Market & News

Dear Shareholders,

Your Directors are pleased to present the 21st Annual Report along with the Audited Financial Statements of your

Company for the financial year ended March 31, 2026 ("FY 2025-26/ FY26").

The Audited Financial Statements of your Company (Standalone and Consolidated) as on March 31, 2026, are prepared in accordance with the relevant applicable Indian Accounting Standards ("Ind AS") and Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") and the provisions of the Companies Act, 2013 ("Act").

The summarized financial highlight is depicted below:

(Rs. in crore)

1. There are no material changes and commitments affecting the financial position of your Company, which have occurred between the end of the financial year and the date of this report.

2. Previous year figures have been regrouped / re-arranged wherever necessary.

3. Further, there has been no change in nature of business of your Company.

The Audited Consolidated Financial Statements of your Company as on March 31, 2026, forms part of this Integrated Annual Report.

The key aspects of your Company's consolidated performance during the FY 2025-26 are as follows:

TherecentconflictinWestAsiaresultedinunprecedented energy supply shock throughout the world, affecting nearly 35% of crude and 20% of LNG trade through seaborne routes, which pass through the Strait of Hormuz. The immediate implications of this conflict were increased volatility in natural gas and sustained higher crude oil prices, as well as supply disruptions in imported oil and gas. Despite these challenges, your Company has: achieved double digit volume growth of 14% YoY, reaching 1,133.18 MMSCM in FY 2025-26, crossing 3.10 MMSCMD in average daily gas sales. achieved CNG Sales Volume of 782.50 MMSCM which is 69 % of FY 2025-26 Sales Volume. achieved PNG Sales Volume of 350.68 MMSCM which is 31 % of FY 2025-26 Sales Volume. expanded its PNG network to 10.99 Lakh homes, crossing the One Million homes milestone and now has 705 CNG stations through its 15,576 Inch-Km of Steel pipeline across its 34 Geographical Areas.

strengthened its infrastructure base further by adding new 9 City Gas Stations (CGS) during the year, and 1 LCNG plant taking total CGS to 26 and LCNG to 5.

Your Company, alongwith its joint venture company IndianOil Adani Gas Private Limited, now has operating license in 53 Geographical Areas, within which, it operates 1169 CNG stations and has more than 1.3 million connected homes and 28,000+ Inch-Km steel pipeline network.

Your Company, through its wholly owned subsidiary Adani TotalEnergies E-Mobility Limited has 5,100 charge points (installed) and overall capacity of 54 MW. Your Company, through its wholly owned subsidiary Adani TotalEnergies Biomass Limited has sold 1,654 MT Compressed Biogas (CBG) and 4620 MT Organic Manure (Digestate + Fermented Organic Manure) .

Your Company, through its joint venture company Smartmeters Technologies Private Limited, has sold 1,83,675 Mechanical Gas Meters in FY 2025-26.

Revenue from Operations increased by 18% over FY 2024-25, from ` 5,411.68 crore to ` 6,408.53 crore. EBITDA increased by 6% Y-o-Y to ` 1,232.47 crore vs. ` 1,164.03 crore in FY 2024-25.

On standalone basis, your Company registered revenue from operations of ` 6,377.63 crore (18.15% up from 5,397.90 crore in FY 2024-25) and PAT of ` 636.88 crore (1.72% down from 648.02 crore in FY 2024-25).

The detailed operational performance of your Company has been comprehensively discussed in the Management Discussion and Analysis Section, which forms part of this Integrated Annual Report.

Your Company's financial discipline and prudence are reflected in the strong credit ratings ascribed by rating agencies. During the year under review, your Company's long-term credit rating has been upgraded to ‘AA+ (stable)' by ICRA, with CRISIL and CareEdge having assigned fresh AA+ (Stable) rating, which reflects your Company's financial discipline and prudence.

Your Company also achieved notable upgrades from leading ESG rating agencies including S&P Global, CDP, CRISIL, CareEdge, and NSE Sustainability etc. A key milestone was the Company's upgrade in the S&P Dow

Jones Sustainability Index, where it ranked 9th globally within the Gas Utilities sector. The details of credit and ESG ratings are disclosed in the Corporate Governance Report, which forms part of this Integrated Annual Report.

