Please find enclosed Annual Report of Baba Arts Limited for the F.Y. 2025-26.

27TH ANNUAL REPORT – 2025-26 BABA ARTS LIMITED (CIN: L72200MH1999PLC119177) BABA ARTS LIMITED CIN L72200MH1999PLC119177 BOARD & COMMITTEES BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL (AS ON 31ST MARCH, 2026 AND UP TO 9TH OCTOBER, 2026) Mr. Nikhil G. Tanwani Mrs. Malavika A. Acharya Chairman & Managing Director Non-Executive Non-Independent Director Member- Audit Committee Member- Nomination & Remuneration Committee Member- Stakeholders’ Relationship Committee Mr. Hemraj G. Chheda Mr. Hasmukh N. Shah (Upto 15th January, 2026) Non-Executive Independent Director Non-Executive Independent Director Chairman – Audit Committee Member Member- Stakeholders’ Relationship Committee Chairman – Nomination & Remuneration Committee Member- Audit Committee Member- Stakeholders’ Relationship Committee Member- Nomination & Remuneration Committee Mr. Shekhar S. Mennon Chief Financial Officer (CFO) Non-Executive Independent Director Mr. Ajay D. Acharya Chairman- Stakeholders’ Relationship Committee Member- Nomination & Remuneration Committee Company Secretary & Compliance Officer Member- Audit Committee Mr. Naishadh H. Mankad BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL (WITH EFFECT FROM 9TH OCTOBER, 2026) Ms. Vidya Pishe Mr. Chadresh Dutt Upadhyay Managing Director Non-Executive Independent Director Chairperson- Nomination & Remuneration Committee Member- Stakeholders’ Relationship Committee Member-Audit Committee Ms. Neeru Saini Mr. Eknath Bade Non-Executive Independent Director Non-Executive Non-Independent Director Chairperson-Audit Committee Chairperson- Stakeholders’ Relationship Committee Member- Nomination & Remuneration Committee Member- Nomination & Remuneration Committee Member- Stakeholders’ Relationship Committee Member-Audit Committee Mr. Hardeep Darshan Singh Sangha Mr. Naishadh H. Mankad Non Independent Executive Director Company Secretary & Compliance Officer Banker Registrar & Transfer Agent Bank of India, Versova Branch MUFG Intime India Private Limited Andheri West, Mumbai-400053 C-101, Embassy 247, 1st Floor, LBS Marg, Gandhi Nagar, Vikhroli (West), HDFC Bank, Indralok Branch Mumbai-400083 Lokhandwala, Andheri(W), Mumbai-400053 Tel: (022) 4918 6000 Fax: +91 22 4918 6060 Email: investor.helpdesk@in.mpms.mufg.com Website: www.in.mpms.mufg.com Registered Office & Studio Baba Arts Limited B1 & B4, Baba House, 86, M.V.Road, Andheri East, Mumbai 400093 Email: babaartslimited@yahoo.com/investors@babaartslimited.com Contact : 022-49794623 Website: www.babaartslimited.com CIN L72200MH1999PLC119177 / ISIN: INE893A01036 Contents Page No. 1. No(cid:6)ce to Shareholders 1 2. Directors’ Report 27 3. Management Discussion & Analysis 42 4. Corporate Governance Report 68 5. Auditors Report 94 6. Balance sheet 106 7. Profit and Loss Account 107 8. Cash Flow Statement 108 9. Notes to Financial Statement 110 BABA ARTS LIMITED CIN: L72200MH1999PLC119177 B1 & B4, Baba House, 86, M.V. Road, Andheri (East), Mumbai 400093 Tel: 022-49794623 Website: www.babaartslimited.com Email: babaartslimited@yahoo.com/investors@babaartslimited.com NOTICE OF THE 27TH ANNUAL GENERAL MEETING (TO BE HELD THROUGH VIDEO CONFERENCING / OTHER AUDIO-VISUAL MEANS) NOTICE is hereby given that the 27th (Twenty-Seventh) Annual General Meeting ("27th AGM" or "Meeting") of the Members of BABA ARTS LIMITED ("the Company") will be held on Tuesday, the 3rd November, 2026 at 11.30 a.m. (IST) through Video Conferencing ("VC") / Other Audio-Visual Means ("OAVM"), within the time extended up to 15th November, 2026 by the Registrar of Companies, Mumbai under the second proviso to Section 96(1) of the Companies Act, 2013, and in accordance with General Circular No. 03/2025 dated 22nd September, 2025 read with the earlier circulars issued by the Ministry of Corporate Affairs in this behalf and the applicable circulars issued by the