Monika Alcobev Ltd

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10-06-2026 | 01:47 pm

Ref. No.: MAL-SEC/19/2026-27 Date: June 10, 2026

To,

The Secretary

BSE Limited

Phiroze Jeejeebhoy Towers,

Dalal Street,

Mumbai – 400 001

Scrip Code: 544451

Sub:

Corrigendum to the Annual Report for FY 2025–26

Dear Sir/Madam,

This Corrigendum is being with reference to our letter bearing Ref. No. MAL-SEC/16/2026-27 dated

June 1, 2026, pursuant to which the Company had submitted the Annual Report for FY 2025–26.

Kindly note that an inadvertent error was identified in the graphical/editorial presentation on page 45

of the Annual Report, wherein an image of a product not forming part of the Company’s product

portfolio was inadvertently displayed instead of the intended image of Licor 43. Accordingly, the

Company has revised page 45 of the Annual Report to replace the said image with the correct product

photograph.

The said correction is not material and is editorial in nature and has been made only to ensure accurate

representation of the Company’s product portfolio.

In this regard, we are enclosing herewith the revised Annual Report for FY 2025-26 incorporating the

aforesaid correction. The revised Annual Report shall also be available on the website of the Company

at www.monikaalcobev.com.

We further confirm that there is no change in the Annual Report other than the above-mentioned

correction.

This is for your information and records.

Thanking you,

Yours faithfully,

For Monika Alcobev Limited

Kalpesh Ramina

Company Secretary & Compliance Officer

Encl: As above

Some information in this report may contain forward-looking

statements which include statements regarding Company’s

expected financial position and results of operations, business plans

and prospects, and are generally identified by forward looking words

such as ‘believe,‘ ‘plan,‘ ‘anticipate,‘ ‘continue,‘ ‘estimate,’ ‘expect,’

‘may,’ ‘will’ or other similar words. Forward-looking statements are

dependent on assumptions or basis underlying such statements. We

have chosen these assumptions or basis in good faith, and we believe

that they are reasonable in all material respects. However, we caution

that actual results, performances or achievements could differ

materially from those expressed or implied in such forward looking

statements. We undertake no obligation to update or revise any

forward-looking statement, whether as a result of new information,

future events, or otherwise.

Financial Statements

Notice

Independent Auditor’s Report89

Balance Sheet102

Statement of Profit and Loss103

Statement of Cash Flows104

Notes to Financial Statements106

Stories Inside

Statutory Section

Forward-looking statements

Corporate Information 36

Management Discussion and Analysis40

Director’s Report49

Corporate Overview

India’s Premier

Platform for Scaling

Global Brands

Page No.

A Platform Designed

For Growth

Page No.

Managing The End-To-

End Journey of Premium

Alcobev Brands

Page No.

Consumer

Engagement

Product Portfolio:

A Legacy of

Craftsmanship

Pioneering Excellence in

India’s Premium alcobev

Market

1222

Page No.Page No.Page No.

Corporate Social

Responsibility

The Art of Brand

Immersion: Elevating

Consumer Experience

Crafting Sustainable

Growth and Financial

Excellence

Understanding the Pulse

of India’s Premium Alcohol

Market

2426

Page No.Page No.Page No.

Crafting a Legacy:

A Message from the

Chairman

The Visionaries

Behind Our Legacy

3234

Page No.

Page No.Page No.

To view our report online,

please visit: https://www.monikaalcobev.com

ANNUAL GENERAL MEETING

Monika Alcobev Limited

Day & Date : Thursday, June 25, 2026

Time : 3:30P.M.

Reporting

Period

1 April 2025 to 31 March 2026

Reporting Frequency

The report is published

on an annual basis

To know more about

us, please scan

the above QR code

163

BRANDS

SCALING GLOBAL

AS WE REFLECT ON THE 2025–2026 JOURNEY,

THE SUCCESSFUL SME IPO LISTING OF

ONE OF THE MOST DEFINING MILESTONES WAS

ON THE BSE ON 23

JULY 2025..

India’s Premier Platform for

It reflects the strength of our operational

excellence, market leadership and the

resilience of our financial foundation. More

importantly, it signals our readiness to

accelerate expansion and deepen our presence

in India’s rapidly evolving premium Spirits,

wines and liqueur landscape.

At the heart of this growth lies our ecosystem,

built on insight, execution and enduring

partnerships. Through this integrated

approach, we empower global brands not just

to enter India, but to establish a meaningful

and lasting legacy.

..In doing so, we became the

FIRST COMPANY

in our segment to go public under this

DISTINCTIVE

BUSINESS MODEL,

signalling the coming of age of India’s

imported premium Alcobev industry

The market responded with

conviction:

The IPO was oversubscribed

4.1

TIMES,

RAISING

₹165.63

CRORE

demonstrating resounding

validation of our vision,

our platform and the long-term

opportunity we represent.

This milestone marks a

PIVOTAL CHAPTER

in our growth story. It underscores

our commitment to scaling

GLOBAL BRANDS

and creating sustainable, long

term value for our shareholders,

partners and stakeholders.

BRINGING #ONLY THE BEST

BRANDS TO INDIA

Annual Report

2025-26

Corporate

Overview

Statutory

Reports

Financial

Statements

GROWTH

A Platform

Designed

For

Years of experience and strategic

alliances have enabled us to build

a robust ecosystem that supports

the year on year success of global

alcohol brands in India.

By combining our pan-India

presence with deep expertise

in navigating India’s regulatory

frameworks, we ensure that brands

are not only introduced to the

market but also positioned to lead

within it.

GLOBAL BRANDS

India-Wide Growth

and expertise

Key strengths of

OUR ECOSYSTEM

Holistic Brand

Building

From global sourcing to marketing and consumer

engagement, we provide a comprehensive brand-

building solution that ensures global brands

successfully integrate and grow within India’s

premium alcobev market.

Strategic Global

Partnerships

Our long-term, exclusive relationships with

prestigious global brands like Jose Cuervo, Rémy

Martin, and Cointreau form the foundation of our

carefully curated portfolio, creating unparalleled

value in the Indian market.

Extensive

Market Reach

Operating across 25+ states and Union Territories,

Monika Alcobev leverages its extensive pan-India

reach across HORECA, retail, and travel retail

channels to ensure that premium brands are visible

and accessible to the right consumers.

Navigating India’s

Regulatory Terrain

With a wealth of experience in managing state-

specific excise laws, customs clearances, and bonded

warehousing, we ensure compliant market entry

and smooth operations in all regions, empowering

brands to scale efficiently across India.

Annual Report

2025-26

Corporate

Overview

Statutory

Reports

Financial

Statements

BRINGING #ONLY THE BEST

BRANDS TO INDIA

Managing the End-to-End Journey of

PREMIUM ALCOBEV BRANDS

Monika Alcobev manages the full end-to-end journey of premium spirits, wine and liqueur brands,

from global sourcing to customs clearance, logistics, marketing and distribution. Our asset-light

business model, with an extensive network of bonded warehouses and multi-channel distribution,

allows for timely delivery of our products across India, while maintaining brand integrity and

premium positioning at every touchpoint.

Backed by deep regulatory expertise and strong market relationships, we ensure seamless market

entry and efficient operations across diverse state markets.

Our integrated supply chain and distribution capabilities enable greater scalability, faster market

responsiveness and consistent product availability across both on-trade and off-trade channels.

By combining operational excellence with consumer-focused execution, Monika Alcobev creates

sustainable growth opportunities for global partner brands in India’s evolving premium alcobev

landscape.

Global

Sourcing

& Market Entry

Logistics &

Warehousing

Infrastructure

Multi-Channel

Distribution &

Market Access

Brand Building &

Market

Development

OUR SUPPLY

CHAIN

Key Stages of

Global Sourcing &

Market Entry

Logistics & Warehousing

Infrastructure

Multi-Channel Distribution

& Access

Monika Alcobev enables global brands

to enter the Indian market through

comprehensive regulatory and

compliance management, including

FSSAI approvals, customs clearance, and

state-specific excise requirements.

Through a network of bonded

warehouses across key states such as

Maharashtra, Karnataka, Delhi, Uttar

Pradesh and Haryana, we ensure secure

storage, efficient inventory management,

and timely distribution across markets.

We drive brand growth through

experiential activations, curated tastings,

bartender and hospitality partnerships,

premium on-premise experiences,

emerging category exploration, and

strategic collaborations that create

culturally relevant consumer engagement.

With a strong presence across HORECA,

retail, and travel retail channels, Monika

Alcobev assures that brands achieve

visibility in high-value consumption

environments and reach the right

consumer segments.

Brand Building & Market

Development

BRINGING #ONLY THE BEST

BRANDS TO INDIA

Annual Report

2025-26

Corporate

Overview

Statutory

Reports

Financial

Statements

Experiential brand activations

and industry platforms, including

India Cocktail Week, Vinexpo

India, ProWine Mumbai, and

curated tasting experiences, that

drive consumer interaction, brand

discovery and trade engagement

at the highest level.

Experiential Brand

Activations

Bartender and hospitality

engagement, fostering

collaboration, experimentation,

and industry partnerships. Driving

innovation through mixology

experiences, training initiatives and

stronger connections within the

premium hospitality ecosystem.

Bartender & Hospitality

Engagement

CONSUMER ENGAGEMENT

Monika Alcobev engages consumers by creating immersive, memorable experiences

that connect them directly with brands, promoting emotional resonance and lasting

impressions. By understanding evolving consumer preferences and cultural nuances, we

cultivate meaningful relationships that go beyond transactions, turning every interaction

into an opportunity to strengthen brand loyalty, deepen brand affinity, and inspire long-term

consumer advocacy.

This integrated approach enables

BRANDS NOT ONLY TO ENTER THE MARKET,

but to build sustained relevance, visibility

and consumer affinity

On-premise activations across premium

outlets, including curated menus and

signature serves that enhance brand

visibility. Creating memorable consumer

experiences through strategic outlet

partnerships, immersive promotions, and

premium brand storytelling.

Strategic collaborations across luxury,

retail, and hospitality environments,

creating premium and culturally relevant

brand experiences. Strengthening brand

positioning through exclusive partnerships,

immersive consumer engagement

and high-impact

experiential initiatives.

Premium On-Premise

Activations

Emerging Category

Introductions

Strategic Luxury

Collaborations

Introduction of emerging global

categories (e.g., soju), enabling consumers

to discover new formats and flavours.

Expanding market awareness through

innovative product experiences, trend-

driven offerings, and evolving consumer

preferences.

BRINGING #ONLY THE BEST

BRANDS TO INDIA

Annual Report

2025-26

Corporate

Overview

Statutory

Reports

Financial

Statements

PRODUCT PORTFOLIO

A LEGACY OF CRAFTSMANSHIP

Our diverse portfolio reflects centuries of craftsmanship, offering a wide range of entry-

level to premium spirits, wines and liqueurs to meet the growing demand of discerning

consumers. Each category is carefully curated, with strategic partnerships ensuring that

we offer the best to the Indian market.

SPIRITS

WINES

LIQUEURS

# Only The Best

BUILDING

ALCOBEV BRANDS

We proudly showcase a

distinguished portfolio of premium

alcobev brands, from boutique

wines to exceptional spirits and

liqueurs, delivering #OnlyTheBest

to our discerning customers.

Carefully curated from renowned

global producers and emerging

craft innovators, our portfolio

reflects quality, authenticity and

world-class craftsmanship while

catering to India’s evolving premium

consumption trends. Through

strategic partnerships, robust

distribution and deep market

expertise, Monika Alcobev ensures

every brand maintains its unique

identity and premium positioning

across diverse consumer segments

and occasions.

Tequila

1800 TEQUILA

Founded in 1975, 1800 Tequila is crafted from

hand-harvested Weber Blue Agave and aged in

oak barrels for a refined taste. Known for its iconic

pyramid-shaped bottle, it is recognized as one of the

world’s most-awarded tequila brands.

MAESTRO DOBEL

Maestro Dobel blends 11 generations of

tequila-making expertise with innovation,

renowned globally for pioneering the

Cristalino tequila category and redefining

modern agave craftsmanship.

JOSE CUERVO

GRAN CENTENARIO

Gran Centenario is a renowned Mexican

tequila brand celebrated for its smooth

character, heritage craftsmanship and

iconic Selección Suave™ blending

process.

Jose Cuervo is one of the world’s most

iconic tequila brands, celebrated for

its centuries-old heritage, authentic

craftsmanship and globally acclaimed

quality since 1795.

BRINGING #ONLY THE BEST

BRANDS TO INDIA

Annual Report

2025-26

Corporate

Overview

Statutory

Reports

Financial

Statements

Whiskey

TENJAKU

Tenjaku Whisky is a

premium Japanese

spirits brand crafted near

Mount Fuji, celebrated

for its smooth character,

refined craftsmanship and

exceptional purity from

natural spring water.

BRUICHLADDICH

Bruichladdich is an iconic

Islay distillery renowned

for its innovative single

malt whiskies, combining

tradition, bold character

and the distinctive spirit of

Scotland’s rugged coastal

landscape.

LUCIFER’S

Lucifer’s is a bold and

unconventional whisky

blend combining Scotch

whisky and Kentucky

bourbon, delivering

smooth vanilla notes

with hints of smoke and

spice.

SEXTON

The Sexton is a premium

Irish single malt whiskey

triple-distilled from 100%

malted barley and matured

in Oloroso sherry casks

for a rich, smooth and

approachable character.

SIGNAL HILL

Signal Hill is a smooth and

versatile Canadian whisky

crafted from corn and

barley distillates, offering

rich notes of vanilla,

caramel and subtle

spice.

TEMPLETON RYE

Templeton Rye is a classic

American rye whiskey

inspired by Prohibition-era

heritage, celebrated for its

smooth, spicy character

with notes of caramel,

toffee and pepper.

BUSHMILLS

ORIGINAL

Bushmills is one of the

world’s oldest Irish whiskey

distilleries, renowned for

its smooth triple-distilled

whiskeys and centuries of

craftsmanship dating back

to 1608.

Brandy/Cognac

ST-REMY

REMY MARTIN

St-Remy is a French brandy

producer renowned for

its smooth and versatile

brandies. Established in

1886, it has a rich history

of crafting brandies with

a distinctive French

style, offering a range

of expressions enjoyed

worldwide.

Remy Martin is a

prestigious French

Cognac house renowned

for its Fine Champagne

Cognacs, combining

centuries of heritage,

luxury and exceptional

craftsmanship since 1724.

LOUIS XIII

VILLA SANDI

Louis XIII is an ultra-

premium cognac crafted

from exceptionally aged

eaux-de-vie, celebrated

worldwide for its heritage,

complexity and refined

luxury.

Mario Polegato,

grandfather of the

current president

Giancarlo, bought some

vineyards and entered

the wine market in early

1920’s. Passion grows, the

company’s roots become

stronger, but just like

the vineyard, you must

wait several Bars before

getting the first fruits.

BRINGING #ONLY THE BEST

BRANDS TO INDIA

Annual Report

2025-26

Corporate

Overview

Statutory

Reports

Financial

Statements

Vodka

BELENKAYA

Belenkaya is a premium

Russian vodka brand

renowned for its exceptional

purity, smooth character

and refined filtration

process.

ONEGIN

Onegin is a Russian

vodka brand that draws

inspiration from classic

Russian literature and

culture. Emphasizing

luxury and tradition, it

offers a premium vodka

experience with a focus

on quality ingredients and

craftsmanship.

CRYSTAL HEAD

Crystal Head is a premium

Canadian vodka celebrated

for its iconic skull-shaped

bottle, exceptional purity

and smooth additive-free

craftsmanship.

TENJAKU VODKA

Tenjaku is a premium

Japanese vodka crafted from

Yamada Nishiki rice and pure

water from the foothills of

Mount Fuji. Filtered through

bamboo and white birch

charcoal, it delivers a soft

aroma, subtle sweetness, and

a smooth, refined finish that

captures the true essence of

Japan.

Rum

VIVA EL RON

THE BUSH RUM

THE KRAKEN

MERSER

THE LOVER’S RUM

MOUNT GAY

ASHANTI

RON DIPLOMÁTICO

Viva El Ron is a Cuban-

style rum celebrated for

its smooth, refreshing

character and vibrant

flavour profile, perfect

for classic cocktails and

contemporary serves.

Bush Rum is a Caribbean-

inspired spiced rum known

for its fruity, bright, and

punchy flavors. It has been

recognized as the UK’s

best-tasting spiced rum,

awarded 3 stars at the Great

Taste Awards.

The Kraken Black Spiced

Rum is a bold spiced rum

inspired by the legendary

sea monster, renowned

for its rich dark character,

smooth texture and

distinctive blend of spices.

Merser is a premium

London-based rum brand

known for blending

Caribbean and South

American rums, creating

smooth and distinctive

expressions with

exceptional depth and

character.

The Lover’s Rum is a vibrant

blend of five premium rums

from Barbados, Dominican

Republic, Guatemala,

Nicaragua, and Panama,

offering a rich fusion of

Caribbean spirit, culture,

and distinctive flavours.

Mount Gay is the

world’s oldest

commercial rum

distillery from Barbados,

renowned for its

heritage craftsmanship

and rich, expertly aged

premium rums.

Ashanti Rum is a

globally inspired

premium rum blending

rich flavours, sugarcane

honey and spices

to create a smooth,

complex and distinctive

character.

Ron Diplomático is a

Venezuelan rum brand

known for its rich and

complex rums. Crafted

from molasses and

sugar cane honey, their

rums are distilled using a

combination of pot and

column stills and aged

in small oak casks.

BRINGING #ONLY THE BEST

BRANDS TO INDIA

Annual Report

2025-26

Corporate

Overview

Statutory

Reports

Financial

Statements

Gin

From the Mediterranean-inspired Gin Mare and the Provence-crafted Gin XII, to the critically

acclaimed Martin Miller’s Gin, our gin portfolio brings some of the world’s

most celebrated craft gins to Indian consumer.

MARTIN MILLER’S

HAYMAN’S

THE BOTANIST

Martin Miller’s Gin redefined

premium gin in 1999, uniting

English distilling traditions

with pure Icelandic spring

water. Distilled in small batches

with a unique dual-distillation

method separating citrus and

earthier botanicals, it delivers

unmatched smoothness and

balance.

Founded in 1863, Hayman’s is

a historic English gin distillery

renowned for its traditional

London Dry Gins, crafted using

classic botanicals and time-

honored family distillation

methods.

The Botanist is a premium

Islay gin crafted with 22 wild

botanicals, offering a complex

flavor inspired by the island’s

natural beauty and rich

botanical heritage.

Jinro Soju is the world’s No. 1

selling spirit, loved for its clean,

smooth, and easy-to-drink

profile. Crafted through charcoal

filtration and a meticulous

distillation process, Jinro strikes

the perfect balance between

tradition and modern refinement.

Whether enjoyed neat,

chilled, or mixed into cocktails,

Jinro Soju offers a versatile

and approachable drinking

experience that has made it a

staple across homes, bars, and

celebrations globally.

Recent additions like Jinro Soju

to the portfolio demonstrate our

ability to identify and tap into

emerging trends. It is available

across Indian markets ranging

from ₹300 – ₹885, making

it an accessible yet culturally

distinctive.

The introduction of Jinro Soju

is further supported by Korea’s

growing cultural footprint in

India — driven by the global rise

of K-pop and K-drama — which

has sparked strong consumer

curiosity and demand for Korean

food, beverages, and lifestyle

experiences among India’s

younger, urban audiences.

JINRO

New Product Categories &

Strategic Partnerships

Jinro

BRINGING #ONLY THE BEST

BRANDS TO INDIA

Annual Report

2025-26

Corporate

Overview

Statutory

Reports

Financial

Statements

LAURENT

PERRIER

KENDALL

JACKSON

Laurent-Perrier is a

prestigious Champagne

house founded in 1812,

renowned for its heritage,

elegance and exceptional

craftsmanship in premium

sparkling wines.

Laurent-Perrier is a

prestigious Champagne

house founded in 1812,

renowned for its heritage,

elegance and exceptional

craftsmanship in premium

sparkling wines.

VILLA

SANDI

Polegato is an Italian wine

brand rooted in family

heritage and generations

of passion, known for

its dedication to quality

winemaking and authentic

vineyard traditions.

Wines

TIRAKI

Tiraki is a family-owned

Marlborough vineyard

rooted in Longfield Farm

since 1870, producing

premium Sauvignon Blanc

and Pinot Noir wines that

reflect the region’s unique

terroir.

Liqueurs

COINTREAU

Cointreau is an iconic

French orange liqueur

renowned for its refined

craftsmanship, award-

winning heritage and

essential role in classic

cocktails worldwide.

THE CHOYA

LICOR 43

Choya is a renowned

Japanese Umeshu brand

celebrated for its authentic

craftsmanship, premium

ume fruit and smooth,

refreshing flavour rooted in

Japanese tradition.

Licor 43 is a premium

Spanish liqueur made

from a secret blend of 43

natural ingredients, known

for its smooth citrus and

vanilla notes, Mediterranean

heritage, and vibrant global

appeal.

SCHWARTZHOG

Schwartzhog is a bold

premium spirits brand

celebrated for its intense

character, distinctive

flavours and rich herbal

craftsmanship.

BRINGING #ONLY THE BEST

BRANDS TO INDIA

Annual Report

2025-26

Corporate

Overview

Statutory

Reports

Financial

Statements

PIONEERING EXCELLENCE

IN INDIA’S PREMIUM ALCOBEV MARKET

Monika Alcobev’s leadership in the premium alcobev industry is defined by its curated

portfolio, extensive market presence, and ability to scale global brands within India’s

dynamic landscape.

As India’s largest

independent importer

in the spirits segment,

Monika Alcobev

commands a portfolio of

over 100 premium global

brands, spanning spirits,

wines and liqueurs.

The Indian premium

alcobev market is

expanding rapidly and

Monika Alcobev’s

pan-India presence

across 25+ states

positions it for

sustained growth.

Monika Alcobev has

delivered strong double-

digit revenue growth,

reflecting the scalability

of its business model

and the deepening

demand for premium

alcobev in India

From global sourcing to

consumer engagement,

Monika Alcobev offers

comprehensive brand-

building services,

ensuring international

brands are introduced,

established, and grown

within the Indian

subcontinent.

MARKET

LEADERSHIP

GROWTH

POTENTIAL

CONSISTENT

REVENUE GROWTH

END-TO-END BRAND

STEWARDSHIP

CORPORATE SOCIAL RESPONSIBILITY

EMPOWERING PARA-ATHLETES

COMMUNITY WELFARE & HEALTHCARE

In line with Schedule VII of the Companies Act, 2013, Monika Alcobev actively invests in the

social and economic development of the communities in which it operates.

For the second consecutive year, Monika Alcobev supported para sports initiatives in Maharashtra,

aimed at training and empowering para-athletes to enhance their participation in Paralympic and

other competitive sporting events — reflecting the Company’s commitment to inclusivity

and equal opportunities for persons with disabilities.

Through Jivan Jyot Foundation (CSR Reg. No. CSR00006563), a recognised implementing agency,

the Company carried out initiatives in Gujarat focused on eradicating hunger, poverty and

malnutrition, and promoting preventive healthcare — benefiting underprivileged communities

through food security, healthcare access, and community welfare programmes.

DURING FY2025–26, THE COMPANY’S CSR EFFORTS

WERE FOCUSED ON TWO KEY PILLARS:

EMPOWERING PARA-ATHLETES

COMMUNITY WELFARE & HEALTHCARE

BRINGING #ONLY THE BEST

BRANDS TO INDIA

Annual Report

2025-26

Corporate

Overview

Statutory

Reports

Financial

Statements

Monika Alcobev’s financial performance reflects the strength of

its platform and the growing market acceptance of its premium

brands. With consistent revenue growth, expanding profit margins,

and a growing return on capital, the company is positioned for

continued success.

GROWTH AND

FINANCIAL

EXCELLENCE

EBITDAPBT

(in ` Lakhs)(in ` Lakhs)

FY2022-23FY2023-24FY2024-25FY2025-26FY2022-23FY2023-24FY2024-25FY2025-26

14,000

12,000

8,000

4,000

2,000

14,000

12,000

8,000

4,000

2,000

2,467.48

3,214.43

4,619.49

1,898.37

2,282.29

2,957.71

Revenue

(in ` Lakhs)

FY2022-23FY2023-24FY2024-25FY2025-26

40,000

32,000

24,000

16,000

8,000

13,977.98

18,920.00

23,614.87

30,115.54

PAT(in ` Lakhs)

FY2022-23FY2023-24FY2024-25FY2025-26

5,000

4,000

3,000

2,000

1,000

1,302.56

1,659.63

2,311.35

3,214.44

4,534.28

3,452.42

EPS(in ` )

FY2022-23FY2023-24FY2024-25FY2025-26

9.30

16.08

11.58

13.94

Net Worth(in ` Lakhs)

FY2022-23FY2023-24FY2024-25FY2025-26

40,000

32,000

24,000

16,000

8,000

1,712.19

5,853.04

9,600.92

24,430.79

Working Capital(in ` Lakhs)

FY2022-23FY2023-24FY2024-25FY2025-26

48,000

40000

32,000

24,000

16,000

8,162.01

16,132.89

22,276.06

34,525.29

Net Fixed Assets(in ` Lakhs)

FY2022-23FY2023-24FY2024-25FY2025-26

9,000

3,000

1,500

1,000

500

552.94

542.41

1,905.02

1,767.84

Inventory details(in ` Lakhs)

FY2022-23FY2023-24FY2024-25FY2025-26

40,000

32,000

24000

16,000

8,000

3,962.81

8,566.95

14,942.06

19,579.81

BRINGING #ONLY THE BEST

BRANDS TO INDIA

Annual Report

2025-26

Corporate

Overview

Statutory

Reports

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INDIA’S PREMIUM ALCOHOL

MARKET

OUR PRESENCE

PRESENCE IN SUBCONTINENT

PROHIBITED STATES

OFFICES

WAREHOUSES

LADAKH

JAMMU

& KASHMIR

HIMACHAL

PRADESH

GUJARAT

GOA-

KERALA

BIHAR

RAJASTHAN

UTTAR PRADESH

JHARKHAND

GUWAHATI

MEGHALAYA

ASSAM

MIZORAM

TRIPURA

NAGALAND

MANIPUR

SIKKIM

NEPAL

ARUNACHAL PRADESH

WEST

BENGAL

ODISHA

CHHATTISGARH

MADHYA PRADESH

MAHARASHTRA

TELANGANA

KARNATAKA

TAMIL NADU

ANDHRA PRADESH

HARYANA

UTTARAKHAND

NEW DELHI

SHRI

LANKA

PUNJAB

CHANDIGARH

India’s premium alcobev market continues

to witness strong momentum, driven by

rising disposable incomes, evolving consumer

preferences and an increasing shift toward

premium and experiential consumption.

India’s premium alcobev market continues

to witness strong momentum, driven

by rising disposable incomes, evolving

consumer preferences and an increasing

shift toward premium and experiential

consumption.

Understanding the Pulse of

Elevating consumer

experiences

ACROSS INDIA

A vast, pan-India distribution network underpinning

resilient and efficient supply chains

Monika Alcobev operates on a pay-per-utilization model,

incurring costs only for the warehouse area actually utilized

NORTHSOUTH

WEST

Number of Warehouses - 4Number of Warehouses - 1Number of Warehouses - 4

The continued shift towards

premium and luxury alcobev

products remains a key

growth catalyst.

As consumers increasingly

prioritise quality, authenticity

and brand experience, demand

for premium offerings across

spirits, wines and liqueurs

continues to expand. Monika

Alcobev is well-positioned to

capture this shift through its

curated portfolio of globally

renowned brands.

A new generation of consumers

are redefining alcobev

consumption in India. Younger,

affluent audiences, particularly

across Tier 1 and Tier 2 cities,

are:

• More experimental in their

choices

• More brand-conscious

•

Incre

asingly drawn to global

and emerging categories

This evolution is driving

demand for diverse, premium

experiences, reinforcing

the need for strong brand

storytelling and engagement.

Monika Alcobev utilises

region-specific data and

consumption insights to

optimise portfolio deployment

across India’s diverse markets.

This targeted approach enables

the placement of the right

categories in the right regions,

driving stronger demand

alignment, increasing brand

visibility and unlocking higher

sales potential.

Its agile market strategy

allows the business to quickly

respond to evolving consumer

preferences and emerging

category trends across states.

This data-driven approach

strengthens distribution

efficiency, enhances market

penetration and supports long-

term, sustainable brand growth.

Premiumization as a

Structural Growth Driver

Evolving Consumer

Behaviour

Region-Specific

Consumption Dynamics

KEY MARKET DRIVERS

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THE ART OF BRAND IMMERSION

Monika Alcobev also leverages industry events,

influencer associations, and luxury lifestyle

partnerships to position its portfolio within

relevant cultural and social moments. By

aligning with evolving consumption trends and

premium lifestyle aspirations, the company

continues to expand brand reach while fostering

long-term consumer loyalty and engagement.

ELEVATING CONSUMER EXPERIENCE

Experiential

Marketing

Retail

Marketing

On-Premise

& HORECA

Travel

Retail

Luxury &

Cultural

Partnership

OUR MARKETING

STRATEGIES

Monika Alcobev actively invests in brand

building across multiple touch points, ensuring

that globally renowned alcobev products are

visible where discerning consumers are. The

company’s 360-degree marketing activations

are designed to drive premiumisation and

deepen consumer engagement across all

channels.

By combining strategic partnerships, immersive

experiences, and targeted retail visibility, Monika

Alcobev creates impactful brand narratives that

resonate with evolving consumer preferences.

From luxury hospitality environments and travel

retail platforms to cultural collaborations and

experiential events, the company consistently

strengthens brand recall and market presence.

Its marketing approach focuses on building

authentic consumer connections, enhancing

brand desirability, and creating premium

experiences that elevate both global and

homegrown alcobev brands within the Indian

market. Through curated consumer interactions,

bartender advocacy programs, premium retail

activations, and strategic HORECA collaborations,

the company ensures that every brand experience

reflects sophistication, quality, and aspiration.

OUR MARKETING

STRATEGIES INCLUDE

Through events like India Cocktail Week,

bar takeovers, and mixologist collaborations,

we elevate brand presence and consumer

interaction, allowing audiences to experience

premium brands firsthand. These immersive

activations create memorable engagements

that strengthen brand recall, encourage

product discovery, and build deeper

emotional connections with consumers

By curating interactive tasting sessions,

signature cocktail experiences, and exclusive

hospitality events, Monika Alcobev enhances

consumer participation while reinforcing the

premium positioning of its portfolio. Such

initiatives also foster stronger relationships

within the bartender and hospitality

community, helping drive advocacy and

visibility for the brands across influential on-

premise channels.

RETAIL MARKETING

Point-of-sale promotions and in-store

activations strengthen brand visibility across

premium retail locations and high-end stores,

ensuring our portfolio reaches consumers

at the point of purchase. Through impactful

visual merchandising, branded display units,

and consumer engagement initiatives,

Monika Alcobev enhances shelf presence and

reinforces premium brand perception.

The company strategically collaborates with

leading retail partners to create immersive

shopping experiences that drive product

awareness, encourage trial, and influence

purchasing decisions. By maintaining

strong retail visibility and consistent brand

communication, Monika Alcobev ensures

its portfolio stands out in a competitive

marketplace while delivering a seamless

premium consumer experience.

EXPERIENTIAL MARKETINGON-PREMISE & HORACE

By collaborating with luxury hotels, restaurants,

and bars, we place our brands in high-visibility,

high-affinity environments where premium

consumers are most likely to engage with

them. These strategic partnerships enable

Monika Alcobev to strengthen brand presence

within influential hospitality and night life

destinations across India.

Through curated menus, signature cocktail

programs, staff training initiatives, and

exclusive outlet activations, the company

enhances brand visibility while creating

elevated consumer experiences. Such

collaborations not only drive product discovery

and premium consumption but also build

strong advocacy within the hospitality industry,

reinforcing the aspirational positioning of our

portfolio brands.

TRAVEL RETAIL

As a preferred Global Travel Retail (GTR)

partner for Indian and internationally

renowned brands like Amrut and Bushmills,

Monika Alcobev maintains an active

presence in Duty-Free channels, capturing

the premium traveller segment across key

airports and border outlets.

LUXURY & CULTURAL PARTNERSHIPS

In January 2026, the company partnered

with internationally acclaimed designer

Gaurav Gupta, to celebrate the launch of his

flagship menswear store at DLF Emporio,

New Delhi, with 1800 Tequila as the

exclusive spirits partner. This collaboration

exemplifies Monika Alcobev’s approach to

building brand relevance through cultural

resonance and luxury retail engagement.

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As we look to the future, Monika Alcobev remains focused on

deepening its portfolio and strengthening its market position

across the Indian subcontinent. The company is well-positioned

to lead the premium alcobev market, driven by strategic brand

partnerships, geographic expansion, and continued investment

in 360-degree marketing activations.

LEADING

THE FUTURE

INNOVATION AND EXPANSION

STRATEGIC FOCUS AREAS

With a portfolio of 100+ brands and 250+ SKUs across spirits, wines, and liqueurs,

Monika Alcobev continues to identify and onboard globally renowned brands, ensuring

it remains at the forefront of India’s evolving alcobev landscape

India’s imported spirits market

is expanding rapidly. As the

country’s largest independent

spirits importer, Monika Alcobev is

structurally positioned to benefit

from the accelerating shift in

consumer preference towards

premium and luxury alcobev

experiences.

PORTFOLIO EXPANSION

RIDING INDIA’S

PREMIUMISATION

WAVE

Currently operating across 21+

states and Union Territories in

India, and with an established

presence in Nepal, Sri Lanka, and

the Maldives, Monika Alcobev is

well-positioned to deepen its reach

across the Indian subcontinent

as demand for premium alcobev

continues to grow.

GEOGRAPHIC

EXPANSION

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A MESSAGE FROM THE CHAIRMAN

While the operating environment continues to

evolve, our long-term outlook remains positive.

Rising consumer aspiration, premiumisation

trends, and increasing demand for

global spirits continue to strengthen

the foundation of our business.

Dear Stakeholders

Your trust has been a cornerstone of our journey

and growth.

When I reflect on this journey, from a small

general store in Mumbai in 1981 to the Chairman

of a publicly listed company, I am reminded that

every great endeavour begins with a single step

taken with conviction.

I arrived in Mumbai from Meghpar, a small village

in Gujarat’s Kutch district, with little more than a

loan from my elder brother and an unwavering

belief in hard work. That loan became a general

store, the general store became a supermarket,

and the relationships we built, with embassies,

with consumers, with partners who trusted

us, opened the door to the world of premium

international spirits. From that foundation,

Monika Alcobev was born.

Founded in 2015 and formally incorporated in

2022, we have grown to become India’s largest

independent importer in the wines and spirits

segment, representing over 100 global brand

labels, operating across 24 states and 170+ cities,

and supported by a team of more than 250

dedicated professionals.

FY2025–26 was a year that validated everything

we have built. India recorded real GDP growth of

7.4% during FY2025–26, reaffirming its status as

the fastest-growing major economy for the fourth

consecutive year. Private Final Consumption

Expenditure grew 7.0%, reaching 61.5% of GDP

— the highest since 2012 — supported by rising

real incomes, stable employment, and strong

rural and urban demand. This is deeply relevant

to the business we are in. As incomes rise, as

aspirations grow, and as a new generation of

consumers seeks quality, authenticity, and

global brand experiences, the premium alcobev

market stands to benefit enormously. Looking

ahead, the IMF has projected India’s GDP growth

at 6.4% for FY2026–27 — a continued signal of

the structural strength of the Indian economy

and the long-term opportunity it presents for

businesses like ours.

India’s premiumisation story is not a passing

trend. It is a generational shift. Younger, more

affluent, and more brand-conscious consumers

are redefining what they drink, where they drink

it, and why.

Under the leadership of my son and Managing

Director, Mr. Kunal Patel, Monika Alcobev has

positioned itself precisely at the intersection of

this shift — building a platform that not only

imports and distributes premium brands, but

actively builds them within India’s complex and

diverse market. Our presence across HORECA,

retail, and travel retail channels — extending

beyond India to the Maldives, Nepal, Sri Lanka,

and Bangladesh — reflects the depth and scale

of what this team has built.

This year also marked our successful listing on

the BSE SME Platform in July 2025 — the first

company in our segment to do so. The IPO was

oversubscribed 4.1 times, raising ₹165.63 crore.

That response from the market was deeply

humbling, and it carries with it a responsibility

that we take seriously, to our shareholders, our

partners, and to the communities in which we

operate.

We remain committed to responsible and

sustainable growth. Through our CSR initiatives,

including our continued support for para

sports in Maharashtra and community welfare

programmes in Gujarat through the Jivan Jyot

Foundation, we strive to ensure that our success

contributes meaningfully to society.

As I look ahead, I do so with confidence. The

foundation is strong, the partnerships are

enduring, and the opportunity is vast. On behalf

of the Board, I extend my deepest gratitude

to every shareholder, partner, employee, and

well-wisher who has been part of this story. We

will continue to move forward — with purpose,

with integrity, and with the same belief that has

guided us from the very beginning.

Warm regards,

Mr. Bhimji Nanji Patel

Chairman,

Monika Alcobev Limited

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Crafting a Legacy

A MESSAGE FROM THE MANAGING DIRECTOR

Dear Stakeholders

We deeply value the trust you have placed in us.

FY2025–26 was a year of meaningful progress,

for Monika Alcobev, for India’s premium alcobev

industry, and for the broader global spirits

market.

The global spirits industry continued its

expansion through 2025–26, driven by the

sustained premiumisation of consumer

preferences across both established and

emerging markets. The premium and super-

premium spirits segment has been consistently

outpacing overall industry growth, as consumers

across geographies increasingly prioritise quality,

authenticity, and brand experience. Within

this global landscape, India is fast emerging

as one of the most significant growth markets

for imported premium alcobev. Several global

brand owners are now actively viewing India as a

priority market, creating fresh opportunities for

portfolio expansion and long term partnerships,

a shift that we have been anticipating and

positioning for.

India’s economic momentum continues to

provide a strong foundation for this growth.

Rising disposable incomes, a growing affluent

middle class, and a younger, more brand-

conscious urban population are collectively

driving demand for premium and experiential

alcobev. The shift toward premiumisation

is no longer a trend, it is a structural reality.

Consumers across Tier 1 and Tier 2 cities are more

experimental, more informed, and increasingly

drawn to global categories and brand stories.

This is the opportunity that defines our business.

Against this backdrop, we delivered strong

financial results in FY2025–26. Revenue from

Despite evolving market dynamics, the

fundamentals of our business remain strong.

