The Directors are pleased to present the 31^st Annual Report along with the Audited Financial Statements of your Company
for the Financial Year ended March 31, 2025.

COMPANY PERFORMANCE

A. Financial Highlights

The standalone and consolidated financial highlights of the Company for the financial year ended March 31,2025 is summerised
as follows:

Performance review for the year and Outlook

Please refer to the Management Discussion and Analysis
section which forms a part of this Annual Report for details of
the performance and operations review and the Company's
strategies for growth.

Business Highlights

Business Model & Strategy

Ecoreco's integrated business model covers every stage of

the e-waste value chain-collection, secure data destruction,
refurbishment, material recovery, and remarketing. This
model unlocks multiple value streams from end-of-life
electronics and lithium-ion batteries.

Our state-of-the-art recycling facilities, certified by the

CPCB/MPCB and aligned with R2v3 international standards,
have an installed capacity of 31,200 MT per annum. This
positions Ecoreco to meet India's rapidly increasing demand
for environmentally responsible recycling, while ensuring

compliance, transparency, and operational scalability.

Market & Industry Outlook

India's e-waste generation is projected to grow at double¬
digit rates, fuelled by rapid digitalisation, shorter product
life cycles, and stricter enforcement of the E-Waste
Management Rules, 2022 and EPR Guidelines. On a global
scale, demand for critical and precious metals is intensifying
as industries seek secure, sustainable supply chains. Ecoreco's
technology-driven, compliant, and scalable operations make
it a natural partner for governments, OEMs, and corporates
navigating this evolving landscape.

Report on performance of Subsidiaries

The performance and financial position of each subsidiary

for the year ended March 31, 2025, in the prescribed Form
AOC-1 is appended as Annexure I to this report.

In accordance with Section 136 of the Companies Act, 2013,
the audited Financial Statement, including the Consolidated
Financial Statement and related information of the Company
and audited accounts of each of its subsidiaries, are available
on the Company's website www.ecoreco.com.

These documents will also be available for inspection during
business hours at the Registered Office of the Company.

The Policy for determining Material Subsidiaries may be
accessed on the Company's website www.ecoreco.com.

B. SUSTAINABILITY AND SOCIAL RESPONSIBILITY

Corporate Social Responsibility Policy

Your Company has committed itself towards reaching out
and giving back to its communities. Creating an ecosystem of
development through planned interventions. The Company

is ensuring that its vision for the development of the nation
reaches the farthest geographies.

With a consistent focus on bringing a transformational
change in its communities, Ecoreco is implementing
sustainable and inclusive growth and has reached out to
3000 plus beneficiaries across Mumbai in FY 2024-25.

Furthermore, to accelerate social growth and development,
with a well-defined roadmap and a commitment to invest
Rs. 19.07 lakhs into Ecoreco Foundation, the philanthropic

arm of the Company aims to take the mission of creating an
ecosystem free of e-waste.

Energy Conservation, Technology Absorption and Foreign
Exchange Earnings & Outgo

The information as stipulated under section 134(3)(m) of
the Act read with Rule 8 of the Companies (Accounts) Rules,
2014 in respect of conservation of energy and technology

absorption:

Conservation of energy:

Your Company remains committed to sustainable business
practices and environmental stewardship. Energy
conservation is regarded as a key pillar in our efforts to
preserve natural resources and reduce our overall carbon
footprint.

While the Company operates a recycling plant, and certain
processes involve energy use, overall energy consumption
across our operations remains relatively low. Nonetheless,
we have adopted several energy-efficient practices within
the recycling facility and other areas of operation to
reduce usage wherever possible. These initiatives support
our broader sustainability goals while also contributing to
operational efficiency and long-term cost savings.

Technology absorption:

Your Company remains committed to adopting relevant
technologies that enhance operational efficiency and
support business growth.

During the year under review, the Company focused on

upgrading existing technologies and strengthening internal
capabilities to keep pace with evolving industry standards.
These efforts were directed toward improving productivity,
ensuring compliance, and supporting the long-term

sustainability of our operations.

The details of the Foreign Exchange Earnings and Outgo
are as follows:

C. HUMAN RESOURCE MANAGEMENT
People and Culture

Our people are our greatest asset. We are committed to
fostering a workplace culture that upholds the highest
standards in safety, environmental stewardship, and
sustainability. Our culture is grounded in our core values
and reflects our dedication to innovation, inclusivity, and
continuous improvement. We prioritise providing a safe,
healthy, and supportive environment where all employees
can thrive.

