Your Directors are pleased to present the 53^rd Annual Report of the Company along with audited financial statements for the year
ended March 31, 2026.

FINANCIAL HIGHLIGHTS

('Lakhs)

DIVIDEND

The Directors are pleased to recommend a dividend of ?2.5/- per equity share for the financial year ended March 31, 2026, for
approval of the Members. The dividend on equity shares, if approved by the Members would result in a cash outflow of ?2,277.64/-
Lakhs ('1,822.11/- Lakhs in the previous year).

The dividend payment is based upon the parameters mentioned in the Dividend Distribution Policy approved by the Board.
The policy is annexed as Annexure 7 of this Report and is also available on the Company's website, https://www.sekuritindia.com/
investor_information.html > Policies.

TRANSFER TO RESERVES

Your Directors do not propose to transfer any amount to the reserves.

OPERATIONS

The year under review was an exciting one for the Indian automotive industry. After a period of uncertainty, the sector bounced back
strongly, with growth recorded across every segment - a clear sign that the fundamentals of the industry remain solid and poised
for sustained growth.

One of the most encouraging highlights was the recovery of the Medium & Heavy Commercial Vehicle (MHCV) segment,
which returned to positive growth after several difficult years. This turnaround is a healthy indicator of broader economic activity and
infrastructure momentum across the country.

The year also brought an important regulatory development - the introduction of mandatory air-conditioned cabins in Medium &
Heavy Commercial Vehicles. This is a welcome step forward, not just for industry standards, but for the well-being of the drivers
who keep the supply chains moving every day.

With sustained demand for windshields providing a strong foundation, your Company made meaningful progress in improving
production and delivery capabilities. The focus remained on optimising output across existing production lines. A series of targeted
automation initiatives were introduced, which not only elevated product quality but also enhanced the consistency and dependability
of output.

Your Company's manufacturing operations have steadily grown more resource-efficient, with measurable reductions in water and
energy consumption per square meter of glass produced. Your Company remains firmly committed to green energy, with consistent
efforts directed towards increasing the share of renewable sources across its facilities. Additionally, your Company has raised the
proportion of recycled content in its packaging and strengthened cullet circularity - the process of recovering and reusing glass in
production.

COMPANY'S PERFORMANCE

India continued to be one of the fastest-growing major economies in the world during FY 2025-26, recording an estimated real GDP
growth of 7.7%. Despite geopolitical tensions, evolving tariff and trade-related uncertainties, and a challenging global economic
environment, strong domestic demand, sustained infrastructure investments and robust services exports supported economic
growth and stability.

The revenue from operations for FY 2025-26 was '24,299.30/- Lakhs, higher by 16.59% over the previous year's revenue
from operations of '20,841.38/- Lakhs. The profit after tax for FY 2025-26 was '4,579.22/- Lakhs, higher by 27.26% over the
previous year's profit after tax of '3,598.22/-.

FUTURE PROSPECTS

Electric vehicle adoption is accelerating in three-wheelers, with traditional large OEMs outperforming new entrants and consolidating
their positions. Some new OEMs are expanding product lines and have made gains in light commercial vehicles, buses, and small
commercial vehicles under 3.5 tons. These trends highlight opportunities for value-added glazing, especially with the introduction
of air-conditioned cabins. We have started supplying one key customer and are in discussions with others, aiming to strengthen our
market presence. Our growth strategy focuses on increasing business with current customers, broadening value-added offerings in
commercial vehicles, successfully executing new light commercial vehicle programs, and expanding further in the bus body market.

MATERIAL CHANGES AND COMMITMENTS AFTER THE END OF THE FINANCIAL YEAR

No material changes or commitments affecting the financial position of the Company occurred between the end of the financial year
and the date of this Report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The particulars of loans, guarantees and investments have been disclosed in the financial statements.

HUMAN RESOURCES

The Company focuses on creating an inclusive, engaging, and high-performance work environment. The Company emphasizes
strong social dialogue, employee well-being, talent development, and safety, while empowering teams to address workforce needs
effectively. By placing people at the core of its strategy, the Company supports sustainable growth and long-term organizational
success.

Employee relations are cordial and productive at the Company. At the end of the financial year, there were 94 employees.
PREVENTION OF SEXUAL HARASSMENT

The Company has zero tolerance for sexual harassment and is committed to providing a safe, respectful, and inclusive workplace.
It has implemented a POSH policy in line with statutory requirements and constituted an Internal Complaints Committee to address
grievances. Regular awareness programs are conducted, and no cases were reported during the year.