Consumers continue to gravitate toward

premium experiences, authentic global brands,

and quality-driven choices, reinforcing our

confidence in the long-term growth of

India’s premium alcobev market.

operations reached ₹301.16 crore, growing 27.53%

over the previous year, while Profit After Tax

rose 39.07% to ₹32.14 crore. Growth was broad-

based, led by strong demand across premium

tequila and agave spirits, Irish whiskey, Japanese

whisky, gin, imported wines, and liqueurs, a

performance that reflects the balance and

resilience of our portfolio. This was also our first

full year as a publicly listed entity, following our

landmark SME IPO in July 2025, the first in our

segment which was oversubscribed 4.1 times

and raised ₹165.63 crore.

Our approach to portfolio building is deliberate

and forward-looking. We aim to stay ahead

of where the consumer is going, rather than

where the market has been. The introduction of

Licor 43 and Jinro Soju this year reflects exactly

this thinking. Both are global category leaders

supported by strong cultural momentum. The

growing influence of Korean culture, through

K-pop, K-drama, and Korean cuisine, has created

a genuine affinity for Korean products among

India’s younger urban audiences. Bringing Jinro,

the world’s best-selling spirit, to India was a

direct and timely response to this cultural shift.

At the same time, Licor 43 expands our liqueur

offerings with one of Europe’s most celebrated

spirits, further deepening the breadth of our

premium portfolio.

India is a complex, highly regulated, and

fragmented market. What differentiates us is

the platform we have built, combining deep

regulatory expertise, strong execution across

24 states and over 170 cities, and long-standing

trade relationships built on trust and consistency.

We see ourselves as brand builders first. This

mindset allows us to scale global brands while

preserving their positioning, integrity, and long-

term consumer equity. Our credit rating upgrade

by Acuite Ratings, with our long-term rating

improving to ACUITE BBB Stable and short-

term rating to ACUITE A3+, further reflects the

financial discipline and governance standards

we have embedded as a listed entity.

As we move into FY2026–27, our priorities

remain clear. We will continue to deepen our

portfolio with the right global brands, expand

our geographic footprint across India and

the broader South Asian subcontinent, and

invest in the capabilities that differentiate our

platform. Premiumisation, portfolio expansion,

and operational efficiency will remain the

cornerstones of our strategy. We are building

for the long term — with discipline, intent, and

a clear belief in the opportunity that India’s

premium alcobev market represents.

On behalf of the Board and the entire Monika

Alcobev team, I extend my sincere gratitude

to our shareholders, global brand partners,

trade partners, and employees for their

continued trust and support. We remain

committed to building a business that is

resilient, responsible, and future-ready, one

that creates sustainable and meaningful value

for all our stakeholders in the years ahead.

Warm regards,

Kunal Patel

Managing Director,

Monika Alcobev Limited

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CORPORATE INFORMATION

BOARD OF DIRECTORS

Mr. Bhimji Patel:Chairman &

Whole-time Director

Mr. Kunal Patel:Managing Director

Mr. Nayan Rawal

(upto 13/11/2025)

:Independent Director

Mr. Prasannakumar

Gawde (upto 09/12/2025)

:Independent Director

Ms. Jagruti Sheth:Independent Director

Mr. Samir Kumar Das

(w.e.f. 24/11/2025)

:Independent Director

Mr. Ghanshyam Vyas

(w.e.f. 24/11/2025)

:Independent Director

SENIOR MANAGEMENT

Mr. Ashish Mandaliya :Chief Financial Officer

Mr. Hemang Chandat:Chief Commercial Officer

Mr. Deepak Bajetha:Chief Logistics Officer

Mr. Kalpesh Ramina:Company Secretary &

Compliance Officer

CORPORATE IDENTIFICATION NUMBER (CIN)

L15490MH2022PLC375025

INTERNATIONAL SECURITIES IDENTIFICATION

NUMBER (ISIN)

INE0LCG01010

STATUTORY AUDITORS

M/s. Shah Gupta & Co., Chartered Accountants

REGISTERED & CORPORATE OFFICE

2403, 24th Floor, Signature, Suresh Sawant Road, Off.

Veera Desai Road, Andheri West, Mumbai – 400053,

Maharashtra, India

Website: www.monikaalcobev.com

Tel.: 022 6578 1111/62363155

Email: investors.relation@ monikaalcobev.com

REGISTRAR & TRANSFER AGENTS

MUFG Intime India Private Limited

C-101, Embassy 247, L.B.S. Marg, Vikhroli (West),

Mumbai - 400083.

Phone: +91 8108116767

Email id: rnt.helpdesk@in.mpms.mufg.com

Website: www.in.mpms.mufg.com

BANKERS

ICICI Bank Limited

Kotak Mahindra Bank Limited

HDFC Bank Limited

CSB Bank Limited

Indusind Bank Limited

Union bank of India

OFFICE LOCATIONS

Noida (Uttar Pradesh)

Office No. TS-43, 7th Floor, Galaxy Blue Sapphire Plaza,

Noida Extension, Uttar Pradesh 20130

Gurugram (Haryana)

501/A, Millennium Plaza, Sector 27, Sushant Lok Phase

I, Sector 43, Gurugram, Haryana 122001

Jaipur (Rajasthan)

Suits Workspaces Private Limited

80, Gandhi Path, Near Vijay Dwar, Vaishali Nagar,

Jaipur, Rajasthan 302019

Hyderabad (Telangana)

#202, Jyothi Habitat Complex, Door No:1-65/528/

JH/202, Rd. No 10, Sarojini NaiduNagar Layout, Kavuri

Hills, Guttala Begumpet, Serilingampally Manda, R R

District, Hyderabad 500081

Bengaluru (Karnataka)

#21, 8th main ,8th Cross Road, Ashwath Nagar,

Sampangi Rama Nagara, Bengaluru,

Karnataka 560027

CORPORATE

INFORMATION

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THE VISIONARIES BEHIND OUR LEGACY

BOARD OF DIRECTORS

A founding Promoter of Monika Alcobev,

Mr. Bhimji Patel brings over 18 years of business

and industry experience, with a strong focus on

strategic direction, financing and licensing.

As Chairman, he provides the vision and

leadership that underpins the Company’s long-

term growth ambitions.

A Chartered Accountant with

over 40 years of experience, Mr.

Vyas brings extensive expertise in

audits, taxation, and international

assignments. His strong analytical

and financial oversight capabilities

reinforce the Board’s commitment

to effective governance and

compliance. He contributes

valuable strategic insight backed by

decades of professional excellence.

A founding Promoter of Monika Alcobev, Mr. Kunal

Patel holds a Bachelor of Commerce degree from

the University of Mumbai and brings over 10 years of

deep expertise in the alcobev industry.

As Managing Director, he leads sales, marketing,

brand building, and overall operations — driving

the Company’s commercial growth and market

expansion.

A qualified Chartered Accountant

and Law Graduate with over

27 years of experience, Ms.

Sheth specializes in corporate

restructuring, M&A, private equity,

IPO structuring, and capital

restructuring. Her expertise

in corporate law, regulatory

compliance, and due diligence

strengthens the Board’s strategic

and governance capabilities.

MR. BHIMJI PATEL

Chairman

MR. KUNAL PATEL

Managing Director

MR. GHANSHYAM VYAS

Independent Director

MS. JAGRUTI SHETH

Independent Director

A seasoned financial services

professional with over 26 years

of leadership experience across

leading institutions, Mr. Das

brings expertise in governance,

risk management, credit, and

stressed asset resolution. A

certified Insolvency Professional

and Oracle Certified Professional

(DBA), he provides strong

financial oversight and strategic

guidance to the Board.

MR. SAMIR KUMAR DAS

Independent Director

SENIOR MANAGEMENT

Associated with the Company since inception,

Mr. Chandat brings over 9 years of experience in

the alcobev industry.

Holding a Bachelor of Commerce degree from the

University of Mumbai, he has extensive expertise in

strategy, sales, and marketing — playing a central

role in driving Monika Alcobev’s commercial

performance and brand development.

MR. ASHISH MANDALIYA

Chief Financial Officer

MR. HEMANG CHANDAT

Chief Commercial Officer

Holding an MBA from the Institute of Chartered

Financial Analysts of India, Mr. Bajetha brings

over 14 years of experience in logistics, supply

chain optimisation, and distribution network

management.

His operational expertise ensures the seamless

and efficient movement of Monika Alcobev’s

premium portfolio across India.

A qualified Company Secretary with over 5

years of experience in secretarial and regulatory

compliance, Mr. Ramina brings strong expertise

in corporate governance and legal and

regulatory adherence.

He holds a Bachelor of Commerce degree from

the University of Mumbai and has previously

been associated with HLV Limited (formerly

Hotel Leelaventure Limited) and Mastek Limited.

MR. DEEPAK BAJETHA

Chief Logistics Officer

MR. KALPESH RAMINA

Company Secretary & Compliance Officer

A qualified Chartered Accountant and Company

Secretary with over 22 years of professional

experience, Mr. Mandaliya brings deep expertise

in financial strategy, capital allocation, and

operational efficiency.

He has previously been associated with Sun

Pharmaceutical Industries Limited and VIP

Clothing Limited, and holds a Bachelor’s degree in

Commerce from the University of Mumbai.

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Management Discussion

and Analysis

Global Economic:

The global economy in FY 2025–26

demonstrated resilience amid persistent

geopolitical tensions and evolving

monetary policy dynamics. According

to estimates from the International

Monetary Fund, global GDP growth

remained steady at approximately 3.0%–

3.1%, with emerging markets continuing

to outperform advanced economies.

(Source: IMF World Economic Outlook,

2025)

However, the outlook remains subject

to heightened uncertainty. The recent

escalation of conflict in the Middle

East has reintroduced volatility into

global markets, exerting upward

pressure on commodity prices,

reinforcing inflationary expectations,

and tightening financial conditions.

Notwithstanding these challenges,

under the assumption of a contained

conflict, global growth is projected to

remain stable at around 3.1% in 2026, with

a modest improvement to 3.2% in 2027.

(Source: IMF World Economic Outlook,

2025)

Inflationary pressures have moderated

across most major economies due

to sustained policy interventions,

supporting gradual recovery in real

incomes and consumer sentiment.

Demand in premium discretionary

segments has remained relatively

resilient, reflecting a shift toward value-

driven consumption. (Source: IMF World

Economic Outlook, 2025)

Within this backdrop, the global

alcoholic beverages industry continues

to exhibit steady value growth, primarily

driven by premiumisation trends.

While overall volume growth remains

moderate, consumers are increasingly

gravitating toward higher-quality and

premium offerings, supporting margin

expansion across key markets. (Source:

IWSR Global Beverage Alcohol Trends

Report, 2025)

Indian Economic:

India continued to be one of the fastest-

growing major economies globally

during FY 2025–26. As per estimates

from the International Monetary Fund

and the World Bank, GDP growth

remained robust in the range of ~6.4%–

6.6%, significantly outpacing most

advanced and emerging economies.

(Source: IMF World Economic Outlook,

2025; World Bank India Development

Update, 2025)

Economic growth was primarily

driven by resilient domestic

consumption, sustained government-

led infrastructure investments, and

favourable demographic trends. Policy

continuity, digital transformation, and

increasing formalisation of the economy

further supported macroeconomic

stability and growth momentum.

(Source: Economic Survey of India

2025; World Bank India Development

Update, 2025)

Urban consumption trends remained

strong, particularly across discretionary

and lifestyle-oriented categories. Rising

disposable incomes and aspirational

consumption patterns are driving

demand for premium and imported

products, including alcoholic beverages.

This shift is especially pronounced

ECONOMIC OVERVIEW:

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among younger and affluent urban

consumers, reflecting evolving

preferences toward quality, brand

experience, and global consumption

standards.

Within this context, the alcoholic

beverages sector in India is witnessing a

gradual premiumisation trend. Demand

for higher-value and imported products

continues to grow at a faster pace

compared to mass-market segments,

supported by improving purchasing

power and increased exposure to

international brands and experiences.

Overall, India’s strong macroeconomic

fundamentals and evolving

consumption landscape position it as

a high-potential market for sustained

growth in premium and imported

alcoholic beverages. (Source: IMF World

Economic Outlook, 2025)

Global Industry Outlook:

The global alcoholic beverages industry

experienced a phase of moderation

during FY 2025, primarily due to

inflationary pressures and subdued

demand in key mature markets. While

volume growth remained constrained,

the industry is expected to stabilise and

return to low single-digit value growth

in FY 2025–26.

Key global trends include selective

premiumisation, evolving consumption

patterns favouring quality over quantity,

and continued expansion of emerging

categories such as ready-to-drink

beverages and craft spirits. Over the

medium term, demand for premium

and differentiated offerings is expected

INDUSTRY OVERVIEW:

to remain structurally strong. [IWSR

Global Beverage Alcohol Trends Report,

2025]

India Industry Outlook:

India is expected to remain a high-

growth market for alcoholic beverages

in FY 2025–26, with industry growth

estimated at approximately 8–10%,

driven by favourable demographics,

rising incomes, and strong urban

demand.

Premiumisation continues to be

a defining trend, with consumers

increasingly shifting from mass-

market products to premium and

super-premium offerings. This trend

is particularly pronounced in metro

and tier-1 markets, where demand

for imported and globally recognised

brands is witnessing strong growth.

The imported alcobev segment in India

is expected to outperform the overall

industry, driven by premiumisation,

rising consumer aspiration, and

increasing preference for globally

recognised brands. Demand for

premium and super-premium spirits

such as Scotch whisky, gin, tequila,

and other niche categories continues

to witness strong growth, particularly

across urban and metro markets.

For the Company, the outlook

remains favourable, supported by its

distribution-led business model and

focus on premium portfolio curation.

The Company is well positioned to

benefit from:

Expansion of exclusive and

premium brand partnerships

Increasing engagement with

global brand owners seeking

presence in India

Strong demand for imported

products across key consumption

centres

Higher realisations and margin

enhancement driven by premium

product mix

The Company’s established distribution

network, regulatory expertise, and

execution capabilities provide a

competitive advantage in navigating

the complex operating environment

and scaling premium brands.

Overall, while the global alcobev

industry is expected to stabilise, India

is projected to remain a structurally

strong, high-growth market. The

premium and imported segments are

expected to significantly outperform

the broader industry, positioning the

Company favourably to deliver sustained

growth through portfolio expansion,

brand building, and disciplined market

execution.

COMPANY OVERVIEW:

Our Company is a leading player in

the imported liquor sector, offering a

diverse portfolio of premium and luxury

alcoholic beverages. Our Company

specialises in importing, sales,

distribution, and marketing for luxury

spirits, wines, and liqueurs throughout

India and the Indian Subcontinent

including Travel Retail Duty Free Shop. It

provides complete supply chain solution

through its robust distribution network.

The Company holds exclusive selling

rights to more than 70 renowned global

brands for India and Indian Subcontinent

countries and is responsible for their

strategic brand development and

market expansion. The Company

offers a comprehensive operational

framework to its partner brands, which

includes managing the entire supply

chain process, starting with import,

followed by sales & distribution across

the region. Additionally, the Company

handles pricing, strategic planning,

brand development, and marketing

to ensure that each brand effectively

reaches its target audience and achieves

growth in the Indian market and Indian

subcontinent market.

The Company’s diversified product

portfolio includes iconic names such

as Jose Cuervo (Tequila), Bushmills

(Irish Whisky), Rémy Martin (Cognac),

Cointreau (Liqueur), Choya (Liqueur)

and Belenkaya (Vodka), all brands with

a legacy of excellence.

The Company holds a 19.0% share in

tequila imports, a 7.5% share in liqueurs

imports, a 1.9% share in gin and geneva

imports, and a 12.3% share in rum

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Annual Report

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Corporate

Overview

Statutory

Reports

Financial

Statements

imports in FY 24 (Source: Technopak

across multiple premium segments.

The Company operat es across more

than 20 st at es and Union Territor ies in

India and inter nationally in Nepal, Sr i

Lanka, and the Maldives, supported

by a strong logistics and war ehousing

infrastructure.

QUANTITATIVE AND QUALITATI VE

DISCLOSURES ABOUT MARKET RISK:

The Company operat es in a dynamic

business environment and is exposed

risks, including market risk, cr edit

risk, liquidity risk, and regulator y

risk. The Company has established

a structured risk management

fr amewor k with oversight fr om the

Boar d of Director s and implementation

by senior management to ensure

mitigation of risks.

Market Risk:

Market risk ref er s to the potential

adver se impact on the Company’s

in market var iables such as inter est

rat es, for eign exchange rat es, and over all

economic conditions.

Inter est Rat e Risk:

The Company’s exposure to inter est rat e

risk primaril y ar ises fr om borrowings

Var iations in benchmark inter est rat es

projections.

The Company manages this risk

through continuous monitor ing of

inter est rat e movements and prudent

borrowing strat egies, including optimal

structuring of debt and periodic review

For eign Cur rency Risk:

The Company is exposed to for eign

exchange risk primaril y on account of

imports and tr ansactions denominated

in for eign currencies such as USD, GBP.

This exposure ar ises mainly fr om

tr ade payables, receivables, and other

mitigates this risk through:

Ongoing monitor ing of currency

movements

Per iodic assessment of net for eign

exchange exposure

Selective use of hedging strat egies,

where appropriate

Inflation Risk:

The Company may be impacted by

relation to logistics, packaging, and

other operating costs.

Sustained increases in input costs may

af fect margins; however , the Company

management, strat egic pric ing actions,

and a focus on premium products with

higher realisations.

Credit Risk:

loss ar ising fr om a counter par ty’s failure

to meet its obligations.

The Company’s cr edit risk primaril y

relates to tr ade receivables, which ar e

concentrat ed in cer tain st at es and

include exposures to both government

and priv at e sector customers.

The Company manages cr edit risk

through:

exposure limits Continuous monitor ing

of customer cr editwor thiness Regular

review and provisioning of receivables,

assets ar e maintained with reputable

institutions, thereby limiting counter

par ty risk.

Liquidity Risk:

Liquidity risk is the risk that the

Company may not be able to meet its

The Company manages liquidity risk

maintains adequate liquidity to meet

operational requirements, including

debt servicing and wor king capital

needs.

Key measures include:

liquidity position

Maintenance of adequate banking

facili ties and credit lines

Regulatory Risk:

The alcobev industry in India is highly

governing licensing, taxation, pric ing,

and distribution.

Changes in regulator y fr amewor ks at

the st at e or central le vel may impact

The Company mitigates this risk through

a strong compliance fr amewor k,

continuous monitor ing of regulator y

developments and established

presence across key markets.

Cybersecurit y and Data Prot ection

Risk:

With increasing digitalisation, the

Company is exposed to cybersecurity

and data prot ection risks. Any breach

of IT sy st ems or data security incidents

could disrupt operations and impact

business continuity.

The Company has implemented

appropriate controls and safeguards,

including sy st em security prot ocols,

access controls, and periodic monitor ing

to mitigate such risks.

The Company continues to strengthen

its risk management fr amewor k to

proactivel y identify and mitigate

potential risks. Through disciplined

controls, and continuous monitor ing,

the Company aims to ensure st ability

and support sustainable growth.

INTERNAL CONTROL SYSTEMS:

The Company has adequate inter nal

control sy st ems which ensure prot ection

against misuse or loss of the Company’s

assets. The Company deploys a robust

sy st em of inter nal control that facili tat es

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tropeR launnA

2025-26

Corporate

Overview

Statutory

Reports

Financial

Statements

the accurate and timely compilation of

financial statements and management

reports; ensures regulatory and statutory

compliance and safeguards investor’s

interests by ensuring the highest

level of governance and periodical

communication with investors. The

Audit Committee also reviews the

effectiveness of the Company’s internal

control system which provides adequate

safeguards & effective monitoring of its

transactions.

HUMAN RESOURCE DEVELOPMENT:

Human Resource Development is

paramount in every organization.

The management continues to lay

emphasis on identifying, developing

the talent in the organization with a

view to retain them and further training

those who are capable of handling

additional responsibilities. Developing

people and harnessing their ideas is

high priority for the Company. Total

number of employees at the end of

March 31, 2026, stood at 222.

FINANCIAL PERFORMANCE WITH REFERENCE TO OPERATIONAL PERFORMANCE:

(₹ In Lakhs)

ParticularsFY2025-26FY2024-25YoY Change

Equity share capital2,145.001,665.8828.76%

Reserves and Surplus22,285.797,935.04180.85%

Total Equity24,430.799,600.92154.46%

Borrowings21,054.3517,409.6420.94%

Gross Sales31,154.6425,071.7724.26%

Net Sales30,112.9123,612.2127.53%

Gross Profit12,005.229,026.1733.00%

EBITDA5,455.684,840.2312.72%

Profit Before Tax3,452.423,090.1911.72%

Profit After Tax3,214.442,311.3539.07%

Key Financial Ratios: (₹ In Lakhs)

ParticularsFY2025-26FY2024-25YoY Change

Debtors Turnover (days) (on Gross Sales basis)186.27148.3225.59%

Inventory Turnover (days) (on Gross Sales basis)229.39217.535.45%

Creditor Turnover (days) (on Gross Sales basis)11.1735.20-68.27%

Interest Coverage Ratio (x)2.912.688.65%

Current Ratio (x)1.901.4729.40%

Debt Equity Ratio (x)1.012.37-57.28%

EBITDA (Operating Profit) Margin (%)18.1220.50-11.62%

Net Profit Margin (%)10.67%9.79%9.05%

Return on Average Equity (%)18.89%29.91%-36.85%

Return on Average Capital Employed (%)11.56%17.45%-33.76%

CAUTIONARY STATEMENT:

Statements in the Management Discussion and Analysis Report describing the Company’s objectives,

projections, estimates, expectations or predictions may be forward-looking statements within the

meaning of applicable securities laws and regulations.

Actual results may differ materially due to various risks and uncertainties including economic

conditions, regulatory changes, and other incidental factors.

For & on behalf of Board of Directors of

Monika Alcobev Limited

Place: Mumbai

Date: May 8, 2026

Bhimji Patel

Chairman & Whole-time Director

DIN: 00253030

Kunal Patel

Managing Director

DIN: 03039030

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Annual Report

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Corporate

Overview

Statutory

Reports

Financial

Statements

STATUTORY

REPORTS

Dear Members,

The Board of Directors (“Board”) of your Company

is pleased to present the 4

Annual Report of

Monika Alcobev Limited (“the Company”) on

the business and operations together with the

Audited Financial Statements for the Financial

Year (“FY” or “Year”) ended March 31, 2026.

1. FINANCIAL RESULTS:

The Financial Results of the Company for the

year ended March 31, 2026, are summarized

as under:

Particulars

FY 2025-26

(₹ in Lakhs)

FY 2024-25

(₹ in Lakhs)

YoY

Growth

(%)

Revenue from

Operations (Net)

30,115.5423,614.8727.53%

Add: Other Income921.42 220.74 317.42%

Total Income31,036.96 23,835.61 30.21%

Expenses(25,581.28)(18,995.38)-

Profit/loss

before providing

Depreciation and

Finance Expenses

5,455.684,840.2312.72%

Depreciation and

amortization

(198.84) (123.47)-

Finance Expenses

(including bank

charges)

(1,804.42) (1,759.05) -

Profit/loss after

depreciation and

finance cost

3,452.422,957.7116.73%

Extraordinary Item-132.48-

Current Tax(259.00) (752.89) -

Short/(excess)

provision for tax for

earlier years

(0.07)--

Deferred Tax21.09 (25.95) -

Profit /Loss after tax3,214.442,311.3539.07%

Profit /Loss after tax

(% Revenue from

operations)

10.67%9.79%9.05%

2. OPERATIONS AND PERFORMANCE REVIEW:

During the financial year under review, the

Company delivered a strong performance

marked by healthy growth in its operational

and financial parameters despite an evolving

business environment.

The Revenue from Operations (net) increased

to ₹ 30,115.54 lakhs in FY 2025–26 as against

₹23,614.87 lakhs in the previous year,

reflecting a year-on-year growth of 27.53%.

This growth was primarily driven by improved

business volumes, enhanced operational

efficiency and better market penetration.

Total Income, including other income,

stood at ₹31,036.96 lakhs compared to

₹23,835.61 lakhs in the previous financial year,

registering a growth of 30.21%. The significant

increase in other income during the year also

contributed to the overall improvement in

total income.

The Company incurred total expenses of

₹25,581.28 lakhs as against ₹18,995.38 lakhs

in the previous year, largely in line with the

increase in scale of operations however

the Company has spent ₹2,937.47 lakhs as

compared to previous year ₹903.07 lakhs on

advertisement and marketing activities to

strengthen the existing brand portfolio and

penetrate the new launches in the market

and focus on brand building endeavours. .

Profit before depreciation and finance costs

stood at ₹5,455.68 lakhs as compared to

₹4,840.23 lakhs in FY 2024–25, reflecting a

growth of 12.72%.

During the year, depreciation and

amortization charges increased to ₹ 198.84

lakhs from ₹123.47 lakhs in the previous year

and finance costs increased marginally to

₹1,804.42 lakhs from ₹1,759.05 lakhs in the

previous year.

Profit before tax increased to ₹ 3,452.42 lakhs

as against ₹ 2,957.71 lakhs in the previous

year, registering a growth of 16.73%.

DIRECTORS’ REPORT

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After providing for taxation, the Company

reported a Profit After Tax (PAT) of ₹3,214.44

lakhs compared to ₹2,311.35 lakhs in the

previous year, reflecting a strong growth

of 39.07%. The PAT margin stood to 10.67%

as compare to 9.79% in the previous year,

indicating improved profitability.

Overall, the Company has demonstrated

resilient performance during the year with

strong revenue growth, improved profitability,

and enhanced financial stability. The

management remains focused on sustaining

this growth momentum through operational

excellence, cost optimization, and strategic

investments.

Strategic International Alliances:

In line with its strategy to strengthen a premium

and globally curated portfolio, the Company

continues to build strategic partnerships

with leading international brand owners to

introduce and scale globally recognized spirits

in the Indian market.

During the year, the Company further

strengthened its association with HiteJinro

Co., Ltd., the global leader in soju, to expand

the presence of Jinro Soju in India. As part of

its India market entry, the rollout commenced

across key markets including Delhi, Haryana,

Chandigarh, Uttar Pradesh, Mumbai,

Bengaluru, Hyderabad, and Goa, with a phased

expansion planned across Tier 1 and Tier 2

cities.

This structured launch, supported by the

Company’s robust distribution and marketing

capabilities, is aligned with the growing

demand for international and experiential

beverage categories in India.

The Company also continued to deepen its

partnership with Zamora Company, Spain,

for the introduction and expansion of Licor

43, a globally acclaimed premium liqueur.

The brand has already been introduced in

key markets such as Goa and Mumbai, with

further expansion planned across North,

West, and South

India, including states

such as Karnataka, Telangana, and Tamil

Nadu, supported by the Company’s strong

distribution network.

These partnerships combine the global brand

equity and product excellence of international

collaborators with the Company’s robust

distribution network, marketing capabilities,

and strong on-ground execution. Leveraging

its established market presence, the Company

has ensured effective market coverage across

key geographies, enabling wider availability

and stronger consumer reach.

Such strategic alliances reflect the Company’s

continued commitment to building a future-

ready and premiumized portfolio that caters

to evolving consumer preferences while

unlocking sustainable long-term value for

stakeholders.

3. CHANGE IN NATURE OF BUSINESS:

During the year under review, there was no

change in the nature of business activity of

the Company or in the main object of the

Company.

4. DIVIDEND:

Your Directors are pleased to recommend a

final dividend of 10% (i.e., ₹ 1 per equity share

of face value ₹10 each) for the year ended

March 31, 2026, as compared to 14% (i.e., ₹ 1.40

per equity share of face value ₹10 each) in the

previous financial year.

The proposed dividend, subject to the

approval of the Members at the ensuing

Annual General Meeting, will be paid within

30 days from the date of the AGM. Payment

shall be made, after deduction of applicable

tax at source, to those Members whose names

appear in the Register of Members or in the

depositories as on the Record Date specified

in the Notice convening the 4

Annual

General Meeting.

The dividend on Equity Shares if approved by

the Members, would involve a cash outflow of

₹ 214.50 Lakhs.

The Dividend Distribution Policy of the

Company is available on the Company’s

website at https://monikaalcobev.com/

storage/1252/Dividend-Distribution-Policy.

pdf.

5. UNCLAIMED DIVIDEND AND SHARES

TRANSFERRED TO INVESTOR EDUCATION

AND PROTECTION FUND (“IEPF”):

Pursuant to Sections 124 and 125 of the

Companies Act, 2013 read with the Investor

Education and Protection Fund (Accounting,

Audit, Transfer and Refund) Rules, 2016 (“IEPF

Rules”), as amended from time to time,

dividends remaining unpaid or unclaimed

for a period of seven years from the date of

transfer to the Unpaid Dividend Account are

required to be transferred to the Investor

Education and Protection Fund (“IEPF”).

The IEPF Rules further provide that shares

in respect of which dividend has remained

unpaid or unclaimed for seven consecutive

years or more are also required to be

transferred to the demat account of the IEPF

Authority. Members whose shares/dividends

are transferred to the IEPF Authority are

entitled to claim the same from the IEPF

Authority in accordance with the prescribed

procedure under the IEPF Rules.

During the year under review, no amount

was required to be transferred to the IEPF,

and no amount remained lying in the Unpaid

Dividend Account of the Company in respect

of the financial year 2025–2026.

6. DISCLOSURE WITH RESPECT TO DEMAT

SUSPENSE ACCOUNT / UNCLAIMED

SUSPENSE ACCOUNT:

During the year under review, there were no

shares lying in the Demat Suspense Account

or the Unclaimed Suspense Account.

Accordingly, the disclosure requirements

under Regulation 39(4) of the SEBI (Listing

Obligations and Disclosure Requirements)

Regulations, 2015 (“SEBI Listing Regulation”)

are not applicable to the Company.

7. REGISTRAR & SHARE TRANSFER AGENTS:

The Company has appointed M/s. MUFG

Intime India Private Limited as its Registrar &

Share Transfer Agent (RTA).

Details of RTA

Name

MUFG Intime India Private Limited

AddressC-101, Embassy 247, L.B.S. Marg,

Vikhroli (West), Mumbai - 400083.

Contact

No.

+91 22 4918 6000

rnt.helpdesk@in.mpms.mufg.com

Websitewww.in.mpms.mufg.com

8. TRANSFER TO RESERVES:

The Board of Directors has decided to retain

the entire amount of profit for the year ended

March 31, 2026 in the distributable retained

earnings.

9. INITIAL PUBLIC OFFERING (IPO) AND

LISTING ON SME PLATFORM OF BSE LTD.:

During the year, the Company launched its

Initial Public Offering (IPO), comprising a

total of 57,91,200 equity shares of face value

₹10/- each, at a price of ₹286/- per share

(including a premium of ₹276/- per share).

The IPO included a Fresh Issue of 47,91,200

equity shares and an Offer for Sale (OFS)

of 10,00,000 equity shares by the Selling

Shareholder, aggregating to approximately

₹ 16,562.83 Lakhs.

The following were the important milestones/

dates for the Offer:

DateParticulars

Tuesday, July 15, 2025Anchor Issue

Wednesday, July 16,

2025

Opening of Offer

period

Friday, July 18, 2025Closing of Offer

period

Monday, July 21, 2025Basis of Allotment /

Allotment

Tuesday, July 22, 2025Credit of shares

to Demat A/c of

eligible investors

Wednesday, July 23,

2025

Listing of equity

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The Company successfully completed its IPO,

which was subscribed 4.1 times, with strong

participation from institutional investors,

non-resident Indians, and retail investors. The

Board expresses its sincere gratitude for the

confidence reposed in the Company by its

members and stakeholders.

The Board also places on record its

appreciation for the support provided

by various Authorities, Lead Managers,

Stock Exchange, Depositories, Counsels,

Consultants, Auditors, other intermediaries

and employees of the Company for making

the IPO of the Company a grand success.

The proceeds from the IPO have been utilized

during the year ended March 31, 2026, in

accordance with the objects of the offer as

stated in the prospectus. There has been

no deviation or variation in the utilization of

funds from the stated purposes. A certificate

confirming the same, duly reviewed by

the Audit Committee, has been submitted

to the stock exchanges as required under

Regulation 32 of the SEBI Listing Regulations

read with Regulation 41 of the SEBI (Issue

of Capital and Disclosure Requirements)

Regulations, 2018 (“SEBI (ICDR) Regulations”).

10. SHARE CAPITAL:

a) Authorized Share Capital:

During the year under review, there was

no change in the Authorized Share Capital

of the Company.

As on March 31, 2026, the Authorized

Share Capital of the Company was ₹2450

Lakhs divided into 2,45,00,000 (Two

Crores Forty-Five Lakhs) Equity Shares of

₹10/- (Rupees Ten only) each.

b) Issued, Subscribed and Paid-Up Share

Capital:

Pursuant to the IPO, the Issued,

Subscribed, and Paid-up Share Capital

increased to ₹2144.99 Lakhs comprising

2,14,49,961 equity shares of ₹ 10/- each as

on July 21, 2025.

During the financial year under review,

there was no further change in the Issued,

Subscribed and Paid-up Share Capital of

the Company. Accordingly, as on March

31, 2026, the Issued, Subscribed and Paid-

up Share Capital of the Company stood

at ₹2144.99 Lakhs comprising 2,14,49,961

Equity Shares of ₹10/- each.

Currently, out of the total paid-up share

capital of the Company, 62.10% is held

by the Promoter & Promoter Group and

the balance of 37.90% is held by Public.

All the shares of the Company are in

dematerialized form.

11. EMPLOYEE STOCK OPTION SCHEME (ESOS):

During the year under review, the Company

has introduced the Monika Alcobev Employee

Stock Option Scheme – 2026 (“ESOS-2026” /

“Scheme”), under which it may create, offer,

issue, grant and allot, from time to time in one

or more tranches, not exceeding 10,00,000

(Ten Lakhs only) Employee Stock Options

(“Options”).

The Scheme was approved by the Members

of the Company on March 22, 2026 through

postal ballot in accordance with the

provisions of the Companies Act, 2013 and

the SEBI (Share Based Employee Benefits

and Sweat Equity) Regulations, 2021 (“SEBI

(SBEB & SE) Regulations”). The Scheme

is administered by the Nomination and

Remuneration Committee and is intended

to reward employees and align their interests

with the long-term growth of the Company.

The particulars of the Scheme, as required

under applicable regulations, are hosted

on the Company’s website at https://

monikaalcobev.com/investors?selectedRadi

o=corporate-governance.

Further, the Scheme has been extended to

include employees/directors of the Company’s

holding company(ies), subsidiary company(ies),

associate company(ies) and group company(ies),

whether present or future.

The Company has received in-principle approval from BSE Limited on May 8, 2026 for listing of

the Equity Shares arising out of the exercise of options granted under ESOS-2026.

12. DIRECTORS & KEY MANAGERIAL PERSONNEL:

i. Composition of the Board:

The Company has a diverse Board of Directors committed to good corporate governance

practices. The composition of the Board is in accordance with the provisions of Section 149 of

the Companies Act, 2013 and Regulation 17 of the SEBI Listing Regulations, 2015, comprising an

optimum combination of Executive, Non-Executive and Independent Directors.

Name of DirectorsDINDesignation & Category

Date of

Appointment

Date of

Resignation

Mr. Bhimji Patel00253030Chairman & Whole-Time

Director (Executive)

January 17,

2022

Mr. Kunal Patel03039030Managing Director

(Executive)

January 17,

2022

Ms. Jagruti Sheth07129549Independent Director

(Non-Executive)

February 22,

2025

Mr. Samir Kumar Das 09645179Independent Director

(Non-Executive)

November 24,

2025

Mr. Ghanshyam Vyas 11386659Independent Director

(Non-Executive)

November 24,

2025

Mr. Nayan Rawal 00184945Independent Director

(Non-Executive)

December 23,

2023

November 13,

2025

Mr. Prasannakumar

Gawde

01456510Independent Director

(Non-Executive)

January 31,

2024

December 9,

2025

ii. Director Liable to Retire by Rotation:

In accordance with the requirements

of the Act and the Company’s Articles

of Association, Mr. Bhimji Patel

(DIN:00253030) retires by rotation

and being eligible, offers himself for

re -appointment. The necessary resolution

for his re-appointment forms part of the

Notice convening the AGM.

iii. Appointment of Directors:

During the year under review, based on

the recommendation of the Nomination

and Remuneration Committee, Mr. Samir

Kumar Das (DIN: 09645179) and Mr.

Ghanshyam Vyas (DIN: 11386659) were

appointed as Additional Directors in the

category of Non-Executive, Independent

Directors by the Board of Directors at its

meeting held on November 24, 2025.

Subsequently, their appointments were

regularised by the Members by passing

an Ordinary Resolution through postal

ballot on March 22, 2026.

iv. Resignation of Directors:

Mr. Nayan Rawal and Mr. Prasannakumar

Gawde resigned as Independent

Directors of the Company with effect

from November 13, 2025 and December 9,

2025, respectively, due to pre-occupation

and other professional commitments.

The Board places on record its sincere

appreciation for the valuable contribution,

guidance and support extended by both

the Directors during their tenure. Their

insightful deliberations and continued

support have significantly contributed to

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the Company’s governance standards and

overall growth during their association

with the Company.

v. Woman Director:

Your Company has complied with the

provisions of Section 149 of the Companies

Act, 2013 with respect to appointment

of woman director. Your Company has

one Woman Independent Director on its

Board, Ms. Jagruti Sheth (DIN: 07129549).

vi. Disqualification of Directors:

As on the date of this Report none of the

Directors of the Company are disqualified

under section 164 of the Companies Act,

2013.

The Company has obtained a Certificate

pursuant to Regulation 34(3) read with

Schedule V of the SEBI Listing Regulations

from M/s. Agrawal Mundra & Associates,

Practicing Company Secretary certifying

that none of the Directors on the Board

of the Company have been debarred or

disqualified from being appointed or

continuing as Directors of Companies by

the Securities and Exchange Board of India

or Ministry of Corporate Affairs or any such

statutory authority. The said certificate

has been annexed as “Annexure I” with

this Report.

vii. Declaration by Independent Directors:

The Company has received necessary

declarations from each of the

Independent Directors under Section

149(7) of the Companies Act, 2013,

stating that they meet the criteria of

independence as laid down in Section

149(6) of the Companies Act, 2013 and

under Regulation 16 of the SEBI Listing

Regulations.

Further, all Independent Directors of the

Company have submitted declarations

confirming that:

1. The disqualifications mentioned

under Sections 164, 167 and 169 of the

Companies Act, 2013 do not apply to

them.

2. They have complied with the Code for

Independent Directors prescribed in

Schedule IV to the Act as applicable.

