Your directors have the pleasure of presenting the Eleventh Director’s Report together with the Audited Financial
Statements of your Company for the financial Year ended March 31, 2025.

1. FINANCIAL PERFORMANCE

The Company’s financial performance for the financial year ended March 31, 2025:

2. BUSINESS PERFORMANCE

Your Company has achieved total revenue of ^ 2,649.50 Lakhs during the financial year ended 31 March 2025 as against
a total revenue of ^ 1,147.14 Lakhs in the corresponding previous financial year ended 31 March 2024. Profit before tax
for the year stood at ^ 165.95 Lakhs compared to ^ 130.20 Lakhs for the previous corresponding year. The Profit after
tax for the period stood at ^ 116.62 Lakhs as against a profit of ^ 86.77 Lakhs during the corresponding year.

3. RESERVE & SURPLUS

The Board of Directors have decided to retain the entire amount of profit in the profit and loss account.

4. DIVIDEND

T o conserve the resources for future growth of the company, your directors do not propose any dividend for the current
year. Your Company’s policy on Dividend Distribution is available at https://www.falcongroupindia.com/wp-
content/uploads/2019/08/Dividend-Distribution-Policy.pdf

5. CHANGE IN THE NATURE OF BUSINESS

The Company did not commence any new business nor discontinue/sell or dispose off any of its existing businesses and
also did not hive off any segment or division during the financial year. Also, there has been no change in the nature of
business carried on by the Company’s subsidiary during the year under review.

6. MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There have been no material changes and commitments affecting the financial position of the Company, which have
occurred between the end of the financial year and up to the date of the report.

7. SHARE CAPITAL OF THE COMPANY

> AUTHORIZED SHARE CAPITAL

The authorized share capital of the Company as on 31st March, 2025 was ^ 10,00,00,000 (Rupees Ten Crore Only)
divided into 1,00,00,000 (One Crore) Equity Shares of ^ 10/- (Rupees Ten only) each.

> PAID-UP SHARE CAPITAL

The paid-up Equity share capital of the Company as on 31st March, 2025 was ^ 5,35,67,930 (Rupees Five Crore
Thirty-Five Lakhs Sixty-Seven Thousand Nine Hundred Thirty only) divided into 53,56,793 (Fifty-Three Lakhs Fifty-
Six Thousand Seven Hundred Ninety-Three) equity shares of ^ 10/- (Rupees Ten Only).

INITIAL PUBLIC OFFER ("IPO”) AND LISTING OF EQUITY SHARES

During the year under review, the Company conducted its Initial Public Offering (IPO) of 14,88,000 equity shares of ^10/-
each, in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The shares were
offered at a fixed price of ^92/- per share, including a premium of ^82/- per share.

The IPO was open for subscription from June 19, 2024 to June 21, 2024. Allotment of shares was finalized on June 24,
2024, and the Company’s equity shares were listed on the SME Platform (EMERGE) of the National Stock Exchange of
India Limited (NSE) on June 26, 2024.

The Company, vide its Prospectus dated June 12, 2024 (“Prospectus”) raised ^1,368.96 lakhs from the Initial Public Offer
of its equity shares (the ‘IPO’). As on the date of this report, the entire amount raised from the IPO has been fully utilized
in accordance with the objects stated in the Prospectus.

8. CHANGE IN NAME OF THE COMPANY

During the year under review, Company has not changed the Name.

9. CHANGE IN REGISTERED OFFICE

During the year under review, the Company has not changed its Registered Office.

10. DIRECTORS AND KEY MANAGERIAL PERSONNEL

The Board of Directors of the Company as on March 31, 2025 comprised of Three (3) Directors out of which One (1) are
Executive Directors and One (1) is Non-Executive Director and one (1) are Independent Directors.

The Directors and Key Managerial Personnel of the Company during FY 2024-25:

DIRECTORSHIP POST MARCH 31, 2025 (UP TO THE DATE OF THIS REPORT):

Subsequent to the end of the financial year, the following directors are there in the composition of the Board and Key
Managerial Personnel:

The Company continues to work towards ensuring compliance with all applicable regulatory requirements and to
maintain a balanced and effective Board composition.

