Your directors are pleased to present their 49^th Annual Report together with the Audited Statement of Accounts of the Company for the year ended March 31, 2026

1. SUMMARY FINANCIAL RESULTS

The Financial Results of the Company for the year ended March 31, 2026, were as follows:

The Exports for the financial year are ^ 1592 Crores which is around 44% of total sales. The Company exports to 100 countries across the globe.

As on March 31, 2026, Net Debt/EBITDA stands at 2.4 times and Net Debt/Equity at 0.7 times. The Company’s financials remain strong.

OUR BUSINESSES

Cosmo First, a prominent leader in the flexible packaging industry, has established a robust presence worldwide. It has developed a well-diversified business model that caters to the evolving needs of its customers. The

The India Flexible packaging market is worth USD 20 Billion in 2025, growing at an 11.46% CAGR and is forecast to hit USD 35 Billion by 2030.²

The growth of the flexible packaging market can be attributed to several key reasons, including:

Consumer Convenience and Portability: Flexible packaging offers lightweight, easy-to-carry solutions that meet consumer demand for convenience and portability.

Extended Shelf Life and Preservation: Advanced barrier properties help in preserving the freshness and extending the shelf life of products, especially in food and beverages. Cost-Effectiveness: Flexible packaging generally

requires less material and energy for production and transportation, reducing overall costs.

Sustainability Trends: Innovations in biodegradable and recyclable flexible materials align with increasing environmental consciousness among consumers and regulators.

Product Diversification and Customization: Flexible packaging allows for a wide variety of designs, sizes, and shapes, catering to diverse product requirements and branding strategies.

Growing Food & Beverage Industry: Increased demand for packaged foods, snacks, and beverages fuels the flexible packaging market.

Technological Advancements: Innovations such as smart packaging, barrier films, and resealable options enhance functionality and appeal.

E-commerce Growth: The rise of online shopping necessitates flexible, lightweight packaging that can withstand logistics and delivery processes.

Global Urbanization and Changing Lifestyles: Urban lifestyles favor portable and convenient packaging options, boosting demand.

Cosmo Films is the world's largest manufacturer of thermal lamination films and also the largest BOPP film exporter from India. Over the years, the company has also forayed into the technical film, rigid packaging, synthetic paper, and premium window film businesses. The company exports its products to over 100 countries across the globe. The company also has multiple patents across India and is globally known as one of the global leaders in speciality films.

The Company's focus shall continue to be on improving speciality films, R&D efforts particularly on sustainability which would yield results in coming years. These actions would continue to de-commoditize business model and would contribute in long term sustainable growth. The Company's speciality films sales stand at 59% during FY26. On BOPET line as well, the company is kicking off few specialty products which includes window films, security films, PET-G films, and many others.

With significant investments in R&D and innovation, Company has established itself as a pioneer in delivering industry-specific and niche solutions to its customers. Over the past four decades, the company has built consumer trust in films for purposes such as flexible packaging, labelling, insulation, cards, digital films, and books and documents. Advancing toward a sustainable and green future, focus is on developing films from mono-material structures that are easily recyclable, helping customers reduce their carbon footprint.

ADHESIVES

The adhesives market size has grown strongly in recent years. The Indian market size is ^ 30K Cr and is growing @8-10% p.a. The growth can be attributed to increasing demand for electric vehicle adhesives, rising adoption of automation-compatible adhesive systems, expansion of sustainable adhesive formulations, growing use in renewable energy installations, increasing focus on longlife bonding solutions. Major trends include increasing adoption of structural adhesives in automotive manufacturing, rising use in lightweight vehicle assembly, growing demand for high-performance bonding materials, expansion of multi-material joining applications, enhanced focus on durability and fatigue resistance.

II) SPECIALITY CHEMICALS

The annual capacity of the Company for Coating Chemicals is 5KMT, Masterbatch is 10KMTand Adhesives is 2.5KMT.

The Specialty Chemical subsidiary has achieved EBITDA of over 25% with topline of ^ 204 crores in FY26. It targets to reach 10% of Company's consolidated revenue in three years with 25% ROCE by FY30.

consumption through cooling system.

Safety Window Films reinforce glass with impact resistance and shatter protection, helping prevent accidents and injuries from broken glass. With high transparency, scratch-resistant and anti- graffiti

properties, they offer a clear, durable, and stylish layer of safety—making them an ideal, unobtrusive defence * for any modern space.

