Your Directors take pleasure in presenting the Fortieth (40^th) Annual Report together with the Audited Financial Statements for
the year ended March 31, 2026.

1. FINANCIAL RESULTS

(' Crores)

2. DIVIDEND

The Board recommends a final dividend of ' 22/- per share for FY26. The total dividend payout for the concluded year
shall be ' 78 Crores.

The Dividend Distribution Policy, in terms of Regulation 43A of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 is in place and available on the website of the Company
https://www.galaxysurfactants.com.

3. BUSINESS & FINANCIAL PERFORMANCE

The performance of your Company for the year on a standalone and consolidated basis is reflected by the following ratios:

Business Overview

The global economy continued to exhibit resilience
through CY 2025, despite heightened geopolitical
tensions, trade policy uncertainties, and supply-chain
disruptions. According to the latest IMF World Economic
Outlook, global growth is projected to remain moderate
approximately 3.0% in CY 2025 and 3.1% in CY 2026,
supported by moderating inflation, improved financial
conditions and sustained domestic demand in key
economies. However, growth remains below historical
averages, reflecting the impact of tighter trade conditions,
geopolitical conflicts and ongoing realignment of global
supply chains. The World Bank, in its most recent Global
Economic Prospects, similarly highlights that while the
global economy has shown notable shock-absorption
capacity, the growth outlook remains uneven and
vulnerable, particularly for emerging markets exposed
to commodity price volatility and logistics disruptions.

As per the latest IMF World Economic Outlook, the
United States is expected to record moderate growth,
supported by robust consumer spending and a
relatively strong labour market, even as trade-related
uncertainties and reciprocal tariff measures continue to
weigh on manufacturing and global trade flows. Growth
in advanced economies is expected to remain subdued,
with monetary policy gradually turning supportive as
inflation moderates.

The Africa, Middle East and Turkey (AMET) region
presents a mixed economic outlook. The IMF projects a
gradual recovery over CY 2025-CY 2026, supported by
easing disruptions to shipping routes, particularly in the
Middle East, and improving energy production dynamics.
However, the region continues to remain exposed
to geopolitical risks, local competitive intensity, and
supply-chain fragilities. Turkey's growth is expected to
stabilise with the support of tighter monetary discipline,
while several African economies are expected to benefit
from infrastructure spending and improving domestic
demand, albeit amid persistent external vulnerabilities.

Back in India, the economy continues to display strong
resilience and remains one of the fastest-growing large
economies globally. During CY 2025, the imposition
of reciprocal tariff measures by the United States
led to heightened uncertainty in global trade flows
and selectively impacted certain export-oriented
sectors; however, India's diversified export base and
strong domestic demand helped mitigate broader

macro-economic implications. As per the Reserve Bank
of India and IMF, India's GDP growth for CY 2025-CY
2026 is expected to remain in the 6.4%-6.8% range,
supported by robust domestic consumption, strong
public and private capital expenditure, a resilient services
sector, and improving rural demand. Monetary policy has
remained calibrated, with an emphasis on supporting
growth while ensuring macro-economic stability. India's
long-term growth fundamentals remain structurally
strong, driven by demographics, manufacturing push,
rising premiumisation and formalisation of consumption.

Financial Outcomes

India business registered modest 4% growth in volumes,
driven by strong growth from specialty care products,
which recorded robust growth of over 27% during the
year. The performance segment, however, faced a
demand slowdown driven by reformulation initiatives at
select Tier-1 accounts, largely triggered by persistently
high fatty alcohol prices. This impact was partially offset
by healthy domestic demand from non-Tier-1 and D2C
customers, resulting in a modest 2% volume growth in
the performance segment over the previous year.

The AMET region recorded a 10% decline in volumes,
primarily due to lower offtake from select Tier-1
customers amid rising local competition. Additionally,
demand in the region was adversely impacted due
to supply-chain disruptions following the Middle East
conflict, which intensified in March, affecting logistics
and customer inventories.

In contrast, the Rest of the World (ROW) delivered stable
volume growth of 4%, led by double-digit growth in the
specialty care segment, particularly across APAC and
LATAM markets. Volumes in Europe remained largely
flat, reflecting subdued regional demand conditions.
North America volumes were impacted during Q2
and Q3 due to reciprocal tariff measures in the United
States; however, this was offset by a strong recovery in
Q4, supported by improved customer responsiveness
and incremental traction from the premium specialties
business at TRI-K (USA).

Despite regional headwinds, the Company achieved
an overall flattish volume growth for FY26. The stable
performance in the ROW markets and growth driven by
Tier-2 and Tier-3 customers in India helped offset the
decline in AMET. While the near-term global economic

outlook remains clouded by geopolitical risks, inflationary
pressures and financial market volatility, medium term
fundamentals for the personal and home care industry
remain strong, particularly in emerging markets such
as India. The Company's continued emphasis on
specialty care products, premiumisation, agile customer
engagement and proactive management of supply-chain
and cost challenges remained key drivers in sustaining
growth momentum during the year.

