The Board of Directors of Starlog Enterprises Limited is pleased to present the 42^nd (Forty Second) Annual Report on the business
operations and state of affairs of the Company together with the Audited (Standalone and Consolidated) Financial Statements of
the Company for the Financial Year ended March 31, 2026.

Financial Results:

The summary of the financial performance of the Company on a standalone basis, for the Financial Year 2025-26 as compared
to the previous Financial Year 2024-25 is as follows:

The summary of the financial performance of the Company on a consolidated basis, for the Financial Year 2025-26 as compared
to the previous Financial Year 2024-25 is as follows:

Brief Profile of the Company:

Starlog is in the equipment rental business, incorporated in
1983. Starlog plans to invest in specialised equipment to meet
India's growing needs for energy, infrastructure and natural
resources.

Changes in the nature of the business:

During the financial year under review, there were no changes
in the nature of the business.

Operating Results and Business Review:

During the year under review, your Company recorded Gross
Receipts of Rs. 7.89 Crores vis-a-vis Rs. 12.08 Crores in the
previous year. Your Company has incurred loss of Rs. 8.65
Crores vis-a-vis profit of Rs. 27.06 Crores in the previous year.

Dividend:

Your Directors have not recommended any dividend on Equity
Shares for the year under review.

Transfer to Reserves:

During the year under review, the Company has not transferred
any amount to the General Reserve.

Particulars of Loans, Guarantees or Investments:

Details of Loans, Guarantees and Investments covered under
the provisions of Section 186 of the Companies Act, 2013 ("the
Act") are given in the Notes to the Accounts of the Standalone
Financial Statements which forms part of the Annual Report.

Significant and Material Orders passed by the Regulators
or Courts:

During the year under review, the Company received an
Adjudication Order dated September 29, 2025 from the
Securities and Exchange Board of India ("SEBI") in respect
of certain alleged non-compliances under the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015,
the SEBI (Prohibition of Insider Trading) Regulations, 2015 and
other allied regulations pertaining to earlier financial years.

The Company has challenged the said Order before the
Hon'ble Securities Appellate Tribunal ("SAT"). Vide its order
dated November 21, 2025, SAT has granted stay on the
operation and effect of the SEBI Order and the matter is
currently pending adjudication before SAT. The Company
does not expect any material adverse impact on its operations
arising from the said matter. The details of the aforesaid Order
and subsequent developments have been duly disclosed to
BSE Limited in accordance with the applicable provisions of
the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.

The Board believes that the Company has a strong case on
merits and will continue to take appropriate steps to protect
the interests of the Company and its stakeholders.

Extract of Annual Return:

In accordance with the Act, the annual return in the prescribed
format is available on the website of the Company at www.
starlog.in.

Board Meetings and Attendance:

The Board of Directors met 9 (nine) times during financial
year 2025-26 viz. April 07, 2025; April 29, 2025; May 12, 2025;
July 04, 2025; August 01, 2025; August 26, 2025; November
04, 2025; January 22, 2026 and January 28, 2026 respectively.

The necessary quorum was present for all the meetings. The
maximum interval between any two meetings did not exceed
120 days.

Other Additional details of the Directors, their meetings,
attendance etc. have been given in the Corporate Governance
Report in "Annexure A" which forms a part of this Annual
Report.

Authorised Share Capital:

During the financial year under review, there was no change in
the Authorised Share Capital of the Company.

Paid-up Share Capital:

During the financial year under review, the Paid-up Share
Capital of the Company has increased from Rs. 11,96,69,850/-
(Rupees Eleven Crore Ninety-Six Lakhs Sixty-Nine Thousand
Eight Hundred and Fifty Only) divided into 1,19,66,985 (One
Crore Nineteen Lakhs Sixty-Six Thousand Nine Hundred and
Eighty-Five) fully paid-up Equity Shares of Rs. 10/- (Rupees
Ten only) each to Rs. 14,96,69,850/- (Rupees Fourteen Crore
Ninety-Six Lakhs Sixty-Nine Thousand Eight Hundred and
Fifty Only) divided into 1,49,66,985 (One Crore Forty-Nine
Lakhs Sixty-Six Thousand Nine Hundred and Eighty-Five)
fully paid-up Equity Shares of Rs. 10/- (Rupees Ten only) each.

