Annual Report of the Company for FY 2025 - 2026

MINAL INDUSTRIES LIMITED CIN: L32201MH1988PLC216905 Registered office: 603- l Minal Co-Op Hsg So Ltd, Off Sakivihar Road, Andheri-East Mumbai - 400072 Tel No. 022: 40707070; Email Id: cmseepz@gmail.com; Website: www.minalindustrieslimited.in Date: 03rd September, 2026 Department of Corporate Services (DSC-CRD) Bombay Stock Exchange Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400001 Subject: Notice of the 38th Annual General Meeting (“AGM”) along with Annual Report of Minal Industries Limited for the financial year 2025 - 2026 Ref.: Minal Industries Limited, BSE Scrip Code: 522235 Dear Sir/Madam, In continuation to our letter dated 27th August, 2026 and pursuant to Regulation 34 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached the Notice of the 38th Annual General Meeting of the Company scheduled to be held on Tuesday, 29th September, 2026 at 11:30 a.m. (IST) through Video Conferencing / Other Audio- Visual Means (OAVM), along with the Annual Report of Minal Industries Limited for the financial year 2025 - 2026 which is being sent through electronic mode to all the Members of the Company who have registered their e-mail address with the Company. The Notice of AGM along with Annual Report for the financial year 2025 - 2026 is available on the website of the Company at https://minalindustrieslimited.in/investors/, on the website of Stock Exchange i.e. BSE Limited at www.bseindia.com and on the website of National Securities Depositories Limited (NSDL) at www.evoting.nsdl.com. The Details of the 38th Annual General Meeting are as follows: Particulars Day & Date Cut-off date for E-voting Tuesday, 22nd September, 2026 Date and Time of Commencement of remote e-voting Saturday, 26th September, 2026 at 09.00 A.M. (IST) Date and Time of end of remote e-voting Monday, 28th September, 2026 at 05.00 P.M. (IST) Date of e-voting during AGM Tuesday, 29th September, 2026 We request you to take the above information on record. Thanking you. FOR MINAL INDUSTRIES LIMITED SHRIKANT J. PARIKH MANAGING DIRECTOR DIN: 00112642 CONTENTS Sr. No. Particulars Page No. 1. Notice of the Annual General Meeting 1 - 30 2. Directors’ Report 31 - 47 3. Annexure A: Form AOC-1 48 - 49 4. Annexure B: Form AOC-2 50 5. Annexure C: Secretarial Audit Report 51 – 55 6. Annexure D: Statement of Disclosure of Remuneration under section 197 of the act 56 – 57 7. Annexure E: Management Discussion and Analysis Report 58 – 59 8. Annexure F: Corporate Governance Report 60 – 93 9. Annexure G: Declaration for Compliance with Code of Conduct 94 10. Annexure H: CEO/CFO Certification 95 11. Annexure I: Certificate of Non-disqualification of Director 96 – 97 12. Annexure J: Company Secretary in Practice’s Report on Corporate Governance 98 – 99 13. Annexure K: Disclosure on Conservation of Energy, Technology Absorption and Foreign 100 - 101 Exchange Earnings and Outgo 14. Standalone Financial Statements Independent Auditors Report 102 – 118 Standalone Balance Sheet 119 Standalone Statement of Profit and Loss 120 Standalone Cash Flow Statement 121 Notes to Accounts 122 – 159 15. Consolidated Financial Statements Independent Auditors Report 160 – 172 Consolidated Balance Sheet 173 Consolidated Statement of Profit and Loss 174 Consolidated Cash Flow Statement 175 Notes to Accounts 176 - 227 MINAL INDUSTRIES LIMITED (CIN: L32201MH1988PLC216905) CORPORATE INFORMATION BOARD OF DIRECTORS Mr. Shrikant Jesinglal Parikh Chairman & Managing Director (DIN: 00112642) Mr. Subham Chand Jain Non – Executive Independent Director (DIN: 10293473) Mr. Ajay Jormal Mehta Non – Executive Independent Director (DIN: 01280973) Mrs. Disha Hiteshkumar Rathod Non – Executive Independent Director (DIN: 10679515) Mr. Divyanshu Navlakha Non – Executive Non - Independent (DIN: 01162140) Director Mr. Saket Rajendra Sugandh Company Secretary & Compliance Officer (Membership