The Board of Directors present the Company's Thirty-eighth Annual Report and the Company's audited financial statements for the financial
year ended March 31, 2026.

Financial Results

The Company's financial performance (standalone and consolidated) for the year ended March 31, 2026 is summarised below:

Dividend

The Board of Directors have recommended a dividend of
? 3.50 (Three rupees and fifty paise) per equity share of ? 10/-
(Ten rupees only) each fully paid-up of the Company for the
financial year ended March 31, 2026 (last year ? 3.50 per equity
share of ? 10/- each fully paid-up). Dividend payment is subject to
approval of Members at the ensuing Annual General Meeting and
shall be subject to deduction of income tax at source.

The dividend recommended is in accordance with the Company's
Dividend Distribution Policy. The Policy is available on the
Company's website and can be accessed at: http://www.riil.in/pdf/
dividend-distribution-policy.pdf

Details of material changes from the end of the financial year

There have been no material changes and commitments affecting
the financial position of the Company between the end of the
financial year and date of this Report.

Change in situation of Registered office of the Company

During the year under review, the situation of Registered office
the Company was changed from NKM International House,
5^th Floor, 178 Backbay Reclamation, Behind LIC Yogakshema
Building, Babubhai Chinai Road, Mumbai - 400 020 to 4^th Floor,
Court House, Lokmanya Tilak Marg, Dhobi Talao, Mumbai - 400 002,
effective November 1,2025.

Management Discussion and Analysis Report

Management Discussion and Analysis Report for the year under
review, as per the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015
("Listing Regulations"), is as under:

Results of Operations and the State of Company's Affairs

During the year, the Company's Net profit was ? 1,033 lakh as
compared to ? 983 lakh in the previous year. Revenue from
transportation services was ? 3,329 lakh as compared to ? 3,317 lakh
in the previous year. Revenue from infrastructure support services
and other operating income was ? 1,213 lakh as compared to
? 1,632 lakh in the previous year, following the completion of
certain fixed-term contracts.

The Company continues to provide infrastructure facilities and
support services which include pipelines for transportation
of petroleum products, natural gas & raw water and other
infrastructure support services mainly to Reliance Industries
Limited.

Resources and Liquidity

The Company's net worth as on March 31, 2026 stood at
? 32,904 lakh, with accumulated reserves and surplus of ? 31,394 lakh.

The Return on net worth increased to 3.2% in FY 2025-26 as against
3.1% in the previous year, primarily due to improved profitability
on account of effective cost rationalisation, specifically through
reduction in other expenses.

Details of significant changes (i.e. change of 25% or more as
compared to the immediately previous financial year) in key
financial ratios along with detailed explanation is given below:

• The current ratio increased to 9.14 in FY 2025-26 as against
4.12 in the previous year due to reclassification of investments
from non current to current on account of maturity falling
within 12 months, along with reduction of current liabilities
during the year.

• The net capital turnover ratio declined to 0.15 in FY 2025-26 as
against 0.27 in the previous year due to a substantial increase
in working capital, mainly from higher current assets, coupled
with a marginal decrease in net sales during the year.

• Return on Capital Employed decreased to (664.1%) in
FY 2025-26 as against 286.8% in the previous year due to
reduced revenue from operations and capital employed.

The Company continues to maintain its conservative financial
profile and funds its requirements through internal accruals.

Industry Structure, Developments, Opportunities and Outlook

The global business environment in FY 2025-26 remained
challenging. Ongoing conflicts in the Middle East and Eastern
Europe continued to disrupt freight corridors and commodity
markets, with no clear resolution in sight.

For India, the external turbulence has had a dual effect. Persistent
supply chain disruptions have prompted a broader rethink of
import dependencies, while also strengthening the case for
domestic infrastructure capacity. The government's continued
prioritization of capital expenditure in roads, ports, pipelines and
logistics has supported the broader momentum of infrastructure
development in the country. India's infrastructure sector has held
up reasonably well, though execution gaps and cost pressures
persist. The structural demand for infrastructure remains intact,
underpinned by India's long-term industrial expansion.

