Pyramid Technoplast Ltd

To

The Members,

Your Directors are pleased to present the 27^th Annual Report of Pyramid Technoplast Limited (Formerly known as Pyramid Technoplast Private Limited) ("Pyramid or the Company") together with the audited financial statements for the year ended March 31, 2025.

Your Company is an industrial packaging company engaged in the manufacturing of polymer-based molded products (Polymer Drums), primarily catering to the chemical, agrochemical, specialty chemical, and pharmaceutical industries.

TheCompanyspecializesinrigidIntermediateBulkContainers (IBCs), Polymer Drums, and Mild Steel (MS) Drums, and is one of the leading manufacturers of rigid IBCs in India. These IBCs are industrial-grade containers designed for bulk handling, transportation, and storage of liquids, semi-solids, pastes, and solids, with capacities positioned between standard shipping drums and intermodal tank containers.

During the year under review, the Company continued to pursue its growth strategy through capacity expansion and sustainability initiatives. Key developments include:

• Expansion through Recycling Facility - Unit IX (Bharuch, Gujarat): The Company has acquired approximately 4,447.80 sq. meters of land in Bharuch to set up a recycling plant for plastic and plastic products, including HDPE packaging materials. With an estimated capital outlay of

Rs 8–10 crore (inclusive of land), the facility is expected to be commissioned in FY 2025–26. This backward integration initiative will reduce input costs and support sustainability goals. Surplus output from the plant, not used for captive consumption, is intended to be sold externally, creating an additional revenue stream.

• Investment in Renewable Energy – Solar Projects: To improve energy efficiency and reduce the Company's carbon footprint, two solar power projects have been initiated:

• A 2.25 MWdc solar photovoltaic project in Maharashtra, targeted for commissioning by January 31, 2025, with a total project value of Rs 8.55 crore.

• A 13 MWdc solar photovoltaic project in Gujarat, with expected commissioning by May 31, 2025, and an EPC cost of Rs 42.90 crore (excluding land cost). Approximately 40 acres of land has been earmarked for the same.

• Post-Year-End Update – Commencement of Wada Unit (Unit VIII):

Subsequent to the end of the financial year, in May 2025, the Company commenced commercial operations at its newly established Unit VIII located at Wada, Palghar District, Maharashtra. This unit is spread over 10 acres and is being developed in phases. Phase I includes manufacturing capacities of:

• 7,20,000 HDPE Drums (50L and 200L)

• 1,50,000 IBCs

• 3,36,000 MS Drums

As on the date of this Report, the Company has a network of nine manufacturing units, of which Unit VIII & IX are recently added. Of these, Unit VIII at Wada has commenced commercial operations in FY 2025–26, and Unit IX (Recycling Plant) is under implementation.

During the year under review, the Company has earned total revenue of Rs 59,133.55 lakhs in comparison to Rs 53,242.26 lakhs during the previous year.

The Company has earned net profit of Rs 2,667.26 lakhs in comparison to net profit of Rs 2,934.22 during the previous year.

The Company remains focused on enhancing operational efficiencies, expanding capacities, and adopting sustainable practices to drive long-term value creation.

There is no amount proposed to be transferred to any reserves for the Financial Year ("FY") 2024-25.

Pursuant to Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI LODR'), the Board of Directors of the Company had formulated a Dividend Distribution Policy (‘the Policy'). The Policy is available on the Company's website on https:// pyramidtechnoplast.com/wp-content/uploads/2025/06/ Dividend-Distribution-Policy-1.pdf

The Board of Directors has recommended final Dividend of Rs 0.50/- (5%) per equity share of face value of Rs 10/- for the financial year 2024-25 out of the profits of the company which shall be paid on or after October 03, 2025 if declared by the members of the company at the 27^th Annual General Meeting ("AGM").

Since there was no unpaid/unclaimed Dividend in the books or any Unpaid Dividend declared and paid last year, the provisions of Section 125 of the Companies Act, 2013 ("The Act") does not apply to your Company.

There has been no change in the business of the Company during the FY ending March 31, 2025.

