Your Directors have immense pleasure in presenting the 19^th Annual Report of Travel Food Services Limited (formerly known as
Travel Food Services Private Limited) (the "Company" or "TFS"), being the first Board's Report following the listing of the Company's
equity shares pursuant to its Initial Public Offering. This Report provides a comprehensive review of the Company's performance,
together with the audited standalone and consolidated financial statements for the financial year ended March 31, 2026.

OVERVIEW OF FINANCIAL PERFORMANCE

The Company's financial performance (standalone and consolidated) for the year ended March 31, 2026 is summarised below:

Notes:

Note 1: Figures are presented in H million and should be read together with the audited standalone and consolidated financial statements.

Note 2: In FY 2024-25, Semolina Kitchens Limited [formerly known as Semolina Kitchens Private Limited] ("SKL") was consolidated as a subsidiary of the Company until October
14, 2024, post which SKL is accounted for as a joint venture, and is no longer consolidated on a line-by-line basis.

Note 3: Earnings per share are in H; the face value of equity shares is H 1 each

BUSINESS OVERVIEW AND OPERATIONAL PERFORMANCE

Your Company is a leading player in India's fast-growing airport
Travel Quick Service Restaurants ("Travel QSR") and Lounge
sectors by revenue in Fiscal 2026, with a system-wide market
share of approximately 30% in Indian Airport Travel QSR
and 45% in India's Lounge sectors, according to the CRISIL
Report, 2026. The Company's Travel QSR business comprises
a diversified portfolio of food and beverage concepts across
cuisines, formats, and brands, designed to cater to the
requirements of travellers seeking speed, convenience, and
quality in transit environments. The Lounge business provides
premium hospitality services at locations within airport
terminals, enhancing passenger comfort and experience.

Your Company operates through a mix of partner and
in-house brands, leveraging long-term relationships with global
and domestic F&B brands, and benefits from the experience
and support of its promoters, SSP Group plc and K Hospitality.

During the year under review, your Company continued to
strengthen its leadership position in the Travel QSR sector
through expansion of its network and enhancement of its
offerings. Your Company has established a strong presence
across major travel hubs, with operations spanning India,
Malaysia, and Hong Kong, and a network concentrated in some
of the busiest airports handling a significant share of passenger
traffic in India.

On a consolidated basis, revenue from operations for
FY 2025-26 was J 16,477.96 million, as compared with
J 16,877.39 million in FY 2024-25. This year-on-year movement
reflects a change in the basis of consolidation rather than
an underlying decline in the business. In FY 2024-25, SKL was
treated as a subsidiary of the Company and its revenue was
fully consolidated on a line-by-line basis until October 14, 2024,
post which SKL is treated as a joint venture, and its results are
no longer consolidated as revenue but are instead recognised
within the Company's share of profit of associates and joint

ventures. Therefore, on an adjusted basis that excludes SKL
from the prior year, consolidated revenue from operations grew
by approximately 13.90%, driven by like-for-like sales growth
and net contract gains from the mobilisation of new units
across key airports.

Profit before tax grew 18.07% to J 5,954.58 million and profit
after tax grew 19.13% to J 4,523.17 million, with profit-after-tax
margin improving to 27.40% (FY 2024-25: 22.50%). Profitability
was further supported by a higher share of profit of associates and
joint ventures of J 663.98 million (FY 2024-25: J 472.73 million),
which includes the contribution from SKL following its
reclassification, alongside faster mobilisation of units within
the joint ventures. Consolidated basic and diluted earnings per
share rose to J 33.49 and J 33.42, respectively compared to
J 27.58 each in FY 2024-25.

On a standalone basis, revenue from operations grew 7.25%
to J 13,021.42 million and profit after tax rose 22.56% to
J 3,675.72 million.

The Company's balance sheet remained strong. The Company
continued to be debt-free, with a cash and investment balance of
approximately J 8,355.69 million as at March 31, 2026, providing
significant financial flexibility to fund growth opportunities and
support long-term value creation. Return on capital employed
and return on net worth stood at approximately 45.04% and
30.90% respectively.

A detailed discussion of the Company's operational and financial
performance is provided in the Management Discussion and
Analysis Report, which forms part of this Annual Report.

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

DIVIDEND

The Board has recommended a final dividend of J 10.25
per equity share of face value of J 1 each for the financial
year 2025-26. The payment of dividend is subject to the
approval of the Members at the ensuing Annual General
Meeting ("AGM").

Upon approval, the dividend will be paid, after deduction of
tax at source as applicable, to those Members whose names
appear in the Register of Members/records of the Depositories
as on September 9, 2026, being the Record Date. The total cash
outflow on account of the said dividend, if approved, would be
J 1,349.71 million.

The dividend recommended by the Board is in accordance
with the Company's Policy for Dividend Distribution,
formulated and adopted pursuant to Regulation 43A
of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations,
2015 ("SEBI Listing Regulations"), which is available on the
Company's website and can be accessed athttps://www.
travelfoodservices.com/tfscms/uploads/governancepolicies/
governancepolicies 1733850854.pdf.

TRANSFER TO RESERVES

During the year under review, the Company has not transferred
any amount to General Reserves.

MATERIAL CHANGES AND COMMITMENTS

There have been no material changes and commitments,
affecting the financial position of the Company which have
occurred between the end of the year of the Company to which
the financial statements relate and the date of this Report.

