The Directors present their 33 ^d Annual Report on the business and operations of the Company and the audited statement of
accountsforthe year ended 31 March 2026.

Financial Results

(In ' Lacs except EPS)

Corporate Highlights

Our net revenues (net of taxes and component sales) from
operations on a standalone basis grew by 66.90% to
' 8,411.37 lacs in the reporting year. Domestic and export
revenues constituted 85.78% and 14.22% of our total
revenues respectively. The growth in revenue has a further
positive impact on margins and profitability. The reported
Earnings before Depreciation, Interest, and Taxation
(EBITDA) stands at ' 3,235.03 lacs [previous year:
' 1,566.37 lacs] with the reported net profit at' 2,165.64
lacs [previous year:' 951.28 lacs] with a recorded growth
of 127.66%.

At the consolidated level, our net revenues (net of taxes
and component sales) from operations on a consolidated
basis grew by 66.90% to ' 8,487.29 lacs in the reporting
year. Domestic and export revenues constituted 85.01%
and 14.99% of our total revenues respectively. The growth
in revenue has a further positive impact on margins and
profitability. The reported EBITDA is increased to
' 3,520.24 lacs from ' 1,558.55 lacs as reported last year.
Whereas, the reported net profit increased to ' 2,418.07
lacsfrom ' 961.27 lacswith a recorded growth of 151.55%.

Operations and State ofAffairs

The operation and state-of-affairs have been adequately
explained in the Management Discussion and Analysis
segmentandform partofthisreport.

Subsidiariesand their Performance

To explore the emerging opportunities in communications
business and infrastructure development, the Company
has established direct subsidiaries, viz. Valiant
Communications (UK) Limited, United Kingdom and
Valiant Infrastructure Limited, India, as part of its future
growth strategy. Whereas, Valcomm Technologies Inc.,
USA, is its step-down subsidiary of the Company. The
statement containing the salient features of the financial
statements of the aforesaid subsidiaries is annexed
herewith asAnnexure-1.

Valcomm USA, has clientele of prestigious name such as
the US Government (various departments), General
Dynamics, Ministry of Defence Serbia, Ministry of Defence
Bulgaria, Ministryof DefenceAustralia, Costal Department
France etc., as its end user customers.

Whereas, Valiant UK has also been approved as registered
vendor withSiemens for Lithuania and Latvia.

The Company has adopted a policy for determining
Material Subsidiaries in terms of Securities and Exchange
Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("the Listing
Regulations"). The Policy, as approved by the Board, is
uploaded on the Company's website at the web link:
https://www.valiantcom.com/corporate/cp/material-
subsidiary-policy.pdf

There were no transactions during the year which would
require to be reported in Form AOC-2.

Consolidated Financial Statements

As required under Section 129 of the Companies Act,
2013 ("the Act") and the Listing Regulations, the audited
Consolidated Financial Statements of the Company and
its subsidiaries, prepared in accordance with the
Companies (Indian Accounting Standards) Rules, 2015
("Ind AS"), form part of the Annual Report and are
reflected inthe Consolidated Financial Statements.

The annual accounts of the subsidiaries and related
detailed information will be kept at the Registered Office
of the Company, as also at the registered offices of the
respective subsidiary companies and will be available to
investors seeking information at any time. They are also
available on the website ofthe Company.

BonusIssue

On 13 October 2025, the Company allotted 38,14,030
fully paid-up Bonus Equity Shares of the face value of
' 10/- each in the ratio of one new fully paid-up bonus
equity share for every two existing equity shares, held by
the shareholders of the Company on record date of
10 October2025.

In accordance with approval received from the Members
at their last annual general meeting held on
30 September 2025, the said bonus equity shares rank
pari-passu in all respects with the existing equity shares
ofthe Company.

Share Capital

As a result of the bonus issue, the paid-up capital of the
Company increased to ' 1,144.21 lacs from ' 762.81 lacs.
The paid-up capital on account of bonus issue of' 381.40
lacs has been appropriated from the securities premium
and capital redemption reserve.

There has been no change in the authorized share capital.
The Company has not issued shares with differential
voting rights. It has neither issued employee stock
options nor sweat equity shares and does not have any
scheme to fund its employees to purchase the shares of
the Company.

