The Board of Directors of Jagatjit Industries Limited have pleasure in presenting the 81^st [Eighty First] Annual Report on the business and
operations of your Company along with the Audited Standalone and Consolidated Financial Statements for the Financial Year ended 31^st
March, 2026.

FINANCIAL SUMMARY

The Board Report is prepared on the basis of standalone financial statements of the Company. The Company's financial performance for
the year under review along with previous years figures is given hereunder:

STATE OF COMPANY’S AFFAIRS

During the year under review, the Gross Turnover [including income
from Services & Other Sources] was ' 47585 Lacs as compared
to ' 67034 Lacs during the previous year. The Company earned
total comprehensive income of ' 1048 Lacs as compared to loss
of ' 2320 Lacs during the previous year. The Company sold 3.43
million IMFL cases as against 3.03 million IMFL cases during the
previous year. The Company is also engaged in manufacturing of
Country liquor in the state of Punjab & Rajasthan, where it recorded
gross volume of around 1.85 million cases as against 2.49 million
cases during the previous year.

During FY 2025-26, while the Company continued to navigate
challenges from volatile raw material costs, evolving regulatory
frameworks, and the transition from legacy supply agreements, it
remained steadfast in its commitment to strategic agility and
sustainable growth. With sharper execution and renewed focus,
the Company is confident in its ability to strengthen profitability
and capture emerging opportunities across domestic and
international markets.

To harness India's ongoing premiumisation boom, the Company is
preparing for the launch of its single-malt whisky. On the global
front, Jagatjit has widened its export footprint, targeting a stronger
volume share and brand presence in international markets.

A major milestone for FY 2025-26 is the commencement of
commercial production at the Company's 200 KLPD grain-based
ethanol plant, which is poised to deliver meaningful enhancements
in both revenue and profitability. The Company remains fully
committed to its core portfolio Indian Made Foreign Liquor and
Country Liquor while strategically expanding into new domestic
states and overseas geographies to unlock fresh growth streams.
These initiatives set the stage for Jagatjit Industries to seize
emerging opportunities, drive sustainable long-term success, and
reinforce its leadership in both domestic and global alcobev markets.

During the year under review, the Company sold its Gurugram
property and utilized the proceeds towards the reduction of its debt

obligations through part prepayment of the Term Loan availed from
IndusInd Bank. Consequently, the outstanding loan amount was
significantly reduced from ' 1 58.68 crore to ' 49.63 crore. This
strategic deleveraging initiative has strengthened the Company's
balance sheet, improved its leverage profile, and enhanced its long¬
term financial stability. The reduction in debt reflects the Company's
continued focus on prudent financial management and creating a
stronger foundation for sustainable growth.

TRANSFER TO GENERAL RESERVE

During the year under review, no amount was transferred to General
Reserve.

DIVIDEND

The Board proposes utilizing the profits for the operations of the
Company and accordingly does not recommend any dividend.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING
THE FINANCIAL POSITION OF THE COMPANY

No material changes and commitments affecting the financial
position of the Company occurred between the end of the financial
year to which these financial statements relate and to the date of
this Report.

CHANGE IN THE NATURE OF BUSINESS, IF ANY

During the year under review, there was no material change in the
nature of business of the Company, except the commencement of
commercial production at the Company's 200 KLPD grain-based
ethanol plant.

SHARE CAPITAL

There was no change in the Authorized Share Capital and the Issued,
Subscribed and Paid-up Share Capital of the Company during the
year. As on 31^st March, 2026, the Company has Authorized Share
Capital of ' 75,00,00,000/- comprising of 7,50,00,000 Equity
Shares of ' 10/- each. The Issued, Subscribed and Paid-up Share
Capital of the Company is ' 46,78,25,280/- divided into
4,67,82,528 fully paid-up equity shares of ' 10/- each.