INITIAL PUBLIC OFFERING AND LISTING OF EQUITY
SHARES OF THE COMPANY

During the year under review, your Company marked a
significant milestone with the successful completion of its
Initial Public Offering ("IPO") and listing of its equity shares on
BSE Limited and the National Stock Exchange of India Limited.

The IPO comprised an offer for sale of 1,81,82,802 equity
shares having a face value of J 1 each (at a price of
J 1,100 per equity share) aggregating to approximately
J 20,000 million by the promoter selling shareholder of the
Company viz. Kapur Family Trust [Represented through its
Trustee - SNVK Management Services Private Limited]. The
equity shares were offered to the public through a book¬
building process in accordance with applicable provisions
of the Companies Act, 2013, the Securities and Exchange
Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018, and other applicable laws. The issue was
opened for subscription on July 7, 2025 and closed on July 9,
2025, and the equity shares were subsequently listed on the
BSE Limited and the National Stock Exchange of India Limited
on July 14, 2025.

As the IPO was entirely an offer for sale, the Company did
not receive any proceeds from the IPO. The proceeds were
received by the promoter selling shareholder in accordance
with the terms of the offer document. The listing of equity
shares has enhanced liquidity for shareholders and facilitated
wider investor participation in the Company.

SHARE CAPITAL

Authorized Share Capital

As on March 31, 2026, the Authorised Share Capital of the
Company was J 70,16,00,000/- (Rupees Seventy Crore Sixteen
Lakhs only) divided into 70,16,00,000 Equity Shares of J 1 each.

Paid-up Equity Share Capital

As on March 31, 2026, the paid-up and subscribed share
capital of the Company stood at J 13,16,79,484/- (Rupees
Thirteen Crore Sixteen Lakhs Seventy Nine Thousand Four
Hundred and Eighty Four only) divided into 13,16,79,484
equity shares of J 1 each.

There was no change in the equity share capital of the Company
during the year under review

HOLDING COMPANY

During the year under review, 1.01% equity shares were
transferred inter-se amongst the Promoters of the Company,
i.e., from Kapur Family Trust - Represented through its Trustee

SNVK Management Services Private Limited, to SSP Asia Pacific
Holdings Limited on July 3, 2025. Consequent to the same, SSP
Asia Pacific Holdings Limited became the holding company and
Kapur Family Trust ceased to be the holding entity.

SSP Asia Pacific Holdings Limited is a foreign company holding
an aggregate 50.01% shareholding in the Company.

SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

During the year under review, two new subsidiary companies
were incorporated:

a) wholly owned subsidiary, Travel Food Services Worldwide
- FZCO, at UAE and

b) step-down subsidiary, PT Travel Food Services
Indonesia, at Indonesia

Apart from the above, there have been no changes in respect of
the Subsidiaries, Joint Ventures and Associates of the Company
during the year under review.

The salient features, key financial information and performance
highlights of each such subsidiary, associate, and joint venture,
as required under Section 129(3) of the Companies Act, 2013
read with Rule 5 of the Companies (Accounts) Rules, 2014 is
provided in Form AOC-1 attached to the Consolidated Financial
Statements forming part of this Report.

The financial statements of the subsidiary companies are
available on the website of the Company and can be accessed at
https://www.travelfoodservices.com/investors#financial-info

PERFORMANCE OF SUBSIDIARIES, ASSOCIATES AND
JOINT VENTURES*

A summary of the business activities and performance
highlights of the Company's subsidiaries, joint ventures
and associate companies during financial year 2025-26 is
provided below.

Subsidiaries

a) Eliteassist Technology and Services Private Limited

(formerly known as TFS Yamuna Airport Services Private
Lim/fed,)("EATS")

EATS, a wholly-owned subsidiary of the Company, is
engaged in the development and management of
technology infrastructure and related services for airport
operations. For the financial year 2025-26, its first year
of operations under its current business model, EATS
recorded revenue from operations of J 3,202.06 million.

b) QMT Lifestyle and Technology Services Private
Limited ("QMT")

QMT, a wholly-owned subsidiary of the Company, is
engaged in operating food and beverage outlets, lounges
and hospitality services across Noida International Airport.

For the financial year 2025-26, QMT was yet to commence
its full fledged business operations.

c) Travel Food Services (Delhi Terminal 3) Private Limited
("TFS Delhi T3")

TFS Delhi T3 is a subsidiary of the Company, in which
the Company holds 60% of its shareholding and Delhi
International Airport Limited holds the remaining 40% of
its shareholding. TFS Delhi T3 is engaged in providing food
& beverage and hospitality services at Terminal 3 of the
Indira Gandhi International Airport, Delhi.

For the financial year 2025-26, TFS Delhi T3 recorded
revenue from operations of J 2,254.97 million, representing
a 4.52% decline compared to the previous financial year.

d) TFS Gurgaon Airport Services Private Limited ("TFS
Gurgaon")

TFS Gurgaon, a wholly-owned subsidiary of the Company,
is engaged in managing and operating food and beverage
outlets at Terminal 1 of the Indira Gandhi International
Airport, Delhi. For the FY 2025-26, being its first year of
operations, TFS Gurgaon recorded revenue from operations
of J 292.57 million.

e) Travel Food Services Global Private Limited ("TFS
Global")

TFS Global is a wholly-owned overseas subsidiary
incorporated in Mauritius and serves as the Company's
international investment holding and consultancy arm.
The principal business of TFS Global is holding investments
in the food and beverage services sector and providing
consultancy services.

