Your directors take pleasure to present the Board's Report in line with the Companies Act, 2013 ("Act") and the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").
This report presents the Audited financial results and other developments in respect of the Company during the financial
year ended on 31 March 2026 ("FY26"/ "Financial Year").

Financial Highlights

The Company's financial performance for the financial year ended 31 March 2026:

Performance Highlights

In FY 2025-26, the company demonstrated improved
performance in its Consolidated Financial Statements, with
total income rising by 36.59% to C1,158.64 crore, driven by
a 38.02% increase in revenue from operations and Other
income decreased by 20.35%. Also Standalone total income
increased by 42.36% to C932.30 crore

Overall, FY 2025-26 reflects robust growth at the group
level, with operational efficiencies and controlled costs
aiding profitability.

The detailed analysis on the state of affairs, operations of the
Company and future outlook is explained in the Management
discussion and analysis report forming part of the Annual
Report of the Company for the year under review.

Reserves

The Board of Directors has decided to retain the entire
amount of profit under "Retained Earnings". Accordingly, the

Company has not transferred any amount to General Reserves
for the year ended 31 March, 2026.

Standalone and Consolidated Financial Statements

Standalone and Consolidated Financial Statements for the
financial year 2025-26 are prepared in compliance with the
Companies Act, 2013, Indian Accounting Standards (Ind
AS) and the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations,
2015 and are forming part of the Annual Report.

Statement in Form AOC-1 containing salient features of
the financial statements of the subsidiary and joint venture
companies, as required under Rule 5 of the Companies
(Accounts) Rules, 2014, are annexed in "Annexure - A".

MATERIAL CHANGES AND COMMITMENTS

There have been no material changes and commitments
affecting the Company's financial position between the
end of the financial year and the date of this report other
than those which have already been disclosed to the Stock
Exchanges.

CHANGES IN SHARE CAPITAL OF THE COMPANY

No increase in Authorised Share Capital of the Company
during the FY 2025-26.

Capital structure as on 31^st March, 2026 Authorised share
capital: C85,00,00,000 Issued, subscribed and paid-up equity
share capital: C692,633,420 comprising 6,92,63,342 equity
shares of C10 each

WEBLINK OF THE COMPANY

The Weblink of the Company is https:// www.deepiping.com.
DIVIDEND

Considering the Company's financial performance, the
Directors have recommended a dividend of C1 per equity
share on face value of C10 each equity shares of the
Company, subject to the approval of the shareholders at the
ensuing Annual General Meeting, for the year under review.
This will involve a cash outflow of C7.52 crores.

In compliance with Regulation 43A of the Securities and
Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Company has Dividend
Distribution Policy in place. This policy is disclosed on the
website of the Company and may be accessed through
www.deepiping.com

INDIAN ACCOUNTING STANDARDS (Ind AS)

The financial statements for the year ended 31 March,
2026 have been prepared in accordance with the Indian
Accounting Standards ("Ind AS") as required under the
provisions of Section 133 of the Companies Act, 2013 read
with rules made there under, as amended.

MANAGEMENT DISCUSSION AND ANALYSIS

A detailed analysis of the Company's operations in terms of
performance in markets, manufacturing activities, business
outlook, risks and concerns forms part of the Management
Discussion and Analysis, a separate section of this report.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(3)(c) read with 134(5) of the
Companies Act, 2013, your Directors confirm that:-

a) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with
proper explanation relating to material departures;

b) the Directors had 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 as at 31 March, 2026 and of the Profit and
Loss of the Company for the period ended on that date;

c) the Directors had 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 had prepared the annual accounts on a
going concern basis;

e) the Directors had 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 had devised proper systems to ensure
compliance with the provisions of all applicable laws
and that such systems were adequate and operating
effectively.

RELATED PARTY CONTRACTS AND ARRANGEMENTS

The contracts or arrangements of the Company with related
parties during the period under review referred to in Section
188(1) of the Companies Act, 2013 were in the ordinary

course of business and on arm's length basis. During the
year, the Company had not entered into the contract/
arrangement/transaction with related parties which could
be considered 'material' in accordance with the related party
transaction policy of the Company.

Further, during the Financial Year 2025-26, there were no
materially significant related party transactions entered
into by your Company with the Promoters, Directors, Key
Managerial Personnel or other designated persons, which
might have potential conflict with the interest of the
Company at large.

As all the related party transactions are at arm's length price
and in the ordinary course of business, the same are placed
before the Audit Committee for its approval. During the
Financial Year under review, the Audit Committee has
reviewed all the ongoing multi-year contracts/long
term contracts of the Company with its related parties
in accordance with the provisions of the Companies Act,
2013 and the SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015 ("the Regulations").
Related party transactions were disclosed to the Board
on regular basis as per Ind AS-24. Details of related party
transactions as per Ind AS-24 may be referred to in the
Notes forming part of the Financial Statements.

The policy on Related Party transactions as approved by
the Board in terms of the provisions of Regulation 23 of
the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ("the Regulations") is available on the
official website of the Company i.e.https://www.deepiping.
com/document/investor/Disclosures under Reg 46/9
Policy on dealing with related party transactions/Policy
for Related Party Transactions.pdf

PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENT

Particulars of the loans given, investments made or
guarantees given covered under the provisions of Section
186(4) of the Act, during the Financial Year ended 31^st March,
2026 are as under.

DIRECTORS

During the financial year 2025-26, the Board of Directors, at its meeting held on April 14, 2025, appointed Mrs. Shruti Aggarwal
(DIN: 08598962) as an Additional Director of the Company with effect from April 14, 2025, pursuant to the provisions of
Section 161(1) of the Companies Act, 2013 and the Articles of Association of the Company.

Thereafter, the Members of the Company, at the Extra-Ordinary General Meeting held on May 20, 2025, appointed
Mrs. Shruti Aggarwal as a Director liable to retire by rotation and as Whole-time Director of the Company for a period of
five years with effect from April 14, 2025, pursuant to the provisions of Sections 152, 196, 197 and 203 read with Schedule
V and other applicable provisions, if any, of the Companies Act, 2013 and the rules made thereunder.

During the Financial Year 2025-26, Mrs. Ashima Bansal ceased to be Executive Director of the Company with effect from 14
April, 2025, due to resignation in accordance with the provisions of the Companies Act, 2013 and the Regulations.

