Your Directors are pleased to submit the 104th Annual Report along with the Audited
Balance Sheet and Statement of Profit and Loss for the year ended March 31,2026, that
is, the year under review.

1. FINANCIAL SUMMARY OF THE COMPANY:

(Rupees in Lakhs)

2. MANAGEMENT DISCUSSION AND ANALYSIS:

I. Overview of Ingersoll Rand in India

Ingersoll Rand is a leading manufacturer of industrial air compressors,
providing comprehensive solutions including installation, commissioning and
maintenance under its key brands, which include Ingersoll Rand, CompAir,
Gardner Denver, and Champion. The Company has a long history in India,
dating back to 1921.

The new manufacturing facility at Sanand, Gujarat has been completed and
the same was inaugurated on October 13, 2025 in the presence of members
of Senior Leadership Team of Ingersoll Rand Inc. This is a state-of-the-art
facility with advanced capabilities in technology, operations, testing, and
sustainability. The capitalization of installed assets has been completed,
production at low scale/volume has begun and volumes are expected to grow
during the next financial year 2026-27. It will play a pivotal role in launching
new and localized air treatment and compression system applications.

Your Company is advancing its innovation roadmap with a clear focus on oil-
free low-pressure solutions for the power and infrastructure sectors, while
scaling contact-cooled rotary technologies to meet the needs of the rapidly
expanding Tier-2 industrial market.

Your Company is committed to making its customers successful. We pride
ourselves on innovation, and we aim to operate in a clear, straightforward
fashion. We aspire to be connected for life with our customers and embrace
the responsibility that comes with that. We know they lean on us for essential,
vital, and mission-critical solutions.

II. Industry Structure and Development:

Global Economic Scenario: Global growth is projected to slow to 2.5 per cent
in year 2026 before edging up to 2.8 per cent in year 2027, a downgrade
from earlier forecasts . The war in Middle East which commenced in end
of February 2026, including the closure of the Strait of Hormuz, has led to
what the International Energy Agency has characterized as the "largest supply
disruption in the history of the global oil market". The conflict has echoed
the 1970s energy crisis through acute supply shortages, currency volatility,
inflation and heightened risks of stagflation and recession. Interest rate
reductions were expected to be postponed or conversely increased in light of
higher inflation caused by supply shortages and speculation. Stock markets
experienced declines globally and there was a global bonds market sell-off.

Despite the ceasefire announced on 8th April 2026, the Middle East conflict
has already delivered the largest energy supply shock on record. Oil output
from the Middle East fell by at least 9 million barrels per day in March, while
damage to liquefied natural gas facilities may constrain global natural gas
supplies for several years.

During year 2025, unexpected resilience to sharp increases in U.S. tariffs,
supported by solid consumer spending and easing inflation, helped sustain
growth. However, underlying weaknesses persist. Subdued investment and
limited fiscal space are weighing on economic activity, raising the prospect
that the world economy could settle into a persistently slower growth path
than in the pre-pandemic era.

Geopolitical fragmentation, trade barriers, and climate change portend
recurrent supply-side shocks, fueling unpredictable inflationary pressures.
These disruptions are increasing uncertainty and volatility, which complicate
investment decisions and economic policymaking.

The prolonged Russia-Ukraine war has resulted in a devastating domestic
economic collapse in Ukraine, while pushing Russia into a state of inflationary
"cannibalistic" war economy. Globally, the conflict has caused massive supply
chain shocks, triggered a surge in food and energy prices, and forced countries
to fundamentally restructure their geopolitical and trade relationships.

India Economic Scenario: India continues to be one of the world's fastest-
growing major economies, demonstrating strong resilience amid global economic
uncertainty. According to the International Monetary Fund's (IMF) April 2026
World Economic Outlook, India's real GDP is projected to grow by 6.5% in
FY 2026-27 and 6.5% in FY 2027-28, outperforming most major economies
despite heightened geopolitical tensions and global trade uncertainties. The
IMF attributes this sustained momentum to robust domestic demand, continued
public investment, and resilient macroeconomic fundamentals, reinforcing
India's position as a key driver of global economic growth.

India's capital goods sector experienced a massive structural shift during year
2025, driven by robust government infrastructure outlays, accelerating private
capital expenditure, and the "Make in India" initiative. Order books for large
heavy engineering and machinery firms surged to Rs. 5.2 lakh crore by late
2025, sustaining double-digit revenue growth and expansion into emerging
segments like electric vehicle (EV) infrastructure and data centers.

II. Segment-wise operational performance: Air Solutions is the only segment in
your Company's operations. The total revenue from operations of Air Solutions
business for the year under review was Rs. 139,237 lakhs as against Rs. 133,629
lakhs in the previous financial year, a growth of over 4.2%. Your Company
continues to focus on local innovation and creating markets "In India; For India;
By India".

On 21st November 2025, the Government of India notified provisions of the
Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social
Security, 2020 and the Occupational Safety, Health and Working Conditions
Code, 2020 (the "Labour Codes"), which consolidate twenty-nine existing
labour laws into a unified framework governing employee benefits during
employment and post-employment.

The Labour Codes, amongst other things, introduce changes including a uniform
definition of wages and enhanced benefits relating to leave. Based on the
requirements of the Labour Codes and relevant Indian Accounting Standards,
the Company has estimated the liability for employee benefits, which has
resulted in an incremental expense on account of recognition of past service
costs amounting to Rs.1,180 lakhs during the year ended March 31, 2026.
Considering the impact is arising out of an enactment of the new legislation
and is non-recurring in nature, the Company has presented this amount as
"Exceptional item" in the Statement of Profit and Loss.

The profit before tax is Rs. 34,339 lakhs in the year under review as against
Rs. 36,034 lakhs in the previous financial year, lower for the year under review
primarily due to Exceptional item.

IV. Outlook: Growth in India is projected at 6.6% in financial year 2026-27, as
higher energy prices caused by the Middle East conflict and supply chain
disruptions weigh on economic activity. But even with the slowdown, India
remains among the fastest-growing major economy in the world, says the World
Bank's latest economic update. Despite significant downside risks stemming
from the conflict, the economy's strong macroeconomic fundamentals and
policy buffers offer some insulation. Substantial foreign exchange reserves,
low inflation, predominantly rupee-denominated public debt, a healthy
financial sector, and trade diversification efforts play a major role in providing
resilience from external headwinds.

