Submission of 43rd Annual Report of Saraswati Commercial (India) Limited for the Financial Year 2025-2026.

SARASWATI COMMERCIAL (INDIA) LTD. Regd.Off.:209-210, Arcadia Building, 2nd Floor, 195, Nariman Point, Mumbai-400021. Tel:40198600 E-mail: saraswati.investor@gcvl.in, Web:www.saraswaticommercial.com CIN:L51909MH1983PLC166605 Date: 31.08.2026 Corporate Relationship Department BSE Limited P.J. Towers, 25th Floor, Dalal Street, Mumbai - 400 001 Ref: BSE Code: 512020 Regulation 34 (1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, Sub: Submission of Annual Report for the financial year 2025-2026 Pursuant to Regulation 34(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), enclosed herewith please find 43rd Annual Report of the Company for the financial year 2025-2026, which is being sent today i.e. 31st August, 2026 to those Members whose e-mail addresses are registered with the Company/Registrar and Transfer Agent/ Depositories. The 43rd Annual Report has been uploaded on the Company's website viz. https://www.saraswaticommercial.com/. Further, in compliance with Regulation 36(1)(b) of the SEBI Listing Regulations, a written communication is being sent to those Members whose e-mail addresses are not registered, providing them with the web link (along with the exact path and QR Code) to access the Notice of Annual General Meeting & Annual Report on the website of the Company. You are requested to kindly acknowledge receipt of the same. Thanking You, Yours Faithfully For Saraswati Commercial (India) Limited Avani Sanghavi Company Secretary & Compliance Officer Membership No.: A29108 Encl: As above 43RD SSAARRAASSWWAATTII COMMERCIAL (INDIA) LIMITED ANNUAL REPORT 2025-2026 43RD ANNUAL REPORT 2025-2026 CORPORATE INFORMATION BOARD OF DIRECTORS AS ON 31ST MARCH, 2026 Information Security Committee Mrs. Rupal Vora Chairperson & Mrs. Meenakshi Bishnoi - Chairperson Independent Director Mr. Manoj Dhopat - Member Mr. Rohit Kothari Non-Executive Mrs. Vaishali Dhuri - Member (Promoter) Director Mrs. Vaishali Dhuri Whole Time Director Special Committee of the Board for Monitoring and Mr. Sandeep Kumar Kejariwal Non-Executive Director Follow-Up of Cases of Frauds (SCBMF) Mr. Hetal Khalpada Non-Executive Director Mrs. Vaishali Dhuri - Chairperson Mr. Vallabh Prasad Biyani Independent Director Mr. Rajiv Pathak - Member Mrs. Neha Bandyopadhyay Independent Director Mrs. Meenakshi Bishnoi - Member BANKERS KEY MANAGERIAL PERSONNEL AS ON 31ST MARCH, 2026 HDFC Bank Limited Credit Agricole Corporate & Investment Bank Mrs. Vaishali Dhuri Whole Time Director & Chief Financial Officer REGISTERED OFFICE Mr. Rajiv Pathak Chief Executive Officer 209-210, Arcadia Building, Mrs. Avani Sanghavi Company Secretary 2nd Floor, Plot No. 195, & Compliance Officer Nariman Point, Mumbai – 400021 Telephone: 022-40198600 STATUTORY AUDITORS M/s. GBCA & Associates LLP BOARD COMMITTEES AS ON 31ST MARCH, 2026 Chartered Accountants Audit Committee Office 1-B & 2-B, Benefice Business House Mrs. Rupal Vora - Chairperson Mathuradas Mills Compound, N. M. Joshi Marg, Mr. Hetal Khalpada - Member Lower Parel (West), Mumbai – 400 013 Mr. Vallabh Prasad Biyani - Member INTERNAL AUDITORS Stakeholder Relationship Committee M/s. Rajiv A Gupta & Associates Mr. Vallabh Prasad Biyani - Chairperson Chartered Accountants Mrs. Vaishali Dhuri - Member Mrs. Rupal Vora - Member 1/234/3230, Tagore Nagar, Vikhroli (East), Mumbai - 400083 Corporate Social Responsibility Committee Mr. Vallabh Prasad Biyani - Chairperson SECRETARIAL AUDITORS Mrs. Vaishali Dhuri - Member M/s. Avani Gandhi & Associates Mrs. Rupal Vora - Member Practicing Company Secretaries 18, Neo Corporate Plaza, Ramchandra Road Extn, Nomination & Remuneration Committee Opp. Kapol Wadi, Kanchpada, Malad (West)- 400064 Mr. Vallabh Prasad Biyani - Chairperson Mr. Sandeep Kumar Kejariwal - Member REGISTRAR & SHARE TRANSFER AGENT Mrs. Rupal Vora - Member MUFG Intime India Private Limited Asset