Company's Financial Performance

As of March 31, 2026, our revenue from operations
increased by 36.55 % to ?1,469 crore in FY 2025-26,
compared to ?1,076 crore in FY 2024-25. Our EBITDA has
increased from ?188 Crore in FY 2024-25 to ?301 crore
in FY 2025-26, depicting a YoY growth of 60.11%. This
growth was primarily driven by increase in Rent Yielding
Area from 5.33 million sq.ft. to 6.33 million sq.ft. and a
steady state occupancy of 88% and growing Value Added
Services contribution.

Our underlying profitability is demonstrated by a positive
Profit After Tax (PAT) of ?125 crore and consistent income
tax payments. The reported accounting loss under Ind
AS is a non-cash variance driven entirely by Ind AS 116
(Leases), which mandates recognising notional expenses
like depreciation on Right-of-Use assets and interest on
lease liabilities.

A detailed discussion on the Company's financial results
is provided in the Management Discussion and Analysis
Report, which forms an integral part of this Annual Report.

Transfer to Reserves

Details with regard to amount transferred to reserves are
provided in the Notes to Financial Statements forming
part of this Annual Report.

Dividend

In order to preserve resources for strategic investments,
build a stronger capital foundation and support future
scalability, the Board of Directors of the Company (the
"Board") has decided not to recommend a dividend for
the FY 2025-26. The Company's Dividend Distribution
Policy is available athttps://indiqube.com/wp-content/
uploads/2025/08/462y_Dividend-Distribution-policy.pdf.

Management Discussion and Analysis
Report

In accordance with Regulation 34 of the Securities
and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("SEBI
Listing Regulations"), the Management Discussion
and Analysis (MD&A) Report for FY 2025-26 has been
presented as a dedicated section of this Annual Report.
A review of the performance and future outlook of the
Company and its businesses, as well as the state of
the affairs of the business, along with the financial and
operational developments have been discussed in detail
in the Management Discussion and Analysis Report.

Corporate Governance Report

The Corporate Governance Report is prepared in
accordance with the SEBI Listing Regulations and
annexed to this Report as Annexure I.

A certificate from CS Varsha V Shenoy, Company
Secretary in Practice, confirming compliance with
the corporate governance requirements under the
SEBI Listing Regulations, is annexed to this Report as
Annexure II.

Business Responsibility &
Sustainability Reporting (BRSR):

Under Regulation 34(2)(f) of the SEBI Listing Regulations,
a Business Responsibility and Sustainability Report
(BRSR) is mandatory for the top 1,000 entities ranked by
Stock Exchanges on December 31, determined on the
basis of their average market capitalisation from July 1 to
December 31.

The Company was listed on Stock Exchanges in
July 2025 and subsequently ranked within the
top 1,000 entities on the Stock Exchanges as of
December 31, 2025. Consequently, pursuant to
the SEBI Listing Regulations, the requirement of

Business Responsibility and Sustainability Report
(BRSR) disclosure is effective for the Company from
FY 2026-27 and onwards. Accordingly, the Company
will include its first BRSR in the Annual Report for
FY 2026-27.

Credit Rating

The Company has been rated by CRISIL Ratings Limited
vide its letter dated November 07, 2025 as CRISIL
A /Stable credit rating, reflecting strong financial
performance and operational stability, and the same
can be accessed athttps://indiqube.com/investor/wp-
content/uploads/2025/11/Intimation-of-credit-rating-to-
SE_Indiqube.pdf.

Major Events During the Year

i) Initial Public Offering & Listing of Equity Shares

During the year under review, your Company
initiated an Initial Public Offering (IPO) comprising
a Fresh Issue of equity shares aggregating up to
2,74,32,636 equity shares of face value of ?1 each
aggregating to ?650 crore and an Offer for Sale
of up to 21,09,704 equity shares of face value of
?1 each aggregating to ?50 crore by Promoter
Selling Shareholders.

The issue was led by Book Running Lead Managers,
viz., ICICI Securities Limited and JM Financial
Limited. The issue opened on July 23, 2025, and
closed on July 25, 2025, and the Company was
listed on NSE and BSE on July 30, 2025.

ii) Solar Plant

The 20 MW Solar Project, undertaken as part of the
Company's broader capital programme, became
fully operational during FY 2025-26, contributing to
the Company's long-term sustainability and energy
efficiency objectives.