Managerial Remuneration, Employee Information and
Related Disclosure

The remuneration paid to Directors and Key Managerial
Personnel during the FY 2024-25 was in accordance with the
NRC Policy of the Company.

Disclosures under section 197 of the Act and Rule 5(1) of the

Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, relating to the remuneration and

other details as required are appended as Annexure III to
this Report.

In terms of the provision of Section 136 of the Act and Rule

5(2), the Report and the Financial Statements are being sent
to the Members of the Company excluding the statement
of particulars of employees as prescribed under Rule 5(2)

of the Rules. The said information is available for inspection
through electronic mode. Any Member interested in

obtaining a copy of the said statement may write to the
Company Secretary and the same will be furnished upon
such request.

Prevention of Sexual Harassment at Workplace

The Company has zero tolerance for sexual harassment at
workplace and has adopted a Policy on Prevention, Prohibition
and Redressal of Sexual Harassment at Workplace in line

with the provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013
and the Rules thereunder for prevention and redressal of

complaints of sexual harassment at workplace.

Your Company is an equal opportunity employer and believes

in providing opportunity and key positions to women
professional. During the year under review, there were no
cases hied pursuant to the Sexual Harassment.

D. INVESTOR RELATIONS

Your Company prioritises transparent communication and
active engagement with its investor community. Ecoreco

maintains a dynamic Investor Relations (IR) function that
engages both domestic and international shareholders,
actively seeking their insights and feedback. The IR team
is committed not only to meeting but exceeding industry
best practices, effectively communicating the Company's
unique investment proposition and long-term value creation
potential to the capital markets. This ensures that Ecoreco's
shares are fairly valued and well understood.

Shareholders Engagement: Our investor relations team
connects with shareholders via diverse channels such as
personal meetings, conferences and investor and analyst
gatherings, conveying the Company's strategic vision,
potential risk and opportunities as well as new microeconomic
and company specific developments. Our engagement
initiatives span quarterly earnings discussions, Investors/
Analyst meetings, site tour of principal operations, individual
and group meetings. These interactions are graced by the
Chairman & Managing Director of the Company, earning
high regard from the shareholders and analysts alike.

Shareholders Communication: Shareholders are
encouraged to reach out to us anytime via the contact
details provided on our website for any queries, concerns,
inquiries, or feedback for the Company. This continuous

dialogue empowers our Board and senior management to
deeply understand shareholder perspectives and address
their concern effectively.

E. RISK MANAGEMENT

The businesses are exposed to a variety of risks, which are
inherent to Company's operations. Your Company has a
well-defined risk management framework in place. The risk
management framework works at various levels across the
enterprise. These levels form the strategic defense cover of
the Company's risk management. The Company has a robust
organizational structure for managing and reporting on
risks.

The Audit Committee aids the Board in the risk management
process by identification and assessment of any changes

in risk exposure, review of risk control measures and by
approval of remedial actions, where appropriate.

Internal Financial Controls and their adequacy

Your Board has devised systems, policies, and procedures/
frameworks, which are currently operational within the
Company for ensuring the orderly and efficient conduct of its
business, which includes adherence to policies, safeguarding

its assets, prevention and detection of frauds and errors,
accuracy and completeness of the accounting records and
timely preparation of reliable financial information.

In line with best practices, the Audit & Risk Management
Committee and the Board reviews these internal control
systems to ensure they remain effective and are achieving
their intended purpose. Where weaknesses, if any, are
identified as a result of the reviews, new procedures are put
in place to strengthen controls. These controls are in turn
reviewed at regular intervals.

Vigil Mechanism

The Company has in place a robust vigil mechanism for
reporting genuine concerns through the Company's Whistle¬
Blower Policy. The Whistle-Blower Policy of your Company is
available on the Company's website and can be accessed at
www.ecoreco.com.

It enables the Directors, employees and all stakeholders of
the Company to report genuine concerns (about unethical
behavior, actual or suspected fraud, or violation of the Code)
and provides for adequate safeguards against victimization
of persons who use such mechanism and makes provision
for direct access to the Chairman of the Audit Committee.

Management Discussion and Analysis

The Management Discussion and Analysis Report for the
year under review, as specified under Regulation 34 read
with Schedule V of Listing Regulations is presented in a
separate section, forming part of this Annual Report.

