Your Directors take pleasure in presenting the 31st
Annual Report of the Company together with its audited
accounts for the year ended 31 March 2026.

FINANCIAL RESULTS

Financial results for the year under review are
summarised below:

(' in Millions, except earnings per share)

FINANCIAL HIGHLIGHTS & PERFORMANCE

During the financial year under review, the revenue from
operations increased from '49,349 million in the previous
financial year to '52,468 million, reflecting a growth of
6.32%. Profit Before Tax (PBT) for the year stood at '10,253
million, as compared to '9,786 million in the previous
financial year, marking an increase of 4.78%. Profit After
Tax (PAT) for the year amounted to '7,638 million, against
'7,291 million in the previous financial year, representing a
growth of 4.76%.

During the year under review, the global business
environment remained challenging, marked by geopolitical

uncertainties including the ongoing Middle East conflict,
persistent volatility in raw material prices particularly
cotton and yarn and fluctuating consumer sentiment
across key markets. Additionally, evolving global trade
dynamics, including developments around the US-EU
trade deal, continued to influence supply chains and
export opportunities.

Despite these headwinds, the Company demonstrated
resilience, delivering stable revenue performance and
maintaining healthy profit margins through disciplined
cost management and operational efficiencies. Strategic
pricing actions, coupled with prudent inventory and
working capital management, helped mitigate the impact
of input cost volatility.

India continues to present a significant long-term
opportunity for organized innerwear, athleisure and
active lifestyle categories, driven by rising disposable
incomes, increasing urbanization, premiumization trends,
growing brand consciousness and rapid formalization
of the retail ecosystem. The Company believes these
structural drivers continue to support long-term category
expansion and increased penetration across both online
and off line channels.

The Company continued to witness encouraging consumer
response towards premium and differentiated product
offerings, reflecting increasing consumer preference for
comfort, functionality and branded lifestyle products. The
Company introduced new collections during the year,
including the JKY Groove™ range, specifically designed to
cater to the evolving preferences of Gen Z consumers. In
addition, products incorporating bonding technology also
received a very encouraging response from the market.
These developments reinforce the Company's focus on
innovation and its ability to stay relevant with younger
consumer segments.

The Company remains committed to its long-term
strategic priorities, with continued investments in
technology, product innovation, brand building, and
market expansion. During the year, significant progress
was made in the digital transformation journey with the
ongoing implementation of SAP S/4HANA, Salesforce
Distribution Management System, and a new Human
Resource Management System. These initiatives are
expected to further streamline operations and enable a
scalable, data-driven and agile business model.

The Company continues to enhance data and analytics
capabilities across consumer engagement, supply chain
planning and operational decision-making.

The e-commerce channel continued its strong growth
trajectory, driven by evolving consumer purchasing
behavior. The Company has further strengthened its
focus on the D2C segment through initiatives such as the
Consumer Data Platform, enhanced marketing technology
capabilities, and expansion of dark store infrastructure to
improve service levels and customer experience.

While consumer sentiment remained cautious in certain
segments due to inflationary pressures, the Company
adapted through targeted product offerings, value-driven
innovation, and sharper channel strategies. Efforts to
strengthen general trade distribution, expand presence
in exclusive brand stores, and deepen engagement
with channel partners and consumers have yielded
encouraging results.

Looking ahead, the Company remains cautiously
optimistic. While near-term uncertainties persist due to
geopolitical developments and macroeconomic factors,
including commodity price fluctuations and global
trade realignments, the Company is well-positioned to
navigate these challenges. With a strong balance sheet,
robust supply chain, and continued focus on execution
excellence, the Company is confident of sustaining
growth momentum and delivering long-term value to its
stakeholders.

DIVIDEND

During the year 2025-26, your Directors have declared
interim dividends on 7 August 2025 (Interim dividend of
' 150 per share), 13 November 2025 (Interim dividend of
' 125 per share), 5 February 2026 (Interim dividend of
' 125 per share) and 21 May 2026 (Interim dividend of
'150 per share) on an equity share value of Rs.10 each,
amounting to '6,134.63 million. In total, four interim
dividends have been declared and paid. The Board has
not recommended any final dividend.

