The Directors are pleased to submit the Annual Report of your Company; Stallion India Fluorochemicals Limited (the "Company" or
"SIFL") along with the Audited Financial Statements for the Financial Year (FY) ended March 31, 2026. Performance of the Company
has been referred to wherever required.

1. Financial Performance:

The Financial Performance of the Company, for the Financial Year ended 31^st March, 2026 as compared to the previous financial
year is summarized below:

Notes:

There are no material changes and commitments affecting the financial position of the Company between the end of the financial
year and the date of this report.

The Financial Statements of the Company are attached to this Report and the Audited Financial Statements of the Company are
available on the website of the Company atwww.stallionfluorochemicals.comfor the review of the Members.

2. Operational Highlights:

During the year under review, your Company achieved a total income of ^43,412.30 Lakhs as against ^37,947.40 Lakhs in the
previous year, registering a growth of 14.40%. The Company reported EBITDA of ^6,134.74 Lakhs with an improved EBITDA
margin of 14.13%, as compared to 13.11% in the previous year. The Profit After Tax stood at ^4,384.11 Lakhs as against
^3,232.86 Lakhs in the previous year, registering a growth of 35.61%. The Net Worth of the Company strengthened significantly
to ^68,060.35 Lakhs from ^30,084.40 Lakhs in the previous year, reflecting a robust financial position and enhanced capital
base.

3. Nature of Business:

Your Company is engaged in the business of refrigerant and industrial gases, catering to diverse industries such as automobiles,
air-conditioning & refrigeration, pharmaceuticals, defence, and semiconductors.

4. Dividend:

The Directors of your Company has decided to retain the profits earned by the Company and use the same for future
development of the Company; therefore, the Board has not recommended any dividend for the financial year ended on 31st
March, 2026.

The Register of Members shall remain close from Tuesday, 15^th September, 2026 to Monday, 21^{st September}, 2026 (both days
inclusive) for the purpose of Annual General Meeting.

5. Transfer to Reserve:

During the financial year under review, the Company has not proposed to transfer any amount out of the profits to the General
Reserve. The profits earned during the year have been retained in the business and appropriately reflected under Reserves and
Surplus/Other Equity in the financial statements of the Company.

6. Directors' Responsibility Statement:

In terms of Section 134 (5) of the Companies Act, 2013, the Directors would like to state that:

a. In the preparation of the annual accounts for the financial year ended March 31, 2026, the applicable accounting standards
have been followed;

b. The directors have selected such accounting policies and applied consistently and made judgements 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 and loss of the Company for that period;

c. The directors have taken proper and sufficient care towards the maintenance of adequate accounting records in accordance
with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities;

d. The directors have prepared the annual accounts on a going concern basis;

e. The directors have laid down internal financial controls, which are adequate and operating effectively;

f. The directors have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems
are adequate and operating effectively.

7. Deposits:

The Company has not accepted any Deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies
(Acceptance of Deposits) Rules, 2014 and accordingly no disclosures are required in this regard.

8. Subsidiaries and Associate Companies:

The Company does not have any Subsidiary and associate Company as on the date of this Report. Accordingly, the requirements
under Regulation 24 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the provisions of
Section 129(3) of the Companies Act, 2013 relating to the preparation and attachment of Form AOC-1 are not applicable to the
Company.

9. Board of Directors and Key Managerial Personnel's:

The Board of Directors comprise of eminent, experienced and reputed Individuals of the Industry. During the Year, the Non¬
Executive Directors of the Company had no pecuniary relationship or transactions with the Company, other than the sitting fees
and reimbursement of expenses incurred by them for the purpose of attending Meetings of the Company.

Pursuant to the provisions of the Companies Act, 2013, following are the changes in the Board of Directors and Key Managerial
Personnel of the Company:

• Ms. Sarita Dharamdas Khamwani resigned from the position of Company Secretary and Compliance Officer with effect from
April 28, 2025.

• Mr. Govind Rao was appointed as the new Company Secretary and Compliance Officer with effect from April 29, 2025.

• Mr. Gautam Lath resigned from the Company with effect from April 20, 2026, owing to his increasing professional
commitments. He has further confirmed that there are no material reasons for his resignation other than those stated in his
resignation letter.