During the year under review, TFS Global continued to hold
and manage the Company's international investments
and provide support for overseas business opportunities.
TFS Global did not record any operating revenue
during FY 2025-26.

f) Travel Food Services Worldwide - FZCO ("TFS Dubai")

TFS Dubai, a wholly-owned overseas subsidiary
incorporated in Dubai, is engaged in investment in
commercial enterprises and management activities,
including evaluating and pursuing business opportunities
in international markets. TFS Dubai did not record any
operating revenue during FY 2025-26.

g) PT Travel Food Services Indonesia ("TFS Indonesia")

TFS Indonesia, a wholly-owned subsidiary of TFS Dubai
incorporated in Indonesia, has been established to
undertake restaurant and food & beverage operations,
including airport hospitality and related food service
opportunities in Indonesia. TFS Indonesia did not record
any operating revenue during FY 2025-26.

Joint Ventures

a) GMR Hospitality Limited ("GHL")

GHL is a joint venture of the Company in which the
Company holds 30% shareholding of GHL. The remaining
70% is held by GMR Airports Limited. GHL is engaged
in operating food and beverage outlets and hospitality
services across GMR-operated airports. For the financial
year 2025-26, GHL recorded revenue from operations of
J 1,422.56 million, representing a 70.13% increase over
the previous financial year.

b) SSP TFS HK Lounge Limited ("SSP TFS HK Lounge")

SSP TFS HK Lounge is a joint venture of the Company,
in which the Company holds 49% shareholding of SSP
TFS HK Lounge and SSP Lounge Holdings Global Limited
holding the remaining 51% of the shareholding. SSP TFS HK
Lounge acts as a holding entity overseeing airport lounge
operations in Hong Kong through its subsidiary.

For the financial year 2025-26, SSP TFS HK Lounge recorded
revenue from operations of J 821.00 million, representing
a 163.14% increase over the previous financial year.

c) Semolina Kitchens Limited (formerly known as
Semolina Kitchens Private Limited)("SKL")

SKL is a joint venture of the Company, in which the
Company holds 24.99% shareholding of SKL, with Adani
Airport Holdings Limited holding 50.02% and remaining
24.99% of its shareholding is held by AJ Holding
Limited. SKL manages food and beverage outlets and
lounges across multiple airports. During FY 2025-26,
SKL recorded revenue from operations of J 9,238.93
million, representing a 47.11% increase over the previous
financial year.

Associates

a) Select Service Partner Malaysia Sdn. Bhd. ("SSP
Malaysia")

SSP Malaysia, is an associate of the Company, in
which the Company holds 49.90% along with SSP
Asia Pacific Holdings Limited holding remaining
50.10% of its shareholding. SSP Malaysia operates

food and beverage concessions and lounges at

travel locations across Malaysia. During FY 2025-26,
SSP Malaysia recorded revenue from operations of
J 4,183.97 million, representing a 32.55% increase over
the previous financial year.

b) Mumbai Airport Lounge Services Private Limited
("MALS")

MALS, an associate of the Company, in which the
Company holds 44.40% along with Mumbai International
Airport Limited holding 26% and Gategroup Investments
Singapore Pte. Limited holding the remaining 29.60% of
its shareholding. MALS was engaged in operating airport
lounge and food and beverage services, principally
at Mumbai Airport. The purpose for which the said
special purpose vehicle was incorporated has been
satisfied and presently there is no business operations
undertaken by MALS.

During the year under review, MALS did not generate
operating revenue.

c) Tabemono True Aromas Limited (formerly known as
Tabemono True Aromas Private Limited)("Tabemono")

Tabemono, is an associate of the Company, in which the
Company holds 24.99% along with Adani Airport Holdings
Limited holding the remaining 75.01% of its shareholding.
Tabemono was incorporated for providing management
and consultancy services for cafes, lounges and other
hospitality operations, including those at airports.
Tabemono has not commenced its business operations
since incorporation.

d) Gourmet Foods LLC ("Gourmet")

Gourmet, is an associate of the Company, in which TFS
Global holds 49.00% along with Mustafa Sultan Enterprises
LLC holding remaining 51.00% of its shareholding.
Gourmet is in the business of restaurants, cafes and fast
food and takeaway restaurants. Gourmet did not record
any operating revenue during FY 2025-26.

*Categorised as per financial statements for the year ended March 31, 2026

UNLISTED MATERIAL SUBSIDIARIES

The Company had framed and adopted a 'Policy on
Material Subsidiaries' pursuant to the requirements
of the SEBI Listing Regulations. This Policy can be
accessed on the Company's website athttps://www.
travelfoodservices.com/tfscms/uploads/governancepolicies/
governancepolicies 1751034488.pdf.

For the financial year 2025-26, Travel Food Services
(Delhi Terminal 3) Private Limited was identified as a material
subsidiary of the Company, in accordance with the criteria
prescribed under the SEBI Listing Regulations and Policy on
Material Subsidiaries.

BOARD OF DIRECTORS AND KEY MANAGERIAL
PERSONNEL ('KMPs')

The composition of the Company's Board of Directors complies
with the requirements specified under the Companies Act,
2013 and the SEBI Listing Regulations.

