Your directors are pleased to present the 17th Annual Report (the "Report") on the affairs of the Company together
with the audited financial statements of Gopal Snacks Limited ("Gopal Snacks", "Gopal" or "Company") for the
financial year ended on March 31, 2026.

1. FINANCIAL PERFORMANCE & STATE OF COMPANY AFFAIRS:

The financial performance of the Company for the financial year 2025-26 and 2024-25 are summarized below:

2. BUSINESS PERFORMANCE & STATE OF
COMPANY AFFAIRS:

Financial Overview

During the financial year ended March 31, 2026,
your Company recorded revenue from operations
of '' 15,082.26 million as against '' 14,680.15 million
in the previous financial year, registering a growth
of approximately 2.74%. This performance was
underpinned by a favourable sales mix, sustained
operational efficiencies and the strategic expansion
of the Company''s large-pack portfolio in response
to evolving in-home consumption patterns.

Total income for the financial year under review
stood at '' 15,126.71 million as compared to
'' 14,736.05 million in the previous financial year, an

increase of approximately 2.65%. The Net Profit
after Tax for the financial year 2025-26 stood at
'' 742.54 million as against '' 195.25 million in the
previous financial year, registering a growth of
approximately 280.30%.

Own Brands Performance

The Company''s own brands remained the mainstay
of its business during the year under review. Efforts
through the year were directed at consolidating the
existing portfolio, maintaining consistent product
quality and keeping the offerings aligned with
regional taste preferences across its markets. A few
new products and pack variants were introduced
during the year in the ordinary course of business,
which received an encouraging response from
consumers and trade channels alike.

As on the end of financial year 2025-26, the
Company offers a diverse product range comprising
98 distinct products and 347 SKUs. The Company
presently operates four manufacturing facilities
and three ancillary units across the country, and
continues to invest in strengthening its distribution,
visibility, and trade engagement to support the
growth of its owned brands portfolio.

Market Reach and Penetration

During the financial year under review, the Company
continued to strengthen its market presence
through a well-integrated marketing and distribution
strategy. The distributor network was significantly
expanded, enhancing last-mile connectivity and
deepening penetration in both urban and semi¬
urban markets. As of the close of the reporting
period, the Company enjoys a robust footprint
spanning more than 13 states in India, supported by
a growing network of channel partners and an agile
supply chain. Export operations continued during
the year, and the Company''s proprietary retail
outlets remained an additional touchpoint for direct
consumer engagement.

On the marketing front, the Company undertook
advertising and promotional activities across digital
and traditional media during the year, targeting
diverse demographic segments. These initiatives
collectively contributed to strengthening brand
recall, enhancing consumer engagement, and
driving sustained growth in sales volumes across
key markets.

3. TRANSFER TO RESERVES:

During the financial year 2025-26, the Company
has not transferred any amount to General Reserves
and the Board of Directors have decided to retain

the entire profit of '' 736.53 million in the Statement
of Profit and Loss.

4. REPORT ON PERFORMANCE OF
SUBSIDIARIES, ASSOCIATES AND JOINT
VENTURE COMPANIES:

The Company does not have any Subsidiary, Joint
Venture or Associate Company as on March 31,
2026, and therefore provisions of Section 129 with
respect to Subsidiary, Joint Venture or Associate
Company of the Companies Act, 2013 are not
applicable to the Company.

5. DIVIDEND:

Pursuant to the provisions of Regulation 43A of
the Listing Regulations, the Company has adopted
a Dividend Distribution Policy, which outlines the
framework to determine the distribution of dividends
in accordance with the applicable provisions.
The Company''s Dividend Distribution Policy is
available on the Company''s Website athttps://
www.gopalnamkeen.com/corporate-governance-
policies.

The Company''s consistent dividend payouts reflect
the strength and sustainability of its growth trajectory,
as well as its commitment to equitably sharing the
value created with stakeholders and contributing
to broader socioeconomic development. Gopal
remains focussed on generating robust business
cash flows and adhering to strict capital discipline,
with investments directed towards valueaccretive
projects delivering superior returns.

The Company has declared the following dividends
during the year in compliance with the Dividend
Distribution Policy:

(Twelve Crore Forty-Six Lakh Forty-Eight Thousand
Four Hundred and Nineteen) Equity Shares of
face value of '' 1/- (Indian Rupee One) each.
During the financial year 2025-26, the Paid-Up
Share Capital of the Company has increased from
'' 12,46,22,344/- (Indian Rupees Twelve Crore Forty-
Six Lakh Twenty-Two Thousand Three Hundred
and Forty-Four) to '' 12,46,48,419/- (Rupees Twelve
Crore Forty-Six Lakh Forty-Eight Thousand Four
Hundred and Nineteen) pursuant to issue of 26,075
(Twenty-Six Thousand and Seventy-Five) shares
of face value '' 1/- each to the employees of the
Company on exercise of employee stock options
under Gopal Snacks Limited- Employee Stock
Option Scheme-2023.

It is pertinent to note that, during the period under
review, the Company has not issued any equity
shares with differential rights, sweat equity shares
or bonus shares. The Company has only one class
of equity shares with face value of '' 1.00 each,
ranking pari passu in all respects, including dividend
and voting rights, ensuring a fair and equitable
treatment for all shareholders.

7 MATERIAL CHANGES BETWEEN THE DATE
OF THE BOARD REPORT AND END OF
FINANCIAL YEAR

Other than stated elsewhere in this report, there
have been no material changes and commitments, if
any, affecting the financial position of the Company
which have occurred between the end of the
financial year ended March 31, 2026 to which the
financial statements of the Company relate and the
date of this Report.

8. SIGNIFICANT AND MATERIAL ORDERS
PASSED BY THE REGULATORS OR COURTS
OR TRIBUNALS IMPACTING THE GOING
CONCERN STATUS AND COMPANY''S
OPERATIONS IN FUTURE

During the Financial Year 2025-26, no significant and
material orders have been passed by the concerned
regulators or courts or tribunals impacting the going
concern status and Company''s operations in future.

9. CHANGE IN THE NATURE OF BUSINESS, IF
ANY:

There has been no change in the nature of business
carried on by the Company during the financial year
2025-26.

10. DEVELOPMENT AND IMPLEMENTATION
OF RISK MANAGEMENT POLICY OF THE
COMPANY:

At Gopal Snacks, we recognize that effective risk
management is essential to achieving our strategic
objectives and ensuring long-term sustainability.
Our focus is to identify and embed mitigation actions

for material risks that could impact our current
or future performance, and/or our reputation.
Our approach is holistic and integrated, bringing
together risk management, internal controls, and
business integrity, ensuring that our activities across
this agenda focus on the risks that could have the
greatest impact. The nature of business is such
that it is subject to certain risks at different points
of time. Some of these include escalation in the
cost of raw materials and other inputs, increasing
competitive intensity from other players, changes
in regulation from central and state governments,
cyber security, data management and migration
risks, data privacy risk, environmental and climate
risk. Gopal Snacks has always had a proactive
approach when it comes to risk management
where it periodically reviews the risks and strives
to develop appropriate risk mitigation measures
for the same. To enhance this focus, the Board of
Directors has constituted a Committee of the Board
called the Risk Management Committee to frame,
implement and monitor risk management plan.

The Company has in place a mechanism to identify,
assess, monitor and mitigate various risks to key
business objectives. Major risks identified by
the businesses and functions are systematically
addressed and also discussed at the meetings of
the Risk Management Committee and the Board of
Directors of the Company. Safety at work is being
followed at all times.

Details of the Risk Management Policy are
available at website of the Company athttps://
www.gopalnamkeen.com/corporate-governance-
policies

11. DETAILS OF THE ADEQUACY OF INTERNAL
FINANCIAL CONTROLS:

The Board of Directors and management of the
Company are responsible for establishing and
maintaining adequate internal financial controls
to ensure the reliability and integrity of financial
reporting. These controls have been designed
in accordance with the applicable regulatory
framework to provide reasonable assurance
regarding the accuracy of financial statements and
compliance with statutory obligations.

The management team has assessed the
effectiveness of the Company''s internal control over
financial reporting as at March 31, 2026 and believe
that these systems provide reasonable assurance
that our internal financial controls are designed
effectively and are operating as intended.

The Company has established a robust system of
internal controls commensurate with the size and
operations to ensure that assets are safeguarded,
and transactions are appropriately authorised,
recorded and reported. The controls have been

documented, digitized, and embedded in the
business process.

• Segregation of Duties: Clearly defined roles
and responsibilities to prevent unauthorized
transactions.

• Authorization and Approval Processes:
Stringent approval mechanisms for financial
transactions and capital expenditures.

• Periodic Monitoring and Audits: Regular internal
audits and management reviews to assess the
effectiveness of controls.

• IT and System Controls: Implementation of
advanced financial reporting systems and
cyber security measures to safeguard financial
data.

Assurance on the effectiveness is obtained through
management reviews, controls self-assessment
and periodic reporting of the in-house team that
evaluates and provides assurance of its adequacy
and effectiveness. The controls are also tested
by the internal and statutory auditors during their
audits. The Statutory Auditors of the Company
have audited the financial statements included
in this Report and issued their report on internal
financial controls system with reference to financial
statements (as required under section 143 of the
Companies Act, 2013).

12. CORPORATE GOVERNANCE:

The Company is committed to following the best
Corporate Governance practices, including the
requirements under SEBI Listing Regulations and
the Board is responsible for ensuring the same from
time to time. The Company has duly complied with
the Corporate Governance requirements.

Further, a separate section on Corporate
Governance in compliance with the provisions of
Regulation 34 of the Listing Regulations read with
Schedule V of the said regulations, along with a
certificate from a Practicing Company Secretary
confirming that the Company is and has been
compliant with the conditions stipulated under SEBI
(Listing Obligations and Disclosure Requirements)
Regulations, 2015 forms part of this Report and is
annexed hereto as "Annexure-A".

13. CORPORATE SOCIAL RESPONSIBILITY:

The Company has a well-defined policy on
Corporate Social Responsibility ("CSR Policy") as
per the requirement of Section 135 of the Act. The
CSR Policy covers the proposed CSR activities to be
undertaken by the Company and ensuring that they
are in line with Schedule VII of the Act as amended
from time to time.

The annual report on the CSR activities is required
to be given under section 135 of the Companies Act,
2013 read with rule 8 of the Companies (Corporate
Social Responsibility) Rules, 2014 which has been
provided as "Annexure-B" and forms part of this
Report.

Details of the CSR policy are available at website of
the Company athttps://www.gopalnamkeen.com/
corporate-governance-policies.

14. PARTICULARS OF LOANS, GUARANTEES
OR INVESTMENTS MADE UNDER SECTION
186 OF THE COMPANIES ACT, 2013:

Pursuant to the provisions of section 186 of the
Companies Act, 2013, particulars of loans given,
guarantees provided and investments made by the
Company are disclosed in the financial statements
read with the notes accompanying thereto, which
forms an integral part of the financial statements
and hence not repeated herein for the sake of
brevity.

15. PARTICULARS OF CONTRACTS OR
ARRANGEMENTS MADE WITH RELATED
PARTIES:

During the financial year 2025-26, all related
party transactions entered by the Company, were
approved by the Audit Committee and were on an
arm''s length basis and in the ordinary course of
business. 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 or which warrants
the approval of the shareholders. Prior omnibus
approval is obtained for related party transactions,
which are repetitive in nature and entered in the
ordinary course of business and on an arm''s length
basis.

Therefore, the disclosure of related party
transactions as required under Section 134(3)(h) of
the Companies Act w.r.t. contracts or arrangements
with related parties under Section 188(1) in Form
AOC-2 is not applicable to the Company for
financial year 2025-26, hence does not form part of
this Report. The details of the transactions with the
related parties, in accordance with the accounting
standards applicable to the Company, have been
disclosed in the notes to the financial statements
forming part of this Report & Annual Accounts
2025-26.

The Policy on Related Party Transactions as
approved by the Board of Directors is uploaded on the
Company''s website athttps://www.gopalnamkeen.
com/corporate-governance-policies.

16. ANNUAL RETURN:

The annual return of the Company for the financial
year ended March 31, 2026, pursuant to the
provisions of section 92(3) and section 134(3)
(a) read with rule 12 of Companies (Management
and Administration) Rules, 2014 is available on
the website of the Company athttps://www.
gopalnamkeen.com/annual-return.

17. MATTERS RELATED TO DIRECTORS AND
KEY MANAGERIAL PERSONNEL:

(A) CONSTITUTION OF BOARD

The constitution of Board of Directors of the
Company ("Board") is in accordance with
section 149 of the Companies Act, 2013 and
Regulation 17 of the Listing Regulations. The
Board comprises of eight directors with a
balanced composition of executive, non¬
executive and one independent woman

The profile of all Directors and Key Managerial
Personnel is available on the website of the
Company athttps://www.gopalnamkeen.com/
board-of-directors.

None of the Directors on the Board of the
Company has been debarred or disqualified
from being appointed or continuing as director
of the Company by Securities and Exchange
Board of India, Ministry of Corporate Affairs or
any other statutory authority. Further details
regarding Board composition and constitution
form part of the Corporate Governance Report.

(B) WOMAN DIRECTOR

In terms of the provisions of Section 149 of
the Companies Act, 2013 read with Rule 3 of
Companies (Appointment and Qualification
of Directors) Rules, 2014 and Regulation 17
of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, Mrs.
Vijayalakshmi Shalil Suvarna (DIN: 01722538),

director, ensuring strong corporate governance
and safeguarding stakeholder interests. Their
collective expertise and integrity drive strategic
decision-making and enhance long-term
value creation. The Board of Directors met 6
(Six) times during the Financial Year 2025-26.
Further details of composition of the Board of
Directors including remuneration, number of
meetings and attendance thereof, forms part
of the report on corporate governance which
is appended as "Annexure-A" to this Report.
In the opinion of the Board, all independent
directors are persons of integrity, possess the
requisite expertise, experience and proficiency
and fulfil the requisite conditions as per
applicable laws and are independent of the
management of the Company.

The Board comprises of the following Directors
and Key Managerial Personnel at the end of the
financial year 2025-26:
has been appointed as Independent Woman
Director on the Board of the Company.