• Ms. Swati Kumari Ghosh (Holding DIN: 08789050) was appointed as the Additional Director (Non-Executive Woman
Independent Director) of the Company w.e.f. 13th May, 2026.

10. Share Capital:

During the financial year under review, the authorised share capital of the Company remained at ^130.00 Crores, comprising
13,00,00,000 Equity Shares of ^10/- each.

During the year, the Company successfully completed a Rights Issue of Equity Shares pursuant to Section 62(1)(a) of the
Companies Act, 2013 and the applicable provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
The Rights Issue was authorised by the Board of Directors at its meeting held on January 23, 2026.

The Rights Issue comprised up to 3,67,60,483 fully paid-up Equity Shares of face value of ^10/- each, offered to the existing
eligible equity shareholders on a rights basis, aggregating to approximately ^363.92 Crores, at an issue price of ^99/- per Equity
Share, including a premium of ^89/- per Equity Share. Upon completion of the Rights Issue and allotment of the Rights Equity
Shares, the paid-up equity share capital of the Company increased correspondingly. The Rights Equity Shares rank pari passu in
all respects with the existing Equity Shares of the Company.

The Letter of Offer records that the Equity Shares issued, subscribed and paid-up prior to the Rights Issue were 7,93,25,254
Equity Shares of ^10/- each. The Rights Issue was undertaken to strengthen the Company's capital base and support the objects
specified in the Letter of Offer.

Accordingly, upon completion of the Rights Issue, the paid-up equity share capital of the Company stood at ^1,16,08,57,370/-
comprising 11,60,85,737 fully paid-up Equity Shares of ^10/- each. The Rights Equity Shares rank pari passu in all respects with
the existing Equity Shares of the Company.

The Equity Shares of the Company were listed on BSE Limited (Designated Stock Exchange) and National Stock Exchange of
India Limited (NSE) subsequent to the IPO.

11. Secretarial Standards:

During the year under review, your Company has complied with the applicable provisions of Secretarial Standard-1 and
Secretarial Standard-2 issued by the Institute of Company Secretaries of India.

12. Board and Committee Meetings:

The Board of Directors meets at regular intervals to discuss the business and compliance matters of the Company. The details
of the Meetings of the Board of Directors and the Committees of the Board of Directors and their respective constitution are
stated in the Corporate Governance Report attached which form part of this Board's Report.

The Board has constituted the following Mandatory and Non-mandatory Committees of the Board of Directors:

The Company Secretary of the Company is the Secretary to each of these Committees.

Separate Meeting of Independent Directors is conducted during every Year, in terms of the requirements of Schedule IV to the
Companies Act, 2013 and Regulation 25(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Further, the Board of Directors have adopted various policies on the functioning and running of the Board of Directors as
mandated by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and which are also available on the
website of the Company atwww.stallionfluorochemicals.com.

13. Declaration from Independent Directors:

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the
criteria of independence as prescribed both under Section 149(7) of the Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirements) Regulations 2015.

14. Board Evaluation:

The Board of Directors have carried out an Annual evaluation of its own performance, Board Committees and individual Director
pursuant to the provisions of the Companies Act, 2013 and the Corporate Governance requirements as prescribed by SEBI
(Listing Obligations and Disclosure Requirements), Regulations 2015.

The Performance of the Board was evaluated by the Board after seeking inputs from all the Directors on the basis of the criteria
such as the Board composition and structure, effectiveness of Board processes, information and functioning, etc.

The Performance of the Committees was evaluated by the Board after seeking inputs from the Committee Members on the
basis of the criteria such as the composition of Committees, effectiveness of Committee Meetings, etc.

The Board and the Nomination and Remuneration Committee reviewed the performance of the individual Directors on the basis
of the criteria such as the contribution of the individual Director to the Board and Committee Meetings like preparedness on
the issues to be discussed, meaningful and constructive contribution and inputs in Meetings, etc. In addition, the Chairman was
also evaluated on the key aspects of his role.