11. KEY MANAGERIAL PERSONNEL (KMP)

In terms of the provisions of Sections 2(51) and 203 of the Companies Act, 2013 ('the Act'), the following are the KMPs
of the Company:

• Mr. Bharat Shreekishan Parihar - Managing Director

• Mrs. Charukeshi Ashwinkumar Sanghvi (Up to March 01, 2025) - Chief Financial Officer

• Ms. Swati Jain (w.e.f. April 25, 2025) - Company Secretary & Compliance Officer

• Mr. Mushir Athar Sayed (W.e.f. August 22, 2025) - Chief Financial Officer

12. DECLARATION BY INDEPENDENT DIRECTORS

Directors who are Independent, have submitted a declaration as required under Section 149(7) of the Act that each of
them meets the criteria of Independence as provided in Sub Section (6) of Section 149 of the Act and under Regulation
16 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time and
there has been no change in the circumstances which may affect their status as independent Director during the year. In
the opinion of the Board, the Independent Directors possess an appropriate balance of skills, experience and knowledge,
as required.

Further, in terms of Section 150 of the Companies Act, 2013 read with Rule 6 of the Companies (Appointment and
Qualification of Directors) Rules, 2014, Independent Directors of the Company have confirmed that they have registered
themselves with the databank maintained by the Indian Institute of Corporate Affairs (IICA).

13. DETAILS OF MEETINGS OF BOARD OF DIRECTORS

A. BOARD OF DIRECTORS

During the financial year 2024-25, 15 (Fifteen) meetings of the Board of Directors were held, and the details of meetings
attended by the Directors are as follows:

The details of meetings attended by the Directors are as follows:

B. Audit Committee of Board of Directors

As a measure of good Corporate Governance and to provide assistance to the Board of Directors in overseeing the Board’s
responsibilities, an Audit Committee was formed as a sub-committee of the Board. The Committee is in line with the
requirements of Section 177 of the Companies Act, 2013 and Regulation 18 of the SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015. The terms of reference of the Audit Committee covers all matters specified in Part C
of Schedule II of Regulation 18 (3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and
also those specified in Section 177 of the Companies Act, 2013.

The detailed composition of the members of the Audit Committee as on March 31st, 2025:

Changes during the Year:

During the year under review, Mr. Sumitkumar Hareshbhai Patel resigned from the Board and Audit Committee on
February 4, 2025. Subsequently, the Audit Committee was reconstituted on July 23, 2025. The revised composition is as
follows:

All the members possess sound accounting and financial management knowledge.

During the period under review, a total of 05 (Five) Audit Committee Meetings were held dated:
May 22, 2024, July 17, 2024, October 24, 2024, November 14, 2024 and December 06, 2024.

Attendance for Audit Committee Meeting:

C. NOMINATION & REMUNERATION COMMITTEE

In compliance with Regulation 19 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with
Section 178 of the Companies Act, 2013, the Board has constituted the “Nomination and Remuneration Committee”.

The detailed composition of the members of the Nomination and Remuneration Committee as on the date of the report:

During the period under review, total 3 (Three) Nomination and Remuneration Committee Meetings were held dated:
July 03, 2024, October 24, 2024 and February 14, 2025

Attendance of Nomination & Remuneration Committee Meeting:

D. STAKEHOLDER RELATIONSHIP COMMITTEE:

In compliance with the provisions of Section 178 of the Companies Act, 2013 and Regulation 20 of the SEBI (Listing
Obligation and Disclosure Requirements) Regulations, 2015, the Board has constituted the “Stakeholders’ Relationship
Committee”.

The Stakeholders’ Relationship Committee has been formed for the effective redressal of the investors’ complaints and
reporting of the same to the Board periodically.

The detailed composition of the members of the Stakeholders Relationship Committee at present is given below:

During the period under review, total 2 (Two) Stakeholders Relationship Committee Meetings were held:
July 03, 2024 and October 08, 2024

Attendance of Stakeholder Relationship Committee Meeting:

E. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

Based on the profitability criteria for the year, Corporate Social responsibility requirements under section 135 of the
Companies Act, 2013 are not applicable to the Company for the year under review.

