Dear Shareholders,
Your directors present the Forty-Seventh Annual Report and Company's Audited Financial
Statements for the Year ended 31 March 2026 (FY 2026).
Summarised Financial Highlights:
(Rs. in Crore)
| Particulars |
Consolidated |
Standalone |
| Year ended 31 March |
2026 |
2025 |
2026 |
2025 |
| Revenue from operations |
5,453 |
4,648 |
4,846 |
4,322 |
| Other Income |
172 |
95 |
204 |
120 |
| Profit before Depreciation, Finance Costs and Tax expense |
1,567 |
1,354 |
1,402 |
1,325 |
| Profit after Tax |
1,056 |
920 |
947 |
917 |
| Earnings Per Share (EPS) (H) (Basic) |
84.53 |
73.56 |
75.79 |
73.28 |
Limited review financial results on quarterly basis, and audited financial results
annually, both consolidated and standalone are published by the company on regular basis.
Performance Review
FY 2026 reflects another year of consistent and quality growth for the Company.
Consolidated revenue from operations increased by 17% year-on-year to H 5,453 crore, while
Profit After Tax grew by 15% to H 1,056 crore. This performance was driven by sustained
demand across key markets, continued traction in Branded Generics, and disciplined cost
management. Export markets remained a key growth engine, contributing 69% of total
revenue. For further details, please see Management Discussion & Analysis section
forming part of this report.
Material developments
There have been no material changes and commitments affecting the Company's financial
position between the end of the financial year and the date of this report other than
those which have already been disclosed to the Stock Exchanges.
Dividend
The Board had declared an interim dividend of H 28 per equity share. The Company
continues to follow a balanced capital allocation framework that supports shareholder
returns while retaining sufficient capital to fund future growth opportunities, product
development, and market expansion.
Rs. 350 Crore
Distributed as Dividend to Shareholders; strong value creation
The distribution was made in accordance with the Company's Dividend Distribution
Policy.
Global Presence
The Company operates through five wholly owned overseas subsidiaries. The incorporation
of Ajanta Pharma Ireland Ltd. during the year further strengthens the Company's
international presence. Ajanta Pharma USA Inc. continues to be a material subsidiary and
plays a critical role in driving growth in regulated markets. The consolidated financial
statements of the Company and all its subsidiaries, prepared in accordance with Indian
Accounting Standards (Ind AS), form part of this Annual Report.
The Policy on Material Subsidiaries, outlines the governance framework and oversight
mechanisms applicable to such entities.
Statement containing the salient features of the Financial Statements of the
subsidiaries in the prescribed Form AOC-1 is attached as "Annexure - A" to
this Report. This statement also provides details of the performance and financial
position of each subsidiary.
In accordance with Section 136 of the Companies Act, 2013 ("the Act"), the
audited financial statements and other related information of the subsidiaries are
available on the Company's website at www.ajantapharma.com and are open for inspection at
the Registered Office of the Company during business hours.
Share Capital
The Authorised share capital of the Company remained the same during the year. The
paid-up equity share capital of the Company marginally increased pursuant to the exercise
of stock options granted under the Company's Share-Based Incentive Plan, 2019 ("SBIP
2019"). The Paid-up Share capital at the end of FY 2026 stands at H 24,98,71,248/-,
comprising 12,49,35,624 equity shares of H 2/- each.
The Nomination and Remuneration Committee ("the NRC") allotted 23,525 fully
paid-up equity shares of H 2/- each to eligible employees upon exercise of vested stock
options and cancelled 1,800 stock options granted earlier, due to varied reasons. The NRC
also approved vesting and settlement of 4,300 cash-settled Stock Appreciation Rights
(SARs), which were granted on 30 January 2025 to the employees of US Subsidiary.
Certificate from Secretarial Auditors M/s. D.G. Prajapati & Associates, Practicing
Company Secretaries, about the Scheme implementation in accordance with the SBIP
Regulations and the shareholders' resolution will be available for inspection by members
at the Registered Office of the Company during business hours.