Changes in Directors and Key Managerial Personnel

During FY 2025-26, the following changes occurred in the Board of Directors and Key Managerial Personnel:

Demat Suspense Account / Unclaimed Suspense Account

No shares of the Company are lying under the Suspense Demat account as on 31^st March, 2026.

BOARD'S OPINION REGARDING INTEGRITY, EXPERTISE AND EXPERIENCE (INCLUDING THE PROFICIENCY)
OF THE INDEPENDENT DIRECTORS APPOINTED/RE-APPOINTED DURING THE YEAR

The Board is of the opinion that the Independent Directors are person(s) of integrity and possess core skills/expertise/
competencies (including the proficiency) as identified by the Board of Directors as required in the context of Company's
business(es) and sector(s) for the Company to function effectively.

NUMBER OF MEETINGS OF THE BOARD

During the financial year 2025-26, 8 (Eight) Board Meetings were held on the following dates:-

The gap between any two meetings was not more than one hundred twenty days as mandated under the provisions of

Section 173 of the Companies Act, 2013 and Regulation
17(2) of the Regulations.

INDEPENDENT DIRECTORS

In terms of the provisions of Section 149(7) of the Companies
Act, 2013 read with Regulation 25(8) of the Regulations, all
the Independent Directors of the Company have furnished
a declaration to the Compliance Officer of the Company at
the meeting of the Board of Directors held on 21^st May,2026
stating that they fulfil the criteria of Independent Director

as prescribed under Section 149(6) of the Companies Act,
2013 read with Regulation 16(1)(b) of the Regulations, and
are not being disqualified to act as an Independent Director.
Further, they have declared that they are not aware of any
circumstance or situation, which exist or may be reasonably
anticipated, that could impair or impact their ability to
discharge their duties with an objective independent
judgment and without any external influence.

In the opinion of the Board, all the Independent Directors
fulfil the conditions specified in the Companies Act, 2013
read with the Rules made there under and the Regulations,
and are independent of the management.

During the year under review, the Independent Directors
of the Company had no pecuniary relationship or
transactions with the Company, apart from sitting fees, and
reimbursement of expenses, if any.

None of the Independent Non-Executive Directors held
any equity shares of the Company during the financial year
ended 31^st March, 2026.

In terms of Regulation 25(7) of the Regulations, the
Company has adopted a familiarization programme for the
Independent Directors to familiarize them with working of
the Company, nature of the industry in which the Company
operates, business model of the Company, their roles,
rights, responsibilities and other relevant details. The details
of familiarization programme during the Financial Year
2025-26 are available on the official website of the Company

i.e.https://www.deepiping.com/document/investor/
familirisation-program-for-independent-directors.pdf

Separate meeting of Independent Directors

During the year under review, a separate meeting of
Independent Directors of the Company was held on
3^rd February 2026 to consider:

1. the Performance of Non-Independent Directors and
the Board as a whole

2. the Performance of the Chairperson of the Company,
taking into account the views of Executive Directors and

3. assess the quality, quantity and timeliness of flow of
information between the Company's Management and
the Board that is necessary for the Board to effectively
and reasonably perform their duties.

POLICY ON APPOINTMENT AND REMUNERATION OF
DIRECTORS, KEY MANAGERIAL PERSONNEL (KMP)
AND SENIOR MANAGEMENT PERSONNEL

In terms of the provisions of Section 178 of the Companies
Act, 2013 read with Regulation 19 of the Regulations,
the Nomination and Remuneration Committee ('NRC')
has formulated a policy relating to appointment and
determination of the remuneration for the Directors, Key
Managerial Personnel and Senior Management Personnel
which has been adopted by the Board of Directors of the
Company. The NRC has also developed the criteria for

determining the qualifications, competencies, positive
attributes and independence of Directors and for making
payments to the Executive/Non-Executive/Independent
Directors of the Company.

Your Directors affirm that the remuneration paid to the
Directors, Key Managerial Personnel, Senior Management
Personnel and other employees is as per the Nomination
and Remuneration Policy of your Company.

The salient features of the Nomination and Remuneration
Policy are as under:

• Formulation of the criteria for determining qualifications,
positive attributes and independence of a Director.

> For every appointment of an Independent Director,
the Nomination and Remuneration Committee
evaluates the balance of skills, knowledge and
experience on the Board and on the basis of
such evaluation, prepare a description of the
role and capabilities required of an Independent
Director. The person recommended to the Board
for appointment as an Independent Director shall
have the capabilities identified in such description.
For the purpose of identifying suitable candidates,
the Committee may:

a. use the services of an external agencies,
if required;

b. consider candidates from a wide range
of backgrounds, having due regard to
diversity; and

c. consider the time commitments of the
candidates.

• Identification of persons who are qualified to become
Director and persons who may be appointed in Key
Managerial and Senior Management positions in
accordance with the criteria laid down in the Nomination
and Remuneration policy.

• Recommendation to the Board for appointment and
removal of Director, KMP and Senior Management
Personnel.

• Formulation of the criteria for devising a policy on
diversity of Board of Directors.

• Formulation of criteria for evaluation of performance of
lndependent Directors and the Board of Directors.

• Deciding whether to extend or continue the term of
appointment of the Independent Director, on the basis
of the report of performance evaluation of Independent
Directors.

• Recommendation to the Board, all remuneration, in
whatever form, payable to senior management.

The said policy is available on the official website of the
Company i.e.https://www.deepiping.com/document/
investor/Disclosures under Reg 46/4 Terms and
conditions/Terms and Conditions-of-appointment-of-
Independent-Directors.pdf

EVALUATION PROCESS

The Nomination and Remuneration Committee has
established a framework for the evaluation process of
performance of the Board, its Committees and Individual
Directors and the same was adopted by the Board.

During the period under review, the Board of Directors at
its meeting held on 31^st March, 2026 have carried out the
evaluation of the performance of Independent Directors and
their independence criteria and the Independent Directors in
their meeting held on 3^rd February 2026 have evaluated the
performance of the Chairman, Non-Independent Directors
and the Board as a whole and also assessed the quality,
quantity and timeliness of flow of information between the
Board and Company management.