EMPLOYEES STOCK INCENTIVE PLAN

Pursuant to the approval of shareholders in the 76^th Annual General
Meeting held on 30^th September, 2021, the Company has
introduced and implemented the “Jagatjit Industries Limited Stock
Incentive Plan, 2021" (“JIL SIP 2021 ” / “Plan"), in accordance with
the provisions of the Securities and Exchange Board of India (Share
Based Employee Benefits and Sweat Equity) Regulations, 2021.
The Nomination and Remuneration Committee (“NRC Committee")
of the Board administers and monitors the JIL SIP 2021. During
the year under review, no further stock options were granted to
the eligible employees.

Disclosures required under Regulation 14 of Securities and
Exchange Board of India (Share Based Employee Benefits and Sweat
Equity) Regulations, 2021 relating to Employees Stock Options as

at 31^st March, 2026 are given in Annexure - 1 to this Report.

Further, a certificate from the Secretarial Auditors on the
implementation of the Companys Employees Stock Incentive Plan
will be available at the ensuing Annual General Meeting for the
inspection of the Members.

FIXED DEPOSITS

During the year under review, the Company has not accepted any
deposits, falling within the ambit of Section 73 of the Companies
Act, 2013 (“the Act") and the Companies (Acceptance of Deposits)
Rules, 2014. As on 31^st March, 2026, no amount on account of
principal or interest related to deposits was outstanding.

HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Holding Company:

M/s LPJ Holdings Private Limited holds 64.36% voting rights in
the Company i.e Jagatjit Industries Limited as on 31^st March, 2026
and by virtue of such holding M/s Jagatjit Industries Limited
continued to be subsidiary company of M/s LPJ Holdings Private
Limited as per the provisions of Section 2(87) of the Companies
Act, 2013.

Subsidiary and Associate Companies:

During the year under review, M/s JIL Trading Private Limited,
M/s L. P. Investments Limited, M/s Natwar Liquors Private Limited,
M/s Sea Bird Securities Private Limited and M/s S. R. K.
Investments Private Limited continued to be the subsidiary
companies of the Company.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements of your Company for the
Financial Year 2025-26 are prepared in compliance with the
applicable provisions of the Act, Indian Accounting Standards (“Ind
ASs") and the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 201 5 (SEBI
(LODR) Regulations) which shall be placed before the members in
their forthcoming Annual General Meeting (AGM).

In accordance with Section 129 (3) of the Act, a statement
containing the salient features of the financial statements of
subsidiary/ associate companies is being provided as Annexure in
Form AOC1 to the consolidated financial statements of the Company
and therefore not being repeated to avoid duplication.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Retirement by Rotation

In accordance with the provisions of Section 1 52 of the Act and in
terms of the Articles of Association of the Company, Ms. Roshini
Sanah Jaiswal (DIN: 00887811), Executive Director is liable to
retire by rotation at the ensuing AGM and being eligible, offers
herself for re-appointment. Your Board recommends her re¬
appointment.

Appointment / re-appointment

Mr. Ravi Manchanda [DIN: 001 52760] was last re-appointed as
Managing Director by the Shareholders of the Company in the
Annual General Meeting held in the year 2024 for a term of 2
[Two] years with effect from 1^st October, 2024 and his present
term shall end on 30^th September, 2026.

Accordingly, the Board of Directors, upon the recommendation of
the Nomination and Remuneration Committee, in its meeting held
on 24^th August, 2026 has approved the re-appointment of Mr. Ravi
Manchanda, as Managing Director for another term of 2 [Two]
years with effect from 1^st October, 2026. The re-appointment is
subject to the approval of the Shareholders in the ensuing AGM. In
view of the contribution of Mr. Ravi Manchanda during his tenure,
the Board recommends his re-appointment as Managing Director
for a further period of two years.

Ms. Roshini Sanah Jaiswal [DIN: 00887811] was appointed as
Executive Director by the Shareholders of the Company in the Annual
General Meeting held in the year 2023 for a term of 3 [Three]
years with effect from 1^st September, 2023 and her present term
shall end on 31^st August, 2026.