Challenges, Risks and Concerns

The business environment during the last financial year added the
inherent challenges of infrastructure development. Environmental
assessments and sustainability compliance have become
substantive cost items, while the regulatory and reputational
considerations in this area represent material risk factors for the
sector. Availability of skilled labour and volatility in input costs add
further complexity to the overall business environment.

The management team brings relevant experience and operational
depth to navigate the risks inherent in infrastructure development.

Strong governance structures and prudent financial management
remain central to how the Company approaches project delivery
and operational continuity. The management continuously
evaluates evolving risk factors, with governance structures designed
to ensure oversight and accountability across the business.

Human Resource Development

The Company's workforce remains stable and consistent with
the nature of its business model. The Company places emphasis
on maintaining a workforce that is technically capable and
operationally effective, in line with the scale and nature of its
business.

Internal Controls

The Company has robust internal control systems and procedures
commensurate with its nature of business which meets the
following objectives:

• providing assurance regarding the effectiveness and efficiency
of operations;

• efficient use and safeguarding of resources;

• compliance with policies, procedures and applicable laws and
regulations; and

• transactions being accurately recorded and promptly reported.

The Company continues to have periodical internal audits
conducted of all its functions and activities to ensure that systems
and processes are followed across all areas.

The Audit Committee regularly reviews the adequacy of internal
control systems through such audits. The Internal Auditor reports
directly to the Audit Committee.

The Company also has a robust budgetary control system to monitor
expenditure against approved budgets on an ongoing basis.

Internal Financial Controls

Internal Financial Controls are an integral part of the risk
management framework and process that address financial and
financial reporting risks. The key internal financial controls have
been documented, automated wherever possible and embedded
in the business process. The Company has in place adequate
internal financial controls with reference to Financial Statement.

Assurance to the Board on the effectiveness of internal financial
controls is obtained through management reviews and
self-assessment, continuous control monitoring by functional
experts as well as testing of the internal financial control systems
by the Statutory Auditors and Internal Auditors during the course
of their audits.

The Company believes that these systems provide reasonable
assurance that the Company's internal financial controls are
adequate and operating effectively as intended.

The Company has in place a Risk Management Policy
commensurate with its size and operations, providing a
structured framework to identify, assess and mitigate risks across
safety, health and environment, operational, strategic, financial,
regulatory, security, property and reputational domains. The Risk
Management Committee oversees the identification, monitoring
and reporting of risks, and regularly updates the Board of
Directors on mitigation measures.

Given below are significant potential risks to the Company and
measures in place to mitigate them:

Operational Risk: Pipeline operations may be disrupted due to
natural calamities, equipment failures, or unforeseen events. A key
risk is third-party damage to pipelines in high consequence areas.
This is mitigated through regular line patrolling, strict adherence to
applicable standard operating procedures for close monitoring of
third-party activities, if any, and stakeholder awareness programs.
Pipeline integrity is further ensured through periodic inspections
and external audits in compliance with regulatory requirements.

Safety, Health and Environment Risks: Pipeline transportation of
petroleum products and natural gas involves inherent hazards,
including risks of accidents, leakages or external threats, which may
impact life, property and the environment. The Company addresses
these risks through structured inspections, hazard identification,
root cause analysis and implementation of preventive measures.

A comprehensive insurance cover is also in place to mitigate
potential financial exposures arising from such risks.

Consolidated Financial Statement

In accordance with the provisions of the Companies Act, 2013
("the Act") and the Listing Regulations read with Ind AS 110 -
Consolidated Financial Statements and Ind AS 28 - Investments in
Associates and Joint Ventures, the audited Consolidated Financial
Statement forms part of this Annual Report.

Subsidiary, Joint Venture and Associate Company

The Company did not have any subsidiary or joint venture during
the year under review. The Company has one Associate Company,
Reliance Europe Limited.

A statement providing details of performance and salient features
of the financial statement of the Associate Company as per
Section 129(3) of the Act, is provided as Annexure 'A' to the audited
Consolidated Financial Statement and therefore not repeated in
this Report to avoid duplication.

