Your Directors are pleased to present the 41^st Annual Report
on the business and operations of the Company, together with
the Audited Financial Statements of your Company for the
financial year ended 31^st March, 2025.

Financial Results (' in Crore)

Dividend

Your Directors are pleased to recommend a dividend at the rate
of 100% on the face value of each Equity Share (Previous year
80%) for the financial year ended 31^st March, 2025 subject to
the approval of the Shareholders in the ensuing Annual General
Meeting (“AGM”). The total outgo on account of payment of
dividend will be ' 30.96 Crore (Previous year ' 24.77 Crore).

In view of the changes made under the Income-tax Act, 1961
by the Finance Act, 2020, dividend paid or distributed by the
Company shall be taxable in the hands of the Shareholders.
The Company shall, accordingly, make the payment of the final
dividend after deduction of tax at source.

The dividend recommended is in accordance with the
Company’s Dividend Distribution Policy (“the Policy”) adopted
in pursuance to the provisions of Regulation 43A of the
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended (“SEBI Listing Regulations”).
The Policy contains broad parameters and factors while
recommending/declaring dividend(s) by the Board of Directors.
The Policy is available on the Company’s website at https://
www.indiaglycols.com/wp-content/uploads/2023/08/Dividend-
distribution-policy.pdf.

Performance Review

Building on the momentum of FY 23-24, your Company marked
FY 2024-25 as second consecutive year of strong, broad-
based growth across all business segments underscoring the
strength of its diversified portfolio and the disciplined execution
of Company’s strategic roadmap. From top-line achievements
to operational excellence, every business played a critical role
in driving the Company forward and delivering remarkable
results.

The Company’s Capex on grain-based distillery is largely
complete and during the year under review, grain-based
distillery capacities at Kashipur Plant were augmented
making the total installed capacity to 500 KLPD (added 100
KLPD during FY 24-25). Whereas, the Bio-Fuel Ethanol Plant
(Ethanol to Bio-Fuel conversion) at Kashipur has a scaled up
capacity of 590 KLPD (addition of 180 KLPD during FY 24¬
25). The facilities for New Value-Added Chemical Products at
Kashipur were further enhanced by 2,500 MT/ p.a. (subject
to product mix), making the total capacity to 7,500 MT/p.a..
Similarly, during the year under review, the Gorakhpur Plant
also successfully increased its capacities and the Plant’s total
combined capacity (grain based distillery and Bio-fuel Ethanol
Plant) now stands at 310 KLPD. All these expanded capacities
are now fully commissioned and are expected to contribute in
cashflows significantly. The augmented capacities are further
steps in the direction to obtain self-sufficiency for Company’s
Alcohol requirements. The smooth supplies of broken rice from
Food Corporation of India and import of Alcohol at competitive
prices supported the supply chain and margins.

During the FY 2024-25, on a standalone basis, your Company
registered gross revenue of '9,052 Crore as compared to
'7,944 Crore in FY 2023-24, an increase of about 14%
indicating strong growth. The profit after depreciation and
tax for the FY 2024-25 was '180 Crore in comparison of
'152 Crore in the FY 2023-24. Despite the challenging market
conditions, the Bio-based Specialties and Performance
Chemicals (“BSPC”) segment registered a marginal decrease
of about 2% in revenue over the last year, while registering
a healthy topline and good margin growth. The Potable
Spirit segment achieved a significant growth by recording
an increased revenue of over 13% as well as good growth in
margins over the previous year which was through portfolio
premiumisation, markets expansions, strategic tie-ups with
premium partners and channelizing the para-military and
Canteen Stores Department (“CSD”) business. The new
added segment of Bio-fuels (carved out from BSPC segment
during Q1/FY25) demonstrated a bumper revenue growth of
over 100% benefiting from supportive regulatory tailwinds
and improved ethanol blending rates. Ennature Bio-Pharma
continued its upward trajectory with strong demand across
key natural ingredient categories support from enhanced
manufacturing capacities and expansion into the high-margin
Branded Nutraceutical Ingredients segment and registered a
revenue growth of about 7% over the previous fiscal year.
Depending upon the product mix and margins, the Company
continued to optimize the usage of imported alcohol and in¬
house capacities. Under the current scenario, the outlook for
the near future remains positive.

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

Material Changes and Commitments Affecting the
Financial Position of the Company

There were no material changes and commitments affecting
the financial position of the Company between the end of
financial year and date of this report. There has been no
change in the nature of the business of the Company.

Holding Company

During the period under review, pursuant to a Composite
Scheme of Arrangement as approved by Hon’ble National
Company Law Tribunal, Kolkata involving Ajay Commercial
Co. Pvt. Ltd., Facit Commosales Pvt. Ltd., J B Commercial
Company Pvt. Ltd., J Boseck & Co. Pvt. Ltd., Lund & Blockley
Pvt. Ltd., Supreet Vyapaar Pvt. Ltd., Kashipur Holdings
Limited (“KHL”) (collectively “Promoter and Promoter group
companies”) and HWL Traders Limited, which became
effective on 2^nd December 2024, KHL had additionally acquired
37,79,819 equity shares representing 12.21% of the total
paid-up capital of the Company from certain Promoter group
companies, thereby increasing its shareholding to 50.35%
from 38.14% of the total paid-up capital of the Company.

Consequently, KHL the Promoter has become the Holding
Company of the Company w.e.f. 2^nd December, 2024. KHL is a
Non Banking Finance company registered with Reserve Bank
of India.

Scheme of Arrangement

During the year under review, the Board of Directors of the
Company at their meeting held on 4^th February, 2025 had
approved the Composite Scheme of Arrangement (“Original
Scheme”) involving Part I: Amalgamation of Kashipur Holding
Limited (“KHL”) into the India Glycols Limited (“Company”) and
Part II: Demerger of: i) Bio Pharma Undertaking into a separate
Company namely “Ennature Bio Pharma Limited” (“Resultant
Company-1”); and ii) Spirits and Biofuel Undertaking into a
separate Company namely “IGL Spirits Limited” (“Resultant
Company-2”) and their respective shareholders pursuant to
the provisions of Sections 230 to 232 of the Companies Act,
2013 and the rules framed thereunder.

