Your Directors have pleasure in presenting the 32^nd Annual Report on the business and operations of your
Company together with the Audited Financial Statements for the financial year ended on 31^st March, 2026.

1. FINANCIAL RESULTS:

The Financial performance of your Company for the financial year ended on 31^st March, 2026 is
summerised below:

(Rs. in I akhs)

2. STATE THE COMPANY'S AFFAIRS AND OPERATIONS:

The Company is engaged in business of Infrastructure & Construction Project mainly into afford¬
able EWS Housing Project and Urban Infra Projects. The Company is affiliated with Professional
Institutes such as Gujarat Institute of Housing and Estate Developers (GIHED), Builder Association
of India (BAI), the Gujarat Institute of Civil Engineers and Architects (GICEA), Indian Plumbing Asso¬
ciation (IPA), Gujarat Contractor Association (GCA).

The Company is registered as approved Contractors in "AA" Class in R&B Division for the whole of
Gujarat State & Ahmedabad Municipal Corporation.

During the year ended on 31^st March, 2026, the revenue from operations of the Company for cur¬
rent year was Rs. 5648.56 lakhs compared to Rs. 5073.33 Lakhs of previous financial year and the
net profit for the current year was Rs. 119.36 Lakhs compared to Rs. 192.88 Lakhs of the previous
year.

3. CHANGE IN NATURE OF BUSINESS:

During the Financial year 2025-2026, there was no change in the nature of business of the Company.

4. TRANSFER TO RESERVES:

During the financial year under review, no amount has been transferred to General Reserve.

5. DIVIDEND:

In order to conserve the financial resources, the Board of Directors of the Company do not recom¬
mended any dividend for the financial year 2025-2026.

6. DEPOSIT:

The Company neither has accepted nor invited any deposit from the public, within the meaning of
section 73 of the Companies, Act, 2013 and the Rules made thereunder.

7. SHARE CAPITAL:

The Authorised Share Capital of the Company as on 31^st March, 2026 is Rs 2000.00 Lakhs.

The paid-up equity share capital of the Company as on 31^st March, 2026 was Rs.1875.00 Lakhs.
There was no change in the paid-up share capital during the year under review.

During the year under review, the Company has not issued shares with differential voting rights nor
granted stock options nor sweat equity.

8. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANICAL POSITION AFTER THE END
OF FINANCIAL YEAR:

There are no material changes and commitments 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.

9. SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES :

There are no holding, subsidiaries, joint ventures or associate company of the Company. During the
financial year ended on 31st March, 2026, none of the companies have become or ceased to be the
subsidiaries, joint ventures or associate companies of the Company. The performance and financial
position of subsidiaries, associates and joint ventures as per Rule 8(1) of the Companies (Accounts)
Rules, 2014 is not applicable.

10. POLICY FOR DETERMINING MATERIAL SUBSIDIARY:

The Board of Directors of the Company has approved a policy on determining Material Subsidiary
which is available on the website of the Company at https://www.marutiinfra.in/codes-policies/.
The Company has complied with the corporate governance requirements with respect to subsid¬
iary / unlisted material subsidiary as per Regulation 24 of the Listing Regulations.

11. ANNUAL RETURN:

In accordance with Section 92(3) of the Act read with the Companies (Management and Adminis¬
tration) Amendment Rules, 2021, the requirement of attaching extract of the annual return in Form
MGT-9 with the Board's report is done away with. The Annual Return as referred in Section 134(3)(a)
of the Act for the financial year ended 31^st March, 2026 is available on the website of the Company
at https://www.marutiinfra.in/annual-return/.

12. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

> Composition of Board:

Your Company has an appropriate mix of Executive, Non-Executive and Independent Director for
proper function of governance and management.

As on 31^st March 2026, our Board comprised of 5 members, consisting of 2 Executive Director, 1
Non Executive Non Independent Director and 2 Independent Director.

The Following is the composition of Board as on 31^st March 2026:

The relevant details in terms of Sub-regulation (3) of Regulation 36 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, in respect of the Director proposed to be appointed
or re-appointed, are provided in the Notice for convening the 32^nd Annual General Meeting of the
Company.

> Retirement by rotation and Re-appointment of Director:

In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the
Company, Mr. Nimesh D. Patel (DIN: 00185400), Director of the Company, retires by rotation at the
32^nd Annual General Meeting and is eligible for offers himself for re-appointment. The Board rec¬
ommended his re-appointment.

> Cessation of Director:

Due to sudden demise of Mr. Shrikant N Jhaveri (DIN: 02833725) on 15^th March, 2026. He ceases to
be a Director of the Company w.e.f 15^th March, 2026.

The Board placed on record its appreciation for the valuable services rendered by Mr. Shrikant N
Jhaveri.