(C) DIRECTORS RETIRING BY ROTATION

Pursuant to the provisions of Section 152(6)
of the Companies Act, 2013 read with the
rules made thereunder and as per the Articles
of Association of the Company, Mr. Harsh
Sureshkumar Shah (DIN: 06470319), Non¬
Executive Director of the Company is liable to
retire by rotation in this 17th Annual General
Meeting and being eligible has offered his
candidature for reappointment. The Board
recommends his re-appointment for your
approval. The notice convening the Annual
General Meeting includes the proposal for re¬
appointment of Director.

A brief resume of the Mr. Harsh Sureshkumar
Shah being re-appointed, his nature of
expertise in specific functional areas, names
of companies in which he holds directorship,

committee memberships/chairmanships,
his shareholding in the Company, etc., as
stipulated under Secretarial Standard-2 and
Regulation 36 of the Listing Regulations, have
been furnished in the explanatory statement
to the notice of the ensuing Annual General
Meeting of the Company.

Earlier, Mr. Raj Bipinbhai Hadvani (DIN:
09802257), Non-Executive and Non¬
Independent Director of the Company, retired
by rotation at the 16th AGM of the Company,
held on September 26, 2025. The Members
of the Company, subsequently approved
his re-appointment, to continue his service
with the Company. His continued association
underscores his significant contribution to
the achievement of the Company''s goals and
his commitment to upholding the highest
standards of corporate governance.

(D) DISCLOSURES, DECLARATIONS AND
ANNUAL AFFIRMATIONS

i. Based on the declarations and
confirmations received from the Directors,
none of the Directors of the Company
are disqualified from being appointed/
continuing as Directors of the Company.

ii. Affirmation of all members of the Board
of Directors and Senior Management
Personnel have been received on the
code of conduct for board of directors and
senior management.

iii. The Independent Directors of the
Company strictly adhere to the Code
for Independent Directors, as outlined in
Schedule IV of the Act. The Independent
Directors of the Company have submitted
declarations that each of them meets
the criteria of independence as provided
in Section 149(6) of the Companies Act,
2013 along with rules framed thereunder
and Regulation 16(1)(b), 25(8) of the SEBI
Listing Regulations. There has been no
change in the circumstances affecting
their status as Independent Directors of
the Company.

iv. The Company has also received from all
Independent Directors of the Company,
declaration of compliance of rule 6(1) &
(2) of the Companies (Appointment and
Qualifications of Directors) Rules, 2014,
regarding online registration with the
"Indian Institute of Corporate Affairs" at
Manesar, for inclusion of name in the data
bank of Independent Directors.

v. The Board has taken on record the
declarations and confirmations submitted

by the Independent Directors after
undertaking due assessment of the
veracity of the same.

(E) DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the provisions of section 134(3)
(c) read with section 134(5) of the Companies
Act, 2013 and the rules framed thereunder,
the Board of Directors of the Company hereby
states and confirms that:

i. in the preparation of the annual accounts,
the applicable accounting standards have
been followed and there has been no
material departure;

ii. the selected accounting policies were
applied consistently, and the Directors
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 of March 31, 2026, and
that of the profit of the Company for the
year ended on that date;

iii. proper and sufficient care has been
taken for the maintenance of adequate
accounting records in accordance with the
provisions of the Companies Act, 2013, for
safeguarding the assets of the Company
and for preventing and detecting fraud
and other irregularities;

iv. the annual accounts have been prepared
on a going concern basis;

v. the Board has laid down internal financial
controls to be followed by the Company
and that such internal financial controls are
adequate and are operating effectively;
and

vi. 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.

The aforesaid statement has also been reviewed
and confirmed by the Audit Committee of the
Board of Directors of the Company.

(F) NUMBER OF BOARD MEETINGS AND
GENERAL MEETING CONDUCTED DURING
THE YEAR UNDER REVIEW

During the financial year 2025-26, the Board
met 6 (Six) times on May 23, 2025, August 06,
2025, August 21, 2025, November 10, 2025,
January 27, 2026 and March 25, 2026. The
details of Board meetings and the attendance
of the Directors are provided in the Corporate
Governance Report, forming part of this
Report.

Further during the financial year 2025¬
26, Annual General Meeting was held on
September 26, 2025.

(G) COMMITTEES OF THE BOARD

The Company has constituted the following
committees in compliance with the Companies
Act, 2013 and the Listing Regulations:

1. Audit Committee;

2. Nomination and Remuneration Committee;

3. Stakeholders'' Relationship Committee;

4. Corporate Social Responsibility
Committee and

5. Risk Management Committee.

Underscoring the importance of sound
corporate governance, the statutory Board
Committees are predominantly composed
of Independent Directors. This structure
promotes independent and objective decision¬
making within these key committees. Notably,
there have been no instances where the Board
has rejected any recommendations made by
the Committees.

For detailed insights into the various committees
constituted by the Board, encompassing their
composition, powers, roles, terms of reference,
meetings and attendance thereat etc., please
refer to the Corporate Governance Report,
forming part of this Report.

(H) INDEPENDENT DIRECTORS'' MEETING

In accordance with the provisions of Section
149(8) of the Act, read with the Schedule
IV of Code for Independent Directors and
rules made thereunder and Regulation 25(3)
of the Listing Regulations, the Independent
Directors are required to hold at least one
separate meeting in a financial year. The
Independent Directors of the Company met
on January 27, 2026 without the presence of
non-independent directors or members of the
management, thereby providing a dedicated
forum for independent deliberations on the
Board''s performance, governance framework
and overall strategic oversight.

The Independent Directors met inter-alia, to:

• Review the performance of the Non¬
Independent Directors and the Board as a
whole.

• Review the performance of the
Chairperson of the Company, taking
into account the views of the Executive
Directors and Non-Executive Directors of
the Company.

• Assess the quality, quantity and timeliness
of flow of information between the
management of the Company and the
Board that is necessary for the Board to
effectively and reasonably perform their
duties.

(I) PERFORMANCE EVALUATION BY THE BOARD

The Company is governed by a well-defined
and evenly structured, robust Nomination
and Remuneration Policy, as conscientiously
reviewed and approved by the Nomination and
Remuneration Committee and subsequently,
adopted by the Board. This Policy encompasses
various aspects and guidelines, such as,
appointment criteria, remuneration structures,
and performance evaluation mechanisms for
both Executive and Non-Executive Directors,
including Independent Directors, in full
compliance with the requirements set forth
under the Act and Listing Regulations. The
Nomination and Remuneration Policy devised in
accordance with section 178 of the Companies
Act, 2013 and Regulation 19 of the Listing
Regulations is available at the website of the
Company athttps://www.gopalnamkeen.com/
corporate-governance-policies.

The Company''s approach to the performance
evaluation of the Board, its Committees and
individual Directors, including Independent
Directors is both comprehensive and rigorous
and the detailed evaluation process, which
is systematically delineated in the Corporate
Governance Report, forming an integral
part of this Annual Report, and the detailed
evaluation process reiterates the Company''s
commitment to maintaining and confirming
the highest standards of effective governance,
answerability and transparency.

Following this mechanism, reflects our
leadership remains aligned with regulatory
requirements, industry best practices, and
evolving needs of our stakeholders and also,
the process highlights our dedication to
fostering a culture of continuous improvement
and strategic oversight, essential for achieving
sustainable success.

(J) SECRETARIAL STANDARDS

The Company has complied with Secretarial
Standard on Meetings of the Board of Directors
(SS-1) and Secretarial Standard on General
Meetings (SS-2) issued and notified by the
Institute of Company Secretaries of India as
amended from time to time.

18. FAMILIARIZATION PROGRAMME FOR
DIRECTORS:

Your Company has in place a structured
familiarization programme for its Independent Non¬
Executive Directors. As part of such programme, the
Directors are apprised, inter-alia, of the Company''s
business operations, strategic and business
plans, budgets, roles, rights, and responsibilities
of Directors, industry dynamics, business model
and competitive landscape, through business
presentations by the senior management.

The details of familiarization program imparted for
financial year 2025-26 are available on the website
of your Company athttps://www.gopalnamkeen.
com/corporate-governance-policies

19 PARTICULARS OF EMPLOYEE AND THEIR
MEDIAN OF REMUNERATION:

The information required under section 197 of the
Companies Act, 2013 read with rule 5(1) of the
Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 are disclosed in
"Annexure-C".

The statement containing particulars of employee
remuneration, as required under the provisions
of section 197(12) of the Act, read with rule 5(2)
and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules,
2014, forms part of this Report. In accordance with
second proviso to Section 136(1) of the Act, read with
second and third proviso of rule 5 of the Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Annual Report is being
sent to the members of the Company, excluding the
aforesaid statement, but such particulars shall be
filed with the Registrar of Companies while filing
the financial statements and Board Reports. The
statement is open for inspection upon request by
the shareholders upto the date of the 17th Annual
General Meeting of the Company.

20. PARTICULARS OF EMPLOYEE STOCK
OPTION SCHEME:

Employees'' Stock Options represent a reward
system based on the overall performance of
the individual employee and the Company. The
Company has framed Gopal Snacks Limited -
Employee Stock Option Scheme, 2023 (the "ESOP
Scheme") pursuant to the approval of the Board
of Directors and members of the Company in their
meeting held on May 05, 2023 and May 08, 2023,
respectively, with a view to attracting and retaining
the best talent, encouraging employees to align
individual performance with Company''s objectives,
and promoting increased participation by them in
the growth of the Company. The ESOP Scheme
encompasses 12,00,000 (Twelve Lakh) options
convertibles into equity shares.

Further, post listing of the Company on the
stock exchanges and to ensure compliance with
regulatory standards, the ESOP Schemes adhere
to the requirements outlined in the Securities and
Exchange Board of India (Share Based Employee
Benefits and Sweat Equity) Regulations, 2021
("SEBI SBEB & SE Regulations") and was ratified
by the members of the Company through special
resolution passed in Annual General Meeting held
on September 28, 2024. Additionally, we received
the "In-Principal Approval" from the National
Stock Exchange of India Ltd. and BSE Limited,
dated January 24, 2025 and January 21, 2025,
respectively, for the issuance of equity shares
under the ESOP Schemes.

Summary of ESOP Scheme as on March 31, 2026 is
as under:

For a comprehensive disclosure vis-a-vis
compliance with the Section 62 of the Act, read in
conjunction with the Rule 12(9) of the Companies
(Share Capital and Debentures) Rules, 2014, refer
the "Annexure-D" of this Report. In addition, the
disclosures mandated under the requirements
of the Regulation 14 of the SEBI SBEB & SE
Regulations relating to all the appropriate
disclosures pertaining to ESOP Schemes have been
made readily accessible to all the stakeholders
of the Company on the Company''s website at
https://www.gopalnamkeen.com/.

21. VIGIL MECHANISM POLICY FOR DIRECTORS
AND EMPLOYEES:

The Company is committed to ethical conduct
and transparency in all its business dealings. To
uphold these values and in compliance with the
section 177(9) and 177(10) of the Companies Act,
2013 read with rule 7 of the Companies (Meetings
of Board and its Powers) Rules, 2014, and
Regulation 22 of the Listing Regulations, the Board
of Directors of the Company has framed "Whistle
Blower Policy" for Directors and employees of
the Company to report instances of unethical
behavior, fraud, mismanagement and violations of
the Code of Conduct of the Company across all
business activities. The vigil mechanism provides
for adequate safeguards against victimization of
persons who use such mechanisms.

The Company has established direct access to
the Chairman of the Audit Committee for reporting

concerns related to the interests of co-employees
and the organization in appropriate or exceptional
cases. Detailed information regarding the Whistle
Blower Policy is outlined within the Corporate
Governance Report, forming part of this Report.
The Vigil Mechanism Policy is also available on the
Company''s website athttps://www.gopalnamkeen.
com/corporate-governance-policies. No cases
were reported under the Whistle Blower Policy
during the financial year 2025-26.

22. PUBLIC DEPOSITS:

During the financial year 2025-26, your Company
has not accepted any public deposits within the
meaning of section(s) 73 to 76 of the Companies
Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.

23. AUDITORS AND AUDITORS REPORT:

(A) STATUTORY AUDITOR & AUDIT REPORT

Pursuant to the provisions of section 139 of
the Companies Act, 2013, M/s. Maheshwari &
Co., Chartered Accountants (FRN 105834W),
were appointed as the Statutory Auditor of the
Company vide the ordinary resolution passed
at the 13th Annual General Meeting held on
November 12, 2022, to hold office for a five-
years tenure from financial year 2022-23 to
2026-27 until the conclusion of the 18th Annual
General Meeting to be held in the calendar year
2027, at such remuneration as may be fixed by
the Board of Directors of the Company.

The Statutory Auditors have confirmed their
eligibility to continue as the Company''s
Auditors for the financial year 2025-26, in
accordance with the provisions of sections 139
and 141 of the Companies Act, 2013 along with
the applicable rules framed thereunder.

During the financial year 2025-26, the Statutory
Auditors did not report any instances of fraud
in their Audit Report under Section 143(12)
of the Companies Act, 2013. Accordingly, no
additional disclosure is required under Section
134(3) of the Act. Importantly, the Auditors''
Report is unqualified and does not contain any
qualification, reservation or adverse remark.
The Notes on financial statements referred to
in the Auditors'' Report are self-explanatory
and do not call for any further comments.

(B) INTERNAL AUDIT REPORT AND INTERNAL
AUDITOR

In accordance with the provisions of section
138 of the Act and rules made thereunder
and applicable regulations of the Listing
Regulations, the Board of Directors of the
Company had duly appointed M/s. Haribhakti
& Co. LLP, Chartered Accountants, (FRN:

103523W), as Internal Auditor of the Company
for the Financial Year 2025-2026. During the
year, the Company continues to implement their
suggestions and recommendations to improve
the control environment. Their scope of work
includes review of process for safeguarding the
assets of the Company, review of operational
efficiency, effectiveness of systems and
processes, and assessing the internal control
strength in all areas. Internal Auditors findings
are discussed with the process owners and
suitable corrective actions taken as per the
directions of Board on an ongoing basis to
improve efficiency in operation.