3. They have registered themselves with

Independent Directors’ Database

of The Indian Institute of Corporate

Affairs (‘IICA’) and have cleared the

online proficiency test of IICA, as

applicable.

4. They are not aware of any

circumstances or situations, which

exist or may be reasonably anticipated,

that could impair or impact their

ability to discharge their duties with

an objective independent judgment

and without any external influence:

The Board of the Company has taken the

disclosures and declarations on record

after verifying their authenticity. In the

opinion of the Board, all the Independent

Directors possess the integrity, expertise

and experience including the proficiency

required to be Independent Directors

of the Company, fulfil the conditions of

independence as specified in the Act

and the SEBI Listing Regulations and are

independent of the management.

viii. Key Managerial Personnel (KMP):

The following are the Key Managerial Personnel of the Company for the year:

Name of the KMPsDesignation

Mr. Bhimji Patel Chairman & Whole-Time Director

Mr. Kunal Patel Managing Director

Mr. Ashish Mandaliya Chief Financial Officer

Mr. Kalpesh Ramina Company Secretary and Compliance Officer

13. Meetings of the Board:

During the year, the Board of Directors met 9 (Nine) times i.e. on April 2, 2025, April 10, 2025, June 12,

2025, June 24, 2025, July 8, 2025, July 18, 2025, November 6, 2025, November 24, 2025 and February

12, 2026. The intervening gap between the Meetings was within the period prescribed under the

Companies Act, 2013 and the SEBI Listing Regulations, 2015. The details are as under:

Name of DirectorsDesignation & Category

No. of Meetings

Entitled

to attend

Attended

Mr. Bhimji PatelChairman & Whole-Time Director (Executive)99

Mr. Kunal PatelManaging Director (Executive)99

Ms. Jagruti ShethIndependent Director (Non-Executive) 99

Mr. Samir Kumar Das*Independent Director (Non-Executive) 22

Mr. Ghanshyam Vyas*Independent Director (Non-Executive) 22

Mr. Nayan Rawal^Independent Director (Non-Executive) 76

Mr. Prasannakumar Gawde

Independent Director (Non-Executive) 87

* Mr. Samir Kumar Das and Mr. Ghanshyam Vyas appointed w.e.f. November 24, 2025

^ Mr. Nayan Rawal resigned w.e.f. November 13, 2025

@ Mr. Prasannakumar Gawde resigned w.e.f. December 9, 2025

14. COMMITTEE OF THE BOARD:

The Board of Directors of your Company has

various Committees as follows:

i. Audit Committee

ii. Nomination and Remuneration

Committee

ii Stakeholders Relationships Committee

iv. IPO Committee

v. Corporate Social Responsibility

Committee.

There are no recommendations of the

Committees which have not been accepted

by the Board.

The details of all the Committees of the board

along with their composition and meetings

held during the year are as under:

i. Audit Committee:

The Company has constituted the

Audit Committee in compliance with

the provisions of Section 177 of the

Companies Act, 2013 and the SEBI

Listing Regulations. The Committee was

reconstituted on November 24, 2025. The

Company Secretary of the Company acts

as the Secretary to the Committee.

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 Composition & Meetings of Audit Committee:

During the year, the audit committee met 6 (Six) times i.e. on April 2, 2025, April 10, 2025, June

12, 2025, July 8, 2025, November 6, 2025 and February 12, 2026.

As on date of this Report, the audit committee comprises four Directors, i.e. 3 (three) Non-

Executive Independent Directors and 1 (one) Executive Director as members. The composition

and attendance details of Audit Committee are as follows:

Name of DirectorsDesignation & Category

No. of Meetings

Entitled

to attend

Attended

Ms. Jagruti Sheth*Chairperson(Non-Executive,

Independent Director)

Mr. Ghanshyam Vyas^Member(Non-Executive ,

Independent Director)

Mr. Samir Kumar Das^Member(Non-Executive ,

Independent Director)

Mr. Kunal PatelMember(Executive,

Managing Director)

Mr. Nayan Rawal

Member(Non-Executive ,

Independent Director)

Mr. Prasannakumar Gawde

Member(Non-Executive ,

Independent Director)

* Appointed as Chairperson of the Committee w.e.f. November 24, 2025.

^ Appointed as Members of the Committee w.e.f. November 24, 2025.

@ Ceased to be member of the Committee w.e.f. November 13, 2025.

# Ceased to be member of the Committee w.e.f. December 9, 2025.

 Terms of Reference:

The Committee acts in accordance with

the terms of reference specified under

Section 177 of the Companies Act, 2013 and

the SEBI Listing Regulations. The terms of

reference for the Audit Committee are as

follows:

● Overseeing of financial reporting

process and the disclosure of financial

information relating to the Company

to ensure that the financial statements

are correct, sufficient and credible;

● recommendation for appointment,

re-appointment, replacement,

remuneration and terms of

appointment of auditors of the

Company and the fixation of the audit

fee;

● approval of payment to statutory

auditors for any other services

rendered by the statutory auditors;

● formulation of a policy on related

party transactions, which shall

include materiality of related party

transactions;

● reviewing, at least on a quarterly basis,

the details of related party transactions

entered into by the Company pursuant

to each of the omnibus approvals

given;

● examining and reviewing, with the

management, the annual financial

statements and auditor's report

thereon before submission to the

Board for approval, with particular

reference to:

a. Matters required to be included

in the director’s responsibility

statement to be included in the

Board’s report in terms of clause

the Companies Act, 2013

b. Changes, if any, in accounting

policies and practices and reasons

for the same;

c. Major accounting entries involving

estimates based on the exercise of

judgment by management;

d. Significant adjustments made in

the financial statements arising

out of audit findings;

e. Compliance with listing and other

legal requirements relating to

financial statements;

f. Disclosure of any related party

transactions; and

g. Modified opinion(s) in the draft

audit report.

● reviewing, with the management,

the quarterly, half-yearly and

annual financial statements before

submission to the Board for approval;

● reviewing, with the management,

the statement of uses / application of

funds raised through an issue (public

issue, rights issue, preferential issue,

etc.), the statement of funds utilized

for purposes other than those stated

in the Issue document / prospectus/

notice and the report submitted by

the monitoring agency monitoring the

utilisation of proceeds of a public or

rights issue, and making appropriate

recommendations to the Board to

take up steps in this matter;

● reviewing and monitoring the auditor’s

independence and performance, and

effectiveness of audit process;

● approval of any subsequent

modification of transactions of the

Company with related parties and

omnibus approval for related party

transactions proposed to be entered

into by the Company, subject to the

conditions as may be prescribed;

Explanation: The term "related party

transactions" shall have the same

meaning as provided in Clause 2(zc)

of the SEBI Listing Regulations and/or

the applicable Accounting Standards

and/or the Companies Act, 2013.

● scrutiny of inter-corporate loans and

investments;

● valuation of undertakings or assets of

the Company, wherever it is necessary;

● evaluation of internal financial controls

and risk management systems;

● reviewing with the management,

performance of statutory and internal

auditors, adequacy of the internal

control systems;

● reviewing the adequacy of internal

audit function, if any, including

the structure of the internal audit

department, staffing and seniority of

the official heading the department,

reporting structure coverage and

frequency of internal audit;

● discussion with internal auditors of

any significant findings and follow up

there on;

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● reviewing the findings of any internal

investigations by the internal auditors

into matters where there is suspected

fraud or irregularity or a failure of

internal control systems of a material

nature and reporting the matter to

the Board;

● discussion with statutory auditors

before the audit commences, about

the nature and scope of audit as well

as post-audit discussion to ascertain

any area of concern;

● recommending to the board of

directors the appointment and

removal of the external auditor,

fixation of audit fees and approval for

payment for any other services;

● looking into the reasons for substantial

defaults in the payment to depositors,

debenture holders, members (in case

of non-payment of declared dividends)

and creditors;

● reviewing the functioning of the

whistle blower mechanism;

● monitoring the end use of funds raised

through public offers and related

matters;

● overseeing the vigil mechanism

established by the Company, with

the chairman of the Audit Committee

directly hearing grievances of

victimization of employees and

directors, who used vigil mechanism

to report genuine concerns in

appropriate and exceptional cases;

● approval of appointment of chief

financial officer (i.e., the whole-

time finance Director or any other

person heading the finance function

or discharging that function)

after assessing the qualifications,

experience and background, etc. of

the candidate;

● reviewing the utilization of loans and/

or advances from / investment by the

holding company in the subsidiary

exceeding ₹ 1,000,000,000 or 10%

of the asset size of the subsidiary,

whichever is lower including existing

loans / advances / investments

existing;

● carrying out any other functions

required to be carried out as per

the terms of reference of the Audit

Committee as contained in the SEBI

Listing Regulations or any other

applicable law, as and when amended

from time to time;

● consider and comment on rationale,

cost- benefits and impact of schemes

involving merger, demerger,

amalgamation etc., on the Company

and its members; and

● to review compliance with the

provisions of the Securities and

Exchange Board of India (Prohibition

of Insider Trading) Regulations, 2015, at

least once in a financial year and shall

verify that the systems for internal

control under the said regulations

are adequate and are operating

effectively; and

● Such roles as may be prescribed under

the Companies Act, SEBI Listing

Regulations and other applicable

provisions.

● Approve all related party transactions

and subsequent material

modifications

ii. Nomination and Remuneration Committee (“NRC”):

The Company has constituted the NRC in compliance with the provisions of Section 178 of

the Companies Act, 2013 and the SEBI Listing Regulations. The NRC was reconstituted on

November 24, 2025. The Company Secretary acts as the Secretary to the NRC.

 Composition & Meetings of NRC:

During the year, the NRC met 3 (three) times i.e. on June 12, 2025, November 24, 2025 and

February 12, 2026.

As on date of this Report, the NRC comprises 4 (four) Directors, i.e. 3 (three) Non-Executive

Independent Directors and 1 (one) Executive Director as members. The composition and

attendance details of NRC are as follows:

Name of DirectorsDesignation & Category

No. of Meetings

Entitled

to attend

Attended

Mr. Ghanshyam Vyas*Chairman(Non-Executive,

Independent Director)

Ms. Jagruti ShethMember(Non-Executive,

Independent Director)

Mr. Samir Kumar Das

Member(Non-Executive,

Independent Director)

Mr. Bhimji PatelMember(Executive ,

Whole-time Director)

Mr. Nayan Rawal

Member(Non-Executive,

Independent Director)

Mr. Prasannakumar Gawde

Member(Non-Executive,

Independent Director)

* Appointed as Chairman of the Committee w.e.f. November 24, 2025.

^ Appointed as Members of the Committee w.e.f. November 24, 2025.

@ Ceased to be member of the Committee w.e.f. November 13, 2025.

# Ceased to be member of the Committee w.e.f. December 9, 2025.

 Terms of Reference:

The NRC acts in accordance with the

terms of reference specified under Section

178 of the Companies Act, 2013 and the

SEBI Listing Regulations. The terms of

reference for the NRC are as follows:

● Formulation of the criteria for

determining qualifications, positive

attributes and independence of a

director and recommend to the board

of directors of the Company (the

“Board” or “Board of Directors”) a policy

relating to the remuneration of the

directors, key managerial personnel

and other employees (“Remuneration

Policy”).

The NRC, while formulating the above

policy, should ensure that:

(i) the level and composition of

remuneration be reasonable and

sufficient to attract, retain and

motivate directors of the quality

required to run our Company

successfully;

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(ii) relationship of remuneration

to performance is clear and

meets appropriate performance

benchmarks; and

(iii) remuneration to directors, key

managerial personnel and senior

management involves a balance

between fixed and incentive pay

reflecting short-term and long-

term performance objectives

appropriate to the working of the

Company and its goals.

● Formulation of criteria for evaluation of

performance of independent directors

and the Board;

● Devising a policy on Board diversity;

● Identifying persons who are qualified

to become directors and who may

be appointed as senior management

in accordance with the criteria laid

down, and recommend to the Board

their appointment and removal and

carrying out effective evaluation of

performance of Board, its committees

and individual directors (including

independent directors) to be carried

out either by the Board, by the

Nomination and Remuneration

Committee or by an independent

external agency and review its

implementation and compliance;

● Analysing, monitoring and reviewing

various human resource and

compensation matters;

● Deciding whether to extend or

continue the term of appointment

of the independent director, on the

basis of the report of performance

evaluation of independent directors;

● Determining the Company’s policy on

specific remuneration packages for

executive directors including pension

rights and any compensation payment,

and determining remuneration

packages of such directors;

● Recommending to the board, all

remuneration, in whatever form,

payable to senior management and

other staff, as deemed necessary;

● Reviewing and approving the

Company’s compensation strategy

from time to time in the context of the

current Indian market in accordance

with applicable laws;

● Perform such functions as are required

to be performed by the compensation

committee under the SEBI (SBEB &

SE) Regulations, if applicable;

● Frame suitable policies, procedures

and systems to ensure that there

is no violation of securities laws, as

amended from time to time, including:

(a) the Securities and Exchange Board

of India (Prohibition of Insider

Trading) Regulations, 2015; and

(b) the Securities and Exchange Board

of India (Prohibition of Fraudulent

and Unfair Trade Practices

Relating to the Securities Market)

Regulations, 2003, by the trust, the

Company and its employees, as

applicable.

●

Administering monitoring and

formulating detailed terms and

conditions the employee stock option

scheme/ plan approved by the Board

and the members of the Company in

accordance with the terms of such

scheme/ plan (“ESOP Scheme”), if any;

● Construing and interpreting the

ESOP Scheme and any agreements

defining the rights and obligations

of the Company and eligible

employees under the ESOP Scheme,

and prescribing, amending and/

or rescinding rules and regulations

relating to the administration of the

ESOP Scheme;

● Perform such other activities as may

be delegated by the Board or specified/

provided under the Companies

Act, 2013 to the extent notified and

effective, as amended or by the SEBI

Listing Regulations, as amended or by

any other applicable law or regulatory

authority.

● For every appointment of an

independent director, the Nomination

and Remuneration Committee

shall evaluate the balance of skills,

knowledge and experience on the

Board and on the basis of such

evaluation, prepare a description of

the role and capabilities required

of an independent director. The

person recommended to the Board

for appointment as an independent

director shall have the capabilities

identified in such description. For

the purpose of identifying suitable

candidates, the Committee may:

(a) use the services of an external

agencies, if required;

(b) consider candidates from a wide

range of backgrounds, having due

regard to diversity; and

the candidates.

● Carrying out any other functions

required to be carried out by the

NRC as contained in the SEBI Listing

Regulations or any other applicable

law, as and when amended from time

to time.

iii. Stakeholders’ Relationship Committee

(“SRC”):

The Company has constituted the SRC in

compliance with the provisions of Section

178 of the Companies Act, 2013 and the

SEBI Listing Regulations. The SRC was

reconstituted on November 24, 2025. The

Company Secretary acts as the Secretary

to the SRC.

 Composition & Meetings of SRC:

During the year, the SRC met 1 (One) time

i.e. on February 12, 2026.

As on date of this Report, the SRC

comprises 4 (four) Directors, i.e. 3 (three)

Non-Executive Independent Directors

and 1 (one) Executive Director as members.

The composition and attendance details

of SRC are as follows:

Name of DirectorsDesignation & Category

No. of Meetings

Entitled to

attend

Attended

Mr. Samir Kumar Das*Chairman(Non-Executive, Independent Director)11

Ms. Jagruti ShethMember(Non-Executive, Independent Director)11

Mr. Ghanshyam Vyas^Member(Non-Executive, Independent Director)11

Mr. Bhimji PatelMember(Executive ,Whole-time Director)11

Mr. Nayan Rawal

Member(Non-Executive, Independent Director--

Mr. Prasannakumar

Gawde

Member(Non-Executive, Independent Director)--

* Appointed as Chairman of the Committee w.e.f. November 24, 2025.

^ Appointed as Members of the Committee w.e.f. November 24, 2025.

@ Ceased to be member of the Committee w.e.f. November 13, 2025.

# Ceased to be member of the Committee w.e.f. December 9, 2025.

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 Terms of Reference:

The SRC acts in accordance with the terms

of reference specified under Section

178 of the Companies Act, 2013 and the

SEBI Listing Regulations. The terms of

reference for the SRC are as follows:

● Considering and specifically looking

into various aspects of interest of

shareholders, debenture holders and

other security holders;

● Resolving the grievances of the

security holders of the Company

including complaints related to

transfer / transmission of shares or

debentures, including non-receipt

of share or debenture certificates

and review of cases for refusal of

transfer / transmission of shares and

debentures, non-receipt of annual

report, non-receipt of declared

dividends, issue of new/duplicate

certificates, general meetings etc. and

assisting with quarterly reporting of

such complaints;

● Review of measures taken for effective

exercise of voting rights by members;

● Investigating complaints relating

to allotment of shares, approval of

transfer or transmission of shares,

debentures or any other securities;

● Giving effect to all transfer/

transmission of shares and debentures,

dematerialisation of shares and re-

materialisation of shares, split and

issue of duplicate/consolidated share

certificates, compliance with all

the requirements related to shares,

debentures and other securities from

time to time;

● Review of adherence to the service

standards adopted by the Company

in respect of various services being

rendered by the registrar and share

transfer agent of the Company and

to recommend measures for overall

improvement in the quality of investor

services;

● Review of the various measures and

initiatives taken by the Company for

reducing the quantum of unclaimed

dividends and ensuring timely receipt

of dividend warrants/annual reports/

statutory notices by the members of

the company; and

● Carrying out such other functions as

may be specified by the Board from

time to time or specified / provided

under the Companies Act or SEBI

Listing Regulations, or by any other

regulatory authority.

iv. IPO Committee:

The IPO Committee was initially

constituted on February 26, 2025, to

oversee and make decisions related to the

initial public offering, in compliance with

the SEBI (ICDR) Regulations.

 Composition & Meetings of IPO

Committee:

During the year, the IPO Committee met

4 (four) times i.e. on April 14, 2025, June

9, 2025, July 15, 2025 and July 21, 2025.

The IPO Committee comprised 3 (three)

Directors, i.e. 2 (two) Executive Director

and 1 (one) Non-Executive Independent

Directors as members. The composition

and attendance details of IPO Committee

are as follows:

Name of DirectorsDesignation & Category

No. of Meetings

Entitled

to attend

Attended

Mr. Bhimji PatelChairman(Executive ,

Whole-time Director)

Mr. Kunal PatelMember(Executive ,

Managing Director)

Mr. Nayan RawalMember(Non-Executive ,Independent

Director)

Following the successful completion of the IPO and the listing of the Company’s equity shares

on the BSE SME Platform with effect from July 23, 2025, the Committee had fulfilled its primary

objectives. Accordingly, the Board of Directors dissolved the Committee at its meeting held on

November 6, 2025.

v. Corporate Social Responsibility (“CSR”) Committee :

The Company has constituted the Committee in accordance with the provisions of Section 135

of the Companies Act, 2013 and has adopted a CSR Policy, which is available on the Company’s

website at https://monikaalcobev.com/storage/1254/CSR-Policy.pdf. The CSR Committee was

re-constituted on November 24, 2025.

 Composition & Meetings of CSR Committee:

During the year, the CSR Committee met 1 (One) time i.e. on November 6, 2025. As on date

of this Report, the CSR Committee comprises 4 (four) Directors, i.e. 2 (Two) Non-Executive

Independent Directors and 2 (two) Executive Director as members. The composition and

attendance details of CSR Committee are as follows:

Name of DirectorsDesignation & Category

No. of Meetings

Entitled

to attend

Attended

Mr. Bhimji PatelChairman(Executive ,Whole-time Director)11

Mr. Kunal PatelMember(Executive,Managing Director)11

Mr. Nayan Rawal*Member(Non-Executive, Independent

Director)

Mr. Samir Kumar Das^Member(Non-Executive, Independent

Director)

Ms. Jagruti Sheth^Member(Non-Executive, Independent

Director)

* Ceased to be member of the Committee w.e.f. November 13, 2026

^ Appointed as members of the Committee w.e.f. November 24, 2025

 Terms of Reference:

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The CSR Committee acts in accordance

with the terms of reference specified

under Section 135 of the Companies Act,

2013. The terms of reference of the CSR

Committee are as follows:

● Formulate and recommend to the

Board, a Corporate Social Responsibility

(CSR) Policy;

● Recommend the amount of

expenditure to be incurred on the CSR

activities;

● To review and recommend the

Corporate Social Responsibility Report

(CSR Report) to the Board for its

approval;

●

Monitor Corporate Social Responsibility

Policy of the Company from time to

time;

● Monitor the CSR activities undertaken

by the Company;

● Evaluate its performance annually;

● Perform such other functions as

may be required under the relevant

provisions of the Companies Act,

2013, the Rules made there under and

discharge such other functions as

may be specifically delegated to the

Committee by the Board from time to

time.

 Annual Report on CSR:

The Report on information required to be

provided under Section 134(3)(o) of the

Companies Act, 2013 read with the Rule

9 of the Companies (Accounts) Rules,

2014 in relation to disclosure about CSR is

annexed as “Annexure II” to this report.

15. SEPARATE MEETING OF INDEPENDENT

DIRECTORS:

In accordance with Schedule IV and the

provisions of the Companies Act, 2013,

a separate meeting of the Independent

Directors was held on February 12, 2025

to review, among other matters, the

performance of the non-Independent

Directors, the Board as a whole, the

Chairman’s performance, and the flow of

communication between the Board and the

management.

16. SHAREHOLDERS’ APPROVAL:

(a) Shareholders’ Meetings:

During the year under review, following

Shareholders’ Meetings were held:

Date of

Meeting

Nature of

Meeting

Mode

Thursday,

July 10, 2025

Annual

General Meeting

VC/

OAVM

(b) Postal Ballot:

During the year, company sought for the

Shareholders approval, by way of postal

ballot:

1. Approval of “Monika Alcobev Employee

Stock Option Scheme 2026 (“ESOS-

2026”)”.

2. To extend approval of “Monika Alcobev

Employee Stock Option Scheme 2026

(“ESOS-2026”)” to the Employees/

Directors of its Holding Company(ies),

Subsidiary Company (ies) and/ or

Associate Company(ies), Group

Company(ies) [Present and Future].

3. Appointment of Mr. Ghanshyam

Vijaykumar Vyas (DIN: 11386659) as an

Independent Director.

4. Appointment of Mr. Samir Kumar Das

(DIN: 09645179) as an Independent

Director.

Which was duly passed by requisite

majority on March 22, 2026 and result of

the same were announced on March 23,

2026. M/s. Agrawal Mundra & Associates,

Company Secretaries, was appointed as

the scrutinizer for conducting the postal

ballot/e-voting process in a fair and

transparent manner.

17. INVESTOR GRIEVANCE REDRESSAL:

Throughout the financial year under review,

all investor grievances were addressed

promptly and resolved in a timely manner.

As of March 31, 2026, no complaints were

outstanding against the Company, as

confirmed by the certificate issued by the

Registrar and Transfer Agent.

18. MANAGEMENT DISCUSSION AND ANALYSIS

REPORT:

As required under Regulation 34(2)(e) read

with Para B of Schedule V of SEBI (Listing

Obligations and Disclosure Requirements)

Regulations, 2015 (“Listing Regulations”), the

Management Discussion and Analysis Report

is enclosed as a part of this report.

19. CORPORATE GOVERNANCE:

As the Company is listed on the SME Platform

of the BSE Limited, The Corporate Governance

requirements as stipulated under the SEBI

Listing Regulations is not applicable to the

company but the Company adheres to good

Corporate Governance practices at all times.

20. CREDIT RATINGS:

During the year under review, the Company

has obtained the credit rating from M/s.

lnfomerics Valuation and Rating Limited

(‘IVR’) and M/s. Acuite Ratings & Research

Limited, (‘ACUITE’), Credit Rating Agencies,

the details of same is being given below:

Long Term RatingShort Term Rating

IVR BBB | StableIVR A3+

ACUITE BBB | StableACUITE A3+

21. COMPLIANCE OF SECRETARIAL

STANDARDS:

During the year under review, the Company

has complied with the applicable SS-1

(Secretarial Standard on Meetings of the

Board of Directors) and SS-2 (Secretarial

Standard on General Meetings) issued by the

Institute of Company Secretaries of India and

approved by the Central Government under

Section 118(10) of the Companies Act, 2013.

22. POLICY ON DIRECTORS’ APPOINTMENT

AND REMUNERATION:

The Company has formulated and

adopted the “Nomination, Appointment

and Remuneration Policy” for Directors,

Key Managerial Personnel and Senior

Management Personnel of the Company in

accordance with the provisions of Companies

Act, 2013 read with the Rules made there

under and SEBI Listing Regulations. The

said Policy of the Company, provides: (i)

Criteria for determining qualifications,

positive attributes and independence of a

director, (ii) Policy on Diversity of Board of

Directors, (iii) Policy on Remuneration of the

Directors, Key Managerial Personnel and

Senior Management of the Company and (iv)

Succession Plan for Board of Directors and

Senior Management.

The Nomination and Remuneration Policy

is available on the Company’s website at

https://monikaalcobev.com/storage/1251/

Nomination-and-Remuneration-Policy.pdf

23. PERFORMANCE EVALUATION OF THE

BOARD:

Pursuant to the provisions of the Companies

Act, 2013, a Board Evaluation Policy has

been framed and approved by the NRC

and by the Board. The Board carried out an

annual performance evaluation of its own

performance, the Independent Directors

individually as well as the evaluation of the

working of the Committees of the Board. The

performance evaluation of all the Directors

was carried out by the NRC. The performance

evaluation of the Chairman and the Non-

Independent Directors was carried out by the

Independent Directors.

The purpose of Board evaluation is to

ensure continuous improvement in the

Company’s governance at the Board level.

The Board aims to adopt and adhere to best

practices in governance to fulfil its fiduciary

responsibilities to the Company.

The Company has in place a structured

questionnaire covering various aspects

of the Board’s functioning, including the

adequacy of the composition of the Board

and its Committees, Board culture, and the

execution and performance of specific duties,

obligations, and governance responsibilities.

The Directors expressed satisfaction with the

evaluation process.

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24. ANNUAL RETURN:

The Annual Return of the Company,

as required under Section 92(3) and

Section 134(3)(a) of the Companies Act,

2013, will be available on the Company’s

website at https://monikaalcobev.com/

investors?selectedRadio=annual-returns.

25. MATERIAL CHANGES AND COMMITMENTS,

IF ANY AFFECTING THE FINANCIAL

POSITION OF THE COMPANY:

Except as disclosed elsewhere in this Report,

no material changes or commitments

affecting the financial position of the

Company have occurred between the end of

the financial year and the date of this Report.

26. SIGNIFICANT AND MATERIAL ORDERS

PASSED BY THE REGULATORS OR COURTS:

There are no significant and material orders

passed by the regulators / courts that would

impact the going concern status of the

Company and its future operations.

27. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 134 (5)

of the Companies Act, 2013, (the Act) your

Directors confirm that:

(a) In the preparation of the annual accounts

during the year under review, the applicable

accounting standards have been followed

along with proper explanation relating to

material departures.

(b) The directors have 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 the financial year and of the

profit of the company for that year.

sufficient care for the maintenance

of adequate accounting records in

accordance with the provisions of

this Act for safeguarding the assets of

the company and for preventing and

detecting fraud and other irregularities.

(d) The directors have prepared the annual

accounts on a going concern basis.

(e) The directors have established and

implemented Internal Financial Controls

that are adequate and operating

effectively.

(f) The directors have devised proper systems

to ensure compliance with the provisions

of all applicable laws and that such

systems were adequate and operating

effectively.

28. AUDITORS:

(a) Statutory Auditors and Auditors’

Report:

Pursuant to the provisions of section 139

of the Companies Act, 2013 read with the

Companies (Audit and Auditors) Rules,

2014, the Members, at the 1st Annual

General Meeting of the Company held on

December 23, 2023, had appointed M/s.

Shah Gupta & Co., Chartered Accountants

(FRN:109574W), as the Statutory Auditors

for the first term of five consecutive

financial years from the conclusion of

the 1

Annual General Meeting of the

Company held on December 23, 2023, till

the conclusion of the 6th Annual General

Meeting to be held in the year 2028.

The Statutory Auditors’ Report for FY

2025-26 on the financial statement of

the Company forms part of this Annual

Report. Statutory Auditors have expressed

their unmodified opinion on the Financial

Statements and their report do not contain

any qualification, reservations, adverse

remarks or disclaimers. The Notes on

financial statements are self-explanatory

and needs no further explanation.

(b) Secretarial Auditors and Secretarial

Audit Report:

Pursuant to Section 204 of the

Companies Act, 2013 and the Companies

(Appointment and Remuneration of

Managerial Personnel) Rules, 2014, made

there under, mandate the company

to have Company Secretary in practice

for furnishing secretarial audit report,

accordingly the company has appointed

M/s. Agrawal Mundra & Associates,

Company Secretaries (ICSI Unique Code:

P2019MP077600)a peer reviewed firm, to

act as the Secretarial Auditor.

The Secretarial Auditors’ Report for FY

2025-26 does not contain any qualification,

reservation, or adverse remark. The

Secretarial Auditors Report annexed as

“Annexure III” to this Report.

Report:

Pursuant to requirement of the Section

138 of the Act read with Rule 13 of the

Companies (Accounts) Rules, 2014, the

Board, at its meeting held on June 12,

2025, appointed H.D. Raiyani & Associates,

Chartered Accountants (FRN: 154250W),

as the Internal Auditor of the Company

for the FY 2025–26 to conduct the internal

audit.

During the year 2025-26, no fraud was

reported by the Internal Auditor of the

Company in their Audit Report.

The Board of Director of the Company at

its board meeting held on May 8, 2026 has

appointed M/s. MYNS & Co. LLP, Chartered

Accountants (FRN: W101239), as the

Internal Auditor of the Company for the

financial year 2026-27.

(d) Cost Auditors:

Provision of Section 148 of the Companies

Act, 2013 read with the Companies (Cost

Records and Audit) Rules, 2014 are not

applicable to the Company during the

year under review.

29. REPORTING OF FRAUDS BY AUDITORS:

During the year under review, no frauds were

reported by the auditors of the company

under section 143(12) of the Companies Act,

2013.

30. LOAN(S), GUARANTEE(S) OR INVESTMENT(S)

UNDER SECTION 186 OF COMPANIES ACT,

2013:

During the year under Review, your Company

has not provided loans/guarantees or made

any investments under the terms of Section

186 of the Companies Act, 2013.

31. CONTRACTS OR ARRANGEMENTS WITH

RELATED PARTIES:

All Related Party Transactions entered

during the year were in the ordinary course

of business and on arm’s length basis

except the transaction with Infinity Global

Supply Chain Limited, a promoter group

company for Leave and License Agreement

for Adjoined Office Premises. The said

transaction was not in the ordinary course

of business but at arm’s length basis and

neither crossed the threshold limits provided

under Rule 15 (3) (iii) of Companies (Meetings

of Board and its Powers) Rules, 2014 nor

material under regulation 23 of SEBI Listing

Regulations. The transaction is approved by

the Audit Committee and Board. Details of

the transaction pursuant to Section 134(3)(h)

of the Companies Act, 2013 in form AOC-2 is

annexed as “Annexure IV” to this Report.

All Related Party Transactions were placed

before the Audit Committee for prior approval.

In accordance with the Policy on Related Party

Transactions, the Audit Committee granted

omnibus approval for repetitive transactions,

which were subsequently reviewed on a

quarterly basis.

The Policy on Related Party Transactions,

as approved by the Board of Directors, is

available on the Company’s website at https://

monikaalcobev.com/storage/1243/Policy-on-

Related-Party-Transactions.pdf.

32. CONSERVATION OF ENERGY, TECHNOLOGY

ABSORPTION AND FOREIGN EXCHANGE

EARNING & OUTGO:

I. CONSERVATION OF ENERGY:

a. The steps taken or impact on

conservation of energy-

The company is putting continuous

efforts to reduce the consumption of

energy and maximum possible saving

of energy.

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b. The steps taken by the company for

utilizing alternate sources of energy-

The Company has used alternate

source of energy, whenever and to the

extent possible.

c. The capital investment on energy

conservation equipment’s-

No Capital investment has been done

by the Company during the year under

review.

II. TECHNOLOGY ABSORPTION:

a. the effort made towards technology

absorption-

The Company operates in the trading

sector, where minimal technology

input is required. However, to

strengthen its systems and processes,

the Company has incurred expenses,

though no significant implementation

or use of technology has been carried

out during the year under review.

b. the benefits derived like product

improvement, cost reduction,

product development or import

substitution-

The Company always aim to innovate

its product and process and thereby

continuous efforts are being put

for product improvement, cost

reduction, product development and

strategies for import substitution. No

specific activity has been done by the

Company.

c. in case of imported technology

imported during the last three years

reckoned from the beginning of the

financial year

No technology has been imported.

d. the expenditure incurred on

Research & Development

Looking into the nature of Company’s

business, it has not spent any amount

on Research & Development during

the year under review.

III. FOREIGN EXCHANGE EARNINGS AND

OUTGO:

The Company has the following foreign

exchange earnings and outgo:

(₹ in Lakhs)

ParticularsFY 2025-26sFY 2024-25

Foreign exchange

earnings

10,375.648,545.41

Foreign exchange

outgo

16,637.8414,812.53

33. PARTICULARS OF EMPLOYEES:

Employees of the company are its most

important assets. The company promotes

and practices progressive HR policies to

encourage, motivate and attract as well as

retain quality professionals. During the year,

your Company had 222 employees as of March

31, 2026. There are 196 male and 26 female

employees as on the financial year end.

The ratio of the remuneration of each Director

to the median employee’s remuneration and

other details in terms of sub-section 12 of

Section 197 of the Companies Act, 2013 read

with Rule 5(1) of the Companies (Appointment

and Remuneration of Managerial Personnel)

Rules, 2014, is annexed as “Annexure V” to

this Report.

The statement containing particulars of

employees as required under Section 197(12)

of the Companies Act, 2013 read with Rule

5(2) and 5(3) of the Companies (Appointment

and Remuneration of Managerial Personnel)

Rules, 2014 is open for inspection at the

Registered Office of the Company during

working hours up to the date of ensuing

Annual General Meeting. In terms of Section

136 of the Act, the Reports and Accounts are

being sent to the Members and others entitled

thereto, excluding the aforesaid particulars

of employees. A copy of this statement may

be obtained by the Members by writing an

email to the Company Secretary at investors.

relation@monikaalcobev.com and the same

will be furnished on such request.

34. DEPOSITS:

The Company has not accepted or renewed

any amount falling within the purview of

provisions of Section 73 of the Companies Act,

2013 read with the Companies (Acceptance

of Deposit) Rules, 2014 during the year under

review. Hence, the requirement for furnishing

the details of deposits covered under Chapter

V of the Act and the Rules made thereunder

and the details of deposits which are not in

compliance with the requirement of Chapter

V of the Companies Act, 2013 is not applicable.

35. UNSECURED BORROWINGS FROM

DIRECTORS:

During the year, the Company has received

and repaid unsecured loans from its directors.

These borrowings are interest-free and are

repayable on demand.

In accordance with Rule 2(1)(c)(viii) of the

Companies (Acceptance of Deposits) Rules,

2014, the necessary declarations have been

obtained from the concerned Directors

confirming that the amounts provided are

from their own funds and do not constitute

deposits under the said Rules.

Your Directors draw the attention of the

members to Schedule No. 7 & 28 of the Notes

to Accounts forming part of the financial

statements for further details regarding

these transactions.

36. INTERNAL FINANCIAL CONTROL SYSTEMS

AND THEIR ADEQUACY:

Your Company has in place adequate internal

financial controls with reference to financial

statements, commensurate with the size,

scale and complexity of its operations. The

Company has laid down standards, processes

and structures which enable implementation

of internal financial control across the

organization and ensure that the same are

adequate and operating effectively.

The Company has appointed M/s. H.D.

Raiyani & Associates as Internal Auditors who

reviewed the internal control systems of the

Company and reported thereon. The report

of the Internal Auditors was periodically

reviewed by the Audit Committee.

37. VIGIL MECHANISM / WHISTLE BLOWER

POLICY:

The Company has formulated a Vigil

Mechanism / Whistle Blower Policy in terms of

Section 177 of the Act and Regulation 22 of the

SEBI Listing Regulations for the employees

to report their grievances / concerns about

instances of unethical behavior, actual or

suspected fraud or violation of Company’s

Code of Conduct by means of protected

disclosure to the Vigilance Officer or the

Chairperson of the Audit Committee.

The Vigil Mechanism / Whistle Blower Policy

may be accessed on the Company’s website

at https://monikaalcobev.com/storage/1241/

Vigil-MechanismWhistle-Blower-Policy-for-

Directors-and-Employees.pdf.

During the year, no protected disclosures

were received.

38. RISK MANAGEMENT (RISK ASSESSMENT

AND MINIMIZATION PROCEDURE):

The Company has a policy on Risk

Management (Risk Assessment and

Minimization Procedure) to identify various

kinds of risks in the business of the Company.

There are no such risks, which, in the opinion

of the Board, threaten the existence of your

Company. However, some of the risks which

are inherent in business and the type of

industry in which it operates are elaborately

described in the Management Discussion

and Analysis Report forming part of this

Report.

39. DISCLOSURE UNDER SECTION 22 OF THE

SEXUAL HARASSMENT OF WOMEN AT

WORKPLACE (PREVENTION, PROHIBITION

AND REDRESSAL) ACT, 2013:

The Company has formulated a Policy

on prevention of Sexual Harassment in

accordance with the provisions of the

Sexual Harassment of Women at Workplace

(Prevention, Prohibition and Redressal) Act,

2013 and the Rules made thereunder which

is aimed at providing every woman at the

workplace a safe, secure and dignified work

environment.

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The Company has complied with the

applicable provisions of the said Act,

including constitution of the Internal

Complaints Committee.

During the year, no complaints of sexual

harassment were received. The particulars

are as follows:

ParticularsNo of

Complaints

number of complaints of

sexual harassment received in

the year

Nil

number of complaints

disposed off during the year

Nil

number of cases pending for

more than ninety days

Nil

40. DISCLOSURE UNDER THE MATERNITY

BENEFIT ACT, 1961

The Maternity Benefit Act, 1961 was enacted

to safeguard the employment and well-being

of women during maternity by providing for

maternity leave, benefits, and protection

against dismissal or discrimination on

account of pregnancy. In accordance with the

provisions of the Maternity Benefit Act, 1961,

as amended, the Company hereby discloses

the following information for the FY 2025-26:

ParticularsNo .

Total number of women

employees

Number of women employees

who availed maternity leave

during the year

The Company is committed to providing

a safe, inclusive, and supportive working

environment for all women employees, in

line with the provisions of the said Act.

