Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations'), please find enclosed the Annual Report for the FY 2025-26 and Notice convening the 44th AGM of the Company scheduled to be held on Wednesday, 30th September, 2026 at 03:00 P.M. (IST) through Video Conferencing / Other Audio Visual Means ('VC/OAVM') in compliance with the circulars issued by the Ministry of Corporate Affairs ....

SHAH FOODS LIMITED Registered Office Address: 301, Sarthik Square, Nr. Shapath – 3, S. G. Highway, Bodakdev, Ahmedabad – 380054, Gujarat, India CIN L15419GJ1982PLC005071 Telephone No: +91-6355582651 | Email: shahfoods.ahmedabad@gmail.com | Website Address: www.shahfoods.co.in Date: 08th September 2026 The Chief General Manager Listing Operation, BSE Limited, P. J. Towers, Dalal Street, Mumbai – 400 001 Scrip Code: 519031, ISIN: INE455D01012 Subject: Notice of the 44th Annual General Meeting and Annual Report of the Company for the Financial Year 2025-26 Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), please find enclosed the Notice convening the 44th AGM of the Company scheduled to be held on Wednesday, 30th September, 2026 at 03:00 P.M. (IST) through Video Conferencing / Other Audio Visual Means (‘VC/OAVM’) in compliance with the circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India in this regard. Detailed instructions for remote e-voting, participation in the AGM through VC/OAVM mode and e- voting at the AGM are provided in the Notice of the AGM. The Annual Report for FY 2025-26 and Notice of AGM is being sent electronically to the shareholders who have registered their email IDs with the Company or Depository Participant(s) or Registrar and Share Transfer Agent of the Company. Further, a letter providing the web-link to access the AGM Notice and Integrated Annual Report is being sent to those Members who have not registered their e- mail address. Pursuant to Regulation 46 of the Listing Regulations, the said Annual Report and Notice of the 44th Annual General Meeting (AGM) and other relevant documents are available on the Company’s website at www.shahfoods.co.in. We request you to take the above on record. Thanking You, Your Truly, For and on behalf of Shah Foods Limited Vishal Jha Company Secretary and Compliance Officer Membership No.: A80210 SHAH FOODS LIMITED ANNUAL REPORT 2025-26 Corporate Overview SHAH FOODS Annual Report Statutory Reports LIMITED 2025-26 Financial Statements WHAT’S INSIDE https://www.shahfoods.co.in/ Scan the QR code to view our Annual Report 01 02 03 04 FORWARD-LOOKING STATEMENT In this Annual Report, we might have disclosed forward- looking statements that set out anticipated results based on the management’s plans and assumptions. We cannot guarantee Corporate Overview Notice Statutory Reports Financial Statements that these forward-looking statements will be realized, although we believe we have been prudent in our assumptions. The achievements of results are subject to risks, uncertainties, and inaccurate assumptions. We undertake no obligation to publicly About the Company 02 Notice 14 Directors Report 39 Standalone update any forward-looking statements, whether as a result of new information, future events or otherwise. Message from the Chairman 04 Management Discussion & Analysis 53 Independent Auditor’s Report 96 Product Offering 06 Report on Corporate Governance 58 Financial Statements 104 Geographical Reach 10 Notes to Financial Statements 109 Corporate Information 12 Consolidated Independent Auditor’s Report 132 Financial Statements 138 Notes to Financial Statements 143 Corporate Overview SHAH FOODS Annual Report Statutory Reports LIMITED 2025-26 Financial Statements ABOUT Reshaping Energy Who We Are What We Do Solutions for the Future! We stands as a distinguished Consistent delivery of exceptional Tandhan Group's energy solutions powerhouse in the realm of industrial results to our clients is a source of division delivers advanced power batteries and inverters, commanding pride at our organization. backup, energy storage, and solar a global presence as a premium We relentlessly push the limits of solutions for homes, businesses, manufacturer. Fueled by cutting- innovation through our dedicated and industries. From inverters and edge technologies, uncompromising research and development program. batteries to solar technologies and product quality, and holistic services, lithium solutions, our products are we serve our esteemed clientele Our top priority is to offer reliable engineered for superior efficiency with unwavering dedication. With a and guaranteed services and and reliable, uninterrupted power formidable infrastructure and a highly products to our clients, with a every day. We also provide end- skilled workforce, we present a diverse clear objective of expanding our OUR to-end solar EPC solutions-from array of industrial-grade products that global customer base and nurturing feasibility and design to procurement, set new standards of advancement in lasting relationships. VISION construction, commissioning, and the industry. 0&M-for commercial, industrial, and utility clients. To establish ourselves as the leading distributor, a name synonymous with unmatched excellence in the industry. MISSION To deliver unparalleled quality products accompanied by prompt and exceptional customer service to our esteemed clients. Unwavering commitment OUR to uncompromising quality standards, Customer satisfaction VALUES is the paramount priority, Unmatched delivery service and unwavering support. Corporate Overview SHAH FOODS Annual Report Statutory Reports LIMITED 2025-26 Financial Statements MESSAGE operational efficiencies and evaluating opportunities in to contribute to long-term value creation. adjacent areas of the power and energy-solutions ecosystem. We believe that growth and governance must progress together. We will also continue to evaluate opportunities in international FROM THE markets where the capabilities and relationships of Tandhan Looking Ahead Power can be effectively leveraged. The transformation undertaken during FY 2025-26 has created CHAIRMAN At the same time, we recognise that the battery and power- a new foundation for Shah Foods Limited. solutions industry is undergoing technological change. We now have an operating platform of substantially greater Developments in advanced battery technologies, renewable- scale, exposure to the evolving power and energy-solutions energy storage and evolving power requirements are gradually sector and an opportunity to build a stronger enterprise over reshaping the industry. We intend to remain attentive to these It is my privilege to present the 44th Annual Report of the coming years. developments and evaluate opportunities based on their your Company for the financial year 2025-26. strategic relevance, commercial viability and ability to create Our journey from here will be guided by a clear set of The year under review was a year of reconstruction. sustainable shareholder value. principles — sustainable growth, financial prudence, operational excellence, strong governance and long-term Your Company entered it as a business whose historical line of activity had run its course, and closed it having A New Beginning for Shah Foods value creation. redefined its objects, restructured its capital base and The acquisition of Tandhan Power also represents a There is considerable work ahead of us. Integrating an enlarged acquired a wholly owned operating subsidiary in an fundamental change in the business profile of Shah Foods. business, strengthening systems and processes, responding entirely new industry. That transformation, rather than to technological changes and identifying the right growth During FY 2025-26, the Company amended its Main Objects the reported results of the year, is the substance of what opportunities will require continued discipline and execution. to enable it to undertake activities relating to batteries, UPS I have to report to you. and spare parts, power backup solutions, stationary batteries, Nevertheless, we enter this next chapter with confidence in solar power batteries and other battery products used across the underlying business and with a clear understanding of our industrial, transport, commerci [Showing first 8,000 characters — download PDF for full document]