The Audited Financial Statement including the Consolidated
Financial Statement of the Company and all other documents
required to be attached thereto forms part of this Annual Report
and is also available on the Company's website and can be accessed
at: https://www.riil.in/pdf/Annual-Report-2025-26.pdf

The Company has followed the applicable Secretarial Standards,
with respect to Meetings of the Board of Directors (SS-1) and
General Meetings (SS-2) issued by the Institute of Company
Secretaries of India.

Directors' Responsibility Statement

Your Directors state that:

a) in the preparation of the annual accounts for the year

ended March 31, 2026, the applicable accounting

standards read with requirements set out under
Schedule III to the Act have been followed and there are no
material departures from the same;

b) the Directors 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 as at March 31,2026
and of the profit of the Company for the year ended on that
date;

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

d) the Directors have prepared the annual accounts on a going
concern basis;

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

f) the Directors have devised proper systems to ensure
compliance with the provisions of all applicable laws and that
such systems are adequate and operating effectively.

Business Responsibility and Sustainability Report

In accordance with the Listing Regulations, the Business
Responsibility and Sustainability Report describing the initiatives
taken by the Company from an environmental, social and
governance perspective is available on the Company's website
and can be accessed at: https://www.riil.in/pdf/riil-business-
responsibility-and-sustainability-report-2025-26.pdf

Contracts or Arrangements with Related Parties

All contracts / arrangements / transactions entered by the Company
during the year with related parties were in the ordinary course
of business and on arms' length basis and do not have potential
conflict with interest of the Company at large.

Details of the contracts / arrangements / transactions with related
parties which are required to be reported in Form No. AOC-2 in
terms of Section 134(3)(h) read with Section 188 of the Act and
Rule 8(2) of the Companies (Accounts) Rules, 2014 are annexed
herewith and marked as Annexure Ito this Report.

The Policy on Materiality of Related Party Transactions and on
dealing with Related Party Transactions as approved by the Board
is available on the Company's website and can be accessed at:
https://www.riil.in/pdf/riil-policy-on-materiality.pdf

Members may refer to Note 24 to the Standalone Financial
Statement which sets out related party disclosures pursuant to
Ind AS.

Corporate Social Responsibility

During the year under review, the Board of Directors, on the
recommendation of the Corporate Social Responsibility ("CSR")
Committee, approved certain amendments to the Company's CSR
Policy to align it with applicable provisions of the law. The revised
Policy is available on the Company's website and can be accessed
at http://www.riil.in/pdf/csr_policy.pdf.

The CSR policy sets out the guiding principles for the CSR
Committee, inter-alia, in relation to the activities to be undertaken
by the Company, as per Schedule VII to the Act, CSR Governance
and implementation, Composition of Committee and monitoring
of CSR activities.

The key philosophy of the CSR initiative of the Company is to
promote development through social and economic
transformation.

The Company has, inter-alia, identified following areas in which it
may engage for its CSR activities:

• Addressing identified needs of the underprivileged through
initiatives directed towards promoting health, including
preventive health care;

• Environmental sustainability and ecological balance; and

• Any other activity falling within the scope of Schedule VII to
the Act.

During the year under review, the Company has spent ? 30 lakh
(2.39% of the average net profits of the immediately preceding
three financial years) towards identified and approved CSR
initiatives covered under Schedule VII to the Act, through
implementing Agency.

The Annual Report on CSR activities is annexed herewith and
marked as Annexure IIto this Report.

Directors and Key Managerial Personnel

In accordance with the provisions of the Act and the Articles of
Association of the Company, Shri Sanjiv Singh (DIN: 05280701),
Director of the Company, retires by rotation at the ensuing Annual
General Meeting. The Board of Directors of the Company, based
on the recommendation of the Nomination and Remuneration
Committee ("NRC"), has recommended his appointment.

The Company has received declarations from all the independent
directors of the Company confirming that:

i. they meet the criteria of independence prescribed under the
Act and the Listing Regulations; and

ii. they have registered their names in the independent directors'
databank.

The Company has, inter-alia, following policies viz.:

a) Policy for Appointment of Directors and determining Directors'
independence; and

b) Remuneration Policy for Directors, Key Managerial Personnel
and other employees.