Dividend Distribution Policy, in terms of Regulation 43A
of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations,
2015 is available on the Company's website at
https://pageind.com/pages/investors-relations

JOCKEY

With consistent investments and efforts for over three
decades, the Jockey brand enjoys excellent brand scores
across all key metrics. The brand has an Awareness Score
of 96% and a Most Preferred Brand Score of 60% for its
target audience making it amongst the best consumer
brands in the world across product categories.

As of March 2026, the brand is distributed across 2,731
cities and towns with 1,579 Exclusive Brand Stores in
India. In addition to this, internationally, the Company
has 10 Exclusive Brand Stores outside India including
six in UAE, two in Nepal and one each in Sri Lanka and
Qatar.

Further, the brand has a strong presence online including
its brand website www.jockey.in, as well as major
e-commerce and quick-commerce platforms.

SPEEDO

The Speedo brand continues to maintain an envious
leadership position in the Swimwear Industry with strong
brand metrics in the swim category. As of March 2026,
the brand is distributed across 150 cities and towns with
36 Exclusive Brand Stores. The brand has a strong online
presence including its brand website www.speedo.in, as
well as major e-commerce and quick-commerce platforms.

EXPANSION AND NEW INVESTMENTS

The Company remains committed to disciplined capital
allocation, balancing investments in growth, manufacturing
capacity, technology and shareholder returns.

As regards manufacturing capacity building, the company
has a balanced approach that combines in-house expansion
and strategic outsourcing. It is well positioned to meet
growing demand. This approach of having an integrated
manufacturing ecosystem, supported by long-standing
vendor partnerships, technology-led operations and
strong quality systems, continues to provide significant
competitive advantages in scalability, responsiveness and
product consistency. The Company will continue to evaluate
opportunities to strengthen its manufacturing capabilities
and partner ecosystem to support sustained growth.

New Facilities

During the year under review, the Company
strengthened its manufacturing footprint with the
successful inauguration of two new facilities at K.R. Pete,
Karnataka and Cuttack, Odisha in line with its expansion
plans. Both units have commenced garment production
and are progressively scaling up capacity. The Cuttack
facility has also initiated production of socks and elastic,
further enhancing the Company's product capabilities
and supporting its integrated growth strategy.

Expansion Initiatives

During the year under review, the Company continued
to advance its planned capacity expansion projects to
support future growth requirements. At K.R. Pete, Phase
2 expansion is underway, comprising approximately 1 lakh
sq. ft. of built-up area, which is scheduled for handover
by Q2 FY27. The facility is planned to house elastic
manufacturing capabilities to cater to increasing internal
demand.

In addition, the Company has initiated plans for a new
innerwear manufacturing facility in Odisha-Khordha,
located approximately 30 km from the existing project site.
This facility is expected to become operational by FY2028-
29 and will further strengthen the Company's long-term
manufacturing footprint and capacity integration strategy.

Strategic Initiatives and Operational Excellence

During the year under review, strategic outsourcing
continued to remain a key pillar of the Company's
sourcing strategy, enabling procurement of specialized
products from both domestic and international markets.
This approach continues to support scalability while
effectively complementing the Company's ongoing in¬
house capacity expansion.

Operational efficiency remains a core focus area for
the Company, with continued emphasis on process
optimization and performance improvement across
the value chain to enhance overall productivity and
competitiveness.

Further, the Company is evaluating the establishment of
Regional Distribution Centres (RDCs) in the Eastern and
Western regions, aimed at strengthening geographic
reach and improving service responsiveness across key
markets.

ENVIRONMENT, HEALTH, AND SAFETY

The Company continues to strengthen its sustainability
agenda through focused initiatives relating to energy
efficiency, waste management, workplace safety,

resource optimization and responsible manufacturing
practices, aligned with its long-term commitment
towards sustainable and inclusive growth.

Key Highlights

EHS Systems & Governance: EHS MIS and EHS Scorecard
systems were implemented across all units to strengthen
monitoring, reporting, and performance management.