The company is seeking and planning to incorporate the CSR initiatives to address the requirements of Section 135 for
financial year 2024-25.

14. EVALUATION OF BOARD

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17 read with Part D of Schedule II to the Listing
Regulations, the Management carried out proper evaluation of the Independent Directors prior to their appointment, on
the basis of contribution towards development of the Business and various other criteria like experience and expertise,
performance of specific duties and obligations etc.

Pursuant to the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Board has carried out an annual evaluation of its own performance and that of its committees as
well as performance of Directors individually through internally developed questionnaire on performance evaluation.

The Nomination and Remuneration Committee reviewed the performance of the individual directors on the basis of
criteria such as the contribution of the individual director to the Board and committee meetings.

The performance evaluation of Non-Independent Directors and the Board as a whole was carried out by the Independent
Directors.

VIGIL MECHANISM

Your Company has formulated and published a Whistle Blower Policy to provide a mechanism (“Vigil Mechanism”) for
employees including Directors of the Company to report genuine concerns. The provisions of this policy are in line with
the provisions of Section 177 (9) of the Act.

The Whistle Blower Policy (Vigil Mechanism) is uploaded on the Company web link:
https://www.falcongroupindia.com/wp-content/uploads/2023/06/2.-100423 FTIL Policy-on-Vigil-Mechanism.pdf

15. COMPANY'S POLICY RELATING TO DIRECTORS' APPOINTMENT, PAYMENT OF REMUNERATION AND
DISCHARGE OF THEIR DUTIES

Your Company has formulated and published The Nomination & Remuneration Policy for Directors, Key Managerial
Personnel and Senior Management. The provisions of this policy are in line with the provisions of Section 178(1) of the
Act. The Policy is uploaded on the website of the company. The web link is https://www.falcongroupindia.com/wp-
content/uploads/2023/06/3.-060623 FTIL Nomination-Remuneration-Policy.pdf.

16. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirements under Section 134, Sub-section 3(c) and Sub-section 5 of the Companies Act, 2013, the
Board of Directors, to the best of their knowledge and ability, state and confirm that:

(a) In preparation of the annual accounts, the applicable Accounting Standards have been followed, along with proper
explanation relating to material departures, if any;

(b) Such Accounting Policies have been selected and applied consistently, and judgements and estimates have been made
that are reasonable and prudent to give a true and fair view of the Company’s state of affairs as on 31 March, 2025
and of the Company’s profit or loss for the year ended on that date;

(c) Proper and sufficient care has been taken for the maintenance of adequate accounting records, in accordance with
the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities;

(d) The annual Financial Statements have been prepared on a Going Concern Basis.

(e) Internal financial controls have been laid down to be followed by the Company and that such internal financial
controls were adequate and operating effectively.

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

17. ADEQUACY OF INTERNAL FINANCIAL CONTROLS

The Company has in place adequate internal financial controls with reference to financial statement across the
organization. The same is subject to review periodically by the internal auditors for its effectiveness. During the financial
year, such controls were tested and no reportable material weaknesses in the design or operations were observed. The
Statutory Auditors of the Company also test the effectiveness of Internal Financial Controls in accordance with the
requisite standards prescribed by ICAI. Their expressed opinion forms part of the Independent Auditor’s report.

Internal Financial Controls are an integrated part of the risk management process, addressing financial and financial
reporting risks. The internal financial controls have been documented, digitized and embedded in the business processes.

Assurance on the effectiveness of internal financial controls is obtained through management reviews, control self¬
assessment, continuous monitoring by functional experts. We believe that these systems provide reasonable assurance
that our internal financial controls are designed effectively and operate as intended. During the year, no reportable
material weakness was observed.

18. SUBSIDIARY, JOINT VENTURE AND ASSOCIATE COMPANY

The Company does not have any Holding, Subsidiary, Joint Venture or Associate Company at the beginning of the year,
during the year or at the end of the year.

19. SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS

During the year, no significant and material orders were passed by the regulators or courts or tribunals impacting the
going concern status and company’s operations in the future.