Liability Management Committee C-101, 1st Floor, 247 Park, Mr. Rajiv Pathak - Chairperson Lal Bahadur Shastri Marg, Vikhroli West, Mrs. Rupal Vora - Member Mumbai- 400 083 Mr. Hetal Khalpada - Member Telephone: +91-8108118484 Mr. Sandeep Kumar Kejariwal - Member WEBSITE: Risk Management Committee www.saraswaticommercial.com Mr. Hetal Khalpada - Chairperson Mrs. Rupal Vora - Member CORPORATE IDENTIFICATION NUMBER Mr. Sandeep Kumar Kejariwal - Member L51909MH1983PLC166605 Mr. Rajiv Pathak - Member IT Strategy Committee INVESTORS RELATIONS EMAIL ID Mrs. Rupal Vora - Chairperson saraswati.investor@gcvl.in Mr. Sandeep Kumar Kejariwal - Member Mr. Hetal Khalpada - Member STOCK EXCHANGES WHERE COMPANY’S SHARES ARE LISTED IT Steering Committee BSE Limited Mrs. Vaishali Dhuri - Chairperson Mr. Sanket Baheti - Member Mrs. Meenakshi Bishnoi - Member SARASWATI COMMERCIAL (INDIA) LIMITED INDEX CONTENTS Pg No. Notice 03 Directors’ Report 42 Annexures to Directors’ Report 58 Management Discussion & Analysis Report 64 Corporate Governance Report 82 Certificates and Statements 111 Independent Auditors Report on Standalone Financial Statements 116 Standalone Financial Statements 128 Financial Information of Subsidiaries & Associates (AOC-1) 195 Independent Auditors Report on Consolidated Financial Statements 197 Consolidated Financial Statements 205 43RD ANNUAL REPORT 2025-2026 NOTICE NOTICE IS HEREBY GIVEN THAT THE FORTY-THIRD (‘43RD’) ANNUAL GENERAL MEETING (‘AGM’) OF THE MEMBERS OF SARASWATI COMMERCIAL (INDIA) LIMITED (‘COMPANY’) WILL BE HELD ON THURSDAY, 24TH DAY OF SEPTEMBER, 2026 AT 2:30 P.M. THROUGH VIDEO CONFERENCING (VC) FACILITY/OTHER AUDIO VISUAL MEANS (OAVM), TO TRANSACT THE FOLLOWING BUSINESS: ORDINARY BUSINESS: 1. To receive, consider and adopt: (a) the Audited Standalone Financial Statements of the Company for the year ended March 31, 2026, together with the Reports of the Board of Directors and the Auditors thereon; and (b) the Audited Consolidated Financial Statements of the Company for the year ended March 31, 2026, together with the Reports of the Auditors thereon. 2. To appoint a Director in place of Mr. Hetal Khalpada (holding DIN: 00055823) Non-Executive Director, who retires by rotation and being eligible, seeks re-appointment. SPECIAL BUSINESS: 3. Re-appointment of Mr. Vallabh Prasad Biyani (DIN: 00043358) as a Non-Executive Independent Director of the Company for a second term of five consecutive years. To consider and if thought fit, to pass the following resolution as a SPECIAL RESOLUTION: “RESOLVED THAT pursuant to the provisions of Sections 149, 150, 152 and all other applicable provisions of the Companies Act, 2013 (‘the Act’) read with Schedule IV of the Act and the Companies (Appointment and Qualification of Directors) Rules, 2014, the applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), including any statutory modification(s) or re-enactment(s) thereof for the time being in force and the Articles of Association of the Company and based on the recommendation of the Nomination & Remuneration Committee and the Board of Directors of the Company, approval of the members be and is hereby accorded for the re-appointment of Mr. Vallabh Prasad Biyani (DIN: 00043358), who holds office as an Independent Director up to February 10, 2027 and who has submitted a declaration that he meets the criteria of independence as prescribed under Section 149(6) of the Act and the Rules made thereunder and Regulation 16(1)(b) of the Listing Regulations and in respect of whom the Company has received a notice in writing from a member under Section 160(1) of the Act, as a Non-Executive Independent Director of the Company for the second term of five consecutive years from February 11, 2027 to February 10, 2032, whose office shall not be liable to retire by rotation; RESOLVED FURTHER THAT any Director or the Company Secretary of the Co [Showing first 8,000 characters — download PDF for full document]