The Directors of your Company have pleasure in presenting the Annual
Report on Accounts for the Financial Year ending 31st March 2025.

FINANCIAL HIGHLIGHTS

Note: The financial statements of the Company for the year ended 31st
March, 2025, are prepared in accordance with Indian Accounting
Standards (Ind AS).

OPERATIONS AND FUTURE OUTLOOK

During the year under review, the total revenue was '4973.95 lakh as
against '4859.29 lakh during the previous year. The Company earned a
profit of '825.51 lakh before interest & depreciation as against profit of
'644.77 lakh in the previous year. The net profit after tax is '176.43 lakh
as compared to net profit of '84.63 lakh in the previous year. There has
been decrease in other comprehensive income this year to account loss
on account of decline in fair value of investments mainly of equity
Instruments of Steel Strips Wheels Limited (1,32,41,870 equity share
@'177.80 Face Value as on 31.03.2025 as against value of '221.10
Face Value in the previous year) and Indian Acrylics Limited
(1,47,93,772 equity share @ '6.55 as on 31.03.2025 as against value of
'12.06 in the previous year) on account of overall market scenario
prevailed. At present market has been doing well with Trading Value of
'246.50 per share of Steel Strips Wheels Limited and '8.40 per share of
Indian Acrylics Limited and this will further enhance the profit as well as
EPS in the coming years. Dividend income of '132.42 lakh is same as
that of previous year. The Company is continuously monetizing its
assets to strengthen its operations in near future. The Company is also
exploring one of the possibilities of setting up a plant for scraping of old
vehicles under the vehicles scrappage policy of Government of India.
EXISTING PROJECT

Considering the robust demand witnessed in the real estate sector in
recent years, Company has decided to focus on development of
housing, commercial and industrial segments in a big way and company
plans to utilize and monetize the land already owned by it in prime
locations for development of housing projects, industrial hubs,
development of Mix Use Projects as well as development of land for sale
of Farm Houses on different locations at Village Sarsini near Lalru
(Punjab) on Chandigarh-Ambala Highway, Distt. Sangrur (Punjab) on
State Highway, Amloh in Distt. Fatehgarh Sahib (Punjab) and premium
piece of land at Sohna, Gurgaon (Haryana).

Derabassi Residential Project

As you are aware, your Company has already revived its real estate
project i.e. SSL Highway Towers on land measuring 25846.73 sq. Mtrs

situated on NH-22, Ambala Chandigarh Road, Derabassi (Punjab), an
industrial hub and Satellite City for Chandigarh (RERA approved Project
vide Certificate No. PBRWeRa-SAS79-PR0409). It is expected to be
completed as per time frame stipulated in RERA approved certificate.
We are glad to inform that Phase-I of the project is completed as planned
and Company has already received its Completion Certificate. This will
further boost the demand for sale of apartments. Company has incurred
a sum of '22651.33 lakh (excluding cost of Sales) out of which an
amount of '5886.94 lakh (as against '4177.99 lakhs in the previous
year) was incurred during the year under review. The Company has
received good response from the home buyers in the said project.
Encouraged by the interest shown by buyers in this housing project, your
Company has made changes in the layout plan of Phase-2 of this
project, which will bring in substantial additional saleable area of 2.00
lakh sq. feet approx. which will result in improved revenues in the coming
financial years as compared to last year. Maps of the changes made in
layout plan are already approved by the authorities. The entire
residential complex is aligned with vision of creating a strong community
and promoting a wholesome lifestyle.

1.5 MW Biogas Power Plant at Moonak

SAB Industries Limited was setting up a 1.5 MW capacity biogas power
and bio-fertilizer plant at Moonak, (Sangrur) Punjab with capital
investment of '21 Crore using cow-dung, press mud and poultry litter
based on bio-methanation technology under NRSE Policy 2012 (New
and Renewable Sources of Energy) in technical collaboration with HRG
Solution Germany who have wide experience in setting up similar
projects in Europe as well as in India

The proposed project good qualify for generating electricity from non¬
conventional energy sources defined under New & Renewable Sources
of Energy (NRSE) Policy 2012. It was being promoted in line with Prime
Minister Sh. Narendra Modi and Mahatma Gandhi's vision of Clean India
under Swacch Bharat Abhiyan as it seeks to clean up Moonak village
and adjoining areas and convert cow-dung, poultry litter and other waste
into valuable electricity and fertilizer providing hygienic and healthy
living conditions to its habitats. Using the Biogas of the Biogas plant as a
fuel for power generation will avoid Greenhouse-Gas Emission of
approx. 7,500 tons CO2 per year, compared to power production by a
coal based power plant, even without considering less logistical effort.
Implementation agreement for this project signed with Punjab Energy
Development Agency (PEDA) signed with Punjab Energy Development
Agency (PEDA) has become unviable in view of changing scenario and
other impediments, the management has decided not to pursue this
project.