Capital Structure

i. Authorised share capital:

During the financial year under review, the
shareholders of the Company approved the
re-classification of the authorised share capital of
the Company, vide resolution dated September 14,
2025, from ?32,50,00,000 comprising 25,00,00,000
equity shares of ?1 each, 6,25,00,000 0.001% Series
A compulsorily convertible preference shares of ?1
each, and 1,25,00,000 0.001% Series B compulsorily
convertible preference shares of ?1 each, to
?32,50,00,000 comprising 32,50,00,000 equity
shares of ?1 each.

Consequently, the authorised share capital of the
Company as of the financial year ended on March
31, 2026, stood at ?32,50,00,000 divided into
32,50,00,000 equity shares having a face value of
?1/- each.

ii. Issued, subscribed and paid-up share capital:

The issued, subscribed and paid-up share capital of
the Company as on financial year ended on March
31, 2026, is ?21,19,97,634, divided into 21,19,97,634
equity shares of ?1/- each.

Details of allotment of equity shares made by the
Company during the financial year under review are
given below:

a) The Company has allotted an aggregate of
5,23,95,259 equity shares of ?1/- each on
May 16, 2025, pursuant to the conversion
of outstanding convertibles securities, as
described below:

i. 6,07,61,232 0.001% Series A compulsorily
convertible preference shares [Series A
CCPS] converted into 4,14,67,436 equity
shares of ?1/- each.

ii. 1,09,27,823 0.001% Series B compulsorily
convertible preference shares [Series B
CCPS] converted into 1,09,27,823 equity
shares of ?1/- each.

b) Pursuant to Company's IPO, the Company made
a fresh issue of 2,74,32,636 equity shares
of face value ?1 each (including Employee
Reservation Portion of 69,767 equity shares)
at an issue price of ?237 per equity share
(including a premium of ?236 per equity share),
aggregating to ?650 crore.

c) The Company allotted 19,53,646 equity shares
of ?1/- each against exercise of 1,953,646
vested options to eligible employees upon
exercise of stock options under the Indiqube
- Employee Stock Option Plan 2022 on
December 22, 2025.

d) The Company allotted 32,481 equity shares
of ?1/- each against exercise of 32,481 vested
options to eligible employees upon exercise of
stock options under the Indiqube - Employee
Stock Option Plan 2022 on March 12, 2026.

Employee Stock Option

The Company has Employee Stock Option Plan for
the Employees of the Company named as 'Indiqube-
Employee Stock Option Plan 2022' ("ESOP Plan") with

an aggregate pool of 40,61,200 options. The ESOP Plan
is in compliance with the SEBI (Share Based Employee
Benefits and Sweat Equity) Regulations, 2021 ("SEBI
(SBEB & SE) Regulations") and is administered by
the Nomination and Remuneration Committee of the
Board pursuant to the provision of Section 178 of the
Companies Act, 2013 (the "Act"). Applicable disclosures
as stipulated with regard to the ESOP Plan is available
on the Company's website athttps://indiqube.com/
investor/financials/. The Secretarial Auditor's certificate
confirming that the implementation of plan is in
accordance with SEBI (SBEB & SE) Regulations will be
made available at the AGM.

Post listing, the shareholders of the Company approved
the ratification of the ESOP Plan by way of passing a
special resolution on September 14, 2025, in compliance
with SEBI (SBEB & SE) Regulations.

During the year under review, the Company has obtained
in-principle approvals from the Stock Exchanges on
October 17, 2025, in relation to the ESOP Plan for further
grants and allotment of equity shares against the vested
stock options.

Investor Education and Protection
Fund (IEPF)

During the financial year under review, the Company was
not required to transfer any funds and equity shares to
the investor education and protection fund as per the
provisions of Section 125 of the Act.

Statement of Deviation(s) or Variation(s)

The proceeds of the funds raised by the Company
through IPO are in line with the details mentioned in the
Prospectus and the monitoring agency has reported no
deviation in this regard. The report of the monitoring
agency is disclosed to Stock Exchanges on a quarterly
basis and available on our website athttps://indiqube.
com/investor/corporate-announcements/.

