Annual Report FY 2025-26

August 31, 2026 BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001. Scrip Code: 544629 Dear Sir / Ma’am, Subject: Annual Report – 2026 & Notice of 8th Annual General Meeting. With reference to the captioned subject, we inform that 8th Annual General Meeting (“AGM”) of the Company shall be held on Wednesday, September 23, 2026 at 11.30 a.m. through Video Conferencing (“VC”)/Other Audio-Visual Means (“OAVM”), in accordance with the applicable circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India. Pursuant to regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith Annual Report for the FY 2025-26 and the Notice of 8th AGM. The said reports are being sent to the shareholders through email and have been uploaded on the “investors” section of the website of the Company at: https://ravelcare.com/pages/investors The “cut-off date” for determining eligibility of shareholders for remote e-voting/e-voting at AGM and for attending AGM is fixed as Wednesday, September 16, 2026. The remote e-voting period shall commence from Sunday, September 20, 2026 at 9.00 a.m. and end on Tuesday, September 22, 2026 at 5.00 p.m. The detailed instruction with regard to the remote e-voting/e- voting at AGM and procedure for attending AGM is provided in the notice of AGM which are being sent to shareholders and submitted to stock exchanges. The procedure for attending the AGM is provided in the Notice of AGM. Kindly take the same on your record. Thanking you, Yours faithfully, For Ravelcare Limited Alpesh Rajesh Bhatt Company Secretary and Compliance Officer Ravel RAVELCARE LIMITED R AV E L C A R E L I M I T E D ANNUAL REPORT 2025–26 Personal is the new perfect. Customised haircare and skincare, engineered one formula at a time — now a publicly listed company serving 27,000+ pincodes across every state and union territory of India. LISTED ON SYMBOL · SCRIP CODE CIN BSE SME · December 8, 2025 RAVEL · 544629 L20236MH2018PLC317628 01 · LETTER TO SHAREHOLDERS ANNUAL REPORT 2025–26 "Listing is not a finish line. It is the standard we now hold ourselves to." Ayush Varma Managing Director Dear Shareholders, it is my privilege to write to innovative alternative — curated solutions and you for the first time as the Managing Director of a routines built around each individual's hair and listed company. On December 8, 2025, the equity skin, from custom formulations to concern-led shares of Ravelcare Limited listed on the BSE SME regimens. That idea now travels far: we serve platform. Our IPO — a fresh issue of 18,54,000 customers across 27,000+ pincodes, with orders equity shares at ₹130 per share — saw an overall from every state and union territory in India. subscription of 437.60x, an exceptional show of At the end of June 2026 we launched Ravel PRO, confidence from the public that we do not take our clinical, actives-led haircare line — built for one lightly, and the shares listed at ₹201. Beyond reason: to unlock distribution. Custom formulas capital, listing brings discipline, visibility and cannot sit on a shelf; standardised clinical ones the trust of a wider family of shareholders. can. PRO has picked up well and is already live on Welcome aboard. all major marketplaces and quick commerce The year itself was one of consistent, profitable channels. Next, in Q3 this year, comes our derm- growth. Revenue from operations grew 7.9% to grade skincare range — opening a new segment of ₹2,695.43 Lakhs, and profit after tax stood at audience for the Company and unlocking cross- ₹515.40 Lakhs — a net margin of 19.1% — even as sell into our existing base. we continued to invest substantially in acquiring India's beauty and personal care market is new customers. We remain entirely debt-free, premiumising: consumers are moving from and our net worth strengthened to ₹3,740.84 commodity products to concern-led, science- Lakhs, giving us significant flexibility to fund what backed regimens. That is precisely where comes