Share Based Employee Benefits) Regulations,
2014. The certificate of Secretarial Auditors regarding
implementation of the Scheme is available for
inspection of Members in electronic mode.

The applicable disclosure, as stipulated under Securities
and Exchange Board of India (Share Based Employee
Benefits and Sweat Equity) Regulations, 2021, as on
31^st March, 2026 with regard to Scheme, is provided in
Annexure 4 to this Report.

Annual Return

Annual Return of the Company for FY 2025-26 as on
31^st March, 2026 is available on the website of the
Company viz. https://www.pidilite.com/investor-
relations/latest-general-meeting.

Business Responsibility and Sustainability Report

A Business Responsibility and Sustainability Report as
per Regulation 34 of the Listing Regulations, detailing
the various initiatives taken by the Company on the
environmental, social and governance front along with
BRSR Core Reasonable Assurance opinion statement
provided by M/s. KPMG Assurance and Consulting
Services LLP, forms an integral part of this Report.

Internal Control Systems and their Adequacy

The Company has adequate internal financial control
procedures commensurate with its size and nature of
business.

The Company has appointed Internal Auditors who
periodically audit the adequacy and effectiveness of
the internal controls laid down by the management and
suggest improvements.

The Audit Committee of the Board of Directors approves
the annual internal audit plan and periodically reviews
the progress of audits as per approved audit plans

along with critical internal audit findings presented by
internal auditors, status of implementation of audit
recommendations, and adequacy of internal controls.

Significant/Material Orders passed by the Regulators

There are no significant/material orders passed by the
Regulators or Courts or Tribunals impacting the going
concern status of the Company and its operations in
future.

Particulars of Employees and Related Disclosures

Disclosure pertaining to remuneration as per Section
197(12) of the Act, read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014 is attached as Annexure 5 to
this Report.

Details of employee remuneration as required under
provisions of Section 197 of the Act, and Rule 5(2)
of Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 (including any
modifications, thereof) shall be made available to any
shareholder, on request.

Other Disclosures

The Company has neither issued equity shares with
differential rights nor any sweat equity shares.

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

The Company has complied with Secretarial Standards
issued by the Institute of Company Secretaries of
India on Meetings of the Board of Directors and
General Meetings.

No proceedings are made or pending under the
Insolvency and Bankruptcy Code, 2016 and there is
no instance of one-time settlement with any Bank or
Financial Institution.

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

Appreciation

Your Directors wish to place on record their appreciation
of the contribution made by the employees at all
levels to the continued growth and prosperity of
your Company. Your Directors also wish to place on
record their appreciation to the shareholders, dealers,
distributors, consumers, banks and other financial
institutions for their continued support.

FOR AND ON BEHALF OF THE BOARD

Mumbai M B Parekh

Date : 7^th May, 2026 Executive Chairman