Your Directors are pleased to present the 78^th Annual Report on the business operations and the Financial Statements of your Company for
the financial year ended March 31, 2026.

FINANCIAL PERFORMANCE

The financial results of your Company (standalone) for the financial year ended March 31, 2026 are presented below:

The net worth of the Company as on March 31, 2026 was ' 13929.61 crores as compared to ' 11992.80 crores for the previous year.

The financial statements have been prepared in accordance with the Indian Accounting Standards (Ind AS) notified under the Companies
(Indian Accounting Standards) Rules, 2015.

DIVIDEND

During the year, your Directors declared and paid three interim dividends aggregating to ' 23.40 per equity share of ' 10/- each. Subsequent
to the end of the year, your Directors declared fourth interim dividend of ' 11.70 per equity share. The aggregate outflow on account of the
equity dividend for the year will be ' 501.11 crores.

Your Directors have not recommended any final dividend for the year under review.

MANAGEMENT DISCUSSION AND ANALYSIS

COMPANY PERFORMANCE

In Financial Year 2025 - 26 (FY26), your Company recorded a total income of ' 4420.33 crores (Previous Year ' 4713.29 crores) and earned
a PBIDT of ' 3124.89 crores (Previous Year ' 3026.20 crores).

MARKET ANALYSIS

CRUDE TANKER MARKET

Crude tanker earnings commenced FY26 on a firm footing and strengthened further through the year. The market was supported by robust
underlying supply-demand fundamentals, incremental volumes moving on the mainstream non-sanctioned fleet and elevated geopolitical
risk premiums. The war in West Asia towards the end of FY26 further disrupted the crude tanker markets, leading to unprecedented levels
of earnings.

OPEC proceeded with the unwinding of voluntary crude oil production cuts, with approximately 2.5 mbpd of additional crude oil supply
being released. A meaningful portion of these incremental barrels became visible in seaborne exports from Q3 FY26 onwards. Concurrently,
new upstream developments in Brazil and Guyana further augmented export availability. As a result, crude oil production in the Middle East
expanded by approximately 6%, while South American production grew by about 8%, reinforcing global export flows and supporting crude
tanker demand.

Prior to the escalation of the West Asia crisis in March 2026, the global oil market was characterized by a supply surplus, driven by strong
production growth relative to demand. China played a key role in absorbing part of this surplus through strategic stockpiling, thereby
supporting tonne-mile demand. Additionally, India began reducing its dependence on Russian crude during January-February 2026,
increasing imports from the Middle East and the Atlantic Basin.

Towards Q4 FY26, the crude tanker market also experienced a notable shift in ownership structure, with increased fleet concentration in the
large tanker segments led by prominent market participants. Market conditions were further supported by increased loadings of Venezuelan
crude on the mainstream fleet following geopolitical developments and easing constraints on exports.

Building on these favourable dynamics, tanker earnings rose sharply following the escalation of conflict in the Middle East and the resulting
disruption to vessel transits through the Strait of Hormuz, which temporarily constrained crude oil flows equivalent to approximately 14
mbpd (about 30% of global seaborne crude trade). While alternative measures - including diversion of Saudi Arabian exports, strategic
stock releases and partial relaxation of sanctions on Russia and Iran - helped mitigate supply shortages, these measures were insufficient
to fully replace lost volumes. Notwithstanding the reduction in trade volumes, tanker markets remained supported by vessel dislocation and
increased demand for replacement barrels from long-haul sources in the Atlantic Basin, which together contributed to elevated freight rates
during the period.

Overall, global seaborne dirty (crude and fuel oil) trade grew by approximately 3% y/y in FY26, with West-to-East long-haul trade increasing
by about 6%. During the same period, the global crude tanker fleet expanded by only around 1% in nominal terms, while demolition activity
remained negligible. This modest fleet growth, combined with steady demand expansion and periodic geopolitical disruptions, resulted in a
constructive supply-demand balance for the crude tanker market through the year.

The table below captures spot market earnings for the Suezmax and Aframax tanker segments over the financial year (in $/day).

PRODUCT TANKER MARKET

Relative to the elevated levels observed over the previous two years, product tanker earnings started FY26 on a softer footing but
strengthened progressively during H2 FY26. Market conditions remained comparatively stronger West of Suez than in the East, reflecting
regional imbalances in supply, demand, and trade flows.

Higher newbuilding deliveries in the LR2 and MR segments kept a lid on earnings during H1 FY26, as incremental fleet supply outpaced
demand growth. While overall trade volumes remained largely flat, tonne-miles declined due to approximately 30% increase in transits via
the Suez Canal, supported by the absence of vessel-related incidents in the Bab al Mandeb Strait. This normalization of routing reduced
voyage distances compared to the disruptions observed in prior periods.

During H2 FY26, United States refinery utilisation remained elevated, and the absence of weather-related shutdowns during January-
February 2026 resulted in a 12% y/y increase in refined product exports from the United States. In addition, the strength in crude tanker
markets led to approximately 90 LR2 vessels (around 15% of the global LR2 fleet) switching to dirty trades, thereby tightening effective
supply in the product tanker segment and providing support to earnings.

The conflict in West Asia had a significant impact on global product markets, with export flows through the Strait of Hormuz coming to a
near standstill. Gulf producers typically export around 3.4 mbpd of refined products, representing approximately 15% of global product
trade. More than 3 mbpd of refining capacity in the region was shut due to the conflict, while refinery runs across Asia were curtailed
due to feedstock availability constraints. The disruption resulted in a decline of approximately 2.4 mbpd of trade in March 2026, creating
dislocations across regional product balances.

Overall, seaborne product trade volumes remained flat y/y in FY26. While the product tanker fleet grew by approximately 4% y/y in nominal
terms, LR2 vessels switching to dirty trades created effective fleet tightness in the latter half of FY26.

The table below captures the market spot earnings of LR1 and MR product tankers over the financial year (in $/day).

OUTLOOK

The short-term tanker market outlook remains highly uncertain, with the duration of conflict in the Middle East and transit levels through the
Strait of Hormuz set to remain the key drivers of market dynamics.

Higher oil prices and a softer macroeconomic environment may weigh on demand across parts of the refined product spectrum. At the same
time, adjustments in trade flows and inventory management by consuming regions are expected to continue influencing tanker utilisation
in the near term. While disruptions to Middle Eastern export flows have affected regional supply balances, increased long-haul movements
from alternative exporting regions may provide partial support to tonne-mile demand.

Over the medium term, a gradual recovery in production and export activity in the region, together with potential stock rebuilding by
importing countries, could support tanker demand. Increasing ownership concentration among large tanker operators has also contributed
to improved commercial discipline across key segments, supporting earnings resilience during periods of supply-side disruption.

Meanwhile, the tanker orderbook has seen a sharp uptick, particularly for crude tanker with orderbook at approximately 20% of fleet (vs 11%
last year). Product tanker orderbook stood at around 19% of the fleet.

