COMPANY'S PERFORMANCE

For the financial year 2025-26, at standalone level, the
Company reported a revenue drop of from operations vis-a¬
vis financial year 2024-25, primarily due to early elongated
rains during the year. Total revenue from operations
decreased to R 35,900.70 Lakhs against R 40,999.61 Lakhs
for the corresponding period. The 'Other Income' was
reported at R 2,213.91 Lakhs as against R 908.47 Lakhs in
the previous year; primarily due to income from interest in
subsidiary fund during the year.

During the year under review, the Company has recorded
23.0 Lakhs visitors, down ~15% from FY 2024-25 due to early
and elongated monsoon during the year that impacted the
high peak season for the year FY 2025-26.

For the financial year 2025-26, at consolidated level, the
Company reported a revenue drop of from operations vis-a¬
vis financial year 2024-25, primarily due to early elongated
rains during the year. Total revenue from operations
decreased to R 37,385.38 Lakhs against R 41,022.30 Lakhs
for the corresponding period. The 'Other Income' was
reported at R 1,014.24 Lakhs as against R 916.72 Lakhs in
the previous year; primarily due to income from capital

subsidiary granted for Hotel business by the Government of
Maharashtra under the tourism policy.

During the year under review, the Company has recorded
24.7 Lakhs visitors, down ~9% from FY 2024-25 due to early
and elongated monsoon during the year that impacted the
high peak season for the year FY 2025-26.

The outstanding secured loans as on March 31, 2026
aggregate to R 34,251.39 Lakhs.

DIVIDEND

The Board of Directors ("Board"), after considering
holistically the relevant circumstances and keeping in view
the requirement of funds for fulfilling financial obligations
towards the acquisition transactions or expansions
undertaken by the Company, has decided that it would be
prudent not to recommend any dividend for the year under
review.

The Dividend Distribution Policy, in terms of Regulation
43A of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015
("SEBI Listing Regulations"), is available on the Company's

website athttps://www.imagicaaworld.com/wp-content/
uploads/2023/10/Dividend-Distribution-Policv.pdf

TRANSFER OF RESERVES

The Company has not transferred any amount to reserves
during the year under review.

SHARE CAPITALAuthorised Share Capital

As on March 31, 2026, the Authorised Share Capital of the
Company was R 1100,00,00,000/- divided into 100,00,00,000
Equity Shares of R 10/- each and 100,00,000 Preference
Shares of R 100/- each.

Paid-up Share Capital

During the year under review, the Company has allotted the
following equity shares:

> 49,556 equity shares of face value of ^ 10/- each under
Imagicaaworld Employee Stock Options Scheme 2020,
to the option grantees who had exercised their options
as detailed below:

• 30,279 equity shares were allotted on May 07, 2025

• 19,277 equity shares were allotted on July 31, 2025

Consequently, the Issued, Subscribed and Paid-up Share
Capital of the Company stood at R 565,86,14,470/- divided
into 56,58,61,447 equity shares of ^ 10/- each as on March
31, 2026.

DEPOSITS

The Company has not accepted deposits from the public
falling within the ambit of Section 73 of the Act during the
year under review. As on March 31, 2026, there were no
deposits lying unpaid or unclaimed.

SUBSIDIARIES, ASSOCIATES & JOINT VENTURES

As on March 31, 2026, the Company has 3 (Three) wholly
owned subsidiaries:

(i) Blue Haven Entertainment Private Limited;

(ii) Malpani Parks Indore Private Limited;

(iii) Imagicaa Next Private Limited, incorporated on June 16,
2025.

As on March 31, 2026, there is no Associate and Joint Venture
of the Company Further, no Company became or ceased to
be subsidiary, Joint Ventures or Associate Company.

