Your Directors have pleasure in presenting the 39^th Annual Report on the business and operations of the Company and Audited Financial
Statements for the year ended on 31^st March, 2025.

FINANCIAL SUMMARY OR HIGHLIGHTS:

The standalone financial performance of the Company for the year ended on 31^st March, 2025 is summarized below:

STATE OF THE COMPANY'S AFFAIRS AND OPERATIONS:

The Company is engaged in the business of manufacturing
induction furnaces, TMT Bars, Ductile Iron Pipes (DI Pipes), Electric
Vehicles, Transformers etc.

During the year ended on 31^st March, 2025, the total income
of the Company was Rs. 4122.92 Crore compared to 4275.84
Crore of previous financial year. The Profit before Finance Costs,
Depreciation and Amortisation was Rs. 379.59 Crore as compared
to Rs. 424.28 Crore of previous financial year. The net profit for
the current financial year was Rs. 428.60 Crore as compared to
Rs. 319.43 Crore of previous financial year. A detailed analysis of
performance for the year is included in the Management Discussion
and Analysis, which forms part of this Annual Report.

CHANGE IN NATURE OF BUSINESS:

During the financial year, there was no change in the nature of
business carried out by the Company.

TRANSFER TO RESERVES:

During the financial year under review, no amount has been
transferred to the General Reserve.

DIVIDEND:

In view of accumulated losses during the previous financial years
and fund requirements, the Board of Directors of the Company do
not recommend any dividend on Equity Shares and on Preference
Shares for the year ended on 31^st March, 2025.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE
FINANICAL POSITION AFTER THE END OF FINANCIAL YEAR:

There are no material changes and commitments, affecting the
financial position of the Company which have occurred between
the end of the financial year of the Company to which the financial
statements relate and the date of the report.

CONSOLIDATED FINANCIAL STATEMENTS:

The consolidated financial statements of the Company for
the financial year 2024-2025 are prepared in compliance with
applicable provisions of the Companies Act, 2013, Indian Accounting
Standards ("Ind AS") and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ("SEBI LODR Regulations, 2015"),
which form part of this Annual Report.

SUBSIDIARY / JOINT VENTURE COMPANIES:

The Company has the following subsidiaries / joint venture
companies as on 31^st March, 2025:

1. Hans Ispat Limited

2. Electrotherm Services Limited

3. Shree Ram Electro Cast Limited

4. Jinhua Indus Enterprises Limited

5. Jinhua Jahari Enterprises Limited (Step-down Subsidiary
Company)

6. Bhaskarpara Coal Company Limited (Joint Venture Company)

Pursuant to Section 129(3) of the Companies Act, 2013, a statement
containing the salient features of the financial statement including
the highlights of the performance of the subsidiary / joint
venture companies in Form AOC-1 is attached as "Annexure - A"
to this Report.

Pursuant to Section 136 of the Companies Act, 2013, the financial
statements of the Company, consolidated financial statements
along with relevant documents and separate audited accounts in
respect of subsidiaries / joint venture companies, are available on
the website of the Company at https://www.electrotherm.com/
investors/annual-reports.

Further, during the financial year 2024-2025, the Company has sold
entire stake (i.e. 80.49%) in ET Elec-Trans Limited on 13^th November,
2024. Consequently, ET Elec-Trans Limited ceased to be subsidiary
of the Company. Except this, none of the companies have become
or ceased to be subsidiaries, joint ventures or associate companies
during the financial year 2024-2025.

NUMBER OF BOARD MEETINGS:

During the financial year 2024-2025, four (4) Board Meetings were
held. Details of the composition of the Board and its Committees
and meetings held, attendance of the Directors at such meetings
and other relevant details are provided in the Corporate
Governance Report.

DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP):

* Retirement by Rotation:

Pursuant to the provisions of Section 152 of the Companies
Act, 2013 read with the Companies (Appointment and
Qualification of Directors) Rules, 2014 and Articles of
Association of the Company, Mr. Shailesh Bhandari (DIN:
00058866), retires by rotation at the ensuing Annual General
Meeting and being eligible, offers himself for re-appointment.

