Annual Report for FY 2025-26 along with the Notice of 36th Annual General Meeting of the Company

GLITTEK GRANITES LIMITED ANNUAL REPORT FY 2025-26 Email: info@glittek.com Website: https://www.glittek.com/ GLITTEK GRANITES LIMITED ANNUAL REPORT FY 2025-26 INDEX Sr. No. Particulars Page No. 1. Corporate Information 3 2. Letter from Managing Director 6 3. Notice of 36th Annual General Meeting 9 4. Board Report 75 5. Corporate Governance Report 97 6. Management Discussion and Analysis 121 7. Audited Financial Statements 129 Index 2 www.glittek.com CORPORATE INFORMATION Board of Directors, auditors, registrar and registered office GLITTEK GRANITES LIMITED ANNUAL REPORT FY 2025-26 CORPORATE INFORMATION ■ Board of Directors ■ Statutory Auditors Existing, whose term is scheduled to expire in Managing Director the ensuing 36th AGM: Mr. Ashoke Agarwal (DIN: 00050213) M/s. G R V & P K (Resigned w.e.f. June 25, 2026) Chartered Accountants Mr. Tushar Agarwal (DIN: 07484201) Ganpathi Plaza, No. 58, 59th 'A' Cross 4th 'N' (Resigned w.e.f. June 25, 2026) Block, Rajajinagar, Bangalore, Karnataka, 560010, India Mr. Bhargav Girjashankar Thanki (DIN: 00046364) (Appointed w.e.f. June 25, 2026) New Auditors proposed to be appointed in the Executive Non-Independent Directors ensuing 36th AGM: Mr. Maheshkumar Jatashankar Thanki (DIN: M/s. R. R. Tibrewala & Co. 00045946) Chartered Accountants 503, Atlanta Estate, G.M. Link Road, Off Western (Appointed and designated as Whole-time Director Express Highway, Goregaon- East, Mumbai- and Chairperson w.e.f. June 25, 2026) 400063, Maharashtra, India Mr. Bhavin Harihar Thanki (DIN: 00046393) (Appointed as Whole-time Director w.e.f. June 25, ■ Secretarial Auditors 2026) Resigned with effect from August 12, 2026 Non-Executive Independent Directors Ms. Kriti Daga Practising Company Secretary Mr. Siddhartha Agarwal (DIN: 07987858) 4, Ho CHI Minh Sarani, KBR Complex, Flat No. (Resigned w.e.f. June 25, 2026) 3C, Kolkata, 700071, India Mr. Manish Killa (DIN: 01099954) (Resigned w.e.f. June 25, 2026) New Auditors proposed to be appointed in the ensuing 36th AGM: Mrs. Malvika Sureka (DIN: 09481072) (Resigned w.e.f. June 25, 2026) KJB & CO. LLP Practicing Company Secretaries Dr. Deependra Singh (DIN: 03020561) 604, Solaris One, N. S. Phadke Marg, Near East- (Appointed w.e.f. June 25, 2026) West Flyover, Andheri (East), Mumbai – 400 069, Mr. Sunil Kumar Bansal (DIN: 00713868) Maharashtra, India (Appointed w.e.f. June 25, 2026) ■ Registered Office Mrs. Kavita Rakesh Shah (DIN: 02566732) (Appointed w.e.f. June 25, 2026) Honnappa Building, 2nd floor, V.V. Extension, Behind MCM ITI College, Old Madras Road, ■ Key Managerial Personnel Hoskote, Bangalore Rural, Karnataka, 562114, India Chief Financial Officer Mr. Ashok Kumar Modi ■ Corporate Office (Resigned w.e.f. June 25, 2026) 602, Sankalp Square 3A, Near Taj Skyline, Sindhu Mr. Gautam Ashwinkumar Thanki Bhavan Marg, Ahmedabad – 380 059, India (Appointed w.e.f. June 25, 2026) Company Secretary & Compliance Officer Ms. Lata Bagri Corporate Information 4 www.glittek.com LETTER FROM THE MANAGING DIRECTOR On the change in control and the direction of the Company GLITTEK GRANITES LIMITED ANNUAL REPORT FY 2025-26 LETTER FROM THE MANAGING DIRECTOR To the Members of Glittek Granites Limited Dear Shareholders, I write to you for the first time as Managing Director of your Company, and should begin plainly. For several years this Company did very little. Revenue fell away, the factory was sold, and by the close of the year under review operations had all but stopped. Many of you stayed on the register through that period with little reason to. That is the first thing we intend to change. Control passed to us on 25 June 2026, following a share purchase agreement executed in January and an open offer completed under the Takeover Regulations. We now hold 70.59 per cent of the equity. I mention the figure not for its own sake but for what it means: we have bought in with our own money, and our fortunes now move with yours, in the same direction and in the same