Your Directors are pleased to present the 46^th Annual Report on the operational and financial performance of the Company along with Audited Financial Statements for the year ended 31^st March 2026.

Financial Performance (F in lakhs)

CORPORATE REVIEW

During the year under review, your Company achieved a production of 93459 MTs as against 87250 MTs in the previous year. Total revenue of the Company was F634.25 crores against F634.58 crores of last year. Profit before interest & financial charges and depreciation stood at F27.47 crores. Net profit after tax stood at F6.47 crores against F50.60 crores of last year. The overall performance of your company in the current year was satisfactory in terms of operational efficiency and production level as compared to previous year. However, financial results are far below the expectations & estimates as compared to last year. The overall dismal financial performance in the current year is primarily due to significant decrease in sales prices and contrarily huge increase in prices of raw material, fuel and other inputs. Although demand for writing and printing paper remained normal throughout the financial year but margins were under severe pressure as compared to last year.

Your Company made all efforts to maintain its position amongst the leading agro based writing & printing paper segment with the support & cooperation of all stake holders including committed team of professionals & workforce. The Company kept its focus on consistency in quality, product development and cost optimization for long term sustainability.

The financial performance of the company was also affected adversely due to global uncertainty caused by firstly US Tariffs and then uncontrollable factors like Conflict in West Asia (Iran-Israel-USA) in addition to unending conflicts between Russia-Ukraine and Israel-Palestine. All these events had cumulative/massive economic and geopolitical effect in one way or the other on the trade and input costs.

Your company is aware of its obligations and responsibilities towards environment & society and is making best possible

efforts to build a sustainable business through recycling bio resources, energy saving, water conservation, controlling air & water pollution and thus contribute to the society at large.

You r company always strives and makes efforts within its resources towards environment and socio-economic areas. The Company accords top priority to the safety of its human capital, compliance of environmental obligations and enhancing operational efficiency.

PAPERINDUSTRY

Indian paper industry is one of the rapidly growing market for paper in the world. The demand for paper in the country is growing at around 6% annually backed by highest growth in packaging/ board segment @ 8-10% and moderate growth of approximately 2- 3% in writing & printing paper and 4% in copier paper. The demand for paper is expected to continue to grow in the range of 5-6% combined for all segments.

Educational institutions, coaching centers, schools/colleges and to public/private sector offices are the major consumption hubs and create demand for writing & printing paper in India as well overseas. Some countries in Europe and even countries like Brazil, China and South Korea etc have decided for either banning or curtailing the use of digital devices in class room which, besides creating necessity of paper, is likely to push the demand for paper.

The enthusiasm and thrust for overhauling educational curriculum/books across all classes in schools is now being executed. This will help generate demand and growth of writing and printing category. Besides, increasing budgetary allocation for education is going to further boost the demand & growth.

The demand of paper in India continues to witness steady growth year on year. Nevertheless, per capita consumption of Paper in India is nearly 15-16kgs which is far lower as compared to other Asian countries like Indonesia (28-30 kg), Thailand (65-66 kg), China (85-77 kg) and above 200kgs in other developed countries like USA, Germany, Austria, Japan etc. China’s overall consumption is massive at more than 120 million tons but per capita goes down due to high population. In brief, per capita consumption of paper in India is significantly and visibly lower than the global average of 56-57 kg.

FMCG/beverages/groceries and other products marketed through organized retail & e-commerce are source of huge demand for packing paper/board while growing awareness and urbanization are creating good demand for daily utility/ hygiene products such as tissue paper, lightweight coated paper & medical grade coated paper. Growing manufacturing sector and thrust of Government to increase literacy level are expected to be the key drivers for the paper industry in India in near future.

The aggressive campaign backed by legislation across India aimed at minimizing the use of plastic packing will boost demand for packaging paper.