Issuanceofconvertible warrants

The Board of Directors ofthe Company, in their meeting
held on 27 November 2025 have allotted 6,00,000
warrants, each are convertible into fully paid-up equity
shares ofthe Company, on preferential basis to the 'Non¬
Promoter' category, up to an amount of' 4,608 Lacs, at
an issuance price of ' 768/- per warrant [derived
pursuant to the SEBI (Issue of Capital and Disclosure
Requirements) Regulations, 2018].

Equity share(s) issued upon exercise of warrant(s), shall
rank pari-passu to the existing equity shares of the
Company. The shareholders of the Company, by way of
postal ballot, approved the issuance of warrants on
preferential basis. During the financial year under
reporting, the Company has received an aggregate
consideration of' 1,152 Lacs towards minimum 25% of
the total consideration of the warrants. The convertible
warrants are required to be exercised and converted into
equity shares within 12 months from the date of
allotment of warrants, in accordance with the provisions
of the SEBI (Issue of Capital and Disclosure
Requirements) Regulations, 2018. In the event, the
warrants are not exercised within the said period, the
upfront consideration of 25% paid by the warrant holders
shall stand forfeited by the Company.

Utilisation of funds

Regulation 32 ofthe Listing Regulations states that where
a listed entity has raised funds through preferential
allotment, the listed entity shall disclose every year, the
utilization of such funds during that year in its Annual
Report until such funds are fully utilized. Accordingly, the
same has been disclosed in the Corporate Governance
Reportand the financial statements ofthe Company.

Further, it is also confirmed that the funds raised have
been used for the purpose for which funds were raised
only and there is no reported deviation.

Transferto Reserves

As permitted under the provisionsoftheAct,the Board of
Directors has decided to retain the entire amount of
profits for financial year2025-26inthe retainedearnings.

Dividend

Considering the performance ofthe Company, the Board
of Directors has recommended a Dividend of 15% (' 1.50
per equity share on face value of ' 10/- each), on the
expanded paid-up capital. The total dividend outgo for
the financial year ended 31 March 2026, shall be higher
by 50% than the previous year commensurate with the
increase in the number of equity shares on account ofthe
Bonus Issue in ratio 1:2. The said Dividend on equity
shares is subject to the approval of the Members at the
ensuing Annual General Meeting ("AGM"). The Dividend
income will be taxable in the hands of the Members and
the Company is required to deduct tax at source from the
Dividend paidtothe Members at prescribed rates.

Ifthe dividend, as recommended above, is declared at the
ensuing AGM, the total outflow towards dividend on
Equity Shares for the year would be ' 175.38 lacs
(previous year: ' 114.42 lacs), which may be increased
further because of the outstanding convertible warrants,
asreferred above.

Dematerialisation of EquityShares

As on 31 March 2026, 99.13% (previous year: 98.57%) of
the outstanding equity shares of the Company have been
dematerialized.

Deposits

During the year under review, your Company has not
taken any public deposits.

Particulars of Loans,Guaranteesand Investments

During the year under review, your Company has not
given any loans, guarantees or made investments under
Section 186oftheAct, 2013.

Related PartyTransactions

All Related Party Transactions that were entered into
during the financial year were on an arm's length basis, in
the ordinary course of business and were in compliance
with the applicable provisions of the Act and the Listing
Regulations. There were no materially significant Related
PartyTransactions made by the Company during the year
that would have required Shareholders' approval under
the Listing Regulations.

All Related PartyTransactions are placed before the Audit
Committee for approval. Prior omnibus approval of the
Audit Committee is obtained for the transactions which
are repetitive in nature. A statement of all Related Party
Transactions is placed before the Audit Committee for its
review on a quarterly basis, specifying the nature, value
and terms and conditions ofthe transactions.

During the year under review, your Company has not
entered in any kind of transaction, referred in Clause 2
and 2A, Part AofScheduleVof Listing Regulations.

The Company has adopted a Related Party Transactions
Policy. The policy, as approved by the Board, is uploaded
on the website ofthe Company at the following web link:
https://www.valiantcom.com/corporate/cp/materiality-
related-party.pdf

Details of the transactions with Related Parties are
provided in the accompanyingfinancial statements.

Risk Management Policy

The Company has adopted a Risk Management Policy in
accordance with the provisions of the Act and the Listing
Regulations. It establishes various levelsof accountability
and overview within the Company, while vesting
identified managers with responsibility for each
significantrisk.

