Shareholders meeting

Date: 18th July, 2026 To, To, The Manager, Listing Department, Listing & Compliance, National Stock Exchange of India Limited, BSE Limited C-1, G-Block, Bandra-Kurla Complex Phiroze Jeejeebhoy Towers, Bandra (E), Mumbai – 400 051 Dalal Street, Mumbai - 400 001 Ref: Scrip Code – 540393 Ref: Scrip Symbol – SMLT Subject: Annual General Meeting Notice, Integrated Annual Report 2025-26. Dear Sir/Madam, The Thirty-First Annual General Meeting (“AGM”) of the Company will be held on Tuesday, August 18, 2026 at 12:30 P.M. at Hotel Ashish International, G.E. Road, Bhilai Power House - 490011. Pursuant to Regulation 34(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are submitting herewith the Integrated Annual Report of the Company along with the Notice of AGM for the financial year 2025-26 which is being sent to the Members, who have registered their e-mail addresses with the Company / Depositories, through electronic mode. To access Integrated Annual Report containing the Notice uploaded on the Company’s website Click Here. Kindly take the same on your record. Yours’ Faithfully, For, Sarthak Metals Limited Pratik Jain Company Secretary and Compliance Officer Encl. as above. Stronger Core. Wider Horizons. SARTHAK METALS LIMITED Annual Report 2025-26 India remained one of the world’s most taking root. Flux Cored Wire, our welding Stronger core. attractive steel markets through the year, consumables business, is built on the same supported by sustained investments in manufacturing competencies that anchor infrastructure, railways, housing, and our core operations. In its first full year, it manufacturing. Yet parts of the value sold more than 1,400 tonnes and secured chain, particularly specialised downstream RDSO approval from Indian Railways. This is products, continued to face unfair about more than a wider product portfolio; Wider horizons. competition and pricing distortions. Against it deepens our relevance in the industry, this backdrop, our flagship cored wire unlocks new markets, and positions us to business grew volumes by 14%, Revenue serve India’s growing infrastructure sector from Operations rose 8% to ₹192 Crore, with quality welding consumable products. and our welding consumables division Through this period of transition, our completed its first full year with revenue of commitment to responsible operations, ₹16 Crore, ahead of our expectations. resource optimisation, and ethical conduct Steel is judged by how it performs under load. Companies Discipline remained the common thread has stayed resolute, underpinning our are judged the same way. After three demanding years, through the year. We continued to prioritise pursuit of long-term value creation for all our FY26 saw Sarthak Metals return to growth, with a stronger profitability over volume, strategically stakeholders. holding back in segments where commercial core business performance and new engines beginning to Heat and pressure give steel its strength. viability stayed under pressure, such as deliver financial results. The strength we preserved through They have done the same for Sarthak Metals, aluminium flipping coils, while strengthening and we now move forward more focused and the downturn is now finding direction. engagement with key customers in the determined than ever. businesses that showed resilience and growth. With a stronger core and wider horizons, our business is built not just to endure, but Diversification, the path we chose to reduce to grow. reliance on traditional revenue streams and dependence on one end-user industry, is Inside this report STRATEGIC REVIEW Client Relationships 26 FINANCIAL STATEMENTS The Leadership 28 Independent Auditors’ Report 85 Company Profile 02 Management Discussion Balance Sheet 94 Desraj Bansal Group 04 and Analysis 30 Statement of Profit and Loss 95 Journey So Far 06 Statement of Cash Flow 96 Product Portfolio 08 Statement of Changes In Equity 97 New Frontier: Flux Cored Wire 12 STATUTORY REPORTS Notes to Financial Statement 98 Manufacturing Edge 16 Notice 36 Letter to Shareholders 18 Directors’ Report 51 Key Performance Indicators 20 Corporate Governance Report 60 For more information: Growth Blueprint 22 www.sarthakmetals.com Sustainability 24 Forward Looking Statement This Annual Report contains forward-looking statements intended to help investors understand our future prospects and make well-informed investment decisions. These statements, which may be found in this report as well as in other written or oral communications we issue periodically, reflect anticipated outcomes based on the management’s current plans, assumptions, and expectations. Where possible, such statements are identified by terms like ‘anticipate’, ‘estimate’, ‘expect’, ‘project’, ‘intend’, ‘plan’, ‘believe’, and similar expressions relating to future performance. While we believe these assumptions are reasonable and have exercised due caution in formulating them, we cannot guarantee that the outcomes will be achieved. Actual results may differ materially from those expressed or implied due to risks, uncertainties, and unforeseen factors or inaccuracies in the assumptions. Investors are advised to consider these risks carefully. We undertake no obligation to update any forward-looking statements publicly, whether due to new information, future events, or otherwise. 2 COMPANY PROFILE 3 Setting the standard in metallurgical solutions Vision Our vision captures the shared aspiration and united purpose that drives everyone at Sarthak Metals: Among India’s foremost manufacturers of cored wires and aluminium flipping coils, • New benchmarks in product quality Sarthak Metals Limited (SML) is a distinguished entity of the ₹650+ Crore Desraj and services for domestic and global Bansal (DB) Group. The Company has also built an emerging presence in welding customers consumables through its flux cored wires product category. Steelmakers across the • Create an environment to promote country regard SML as a trusted partner in contemporary steel metallurgy, valued constant innovation to add value to customers for its reliability and precision. • Set high ethical standards among domestic and global marketplace to be recognised as a preferred vendor SML’s story began in 1995 as an industrial gas manufacturer under the DB Group. A strategic transition in 2002 took the Company into cored wire production, and it has consistently advanced metallurgical processes within the steel sector ever since. Today, SML delivers state-of-the-art wire injection technologies to steelmakers nationwide. SML at a glance Manufacturing and exporting cored wires and aluminium flipping coils forms the core of our operations. These essential consumables enhance and refine steel quality, and are vital to achieving the precise chemical compositions that modern steel manufacturing demands. We complement this portfolio with advanced wire injection systems, which enable clients to inject cored wires into molten steel with superior control and consistency. 10,000 3,600 15,000 TPA TPA TPA Production Production Production Countries in our capacity for capacity for Flux capacity for Aluminium growing global Cored Wires Cored Wires Flipping Coil footprint 150+ debt-free 425+ 5 Customers Virtually debt-free Committed Member served till date balance sheet workforce R&D team (0.05x debt to equity) 62-5202 tropeR launnA | detimiL slateM kahtraS Sarthak Metals Limited | Annual Report 2025-26 Quality, engineered into everything Steel manufacturing allows no margin for error. Quality therefore defines our identity at Sarthak Metals rather than being merely a requirement, and we uphold rigorous quality assurance protocols, including: • Thorough quality checks at every stage of production • An in-house laboratory dedicated to testing raw materials and finished products • Uncompromising adherence to international quality standards This consistent focus [Showing first 8,000 characters — download PDF for full document]