Further, in order to continue on value creation for its
stakeholders, the Board of Directors in its meeting held
on 16^th May, 2025 had decided to exclusively focus on Part
II of the Original Scheme, i.e. the Demerger of the i) Bio
Pharma Undertaking into Ennature Bio Pharma Limited and
ii) Spirits and Biofuel Undertaking into IGL Spirits Limited, and
accordingly, approved the modified Scheme of Arrangement
which would be subject to the requisite approvals and sanction
of the jurisdictional bench of National Company Law Tribunal
(“NCLT”) and also subject to the approval of shareholders,
Central Government, or such other competent authorities as
may be directed by the Hon’ble NCLT.

Credit Ratings

During the financial year 2024-25, CARE Ratings Limited
(“CARE”), a credit rating Agency, has kept the rating
unchanged for the long-term/short-term bank facilities of the
Company. However, Placed on Rating Watch with Developing
Implications (RWD), owing to restructuring actions being taken
the Company.

The instrument wise ratings details are given in Corporate
Governance Report which forms part of this Report.

Bio-Based Specialities and Performance Chemicals

Bio-based Glycols, Bio-Polymers and Industrial Gases

IGL, a leading manufacturer of bio-based glycols, ethanol, and
industrial gases, continues to carve a path of sustainability
and innovation in various sectors. With a focus on
renewable sources, strategic partnerships, and cutting-edge
technologies, IGL is reshaping industries while aligning with
global sustainability goals.

In the bio-based glycols segment IGL continues to remain
a unique manufacturer offering low carbon solutions in the
packaging and textile fiber applications. IGL stands out with its
flagship product , Bio-based MEG, renowned for its significantly
reduced carbon footprint. Despite challenges in the chemicals
market, including declining prices of petro-based MEG and
economic slowdowns, IGL navigated through innovation,
retaining sales volume and expanding market share in Far
East and SE Asia by developing strategic partnerships and
creating brand segmentation. IGL is also trying to create a
niche market for its Ethylene Glycol Ethers in the paints and
thinners, electronic chemicals, specialty printing inks and
industrial cleaners.

In the domain of bio-polymers, IGL leverages India’s abundant
guar resources, catering to diverse industries such as oil
drilling, textiles, food, and water treatment. Despite challenges
in the shale gas industry, IGL anticipates growth opportunities
driven by oil drilling activities and diversification into new
end applications beyond the oil field segment. The Company
registered a sale value of ' 37 Crore during FY 2024-25.

IGL is committed to a green environment and had embarked
on a new journey with the introduction of specialty chemical
products. With a focus on sustainability and efficiency, your
Company enhanced the New Specialty Unit plant capacity to
7,500 MT/per annum (earlier 5,000 MT) (depending on the
product mix) during FY 2024-25. This unit aims to develop
innovative chemistries, including bio-amines, biopolymers,
green solvents and also customized products for various
end applications including oilfield. The Company has bagged
sizable orders from oil & gas major companies which is an
encouraging trend. IGL’s products are under different stages

of approval with many large MNC’s and your Company is
assured of large offtake in coming years, thus ensuring
significant growth in this segment. By staying at the forefront
of technological advancements and fostering a culture of
innovation, IGL is poised to redefine industry standards and
meet evolving market demands.

In the industrial gases sector, IGL continues to excel, with
a focus on quality and customer satisfaction. With significant
sales growth in Liquid CO2 and other industrial gases, coupled
with initiatives to enhance quality control, IGL maintains its
position as a trusted supplier in both domestic and international
markets. With setting up of new capacities by other players,
the scenario looks challenging but IGL is confident of growth in
this market with its superior quality and technology and many
years of goodwill earned through better customer service.
The Company registered a sale value of ' 58 Crore during FY
2024-25.

Sales of Glycols [Monoethylene Glycol (MEG), Diethylene
Glycol (DEG), Triethylene Glycol (TEG), Heavy Glycols
and Glycols Ether] have increased to 47,183 MT in FY
2024-25 in comparison to 44,502 MT during the last fiscal
2023-24 and the sales value was at ' 1,177 Crore and
' 1,206 Crore respectively.

During the year, your Company produced 47,146 MT of Glycols
compared to 40,699 MT last year.

The Bio-based Specialty and Performance Chemical segment
has been discussed in more detail in the Management
Discussion and Analysis Report which forms part of this
Report.

Power Alcohol (Bio-Fuels)

In pursuance to the provisions of applicable Ind AS, the
Company had created a new segment for Bio-Fuels w.e.f. Q1/
FY 25. The segment is poised for a good growth driven by the
Government policies. The Company has been a supplier of
Ethanol/Bio-Fuels to Oil Manufacturing Companies (“OMC’s”)
through tender participation as per Government of India’s
Ethanol Blending Programme (“EBP”) and during the year
under review, the Company has been allocated quantities
for supply of 19.82 Crore liters of Ethanol (revised from the
earlier allocation of 18.06 Crore liters) with an estimated
value aggregating to ' 1,387.40 Crore (up from the previous
estimate of ' 1,264.20 Crore) under EBP during Ethanol
Supply Year (“ESY”) from 1^st November, 2024 till 31^st October,
2025. During the previous ESY, the Company was allocated
quantities of 16.55 Crore lites of Ethanol with an estimated
value aggregating to ^ 1,164 Crore.

The actions to augment the capacity of Bio-Fuel ethanol plant at
Kashipur were completed during the year under review, accordingly,
the scaled up capacities stands at 590 KLPD at Kashipur and 310
KLPD(combined with grain distillery) at Gorakhpur.

During the year under review, the Company registered a
revenue of ' 1,043 Crore from sale of Power Alcohol as
compared to ' 512 Crore during previous year.

Potable Spirits (IMFL & Country Liquor) and ENA

In the potable spirits segment, IGL’s has two state-of-the-art
distilleries which produce premium quality Indian Made Foreign
Liquor (“IMFL”) brands in addition to its traditional business
of manufacturing world class ENA made out of bio-resource
(Molasses and grain), catering to domestic and international
markets. We continue to maintain our leadership position in
the branded country liquor segment as well.

