Your Directors are pleased to present the 41^st Annual Report along with the Company’s Audited Financial Statement for the
financial year ended March 31,2026

1. FINANCIAL RESULTS

The Board's Report is prepared based on the financial statements of the Company. The Company's financial
performance for the year under review along with previous year's figures are given hereunder:

(Rs. In Thousands)

RESULTS OF OPERATIONS

The Highlights of the Company’s performance for the year ended March 31,2026 are as under:

During the financial year ended on March 31, 2026 the Company achieved turnover of Rs. 800146.42 Thousands as against
turnover of Rs. 624204.43 Thousand only during the previous year, which is an increase in turnover by 28.19 %.

The Profit before Depreciation & Tax (PBT) for the financial year ended on March 31,2026 is Rs. 83639.42 Thousands against
Rs. 67033.02 Thousand in the previous year.

Earnings per Share as on March 31,2026 are Rs. 1.10 vis a vis against Rs. 4.60 in the previous year. This is impacted due to
deferred tax.

The net worth of the Company stands at Rs. 467401.29 Thousands as at March 31, 2026 as compared to Rs 269154.22
Thousands as at March 31,2025.

Your Directors are to report that the amount of Rs. 1801.25 Lakhs raised by issue of Fully paid up equity shares has been applied
to Company’s expansion and Diversification plans during 2025-26

2. CHANGE IN THE NATURE OF BUSINESS:

There was no change in the nature of the business of your Company during the financial year. Although the new sectors
within the same packaging segment are being explored.

3. DIVIDEND

To further strengthen the financial position of the Company and to conserve resources, the Directors have decided not to
recommend dividend for the financial year ended March 31,2026.

4. EQUITY SHARES CAPITAL OF THE COMPANY

The Board of Directors of the Company in its meeting held on 21.07.2025 has approved the forfeiture of 63300 Equity
Shares due to non-payment of Allotment/Call Money due thereon.

The Authorized Capital of the Company has been changed. The Company has issued and allotted 32,75,000 equity
shares of Rs. 10 each at premium of Rs. 45 per shares to the non-promoter investors on Preferential Basis during the year
under review. The details of authorized subscribed and paid up capital as at March 31,2026 are as under:

The Company has received Listing and trading approval for the new equity shares allotted as aforesaid from BSE Limited.
During the year under review:

a. The Company has neither issued any shares with differential voting rights nor has granted any stock options or
sweat equity;

b. The Directors do not hold any instruments convertible into equity capital; and

c. The Company has not made any provision of money for purchase of its own shares by employees or by trustees for
the benefit of employees.

5. BUSINESS REVIEW

Your Directors are pleased to inform that the Plant & Machinery acquired last year have been brought to in production and
these are running satisfactorily. By coming into operations of the said facilities, the Company has increased the production
of Sanitary Napkins and polybags.

6. MATERIAL CHANGES, COMMITMENTS AND CHANGE IN THE NATURE OF BUSINESS

There have been no material changes and commitments affecting the financial position of the Company between the end
of the financial year and the date of this report.

7. TRANSFER TO RESERVES:

The Company has not transferred any amount to General Reserves and retained the amount available for appropriation in
the Profit and Loss Account.

8. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis forms an integral part of this Report, as stipulated under Regulation 34(2) of
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 entered with the Stock Exchange, is set out in
the Annexure forming part of Annual Report and marked as Annexure - “A”.

9. CORPORATE GOVERNANCE

Corporate Governance is an ethically driven business process that is committed to values aimed at enhancing an
organization’s brand and reputation. The Companies Act, 2013 as amended to date and amended Listing Regulations
have strengthened the governance regime in the country. The Company is in compliance with the governance
requirements provided under the law. The Company is committed to maintaining the highest standards of corporate
governance and adhere to the corporate governance requirements set out by SEBI. Report on Corporate Governance
forming part of the Annual Report is marked as Annexure - “B”.

A separate report on Corporate Governance is provided together with a Certificate from the Practicing Company
Secretary confirming compliance with conditions of Corporate Governance as stipulated under Regulation 34 read with
Schedule V of the Listing Regulations, is annexed to the Annual Report.

