Please find enclosed

Date: 5th September, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers 5th Floor, Exchange Plaza, Dalal Street Bandra Kurla Complex, Bandra (East) Mumbai – 400001 Mumbai-400051 Scrip Code: 532847 Symbol: HILTON Dear Sir/Madam, Sub: Submission of Annual Report for the Financial Year 2025-26 Pursuant to Regulation 34 of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015, we hereby submit the Annual Report for the financial year 2025-26 of the Company. Kindly take the above on your record. Yours Faithfully, For Hilton Metal Forging Limited Mr. Yuvraj Malhotra Chairman and Managing Director DIN: 00225156 Encl: As above Corporate Statutory Financial Overview Reports Statements Corporate Information BOARD OF DIRECTORS Shri Yuvraj Malhotra Chairman and Managing Director Shri Amit Pathak Independent Director Shri Rakesh Khajuria Independent Director Smt Himanshi Mota Independent Director Shri Suryakant Mayani Non-Executive Non-Independent Director Shri Vishal Jain Non-Executive Non-Independent Director CHIEF FINANCIAL OFFICER COMPANY SECRETARY Mr. Mohak Malhotra Ms. Richa Shah STAUTORY AUDITORS COST AUDITORS M/s. Anil Bansal & Associates Mr. Ritesh Talati of M/s. V J Talati & Co. Chartered Accountants Cost Accountants 1001 IJMIMA Complex, 602, Silver Matru Prabha, Raheja’s Metroplex, Link Road, Cama Lane, Kirol Road, Malad (W), Mumbai – 400064 Ghatkopar West, Mumbai -400086 REGISTRAR & SHARE TRANSFER AGENT INTERNAL AUDITORS MUFG Intime India Private Limited M/s. Paresh Kapasi & Associates (Formerly known as Link Intime India Private Limited) Chartered Accountants C-101, 247 Park, LBS Marg, Bungalow No 40, Surya Nagar, Jansukh Niwas, Vikhroli West, Kasturba Road, Kandivali (West), Mumbai -400083 Mumbai - 400067 REGISTERED OFFICE PLANT LOCATION 303, Tanishka Commercial Co-op. Society Ltd Plot No 28, 29 Akurli Road, Kandivali East, Shah and Mehta Industrial Estate, Magathane, Borivali (E), Village Ghonsai, Taluka Wada, Mumbai-400101 Dist Thane- 421312 CONTENTS Sr. No. Particulars Page No. 1 Corporate Information 1 2 Chairman & Managing Director’s Message 2 3 Message from the Chief Financial Officer 5 4 Directors’ Report 7 5 Management Discussion and Analysis 31 6 Report on Corporate Governance 39 7 Financial Statements 55 21st Annual Report 2025-26 1 HILTON METAL FORGING LTD. Chairman & Managing Director’s Message Dear Shareholders, Defence Sector – A Strategic Growth Opportunity It gives me immense pleasure to share with you our The defence sector presents another strategically important perspective on the evolving opportunities before Hilton opportunity for the Company. India’s increasing focus on Metal Forging Limited and the significant potential that indigenisation and the development of domestic defence lies ahead for the Company. The global manufacturing manufacturing capabilities is creating opportunities for landscape is undergoing a structural transformation, qualified Indian manufacturers across the defence supply with increasing emphasis on supply-chain diversification, chain. localisation, infrastructure development, energy security and Hilton is evaluating opportunities in the manufacture strategic manufacturing capabilities. These developments and supply of forged empty artillery shells and other are creating attractive opportunities for the forging industry, precision-forged defence components. Forging plays a and we believe Hilton is well positioned to participate vital role in defence applications where strength, dimensional meaningfully in this growth. accuracy, consistency and reliability are critical. The forging industry continues to remain a critical We believe our existing forging expertise, manufacturing component of several core sectors of the global economy. capabilities and quality orientation can provide a strong Forged products are valued for their strength, durability, platform to address the requirements of this strategically reliability and ability to perform under demanding important sector. Participation in defence manufacturing operating conditions. With increasing investments in could also enable the Company to diversify its customer infrastructure, transportation, defence, energy and industrial base and create additional avenues for sustainable, higher- manufacturing, the long-term demand outlook for high- value business. quality forged components remains encouraging. Energy Sector – Turbine Components Expanding Opportunities in the Railway Sector The global transition towards reliable and efficient energy The railway sector represents one of the most promising infrastructure is creating substantial opportunities for growth opportunities for the Company. Governments engineering and forging companies. Investments in power and railway authorities across various geographies are generation, renewable energy, gas-based generation and undertaking significant investments in railway infrastructure, other energy infrastructure are expected to support demand modernisation, freight corridors, high-speed and semi-high- for critical forged components. speed rail networks, as well as replacement and expansion The Company sees an attractive opportunity in the of rolling-stock fleets. manufacture and supply of forged turbine blades Within this sector, forged railway wheels and wheel-set and other critical turbine components for the energy assemblies represent a significant opportunity for Hilton. sector. Such products require stringent quality standards, The Company has already established its capabilities and metallurgical expertise and precision manufacturing execution track record in this segment. capabilities. It is pertinent to highlight that Hilton has supplied more Entry and expansion in this segment would enable Hilton to than 2,500 railway wheels, which are currently in service/ move further towards higher-value-added and technically on track, demonstrating the reliability and acceptance of demanding products, thereby strengthening the quality our products. Further, the Company has orders in hand and of our product mix and creating potential for improved a healthy order pipeline for the near future, providing us realisations and margins over the medium to long term. with visibility for continued growth in this segment. Global Demand for Forged Pipe Fittings Our objective is not merely to participate in the railway- wheel market but to progressively strengthen our position Another important opportunity for the Company lies in the as a reliable and quality-focused supplier of forged railway global market for forged pipe fittings. Forged fittings are wheels and wheel-set assemblies. The experience gained extensively used across oil & gas, petrochemicals, power through existing supplies provides a strong foundation for generation, industrial processing, chemical, engineering and scaling up this business. infrastructure applications. 2 21st Annual Report 2025-26 Corporate Statutory Financial Overview Reports Statements Worldwide demand for forged pipe fittings continues to A greater contribution from such products, particularly be supported by investments in energy infrastructure, specialised and export-oriented products, can potentially replacement of ageing industrial assets, expansion of process improve the Company’s realisation per tonne, capacity industries and the development of new manufacturing utilisation and operating margins. At the same time, capacities. we remain conscious of the volatility associated with steel prices, energy costs, logistics, foreign exchange and global Hilton has established capabilities in the forged pipe economic conditions. Accordingly, our approach will remain fittings segment and sees significant potential to expand its disciplined, with emphasis on profitable growth, working- international customer base. Our focus remains on increasing capital efficiency and prudent financial management. exports to quality-conscious markets while maintaini [Showing first 8,000 characters — download PDF for full document]