PERFORMANCE REVIEW

The market demand for paper during the year was normal in terms of quantity though it was depressing for revenue and margins. The top line was almost matching the previous year due to higher volumes but the bottom is severely affected as margins eroded compared to the previous year on account of unusually high inputs cost in India and unabated imports of paper at lower prices. The unit wise performance of the Company is described as under:

SHREYANSPAPERS

During the financial year 2025-26, the Company witnessed a notable improvement in its operational performance, supported by the successful implementation of the technical upgradations and modernization initiatives undertaken in the previous year. These enhancements resulted in better machine runnability, improved process stability, and higher operational efficiency, leading to increased production and enhanced capacity utilization.

The Company’s continued focus on process optimization, preventive maintenance, and efficient resource management contributed to improved productivity, consistent product quality, and better cost efficiencies. These measures have further strengthened the Company’s operational capabilities and competitive position.

As part of its ongoing capital expenditure programme, the Company has undertaken the installation of a Synchro Cutter Machine (Pasaban make), which is scheduled to be commissioned during the financial year 2026-27. The new machine is expected to deliver precise and consistent sheet cutting, improve bundle quality, reduce process losses, and enhance overall finishing efficiency, thereby further strengthening product quality and customer satisfaction.

The Company remains committed to pursuing strategic investments and continuous improvement initiatives aimed at de-bottlenecking operations, enhancing production capacity and product quality, improving productivity, and reducing manufacturing costs to support sustainable long-term growth.

SHREE RISHABH PAPERS

Total Paper production in this unit was higher as compared to last year on account of increase in machine efficiency, higher machine speed and better working during the year. Technical upgradation in terms of complete automation in Stock Preparation area, two numbers Twin roll presses in Pulp mill and Bundle Shrink Wrap machine were commissioned and stabilized during the year. This resulted into chemical costs optimization, improved pulp/paper quality and better aesthetics of bundles/ Packages. Further, the Unit is in the process of setting up a husk fired/multi fuel steam boiler of 42 TPH which will be used as stand by and will take care of production requirements in the event of breakdown/maintenance of primary boiler.

FINANCIAL REVIEW EQUITY SHARE CAPITAL

The paid-up Equity Share Capital as on 31st March 2026 was F13.82 crores. During the year under review, the Company has neither issued any shares nor granted stock options and nor sweat equity.

FINANCE

An amount of F3.06 crores, out of existing term loans and deposits were repaid and fresh term loan of F9.81 crores were availed during the year. Overall financial cost relating to borrowings has decreased during the year owing repayment of existing term loans and lesser utilization of working capital.

EXTERNAL CREDIT RATING

During the year under review, CARE Ratings Limited has reviewed the external credit rating for the Long-Term and Shortterm Bank facilities of the company and has reaffirmed the rating. The facility wise rating is as under:

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

OTHER EQUITY

The Company does not propose to carry any amount to any reserves.

PROPOSED DIVIDEND

The Board of Directors has recommended dividend of F1.50/-per equity share amounting to F207.37 lakhs for the year 202526 in their meeting held on 20th May 2026. The dividend, as recommended by the Board of Directors, if approved at the Annual General Meeting, would be paid subject to deduction of tax (TDS) at the prescribed rates as per Income Tax Act,1961 as amended by Finance Act 2020.

DEPOSITS

The Company has not accepted/renewed any deposits from the public during the FY 2025-26. The details relating to deposits as required under Rule 8 of the Companies (Accounts) Rules, 2014 are given hereunder:

(a) Deposits accepted and renewed during the year: Nil

(b) Deposits remained unpaid or unclaimed as at the end of the year; Nil

(c) Any default in repayment of deposits or payment of interest thereon during the year; Nil

(d) Details of deposits which are not in compliance with the requirements of Chapter V of the Companies Act, 2013; Nil

At the end of the year, fixed deposits from the public were outstanding to the tune of Rs. Nil.

FUTURE PLANS/PROSPECTS

Proposed Capital expenditure has been discussed while reviewing the performance of both the units. Capital expenditure planned will help the Company in improving its operations in terms of quality along with cost effectiveness.

