The Board presents 06^th Annual Report of the Company ‘MAXVOLT ENERGY INDUSTRIES LIMITED'
on the business and operations of the Company together with the Audited Financial Statements for
the financial year ended on March 31, 2025 (“the year under review” or “the year” or “FY 2024-25”).
The performance of the Company has been referred to whenever required.

This report is in accordance with the applicable provisions of the Companies Act, 2013 (“the Act”).

1. Standalone Financial Results:

The financial highlights are set out below: (In f Lakhs)

2. State of the Company's Affairs/Review of Operations

During the financial year 2024-25, total revenue increased to ^ 10746.62 (Amt in Lakhs) against ^
4837.15 (Amt in Lakhs) in the previous year, thereby registering an increase of total revenue by
122.17%. The Profit after tax (PAT) for the current year has increased to ^1011.68 against ^
520.83 Lakhs in the previous year, thereby registering an increase in Profit after tax by 94.24%.

The company is taking effective steps to improve the performance of the Company through growth
in revenue, managing costs, strategic marketing, increasing brand awareness and brand equity
through advertising campaigns etc.

3. Dividend

In order to conserve cash and ensure liquidity for the operations, the Board of Directors decided
not to recommend any dividend to the shareholders for the Financial Year 2024-25.

4. Share Capital

During the year under review, there have been changes in the Share Capital of the Company:

• Issue of equity shares: During the year under review, the Company made its Initial Public
Offering (IPO) of 24,00,000 equity shares of face value ^10 each at an issue price of ^180 per
share. The IPO was successfully completed, and the equity shares of the Company were listed
on the SME Platform with effect from February 19, 2025. Pursuant to the IPO, the paid-up
share capital of the Company increased to ^10,90,39,280.

• Issue of Bonus shares: The Company has not issued bonus shares during the period under
review.

• Issue of employee stock options: The Company has not issued any employee stock option
during the period under review.

• Provision of money by the company for purchase of its own shares by employees or
by trustees for the benefit of employees: The Company has not made any provision for
purchase of its own shares by employees or by trustees for the benefit of employees.

5. Reserves

During the Financial Year under review, the Board of Directors have recommended to transfer
entire amount of profit to reserves for the further expansion of the business. Hence, the amount of
profit for the financial year under review has been carried forward to the Reserve account.

6. Management Discussion and Analysis

A separate section on Management Discussion and Analysis Report (“MD&A”) is included in the
Annual Report as required under Regulation 34(2)(e) of the Listing Regulations.

7. Directors

In terms with the requirements of the Listing Regulations, the Board has identified core skills,
expertise and competencies of the Directors in the context of the Company's businesses.

All the Directors have affirmed that they have complied with the Company's Code of C onduct &
Ethics.

Further, in terms with Section 150 of the Companies Act, 2013 (“Act”) read with Rule 6 of the
Companies (Appointment and Qualifications of Directors) Rules, 2014, Independent Directors of
the Company have confirmed that they have registered themselves with the databank maintained
by the Indian Institute of Corporate Affair. The Independent Directors who were required to clear
the online proficiency self-assessment test have passed the test.

Director's retiring by Rotation

Shri. Bhuvneshwar Pal Singh (DIN: 07645099), Managing Director, retires by rotation and being
eligible, offers himself for re-appointment. Your directors commend his re-appointment. Brief
resume of Director being re-appointed as required by the SEBI (LODR) Regulations, 2015 and
Secretarial Standard on General Meetings are provided in the Annexure to the Notice convening
the AGM of the Company.

Declaration by Independent Directors

All Independent Directors have given declaration that they meet the criteria of independence as
laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of SEBI
(LODR) Regulations, 2015.

Company's Policy on appointment and remuneration of Directors
Appointment / Cessation of Independent Directors

All Independent Directors of the Company are appointed for a term of 5 year, i.e. Ms. Kavita Dixit
and Mr. Preet Kumar were appointed from April 10, 2024 and holds office upto April 09, 2029 and
Mr. Ajay Kumar was appointed from September 11, 2024 and hold office upto September 10, 2029.

During the period under review, Ms. Neha Yadav (DIN: 10585638), Independent Director of the
Company, resigned from the Board with effect from September 02^nd, 2024, due to other
professional engagements.