Disclosures pertaining to the Employees' Stock Options Scheme, as required under the
SBIP Regulations, are available on the Company's website at B https://
ajantapharma.com/ajanta/Investors/annual results/?year=2024-25.
Change in Registered Office
The Registered Office of the Company has been shifted to Ajanta Tower, 54-A, M. Vasanji
Road, Chakala, Andheri (East), Mumbai - 400 093, to facilitate improved operational
efficiency.
Credit Rating
Credit Analysis and Research Limited ("CARE") reaffirmed Company's rating for
FY 2026 for long-term/short-term bank facilities to CARE AA+ and CARE A1+ indicating a
stable outlook.
Listing at Stock Exchanges ^fjpjj]
The Equity shares of the Company continue to be listed on the BSE Limited and the NSE
Limited.
Board of Directors
The Company continues to uphold high standards of corporate governance, supported by an
experienced and diverse Board. Details of the Board composition are given in the Corporate
Governance report. The Board provides strategic direction, ensures effective oversight,
and remains focused on long-term value creation. Governance practices are aligned with
regulatory requirements and global benchmarks.
Strong Governance Framework Backed by Board's Effective Oversight
The non-executive non promoter Directors remained independent, having no pecuniary
transactions with the Company other than sitting fees and commission permitted under
applicable regulations.
At the meeting held on 30 April 2025, the Board had approved re-appointment of Mr.
Madhusudan B. Agrawal (DIN: 00073872) as the Executive Director & Vice-Chairman of the
Company for a further term of five years, effective from 1 April 2025. This re-appointment
was subsequently approved by the shareholders at the Annual General Meeting held on 17
July 2025.
Mr. Mannalal B. Agrawal (DIN: 00073828) is retiring by rotation at the ensuing AGM and
being eligible, has offered himself for re-appointment. As he has attained the age of 79
years, approval of the Members by way of Special Resolution is being sought in terms of
Regulation 17(1A) of the Listing Regulations. The Board recommends his re-appointment. The
relevant resolution seeking shareholders' approval, along with the required disclosures,
forms part of the Notice convening the AGM.
Independent Directors (IDs)
Mr. David Rasquinha (DIN: 01172654), Ms. Medha Joshi (DIN: 00328174), Mr. Rajesh Dalal
(DIN: 03504969) and Ms. Simi Thapar (DIN: 10470498), the Independent Directors appointed
at the Annual General Meeting held in 2024, continued to serve on the Board during the
year. All the Independent Directors have confirmed that they continue to meet the criteria
of independence as laid down under Section 149(6) of the Act and under the Listing
Regulations. Based on disclosures provided by them, none of them are disqualified/debarred
from being appointed as Director.
The Board is of the view that the Independent Directors collectively bring a
well-rounded blend of qualifications, skills and experience across diverse fields and
functions, enabling them to provide valuable oversight and strategic guidance. Their
expertise and independent perspective have enriched Board deliberations and supported
strong governance practices. They continue to demonstrate the highest standards of
integrity, objectivity and governance. A detailed matrix of the skills, expertise and
competencies of all Directors forms part of the Corporate Governance Report.
Mr. David Rasquinha continues to serve as the Lead Independent Director, guiding the
collective functioning of the Independent Directors and ensuring that their views are
effectively articulated in Board discussions.
Policies on Appointment and Remuneration of Directors
The Company has in place "Policy for Determining Qualifications of Directors"
and "Policy for Remuneration of Directors and Employees" which inter-alia
provides for process w.r.t. selection, appointment and remuneration of directors, key
managerial personnel and senior management employees including other matters as provided
under Section 178(3) of the Act.
Following are the salient features of the Policies:
• Ensure remuneration is reasonable and sufficient to attract, retain and motivate
talent.
• Periodic evaluation of Board performance, individual Directors and Committees.
• Maintain independence of Independent Directors in line with regulatory
requirements.
• Establish remuneration framework aligned with business strategy, values and
organizational goals.
• Ensure merit-based selection with emphasis on qualifications, expertise,
experience and integrity.