* Appointment / Cessation / Continuation of Directors:

During the year 2024-2025, an ordinary resolution related to
"Continuation of Directorship of Mr. Mukesh Bhandari (DIN:
00014511) as a Non-Executive Director of the Company" in
terms of Regulation 17(1D) of the SEBI LODR Regulations,
2015 placed at the 38^th Annual General Meeting of the
Company held on Thursday, 12^th September, 2024, did not
pass with requisite majority. As such, Mr. Mukesh Bhandari
(DIN: 00014511) ceased to be a Non-Executive Director /
Director of the Company with effect from the date of 38^th
Annual General Meeting i.e. 12^th September, 2024.

Further, on the recommendation of Nomination and
Remuneration Committee, the Board of Directors of the
Company, in their meeting held on 10^th April, 2025, approved
the appointment of Mr. Tushar Jani (DIN: 06745225) as an
Additional Director to hold office up to the date of next
Annual General Meeting or General Meeting to be convened
within 3 months from the date of appointment, whichever
is earlier, pursuant to the provisions of Section 161 of the
Companies Act, 2013 ("Act") and Regulation 17(1C) of the SEBI
LODR Regulations, 2015.

Further, pursuant to the provisions of Section 196, 197 and
200 read with Schedule V and all other applicable provisions,
if any, of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel)
Rules, 2014, Mr. Tushar Jani (DIN: 06745225) was appointed
as a Whole-time Director of the Company for the period of
three years commencing from 10^th April, 2025 and concluding
09^th April, 2028, subject to the approval of the shareholders in
ensuing General Meeting. The Shareholders of the Company,
approved the appointment of Mr. Tushar Jani (DIN: 06745225)
as (i) a Director, liable to retire by rotation and (ii) as a Whole
Time Director of the Company for a period of three years
commencing from 10^th April, 2025 and concluding on 9^th April,
2028, by passing ordinary resolutions through postal ballot
on 27^th June, 2025.

* Key Managerial Personnel:

During the financial year 2024-2025, Mr. Chirag Shah resigned
as a Chief Financial Officer of the Company with effect from
12^th April, 2024. Mr. Amit Kumar Patwarika was appointed as
a Chief Financial Officer of the Company with effect from 11^th
February, 2025.

Further, Mr. Harish Mukati was appointed as a Chief Executive
Officer (Steel Division) with effect from 14^th November, 2024.

Except above, there was no change in the Key Managerial
Personnel during the year under review.

Further, Mr. Tushar Jani has been appointed as a Whole Time
Director of the Company with effect from 10^th April, 2025.

As on the date of the report, following are Key Managerial
Personnel ("KMP") of the Company as per Section 2(51) and/
or Section 203 of the Companies Act, 2013:

• Mr. Shailesh Bhandari (DIN: 00058866) - Executive
Vice Chairman

• Mr. Suraj Bhandari (DIN: 07296523) - Managing Director

• Mr. Tushar Jani (DIN: 06745225) - Whole Time Director

• Mr. Fageshkumar R. Soni - Company Secretary

• Mr. Harish Mukati - Chief Executive Officer (Steel Division)

• Mr. Amit Kumar Patwarika - Chief Financial Officer

* Declaration of Independence:

The Company has received declaration of Independence
as stipulated under Section 149(7) of the Companies Act,
2013 and Regulation 16(1)(b) of the SEBI LODR Regulations,
2015 from all Independent Directors confirming that they
meet the criteria of independence and not disqualified from

appointment / continuing as an Independent Director and
they have complied with the code of conduct for Independent
Directors prescribed in Schedule IV of the Companies
Act, 2013. Further, pursuant to Companies (Creation and
Maintenance of databank of Independent Directors) Rules
2019, Independent Directors registered their name in the
Independent Director's Databank.

* Annual Evaluation of Board's Performance:

In terms of the provisions of Section 134(3)(p) of the
Companies Act, 2013 read with Rule 8(4) of the Companies
(Accounts) Rules, 2014 and SEBI LODR Regulations, 2015, the
Nomination and Remuneration Committee has carried out
the annual evaluation of performance of the Board and its
Committees and the Board of Directors has carried out the
annual evaluation of the performance of individual directors.
The manner in which the evaluation was carried out is
provided in the Corporate Governance Report, which is part
of this Annual Report.