4. INTRODUCING OUR NEW BRAND IDENTITY -
A CLEAR EXPRESSION OF TRUST, CARE AND
PROGRESS

As industry expectations continue to evolve from scale
to substance, performance today must be delivered
with accountability. Customers, regulators, and partners
increasingly assess not only what products achieve, but
also the responsibility with which they are developed
and delivered. Your Company's new brand identity
reflects this shift and defines our role with greater clarity.

At the core of this identity is “Chemistry Creates Care”.

For Galaxy, “chemistry” represents more than scientific
capability. It reflects our depth of expertise and the
equation of trust we have built with all stakeholders,
including employees, customers, partners, investors, and
communities. This trust is earned through consistency,
rigor, and long-term commitment.

“Creates” speaks to our role in advancing progress.
Through disciplined innovation and collaboration, we
create new possibilities, developing solutions that
respond to evolving needs, raise standards, and enable
sustainable growth.

“Care” defines how we apply both chemistry and
creation. It reflects a people first mindset, responsibility
toward the planet, and a commitment to progress that is
ethical, inclusive, and enduring.

This rebranding strengthens our direction. It gives
clear expression to what Galaxy has long practiced,
responsible chemistry applied with intent, to co-create
care for people, planet, and progress.

New logo

The new logo carries
forward the trust and

credibility built over four Chemistry Creates Care

decades, while embracing a contemporary, agile, and
future-ready outlook.

It symbolizes the harmonious integration of chemistry,
care, and collaboration. Its design language reflects -

• Purposeful chemistry, driven by deep formulation
expertise

• Human-centric care, guided by safety,

performance, and sustainability

• Progressive momentum, aligned with digitalization,
global scale, and evolving customer needs

5. a) PEOPLE ENERGY

This year your Company marked a conscious shift
from managing people processes to shaping a
resilient, future-ready organization anchored in
care, capability, and coherence. In an increasingly
complex and evolving business landscape,
strategic focus remained clear — to place people at
the centre of sustainable growth and organizational
excellence.

Guided by belief that Chemistry Creates Care, your
Company continued to institutionalize a people
philosophy that is deliberate, data-driven, and
globally aligned. Your Company's approach this
year moved beyond individual initiatives to building
an integrated ecosystem that strengthens well¬
being, enhances capability, drives engagement,
and enables consistent governance across
geographies.

Embedding Care as a Strategic Pillar

Your Company strengthened the commitment
to employee well-being by formalizing a
comprehensive support ecosystem. Initiatives such
as our Employee Assistance Program and targeted
wellness interventions were aimed at reinforcing
psychological safety, resilience, and holistic health.
These efforts reflect conviction that sustainable
performance is built on a foundation of trust,
inclusivity, and emotional well-being.

Strengthening Culture and Engagement

Your Company continued to bring its values to life
through structured engagement platforms such
as Value Week, Alchemy, and enterprise-wide
recognition frameworks, designed to deepen
alignment, belonging, and organizational pride -
Globally. These initiatives institutionalized value-
led conversations and shared experiences across
locations and geographies, reinforcing a unified
cultural identity while respecting local diversity. Your
Company's focus remains on creating a workplace
where employees feel connected to purpose and
empowered to contribute meaningfully.

Building a Future-Ready Workforce

Capability development remained a strategic
priority, anchored in flagship program journeys such
as Operator Development Program, Navchetna
2.0, and Chemical diploma program Udaan, which
strengthened grassroots capability and technical
depth. At the leadership level, initiatives such as
SFURTI, Data Acumen, and Result Accelerator
enhanced decision-making, execution excellence,
and accountability. Structured career frameworks
such as the Individual Development Plan (IDP)
further supported internal mobility, role clarity, and
long-term talent sustainability.

Driving Digital and Governance Excellence

Your Company accelerated our digital transformation
journey through key platforms and interventions
including HRMS - Darwinbox global rollout, one-
click payroll, and integrated workflow automation.
These initiatives enhanced transparency, efficiency,
and data security, while significantly improving
employee experience and governance. Over 50
standardized workflows and automated reporting
frameworks have strengthened process discipline
and enabled data-driven decision-making across
the organization.

Looking Ahead

As your Company moves forward, its focus remains
on building an agile, inclusive, and high-performing
organization. Your Company will continue to invest
in scalable platforms, future-focused capability
building, and leadership development to strengthen
organizational resilience. Above all, your Company
remains committed to fostering a culture where care
is intentional, growth is inclusive, and performance
is sustainable.

At Galaxy, people strategy is not just an enabler
of business — it is a core driver of long-term value
creation.

b) Employee Stock Option

Stock Options represent a reward system based on
performance. They help companies to attract, retain
and motivate the best available talent. Options
also provide a company with an opportunity to
optimise its personnel costs. This also provides an
opportunity to the employees to participate in the
growth of the company, besides creating long term
wealth in their hands.

