Dear Stakeholders,

BN Agrochem is entering an important phase in its evolution. Our objective is not merely to participate in the edible-oils and agricultural commodity markets, but to build a more integrated operating enterprise that captures value across a larger part of the agri-oils chain.

Our foundation lies in agricultural commodities, oilseeds and edible oils. From this base, we see a clear opportunity to move progressively into processing, refining, food ingredients, oleochemicals, specialty derivatives, bio-based products and consumer-facing categories. Each step takes us further from pure commodity participation and closer to differentiated products, stronger customer relationships and multiple avenues of value creation.

This strategic direction can be expressed simply: From Agriculture to Consumer. From Commodity to Specialty. It is not a change away from our core; it is an extension of the core into higher-value opportunities built on related feedstocks, operating capabilities and market access.

FY 2025–26 marked meaningful progress in building the architecture for this journey. The proposed amalgamation of A1 Agri Global Limited, B.N. Agritech Limited and Salasar Balaji Overseas Private Limited with BN Agrochem is intended to create a stronger and more coordinated operating base. By bringing related businesses together, we aim to centralise procurement and inventory management, improve utilisation of facilities, sharpen customer engagement and strengthen working-capital and cash-flow management.

The Scheme has crossed important regulatory milestones, including the receipt of the requisite NOC from BSE Limited in March 2026 and approval from the Competition Commission of India in April 2026. The Scheme remains subject to sanction by the National Company Law Tribunal (NCLT). We view the proposed merger not simply as corporate consolidation, but as an operating transformation that can provide a stronger platform for future scale.

Our strategic investment in Epitome Industries India Limited through Compulsorily Convertible Preference Shares represents the second important pillar of this architecture. Epitome is developing manufacturing facilities across multiple locations in India focused on oleochemicals, speciality ingredients and other value-added products. This creates a pathway for BN Agrochem to participate further downstream in oil-derived products and specialty applications, where technology, formulation, customer integration and product differentiation can play a greater role in value creation.

The merger and Epitome therefore serve different but complementary purposes. The merger is intended to strengthen the operating core; Epitome extends the platform into downstream manufacturing and specialty value addition. Over time, we also intend to evaluate opportunities to strengthen origin-linked sourcing and selective upstream integration, including plantation participation such as palm oil, wherever commercial viability, capital discipline and strategic fit are established.

Our ambition is to build an integrated platform rather than a collection of disconnected businesses. A common feedstock can serve edible oils, ingredients, oleochemicals, biofuels and consumer products. A common sourcing and distribution backbone can support multiple verticals. A stronger operating platform can improve resilience, broaden markets and create a more compelling foundation for long-term capital partnerships.

The next phase will require disciplined execution. Growth must be supported by sound capital allocation, prudent working-capital management, strong governance and institutional-quality operating systems. These principles will remain central as we scale.

We are building BN Agrochem with a long-term perspective: an enterprise that participates from agriculture and origin to value-added manufacturing and ultimately to the consumer. The opportunity is substantial, and our responsibility is to convert that opportunity into sustainable operating performance and long-term stakeholder value.

I thank our shareholders, employees, customers, lenders, business partners and all stakeholders for their continued confidence and support.

Mr. Anubhav Agarwal
Chairman