The Company has made the allotment of 30.00.000 Equity Shares on Preferential Basis, as stated hereunder:

Details of Directors and Key Managerial Personnels:

As on March 31, 2026, the Board of Directors of your Company
comprises of 7 (seven) Directors comprising of a Managing
Director & Chief Executive Officer ("CEO"), Whole-time
Director & Chief Financial Officer ("CFO"), a Whole-time
Director and 4 (four) Non-Executive Independent Directors
(including 1(One) Woman Independent Director). The
constitution of the Board of the Company is in accordance
with requirements of Section 149 of the Act and Regulation 17
of the SEBI (Listing Regulations and Disclosure Requirements)
Regulations, 2015 ("the Listing Regulations").

Following are changes in the Directors/Key Managerial
Personnel during the year under review:

a) Mr. Raj Manek (DIN: 10997941) was appointed as an
Additional Director (Whole-time Director) and Chief
Financial Officer (CFO) of the Company with effect from
March 13, 2025, for a term of three (3) years, subject to
approval of shareholder. Subsequently, the shareholders
approved his appointment as Whole-time Director and
Chief Financial Officer at the 41st Annual General Meeting
held on June 12, 2025.

b) Ms. Gunjan Sanghavi was appointed as Company
Secretary and Compliance Officer w.e.f. April 07, 2025.

c) Ms. Gunjan Sanghavi resigned from the position of
Company Secretary and Compliance Officer w.e.f. July 03,
2025 due to personal reasons.

d) Ms. Bhoomi Momaya was appointed as Company
Secretary and Compliance Officer w.e.f. July 04. 2025.

e) Ms. Mita Namonath Jha (DIN: 07258314) ceased to be an
Independent Director of the Company pursuant to her
demise w.e.f. December 21, 2025.

f) Mr. Pratik Kabra (DIN: 10709044) was appointed as
Additional Director (Independent and Non-Executive)
w.e.f. January 23, 2026. Subsequently, shareholders
approved his appointment as an Independent Director
through Postal Ballot on April 22, 2026, for a term of five
consecutive years from January 23, 2026 to January 22,
2031.

g) Ms. Megha Sekharan (DIN: 07133577) was appointed as
Additional Director (Independent and Non-Executive)

w.e.f. January 23, 2026. Subsequently, shareholders
approved her appointment as an Independent Director
through Postal Ballot on April 22, 2026, for a term of five
consecutive years.

h) Ms. Bhoomi Momaya resigned from the position of
Company Secretary and Compliance Officer w.e.f. March
21, 2026, to pursue opportunities outside the organization.

Following are changes in the Directors/Key Managerial
Personnel after the close of FY 2025-26:

a) Ms. Kashish Kesharwani was appointed as Company
Secretary and Compliance Officer of the Company w.e.f.
May 27, 2026.

b) Mrs. Edwina Dsouza (DIN: 09532802) resigned from the
position of Whole-time Director of the Company w.e.f.
May 17, 2026 due to personal reasons.

c) Mr. Seshadri (DIN: 08449681) resigned from the position
of Independent Director of the Company w.e.f. June 12,
2026 due to age and health priorities.

Retirement by Rotation:

Mr. Raj Manek (DIN: 10997941), Whole-Time Director and
Chief Financial Officer of the Company, is liable to retire by
rotation at the ensuing Annual General Meeting (AGM) and
being eligible, offers himself for re-appointment. A resolution
seeking shareholder's approval for his re-appointment along
with the required details are stated in the Notice of the 42^nd
AGM.

Declaration given by Independent Directors under Section
149(6) of the Act:

All independent directors of the Company have submitted the
requisite declarations confirming their ongoing compliance
with the criteria of independence as prescribed under
Section 149(6) of the Act and Regulation 16(1)(b) of the Listing
Regulation.

Furthermore, they have affirmed their adherence to the
Code of Conduct outlined in Schedule IV of the Act. These
declarations include confirmations that they are not barred
from holding the office of director by any SEBI order or any
other authoritative body and have maintained their registration
with the database of the Indian Institute of Corporate Affairs
(IICA).

The Board based on thorough evaluation, is of the opinion that
all independent directors consistently demonstrate integrity,
expertise, and experience, significantly contributing to the
governance of the Company. Additionally, all directors of the
Company have confirmed that there are no disqualifications
against them for appointment as directors, in accordance with
Section 164 of the Act.

Committees of the Board:

The detailed information with respect to the Committees of
the Board is provided in the Report of Corporate Governance
which forms part of this Annual Report.

Board Evaluation:

The Nomination and Remuneration Committee and the
Board of Directors have carried out the annual performance
evaluation of all the Directors including Independent
Directors, Non-executive non-Independent Directors and
Managing Director and the Board as a whole (including the
Committees).