Further, as the business environment is becoming
increasingly competitive, it is important to attract
and retain qualified, talented and competent
personnel in the company. Your Company believes
in rewarding its employees including employees
of its subsidiaries for their continuous hard work,
dedication and support, which has led and will
lead the Company on the growth path. “GALAXY
SURFACTANTS LIMITED - PERFORMANCE STOCK
OPTION PLAN 2025” (“PSOP 2025”), instituted by
the Company, in compliance with SEBI (Share Based
Employee Benefits and Sweat Equity) Regulations,
2021 (SBEB Regulations). PSOP 2025 was approved
by Members of the Company through Postal Ballot
on June 24, 2025. Disclosures in compliance with
SBEB Regulations, are uploaded on the website
of the Company at https://galaxysurfactants.com/
company/corporate-governance. The certificate
from the Secretarial Auditor on the implementation
of the Plan in accordance with Regulation 13 of the
SBEB Regulations, will be available for inspection
during AGM. Furthermore, the Company has
adhered to the applicable accounting standards in
this regard.

6. QUALITY

Your Company is committed to delivering consistently
high quality, intrinsically safe and high performing
products and services to its customers.

The quality of performance surfactants and specialty
care products manufactured by your Company is critical
to assure the safety, quality and efficacy of formulations
developed by its customers. Continuous improvement in
quality across all domains and implementation of Best
Practices at its sites enabled your Company to meet the
quality standards set by regulatory authorities (viz. BIS,
FDA, CDSCO) and the stringent quality benchmarks set
by customers for the product qualifications.

Your Company has effectively implemented the principles
of Good Manufacturing Practices (GMP) and Quality Risk
Management approaches; and all its manufacturing
sites are certified with EFfCI (European Federation
for Cosmetic Ingredients) GMP standard. World-class
practices such as TPM are adopted at the manufacturing
sites augmented by internal benchmarking programmes
such as Galaxy Manufacturing Excellence Award (GMEA)
and Galaxy Quality Excellence Award (GQEA). Under
the umbrella of Product Stewardship, your Company
has maintained a high focus on Product Safety and
Compliance. Your Company has further strengthened
on developing products which are Ecofriendly and with
High Natural Origin content.

Your Company's approach has always been Sustainable
Product Development emphasising on 12 principles of
Green Chemistry. Product attestations/certifications
like COSMOS/Ecocert, ISO 9001, Kosher, Halal, RSPO
(MB & SG), ISCC Plus; Product customisations as per
the customer needs including specifications, offering
safe ingredients originated from sustainable resources,
and solutions to meet ever changing consumer trends
have been the efforts to deliver enhanced value to your
Company's customers.

Social compliance is yet another focussed area of your
Company and all the manufacturing sites are compliant
to the 4-pillar SMETA and EcoVadis silver medal (74).

7. SUSTAINABILITY

Your Company is one of India's leading manufacturers
of surfactants and specialty chemicals for the Personal
Care and Home Care industry. Sustainability is
embedded at the core of its business strategy, guiding
innovation in environmentally responsible products,
efficient operational processes, and responsible value-
chain practices. The Company's sustainability journey
is anchored in a clearly defined Mission 2030, which
provides a long-term roadmap for climate resilience,
resource efficiency, inclusive growth, and responsible
sourcing.

Mission 2030 - Strategic Pillars

Mission 2030 articulates the Company's commitment

across five key sustainability pillars:

• Climate Change

Aligning with the 1.5°C pathway, the Company
is focused on reducing greenhouse gas (GHG)
emissions through increased adoption of
renewable energy and continual improvement in
energy efficiency.

• Circular Economy

Re-engineering value chains to design out waste
entirely by improving material yield, undertaking
systematic waste mapping, and increasing
recycling and reuse across operations.

• Water Stewardship

Advancing responsible water management with
the objective of being water positive by 2 times,
through conservation, reuse, and replenishment
initiatives.

• Diversity and Inclusion

Fostering a diverse and inclusive workplace and
leveraging diversity as a driver of innovation,
resilience, and competitive business advantage.

• Green Supply Chain

Ensuring responsible sourcing with a strong focus
on 100% oil palm traceability up to mill level, aligned
with NDPE and deforestation-free commitments.

FY26 Performance Highlights

• During FY26, your Company achieved significant
progress across its sustainability priorities:

• Avoided 12,204 tCo2e emissions through an
increase of 37.76% in solar electricity consumption
for India Operations.

• Harvested 17,710 m³ of rainwater within operational
boundaries.

• Reused 125,977 m3 of recycled water in India
operations

• Procured 25,641 MT of RSPO Mass Balance (MB)
certified raw materials at Galaxy Group Level

• Avoided 48,462 tCO₂e emissions using RSPO (MB)
certified materials at Galaxy Group Level

• RSPO Shared Responsibility score of (9.9/10)

• Attained 96% waste circularity across India
operations

Standards, Certifications, and Ratings

Your Company continues to comply with its sustainability
performance with globally recognized standards,
certifications, and disclosure frameworks on annual
basis.

• Assured Sustainability Report (FY 2024-25)

aligned with AA1000AS v3, Type 2 - Moderate
Assurance

• ISO 14064:2019 - SCOPE 1, SCOPE 2, SCOPE

3 GHG accounting across the Galaxy Group
verification and certification by third party
independent external auditor

• ISO 46001 - certification by Water Efficiency
Management System (Taloja location) completed in
March 2026

• CDP 2025 Scoring

Climate Change Disclosure: (B) Rating
Water Security Disclosure: (A-) Rating
Forests Security Disclosure: (B) Rating
Supplier Engagement Assessment: (A-) Rating

• SPI: Sustainable Palm Index (81.3) “A” Rating

• Organization continued to be certified for RSPO
(MB) - SCCS Certification (2020)- third party,
independent, external party certification and
verification

• Organization continued to be certified on Verified
Deforestation-Free (VDF) certification - third party
audit & certification by Control Union

• EcoVadis- Silver medal (Score: 74)

• ISCC Plus Certification for Taloja and Jhagadia
Location. External third-party audit and
certification by Control Union.