F. CORPORATE GOVERNANCE

Report on Corporate Governance

The essence of Corporate Governance is about maintaining
the right balance between economic, social, individual
and community goals. Your Company is committed in

maintaining the highest standards of corporate governance
in the management of its affairs and ensuring its activities
reflect the culture we wish to nurture with our stakeholders.

As a Company with a strong sense of values and commitment,
we believe that profitability must go hand in hand with a
sense of responsibility towards all stakeholders. We believe
Corporate Governance is notjust a destination, but ajourney to

constantly improve sustainable value creation. Our disclosures
seek to attain the best practices in international corporate
governance, and we constantly endeavor to enhance long¬
term shareholder value. Our Corporate Governance Report
for FY 2024-25 forms part of this Annual Report.

Directors and Key Managerial Personnel

The Board of Directors is the apex body constituted
by shareholders for overseeing the Company's overall
functioning. The Board provides strategic direction and
leadership and oversees the management policies and their
effectiveness looking at long-term interests of shareholders
and other stakeholders.

Directors

Appointments

Pursuant to the recommendation of the NRC, the Board

approved the below appointments during the period:

• Dr. Yeshwant Babarao Sontakke (DIN 1 1220800) was
appointed as a Non-Executive Independent Director for
a term of 5 years effective from May 16, 2025 to May 15,
2030 (both days inclusive).

• Dr. Sandip Chatterjee (DIN 11203039) as a Non-Executive

Independent Director for a term of 5 years effective
from July 19, 2025 to July 18, 2030 (both days inclusive).

• Mr. Brijkishor Soni (DIN 01274250) was re-appointed as

the Managing Director for a term of five years effective
from September 1, 2025 to August 31, 2030 (both days

inclusive).

The above appointments forms part of the Notice of the
forthcoming AGM, and the Resolutions are recommended

for shareholers approval.

Details of re-appointment as required under Listing
Regulations, are provided in the AGM Notice.

Cessation

Mr. Dattatarya Devale (DIN 07186290) ceased to be the
Independent Director of the Company due to completion
of his second tenure as an Independent Director of the
Company w.e.f. July 16, 2025.

Mr. Srikrishna Bhamidipati (DIN 02083384) ceased to be an
Independent Director of the Company due to his sudden

demise on July 1, 2025.

Dr. Yeshwant Baabrao Sontakke (DIN 1 1220800) ceased to
be an Independent Director of the Company with effect

from July 19, 2025.

Key Managerial Personnel Appointment/ Cessations

Prsuant to the recommendation of the NRC and approval
of Board, Mr. Nihal Kare was appointed as the Company
Secretary and Compliance Officer and was designated as
Key Managerial Personnel with effect from May 30, 2025.

Ms. Maneesha Jena tendered her resignation from the
position of Company Secretary & KMP of the Company from
the close of business hours on March 1,2025.

Director Retire by Rotation

In accordance with the provisions of the Act and the
Articles of Association of the Company Mr. Brijkishor Soni
(DIN 01274250) Managing Director of the Company, is

liable to retire by rotation at the ensuing AGM, and being
eligible, offers himself for re-appointment. Based on the

performance evaluation and recommendation of the NRC,
Board recommends his re-appointment.

As per the terms of his appointment as approved by the
members, his re-appointment at the ensuing AGM as a
director retiring by rotation would not constitute break in
his appointment as a Managing Director.

Details of re-appointment as required under Listing
Regulations, are provided in the AGM Notice.

Board and Committee

The Board is supported by the activities of each of the Board
Committees which ensure the right level of attention and
consideration are given to specific matters. Accordingly,

the Committees focus on specific areas and take informed
decisions within the framework designed by the Board and
make specific recommendations to the Board on matters in
their areas or purview. Each of the Committees has terms
of reference under which authority is delegated by the
Board. At present, the Company has the following Board
Committees which ensures greater focus on specific aspects
of Corporate Governance and expeditious resolution of
issues of governance as and when they arise.

Statutory Board Committees

a. Audit Committee

b. Nomination & Remuneration Committee

c. Stakeholders' Relationship Committee

d. Corporate Social Responsibility Committee

A detailed update on the Board, its committees, terms and
reference, meeting held during the year 2024-25 and the

attendance of each member is detailed in the Corporate
Governance Report.

Board Effectiveness

Familiarization Program For Board Members

Your Company has a structured program for the Board
members so as to enable them to understand the nature
of the industry Company operates, its management and
its operations. They are also familiarized with Company's
organizational and governance structure, governance
philosophy/principles, code of conduct & key policies,
Board's way of working & procedures, formal information
sharing protocol between the Board and the management,
Directors' roles and responsibilities and disclosure
obligations.