The salient features of the financial statements (highlighting
the financial performance) of the subsidiaries of the
Company as required under Section 129 of the Act in the
Form AOC-1 is forming part of this Annual Report. The

standalone financial statements, consolidated financial
statements along with relevant documents of the Company
and separate audited financial statements of the subsidiaries
of the Company are available on the Company's website at
https://www.imagicaaworld.com/financials/#subsidiarv-
information

In accordance with SEBI Listing Regulations, a policy
for determining material subsidiary of the Company as
approved by the Board of Directors is made available on
the website underhttps://www.imagicaaworld.com/wp-
content/uploads/2023/lQ/Material-Subsidiarv-Policv.pdf.

During the year under review, there was no material
subsidiary of the Company as per the SEBI Listing Regulations.

As on the date of signing of this report, Board of Directors
of the Company has approved the investment in Mehsana
Next Parks Private Limited (MNPPL") a proposed SPV/Joint
Venture with Keshav Holiday Resort Private Limited "KHRPL")
for the purpose of carrying out the business of existing
water park and development of proposed amusement park
("Shanku's Water Park").

CONSOLIDATED FINANCIAL STATEMENTS

Pursuant to Section 129(3) of the Act and Regulation 34
of the SEBI Listing Regulations, the Consolidated Financial
Statements of the Company, including the financial details
of its subsidiaries, forms part of this Annual Report. The
Consolidated Financial Statements have been prepared
in accordance with the provisions of the Act and Indian
Accounting Standards.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(3)(c) of the Act, the Board of
Directors of the Company to the best of their knowledge
and belief and according to information and explanation
obtained by them, confirm that:

a) in the preparation of the annual accounts for the
financial year ended on March 31, 2026, the applicable
accounting standards had been followed along with
proper explanation relating to material departures, if
any;

b) they have selected such accounting policies and applied
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 March
31, 2026 and of the profit of the Company for the year
ended on March 31, 2026;

c) they have taken proper and sufficient care for
the maintenance of adequate accounting records

in accordance with the provisions of the Act for
safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;

d) they have prepared the annual accounts for the financial
year ended on March 31, 2026 on a going concern basis;

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

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

DIRECTORS AND KEY MANAGERIAL PERSONNELDirectors

During the year under review, there were no changes in the
directorship of the Company.

In accordance with the provisions of Section 152 of the
Act and the Company's Articles of Association, Mr. Rajesh
Malpani, Non-Executive Non-Independent Director of the
Company, retires by rotation at the ensuing Annual General
Meeting and being eligible has offered himself for re¬
appointment.

In compliance with the Regulation 36(3) of the SEBI Listing
Regulations and Secretarial Standard - 2 on General
Meetings, brief resume, expertise and other details of
Director proposed to be re-appointed are given in the Notice
convening the ensuing Annual General Meeting. The Board
recommends the re-appointment of Director as stated
above in the ensuing Annual General Meeting.

Key Managerial Personnel ("KMP")

Pursuant to the provisions of Section 2(51) and Section
203 of the Act read with the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014,
the following persons are Key Managerial Personnel of the
Company as on March 31, 2026:

1. Mr. Jai Malpani, Managing Director;

2. Mr. Dhimant Bakshi, Chief Executive Officer & Chief
Marketing Officer;

3. Mr. Mayuresh Kore, Chief Financial Officer & Head Legal;
and

4. *Ms. Reshma Poojari, Company Secretary and
Compliance Officer

*Ms. Reshma Poojari resigned from position of Company
Secretary and Compliance Officer with effect from close of
business hours on June 8, 2026.

INDEPENDENT DIRECTORS' DECLARATION

The Company has received declarations from each
Independent Director confirming that they meet the criteria
of independence as laid down under Section 149 of the Act
and Regulation 16(l)(b) of the SEBI Listing Regulations. In
terms of Regulation 25(8) of the SEBI Listing Regulations,
the Independent Directors have confirmed that they are
not aware of any circumstance or situation, which exists or
may be reasonably anticipated, that could impair or impact
their ability to discharge their duties with an objective
independent judgement and without any external influence.
There has been no change in the circumstances affecting
their status as an Independent Director during the year.

In the opinion of the Board, all the Independent Directors are
competent, experienced, proficient and possess necessary
expertise and integrity to discharge their duties and functions
as Independent Directors. The Independent Directors of the
Company are compliant with the provisions of Rule 6(4) of
the Companies (Appointment and Qualification of Directors)
Rules, 2014.