The Policy for Appointment of Directors and determining Directors'
independence sets out the guiding principles for the NRC for
identifying persons who are qualified to become Directors and to
determine the independence of Directors, while considering their
appointment as independent directors of the Company. The Policy
also provides for the factors in evaluating the suitability of Individual
Board members with diverse background and experience that are
relevant for the Company's operations. The said policy is available
on the Company's website and can be accessed at: https://www.riil.
in/pdf/policy-for-selection-of-directors.pdf

The Remuneration Policy for Directors, Key Managerial Personnel
and other employees sets out the guiding principles for the NRC
for recommending to the Board, the remuneration of the Directors,
Key Managerial Personnel and other employees of the Company.
The said policy is available on the Company's website and can
be accessed at: https://www.riil.in/pdf/remuneration-policy-for-
directors-key-managerial-other-empl.pdf

There has been no change in the above two policies, during the
year under review.

Performance Evaluation

The Company has a policy for performance evaluation of the Board,
Committees and other Individual Directors (including independent
directors) which includes criteria for performance evaluation of
Non-executive Directors and Executive Directors.

In accordance with the manner of evaluation specified by the NRC,
the Board carried out annual performance evaluation of the Board,
its Committees and Individual Directors. The independent directors
carried out annual performance evaluation of the Chairman,
the non-independent directors and the Board as a whole. The
Chairperson of the respective Committees shared the report
on evaluation with the respective Committee members. The
performance of each Committee was evaluated by the Board, based
on the report of evaluation received from respective Committees.

Auditors and Auditors' Report

(i) Statutory Auditor

Chaturvedi & Shah LLP (Registration No.: 101720W/W100355),
Chartered Accountants, were appointed as the Auditor of the
Company, for a term of 5 (five) consecutive years, at the Annual
General Meeting held on September 28, 2022. The Auditor
have confirmed that they are not disqualified from continuing
as the Auditor of the Company.

The Auditor's Report does not contain any qualification,
reservation, adverse remark or disclaimer. The Notes to
Financial Statements referred to in the Auditor's Report are
self-explanatory and do not call for any further comments.

(ii) Cost Auditor

In accordance with the provisions of Section 148(1) of the
Act, read with the Companies (Cost Records and Audit) Rules,
2014, the Company has maintained cost records in its books
of account for the financial year 2025-26 in respect of its
services of transportation of petroleum products. However, in
terms of the said Rules, the requirement of cost audit was not
applicable to the Company for the financial year 2025-26 as
the turnover of the Company from these services was below
the threshold limit prescribed in the said Rules for cost audit.

(iii) Secretarial Auditor

In accordance with the provisions of Section 204 of the Act
read with Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 and Regulation 24A of the
Listing Regulations, BNP & Associates, Practicing Company
Secretaries (Firm Registration No. P2014MH037400), were
appointed as the Secretarial Auditor of the Company for a
term of 5 (five) consecutive financial years, commencing
from the financial year 2025-26 to the financial year 2029-30
to conduct Secretarial Audit of the Company, at the Annual
General Meeting held on June 26, 2025. They have confirmed
their eligibility and qualification required under the Act and
the Listing Regulations for holding office, as the Secretarial
Auditor of the Company.

The Secretarial Audit Report for the financial year 2025-26 is
annexed herewith and marked as Annexure IIIto this Report.
The Secretarial Audit Report does not contain any qualification,
reservation, adverse remark or disclaimer.

Disclosures

Meetings of the Board

Four meetings of the Board of Directors were held during the year.
The particulars of meetings held and attendance of each Director
are detailed in the Corporate Governance Report forming part of
this Annual Report.

Committees

The composition of the Committees as on March 31, 2026 is as
under:

Audit Committee

The Audit Committee comprises Smt. Riddhi Bhimani (Chairperson),
Shri Achuthan Siddharth and Shri Rahul Dutt.

During the year under review, all the recommendations made by
the Audit Committee were accepted by the Board.

Corporate Social Responsibility Committee

The Corporate Social Responsibility Committee comprises
Shri Sanjiv Singh (Chairman), Shri Achuthan Siddharth and
Smt. Riddhi Bhimani.

Nomination and Remuneration Committee

The Nomination and Remuneration Committee comprises
Shri Achuthan Siddharth (Chairman), Smt. Riddhi Bhimani and
Shri Rahul Dutt.