* Nomination and Remuneration Policy:

The Board of Directors of the Company has, on the
recommendation of Nomination and Remuneration
Committee, framed and adopted a policy for selection and
appointment of Directors, Key Managerial Personnel, Senior
Management and their remuneration. The salient aspects of
the Nomination and Remuneration Policy, covering the policy
on appointment and remuneration of Directors and other
matters have been outlined in the Corporate Governance
Report which forms part of this Annual Report. The said
policy is available on the website of the Company at https://
www.electrotherm.com/investors/codes-and-policies.

PARTICULARS OF INVESTMENT, LOAN AND GUARANTEE:

Particulars of investment made, loan and guarantee given as
covered under the Section 186 of the Companies Act, 2013, has
been provided in the Note No. 5, 6 & 32 of the notes to the financial
statements which form part of this Annual Report.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

Pursuant to the provisions of Section 135 of the Companies Act,
2013 read with the Companies (Corporate Social Responsibility
Policy) Rules, 2014, the Company has constituted a CSR Committee.
The Board of Directors on the recommendation of CSR Committee
had approved the Corporate Social Responsibility Policy. The CSR
Policy is available on the website of the Company at https://www.
electrotherm.com/investors/codes-and-policies. The composition
and terms of reference of the CSR Committee are detailed in the
enclosed Corporate Governance Report.

The Annual Report on CSR Activities during the financial year 2024¬
2025 forming part of this Board's Report is annexed herewith as
"Annexure - B" to this report.

RELATED PARTY TRANSACTIONS:

The Company has entered into related party transactions on arm's
length basis. During the year, the Company had not entered into
any contract / arrangement / transaction with related parties

which could be considered material in accordance with the Policy
of the Company on materiality of related party transactions.

The Policy on materiality of related party transactions and on
dealing with related party transactions as approved by the Board
may be accessed on the Company's website at https://www.
electrotherm.com/investors/codes-and-policies.

There are no materially significant related party transactions that
may have potential conflict with interest of the Company at large.
The details of transactions with related parties for the financial year
ended on 31^st March, 2025 is given in Note No. 44 of the financial
statements which is part of this Annual Report of the Company.

FIXED DEPOSIT:

During the financial year 2024-2025, the Company has not
accepted any deposit within the meaning of Section 73 to 76 of
the Companies Act, 2013 read with the Companies (Acceptance of
Deposits) Rules, 2014. Further, there are no outstanding deposits
as on 31^st March, 2025.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 134(3)(c) of the Companies Act, 2013, the
Directors state that:

a) in the preparation of the annual accounts for the financial
year ended on 31^st March, 2025, the applicable accounting
standards had been followed along with proper explanation
relating to material departures, if any;

b) the Directors had selected such accounting policies and
applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a
true and fair view of the state of affairs of the company at the
end of financial year and of the profit or loss of the company
for that period;

c) the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance
with the provisions of the Companies Act, 2013 for
safeguarding the assets of the company and for preventing
and detecting frauds and other irregularities;

d) the Directors had prepared the Annual Accounts on a
going concern basis;

e) the Directors had laid down internal financial controls to be
followed by the Company and that such internal financial
controls are adequate and were operating effectively; and

f) the Directors had devised proper systems to ensure
compliance with the provisions of all applicable laws and that
such systems were adequate and operating effectively.

AUDITORS AND AUDITORS' REPORT:

^ Statutory Auditor:

Pursuant to the provisions of Section 139, 142 and other
applicable provisions of the Companies Act, 2013 read with
the Companies (Audit and Auditors) Rules, 2014, M/s. Hitesh
Prakash Shah & Co., Chartered Accountants (Firm Registration
No. 127614W), Ahmedabad, were appointed as Statutory

Auditor of the Company at the 36^th Annual General Meeting
held on 31^st August, 2022 for a second term of five (5) years
beginning from the conclusion of the 36^th Annual General
Meeting till the conclusion of the 41^st Annual General Meeting
to be held in the year 2027.