LPG CARRIER MARKET

The VLGC market experienced a strong recovery during FY26, with earnings improving materially y/y. The key driver was the escalation of
trade conflict between the United States and China, which led to a significant redrawing of global LPG trade routes. U.S. LPG volumes were
increasingly directed towards the Far East, India, and South-East Asia, while China diversified its sourcing towards the Middle East Gulf
(MEG), Canada, and Australia. These trade realignments materially increased tonne-mile demand during a year characterised by moderate
vessel deliveries. In addition, a moderation in the U.S. export terminal fees allowed shipowners to capture a larger share of the U.S.-Asia
arbitrage, further supporting VLGC earnings during the year.

Chinese VLGC LPG imports declined by about 10% y/y in FY26, as China was unable to fully replace lost U.S. volumes following the imposition
of tariffs. In contrast, India recorded a healthy 9% growth in LPG imports, primarily driven by resilient residential and commercial demand.
North-East Asian imports increased by 3% y/y, while South-East Asian imports grew by a stronger 9%, supported by rising energy demand.

Export growth in FY26 was led by the U.S., where LPG exports increased by 5% y/y, aided by rising domestic production and subdued local
consumption.

On the other hand, MEG LPG exports declined by approximately 6% y/y. This was largely driven by a sharp reduction in March 2026 volumes
following disruptions to flows through the Strait of Hormuz amid the escalation of conflict in West Asia.

Nominal VLGC fleet supply grew by approximately 3.5% in FY26, representing a more balanced supply environment following higher vessel
deliveries in the preceding two fiscal years.

The table below captures the market spot earnings of VLGC over the financial year (in $/day).

ASSET VALUES

Stronger VLGC earnings translated into sustained asset value strength, with second-hand values holding at historically high levels despite
macro and geopolitical uncertainties.

OUTLOOK

The short-term outlook for the VLGC market remains sensitive to developments in the Middle East, particularly transit conditions through
the Strait of Hormuz, which is a vital corridor for global LPG trade. Import-dependent markets such as India and China remain exposed to
potential adjustments in supply from the Middle East Gulf region, although alternative sourcing from the United States and other exporting
regions may partially mitigate disruptions. However, given the scale of demand in these markets, fully bridging potential supply gaps may
remain challenging. Continued growth in U.S. LPG export capacity is expected to support incremental long-haul trade flows over the medium
term.

Increased eastbound movements of crude oil, LPG and refined products from the U.S., partly reflecting adjustments in trade flows following
disruptions in the Middle East Gulf region, may also increase competition for Panama Canal transit slots. This could limit VLGC transits
through the Canal and support tonne-mile demand through increased routing via longer alternative passages.

Looking ahead, VLGC fleet growth is expected to accelerate from FY27 onwards, with a substantial orderbook scheduled for delivery over
the next two years. Developments in the Middle East and transit conditions at the Panama Canal are expected to be important drivers as
trade patterns continue to evolve.

DRY BULK CARRIER MARKETS

Dry bulk earnings started FY26 softer y/y across all vessel types before improving significantly during the second half of FY26. Capesize
was the best performing segment, aided by continued strength in iron ore and bauxite trade. Sub-Capesize earnings were supported by firm
grain trade, while demand for coal faced headwinds during the year.

Iron ore trade remained resilient during FY26 as China continued to build inventories, although steel output remained under pressure due
to sustained weakness in the property sector. Firm Chinese steel exports provided partial support to domestic steel production and helped
maintain import demand for iron ore.

Coal trade remained subdued as imports into China and India softened amid steady growth in domestic production and increased electricity
generation from hydroelectric and renewable sources.

Grain trade remained supported by firm Chinese soybean demand and rising exports from South America. During H1 FY26, China increased
purchases from South America as part of efforts to reduce reliance on U.S. grains amid tariff tensions. However, imports of U.S. grains
improved during H2 FY26 following the announcement of a soybean trade agreement between the two countries.

Bauxite trade continued its strong growth trajectory, increasing by 16% y/y in FY26. Guinea's exports to China reached record levels,
supported by robust aluminium production in China. Other minor bulks, including steel products and fertilisers, also supported overall dry
bulk demand.

The nominal bulk carrier fleet supply increased by approximately 2.9% y/y in FY26. Fleet growth was lower for Capesizes at around 1.2%
y/y versus growth of 4.0% y/y for Sub-Capesizes.

The table below shows the market spot earnings of the various categories of dry bulk ships over the financial year (in $/day):

Apr-2025 May-2025 Jun-2025 Jul-2025 Aug-2025 Sep-2025 Oct-2025 Nov-2025 Dec-2025 Jan-2026 Feb-2026 Mar-2026
Source: Baltic Exchange

ASSET VALUES

Bulker asset prices increased over FY26. Values have risen between 15% and 25% in FY26 depending upon the age profile and the type of
vessel.

OUTLOOK

Overall dry bulk trade growth outlook remains broadly positive, although ongoing developments in the Middle East Gulf region continue to
introduce uncertainty for certain commodity flows and pricing dynamics.

Iron ore trade is expected to remain supported by the gradual ramp up of supply from the Simandou iron ore project in Guinea. Long-haul
iron ore exports from Guinea to China are likely to benefit Capesize tonne-miles. However, slowdown in domestic steel demand in China
could act as a headwind for import requirements, while any moderation in Chinese steel exports may further influence overall iron ore trade
flows.

Coal trade dynamics may be influenced by developments in global energy markets; tighter LNG availability following disruptions to export
infrastructure in the Middle East, could lead to greater reliance on coal for power generation in some regions. At the same time, domestic
production trends in major importing countries such as China and India, together with production policies in Indonesia, the world's largest
thermal coal exporter, may influence the pace of growth in seaborne coal trade over the medium term.

Fertilizer exports from the Middle East Gulf region have been affected by recent regional developments, contributing to tighter supply
conditions and higher prices. This may influence planting decisions and crop production in major agricultural regions of the world.

The bulk carrier orderbook is around 13% of the fleet, with the fleet expected to grow at approximately 3% in CY2026, consistent with fleet
growth in CY2025.

FLEET SIZE AND CHANGES DURING THE YEAR

As on March 31, 2026, your Company's fleet stood at 40 vessels, comprising 26 tankers (5 crude carriers, 17 product carriers, 4 LPG carriers)
and 14 dry bulk carriers (2 Capesize, 9 Kamsarmax, 1 Ultramax, 2 Supramax) with an average age of 14.59 years aggregating 3.20 Mn dwt.

During the financial year, your Company:

• took delivery of a Suezmax Crude Oil Carrier 'Jag Laadki'; a Medium Range Product Carrier 'Jag Pranesh'; a Very Large Gas Carrier 'Jag

Vijay'; two Kamsarmax Dry Bulk Carriers Jag Amol' and 'Jag Anjali'; and a Ultramax Dry Bulk Carrier 'Jag Riddhi'.