V. Risk and Concerns: The primary risks impacting the Company's compressed
air business continue to be linked to fluctuations in industrial investment
across key sectors including automotive, metals, engineering, textiles,
pharmaceuticals, electronics, infrastructure, food processing and general
manufacturing. While India's manufacturing sector remains resilient, global
economic uncertainties, evolving trade policies, geopolitical tensions and
inflationary pressures may delay capital expenditure decisions and impact
demand visibility. The Company also remains exposed to slower-than-
expected recovery in export-oriented industries and MSME investments.

Supply chain risks continue to persist despite significant improvements in
sourcing resilience. Dependence on global suppliers for critical components
such as air-end castings, heat exchangers, piston rings, fans, blowers and
specialty materials exposes the Company to geopolitical disruptions, logistics
delays, foreign exchange volatility and cost escalations. The risks associated
with Red Sea and Middle East shipping disruptions have resulted in longer
transit times, rerouting of shipments through the Cape of Good Hope and
increased freight costs, requiring proactive inventory and sourcing strategies
to ensure uninterrupted customer supply. Internal risk mitigation programs
focusing on supplier localization, alternate source development and inventory
planning continue to reduce exposure to single-source dependencies.

The industry continues to face intense competition from multinational brands,
domestic manufacturers and low-cost imports from China and other Southeast
Asian countries. Price pressure remains significant in the value segment, while
the availability of spurious products and non-compliant compressor packages
continues to affect market discipline, customer confidence and margins.
Commodity price volatility relating to steel, aluminum, copper and petroleum-
based products further impacts manufacturing costs and profitability.
Additionally, the availability of skilled field service technicians and engineering
talent remains a challenge as demand for industrial automation and advanced
equipment capabilities increases.

VI. Opportunities and Threats: The Company is well positioned to benefit from
India's continued industrialization, supported by the Government's Make in
India initiative, Production Linked Incentive (PLI) schemes, semiconductor
manufacturing investments, electronics production growth, infrastructure
development and expansion of automotive and Electric Vehicle manufacturing.
These developments are expected to drive sustained demand for compressed
air solutions across manufacturing, construction, transportation and process
industries. The Indian air compressor market is expected to continue growing
at a healthy pace driven by these structural demand factors.

Increasing focus on energy efficiency, sustainability and operating cost
reduction is accelerating customer adoption of premium technologies such
as Variable Speed Drive (VSD) compressors, Permanent Magnet motors, heat
recovery systems and oil-free compressed air solutions. Industries such as
pharmaceuticals, food & beverage, electronics, healthcare and semiconductor
manufacturing are increasingly adopting oil-free technologies to meet stringent
quality and contamination control requirements. This trend provides significant
opportunities for differentiated and higher-value product offerings.

Digitalization continues to create new growth avenues through IoT-enabled smart
compressors, predictive maintenance, remote monitoring, energy analytics and
lifecycle management solutions. Customers are increasingly seeking integrated
compressed air systems that improve reliability, reduce downtime and optimize
energy consumption. The growing installed base of compressors also provides
a substantial aftermarket opportunity in preventive maintenance, spare parts,
energy audits, rentals, upgrades and system optimization services.

India's emergence as a regional manufacturing hub and growing export
competitiveness creates opportunities for expanding exports to Asia, Middle East
and Africa. However, threats remain from low-cost imports, aggressive pricing
by competitors, rising logistics costs and ongoing geopolitical uncertainties. The
Company continues to address these challenges through localization initiatives,
supply chain diversification, innovation, digital capabilities and strengthening
of its service network.

VII. Discussion on financial performance with respect to operational performance:
The Company's operational and financial performance continues to demonstrate
resilience amid a dynamic business environment. Growth in industrial activity,
infrastructure investments, electronics manufacturing, pharmaceuticals,
food processing, automotive and emerging sectors such as data centers has
supported demand for compressed air solutions and aftermarket services. At
the same time, the Company has actively managed inflationary pressures,
commodity volatility, logistics cost increases and foreign exchange fluctuations
through strategic sourcing, localization initiatives, productivity improvements
and disciplined pricing actions.

The Board and management continue to closely monitor operational performance
indicators, market developments, supply chain risks, working capital metrics and
profitability drivers through a structured review process. Particular emphasis
is placed on supply continuity, inventory optimization, sourcing resilience
and margin management in response to global geopolitical developments
and logistics disruptions. The Company's ongoing investments in localization,
digitalization, energy-efficient technologies and aftermarket expansion are
expected to strengthen long-term growth and improve operational leverage.

The continuous alignment of operational execution with financial objectives
enables management to take timely corrective actions and capitalize on
emerging market opportunities. The Company's focus on innovation, customer¬
centric solutions, service excellence and cost optimization remains critical to
sustaining profitable growth and enhancing shareholder value in an increasingly
competitive compressor market.

VIII. Material developments in Human Resources / Industrial Relations front,
including number of people employed: Your Company is committed to

fostering the inspiring team with a well defined talent deployment process that help to attract and identify the
top talents in the market. Your Company has derived a competitive Career - Growth opportunity for developing
the talent. Well-designed training and development programs, self - learning Linked - in tools, highly engaged
Mentorship Programs provides the employees wider tools for their development.

Your Company constantly endeavours to adopt the best policies to keep its employees motivated, engaged and
aligned to the core values of the Company. The Company undertakes various employee engagement initiatives,
fosters a culture of continuous learning and development to create future leaders. The Company measures its
employee engagement index through annual pulse survey with a commitment from the managers on the actions
required to enhance engagement.

Your Company is committed to fostering a workplace that is fair, transparent, and inclusive. The Company's
compensation systems are equitable and our work schedules are flexible. We prioritize the health and well-being of
our employees, partners, and communities.

The Belonging and Engagement (BE) Chapters within the Company are instrumental in driving workplace
transformation. These chapters focus on building an inclusive environment, improving diversity ratios and ensuring
equity in policies and practices.

As on March 31,2026, the company had 540 permanent employees on its rolls.

IX. Safety, Health and Environment: Your Company believes that all injuries and work-related illnesses are preventable.
We are committed to taking proactive measures to achieve our goal of "zero work-related injuries" and ensuring
safe operations.