Equity Shares with differential Voting Rights

The Company has not issued any equity shares with
differential voting rights

KEY MANAGERIAL PERSONNEL

The following Directors/Officials of the Company have
been designated as Key Managerial Personnel (KMP) of
the Company by the Board of Directors in terms of the
provisions of Section 203 of the Companies Act, 2013 and
the Regulations:

1. Mr. Krishan Lalit Bansal, Chairman and Managing Director

2. Ms. Shikha Bansal, Executive Director

3. Mrs. Shruti Aggarwal, Executive Director

4. Mr. Brham Prakash Yadav, Chief Financial Officer

5. Mr. Ranjan Kumar Sarangi, Company Secretary &
Compliance Officer

During the financial year 2025-26, Mrs. Ashima Bansal
resigned from the post of Director with effect from 14
April, 2025.

Business Responsibility and Sustainability Report
(BRSR)

Pursuant to Regulation 34(2)(f) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations,
2015, the Business Responsibility and Sustainability Report
for FY 2025-26, which captures the Company's performance
and initiatives on environmental, social and governance
fronts, is provided as part of this Annual Report.

Even though voluntary for the Company, we have opted to
present the BRSR as we are included in the top 2000 listed
companies by market capitalization.

DISCLOSURES UNDER THE COMPANIES
(APPOINTMENT AND REMUNERATION OF
MANAGERIAL PERSONNEL) RULES, 2014

Details pertaining to remuneration as required under
Section 197(12) of the Companies Act, 2013 read with the
Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are enclosed as Annexure -"C" to
this report.

HUMAN RESOURCES

FY26 continued to be a year of meaningful progress for
us. Guided by the philosophy of DEE and aligned to our
Employee Value Proposition—Better Everyday, Take Charge,
Thrive Together—the focus remained on building a safe,
inclusive, and performance-driven workplace.

The Key HR priorities included enhancing the employer
brand, strengthening our talent management practices,
along with focus on high performance and effectiveness.
Going forward, we will continue investments in leadership
development, organizational effectiveness, and digital
enablement helping us strengthen our people foundation
for the future.

Your Board would like to take this opportunity to express
their gratitude and appreciation for the dedication and
contribution of all employees and looks forward to their
continued partnership in DEE's growth journey

Information regarding employees in accordance with the
provisions of Rule 5(2) and Rule 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel)
Rules, 2014 containing particulars of top ten employees in
terms of the remuneration drawn and employees drawing

remuneration in excess of the limits set out in Rule 5(2)
& (3) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, as amended, are
provided as part of the Board's Report. However, in terms
of provisions of Section 136 of the Companies Act, 2013,
the Annual Report is being sent to all the members of
the Company and others entitled thereto, excluding the
said statement. Any member interested in obtaining
such particulars may write atinvestorscommunication@
deepiping.com. The said information is also available for
inspection at the Registered Office of the Company during
working hours till the date of Annual General Meeting.

RISK MANAGEMENT

A robust and integrated enterprise risk management
framework is in existence under which the common
prevailing risks in the Company are identified, the risks
so identified are reviewed on periodic basis by the Audit
Committee and the management's actions to mitigate the
risk exposure in a timely manner are assessed.

A risk management policy under the above said enterprise
risk management framework as approved by the Board has
been adopted by the Company.

INSURANCE

Our business operations are exposed to various operational
risks including workplace accidents, fire, earthquakes,
floods, and other force majeure events, as well as explosions.
Given the nature of our business as a piping company, we
also face risks such as loss or damage to property and
inventory, transit-related defects or damages, equipment
breakdown, acts of terrorism, and environmental liabilities.
Additionally, there is a risk of customer claims arising from
non-compliance of our products with applicable regulatory
requirements or contractual terms.

To mitigate these risks, we have in place insurance coverage
that is consistent with industry standards and commensurate
with the scale of our operations. Our key insurance policies,
inter alia, include Contractors' Plant & Machinery Insurance,
Public Liability Insurance, Burglary Insurance, Standard Fire
& Special Perils Policy, General Liability Insurance, and Fire
Loss of Profit Policy etc.,

For movement of goods, we maintain Marine Single Transit
Inland Policy as well as a Marine Export-Import Open Policy.
For our employees, we have secured Group Mediclaim,
Group Personal Accident, Group Term Life, Workmen's
Compensation, and Directors & Officers Liability Insurance.

We also procure any additional project-specific insurance as
may be stipulated by customers under the scope of work.

All our insurance policies are generally taken for a period
of one year and are renewed on an annual basis. While we
believe that the insurance coverage maintained by us is
adequate for the risks associated with our business, there
can be no assurance that all risks and losses will be fully
covered under these policies in the future. Further, in the
event of a claim, we may be liable to bear substantial
deductibles, and the actual loss incurred may exceed the
limits of coverage available under our policies.

CORPORATE SOCIAL RESPONSIBILITY

In terms of the provisions of Section 135 of the Companies
Act, 2013, the Corporate Social Responsibility Committee
("CSR Committee") is in existence to monitor the Corporate
Social Responsibility Policy of the Company as approved
by the Board and the said policy is available on the official
website of the Company i.e.https://www.deepiping.com/
document/sustainability/CSR-Policy-DEE-Piping.pdf

Annual Report on CSR activities for the Financial year
2025-26 enclosed as Annexure- G

The CSR Committee comprises of Mr. Krishan Lalit Bansal,
Ms. Shikha Bansal & Mrs. Shruti Aggarwal and Shilpi Brar.

The role of the Corporate Social Responsibility
Committee includes:

a) Formulation and recommendation to the Board,
Corporate Social Responsibility Policy (CSR Policy)
and Annual Action Plan in pursuance of CSR Policy
consisting of list of approved projects or programs
to be undertaken within the purview of Schedule VII
of the Companies Act, 2013, manner of execution
of such projects, modalities of fund utilization and
implementation schedules, monitoring and reporting
mechanism for the projects, and details of need and
impact assessment, if any, for the projects to be
undertaken.

b) Monitoring the Corporate Social Responsibility
Policy and Annual Action Plan of the Company from
time to time.

c) Recommendation of the amount of expenditure to be
incurred on the activities referred to in clause (a) above.

d) Instituting a transparent monitoring mechanism for
implementation of the CSR projects, programs or
activities undertaken by the Company.