• Extended Producer Responsibility (EPR)
compliance.

• Your Company continued to be Responsible Care®
Certified -Third party audits by Indian Chemical
Council nominated auditors.

• Your Company is audited by external, independent,
third party.

Stakeholder Engagement and Industry Collaboration

Your Company maintains continuous and structured

engagement with internal and external stakeholders to

strengthen sustainability, performance and transparency.

Key initiatives include:

• Conducted GALSUSTAIN program and structured
supplier sustainability training.

• Active customer engagement through industry
exhibitions and forums.

• Participation and leadership in industry bodies and
collaborative platforms such as RSPO, CDP, WWF,
CRB, CII, I-SPOC, ICC, EcoVadis, and SEDEX.

• Sharing best practices, contributing to policy
dialogue, and strengthening certification
compliance to collectively advance a sustainable
future.

Integrated Sustainability Systems, Governance, and

Processes

Your Company has institutionalized sustainability

through robust governance, digital systems, and cross¬
functional processes, covering:

• Frameworks & Disclosures: GRI, AA1000AS, BRSR,

CDP (Climate, Water, Forest, Plastics, Biodiversity).

• Climate & Resources: GHG accounting (ISO 14064),
Product Carbon Footprint (PCF), Water Stewardship
(ISO 46001).

• Responsible Sourcing & Supply Chain: RSPO,
ISCC Plus, VDF, NDPE, DCF, Oil Palm Traceability,
SCTT, SPI, EPI.

• Supplier Engagement: Supplier sustainability
assessments, training programs, supplier awards,
customer questionnaires.

• Governance & Ethics: Code of Conduct (CoC),
grievance mechanisms, risk and opportunity
mapping, materiality matrix.

• Digitization & Monitoring: Monthly and quarterly
MIS, sustainability data systems, EPR reporting.

• People & Capability Building: Employee and
supplier trainings, sustainability awareness
programs, thematic day celebrations.

• External Leadership: Speaker engagements
at external forums, participation in external
committees, board-level oversight, defined KRAs,
review mechanisms, and sustainability policies
covering climate change, water stewardship,
sustainable palm oil, and value-chain engagement.

8. CORPORATE SOCIAL RESPONSIBILITY (CSR)

Pursuant to Section 135 of the Companies Act,
2013, read with the Companies (Corporate Social
Responsibility Policy) Rules, 2014, the Board of Directors
has constituted a CSR Committee to provide strategic
oversight to the Company's social responsibility agenda.
The Committee's composition and terms of reference
are set out in the Corporate Governance Report, which
is an integral part of this Annual Report.

The Company has adopted a CSR Policy, hosted on its
website, and all CSR initiatives have been undertaken in
strict adherence to the statutory framework. The same
is available athttps://galaxysurfactants.com/company/
corporate-governance

Against the mandated CSR obligation of '5.03 Crores
under Schedule VII, the Company has fully deployed
'5.04 Crores toward approved CSR programmes. The
detailed CSR Report is appended to the Board's Report
as “Annexure B”.

Project 1.0 - Gyan Sanjeevani (Education)

The project “Gyan Sanjeevani” strengthened the
education ecosystem across Maharashtra and Gujarat
through a holistic approach combining infrastructure
development, digital innovation, and academic support.
During the reporting period, the initiative impacted
13,087 students, enabling safer, more inclusive, and
future-ready learning environments.

Key interventions included the construction of science
laboratories and classrooms, provision of classroom
benches benefiting nearly 500 students, establishment
of advanced AI, Robotics, and VR laboratories,
development of facilities for especially abled learners
and adults, and installation of community sports centres
to promote overall well-being.

In addition, the initiative supported academic performance
by distributing 32,408 notebooks and 2,910 school kits
to 9,358students across 100 schools, delivering career
counselling programmes, and deploying e-learning
software and mobile applications. Collectively, these
efforts enhanced education delivery, built student
confidence and skills, and created aspirations for long¬
term personal and community development.

Project 2.0 - Aarogya Vardheeni (Health & Hygiene)

Aligned with Galaxy's Health for All vision, the Aarogya
Vardheeni initiative advances inclusive healthcare by
strengthening infrastructure, providing basic healthcare
access, and promoting preventive care. During the
reporting period, the programme impacted 52,668 lives,
contributing to healthier and more resilient communities.

Key interventions included improving facilities at Primary
Health Centres, supporting maternal and child health
through MCH and nutritional kits, strengthening blood
bank infrastructure, and providing continued medical and
shelter support to cancer patients. Comprehensive eye
care services were delivered through village screenings,
free spectacles, and cataract surgeries. Community
engagement remained strong, with employees donating
691 units of blood and hygiene awareness programmes
reaching 1,000students.

