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TO THE SHAREHOLDERS Dear Shareholders,

The Board of Directors is pleased to present the 39th Annual Report of the Company for the financial year ended 31st March, 2026.

The Company's financial performance for the year ended 31st March, 2026 is summarized below:

(' in Lakhs )

During the financial year 2025-26 total revenue of the Company on standalone basis is Rs. 1754.63 Lakh and on consolidated basis is Rs. 1054.08 Lakh. The net Profit for the year on standalone basis is Rs. 418.73 Lakh and on consolidated basis is Rs 570.22 Lakh.

Considering the financial position of the company, the Board of Directors have not recommended any dividend for the financial year 2025-26.

The Company has not transferred any amount to the reserves during the current financial year.

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

During the year under review, the Company ventured into the turnkey project business in the electrical sector and secured two Electrical Sub-Station projects aggregating to 532 KV, having a total contract value of Rs. 2,040.00 Lakh. Approximately 55% of the project work was completed during FY 2025-26 and the balance work is presently under execution.

The Company intends to actively participate in future tenders and bidding opportunities in this sector to expand its business operations and explore new avenues for sustainable growth.

During FY 2025-26, pursuant to the approval of the shareholders, the Company entered into a Material Related Party Transaction with Nirav Commercials Limited for the acquisition of its aluminium grills, doors and windows business under the brand name "Elesar Focchi", together with the related assets, liabilities, licences, approvals and employees, on a going concern/slump sale basis or in such other manner as determined by the Board.

Consequent to the acquisition, the Company has also taken over customer orders aggregating approximately Rs. 400.00 lakh, which are expected to be executed during FY 2026-27. The acquisition is expected to strengthen the Company's presence in the aluminium segment, diversify its revenue streams and contribute positively to its future growth prospects.

The Company continues to operate its Wind Turbine Generator (WTG) and Solar Power Plants with an aggregate installed power generation capacity of 2.52 MW. During the year under review, the power generation business contributed revenue of Rs. 131.66 lakh as compared to Rs. 112.14 lakh in the previous financial year, registering a growth over the preceding year. The renewable energy segment remains an important contributor to the Company's overall revenue and reflects the Company's continued commitment towards sustainable and environmentally responsible business operations.

Pursuant to the applicable provisions of the Companies Act, 2013, read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the IEPF Rules"), all unpaid or unclaimed dividends are required to be transferred by the Company to the IEPF established by the Government of India, after the completion of seven years. Further, according to the IEPF Rules, the shares on which dividend has not been paid or claimed by the shareholders for seven consecutive years or more shall also be transferred to the demat account of the IEPF Authority. During the year, the Company has transferred total unclaimed and unpaid Final dividend of Rs. 1,65,926/- for the F.Y. 2017-2018 to IEPF Authority. Further 11,665 corresponding shares on which dividend were unclaimed for seven consecutive years were transferred to IEPF Authority as per the requirements of the IEPF Rules.

In accordance with the provisions of the Act (hereinafter referred to as "the Act"), Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as "Listing Regulations") and applicable Accounting Standards, the Audited Consolidated Financial Statements of the Company for the financial year 2025-26 together with the Auditor's Report forms part of this Annual Report.

During the financial year 2025-2026, a subsidiary company, namely, Hind Power Products Private Limited was struck off as a consequence of which the Company has derecognized the consolidation impact of the said subsidiary. Accordingly. Consolidated Financial Results for the quarter/nine months ended include Unaudited Financial Results of one associate/ joint venyure namely, Associated Industries Limited LLC (SFZ) - Oman. Results for the earlier quarter are not comparable to that extent. A separate statement containing the salient features of financial statements of the Associate/Joint Venture of the company in prescribed Form AOC-1 form a part of consolidated financial statements in compliance with Section 129(3) and other applicable provisions, if any, of the Companies Act, 2013 read with Rule 5 of the Companies Accounts) Rules, 2014. The Company has formulated a policy for determining Material subsidiaries or associate companies or joint ventures. The Policy may be accessed at: https://investors. hindaluminiumindustries.in