• sold and delivered to the buyers a Suezmax Crude Carrier 'Jag Lok'; a Medium Range Product Carrier 'Jag Pooja'; a Very Large Gas

Carrier Jag Vishnu'; and a Kamsarmax Dry Bulk Carrier Jag Aarati'.

Subsequent to the end of the year, your Company:

• took delivery of a Kamsarmax Dry Bulk Carrier 'Jag Abhishek'.

• contracted to acquire a Medium Range Product Carrier.

• contracted to sell a Medium Range Product Carrier Jag Pankhi'.

• sold and delivered to the buyers a Medium Range Product Carrier Jag Prakash'.

A detailed Asset Profile section forms part of this Annual Report.

KEY FINANCIAL RATIOS

Conventional return ratios are not appropriate to assess the performance or condition of your Company for the following reasons:

1. A very significant part of the return in shipping comes from the appreciation in the value of the asset itself. This does not enter the Profit
and Loss account except at the time of sale.

2. In recent years, due to the change in accounting standards, the Company's profits have been affected very significantly by the movement
in exchange rates. When the foreign currency current assets are higher than the foreign currency debt, this has the effect of increasing
the Company's profits when the rupee depreciates against the US Dollar, and of reducing its profits when the rupee appreciates against
the US Dollar.

Considering the cyclical and highly volatile nature of the shipping industry, the ability to survive weak markets, and if possible, even take
advantage of them, is critical to success. The Company therefore believes that following are the key financial ratios applicable to its business:

1. Gross and Net Debt: Equity Ratio - This shows the extent of leverage taken by the business, both at a gross level and net of the cash
and cash equivalents held. Net debt: equity is a standard ratio used in assessing a shipping company's creditworthiness.

Debt ratios have stayed at low levels due to the strong cash flow generation and low capex relative to balance sheet size.

2. Cash Debt Service Coverage Ratio - This represents the Company's ability to meet its debt servicing obligations. It is the sum of
the PBIDT plus the cash and cash equivalents held by the Company divided by the expected debt service payments over the next
12 months.

This ratio stood at 16.72 as of end FY26 versus 15.23 at the end of the previous financial year. The increase in the ratio is due to lower
interest costs in FY27 as compared to FY26.

3. Net Debt:PBIDT - This shows the number of years earnings it would take to cover the repayment of the debt which is not covered by
the cash and equivalents.

The ratio was -1.71 as of end FY26 versus -1.66 as at the end of the previous financial year. The level of the ratio is not currently relevant
since the net debt is negative in both years.

4. Return on Net Worth - The ratio was 18.18% for FY26 vs 19.39% for FY25. The decrease was mainly due to the higher net worth base
during the year as against the previous year.

RISKS AND CONCERNS

Your Company has carried out a detailed exercise to identify the various risks faced by your Company, and has put in place mitigation,
control and monitoring plans for each of the risks. Risk owners have been identified for each risk, and these risk owners are responsible for
controlling the respective risks. The efficacy of these processes is monitored on a regular basis by Risk Sub- Committees (comprising of
Whole-time Directors and Senior Management Personnel of the Company) for the different areas in order to make continuous improvement
and is further reviewed by the Risk Management Committee.

The Risk Management Committee currently consists of Mr. Bharat K. Sheth, Chairman, Mr. Amitabh Kumar, Mrs. Kalpana Morparia,
Mr. Shivshankar Menon, Mr. T. N. Ninan, Mr. Uday Shankar and Mr. G. Shivakumar.

The Board of Directors and Audit Committee are regularly briefed on your Company's risk management process.

The material risks and challenges faced by your Company are as follows:

ECONOMIC RISK:

Shipping is a global business whose performance is closely linked to the state of the global economy. Therefore, if global economic growth
is adversely impacted, it could have an unfavourable effect on the state of the shipping market.

GEO-POLITICAL RISK:

OPEC nations control about one third of the world oil supply. Therefore, their decision on whether to increase or reduce crude production
can have a material impact on the tanker freight markets.

Many of the countries producing and exporting crude oil are politically volatile and geographically located in sensitive areas. Any change
in the political situation in these countries may alter the supply-demand scenario. This would have a consequential impact on the tanker
market. We are seeing this issue currently, with the Strait of Hormuz effectively closed to normal traffic since the beginning of March 2026.

Issues such as sanctions and wars may also affect shipping markets.

TRADE BARRIERS:

Trade disputes between countries can turn into trade wars with erection of tariff and non-tariff barriers. The manner in which such barriers
are implemented could have significant impact on trade volumes and routes.

CHINESE ECONOMY:

China has been a major driver of global growth especially for commodities. If the economy falters or changes its policy towards import of
various goods, the consequential damage to shipping will be significant.

CHALLENGES FACED BY THE SHIPPING BUSINESS

EARNINGS VOLATILITY:

The shipping industry is a truly global business with a host of issues potentially impacting the supply demand balance of the industry. This
results in significant volatility in freight earnings and asset values.

Your Company attempts to manage that risk in various ways.

If your Company believes that the freight market could weaken, it may enter into time charter contracts ranging from 6 months to 3 years
or use freight derivatives to hedge the risk. Another method of managing risk is by adjusting the mix of assets in the fleet through sale or
purchase of ships.

As capital cost is a major cost component, your Company also ensures that assets are bought at cheap prices. Your Company hopes to
weather weak markets better than most players in the business by having among the lowest fleet break-evens.

Your Company operates ships in different asset classes and different markets. This ensures that your Company's fortunes are not fully
dependent upon a single market.

LIQUIDITY RISK:

The sale and purchase market and time charter markets are not always liquid. Therefore, there could be times when your Company is not
able to position the portfolio in the ideal manner.

FINANCE RISK:

Your Company's business is predominantly USD denominated as freight rates are determined in USD and so are ship values. Your Company
has its liabilities also denominated in USD. Any significant movement in currency or interest rates could meaningfully impact the financials
of your Company.

SHIPBOARD PERSONNEL:

Indian officers continue to be in great demand all over the world. Given the unfavourable taxes on a seafarer sailing on an Indian flagged
vessel, it is difficult to source officers capable of meeting the modern-day challenges of worldwide trading.

CYBER RISK:

A new and worrying threat to our business is cyber risk. Your Company is taking steps to secure its assets and systems from this threat,
including by having suitable protection in place and by constant training to employees on how to avoid such issues.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Your Company has instituted internal financial control systems which are adequate for the nature of its business and the size of its operations.
The policies and procedures adopted by your Company ensure the orderly and efficient conduct of its business, including adherence to
Company's policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting
records, and timely preparation of reliable financial information.

The systems have been well documented and communicated. The systems are tested and audited from time to time by your Company and
internal as well as statutory auditors to ensure that the systems are reinforced on an ongoing basis. Significant audit observations and follow
up actions thereon are reported to the Audit Committee.