Cosmo Sunshield combines innovation and aesthetics to enhance comfort, security, and style. These

films reduce solar heat and glare while blocking over 99% of harmful UV rays, ensuring unparalleled thermal comfort and energy efficiency.

Privacy Window Films provide effective privacy while maintaining natural light. They obscure the view from outside, ensuring a discreet environment. Available in reflective and non reflective options, for mirror-like finish, these films offer maximum privacy and a modern, sleek look while reducing heat and glare maintaining essential everyday functionality for office spaces.

COSMO PPF AND CERAMIC COATING

COSMO GUARD

Cosmo Guard is Cosmo Consumer's premium coating and compound solution, specially developed to enhance and preserve the shine of your vehicle. Cosmo Guard's surface protection solutions delivers a deep, mirror-like gloss that elevates the overall finish.

V) PETCARE—ZIGLY

The Global Pet Care market is poised to grow to $500 billion by 2030. US contributes to $200 billion of the market. Pet Food would grow to $135 billion by 2030.

The Company's Petcare division Zigly launched in September 2021 follows an Omni Channel approach. It is

Petcare Industry Overview

transforming pet parenting through a comprehensive ecosystem designed around your pet's health and happiness. Offering 24/7 veterinary care, professional grooming, genuine pet products, engaging events, and digital-first services, it delivers a seamless omnichannel

3. GROWTH

The Company has invested 1,180 crores in the last 3 years in multiple growth projects including BOPP, CPP & Polyester lines, Metallizers, Coating lines, Window / PPF films, Zigly and Rigid Packaging. These investments will position the Company for significant revenue as well as profitability ramp up in the coming years. The Company is currently having six registered patents; eleven in pipeline- seven in India and four overseas.

Your Company has three state of the art manufacturing facilities spread in India with a total installed capacity of -

• 277,000 MT per annum of BOPP films (10 lines) [Last year 1,96,000 MT per annum -9 lines]

• 26000 MT per annum of Thermal Lamination Films (7 lines),

• 57,000 MT per annum of Metalized Films (9 lines),

The Company is working on several sustainability

projects.

? RENEWABLE POWER- The Company has invested in renewable energy sources and taking initiatives to consume green energy. The roof top solar power plants have been installed for all manufacturing units. The Company is currently catering solar renewable power through group captive plant and raised total usage of renewable energy to close to 50%. The Company expects to increase its usage to more than 2/3rd of total consumption over the next 1-2 years which would lead to power cost rationalization of about 20-50 Crore per annum.

? CARBON FOOTPRINT REDUCTION- The

Company has achieved carbon footprint reduction of 1.02 lacs MT equivalent CO2 emission for FY26.

? WASTEWATER TREATMENT - The Company has water treatment plants. 35% of the wastewater is being reused.

? RAINWATER HARVESTING - The Company has taken several steps towards rainwater harvesting. Collection pits are provided to collect rainwater.

? NOISE REDUCTION - Noise reduction measures are taken across all plants. Acoustic enclosures are provided at high noise area to reduce noise to 80-85 DB.

? RECYCLABILITY OF POST-INDUSTRIAL WASTE-

Initiatives and measures are being taken to minimize waste production and maximize the recyclability of post-industrial waste. Each plant has dedicated recycling plant for regranulation processes to increase input of usable Reprocessed Granules (RPG).

? ENERGY MANAGEMENT - Energy Management

is a continuous area of improvement. Effective energy management is the key for enhancing energy productivity. Following Initiatives have been taken for energy management:

• Installation of LED lighting (indoor and outdoor)

• Wind driven roof ventilators are provided to enhance ventilation & reduce electricity.

• Use of inverters to run blowers at variable speed instead of fixed speed as per process requirement to achieve Energy saving.

• OLCT/CLST's are installed for process chilling application to utilize Cooling tower water in place of chilled water to reduce chilling load on Chillers resulting saving in Energy.

• FCU's are installed to replace Air-conditioned load with low consumption FCU Unit without affecting cooling performance.

• Installed Energy-efficient heating system for recycling plant

• Auto control load optimization incorporated for equipment's to stop wastage of power during plant stoppage.