A summary of these policies is included in the Report on Corporate Governance.
Key Managerial Personnel
As on the date of this report, the Company has the following Key Managerial Persons as
per Section 2(51) and 203 of the Act:
| Name of the KMP |
Designation |
| Mr. Yogesh M. Agrawal |
Managing Director |
| Mr. Rajesh M. Agrawal |
Joint Managing Director |
| Mr. Arvind K. Agrawal |
Chief Financial Officer |
| Mr. Gaurang C. Shah |
Company Secretary |
Succession Plan
Your company has an effective succession planning mechanism focusing on the orderly
succession of Directors, Key Management and Senior Management Personnel. The NRC
implements this mechanism in conjunction with the Board.
Board and Directors' Evaluation
The Board has conducted annual performance evaluation, encompassing the Board itself,
its committees and individual Directors including the Chairman of the Board. This exercise
was carried out through a structured questionnaire prepared separately for the Board,
Committees, Chairman and individual Directors. Further details are provided in the
Corporate Governance Report, which forms an integral part of this Annual Report.
Board Meetings
The Board met four times during the year, and a separate meeting of the Independent
Directors was held. Additionally, two matters were approved through Circular Resolution,
passed on 26 August 2025 and 12 March 2026. Further details on these meetings are provided
in the Corporate Governance Report.
Board Committees Q=ppQ
The Board has constituted Audit Committee, Nomination and Remuneration Committee, CSR
& Sustainability Committee, Stakeholders' Relationship Committee, Risk Management
Committee and Executive Committee, to ensure focused governance and effective oversight.
Detailed disclosures on the composition, meeting frequency, terms of reference and key
activities of these Committees are provided in the Corporate Governance Report. The Board
has considered and approved all recommendations made by the Committees during the year
without any deviation.
Related Party Transactions ("RPTs") and Policy
The Company has ensured compliance with the applicable regulatory requirements
pertaining to RPTs. Omnibus approval of the Audit Committee is obtained for the related
party transactions which are repetitive in nature and specific approvals of Audit
Committee/Board are taken where required.
All the RPTs were at arm's length and in the ordinary course of business. Details of
RPTs undertaken during each quarter were placed before the Audit Committee in the
subsequent quarter for its review. There were no contracts or arrangements necessitating
reporting in Form AOC-2 as per Section 134(3)(h) read with Section 188 of the Act and Rule
8(2) of the Companies (Accounts) Rules, 2014.
Further, except for receipt of remuneration, and sitting fees, there were no pecuniary
transactions between any Director or KMP and the Company that could potentially result in
a conflict of interest.
Details of RPTs are provided in Note 53 of the financial statements, as per IND AS-24.
Corporate Social Responsibility ("CSR")
The Company continued to advance its Corporate Social Responsibility ("CSR")
initiatives with a focus on delivering sustainable, long-term and measurable impact.
During the year, CSR efforts were continued towards improving access to quality
healthcare, enhancing educational and vocational opportunities, supporting rural and
community development, supporting sports persons having potential to win medals and
promoting environmental sustainability. Several key initiatives were further scaled to
deepen outreach and enhance outcomes across underserved communities.
The CSR & Sustainability Committee provided strategic oversight in the
identification, implementation, monitoring and evaluation of projects, ensuring alignment
with the Company's CSR Policy, statutory requirements and broader sustainability
objectives. In accordance with the applicable provisions of the Companies Act, 2013 and
the CSR Rules, impact assessment for eligible projects was received from the implementing
agencies. The assessment findings reaffirmed the effectiveness, relevance and positive
community impact of the initiatives undertaken.
Strengthening communities through targeted and Impactful CSR initiatives
The Annual Report on CSR activities, including a summary of the Impact Assessment
Report, and other disclosures mandated under Section 135 of the Act, forms part of "Annexure
B" to this Report. Details of the Committee's terms of reference and the meetings
held during the year are provided in the Report on Corporate Governance.
Management Discussion and Analysis
In accordance with Regulation 34 of the Listing Regulations, MD&A report covering
operational performance, industry trends, strategic initiatives, risks and the Company's
outlook forms part of this Annual Report.