Further, the Company continues to be a major player in North
India for domestic pharma markets. It remains a trusted and
reliable supplier to many well established pharma, homeopathic
and perfumery companies.

Partnership with Bacardi:

Our business partner Bacardi International makes their full
range of brands right from RTD (Ready To Drink) Breezers
to their flagship Bacardi Carta Blanca. Its gives us pride to
mention that Bacardi at its home plant at Bangalore uses our
best quality ENA. This is a testimony of the best quality of ENA
being produced by your Company. We are also pleased to
mention that Bacardi supplies all its brands to various states in
North and East India territory.

During the year, your Company registered gross sales value
of ' 6,306 Crore as compared to ' 5,558 Crore last year in the
Potable Spirits division.

Leadership in Country Liquor:

Your Company has the license for operations and sale of
branded Country Liquor in the States of Uttar Pradesh and
Uttarakhand and continues to maintain the commanding
position in both states. We are delighted to mention that in
Uttarakhand our brand Malta Whisky enjoys a leadership
position.

The Company is producing IMFL brands from its Gorakhpur
and Kashipur unit and has a healthy market position with wide
portfolio of brands in whisky and vodka categories. In the IMFL
segment, the Company has a wide portfolio of brands across
spectrum of Whisky and Vodka segments which have been
well accepted across markets by the consumers.

Our Amazing Vodka brand is among the top three Vodka in the
States we have launched i.e. Uttar Pradesh, Uttarakhand and
Delhi. We launched Cranberry flavour with great success in
Uttar Pradesh followed by Uttarakhand. IGL Zumba Lemoni™
is our tactical brand made out of citrus flavour which goes
well with our tropical climate. We are glad to mention that IGL
Zumba™ gained good traction in the market and we plan to
take the brand national.

During the year under review, the Potable Division-IMFL
received the Spiritz Selection Award(Gold) for Amazing
Premium Grian Deluxe Vodka (Green Apple).

During the year under review, your Company has partnered
with Amrut Distilleries Private Limited, Bengaluru, wherein,
the Company is manufacturing, bottling, marketing and
selling Amrut’s premium brands for Whisky, Brandy and Rum
segments, on royalty basis for different north Indian states.
These brands include “Amrut’s Maqintosh Special Edition”,
Amrut’s Maquintosh White Label(whisky), Amrut’s Bejois
XO(Brandy) and Amrut’s Old Port(Rum).

All these brands compliment IGL’s organic brands namely
Soulmate Whisky (did a million cases last year), Beach House
XXX Rum, Amazing Vodka & its flavours - Green Apple,
Cranberry & Orange, Zumba Lemoni Naturally Citrus White
Rum and Zumba Black Spiced Rum (Dark Rum).

With this now IGL has complete portfolio of brands and is
poised to gain market share in all segments in the next couple
of years.

The Excise Policy in Delhi offers a lucrative space for IMFL
players and as such continues to be a high growth market for
the Company. Our Soulmate Blu whisky is one of the leading
brands being sold in this category.

Your Company is a registered supplier to the Indian Defence
forces through CSD & Para Military Forces and have gained
significant pie in Para Military business. Over the last year, our
Para Military Business has been doing very well. From three
brands in FY 23-24, we are presently supplying five brands
namely Beach House XXX Premium Rum, Single Reserve
Deluxe Whisky, Soulmate Blu Whisky, IGL Zumba Lemoni
Citrus Rum and IGL Zumba Black Spiced Rum to Para Military
Forces in various States of India.

Ennature Bio-Pharma

The Ennature Bio-pharma division of the Company operates in
the space of Plants based Active Pharmaceuticals Ingredients
(APIs), Nutraceuticals and Nicotine. Ennature Biopharma is a
global leader in Thiocolchicoside API, a highly potent muscle
relaxant and also in Nicotine and its derivatives. The division
continues to have a strategic partnership with Algatechnologies
(Part of the Solabia Group, France) for highly specialized
Astaxanthin and Fucoxanthin ingredients.

The manufacturing facility is located at Dehradun and is
accredited with EU-GMP certification from the European
agency(EDQM), WHO GMP, Current Good Manufacturing
Practices (CGMP), ISO 9001, ISO 16128, ISO 22000, Hazard
Analysis and Critical Control Points (HACCP), Kosher and
Halal. The division holds a CEP (Certification of Suitability)

from EDQM for its two flagship APIs-Thiocolchicoside &
Colchicine which certifies that our APIs are in line with the
highest European standards of quality, safety and efficacy. The
division has an advanced production facility, including Super
Critical CO2 Fluid Extraction (SCFE) & solvents’ extraction
facility, for production of APIs of plant origin, standardized &
branded Nutraceutical ingredients as well as Nicotine & its
derivatives.

The division is fully supported by a well equipped R & D center
with capability to develop products from lab to commercial
scale. The R & D center is fully integrated-from chemistry and
formulation development to analytical research and process
optimization.

The division has registered sales value of ' 217 Crore for
FY 2024-25, as compared to ' 202 Crore in previous year,
registering an increase of about 7%.

The APIs derived from plant sources continued to register
a steady growth and remained one of the leading player in
global markets. While retaining its leadership position for
Thiocolchicoside in the export market, the division has
also established itself as the market leader the domestic
segment. In Nicotine segment, focus remained on efficiency
enhancement initiatives and aggressive diversification of
customer base and building a value added pharma customers
for Nicotine Replacement Therapy products. The Company is
also developing new APIs in order to reduce dependency on
the Thiocolchicoside.In Nutraceuticals business, the division
established its presence in South East Asian markets and
continue to expand its footprint in the USA. Further, during
the year under review, the division has received Clean Label
Project (“CLP”) verification for its branded Nutraceuticals
ingredients-Maxicuma and Xanthogreen - reinforcing our
commitment to enhance product safety and quality in the
global markets. The Company has successfully added
couple of branded specialty Nutraceuticals ingredients using
proprietary patented technology platforms. In order to remain
competitive and protect its intellectual property, the Company
in addition to the existing filed patents had also filed a new
patent application during the period under review.