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

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under
Section 134(3)(m) of the Companies Act, 2013 (“Act”) and read with Rule 8 of the Companies (Accounts) Rules, 2014, is set out in
the Annexure 1 of this Report. Your Company is committed to ensure a clean and green, pollution-free environment as well as a safe
and healthy workplace at its plant location. The Company adheres strictly to the Environment, Health, and Safety Charter, policies,
and procedures established under the Saint-Gobain Group. The Company's plants have been certified under ISO 14001:2015 and
ISO 45001:2018, and these certifications acknowledge the efforts put in and outcome achieved in enhancing the Environment,
Health and Safety across its work site.

PARTICULARS OF EMPLOYEES

Disclosures pertaining to remuneration and other details as required under Section 197 of the Act read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are annexed as Annexure 2(A) to this Report.
The Statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as
required under Section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, is provided in Annexure 2(B) forming part of this Report. The Annual Report including the aforementioned
information are accessible on the Company's website, https://www.sekuritindia.com/investor_information.html > Annual Reports.

PUBLIC DEPOSITS

During the year, the Company did not accept any public deposits within the meaning of the provisions of the Companies Act, 2013
and the rules made thereunder, and there were no outstanding amounts due on account of principal or interest on public deposits
as on the date of the balance sheet.

DIRECTORS AND KEY MANAGERIAL PERSONNEL (“KMP”)

Dr. Sundar Parthasarathy, Ms. Padmasudha Chandrasekhar, Mr. Sreedhar Natarajan, Mr. Hari Singudasu, Mr. Manigandann R.
and Mr. K.S. Gopalakrishnan are the present directors of the Company.

In accordance with the Act and the Articles of Association of the Company, Mr. Manigandann R. (Director Identification No.
09604558), Non-Executive Director, retires by rotation at the ensuing AGM of the Company. The Board of Directors recommends
his re-appointment and a resolution to seek Members approval, along with other essential details, is included in the Notice of the
Annual General Meeting (“AGM”).

Pursuant to the provisions of section 149 of the Act, the Independent Directors have submitted declarations that each of them
meets the criteria of independence as provided in Section 149(6) of the Act along with Rules framed thereunder and Regulation
16(1)(b) and 25(8) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended from time to time (“Listing Regulations”). There has been no change in circumstances affecting their status as
Independent Directors of the Company.

The disclosures required pursuant to Regulation 36 of the Listing Regulations and Clause 1.2.5 of the Secretarial Standard on
General Meetings are given in the Notice of AGM forming part of the Annual Report and those mentioned in Schedule V of the
Listing Regulations are given in the Corporate Governance Report, forming part of the Annual Report.

During the year, Mr. B. Santhanam (Director Identification No. 00494806), Non-Executive Director of the Company, relinquished
his position of Non-Executive Director with effect from close of business hours of May 16, 2025, consequent to his superannuation
from the services of Saint-Gobain Group.

Based on the recommendation of the Nomination and Remuneration Committee and approval by the Board of Directors at their
meetings held on January 30, 2026, Mr. Naresh Sharma was appointed as the Company Secretary and Compliance Officer of the
Company with effect from February 1, 2026, consequent to the resignation of Mr. Girish T Shajani.

Pursuant to the provisions of Section 203 of the Act, Mr. K.S. Gopalakrishnan, Managing Director, Mr. Senthil Nathan Seetharama
Gurukkal, Chief Financial Officer and Mr. Naresh Sharma, Company Secretary, are the KMPs of the Company.

The Board of Directors placed on record their appreciation for the valuable contribution made by Mr. B. Santhanam and
Mr. Girish T Shajani during their tenure.

None of the Directors or Key Managerial Personnel has any pecuniary relationships or transactions with the Company, other than
salaries, sitting fees and reimbursement of expenses incurred by them for the purpose of attending meetings of the Company.

DIRECTORS' APPOINTMENT AND REMUNERATION

The Nomination and Remuneration Committee has laid down the criteria for directors' appointment and remuneration. These are
set out in the Nomination and Remuneration Policy which is annexed as Annexure 3 to this Report and is also accessible on the
Company's website at https://www.sekuritindia.com/investor_information.html > Policies.

ANNUAL EVALUATION OF PERFORMANCE BY THE BOARD

Based on the Nomination and Remuneration Committee's recommendation, the Board adopted a survey-based framework to
evaluate the performance of the Board, its committees, individual directors, and the Chairperson. The survey questionnaire broadly
covers various aspects of board functioning, the composition of the Board and its committees, culture, execution and performance
of specific duties, obligations and governance. The evaluation parameters are based on execution of specific duties, quality
of deliberation at the meeting, independence of judgement, decision making, the contribution of directors at the meetings and
functioning of the committees.

The performance of the Board, its committees, individual directors, and Chairperson was assessed by the Nomination and
Remuneration Committee and the Board. In addition, the Independent Directors conducted an evaluation of the performance of
Non-Independent Directors, Chairperson, and the Board, as a whole.