The Company has laid down procedures to inform the
Audit Committee as well as the Board of Directors about
risk assessment and management procedures and status.

The risk management process consists of risk
identification and assessment; risk measurement,
mitigation and monitoring; and risk reporting.

Board of Directors

The Board of Directors of the Company is comprised of
members with proven competence and integrity. Besides
the experience, strong financial acumen, strategic
astuteness and leadership qualities, they also have a
significant degree of commitment towards the Company
and devote adequate time to the meetings and
preparation.

As on reporting date, the Board consists of eight Directors
comprising of four Independent Non-Executive Directors
and four Executive Directors, details of which have been
provided in the Corporate Governance Report.

In terms of the requirement of the Listing Regulations,
the Board has identified core skills, expertise, and
competencies of the Directors in the context of the
Company's businesses for effective functioning. The list
of key skills, expertise and core competencies of the
Board of Directors is detailed in the Corporate
Governance Report. In the opinion of the Board, all the
Directors, including the Directors re-appointed during
the year under review possess the requisite
qualifications, experience & expertise and hold high
standards of integrity.

Appointment of Directors

Pursuant to the provisions of the Companies Act, 2013
and the Articles of Association of the Company, and
on the recommendations of the Nomination and
Remuneration Committee, the Board of Directors
appointed at its meeting held on 03 February 2026:

a) Mr. Garv Mohan Sood as an Additional Director and
as Whole-time Director of the Company, liable to
retire by rotation, for a period of three (3) years with
effect from 03 February 2026, later approved and

regularized by the shareholders by way of passing a
special resolution on 12 March 2026;

b) Sh. Aditya Pratap Singh as an Additional Director in
Independent Capacity, not liable to retire by rotation,
for an initial term of five (5) consecutive years from
03 February 2026, later approved and regularized by
the shareholders by way of passing a special
resolution on 12 March 2026.

Independent Directors

The Members of the Company at their 31^st Annual
General Meeting (AGM) held on 25September 2024, had
appointed Sh. Subhash Kumar Mehta, Sh. Anil Tandon
and Ms. Sanjna Aggarwal as Independent Directors of the
Company for the first term to hold office up to
24 September 2029. Whereas, as disclosed above,
Sh. Aditya Pratap Singh, will hold office for the first term
up to 02 February 2031.

All the Independent Directors have given declarations
that they meet the criteria of independence as laid down
underSection 149 (6) of the Act and the provisions of the
Listing Regulations. In the opinion of the Board, they
fulfill the conditions of independence as specified in the
Act and the Rules made thereunder and are independent
of the management.

The Board is of the opinion that the Independent
Directors possess requisite qualifications, experience
and expertise in the fields of commerce, laws, strategy,
auditing, tax and risk advisory services, financial services,
corporate governance, etc. and that they hold highest
standards of integrity.

The Independent Directors of the Company have
confirmed that they have enrolled themselves in the
Independent Directors' Databank maintained with the
Indian Institute of Corporate Affairs ('IICA') in terms of
Section 150 of the Act read with Rule 6 of the Companies
(Appointment & Qualification of Directors) Rules, 2014,
asamended.

Re-appointmentof Directors retiringby rotation

In accordance with the provisions of Section 152 of the
Act, Sh. Inder Mohan Sood and Sh. Davinder Mohan
Sood, Directors of the Company, retire by rotation, and
being eligible, offer themselvesforre-appointments.

Cessations

There has not been any instance of cessation of Directors
duringthe year underreporting.

Key Managerial Personnel

Thefollowingarethe Key Managerial Personnel ("KMPs")
of theCompanyas per Sections 2(51) and203 of the Act:

a) Sh. Inder Mohan Sood, Managing Director & Chief
Executive Officer,

b) Sh. Davinder Mohan Sood, Executive Whole-time
Director & Chief Financial Officer,

c) Sh. Gaurav Mohan Sood, Executive Whole-time
Director,

d) Sh. Garv Mohan Sood, Executive Whole-time Director
and

e) Sh. Manish Kumar, Company Secretary & Compliance
Officer.

