Your Directors are pleased to present the Company's 38^th Annual Report on the business and
operations of Mahamaya Steel Industries Limited, along with the summary of the Audited
Standalone and Consolidated Financial Statements for the financial year ended 31^st March, 2026.

1. FINANCIAL RESULTS

2. RESULTS OF OPERATION AND STATE OF COMPANY'S AFFAIRS

During the year under review the Company had achieved a total revenue from operations
Rs. 88284.83 Lacs as against Rs. 80176.43 Lacs in the last Financial Year. Further, the Profit
before tax stood at Rs. 1208.70 Lacs as against Rs. 864.99 Lacs in the last Financial Year.

3. STATE OF COMPANY'S AFFAIRS

The present state of the Company's affairs remains progressive vis-a-vis industry benchmarks and
the Company continues to maintain stable and efficient operations across its existing business
verticals.

In line with the Company's commitment to sustainability, cost optimization and energy security, the
Company has undertaken a strategic initiative during the financial year 2026-27 to set up a 130
MW Solar Power Plant for captive consumption only at Janjgir Champa Chhattisgarh. The project
is estimated to entail a capital outlay of Rs. 600 Crores approx and is proposed to be funded
through internal accruals and debt.

The plant is targeted for commissioning within the next 6-8 months, subject to requisite regulatory
approvals. Upon commissioning, this initiative is expected to significantly reduce energy costs,

ensure long-term power availability, and contribute towards the Company's ESG and carbon
reduction goals.

4. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE
COMPANY

There are no material changes and commitments affecting the financial position of the company
which have occurred between the end of Financial Year 2024-25 and the date of this report.

5. DIVIDEND & RESERVES

To conserve resources for long-term growth, the Board does not recommend any dividend for FY
2025-26. No transfer to General Reserve is proposed. An amount of Rs. 890.51 Lakhs is retained
as surplus in the Statement of Profit and Loss.

6. REDEMPTION OF PREFERENCE SHARES (UNLISTED)

During the year under review 10,00,000 8% Redeemable Non-Convertible Non-Cumulative
Preference Shares (Unlisted) were redeemed at a premium in accordance with the terms of issue
aggregating to Rs. 2,00,00,000 being the redemption of seventh tranch.

7. SHARE CAPITAL

During the financial year under review, there is change in the debt component of Share Capital
due to redemption of 10,00,000 8% Redeemable Non-Convertible Non-Cumulative Preference
Shares. Further there is no change in Equity Component of Share Capital.

There was no public issue, right issue, bonus issue or preferential issue, etc during the year under
review.

8. CHANGE IN THE NATURE OF BUSINESS

During the year under review, there are no changes in the nature of the business of the Company.

9. SUBSIDIARIES, ASSOCIATE AND JOINT VENTURE COMPANIES & CONSOLIDATED
FINANCIAL STATEMENTS

As on 31^st March, 2026 the company have one associate M/s Abhishek Steel Industries Private
Limited (Formerly Abhishek Steel Industries Limited),, and do not have any subsidiary and Joint
Venture Companies. During the year under review, no other Company became or ceased to
become Subsidiary, Joint Venture or Associate Company. As per Regulation 33 of the Securities
and Exchange Board Regulations, 2015 (hereinafter referred to as “Listing Regulations”) and
Section 129(3) of the Companies Act, 2013 read with the Rules issued thereunder, the
Consolidated Financial Statements of the Company for the Financial Year 2025-26 have been
prepared in compliance with applicable accounting standards and on the basis of audited financial
statement of the Company, its associate Company, as approved by the respective Board of
Directors.

The Consolidated Financial Statements together with the Auditors' Report form part of this Annual
Report.

Further a statement containing the salient features of the financial statement of our associate in
the prescribed format AOC-1 is appended as Annexure-A to the Director's Report.

The audited financial statements, including the consolidated financial statements and related
information of the Company and audited accounts of each of its associates are available on our
website www.mahamayagroup.in. These documents will also be available for inspection during
business hours at registered office of the Company.