? IMPROVING RESOURCE EFFICIENCY AND REDUCING IMPACT OF EMISSION- Initiatives have been taken for installing Wet Scrubber for thermos-pack boilers to improve resource efficiency and reduce impact of emissions. Wet scrubber is used to reduce the amount of air pollution. In wet scrubbing processes, solid particles are removed from a gas stream by transferring them to a liquid. The liquid most used is water.

Several other sustainability initiatives are being undertaken to contribute to the environment and to rationalize cost.

The Company's focus will be taking full leverage of the new investments, grow specialty film sales, expand in international geographies and push down costs. The new film lines are the most cost-efficient and should make the products more competitive in the market. In Cosmo Films, Company targets to achieve double digit growth in top line.

In Cosmo Speciality Chemicals, the Company targets to acheive double digit growth in top line.

In Cosmo Plastech, the Company targets to acheive about 50% growth in financial year 2026-27.

The Company targets more than 50% growth in financial year 2026-27 for Cosmo Sunshield business and for Zigly, Petcare business target is to acheive more than 60% growth in top line.

Cosmo First's dedicated R&D team plays a crucial role in keeping it ahead of the curve when it comes to product innovation. Comprising of more than 30 scientists and technologists from esteemed universities located worldwide, the team has a wealth of global experience in areas such as packaging, polymer engineering, biopolymers and renewable energy material. The Company keeps strengthening its R&D team and infrastructure by focusing on the sustainable product development.

The Company has outstanding track record of continuous investment in R&D infrastructure by keep adding new instruments. Company has installed Pilot Laboratory Stretcher Machine KARO-IV (By Bruckner), Scanning Electron Microscope (Phenom XL G2 Desktop SEM by Thermo-Fisher), Water Vapor Transmission Rate Analyzer (MOCON AQUATRAN 3/38 H) and Oxygen Permeation Analyzer (MOCON OX-TRAN 2/28 H) for films division.

The Company launched several new products during the year. It launched Matt Version of Green-Graphic Film, HP indigo printable facestock film, thicker micron facestock for label , UV-inkjet printable facestock film, Low SIT & Low COF BOPP film for high-speed packaging, CPP film for Twist wrap application, white twist film and many more.

During the year, Cosmo Speciality Chemicals further strengthened its positioning in the masterbatch segment by redefining the category under a unified brand architecture tailored to the evolving needs of modern packaging - The CosmoWhite™ & the CosmoAdd™ Brands.

CosmoWhite™ represents a premium portfolio of advanced white masterbatches developed for polypropylene (PP) and polyethylene (PE) applications, delivering superior aesthetics and processing performance.

CosmoAdd™ complements this offering with a comprehensive range of additive masterbatches engineered to enhance processing efficiency, product durability, and end use performance across diverse packaging formats.

This year the R&D team has successfully developed two high-performance water-based side seaming adhesives:

• Cosmobond SPW 457 HP (for wheel application)

• Cosmobond SPA 410 HP (for nozzle application)

These products have been designed to deliver superior adhesion strength, excellent machinability, and consistent performance aligned with the evolving requirements of the packaging industry. These products are designed for demanding end-uses where bond integrity, environmental resistance, and premium finish quality are critical—ideal for customers requiring higher durability and reduced failure rates.

During the year, the following two PU Adhesives were developed by the R&D team

• COSMOBOND SLPU 703A / 603B - A 2K low-cost general-purpose adhesive.

• COSMOBOND SLPU 507A / 407B - A 2K adhesive system specifically designed for lamination of metallized structures.

Under Coatings division the following developments were done -

• Heat Seal Coating for Pan Masala Pouches: Developed and commercialised HSL coating for pan masala applications, providing strong and reliable sealing performance.

• Extrusion Primer for PET, Nylon & BOPP Films:

Developed and commercialised extrusion

primers that improve adhesion between substrate and extrusion layer for better lamination strength.

• Coating for Electronics: Developed heat-

insulating protective coating for electronic

components, offering resistance against moisture, dust, and handling damage.

• Oil & Grease Resistance Coatings for Paper: Provides barrier properties against oil and grease while improving overall packaging performance.

• Heat Seal Coating for Paper: Enhances

paper durability and sealing performance for commercial and paper bag applications.

• Lidding Film Coatings: Developed coatings for lidding applications used in ready-to-eat food and dairy product packaging.