Board Committees

The Company has constituted the following Committees
pursuant to the Companies Act, 2013 and SEBI LODR
Regulations, 2015. Details of committee compositions,
terms of reference, meetings held and attendance are given
in the Corporate Governance Report forming part of this
Annual Report.

a) Audit Committee

Composition:

1. Mr. Ashwani Kumar Prabhakar (Chairman,
Independent Director),

2. Mr. Krishan Lalit Bansal (Member, Executive
Director),

3. Mr. Bhisham Kumar Gupta (Member, Independent
Director) and

4. Mrs. Shilpi Barar (Member, Independent Director).

The Committee is constituted in accordance with
Section 177 of the Companies Act, 2013 and Regulation
18 of SEBI LODR Regulations. The Audit Committee's
recommendations were accepted by the Board in
all cases.

b) Nomination and Remuneration Committee (NRC)

Composition:

1. Mrs. Shilpi Barar (Chairperson),

2. Mr. Ashwani Kumar Prabhakar (Member) and

3. Mr. Bhisham Kumar Gupta (Member).

All three members are Non-Executive Independent
Directors.

c) Stakeholders Relationship Committee (SRC)

Composition:

1. Mrs. Shilpi Barar (Chairperson, Independent
Director),

2. Mr. Krishan Lalit Bansal (Member, Executive
Director) and

3. Mrs. Shruti Aggarwal (Member, Executive Director).

Mr. Ranjan Kumar Sarangi, Company Secretary &
Compliance Officer, is the Nodal Officer for investor
grievances. Investor complaints during FY 2025-26:
Pending at start of year: Nil; Received during the year:

Nil; Disposed during the year: Nil; Pending at end of
year: Nil.

d) CSR Committee

Composition:

1. Mr. Krishan Lalit Bansal (Chairman, Executive
Director),

2. Mrs. Shikha Bansal (Member, Executive
Director) and

3. Mrs. Shruti Aggarwal (Member, Executive Director).

4. Mrs. Shilpi Brar (Member, Independent Director)

INTERNAL COMPLAINTS COMMITTEE FOR
PREVENTION OF SEXUAL HARASSMENT

Your Board strongly believes in providing a safe and
harassment free workplace for each and every individual
working for the Company through various interventions and
practices. It is the continuous endeavour of the management
of the Company to create and provide an environment
to all its employees that is free from discrimination and
harassment including sexual harassment. The Company has
adopted a policy on prevention, prohibition and redressal of
sexual harassment at workplace in line with the provisions of
the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the Rules made
thereunder.

Pursuant to Section 21 of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act,
2013 read with Rule 14 of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Rules,
2013, the Company has constituted Internal Complaints
Committee (ICC) at all its Units (i.e. Palwal, Anjar, Numaligarh
and Muktsar) where any grievance of sexual harassment at
workplace can be reported.

The Company has also adopted a policy on Prevention of
Sexual Harassment at workplace. The objective of the policy
is to provide its women employees, a workplace free from
harassment/discrimination and every employee is treated
with dignity and respect. The said policy is available on the
official website of the Company i.e.https://www.deepiping.
com/document/sustainability/POSH-Policy.pdf

During the year under review, ICC of all units of the
Company has not received any complaint pertaining to
sexual harassment of women at workplace.

STATUS OF COMPLAINTS FOR THE FINANCIAL YEAR
ENDED 31 MARCH, 2026

COMPLIANCE OF PROVISIONS RELATING TO THE
MATERNITY BENEFITS ACT, 1961

The Company is in compliance with the Maternity Benefits
Act, 1961 wherein all eligible women employees are entitled
to avail the benefits as prescribed. The Company remains
committed to providing the environment that upholds the
rights and welfare of its women employees in accordance
with applicable laws for the time being in force.

During the Financial Year 2025-26 and upto the date of this
report, no female employee of the Company has availed
or applied to avail benefits under the Maternity Benefits
Act, 1961.

The Company has established a Code of Conduct for
Prohibition of Insider Trading ("Code") to govern, monitor,
and report trading in the Company's shares by designated
persons and their immediate relatives, in accordance with
the Securities and Exchange Board of India (Prohibition of
Insider Trading) Regulations, 2015.

The Code outlines the procedures that designated persons
must follow when trading or dealing in the Company's shares
and sharing Unpublished Price Sensitive Information (UPSI).

The Compliance Team of the Company circulates fortnightly
communications to employees to apprise them of the
governance do's and don'ts under the Insider Trading.

Regulations, thereby reinforcing awareness and adherence
to the Code. The Code under the Insider Trading Regulations
is available on the Company's website.

Employee Stock Option Scheme (ESOP)

The Company has implemented an Employee Stock Option
Plan (ESOP). During the year, the following allotments
were made:

The Company has complied with applicable SEBI (Share
Based Employee Benefits and Sweat Equity) Regulations,
2021. A certificate from the Auditor confirming compliance
with the ESOP scheme will be placed before shareholders
at the Annual General Meeting. Disclosures required under
the said regulations are available on the Company's website.

CYBER SECURITY

In response to increasing cyber threats, we continuously
review and strengthen our cybersecurity framework.
The Company has real-time security monitoring and layered
controls across user devices, networks, servers, applications,
and data to safeguard systems and information.

The company has a written down, defined Information
Security Management System.

SUBSIDIARIES/JOINT VENTURES/ASSOCIATE
COMPANIES

During the year under review, M/s Molsieve Designs Limited,
company incorporated under Companies Act, 1956 having
Corporate Identification No. U74999DL2002PLC114108
has become subsidiary company and no existing company
ceased to be subsidiary, joint venture or associate of
the Company.

DEPOSITS

During the year under review, the Company did not accept
any deposits.

Credit Rating

There was a change in the credit rating during the year, as disclosed in the Corporate Governance Report, which forms
part of this Annual Report:

Board Policies

The various policies that the Board has approved and
adopted in accordance with the requirements set forth by
the Act and the Listing Regulations can be accessed at our
website athttps://www.deepiping.com/disclosures-under-
regulation-46-lodr.php

INVESTOR EDUCATION AND PROTECTION FUND
(IEPF)

During the financial year 2025-26, the Company did not
declare any dividend. Accordingly, there was no amount of
unpaid or unclaimed dividend required to be transferred to
the Investor Education and Protection Fund (IEPF) during the
year under review, in terms of Section 124 of the Companies
Act, 2013 read with the Investor Education and Protection
Fund Authority (Accounting, Audit, Transfer and Refund)
Rules, 2016, as amended from time to time.