10. SEGMENT REPORTING

The Company is engaged in the Steel Structural business only and therefore there is only one
reportable segment in accordance with the Indian Accounting Standard (Ind AS) 108 Operating
Segments.

11. INTERNAL FINANCIAL CONTROLS

The Company's internal control system are commensurate with its size and ensures operational
efficiency, accuracy in financial reporting and compliance of applicable laws and regulations. The
systems are reviewed from time to time.

14. SECRETARIAL STANDARDS

The Directors state that applicable Secretarial Standards i.e. SS-1 and SS-2, relating to Meetings
of the Board of Directors and General Meetings, respectively, have been duly followed by the
Company.

15. PARTICULARS OF CONTRACTS AND ARRANGEMENTS WITH RELATED PARTY

All related party transactions, contracts or arrangements that were entered into, during the financial
year under review, were on an arms-length basis and in the ordinary course of business. The
Company has adhered to its “Policy on Related Party Transactions and Materiality of Related Party
Transactions” while pursuing all Related Party transactions.

Further, during the year, the Company had entered into contract/ arrangement / transaction with
related parties which are material in accordance with SEBI LODR Regulations and with the policy
of the Company on materiality of related party transactions, for that prior approval was taken in the
last AGM via Special Resolution.

Information on transactions with related parties pursuant to section 134(3)(h) of the Act read with
Rule 8(2) of the Companies (Accounts) Rules, 2014 are given in Annexure-B in Form AOC-2 and
the same forms part of this report.

Further The Company has put up an Ordinary Resolution in the Notice of the ensuing AGM for the
Shareholder's approval in order to enter in to transaction with related parties which may result in
material transaction in terms of SEBI LODR Regulations and with the policy of the Company on
materiality of related party transactions.

16. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

Particulars of Loans, Guarantees and Investments covered under section 186 of the Companies
Act, 2013 form part of the notes to the Financial Statements provided in this Annual Report.

17. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

The Disclosures pertaining to remuneration and other details as required under Section 197(12) of
the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are enclosed with this report as Annexure-C.

18. REPORT ON CORPORATE GOVERNANCE & MANAGEMENT DISCUSSION & ANALYSIS

Pursuant to Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 Company has taken adequate steps to ensure that all mandatory
provisions of Corporate Governance as prescribed under SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 are complied with, a separate section titled Report on Corporate
Governance together with a Certificate from the Practicing Company Secretary forms part of this
Report.

A detailed Management Discussion & Analysis forms part of this Report.

19. MEETINGSBoard Meetings

During the year, Eleven Board Meetings were convened and held the details of which are given in
the Corporate Governance Report. The maximum interval between any two meetings did not
exceed 120 days, as prescribed in the Companies Act, 2013.

Committee Meetings

During the year Twelve Audit Committee Meetings, Five Nomination & Remuneration Committee
Meetings and Four Stakeholders Relationship Committee Meetings were convened and held the
details of which are given in the Corporate Governance Report.

The intervening gap between the Meetings was within the period prescribed under the Companies
Act, 2013.

Meeting of Independent Directors

During the year under review, the Independent Directors met on 22^nd March, 2026, inter alia, to:

a) Review the performance of Non Independent Directors, and the Board of Directors as a
whole.

b) Review the performance of the Managing Director of the Company, taking into account the
views of the Executive and Non-Executive Directors.

c) Assess the quality, content and timeliness of flow of information between the Company
management and the Board that is necessary for the Board to effectively and reasonably
perform its duties.

All the Independent Directors were present at this meeting. The observations made by the
Independent Directors have been adopted and put into force.