The demand of paper during the year remained normal but low sales realizations due to competition from low priced imports and considerable upsurge in the prices of raw material, fuel and other inputs badly impacted the realizations.

We entered the new FY 2026-27 with same subdued market sentiments of average demand couple with softening sales prices. The expected relief on raw material front with the arrival of new crop was short lived and suddenly took U-turn and prices surged to its peak. Other input costs which went up significantly due to Iran-US war have yet to come back to pre-war levels. On the contrary, demand for paper has become sluggish and the mills are trying to keep afloat by liquidating stocks at competitively low prices. The rough phase paper industry passing through for the last few quarters is likely to continue for another quarter or so. In the face of current uncertainties and wide mismatch between input-output price ratios, it may not be easy to predict fairly the expected results for the FY27. Nevertheless, given the fact that paper industry is cyclical in

nature, market should turn around and hope that with the beginning of peak demand period sometime from October onwards, your company and the paper industry in general should do better in terms of realizations & margins. Your company shall continue to focus on improvisation in technology and up gradation of equipment to achieve sustainable growth. NUMBER OF MEETINGS HELD

The details of Board and Committee/other meetings held in Financial Year 2025-26 are given in the Corporate Governance Report.

DIRECTORS/ KEY MANAGERIAL PERSONNEL

In terms of the provisions of the Companies Act, 2013, Mr. Kunal Oswal, Director of the Company, is liable to retire by rotation at the forthcoming Annual General Meeting of the Company and being eligible, offers himself for reappointment.

Based on the recommendations of Nomination and Remuneration Committee, the Board has approved the reappointment of Mr. Kunal Oswal (DIN: 00004184), Whole Time Director of the Company for a period of three years w.e.f. 1st August, 2026 to 31st July, 2029 subject to the approval of members of the company.

Based on the recommendations of Nomination and Remuneration Committee, the Board has approved the reappointments of Mr. Rajneesh Oswal (DIN: 00002668), Chairman and Managing Director and Mr. Vishal Oswal (DIN: 00002678), Vice-Chairman and Managing Director of the Company for a period of three years w.e.f. 1st September,2026 to 31st August, 2029 subject to the approval of members of the company.

All independent Directors have given declarations that they meet the criteria of Independence as laid down under Section 149[6] of the Companies Act, 2013 and Regulation 16[1] [b] of the SEBI [Listing Obligations & Disclosure Requirements] Regulations, 2015.

There was no change in the Key Managerial Personnel during the Financial Year 2025-26.

BOARD EVALUATION

Pursuant to provisions of the Companies Act, 2013 and Listing Regulations, the Board has carried out an annual evaluation of its own performance and the performance of the individual Directors as well as the working of its committees and expressed its satisfaction over the performance of the Board, its committees and individual Directors.The performance of Directors including the Chairman was evaluated on the basis of their experience, knowledge, Board decisions, participation, availability and attendance and contribution towards the Company.The Independent Directors in their separate meeting held on 10th February, 2026 have reviewed the performance of non-independentdirectors, Chairman and Board as a whole along with review of quality, quantity and timeliness of flow of information between Board and management and expressed their satisfaction over the same.

REMUNERATION POLICY

The Board has, on the recommendation of the Nomination and Remuneration Committee, framed a policy for selection and appointment of Directors, Key Managerial Personnel, Senior Management and their Remuneration. The said policy has been uploaded on the website of the Company. The Key provisions of

Nomination and Remuneration policy are appended as an Annexure I to the Board’s report.

AUDIT COMMITTEE

The Company has duly constituted Audit Committee, the scope of which is quite comprehensive and is in conformity with the provisions of the Companies Act, 2013 and Listing Regulations. The composition of the Audit Committee is given in Corporate Governance Report.

All the recommendations of the Audit Committee were accepted by the Board.

DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM/ WHISTLE BLOWER POLICY

The Company has adopted the Whistle Blower Policy/Vigil mechanism for director(s) and employee(s) to report concerns about unethical behavior, actual or suspected fraud, or violation of the Company’s Code of Conduct and Ethics. The mechanism also provides for adequate safeguards against victimization of director(s) or employee(s) who avail the mechanism and also provides for direct access to the Whistle Blower to the Chairperson of the Audit Committee in appropriate or exceptional circumstances. During the year under review, no instances have been reported or investigated under Whistle Blower Policy/Vigil mechanism of the Company. Such mechanism/policy is also available on the website of the Company.

STATUTORY AUDITORS

At 42nd Annual General Meeting held on 19th August, 2022, M/s SCV & Co. LLP (formerly known as S.C. Vasaudeva & Co.), Chartered Accountant, (FRN : 000235N/N500089), were appointed as statutory auditors of the Company to hold office from 42nd Annual General Meeting till the conclusion of the 47th Annual General Meeting.

The Statutory Auditor’s report on the Financial Statements for FY 2025-26 does not contain any qualification, reservation, adverse remark or disclaimer. The Auditors’ Report is selfexplanatory and requires no comments.

Further, there were no frauds reported by the Statutory Auditors of the Company during the period under review neither under Section 143(12) of the Act nor which are reportable to the Central Government.

COST AUDIT

M/s Rajan Sabharwal & Associates were appointed as Cost Auditors of the Company for auditing the cost accounts records for Financial Year 2025-26 under provisions of Section 148 of the Companies Act, 2013. They are likely to submit Cost Audit Report within the prescribed time limit.

Furthermore, the Board has re-appointed M/s Rajan Sabharwal & Associates as Cost Auditors of the Company for Financial Year 2026-27.

SECRETARIAL AUDIT

At the 45th AGM held on 12th August, 2025, the Members approved the appointment of M/s P.S. Bathla & Associates, Practicing Company Secretaries, Ludhiana (CP no. 2585), as the Secretarial Auditor of the Company for a period of 5 (five) consecutive years, i.e. from FY 2025-26 up to FY 2029-30.

The Secretarial Audit Report for Financial Year 2025-26 is appended as an Annexure II to the Board’s Report. The Secretarial Auditors in their report and in Annual Secretarial Compliance Report (Under Regulation 24A of SEBI LODR Regulations, 2015) for year ended 31st March 2026 has marked no observation.

RELATED PARTY TRANSACTIONS

All Related Party transactions entered during the financial year were on arm’s length basis and in the ordinary course of business. There were no materially significant related party transactions with the Company’s Promoters, Directors, Management or their relatives, which could have had a potential conflict with the interests of the Company. Transactions with related parties entered by the Company in the normal course of business are periodically placed before the Audit Committee for its omnibus approval.

Since there were no contracts/arrangements/transactions which were not at arm’s length basis or material with Related Party during the year; disclosure in form AOC-2 is not applicable.

The Company has formulated a policy for dealing with Related Party Transactions which is also available on web site of the Company at https://www.shreyansgroup.com/investors /corporate -policies PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with Rule 5 of the Companies [Appointment and Remuneration of Managerial Personnel] Rules, 2014 is appended as an Annexure III and forms an integral part of this report.

ANNUALRETURN

A copy of Annual Return for the financial year 2025-26 will be available on the website of the company after submission of the same to the registrar of Companies.

Annual returns of previous years are available on the website of the company.

INDUSTRIAL RELATIONS

The Company maintained healthy, cordial and harmonious industrial relations at all levels.

RISK MANAGEMENT

The Company has been addressing various risks through well-defined risk management procedures, which in the opinion of the Board may threaten the existence of the Company.

INTERNAL FINANCIAL CONTROL SYSTEMS

The Company had laid down adequate internal financial controls with reference to financial statements. During the year such controls were tested and no material weakness in their operating effectiveness was observed.

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

Financial statements for the year ended 31st March, 2026 have been prepared in accordance with Indian Accounting Standards [Ind-AS], the provisions of the Company Act. 2013, and guidelines issued by the Securities and Exchange Board of India [SEBI]. The Ind-AS are prescribed under Section 133 of

the Companies Act, 2013 read with Rule 3 of the Companies [Indian Accounting Standards] Rules, 2015 and relevant amendment rules issued thereafter.