The Board places on record its sincere appreciation for the valuable guidance and contributions
made by Ms. Neha Yadav during their tenure as an Independent Director of the Company.

The Company has received confirmation from the said director that there were no other material
reasons for resignation other than those mentioned in the resignation letter.

Criteria for appointment of Independent Directors

The Independent Directors shall be of high integrity with relevant experience and expertise in the
fields of manufacturing, research and development, innovations, marketing, finance, taxation, law,
governance and general management, so as to have a diverse Board.

Criteria for appointment of Managing Directors/Whole Time Directors

The Nomination and Remuneration Committee shall identify persons of integrity who possess
relevant experience and expertise particularly in the Lithium battery, leadership qualities required
for the position and shall take into consideration recommendation, if any, received from any
member of the Board.

Remuneration Policy

The Company follows a policy on remuneration for Directors and Senior Management Employees,
details of the same are given in the Corporate Governance Report.

Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and the Listing Regulations, the Nomination
and Remuneration Committee has laid down the criteria for evaluation of the performance of
Individual Director, the Board as a whole and also the Secretarial Department. Evaluation of
performance is undertaken annually.

The performance evaluation of the Chairman and the Non-Independent Directors was carried out
by the Independent Directors through which the performance of the Board as a whole was also
evaluated and the performance of the Secretarial Department was also reviewed. The Company
has implemented a system of evaluation on the basis of a structured questionnaire which
comprises evaluation criteria taking into consideration various performance related aspects. The
performance evaluation of the Independent Directors was carried out by the entire Board
(excluding the Director being evaluated).

The Directors expressed their satisfaction with the evaluation process.

8. Number of Board Meeting

The Board of Directors met 25 (Twenty-Five) times during the year, the details of which are
provided in the Corporate Governance Report.

9. Committees of the Board

The Board has the following Committees:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders' Relationship Committee

4. Corporate Social Responsibility Committee

10. Directors' Responsibility Statement:

As stipulated under Section 134(3)(c) of the Companies Act, 2013, your Directors confirm as
under:-

i) that in the preparation of the accounts for the financial year ended March 31, 2025, the
applicable accounting standards have been followed along with proper explanation relating to
material departure, if any.

ii) that the Directors have selected such accounting policies and applied them consistently and
made judgments and estimates that were reasonable and prudent so as to give a true and fair view
of the state of affairs of the Company as of March 31, 2025 and of the profit of the Company for the
year under review.

iii) that the Directors have taken proper and sufficient care for 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 Directors have prepared the accounts for the financial year on going concern basis.

v) the Directors have laid down internal financial controls, which are adequate and were operating
effectively.

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.

11. Internal Financial Control System

Your Company has in place an adequate internal financial control system, commensurate with the
size and complexity of its operations. Necessary checks and controls are in place to ensure that all
assets are safeguarded, to detect and prevent errors and frauds and that the transactions are
properly verified, adequately authorized, correctly recorded and properly reported. The Statutory
Auditors/Internal Auditor of the Company Conduct Audit of various departments to ensure that
internal controls are in place and submit Reports to the Audit Committee. The Audit Committee
regularly reviews these Reports and the Company when needed takes corrective actions.

The Statutory Auditors also audit the effectiveness of the Company's internal financial control
system. No inefficiencies were reported.

12. Human Resources

The company's Human Resources (HR) management practices ensure fair and reasonable
processes that are compliant with regulatory and governance requirements. The company has
developed a management framework that focuses on holistic growth of employees and aids them
with tools that help in continuously learning and the development of new skills.

As a growing enterprise, the company's HR policies and Industry-leading remuneration practices
aim to attract and retain top talent, thus supporting the company's long-term strategy and driving
a sustainable performance.

Finding, retaining and developing the right talent has always been a core strategy in order to
maintain high-productivity and a value-driven organizational culture. The company finds it
imperative to follow policies and regulations that produce an unbiased and safe working
environment.

In the last fiscal year, the company focused on building systems and tolls that help track career
paths, provide guidance to develop new skills, educate employees on varied topics and recognize
and reward top performer.

13. Extract of Annual Return

Pursuant to Section 92(3) of the Act, the Annual Return for the Financial Year ended on
31^st March 2025 shall be uploaded on the website of the Company and can be accessed through the
link https:/www.maxvoltenergy.com.

