Your Directors are pleased to present the 32^nd Annual Report together with Audited Financial
Statements for the financial year ended March 31, 2026.

FINANCIAL RESULTS

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

OPERATIONAL REVIEW

Your Company's total revenue from operations during the year under review was ? 239.68 Crore
as compared to ? 207.84 Crore of previous year which shows an increase of 15.32% over the
previous year figure. The other income was ? 3.79 Crore during the year under review. The
EBIDTA of the Company during the year was ? 44.25 Crore as compared to ? 31.98 Crore of
previous year which shows an increase of 38.37% over the previous year figure. Profit before Tax
increased to ? 33.60 Crore from ? 21.84 Crore over the previous year. Profit after Tax stood at
? 24.76 Crore. The key factors contributing to the Company's improved performance during the
year include exceptional improvement in our footprint in export market as well as robust order book
of domestic market even after capacity addition.

BUSINESS PERFORMANCE

The packaging industry continues its robust growth trajectory, driven by e-commerce expansion,
rising FMCG demand, urbanization, and increasing consumer preference for convenient and
sustainable packaging. The sector is converging with global standards, with organized players

gaining prominence. Key drivers include growth in food & beverages, pharmaceuticals, personal
care, and white goods. Sustainability remains a major theme, with emphasis on recyclable and
eco-friendly materials. Supported by consumer trends, innovation, and government policies, the
India Packaging Market is set for ongoing expansion, playing a crucial role in the nation's
manufacturing and retail landscapes.

Your Company has demonstrated improved performance in terms of revenue during FY 2025-26,
registering a growth of 15.32% over the previous year. The Company is engaged in the
manufacturing of packaging materials comprising Multilayer Laminated Tubes, Tube Laminates
and Flexible Laminates. Among these, Laminated Tubes continue to be the Company's major
product, catering primarily to the oral care, pharmaceutical, cosmetic and FMCG sectors for
packaging products in paste and gel forms. During the year under review, the Company witnessed
strong performance in its Laminated Tubes and Laminates business, driven by healthy demand
from both domestic and export markets. The Company's performance was further supported by
improved capacity utilization, a greater focus on value-added products, enhanced operational
efficiencies and sustained customer relationships, all of which contributed significantly to its growth
and profitability. Your Directors remain optimistic about the Company's long-term growth prospects
and expect further improvement in performance in the years ahead.

During the year under review, your Company successfully underwent recertification audits
conducted by independent external certification agencies. Pursuant to these audits, the Company
has been re-certified for ISO 9001:2015 (Quality Management System) and has also obtained
certification for ISO 15378:2017, which specifies the requirements for primary packaging materials
for medicinal products with reference to Good Manufacturing Practice (GMP). These certifications
reaffirm the Company's continued commitment to maintaining robust quality management systems
and upholding high standards in its manufacturing processes.

DIVIDEND

During the year under review, the Board of Directors has considered not to recommend any
dividend on equity shares for the Financial Year 2025-26 with a view to conserve the resources for
the future growth of the Company and also considering the accumulated loss incurred in the earlier
years. Consequently, no amount has been transferred to reserves for the year under review.

SHARE CAPITAL

The paid up equity share capital of the Company as at March 31, 2026 was ? 6,673.40 lakhs
comprising 133468005 equity shares of the face value of ? 5 each, fully paid up. During the year
under review, the Company has not issued any shares with differential voting rights as to dividend,
voting or otherwise nor has granted any stock options or sweat equity. As on March 31, 2026, none
of the Directors of the Company hold any instruments convertible into Equity shares of the
Company.

HOLDING & SUBSIDIARY COMPANIES

As on March 31, 2026, Nirma Chemical Works Private Limited is continued to be the holding
company. The Company has one wholly owned subsidiary (WOS), Shree Rama (Mauritius)
Limited. The WOS became defunct since 2005 under the respective law. There are no associate

companies or joint venture companies within the meaning of Section 2(6) of the Companies Act
2013.

DEPOSITS

The Company does not have “Deposits” as contemplated under Chapter V of the Companies Act,
2013. Further, the Company has not invited or accepted any such deposits during the year and
there is no outstanding balance as on March 31, 2026.

ANNUAL RETURN

The Annual Return of the Company as on March 31, 2026 in Form MGT - 7 in accordance with
Section 92(3) of the Act read with the Companies (Management and Administration) Rules, 2014,
is available on the website of the Company at https://srmtl.com.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of Section 152 of the Companies Act, 2013 and the Company's
Articles of Association, Smt. Vandana C. Patel, Director (DIN: 07010646) retires by rotation at the
forthcoming Annual General Meeting and, being eligible, offers herself for re-appointment. The
Board recommends her re-appointment for the consideration of the members of the Company at
the ensuing Annual General Meeting.