BOARD EVALUATION

The Company has devised a policy for performance
evaluation of its individual directors, the Board and the
Committees constituted by it, which includes criteria for
performance evaluation. In line with the requirements of
the Act and SEBI Listing Regulations, the Board has carried
out an annual evaluation of its own performance, working of
it's Committees and the Directors individually. The Directors
were provided with structured questionnaire to record
their views. The reports generated out of the evaluation
process were placed before the Board at its meeting and
noted by the Directors. The evaluation process was attentive
on various aspects of the functioning of the Board and
its Committees, such as experience and competencies,
performance of specific duties and obligations of the Board
and its Committees, governance issues, etc.

Pursuant to the provisions of Schedule IV of the Act
and Regulation 25 of the SEBI Listing Regulations, the
Independent Directors of the Company, at their meeting
held on March 20, 2026, evaluated the performance of Non¬
Independent Directors, the Board as a whole, performance

of the Chairman; and also assessed the quality, quantity and
timeliness of flow of information between the Management
and the Board.

FAMILIARISATION PROGRAMME FOR INDEPENDENT
DIRECTORS

In terms of the provisions of Regulation 25 of the SEBI
Listing Regulations, the Company has in place the practice
of familiarising the Independent Directors of the Company
about Company's business through induction and regular
updates. The familiarisation programme aims to enable
the Independent Directors to understand their roles, rights,
responsibilities in the Company, procedures and policies,
nature of the industry in which the Company operates,
its business in depth, etc. Board Members are appraised
on operations, strategic and future plans of the Company
through Board/Committee meetings for the convenience of
the Directors.

The details of the Familiarisation Programmes imparted to
the Independent Directors during the year under review are
also available on the website of the Company athttps://
www.imagicaaworld.com/wp-content/uploads/2023/10/
Familiarisation-Programme-for-Independent-Directors.pdf

REMUNERATION POLICY AND CRITERIA FOR DETERMINING
THE ATTRIBUTES, QUALIFICATION, INDEPENDENCE AND
APPOINTMENT OF DIRECTORS

The Board has formulated a Policy on Nomination and
Remuneration of Directors, Key Managerial Personnel
("KMP") and Senior Management Personnel ("SMP") of
the Company. The Nomination and Remuneration Policy is
framed mainly to deal with the following matters:

i. To provide processes which enable the identification
of individuals who are qualified to become Directors,
Key Managerial Personnel and employees at Senior
Management level and recommend their appointment
to the Board;

ii. To devise a policy on Board diversity and succession plan
for the Board, KMPs and SMPs;

iii. To formulate the criteria for determining qualifications,
positive attributes of independence of Directors and to
frame evaluation criteria of the Board, its Committees
and individual Directors;

iv. Remuneration programme designed to ensure that
remuneration is reasonable to attract, retain and
reward executives of the Company who will contribute
to the long term success of the Company based on their
performance;

v. Determine remuneration of members of the Board,

KMPs and SMPs of the Company and maintaining a
balance between fixed and incentive pay reflecting short
and long term performance objectives appropriate to
the working of the Company.

The Nomination and Remuneration Policy of the Company
is available on the website of Company athttps://www.
imagicaaworld.com/wp-content/uploads/2023/10/
Nomination-and-Remuneration-Policy.pdf

BOARD MEETINGS

During the financial year 2025-26, the Board met 9 (Nine)
times i.e. April 17, 2025, May 28, 2025, August 08, 2025,
August 22, 2025, October 14, 2025, November 06, 2025,
January 16, 2026, February 05, 2026 and March 16, 2026.

Details of Board Meetings held and the attendance of
Directors are given in the Corporate Governance Report
which forms part of this Annual Report.