41. DECLARATION AFFIRMING COMPLIANCE

WITH CODE OF CONDUCT:

It is hereby confirmed and declared that all

Board Members and Senior Management

Personnel have individually affirmed their

compliance with the Code of Conduct

adopted by the Company for the financial

year ended March 31, 2026. This affirmation is

detailed in Annexure-VI to this report.

42. OTHER DISCLOSURES /REPORTING:

Your Directors state that no disclosure

or reporting is required in respect of the

following items, as there were no transactions

or such matters were not applicable during

the year under review:

(a) During the financial year under review,

your Company does not have any

Subsidiary, Joint Venture(s) and Associate

Companies.

(b) Receipt of remuneration or commission

from any of the subsidiaries by the

Executive Directors of the Company.

Convertible Securities

(d) Issue of warrants

(e) Shares held in Trust for the benefit of

employees where the voting rights are

not exercised directly by employees

(f) There was no instance of one-time

settlement with any Bank or Financial

Institution.

(g) During the year under review, there

were no proceedings that were filed by

the Company or against the Company,

which are pending under the Insolvency

and Bankruptcy Code, 2016, as amended,

before National Company Law Tribunal or

other Courts.

Further, all other disclosures required under

the Companies Act, 2013, the Rules framed

thereunder, and the SEBI Listing Regulations

are either NIL or not applicable.

43. ACKNOWLEDGEMENTS:

The Board wishes to place on record

its appreciation for the assistance and

support received from the lenders,

government, regulatory authorities,

customers, business associates and vendors.

Your directors take this opportunity to express

their sincere thanks to all the members and

stakeholders for the faith and confidence

that they reposed in the Company and the

management.

Your directors attach immense importance

to the contribution of the employees

and sincerely thank them for sharing the

Company’s vision and philosophy and for

their dedication and commitment.

For & on behalf of Board of Directors of

Monika Alcobev Limited

Bhimji Patel

Chairman & Whole -Time Director

DIN: 00253030

Kunal Patel

Managing Director

DIN: 03039030

Place: Mumbai

Date: May 8, 2026

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Annexure I

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10) (i) of the SEBI

(Listing Obligations and Disclosure Requirements) Regulations, 2015)

To,

The Members

MONIKA ALCOBEV LIMITED

CIN: L15490MH2022PLC375025

Address: 2403, 24

Floor, Signature,

Suresh Sawant Road, Off. Veera Desai Road,

Andheri West, Mumbai 400053, Maharashtra, India

We have examined the relevant registers, records, forms, returns and disclosures received from

the Directors of MONIKA ALCOBEV LIMITED having CIN: L15490MH2022PLC375025 and having

registered office at 2403, 24th Floor, Signature, Suresh Sawant Road, Off. Veera Desai Road, Andheri

West, Mumbai 400053, Maharashtra, India (hereinafter referred to as ‘The Company’), produced

before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation

34(3) read with Schedule V Para-C Sub clause 10 (i) of the Securities Exchange Board of India (Listing

Obligations and Disclosure Requirements) Regulations, 2015.

In our opinion and to the best of our information and according to the verifications (including

Directors Identification Number (DIN) status at the portal www.mca.gov.in) as considered necessary

and explanations furnished to us by the Company & its officers. We hereby certify that none of the

Directors on the Board of the Company as stated below for the Financial Year ended on March 31, 2026

have been debarred or disqualified from being appointed or continuing as Directors of Companies by

the Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory

Authority.

Sr. No.Name of DirectorsDINDate of appointment*

1. Bhimji Patel0025303017/01/2022

2.Kunal Patel0303903017/01/2022

3.Nayan Rawal

0018494523/12/2023

4.Prasannakumar Gawde

0145651031/01/2024

5.Jagruti Sheth0712954922/02/2025

6.Samir Kumar Das

0964517924/11/2025

7.Ghanshyam Vyas

1138665924/11/2025

*The date of appointment is as per the MCA Portal.

^ Mr. Nayan Rawal resigned w.e.f. November 13, 2025

@ Mr. Prasannakumar Gawde w.e.f. December 9, 2025

$ Mr. Samir Kumar Das and Mr. Ghanshyam Vyas appointed w.e.f. November 24, 2025

Ensuring the eligibility for the appointment / continuity of every Director on the Board is the

responsibility of the management of the Company. Our responsibility is to express an opinion on

these based on our verification. This certificate is neither an assurance as to the future viability of the

Company nor of the efficiency or effectiveness with which the management has conducted the affairs

of the Company.

For Agrawal Mundra & Associates

Company Secretaries

Aditya Agrawal

Partner

M. No.: A57913

CP No.: 22030

UDIN: A057913H000365352

PR: 4758/2023

Place: Indore

Date: May 14, 2026

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Annexure II

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES

[Pursuant to Section 135 of the Companies Act, 2013 read with The Companies

(Corporate Social Responsibility Policy) Rules, 2014]

1. Brief outline on CSR policy of the Company:

The Company is committed to creating a positive and lasting social impact by addressing the

various needs of society through its CSR programs. The Company has adopted its CSR Policy with

the aim of promoting economic and social development, ensuring that its initiatives contribute

to the broader well-being of society.

The CSR Policy provides an overview of the projects and programs the Company plans to

undertake, which are designed to deliver meaningful and sustainable outcomes. These initiatives

are crafted to address key social challenges while promoting environmental sustainability,

community welfare, and overall societal progress.

The Company has formulated and enacted its Corporate Social Responsibility (CSR) Policy. In

accordance with this policy, the Company may undertake any activities, projects, or programs as

specified in Schedule VII of Section 135 of the Companies Act, 2013, including any amendments or

modifications made to these provisions over time.

2. Composition of the CSR Committee:

Sr.

Name of the

Directors

Designation & Category

Number of

meetings

of CSR

Committee

held during

the year

Number of

meetings of

CSR Committee

attended

during the year

1. Mr. Bhimji Patel

Chairman(Executive, Whole-

time Director)

2. Mr. Kunal Patel

Member(Executive

Director, Managing

Director)

3. Mr. Nayan Rawal*

Member(Non-Executive,

Independent Director)

4. Ms. Jagruti Sheth^

Member(Non-Executive,

Independent Director)

Mr. Samir Kumar

Das^

Member(Non-Executive,

Independent Director)

* Ceased to be member of the Committee w.e.f. November 13, 2025

^ Appointed as members of the Committee w.e.f. November 24, 2025

3. The web-link where Composition of CSR committee, CSR Policy and CSR projects approved

by the board are disclosed on the website of the Company:

- Composition of CSR committee: https://monikaalcobev.com/investors

- CSR Policy: https://monikaalcobev.com/investors

- CSR projects approved by the board: https://monikaalcobev.com/investors

The executive summary along with web-link(s) of impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8, if applicable:

Not Applicable

(a)

Average Net Profit of the Company as per Section 135(5):

₹ 2488.10 Lakhs

(b)

Two percent of average net profit of the company as per section 135(5):

₹ 49.76 Lakhs

(c)

Surplus arising out of the CSR projects or programmes or activities of the previous financial years:

Nil

(d)

Amount required to be set off for the financial year, if any:

₹ 5.51 Lakhs

(e)

Total CSR obligation for the financial year [5(b) + 5(c) - 5(d)]:

₹ 44.25 Lakhs

(a)

Amount spent on CSR projects (both ongoing project and other than ongoing project):

₹ 44.25 Lakhs

- Details of CSR amount spent against ongoing projects for the financial year: Not Applicable- Details of CSR amount spent against other than ongoing projects for the financial: ₹ 44.25 Lakhs

Sr.

Name of the

Project

Item from the list of

activities in Schedule

VII to the Act

Local

area

(Yes/ No).

Location of the project.

Amount

spent in

the current

financial

Year

(₹ in Lakhs)

Mode of

Implementation

- Direct

(Yes/ No)

Mode of Implementation

- Through Implementing

Agency

State

District

Name

CSR

Registration

number

Para Sports

training to promote paralympic sports [item (vii) of Sch. VII]

Yes

Maharashtra

Mumbai

2.00

Yes

(a) Promoting

Healthcare and sanitation

(b) Promotion of

Education and employment-enhancing vocational skills

transformation and development

a) Eradicating

hunger, poverty and malnutrition, promoting healthcare including preventive healthcare[item (i) of Sch. VII]

(b)Promoting education,

including special education and employment-enhancing vocational skills [Item (ii) of Schedule VII]

(c)Rural development

projects [Item (x) of Schedule VII]

Gujarat

Ahmedabad,

Aravalli,

Sabarkantha,

Dahod,

Panchmahal,

Narmada and

Bharuch

42.25

Jivan Jyot

Foundation

CSR00006563

(b)

Amount spent in administrative overheads:

Nil

(c)

Amount spent on Impact Assessment, if applicable:

Not Applicable

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(d)

Total amount spent for the financial year [(a) + (b) + (c)]:

₹ 44.25 Lakhs

(e)

CSR amount spent or unspent for the financial year:

Total amount spent

for the financial

year (₹ in Lakhs)

Total amount spent

for the financial year

Total amount transferred to

unspent CSR account as per sub-

section (6) of Section 135

Amount transferred to any fund specified under

Schedule VII as per second proviso to sub-section (5)

of Section 135

Amount (in ₹)

Date of transfer

Name of the

fund

Amount (in ₹)

Date of transfer

44.25

(f)

Excess amount for set-off, if any:

No.

Particulars

Amount

(₹ in Lakhs)

i. Two percent of average net profit of the Company as per sub-section (5) of Section 135

49.76

ii. Amount required to be set-off for the financial year

5.51

iii. Total amount spent for the financial year

44.25

iv. Excess amount spent for the financial year [(iii)+(ii)-(i)]

Surplus arising out of the CSR projects or programs or activities of the previous financial years, if any

vi. Amount available for set off in succeeding financial years [(iii) - (iv)]

Details of Unspent CSR amount for the preceding three financial years:

Sr.

No.

Preceding

Financial

Year

Amount

transferred

to Unspent

CSR Account

under section

135 (6) (

₹

Lakhs)

Balance Amount

in Unspent CSR

Account under

subsection (6) of

section 135

(

₹

in Lakhs)

Amount spent

in the Financial

Year

(

₹

in Lakhs).

Amount transferred to any fund

as specified under Schedule VII

as per second proviso to sub-

section

(5) of section 135,

if any

Amount

remaining to

be spent in

succeeding

financial

years.

(

₹

in Lakhs)

Deficiency,

if any

Amount

(

₹

in Lakhs)

Date of transfer.

2023-24

44.11

34.80

21.20

13.60

Note:

During the year, the Company commenced the ongoing project for conservation of a lake

located at Meghpar (Kumbhardi), Village in Anjar Taluka, Kutch District, Gujarat. An amount of

₹15.00 lakhs was spent towards this project during the year ended March 31, 2026.

The project could not be initiated in the previous years due to feasibility constraints, primarily on

account of pending approvals and alignment with the local Meghpar Gram Panchayat . During

the current year, the necessary permissions and coordination with the Panchayat authorities

were obtained, and the project was accordingly undertaken after reassessing its viability.

The Company made a further contribution of ₹6.20 lakhs to the Centre of CSR & Sustainability

Excellence (implementing agency), Delhi from the Unspent CSR Expenditure Account, towards

its CSR ongoing project pertaining to the FY 2023–24, CSR initiative relating to environmental

sustainability and conservation of natural resources, as approved by the CSR Committee at its

meeting held on January 27, 2025.

Accordingly, the total amount spent during the year amounts to ₹21.20 lakhs, aggregating the

total expenditure incurred till date to ₹30.51 lakhs.

8. Whether any capital assets have been created or acquired through Corporate Social

Responsibility amount spent in the Financial Year: Not Applicable

9. Specify the reason(s), if the company has failed to spend two per cent of the average net

profit as per section 135(5): Not Applicable

For & on behalf of Board of Directors of

Monika Alcobev Limited

Place: Mumbai

Date: May 8, 2026

Bhimji Patel

Chairman - CSR Committee

DIN: 00253030

Kunal Patel

Member – CSR Committee

DIN: 03039030

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Annexure III

Form No. MR-3

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED MARCH 31, 2026

[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies

(Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To,

The Members

MONIKA ALCOBEV LIMITED

2403, 24

Floor, Signature, Suresh Sawant Road,

Off. Veera Desai Road, Andheri West,

Mumbai, Maharashtra - 400053

We have conducted the secretarial audit of the compliance of applicable statutory provisions

and the adherence to good corporate governance practices by Monika Alcobev Limited having

CIN: L15490MH2022PLC375025 (hereinafter called “the Company”). The Secretarial Audit was

conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/

statutory compliances and expressing our opinion thereon.

We have conducted verification & examination of records, as facilitated by the Company, for purpose

of issuing this report and based on our verification of the Company’s books, papers, minutes books,

forms and returns filed and other records maintained by the Company and also the information

provided by the Company, its officers, agents and authorized representatives during the conduct of

secretarial audit, We hereby report that in our opinion, the Company has, during the period under

review covering the financial year ended on March 31, 2026 complied with the statutory provisions

listed hereunder and also that the Company has proper Board processes and compliance mechanism

in place to the extent, in the manner and subject to the reporting made hereinafter:

1. We have examined the books, papers, minute books, forms and returns filed and other records

maintained by the Company, for the financial year ended on March 31, 2026 according to the

provisions of;

(i) The Companies Act, 2013 (“the Act”) and the rules made there under to the extent applicable;

(ii) The Depositories Act, 1996 and the Regulations and Bye - laws framed thereunder;

(iii) Foreign Exchange Management Act, 1999 and the rules andregulations made thereunder

to the extent of Foreign Direct Investment, Overseas Direct Investment and External

Commercial Borrowings;

(iv) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;

(v) The following Regulations and Guidelines prescribed under the Securities and Exchange

Board of India Act, 1992:

a) The Securities and Exchange Board of India (Listing Obligations and Disclosure

Requirements) Regulations, 2015;

b) The Securities and Exchange Board of India (Substantial Acquisition of Shares and

Takeovers) Regulations, 2011;

c) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations,

2015;

d) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)

Regulations, 2018;

e) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat

Equity) Regulations, 2021;

f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer

Agents) Regulations, 1993;

g) The Securities and Exchange Board of India (Depositories and Participants) Regulations,

2018;

(vi) The following Regulations and Guidelines prescribed under the Securities and Exchange

Board of India Act, 1992 (‘SEBI Act’) were not applicable to the Company during the period

under review:

a) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations,

2021;

b) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018;

c) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible

Securities) Regulations, 2021.

2. We based on the representation made by the Company and its officers for systems and mechanism

framed by the Company for compliances under other applicable Acts, Laws and Regulations to

the Company and on examination of the relevant documents and records in pursuance thereof,

on test-check basis, the Company has complied with other Acts, Laws and Regulations applicable

specifically to the Company.

i. The Trade Marks Act, 1999;

ii. Shops & Establishment Act and Rules;

iii. Legal Metrology Act, 2009;

iv. Food Safety and Standards Act, 2006;

v. The Food Safety & Standards Rules, 2011;

vi. Information Technology Act, 2000;

vii. The Special Economic Zone Act, 2005 and the rules made thereunder;

viii. Various State Excise Laws to the extent applicable to brewing/alcohol industry;

ix. All other Labour, Employee and environmental Laws to the extent of necessary permissions,

licenses, compliance mechanisms, controls and any violations noted by the respective

authorities as applicable to the Company.

We have also examined compliance with the applicable clauses of Secretarial Standards – 1 and 2

issued by the Institute of Company Secretaries of India under the provisions of Companies Act, 2013

and during the financial year under report, the Company has complied with the provisions of the Act,

Rules, Regulations, Guidelines, Standards, etc. mentioned above.

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We further report that:

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors,

Non-Executive Directors and Independent Directors. The changes in the composition of the Board

of Directors that took place during the period under review were carried out in compliance with the

provisions of the Act.

Adequate notice was given to all the Directors, from time to time, for the Board and Committee

Meetings, agenda and detailed notes on agenda were sent in due course of time and a system exists

for seeking and obtaining further information and clarifications on the agenda items before the

meeting and for meaningful participation at the meeting.

Board / Committee decisions were carried through requisite majority while the dissenting members’

views, if any, are captured and recorded as part of the minutes.

We further report that there are adequate systems and processes in the Company commensurate

with the size and operations of the Company to monitor and ensure compliance with applicable laws,

rules, regulations and guidelines.

The compliance by the Company of applicable Financial Laws, like Direct and Indirect Tax Laws, and

maintenance of financial records and books of accounts have not been reviewed in this Audit, since

the same is subject to review by designated professionals during the course of statutory financial

audit.

During the period under review We further report that:

i. The Company came out with an Initial Public Offering of up to 57,91,200 Equity Shares of Face

Value of ₹ 10 each at a price of ₹ 286 per Equity Share (including a share premium of ₹ 276 per

equity share) aggregating up to ₹ 16,562.83 Lakhs comprising a Fresh Issue of up to 47,91,200

Equity Shares of Face Value ₹ 10 each aggregating up to ₹ 13,702.83 Lakhs and Offer for Sale of

up to 10,00,000 Equity Shares aggregating up to ₹ 2,860.00 Lakhs by Selling Shareholders. The

Company had filed the Red Herring Prospectus dated July 08, 2025 and Prospectus dated July

18, 2025 in connection with the said issue. The IPO remained open for subscription for a period

of three days from July 16, 2025 to July 18, 2025. Subsequent to the IPO, the equity shares of the

Company were listed on the SME Platform of BSE Limited with effect from July 23, 2025.

ii. The members approved the following resolutions through postal ballot on March 22, 2026:

 Approval of “Monika Alcobev Employee Stock Option Scheme 2026 (“ESOS-2026”)”.

 To extend approval of “Monika Alcobev Employee Stock Option Scheme 2026 (“ESOS-2026”)”

to the Employees/Directors of its Holding Company(ies), Subsidiary Company (ies) and/ or

Associate Company(ies), Group Company(ies) [Present and Future].

 Appointment of Mr. Ghanshyam Vijaykumar Vyas (DIN: 11386659) as an Independent Director.

(Mr. Ghanshyam Vijaykumar Vyas was earlier appointed as an Additional Director (Non-

Executive Independent Director) of the Company with effect from November 24, 2025).

 Appointment of Mr. Samir Kumar Das (DIN: 09645179) as an Independent Director.

(Mr. Samir Kumar Das was earlier appointed as an Additional Director (Non-Executive

Independent Director) of the Company with effect from November 24, 2025).

iii. Mr. Nayan Jagdishchandra Rawal (DIN: 00184945), Non-Executive Independent Director of the

Company has tendered his resignation from the Board of Directors with effect from the close

of business hours on November 13, 2025, due to his pre-occupation with other professional

commitments.

iv. Mr. Prasannakumar Baliram Gawde (DIN: 01456510), Non-Executive Independent Director of

the Company has tendered his resignation from the Board of Directors with effect from the

close of business hours on December 9, 2025, due to his pre-occupation with other professional

commitments.

v. The Company has declared and made payment of final dividend for FY 2024-25 .

For Agrawal Mundra & Associates

Company Secretaries

Aditya Agrawal

Partner

M. No.: A57913

CP No.: 22030

UDIN: A057913H000316347

Peer Review Certificate No.: 4758/2023

Place: Indore

Date: : May 08, 2026

Note: This report should be read with our letter which is annexed as Annexure and forms an integral

part of this report.

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ANNEXURE

To,

The Members

MONIKA ALCOBEV LIMITED

2403, 24

Floor, Signature, Suresh Sawant Road,

Off. Veera Desai Road, Andheri,

Mumbai, Maharashtra - 400053.

Our report of even date is to be read along with this letter.

1. Maintenance of Secretarial record is the responsibility of the management of the Company. Our

responsibility is to express an opinion on these secretarial records based on our audit.

2. We have followed the audit practices and processes as were appropriate to obtain reasonable

assurance about the correctness of the contents of the Secretarial records. The verification was

done on test check basis to ensure that correct facts are reflected in secretarial records. We believe

that the processes and practices that we followed provide a reasonable basis for our opinion.

3. We have not verified the correctness and appropriateness of financial records and Books of

Accounts of the Company.

4. Wherever required, we have obtained the Management Representation about the compliance of

laws, rules and regulations and happening of events etc.

5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations,

standards is the responsibility of management. Our examination was limited to the verification of

procedures on test basis.

6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor

of the efficacy or effectiveness with which the management has conducted the affairs of the

Company.

For Agrawal Mundra & Associates

Company Secretaries

Aditya Agrawal

Partner

M. No.: A57913

CP No.: 22030

UDIN: A057913H000316347

Peer Review Certificate No.: 4758/2023

Place: Indore

Date: : May 08, 2026

Annexure IV

FOR

M NO. AOC – 2

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2)

of the Companies (Accounts) Rules, 2014)

Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms’ length transactions under third proviso thereto.1.

Details of contracts or arrangements or transactions not at arm’s length basis:

There were no contracts or arrangements or transactions entered into during the year ended March 31, 2026, which were not

at arm’s length basis.

Details of material contracts or arrangement or transactions at arm’s length basis:

There were no material contracts or arrangements or transactions entered into during the year ended March 31, 2026. However,

details of contracts, arrangements, or transactions entered into on an arm’s length basis but not in the ordinary course of business are as follows:

Name(s) of the related party and nature of relationship

Nature of contracts/arrangements/ transactions

Duration of the contracts/arrangements/ transactions

Salient terms of the contracts or arrangements or transactions including the value, if Any

Justification for entering into such contracts or arrangements or transactions

Date of approval by the Board

Amount paid as advances, if any

Date on which the special resolution was passed in general meeting as requiredunder first proviso to section 188

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

Infinity Global Supply Chain Limited, Promoter Group Company

Leave and License Agreement

60 Months

i) Leave and License

Agreement dated April 11, 2025 for use of adjoining office premises admeasuring 2,545 sq. ft. carpet area situated at 2404, 24th Floor, Signature, Suresh Sawant Road, Off. Veera Desai Road, Andheri West, Mumbai – 400053, for a period of 60 Months commencing from April 11, 2025 and ending on April 10, 2030.

(ii) License fee of ₹245/- per

sq. ft. per month with annual escalation of 5%.

The premises is adjoined to the Company’s register office premises and is being considered to accommodate the increase in the number of employees, thereby supporting business growth and enhancing operational efficiency. The proposed license fee is comparable to prevailing market rates in the area. Further, the reduction of the licensed area from 2,545 sq. ft. to 2,145 sq. ft. pursuant to the Supplementary Deed dated November 27, 2025 was undertaken due to underutilization of a portion of the premises and accordingly, the license fee was reduced proportionately, without affecting the tenure, pricing methodology, nature, or arm’s length character of the transaction. Hence, the transaction is considered to be in the best interest of the Company.

April 10,

2025

Nil

Not Applicable

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iii) Monthly license fee

payable of ₹6,23,525/- plus applicable taxes.

iv)

Interest-free refundable security deposit equivalent to six (6) months’ license fee amounting to ₹37,41,150/-.

v) Pursuant

Supplementary Deed dated November 27, 2025, the licensed area was reduced from 2,545 sq. ft. to 2,145 sq. ft. and the license fee was revised proportionately at the same agreed rate of ₹245/- per sq. ft. per month.

vi) Other terms and conditions

as contained in the Leave and License Agreement and Supplementary Deed.

For & on behalf of Board of Directors of

Monika Alcobev Limited

Place:

Mumbai

Date:

May 8, 2026

Bhimji Patel

Chairman & Whole-Time Director

DIN: 00253030

Kunal Patel

Managing Director

DIN: 03039030

Annexure V

DETAILS OF RATIO OF REMUNERATION OF DIRECTORS AND RELATED DISCLOSURES

The ratio of the remuneration of each Director to the median employees’ remuneration and other

details in terms of sub-section 12 of Section 197 of the Companies Act, 2013 read with Rule 5(1) of the

Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:

1. The ratio of the remuneration of each Director to the median remuneration of the employees

of the Company for the financial year 2025-26:

Sr.

No.

Name of the Director &

KMP’s

DesignationRatio of the

Remuneration

to the Median

Remuneration

to the

Employees

Percentage

change in the

Remuneration

Executive Directors

1. Mr. Bhimji PatelChairman &

Whole-time Director

33.2729.82%

2. Mr. Kunal PatelManaging Director33.2752.77%

Non-Executive Directors

3. Ms. Jagruti ShethIndependent DirectorNANA

4. Mr. Samir Kumar Das*Independent DirectorNANA

5. Mr. Ghanshyam Vyas*Independent DirectorNANA

6. Mr. Nayan Rawal^Independent DirectorNANA

Mr. Prasannakumar Gawde^^Independent DirectorNANA

Key Managerial Personnel

8. Mr. Ashish MandaliyaChief Financial Officer14.8718.83%

9. Mr. Kalpesh RaminaCompany Secretary2.7320.00%

* Mr. Samir Kumar Das and Mr. Ghanshyam Vyas appointed w.e.f. November 24, 2025

^ Mr. Nayan Rawal resigned w.e.f. November 13, 2025

^^ Mr. Prasannakumar Gawde resigned w.e.f. December 9, 2025

Note:

a. In above Managerial Remuneration does not include Commission Paid / Payable, if Any

during the FY 2025-26.

b. NA - Not Applicable as only sitting fees is payable to Independent Directors.

2. The percentage increase in remuneration of each Director, Chief Financial Officer, Chief

Executive Officer, Company Secretary or Manager, if any, in the financial year 2025-26: As per

the above table.

3. The percentage increase in the median remuneration of employees in the financial year

2025-26: 10.97%

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4. The number of permanent employees on the rolls of Company: 222

5. Average percentile increase already made in the salaries of employees other than the

managerial personnel in the last financial year and its comparison with the percentile

increase in the managerial remuneration and justification thereof and point out if there are

any exceptional circumstances for increase in the managerial remuneration:

a) Average increase in salary of all employees other than Key Managerial Personnel in 2025-26

compared to 2024-25: 15.83%.

b) Average increase in salary of Key Managerial Personnel in 2025-26 compared to 2024-25:

35.28%.

The average increase is dependent on the individual’s performance and overall Company’s performance.

6. Affirmation that the remuneration is as per the remuneration policy of the Company: Yes, it is

confirmed.

For & on behalf of Board of Directors of

Monika Alcobev Limited

Place: Mumbai

Date: May 8, 2026

Bhimji Patel

Chairman & Whole - Time Director

DIN: 00253030

Kunal Patel

Managing Director

DIN: 03039030

Annexure VI

DECLARATION ON CODE OF CONDUCT

As provided under Regulation 34(3) read with Schedule V of the Securities & Exchange Board of India

(Listing Obligation & Disclosure Requirement) Regulations 2015, The Board of Director and Senior

Management have affirmed compliance with code of conduct of Board of Directors and Senior

Management for the year ended March 31, 2026.

For & on behalf of Board of Directors of

Monika Alcobev Limited

Place: Mumbai

Date: May 8, 2026

Bhimji Patel

Chairman & Whole - Time Director

DIN: 00253030

Kunal Patel

Managing Director

DIN: 03039030

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CEO/CFO CERTIFICATION

[Regulation 17(8) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015]

The Board of Directors

Monika Alcobev Limited

2403, 24

Floor, Signature,

Suresh Sawant Road,

Off. Veera Desai Road, Andheri West,

Mumbai 400053, Maharashtra, India

1. We have reviewed the financial statements and the cash flow statement for the financial year

ended March 31, 2026 and that to the best of our knowledge and belief:

a) These statements do not contain any materially untrue statement or omit any material fact

or contain statements that might be misleading;

b) These statements together present a true and fair view of the Company’s affairs and are in

compliance with existing accounting standards, applicable laws and regulations;

2. There are, to the best of our knowledge and belief, no transactions entered into by the Company

during the year which are fraudulent, illegal or violative of the Company’s code of conduct;

3. We accept responsibility for establishing and maintaining internal controls for financial reporting

and we have evaluated the effectiveness of internal control systems of the Company pertaining to

financial reporting and we have disclosed to the auditors and the Audit Committee, deficiencies

in the design or operation of such internal controls, if any, of which we are aware and the steps we

have taken or propose to take to rectify these deficiencies.

4. We have indicated to the Auditors and the Audit Committee:

a) significant changes, if any, in internal control over financial reporting during the year;

b) significant changes, if any, in accounting policies during the year and that the same have

been disclosed to the notes to the financial statements; and

c) instances of significant fraud of which we have become aware and the involvement therein,

if any, of the management or an employee having a significant role in the Company’s internal

control system over financial reporting.

For & on behalf of Board of Directors of

Monika Alcobev Limited

Place: Mumbai

Date: May 8, 2026

Ashish Mandaliya

Chief Financial Officer

Kunal Patel

Managing Director

To The Members of Monika Alcobev Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial

statements of Monika Alcobev Limited (“the

Company”), which comprise the Balance Sheet

as at March 31, 2026, the Statement of Profit and

Loss, the Cash Flow Statement for the year then

ended, and notes to the financial statements,

including a summary of significant accounting

policies and other explanatory information.

In our opinion and to the best of our information

and according to the explanations given to

us, the aforesaid financial statements give the

information required by the Companies Act, 2013,

as amended (“the Act”) in the manner so required

and give a true and fair view in conformity with

the

Accounting Standards prescribed under

section 133 of the Act read with the Companies

(Accounting Standards) Rules, 2021, as amended

(“Accounting Standards”)

and other accounting

principles generally accepted in India, of the

state of affairs of the Company as at March 31,

2026, and its profit and its cash flow for the year

ended on that date.

Basis for Opinion

We conducted our audit of the financial

statements in accordance with the Standards

on Auditing specified (SAs) under section

143(10) of the Act. Our responsibilities under

those Standards are further described in the

‘Auditor’s Responsibilities for the Audit of the

Financial Statements’ section of our report. We

are independent of the Company in accordance

with the Code of Ethics issued by the Institute

of Chartered Accountants of India (ICAI) together

with the ethical requirements that are relevant

to our audit of the financial statements under

the provisions of the Act and the Rules made

thereunder, and we have fulfilled our other

ethical responsibilities in accordance with these

requirements and the Code of Ethics. We believe

that the audit evidence we have obtained is

sufficient and appropriate to provide a basis for

our opinion on the financial statements.

Key Audit Matter

Key audit matters are those matters that, in

our professional judgement, were of most

significance in our audit of the financial

statements for the financial year ended March

31, 2026. These matters were addressed in the

context of our audit of the financial statements

as a whole, and in forming our opinion thereon,

and we do not provide a separate opinion on

these matters. For the matter stated below,

our description of how our audit addressed the

matter is provided in that context.

INDEPENDENT AUDITOR’S REPORT

no.

Key Audit MattersAuditor’s Responses

1.Revenue Recognition:

1. Revenue is recognized when control

of goods is transferred, which is

usually upon transfer of products to

the customer/ sub-distributors. In the

alcobev industry, complex state-specific

regulations, excise duty structures, and

varied contractual terms make revenue

recognition critical and judgmental.

Principal audit procedures :

Our audit procedures relating to the revenue

recognition, included the following, among

others:

• We obtained an understanding, evaluated

the design and tested the operating

effectiveness of internal controls relating to

revenue recognition.

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2. Excise duties are significant and

embedded in the sales price. The

classification between gross revenue and

excise liability requires proper disclosure

and affects margin presentation.

3. There is a risk of revenue being recorded

in an incorrect period around year-end

(either prematurely or deferred) (cut-

off), impacting true and fair view.

• Evaluated the appropriateness of the

Company’s accounting policies with respect

to revenue recognition and their compliance

with “AS 9 Revenue Recognition”.

• Tested operating effectiveness of internal

controls related to purchase orders/

agreements, dispatch, invoicing, and

recording of sales.

• Performed substantive procedures on a

sample basis including matching invoices

and dispatch documentation.

• Verified excise duty treatment by reconciling

with challans paid for domestic sales and

BOE copy/annexure for bond to bond transfer

for respective state excise departments.

• Checked disclosures in the financial

statements ensuring correct segregation of

revenue and excise components.

• Conducted cut-off testing for sales recorded

during the last week of the financial year and

the first week of the next year.

• Matched sales entries with dispatch and

delivery documents.

• We performed analytical procedures to

evaluate trends in excise incidence versus

sales volume on which excise is applicable.

Emphasis of Matter

We draw attention to Note 42 (xxii) to the financial

statements which describes the Company’s

reassessment of its eligibility to be taxed under

Section 115BAB of the Income-tax Act, 1961 (“the

Act”) in place of Section 115BAA adopted in the

previous year, based on a legal opinion obtained

during the year.

The aforesaid reassessment has been treated

as a change in accounting estimate in

accordance with the AS-5,”Net Profit or Loss for

the Period, Prior Period Items, and Changes in

Accounting Policies” and has been accounted

for prospectively.

As stated in the said note, the matter involves

interpretation of the relevant provisions of

the Income-tax Act, 1961, including conditions

relating to eligibility and the irrevocability of

options exercised as per the concessional tax

regimes under the Act.

Our opinion is not modified in respect of this

matter.

Other Information

The Company’s Board of Directors are responsible

for the other information. The other information

comprises the information included in the

Company’s Annual report but does not include

the financial statements and our auditor’s report

thereon.

Our opinion on the financial statements does not

cover the other information and we do not express

any form of assurance concl

usion thereon.

In connection with our audit of the financial

statements, our responsibility is to read the other

information and, in doing so, consider whether

the other information is materially inconsistent

with the financial statements, or our knowledge

obtained in the audit or otherwise appears to

be materially misstated. If, based on the work

we have performed, we conclude that there is a

material misstatement of this other information;

we are required to report that fact. We have

nothing to report in this regard.

Responsibilities of Management and Those

Charged with Governance for the Financial

Statements

The Company’s Board of Directors are responsible

for the matters stated in section 134(5) of the Act

with respect to the preparation of these financial

statements that give a true and fair view of the

financial position, financial performance, and

cash flows of the Company in accordance with

the accounting principles generally accepted

in India, including the accounting standards

specified under section 133 of the Act read with the

Companies (Accounting Standards) Rules, 2021.

This responsibility also includes 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 frauds and other irregularities;

selection and application of appropriate

accounting policies; making judgments and

estimates that are reasonable and prudent; and

design, implementation and maintenance of

adequate internal financial controls, that were

operating effectively for ensuring the accuracy

and completeness of the accounting records,

relevant to the preparation and presentation of

the financial statement that give a true and fair

view and are free from material misstatement,

whether due to fraud or error.

In preparing the financial statements, the

management and Board of Directors are

responsible for assessing the Company’s ability

to continue as a going concern, disclosing, as

applicable, matters related to going concern and

using the going concern basis of accounting

unless Board of Directors either intends to

liquidate the Company or to cease operations, or

has no realistic alternative but to do so.

The Board of Directors are also responsible for

overseeing the Company’s financial reporting

process.

Auditor’s Responsibilities for the Audit of the

Financial Statements

Our objectives are to obtain reasonable

assurance about whether the financial

statements as a whole are free from material

misstatement, whether due to fraud or error,

and to issue an auditor’s report that includes our

opinion. Reasonable assurance is a high level of

assurance, but is not a guarantee that an audit

conducted in accordance with SAs will always

detect a material misstatement when it exists.

Misstatements can arise from fraud or error and

are considered material if, individually or in the

aggregate, they could reasonably be expected

to influence the economic decisions of users

taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we

exercise professional judgment and maintain

professional skepticism throughout the audit.

We also:

• Identify and assess the risks of material

misstatement of the financial statements,

whether due to fraud or error, design and

perform audit procedures responsive to

those risks, and obtain audit evidence that is

sufficient and appropriate to provide a basis

for our opinion. The risk of not detecting

a material misstatement resulting from

fraud is higher than for one resulting from

error, as fraud may involve collusion, forgery,

intentional omissions, misrepresentations, or

the override of internal control.

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• Obtaining an understanding of internal

control relevant to the audit in order to design

audit procedures that are appropriate in the

circumstances. Under the section 143(3)(i) of

the Act, we are also responsible for expressing

our opinion on whether the Company has

adequate internal financial controls with

reference to financial statements in place and

the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting

policies used and the reasonableness of

accounting estimates and related disclosures

made by the management.

• Conclude on the appropriateness of the

management and Board of Directors use

of the going concern basis of accounting in

preparation of financial statements and, based

on the audit evidence obtained, whether a

material uncertainty exists related to events

or conditions that may cast significant doubt

on the Company’s ability to continue as a

going concern. If we conclude that a material

uncertainty exists, we are required to draw

attention in our auditor’s report to the related

disclosures in the financial statements or, if

such disclosures are inadequate, to modify

our opinion. Our conclusions are based on

the audit evidence obtained up to the date of

our auditor’s report. However, future events

or conditions may cause the Company to

cease to continue as a going concern.

• Evaluate the overall presentation, structure

and content of the financial statements,

including the disclosures, and whether the

financial statements represent the underlying

transactions and events in a manner that

achieves fair presentation.

• Materiality is the magnitude of misstatement

in the financial statements that, individually

or in aggregate, makes it probable that

the economic decisions of a reasonably

knowledgeable user of the financial

statements may be influenced. We consider

quantitative materiality and qualitative

factors in (i) planning the scope of our audit

work and in evaluating the results of our work;

and (ii) to evaluate the effect of any identified

misstatement in the financial statements.

We communicate with those charged with

governance regarding, among other matters,

the planned scope and timing of the audit

and significant audit findings, including any

significant deficiencies in internal control that

we identify during our audit.

We also provide those charged with governance

with a statement that we have complied

with relevant ethical requirements regarding

independence, and to communicate with

them all relationships and other matters that

may reasonably be thought to bear on our

independence, and where applicable, related

safeguards.

Report on Other Legal and Regulatory

Requirements

1. As required by the Companies (Auditor’s

Report) Order, 2020 (“the Order”), issued by

the Central Government of India in terms of

sub-section (11) of section 143 of the Act, we

give in the “Annexure A” a statement on the

matters specified in paragraphs 3 and 4 of

the Order, to the extent applicable.

1. As required by Section 143(3) of the Act,

based on our audit we report that:

a) We have sought and obtained all the

information and explanations which

to the best of our knowledge and

belief were necessary for the purposes

of our audit;

b) In our opinion, proper books of account

as required by law have been kept by

the Company so far as it appears from

our examination of those books;

c) The Balance Sheet, the Statement of

Profit and Loss, and the Cash Flow

Statement dealt with by this Report

are in agreement with the books of

account;

d) In our opinion, the aforesaid financial

statements comply with the

Accounting Standards specified under

Section 133 of the Act read with the

Companies (Accounting Standards)

Rules, 2021;

e) On the basis of the written

representations received from the

directors as on March 31, 2026 taken on

record by the Board of Directors, none

of the directors is disqualified as on

March 31, 2026 from being appointed

as a director in terms of Section 164(2)

of the Act;

f) With respect to the adequacy of

the internal financial controls with

reference to financial statements

of the Company and the operating

effectiveness of such controls, refer to

our separate report in “Annexure B”.

g) In our opinion and according to the

information and explanations given to

us, the remuneration/ sitting fees paid

by the Company to its directors during

the current year is in accordance with

the provisions of Section 197 of the Act.

