Shareholders meeting

Registered office: 7th Floor, Ceejay House, Dr. Annie Besant Road, Worli, Mumbai – 400 018 CIN: L65100MH1987PLC374824  Tel. No.: +91- 22 4032 3851  Fax No.: +91- 2 2 4032 3191 Website: www.gfllimited.co.in  Email ID: contact@gfllimited.co.in Date: 01st September, 2026 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, Dalal Street, G Block, Bandra-Kurla Complex, Mumbai – 400 001 Bandra (East), Mumbai – 400 051 BSE Scrip Code: 500173 NSE Symbol: GFLLIMITED Dear Sir/Madam, Sub: Notice of Annual General Meeting (AGM) and Annual Report for the FY 2025-26 Pursuant to Regulation 30 and 34 read with Para A of Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Notice of 39th Annual General Meeting (“AGM”) of the Company and the Annual Report 2025-26, which is being circulated to the Members through electronic mode. The 39th AGM is scheduled to be held on Wednesday, 23rd September 2026, at 01:00 P.M. IST through Video Conferencing (“VC”)/Other Audio Visual Means (“OAVM”). The Notice and the Annual Report will also be made available on the Company’s website at https://www.gfllimited.co.in/Annual_Reports.html. Details pertaining to AGM and e-voting are as under: Particulars Dates Cut of Date For E-voting Tuesday, 15th September 2026 E-voting Start Date with Time Saturday, 19th September 2026, 09:00 A.M. E-voting End Date with Time Tuesday, 22nd September 2026, 05:00 P.M. AGM Date with time Wednesday, 23rd September 2026, at 01:00 P.M. Additionally, the Members participating in the 39th AGM are being provided the facility of e-voting at the AGM. Thanking You. Yours faithfully, For GFL Limited Lakhan Laxmi Rajam Shamala Company Secretary & Compliance Officer Corporate Office Ceejay House, 7th Floor, GFL LIMITED Dr. Annie Besant Road, Worli, Mumbai – 400018 Annual Report 2025-26 Tel.: - +91 22 40323960 / +91 22 40323195 Corporate Information Corporate Information Board of Directors Committee of Directors for Operations Stakeholders’ Relationship Committee Mr. Pavan Kumar Jain Mr. Pavan Kumar Jain Mr. Siddharth Jain Chairman and Managing Director Member Chairman Mr. Siddharth Jain Mr. Siddharth Jain Ms. Girija Balakrishnan Non- Executive Director Member Member Ms. Ishita Jain Ms. Girija Balakrishnan Mr. Pavan Kumar Jain Non- Executive Director Member Member Ms. Girija Balakrishnan Independent Director Mr. Sudip Mullick Independent Director Mr. Shashi Kishore Jain Independent Director Board Level Committees Audit Committee Nomination and Remuneration Corporate Social Responsibility Committee Committee Ms. Girija Balakrishnan Ms. Girija Balakrishnan Ms. Girija Balakrishnan Chairperson Chairperson Chairperson Mr. Siddharth Jain Mr. Sudip Mullick Mr. Pavan Kumar Jain Member Member Member Mr. Shashi Kishore Jain Mr. Siddharth Jain Mr. Siddharth Jain Member Member Member Mr. Sudip Mullick Member GFL LIMITED Annual Report 2025-26 Key Managerial Personnel Statutory Reports Mr. Pavan Kumar Jain Management Discussion & 03 Chairman and Managing Director Analysis Mr. Dhiren Asher Notice 08 Chief Financial Officer Board’s Report 18 Mr. Lakhan Laxmi Rajam Shamala Corporate Governance Report 34 Company Secretary Financial Statements Auditors Standalone M/s. Patankar & Associates, Chartered Accountants, Independent Auditor’s Report 53 Firm Registration No. 107628W Standalone Balance Sheet 62 Office No. 19 to 23, 4th floor, ‘Gold Wings’, S.No. 118/A, Plot No.543, Sinhgad Road, Standalone Statement of Profit 63 Parvati Nagar, Pune - 411030 and Loss Telephone: 020-24252118 Standalone Statement of Cash 64 Flows Registered Office and Corporate Office Standalone Statement of 65 7th Floor, Cee Jay House, Dr. Annie Besant Road, Changes in Equity Worli, Mumbai – 400018 Tel.: +91 22 4032 3851 Notes to the Standalone 66 Financial Statements Registrar & Transfer Agent Consolidated MUFG Intime India Private Limited Independent Auditor’s Report 96 (Previously known as Link Intime India Private