Safety Promotion: National Safety Week was celebrated
across all units, enhancing employee awareness and
engagement.

Safety Reviews: Cluster Safety Reviews were initiated,
with completion in Hassan and Mysore clusters.

Environmental Compliance: Regular environmental
monitoring was completed across all units in compliance
with statutory requirements.

Improvement of Risk Control & Infrastructure:

• Modular fire extinguishers have been installed in
chemical storage areas.

• Convex mirrors have been installedd at blind
spots to improve traffic safety.

EHS Assessment: EHS Communication Journey
Assessment was completed by AHAAN Consultancy,
strengthening safety communication systems.

Emergency Preparedness: Regular emergency mock
drills were conducted with external support to improve
readiness and response capability.

Risk Management & Audits: HIRA (Hazard Identification
and Risk Assessment) and RCP (Risk Control Plan) were
reviewed and updated to strengthen risk mitigation
across operations. All observations raised in the Risk
Audit by Insurance partner have been fully complied
with, including installation of PRV in the fire pump room
and relocation of fire extinguishers from the transformer
area to a safer external location.

Safe Working Performance: 11.20 million safe working
hours were achieved..

Training & Competency Development: 23,492 EHS &
Sustainability training hours were conducted.

Waste Management: 32.70 tons of waste were managed
with proper segregation and compliant disposal

Training & Emergency Preparedness: The Company
continued to strengthen its EHS capability through
structured training programs and engagement of both
employees and contractors. The average training hours
recorded were 5.35 hours per staff member, focusing
on EHS and sustainability competencies, and 6.22

hours per employee and contractor, ensuring broader
workforce participation in safety practices. Regular
training sessions along with emergency mock drills were
conducted during the period to enhance preparedness,
response capability, and compliance with statutory
requirements.

The Company also conducted multiple emergency
mock drills across all units to strengthen response
systems and coordination during critical situations.
These included scenarios such as snake bite, electrical
shock, compressor air burst, medical emergency, fire
emergency, and chemical spill management. Each drill
was systematically conducted, followed by review
and corrective actions to further improve emergency
response effectiveness and reinforce a strong safety
culture across the organization.

Employee Engagement: Safety awareness initiatives
were conducted through quiz, drawing, and pick & speak
competitions.

Rewards & Recognition: The Company's continued
commitment to strengthening its Safety, Health, and
Environment (SHE) practices has been recognized
through several prestigious external and internal awards
during the reporting period.

The key achievements include winning the Rhodium
Award in the SHE Competition conducted by ABK-
AOTS Dosokai, along with multiple recognitions from the
National Safety Council, including the Utthama Suraksha
Puraskara Award - 2025 (Unit-16), Unnatha Suraksha
Puraskara Award - 2025 (Unit-12), and Prasamsha
Suraksha Puraskara Award - 2025 (Unit-17).

In addition, internal “Awards & Recognition” programs
were conducted to appreciate and encourage employees
for their active participation and valuable contributions
towards strengthening safety initiatives across the
organization.

Kaizens & Risk Management Initiatives: As part of
its continuous improvement approach, the Company
implemented several Kaizen initiatives to strengthen
risk management and enhance workplace safety across
operations. These included installation of ABC modular
fire extinguishers at Diesel and LPG storage areas to
mitigate fire risks during holidays and night hours, and
creation of a fire partition between the manufacturing
plant and pump room at Units to prevent fire propagation.
In addition, multiple engineering controls such as tamper¬
proof finger guards for single needle sewing machines,
safety guards for chopper cutters in flatlock machines,
and modified finger guards for pattern tacker and bar
tack machines were introduced and implemented to
eliminate or reduce finger injury risks.

Other Initiatives & Good Practices: The Company
also implemented several proactive measures and
good practices aimed at improving workplace safety,
emergency preparedness, and employee well-being.
Key initiatives included installation of convex mirrors
at blind spots to enhance traffic and pedestrian safety,
provision of wheelchairs across floors for safe emergency
evacuation support, and installation of windsocks to
strengthen environmental and emergency response
readiness. Kitchen hygiene audits were completed across
all units to ensure food safety standards, and a Near Miss
Scanner was introduced for real-time reporting of near-
miss incidents, reinforcing a proactive and preventive
safety culture across the organization.