Material changes and commitments
if any, affecting the financial position
which have occurred between the end
of the financial year and the date of
the report

There were no material changes and commitments
affecting the financial position of the Company which
occurred between the end of the financial year on
March 31, 2026, and the date of this report, except that
the shareholders, via a Postal Ballot approved on June
24, 2026, authorised a variation in the objects and terms
of utilisation of the IPO proceeds.

Details of contracts or arrangements
with Related Parties:

All related party transactions entered during the
financial year ended March 31,2026 were in the ordinary
course of the business and on an arm's length basis. In
terms of the Act and the rules framed thereunder read
with the SEBI Listing Regulations, your Company did not
enter into any material related party transactions during
the financial year ended March 31, 2026. Accordingly,
the disclosure of related party transactions in Form
AOC-2, as required under Section 134(3)(h) of the Act,
is not applicable. Members may refer to Note no. 31 to
the financial statements which sets out related party
disclosures pursuant to IND AS-24.

The Company had adopted 'Policy on dealing
with Related Party Transactions' ("RPT Policy") in
compliance with Regulation 23 of the SEBI Listing
Regulations. The RPT Policy is available on the
Investor Relations section of the website of the
Company athttps://indiqube.com/investor/wp-
content/uploads/2026/05/Policy_on_Related_Party_
Transaction.pdf.

Details of Joint Ventures/Subsidiaries/
Associates

The Company did not have any Joint Venture/Subsidiary/
Associate Company during the year under review.

Loans, Guarantees or Investments
Under Section 186 of Companies
Act, 2013

During the year under review, the Company has not given
any loans, guarantees or made investments covered
under the provisions of section 186 of the Act.

Deposits:

During the year under review, the Company has neither
accepted nor renewed any deposits in terms of Chapter
V of the Act read with the Companies (Acceptance of
Deposits) Rules, 2014.

Directors and Key Managerial Personnel

Directors

During the year under review, the Board of the Company
was duly constituted in line with the requirements
under the Act and SEBI Listing Regulations. For more
details, please refer to the relevant section of Corporate
Governance Report forming part of this Report.

Mr. Anshuman Das (DIN: 00420772), Non-Executive
Director of the Company who retires by rotation and
being eligible, offers himself for re-appointment.

Adequate disclosures have been made in the notice of
12^th Annual General Meeting pursuant to Regulation 36
of SEBI Listing Regulations and Secretarial Standard-2
on General Meetings.

Key Managerial Personnel(s):

Mr. Pranav Ayanath Kuttiyat (ICSI Membership No.
A57351), who served as the Company Secretary from
November 15, 2024, and as the Compliance Officer from
December 18, 2024, stepped down from his role during
the year w.e.f. February 25, 2026.

Further, Mr. Rishi Das (Chairman, Executive Director,
and Chief Executive Officer), Ms. Meghna Agarwal
(Executive Director and Chief Operating Officer),
Mr. Pawan Jaichandbhai Jain (Chief Financial Officer),
and Mr. Deepak Dadhich (Chief Business Officer)
continued to serve as the Key Managerial Personnel
of the Company during the year and as on date of this
report, pursuant to Section 203 of the Act.

To ensure continuity in governance and compliance,
subsequent to the year under review, the Board has
appointed Mr. Bhasker Dubey (ICSI Membership No.
A33287) as the Company Secretary and Compliance
Officer of the Company with effect from May 20, 2026.

Amendment to Memorandum of
Association

Pursuant to a shareholder resolution passed via postal
ballot on September 14, 2025, the Company approved
the reclassification of its Authorised Share Capital. This
resulted in the consequential alteration of Clause V of the
Memorandum of Association (MOA).

Subsequently, on December 11, 2025, the shareholders
approved a further amendment to the Object Clause of
the Memorandum of Association via postal ballot to align
with the Company's strategic objectives.

Committees

As on March 31, 2026, the Board had 8 (eight)
Committees, namely the Audit Committee, Nomination
and Remuneration Committee, Risk Management
Committee, Stakeholders Relationship Committee,
Corporate Social Responsibility Committee, IPO
Committee, Committee of Independent Directors and the
Management Sub Committee, the details of the same are
provided in the corporate governance report.

Board Meetings

During the financial year ended March 31, 2026, the
Board met 10 (Ten) times. The maximum interval between
any two meetings of the Board did not exceed 120 days.
Details of the meetings of the Board along with the

attendance of the Directors therein have been disclosed
in the Corporate Governance Report forming part of the
Annual Report.

