Suraj Limited has received its secretarial compliance report for the financial year ended March 31, 2026, prepared by Hardik Jetani & Associates, Practicing Company Secretaries. The report, prepared pursuant to Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, identifies three deviations from compliance requirements during the review period.

The report examined compliance with various SEBI regulations including the SEBI (LODR) Regulations, 2015, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and SEBI (Prohibition of Insider Trading) Regulations, 2015, among others.

Compliance Deviations Identified

The practicing company secretary noted three specific deviations during the review period:

Management Response and Observations

Regarding the first deviation, the company stated that it had duly complied with the requirement within the prescribed timeline by filing the Annual Secretarial Compliance Report (ASCR) in XBRL format on May 23, 2025. However, due to an unintentional and inadvertent oversight, the PDF version could not be uploaded on the BSE portal, which was described as purely procedural in nature.

For the standalone cash flow statement omission, management attributed the issue to a technical error during the scanning process, stating the omission was unintentional and procedural without any intent to withhold material information.

The delayed RPT disclosure was attributed to circumstances beyond the company's control, including the first-time implementation of the Integrated Filing – Financials in XBRL system and slow internet connectivity issues that prolonged the submission process.

Overall Compliance Status

Despite these deviations, the report confirmed that Suraj Limited has complied with provisions of applicable regulations and circulars in other areas. The company maintains compliance with Secretarial Standards issued by ICSI, has adopted and updated all applicable policies under SEBI regulations, and maintains a functional website with timely dissemination of required documents.

The report also confirmed that none of the directors are disqualified under Section 164 of Companies Act, 2013, and the company is in compliance with prohibition of insider trading regulations. The listed entity does not have any material subsidiary, and there were no instances of resignation of statutory auditors during the review period.

Suraj Limited has announced a significant capacity expansion project worth approximately ₹15 crores to enhance its manufacturing capabilities for outer diameter (OD) pipes up to 170 mm. The company disclosed this strategic initiative under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Expansion Project Details

The capacity expansion project will increase the company's total manufacturing capacity from the existing 5000 MT per annum to 7000 MT per annum. The project specifically focuses on enhancing manufacturing capability for OD pipes up to 170 mm diameter.

Current Operations and Utilization

The company's existing capacity of 5000 MT per annum is currently operating at close to full utilization, indicating strong demand for its products. This high capacity utilization provides a solid foundation for the planned expansion.

Strategic Rationale

The expansion project is strategically designed to reduce dependence on imports by catering more effectively to domestic demand. This initiative positions Suraj Limited to serve diverse industrial requirements and capture market segments that require specialized pipe solutions with larger diameters.

Regulatory Compliance

The announcement was made through proper regulatory channels, with the company filing the disclosure under Regulation 30 of SEBI regulations. The details were provided in accordance with SEBI Master Circular requirements, demonstrating the company's commitment to transparent corporate governance.