Annual Report for the financial year 2025-26

Catalysing Progress Annual Report 2025-2026 Every meaningful Our journey began with specialty chemicals, the foundation of who we are. Over nearly transformation begins seven decades, we have evolved this with the right catalyst. expertise to become one of India’s most integrated surface finishing platforms, In chemistry, a catalyst delivering advanced solutions that protect accelerates change, making and enhance critical assets across industries. Today, our Chemicals, Engineering, Paints and Scan the QR Code reactions more efficient Lubricants businesses catalyse growth across to know more about without losing its own industrial sectors such as Automotive, Oil & the Company essence. For Grauer & Weil, Gas, Railways, Electric Mobility, Electronics, Semiconductors, Renewable Energy, this principle extends far Aerospace and Defence, and more. To view the report online log on to beyond science. It reflects the Chapters at a https://www.growel.com/subpage/annual-report way we innovate, collaborate Catalysing progress shapes the way we build Glance capabilities. Through research, manufacturing and create value, accelerating excellence, digital innovation and global industrial advancement expansion, we help customers improve efficiency, durability, and sustainability. Every while strengthening the solution and partnership strengthens our role very foundations on which as an enabler of industrial progress. Corporate Statutory progress is built. As industries evolve, our purpose remains Overview Reports clear: to create the conditions for faster, stronger, and more sustainable progress. This is the chemistry behind our purpose. 02 About Us 46 Notice to the members 04 Our Journey 62 Directors’ Report to the Shareholders 06 Financial Highlights 69 Management Discussion 08 Geographic Presence and Analysis 10 Chairman’s Message 74 Corporate Governance 12 Managing Director’s Report Message 90 Business Responsibility and 14 Operating Environment Sustainability Report 18 Our Offerings 23 Research and Development Financial 24 Manufacturing Excellence Statements 28 Media and Exhibition 29 Environment Stewardship Standalone Consolidated This is how 32 Our People 125 Independent Auditor’s 186 Independent Auditors’ 34 Community Welfare Report Report we are 38 Governance 136 Balance Sheet 194 Balance Sheet 40 Board of Directors 137 Statement of Profit and Loss 195 Statement of Profit and Loss Catalysing 44 Corporate Information 138 Statement of Cash Flow 196 Statement of Cash Flow 45 Five-Year Performance 139 Statement of Changes in 199 Statement of Changes in Progress. Highlights Equity Equity 142 Notes to the Financial 201 Notes to the Financial Statements Statements GRAUER & WEIL (INDIA) LIMITED ANNUAL REPORT 2025-26 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS About Us The Chemistry of Growth Our capabilities are built on deep domain Since 1957, Grauer & Weil (India) Limited (Growel) has expertise, manufacturing excellence, research-driven innovation and close shaped the evolution of surface finishing through engineering collaboration with customers. With excellence, technical expertise, and innovation. Today, we manufacturing facilities across India, an extensive domestic and international are the only company in India and among a select few sales and distribution network and one of the country's most comprehensive globally to offer fully integrated corrosion protection and surface finishing portfolios, we deliver surface enhancement solutions across diverse substrates solutions that enhance durability, improve operational efficiency and create and industries. Our portfolio spans advanced specialty long-term value for customers across chemicals, industrial coatings, engineering systems, lubricants high-growth sectors. and real estate, enabling us to address complex industrial As the first Indian surface finishing company to achieve EN9100 certification, requirements through a unified platform. we uphold rigorous standards of