Stakeholders Relationship Committee

The Stakeholders Relationship Committee comprises Shri Mahesh K.
Kamdar (Chairman), Shri Sanjiv Singh, Shri Achuthan Siddharth and
Shri Rahul Dutt.

Risk Management Committee

The Risk Management Committee comprises Shri Sanjiv Singh
(Chairman), Shri Vipin Chandra Sati, Shri Achuthan Siddharth,
Smt. Riddhi Bhimani, Shri Praveen Baser and Shri Umesh D. Giriyan.

Vigil Mechanism and Whistle-Blower Policy

The Company has in place a robust Vigil Mechanism and Whistle¬
Blower Policy in line with provisions of the Act and the Listing
Regulations. The Ethics & Compliance Task Force ("ECTF")
comprising an Executive Director as the Chairman and senior
executives as members, oversees and monitors the implementation
of ethical business practices in the Company. The ECTF is required
to review complaints and incidents on a quarterly basis and report
them to the Audit Committee.

Employees and stakeholders are expected to report actual or
suspected violations of applicable laws and regulations and the
Code of Conduct. Such genuine concerns (termed Reportable
Matter) disclosed under the Policy are treated as "Protected
Disclosures” and may be raised through e-mail or by letter to the
ECTF or to the Chairperson of the Audit Committee.

The Vigil Mechanism and Whistle-Blower Policy is available on the
Company's website and can be accessed at: https://www.riil.in/pdf/
whistle-blower-policy.pdf

During the year under review, no Protected Disclosure concerning
any reportable matter in accordance with the Vigil Mechanism
and Whistle-Blower Policy of the Company was received by the
Company.

Particulars of loans given, investments made, guarantees given
and securities provided

The Company has not given any loan or guarantee or provided any
security during the year under review. Particulars of investments
made are provided in the Standalone Financial Statement.
Members may refer to Note 2, 6 and 29 to the Standalone Financial
Statement.

Conservation of Energy, Technology Absorption and Foreign
Exchange Earnings & Outgo

The particulars relating to conservation of energy, technology
absorption and foreign exchange earnings & outgo, as required to
be disclosed under the Act are as under:

A. Conservation of Energy

As an infrastructural facilities and support services provider,

the operations of the Company are performed in an energy

efficient manner.

(i) Steps taken to conserve energy

Old battery banks at Cathodic Protection stations
CP-3, 4, 5 and CP-6 were replaced with an energy-
efficient and maintenance-friendly power storage
system, contributing to improved energy conservation
and system reliability. The new setup featured advanced
charging technology, reduced power losses and longer
battery life aligning with sustainable operation goals.

(ii) Steps taken for utilising alternate sources of energy
and capital investment on energy conservation
equipment

During the year under review, the Company did not
undertake any capital investment related to alternate
energy sources or energy conservation equipment.

B. Technology absorption

(i) Major efforts made towards technology absorption

a) At CP-5, the 48V DC and 24V DC charger panel
system was successfully upgraded as part of
our obsolescence management and technology
upgradation initiative. This enhancement was
essential to ensure reliable and uninterrupted
48V DC and 24V DC power supply required for the
efficient operation of sectionalising MOV actuators
and CP system respectively.

b) At CP-5, the Supervisory Control and Data Acquisition
("SCADA") interface panel was also upgraded as
part of the obsolescence management initiative. The
SCADA interface modules, which are used to connect
with the Remote Terminal Unit ("RTU") for real-time
monitoring of CP parameters in the SCADA system,
were modernized to address aging and outdated
components.

(ii) The benefits derived like product improvement,
cost reduction, product development or import
substitution

a) The upgrade of 48V DC and 24V DC charger panel
system addresses previous limitations due to
aging components and improves overall system

reliability, performance and maintainability. It also
aligns with current technological standards, thereby
strengthening operational continuity and reducing
the risk of power-related disruptions.

b) The upgradation of SCADA interface panel at
CP-5 ensures improved reliability, seamless
communication and accurate real-time data
acquisition, thereby enhancing overall system
performance and operational efficiency.

