Shareholders meeting

Essar Shipping Limited Essar House 11 K.K.Marg Mahalaxmi Mumbai- 400 034 Corporate Identification Number L61200GJ2010PLC060285 T + 91 22 6660 1100 F + 91 22 2354 4312 www.essar.com Date: 08th September, 2026 T o To T he Manager The Manager Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers BSE 5 th Floor, Exchange Plaza Limited Plot No. C/1, G – Block Dalal Street, Fort Bandra-Kurla Complex M umbai – 400 001 Maharashtra, Bandra East I ndia Mumbai – 400 051 B SE Scrip Code: 533704 Maharashtra, India NSE Code: ESSARSHPNG Submission of Notice of 16th Annual General Meeting and Annual Report for the Financial Year 2025-26. Ref: Regulation 30 and 34(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Dear Sir/Madam, In terms of the Regulation 34(1) and 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, please find enclosed herewith the copy of the Annual Report for the Financial Year 2025-26 along with the Notice of the 16th Annual General Meeting circulated/ dispatched to shareholders of the Company through electronic mode whose e-mail addresses are registered with the Company / Registrar and Transfer Agent, in respect of 16th Annual General Meeting, scheduled on Wednesday, September 30, 2026 at 04.00 P.M. through Video conferencing / Other Audio Visual Means, in accordance with the General Circular issued by Ministry of Corporate Affairs. The said Annual Report along with the Notice of 16th Annual General Meeting is also uploaded on the Company’s Website at www.essar.com Essar Shipping Limited Registered Office: EBTSL Premises, ER-2 Building (Admn Bldg), Salaya, 44 KM, P.O. Box No.7, Taluka Khambalia, Devbhumi Dwarka,Gujarat-361305 T +91 2833 661444 F +91 2833661366 Email Id: esl.secretarial@essarshipping.co.in STEEL | ENERGY | INFRASTRUCTURE | SERVICES Essar Shipping Limited Essar House 11 K.K.Marg Mahalaxmi Mumbai- 400 034 Corporate Identification Number L61200GJ2010PLC060285 T + 91 22 6660 1100 F + 91 22 2354 4312 www.essar.com Kindly acknowledge the receipt and take the above on your records. Yours sincerely, For Essar Shipping Limited Habib Jan Company Secretary & Compliance Officer | A22801 Encl: As above Essar Shipping Limited Registered Office: EBTSL Premises, ER-2 Building (Admn Bldg), Salaya, 44 KM, P.O. Box No.7, Taluka Khambalia, Devbhumi Dwarka,Gujarat-361305 T +91 2833 661444 F +91 2833661366 Email Id: esl.secretarial@essarshipping.co.in STEEL | ENERGY | INFRASTRUCTURE | SERVICES ANNUAL REPORT 2025-26 16Th Annual Report for the Financial Year 2025-26 BoARd oF diRecToRs AUdiToRs MAnoHAR cHowdHRY & AssociATes Mr. Rajesh desai Chartered Accountants Executive Director (Firm Registration No. 01997S) (w.e.f. 12.11.2021) 116, Udyog Mandir No. 1, 7-C, Bhagoji Keer Marg, Mahim West Mr. R. suresh Mumbai - 400016, Maharashtra, India Independent Non- Executive Director (w.e.f. 29.09.2021) secReTARiAL AUdiToR Mr. R. Jayakumar MAYAnK ARoRA & co., Independent Non- Executive Director 2nd Floor, A Wing (till 31.08.2026) The Sajay Business Hub Opp. Arasa Hotel, Andheri East Mr. sunil Modak Mumbai - 400 069, Maharashtra, India Independent Non- Executive Director Telephone: 022-49735566 (W.e.f 08.09.2022) Email: cs@mayankarora.co.in Ms. Raichel Mathew Non-Executive Director inTeRnAL AUdiToR (w.e.f 08.09.2022) s M M P & coMPAnY Chartered Accountants Mr. srinivasan Vaidyanathan (Firm Registration # 120438W) Additional Non-Executive Director 307, Chartered House (w.e.f. 29.05.2025 till 21.07.2025) 297/299 Dr. Cawasji Hormasji Street Near Marine Lines Church, Mumbai - 400 002 Mr. Vipin Jain Maharashtra, India Chief Financial Officer (w.e.f 01.10.2022) deBenTURe TRUsTeee Mr. Vipin Jain idBi TRUsTeesHiP seRVices LTd., Whole-Time Director Universal Insurance Building Ground Floor, Sir P. M. Road (w.e.f 28.05.2024) Fort, Mumbai - 400 001 Maharashtra, India Mr. Ketan shah Non-Executive Director (w.e.f. 26.09.2025) ReGisTRAR & TRAnsFeR AGenT data software Research company