COMMITTEES OF THE BOARD

The Board has following committees in compliance with the
requirements of the Act and SEBI Listing Regulations:

i. Audit Committee,

ii. Nomination and Remuneration Committee,

iii. Corporate Social Responsibility Committee,

iv. Risk Management Committee, and

v. Stakeholders' Relationship Committee

In addition to the above said committees, the Board has
constituted ESOS Allotment Committee for decision relating
to allotment of equity shares to eligible employees upon
exercise of options from time to time, in accordance with
Imagicaaworld Employee Stock Option Scheme 2020 and
Environment Social Governance (ESG) Committee to focus
on sustainability.

Details of composition of all the committees, number of
meetings held and attendance of the committee members
thereof are provided in the Corporate Governance Report
forming part of this Annual Report.

All recommendations of the Audit Committee have been
accepted by the Board.

AUDITORS AND AUDITORS' REPORTStatutory Auditors

Pursuant to the provisions of Section 139 of the Act and the
Companies (Audit and Auditors) Rules, 2014, M/s. Suresh
Surana & Associates LLP, Chartered Accountants, (Firm
Registration No. 121750W/W-100010) were appointed
as the Statutory Auditors of the Company at the Fifteenth

Annual General Meeting held on September 27, 2024, to
hold office till the conclusion of Twentieth Annual General
Meeting to be held for FY 2028-29. Auditors have confirmed
that they are not disqualified from continuing as Auditors of
the Company.

The Statutory Auditors' Report on the financial statements
of the Company for the year ended March 31, 2026, which
forms part of this Annual Report, does not contain any
qualification, reservation or adverse remark and no frauds
were reported by the Auditors under Section 143(12) of the
Act.

Secretarial Auditors

Pursuant to the provisions of Section 204 of the Act and
Regulation 24A of the SEBI Listing Regulation M/s. Parikh &
Associates, Company Secretaries (Firm Registration Number:
P1988MH009800) were appointed as the Secretarial
Auditors of the Company at the Sixteenth Annual General
Meeting held on September 29, 2025, for a term of 5 (Five)
consecutive years, commencing from the FY 2025-26 to
the FY 2029-30 to undertake the Secretarial Audit of the
Company.

The report of the Secretarial Audit in Form MR-3 for the FY
2025-26 is provided in Annexure A to this Report, The said
Secretarial Audit Report does not contain any qualifications,
reservations or adverse remarks and no frauds were
reported by the Secretarial Auditors to the Company under
Section 143(12) of the Act.

REQUIREMENTS FOR MAINTENANCE OF COST RECORDS

Maintenance of cost records and requirement of cost audit
as prescribed under the provisions of Section 148(1) of the
Act are not applicable for the business activities carried out
by the Company.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

Particulars of the loans given, guarantees provided and
investments made by the Company pursuant to Section 186
of the Act for the year March 31, 2026 are provided in the
Notes to the financial statements forming part of this Annual
Report,

RELATED PARTY TRANSACTIONS

All transactions with related parties are placed before the
Audit Committee for its approval. An omnibus approval
from Audit Committee is obtained for the related party
transactions which are repetitive in nature. All transactions
with related parties entered into during the year under
review were at arm's length basis and in the ordinary course
of business and in accordance with the provisions of the Act
and the rules made thereunder, the SEBI Listing Regulations
and the Company's Policy on Related Party Transactions.

Particulars of contracts or arrangements with related parties
referred to in Section 188(1) of the Act, as prescribed in
Form AOC-2 under Rule 8(2) of the Companies (Accounts)
Rules, 2014 is provided in Annexure B to this Report,

During the year, the material related party transactions
pursuant to the provisions of SEBI Listing Regulations had
been duly approved by the Members of the Company at the
Annual General Meeting ("AGM") held on September 29,
2025,

There are no materially significant related party transactions
entered into by the Company with its Directors/Key
Managerial Personnel or their respective relatives, the
Company's Promoter(s), its Subsidiaries or any other related
party, that may have a potential conflict with the interest of
the Company at large.

Details of related party transactions entered into by
the Company are disclosed in the notes forming part of
the financial statements. Pursuant to the provisions of
Regulation 23 of the SEBI Listing Regulations, the Company
has filed half yearly reports to the stock exchanges, for the
related party transactions.