Your Company has established high safety standards and robust procedures to maintain safe working conditions.
Employees, contractors and visitors are trained and are expected to follow safe operating practices while at the
workplace. With the belief that human behavior can be improved, your Company has implemented a Behavior
Based Safety (BBS) program across the organization. Employees are also encouraged to practice safe behaviors in
their personal lives, including at home and on the road. Management is strongly committed to complying with all
applicable safety regulations and takes necessary precautions to prevent workplace incidents.

Your Company is committed to leading sustainably. We continuously assess and improve the management of both
hazardous and non-hazardous waste, working towards a long-term goal of zero waste to landfill.

Additionally, your Company is committed to reducing greenhouse gas (GHG) emissions by 90% by end of year 2030.
To achieve this, the Company has implemented various energy conservation projects and energy management
practices at our factories. Our products are designed and launched with enhanced energy and water efficiency,
using materials with lower environmental impact compared to previous generation products.

X. Technology Innovation: Your Company continued to invest in technology innovation to sustain its leadership
position and deliver best in class solutions to its customers. During the year, the Company expanded its already
comprehensive product portfolio by introducing new products and upgrading existing offerings across a wide range
of industrial applications.

The Company successfully launched a new brand, "Champion", aimed at delivering superior value to cost conscious
customers in the 7-160 kW range, along with a complementary portfolio of air treatment products. In addition,
focused efforts were made to enhance energy efficiency, with the introduction of high efficiency variable speed
motor packages in the 15-75 kW segment.

In the oil free segment, the Company introduced low pressure oil free rotary screw compressors in the 75-200 kW
range, catering to the stringent requirements of industries such as pharmaceuticals, glass, and power. In centrifugal
compressors, the Company continued to strengthen its presence in the Indian market by offering higher capacity
frames exceeding 10,000 cfm.

Within the air treatment portfolio, the Company sustained its export momentum by supplying CE marked Heat of
Compression dryers to European markets.

Aligned with its digital business strategy and long term sustainability goals, your Company further strengthened
the adoption of its Ecoplant solution for compressed air system monitoring and performance optimization, enabling
customers to achieve improved efficiency, reduced energy consumption, and enhanced operational reliability.

XI. Disclosure as per Paragraph B (1) (i) and (j) under Schedule V of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations").

There are no ratios which has a difference of equal to or more than 25% as on March 31, 2026 in comparison to
the previous financial year ended on March 31,2025 and as such this disclosure is not applicable.

3. DIVIDEND:

At the meeting of the Board of Directors held on November 14, 2025, the Board declared an interim dividend of
Rs. 55/- per equity share, with a cash outlay of Rs. 17,362.40 lakhs, paid out of retained earnings. The Board at its
meeting held on May 29, 2026 have recommended a final divided of Rs. 20/- per equity share for the financial year
ended on March 31, 2026, which is subject to approval of Members at the ensuing Annual General Meeting and if
approved by the members would result in cash outflow of Rs. 6,313.60 lakhs

As per Regulation 43A of the SEBI Listing Regulations, the salient features of dividend distribution policy of the
Company has been disclosed in the Corporate Governance Report and the dividend distribution policy is hosted on the
website of the Company at https://www.irco.com/en-in/invest and can be accessed by clicking on https://azure-na-
assets.contentstack.com/v3/assets/blta8b68ee4d57aa34b/blt8b7f236fe8203686/6a4d0004480c31400287d85a/
Dividend Distribution Policy.pdf

4. TRANSFER TO RESERVES:

Pursuant to the provisions of the Companies Act, 2013 (the "Act"), your Directors do not propose to transfer any
amount to the General Reserves and has decided to retain the entire profit after tax for the year under review as
Retained Earnings.

5. THE STATE OF COMPANY'S AFFAIRS:

Your Company's products are primarily sold to industries in the automotive, metals, pharmaceutical and textile sectors
and these sectors have registered strong growth in the year under review.

For the year ending March 31,2026, your Company has recorded revenues of Rs.139,237 lakhs from operations which
is 4.2 % higher compared to that of the previous financial year. Our profits after tax for the year ending March 31,2026
stood at Rs.25,620 lakhs which is lower compared to profit after tax of the previous financial year.

Our principal sources of liquidity are cash and cash equivalents and the cash flow that we generate from our operations.
Your Company continues to be debt-free and maintains adequate cash to meet not only the capex requirements but
also our developmental and operational requirements.

Barring unforeseen circumstances, your Company is expected to continue on its growth path in financial year 2026-27.

6. LISTING OF EQUITY SHARES:

The equity shares of the Company are listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE),
both of which are premier stock exchanges having nationwide trading terminal. The securities of the Company were not
suspended from trading during the reporting period. The Company has paid the annual listing fee up to Financial Year
2026-27 to BSE and NSE.

7. MATERIAL CHANGES AND COMMITMENTS:

There are no material changes and commitments, affecting the financial position of the Company, which has occurred,
between the end of the financial year of the Company i.e., March 31,2026 and the date of signing this report.

There has been no change in the nature of business of the Company during financial year 2025-26.

8. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS IMPACTING THE GOING
CONCERN STATUS:

There are no significant and material order(s) passed by any of the Regulators or Courts or Tribunals, which could affect
the going concern status of the Company and its future operations.

During the reporting financial year, no application was made and there are no proceedings pending against the
Company under the Insolvency and Bankruptcy Code, 2016.

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

The Company has established an internal control system commensurate with the size, scale, and complexity of its
operations. To enhance the standards of controls and governance, the Company has adopted various measures to
ensure that robust internal financial controls, concerning operations, financial reporting and compliance, exist and are
operating effectively.

The internal control framework encompasses the key elements of control environment, risk assessment, control
activities, information & communications, and monitoring. The Company has established a comprehensive system
of Internal Financial Controls over Financial Reporting (ICFR), designed to ensure that transactions are authorised,
recorded accurately, and reported on time.

Significant features of the Company's internal control system are:

• A well-established, independent, Internal Audit team operates in line with best-in-class governance practices.
It reviews and reports to the Audit Committee regarding compliance with internal controls, the efficiency and
effectiveness of operations as well as key process risks.

• The Audit Committee periodically reviews internal audit plans, significant audit findings, and adequacy of internal
controls.