The director fees paid as per section

197 (5) to the independent directors

is not in excess of the limits laid down

under Section 197 of the Act. The

Ministry of Corporate Affairs has not

prescribed other details under Section

197(16) of the Act which are required to

be commented upon by us.

h) With respect to the other matters to

be included in the Auditor’s Report

in accordance with Rule 11 of the

Companies (Audit and Auditors) Rules,

2014, in our opinion and to the best of

our information and according to the

explanations given to us:

(i) The Company does not have any pending

litigations which would impact its financial

position except as disclosed in Note 34:

Contingent Liabilities & commitments of

Financial Statements.

(ii) The Company did not have any long-term

contracts including derivative contracts for

which there were any material foreseeable

losses.

(iii) There were no amounts which were required

to be transferred to the Investor Education

and Protection Fund by the Company.

(iv) (a) The management has represented

that, to the best of its knowledge and

belief, as disclosed in the Note: 42 to the

financial statements, no funds have been

advanced or loaned or invested (either

from borrowed funds or share premium

or any other sources or kind of funds) by

the company to or in any other person(s)

or entity(ies), including foreign entities

(“Intermediaries”), with the understanding,

whether recorded in writing or otherwise,

that the Intermediary shall:

• directly or indirectly lend or invest in

other persons or entities identified

in any manner whatsoever by or on

behalf of the company (“Ultimate

Beneficiaries”) or

• provide any guarantee, security or

the like on behalf of the Ultimate

Beneficiaries;

(b) The management has represented, that,

to the best of its knowledge and belief,

other than as disclosed in the Note: 42 to

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the financial statements, no funds have

been received by the company from

any person(s) or entity(ies), including

foreign entities (“Funding Parties”), with

the understanding, whether recorded in

writing or otherwise, that the company

shall:

• directly or indirectly, lend or invest in

other persons or entities identified

in any manner whatsoever by or on

behalf of the Funding Party (“Ultimate

Beneficiaries”) or

• provide any guarantee, security or

the like on behalf of the Ultimate

Beneficiaries; and

we have considered reasonable and

appropriate in the circumstances, nothing

has come to our notice that has caused us

to believe that the representations under

sub-clause (i) and (ii) of Rule 11(e) contain

any material mis-statement.

(i) The final dividend proposed in the

previous year, declared and paid by

the Company during the year is in

accordance with section 123 of the

Act. Further, the Board of Directors

of the Company have proposed final

dividend for the year which is subject

to approval of the members at the

ensuing Annual General meeting. The

amount of dividend proposed is in

accordance with section 123 of the Act

(Refer Note2(vi)(b)of the Financial

Statements).

(ii) The company has used an accounting

software for maintaining its books

of account which has a feature

of recording audit trail (edit log)

facility and the same has operated

throughout the year for all relevant

transactions recorded in the software.

Further, during the course of our audit

we did not come across any instance

of audit trail feature being tampered

with and the audit trail has been

preserved by the company as per

the statutory requirements for record

retention.

For, SHAH GUPTA & CO

Chartered Accountants

Firm Registration No. 109574W

Bharat P. Vasani

Partner

Membership No. 040060

UDIN: 26040060OACQPY5366

Date: May 08, 2026

Place: Mumbai

(i) (a) (A) the Company has maintained proper

records showing full particulars,

including quantitative details and

situation of Property, Plant and

Equipment.

(B) The Company has maintained proper

records showing full particulars of

intangible assets (including intangible

assets under development) during the

year.

(b) According to the information and

explanations given to us and on the basis

of our examination of the records of the

Company, the Company has a regular

programme of physical verification of

its Property, Plant and Equipment by

which all property, plant and equipment

are verified annually. In our opinion,

this periodicity of physical verification is

reasonable having regard to the size of

the Company and the nature of its assets.

No material discrepancies were noticed

on such verification.

explanations given to us and on the basis

of our examination of the records of the

Company, the title deeds of immovable

properties (other than properties where

the Company is the lessee and the lease

agreements are duly executed in favour

of the Company) disclosed in the financial

statements (Refer Note no. 11(e) to the

Financial Statements) are held in the

name of the Company.

(d) According to the information and

explanations given to us and on the basis

of our examination of the records of the

Company, the Company has not revalued

its Property, Plant and Equipment or

intangible assets or both during the year.

(e) According to the information and

explanations given to us and on the basis

of our examination of the records of the

Company, there are no proceedings

initiated or pending against the Company

for holding any benami property under

the Prohibition of Benami Property

Transactions Act, 1988 and rules made

thereunder.

(ii) (a) The inventory has been physically verified

by the management during the year.

In our opinion, the frequency of such

verification is reasonable and procedures

and coverage as followed by management

were appropriate. No discrepancies were

noticed on verification between the

physical stocks and the book records that

were more than 10% in the aggregate of

each class of inventory.

(b) According to the information and

explanations given to us and on the

basis of our examination of the records

of the Company, the Company has been

sanctioned working capital limits in

excess of five crore rupees in aggregate

from banks and financial institutions on

the basis of security of current assets. In

our opinion and according to information

and explanation given to us, the

quarterly statements (comprising stock

statements, book debt statements, etc.)

filed by the Company with such banks

or financial institutions are in agreement

with the unaudited books of account of

the Company of the respective quarters

(Refer Note 7(A)(II) to the financial

statements).

Annexure – A to the Independent Auditors’ Report

(Referred to in paragraph 1 under ‘Report on Other Legal and

Regulatory Requirements’ section of our report on even date)

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(iii) According to the information and

explanations given to us and on the basis

of our examination of the records of the

Company, the Company has not made

investments, provided guarantee or security,

granted loans and advances in the nature of

loans, secured or unsecured to companies,

limited liability partnership and other parties.

Therefore, the clauses 3(iii)(a) to 3(iii)(f) of the

Order are not applicable to the Company.

(iv) According to the information and

explanations given to us and on the basis

of our examination of the records of the

Company, the Company has not made

investments, provided guarantee or security,

granted loans and advances in the nature of

loans, secured or unsecured to companies,

limited liability partnership and other parties

in respect of which provisions of sections 185

and section 186 of the Act are applicable.

Therefore, clause 3(iv) of the Order is not

applicable.

(v) In our opinion and according to the

information and explanations given to us, the

Company has not accepted any deposits or

amounts which are deemed to be deposits

from the public. Accordingly, clause 3(v) of

the Order is not applicable.

(vi) According to the information and

explanations given to us, the Central

Government has not prescribed the

maintenance of cost records under Section

148(1) of the Act for the products traded by

it. Accordingly, clause 3(vi) of the Order is not

applicable.

(vii) (a) According to the information and

explanations given to us and on the

basis of our examination of the records

of the Company, all material undisputed

amounts payable in respect of Goods

and Services Tax (‘GST’), Central Sales

Tax, Provident fund, Employees’ State

Insurance, Income-Tax, Duty of Customs,

Cess and other statutory dues applicable

to the Company have generally been

regularly deposited by it with the

appropriate authorities.

(b) According to the information and

explanations given to us and on the basis

of our examination of the records of the

Company, there are no statutory dues

relating to Goods and Service Tax, Central

Sales Tax, State Sales Tax (VAT), Provident

Fund, Employees State Insurance,

Income-Tax, Duty of Customs or Cess

or other statutory dues, which have not

been deposited with the appropriate

authorities on account of any dispute,

except for the following:

Name of the

Statute

Nature of the

Dues

Amount (₹ In Lakhs)PeriodForum where

dispute is pending

The Central Sales Tax

Act, 1956

CST15.70 (Part payment

Rs.8.57 lakhs is done)

2017-18Commissioner

(Appeals)

Income Tax Act, 1961Income tax17.822018-19CIT (Appeals)

Refer Note 34 to the Financial statements

(viii) According to the information and

explanations given to us and on the

basis of our examination of the records

of the Company, the Company has not

surrendered or disclosed any transactions,

previously unrecorded as income in the

books of account, in the tax assessments

under the Income Tax Act, 1961 as income

during the year.

(ix)(a) According to the information and

explanations given to us and on the basis

of our examination of the records of the

Company, the Company has not defaulted

in repayment of loans and borrowing or

in the payment of interest thereon to any

lender.

(b) According to the information and

explanations given to us and on the basis

of our examination of the records of the

Company, the Company has not been

declared a wilful defaulter by any bank

or financial institution or government or

government authority.

information and explanations given to

us by the management, term loans are

applied for the purpose for which they are

obtained.

(d) According to the information and

explanations given to us and on an overall

examination of the balance sheet of the

Company, we report that no funds raised

on short-term basis have been used for

long-term purposes by the Company.

(e) The Company does not hold any

investment in any subsidiary, associate

or joint venture (as defined under the

Act) during the year ended March 31,

2026. Accordingly, clause 3(ix)(e) is not

applicable.

(f) The Company does not hold any

investment in any subsidiary, associate

or joint venture (as defined under the

Act) during the year ended March 31,

2026. Accordingly, clause 3(ix)(f) is not

applicable.

(x) (a) The Company has raised funds by way of

an Initial Public Offer (IPO) during the year

(Refer Note no. 42 (xix) to the financial

statements).In our opinion and according

to the information and explanations given

to us and based on examination of records,

the Company has applied the money

raised by way of the said public offer for

the purposes for which they were raised

except for ₹ 600 lakhs ,which has been

temporarily invested in fixed deposits

with IndusInd Bank, in compliance with

applicable regulatory requirements and

the Company’s policies.

According to the information and

explanations given to us, there has been

no delay or default in the utilisation of

funds raised through the Initial Public

Offer.

(b) According to the information and

explanations given to us and on the basis

of our examination of the records of the

Company, the Company has not made any

preferential allotment of shares or fully or

partly convertible debentures during the

year. Therefore, reporting under clause

3(x)(b) of the Order is not applicable.

(xi) (a) Based on examination of the books and

records of the Company and according to

the information and explanations given

to us, no fraud by the Company or on the

Company has been noticed or reported

during the course of the audit.

(b) According to the information and

explanations given to us, no report under

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sub-section (12) of Section 143 of the Act

has been filed by any auditors in Form

ADT-4 as prescribed under Rule 13 of the

Companies (Audit and Auditors) Rules,

2014 with the Central Government.

there are no whistle blower complaints

received by the company during the year.

(xii) According to the information and

explanations given to us, the Company is not

a Nidhi Company. Accordingly, clause 3(xii)

(a) to 3(xii) (c) of the Order are not applicable.

(xiii) In our opinion and according to the

information and explanations given to us,

the transactions with related parties are

in compliance with Section 177 and 188 of

the Act, where applicable, and the details

of the related party transactions have

been disclosed in the financial statements

as required by the applicable accounting

standards.

(xiv)(a) In our opinion and according to the

information and explanations given to

us, the Company has an internal audit

system commensurate with the size and

nature of its business.

(b) We have considered the reports of the

Internal Auditors for the period under

audit, where available, while determining

the nature, timing and extent of our audit

procedures.

(xv) In our opinion and according to the

information and explanations given to us,

the Company has not entered into any

non-cash transactions with its directors

or persons connected to its directors and

hence, provisions of Section 192 of the Act

are not applicable to the Company.

(xvi) The Company is not required to be registered

under Section 45-IA of the Reserve Bank of

India Act, 1934. Accordingly, clause 3(xvi)(a)

to (d) of the Order are not applicable.

(xvii) The Company has not incurred cash losses

in the current year and in the immediately

preceding financial year.

(xviii) There has been no resignation of the

statutory auditors during the year.

Accordingly, clause 3(xviii) of the Order is

not applicable.

(xix) According to the information and

explanations given to us and on the basis

of the financial ratios, ageing and expected

dates of realisation of financial assets

and payment of financial liabilities, other

information accompanying the financial

statements, our knowledge of the Board

of Directors and management plans and

based on our examination of the evidence

supporting the assumptions, nothing has

come to our attention, which causes us to

believe that any material uncertainty exists

as on the date of the audit report that the

Company is not capable of meeting its

liabilities existing at the date of balance sheet

as and when they fall due within a period of

one year from the balance sheet date. We,

however, state that this is not an assurance

as to the future viability of the Company. We

further state that our reporting is based on

the facts up to the date of the audit report

and we neither give any guarantee nor any

assurance that all liabilities falling due within a period of one year from the balance sheet date,

will get discharged by the Company as and when they fall due.

Also refer to the Other Information paragraph of our main audit report which explains that the

other information comprising the information included in annual report is expected to be made

available to us after the date of this auditor’s report.

(xx) (a) In our opinion and according to the information and explanations given to us, there is no

unspent amount under section 135 (5) of the Act pursuant to any project other than ongoing

projects. Accordingly, clause 3(xx)(a) of the Order is not applicable.

(b) In our opinion and according to the information and explanations given to us, there is no

unspent amount under section 135 (5) of the Act pursuant to any ongoing projects for current

financial year ended March 31, 2026. Accordingly, clause 3(xx)(b) of the Order is not applicable.

For, SHAH GUPTA & CO

Chartered Accountants

Firm Registration No. 109574W

Bharat P. Vasani

Partner

Membership No. 040060

UDIN: 26040060OACQPY5366

Date: May 08, 2026

Place: Mumbai

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Report on the internal financial controls with

reference to the aforesaid financial statements

under Clause (i) of the sub-section 3 of section

143 of the Companies Act, 2013

Opinion

We have audited the internal financial controls

over financial reporting with reference to financial

statements of Monika Alcobev Limited (“the

Company”) as of March 31, 2026 in conjunction

with our audit of the financial statements of the

Company for the year ended on that date.

In our opinion, the Company has, in all material

respects, adequate internal financial controls

with reference to financial statements and

such internal financial controls were operating

effectively as at March 31, 2026, based on the

financial controls established by the Company

considering the essential components of internal

control stated in the Guidance Note on Audit

of Internal Financial Controls Over Financial

Reporting issued by the Institute of Chartered

Accountants of India (the “ Guidance Note”).

Management and Board of Directors’

Responsibilities for Internal Financial Controls

The Company’s Management and the Board of

Directors are responsible for establishing and

maintaining internal financial controls with

reference to the financial statements based on the

internal control over financial reporting criteria

established by the Company considering the

essential components of internal control stated

in the Guidance. These responsibilities include

the design, implementation and maintenance

of adequate internal financial controls that

were operating effectively for ensuring the

orderly and efficient conduct of its business,

including adherence to company’s policies, the

safeguarding of its assets, the prevention and

detection of frauds and errors, the accuracy

and completeness of the accounting records,

and the timely preparation of reliable financial

information, as required under the Act.

Auditors’ Responsibility

Our responsibility is to express an opinion on

the Company’s internal financial controls over

financial reporting with reference to the financial

statements based on our audit. We conducted

our audit in accordance with the Guidance Note

and the Standards on Auditing, issued by ICAI

and deemed to be prescribed under section

143(10) of the Companies Act, 2013, to the extent

applicable to an audit of internal financial controls

with reference to the financial statements. Those

Standards and the Guidance Note require that

we comply with ethical requirements and plan

and perform the audit to obtain reasonable

assurance about whether adequate internal

financial controls over financial reporting with

reference to the financial statements was

established and maintained and if such controls

operated effectively in all material respects.

Our audit involves performing procedures to

obtain audit evidence about the adequacy of the

internal financial controls system over financial

reporting and their operating effectiveness. Our

audit of internal financial controls over financial

reporting included obtaining an understanding

of internal financial controls over financial

reporting, assessing the risk that a material

weakness exists, and testing and evaluating

the design and operating effectiveness of

internal control based on the assessed risk. The

procedures selected depend on the auditor’s

ANNEXURE – B TO THE INDEPENDENT AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS

of Monika Alcobev Limited for the year ended March 31, 2026

(Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory

Requirements’ section of our report on even date)

judgment, including the assessment of the

risks of material misstatement of the financial

statements, whether due to fraud or error.

We believe that the audit evidence we have

obtained is sufficient and appropriate to provide

a basis for our audit opinion on the Company’s

internal financial controls system over financial

reporting with reference to the financial

statements.

Meaning of Internal Financial Controls over

Financial Reporting

A company’s internal financial control over

financial reporting with reference to the

financial statements is a process designed

to provide reasonable assurance regarding

the reliability of financial reporting and the

preparation of financial statements for external

purposes in accordance with generally accepted

accounting principles. A company’s internal

financial control over financial reporting

includes those policies and procedures that (1)

pertain to the maintenance of records that, in

reasonable detail, accurately and fairly reflect

the transactions and dispositions of the assets of

the company; (2) provide reasonable assurance

that transactions are recorded as necessary to

permit preparation of financial statements in

accordance with generally accepted accounting

principles, and that receipts and expenditures

of the company are being made only in

accordance with authorisations of management

and directors of the company; and (3) provide

reasonable assurance regarding prevention or

timely detection of unauthorised acquisition,

use, or disposition of the company’s assets that

could have a material effect on the financial

statements.

Inherent Limitations of Internal Financial

Controls over Financial Reporting

Because of the inherent limitations of internal

financial controls over financial reporting

with reference to the financial statements,

including the possibility of collusion or improper

management override of controls, material

misstatements due to error or fraud may occur

and not be detected. Also, projections of any

evaluation of the internal financial controls over

financial reporting to future periods are subject

to the risk that the internal financial control over

financial reporting may become inadequate

because of changes in conditions, or that the

degree of compliance with the policies or

procedures may deteriorate.

For, SHAH GUPTA & CO

Chartered Accountants

Firm Registration No. 109574W

Bharat P. Vasani

Partner

Membership No. 040060

UDIN: 26040060OACQPY5366

Date: May 08, 2026

Place: Mumbai

100

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101

BALANCE SHEET

As at March 31, 2026

Sr.

No.

Particulars Note

As at

March 31, 2026

As at

March 31, 2025

I.EQUITY & LIABILITIES

1Shareholders' Funds

(a) Share Capital2 2,145.00 1,665.88

(b) Reserves & Surplus3 22,285.79 7,935.04

24,430.79 9,600.92

2Share application money pending allotment - -

3Non-Current Liabilities

(a) Long term borrowings4 21.72 2,079.26

(b) Deferred tax liabilities (Net)5 4.87 25.96

(d) Long term provisions6 75.97 43.85

103.16 2,149.07

4Current Liabilities

(a) Short term borrowings7 21,032.63 15,330.38

(b) Trade Payables8

- Total outstanding dues of micro enterprises and small enterprises; and - -

- Total outstanding dues of creditors other than micro enterprises and small enterprises 953.48 2,418.11

(d) Short term provisions10 598.20 809.90

24,669.69 20,639.48

Total 49,203.64 32,389.47

II.ASSETS

1Non Current Assets

(a) Property, Plant & Equipment and Intangible Assets11

(i) Property, Plant & Equipment11(a) 1,755.12 1,886.48

(ii) Intangible assets11(b) 12.72 18.54

(iii) Capital work-in-progress11(c) - -

(iv) Intangible assets under development - -

1,767.84 1,905.02

(b) Non-current investments - -

(d) Long term loans and advances16A 332.80 -

(e) Other non-current assets12 203.22 161.60

2,303.85 2,066.62

2Current Assets

(a) Current investments - -

(b) Inventories13 19,579.81 14,942.06

(d) Cash and bank balances15 5,979.22 2,737.68

(e) Short-term loans and advances16B 5,407.23 2,417.52

(f) Other current assets17 34.56 37.71

46,899.78 30,322.85

Total 49,203.64 32,389.47

Summary of significant accounting policies1

Accompanying notes forming integral part of the financial statements2-42

As per our report of even date

For Shah Gupta & Co.

Chartered Accountants

Firm Registration Number: 109574W

For and on behalf of the Board of Directors of

Monika Alcobev Limited

Bharat P. Vasani

Partner

Membership No.: 040060

Place: Mumbai

Date: May 08, 2026

Bhimji Nanji Patel

Chairman and Whole-Time Director

DIN: 00253030

Place: Mumbai

Date: May 08, 2026

Kunal Bhimji Patel

Managing Director

DIN: 03039030

Place: Mumbai

Date: May 08, 2026

Ashish Manubhai Mandaliya

CFO

Place: Mumbai

Date: May 08, 2026

Kalpesh Himmatram Ramina

Company Secretary

Membership No: A65189

Place: Mumbai

Date: May 08, 2026

(₹ In Lakhs)

STATEMENT OF PROFIT AND LOSS

for the year ended March 31, 2026

As per our report of even date

For Shah Gupta & Co.

Chartered Accountants

Firm Registration Number: 109574W

For and on behalf of the Board of Directors of

Monika Alcobev Limited

Bharat P. Vasani

Partner

Membership No.: 040060

Place: Mumbai

Date: May 08, 2026

Bhimji Nanji Patel

Chairman and Whole-Time Director

DIN: 00253030

Place: Mumbai

Date: May 08, 2026

Kunal Bhimji Patel

Managing Director

DIN: 03039030

Place: Mumbai

Date: May 08, 2026

Ashish Manubhai Mandaliya

CFO

Place: Mumbai

Date: May 08, 2026

Kalpesh Himmatram Ramina

Company Secretary

Membership No: A65189

Place: Mumbai

Date: May 08, 2026

(₹ In Lakhs)

Sr.

No.

Particulars Note

Year ended

March 31, 2026

Year ended

March 31, 2025

I]Revenue from operations18 30,115.54 23,614.87

II]Other income19 921.42 220.74

III]Total Income (I + II) 31,036.96 23,835.61

IV]Expenses:

a. Purchase of Stock- in- Trade20 22,748.08 20,963.80

b. Changes in inventories of Stock-in-trade21 (4,637.76) (6,375.10)

c. Employee benefits expense22 2,234.96 1,505.97

d. Finance costs23 1,804.42 1,759.05

e. Depreciation and amortization expenses24 198.84 123.47

f. Advertising and Marketing Expenses25A 2,937.47 903.07

g. Label and Brand Registration Fees25A 303.81 322.46

h. Storage charges25A 971.51 685.83

i. Other expenses25 1,023.20 989.34

Total expenses 27,584.53 20,877.90

V]Profit / (Loss) before exceptional and extraordinary items and tax (III-IV) 3,452.42 2,957.71

VI]Exceptional & Extraordinary items42 (xv) - 132.48

VII]Profit / (Loss) before tax (V+VI) 3,452.42 3,090.19

VIII]Tax expense26

a. Current Tax 259.00 752.89

b. Short Provision/ Excess provision for earlier years 0.07 -

c. Deferred Tax (21.09) 25.95

Total Tax Expense 237.98 778.84

IX]Profit / (Loss) for the year (VII-VIII) 3,214.44 2,311.35

X]Earnings per equity share (Face Value ₹ 10)37

Basic (in ₹) 16.08 13.94

Diluted (in ₹) 16.08 13.94

Summary of significant accounting policies1

Accompanying notes forming integral part of the financial statements2-42

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CASH FLOW STATEMENT

for the year ended March 31, 2026

(₹ In Lakhs)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

A]Cash Flow from Operating Activities

Net Profit before tax 3,452.42 3,090.19

Adjustments for:

Depreciation and amortisation expenses 198.84 123.47

Interest income (277.20) (120.53)

Interest expense 1,680.76 1,513.56

Provision for Gratuity expenses 39.26 19.90

Profit on sale of Property,Plant and Equipment - (132.48)

Lease equalisation 0.60 -

Operating profit before working capital changes 5,094.68 4,494.11

Changes in Working Capital

Decrease/ (Increase) in Trade Receivables (5,711.08) (599.08)

Decrease/(Increase) in Other Current Assets 3.15 (2.07)

Decrease/(Increase) in Inventories (4,637.76) (6,375.10)

Decrease/(Increase) in Short term Loans & Advances (2,989.71) (1,031.57)

(Decrease)/ Increase in Trade Payables (1,464.63) 1,024.50

(Decrease)/ Increase in Other Current Liabilities 4.28 485.97

(Decrease)/ Increase in Short Term Provisions (2.40) 163.99

Cash generated/(used in) from operations (9,703.47) (1,839.25)

Taxes paid (net of refunds) (475.51) (752.89)

Net cash (used in)/ from operating activities (A) (10,178.98) (2,592.14)

B]Cash Flow from Investing Activities

Payment for Property, Plant & Equipment and intangible assets (61.66) (1,614.60)

Interest on Fixed deposits 263.87 120.53

Receipts from sale of Property, plant & equipment - 261.00

(Investment) in Fixed deposits (Lien against borrowings) (1,900.40) (3,095.00)

Redemption of Fixed deposits (Lien against borrowings) 937.19 1,723.10

(Investment) in Fixed deposits (not marked as lien against borrowings) (7.85)-

(Increase) /Decrease in Other Non-current Assets (41.62) (13.01)

(Increase)/Decrease in Earmarked Bank Accounts (583.31) 14.83

(Increase)/Decrease in Long Term Loans and Advances (332.80) -

Net cash (used in)/ from investing activities (B) (1,726.57) (2,603.16)

As per our report of even date

For Shah Gupta & Co.

Chartered Accountants

Firm Registration Number: 109574W

For and on behalf of the Board of Directors of

Monika Alcobev Limited

Bharat P. Vasani

Partner

Membership No.: 040060

Place: Mumbai

Date: May 08, 2026

Bhimji Nanji Patel

Chairman and Whole-Time Director

DIN: 00253030

Place: Mumbai

Date: May 08, 2026

Kunal Bhimji Patel

Managing Director

DIN: 03039030

Place: Mumbai

Date: May 08, 2026

Ashish Manubhai Mandaliya

CFO

Place: Mumbai

Date: May 08, 2026

Kalpesh Himmatram Ramina

Company Secretary

Membership No: A65189

Place: Mumbai

Date: May 08, 2026

(₹ In Lakhs)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

C]Cash Flow from Financing Activities

Proceeds from Long Term Borrowings 2,391.06 4,919.08

(Repayment) of Long Term Borrowings (3,499.70) (4,331.41)

Net Proceeds from Short term borrowings 4,753.36 4,506.24

Interest paid on borrowings (1,680.76) (1,513.56)

Proceeds from issue of new shares (including securities premium) 13,702.83 1,850.13

Share issue expenses paid (1,854.18) -

Dividend paid (inclusive of TDS paid) (233.22) (228.59)

Net cash generated from Financing Activities (C ) 13,579.39 5,201.90

Net Increase / (Decrease) in Cash & Cash Equivalents (A +B +C) 1,673.84 6.60

Cash & Cash Equivalents at the beginning of the year 34.34 27.74

Cash & Cash Equivalents at the end of the year 1,708.18 34.34

Cash and Cash Equivalents (Refer Note no. 15 to the financial statements)

(a) Balances with banks 326.50 32.85

(b) Cheques, drafts on hand 1,380.82-

(c ) Cash-on-hand 0.86 1.49

Total 1,708.18 34.34

Note:

Cash Flow Statement has been prepared under the indirect method as set out in the Accounting Standard (AS) 3 "Cash Flow

Statements" as specified in the Companies (Accounting Standards) Rules, 2021.

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NOTE 1: SIGNIFICANT ACCOUNTING POLICIES FORMING PART OF THE FINANCIAL STATEMENTS

A] Company Overview

Monika Alcobev Limited (“the Company”) is a public limited Company domiciled in India and

incorporated on January 17, 2022 under the provisions of the Companies Act, 2013 by taking

over running business, assets and liabilities of M/s Monika Enterprises (“the Firm”), a partnership

firm on going concern basis. The Corporate identification Number (CIN) of the Company is

L15490MH2022PLC375025. The Company is primarily engaged in business of dealing in sales and

marketing and distribution of premium wines and spirits in domestic and international market.

On July 23,2025, the equity shares of the Company got listed on BSE Limited (BSE SME Platform).

B] Statement of Compliance

The financial statements of the Company have been prepared in accordance with the Accounting

Standards (AS) as prescribed under the Companies (Accounting Standards) Rules, 2021.

C] Basis of Preparation :

The financial statements of the Company have been prepared on accrual basis under the

historical cost convention in accordance with the Generally Accepted Accounting Principles in

India (Indian GAAP). These financial Statements are prepared to comply in all material respects

with the Accounting Standards notified under Section 133 of the Companies Act, 2013, and the

relevant provisions of the Companies Act, 2013 ("the 2013 Act"), as applicable. The Company follows

mercantile system of accounting and recognizes income and expenditure on accrual basis except

those with significant uncertainties. The accounting policies adopted in the preparation of the

financial statements are consistent throughout the year and with the previous financial year.

D] Use of Estimates:

The preparation of financial statements in conformity with the recognition and measurement

principles of Generally Accepted Accounting Principles requires the management to make

estimates and assumptions to be made that affect the reported balances of assets and liabilities and

disclosures relating to contingent liabilities on the date of financial statements and the reported

amounts of revenue and expenses during the reporting period. The Management believes that

the estimates used in preparation of financial statements are prudent and reasonable. Estimates

and underlying assumptions are reviewed at each balance sheet date. Actual results could differ

from these estimates and differences between actual results and estimates are recognized in the

periods in which the results are known/ materialize.

Key areas involving significant estimates include, but are not limited to, provision for taxation

(including assessment of applicable tax regimes), deferred tax assets and liabilities, provisions

and contingencies, useful lives of property, plant and equipment, and impairment of assets.

Changes in estimates arising from new information, developments, or additional experience

are distinguished from prior period errors and are accounted for prospectively. Where such

changes have a material effect, the nature and amount of the change is disclosed in the financial

statements.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

E] Significant Accounting policies:

(1) Revenue Recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow

to the Company and the revenue can be reliably measured.

Sale of goods

Revenue is recognised when the significant risks and rewards of ownership of the goods

have been passed to the buyer. Sales are disclosed net of VAT, trade discounts and returns, as

applicable.

Sale of services

The Company provides sales and marketing support services and earns income by way of

fees.

Revenue from service rendered is recognized at the time of completion of the services

rendered, when all significant contractual obligations have been satisfied and the service is

duly completed.

Interest Income

Interest income is recognised on accrual basis at applicable interest rate on time proportion

basis.

Other Income

Other incomes are recognised on the basis of certainty its ultimate collection.

(2) Property, Plant and Equipment & Intangible Assets:

Property, Plant and Equipments are stated at historical cost less accumulated depreciation

and impairment losses. Cost includes purchase price and all other attributable cost to bring

the assets to its working condition for the intended use. Property, Plant and Equipments have

been recorded in the books of the Company at Written Down value (WDV) as per Companies

Act, 2013.

Subsequent expenditures related to an item of tangible asset are added to its book value

only if they increase the future

benefits from the existing asset beyond its previously assessed standard of performance.

Items of Property, Plant & Equipment that have been retired from active use and are held for

disposal are stated at the lower of their carrying value and net realizable value and are shown

separately in the financial statements. Any expected loss is recognized immediately in the

statement of profit and losses arising from the retirement from active use. Gains or losses

arising from disposal of property, plant & equipment which are carried at cost are recognized

in the statement of profit and loss in the year of disposal.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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(i) Property, Plant and Equipments

Property, Plant & Equipments are recorded at cost of acquisition less accumlaed

depreciation, if any. The Property, Plant and Equipment's individually valued below

Rs. 5,000 are treated as expenditure. Property, Plant and Equipment's except Land is

depreciated on Written Down Value (WDV) method on the basis of useful life prescribed

under Schedule II of The Companies Act, 2013.

The estimated useful lives are as follows:

S.no.Nature of AssetUseful Life

1Buildings30 years/60 years

2Plant and equipments15 years

3Furniture and fixtures10 years

4Computers and data processing units3-6 years

5Vehicles8 years

The estimated useful life for leasehold improvements is as follows:

Nature of AssetMethod of

Depriciation

Useful Life

Leasehold ImprovementsWDVOver the period of lease term

(ii) Intangible Assets

Intangible assets are recognized only if:

a) It is probable that the future economic benefits attributable to the asset will flow to

the enterprise; and

b) The cost of the asset can be measured reliably.

Intangible assets are initially measured at cost and are stated at cost less accumulated

amortization and impairment losses, if any.

Amortization is calculated to write off the cost of intangible assets over their

estimated useful economic lives and is included in depreciation and amortization

in Statement of Profit and Loss. Amortization method and useful lives are reviewed

at the end of each financial year and adjusted if appropriate.

The estimated useful lives are as follows:

Nature of AssetUseful Life

Software5

(iii) Capital Work In Progress

Projects under which assets are not ready for their intended use are disclosed

under Capital Work-in-progress. Property, Plant and Equipment under construction or

installation, included in capital work-in-progress are not depreciated.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

(iv) Intangible assets under development:

Intangible assets under development which are not yet ready for the intended use

are carried at cost comprising direct cost, related incidental expenses and directly

attributable expenditure on making the asset ready for intended use. These are

capitalised as Intangible assets in the year in which these are ready for intended use.

(v) Depreciation and amortization :

Depreciation on Property, Plant & Equipments is provided on written down value

method at the manner specified in Schedule II to the Companies Act, 2013. The useful

life as determined under Part C of Schedule II of the Companies Act, 2013 is considered

for depreciating the Tangible Property, Plant & Equipments on its remaining useful lives

except for leasehold improvements as mentioned above.

Deprecition is not recorded on Capital Work-in-progress until installation are complete

and are complete and assets are ready for it's intended use.

Amortization is calculated to write off the cost of intangible assets over their estimated

useful economic lives using straight line method.

Amortization is not recorded on Intangible assets under development until these assets

are ready for it's intended use.

(3) Impairment of Assets:

At each balance sheet date, the Company assess whether there is any indication that the

Property, Plant & Equipments have suffered an impairment loss. As per the assessment

conducted by the Company at March 31, 2026, there were no indications that the Property,

Plant & Equipments has suffered an impairment loss. If the carrying amount of Property,

Plant & Equipment exceeds the recoverable amount on the reporting date, the carrying

amount is reduced to the recoverable amount. The recoverable amount is measured as the

higher of the net selling price and the value in use determined by the present value of future

cash flows. An impairment loss is charged to the Statement of Profit and Loss in the year in

which an asset is identified as impaired. The impairment loss recognized in prior accounting

period is reversed if there has been a change in the estimate of amount

(4) Inventories :

Inventories are measured at lower of the cost and net realisable value.

Cost of Inventories

Cost of inventories comprises all costs of purchase, including purchase price (net of input

credits i.e. VAT) , duties and taxes (other than those subsequently recoverable), freight,

handling and other directly attributable costs incurred in bringing the inventories to their

present location and condition. Trade discounts, rebates and similar items are deducted in

determining the cost of purchase.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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The Company maintains inventory records on a batch-wise basis, whereby each batch of

inventory is separately identifiable. Accordingly, the cost of inventories is determined using

the Specific Identification Method, under which costs are assigned to inventories based on

the respective batches from which they originate.

Net Realisable Value (NRV)

Net realisable value is the estimated selling price in the ordinary course of business, less the

estimated costs necessary to make the sale.

Obsolete and Slow-moving Inventories

Provision is made for obsolete and slow-moving inventories based on management’s

assessment of their net realisable value and expected future usability.

Disclosure

The accounting policies adopted in measuring inventories, including the cost formula used

(Specific Identification Method), are disclosed in accordance with the applicable Accounting

Standard.

(5) Employee benefits :

Employee benefits such as salaries, allowances, and other employee benefits are charged as

expenses to the profit and loss account in the period in which the service is rendered.

a) Short-term employee benefits:

All short-term employee benefits are accounted on undiscounted basis during the

accounting period based on services rendered by employees.

b) Defined contribution plan:

The Company’s contribution to provident fund and employee state insurance scheme

are considered as defined contribution plans and these contributions are charged to the

statement of profit and loss based on the amount of contribution required to be made

and when services are rendered by the employees.

c) Defined benefit plan:

For defined benefit plans in the form of gratuity provisions, the cost of providing benefits

is determined using the Projected Unit Credit method, with actuarial valuations being

carried out at each Balance sheet date. Actuarial gains/ losses are recognized in the

Statement of Profit and Loss in the period in which they occur.

d) Post-retirement benefit plans:

Retirement benefits are calculated at the time of retirement on payment basis.

(6) Foreign Currency Transactions:

a) Initial Recognition:-

Foreign currency transaction is recorded at Exchange rate prevailing on the date of

transaction.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

b) Conversion

The foreign currency monetary items consisting of amount received in advance, trade

receivable, payable and balance in bank account at the end of the year have been

restated at the rate prevailing at the balance sheet date.

c) Exchange difference

The exchange difference arising on the settlement of monetary items at rates different

from those at which they were initially recorded during the year or reported in

previous financial statement are recognised as income or expense when they arise as

per Accounting Standard- 11 (Revised 2005) on "Accounting for the effects in Foreign

Exchange rates" issued by the Institute of Chartered Accountants of India, except

to the extent of exchange differences which are regarded as adjustment to interest

cost on foreign currency borrowing that are directly attributable to the acquisition or

construction of qualifying assets which are capitalized as cost of assets ( as per AS 16

"Borrowing Cost").

(7) Borrowing Cost :

The Borrowing cost attributable to the acquisition of qualifying Property, Plant & Equipments

as defined in Accounting Standard 16 on "Borrowing Costs" are capitalized as part of the

cost of Property, Plant & Equipments. All other borrowing cost are charged to profit and loss

account.

(8) Taxes on Income :

The accounting treatment for the Income Tax in respect of the Company’s income is based

on the Accounting Standard on ‘Accounting for Taxes on Income’ (AS-22). The provision made

for Income Tax in Accounts comprises both, the current tax and deferred tax. Provision for

Current Tax is made on the assessable Income Tax rate applicable to the relevant assessment

year after considering various deductions available under the Income Tax Act, 1961.

Deferred tax assets and liabilities are measured using the tax rates and tax laws that been

enacted or substantially enacted at the balance sheet date on timing difference between

accounting income and taxable income that originate in one year and are capable of being

reversal in one or more subsequent year. In respect of unabsorbed depreciation / carry

forward of losses (if any) under the tax , laws deferred tax asset are recognized only to the

extent that there is virtual certainty that future taxable income will be available against such

deferred tax asset can be realized.

(9) Provisions, Contingent Liabilities and Contingent Assets :

The assessments undertaken in recognizing provisions and contingencies have been made

in accordance with the AS 29. Provisions represent liabilities for which the amount or timing

is uncertain. Provisions involving substantial degree of estimation in measurement are

recognized when there is a present obligation as a result of past event and it is probable that

there will be an outflow of resources.