20. DECLARATION BY DIRECTORS

The Independent Directors of the Company have submitted declaration of Independence, as
required pursuant to Section 149(6) of the Act, and provisions of the Listing Regulations, stating
that they have met the criteria of independence as provided therein. The Board is of the opinion
that all the Independent Directors possess integrity, have relevant expertise, experience and fulfil
the conditions specified under the Act, and the Listing Regulations. All the Directors of the
Company have confirmed that they are not disqualified to act as Director in terms of Section 164
of the Act. The Board of Directors of the Company has taken on record the declaration and
confirmation submitted by the Independent Directors after undertaking due assessment of the
veracity of the same.

21. BOARD EVALUATION

Pursuant to the corporate governance requirements as prescribed in the Companies Act, 2013 and
the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements),
Regulations 2015, the Board of Directors has carried out an annual evaluation of its own
performance, Board Committees and of individual directors. In a separate meeting of independent
directors, performance of non-independent directors, performance of the Board as a whole,
performance of the Committee(s) of the Board and performance of the Managing Director was
evaluated, taking into account the views of other directors. Performance evaluation of independent
directors was done by the entire Board, excluding the independent director being evaluated. All the
results were satisfactory.

22. FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS

In compliance with the requirements of SEBI Regulations, the Company has put in place a
familiarization programme for the Independent Directors to familiarize them with their role, rights
and responsibility as Directors, the working of the Company, nature of the industry in which the
Company operates, business model etc. The details of such familiarization programme can be

accessed on the Company's website at https://mahamayagroup.in/notices-and-

announcements/www.mahamayagroup.in

23. POLICIES

In accordance with the provisions of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and the Companies Act, 2013 the Company has formulated and implemented
the following policies. All the Policies are available on Company's website

(www.mahamayagroup.in) under the heading “Policies”. The policies are reviewed periodically by
the Board and updated based on need and requirements.

Whistle Blower & Vigil Mechanism Policy

Whistle Blower Policy of the Company includes in its scope any instances related to Insider Trading
and also provides access to the Employees of the Company to report the instances of leak of
Unpublished Price Sensitive Information or suspected leak of Unpublished Price Sensitive
Information. The Company has established Vigil Mechanism for the Directors and Employees of
the Company to report, serious and genuine unethical behavior, actual or suspected fraud and
violation of the Company's code of conduct or ethics policy. It also provides adequate safeguards
against victimization of persons, who use such mechanism and makes provision for direct access
to the Chairperson of the Audit Committee in appropriate or exceptional cases. None of the
employees of the Company has been denied access to the Audit Committee.

Mrs. Jaswinder Kaur Mission Company Secretary and Compliance Officer of the Company, has
been designated as Vigilance and Ethics Officer for various matters related to Vigil Mechanism.

The Whistle Blower & Vigil Mechanism policy can be accessed on the Company's website on at

https://mahamavagroup.in/wp-content/uploads/2022/09/MSIL-WHISTLE-BLOWER-

POLICY.pdf

https://mahamayagroup.in/wp-content/uploads/2022/09/MSIL-WHISTLE-BLOWER-

POLICY.pdf

Policy for Related Party Transactions

In line with the requirements of Companies Act, 2013 and the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Company has formulated a Policy on Related
Party Transactions. The policy regulates all transactions taking place between the Company and
its related parties in accordance with the applicable provisions.

The Policy on Related Party Transaction can be accessed on the Company's website at
https://mahamavagroup.in/wp-content/uploads/2022/09/Policv-on-Related-Partv-Transaction.pdf

Code of conduct for Director(s) and Senior Management Personnel

The Company has adopted a Code of Conduct for the Senior Management Personnel, Directors
(executive / non-executive) including a code of conduct for Independent Directors which suitably
incorporates the duties of Independent Directors as laid down in the Act.