• Systematic self-certification of adherence to key internal controls, as part of control self-assurance by process
owners, and reviewers.

• Adherence with a comprehensive information security policy and continuous upgrades of the Company's IT systems
for strengthening automated controls.

• Appropriate segregation of duties and usage of technology for continuous controls monitoring and enhanced
controls assurance.

• A clearly defined Delegation of Authority framework governs decision-making in the Company, with approval
thresholds aligned to functional responsibilities and risk considerations. This ensures that all commitments and
transactions involving organisational resources are subject to appropriate authorisation and oversight.

The Company's ICFR framework is designed to provide reasonable assurance of the reliability of financial and operational
information, compliance with applicable laws and regulations, the safeguarding of assets, and the disciplined execution
of transactions in line with the approved authorities and corporate policies. The financial statements of the Company
have been prepared in accordance with Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting
Standards) Rules, 2015 as amended from time to time notified under Section 133 of the Companies Act, 2013, (the
'Act') and other relevant provisions of the Act and in accordance with the accounting policies approved by the Audit
Committee and the Board, with periodic reviews to ensure continued relevance and compliance.

The effectiveness of internal controls is subject to continuous ongoing evaluation through a structured assurance
mechanism. During the year under review, the internal controls were tested and found effective, as a part of the
Management's control testing initiative. Also, no material weaknesses or significant deficiencies were identified, and
the Statutory Auditors have issued an unqualified opinion on the financial statements. While any system of internal
control is subject to inherent limitations, the Company remains committed to continuous enhancement of its control
environment through periodic reviews, technology enablement, and adoption of leading practices. Accordingly, the
Board, with the concurrence of the Audit Committee and the Auditors affirm that the Company's Internal Financial
Controls were adequate and operating effectively throughout the financial year ended March 31,2026 commensurate
with its size and scale of operations, and are designed to ensure the reliability of financial reporting and compliance
with applicable laws and regulations.

10. DETAILS OF JOINT VENTURES, SUBSIDIARIES AND ASSOCIATES:

Ingersoll-Rand Industrial U.S Inc. is the holding Company and Ingersoll-Rand Inc. is the ultimate holding company of
your Company. Your Company does not have any associate, subsidiary or joint venture either in India or anywhere else
in the world. Hence, the disclosure under Rule 8 of the Companies (Accounts) Rules, 2014 is not required.

11. DEPOSITS:

During the year under review, your Company has not accepted any deposits from the public within the meaning of
Section 73 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014. There are no amounts outstanding
on account of principal or interest on public deposits as on March 31,2026. Hence, no further disclosure in this regard
is required to be made.

12. AUDIT:

A. STATUTORY AUDIT:

M/s. Deloitte Haskins & Sells, Chartered Accountants (Firm Registration No. 008072S) were appointed as the
Statutory Auditors of the Company to carry out Limited Review of the Unaudited Financial Results, Audit of the
Financial Statements and Annual Financial Results of the Company and Tax Audit under the Income Tax Act, 1961
for a term of 5 years at the 100th Annual General Meeting to hold office till the conclusion of 105th Annual General
Meeting of the Company to be held in year 2027.

The Audit Report issued by M/s. Deloitte Haskins & Sells, Chartered Accountants on the financial statement of the
Company for the year ended March 31,2026 is part of the Annual Report. The Audit Report does not contain any
qualification, reservation, adverse remark or disclaimer. Further, during the financial year 2025-26, the Statutory
Auditors have not reported any instances of fraud to the Audit Committee or Board as per Section 143 (12) of the
Act.

B. INTERNAL AUDIT:

The Company has an in-house dedicated team for internal audit which conducts regular internal audit, testing of
internal financial controls and provides their report to Audit Committee on quarterly basis.

C. COST AUDIT:

The Company has maintained adequate records and books of accounts pursuant to the Companies (Cost Records
and Audit) Rules, 2014, as amended, prescribed under Section 148 of the Act. The Board of Directors at their
meeting held on May 29, 2026 have appointed M/s Diwanji & Co, Cost Accountants (Firm Registration Number:
000339) as Cost Auditors for conducting the audit of the cost records maintained by the Company for the year
ending on March 31,2027. The Cost Auditor has confirmed that they are not disqualified pursuant to the provisions
of Section 141 of the Act read with Section 139 and 148 of the Act. M/s Diwanji & Co, Cost Accountants, being

eligible, have provided their consent to act as the Cost Auditors of the Company for the financial year 2026-27.
The requisite resolution seeking approval for remuneration proposed to be paid to the Cost Auditors, as approved
by the Board of Directors has been set out in the Notice of the 104th Annual General Meeting of your Company.

The Company will file the cost audit report for the Financial Year ended March 31, 2026, with the Central
Government before the due date.

D. SECRETARIAL AUDIT:

The Shareholders of the Company at the Annual General Meeting held on August 13, 2025 had appointed Mr.
Natesh K, Practicing Company Secretary (Certificate of Practice No. 7277), as the Secretarial Auditor for a period
of five consecutive years from financial year 2025-26 until financial year 2029-30 pursuant to Regulation 24A of
SEBI Listing Regulations, to issue secretarial audit report as per the provisions of Section 204 (1) of the Companies
Act, 2013.

Mr. Natesh vide his letter dated November 13, 2025 informed the Company that his individual proprietary practice
has merged with M/s Govindraj Akshay & Associates, a Partnership Firm of Practicing Company Secretaries, with
effect from 20th October 2025. Consequent to the said merger, Mr. Natesh K ceased to practice as an individual
Company Secretary and has become a partner in M/s Govindraj Akshay & Associates. Accordingly, he tendered his
resignation as the individual Secretarial Auditor of the Company, thereby creating a casual vacancy.

The Board of Directors of the Company at their meeting held on November 14, 2025 appointed M/s. Govindraj
Akshay & Associates, a Partnership Firm of Practicing Company Secretaries, (Firm Registration No. P2025KR479000),
pursuant to Regulation 24A(1)(c) of the SEBI Listing Regulations as the Secretarial Auditors of the Company for
the Financial Year 2025-26 to fill the casual vacancy caused by the resignation of Mr. Natesh K. Pursuant to the
said Regulation 24A(1)(c) of the SEBI Listing Regulations, M/s. Govindraj Akshay & Associates holds office as
Secretarial Auditor of the Company till the conclusion of the ensuing Annual General Meeting.

