TO THE MEMBERS
Your Directors have pleasure in presenting the Twenty-Sixth Annual
Report and the Audited Financial Statements, including Consolidated Financial Statements,
of the Company for the year ended 31 March 2026.
1. FINANCIAL RESULTS
The salient features of the Company's working are:
(Rs. in Million)
|
2025-26 |
2024-25 |
| Gross Profit for the year |
8,044.30 |
7,372.50 |
| Less: Depreciation and amortization expense |
625.95 |
632.61 |
| Profit before exceptional items and tax |
7,418.35 |
6,739.89 |
| Less: Exceptional Items relating to past
service cost on account of |
|
|
| New Labour Codes, 2019 |
151.86 |
– |
| Profit before tax |
7,266.49 |
6,739.89 |
| Less: Tax expense (current and deferred tax) |
1,835.10 |
1,720.41 |
| Profit after Exceptional Items and tax |
5,431.39 |
5,019.48 |
| Add: Balance of Retained earnings brought
forward from the previous year |
3,606.28 |
2,292.62 |
| Available retained earnings |
9,037.67 |
7,312.10 |
| Other Comprehensive Income |
43.27 |
(6.59) |
|
9,080.94 |
7,305.51 |
| Dividend relating to previous financial year
paid during the year |
598.97 |
449.23 |
| Transfer to General Reserve |
3,500.00 |
3,250.00 |
| Retained earnings carried forward to the next
year |
4,981.97 |
3,606.28 |
2. DIVIDEND
Your Directors have recommended a dividend of ` 1.30 (13%) [previous
year ` 1.20 (12%)] per equity share on 499,145,736 shares of ` 10 each aggregating `
648.89 million (previous year ` 598.97 million). The Directors consider this appropriate
having regard to the requirements for funds for business and future growth of the Company
and in opinion of the Board, the proposed dividend is in line with the Company's
Dividend Distribution Policy.
3. OPERATIONS
During the year under review, the sale of products increased from `
30,608.32 million in the previous year to ` 31,554.64 million. Domestic sales turnover
increased from ` 23,841.91 million to ` 24,847.32 million whereas the export turnover
decreased marginally from ` 6,766.41 million to ` 6,707.32 million. After making provision
for depreciation, interest, exceptional item and tax, the net profit during the year under
report stands increased to ` 5,431.39 million as against
` 5,019.48 million in the previous year. There was no charge in the
form of exceptional item in the previous year.
The agricultural and agrochemical industry scenario during FY
2025–26 was shaped by a combination of climatic challenges, stable cropping patterns,
evolving market dynamics, and continued farmer dependence on crop protection solutions.
While overall crop acreage across most regions remained largely stable, supporting
agricultural activities and indicating underlying resilience in the sector, the year was
significantly impacted by adverse and prolonged rainfall during the monsoon period from
July to September, extending into October in certain geographies. Excess rainfall
adversely affected key crops such as soybean, cotton, and groundnut, resulting in crop
damage, yield losses, and reduced spray opportunities during critical application windows.
These weather-related disruptions impacted agrochemical consumption patterns and led to
lower-than-expected demand during peak usage periods. At the same time, lower commodity
prices for crops, including cotton and soybean, continued to pressure farmer profitability
and limit discretionary spending on crop protection inputs, despite stable cultivation
patterns. Agrochemical prices, however, remained relatively stable throughout the year,
which helped maintain affordability for farmers and supported input accessibility. The
industry also witnessed relatively low pipeline inventory levels, influencing supply
dynamics and pricing trends across the market. Despite the operational challenges arising
from weather variability and subdued farmer sentiment in certain crop segments, the sector
demonstrated resilience, supported by stable sowing trends, continued focus on
agricultural productivity, and strong farmer reliance on crop protection solutions. A
favorable Rabi season further supported agricultural output and contributed positively to
farmer income levels, creating improved sentiment and supporting demand momentum for the
subsequent Kharif season. Additionally, broader industry trends such as digital
transformation, increasing adoption of advanced crop protection technologies, sustainable
agricultural practices, and opportunities arising from global supply chain realignments
continued to shape the long-term outlook of the agrochemical industry in India.