Pursuant to the provisions of the Act and the Listing
Regulations, the Board has carried out a formal review
for evaluation of its own performance and the directors
individually. The performance of the Board was evaluated
on the basis of criteria such as the Board composition and
structure, effectiveness on processes, participation in
assessment of annual operating plan, risks etc. The individual
directors are evaluated on factors like leadership quality,
attitude, initiatives and responsibility undertaken, decision
making, commitment and achievements during the financial
year.

Familiarization Programme of Independent Directors:

Your Company has framed various programs to familiarize the
Independent Directors with the Company, their roles, rights,
responsibilities in the Company, nature of industry in which the
Company operates, business model of the Company, etc. Your
Company aims to provide its Independent Directors, insight
into the Company to enable them to contribute effectively.

The Independent Directors are apprised on various aspects
such as business models, new business strategies and
initiatives by business leaders, risk minimization procedures,
recent trends in technology, changes in domestic/overseas
industry scenario, digital transformation, and other regulatory
regime affecting the Company. These meetings also facilitate
Independent Directors to provide their inputs and suggestions
on various strategic and operational matters directly to the
business. The details of the familiarization Programme are
also available on the website of the Company athttps://
starlog.in/corporate-policies/

Nomination and Remuneration Policy:

The policy on remuneration and other matters provided in
Section 178(3) of the Act has been disclosed in the Corporate
Governance Report, which is a part of this report and is also
available on website of the Company.

Directors' Responsibility Statements:

Pursuant to the requirements under Section 134(3) (c) of
Companies Act, 2013, with respect to Directors' Responsibility
Statement, it is hereby confirmed that:

a) in the preparation of the annual financial statements for
the financial year ended March 31, 2026, the applicable
accounting standards had been followed and no material
departures have been made for the same;

b) 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 on March 31, 2026 and of loss
of the Company for that period;

c) they have taken proper and sufficient care for the
maintenance of adequate accounting records in
accordance with the provisions of this Act for safeguarding
the assets of the Company and for preventing and
detecting fraud and other irregularities;

d) they have prepared the annual accounts for the year
ended March 31, 2026 on a going concern basis;

e) they have laid down internal financial controls and the
same have been followed by the Company and that
such internal financial controls are adequate and were
operating effectively; and

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

Statutory Auditors' Appointment:

Upon completion of the term of five (5) consecutive years
of M/s. Gupta Rustagi & Co., Chartered Accountants (Firm
Registration No. 128701W), the erstwhile Statutory Auditors of
the Company, and pursuant to the provisions of Section 139 of
the Companies Act, 2013 read with the Companies (Audit and
Auditors) Rules, 2014, the Members of the Company at the
41st Annual General Meeting appointed M/s. Bhattacharya
Das and Co., Chartered Accountants (Firm Registration No.
307077E), as the Statutory Auditors of the Company to hold
office for a term of five consecutive years from the conclusion
of the 41st Annual General Meeting until the conclusion of the
46th Annual General Meeting.

The Company has received the eligibility certificate from the
Statutory Auditors confirming that they are not disqualified
from continuing as an Auditors of the Company.

The Auditors' Report is annexed to the Financial Statements
and does not contain any qualifications, reservations, adverse
remarks or disclaimers and is unmodified. The Statutory
Auditors have drawn attention to certain matters through
Emphasis of Matter paragraphs in their report. The relevant
notes to the financial statements adequately explain these
matters and therefore do not call for any further comments
from the Board."

Secretarial Auditor and its Report:

Pursuant to the provisions of Section 204 of the Companies
Act, 2013 read with Rule 9 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 and
Regulation 24A of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Board of Directors had
appointed Mr. Ritul Parmar, Practising Company Secretary,
Navi Mumbai (Membership No. F13125, Certificate of Practice
No. 14845, Peer Review Certificate No. 2586/2022), as
the Secretarial Auditor of the Company for a period of five
consecutive years commencing from FY 2025-26 up to FY
2029-30.

Accordingly, Mr. Ritul Parmar, Practising Company Secretary,
conducted the Secretarial Audit of the Company for the
Financial Year 2025-26. The Secretarial Audit Report for the
Financial Year ended March 31, 2026, is annexed to this Report
as "Annexure B".

The Secretarial Audit Report does not contain any qualification,
reservation or disclaimer.

However, the Secretarial Auditor has drawn attention to the
Adjudication Order dated September 29, 2025 passed by the
Securities and Exchange Board of India ("SEBI") in relation to
certain alleged non-compliances pertaining to earlier financial
years. The Company has challenged the said Order before
the Hon'ble Securities Appellate Tribunal ("SAT"), which has
granted a stay on the operation of the Order. The matter is
presently sub-judice before SAT.