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A contingent liability is a possible obligation that arises from past events whose existence will

be confirmed by the occurrence or nonoccurrence of one or more uncertain future events

beyond the control of the Company or a present obligation that is not recognized because

it is not probable that an outflow of resources will be required to settle the obligation. A

contingent liability also arises in extremely rare cases where there is a liability that cannot be

recognized because it cannot be measured reliably and are disclosed by way of notes.

Contingent assets are neither provided nor disclosed in the financial statements.

(10) Earnings per share

The Earnings per share is calculated in accordance with the requirements prescribed in

Accounting Standard 20,"Earnings Per Share ".

Basic earnings per share is computed by dividing the net profit after tax by the weighted

average number of equity shares outstanding during the period. Diluted earnings per share

is computed by dividing the profit after tax by the weighted average number of equity shares

considered for deriving basic earnings per share and also the weighted average number of

equity shares that could have been issued upon conversion of all dilutive potential equity

shares.

If the number of equity or potential equity shares outstanding increases as a result of a

bonus issue or share split or decreases as a result of a reverse share split (consolidation of

shares), the calculation of basic and diluted earnings per share is adjusted for all the periods

presented. If these changes occur after the balance sheet date but before the date on which

the financial statements are approved by the board of directors, the per share calculations

for those financial statements and any prior period financial statements presented is based

on the new number of shares.

(11) Cash Flow Statement

Cash flows are reported using the indirect method as prescribed in Accounting Standard

3 "Cash Flow Statements" specified under section 133 of Companies Act, 2013 read with

Companies (Accounts) Rules, 2014, whereby profit before tax is adjusted for the effects of

transactions of a non- cash nature, any deferrals or accruals of past or future operating cash

receipts or payments and item of income or expenses associated with investing or financing

cash flows. The cash flows from operating, investing and financing activities are segregated.

(12) Cash and Cash equivalents

Cash and cash equivalents comprise cash and cash on deposit with banks. The Company

considers all highly liquid investments with a remaining maturity at the date of purchase of

three months or less and that are readily convertible to known amounts of cash to be cash

equivalents.

(13) Segment Information

For management purpose, the Company has determined reportable segment as "Wines

and Spirits " since the Board of Directors evaluates the Company's performance as a single

segment.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

(14) Extraordinary, Exceptional, Prior Period Items and Changes In Accounting Policies

All items of income and expense which are recognised in a period are included in the

determination of the net profit or loss for the period unless an Accounting Standard requires

or permits otherwise.

(a) Prior Period Items

Prior period items are income or expenses which arise in the current period as a result

of errors or omissions in the preparation of the financial statements of one or more prior

periods. Such items are separately disclosed in the Statement of Profit and Loss in a

manner that their impact on the current profit or loss can be perceived.

(b) Changes in Accounting Policies

Accounting policies are the specific accounting principles and methods applied by the

Company in the preparation and presentation of financial statements. A change in an

accounting policy is made only if:

- it is required by statute; or

- it is required for compliance with an Accounting Standard; or

- it results in a more appropriate presentation of the financial statements.

Changes in accounting policies are applied retrospectively unless otherwise required by

the relevant Accounting Standard. The impact of such changes, if material, is disclosed

showing the effect on the financial statements of the current period and, where

practicable, on prior periods.

(i) Income or expenses that arise from events or transactions that are clearly distinct

from the ordinary activities of the Company are classified as extraordinary items.

Specific disclosure of such events/transactions is made in the financial statements.

Similarly, any external event beyond the control of the Company, significantly

impacting income or expense, is also treated as extraordinary item and disclosed as

such.

(ii) On certain occasions, the size, type or incidence of an item of income or expense,

pertaining to the ordinary activities of the Company, is such that its disclosure

improves an understanding of the performance of the Company. Such income or

expense is classified as an exceptional item and accordingly disclosed in the notes

to accounts.

(15) Leases

Leases are classified as finance leases or operating leases based on the substance of the

arrangement and the extent to which risks and rewards incidental to ownership of an asset

lie with the lessor or the lessee in accordance with AS-19 “Leases”.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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The Company is a lessee in all its lease arrangements. The Company has entered into lease

contracts for office premises, warehouses and guest houses.

(a) Operating Leases

Leases where the lessor retains substantially all the risks and rewards of ownership are

classified as operating leases. The Company’s lease arrangements are primarily short-

term and cancellable in nature, generally having a tenure of 11 months.

Lease rentals under operating leases are recognised as an expense in the Statement

of Profit and Loss on a straight-line basis over the lease term, unless the payments are

structured to increase in line with expected general inflation so as to compensate for the

lessor’s expected inflationary cost increases.

(b) Finance Leases

Leases that transfer substantially all the risks and rewards incidental to ownership of

the leased asset to the Company are classified as finance leases. Assets acquired under

finance leases are recognised at the inception of the lease at the lower of the fair value

of the asset and the present value of minimum lease payments, with a corresponding

liability recognised for the lease obligation.

Lease payments are apportioned between finance charges and reduction of the lease

liability so as to achieve a constant periodic rate of interest on the outstanding balance.

Finance charges are recognised in the Statement of Profit and Loss.

All the lease contracts entered into by the Company are operating leases.

Lease Modifications and Renewals

Lease arrangements are periodically reviewed for renewals and modifications. Any

changes are accounted for in accordance with the substance of the revised arrangement.

Disclosures

Leases are disclosed in accordance with the requirements of the AS-19.

(16) Operating cycle

Based on the nature of products / activities of the Company and the normal time between

acquisition of assets and their realization in cash or cash equivalents, the Company has

determined its operating cycle as 12 months for the purpose of classification of its assets and

liabilities as current and non- current.

(17) Events after the Reporting period

Adjusting events (providing additional evidence of conditions existing at the Balance Sheet

date) are accounted for in the financial statements.

Non-adjusting events (significant events occuring after Balance Sheet date) are disclosed in

the notes to accounts.

(18) Figures have been rounded off to the multiple of lakhs.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

2. SHARE CAPITAL

(₹ In Lakhs)

Particulars

As at

March 31, 2026

As at

March 31, 2025

Authorised Capital

2,45,00,000 Equity Shares of ₹ 10 each 2,450.00 2,450.00

2,450.00 2,450.00

Issued, Subscribed and Fully paid up Capital

2,14,49,961 Equity Shares (Previous year: 1,66,58,761 Equity

Shares) of ₹ 10 each fully paid up

2,145.00 1,665.88

(i) Reconciliation of the shares outstanding as at the beginning and at the end of the year

(₹ In Lakhs)

Particulars

March 31, 2026March 31, 2025

Nos.Amount

(₹) in lakhs

Nos.Amount

(₹) in lakhs

At the beginning of the year 1,66,58,761 1,665.88 22,85,860 228.59

Add: Issued during the year* 47,91,200 479.12 93,963 9.40

Add: Issued Bonus Shares during the year

- - 1,42,78,938 1,427.89

Outstanding at the end of the year 2,14,49,961 2,145.00 1,66,58,761 1,665.88

* During the year ended March 31, 2026, the Company successfully completed its Initial Public Offer

(IPO) of 57,91,200 equity shares of ₹10/- each at premium of ₹276/- per share, comprising of a fresh

issue of 47,91,200 equity shares and an Offer for sale (OFS) of 10,00,000 equity shares of ₹10/- each by

certain existing shareholders. The proceeds from the IPO amounting to ₹ 13702.83 lakhs from IPO

(including total securities premium of ₹13,223.71 lakhs) have been received by the Company in respect

of the fresh issue of equity shares. The OFS component represents a transfer of shares by existing

shareholders and accordingly, does not result in any inflow of funds to the Company.

During the year ended March 31, 2025, the Company had issued and alloted 93,963 equity shares of

₹10/- each at premium of ₹1,959/- per share through preferential allotment on private placement basis.

# The Company has allotted bonus equity shares on February 26, 2025 to the members in the proportion

6:1 (Six equity shares for every one equity share held) Equity shares held by them on record date being

February 21, 2025 pursuant to members’ resolution dated February 22, 2025. This resulted in allotment

of 1,42,78,938 Equity shares having face value of ₹ 10/- each. These were issued by capitalising ₹ 1427.89

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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lakhs from Securities Premium Reserves.

(ii) Terms/Rights attached to the Equity Shares

a. The company has only one class of shares referred to as equity shares having a par value of

₹ 10/-. Each holder of equity shares is entitled to one vote per share.

b. In the event of liquidation of the Company, the holders of equity shares shall be entitled

to receive any of the remaining assets of the Company, after distribution of all preferential

amounts. The amount distributed will be in proportion to the number of equity shares held

by the shareholders.

(iii) Details of shares held by shareholders holding more than 5% of the aggregate shares in the

Company

(₹ In Lakhs)

Particulars

As at March 31, 2026As at March 31, 2025

% Held

Nos.(Actual

figures)

% Held

Nos.(Actual

figures)

Bhimji Patel42.50% 91,17,122 54.73% 91,17,122

Kunal Patel19.58%42,00,000 25.21% 42,00,000

Deven M Shah^- - 6.55% 10,91,475

Rhetan Estate Private Limited^- - 5.46% 9,09,545

^ As at March 31, 2026 the shareholding of these shareholders is below 5% of the aggregate shares

in the Company. However, it was above 5% as at March 31, 2025.

(iv) Details of Promoters and Promoter group holding shares in the Company are given below:

(₹ In Lakhs)

Particulars**

Shares held by

promoters

as at March 31, 2026

Shares held by

promoters

as at March 31, 2025

% change

during the

year *

Number of

% of total

Number of

% of total

Promoters:

Bhimji Patel91,17,122

42.50%91,17,12254.73%-12.22%

Kunal Patel42,00,00019.58%42,00,00025.21%-5.63%

Promoter group:

Dhara Patel1,4000.01%1,4000.01%0.00%

Kanta Chandat1,4000.01%1,4000.01%0.00%

* Post IPO, the Promoters and Promoters group shareholding has reduced to 62.10% as at March

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

2026 from 79.96% as at March 31, 2025.

** List of persons/entities classified as ‘Promoters’ and ‘Promoter Group’ has been determined by

the Management.

Particulars**

Shares held by

promoters

as at March 31, 2025

Shares held by

promoters

as at March 31, 2024

% change

during the

year

Number of

% of total

Number of

% of total

Promoters:

Bhimji Patel91,17,12254.73% 800,000 35.00%19.73%

Kunal Patel42,00,00025.21% 600,000 26.25%-1.04%

Promoter group:

Harshit Patel - 0.00% 5,99,200 26.21%-26.21%

Dhara Patel 1,400 0.01% 200 0.01%0.00%

Kanta Chandat 1,400 0.01% 200 0.01%0.00%

Note:

Mr. Harshit Patel has gifted his 35,17,122 number of equity shares held as on that date to Mr. Bhimji

Patel vide gift deed executed on March 25, 2025.

v) For the period of five years immediately preceding the date as at which the Balance Sheet is

prepared (from date of formation of Company i.e. 17-01-2022) :

a) Aggregate number of shares allotted as fully paid up pursuant to contract(s) without payment

being received in cash - Nil as on March 31, 2026 (Nil as on March 31, 2025)

b) Aggregate number of equity shares allotted as fully paid up by way of bonus shares: For

F.Y. 2025-26: Nil; For F.Y. 2024-25 : 1,42,78,938 Equity shares of face value of ₹ 10/-.

c) Aggregate number of equity shares bought back - Nil as on March 31, 2026 (Nil as on March

31, 2025).

vi) Dividend paid to Shareholders:

a) Dividends paid during the year ended March 31, 2026 include amount of ₹1.4 per equity

share i.e. 14% to the existing shareholders towards final dividend for the year ended

March 31, 2025 amounting to ₹ 233.22 lakhs paid on July 15,2025 (Net dividend paid of ₹

209.26 lakhs), proposed on June 12, 2025 and approved in Annual General Meeting.

Dividends paid during the year ended March 31, 2025 include amount of ₹10 per equity share

i.e. 100% to the existing shareholders towards final dividend for the year ended March 31, 2024

amounting to ₹ 228.59 lakhs paid on October 11, 2024 (Net dividend paid of ₹ 205.73 lakhs),

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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proposed on September 6, 2024 and approved in Annual General Meeting.

b) The Board of Directors has proposed final dividend for the financial year ended March 31, 2026

vide their board resolution dated May 8,2026 at ₹1 per equity share i.e. 10% to the existing

shareholders to be approved at the ensuing Annual General Meeting.

3. RESERVES AND SURPLUS

(₹ In Lakhs)

Particulars

As at

March 31, 2026

As at

March 31, 2025

a) Securities Premium (refer note below)

Balance at the beginning of the year 2,880.47 2,652.64

Add: Additions during the year 13,223.71 1,840.74

Less: Capitalised for issue of bonus shares - (1,427.89)

Less: Utilization as per the provisions of section 52 of the

Companies Act, 2013

(1,854.18) (185.01)

Balance as at the end of the year (A) 14,250.00 2,880.47

b) Surplus in statement of Profit and Loss

Balance at the beginning of the year 5,054.58 2,971.81

Add: Profit for the year 3,214.44 2,311.35

Less: Final dividend paid (Refer Note 2(vi)(a)) (209.26) (205.73)

Less: TDS on dividend u/s 194 of Income Tax Act, 1961 (23.96) (22.86)

Balance as at the end of the year (B) 8,035.79 5,054.58

Total (A + B) 22,285.79 7,935.04

Note:

Description of nature and purpose of each reserve:

a) Securities premium: Securities premium is used to record the premium on issue of shares, which

will be utilized in accordance with provisions of the Companies Act, 2013.

i) During the year ended March 31, 2026, the Company successfully completed its Initial Public

Offer (IPO) of 57,91,200 equity shares of ₹ 10/- each, comprising of a fresh issue of 47,91,200

equity shares of ₹ 10/- each at premium of ₹ 276/- per share and an offer for sale of 10,00,000

equity shares of ₹ 10/- each by certain existing shareholders.

As per the prospectus dated July 18, 2025, the selling shareholders were entitled to their

portion of the proceeds from the Offer for Sale (OFS) after deducting proportionate Offer

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

related expenses. Out of the estimated total issue expenses of ₹ 2069 lakhs as per the

prospectus, ₹357.45 lakhs was attributable to the OFS, which was paid directly from the

Public Issue Account on September 05,2025. The Company received net proceeds through

IPO from fresh issue of equity shares of ₹ 13702.83 lakhs from IPO (including total securities

premium of ₹13,223.71 lakhs). Total issue expenses incurred by company adjusted against

securitiies premium amoun ts to ₹ 1854.18 lakhs (including GST of ₹ 138.66 lakhs).

ii) During the year ended March 31, 2025, 93,963 Equity shares of face value ₹10/- each, fully paid

up were issued at a premium of ₹ 1,959/- per share i.e. total securities premium of ₹ 1840.74

lakhs.Out of this amount, ₹ 185.01 lakhs was utilised for writing of expenses related to issue of

these equity shares as per the section 52 (2)(c) of the Companies Act, 2013.

The Company had allotted on February 26, 2025, 1,42,78,938 equity shares of ₹ 10/- each as

fully paid up bonus shares in the ratio of six bonus shares for every one equity share held

by them on record date being February 21, 2025 pursuant to members’ resolution dated

February 22, 2025 by capitalising ₹ 1427.89 lakhs from its Securities Premium Account .

b) Surplus in the Statement of Profit and Loss: This represents the cumulative net earnings

retained in the business after distribution of dividend and transfer to reserves. It is available for

distribution as dividend, issuance of bonus shares, or to be retained for reinvestment in business

operations.

4. LONG TERM BORROWINGS

(₹ In Lakhs)

Particulars

As at

March 31, 2026

As at

March 31, 2025

i) Term Loans from banks & financial institutions

(Refer sub-note no. 7A):

Secured Loans 21.72 1,067.24

ii) Loans & advances from related parties

(Refer sub-note no. 7B and note no. 28):

Unsecured Loans - 1,012.02

Total 21.72 2,079.26

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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5. DEFERRED TAX LIABILITIES (NET)

(₹ In Lakhs)

Particulars

As at

March 31, 2026

As at

March 31, 2025

Deferred Tax Liability (Refer note no. 27) 4.87 25.96

Total 4.87 25.96

6. LONG TERM PROVISIONS

(₹ In Lakhs)

Particulars

As at

March 31, 2026

As at

March 31, 2025

Provision for employee benefits (Refer note no. 40)

Gratuity 75.97 43.85

Total 75.97 43.85

7. SHORT TERM BORROWINGS (Refer Note no. 7A and 7B)

(₹ In Lakhs)

Particulars

As at

March 31, 2026

As at

March 31, 2025

(a) Loans repayable on demand from bank

Secured

(i) Cash credit 5,035.54 7,340.21

(ii) Overdraft 746.83 1,058.72

(iii)

Pre-shipment credit in Foreign Currency from ICICI Bank 63.23 583.61

(iv) Working Capital Demand Loans 14,115.00 6,224.69

Total Secured Short-term Borrowings (i) 19,960.59 15,207.23

Unsecured

From Related parties (Refer note no. 28) 1,066.80 -

Total Unsecured Short-term Borrowings (ii) 1,066.80 -

Sub-Total (i)+(ii) 21,027.39 15,207.23

(b) Current maturities of long term borrowings 5.24 123.14

Total (a)+(b) 21,032.63 15,330.38

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

Note- 7(A):(I) STATEMENT OF PRINCIPAL TERMS OF SECURED LOANS AND ASSETS CHARGED AS SECURITY

Sr.

No.

Name of

Lender

Bank

Purpose

Sanctioned

Amount

(Rs. in Lakhs)

Rate of interest

Primary & Collateral Security

Repayment Terms

Outstanding amount as at

(as per Books)

March

31, 2026

March

31, 2025

HDFC Bank

Cash Credit(main limit)

4,000.00

Repo plus "spread" (variable) and as mutually agreed at the time of facility release / disbursement

a) Primary Security: First pari passu charge on book debts and

stock of the company

b) Collateral Security:

(i) Secured against immovable property

located at B-2103 and B-2104, Oberoi Spirings, Off Link Road, Andheri (West), Mumbai, Maharashtra- 400 05, jointly owned by promoters and member of promoter group

(ii) Lien against Fixed deposit of ₹

900 lakhs

(iii) Personal Guarantee of promoters and

member of promoter group

Repayable on Demand

523.16

Working Capital Demand Loan (sub-limit of cash-credit)

3,000.00

1,200.00

ICICI Bank

Export Packing Credit (EPC)/ Packing Credit in Foreign Currency (PCFC)

500.00

Repo rate plus "spread" (variable) per annum

Primary Security:

Secured against immovable property located

at B1-3A,B1-3B,B1-4A,B1-4B, 1st Floor, La Kozy Mansion, Near Girgaon Chowpathy, Mumbai-400007

b) Collateral Security:

Secured against Current Assets of the company

Guarantors:i)

Personal Guarantee

of promoters and

member of promoter group

ii)

Corporate Guarantee:

Nem India Development construction

private limited

Export Packing Credit loans will be allowed upto 180 days or expiry of contracts/ Export LCs or Expiry of process cycle, whichever is earlier

63.23

583.61

Cash Credit

3,000.00

Repo rate plus "spread" (variable) per annum

12 months/ Repayable on Demand

582.45

697.54

Working Capital Demand Loan

Sublimit of Cash Credit - 3,000.00

Specified Interest rate as per the Disbursement

1,800.00

1,735.72

FUBD/FBP/PSFC

Sublimit of WCDL - 1,500.00

FUBD/FBP/PSFC-1

Sublimit of WCDL - 500.00

Export Packing Credit (EPC)/ Packing Credit in Foreign Currency (PCFC)-1

Sublimit of WCDL - 1,500.00

Vehicle- Term Loan

29.85

8.6% p.a

Tata Harrier EV

60 EMIs of ₹61,238/- each

26.96

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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Sr.

No.

Name of

Lender

Bank

Purpose

Sanctioned

Amount

(Rs. in Lakhs)

Rate of interest

Primary & Collateral Security

Repayment Terms

Outstanding amount as at

(as per Books)

March

31, 2026

March

31, 2025

Kotak Bank

Term Loan

1,230.00

9.15%

Refer sub-note 1 , 2 & 3 below

Maximum 120 months including Nil Mortarium period

1,190.38

Cash Credit

6,400.00

Repo plus "spread" (variable) and as mutually agreed at the time of facility release / disbursement

Repayable on Demand

346.34

901.55

Working Capital Demand Loan (WCDL-1)

Maximum 120 days

4,500.00

1,738.97

Working Capital Demand Loan (WCDL-2)

Maximum 120 days

1,500.00

Export Packing Credit (EPC) / Packing Credit in Foreign Currency (PCFC) / Foreign Bills Purchase / Foreign Bills Discounting / Foreign Bills for Negotiation / Post-Shipment Credit in Foreign Currency (PSCFC)

Sublimit of Working Capital Demand Loan - 2,700.00

Repo plus "spread" (variable) and as mutually agreed at the time of facility release / disbursement

Maximum 120 days for Pre - shipment credit

Stand by Line of

Credit (SBLC)

Sublimit of

Working Capital

Demand Loan -

2,700.00

Repo plus

"spread"

(variable) and as

mutually agreed

at the time of

facility release /

disbursement

Maximum 180 days

Deutsche Bank

Overdraft

500.00

MIBOR 6.5% +

Spread (variable)

Collateral Security:i) Mortgage by deposit of title deeds

pertaining to residential property bearing Flat No. 2802, 28th Floor, Shikhar Building Oshiwara Adarsh CHSL, Adarsh Nagar Road No.1, Oshiwara , Jogeshwari (W), Mumbai - 400102

ii) Fixed Deposits held with Deutsche Bank

220 Lakhs

Repayable on Demand

185.15

Working Capital

Demand Loan

Sublimit of

Overdraft - 500

Upto 90 days

300.00

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

Sr.

No.

Name of

Lender

Bank

Purpose

Sanctioned

Amount

(Rs. in Lakhs)

Rate of interest

Primary & Collateral Security

Repayment Terms

Outstanding amount as at

(as per Books)

March

31, 2026

March

31, 2025

Catholic Syrian bank(CSB)

Cash Credit

1,210.00

Repo plus "spread" (variable)

Primary Security:

Secured against Entire current assets (present and future) of the company along with other working capital lenders under Multiple Banking Arrangements

Collateral Security:

Secured against immovable property

located at B1-3A,B1-3B,B1-4A,B1-4B, 1st Floor, La Kozy Mansion, Near Girgaon Chowpathy, Mumbai-400007

Guarantors:i) Personal Guarantee: Personal guarantee by promoters and

member of promoter group

ii) Corporate Guarantee: Nem India Development construction

private limited

12 months/ Repayable on Demand

1,175.68

3,022.77

EPC/PCFC/PSFC

Sublimit to Cash Credit- 1210.00

12 months

SBLC for Buyer's credit

Sublimit to Cash Credit- 1210.00

12 months

Working Capital Demand Loan (WCDL)

1,815.00

Maximum 120 days

1,815.00

Drop line overdraft

750.00

68 months (Sanctioned tenor: 8 years / 96 months)

746.83

873.57

Union Bank

Cash Credit

2,000.00

Bank's External Benchmark lending rate (I-EBLR) plus "spread"

Primary Security:

Secured against Entire current assets of the company

Collateral Security:

Collateral Coverage offered to Union Bank

should not be less than the collateral coverage offered to other members/ Banks.

c) Guarantors:

Personal Guarantee of promoters and member of promoter group

12 months/ Repayable on Demand

1,946.89

1,991.85

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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Sr.

No.

Name of

Lender

Bank

Purpose

Sanctioned

Amount

(Rs. in Lakhs)

Rate of interest

Primary & Collateral Security

Repayment Terms

Outstanding amount as at

(as per Books)

March

31, 2026

March

31, 2025

IndusInd Bank

Cash Credit

2,500.00

Repo plus "spread" (variable)

Primary Security:

First pari-passu charge on current assets of

Mortgage Bankers’ Association

Collateral Security:

Fixed deposit of

1000 Lakhs

Guarantors:

Personal Guarantee of promoters and relative of promoters

Repayable on demand, subject to review at annual intervals or as may be decided by the Bank

984.12

203.35

Working Capital Demand Loan

Sublimit of Cash credit- 2,500.00

Repo plus "spread" (variable)

1,500.00

1,250.00

Note :1)

Applicable for all Facilitiesa)

Primary Security i) Secured against Hypothecation charge on all existing and future Current asset of the company. ii) Secured against Hypothecation charge on all existing and future Movable Fixed Assets of the company.

Collateral security

Personal guarantee of promoters and their relatives.

Applicable for Facility 1 i.e Term Loan

Primary Security

Secured against immovable property of Monika Alcobev Limited located at Office No. 2403, 24th Floor, Lotus Signature,

Near Lotus Grandeur, Captain Sawant Marg, Off. Veera Desai Marg, Oshiwara, Andheri West, Mumbai, 400054.

Applicable for Facility 2 i.e. CC, WCDL 1 and 2 & its Sub - limit to the extent of ₹ 6400 lakhs

Primary Security i) Fixed Deposits ₹1125 Lakhs ii) Secured against immovable property of Bacchu Chandat located at Shop No. 119, 01st Floor, Milan Shopping Centre

(on site named as Milan Garment Hub and Gold Cinemas), MSEB Colony, PV Avasare Marg, CTS No.1629 of Village Vile Parle , Santacruz (W), Mumbai,400054

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)(II)

Quarterly statements of current assets filed by the Company with the banks are in agreement with the unaudited books of accounts:

As at March 31, 2026

Quarter

Name of the Bank

Particulars of

Primary Security

provided

Amount as

per books of

accounts

Amount as reported

in quarterly return/

statement

Amount of

difference

Reason

ICICI Bank and others

Trade Recievables

10,375.36

Inventories

15,286.80

15,216.21

70.60 The figures in the quarterly returns filed by the Company are updated for

book closure entries including provisions and reclassification recorded post submission of returns/statements to banks

ICICI Bank and others

Trade Recievables

9,136.24

Inventories

19,638.70

19,682.34

(43.64)

The figures in the quarterly returns filed by the Company are updated for book closure entries including provisions and reclassification recorded post submission of returns/statements to banks

ICICI Bank and others

Trade Recievables

15,274.33

Inventories

21,112.09

ICICI Bank and others

Trade Recievables

15,898.96

15,866.13

32.82 Trade receivables in the 'Particulars of Primary Security provided' column

are shown net of advances from customers of ₹ 32.82 lakhs whereas Trade Receivables and such advances are disclosed separately in the Financial Statements.

Inventories

19,579.81

As at March 31, 2025

Quarter

Name of the Bank

Particulars of

Primary Security

provided

Amount as

per books of

accounts

Amount as reported

in quarterly return/

statement

Amount of

difference

Reason

ICICI Bank and others

Trade Recievables

9,577.23

Inventories

9,697.32

ICICI Bank and others

Trade Recievables

9,476.39

Inventories

9,929.22

ICICI Bank and others

Trade Recievables

9,673.50

9,698.73

(25.23)

i) Add: The difference of ₹ 31.84 lakhs on account of provision for schemes

and discount reduced in the Restated financial statements from Trade receivables.

ii) Less: Balance ₹ 6.09 lakhs on account of advance received from

customers netted off in the figures as per stock statement whereas the same in shown separetely in Note-8 to the Restated financial statements.

iii) ₹ 0.52 lakhs on account of effect on opening balance of trade

receivables due to restatement in earlier period.

Inventories

15,614.19

ICICI Bank and others

Trade Recievables

10,187.88

10,188.82

(0.95)

Difference is immaterial

Inventories

14,942.06

14,977.06

(35.00)

The difference is immaterial on account of write-off of stock

Note: The banks to whom stock statements are submitted includes ICICI bank, CSB bank, Kotak Mahindra Bank, HDFC bank, Indusind bank and Union Bank.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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Note -7(B) STATEMENT OF TERMS & CONDITIONS OF UNSECURED LOANS

(₹ In Lakhs)

Name of LenderPurpose

Rate of

interest

(p.a.)

Re-Payment

Schedule

As at

March 31, 2026

As at

March 31, 2025

Bhimji Nanji PatelBusiness Loan0%On Demand 1,048.72 993.95

Kunal Bhimji PatelBusiness Loan0%On Demand 18.07 18.07

Total 1,066.80 1,012.02

8. TRADE PAYABLES

(₹ In Lakhs)

Particulars

As at

March 31, 2026

As at

March 31, 2025

For Goods and Services

- due to micro enterprises and small enterprises --

- due to creditors other than micro enterprises and small

enterprises

(i) Payable to related parties

(ii) Payable to others953.482,418.11

Total953.482,418.11

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

Trade Payables Ageing Schedule:

As at March 31, 2026

(₹ In Lakhs)

Sr.

Particulars

Outstanding for following period from due date of payment

Total

Not Due

Unbilled

dues

Less than

1 year

1-2 years2-3 years

than 3

years

1MSME - - - - - - -

2Others 215.26 - 564.48 46.42 127.32 - 953.48

3Disputed

Dues - MSME

- - - - - - -

4Disputed

Dues - Others

- - - - - - -

215.26 - 564.48 46.42 127.32 - 953.48

As at March 31, 2025

(₹ In Lakhs)

Sr.

Particulars

Outstanding for following period from date of transaction

Total

Not Due

Unbilled

dues

Less than

1 year

1-2 years2-3 years

than 3

years

1MSME - - - - - - -

2Others - - 2,281.86 136.25 - - 2,418.11

3Disputed

Dues - MSME

- - - - - - -

4Disputed

Dues - Others

- - - - - - -

- - 2,281.86 136.25 - - 2,418.11

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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9. OTHER LIABILITIES

(₹ In Lakhs)

Particulars

As at

March 31, 2026

As at

March 31, 2025

A] Other Long term liabilities

Lease equalisation 0.60 -

(A) 0.60 -

B] Other current liabilities

a) Interest accrued & due on borrowings: 63.28 35.52

Interest on Overdraft and Cash credit

b) Interest accrued but not due on borrowings:

ICICI bank Term Loan 0.13 -

Kotak Bank Term Loan - 9.30

c) Advance from customers 32.82 36.06

d) Interest accrued but not due on borrowings:

i) Statutory dues payable 727.15 456.43

ii) Expenses payable 1,261.98 1,543.78

(B) 2,085.37 2,081.09

Total (A)+(B) 2,085.97 2,081.09

10. SHORT TERM PROVISIONS

(₹ In Lakhs)

Particulars

As at

March 31, 2026

As at

March 31, 2025

a) Provision for employee benefits (Refer note no. 40)

Gratuity 10.29 5.55

b) Other provisions:

Provision for Income tax 587.91 804.35

Total 598.20 809.90

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

11. PROPERTY, PLANT & EQUIPMENT AND INTANGIBLE ASSETSAs at March 31, 2026

(₹ In Lakhs)

(a) Property, Plant & Equipment

Gross Carrying Amount

Depreciation and Amortization

Net Carrying Amount

Cost as at

March 31,

2025

Additions

during

the year

Deletions

during the

year

Cost

as at

March

31, 2026

Accumulated

depreciation/

amortization

as March 31,

2025

Depreciation/

Amortization

during the year

Depreciation/

Amortization

written back on

deletions

Accumulated

depreciation/

amortization

as at March 31,

2026

As at

March 31, 2025

As at March

31, 2026

(i) Buildings

1,716.72

108.05

88.58

196.63

1,608.66

1,520.09

(ii) Plant & Equipments- Plant and machinery

35.71

12.52

4.20

16.72

23.19

18.99

- Computer

103.47

18.60

122.06

60.95

27.26

88.22

42.52

33.85

(iii) Furniture & Fixtures

202.51

3.66

206.17

46.52

40.89

87.41

155.99

118.77

(iv ) Vehicles

45.25

29.88

75.13

31.45

10.50

41.95

13.80

33.18

(v ) Office equipment

32.57

9.37

41.94

4.68

14.94

19.63

27.89

22.31

(vi ) Leasehold improvements

37.49

23.05

6.50

29.56

14.43

7.93

Total

2,173.71

61.51

2,235.22

287.23

192.87

480.10

1,886.48

1,755.12

(₹ In Lakhs)

(b) Intangible Assets

Gross Carrying Amount

Amortization

Net Carrying Amount

Cost as at

March 31,

2025

Additions

during

the year

Deletions

during the

year

Cost

as at

March

31, 2026

Accumulated

Amortization

as at March 31,

2025

Amortization

during the year

Amortization

written back on

deletions

Accumulated

amortization

as at March 31,

2026

As at

March 31, 2025

As at March 31,

2026

Computer Software

29.75

0.15

29.90

11.21

5.97

17.18

18.54

12.72

Total

29.75

0.15

29.90

11.21

5.97

17.18

18.54

12.72

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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As at March 31, 2025

(₹ In Lakhs)

(a) Property, Plant &

Equipment

Gross Carrying Amount

Depreciation and Amortization

Net Carrying Amount

Cost as at

March 31,

2024

Additions

during

the year

Deletions

during the

year

Cost

as at

March

31, 2025

Accumulated

depreciation/

amortization

as at March 31,

2024

Depreciation/

Amortization

during the year

Depreciation/

Amortization

written back on

deletions

Accumulated

depreciation/

amortization

as at March 31,

2025

As at March 31,

2024

As at March

31, 2025

(i) Buildings

475.17

1,412.73

171.19

1,716.72

93.39

57.33

42.67

108.05

381.78

1,608.66

(ii) Plant & Equipments- Plant and machinery

34.18

1.53

35.71

7.62

4.89

12.52

26.55

23.19

- Computer

59.63

43.83

103.47

40.13

20.82

60.95

19.50

42.52

(iii) Furniture & Fixtures

74.56

127.94

202.51

32.77

13.75

46.52

41.79

155.99

(iv ) Vehicles

45.25

25.19

6.27

31.45

20.07

13.80

(v ) Office equipment

5.76

26.81

32.57

1.85

2.83

4.68

3.91

27.89

(vi ) Leasehold improvements

37.49

11.21

11.84

23.05

26.28

14.43

Total

732.05

1,612.85

171.19

2,173.71

212.17

117.73

42.67

287.23

519.88

1,886.48

(b) Intangible Assets

Gross Carrying Amount

Amortization

Net Carrying Amount

Cost as at

March 31,

2024

Additions

during

the year

Deletions

during the

year

Cost

as at

March

31, 2025

Accumulated

Amortization

as at March 31,

2024

Amortization

during the year

Amortization

written back on

deletions

Accumulated

amortization

as at March 31,

2025

As at March 31,

2024

As at March 31,

2025

Computer Software

28.00

1.75

29.75

5.47

5.74

11.21

22.53

18.54

Total

28.00

1.75

29.75

5.47

5.74

11.21

22.53

18.54

Note 11 (c):

There is no Capital work-in-progress during the year ended March 31, 2026 (Nil as at March 31, 2025)

Note 11 (d):

There are no intangible assets under development for the year ended March 31, 2026 (Nil as at March 31, 2025).

Note 11 (e): The title deeds of immovable property (other than properties held as a lessee and the lease agreements are duly executed in favour of the lessee)The title deeds of all immovable properties disclosed in the financial statements are duly held in the name of the Company as at March 31, 2026.Note 11 (f) :

Refer Note no. 7A to the financial statements for details of property, plant and equipment provided as security against secured

borrowings.Note 11 (g):

There are is no impairment loss during the year ended March 31, 2026 (Nil for the year ended March 31, 2025).

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

12. OTHER NON CURRENT ASSETS

(₹ In Lakhs)

Particulars

As at

March 31, 2026

As at

March 31, 2025

(i) Security deposits

Rent Deposit 171.11 133.16

Other deposits 17.54 15.69

(ii) Bank deposits with maturity term more than 12 months:--

(iii) Bank deposits held as margin money or security against

borrowings, guarantees and other commitments

(maturity more than 12 months)

- Bank Deposit with ICICI Bank 2.32 2.00

- Bank Deposit with HDFC Bank 1.75 0.25

(Refer note below)

(iv) Bank deposits not earmarked (maturity more than 12 months)- -

(v) Others

VAT Appeal Fees FY 17-18 10.50 10.50

Total 203.22 161.60

Note:

The fixed deposits with ICICI bank shown above amounting to ₹ 2.32 lakhs is held as margin money for

bank guarantee to the Assessing Authority -Excise and Taxation, Gurgaon from December 29, 2023 to

December 27, 2028. Further, the fixed deposits with HDFC bank held in the name of the predecessor

firm- M/s. Monika Enterprises of ₹ 1.75 lakhs is held as margin money for bank guarantee to the Deputy

Commissioner Officer, Khurja ( UP VAT department) from September 6, 2024 to September 6, 2029.

13. INVENTORIES

(₹ In Lakhs)

Particulars

As at

March 31, 2026

As at

March 31, 2025

Stock-in-Trade:

Trading items 16,568.65 10,694.96

Stock-in-Transit 2,209.47 3,489.46

Promotional items 801.69 757.64

Total 19,579.81 14,942.06

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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14. TRADE RECEIVABLES

(₹ In Lakhs)

Particulars

As at

March 31, 2026

As at

March 31, 2025

(a) Secured, considered good - -

(b) Unsecured, considered good

Dues from Related Parties 465.24 1,816.56

Others 15,433.71 8,371.32

Total 15,898.96 10,187.88

TRADE RECEIVABLES AGEING SCHEDULE:

As at March 31, 2026

(₹ In Lakhs)

Sr.

Particulars

Outstanding for followingperiod from due date of payment

Total

Not

Due

Less

than 6

months

- 1 year

1-2

years

2-3

years

than 3

years

1Undisputed Trade

receivables-

considered good

6,545.13 7,804.48 1,222.82 299.86 26.66 - 15,898.96

2Undisputed Trade

receivables-

considered

doubtful

- - - - - - -

3Disputed Trade

receivables-

considered good

- - - - - - -

4Disputed Trade

receivables-

considered

doubtful

- - - - - - -

6,545.13 7,804.48 1,222.82 299.86 26.66 - 15,898.96

There are no unbilled dues receivables as on March 31, 2026

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

As at March 31, 2025

(₹ In Lakhs)

Sr.