AUDITORSSTATUTORY AUDITORS

The Statutory Auditors, M/s S.R. Batliboi & Co LLP, Chartered
Accountants (ICAI Registration No. 301003E/E300005) had
been appointed as Statutory Auditors of the Company in
the 34^th Annual General Meeting (AGM) for a period of 4
(Four) years in terms of the provisions of Section 139 of the
Companies Act, 2013 to hold office from the 34^th AGM to
38^th Annual General Meeting of the Company.

REPORT ON FINANCIAL STATEMENTS

The report of M/s S.R. Batliboi & Co LLP, Chartered
Accountants (ICAI Registration No. 301003E/E300005), and
the Statutory Auditors of the Company on the financial
statements of the Company for the year ended 31 March,
2026 is annexed to the financial statements in terms of
the provisions of Section 134(2) of the Companies Act,
2013. The observations of the Auditors in their report are
self-explanatory and/or explained suitably in the Notes
forming part of the Financial Statements. The Audit Report
does not contain any qualification, reservation, adverse
remark, or disclaimer.

Frauds reported by the auditors

There was no instance of fraud during the year under review,
which required the Statutory Auditors to report to the Audit
Committee and / or to the Board as required under Section
143(12) of the Act and the rules made thereunder.

STATEMENT OF DECLARATION FROM INDEPENDENT
DIRECTORS

The Independent Directors had submitted their disclosures
to the Board that they fulfil the requirements as stipulated
under Section 149(6) of the Act and Regulation 25(8) of
Listing Regulations. There had been no change in the
circumstances affecting their status as Independent
Directors of the Company to qualify themselves to be
appointed as Independent Directors under the provisions
of the Act and the relevant regulations. The Independent
Directors have given the declaration under Rule 6(3) of the
Companies (Appointment and Qualification of Directors)
Rules, 2014 confirming compliance with Rule 6(1) and (2)
of the said Rules that their names are registered in the
databank as maintained by the Indian Institute of Corporate
Affairs ("IICA").

In the opinion of Board, Mr. Ashwani Kumar Prabhakar,
Mr. Bhisham Kumar Gupta and Mrs. Shilpi Barar, Independent
Directors are persons of integrity and fulfils requisite
conditions as per applicable laws and are independent of
the management of the Company.

During the year under review, the Independent Directors
of the Company had no pecuniary relationship or
transactions with the Company, apart from sitting fees, and
reimbursement of expenses, if any.

None of the Independent Non-Executive Directors held
any equity shares of the Company during the financial year
ended 31^st March, 2026.

SEPARATE MEETING OF INDEPENDENT DIRECTORS

During the year under review, a separate meeting
of Independent Directors of the Company was held
on 3^rd February 2026 to consider the Performance of
Non-Independent Directors and the Board as a whole, the
Performance of the Chairperson of the Company, taking into
account the views of Executive Directors and Non-Executive
Directors; and assess the quality, quantity and timeliness of
flow of information between the Company's Management
and the Board that is necessary for the Board to effectively
and reasonably perform their duties.

SECRETARIAL AUDITORS

The Secretarial Auditors, M/s Kapil Kumar & Co., Company
Secretaries, Ballabgarh had been appointed as Secretarial
Auditors of the Company in the 36^th Annual General Meeting
held on 26 September, 2025 for a period of consecutive 5
(Five) years with effect from Financial Year 2025-26 upto the
Financial Year 2029-30 in terms of the provisions of Section
204 of the Companies Act, 2013 and Regulation 24A of
the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.

SECRETARIAL AUDIT

The Members of the Company had appointed M/s Kapil
Kumar & Co., Practicing Company Secretaries as Secretarial
Auditor for the Financial Year 2025-26 in terms of the
provisions of Section 204 of the Companies Act, 2013
and Regulation 24A of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015. The Secretarial
Audit Report of the Company for the Financial Year ended
31 March, 2026 in the prescribed Form MR-3 of the
Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 is enclosed as Annexure -"D" to this
report. The Secretarial Audit Report does not contain any
qualification, reservation or adverse remark which needs any
explanation or comment of the Board.

INTERNAL FINANCIAL CONTROLS AND THEIR
ADEQUACY

The Company has a proper and adequate system of
internal financial controls which includes the policies and
procedures for ensuring the orderly and efficient conduct of
its business, including adherence to the Company's policies,
the safeguarding of its assets, the prevention and detection
of frauds and errors, the accuracy and completeness of the
accounting records and the timely preparation of reliable

financial information. During the year, such controls were
tested and no material weakness in the design or operations
were observed.

COST AUDITOR

During the year under review, the Company had been
mandatorily required to maintain the cost records as
specified by the Central Government under sub-section (1)
of section 148 of the Companies Act, 2013 and accordingly
such accounts and records have been made and maintained.

The Board has appointed, M/s. JSN & Co., Cost Accountants,
as the Cost Auditor to conduct the audit of the Cost Records
of the Company for the Financial Year ended March 31,2026.

Pursuant to Section 148 of the Companies Act, 2013 read
with The Companies (Cost Records and Audit) Amendment
Rules, 2014, the Directors on the recommendation of
the Audit Committee, re-appointed M/s JSN & Co., Cost
Accountants, to audit the Cost Accounts of the Company for
the Financial Year ending March 31, 2027 on a remuneration
of C 1.30 lacs plus GST & out of pocket expenses upto a
maximum of C0.30 lacs.

As required under the Companies Act, 2013, the
remuneration payable to the Cost Auditor is required to be
placed before the Members in a general meeting for their
ratification. Accordingly, a resolution seeking Member's
ratification for the remuneration payable to M/s. JSN & Co.,
Cost Accountants for the Financial Year ending March 31,
2027, is proposed in the Notice convening the Annual
General Meeting.

COST AUDIT REPORT

As per the provisions of Section 148(1) of the Companies
Act, 2013, the Company has maintained the cost records, as
specified by the Central Government.

