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Dear Members,

The Board of Directors of your Company is pleased to present the 20th Annual Report along with the audited standalone and consolidated financial statements for the financial year ended March 31, 2025, and other accompanying reports and disclosures, in compliance with the applicable provisions of the Companies Act, 2013 ("Act") and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").

A summary of the financial performance of the Company for the financial year ended March 31, 2025, is as follows:

(Rs. in million)

The Company maintained a steady financial performance during the year. Total standalone revenue increased by 5.4% to H4,115.10 million. The EBITDA margin was maintained at same level as last year at 17.7%. However, the Standalone Profit Before Tax increased only marginally to H 621.20 Million due to full year impact of depreciation pertaining to assets purchased during FY 2023-24 and the Standalone profit after tax increased marginally to H456.69 million. Though The Diamond, Bullion and Jewellery (DBJ) incurred reduced losses compared to previous year, the business is expected to achieve break-even and generate positive results in the near future.

On a consolidated basis, the revenue increased to H4,334.53 million resulting in revenue growth of 10.6%. The consolidated EBITDA and PAT for the year was H772.43Million and H470.57 million respectively. Due to turnaround of our fintech subsidiary Aceware Fintech Services Pvt. Ltd,the growth in EBITDA and PAT stood at 12.5% and 5.8%. respectively

Details on operational and segment performance are provided in the Management Discussion and Analysis section forming part of the Annual Report.

During the year under review, the Company's subsidiary Aceware Fintech Services Private Limited turned around significantly during the year. The Revenue grew substantially to H240.68 million and achieved a profit after tax was H13.77 million during FY 2024-25, as compared to H34.80 million in revenue and a loss of H27.53 million in FY 2023-24. This resulted in revenue growth of about 7 times. The financial statements of the subsidiary are available on the Company's website at www.radiantcashservices.com .

Your Company remains a leading integrated cash logistics services provider in India with a dominant presence in the retail cash management (RCM) segment. The Company caters to broad set of outsourcing requirements pertaining to cash management services for banks, financial institutions, organized retail and e-commerce companies in India and operates across five business verticals, namely

1) Cash Pick-up and Delivery;

2) Network Currency Management;

3) Cash Processing;

4) Cash Vans /Cash in Transit and

5) Other Value-Added Services

As on March 31, 2025, the Company serviced over 77,982 business touch points spread across 14,095 Pin Codes in India compared to 69,934 touch points during the previous year.

The proportion of our direct client increased to 15% of our revenues from 5.2% of last year. There was a healthy growth of 40% in revenues from Cash Van Operations with significant potential for further growth. The launch of Radiant Insta Credit during the year, has been well received in the market and opens up a much larger target market for our services.

The global economy displayed resilience, despite challenges such as geopolitical tensions, trade disruptions, and supply chain realignments. Global GDP grew by 3.3% during the year, with emerging markets driving growth amidst subdued expansion in advanced economies

Looking ahead, global GDP is projected to moderate to 2.8% in 2025. While inflation is expected to stabilise, risks remain from commodity price volatility and geo-economic fragmentation. Emerging economies are anticipated to lead global growth, underpinned by resilient supply chains and technological innovation.

India continued to be among the fastest-growing major economies, recording a 6.5% GDP growth in FY 2024-25. The country surpassed Japan to become the world's fourth- largest economy by output. Stable inflation, supportive monetary policy including repo rate reductions, and strong domestic demand contributed to this performance.

Despite global uncertainties, India's economic outlook remains optimistic, supported by continued capital investment, robust consumption in Tier III and IV cities, income tax relief measures, and a stable policy framework. The Indian economy is expected to sustain its growth trajectory, aided by strengthening fundamentals and favourable demographics.

Further analysis of the Business and Financial Results are given in the Management Discussion and Analysis section, which forms part of the Annual Report.