Your Directors have recommended a dividend of ` 0.25 (25%) per Equity Share of ` 1 each for FY 2025-26. The dividend is subject to approval of shareholders at the ensuing Annual General Meeting (AGM) and shall be subject to deduction of tax at source. The dividend, if approved by the shareholders, would involve a cash outflow of ` 27.5 crore.

Your Company has fixed Friday, June 12, 2026 as the

‘Record Date' for determining entitlement of shareholders to final dividend for the financial year ended March 31, 2026, if approved at the AGM.

The Dividend Distribution Policy, in terms of Regulation 43A of the SEBI Listing Regulations is available on your

Company's website and link for the same is given in

Annexure-A of this report.

Details of outstanding and unclaimed dividends previously declared and paid by your Company are given under the Corporate Governance Report, which forms part of this Integrated Annual Report.

During the financial year 2026-27, your Company has to transfer unclaimed and un-paid dividends pertaining to the year 2019 to IEPF. Further, corresponding shares, on which dividends have remained unclaimed and unpaid for seven consecutive years, will be transferred to IEPF as per the requirements of the IEPF Rules. The details of the resultant benefits arising out of shares already transferred to the IEPF, year wise amounts of unclaimed / un-paid dividends lying in the unpaid dividend account up to the year, and the corresponding shares, which are liable to be transferred, are provided in the shareholder information section of the Corporate Governance

Report forming part of this Integrated Annual Report and are also available on your Company's website at www.adanigas.com.

As permitted under the Act, the Board does not propose to transfer any amount to General Reserves. The closing balance of the retained earnings of your Company for

FY26, after all appropriations and adjustments, was ` 4,532.59 crore.

During the year under review, there was no change in the authorized and paid-up share capital of your Company. The authorised share capital of your Company as on March 31, 2026 stood at ` 510 crore divided into 5,09,95,00,000 equity shares of face value of ` 1 each and 50,000 preference shares of face value of ` 10 each. The paid-up equity share capital of your Company is ` 109.98 crore.

There were no outstanding deposits within the meaning of Section 73 and 74 of the Act read with rules made thereunder at the end of FY26 or the previous financial years. Your Company did not accept any deposit during the year under review.

The provisions of Section 186 of the Act, with respect to loans, guarantees, investments or securities are not applicable to your Company, as your Company is engaged in providing infrastructural facilities which are exempted under Section 186 of the Act. The particulars of loans, guarantees and investments made during the year under review, are given in the notes forming part of the financial statements.

A list of subsidiaries / associates / joint ventures of your Company is provided as part of the notes to the consolidated financial statements. Your Company has following subsidiaries/joint ventures as on March 31, 2026:

Adani TotalEnergies E-Mobility Limited Adani TotalEnergies Biomass Limited

IndianOil - Adani Gas Private Limited Smartmeters Technologies Private Limited Pursuant to the provisions of Section 129, 134 and 136 of the Act read with rules made thereunder and Regulation

33 of the SEBI Listing Regulations, your Company has prepared consolidated financial statements of the

Company and a separate statement containing the salient features of financial statement of subsidiaries, joint ventures and associates in Form AOC-1, which forms part of this Integrated Annual Report.

The annual financial statements and related detailed information of the subsidiary companies shall be made available to the shareholders of the holding and subsidiary companies seeking such information on all working days during business hours. The financial statements of the subsidiary companies shall also be kept for inspection by any shareholders during working hours at your

Company's registered office and that of the respective subsidiary companies concerned. In accordance with Section 136 of the Act, the audited financial statements, including consolidated financial statements and related information of your Company and audited accounts of each of its subsidiaries, are available on website of your Company (www.adanigas.com).

As per criteria given in Regulation 16 of the SEBI Listing Regulations, based on financial statements as on March 31, 2026, your Company had no unlisted material subsidiary. Your Company has formulated a policy for determining material subsidiaries. The policy is available on your Company's website and link for the same is given in Annexure-A of this report.