As of March 31, 2026, the Board of Directors comprised a total
of 6 (six) Directors out of which 2 (two) are Executive Directors,
1 (one) is Non-Executive Nominee Director, 1 (one) is
Non-Executive Non-Independent Director and 2 (two) are
Non-Executive Independent Directors, details of which are
provided in the Annual Report separately.

There has been no change in the Board of Directors during the
year under review.

Retirement by Rotation and Re-appointment

In accordance with the provisions of the Companies Act, 2013
and the Articles of Association of the Company, Mr. Vikas
Vinod Kapoor (DIN: 09137136), Whole-time Director and Chief
Financial Officer, in respect of whom the Company has received
a notice in writing under Section 160 of the Companies Act,
2013 from a Member proposing his candidature for the
office of Director and who is liable to retire by rotation at
the ensuing AGM and being eligible, has offered himself for
re-appointment.

Based on the recommendation of the Nomination and
Remuneration Committee, the Board of Directors recommends
his re-appointment as a Director liable to retire by rotation.

The necessary resolution seeking approval of the Members
for his re-appointment forms part of the Notice of the
ensuing AGM. The relevant disclosures as required under the
SEBI Listing Regulations and Secretarial Standard on General
Meetings (SS-2), issued by the Institute of Company Secretaries
of India, are provided in the Notice of the AGM.

Key Managerial Personnel

During the financial year 2025-26, there have been no changes
in the KMPs of the Company.

As on March 31, 2026, following are the KMPs, as per Section
203(1) read with Section 2(51) of the Companies Act, 2013 and
Rule 8 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014.

Declaration by Directors of the Company

The Company has received declarations from all the
Independent Directors of the Company confirming that:

a) they meet the criteria of independence prescribed under
Section 149(6) of the Companies Act, 2013 and Regulation
16(1)(b) of SEBI Listing Regulations; and

b) they have registered their names in the Independent
Directors' Databank.

The Board has taken on record the declarations and
confirmations submitted by the Independent Directors and is
satisfied that all the Independent Directors fulfil the conditions
specified under the Companies Act, 2013 and the SEBI
Listing Regulations.

In accordance with the requirements of the SEBI Listing
Regulations, the key skills, expertise and core competencies of
the Board, including those of the Independent Directors, are
set out in the Corporate Governance Report forming part of
this Annual Report.

For the year under review, the Company has also received
declarations from Directors confirming that:

a) the Non-Executive Independent Directors of the
Company had no pecuniary relationship or transactions
with the Company, other than sitting fees, commission
and reimbursement of expenses, if any.

b) None of the Directors of the Company are disqualified
under Section 164(1) or Section 164(2) of the
Companies Act, 2013.

DIRECTORS AND OFFICERS INSURANCE

In accordance with the requirements of Regulation 25(10)
of the SEBI Listing Regulations, the Company has in place
a Directors and Officers Liability Insurance Policy for its
Directors and employees.

BOARD MEETINGS

During the financial year 2025-26, the Board of Directors
met 11 (eleven) times. The details of board meetings and
attendance of the Directors are provided in the Corporate
Governance Report, which forms part of this Annual Report

COMMITTEES OF THE BOARD

The Company has constituted the following Board committees:

(a) Audit Committee;

(b) Nomination and Remuneration Committee;

(c) Stakeholders' Relationship Committee;

(d) Risk Management Committee;

(e) Corporate Social Responsibility Committee;

(f) IPO Committee;

(g) Investment Committee

Details of the meetings of the Board Committees held
during the financial year 2025-26, along with the committee
composition and attendance of each Director/Committee
Member have been detailed in the Corporate Governance
Report, which forms part of this Annual Report.

During the year under review, all recommendations
made by the Committees of the Board have been
accepted by the Board.

SEPARATE MEETINGS OF THE INDEPENDENT DIRECTORS

Separate meetings of Independent Directors, as mandated
under Schedule IV of the Companies Act, 2013 and Regulation
25(3) of SEBI Listing Regulations are required to be held at
least once a year to enable Independent Directors to (i) review
the performance of non-independent directors and the Board
as a whole, (ii) assess the performance of the Chairperson in
terms of leadership and board effectiveness, and (iii) evaluate
the quality, quantity, and timeliness of information flow
from management to the Board. These provisions ensure
that Independent Directors can meet without the presence

of management, thereby strengthening transparency,
accountability, and overall corporate governance.

During the year under review, the meeting of the Independent
Directors of the Company was held on March 19, 2026.

NOMINATION AND REMUNERATION POLICY

In terms of Section 178(3) of the Companies Act, 2013, and
SEBI Listing Regulations, the Company has framed and adopted
a Nomination and Remuneration Policy, which outlines
appointment and selection criteria for Directors on the Board,
KMPs, Senior Management Personnel ("SMP") and lays down
a framework for payment of remuneration.

The Nomination and Remuneration Policy has been
uploaded on the Company's website athttps://www.
travelfoodservices.com/tfscms/uploads/governancepolicies/
governancepolicies 1733850494.pdf

The Company has also devised a Board Diversity Policy that
sets out the approach for evaluating the suitability of individual
directors with diverse background and experience.

ANNUAL EVALUATION OF BOARD AND ITS
COMMITTEES

The Company has formulated and adopted a 'Policy for
Evaluation of Performance of the Board of Directors'. In
accordance with the said policy and the provisions of the
Companies Act, 2013 and Regulation 17(10) of the SEBI Listing
Regulations, an annual performance evaluation of the Board,
its Committees, individual Directors and the Chairperson was
carried out during the year.