> Key Managerial Personnel :

Pursuant to Section 203 of the Companies Act, 2013, the following are the Key Managerial Person¬
nel of the Company as on 31^st March, 2026:

Except above, there was no change in the Directors or Key Managerial Personnel during the year.

> Declaration of Independence from Independent Director :

The Company has received declaration of Independence as stipulated under section 149(7) of the
Companies Act, 2013 and Regulation 16(1)(b) and 25(8) of the Listing Regulations from all the
Independent Directors confirming that they meet the criteria of independence and not disqualified
from continuing as an Independent Director.

The Board of Directors of the Company is of the view that Independent Directors fulfill the criteria
of independence and they are independent from the management of the Company. All Indepen¬
dent Directors of the Company have confirmed that they have registered themselves with Indepen¬
dent Directors' Database of The Indian Institute of Corporate Affairs ('IICA') and have cleared the
online proficiency test of IICA, if applicable.

> Annual Performance Evaluation :

In terms of the provisions of Section 134(3)(p) the Companies Act, 2013 read with Rule 8(4) of the
Companies (Accounts) Rules, 2014 and the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015,the Nomination and Remuneration Committee has carried out the annual evalu¬
ation of performance of the Director/Board/ Committees of Board. The Board of Directors have
carried out the annual evaluation of performance of its own, the directors individually as well as
the evaluation of its committees. The manner in which the evaluation was carried out, is provided
in the Corporate Governance Report, which is part of this Annual Report.

> Nomination and Remuneration Policy:

The Company has framed and adopted the Nomination and Remuneration Policy for selection and
appointment of Directors, Key Managerial Personnels (KMPs) and other employee pursuant to the
provisions of Section 178(3) of the Companies Act, 2013 and the SEBI (Listing Obligations and Dis¬
closure Requirements) Regulations, 2015. The salient aspects covered in the Nomination and Re¬
muneration Policy, covering the policy on appointment and remuneration of Directors and other
matters have been outlined in the Corporate Governance Report which forms part of this Annual
Report. The said policy is available on the website of the Company at https://www.marutiinfra.in/
codes-policies/.

> Meetings of Board:

During the financial year 2025-26, 4(Four) Board Meetings were convened and held. The details of
which are given in the Corporate Governance Report. The intervening gap between the Meetings
was within the period prescribed under the Companies Act, 2013.

13. BOARD COMMITTEES:

The Board of Directors of your Company have already constituted various Committees in compli¬
ance with provisions of the Companies Act, 2013 and / or the SEBI (Listing Obligations and Disclo¬
sure Requirements) 2015 viz. Audit Committee, Nomination and Remuneration Committee, Stake¬
holders Relationship Committee and Corporate Social Responsibility (CSR) Committee.

All decisions pertaining to the constitution of Committees, appointment of members and fixing of
terms of reference / role of the Committee are taken by the Board of Directors.

Details of the role and composition of these Committees, including the number of meetings held
during the financial year and attendance at meetings, are provided in Corporate Governance Sec¬
tion of the Annual Report.

14. INDEPENDENT DIRECTORS MEETING:

During the year under review, the Independent Directors of the Company met on 14^th February,
2026 inter alia to discuss:

i) Evaluation of Performance of Non-Independent Directors and the Board of Directors of the
Company as a whole.

ii) Evaluation of performance of the Chairman and / or Managing Director of the Company,
taking into views of Executive and Non-executive Directors.

iii) Evaluation of the quality, content and timelines of flow of information between the Man¬
agement and the Board that is necessary for the Board to effectively and reasonably per¬
form its duties.

15. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 134(3)(c) and Section 134(5) of the Companies Act, 2013, the Board of Direc¬
tors of the Company hereby state and confirm that:

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

(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 31^st March, 2026 and of the profit and loss of
the company for the financial year ended 31^st March, 2026;

(c) the directors had taken proper and sufficient care for the maintenance of adequate ac¬
counting records in accordance with the provisions of the Companies Act, 2013 for safe¬
guarding the assets of the company and for preventing and detecting fraud and other ir¬
regularities;

(d) the directors had prepared the annual accounts on a going concern basis;

(e) the directors had laid down internal financial controls to be followed by the company and
that such internal financial controls are adequate and were operating effectively; and

(f) the directors had devised proper systems to ensure compliance with the provisions of the
applicable laws and that such systems were adequate and operating effectively.

16. AUDITORS AND AUDIT REPORTS:

> Statutory Auditors:

M/s. Meet Shah & Associates., Chartered Accountants, Ahmedabad (Firm Registration No.
142114W), was appointed as Statutory Auditors of the Company at the 28^th Annual General Meet¬
ing held on 30^th September, 2022 for a period of five years from the conclusion of the 28^th Annual
General Meeting till the conclusion of 33^rd Annual General Meeting.