• Automotive Coating: Hard coating &

hydrophobic coatings are designed for surface protection, durability and resistance to wear and environmental conditions.

These achievements reflect the strong R&D capabilities, effective cross-functional collaboration, and a focused approach toward delivering customercentric and commercially viable solutions.

6. SUBSIDIARIES

The Company has ten subsidiaries including step down subsidiaries. Pursuant to Section 129(3) of the Companies Act, 2013 and Accounting Standards issued by the Institute of Chartered Accountants of India, Consolidated Financial Statements presented by the Company include the Financial Statements of its Subsidiaries.

Consolidated Financial Statements form part of this Annual Report. Statement containing the salient features of the financial statement of the Company's subsidiaries in Form AOC-1, is enclosed to this Annual Report.

In terms of provisions of Section 136 of the Companies Act, 2013, the Company place separate

audited accounts of the Subsidiary Companies on its website at https:// www.cosmofirst.com/disclosure-under-regulation

The subsidiaries of Cosmo First Limited as on March 31, 2026, are listed hereunder:

• Cosmo First Europe B.V., Netherlands (formerly known as CF (Netherlands) Holdings Limited BV., Netherlands)

• Cosmo Films Japan, GK

• Cosmo Films Singapore Pte Limited

• Cosmo Films Korea Limited

• Cosmo Films Inc.

• CF Investment Holding Private (Thailand)

Company Limited

• Cosmo Speciality Chemicals Private Limited

• Cosmo Speciality Polymers Private Limited

• Cosmo Global Films Private Limited

• Zigly Pet Ventures Limited

During the year, Cosmo Films Inc, USA, a step-down subsidiary of the Company became a wholly owned direct subsidiary of the Company w.e.f. November 04, 2025 by virtue of transfer of its share capital held by Cosmo First Europe BV, a wholly owned subsidiary to Cosmo First Ltd.

The Company had entered into Joint Venture Agreement with Filmax Corporation to form a 50:50 Joint Venture Company in Korea to undertake and carry out the distribution, sale and marketing of flexible packaging and other products manufactured by the two companies. The JV entity is in the process of incorporation.

Subsidiary's current year EBITDA stood at ^ 82 Crores.

7. SHARE CAPITAL

During the year under review, there was no change in the Company's issued, subscribed and paid-up equity share capital. On 31st March, 2026, it stood at ^ 26.25 Cr divided into 26249727 equity shares of 10/-each.

8. RESERVE

During the year, ^ 53.85 crore has been transferred from Special Economic Zone (SEZ) Re-investment Reserve on utilisation of the reserve in accordance with Section 10AA(2) of the Income-tax Act, 1961. Further, an amount of ^ 53.62 crore has been transferred to the said reserve out of the profit of the Company's SEZ unit for the year.

9. RETURN TO SHAREHOLDERS

The Board ofDirectors of the Company recommended Equity dividend of ^ 4/-per share for the year ended March 31, 2026 amounting to ^ 10.50 Crores.

Cosmo is committed to maintaining best standards of Corporate Governance and has always tried to build the maximum trust with shareholders, employees, customers, suppliers and other stakeholders.

A separate section on Corporate Governance forming part of the Directors' Report and the certificate from the Practicing Company Secretary confirming compliance of the Corporate Governance norms as stipulated in the Listing Regulations is included in the Annual Report in Annexure - A.

11. INTERNAL FINANCIAL CONTROL AND ITS ADEQUACY

The Company's internal control systems are commensurate with the nature of its business, the size and complexity of its operations and such internal financial controls with reference to the Financial Statements are adequate.

The Company has documented policies and procedures covering all financial and operating functions. These controls have been designed to provide a reasonable assurance regarding maintaining proper accounting controls for ensuring reliability of financial reporting, monitoring of operations and protecting assets from unauthorized use or losses, compliance with regulations.

Cosmo has a robust process in place to identify key risks across the organisation and prioritise relevant action plans to mitigate these risks. The Company has constituted a Risk Management Committee which has been entrusted with the responsibility to assist the Board in (a) approving the Company's Risk Management Framework and (b) Overseeing all the risks that the organization faces such as strategic, financial, liquidity, security, regulatory,

The Internal Financial control is supplemented by an extensive program of internal audit conducted by in house trained personnel and external firm of Chartered Accountants appointed on recommendation of the Audit Committee and the Board. The audit observations and corrective action, if any, taken thereon are periodically reviewed by the Audit committee to ensure effectiveness of the Internal Financial Control System. The internal financial control is designed to ensure that the financial and other records are reliable for preparing financial statements and other data, and for maintaining accountability of persons.