The above code can be accessed on the Company's website at https://mahamayagroup.in/wp-

content/uploads/2022/09/Code-of-Conduct-of-Board-of-Directors-and-Senior-Management-

Personnel.pdf

Risk Management Policy

The Risk Management policy is formulated and implemented by the Company in compliance with
the provisions of the new Companies Act, 2013. The policy helps to identify the various elements
of risks faced by the Company, which in the opinion of the Board threatens the existence of the
Company. The Risk Management Policy is available on the Company's website at
https://mahamayagroup.in/wp-content/uploads/2021/08/9-RISK-MANAGEMENT-POLICY.pdf

Nomination and Remuneration Policy

In line with the requirements of Section 178 Companies Act, 2013 and Regulation 19 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has
formulated a Nomination & Remuneration Policy.

The Nomination & Remuneration policy provides guidelines to the Nomination & Remuneration
Committee relating to the Appointment, Removal & Remuneration of Directors, Key Managerial
Personnel and Senior Management. This policy formulates the criteria for determining
qualifications, competencies, positive attributes and independence for the appointment of a director
(Executive / Non-Executive) and also the criteria for determining the remuneration of the Directors,
Key Managerial Personnel, Senior Management and other employees. It also provides the manner
for effective evaluation of performance of Board, its committees and individual directors.

The Nomination and Remuneration policy can be accessed on the Company's website at
https://mahamavagroup.in/wp-content/uploads/2022/09/Nomination-and-Remuneration-Policv.pdf

Policy for Determination of Materiality of an Event or Information

In line with the requirements of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Company has formulated a policy for determination of materiality-based
events.

The Policy for Determination of Materiality of an Event or Information can be accessed on the
Company's website at https://mahamayagroup.in/wp-content/uploads/2022/09/Policy-on-
Criteria-for-dertermining-materiality-of-evidence.pdfDocument Retention & Archival Policy

In pursuant to Regulation 9 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 the Company has adopted Document Retention & Archival Policy.

The Policy for Document Retention & Archival Policy can be accessed on the Company's website
at https://mahamayagroup.in/wp-content/uploads/2022/09/Document-Retention-and-

Archival-Policy.pdfInsider Trading -Code of Conduct

In pursuant to SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2018 and SEBI
(Prohibition of Insider Trading) (Amendment) Regulations, 2019 the Company has adopted revised
Insider Trading Code. The Code provides framework for dealing with the securities of Company in
mandated manner.

The above Insider Trading-code of conduct can be accessed on the Company's website at

https://mahamayagroup.in/wp-content/uploads/2022/09/Code-of-Conduct-for-Monitoring-and-

Prevention-of-Insider-Trading.pdf

Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive
Information

In pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, the Company has
formulated a Fair Disclosure Code for fair disclosure of Unpublished Price Sensitive Information
(“UPSI”) which includes therein the policy for determination of “Legitimate purposes for sharing
UPSI” annexed with the above mentioned Code of Conduct for Monitoring and Prevention of Insider
Trading.

Policy for Procedure of Inquiry in Case of Leak of Unpublished Price Sensitive Information
(“UPSI”)

In pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, the Company has
formulated and adopted a written policy and procedures for inquiry in case of leak of unpublished
price sensitive information and initiate appropriate action on becoming aware of leak of
unpublished price sensitive information and inform the Board promptly of such leaks, inquiries and
results of such inquiries annexed with the above mentioned Code of Conduct for Monitoring and
Prevention of Insider Trading.

Corporate Social Responsibility Policy

The Corporate Social Responsibility Policy (hereinafter “CSR Policy) of the Company has been
prepared pursuant to Section 135 of the Companies Act, 2013 and the CSR Rules. The CSR policy
serves as the referral document for all CSR-related activities at the Company. CSR Policy relates
to the activities to be undertaken by the Company as specified in schedule VII and other
amendments/circulars thereon to the Companies Act, 2013.

The CSR Policy can be accessed on the Company's website at https://mahamayagroup.in/wp-
content/uploads/2022/09/CSR-Policy.pdf

24. CORPORATE SOCIAL RESPONSIBILTY

The Company had constituted Corporate Social Responsibility (CSR) Committee in compliance
with the provisions of section 135 of the Companies Act, 2013 read with the Companies (Corporate
Social Responsibility Policy) Rules, 2014.