^ Auditors' Report:

In the Independent Auditors' Report for the year ended
on 31^st March, 2025, there are certain matters of emphasis
related to (a) Note No 15(c), 15(f), 15(g) and 36 in respect
of non-payment of Instalments and Interest due, terms
and conditions of the settlement agreement prescribing for
restoration of loan amount to the original amount in case
of default on account of non-compliance of said terms and
conditions and treatment in the books of accounts of the
assignment / settlement of debts of Asset Reconstruction
Company (ARC) and Bank. (b) Note No 18 which describes
the redemption of non-cumulative redeemable preference
shares amounting to Rs 12.00 Crore that were due for
redemption. The Company has filed a petition under Section
55(3) of the Companies Act, 2013, before the Hon'ble
National Company Law Tribunal (NCLT) seeking approval
for issue of Non-cumulative Redeemable Preference Shares
to the existing preference shareholders of the amount
equivalent to the amount of the unredeemed preference
shares on the same terms and the matter is currently pending
for further consideration. (c) Note No 32(a), 37 and 41 in
respect of pending enquiries / notices / summons / litigation
recovery / fraud proceedings against the Company and the
Directors of the Company. (d) Note No 37(d)(iii) in respect
of search conducted by Directorate of Enforcement, Zonal
Office, Ahmedabad (ED) at the Corporate Office & factory of
the company at Palodia and at the residence of Mr. Shailesh
Bhandari on January 10, 2025 and consequent order of
freezing certain bank accounts and vehicles by the ED. (e)
Note No 39(b) in respect of confirmation / reconciliation
of few accounts of "Trade Receivables", "Trade Payables",
"Advance from Customers", Advances Recoverable in Cash or
Kind", and "Advance to suppliers and other parties". (f) Note
no. 43 which describes the execution of a Family Settlement
Agreement (FSA) among the members of the Bhandari Family,
who are part of the promoter group/shareholders of the
Company. The agreement seeks to resolve inter se family
and business matters and potentially result in changes to the
shareholding and control of group entities.

The relevant Notes to accounts related to these matters of
emphasis are self-explanatory.

With regard to the qualification in the Independent Auditors'
Report in reference to Note No. 38 of non-provision of
interest on NPA accounts of bank, on approximate basis of
Rs. 131.80 Crores, for the year under consideration and total
amount of such unprovided interest till date is Rs. 916.51
Crores, the Board of Directors submits that the loan account
of the Company have been classified as Non-Performing
Assets (NPA) by Rare Asset Reconstruction Limited (being
debt assignee of Indian Overseas Bank) and the said Bank
/ ARC has not charged interest on the said account and

therefore provision for interest has not been made in the
books of accounts.

^ Cost Auditor:

M/s. V. H. Savaliya & Associates, Cost Accountants,
Ahmedabad, appointed as Cost Auditor, to conduct the
cost audit of the Company for the financial year ending on
31^st March, 2025.

Further, pursuant to the consent and certificate received
from M/s. V. H. Savaliya & Associates, Cost Accountants,
Ahmedabad (Membership No. 13867, FRN: 100346) and as
per Section 148 and other applicable provisions if any, of
the Companies Act, 2013 read with Companies (Audit and
Auditors) Rules, 2014, the Board of Directors of the Company
has on the recommendation of Audit Committee appointed
them as Cost Auditor, to conduct the cost audit of the
Company for the financial year ending on 31^st March, 2026,
at a remuneration as mentioned in the notice convening
the Annual General Meeting, subject to ratification of the
remuneration by the Members of the Company.

Maintenance of cost records as specified by the Central
Government under sub-section (1) of Section 148 of the
Companies Act, 2013, is applicable to the Company and
accordingly such accounts and records are made and
maintained by the Company.

^ Secretarial Auditor:

Pursuant to the provisions of Section 204 of the Companies
Act, 2013 read with the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014
and Regulation 24A of the SEBI LODR Regulations 2015,
the Company has appointed M/s. Shyamsingh Tomar &
Associates, Practising Company Secretaries, to conduct
the Secretarial Audit of the Company for the financial year
2024-2025. The Secretarial Audit Report in Form No. MR-3 is
annexed herewith as "Annexure - C" to this report.

With regard to qualifications of the Secretarial Auditor, the
Board of Directors submits as under:

(a) With regard to non-appointment of Chief Financial
Officer (CFO): The Company was in process to identify
the suitable candidate for the said post and appointed
Mr. Amit Kumar Patwarika as a Chief Financial Officer
with effect from 11^th February, 2025. Upon the
appointment of CFO, the Company is in compliance with
the provisions of Section 203 of the Companies Act, 2013
and Regulation 26A of the SEBI LODR Regulations, 2015.

