Orient Paper & Industries Limited has submitted its Annual Secretarial Compliance Report for the financial year ended 31st March 2026 to BSE Limited and the National Stock Exchange of India Limited. The report was filed on 12th May 2026, pursuant to Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and was issued by M/s. Labh & Labh Associates, Company Secretaries, Kolkata. The submission was signed by R.P. Dutta, Company Secretary (ACS 14337), on behalf of Orient Paper & Industries Limited.

Scope of Examination

Labh & Labh Associates examined all documents, records, filings, and submissions made by the company to the stock exchanges, along with the company's website and other relevant documents for the financial year ended 31st March 2026. The examination covered compliance with the following key regulations:

• SEBI Act, 1992 and regulations, circulars, and guidelines issued thereunder
• Securities Contracts (Regulation) Act, 1956 and related rules
• SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
• SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
• SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021
• SEBI (Prohibition of Insider Trading) Regulations, 2015
• The Depositories Act, 1996 and regulations and bye-laws framed thereunder
• SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 2025

The following regulations were noted as Not Applicable to the company during the review period: SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018; SEBI (Buyback of Securities) Regulations, 2018; and SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021.

Compliance Status: No Deviations Reported

The practicing company secretary confirmed that Orient Paper & Industries Limited complied with all applicable SEBI regulations and circulars during the review period, with no deviations, fines, show cause notices, or regulatory actions recorded. There were also no pending observations from previous secretarial compliance reports requiring follow-up action.

The detailed compliance status across key regulatory requirements is summarised below:

Additional Observations by the Practicing Company Secretary

The practicing company secretary further reported that the company is in compliance with the disclosure requirements of Employee Benefit Scheme Documents under Regulation 46(2)(za) of the SEBI LODR Regulations. Additionally, the company is in the process of identifying promoter and promoter group entities having nil shareholding in its shareholding pattern, in accordance with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/35 dated 20th March 2025.

Assumptions and Limitations

The report notes that compliance with applicable laws and the authenticity of documents and information furnished remain the responsibility of the company's management. The secretarial compliance report is neither an audit nor an expression of opinion, and the practicing company secretary has not verified the correctness or appropriateness of the company's financial records and books of accounts. The report is issued solely for the purpose of compliance under Regulation 24A(2) of the SEBI LODR Regulations, 2015.

The report was signed by CS Atul Kumar Labh, Partner, Labh & Labh Associates, Company Secretaries (FCS No.: 4848, CP No.: 3238, UIN: P2025WB105500, PRCN: 7215/2025, UDIN: F004848H000275987), and dated 9th May 2026 from Kolkata.

Orient Paper & Industries Limited reported its audited financial results for the quarter and year ended March 31, 2026, at a Board of Directors meeting held on May 9, 2026. The results were subsequently published in Business Standard (English Daily) and Pratidin (Oriya Daily) on May 11, 2026, pursuant to Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. For Q4, the company recorded a net loss of Rs. 1,094.25 lacs, a notable improvement from the net loss of Rs. 1,807.34 lacs in Q4 of the prior year. For the full year, the net loss stood at Rs. 2,880.56 lacs, narrowing from Rs. 5,465.84 lacs in FY25. The statutory auditors, M/s. B S R & Co. LLP, Chartered Accountants, issued an unmodified audit opinion on the financial results.

Financial Performance Overview

Q4 revenue from operations rose to Rs. 23,147.02 lacs from Rs. 21,927.40 lacs in Q4 FY25, reflecting steady top-line growth on a year-on-year basis. For the full year, revenue from operations grew to Rs. 90,595.14 lacs from Rs. 89,578.83 lacs in FY25. Total income for FY26, including other income of Rs. 1,745.39 lacs, stood at Rs. 92,340.53 lacs compared to Rs. 91,156.15 lacs in the prior year. Total expenses for FY26 increased to Rs. 1,02,682.15 lacs from Rs. 1,00,046.20 lacs, resulting in a full-year loss before tax of Rs. 10,341.62 lacs against Rs. 8,890.05 lacs in FY25. A deferred tax credit of Rs. 7,461.06 lacs (compared to Rs. 3,424.21 lacs in FY25) significantly reduced the net loss for the year.

The following table summarises the key financial metrics for the latest quarter and the full year:

Segment-Wise Performance

The company operates across two business segments: Paper & Tissue and Chemicals. For FY26, the Paper & Tissue segment reported revenue of Rs. 74,218.73 lacs, compared to Rs. 75,130.28 lacs in FY25, while the Chemicals segment grew to Rs. 17,699.58 lacs from Rs. 16,186.81 lacs. At the segment results level, Paper & Tissue recorded a loss of Rs. 8,340.30 lacs in FY26 versus a loss of Rs. 5,515.73 lacs in FY25, whereas the Chemicals segment posted a profit of Rs. 2,170.60 lacs against Rs. 1,792.91 lacs in the prior year.

Balance Sheet Highlights

As at March 31, 2026, total assets stood at Rs. 2,17,949.42 lacs, down from Rs. 2,40,787.39 lacs as at March 31, 2025. Non-current assets were Rs. 1,96,666.51 lacs and current assets were Rs. 21,282.91 lacs. Total equity declined to Rs. 1,46,819.90 lacs from Rs. 1,53,507.86 lacs, reflecting the losses for the year. Total liabilities reduced to Rs. 71,129.52 lacs from Rs. 87,279.53 lacs, driven primarily by a reduction in current borrowings from Rs. 25,177.24 lacs to Rs. 15,044.48 lacs.

Cash Flow Summary

For the year ended March 31, 2026, net cash used in operating activities was Rs. 2,674.39 lacs, compared to Rs. 1,225.07 lacs in FY25. Investing activities generated net cash of Rs. 16,415.08 lacs, largely driven by proceeds from the sale of investments in equity shares amounting to Rs. 20,976.11 lacs. Financing activities used net cash of Rs. 13,780.19 lacs, primarily on account of net repayment of short-term borrowings of Rs. 12,855.43 lacs. Cash and cash equivalents at the end of the year stood at Rs. 56.74 lacs, compared to Rs. 96.24 lacs at the beginning of the period.

Tax Treatment and Labour Code Impact

During the year, the company exercised the option under Section 115BAA of the Income-tax Act, 1961, recognising the full impact in the quarter ended June 30, 2025. Consequently, tax expenses for FY26 include a credit of Rs. 4,848.71 lacs, and other comprehensive income includes a charge of Rs. 525.91 lacs on account of this change. Additionally, the company assessed and disclosed the incremental impact of the four Labour Codes notified by the Government of India on November 21, 2025, amounting to Rs. 376.74 lacs under employee benefits expenses for the quarter ended December 31, 2025 and the year ended March 31, 2026.

Cost Auditor Appointment

The Board approved the appointment of Mr. Somnath Mukherjee, Cost Accountant, as Cost Auditor for FY2026-27, at a remuneration of Rs. 75,000/- per year plus actual travelling and out-of-pocket expenses, subject to ratification by shareholders at the upcoming Annual General Meeting. Mr. Mukherjee is a fellow member of the Institute of Cost Accountant of India (ICWAI) with 45 years of post-qualification experience in cost and management accountancy. He has previously served as a member of the Central Council of ICWAI from 2007 to 2011 and as a member of the Cost Accounting Standards Board and the Cost Audit & Assurance Standards Board.