The CSR Committee was consisting of Mr. Rajesh Agrawal as Chairman and Mr. Suresh Prasad
Agrawal & Mr. Uday Raj Singhania as members.

In the Board Meeting dated 28^th June, 2021 the Company has dissolved the Corporate Social
Responsibility Committee as it no longer fall under the criteria of constituting and maintaining CSR
committee as per the new Corporate Social Responsibility Policy) Amendment Rules, 2021 notified
on 22^nd January, 2021 as the amount required to be spent in CSR Activities does not exceed 50
lacs and the functions of such committee shall be performed by the board of directors of the
company.

The disclosures with respect to CSR activities for the Financial year 2025-26 are given in Annexure
- D

25. DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the year there has been no change in the Director's and KMP's of the Company.

Mr. Udayraj Singhania (DIN: 02465416), Mr. Rajesh Lunia (DIN: 08441126) Mrs. Vanitha Rangaiah
(DIN: 09211334) are the Independent Directors of the Company.

Mr. Rajesh Agrawal, Managing Director, Mr. Suresh Raman Executive Director & Chief Financial
Officer and Mrs. Jaswinder Kaur Mission, Company Secretary are the KMPs of the Company as
per the provisions of the Act.

During the year the Board at its meeting held on 1^st September, 2025, has reappointed Mr. Rajesh
Agrawal (DIN: 00806417) as Managing Director of the Company for the period of 5 years from 1^st
October, 2025 to 30^th September 2030. Necessary resolutions together with the explanatory
statement have been included in the Notice of 37^th Annual General Meeting held on 25^th
September, 2025 as the above reappointment was subject to the approval of the shareholders.

Term of Mrs. Vanitha Rangaiah an Independent Director is expire on 27^th June, 2026, necessary
resolution proposing her reappointment as Independent Director for further term of five years is
proposed for the approval by the members at the ensuing 38^th Annual General meeting of the
Company. The Board recommends her appointment for approval of the members of the Company.

Mr. Suresh Raman (DIN: 07562480), retires by rotation as Director at the ensuing Annual General
Meeting and being eligible, offers himself for reappointment.

The resolutions proposing the reappointment of the Directors are set out in the notice convening
Annual General Meeting for approval of members. The Board recommends for approval of the
same. Brief resume of the director who are proposed to be reappointed at the ensuring Annual
General meeting, as required as per SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and Secretarial Standard is provided in the notice convening this Annual
General Meeting of the Company.

26. COMMITTEES OF THE BOARD

For the Financial year 2025-26 the Board had 3 Committees the Audit Committee, the Nomination
and Remuneration Committee and the Stakeholders Relationship Committee.

A detailed note on the composition of the Board and its committees is provided in the Corporate
Governance Report Section of this Annual Report.

27. RISK MANAGEMENT

The Company recognizes that risk is an integral and unavoidable component of business and is
committed to managing the risk in a proactive and efficient manner The Company as part of
business strategy has in place a mechanism to identify, assess, monitor risks and mitigate various
risks with timely action. Risks are discussed at the meetings of the Audit Committee and the Board
of Directors of the Company.

28. ANNUAL RETURN

Pursuant to Section 92(3) read with section 134(3)(a) of the Companies Act, 2013, copies of the
Annual Returns of the Company prepared in accordance with Section 92(1) of the Companies Act,
2013 read with Rule 11 of the Companies (Management and Administration) Rules, 2014 are
placed on the website of the Company and is accessible at the weblink
https://mahamayagroup.in/annual-return/

29. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Act, the Board of Directors confirm:

(i) that in the preparation of the annual accounts, the applicable accounting standards have been
followed and no material departures have been made from the same;

(ii) that 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 at the end of the financial year and of the profit and loss of the
Company for that period;

(iii) that 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;

(iv) that they have prepared the annual accounts on a going concern' basis;

(v) that they have laid down internal financial controls to be followed by the Company and that such
internal financial controls are adequate and are operating effectively;

(vi) that they have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively.