Under Initiative Drishti, 25 eye camps across 49
villages screened 3,081 individuals, distributed 1,258
spectacles, and enabled 310 cataract surgeries,

restoring vision, improving livelihoods, and generating
estimated community savings of '1.2 Crores.

Through integrated healthcare delivery and preventive
education, Aarogya Vardheeni continues to create
lasting impact and strengthen community health
systems.

Project 3.0 - Samajeek Utthaan (Community
Development)

Galaxy's Samajeek Utthaan programme drives inclusive
rural development, impacting 49,060 lives through
sustainable livelihood, digital enhancement, and
community-led interventions. The programme integrates
skill development, technology, and market access to
build resilient, self-reliant rural communities.

Key initiatives include Samridh Gaon, a holistic model
village approach addressing infrastructure, education,
health, sanitation, livelihoods, and sustainability.
Samridh Kheti, which strengthens farmer incomes
through improved productivity, irrigation support, crop
diversification, and value-chain linkages. Institutional
capacity building further supported vulnerable groups
through water infrastructure, solar dryers for women
SHGs, assistive devices for disabled veterans, road
safety measures, and healthcare facility upgrades.

Notable outcomes include Navaze village's recognition
as Best Village under Majhi Vasundhara 5.0, driven
by renewable energy adoption, waste management,
rainwater harvesting, and enhanced SHG livelihoods.
In the Vikramgad region, water infrastructure enabled
post-monsoon irrigation, second cropping cycles, and a
30% increase in farmer incomes, reinforcing long-term
agricultural sustainability.

Project 4.0 - Paryavaran Suraksha (Environment
Protection)

Galaxy's Paryavaran Suraksha initiative underscores the
Company's commitment to environmental sustainability
through afforestation, renewable energy, and water
conservation. During FY26, the programme benefitted
approximately 1,71,360people across operating regions,
supporting climate action and responsible resource
management.

Key achievements included the plantation of 1,04,500
saplings during the year, taking the cumulative total to
3.18 lakh under the initiative “Hariyali”. As part of the
initiative “Ujjala” we have successfully installed of 97 kW
rooftop solar systems across 10 schools making them
carbon neutral. Apart from these water conservation
programs such as pond rejuvenation, rainwater
harvesting in 100 households, and bore recharge
systems were completed during the year

Collectively, these efforts enabled significant water
storage and harvesting, generated annual electricity
cost savings for community institutions, and contributed
to substantial CO₂ sequestration, strengthening long¬
term environmental resilience.

Project 5.0 - Stree Unnati (Women Empowerment)
The Stree Unnati initiative empowers women and girls
from marginalized and tribal communities through
education, skill development, livelihood creation, and
awareness programmes. During the year, the initiative
benefitted 525women and girls.

Key interventions included upcycling 85 tonnes of
plastic waste into value-added products like community
benches. Company also provided innovative solar dryers
to a tribal women Self Help Groups for enhanced income
generation with forward and backward linkages for
continuous and sustained income of '1 lakh for the tribal
SHG. During the year also conducted employee-led
sessions on health, financial literacy, and self-defence.

These initiatives increased annual income by
approximately '20,000 per waste picker while diverting
significant plastic waste from landfills. Collectively, Stree
Unnati continues to deliver meaningful social, economic,
and environmental impact, reinforcing Galaxy's
commitment to inclusive and sustainable development.

Note: During FY26, your Company has reached a
remarkable 2,86,800 lives

9. SUBSIDIARIES AND ASSOCIATES

As of March 31, 2026, your Company has eight wholly-
owned subsidiaries within the definition of ‘Subsidiary
Company' under the Companies Act, 2013.

Your Company also has an Associate Company with
shareholding in excess of 20% - formed specifically in
connection with compliance requirements under the
Electricity Rules, 2005 for Group Captive. Your Company
has no role in control or participation in the business
decision under the agreement in the above Company
and accordingly, accounts of the said Company have not
been consolidated.

During the year under review, the Board of Directors has
reviewed the affairs of the subsidiaries. In accordance
with Section 129(3) of the Companies Act, 2013,
your Company has prepared Consolidated Financial
Statements of the Company and all its subsidiaries in
compliance with the applicable accounting standards,
which forms part of this Annual Report.

Pursuant to the provisions of sub section (3) of section
129 of the Companies Act, 2013 read with Rule 5 of the
Companies (Accounts) Rules, 2014, the salient features
of the financial statement of each of our subsidiaries
are set out in the prescribed format AOC-1 which forms
part of the Financial Statements section of this Annual
Report.

Further, pursuant to the provisions of section 136 of
the Companies Act, 2013, the Financial Statements of
subsidiary Companies are uploaded on the website of
your Company i.e., www.galaxysurfactants.comand shall
also be available for inspection at the registered office of
your Company with prior notice.

10. PARTICULARS OF EMPLOYEES & MANAGERIAL
REMUNERATION

Disclosures relating to remuneration and other details
as required under Section 197(12) of the Companies Act,
2013 read with Rule 5(1) of the Companies (Appointment

and Remuneration of Managerial Personnel) Rules, 2014
is provided in the Annual Report in “Annexure F”, which
forms part of this Report.