No reportable material weakness or significant deficiencies in the design or operation of internal financial controls were observed during
the year.

The internal audit is carried out by a firm of external Chartered Accountants (Ernst & Young LLP) and covers all departments. Your Company
also has an independent Internal Audit Department. Apart from facilitating the internal audit by Ernst & Young LLP, the Internal Audit
Department also conducts internal audit as per the scope decided from time to time.

Both Ernst & Young LLP and Head (Internal Audit) report to the Audit Committee in their capacity of internal auditors of your Company.

Consequent upon resignation by Head (Internal Audit), Ernst & Young LLP would continue as the sole internal auditors of the Company

In the beginning of the year, the scope of the internal audit exercise including the key business processes and selected risk areas to be
audited are finalised in consultation with the Audit Committee. All significant audit observations and follow up actions thereon are reported
to the Audit Committee.

The Audit Committee comprises of Mr. Keki Mistry (Chairman), Mrs. Bhavna Doshi, Mr. Raju Shukla and Mr. T. N. Ninan all of whom are
Independent Directors of your Company. Mr. Berjis Desai ceased to be the member of the Audit Committee w.e.f. April 24, 2026.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements have been prepared by your Company in accordance with the Indian Accounting Standards (Ind
AS) notified under the Companies (Indian Accounting Standards) Rules, 2015. The audited Consolidated Financial Statements together with
Auditors' Report thereon form part of the Annual Report.

The group recorded a consolidated net profit of ' 2,942.52 crores for the year under review as compared to net profit of ' 2,344.26 crores
for the previous year. The net worth of the group as on March 31, 2026 was ' 16,962.49 crores as compared to ' 14,259.16 crores for the
previous year.

SUBSIDIARIES

The statement containing the salient features of the financial statements of your Company's subsidiaries for the year ended March 31, 2026
is attached along with the financial statements of your Company.

The report on performance of the subsidiaries is as follows:

GREATSHIP (INDIA) LIMITED, MUMBAI

Greatship (India) Limited (GIL), wholly owned subsidiary of your Company and one of India's largest offshore oilfield services providers,
experienced a good year of performance and turned in the highest profits since FY16. In the financial year 2025-26, GIL has recorded a
total income of ' 1287.63 crores (previous year ' 1130.05 crores) on a standalone basis and ' 1571.18 crores (previous year ' 1332.45 crores)
on a consolidated basis. In the current financial year, GIL has earned a profit before interest, depreciation (including impairment) & tax of
' 619.05 crores (previous year ' 521.69 crores) and ' 819.59 crores (previous year ' 630.71 crores) on a standalone and consolidated basis,
respectively. GIL's net profit for the current financial year is ' 302.25 crores (previous year ' 183.55 crores) and ' 438.85 crores (previous
year ' 232.66 crores) on a standalone and consolidated basis, respectively.

The improvement in the business, primary in the Offshore Logistics vertical, allowed GIL to improve consolidated revenue by 18% on a
YoY basis, but comparable profitability metrics of EBIDTA and PAT improved by 30% and 89% respectively, once again demonstrating
the operational leverage inherent in the business. Considering the dollar denominated or linked revenue base of the business, the ~4.5%
depreciation of the Indian rupee (INR) against the U.S. dollar lends support to the improvement in such YoY financial metrics.

During the year, your Company granted a term loan of ' 425 crores to GIL for repayment of its External Commercial Borrowing facility. As of
March 31, 2026, GIL's debt is entirely internal i.e. from your Company and the cash balance in excess of ' 1400 crores comfortably covered
such debt liability.

During the financial year, Greatship Oilfield Services Limited, a wholly owned subsidiary of GIL, was dissolved under section 59 of the
Insolvency and Bankruptcy Code, 2016 w.e.f. December 11, 2025, through voluntary liquidation.

GIL has following three wholly owned subsidiaries, whose performance during the year is summarized hereunder:

1. Greatship Global Energy Services Pte. Ltd., Singapore (GGES)

GGES has earned a net profit of USD 0.20 Mn for the current financial year as against the net profit of USD 0.27 Mn in the previous year.
The decrease in net profit was mainly due to lower interest income and increase in expenses during the year.

2. Greatship Global Offshore Services Pte. Ltd., Singapore (GGOS)

GGOS owns and operates two Multi-purpose Platform Supply and Support Vessels and one R-Class Supply Vessel. GGOS has earned
a net profit of USD 16.93 Mn for the current financial year as against the net profit of USD 7.25 Mn in the previous year. The increase
in net profit was primarily attributable to higher charter hire income, increased interest income, and the reversal of impairment loss on
trade receivables that had been provided in earlier years.

3. Greatship (UK) Limited, United Kingdom (GUK)

GUK's net loss for the current financial year amounted to USD 0.03 Mn as against USD 0.02 Mn in the previous year. The net loss in the
current financial year has been on account of certain expenses incurred by GUK.

THE GREATSHIP (SINGAPORE) PTE. LTD., SINGAPORE

The Greatship (Singapore) Pte. Ltd. is a wholly owned subsidiary of your Company. The Greatship (Singapore) Pte. Ltd. does shipping
agency business for the ships owned by your Company. During the year ended March 31, 2026, there were 94 ship calls at Singapore. The
company's profit for the current financial year amounted to S$ 64,041 as compared to a profit of S$ 89,248 in the previous year.

THE GREAT EASTERN CHARTERING LLC (FZC), U.A.E.

The Great Eastern Chartering LLC (FZC) is a wholly owned subsidiary of your Company. During the year ended March 31, 2026, the company
made a profit of USD 13.50 Mn (previous year loss of USD 6.55 Mn). The company has invested in shares of some listed shipping companies
and these shares were valued at USD 13.60 Mn as of March 31, 2026.

THE GREAT EASTERN CHARTERING (SINGAPORE) PTE. LTD., SINGAPORE

The Great Eastern Chartering (Singapore) Pte. Ltd. is a wholly owned subsidiary of The Great Eastern Chartering LLC (FZC), UAE. During the
financial year ended March 31, 2026, the company made a loss of USD 0.36 Mn (previous year profit of USD 1.01 Mn). As of March 31, 2026,
the company held positions in dry bulk freight futures and oil futures.

GREAT EASTERN FOUNDATION, INDIA

Great Eastern Foundation (Foundation) (formerly 'Great Eastern CSR Foundation') is a wholly owned subsidiary of your Company which
handles the CSR activities of your Company and its subsidiaries. The Foundation received a total contribution of ' 45.21 crores during the
year ended March 31, 2026. The Foundation spent ' 29.08 crores on CSR activities during the year.

Details of CSR activities carried out by Great Eastern Foundation are set out in the reports on CSR activities which form part of this Annual
Report.

GREAT EASTERN SERVICES LIMITED, INDIA

Great Eastern Services Limited ('GESL') is a wholly owned subsidiary of your Company. GESL was incorporated on June 23, 2020. It had not
commenced its business operations since incorporation.

