Dear Shareholders,

Your Directors have pleasure in presenting the 34^th Annual Report, together with the Audited Financial Statements of the Company for the Financial Year ("FY") ended March 31, 2025.

1. FINANCIAL HIGHLIGHTS

(Rs. in Lakhs)

2. REVIEW OF OPERATIONS AND STATE OF COMPANY'S AFFAIRS

During the year under review, on stand-alone basis, the Company has earned total revenue of Rs.12,524.43 Lakhs as against Rs. 31,889.24 Lakhs in 2023-2024 and incurred a net loss of Rs. 13,912.73 Lakhs as against a net loss of Rs. 42,241.07 Lakhs incurred during 2023-2024.

During the year under review, on consolidated basis, the Company has earned total revenue of Rs. 30,345.89 Lakhs as against Rs. 49,372.18 Lakhs in 2023-2024 and incurred a net loss of Rs. 34727.25 Lakhs as against a net loss of Rs. 59,413.87 Lakhs incurred during 2023-2024.

Earnings per Share ("EPS") of the Company stood at Rs. (3.20) on stand-alone basis and Rs. (7.94) on consolidated basis in 2024-2025.

There has been no change in the nature of business of your

Company. A detailed businesswise review of the operations of the Company is included in the Management Discussion and Analysis section of this Annual Report.

3. MATERIAL CHANGES AND/OR COMMITMENTS AFFECTING THE FINANCIAL POSITION OF YOUR COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF SIGNING OF THIS REPORT

No material changes and/or commitments affecting the financial position of your Company have occurred between the end of the Financial Year and the date of signing of this Report.

4. SHARE CAPITAL

The Authorized Share Capital of the Company is Rs. 350,00,00,000/- divided into 60,00,00,000 Equity Shares of Rs. 5/-eachand5,00,00,000PreferenceSharesofRs.10/-each.The

Issued,SubscribedandPaid-upShareCapitaloftheCompanyis Rs. 217,59,05,850/- divided into 43,51,81,170 Equity Shares of Rs. 5/- each.

There was no change in the Share Capital of the Company during the year under review.

5. DIVIDEND

In view of loss incurred during the Financial Year ended March 31, 2025 coupled with constrained liquidity position of the Company, your Directors have considered it appropriate not to recommend any dividend.

Pursuant to Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), as amended, the Company has a ‘Dividend Distribution Policy', which is available on the Company's website and can be accessed at the link https://www. parsvnath.com/investors/dividend-distribution-policy/ .

6. TRANSFER TO RESERVES

The Company has not transferred any amount to General Reserve during the Financial Year 2024-25.

In terms of the provisions of Section 71 of the Companies Act, 2013 ("the Act") read with the Companies (Share Capital and Debentures) Rules, 2014, as amended, Debenture Redemption Reserve is not required to be created for Privately Placed Debentures.

7. DEBENTURES

During the year under review, there was some delay in redemption of debenture. However, as per the agreement with debenture holder who is holding Series XVI NCDs, the debenture holders have permitted to extend the time for redemption till March 31, 2026 and the debenture holders of Series XIV NCDs have permitted to extend the time for redemption till December 31, 2025.

8. FIXED DEPOSITS

During the year under review, the Company has not accepted fixed deposits from the public.

9. LISTING AT STOCK EXCHANGES

The Equity Shares of the Company are listed on National Stock Exchange of India Limited ("NSE") and BSE Limited

("BSE"). The Listing Fee for the Financial Year 2025-26 has been paid by the Company to both NSE and BSE.

The Annual Return of the Company, in Form MGT-7, may be accessed on the Company's website at the link: https:// www.parsvnath.com/investors/annual-returns/ as per the provisions of Section 92 of the Act.

As on March 31, 2025, the Company had 20 Subsidiaries (including a foreign subsidiary), 2 Associate Companies and 1 Joint venture, in terms of the provisions of the Act.

The project-specific or sector-specific Subsidiary Companies ensure maximum utilization of available resources through focused attention on specific activities.

Pursuant to the provisions of Section 129(3) of the Act, a statement containing brief financial details of the Company's Subsidiaries and Associate Companies for the Financial Year ended March 31, 2025 in Form AOC-1 is attached to the Financial Statements of the Company. The details as required under Rule 8 of the Companies (Accounts) Rules, 2014 regarding the performance and financial position of each of the Subsidiaries and Associate Companies forms part of the Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2025.

Pursuant to the provisions of Section 136 of the Act, the Financial Statements of the Company (including Consolidated Financial Statements) alongwith relevant documents and separate audited accounts in respect of its Subsidiary Companies are available on the website of the Company at www.parsvnath.com. The annual accounts of these Subsidiaries and the related detailed information will also be made available electronically to any shareholder of the Company / its Subsidiary Companies, on request.