A Certificate of the Managing Director and Chief Financial Officer of the Company in terms of Regulation 17(8) read with
Part B of Schedule II of the Listing Regulations, inter alia, confirming the correctness of the financial statements and cash
flow statements, stating that members of Board of Directors and Senior Management have affirmed compliance with the
Company’s Code of Conduct and adequacy of the internal control measures and reporting of matters to the Audit
Committee.

10. INFORMATION PURSUANT TO SECTION 134 OF THE COMPANIES ACT, 2013

a) CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES- During the financial year 2025-26, the
Company entered into transactions with related parties as defined under Section 2 (76) of the Companies Act,
2013 read with Companies (Specification of Definitions Details) Rules, 2014, all of which were in the ordinary
course of business and on arm’s length basis and also in accordance with the provisions of the Companies Act,
2013 read with the Rules issued there under and the Listing Regulations. All transactions with related parties were
approved by the Audit Committee and are in accordance with the Policy on Related Party Transactions formulated
and published on the website of the Company www.raajmedisafeindia.com

The policy is in accordance with the provisions of Companies Act, 2013 read with the Rules issued there under and
the Listing Regulations. Prior omnibus approvals are granted by the Audit Committee for related party transactions
which are of repetitive nature, entered in the ordinary course of business and on arm’s length basis in accordance
with the provisions of Companies Act, 2013 read with the Rules issued there under and the Listing Regulations.
The details of the related party transactions as per Indian Accounting Standards (Ind AS) - 24 are set out in Note 34
to the Standalone Financial Statements of the Company.

The Form AOC - 2 pursuant to Section 134 (3) (h) of the Companies Act, 2013 read with Rule 8(2) of the Companies
(Accounts) Rules, 2014 is set out in the Annexure - C to this report.

b) ANNUAL RETURN- Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on
March 31,2026 will be made available on the Company’s website on www.raajmedisafeindia.com.

c) BOARD MEETINGS - The details of the number of Board and Committee meetings of the Company are set out in
the Corporate Governance Report which forms part of this Report.

d) DISCLOSURE BY INDEPENDENT DIRECTORS - Your Company has received annual declarations from all the
Independent Directors of the Company confirming that they meet with the criteria of Independence provided in
Section 149(6) of the Companies Act, 2013 and Regulations 16(1) (b) & 25 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and there has been no change in the circumstances which may affect
their status as Independent Director during the year.

The Independent Directors met on March 25, 2026 without the attendance of Non-Independent Directors and
members of the Management. The Independent Directors reviewed the performance of Non-Independent
Directors and the Board as a whole; the performance of the Chairman of the Company, taking into account the
views of Executive Directors and Non-Executive Directors and assessed the quality, quantity and timeliness of flow
of information between the Company Management and the Board that is necessary for the Board to effectively and
reasonably perform their duties.

e) POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERATION AND OTHER DETAILS- The Remuneration
Policy of the Company is designed to attract, motivate and retain manpower in a competitive and international
market. The policy reflects the Company's objectives for good corporate governance as well as sustained long¬
term value creation for shareholders. The Remuneration Policy applies to the Company's senior management,
including its Key Managerial Person and Board of Directors. The Nomination and Remuneration Policy for the
members of Board and Executive Management is available on the Company's website
www.raaimedisafeindia.com.

f) QUALIFICATIONS, RESERVATIONS, ADVERSE REMARKS OR DISCLAIMERS BY THE AUDITORS - The

Notes on financial statement referred to in the Auditors’ Report are self-explanatory and do not call for any further
comments. The Auditors’ Report does not contain any qualification, reservation, adverse remark or disclaimer.

g) PARTICULARS OF LOANS GIVEN. INVESTMENTS MADE. GUARANTEES GIVEN AND SECURITIES
PROVIDED- Pursuant to Section 134(3)(g) of the Companies Act, 2013 particulars of loans, guarantees or
investments provided by the Company under Section 186 of the Act as at end of the Financial Year 2025-26 are
disclosed in the Notes to the Financial Statement attached with the Board Report.

h) CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO- Details of conservation of energy, technology absorption and foreign exchange earnings and outgo as
stipulated under Section 134 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 is
forming part of this report is marked as Annexure - D.

i) RISK MANAGEMENT- In line with the regulatory requirements of Section 134(3) of Companies Act, 2013, the
Company has framed a Risk Management Policy to identify and access the key business risk areas and to resolve
the same risk for smooth operations. A detailed exercise is being carried out at regular intervals to identify,
evaluate, manage and monitor all business risks. The Board periodically reviews the risks and suggests steps to be
taken to control and mitigate the same through a properly defined framework.

j. CORPORATE SOCIAL RESPONSIBILITY- The provisions of Section 135 of the Companies Act, 2013 have
become applicable to the Company for the first time. The Company has contributed a sum of Rs 9.33 Lakhs for
expenditure on CSR activities for the year 2025-26 as defined in Schedule VII of the Companies Act, 2013.

The Details of expenditure on CSR activities are given in report on CSR activities annexed hereto pursuant to
Section 135 of the Companies Act, 2013 and rules framed there under and marked as Annexure - E which forms
an integral part of this report.

The Policy for CSR activities is available on the Company's website www.raaimedisafeindia.com

The Company is not required to constitute Corporate Social Responsibility Committee as the CSR spent is less
than Rs. 50.00 Lakhs.

k. COMMITTEES - In terms of the prevailing provisions of the Companies Act, 2013 rules made thereunder and
regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended to-date,
the Board of Directors of the Company has constituted the following Committees:

l. FIXED DEPOSIT - During the financial year 2025-26, your Company has not accepted any deposits within the
meaning of Sections 73 and 74 of the Companies Act, 2013 read together with the Companies (Acceptance of
Deposits) Rules, 2014.

m. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS. COURTS. TRIBUNALS - No

significant and material orders have been passed by the regulators, courts, tribunals impacting the going concern
status and Company’s operations in future.

n. PARTICULARS OF EMPLOYEES - In terms of the provisions of the Companies Act, 2013 read with Rule 5 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the
remuneration of Managerial personnel is set out in Annexure - F which forms part of this report.

o. Pursuant to section 143 (12) of the Companies Act, 2013, the auditors have not reported any fraud committed by
the Company during the year under review.

11. COMPLIANCE OF SECRETARIAL STANDARD- The Company has complied with the Secretarial Standards issued by

the Institute of Company Secretaries of India and approved by the Central Government as required under Section
118 (10) of the Companies Act, 2013.

12. DIRECTORS RESPONSIBILITY STATEMENT

Your Directors state that:

a) in the preparation of the annual accounts for the year ended March 31,2026, the applicable accounting standards
read with requirements set out under Schedule III to the Act, have been followed and there are no material
departures from the same;

b) the Directors 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 as
at March 31,2026 and of the profit of the Company for the year ended on that date;

c) the Directors 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;

d) the Directors have prepared the annual accounts on a ‘going concern’ basis;

e) the Directors have laid down internal financial controls to be followed by the Company and that such internal
financial controls are adequate and are operating effectively; and the Directors have devised proper systems to
ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating
effectively.; and

f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that
such systems are adequate and operating effectively.

13. DIRECTORS

Shri Arpit Bangur (DIN:02600716) retires by rotation at ensuing Annual General Meeting and being eligible, offers herself
for reappointment'.

The Board Recommends re-appointment of the aforesaid Director in the ensuing Annual General Meeting.

Brief resume of Directors seeking appointment and re-appointment as stipulated under Regulation 36(3) of SEBI (Listing
Obligation and Disclosure Requirements) Regulations, 2015 has been provided as Annexure to the Notice of AGM of the
Company.

