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maral PROUD TO BE INDIAN PRIVILEGED TO BE GLOBAL 31st July 2026 BSE Limited National Stock Exchange of India Limited Corporate Relationship Department, Listing Department, 1st Floor, New Trading Ring, Exchange Plaza, C-1, Block -G, Rotunda Building, P.J. Towers, Bandra-Kurla Complex, Dalal Street, Mumbai- 400 001. Bandra (East), Mumbai-400 051. Scrip Code: 521018 Scrip Code: MARALOVER Sub: Notice of 37th Annual General Meeting (AGM) and Annual Report of the Company for the Financial Year 2025-26 Dear Sir/ Madam, This is in continuation to our earlier letter dated 27th July 2026 with regard to intimation for 37th AGM scheduled to be held on Tuesday, 25th day of August 2026 at 2:00 p.m. (IST) through Video Conferencing/Other Audio Visual Means ("VC/OAVM"). In terms of Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Notice of 37th Annual General Meeting and the Annual Report for the financial year 2025-26, being sent by email to those members whose email address are registered with the Company/ Depository Participant(s). The above is also uploaded on the website of the Company www.maraloverseas.com. Kindly take the same on record. Thanking you, Yours faithfully, For Maral Overseas Limited Sandeep Singh Company Secretary & Compliance Officer M.N o. FCS - 9877 Encl.: As above Corporate Office : Regd. Office & Works : Bhilwara Towers, A-12, Sector-1 Maral Sarovar, V. & P. 0. Khalbujurg Naida· 201 301 (NCR-Delhi), India Tehsil Kasrawad, Dist!. Khargone -451 660, (M.P.) Tel.: +91-120-4390300, 4390000 (EPABX) Phones: +91-7285-265401-265404, 265417 Website: www.maraloverseas.com Website: www.Lnjbhilwara.com GSTIN: 09AACCM0230B2Z7 GSTIN: 23AACCM0230B1ZI Corporate Identification No: L1 7124MP1989PLC008255 ENDURE. EVOLVE. MARAL OVERSEAS LIMITED ANNUAL REPORT 2025-26 What’s inside F Y 2025-26 CORPORATE OVERVIEW Endure.Evolve.Excel. 01 a year of choice Statement from the Chairman’s Desk 14 Message from the Joint Managing Director 18 The Sector: At a Glance 22 Transforming Market About Us 24 Our Edge 26 Awards and Accolades 28 Volatility into Strategic Key Performance Indicators 32 Our Business Portfolio 34 The Yarn Division 36 Advantage. The Fabric Division 40 The Garment Division 44 STATUTORY REPORTS Geopolitical volatility disrupted global Management Discussion and Analysis 48 supply chains, softened traditional markets and placed pressure on demand, production, Corporate Information 63 capacity utilisation and margins. Directors’ Report 64 Maral chose not to retreat but to restructure, Corporate Governance Report 87 turning disruption into an opportunity to FINANCIAL STATEMENTS strengthen its focus, optimise operations and build a sharper business for the future. Financial Statements 111 SHAREHOLDER INFORMATION This is the story of how three strategic imperatives— Endure, Evolve, Excel BSE Code: 521018 NSE Symbol: MARALOVER Face Value per share (₹): 10 helped transform a difficult year Book Value per share (₹): 26.23 into a platform for a stronger Market Capitalisation (₹ Crore): 143.60 AGM Date: 25th August 2026 competitive advantage. AGM Mode: VC/OAVM Annual Report 2025-26 Corporate Overview Statutory Reports Financial Statements Five Strategic Actions that Rebuilt MARAL’s Foundation STRUCTURAL REALIGNMENT: GARMENT CAPACITY OPTIMISED One garment unit was consolidated to optimise costs, while resources committed to other garment units were scaled down. Reduced expenses | Curtailed losses STREAMLINE SUPPLY CHAIN: FOR HIGHER PRODUCTIVITY Strengthened supply chain readiness through better fabric-team coordination, optimised factory layout, and online finishing—cutting lead times, floor movement, inventory, and setup times to boost flexibility and responsiveness. Working capital optimisation | Improved responsiveness FOCUSED CO-ORDINATION: FOR FIRST-TIME RIGHT OUTPUT Sharper coordination between the Garment Division and the Sarovar Plant (fabric and yarn), reconfigured layouts, continuous feeding, and online