Auditors and Auditors Report

1. Statutory Auditor

Walker Chandiok & Co. LLP, Chartered Accountants
(Firm Registration No. 001076N/N500013), were
appointed as the statutory auditors of the Company
in the 10^th AGM held on Friday, November 29, 2024
from FY 2024-25 till FY 2028-29 and they shall
hold the office until the conclusion of 15^th Annual
General Meeting at a remuneration as determined
by the Board.

The Statutory Auditors' report does not contain any
qualifications, reservations or adverse remarks or
disclaimer. During the financial year ended March
31, 2026, the statutory auditors have not reported
any matter under Section 143(12) of the Act. The
said Auditors' Report(s) for the financial year ended
March 31, 2026, on the financial statements of the
Company forms part of the Annual Report.

2. Secretarial Auditor

Pursuant to the provision of Section 204 of the Act,
and the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, the Board
of Directors of the Company on May 16, 2025, had
appointed Ms. Varsha V Shenoy, Company Secretary
in Practice, proprietress of M/s. VVS and Associates,
Company Secretaries (FCS No. 9012, COP No.
10499, Peer Review Certificate No. 1476/2021)
as Secretarial Auditor of the Company to conduct
secretarial audit for FY 2025-26.

The Secretarial Audit report issued by Ms. Varsha
V Shenoy, Company Secretary in Practice, for the
FY 2025-26 is attached as Annexure III to this
report and does not contain any qualifications,
reservations or adverse remarks or disclaimer.

The Board now recommends the appointment of
Ms. Varsha V Shenoy as the Secretarial Auditor of
the Company for a fresh term of 5 (five) consecutive
financial years from FY 2026-27, subject to the
approval of the shareholders at the ensuing 12^th
Annual General Meeting (AGM).

3. Internal Auditor

In compliance with the provisions of Section 138 of
the Act, the Company has appointed Singhvi Dev
and Unni LLP as Internal Auditors for the financial
year ended on March 31, 2026.

4. Cost Auditor

The provisions of Section 148 of the Act read
with Rule 3 of the Companies (Cost Records and
Audit) Rules, 2014 do not apply to the Company.
Accordingly, the Company has not appointed a
Cost Auditor.

Internal Financial Controls:

The Company has established adequate internal financial
controls commensurate with the size, scale and nature of
its operations. These controls are rules and procedures
that help a company run smoothly, follow policies, protect
assets, prevent fraud and errors, keep accurate records,
and prepare reliable financial reports on time.

The effectiveness of these internal financial controls
is maintained through a combination of management
reviews, control self assessments and independent
testing carried out by the Internal Auditor. The Board has
adopted and periodically reviews these systems to ensure
their continued adequacy and operating effectiveness.

Further, the Company has adopted accounting policies
that are consistent with the Indian Accounting Standards
('Ind AS') notified under Section 133 of the Act, read with
the Companies (Indian Accounting Standards) Rules,
2015 and subsequent amendments.

Corporate Social Responsibility (CSR)

The Corporate Social Responsibility ('CSR') Policy of the
Company, as approved by the Board, is available on the
Company's website athttps://indiqube.com/investor/
wp-content/uploads/2026/04/CORPORATE_SOCIAL_
RESPONSIBILITY_POLICY.pdf.

In compliance with the provisions of Section 135 of
the Act read with the Companies (Corporate Social
Responsibility Policy) Rules, 2014 ("CSR Rules"),
the Company has constituted a Corporate Social
Responsibility Committee ("CSR Committee").

The provisions relating to mandatory CSR expenditure
was not applicable for the year under review. The
disclosure mandated under Section 135 of the Act and
CSR Rules, is provided in Annexure IV.

Weblink of Annual Return

Pursuant to Section 92(3) of the Act, the extract of the
Annual Return is available on the website of the Company
at:https://indiqube.com/investor/financials/.