The division continue to have better margins for Thiocolchicine
and Colchicine due to cost reduction by enhancing the process
efficiency. The Company has achieved highest ever export
volumes for Thiocolchicoside.

Future Outlook- Expansion, Modernization and Diversification

IGL has consistently prioritized innovation in both products
and processes by leveraging sustainable chemistries and
renewable resources. This strategy has helped the Company
maintain market leadership in value-added products and

strengthen its competitive position with end-users. This
success is driven by the integration of advance technologies
and robust safety systems, which guarantee reliable product
quality. To better meet customer expectations, IGL has
implemented a New Product Development (NPD) system
designed to deliver timely and innovative solutions. The
Company has transformed from a producer of renewable
chemicals into a global leader in Specialty Chemicals, utilizing
C-smart and bio-based feedstocks- surpassing several global
competitors. Cost efficiencies in high volume products have
been realized through validated processes that improve yields,
boost production efficiency, and incorporate alternative raw
materials. These improvements have shortened the batch
cycles, reduced utility expenses and ensured consistent
product availability.

The Company has identified and is actively working on the
following key areas to drive growth:

I. New Bio-based Specialties.

ii. Polyglucoside chemistries.

iii. Carbon smart based Specialties.

IV. Green Solvents including Bio- Amine Chemistry.

V. Biopolymers/ Specialty Block-co-Biopolymer and its
derivatives.

vi. Potable Spirits.

VII. Bio-fluel.

VIII. Ennature Biopharma - Nutraceuticals and Plant based
API's.

IGL positions itself as a trusted partner for customers, supporting
them in meeting their sustainability goals. Its upcoming product
lines are designed to promote a circular economy and drive
further progress in sustainable development. The Company
has strategically identified new opportunities to expand its
portfolio with value-added, eco-conscious products.

By emphasizing the use of bio-based and environmentally
friendly ingredients, IGL aligns with global sustainability
trends while addressing the growing market demand for green
solutions across multiple sectors. The integration of high-
performance chemicals ensures that these products deliver
superior effectiveness and reliability.

A major strength of IGL is its in-house R&D team, which is
dedicated to developing each product using advanced,
innovative techniques. This ensures the creation of forward¬
thinking solutions that are not only environmentally responsible
but also meet the evolving demands of key industries.

As we begin this journey of exploration and innovation, we
understand the value of working together. After successfully
opening our R&D center in Kashipur, we are further expanding
our research capabilities by setting up a new pilot facility to
develop specialty molecules. We are also working to increase
our production capacity. IGL is committed to building strong

relationships with customers, suppliers, and industry partners,
using shared knowledge and resources to achieve success
together.

The launch of new product lines and the growth of our specialty
chemicals division mark a significant and promising phase in
IGL’s journey. With a strong focus on quality, innovation, and
sustainability, we are well-positioned to embrace emerging
opportunities, tackle challenges, and move confidently toward
a more successful and sustainable future—for both the
Company and its partners.

The Company has made notable progress in becoming more
self-reliant and innovative. The commissioning of grain-
based distillery plants in Kashipur and Gorakhpur has been
instrumental in this achievement, helping reduce dependence
on ethanol imports and supporting the nation's ethanol
blending initiatives.

In line with its sustainability vision, IGL has implemented
innovative waste management practices. The Company has
established a plant to manufacture granulated potash fertilizer
utilizing potash-rich fly ash generated from slop incineration
boilers. This initiative not only addresses environmental
concerns by converting waste into valuable products but also
aligns with IGL’s strategy of creating wealth from waste.

As IGL navigates new challenges and seizes emerging
opportunities, strong collaboration and strategic partnerships
continue to be key to its success. Driven by a dedication to
quality, innovation, and sustainable growth, IGL is focused
on building a stronger and more successful future for the
Company and all its stakeholders.

Finance

During the year under review, your Company has raised
term loan amounting to ' 753.03 Crore. The Company
has successfully repaid its entire outstanding liability of
Export Performance Bank Guarantee of USD 17.80 million
(' 113.42 Crore) to the customers against the commitments as
on 31^st March, 2025. Further, the Company has re-paid, upon
maturity, term loan of ' 367.25 Crore during the year.

The Company has been regular in meeting its obligations
towards payment of principal/interest to Banks/NBFCs.

Details of the Loans, Guarantees and Investments covered
under the provisions of Section 186 of the Companies Act,
2013 (“the Act”) are provided in the notes to the standalone
financial statements which form part of the Annual Report.
The Company had discontinued its fixed deposits scheme
in the FY 2009-10 and has not accepted any fresh deposits
covered under Chapter V of the Act during the year. There
are no overdue deposits as on 31^st March, 2025. During the
year under review, no unclaimed deposit was required to be
transferred to Investor Education and Protection Fund (IEPF).

The financial statements of the Company (including of
subsidiaries) have been prepared in accordance with the
recognition and measurement principles laid down under
Ind-AS as presented under Section 133 of the Act read with
the relevant rules issued thereunder and the other accounting
principles generally accepted in India as applicable.

Internal Financial Controls and their Adequacy

The Company has in place adequate internal financial
controls commensurate with the size, scale and complexity
of its operations which ensures that all transactions are
authorized, recorded and reported correctly in a timely
manner. The Company periodically discusses and reviews at
its Audit Committee and with its auditors the effectiveness of
the internal financial control measures implemented by the
Company including with reference to the Financial Statements
of the Company.

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 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.

In alignment with the evolving business landscape, the
Company has instituted an updated Delegation of Authority
Matrix, along with revised Standard Operating Procedures
(SOPs) and operational manuals. Furthermore, the Company
has in place a strengthened Internal Financial Controls (IFC)
frameworks with the assistance of M/s Grant Thornton (“GT”).

Listing of Securities

The shares of the Company are listed on BSE Limited (BSE)
and the National Stock Exchange of India Limited (NSE). The
respective stock code no. and symbol of the Company are
500201 and INDIAGLYCO. The annual listing fees for the year
2025-26 have been paid in advance to the Stock Exchanges.

