Gokul Refoils and Solvent Ltd

Dear Stakeholders,

On behalf of the Board of Directors of Gokul Refoils & Solvent Limited, I am pleased to present the annual report for thefinancial year ended March 31,2025.

The financial year 2025 was a year of profound global disruption. Widespread geopolitical conflicts,

I military escalations, and uncertain trade dynamics severely impacted global supply chains. Over 60 nations went to the polls, stalling policy continuity and reform agendas across several key markets. As a result, businesses worldwide faced significant shocks

I ranging from falling production volumes and rising costs to suboptimal asset utilization, impacting profitability and cash flows.

Despite the highly uncertain external environment at Gokul, our capable team, yet again, proved to be a dependable, and future-ready partner for our shareholders. Your steadfast support has been the foundation of our success, enabling us to deliver exceptional value while contributing to India's agricultural and economic progress. As we reflect on our journey, I am inspired by our shared dedication to quality, sustainability, and innovation, particularly In our expanding portfolio of organic and chemical-free products, which align with the growing global demand for pure, healthy, and eco-friendlyfood solutions.

India's economy continues to thrive, posting a 7.4% GDP growth in Q1 2025, driven by robust consumption and investment (Source: Economic Survey 2024-25). The International Monetary Fund projects a 6.2% growth for 2025, reinforcing India's status as the world's fourth-largest economy with a GDP of $4,187 trillion (Source: IMF World Economic Outlook, April 2025). The Union Budget 2025-26, themed "Sabka Vikas," prioritizes agriculture, MSMEs, and exports, creating an enabling environment for our industry to flourish.

The agriculture sector, contributing 17.7% to India's Gross Value Added (GVA) in FY24, has maintained a steady 5% annual growth from 2016-17 to 2022-23 (Source: Economic Survey 2024-25). Kharif foodgrain production reached 1,647.05 lakh metric tonnes in 2024, up8937 LMT from the prior year, with total foodgrain output for FY25 estimated at 330.9 million tonnes, a 4.8% increase (Source: Ministry of Agriculture, 2025). However, oilseed production grew at a modest 1.9%, with India importing over 60% of its edible oil needs, underscoring our vital role In strengthening domestic supply chains (Source: Solvent Extractors'Association of India, 2024).

Your Company is a leading producer of a diverse range of edible oils, including Kachi Ghani oil, Mustard oil, Refined Cottonseed oil, Soybean Refined oil, Palmolein, and Castor oil. These products cater to varied culinary and industrial needs, ensuring consistent quality for retail consumers and institutional clients. Our advanced processing facilities and stringent quality controls have enabled us to meet the diverse preferences of our customers, reinforcing our reputation as a reliable supplier In both domestic and international markets.

We have made significant strides in the organic edible oil segment, driven by growing consumer demand for sustainable, chemical-freefoods.The Indian organic food market, valued at $1.92 billion in 2024, is projected to reach $2.6 billion by2026, growing at a CAGR of 20.5% (Source: Research and Markets, 2024). Our organic groundnut oil, crafted through traditional Kachi Ghani methods, is free from

synthetic additives, preserving its natural flavor and nutrients like Vitamin E and healthy fats. Our organic mustard oil, renowned for its health benefits, meets rigorous purity standards certified by the National Programme for Organic Production (NPOP) and aligns with global benchmarks such as USDA Organic and EU Organic certifications.

Our organic initiatives are bolstered by strategic partnerships with Gujarat's farming communities, ensuring a steady supply of high-quality organic oilseeds. In 2024, India's organic oilseed production reached 1.2 million tonnes, with Gujarat contributing 28% of the national output (Source: APEDA Organic Production Data, 2024). By integrating advanced organic farming techniques and investing in sustainable supply chains, we have enhanced the quality and traceability of our products, positioning us as a trusted leader in organic agri-products for health- consciousconsumers and institutional buyers.

Your Company delivered a consolidated turnover of Rs. 353,929.74 lakhs in 2025, increase from Rs. 303,836.86 lakhs the previous year. Ou r Profit AfterTax soared to Rs. 1,480.85 lakhs from Rs. 181.34 lakhs, reflecting strong demand for our conventional and organic products (Source: Company Financial Statement, 2025). These results highlight our operational excellence and strategic focus.

We are committed to addressing challenges like climate change and water scarcity through sustainable innovation.The Economic Survey 2024-25 emphasizes R&D in agriculture, which we support through investments in precision farming, organic cultivation, and eco-friendly processing (Source: Economic Survey 2024-25). Our organic product line is poised to capitalize on the global organic market, projected to grow at a CAGR of 12.1 % from 2023 to 2030 (Source: Grand View Research, 2024). Our alignment with national initiatives like the Prime Minister Dhan-Dhaanya Krishi Yojana reinforces our role informer empowerment and agricultural innovation.

It is with deep respect and heartfelt gratitude that we acknowledge the invaluable contributions of Mr. Balvantsinh Rajput, the Founder of the Gokul Group and former Chairman and Non-Executive Director of the Company, who stepped down from the Board on May31,2025, to focus more folly on his responsibilities in public service.

Over the past 32 years, the Founder played a pivotal role in shaping the Company's journey—from its inception to becoming a respected and competitive player in the edible and non-edible oil industry. His visionary leadership, unwavering commitment to values, and dedication to long-term growth laid a strong foundation forthe organisation's enduring success.

As I look to the future, I remain fully committed to upholding the principles and standards set by the Founder. Guided by his legacy, I will continue to pursue ethical and sustainable growth, strengthen our market leadership, and create long-term value for all stakeholders. His legacy as a transformative leader continues to inspire all of us, and I remain committed to building on the strong foundation he laid, driving sustained growth and meaningful impact in the years ahead.

My heartfelt thanks go to our employees, partners, and you, our valued shareholders, for your unwavering trust.Together, we will drive innovation, embrace sustainability, and contribute to I ndia's vision of a $5 tril lion economy by2027, while reinforcing Gujarat's prominenceasa global agricultural hub.