finishing with real-time feedback while lifting efficiency. Reject rates down | Delivery performance up ENERGY TRANSITION: FROM COAL TO BIOMASS Coal use was substantially replaced with biomass to improve energy efficiency and ESG alignment. Lower energy costs | ESG compliance | Future-proofed operations Endure. WORKING CAPITAL OPTIMISATION: STRATEGIC LIQUIDITY ₹30 Crore was infused into working capital to support operational continuity. Supply chain resilience | Interest cost reduction Building Resilience through Ability to capture opportunities Structural Optimisation ENDURE is structural strengthening. MARAL exited FY2026 not just intact but with a leaner, When demand contracts, the first instinct is to cut. Maral faster and more profitable operating model. chose to optimise its structure instead—strengthening resilience through strategic actions. 02 03 Annual Report 2025-26 Annual Report 2025-26 Corporate Overview Statutory Reports Financial Statements PRODUCT PORTFOLIO SHIFT: TOWARDS DYED FABRIC Increased the output mix in favour of dyed fabric to align with changing Evolve. customer demand and emerging market opportunities. Volume growth | Improved value capture CAPACITY UTILISATION: MELANGE YARN AT FULL CAPACITY Creating Value Where 2 Melange yarn operations reached full utilisation, strengthening presence in a higher-value segment with stronger margin potential. Markets Shifted Full utilisation | Higher volumes | Improved margins MARKET DIVERSIFICATION: EXPANDING BEYOND TRADITIONAL MARKETS If endure was about surviving contraction, evolve was Entered new market spaces and geographies to de-risk against volatility and a about creating value from disruption. As traditional drop in demand from traditional markets. markets weakened, Maral reshaped its product portfolio, Geographic diversification | Balanced revenue base markets, and customer mix. CUSTOMER PORTFOLIO EVOLUTION: PREMIUM BRAND TRANSITION The garment business added reputed global brands as volumes from traditional customers moderated. Stronger customer mix | Higher-margin opportunities ZERO-BASED BUDGETING: STARTING FROM GROUND ZERO Zero-based budgeting helped the Company reassess costs from the ground up, improve capital discipline and prioritise high-return initiatives. Better capital allocation | Aligned with ground realities Superior IRR EVOLVE became MARAL’s phase of value creation— Building newer markets, stronger products, and higher-quality growth. 04 05 Annual Report 2025-26 Annual Report 2025-26 Corporate Overview Statutory Reports Financial Statements Excel. Optimisation that Positions Maral for Accelerated Growth DYED YARN DE-BOTTLENECKING: CAPTURING FTA TAILWINDS Progress across India’s trade agreements with the UK and EU is expected to improve the competitiveness of Indian textile exports in premium markets. Maral is expanding Building for dyed yarn capacities to align with these emerging export opportunities. Higher-value product expansion | Export competitiveness Growth-ready positioning the Next Cycle of Growth Export Opportunity: UK and EU FTAs creating a 3–5 year window of export demand for premium textiles If ENDURE strengthened resilience and EVOLVE created new value, EXCEL is about building the next phase of EXCEL is MARAL’s commitment to building not only for recovery— growth. Even amid industry uncertainty, Maral continued but for sustained leadership in the next growth cycle. investing in long-term strategic capabilities. 06 07 Annual Report 2025-26 Annual Report 2025-26 Corporate Overview Statutory Reports Financial Statements Building the Next Phase of Clean Energy Looking ahead, Maral has identified a strategic partner for the development of a captive solar power plant. Powering Progress The Proposed Project is Expected To: Responsibly At Maral, sustainability is increasingly becoming an integral Support a portion Reduce Lower our carbon Improve long- Strengthen part of how we operate, inves [Showing first 8,000 characters — download PDF for full document]