The Directors are pleased to present their 41^st Report along
with the audited financial statements (Standalone and
Consolidated) of the Company for the year ended
31^st March, 2026.

Financial Performance

The Company's financial performance for the year ended
31^st March, 2026 is summarised below:

Performance Overview

FY 2025-26 has been a satisfactory year for AIS due to
improved demand in both automotive and architectural
segments. Financial and operational performances have
largely been close to budgets. Your Company managed to
implement its plans and executed them more efficiently in a
sustainable manner.

Revenue from Operations of the Company stood at
? 4,66,846 lakhs in FY 2025-26 as against ? 4,31,161 lakhs in
FY 2024-25. Operating Profit has increased by 19.66% from
? 76,594 lakhs in the previous year to ? 91,650 lakhs in
FY 2025-26. The Company posted a profit (PAT) of
? 32,994 lakhs in FY 2025-26 against profit of ? 38,910 lakhs
in the previous financial year.

A detailed analysis of Company's business operations forms
a part of the Management Discussion and Analysis, a
separate section to this Annual Report.

Change in the nature of business

During the year under review, there has been no change in
the nature of business of the Company.

Further, no material changes and commitments have
occurred between the end of the Financial Year and the date
of the report affecting the financial position of the Company.

Capital Structure

As on 31^st March, 2025, the authorised share capital of the
Company was ? 65,00,00,000 comprising of 50,00,00,000
equity shares of face value of ? 1 each, 90,00,000 preference
shares of face value of ? 10 each and 6,00,000 preference
shares of face value of ? 100 each and the issued, subscribed
and paid-up equity share capital was ? 24,30,89,931
comprising of 24,30,89,931 equity shares of ? 1 each.

During the year under review, the Company successfully
raised ? 1,000 Crores by an issue of equity shares through
Qualified Institutions Placement (QIP) by issuance and
allotment of 1,18,37,261 Equity Shares on
19^th September, 2025, to eligible Qualified Institutional
Buyers (QIBs) as per the provisions of Chapter VI of
SEBI ICDR Regulations, 2018 at the issue price of ? 844.79
per equity share, including a premium of ? 843.79 per equity
share. The proceeds from the QIP have been fully utilised
towards the prepayment and / or repayment, in full or in
part, of the outstanding borrowings (including interest
thereon) and towards general corporate purposes. There
have been no deviations or variations in the utilization of
proceeds from the stated objects of the issue.

Pursuant to the above allotment, the issued, subscribed and
paid-up equity share capital of the Company increased from
? 24,30,89,931 comprising of 24,30,89,931 equity shares of
? 1 each, to ? 25,49,27,192 comprising of 25,49,27,192 equity
shares of ? 1 each.

As on 31^st March, 2026, the authorised share capital of the
company was ? 65,00,00,000 comprising of 50,00,00,000
equity shares of face value of ? 1 each, 90,00,000 preference
shares of face value of ? 10 each and 6,00,000 preference
shares of face value of ? 100 each and issued, subscribed
and paid-up equity share capital of the Company was
? 25,49,27,192.

Subsidiaries and Associates

Pursuant to Section 129 and other applicable provisions, if
any, of the Companies Act, 2013 ("the Act”), a separate
statement containing salient features of financial
statements of all subsidiaries and associates of your
Company, forms part of the financial statements.

In accordance with the provisions of Section 136 of the
Companies Act, 2013 the financial statements of subsidiary
& associate companies and related information are available
for inspection by Members at the Corporate Office of AIS as
well as Registered Office of respective subsidiary and
associate companies, during business hours on all days
except Saturdays, Sundays and public holidays upto the date
of Annual General Meeting (AGM) to any shareholder on
demand.

Further, in terms of the above provisions, the audited
financial statements including the consolidated financial
statements, financial statements of subsidiaries and all
other relevant documents required to be attached to this
report have been uploaded on website of the Company at
www.aisglass.com. A report on the performance and
financial position of each of the Subsidiary and Associate
companies as per the Companies Act, 2013 is provided as
Annexure to the consolidated financial statements in the
prescribed Form AOC-1.

