Dear Members,

The Board of Directors (“Board”) of your Company has pleasure in presenting 42nd Annual Report on the Company's business and operations together with the Audited Financial Statements for the Financial Year 2025-26:

Incorporated in 1984, Relaxo is the largest footwear manufacturer in India, serving the nation for more than five decades, and is today ranked among the top 1,000 Most Valuable Companies (as per market capitalization) with its shares listed at National Stock Exchange of India Limited (“NSE”) and BSE Limited (“BSE”).

Relaxo is synonymous with quality products at affordable prices, manufacturing slippers, sandals, sports and casual

shoes at 9 State of the Art manufacturing facilities at Bahadurgarh (Haryana), Bhiwadi (Rajasthan) and Haridwar (Uttarakhand).

Your Company's most popular brands - Relaxo, Sparx, Flite & Bahamas are leaders in their space.

Having a PAN India distribution footprint, the Company also operates 420 Exclusive Brand Outlets (“EBOs”), with availability on all major e-commerce portals as well.

In compliance with the provisions of the Companies Act, 2013 (“Act”) and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), the Company has prepared its financial statements as per the Indian Accounting Standards (Ind AS) for the Financial Year 2025-26. The financial highlights of the Company's operations are as follows:

(H in Crores)

The key highlights of the Company's financial performance during the Financial Year 2025-26 are given below:

• Revenue from operations is H2,702.16 Crores as compared to H2,789.61 Crores in the last Financial Year.

• EBITDA is at H373.98 Crores as compared to H382.00 Crores in last Financial Year.

• Net profit is at H179.27 Crores as compared to H170.33 Crores in the last Financial Year.

FY26 highlighted the strength of Relaxo's business model and execution capabilities. While demand conditions remained challenging during the first half of the year, the Company successfully managed the operating environment through focused market initiatives, enhanced channel engagement, and prudent cost management. The strong momentum witnessed in the fourth quarter provides a solid foundation for the future and strengthens our conviction in delivering consistent growth, improving profitability, and long-term shareholder value creation.

The global business environment during the year continued to be influenced by geopolitical uncertainties, volatile raw material prices, supply chain challenges and changing consumer preferences. Despite these headwinds, your Company remained resilient, adapting swiftly to market dynamics while continuing to make steady progress towards its long- term strategic goals.

We continued to strengthen our sales capabilities by expanding our distribution network, improving inventory management and enhancing engagement with distributors and retailers. These initiatives have improved product availability, increased operational efficiency and enabled the Company to respond more effectively to changing market dynamics.

During the financial year 2025-26, your Company undertook several sales transformation initiatives to strengthen its market position through better channel engagement, efficient distribution and consistent execution across the network. In addition, the Company expanded its distribution network by onboarding new distributors during the year. This expansion reflects the Company's continued focus on deepening market penetration and improving reach across geographies. In parallel, the Company continued to work on reinforcing financial discipline and improving working capital efficiency.

A key highlight of the year was the successful pilot of new Warehouse Management System (WMS), enhancing the Company's distribution capabilities and supply chain agility. The new system enables the dispatch of curated size assortments to distributors, moving away from conventional standard pack configurations. This initiative provides channel partners with greater ordering flexibility, supports more efficient inventory management and contributes to improved product availability across markets.

Further, the Company continued to stabilize and improve distributor and retailer engagement through initiatives like the Relaxo Parivaar App, which aims to enhance connectivity and strengthen its on-ground execution and visibility.

Strategic investments in brand building, consumer engagement and product innovation, supported by stronger trade and digital initiatives, enhanced brand visibility and reinforced the Company's leadership in the market.

During the financial year 2025-26, your Company continued to strengthen its market position through a focused approach towards brand building, product innovation and deeper retail engagement.

As part of its efforts to enhance consumer connect and build a contemporary, relatable brand narrative, the Company strategically onboarded actress Sanya Malhotra as the brand ambassador for Flite and launched the ‘Sar Utha Kadam Badha' campaign. Rooted in Flite's positioning as a fashion footwear brand that supports people at every stage of life, the campaign inspires consumers to move ahead with confidence and style in every step. Further strengthening its consumer proposition, the Company expanded its product portfolio with over 250 trend-forward designs across categories, aligned with evolving consumer preferences and supported by differentiated, story-led product propositions.

On the trade engagement front, the Company strengthened its presence in the General Trade channel and at Multi-Brand Outlets (MBO) through the execution of over 100 retailer meets across key markets. These initiatives facilitated deeper engagement with channel partners, strengthened business relationships and provided valuable market insights. The Company further enhanced brand visibility at the Point of Sale through the rollout of high-impact visual merchandising initiatives, including festive-themed in-store branding and ‘Impact Displays' across leading outlets on a pan- India basis.

The Company also expanded its brand outreach beyond India through its participation in one of the popular walkathons in Dubai, engaging with over 30,000 participants on-ground. The activation was further amplified through influencer-led content and digital engagement, generating more than 2 million views on Instagram.

With a strategic focus on digital as a key growth lever, your Company strengthened its consumer engagement through collaborations with digital and regional influencers, delivering aspirational and culturally relevant content.

Customer-centric initiatives across store expansion, product assortment, consumer engagement and workforce capability strengthened the Company's retail presence. These efforts enhanced the shopping experience, improved customer satisfaction and supported sustainable retail growth.

Keeping the customer at the centre of all decisions, the Company continues to strengthen its retail business through focused interventions across key strategic levers, including product assortment, consumer engagement, customer experience, and capability building.

During the year, your Company opened 35 new stores in strategic locations while optimizing our portfolio through the closure of 33 underperforming stores, resulting in a network of 420 outlets as of March 31, 2026. Efforts were directed towards ensuring the right product assortment, price points, and availability across stores to cater to diverse consumer needs and maximise conversion opportunities

To further enhance consumer engagement and drive footfalls, your Company launched targeted customer-centric initiatives throughout the year. These included exclusive festive offers for retail consumers and a strategic partnership with one of the leading online travel platforms under the ‘Buy & Fly' campaign, which provided customers with exciting travel-related rewards and strengthened brand engagement during the winter season.