With a view to save on administrative time and cost, the Board of Directors of your Company had granted its approval for voluntary liquidation
of GESL. The members of GESL at their Extra- Ordinary General Meeting held on June 23, 2025, passed a special resolution for voluntary
liquidation of GESL. The application for voluntary liquidation of GESL is under process with Hon'ble National Company Law Tribunal ('NCLT'),
Mumbai Bench.

GESHIPPING (IFSC) LIMITED, INDIA

GESHIPPING (IFSC) Limited is a wholly owned subsidiary of your Company. During the year, the company has made a profit of USD 1.72 Mn
(previous year loss of USD 1.50 Mn).

During the year, GESHIPPING (IFSC) Limited voluntarily prepaid USD 3 Mn term loan availed from your Company out of the total outstanding
term loan amount of USD 10 Mn.

DEBT FUND RAISING

During the year, no fresh debt was raised. The gross debt:equity ratio as on March 31, 2026 was 0.08 (including effect of currency swaps
on rupee debt was 0.11) and the debt:equity ratio net of cash and cash equivalents as on March 31, 2026 was -0.38 (including effect of
currency swaps on rupee debt was -0.35). The Company did not have any External Commercial Borrowings at the opening of the year and
redeemed Non-Convertible Debentures aggregating to ' 450 crores during the year and also settled the swaps relating to those debentures.

HEALTH, SAFETY, ENVIRONMENT AND QUALITY (HSEQ)

The last few years have been very challenging for the shipping industry due to geopolitical instability grappling with the economy and the
businesses across the globe. Changing safety, environmental and local regulatory regimes like PSC inspections are making operations more
complex. Your Company's committed teams on board and ashore with proactive approach ensured the implementation of risk-based plan,
helping to minimize its impact on business operations to a larger extent.

Other than mandatory ISM certification, your Company is certified for ISO 9001, ISO 14001 and ISO 45001 standards. An internationally
recognized benchmark ensures business follows high standard for quality and environmental responsibility. The standardized operation
facilitates safe and efficient navigation in prevailing complex operational environment.

Your Company's performance during third party inspections like Port State Control inspection, SIRE, Rightship is also very good. QUALSHIP
21 (Quality Shipping for the 21^st Century) is a United States Coast Guard (USCG) program. It rewards foreign-flagged vessels and their
operators that demonstrate a strong commitment to maritime safety and environmental protection. Many vessels operated by your Company
are eligible for QUALSHIP 21 certification.

Your Company is taking various proactive measures to utilise advanced technology for efficient operation. As part of this initiative,
applicable vessels are fitted with redesigned propellers, ultrasonic devices on propellers, adaptive auto pilot system and application of
high-performance paints. These measures have yielded positive results in your Company's mission to reduce environmental impact and
simultaneously improve operational efficiency. Artificial intelligence technology is being used to ease seafarers workload and monitor health
of machinery proactively. Also, many vessels are equipped with CCTV system as ongoing efforts to improve safe monitoring of activities on
board and improve safety culture. CCTV system is also equipped with inbuilt AI, making it more useful and effective.

Your Company cares for its employees and has taken enhanced measures towards their health and safety. For the benefits of all shore
employees the Company continued arrangements like work from home option for junior ranks and remote offices located in Mumbai
suburbs. For the benefit of seafarers, the Company has provided free limited internet access to all seafarers onboard ship for better social
connectivity. Additionally, a remote expert counselling service for mental wellbeing, enhanced pre-employment mental examination from the
experts, annual health insurance for senior officers and their spouses and a dedicated crew relationship officer for managing their welfare
to enhance their relationship with the organization are in place.

TRAINING AND ASSESSMENT

During FY 2025-26, the Training & Assessment function remained aligned with the Company's objective of maintaining a competent,
confident and operationally prepared seafaring workforce.

The Training & Assessment function delivered structured, practical learning across the seafaring workforce, with over 7,000 training
interventions conducted during the year spanning operational, technical, safety, and behavioural competencies.

Training was delivered through a mix of simulator-based learning, classroom sessions, and computer-based modules. Full mission simulators
were actively used for scenario-based exercises, keeping crews operationally sharp. Programmes were aligned with key industry inspection
frameworks — SIRE 2.0 and RightShip RISQ 3.2 — while also addressing emerging threats through dedicated cybersecurity and ransomware
drill modules.

Engineering capability was strengthened through targeted workshops covering blackout prevention, main engine operations, and ballast
water management, supported by structured competency assessments tied to rank-specific responsibilities. Safety and compliance training
covered emergency preparedness and operational safety, complemented by human factors modules on leadership, communication and
mental wellbeing.

A notable external recognition came from the DNV Maritime Training Provider audit in April 2025, which highlighted the Company's initiative
in combining Engine Room Simulator refresher training with Engine Team Resource Management — an approach participants found directly
relevant to their operational roles.

The Training Centre retains its DNV certification, with programmes regularly reviewed against regulatory changes and operational learnings.

IT INITIATIVES

In FY2026, the IT function significantly advanced the organization's digital maturity by driving a focused strategy around Digital Transformation
with focus on Enterprise Data Analytics, Gen AI, RPA along with application rationalization and legacy application modernization. These
initiatives have streamlined core business processes, enhanced monitoring and compliance with ease of operations, strengthened
cybersecurity posture and enhanced operational resilience in an increasingly complex global maritime environment.

Key focus areas

Your Company continues its Digital Transformation journey for next-gen technology implementation and adoption to ensure business
enablement and process standardization and automation. Some of the key focus areas were:

• SAP Ecosystem & peripheral systems implementation: The Company has expanded SAP footprint to automate Accounts Payable &
Vendor Management process, HR & Payroll and integration with other shipping ERP systems. This has substantially improved compliance
and process standardization.

• Shipping ERP Platforms implementation and stabilization: Shipping ERP platforms Veson, Harborlab, Danaos and Stormgeo have been
further enhanced to include additional functionalities and improve overall data integrity and control. Additionally, new SaaS platform
Mariapp is being implemented for crew management and training.

• Application Rationalization & Consolidation: A structured digital transformation with new SaaS platforms implementation and legacy
application rationalization and consolidation has helped the Company to optimize its application footprint, resulting in seamless
integrated enterprise. This has led to enhanced data integrity, system-based controls, improved compliance and long-term scalability.

• Enterprise Data Analytics: The Company has implemented Enterprise Data Analytics using Data Lake and Power BI platforms for
improved decision making by establishing robust data governance and integration mechanism across all enterprise systems.

• Artificial Intelligence Enablement: An AI-powered knowledge system has been deployed, enabling both office and vessel staff to
access critical guidance and procedures from SMS/IMS SOPs with speed and accuracy.