During the year under review, the Board of Directors of the Company based on the
recommendation of Nomination & Remuneration Committee, appointed Shri Anuj J. Desai (DIN:
11044101) as an Independent Director of the Company for a term of 5 (five) consecutive years,
effective from April 30, 2025 to April 29, 2030 (both dates inclusive) and re-designated Shri Mittal
K. Patel (DIN: 03619139) as Non-Executive Independent Director of the Company for a term of 5
(five) consecutive years, effective from April 30, 2025 to April 29, 2030 (both dates inclusive),
subject to the approval of the members of the Company. The members of the Company by way of
postal ballot have approved the said appointments on June 18, 2025.

Shri Shalin S. Patel (DIN: 01779902) ceased as Non-Executive Independent Director of the
company with effect from February 8, 2026 due to completion of second term of Five years as
Independent Director. The Board placed on its record appreciation for his contribution, expert
advice and support given to the Board in taking the decisions for the businesses during his tenure.

The Board of Directors of the Company based on the recommendation of Nomination &
Remuneration Committee, appointed Shri Shalin S. Patel (DIN: 01779902) as a Non-Executive,
Non-Independent Director liable to retire by rotation with effect from February 8, 2026, subject to
approval of the members of the Company, in order to continue to benefit from his extensive
experience and business expertise. The members of the Company by way of postal ballot have
approved the said appointments on March 21, 2026.

Your Company has received declarations from the Independent Directors confirming that they meet
with the criteria of Independence as prescribed under sub-section (6) of Section 149 of the
Companies Act, 2013 & the Companies (Appointment and Qualification of Directors) Rules, 2014
and under Regulation 25(8) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and there has been no change in the circumstances which may affect their
status as an Independent Director during the year.

None of the Non-Executive Directors of the Company had pecuniary relationship or transactions
with the Company (except sitting fees for attending Board and Committee Meetings) during the
year under review.

Pursuant to Section 203 of the Companies Act, 2013, the whole-time Key Managerial Personnel of
the Company as on March 31, 2026 are as under:

NUMBER OF MEETINGS OF THE BOARD

During the Financial Year ended on March 31, 2026, the Board met Six times, the details of Board
Meetings and attendance of Directors are given in the Corporate Governance Report that forms
part of this Annual Report. The intervening gap between any two consecutive meetings of Board
was not more than one hundred and twenty days.

COMMITTEES OF BOARD

The Company has following Committees of the Board as on March 31, 2026 pursuant to applicable
provisions of the Companies Act, 2013 and rules made there under as well as in compliance with
SEBI (LODR) Regulations, 2015:

(i) Audit Committee

(ii) Nomination and Remuneration Committee

(iii) Stakeholders Relationship Committee

The details of composition, meetings and attendance of members of committees held during the
year are given in the Corporate Governance Report that forms part of this Annual Report.

BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and as per the corporate governance
requirements as prescribed under SEBI (LODR) Regulations, 2015, the Board of Directors had
carried out the performance evaluation of working of the Board Committees as well as evaluation
of Independent Directors and assessment of their independence criteria and their independence
from the management. The Board of Directors also reviewed the criteria for the purpose of
evaluation of performance of Independent Directors of the Company as well as Committee of
Board of Directors of the Company. The Independent Director met on February 20, 2026, without
the attendance of Non-Independent Director and members of the management. The Independent
Director reviewed the performance of non-independent directors, Board as a whole and the
performance of the Chairperson of the Company taking into account the views of Executive
Directors and Non-Executive Directors and assessed the quality, quantity and timeliness of flow of

information between the Company Management and the Board that is necessary for the Board to
effectively and reasonably perform their duties. The Nomination and Remuneration Committee of
the Company had also carried out performance evaluation of every Director's performance. A
structured questionnaire was prepared after taking into consideration the various aspects of
evaluation. The Board of Directors expressed its satisfaction with the evaluation process.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(3)(c) of the Companies Act, 2013, your Directors to the best of their
knowledge and belief and according to the information and explanations obtained by them state
that:

a) in the preparation of the annual accounts for the year ended on March 31, 2026, the applicable
accounting standards have been followed, along with proper explanation relating to material
departures;

b) the Directors had 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 for the year ended on March 31, 2026 and of the profit of the
Company for that period.