Your Company worked towards offering the right product collection, price & availability to ensure that every customer walks out with a product. It also prioritized customer engagement through CRM campaigns, personalised promotions and social media initiatives, driving up the repeat purchase rate and new customer acquisition.

Besides, your Company enhanced its Learning Management System for store teams by introducing gamified learning modules, making training more interactive, engaging, and user-friendly. This approach encouraged greater participation, improved knowledge retention and enabled store associates to build their product and service expertise more effectively. As a result, teams were better equipped to provide informed guidance, deliver a more personalised shopping experience and serve customers with greater confidence and efficiency, ultimately enhancing overall customer satisfaction.

The Company expanded its presence across e-commerce, quick commerce and modern trade channels by strengthening platform partnerships and enhancing fulfilment capabilities. These initiatives improved online reach, increased operational agility and positioned the business to capitalise on the rapidly evolving digital retail ecosystem.

During the financial year 2025-26, the Company delivered a strong all-round performance, supported by sustained demand and effective execution across its business operations. The momentum strengthened as the year progressed, reflecting the impact of strategic initiatives and continued market relevance. This performance was accompanied by an improvement in profitability, driven by disciplined cost management, a favourable business mix, and enhanced operating efficiencies, reinforcing the Company's focus on sustainable growth.

The Company also strengthened its strategic positioning by scaling its presence in the fast-growing quick commerce segment through direct partnerships with leading platforms achieving over 5% category share across key platforms. Additionally, it expanded its channel reach through the activation of direct 3P operations with one of the e-commerce platform thereby driving higher online penetration for key open footwear brands. Focused efforts on product portfolio expansion, guided by consumer and marketplace insights, along with enhancements in supply chain infrastructure, have further reinforced the foundation for sustained growth, improved speed, and greater fulfilment efficiency in the coming year.

With a presence in over 35 countries across six continents, your Company has established a strong global footprint, reflecting its ability to successfully serve diverse international markets. Backed by a diversified product portfolio, strong distributor relationships and a focus on operational excellence, the Company continued to strengthen its position across global markets.

Your Company continuess to strengthen its position as a leading player in the global footwear industry. With a presence in over 35 countries across six continents, its international footprint reflects the Company's ability to effectively penetrate and succeed in diverse markets worldwide.

The diversified product portfolio-defined by superior quality, durability, and exceptional value has established the Company's reputation as a premier global brand. During the year, your Company focused on deepening brand equity in established territories while successfully executing strategic entries into high-potential emerging markets, most notably across the African continent.

In recognition of operational excellence, your Company was conferred with the Star Export House status by the Federation of Indian Export

Organisations (under the Ministry of Commerce and Industry). This prestigious accreditation provides a significant competitive edge by streamlining the Company's global supply chain through priority customs clearance and self-certification privileges. This accolade underscores the Company's unwavering pursuit of excellence, customer satisfaction, and long-term value creation as the Company continues to scale its global operations through innovation and agility.

We have strengthened supplier partnerships, diversified sourcing options and leveraged digital procurement tools to improve continuity, mitigate supply risks and enhance long-term competitiveness.

During the financial year 2025-26, your Company made significant efforts to optimize costs by identifying alternative sources and materials while implementing diverse procurement strategies. These initiatives yielded substantial savings and helped the Company remain cost-competitive. Despite abnormal price hikes caused by the West Asia conflict toward the end of the fiscal year, proactive procurement strategies allowed the Company to maintain stable raw material pricing. Additionally, the Company utilized procurement tool for reverse auction to secure more competitive market rates, ensuring the Company's long-term sustainability.

Innovation remained at the core of the Company's product development strategy, driven by a strong focus on consumer insights, fashion trend research and continuous design innovation. The Company's R&D capabilities enabled the development of differentiated products that aligned with evolving consumer preferences while strengthening its competitive position in the market.

Innovation and consumer-centric product development remained at the core of the Company's growth strategy during the year. The Company's Research & Development (R&D) team played a pivotal role in driving product innovation by continuously studying evolving consumer preferences, analysing emerging fashion and lifestyle trends, and exploring new materials, designs and technologies. These insights were complemented by extensive distributor interactions, retail feedback and on-ground market immersion, enabling the Company to identify changing market needs and translate them into relevant product offerings.

A key highlight of the year was the robust pipeline of new product development across brands, with insights carefully aligned to global fashion trends to ensure both local relevance and international appeal. The resulting portfolio featured trend-forward products with a strong focus on contemporary colour directions, innovative materials, enhanced comfort and modern design aesthetics. These differentiated offerings across multiple categories further reinforced the Company's position as an innovation- driven, consumer-centric organisation.

The Company continued to strengthen its manufacturing capabilities through automation, quality enhancement and operational excellence initiatives. These investments improved productivity, ensured consistent product quality, reduced process inefficiencies and reinforced the Company's commitment to sustainable manufacturing.

During the financial year 2025-26, your Company strengthened its manufacturing capabilities through automation and quality enhancement initiatives. The introduction of automatic cutting machines and pattern stitching-cum-upper knitting machines improved productivity, precision, production consistency and product quality, while reducing rejection levels and enhancing operational efficiency.

The Company further reinforced its commitment to quality, environmental stewardship, occupational health & safety and information security by obtaining the following internationally recognised certifications:

• ISO 9001:2015 - Quality Management System

• ISO 14001:2015 - Environmental Management System

• ISO 45001:2018 - Occupational Health and Safety Management System

• ISO 27001:2022 - Information Security Management System

These certifications reflect the Company's commitment to operational excellence, responsible manufacturing and adherence to globally recognised management standards.

The Company continued to strengthen its technology capabilities through investments in digital transformation, cybersecurity, data governance and business continuity. As part of its digital transformation journey, the Company is actively integrating Artificial Intelligence (AI) into its business processes and technology ecosystem, laying the foundation for smarter operations, enhanced productivity and accelerated innovation in the years ahead.

During the financial year 2025-26, your Company continued to strengthen its digital capabilities by progressively IT-enabling manufacturing and business processes, improving productivity, operational efficiency and process reliability.

The Company further enhanced its cybersecurity and data governance framework by collaborating with leading industry experts, completing the scoping phase of a comprehensive Data Privacy Assessment and initiating the development of a structured Data Privacy framework. Vulnerability Assessment and Attack Simulation (VAAS) exercises were also conducted to strengthen cyber resilience and safeguard critical business information.