Infrastructure & Cyber Security

Your Company has successfully ensured zero cyber security incidents and ensuring uninterrupted system availability for smooth business
operations in a complex maritime environment. This continues to be the Company's top strategic priority. By taking proactive steps and
integrating modern infrastructure with a multi-layered security architecture, your Company has built a "Resilient-by-Design" ecosystem.

• Cloud-First Operations & Ransomware Immunity: The Company has transitioned to a location-independent operational model that
ensures business remains functional regardless of physical or digital disruptions. This has been ensured by setting up Cloud DR
framework with rapid failover capabilities and deployment of air-gapped cloud backup solutions.

• Modernized Maritime Infrastructure & Monitoring: The Company has upgraded its physical and digital backbone which is central to
enabling real-time operational control by establishing high-bandwidth satellite communication, network redesign and modernization.

• Proactive Cyber Defense & Governance: The Company's infrastructure is fortified by an intelligence-led security layer designed to
counter evolving global threats. This includes Security Operations Centre (SOC & SIEM) with 24/7 monitoring along with real-time
threat hunting and proactive data protection. Your Company has established KPI based governance mechanism to ensure controls and
compliance to regulatory frameworks which includes IT Act 2000, and CERT-In guidelines.

Future Roadmap

Looking ahead, the Company's digital strategy is anchored in "Al-first" transformation, next gen technology enablement using agentic
framework with data-driven decision-making. The Company's key priorities are further optimization of enterprise digital architecture, gen
AI enablement and agentic process automation for efficiency improvements and improved decision-making. The Company is going to focus
on implementing The Digital Personal Data Protection Act, 2023 and its compliance framework and is evaluating next gen AI enabled cyber
security frameworks with additional check points and controls for improved resiliency and continual business support.

HUMAN RESOURCES

The employee value proposition of the organization rests on two pillars of Employee Capability and Commitment and its efforts are focused
on strengthening these two areas through sustained investments. The objective of the capability building initiative is to ensure that the
employees are able to build their competence and feel confident and skilled to meet up the emerging work requirements at the workplace.
This was achieved through a combination of leadership programs, coaching, and exposure to digital learning platforms such as LinkedIn
learning. Using the Leadership Gap Indicator developed by the Center for Creative Leadership, the Company identified leadership capabilities
that are critical for business success, and areas of improvements specific to the organization. Subsequently, a structured leadership journey
was designed for middle managers to develop the competencies which were identified; this included class room learning sessions and
one to one coaching using the Immunity to Change framework. Emphasis was also placed on self awareness as a foundation for growth,
supported by 360 feedback and use of psychometric instruments like CPI 260 and FIROB.

The Company's efforts to build Employee Commitment is by enhancing belonginess and psychological safety. This was achieved through
multiple ways - climate surveys, employee town halls, informal engagements like quizzes, cultural get-togethers and promoting work life
balance. These activities encouraged cross functional interaction and fostered cameraderie.

The overall engagement score stood at 82% with an employee retention of 97%.

Total number of shore staff and shipboard personnel was 256 and 1872 respectively at the end of the year.

THE GREAT EASTERN INSTITUTE OF MARITIME STUDIES (GEIMS)

In FY2026, The Great Eastern Institute of Maritime Studies (GEIMS) continued to uphold its reputation for maintaining high standards
in maritime education and training. The institute remained committed to developing skilled maritime professionals and strengthening its
contribution to the maritime industry.

During the year, GEIMS undertook several outreach and expansion initiatives. One of the key highlights was the organization of its inaugural
roadshows in Lonavala and Pune, where the institute provided guidance to numerous aspiring candidates interested in pursuing careers
in the Merchant Navy. These initiatives helped create awareness about maritime education and encouraged young individuals to explore
opportunities in the maritime sector.

In FY2026, GEIMS proudly graduated 425 cadets from its four pre-sea courses - Diploma in Nautical Science (DNS), Graduate Marine
Engineering (GME), Electro Technical Officer (ETO), and GP Rating (General Purpose Rating). During the same period, GEIMS welcomed 424
new cadets into these programs, further strengthening its role in developing the next generation of maritime professionals.

GEIMS cadets continued to demonstrate exceptional talent and competitiveness by securing various prizes in competitions organized
by maritime institutions. Notable achievements included participation and recognition in events hosted by AMET Chennai and Prayaan @
IMU-Mumbai. Cadets also showcased commendable performance in sporting events. A joint team comprising members from the Company
and GEIMS secured the Runners-Up Trophy at the prestigious Maritime Soccer League 2025, reflecting strong teamwork and sporting
excellence.

The institute also focused on faculty development and professional growth. Faculty members enhanced their competencies by attending
advanced simulator training courses and participating in seminars alongside senior floating staff of the Company, ensuring that the training
methodologies remain aligned with evolving industry standards and practices.

A significant milestone during the year was the successful organization of "Naviquest" on October 31, 2025, hosted by GEIMS for the first
time. The event witnessed participation from all major maritime institutes in the country and finals included competitions in Maritime Quiz
and Technical Skills. GEIMS performed exceptionally well, securing First Prize in the Nautical Event and Second Prize in the Technical Event.

Another highlight of the year was the vibrant celebration of GEIMS's 21^st Foundation Day. The event was graced by distinguished chief guests
Capt. Rajesh Tandon, CEO - FOSMA, and Mr. Viren Rasquinha, MD & CEO - OGQ. During the ceremony, Cadet Kalyani Satpute was honored
with the "Best Girl Cadet of the Year" award. The celebration was attended by prominent industry leaders and received significant media
coverage, further reinforcing GEIMS's growing prominence in the maritime training sector.

The annual grading of Maritime Training Institutes (MTIs) by the Directorate General of Shipping (DGS), GEIMS's commitment to excellence
was reflected in its consistent CIP Grade (Comprehensive Inspection Programme Grade) of "A1", which stands as a testament to the institute's
dedication in imparting best in class maritime training for the future mariners.

CORPORATE SOCIAL RESPONSIBILITY

Your Company has always been conscious of its role as a good corporate citizen and strives to fulfil this role by running its business with
utmost care for the environment and all the stakeholders. Your Company looks at Corporate Social Responsibility (CSR) activities as a
significant tool to contribute to the society.

The Board of Directors of your Company has constituted a Committee of Directors, known as the Corporate Social Responsibility Committee,
currently comprising of Mrs. Bhavna Doshi (Chairperson), Mr. Raju Shukla and Mr. Bharat K. Sheth, to steer its CSR activities.

Copy of the Corporate Social Responsibility Policy of your Company as recommended by the CSR Committee and approved by the Board is
enclosed as 'Annexure A'. The CSR Policy is also available on the website of your Company: www.greatship.com.

The CSR Policy is implemented by your Company through Great Eastern Foundation, a wholly owned subsidiary of your Company, specifically
set up for the purpose.

During FY 2025-26, ' 44 crores were contributed by your Company to Great Eastern Foundation for undertaking CSR activities as per the
provisions of Section 135 of the Companies Act, 2013.

