Submission of Annual Report 2025-26 including Notice of the 36th Annual General Meeting of the Company

SHAH ALLOYS LTD. Corp. Office: Shah Alloys Corporate House, Sola-Kalol Road, Santej, Ta. Kalol, Dist. Gandhinagar-382721 Reg. Office : 5/1, Shreeji House, 5th Floor, B/h. M. J. Library, Ashram Road, Ahmedaba d-380006, India Phone: 02764-352929, E-Mail: info@Shahalloys.com, Website: www.shahalloys.com Date: 24.08.2026 Department of Corporate Service Manager BSE LIMITED Listing Department Phiroze Jeejeebhoy Tower, National Stock Exchange of India Ltd. Dalal Street, Exchange Plaza, Plot No C/1, G-Block, Mumbai - 400 001 Bandra – Kurla Complex, Bandra (E), Mumbai – 400051 BSE Scrip Code: 513436 NSE Symbol – SHAHALLOYS Dear Sir/Ma’am, Sub: Submission of Annual Report 2025-26 including Notice of the 36th Annual General Meeting of the Company Pursuant to Regulation 34(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations 2015, please find enclosed herewith Annual Report of the Company for the year ended on 31st March, 2026 (2025-26) including Notice of the 36th Annual General Meeting (“36th AGM”). This will also be available on the website of the Company at www.shahalloys.com. You are requested to take the same on record and acknowledge the receipt of the same. Thanking You. Yours faithfully, For & on behalf of Shah Alloys Limited Narayanlal F. Shah Company Secretary & Compliance Officer M. No. – A30225 Encl.: As mentioned above CIN: L27100GJ1990PLC014698 Factory: Block No.2221/2222, Shah Industrial Estate, Sola Kalol Road, Santej, Ta. Kalol, Dist. Gandhinagar-382721 CORPORATE INFORMATION BOARD OF DIRECTORS Shri Rajendrakumar Shah (DIN: 00020904) Non-Executive Chairman Shri Ashok Sharma (DIN: 00038360) Whole-Time Director Shri Rajnikant Vyas (DIN: 11276226) Whole Time Director (Appointed w.e.f. 04.09.2025) Shri Bipin Gosalia (DIN: 10521360) Independent Director Shri Mitesh Jariwala (DIN: 09396683) Independent Director Smt. Nipa Jairaj Shah (DIN: 10833814) Independent Director (Appointed w.e.f. 14.08.2025) CHIEF FINANCIAL OFFICER PLANT Shri Ashok Sharma Shah Industrial Estate, Block No. 2221, Sola – Kalol Road, COMPAY SECRETARY & COMPLIANCE OFFICER Village – Santej, Dist. – Gandhinagar-382 721 Shri Narayanlal F. Shah (M.No. A30225) STATUTORY AUDITORS AUDIT COMMITTEE M/s. Parikh & Majmudar, Chartered Accountants, Shri Mitesh V. Jariwala, Chairman 303, “B” Wing, GCP Business Center, Shri Bipin A. Gosalia, Member Opp. Memnagar Fire Station, Nr. Vijay Cross Roads, Shri Rajendrakumar Shah, Member Ahmedabad – 380 009 NOMINATION AND REMUNERATION COMMITTEE SECRETARIAL AUDITORS Shri Mitesh V. Jariwala, Chairman Kamlesh M. Shah & Co. Shri Bipin A. Gosalia, Member Practising Company Secretary Shri Rajendrakumar Shah, Member 801-A, 8th Floor, Mahalaya Complex, Opp. Hotel President, B/h. Fairdeal House, STAKEHOLDERS’ RELATIONSHIP COMMITTEE Swastik Cross Roads, Off C.G.Road, Shri Mitesh V. Jariwala, Chairman Navrangpura, Ahmedabad 380 009 Smt. Nipa J. Shahl, Member Shri Ashok Sharma, Member REGISTRAR AND SHARE TRANSFER AGENTS Bigshare Services Private Limited CORPORATESOCIALRESPONSIBILITYCOMMITTEE (Unit: Shah Alloys Limited) Shri Ashok Sharma, Chairman Office No S6-2, 6th Floor, Pinnacle Business Park, Shri Mitesh V. Jariwala, Member Next to Ahura Centre, Mahakali Caves Road, Shri Rajendrakumar. Shah, Member Andheri (East) Mumbai – 400093 Email id.: info@bigshareonline.com REGISTERED OFFICE Website : www.bigshare.com 5/1 Shreeji House, B/h M.J. Library, Ashram Road, BANKERS TO THE COMPANY Ahmedabad – 380 006 ICICI Bank ADMINISTRATIVE OFFICE CORPORATE IDENTIFICATION NO. Shah Alloys Limited CIN: L27100GJ1990PLC014698 Corporate House, Sola-Kalol Road, Village Santej, Dist.