In terms of the provisions of Section 197(12) of the
Companies Act, 2013 read with Rules 5(2) and 5(3) of
the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, as amended, a
statement showing the names and other particulars of
the employees drawing remuneration in excess of the
limits set out in the said rules are provided in the Annual
Report which forms part of this Report. Having regard
to the provisions of the first proviso to Section 136(1) of
the Companies Act, 2013, the Annual Report excluding
the aforesaid information is being sent to the members
of the Company. The said information is available for
inspection at the registered office of your Company with
prior notice and any member interested in obtaining
such information may write to the Company Secretary
and the same will be furnished on request.

11. DIRECTORS AND KEY MANAGERIAL
PERSONNEL

As on March 31, 2026, your Company's Board comprised
directors with varied experience and backgrounds
consisting of three Independent Directors, two Promoter
- Non-Executive Directors and two Executive Directors.

i. Changes in the Composition in the Board of
Directors

Ms. Nandita Gurjar completed her second term as
an Independent Director on September 7, 2025.

Your Board wishes to thank Ms. Gurjar for her
guidance during her tenure.

As per the provisions of the Companies Act, 2013,
Mr. Kanwar Bir Singh Anand and Mr. Madhavan
Hariharan were appointed as Independent Director
for the first term of 5 years in 36^th AGM and 37^th
AGM respectively. Ms. Sangeeta Kapiljit Singh was
appointed as an Independent Director for the first
term of five years w.e.f. February 10, 2025.

All the Independent Directors are not liable to retire
by rotation.

The Independent Directors have given their
declaration of independence to your Company
stating that they meet the criteria of independence
as mentioned under Section 149(6) of the
Companies Act, 2013.

ii. Reappointment of Directors Liable to Retire by
Rotation

Your Board has 4 Directors who are liable to retire
by rotation. Mr. K. Natarajan (DIN: 07626680) is
liable to retire by rotation in ensuing AGM and
being eligible, your Board recommends him for re¬
appointment.

The proposal for reappointment of Mr. K. Natarajan
as director liable to retire by rotation is covered in
Item No. 4 of the AGM notice as Ordinary Business.

12. NOMINATION AND REMUNERATION POLICY

The Board of Directors on the recommendation of the
Nomination & Remuneration Committee has framed
“Nomination and Remuneration Policy” which inter
alia lays down framework in relation to remuneration
of Directors, Key Managerial Personnel and Senior
Management of your Company and criteria for selection
and appointment of Board Members. The said Policy is
annexed as “Annexure C” and forms an integral part of
this Report.

13. Evaluation of Board, its Committees and Directors

Pursuant to the provisions of the Companies Act, 2013
and Regulation 17(10) of the Securities and Exchange
Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, your Board has
carried out the annual performance evaluation of its
own performance, Board Committees and Individual
Directors. The evaluation was done through a structured
questionnaire which considered various aspects of
the Board's functioning, composition of the Board and
its committees, culture, execution and performance of
specific duties, obligations and governance.

The details of programmes for familiarisation of
Independent Directors of your Company are available
on your Company's website www.galaxysurfactants.
com.

The Board of Directors has evaluated the Independent
Director appointed during FY26 and opined that the
integrity, expertise and experience (including proficiency)
of the Independent Directors is satisfactory.

14. BOARD COMMITTEES

In order to strengthen its functioning, the Board of
Directors has constituted the following Committees as
per the requirement of Companies Act, 2013 and the
SEBI Regulations:

1. Audit Committee

2. Nomination & Remuneration Committee

3. Stakeholders' Relationship Committee

4. Corporate Social Responsibility Committee

5. Risk Management Committee

Details of the Committees along with their charter,
composition and meetings held during the year are
provided in the Corporate Governance Report which
forms part of this Annual Report.

15. MEETINGS OF THE BOARD AND COMMITTEES

The details of the Board of Directors and Committees
along with their composition, number of meetings held
and attendance at the meetings are provided in the

Corporate Governance Report which forms part of this
Annual Report.

Secretarial Standards: Applicable Secretarial Standards
i.e. SS-1 and SS-2 relating to ‘Meetings of the Board of
Directors' and ‘General Meetings' respectively have
been duly followed by your Company.

16. DIRECTORS’ RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according
to the information and explanations obtained by them,
your Directors make the following statements in terms of
Section 134(3)(c) of the Companies Act, 2013:

(i) that in the preparation of the Annual Accounts for
the year ended March 31, 2026, the applicable
accounting standards have been followed and
there are no material departures from the same;

(ii) that the Directors had selected such accounting
policies and applied them consistently and made
judgements 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 of March 31,
2026 and of the Profit and Loss of the Company for
that period;

(iii) that the Directors had taken proper and sufficient
care for the maintenance of adequate accounting
records in accordance with the provisions of
Companies Act for safeguarding the assets of the
Company and for preventing and detecting fraud
and other irregularities;

(iv) that the Directors had prepared the Annual
Accounts on a going concern basis;

(v) that the Directors had laid down internal financial
controls to be followed by your Company and that
such internal financial controls are adequate and
were operating effectively; and

(vi) 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.

