65th Annual Report of the Company.

@ G-6, 8th Floor, Everest Building, Janeta Nager, Tardeo Road, ~ Tardeo, Mumbai - 400034. INDIA ~ +91 -99306 48177 info@azadindiamobility.com CIN: L291OOMHl960PLC011794 @J www.azadindiamobility.com Date: 03rd September, 2026 The Deparhnent of Corporate Services, BSE Limited 14th Floor, P.J. Towers, Dalal Street, Mumbai- 400 001 Dear Sir/ Madam, Sub: -65th Annual Re ort of Azad India Mobili Limited "the Com an " for FY 2025-2026. Ref: -Scrip Code: 504731 Pursuant to Regulation 34(1) of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are submitting herewith the 65th Annual Report of the Company along with the Notice of Annual General Meeting for the Financial Year 2025-26. · Please arrange to take the same on your records. Thanking You, For Azad India Mobility Limited (Formerly Indian Bright Steel Co Ltd) Vedant Bhatt Company Secretary & Compliance Officer Encl: -as above ANNUAL REPORT 2025-26 INDEX At Azad India Mobility Limited, we are committed to driving India’s mobility forward with innovation, sustainability, and unwavering excellence. SR CONTENTS PAGE NO SR CONTENTS PAGE NO Corporate Information 01 Standalone Audit Report 57-65 Standalone Financial Chairman's Address 02 66-80 Statements Company Business 03-10 Consolidated Audit Report 81-84 Operation snapshot Notice of 65th Annual Consolidated Financial 11-28 85-98 General Meeting Statements Director’s Report 29-35 Proxy Form 106-107 Secretarial Audit Report 38-40 Attendance Slip 108 Management Discussion 43-44 Route Map 109 and Analysis Report Corporate 45-53 Governance Report DRIVING INDIA’S MOBILITY FORWARD Sustainable Tomorrow Trusted Partnerships Innovative Solutions ANNUAL REPORT 2025-26 BOARD OF DIRECTORS Mr. Bupinder Singh Chadha – Managing Director Mr. Charnjit Singh Chadha – Executive Director Mr. Nitin Atmaram Sarfare – Independent Director Mrs. Sheetal Nagda –Independent Director Mrs. Sabina Khurana – Chief Executive Officer Mr. Ulhas Deosthale – Chief Financial Officer Mr. Vedant Bhatt - Company Secretary & Compliance Officer REGISTERED OFFICE: G-6, 8th Floor, Everest Building, Janata Nagar, Tardeo Road, Tardeo, Haji Ali, Mumbai, Maharashtra, 400034 STATUTORY AUDITORS: R. Bhargava & Associates 92-C, G.H-10, Sunder Apartments, Paschim Vihar, New Delhi – 110087 SECRETARIAL AUDITORS: M/s Janki & Associates Practicing Company Secretaries REGISTRAR & SHARE TRANSFER AGENTS: Bigshare Services Pvt. Ltd. Office No S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East) Mumbai – 400093. Tel: 022 – 62638261 Website: www.bigshareonline.com Email: investor@bigshareonline.com BANKERS: Indusind Bank (Fort, Mumbai) ICICI Bank (Tardeo, Mumbai) ANNUAL REPORT 2025-26 CHAIRMAN’S ADDRESS Dear Shareholders, Board Members, and Partners, Welcome to the Annual General Meeting of Azad India Mobility Limited. India’s public transport sector is undergoing a structural shift toward electrification, propelled by major central initiatives such as the PM E-DRIVE scheme and aggressive fleet transformation targets set by State Transport Under- takings. Declining battery costs and the widespread adoption of gross-cost contracting models have made electric buses and luxury coaches both commercially viable and operationally essential across the country. As a pure-play contract manufacturer, Azad India Mobility serves as the core production backbone for leading OEMs and large-scale fleet operators. We operate flexible, modular assembly lines capable of manufactur- ing 9-meter and 12-meter city e-buses as well as high-ca- pacity intercity coaches. By strengthening our local vendor network for structural components and body fabrication, we continue to optimize our bill of materials costs while strictly complying with domestic localization mandates. Every vehicle that leaves our facility under- goes automated end-of-line testing and adheres to rigor- ous high-voltage battery integration standards to ensure maximum thermal safety and uptime. Looking ahead, our