20. EXTRACT OF ANNUAL RETURN

The Annual return referred to in Sub Section (3) of Section 92 of the Companies Act, 2013, for the financial year ended
March 31, 2024 will be placed on the website of the company at https://www.falcongroupindia.com/wp-
content/uploads/2019/08/Form-MGT-7-25022025 signed-02-2025-1.pdf

21. AUDITORS AND AUDITOR'S REPORT

A. STATUTORY AUDITOR

M/s NGST & Associates, Chartered Accountants, having (FRN: 135159W) were appointed as Statutory Auditors of the
Company in the Annual General Meeting held on December 30, 2024, for F.Y. 2024-25 to FY 2028-29 to hold the office
till the conclusion of 15^th Annual General Meeting.

B. SECRETARIAL AUDITOR

Pursuant to Section 204(1) of the Companies Act, 2013, the Company is required to obtain a Secretarial Audit Report
from a Practicing Company Secretary and annex the same to the Board’s Report. In compliance with this requirement,
the Board of Directors, at its meeting held on December 30, 2024, appointed M/s. V K Suthar & Associates, Company
Secretaries, to conduct the Secretarial Audit of the Company for the financial year 2024-25.

Subsequently, M/s. V K Suthar & Associates tendered their resignation on August 20, 2025. The Board, at its meeting held
on August 22, 2025, approved the appointment of M/s. Deepti & Associates, Practicing Company Secretaries, to carry out
the Secretarial Audit for the financial year 2024-25.

C. INTERNAL AUDITOR

M/s. Raj Atul Khatri & Associates, Chartered Accountant, is appointed as Internal Auditor of the Company for F.Y. 2024¬
25. They take care of the internal audit and controls, systems and processes in the Company.

AUDITOR'S REPORT AND SECRETERIAL AUDITOR'S REPORT

Auditor's Report

The Auditors’ Report for the Financial Year ended 31 March, 2025 does not contain any qualification, reservation, adverse
remark, or disclaimer. The Notes on financial statements referred to in the Auditor’s Report are self-explanatory and do
not call for any further comments. No fraud has been reported by the Auditor under Section 143(12) of the Companies
Act, 2013 requiring disclosure in the Board’s Report.

Secretarial Auditor's Report

The Secretarial Audit Report is annexed as 'Annexure A' and forms an integral part of this Report. The Secretarial
Auditors have not expressed any qualifications in their Secretarial Audit Report for the year under review. Being a SME
Listed Company, Pursuant to Regulation 24A of the Listing Regulations read with SEBI Circular No.
CIR/CFD/CMD1/27/2019 dated 08 February 2019, the Annual Secretarial Compliance Report is not applicable to our
Company.

22. CORPORATE SOCIAL RESPONSIBILITY

The Company is not covered under purview of the provisions of Section 135 read with the Companies (Corporate Social
Responsibility Policy) Rules, 2014 and hence the details in respect of development and implementation of CSR by the
Company are not included in this report.

23. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:

Particulars of loans and investments made by the Company pursuant to Section 186 of the Companies Act, 2013 are given
in the notes to Financial Accounts, which forms part of the Annual Report. The Company has not extended the corporate
guarantee on behalf of any other Company during the year under review.

24. PUBLIC DEPOSIT

The Company has neither accepted nor renewed any deposits during the year.

25. RISK MANAGEMENT POLICY

The Board of Directors of the Company have framed a Risk Assessment and Management Policy and are responsible for
reviewing the risk management plan and ensuring its effectiveness. The Audit Committee exercises additional oversight
in the area of financial risks and controls. Major risks identified by the businesses and functions are systematically
addressed through mitigating actions on a continuing basis.

26. RELATED PARTIES TRANSACTIONS

All Related Party Transactions (RPT) that were entered into during the financial year were on an arm’s length basis and
in the ordinary course of business. The disclosure of material RPT is required to be made under Section 134(3)(h) read
with Section 188(2) of the Companies Act, 2013 in Form AOC 2 is attached as Annexure B forming part of this Report.
The details of the material RPT, entered into during the year by the Company as approved by the Board, is given as
Annexure to this Report. Your Directors draw your attention to Notes to the financial statements, which set out related
party disclosures. Loans and advances in the nature of loans to subsidiaries and Associates, transactions of the listed
entity with any person or entity belonging to the promoter/ promoter group which hold(s) 10% or more shareholding
in the listed entity is also disclosed on Notes to the financial statements.