During the financial year under review, no
instance of fraud was reported by the Internal
Auditor of the Company in their Audit Report
under Section 143(12) of the Act, therefore no
detail is required to be disclosed under Section
134(3) of the Act.

The Board appoints M/s. Haribhakti & Co. LLP,
Chartered Accountants, (FRN: 103523W) as
Internal Auditor of the Company to carry out
Internal Audit of the Company for the financial
year 2026-27.

(C) COST RECORDS AND COST AUDIT

Maintenance of cost records and requirement
of cost audit as prescribed under the provisions
of section 148(1) of the Companies Act, 2013 is
not applicable to your Company.

(D) SECRETARIAL AUDITOR

In terms of Section 204 of the Act read with the
Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, and on
the recommendation of the Audit Committee,
the Board of Directors had appointed M/s. S.
K. Joshi and Associates (ICSI Unique Code:
P2008RJ064900), Company Secretaries as
the Secretarial Auditors of your Company for a
term of five consecutive years. The Secretarial
Auditors carried out the Secretarial Audit
for the financial year ended March 31, 2026.
The Secretarial Audit Report is annexed as
"Annexure-E" and forms an integral part of this
Report.

The Secretarial Audit Report is self-explanatory
and does not call for any further comments.
The Secretarial Audit Report does not contain
any qualification, reservation, adverse remark
or disclaimer. During the financial year ended
March 31, 2026, the Secretarial Auditors have
not reported any matter under Section 143(12)
of the Act, accordingly, no details are required
to be disclosed under Section 134(3)(ca) of the
Act.

In terms of Regulation 24A of the Listing
Regulations, the members of the Company at

the 16th AGM held on September 26, 2025, on
the recommendation of the Board of Directors
and its Audit Committee, approved the
appointment of M/s. S. K. Joshi and Associates
(ICSI Unique Code: P2008RJ064900),
Company Secretaries, as the Secretarial
Auditors of the Company for a term of five
consecutive years. The said appointment
is effective from the conclusion of the 16th
Annual General Meeting until the conclusion
of the 21st Annual General Meeting to be held
in the year 2030, covering the financial years
from 2025-26 to 2029-30.

M/s. S. K. Joshi and Associates have confirmed
that they are not disqualified from continuing
as the Secretarial Auditors of the Company.

24. CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE
ETC.:

The information pertaining to conservation of
energy, technology absorption, foreign exchange
earnings and outgo as required under section
134(3)(m) of the Companies Act, 2013 read with rule
8(3) of the Companies (Accounts) Rules, 2014 is
provided in "Annexure-F" to this Director''s Report.

25. MANAGEMENT DISCUSSION AND
ANALYSIS REPORT:

The Management Discussion and Analysis Report
for the year under review, as stipulated under
Regulation 34(2)(e) read with Part B of Schedule
V of the Listing Regulations, is presented in a
separate section forming part of this Report is given
in "Annexure-G".

26. BUSINESS RESPONSIBILITY ANDSUSTAINABILITY REPORT:

The Company has provided Business Responsibility
and Sustainability Report ("the BRSR") pursuant
to Regulation 34(2)(f) of the Listing Regulations
for the financial year ended on March 31, 2025, in
"Annexure H" which forms part of this Report.

27. CREDIT RATING:

Your directors are pleased to inform you that, CRISIL
has revised its rating outlook for the financial year
2025-26 on the Long-Term Banking Facilities which
was upgraded from ''CRISIL A-/Positive'' to ''CRISIL
A/Stable'' and on the Short-Term Banking Facilities
which was upgraded from ''CRISIL A2 '' to ''CRISIL
A1''. This reflects the high degree of safety regarding
timely services of financial obligations.

28. CODE OF CONDUCT:

To comply with the requirements of Regulation 17(5)
of the Listing Regulation, the Company has adopted
the Code of Conduct for Board of Directors and

Senior Management Personnel ("the Code"). All
Board members and senior management personnel
have confirmed compliance with the Code for the
financial year 2025-26. A declaration signed by the
Managing Director of the Company to this effect is
placed at the end of this Report.

The code requires directors and employees to act
honestly, fairly, ethically and with integrity, conduct
themselves in a professional, courteous and
respectful manner. The code is displayed on the
Company''s website athttps://www.gopalnamkeen.
com/corporate-governance-policies.

29. POLICIES:

The Company seeks to promote the highest
levels of ethical standards in the normal business
transaction guided by the value system. The SEBI
(Listing Obligations and Disclosure Requirements)
Regulations, 2015 mandates formulation of certain
policies for Listed Companies. The Policies are
reviewed periodically by the Board and are updated
based on the need and compliance as per the
applicable laws and rules and amended from time
to time. The policies are available on the website of
the Company athttps://www.gopalnamkeen.com/
corporate-governance-policies.

30. QUALITY PROCESSES:

Your Company remains steadfast in its commitment
to delivering products of the highest quality that
meet and exceed customer expectations. The
Company follows a robust quality management
system that is integrated across all levels of
operations from procurement of raw materials to
manufacturing, packaging, and distribution.

To ensure consistency and compliance with
food safety standards, the Company adheres to
internationally recognized certifications such as
FSSAI, FSSC 22000 Version 6 (Food Safety System
Certification) and HACCP (Hazard Analysis and
Critical Control Points). Regular audits, both internal
and external, are conducted to assess process
efficiency, hygiene practices, and adherence to
regulatory requirements.

During the financial year 2025-26, the Company
undertook several initiatives to strengthen its quality
framework:

• Enhanced automation in quality control
systems to minimize human error and improve
precision.

• Implementation of real-time monitoring
mechanisms across production lines.

• Continuous training programs for employees
to reinforce quality consciousness and safety
standards.

• Strategic collaboration with suppliers to
ensure consistent sourcing of high-grade raw
materials.

Customer feedback and market research are
regularly reviewed to drive process improvements
and product innovation. The Company also
benchmarks its practices against industry leaders
to maintain a competitive edge in quality standards.

Gopal Snacks believes that a strong quality culture
not only ensures customer satisfaction but also
contributes significantly to operational efficiency,
brand reputation, and long-term sustainability.
Bottom of Form

31. LISTING:

The Equity Shares of the Company are listed on the
BSE Limited and National Stock Exchange of India
Ltd. Both these stock exchanges have nation-wide
trading terminals. Annual listing fees for the financial
year 2025-26 has been duly paid to the BSE Limited
and National Stock Exchange of India Ltd.

32. POLICY ON SEXUAL HARASSMENT OF
WOMEN AT WORKPLACE:

The Company has zero tolerance towards sexual
harassment at the workplace and towards this end,
has adopted a policy in line with the provisions
of Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013
and the rules made thereunder. All employees
(permanent, contractual, temporary, trainees) are
covered under the said policy. The Company has
complied with provisions relating to the constitution
of Internal Complaints Committee under the
Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013
and it redresses complaints received on sexual
harassment. Following is a summary of sexual
harassment complaints received and disposed off
during the year under review:

• No. of sexual harassment complaints received:
Nil

• No. of sexual harassment complaints disposed-
off: Nil

• No. of sexual harassment complaints pending
beyond 90 days: Nil

33. COMPLIANCE WITH MATERNITY BENEFIT
ACT, 1961:

The Company has complied with the provisions of
the Maternity Benefit Act, 1961, as amended and
the benefits are extended to all women executive
employees of the organisation.

34. HUMAN RESOURCES AND INDUSTRIAL
RELATIONS:

Human resources have a significant impact on
the company''s long-term growth as an industry
leader in the FMCG sector. The Company has
a workforce of 4115 employees as on March 31,
2026 with people from different social, economic
and geographic backgrounds. These include 1428
female, male 2687 and 0 transgender employees.
The Company always believes that our people are
our best assets. Their caliber and commitment
are our inherent strengths. To achieve excellent
business results, a robust talent pool is required
and the Company is committed to identifying and
preparing successors for key positions within and
outside the organization. The Company strives
continuously to improve employee skills and provide
them with the competitive edge they need to flourish
in a dynamic industry. Richer collaborations and
stronger teamwork have accelerated our pursuit of
excellence.

35. ENVIRONMENT AND SAFETY:

Safety pertains to protecting the health and well¬
being of employees, visitors, and other stakeholders
involved in an organization''s activities. Occupational
health and safety measures are essential to prevent
accidents, injuries, and illnesses in the workplace.
We aim to comply with applicable health and safety
regulations and other requirements in our operations
and have adopted a health and safety policy that is
aimed at complying with legislative requirements,
requirements of our licenses, approvals, various
certifications and ensuring the safety of our
employees and the people working at our facility or
under our management.

36. OTHER DISCLOSURES:

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

1. Issue of equity shares with differential rights as
to dividend, voting or otherwise.

2. Issue of shares (including sweat equity shares)
to employees of the Company under any
scheme except ESOP Scheme referred to in
this Report.

3. Buyback of shares.

4. No application was made or any proceeding
is pending under Insolvency and Bankruptcy
Code, 2016.

5. Requirement of one-time settlement with Banks
or Financial Institutions was not applicable.

6. As per the confirmation given by Registrar and
Transfer Agent, the Company has nil shares
that remain unclaimed by the shareholders of
the Company. All shares held in demat form
have been duly claimed by the respective
shareholders and hence the Company is
not required to undergo the procedural
requirements of Schedule VI of the SEBI
(LODR) Regulations, 2015.

37. CAUTIONARY STATEMENT:

Statements in the Board''s Report and the
Management Discussion & Analysis Report
describing the Company''s objectives, expectations
or forecasts may be forward looking within
the meaning of applicable securities laws and
regulations. Actual results may differ materially
from those expressed in the statement. Important
factors that could influence the Company''s
operations include global and domestic demand
and supply conditions affecting selling prices of
raw materials, finished goods, input availability and
prices, changes in government regulations, tax

laws, economic developments within and outside
the country and other various other factors.

38. ACKNOWLDEGEMENTS:

Your directors are highly grateful for all the
guidance, support and assistance received from the
Governments of various states in India, concerned
Government departments, Financial Institutions and
Banks.

Your directors place on record their deep
appreciation to all employees for their hard work,
unstinted dedication and commitment and continued
contribution at all levels in the performance of the
Company. Your directors also take this opportunity
to thank all shareholders, suppliers, distributors,
retailers, directors, auditors, Government and
regulatory authorities, for their continued support.

Your directors appreciate the continued co¬
operation and support received from its customers
that has enabled the Company to make every
effort to understand their unique needs and deliver
maximum customer satisfaction. Your Board looks
forward to their continued support in future.

For and on behalf of the Board of Directors
Gopal Snacks Limited

Sd/- Sd/-

Bipinbhai Vithalbhai Hadvani Raj Bipinbhai Hadvani

Date: August 07, 2026 Chairman & Managing Director Whole-time director & CEO

Place: Rajkot DIN: 02858118 DIN: 09802257

2. BUSINESS PERFORMANCE & STATE OF COMPANY AFFAIRS:
Financial Overview

During the financial year ended 31stMarch 2025, your Company
reported revenue from operations of ?14,680.15 million, marking an
increase over the previous year''s revenue of ?14,024.97 million. The
Company has reported total income of ?14736.05/-million, whichin
comparison to the previous year''s figures has increased by
approximately 4.74%.The Net Profit after tax for the financial year
2024-25 stands at ?189.98 million, reflecting a decrease of approxi¬
mately 80.92% compared to ?995.68 million in the previous year.

During the year under review, the Company faced an unforeseen
setback due to a fire incident at one of its key manufacturing and
operational units, which resulted in temporary disruption of
production activities, damage to infrastructure.This incident
impacted the Company''s operational performance for the financial
year. However, despite these challenges, the Company demonstrat¬
ed resilience and agility, achieving growth in revenue - a testament
to its strong market presence, customer trust, and effective
business continuity measures.

Your Company acted promptly to mitigate the effects of the
disruption, initiated insurance claims for the losses incurred, and
has since undertaken comprehensive restoration measures. The
management remains committed to rebuilding stronger and
accelerating the recovery process. With proactive efforts in place,
including infrastructure upgrades and enhanced risk management
systems, the Company is confident of restoring normalcy in
operations and improving performance in the forthcoming quarters.

Own Brands Performance

During the year under review, the Company continued to strengthen
its position in the domestic market by enhancing its product portfolio
under its flagship and emerging brands. Our focused efforts on
innovation, consumer preference analysis, and regional taste
profiling led to the successful launch of several new products that
were well received across markets. Under the flagship brand
“Gopal” the Company introduced Kolapuri Bhadang and Sabudana-
Chivdain June 2024, further diversifying its ethnic namkeen
offerings. The Company also ventured into the Snack Pellets
segment with the launch of Pizza Pasta Fryums in October 2024 and
expanded its Wafers category with the introduction of Banana
Wafersin November 2024, both under the Gopal brand.

In line with its strategy to appeal to younger demographics and
experiment with international flavors, the Company launched
Korean BBQ Wafers under the youth-centric brand “Cristos" in June
2024. Additionally, in July 2024, the Company launched Soya Sticks
under the Gopal brand, tapping into the growing demand for
protein-based snacking options.

As at the end of financial year 2024-25, the Company offers a diverse
product range comprising 95 distinct products and 346 Stock
Keeping Units. These launches reflect the Company''s commitment
to innovation, quality, and consumer satisfaction. The new products
have contributed positively to brand recall and sales performance,
and early indicators suggest promising growth traction across both
urban and semi-urban markets. In furtherance, it makes “Gopal
Snacks Limited"- the largest manufacturer of Gathiya& Snack
Pellets in India & largest manufacturer of ethnic namkeen in the
state of Gujarat, India.

The Company has a total of four manufacturing facilities which
include the newly commissioned (Nagadka) Gondal facility and
three ancillary units across the country.TheCompany continues to
invest in strengthening its distribution, visibility, and in-store
engagement to support the growth of its owned brands portfolio.

Market Reach and Penetration

During the year under review, Gopal Snacks continued to
strengthen its market presence through a well-integrated
marketing and distribution strategy. The Company has expanded
its distributor network significantly, enhancing last-mile
connectivity and deepening penetration in both urban and
semi-urban markets. As of the reporting period, Gopal Snacks
enjoys a robust footprint across 11 states in India, supported by
a growing network of channel partners and an agile supply chain.
In addition to expanding domestic reach, the Company also
continued to cater to international markets through its export
operations, reflecting the global acceptance of its product
portfolio. Complementing its distribution expansion, the Company
has also leveraged its proprietary retail outlets to ensure direct
engagement with end consumers and to build brand loyalty.