Particulars

Outstanding for following period from date of transaction

Total

Not

Due

Less

than 6

months

- 1 year

1-2

years

2-3

years

than 3

years

1Undisputed Trade

receivables-

considered good

- 9,175.80 786.22 225.86 - - 10,187.88

2Undisputed Trade

receivables-

considered

doubtful

- - - - - - -

3Disputed Trade

receivables-

considered good

- - - - - - -

4Disputed Trade

receivables-

considered

doubtful

- - - - - - -

- 9,175.80 786.22 225.86 - - 10,187.88

There are no unbilled dues receivables as on March 31, 2025

15. CASH AND BANK BALANCES

(₹ In Lakhs)

Particulars

As at

March 31, 2026

As at

March 31, 2025

(i) Cash and Cash equivalents:

(a) Balances with banks

- in current accounts 326.50 32.85

(b) Cheques, drafts on hand 1,380.82 -

(A) 1,708.18 34.34

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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Particulars

As at

March 31, 2026

As at

March 31, 2025

(ii ) Other bank balances:

(a) Earmarked Balances

- Earmarked for CSR expenses (Refer note no. 33) 13.60

29.28

- Fixed Deposit with IndusInd bank [Refer note no. 42(xix)] 600.00

- Fixed deposit with HDFC bank (Refer note below) -

1.00

(b) Balances with banks held as security against borrowings

(Current portion):

Fixed deposit with HDFC bank 900.00

108.26

Fixed Deposit with Yes Bank (Refer note below) 70.49

65.70

Fixed Deposit with Kotak Mahindra bank 1,125.00

1,125.00

Fixed Deposit with Union bank 550.00

550.00

Fixed Deposit with IndusInd bank 1,000.00

600.00

Fixed Deposit with Deutsche bank -

220.00

- with ICICI bank 9.95

2.10

- with HDFC bank (Refer note below) 2.00

2.00

(B) 4,271.04

2,703.34

Total (A+B) 5,979.22

2,737.68

Note:

Fixed deposit with HDFC bank and Fixed deposit with Yes Bank are in the name of predecessor firm,

M/s. Monika Enterprises

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

(₹ In Lakhs)

16. LOANS AND ADVANCES

(₹ In Lakhs)

Particulars

As at

March 31, 2026

As at

March 31, 2025

A] Long term loans and advances:

(i) Capital advances - -

(ii) Others--

- Prepaid expenses 332.80 -

(A) 332.80 -

B] Short- term loans and advances:

(i) Loans and advances to related parties:--

(ii) Loans and advances -others:--

(iii) Others (Unsecured, considered good):

(a) Loans and advances to employees 79.12 91.49

(b) Advance to suppliers 3,683.71 1,136.66

(d) GST Receivable

- GST Refund receivable 469.88 -

- GST ITC receivable 433.92 610.33

(e ) Advance tax 304.00 470.16

(f) TDS & TCS 128.72 79.11

(g) Income Tax Refund Recievable 3.15 14.57

(h) CST Paid 0.13 0.13

(B) 5,407.23 2,417.52

Note:

During the year ended March 31, 2026, there are no loans or advances in the nature of loans granted

to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,) either

severally or jointly with any other person, that are:

(a) repayable on demand or

(b) without specifying any terms or period of repayment.

Further, there are no such loans or advances in the nature of loans outstanding as at March 31, 2026

and March 31, 2025

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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17. OTHER CURRENT ASSETS

(₹ In Lakhs)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

Receivable from parties- Tax amount 6.15 11.32

Interest receivable on Fixed deposit 19.73 6.39

Expenses recoverable (Refer note no.28) 8.69 -

Consultancy Fees Paid (Pre IPO) - 20.00

34.56 37.71

18. REVENUE FROM OPERATIONS

(₹ In Lakhs)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

(a) Sale of products

Less: Excise duty 31,154.64 25,071.77

Net sales (1,041.72) (1,459.56)

30,112.91 23,612.21

(b) Other operating revenues:

Sales and marketing support services income- 2.81

Event Fees2.63 (0.15)

30,115.5423,614.87

19. OTHER INCOME

(₹ In Lakhs)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

(a) Interest income:

Bank interest 0.00 0.13

Interest on Fixed deposits 274.95 120.40

Interest on VAT refund 2.25 -

(b) Other non-operating revenue:

Excise Duty recovered 15.86 -

VAT refund received 18.76 -

Net gain on foreign currency transactions and translation

(other than finance costs)

575.89 95.49

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

Insurance Claim 6.64 -

Discount received 0.15 0.30

Sundry balances written back 21.83 4.42

Miscellaneous Income 5.08 0.01

921.42 220.74

20. PUCHASES OF STOCK-IN-TRADE

(₹ In Lakhs)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

Purchases of Stock-in-trade (net of discounts recieved) 17,285.10 17,008.39

Add: Duty Expenses 5,462.98 3,955.41

22,748.08 20,963.80

21. CHANGES IN INVENTORIES OF STOCK-IN-TRADE

(₹ In Lakhs)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

Inventories at the beginning of the year 14,942.06 8,566.95

Less: Inventories at the end of the year (19,579.81) (14,942.06)

(4,637.76) (6,375.10)

22. EMPLOYEE BENEFIT EXPENSES

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

i) Salaries & wages

- Directors Remuneration 352.20 125.40

- Employees Salary Expenses 1724.67 1251.37

ii) Contribution to Provident and Other Funds 51.16 45.32

iii) Staff Welfare 67.67 63.99

iv) Gratuity expenses 39.26 19.90

2,234.96 1,505.97

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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23. FINANCE COSTS

(₹ In Lakhs)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

a) Interest expense:

Interest on Loans 35.41 137.58

Interest on Overdraft & Cash Credit 1,571.13 1,375.98

Interest on TDS & TCS 12.67 7.64

Interest on Income Tax - 21.88

b) Other borrowing cost:

Bank Charges 54.20 39.89

Loan Processing fees and Stamp Duty 98.76 143.17

c) Applicable net gain/loss on foreign currency transactions

and translation

32.26 32.91

1,804.42 1,759.05

24. DEPRECIATION AND AMORTIZATION EXPENSES

(₹ In Lakhs)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

Depreciation on Property, plant and equipment 192.87 117.73

Amortisation on Intangible assets 5.97 5.74

198.84 123.47

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

25. OTHER EXPENSES

(₹ In Lakhs)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

Payment to Auditors 24.21 9.15

Computer Expense 1.07 1.54

Commission 11.67 13.01

Corporate Action Fees 0.36 0.27

Corporate Social Responsibility (CSR) Expenditure (Refer note no.33) 65.45 59.87

Director sitting fees 8.00 5.60

Export related expenses 4.13 2.35

Government and Licenses Fees 25.24 2.54

FIRMS Charges 0.78 -

Insurance 21.39 23.62

Interest and late fees on Statutory dues 61.56 26.10

Overload Charges 0.49 -

Office Expenses 69.23 33.88

Miscellaneous expenses 24.19 18.60

MVAT & CST (Assessment dues) 0.00 0.06

Postage & Courier Charges 56.43 76.10

Printing & Stationery 16.48 15.48

Professional, legal and consultancy fees 280.04 455.70

Profession Tax of Employer 0.02 0.02

Rent 113.90 66.38

Rates & taxes 12.76 11.04

ROC Filing Fees - 21.06

Repairs and Maintenance 41.74 46.86

Software License Fees 31.39 20.13

Stamp Paper Charges 2.27 -

Utility expenses 4.59 2.03

Share Issue Expenses - 0.10

Ticket Cancellation Charges 5.20 -

GST-ITC expensed out 140.63 77.84

1,023.20 989.34

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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25A. OTHER EXPENSES SHOWN AS SEPARATE LINE ITEMS

(₹ In Lakhs)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

(Expenses exceeding 1% of the revenue from operations

or ₹ 1,00,000, whichever is higher as per provisions of the

Companies Act, 2013)

Advertising and Marketing Expenses 2,937.47 903.07

Net of expenses reimbursed of ₹ 3,273 Lakhs -

(Previous Year - ₹ 3,928.09 Lakhs)

Label and Brand Registration Fees 303.81 322.46

Storage charges 971.51 685.83

26. TAX EXPENSES

(₹ In Lakhs)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

a. Current Tax

259.00 752.89

b. Short Provision/ Excess provision for earlier years

0.07 -

c. Deferred Tax

(21.09) 25.95

Total Tax Expense

237.98 778.84

27. DEFERRED TAX

(₹ In Lakhs)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

Deferred Tax Asset/ (Liability) as at the beginning of the year (25.96) (0.01)

Less: Deferred Tax asset created / (reversed) during the year on

account of:

a) Timing difference in depreciation as per Companies Act,

2013 and the Income Tax Act, 1961

7.87 (37.54)

b) Provision for employee benefits 9.79 1.23

c) Others 3.43 9.64

Add/ (Less): Restatement adjustment - 0.72

21.09 (25.95)

Deferred Tax Asset / (Liability) as at the end of the year (4.87) (25.96)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

28. RELATED PARTY DISCLOSURES AS REQUIRED BY ACCOUNTING STANDARD - 18 AND THE

PROVISIONS OF THE COMPANIES ACT, 2013

A. List of related parties:

ParticlularsNames of Related PartiesNature of Relationship

Directors

and Key

Management

Personnel

(KMP)

Mr. Bhimji Nanji PatelChairman and Whole-time Director (w.e.f. 01-

02-2025) and Shareholder of the Company .

Mr. Kunal Bhimji PatelManaging Director ( w.e.f. 01-02-2025) and

Shareholder of the Company.

Mr. Ashish Manubhai MandaliyaChief Financial Officer w.e.f . 01-01-2025.

Mr. Kalpesh Himmatram

Ramina

Company Secretary w.e.f. 12-02-2025.

Relatives of

KMP

Mr. Harshit Bhimji PatelSon of Mr. Bhimji Nanji Patel and brother of

Mr. Kunal Bhimji Patel

Mrs. Dhara Kunal PatelWife of Mr. Kunal Bhimji Patel and

daughter-in-law of Mr.Bhimji Nanji Patel

and Shareholder of the Company.

Mrs. Kunverben PatelWife of Mr. Bhimji Nanji Patel and Mother of

Mr. Kunal Bhimji Patel

Mrs. Kanta ChandatSister of Mr. Bhimji Nanji Patel

Other related

parties

Nem (India) Development &

Construction Private Limited

Private Company in which Company’s

Directors are Directors

Dionysus Bevtech LLPBody corporate in which Director is partner

Infinity Global Supply Chain

Limited

Public company having common

shareholder- Mr. Kunal Bhimji Patel

Infinity Beverages UK Ltd.

(William James & Sons Ltd.) –

Public Company in which Company’s

Directors are Directors

7INK Brews Private LimitedPrivate Company in which Company’s

Directors are Directors

7INK Ventures Private LimitedPrivate Company in which Company’s

Directors are Directors

BNP Paribar Commercials LLPBody corporate in which Director is partner

M/s. InfinityFirm in which Director is partner

Mahavir Builders & DevelopersFirm in which Director is partner

Monika Bhimji Nanji Patel

Science Research & Charitable

Trust

Trust in which Company’s Director are

Trustee

Shri Chaudhari Rupra Charitable

Trust

Trust in which Company’s Director are

Trustee (w.e.f. 27-02-2026)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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B. RELATED PARTY TRANSACTIONS

(₹ In Lakhs)

Sr.

No.

Name of PartyNature of Transactions

Year end

March 31, 2026

Year end

March 31, 2025

1Mr. Bhimji Nanji PatelDividend paid 127.64 80.00

Loan taken by the

company*

2,361.21 3,889.08

Loan repaid by the

company*

2,306.44 3,500.71

Director’s remuneration # 176.10 67.80

2Mr. Kunal PatelDividend paid 58.80 60.00

Loan taken by the

company*

- -

Loan repaid by the

company*

- 446.85

Director's remuneration # 176.10 57.60

Expenses recoverable 8.69 -

3Mrs. Dhara Patel Dividend paid 0.02 0.02

4Mr. Harshit PatelDividend paid- 59.92

5Mr. Ashish Manubhai

Mandaliya

Remuneration to KMP # 78.61 16.53

6Mr. Kalpesh

Himmatram Ramina

Remuneration to KMP # 13.22 1.58

Infinity Global Supply

Chain Limited

Sale of goods 649.76 663.24

Storage charges

(expenses)

749.10 573.63

Office Rent (expenses) 70.77 55.00

Security deposit given 37.41 -

Expenses reimbursable/

(recoverable)

- 84.44

Expenses recovered/

(reimbursed) by the

Company

- -84.44

8Mrs. Kanta ChandatDividend paid 0.02 0.02

Note : All transaction amount made during the year is excluding taxes

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

C. OUTSTANDING BALANCES

(₹ In Lakhs)

Sr.

No.

Name of PartyNature of Transactions

As at

March 31, 2026

As at

March 31, 2025

1Mr. Bhimji Nanji PatelLoan repayable 1,048.72 993.95

Remuneration payable 35.10 11.80

2Mr. Kunal PatelLoan repayable 18.07 464.92

Remuneration payable 45.08 6.78

Expenses recoverable 8.69 -

3Mr. Ashish Manubhai

Mandaliya

Remuneration to KMP 6.34 9.31

4Mr. Kalpesh

Himmatram Ramina

Remuneration to KMP 1.07 0.97

Infinity Global Supply

Chain Limited

Trade receivables 465.24 388.91

Storage charges payable 114.12 -

Rent Charges Payable 17.99 6.25

Security deposit given 137.41 100.00

D. SUMMARY OF TOTAL COMPENSATION TO KEY MANAGEMENT PERSONNEL (KMP) DURING

THE YEAR^

(₹ In Lakhs)

Sr.

No.

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

1Short-term employee benefits 444.04 143.51

2Contributions to defined contribution plans for

KMP *

0.86 0.31

# The remuneration to Key Managerial Personnel (KMP) excludes the provisions made for gratuity

as these are determined on an actuarial basis for the Company as a whole.

* Contribution to defined contribution plan consists of employer’s contribution to provident

fund.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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29. C.I.F. VALUE OF IMPORT

(₹ In Lakhs)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

Stock-in-Trade 16,802.53 14,812.53

30. EARNINGS & EXPENDITURE IN FOREIGN CURRENCY DURING THE YEAR

(₹ In Lakhs)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

Earnings (INR equivalents)

Export of goods on F.O.B basis 10,375.64 8,545.41

Reimbursement of advertising and marketing expenses2,665.613,928.09

Total 13,041.25 12,473.50

Expenditure (INR equivalents)

Advertising and marketing expenses 200.21 -

Total 200.21 -

31. FOREIGN CURRENCY EXPOSURE

(₹ In Lakhs)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

Earnings:

A] Trade Receivables: (INR equivalents)

a) In USD 8,212.71 4,408.11

b) In EURO 5.63 (5.63)

c) In AUD 105.04 -

B] Trade Payables: (INR equivalents)

a) In USD 390.59 1,628.25

b) In EURO 278.95 571.31

c) In GBP - (5.72)

d) In AUD 59.98 10.73

e) In JPY 1.15 -

C] Other Foreign currency Loans: (INR equivalent)

Pre-shipment Credit in foreign currency (PCFC Loan) in USD 63.23 583.61

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

NOTE 32: MSME NOTES

Information as per the requirement of Section 22 of The Micro, Small and Medium Enterprises Development

Act, 2006

(₹ In Lakhs)

Particulars

As at

March 31, 2026

As at

March 31, 2025

a) (i) The principal amount remaining unpaid to any supplier at

the end of accounting year included in trade payables and

other current liabilities

44.96 26.49

(ii) The interest due on above - -

Total (i) & (ii) 44.96 26.49

b) The amount of interest paid by the buyer in terms of section

16 of the Act

- -

c) The amount of the payment made to the supplier beyond the

appointed day during the accounting year

- -

d) The amounts of interest accrued and remaining unpaid at

the end of financial year

- -

e) The amount of interest due and payable for the period of

delay in making payment (which have been paid but beyond

the due date during the year) but without adding the interest

specified under this Act.

- -

f) The amount of further interest remaining due and payable

even in the succeeding years, until such date when the

interest dues above are actually paid to the small enterprise,

for the purpose of disallowance of a deductible expenditure

under section 23 of the Micro, Small and Medium Enterprises

Development Act, 2006.

The above information has been determined to the extent such parties have been identified on the

basis of information available with the company and the same has been relied upon by the auditors.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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NOTE 33: CORPORATE SOCIAL RESPONSIBILITY (CSR) EXPENDITURE:

(₹ In Lakhs)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

i) Amount required to be spent by the

company during the year

49.76 45.07

ii) Amount of expenditure incurred on:

(a) Construction/ Acquisition of asset Nil Nil

(b) On purposes other than (a) 65.45 59.87

iii) Out of (ii), amount spent towards current

year's obligation

44.25 50.58

iv) Out of (ii), amount spent from previous

year's unspent account (ongoing

projects)

21.20 9.29

v) Excess expenditure for previous year

adjusted against current year

5.51 -

vi) Shortfall /(Excess) at the end of the year

[ (i)- (iii)-(iv)-(v)]

- (5.51)

vii)The total of previous years' shortfall

amounts

13.60 34.79

viii) The reason for above shortfalls (Refer Details of Ongoing

Projects given below)

(Refer Details of Ongoing

Projects given below)

ix) The nature of CSR activities undertaken

by the company

1. ₹ 42.25 lakhs spent as

CSR amount given to

Jivan Jyot Foundation

towards

(a) Promoting Healthcare

and sanitation

(b) Promotion of Education

and employment-

enhancing vocational

skills

1. ₹ 45.07 lakhs spent as

CSR amount given to

Shree Hiraba Charitable

Trust for the identified

project by Trust as “CSR

focusing on Rural Areas

with Underprivileged

Children, Girls and

Women as same aligns

with the Aarogya

Project of the Company

as approved under CSR

Action Plan 2024-25.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

and development.

2. ₹ 2.00 lakhs paid to

Deepa Ganesh Patil

Educational Institute

for the Para Sports

which aligns with

activities relating to

training to promote

paralympic sports.

2. ₹ 5.51 lakhs paid to

Rotary Club of Borivali,

Charitable Trust for

the Para Sports which

aligns with activities

relating to training to

promote paralympic

sports.

x)The shortfall amount , in respect of other

than ongoing projects, transferred to a

Fund specified in Schedule VII to the Act

as per Sec 135 (5) of the Act

Nil Nil

xi)The shortfall amount , in respect of

ongoing projects, transferred to a special

account as per Sec 135 (6) of the Act

Nil Nil

DETAILS OF ONGOING PROJECTS:

(₹ In Lakhs)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

Opening balance (In separate Unspent CSR A/c) - Amount

transferred in F.Y. 2023-24

29.28 44.08

Add: Amount erroneously credited to Unspent CSR A/c

regularised ( Refer Note 2 below)

5.51 -

Less:Amount spent during the year (from Unspent CSR A/c)

(Refer Note no.1)

(21.20) (9.29)

Amount pending to be spent (A)

13.60 34.79

Closing balance (In separate Unspent CSR A/c) (B)

13.60 29.28

Difference (A-B) (refer note 2 below for F.Y.2024-25)

(0.00) 5.51

Note :

1. During the year, the Company commenced the ongoing project for conservation of a

lake located at Meghpar (Kumbhardi), Village in Anjar Taluka, Kutch District, Gujarat. An

amount of ₹15.00 lakhs was spent towards this project during the year ended March 31, 2026.

The project could not be initiated in the previous years due to feasibility constraints, primarily

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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on account of pending approvals and alignment with the local Gram Panchayat. During the

current year, the necessary permissions and coordination with the Panchayat authorities

were obtained, and the project was accordingly undertaken after reassessing its viability.

The Company made a further contribution of ₹6.20 lakhs during the year (For previous year ended

March 31,2025: ₹9.29 lakhs) to the Centre of CSR & Sustainability Excellence (Implementing agency),

Delhi from the Unspent CSR Expenditure Account, towards its CSR ongoing project pertaining

to the FY 2023–24, CSR initiative relating to environmental sustainability and conservation of

natural resources, as approved by the CSR Committee at its meeting held on January 27, 2025.

Accordingly, the total amount spent during the year amounts to ₹21.20 lakhs, aggregating the

total expenditure incurred till date to ₹30.49 lakhs.

2. The Company has paid ₹ 5.51 lakh to Rotary Club of Borivali, Charitable Trust for Paralympics

objective for FY 2024-2025. This amount was inadvertently paid from “” Unspent CSR “” Bank

account. The Company has rectified the same by transferring the amount of ₹ 5.51 lakhs again to

this account on June 11, 2025. Accordingly, the balance in this account matches with balance yet

to be spent towards ongoing project for which this amount was earmarked.

3. The amount spent on CSR activities for the financial year includes the set-off of excess amount

spent by the Company on CSR activities in the previous financial years of ₹ 5.51 lakhs. The amount

to be spent on CSR activities for the year 2025-26 is ₹ 44.25 lakhs after set-off.

NOTE 34: CONTINGENT LIABILITIES & COMMITMENTS

(₹ In Lakhs)

Particulars

Year Ended

March 31, 2026

Year Ended

March 31, 2025

i) Contingent liabilities:

a) Claims against Company not acknowledged as debts: - -

Central Sales Tax [Note(a)] 15.70 15.70

Income tax assessment [Note(b)] 17.82 -

b) Guarantees - -

ii) Commitments - -

Total 33.52 15.70

Note:

(a) Out of the disputed dues of ₹ 15.70 lakhs pertaining to M/s. Monika Enterprises (“ the

predecessorfirm) for F.Y. 2017-18 under the Central Sales Tax Act, 1956, part payment is made of

₹8.57 lakhs. Final Stay order was granted vide order dated 28-01-2022 (MUM-VAT-E-913/MONIKA

ENTERPRISES/ 27641152441C/ CST/ 01.04.2017 - 31.03.2018/955065/Final Stay/4392397).

(b) Disallowance of certain expenses by the Income Tax department resulted in tax liability of ₹17.82

lakhs as per the notice received for F.Y. 2018-19 under the Income Tax Act, 1961 pertaining to M/s.

Monika Enterprises (“ the predecessor firm). However, appeal is filed before CIT(A) on February 3,

2026.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

NOTE 35: DISCLOSURES REQUIRED UNDER SEC 186(4) OF THE COMPANIES ACT, 2013

The company has not given any loan to any Related Party or any other entity during the period ended

on March 31, 2026.

NOTE 36: SEGMENT INFORMATION

For management purpose, the Company has determined reportable segment as “Wines and Spirits “

since the Board of Directors evaluates the Company’s performance as a single segment.

NOTE 37: EARNINGS PER SHARE (EPS)

Basic earnings per share is computed by dividing profit or loss attributable to equity shareholders of

the Company by the weighted average number of equity shares outstanding during the period. The

Company did not have any potentially dilutive securities in any of the years presented.

(₹ in Lakhs except for shares , Face Value (FV) and EPS)

Particulars

Year ended

March 31, 2026

Year ended

March 31, 2025

A) Profit for the year attributable to shareholders of the

Company (₹)

3,214.44 2,311.35

B) Number of equity shares outstanding at the end of the year2,14,49,961 1,66,58,764

C) Weighted average number of equity shares [Refer note no.

42(xix) for issue of equity shares during the year]

1,99,92,9111,65,98,489

D) Basic and diluted Earnings Per Share (₹) (A/C) 16.08 13.94

E) Face value per equity share (₹) 10.00 10.00

NOTE 38: AUDITOR’S REMUNERATION (EXCLUDING TAXES)

(₹ In Lakhs)

Particulars

Year Ended

March 31, 2026

Year Ended

March 31, 2025

Statutory Audit 15.00 4.50

Tax Audit Fees 0.48 1.25

Other Certification services 5.90 0.15

Assessment handling fees 1.00 -

Other Professional Service 1.83 3.25

24.21 9.15

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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NOTE 39: OPERATING LEASES:

The Company has entered into operating lease arrangements for office premises, godowns and other

facilities.These leases include primarily short-term, cancellable arrangements (generally for a period of

11 months) and certain longer-term leases have non-cancellable period.

Lease payments recognised in the Statement of Profit and Loss for the year amount to ₹ 113.90 lakhs

(Previous year: ₹ 66.38 lakhs)

Future minimum lease payments under non-cancellable operating leases are as follows:

Particulars

Year Ended

March 31, 2026

Year Ended

March 31, 2025

Not later than one year 98.46 29.68

Later than one year and not later than five years 249.87 -

Later than five years Nil Nil

The above commitments primarily relate to longer-term lease arrangements entered into by the

Company.

Most of the Company’s leases are cancellable in nature and do not give rise to long-term commitments.

There are no significant restrictions imposed by lease arrangements and no contingent rent payable

in respect of such leases.

NOTE 40: EMPLOYEE BENEFITS EXPENSE

The Company operates one post-employment defined benefit plan that provides gratuity. The gratuity

plan entitles an employee, who has rendered at least five years of continuous service, to receive one-

half month’s salary for each year of completed service at the time of retirement. In case of employees

completing longer service periods, the Company’s unfunded scheme is more favourable as compared

to the obligation under Payment of Gratuity Act, 1972/The Code of Social Security, 2020 (w.e.f November

21, 2025).

On November 21, 2025, the Government of India notified the four Labour Codes - 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 - consolidating 29 existing labour laws. The Ministry

of labour & Employment published draft Central Rules and FAQs to enable assessment of the financial

impact due to changes in regulations. The Company has assessed for incremental impact of these

changes on the basis of the best information available, consistent with the guidance provided by

the Institute of Chartered Accountants of India. There is no incremental impact on gratuity which

is required to be provided In the financial results due to change in ‘Wages’ definition. The Company

continues to monitor the finalisation of Central / State Rules and clarifications from the Government

on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of

such developments as and when notified.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

(₹ In Lakhs)

Particulars

Year Ended

March 31, 2026

Year Ended

March 31, 2025

Assumptions (Opening Period)

Expected Return on Plan Assets N.A.N.A.

Rate of Discounting 6.54%7.16%

Rate of Salary Increase 10.00%10.00%

Rate of Employee Turnover 25.00%25.00%

Mortality Rate During Employment Indian Assured

Lives Mortality

2012-14 (Urban)

Indian Assured

Lives Mortality

2012-14 (Urban)

(₹ In Lakhs)

Particulars

Year Ended

March 31, 2026

Year Ended

March 31, 2025

Assumptions (Closing Period)

Expected Return on Plan Assets N.A.N.A.

Rate of Discounting 6.59%6.54%

Rate of Salary Increase 10.00%10.00%

Rate of Employee Turnover 25.00%25.00%

Mortality Rate During Employment Indian Assured

Lives Mortality

2012-14 (Urban)

Indian Assured

Lives Mortality

2012-14 (Urban)

(₹ In Lakhs)

Particulars

Year Ended

March 31, 2026

Year Ended

March 31, 2025

Table Showing Change in the Present Value of Defined Benefit Obligation

Present Value of Benefit Obligation at the Beginning of the Period 49.40 32.04

Interest Cost 3.23 2.29

Current Service Cost 20.58 11.59

Past Service Cost - Non-Vested Benefit Incurred During the Period - -

Past Service Cost - Vested Benefit Incurred During the Period - -

Liability Transferred In/ Acquisitions - -

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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Particulars

Year Ended

March 31, 2026

Year Ended

March 31, 2025

(Liability Transferred Out/ Divestments) - -

(Gains)/ Losses on Curtailment - -

(Liabilities Extinguished on Settlement) - -

(Benefit Paid Directly by the Employer) (2.40) (2.53)

(Benefit Paid From the Fund) - -

The Effect Of Changes in Foreign Exchange Rates - -

Actuarial (Gains)/Losses on Obligations - Due to Change in

Demographic Assumptions

- -

Actuarial (Gains)/Losses on Obligations - Due to Change in

Financial Assumptions

(0.18) 1.26

Actuarial (Gains)/Losses on Obligations - Due to Experience 15.62 4.76

Present Value of Benefit Obligation at the End of the Period 86.25 49.40

TABLE SHOWING CHANGE IN THE FAIR VALUE OF PLAN ASSETS

(₹ In Lakhs)

Fair Value of Plan Assets at the Beginning of the Period

Year Ended

March 31, 2026

Year Ended

March 31, 2025

Expected Return on Plan Assets

- -

Contributions by the Employer

- -

Expected Contributions by the Employees

- -

Assets Transferred In/Acquisitions

- -

(Assets Transferred Out/ Divestments)

- -

(Benefit Paid from the Fund)

- -

(Assets Distributed on Settlements)

- -

Effects of Asset Ceiling

- -

The Effect Of Changes In Foreign Exchange Rates

- -

Actuarial Gains/(Losses) on Plan Assets - Due to Experience

- -

Fair Value of Plan Assets at the End of the Period

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

(₹ In Lakhs)

Particulars

Year Ended

March 31, 2026

Year Ended

March 31, 2025

Actuarial (Gains)/Losses Recognized in the Statement of Profit or Loss for Current Period

Actuarial (Gains)/Losses on Obligation For the Period 15.45 6.02

Actuarial (Gains)/Losses on Plan Asset For the Period - -

Subtotal 15.45 6.02

Actuarial (Gains)/Losses Recognized in the Statement of

Profit or Loss

15.45 6.02

(₹ In Lakhs)

Particulars

Year Ended

March 31, 2026

Year Ended

March 31, 2025

Actual Return on Plan Assets

Expected Return on Plan Assets - -

Actuarial Gains/(Losses) on Plan Assets - Due to Experience - -

Actual Return on Plan Assets - -

(₹ In Lakhs)

Particulars

As at

March 31, 2026

As at

March 31, 2025

Amount Recognized in the Balance Sheet

(Present Value of Benefit Obligation at the end of the Period) (86.25) (49.40)

Fair Value of Plan Assets at the end of the Period - -

Funded Status (Surplus/ (Deficit)) (86.25) (49.40)

Unrecognized Past Service Cost at the end of the Period - -

Net (Liability)/Asset Recognized in the Balance Sheet (86.25) (49.40)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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(₹ In Lakhs)

Particulars

Year Ended

March 31, 2026

Year Ended

March 31, 2025

Net Interest Cost for Current Period

Present Value of Benefit Obligation at the Beginning of the Period 49.40 32.04

(Fair Value of Plan Assets at the Beginning of the Period) - -

Net Liability/(Asset) at the Beginning 49.40 32.04

Interest Cost 3.23 2.29

(Expected Return on Plan Assets) - -

Net Interest Cost for Current Period 3.23 2.29

EXPENSES RECOGNIZED IN THE STATEMENT OF PROFIT OR LOSS FOR CURRENT PERIOD

(₹ In Lakhs)

Particulars

Year Ended

March 31, 2026

Year Ended

March 31, 2025

Current Service Cost 20.58 11.59

Net Interest Cost 3.23 2.29

Actuarial (Gains)/Losses 15.45 6.02

Past Service Cost - Non-Vested Benefit Recognized During the Period - -

Past Service Cost - Vested Benefit Recognized During the Period - -

(Expected Contributions by the Employees) - -

(Gains)/Losses on Curtailments And Settlements - -

Net Effect of Changes in Foreign Exchange Rates - -

Change in Asset Ceiling - -

Expenses Recognized in the Statement of Profit or Loss 39.26 19.90

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

BALANCE SHEET RECONCILIATION

(₹ In Lakhs)

Particulars

As at

March 31, 2026

As at

March 31, 2025

Opening Net Liability 49.40 32.04

Expense Recognized in Statement of Profit or Loss 39.26 19.90

Net Liability/(Asset) Transfer In - -

Net (Liability)/Asset Transfer Out - -

(Benefit Paid Directly by the Employer) (2.40) (2.53)

(Employer's Contribution) - -

Net Liability/(Asset) Recognized in the Balance Sheet 86.25 49.40

CATEGORY OF ASSETS

(₹ In Lakhs)

Particulars

Year Ended

March 31, 2026

Year Ended

March 31, 2025

Government of India Assets - -

State Government Securities - -

Special Deposits Scheme - -

Debt Instruments - -

Corporate Bonds - -

Cash And Cash Equivalents - -

Insurance fund - -

Asset-Backed Securities - -

Structured Debt - -

Other - -

Total - -

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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OTHER DETAILS

(₹ In Lakhs)

Particulars

Year Ended

March 31, 2026

Year Ended

March 31, 2025

No of Members in Service (Actual figure) 220 195

Per Month Salary For Members in Service 86.71 66.89

Defined Benefit Obligation (DBO) - Total 86.25 49.40

Defined Benefit Obligation (DBO) - Due but Not Paid - -

Expected Contribution in the Next Year - -

EXPERIENCE ADJUSTMENTS

(₹ In Lakhs)

Particulars

Year Ended

March 31, 2026

Year Ended

March 31, 2025

Actuarial (Gains)/Losses on Obligations - Due to Experience 15.62 4.76

Actuarial Gains/(Losses) on Plan Assets - Due to Experience - -

CURRENT AND NON-CURRENT CLASSIFICATION

(₹ In Lakhs)

Particulars

As at

March 31, 2026

As at

March 31, 2025

Current Liability 10.29 5.55

Non-current liability 75.97 43.85

86.25 49.40

Notes

Gratuity is payable as per entity’s scheme as detailed in the report.

Actuarial Gains/ Losses are accounted for in the period of occurrence in the Statement of Profit or Loss.

Salary escalation & attrition rate are considered as advised by the entity; they appear to be in line with

the industry practice considering promotion and demand & supply of the employees.

During the year, there were no plan amendments, curtailments and settlements.

Any benefit payment and contribution to plan assets is considered to occur end of the year to depict

liability and fund movement in the disclosures.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

NOTE 41: RATIOS

(₹ In Lakhs)

RatioNumeratorDenominator

Year

ended

March

31, 2026

Year

ended

March

31,2025

Variance

(%)

Reason for

Variance*

Current

Ratio

(in times)

Total Current

Assets

Total Current

Liabilities

1.901.4729.40Increase in ratio on

account of increase

in current assets

(Inventories and

trade receivables)

as compared to

previous year

Debt-

Equity ratio

(in times)

Total debtShareholders'

Equity

0.861.81-52.47Decrease in ratio

on account of

decrease in total

debt as compared

to previous year

and increase in

Shareholders' Equity

due to repayments

of borrowings and

increase in capital

and reserves on

account of IPO.

Debt-

Service

coverage

ratio

(in times)

Earning for Debt

Service = Net

Profit before

taxes + Non-

cash operating

expenses +

Interest +Other

non-cash

adjustment

Debt service

= Interest

and lease

payments

+ Principal

repayments

194.9938.39407.95Increase in ratio on

account of increase

in earnings available

for debt service

and substantial

decrease in term

loans repayable

as compared to

previous year

Return on

Equity

(in %)

Net profit after

taxes & interest-

Preference

Dividend (if any)

Average

Shareholder's

Equity

18.89%29.91%-36.85The decrease in the

ratio is on account

of increase in

Shareholder's Equity

due to fresh issue

of equity shares

at premium and

increase in profit

during the year

which led to overall

increase the Average

Shareholders' Fund.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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RatioNumeratorDenominator

Year

ended

March

31, 2026

Year

ended

March

31,2025

Variance

(%)

Reason for

Variance*

Inventory

Turnover

ratio

(in times)

Cost of goods

sold

Average

Inventory

1.051.24-15.46N/A

Trade

Receivables

Turnover

ratio

(in times)

Net Credit SalesAverage

Trade

Receivables

2.312.39-3.32N/A

Trade

Payables

Turnover

ratio

(in times)

Net Credit

purchases

Average

Trade

Payables

10.258.6318.81N/A

Net Capital

Turnover

ratio

(in times)

Revenue from

Operations

Average

Working

Capital

1.892.89-34.60Decrease on

account of increase

on average working

capital as compared

to previous year

being higher than

increase in net profit

during the year

Net Profit

ratio (in %)

Net ProfitNet Sales10.67%9.79%9.05N/A

Return

on Capital

Employed

(in %)

EBITCapital

Employed

= Net worth

+Total Debt+

Deferred Tax

Liability

9.10%16.21%-43.89Decrease in ratio

is on account of

increase in capital

employed in

Current Year vis-

a-vis decrease in

EBIT in Current Year

as compared to

Previous Year.

Return on

Investment

(in %)

Income

generated from

invested funds

Average

invested

funds

N/A N/A N/A N/A

*Reason for Variance is applicable only if Variance is more than 25%.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

NOTE 42: ADDITIONAL REGULATORY INFORMATION

i. The Company has not revalued any Property or Plant and Equipment and intangible assets during

the period ended on March 31, 2026.

ii. The Company has not made any loans or advances to Promoters, Directors, KMP or Related

Parties during year ended on March 31, 2026.

iii. The Company does not have any Capital Work-in-Progress as at the Year Ended on March 31, 2026.

iv. The Company does not have any Intangible under development for the year ended on March 31,

2026.

v. The Company is not holding any Benami Property during the year ended on March 31, 2026.

vi. The Company has borrowings from banks or financial Institution against security of current

assets and quarterly statements filed by the company are in agreement with unaudited books of

acount. The details of the same for the year ended March 31, 2026 and March 31, 2025 are given in

Note no. 7A to the Financial Statements.

vii. The company is not declared as wilful defaulter by any bank or financial institituion or lender.

viii. The Company did not have any material transactions with companies struck-off under section

248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956 during the the year

ended on March 31, 2026.

ix. All the charges against Bank Finance are registered with Registrar of Companies.

x. The Company does not have any subsidiary and therefore, provision related to compliance with

the number of layers of companies in accordance with clause 87 of Section 2 of the Act read with

the Companies (Restriction on number of Layers) Rules, 2017 is not applicable for the year ended

March 31, 2026.

xi. The Company has not entered into any scheme of amalgamation or any other arrangment during

the year ended March 31, 2026 and March 31, 2025.

xii. a) The Company has not utilised the borrowings received from banks and financial institutions

for the purpose other than for which it was taken during the year ended March 31, 2026.

b) During the year ended March 31, 2026, the Company has not advanced or loans or invested

funds (either borrowed funds or share premium or kind of funds) to any other person(s)

or entity(ies), including foreign entities (Intermediaries) with the understanding (whether

recorded in writing or otherwise) that the Intermediary shall:

i) directly or indirectly lend or invest in other persons or entities identified in any manner

whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or

ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

c) During the year ended March 31, 2026, the Company has not received any fund from any

person(s) or entity(ies), including foreign entities (Funding Party) with the understanding

(whether recorded in writing or otherwise) that the Company shall:

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

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i) directly or indirectly lend or invest in other persons or entities identified in any manner

whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

ii) provide any guarantee, security, or the like on behalf of the ultimate beneficiaries.

xiii. Trade Receivables, Trade Payables, Borrowings, Loans & Advances and Deposits :

Balances of Trade Receivables, Trade Payables, Borrowings and Loans & Advances and Deposits

are subject to confirmation.

xiv. Director Personal Expenses

There are no Director personal expenses debited to the profit and loss account.

xv. Exceptional & Extraordinary Items :

a) There are no exceptional & extraordinary items to be disclosed in accordance with the

requirements of AS - 5 “Net Profit or Loss for the Period, Prior Period Items and Changes in

Accounting Policies” for the year ended March 31, 2026.

b) During the year ended March 31, 2025, the Company sold a building and earned profit of

₹ 132.48 lakhs, which had been classified as an exceptional item due to its non-recurring

nature.