Further, the Board of Directors of each of the subsidiaries
viz. AIS Adhesives Limited (AIA), AIS Distribution Services
Limited (ADSL), GX Glass Sales & Services Limited (GX) ("the
Transferor Companies”) and AIS Glass Solutions Limited
(GS) ("the Transferee Company") have approved a composite
Scheme of Arrangement under the provisions of Sections
230 to 232 read with other applicable provisions of the
Companies, 2013 (including rules made thereunder) ("the
Scheme") at their respective meetings and filed the same
with Hon'ble National Company Law Tribunal (NCLT), which
was approved by the NCLT vide its order dated 19^th May, 2025.
All such Subsidiaries have filed certified copy of the said
NCLT order along with the certified copy of the Scheme with
Registrar of Companies, Delhi (ROC) dated 1^st July, 2025 to
affect the Amalgamation of all the Transferor Companies
into Transferee Company from that date, which was
approved by the ROC on 8^th August, 2025. Therefore, all the
Transferor Companies ceased to exist w.e.f. 1^st July, 2025.

In order to align the name of GS with its expanded objects,
the shareholders of GS had approved the change of the
company's name from "AIS Glass Solutions Limited" to
"AIS Consumer Glass Solutions Limited" at their meeting
held on 25^th August, 2025, along with the consequential
alteration to the Memorandum of Association. The Registrar
of Companies had approved the change of name vide its
letter dated 19^th November, 2025.

Pursuant to the aforesaid merger, 90,000 shares held by AIA
and 80,000 shares held by GX in Under Par Sports
Technologies Private Limited ("Under Par") were vested in
AIS Consumer Glass Solutions Limited ("CG"). Board of
Director of CG at its meeting held on 24^th March, 2026,

approved the sale of the said investment to the promoter
directors of Under Par and entered into share transfer
agreements with them. The transaction was completed on
30^th March, 2026. Consequently, upon completion of the sale,
Under Par ceased to be an Associate Company of CG and an
Indirect Associate Company of AIS with effect from
30^th March, 2026.

Except as above, no other Company has become or ceased to
be Subsidiary, Joint Venture or Associate of the Company.

Material Subsidiaries

During the FY 2025-26, the Company did not have any
material subsidiary.

However, during FY 2026-27, based on the Financial
Statement of AIS Consumer Glass Solutions Limited (CG), it
has been identified as material subsidiary company.

Awards

Your Directors take pride in reporting the following awards
and recognitions received by your Company during the year:

Management Discussion and Analysis

Pursuant to Regulation 34 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015
("Listing Regulations"), the Management Discussion and
Analysis Report for the year under review forms part of this
Annual Report.

Dividend

Your Directors are pleased to recommend a Final Dividend of
? 2 per equity share of face value of ? 1 each for the year
ended 31^st March, 2026.

The above dividend, subject to the approval of Members at
the Annual General Meeting scheduled to be held on
18^th September, 2026, will be paid on or after
24^th September, 2026 to those Shareholders whose names
would appear in the Register of Members as on
11^th September, 2026. The total dividend for the Financial
Year will be ? 5,098.54 lakhs.

In accordance with Regulation 43A of the Listing
Regulations, the Company has formulated a 'Dividend
Distribution Policy'. The Policy is available on the Company's
website https://www.aisglass.com/wpcontent/uploads/202
0/10/AIS-Dividend-Distribution-Policy.pdf.

Transfer to Reserves

The Board has not proposed to carry any amount to
Reserves.

Public Deposits

During the FY 2025-26, your Company has not accepted any
deposits within the meaning of Section(s) 73 and 76 of the
Companies Act, 2013 read with the Companies (Acceptance
of Deposits) Rules, 2014 and as such no amount of principal
or interest was outstanding as on date of the Balance Sheet.