(b) With regard to composition of the Board with less than
six Director: The Company was in process to find suitable
person to be appointed as a Director on the Board of
the Company and thereafter, appointed Mr. Tushar Jani
(DIN: 06745225) as Whole Time Director with effect from
10^th April, 2025. Upon the appointment of a Director,
the Company is in compliance with the provisions of
Regulation 17(1) of the SEBI LODR Regulations, 2015.

Further, pursuant to Regulation 24A of the SEBI LODR
Regulations, 2015, subject to approval of the Shareholders
in the ensuring Annual General Meeting, M/s. Bharat
Prajapati & Co. Practising Company Secretaries, Ahmedabad
(Membership No. FCS - 9416 & COP No. 10788), a peer
reviewed firm (Peer Review Certificate No. 2367/2022) has
been appointed as Secretarial Auditor of the Company to
hold office for a period of five consecutive years commencing
from Financial Year 2025-26 to Financial Year 2029-30. The
approval of the shareholder is being obtained in the 39^th
Annual General Meeting (AGM).

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNING AND OUTGO:

The information required under the provisions of Section 134(3)
(m) of the Companies Act, 2013 read with Rule 8(3) the Companies
(Accounts) Rules, 2014 with respect to conservation of energy,
technology absorption and foreign exchange earnings and outgo
is given in ''Annexure - D" which forms part of this Annual Report.

PARTICULARS OF EMPLOYEES:

The information required pursuant to Section 197 of the Companies
Act, 2013 read with Rule 5 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 in respect of
the employees are given in “Annexure - E" to this Annual Report.

AUDIT COMMITTEE:

The composition, terms of the reference, number of meetings
and attendance at the Audit Committee meetings held during the
financial year 2024-2025 are covered in the enclosed Corporate
Governance Report.

As on 31^st March, 2025, the Audit Committee consists of (i) Mr. Pratap
Mohan, Independent Director as a Chairman (ii) Mr. Dinesh Mukati,
Independent Director as a Member and (iii) Ms. Nivedita R. Sarda,
Independent Director as a Member.

RISK MANAGEMENT POLICY:

The Risk Management covers various criteria for identification of
key risk, action plans to mitigate those risks, review and reporting
of identified risks on periodical basis etc.

In the opinion of the Board of the Directors of the Company, there
are elements of risks in the nature of various legal cases including
for recovery of dues and attachment of certain properties which
may threaten the existence of the Company.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS:

Presently, there are certain significant and material orders passed
by the regulator / court / tribunal which may impact the Company
and its operations in future as mentioned in Note No. 37 & 41 of the
standalone financial statements which is part of this Annual Report.

CORPORATE GOVERNANCE:

In compliance with the provisions of SEBI LODR Regulations, 2015,
a separate report on Corporate Governance along with a certificate
from a Practicing Company Secretary regarding the status of
compliance of conditions of corporate governance forms a part of
this Annual Report.

WHISTLE BLOWER POLICY / VIGIL MECHANISM:

The Company is committed to highest standards of ethical, moral
and legal business conduct. Accordingly, the Board of Directors have
formulated Whistle Blower Policy / Vigil Mechanism in compliance
with the provisions of Section 177(10) of the Companies Act,
2013 and Regulation 22 of the SEBI LODR Regulations, 2015. The
policy provides for a framework and process whereby concerns
can be raised by its employees against any kind of discrimination,
harassment, victimization or any other unfair practice being
adopted against them. More details of the Whistle Blower Policy
/ Vigil Mechanism are explained in the Corporate Governance
Report. The Whistle Blower Policy / Vigil Mechanism is available
on the website of the Company at https://www.electrotherm.com/
investors/codes-and-policies.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Pursuant to Regulation 34(2)(e) read with Part B of Schedule V of
the SEBI LODR Regulations, 2015, Management Discussion and
Analysis Report is annexed after the Board's Report and form a part
of this Annual Report.

EXTRACT OF ANNUAL RETURN:

Pursuant to Section 134(3)(a) and Section 92(3) of the Companies
Act, 2013, the Annual Return in form of Form MGT - 7 as on 31^st
March, 2025 is available on the website of the Company at https://
www.electrotherm.com/investors/annual-reports.