Accordingly, the Board of Directors, upon the recommendation of
the Nomination and Remuneration Committee, in its meeting held
on 24^th August, 2026 has approved the re-appointment of Ms.
Roshini Sanah Jaiswal, as Executive Director for next term of 3
[Three] years with effect from 1^st September, 2026. The re¬
appointment is subject to the approval of the Shareholders in the
ensuing AGM. In view of the contribution of Ms. Roshini Sanah
Jaiswal during her current tenure, the Board recommends her re¬
appointment as Executive Director for a further period of three
years.

Key Managerial Personnel

During the year under review, Mr. Ravi Manchanda, Managing
Director and Mr. Roopesh Kumar, Company Secretary continued
to be the Key Managerial Personnel [KMP] of your Company. Mr.
Anil Vanjani, Chief Executive Officer & CFO [KMP] resigned w.e.f. 9^th
July, 2025.

On the recommendation of the Nomination and Remuneration
Committee, the Board of Directors, at its meeting held on 25^th
September 2025, had appointed Mr. Anil Singal as the Chief
Financial Officer [Key Managerial Personnel] of the Company.
Subsequently, Mr. Anil Singal tendered his resignation and ceased
to be the Chief Financial Officer [Key Managerial Personnel] of the
Company with effect from 20^th August 2026.

Further, on the recommendation of the Nomination and
Remuneration Committee of the Board, the Directors in their
meeting held on 27^th April, 2026 appointed Mr. Roopak Chaturvedi
as Chief Executive Officer [KMP] of the Company.

MEETINGS OF THE BOARD AND ITS COMMITTEES

The number of meetings of the Board and various Committees
thereof are set out in the Corporate Governance Report which

forms part of this report. The intervening gap between the meetings
was within the period prescribed under the Act and SEBI [LODR]
Regulations, as applicable.

DIRECTOR’S RESPONSIBILITY STATEMENT

Pursuant to Section 134[3] [c] read with Section 1 34 [5] of the
Act, the Directors state that:

[a] in the preparation of Annual Accounts for the year ended 31^st
March, 2026, the applicable Accounting Standards have been
followed along with proper explanation relating to material
departures;

[b] the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates
that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company at the end of the
financial year and of the profit and loss of the Company for
that period;

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

[d] the Directors have prepared the annual accounts of the
Company on a going concern basis;

[e] the Directors have laid down internal financial controls to be
followed by the Company and that such internal financial
controls are adequate and were operating effectively; and

[f] the Directors have devised proper systems to ensure
compliance with the provisions of all applicable laws and that
such systems are adequate and operating effectively.

DETAILS IN RESPECT OF FRAUDS REPORTED BY THE
AUDITORS:

During the year under review, neither the Statutory Auditors nor
the Secretarial Auditors have reported to the Audit Committee or
the Board, under section 143[12] of the Companies Act, 2013
any instances of fraud committed against the Company by its
officers or employees, the details of which need to be mentioned in
this Report.

DECLARATION BY INDEPENDENT DIRECTORS

Your Company has received necessary declarations from each
Independent Director that he/she meets the criteria of
independence as laid down under the Act read with Schedule IV
and Rules made thereunder, as well as SEBI [LODR] Regulations
including any amendment thereof. The Board considered the
independence of each of the Independent Directors in terms of
above provisions and is of the view that they fulfill / meet the criteria
of independence.

In accordance with the provisions of Section 178(1 ] of the Act
read with Rules made thereunder and SEBI [LODR] Regulations,
based on the recommendations of the Nomination and
Remuneration Committee, the Board of Directors of the Company
have approved a policy on nomination and remuneration of
Directors, Key Managerial Personnel and other employees including
criteria for determining qualifications, positive attributes,
independence of a director and other matters provided U/s
1 78[4]of the Act. The broad parameters covered under the Policy
are:

• Principle and Rationale

• Company Philosophy

• Guiding Principles

• Nomination of Directors

• Remuneration of Directors

• Evaluation of the Directors

• Nomination and Remuneration of the Key Managerial
Personnel [other than Managing/ Whole-time Directors], Key-
Executives and Senior Management.