Subsidiary, Associates, Joint Venture and Consolidated
Financial Statements

As at 31^st March, 2025, the Company had Six (6) subsidiaries
and One (1) Joint Venture Company. A brief of each of them
is given below:

IGL Finance Limited

IGL Finance Ltd. (“IGLFL”) is a 100% subsidiary of the
Company. IGLFL had invested funds in short term commodity
financing contracts of the National Spot Exchange Ltd.
(“NSEL”).

NSEL has defaulted in settling the contracts on due dates,
for which IGLFL has initiated legal and other action. IGLFL is
confident of recovery of its dues from NSEL over a period of
time in view of the measures which have so far been taken
for and pending before the Government and other agencies.
During the year ended 31^st March, 2025, IGLFL has incurred a
loss of ' 0.45 Lakh.

IGL Chemicals and Services Private Limited

IGL Chemicals and Services Private Limited (“ICSPL”) is a
100% subsidiary of the Company with objectives, inter-alia, of
manufacturing, distribution and sale of various chemicals and
ancillary items and providing related services, utilities etc.

During the year ended 31^st March, 2025, ICSPL has incurred
a loss of ' 0.19 Lakh.

Ennature Bio Pharma Limited

(formerly Ennature Bio Pharma Private Limited)

Ennature Bio Pharma Limited (“EBPL”) is a 100% subsidiary
of the Company with objectives, inter-alia, to produce of all
types and nature of Nutraceuticals, Phytochemicals, Active
Pharmaceuticals ingredients (API) of natural plant origins, food
supplements & health supplements herbs and their extracts
and all nature of their derivatives, intermediary products and/
or to carry out other related activities. During the period under
review the EBPL has been converted from Private to Public
Company w.e.f. 4^th December, 2024 pursuant to shareholders
approval.

During the year ended 31^st March, 2025, EBPL has incurred a
loss of ' 0.17 Lakh.

IGL Spirits Limited

During the year under review, your Company had incorporated
a 100% subsidiary namely, IGL Spirits Limited (“IGLSL”) vide
certificate of incorporation dated 25^th November, 2024 issued
by the Registrar of Companies with objectives, inter-alia, to
carry on business of Spirits and related products.

During the year ended 31^st March, 2025, IGLSL has incurred a
loss of ^0.16 Lakh.

IGL Chem International Pte. Ltd.

IGL Chem International Pte. Ltd. is a 100% subsidiary of
the Company in Singapore to augment its activities in South
Eastern region and help the marketing of products from
Chemical Plant, Natural Gums Plant and Supercritical Fluid
Extraction facility to large buyers in US, Europe and South
East Asia.

During the year ended 31^st March, 2025, IGL Chem International
Pte. Ltd. has incurred a loss of ' 18.85 Lakh.

IGL Chem International USA LLC

Your Company has also set up a 100% subsidiary Company in
USA named as IGL Chem International USA LLC with the main
objective of marketing of the Company’s products and related
activities in the American and Latin American regions.

During the year ended 31^st March, 2025, IGL Chem International
USA LLC has earned a profit of ' 422.81 Lakh.

Clariant IGL Specialty Chemicals Private Limited

Clariant IGL Specialty Chemicals Private Limited (“CISCPL”)
is a 49:51 joint venture (JV) of your Company and Clariant
International Ltd., Switzerland. The JV is engaged in the
manufacturing, distribution and sale of various specialty
chemicals in the domestic and global market industries like
Textile, Pharma, Agro, Paints & Coatings, Construction
Chemicals, Personal Care and others.

During the year ended 31^st March, 2025, CISCPL has earned
a profit of ' 9,421.57 Lakh.

The consolidated financial statements of the Company and
its subsidiaries, joint venture for the FY 2024-25, prepared
in accordance with the applicable provisions of the Act, SEBI
Listing Regulations and applicable accounting standards
notified by Ministry of Corporate Affairs (“MCA”), Govt. of India,
forms part of the Annual Report. Pursuant to the provisions of
Section 136 of the Act, financial statements of the subsidiary
companies are not required to be sent to the Members of the
Company.

The Company will provide a copy of separate annual accounts
in respect of each of its subsidiary to any Member of the
Company if so desired and said annual accounts will also
be kept open for inspection at the registered office of the
Company.

Further, the audited annual accounts of the subsidiary
companies are also available on the website of the Company
viz. www.indiaglycols.com.

A separate statement containing salient features of the financial
statements of subsidiaries and Joint venture under first proviso
to sub-section (3) of section 129 in Form AOC-1 forms part of
the financial statements.

Board of Directors and Key Managerial Personnel (KMP)

The Board of Directors of the Company, on the recommendation
of Nomination and Remuneration Committee (“NRC”) at its
meeting held on 21^st September, 2024, appointed Shri Sushil
Dutt Salwan (DIN: 10776621) and Shri Samrat Banerjee
(DIN: 06706345) as Additional Directors in the category of
Independent Directors, not liable to retire by rotation, for a
term of consecutive five (5) years from 1^st October, 2024 to 30^th
September, 2029 and also re-appointed Smt. Shukla Wassan

(DIN: 02770898) as an Independent Director for a second term
of consecutive five (5) years, w.e.f. 1^st April, 2025 to 31^st March,
2030. The aforesaid appointments/re-appointment were also
approved by the shareholders through special resolution by
way of postal ballot on 26^th November, 2024.

Further, during the year under review, upon the completion
of their second term, Shri Pradip Kumar Khaitan (DIN:
00004821), Shri Jagmohan N. Kejriwal (DIN: 00074012),
Shri Ravi Jhunjhunwala (DIN: 00060972), and Shri Jitender
Balakrishnan (DIN: 00028320) ceased to be the Independent
Directors, with effective from the close of business hours on
30^th September, 2024. The Board of Directors expresses their
deep appreciation for the extensive contribution made by
these directors during their tenure as Independent Directors.

Further, Smt. Jayshree Bhartia (DIN: 00063018), Director of
the Company is retiring by rotation at the ensuing AGM and
being eligible, offers herself for re-appointment. Your Directors
recommend the re-appointment of Smt. Jayshree Bhartia, the
retiring Director, for your approval.