-Gandhinagar-382 721 36TH ANNUAL REPORT 2025-26 | 1 CONTENTS PAGE Notice 3 Directors’ Report 22 Corporate Governance Report 42 Management Discussion & Analysis 60 Independent Auditors’ Report 67 Standalone Balance Sheet 78 Standalone Statement of Profit & Loss 79 Standalone Cash Flow Statement 80 Standalone Notes forming part of Financial Statements 83 Consolidated Independent Auditors’ Report 121 Consolidated Balance Sheet 128 Consolidated Statement of Profit & Loss 129 Consolidated Cash Flow Statement 130 Consolidated Notes forming part of Financial Statements 133 2 | SHAH ALLOYS LIMITED NOTICE OF THE ANNUAL GENERAL MEETING NOTICE is hereby given that 36th Annual General Meeting (“AGM”) of the Members of SHAH ALLOYS LIMITED will be held on Friday, 18th September, 2026 at 12:30 P.M. through Video Conferencing/Other Audio - Visual Means (VC/OAVM) to transact the following businesses: ORDINARY BUSINESS: 1. To receive, consider and adopt the Audited Financial Statements of the Company on Standalone and Consolidated basis for the financial year ended 31st March 2026, and the Reports of Board of Directors and the Auditors thereon. “RESOLVED THAT the Audited Standalone & Consolidated Financial Statements of the Company for the financial year ended 31st March, 2026, together with the Reports of the Board of Directors and Auditors thereon, as circulated to the Members be and are hereby received, considered and adopted.” 2. To appoint a Director in place of Shri Ashok Sharma (DIN: 00038360), who retires by rotation and being eligible, offers himself for re-appointment. “RESOLVED THAT in accordance with the provisions of Section 152 and other applicable provisions of the Companies Act, 2013 (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force), Shri Ashok Sharma (DIN 00038360), who retires by rotation as a Director at this 36th Annual General Meeting, and being eligible, offers himself for re- appointment, be and is hereby re-appointed as a Director of the Company, who shall be liable to retire by rotation”. SPECIAL BUSINESS: 3. ADOPTION OF NEW SET OF MEMORANDUM OF ASSOCIATION AND ALERATION OF THE OBJECT CLAUSE BY INSERTION OF ADDITIONAL MAIN OBJECTS To consider and, if thought fit, to pass the following resolution as a SPECIAL RESOLUTION “RESOLVED THAT pursuant to the provisions of Sections 4, 13, 15 and other applicable provisions, if any, of the Companies Act, 2013 (“Act”), read with the rules made thereunder, including any statutory modification(s), amendment(s) or re-enactment(s) thereof for the time being in force, and subject to the consent of the Members of the Company be and is hereby accorded for adoption of a new set of Memorandum of Association (“MOA”) of the Company, substantially in the format prescribed under the Act and Schedule I thereto, as placed before the Members and initialled by the Chairperson for the purpose of identification. RESOLVED FURTHER THAT in accordance with Table A of Schedule I of the Act, Clause III (A), III (B) and III(C) of the existing MOA be amended and read as under: Clause III (A) - “THE OBJECTS TO BE PURSUED BY THE COMPANY ON ITS INCORPORATION ARE:” Clause III (B) - “MATTERS WHICH ARE NECESSARY FOR FURTHERANCE OF THE OBJECTS SPECIFIED IN CLAUSE III (A) ARE:” RESOLVED FURTHER THAT the existing Main Objects under Clause III (A) of the MOA be retained and the following additional Main Objects be inserted therein as Object Nos. 3 and 4: “3. To carry on the business of buying, selling, sourcing, distributing, importing, exporting, trading and otherwise dealing in all kinds of agricultural commodities, metals, precious metals, bullion, energy products, freight and merchandise of every description, whether through physical delivery, spot markets or commodity exchanges, in India or internationally; and to enter into forward contracts, futures, options, swaps and other derivative transactions on commodity exchanges or over- the-counter markets, and obtain membership, enlist and operate as trading-cum- clearing members, institutional clients or participants on any commodity exchanges, clearing corporations and depositories and to comply with the rules, regulations and bye-laws of SEBI and other applicable regulatory authorities. 4. To carry out the business of Real-Estate, Land, Bu [Showing first 8,000 characters — download PDF for full document]