SEGMENT REPORT

Your Company has a number of activities in its fold. Its business
activities include Construction and Engineering and Real Estate. The
Company is registered with various Government Departments like
Uttaranchal PWD (B&R), HP PWD (B&R), Madhya Pradesh PWD
(B&R), PUDA and other Central Bodies as Class-1 contractors.

The other important segment of activities of your Company is
Development and Sale of Real Estate. As stated above, the Central
Government is taking new initiatives to give a boost to the Real Estate
Sector. The market growth in housing sector in Northern Region of the
Country is already on the rise and is likely to keep ascending further in
the coming time as per existing scenario.

A breakup of the segment-wise performance is given in the ‘Notes on
Accounts' which forms a part of the Balance Sheet.

FINANCIAL STATUS

The ‘Issued and Subscribed Capital' of '15,21,00,780, divided into
1,52,10,078 equity shares of '10/- each, remains the same during the
year. There are no equity shares with differential rights or sweat equity or
ESOP or scheme of purchase of Company shares by employees or their
trustees.

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

There are no material changes which occurred subsequent to the close
of the financial year to which the Financial Statements relate and upto
the date of report.

CORPORATE SOCIAL RESPONSIBILITY AND GOVERNANCE
COMMITTEE

The Company has constituted a Corporate Social Responsibility
Committee and also framed a Corporate Social Responsibility Policy
and the same is posted on the website of the Company at
http://www.sabindutries.in.

The Company have net profits but in accordance with provisions of
Section 135 of the Companies Act, 2013, the Company is not required to
undertake any activity under CSR Rules as of now. However, as
Company is anticipating continued profits in the coming year and is
looking forward to undertake CSR activities as permitted.

DETAILS OF COMPANIES WHICH HAVE BECOME OR CEASED TO
BE ITS SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE
COMPANIES DURING THE YEAR

Your Company has no Subsidiary or Joint Venture Company during the
year. However, there is an Associate by the name of SAB Udyog Limited
reportable under Section 129(3) of the Companies Act, 2013.

A separate statement related to the Associate Company forms part of
Annual Report in the prescribed Form AOC-1 in compliance with Section
129 and other applicable provisions of the Companies Act, 2013 and is
available on the website of the Company at http://www.sabindustries.in.
Consolidated Financial Statement prepared by the Company includes
financial information of its Associate Company. The annual accounts of
the Associate Company have been kept for inspection by any
Shareholder at the Registered Office of the Company. The Company will
provide a copy of Annual Report and other document of its Associate
Company on the request made by any member, investor of the
Company.

DIVIDEND

Keeping in view the business commitments, your Company has decided
not to declare any dividend for the year 2024-2025.

FIXED DEPOSITS

The Company has not accepted any fixed deposits covered under
Chapter V of the Companies Act 2013 read with Companies
(Acceptance of Deposits) Rules, 2014 (as amended) during the year
under review.

CORPORATE GOVERNANCE REPORT- DISCLOSURE
REQUIREMENTS

The Company continuously strives to attain high levels of corporate
performance, accountability, transparency, responsibility and fairness in
all aspects of its operations. Transparency in all dealings and providing
better services without compromising in any way on integrity and
regulatory compliances have been the basic objectives of corporate
governance in the Company. The Corporate Governance practices
followed by the Company are enclosed as Annexure to this report.
Extract of the annual return

Pursuant to Section 92(3) and Section 134(3)(a) of the Companies Act,
2013, the Company has placed a copy of the Annual Return as at March
31,2025 on its website at www.sabindustries.in. By virtue of amendment
to Section 92(3) of the Companies Act, 2013, the Company is not
required to provide extract of Annual Return (Form MGT-9) as part of the
Board's report.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013, the Directors'
confirm that:

a. in the preparation of the annual accounts for the year ending 31st
March 2025, the applicable 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;

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

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

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR
ADEQUACY

The internal control systems and processes of the Company cover
operational efficiency, accuracy and promptness in financial reporting,

compliance with laws and regulations and development of mature,
disciplined and effective processes. The processes are also designed to
meet the goals of cost, schedule, functionality and quality, thus resulting
in higher levels of customer satisfaction.

DIRECTORS

A) Changes in Directors and Key Managerial Personnel

Since the last Annual General Meeting, following changes have taken
place in the Board of Directors:

- Appointment of Shri Virander Kumar Arya (DIN: 00751005) as
Independent Director of the Company for a term of five years
commencing from 01/10/2024 to 30/09/2029.

- Appointment of Smt. Tejinder Kaur (DIN: 00512377) as
Independent Director of the Company for a term of five years
commencing from 14/03/2025 to 13/03/2030.