The Company has received requisite declarations as required
under section 152(4) of the Act from Smt. Bhartia along with
the intimation that she is not disqualified under Section 164 of
the Act to act as a Director.

Brief resume of the Director retiring by rotation along with the
other details as stipulated under SEBI Listing Regulations and
Secretarial Standard on General Meetings (SS-2), is provided
in the Notice convening AGM.

Except as mentioned above, there is no change in the Directors
and Key Managerial Personnel during the year under review.

All the Independent Directors have furnished declarations
that they fulfill the criteria of Independence and conditions as
prescribed under Section 149(6) of the Act and Regulation 16(1)
(b) of SEBI Listing Regulations and confirmed regarding their
enrollment with the Indian Institute of Corporate Affairs (IICA)
for inclusion of their name in the Data Bank of Independent
Directors. There was no change in the circumstances effecting
their status as Independent Director. In terms of Regulation
25(8) of SEBI Listing Regulations, the Independent Directors
have confirmed that they are not aware of any circumstance
or situation which exists or may be reasonably anticipated that
could impair or impact their ability to discharge their duties.
The Board is of the opinion that all Independent Directors are
independent of the Company’s management and meets the
requirement of integrity, expertise and experience (including
proficiency).

During the Financial Year 2024-25, 5 (Five) Board Meetings
were held. The details of the Board meetings and the
attendance of the Directors thereat are provided in the
Corporate Governance Report and forms part of this Report.

As on 31^st March, 2025, the Board has 5 (Five) Committees
namely: the Audit Committee, the Corporate Social
Responsibility Committee, the Nomination & Remuneration
Committee, the Risk Management Committee and the
Stakeholder’s Relationship Committee.

The detailed note on the composition of the Board and its
Committees is provided in the Corporate Governance report.
During the year, all the recommendations made by the
Committee(s) were approved by the Board.

Board Evaluation

Pursuant to the applicable provisions of the Act and SEBI
Listing Regulations, the Board has carried out the annual
performance evaluation of its own performance, the Directors
individually as well as the evaluation of Committees. The
evaluation was carried out based on parameters such as level
of engagement and contribution, independence of judgement,
safeguarding the interest of the Company and all stakeholders
etc.

The performance evaluation of the Independent Directors
was done by the entire Board excluding the Directors being
evaluated in pursuance to the applicable provisions of
SEBI Listing Regulations. The performance evaluation of
the Chairman, Board as a whole and the Non-Independent
Directors was carried out by the Independent Directors.

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

Nomination and Remuneration Policy

The Nomination and Remuneration Policy containing, inter-alia,
guiding principles for payment of remuneration to Directors,
Senior Management, Key Managerial Personnel and other
employees along with criteria for determining qualifications,
positive attributes, independence of Directors and Board
evaluation are provided in the Corporate Governance Report
and forms part of the Annual Report. The said policy was
amended during the year pursuant to amendments in the
provisions of SEBI Regulations and is available on the website
of the Company i.e. https://www.indiaglycols.com/wp-content/
uploads/NRE-Policy-Feb2025-effective-Dec2024-1.pdf

Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013

In accordance with the provisions of the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013 (“Prevention of Sexual Harassment Act”), the
Company has constituted an Internal Complaints Committee
where any grievance of sexual harassment at workplace can
be reported. No complaint pertaining to sexual harassment
at workplace has been reported to the Committee during the
financial year ended 31^st March, 2025.

The Company has also adopted 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 that every employee is treated
with dignity and respect.

The said policy is available on the website of the Company
i.e. www.indiaglycols.com under link: https://www.indiaglycols.
com//wp-content/uploads/2023/07/policv-for-prevention-and-
redressal-of-sexual-harrasment-of-women-at-workplace.pdf

The Company periodically conducts sessions for employees
across the organization to build awareness about the policy
and the provisions of the Prevention of Sexual Harassment Act.

Vigil Mechanism/ Whistle Blower Policy

In terms of provisions of Section 177 of the Act read with Rules
thereunder and SEBI Listing Regulations, the Company has
established a Vigil Mechanism/Whistle Blower Policy to deal
with the instances of fraud and mismanagement. The Policy
also facilitates all employees of the Company to report an
instance of leak of unpublished price sensitive information.

The details of the Vigil Mechanism/Whistle Blower Policy are
provided in the Corporate Governance Report and also hosted
on the website of the Company i.e. https://www.indiaglycols.
com/ under link https://www.indiaglycols.com/wp-content/
uploads/2023/07/vigil-mechanism-policy.pdf.

During the year under review, upon the completion of their
second term as Independent Directors, Shri Pradip Kumar
Khaitan, Shri Jagmohan Nandlal Kejriwal and Shri Ravi
Jhunjhunwala also ceased as a member of the Audit Committee
from the close of the business hours on 30^th September, 2024,
accordingly, the Board in its meeting held on 21^st September,
2024 re-constituted the Committee w.e.f. 1^st October, 2024
and on 31^st March, 2025, the Committee comprises two Non¬
Executive Independent Directors, namely, Shri Ravi Kumar
(Chairman) and Shri Samrat Banerjee (both w.e.f. 1^st October,
2024) and one Executive Director, Shri Alok Singhal.

The details of the Audit Committee meetings and the
attendance of the members thereat are provided in the
Corporate Governance Report and forms part of this Report.
During the year, all the recommendations made by Audit
Committee were accepted by the Board.

Directors’ Responsibility Statement

In terms of provisions of Section 134(5) of the Act, to the best
of their knowledge and ability, your Directors confirm that:

a. in the preparation of the annual accounts for the year ended
31^st March, 2025, the applicable accounting standards
had been followed along with proper explanation relating
to material departures;

b. they have selected such accounting policies and applied
them 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 as at 31^st
March, 2025 and the profit and loss of the Company for
that period;

c. they 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. they have prepared the annual accounts on a going
concern basis;

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

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

Management Discussion and Analysis

The Management Discussion and Analysis Report as required
under SEBI Listing Regulations forms part of this Report.

Corporate Governance

The Corporate Governance Report, as stipulated under
Schedule V(C) of SEBI Listing Regulations forms part of this
Report.