4. REGULATORY ORDER FOR GLYPHOSATE USE
In October 2022, the Central Government ("Government")
issued a Notification (" Notification ") mandating that Glyphosate, a
broad spectrum weedicide and an important product for the Company, will be used only
through
Pest Control Operators. Industry players and associations have filed
petitions (" Petitions") before the Hon'ble Delhi High Court ("Hon'ble
Court") challenging the Notification. In the course of hearings in the matter,
the counsel of the Government has stated that the Notification will not be implemented
till the disposal of the Petition. The Petitions are pending before the Hon'ble
Court.
5. NEW PRODUCTS/IMPROVEMENTS/EXPANSIONS
The Company continues to maintain ISO 9001, ISO 14001 and ISO 45001
certifications for the manufacturing sites.
The Company has also initiated implementation of 5S Workplace
Management System, Total Productive Maintenance
(TPM) System and Behaviour based safety with a view to achieve higher
efficiency, productivity and enhance safety management system. The quality of products is
maintained and upgraded to the applicable national and international standards through
rigorous pursuit of the quality management systems. The Company continues to enjoy the
reputation of a consistent and reliable quality supplier. In the year under review, your
Company continued to pursue initiatives to optimise utilisation of its manufacturing
facilities, launch new products and install manufacturing capacities to supply new
products in domestic and international markets. The Company continues to take initiatives
for introducing new technical grade products and for expanding production capacities.
The Company introduced six new products during the year and continues
to focus on scaling up recently launched products, particularly in the agrochemical and
biostimulant segments, which are considered critical for long term sustainable growth.
Further, the Company has plans to introduce four new patented products during the
financial year
2026-27, reinforcing its commitment to innovation and differentiated
offerings.
During the year, the Company also continued to pursue its flagship
demand generation initiative, "Every Day Farmers' Day" (EDFD), which was
further strengthened through a more focused and high-intensity engagement approach. The
campaign enabled direct interaction with over 1.4 million farmers, significantly enhancing
farmer connect and channel partner engagement. Supported by robust digital tracking
mechanisms, the initiative provided real-time insights to the leadership team and
contributed to improved field execution and organizational alignment.
6. OUTLOOK
Agriculture continues to play a vital role in the Indian economy,
contributing approximately 15% to the country's GDP and providing livelihoods to
nearly half of the population. While the relative share of agriculture in GDP has
moderated over time due to the rapid growth of other sectors, its strategic importance
remains significant. The domestic agrochemical market continues to be driven by increasing
food demand arising from population growth, along with a growing emphasis on improving
crop productivity and quality.
Government initiatives aimed at enhancing farmer income and
strengthening rural infrastructure, including Minimum Support Prices (MSPs), direct income
support schemes such as PM-KISAN, and continued budgetary allocations to the agriculture
sector, are expected to support the long-term growth of the industry. Additionally, Indian
agrochemical companies continue to strengthen their position in global markets, with
exports constituting a significant share of industry revenues.
While the medium-term outlook for the industry remains positive, the
near-term environment is expected to remain challenging. Following a year impacted by
adverse weather conditions, the sector faces continued uncertainty due to unpredictable
climatic patterns, including the potential influence of El Ni?o. These conditions may
impact cropping patterns, farm incomes, and input consumption.
At the same time, the industry is likely to witness cost pressures
driven by a depreciating Indian Rupee and rising costs of raw materials, packaging
materials, solvents, and logistics. These factors are expected to increase the cost of
goods and may necessitate price adjustments across product categories. Additionally,
global geopolitical developments and evolving trade dynamics may further influence supply
chains and market conditions.
In this context, the Company remains focused on navigating these
challenges through prudent cost management, continued emphasis on innovation,
strengthening of its product portfolio, and enhanced farmer engagement. With its strong
market presence and strategic initiatives, the Company is well-positioned to leverage
long-term growth opportunities in the agrochemical sector.