The evaluation process was conducted through a structured
questionnaire covering various aspects of Board and
Committee effectiveness, strategic oversight, governance
practices, decision-making processes and the contribution
of individual Directors. In accordance with Schedule IV of
the Companies Act, 2013, the Independent Directors also
reviewed the performance of the Non-Independent Directors,
the Chairperson and the Board as a whole.

The Directors expressed their satisfaction with the overall
functioning, effectiveness, and performance of the
Board and its Committees. Based on the evaluation and
reviews undertaken by the Board and the Nomination and
Remuneration Committee, the Board was satisfied with
its overall effectiveness and noted that each Director had
diligently discharged their responsibilities and contributed
constructively to the Board's deliberations, decision-making
processes and the Company's sustainable growth.

EMPLOYEES STOCK OPTION SCHEME

The Company had prior to its IPO formulated Travel Food
Services - Employee Stock Option Plan ("ESOP Plan"), with an
objective to reward the eligible employees of the Company
and its group company(ies) including, subsidiary company(ies),
holding company(ies) and / or associate company(ies), (present
and future, if any), for their performance and to motivate them
to contribute to the growth and profitability of the Company.

The ESOP Plan aims to attract, retain and reward talent in
the organisation.

The Company had granted prior to the IPO 2,84,522
Stock Options under ESOP Plan - Series 1 in terms of the
resolution passed by the Nomination and Remuneration
Committee on June 18, 2025. In terms of the ESOP Plan,
25% of the stock options granted under the ESOP Plan -
Series 1 have been vested for exercise during the current
financial year 2026-27.

The ESOP Plan adheres to the provisions of the SEBI (Share
Based Employee Benefits and Sweat Equity) Regulations,
2021 ("SEBI SBEB Regulations"). In terms of the provisions
of SEBI SBEB Regulations, the ESOP Plan was ratified by the
Shareholders of the Company, vide resolution passed by the
Members of the Company on September 24, 2025.

A certificate issued by the Secretarial Auditor, certifying
the implementation of the Company's ESOP Plan, will be
open for inspection by members at the forthcoming AGM.
Information on the ESOP Plan, including the disclosures
prescribed under the SEBI SBEB Regulations as at March
31, 2026, can be accessed on the Company's website at
https://www.travelfoodservices.com/investors#financial-info.

SECRETARIAL STANDARDS

The Company is in compliance with the applicable provisions
of the Secretarial Standards issued by the Institute of Company
Secretaries of India (ICSI), namely Secretarial Standard-1
(Meetings of the Board of Directors) and Secretarial Standard-2
(General Meetings), as mandated under Section 118(10) of the
Companies Act, 2013.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report, as required
under the Regulation 34 read with Schedule V of the SEBI
Listing Regulations, has been presented as a separate section
of this Annual Report. The Management Discussion and
Analysis Report forms an integral part of the Annual Report
and provides a detailed overview of the Company's business
environment, performance, risks, opportunities, and outlook.

CORPORATE GOVERNANCE REPORT

The Company remains steadfast in its commitment to uphold
the highest standards of corporate governance and continues
to adopt leading governance practices across its operations.
In accordance with the SEBI Listing Regulations, the Corporate
Governance Report is included as a part of this Annual
Report, presented as a separate report. A certificate issued
by the Company's Auditors confirming compliance with the
prescribed corporate governance requirements is also annexed
to the Corporate Governance Report.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY
REPORT

Pursuant to Regulation 34(2)(f) of the SEBI Listing Regulations,
the top 1,000 listed entities based on market capitalization are

required to include a Business Responsibility and Sustainability
Report (BRSR) as part of their Annual Report. The Company
was listed on the stock exchanges on July 14, 2025, and
has subsequently met the prescribed market capitalization
threshold as of December 31, 2025.

In terms of Regulation 3(2)(b) of the SEBI Listing Regulations,
although the Company falls within the top 1,000 listed
entities, it is not mandatorily required to submit the BRSR
for FY 2025-26, and accordingly, the mandatory reporting
shall apply from FY 2026-27 onwards. Notwithstanding the
above, and in line with Company's commitment to strong
corporate governance, enhanced transparency, and alignment
with emerging sustainability expectations, the Company has
voluntarily chosen to include the BRSR as a separate section
forming part of this Annual Report. The Company's proactive
commitment to environmental, social, and governance (ESG)
principles strengthens its readiness for full compliance with
the BRSR framework in the current year.

AUDITORS AND AUDIT REPORTS

Statutory Auditors

B S R & Co. LLP, Chartered Accountants, were appointed
as the Statutory Auditors of the Company for a period of
five consecutive years at the AGM held on September 30,
2023. The Auditors have confirmed their eligibility and
confirmed that no disqualification exists under the applicable
provisions for continuing their role as the Statutory Auditors
of the Company.

The Statutory Auditors have issued an unmodified opinion
on the Standalone and Consolidated Financial Statements
of the Company for FY 2025-26. The Auditors' Report does
not contain any qualification, reservation, adverse remark or
disclaimer. Further, the Auditors' Report under the Companies
(Auditor's Report) Order, 2020 does not contain any material
observations requiring comments or explanations by the Board.

During the year under review, the Statutory Auditors have not
reported any matter of fraud under Section 143(12) of the
Companies Act, 2013.