In a separate Meeting of Independent Directors, Performance of Non-Independent Directors, performance of the Board as a
whole and performance of the Chairman was evaluated, taking into account the views of Executive Directors and Non-Executive
Directors. The same was discussed in the Board Meeting that followed the Meeting of the Independent Directors, at which the
performance of the Board, its committees and individual Directors was also discussed. Performance evaluation of independent
Directors was done by the entire Board, excluding the Independent Director being evaluated.

15. Internal Financial Control Systems and their Adequacy:

The Management continuously reviews the Internal Control Systems and procedures for the efficient conduct of the Company's
business. The Company adheres to the prescribed guidelines with respect to the transactions, Financial Reporting and ensures
that all its assets are safeguarded and protected against losses. The Internal Auditor of the Company conducts the Audit on
regular basis and the Audit Committee actively reviews Internal Audit Reports and effectiveness of Internal Control Systems.

Internal Control Systems are implemented to safeguard the Company's assets from loss or damage, to keep constant check on
the cost structure, to prevent revenue leakages, to provide adequate Financial and Accounting Controls and implement
Accounting Standards

16. Statutory Auditors:

M/s. Mittal & Associates, Chartered Accountants were in the 21^st Annual General Meeting appointed as the Statutory Auditors
of the Company for a period of Five Years in the 26^th Annual General Meeting i.e. till the conclusion of the Annual General
Meeting to be held in the Year 2028.

17. Secretarial Auditors:

The Company, at its 23rd Annual General Meeting (AGM), appointed M/s. NKM & Associates, Company Secretaries, as the
Secretarial Auditors of the Company for a period of five consecutive financial years from FY 2025-26 to FY 2029-30.

The Company has confirmed that M/s. NKM & Associates, Practicing Company Secretaries, Mumbai, appointed as the
Secretarial Auditor of the Company for the Financial Year 2025-26, satisfies the eligibility and applicable requirements
prescribed under Section 204 of the Companies Act, 2013, read with the rules made thereunder and Regulation 24A of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, including the applicable requirements relating to
Peer Review. The appointment and continuation of M/s. NKM & Associates as Secretarial Auditor are in compliance with the
applicable provisions of the Companies Act, 2013 and the SEBI Listing Regulations.

The Secretarial Audit Report is annexed as Annexure I.

18. Annual Secretarial Compliance Report:

Pursuant to Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has
obtained the Annual Secretarial Compliance Report for the financial year ended March 31, 2026, from M/s Heena Agrawal,
Practicing Company Secretaries. The Report confirms that the Company has complied with the applicable provisions of the SEBI
Act, 1992, the Securities Contracts (Regulation) Act, 1956, and the applicable SEBI Regulations, circulars and guidelines during
the financial year under review. The Report further confirms that the Company has proper Board processes and compliance
mechanisms in place. No deviations, observations, actions by SEBI or the Stock Exchanges, or additional non-compliances were
reported during the year under review.

The Annual Secretarial Compliance Report for FY 2025-26 is annexed to this Report as Annexure II.

19. Internal Auditors:

M/s. Himani R Patel & Associates (Firm Registration No.: 145894W), Chartered Accountants, were appointed as the new Internal
Auditors of the Company for the fourth quarter of financial year 2024-25 and for the financial year 2025-26.

20. Comments by the Board on Qualification, Reservation or Adverse remark or
disclaimer in Audit Report:

There is no Qualification, Reservation or Adverse remark in Statutory Audit Report for the Financial Year 2025-26.

Further, in respect of the comments/ observations, made by the Secretarial Auditor, the Board of Directors have taken note of
the same and are undertaking necessary steps to avoid the same and to ensure due compliance of the provisions of Companies
Act, 2013, Insider Trading regulations and other specifically applicable laws therein

21. Nomination and Remuneration Policy:

The Board has on the recommendation of the Nomination and Remuneration Committee framed a Policy for selection and
appointment of Directors, Key Managerial Personnel and Senior Management and their remuneration. The details and extract
of the Remuneration Policy is disclosed in the Corporate Governance Report attached to this Annual Report. A copy of the
Nomination and Remuneration Policy is available on the website of the Company on
https://stallionfluorochemicals.com/policies/.