7. SAFETY, HEALTH AND ENVIRONMENT
The Company remains committed to reducing its environmental load,
enhancing safety, improving quality, and optimizing costs. The Company continues to play
the role of a responsible corporate citizen in the fulfilment of its objectives of
protecting and enriching the environment and human health and safety. The Company has also
adopted Responsible Care Policy and its initiatives demonstrate its commitment towards
comprehensive approach for safeguarding environment, health and safety of all stakeholders
and aims at achieving and sustaining high standards of performance. The Company regularly
reviews and monitors its Quality, Environment, Health, and Safety (QEHS) policies and
sustainability initiatives to drive continuous improvement.
The Company's commitment to its safety management programs follows
a top-down approach towards establishing, demonstrating, sustaining and improving the
safety culture and incorporating the Company's core value of safety in people's
daily responsibilities. Regular Safety audit, RC audits, inspections, training programs,
safety promotional activities, safety meetings and other safety activities are carried out
at regular intervals to strengthen the safety culture. The Company has adopted plastic
waste management process to minimize the amount of ‘post-use plastic waste' in
the environment through a plastic credit platform dedicated to collection, segregation and
recycling of such waste. The Green initiatives of the company include the use of wind and
solar energy, sewage water treatment, rainwater harvesting to improve environment and
conservation of natural resources. The Company continues to work towards reducing
greenhouse gas emissions in line with Science Based Targets, supporting long-term
sustainable economic and social development.
8. EDUCATION, LEARNING AND HUMAN RESOURCES
Our people are the cornerstone of our progress, and their continuous
development is fundamental to our long-term success.
At Sumitomo Chemical India Limited, education, continuous learning, and
human capital development remain integral to its long-term growth strategy. The Company
continues to invest in building a future-ready workforce through structured training
programs, leadership development initiatives, and cross-functional exposure aimed at
enhancing technical, managerial, and behavioural competencies, while fostering a culture
of innovation, safety, and regulatory compliance. The learning ecosystem is supported by a
blend of digital platforms, on-the-job training, and expert-led interventions to ensure
continuous upskilling in line with evolving industry requirements. The Company also places
strong emphasis on the selection and retention of talent, with a focus on knowledge,
skills, attitude, and cultural alignment. Employee feedback mechanisms are actively
leveraged, and relevant, value-adding suggestions are implemented to strengthen
organizational effectiveness and enhance employer brand perception, thereby supporting
talent attraction and retention.
During the year, the Company continued its structured
capability-building initiatives, including "Project Sanvaad (_ __ )" to enhance
cross-functional collaboration; the "EDGE and Unnati Workshop Series" to address
skill gaps and build a robust leadership pipeline; and "Project Disha" to
provide focused development support to high-potential employees and key contributors
critical to the organization.
Further, the Company has implemented an e-learning platform, "Zing
Learn", through its HRIS portal, "Sumi Pulse", which is being effectively
utilized for compliance and developmental training programs. The Sumi Pulse platform,
designed with a user-friendly interface, also facilitates employee engagement through
features such as surveys, polls, online reward and recognition, and organizational
communications.
Through continuous learning and people-centric initiatives, we remain
committed to building a resilient and future-ready organization.
9. INSURANCE
The Company continues to carry adequate insurance cover for all its
assets against foreseeable perils like fire, flood, earthquake, etc. and continues to
maintain the Liability Policy as per the provisions of the Public Liability Insurance Act.
10. SUBSIDIARY COMPANIES
Highlights of the financial performance of Barrix Agro Sciences Private
Limited, subsidiary, are as follows:
|
2025-26 |
2024-25 |
|
(Rs. in Million) |
(Rs. in Million) |
| Revenue from operations |
899.09 |
582.75 |
| Profit before tax |
11.55 |
62.58 |
| Profit after tax |
0.77 |
63.13 |
The Company has obtained a certificate from the Statutory Auditors to
the effect that the Company is in compliance with the FEMA Regulations with respect to the
downstream investment made by it in Barrix Agro Sciences Private Limited.