Report on Corporate Governance
The Board of Directors reaffirms its commitment to upholding corporate governance and
ethical standards. Corporate Governance Report, along with a certificate from M/s. D.G.
Prajapati & Associates, Practicing Company Secretaries, confirming compliance with the
Listing Regulations, forms part of this Annual Report.
Business Responsibility and Sustainability Report ("BRSR")
Business Responsibility and Sustainability Report ("BRSR"), highlighting
environmental, social, and governance (ESG) initiatives undertaken by the Company during
FY 2026 forms part of this report along with Reasonable Assurance report from TUV India
Private Limited.
Sustainability Initiatives
The Company continues to advance its sustainability agenda with a focus on responsible
growth. ESG initiatives are integrated into business operations, with emphasis on
healthcare access, community development, environmental stewardship, and ethical business
practices. Disclosures are aligned with global reporting frameworks, enhancing
transparency for stakeholders.
Annual Return
Pursuant to Section 92(3) read with Section 134(3) (a) of the Act, the Annual Return as
on 31 March 2026 in Form MGT-7 is placed on the Company's website at B https://www.
ajantapharma.com/assets/frontend/images/investors/ files/annual results/1778645116
MGT-7%202026.pdf.
Unclaimed Dividend/Shares
In pursuance of Regulation 39 read with Schedule VI of the Listing Regulations, the
details of shares lying in unclaimed suspense account and unclaimed shares/dividend
transferred to Investor Education and Protection Fund, are provided in the Report on
Corporate Governance.
Auditors and Audit Reports iBOL
Statutory Auditors
At the 43rd AGM held on 4 August 2022, members had re-appointed M/s. B S R and Co. LLP,
Chartered Accountants (ICAI Registration No. 101248W/W-100022), as the Statutory Auditors
for a second term of five years until the conclusion of the 48th AGM in 2027.
Their Audit Report for FY 2026 is unmodified and does not contain any qualifications,
reservations, or adverse remarks. BSR has confirmed their eligibility and peer review
status under ICAI norms. During the year under review, the Auditors have not reported any
fraud or such matters as provided under Section 143(12) of the Act.
Internal Auditors
The Board, on the recommendation of the Audit Committee re-appointed M/s. Aneja
Assurance Pvt. Ltd., Chartered Accountant as the Internal Auditors of the Company for FY
2026. They carried out internal audit for centralized functions while for other business
locations such as factories and warehouses, other qualified Chartered Accountant firms
were engaged. Key audit findings and corrective actions were reviewed by the Audit
Committee. The Committee confirmed that no material lapses or instances of fraud were
identified during the year.
Secretarial Auditors
Secretarial Audit was conducted by M/s. D.G. Prajapati & Associates, Practising
Company Secretaries and their Audit Report for FY 2026 forms part of this Annual Report as
"Annexure C" and does not contain any qualifications, reservations or
adverse remarks and is self-explanatory.
In addition, the firm has also issued the Secretarial Compliance Report confirming
compliance with applicable laws, rules and regulations and the same is uploaded on BSE and
NSE websites. It affirms that no enforcement actions were initiated by SEBI or the Stock
Exchanges against the Company, its promoters, directors or its material subsidiaries
during the year.
Cost Auditors
Company's cost records were audited by M/s. RA & Co., Practising Cost Accountants
and they did not report any fraud, discrepancies or irregularities. Their appointment for
FY 2027, based on the Audit Committee's recommendation, was approved by the Board, and the
resolution for ratification of their remuneration has been placed before the shareholders.
Secretarial Standards
During FY 2026, the Company has complied with all the applicable Secretarial Standards
issued by the Institute of Company Secretaries of India as amended.
Internal Control System,
Risk Management and Compliance Framework
The Company has in place a robust and integrated Internal Control System, a
comprehensive Risk Management framework and robust Compliance protocols.
