Your Directors are pleased to present the 71st Annual Report of your Company, together with the audited financial statements
for the year ended 31st March 2026.

FINANCIAL RESULTS:

Financial Results of the Company for the year under review along with the figures for previous year are as follows:

DIVIDEND:

Your Directors are pleased to recommend a dividend of ' 3/- per equity share (150%) for the financial year 2025-26, subject
to shareholder's approval at the forthcoming Annual General Meeting.

PERFORMANCE:

The performance of the Company during the year under review got impacted compared to the previous year primarily
lower realization caused by surge in low priced imports and increase in wood cost.

Moving forward, the Company will continue to focus on improving its operating efficiencies with better product mix.
DIVISION WISE PERFORMANCE:

PAPER AND PAPERBOARD DIVISION, DANDELI

The production of Paper and Paperboard was 3,19,933 MT (99.98 % capacity utilization) during the year against 3,18,590 MT
in the last year (99.6% capacity utilization) i.e., higher by 1343 MT.

The Sale of Paper and Paperboard was 3,20,567 MT during the year against 3,13,823 MT in the last year i.e., higher by 6744 MT.
Turnover during the year was ' 2229 Crores as against ' 2250 Crores in the last year, i.e., lower by ' 21 Crores. The Operating
EBITDA margin was 12 % during the year.

CABLE DIVISION, MYSORE

The Production of Optical Fiber Cable(OFC) was 1,09,564 Kms during the year against 1,05,481 Kms in last year, thereby
higher production by 4083 Kms. The Production of Optical Fiber (OF) from newly commissioned plant was 26.50 lakh FKM
against Nil in last year.

The Sale of Optical Fiber Cable (OFC) was 1,08,022 Kms during the year as against 1,08,626 Kms in the last year i.e. lower by
604 Kms. The Sale of Optical Fiber (OF) was 8.13 lakh FKM during the year as against Nil in last year.

The Turnover of Optical Fiber Cable (OFC) was ' 227 Crores during the year as against ' 252 Crores in the last year i.e.,
lower by ' 25 Crores. The Turnover of Optical Fiber (OF) was ' 35 Crores during the year as against ' Nil in the last year. The
Operating EBITDA margin was 15 % during the year.

EXPORTS:

Export of Paper and Paperboard in foreign currency during the year was 2052 MT worth ' 14 Crores (FOB) as against 2449 MT
worth ' 16 Crores (FOB) in the last year. Similarly, Export of Cable during the year was ' 23 Crores (FOB) against ' 3 Crores
(FOB) in the last year.

FUTURE PLAN:

Company is continuously working by phase wise investment at Paper Division, Dandeli for improving paper quality, produce
new speciality products and reduction of usage of steam, power, chemical, water and also minimize the breakdown of
machines.

Additionally, Company's Cable Division is expanding its product portfolio to consolidate position in Indian Market as well as
growing International Business.

MEETINGS OF THE BOARD:

During the year under review, Four Board Meetings were held and details thereof are mentioned in the Report on Corporate
Governance, forms a part of this report. The intervening gap between the Meetings was within the period prescribed under
the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

POLICY ON APPOINTMENT OF DIRECTORS, KMP, SENIOR EXECUTIVES AND REMUNERATION :

The Company has formulated a policy for appointment and remuneration including criteria for determining qualifications,
positive attributes, independence of a Director and other matters provided under sub-section (3) of Section 178 for Directors,
Key Managerial Personnel (KMP) and Senior Executives of the Company. The Policy is available at the Company's website
and can be accessed at: https://www.westcoastpaper.com/policies/

PERFORMANCE EVALUATION OF INDEPENDENT DIRECTORS:

Criteria for performance evaluation of Independent Directors as required under SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, is annexed herewith forms a part of this report.

MANAGERIAL REMUNERATION:

The requisite details as per Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
is annexed herewith forms a part of this report.

DIRECTORS' RESPONSIBILITY STATEMENT:

The Directors' Responsibility Statement, as required under Section 134(5) of the Companies Act, 2013, is annexed herewith
forms a part of this report.

DIRECTORS AND KMP:Retirement

There is no retirement of Directors during the financial year 2025-26.

Retirement by Rotation

Shri Saurabh Bangur (DIN: 00236894) will retire from the office by rotation at the ensuing Annual General Meeting and being
eligible, offers himself for re-appointment.

Re-Appointment of KMP

Shri S.K.Bangur (DIN: 00053237) has been re-appointed as Chairman and Managing Director (Whole Time Director) of the
Company for five years w.e.f. 1st May,2026 by the Board of Directors in their meeting held on 12th February, 2026 and
approved by the Shareholders through postal ballot on 7th April, 2026.

Re-appointment

Smt. Sudha Bhushan (DIN: 01749008) has been re-appointed as Independent Director of the Company at the meeting of
the Board of Directors, held on 12th February, 2026 and approved by the Shareholders through postal ballot on 7th April,
2026 for second term.