ASSOCIATES AND SUBSIDIARIES

The Company has no Associates & Subsidiaries as on 31st March, 2026.

CORPORATE GOVERNANCE

As per the provisions of Listing Regulations, a separate Report on Corporate Governance practices followed by the Company together with a Certificate from the Practicing Company Secretary, confirming compliance forms part of this report. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

As required under Section 134[3][m] of the Companies Act, 2013 read with Rule 8 of Companies [Accounts] Rules, 2014 the particulars relating to conservation of energy, technology absorption and foreign exchange earnings and outgo is appended as an Annexure IV to the Board’s Report. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES Shreyans Industries Limited has been positively contributing to the society for over 31 years. It has been the vision and mission to develop the local community and uplift the Underprivileged sections. Going ahead with this vision, the company has identified several projects in the local surrounding areas to enhance community welfare, partnered with several NGOs to create positive change for education, healthcare, rural development, women empowerment, skill development and environment conservation etc. The Company continued providing free notebooks and educational material, financial assistance to various students to pursue further education. As the company believes strongly in education being the means to better living for people and thereby adding to the nation’s development.

The Company undertook the free distribution of sports kits to school students, sports clubs and community organizations to encourage sports participation and promote physical fitness among youth and local communities. The Company continued its regular monthly and annual financial support to the Eye Hospital in Ahmedgarh towards operational assistance and conducting annual free eye checkup camp. The Company extended financial support to several NGOs for organizing blood donation camps and providing medical treatment to underprivileged and needy people. The Company also supported rural infrastructure development in nearby villages undertaking initiatives such as road repairs, park development, providing sewerage pipelines, and provision of street lighting, thereby contributing to improved civic amenities and the overall quality of life for the local community.

For the financial year 2025-26, the Company was required to spend Rs 159.26 lakhs towards its CSR obligations. Out of this, an expenditure of Rs 101.75 lakhs was incurred during the year. The remaining amount of Rs 57.51 lakhs, allocated for ongoing projects, has been transferred to the Unspent CSR Account with

a scheduled bank, in accordance with sub-section (6) of Section 135 of the Companies Act, 2013. This amount will be utilized towards projects in the areas of education, healthcare and medical support, Women empowerment and skill development. CHANGE IN THE NATURE OF BUSINESS There was no change in the nature of business.

MATERIAL CHANGES

There are no material changes or commitments affecting the financial position of the Company have occurred during the year under consideration, or after closure of the financial year till the date of this report.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE

There were no significant and material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and Company’s operations.

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of provisions of Section 134(5) of the Companies Act, 2013, your Board of Directors to the best of their knowledge and ability confirm that:

(a) In the preparation of the annual accounts, the applicable Indian Accounting Standards had 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 at the end of the financial year and of the profit and loss 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 this 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;

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

GENERAL DISCLOSURES

1. The Company has complied with the applicable Secretarial Standards, issued by The Institute of Company Secretaries of India.

2. As on the date of this report, no application is pending against the Company under the Insolvency and Bankruptcy Code, 2016 and the Company did not file any application under IBC.

3. The requirement to disclose the details of difference between amount of the valuation done at the time of onetime settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof, is not applicable.

4. The Company has already complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH Act). There were no complaints/cases reported with internal complaints committee formed under the POSH Act

ACKNOWLEDGEMENT

Your Directors place on record their sincere appreciation for the contributions made by the employees through their dedication, hard work and commitment in achieving your Company’s performance. In an increasingly competitive environment collective dedication of employees is delivering superior and sustainable shareholder value.

The Board has pleasure in recording its appreciation of the assistance, co-operation and support extended to the Company by the Government Authorities, Commercial Banks, Financial Institutions and Depositors.

The Board also places on record its sincere appreciation towards the Company’s valued customers, vendors, shareholders and investors for their continued support to the Company.