The Company continued to ensure high availability of its critical IT infrastructure through real-time recovery capabilities for SAP and email systems, reinforcing business continuity and operational resilience. It also commenced the adoption of Artificial Intelligence (AI) across key business functions and will continue to expand AI-led capabilities to drive automation, smarter decision-making and operational excellence in the years ahead.

Our people strategy remained focused on building a future-ready, high-performance organisation through talent development, digital transformation, employee engagement and progressive people practices. These initiatives strengthened organisational capability while supporting sustainable business growth.

During the year, your Company continued to strengthen its human resource capabilities with a focused approach towards building a high- performance and future-ready organisation. The Company remained committed to attracting, developing, and retaining talent while aligning people's practices with evolving business needs.

A key focus area during the year was ensuring alignment with the evolving regulatory landscape, including preparedness for the implementation of the new labour codes. The Company undertook necessary policy reviews, process alignments, and system readiness initiatives to ensure a smooth transition and compliance. Benefits under applicable labour welfare schemes were also secured and extended to the workforce.

Learning and development initiatives continued with a focus on digital learning and targeted capability building, including Lean Manufacturing programmes for plant leadership teams. Employee engagement and communication were strengthened, and the Rewards and Recognition framework was enhanced to reinforce performance-driven behaviours.

The Company continued its journey of process transformation through technology-enabled solutions.

The implementation of the new Human Resource Management System (HRMS) progressed further during the year, enhancing operational efficiency, data-driven decision-making, and overall employee experience.

The Company also continued to strengthen its employer brand through active engagement on professional network platforms, enabling it to attract quality talent.

Finance, Accounts & Compliance

The Company continued to maintain a strong financial governance framework through prudent financial management, robust internal controls and strict adherence to applicable statutory and regulatory requirements. Transparent financial reporting, effective treasury management and a compliance-driven approach supported the Company's operational resilience and reinforced stakeholder confidence.

During the year, the Company maintained sound financial discipline by adopting prudent accounting practices, effective treasury management and a robust internal financial control framework. The financial statements were prepared in accordance with the applicable Indian Accounting Standards (Ind AS) and statutory requirements, ensuring transparency, accuracy and reliability in financial reporting. The Company continued to comply with the provisions of the Companies Act, 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable laws and regulations. Regular internal audits, statutory audits and oversight by the Audit Committee strengthened the Company's governance framework, while timely statutory filings and compliance monitoring ensured adherence to all regulatory obligations. The Company remains committed to maintaining the highest standards of financial integrity, accountability and corporate governance in the interests of all stakeholders.

Sustainability remains an integral part of the Company's long-term growth strategy, with a A continued focus on responsible business practices, environmental stewardship, social responsibility and strong governance. These initiatives strengthen stakeholder trust, enhance business resilience and support sustainable value creation.

During the financial year 2025-26, your Company continued to integrate sustainability principles across its business operations, guided by a commitment to responsible growth and long-term value creation. The Company strengthened its ESG framework through responsible business practices, robust governance, environmental stewardship and initiatives focused on employee well-being, customers, business partners and the communities it serves. Regular stakeholder engagement and materiality assessments helped identify key sustainability priorities and integrate them into the Company's business strategy. The Company remains committed to continuously enhancing its sustainability performance while creating enduring value for all stakeholders. Further details on the Company's sustainability initiatives are provided in the Business Responsibility and Sustainability Report (BRSR), which forms part of this Annual Report.

Pursuant to Regulation 34(2)(e) of the Listing Regulations, a detailed Management Discussion and Analysis Report for the Financial Year under review is presented in a separate section, forming part of the Annual Report.

The state of the affairs of the business along with the financial and operational developments has been discussed in detail in the Management Discussion and Analysis Report.

In line with the Dividend Distribution Policy of the Company, the Board of Directors in its meeting held on May 28, 2026 has recommended a final dividend @350% equivalent to H3.50/- (Rupees Three and Fifty Paisa only) per equity share of HI/- (Rupee One Only) each for the Financial Year 2025-26 payable to those members whose names appear in the Register of members / list of beneficiaries as on September 18, 2026, i.e. the Record Date. The total final dividend payout will amount to H87.13 Crores (Rupees Eighty-Seven Crores and Thirteen Lac only). The payment of final dividend is subject to the approval of members in the Company's ensuing Annual General Meeting (“AGM”).

Pursuant to the Finance Act, 2020 read with the Income Tax Act, 2025, the dividend paid or distributed by a Company shall be taxable in the hands of the shareholders w.e.f. April 1, 2020. Accordingly, in compliance with the said provisions, your Company shall make the payment of dividends after deduction of tax at source at the prescribed rates. For the prescribed rates of various categories, the shareholders are requested to refer to the Finance Act, 2020 and amendments thereto.

As per Regulation 43A of the Listing Regulations, top 1000 listed companies based on market capitalization are required to formulate a Dividend Distribution Policy. Accordingly, your Company had formulated the Dividend Distribution Policy, which sets out the parameters and circumstances to be considered by the Board in determining the distribution of dividend to its shareholders and/ or retaining profits earned by the Company.

The Dividend Distribution Policy is available on the website of the Company at the link https://cdn.shopify.com/s/ files/1/0673/0003/2740/files/dividend-distribution- policy-1708068799.pdf?v=1725434535

Your Company has transferred H75 Crores (Rupees Seventy-Five Crores Only) to the general reserve from the net profits of the Company. An amount of H144.12 Crores (Rupees One Hundred Forty-Four Crores and Twelve Lac only) is proposed to be retained in the Statement of Profit & Loss of the Company.

Your Company has not invited or accepted any deposits within the meaning of Section 73 and 74 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014 from public during the year under review. Therefore, no amount of principal or interest was outstanding, as on the balance sheet closure date.

Further, no amount remained unpaid / unclaimed at the end of the year nor there has been any default in repayment of the deposits or payment of interest thereon.

Disclosure of details of the deposits which are not in compliance with the requirements of Chapter V of the Act is Not Applicable.