DECLARATION BY INDEPENDENT DIRECTORS:

The Company has received declaration from all the Independent Directors under Section 149(7) of the Companies Act, 2013
and Regulation 25(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in respect of meeting the
criteria of independence provided under Section 149(6) of the Companies Act, 2013 and clause (b) of sub-regulation (1) of
the Regulation 16 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015.

BOARD EVALUATION:

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 the Board has carried out an annual performance evaluation of its own performance,
the Director individually as well as the evaluation of the working of its Committees. The manner of evaluation has been
explained in the Corporate Governance Report.

FAMILIARIZATION POLICY:

Pursuant to Regulation 25(7) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has
framed a policy to familiarize the Independent Directors about the Company. The Policy is available on the website of the
Company and can be accessed at: https://www.westcoastpaper.com/policies/

RELATED PARTY DISCLOSURE AND 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 in the compliance of applicable provisions of the Companies Act, 2013 and SEBI ( Listing
Obligations and Disclosure Requirements) Regulations, 2015.

There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial
Personnel or other designated persons. The Details of related party disclosure and transaction as required by the Accounting
Standards read with Section 134(3)(h) have been made in the notes to the Financial Statements.

The Policy on related party transaction and its materiality as approved by the Board is uploaded on the Company's website
and can be accessed at: https://www.westcoastpaper.com/policies/

GROUP COMPANIES:

Gloster Cables Limited, Jayshree Chemicals Limited and Kilkotagiri and Thirumbadi Plantations Limited are the group
companies of S.K.Bangur Group.

ANNUAL RETURN:

Pursuant to the provisions of Section 92(3) of the Companies Act, 2013 a copy of Annual Return is available on the Company's
website and can be accessed at: http://www.westcoastpaper.com/investors/.

CONSERVATION OF ENERGY, RESEARCH & DEVELOPMENT, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS/OUTGO:

The information required under Section 134(3)(m) of the Companies Act, 2013 is annexed herewith forms a part of this
report.

CORPORATE SOCIAL RESPONSIBILITY:

The Company has framed a Corporate Social Responsibility (CSR) Policy as required under Section 135 of the Companies
Act, 2013 read with Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014, to oversee the CSR activities
initiated by the Company and the policy may be accessed on the Company's website.

Annual Report on CSR activities undertaken by the Company during the financial year ended on 31st March, 2026 in the
prescribed format is annexed herewith and forms a part of this report.

MANAGEMENT'S DISCUSSION AND ANALYSIS :

A comprehensive Management's Discussion and Analysis Report, as required under Regulation 34 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, is annexed herewith forms a part of this report.

CORPORATE GOVERNANCE:

Pursuant to Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 a Corporate
Governance Report is annexed herewith forms a part of this report.

A certificate from the auditors of the Company regarding compliance of the conditions of Corporate Governance as stipulated
in Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed herewith forms a
part of this report.

The Company is complying with Regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
with regard to Corporate Governance and reports to that effect are being regularly filed with the Stock Exchanges. The
Company has obtained declaration from the Directors and Senior Management Personnel of the Company for compliance
of Code of Conduct and the Certificate from CEO/CFO was placed before the Board of Directors at the meeting held on 27th
May,2026.

COMPLIANCE WITH SECRETARIAL STANDARD:

The Company has complied applicable Secretarial Standards issued by the ICSI under Section 118 of the Companies Act,
2013.

REPORTING OF FRAUDS:

Auditors of the Company have not reported any offence involving fraud is being or has been committed against the
company by the officers or employees of the Company, under section 143(12) of the Companies Act, 2013.

SHARE CAPITAL:

The paid-up Equity Share Capital as on 31st March, 2026 was ' 1320.98 lakhs comprising of 6,60,48,908 Equity Shares of
' 2/-each. During the year under review, the Company has not issued any further shares to the members or general public.

PUBLIC DEPOSITS:

Your Company has not invited or accepted any deposits during the financial year ended on 31st March, 2026 under Section
73 of the Companies Act, 2013 and Rules made thereunder.

CONVERTIBLE/NON-CONVERTIBLE SECURITIES:

Your Company has not issued any Convertible/Non-Convertible securities during the year ended March 31,2026.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:

Details of Loans, Guarantees and Investments cover under the provisions of Section 186 of the Companies Act, 2013, are
given in the notes to the Financial Statements.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT (BRSR):

Pursuant to Regulation 34(2)(f) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Business
Responsibility and Sustainability Report for the financial year ended on 31st March, 2026 is annexed herewith forms a part
of this report.

VIGIL MECHANISM/WHISTLE BLOWER POLICY:

The Vigil Mechanism of the Company incorporates a policy under Regulation 22 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and Rule 7 of the Companies (Meeting of the Board and its Power) Rules 2014, provide the
mechanism for Employees and Directors of the Company to approach the Executive Director and the Chairman of the Audit
Committee of the Board. Protected disclosures can be made by a Whistle Blower by means of e-mail or telephone or letter to
the Executive Director or to the Chairman of the Audit Committee. The policy on Vigil Mechanism/Whistle Blower is available
on the Company's website and can be accessed at: https://www.westcoastpaper.com/policies/

RISKS MANAGEMENT:

Pursuant to provisions of Section 134(3)(n) of the Companies Act, 2013 and Regulation 17(9) & 21 of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, the Company has constituted the Risk Management Committee and laid
down a framework to inform the Board about the particulars of Risks Identification, Assessment and Minimization Procedures.
In the opinion of the Board, there is no such risk, which may threaten the existence of the Company.