• Remuneration of other employees.

The Company's Policy relating to appointment of Directors, payment
of Managerial remuneration, Director's qualifications, positive
attributes, independence of Directors and other related matters
as provided under Section 178[3] of the Act forms part of this
report. The policy is available on the website of the Company i.e.
www.jagatjit.com.

The policy is not being sent along with this Report to the members
of the Company in line with the provisions of Section 1 36 of the
Act. The aforesaid Policy is available for inspection by Members at
the Registered Office of the Company up to the date of the ensuing
AGM during the business hours on all working days, except
Saturdays. Members who are interested in obtaining these
particulars of the said policy may write to the Company Secretary
at the Registered Office of the Company.

ANNUAL PERFORMANCE EVALUATION

Pursuant to the provisions of Section 134 [3] [p] of the Act and the
rules made thereunder, the Board was required to carry out Annual
Performance Evaluation of the Board, its Committees and individual
Directors. Additionally, as per provision of Regulation 17 [10] of
SEBI [LODR] Regulations and Schedule IV of the Act, the
performance evaluation of the independent directors was also to
be done by the Board of Directors. Accordingly, the Board has
carried out the annual evaluation of the Directors individually
including the Independent Directors [wherein the concerned
director being evaluated did not participate], the Board as a whole
and following Committees of the Board of Directors:

i] Audit Committee;

ii] Nomination and Remuneration Committee;

iii] Stakeholder's Relationship Committee; and

iv] Corporate Social Responsibility Committee.

The evaluation affirmed that the Board as a whole as well as all of
its Members, individually and the Committees of the Board
continued to display commitment to good governance, ensuring a
constant improvement of processes and procedures.

It was acknowledged that every Director and the Committee of the
Board contributed its best in the overall performance of the
Company.

ANNUAL RETURN

In accordance with section 92[3] of the Companies Act, 2013 read
with the Companies [Management and Administration] Rules,
2014, the draft annual return in e-form MGT-7 for financial year
2025-26 has been uploaded on Company's website
www.iagatiit.com. Members may also note that the annual return
being uploaded on the website is a draft and the final annual return
will be uploaded after the same is filed with the Ministry of Corporate
Affairs [MCA].

AUDITORS AND AUDITOR’S REPORT

The Members of the Company vide their resolution passed at the
76^th [Seventy Sixth] AGM, appointed M/s. V. P. Jain & Associates,
Chartered Accountants, New Delhi [FRN 015260N] as Statutory
Auditors of the Company for a term of 5 [five] years to hold office
from the conclusion of 76^th Annual General Meeting [AGM] until
the conclusion of the ensuing AGM of the Company to be held in
the calendar year 2026.

Pursuant to the provisions of Sections 139, 142 and other
applicable provisions, if any, of the Act [including any statutory
modification or re-enactment thereof for the time being in force]
and the Companies [Audit and Auditors] Rules, 2014, as amended
from time to time, M/s. V. P. Jain & Associates are proposed to
be re-appointed as Statutory Auditors of the Company for a second
term of five years to hold office from the conclusion of the 81st
AGM till the conclusion of the 86th AGM to be held in the calendar
year 2031, subject to approval of Members in the ensuing AGM.
The necessary resolution for re-appointment of M/s. V. P. Jain &
Associates as Statutory Auditors form part of the Notice convening
the ensuing AGM.

The Auditor's Report does not contain any qualification, reservation
or adverse remarks. Other observations of the Statutory Auditors
in their reports on standalone and consolidated financial statements
are self-explanatory and therefore do not call for any further
comments.

SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Regulation 24A of the Listing
Regulations and Section 204 of the Act read with Rule 9 of the

Companies [Appointment and Remuneration of Managerial
Personnel] Rules, 2014, the Shareholders at their 80^th Annual
General Meeting held on 26^th September, 2025 had approved the
appointment of M/s. Saqib & Associates, Company Secretaries, a
peer reviewed firm [PR No: 2019/2022] as the Secretarial
Auditors of the Company for a term of five [5] consecutive financial
years from FY 2025-26 till FY 2029-30.

The Secretarial Audit Report received from the Secretarial Auditors
in Form No. MR-3 does not contain any qualification, reservation,
adverse remark or disclaimer and forms part of this report and is
annexed herewith as Annexure-2.

The Company has devised proper systems to ensure compliance
with the provisions of all applicable Secretarial Standards issued
by the Institute of Company Secretaries of India and that such
systems are adequate and operating effectively

ANNUAL SECRETARIAL COMPLIANCE REPORT

A Secretarial Compliance Report for the financial year ended 31^st
March, 2026 on compliance of all applicable SEBI Regulations and
circulars/guidelines issued thereunder, as received from M/s.
Saqib & Associates, Company Secretaries, Secretarial Auditors of
the Company, was submitted to the Bombay Stock Exchange.

COST AUDIT

Pursuant to the provisions of Section 148 of the Companies Act,
2013, the Company is required to have the audit of its cost records
w.r.t. Extra Neutral Alcohol [ENA] & Ethanol, to be conducted by a
Cost Accountant in practice.

Cost Audit Report for the financial year 2024-25 was duly filed by
the Cost Auditors with the Ministry of Corporate Affairs in XBRL
Mode within the due date of filing.

Pursuant to the provisions of Section 141 read with Section 148
of the Companies Act, 2013 and Rules made thereunder, M/s P.
K. Verma & Co., Cost Accountants, Chandigarh [Firm Registration
No. 0005111 ], were appointed as the Cost Auditor of the Company
for the year ended 31^st March, 2026.

The Board of Directors, on the recommendation of the Audit
Committee, has re-appointed M/s P. K. Verma & Co., Cost
Accountants, Chandigarh [Firm Registration No. 0005111], as Cost
Auditors of the Company for the financial year 2026-27, for
conducting the audit of the cost records maintained by the
Company. A resolution seeking member's ratification for the
remuneration payable to the Cost Auditors for the financial year
2026-27 shall form part of the notice of the 81^st Annual General
Meeting of the Company and the same is recommended for your
consideration and approval.

Disclosure on maintenance of Cost Records

The Company made and maintained the Cost Records under Section
148 of the Companies Act, 2013 for the financial year 2025-26
and the records shall be audited by the Cost Auditors M/s P. K.
Verma & Co., Cost Accountants.

INTERNAL FINANCIAL CONTROLS

The Board of Directors of the Company has devised systems,
policies, procedures and frameworks, which are currently
operational within the Company for ensuring the orderly and efficient
conduct of its business, which includes adherence to the policies,
safeguarding its assets, prevention and detection of frauds and
errors, accuracy and completeness of the accounting records and
timely preparation of reliable financial information.

The Company generally has in place adequate Internal Financial
Controls with reference to financial statements. During the year,
such controls were tested, and the Auditors reported that the
Company generally has, in all material respects, an adequate
internal financial controls system over financial reporting and such
internal financial controls were generally operating effectively as
on 31^st March, 2026. In some areas, the controls were effective
but need to be further strengthened. The Company is taking
necessary steps to further strengthen the same. In view of the
provisions under the Act the report on the Internal Financial Control
issued by M/s. V. P. Jain & Associates, Chartered Accountants,
the Statutory Auditors of the Company is annexed to the Audit
Report on the Financial Statements of the Company.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Act are given in the notes to the
Financial Statements and for the sake of brevity; the same are not
being repeated.