During the year under review, the Directors state that applicable Secretarial Standards issued by The Institute of Company Secretaries of India (“ICSI”) and notified by the Ministry of Corporate Affairs, i.e., Secretarial Standard-1 (“SS-1”) and Secretarial Standard-2 (“SS-2”), relating to ‘Meetings of the Board of Directors' and ‘General Meetings', respectively, have been duly complied with by the Company.

Your Company does not have any subsidiary, joint venture or associate company, as at the end of the financial year under review. Further, during the year, no Company became or ceased to be Subsidiary, Joint Venture or Associate Company of the Company.

Further, the Board of Directors, at its meeting held on May 28, 2026, approved a proposal to invest up to H2.50 crores (Rupees Two crores fifty lakhs only) by way of subscription of equity shares representing approximately 26% of the equity share capital carrying voting rights in a Special Purpose Vehicle (SPV) incorporated by CleanMax Enviro Energy Solutions Limited and/or its affiliates.

Subsequently, pursuant to a Certificate of Incorporation dated June 13, 2026, issued by the Ministry of Corporate Affairs, the said SPV has been incorporated under the name Clean Max MUOI Private Limited.

The investment is for the development of a group captive solar power project under the Electricity Act, 2003, intended to cater to the Company's manufacturing facilities across Haryana.

There was no change in the nature of business of the Company during the Financial year under review.

Authorised Share Capital:

The authorized share capital of your Company as on March 31, 2026 stood at H51,00,00,000/- (Rupees Fifty-One Crores Only) divided into 51,00,00,000 (Fifty-One Crores) Equity Shares of HI/- (Rupee One Only) each.

Issued, Subscribed and Paid-up Share Capital:

As on March 31, 2026, the issued, subscribed and paid- up share capital of the Company was H24,89,38,586/- (Rupees Twenty-Four Crores Eighty-Nine Lacs Thirty- Eight Thousand Five Hundred and Eighty-Six Only) divided into 24,89,38,586 (Twenty-Four Crores Eighty Nine-Lacs Thirty-Eight Thousand Five Hundred and Eighty Six) equity shares of face value of H1/- (Rupee One Only) each.

Further, during the FY 2025-26, there has been no change in the Authorised, Issued, Subscribed and Paid-up Share Capital of the Company.

Your Company believes that building a diverse and inclusive culture is integral to its success. A diverse Board will be able to leverage different skills, qualifications, professional experiences, perspectives and backgrounds, which is necessary for achieving sustainable and balanced development. The Nomination and Remuneration

Committee have adopted principles for identification of Key Managerial Personnel (KMPs), Senior Management Personnel (SMPs), Executive Directors and Non-Executive Directors including Independent Directors. Pursuant to Section 134(3)(e) and Section 178(3) of the Act, the Nomination and Remuneration Policy adopted by the Board also sets out the criteria for determining Qualifications, Positive Attributes and Independence while evaluating a person for appointment / re-appointment as Director or KMP or SMP with no discrimination on the grounds of gender, race or ethnicity, nationality or country of origin and also to determine the framework for remuneration of Directors, KMP, SMP and other Employees.

The detailed Nomination and Remuneration Policy as amended is available on the website of your Company at the link https://cdn.shopifv.com/s/files/1/0673/0003/2740/ files/Nomination and Remuneration Policy. pdf?v=1741684578

The disclosure as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, in respect of Directors, KMPs and other employees of the Company, are given in Annexure-A which forms part of this report. In terms of Section 136(1) of the Act, the Report and Financial Statements are being sent to the Members and others entitled thereto, excluding the Statement of Particulars of Employees as required under Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended. The copy of the said statement is available for inspection by the Members at the Registered Office of your Company during business hours on working days up to the date of the ensuing Annual General Meeting (“AGM”).

The Composition of the Board of Directors is in accordance with the provisions of Section 149 of the Act and Regulation 17 of the Listing Regulations, with an optimum combination of Executive Directors, Independent Directors and Independent Women Director.

As on March 31, 2026, your Company has 1 (One) Chairman & Managing Director, 4 (Four) Whole Time Directors and 5 (Five) Non-Executive Independent Directors including 1 (One) Independent Woman Director. The composition of the Board represents an optimal mix of Professionalism, Knowledge, Experience and Expertise in varied fields enabling it to discharge its responsibilities and provide effective leadership for long term vision with highest standards of the governance.

Pursuant to the Section 152(6) of the Act read with the Articles of Association of the Company, Mr. Gaurav Kumaar Dua, Co-Chief Executive Officer & Whole Time Director (DIN: 09674786), and Mr. Sushil Batra, Executive Director (DIN: 09351823), of your Company will retire by rotation at the ensuing Annual General Meeting and being eligible, offered themselves for re-appointment.

As on March 31, 2026, Mr. Ramesh Kumar Dua (DIN: 00157872) - Chairman & Managing Director, Mr. Mukand Lal Dua (DIN - 00157898) - Whole-Time Director, Mr. Nikhil Dua (DIN: 00157919) - Whole-Time Director, Mr. Gaurav Kumaar Dua (DIN: 09674786) -Whole-Time Director, Mr. Sushil Batra (DIN: 09351823) - Executive Director and Mr. Ankit Jain, Company Secretary & Compliance Officer, are the Key Managerial Personnel (KMP) of your Company.

Further, during the financial year under review till the date of this report, the following changes occurred in the Board of Directors and Key Managerial Personnel, which are summarized as under:

1. The Shareholders of the Company at their 41st Annual General Meeting (AGM) held on August 28, 2025 approved the re-appointment of Mr. Ramesh Kumar Dua, Chairman & Managing Director (DIN: 00157872), who was retiring by rotation at the 41st AGM and being eligible offered himself for re-appointment.

2. The Shareholders of the Company at their 41st AGM held on August 28, 2025, approved the re- appointment of Mr. Mukand Lal Dua, Whole-time Director (DIN: 00157898), who was retiring by rotation at the 41st AGM and being eligible offered himself for re-appointment.

3. In view of the succession plan of the Company, Mr. Sushil Batra, Executive Director and CFO (DIN: 09351823) of the Company relinquished the position of Chief Financial Officer (CFO) w.e.f. closure of business hours on May 15, 2025, and continued as the Executive Director of the Company.