During the year under review, a final dividend of H2.5/- per share (250%) for the financial year 2023-24 was declared at the 19th Annual General Meeting held on 5th September 2024, absorbing a sum of H266.77 million. The Final Dividend was paid on September 18, 2024, to those shareholders whose names appeared in the Register of Members as on the record date i.e., August 29, 2024.

Your directors are pleased to recommend a final dividend of H2.5/- per equity share on face value of H1/- each i.e., 250%, for the financial year ended March 31, 2025. The final dividend, if approved by the shareholders at the ensuing

Annual General Meeting of the Company, would involve a cash outflow of H266.77 million and shall be payable to those Shareholders whose names appear in the register of Members as on the Record Date September 02,2025

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 under the policies section at https:// radiantcashservices.com/corporate-governance/

The details of unclaimed dividends in the Company are provided in the Corporate Governance Report, which forms part of this Annual Report. During the year, the Company was not required to transfer any amount to the Investor Education and Protection Fund under Section 125 of the Act.

Your directors do not propose transferring any amount to General Reserves.

During the year under review, there were no changes in the issued, subscribed and paid-up share capital of the Company. The paid-up capital remains at H106.71 million comprising of 10,67,07,906 equity shares of H1 each.

The Company has no long-term borrowings as on March 31, 2025.

During the year, the Company has not accepted any fixed deposits, including from the public, and there was no amount of principal or interest outstanding as of March 31, 2025.

The Loans, Guarantees and Investments covered under Section 186 of the Companies Act, 2013 form part of the Notes to the financial statements.

During the year under review, the company advanced an Inter Corporate loan amounting to H 60 million to M/s Radiant Protection Force Private Limited. The Balance Loan outstanding from M/s Radiant Protection Force Private Limited as on March 31,2025 is H50 Million. Further, the Company provided Corporate Guarantees aggregating to H128 million to financial institutions and banks, on behalf of the subsidiary company, M/s Aceware Fintech Services Private Limited, to secure its borrowings.

All the transactions with related parties were in the ordinary course of the business and on arm's length basis and are reported in the Notes to Financial Statements. The details of materially significant related party transactions entered into by the Company are disclosed in Form AOC-2 pursuant to Section 134(3) of the Act and enclosed as Annexure -2 to this report.

The Related Party Transaction Policy of the Company as approved by the Board is available on the Company's website and can be accessed under the policies section at https:// radiantcashservices.com/corporate-governance/

There were no material changes or commitments affecting the financial position of the Company between the end of FY 2024-25 and the date of this Report.

There has been no change in the nature of the Company's business during the year.

The Company has one subsidiary as of financial year ended March 31, 2025. Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 (Act) a statement containing the salient features of financial statements of the Company's subsidiary in Form No. AOC-1 is attached to this report as Annexure - 1. The Company has formulated a Policy for determining Material Subsidiaries in accordance with the SEBI Regulations and the Policy is available on the website of the Company under the policies section at https:// radiantcashservices.com/corporate-governance/

The Company does not have any Joint Venture / Associate Company as on March 31, 2025.

During the year under review, there was no change in the Memorandum of Association and Articles of Association of the Company. However, the Articles of Association was amended by a Special Resolution passed by the shareholders through a postal ballot on June 27, 2025, for deletion of certain clauses pertaining to contractual rights previously granted to investor shareholders.

Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of knowledge and ability, confirm that:

i. In the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures.

ii. They have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period.

iii. 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.

iv. They have prepared the annual accounts on a Going Concern basis

v. They have laid down Internal Financial Controls to be followed by the Company and such Internal Financial Controls are adequate and operating effectively.

vi. They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

As on March 31, 2025, the Board comprises of six Directors including two Executive Directors (Chairman & Managing Director and Whole-Time Director), four Non-Executive Directors, of which three are Independent Directors and one Nominee Director.

During the year, two Women Directors Served on the Board of the Company. The existing composition of the Company's Board is fully in conformity with the applicable provisions of the Companies Act, 2013 and Regulations 17 and 17A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with regard to independent directors, women directors. There was no change in the composition of the Board during the financial year 2024-25.