The Secretarial Audit Report for the financial year ended March 31, 2026 pursuant to section 204(1) of the Act
and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is set out in
Annexure - D to this report. The Secretarial Audit Report does not contain any qualification, reservation, adverse
remark or disclaimer.

The Secretarial Compliance Report for the financial year ended March 31, 2026, in relation to compliance of all
applicable SEBI Regulations/circulars/ guidelines issued thereunder, pursuant to requirement of Regulation 24A(2)
of SEBI Listing Regulations, is set out in Annexure- D1 to this report.

In accordance with Regulation 24A of SEBI Listing Regulations, the Board has, subject to the approval of the
shareholders at the ensuing Annual General Meeting, approved the appointment of M/s. Govindraj Akshay &
Associates, (Firm Registration No. P2025KR479000), as the Secretarial Auditors of the Company for a term of five
consecutive years with effect from Financial Year 2026-27 to Financial Year 2030-31.

13. SECRETARIAL STANDARDS:

The Directors have devised proper systems to ensure compliance with the provisions of Secretarial Standards issued by
the Institute of Company Secretaries of India on Meetings of the Board of Directors and General Meetings.

14. SHARE CAPITAL:

The Company has only one class of share viz. equity share with a face value of Rs.10 each. During the year under review,
there is no change in the issued and subscribed capital of your Company. The outstanding capital as on March 31,2026
is Rs. 3,156.80 lakhs comprising 31,568,000 equity shares of Rs.10/- each. Share capital audit as per the directives
of the Securities and Exchange Board of India (SEBI) to reconcile the total admitted capital with National Securities
Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) and the total issued and listed

capital is being conducted on a quarterly basis by M/s. Parikh & Associates, Company Secretaries. The audit confirms
that the total issued/ paid-up capital is in agreement with the aggregate of the total number of shares in physical form
and the total number of shares in dematerialized form (held with NSDL and CDSL). The Audit Reports are placed on the
table of the Board Meeting every quarter and duly forwarded to the stock exchanges where the equity shares of your
Company are listed.

During the financial year under review, the Company has not done any subdivision, alteration, split of equity shares and
reduction of capital. The Company has also not issued any bonus shares nor bought back its shares during the financial
year.

15. ANNUAL RETURN:

In terms of Section 92(3) read with Section 134(3)(a) of the Act and Rule 12 of the Companies (Management and
Administration) Rules, 2014, the Annual Return of the Company has been uploaded on the Company's website and
can be accessed at https://www.irco.com/en-in/invest

16. BOARD MEETINGS:

A minimum of four Board Meetings is held each year to review the quarterly financial results and operating performance
of the Company. Apart from this, additional Board Meetings are also convened to address specific needs of the Company.

The agenda and notes to agenda are circulated to all the Directors well in advance, usually a week before the meeting
to ensure adequate information is provided to enable the Directors to prepare and contribute to taking focused and
informed decisions at the meeting. All relevant information as mentioned in Part A of Schedule II of the SEBI Listing
Regulations was tabled before the Board at all the meetings.

The details of the meetings of the Board of Directors of the Company convened and attended by the Directors during
the financial year 2025-26 are given in the Corporate Governance Report, which forms part of this Annual Report. The
maximum interval between any two consecutive Board meetings did not exceed 120 days, as prescribed in the Act.

17. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo required
to be disclosed as per the provisions of Section 134(3) (m) of the Act read with Rule 8 of the Companies (Accounts)
Rules, 2014 is set out in Annexure - A forming part of this report.

18. CORPORATE SOCIAL RESPONSIBILITY (CSR):

Your Company is committed to being a corporate with a heart and purpose and extends financial support to the
communities and beneficiaries in and around its areas of operation to deliver solutions that help improve lives in those
communities. In line with our philosophy, the projects are chosen after detailed need assessment studies and with
implementation partners that share our vision in this journey. With careful monitoring and detailed impact analysis,
we continue to build scalable projects that run over a 3-5 year horizon making a deeper impact in the communities we
want to engage. This year too, your Company has continued its CSR initiatives to focus on providing education & skill
development, healthcare, conservation of environment and community development. These activities are in accordance
with Schedule VII of the Act. The Board of Directors and CSR Committee review and monitor from time to time all the
CSR activities being undertaken by the Company. The CSR policy of your Company is the available under "Policies"
section on the website of the Company at https://www.irco.com/en-in/invest

During the financial year 2025-26, your Company incurred CSR Expenditure of Rs. 610.87 lakhs (including set off from
previous financial year) and the report on CSR activities pursuant to Section 135 of the Act read with Rule 8 of the
Companies (Corporate Social Responsibility) Rules, 2014 is set out in Annexure - B forming part of this report.

During the financial year ended March 31,2026, four meetings of the CSR Committee of the Board were held on May
30, 2025, September 26, 2025, February 12, 2026 and March 23, 2026. The details of the Members who attended the
meetings during the year are given in CSR Report, which forms part of this report, as Annexure-B.

19. INDEPENDENT DIRECTORS:

The Board has an optimum combination of Independent and Non-Independent Directors. As per the requirements of
the SEBI Listing Regulations, half of the Board's strength is comprised of Independent Directors. As on March 31,2026,
Mr. Sekhar Natarajan, Ms. Jayantika Dave and Ms. Vijaya Sampath are independent directors of the Company.

New independent directors as and when inducted into the Board are familiarized with the operations and functioning of
the Company and their roles and responsibilities. All the Independent Directors of your Company have been registered
and are members of Independent Directors Databank maintained by the Indian Institute of Corporate Affairs (IICA).

The Independent Directors have submitted a declaration of independence, as required pursuant to Section 149(7) of
the Act and Regulation 25 of SEBI Listing Regulations stating that they meet the criteria of independence as provided
in Section 149(6) of the Act and Regulations 16 of SEBI Listing Regulations. As per the declarations received, they
have complied with the Code of Conduct laid down under Schedule IV of the Act.

All the directors have confirmed that they are not debarred from holding the office of director by virtue of any SEBI
order or any other such authority. In the opinion of the Board, the independent directors have high level of integrity
and experience and are proficient in their respective fields of expertise and are contributing to the overall performance
of the Company.