As referred above, Sh. Garv Mohan Sood was appointed
as Whole-time Director of the Company, for a period of
three (3) years with effect from 03 February 2026. There
has been no other instance of appointment or cessation
of Key Managerial Personnel during the year under
reporting.

Policy onAppointmentand Remuneration of Directors

The Company has adopted a Nomination and
Remuneration Policy for the Directors, Key Managerial
Personnel, and other employees, pursuant to the
provisionsoftheActand the Listing Regulations.

In accordance with the Nomination and Remuneration
Policy adopted by the Company, the Nomination and
Remuneration Committee is responsible for developing
competency requirements for the Board based on the
industry and strategy of the Company.

The Committee is responsible for reviewing and vetting
the profile of potential candidate vis-a-vis the required
competencies and meeting potential candidates, prior to
making recommendations of their nomination to the
Board in accordance with the Nomination and
Remuneration Policy of the Company. The Nomination
and Remuneration Committee has formulated the
criteria for determining requisite qualifications, positive
attributes such as high standards of ethical behavior,
strong interpersonal and communication skills and
soundness of judgment and independence of Directors in
terms of provisions of Section 178 of the Act and the
Listing Regulations.

The philosophy for remuneration of Directors, Key
Managerial Personnel and all other employees of the
Company is based on the commitment of fostering a
culture of leadership with trust. The Remuneration Policy
of the Company is aligned to this philosophy.

The Nomination and Remuneration Committee has inter-
alia considered the following factors while formulating
the Policy:

(i) The level and composition of remuneration is
reasonable and sufficient to attract, retain and
motivate Directors of the quality required to run the
Company successfully;

(ii) Relationship of remuneration to performance is clear
and meets appropriate performance benchmarks;
and

(iii) Remuneration to Directors, Key Managerial Personnel
and Senior Management involves a balance between
fixed and incentive pay reflecting short and long-term
performance objectives appropriate to the working of
theCompanyand itsgoals.

It is affirmed that the remuneration paid to Directors, Key
Managerial Personnel and all other employees is as per
the Remuneration Policyofthe Company.

The Nomination and Remuneration Policy, as approved
by the Board, is uploaded on the Company's website at:
https://www.valiantcom.com/corporate/cp/nomination
-remuneration-policy.pdf

Annual Evaluation of Board Performance and
Performanceof its Committees and ofDirectors

Pursuant to the applicable provisions of the Act and the
Listing Regulations, the Board has carried out an Annual
Evaluation of its own performance, performance of the
Directors and the working of its Committees based on the
evaluation criteria defined by Nomination and
Remuneration Committee (NRC) for performance
evaluation process of the Board, its Committees and of
Directors.

The Board's functioning was evaluated on various
aspects, including inter-alia the Structure of the Board,
Meetings of the Board, Functions of the Board, Degree of
fulfilment of key responsibilities, Establishment and
delineation of responsibilities to various Committees,
Effectiveness of Board Processes, information and
functioning.

The Committees of the Board were assessed on the
degree of fulfilment of key responsibilities, adequacy of
Committee composition and effectiveness of meetings.
The Directors were evaluated on aspects such as
attendance, contribution at Board/Committee Meetings
and guidance/support to the Management outside
Board/Committee Meetings.

The performance assessment of Non-Independent
Directors, Board as a whole and the Chairman were
evaluated in a separate meeting of Independent
Directors. The same was also discussed in the meetings of
NRCandthe Board.

Performance evaluation of Independent Directors was
done by the entire Board, excluding the Independent
Director being evaluated.

Boardand Committee Meetings

Details of the composition of the Board and its
Committees and of the Meetings held and attendance of
the Directors at such Meetings, are provided in the
Corporate Governance Report. The intervening gap
betweenthe Meetingswas within theprescribed period.

Directors' ResponsibilityStatement

In terms of Section 134(3) (c) of the Act, your directors, to
the best of their knowledge and belief and according to
the information and explanations obtained by them in
the normal course of their work, state that, in all material
respects:

a) In the preparation of the annual financial statements
for the year under reporting, the applicable
accounting standards have been followed along with
proper explanation relating to material departures, if
any;

b) Appropriate accounting policies have been selected,
applied consistently and judgment and estimates
have been made that are reasonable and prudent so
as to give a true and fair view of the state of affairs of
the company as at reporting date and of the profit of
thecompanyforthe year ended on that date;

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

d) The annual financial statements have been prepared
on a going concern basis;

e) Proper internal financial controls were in place and
the financial controls were adequate and operating
effectively; and

f) Proper systems to ensure compliance with the
provisions of all applicable laws were in place and
were adequateand operating effectively.