As on March 31, 2025, Company doesn't have any Subsidiary, Joint Venture and Associate Companies.

Pursuant to the provisions of Section 129(3) of the Act, a report on the performance and financial position of the subsidiary, associate and joint venture in Form AOC-1 is not applicable to the Company.

There are no material changes and commitments affecting the financial position of the Company, which has occurred between the end of the FY for the Company i.e. March 31, 2025, and the date of this Board's Report.

The paid-up Equity Share Capital as at March 31, 2025 stood at Rs 36,78,48,000. During the FY under review, the Company has not bought back any of its securities or issued any Sweat Equity Shares or issued any differential voting rights shares or provided any Stock Option Scheme to the employees.

The equity shares of the Company continue to remain listed on BSE Limited and National Stock Exchange of India Limited (collectively "Stock Exchanges").

The listing fees for FY 2024-25 have been paid to the Stock Exchanges.

Pursuant to Section 92(3) and Section 134(3)(a) of the Act, read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014, the extract of Annual Return has been uploaded on the Company's website on https:// pyramidtechnoplast.com/wp-content/uploads/2025/08/ Annual-Return_2024-25.pdf

The Board of the Company is duly constituted in accordance with the requirements of the Act read with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").

In accordance with the provisions of Section 152 of the Act and the Company's Articles of Association, Mr. Bijaykumar Agarwal (DIN: 01490141) is liable to retire by rotation at the ensuing Annual General Meeting ("AGM") and being eligible offers himself for re-appointment.

The Board recommends the re-appointment of, Mr. Bijaykumar Agarwal for the consideration of the Members of the Company at the ensuing AGM. The relevant details, including the profile of, Mr. Bijaykumar Agarwal is included separately in the Notice of AGM.

As on the date of this Report, the Company's Board comprises of six (6) Directors, out of which, three (3) are Non-Executive Independent Directors including one (1) Woman Director. The composition of the Board is in conformity with Regulation 17 of the SEBI Listing Regulations and with the provisions of the Act.

All Independent Directors of the Company have given declarations under Section 149(7) of the Act that they meet the criteria of independence as laid down under Section 149(6) of the Act and Regulation 16(1) (b) and other applicable provisions of the SEBI Listing Regulations. In terms of Regulation 25(8) of the SEBI Listing Regulations, the Independent Directors have confirmed that they are not aware of any circumstance or situation, which exists or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence. The Independent Directors hold office for a fixed term of five years and are not liable to retire by rotation. In the opinion of the Board, the Independent Directors fulfill the conditions of independence specified in Section 149(6) of the Act and Regulation 16(1)(b) and other applicable provisions of the SEBI Listing Regulations.

The terms and conditions of appointment of the Independent Directors are placed on the website of the Company at https://pyramidtechnoplast.com/ wp-content/uploads/2024/01/Terms-and-Conditions-of-Appointment-of-ID.pdf

In compliance with the requirement of SEBI Listing Regulations, the Company has put in place a familiarization programme for the independent Directors to familiarize them with their role, rights and responsibility as Directors, the working of the Company, nature of the industry in which the Company operates, business model, etc. The details of familiarization programme are explained in the Corporate Governance Report and the same are also available on the website of the Company at https://pyramidtechnoplast.com/ wp-content/uploads/2024/01/Familiariza.pdf

Pursuant to the provisions of Sections 2(51) and 203 of the Act, read with the Rules framed thereunder, the following are the Key Managerial Personnel of the Company:

- Mr. Bijaykumar Agarwal, Chairman & Managing Director

- Mr. Jaiprakash Bijaykumar Agarwal, Whole Time Director & CFO

- Mrs. Madhu Jaiprakash Agarwal, Whole Time Director

- *Ms. Puja Sharma, Company Secretary & Compliance Officer

The Company has Five Board Committees as on March 31, 2025:

1) Audit Committee

2) Nomination and Remuneration Committee

3) Stakeholders Relationship Committee

4) Corporate Social Responsibility Committee

5) Finance Committee

During the year, all recommendations made by the committees were approved by the Board.