There have been no changes in our internal control over financial reporting that occurred during the reporting year that have materially affected or are reasonably likely to materially affect, our internal control over financial reporting.

legal, reputational and other risks that have been identified and assessed to ensure that there is a sound Risk Management Policy in place to address such concerns / risks. The Risk Management process covers risk identification, assessment, analysis and mitigation. Incorporating sustainability in the process also helps to align potential exposures with the risk appetite and highlight risks associated with chosen strategies.

The risk management procedure is reviewed by the Audit Committee and Board of Directors on regular basis at the time of review of quarterly financial results of the Company. The Audit Committee has additional oversight in the area of financial risks and controls. Major risks identified by the business and functions are systematically addressed through mitigating actions on a continuing basis.

A report on the various risks that may pose challenge to your Company are set out as a part of Management, Discussion and Analysis section of this report. Details of the composition of the Risk Management Committee, Meetings held, attendance of the Directors at such Meetings and other relevant details are provided in the Corporate Governance Report.

13. VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company believes in the conduct of the affairs in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity and ethical behaviour. In line with the Cosmo Code of Conduct, any actual or potential violation, howsoever insignificant or perceived as such, would be a matter of serious concern for the Company. The role of the employees in pointing out such violations of the Code cannot be undermined.

Pursuant to Section 177(9) of the Act, a vigil mechanism was established for directors and employees to report to the management instances of unethical behaviour, actual or suspected, fraud or violation of the Company's code of conduct or ethics policy. The vigil mechanism provides adequate safeguards against victimization and multiple channels for reporting concerns including an option for escalations, if any, to the Audit Committee of the Company.

The policy of vigil mechanism is available on the Company's website at https:// www.cosmofirst.com/investors/policies-and-code-of-conduct

14. DIVERSITY OF THE BOARD

The Company believes that diversity is important to the work culture at any organisation. In particular, a diverse Board, among others, will enhance the quality of decisions by utilizing different skills, qualifications and professional experience for achieving sustainable and balanced development.

The Company reviews from time to time Board diversity to bring in professional experience in different areas of operations, transparency, corporate governance, financial management, risk assessment & mitigation strategy, community service and human resource management in the Company.

(A) CHAIRMAN

Mr. Ashok Jaipuria, is the Chairman & Managing Director of the Company. His present tenure of five years is from April 02, 2024 to April 01, 2029.

(B) APPOINTMENT AND RE-APPOINTMENT- OF DIRECTORS

Ms. Yamini Kumar designated as Director (Corporate Strategy, ESG & CSR) is Whole Time Director of the Company. Her present tenure of five years is from February 12, 2025 to February 11, 2030

She falls under the category of retirement by rotation. She is liable to retire by rotation at the ensuing Annual General Meeting and being eligible offers herself for re-appointment.

The tenure of Mr. Arjun Singh, Non Executive Independent Director is expiring on October 26, 2026. The Board of Directors in its meeting held on May 20, 2026, on the recommendation of the HR, Nomination & Remuneration Committee and subject to the approval of members of the Company reappointed him for second consecutive term of five years w.e.f. October 27, 2026.

The details of the proposed appointment/ reappointment of Directors are mentioned in the Explanatory Statement under Section 102 of the Companies Act, 2013 of the Notice of 49th Annual General Meeting (AGM) of your Company.

(C) CESSATION OF DIRECTOR

Mr. Hoshang Noshirwan Sinor retired from the position of Independent Director on completion

of second consecutive term of five years on May 21, 2025. He was appointed as Non-Executive Non-Independent Director w.e.f May 22, 2025 with the approval of the shareholders.

(D) STATUS OF OTHER DIRECTORS

Mr. Anil Kumar Jain designated as Director-Corporate Affairs, is Whole Time Director of the Company. His present tenure of five years is from October 01, 2024 to September 30, 2029

Mr. Pratip Chaudhuri is acting as Non Executive Independent Director. His present tenure of five year is from February 11, 2025 to February 10, 2030

Mr. Rakesh Nangia is acting as Independent Director of the Company. His present tenure of 5 years is from November 10, 2025 to November 09, 2030

Ms. Alpana Parida is acting as Independent Director of the Company. Her present tenure of 5 years is from May 15, 2024 till May 14, 2029.