The requisite certificate from the Statutory Auditors of the
Company, M/s K. N. Gutgutia & Co., Chartered Accountants,
confirming compliance with the conditions of corporate
governance as stipulated under the aforesaid clause is
attached to Corporate Governance Report.

Business Responsibility and Sustainability Report

In pursuance to the provisions of amended Regulation 34 (2)
(f) of SEBI Listing Regulations, Business Responsibility and
Sustainability Report covering disclosures on Company’s
performance on ESG (Environment, Social and Governance)
parameters for FY 2024-25 in the prescribed format, forms part
of the Annual Report.

Statutory Auditor & Audit Report

In pursuance to the provisions of Section 139 of the
Companies Act, 2013, read with the Companies (Audit and
Auditors) Rules, 2014, based on the recommendation of the
Audit Committee and the Board of Directors, Members of the
Company at the 38^th Annual General Meeting (“AGM”) held
on 7^th September, 2022, appointed M/s K.N. Gutgutia & Co.,
Chartered Accountants (Registration No. 304153E) (“KNG”)
as the Statutory Auditors for the second term of 5 (five) years
commencing from the conclusion of the 38^th Annual General

Meeting until the conclusion of the 43^rd Annual General Meeting
to be held in the year 2027. The Members also authorized the
Board to finalize remuneration of KNG for the above period.

KNG have confirmed that they are not disqualified to be
appointed as statutory auditors in terms of the provisions of
the proviso to Section 139(1), 141(2) and 141(3) of the Act and
the provisions of the Companies (Audit and Auditors) Rules,
2014 and also confirmed that they hold a valid certificate
issued by the Peer Review Board of the Institute of Chartered
Accountants of India.

The Report given by KNG, the Statutory Auditors on the
financial statements of the Company for the financial year
2024-25 is part of the Annual Report.

The notes on financial statements referred to in the Auditor’s
Report are self-explanatory and do not call for any further
comments.

There has been no qualification, reservation or adverse remark
or disclaimer in their Report on standalone and consolidated
financial statements for FY 2024-25.

During the year under review, the Auditors have not reported
any matter under Section 143 (12) of the Act.

Secretarial Auditor & Secretarial Audit Report

In pursuance to the provisions of Section 204 of the Companies
Act, 2013 read with the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 and based
on the recommendation of the Audit Committee, the Board of the
Company had appointed M/s Mukesh Agarwal & Co., Company
Secretaries (Certificate of Practice No. 3851 and Peer Review
Number 1875/2022) (“MA & Co.”) as Secretarial Auditor for the
Financial Year 2024-25. The Secretarial Audit Report for the
financial year ended 31 ^st March, 2025 was considered by the
Board in its meeting held on 16^th May, 2025 and is enclosed as
“Annexure A” 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.

Further, pursuant to provisions of Regulation 24A of SEBI
Listing Regulations, a listed entity shall appoint a Practicing
Company Secretary for not more than one term of 5 (five)
consecutive years or a firm of Practicing Company Secretaries
for not more than two terms of 5 (five) consecutive years, as
a Secretarial Auditor, with the approval of the members at its
AGM and such Secretarial Auditor must be a peer reviewed
company secretary and should not have incurred any of the
disqualifications as specified under SEBI Listing Regulations.
Further, as per the said Regulation, any association of the
individual or the firm as the Secretarial Auditors of the Company
before 31^st March 2025 shall not be considered for the purpose
of calculating the tenure of the Secretarial Auditors.

Accordingly, upon recommendation of the Audit Committee,
the Board of Directors in their meeting held on 16^th May,
2025 have recommended the appointment of MA & Co., as
the Secretarial Auditor of the Company for a period of 5 (five)
consecutive years, commencing from Financial Year 2025¬
26 till 2029-30,subject to the approval of the Members at the
ensuing AGM.

Your Company has received a written consent from MA & Co.
that the appointment, if approved, will be in accordance with
the applicable provisions of the SEBI Listing Regulations, Act
and rules framed thereunder along with a confirmation that
they are not disqualified to be appointed as the Secretarial
Auditors of your Company.

During the year under review, the Company has complied with
all the applicable mandatory Secretarial Standards as issued
by the Institute of Company Secretaries of India.

Cost Records and Cost Auditors

The Cost records as required to be maintained under Section
148 (1) of Act are duly made and maintained by the Company.

The Company has appointed M/s R.J. Goel & Co., Cost
Accountants (FRN 000026) as Cost Auditors of the Company
for the financial year 2025-26 under section 148 of the Act
read with the Companies (Cost Records and Audit) Rules,
2014 including amendments, if any. The Cost Auditors have
confirmed that they are eligible under Section 141 (3) of the
Act for re-appointment.

The Cost Auditor’s Report for the year 2023-24 was filed with
Central Government within the prescribed time.

Related Party Transactions

During the FY 2024-25, Related Party Transactions (RPTs)
as defined under Section 188 of the Act read with rules made
thereunder and the SEBI Listing Regulations, were at arm’s
length and in ordinary course of business.

Pursuant to the provisions of Section 177 of the Act read with
Regulation 23 of SEBI Listing Regulations, all transaction
with related parties were reviewed and approved by the
Audit Committee and were in accordance with the policy on
RPTs as formulated by the Company. The RPT policy was
reviewed and modified by the Board on the recommendation
of Audit Committee pursuant to the provisions of SEBI
Listing Regulations and the same has been uploaded on
the Company’s website at https://www.indiaglvcols.com/wp-
content/uploads/01IGL-RPT-Policy-2025-02-04-1.pdf.

Pursuant to Regulation 23(9) of SEBI Listing Regulations,
disclosures of related party transactions on a consolidated
basis for the half year ended 31^st March, 2024 and 30^th
September, 2024 were submitted to the Stock Exchanges and
also hosted on the website of the Company.

During the year under review, your Company did not enter
into any RPT which may be considered material in terms of
Section 188 of the Act read with rules made there under and

thus disclosure in Form AOC-2 is not required to be made by
the Company. The disclosures pertaining to RPTs including
with entity belonging to the promoter group which hold(s)
10% or more shareholding in compliance with the applicable
Accounting Standards have been given in Note no. 55 of the
Standalone financial statements forming part of the Annual
Report.