Consolidated Financial Statements

In accordance with the Companies Act, 2013 and the
applicable Accounting Standards, the Consolidated Financial
Statements of the Company are provided in the Annual
Report.

Corporate Governance

Your Company is in strict compliance with the Corporate
Governance requirements.

A separate report on Corporate Governance along with the
General Shareholders Information, as prescribed under
Regulation 34 of the Listing Regulations, is annexed as a part
of the Annual Report along with the Auditors' Certificate on
Corporate Governance.

Business Responsibility and Sustainability
Report

Your Company has been conducting business on principles

of Environment, Social and Governance ("ESG") that not only
delivers long term shareholder value but also benefits the
society and had obtained reasonable assurance on the BRSR
Core from a third-party Independent Assurance provider.

The BRSR along with the Assurance Report on the BRSR
Core for the financial year ended 31^st March, 2026, which are
annexed and form an integral part of this Report.

Industrial Relations

During the FY 2025-26 under review, industrial relations in
the Company continued to be cordial and peaceful.

Annual Return

Annual Return of the Company in Form MGT-7, in
accordance with Section 92(3) of the Companies Act, 2013
read with the Companies (Management and Administration)
Rules, 2014, is available on Company's website

www.aisglass.com and can be accessed through link
https://www.aisglass.com/investors/annual-returns/.

Particulars of Loans, Guarantees or
Investments

Pursuant to Section 134(3)(g) of the Companies Act, 2013
particulars of loans, guarantees and investments under the
provisions of Section 186 of the Companies Act, 2013 as at
the end of financial year 2025-26 are given at note
nos. 4, 10, 37 and 45 of the Standalone Financial Statements.

Meetings of the Board and its Committees

The details in respect of the number of Board and
Committees meetings of your Company are set out in the
Corporate Governance Report which forms a part of the
Annual Report.

Audit & Risk Management Committee

Pursuant to the provisions of Section 177 of the
Companies Act, 2013 and Regulation 18 of Listing
Regulations, the Audit & Risk Management Committee
consists of three Independent Directors -
Mr. Kamaljit Kalkat as Chairman and
Lt. Gen. Ravin Khosla (Retd.) & Ms. Sheetal Mehta as
Members as on 31^st March, 2026.

Board of Directors of the Company has duly accepted the
recommendations of Audit & Risk Management Committee
during FY 2025-26. Detailed disclosure in respect of
Audit & Risk Management Committee is in the
Corporate Governance Report of the Company which forms a
part of Annual Report.

Vigil Mechanism / Whistle Blower Policy

The Company has established a Vigil Mechanism / Whistle
Blower Policy. The purpose of this mechanism is to provide a
framework to report concerns about unethical behaviour,
actual or suspected fraud or violation of the Company's code
of conduct or Ethics Policy and provide adequate safeguards
against victimization of the person availing this mechanism.

The Policy is available on the Company's website at
https://www.aisglass.com/wp-content/uploads/2020/10/AIS
vigil mechanism whistle blower policy.pdf which has
been appropriately communicated within the organisation
and is effectively operational. The policy provides
mechanism whereby any whistle blower may send protected
disclosures at complaintscommittee@aisglass.com and in
exceptional cases, directly to the Chairman of
Audit & Risk Management Committee.

Risk Management

AIS has developed and implemented a Risk Management
Policy to identify and mitigate key risks that may negatively
impact the Company. It lays down broad guidelines for timely
identification, assessment and prioritisation of risks
affecting the Company.

The Board of Directors of your Company evaluates the risk
management systems periodically and takes into account
any recommendation(s) of the Audit & Risk Management
Committee. The Audit & Risk Management Committee
provides oversight for the identification, monitoring and
mitigation of material risks, and supports management in
responding to evolving market and stakeholder
expectations. It periodically reviews the Risk Management
Policy formulated by the Company and the risk assessment
and minimization procedures of the Company.