However, after the close of the financial year, Mr. A. P. Vasanthakumar, Nominee Director, resigned and ceased to be a Director of the Company with effect from April 25, 2025. Subsequently, Mr. Alexander David was appointed as Whole-Time Director by the Board on May 23, 2025, and his appointment was approved by the shareholders through postal ballot on June 27, 2025.

Based on the written representations received from the Directors, none of the above Directors are disqualified under Section 164 (1) & (2) of the Act. During the year under review, the Non-Executive Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees and reimbursement of expenses, if any incurred by them for the purpose of attending meetings of the Board/Committee of the Company.

Pursuant to the provisions of Section 149 of the Act, the Independent Directors have submitted declarations that each of them meets the criteria of independence as provided in Section 149(6) of the Act along with Rules framed thereunder and Regulation 16(1)(b) of the SEBI Listing Regulations.

In accordance with Section 152 of the Act, Dr. Renuka David (DIN: 02190575), Whole-Time Director, retires by rotation and being eligible, offers herself for reappointment. The Board of Directors recommend for her re-appointment and the relevant resolution seeking shareholders' approval forms part of the Notice of the ensuing Annual General Meeting.

In accordance with the provisions of Section 149 of the Act and Regulations 17 and 25 of SEBI Listing Regulations Ms. Jayanthi (DIN: 09295572), Lt. Gen. (Retd.) Devraj Anbu (DIN: 09295593) and Mr. Ashok Kumar Sarangi (DIN: 09041162) were reappointed as Independent Directors of the Company by the Members by a Special Resolution at the 19th AGM of the Company held on September 05, 2025, for a second term for a period of three consecutive years.

As on March 31, 2025, the following persons have been designated as the Key Managerial Personnel of the Company:

• Col. David Devasahayam - Chairman and Managing Director

• Dr. Renuka David - Whole-time Director

• Mr. T. V. Venkataramanan - Chief Financial Officer

• Col. (Retd) Benz K. Jacob - Chief Operating Officer

• Mr. Karthik Sankaran - Chief Technology Officer,

• Mr. Cyrus Shroff - Chief Marketing Officer

• Mr. Nithin Tom - Company Secretary and Compliance Officer

The Board has laid down a "Code of Conduct" for all the Board Members and the Senior Management of the Company and the same has been posted on the website of the Company.

All Board members and Senior Management Personnel have affirmed compliance with the Company's code of conduct for the financial year 2024-25. A declaration to this effect is included in the Corporate Governance Report forming part of this Annual Report.

During the year under review, five meetings of the Board were held. The details of the meetings, including attendance of Directors, are provided in the Corporate Governance Report forming part of this Annual Report

The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India, namely SS-1 (Meetings of the Board of Directors) and SS-2 (General Meetings).

Pursuant to the provisions of the Act and SEBI Listing Regulations, the Board carried out an annual evaluation of its own performance, performance of its Committees, individual Directors, and the Chairperson. The evaluation was conducted through structured questionnaires based on criteria recommended by SEBI and the Nomination and Remuneration Committee.

The performance of the Board and the Committees were evaluated on various aspects such as composition and quality, meetings and procedures, contribution to Board processes, effectiveness of the functions allocated, relationship with management, professional development, adequacy, accuracy and timeliness of information etc.

In a separate meeting of Independent Directors, the performance of Non-Independent Directors, the Board as a whole and the Chairman of the Company was evaluated, taking into account the views of Executive Directors and Non-Executive Directors. The Independent Directors also assessed the quality, quantity and timeliness of the flow of information between the Management and the Board.

The Board and the NRC reviewed the performance of individual Directors 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. The Board completed the Board evaluation process for FY 2024-25 and expressed their satisfaction with the evaluation process.

The Company conducts structured familiarization programmes for Independent Directors on their roles, responsibilities, business operations and regulatory updates. The above details are disclosed in the Corporate Governance Report and on the Company's website.