next. Ravel plays. Personal care in India has traditionally been My gratitude to our customers, our team, our consumed one way: standard products, made for partners, and to you, our shareholders, for the the average consumer. We are bringing an trust you have placed in us. FY 2025–26 AT A GLANCE ₹2,695 ₹515 19.1% ₹3,741 27,000+ 35%+ Lakhs Lakhs Lakhs Revenue, up 7.9% Profit after tax Net profit Net worth, debt-free Pincodes served Repeat margin purchase rate RAVELCARE LIMITED 02 02 · THE LISTING DECEMBER 8, 2025 · BSE, MUMBAI At 10:00 a.m., the gong sounded — and Ravel became a public company. The gong moment — trading in RAVEL opens on the BSE SME platform, December 8, 2025. Mr. Ayush Varma, Managing Director, Mr. Maheshkumar Varma, Whole-time The listing memento, presented at BSE. addresses the ceremony. Director. EXCHANGE FRESH ISSUE ISSUE PRICE LISTING PRICE DEBUT PREMIUM BSE SME 18,54,000 ₹130 ₹201 +54.6% RAVELCARE LIMITED 03 03 · STRATEGY & OUTLOOK ANNUAL REPORT 2025–26 LAUNCHED END OF JUNE 2026 Ravel PRO. Science-led, targeted haircare solutions. Custom formulas cannot sit on a shelf — standardised clinical ones can. That is why we built Ravel PRO, our actives-led haircare line for acute scalp and hair concerns. Since launch it has picked up well and is already listed on all major marketplaces and quick commerce channels, with offline retail as the next frontier. One clinical range, everywhere India shops. THE INDUSTRY IS MOVING OUR WAY USD 31 bn ₹56,000 Cr ~18% India's beauty & personal care market Online BPC market in FY26, growing Quick commerce's share of online in 2025 — projected to cross USD 48 ~35% a year — 2.4x in just three years. BPC, doubling from 9% in FY25 — bn by 2034. growing 120%+ year on year. 34–38% Gen Z buys Premiumisation science Of all BPC spend expected to be online Consumers are trading commodity by 2030 — up from ~8% just five years personal care for concern-led, The majority of BPC consumers by ago. science-backed regimens. 2030 choose by ingredient and derm- backed proof, not brand legacy. RAVEL SITS AT THE CENTRE OF EVERY ONE OF THESE SHIFTS Personalisation — custom Every channel — Ravel PRO rides Science-backed — derm-grade, formulas from 75+ data points, the quick commerce and actives-led formulations for the the loyalty engine behind our marketplace surge; custom D2C consumer who reads the label. 35%+ repeat rate. owns the relationship. The industry is moving towards personal. We have been here all along. RAVELCARE LIMITED · CIN L20236MH2018PLC317628 · WWW.RAVELCARE.COM 04 INDEX Sr. CONTENTS PAGE.NO. 1 Corporate Information 1 2 Notice 2 3 Directors’ Report 23 4 Secretarial Audit Report 37 5 Management Discussion and Analysis Report 45 6 Corporate Governance Report 52 7 Financial Statements 79 RAVELCARE LIMITED 8TH ANNUAL REPORT (2025-2026) CORPORATE INFORMATION BOARD OF DIRECTORS Ayush Mahesh Varma (Managing Director) Maheshkumar Ramchandra Varma (Whole-time Director) Anita Mahesh Varma (Non-Executive Director) Shruti Rajesh Sohane (Independent Director) Bhuvnesh Kumar (Independent Director) CHIEF FINANCIAL OFFICER Sagar Doshi COMPANY SECRETARY Alpesh Rajeshbhai Bhatt REGISTERED OFFICE Ravelcare Limited STATUTORY AUDITORS (Formerly known as Ravelcare Private Ratan Chandak & Co LLP Limited) Chartered Accountants Address: 12th Floor, Flat 1211, 9 Address: 1701, Haware Infotech Park, Business Bay, Khakhar Property, Off New Link Road Mindspace, Behind Sector 30A, Vashi, Navi Mumbai – Evershine Mall, Chincholi Bunder, 400705. Malad (W), Mumbai-400064, Maharashtra, India. SECRETARIAL AUDITORS Email: cs@ravelcare.com M/s. VTSN & Associates LLP Website: www.ravelcare.com Company Secretaries CIN: L20236MH2018PLC317628 1803, 18th Floor, Yash Anant, Nr. Atma House, Ashram Road, Ahmedabad- 380009. REGISTRAR & SHARE TRANSFER INTERNAL AUDITORS AGENT M/s. Mahesh Dhabalia & Co. KFin Technologies Limited Chartered Accountants Address: S [Showing first 8,000 characters — download PDF for full document]