RELATED PARTY TRANSACTIONS

All contracts / arrangements / transactions entered into by the
Company with Related Parties, as defined under the Act and SEBI
[LODR] Regulations, during the Financial Year 2025-26 were at
arm's length basis and in the ordinary course of business. As per
the provisions of Section 188 of the Act and Rules made thereunder,
read with Regulation 23 of SEBI [LODR] Regulations, your Company
has obtained necessary approval of the Audit Committee before
entering into such transactions and the same has been reviewed
periodically.

Your Company has framed a Policy on Related Party Transactions
in accordance with SEBI [LODR] Regulations and as per the
amended provisions of the Act. The Policy intends to ensure that
proper reporting, approval and disclosure processes are in place
for all transactions between the Company and related parties. The
policy is uploaded on the website of the Company at
www.jagatjit.com.

During the year, the Company has not entered into any contract /
arrangement / transaction with related parties which could be
considered material in accordance with the aforesaid Policy of the
Company on Related Party Transactions.

None of the transactions with any of the related parties were in
conflict with the interest of the Company. Rather, they synchronised
and synergised with the Company's operations. Attention of

Members is drawn to the disclosure of transactions with the related
parties set out in Note No. 33 of the Standalone Financial
Statements, forming part of the Annual Report.

Since all the transactions which were entered into during the
Financial Year 2025-26 were at arm's length basis and were in
the ordinary course of business and there was no material related
party transaction entered by the Company during the Financial Year
2025-26 as per Related Party Transactions Policy, hence no details
are required to be provided in Form AOC-2 prescribed under Clause
(h) of Sub-section (3) of Section 1 34 of the Act and Rule 8(2) of the
Companies (Accounts) Rules, 2014.

CORPORATE SOCIAL RESPONSIBILITY [CSR]

The composition, role, functions and powers of the Corporate Social
Responsibility (CSR) Committee of the Company are in accordance
with the requirements of the Act. Presently, the CSR Committee
comprises of Mr. Nagendra Kumar Chauhan, Independent Director,
Mrs. Asha Saxena, Non-Executive Non-Independent Director and
Mr. Ravi Manchanda, Managing Director as Members.

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 year are set out in “Annexure-3" of this
Report in the format prescribed in the Companies (Corporate Social
Responsibility Policy) Rules, 2014. For other details regarding the
CSR Committee, please refer to the Corporate Governance Report,
which is a part of this report. The CSR Policy of the Company as
approved by the CSR Committee is also available on the website of
the Company at www.iagatiit.com.

RISK MANAGEMENT

Company's business is exposed to a variety of risks which are
inherent to a liquor manufacturing company in India. In this volatile,
uncertain and complex operating environment, only companies that
manage their risk effectively can sustain. Risk management is
embedded in Jagatjit's corporate strategies and operating
framework, and the risk framework helps the Company to meet its
objectives by aligning operating controls with the corporate mission
and vision. The Company's risk management framework supports
an efficient and risk-conscious business strategy, delivering
minimum disruption to business and creating value for our
stakeholders. The Company has in place comprehensive risk
assessment and minimization procedures, integrated across all
operations and entails recording, monitoring and controlling
enterprise risks and addressing them timely and comprehensively.
The risks that the Company faces are reviewed by the Audit
Committee and the Board from time to time and new risks are
identified based on new business initiatives and the same are
assessed. Risk minimisation framework and controls are designed
and appropriately implemented.

The Board of Directors has adopted a formal Risk Management
Policy for the Company and the same is available at the website of
the Company at www.jagatjit.com.

The information required to be disclosed in the Board's Report
pursuant to Section 197 of the Act read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 for the year ended 31^st March, 2026 forms
part of this report.

The above is not being sent along with this Report to the Members
of the Company in line with the provision of Section 136 of the Act.
The same is available for inspection by Members at the Registered
Office of the Company upto the date of the ensuing AGM during the
business hours on all working days, except Saturdays. Members
who are interested in obtaining these particulars may write to the
Company Secretary at the Registered Office of the Company.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO

The information pertaining to conservation of energy, technology
absorption, foreign exchange earnings and outgo as required under
Section 1 34(3)(m) of the Act read with Rule 8(3) of the Companies
(Accounts) Rules, 2014 forms part of this report and is annexed
herewith as Annexure-4.