- Cessation of Shri Surinder Singh Virdi (DIN: 00035408) and Smt.
Manju Lakhanpal (DIN: 07130592) as Independent Directors on
the Board of the Company on completion of their term at the close
of business hours of 12.11.2024 & 13.03.2025.

- As per the provisions of Companies Act, 2013, Shri Sanjay Garg
(DIN: 00030956) Director, retires by rotation at the forthcoming
Annual General Meeting and being eligible offers himself for re¬
appointment.

B) Declaration by an Independent Director(s) and re-appointment,
if any

A declaration by Independent Directors stating that he/ they meet the
criteria of independence as provided in sub-section (6) of Section 149 of
the Companies Act, 2013 had been taken at the time of their
appointment.

C) Formal Annual Evaluation

The Board of Directors has carried out an annual evaluation of its own
performance and that of the Board committees and individual directors
pursuant to the provisions of the Act and the corporate governance
requirements as prescribed by Securities and Exchange Board of India
(“SEBI”) under SEBI (LODR) Regulations, 2015.

The performance of the Board was evaluated by the Board after seeking
inputs from all the directors on the basis of the criteria such as the Board
composition and structure, effectiveness of board processes,
information and functioning, etc.

The performance of the committees was evaluated by the Board after
seeking inputs from the committee members on the basis of the criteria
such as composition of committees, effectiveness of committee
meetings, etc.

The Board and the Nomination and Remuneration Committee (“NRC”)
reviewed the performance of the individual directors on the basis of the
criteria such as the contribution of the individual director to the Board
and committee meetings like preparedness on the issue to be
discussed, meaningful and constructive contribution and inputs in
meetings etc. In addition, the Chairman was also evaluated on the key
aspects of his role.

In a separate meeting of Independent Directors, performance of non¬
independent directors, performance of the board as a whole and
performance of the Chairman was evaluated, taking into account the
views of executive directors and non-executive directors, the same was
discussed in the Board meeting that followed the meeting of the
Independent Directors, at which the performance of the Board, its
committees and individual directors was also discussed.

NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS
During the year under review, 4 Board Meetings were held, one each on
30th May 2024, 13th August, 2024, 07th November 2024 and 13th
February 2025.

POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
AND OTHER DETAILS

The Company's policy on Directors' appointment and remuneration and
other matters provided in Section 178(3) of the Act has been disclosed in
the corporate governance report, which forms part of the Directors'
Report.

AUDIT COMMITTEE

The Audit & Compliance Committee comprises of three non-executive
Directors all of which are Independent Directors.viz. Smt. Tejinder Kaur,
Shri Virander Kumar Arya and Shri Humesh Kumar Singhal. During the
year, the committee held four meetings. Other details of the Audit
Committee are included in the Corporate Governance Report which
forms part of this report.

The Board had accepted all recommendation of the Audit Committee, if
any.

DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM/ WHISTLE
BLOWER POLICY FOR DIRECTORS AND EMPLOYEES

The Company has formulated and published a Whistle Blower Policy to
provide vigil mechanism for employees including Directors of the
Company to report genuine concerns. The provisions of this Policy are in
line with the provisions of Section 177(9) of the Act and the Regulation
22 of SEBI (LODR) Regulations, 2015.

There are no cases reported during the year.

NOMINATION AND REMUNERATION COMMITTEE
The committee has been constituted to review and recommend
compensation payable to the whole-time directors including Chairman
and senior management of the Company. The committee reviews the
overall compensation structure and policies of the Company with a view
to attract, retain and motivate employees, reviewing compensation
levels of the Company vis-a-vis other Companies and industry in
general. The Nomination & Remuneration Policy may be accessed on
the website of the Company at http://www.sabindustries.in.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
UNDER SECTION 186

There were no Loans/ Guarantee given and Investments made by the
Company during the year exceeding the limits prescribed under Section
186 of the Companies Act, 2013.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH
RELATED PARTIES:

All contracts/ arrangements/ transactions entered by the Company
during the Financial Year with related parties were in the ordinary course
of business and on an arm's length basis. During the year, the Company
had not entered into any contract/ arrangement/ transaction with related
parties which could be considered material in accordance with the policy
of the Company on materiality of related party transactions. A statement,
in summary form, of transactions with related parties which were all in
ordinary course of business and arm's length basis is periodically placed
before the audit committee for review and recommendation to the board
for their approval.

The policy on materiality of related party transactions and dealing with
related party transactions as approved by the board is uploaded on the
website of the Company.

Disclosures as required under Indian Accounting Standards (Ind. AS-
24) have been made in the financial statements of the Company,
enclosed with this report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year under review
as stipulated under Regulation 34(2) (e) of SEBI (LODR) Regulations,
2015, forms part of the Board's report.