Excel Crop Care (Africa) Limited, the Company's Tanzania based
unlisted and non-material subsidiary, is under voluntary winding up process. The Company
holds 99.9% of the equity share capital of Excel Crop Care (Africa) Limited.
Its winding up is not likely to materially impact business, commercial
activities or financial position of the Company. Financial statements of the subsidiaries
have been considered for preparation of consolidated financial statements.
The Financial Statements and the Reports of the Board of Directors and
the Auditors of Barrix Agro Sciences Private Limited are being posted on the
Company's website: www.sumichem.co.in.
11. DISCLOSURE UNDER THE COMPANIES ACT, 2013
Information pursuant to various disclosure requirements prescribed
under the Companies Act, 2013 and rules thereunder, to the extent applicable to the
Company, is given below. Some of the disclosures have been included at appropriate places
in the Corporate Governance Report which forms part of the Board's Report.
a) Energy Conservation, Technology Absorption and Foreign Exchange
earnings and outgo:
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies
Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, is given in Annexure
I.
b) Annual Return:
Annual return as on 31 March 2025 in form MGT-7 filed with the Ministry
of Corporate Affairs is available on the Company's website
https://sumichem.co.in/content/uploads/AB6621633_signed_certified-19-09-2025-09-40-05.pdf
Annual return as on 31 March 2026 in form MGT-7 will also be posted on
the Company's website after the same is filed with the Ministry of Corporate Affairs.
c) Policy on Directors' appointment, Remuneration Policy and
information regarding remuneration:
Particulars of the Company's Policy on Directors'
appointment, Remuneration Policy and information pursuant to Rule 5(1) of the Companies
(Appointment & Remuneration) Rules, 2014 are given in Annexure II.
d) Particulars of Loans, Guarantees and 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.
e) Related Party Transactions:
All contracts/arrangements/transactions entered by the Company during
the financial year with related parties were on an arm's length basis.
All related party transactions are placed before the Audit Committee
for their approval. Prior omnibus approval of the Audit Committee is obtained for the
transactions which are of a repetitive nature. The transactions entered into pursuant to
the omnibus and specific approvals are reviewed periodically by the Audit Committee.
Pursuant to the provisions of Regulation 23 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 ("LODR"), all
material related party transactions require approval of the members through a resolution.
Schedule XII to LODR read with regulation 23(1) of LODR specify transactions which are
considered as "material transactions".
During the year, the Company entered into transactions with Sumitomo
Chemical Company, Limited, Japan, the holding company, which are considered ‘material
transactions' in terms of LODR. The shareholders had accorded their approval to the
transactions with Sumitomo Chemical Company, Limited through an ordinary resolution passed
at the annual general meeting held on 04 August 2025.
The Company is seeking approval of the shareholders, through an
ordinary resolution at the ensuing annual general meeting, for the transactions entered
into/proposed to be entered into with the holding company during the financial year
2026-27 for an amount not exceeding ` 16,235 million.
Form for disclosure of particulars of material transactions entered
into by the Company with Sumitomo Chemical Company, Limited, Japan, a related party, as
required under Section 188(1) of the Companies Act, 2013 on an arm's length basis are
summarised in Form AOC-2 in Annexure III.
The same are also given in note 39 to the Standalone Financial
Statements.
The Company's Policy on related party transactions as approved by
the Board may be accessed on the Company's website:
https://sumichem.co.in/pdf/25-26/modified-rpt-policy-2026.pdf
f) Business Risk Management:
The Board has constituted Risk Management Committee pursuant to the
provisions of Regulation 21 of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 to identify and monitor risks faced by the Company.
The Committee deliberates on the major enterprise and business risks
identified by the management, analysis of their impact and mitigation measures for
addressing the risks. The major risk areas identified relate to risks associated with
material procurement and manufacturing operations, regulatory risks, cyber security / IT
related risks, human resources related risks, currency risks, credit risks mainly
associated with exports and insurance adequacy risks.