14. KEY MANAGERIAL PERSONNEL

The Key Managerial Personnel (KMP) in the Company as per Section 203 of the Companies Act, 2013 are as follows:

Mr. Arpit Bangur (DIN:02600716): Managing Director

Mr. Navin Jhawar (DIN: 08729821): Joint Managing Director

Mr. Sachin Sarda: Company Secretary (PAN: AXWPS3668P)

Mrs. Ankita Jain: Chief Financial Officer (PAN: ALJPJ7535K) Resigned w.e.f 01.06.2025
Mrs. Kanije Fatema Dadani Patel: CFO (PAN: EMJPD4735C) Resigned w.e.f 14.07.2026

Mr. Vipul Parakh: CFO Appointed wef 12.08.2026

15. EVALUATION OF BOARD, COMMITTEES AND INDIVIDUAL DIRECTORS

Definition of 'Independence' of Directors is derived from Regulation 16 of the SEBI Listing Regulations and Section 149(6)
of the Companies Act, 2013. The Company has received necessary declarations under Section 149(7) of the Companies
Act, 2013 and Regulation 25(8) of the SEBI Listing Regulations, from the Independent Directors stating that they meet the
prescribed criteria for independence.

All Independent Directors have affirmed compliance to the code of conduct for Independent Directors as prescribed in
Schedule IV to the Companies Act, 2013. List of key skills, expertise and core competencies of the Board forms part of this
Annual Report.

Based on the declarations received from the Independent Directors, your Board of Directors confirm the independence,
integrity, expertise and experience (including the proficiency) of the Independent Directors of the Company.

As per regulatory requirements, all the Independent Directors have registered their names in the Independent Director's
Databank, pursuant to provisions of the Companies Act, 2013 and rules made thereunder.

The Company has devised a Policy for performance evaluation of Independent and other Directors, Board as a whole and
committees thereof which include criteria for performance evaluation of the executive and non-executive directors.

In accordance with the provisions of Schedule IV of the Companies Act 2013, a separate meeting of the Independent
Directors was held on March 25, 2026 without the attendance of Non-Independent Directors and Members of the
Management. The Committee has reviewed the performance and effectiveness of the Board in this meeting as a whole for
the Financial Year 2025-26.

The Policy for evaluation of performance of the Board of Directors is available on the Company's website
www.raaimedisafeindia.com.

16. FAMILIARISATION PROGRAM FOR INDEPENDENT DIRECTORS

All independent directors inducted into the Board attend an orientation program. The details of the training and
familiarization program are provided in the corporate governance report.

Further, at the time of the appointment of an independent director, the Company issues a formal letter of appointment
outlining his/her role, functions, duties and responsibilities.

17a. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013

The Company is committed to provide the healthy environment to all its employees. The Company has in place a
Prevention of the Sexual Harassment Policy and an Internal complaints committee as per the requirements of Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, The policy aims at educating
employees on conduct that constitute sexual harassment, ways and means to prevent occurrence of any such incidence
and the mechanism for dealing with such incidents, in the unlikely event of its occurrence. The Company has zero
tolerance on Sexual Harassment at workplace. During the year under review, no complaints were received against the
sexual harassment at workplace.

17b. DISCLOSURE UNDER THE 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 applicable. The Company remains committed to fostering an inclusive and supportive work environment
that upholds the rights and welfare of its women employees in accordance with applicable laws.

18. VIGIL MECHANISM

The Company is committed to highest standards of ethical, moral and legal business conduct. Accordingly, the Board of
Directors has formulated a Whistle Blower Policy which is in compliance with the provisions of Section 177 (10) of the

Companies Act, 2013. The policy provides 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.
More details on the vigil mechanism and the Whistle Blower Policy of the Company have been outlined in the Corporate
Governance Report which forms part of this report.

19. AUDITORS

M/s. GDK & Associates, Chartered Accountants, Indore (FRN: 002159C) have been appointed as Statutory Auditors of
the Company in the Annual General Meeting held on September 25, 2025 to hold office from the conclusion of the 40th
Annual General Meeting and upto the conclusion of 45th Annual General Meeting. The Company has received a
certificate under section 141 of the Companies Act, 2013 that they are not disqualified to continue to act as Statutory
Auditors of the Company.

20. SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. M. Maheshwari & Associates,
Practicing Company Secretaries to conduct the Secretarial Audit of the Company. The Secretarial Audit Report for the
year 2025-26 as received from the Secretarial Auditors is annexed to this Report and marked as Annexure - G.

The Report does not contain any qualification or reservation or disclaimer.

21. APPOINTMENT OF SECRETARIAL AUDITORS

In the Annual General Meeting held on September 25, 2025, the Shareholders of the Company approved the
appointment of M/s. M.Maheshwari & Associates (Firm Regn. No. U.C.No. I2001MP213000 and Peer review No.
1191/2021), Company Secretaries in whole-time Practice as Secretarial Auditors of the Company to hold office upto
2029-30. The Company has received their eligibility Certificate that they are qualified to continue to hold the office as
Secretarial Auditors of the Company.

22. NON-DISQUALIFICATION OF DIRECTORS

In terms of the declarations received from the Directors of the Company under section 164 of the Companies Act, 2013,
none of the Directors is disqualified to be appointed/re-appointed.

A certificate issued by M/s. M. Maheshwari & Associates, Practicing Company Secretaries, pursuant to Regulation 34(3)
and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is
annexed hereto and marked as Annexure-H.

23. INTERNAL FINANCIAL CONTROL

According to Section 134(5) (e) of the Companies Act, 2013 the term Internal Financial Control (IFC) means the policies
and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business, including
adherence to Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of reliable financial information.

The Company has adequate system of internal controls to ensure that all the assets are safeguarded and are productive.
Necessary checks and controls are in place to ensure that transactions are properly verified, adequately authorized,
correctly recorded and properly reported.

24. SUSBSIDIARIES, JOINT VENTURES AND ASSOCIATES COMPANIES

During the year under review, pursuant to the provisions of section 2(6) and 2(87) of the Companies Act, 2013, the
Company has no subsidiary, joint venture or associate Company.

25. REPORTING OF FRAUDS

During the year under review, neither the Statutory Auditors nor the Secretarial Auditors have reported to the Audit
Committee under Section 143(12) of the Companies Act, 2013, any instances of the fraud committed by/on the Company,
its officers and employees, the details of which would need to be mentioned in the Board Report.

26. BOARD EVALUATION

In terms of the provisions of Section 134(3)(p) of the Companies Act, 2013 and Regulation 17(10) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out an annual performance
evaluation of its own performance, individual Directors, Chief Financial Officer, Company Secretary as well as the
evaluation of the working of Committees. Performance evaluation of Independent Directors was done by the entire Board,
excluding the Independent Directors being evaluated.

The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report. The
above criteria are broadly based on the Guidance Note on Board Evaluation issued by the Securities and Exchange
Board of India on January 5, 2017. In a separate meeting of Independent Directors, Performance of Non-Independent
directors, the Board as a whole and Chairman of the Company was evaluated, taking into account the views of executive
directors and non-executive directors.

27. PROCEEDINGS PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016

No application has been made under the Insolvency and Bankruptcy Code; hence the requirement 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.

28. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND

The company was not required to transfer any Unclaimed Dividend to Investor Education and Protection Fund during the
year under review.

29. AUDIT TRAIL APPLICABILITY (AUDIT AND AUDITORS) RULES 2014 - RULE 11 OF THE COMPANIES ACT 2013.

The Company is using accounting software for maintaining its books of account which has a feature of recording audit trail
(edit log) facility and the same has operated throughout the year ended March 31, 2026 for all relevant transactions
recorded in the software and the audit trail feature has not been tempered with.

30. INDUSTRIAL RELATIONS

Relation between the Management and its employees has been cordial. Your Directors place on record their appreciation
of the efficient and loyal services rendered by the employees of the Company at all levels.

31. ACKNOWLEDGEMENT & APPRECIATION

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

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

For and on behalf of the Board
RAAJ MEDISAFE INDIA LIMITEDSd/- Sd/-

Place: Ujjain NAVIN JHAWAR ARPIT BANGUR

Date: August 12, 2026 JT. MANAGING DIRECTOR MANAGING DIRECTORDIN:08729821 DIN:02600716