The Annual Report on CSR activities is enclosed herewith as 'Annexure B'.

DIRECTORS

The first term of office of Mr. T. N. Ninan, Mr. Uday Shankar and Mr. Shivshankar Menon as Independent Directors of the Company expired
on May 05, 2025. The members approved the re-appointment of Mr. T. N. Ninan and Mr. Uday Shankar as Independent Directors of the
Company for a second term of 5 years w.e.f. May 06, 2025, by passing Special Resolutions through Postal ballot the results of which
were declared on March 27, 2025. Subsequently, the members at their Annual General Meeting held on August 01, 2025, approved the re¬
appointment of Mr. Shivshankar Menon as an Independent Director of the Company for a second term of 5 years w.e.f. August 02, 2025.

The members, at their Annual General Meeting held on August 01, 2025, also approved the re- appointment of Mr. Ravi K. Sheth as a Director
of the Company liable to retire by rotation, the re-appointment of Mr. Bharat K. Sheth as 'Managing Director' of the Company for a period
of 5 years w.e.f. April 01, 2026, and the re-appointment of Mr. G. Shivakumar as 'Executive Director' of the Company for a period of 5 years
w.e.f. November 14, 2025.

During the year, Mr. K. M. Sheth stepped down as the Chairman and member of the Board of the Company w.e.f. November 09, 2025, owing
to age-related reasons.

Your Directors place on record their appreciation for the valuable guidance and support extended by Mr. K. M. Sheth. Your Directors also
note that his association with the Company had been truly extraordinary and unparalleled. Under his leadership, the Company earned a
reputation for sound governance, professional excellence, and financial prudence, while upholding the highest standards of integrity and
enterprise. His vision and guidance had been instrumental in shaping your Company's enduring values and long-term success.

In recognition of his lifelong and distinguished service to the Company and his invaluable contribution to the Indian maritime industry, the
Board of Directors at their meeting held on November 07-08, 2025, appointed Mr. K. M. Sheth as 'Chairman Emeritus' of the Company for
life w.e.f. November 09, 2025.

The Board of Directors, at their meeting held on November 07-08, 2025, appointed Mr. Bharat K. Sheth as 'Chairman' of the Company w.e.f.
November 09, 2025. Accordingly, he was re-designated as 'Chairman and Managing Director' of the Company with effect from the said date.

With a view to further strengthen the governance framework of the Company, the Board of Directors at their meeting held on January 29,
2026, designated Mr. Ranjit Pandit as the 'Lead Independent Director' of the Company w.e.f. January 29, 2026.

Subsequent to the end of the year, Mr. Berjis Desai has stepped down from the office of Non-Executive, Non-Independent Director of the
Company w.e.f. April 24, 2026, consequent upon his appointment as a Member, National Commission for Minorities, New Delhi.

Your Directors place on record their appreciation for the valuable guidance and support extended by Mr. Berjis Desai during his tenure as a
Non- Executive, Non-Independent Director of the Company.

The first term of office of Mrs. Bhavna Doshi as an Independent Director of the Company expired on May 11, 2026. The members approved
the re-appointment of Mrs. Bhavna Doshi as an Independent Director of the Company for a second term from May 12, 2026 to October 25,
2030, by passing special resolution through postal ballot, the results of which were declared on April 30, 2026.

Mr. G. Shivakumar shall retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

Necessary resolution for re-appointment of Mr. G. Shivakumar as a 'Director retiring by rotation' has been included in the Notice convening
the ensuing Annual General Meeting.

As per the provisions of the Companies Act, 2013, Independent Directors shall not be liable to retire by rotation. The Independent Directors
of your Company have given the certificate of independence to your Company stating that they meet the criteria of independence as
mentioned under Section 149(6) of the Companies Act, 2013 and under Regulation 16(1)(b) of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015. In the opinion of the Board, all the Independent Directors are persons
of integrity and possess relevant expertise and experience to effectively discharge their duties as Independent Directors of the Company.

The policies on Director's appointment and remuneration including criteria for determining qualifications, positive attributes, independence
of Director and also remuneration for key managerial personnel and other employees are enclosed herewith as Annexures 'C' and 'D'
respectively.

The details of remuneration as required to be disclosed pursuant to the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 are enclosed as Annexure 'E'.

During the year, Mr. Bharat K. Sheth, who is also the Non-Executive Chairman of Greatship (India) Ltd. (GIL), a wholly owned subsidiary of
the Company, was in receipt of remuneration of ' 81 lakhs for FY 2024-25 from GIL. The Board of Directors of GIL have approved payment
of remuneration of ' 108 lakhs for FY 2025-26 to Mr. Bharat K. Sheth.

BOARD MEETINGS

During the year, 5 meetings of the Board of Directors were held. The details of Board meetings as well as Committee meetings are provided
in the Corporate Governance Report.

BOARD EVALUATION

With a view to bring in objectivity and independence in the process of performance evaluation of the Board, its Committees and individual
Directors, your Company engaged the services of Talentonic HR Solutions Private Limited ('Talentonic') to assist in conducting performance
evaluation for FY 2025-26.

Talentonic conducted the assessment in line with the regulatory requirements and leading practices in the market and submitted its Board
Evaluation Reports. They made a comprehensive presentation of their findings at the meeting of the Independent Directors of the Company.
The annual performance evaluation of the Board, its committees and all the Directors individually was done based on the same.

Pursuant to the provisions of the Companies Act, 2013, a separate meeting of Independent Directors reviewed performance of your
Company, Board as a whole and Non-Independent Directors (including Chairman) of your Company. The Board of Directors reviewed the
performance of Independent Directors and Committees of the Board. Nomination and Remuneration Committee also reviewed performance
of your Company and the Directors.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 134(3) of the Companies Act, 2013, the Board of Directors hereby state that:

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

(b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of
the profit and loss of the company for that period;

(c) the directors 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;

(d) the directors had prepared the annual accounts on a going concern basis; and

(e) the directors, in the case of a listed company, had laid down internal financial controls to be followed by the company and that such
internal financial controls are adequate and were operating effectively.

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

CORPORATE GOVERNANCE

Maintaining high standards of Corporate Governance has been fundamental to the business of your Company since its inception. A separate
report on Corporate Governance is provided together with a certificate from the practicing Company Secretary regarding compliance of
conditions of Corporate Governance as stipulated under the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015.

Your Company has formally adopted the 'National Guidelines on Responsible Business Conduct' ('NGRBC') issued by Ministry of Corporate
Affairs. The applicable aspects of the principles of NGRBC have been suitably incorporated in the internal policy framework and operating
processes followed by your Company.

The Business Responsibility and Sustainability Report (BRSR) as per the format specified by Securities & Exchange Board of India forms
part of this Annual Report. Your Company is undertaking external assurance of BRSR Core Indicators for FY 2025-26 from DNV Business
Assurance India Private Limited.