quality, reliability and process excellence. We strengthen our capabilities through technology advancement, capacity enhancement, and sustainable business practices, enabling us to respond effectively. With a focus on innovation and customer success, we are advancing solutions that support our customers, partners, communities and shareholders while reinforcing Growel’s position as a trusted name in surface finishing and corrosion protection. Vision Mission To be in the top 2 in To be a predominant global all our businesses on player in the field of Surface the strength of our finishing, which invokes people and values. pride in all our stakeholders through innovation, customer-centricity, fair trade practices, integrity, sustainability and care for our planet. 02 03 GRAUER & WEIL (INDIA) LIMITED ANNUAL REPORT 2025-26 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS Our Journey Milestones That Shaped Us 04 05 GRAUER & WEIL (INDIA) LIMITED ANNUAL REPORT 2025-26 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS Financial Highlights Our Progress at a Glance Revenue From Operations EBITDA Profit After Tax Net Fixed Assets* H in crore H in crore H in crore H in crore 1,178.4 246.0 167.3 303.5 FY 2025-26 1,178.4 FY 2025-26 246.0 FY 2025-26 167.3 FY 2025-26 303.5 FY 2024-25 1,127.2 FY 2024-25 234.3 FY 2024-25 157.0 FY 2024-25 274.7 FY 2023-24 1,054.2 FY 2023-24 218.5 FY 2023-24 144.0 FY 2023-24 252.5 FY 2022-23 975.7 FY 2022-23 173.1 FY 2022-23 111.9 FY 2022-23 241.6 FY 2021-22 766.5 FY 2021-22 126.6 FY 2021-22 78.2 FY 2021-22 247.5 *Tangible + Intangible + CWIP + ROU Earnings Per Share Market Capitalisation As On EBITDA Margin* Employee Benefit Expense H H in crore % H in crore 3.7 2,460.7 20.0 114.6 FY 2025-26 3.7 31-03-2026 2,460.7 FY 2025-26 20.0 FY 2025-26 114.6 FY 2024-25 3.5 31-03-2025 3,719.3 FY 2024-25 20.0 FY 2024-25 112.6 FY 2023-24 3.2 31-03-2024 4,002.5 FY 2023-24 20.1 FY 2023-24 104.1 FY 2022-23 2.5 31-03-2023 2,232.6 FY 2022-23 17.4 FY 2022-23 92.7 FY 2021-22 1.7 31-03-2022 1,327.4 FY 2021-22 16.2 FY 2021-22 81.0 *EBITDA % of Total Income Return on Capital Employed (ROCE) Debt Equity Ratio* Community (CSR Investment) Corporate Tax % H in crore H in crore 20.1 0.00 3.5 47.8 FY 2025-26 20.1 FY 2025-26 0.00 FY 2025-26 3.5 FY 2025-26 47.8 FY 2024-25 22.2 FY 2024-25 0.00 FY 2024-25 3.1 FY 2024-25 49.6 FY 2023-24 23.7 FY 2023-24 0.01 FY 2023-24 2.3 FY 2023-24 50.3 FY 2022-23 21.6 FY 2022-23 0.00 FY 2022-23 1.9 FY 2022-23 40.0 FY 2021-22 17.7 FY 2021-22 0.00 FY 2021-22 1.9 FY 2021-22 28.4 *Debt Equity Ratio: Total Long Term Debt/Shareholder’s Equity 06 07 GRAUER & WEIL (INDIA) LIMITED ANNUAL REPORT 2025-26 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS Geographic Presence Catalysing Connections Domestic Presence International Presence Our pan-India presence enables us We serve customers in over 50 countries through globally Growel Head Office to remain closely connected with compliant products, technical expertise and an efficient supply International Network customers across key industrial chain. The commissioning of our UAE manufacturing facility International Branch Offices markets. Supported by a network during the year marked a key milestone, enhancing our ability to of manufacturing facilities, branch support international markets and strengthen our global presence. offices, technical service centres and depots, we deliver timely support, technical expertise and responsive solutions. This extensive footprint strengthens our ability to understand customer requirements, address industry needs effectively, and build Note: Map not to scale, for lasting partnerships across India’s representation purposes only industrial ecosystem. Manufacturing Facilities Manufacturing Facilities Branch Offices Paints Depots Ahmedabad Ahmedabad Aurangabad Barotiwala Paints Note: Map not to scale, for representation purposes only Bengaluru Bengaluru Chemicals Paints Umm Al Quwain Chennai Bhilai Dadra Dadra Coimbato [Showing first 8,000 characters — download PDF for full document]