Directors' Responsibility Statement

In accordance with the provisions of Section 134 (5) of
the Act, your directors confirm that:

i) In the preparation of the annual accounts for the
financial year ended March 31, 2026, the applicable
accounting standards had been followed along with
proper explanation relating to material departures.

ii) The directors had selected such accounting policies
and applied them consistently and made judgments
and estimates that are reasonable and prudent 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 and loss of the Company for that period.

iii) The directors had taken proper and sufficient
care for the maintenance of adequate accounting
records in accordance with the provisions of this
Act for safeguarding the assets of the Company
and for preventing and detecting fraud and
other irregularities.

iv) The directors have prepared the annual accounts on
a going concern basis.

v) The directors have laid down internal financial
controls to be followed by the Company and that
such internal financial controls are adequate and
were operating effectively; and

vi) The directors have devised proper systems to ensure
compliance with the provisions of all applicable
laws and that such systems were adequate and
operating effectively.

Declaration by Independent Directors

In accordance with Section 149(7) of the Act and
Regulation 25(8) of the SEBI Listing Regulations,
Independent Directors have confirmed to the Company
that they continue to meet the criteria of independence
as laid down in Section 149(6) of the Act and Regulation
16(1 )(b) of SEBI Listing Regulations.

In the opinion of the Board, Independent Directors of
the Company possess necessary expertise, integrity,
experience and proficiency in their respective fields.
Further, all Independent Directors have confirmed that
they have registered with the data bank of Independent
Directors maintained by the Indian Institute of Corporate
Affairs ("IICA") and are either exempt from or have
completed the online proficiency self-assessment test
conducted by the IICA in accordance with the provisions
of Section 150 of the Act.

Conservation of Energy, Absorption
of Technology, Foreign Exchange
Earnings and Outgo:

The particulars relating to conservation of energy,
technology absorption, and foreign exchange earnings
and outgo are given hereunder:

A. Conservation of Energy

The Company has adopted a systematic approach to
energy efficiency by integrating smart infrastructure
and alternate energy solutions across its workspaces.
The Company has deployed smart technologies
like sensor-based lighting and advanced energy-
efficient equipment managed under an ISO 14001
Environmental Management System. The Company
has actively utilised clean power generated through
its dedicated solar farms and rooftop solar systems,
while establishing an electric vehicle (EV) charging
network to maximise renewable energy usage.
The Company continuously invest in sustainable
infrastructure, renewable energy, and efficient
management systems to create high-performance,
eco-friendly spaces through the prudent adoption
of innovative technologies.

B. Technology absorption

Please refer to page no. 11 of the Annual Report
for details regarding the efforts made towards
technology absorption and the benefits derived
therefrom. The Company has not imported any
technology during the last three financial years.
Further, there was no expenditure incurred on
Research and Development during the financial year.

C. Foreign Exchange Earnings and Outgo:

During the financial year ended March 31, 2026,
there was no exposure on foreign exchange and the
outgo on foreign exchange.

Risk Management

The Company has a risk management framework for
identification and management of risks. In line with the
SEBI Listing Regulations, the Company has constituted a
Risk Management Committee comprising members of the
Board of Directors. Terms of reference of the Committee
and composition thereof including details of meetings
held during the FY 2025-26 forms part of the Corporate
Governance Report, which forms part of this Annual Report.

Additional details relating to Risk Management are
provided in the Management Discussion and Analysis
Report forming part of this Report. Further, Risk
Management Policy of the Company can be accessed
at-https://indiqube.com/wp-content/uploads/2025/07/
Risk-Management-Policy.pdf.

Whistle Blower / Vigil Mechanism Policy

The Company has adopted a comprehensive Whistle
Blower Policy and established a robust vigil mechanism
in accordance with the provisions of Section 177 of the
Act and Regulation 22 of the SEBI Listing Regulations.

The Policy is designed to provide directors and employees
a secure and transparent channel for reporting genuine
concerns relating to unethical behaviour, actual or
suspected fraud, violation of the Company's Code of
Conduct, or any improper or wrongful activity, without
fear of retaliation.

The Whistle Blower Policy is available on the Company's
website athttps://indiqube.com/investor/wp-content/
uploads/2026/05/Whistle_Blower_Policy.pdf.