17. AUDITORS

Statutory Auditors

M/s. Deloitte Haskins & Sells LLP (Firm Registration
Number 117366W/W-100018) were re-appointed as
Statutory Auditors of your Company at the 36^th Annual
General Meeting held on August 05, 2022 for the second
term of 5 consecutive years i.e. from the conclusion of
36^th Annual General Meeting till the conclusion of 41^st
Annual General Meeting to be held in the year 2027.

The Report given by the Auditors on the Financial
Statements of your Company is part of this Annual
Report. There is no qualification, reservation, adverse
remark or disclaimer given by the Auditors in their
Report.

Cost Auditors

Your Board of Directors, based on recommendation of
the Audit Committee, has appointed M/s. Nawal Barde
Devdhe & Associates, Cost Accountants in Practice, to
audit the cost accounts of your Company for FY27. In
terms of Rule 14 of the Companies (Audit and Auditors)
Rules, 2014, the remuneration payable to the Cost Auditor
is required to be ratified by the members. Accordingly, a
resolution seeking ratification by the members for the
remuneration is listed as Item No. 5 of the AGM Notice
as Special Business.

Secretarial Auditors

Pursuant to the provisions of Section 204 of the
Companies Act, 2013 and the Companies (Appointment
and Remuneration of Managerial Personnel) Rules,
2014, your Company has appointed M/s. S. N.
Ananthasubramanian & Co., Company Secretaries in
Practice to undertake the Secretarial Audit of your
Company for the period of 5 consecutive years upto FY
2029-30 in the 39^th AGM held on August 12, 2025. The
Report of the Secretarial Auditor for FY26 is appended
as “Annexure E” to this Board's Report.

There is no qualification, reservation or adverse remark
made by the Secretarial Auditor in their report.

18. RISK MANAGEMENT & INTERNAL FINANCIAL
CONTROLS

The Company has established a comprehensive Risk
Management framework designed to identify, evaluate,
and mitigate risks inherent to operations. Given the
nature of the industry, the framework places significant
emphasis on process safety, environmental compliance,
supply chain stability, and operational continuity.
Mitigation strategies are continually strengthened
through periodic assessments, technology upgrades,
safe operating practices, training programs, and internal
audits. The Company has in place an adequate system
of Internal Controls commensurate with the complexity
and scale of manufacturing operations.

Internal Financial Controls are policies, procedures
and processes that ensure the accuracy, completeness
and reliability of financial reporting and transactions.
With periodic review, testing and audit of processes
and controls, your Company ensures that they are
working as expected. Internal controls ensure the
efficient conduct of its business, including adherence to
Company policies, safeguarding of its assets, prevention
and detection of errors, accuracy and completeness of
accounting records, and timely preparation of reliable
financial information

Internal Audit Function

The Internal Audit function operates independently
and reports directly to the Audit Committee. Internal
audits are carried out at planned intervals across all
manufacturing units, corporate functions, and warehouse
locations. Audit coverage includes operational controls,

compliance frameworks, financial controls, supply chain
processes, and IT system controls.

Audit findings, risk observations, and improvement
recommendations are reviewed by the Audit Committee,
and management ensures timely implementation of
corrective actions. The Audit Committee periodically
evaluates the adequacy of internal audit.

Based on the assessments carried out, the Board
confirms that the Company's internal financial controls
are adequate and operating effectively.

19. PREVENTION OF SEXUAL HARASSMENT AT
WORKPLACE

Your Company treats its employees equally, with dignity
and with no gender bias. Your Company believes and
ensures that all employees work in an environment that
is free from all kinds of harassments including sexual
harassment of women. As required under the provisions
of Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013, your
Company has constituted an ICC (Internal Complaints
Committee).

Details of Complaints are as under:

The policy for Prevention of Sexual Harassment is
available on the website of your Company as given
below:

https://galaxysurfactants.com/pdf/policies/Governance-

and-Ethics/POSH-Policy-2025.pdf

20. CORPORATE GOVERNANCE

Your Company is committed in maintaining the highest
standards of Corporate Governance. Your Company
continues to be compliant with the requirements of
Corporate Governance as enshrined in the Securities
and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015. A Report
on Corporate Governance along with the Certificate
from the Secretarial Auditors of your Company
confirming compliances with the conditions of Corporate
Governance as stipulated in the Listing Regulations
forms part of this Annual Report.

21. MANAGEMENT DISCUSSION AND ANALYSIS
REPORT

A report on the Management Discussion and Analysis
for the year under review, as stipulated under Regulation
34 of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations,
2015, is presented in a separate section forming an
integral part of this Annual Report.

22. TRANSFER TO INVESTOR EDUCATION AND
PROTECTION FUND

Despite continued endeavour in identifying and
communicating the beneficiaries of unclaimed dividend
and shares, your Company continues to have some cases
of unclaimed dividend on account of various reasons
like change in residential address, change in telephone
numbers etc. due to which your Company is unable to
reach the concerned beneficiaries. Such unclaimed
dividends and shares in respect of which dividend has
remained unclaimed need to be transferred to IEPF as
per statutory provisions.

a) Transfer of Unclaimed Dividend to IEPF

As required under Section 124 of the Companies
Act, 2013 (the Act), unclaimed dividend amount
aggregating to ' 6,84,838/- (Dividend for FY18 lying
with your Company for a period of seven years was
transferred during FY26 to the Investor Education
and Protection Fund established by the Central
Government.

b) Transfer ofshares to IEPF

As required under Section 124 of the Act, 5,560
Equity Shares, in respect of which dividend has
not been claimed by the members for seven
consecutive years or more, have been transferred
by your Company to the Investor Education and
Protection Fund (IEPF) Authority during FY26.
Details of shares transferred are available on the
website of IEPF as well as on the website of your
Company.