The details of familiarization program and process followed
are provided in the Corporate Governance Report forming
part of this Annual Report and can also be accessed on the
website of the Company at www.ecoreco.com.

Annual Board Evaluation

The Board of your Company is highly committed to ensure

transparency in assessing the performance of Directors.
Pursuant to the provisions of the Act and the Listing
Regulations, the annual evaluation of the performance of
the Board of Directors, its Committees, Chairman, Directors,

and the governance processes that support the Board's work
was conducted. The evaluation parameters and the process
have been explained in the Corporate Governance Report.

Policy on Directors' Appointment and Remuneration

The Nomination and Remuneration Policy adopted by the
Board on the recommendation of NRC enumerates the
criteria for assessment and appointment/re-appointment of
Directors, KMP and SMP on the basis of their qualifications,
knowledge, skill, industrial orientation, independence,
professional and functional expertise among other
parameters.

With your Company continuing to comply with the Policy in
true letter and spirit, the complete Policy is reproduced in
full on our website at www.ecoreco.com and a snapshot of
the Policy is elucidated in the Corporate Governance Report.

Observance of the Secretarial Standards

The Directors state that proper systems have been devised

to ensure compliance with the applicable laws. Pursuant to
the provisions of section 118 of the Act, during FY 2024-25,

the Company has adhered with the applicable provisions
of the Secretarial Standards ("SS-1 and SS-2") relating to
'Meetings of the Board of Directors' and 'General Meetings'
issued by the Institute of Company Secretaries of India and
notified by Ministry of Corporate Affairs.

Independent Directors' Statement

The Company has received declarations from all the
Independent Directors confirming that they continue to
meet the criteria of independence as prescribed under the
Act and Listing Regulations and comply with the Code for
Independent Directors as specified under Schedule IV of the
Act.

The Directors have also 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.

In terms of Section 150 of the Act read with Rule 6(1) and

6(2) of the Companies (Appointment and Qualification
of Directors) Rules, 2014, Independent Directors of the
Company have confirmed that they have registered

themselves with the databank maintained by the Indian
Institute of Corporate Affairs.

Annual Return

In terms of provisions of section 92(3), 134(3)(a) of the Act

read with Rule 12 of the Companies (Management and
Administration) Rules, 2014, the Annual Return in Form
MGT-7 for the FY 2024-25 is placed on the website of the

Company and can be accessed at www.ecoreco.com.

G AUDIT REPORT AND AUDITORS

Audit Reports:

The Statutory Auditors have issued unmodified opinion on

the financial statements of the Company for the year ended
March 31, 2025.

• The Statutory Auditors' Report for FY 2024-25 does
not contain any qualification, reservation or adverse

remarks which calls for any explanation from the Board
of Directors. The Auditors' report is enclosed with the
financial statements in the annual report.

• The Secretarial Auditors' Report for FY 2024-25 does not
contain any qualification, reservation or adverse remark.
The Report in Form MR-3 is enclosed as Annexure II to
the Directors' Report.

Auditors' Certificates:

• As per the Listing Regulations, the auditors' certificate

on corporate governance is enclosed as an Annexure
to the Corporate Governance Report forming part of
the Annual Report. The Certificate does not contain
any other qualification, reservation, or adverse remark

except as mentioned in the report.

• A certificate from Company Secretary in Practice
certifying that none of the directors on the Board of the
Company have been debarred or disqualified from being
appointed or continuing as directors of companies by the
SEBI/Ministry of Corporate Affairs or any such statutory
authority forms part of the Corporate Governance
Report.

Auditors:

Statutory Auditors

• M/s DMKH & Co., Chartered Accountants (ICAI

Registration No.: 1 16886W), were appointed as the
Statutory Auditors of the Company in the 30th AGM of
the Company to hold office for a period of five (5) years
till the conclusion of 35th AGM.

• M/s RMR & Co., Chartered Accountants (ICAI Registration
No.: 106467W) tendered their resignation due to their
pre-occupancy with effect from August 12, 2024.

• The Auditors have confirmed that they are not
disqualified from being re-appointed as Statutory
Auditors of the Company.

• The report of the Statutory Auditors along with notes

to financial statements is enclosed to this Report.
The Notes on financial statements referred to in the
Auditors' Report are self-explanatory and do not call for
any further comments.

