32nd Annual Report of the Company.

RADHE DEVELOPERS (INDIA) LIMITED 32nd Annual Report 2025-26 ANNUAL REPORT 2025-26 INSIDE THIS REPORT 02 Chairman Message 03 Corporate Information 04 Notice of Annual General Meeting 15 Board's Report 28 Annexures to the Board's Report 35 Report on Corporate Governance 57 Management's Discussion and Analysis 61 Independent Auditor's Report 70 Financial Statements 75 Notes to Financial Statements ANNUAL REPORT 2025-26 CHAIRMAN’S MESSAGE Dear Stakeholders, It gives me immense pleasure to address you once again as we reflect on another year of resilience, progress, and renewed opportunities. The financial year 2025–26 has been a significant year for both our Company and the Indian real estate sector, which continues to demonstrate remarkable strength and maturity despite global economic uncertainties. India remains one of the fastest-growing major economies in the world, supported by strong domestic demand, prudent fiscal policies, rapid urbanization, and sustained infrastructure development. The real estate sector continues to play a pivotal role in the nation's economic growth, contributing significantly to employment generation and capital formation. Government initiatives such as PMAY, the Smart Cities Mission, transit-oriented development, infrastructure expansion, and policy reforms aimed at improving ease of doing business have further strengthened the sector's long-term growth prospects. The residential real estate market has continued to witness healthy demand, driven by increasing home ownership aspirations, improving affordability, expanding urban centres, and rising consumer confidence. Commercial real estate has also shown encouraging momentum with sustained demand across office, retail, and mixed-use developments. These positive trends reaffirm the sector's resilience and its ability to adapt to evolving market dynamics. At Radhe Developers (India) Limited, we have remained steadfast in our commitment to delivering quality developments while upholding the highest standards of governance, transparency, and customer satisfaction. During the year, we continued to focus on efficient project execution, prudent financial management, and operational excellence. Our efforts have enabled us to strengthen our business fundamentals while creating long-term value for all our stakeholders. Looking ahead, we remain optimistic about the future. India's urbanization journey, expanding infrastructure network, growing middle-income population, and favorable demographic profile provide a strong foundation for sustained growth in the real estate sector. Backed by our strategic land holdings, focused business approach, and dedicated team, we are well positioned to capitalize on emerging opportunities while maintaining financial discipline and creating sustainable value for our shareholders. On behalf of the Board of Directors, I extend my heartfelt gratitude to our valued customers, shareholders, bankers, business associates, government authorities, regulatory bodies, and all other stakeholders for their continued trust and unwavering support. I also express my sincere appreciation to our employees, whose dedication, professionalism, and commitment remain the cornerstone of our success. With your continued confidence and support, we look forward to another year of sustainable growth, responsible development, and enduring value creation. With warm regards, ASHISH PATEL CHAIRMAN, CEO & MANAGING DIRECTOR MAY 25, 2026 AHMEDABAD ANNUAL REPORT 2025-26 CORPORATE INFORMATION BOARD OF DIRECTORS STATUTORY AUDITORS MR. ASHISH PATEL : Managing Director & CEO M/S. S. PARTH & CO., MS. JAHNAVI PATEL : Non-Executive Director Chartered Accountant MR. ALOK VAIDYA : Non-Executive Director FRN: 154463W MR. BHARAT PANDYA : Independent Director Ahmedabad (Upto March 31, 2026) SECRETARIAL AUDITORS MR. TUSHAR PATEL : Independent Director (upto May 29, 2025) M/S. JALAN ALKESH & ASSOCIATES, MR. NIRAV PATEL : Independent Director Company Secretaries MR. DINESHSINGH : Independent