The Board has constituted the following committees in accordance with statutory requirements:

a. Audit Committee

b. Nomination and Remuneration Committee

c. Stakeholders' Relationship Committee

d. Corporate Social Responsibility Committee

e. Risk Management Committee

Details regarding composition, terms of reference and meeting attendance are provided in the Corporate Governance Report.

The Nomination and Remuneration Policy, formulated in accordance with Section 178 of the Act and SEBI Listing Regulations, lays down the criteria for appointment and remuneration of Directors, KMPs and Senior Management. The policy is available under the policies section on the website of the Company at: https://radiantcashservices. com/corporate-governance/

The Company has adopted a Whistle Blower Policy and established a Vigil Mechanism in compliance with Section 177(9) of the Companies Act, 2013 and Regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This mechanism enables Directors and employees to report concerns regarding unethical behavior, actual or suspected fraud, or violation of the Company's code of conduct, in a secure and confidential manner. The policy provides adequate safeguards against victimization of whistleblowers and ensures direct access to the Chairperson of the Audit Committee. Details of the Whistle Blower Policy are provided in the Corporate Governance Report, which forms an integral part of this Annual Report, and are also available under the policies section on the Company's website at: https://radiantcashservices.com/corporate-eovernance/

The Company is guided by a strong belief in giving back to society and is committed to creating a meaningful and lasting impact in the lives of the underprivileged. In furtherance of this philosophy, the Company undertakes various Corporate Social Responsibility (CSR) initiatives focused on enhancing the well-being and development of marginalized communities. All CSR activities, projects, and programs are carried out in accordance with the provisions of Section 135 of the Companies Act, 2013 and the rules framed thereunder.

A brief outline of the Company's CSR Policy and the initiatives undertaken during the year under review are detailed in the CSR Report, annexed to this Report as Annexure - 5. The CSR Policy, along with the Annual Action Plan, is available under the policies section on the Company's website and can be accessed at: https://radiantcashservices.com/corporate-governance/

The Company has a robust internal control framework, which includes comprehensive policies and procedures designed to ensure the orderly and efficient conduct of its operations. These controls are intended to safeguard assets, prevent and detect frauds and errors, ensure the accuracy and completeness of accounting records, and facilitate the timely preparation of reliable financial disclosures. The internal financial controls with reference to the financial statements have been found to be adequate and operating effectively, and are commensurate with the size, nature, and complexity of the Company's business operations.

Further details are provided in the section titled "Internal Control Systems and their Adequacy" in the Management Discussion and Analysis section, which forms part of this Integrated Annual Report.

The Board of Directors has constituted a Risk Management Committee to oversee the implementation and monitoring of the Risk Management framework and evaluating its effectiveness. Details regarding the composition of the Committee, its terms of reference, and meetings held during the year under review are disclosed in the Corporate Governance Report.

M/s ASA & Associates LLP, Chartered Accountants, Chennai (Firm Registration No. 009571N/N500006), were appointed as the Statutory Auditors of the Company for a term of five consecutive years from the conclusion of the 16th Annual General Meeting (AGM) held on September 20, 2021, till the conclusion of the 21st AGM to be held in the calendar year 2026, in accordance with Section 139 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014. The Auditor's Report for the financial year ended March 31, 2025 does not contain any qualification, reservation, or adverse remark and forms part of the Financial Statements.

Pursuant to Section 204 of the Companies Act, 2013, the Board of Directors appointed M/s S Sandeep & Associates, Practising Company Secretaries (FCS: 5853, CP: 5987) as the Secretarial Auditor of the Company for FY 2024-25. The Secretarial Audit Report, issued in Form MR-3, is enclosed as Annexure - 3 to this Report and does not contain any qualification, observation, or adverse remark.

Further, based on the recommendation of the Board at its meeting held on August 05, 2025, it is proposed to re-appoint M/s S Sandeep & Associates, Practicing Company Secretaries (Firm Registration No. P2025TN103600) as Secretarial Auditors of the Company for a term of five consecutive years commencing from FY 2025-26 to FY 2029-30, subject to the approval of the shareholders, in compliance with Section 204 of the Act and the applicable Listing Regulations.