The Company has in place, an Internal Complaints
Committee (ICC) in compliance with the Sexual
Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act 2013 (POSH Act). The
committee members routinely meet employees, conduct
awareness sessions and deal with complaints, if any,
promptly and in the manner prescribed by law. The details
of complaints are provided in the Corporate Governance
Report.

PROSPECTS

The Company is encouraged by the enduring brand
equity, image and leadership position of both Jockey
and Speedo in their respective markets. The Company is
committed to invest and continue its concerted efforts
towards enhancing consumer and channel-partner
experience across all facets of the brands.

In spite of consistent growth across all product
categories and consumer segments over the years,
the Indian market offers a significant head room for
growth across all categories of the Jockey brand. Our
assessment of consumer penetration for brand Jockey
for a tightly defined addressable market stands at 17%-
19% for Men's Innerwear, 6%-7% for Women's Innerwear,
9%-10% for Socks and 6%-7% for Athleisure.

The Jockey brand will continue to significantly
enhance product portfolio with plans to address new
consumer segments through dedicated product lines
and collaborations. The brand will also see consistent
upgradation of its existing product portfolio to enhance
usage experience for its vast consumer base. The brand
will continue to invest in expansion in the offline space

both through General Trade and Modern Retail channels
with concerted efforts in penetrating & going deep in
the Tier 2 and Tier 3 markets. The online business will see
more than proportionate focus in further strengthening
our position across marketplace and brand sites.

The Company recently concluded a study by the global
marketing research firm Kantar on the swimming
market in India. The study reflects Speedo's consumer
penetration in the range of 5%-7% for Swimwear and
4%-6% for Swim Equipment, providing a huge headroom
for growth. In addition to enhancing and expanding the
product offering to the Indian market across Swimwear
and Equipment, the brand will focus on expanding brand
presence in the market with special focus on the online
business channel. Your directors are confident that the
Speedo business will show healthy growth in the coming
years, further strengthening its dominant position in the
premium swimwear market.

With continued support from Jockey International, USA,
and Speedo International, UK, backed by our strong
in-house product development, back-end capabilities,
manufacturing expertise and our continuously evolving
state-of- the- art technology, combined with a very strong
distribution network, we remain optimistic about the
prospects of both brands and expect continued healthy
sales growth and profitability in the coming years, further
consolidating our position in the premium market for
Innerwear, Athleisure, Socks, Swimwear & Swim equipment.

HUMAN RESOURCES/INDUSTRIAL RELATIONS

A detailed section on Human Resources/Industrial
Relations is provided in the Management Discussion and
Analysis Report, which forms part of this Annual Report.

BOARD OF DIRECTORS AND KEY MANAGEMENT
PERSONNEL

During the year under review, four Board Meetings and
four Audit Committee Meetings were duly convened
and held; the details of which are given in the Corporate
Governance Report along with the details of composition,
category, dates of the meeting, attendance and such
other details.

The Board of Directors consists of a balanced profile of
members specializing in different fields that enables it to
address the various business needs of the Company, while
placing very strong emphasis on corporate governance.

DIRECTORS

Cessation of Mr. Sandeep Maini and Mr. Vikram Shah as
Directors

Pursuant to the provisions of the Companies Act, 2013,
the second term of independent directorship of Mr.
Sandeep Maini (DIN: 01568787) and Mr. Vikram Shah
(DIN: 00119565) ceased with effect from 27 May 2025.
The Board expressed its sincere appreciation and
commended their significant contributions.

Appointment of Mr. Suresh Eshwara Prabhala and
Mr. Dinesh Ramkrishin Malkani as Independent Directors

In place of the retiring Directors, Mr. Suresh Eshwara
Prabhala (DIN: 02130163) and Mr. Dinesh Ramkrishin
Malkani (DIN: 06621722) were appointed as Independent
Directors with effect from 28 May 2025. In the opinion
of the Board, Mr. Suresh Eshwara Prabhala and Mr.
Dinesh Ramkrishin Malkani possess the required
integrity, expertise and experience for appointment as
Independent Directors of your Company.

