Your Directors have pleasure in presenting the THIRTYFIFTH ANNUAL REPORT and the Audited Financial Statements for the
Financial Year ended 31^st March, 2026.

1 Financial Highlights

2 Operations

The Board of Directors are pleased to present the key highlights of the Company for the Financial Year 2025-26 are as under :-

• Revenue from operations grew by 1.05 % to ' 78,866 Lakhs in FY 25-26 as against ' 78,045 Lakhs in FY24-25.

• EBIDTA margin grew by 51 bps to 8.38 % in FY 25-26 from 7.87 % in FY24-25.

• PBT margin grew by 43 bps to 6.19 % in FY 25-26 from 5.76 % in FY24-25.

• PAT margin grew by 37 bps to 4.65 % in FY 25-26 from 4.28 % in FY24-25.

During the year various geopolitical factors led to wide fluctuation in raw material prices and supply chain disruptions.
Escalation in West Asia conflict resulted in significant rise in raw material prices. Company had one time marginal gain due to
holding minimum inventory. This gain shall not last long and considering the escalated rates, weakening rupee etc, company
is actively implementing cost optimization measures to mitigate the resulting risks.

Company also undertook strategic capital expenditure to the extent of Rs. 2,433 Lakhs to strengthen its manufacturing
infrastructure and support its long-term growth strategy. Investments were made in expansion of Engineering plastics plant,
masterbatch capacity enhancement, laboratory and testing facilities, renewable energy projects and other infrastructure
improvements. These initiatives are expected to enhance manufacturing efficiency, improve product quality and consistency,
support development of value-added masterbatch solutions, reduce energy cost and reinforce the Company's ability to cater to
the evolving requirements of the packaging, automotive, agriculture, consumer goods and infrastructure sectors. The Company
believes that these investments will strengthen its competitive position and create sustainable value for all stakeholders.

As on March 31, 2026, the Company has a capital work-in-progress of Rs. 615 Lakhs pertaining to capacity enhancement,
which is expected to be completed and commissioned with in the next financial year.

Company continued its commitment towards environmental sustainability by augmenting its captive renewable energy
portfolio through the installation of additional 5.2 MW solar power capacity. This initiative is expected to increase the share of
renewable energy in the Company's overall power consumption, reduce dependence on conventional sources of electricity
and contribute towards lowering its carbon footprint.

Despite the challenges posed by the current business environment, the Company's long-standing commitment to sound
governance, financial prudence, and operational excellence continues to underpin its resilience. While the near-term outlook
may remain subject to external uncertainties, the Company is focused on strengthening its competitive position, improving
efficiencies, and capitalising on emerging opportunities. Supported by its robust business fundamentals, the Company
remains cautiously optimistic about its long-term prospects and its ability to deliver sustainable value to all stakeholders.

3 Dividend and Dividend Distribution Policy

The Board of Directors have recommended a dividend of ' 3.00 per share i.e. @ 60 % for the year ended 31^st March, 2026.
The total outflow amounts to ' 779.68 Lakhs. (Previous Year the Company has paid dividend of ' 2.50 per share @ 50% and
the total outflow was ' 649.73 Lakhs).

In terms of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements)
Regulations, 2015 (“Listing Regulations”) the Board of Directors of the Company has formulated and adopted the Dividend
Distribution Policy ('DDP'). The Board of Directors while taking decision for recommendation of the dividend will take guidance
from this policy and would ensure to maintain a positive approach to dividend payout plans. The Dividend Distribution Policy
is available on the Company's website at https://www.plastiblends.com/uploads/investors/files/dividend-distribution-policy
1711522597.pdf

4 Transfer To Reserves

The Board of Directors have decided to retain the entire amount of profits for F.Y. 2025-26 in the Profit & Loss Account.

5 Transfer to IEPF of Equity Shares and unclaimed Dividend

In terms of the provisions of Section 125 of the Companies Act, 2013 read with the Companies (Declaration and Payment
of Dividend) Rules, 2014, all unclaimed / unpaid dividend up to FY 2017-18 has been transferred to the Investor Education
and Protection Fund. In compliance with the applicable Rules and after complying with the requisite formalities, Company
will be transferring requisite applicable equity shares to the designated demat account of IEPF Authority. The details of
the shareholders whose shares are liable to be transferred to IEPF can be accessed at Company's website https://www.
plastiblends.com/unclaimed-dividend-and-unclaimed-shares

6 Directors

Shri Surendra Shriram Gupta, was appointed as an Independent Director Non-Executive on the Board w.e.f. April 28, 2025.
With significant expertise, he has made valuable contributions to enhancing the Company's governance and strategic
direction.