Gopal Snacks further amplified its market visibility through
strategic advertising campaigns across digital and traditional
media platforms, targeting diverse demographic segments. The
Company actively participated in various national and regional
trade fairs and exhibitions during the year, which served as
effective platforms to showcase new launches, gather market
insights, and engage with stakeholders. These initiatives
collectively contributed to strengthening brand recall, increasing
consumer engagement, and driving sustained growth in sales
volumes across key markets.

3. TRANSFER TO RESERVES:

During the financial year 2024-25, the Company has not
transferred any amount to General Reservesand the Board of
Directors has decided to retain the entire profit of ?189.98/-
million in the Statement of Profit and Loss.

4. REPORT ON PERFORMANCE OF SUBSIDIARIES,
ASSOCIATES AND JOINT VENTURE COMPANIES

The Company does not have any Subsidiary, Joint Venture or
Associate Company as on March 31,2025,and therefore
provisions of Section 129 with respect to Subsidiary, Joint
Venture or Associate Company of the Companies Act, 2013 are
not applicable to the Company.

5. DIVIDEND:

After considering the Company''s profitability, cash flow, overall
financial performance and cash flow requirements for future
expansion, your Board of Directors has paid an interim dividend
of ?1.00 per equity share of face value of ?1 each (i.e. 100%)
during the year.The total dividend paid for the financial year
2024-25,amounts to ?1.00 per equity share of face value of?1/-
each.

Further, pursuant to Regulation 43A of the Listing Regulations,
the dividend declared by the Company is in accordance with the
Company''s dividend distribution policy and there were no
changes in the parameters of the dividend distribution policy of
the Company. The Company''s Dividend Distribution Policy is
available on the Company''s Website at https://www.gopalnam-
keen.com/corporate-governance-policies.

Further, the Board of Directors do not recommend payment of
any further dividend for the financial year ended March 31,2025,
and accordingly interim dividend paid during the financial year
2024-25 is treated as full and final dividend for the financial year
2024-25.

6. ARTICLES OF ASSOCIATION:

During the financial year under review, your Company has
altered its Articles of Association. The Board of Directors, in their
meeting held on August 30, 2024, and shareholders on Septem¬
ber 28, 2024, respectively, approved the Alteration of Articles of
Association by altering the Existing Clause and Addition of a New
Clause on Waiver of Dividend.

7. SHARE CAPITAL:

Authorised Share Capital

As on March 31,2025, the Authorised Share Capital of the
Company is ^15,00,00,000/- (Rupees Fifteen Crore) divided into
15,00,00,000(Fifteen Crore) Equity Shares of ?1/-(Rupee
One)each. During Financial Year 24-25, there have been no
changes in Authorised Share Capital of the Company.

Issued, Subscribed and Paid-Up Capital

As on March 31,2025, theIssued, Subscribed and Paid-Up Capital of
the Company is ?12,46,22,344/- (Rupees Twelve Crore Forty-Six
Lakh Twenty-Two Thousand Three Hundred and Forty-Four) divided
into 12,46,22,344 (Twelve Crore Forty-Six Lakh Twenty-Two
Thousand Three Hundred and Forty-Four) Equity Shares of face
value of ?1/- (Rupee One) each. During FY24-25, the Paid-Up Share
Capital of the Company has increased from ?12,46,04,370/-(Rupees
Twelve Crore Forty-Six Lakh Four Thousand Three Hundred and
Seventy) to ?12,46,22,344/-(Rupees Twelve Crore Forty-Six Lakh
Twenty-Two Thousand Three Hundred and Forty-Four) pursuant to
issue of 17,974 (Seventeen Thousand Nine Hundred Seventy-Four)
shares of face value ?1/- each to the employees of the Company on
exercise of employee stock options under Gopal Snacks Limited-
Employee Stock Option Scheme-2023.

8. SHARE TRANSFER SYSTEM AND
DEMATERIALISATION OF SHARES:

As on March 31,2025 - 12,46,22,344 (Twelve Crore Forty-Six Lakhs
Twenty-Two Thousand Three Hundred and Forty-Four) equity
shares of the Company i.e. 100% of the total equity shares were held
in dematerialized form.

The International Securities Identification Number (''ISIN'') allotted to
the Company''s shares under the Depository System is
INE0L9R01028. Gopal Snacks (the Company) has entered into
agreement with both the Depositories i.e., National Securities
Depository Limited and Central Depository Services (India) Limited.
The equity shares of the Company are frequently traded at BSE
Limited and National Stock Exchange of India Ltd.

The detailed information is covered in the Corporate Governance
Report forming part of this Annual Report.

9. MATERIAL CHANGES:

(A) MATERIAL CHANGES BETWEEN THE DATE OF THE

BOARD REPORT AND END OF FINANCIAL YEAR

Other than stated elsewhere in this report, there have been no
material changes and commitments, if any, affecting the financial
position of the Company which have occurred between the end of
the financial year 2024-25 to which the financial statements of the
Company relate and the date of this report

(B) MATERIAL EVENTS DURING THE YEAR UNDER
REVIEW

On December 11,2024, a fire incident occurred at the Company''s
production unit in Rajkot, Gujarat, causing damage to a section of
the facility and part of the inventory and equipment. Importantly,
there were no casualties, and the situation was promptly brought
under control with the support of the local authorities. The Compan
immediately activated its contingency and risk management
protocols, ensuring continuity of supply through alternate facilities
and minimizing disruption to customer commitments. Insurance
claims were filed without delay andproceedforpartial reimburse¬
ments. Comprehensive preventive measures and safety upgrades
have been implemented to avoid recurrence. The management
remains confident that the long-term business outlook remains
strong, and the Company is well-positioned to sustain its growth
trajectory.

(C) SIGNIFICANT AND MATERIAL ORDERS PASSED BY
THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING
THE GOING CONCERN STATUS ANDCOMPANY''S OPERATIONS
IN FUTURE

During Financial Year 24-25, no significant and material orders
have been passed by the concerned Regulators or Courts or
Tribunals impacting the going concern status and Company''s
operations in future.

10. CHANGE IN THE NATURE OF BUSINESS, IF ANY:

There has been no change in the nature of business carried on by
the Company during the financial year 2024-25.

11. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR
EDUCATION AND PROTECTION FUND:

The provisions of section 125(2) of the Companies Act, 2013 are not
applicable to the Company as there isno unpaid or unclaimed
dividend outstanding during the year under review.

12. DEVELOPMENT AND IMPLEMENTATION OF RISK
MANAGEMENT POLICY OF THE COMPANY

At Gopal Snacks, we recognize that effective riskmanagement is
essential to achieving our strategicobjectives and ensuring
long-term sustainability. Ourfocus is to identify and embed
mitigation actions formaterial risks that could impact on our
current or futureperformance, and/or our reputation. Our
approachis holistic and integrated, bringing together riskmanage-
ment, internal controls, and business integrity,ensuring that our
activities across this agenda focus onthe risks that could have the
greatest impact.The nature of business is such that it is subject
tocertain risks at different points of time. Some of these include
escalation in the cost of raw materials and other inputs, increasing
competitive intensity from otherplayers, changes in regulation
from central and stategovernments, cyber security, data
management andmigration risks, data privacy risk, environmental
andclimate risk. Gopal Snacks has always had a proactiveap-
proach when it comes to risk management whereit periodically
reviews the risks and strives to developappropriate risk mitigation
measures for the same.To enhance this focus, the Board of
Directors hasconstituted a Committee of the Board called the
RiskManagement Committee to frame, implement andmonitor
risk management plan.

The Company has in place a mechanism to identify, assess,
monitor and mitigate various risks to key business objectives.
Major risks identified by the businesses and functions are
systematically addressed and discussed at the meetings of the
Risk ManagementCommittee and the Board of Directors of the
Company. Safety at work is being always followed.

Details of the Risk Management Policy are available at website of
the Company at https://www.gopalnamkeen.com/corporate-gov-
ernance-policies

13. DETAILS OF THE ADEQUACY OF INTERNAL
FINANCIAL CONTROLS:

The Board of Directors and management of theCompany are
responsible for establishing andmaintaining adequate internal
financial controlsto ensure the reliability and integrity of
financialreporting. These controls have been designed
inaccordance with the applicable regulatory frameworkto
provide reasonable assurance regarding theaccuracy of
financial statements and compliance withstatutory obligations.

The management team has assessed the effectivenessof the
Company''s internal control over financialreporting as of March
31,2025 and believe that thesesystems provide reasonable
assurance that our internalfinancial controls are designed
effectively and areoperating as intended.

The Company has established a robust system ofinternal
controls commensurate with the size andoperations to ensure
that assets are safeguarded, andtransactions are appropriately
authorised, recordedand reported. The controls have been
documented,digitized, and embedded in the business process.

• Segregation of Duties: Clearly defined rolesand responsi¬
bilities to prevent unauthorizedtransactions.

• Authorization and Approval Processes: Stringentapproval
mechanisms for financial transactionsand capital expendi¬
tures

• Periodic Monitoring and Audits: Regular internalaudits and
management reviews to assess theeffectiveness of
controls.

• IT and System Controls: Implementation ofadvanced
financial reporting systems andcybersecurity measures to
safeguard financialdata.

Assurance on the effectiveness is obtained throughman-
agement reviews, controls self-assessmentand periodic
reporting of the in-house team thatevaluates and provides
assurance of its adequacyand effectiveness. The controls
are also tested by theinternal and statutory auditors during
their audits.The Statutory Auditors of the Company have
auditedthe financial statements included in this AnnualRe-
port and issued their report on internal financial
controlssystem with reference to financial statements (as
requiredunder section 143 ofthe Companies Act, 2013).

14. CORPORATE GOVERNANCE:

The Company is committed to following the best Corporate
Governance practices, including the requirements under SEBI
Listing Regulations and the Board is responsible for ensuring
the same from time to time. The Company has duly complied
with the Corporate Governance requirements.

Further, a separate section on Corporate Governance incompli¬
ance with the provisions of Regulation 34 of the ListingRegula-
tions read with Schedule V of the said regulations,along with a
certificate from a Practicing Company Secretaryconfirming that
the Company is and has been compliant withthe conditions
stipulated under SEBI (Listing Obligations andDisclosure
Requirements) Regulations, 2015 forms part of this Annual
Report and is annexed hereto as "Annexure A".

15. CORPORATE SOCIALRESPONSIBILITY

The Company has a well-defined Policy on Corporate Social
Responsibility ("CSR”) as per the requirement of Section 135 of
the Act. This Policy covers the proposed CSR activities to be
undertaken by the Company and ensures that they are in line
with Schedule VII of the Act as amended from time to time.

The Annual Report on the CSR activities isrequired to be given
under section 135 of the Companies Act, 2013 read with rule 8 of
the Companies (Corporate Social Responsibility) Rules, 2014
which has been provided as"Annexure-B” and forms part of this
report.

Details of the Policy on Corporate Social Responsibility ("CSR”)
are available at website of the Company athttps://www.gopal-
namkeen.com/corporate-governance-policies.

16. PARTICULARS OF LOANS, GUARANTEES

OR INVESTMENTS MADE UNDER SECTION 186
OF THE COMPANIES ACT, 2013

Pursuant to the provisions of section 186 of the Companies
Act,2013, particulars of loans, guarantees and investments
made are provided in Financial Statements read together with
notes annexed and form an integral part of the financial
statements and hence not repeated herein for the sake of
brevity.

17. PARTICULARS OF CONTRACTS OR
ARRANGEMENTSMADEWITH RELATED PARTIES:

During Fiscal 2025, all related partytransactions entered by the
Company wereapproved by the Audit Committee and were
atarm''s length basis and in the ordinary course of

During FinancialYear 2024-25, there were no changes in the
composition of Board of Directors. However, there were
following changes in the Key Managerial Personnel of the
Company:

• Mr. Mukesh Kumar Shah resigned from the post of Chief
Financial Officer of the Company with effect from 21st January
2025.

• Mr. Rigan HasmukhraiRaithatha was appointed as the Chief
Financial Officer (CFO) of the Company with effect from
17thMarch 2025; and

business.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, or which
warrants the approval of the shareholders.Prior omnibus
approval is obtained for related party transactions, which are
repetitive in nature and entered in the ordinary course of
business and on an arm''s length basis.

Therefore,the disclosure of Related Party Transactions as
required under Section 134(3)(h) of the Companies Act w.r.t.
contracts or arrangements with related parties under Section
188(1) in Form AOC-2 is not applicable to the Company for
Financial Year 2024-25, hence does not form part of this
report.The details of the transactions with the related parties, in
accordance with the Accounting Standards as applicable to the
Company, have been disclosedin the notes to the financialstate-
ments forming part of this Integrated Report &Annual Accounts
2024-25.

The Policy on Related Party Transactions as approved by the

18. ANNUAL RETURN:

The Annual Return of the Company for the financial year ended
March 31,2025, pursuant to the provisions of section 92(3) and
section 134(3)(a) read with rule 12 of Companies (Management
and Administration) Rules, 2014 is available onthe website of
the Company at https://www.gopalnamkeen.com/annual-return

• Mr. Mayur Popatbhai Gangani resigned from the post of

Company Secretary and Compliance Officer of the Company
with effect from 28th February 2025 and was subsequently
appointed as the Head- Legal& Compliance cum Company
Secretary with effect from 17th March,2025;

The appointment of new Key Managerial Personnel is on the
basis of requisite skills, proficiency, experience and competen¬
cies as identified and finalized by the Board considering the
industry and sector in which the Company operates. The
appointments are based on the merits of the candidate and due
regard is given to diversity including factors like gender, age,
cultural, educational & geographicalbackground, ethnicity,
etc.The profile of all Directors and Key Managerial Personnel is
available on the website of the Company at https://www.gopal-
namkeen.com/board-of-directors.

None of the Directors on the Board of the Company has been
debarred or disqualified from being appointed or continuing as
director of the Company by Securities and Exchange Board of
India, Ministry of Corporate Affairs or any other statutory
authority.Further details regarding Board composition and
constitution form part of Corporate Governance Report.