Private Limited Mr. Habib Jan 19, Pycroft Garden Road, Company Secretary & Compliance Officer Off Haddows Road, (w.e.f. 29.08.2025) Nungambakkam, Chennai- 600 006 Ph.No.044-28213738 / 28214487 Mr. Bharat Modi Email: essar.shipping@dsrc-cid.in Company Secretary till 28.08.2025) ReGisTeRed oFFice: coRPoRATe oFFice: EBTSL Premises, ER-2 Building (Admin Building), Essar House 11, K.K. Marg, Salaya, 44 KM, P.O. Box No.7, Mahalaxmi. Mumbai- 400 034. Taluka Khambhalia, Devbhumi Dwarka. Maharashtra, India. Gujarat- 361 305 E-mail: esl.secretarial@essar.co.in ESSAR SHIPPING LIMITED Contents Notice to Members 2 Director’s Report 26 Report on Corporate Governance 51 Auditor’s Report on Standalone Financial Statements 67 Standalone Balance Sheet 76 Standalone Statement of Profit and Loss 77 Standalone Statement of Cash Flows 78 Standalone Statement of Changes in Equity 80 Notes forming part of the Standalone Financial Statements 82 Auditors’ Report on Consolidated Financial Statements 120 Consolidated Balance Sheet 126 Consolidated Statement of Profit and Loss 127 Consolidated Statement of Cash Flows 128 Consolidated Statement of Changes in Equity 130 Notes forming part of the Consolidated Financial Statements 131 Annual Report 2025-26 1 ESSAR SHIPPING LIMITED NOTICE FOR ANNUAL GENERAL MEETING Company be and is hereby accorded to sell/ transfer or otherwise dispose-off in one or more tranches, the Notice is hereby given that the 16th Annual General Meeting 100% investment i.e., 1,37,122 shares held in Essar (the Meeting) of the Members of Essar Shipping Limited (the Shipping DMCC, a subsidiary company in Dubai to Company) will be held on September 30, 2026 at 4:00 p.m., Essar Investment Holdings Mauritius Limited, or any through video conferencing (VC)/ Other Audio-Visual Means other Essar group entity for a consideration at fair (OEAVM) in accordance with the applicable provisions of market value (FMP) as agreed between the parties to the Companies Act, 2013 read with MCA General Circular the purchasers or to any other purchasers with whom No. 20/2020, 14/2020, 17/2020, 20/2021, 03/2022, 11/2022, the Board may finalize the agreement and on such 09/2023, 09/2024 and 03/2025 dated May 5, 2020, April 8, 2020, other terms and conditions as may be approved by the April 13, 2020, December 8, 2021, May 5, 2022, December 28, Board; 2022, September 25, 2023, September 19, 2024 and September 22, 2025 respectively, to transact following business: RESOLVED FURTHER THAT for the purpose of implementation of this resolution, the Board / or such ORDINARY BUSINESS: committee be and is hereby authorized to do all such 1. ADOPTION OF AUDITED STANDALONE FINANCIAL acts, deeds, matter and things, including but not STATEMENTS limited to deciding the time, mode, manner, extent of tranches, if required and other terms and conditions To receive, consider and adopt the Audited Standalone of the disinvestment/ sales of the shares as aforesaid, Financial Statements of the Company for the financial year negotiating and finalizing the terms of sale/ offer for ended on March 31, 2026 together with the reports of the sale as may be necessary, desirable and expedient to Board of Directors and Auditors thereon. be agreed, and all incidental and necessary steps for 2. ADOPTION OF AUDITED CONSOLIDATED FINANCIAL and on behalf of the company and to settle all questions STATEMENTS or queries that may arise in the course of implementing this resolution. To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial (B) DISINVESTMENT IN OVERSEAS WHOLLY OWNED year ended on March 31, 2026 together with the reports of SUBSIDIARY (OGD SERVICES HOLDINGS LIMITED, Auditors thereon. MAURITIUS) UNDER SECTION 180(1)(A) OF THE COMPANIES ACT, 2013: 3. APPOINTMENT OF MR. RAJESH DHIRUBHAI DESAI (DIN: 08848625) AS DIRECTOR, LIABLE TO RETIRE BY To consider and if thought fit, to pass with or [Showing first 8,000 characters — download PDF for full document]