Shri Bajrang Lal Bagra, Independent Director of the Company ceased to be Independent Director on 26^th August, 2025 due
to expiry of tenure. The Board extends heartfelt appreciation to Shri Bajrang Lal Bagra for his invaluable guidance since
2014. With expertise in the Finance, Corporate Governance, Leadership and Business Strategy, his contributions have been
pivotal to Company's success. The Board wishes him very best in his future endeavors.

Shri Shreevallabh G. Kabra, resigned as Director of the Company due to his advancing age. The Board of Directors place on
record their deep sense of gratitude and appreciation for the invaluable contribution rendered by Shri Shreevallabh G. Kabra
during his role as Director of the Company.

Shri. Varun S. Kabra, Director of the Company will retire by rotation at the ensuing Annual General Meeting and being eligible
offers himself for re-appointment.

His term as Vice-Chairman & Managing Director is also due for renewal on 1st August, 2026 and shareholders approval is
sought in ensuing Annual General Meeting of the members.

A brief resume of the Directors seeking appointment/re-appointment at the forthcoming AGM and other details as required to
be disclosed in terms of Regulation 36(3) of the Listing Regulations and Secretarial Standard on General Meetings (SS-2)
forms part of the Notice calling the AGM.

7 Board Independence

Based on the confirmation/disclosures received from the Independent Directors and on evaluation of the relationships
disclosed, the following Non-Executive Directors are Independent in terms of Regulation 16 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and Section 149 (6) of the Companies Act, 2013;

Shri Rahul R. Rathi
Smt Meena S. Agrawal
Shri Dharmendra K. Gandhi
Shri Surendra S. Gupta

8 Annual Evaluation by the Board

In compliance with the Companies Act, 2013 and Regulation 19 read with Schedule II of SEBI (Listing Obligations and
Disclosure Requirements), Regulations, 2015, the Board has conducted its annual performance evaluation. This evaluation
examined the Board's performance, individual Directors and Committees.

A structured questionnaire was formulated, taking into account inputs from the Nomination and Remuneration Committee
members. The questionnaire covered various aspects of the Board's functioning, including composition, communication and
governance effectiveness.

Individual Directors, including the Chairman, underwent evaluation based on parameters such as meeting attendance,
understanding of roles and contribution to discussions. The Independent Directors were assessed by the entire Board, while
the Chairman and Non-Executive Directors were evaluated by the Independent Directors. Overall, the Directors expressed
satisfaction with the evaluation process.

9 Familiarisation Programme for Independent Directors

During the year, the Company conducted a familiarization program for Independent Directors. This program aimed to deepen
their understanding of the Company's operations and familiarize them with its diverse aspects, there by empowering them to
fulfill their roles as Independent Directors more effectively. The Company's policy on conducting the familiarization program
has been disclosed on the website of the Company at https://www.plastiblends.com/uploads/investors/files/familiarisation-
program-of-independent-directors_1741694213.pdf

10 Number of Board Meetings

During the year, 4 (four) meetings of the Board of Directors were held. The details of the Meetings are furnished in the
Corporate Governance Report which forms part of this report.

11 Audit Committee

The details pertaining to composition of Audit Committee are included in the Corporate Governance Report which forms part
of this report.

12 Directors' Responsibility Statement

Pursuant to Section 134 of the Companies Act, 2013, your Directors hereby confirm that

(i) In the preparation of the annual accounts for the year ended 31^st March 2026, the applicable accounting standards were
followed, accompanied by proper explanations regarding any material departures.

(ii) The Directors diligently selected accounting policies and consistently applied them. Additionally, they exercised prudent
judgment and made reasonable estimates to present a true and fair view of the Company's financial position as of the
end of the Financial Year ended on 31^st March 2026 and of the Company's Profit and Loss for the said Financial Year.

(iii) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance
with the provisions of the Companies Act, 2013. This measure was aimed at safeguarding the assets of the Company
and preventing and detecting fraud and other irregularities.

(iv) The Directors had prepared the annual accounts on a “going concern basis”;

(v) The Directors had laid down internal financial controls to be followed by the Company and such internal financial
controls are adequate and were operating effectively;

(vi) The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and such
systems were adequate and operating effectively.

13 Credit Ratings

During the year, credit rating agency CRISIL has reaffirmed CRISIL A / Stable (Long Term Rating) and CRISIL A1 (Short
Term Rating) ratings to the Bank loan facilities availed by the Company.