proportion. We are not financial investors. The Rawmin group has spent close to three-quarters of a century in the ground, mining and processing bauxite, laterite and industrial minerals across Gujarat, Maharashtra and Goa and shipping them worldwide. Three generations of our family have run that business. What we bring here is not a thesis. It is a habit of operating. Why this Company, and why now. The world is rebuilding the way it makes, moves and stores energy, and India means to do that at home. Two things stand between the intention and the capability: storage, and materials. Storage, because renewable generation without it is unreliable by construction. Materials, because the cells, the magnets and the electronics on which the transition depends all begin as minerals, few of which are refined here today. We have spent our working lives at the mineral end of that chain, and intend to move up Subject to your approval at the forthcoming Annual General Meeting, three changes are placed before you: an alteration of the main objects to permit battery energy storage systems, solar photovoltaic cells and modules, and rare earth elements, critical minerals and advanced materials; a change of name to Rawmin Neo Elements Limited, so that the name reflects what the Company will do; and a shift of the registered office to Mumbai, from where the business will be run. Changes to a memorandum do not build anything. The work does. That work is a battery energy storage assembly and integration capability, raised in stages, and a position in advanced materials drawn from what this group already knows. We will fund it conservatively, commission it in phases, and take on no more at a time than we can execute properly. The Company closed the year with no borrowings, and we do not intend to spend that carelessly. Your Board has been reconstituted in full. It was assembled for the task, not the record, bringing mining and materials experience, financial and capital markets discipline, and direct operating knowledge of the critical minerals sector. Each member has been asked to hold this management to the standard we have set for ourselves. I will not set targets in this letter, and would ask you to be sceptical of anyone who does at this stage. What I undertake instead is that we will tell you what has actually been done, in plain terms, and will not describe an intention as an achievement. Letter from the Managing Director 6 www.glittek.com GLITTEK GRANITES LIMITED ANNUAL REPORT FY 2025-26 To those who held on through the quiet years, thank you. To those who have joined us since, you are welcome. The work ahead will be measured in capacity commissioned rather than announcements made, and we intend to earn your confidence by doing it. Yours sincerely, Bhargav G. Thanki Managing Director DIN: 00046364 Mumbai, 27 August 2026 Letter from the Managing Director 7 www.glittek.com NOTICE OF THE 36th ANNUAL GENERAL MEETING Tuesday, 22 September 2026 at 11:30 A.M. (IST), through VC / OAVM GLITTEK GRANITES LIMITED ANNUAL REPORT FY 2025-26 NOTICE OF ANNUAL GENERAL MEETING Dear Members, NOTICE is hereby given that the 36th Annual General Meeting (“AGM”) of the Members of Glittek Granites Limited is scheduled to be held on Tuesday, September 22, 2026 at 11:30 A.M. (IST) through Video Conferencing (“VC”) / Other Audio-Visual Means (“OAVM”) to transact the following businesses. The venue of the meeting shall be deemed to be the registered office of the Company at Honnappa Building, 2nd Floor, V.V. Extension, Behind MCM ITI College, Old Madras Road, Hoskote, Bangalore Rural, Karnataka, India, 562114. Item No. Summary of Businesses to be transacted at the AGM Type of Resolution 1. To receive, consider and adopt the audited financial statements of the Ordinary Company for the financial year ended March 31, 2026 along with the Auditor’s Report thereon and the Report of the Board of Directors of the Company for the said year 2. Appointment of M/s. R. R. Tibrewala & Co., Chart [Showing first 8,000 characters — download PDF for full document]