22. Particulars of Contract or Arrangements with Related Party:

All Related Party Transactions entered during the Financial Year were on an Arm's Length Basis and were in the ordinary course
of business. The Company has not entered in to materially related party transactions i.e., exceeding 10% or more of the turnover
of the Company with related parties, which may have a potential conflict with the interest of the Company at large. Hence, no
transactions are required to be reported in Form AOC-2.

During the year, all Related Party Transactions were placed before the Audit Committee and the Board for approval. The
Company, whenever required, has obtained approval of the Shareholders of the Company before entering into Materially
Related Party Transactions.

As required under Regulation 23 of the SEBI Listing Regulations, the Company has framed a Policy on Materiality of Related
Party Transactions and on dealing with Related Party Transactions which is available on the Website of the Company at
https://stallionfluorochemicals.com/policies/. The details of the transactions with Related Party are provided in the
accompanying financial statements.

23. Particulars of Loans, Guarantees and Investments:

Particulars of Loans given, Investments made, Guarantees given and Securities provided along with the purpose for which the
Loan or Guarantee or Security is proposed to be utilized by the recipient are provided in the Financial Statements, forming part
of this Annual Report.

24. Risk Management:

The Board of Directors has reviewed the Risk Assessment and Minimization Procedures as per Regulation 17(9) of the SEBI
(Listing Obligations and Disclosure Requirement), Regulations, 2015 on regular basis. There are no material risks, which in the
opinion of the Management, affect the continuity and existence of the business.

25. Vigil Mechanism and Whistle Blower Policy:

The Company has put in place a Whistle Blower Policy to provide an open and transparent working environment and to promote
responsible and secure Whistle Blowing System for Directors and Employees of the Company to raise concern. The Policy
broadly cover instances of unethical behavior, actual or suspected fraud or violation of the Company's code of conduct,
alteration of documents, fraudulent financial reporting, misappropriation/misuse of Company's assets, manipulation of
Company's data, pilferage of proprietary information, abuse of authority, etc. The Policy provides adequate safeguard against
victimization of Director(s) / Employee(s) who raise the concern and have access to the Chairman of Audit Committee who is
entrusted to oversee the Whistle Blower Mechanism. Further, no personnel have been denied access to the Audit Committee
during the Financial Year under review.

The details of this Policy is explained in the Corporate Governance Report and also posted on the website of the Company at
https://stallionfluorochemicals.com/policies/.

26. Code of Conduct:

The Board of Directors has approved a Code of Conduct which is applicable to the Members of the Board and all Employees in
the course of day-to-day business operations of the Company.

The Code lays down the standard procedure of business conduct which is expected to be followed by the Directors and the
designated Employees in their business dealings and in particular on matters relating to integrity in the work place, in business
practices and in dealing with Stakeholders.

27. Prevention of Insider Trading:

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by
the Directors and designated Employees of the Company. The Code requires pre-clearance for dealing in the Company's Shares
and prohibits the purchase or sale of Company Shares by the Directors and the designated Employees while in possession of
Unpublished Price Sensitive Information in relation to the Company and during the period when the trading window is closed.
The Board is responsible for implementation of the Code.

All Board Directors and the designated Employees have confirmed compliance with the Code.

28. Prevention, Prohibition and Redressal of Sexual Harassment of Woman at the
Workplace:

As per the requirement of the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition &
Redressal) Act, 2013 read with rules made thereunder, your Company has laid down a Prevention of Sexual Harassment (POSH)
Policy and has constituted Internal Complaints Committees (ICs) at all relevant locations across India to consider and resolve
the complaints related to sexual harassment. The ICs include external members with relevant experience. The ICs, presided by
senior women, conduct the investigations and make decisions at the respective locations. Your Company has zero tolerance on
sexual harassment at the workplace. The ICs also work extensively on creating awareness on relevance of sexual harassment
issues, including while working remotely. The employees are required to undergo mandatory training/ certification on POSH to
sensitize themselves and strengthen their awareness.

During the year under review, your Company has not received any complaint pertaining to sexual harassment.

29. Compliance Under the Maternity Benefit Act, 1961:

The Company has complied with the applicable provisions of the Maternity Benefit Act, 1961. All eligible women employees
have been extended the benefits as prescribed under the Act. The Company remains committed to supporting working mothers
and promoting a gender-inclusive workplace.