14 Nomination And Remuneration Policy (NRP)

The NRP of the Company for Directors, Key Managerial Personnel (KMP) and Senior Management Personnel is hosted on
the website of the Company at the following web link https://www.plastiblends.com/uploads/investors/files/nomination-and-
remuneration-policy_1779969591.pdf

Disclosure pertaining 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 is included in the Corporate
Governance Report forming part of this report.

15 Vigil Mechanism/Whistle Blower Policy

In compliance with the provisions of Section 177(9) the Board of Directors of the Company has framed the “Whistle Blower
Policy” as the vigil mechanism for Directors and employees of the Company. The Whistle Blower Policy is disclosed on
the website of the Company at https://www.plastiblends.com/uploads/investors/files/vigil-mechanism-whistle-blower-
policy_1779969884.pdf

16 Prevention of Insider Trading

The insider trading policy of the Company lays down guidelines and procedures to be followed and disclosures to be made
while dealing with the shares of the Company. The policy has been formulated to regulate, monitor and ensure reporting of
deals by designated person/employees and maintain the highest ethical standards of dealing in Company securities.

17 Internal Financial Controls

The Internal Financial Controls with reference to financial statements as designed and implemented by the Company are
adequate. During the year under review, no material or serious observations has been received from the Auditors of the
Company for inefficiency or inadequacy of such controls.

18 Maintenance of cost records

As specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013, the Company has
maintained cost accounts and records.

19 Risk Management

Risk Management Committee has been constituted as per the requirement of Regulation 21 of the Listing Regulations.

The details pertaining to its Composition and meetings are set out in the Corporate Governance Report forming part of this
report. The Risk Management Policy which aims at enlarging shareholders value and providing an optimum risk reward
trade off, is uploaded on the Company's website at https://www.plastiblends.com/uploads/investors/files/risk-management-
policy_1711522544.pdf

20 Corporate Governance

As required by Regulation 27 of the Listing Regulation, a Report on Corporate Governance is appended along with a
Certificate of Compliance from the Auditors, forming part of this report. The Board of Directors of the Company adopted the
Code of Conduct and the same is posted on the Company's website. The Directors and Senior Management personnel have
affirmed their compliance with the said code.

21 Related Party Transactions

All contracts/arrangements/transactions entered by the Company during the Financial Year with related parties were in the
ordinary course of business and on an arm's length basis. During the year, the Company has 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 dealing with related party transactions as approved by the Board
may be accessed on the Company's website at the link https://www.plastiblends.com/uploads/investors/files/policy-on-
related-party-transactions_1714030889.pdf. Your Directors draw attention of the Members to Notes on financial statement
which sets out related party disclosures.

22 AuditorsÝ Statutory Auditors

M/s Kirtane and Pandit LLP, Chartered Accountants (ICAI Firm Registration No. 105215W/W100057) were appointed
as the Statutory Auditors of the Company, to hold office for the second term of 5 (five) consecutive years from the
conclusion of 33^rd AGM of the Company held on 30^th July, 2024 till the conclusion of 38^th AGM to be held in the year 2029
as required under Section 139 of the Act read with the Companies (Audit and Auditors) Rules, 2014.

The Statutory Auditors have issued an unmodified opinion the financial statements for the Financial Year 2025-26 and
the Statutory Audit report forms the part of this Annual Report. The statutory auditors have reported that an irregularity
involving suspected misappropriation of funds by an employee has been identified by management during the reported
period. The Company has initiated appropriate actions, including filing of complaint with police department and the
matter and amount involved are currently under investigation. Pending conclusion of the investigation, the Company
has withheld the terminal benefits payable to the concerned employee. The notes on financial statements referred to in
the Auditors Report prepared are self-explanatory and do not call for any further comments.

Ý Cost Auditor

In terms of section 148 of Companies Act, 2013 read with Companies (Audit and Auditors) Rules, 2014 and other
applicable provisions, if any, of the Companies Act, 2013, the Board of Directors of your Company has appointed
M/s. Urvashi Kamal Mehta & Co, Cost Accountants as the Cost Auditor of your Company to conduct audit of Cost
Accounting records for Financial Year 2026-27 on the recommendation made by the Audit Committee.

The remuneration proposed to be paid to the Cost Auditors, subject to the ratification by the Members at the ensuing
Annual General Meeting would be ' 1,18,000/- (Rupees One Lakh Eighteen Thousand Only) excluding applicable
statutory taxes, conveyance and out of pocket expenses, if any.