BUSINESS RISK MANAGEMENT

The risk management includes identifying types of risks and its
assessment, risk handling, monitoring and reporting, which in the
opinion of the Board may threaten the existence of the Company. The
Board has formulated the Risk Management Policy to manage risks with
the objective of maximizing shareholders value. The Risk Management
Policy may be accessed on the website of the Company at
http://www.sabindustries.in.

AUDITORS:

Statutory Auditors:

As per the Provisions of Section 139 of Companies Act, 2013, M/s S.C.
Dewan & Co., Chartered Accountants were appointed as Statutory
Auditors of the Company to hold office till the conclusion of the Annual
General Meeting to be held during the year 2027.

The Company has received a certificate from them pursuant to
Companies (Audit & Auditors) Rules 2014 read with Section 139 & 141
of the Companies Act, 2013, confirming their eligibility for
reappointment, and that they were not disqualified for reappointment.
Secretarial Auditor:

M/s S.K. Sikka & Associates, practicing Company Secretaries,
Chandigarh, was appointed as Secretarial Auditor & his report in Form
No. MR-3 under Section 204 of the Companies Act for the Financial Year
2024-25 is attached & forms part of this Report. Pursuant to recent
amendments made to Regulation 24A of the SEBI Listing Regulations,
M/s S.K. Sikka & Associates, Company Secretaries are appointed as
the Secretarial Auditors of the Company for a period of five years
commencing from 01.04.2025 to 31.03.2030 subject to approval of

shareholders.

Internal Auditor:

Pursuant to provisions of Section 138 of the Companies Act, 2013, the
Company has appointed M/s Gupta Abhinav & Associates, Chartered
Accountants a qualified Chartered Accountants duly authorized by the
Board to conduct internal audit of the functions and activities of the
Company and maintain internal control systems of the Company.
AUDITORS' REPORT AND SECRETARIAL AUDITORS' REPORT
The Auditors' Report and Secretarial Auditors' Report do not contain any
qualifications, reservations or adverse remarks. Report of Secretarial
Auditors is attached as an annexure which forms part of this report.
LISTING OF SHARES

Equity shares of the Company are listed on BSE Limited and Listing fee
has already been paid in pursuance to Regulation 14 of SEBI (LODR)
Regulations, 2015.

DEMATERIALISATION

The equity shares of your Company are to be compulsorily traded in
dematerialized form. As on 31.03.2025, 15142851 equity shares
representing 99.56% of equity share capital have been dematerialized.
During the year under review, highest Trading price. was '308.40 and
Lowest price '136.35. A breakup of month wise High-Low equity share
price of Stock Market data has been disclosed in the “Report on
Corporate Governance” which forms part of the Director Report.
INSURANCE

All the assets of the Company have been adequately insured.
PERSONNEL AND RELATED DISCLOSURES

The information required under Section 197 of the Act read with rule 5 of
the Companies (Appointment and remuneration of managerial
personnel) rules 2014 is enclosed with this report.

INDUSTRIAL RELATIONS

Industrial relations continued to be cordial during the year under review.
HEALTH, SAFETY AND ENVIRONMENT PROTECTION

Our Company has complied with all the applicable health & Safety
standards, environment laws and labour laws and has been taking all
necessary measures to protect the environment and provide workers a
safe work environment. Our Company is committed for continual
improvement in Health & Safety as well as Environmental performance
by involving all the employees to provide a Safe & healthy work
environment to all its employees.

DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT
WORK PLACE (PREVENTION, PROHIBITION AND REDRESSAL)
ACT, 2013

The Company has zero tolerance for sexual harassment at workplace
and has adopted a policy against sexual harassment in line with the
provisions of Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the rules framed thereunder.
During the financial year 2024-25, the Company has not received any
complaint on sexual harassment and hence no complaints remain
pending as on 31st March, 2025.

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

Information in accordance with the provisions of Section 134(3)(m) of
the Companies Act, 2013 regarding Conservation of Energy,
Technology Absorption and Foreign Exchange Earnings and Outgo is
not applicable as the Company did not have any manufacturing facility
during the period under consideration. There were no foreign exchange
earnings/ outgo during the period.

MATERNITY BENEFIT: Rule 8(5)(xiii) of Companies (Account)
Rules, 2014

The Company affirms that it has duly complied with all provisions of the
Maternity Benefit Act, 1961, and has extended all statutory benefits to
eligible women employees, if any during the year.
ACKNOWLEDGEMENT

Your Directors acknowledge with gratitude the assistance, co-operation
and support received by the Company from the Banks, Statutory/ Govt.
Bodies, Customers and Shareholders of the Company.

For and on behalf of
BOARD OF DIRECTORS

TEJINDER KAUR SANJAY GARG

Place: Chandigarh Director Addl. Managing Director

Date: 30.05.2025 DIN: 00512377 DIN:00030956