Internal control and its adequacy
The Company has a comprehensive internal control framework designed to ensure accuracy
in financial reporting, operational efficiency, safeguarding of assets, and compliance
with applicable regulations. The effectiveness of controls is regularly reviewed through
internal audits and oversight by the Audit Committee. Key elements of the internal control
framework include:
• Risk-based control architecture built around critical operational,
financial and compliance areas.
• Automated and manual checks integrated into day-to- day processes to
minimise errors and strengthen process reliability.
• Documented policies and SOPs that guide consistent decision-making and
accountability.
• Mechanisms to safeguard physical and digital assets, including access
controls and periodic verifications.
• Monitoring tools that support accurate and timely financial reporting.
The internal audit function provides independent and objective assurance on the
adequacy and effectiveness of these controls.
• A risk-based internal audit plan is formulated annually, covering
strategic, operational, financial and regulatory risks.
• Internal audits are carried out through a combination of the Company's
internal audit team and independent external audit firms.
• Significant observations, thematic findings and action plans are presented to
the Audit Committee, which reviews the implementation status on a periodic basis.
• Continuous engagement between the Audit Committee, management and internal and
statutory auditors ensures ongoing enhancement of the control environment.
The Company remains committed to strengthening its internal control systems through
process optimisation and greater digitalisation.
Threats, risks and concerns
The operating environment remains dynamic, shaped by regulatory changes, supply chain
disruptions, and macroeconomic factors. The Company's risk management framework enables
proactive identification and mitigation of key risks. Strengthened supply chain, robust
compliance monitoring systems, and disciplined financial risk management continue to
support business stability and continuity.
During the year, Company continued to navigate a dynamic operating environment
characterised by:
• Supply chain vulnerabilities, including logistics disruptions, and price
volatility.
• Heightened regulatory oversight across manufacturing locations, quality
and marketing practices.
• Increased cybersecurity risks, driven by digital expansion and evolving
threat landscapes.
• Foreign exchange volatility affecting export realisations and input
costs.
The Company has strengthened its mitigation strategies by:
• Enhancing supply chain resilience through multi-sourcing, inventory
planning and closer vendor collaboration.
• Strengthening regulatory compliance systems across manufacturing and
quality functions.
• Scaling cybersecurity capabilities with upgraded IT security controls,
training and periodic assessments.
• Monitoring financial risks through proactive hedging and treasury
management.
• Aligning business decisions with ESG commitments, including responsible
operations, ethical business conduct and stakeholder well-being.
A detailed overview of the risk management framework, key risks and mitigation measures
can be found in the corporate governance report.
Statutory Compliances
Ajanta has established a structured compliance management framework to ensure adherence
to all applicable statutory requirements, sector-specific regulations and internal
governance policies. Compliance responsibilities are embedded within each functional unit,
supported by documented processes and digital compliance tools.
Robust Statutory Compliance Monitoring and adherence Framework
Key features of the compliance framework include:
• Mapping of applicable laws and regulatory obligations across business
operations.
• Digital compliance monitoring, enabling timely tracking, escalation and closure
of compliance tasks.
• Periodic audit and certification by compliance owners, affirming adherence to
regulatory requirements.
• Regular reporting to the Board and Audit Committee, including updates on
compliance status, regulatory developments and mapping of new compliances.
• Training and awareness programs to strengthen the compliance culture across the
organisation.
The Company remains committed to maintaining the highest standards of regulatory
compliance and ethical business conduct.
Supply Chain
The Company's supply chain continues to serve as a strategic enabler, supporting
uninterrupted operations and ensuring the consistent availability of high-quality products
across domestic and international markets. The Company strengthened its supply chain
capabilities through enhanced planning, improved vendor integration and the adoption of
digital tools that support real-time visibility and forecasting accuracy. Focused
initiatives were undertaken to diversify sourcing channels, optimise inventory management
and reinforce business continuity measures amid evolving global uncertainties.
Sustainable Supply Chain for
Long-Term Value Creation
The Company also continued to embed sustainability considerations into procurement and
logistics, promoting responsible sourcing and efficient resource utilisation. These
efforts enabled Company to maintain reliable manufacturing schedules, respond swiftly to
market needs and uphold its commitment to timely delivering trusted healthcare solutions
worldwide.