Internal Financial Controls

Your Company has put in place adequate internal financial
controls which is operating effectively with reference to
financial statements. Such system has been designed to
provide for:

• adoption of accounting policies in line with applicable
Accounting Standards.

• uniform accounting treatment is prescribed to the
subsidiaries of your Company.

• proper recording of transactions with internal checks
and reporting mechanism.

• compliance with applicable statutes, policies,
management policies and procedures.

The management of your Company periodically reviews the
financial performance against the approved plans across

various parameters and takes necessary action, wherever
required.

Your Company has its own Internal Audit department with
qualified professionals which carries out periodic audits of
all locations and functions. The observations arising out of
the internal audits are periodically reviewed and its
summary along with corrective action plans, if any, are
submitted to top management and Audit & Risk
Management Committee for review, comments and
directions.

Directors and Key Managerial Personnel

Appointments, Re-appointments and Resignations

During the year under review following changes took place
in the Board of your Company:

During the financial year, Mr. Shashank Srivastava
(DIN: 00139273), has been appointed as Non-Executive
Director on the Board of Directors of the Company w.e.f.
1^st April 2025, liable to retire by rotation, vide circular
resolution dated 24^th March, 2025 and by Members through
Postal Ballot on 21^st June, 2025.

Ms. Avanti Birla (DIN: 01127008), has been appointed as
Non-Executive Director in the capacity of Independent
Director of the Company by the Board of Directors on
24^th June, 2025 and by Members at 40^th AGM held on
10^th September, 2025 for a period of upto five consecutive
years with effect from 25^th June, 2025 in accordance with the
provisions of Section(s) 149, 150, 152 & 161 and other
applicable provisions, if any, of the Companies Act, 2013 read
with Schedule IV of the Companies (Appointment and
Qualification of Directors) Rules, 2014 and Regulation 17 of
Listing Regulations.

Mr. Kazuo Ninomiya (DIN:1 1205921) has been appointed as
Non-Executive Director on the Board of Directors of the
Company, liable to retire by rotation, by the Board of
Directors on 30^th July, 2025 and by Members at 40^th AGM held
on 10^th September, 2025.

Mr. Masahiro Takeda (DIN: 07058532), Non-Executive
Director of the Company has resigned from the Board of
Directors of the Company with effect from the closure of
business hours of 31^st July, 2025 due to his retirement from
AGC Inc., Japan ("AGC").

Mr. Masahiro Takeda (DIN: 07058532) has confirmed that
there was no material reason for his resignation apart from
the reasons cited above.

During the financial year, Mr. Setsuya Yoshino
(DIN: 10504479), Independent Director of the Company has
resigned from the Board of Directors of the Company w.e.f.
the closure of business hours on 31^st March, 2026 due to his
permanent return to Japan.

Mr. Setsuya Yoshino has confirmed that there was no
material reason for his resignation apart from the reasons
cited above. Mr. Takahiro Tokuda (DIN: 09544810) was
appointed in place of Mr. Setsuya Yoshino as Non-Executive
Director in the capacity of Independent Director of the
Company vide circular resolution dated 30^th March, 2026 and
by Members through Postal Ballot on 9^th May, 2026 for a
period of up to five consecutive years with effect from
1^st April, 2026 in accordance with the provisions of Section(s)
149, 150, 152, 161, 175 and other applicable provisions, if
any, of the Companies Act, 2013 read with Schedule IV of the
Companies (Appointment and Qualification of Directors)
Rules, 2014 and Regulation 17 of Listing Regulations.

In accordance with the provisions of Section(s) 152 and other
applicable provisions, if any, of the Companies Act, 2013,
read with Companies (Appointment and Qualification of
Directors) Rules, 2014, Mr. Shashank Srivastava
(DIN: 00139273), and Mr. Kazuo Ninomiya (DIN:1 1205921)
Directors are liable to retire by rotation at the forthcoming
Annual General Meeting and being eligible, offer themselves
for re-appointment. The Board of Directors based on the
recommendation of Nomination & Remuneration
Committee, recommended the re-appointment of

Mr. Masao Fukami as Whole Time Director of the Company
for another term of up to 4 years, subject to Shareholders'
approval.

