Krishna Defence Chairman Speech

Dear Shareholders,

FY26 has been a year of purposeful consolidation one in which we transformed the ambitions of FY25 into enduring institutional capability. After a landmark year of record revenue and profit, we chose to invest deeply in our foundations: strengthening our manufacturing infrastructure, expanding our technology partnerships, and sharpening our focus on the sectors where India''s defence modernisation is moving fastest.

India''s defence landscape continues to evolve at an unprecedented pace. The government''s sustained emphasis on self-reliance, enhanced defence budgets, and the acceleration of naval modernisation programmes have created conditions that strongly favour indigenous manufacturers with proven capabilities. As a company born from the Make in India and Atmanirbhar Bharat vision, we are not merely a beneficiary of this transformation we are an active participant in shaping it.

Revenue from operations grew year-on-year, with improved PAT margins reflecting greater operational efficiency, better product mix, and disciplined cost management. These results are especially meaningful because they were achieved in a consolidation year, underscoring the quality of our earnings.

During the year, we secured key MoD contracts expanding our armoured steel and critical platforms portfolio, and commissioned our expanded Bulb Bars and welding consumables facility, deepening our vertical integration. We were selected under the PLI Scheme for strategic steel a recognition that validates our manufacturing credentials and opens new growth in materials central to naval and land defence.

We remain nearly debt-free, with stronger infrastructure, a broader technology portfolio, and deeper institutional relationships than ever before well-positioned to capture the durable opportunity India''s growing defence ecosystem presents. India''s growing defence budget, the Navy''s ambitious fleet expansion, and the Army''s

modernisation drive together create a compelling and durable opportunity, one that we are strategically, operationally, and financially equipped to capture.

Thank you to our shareholders, team, Armed Forces customers, and research partners.

Warm Regards

Ankur Shah

Ankur Shah

MANAGING DIRECTOR