Pursuant to Section 134 of the Act read with rules made thereunder, the details of developments at the level of subsidiaries and joint ventures of your Company are covered in the Management Discussion and Analysis Report, which forms part of this Integrated Annual Report.

As of March 31, 2026, your Company's Board had ten members comprising of one Executive Director, four Non-Executive & Non-Independent Directors and five Independent Directors including one Woman Director. The details of the Board and Committee composition, tenure of Directors, and other details are available in the Corporate Governance Report, which forms part of this Integrated Annual Report.

In terms of the requirement of the SEBI Listing Regulations, the Board has identified core skills, expertise, and competencies of the Directors in the context of your

Company's business for effective functioning. The key skills, expertise and core competencies of the members of the Board are detailed in the Corporate Governance Report, which forms part of this Integrated Annual Report.

During the year under review, the following changes took place in the Directorships:

Ms Gauri Trivedi (DIN: 06502788) was re-appointed as an Independent Director on the Board of your Company w.e.f August 5, 2025 for a second term of three years. Her appointment was approved by the shareholders vide a Special Resolution passed through Postal Ballot process on August 1, 2025.

Mr K Jairaj (DIN: 01875126) was appointed as an Additional Director (Non - Executive and Independent) on the Board of your Company w.e.f. November 3, 2025 for an initial term of three years.

His appointment was approved by the shareholders vide a Special Resolution passed through Postal

Ballot process on January 23, 2026.

Mr Suresh P Manglani (DIN: 00165062) was re-appointed as Whole-time Director, designated as Executive Director, on the Board of your Company on w.e.f. February 9, 2026 for a term of one year.

Shareholders' approval is being sought through the postal ballot process, and voting in this regard remains open from April 7, 2026 to May 6, 2026.

Mr Shailesh Haribhakti (DIN: 00007347) ceased as an Independent Director of your Company w.e.f. November 2, 2025 on completion of his tenure. The Board places on record the deep appreciation for valuable services and guidance provided by him during his tenure as a Director.

In accordance with the provisions of Section 152 of the Act, read with rules made thereunder and Articles of Association of your Company, Mr Gautam S. Adani (DIN: 00006273) and Dr. Sangkaran Ratnam (DIN: 10333311) are liable to retire by rotation at the ensuing AGM and being eligible, offers themselves for re-appointment. The Board, on the recommendation of Nomination and Remuneration Committee (NRC) of your Company, recommends the re-appointment of Mr Gautam S. Adani and Dr. Sangkaran Ratnam as Directors for your approval. The details, as required under Secretarial Standard-2 and Regulation 36 of SEBI Listing Regulations, are provided in the Notice of ensuing AGM.

Your Company has received declarations from all the

Independent Directors of your Company confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Act and Regulation 16(1) (b) of the SEBI Listing Regulations and there has been no change in the circumstances which may affect their status as an Independent Director. The Independent

Directors have also given declaration of compliance with

Rules 6(1) and 6(2) of the Companies (Appointment and Qualification of Directors) Rules, 2014, with respect to their name appearing in the data bank of Independent Directors maintained by the Indian Institute of

Corporate Affairs.

During the year under review, Ms. Mira Soni ceased to be the Company Secretary and Compliance Officer of the Company w.e.f. closure of business hours on May 31, 2025 and Mr. Anil Agrawal was appointed as the Company Secretary and Compliance Officer of the Company w.e.f. June 1, 2025.

Mr Parag Parikh ceased to be the Chief Financial Officer of the Company effective from close of business hours on September 30, 2025 and Mr Preyash Jhaveri was appointed as an Interim Chief Financial Officer of the Company w.e.f. December 22, 2025. As on the date of this Report, following are the Key Managerial Personnel ("KMPs") of your Company as per Sections 2(51) and 203 of the Act: Mr Suresh P. Manglani, Executive Director & Chief Executive Officer Mr Preyash Jhaveri, Interim Chief Financial Officer Mr Anil Agrawal, Company Secretary

As required under the Act and the SEBI Listing Regulations, your Company has constituted various statutory committees. Additionally, the Board has formed other governance committees and sub-committees to review specific business operations and governance matters including any specific items that the Board may decide to delegate. As on March 31, 2026, the Board has constituted the following committees / sub-committees:

Audit Committee

Nomination and Remuneration Committee

Stakeholders Relationship Committee

Risk Management Committee

Corporate Social Responsibility Committee

Corporate Responsibility Committee

Information Technology & Data Security Committee

Legal, Regulatory & Tax Committee

Reputation Risk Committee

Merger & Acquisitions Committee to

Public Consumer Committee Commodity Price Risk Committee

Details of all the Committees such as terms of reference, composition and meetings held during the year under review are disclosed in the Corporate Governance Report, which forms part of this Integrated Annual Report.

The Board met 6 (Six) times during the year under review. The intervening gap between the meetings did not exceed 120 days, as prescribed under the Act and SEBI Listing Regulations. The details of board meetings and the attendance of the Directors are provided in the

Corporate Governance Report, which forms part of this Integrated Annual Report.

The Nomination and Remuneration Committee ("NRC") has laid down the criteria and based thereon formulated an internal questionnaire for carrying out the performance evaluation of individual Directors (including the Chairman), the Committees of the Board and the Board as a whole for FY 2025-26.

The Board adopted a formal mechanism for evaluating its performance and as well as that of its committees and individual Directors, including the Chairman of the Board. The exercise was carried out through a structured evaluation process covering various aspects of the Boards functioning such as composition of the Board and

Committees, experience and competencies, performance of specific duties and obligations, contribution at the meetings and otherwise, independent judgment, governance issues etc.

The results of the evaluation confirmed high level of commitment and engagement of the Board, its various Committees and senior leadership. The recommendations arising from the evaluation process were discussed at the

Independent Directors' meeting held on March 26, 2026 and also at the NRC Meeting and Board meeting held on April 27, 2026. The suggestions were considered by the

Board to optimize the effectiveness and functioning of the Board and its Committees.

The Independent Directors met on March 26, 2026, without the attendance of Non-Independent Directors and members of the management. The Independent Directors reviewed the performance of Non-Independent

Directors, the Committees and the Board as a whole along with the performance of the Chairman of your Company, taking into account the views of Executive Directors and Non-Executive Directors and assessed the quality, quantity and timeliness of flow of information between the management and the Board that is necessary for the

Board to effectively and reasonably perform their duties.

The Board is regularly updated on changes in statutory provisions, as applicable to your Company. The Board is also updated on the operations, key trends and risk universe applicable to your Company's business. These updates help the Directors in keeping abreast of key changes and their impact on your Company. An annual strategy retreat is conducted by your Company where the Board provides its inputs on the business strategy and long- term sustainable growth for your Company. Additionally, the Directors also participate in various programs /meetings where subject matter experts apprise the Directors on key global trends. The details of such programs are provided in the Corporate Governance Report, which forms part of this Integrated Annual Report.

Pursuant to Section 178(3) of the Act, your Company has framed a policy on Directors' appointment and remuneration and other matters ("Remuneration Policy") which is available on the website of your Company and link for the same is given in Annexure-A of this report. The Remuneration Policy for selection of Directors and determining Directors' independence sets out the guiding principles for the NRC for identifying the persons who are qualified to become the Directors. Your Company's

Remuneration Policy is directed towards rewarding performance based on review of achievements.

The Remuneration Policy is in consonance with existing industry practice.

We affirm that the remuneration paid to the Directors is as per the terms laid out in the Remuneration Policy.

Your Company recognizes and embraces the importance of a diverse Board in its success. The Board has adopted the Board Diversity Policy which sets out the approach to the diversity of the Board of Directors. The said Policy is available on your Company's website and link for the same is given in Annexure-A of this report.

Your Company has an effective mechanism for succession planning which focuses on orderly succession of Directors, Key Management Personnel and Senior Management. The Nomination and Remuneration

Committee implements this mechanism in concurrence with the Board.