Cost Auditors

The provisions of Section 148 of the Companies Act, 2013
read with the Companies (Cost Records and Audit) Rules,
2014, read with the relevant rules made thereunder relating
to maintenance of cost records and requirement of cost audit,
are not applicable to the Company for the year under review.
Accordingly, the Company was not required to maintain cost
records or appoint a Cost Auditor.

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies
Act, 2013 read with the rules made thereunder and
Regulation 24A of the SEBI Listing Regulations and based on
the recommendation of the Audit Committee and the Board,
the Members of the Company had appointed M/s. Krishna
Rathi & Associates, Practising Company Secretaries (C. P No.
10079 and FCS No. 9359), as the Secretarial Auditor of the

Company with effect from June 7, 2025, for a term of five (5)
consecutive years.

The Secretarial Auditor has confirmed that they meet the
eligibility criteria and are not disqualified to act as Secretarial
Auditor under the applicable provisions of the Companies Act,
2013 and the rules made thereunder.

The Secretarial Audit Report for the year under review, issued
in Form MR-3, forms part of this Report and is annexed as
Annexure - I. The Secretarial Audit Report does not contain any
qualification, reservation or adverse remark.

Pursuant to Regulation 24A of the SEBI Listing Regulations, the
Secretarial Audit of the material subsidiary, Travel Food Services
(Delhi Terminal 3) Private Limited, has also been conducted for
the financial year 2025-26. The Secretarial Audit Report of the
material subsidiary is annexed as Annexure - II to this Report.

Internal Audit and Internal Financial Control

Pursuant to the provisions of Section 138 of the Companies Act,
2013, the Board had appointed M/s. Protiviti India Member
Private Limited as the Internal Auditors of the Company for
the year under review to conduct the internal audit of the
functions and activities of the Company.

The Company has established a framework of Internal
Financial Controls designed to ensure accurate financial
reporting, safeguard assets, maintain operational efficiency,
and ensure compliance with applicable laws. These controls
operate through well-defined policies and procedures, clearly
laid-down authority matrices, and periodic internal audits that
independently evaluate their effectiveness.

Key elements of the internal financial controls include:

(i) structured reviews of operational and financial processes,

(ii) ongoing monitoring of control gaps and timely
remediation, and

(iii) regular testing of design and operating effectiveness by
the Internal Audit function.

The Audit Committee provides oversight of this framework by
reviewing internal audit reports, tracking corrective actions,
and assessing the robustness of the control environment.
Based on these reviews, audit findings, and management
representations, the Board is satisfied that the Internal
Financial Controls are adequate and operating effectively
during the year under review.

RISK MANAGEMENT POLICY

The Company has implemented a comprehensive Risk
Management Policy, which was approved by the Board, in
accordance with Section 134(3) of the Companies Act, 2013
and the SEBI Listing Regulations. The Policy establishes a
structured and consistent framework for identifying, assessing,
mitigating, and monitoring various risks that may impact the
Company's operations and strategic objectives.

The Risk Management framework covers a wide spectrum
of risks, including strategic, financial, operational,
compliance, Environmental, Social and Governance (ESG),
sectoral, reputational, information technology, and cyber¬
security risks.

In order to manage risks effectively across all business units
and functions, a six-step process is implemented as part of risk
management framework of the Company namely:

i. Risk Identification

ii. Risk Assessment

iii. Risk Prioritization

iv. Develop and Implement Risk Response

v. Develop Portfolio View

vi. Review and Monitoring

The Company's Risk Management Committee, constituted
in accordance with Regulation 21 of SEBI Listing Regulations,
oversees the implementation of the Policy, periodically
reviews the risk universe and mitigation measures, and
updates the Board on key risk exposures and actions taken.
The Company continues to integrate risk considerations into
its decision-making processes to ensure business continuity,
safeguard stakeholder interests, and enhance long-term
value creation.

CORPORATE SOCIAL RESPONSIBILITY POLICY

The Company has formulated and implemented a Corporate
Social Responsibility Policy ("CSR Policy") in accordance with
Section 135 of the Companies Act, 2013 and the Companies
(Corporate Social Responsibility) Rules, 2014, reflecting its
commitment to sustainable and inclusive development.

The CSR Policy outlines the Company's focus on initiatives
relating to nutrition and food safety, eradication of hunger,
preventive and curative healthcare, education and livelihood
enhancement, women empowerment, environmental
sustainability, rural development, and promotion of
natural heritage and traditional arts, undertaken either
directly or through eligible implementing agencies
such as K Corp Charitable Foundation. The CSR Policy
is available on the Company's website athttps://www.
travelfoodservices.com/tfscms/uploads/governancepolicies/
governancepolicies 1733850649.pdf

The Annual Report on CSR Activities for the financial year 2025¬
26 in the format prescribed under the Companies (Corporate
Social Responsibility) Rules, 2014 is annexed as Annexure - III
to this Annual Report.

The composition of the CSR Committee, constituted in
accordance with Section 135 of the Companies Act, 2013, has
been provided in the Corporate Governance Report forming
part of this Annual Report.