4. Consequent to the relinquishment of position of CFO by Mr. Sushil Batra, the Board of Directors on the recommendation of Nomination & Remuneration Committee and Audit Committee appointed Mr. Prince Jain as the CFO of the Company w.e.f. May 16, 2025.

5. Mr. Prince Jain vide his letter dated March 11, 2026 has resigned from the position of CFO with immediate effect i.e. from the closure of business hours of March 11, 2026.

6. Consequent to the resignation of Mr. Prince Jain from the position of CFO, the Board of Directors on the recommendation of Nomination & Remuneration Committee and Audit Committee appointed Mr. Amit Roy as the CFO of the Company w.e.f. April 1, 2026.

7. Mr. Gaurav Kumaar Dua, Whole time Director (WTD) was re-designated as Co-Chief Executive Officer & Whole-time Director (Co-CEO & WTD) of the Company w.e.f. April 1, 2026, on his existing remuneration, with no change in his tenure and other terms and conditions of his appointment as approved by the shareholders at the AGM held on August 24, 2023, for a period of 3 years from October 1, 2023 to September 30, 2026.

8. Mr. Ritesh Dua, Executive Vice President (Finance) was re-designated as Co-Chief Executive Officer (Co-CEO) of the Company w.e.f. April 1, 2026, on his existing remuneration, with no change in his tenure and other terms and conditions of his appointment as approved by the shareholders at the AGM of the Company held on August 24, 2023, for a period of 3 years from October 1, 2023 to September 30,2026.

Further, no directors / KMPs other than mentioned above were appointed or resigned during FY26.

Therefore, your Board is maintained with optimum combination of Executive and Non-Executive/Independent Directors.

Furthermore, none of the Directors/ KMP other than Mr. Ramesh Kumar Dua, Chairman & Managing Director, Mr. Mukand Lal Dua, Mr. Nikhil Dua, Whole - Time Directors, Mr. Gaurav Kumaar Dua, Co-Chief Executive Officer & Whole-time Directors and Mr. Ritesh Dua, Co-Chief Executive Officer of your Company are related, inter-se, in terms of Section 2(77) of the Act including Rules framed there under.

The Company has received necessary declarations from all its Independent Directors confirming that they meet the criteria of Independence as prescribed under Section 149(6) of the Act and Regulation 16(1)(b) & 25(8) of the Listing Regulations. The Company has also received declarations from the Independent Directors with regard to the compliance of Rule 6 (1) & 6 (2) of the Companies (Appointment and Qualifications of Directors) Rules, 2014, regarding online registration with the Indian Institute of Corporate Affairs (“IICA”), for inclusion/ renewal of the name in the data-bank of the Independent Directors. The Independent Directors have also confirmed that they have complied with Company's Code for Independent Directors prescribed in Schedule IV of the Act.

With regard to Integrity, Expertise and Experience (including the Proficiency) of the Independent Directors of the Company, the Board of Directors has taken on record the declarations and confirmations submitted by the Independent Directors and is of the opinion that all the Independent Directors are individuals of integrity and possess relevant expertise & experience and their continued association as Directors will be of immense benefit in the best interest of your Company. With regard to the proficiency of the Independent Directors, ascertained from the online proficiency self-assessment test conducted by the IICA, as notified under Section 150 (1) of the Act, the Board of Directors has taken on record, the declarations submitted by Independent Directors that they are exempt from appearing in the test.

In terms of the provisions of Section 178 of the Act read with Rules issued thereunder and Regulation 19 read with Part D of Schedule II of the Listing Regulations, the Board of Directors in consultation with Nomination and Remuneration Committee, has formulated a framework recommended by the appropriate consultants containing, inter-alia, the criteria for the performance evaluation of the entire Board of the Company, its Committees and individual directors, for FY26.

During the reporting year, customized questionnaires were circulated to all the Board members in order to enhance the effectiveness of the evaluation process. The Board evaluation process was carried out to ensure that the Board and various Committees of the Board have appropriate composition, and they have been functioning collectively to achieve the business goals of your Company. Directors were evaluated on their contribution in Board / Committee meetings, guidance & support to the management outside Board / Committee meetings and other parameters as specified by the Nomination and Remuneration Committee of your Company.

The Board's functioning was evaluated on various aspects including, inter- alia, degree of fulfillment of key responsibilities, Board structure & composition, role & accountability, management oversight, risk management, culture & communication, frequency and effectiveness of meetings.

The Committees of the Board were assessed on the basis of degree of fulfillment of key responsibilities, adequacy of Committee composition and effectiveness of the meetings.

The performance evaluation of Independent Directors was carried out by the entire Board, excluding the Director being evaluated. The performance evaluation of the Chairman of the Board and of the Non-Independent Directors was carried out by the Independent Directors, who also reviewed the performance of the Board as a whole.

The Board of Directors expressed their satisfaction with the evaluation process.

In terms of Regulation 25(7) of the Listing Regulations, your Company familiarizes its directors about their role and responsibilities at the time of their appointment through a formal letter of appointment. The format of the letter of appointment / re-appointment is available on your Company's website at the link https://relaxofootwear. com/pages/terms-conditions-of-independent-director

Sessions are conducted in the meetings of the Board and its various Committees on the relevant subjects such as strategy, Company's performance, financial performance, internal financial controls, risk management, plant's performance, retail, products, finance, human resources, capital expenditure, CSR, statutory and regulatory Compliances etc. All efforts are made to keep the Independent Directors aware of major developments being taken place in the industry, the Company's business model and relevant changes in the law governing the Company's business. The details of the programs/ sessions conducted for familiarization of Independent Directors can be accessed on your Company's website at the link https:// relaxofootwear.com/pages/disclosures-under-regulation- 46-of-the-lodr

During FY26, the Board of Directors met 6 (six) times on May 9, 2025, May 15, 2025, July 30, 2025, November 13, 2025, January 30, 2026, and March 26, 2026; the details of which are provided in the Report on Corporate Governance, which forms part of this Annual Report. The intervening period between any two consecutive Board Meetings was within the maximum time gap prescribed under the Act, Regulation 17 of the Listing Regulations and SS-1 issued by the ICSI.

During FY26, the Board had 5 (five) Committees, namely:

- Audit Committee.

- Nomination and Remuneration Committee.