• The auditors have also furnished a declaration confirming
their independence as well as their arm's length
relationship with the Company. The Audit Committee
reviews the independence and objectivity of the auditors

and the effectiveness of the audit process.

• The Statutory Auditors were present at the last AGM of

the Company.

Secretarial Auditors

• CS Neha Poddar, Practicing Company Secretary had been
appointed by the Board to conduct the secretarial audit
of the Company for FY 2024-25.

• The Company had received a certificate confirming the
eligibility and consent to act as the Auditor.

• The Secretarial Audit Report for FY 2024-25 forms part of

this report and confirms that the Company has complied
with the provisions of the Act, Rules, Regulations and
Guidelines and that there were no deviations or non¬
compliances.

• Pursuant to SEBI circular no. CIR/CFD/CMO1/27/2019
dated February 8, 2019, the Company has also undertaken
an audit for all applicable compliances as per the Listing
Regulations and circular guidelines issued thereunder.
The Annual Secretarial Compliance Report for FY 2024¬
25 has also been submitted to the Stock Exchanges.

• The Secretarial Auditors were also present at the last
AGM of the Company.

Internal Auditors

• M/s L J Kothari & Co, Chartered Accountants, had been
appointed as the Internal Auditors of the Company for
FY 2024-25 to conduct the internal Audit on the basis of

detailed Internal Audit Plan.

• The Company has an in-house team to manage the
Group's internal audit activity and that functionally
reports to the Audit Committee.

Reporting of Fraud by Auditors

During the reporting year, under Section 143(12) of Act,
none of the Auditors of the Company have reported to the

Audit Committee of the Board any instances of fraud by the
Company or material fraud on the Company by its officers
or employees.

H OTHER MATERIAL DISCLOSURES

Qualified Institutional Placement

During the year under review, the Company obtained

approval from its shareholders through a special resolution
passed on January 22, 2025 through Postal Ballot to raise
funds through a Qualified Institutional Placement (QIP) in

accordance with applicable laws and regulations.

The QIP process is currently ongoing, and as of the date of

this report, no funds have been raised. The Company will
proceed with the issuance at an appropriate time, depending
on market conditions and business requirements.

This initiative reflects the Company's proactive approach to
strengthening its financial position and supporting future
strategic growth initiatives.

Share Capital

Authorised Share Capital

As on March 31, 2025, the authorised share capital of the
Company was Rs. 30,00,00,000/- comprising of 3,00,00,000

Equity Shares of Rs. 10/- each.

Paid-up Share Capital

As on March 31, 2025, the paid-up share capital of the
Company was Rs. 19,29,67,500/- comprising of 1,92,96,750

Equity Shares of Rs. 10/- each.

There was no change in the capital structure of the Company
during the period under review.

Transfer to Reserves

The Company proposes Nil transfer to General Reserves out

of its total profit of Rs. 23 Crore for the financial year.

Dividend

In line with the principles of financial prudence and capital
conservation, the Board has decided not to recommend
any dividend for the financial year 2024-25. The Company
remains focused on strengthening its operational and
financial position in the forthcoming period.

Holding Company

Ecoreco Ventures Private Limited, continues to be the Holding
Company pursuant to Section 2(87) of the Companies Act,

2013 and is, inter alia, engaged in the business of developing
real estate and properties. The shareholding of Ecoreco
Ventures Private Limited in Eco Recycling Ltd as on March
31, 2025 was 52.19% [i.e., 1,00,70,814 (One Crore Seventy
Thousand Eight Hundred Fourteen only) Equity Shares of
Face Value of Rs. 10/- (Rupees Ten Only) each] of the Paid-
up Equity Shares Capital of your Company and there was no
change in this position during the Financial Year 2024-25.

Subsidiaries

As on March 31, 2024, the Company has 2 (Two) Subsidiaries
viz;

• Ecoreco Enviro Education Private Limited

(a wholly owned subsidiary of the Company).

• Ecoreco Park Private Limited

(a subsidiary w.e.f. January 12, 2023).

During the year under review, ELV Recycling Private Limited
ceased to be the Associate of the Company.

Related Party Transactions

Your Company has in place a policy on materiality of
related party transactions and on dealing with related party
transactions ('RPT Policy') in line with the provisions of the

Act and Listing regulations. The Policy may be accessed at
www.ecoreco.com.

The Policy sets out the philosophy and processes to be
followed for approval and review of transactions with

Related Party and intends to ensure that proper reporting,
approval and disclosure processes are in place for all the
transactions with Related Parties.