30. Investors' Relation and Grievances:

During the Year under review, the Company has not received any Complaint/Grievance from the Investors of the Company. The
Company has a dedicated e-mail addresscompliance@stallion.infor communication with the Investors. Further, a section for
Investors, with details of the Annual Reports, Financial Statements, Communications to Stock Exchanges and other necessary
information is available on the website of the Company on www.stallionfluorochemicals.com. Further, the Company is
registered on the website of SEBI Complaint Redressal System (SCORES).

31. Corporate Governance Report:

Your Company is committed to maintaining highest standards of Corporate Governance and adhering to the Corporate
Governance requirements as set out by the Securities Exchange Board of India (SEBI). As required by SEBI (Listing Obligations
and Disclosure Requirements), Regulations, 2015, a detailed Corporate Governance Report is given which forms a part of this
Annual Report.

32. Management Discussion and Analysis Report:

In accordance with the Listing Regulations, the Management Discussion and Analysis Report is attached and forms part of this
Annual Report.

33. Particulars of Employees:

A statement containing the names and other particulars of employees in accordance with the provisions of section197(12) of
the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 is appended as Annexure MI to this report.

The information required under Rules 5 (2) and 5 (3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, forms part of this Annual Report.

Having regard to the provisions of Section 134 and Section 136 of the Companies Act, 2013, the Reports and Accounts are being
sent to the Members excluding such information. However, the said information is available for inspection by the Members at
the Registered Office of the Company during business hours on working days of the Company up to the date of ensuing AGM.

Any shareholder interested in obtaining a copy of such statement may write to the Company Secretary at the Registered Office
of the Company or e-mail tocompliance@stallion.in.

34. Extract of the Annual Return

In accordance with the Companies Act, 2013, the annual return in the prescribed format is placed on the website of the
Company and can be accessed at the web link:www.stallionfluorochemicals.com.

35. Corporate Social Responsibility

The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the initiatives undertaken by the
Company on CSR activities during the Financial Year 2025-26 are set out in Annexure IV of this report in the format prescribed
in the Companies (Corporate Social Responsibility Policy) Rules, 2014.

CSR Policy is available on the website of the Company athttps://stallionfluorochemicals.com/policies/.

36. Conservation of Energy, Technology Absorption and Foreign Exchange:

The information required to be furnished pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of
Companies (Accounts) Rules, 2014 is enclosed as Annexure V and forms part of this Report.

37. Other Disclosures:

(i) There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern
status and company's operations in future, during the Financial Year 2025-26.

(ii) The Company has settled dispute with Zhejiang Sanmei Chemical Industry Co. Ltd. ("Sanmei"), a Chinese Company and made

the payment of entire claim amount of USD 1,251,290.00.

(ii) There are no details in respect of frauds reported by auditors under Section 143(12) of the Companies Act, 2013.

38. General:

The Board of Directors state that no disclosure or reporting is required in respect of the following matters, as there were no
transactions or applicability pertaining to these matters during the year under review:

i. Scheme of provision of money for the purchase of its own shares by employees or by trustees for the benefit of
employees.

ii. Issue of debentures/bonds/warrants/any other convertible securities.

iii. Details of any application filed for corporate insolvency under Corporate Insolvency Resolution Process under the
Insolvency and Bankruptcy Code, 2016.

iv. Instance of one-time settlement with any Bank or Financial Institution.

Acknowledgement:

Your Company has maintained healthy, cordial and harmonious industrial relations at all levels. The enthusiasm and unstinted efforts
of the employees have enabled your Company to remain at the forefront of the industry. Your directors place on records their
sincere appreciation for significant contributions made by the employees through their dedication, hard work and commitment

towards the success and growth of your Company. Your directors take this opportunity to place on record their sense of gratitude
to the Banks, Financial Institutions, Central and State Government Departments, their Local Authorities and other agencies working
with the Company for their guidance and support.

For and on behalf of the Board of Directors
Stallion India Fluorochemicals Limited

Shazad Sheriar Rustomji

Place: Mumbai Chairman & Managing Director

Date: August 12, 2026 DIN: 01923432