Re-appointment of Director

Pursuant to the provisions of the Companies Act 2013
and the Articles of Association of the Company, Mr. V S
Ganesh (DIN 07822261) and Mr. Sanjeev Genomal (DIN
01399731), Directors of the Company will be retiring by
rotation at the ensuing AGM and being eligible, have
offered themselves for re-appointment. The Board
recommends their re-appointment.

Pursuant to Regulation 36(3) of SEBI (Listing Obligations
and Disclosure Requirements) Regulations 2015, details
relating to appointment and re- appointment of Directors
at the AGM are provided in the Notice to the members.

Key Managerial Personnel

In Compliance with Section 203 of the Companies
Act 2013, the Board of Directors of Company has the
following Key Managerial Personnel:

1. Mr. Ganesh V S (DIN 07822261) - Managing
Director;

2. Mr. Shamir Genomal (DIN 00871383) - Deputy
Managing Director;

3. Mr. Karthik Yathindra - Chief Executive Officer
(Effective from 01 April 2025);

4. Mr. Deepanjan Bandyopadhyay - Chief Financial
Officer; and

5. Mr. C Murugesh - Company Secretary.

Committees of the Board of Directors

The Company has constituted the following committees
in compliance with the Companies Act 2013 and SEBI
(Listing Obligations and Disclosure Requirements)
Regulations 2015:

1. Audit Committee,

2. Nomination and Remuneration Committee,

3. Stakeholders Relationship Committee,

4. Risk management Committee and

5. Corporate Social Responsibility (CSR) Committee.

A brief description, composition and other requisite
details of the above committees are provided in the
Corporate Governance section of this Annual Report.

During the year under review, the Board of Directors
have accepted all the recommendations of the above
Committees.

Nomination and Remuneration Policy

The Board has, on the recommendation of the
Nomination and Remuneration Committee, framed a
policy for selection, appointment of Directors and Senior
Management personnel and to fix their remuneration.
The Nomination and Remuneration Policy is available
in the Company's website, https://www.pageind.com/
investor-relationship. The salient features of the policy
is provided in the Corporate Governance report.

During the year under review, the non-executive
directors of the Company had no pecuniary relationship
or transactions with the Company, other than sitting fees
and remuneration under section 197 of the Companies
Act, 2013 and reimbursement of expenses, if any

Corporate Social Responsibility

Annual Report on Corporate Social Responsibility (CSR)
containing composition of CSR Committee and its terms
of policy is provided in Annexure-I. The CSR policy of
the Company is available on the Company's website on
https://pageind.com/pages/investors-relations

The Company has undertaken an impact assessment of
the eligible CSR projects. An executive summary of the
impact assessment is included in the Annual Report on
CSR Activities forming part of this Board's Report. The
detailed report is available on the Company's website at:
https://pageind.com/pages/sustainability-csr

The following CSR activities were carried out during the
year under review:

• PAGE Scholarship Program: Provides financial
support to students who have completed 10th
Standard and are planning to pursue Pre-University
Courses (PUC), Diploma, or ITI (Industrial Training
Institute) programs.

• PAGE EduCare Program: Supply of ceramic green
boards and benches to government schools.

• Mid-Day Meals: for government school students
(Akshaya Patra).

• Christel House India: Supporting education for
students.

• PAGE Health Care Initiatives: Support for heart
surgeries and Supply of medical equipment and
ambulance vehicles to government hospitals.

• Christel House School Building Block Project:

Construction of School Building Block.

During the financial year 2025-26, the Company incurred
a total expenditure of '183.12 million on Corporate Social
Responsibility (CSR) activities, compared to '155.85
million in the previous year. This expenditure includes
'3.26 million from the unspent CSR account of FY 2022¬
23, '34.98 million pertaining to FY 2023-24, '56.58
million relating to FY 2024-25, and '88.29 million from
the CSR obligation of the current financial year.