Vigil Mechanism/Whistle-Blower Policy
The Company maintains a zero-tolerance stance towards any form of unethical conduct,
reflecting its steadfast commitment to integrity and ethical business practices. To
reinforce this commitment, the Company has established a Whistle Blower Policy/Vigil
Mechanism, which is periodically reviewed by the Audit Committee, enabling employees,
directors, and stakeholders to report genuine concerns relating to unethical behaviour,
fraud, or violations of the Company's Code of Business Conduct and Ethics.
This mechanism provides adequate safeguards to protect whistleblowers from any form of
retaliation or victimization. No individual was denied access to the Audit Committee
during the year under review. The Company has not received any complaint during the year.
The Whistle Blower Policy is accessible on the Company's intranet and website at
https://ajantapharma.com//images/ Whistle-Blower-Policy-Feb-7073.pdf. and concerns can be
reported via the designated email address: El whistleblowerapl7076@gmail.com.
Prevention of Sexual Harassment of Women at Workplace
The Company is committed to providing a safe, inclusive, and respectful workplace where
employees can perform their duties free from prejudice, gender bias, and any form of
harassment. Management consistently strives to maintain a work environment that upholds
dignity and equality, free from discrimination and sexual harassment.
As per the provisions of The Sexual Harassment of Women at the Workplace (Prevention,
Prohibition and Redressal) Act, 7013, the Company has implemented a comprehensive Policy
on Prevention of Sexual Harassment at the Workplace. Internal Complaints Committee (ICC)
have been duly constituted, wherever required, to address the complaints related to sexual
harassment.
The Company has undertaken organisation-wide sensitisation initiatives, ensuring that
employees are well-informed about their rights, the redressal mechanisms available, and
the Company's zero-tolerance approach to harassment.
During the year under review, 1 complaint was received and the same was disposed of
within the prescribed time frame.
Safe, Inclusive and Respectful Work Place
Maternity Benefit
The Company extends all the statutory benefits under the Maternity Benefit Act, 1961,
to eligible women employees, including maternity leave, nursing breaks and return-to- work
support. The Company remains committed to fostering a supportive work environment that
promotes the well- being, dignity and work-life balance of women employees.
Code of Conduct
The Company has laid down Code of Conduct that sets out the ethical standards and
principles expected from Directors and senior management, reinforcing integrity,
accountability and transparency in all business dealings. The Code emphasises responsible
decision-making, avoidance of conflicts of interest and adherence to the highest standards
of corporate behaviour. All Directors and senior management personnel confirm compliance
with the Code on an annual basis.
The Company has also laid down a robust Insider Trading prevention framework in
accordance with the SEBI (Prohibition of Insider Trading) Regulations, 7015, which
includes a comprehensive Code for Prevention of Insider Trading and a Policy for Fair
Disclosure of Unpublished Price- Sensitive Information. The Company maintains a Structured
Digital Database, supported by digital tool, to ensure secure handling and tracking of
sensitive information.
Regular communication, training sessions and internal advisories are issued to
reinforce awareness of the Code and the Policy. Additional information on the governance
mechanisms relating to ethical conduct and insider trading compliance is provided in the
Corporate Governance Report.
Human Resource, Health & Safety
The Company's people remain central to its success. As of 31 March 7076, the Company
had more than 11,000 employees. Continued investment in capability building, leadership
development, and employee engagement supports a high-performance culture and strengthens
organisational resilience.
People-Centric Culture Focused on Learning, Growth & Well-Being
The Company continues to uphold the highest standards of health and safety across all
its plants and facilities through well-defined Environmental, Health and Safety (EHS)
systems backed by strong governance and regular monitoring.
Managerial Remuneration and Particulars of Employees
Disclosures required under Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 7014 are annexed to this Report as "Annexure D".