A separate section on Environment, Social & Governance (ESG) also forms part of this Annual Report.

Copy of Annual Return as required under Section 92(3) of the Companies Act, 2013 has been placed at the website of your Company:
www.greatship.com

PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

With a view to create safe workplace, your Company has formulated and implemented Sexual Harassment (Prevention, Prohibition and
Redressal) Policy in accordance with the requirement of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013. For the purpose of handling and addressing complaints regarding sexual harassment, your Company has constituted
Internal Complaint Committee with an external lady representative (who has the requisite experience in this area) as a member of the
Committee. To build awareness in this area, your Company also conducts awareness programmes within the organisation.

During the year, no complaints with allegations of sexual harassment were received by the Company.

VIGIL MECHANISM

Your Company has established a vigil mechanism (Whistle Blower Policy) for Directors and employees to report genuine concerns. The
Whistle Blower Policy provides for adequate safeguards against victimisation of persons who use such mechanism and make provision for
direct access to the Chairperson of the Audit Committee in appropriate or exceptional cases. No personnel was denied access to the Audit
Committee.

A copy of the Whistle Blower Policy is available on the website of your Company: www.greatship.com

RELATED PARTY TRANSACTIONS

Your Company has formulated a policy on dealing with Related Party Transactions, a copy of which is available on the website of your
Company: www.greatship.com

The particulars of material contracts arrangements with related parties in Form AOC 2 is annexed herewith as "Annexure F".

All the related party transactions have been entered into by your Company in the ordinary course of business and on arm's length basis.

DIVIDEND DISTRIBUTION POLICY

The Dividend Distribution Policy of your Company is available on the website of your Company: www.greatship.com

ENERGY CONSERVATION AND TECHNOLOGY ABSORPTION

CONSERVATION OF ENERGY

The revised IMO GHG Strategy includes an enhanced common ambition to reach net-zero GHG emissions from international shipping by or
around 2050, as well as indicative checkpoints for 2030 and 2040. Your Company has been undertaking various technical and operational
initiatives about enhancing energy efficiency in its business operations. The same has also been described in detail in the BRSR and ESG
Reports, which form part of this Annual Report.

ENERGY SAVING TECHNOLOGIES

In its efforts to improve energy efficiency and reduce emissions, your Company has implemented the following energy efficiency initiatives
on various vessels during this financial year. Few of these will help us in complying with IMO and EU regulations on emission reduction:

• Redesigned Propellers - Fitted on 2 LR tankers in this fiscal, with this we have completed fitment on total 4 LR tankers. These propellers
are lighter in weight and have an improved design profile which will help in emissions reduction. These will also help with the reduction
of underwater noise.

• MAN B&W EcoCam - Retrofit was completed on 3 vessels during their respective dry dockings. This will assist in emission reduction
during part load operations of main propulsion engine.

• Ultrasonic equipment for biofouling protection of propellers - This is installed on 18 vessels and the Company plans to do on selected
vessels in the coming fiscal year.

• Adaptive autopilot retrofit was completed on 14 vessels. This will assist in reducing cross-track error during vessel's navigation and
hereby resulting in reduced emissions.

• LED lighting - LED lights are energy efficient as compared to traditional lights such as fluorescent, halogen and incandescent lights.
Total 34 vessels are fitted with such arrangement.

• High performance paints - For a typical ship, loss of energy through hull resistance is around 30% and this increases with growth of hull
roughness due to biofouling. To minimize growth of biofouling, your Company has applied superior anti-fouling coatings on 6 vessels
during their respective dry dockings in this financial year.

During the year, your Company made a total capital investment of USD 684,483 on energy conservation equipments.

COMPLIANCE WITH IMO & EU EMISSION REGULATIONS

IMO DCS Data for the calendar year 2025 have been submitted to R.O. by the due date for their review. A similar exercise for corresponding
requirement of European Union, but applicable to vessels which have made commercial voyages to or from EU for the calendar year 2025,
has been completed.

Your Company tracks and monitors the Carbon Intensity Indicator (CII) ratings for all its vessels. This will help the organization in timely
identifying the vessels which will require improvement and appropriate actions can be planned accordingly. In CY 2025, 81% of our ships
were rated C or better.

For EU ETS, we have contracted with couple of reputed brokers for the purchase & management of EUAs for non-pool vessels and for pool
vessels it will be handled by respective pool managers.

The Company has opened a Maritime Operator Holding Account (MOHA) with Spanish Registry for holding and submission of EUA allowances.

For FuelEU Maritime, the Company has partnered with established organisations and opted for pooling mechanism as compliance method.
For pool vessels it is managed by respective pool managers. As a sustainable and effective method, your Company has also used bio-fuel
for effective management of Fuel EU regulations.

AUDITORS

Pursuant to the provisions of Section 139 of the Companies Act, 2013, Deloitte Haskins & Sells LLP were re-appointed as the Statutory
Auditors of your Company at the Annual General Meeting held on July 29, 2022 to hold office until the conclusion of the 79^th Annual General
Meeting to be held in the calendar year 2027.

The report given by the Auditors on the financial statements of your Company is part of this Report. There are no qualifications, adverse
remarks of disclaimer given by the Auditors in their Report.

SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and Regulation 24A of Securities Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, M/s. Mehta & Mehta, Company Secretaries were appointed as Secretarial
Auditors of your Company at the Annual General Meeting held on August 01, 2025 for a term of 5 financial years with effect from April 01,
2025. The Secretarial Audit Report of your Company is annexed herewith as "Annexure G".

The Secretarial Audit Report of Greatship (India) Limited, the material unlisted Indian subsidiary of your Company, is annexed herewith as
"Annexure H".

FOREIGN EXCHANGE EARNINGS AND OUTGO

The details of Foreign Exchange Earnings and Outgo are as follows:

OTHER DISCLOSURES

Particulars of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the
notes to the financial statements.

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and the
Company's operations in future.

Maintenance of cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013 is not
required by your Company.

Neither any application was made, nor any proceeding was pending under the Insolvency and Bankruptcy Code, 2016 in respect of your
Company during or at the end of the financial year 2025-26.

The disclosures on valuation of assets as required under Rule 8(5)(xii) of the Companies (Accounts) Rules, 2014 are not applicable.

The Company has complied with the provisions of Maternity Benefit Act, 1961 and the Code on Social Security, 2020 relating to maternity
benefits.

APPRECIATION

Your Directors express their sincere thanks to all customers, charterers, vendors, investors, shareholders, shipping agents, bankers,
insurance companies, protection and indemnity clubs, consultants and advisors for their continued support throughout the year. Your
Directors also sincerely acknowledge the significant contributions made by all the employees through their dedicated services to your
Company. Your Directors look forward to their continued support.

For and on behalf of the Board of Directors

Bharat K. Sheth

Chairman and Managing Director
(DIN: 00022102)

Mumbai, May 14, 2026