B. WOMAN DIRECTOR

In terms of the provisions of section 149 of the Companies Act,
2013 read with rule 3 of Companies (Appointment and
Qualification of Directors) Rules, 2014 and Regulation 17 of SEBI
(Listing Obligations and Disclosure Requirements) Regulations,
2015, Mrs.Vijayalakshmi Shalil Suvarna (DIN: 01722538), has
been appointed as Independent Woman Director on the Board of
the Company.

C. DIRECTORS RETIRING BY ROTATION

Pursuant to the provisions of Section 152(6) of the Companies
Act, 2013 read with the rules made thereunder and as per the
Articles of Association of the Company,Mr. Raj Bipinbhai
Hadvani (DIN:09802257), Whole time Director and Chief
Executive Officer of the Company isliable to retire by rotation in
this 16th Annual General Meeting and being eligible has offered
his candidature for reappointment. The Board recommends his
re-appointment for your approval.The notice convening the
Annual General Meeting includes the proposal for re-appoint¬
ment of Director.

A brief resume of the Mr. Raj Bipinbhai Hadvanibeing
re-appointed, his nature of expertise in specific functional
areas, names of companies in which heholds directorship,
committee memberships/chairmanships, hisshareholding in
the Company, etc., as stipulated under Secretarial Standard-2
and Regulation 36 of the Listing Regulations, have been
furnished in the explanatory statement to the notice of the
ensuing Annual General Meeting of the Company.

D. DISCLOSURES, DECLARATIONS AND
ANNUAL AFFIRMATIONS

i. Based on the declarations and confirmationsreceived
from the Directors, none of theDirectors of the Company are
disqualified frombeing appointed/ continuing as Directors of
theCompany.

ii. Affirmation of all members of the Board ofDirectors
and Senior Management Personnel havebeen received on the
code of conduct for board ofdirectors and senior management.

iii. The Independent Directors of the Company have
submitteddeclarations that each of them meets the criteriaof
independence as provided in Section 149(6)of the Companies
Act, 2013 along with rules framed thereunderand Regulation
16(1)(b), 25(8) of the SEBIListing Regulations. There has been no
changein the circumstances affecting their status asIndepen-
dent Directors of the Company.

iv. The Company has also received from all Indepen-
dentDirectors of the Company, declaration of compliance of rule
6(1) & (2) of the Companies (Appointment andQualifications of
Directors) Rules, 2014, regardingonline registration with the
''''Indian Institute ofCorporate Affairs'''' at Manesar, for inclusion
ofname in the data bank of Independent Directors.

v. The Board has taken on record the declarationsand
confirmations submitted by the IndependentDirectors after
undertaking due assessment ofthe veracity of the same.

E. DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the provisions of section 134(3)(c) read with
section 134(5) of the Companies Act, 2013 and the rules
framed thereunder,the Board of Directors of the Company
hereby states and confirms that:

i. in the preparation of the annual accounts, the
applicable accounting standards have been followed and
there has been no material departure;

ii. the selected accounting policies were applied
consistently, and the Directors 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
of 31stMarch 2025, and that of the profit of the Company for
the year ended on that date;

iii. proper and sufficient care has been taken for the
maintenance of adequate accounting records in accordance
with the provisions of the Companies Act, 2013, for
safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities;

iv. the annual accounts have been prepared on a
going concernbasis;

v. the Board has laid down internal financial
controls to be followed by the Company and that such
internal financial controls are adequate and areoperating
effectively; and

vi. the directors have devised proper systems to
ensure compliance with the provisions of all applicable
laws and that such systems areadequate and operating
effectively.

The aforesaid statement has also been reviewed andcon-
firmed by the Audit Committee of the Board ofDirectors of
the Company.

F. NUMBER OF BOARD MEETINGS AND
GENERAL MEETING CONDUCTED DURING
THE YEAR UNDER REVIEW

During the financial year 2024-25, the Board met Seven (7)
times on 02.04.2024, 09.05.2024, 18.07.2024, 30.08.2024,
14.10.2024, 11.02.2025, and17.03.2025. The details of Board
meetings and the attendance of the Directors are provided
in the Corporate Governance Report, forming part of this
Annual Report.

Further during the financial year 2024-25, Annual General
Meeting was held on28.09.2024.

G. COMMITTEES OF THE BOARD

The Company has constituted the following committeesin
compliance with the Companies Act 2013 and theListing
Regulations:

1. Audit Committee;

2. Nomination and Remuneration Committee;

3. Stakeholders'' Relationship Committee;

4. Corporate Social Responsibility Committee and

5. Risk Management Committee.

Underscoring the importance of sound corporate gover¬
nance, the statutory Board Committees are predominantly
composed of Independent Directors. This structure
promotes independent and objective decision-making
within these key committees. Notably, there have been no
instances where the Board has rejected any recommenda¬
tions made by the Committees.

For detailed insights into the various Committees constitut¬
ed by the Board, encompassing their composition, powers,
roles, terms of reference, meetings and attendance thereat
etc., please refer to the Corporate Governance Report
forming partof thisAnnual Report.

H. PERFORMANCE EVALUATION BY THE BOARD

The Company is governed by a well-defined and evenly
structured, robust Nomination and Remuneration Policy, as
conscientiously reviewed and approved by the Nomination
and Remuneration Committee and subsequently, adopted
by the Board. This Policy encompasses various aspects and
guidelines, such as, appointment criteria, remuneration
structures, and performance evaluation mechanisms for
both Executive and Non-Executive Directors, including
Independent Directors, in full compliance with the require¬
ments set forth under the Act and Listing Regulations.

The Company''s approach to the performance evaluation of
the Board, its Committees and individual Directors,
including Independent Directors is both comprehensive and
rigorous and the detailed evaluation process, which is
systematically delineated in the Corporate Governance
Report, forming integral part of this Annual Report, and the
detailed evaluation process reiterates the Company''s
commitment to maintaining and confirming the highest
standards of effective governance, answerability and
transparency.

Following this mechanism reflects our leadership remains
aligned with regulatory requirements, industry best
practices, and evolving needs of our stakeholders and also,
the process highlights our dedication to fostering a culture
of continuous improvement and strategic oversight,
essential for achieving sustainable success.

I. SECRETARIAL STANDARDS

The Company has complied with Secretarial Standard on
Meetings of the Board of Directors (SS-1) and Secretarial
Standard on General Meetings (SS-2) issued and notifiedby
the Institute of Company Secretaries of Indiaas amended
from time totime.

20. PARTICULARS OF EMPLOYEE AND THEIR MEDIAN
OF REMUNERATION:

The information required under section 197 of the Compa¬
nies Act, 2013 read with rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel)
Rules, 2014 and a statement showing the names andother
particulars of the employees drawing remunerationin
excess of the limits set out in rule 5(2) and 5(3) of theCom-
panies (Appointment andRemuneration of ManagerialPer-
sonnel) Rules, 2014are disclosed in “Annexure C".

21. PARTICULARS OF EMPLOYEE STOCKOPTION SCHEME:

Employees'' Stock Options represent a reward system
based on the overall performance of the individual
employee and the Company. The Company has framed
Gopal Snacks Limited - Employee Stock Option Scheme,
2023(the "ESOP Scheme”) pursuant to the approval of the
Board of Directors and members of the Company in their
meeting held onMay 05, 2023 and May08, 2023, respectively,
with a view to attracting and retaining the best talent,
encouraging employees to align individual performance
with Company''s objectives, and promoting increased
participation by them in the growth of the Company. The
ESOP Schemeencompasses 12,00,000 (Twelve Lakh)
options convertibles into equity shares.

Further, post listing of the Company on the stock exchanges
and to ensure compliance with regulatory standards, the
ESOP Schemes adhere to the requirements outlined in the
Securities and Exchange Board of India (Share Based
Employee Benefits and Sweat Equity) Regulations, 2021
("SEBI SBEB & SE Regulations”) and was ratified by the
members of the Company through special resolution
passed in Annual General Meeting held on September 28,
2024. Additionally, we received the "In-Principal Approval”
from the National Stock Exchange of India Ltd. and BSE
Limited, dated January 24, 2025, and January 21,2025,
respectively, for the issuance of equity shares under the
ESOP Schemes.

Summary of ESOP Scheme as on March 31,2025 is as
under:

Disclosure with respect to compliance to section 62(1)(b) of
the Companies Act, 2013 read with rule 12(9) of the
Companies (Share Capital and Debentures) Rules, 2014 and
Regulation 14 of the Securities and Exchange Board of
India(Share Based Employee Benefitand Sweat Equity)
Regulations, 2021 is provided in “Annexure D", which
forms an integral part of this Directors'' Report. These
disclosures have also been placed on the website of the
Companyat https://www.gopalnamkeen.com/.

22. VIGIL MECHANISMPOLICY FOR
DIRECTORS AND EMPLOYEES:

The Company is committed to ethical conduct and transpar¬
ency in all its business dealings. To uphold these values
and in compliance with the section 177(9) and 177(10) of the
Companies Act, 2013 read with rule 7 of the Companies
(Meetings of Board and its Powers) Rules, 2014, and
Regulation 22 of the Listing Regulations,the Board of
Directors of the Company has framed "Whistle Blower
Policy” for Directors and employees of the Company to
report instances of unethical behavior, fraud, mismanage¬
ment and violations of the Code of Conduct of the Company
across all business activities. The vigil mechanism provides
for adequate safeguards against victimization of persons
who use such mechanisms.

The Company has established direct access to the Chair¬
man of the Audit Committee for reporting concerns related
to the interests of co-employees and the organizationin
appropriate or exceptional cases. Detailed information
regarding the Whistle Blower Policy is outlined within the
Corporate Governance Report, forming part of this Annual
Report. The Vigil Mechanism Policy is also available on the
Company''s website at https://www.gopalnam-
keen.com/corporate-governance-policies. No cases were
reported under the Whistle Blower Policy during the
financial year 2024-25.

23. PUBLIC DEPOSITS:

During the financial year 2024-25, your Company has not
accepted any public deposits within the meaning of
section(s) 73 to 76 of the Companies Act, 2013 and the
Companies (Acceptance of Deposits) Rules, 2014.

24. AUDITORS AND AUDITORS REPO RT:

A. STATUTORY AUDITOR:

Pursuant to the provisions of section139of the Companies
Act, 2013,M/s. Maheshwari &Co., Chartered Accountants
(FRN 105834W), were appointed as the Statutory Auditor of
the Company vide the ordinary resolution passed at the
13th Annual General Meeting held on November 12, 2022, to
hold office for a five-years tenure from financial year
2022-23 to 2026-27 until the conclusion of the 18th Annual
General Meeting to be held in the calendar year 2027, at
such remuneration as may be fixed by the Board of
Directors of the Company.

The Statutory Auditors have confirmed their eligibility to
continue as the Company''s Auditors for the financial year
2024-25, in accordance with the provisions of sections 139
and 141 of the Companies Act, 2013 along with the applica¬
ble rules framed thereunder.

During Financial Year 2024-25, the Statutory Auditors did
not report any instances of fraud in their Audit Report under
Section 143(12) of the Companies Act, 2013. Accordingly, no
additional disclosure is required under Section 134(3) of the
Act. Importantly, the Auditors'' Report is unqualified and
does not contain any qualification, reservation or adverse
remark. The Notes on financial statements referred to in
the Auditors'' Report are self-explanatory and do not call for
any further comments.

B. INTERNAL AUDIT REPORT AND INTERNAL AUDITOR:

In accordance with the provisions of section 138 of the Act
and rules made thereunderand applicable regulations of
the Listing Regulations, the Board of Directors of the
Company had duly appointed M/s. Haribhakti& Co. LLP,
Chartered Accountants(FRN: 103523W)as Internal Auditor of
theCompany for the Financial Year 2024-2025. During the
year, the Company continues to implement their sugges¬
tions and recommendations to improve the control of the
environment.Their scope of work includes review of
process for safeguarding the assets of the Company,
review of operational efficiency, effectiveness of systems
and processes, and assessing the internal control strength
in all areas. Internal Audito rsfindings are discussed with
the process owners and suitable corrective actions taken
asper the directions of Board on an ongoing basis to
improve efficiency in operation

During the financial year under review, no instance of fraud
was reported by the Internal Auditor of the Company in
their Audit Report under Section 143(12) of the Act,
therefore no detail is required to be disclosed under
Section 134(3) of the Act.

The Board appoints M/s. Haribhakti& Co. LLP, Chartered
Accountants (FRN: 103523W)as Internal Auditor of the
Company to carry out Internal Audit of the Company for the
financial year 2025-26.

C. COST RECORDS AND COST AUDIT

Maintenance of cost records and requirement of cost audit
as prescribed under the provisions of section 148(1) of the
Companies Act, 2013 is not applicable to your Company.

D. SECRETARIAL AUDITOR

Pursuant to the provisions of section 204 of the Companies
Act, 2013 and rule 9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, M/s.
S.K. Joshi and Associates (ICSI Unique Code:
P2008RJ064900), Company Secretaries was appointed to
undertake the secretarial audit of the Company for the
financial year ended 31stMarch 2025. The Report of the
Secretarial Auditor for the financial year ended 31stMarch
2025 is given in "Annexure E” which is annexed hereto and
forms part of the Board''s Report. There are no qualifica¬
tions or observations or adverse remarks in the Secretarial
Audit Report.

In terms of Regulation 24A of the Listing Regulations,with
effect from 1st April 2025, your Company is requiredto
appoint a Practicing Company Secretary for notmore than
one term of five consecutive years or a firmof Practicing
Company Secretaries for not more thantwo terms of five
consecutive years, as a SecretarialAuditor, with the
approval of the members at its AGMand such Secretarial
Auditor must be a peer reviewed company secretary and
should not have incurred anyof the disqualifications as
specified under the ListingRegulations. Further, as per the
said Regulation, anyassociation of the individual or the firm
as the Secretarial Auditors of the Company before 31st
March 2025 shallnot be considered for the purpose of
calculating thetenure of the Secretarial Auditors.