- Stakeholders' Relationship Committee.

- Risk Management Committee; and

- CSR & ESG Committee

All the recommendations made by the Committees of the Board including the Audit Committee were accepted by the Board. A detailed update on the Board, its composition, detailed charter including terms & reference and composition of various Board Committees, number of Board & Committee meetings held during FY26 and attendance of the Directors at each meeting is provided in the report on Corporate Governance, which forms part of the Annual Report.

Pursuant to Section 134(3)(c) and 134(5) of the Act, the Directors to the best of their knowledge and belief, confirm that:

a) in the preparation of the annual accounts for the FY26, the applicable accounting standards have been followed, and no material departures have been made from the same;

b) such accounting policies have been selected and applied 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 and of the profit of the Company for that period.

c) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) the annual accounts have been prepared on a going concern basis.

e) Internal Financial Controls to be followed by the Company have been laid down and such Internal Financial Controls are adequate and operating effectively; and

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

In terms of the provisions of Section 139 of the Act read with provisions of the Companies (Audit and Auditors) Rules, 2014, M/s. Gupta & Dua, Chartered Accountants (ICAI Firm Registration No. - 003849N) were appointed as the Statutory Auditors of your Company for a period of 5 (five) years from the conclusion of 38th AGM till the conclusion of 43rd AGM of the Company.

The Board has duly examined the Statutory Auditors' Report to the accounts of the Company, which is self- explanatory. The Auditor's Report for FY26 does not contain any qualification, reservation, adverse remarks or disclaimer.

During the Financial Year under review, the statutory auditor and the secretarial auditor have not reported any instance of fraud in respect of the Company, by its officers or employees under Section 143(12) of the Act.

Your Company does not fall under the category prescribed under Section 148(1) of the Act and Rules 3 and 4 of the Companies (Cost Records and Audit) Rules, 2014, Hence, the requirements of maintenance of Cost Records and the requirement of Cost Audit is not applicable to the Company.

Pursuant to the provisions of Section 138 of the Act, the Company had appointed Mr. Rohit Khaneja as the Internal Auditor of the Company.

Pursuant to the provisions of Section 204(1) of the Act read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 24A of the Listing Regulations, the shareholders of the Company in its 41st Annual General Meeting, on recommendations of the Board of Directors and Audit Committee had appointed Chandrasekaran Associates a peer reviewed firm of Company Secretaries in Practice (Firm Registration Number P1988DE002500) as Secretarial Auditors of the Company for conducting Secretarial Audit of the Company for a term of up to 5 (Five) consecutive years i.e. from FY 2025-26 to FY 2029-30.

The Secretarial Audit Report for the Financial Year 2025-26 is annexed as Annexure-B which forms part of this report. The Secretarial Audit Report for the Financial Year ended on March 31, 2026 does not contain any qualification, reservation, adverse remarks or disclaimer.

Pursuant to Section 92(3) and 134 of the Act read with the rule 12(1) of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company for the financial year 2025-26 is available on the website and can be accessed at https://relaxofootwear. com/pages/annual-return.

During FY26, the Company entered into various transactions with related parties. All the Contracts / arrangements / transactions entered into by the Company with its related parties during the Financial Year under review were on an arm's length basis. Further, during the Financial Year 2025-

26, the Company had entered into a transaction with related parties not in the normal course of business but on an arm's length basis under the provisions of Section 188 of the Act and in compliance with the applicable provisions of the Listing Regulations.

During the Financial Year under review, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the Policy of the Company on materiality of Related Party Transactions that would have required Shareholders' approval under Regulation 23 of the Listing Regulations.

The Board of Directors has formulated a Policy on materiality of Related Party Transactions (RPT Policy), pursuant to the provisions of the Act and the Listing Regulations. The RPT Policy intends to ensure that proper reporting, approval and disclosure processes are in place for all transactions between the Company and related parties. The updated Policy on materiality of Related Party Transactions is available on the website of your Company at the link https://cdn.shopify.com/s/files/1/0673/0003/2740/files/ Policy on Materiality of Related Party Transactions. pdf?v=1741684578

The disclosure of Related Party Transactions as required under Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014, in Form AOC-2 is not applicable. Further, disclosures as per IND -AS 24 have been made in Note 41 of the Financial Statements for the year ending on March 31, 2026.

In terms of Section 186 of the Act read with Rules framed thereunder, details of the loans given and investments made by your Company have been disclosed under Note 4 & 5, respectively, of the Financial Statements for the financial year ended on March 31, 2026, which forms part of this Annual Report. Your Company has not given any guarantee or provided any security during the year under review.

Your Company has a Risk Management Policy consistent with the provisions of the Act and Listing Regulations. Risk management process has been established across your Company and is designed to identify, assess and frame a response to threats that may affect the achievement of its objectives. Further, it is embedded across all the major functions and revolves around the objectives of the organization.

The Board of Directors has constituted its Risk Management Committee to assist the Board in fulfilling its responsibilities relating to evaluation and mitigating of various risks exposures that potentially impact your Company.

The Board advised by the Risk Management Committee, wherever appropriate, regularly reviews the significant risks and decisions that could have a material impact on the company. There are no risks which, in the opinion of the Board, threaten the existence of your Company. However, some of the risks which may pose challenges are set out in the Management Discussion and Analysis which forms part of this Report.

The risk management policy is available at the website of the Company at following link https://cdn.shopify.com/s/ files/1/067.3/000.3/2740/files/risk-management-policy- 1708068852 3187738q-eeb1-41fa-8bfb-a5dcaac7eqf8. pdf?v=1733560348

As per Listing Regulations, the Risk Management Committee shall meet at least twice in a Financial Year. The details pertaining to the composition, meetings and terms of reference of the Risk Management Committee are included in the Report on Corporate Governance which forms part of the Annual Report.

Your Company has firm belief and commitment towards the collective development of all the stakeholders, especially, people at bottom of the pyramid and consider it as a pre-requisite for the sustainability of the business. Thus, CSR is not just compliance for your Company but is an opportunity to contribute towards nation building through well-defined professional approach.

In compliance with the provisions prescribed under Section 135 of the Act, your Company had constituted a CSR & ESG Committee of the Board. The Board of Directors laid down the CSR Policy, covering the objectives, focus areas, governance structure and monitoring & reporting framework among others.