The policy on related party transactions is available on the
Company's website athttps://www.imagicaaworld.com/wp-
content/uploads/2023/10/Related-Partv-Transaction-Policv.
pdf

INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE
FINANCIAL STATEMENTS

The Company has adequate internal control procedures
which are commensurate with its size and nature of business.

The business control procedures ensure efficient use and
protection of Company's resources and compliance with
policies, procedures and statutory requirements. Internal
auditors are appointed to carry audit assignments and to
periodically review the transactions across the divisions
and evaluate effectiveness of internal control systems. A
detailed note on Internal Financial Controls is included in the
Management Discussion and Analysis section.

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

The particulars relating to conservation of energy, technology
absorption, foreign exchange earnings and outgo, as
required to be disclosed under Section 134(3)(m) of the Act
read with Rule 8 of the Companies (Accounts) Rules, 2014
are provided in Annexure C to this Report,

PARTICULARS OF EMPLOYEES

Disclosures with respect to the remuneration of Directors
and employees as required under Section 197(12) of the
Act and Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 are
provided in Annexure D to this Report. In accordance with
the provisions of Section 197(12) of the Act, read with Rule
5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the names and other
particulars of the employees covered under the said rule
shall be made available to any Member on a specific request
made in this regard, by him or her in writing.

HUMAN RESOURCES

The Company regards human resources as a valuable
asset. The Company encourages a performance driven
culture and enables the employees with focused training at
regular intervals, Further, the training needs at all divisions
are periodically assessed and training programmes are
conducted using internal resources and/or engaging external
facilitators and trainers,

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF
WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND
REDRESSAL) ACT, 2013

The Company has always believed in providing a safe and
harassment free workplace for every individual working in
the Company's premises through various interventions and
practices. The Company always endeavours to create and
provide an environment that is free from discrimination and
harassment including sexual harassment,

The Policy on Prevention of Sexual Harassment at Workplace
has been formulated by the Company. The Policy aims to
develop a harmonious and productive working environment
free from sexual harassment. This Policy is applicable to all
employees (permanent, contractual, temporary, trainees).
The Company has complied with the provisions relating to
the constitution of Internal Complaints Committee under the
Sexual Harassment of Women at the Workplace (Prevention,
Prohibition and Redressal) Act, 2013. The Company ensures
that all allegations of sexual harassment were investigated
and dealt with appropriately in accordance with the
procedures prescribed under the Policy on Prevention of
Sexual Harassment at Workplace. During the year under
review, no complaints of any nature were received under
Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013.

EMPLOYEE STOCK OPTION SCHEME

The Company has an Employee Stock Option Scheme
viz., Imagicaaworld Employee Stock Option Scheme 2020

("Scheme") and the same is in line with the provisions of
SEBI (Share Based Employee Benefits) Regulations, 2014
("SBEB Regulations").

During the year under review, the Company has allotted
49,556 fully paid up equity shares under of Imagicaaworld
Employee Stock Options Scheme 2020.

A certificate from Secretarial Auditor of the Company
confirming that the aforesaid Scheme have been
implemented in accordance with the SBEB Regulations,
will be open for inspection at the ensuing Annual General
Meeting.

The disclosures required to be made under SEBI (Share
Based Employee Benefits and Sweat Equity) Regulations,
2021 are made available on the website of the Company at
https://www.imagicaaworld.com/financials/.