Mr. Anil Wadhwa is acting as Independent Director of the company. His present tenure of 5 years is from May 23, 2023 till May 22, 2028.

Mr. Yash Pal Syngal is acting as Independent Director of the company. His present tenure of 5 years is from November 08, 2023 till November 07, 2028.

(E) INDEPENDENT DIRECTORS DECLARATION

The Company has received necessary declaration from each Independent Director under section 149(7) of the Companies Act, 2013 that they meet the criteria of independence laid down in section 149(6) of the Companies Act, 2013 and Regulation 16 of Listing Regulations.

16. STATEMENT OF BOARD OF DIRECTORS

The Board of Directors of the Company are of the opinion that the Independent Directors of the Company appointed/re-appointed during the year possess integrity, relevant expertise and experience (including the proficiency) required to best serve the interest of the Company. The Independent Directors have confirmed compliance of relevant provisions of Rule 6 of the Companies (Appointments and Qualifications of Directors) Rules, 2014.

17. KEY MANAGERIAL PERSONNEL

During the year under review, there was no change in KMP of the Company. The following personnel's continue as KMPs as per the definition under Section 2(51) and Section 203 of the Companies Act, 2013:

1. Mr. Ashok Jaipuria, Chairman & Managing Director

2. Mr. Anil Kumar Jain, Director - Corporate Affairs

3. Mr. Pankaj Poddar, Chief Executive Officer

4. Mr. Neeraj Jain, Chief Financial Officer

5. Ms. Jyoti Dixit, Company Secretary

18. FAMILIARIZATION PROGRAMME FOR THE INDEPENDENT DIRECTORS

The Company follows a well-structured induction programme for orientation and training of Directors at the time of their joining so as to provide them with an opportunity to familiarise themselves with the Company, its management, its operations and the industry in which the Company operates.

At the time of appointing a Director, a formal letter of appointment is given to him/her, which inter alia explains the role, function, duties and responsibilities expected of him/her as a Director of the Company. The Director is also explained in detail the Compliance required from him/her under the Companies Act, 2013, the Listing Regulations and other relevant regulations and affirmation taken with respect to the same.

The induction programme includes:

1) For each Director, a one to one discussion with the Chairman and Managing Director to familiarise the former with the Company's operations.

2) An opportunity to interact with the CEO, CFO & Company Secretary, business heads and other senior officials of the Company, who also make presentations to the Board members on a periodical basis, briefing them on the operations of the Company, strategy, risks, new initiatives, etc.

The details of the familiarisation programme may be accessed on the Company's corporate website at https:// www.cosmofirst.com/disclosure-under-regulation

19. REMUNERATION POLICY

The Remuneration Policy of the Company is designed to create a high-performance culture. It enables the Company to attract, retain and motivate employees to achieve results. Your Company is driven by the need to foster a culture of leadership with mutual trust. Cosmo's remuneration policy, which is aligned to this philosophy, is designed to attract, motivate, retain manpower and improve productivity by creating a congenial work environment, encouraging initiative, personal growth and teamwork besides offering appropriate remuneration package. Pursuant to the applicable provisions of the Companies Act, 2013 and the Listing Regulations, the Board, in consultation with its HR, Nomination & Remuneration Committee, has formulated a framework containing, inter-alia, the criteria for performance evaluation of the entire Board of the Company, its Committees and Individual Directors, including Independent Directors.

Members can download the complete remuneration policy on the Company's website at https:// www.cosmofirst.com/disclosure-under-regulation

Disclosure of details of payment of remuneration to Managerial Personnel under Schedule V(C)(6) of Listing Regulations forms part of the Corporate Governance Report.

20. PERFORMANCE EVALUATION OF THE BOARD, COMMITTEES AND INDIVIDUAL DIRECTORS

In terms of provisions of Companies Act, 2013 read with the Rules issued thereunder and Listing Regulations, the Board has adopted a formal mechanism for evaluating the performance of its Board, Committees and individual Directors, including the Chairman of the Board. Further, a structured performance evaluation exercise was carried out based on criteria such as:

• Board/Committees composition;

• Structure and responsibilities thereof;

• Ethics and Compliance;

• Effectiveness of Board processes;

• Participation and contribution by members;

• Information and functioning;

• Specific Competency and Professional Experience /Expertise;

• Business Commitment & Organisational Leadership;

• Board/Committee culture and dynamics; and

• Degree of fulfilment of key responsibilities, etc.