The Board of Directors also appraised the performance of the Independent Directors, their fulfillment of independence criteria
specified by the Act and Listing Regulations, as well as their independence from management. Directors did not participate in their
own evaluation.

FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS

Familiarisation programs for Independent Directors are designed to provide a deep understanding of the Company, its business
model, the industry dynamics, and regulatory landscape. Details of the familiarisation programme are accessible on the Company's
website, www.sekuritindia.com/investor_information.html > Corporate Governance > Familiarisation Programme. Furthermore,
the Company ensures that Independent Directors are consistently briefed on business updates and operational progress.

NUMBER OF MEETINGS OF THE BOARD

The Board meets at regular intervals to review the Company's business and discuss strategy and plans. A tentative annual calendar
of the meetings is circulated to the directors in advance to enable them to plan their schedule and ensure effective participation.

During the year, four board meetings were held and one meeting of Independent Directors was also held. The maximum interval
between the board meetings did not exceed the period stipulated under the Act and the Listing Regulations.

COMMITTEES OF THE BOARD

The Board has constituted its committees in compliance with the Act and Regulation 18 to 21 of the Listing Regulations.
The committees currently in place are the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship
Committee, Corporate Social Responsibility Committee, Risk Management Committee, and Share Transfer Committee.

The Corporate Governance Report, which is a part of this Annual Report, provides information about the committees,
their composition, meetings, and other relevant details.

DIRECTORS RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained, your Directors make the
following statements in terms of Section 134 of the Act,

i. that in the preparation of the annual financial statements for the year ended March 31, 2026, the applicable accounting
standards have been followed along with proper explanations relating to material departures, if any;

ii. that such accounting policies have been selected and applied consistently and judgments and estimates have been made, that
are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at the end of the financial
year on March 31,2026 and of the profit of the Company for the year ended on that date;

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

iv. that the annual financial statements have been prepared on a 'going concern' basis;

v. that proper internal financial controls are in place and that such internal financial controls are adequate and are operating
effectively;

vi. that systems to ensure compliance with the provisions of all applicable laws are in place and that such systems are adequate
and are operating effectively.

RELATED PARTY TRANSACTIONS

All related party transactions entered during the financial year were in the ordinary course of business and carried out on an arm's
length basis. The Company has obtained the necessary approvals towards the related party transactions, as prescribed by the Act
and the Listing Regulations.

The policy on related party transactions, as approved by the Board, is accessible on the website of the Company at www.sekuritindia.
com/investorjnformation.html > Policies.

The particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Act, in prescribed Form No.
AOC-2, is annexed as Annexure 4 to this Report.

The details of the transactions with related parties pursuant to Ind AS-24 are provided in the accompanying financial statements.
CORPORATE SOCIAL RESPONSIBILITY (“CSR”)

Your Company is dedicated to meeting customer needs while also creating sustainable livelihoods for all stakeholders, including
employees, partners, and shareholders. We uphold the highest ethical standards and corporate governance to fulfill our societal
obligations. Guided by this, we have implemented CSR initiatives in compliance with Section 135 of the Companies Act, overseen

by a board-level committee with an independent chair. During FY 2025-26, we spent '83 Lakhs in various CSR initiatives, as
outlined in Annexure 5 of this report.

The details of the CSR projects undertaken by the Company in FY 2025-26 are included as part of the Board's Report.

RISK MANAGEMENT AND INTERNAL FINANCIAL CONTROLS

The Company's Risk Management Policy deals with identification, mitigation and management of risks across the organisation.
The Company's well-defined organisational structure, documented policy guidelines, defined authority matrix and internal financial
controls ensure operational effectiveness, reliability of financial data and compliance with applicable laws, regulations and
Company's policies.

The Company's management systems, organizational structure, processes, standards, code of conduct and behaviors together
form the SGSIL's Risk Management System that governs how the Company conducts its business and manages associated risks.
The Risk Management Framework is founded on sound organisation design principles and is enabled by effective use of technology.
The Board of the Company has been entrusted with the responsibility of: (a) overseeing and approving the Company's enterprise
wide risk management framework; and (b) ensuring that all material Strategic and Commercial Risks, Safety and Operational Risks,
Compliance and Control Risks and Financial risks have been identified, assessed and that adequate risk mitigations are in place,
to address these risks.

The Company has established Internal Financial Control Systems appropriate to the scale, complexity and nature of its business.
These controls are regularly tested and certified by both internal and Statutory Auditors. Significant findings and subsequent
remedial actions are reported to the Audit Committee. Further, in line with the National Financial Reporting Authority (“NFRA”)
guidelines, the Company has implemented a structured framework to strengthen communication with Statutory Auditors, ensuring
transparent and responsible financial reporting.