VIGIL MECHANISM/WHISTLE BLOWER POLICY

The Board established and adopted a Vigil Mechanism/
Whistle Blower Policy that enables the Directors and
Employees to report genuine concerns about unethical
behaviour, actual or suspected fraud or violation of the Code
of Conduct of the Company and to report unprofessional
misconduct without fear of reprisal. The Vigil Mechanism
provides for (a) adequate safeguards against victimization of
persons who use the Vigil Mechanism; and (b) direct access
to the Chairperson of the Audit Committee of the Board
of Directors of the Company in appropriate or exceptional
cases. No person has been denied access to the Audit
Committee of the Board. The Policy is available on the
Company's website athttps://www.imagicaaworld.com/
wp-content/uploads/2023/10/Vigil-Mechanism-or-Whistle-
Blower-Policv.pdf

RISK MANAGEMENT

The Board of Directors has constituted Risk Management
Committee to assist the Board with regard to the identification,
evaluation and mitigation of operational, strategic and
external risks. Risk Management Committee works towards
identifying internal and external risks and implementing
risk mitigation steps. Status updates are provided to the
Board of Directors of the Company on quarterly basis. The
Company also has risk management policy to identify and
mitigate various risks. More information on risks and threats
has been disclosed in the section "Management Discussion
and Analysis" which forms part of this Annual Report.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Your Company is part of the Malpani Group, which is known
for its tradition of philanthropy and community service. It
may be noted that in view of the average net profits of the

Company for past three financial years being negative, there
was no statutory requirement to incur any CSR expenditure
during the year under review. Accordingly, the Company has
not incurred any CSR expenditure during the year under
review.

However, the Company is committed towards inclusive
growth and based on the recommendation of the CSR
Committee; the Company will be identifying CSR initiatives
to be carried out in the coming financial years in order to
have a maximum impact.

Details of the composition of the CSR Committee and
CSR Policy of the Company are provided in the section
titled 'Annual Report on CSR activities for FY 2025-26 in
Annexure E of this Report,

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year
under review, giving a detailed analysis of the Company's
operations, as stipulated under Regulation 34(2)(e) of the
SEBI Listing Regulations, is provided in a separate section
forming part of this Annual Report.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

Business Responsibility and Sustainability Report ("BRSR"),
in compliance with Regulation 34(2)(f) of the SEBI Listing
Regulations, on the environmental, social, and governance
disclosures, is provided in a separate section forming part of
this Annual Report.

CORPORATE GOVERNANCE

A report on Corporate Governance, in terms of Regulation
34 read with Schedule V to the SEBI Listing Regulations,
along with a Certificate from Practicing Company Secretary,
certifying compliance of conditions of Corporate Governance
enumerated in the SEBI Listing Regulations, is provided in a
separate section forming part of this Annual Report.

ANNUAL RETURN

The Annual Return in Form MGT-7 for the FY 2025-26
pursuant to Section 92(3) read with Section 134(3)(a) of the
Act and Rules made thereunder, is available on the website
of the Company athttps://www.imagicaaworld.com/
financials/

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE
FINANCIAL POSITION OF THE COMPANY

There have been no material changes and commitments,
affecting the financial position of the Company which
occurred between the end of the financial year to which the
financial statements relate and the date of this Report.

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

During the year under review, no significant and material
orders impacting the going concern status and the Company's
operations in future have been passed by any Regulator or
Court or Tribunal.

COMPLIANCE OF SECRETARIAL STANDARDS

The Company has complied with the Secretarial Standards
issued by the Institute of Company Secretaries of India on
Meeting of Board of Directors and General Meetings.

OTHER DISCLOSURES

During the financial year under review:

- The Company has not issued any equity shares with
differential rights as to dividend, voting or otherwise.

- There has been no change in the nature of business of
the Company as on the date of this Report.

- There was no revision in the financial statements of the
Company.

- There are no applications made or any proceedings
pending under the Insolvency and Bankruptcy Code,
2016 (31 of 2016) against the Company as at March 31,
2026.

- The Company has not entered into one-time settlement
with any banks or financial institutions.

ACKNOWLEDGEMENTS

The Directors would like to express their sincere
appreciation for the continued co-operation and assistance
received from shareholders, customers, vendors, bankers,
financial institutions, regulatory bodies and other business
constituents during the year under review. The Directors
also wish to place on record their sincere appreciation for
the hard-work, solidarity and commitment of each and
every executives, officers and staff of the Company during
the financial year.

For and on behalf of the Board of Directors

Rajesh Malpani

Place: Sangamner Chairman

Date: May 15, 2026 DIN: 01596468