Ý Secretarial Auditor

M/s Bhandari & Associates, Company Secretaries (Unique Identification No. P1981MH043700) were appointed as the
Secretarial Auditors of the Company, to hold office for the term of 5 (five) consecutive years from the conclusion of 34^rd
AGM of the Company held on 15^th July, 2025 till the conclusion of 39^th AGM to be held in the year 2030 as required under

Section 204 of the Act and Pursuant to Regulation 24A of Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015.

The report in respect of the Secretarial Audit carried out by M/s. Bhandari & Associates, Company Secretaries, in Form
MR-3 for the FY 2025-26 forms part of this report. As regards the observations made by the Secretarial Auditor in its
report the Company has taken necessary steps to ensure timely compliance with the applicable statutory requirements.

Ý Internal Auditor

M/s Chhajed & Doshi, Chartered Accountants has been appointed as the Internal Auditors of the Company for the
Financial Year 2026-27. Internal Auditors are appointed by the Board of Directors of the Company on a yearly basis, based
on the recommendation of the Audit Committee. The scope of the Internal Audit is approved by the Audit Committee.

23 Corporate Social Responsibility (CSR)

The Report on CSR activities as required under Companies (Corporate Social Responsibility) Rules, 2014, including a brief
outline of the Company's CSR Policy, total amount to be spent under CSR for the Financial Year and amount spent is set out
at CSR statement forming part of this report.

24 Web link of Annual Return

Pursuant to the provisions of section 134(3)(a ) of the Companies Act, 2013, web link of the Annual Return for the Financial
Year ended 31^st March, 2026 made under the provisions of section 92(3) of the Act is placed at https://www.plastiblends.com/
annual-report

25 Material Changes

There have been no 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 statement relate & the date of the
report.

26 Particulars of Loans, Guarantees, Investments

The particulars of loans, guarantees and investments given/made during the Financial Year under review and governed by
the provisions of Section 186 of the Companies Act, 2013 have been disclosed in the financial statements.

27 Conservation Of Energy, Technology Absorption And Foreign Exchange Earnings & Outgo

The particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required
to be disclosed under the Act, forms part of this report.

28 Deposits

During the year under review, your Company did not accept any deposits in terms of Section 73 of the Companies Act, 2013
read with the Companies (Acceptance of Deposit) Rules, 2014.

29 Significant & Material Court Orders

No significant and material orders have been passed by any Regulator or Court or Tribunal which can have an impact of the
going concern status and the Company's operations in future.

30 Disclosure Under The Sexual Harassment of Women At Workplace (Prevention, Prohibition and Redressal) Act,
2013

The Company pursuant to the Section 4 of the Sexual Harassment of Women at workplace (Prevention, Prohibition and
Redressal) Act, 2013 has constituted an Internal Complaints Committee. During the year, no complaint was lodged with the
Internal Complaint Committee.

31 Compliance with Maternity Benefits Act, 1961

The Company is compliant with the applicable provisions of the Maternity Benefit Act, 1961 and has policies, systems and
processes in place to ensure ongoing compliance.

32 Particulars Of Employee And Related Disclosures

In terms of the provisions of Section 197 (12) of the Act read with Rules 5(1) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, a statement showing the details required therein forms part of this report.

Details of employee remuneration as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is forming part of this report.

Further, the report and account are being sent to the Members excluding aforementioned details. In terms of Section 136
of the Act, the said details are open for inspection at the registered office of the Company. Any shareholder interested in
obtaining a copy of the same may write to the Company Secretary.

33 MD & CFO Certification

Certificate from Managing Director and Chief Financial Officer of the Company, pursuant to the Regulation 17 of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, for the Financial Year 2025-26 under review was
placed before the Board of Directors of the Company at its meeting held on 27^th April, 2026.

34 Secretarial Standard

The Company complies with all applicable Secretarial Standards issued by The Institute of Company Secretaries of India
and approved by the Central Government under Section 118(10) of the Companies Act, 2013 for the Financial Year ended
31^st March, 2026.

35 Acknowledgement

Your Directors would like to express their appreciation for the assistance and co-operation received from the Shareholders,
Bankers, Government Authorities, Export Promotion Council, Other Semi Government Authorities, Stock Exchanges,
Customers, Dealers, Suppliers and Business Associates at all levels during the year under review. Your Directors also wish
to place on record their appreciation for the committed services of the executives, staff and workers of the Company.

For and on behalf of the Board

Place : Mumbai Satyanarayan G. Kabra

Date : April 27, 2026 Chairman & Managing Director

(DIN : 00015930)