c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities;

d) the Directors had prepared the annual accounts on a going concern basis; and

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

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

RELATED PARTY TRANSANCTIONS

All transactions entered with related parties for the year under review were on arm's length basis
and in the ordinary course of business of the Company and there were no material contracts or
arrangement or transactions entered into, in terms of Section 188 of the Companies Act, 2013 and
accordingly, the disclosure of related party transactions as per Section 134(3)(h) of the Companies
Act 2013 in Form AOC-2 is not required to be provided. Further, the disclosures in compliance with
Para A of Schedule V of Regulation 34(3) of SEBI (LODR) Regulations, 2015 is provided in the
notes to the accounts. The related party transactions as required to be disclosed under Indian
Accounting Standards (Ind-AS 24) are set out in the notes to the financial statements.

The Audit Committee had given prior omnibus approval for the related party transactions which
were of repetitive nature and/or entered in the ordinary course of business and on arm's length
basis and a statement giving details of all related party transactions were placed before the Audit
Committee and the Board for review and noting on a quarterly basis.

The policy on Related Party Transactions has been uploaded on the website of the Company viz.
www.srmtl.com. None of the Directors has any pecuniary relationship or transactions vis-a-vis the
Company.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY THE COMPANY

During the year 2025-26, the Company has not given any loans or provided guarantee or security
in connection with a loan to other body corporate or person or made investments as contemplated
under the provisions of Section 186 of the Companies Act, 2013, hence the details are not
provided.

POLICIES

The updated policies adopted by the Company as per statutory and governance requirements are
uploaded on website of the Company at viz. www.srmtl.com.

INTERNAL FINANCIAL CONTROL SYSTEM

The Company's internal control system is commensurate with its size, scale and complexities of its
operations. Your Company has an effective internal control and risk-mitigation system which are
constantly reviewed, assessed and strengthened with new/ revised standard operating procedures
considering the existing system and future planning as envisaged. The internal audit is entrusted to
M/s Ramesh C. Sharma & Co., Chartered Accountants and the scope of the internal audit are
reviewed and revised as required to assess the risks and business processes, besides
benchmarking controls with best practices in the industry.

The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of
the internal control systems and suggests improvements to strengthen the same. The Company
has a robust Management Information System, which is an integral part of the control mechanism.

The Audit Committee, Statutory Auditors and the business heads are quarterly apprised of the
internal audit findings and the corrective actions taken. Audit plays a key role in providing
assurance to the Board of Directors. The significant audit observations and corrective actions taken
by the management are presented to the Audit Committee of the Board. In order to maintain its
objectivity and independence, the Internal Auditor reports to the Chairman of the Audit Committee.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO

The statement showing particulars with respect to the conservation of energy, technology
absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the
Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 as amended from
time to time is annexed herewith as “Annexure A” as a part to this Report.

PARTICULARS OF MANAGERIAL REMUNERATION AND EMPLOYEES

The Company has continued to maintain harmonious and cordial relations with its officers,
supervisors and workers enabling the Company to maintain the pace of growth. Training is
imparted to employees at all levels and covers both technical and behavioral aspects.

The details of Managerial Remuneration as required under Section 197(12) of the Companies Act,
2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 is annexed herewith as “Annexure B” as a part to this Report.

The statement containing particulars of employees, as required under Section 197 of the
Companies Act, 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, forms part of this Annual Report. However, in
terms of Section 136 of the Companies Act, 2013, the Annual Report is being sent to the Members
excluding the aforesaid statement. The said statement is available for inspection by the Members
at the Registered Office of the Company during business hours on working days of the Company
up to the date of ensuing AGM. Any Member interested in obtaining a copy of the said statement
may write to the Company Secretary at the Registered Office of the Company.

NOMINATION AND REMUNERATION POLICY

The Board of Directors has, on recommendation of the Nomination and Remuneration Committee,
framed a Nomination and Remuneration Policy pursuant to the provisions of Section 178 of the
Companies Act, 2013 read with the Rules made thereunder as well as SEBI (LODR) Regulations,
2015. The policy has been placed on the website of the Company viz. www.srmtl.com. The salient
features of the said policy are stated in the Corporate Governance Report that forms part of this
report.