The Company has over the years been fortunate to have eminent persons from diverse fields to serve as Directors on its
Board. Pursuant to the SEBI Listing Regulations, the Nomination & Remuneration Committee of the Board has ensured
diversity of the Board in terms of experience, knowledge, perspective, background, gender, age and culture.

20. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

A. OTHER DIRECTORS:

Apart from the Independent Directors, the other Non-Independent Directors on the Board of the Company as on
March 31,2026 are as below:

Pursuant to the provisions of the Act, Mr. Gareth Topping, Non-Independent Director will retire by rotation at
the ensuing Annual General Meeting and being eligible has offered himself for re-appointment. Based on the
performance evaluation and the recommendation of the Nomination and Remuneration Committee, the Board
recommends the re-appointment of Mr. Gareth Topping as Director (Non-Executive and Non-Independent
category) of the Company.

Necessary information in accordance with the SEBI Listing Regulations and Secretarial Standard 1 (SS-1) issued
by the Institute of Company Secretaries of India (ICSI) regarding directors to be re-appointed at the forthcoming
Annual General Meeting is given in the Annexure to the Notice convening the Annual General Meeting.

None of your Company's directors are disqualified from being appointed as directors, as specified in Section 164(1)
and Section 164(2) of the Act and Rule 14(1) of Companies (Appointment and Qualification of Directors) Rules,
2014.

B. KEY MANAGERIAL PERSONNEL:

Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of the Company as on March
31,2026 are:

21. AUDIT COMMITTEE:

The Company has constituted an Audit Committee in accordance with the provisions of Section 177 of the Act and
Regulation 18 of SEBI Listing Regulations. The matters relating to the composition, meetings, and functions of the
Audit Committee are included in the Corporate Governance Report, forming part of this report. The Board has accepted
the Audit Committee's recommendations during the year wherever required and hence no disclosure is required under
Section 177(8) of the Act with respect to rejection of any recommendations of Audit Committee by Board.

22. PARTICULARS OF EMPLOYEES:

The statement of Disclosure of Remuneration as required to be disclosed under Section 197 of the Act and Rule 5(1)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 ("Rules"), is appended as
Annexure - C to the Report. The information as per Rule 5(2) of the Rules, forms part of this Report. However, as
per first proviso to Section 136(1) of the Act and second proviso of Rule 5(2) of the Rules, this Report and Financial
Statements are being sent to the Members of the Company excluding the statement of particulars of employees under
Rule 5(2) of the Rules. Any Member interested in obtaining a copy of the said statement may write to the Company
Secretary at the Registered Office of the Company. None of the employees listed in the said Annexure is related to any
Director of the Company.

23. DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES:

Your Company has been conducting and will continue to conduct its business with the highest standards of ethics,
integrity and transparency across its operations and in compliance with the applicable laws and regulations. In pursuit
of a strong commitment to governance and compliance, vigil mechanism as envisaged in the Act, the Rules prescribed
thereunder and the SEBI Listing Regulations, your Company has implemented its Whistle Blower Policy as envisaged
in the Act and SEBI Listing Regulations encompassing various elements and components in an integrated manner.

The Code of Conduct of your Company, which is applicable to all employees of your Company, serves as a guide for
daily business interactions, reflecting your Company's standard for appropriate behavior and living corporate values. An
Ethics Committee has been constituted to administer this Policy.

The suppliers and vendors of the Company are also required to adhere to Code of Conduct as it is a prerequisite for
conducting business with your Company.

The Company has a Whistle Blower Policy in place, which is the mechanism for directors, employees and other
stakeholders of the Company to report genuine concerns about unethical behavior, actual or suspected fraud or violation
of the Company's code of conduct, violations of legal or regulatory requirements, incorrect or misrepresentation in any
financial statements and reports etc. This policy covers reporting of any violation, wrongdoing or non-compliance,
including without limitation, those relating to the Code of Conduct, policies and standard procedures of the Company,
and any incident involving leak or suspected leak of unpublished price sensitive information (UPSI) or unethical use of
UPSI in accordance with or under the SEBI (Prohibition of Insider Trading) Regulations, 2015. The policy provides for
adequate safeguards against victimization of those who choose to report genuine concerns by availing the mechanism,

strict confidentiality of disclosures, prohibition of retaliation, fair treatment through an opportunity of being heard and
also provides for direct access to the Chairman of Audit Committee in exceptional cases. The Audit Committee of the
Company oversees the implementation of the Whistle Blower Policy.

Detailed update on the functioning of the Whistle-Blower Policy and compliance with the Code of Conduct has also
been provided in the Corporate Governance Report, forming part of this report.

The Whistle Blower Policy can be accessed under "Policies" section on the website of the Company at https://https://
www.irco.com/en-in/invest

24. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION:

The Company has in place a Nomination and Remuneration Committee in accordance with the requirements of the
Act read with the rules made thereunder and Regulation 19 of the SEBI Listing Regulations. Your Board has adopted
a Remuneration Policy for identification, selection and appointment of Directors, Key Managerial Personnel (KMPs)
and Senior Management Personnel (SMPs) of your Company. The Policy provides criteria for fixing remuneration of the
Directors, KMPs, SMPs as well as other employees of the Company.

The Board, on the recommendations of the Nomination and Remuneration Committee, appoints Director(s) (Executive
and Non-Executive) of the Company based on his/her eligibility, experience and qualifications and such appointment
is approved by the Members of the Company at General Meetings or by way of e-Voting/postal ballot. Generally, the
Executive Directors and Independent Directors are appointed for a period of five years. The Directors, KMPs and SMPs
shall retire as per the applicable provisions of the Act and the policy of the Company. While determining remuneration
of the Directors, KMPs, SMPs and other employees, the Nomination and Remuneration Committee ensures that the
level and composition of remuneration are reasonable and sufficient to attract, retain and motivate them and such
remuneration comprises a balance between fixed and variable pay reflecting performance objectives appropriate to
the working of the Company and its goals. Annual increments are also approved by the Nomination and Remuneration
Committee. Remuneration to Directors is paid within the limits as prescribed under the Act and the limits as approved
by the Members of the Company, from time to time. The remuneration policy of the Company is available on its website
at https://www.irco.com/en-in/invest and can be accessed by clicking on https://azure-na-assets.contentstack.
com/v3/assets/blta8b68ee4d57aa34b/blt6dc5481ba1238769/6a4d00b2480c3105d687d85e/Nomination and
Remuneration Policy.pdf