Corporate Governance Report and Management
Discussion & Analysis Report

As per the provisions of Listing Regulations, Corporate
Governance Report with auditors' certificate thereon and
Management Discussion and Analysis are attached and
form part of this report.

Vigil Mechanism /Whistle Blower Policy

The company has a vigil mechanism named 'Whistle
Blower Policy' to deal with instances of fraud and
mismanagement, if any. The complete details of the
policy can be found at the following web link:
https://www.valiantcom.com/corporate/cp/vigil-
mechanism.pdf

ReportingofFrauds

There was no instance of fraud during the year under
review, which required the Statutory Auditors to report to
the Audit Committee and / or Board under Section
143(12) oftheAct and therules made thereunder.

Anti-Sexual Harassment Policy

The Company has in place a Prevention of Sexual
Harassment Policy in line with the requirements of the
Sexual Harassment of Women at the Workplace
(Prevention, Prohibition and Redressal) Act, 2013,
('POSH') and rules made thereunder. All persons
employed on a permanent, contractual, temporary basis
and trainees are covered under this Policy. In addition,
the Company has complied with provisions relating to
constitution ofInternal Committees and has a stablewell-
governed ethics investigation process. The Internal
Committee constituted under the POSH comprises four
members including three women, with a woman as the
Presiding Officer, in accordance with the provisions of
Section 4 of the POSH.

No complaints were pending at the beginning of the
financial year 2025-2026. During the year under review,
no complaints with allegations of sexual harassment
were received by the Company and accordingly no
complaints were pending as at the end of the year.

Code ofConduct

All Board of Directors and senior management personnel
have affirmed their respective annual compliance with
the provisions of the Code of Conduct for the reporting
year, laid down by the Board to govern the conduct of
Directors and senior management of the Company by
certain fundamental business principles, ethics, values,
policies and procedures within the applicable laws, rules
and regulations.

Secretarial Standards

The Company is in compliance with the Secretarial
Standards issued by the Institute of Company Secretaries
of India (ICSI).

Codefor PreventionofInsider Trading

Pursuant to the SEBI (Prohibition of Insider Trading)
Regulations, 2015, as amended, the Company has
adopted a Code for Prevention of Insider Trading. The
objective of the code is to restrict an insider from dealing
in the shares of the company either directly or indirectly
when in possession of unpublished price sensitive
information and also to restrict communication of such
information. The code is applicable to directors and
designated employees/ persons associated with the
company. The code enumerates the procedure to be
followed for dealing in the shares of the company and
periodic disclosures to be made. It also restricts the
insiders from dealing in the company's shares during the
period when the 'Trading Window' is announced closed.
The company secretary has been designated as the
Compliance Officer.

The details of the said code are available on our website
at: https://www.valiantcom.com/corporate/cp/codes-
insider-trading.html

Internal Controls Systems and Adequacy

The Company's internal audit systems are geared
towards ensuring adequate internal controls
commensurate with the size and needs of the business,
with the objective of efficient conduct of operations
through adherence to the Company's policies, identifying
areas of improvement, evaluating the reliability of
Financial Statements, ensuring compliances with
applicable laws and regulations and safeguarding of
assets from unauthorized use.

Details of the internal controls system are given in the
Management Discussion and Analysis Report, which
forms partof the Directors' Report.

Auditors and Audit
i) Statutory Auditors

The Members of the Company at their Annual General
Meeting held on 30 September 2022, had approved the
re-appointment of M/s. Pawan Nanak Bansal & Co.,
Chartered Accountants, (ICAI Firm Registration no.
008953C), as the statutory auditors of the Company for a
second term of five consecutive years commencing from
the conclusion of the 29^th AGM until the conclusion of 34^th
AGM ofthe Company to beheld in theyear2027.

The Auditors' Report forthefinancialyearended 31 March
2026 does not contain any qualification, reservation,
adverse remarkordisclaimer.

ii) SecretarialAudit

In accordance with the provisions of Section 204 of the Act
and Rule 9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the
Company had appointed Bhalla & Associates, Company
Secretaries, Delhi, to undertake the Secretarial Audit of
the company. The Secretarial Audit report is annexed
herewithasAnnexure-2.