The performance of Board, Committees thereof, Chairman, Executive and Non-Executive Directors and individual Directors is evaluated by the Board/ Separate meeting of Independent Directors. The results of such evaluation are presented to the Board of Directors.

During Financial Year 2026, Five(5) meetings of the Board of Directors, Four (4) Audit Committee meetings, Two (2) HR, Nomination & Remuneration committee meetings and Four (4) Stakeholder Relationship committee meetings were held. The intervening gap between the meetings was within the period prescribed under the Companies Act, 2013 and Listing Regulations.

Details of the composition of the Board and its Committees and of the Meetings held, attendance of the Directors at such Meetings and other relevant details are provided in the Corporate Governance Report.

There have been no instances of non-acceptance of any recommendations of the Audit Committee by the Board during the Financial Year under review.

22. AUDITORS

(a) Statutory Auditors

M/s. S.N. Dhawan & Co. LLP, Chartered Accountants (ICAI Firm Registration No. 000050N/N500045) were re-appointed as the statutory auditors of the Company in the 48^th Annual General Meeting held on 04^th August, 2025, to hold office for a period of five consecutive years from the conclusion of the 48^th Annual General till the conclusion of the 53^rd Annual General Meeting to be held in the year 2030. The Statutory Auditors have confirmed they are not disqualified from continuing as Auditors of the Company.

There are no observations (including any qualification, reservation, adverse remark or disclaimer) of the Auditors in their Audit Report that may call for any explanation from the Directors. Further, the notes to accounts referred to in the Auditor's Report are self-explanatory.

During the year, the Auditor had not reported any matter under Section 143 (12) of the Companies Act, 2013, therefore no detail is required to be disclosed under Section 134(3) of the Companies Act, 2013.

(b) Secretarial Auditors

M/s. BLAK & Co., Company Secretaries, New Delhi (ICSI Firm Registration No. P2013UP092800) were re-appointed as the Secretarial auditors of the Company in the 48^th Annual General Meeting held on 04^th August, 2025, to hold office for a period of five consecutive years from the conclusion of the 48^th Annual General till the conclusion of the 53^rd Annual General Meeting to be held in the year 2030. The Secretarial Auditors have confirmed they are not disqualified from continuing as Secretarial Auditors of the Company.

and can be accessed on the Company's website at www.cosmofirst.com.

No Material Related Party Transactions (i.e. ten per cent of the annual consolidated turnover of the listed entity as per the last audited financial statements) were entered during the year by your Company except the sale to its wholly owned subsidiary- Cosmo Films Inc. As per Listing Regulations, transactions entered into between a holding company and its wholly owned subsidiary whose accounts are consolidated with such holding company and placed before the shareholders at the general meeting for approval are exempt from obtaining shareholders' approval. Therefore, the disclosure of the Related Party Transactions as required under Section 134(3(h) of the Act in Form AOC-2 is not applicable to the Company for FY26 and, hence, the same is not required to be provided.

24. MANAGEMENT’S DISCUSSION AND ANALYSIS REPORT

Pursuant to regulations 34 of the Listing Regulations, Management's Discussion and Analysis Report for the year is presented in a separate section forming part of the Annual Report.

25. BUSINESS RESPONSIBILITY AND

SUSTAINABILITY REPORT

Pursuant to regulations 34 of the Listing Regulations, Business Responsibility and Sustainability Report for the year is presented in a separate section forming part of the Annual Report.

26. DEPOSITS

The Company has not accepted deposit from the public within the ambit of Section 73 of the Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules, 2014.

27. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGO

The details of energy conservation, technology absorption and foreign exchange earnings and outgo as required under Section 134(3) of the Companies Act, 2013, read with the Rule 8 of Companies (Accounts of Companies) Rules, 2014 is annexed herewith as Annexure - C to this report.

28. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Company have duly complied with the provision of Section 186 of the Companies Act, 2013 during the year under review. The details of loans, guarantees and investments are covered in the notes to the Financial Statements.