Information under Rule 5(7) and 5(3) of the said Rules forms part of this Report but is
not being sent to members due to its confidential nature. Any shareholder interested in
obtaining this information may request a copy by writing to the Company Secretary at the
registered office.
Conservation of Energy,
Technology Absorption, Foreign Exchange Earnings & Outgo
Pursuant to Section 134 of the Act read with Companies (Accounts) Rules, 7014,
particulars relating to conservation of energy, technology absorption, foreign exchange
earnings and outgo, are disclosed in "Annexure E".
Loans, Guarantees & Investments BB
Pursuant to Section 134(3)(g) of the Act, details of loans, guarantees and investments
are disclosed in Notes to Financial Statements.
Other Disclosures
During the year under review:
1. No amount was proposed to be transferred to reserves.
2. There was no change in the nature of the business of the Company.
3. No agreement was entered into requiring disclosure under Regulation 30A of Listing
Regulations.
4. Equity shares were issued pursuant to the Stock Option Scheme and no default
occurred in implementing corporate actions.
5. Company has not accepted any deposits under Sections 73 and 74 of the Act.
6. There was no provision made for purchase of its own shares by employees.
7. Company's securities were not suspended at any time.
8. No remuneration/commission was received by MD/ WTD from subsidiaries.
9. Company has not issued shares with differential voting rights or sweat equity
shares.
10. There are no defaults in loan payments or any instance of one-time settlement.
11. No significant or material orders were passed by regulators or courts affecting the
Company's going concern status.
12. No material changes or commitments occurred after the balance sheet date that
affect the Company's financial position.
13. There were no proceedings under the Insolvency and Bankruptcy Code, 2016.
Business Continuity and Going Concern
The Company continues to maintain strong financial fundamentals and a resilient
business model, supported by robust systems and contingency measures to ensure
uninterrupted operations. The Board confirms that there are no events or circumstances
that may affect the Company's ability to operate as a going concern.
Directors' Responsibility Statement (^{
The financial statements are prepared in accordance with the Indian Accounting
Standards (Ind AS) under the historical cost convention on accrual basis except for
certain financial instruments, which are measured at fair values, the provisions of the
Companies Act, 2013 (to the extent notified) and guidelines issued by the SEBI.
To the best of their knowledge and belief and according to the information and
explanations obtained by them and pursuant to Section 134 of the Act (including any
statutory modification(s) and/or re-enactment(s) thereof for the time being in force),
your Directors confirm:
a) that in the preparation of the annual accounts for the year ended 31 March 2026, the
applicable Accounting Standards have been followed along with proper explanation relating
to material departures, if any;
b) that they had selected accounting policies and applied them consistently and made
judgements and estimates that were 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 ended 31
March 2026 and of the profit of the Company for the period;
c) that 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 the Company and for preventing and detecting fraud and other irregularities;
d) that the annual accounts/financial statements have been prepared on a going concern
basis;
e) that proper internal financial controls were in place and that the financial
controls were adequate and were operating effectively;
f) that they had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
Green Initiative
In support of the Green Initiative of the Ministry of Corporate Affairs and the
Company's commitment towards environmental sustainability, our Company encourages
shareholders to receive communications such as the Annual Report, AGM Notice and other
documents in electronic form. We urge all shareholders to register their e-mail addresses
with their Depository Participants or Registrar and Share Transfer Agent to enable the
Company to serve documents electronically. This not only promotes paperless communication
but also contributes significantly to environmental conservation. Let us collectively
contribute to a greener planet by opting for digital communications.
Outlook
The Company remains well-positioned to deliver sustainable growth. A strong balance
sheet, diversified product portfolio, and continued focus on innovation, operational
excellence, and market expansion are expected to drive long-term value creation.
Gratitude and Acknowledgements
The Board places on record its appreciation for the dedication and contribution of
Ajantaites across the organisation. The Directors also acknowledge the continued trust and
support of shareholders, analysts, partners, and all stakeholders.
| For and on Behalf of the Board of Directors |
|
|
Mannalal B. Agrawal |
|
Chairman |
| Mumbai, 5 May 2026 |
DIN: 00073828 |