No: ACS 34266) {appointed w.e.f 05th August, 2026} Mr. Piyush Harish Talyani Company Secretary & Compliance Officer (Membership No: ACS 60447) {upto w.e.f 11th May, 2026} Ms. Harshala Karangutkar Chief Financial Officer CORPORATE INFORMATION REGISTERED OFFICE BANKERS 603- L Minal Co-Op Hsg So Limited, Bank of India (Vadodara Branch) Off Sakivihar Road, Bank of India (Mumbai Branch) Andheri-East, Corporation Bank (Vadodara Branch) Mumbai – 400072. HDFC Bank Limited (Vadodara Branch) HDFC Bank Limited (Mumbai Branch) AUDITORS SHARES LISTED AT M/s R H Modi & Co BSE Limited, Chartered Accountants Phiroze Jeejeebhoy Towers, F.No. 106486W Dalal Street, Mumbai – 400 001 SECRETARIAL AUDITORS SHARE TRANSFER AGENT M/s HSPN And Associates LLP MCS Share Transfer Agent Limited Practicing Company Secretaries 101, Shatdal Complex, Opp Bata Show Room Ashram Road, Ahmedabad - 380009 Phone: (079)26580461 / 62 / 63 INTERNAL AUDITOR Email: mcsstaahmd@gmail.com M/s MMY & Associates., CIN: U67120WB2011PLC165872 Chartered Accountants. SEBI REG NO. INR00000056 Vision and Mission Minal Industries Limited was incorporated under the Companies Act in the state of Maharashtra, India, in the year 1988. Minal Industries Limited is one of the leading Diamantaire and Jewellery & Engineering Company with a wide spread around the world. The Group of companies are Minal Infojewels Limited., Minal Industries Limited, Minal Lifestyles Private Limited, Minal Infracons Private Limited., Minal Infrastructure & Properties Private Limited, C. Mahendra Jewels Private Limited. Minal Industries Limited is firmly established across the value chain and in all major diamonds and Jewellery Centres globally. NOTICE OF THE 38TH ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN THAT THE 38TH ANNUAL GENERAL MEETING (THE “MEETING”) OF THE MEMBERS OF MINAL INDUSTRIES LIMITED WILL BE HELD ON TUESDAY, 29TH SEPTEMBER, 2026 AT 11.30 A.M. THROUGH VIDEO CONFERENCING/ OTHER AUDIO-VISUAL MEANS (VC/OAVM) FACILITY TO TRANSACT FOLLOWING BUSINESS: ORDINARY BUSINESS: 1. Adoption of Audited Standalone Financial Statements: To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and Auditors thereon. 2. Adoption of Audited Consolidated Financial Statements: To receive, consider and adopt the Audited Consolidated Financial Statements of the Company and its subsidiaries for the financial year ended March 31, 2026, together with the Report of the Auditors thereon. 3. Appointment of Mr. Divyanshu Navlakha (DIN: 01162140) as a Non – Executive Non - Independent Director, liable to retire by rotation: To appoint a Director in place of Mr. Divyanshu Navlakha (DIN: 01162140) who retires by rotation in terms of Section 152(6) of the Companies Act, 2013 and being eligible, seeks re- appointment. SPECIAL BUSINESS: 4. To Approve the Material Related Party Transaction(s): To consider and, if thought fit, to pass the following Resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to Regulations 2(1)(zc), 23(4) and other applicable regulations of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the applicable provisions of the Companies Act, 2013 (‘Act’) read with the related rules framed thereunder (including any statutory modification(s) or reenactment(s) thereof for the time being in force) and other applicable laws/statutory provisions, if any, and the Company’s Policy on Related Party Transactions, each as amended from time to time and based on the prior approval of the Audit Committee, the consent of the Members be and is hereby accorded to the Board of Directors of the Company (hereinafter referred to as the ‘Board’, which term shall be deemed to include any Committee constituted/empowered/to be constituted by the Board from time to time to exercise its powers conferred by this resolution) to continue with the existing contract(s)/ arrangement(s)/ t [Showing first 8,000 characters — download PDF for full document]