Details of all the committees along with their main terms, composition and meetings held during the year under review are provided in the Report on Corporate Governance, a part of this Annual Report.

The Board of Directors has framed a policy which lays down a framework in relation to appointment and remuneration of Directors, Key Managerial Personnel, Senior Management, and other employees of the Company ("Policy"). The Policy broadly lays down the guiding principles, philosophy and the basis for payment of remuneration to Executive and Non-executive Directors (by way of sitting fees and commission), Key Managerial Personnel, Senior Management and other employees. The Policy also provides the criteria for determining qualifications, positive attributes and independence of Director and criteria for appointment of Key Managerial Personnel/Senior Management and performance evaluation which are considered by the Nomination and Remuneration Committee and the Board of Directors whilst taking a decision on the potential candidates.

The salient features of the Nomination and Remuneration Policy of the Company are outlined in the Corporate Governance Report which forms part of this Annual Report. The Policy is also available on the website of the Company at https://pyramidtechnoplast. com/wp-content/uploads/2023/04/Nomination-and-Remuneration-Policy.pdf

As per the provisions of Section 177(9) and (10) of the Act and Regulation 22 of the Listing Regulations, the Company has adopted a Whistle Blower Policy for establishing a vigil mechanism for Directors and Employees to report genuine concerns about unethical behavior, actual or suspected fraud or violation of the Company's Code of Conduct and provide adequate safeguards against victimisation of persons who use such mechanism and makes provision for direct access to the chairman of the Audit Committee in appropriate or exceptional cases. The said policy has been hosted on the Company's website at https:// pyramidtechnoplast.com/wp-content/uploads/2024/01/ Vigil-Mechanism-P.pdf

Pursuant to the provisions of the Act and the SEBI Listing Regulations, the Board has carried out the annual performance evaluation of the Directors individually as well as evaluation of the working of the Board and of the Committees of the Board, by way of individual and collective feedback from Directors. The manner in which the evaluation was conducted by the Company and evaluation criteria have been explained in the Corporate Governance Report which forms part of this Annual Report.

The Board of Directors has expressed its satisfaction with the evaluation process.

Five (5) Board meetings were held during the financial year 2024-25. The intervening gap between the meetings was within the period prescribed under the Act and SEBI Listing Regulations. The details of meetings of the Board held during the financial year 2024-25 forms part of the Corporate Governance Report.

The remuneration paid to the Directors, Key Managerial Personnel and Senior Management is in accordance with the Nomination and Remuneration Policy formulated in accordance with Section 178 of the Act and Regulation 19 read with Schedule II of the Listing Regulations. Further details on the same are given in the Corporate Governance Report which forms part of this Annual Report.

Pursuant to the provisions of Section 134(3)(c) read with Section 134(5) of the Act, the Directors of the Company state and confirm that:

a. in the preparation of the annual accounts for FY 2024-25, the applicable accounting standards had been followed and there are no material departures from the same.

b. the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2025 and of the profit and loss of the Company for that period;

c. the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d. the Directors had prepared the annual accounts on a going concern basis.

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

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

The particulars of loans, guarantees and investments as per Section 186 of the Act read with the Companies (Meeting of Board and its powers) Rules, 2014 as on March 31, 2025, have been disclosed in the Notes to the Financial Statements of the Company.

As a part of its initiative under the Corporate Social Responsibility ("CSR") drive, the Company, through the Corporate Social Responsibility Committee of Board of Directors, has undertaken projects in accordance with Schedule VII of the Act and the Company's CSR policy. The Report on CSR activities as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed and marked as "Annexure-I" which forms a part of this Report.

The company's primary focus is not limited to creating value but also extends to sharing it. The company considers Corporate Social Responsibility one of the important means of sharing value with the community in which it operates.