All related party transactions entered during the year were
in ordinary course of the business and at arm's length basis
and were in compliance with the provisions of the Act and
Listing Regulations.

The Company has not entered into Material Related
Party Transactions as per the provisions of the Act and
a confirmation to this effect is annexed in Form AOC-2 as
Annexure II, which forms part of this Annual Report.

Particulars of Loans, Guarantee or Investments

Particulars of loans given, investments made, guarantees
given and securities provided along with the purpose for
which the loan or guarantee or security is proposed to be
utilized by the recipient, are provided in the Standalone
Financial Statement. (Please refer to Notes to the Standalone
Financial Statements forming part of this Annual Report).

Public Deposit

The Company has not accepted any deposits falling under
the ambit of section 73 of the Act and the Rules framed
thereunder during the year review.

Material changes affecting the Financial Position of the
Company

No material changes and commitments have occurred
between the end of the financial year to which the financial
statements relate and the date of this Report which may
affect the financial position of the Company.

Change in nature of Business of Company

There is no change in the nature of business of the Company
during the year under review.

Failure to Implement any Corporate Action

There were no instances where the Company failed to
implement any corporate action within the specified time
limit.

I GENERAL DISCLOSURES

(a) There was no issue of equity shares with differential
rights as to dividend, voting or otherwise.

(b) There was no issue of shares to employees of the

Company under any Scheme.

(c) There was no significant or material order passed by the
Regulators or Courts or T ribunals which impact the going

concern status and the Company's operation in future.

(d) There are no pending legal proceedings against the
Company under Insolvency and Bankruptcy Code, 2016.

(e) There were no instances of one-time settlement with
any bank or financial institution during FY 2024-25.

(f) There was no revision of financial statements and Board's
Report of the Company during the year under review.

J DIRECTORS' RESPONSIBILITY STATEMENT

As stipulated in section 134 of the Act, the Directors subscribe
to the "Directors' Responsibility Statement" and to the best of

their knowledge and ability, hereby confirm that:

(a) In the preparation of the annual accounts, the applicable
accounting standards have been followed and there are
no material departures from the same;

(b) They have 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 at the end
of the financial year, i.e., March 31, 2024 and of the profit
and loss of the Company for that period;

(c) They have taken proper and sufficient care for
the maintenance of adequate accounting records
in accordance with the provisions of the Act for
safeguarding the Company's assets and for preventing

and detecting fraud and other irregularities;

(d) The annual accounts have been prepared on a going
concern basis;

(e) They have laid down internal financial controls to be
followed by the Company and that such internal financial
controls are adequate and are operating effectively; and

(f) Proper systems have been devised to ensure compliance

with the provisions of all applicable laws and that such
systems were adequate and operating effectively.

K AWARDS AND RECOGNITION

The Company continues to be recognised for its commitment
_ to excellence, sustainability, and responsible business

practices. These recognitions serve as a testament to our

ongoing efforts in delivering value to our stakeholders and
driving industry standards.

During the year under review, the Company was honoured with
the 2024 HURUN Industry Achievement Award - Champion

of Sustainable E-waste Management. This prestigious
award, instituted by HURUN under its initiative "Promoting

Entrepreneurship Through Quality Lists and Research," recognises
the Company's continued commitment to sustainability and
leadership in the e-waste management sector.

The award was conferred upon the Chairman & Managing
Director, Shri B K Soni, in recognition of his pioneering
contribution to establishing and promoting organised
e-waste recycling in India.

The Board places on record its appreciation for this

recognition and reaffirms its commitment to advancing
sustainable and responsible business practices.

L ACKNOWLEDGMENT AND APPRECIATION

The Company's ability to operate efficiently and deliver
sustained performance is driven by a strong culture of
professionalism, integrity, innovation, and continuous
improvement across all functions. This, combined with the

effective utilisation of resources, has contributed to the
Company's sustainable and profitable growth.

The Board of Directors places on record its sincere
appreciation for the dedication, commitment, and

contribution of every employee. Their efforts have been
instrumental in achieving the Company's performance and
upholding its core values.

The Directors also wish to thank all stakeholders, including
shareholders, customers, business partners, suppliers,

regulatory authorities, and financial institutions, for their
continued support and trust in the Company.

The Board looks to the future with optimism and confidence,
as Ecoreco continues on its path of responsible growth and
value creation.

For and on behalf of the Board of Directors of
Eco Recycling Limited

B K Soni

Chairman & Managing Director

DIN 01274250
Mumbai, August 26, 2025