14. Public Deposits

During the year under review, your Company has neither invited nor accepted any fixed deposits
from the public within the meaning of Section 73 of the Companies Act, 2013 read with the
Companies (Acceptance of Deposits) Rules, 2014 and there were no unclaimed deposits or interest
thereon as on March 31, 2025

15. Particulars of Loans, Guarantees and Investments

During the year, the Company has neither provided any loan or guarantees nor invested in any
security under section 186 of the Companies Act, 2013.

16. Subsidiaries/ Joint Ventures/Associates

The Company has not Subsidiary / Joint Ventures (JV's) and Associate Companies within the
meaning of Section 2(6) of the Companies Act, 2013.

17. Related Party Transactions

All related party transactions that were entered into during the financial year were in the ordinary
course of business and were on an arm's length basis. There are no materially significant related
party transactions entered into by the Company with Promoters, Directors, Key Managerial
Personnel or other related parties which may have a potential conflict with the interest of the
Company at large.

During the year, the Company has not entered into related party transactions which could be
considered as material in accordance with the Policy on Related Party Transactions of the
Company. Accordingly, the disclosure of related party transactions as required under Section
134(3)(h) of the Companies Act, 2013 in Form AOC -2 is not applicable to your Company.

All related party transactions for the year are placed before the Audit Committee as well as before
the Board for approval. The transactions entered into with related parties are reviewed on a
quarterly basis by the Audit Committee.

The Policy on Related Party Transactions as approved by the Audit Committee and Board is
uploaded on the Company's website at the link:

https://www.maxvoltenergy.com/assets/pdf/policy/policy-on-materiality-of-related-party-

transactions-e17.pdf.

18. Vigil Mechanism / Whistle Blower Policy

The Company has framed a Whistle Blower Policy to deal with instances of fraud and
mismanagement, if any. The Policy is posted on the Company's website at the link
https://www.maxvoltenergy.com/assets/pdf/policy/vigil-mechanism-and-whistler-blower-
policy-a68.pdf.

19. Risk Management & Internal Control System and their Adequacy
Risk Management

In line with the regulatory requirements, the Company has framed a Risk Management Policy to
identify and assess the key business risk areas and to put in place a mechanism for mitigation of
risk. A detailed exercise is being carried out at regular intervals to identify, evaluate, manage and
monitor all business risks. The Risk Management Committee as well as the Board periodically
reviews the risks and suggests steps to be taken to control and mitigate the same through a
properly defined framework.

Internal control system & their adequacy

Internal financial controls are an integral part of the risk management process, addressing
financial and financial reporting risks. The internal financial controls have been documented and
embedded in the business processes. The Company has laid down internal financial controls,
through a combination of entity level controls, process level controls and IT general controls, inter-
alia, to ensure orderly and efficient conduct of business, including adherence to the Company's
policies and procedures, accuracy and completeness of accounting records and timely preparation
and reporting of reliable financial statements/information, safeguarding of assets, prevention and
detection of frauds and error.

The Company maintains appropriate systems of internal controls, including monitoring
procedures, to ensure that all assets and investments are safeguard against loss from unauthorized
use or disposition. Company policies, guidelines and procedures provide for adequate checks and
balances and are meant to ensure that all transactions are authorized, recorded and reported
correctly.

20. Significant and material orders passed by Regulators or Courts

During the period under review, the Company successfully completed its Initial Public Offering
(IPO) and was listed on the SME Platform with effect from February 19, 2025, after obtaining
requisite approvals from the Securities and Exchange Board of India (SEBI), Stock Exchange, and
other relevant authorities.

Other than the approvals received in the ordinary course of listing, no significant or material
orders were passed by any Regulators, Courts, or Tribunals which would impact the going concern
status or future operations of the Company.

21. Material changes and commitments after the end of financial year

After the end of the financial year, there have been the following material changes and
commitments which may affect the financial position of the Company:

The Company successfully completed its Initial Public Offering (IPO) and was listed on the SME
Platform with effect from February 19, 2025. Through the IPO, the Company raised ^54 Crores by
way of fresh issue of equity shares and by way of offer for sale. The proceeds of the IPO are being
utilized as per the objects stated in the offer document/prospectus.