In opinion of the Board, there is no element of risk which may pose
serious threat to the existence of the Company.
g) Evaluation of performance of the Board, Committees of Directors and
Individual Directors:
The Board has adopted a formal mechanism for evaluating its performance
as well as that of its Committees and individual Directors, including performance of the
Chairman of the Board. As a part of this mechanism, a structured questionnaire, approved
by the Company's Nomination and Remuneration Committee, is used to carry out
evaluation of performance of the Board, Committees of Directors and individual Directors.
The questionnaires take into consideration various criteria and factors.
h) Material orders passed by the regulatory authorities or
courts/material changes or commitments:
There are no material orders passed by regulators or courts which can
impact the going concern status of the Company and its future operations. There are no
material changes or commitments occurring after 31 March 2026 which may affect the
financial position of the Company.
i) Internal Financial Controls and their adequacy:
The Company has adequate system of internal controls to safeguard and
protect from loss, unauthorised use or disposition of its assets. All the transactions are
properly authorised, recorded and reported to the management. The Company is following all
the applicable Accounting Standards for proper maintenance of books of accounts and for
financial reporting.
j) Disclosure relating to Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013:
The Company has complied with the provisions relating to constitution
of Internal Complaints Committee under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.
During the year 2025-26, the Company did not receive any complaint of
sexual harassment. There were no complaints pending at the beginning and at the end of
financial year.
k) Disclosure relating to Maternity Benefit Act, 1961.
The Company has complied with the provisions of the Maternity Benefit
Act, 1961.
l) Performance of subsidiaries:
Details of performance and financial position of the subsidiary
companies are given in Form AOC-1 in Annexure IV. The Company has no associate
company.
m) Corporate Social Responsibility (CSR) initiatives:
The Company has formulated its Corporate Social Responsibility Policy
which is posted on its website:
https://sumichem.co.in/pdf/Corporate%20Social%20Responsibility%20Policy.pdf A brief
outline of the Policy and the Annual Report on CSR Activities is given in Annexure V.
n) Particulars of Employees:
The information required under Section 197 of the Companies Act, 2013
read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 is given in Annexure VI.
o) Secretarial Audit Report:
The Report of M/s M K Saraf & Associates LLP, the Secretarial
Auditors, is attached as Annexure VII.
p) Secretarial Standards:
The Company has complied with the applicable ‘Secretarial
Standards on Meetings of the Board of Directors - SS 1' and ‘Secretarial
Standards on General Meetings - SS 2'.
12. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Dr Suresh Ramachandran, Deputy Managing Director, retires by rotation
and being eligible, offers himself for reappointment.
The second term of Dr Mukul G Asher, Independent Director, would
conclude on 31 August 2026.
The Board places on record its deep appreciation for Dr Mukul G
Asher's immense contribution in Board and Committee deliberations and in formulating
business strategies and policies and business planning and in the areas of risk
management, business systems, procedures and processes, internal control and governance.
The tenures of Mr Chetan Shah, Managing Director and Mr Sushil
Marfatia, Executive Director, would come to an end on 31 August 2026. The Board places on
record its deep appreciation for rich contribution of Mr Chetan Shah and Mr Sushil
Marfatia in leadership provided to the Company and in growing its business over the years.
In view of his experience, expertise and knowledge of the industry and
his familiarity with the Company and its business, it is proposed to appoint Mr Chetan
Shah as Non – Executive Non – Independent Director of the Company with effect
from 01 September 2026 to ensure that the Company continues to benefit from his guidance,
knowledge, experience and expertise. An ordinary resolution seeking consent of the members
for appointment of Mr Chetan Shah as Non – Executive Non – Independent Director
forms part of the notice of the ensuing annual general meeting.
The first term of Mr N Sivaraman, Independent Director, would conclude
on 31 August 2026.
Mr N Sivaraman is proposed to be reappointed as Independent Director
for the second term for a period of 3 (Three) consecutive years from 01 September 2026 up
to 31 August 2029 subject to Special Resolution to be passed by the members at the annual
general meeting to be held on 27 July 2026.