In terms of Section 138 of the Companies Act, 2013, the Board of Directors appointed M/s Menon & Pai, Chartered Accountants (FRN: 008025S), as the Internal Auditors of the Company for the financial year 2024-25.

During the year under review, no fraud has been committed by the officers and employees against your Company. Considering that the Company is in the business of Cash Management, there were few instances of cash embezzlements. However, given the nature of the Company's cash management business, there were certain instances of cash embezzlements. During the year, 4 instances amounting to H7.04 million were reported. Of this, H3.89 million has been recovered and H3.15 million has been written off.

In compliance with Section 129(3) of the Companies Act, 2013 and Regulation 34 of the SEBI Listing Regulations, the Consolidated Financial Statements of the Company and its subsidiaries for the financial year ended March 31, 2025, prepared in accordance with applicable Indian Accounting Standards (Ind AS), form part of this Annual Report.

The maintenance of cost records and requirement of cost audit as specified under Section 148(1) of the Companies Act, 2013 are not applicable to the Company for the year under review.

In accordance with Regulation 34 read with Schedule V of the SEBI Listing Regulations, a detailed report on Corporate Governance is provided as a separate section forming an integral part of this Annual Report. A certificate from a Practising Company Secretary confirming compliance with the provisions of Corporate Governance is annexed to the Corporate Governance Report.

As required under Regulation 34 of the SEBI Listing Regulations, the Management Discussion and Analysis Report, highlighting the Company's business overview, performance, industry trends, economic outlook, risks, and other key developments during the financial year 2024-25, forms an integral part of this Annual Report.

Pursuant to Regulation 34(2)(f) of the SEBI Listing Regulations, the Business Responsibility and Sustainability Report for the year ended March 31, 2025 is enclosed to this Annual Report .

In accordance with Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and

Remuneration of Managerial Personnel) Rules, 2014, the requisite disclosures are provided in Annexure - 4 to this Report. As per the provisions of Section 136(1) of the Act, the Board's Report is being sent to the shareholders excluding the said statement. This statement is available for inspection and shall be provided on request by any shareholder to: investorrelations@radiantcashloeitics.com

There were no significant or material orders passed by any regulators, courts, or tribunals during the year under review which would impact the going concern status of the Company or its future operations.

The Company has adopted a policy on Prevention of Sexual Harassment at the Workplace, in compliance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The policy is available under the policies section on the Company's website at: https://radiantcashservices.com/ corporate-governance/ .

An Internal Complaints Committee (ICC) has been duly constituted to inquire into complaints pursuant to the Section 4 of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013- During the year under review, no complaints were received.

In accordance with Sections 92(3) and 134(3)(a) of the Companies Act, 2013, the draft Annual Return of the Company for the financial year ended March 31, 2025, in Form MGT-7, is available on the website of the Company and can be accessed at: https://radiantcashservices.com

The provisions of clause (m) of sub-section (3) of Section 134 of the Act, read with rule 8 (3) of The Companies (Accounts) Rules, 2014 relating to conservation of energy and technology absorption are not applicable to our Company.

During the financial year ended March 31, 2025, there were no Foreign Currency Earnings. The Foreign Currency Expenditure for the Company amounted to H 0.19 million.

During the financial year 2024-25, there were no applications made or proceedings pending under the Insolvency and Bankruptcy Code, 2016 against the Company.

There were no instances of one-time settlement during the year under review, and accordingly, the requirement to disclose the difference in valuation vis-a-vis bank loans is not applicable.

There were no instances during the year under review where the Company failed to implement any corporate actions within the specified timelines.

The Company has complied with the applicable provisions relating to Maternity Benefit Act, 1961

The Board of Directors expresses its sincere appreciation for the continued support and cooperation extended by the shareholders, customers, vendors, bankers, auditors, regulatory authorities, business associates, and employees at all levels. Their trust and commitment have been integral to the Company's progress and success during the financial year.