Taking into account the above requirements,the Board, on
the recommendation of the Audit Committee, has approved
the appointment of M/s. S. K. Joshi & Associates, Compa-
nySecretaries (ICSI Unique Code: P2008RJ064900) as the
Secretarial Auditors of theCompany for a term of five
consecutive years, to holdoffice from the conclusion of 16th
AGM till the conclusion of 21st AGM to be held in the year
2030, covering the periodfrom the financial year ending
31st March 2026 till thefinancial year ending 31st March
2030, subject to theapproval of the members at the ensuing
16th AGM ofyour Company. The recommendation followed
a detailed evaluation of proposals received by the Company
and consideration of factors such as technical capabili-
ties,independence, industry experience, subject matterex-
pertise, and past association with the Company.Your
Company has received written consent from theSecretarial
Auditors that the appointment, if approved,will be in
accordance with the applicable provisions of the Listing
Regulations Act and rules framed thereunder.

Further, the Secretarial Auditors have confirmed that
theyare not disqualified to beappointed as the Secretaria-
lAuditors of your Company.

25. CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE ETC.:

The information pertaining to conservation of energy,
technology absorption, foreign exchange earnings and
outgo as required under section 134(3)(m) of the Compa¬
nies Act, 2013 read with rule 8(3) of the Companies
(Accounts) Rules, 2014 is provided in "Annexure-F” to this
Director''s Report.

26. MANAGEMENT DISCUSSION AND ANALYSIS
REPORT:

The Management Discussion and Analysis Report for the
year under review, as stipulated under Regulation 34(2)(e)
read with Part B of Schedule V of the Listing Regulations, is
presented in a separate section forming part of this Annual
Report.

27. BUSINESS RESPONSIBILITY AND SUSTAINABILITY
REPORT:

The Company has provided Business Responsibility and
Sustainability Report ("the BRSR”) pursuant to Regulation
34(2)(f) of the Listing Regulations for the financial year
ended on March 31, 2025 which forms part of this Annual
Report.

28. CREDIT RATING:

Your directors are pleased to inform you that CRISIL has
revised its rating outlook for the financialyear 2024-25 on
the Long-Term Banking Facilities,which was upgraded
from ''CRISIL A-/Positive'' to ''CRISIL A/Stable'' and on the
Short-Term Banking Facilities which was upgraded from
''CRISIL A2 '' to ''CRISIL A1''. This reflects the high degree of
safety regarding timely services of financial obligations.

29. CODE OF CONDUCT:

To comply with the requirements of Regulation 17(5) of the
Listing Regulation, the Company has adopted the Code of
Conduct for Board of Directors and Senior Management
Personnel ("the Code”). All Board members and senior
management personnel have confirmed compliance with
the Code for the financial year 2024-25. A declaration
signed by the Managing Director of the Company to this
effect is placed at the end of this report.

The code requires directors and employees to act honestly,
fairly, ethically and with integrity, conduct themselves in a
professional, courteous and respectful manner. The code is
displayed on the Company''s website at https://www.gopal-
namkeen.com/corporate-governance-policies.

30. POLICIES:

The Company seeks to promote the highest levels of ethical
standards in the normal business transaction guided by
the value system. The SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 mandates
formulation of certain policies for Listed Companies.

The Policies are reviewed periodically by the Board and are
updated based on the need and compliance as per the
applicable laws and rules and amended from time to time.
The policies are available on the website of the Company
athttps://www.gopalnamkeen.com/corporate-gover-
nance-policies.

31. QUALITY PROCESSES:

Your Company remains steadfast in its commitment to
delivering products of the highest quality that meet and
exceed customer expectations. The Company follows a
robust quality management system that is integrated
across all levels of operations - from procurement of raw
materials to manufacturing, packaging, and distribution.

To ensure consistency and compliance with food safety
standards, the Company adheres to internationally
recognized certifications such as FSSAI, FSSC 22000
Version 6 (Food Safety System Certification) and
HACCP (Hazard Analysis and Critical Control Points).
Regular audits, both internal and external, are conducted to
assess process efficiency, hygiene practices, and adher¬
ence to regulatory requirements.

During Financial Year 24-25, the Company undertook
several initiatives to strengthen its quality framework:

• Enhanced automation in quality control
systems to minimize human error and improve precision.

• Implementation of real-time monitoring
mechanisms across production lines.

• Continuous training programs for employees to
reinforce quality consciousness and safety standards.

• Strategic collaboration with suppliers to ensure
consistent sourcing of high-grade raw materials.

Customer feedback and market research are regularly
reviewed to drive process improvements and product
innovation. The Company also benchmarks its practices
against industry leaders to maintain a competitive edge in
quality standards.

Gopal Snacks believes that a strong quality culture not only
ensures customer satisfaction but also contributes
significantly to operational efficiency, brand reputation, and
long-term sustainability

32. LISTING:

The Equity Shares of the Company are listed on the BSE
Limited and National Stock Exchange of India Ltd. Both
these stock exchanges have nationwide trading terminals.
Annual listing fees for the financial year 2025-26 has been
duly paid to the BSE Limited and National Stock Exchange
of India Ltd.

33. POLICY ON SEXUAL HARASSMENT OF WOMEN
AT WORKPLACE:

The Company has zero tolerance towards sexual harass¬
ment at the workplace and towards this end, has adopted a
policy in line with the provisions of Sexual Harassment of
Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the rules made thereunder.

The Company has zero tolerance towards sexual harass¬
ment at the workplace and towards this end, has adopted
a policy in line with the provisions of Sexual Harassment
of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the rules made thereunder.

All employees (permanent, contractual, temporary,
trainees) are covered under the said policy. The Company
has complied with provisions relating to the constitution of
Internal Complaints Committee under the Sexual
Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and it redresses
complaints received on sexual harassment. Following is a
summary of sexual harassment complaints received and
disposed off during the year under review:

• No. of sexual harassment complaints received: NIL

• No. of sexual harassment complaints disposed off: NIL

• No. of sexual harassment complaints pending beyond
90 days: NIL

34. COMPLIANCE WITH MATERNITY BENEFIT ACT, 1961:

The Company has complied with the provisions of the
Maternity Benefit Act, 1961, as amended, and ensures that
all eligible women employees are extended the benefits
and protections mandated under the Act, including paid
maternity leave and other entitlements. The Company also
promotes a gender-inclusive workplace and is committed
to supporting the health and well-being of women
employees through appropriate workplace policies and
practices.

35. HUMAN RESOURCES AND INDUSTRIAL RELATIONS:

Human resources have a significant impact on the
company''slong-term growth as an industry leader in the
FMCG sector. The Company has a workforce of 3049
employees as on March 31, 2025, with people from
different social, economic and geographic
backgrounds.These include 757 female, 2292 male and 0
transgender employees. The Company always believes
that our people are our best assets. Their caliber and
commitment are our inherent strengths. To achieve
excellent business results, a robust talent pool is
required, and the Company is committed to identifying and
preparing successors for key positions within and outside
the organization. The Company strives continuously to
improve employee skills and provide them with the
competitive edge they need to flourish in a dynamic
industry. Richer collaborations and stronger teamwork
have accelerated our pursuit of excellence.

36. ENVIRONMENT AND SAFETY:

Safety pertains to protecting the health and well-being of
employees, visitors, and other stakeholders involved in an
organization''s activities. Occupational health and safety
measures are essential to prevent accidents, injuries, and
illnesses in the workplace. We aim to comply with
applicable health and safety regulations and other
requirements in our operations and have adopted a health
and safety policy that is aimed at complying with legisla¬
tive requirements, requirements of our licenses, approv¬
als, various certifications and ensuring the safety of our
employees and the people working at our facility or under
our management.

37. OTHER DISCLOSURES:

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

1. Issue of equity shares with differential rights as to
dividend, voting or otherwise.

2. Issue of shares (including sweat equity shares) to
employees of the Company under any scheme except
ESOP Scheme referred to in this Report.

3. Buyback of shares.

4. No application was made,or any proceeding is pending
under Insolvency and Bankruptcy Code, 2016.

5. Requirement of one-time settlement with Banks or
Financial Institutions was not applicable.

6. As per the confirmation given by Registrar and Transfer
Agent, the Company has nil shares that remain unclaimed
by the shareholders of the Company. All shares held in
demat form have been duly claimed by the respective
shareholders and hence the Company is not required to
undergo the procedural requirements of Schedule VI of
the SEBI (LODR) Regulations, 2015.

7. The Company has not bought back any of its securities
during the Financial Year ended March 31, 2025.

38. CAUTIONARY STATEMENT:

Statements in the Board''s Report and the Management
Discussion & Analysis Report describing the Company''s
objectives, expectations or forecasts may be forward
looking within the meaning of applicable securities laws
and regulations. Actual results may differ materially from
those expressed in the statement. Important factors that
could influence the Company''s operations include global
and domestic demand and supply conditions affecting
selling prices of raw materials, finished goods, input
availability and prices, changes in government regula¬
tions, tax laws, economic developments within and
outside the country and other various other factors.

39. ACKNOWLDEGEMENTS:

Your directors are highly grateful for all the guidance,
support and assistance received from the Governments of
various states in India, concerned Government depart¬
ments, Financial Institutions and Banks.

Your directors place on record their deep appreciation to
all employees for their hard work, unstinted dedication
and commitment and continued contribution at all levels
in the performance of the Company. Your directors also
take this opportunity to thank all shareholders, suppliers,
distributors, retailers, directors, auditors, Government
and regulatory authorities, for their continued support.

Your directors appreciate the continued co-operation and
support received from its customers that has enabled the
Company to make every effort to understand their unique
needs and deliver maximum customer satisfaction. Your
Board looks forward to their continued support in future.

2. PERFORMANCE OF THE COMPANY:

Your directors are pleased to present to you this first Annual Report of the Company post successful Initial Public Offer and support from all of you. The Company believes in overall growth towards the healthy creation of stakeholders'' value.

During the year ended 31^st March 2024, your Company reported Revenue from Operations for the FY 2023-24 was at H 14024.97 million which is higher than the previous year Revenue from Operations of H 13946.53 million. The Company has reported total Income of H 14,069.08/- million, which in comparison to the previous year''s figures have increased by approximately 0.60%. The Net Profit after tax and OCI is H 993.88/- million as compared to H 1,132.18/-million in previous years have decreased by approximately 12.25%. This decrease is primarily attributed to our strategic investment in enhancing employee development and expanding our marketing efforts. These investments, though resulting in higher overhead costs, such as increased salaries and marketing expenditures, are crucial steps towards achieving long-term growth. By focusing on strengthening our workforce and boosting our brand visibility, we are laying a solid foundation for future growth.

3. INITIAL PUBLIC OFFERING:

The Directors are pleased to inform you that the Initial Public Offer ("the IPO") of 16,216,886 Equity Shares of face value of H 1/- (Rupee One Only) solely through Offer for sale aggregate 6500.00 million by way of book building process, received an overwhelming response from the investors. The issue was opened on March 06, 2024, and closed on March 11, 2024. The issue was oversubscribed by 10.77 times (excluding the Anchor Investor Portion). Allotment was made in different categories viz. 56,48,534 Equity Shares to retail individual investors, 24,20,801 Equity Shares to noninstitutional investors, 80,69,333 Equity Shares to qualified institutional buyers (including 48,36,657 Equity Shares in the Anchor Investor Portion) and 78,218 to Eligible Employee,

The Equity Shares offered through the IPO was at an Issue price of H 401 per Equity Share with an Employee Discount of H 38/- per Equity Share to the Eligible Employees Bidding in the Employee Reservation Portion.

The trading of equity shares of the Company commenced on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) from March 14, 2024.

We are gratified and humbled by the faith shown in the Company by the market participants. We are also grateful to our customers for their trust shown in our capabilities to consistently deliver high-quality services.

4. REPORT ON PERFORMANCE OF SUBSIDIARIES. ASSOCIATES AND JOINT VENTURE COMPANIES:

The Company does not have any Subsidiary, Joint Venture or Associate Company as on March 31, 2024, and therefore provision with respect to Section 129 with respect to Subsidiary, Joint Venture or Associate Company of the Companies Act, 2013 are not applicable to the Company.

5. DIVIDEND:

Your directors are pleased to recommend for the first time in the history of the Company to declare final dividend for the financial year 2023-24 of H 0.25/- per equity share of H1/-each in their meeting held on May 09, 2024 for consideration and approval of the Members at the ensuing Annual General Meeting of the Company and shall be subject to deduction of tax at source. The dividend, if approved, shall be payable to the Members holding shares as on cut-off date i.e. September 21,2024. This decision reflects our commitment to delivering consistent value to our shareholders while maintaining a balanced approach to growth and reinvestment. The dividend payout underscores our strong financial performance and confidence in the Company''s future prospects.

Further, pursuant to Regulation 43A of the Listing Regulations the dividend declared by the Company is in accordance with the Company''s dividend distribution policy and there were no changes in the parameters of the dividend distribution policy of the Company. The Company''s Dividend Distribution Policy is provided in the "Annexure A" forming part of this report and is also available on the Company''s Website at https:// www.gopalnamkeen.com/corporate-governance-policies.

6. TRANSFER TO RESERVES:

During the year the Company has not transferred any amount to General Reserves and the Board of Directors have decided to retain the entire profit of H 995.68/- Million in the Statement of Profit and Loss.

7. ARTICLES OF ASSOCIATION:

During the financial year under review, your Company has altered its Articles of Association. The Board of Directors, in their meeting held on May 05, 2023, and shareholders on May 08, 2023, respectively, adopted a new set of Articles of Association ("the AOA") of the Company in order to conform the requirements and directions of relevant stock exchanges prior to filing of the draft red herring prospectus with the Securities and Exchange Board of India and the relevant stock exchanges.

8. SHARE CAPITAL:

As on March 31, 2024, the Authorized Share Capital of the Company is H 15,00,00,000/- (Rupees Fifteen Crore Only) divided into 15,00,00,000 (Fifteen Crore) Equity Shares of H 1/- each (Rupees One Only) and Issued, Subscribed and Paid-up capital is H 12,46,04,370/- (Rupees Twelve Crore Forty-Six Lakh Four Thousand Three Hundred and Seventy Only) divided into 12,46,04,370 (Twelve Crore Forty-Six Lakh Four Thousand and Three Hundred and Seventy) Equity Shares of face value of H 1/- each.