Further, the company had no extraordinary items to be disclosed in accordance with the

requirements of AS - 5 “Net Profit or Loss for the Period, Prior Period Items and Changes in

Accounting Policies” during the year ended March 31, 2025.

xvi. The Company has not traded or invested in Crypto Currency or Virtual Currency during the year

ended March 31, 2026.

xvii. The Company has no such transactions which is not recorded in the books of accounts that has

been surrendered or disclosed as income in tax assessments under Income Tax Act, 1961 during

the year ended March 31, 2026.

xviii. The Company has declared and paid dividend during the year ended March 31, 2026. (Refer note

no. 2 (vi) to the Financial Statements)

xix. As referred to Note no. 2(i) to the Financial statements, during the year, the Company has its

Initial Public Offer (IPO) comprising 57,91,200 equity shares of face value ₹10 each at an issue

price of ₹ 286 per share (including a premium of ₹ 276 per share). The issue included a fresh

issue of 47,91,200 equity shares and an Offer for Sale (OFS) of 10,00,000 equity shares by existing

shareholders. The IPO Committee of the Board of Directors, vide its resolution dated July 21, 2025,

approved the allotment of equity shares.

The equity shares of the Company were subsequently listed on the SME platform of BSE Limited

on July 23, 2025.

The proceeds from the fresh issue (net of issue-related expenses) are being utilised towards the

objects stated in the Prospectus, as under:

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

(₹ in Lakhs)

Sr.

No.

Object of the issueAmount as

stated

Amount

utilized

Total unutilized

amount

i) Funding working capital

requirements of the Company

10,063.86 9,463.86 600.00

ii)Pre-payment or repayment of

certain outstanding borrowings

availed by our Company from

Banks/Financials Institutions

1,145.00 1,145.00 -

iii)General Corporate Purposes 776.73 776.73 -

Total 11,985.59 11,385.59 600.00

The unutilized amount of ₹ 600.00 lakhs as at March 31, 2026 has been temporarily invested in

fixed deposits with IndusInd Bank, in compliance with applicable regulatory requirements. On

these fixed deposits, interest income of ₹27.16 lakhs is earned for the year ended March 31, 2026

calculated based on interest certificates received from the bank as on March 31, 2026.

The Company confirms that utilisation of IPO proceeds is in line with the objects stated in the

Prospectus and there has been no material deviation or variation requiring disclosure under

applicable SEBI regulations.

xx. (a) During the year ended March 31, 2026, the shareholders of the Company have approved the

Monika Alcobev Employee Stock Option Scheme, 2026 (“ESOP Scheme”) on March 22, 2026

for grant of stock options to eligible directors and employees of the Company and its group

company(ies), including its holding and subsidiary company(ies) (present and future, if any).

(b) The Company has submitted an application to BSE Limited seeking in-principle approval for

listing of the equity shares to be issued pursuant to the exercise of options granted under the

ESOP Scheme, and the approval is awaited.

10,00,000 equity shares of the Company.

(d) As no stock options have been granted under the ESOP Scheme up to the reporting date,

disclosures relating to options granted, vested, exercised, lapsed, money realised on exercise,

total number of shares arising on exercise of options, subsequent changes or cancellation of

options, and the impact on diluted earnings per share are not applicable as at March 31, 2026.

xxi. The Company maintains its books of account using SAP Business One (ERP system), which has an

in-built feature of recording audit trail (edit log) for each transaction.

Pursuant to the requirements of proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 (as

amended), the audit trail feature in SAP Business One is enabled and operated throughout the

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year for all relevant transactions. The system maintains a log of all changes, including creation,

modification, and deletion of transactions along with user identification and timestamps.

The audit trail records have been preserved by the Company in accordance with the statutory

requirements for record retention.

This has not been tampered with and has been maintained as required under applicable laws.

xxii. Change in estimate of Income Taxes:

For the year ended March 31, 2026, the Company has determined provision for Income Taxes

under section 115BAB whereas for the previous year it was determined under section 115BAA

of the Income Tax Act, 1961 (“the Act”). The Company reassessed its position in respect of the

applicable concessional tax regime under section 115BAB of the Act based on a legal opinion

obtained during the year for calculation of Income tax liability while finalisation of Income Tax

return for the financial year 2024-25 (Assessment Year- 2025-26) and the excess provision for the

previous year will be given effect in books post completion of assessment, if any.

The aforesaid reassessment has been treated as a change in accounting estimate in accordance

with the AS-5,”Net Profit or Loss for the Period, Prior Period Items, and Changes in Accounting

Policies” and has been accounted for prospectively.

The Company’s position is based on the legal opinion obtained; however, the matter involves

interpretation of the provisions relating to the exercise and applicability of concessional tax

regimes, including conditions governing eligibility and irrevocability of options under the Act.

xxiii. Figures have been rounded off to the multiple of lakhs. Previous year’s figures have been

regrouped, reclassed and rearranged wherever necessary to make them comparable with the

current year figures.

As per our report of even date

For Shah Gupta & Co.

Chartered Accountants

Firm Registration Number: 109574W

For and on behalf of the Board of Directors of

Monika Alcobev Limited

Bharat P. Vasani

Partner

Membership No.: 040060

Place: Mumbai

Date: May 08, 2026

Bhimji Nanji Patel

Chairman and Whole-Time Director

DIN: 00253030

Place: Mumbai

Date: May 08, 2026

Kunal Bhimji Patel

Managing Director

DIN: 03039030

Place: Mumbai

Date: May 08, 2026

Ashish Manubhai Mandaliya

CFO

Place: Mumbai

Date: May 08, 2026

Kalpesh Himmatram Ramina

Company Secretary

Membership No: A65189

Place: Mumbai

Date: May 08, 2026

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026

(All amounts in ₹ Lakhs, unless mentioned otherwise)

NOTICE is hereby given that the Fourth Annual

General Meeting (“AGM”) of the Members of

Monika Alcobev Limited (“the Company”) will

be held on Thursday, June 25, 2026, at 3:30

P.M. (IST), through Video Conferencing/ Other

Audio-Visual Means (“VC/OAVM”), to transact the

following business:

ORDINARY BUSINESS:

1. To receive, consider and adopt the audited

financial statements of the Company for

the financial year ended March 31, 2026,

together with the reports of the Board

of Directors and Auditors thereon and in

this regard, to consider and if thought fit,

to pass, with or without modifications(s),

the following resolution as an Ordinary

Resolution:

“RESOLVED THAT the audited financial

statements of the Company for the financial

year ended March 31, 2026, and the reports of

the Board of Directors and Auditors thereon,

as circulated to the members, be and are

hereby received, considered and adopted.”

2. To re-appoint Mr. Bhimji Patel, who

retires by rotation as an Executive Non-

Independent Director and, being eligible,

offers himself for re-appointment and in

this regard, to consider and if thought fit,

to pass, with or without modification(s),

the following resolution as an Ordinary

Resolution:

“RESOLVED THAT in accordance with the

provisions of Section 152 and other applicable

provisions of the Companies Act, 2013,

Mr. Bhimji Patel (DIN: 00253030), who retires

by rotation and being eligible offers himself

for the re-appointment, be and is hereby re-

appointed as an Executive Non-Independent

Director of the Company, liable to retire by

rotation.”

3. To declare a final dividend on equity shares

of the Company for the financial year

ended March 31, 2026, and in this regard,

to consider and if thought fit, to pass, with

or without modification(s), the following

resolution as an Ordinary Resolution:

“RESOLVED THAT final dividend at the

rate of ₹ 1/- per equity share of face value of

₹ 10/- each of the Company, as recommended

by the Board of Directors, be and is hereby

declared and the same be paid out of the

profits of the Company for the financial year

ended March 31, 2026.”

By Orders of the Board of Directors

For MONIKA ALCOBEV LIMITED

Kalpesh Ramina

Company Secretary & Compliance Officer

Membership No.: ACS 65189

Date: May 8, 2026

Place: Mumbai

Registered Office:

2403, 24

Floor, Signature, Suresh Sawant Road,

Off. Veera Desai Road, Andheri West,

Mumbai – 400053 , Maharashtra, India

CIN: L15490MH2022PLC375025

NOTICE

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of the AGM through VC/ OAVM facility and for

providing electronic voting (“e-voting”) facility

to its members, to exercise their votes through

the remote e-voting and e-voting at the AGM.

7. The brief details of Director retiring by rotation

and seeking re-appointment in the ensuing

AGM, pursuant to Regulation 36(3) of the

SEBI Listing Regulations and the Secretarial

Standards on General Meeting (‘SS-2’) issued

by the Institute of Company Secretaries of

India, are provided in Annexure to this Notice.

8. Instructions Related to the (i) Payment of Final

Dividend for the Financial Year ended March 31,

2026 and (ii) Investor Education and Protection

Fund (“IEPF”).

A. Subject to the approval of the Members at

the AGM, the dividend on Equity Shares,

if declared at the AGM, will be credited/

dispatched within the 30 days from the date

of declaration to those Members whose

names shall appear in the Company’s

of Beneficial owners maintained by the

Depositories as on the Record date i.e.,

Thursday, June 18, 2026.

B. Communication with respect to deduction

of Tax at source on Dividend payout

Pursuant to the Income-tax Act, 2025,

dividend income will be taxable in the

hands of shareholders, and the Company

is required to deduct tax at source from

dividend paid to shareholders at the

prescribed rates. For the prescribed rates

for various categories, the shareholders

are requested to refer to the Income-tax

Act, 2025 and amendments thereof. The

shareholders are requested to update

their PAN with the Company/ RTA (in

case of shares held in physical mode) and

depositories (in case of shares held in

demat mode).

● A Resident individual shareholder with

PAN and who is not liable to pay income

tax can submit a yearly declaration in

Form-121 (Previously known as Form

15G/15H as per Income Tax Act, 1961)

to avail the benefit of non-deduction

of tax at source. Shareholders are

requested to note that in case their

Permanent Account Number (“PAN”) is

not registered; tax will be deducted at a

higher rate of 20%.

● Non-resident shareholders can avail

beneficial rates under tax treaty

between India and their country

of residence, subject to providing

necessary documents i.e. self -attested

copy of the PAN, if any, allotted by the

Indian authorities; self-attested copy of

valid Tax Residency Certificate obtained

from the tax authorities of the country

of which the shareholder is resident;

self-declaration in Form-41 (Previously

known as Form 10F as per Income Tax

Act, 1961). Self-declaration confirming

not having a Permanent Establishment

in India and eligibility to Tax Treaty

benefit. TDS shall be recovered at

20% (plus applicable surcharge and

cess) if any of the above-mentioned

documents are not provided.

The details of TDS rate for each category

of shareholders and necessary format of

declarations is also available at the website

of the Company at www.monikaalcobev.

com.

The aforementioned forms for tax

exemption can be downloaded from Our

RTA website: https://web.in.mpms.mufg.

com/client-downloads.html. On this page

select the General tab. All the forms are

available under the head “Form-121/Form-

41”.

The aforementioned documents (duly

completed and signed) are required to

be emailed to us at email ID investors.

relation@monikaalcobev.com or upload

on RTA MUFG Intime India Private

Limited service request portal under Tax

Exemption tab https://web.in.mpms.mufg.

com/helpdesk/Service_Request.html on or

NOTES:

1. Pursuant to the circulars issued by the Ministry

of Corporate Affairs (‘MCA’) vide General

Circular No. 14/2020 dated April 08, 2020 and

subsequent circulars issued in this regard

and the latest one being General Circular No.

03/2025 dated September 22, 2025 (collectively

referred to as ‘MCA Circulars’) and in compliance

with the provisions of the Companies Act, 2013

(‘the Act‘) and the SEBI (Listing Obligations

and Disclosure Requirements) Regulations,

2015 (‘SEBI Listing Regulations‘), the 4

Annual

General Meeting (‘4th AGM’/’AGM’) of the

Company is being conducted through Video

Conferencing/ Other Audio-Visual Means (“VC/

OAVM”) facility, without the physical presence

of shareholders at a common venue. The

deemed venue for the 4

AGM shall be the

Registered Office of the Company.

2. In accordance with the MCA Circulars, the

Notice of the AGM along with the Annual

Report for the FY 2025-26 is being sent by

electronic mode to those Members whose

e-mail addresses are registered with the

Company/ MUFG Intime India Private Limited,

Registrar and Shares Transfer Agents (“RTA”),

National Securities Depository Limited

(“NSDL”) and Central Depository Services

(India) Limited (“CDSL”), (collectively referred to

as the “Depositories”), as on the cut-off date i.e.,

Friday, May 22, 2026.

Additionally, as per Regulation 36(1)(b) of the

SEBI Listing Regulations, a letter providing

the web-link, including the exact path, where

complete details of the Annual Report is

available, is also being sent to the shareholders,

who have not registered their email Id with the

Depositories or with the Company/RTA.

Members may note that the AGM Notice

along with Annual Report for the FY 2025-26

is also available on the Company’s website

at www.monikaalcobev.com, website of

the Stock Exchange i.e. BSE Limited at

www.bseindia.com and also available

on the website of NSDL (agency for

providing the Remote e-Voting facility)

i.e. www.evoting.nsdl.com.

Members attending the Meeting through

VC/OAVM will be counted for the purposes of

Quorum under Section 103 of the Act.

In case any Member is desirous of

obtaining hard copy of the Annual Report

for the FY 2025-26 and Notice of the

AGM of the Company, may send

request to the Company’s email address at

investors.relation@monikaalcobev.com

mentioning DP ID and Client ID.

3. Pursuant to the provisions of the Act, a

shareholder entitled to attend and vote at the

AGM is entitled to appoint a proxy to attend

and vote on his/her behalf and the proxy

need not be a shareholder of the Company.

However, as this AGM is being held through

VC/OAVM, physical attendance of shareholders

has been dispensed with and pursuant to the

MCA Circulars referred above, the facility for

appointment of proxies by the shareholders

will not be available for the AGM and hence

the Proxy Form, Attendance Slip and Route

Map are not annexed to this Notice. The Body

Corporates are entitled to appoint authorised

representatives to attend the AGM through VC

/ OAVM and participate at the AGM and cast

their votes through e-voting.

4. In case of joint holders attending the AGM, only

such joint holder who is higher in the order of

names will be entitled to vote.

5. The Members can join the AGM through VC/

OAVM mode 30 minutes before and after the

scheduled time of the commencement of the

Meeting by following the procedure mentioned

in the Notice.

6. Pursuant to the provisions of Section 108 of the

Companies Act, 2013 read with Rule 20 of the

Companies (Management and Administration)

Rules, 2014 (as amended) the Secretarial

Standard on General Meetings (SS-2) issued

by the Institute of Company Secretaries of

India and Regulation 44 of the SEBI Listing

Regulations, and the Circulars issued by the

Ministry of Corporate Affairs from time to time

the Company has engaged the services of

NSDL as the authorised agency for conducting

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SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/135

dated August 4, 2023, read with Master Circular

No. SEBI/HO/ OIAE/OIAE_IAD- 1/P/CIR/2023/145

dated July 31, 2023 (updated as on August

11, 2023), has established a common Online

Dispute Resolution Portal (“ODR Portal”) for

resolution of disputes arising in the Indian

Securities Market.

Pursuant to above-mentioned circulars,

post exhausting the option to resolve

their grievances with the Company/RTA

directly and through existing SCORES

platform, the investors can initiate dispute

resolution through the ODR Portal

(https://smartodr.in/login) and the same can

also be accessed through the Company’s

website at https://monikaalcobev.com/

investors?selectedRadio=online-dispute-

resolution.

14. The Register of Directors and Key Managerial

Personnel and their shareholding maintained

under Section 170 of the Act and the Register of

Contracts or Arrangements in which Directors

are interested, maintained under Section 189

of the Act and the Certificate from Secretarial

Auditors of the Company with regard to ESOP

Schemes implemented in accordance with the

SEBI (Share Based Employee Benefits & Sweat

Equity) Regulations, 2021, are available for

inspection by the Members. Members seeking

to inspect such documents can send an

e-mail to investors.relation@monikaalcobev.

com from their registered e-mail address

mentioning their name, DP ID and Client ID.

15. Any person who becomes a Member of the

Company after the dispatch of this Notice and

holding shares as on the Cut-off Date may

obtain the login ID and password by sending

a request at evoting@nsdl.com, to cast his/

her vote. A person who is not a Member as on

the Cut-off Date, should treat this Notice for

information purpose only.

16. M/s. Agrawal Mundra & Associates,

Company Secretaries (ICSI Unique Code –

P2019MP077600) represented by Mr. Aditya

Agrawal (Membership No. A57913, CP No.

22030), has been appointed as the Scrutinizer

for scrutinizing the e-voting process in a fair

and transparent manner.

17. The Chairman shall at the AGM, allow voting,

by use of remote e-Voting system for all those

Members who are present during the AGM

through VC / OAVM, but have not cast their

votes earlier by availing the remote e-Voting

facility. The remote e-Voting module during

the AGM, shall be disabled automatically for

voting, 15 minutes after the conclusion of the

AGM.

18. The Scrutiniser shall, after the conclusion of

voting at the AGM, first count the votes cast

during the AGM and, thereafter, unblock the

votes cast through remote e-Voting and shall

make, not later than 2 working days from

the conclusion of the AGM, a Consolidated

Scrutiniser’s Report of the total votes cast in

favour or against, if any, and will submit it to

the Chairman / Company Secretary in writing.

19. The Results of the e-voting, along with the

Scrutiniser’s Report shall be placed on the

Company’s website at www.monikaalcobev.

com and on the website of NSDL at

www.evoting.nsdl.com, immediately after the

declaration of the result by the Chairman /

Company Secretary or a person authorised by

Chairman in writing. The results shall also be

immediately forwarded to the Stock Exchange

where the Company’s Equity Shares are listed

i.e. BSE Limited and be made available on

websites at www.bseindia.com.

20. Members who would like to express their

views or ask questions during the AGM may

their request from their registered e-mail

address mentioning their name, DP ID and

Client ID/folio number, PAN, mobile number

to investors.relation@monikaalcobev.com

between Tuesday, June 16, 2026 (9:00 a.m. IST)

and Thursday, June 18, 2026 (5:00 p.m. IST).

Only those Members who have pre-registered

themselves as speakers will be allowed to

express their views/ask questions during

the AGM. The Company reserves the right to

restrict the number of speakers depending on

the availability of time for the AGM.

before June 18, 2026, 05:00 PM (IST) in order

to enable the Company to determine and

deduct appropriate TDS / withholding tax

rate.

No communication would be accepted

from members after 5 p.m. on June 18,

2026 regarding tax withholding matters.

All communications/queries in this respect

should be addressed to our RTA at its email

address rnt.helpdesk@in.mpms.mufg.com.

C. Members holding shares in electronic form

may note that bank particulars registered

against their respective depository accounts

will be used by the Company for payment

of dividend. The Company or its RTA cannot

act on any request received directly from

the members holding shares in electronic

form for any change of bank particulars or

bank mandates. Such changes are to be

advised only to the Depository Participant

by the members.

D. Members holding shares in electronic

form are requested to immediately

intimate regarding any change in their

address or bank mandates to their

Depository Participants with whom they

are maintaining their demat accounts.

Members holding shares in physical form

are requested to intimate any change

in their address or bank mandates

immediately to the Company / RTA.

E. Members are encouraged to update their

details to enable expeditious credit of

dividend into their respective bank accounts

electronically through Automated Clearing

House (ACH) mode or such other permitted

mode for the credit of dividend.

9. Members are requested to note that

dividend(s) if not encashed for a consecutive

period of 7 (Seven) years from the date of

transfer to Unpaid Dividend Account of the

Company, are liable to be transferred to the

IEPF. The shares in respect of such unclaimed

dividends are also liable to be transferred to

the Demat account of the IEPF Authority. In

view of this, Members are requested to claim

their dividend(s) from the Company, within

the stipulated timeline, by submitting their

claim at rnt.helpdesk@in.mpms.mufg.com

by quoting the DP & Client Id. The Members,

whose unclaimed dividend(s)/share(s)have

been transferred to IEPF, may claim the same

by making an application to the IEPF Authority

in Form No. IEPF-5 available on www.iepf.gov.

in/ or https://www.mca.gov.in/content/mca/

global/en/home.html  MCA Services  IEPF

Related Services. The Members/Claimants can

file only one consolidated claim in a financial

year as per the IEPF Rules.

10. Members are requested to intimate changes,

if any, pertaining to their name, postal address,

email address, telephone/mobile numbers,

Permanent Account Number (PAN), mandates,

nominations, power of attorney, bank details

such as - name of the bank and branch details,

bank account number, MICR code, IFSC code,

etc., to their DPs in case the shares are held by

them in electronic form and to RTA via, email at

rnt.helpdesk@in.mpms.mufg.com, in case the

shares are held by them in physical form.

11. To prevent fraudulent transactions, members

are advised to exercise due diligence and

promptly notify the Company of any change

in address or in the event of demise of any

member, particularly where shares are held

in physical form. Members are further advised

not to keep their demat account(s) dormant

for extended periods. They should regularly

obtain statements of their holdings from the

concerned Depository Participant and verify

their holdings from time to time to ensure

accuracy and prevent any discrepancies.

12. Non-Resident Indian Members are requested

to inform MUFG Intime immediately of:

A. Change in their residential status on return

to India for permanent settlement;

B. Particulars of their bank account

maintained in India with complete details

including name, branch, account type,

account number, if not furnished earlier.

13. SEBI vide Circular Nos. SEBI/HO/OIAE/OIAE_

IAD-1/P/CIR/2023/131 dated July 31, 2023, and

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4. Visit the e-Voting website of NSDL. Open web browser by typing the following URL:

https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once the

home page of e-Voting system is launched, click on the icon “Login” which is available

under ‘Shareholder/Member’ section. A new screen will open. You will have to enter

your User ID (i.e. your sixteen digit demat account number hold with NSDL), Password/

OTP and a Verification Code as shown on the screen. After successful authentication,

you will be redirected to NSDL Depository site wherein you can see e-Voting page. Click

on company name or e-Voting service provider i.e. NSDL and you will be redirected to

e-Voting website of NSDL for casting your vote during the remote e-Voting period or

joining virtual meeting & voting during the meeting.

5. Shareholders/Members can also download NSDL Mobile App “NSDL Speede”

facility by scanning the QR code mentioned below for seamless voting experience.

Individual

Shareholders

holding

securities in

demat mode

with CDSL

1. Users who have opted for CDSL Easi / Easiest facility, can login through their existing

user id and password. Option will be made available to reach e-Voting page without

any further authentication. The users to login Easi /Easiest are requested to visit CDSL

website www.cdslindia.com and click on login icon & New System Myeasi Tab and

then user your existing my easi username & password.

2. After successful login the Easi / Easiest user will be able to see the e-Voting option for

eligible companies where the evoting is in progress as per the information provided

by company. On clicking the evoting option, the user will be able to see e-Voting page

of the e-Voting service provider for casting your vote during the remote e-Voting

period or joining virtual meeting & voting during the meeting. Additionally, there is

also links provided to access the system of all e-Voting Service Providers, so that the

user can visit the e-Voting service providers’ website directly.

3. If the user is not registered for Easi/Easiest, option to register is available at CDSL

website www.cdslindia.com and click on login & New System Myeasi Tab and then

click on registration option.

4. Alternatively, the user can directly access e-Voting page by providing Demat Account

Number and PAN No. from a e-Voting link available on www.cdslindia.com home

page. The system will authenticate the user by sending OTP on registered Mobile &

Email as recorded in the Demat Account. After successful authentication, user will

be able to see the e-Voting option where the evoting is in progress and also able to

directly access the system of all e-Voting Service Providers.

Individual

Shareholders

(holding

securities in

demat mode)

their depository

participants

You can also login using the login credentials of your demat account through your

Depository Participant registered with NSDL/CDSL for e-Voting facility. upon logging in,

you will be able to see e-Voting option. Click on e-Voting option, you will be redirected to

NSDL/CDSL Depository site after successful authentication, wherein you can see e-Voting

feature. Click on company name or e-Voting service provider i.e. NSDL and you will be

redirected to e-Voting website of NSDL for casting your vote during the remote e-Voting

period or joining virtual meeting & voting during the meeting.

THE INSTRUCTIONS FOR MEMBERS FOR REMOTE E-VOTING AND JOINING GENERAL MEETING

ARE AS UNDER:-

The remote e-voting period begins on Sunday, June 21, 2026 at 09:00 A.M. and ends on Wednesday, June

24, 2026 at 05:00 P.M. The remote e-voting module shall be disabled by NSDL for voting thereafter. The

Members, whose names appear in the Register of Members / Beneficial Owners as on the cut-off date

i.e. Thursday, June 18, 2026, may cast their vote electronically. The voting right of shareholders shall be in

proportion to their share in the paid-up equity share capital of the Company as on the cut-off date, being

Thursday, June 18, 2026.

How do I vote electronically using NSDL e-Voting system?

The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are mentioned

below:

Step 1: Access to NSDL e-Voting system

A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding

securities in demat mode

In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies,

Individual shareholders holding securities in demat mode are allowed to vote through their demat

account maintained with Depositories and Depository Participants. Shareholders are advised to

update their mobile number and email Id in their demat accounts in order to access e-Voting facility.

Type of

shareholders

Individual

Shareholders

holding

securities in

demat mode

with NSDL.

1. For OTP based login you can click on https://eservices.nsdl.com/SecureWeb/evoting/

evotinglogin.jsp. You will have to enter your 8-digit DP ID,8-digit Client Id, PAN No.,

Verification code and generate OTP. Enter the OTP received on registered email id/

mobile number and click on login. After successful authentication, you will be redirected

to NSDL Depository site wherein you can see e-Voting page. Click on company name

or e-Voting service provider i.e. NSDL and you will be redirected to e-Voting website of

NSDL for casting your vote during the remote e-Voting period or joining virtual meeting

& voting during the meeting.

2. Existing IDeAS user can visit the e-Services website of NSDL Viz. https://eservices.nsdl.

com either on a Personal Computer or on a mobile. On the e-Services home page click

on the “Beneficial Owner” icon under “Login” which is available under ‘IDeAS’ section

, this will prompt you to enter your existing User ID and Password. After successful

authentication, you will be able to see e-Voting services under Value added services.

Click on “Access to e-Voting” under e-Voting services and you will be able to see e-Voting

page. Click on company name or e-Voting service provider i.e. NSDL and you will be re-

directed to e-Voting website of NSDL for casting your vote during the remote e-Voting

period or joining virtual meeting & voting during the meeting.

3. If you are not registered for IDeAS e-Services, option to register is available at https://

eservices.nsdl.com. Select “Register Online for IDeAS Portal” or click at https://eservices.

nsdl.com/SecureWeb/IdeasDirectReg.jsp

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last 8 digits of client ID for CDSL

account or folio number for shares held

in physical form. The .pdf file contains

your ‘User ID’ and your ‘initial password’.

(ii) If your email ID is not registered, please

follow steps mentioned below in

process for those shareholders whose

email ids are not registered.

6. If you are unable to retrieve or have not received

the “Initial password” or have forgotten your

password:

a) Click on “Forgot User Details/Password?”(If

you are holding shares in your demat

account with NSDL or CDSL) option

available on www.evoting.nsdl.com.

b) Physical User Reset Password?” (If you are

holding shares in physical mode) option

available on www.evoting.nsdl.com.

c) If you are still unable to get the password

by aforesaid two options, you can send a

request at evoting@nsdl.co.in mentioning

your demat account number/folio number,

your PAN, your name and your registered

address etc.

d) Members can also use the OTP (One Time

Password) based login for casting the votes

on the e-Voting system of NSDL.

7. After entering your password, tick on Agree

to “Terms and Conditions” by selecting on the

check box.

8. Now, you will have to click on “Login” button.

9. After you click on the “Login” button, Home

page of e-Voting will open.

Step 2: Cast your vote electronically and join

General Meeting on NSDL e-Voting system.

How to cast your vote electronically and join

General Meeting on NSDL e-Voting system?

1. After successful login at Step 1, you will be able

to see all the companies “EVEN” in which you

are holding shares and whose voting cycle and

General Meeting is in active status.

2. Select “EVEN” of company for which you wish

to cast your vote during the remote e-Voting

period and casting your vote during the

General Meeting. For joining virtual meeting,

you need to click on “VC/OAVM” link placed

under “Join Meeting”.

3. Now you are ready for e-Voting as the Voting

page opens.

4. Cast your vote by selecting appropriate options

i.e. assent or dissent, verify/modify the number

of shares for which you wish to cast your vote

and click on “Submit” and also “Confirm” when

prompted.

5. Upon confirmation, the message “Vote cast

successfully” will be displayed.

6. You can also take the printout of the votes cast

by you by clicking on the print option on the

confirmation page.

7. Once you confirm your vote on the resolution,

you will not be allowed to modify your vote.

General Guidelines for shareholders

1. Institutional shareholders (i.e. other than

individuals, HUF, NRI etc.) are required to

send scanned copy (PDF/JPG Format) of the

relevant Board Resolution/ Authority letter etc.

with attested specimen signature of the duly

authorized signatory(ies) who are authorized

to vote, to the Scrutinizer by e-mail to partner@

cs-ama.com with a copy marked to evoting@

nsdl.com. Institutional shareholders (i.e. other

than individuals, HUF, NRI etc.) can also upload

their Board Resolution / Power of Attorney /

Authority Letter etc. by clicking on “Upload

Board Resolution / Authority Letter” displayed

under “e-Voting” tab in their login.

2. It is strongly recommended not to share

your password with any other person and

take utmost care to keep your password

confidential. Login to the e-voting website

will be disabled upon five unsuccessful

attempts to key in the correct password. In

such an event, you will need to go through the

“Forgot User Details/Password?” or “Physical

User Reset Password?” option available on

www.evoting.nsdl.com to reset the password.

3. In case of any queries, you may refer the

Frequently Asked Questions (FAQs) for

Shareholders and e-voting user manual

for Shareholders available at the download

section of www.evoting.nsdl.com or call

on.: 022 - 4886 7000 or send a request to

Ms. Apeksha Gojamgunde, Assistant Manager

at evoting@nsdl.com

Important note: Members who are unable to

retrieve User ID/ Password are advised to use

Forget User ID and Forget Password option

available at abovementioned website.

Helpdesk for Individual Shareholders holding

securities in demat mode for any technical

issues related to login through Depository i.e.

NSDL and CDSL.

Individual

Shareholders

holding

securities in

demat mode

with NSDL

Members facing any technical

issue in login can contact

NSDL helpdesk by sending a

request at evoting@nsdl.com

or call at 022 - 4886 7000

Individual

Shareholders

holding

securities in

demat mode

with CDSL

Members facing any technical

issue in login can contact CDSL

helpdesk by sending a request

at helpdesk.evoting@cdslindia.

com or contact at toll free no.

1800-21-09911

B) Login Method for e-Voting and joining

virtual meeting for shareholders other than

Individual shareholders holding securities

in demat mode and shareholders holding

securities in physical mode.

How to Log-in to NSDL e-Voting website?

1. Visit the e-Voting website of NSDL. Open web

browser by typing the following URL: https://

www.evoting.nsdl.com/ either on a Personal

Computer or on a mobile.

2. Once the home page of e-Voting system is

launched, click on the icon “Login” which

is available under ‘Shareholder/Member’

section.

3. A new screen will open. You will have to

enter your User ID, your Password/OTP and a

Verification Code as shown on the screen.

Alternatively, if you are registered for NSDL

eservices i.e. IDEAS, you can log-in at https://

eservices.nsdl.com/ with your existing IDEAS

using your log-in credentials, click on e-Voting

and you can proceed to Step 2 i.e. Cast your vote

electronically.

4. Your User ID details are given below :

Manner of

holding shares

i.e. Demat

(NSDL or CDSL)

or Physical

Your User ID is:

a)For Members

who hold

shares in

demat

account with

NSDL.

8 Character DP ID followed

by 8 Digit Client ID

For example if your DP ID

is IN300*** and Client ID is

12****** then your user ID is

IN300***12******.

b) For Members

who hold

shares in

demat account

with CDSL.

16 Digit Beneficiary ID

For example if your Beneficiary

ID is 12************** then your

user ID is 12**************

c) For Members

holding

shares in

Physical

Form.

EVEN Number followed by

Folio Number registered with

the company

For example if folio number

is 001*** and EVEN is 139455

then user ID is 139455001***

5. Password details for shareholders other than

Individual shareholders are given below:

a) If you are already registered for e-Voting,

then you can use your existing password

to login and cast your vote.

b) If you are using NSDL e-Voting system

for the first time, you will need to

retrieve the ‘initial password’ which was

communicated to you. Once you retrieve

your ‘initial password’, you need to enter

the ‘initial password’ and the system will

force you to change your password.

c) How to retrieve your ‘initial password’?

(i) If your email ID is registered in your

demat account or with the company,

your ‘initial password’ is communicated

to you on your email ID. Trace the email

sent to you from NSDL from your

mailbox. Open the email and open the

attachment i.e. a .pdf file. Open the .pdf

file. The password to open the .pdf file is

your 8 digit client ID for NSDL account,

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Annexure

The details of Directors seeking appointment / re-appointment as per Regulation 36(3) of the SEBI

Listing Regulations and Secretarial Standard-2 issued by the Institute of Company Secretaries of

India are provided below:

Name of DirectorMr. Bhimji Nanji Patel

DesignationChairman and Whole-time Director

Director Identification Number

(DIN):

00253030

Date of Birth (Age)December 7, 1969 (56 Years)

Date of First Appointment on the

Board

January 17, 2022

QualificationBelow Matriculate

Brief Resume and Expertise in

specific functional areas

Associated with the Company since inception, he has over 18

years of experience across the clothing and alco-bev industry. He

brings strong managerial expertise, provides strategic direction

to the company, and currently oversees financing and licensing

functions.

Directorship in Companies*- Monika Alcobev Limited

- 7INK Brews Private Limited

- 7INK Ventures Private Limited

- Infinity Global Supply Chain Limited

- NEM (India) Development & Construction Private Limited

Chairmanship / Membership of

Committees in the Company

- Nomination & Remuneration Committee – Member

- Stakeholders Relationship Committee – Member

- Corporate Social Responsibility Committee – Chairman

Chairmanship / Membership of

Committees in other Companies*

None

Name of the listed entities from

which the person has resigned in

the past three years

None

Number of Meetings of the Board

attended during the financial year

2025-26

9 out of 9 meetings.

Number of Equity Shares held in

the Company*

91,17,122 (42.50%)

Number of Equity Shares held in

the Company for any other person

on a beneficial basis*

Nil

Process for those shareholders whose email

ids are not registered with the depositories

for procuring user id and password and

registration of e mail ids for e-voting for the

resolutions set out in this notice:

1. In case shares are held in physical mode

please provide Folio No., Name of shareholder,

scanned copy of the share certificate (front

and back), PAN (self attested scanned

copy of PAN card), AADHAR (self attested

scanned copy of Aadhar Card) by email to

investors.relation@monikaalcobev.com.

2. In case shares are held in demat mode,

please provide DPID-CLID (16 digit DPID

+ CLID or 16 digit beneficiary ID), Name,

client master or copy of Consolidated

Account statement, PAN (self attested

scanned copy of PAN card), AADHAR (self

attested scanned copy of Aadhar Card) to

investors.relation@monikaalcobev.com. If

you are an Individual shareholders holding

securities in demat mode, you are requested

to refer to the login method explained at

step 1 (A) i.e. Login method for e-Voting

and joining virtual meeting for Individual

shareholders holding securities in demat

mode.

3. Alternatively shareholder/members may

send a request to evoting@nsdl.com for

procuring user id and password for e-voting

by providing above mentioned documents.

4. In terms of SEBI circular dated December

9, 2020 on e-Voting facility provided by

Listed Companies, Individual shareholders

holding securities in demat mode are

allowed to vote through their demat account

maintained with Depositories and Depository

Participants. Shareholders are required to

update their mobile number and email ID

correctly in their demat account in order to

access e-Voting facility.

THE INSTRUCTIONS FOR MEMBERS FOR

e-VOTING ON THE DAY OF THE AGM ARE AS

UNDER:-

1. The procedure for e-Voting on the day of the

AGM is same as the instructions mentioned

above for remote e-voting.

2. Only those Members/ shareholders, who will

be present in the AGM through VC/OAVM

facility and have not casted their vote on the

Resolutions through remote e-Voting and

are otherwise not barred from doing so, shall

be eligible to vote through e-Voting system

in the AGM.

3. Members who have voted through Remote

e-Voting will be eligible to attend the AGM.

However, they will not be eligible to vote at

the AGM.

4. The details of the person who may be

contacted for any grievances connected with

the facility for e-Voting on the day of the EGM/

AGM shall be the same person mentioned for

Remote e-voting.

INSTRUCTIONS FOR MEMBERS FOR

ATTENDING THE AGM THROUGH VC/OAVM

ARE AS UNDER:

1. Member will be provided with a facility to

attend the AGM through VC/OAVM through

the NSDL e-Voting system. Members may

access by following the steps mentioned

above for Access to NSDL e-Voting system.

After successful login, you can see link of “VC/

OAVM” placed under “Join meeting” menu

against company name. You are requested

to click on VC/OAVM link placed under Join

Meeting menu. The link for VC/OAVM will be

available in Shareholder/Member login where

the EVEN of Company will be displayed.

Please note that the members who do not

have the User ID and Password for e-Voting

or have forgotten the User ID and Password

may retrieve the same by following the

remote e-Voting instructions mentioned in

the notice to avoid last minute rush.

2. Members are encouraged to join the Meeting

through Laptops for better experience.

3. Further Members will be required to allow

Camera and use Internet with a good speed

to avoid any disturbance during the meeting.

4. Please note that Participants Connecting

from Mobile Devices or Tablets or through

Laptop connecting via Mobile Hotspot

may experience Audio/Video loss due to

Fluctuation in their respective network. It

is therefore recommended to use Stable

Wi-Fi or LAN Connection to mitigate any kind

of aforesaid glitches.

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Relationship between Directors

inter-se; with other Directors and

Key Managerial Personnel of the

Company

Father of Mr. Kunal Patel, Managing Director

Terms and conditions of

appointment or re-appointment

No change in the terms and conditions since the date of

appointment as Whole-time Director, as approved at the Annual

General Meeting held on September 28, 2024.

Remuneration last drawn

(for FY 2025-26), if applicable^

₹ 177.50 Lakhs p.a.

Remuneration proposed to be

paid^

₹ 201.88 Lakhs p.a.

* As per disclosures received from the Director.

^ Remuneration paid and proposed to be paid is in accordance with the provisions of Sections 196,

197 and 198 read with Schedule V and other applicable provisions of the Companies Act, 2013, and

pursuant to the terms and conditions of appointment approved by the Members of the Company vide

special resolution passed at the Annual General Meeting held on September 28, 2024.

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