The mangroves depicted on the cover page symbolise resilience, demonstrating their ability to survive and grow in challenging environments such as saline waters, tidal zones and tropical coastlines. They protect shores, support diverse wildlife, enhance biodiversity and sequester carbon, playing a vital role in mitigating climate change. Their leaves excrete salt, while stilt-like aerial roots offer stability in muddy terrain and aid respiration, underscoring the importance of innovation for growth in competitive landscapes. Drawing inspiration from these marvels of nature, we continuously endeavour to evolve, elevate and transform our Company into a more resilient entity. We prioritise long-term sustainability and lasting value in all that we do. Contents Theme 146-306 Financial Statements 2 About Atul - Footprint 4 Performance at a glance 5 Business strategy 6 Pillars of value creation 8 Value creation model 10 Stakeholder engagement Performance overview 14 Letter to the shareholders 16 Financial trend (standalone financials) - five years 20 Financial trend (standalone financials) - 10 years 21 Financial trend (consolidated financials) - 10 years ESG overview 22 Materiality assessment 24 Risk management 31 ESG action report 33 - Environmental 36 - Social - People - Serving the society 42 - Governance - Governance philosophy - Governance structure - Board of Directors 2-47 Corporate overview 48 Directors’ Report 54 Annexure to the Directors’ Report 66 Management Discussion and Analysis 73 Corporate Governance Report 94 Business Responsibility and Sustainability Report 135 Notice 48-144 Statutory Reports 146 Standalone Financial Statements - Independent Auditor’s Report - Financial Statements 226 Consolidated Financial Statements - Independent Auditor’s Report - Financial Statements 307 Abbreviations - Gautama Buddha It is to the one who endures that the final victory comes. Contact The members may send in their comments or suggestions for improvement of the integrated annual report by mailing to shareholders@atul.co.in. 48th Annual General Meeting Friday, July 25, 2025 The meeting will be held through video conferencing. 10:30 am Integrated Annual Report 2024-25
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