During the year there is no change in Authorised and Paid Share Capital of the Company.

9. SHARE TRANSFER SYSTEM AND DEMATERIALISATION OF SHARES AND LIQUIDITY:

As on March 31, 2024 - 12,46,04,370 (Twelve Crore Forty-Six Lakh Four Thousand Three Hundred and Seventy) equity shares of the Company i.e. 100% of the total equity shares were held in dematerialised form.

The International Securities Identification Number (''ISIN'') allotted to the Company''s shares under the Depository System is INE0L9R01028. Gopal (the Company) has entered into agreement with both the Depositories i.e., National Securities Depository Limited and Central Depository Services (India) Limited. The equity shares of the Company are frequently traded at BSE Limited and National Stock Exchange of India Ltd.

The detailed information is covered in the Corporate Governance Report forming part of this Annual Report.

10. MATERIAL CHANGES

(A) MATERIAL CHANGES BETWEEN THE DATE OF THE BOARD REPORT AND END OF FINANCIAL YEAR

There have been no material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report.

(B) MATERIAL EVENTS DURING THE YEAR UNDER REVIEW

There were no material events that occurred during the year under review.

(C) SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY''S OPERATIONS IN FUTURE:

During the year no Significant and Material Orders passed by the regulations or Courts or Tribunals impacting the going concern status and Company''s operations in future.

11. THE CHANGE IN THE NATURE OF BUSINESS, IF ANY:

During the year there is no change in the nature of business carried on by the Company during the financial year 2023-24.

12. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:

The provisions of Section 125(2) of the Companies Act, 2013 do not apply as there are no unpaid dividends pending for the Company.

13. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THE COMPANY:

The Company has in place a mechanism to identify, assess, monitor and mitigate various risks to key business objectives. Major risks identified by the businesses and functions are systematically addressed and also discussed at the meetings of the Audit Committee and the Board of Directors of the Company. Safety at work is being followed at all times.

Details of the Risk Management Policy are set out are available at website of the Company at https://www. gopalnamkeen.com/corporate-governance-policies

14. INTERNAL CONTROL SYSTEM:

The Company''s internal controls system has been established on values of integrity and operational excellence and it supports the vision of the Company "To be the most sustainable and competitive Company in our industry". The Company''s internal control systems are commensurate with the nature of its business and the size and complexity of its operations. These are quarterly tested and certified by Statutory as well as Internal Auditors.

The details in respect of internal financial control and their adequacy are included in the Management Discussion and Analysis Report, forming part of this Annual Report.

15. CORPORATE GOVERNANCE:

The Company is committed to following the best Corporate Governance practices, including the requirements under the SEBI Listing Regulations and the Board is responsible for ensuring the same from time to time. The Company has duly complied with the Corporate Governance requirements.

Further, a separate section on Corporate Governance in compliance with the provisions of Regulation 34 of the Listing Regulations read with Schedule V of the said regulations, along with a certificate from a Practicing Company Secretary confirming that the Company is and has been compliant with the conditions stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 forms part of the Annual Report and is annexed hereto as "Annexure B".

16. CORPORATE SOCIAL RESPONSIBILITY:

The Company has a well-defined Policy on Corporate Social Responsibility ("CSR") as per the requirement of Section 135

of the Act. This Policy covers the proposed CSR activities to be undertaken by the Company and ensuring that they are in line with Schedule VII of the Act as amended from time to time.

The Annual Report on the CSR activities are required to be given under Section 135 of the Companies Act, 2013 read with Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 has been provided in "Annexure-C" which is annexed hereto and forms part of this report.

Details of the Policy on Corporate Social Responsibility ("CSR") are set out are available at website of the Company at https://www.gopalnamkeen.com/corporate-governance-policies.

17. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013:

Pursuant to the provisions of section 186 of the Companies Act, 2013, particulars of loans, guarantees and investments made are provided in Financial Statements read together with notes annexed and form an integral part of the financial statements and hence not repeated herein for the sake of brevity.

18. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADEWITH RELATED PARTIES:

All the related party transactions are entered on an arm''s length basis, in the ordinary course of business and are in compliance with the applicable provisions of the Companies Act, 2013 and the Listing Regulations. 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 or which warrants the approval of the shareholders. Accordingly, transactions are being reported in Form AOC-2 i.e. "Annexure D" in terms of Section 134 Companies (Accounts) Rules, of the Act read with Rule 8 of the 2014. However, the details of the transactions with the Related Party are provided in the Company''s financial statements in accordance with the Accounting Standards as applicable to the Company.

All Related Party Transactions are presented to the Audit Committee and the Board. A statement of all related party transactions is presented before the Audit Committee, specifying the nature, value and terms and conditions of the transactions.

Further, prior omnibus approval of the Audit Committee has obtained on an annual basis, for a financial year, for the transactions, which are of foreseen and repetitive in nature. The statement giving details of related party transactions entered into pursuant to the omnibus approval were placed before the Audit Committee for its review. Details of related party transactions are provided in the financial statements and hence not repeated herein for the sake of brevity.

The Related Party Transactions Policy as approved by the Board is uploaded on the Company''s website at https:// www.gopalnamkeen.com/corporate-governance-policies

19. POLICY ON SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:

The Company has zero tolerance towards sexual harassment at the workplace and towards this end, has adopted a policy in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder. All employees (permanent, contractual, temporary, trainees) are covered under the said policy. The Company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and it redresses complaints received on sexual harassment. During the financial year under review, the Company has not received any complaints of sexual harassment from any of the employees of the Company.

20. ANNUAL RETURN:

The Annual Return pursuant to the provisions of Section 92 read with Rule 12 of (Management and Administration)

During the period under review there were following changes

in the composition of Board of Directors of the Company:

• Mr. Rajnikant Chimanlal Diwan (DIN: 10062916) appointed as a Non-Executive - Independent Director of the Company with effect from 05^th May, 2023;

• Mr. Natwarlal Meghjibhai Patel (DIN: 00027540) appointed as a Non-Executive - Independent Director of the Company with effect from 05^th May, 2023;

• Mr. Babubhai Harjibhai Ghodasara (DIN: 08132069) appointed as a Non-Executive - Independent Director of the Company with effect from 05^th May, 2023;

• Mrs. Vijayalakshmi Shalil Suvarna (DIN: 01722538) appointed as a Non-Executive - Independent Director of the Company with effect from 05^th May, 2023;

• Mr. Bipinbhai Vithalbhai Hadvani (DIN: 02858118) was appointed as a Chairman of the Company with effect from 05^th May, 2023;

• Mr. Raj Bipinbhai Hadvani (DIN: 09802257) re-appointed as Whole Time Director & CEO of the Company with effect from 05^th May, 2023

Rules, 2014 is available at the Website of the Company at https://www.gopalnamkeen.com/annual-return

21. DEPOSITS:

The Company has neither accepted nor renewed any Deposits mentioned under section 73 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 during the reporting period.

22. MATTERS RELATED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL:

A. CONSTITUTION OF BOARD:

The constitution of the Board of Directors of the Company is in accordance with Section 149 of the Act and Regulation 17 of the Listing Regulations. Our Board is a balanced Board, comprising of optimum combination of Executive and NonExecutive Directors with at least 1 (One) Woman Independent Director and not less than 50% of the Board of Directors comprise of Independent Directors.

• Mr. Mukesh Kumar Shah appointed as the Chief Financial Officer (CFO) of the Company with effect from 7^th July, 2023; and

• Mr. Harsh Sureshkumar Shah''s (DIN: 06470319) designation changed from Executive Director to Non- Executive Director with effect from 13^th September, 2023;

The appointment of new Directors and Key Managerial Personnel is on the basis of requisite skills, proficiency, experience and competencies as identified and finalised by the Board considering the industry and sector in which the Company operates. The appointments are based on the merits of the candidate and due regard is given to diversity including factors like gender, age, cultural, educational & geographical background, ethnicity, etc. The profile of Directors is available on the website of the Company at https://www.gopalnamkeen.com/board-of-directors.

None of the Directors on the Board of the Company has been debarred or disqualified from being appointed or continuing as director of the Company by the SEBI, Ministry of Corporate Affairs or any other statutory authority and same forms part of Corporate Governance Report.

B. WOMAN DIRECTOR

In terms of the provisions of Section 149 of the Companies Act, 2013 and Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Mrs. Vijayatakshmi Shalil Suvarna (DIN: 01722538), has been appointed as Independent Woman Director on the Board of the Company.

C. DIRECTORS, RETIRING BY ROTATION:

Pursuant to the provisions of Section 152(6) of the Act read with the rules made thereunder and as per the Articles of Association of the Company, Mr. Harsh Sureshkumar Shah (DIN: 06470319) liable to retire by rotation in this 15^th Annual General Meeting and being eligible he has offered himself for re-appointment as Non-Executive-Non-Independent Director of the Company. The Board recommends his re-appointment for your approval.

A brief resume of the Mr. Harsh Sureshkumar Shah being re-appointed, the nature of expertise in specific functional areas, names of companies in which they hold directorships, committee memberships/ chairmanships, their shareholding in the Company, etc., have been furnished in the explanatory statement to the notice of the ensuing Annual General Meeting of the Company.

Mrs. Dakshaben Bipinbhai Hadvani was liable to retire by rotation in the previous Annual General Meeting held on September 04, 2023. Subsequently, the members of the Company approved the re-appointment of Mrs. Dakshaben Bipinbhai Hadvani.

D. DECLARATION OF INDEPENDENT DIRECTORS

The Company has received declarations from all these Independent Directors confirming that they meet with the criteria of independence prescribed under sub-section (6) of Section 149 of the Companies Act, 2013 and read with the Schedules and Rules issued thereunder as well as Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Further, all Independent Directors of the Company have declared that they have complied with the provisions of subrules (1) and (2) of Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014 with respect to inclusion of their names in the data bank of the Indian Institute of Corporate Affairs ("IICA”). The terms and conditions of appointment of Independent Directors can be accessed on the Company''s web link

E. DIRECTORS RESPONSIBILITY STATEMENT:

In terms of Section 134(3)(c) read with Section 134(5) of the Companies Act, 2013 The Board of Directors of the Company hereby confirms:

i. That in the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material departure.

ii. That the selected accounting policies were applied consistently, and the Directors 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 of 31^st March, 2024, and that of the profit of the Company for the year ended on that date;

iii. That proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv. That the annual accounts have been prepared on a going concern basis.

v. The Board has laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and

vi. The directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

F. NUMBER OF BOARD MEETINGS AND GENERAL MEETING CONDUCTED DURING THE YEAR UNDER REVIEW:

During the financial year, the Board met Nine (9) times on

04.04.2023, 05.05.2023, 07.07.2023, 31.08.2023, 07.1 1.2023, 21.1 1.2023, 27.02.2024, 28.02.2024 and 11.03.2024. The details of board meetings and the attendance of the Directors are provided in the Corporate Governance Report, forming part of this Annual Report.

Further during the financial year 2023-24 Annual General Meeting was held on 04.09.2023 and One Extra Ordinary General Meetings was held dated 08.05.2023.

G. AUDIT COMMITTEE:

The composition of the Audit Committee is in conformity with the provisions of the Section 177 of the Companies Act, 2013 and pursuant to Regulation 18 of the Listing Regulations. The Audit Committee comprises of:

The Role of the Committee is provided in the Corporate Governance Report. The Audit Committee Met 7 (Seven) times in the financial year i.e., 07.07.2023, 31.08.2023, 07.11.2023,

21.11.2023, 27.02.2024, 28.02.2024 and 11.03.2024. All the recommendations made by the Audit Committee during the year were accepted by the Board.

The details of audit committee meetings and the attendance of the Directors are provided in the Corporate Governance Report, forming part of this Annual Report

H. STAKEHOLDERS RELATIONSHIP COMMITTEE:

Pursuant to Section 178 of the Companies Act, 2013, and Regulation 20 of the Listing Regulations the Stakeholder''s Relationship Committee constituted by the Board of Directors. The Stakeholder Relationship Committee comprises of:

Stakeholders Relationship Committee met 1 (one) time during the Financial Year i.e., 18.03.2024. The details of the status of grievances received from various stakeholders during the financial year are furnished in the Corporate Governance Report.

The details of Stakeholder''s Relationship Committee meetings and the attendance of the Directors are provided in the Corporate Governance Report, forming part of this Annual Report.

I. NOMINATION AND REMUNERATION COMMITTEE AND EVALUATION POLICY:

The Nomination & Remuneration Committee of Directors have approved a policy for selection, appointment and remuneration of Directors which inter-alia requires that composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors, KMP and Senior Management Employees and the Directors appointed shall be of high integrity with relevant expertise and experience so as to have diverse Board and the Policy also lays down the positive attributes/ criteria while recommending the candidature for the appointment as Director.

The composition of the Nomination and Remuneration Committee is in conformity with the provisions of the Section 178 of the Companies Act, 2013 and pursuant to Regulation 19 of the Listing Regulations.

The Nomination and Remuneration Committee comprises:

The Committee met 3 (Three) times in the financial year i.e.,

06.07.2023, 31.08.2023 and 10.02.2024.

Details of the Nomination and Remuneration and Evaluation Policy are set out are available at website of the Company at https://www.gopalnamkeen.com/corporate-governance-policies

During the period under review, the Committee met 1 (one) time during the Financial Year i.e., 31.08.2023.

The Company has adopted its Corporate Social Responsibility Policy ("the CSR Policy") in line with the provisions of the Act. The CSR Policy deals with objectives, scope/areas of CSR activities, implementation and monitoring of CSR activities, CSR budget, reporting, disclosures etc. The CSR policy is available on the website of the Company at https://www. gopalnamkeen.com/corporate-governance-policies

The details of CSR Committee meetings and the attendance of the Directors are provided in the Corporate Governance Report, forming part of this Annual Report.

L. IPO COMMITTEE:

Your Company has an IPO Committee for undertaking various legal, statutory and procedural facilities including but not limited to appointment of various intermediaries, filing the draft red herring prospectus ("DRHP"), the red herring prospectus ("RHP") and the prospectus in relation to the Offer ("Prospectus") with the Securities and Exchange Board of India ("SEBI"), the stock exchanges where the Equity Shares of the Company are proposed to be listed, and the Registrar of Companies, Gujarat at Ahmedabad ("RoC") or any other statutory agencies or relevant authorities as may be required and other matters incidental thereto.