The Cost Audit Report for the financial year does not contain
any qualification(s), reservation(s) or adverse remark(s) or
disclaimer.

Cost Audit Report along with the Compliance Report
for the financial year 2025-26, issued by M/s JSN & Co.,
Cost Auditors.

CODE FOR PREVENTION OF INSIDER TRADING

DDEL has adopted a Code of Conduct ("Code") to regulate,
monitor and report trading in Company's shares by

Company's designated persons and their immediate relatives
as per the requirements under the Securities and Exchange
Board of India (Prohibition of Insider Trading) Regulations,
2015. The Code, inter alia, lays down the procedures to be
followed by designated persons while trading/ dealing in
Company's shares and sharing Unpublished Price Sensitive
Information ("UPSI"). The Code covers the Company's
obligation to maintain a digital database, mechanism for
prevention of insider trading and handling of UPSI, and
the process to familiarize with the sensitivity of UPSI.
Further, it also includes code for practices and procedures
for fair disclosure of unpublished price sensitive information
which has been made available on the Company's website
www.deepiping.com.

CORPORATE GOVERNANCE

The Company is committed to maintain the quality
standards of Corporate Governance. The Report on
Corporate Governance as stipulated under Schedule V(C)
of the Regulations forms part of this Report.

The requisite Certificate of Compliance from Secretarial
Auditors, M/s Kapil Kumar & Co., Practicing Company
Secretaries confirming compliance with the conditions of
Corporate Governance is attached to this Report.

Report on Corporate Governance

The Company is committed to adhere to the Corporate
Governance requirements as stipulated under the Companies
Act, 2013 read with the rules and regulations issued by the
Securities and Exchange Board of India. Report on Corporate
Governance for the financial year under review, as stipulated
under the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations,
2015, is annexed to this report as "Annexure - E".

VIGIL MECHANISM/WHISTLE BLOWER MECHANISM

In terms of the provisions of Section 177 of the Companies
Act, 2013 and the Regulations, the Company has established
an effective mechanism called Vigil Mechanism (Whistle
Blower Mechanism). The mechanism under the Policy has
been appropriately communicated within the organisation.
The purpose of this policy is to provide a framework to
promote responsible whistle blowing by employees or by
any other person who avails such mechanism. It protects
employees or any other person who avails such mechanism

wishing to raise a concern about serious irregularities,
unethical behavior, actual or suspected fraud within the
Company by reporting the same to the Audit Committee.

Protected disclosure can be made by the whistle blower in a
closed and secured envelope or sent through e-mail to the
Compliance Officer.

During the year under review, no complaint has been
received and no employee was denied access to the Audit
Committee.

The functioning of the Whistle Blower Mechanism/Vigil
Mechanism existing in the Company is reviewed by the
Audit Committee on Annual basis.

The policy on vigil mechanism is available on the official
website of the Company i.e. www.deepiping.com
under the link:

https://www.deepiping.com/document/investor/
Disclosures under Reg 46/7 Details of establishment of
vigil/Whistle Blower Policy DEE Development Engineers
Limited.pdf

RECONCILIATION OF SHARE CAPITAL AUDIT

In terms of Regulation 76 of the SEBI (Depositories and
Participants) Regulations, 2018, the Reconciliation of
Share Capital Audit is undertaken by a firm of Practicing
Company Secretaries on quarterly basis. The audit is aimed
at reconciliation of total shares held in CDSL, NSDL and in
physical form with the admitted, issued and listed capital
of the Company.

The Reconciliation of Share Capital Audit Report(s) as
submitted by the Auditor on quarterly basis were filed with
the National Stock Exchange of India Limited (NSE) through
NSE Electronic Application Processing System (NEAPS) and
with BSE Limited (BSE) through BSE Listing Centre, where
the original shares of the Company are listed.

LISTING OF SHARES

The Equity Shares of the Company are listed on the BSE
Limited, Mumbai and the National Stock Exchange of India
Limited, Mumbai.

DISCLOSURES UNDER SECTION 134 OF THE
COMPANIES ACT, 2013

Except as disclosed elsewhere in the Annual Report, there
have been no material changes and commitments, which
can affect the financial position of the Company between
the end of financial year and the date of this report.

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

The information in accordance with the provisions of Section
134(3)(m) of the Companies Act, 2013 read with Rule 8
of the Companies (Accounts) Rules, 2014. The details of
Conservation of Energy, Technology Absorption, Foreign
Exchange Earnings and Outgo are as follows:

Innovation & Technology Upgradation FY-(2025-26)

Conservation of Energy at Palwal Unit:

1. Installed Solar power system 1000 KW -

a) Energy generation & reuse up to 1000 KW (500
KW zero export & 500 W net metering)

b) Energy cost saving & reduced the grid power

2. UPS (uninterrupted power supply)

a) Capacity enhancement from backup 15 min. to 2
Hrs.- Use of fuel will drastic reduce.

b) Productivity & quality enhancement

c) Zero rejection during power failure

3. Installed 20 HP VFD: -

a) Installed in 40" Bevelling m/c & reduced the jerk
load & energy Consumption

b) Gear box life enhancement through VFD
acceleration & deacceleration time & wheel speed
gradually ramp up.

4. Automatic day light system with timer :-

a) Energy saving

b) Enhancement LED life

c) 400 LED light installed

5.Installed 20 HP VFD :-

a) Installed in 24 " Bevelling m/c & reduced the jerk
load & energy Consumption .

b) Gear box life enhancement through VFD
acceleration & deacceleration time & wheel speed
gradually ramp up.

Technology absorption at Palwal Unit:-

6. Installed 20 HP VFD:-

a) Installed in 32" Bevelling m/c & reduced the jerk
load & energy consumption.

b) Gear box life enhancement through VFD
acceleration & deacceleration time & wheel speed
gradually ramp up.