In opinion of the Board, Mr N Sivaraman, the Independent Director
proposed to be reappointed, is person of high integrity and possesses relevant expertise
and experience. A Special Resolution proposing appointment of Mr Anand Mohan Tiwari as
independent Director for a term of 2 (two) consecutive years from 31 August 2026 up to 30
August 2028, forms part of the notice of ensuing annual general meeting. In the
Board's opinion, Mr Anand Mohan Tiwari is a person of high integrity and possesses
relevant expertise and experience and his appointment will be beneficial to the Company.
The Board of Directors, at its meeting held on 26 May 2026, has
approved to promote Dr Suresh Ramachandran to the position of Managing Director with
effect from 01 September 2026 for the remainder period of his current term as Deputy
Managing Director i.e. up to 31 may 2028. At the ensuing annual general meeting, a Special
Resolution is proposed for obtaining consent of the members for promotion of Dr Suresh
Ramachandran, Deputy Managing Director, to the position of Managing Director with effect
from 01 September 2026 for his existing tenure up to 31 May 2028.
13. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(c) of the Companies Act, 2013, the Directors
confirm that:
(a) in the preparation of the annual accounts, the applicable
accounting standards have been followed and that no material departures have been made
from the same; (b) they have 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 of the Company for that period; (c) they 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; (d) they have
prepared the annual accounts on a going concern basis;
(e) they 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 (f) they have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems are adequate and are operating
effectively.
Based on the framework of internal financial controls and compliance
systems established and maintained by the
Company, the work performed by the internal, statutory and secretarial
auditors and external consultants, including the audit of internal financial controls over
financial reporting by the statutory auditors and the reviews performed by management and
the relevant board committees and the management's assessment of adequacy and
effectiveness of internal financial controls, the Board is of the opinion that the
Company's internal financial controls were adequate and effective during the year
2025-26.
Messrs BSR & Co. LLP, the statutory auditors, who have audited the
Company's financial statements for the year 2025-26, have given their report on the
Company's internal control over financial reporting as defined by Section 143 of the
Companies Act, 2013, which Report is annexed as Annexure B to the Independent
Auditor's Report.
14. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
Business Responsibility and Sustainability Report (BRSR) prepared in
the prescribed form pursuant to Regulation 34 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, in relation to initiatives taken from
environmental, social and governance perspective, forms part of the Annual Report. Messrs
Chokshi & Chokshi LLP,
Chartered Accountants, have given certificate of assurance in relation
to BRSR Core of the Company for FY 2025-26, the certificate is enclosed with the Business
Responsibility and Sustainability Report.
15. CORPORATE GOVERNANCE
Your Company is committed to the principles of good corporate
governance and the Board of Directors lays strong emphasis on transparency, accountability
and integrity. Your Company has complied with all the requirements of the Code of
Corporate Governance contained in SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and, pursuant thereto, Management Discussion and Analysis and the
Corporate Governance Report are annexed and form part of the Annual Report.
16. AUDITORS' REPORTS
The Independent Auditor's Reports on Financial Statements,
including Consolidated Financial Statements, of the Company for the year ended 31 March
2026, issued by Messrs BSR & Co. LLP, the Auditors, are enclosed with the
Financial Statements in this Annual Report. The Independent
Auditors' Reports are unmodified and do not contain any qualification, reservation or
adverse remark.
17. COST RECORDS AND COST AUDIT REPORT
The Company prepares and maintains cost records as specified by the
Central Government under Section 148(1) and rules made thereunder. The cost records for
the year 2024-25 were subjected to cost audit by Messrs GMVP &
Associates LLP, Cost Auditors. The Cost Audit Report for the financial
year 2024-25 issued by the Cost Auditors was filed with the Ministry of Corporate Affairs
on 25 August 2025 vide SRN: AB6200708.
18. ACKNOWLEDGEMENTS
Your Directors wish to place on record their sincere appreciation of
the wholehearted co-operation received from the Company's Shareholders, Bankers,
various authorities of the Governments and business associates.
|
For and on behalf of the Board of Directors |
|
|
CHETAN SHAH |
SUSHIL MARFATIA |
|
Managing Director |
Executive Director |
| Mumbai, 26 May 2026 |
DIN: 00488127 |
DIN: 07618601 |
|