25. ANNUAL EVALUATION BY THE BOARD OF ITS OWN PERFORMANCE AND THAT OF ITS COMMITTEES AND
INDIVIDUAL DIRECTORS:

Pursuant to the provisions of the Act, SEBI Listing Regulations and the Remuneration Policy of the Company, your
Company has in place a Board Evaluation process for the Board of Directors as a whole, Board Committees and also
for the Directors (Executive and Non-Executive) individually by seeking responses/inputs from all the Directors to an
assessment questionnaire. A structured questionnaire has been prepared after taking into consideration inputs received
from the directors, covering various aspects of the Board's functioning such as adequacy of the composition of the
Board and its Committees, Board culture, execution and performance of specific duties, obligations, independence,
governance, ethics and values, adherence to corporate governance norms, interpersonal relationships, attendance and
contributions to the meetings etc.

A separate exercise was carried out to evaluate the performance of individual directors including the Chairman of
the Board, who were evaluated on parameters such as participation and contribution by a director, commitment,
including guidance provided to the senior management outside of Board/committee meetings, effective deployment of
knowledge and expertise, effective management of relationship with various stakeholders, independence of behaviour
and judgment etc. The performance evaluation of the Independent Directors as well as of the Chairman was carried
out by the entire Board. The evaluation process has been explained in the corporate governance report. The Board

reviewed the evaluation results as collated by the Nomination and Remuneration Committee. Further, in a separate
meeting of independent directors, without the presence of Non-Independent Directors and management, performance
of non-independent directors and the Board as a whole was evaluated as stipulated under the SEBI Listing Regulations.
The Chairman, based on the evaluation done by the Directors, informed that the Board is functioning effectively, the
performance of Directors is satisfactory and they are recommended for continuation as Directors of the Company.

26. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:

During the year under review, your Company has not given any loans or provided any guarantees or made any
investments within the meaning of Section 186 of the Act. The Company has not borrowed any loan from banks/
financial institutions. Consequently, there are no instances to report the difference between amount of the 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. Hence, no further disclosure is required to be made under this section.

27. CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

All contracts/arrangements/transactions entered into by the Company during the year under review with Related
Parties were in ordinary course of business and on arm's length basis in accordance with the provisions of the Act.

Your Company has formulated a policy on Related Party Transactions which has been uploaded under "Policies" section
on website of the Company at https://www.irco.com/en-in/invest

All transactions with related parties during the year are in accordance with the Policy on Related Party Transactions,
formulated and adopted by the Company and were reviewed and approved by the Independent Directors who are
members of the Audit Committee in accordance with the SEBI Listing Regulations. Prior omnibus approval of the
Independent Directors who are members of the Audit Committee is obtained on a yearly basis for the transactions which
are of a foreseen and repetitive nature. A statement giving details of all Related Party Transactions is placed before the
Audit Committee for their review on a quarterly basis.

There are no materially significant related party transactions entered into by the Company with its promoters, directors,
key managerial personnel or other designated persons which may have a potential conflict with the interest of the
Company at large.

The details of the related party transactions as per Indian Accounting Standards (IND AS) - 24 are set out in Note
No. 35 to the Financial Statements of the Company. The Company in terms of Regulation 23 of the SEBI Listing
Regulations, submits disclosures of all related party transactions to the stock exchanges, within time stipulated and in
the format stipulated under the said SEBI Listing Regulations.

Transactions exceeding the materiality threshold as stated in Schedule XII read with Regulation 23 of SEBI Listing
Regulations i.e. prescribed thresholds based on the annual consolidated turnover of the company, require shareholders'
approval under the amended SEBI Listing Regulations. The disclosure of material related party transactions is required
to be made under Section 134(3)(h) read with Section 188(2) of the Act and rule 8(2) of the Companies (Accounts)
Rules, 2014 in Form AOC-2. As a result, related-party transactions that, individually or taken together with previous
transactions during a fiscal year, exceeding materiality threshold and were entered into during the year by the Company
are provided in Annexure - E in Form AOC-2 and forms part of this report.

Pursuant to SEBI Listing Regulations, the resolution seeking approval of the Members for material related party
transactions with Industrial Technologies and Services LLC, USA forms part of the Notice of the ensuing AGM and the
Board recommends the resolution for the approval of the members.

28. CORPORATE GOVERNANCE:

Your Company has been consistent in complying with the corporate governance guidelines and best practices to
boost long-term shareholder value and to uphold minority rights. The Company considers it an inherent responsibility
to disclose in a timely and accurate manner all information regarding its operations and performance, as well as
regarding leadership and governance within the Company. Our corporate governance practices reflect our value system
encompassing our culture, policies, and relationships with our stakeholders. We also endeavour to enhance long-term
shareholder value and respect minority rights in all decisions encompassing our operations.

The Board of Directors has taken the necessary steps to ensure compliance with statutory requirements. The Company's
Directors, Key Management Personnel, and Senior Management Personnel have complied with the approved "Code of
Conduct for Directors and Senior Management". According to schedule V of the SEBI Listing Regulations, a declaration
to this effect, jointly signed by the Chairman of the Company and by the Managing Director of the Company, forms
part of the Annual Report. The Report on Corporate Governance, as required under Regulation 34(3), read along with
Schedule V of the SEBI Listing Regulations, is given in Annexure - F. The certificate on compliance with corporate
governance norms issued by Mr. Gaurav Shenoy, Practicing Company Secretary is also attached to this report and forms
part of Annexure - F.

29. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT:

The Business Responsibility and Sustainability Report (BRSR) follows the National Guidelines on Responsible Business
Conduct (NGRBC) principles on the social, environmental and economic responsibilities of business. As stipulated under
Regulation 34(2)(f) of SEBI Listing Regulations read with NGRBC guidelines, issued by Ministry of Corporate Affairs the
BRSR is set out in Annexure - G forming part of this report.