Based on the work performed by the internal auditor, statutory auditor and secretarial auditor and
the reviews thereof undertaken from time to time by the management and the audit committee
including the remedial actions, if any, initiated by the Company during the year under review, the
board opines that the Company's internal financial controls are adequate and effective.

30. AUDITORS AND AUDITOR OBSERVATIONSTATUTORY AUDITOR

The Company's Auditors, M/s KPRK & Associates, Chartered Accountants, Nagpur (Firm
Registration No. 103051W), who were re-appointed with your approval at the 33^rd Annual General
Meeting for a period of five years, will complete their present term at the conclusion of the ensuing
38th Annual General Meeting of the Company.

The Company has recommended M/s Chopra AJ & Associates, Raipur, Chartered Accountants
(FRN: 021905c), as Statutory Auditor for a Period of five years from the conclusion of 38^th Annual

General Meeting till the conclusion of the 43^rd Annual General Meeting of the Company to be held
in the year 2031 by passing an Ordinary Resolution subject to the shareholders' approval.

During the Financial Year 2025-26, no frauds have either occurred or noticed and/or reported by
the Statutory Auditors under Section 143(12) of the Companies Act, 2013 read with the Companies
(Audit and Auditors) Rules, 2014 (as amended from time to time).

The observations, if any, made by the Statutory Auditors in their Audit Report read with the relevant
notes thereof as stated in the Notes to the Audited Financial Statements of the Company for the
Financial Year ended 31^st March, 2026 are self-explanatory and being devoid of any
reservation(s), qualification(s) or adverse remark(s) etc; and do not call for any further
information(s)/ explanation(s) or comments from the Board under Section 134(3)(f)(i) of the
Companies Act, 2013.

The Company has taken note of NFRA Circular No. NF-25013/3/2025-NFRA dated 07.01.2026
and has put in place a process for effective communication between the Statutory Auditors and
Those Charged With Governance.

COST AUDITOR

In terms of Section 148 of the Act, the Company is required to have the audit of its cost records
conducted by a Cost Accountant. In this connection, the Board of Directors of the Company has
on the recommendation of the Audit Committee, approved the re-appointment of M/s Sanat Joshi
& Associates, Cost Accountants (Firm Registration no. 000506), Raipur as the Cost Auditors of
the Company for the Financial year 2026-27.

M/s Sanat Joshi & Associates, have confirmed that they are free from disqualification specified
under Section 141(3) and proviso to Section 148(3) read with Section 141(4) of the Act and that
the appointment meets the requirements of the Act. They have further confirmed their independent
status and an arm's length relationship with the Company.

The remuneration payable to the Cost Auditors is required to be placed before the Members in a
General Meeting for their ratification. Accordingly, a resolution seeking Members' ratification for
the remuneration payable to M/s. M/s Sanat Joshi & Associates, Cost Accountants, forms part of
the Notice of the 38^th Annual General Meeting forming part of this Annual Report.

The Company has maintained such accounts and records as per the aforesaid provisions and
further the filling of Cost Audit Report for the financial year ended 31^st March, 2026 with the Ministry
of Corporate Affairs in XBRL Mode shall take place within the time limit prescribed under the
Companies Act, 2013.

INTERNAL AUDITOR

Internal Auditor Pursuant to Section 138 of the Companies Act, 2013, your Company has appointed
Mr. Subhash Rao as Internal Auditor of the Company, to conduct internal audit of the functions and
activities of the Company to audit for the for Financial Year 2026-27.

SECRETARIAL AUDITOR

As per the recent amendments in Regulation 24A of SEBI (Listing Obligations and Disclosure
Requirement) Regulations, 2015, the Members of the Company in their 37^th Annual General
Meeting (“aGm”) held on 25^th September, 2025 approved the appointment of Mr. Nitesh Jain,
Practicing Company Secretary (Membership No.: FCs No 8216, Cp No. 9273) (Peer reviewed
certificate no. 2230/2022) as Secretarial Auditor of the Company for the first term of five
consecutive financial years i.e; from FY 2025-26 to FY 2029-30.