Further, pursuant to Regulation 24A of the Listing Regulations,
the Secretarial Audit Report of Material Subsidiaries, for the
Financial Year 2025-26 form part of this Annual Report and
are annexed hereto as "Annexure C"

Reporting of Frauds:

During the year under review, pursuant to the provisions of
the Section 143(12), the Statutory Auditors and the Secretarial
Auditors have not reported any instances of frauds committed
in the Company by its officers or employees.

Related Party Transactions:

In terms of the Listing Regulations, the Board of Directors of
your Company have devised a policy on dealing with Related
Party Transactions. The policy may be accessed on the
website of the Company at the web-linkhttps://starlog.in/
corporate-policies/

All the transactions entered by the Company during the
financial year under review with the related parties referred
to in Section 188 of the Act were in the ordinary course of
the business and on the arm's length basis and are reported
/stated in the Notes to the Accounts of the Standalone
Financial Statements of the Company which forms part of the
Annual Report. Accordingly, the disclosure of Related Party
Transactions as required under Section 134 of the Act is not
applicable.

Corporate Social Responsibility:

Provisions of Section 135 of the Act with regard to Corporate
Social Responsibility ("CSR") are not applicable to the
Company.

Business Risk Management:

The Company is aware of the risks associated with the business.
It regularly analyses and takes corrective actions for managing
/ mitigating the same. The requirements of Regulation 21
of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, with regard to the constitution of a Risk
Management Committee are not applicable to our Company.

Vigil Mechanism/Whistle Blower Policy:

The Company has framed a Vigil Mechanism Policy to deal
with instance of fraud and mismanagement, if any. The details
of the policy are explained in the Corporate Governance
Report and also posted on the website of the Company,
https://starlog.in/corporate-policies/

The Vigil Mechanism enables the Directors, employees and
all stakeholders of the Company to report genuine concerns
and provides for adequate safeguards against victimization of
person who use Vigil Mechanism and also makes provision
for direct access to the Chairperson of the Audit Committee.

Consolidated Financial Statements:

The Annual Audited Consolidated Financial Statements are
based on the Financial Statements received from Subsidiaries
as approved by their respective Board of Directors and
have been prepared in accordance with Indian Accounting
Standards (Ind AS) which have been notified by the Ministry
of Corporate Affairs from time to time and form part of this
Annual Report.

Corporate Governance:

The Company has complianed with the requirements and
disclosures that have to be made in terms of the requirements
of Corporate Governance specified in the Listing Regulations.
The Corporate Governance Report is enclosed as a part of the
Annual Report along with the certificate from the Secretarial
Auditor Mr. Ritul Parmar, Practicing Company Secretary
confirming compliance of the code of Corporate Governance
as stipulated Para E of Schedule V of the Listing Regulations.

Material Changes and Commitments:

There have been no material changes and commitment
affecting the financial position of the Company which have
occurred between the end of the Financial Year 2025-26 of
the Company to which the financial statements relate and the
date of this report.

Report on the performance and financial Position of
each of the Subsidiaries, Associates and Joint Venture
Companies in terms of Rule 8(1) of Companies (Accounts)
Rules, 2014:

The Company has the following subsidiaries:

1 Starport Logistics Limited

2 Starlift Services Private Limited

3 Kandla Container Terminal Private Limited

The following are Associates of the Company:

1 Southwest Port Limited

2 Alba Asia Private Limited

3 West Quay Multiport Private Limited

Alba Asia Private Limited holds 99.915% of total share capital
and controls the Board of Directors of West Quay Multiport
Private Limited, Hence, Alba Asia Private Limited is holding
company of West Quay Multiport Private Limited in term of
Act.

The report on the highlights of performance of subsidiaries &
associates and their contribution to the overall performance
of the company is attached to this Annual Report in the form
AOC-1.

Cost records and cost audit:

The Company is neither required to maintain Cost Records
nor required to appoint Cost Auditor pursuant to Section 148
of the Act and rules framed thereunder.

Internal Control Systems:

Your Company has in place adequate internal financial control
system commensurate with the size of its operations. During
the year under review, no material or serious observation
has been received from the Auditors of your Company citing
inefficiency or inadequacy of such controls. An extensive
internal audit is carried out by M/s. Rahul D. Shah & Co.,
Chartered Accountants (Firm Registration No. 145942W),
Internal Auditors of the Company

Ratios of Remuneration to Each Director:

Disclosure pertaining to remuneration and other details as
required under Section 197 of the Act, read with Rule 5 (1) of the
Companies (Appointment and Remuneration of Managerial
Personnel) Rules, ("Rules") 2014, as amended from time to
time, forms part of the Annual Report as "Annexure D"

The statement containing names of top ten employees in terms
of remuneration drawn and the particulars of employees as
required under Section 197(12) of the Act read with Rule 5(2)
and 5(3) of the Rules is provided in a separate section forming
part of this report. Further, the report and the accounts are
being sent to the Members excluding the aforesaid annexure.
In terms of Section 136 of the Act, the said annexure is open
for inspection.