Section 134(3)(m) of the Act read with Rule 8 (3) of the Companies (Accounts) Rules, 2014 requires disclosure of the particulars regarding conservation of Energy and Technology absorption. The Company on continues basis undertakes programs of conserving energy. The details of the same are as follows:

The details of Foreign Exchange Earnings and outgo are as follows:

(Rs In lakhs)

The Audit Committee has been delegated the responsibility for monitoring and reviewing risk management, assessment and minimization procedures, developing, implementing and monitoring the risk management plan and identifying, reviewing and mitigating all elements of risks which the Company may be exposed to.

During the year under review, no application was made under Insolvency and Bankruptcy Code, 2016 by or against your Company and no proceeding is pending under IBC.

During the year under review, there was no instance of one-time settlement with banks or financial institutions; hence the requirement to disclose the details of one time settlement is not required by the Company.

During the year under review, there are no significant material orders passed by the Regulators/Courts that would impact the going concern status of the Company and its future operations.

Pursuant to the provisions of Section 139 of the Act and rules made thereunder, M/s. Banka & Banka, Chartered Accountants (Firm Registration No. 100979W) were appointed as Statutory Auditor of the Company at the 24^th AGM held on September 30, 2022, for a period of four (4) consecutive years from the conclusion of that AGM till the conclusion of the 28^th AGM.

M/s. Banka & Banka, Chartered Accountants have submitted their Report on the financial statements of the Company for the FY ended March 31, 2025, which forms part of this Report, and it does not contain any reservation, qualification or adverse remark. The comments in the Auditors' Report read with notes to the accounts are self-explanatory.

Pursuant to the provisions of Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed Mr. Rinkesh Gala, proprietor of M/s. Rinkesh Gala & Associates Practicing Company Secretaries (COP No. 20128), for conducting Secretarial Audit of the Company for the FY ended on March 31, 2025.

Secretarial Audit Report issued by Mr. Rinkesh Gala in Form MR-3 forms part to this Report as "Annexure-II". The said report does not contain any observation or qualification requiring explanation or adverse remark.

A Secretarial Compliance Report for the FY ended March 31, 2025, on compliance of all applicable SEBI regulations and circulars/guidelines issued thereunder, wasobtainedfromMr.RinkeshGala,PracticingCompany Secretary, and submitted to the stock exchange.

The Board recommends to the members of the Company the appointment of M/s. RA Gala & Associates, Practicing Company Secretaries, as the Secretarial Auditor of the Company for a term of five consecutive financial years, from FY 2025-26 to FY 2029-30.

Pursuant to the provisions of Section 138 of the Act read with the Companies (Accounts) Rules, 2014, the Company has appointed Mr. Rajesh G. Shroff, Chartered Accountant, (Mem No: 037318) as the Internal Auditor of the Company for conducting internal audit for the FY 2024-25.

The Internal Audit reports are reviewed by the Audit Committee on a quarterly basis.

Pursuant to the provisions of Section 148 of the Act read with the Rules framed thereunder, the cost audit records maintained by the Company in respect of its manufacturing activities are required to be audited. M/s. JNP & Associates (FRN: 000572), Cost Accountants carried out the cost audit for applicable businesses during the year.

Based on the recommendation of the Audit Committee, the Board of Directors has appointed M/s. JNP & Associates (FRN: 000572), Cost Accountants as the Cost Auditors for the financial year 2025-26. The Company has received a certificate from M/s. JNP & Associates, confirming that they are not disqualified from being appointed as the Cost Auditors of the Company.

The remuneration payable to the Cost Auditors is required to be placed before the members in the general meeting for their ratification. Accordingly, a resolution seeking member's ratification for the remuneration payable to M/s. JNP & Associates, Cost Accountants, is included at Item No.3 of the Notice of the ensuing AGM.

There was no instance of fraud reported during the year under review, which required the Statutory Auditors, Cost Auditor or Secretarial Auditor to report the same to the Audit Committee of the Company under Section 143(12) of the Act and Rules framed thereunder.

The Company has adopted a Sexual Harassment Policy on prevention, prohibition, and redressal of sexual harassment at workplace in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder.