Pursuant to Section 134 of the Act (including any statutory modification(s) or re-enactment(s) thereof for the time being in force), the Directors of the Company state that: a. in the preparation of Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures; b. the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2026 and of the profit/loss of the Company for the said period; c. the Directors have taken proper and sufficient care of 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. the Directors have prepared the Annual Accounts on a going concern basis. e. the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and f. the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

Appointments / Re-appointments

In accordance with the provisions of the Act and the Articles of Association of the Company, Shri Lalit Kumar Daga, Non-Executive Director of the Company is liable to retire by rotation at the ensuing Annual General Meeting and being eligible has offered himself for reappointment. Shri Lalit Kumar Daga has vast experience of over 60 years in Aluminium Industries.

Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of the Company as on March 31, 2026 are Shri Shailesh Daga, Managing Director, Shri Mahendra Kumar Jain, Chief Financial Officer, Ms. Ankita Vishwakarma, Company Secretary (resigned w.e.f. 15th April, 2026) and Ms. Ekta Joshi, Company Secretary and Compliance Officer (appointed w.e.f. 15th April, 2026).

Except aforesaid Company Secretary and Compliance Officer, no directors or key managerial personnel were appointed or have resigned during the year.

The Company has received declarations from all the Independent Directors confirming that they meet the criteria of independence as prescribed under the provisions of the Act, read with the Schedules and Rules issued thereunder, as well as clause (b) of sub-regulation (1) of Regulation 16 of Listing Regulations (including any statutory modification(s) or re-enactment(s) thereof for the time being in force). In terms of Regulation 25(8) of the Listing Regulations, the Independent Directors have confirmed that they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties.

Total five meetings of the Board of Directors were held during the financial year 2025-26. For details of meetings of the board please refer to the corporate governance report, which forms part of this Annual Report.

The Board of Directors has carried out an annual evaluation of its own performance, board committees, and individual directors pursuant to the provisions of the Act and the corporate governance requirements as prescribed by the Listing Regulations.

The performance of the board was evaluated by the board after seeking inputs from all the directors on the basis of criteria such as the board composition and structure, effectiveness of board processes, information and functioning, etc. as provided by the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017.

The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of criteria such as the composition of committees, effectiveness of committee meetings, etc.

The Board and the Nomination and Remuneration Committee reviewed the performance of individual director on the basis of criteria such as the contribution of the individual director to the board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc.

In a separate meeting of independent directors, performance of non-independent director and the board as a whole was evaluated, taking into account the views of executive directors and non-executive directors. The same was discussed in the board meeting that followed the meeting of the independent directors, at which the performance of the board, its committees, and individual director was also discussed. Performance evaluation of independent directors was done by the entire board, excluding the independent director being evaluated.

In compliance with Regulation 34 of the Listing Regulations, a separate report on Corporate Governance along with a certificate from the Practising Company Secretary on its compliance forms an integral part of this Annual Report.

The Company's policy on directors' appointment and remuneration and other matter provided in Section 178(3) of the Act has been disclosed in the corporate governance report, which forms part of directors' report.

The details in respect of internal financial control and their adequacy are included in the Management Discussion and Analysis, which is a part of this report.

The development and implementation of risk management policy have been covered in the management discussion and analysis, which forms part of this report.

The particulars of loans, guarantees and investments have been disclosed in the financial statements of the Company.

The Company has established a robust Vigil Mechanism and a Whistle-blower policy in accordance with provisions of the Act and Listing Regulations and no personnel has been denied access to the audit committee. The Vigil Mechanism and whistle-blower policy is put on the Company's website and can be accessed at: https://investors.hindaluminiumindustries.in

All contracts/arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on arm's length basis. The Company had entered into a related party transaction mentioned in Annexure -II in Form AOC-2 and the same forms part of this report.