WHISTLE-BLOWER POLICY AND VIGIL MECHANISM

Saint-Gobain Sekurit India maintains a robust Whistle-Blower Policy to encourage the reporting of unethical, unlawful or improper
activities, including leak or suspected leak of Unpublished Price Sensitive Information (UPSI). Designed to foster an open and
transparent culture, this policy prohibits retaliation against anyone reporting concerns in good faith. Accessible to both internal
and external stakeholders, the policy is available at https://www.sekuritindia.com/investor_information.html > Policies. Reports
can be submitted anonymously, though identity disclosure is encouraged to facilitate constructive dialogue, via our secure system:
https://www.bkms-system.com/saint-gobain;.

AUDITORSa. Statutory Auditors

M/s. Deloitte Haskins & Sells LLP (Firm Registration No. 117366W/ W-100018), were appointed as Statutory Auditors of your
Company at the 49^th AGM of the Company held on August 8, 2022, till the conclusion of the 54^th AGM of the Company. The
Statutory Auditors have confirmed that they are not disqualified from continuing as Auditors of the Company.

b. Cost Auditor

In accordance with Section 148 of the Act and Rules framed thereunder, the cost audit records are maintained by the Company
in respect of the products which are required to be audited. On the recommendation of the Audit Committee, Mr. G. Thangaraj,
Cost Accountant, has been appointed to conduct the audit of the cost records maintained by the Company for the financial
year ending March 31, 2027. Mr. G. Thangaraj, Cost Accountant, has under Section 139(1) of the Act and the Rules framed
thereunder should be together furnished a certificate of his eligibility and consent for the appointment.

In accordance with the provisions of Section 148(3) of the Act read with Rule 14 of the Companies (Audit and Auditors) Rules,
2014, the remuneration payable to the Cost Auditor as recommended by the Audit Committee and approved by the Board of
Directors has to be ratified by the Members of the Company. Accordingly, the said resolution forms part of the Notice convening
the AGM. The Board of Directors seeks your support in approving the proposed remuneration of ?2,00,000/- (Rupees Two
lakhs only) plus taxes and out-of-pocket expenses at actuals payable to the Cost Auditor for the financial year ending March
31, 2027. Mr. G. Thangaraj, Cost Accountant, has rich experience in the field of cost audit and has been conducting the audit
of the cost records of the Company for the past several years.

c. Secretarial Auditor

M/s. V. N. Deodhar & Co., a proprietary firm of Practising Company Secretaries (Registration No. S1986MH002900; Peer
Review Certificate No. 6464/ 2025) have been appointed as Secretarial Auditors of the Company for a period of five years at the
52^nd AGM held on July 30, 2025, till the conclusion of the 57^th AGM, in accordance with Section 204 of the Act and Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 24A of the Listing Regulations.
The Secretarial Auditors have confirmed that they are not disqualified from continuing as the Auditors of the Company.
The Secretarial Audit Report for the financial year ended March 31, 2026, in Form No. MR-3 is enclosed as Annexure 6 of
this Report.

d. BRSR Audit

During the year, the Company appointed M/s. SGS India Private Limited to obtain assurance on Business Responsibility and
Sustainability Reporting (BRSR) for the financial year ending March 31, 2027 as per the laid down principles of BRSR core.

COMMENTS ON AUDITORS' REPORT

There are no qualifications, reservations or adverse remarks or disclaimers made by M/s. Deloitte Haskins & Sells LLP, Statutory
Auditors, in their Auditor's Report and by V. N. Deodhar & Co., Practising Company Secretaries, in their Secretarial Audit Report.

The Auditors have not reported any incident of fraud to the Audit Committee of the Company during the financial year ended
March 31, 2026.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE
GOING CONCERN STATUS OF THE COMPANY

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

ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on March 31, 2026, is accessible on the
Company's website, https://www.sekuritindia.com/investor_information.html > Annual Reports.

DISCLOSURE REQUIREMENTS

As per Listing Regulations, the Corporate Governance Report with the Auditors' Certificate thereon, and the Management Discussion
and Analysis are attached, which form part of this Annual Report.

As per Regulation 34 of the Listing Regulations, a Business Responsibility and Sustainability Report is attached and is a part of
this Annual Report.

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

ACKNOWLEDGMENTS

The Directors wish to express their sincere gratitude to our esteemed customers for their continued patronage and to the Compagnie
de Saint-Gobain group for its invaluable strategic support. We also extend our deep appreciation to our dedicated employees,
bankers, and the extended family of dealers, suppliers, and shareholders for their unwavering commitment and collaboration.

On behalf of the Board of Directors

Sreedhar Natarajan K.S. Gopalakrishnan

Director Managing Director

Mumbai, May 15, 2026 DIN 08320482 DIN 10601515