Director FRN: 10620 KSHATRIYA CP No: 4580 Mr. RAJENDRA PATEL : Independent Director Ahmedabad CHIEF FINANCIAL OFFICER INTERNAL AUDITOR Mr. PRANAV PATEL M/S. KISHAN TILVA & COMPANY COMPANY SECRETARY & COMPLIANCE OFFICER Chartered Accountants MS. KHYATI PATEL Membership No: 188518 Ahmedabad BOARD COMMITTEES B ANKERS Bank of India Limited AUDIT COMMITTEE Mr. Dineshsingh Kshatriya : Chairman Mr. Alok Vaidya : Member REGISTRAR & SHARE TRANSFER AGENTS Mr. Nirav Patel : Member MCS SHAR E TRANSFER AGENT LIMITED 201, Shatdal Complex, 2nd Floor, Opp. Bata NOMINATION & REMUNERATION COMMITTEE Show Room, Ashram Road, Ahmedabad - Mr. Dineshsingh Kshatriya : Chairman 380 009 Tel. : +91 79 26580461/62/63, Mr. Alok Vaidya : Member Email: mcsstaahmd@gmail.com Mr. Nirav Patel : Member REGISTERED OFFICE STAKEHOLDER RELATIONSHIP COMMITTEE RADHE ACRES, Block No. 220, 226 & 227, Mr. Dineshsingh Kshatriya : Chairman B/h. Applewoods Township, Shela - 380 Mr. Alok Vaidya : Member 058, Ahmedabad, Gujarat – INDIA Mr. Ashish Patel : Member CIN : L45201GJ1995PLC024491 Tel. : +91 79 26583381 Email: secretarial@radheinfra.com Website : www.radhedevelopers.com AS ON MAY 25, 2026 ANNUAL REPORT 2025-26 NOTICE OF 32ND ANNUAL GENERAL MEETING Notice is hereby given that the 32nd Annual General Meeting of the Members of RADHE DEVELOPERS (INDIA) LIMITED will be held on Saturday, September 19, 2026 at 11:00 a.m. at Radhe Acres, Block No. 220, 226 & 227, B/h. Applewoods Township, Shela, Ahmedabad – 380058, Gujarat - India to transact the following businesses:- ORDINARY BUSINESS 1. To receive, consider and adopt the Audited Financial Statements of the Company for the financial year ended March 31, 2026 and the reports of the Board of Directors and Auditors thereon. 2. To appoint Mr. Alok Vaidya (DIN: 00101864) who retires by rotation and being eligible, offers himself for reappointment as a director and in this regard, pass the following resolution as an ORDINARY RESOLUTION: “RESOLVED THAT pursuant to the provisions of Section 152 of the Companies Act, 2013, Mr. Alok Vaidya (DIN 00101864), who retires by rotation at this meeting and being eligible has offered himself for re-appointment, be and is hereby re-appointed as a Director of the Company, liable to retire by rotation.” By order of the Board of Directors of RADHE DEVELOPERS (INDIA) LIMITED Sd/- Date: July 17, 2026 KHYATI K. PATEL Place: Ahmedabad COMPANY SECRETARY & COMPLIANCE OFFICER M. No. A53258 Registered Office: Radhe Acres, Block No. 220, 226 & 227, B/h. Applewoods Township, Shela, Ahmedabad – 380058 (Gujarat), India | CIN: L45201GJ1995PLC024491 Tel.: +91 79 26583381 | Fax: +91 79 26585567 E-mail: secretarial@radheinfra.com | Website: www.radhedevelopers.com NOTES: 1. A Member entitled to attend and vote at the Meeting is entitled to appoint a Proxy to attend and vote instead of himself/herself, and the Proxy need not be a Member of the Company. The instrument appointing the proxy should, however, be deposited at the registered office of the Company not less than forty-eight hours before the commencement of the Annual General Meeting. A person can act as a proxy on behalf of members not exceeding fifty and holding in the aggregate not more than ten percent of the total share capital of the Company carrying voting rights. A member holding more than ten percent of the total share capital of the Company carrying voting rights may appoint a single person as proxy and such person shall not act as a proxy for any other person or shareholder. The holder of proxy shall prove his identity at the time of attending the Annual General Meeting. Attendance Slip, Proxy Form and the Route Map of the venue of the Meeting are annexed hereto. ANNUAL REPORT 2025-26 2. Details pursuant to Regulation 36(3) of the SEBI Listing Regulations and Secretarial Standard on General Meetings issued by the Institute of Company Secretaries of India, in respect of the Directors seeking appointment / re-appointment at thi [Showing first 8,000 characters — download PDF for full document]