VIGIL MECHANISM AND WHISTLE BLOWER POLICY /
SPEAK UP POLICY

In compliance with Section 177 of the Companies Act, 2013,
and the Companies (Meetings of Board and its Powers) Rules,
2014, and Regulation 22 of SEBI Listing Regulations, the
Board of Directors has framed and adopted Whistle Blower
Policy / Speak Up Policy. The Policy provides a framework
for directors, employees and other stakeholders to report
genuine concerns or grievances, including unethical behaviour,
actual or suspected fraud or violation of the Company's Code
of Conduct or policies. The mechanism ensures adequate
safeguards against victimization and allows direct access
to the Chairperson of the Audit Committee in exceptional
cases. The Audit Committee monitors its implementation
and status of complaints received under the said Policy. The
Company remains committed to fostering a culture of integrity
and ethical conduct, and periodic reviews are conducted to
strengthen the effectiveness of the Vigil Mechanism.

The said Policy is available on the Company's website at
https://www.travelfoodservices.com/tfscms/uploads/
governancepolicies/governancepolicies 1751035003.pdf and
widely disseminated across all offices and business units.

DETAILS RELATING TO DEPOSITS COVERED UNDER
CHAPTER V OF THE COMPANIES ACT, 2013

During the year under review, the Company did not accept or
renew any public deposits as defined under Section 73 of the
Companies Act, 2013 and the Companies (Acceptance of Deposits)
Rules, 2014. Consequently, the disclosures relating to deposits
under Chapter V of the Companies Act, 2013 including any non¬
compliance in respect thereof, are not applicable to the Company.

PARTICULARS OF EMPLOYEES AND OTHER DETAILS

In accordance with Section 197 and 198 of the Companies
Act, 2013, read with Rule 5 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014,
the Company has complied with the applicable disclosure
requirements relating to the remuneration of Directors, Key
Managerial Personnel, and other employees.

A detailed statement containing the prescribed information
on managerial remuneration including remuneration ratios,
comparisons, and other particulars mandated under Rule
5(1) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, has been prepared
in the prescribed format and attached as Annexure - IV
to this Report.

The particulars of the top 10 employees and those employees
whose remuneration exceeds the thresholds specified under
Section 197(12) read with Rule 5(2) and 5(3) and in accordance
with the provisions of second proviso to Section 136(1) of
the Companies Act, 2013, the Annual Report being circulated
to the Members does not include the detailed information
referred to above. Any Member who wishes to access these
details may request the same by writing to the Company at
cs@travelfoodservices.com.

PARTICULARS OF LOANS, INVESTMENTS,
GUARANTEES AND SECURITIES

The particulars of loans, guarantees and securities provided,
and investments made by the Company, as required under
Section 186 of the Companies Act, 2013, have been disclosed
in the accompanying Notes to the standalone financial
statements forming part of this Annual Report. Kindly refer
Note No. 47 to the standalone financial statements.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS
WITH RELATED PARTIES

During the year under review, all contracts, arrangements, and
transactions entered into by the Company with related parties
were conducted in the ordinary course of business and at arm's
length, in accordance with the applicable provisions of the
Companies Act, 2013.

Transactions that qualified as material were undertaken
in compliance with the Company's Policy on Related Party
Transactions, which is available on the Company's website
athttps://www.travelfoodservices.com/tfscms/uploads/
governancepolicies/governancepolicies 1762249208.pdf.
There were no materially significant related party transactions
that could have posed a potential conflict with the interests
of the Company at large.

The particulars of related party contracts or arrangements
that require disclosure in terms of Section 134(3)(h) read with
Section 188(1) of the Companies Act, 2013 and Rule 8(2) of
the Companies (Accounts) Rules, 2014 have been compiled in
the prescribed Form AOC-2 and are annexed to this Report as
Annexure - V. Members may also refer to Note 42 of the
standalone financial statements for detailed disclosures on
related parties in accordance with Ind AS.

ANNUAL RETURN

Pursuant to Section 92(3) and Section 134(3)(a) of the
Companies Act, 2013, the Annual Return of the Company
for the financial year ended 2025-26 has been placed
on the Company's website, in compliance with statutory
requirements. The same can be accessed at Company's website
https://www.travelfoodservices.com/investors#financial-
info. Members may refer to the said Annual Return for
detailed statutory information as mandated under the
Companies Act, 2013.

PREVENTION OF SEXUAL HARASSMENT AT
WORKPLACE ("POSH")

The Company has complied with the provisions of the Sexual
Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013, including the constitution of a
duly formed Internal Complaints Committee ("ICC"). The ICC
functions in accordance with the statutory framework to provide
a safe and secure working environment for all employees.

The details of complaints received during the year under
review are set out below:

In addition to handling complaints, the Company continued
to strengthen awareness on workplace conduct by conducting
POSH training and sensitisation programmes across various
locations. These included:

• Regular awareness sessions for employees on rights,
responsibilities, and reporting mechanisms;

• Induction-level POSH briefings for new joiners;

• Refresher training for ICC members to ensure effective
and compliant case handling;

• Dissemination of communication material (visual
aids, emailers, posters) to reinforce zero-tolerance
towards harassment.

The Company remains committed to maintaining a workplace
free from harassment and ensuring prompt, fair, and
confidential redressal of all concerns.

COMPLIANCE WITH MATERNITY BENEFIT ACT, 1961

The Company is in compliance with the provisions of the
Maternity Benefit Act, 1961, as amended from time to time,
in respect of leave and maternity benefits extended to its
female employees.