DISCLOSURE PERTAINING TO THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:

Details required under the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013
and the Companies (Accounts) Amendment Rules, 2018 covered in the report of Corporate Governance forms a part of this
Annual Report.

COMPLIANCE OF ALL PROVISIONS RELATING TO MATERNITY BENEFIT ACT,1961:

Pursuant to G.S.R.357 (E), MCA Notification, the company has complied all the provisions relating to the Maternity Benefit
Act,1961, applicable to the Company.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURT:

During the financial year ended on 31st March, 2026, there were no significant and material orders passed by the Regulators
or Courts, which would impact the status of the Company and its future operations.

AUDITORS' REPORT:

The Notes on Accounts and the observations of the Auditors in their Report on the Accounts of the Company are self
explanatory and in the opinion of the Directors, do not call for any clarifications.

AUDITORS:

a. Statutory Auditors and their Report

M/s Singhi & Co. Chartered Accountants, Kolkata re-appointed as Statutory Auditors at the 67th Annual General Meeting
of the Company pursuant to the provision of rotation under Section 139 and 141 of the Companies Act, 2013 and Rule 7
of the Companies (Audit and Auditors) Rules, 2014, for a period of 5 consecutive years till the conclusion of 72nd Annual
General Meeting, without any further ratification by the shareholders, pursuant to the amended provisions of Section 139
of the Companies Act, 2013 and Rules made there under, notified by Ministry of Corporate Affairs as on 07.05.2018. The
observations of the Auditors in their report for the financial year 2025-26 on Accounts and the Financial Statements, read
with the relevant notes are self-explanatory.

b. Secretarial Auditor and Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Companies Act, 2013, Secretarial Auditors, M/s NGJ & Co., practicing
Company Secretaries, Bangalore has carried out Secretarial Audit of the records maintained by the Company for the financial
year 2025-26. The Report given by Secretarial Auditors for the said financial year in the prescribed form No: MR 3 is annexed
to this report.

c. Cost Auditor and Cost Audit Report

Pursuant to the provisions of Section 148(1) of the Companies Act, 2013 and revised order of the Central Government dated
31.12.2014, the company has maintained cost accounts and records. The Cost Audit for the financial year ended on 31st
March, 2025 was conducted by Shri Umesh Kini, Cost Accountant, Bangalore and as required Cost Audit Report was duly
filed with Ministry of Corporate Affairs, Government of India. The Audit of the Cost Records for the financial year ended on

31st March, 2026 is being conducted by the said Cost Auditor and Report will also be filed with the Ministry of Corporate
Affairs , Government of India.

INTERNAL CONTROL SYSTEM:

There are adequate internal control procedures commensurate with the size of the Company and nature of its business
for the purchase of inputs, availing of services, fixed assets, for the sale of goods and providing of services. Full-fledged
Internal Audit department carries out pre and post audit of all significant transactions throughout the year. Company has
also appointed M/s S.S.Kothari Mehta & Co., Chartered Accountants, New Delhi (outsourced) as Internal Auditors. Based on
the Annual Internal Audit programme as approved by Audit Committee of the Board, regular internal audits are conducted.
Findings are placed before Audit Committee, which reviews and discuss the actions taken with the Management.

INDUSTRIAL RELATIONS:

Industrial Relations remained peaceful and cordial throughout the year under review. Your company value the long
association of employees including contractors and their workmen to sustain industrial harmony and create a positive work
environment.

CONSOLIDATED FINANCIAL STATEMENTS:

The Consolidated Financial Statements have been prepared by the Company in accordance with the applicable Accounting
Standards. The Audited Consolidated Financial Statements together with Auditors' Report forms a part of this report.

A Report on the performance and financial position of unlisted wholly owned subsidiaries and listed subsidiary company
(Andhra Paper Limited) for the financial year ended 31.03.2026 included in the Consolidated Financial Statements is
presented in the separate section AOC-1, forms a part of this report.

Pursuant to the provisions under Section 136 of the Companies Act, 2013 the financial statements including consolidated
financial statements along with relevant documents and separate Audited Accounts of the subsidiary companies are
available at the Company's website.

ACKNOWLEDGEMENT:

Your Directors would like to express their sincere appreciation and thanks to the Central and State Governments, Banks,
Financial Institutions, Customers, Suppliers and Shareholders for their continued support and co-operation.

Your Directors take the opportunity to place on record their deep appreciation of the committed services rendered by the
employees of the Company, who have contributed significantly towards Company's performance and growth.

For and on behalf of the Board
S.K.Bangur

Place: Dandeli Chairman & Managing Director

Date: 27th May, 2026 DIN: 00053237