The Secretarial Auditor's Report in Form MR-3 for 2025-26 forms part of this Report and annexed
herewith marked as Annexure-E to this Report.

The said Audit Report does not contain any qualification, reservation or adverse remark or
disclaimer except for the disclosure that, National Stock Exchange of India Ltd. (“NSE”) had
imposed a penalty of Rs. 1,30,000/-plus GST for delayed submission of pdf of Financial Results
for the half year ended 30^th September, 2025 under Regulation 33 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015. The Company has paid the penalty to NSE and
complied.

31. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ANDFOREIGN EXCHANGE
EARNINGS AND OUTGO

The Information on conservation of energy, technology absorption, foreign exchange earnings and
out go, which is required to be given pursuant to the provisions of section 134(3)(m)of the
Companies Act, 2013, read with Rule 8(3) of Companies (Account) Rules, 2014 is annexed hereto
marked as Annexure-F and forms part of this report.

32. LISTING OF SHARES

The Equity Shares of the Company are continued to be listed and actively traded on the Bombay
Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE). The listing
fees payable for the financial year 2025-26 has been paid to both the Stock Exchanges (BSE &
NSE).

33. GENERAL DISCLOSURE

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

1. Details relating to deposits covered under Chapter V of the Act.

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

3. Buy back of Shares.

3. Issue of shares (including sweat equity shares) to employees of the Company under any scheme
save or ESOS.

4. Instances with respect to voting rights not exercised directly by the employees of Company.

5. Other than Mrs. Rekha Agrawal, Executive Director, no Managing Director, Executive Director,
CFO or CS of the Company receives any remuneration from any other company.

Mrs. Rekha Agrawal has not received any remuneration from Mahamaya Steel Industries
Limited during FY 2025-26. She is in receipt of remuneration from the Group Company M/s Devi
Iron & Power Private Limited w.e.f. 01.10.2023.

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

7. None of the auditors of the Company have reported any fraud as specified under the second
proviso of Section 143(12) of the Companies Act, 2013 (including any statutory modification(s)
or re-enactment(s) thereof for the time being in force.

Your Directors further state that during the year under review, there were no cases filed pursuant
to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013.

34. OTHER DISCLOSURES

1. There was no change in the nature of business of the Company as stipulated under sub-rule
5(ii) of Rule 8 of Companies (Accounts) Rules, 2014.

2. There is no application made or proceeding pending under the Insolvency and Bankruptcy Code,
2016 during the financial year 2025-26.

3. There was no instance of one-time settlement with any Bank or Financial Institution.

4. There is no requirement of web link of policy for determining 'material' subsidiaries is disclosed
as Company has no subsidiaries during 2025-26.

35. EMPLOYEE RELATIONS

Employee relations throughout the Company were harmonious. The Board wishes to place on
record its sincere appreciation of the devoted efforts of all the employees in advancing the
Company's vision and strategy to deliver good performance.

36. GREEN INITIATIVE

As part of our green initiative, the soft copies of this Annual Report including the Notice of the 37^th
AGM is being sent to all the members whose email addresses are registered with the Company /
Depository Participant(s) in accordance with MCA and SEBI circulars.

The Company is providing e-voting facility to all its members to cast their votes electronically on all
resolutions set forth in.

ACKNOWLEDGEMENT

The Board of Directors place on record sincere gratitude and appreciation for all the employees at
all levels for their hard work, solidarity, cooperation and dedication during the year. The Board
conveys its appreciation for its customers, shareholders, suppliers as well as vendors, bankers,
regulatory and government authorities for their continued support.

Place: Raipur By Order of the BoardDate: 31^st August, 2026Rajesh Agrawal
Managing Director
DIN: 00806417