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

A. Conservation of energy:

The provisions of Section 134(3)(m) of the Companies
Act, 2013 read with the applicable rules relating to
conservation of energy and technology absorption, are
not applicable to the Company, as it is not engaged in
manufacturing activities. However, the Company has
undertaken various initiatives towards conservation of
energy which inter-alia includes the following:

i) Environmental considerations are embedded into
its operating model by integrating sustainability
into core business processes, including waste
reduction, efficient resource utilisation and
responsible sourcing.

ii) The Company regularly monitors utility
consumption such as electricity, water and gas to
identify inefficiencies and improve performance.
Energy-efficient practices have been implemented
across operations, including the use of LED lighting,
induction cooking, efficient refrigeration and smart
kitchen equipment.

iii) The Company has a presence at airport locations
inter-alia, Kempegowda International Airport
Terminal 2 and Cochin International Airport, where
renewable energy sources such as solar power
are utilized by the airport authorities. In addition,
structured maintenance schedules and periodic
electrical safety audits are carried out to enhance
energy efficiency, optimise performance and
extend asset life.

No specific investment has been made for reduction in
energy consumption.

B. Technology absorption:

In view of the nature of activities carried on by the
Company, technology absorption is not applicable.

C. Foreign Exchange earnings and outgo

The Foreign Exchange earned in terms of actual inflows
during the year and the Foreign Exchange outgo during
the year in terms of actual outflows is as follows:

DIRECTOR'S RESPONSIBILITY STATEMENT

Your Directors state that:

i. in the preparation of the annual accounts for the
year ended March 31, 2026 the applicable accounting
standards have been followed and there are no material
departures from the same;

ii. the Directors have selected such accounting policies and
applied them consistently and made judgements and
estimates that are reasonable and prudent so as to give
a true and fair view of the state of affairs of the Company
as at March 31, 2026 and of the profit of the Company for
the year ended on that date;

iii. the Directors have taken proper and sufficient care
for the maintenance of adequate accounting records
in accordance with the provisions of the Companies
Act, 2013 for safeguarding the assets of the Company
and for preventing and detecting fraud and other
irregularities;

iv. the Directors have prepared the annual accounts on a
going concern basis;

v. the Directors have laid down internal financial controls
to be followed by the Company and that such internal
financial controls are adequate and are operating
effectively; and

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

OTHER DISCLOSURES

i) Downstream Investment:

The Company, being a foreign owned and/or controlled
company, has complied with the provisions of the Foreign
Exchange Management Act, 1999 ("FEMA") read with the
Foreign Exchange Management (Non-debt Instruments)
Rules, 2019 ("NDI Rules"), in respect of downstream
investments made in other Indian entities.

A certificate from the Statutory Auditors of the Company,
M/s. B S R & Co. LLP, Chartered Accountants (Firm
Registration No. 101248W/W-100022), confirming
compliance with the aforesaid provisions, has been
obtained and will be available for inspection by the
Members at the ensuing AGM.

ii) The Company confirms that it does not have any Demat
Suspense Account or Unclaimed Suspense Account
during the year under review. Accordingly, the reporting
requirements specified under Schedule V, Para F of
the SEBI Listing Regulations are not applicable to the
Company for the year under review.

iii) During the year under review,

a) no equity shares were issued with differential rights
as to dividend, voting or otherwise and hence no
information as per provisions of Section 43(a)(ii) of
the Companies Act, 2013 is furnished.

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

c) There has been no unclaimed dividend and hence
the provisions of Section 125(2) of the Companies
Act, 2013 do not apply for the year under review.

d) During the year under review, the Company has
not filed any application under the Insolvency
and Bankruptcy Code, 2016 ("IBC"), nor has any
Corporate Insolvency Resolution Process been
initiated against the Company.

As on the date of this Report, the Company has
filed a petition under Section 9 of IBC against
Dreamfolks Services Limited, seeking initiation of
Corporate Insolvency Resolution Process on account
of unpaid operational debts relating to airport
lounge services. The matter is presently pending
before Hon'ble National Company Law Tribunal
(New Delhi Bench).

e) The Company has not entered into any one-time
settlement with Banks or Financial Institutions.
Consequently, the requirement to disclose the
difference between the valuation at the time of such
settlement and the valuation at the time of availing
the loan, along with the reasons for the same,
does not arise.

f) The Company has not issued any sweat equity
shares during the year under review and hence no
information as per provisions of Section 54(1)(d) of
the Companies Act, 2013 is furnished.

g) There were no instances of non-exercising of
voting rights in respect of shares purchased
directly by employees under a scheme pursuant
to Section 67(3) of the Companies Act, 2013 read
with Rule 16(4) of Companies (Share Capital and
Debentures) Rules, 2014.

h) None of the Directors of the Company are in
receipt of remuneration or commission from any
holding company, subsidiary company, or associate
company pursuant to Section 197(14) of the
Companies Act, 2013

ACKNOWLEDGEMENT:

Your Directors express their sincere appreciation for the
continued support extended by the Company's bankers,
business partners, consultants, and various Government
authorities during the year under review. The Board also
conveys its gratitude to all employees, customers, partners,
suppliers, shareholders, and investors for their unwavering
co-operation and trust in the Company's operations.

For and on behalf of the Board of Directors of
Travel Food Services Limited

(formerly known as Travel Food Services Private Limited)

Ashwani Kumar Puri

Chairman
DIN:00160662

Place: New Delhi
Date: July 30, 2026