During the year, the Company identified a few sustainable,
multi-year ongoing projects in the education sector with
an aggregate outlay of '87.47 million. Of this amount,
'9.53 million was spent during the year under review,
while the balance of '77.94 million is proposed to be
utilized over the next three financial years.

For the year under review, the Company spent '88.29
million against a prescribed CSR obligation of '166.23
million. The unspent CSR amount of '77.94 million
has been transferred to the Unspent Corporate Social
Responsibility Account in compliance with Section
135(6) of the Companies Act, 2013. This amount will
be utilized within the prescribed timelines for ongoing
projects, as detailed in the CSR Report.

Evaluation of Board of Directors, Committees and
Directors

Pursuant to the provisions of the Companies Act,
2013 and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Board has carried
out an annual performance evaluation of its own
performance, performance of directors individually
and working of the Board Committees. The manner of
evaluation is explained in the Corporate Governance
Report. Independent Directors met separately to evaluate
the Non-Independent Directors and Chairman of the
Board. Your Directors have expressed their satisfaction
with the evaluation results.

Vigil Mechanism / Whistle Blower Policy

The Company has constituted a Vigil mechanism / Whistle

Blower mechanism to report genuine concerns relating
to unethical behaviour, actual or suspected fraud. The
details are explained in the Corporate Governance Report.
The Policy is available on the Website of the Company at
https://www.pageind.com/investor-relationship.

The Company has not received any serious complaint
under Vigil mechanism / Whistle Blower policy during the
year under review.

Related party transactions

All related party transactions that were entered during
the financial year were at arm's length basis and were in
the ordinary course of business. There was no materially
significant related party transaction made by the Company
with Promoters, Directors, Key Managerial Personnel or
other designated persons, which may have a potential
conflict with the interest of the Company at large.

All Related Party Transactions were placed before the
Audit Committee and the Board for approval. Prior
omnibus approval of the Audit Committee has been
obtained for the transactions which are of foreseen and
repetitive nature. The transactions entered, pursuant to
the omnibus approval so granted, are placed before the
Audit Committee and the Board of Directors for their
approval on a quarterly basis.

The Company has framed a Related Party Transactions
policy for identification and monitoring of such
transactions. The policy on Related Party Transactions
as approved by the Board is available on the website
at https://www.pageind.com/investor-relationship.
The related party transaction in AOC-2 is marked as
Annexure-II.

Related party transactions pursuant to the SEBI(LODR)
Regulations 2015 and the Companies Act 2013 are
provided in the notes to the Financial statements.

Risk Management

Risk Management is an ongoing process within the
Organization. The Company remains mindful of risks
arising from commodity price volatility, evolving consumer
preferences, increasing competitive intensity, Data
Protection Risk, Cybersecurity Risk, AI Adoption geopolitical
developments and technology-led disruption across retail
channels. We have a robust risk management framework
to identify, monitor and minimize risks and the function is
overseen by Chief Risk Officer, a seasoned risk management
professional. The Board has a policy to oversee the risk

mitigation performed by the executive management,
which includes identification, assessment, monitoring and
reporting of risks. The major risk and mitigation plans have
been explained in the Management Discussion and Analysis
Report. During the year under review, two meetings were
conducted to review the Risk Management framework.

Ratio of remuneration

Details / Disclosures of Ratio of Remuneration to
each Director to the median employee's remuneration
pursuant to Section 197 of the Companies Act 2013,
read with Rule 5 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, are
provided in Annexure-III.

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) and 5(3) of the Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014, is provided in a separate annexure
forming part of this report. Further, the report and the
accounts are being sent to the Members excluding the
aforesaid annexure. In terms of Section 136 of the Act,
the said annexure is open for inspection and any Member
interested in obtaining a copy of the same may write to
the Company Secretary.

Listing

Shares of the Company are listed in the Bombay Stock
Exchange Limited, Mumbai (BSE) and National Stock
Exchange of India Limited, Mumbai (NSE) and the listing
fees have been duly paid.