Pursuant to Section 134(5) of the Act, the Board, to the best of their knowledge and based on the information and explanations received from the management of your

Company, confirm that: a. in the preparation of the Annual Financial Statements, the applicable accounting standards have been followed and there are no material departures from the same; b. such accounting policies have been selected and applied consistently and judgements and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company at the end of the financial year and of the profit of your Company for that period; c. proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities; d. the annual financial statements have been prepared on a going concern basis; e. internal financial controls have been laid down to be followed by your Company and that such internal financial controls are adequate and operating effectively; f. proper systems have been devised to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

is Internal Financial Control System and Their Adequacy

The details in respect of internal financial controls and their adequacy are included in the Management Discussion and Analysis Report, which forms part of this Integrated Annual Report.

Your Company has a structured Risk Management Framework, designed to identify, assess and mitigate risks appropriately. The Board has formed a Risk Management Committee (RMC) to frame, implement and monitor the risk management plan for your

Company. The RMC is responsible for reviewing the risk management plan and ensuring its effectiveness. The Board has also constituted few sub-committees of RMC to ensure focused discussion on specific risks such as information technology & data security, legal, regulatory & tax, reputation and commodity price risk. The Audit Committee has additional oversight in the area of financial risks and controls. The major risks identified by the businesses are systematically addressed through mitigation actions on a continual basis. Further details on the Risk Management activities, including the implementation of risk management policy, key risks identified and their mitigations are covered in Management Discussion and Analysis Report, which forms part of this Integrated Annual Report.

Your Company has deployed a Statutory Compliance

Mechanism providing guidance on broad categories of applicable laws and process for monitoring compliance. In furtherance to this, your Company has instituted an online compliance management system within the organization to monitor compliances and provide updates to the senior management on a periodic basis.

The Audit Committee and the Board periodically monitor the status of compliances with applicable laws.

The details of various policies approved and adopted by the Board as required under the Act and SEBI Listing

Regulations are provided in Annexure-A to this report.

A detailed report on the Company's CSR initiatives has been provided in the Social Capital section of this Integrated Annual Report. The details of the CSR Committee, terms of reference, meetings held during the year are provided in the Corporate Governance Report, which forms part of this Integrated Annual Report.

The CSR policy is available on the website of your Company and link for the same is given in Annexure-A of this report.

The Annual Report on CSR activities is annexed and forms part of this Integrated Annual Report.

The Interim Chief Financial Officer of your Company has certified that CSR spending of your Company for FY 2025-26 has been utilized for the purpose and in the manner approved by the Board of your Company.

The Management Discussion and Analysis Report for the year under review, as stipulated under the SEBI Listing Regulations, is presented in a section forming part of this Integrated Annual Report.

Your Company is committed to maintaining high standards of corporate governance practices. The Corporate Governance Report, as stipulated by SEBI Listing Regulations, forms part of this Integrated Annual Report along with the required certificate from a Practicing Company Secretary, regarding compliance of the conditions of corporate governance, as stipulated. In compliance with corporate governance requirements as per the SEBI Listing Regulations, your Company has formulated and implemented a Code of Conduct for all Board members and senior management personnel of your Company ("Code of Conduct"), who have affirmed the compliance thereto. The Code of Conduct is available on the website of your Company and the link for the same is given in Annexure-A of this report.

In accordance with the SEBI Listing Regulations, the BRSR for FY 2025-26, describing the initiatives taken by your Company from an environment, social and governance (ESG) perspective, forms part of this Integrated Annual Report. In addition to BRSR, the

Integrated Annual Report of your Company provides an insight on various ESG initiatives adopted by your Company. The ESG disclosures are in compliance with BRSR core and have been independently assured by M/s SGS India Private Limited.

Pursuant to Section 134(3)(a) of the Act, the draft annual return as on March 31, 2026 prepared in accordance with Section 92(3) of the Act is made available on the website of your Company and can be accessed using the www.adanigas.com

All transactions with related parties are placed before the Audit Committee for its prior 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 your Company's Policy on Related Party Transactions.

The Audit Committee comprises solely of the Independent

Directors of your Company. The members of the Audit

Committee abstained from discussing and voting in the transaction(s) in which they were interested. During the year, your Company has not entered into any transactions with related parties which could be considered material in terms of Section 188 of the Act. Accordingly, the disclosure of related party transactions as required under Section 134(3)(h) of the Act, in Form AOC 2, is not applicable and hence does not forms part of this report.