Board places on record its heartfelt appreciation for the
Directors who left the Board.

Key Managerial Personnel

In terms of Section 203 of the Companies Act, 2013, the Key
Managerial Personnel of the Company are

Mr. Sanjay Labroo, Chairman & Managing Director,

Mr. Gopal Ganatra, Sr. Executive Director - GRC, General
Counsel, CHRO and Company Secretary and

Mr. Shailesh Agarwal, Sr. Executive Director & Chief
Financial Officer.

During the year under review, there has been no change in
the Key Managerial Personnel of the Company.

Statement of Board of Directors

The Board of Directors of the company are of the opinion that
all the Independent Directors of the Company appointed /
re-appointed during the year possess impeccable integrity,
relevant expertise and experience required to best serve the
interests of the Company.

Declaration of Independence

Your Company has received declaration from all the
Independent Directors confirming that they meet the criteria
of Independence as prescribed under Section 149(6) of the
Companies Act, 2013 read with Schedules and Rules made
thereunder as well as Regulation(s) 16 & 25 of the Listing
Regulations. The details of the familiarization programme

along with format of the letter of appointment provided to the
Independent Directors at the time of appointment outlining
his / her role, functions, duties and responsibilities have been
uploaded on the website of the Company and may be accessed
through the link https://www.aisglass.com/wp-content/uplo
ads/2020/10/familiarisation programmes for Independent
Directors.pdf.

Directors’ Responsibility Statement

Pursuant to Section 134(5) of the Companies Act, 2013, the
Directors hereby state and confirm that:

a. in the preparation of the annual accounts, the
applicable Accounting Standards and Schedule III of
the Companies Act, 2013 have been followed, long with
proper explanation relating to material departures, if
any;

b. they 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 31^st March, 2026 and of the profit and
loss of the company for the Financial Year ended
31^st March, 2026;

c. they have 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;

d. the annual accounts have been prepared on a going
concern basis;

e. proper internal financial controls as laid down by the
Directors were followed by the Company and that such
internal financial controls are adequate and operating
effectively; and

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

Statement indicating the manner in which formal
annual evaluation has been done

In terms of provisions of the Companies Act, 2013 and
Regulation 17 of the Listing Regulations, the Board has
carried out the annual evaluation of its own performance and
that of its Directors individually. The evaluation criteria as laid
down by the Nomination and Remuneration Committee
included various aspects of functioning of the Board such as
composition, process and procedures including adequate and
timely information, attendance, delegation of responsibilities,
decision-making, roles and responsibilities including
monitoring, benchmarking, feedback, stakeholder
relationship and Committees.

The performance of individual Directors including the
Chairman & Managing Director was evaluated on various
parameters such as knowledge, experience, interest of
stakeholders, time devoted, etc. The evaluation of
Independent Directors was based on aspects like
participation in and contribution to the Board decisions,
knowledge, experience and judgment.

Particulars of Remuneration

The information as required in accordance with
Section 197(12) of the Companies Act, 2013, read with
Rule 5(1), 5(2) & 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, as
amended, may be obtained by any Member by writing to the
Company Secretary at the registered office or the corporate
office of the Company. However, as per the provisions of
Section 136 of the Companies Act, 2013, the Report along
with financial statements are being sent to all Members of
the Company excluding the aforesaid information.

Board Diversity

The Company recognises and embraces the importance of a
diverse Board in its success. We believe that a truly diverse
Board will leverage differences in thought, perspective,
knowledge, skill, regional and industry experience, cultural
and geographical background, age and gender, which will
help us in retaining our competitive advantage. Your Board
comprises of experts in the field of Business, Finance, Law,
Corporate Governance, Management and Leadership skills
and also has three Women Directors on the Board.