AUDITORS

Statutory Auditors: At the 26th AGM, the members of the
Company, appointed M/s. S.R. Batliboi & Associates LLP,
Chartered Accountants, Bengaluru (Firm Registration
No. 101049W / E300004) as Statutory Auditor of the
Company for a second term of 5 years commencing from
the conclusion of 26th AGM till the conclusion 31st AGM.
Accordingly, they hold office up to the conclusion of the
ensuing 31st Annual General Meeting of the Company.

The Auditors have not reported any fraud under Section
143(12) of the Companies Act, 2013.

Since the term of M/s. S.R. Batliboi & Associates LLP is
concluding at the ensuing 31st Annual General Meeting,
the Audit Committee and the Board of Directors
recommend the appointment of M/s. Walker Chandiok &
Co LLP (ICAI Firm Registration No. 001076N/N500013),
Chartered Accountants, as the Statutory Auditors of the
Company. They shall hold office from the conclusion
of this 31st Annual General Meeting (AGM) until the
conclusion of the 36th AGM to be held in 2031, subject
to the approval of the shareholders.

The Company has received written consent and a
certificate from Walker Chandiok & Co LLP (ICAI
Firm Registration No. 001076N/N500013), Chartered
Accountants, confirming that their appointment, if
made, will be in accordance with Sections 139 and 141
of the Companies Act, 2013, read with the Companies
(Audit and Auditors) Rules, 2014.

Secretarial Auditor: Pursuant to the provisions of Section
204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the members of the Company has
appointed M/s. Padmavathi & Vijayesh Associate LLP,
Prasticing Company Secretaries [LLPIN :ACI-9072] as
Secretarial Auditors for the term of 5 (five) years from
Financial Year 1 April 2025 to 31 March 2030.

The Report of the Secretarial Audit Report forms part of
this Annual report marked as Annexure- IV.

The Statutory and Secretarial Auditors reports to the
shareholders for the year under review do not contain any
materially significant qualification, reservation, adverse
remark or disclaimer.

Cost Records and Cost Audit: For the year under review,
maintenance of cost records and the cost auditing is not
applicable pursuant to Notification G.S.R.01(E) dated 31
December 2014.

CORPORATE GOVERNANCE

We are committed to maintaining the highest standards
of corporate governance. The report on corporate
governance as stipulated in the SEBI (Listing Obligations
and Disclosure Requirements) Regulations 2015
forms part of the annual report. A certificate from the
Practising Company Secretary regarding compliance
with conditions of Corporate Governance is also annexed
to the report on Corporate Governance.

MANAGEMENT DISCUSSION AND ANALYSIS
REPORT

Management Discussion and Analysis Report is enclosed
as part of this Annual Report.

Internal Control System and Adequacy: The details are
provided in the Management Discussion Analysis.

Business Responsibility and Sustainability Report

SEBI(LODR) Regulations 2015, the Business
Responsibility and Sustainability Report is provided in
Annexure -V

DECLARATION OF INDEPENDENT DIRECTOR

The Company has received declaration from Independent
Directors of the Company that they meet with the criteria
of their Independence laid down in Section 149 of the
Companies Act, 2013 and SEBI(LODR) Regulations 2015.

INDUSTRIAL RELATIONS

Industrial relations are cordial at all levels and your
Directors sincerely acknowledge the exemplary
dedication of all its employees.

Deposits: The Company has not accepted any deposits
during the year under review. There is no outstanding
deposit as on 31 March 2026.

Particulars of Loans, Guarantees or Investments:
Disclosure on particulars of loans and investments are
provided in notes to the financial statements.

Significant and Material Orders Passed by the Regulators
or Courts: No significant and material orders were passed
by the regulators or courts or tribunals impacting the
going concern status and Company's future operations.

Material changes and commitments: No material changes
and commitments affecting the financial position of
the Company have occurred between the end of the
financial year and date of report.

Implementation of Corporate action: The Company
has declared four interim dividends, which were duly
implemented.

Unclaimed dividends and transfer of shares to IEPF:
Details on Unclaimed dividends and transfer of shares to
IEPF are provided in the Corporate Governance Report.

Secretarial Standards: During the year under review
applicable Secretarial Standards have been duly
complied with.