Conservation of Energy, Technology Absorption, Foreign
Exchange Earnings & Outgo

Your Company continuously pursues initiatives to improve
energy efficiency and lower greenhouse gas (GHG) emissions.
The Company has implemented a cutting-edge technology
to turn distillery spent wash into fuel at the Kashipur and
Gorakhpur plants. Multiple effect evaporators are used to
concentrate the spent wash, which is then used in boilers as
renewable fuel, partially replacing the coal. The high-pressure
steam that is produced is used to generate power through
turbines, while the low-pressure steam that is extracted
following turbine operations is efficiently used in the plant
processes. The renewable power generated through turbines
also substitutes fossil fuel-based grid power, thereby further
reducing the carbon footprint.

Further, reinforcing commitment to sustainable development,
the Company has been maintaining certification for Energy
Management System (ISO 50001:2018) under the Integrated
Management System since 2013.

The details on Energy, Technology Absorption, Foreign
Exchange Earnings & Outgo in accordance with the provisions
of Section 134(3)(m) of the Act read with Rule 8 of the
Companies (Accounts) Rules, 2014 are given at “Annexure
B” to this report.

Corporate Social Responsibility

Corporate Social Responsibility (“CSR”) is a way of conducting
business, by which corporate entities visibly contribute to the
social good and the welfare of society at large with an aim to
improve quality of life of people. The Company feels that the
essence of CSR is to integrate economic, environmental and
social objectives with the Company’s operations and growth.
CSR is the process by which an organization thinks about and
evolves its relationships with society for the common good and
demonstrates its commitment by giving back to the society for
the resources it used to flourish by adoption of appropriate
business processes and strategies. To give further impetus to
this cause, the Company endeavors to manage its operations
with an emphasis on Sustainable development to minimize
impact on environment and promotes inclusive growth.

The CSR policy of the Company is available on the website
of the Company at https://www.indiaglycols.com/wp-content/
uploads/2023/08/csr-policy.pdf

The Company’s CSR policy statement and the annual report
on CSR activities undertaken during the financial year ended
31^st March, 2025, in accordance with the provisions of Section

135 of the Act read with the Companies (Corporate Social
Responsibility Policy) Rules, 2014, is given at “Annexure C”
to this Report.

During the year under review, upon the completion of their
second term as Independent Directors, Shri Pradip Kumar
Khaitan and Shri Jitender Balakrishnan also ceased as a
member of the CSR Committee from the close of the business
hours on 30^th September, 2024. Accordingly, the Board in
its meeting held on 21 ^st September, 2024 re-constituted the
Committee w.e.f. 1^st October, 2024 and as on 31^st March, 2025,
the Committee comprises three Executive Directors namely
Shri U.S. Bhartia (Chairman)and Smt. Pragya Bhartia Barwale
(w.e.f. 1^st October, 2024), Shri Alok Singhal and one Non¬
Executive Independent Director namely, Shri Samrat Banerjee
(w.e.f. 1^st October, 2024).

The details of the CSR Committee meetings and the
attendance of the members thereat are provided in the
Corporate Governance Report and forms part of this Report.

Risk Management Policy

The Company has constituted a Risk Management Committee
(“RMC”) to monitor the Risk Management Plan and to mitigate
the risks attached to the business of the Company. The RMC
consists of Directors and the senior management personnel
of the Company, deatils thereof are provided in the Corporate
Governance Report and forms part of this Report. In pursuance
to the provisions of the SEBI Listing Regulations, the Board
of Directors have approved the terms of reference/role and
responsibilities of the RMC and Risk Management Policy
along with the risk matrix/ library to align them with business
requirements. The Company keeps its policy updated.

Your Company’s objective of risk management is to have a
meaningful identification, measurement, prioritization of risks
or exposures to potential losses on a continual basis through
active participation of all members of the Company and
accordingly establish controls and procedures to build a visible
& structured enterprise-wide risk management framework;
reduce the risk levels and mitigate their effects in the likelihood
of a risk event with an aim to protect the Company from harm;
and have a contingency plan to manage risks having high
probability and high impact.

Risk management framework is created to ensure that risk
management principles are implemented and integrated all
over the organization and that information retrieved from the risk
management process are correctly reported. This framework
provides a stable foundation for the risk management work,
orient the organizational arrangements properly in order to
have a clear risk strategy across the organization & share
information, experiences amongst different sites of the
Company.

Considering the importance of keeping the risk management
process dynamic, a periodical review of the risks is carried
out across sites and departments for necessary key risks and
risk management strategies are communicated to the Board
of Directors for their assessment for minimization of effects of
risk. The details of the RMC meetings and the attendance of
members thereat are provided in the Corporate Governance
Report and forms part of this Report.

Annual Return

The Annual Return of the Company is available on the website
of the Company at https://www.indiaglycols.com/wp-content/
uploads/form-mgt-7-2024-25.pdf

Court/Tribunal Orders

During the year under review, there were no significant
material orders passed by the regulators or courts or tribunals
impacting the going concern status of the Company and its
future operations.

Miscellaneous Disclosures

There is no proceeding pending under the Insolvency and
Bankruptcy Code, 2016 against the Company. There have not
been any instances of one-time settlement by the Company
with any Bank or Financial Institution.

Particulars of Employees

The required information as per Section 197 of the Act
read with Rule 5 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is given at
“Annexure D” to this Report.

Acknowledgement

The Board wishes to place on record its sincere appreciation
for the invaluable support and cooperation extended by the
Central Government, the State Governments of Uttarakhand
and Uttar Pradesh, various governmental and regulatory
authorities, bankers, customers, lenders, suppliers, vendors,
dealers, members, stakeholders, and business associates
during the year under review.

The Directors also express their heartfelt gratitude to all
employees for their unwavering dedication, hard work, and
commitment. Their enthusiasm and tireless efforts have played
a pivotal role in driving the Company’s growth. The Company
looks forward to their continued support in the years to come.

For and on behalf of the Board
U.S. Bhartia

Place: Noida Chairman and Managing Director

Dated: 16^th May, 2025 DIN: 00063091