Securities and Exchange Board of India (collectively, "the said Circulars"), to transact the following business: The deemed venue of the 27th AGM shall be the Registered Office of the Company at B-1 & B-4, Baba House, 86, M. V. Road, Andheri (East), Mumbai 400093. ORDINARY BUSINESS ITEM NO. 1 – ADOPTION OF AUDITED FINANCIAL STATEMENTS To consider and adopt the Audited Financial Statements of the Company for the financial year ended 31st March, 2026, comprising the Balance Sheet as at 31st March, 2026, the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date, together with the Notes and Schedules forming part thereof, and the Reports of the Board of Directors and the Statutory Auditors thereon; and, in this connection, to consider and, if thought fit, to pass the following resolution as an Ordinary Resolution: "RESOLVED THAT the Audited Financial Statements of the Company for the financial year ended 31st March, 2026, comprising the Balance Sheet as at 31st March, 2026, the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date, together with the Notes forming part thereof, and the Reports of the Board of Directors and the Statutory Auditors thereon, as laid before this Meeting and initialled by the Chairman for the purpose of identification, be and are hereby received, considered and adopted." SPECIAL BUSINESS ITEM NO. 2 – APPOINTMENT OF MS. VIDYA PISHE (DIN: 11881924) AS A DIRECTOR To consider and, if thought fit, to pass the following resolution as an Ordinary Resolution: "RESOLVED THAT pursuant to the provisions of Sections 152, 160, 161 and other applicable provisions, if any, of the Companies Act, 2013 ("the Act") read with the Companies (Appointment and Qualification of Directors) Rules, 2014, Regulation 17(1C) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") and the Articles of Association of the Company, and on the recommendation of the Nomination and Remuneration Committee and the Board of Directors, Ms. BABA ARTS LIMITED CIN: L72200MH1999PLC119177 B1 & B4, Baba House, 86, M.V. Road, Andheri (East), Mumbai 400093 Tel: 022-49794623 Website: www.babaartslimited.com Email: babaartslimited@yahoo.com/investors@babaartslimited.com Vidya Pishe (DIN: 11881924), who was appointed as an Additional Director of the Company by the Board of Directors with effect from 9th October, 2026 and who holds office up to the date of this Annual General Meeting under Section 161(1) of the Act, be and is hereby appointed as a Director of the Company, liable to retire by rotation." ITEM NO. 3 – APPOINTMENT OF MS. VIDYA PISHE (DIN: 11881924) AS MANAGING DIRECTOR To consider and, if thought fit, to pass the following resolution as an Ordinary Resolution: "RESOLVED THAT pursuant to the provisions of Sections 196, 197, 198, 203 and other applicable provisions, if any, of the Act read with Schedule V thereto and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force), Regulation 17(1C) of the Listing Regulations and Article 89 of the Articles of Association of the Company, and on the recommendation of the Nomination and Remuneration Committee and the Board of Directors, the consent and approval of the Members be and is hereby accorded to the appointment of Ms. Vidya Pishe (DIN: 11881924) as the Managing Director of the Company for a period of 5 (five) years with effect from 9th October, 2026 up to 8th October, 2031, liable to retire by rotation, on the remuneration and upon the terms and conditions set out in the Explanatory Statement annexed to this Notice, with liberty to the Board of Directors (which expression shall be deemed to include the Nomination and Remuneration Committee) to alter, vary and revise the terms and conditions of the said appointment and/or remuneration from time to time, in such manner as may be agreed to between the Board of Directors and Ms. Vidya Pishe, within the limits prescribed under Sche [Showing first 8,000 characters — download PDF for full document]