Revised Annual Report of the Company for the F.Y. 2025-26.

September 29, 2026 The Manager, Listing Department, BSE Limited P J Towers, 1st Floor, Dalal Street, Mumbai- 400001 Scrip Code: 543391 Dear Sir/Madam, Sub: Submission of Revised Annual Report for the FY 2025-26 along with Notice of the 17th Annual General Meeting (“AGM”)– Disclosure under Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) This is further to our submission dated September 07, 2026 of the Annual Report of the Company for the Financial Year 2025-26 including the Notice convening the 17th AGM. We wish to inform you that certain inadvertent typographical errors were noticed in the Statutory & Non- Statutory Part of the Annual Report. The same have since been rectified, and the revised Annual Report is being submitted herewith in compliance with Regulation 34 of the SEBI Listing Regulations. The above information is also being hosted at the Company’s website at www.sgfrl.com. Request you to take the same on record. Thanking You, Yours faithfully, For Suyog Gurbaxani Funicular Ropeways Limited Ameya Dhananjay Bodas Company Secretary & Compliance Officer M. No: A50027 Encl.: A/a Building Value, Empowering Progress, Achieving Excellence and Shaping Tomorrow Annual Report 2025-26 Suyog Gurbaxani Funicular Ropeways Limited B Annual Report 2025-26 ssttnneettnnooCC Corporate Overview 1 At a Glance 6 About SGFRL 8 FY 2025-26 Highlights 12 Our Journey 10 Project Portfolio 14 Why Funicular Railways Matter 16 Integrated Visitor Ecosystem 18 Company Business Model 20 Industry Landscape 22 Creating Value for Stakeholders 23 Governance Framework 24 Board of Directors & Board Committees 26 Corporate Information Statutory Report 28 Notice of 17th Annual General Meeting 49 Board’s Report 61 Annexure to Board’s Report 75 Management Discussion and Analysis Report Financial Information (Standalone) 84 Independent Auditor’s Report 94 Balance Sheet 95 Statement of Profit and Loss 96 Statement of Cash Flows 97 Significant Accounting Policies Financial Information (Consolidated) 114 Independent Auditor’s Report 126 Balance Sheet 127 Statement of Profit and Loss 128 Statement of Cash Flows 129 Significant Accounting Policies Corporate Overview Statutory Reports Financial Statements a Glance Who We Are Suyog Gurbaxani Funicular Ropeways Limited (SGFRL) is one of India’s pioneer companies in the funicular ropeway sector, engaged in the development, construction, operation and maintenance of ropeway infrastructure designed to improve connectivity in difficult terrains and pilgrimage destinations. The Company operates India’s first funicular ropeway at Saptashrungi, Maharashtra and during FY2025-26 achieved a significant milestone with the successful completion and inauguration of its second funicular railway project at Haji Malang (Malanggad), Maharashtra. FY2025-26 Performance Snapshot (Standalone) ₹47.16 Crore Revenue from Operations ₹23.89 Crore EBITDA ₹11.15 Crore Profit After Tax (PAT) Visit our website for more information: ₹4.48 https://www.sgfrl.com/ Earnings Per Share (EPS) BSE Limited Listed (SME) 543391 BSE Symbol Suyog Gurbaxani Funicular Ropeways Limited Key FY 2025-26 Milestones Completion of Haji Malang (Malanggad) Funicular Railway Project Successfully completed and inaugurated the Haji Malang (Malanggad) Funicular Railway Project in Maharashtra, strengthening the Company’s project execution capabilities and expanding its presence beyond Saptashrungi. Enhanced Profitability Expansion of Business Strong Governance Platform Framework Achieved strong growth in profitability during the year, with PAT increasing to The year marked an important transition Continued commitment to transparent ₹11.15 crore and EPS rising to ₹4.48. in SGFRL’s growth journey, strengthening governance through established its position as a developer and operator frameworks covering ethical conduct, of funicular railway infrastructure with whistleblower protection, insider trading experience across multiple projects. controls, related-party transaction governance and disclosure practices. 2 Annual Report 2025-26 Corporate Overview Statutory Reports Financial Statements Our Business Segments SGFRL’s business is structured around integrated mobility infrastructure and visitor-centric services, enabling the Company to deliver safe access to pilgrimage and tourism destinations while creating supporting revenue streams across the visitor journey. Business Segment Role in the Business Operation and maintenance of safe, reliable and Funicular Railway efficient passenger transportation solutions for Operations pilgrimage and tourism destinations, particularly in steep and challenging terrains. Development and execution of ropeway and funicular Project Development railway infrastructure projects, covering planning, & Execution construction, commissioning and operational readiness under long-term concession frameworks. Visitor-focused support infrastructure, including accommodation, shopping facilities, food courts, Visitor Amenities parking services and recreational amenities that & Services enhance convenience, comfort, and the overall destination experience. Suyog Gurbaxani Funicular Ropeways Limited Our Operating Footprint Our Operating Footprint Saptashrungi, Nashik India’s first operational funicular ropeway serving one of Maharashtra’s prominent pilgrimage destinations. Haji Malang (Malanggad), Kalyan-Maharashtra Funicular railway project completed and inaugurated during FY2025-26, improving accessibility to an important hilltop pilgrimage destination. 4 Annual Report 2025-26 Corporate Overview Statutory Reports Financial Statements Investment Highlights Proven BOT Operating Experience Long-Term Infrastructure Asset Model Multiple Revenue Streams Growing Presence in Pilgrimage Connectivity Infrastructure Strong Governance and Regulatory Compliance Framework Connectivity Infrastructure Alignment with India’s Expanding Ropeway Infrastructure Opportunity Suyog Gurbaxani Funicular Ropeways Limited About SGFRL Suyog Gurbaxani Funicular Ropeways Limited (“SGFRL”) is one of India’s pioneering companies in the funicular railway sector, engaged in the development, construction, operation and maintenance of ropeway-based mobility infrastructure designed for steep and challenging terrains. Since its incorporation in 2010, the Company has focused on improving accessibility to pilgrimage destinations and tourism centres through safe, reliable and environmentally conscious transportation solutions. The Company’s journey began with the development and operation of India’s first funicular ropeway at the revered Saptashrungi Temple in Nashik district, Maharashtra. Developed under the Build-Operate-Transfer (BOT) model, the project transformed access to one of Maharashtra’s most prominent pilgrimage destinations by providing an efficient and convenient alternative to the traditional hill ascent. The project continues to serve devotees while supporting the local tourism ecosystem through associated visitor facilities and services. Over the years, SGFRL has developed capabilities across the entire project lifecycle, including planning, engineering, construction, operations, maintenance, safety management, and customer service. This integrated approach enables the Company to create infrastructure solutions that not only improve connectivity but also enhance the overall visitor experience. In addition to transportation services, SGFRL supports visitors through complementary facilities such as accommodation, food courts, shopping complexes, parking infrastructure, and recreational amenities. 6 Annual Report 2025-26 Corporate Overview Statutory Reports Financial Statements FY2025-26 marked an important milestone in the Company’s growth journey with the successful completion and inauguration of the Haji Malang (Malanggad) Funicular Railway Project in Kalyan-Mumbai Maharashtra. Executed under an Engineering, Procurement and Cons [Showing first 8,000 characters — download PDF for full document]