The aim of the policy is to provide protection to employees at the workplace and prevent and redress complaints of sexual harassment and for matters connected or incidental thereto, with the objective of providing a safe working environment, where employees feel secure. The Policy is available at the Registered Office of the Company and is accessible to all the employees of the Company. The Company has not received any complaints during the FY under review.

During the year under review, the Company has not accepted any deposits covered under Chapter V of the Act. Accordingly, no disclosure or reporting is required in respect of details relating to deposits.

The Management Discussion and Analysis Report for the year under review as required under Regulation 34 read with Schedule V of the Listing Regulations is annexed to this Report as "Annexure-III".

Maintaining high standards of Corporate Governance has been fundamental to the business of the Company since its inception. As per Regulation 34(3) read with Schedule V of the SEBI Listing Regulations, a separate section on corporate governance practices followed by the Company, together with the following declarations/certifications forms an integral part of this Corporate Governance Reporting hereby enclosed as "Annexure-IV":

a. A declaration signed by Mr. Bijaykumar Agarwal, Chairman & Managing Director and Mr. Jaiprakash Agarwal, Whole Time Director & CFO stating that the members of Board of Directors and senior management personnel have affirmed compliance with the Company's Code of Business Conduct and Ethics;

b. A compliance certificate from the Company's Secretarial Auditor confirming compliance with the conditions of Corporate Governance;

c. A certificate of Non-Disqualification of Directors from the Secretarial Auditor of the Company; and d. A certificate of the MD and CFO of the Company, inter alia, confirming the correctness of the financial statements and cash flow statements, adequacy of the internal control measures and reporting of matters to the Audit Committee.

Report on Corporate Governance and Certificate of the Auditor of the Company regarding compliance of the conditions of Corporate Governance as stipulated in Part C of Schedule V of the Listing Regulations, are provided in a separate section forming part of this Report as "Annexure-IV".

The Company has in place adequate internal financial controls with reference to the financial statements. Internal audits are undertaken on a quarterly basis by Internal Auditors covering all units and business operations to independently validate the existing controls. Reports of the Internal Auditors are regularly reviewed by the management and corrective action is initiated to strengthen the controls and enhance the effectiveness of the existing systems. The Audit Committee evaluates the efficiency and adequacy of the financial control system in the Company and strives to maintain the standards in the Internal Financial Control.

All transactions entered with related parties as defined under the Act during the FY were in the ordinary course of business and on an arm's length pricing basis and do not attract the provisions of Section 188 of the Act. There were no materially significant transactions with the related parties during the FY which were in conflict with the interest of the Company and hence, enclosing Form AOC-2 is not required. Suitable disclosure as required by the Accounting Standard (AS 18) has been made in the notes to the Financial Statements.

The total number of permanent employees of the Company as on March 31, 2025, was 519. The requisite details under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 form part of "Annexure-V" to this Report.

The requisite details relating to the remuneration of the specified employees under Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 form part of this Report. Further, this Report and Financial Statements are being sent to Members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure will be open for inspection by any Member. Interested Members may write to the Company Secretary.

The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

OTHER DISCLOSURES / CONFIRMATIONS: a. Neither the Managing Director & Chief Financial Officer nor the Executive Director of the Company received any remuneration or commission from any of the subsidiaries of the Company, as the Company does not have any subsidiaries.

b. The Company has not failed to implement any corporate action during the year under review.

c. The disclosure pertaining to explanation for any deviation or variation in connection with certain terms of a public issue, rights issue, preferential issue, etc. is not applicable to the Company.

d. The Company's securities were not suspended during the year under review.

e. TherewasnorevisionoffinancialstatementsandBoard's Report of the Company during the year under review.

The Board wishes to express its gratitude and record its sincere appreciation for the commitment and dedicated efforts put in by all the employees of the Company. The Directors take this opportunity to express their grateful appreciation for the encouragement, cooperation and support received from all the stakeholders including but not limited to the Government authorities, bankers, customers, suppliers and business associates. The Directors are thankful to the esteemed shareholders for their continued support and the confidence reposed in the Company and its management.