Other than the above, there have been no material changes or commitments affecting the financial
position of the Company between the end of the financial year and the date of this report

22. Conservation of Energy, Technology absorption and foreign exchange earnings and
outgo

Information pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of The
Companies (Accounts) Rules, 2014, is given in Annexure -I to this Report.

23. Corporate Social Responsibility

The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the
initiatives undertaken by the Company on CSR activities during the year are set out in Annexure -
II to this Report in the format prescribed in the Companies (Corporate Social Responsibility Policy)
Rules, 2014. The Policy is available on the Company's website at the link
https://www.maxvoltenergy.com/assets/pdf/policy/csr-policy-444.pdf.

24. Auditors
Statutory Auditors

During the period under review, M/s. S. Yadav & Company, Chartered Accountants (Firm
Registration No. 019841C), who has served their resignation w.e.f. October 10, 2024, due to pre¬
occupation in other assignments. The Board of Directors places on record their sincere
appreciation for the professional services rendered by M/s. S. Yadav & Company during their
tenure.

To fill the resultant casual vacancy, the Board of Directors, at its meeting held on October 11^th 2024,
appointed M/s. A T K & Associates, Chartered Accountants (Firm Registration No. 18918C), as
the Statutory Auditors of the Company under Section 139(8) of the Companies Act, 2013, subject
to approval of the members at the ensuing General Meeting.

Subsequently, the members approved the appointment of M/s. A T K & Associates, Chartered
Accountants (Firm Registration No. 18918C) at the Extraordinary General Meeting held on
October 15^th, 2024, to hold office from the date of such meeting until the conclusion of the 6th
Annual General Meeting.

M/s. A T K & Associates, Chartered Accountants (Firm Registration No. 18918C) appointed till
the conclusion of the ensuing Annual General Meeting. Based on the recommendation of the Audit
Committee, the Board of Directors, at its meeting held on 27^th of August 2025, has proposed the
re-appointment of M/s. A T K & Associates, Chartered Accountants (Firm Registration No.
18918C), as Statutory Auditors of the Company for a term of 5 [five] consecutive years, from the
conclusion of the ensuing 6^th AGM till the conclusion of the 11^th AGM, subject to approval of the
members of the Company.

M/s. A T K & Associates, Chartered Accountants (Firm Registration No. 18918C) have
confirmed their eligibility under Section 141 of the Companies Act, 2013 and that they are not
disqualified to be appointed as Statutory Auditors under the provisions of the said Act and rules
made thereunder.

The Statutory Audit Report for the financial year ended March 31, 2025, issued by M/s. A T K &
Associates, Chartered Accountants (Firm Registration No. 18918C), does not contain any
qualification, reservation, or adverse remark.

Auditor

As per the provisions of Section 138 of the Companies Act, 2013 and Rule 13 of the Companies
(Accounts) Rules, 2014, the Company has appointed M/s. S. Yadav & Company, Chartered
accountants (Firm Registration No. 019841C), as the Internal Auditor of the Company for the
financial year 2025-26.

The Internal Auditor periodically reviews the internal control systems and the operational
efficiency of the Company and submits their reports to the Board. The Board reviews the findings
and takes appropriate corrective actions wherever necessary.

The Internal Audit function ensures transparency, regulatory compliance, and strengthens the risk
management framework of the Company.

Cost Auditors

During the period under review, the Company has triggered the provisions of Section 148 of the
Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014 framed
thereunder, to appoint the Cost Auditor of the Company to conduct the audit of cost records of the
Company. The Board of Directors, on the recommendation of the Audit Committee, have appointed
M/s. PK & Associates, Cost Accountants (Firm Registration No.: 001452), as the Cost Auditor of
the Company for the Financial Year 2025-26, to conduct the audit of cost records of the Company.

In accordance with the provisions of Section 148(3) of the Act, the remuneration payable to the
Cost Auditor is required to be ratified by the members of the Company. A resolution seeking
members' approval for the remuneration payable to them forms part of the Notice convening the
AGM.

Further, the Cost Auditor has confirmed their independence and eligibility under Section 141 of
the Companies Act, 2013.

Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had
appointed Rohit Verma, Company Secretary to undertake Secretarial Audit for the financial
year 2024-25. The Secretarial Audit Report is annexed herewith as Annexure - III. There is no
secretarial audit qualification for the year under review.

