The Board of Directors of Suraj Limited , a manufacturer and exporter of stainless steel seamless pipes, tubes, flanges, and fittings, convened on May 07, 2026, and approved the standalone and consolidated audited financial results for the quarter and year ended March 31, 2026. The board meeting commenced at 10.30 a.m. and concluded at 01.00 p.m. The audited results were reviewed by the Audit Committee and carry an unmodified opinion from the statutory auditors, Rinkesh Shah & Co., Chartered Accountants (FRN: 129690W), Ahmedabad.

Standalone Financial Performance

On a standalone basis, Suraj Limited reported a decline in revenue from operations for the full year ended March 31, 2026, compared to the previous year. The company's total income for the year stood at Rs. 21,192.26 lakhs, down from Rs. 23,796.85 lakhs in the year ended March 31, 2025. Net profit after tax (PAT) for the full year was Rs. 725.97 lakhs, compared to Rs. 1,170.67 lakhs in the prior year. For the quarter ended March 31, 2026, the company reported a PAT of Rs. 379.93 lakhs, a turnaround from a net loss of Rs. (387.78) lakhs in the corresponding quarter of the previous year.

The following table summarises the key standalone financial results:

Standalone Balance Sheet Highlights

As at March 31, 2026, standalone total assets stood at Rs. 22,334.44 lakhs, compared to Rs. 22,001.11 lakhs as at March 31, 2025. Total equity increased to Rs. 13,508.60 lakhs from Rs. 13,056.06 lakhs in the prior year, supported by equity share capital of Rs. 1,836.41 lakhs and other equity of Rs. 11,672.19 lakhs. Current borrowings declined to Rs. 6,030.21 lakhs from Rs. 6,408.03 lakhs, while inventories rose to Rs. 6,293.46 lakhs from Rs. 5,232.88 lakhs.

Consolidated Financial Performance

The consolidated financial results include the financial results of Suraj Enterprise Private Limited, an associate company. On a consolidated basis, total income for the year ended March 31, 2026 was Rs. 21,192.26 lakhs, against Rs. 23,796.85 lakhs in the prior year. Consolidated PAT for the full year stood at Rs. 747.01 lakhs, compared to Rs. 1,330.47 lakhs in FY25. The company's share of profit from its associate for the year ended March 31, 2026 was Rs. 21.04 lakhs, while the associate recorded a net loss of Rs. 128.08 lakhs for the quarter ended March 31, 2026.

Consolidated total assets as at March 31, 2026 stood at Rs. 22,601.50 lakhs, compared to Rs. 22,247.13 lakhs as at March 31, 2025. Total consolidated equity was Rs. 13,775.66 lakhs, up from Rs. 13,302.08 lakhs in the prior year.

Key Board Decisions and Governance Matters

In addition to approving the financial results, the Board of Directors resolved several governance and compliance matters at the May 07, 2026 meeting:

• Statutory Auditor's Report: Approved the auditor's report on quarterly and year-to-date financial results for the year ended March 31, 2026, with an unmodified opinion on both standalone and consolidated results.
• Director's Report: Approved the draft Director's Report for Financial Year 2025-26.
• Internal Auditor Appointment: Re-appointed M/s. Trivedi Parikh & Shah, Chartered Accountants (Firm Registration No. 131671W), as Internal Auditor for Financial Year 2026-27, effective May 07, 2026.
• Cost Auditor Appointment: Re-appointed M/s. Kiran J. Mehta & Co., Cost Accountants, as Cost Auditor for Financial Year 2026-27, effective May 07, 2026.
• Scrutinizer Appointment: Appointed M/s. Hardik Jetani & Associates, Practicing Company Secretary, as Scrutinizer for the Annual General Meeting.
• 33rd Annual General Meeting (AGM): The 33rd AGM of the company is scheduled for Friday, June 26, 2026, to be held through video conferencing (VC) or other audio-visual means (OAVM). The draft notice for the AGM was also approved.

Operational and Segment Information

The company operates in a single business segment, namely the manufacturing of stainless steel seamless pipes, tubes, flanges, and fittings. The standalone financial results were prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013. There were no investor complaints received or pending as on March 31, 2026. The figures for the quarter ended March 31, 2026 represent balancing figures between the audited full-year figures and the published unaudited year-to-date figures up to the third quarter of the financial year.

Suraj Limited has submitted its Annual Secretarial Compliance Report (ASCR) for the financial year ended March 31, 2026, as required under Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report was prepared by M/s. Hardik Jetani & Associates, Practicing Company Secretaries, based in Ahmedabad, and signed on April 28, 2026. The review covered compliance with the SEBI Act, 1992, the Securities Contracts (Regulation) Act, 1956, and various SEBI regulations including LODR, ICDR, SAST, and Prohibition of Insider Trading Regulations.

Compliance Deviations Identified During FY26

The practicing company secretary identified three instances of non-compliance or deviation during the review period. Two of these attracted monetary fines from stock exchanges, while one resulted in a clarification/show cause notice. The deviations are summarised below:

Details of Individual Deviations and Management Responses

Deviation 1 – PDF Submission of Secretarial Compliance Report (BSE Limited) The company submitted its ASCR in XBRL format on May 23, 2025, within the prescribed timeline; however, the PDF version of the report was not uploaded on the BSE portal. BSE Limited levied a fine of Rs. 61160 including GST for this lapse. The management attributed the omission to an unintentional and inadvertent oversight, clarifying that there was no intention to withhold information or deviate from compliance requirements, and that the filing in XBRL format was completed on time.

Deviation 2 – Standalone Cash Flow Statement (NSE) The company did not submit the Standalone Statement of Cash Flow in PDF format for the year ended March 2025, resulting in a fine of Rs. 81000/- including GST levied by the National Stock Exchange of India Limited. The management stated that the omission occurred due to a technical error during the scanning process and was purely unintentional and procedural in nature, without any intent to withhold material information.

Deviation 3 – Related Party Transaction Disclosure (NSE) The company published its standalone and consolidated financial results for the half year and year ended March 31, 2025, on May 26, 2025. However, the RPT disclosure through Integrated Filing – Financials in XBRL was filed on the following day, May 27, 2025, resulting in a delay. The National Stock Exchange of India Limited issued a clarification/show cause notice. The management cited the new Integrated Filing – Financials in XBRL system being implemented for the first time, the need to familiarise with the new utility, and slow and interrupted internet connectivity as reasons for the delay. The company has submitted its response to the stock exchange.

Broad Compliance Status for FY26

Beyond the noted deviations, the practicing company secretary reported that Suraj Limited maintained satisfactory compliance across key governance and regulatory requirements during the review period. The following table summarises the compliance status:

Scope, Assumptions, and Limitations

The report was conducted in accordance with the Guidance Note on Annual Secretarial Compliance Report issued by the Institute of Company Secretaries of India (ICSI). The practicing company secretary noted that the review does not constitute an audit or expression of opinion, and that the correctness and appropriateness of financial records and books of account were not verified. The report is solely intended for compliance purposes under Regulation 24A(2) of the SEBI (LODR) Regulations, 2015, and covers statutory compliances pertaining to the financial year ended March 2026. Compliance with applicable laws and the authenticity of documents furnished remain the responsibility of the management of Suraj Limited. The report was signed by Hardik Jetani (M. No.: F13678, CP No.: 22171, PR No.: 4579/2023, UDIN: F013678H000225692) at Ahmedabad on April 28, 2026.