AUDITOR & AUDITOR'S REPORT
STATUTORY AUDITOR

Pursuant to Section 139 of the Companies Act, 2013 and the applicable rules, M/s. Mahendra N.
Shah & Co. (FRN: 105775W), Chartered Accountants, Ahmedabad, were appointed as Statutory
Auditors of the Company for a term of five years from the conclusion of the Twenty-Eighth Annual
General Meeting (AGM) until the conclusion of the Thirty-Third AGM. The Company has received a
confirmation from the said firm that their appointment is within the prescribed limits under Section
141 of the Act and that they are not disqualified for such appointment. During the year under
review, there were no instances of fraud reported by the auditors under Section 143(12) of the
Companies Act, 2013 and its rules made thereunder.

SECRETARIAL AUDITOR

Pursuant to the provisions of Regulation 24A of SEBI (LODR) Regulations, 2015and Section 204
of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, the members of the Company approved the appointment of
M/s. Chirag Shah & Associates, Company Secretaries in practice, (Peer Review Number
6543/2025) as Secretarial Auditors of the Company for a period of five consecutive years at the
Annual General Meeting (AGM) of the Members held on September 6, 2025 to hold office for five
years commencing from the FY 2025-26 till the FY 2029-30.

Accordingly, M/s. Chirag Shah & Associates, Practicing Company Secretaries has undertaken the
Secretarial Audit of the Company for the FY 2025-26. The Secretarial Audit Report is annexed as
Annexure C to this Report. Additionally, M/s. Chirag Shah & Associates carried out the Annual

Secretarial Compliance Audit pursuant to Regulation 24A of SEBI (LODR) Regulations, 2015 for
the same period, and no observations were made therein.

COMMENTS ON AUDITOR'S REPORT

Both, Statutory Auditor and Secretarial Auditor have made similar observation in their Audit Report
during the year under review. In response to that, the Board hereby comments as under:

1. Regarding Non consolidation of accounts of Shree Rama Mauritius Limited (WOS):

The Company had made an investment in Shree Rama (Mauritius) Limited in 2002 and became
Wholly-Owned Subsidiary (WOS). In the year 2005-06, all resident directors & key managerial
personnel of the said WOS had resigned and audited accounts for the year ended 30^th
September 2003 and onwards could not be prepared and provided to the Company. The WOS
became defunct since 2005 under the respective law and its present status is also shown as
'defunct'. Consequently, the Company is providing for diminution in the value of investments
made in WOS.

In view of the above and non-availability of financial information of WOS since 2003 it was not
possible to prepare consolidated financial statements as required by Ind AS 110 issued by ICAI
and other provisions of the Companies Act, 2013.

The Company is in correspondence with its Authorized Dealer (AD) Bank for regularization of
past Overseas Direct Investment (ODI) compliances and for obtaining the requisite approvals in
accordance with the applicable Foreign Exchange Management Act, 1999, the rules and
regulations made thereunder, for disinvestment/write-off of its investment in the defunct Wholly-
Owned Subsidiary. The Company has provided the requisite information and clarifications as
sought by the AD Bank in this connection.

COST AUDITOR

As per the requirements of the Section 148 of the Act read with the Companies (Cost Records and
Audit) Rules, 2014 as amended from time to time, your Company is required to maintain cost
records and accordingly, such accounts are made and records have been maintained relating to
the product group 'Plastics and Polymers' during the year under review. The Board of Directors, on
the recommendation of Audit Committee, has re-appointed M/s Maulin Shah & Associates, Cost
Accountants, (Firm Registration Number 101527) as Cost Auditor to audit the cost records of the
Company for the Financial Year 2026-27. As required under the Act, a resolution seeking
member's approval for the remuneration payable to the Cost Auditor forms part of the Notice
convening the Annual General Meeting for their ratification.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Your Company falls under the criteria of Section 135 of the Companies Act, 2013 read with the
rules made thereunder hence is required to constitute CSR Committee and comply the
requirements thereunder as prescribed. As per the aforesaid section, the Company is required to
spend ? 24,95,807.83 /- towards CSR activities as per CSR Policy during the FY 2025-26. Since
the amount to be spent is less than ? 50 lakhs, the Company is not required to constitute CSR

Committee and the functions of such committee shall be discharged by the Board of Directors of
the Company. The CSR policy is available on the website of your Company at www.srmtl.com

The relevant information required to be given under Section 135 of the Companies Act 2013 is
attached in form of Annual Report on CSR activities as “Annexure D” to this report.