Nomination and Remuneration Policy

The Nomination and Remuneration Policy, as approved by
the Board on recommendation of the Nomination &
Remuneration Committee, is available on website of the
Company www.aisglass.com and can be accessed through
the link https://www.aisglass.com/wp-content/uploads/
2020/10/Nomination Remuneration Policy.pdf.

The salient features of the Policy are that it lays down the
parameters:

• based on which payment of remuneration (including
sitting fees and remuneration) should be made to
Independent Directors and Non-Executive Directors.

• based on which remuneration (including fixed salary,
benefits and perquisites, bonus / performance linked
incentive, commission, retirement benefits) should be
given to whole-time directors, KMPs and other
employees of the Company.

• of remuneration payable to Directors for services
rendered in other capacity.

During the period under review there is no change in
Nomination and Remuneration Policy

Corporate Social Responsibility

In compliance with Section 135 of the Companies Act, 2013
read with the Rules made thereunder, the Company has
formed Corporate Social Responsibility ("CSR") Committee.
The policy on Corporate Social Responsibility as approved by
the Board of Directors is uploaded on the website of the
Company www.aisglass.com and can be accessed through
the link https://www.aisglass.com/wp-content/uploads/202
1/07/AI-Corporate-and-Social-Responsibility-Policy-1.pdf.

The CSR Committee has adopted a CSR Policy in accordance
with the provisions of Section 135 of the Companies Act,
2013 and rules made thereunder. The details of the CSR
initiatives undertaken by the Company during the FY 2025-26
in the prescribed format are annexed as “Annexure A”.

Disclosure under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act,
2013

The Company has in place a Policy on Prevention of Sexual
Harassment at Workplace in line with the requirements of
the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and rules framed
thereunder and an Internal Complaints Committee has also
been set up to redress any such complaints received.

During the period under review, one complaint was received
by the Internal Complaints Committee established under the
Policy for Prohibition, Prevention and Redressal of Sexual
Harassment of Women at Workplace of the Company, which
was resolved by the Committee during the year.

During the year 2025-26, following are the details of
complaints related to sexual harassment:

a. number of complaints of sexual harassment received
in the year: 1(One)

b. number of complaints disposed off during the year:
1(One) and

c. number of cases pending for more than ninety days:
NIL

Related Party Transactions

With reference to Section 134(3)(h) of the Companies Act,
2013, all transactions entered by the Company during
FY 2025-26 with the related parties were in the ordinary
course of business and on arm's length basis.

During the year under review, your Company has entered
into Material Related Party Transactions as approved by the
Members under Regulation 23 of the Listing Regulations. All
the related party transactions entered by the company
during the financial year were at arm's length basis and in
ordinary course of business.

The details of the related party transactions entered during
the year are provided in the accompanying financial
statements.

The Company has not entered into any Material Related
Party Transactions as per the provisions of the
Companies Act, 2013 and a confirmation to this effect as
required under Section 134(3)(h) of the Companies Act, 2013
is annexed herewith as “Annexure B” to this Report.

The Company has formulated a policy on Related Party
Transactions which is available on the website and can be
accessed through link https://www.aisglass.com/wp-conte
nt/uploads/2024/08/Policy-on-Materiality-of-RPT.pdf.

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

The information relating to conservation of energy,
technology absorption and foreign exchange earnings and
outgo as required under Section 134(3)(m) of the Companies
Act, 2013 read with Rule 8(3) of the Companies (Accounts)
Rules, 2014 is annexed as “Annexure C” to this Report.

Compliance of Secretarial Standards

Pursuant to provisions of Section 118 of the
Companies Act, 2013, the Company has complied with the
applicable provisions of the Secretarial Standards issued by
the "Institute of Company Secretaries of India” and notified
by "Ministry of Corporate Affairs".