The Secretarial Audit Report for the financial year ended
31 March 2026 does not contain any qualification,
reservation, adverse remark or disclaimer.

In accordance with the SEBI Listing Regulations, the
Members of the Company at their Annual General
Meeting held on 30 September^-2025, had approved the
appointment of Bhalla & Associates, Practicing Company
Secretaries (Firm Registration No. S2016DE424900), a
Peer reviewed firm, as the Secretarial Auditors of the
Company for conducting Secretarial Audit and issue the
Secretarial Audit Report for a term of consecutive five (5)
years from financial year 2025-2026 to financial year
2029-2030.

ExtractofAnnual Return

In accordance with Section 92(3) read with Section
134(3)(a) of the Act, the Annual Return of the Company as
on 31 March 2026 is available on the Company's website
at: https://valiantcom.com/corporate/extract-annual-
return/extract-annual-return.html

Cost Records

The provisions of the Act relating to maintenance of cost
records are not applicable in the light of the 2^nd proviso of
Rule 3 of the Companies (Cost Records and Audit) Rules,
2014.

MaterialChangesand Commitments

The Preferential Issue Committee of the Board of Directors
of the Company at their meeting held on 07 May 2026,
allotted 2,50,000 equity shares of face value of ' 10/-
each, pursuant to the conversion of 2,50,000 fully
convertible warrants into equity shares. Accordingly, after
this allotment of 2,50,000 equity shares, there shall be
3,50,000 convertible warrants remaining outstanding and
available for conversion.

Other than above, there has been no material change and
commitment, affecting the financial performance of the

Company which occurred between the end of the financial
year of the Company to which the financial statements
relateand the date of this Report.

Significant and Material Orders passed by the Regulators
or Courts

No significant material orders have been passed by the
Regulators or Courts or Tribunals which would impact the
going concern status of the Company and its future
operations.

No applications were made or any proceedings were
pending against the Company under the Insolvency and
Bankruptcy Code, 2016.

Personnel

The information required underSection 197 (12) of the Act
read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 with
anyamendmentsthereto, isannexed asAnnexure-3.

In terms of Section 136 of the Act, the Reports and
Accounts are being sent to the shareholders excluding the
information required under Rule 5(2) and (3) of the
Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014. Any shareholder
interested in obtaining the same may write to the
Company Secretary at the Registered Office of the
Company. The said information is available for inspection
by the Members at the Registered Office of the Company
on any working day of the Company.

CorporateSocialResponsibility

The Company has complied with the provisions of Section
135 of the Act, by way of the required contribution to the
Prime Minister's National Relief Fund (PMNRF) in the
reported financial year. The Company shall continue its
endeavor to fulfill its responsibility towards society.

The above contribution projects are in accordance with
Schedule VII to the Act, The Annual Report on CSR
activities is attached as Annexure-4, which forms part of
this Report.

The CSR Policy is available on the website of the Company
at https://valiantcom.com/corporate/cp/csr-policy.pdf

Registrar and ShareTransfer Agent

The Company has been informed by the Registrar and
ShareTransfer Agent that consequent to the acquisition of
Link Group by Mitsubishi UFJ Trust and Banking
Corporation by way of Scheme of Arrangement, the name
of the Registrar and Share Transfer Agent of the Company

changed from Linkintime India Private Limited to MUFG
Intime India Private Limited with effect from 31
December2024.

Particulars of Conservation of Energy, Technology
Absorption and Foreign Exchange Earningsand Outgo

The information on conservation of energy, technology
absorption and foreign exchange earnings and outgo
stipulated under Section 134 (3) (m) of the Act read with
Rule 8 of the Companies (Accounts) Rules, 2014 with any
amendments thereto, isannexed asAnnexure-5.

Acknowledgments

The Directors sincerely acknowledge the trust and
confidence that has been placed by the employees,
shareholders and investors in the Company. The
Directors are thankful to all the employees and the
officers of the Company, for their dedication, support and
co-operation.

On behalfofthe Board of Directors
ForValiant Communications Limited
Sd/-

Inder Mohan Sood

Chairman and Managing Director

Place: New Delhi
Date: 30 May 2026