Further, the Chief Financial Officer of your Company has certified that CSR spends of your
Company for the FY 2025-26 have been utilized for the purpose and in the manner approved by
the Board of Directors of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report on operations of the Company as required
under Regulation 34(3) read with Para B of Schedule V of SEBI (LODR) Regulations, 2015, is
provided in a separate section and forms an integral part of this Annual Report.

CORPORATE GOVERNANCE REPORT

The Report on Corporate Governance as stipulated under Regulation 34(3) read with Para B of
Schedule V of SEBI (LODR) Regulations, 2015 forms an integral part of this Report. The requisite
certificate from the Practicing Company Secretary of the Company confirming compliance with the
conditions of corporate governance is attached to this report on Corporate Governance.

INSURANCE

The assets of the Company are adequately insured to take care of any unforeseen circumstances.

MATERIAL CHANGES AND COMMITMENT AFFECTING THE FINANCIAL POSITION OF THE
COMPANY

There are no material changes and commitments affecting the financial position of the Company
occurred between the end of the financial year of the Company to which the financial statements
relate and the date of the report.

RISK MANAGEMENT

The risk is the part and partial of every business and the risk management is embedded in your
Company's operating framework. Even though it is not possible to completely eliminate various
risks associated with the business of the Company, the efforts are made to minimize the impact of
such risks on the operations of the Company. The Company has established a well-defined
process of risk management which includes identification, analysis and assessment of various
risks, measurement of probable impact of such risks, formulation of the risk mitigation strategies
and implementation of the same so as to minimize the impact of such risks on the operations of the
Company. The Company has put in place various internal controls for different activities so as to
minimize the impact of various risks. The Company's approach to addressing the business risk is
comprehensive and includes periodic review of such risks and a framework for mitigating controls
and reporting mechanism of such risks. The risk management framework is reviewed periodically
by the Board of Directors for its effectiveness and compliances.

The discussion on risks and concerns are covered in the Management Discussion and Analysis
Report, which forms part of this Report.

VIGIL MECHANISM

Pursuant to Section 177(9) of the Companies Act, 2013, the Company has in place Vigil
Mechanism and also adopted Whistle Blower Policy as part of it under SEBI LODR and SEBI
(Prohibition of Insider Trading) Regulations, 2015 available on the Company's website, to provide a
formal mechanism to the Directors' and employees to report their genuine concerns or grievances
about unethical behavior, serious misconduct or wrongful activities and fraud and instances of leak
of unpublished price sensitive information. The vigil mechanism provides adequate safeguards
against victimization and multiple channels for reporting concerns including an option for
escalations, if any, to the Chairperson of the Audit Committee of the Company. No complaint was
reported under said mechanism during the financial year 2025-26.The Vigil Mechanism Policy has
been hosted on the website of the Company i.e. www.srmtl.com.

CODE OF CONDUCT

The Board of Directors has adopted the Code of Conduct for the Directors and Senior Management
and the same has been placed on the Company's website. All the Board members and the senior
management have affirmed compliance with the Code of conduct for the year under review.

COMPLIANCE WITH SECRETARIAL STANDARDS

The Company has complied with all the applicable provisions of Secretarial Standard on Meetings
of Board of Directors (SS-1), Revised Secretarial Standard on General Meetings (SS-2),
Secretarial Standard on Dividend (SS-3) Secretarial Standard on Report of the Board of Directors
(SS-4) respectively issued by Institute of Company Secretaries of India.

PREVENTION OF SEXUAL HARASSMENT AT WORK PLACE

The Company 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 rules framed thereunder. Internal Complaints Committee (ICC) is in place to redress
complaints received regarding sexual harassment. During FY 2025-26, the Company has not
received any complaint on sexual harassment of women at work place.

OTHER DISCLOSURES

During the year under review:

> no significant and material orders were passed by the Regulators or Courts or Tribunals which
impact the going concern status and Company's operations in future.

> no application made or proceeding pending under the Insolvency and Bankruptcy Code, 2016

> there were no instances of onetime settlement with any Banks or Financial Institutions.

> there has been no change in the nature of business of the Company.

> the Company has complied with the applicable provisions of the Maternity Benefit Act, 1961

APPRECIATION

Your Directors place on record their sincere appreciation for the continued co-operation and
support extended to the Company by Government, Lenders and all stakeholders. Your Directors
also thank the Consumers for their patronage to the Company's products. Your Directors also
place on record sincere appreciation of the continued hard work put in by the employees at all
levels.

For, Shree Rama Multi-Tech Limited

Mittal K. Patel

Place: Moti-Bhoyan Chairman

Date: May 9, 2026 (DIN: 03619139)