The Auditors' Report is unmodified i.e. it does not contain any qualification, reservation or adverse
remark or disclaimer for the financial year on 31^st March, 2026. The Notes on financial statements
are self explanatory, if any, and needs no further explanation.

> Cost Auditor:

The requirement for maintenance of cost records as specified by the Central Government under
sub-section (1) of section 148 of the Companies Act, 2013, is not applicable to the Company.

> Secretarial Auditors:

Pursuant to the provisions of section 204 of the Companies Act, 2013 read with Rule 9 of the
Companies (Appointment and Remuneration personnel) Rules, 2014, the Board of Directors of the
Company appointed M/s. Patel Aadeshra and Partners LLP., Practicing Company Secretaries,
Ahmedabad as the Secretarial Auditor to conduct the Secretarial Audit of the Company for finan¬
cial year 2025-26.

The Report of the Secretarial Audit Report is set out in an as 'Annexure - I' to this report.

The Report is unmodified i.e. it does not contain any qualification, reservation or adverse remark or
disclaimer for the financial year on 31^st March, 2026.

17. ANNUAL SECRETARIAL COMPLIANCE REPORT :

The Annual Secretarial Compliance Report under Regulation 24A of SEBI (Listing Obligations and
Disclosure Requirements) (Amendment) Regulations, 2018 read with SEBI circular no: CIR/ CFD/
CMD1/27/2019 dated 8^th February, 2019, BSE circular no. LIST/COMP/10/2019-20 dated 9^th May,
2019 and BSE circular no LIST/COMP/12/2019-20 dated 14^th May, 2019, the Company has obtained

Annual Secretarial Compliance Report from M/s Patel Aadeshra and Partners LLP, Practicing Com¬
pany Secretary on compliance of all applicable SEBI Regulations and circulars/ guidelines issued
there under and the copy of the same shall be submitted with the Stock Exchanges within the
prescribed due date.

18. INSTANCES OF FRAUD, IF ANY REPORTED BY THE AUDITORS

The Auditors has not reported any instance of frauds under sub-section (12) of Section 143 of the
Companies Act, 2013 including rules made thereunder.

19. REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL & PARTICULARS OF EMPLOYEES:

The information required in accordance with the provisions of Section 197 (12) of the Companies
Act, 2013, read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Per¬
sonnel) Rules, 2014, is set out in 'Annexure - II' to this Report.

20. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPA¬
NIES ACT, 2013:

Details of Loan, Guarantee and Investments, if any, covered under the provisions of Section 186 of
the Companies Act, 2013 are given in the notes to the Financial Statements.

21. RELATED PARTY TRANSACTIONS:

During the year, the transactions entered by the Company with related parties were in the ordinary
course of business and at arm's length basis and thus disclosure in Form AOC-2 in terms of the
Companies Act, 2013 is not required.

During the year, the Company had not entered into any contract / arrangement / transaction with
related parties which could be considered material in accordance with the Policy of the Company
on materiality of related party transactions.

The Policy on materiality of related party transactions and on dealing with related party transac¬
tions as approved by the Board may be accessed on the Company's website at https://
www.marutiinfra.in/codes-policies/.

There are no materially significant related party transactions having potential conflict with the in¬
terest of the Company at large. The details of contracts or arrangements with related parties for
the financial year ended on 31^st March, 2026 is given in Note No. 30 of the financial statements of
the Company. The Audit Committee approved such transactions.

22. MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS AND INTERNAL FI¬
NANCIAL CONTROLS:

During the financial year ended on 31^st March, 2026, there were no significant material orders
passed by the regulators or courts or tribunals impacting the going concern status and company's
operations in future and its future operations.

23. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS &
OUTGO:

1. Conservation of Energy:

i) The steps taken or impact on conservation of energy: The operations of your com¬
pany are not energy intensive. However, adequate measure have been initiated
for conservation of energy.

ii) The steps taken by the company for utilising alternate sources of energy: Though
the operations of the Company are not energy intensive, the Company shall ex¬
plore alternative source if energy, as and when the necessity arises.

iii) The capital investment on energy conservation equipments: Nil

2. Technology Absorption:

i) The efforts made towards technology absorption - The minimum technology re¬
quirement for the business has been absorbed

ii) The benefits derived like product improvement, cost reduction, product develop¬
ment or import substitution - Not Applicable

iii) In case of imported technology (imported during the last three years reckoned
from the beginning of the financial year)- Not Applicable

(a) the details of technology imported;

(b) the year of import;

(c) whether the technology been fully absorbed;

(d) if not fully absorbed, areas where absorption has not taken place, and the
reasons thereof; and

iv) The expenditure incurred on Research and Development - Not Applicable

3. Foreign Exchange Earning and Outgo: NIL

24. CORPORATE GOVERNANCE:

In compliance with provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regu¬
lations, 2015, a separate report on Corporate Governance along with a certificate from the Audi¬
tors of the Company regarding compliance of conditions of corporate governance, forming a part
of this report and is annexed as Annexure - III.

25. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Pursuant to Regulation 34(2)(e) of the SEBI (Listing Obligations and Disclosure Requirements) Regu¬
lations, 2015, Management Discussion and Analysis Report is annexed after the Directors' Report
and forming a part of this report and is annexed as Annexure-IV.

26. INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY:

The Company has put in place adequate internal financial controls with reference to the financial
statements. During the financial year, such internal financial controls were operating effectively
and it is commensurate with the size, scale and complexity of the Company and the nature of
business of the Company.

27. BUSINESS RESPONSIBILITY REPORT:

The Business Responsibility Report as per Regulation 34(2) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 is not applicable to the Company as the Company
does not fall under top 1000 listed Companies on the basis of market capitalization.

28. DIVIDEND DISTRIBUTION POLICY:

Pursuant to Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regula¬
tions, 2015, top 1000 listed entities based on market capitalization are required to formulate a
Dividend Distribution Policy. Accordingly, your Company is not required to formulate the Dividend
Distribution Policy.

29. CORPORATE SOCIAL RESPONSIBILITY(CSR) COMMITTEE:

The provisions relating to establish a Corporate Social Responsibility Committee and Corporate
Social Responsibility activities are not applicable to the Company. However, as a good governance
practice, the Company has constituted the Corporate Social Responsibility (CSR) Committee. De¬
tails of the role and composition of the Committee are provided in Corporate Governance Section
of the Annual Report.

30. WHISTLE BLOWER POLICY / VIGIL MECHANISM:

The Company is committed to highest standards of ethical, moral and legal business conduct. Ac¬
cordingly, the Board of Directors has formulated Whistle Blower Policy/Vigil Mechanism Policy in
compliance with the provision of Section 177 (9) & (10) of the Companies Act, 2013 and Regulation
22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The policy pro¬
vides for a framework and process whereby concerns can be raised by its employees against any
kind of discrimination, harassment, victimization or any other unfair practice being adopted against
them. The Policy of vigil Mechanism of the Company is available on the website of the Company at
https://www.marutiinfra.in/codes-policies/.

31. SECRETARIAL STANDARDS:

During the year under review, the Company has complied with the applicable Secretarial Standards
issued by The Institute of Company Secretaries of India.

32. RISK MANAGEMENT POLICY:

The Board reviews the risks associated with the Company every year while considering the busi¬
ness plan. Considering the size of the Company and its activities, it is felt that the development and
implementation of a Risk Management Policy is not relevant to the Company and in the opinion of
the Board, there are no risks, which may threaten the existence of the Company.

33. SEXUAL HARASSMENT POLICY:

The Company has complied with the provisions relating to the constitution of Internal Complaints
Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and during the financial year 2025-26, the Company has not received any
complaints under the said Act.

34. MATERNITY BENEFIT PROVIDED BY THE COMPANY UNDER MATERNITY BENEFIT ACT 1961:

The Company declares that it has duly complied with the provisions of the Maternity Benefit Act,
1961. All eligible women employees have been extended the statutory benefits prescribed under
the Act, including paid maternity leave, continuity of salary and service during the leave period,
and post-maternity support such as nursing breaks and flexible return-to-work options, as appli¬
cable. The Company remains committed to fostering an inclusive and supportive work environ¬
ment that upholds the rights and welfare of its women employees in accordance with applicable
laws.

35. AFFIRMATION AND DISCLOSURE:

All the Members of the Board and the Senior Management Personnel have affirmed their compli¬
ance with the Code of Conduct as on 31st March, 2026 and a declaration to that effect, signed by
the Managing Director, forms an integral part of this report.

36. GENERAL DISCLOSURE :

(a) No application has been made under the Insolvency and Bankruptcy Code. The require¬
ment to disclose the details of application made or any proceeding pending under the
Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status
as at the end of the financial year is not applicable.

(b) The requirement to disclose the details of difference between amount of the valuation
done at the time of onetime settlement and the valuation done while taking loan from the
Banks or Financial Institutions along with the reasons thereof, is not applicable.

37. ACKNOWLEDGEMENT:

Your Directors wish to place on record their sincere appreciation and gratitude for the valuable
support and co-operation received from the Customers and Suppliers, various Financial Institu¬
tions, Banks, Government Authorities, Auditors and Shareholders during the year under review.
Your Directors wish to place on record their deep sense of appreciation for the devoted services of
the Executives, Staff and Workers of the Company for its success.

For and on behalf of the Board of Directors of
MARUTI INFRASTRUCTURE LIMITED

Place: Ahmedabad NIMESH D. PATEL

Date: 28^th July, 2026 CHAIRMAN & MANAGING DIRCTOR

(DIN:00185400)