Issue of sweat equity shares/issue of shares with
differential rights/issue of shares under employee's stock
option scheme:

The Company has not issued any sweat equity shares/ Issue
of Shares with Differential Rights/Issue of Shares under
Employee's stock option scheme during the year under review
i.e., 2025-26.

Disclosure on purchase by company or giving of loan by it
for purchase of its shares:

The Company has neither purchased nor given any loan to
anyone for purchase of its shares.

Buy Back of Shares:

The Company has not considered any proposal for buyback of
shares during the year under review.

Management Discussion and Analysis:

As per the requirement of Regulation 34(2)(e) read with
Schedule V of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Management
Discussion and Analysis of the events, which have taken place
and the conditions prevailed, during the period under review,
are enclosed in "Annexure E" to this Report.

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

The statement giving the particulars relating to conservation
of energy, technology absorption and foreign exchange
earnings and outgo, as required in terms of Section134(3)(m)

of the Act read with Rule 8(3) of the Companies (Accounts)
Rules, 2014, is annexed to this Report as "Annexure F"

Disclosures under Sexual Harassment of Women at
Workplace (Prevention, Prohibition & Redressal) Act,
2013:

The Company has in place an Anti-Sexual Harassment Policy
in line with the requirements of the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013. Internal Complaints Committee ('ICC') is in place for
all works and offices of the Company to redress complaints
received regarding sexual harassment. All employees
(permanent, contractual, temporary and trainees) are
supposed to adhere to and conduct themselves as prescribed
in this policy.

The following is a summary of sexual harassment complaints
received and disposed of during the year 2025-26

Green Initiative:

Your Company has taken the initiative of going green and
minimizing the impact on the environment by circulating the
copy of the Annual Report in electronic format to all members
whose email addresses are available with the Company. Your
Company would encourage other Members also to register
themselves for receiving Annual Report in electronic form.

Investor Education and Protection Fund (IEPF):

The Company was not required to transfer any amount to the
Investor Education and Protection Fund established by the
Central Government (IEPF) during the financial year 2025-26.

Compliance with Secretarial Standards:

The Company has complied with the applicable Secretarial
Standards issued by the Institute of Company Secretaries of
India.

Public Deposits:

During the financial year under review, your Company has
neither invited nor accepted any deposits from the public, in
accordance with Section 73 of the Act and the Companies
(Acceptance of Deposits) Rules, 2014.

Details of application made or any proceeding pending
under the Insolvency and Bankruptcy Code, 2016 (31 of
2016) during the year along with their status as at the end
of the financial year:

There were no applications made or proceedings pending
under the Insolvency and Bankruptcy Code, 2016, underscoring
our financial resilience.

One-time settlements with banks or financial institutions:

There was no instance of one-time settlement with any Bank
or Financial Institutions during the Financial Year under
review.

Business Responsibility and Sustainability Report:

The Business Responsibility and Sustainability Report under
the Listing Regulations is not applicable to the Company.

Internal Audit Report:

Pursuant to the provisions of Section 138 of the Companies
Act, 2013, M/s. Rahul D. Shah & Co., Chartered Accountants
(Firm Registration No. 145942W) was appointed as the Internal
Auditors of the Company for the Financial Year 2025-26.

The Internal Audit Report for the financial year ended
March 31, 2026, as received from M/s. Rahul D. Shah & Co,
Chartered Accountants (FRN: 145942W), Internal Auditors
was presented before Audit Committee. There are no material
adverse comments or observations by the Internal Auditor.

Disclosure under Maternity Benefit Act, 1961

The Company has complied with the applicable provisions
relating to the Maternity Benefit Act, 1961 for FY26 and has
established a systematic mechanism to ensure continued
adherence to the statutory requirements.

Acknowledgement:

Your Directors would like to express their sincere appreciation
for the support and co-operation extended by bankers,
financial institutions, regulatory bodies, government
authorities, shareholders and specifically the contribution
made by the employees of the Company in the operations of
the Company during the year under review. Your Directors
look forward to their continued support.

For and on behalf of Board of Directors
Starlog Enterprises Limited

Saket Agarwal Raj Manek

Managing Director & Whole-time Director &

Chief Executive Officer Chief Financial Officer

DIN: 00162608 DIN:10997941

Place: Mumbai
Date: July 15, 2026