27. INSIDER TRADING REGULATIONS AND CODE OF DISCLOSURE

The Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information and Code of Internal
Procedures and Conduct for Regulating, Monitoring and Reporting of Trading by Insiders in accordance with the
requirements of the SEBI (Prohibition of Insider Trading) Regulation, 2015 and in view of recent amendments to the
SEBI (Prohibition of Insider Trading) 2015 by SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2018, the
Policy on Determination of Legitimate purpose and the Policy on inquiry in case of leak or suspected leak of UPSI are
adopted by the Company and are made available on the Website of the Company. Weblink:
https://www.falcongroupindia.com/code-policies/#

28. MANAGEMENT'S DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report for the year under review, as stipulated under Regulation 34 of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of this Report.

29. CORPORATE GOVERNANCE REPORT

In accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Corporate Governance
provisions are not mandatory for the Company, as it is listed as a Small and Medium-sized Enterprise (SME).

30. GENERAL SHAREHOLDER INFORMATION

*MARKET PRICE DATA

SHAREHOLDING PATTERN AS ON MARCH 31, 2025

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

The company has in place a policy for prevention of sexual harassment in accordance with the requirements of the Sexual
Harassment of women at workplace (Prevention, Prohibition & Redressal) Act, 2013. All employees (permanent,
contractual, temporary, trainees) are covered under this policy.

32. COMPLIANCE OF THE PROVISIONS RELATING TO THE MATERIALITY BENEFIT ACT, 1961:

Company is in Compliance with provisions relating to the Materiality Benefit Act, 1961 during the Year under review i.e.
FY 2024-25.

33. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREGIN EXCHANGE EARNING AND OUTGO

a. Conversation of Energy

i. Steps taken or impact on conservation of energy: Nil

ii. Steps taken for utilising alternate sources of energy: Nil

iii. Capital Investment on Energy Conservation Equipment: Nil

b. Technology Absorption

a) Efforts made towards technology absorption: Nil

b) Benefits derived like product improvement, cost reduction, product development or import substitution: Nil

c) Information regarding technology imported, during the last 3 years: Nil

d) Expenditure incurred on Research and Development: Nil

c. Foreign Exchange Earnings and Outgo

a) The Foreign Exchange earned in terms of actual inflows during the year and the Foreign Exchange outgo during
the year in terms of actual outflows

34. PARTICULARS OF EMPLOYEES

Pursuant to Section 197 of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 the particulars of employees are attached as 'Annexure C' forming part of this Report.

The information required under Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, is provided in the Annexure forming part of this Report. In terms of the proviso to Section 136
of the Act, the Report and Accounts are being sent to the Members excluding the aforesaid.

35. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND

The Company did not have any funds lying unpaid or unclaimed for a period of seven year. Therefore, there were no
funds which were required to be transferred to Investor Education and Protection Fund (IEPF).

36. COMPLIANCE WITH SECRETARIAL STANDARDS

The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of
India on the Board Meetings and General Meeting.

37. DISCLOSERS UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016

There are no applications 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.

38. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME
SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS ALONG WITH THE REASONS THERE OF

As Company has not done any one-time settlement during the year under review hence no disclosure is required.

39. ACKNOWLEDGEMENTS

The Directors wish to place on record their sincere appreciation for excellent support received from the Banks and
financial institutions during the financial year under review. Your directors also express their warm appreciation to all
employees for their contribution to your Company’s performance and for their superior levels of competence, dedication
and commitment to the growth of the Company. The Directors are also grateful to you, the Shareholders, for the
confidence you continue to repose in the Company.

Registered Office: By Order of the Board of Directors of

Unit No. 116/117/118, 1st Floor, Keshav, Falcon Technoprojects India Limited

Vasudev Sky High, Kanakiya Road, Beverly Park,

Mira Road (East), Thane - 401107.

Sd/- Sd/-

Date: August 30, 2025 Bharat Shreekishan Parihar Pradeep Ganapayya Shetti

Place: Thane Managing Director Director

DIN:06945020 DIN:07050625