CORPORATE GOVERNANCE

Your Company upholds the standards of governance and is
compliant with the Corporate Governance provisions as stipulated
under SEBI (LODR) Regulations, in both letter and spirit. The
Company's core values of honesty and transparency have since its
inception been followed in every line of decision making. Setting the
tone at the top, your Directors cumulatively at the Board level,
advocate good governance standards at the Company. Your
Company has been built on a strong foundation of good Corporate
Governance.

Parameters of Statutory compliances evidencing the standards
expected from a listed entity have been duly observed and a Report
on Corporate Governance as well as the Certificate from M/s. Saqib
& Associates, Company Secretaries, confirming compliance with
the requirements of Regulation 34 read with Schedule-V of the
SEBI (LODR) Regulations forms part of this report and is annexed
herewith as Annexure-5.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report as stipulated
under Regulation 34 read with Schedule-V of the SEBI (LODR)
Regulations is presented in separate section forming part of the
Annual Report.

LISTING OF SHARES OF THE COMPANY

The shares of your Company are listed on the BSE Limited. The
Listing fees for the Financial Year 2026-27 has been paid to the
BSE Limited.

RESEARCH AND DEVELOPMENT (R&D)

The Company takes regular steps for R&D in the manufacturing
process and optimum utilization of its resources. No major capital
investment was made for R&D during the year under review.

CAUTIONARY STATEMENT

Statements in the Board's Report and the Management Discussion
& Analysis Report describing the Company's objectives,
expectations or forecasts may be forward looking within the
meaning of applicable security laws and Regulations. Actual results
may differ materially from those expressed in the statement.
Important factors that could influence the Company's operations
include economic and political conditions in India and other countries
in which the Company operates, volatility in interest rates, changes
in government regulations and policies, tax laws, statutes and other
incidental factors. The Company does not undertake to update these
statements.

GENERAL

Your Directors state that no disclosure or reporting is required in
respect of the following items as there were no transaction on
these items during the year under review:-

1. Issue of equity shares with differential voting rights as to
dividend, voting or otherwise.

2. The Managing Director of the Company does not receive any
remuneration or commission from any of its subsidiaries.

3. No significant or material orders were passed by the
Regulators or Courts or Tribunals which impact the going
concern status and Company's operations in future.

4. Issue of Sweat Equity Shares.

5. The Company has neither made any application nor any
proceedings are pending under the Insolvency and Bankruptcy
Code, 2016.

6. No one-time settlement was made with respect to any amount
of loan raised by the Company from any banks or financial
institution.

7. Further, the Board of Directors also confirms that the
Company is in regular compliance of applicable provisions of
Secretarial Standards issued by the Institute of Company
Secretaries of India.

ACKNOWLEDGEMENT

Your Directors take this opportunity to express their sincere
appreciation to all the employees for their commitment and
contribution to the success of the Company. Their enthusiasm and
hard work have enabled the Company to be at the forefront of the
industry. We also take this opportunity to thank all our valued
customers who have appreciated and cherished our products.

The Board extends heartfelt thanks to the investors and bankers
for their ongoing support throughout the year. The Directors also
acknowledge the guidance and assistance from regulatory
authorities, including SEBI, Stock Exchanges, and other Central and
State Government agencies. In addition, the Board appreciates the
support and collaboration from supply chain partners and other
business associates. We look forward to their continued partnership
and support in the future.

For and on behalf of the Board
For Jagatjit Industries Limited

Ravi Manchanda Nagendra Kumar Chauhan

Managing Director Director

(DIN.00152760) (DIN : 10731530)

Date: 24.08.2026
Place: New Delhi