29. PROCEEDING UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016:

The Company has not filed any application and no proceeding is pending against the Company under the Insolvency and Bankruptcy Code, 2016, during the year under review.

30. DIFFERENCE IN VALUATION DONE AT THE TIME OF ONE-TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS/ FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF:

The Company has not made any one-time settlement with the banks or financial institutions, therefore, the same is not applicable.

31. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

During the year under review, no significant / material orders were passed by the regulators or the Courts or the Tribunals impacting the going concern status and the Company's operations in future.

32. CHANGE IN NATURE OF BUSINESS, IF ANY

There was no change in the nature of business during

f-hci \/Cia r i inrlcir rci\/ici\A/

33. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING FINANCIAL POSITION OF THE COMPANY

There were no other material changes / commitments affecting the financial position of the Company or that may require disclosure, between March 31, 2026 and the date of Board's Report.

34. LISTING WITH STOCK EXCHANGES

The Company confirms that it has paid the Annual Listing Fees for the year Financial Year 2026 to the NSE and the BSE where the Company's equity shares are listed.

35. ANNUAL RETURN

Pursuant to the provisions of section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company is available on the website of the Company at the link: https:// www.cosmofirst.com/investors/notifications-notices.

36. INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

Details of Unclaimed Dividend and Shares transferred to IEPF during Financial Year 2025-26 are given in Corporate Governance Report.

The Company has in place a Corporate Social Responsibility Policy pursuant to the provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014.

The initiatives undertaken by your Company during the year have been detailed in CSR Section of this Annual Report. The Annual Report on CSR activities in accordance with the Companies (Corporate Social Responsibility Policy) Rules, 2014, is set out herewith as Annexure - D to this Report.

38. PROMOTION OF WOMEN’S WELL BEING AT WORK PLACE

Cosmo First has zero tolerance for sexual harassment at workplace and has adopted a Policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder for prevention and redressal of complaints of sexual harassment at workplace. The Company has complied with provisions relating to the constitution of Internal Complaints Committee under the said act. The details related to Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 forms a part of Corporate Governance Report.

The Company is in compliance with the provisions of the Maternity Benefit Act, 1961. All eligible female employees are granted maternity benefits in accordance with the provisions of the Act, including paid maternity leave and protection from dismissal during maternity leave. No instances of noncompliances were observed during the year.

39. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

The information required pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is also enclosed as Annexure - E to this Report.

The information pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 pertaining to the top ten employees in terms of remuneration drawn and their other particulars also form part of this report. However, the report and the accounts are being sent to the members excluding the aforesaid annexure. In terms of Section 136 of the Companies Act, 2013, the said annexure is 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.

40. EMPLOYEE STOCK OPTIONS

The Company has an Employee Stock Option Plan for the Employees of the Company and its Subsidiaries named as Cosmo Films Shares Based Employee Benefit Scheme, 2021 (“CF SBEB Scheme"). The Plan is in compliance with the SEBI (Share Based Employee Benefits) Regulations 2014 and is administered by the HR, Nomination and Remuneration Committee of the Board constituted by the Company pursuant to the provision of Section 178 of the Companies Act, 2013 and Listing Regulations.

• the IFCA Star Awards 2025 for its breakthrough packaging solutions - High Heat Seal Strength Metallized Barrier BOPP Film (HST-1 (ES EL) MOT085) and CPP-based Retortable Sealable Peelable Lidding Film (HST-1 (LRT)CPP).

• the “Fastest Growing Enterprise of the Year 2024" award at the Modern Plastics Award 2024

• the SIES SOP Star Award for Packaging Materials & Components for multiple products

• the prestigious Forbes Asia Best Under a Billion Companies Awards 2023

• the IFCA Star Awards 2023 in the innovative category

• the “Most Enterprising Business Award" from the prestigious Entrepreneur Magazine

• the top 100 D2C retail businesses of the year for Petcare division Zigly by the Retailer Magazine

• ET Leadership Excellence Award to Mr. Pankaj Poddar for Excellence in the Manufacturing of Films and Chemicals

• the Top 10 Companies from India in the Forbes Asia Best Under A Billion 2022 list

• Ranked as one of India's Fastest Growing Companies by BW Business World Magazine

43. SECRETARIAL STANDARDS

During the Financial year 2026, the Company has

complied with applicable Secretarial Standards

issued by the Institute of the Company Secretaries of