23. BUSINESS RESPONSIBILITY AND
SUSTAINABILITY REPORT

The Business Responsibility and Sustainability Report
of your Company for FY26 forms part of this Annual
Report as required under Regulation 34(2)(f) of the
Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations,
2015.

24. DISCLOSURES AND INFORMATION UNDER
THE COMPANIES ACT, 2013

Pursuant to section 134 and any other applicable
sections of the Companies Act, 2013 (the Act), following

disclosures and information is furnished to the
shareholders:

a. Conservation of Energy, Technology Absorption
and Foreign Exchange Earnings and Outgo

As required under section 134(3)(m) of the Act read
with Rule 8(3) of the Companies (Accounts) Rules,
2014, the particulars relating to “Conservation
of Energy, Technology Absorption and Foreign
Exchange Earnings and Outgo” are given in
“Annexure A” which is appended to this Board's
Report.

b. Annual Return

Pursuant to Section 92(3) read with Section 134(3)
(a) of the Act, the Annual Return of the Company in
Form MGT-7 for FY26, is available on the Company's
website athttps://www.galaxysurfactants.com/
investor-relations/annual-general-meetings.aspx

c. Particulars of Loans, Guarantees or Investments
by the Company

Particulars of loans, guarantees and investments
covered under Section 186 of the Act form part of
the notes to the Financial Statements provided in
this Annual Report.

d. Related Party Transactions

The Policy on Related Party Transactions as
approved by the Board is available on the website
athttps://galaxysurfactants.com/pdf/corporate-
governance/POLICIES/Policy-on-Related-Party-
Transactions.pdf

The particulars of Related Party Transactions
in prescribed Form AOC-2 are annexed as
“Annexure D” and form an integral part of this
Report. There are no materially significant related
party transactions made by the Company with
Promoters, Directors or Key Managerial Personnel,
etc. which may have potential conflict with the
interest of the Company at large.

The disclosure as required by Schedule V, Clause
A of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements)
Regulations, 2015 is as under:

e. Vigil Mechanism / Whistle Blower Policy

As per Section 177 of the Act, your Company has
established a vigil mechanism for the Directors
and employees to report genuine concerns. Your
Company has a vigil mechanism named “Whistle
Blower Policy” to deal with any instances of fraud
and mismanagement. The Whistle Blower Policy is
available on the website of your Company athttps://
galaxysurfactants.com/pdf/corporate-governance/
POLICIES/Whistleblower-Policy 2025.pdf

f. Material Changes and Commitments

There are no material changes or commitments
affecting the financial position of your Company
which have occurred between the end of the
financial year to which the financial statement
relates and the date of the report.

g. Maternity Benefit Act 1961

Your Company has complied with the provisions of
Maternity Benefit Act 1961.

h. Transfer to Reserves

Your Company proposes not to transfer any amount
to the General Reserve for FY26.

i. Significant and Material Orders Passed by the
Regulators or Courts

During the previous year, your Company had
received a notice from GIDC to vacate one of its
newly acquired land parcels. The Company has
approached courts challenging the termination and
the Courts have granted an interim stay.

j. Reporting of frauds

There was no instance of fraud during the year
under review, which required the Statutory Auditors
to report to the Audit Committee and / or Board

under Section 143(12) of the Act and the rules made
thereunder.

k. Maintenance of Cost Records

Your Company has made and maintained cost
records as specified by the Central Government
under sub-section (1) of Section 148 of the Act.

25. CAUTIONARY STATEMENT

Statements in the Directors' Report describing your
Company's objectives, expectations or forecasts may be
forward-looking within the meaning of applicable laws
and regulations. Actual results may differ materially from
those expressed in the statement. Important factors
that could influence your Company's operations include
global and domestic demand and supply conditions
affecting selling prices of finished goods, input availability
and prices, changes in government regulations, tax laws,
economic developments within the country and other
factors such as litigation and industrial relations.

26. APPRECIATION AND ACKNOWLEDGEMENT

Your Company is grateful to the Government of India,
the Governments of Maharashtra and Gujarat, the
Government of countries where subsidiaries are located
and other regulators for their continued co-operation,
support and guidance. Your Company wishes to thank
its investors, banking community, rating agencies and
stock exchanges for their support. Your Company would
like to take this opportunity to express sincere thanks
to all its valued customers, distributors, dealers, agents
and suppliers for their continued support and patronage.
Your directors express their deep sense of appreciation
to all the employees whose outstanding professionalism,
commitment and initiative has made the organisation's
growth and success possible and continue to drive its
progress. Finally, your directors wish to express their
gratitude to the members for their trust and support.

For and on behalf of the Board

K. Natarajan Vaijanath Kulkarni

Navi Mumbai Managing Director Executive Director & COO

May 14, 2026 DIN: 07626680 DIN:07626842