7. Upgradation of OKK HMC Machine -

a) Upgraded of new DELTA make controller with
updated version against old 25 years old FANUC
CONTROLLER 18 M series for tool magazine

b) Cost saving up to 25 lakh against new purchasing
FANUC Controller Oi -MF plus

c) Fast response in data transmission

d) Reduced the cycle time

e) Enhancement productivity

8. Software development for CNC PLASMA M/c

a) Software ( ROTORY TUBE PRO ) developed for
circle cutting instead of oval cutting from pipe

b) In-house programming developed for plasma
machine

c) Cost saving 3 lakh on 100-ton circle cutting

d) Reduced the cutting time & manpower

e) Enhancement productivity

9. Software development & upgradation:-

a) Developed software for punching process on
small coupling

b) All punching codes developed as per radius &
degree up to 1"

c) Enhancement productivity

d) Manpower reduced

10. Upgradation / Development :-

a) Convert PNG to Bio mass to utilize in furnace for
heat treatment

b) Utilization in canteen for food making

11. New development & Cost reduction at 9 k instead
of 25 k :-

a) Bearing housing assembly kit for paint machine
developed by 3 D software

b) Cost saving 16 k @ pcs

12. Development of welding school:-

a) Welding school developed inhouse to provide
the welding training & skills enhancement &
development

b) Manpower utilization

13. New development of clamping vice :-

a) Vice clamping - Hatching strip developed to clamp
the pipe for all beveling m/c

b) Reduced the m/c break down time

c) Reduced repairing cost.

14. Implemented of Vison Camera for COBOT:-

a) Productivity enhancement

b) Minimised the welding program

c) Cycle time reduced

15. Implementation of Vision camera for ROBOT:-

a) Productivity enhancement

b) Minimised the welding program

c) Cycle time reduced

16) Installation of High-Capacity Bevelling Machine (105"),
enhanced bevelling capability up to 105", enabling
efficient processing of larger components.

17) CNC Pipe and Plate Cutting System Implementation,
integrated system to significantly improve cutting
speed and productivity for both pipes and plates.

18) Pipe cutting by CNC Plasma machine Installation,
dedicated setup to further enhance pipe cutting
efficiency and throughput instead of conventional
Bandsaw machine.

19) Adoption of HMC (Horizontal Machining Center) in
place of conventional bevelling machines, along with
the implementation of zero-gap welding technology,
to enhance precision, reduce joint preparation time,
and improve overall weld integrity.

20) FTM implementing:-

a) Reduced MTTR & increased MTBF

b) Beneficiary for data collection & monitoring

c) Beneficiary for machine PM & why - analysis (root
cause analysis)

21) A specially designed Fit-up Table is used to achieve
zero root gap during the fit-up process, significantly
enhancing joint precision, weld quality, and overall
productivity.

Conservation of Energy at Gujarat Unit:

1. Green Energy & Power Management

* Installed Solar Power System - 2MW (1 MW 1
MW) capacity, significantly reducing grid power
consumption.

* Installed UPS System - 1000KVA (500 KVA 500 KVA)
for uninterrupted power supply for plant (Robotics,
deep drilling & other critical machines run on UPS to
improve productivity) and energy conservation.

2. Using VFD's in all the EOT cranes, Semi Goliath cranes
are running for power saving instead of conventional
resistor box.

3. Installation of LED Doom Lights Qty. 550 Nos for
energy savings.

4. Using Day lights for energy saving & Using timers for
unnecessary lighting and power saving.

Technology absorption at Gujarat Unit:

1. Advanced Manufacturing Facility- Seamless Pipe Shop
Complete setup for seamless pipe manufacturing with
advanced machining and testing facilities.

A) Installed Deep Drilling Machines - Up to 40"
Size (Qty. 02)

Specialized machining process used for creating long,
straight, and high-precision holes with high depth-to-
diameter ratio. Widely utilized in Aerospace, Thermal
Power, Automotiv

e, Oil & Gas, and Defense industries
Processes Performed:

#Push Boring - Enlarging and finishing pre-drilled deep
holes by pushing the boring tool into the workpiece.

#Trepanning - Ring-type cutting process that leaves a
solid core instead of removing the complete material.

#Pull Boring - Boring operation performed by pulling
the tool through the hole for improved precision.

#Solid Drilling - Drilling operation performed on solid
material sections.

B) Installed Hobbing & Lapping Machines for precision
grinding applications.

C) Installed Hot Expansion Machine up to 20" Size,
THK - 30 mm

D) Installed Heat treatment Furnace 40 Ton capacity

E) Installed Straightening Hydraulic Power Press 2000
Ton Capacity

F) Installed Hydro Testing Machine 45 MPa pressure

G) Installed Automatic Ultrasonic Testing (UT) Machine
up to 40" Size.

2. Installed AUTOMATIC Fabrication line (KRANENDONK
/ JGC) - Up to 12" Size Integrated fabrication facility
including:

*Cutting

*Beveling/MillingM/C

*Fit-Up

*Robotic Welding setup- 2 Nos.

*Complete Pipe Fabrication Operations

3. Adding/Installed CNC operating HMC Machine instead
of Conventional Bevelling Machine & zero gap welding
implementation

4. Adding/Installed CNC Plasma Cutting machine
instead of conventional Bandsaw machine to improve
production & profile cutting.

5. Installed ROBOTIC Welding (KUKA FRONIUS) enhance
the welding quality & productivity.

6. Installed AUTO Painting Machine for enhancement
the quality & standardization in paining with
Automated Loading/Unloading system for saving the
manpower energy.

7. Implementing 3R AUTOMATION Software Provides
a comprehensive One-Step software solution for
the Shop fabrication, integrating multiple modules
such as Engineering & design, shop planning based
on available resources for optimum utilization, Pipe
cutting & Nesting, Bevelling, Fit-up, Welding, QC,
NDT and live production tracking for each operation.
The system also includes robust reporting modules to
ensure effective monitoring, Control & productivity
analysis across the entire fabrication process.

8. Implementing FTM Software (OPSCALE) for increasing
the Machine UP TIME & online monitoring the status of
machine & its utilization even supportive to analyzing
the actual root cause of Machine DOWN TIME.

9. Installed CNC operating HBM Machine for thein place
of conventional bevelling machines, along with the
implementation of zero-gap welding technology, to
enhance precision, reduce joint preparation time, and
improve overall weld integrity.

10. Installed Motorized Roller conveyor Belt for Material
feeding & smoothening the process.

11. Installation of New EOT Cranes (20T- 1Nos, Semi
Goliath Crane- 3/5T-4 Nos, Goliath crane 15T 02nos,
Goliath 1Ton- 01 No.) with VFD for smooth operation
& energy savings.