Your Company did not enter into any related party transactions during the year under review, which could be prejudicial to the interest of minority shareholders.

The Policy on Related Party Transactions is available on your Company's website and can be accessed using the link given in Annexure-A of this report.

Pursuant to the provisions of Regulation 23 of the SEBI Listing Regulations, your Company has filed half yearly reports with the stock exchanges, for the related party transactions.

Pursuant to Section 139 of the Act read with rules made thereunder, as amended, M/s Walker Chandiok & Co. LLP, Chartered Accountants (Firm Registration No 001076N/N500013) have been appointed as the Statutory Auditors of your Company for the first term of five years till the conclusion of 23 rd Annual General Meeting (AGM) of your Company to be held in the year 2028. The Statutory Auditors have confirmed that they are not disqualified to continue as Statutory Auditors and are eligible to hold office as Statutory Auditors of your Company.

A representative of the Statutory Auditors attended the previous AGM of your Company held on June 25, 2025. Statutory Auditors have expressed their unmodified opinion on the Standalone and Consolidated Audited Financial Statements and their reports do not contain any qualifications, reservations, adverse remarks, or disclaimers.

The Notes to the financial statements referred in the Auditors' Report are self-explanatory.

Secretarial Auditors and Secretarial Auditors Report

Pursuant to the provisions of Section 204 of the Act, read with the rules made thereunder and Regulation 24A of SEBI Listing Regulations, M/s Makarand M. Joshi & Co, Practicing Company Secretaries, Mumbai (Peer Review Number: P2009MH007000) were appointed as a

Secretarial Auditor to undertake the Secretarial Audit of your Company for the first term of five consecutive years from financial year 2025-26 to financial year 2029-30. M/s Makarand M. Joshi & Co, have confirmed that they are not disqualified to continue as a Secretarial Auditor and are eligible to hold office as Secretarial Auditor of your Company. The Secretarial Audit Report for the year under review is provided as Annexure-B of this report.

During the year under review, your Company has complied with all the applicable provisions of Secretarial

Standard-1 and Secretarial Standard-2 issued by the Institute of Company Secretaries of India.

During the year under review, in accordance with Section 148(1) of the Act, your Company has maintained the accounts and cost records, as specified by the Central Government. Such cost accounts and records are subject to audit by M/s N. D. Birla & Co., Cost Auditors of the Company for FY 2025-26.

The Board has re-appointed M/s N. D. Birla & Co., Cost

Accountants as Cost Auditors of your Company for conducting cost audit for FY 2026-27. A resolution seeking approval of the shareholders for ratifying the remuneration payable to the Cost Auditors for FY 2026-27 is provided in the Notice of the ensuing AGM.

The Cost accounts and records as required to be maintained under section 148 (1) of the Act are duly made and maintained by your Company.

During the year under review, the Statutory Auditors and

Secretarial Auditor of your Company have not reported any instances of fraud committed in your Company by its officers or employees, to the Audit Committee, as required under Section 143(12) of the Act.

Particulars of Employees

Your Company had 528 (consolidated basis) employees as of March 31, 2026.

The information required under Section 197 of the Act, read with rule 5(1) of the Companies (Appointment and

Remuneration of Managerial Personnel) Rules, 2014, relating to percentage increase in remuneration, ratio of remuneration of each Director and Key Managerial

Personnel to the median of employees' remuneration are provided in Annexure-C of this report.

The statement containing particulars of employees, as required under Section 197 of the Act, read with rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. However, in terms of Section 136 of the Act, the Integrated Annual

Report is being sent to the shareholders and others entitled thereto, excluding the said annexure, which is available for inspection by the shareholders at the

Registered Office of your Company during business hours on working days of your Company. If any shareholder is interested in obtaining a copy thereof, such shareholder may write to the Company Secretary in this regard.