(iii) Information regarding imported technology
(Imported during the last three years)

The Company has not imported any major technology
during the last three years.

(iv) Expenditure incurred on research and development

The Company has not incurred expenditure on research
and development.

C. Foreign Exchange Earnings and Outgo

Foreign Exchange earned in terms of Actual Inflows - Nil

Foreign Exchange outgo in terms of Actual Outflows -
USD 28,652.91

Corporate Governance

The Company is committed to maintain the highest standards of
Corporate Governance and has also implemented several best
governance practices. The Corporate Governance Report as per
the Listing Regulations forms part of this Annual Report. Certificate
from the Statutory Auditor of the Company confirming compliance
with the conditions of Corporate Governance is attached to the
Corporate Governance Report.

Disclosure pursuant to para (IV) of third proviso to Section II,
Part II of Schedule V to the Act relating to remuneration of
Shri Vipin Chandra Sati, Executive Director of the Company is
covered in the Corporate Governance Report. For details, please
refer to the Corporate Governance Report forming part of this
Annual Report.

Annual Return

The Annual Return of the Company as on March 31,2026 is available
on the Company's website and can be accessed at: https://www.riil.
in/pdf/mgt-7-2025-26.pdf

Particulars of Employees and related disclosures

In terms of the provisions of Section 197(12) of the Act read
with Rules 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, a statement
showing the names of top ten employees in terms of remuneration
drawn and the names and other particulars of the employees
drawing remuneration in excess of the limits set out in the said
Rules forms part of this Report.

Disclosures relating to remuneration and other details as
required under Section 197(12) of the Act read with Rule 5(1) of
the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 forms part of this Report.

Having regard to the provisions of the second proviso to
Section 136(1) of the Act and as advised, the Annual Report
excluding the aforesaid information is being sent to the Members
of the Company. Any Member interested in obtaining such
information may address their e-mail to investor_relations@riil.in.

Prevention of sexual harassment at workplace

In accordance with the requirements of the Sexual Harassment
of Women at Workplace (Prevention, Prohibition & Redressal) Act,
2013 ("POSH Act") and Rules made thereunder, the Company
has in place a policy which mandates no tolerance against any
conduct amounting to sexual harassment of women at workplace.
The Company has an Internal Complaints Committee to redress
and resolve any complaints arising under the POSH Act. Training /
Awareness programs are conducted to create sensitivity towards
ensuring respectable workplace.

During the year under review:

a) Number of complaints of sexual harassment received: Nil

b) Number of complaints disposed off: Nil

c) Number of cases pending for more than ninety days: Nil

The Code on Social Security, 2020 - Maternity benefit

The Company is in compliance with the applicable provisions
relating to maternity benefits as prescribed under the Maternity
Benefit Act, 1961 / the Code on Social Security, 2020.

General

Your Directors state that no disclosure or reporting is required in
respect of the following matters as there were no transactions on
these matters during the year under review:

1. Details relating to deposits covered under Chapter V of the Act.

2. I ssue of equity shares with differential rights as to dividend,
voting or otherwise.

3. Issue of shares (including sweat equity shares and ESOS) to the
employees of the Company under any scheme.

4. The Company has no holding company or subsidiary company,
hence the provisions of Section 197(14) of the Act relating to
receipt of remuneration or commission by the Whole-time
Director from holding company or subsidiary company of the
Company are not applicable to the Company.

5. No significant or material orders were passed by the Regulators
or Courts or Tribunals, which impact the going concern status
and Company's operations in future.

6. No fraud has been reported by the Auditors to the Audit
Committee or the Board of Directors of the Company.

7. No change in the nature of business of the Company.

8. No proceeding pending under the Insolvency and Bankruptcy
Code, 2016.

9. No instance of one-time settlement with any Bank or Financial
Institution.

Acknowledgement

The Board of Directors wish to place on record its deep sense of
appreciation for the committed services by all the employees of the
Company. The Board of Directors would also like to express their
sincere appreciation for the assistance and co-operation received
from the government and regulatory authorities, stock exchanges,
depositories, banks, customers, vendors and members during the
year under review.

For and on behalf of the Board of Directors

Mahesh K. Kamdar

Chairman

Mumbai, April 15, 2026