12. Under Installation and commissioning of Weighing
Bridge 100T to enhance/improve weighing technology.

13. Installation of AWL (AUTOMATIC Welding line) to
increase welding technology and zero gap welding
enhancement

14. Installation of Latest technology welding machines
which offer significant advantages including increase
productivity, improved weld quality as well cost
effectiveness

15. Installation of Air Dryer to provide moisture free air for
machines and production.

16. Using Orbital welding machine (FRONIUS) for big bore
welding diameter welding process.

17. Installed AUTOMATED Material Handling System
on Airless blasting machine for saving the
manpower energy.

Foreign Exchange Earnings and Outgo

As on March 31, 2026 (Amount in INR Lacs)

MAJOR EVENTS AND MILESTONES OF OUR COMPANY
DEE Piping Systems

Award for Export Excellence 2025- DEE is recognised as the
Star Performer In Industrial Equipment's and Accessories at
54^th & 55^th Export Excellence Regional Award held in Jaipur
in December 2025.

Company of the Year 2025- Mr. K.L Bansal received the
Company of the Year Award in 2025 at the Nation Builders
Excellence Award in Mumbai. Award was received by
Ms. Shikha Bansal on his behalf.

Entrepreneur of the Year 2025- Mr. K.L Bansal has been
honored with the prestigious "Entrepreneur of the Year"
award at the D&B Business Excellence Awards in New
Delhi in 2025.

Women Changemaker of the Year 2025- Ms. Shikha Bansal,
Whole Time Director at DEE, has been awarded the Editorial
Choice - Women Changemaker of the Year 2025 at ET
Mechanist Super Shop Floor Awards 2025.

AKB Foundation

Best NGO of the Year 2025- AKB Foundation won award
for Best NGO of the Year 2025 for it's initiative towards
Women Empowerment & Social Welfare at Indian Social
Impact Awards 2025 in New Delhi.

Best 3 Women Empowerment Initiative of the Year- AKB
Foundation won award for Best 3 Women Empowerment
Initiative of the Year 2025 for it's initiative and efforts
towards Women Empowerment at Indian Social Impact
Awards 2025 in New Delhi.

Top Most Social Innovators Leader 2026- Founder & CEO of
AKB Foundation, Ashvika Bansal was recognised as the Top
Most Social Innovators Leader of 2026, for her dedication
and hard work towards initiative of Women Empowerment
and Social Welfare at World CSR Awards held in Mumbai.

ANNUAL RETURN

In terms of the provisions of Section 134(3)(a) read with
Section 92(3) of the Companies Act, 2013 and the relevant
rules made thereunder, a copy of the Annual return as
prescribed under Section 92 of the Companies Act, 2013,
as amended shall be made available on the official website
of the Company https://www.deepiping.com/document/
investor/MGT 7 2025-26.pdf

COMPLIANCE WITH SECRETARIAL STANDARDS

During the period under review, the Company has duly
complied with the applicable Secretarial Standards issued
by the Institute of Company Secretaries of India.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY
REGULATORS / COURTS / TRIBUNALS

During the year under review, there was 1 instance of
significant and material order passed by the regulators
or courts or tribunals impacting the going concern status
and Company's operations in future, the details of which
are as under:

The Company, being aggrieved by the Order dated
20^th August, 2025 passed by the Punjab State Electricity
Regulatory Commission ("PSERC") in a review petition
concerning tariff revision, filed a petition before the Hon'ble
Punjab & Haryana High Court.

The Hon'ble High Court, vide its order dated 23^rd September,
2025, has been pleased to stay the operation of the
PSERC Order.

Consequently:

1. The Company shall continue to supply electricity to
Punjab State Power Corporation Limited ("PSPCL") at
the prevailing tariff of C7.47 per unit; and

2. Any recovery claimed by PSPCL on account of tariff
differential shall remain withheld until the final disposal
of the matter by the Hon'ble High Court.

Subsequent to the above, PSPCL has filed an appeal before
the Hon'ble Appellate Tribunal for Electricity ("APTEL")
vide DFR No. 286 of 2025 along with IA No. 1194 of 2025
challenging the PSERC Order.

The matter was initially adjourned by the Hon'ble APTEL
on 27^th October, 2025 and was thereafter taken up on
30^th October, 2025. Upon hearing the parties, the Hon'ble
Tribunal directed that upon completion of pleadings and
verification by the Registry, the matter shall be listed for
final hearing in due course.

The Management is closely monitoring the developments
and based on legal advice is confident of a favorable
outcome. The impact, if any, will be accounted for upon
final disposal of the matter.

Agreements under Clause 5A of Schedule III of SEBI
LODR

During FY 2025-26, no such agreements as specified under
Clause 5A of Para A of Part A of Schedule III were entered.

Extra-ordinary General Meeting

An Extra-ordinary General Meeting (EGM) was held
on 20^th May, 2025, where shareholders approved the

appointment of Mrs. Shruti Aggarwal as Whole-time
Director by way of special resolution.

DETAILS OF APPLICATION/PROCEEDING UNDER THE
INSOLVENCY AND BANCRUPTCY CODE, 2016

Neither any application has been made nor any proceeding
is pending against the Company under the Insolvency and
Bankruptcy Code, 2016 during the year under review.

INSTANCES OF DIFFERENCE IN VALUATION

There is no such instance where there is difference between
amount of the valuation done at the time of one time
settlement and the valuation done while taking loan from
the Banks or Financial Institutions.

INDUSTRIAL RELATIONS

During the year under review, industrial relations in the
Company continued to be cordial and peaceful.

ACKNOWLEDGEMENTS

Your Board wishes to thank all stakeholders, employees,
business partners, the Company's bankers and business
associates for their continued support and valuable
cooperation.

Your Board also wishes to express its gratitude to investors
for the faith that they continue to repose in the Company.

For and on behalf of the Board of Directors
DEE Development Engineers Limited

Sd/-

Krishan Lalit Bansal

Chairman & Managing Director
DIN: 01125121

Sd/-

Shruti Aggarwal

Whole-time Director
DIN: 08598962

Place: Palwal, Haryana
Date: 21.08.2026