In line with the requirements of the SEBI Listing Regulations and SEBI Master Circular No. HO/49/14/14(7)2025-
CFDPOD2/I/3762/2026 dated 30th January 2026 pertaining to requirement of undertaking limited assurance of the
BRSR Core, your Company has appointed TUV Rheinland (India) Private Limited ("TUV") as the Assurance Provider on
BRSR Core for the Financial Year 2025-26. A limited assurance report on BRSR core of the Company for the Financial
Year 2025-26 is annexed as part of this report.

30. RISK MANAGEMENT POLICY:

The external risk environment is increasingly becoming more persistent, interconnected and difficult to predict.
Geopolitical developments, supply chain volatility and macroeconomic shifts continue to influence energy and input
costs, logistics and freight dynamics, and the availability of critical supplies. This has shortened planning cycles and
increased the need for preparedness against low-probability, high-impact events.

The Company has in place a Risk Management framework to identify, evaluate and mitigate business risks and
challenges. Risk management is deeply integrated with business planning and strategic execution. Risk identification
is aligned with key business objectives including financial performance, operational excellence, innovation etc. The
risk management policy includes the identification therein of elements of risk, which in the opinion of the Board may
threaten the existence of the Company. The major risks identified by the businesses and functions are systematically
addressed through mitigating actions on a continuing basis.

Pursuant to the requirement of Regulation 21 of SEBI Listing Regulations, the Company has constituted a Risk
Management Committee (RMC), consisting of Board members and senior executives of the Company. The RMC is
tasked to frame, implement and monitor the risk management plan for the Company. The Committee is also responsible
for monitoring and reviewing the risk management plan and ensuring its effectiveness. The Audit Committee has
additional oversight in the area of financial risks and controls.

All properties and insurable interests of the Company have been fully insured.

31. DIRECTORS AND OFFICERS INSURANCE (D&O):

As per the requirements of Regulation 25(10) of the SEBI Listing Regulations, the Company has obtained Directors and
Officers (D&O) Insurance for all its Directors and members of the Senior Management.

32. PREVENTION OF SEXUAL HARASSMENT POLICY:

Your Company believes in providing every employee an opportunity to work in an environment which is free from any kind
of behavior or conduct which could be considered as sexual harassment. Your Company is committed to treating every
employee with dignity and respect. Your Company has zero tolerance towards sexual harassment at the workplace and
has adopted a policy on prevention of sexual harassment policy in line with the requirements of the Sexual Harassment
of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH Act) and the Rules thereunder.
All employees, consultants, trainees, volunteers, third parties and/or visitors at all business units or functions of the
Company are covered by the said policy. In line with the POSH Act, an Internal Compliance Committee (ICC) has been
set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary,
trainees) are covered under this policy.

The Company periodically conducts training sessions and workshops for employees across the organization to build
awareness about the Policy and the provisions of POSH Act. POSH training is mandatory for all employees, reinforcing
the commitment to a safe and respectful work environment. This proactive approach aims to prevent incidents, protect
complainants, and uphold a culture of equality and respect. The Company has filed Annual Return pursuant to the
provisions of POSH Act with the appropriate authority.

The following is a summary of sexual harassment complaints received and disposed off during the year:

33. COMPLIANCE WITH THE MATERNITY BENEFIT ACT, 1961:

The Company has fully complied with the provisions of the Maternity Benefit Act, 1961, along with all applicable
amendments and rules issued thereunder. It remains committed to providing a safe, inclusive, and supportive work
environment for women employees. All eligible women employees are extended the benefits prescribed under the Act,
including paid maternity leave, nursing breaks, and protection from dismissal during the period of maternity leave.

The Company also ensures that there is no discrimination in recruitment or service conditions on the grounds of
maternity. Robust internal systems and HR policies have been implemented to uphold both the letter and the spirit of
the legislation.

34. GENDER-WISE COMPOSITION OF EMPLOYEES:

In line with the Company's commitment to the principles of diversity, equity, and inclusion (DEI), the gender composition
of its workforce (permanent and non-permanent) as on March 31,2026, is as follows:

This disclosure reflects the Company's continued efforts to foster an inclusive workplace culture and ensure equal
opportunities for all individuals, irrespective of gender.

35. INVESTOR EDUCATION AND PROTECTION FUND (IEPF):

Unclaimed dividend in respect of Financial Year 2017-18 along with corresponding shares, as applicable, were
transferred to IEPF during the financial year 2025-26, in accordance with Sections 124 and 125 of the Companies Act,
2013. Shareholders may reclaim such amounts from the IEPF Authority by filing an online application in e-Form IEPF-5
at https://www.mca.gov.in

36. DIRECTORS' RESPONSIBILITY STATEMENT:

To the best of their knowledge and belief and according to the information and explanations provided to them, your
Directors, pursuant to Section 134 (3) (c) of the Act, state:

(a) that in the preparation of the annual accounts, the applicable accounting standards have been followed and no
material departures have been made from the same;

(b) that appropriate accounting policies have been selected and applied consistently and have 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
as at March 31,2026 and of the profit and loss of the Company for the year ended on March 31,2026;

(c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance
with the provisions of the Act, for safeguarding the assets of the Company and for preventing and detecting fraud
and other irregularities;

(d) that the annual accounts have been prepared on a going concern basis;

(e) that proper internal financial controls were followed by the Company and that such internal financial controls are
adequate and were operating effectively; and

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

37. FORWARD LOOKING STATEMENTS:

This report contains forward-looking statements that involve risks and uncertainties. When used in this Report, the
words "anticipate", "believe", "estimate", "expect", "intend", and other similar expressions as they relate to the
Company and/or its business, are intended to identify such forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking statements, whether due to new information, future events,
or otherwise. Actual results, performance, or achievements may differ materially from those expressed or implied in such
forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements
that speak only as on their dates. This report should be read with the financial statements and notes included herein.

38. ACKNOWLEDGEMENTS:

Your Directors place on record their appreciation for the collective contribution made by our employees at all levels.
Our consistent performance was made possible by their hard work, solidarity, co-operation and support. The Directors
would also like to thank the shareholders, employee union, customers, dealers, suppliers, bankers and all other business
associates for their continued support to the Company and for the faith reposed in the management.

For and on behalf of the Board of Directors of
Ingersoll-Rand (India) Limited

Sekhar Natarajan

Date : May 29, 2026 Chairman

Place: New Delhi (DIN: 01031445)