Auditor and Auditors’ Report

Statutory Auditors

M/s. VSSA & Associates, Chartered Accountants (Firm
Registration No. 012421N) were appointed as Statutory
Auditors of AIS, for a second term of 5 (five) consecutive

years from conclusion of 37^th Annual General Meeting till the
conclusion of 42^nd Annual General Meeting.

The Auditors' Report for FY 2025-26 does not contain any
qualification or reservation or adverse remark.

No fraud was reported by the auditors of the Company under
Section 143(12) of the Companies Act, 2013.

Cost Auditor

Your Company had appointed M/s. Ashish & Associates, Cost
Accountants (Firm Registration No. 103521), as the Cost
Auditors of your Company for FY 2025-26 to conduct audit of
cost records of the Company. Cost Audit Report for the
FY 2025-26 shall be filed with Ministry of Corporate Affairs.

As per Section 148 and other applicable provisions, if any, of
the Companies Act, 2013 read with Companies (Audit and
Auditors) Rules, 2014, your Company is required to maintain
cost accounts and records. The Board of Directors of your
Company, on recommendation of the Audit & Risk
Management Committee, has appointed

M/s. Ashish & Associates, Cost Accountants as the Cost
Auditors of the Company for the FY 2026-27.

Your Company has received consent from
M/s. Ashish & Associates, Cost Accountants, to act as the
Cost Auditors of your Company for the FY 2026-27 along with
a certificate confirming their independence.

Secretarial Auditor

In accordance with the provisions of Section 204 of the
Companies Act, 2013 read with the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014,
and Regulation 24A of the Listing Regulations, your
Company has appointed Mr. Sundeep Kumar Parashar, FCS,
Company Secretary in Practice and proprietor of M/s. SKP &
Co., Company Secretaries, (Firm Registration No.
S2005DE077900, Peer Review Certificate No. 1323/2021) as
Secretarial Auditors of the Company for a term of five
consecutive years commencing from FY 2025-26 till
FY 2029-30.

The Secretarial Audit Report for FY 2025-26 is annexed
herewith as “Annexure D” to this Report. The Secretarial
Auditors' Report for FY 2025-26 does not contain any
qualification or reservation or adverse remark.

Annual Secretarial Compliance

The Company had undertaken an audit for the financial year
2025-26 for all applicable compliance as per SEBI
Regulations and Circulars / Guidelines issued thereunder.
The Annual Secretarial Compliance Report has been
submitted to Stock Exchanges within 60 days from the end of

the financial year.

Significant and Material Orders of Regulators or
Courts or Tribunals

No significant and material order was passed by Regulators
or Courts or Tribunals during the year under review
impacting the going concern status of your Company and its
future operations.

Credit Rating:

During the FY 2025-26, The CRISIL Ratings Limited ("CRISIL
Ratings") vide its letter dated 7^th October, 2025 has upgraded
the long term credit rating as Crisil AA- / Stable (pronounced
CRISIL A A Minus) for the long term Bank facility. CRISIL
Ratings has also upgraded Short-term rating as Crisil A1
(pronounced CRISIL A One Plus) of working capital facility
issued to the Company. The Outlook on Long Term Rating &
Short Term Rating is Stable

Other Disclosures

a. There are no proceedings initiated / pending against
your Company under the Insolvency and Bankruptcy
Code, 2016 which materially impacts the business of the
Company.

b. There were no instances where your Company required
the valuation for one time settlement while taking the

loan from the Banks or Financial Institutions.

c. The Company has complied with the provisions of
Maternity Benefit Act, 1961 during the year under
review.

d. There were 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.

Acknowledgements

The Board hereby places on record its sincere appreciation
for the continued assistance and support extended to the
Company by its collaborators, customers, bankers,
suppliers, government authorities and employees.

Your Directors acknowledge with gratitude the
encouragement and support extended by our valued
Shareholders.

On behalf of the Board of Directors
Asahi India Glass Limited,
Sanjay Labroo

Dated: 5^th August, 2026 Chairman and Managing Director
Place: Gurugram DIN : 00009629