During the year under review, the Company has complied with the applicable Secretarial
Standards issued by the Institute of Company Secretaries of India.

The Board of Directors have appointed Rohit Verma, Company Secretary as Secretarial Auditors
of the Company to conduct Secretarial Audit for a period of 5 (five) consecutive years from the
conclusion of the 06th AGM till the 11^th AGM i.e. FY 2025-26 to FY 2029-30. Resolution seeking
members' approval forms part of the Notice convening the AGM.

25. Particulars of Employees

The information required pursuant to Section 197(12) of the Companies Act, 2013, read with Rule
5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is
attached as Annexure -IV. In terms of the provisions of Section 197(12) of the Act read with subrule
(2) and (3) of Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, a statement showing the norms and other particulars of employees drawing
remuneration in excess of the limits set out in the said Rules are provided in the Report. However,
having regard to the provisions of the first proviso to Section 136(1) of the Companies Act, 2013
the details are excluded from the Report sent to member. The required information is available for
inspection at the registered office/ corporate office and the same shall be furnished on request.

26. Change In the Nature of Business, If Any

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

2 7. Business Responsibility and Sustainability Report (BRSR)

Regulation 34(2)(f) of the SEBI (LODR) Regulations, 2015, mandates the Business Responsibility
and Sustainability Report (BRSR) only for top 1000 listed entities by market capitalisation. The
SME listed entities are generally outside this top 1000 threshold, and SEBI has not issued a
separate circular making Business Responsibility and Sustainability Report (BRSR) applicable to
SME Listed Entities.

28. Compliance with Secretarial standards

During the Financial Year, the Company has complied with secretarial standards issued by the
Institute of Company Secretaries of India.

29. Corporate Governance

A report on Corporate Governance as stipulated in the Listing Regulations, together with
Certificate from the Auditors of the Company confirming compliance of conditions of Corporate
Governance as stipulated under the aforesaid regulations, forms part of the Annual Report.

3 0. Policy on sexual harassment of women at workplace

Prevention of Sexual Harassment (POSH) the Company continues to follow all the statutory
requirements and guidelines in line with the provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules framed thereunder.
The POSH Committee established as per the statutory requirements, continues to operate in every
Unit and at the registered office. In case of any instances, employees are advised to approach the
internal Committee and appropriate action in this regard is initiated post detailed review of the
matter. The Company stands strong against any kind of sexual harassment and has zero tolerance
for sexual harassment at workplace.

During the year under review Company has not received complaints of sexual harassment from
any employee of the Company.

31. COMPANY STATEMENT ON COMPLIANCE WITH THE MATERNITY BENEFIT ACT, 1961

Your Company is fully committed to upholding the rights and welfare of all its employees in
accordance with applicable labor laws. In line with this commitment, we hereby affirm our
compliance with the provisions of the Maternity Benefit Act, 1961, as amended from time to time.
We ensure that all eligible women employees are granted maternity benefits as mandated under
the Act, including but not limited to:

• Paid maternity leave of up to 26 weeks (or as applicable under the law),

• Additional leave in the event of illness arising out of pregnancy or delivery,

• Provision of nursing breaks,

• Protection from dismissal or discrimination during maternity leave,

• Provision of creche facilities (where applicable, in accordance with employee strength and
workplace location).

We remain dedicated to creating an inclusive, supportive, and legally compliant work environment
that respects and upholds the rights of women during and after pregnancy.

32. Appreciations and Acknowledgement

We thank our customers, business partners, suppliers, bankers and shareholders for their
continued support during the year. We thank the Government of India, the State Governments
where we have business operations and other government agencies for their support and look
forward to their continued support in the future.

Your directors are also happy to place on record their sincere appreciation to the co-operation,
commitments & contribution extended by all the employees of the “MaxVolt” Family & look
forward to enjoying their continued support & co- operation.

On behalf of the Board of Directors
MAXVOLT ENERGY INDUSTRIES LIMITED

Sd/- Sd/-

Place: New Delhi Vishal Gupta Bhuvneshwar Pal Singh

Date: 27.08.2025 Whole Time Director Managing Director and CFO

DIN: 07842571 DIN: 07645099