Annual return: Pursuant to Section 92(3) read
with Section 134(3)(a) of the Act, the Annual
Return is available on the Company's website on
https://www.pageind.com/investor-relationship.

Unclaimed Shares Suspense Account: There are no shares
remaining unclaimed and lying in the escrow account.

ENERGY, TECHNOLOGY AND FOREIGN
EXCHANGE

Pursuant to Section 134(3)(m) of the Companies Act,
2013, read with the Companies (Accounts) Rules, 2014,
the particulars relating to conservation of energy,
technology absorption and innovation are provided
below:

a. Conservation of Energy

The Company remains committed to advancing
sustainable operations through focused initiatives aimed
at improving energy efficiency, optimizing resource
consumption and reducing its environmental footprint.
As part of this commitment, a Group Captive Solar
Project is currently in the early stages of execution and
is expected to support the Company's renewable energy
transition over the long term.

During the year, the Company also undertook several
measures to strengthen its energy and environmental
management practices, including the implementation
of:-

• Retrofit Emission Control Devices (RECD) for DG
sets,

• Installation of BLDC fans,

• Strengthening of the fire suppression system,

• Boiler enhancements,

• Adoption of effective water management systems.

These initiatives reflect the Company's continued focus
on responsible growth, resource efficiency and long¬
term sustainability.

b. Technology Absorption, Adaptation and
Innovation

The Company continues to drive technology-led
transformation across product development, raw
material innovation, manufacturing processes and
enterprise systems, with the objective of enhancing
productivity, quality, traceability and overall
operational effectiveness.

Key initiatives undertaken during the year included:-

• Business Process Reengineering (BPR) through
SAP S/4HANA,

• Improvement in cutting efficiency through cut
plan and marker optimization tools,

• Deployment of automatic packing systems
and automatic floor cleaning systems, and
automation in critical processes such as
strap making, welt pocket making and elastic
attachment.

The Company also continued to strengthen
process visibility and shopfloor control through the
implementation of advanced floor management
systems across its garment, socks and elastic
manufacturing units. In addition, initiatives were
undertaken to enhance supply chain traceability
capabilities, while further technology adoption is
underway to upgrade the Company's Warehouse
Management Systems (WMS), Quality Management
System (QMS) and Transport Management System
(TMS).

These initiatives are expected to improve planning
accuracy, supply chain visibility, inventory optimisation,
data-driven decision-making and execution agility
across the enterprise.

c. Foreign Exchange Earnings and Outgo

Foreign exchange earnings during the year were
'128 million from exports of goods. Outflow owing to
royalty, import of raw materials, machinery, spares etc.
amounted to '6,773 million.

DIRECTORS’ RESPONSIBILITY STATEMENT

In compliance of Section 134(5) of the Companies Act,
2013, the Directors of your Company confirm that:

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

• They had selected such accounting policies and
applied them consistently and made judgments
and estimates that are reasonable and prudent to
give a true and fair view of the of the Company at
the end of the financial year and of the profit of
the Company for that period;

• They had taken proper and sufficient care for the
maintenance of adequate accounting records in
accordance with the provisions of this Act for
safeguarding the assets of the Company and
for preventing and detecting fraud and other
irregularities;

• They had prepared the annual accounts on a
going concern basis;

• They had laid down internal financial controls
to be followed by the Company and that such
internal financial controls are adequate and were
operating effectively;

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

GENERAL

The Board places on record its appreciation for the
commitment, resilience and contribution of employees,
business partners, suppliers and channel associates
during the year. Your Directors acknowledge the
support given by the Licensors, M/s Jockey International
Inc., USA, and M/s Speedo International Limited, UK as
well as all business associates. The Board also wishes to
place on record its sincere thanks and appreciation to
the Central Government, Karnataka State Government,
Odisha State Government and various other State
Governments, bankers, suppliers, channel partners and
all other stakeholders, including employees, for the
wholehearted dedication and cooperation extended by
the employees at all levels.

By Order of the Board For and on behalf of the Board
of Directors

Sunder Genomal V S Ganesh

Chairman Managing Director

[DIN: 00109720] [DIN: 07822261]

Bengaluru
21 May 2026