Limited) Consolidated Balance Sheet 104 C 101, Embassy 247, L.B.S.Marg, Vikhroli (West), Mumbai - 400083. Consolidated Statement of 105 Tel: - 022 - 49186000 Profit and Loss Fax:- 022 - 49186060 Consolidated Statement of 106 E- mail : mumbai@linkintime.c Cash Flows Consolidated Statement of 107 Changes in Equity Notes to the Consolidated 108 Financial Statements MANAGEMENT DISCUSSION & ANALYSIS MANAGEMENT DISCUSSION & ANALYSIS Indian Economy - Overview expected to be a year of adjustment, as firms and households adapt to these changes, with domestic demand and investment India continues to chart a strong growth path despite global gaining strength. That said, it must be acknowledged that the economy navigating the uncertainty, due to geopolitical external environment remains uncertain, which shapes the tensions, ongoing conflicts. This is reflected in the First Advance overall outlook. Estimates (FAE) for FY26 released by the Ministry of Statistics and Programme Implementation (MoSPI). These estimates * Source: Economic Survey 2025-26 place the real GDP growth rate at 7.4 per cent, surpassing earlier projections by various agencies and the estimates in the Industry overview Economic Survey of 2024-25. It reaffirms India’s status as the Media and Entertainment Industry - Overview fastest-growing major economy for the fourth consecutive year. On the demand side, domestic demand continues to anchor The year 2025 marked a pivotal inflection point for India’s Media growth, supported by a strengthening momentum in capital & Entertainment industry, as it entered a new phase of scale, formation. On the supply side, manufacturing activity has gained innovation and transformation. Beyond growth in numbers, traction, and services continue to drive overall expansion, led this year reflected evolving audiences’ engagement with the by steady performance in trade, transport, and financial and convergence of technology with storytelling. professional services. The industry continued its steady year-on-year growth in In the December 2025, RBI’s Monetary Policy Committee report 2025, reaching INR 2.78 trillion (US$ 32 billion), a 9% increase revised its inflation projection from 2.6 per cent to 2.0 per cent that outpaced India’s nominal GDP per capita growth of 7%. owing to a good kharif harvest and healthy rabi sowing. IMF has Importantly, the industry’s performance surpassed last year’s projected an inflation rate of 2.8 per cent in FY26 and 4.0 per estimates, reinforcing confidence in the sector’s long-term cent in FY27. The RBI’s forecast for headline Inflation for Q1 and trajectory and its ability to adapt to evolving market dynamics. Q2 of FY27 currently stands at 3.9 and 4 per cent. Indian M&E sector grew 9% in 2025 to reach INR 2.78 trillion. It India has recorded one of the sharpest declines in headline is further expected to grow by INR 516 billion to reach INR 3.3 inflation, amounting to about 1.8 percentage points. Importantly, trillion in 2028. this disinflation has occurred alongside robust GDP growth of 8 per cent in the H1 of FY26, underscoring India’s strong M&E sector growth (values in INR in billion) macroeconomic fundamentals and its ability to sustain growth while effectively managing price pressures, or in other words, [to be represented in the form of graph by a designer] without overheating. 2019 2022 2024 2025 2028E CAGR 2025- 2028 Outlook 1,922 2,237 2553 2,785 3301 6.0% The FY26 was an unusually challenging year for the economy on the external front. Heightened uncertainty in global trade Source- EY FCCI, M&E Report 2026 titled “Stories Scale and and the imposition of high, penal tariffs created stress for Impact: Unlocking India’s media and entertainment economy”. manufacturers, particularly exporters, and affected business In 2025, Digital Media demonstrated tremendous growth confidence. followed by Live [Showing first 8,000 characters — download PDF for full document]