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL
CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:

The Company has put in place adequate internal financial controls
with reference to the financial statements. During the financial
year, such internal financial controls were operating effectively
and it is commensurate with the size, scale and complexity of the
Company and the nature of business of the Company.

SECRETARIAL STANDARDS:

During the year under review, the Company has complied with
the applicable Secretarial Standards issued by The Institute of
Company Secretaries of India (ICSI).

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE:

The Company is committed to provide a work environment that
ensures every employee is treated with dignity, respect and
afforded equal treatment. The Company has complied with the
provisions relating to the constitution of Internal Complaints
Committee under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and during
the financial year, there was no complaint of sexual harassment
received or disposed off or case pending for more than ninety days.

OTHER DISCLOSURES:

a) During the financial year 2024-2025, there was no change
in authorized share capital, subscribed and paid-up share
capital of the Company. Also, there was no reclassification /
sub-division in authorized share capital of the Company.

b) There was no reduction of share capital or buy back of shares
or change in capital resulting from restructuring.

c) The Company has not issued equity shares with differential
rights as to dividend, voting or otherwise.

d) The Company has not issued sweat equity shares to its
directors or employees.

e) The Company does not have any Employees Stock Option
Scheme for its Employees / Directors.

f) During the financial year 2024-2025, the Company has not
made allotment of any securities and as such, the requirement
for obtaining credit rating was not applicable to the company.

g) The Company has filed petition under Section 55(3) of the
Companies Act, 2013, before the Hon'ble National Company
Law Tribunal ('NCLT'), Ahmedabad Bench, on 11^th March, 2025,
for approving issuance of 6% Non-Cumulative Redeemable
Preference Shares ("NCRPS") of 10/- (Rupees Ten Only)
each, to the existing NCRPS holders, of amount equivalent
to the amount of Unredeemed Preference Shares of Rs.
12,00,00,000/- (Rupees Twelve Crore Only) on the same terms
of existing 6% NCRPS, in lieu of the unredeemed preference
shares; and on the issue of such further Redeemable
Preference Shares, original Unredeemed Preference Shares
shall be deemed to have been redeemed. The said petition
is pending for further consideration. Necessary adjustment
with respect to issue of NCRPS will be made upon approval by
the Hon'ble NCLT.

h) There is no money lying to unpaid / unclaimed dividend
account pertaining to any of the previous years with the
Company. As such the Company is not required to transfer
such amount to the Investor Education and Protection Fund
established by the Central Government.

i) The Auditor has not reported any frauds under sub-section
(12) of Section 143 of the Companies Act, 2013.

j) The details of difference between amount of valuation done
at the time of one time settlement and the valuation done
while taking loan from the Banks or Financial Institutions
along with the reasons thereof is not applicable, as there was
no valuation done at the time of one time settlement with
Bank / Financial Institutions.

k) During the financial year 2024-2025, no application is made
under the Insolvency and Bankruptcy Code, 2016 ("IBC 2016")
by the Company and no proceedings are pending under IBC
2016 against the Company.

l) The Company follows the compliance of the provisions
relating to the Maternity Benefit Act, 1961.

m) During the financial year 2024-2025, the Company received
a letter from Mr. Mukesh Bhandari and his family members
and Mr. Shailesh Bhandari and his family members (Members
of Promoter and Promoter group) about the execution of
Family Settlement Agreement amongst the Bhandari Family.
The Company has submitted the required disclosure to the
Stock Exchanges under Regulation 30 and 30A read with
clauses 5 and 5A of Para A of Part A of Schedule III to the SEBI
LODR Regulations, 2015 and SEBI Master Circular dated 11^th
November, 2024.

APPRECIATION:

Your Directors wish to place on record their appreciation for the
valuable co-operation and support received from the customers
and suppliers, various financial institutions, banks, government
authorities, auditors and shareholders during the year under
review. Your Directors also wish to place on record their deep
sense of appreciation for the devoted services of the Executives,
Staff and Workers of the Company.

For and on behalf of the Board of Directors
Electrotherm (India) Limited

Shailesh Bhandari Suraj Bhandari

Place : Palodia Executive Vice Chairman Managing Director

Date : 29^th July, 2025 DIN : 00058866 DIN: 07296523