The Corporate Social Responsibility Policy is available on the website of your Company at the following link https://cdn.shopify.com/s/files/1/0673/0003/2740/ files/corporate-social-responsibilitv-policv-1716526796. pdf?v=1725434537

During the year, your Company has continued its work on its CSR projects undertaken in FY26; the details of CSR activities are given in Annexure-C to this report.

The details of the composition of the CSR & ESG Committee, CSR policy, CSR initiatives and activities undertaken during the year are given in the Annual Report on CSR activities as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 and explained in detail in Annexure-C to this report.

The details pertaining to the composition, meetings and terms of reference of the CSR & ESG Committee are included in the Report on Corporate Governance which forms part of the Annual Report.

As per the requirement under Section 135 of the Act read with relevant Rules made thereunder, the composition of the CSR Committee & CSR Policy approved by the Board are available on the website of the Company at https://cdn. shopify.com/s/files/1/0673/0003/2740/files/corporate- social-responsibility-policy-1716526796.pdf?v=1725434537 and Projects approved by the Board are available on the website of the Company at https://relaxofootwear.com/ pages/social-responsibility

In compliance with the provisions of Section 177 of the Act and Regulation 18 of the Listing Regulations, the Board of Directors of your Company had constituted the Audit Committee. The details pertaining to the composition, meetings and terms of reference of the Committee are included in the Report on Corporate Governance, which forms part of the Annual Report.

Your Company has established Vigil Mechanism/ Whistle Blower Policy for Directors and employees of the Company as required under Section 177 (9) of the Act and Regulation 22 of the Listing Regulations.

This Policy has been established with a view to provide a tool for Directors and Employees of your Company to report to the management / Board on the genuine concerns including unethical behavior, actual or suspected fraud or violation of the Code or the Policy. This Policy outlines the procedures for reporting, handling, investigating and deciding on the course of action to be taken in case inappropriate conduct is noticed or suspected.

This Policy also provides adequate safeguards against victimization of Director(s)/ Employee(s) who avail the mechanism and also provides direct access to the Chairman of the Audit Committee in exceptional cases. The Audit Committee is authorized to oversee the Vigil Mechanism/ Whistle Blower Policy of your Company.

The Company has not received any complaints during the year. Your Company hereby affirms that no person of your Company has been denied access to the Chairman of the Audit Committee.

The Policy is available on the website of your Company at the link https://cdn.shopify.com/s/files/1/0673/0003/2740/ files/vigil-mechanism-policy-1725856876.pdf?v=17314 0 6745

In terms of the amended Regulation 34 of the Listing Regulations read with relevant SEBI Circulars, the Business Responsibility and Sustainability Report for FY26, describing the initiatives taken by your Company for environmental, social and governance perspective, forms part of this Annual Report.

In accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015, your Company has in place following policies/ codes which are revised from time to time according to applicable laws or as per need:

• Code for Prohibition of Insider Trading containing the following:

Part A: Code on conduct to regulate, monitor and report trading by Designated Persons and their immediate relatives

Part B: Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (“UPSI”)

• Policy and procedures for inquiry in case of leak of UPSI/ suspected leak of UPSI

• Policy on Penalties/ Actions against Violation of Insider Trading Norms

All compliances related to the Code of Conduct for Prohibition of Insider Trading are being managed through a web-based portal installed by your Company. The Code, inter alia, lays down the procedures to be followed by Designated Person(s) (DP) and their Immediate Relatives (IRs) while trading/ dealing in Company's shares and sharing UPSI. The Code includes the obligations and responsibilities of DPs, obligation to maintain the digital database and mechanism for prohibition of insider trading and handling of UPSI.

The said code is available on the website of your Company at https://cdn.shopify.com/s/files/1/0673/0003/2740/ files/code-for-prohibition-of-insider-trading-1725856948. pdf?v=1731406661

The Company has in place a Policy on Prevention of Sexual Harassment in accordance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. An Internal Committee (IC) has been duly constituted to address and redress complaints of sexual harassment. The IC is operational across all Company's plants and Offices of the Company, in line with statutory requirements.

The Company continues to conduct regular meetings, awareness and sensitization programs to promote a safe, secure, and inclusive workplace environment.

During FY 2025-26, the status of complaint(s) received by the Internal Committee is as follow:

(a) number of complaints of sexual harassment received in the year - 1

(b) number of complaints disposed off during the year - 1

(c) number of cases pending for more than ninety days - 0

The Company is committed to upholding the highest standards of integrity, equality, and fairness. It ensures that all employees, including women employees, are treated with dignity and respect. The Company follows a strict zero-tolerance approach towards any form of harassment, including sexual harassment.

It remains the Company's constant endeavor to provide a harassment-free, safe, and secure working environment for all employees.

The Company is fully committed to comply with all applicable provisions of the Maternity Benefit Act, 1961 and other applicable labour laws and regulations.

In line with statutory requirements, the Company provides eligible female employees with maternity leave, maternity benefits, nursing breaks, protection from dismissal during maternity, and other applicable facilities and safeguards as prescribed under the law. The Company also ensures that no woman employee is subjected to discrimination or disadvantage on account of pregnancy or maternity-related matters.

Necessary records, registers, notices, and documentation are maintained at each of the Company's plants/location as required under the applicable regulations, and all concerned departments are instructed to ensure timely implementation and continuous compliance with the provisions of the Maternity Benefit Act, 1961.

Details of Female Staff/ Workmen benefited under Maternity Benefit Act, 1961 is as below:

During FY26, there were no significant and material orders passed by the regulator(s) or court(s) or tribunal(s) impacting the going concern status and Company's operations in future.

During the Financial Year 2025-26, ICRA Limited (ICRA) has reaffirmed the long term rating of the Company at [ICRA] AA (pronounced ICRA Double A). The Outlook on the long- term rating is Stable.

Additionally, ICRA has also reaffirmed short term rating of the Company at [ICRA] A1+ (pronounced ICRA A one plus) which is the highest rating for the category.

The details related to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required under Section 134(3) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014, is annexed as Annexure-D which forms part of this Report.