As per the requirement of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 and rules made thereunder, your Company has laid down a Prevention of Sexual

Harassment (POSH) Policy and has constituted Internal Complaints Committees (ICs) at all relevant locations across India to consider and resolve the complaints related to sexual harassment. The ICs include external members with relevant experience. The ICs, presided by senior women, conduct the investigations and make decisions at the respective locations. Your Company has zero tolerance on sexual harassment at the workplace.

The ICs also work extensively on creating awareness on relevance of sexual harassment issues, including while working remotely. The employees are required to undergo mandatory training/certification on POSH to sensitize themselves and strengthen their awareness.

During the year under review, your Company has not received any complaint pertaining to sexual harassment. The employees undergo mandatory training / certification on POSH Policy to sensitize themselves and strengthen their awareness.

Your Company is committed to ensuring a safe, supportive, and inclusive workplace for all women employees.

All eligible women employees have been extended the benefits under the said Act, including maternity leave, nursing breaks, and other statutory entitlements as prescribed. Your Company has duly complied with the provisions of the Maternity Benefits Act, 1961, as amended from time to time. Your Company continuously strives to maintain a work environment that upholds the rights and well-being of its women workforce in accordance with applicable laws.

Your Company has adopted a whistle blower policy and has established the necessary vigil mechanism for

Directors and employees in confirmation with Section 177 of the Act and Regulation 22 of SEBI Listing Regulations, to facilitate reporting of the genuine concerns about unethical or improper activity, without fear of retaliation.

The vigil mechanism of your Company provides for adequate safeguards against victimization of whistle blowers who avail of the mechanism and also provides for direct access to the Chairman of the Audit Committee. No person has been denied access to the Chairman of the Audit Committee. The said policy is uploaded on the website of your Company and link for the same is given in Annexure-A of this report.

During the year under review, two cases were reported under the whistle blower policy. Both these cases related to employee misconduct and were redressed appropriately.

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014, as amended, is provided as Annexure-D of this report.

In view of increased cyberattack scenarios, the cyber security maturity is reviewed periodically and the processes, technology controls are being enhanced in-line with the threat scenarios. Your Company's technology environment is enabled with real time security monitoring with requisite controls at various layers starting from end user machines to network, application and the data.

During the year under review, your Company did not face any incidents or breaches or loss of data breaches in cyber security.

Your Company has adopted a Code of Conduct ("PIT Code") to regulate, monitor and report trading in your

Company's shares by your Company's designated persons and their immediate relatives as per the requirements under the Securities and Exchange Board of India

(Prohibition of Insider Trading) Regulations, 2015.

The PIT Code, inter alia, lays down the procedures to be followed by designated persons while trading/ dealing in your Company's shares and sharing Unpublished Price Sensitive Information ("UPSI"). The PIT Code covers your Company's obligation to maintain a digital database, mechanism for prevention of insider trading and handling of UPSI, and the process to familiarize with the sensitivity of UPSI. Further, it also includes code for practices and procedures for fair disclosure of UPSI which have been made available on your Company's website and link for the same is given in Annexure-A of this report.

The employees undergo mandatory training/ certification on this Code to sensitize themselves and strengthen their awareness.

The Chairman, Executive Director & CEO of your Company did not receive any remuneration or commission from any of the subsidiaries of your Company.

Your Directors state that during the year under review:

1. Your Company did not issue any equity shares with differential rights as to dividend, voting or otherwise.

2. Your Company did not issue shares (Including sweat equity shares) to employees of your Company under any scheme.

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

4. No application was made and no proceeding was pending under the Insolvency and

Bankruptcy Code, 2016.

5. No one time settlement of loan was obtained from the Banks or Financial Institutions.

6. There were no revisions made in the financial statements and Directors' Report of your Company.

Your Directors are highly grateful for all the guidance, support and assistance received from the Government of India, Governments of various states in India, Ministry of Petroleum and Natural Gas, The Petroleum and Natural Gas Regulatory Board, concerned Government Departments, Financial Institutions and Banks. Your Directors thank all the esteemed shareholders, customers, suppliers and business associates for their faith, trust and confidence reposed in your Company.

Your Directors wish to place on record their sincere appreciation for the dedicated efforts and consistent contribution made by the employees at all levels, to ensure that your Company continues to grow and excel.