strategic focus centers on scaling our assembly throughout to meet growing OEM order books for large public tenders, alongside expanding our presence in the higher-margin intercity electric coach market for private and corporate transport. Throughout this growth, we remain committed to maintaining strict financial discipline, robust working capital controls, and reliable manufacturing margins. Your Board continues to prioritize high standards of corporate governance, complete financial transparency, and strict adherence to the Companies Act and SEBI regulations. In closing, I express my sincere gratitude to our customers, vendor partners, financial institutions, and shareholders for their continued trust, and I extend my deep appreciation to our engineering and shop-floor teams for their operational execution. Thank you. Mr. Bupinder Singh Chadha Managing Director ANNUAL REPORT 2025-26 50+ Years Strategic collaborations of bus body manufacturing with Volvo Sweden & TATA expertise Strong experience Since 1968 in luxury coach & intercity Into Bus Manufacturing bus manufacturing EV Manufacturing & Multiple Locations Transition to OEM Early Expansion to Delhi, Jaipur and Bengaluru. Strong EV Bus deliveries since 2021 and growing. Strong & Early OEM Large-scale electric bus Partnerships 2000 Bus delivery Capacity. DCM, Toyota & Daewoo Own Manufacturing One of India’s earliest infrastructure Direct bus exporters supporting scalable EV production ANNUAL REPORT 2025-26 Driven by innovation and responsibility, we are building a cleaner, smarter and more connected mobility future for India and the world. VISION To evolve into one of India's most trusted, innovative EV companies - delivering world-class buses for a sustainable, smart and safe trans- port future. MISSION To design and manufacture high-quality, energy-efficient electric buses meeting global standards of safety, comfort, and reliability - advancing the Green India mission. VALUE Customer First - Delivering prompt, transparent, and dependable after-sales service at every step. ANNUAL REPORT 2025-26 A Decade of Transformation India is targeting the deployment of over 1 lakh (100,000) electric buses by 2030 – an annual rollout of approximately 11,000 buses – making it one of the largest EV transitions in the world. The Industry is Growing at a CAGR of ~80% with a potential to reduce emission by 12.5Mt per annum. GOVERNMENT-LED URBAN MOBILITY MAKE IN INDIA, MOMENTUM OVERHAUL LEAD THE WORLD FAME I & II, PM-eBus Sewa, and Delhi targets 100% electric This initiative aligns with India's PM e-DRIVE schemes drive public transport by 2026. national priorities of Atmanir- Bengaluru, Hyderabad, and bhar Bharat and Viksit Bharat holistic ecosystem readiness - other major cities are receiving @2047, supporting green from infrastructure to thousands of electric buses manufacturing, employment domestic manufacturing. under nationwide rollouts. generation, and sustainable industrial growth under the Make in India movement. ANNUAL REPORT 2025-26 MARKET DYNAMICS & AZAD SHARE Indian intercity bus travel is an Electric Disel $8Bn highly fragmented market 560 Buses Preferred for longer journey, Constraints 560 Buses on availability 303 Buses Growing highway infrastructure 208 Buses @ 9.5% CAGR 164 Buses < 4% of Indians 122 Buses can afford it BUSES ARE THE MOST SCALABLE, AFFORDABLE INTERCITY OPTION High Accessibility Affordable Choice Reaches tier 2, 3 & 4 Cost-effective travel cities and beyond for millions of Indians Sustainable Future Huge Potential EV buses driving Large market with strong cleaner & greener India growth opportunity ANNUAL REPORT 2025-26 Milestones that reflect our commitment to innovation, engineering excellence and sustainable mobility. First 12.5M Coach Bus Certification in India Setting a new benchmark in size, comfort, and regulatory compliance for long-distance travel. Introduced First 12.5M EV Sleeper [Showing first 8,000 characters — download PDF for full document]