Performance Evaluation

The Board and Nomination and Remuneration Committee
have approved the policy for evaluating the performance
of the Board, its committees, individual Director, and the
Chairman in compliance with the provisions of Section
178 read with Schedule IV of the Act and SEBI Listing
Regulations. In accordance with the evaluation criteria
specified in the policy, the annual performance evaluation
of the Board as a whole, all respective committees,
Chairperson, individual Director have been carried out by
Independent Directors and Board through a structured
questionnaire covering various aspects of the evaluation
framed in line with the guidance notes Issued by the Act
and SEBI Listing Regulations. The feedback and results
of the questionnaire were collated, and a consolidated
report was shared with the Board. The Board expressed
its satisfaction with the evaluation process.

Compliance with Secretarial Standards

The Company has complied with all applicable mandatory
secretarial standards issued by the Institute of Company
Secretaries of India.

Policy on Director's Appointment and
Remuneration:

Pursuant to Section 178(3) of the Act, the Company
has formulated a comprehensive Policy (Nomination
and Remuneration Policy) on the appointment and
remuneration of Directors, Key Managerial Personnel
(KMP) and Senior Management Personnel (SMP). The
Policy, approved by the Board, is available on the
Company's website athttps://indiqube.com/investor/
wp-content/uploads/2026/04/Nomination-and-
Remuneration-Policy.pdf.

The Policy outlines the framework for appointment,
removal, tenure and remuneration of Directors, KMP(s)
and SMP(s). The Company's remuneration philosophy
is performance oriented and aims to reward merit,
achievement and long-term value creation.

Human Resource

Disclosures relating to remuneration and other details as
required under Section 197(12) of the Act read with Rule
5(1) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 forms part of this
Report as Annexure-V.

In terms of the provisions of Section 197(12) of the
Act, read with Rules 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014, a statement showing the names
of the top ten employees in terms of remuneration drawn
and names and other particulars of the employees
drawing remuneration in excess of the limits set out in
the said rules, forms part of this Report.

Having regard to the provisions of the second proviso to
Section 136(1) of the Act, the Annual Report excluding
the aforesaid information is being sent to the members of
the Company. Any member interested in obtaining such
information may address their email to cs.compliance@
indiqube.com.

Prevention of Sexual Harassment at
Workplace

The Company has adopted a comprehensive Policy
on Prevention, Prohibition and Redressal of Sexual
Harassment at the Workplace, formulated in accordance
with the provisions of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal)
Act, 2013 and the rules framed thereunder with zero
tolerance to sexual harassment at workplace. The
Policy reflects the Company's commitment to fostering
a safe, respectful and inclusive work environment for
all employees, and outlines a structured framework
for preventing, reporting and addressing incidents of
sexual harassment.

In compliance with statutory requirements, the Company
has constituted an Internal Complaints Committee (ICC)
comprising trained and qualified members, including
an external expert, to ensure impartial inquiry and fair
redressal of complaints.

During the year under review, the details of sexual
harassment complaints are as follows:

a. Number of complaints of sexual harassment
received in the year: Nil

b. Number of complaints disposed off during the
year: Nil

c. Number of cases pending for more than ninety
days: Nil

Compliance under the Maternity
Benefit Act, 1961

The Company has duly complied with the provisions of
the Maternity Benefit Act, 1961, as amended from time
to time, to ensure that all eligible women employees
are granted maternity leave and associated benefits as
prescribed under the said Act.

General

The Directors state that no disclosure or reporting is
required in respect of the following matters as there
were no transactions on these matters during the year
under review:

a. Issue of equity shares with differential rights as to
dividend, voting or otherwise.

b. Issue of sweat equity shares to the employees or
directors of the Company.

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

d. No change in nature of business of the Company.

e. No proceeding pending under the Insolvency and
Bankruptcy Code, 2016.

f. No instance of one-time settlement with any Bank or
Financial Institution.

g. In accordance with Regulation 32(4) of the SEBI
Listing Regulations the disclosure of the Statement
of Deviation(s) or Variation(s) is not applicable to the
Company, as there are instances of deviation(s) or
variation(s) in the utilisation of proceeds of IPO as
mentioned in the objects of Offer in the Prospectus
dated July 25, 2025, in respect of the IPO of
the Company.

Acknowledgements

The Directors express their appreciation for the
continued support and cooperation received by the
company from its Customers, Bankers, Shareholders,
Suppliers, Business Partners, Financial Institutions and
the Central and State Governments. The Directors also
express their gratitude and sincere appreciation to all the
employees of the Company for their contribution, hard
work and commitment.