The Company draws attention of the members to Note no. 38 to the Standalone Financial Statement which set out related party transactions as per Ind As 24. The transactions with related parties pursuant to section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014, are given in Annexure -II in Form AOC-2 and the same forms part of this report.

The Annual Return for financial year 2025-26 as per provisions of the Act and Rules thereto, is available on the Company's website at https://investors.hindaluminiumindustries.in

The Audit Committee comprises members namely CA. Ambarish Daga (Chairman), Smt. Kiran Mundhra (Member) and Shri Lalit Kumar Daga (Member).

All the members of the Audit Committee are financially literate and have experience in financial management.

During the year, all the recommendations made by the Audit Committee were accepted by the Board.

The information required under Section 197 of the Act read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force) in respect of Directors/employees of the Company is set out in the Annexure III of this report.

Karnavat & Company, Chartered Accountants were appointed as Auditors of the Company, for a term of 5 (five) consecutive years, from the conclusion of the 36th Annual General Meeting held on September 06, 2023 till the conclusion of the 41st Annual General Meeting of the Company, to be held in the Calendar year 2028. They have confirmed that they are not disqualified from continuing as Auditors of the Company. The Auditors' Report for the financial year ended 31st March, 2026 on the financial statements of the Company is a part of this Annual Report. The Independent Audit Report does not contain any qualification, reservation or adverse remark.

Dash Dwivedi & Associates LLP, Company Secretaries were appointed as Secretarial Auditors of the Company for a term of 5 (five) consecutive years, from the conclusion of the 38th Annual General Meeting held on September 02, 2025 till the conclusion of the Annual General Meeting of the Company, to be held in the Calendar year 2030.

The Secretarial Audit Report relating to Secretarial Audit conducted by M/s Dash Dwivedi & Associates LLP, Company Secretaries, for the financial year ended March 31, 2026 under the Act read with Rules made thereunder is set out in the Annexure V to this report. The remark mentioned in the Secretarial Audit Report is self-explanatory.

Disclosure requirements as per SEBI Listing Regulations, the Corporate Governance Report with the Practicing Company Secretary's Certificate thereon, and the Management Discussion and Analysis are attached, which form part of this report.

The particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under the Act, are provided in Annexure IV to this Report.

The company is in compliance with the provisions relating to sexual harassment of women at the workplace (prevention, prohibition and redressal) Act 2013 and there were no complaints received during the year under review.

The Company is in compliance with the applicable provisions relating to maternity benefits as prescribed under the Maternity Benefit Act, 1961/ the Code on Social Security, 2020.

- Material changes and commitments, if any, affecting the financial position of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report; NIL

- Your Company has not issued any shares with differential voting rights.

- There was no revision in the financial statements.- Your Company has not issued any sweat equity shares.- There is no change in the nature of business.

- During the year under review, your Company has not accepted any fixed deposits from the public falling under Section 73 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014. Thus, as on March 31, 2026, there were no deposits which were unpaid or unclaimed and due for repayment.

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

- There were no frauds reported by the Auditors u/s 143(12) of the Act.

- The Company's overall turnover as well as turnover from individual product did not fall under the prescribed limits mentioned under Section 148 of the Act read with Rule 3 of the Companies (Cost Records and Audit) Rules, 2014, hence the provisions of maintenance of Cost Records and Audit were not applicable to the Company during the FY 25-26.

- Details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 during the year along with their status as at the end of the financial year - Not Applicable- Details of difference between amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof - Not Applicable- The company does not fall under the criteria mentioned under Section 135 (1) of the Act pertaining to applicability of Corporate Social Responsibility.

- In accordance with the requirement of Regulation 34(3) and Schedule V Part F of Listing Regulations, no share of the company is in demat/unclaimed suspense account.

The Board of Directors sincerely convey their gratitude and place on record their appreciation for all the employees at all levels for their hard work, solidarity, cooperation and dedication during the year.

Further, the Board sincerely conveys its appreciation for its customers, shareholders, suppliers as well as vendors, bankers, business associates, regulatory and government authorities for their continued support..