Company has one Employee Stock Option Plan 2014 (“RFL ESOP PLAN-2014”/ “ESOP Plan”). This Plan helps to attract and retain talented employees in the Company and boost their morale. The Nomination and Remuneration Committee administers and monitors the Company's ESOP Plan.

During the Financial year under review, 8,950 (Eight Thousand Nine hundred fifty) options were lapsed / cancelled due to resignation / retirement as per Company's ESOP Plan. Further, the Company cancelled RFL Phase 2 of ESOP Scheme 2014 due to surrender of ESOPs by the employees of the Company on voluntary basis.

Pursuant to the provisions of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, a disclosure with respect to ESOP Plan of the Company as on March 31, 2026, is available on the website of your Company at the link https://cdn.shopify.com/s/files/1/0673/0003/2740/ files/RFL ESOP Scheme 2014.pdf?v=1740648620

A certificate from Chandrasekaran Associates, Company Secretaries, Secretarial Auditor of the Company, with respect to the implementation of the Company's ESOP Plan would be made available to the members at the ensuing AGM. A copy of the same shall also be available for inspection at the registered office of the Company during business hours.

The ESOP plan is in terms with the erstwhile regulations i.e. SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999. The details as per the requirements of ESOP Regulations are annexed as Annexure-E which forms part of this Report.

There are no material changes and commitments affecting the financial position of the Company, which have occurred between the end of the Financial Year ended on March 31, 2026 and as on the date of this Report.

Your Company has put in place adequate Internal Financial Controls (“IFC”) with reference to the financial statements commensurate with the size, scale and complexity of operations.

IFC ensures orderly and efficient conduct of the business, including adherence to company's policies, safeguarding of assets, prevention and detection of frauds, errors, accuracy, completeness of accounting records and timely preparation of reliable financial information.

IFC framework is independently evaluated by the external agency apart from periodic evaluation by In-House Internal Audit function for necessary improvement, wherever required. Based on the results of such assessments, no reportable material weakness or significant deficiencies in the design or operation of Internal Financial Controls was observed.

Further, the Statutory Auditors of your Company also reviewed Internal Financial Controls over Financial Reporting (ICOFR) of the Company as on March 31, 2026, and issued their report, which forms part of the Independent Auditor's report.

The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of internal control systems and suggests improvement for strengthening them. The Company has a strong Management Information System, which is an integral part of the control mechanism. The Company continues to strengthen its risk management and internal control capabilities by improving its policies and procedures.

The Chief Executive Officers and CFO Certificate included in the Corporate Governance Report confirm the existence of effective internal control systems and procedures in your Company. The Audit Committee reviews the effectiveness of the IFC framework of the Company.

The Certificate required under Regulation 17(8) read with Part B of Schedule II of the Listing Regulations, duly signed by the Chief Executive Officer(s) and CFO as placed before the Board is enclosed with the Annual Report.

Declaration by Chief Executive Officer(s) under Regulation 34(3) read with Schedule V of the Listing Regulations in respect of compliance with the Company's Code of Conduct is annexed with Corporate Governance Report which forms part of this Annual Report.

As per the provisions of Regulation 39(4) read with Schedule VI of the Listing Regulations, the unclaimed shares lying in the possession of your Company, are required to be dematerialized and transferred into a special demat account held by the Company.

Accordingly, unclaimed shares lying with your Company have been transferred and dematerialized in an ‘Unclaimed Suspense Account' of the Company. This account is being held by the Company purely on behalf of the shareholders entitled for these equity shares.

The summary of ‘Unclaimed Suspense Account' during the year is given hereunder:

The voting rights on the equity share(s) in the suspense account shall remain freeze till the rightful owners of such equity share(s) claim their equity share(s). Any corporate benefit in terms of securities accruing from such equity shares viz. Bonus shares and split etc., shall also be credited to such demat suspense account or unclaimed suspense account, as applicable in accordance with existing provisions.

In compliance with the statutory provisions, during the Financial Year under review, the Company has deposited/ transferred:

a) unclaimed dividend amounts of H4,77,096/- from the Final Dividend Account for the FY 2017-18 to IEPF; and

b) 427 number of equity shares pertaining to FY 2017-18 to IEPF Authority.

The details of unpaid and unclaimed amounts lying with the Company as on August 28, 2025 (date of last AGM) has also been uploaded on the website of your Company at the link https://relaxnfnntwear.com/pages/unpaid-dividend-data

The shareholders whose unpaid dividend/ shares are transferred to the IEPF may request the Company/ Registrar and Transfer Agent as per the applicable provisions in the prescribed form, IEPF-5, for claiming the unpaid dividend/ shares from IEPF. The process and online application form (Form IEPF - 5) as prescribed by the Ministry of Corporate Affairs for claiming back the shares/ dividends are available on the website of MCA at www.iepf.gov.in. Mr. Ankit Jain, Company Secretary & Compliance Officer of the Company acts as the Nodal Officer as per the provisions of IEPF. The contact details of the Nodal Officer are available on the website of your Company at the link https://relaxofootwear. com/pages/investor-support .

Your Company is committed to maintaining the highest standard of Corporate Governance and adhering to the Corporate Governance requirements set out by SEBI. A detailed report on Corporate Governance, pursuant to the requirements of Regulation 34 of the Listing Regulations, forms part of the Annual Report.

A certificate from M/s Gupta & Dua, Chartered Accountants, (ICAI Firm Registration No. - 003849N), Statutory Auditors of the Company, confirming the compliance of the Corporate Governance, as stipulated under the Listing Regulations, is attached to the Report of Corporate Governance as Annexure-F.

There was no instance of non-compliance related to capital market during the last three years. No penalty / stricture was imposed on your Company by the Stock Exchange(s) or SEBI or any other statutory authority on such matters.

The Company has neither filed an application during the year under review nor are any proceedings pending under the Insolvency and Bankruptcy Code, 2016 as on March 31, 2026.

There was no instance of one-time settlement with any Bank or Financial Institution.

We take this opportunity to thank our employees for their dedicated service and contribution to the Company.

We would like to place on record sincere thanks and appreciation to all our customers, partners, vendors, investors, bankers and also wish to thank the government authorities and other regulatory bodies for their co-operation, support, encouragement and assistance extended to the Company during the year.