The IPO Committee comprises of:

During the period under review, the Committee met 9 (nine) times during the Financial Year i.e., 30.08.2023, 21.11.2023, 19.02.2024, 26.02.2024, 27.02.2024, 29.02.2024, 05.03.2024, 11.03.2024 and 12.03.2024.

The details of IPO Committee meetings and the attendance of the Directors are provided in the Corporate Governance Report, forming part of this Annual Report.

M. INDEPENDENT DIRECTOR''S MEETING:

During the year under review, the Independent Directors (ID) met on February 29, 2024, without the attendance of NonIndependent Directors and members of the management.

The details of Independent Director''s (ID) meetings and the attendance of the Directors are provided in the Corporate Governance Report, forming part of this Annual Report.

N. PERFORMANCE EVALUATION BY THE BOARD:

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the Board has carried out annual performance evaluation of its own performance, the Directors individually as well as the evaluation of all Committees of the Board for the year under review. More details on the same are given in the Annexure to Corporate Governance Report.

The evaluation framework for assessing the performance of Directors comprises of the following key areas:

i. Attendance of Board Meetings and Board Committee Meetings.

ii. Quality of contribution to Board deliberations.

iii. Strategic perspectives or inputs regarding future growth of Company and its performance.

iv. Providing perspectives and feedback going beyond information provided by the management.

v. Commitment to shareholder and other stakeholder interests.

vi. The evaluation involves Self-Evaluation by the Board Member and subsequently assessment by the Board of Directors. A member of the Board will not participate in the discussion of his / her evaluation.

O. FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS:

The familiarization programme aims to provide Independent Directors with the Food industry scenario, the socioeconomic environment in which the Company operates, the business model, the operational and financial performance of the Company, significant developments so as to enable them to take well informed decisions in a timely manner. The familiarization programme also seeks to update the Directors on the roles, responsibilities, rights and duties under the Act and other statutes. The policy on Company''s familiarization programme for Independent Directors is posted on Company''s website at https://www.gopalnamkeen.com/corporate-governance-policies along with the Familiarization programme for F.Y 2023-2024 along with the hours spent on the Programme.

P. SECRETARIAL STANDARDS:

The Company has complied with Secretarial Standard on Meetings of the Board of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2) issued by the Institute of Company Secretaries of India.

23. PARTICULARS OF EMPLOYEE AND THEIR MEIDIAN OF REMUNERATION

The information required under Section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are disclosed in the ‘Annexure E''.

24. PARTICULARS OF EMPLOYEE STOCK OPTION SCHEME

Employees'' Stock Options represent a reward system based on the overall performance of the individual employee and the Company. The Company has framed Gopal Snacks Limited - Employee Stock Option Scheme, 2023 (the "ESOP Schemes") pursuant to the approval of the Board of Directors and members of the Company in their meeting held May 05,

2023 and May 08, 2023, respectively, with a view to attracting and retaining the best talent, encouraging employees to align individual performance with Company''s objectives, and promoting increased participation by them in the growth of the Company. ESOP Schemes has 12,00,000 (Twelve Lakh) options convertibles into equity shares. Further, to align ESOP Schemes with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 ("the SEBI SBEB & SE Regulations"), based on the recommendation made by the Nomination and Remuneration Committee and the Board of Directors in their meeting held on 10^th February, 2024, the members of the Company will propose to approve the ratification of ESOP Schemes in the ensuing General Meeting.

Summary of ESOP Schemes as on March 31,2024 is as under:

Disclosure with respect to Compliance to Section 62 of the Act read with rule 12 (9) of the Companies (Share Capital and Debentures) Rules, 2014 is provided in the "Annexure F". The disclosures as required under Regulation 14 of the SEBI SBEB & SE Regulations have been placed on the website of the Company https://www.gopalnamkeen.com

25. VIGIL MECHANISM POLICY FOR DIRECTORS AND EMPLOYEES:

The Board of Directors of the Company has, pursuant to the provisions of Section 177(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014, framed "Whistle Blower Policy" for Directors and employees of the Company to provide a mechanism which ensures adequate safeguards to employees and Directors from any victimization on raising of concerns of any violations of legal or regulatory requirements, incorrect or misrepresentation of any, financial statements and reports, etc.

The Company has also provided direct access to Chairman of Audit Committee on reporting issues concerning the interests of co-employees and the Company. The Vigil Mechanism Policy is available at the website of the Company: https:// www.gopalnamkeen.com/corporate-governance-policies. No instance under the Whistle Blower Policy was reported during the financial year 2023-24.

26. PUBLIC DEPOSITS:

During the year under review, your Company has not accepted any public deposits within the meaning of Section(s) 73 to 76 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

27. AUDITORS AND AUDITORS REPORT:

A. STATUTORY AUDITOR:

M/s. Maheshwari & Co., Chartered Accountants (FRN 105834W), as Statutory Auditors of the Company pursuant to the provisions of Sections 139(8) of the Companies Act, 2013 was appointed as the Statutory Auditor of the Company vide the ordinary resolution passed at the 13^th Annual General Meeting held on November 12, 2022, to hold office for five-years tenure from the year 2022-23 up to the year 2026-27 until the conclusion of the 18^th Annual General Meeting to be held in the calendar year 2027, at such remuneration as fixed by the Board of Directors of the Company.

Pursuant to Section 139 and 141 of the Act and relevant Rules prescribed there under, the Statutory Auditors have confirmed that they are not disqualified from continuing as Auditors of the Company.

B. STATUTORY AUDITOR''S REPORT:

The Auditors'' Report is unqualified. The Notes to the Accounts referred to in the Auditors'' Report are self-explanatory and therefore do not call for any further clarifications under Section 134(3)(f) of the Companies Act, 2013.

Further all other notes on Accounts in Auditors Report are self- explanatory and therefore, in the opinion of the Board, do not require any specific comment.

During the year under review, no instance of fraud was reported by the Statutory Auditor of the Company in their Audit Report under Section 143(12) of the Act, therefore no detail is required to be disclosed under Section 134 (3) of the Act.

C. INTERNAL AUDIT REPORT AND INTERNAL AUDITOR:

In accordance with the provisions of section 138 of the Act and rules made thereunder, the Board of Directors of the Company has appointed M/s. SPML & Associates, Chartered Accountants (FRN 136549W), as Internal Auditor of the Company for Financial Year 2023-2024. During the year, the Company continues to implement their suggestions and recommendations to improve the control environment. Their scope of work includes review of process for safeguarding the assets of the Company, review of operational efficiency, effectiveness of systems and processes, and assessing the internal control strength in all areas. Internal Auditors findings are discussed with the process owners and suitable corrective actions taken as per the directions of Board on an ongoing basis to improve efficiency in operation.

During the year under review, no instance of fraud was reported by the Internal Auditor of the Company in their Audit Report under Section 143(12) of the Act, therefore no detail is required to be disclosed under Section 134 (3) of the Act.

The Board appoints M/s. Haribhakti & Co. LLP, Chartered Accountants, (FRN: 103523W) Internal Auditor of the Company will also carry out Internal Audit of the Company for the financial year 2024-25.

D. COST RECORDS AND COST AUDIT

Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Companies Act, 2013 is not applicable to your Company.

E. SECRETARIAL AUDITOR:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, M/s. S.K. Joshi and Associates (ICSI Unique Code: P2008RJ064900), Company Secretaries was appointed to undertake the secretarial audit of the Company for the financial year ended 31^st March, 2024. The Report of the Secretarial Auditor for the financial year ended 31^st March, 2024 is given in Annexure-"G" which is annexed hereto and forms part of the Board''s Report. There are no qualification or observation or adverse remark in the Secretarial Audit Report.

28. STATUTORY STATEMENT:

A. CONSERVATION OF ENERGY-TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE ETC:

The information pertaining to conservation of energy, technology absorption, Foreign exchange Earnings and outgo as required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is "Annexure-H" to Director''s Report.

B. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:

There were no material changes and commitments affecting the financial position of the Company which occurred between the end of the financial year to which this financial statement relates and the date of this Report. As such, no specific details are required to be given or provided.

29. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Management Discussion and Analysis Report for the year under review, as stipulated under Regulation 34(2)(e) read with Part B of Schedule V of the Listing Regulations, is presented in a separate section forming part of this Annual Report is given in "Annexure-I"

30. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT:

The Company has provided Business Responsibility and Sustainability Report ("the BRSR") pursuant to Regulation 34(2)(f) of the Listing Regulations for the financial year ended on March 31, 2024, which forms part of this Annual Report is given in "Annexure-J".

31. INTERNAL FINANCIAL CONTROLS:

The Company has maintained adequate financial control system, commensurate with the size, scale and complexity of its operations and ensures compliance with various policies, practices and statutes in keeping with the organization''s pace of growth and increasing complexity of operations.

32. CREDIT RATING:

Your directors are pleased to inform you that, CRISIL has reaffirmed its rating outlook for the financial year 2023-24 on the Long Term Banking Facilities to "positive" and also reaffirmed the rating to "CRISIL A-" and Short Term Banking Facilities also reaffirmed to "CRISIL A2 ". This reflects the high degree of safety regarding timely services of financial obligations.

33. CODE OF CONDUCT:

To comply with the requirements of Regulation 17(5) of the Listing Regulation, the Company has adopted the Code of Conduct for Board of Directors and Senior Management Personnel ("the Code"). All Board members and senior management personnel have confirmed compliance with the Code for the year 2023-24. A declaration signed by the Managing Director of the Company to this effect is placed at the end of this report.

The code requires directors and employees to act honestly, fairly, ethically and with integrity, conduct themselves in a professional, courteous and respectful manner. The code is displayed on the Company''s website at https://www. gopalnamkeen.com/corporate-governance-policies.

34. POLICIES:

The Company seeks to promote the highest levels of ethical standards in the normal business transaction guided by the value system. The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandates formulation of certain policies for Listed Companies. The Policies are reviewed periodically by the Board and are updated based on the need and compliance as per the applicable laws and rules and amended from time to time. The policies are available on the website of the Company at https://www. gopalnamkeen.com/corporate-governance-policies.

35. QUALITY PROCESSES:

Your Company continued its efforts at improving quality of its products to ensure delivery of superior, safe and compliant products to its consumers.

Your Company continued the journey to excel in food safety and quality delivery to provide delightful, safe and compliant products to consumers in every pack. The Company has developed sustainable systems and processes for ensuring the highest standards of food safety and hygiene.

36. LISTING:

The Equity Shares of the Company are listed on the BSE Limited and National Stock Exchange of India Ltd. Both these stock exchanges have nation-wide trading terminals. Annual listing fees for the financial year 2023-24 have been duly paid to the BSE Limited and National Stock Exchange of India Ltd.

37. HUMAN RESOURCES / INDUSTRIAL RELATIONS:

Human resources have a significant impact on the company''s long-term growth as an industry leader in the FMCG sector. The Company has a workforce of 3397 employees as on March 31,2024 with people from different social, economic and geographic backgrounds. The Company always believes that our people are our best assets. Their caliber and commitment are our inherent strengths. To achieve excellent business results, a robust talent pool is required and GSL is committed to identifying and preparing successors for key positions within and outside the organization. The Company strives continuously to improve employee skills and provide them with the competitive edge they need to flourish in a dynamic industry. Richer collaborations and stronger teamwork have accelerated our pursuit of excellence.

38. ENVIRONMENT AND SAFETY:

Safety pertains to protecting the health and well-being of employees, visitors, and other stakeholders involved in an organization''s activities. Occupational health and safety measures are essential to prevent accidents, injuries, and illnesses in the workplace. We aim to comply with applicable health and safety regulations and other requirements in our operations and have adopted a health and safety policy that is aimed at complying with legislative requirements, requirements of our licenses, approvals, various certifications and ensuring the safety of our employees and the people working at our facility or under our management.

39. OTHER DISCLOSURES:

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

1. Issue of equity shares with differential rights as to dividend, voting or otherwise.

2. Issue of shares (including sweat equity shares) to employees of the Company under any scheme except ESOP Schemes referred to in this Report.

3. Buyback of shares.

4. No application was made or any proceeding is pending under Insolvency and Bankruptcy Code, 2016.

5. Requirement of one-time settlement with Banks or Financial Institutions was not applicable.

6. As per the confirmation given by Registrar and Transfer Agent, the Company has nil shares that remain unclaimed by the shareholders of the Company. All shares held in demat form has been duly claimed by the respective shareholders and hence the Company is not required to undergo the procedural requirements of Schedule VI of the SEBI (LODR) Regulations, 2015.

Pursuant to Regulation 27 of (Listing Obligation and Disclosure Requirements), Regulations 2015, report on Corporate Governance.

40. CAUTIONARY STATEMENT:

Statements in the Board''s Report and the Management Discussion & Analysis describing the Company''s objectives, expectations or forecasts may be forward looking within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed in the statement. Important factors that could influence the Company''s operation include global and domestic demand and supply conditions affecting selling prices of Raw Materials, Finished Goods, input availability and prices, changes in government regulations, tax laws, economic developments within and outside the country and other various other factors.

41. ACKNOWLDEGEMENTS:

Your directors are highly grateful for all the guidance, support and assistance received from the Governments of various states in India, concerned Government departments, Financial Institutions and Banks.

Your directors place on records their deep appreciation to all employees for their hard work, unstinted dedication and commitment and continued contribution at all levels in the performance of the Company. Your directors also take this opportunity to thank all shareholders, suppliers, distributors, retailers, directors, auditors, Government and regulatory authorities, for their continued support.

Your directors appreciate the continued co-operation and support received from its customers that has enabled the Company to make every effort to understand their unique needs and deliver maximum customer satisfaction. Your Board looks forward to their continued support in future.

ON BEHALF OF THE BOARD FOR GOPAL SNACKS LIMITED

(Formerly known as Gopal Snacks Private Limited)

Bipinbhai Vithalbhai Hadvani

DATE: August 30, 2024 CHAIRMAN & MANAGING DIRECTOR

PLACE: RAJKOT DIN: 02858118