As at March 31, 2025, there are 02 subsidiary Companies which are ‘Material Subsidiary Companies', as per the provisions of the SEBI Listing Regulations and in terms of the Company's Policy for determining Material Subsidiaries. The said Policy can be accessed on the Company's website at the link: https://www.parsvnath.com/investors/policy-for-determining-material-subsidiaries/ .

In accordance with the provisions of the Act, implementation requirements of Indian Accounting Standards ("Ind-AS") Rules on accounting and disclosure requirements and the SEBI Listing Regulations, the Audited Consolidated Financial Statements are provided in the Annual Report of the Company for the Financial Year 2024-25.

During the Financial Year under review, all contracts / arrangements / transactions entered by the Company with related parties were in the ordinary course of business and on an arm's length basis, with specific approvals obtained, wherever necessary. Also, the Company has obtained prior omnibus approval for related party transactions occurred during the year for transactions which are of repetitive nature and / or entered in the ordinary course of business, at arm's length.

During the year under review, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material under Section 188 of the Act. In view of the above, the requirement of giving particulars of contracts / arrangements made with related parties in Form AOC-2 is not applicable for the year under review.

The related party transactions undertaken during the Financial Year 2024–25 are detailed in the Notes to Accounts of the Financial Statements.

The Policy for determination of materiality of related party transactions and dealing with related party transactions, as approved by the Board, can be accessed on the Company's website at the link : https://www.parsvnath.com/investors/ related-party-transaction-policy/ .

As your Company is engaged in the business of real estate development, included in the term ‘Infrastructural projects/ facilities' under Schedule VI to the Act, the provisions of Section 186 of the Act related to loans made, guarantees given or securities provided are not applicable to the Company. However, the details of the same are provided in the Financial Statements.

The Management Discussion and Analysis Report for the year under review, forming part of the Board's Report, as stipulated under Regulation 34 (2)(e) read with Schedule V to the SEBI Listing Regulations, is presented in a separate Section.

The Company is committed to benchmarking itself with best practices of Corporate Governance. It has put in place an effective Corporate Governance system which ensures that provisions of the Act and SEBI Listing Regulations are duly complied with, not only in letter but also in spirit.

The Board has also evolved and adopted a Code of Conduct based on the principles of good Corporate Governance and best management practices. The said Code is available on the website of the Company at https://www.parsvnath.com/ investors/code-of-conduct-for-corporate-governance/ .

The Company is in compliance with the Corporate Governance guidelines as stipulated under SEBI Listing Regulations. A report on the matters mentioned in the said Regulations and the practices followed by the Company are detailed in Corporate Governance Report which forms part of this report. A certificate of a Practising Company Secretary confirming compliance with the conditions of Corporate Governance is attached thereto.

Your Company does not fall under the list of Top 1000 Companies (based on Market Capitalization) as on 31^st March 2025. Therefore, as per Regulation 34(2)(f) of the SEBI Listing Regulations, the Business Responsibility and Sustainability Report ("BRSR") is not applicable to the Company.

A Corporate Social Responsibility (CSR) Committee has been constituted in accordance with Section 135 of the Companies Act. The CSR Policy of the Company, as approved by the Board, is available on the website of the Company and can be accessed through the web link https://www.parsvnath. com/investors/corporate-social-responsibility-policy/

The salient features of the policy are mentioned in the Corporate Governance Report, forming part of Board's Report.

An Annual Report on CSR in compliance with the requirements of Section 135 of the Act read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed as Annexure-I to this report, in the prescribed format.

Risk management is embedded in Company's operating framework. The Company believes that risk resilience is the key to achieving higher growth. The Company manages monitors and reports on the principal risks and uncertainties that can impact its ability to achieve its strategic objectives. The Company's management systems, organizational structure, processes, standards, code of conduct etc. governs how the Company conducts its business and manages associated risks.

The Company has an adequate risk management framework designed to identify, assess and mitigate risks appropriately. The Risk Management Committee of the

Board of Directors has been entrusted with the responsibility of overseeing various risks and assessing the adequacy of mitigation plans to address such risks. The terms of reference and the composition details of the Risk Management Committee of the Company are provided in the Corporate Governance Report, which forms part of this report.

Your Company has a Risk Management Policy in place to assist the Board in overseeing that all the risks that the Company faces such as strategic, financial, credit, market, liquidity, cyber security, property, human resource, legal, regulatory, reputational and other risks, have been identified and assessed.

In accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

("POSH") and Rules made thereunder, the Company has adopted a policy on Prevention, Prohibition and Redressal of Sexual Harassment of Women at Workplace.

Your Company has complied with the provisions of the aforesaid Act relating to the constitution of Internal Complaints Committee ("ICC"). An ICC is in place to redress complaints received regarding sexual harassment at the workplace. The Company is committed to maintain workplace free from sexual harassment. Any act or behavior of employee at workplace resulting in sexual harassment is a form of misconduct and may lead to serious consequences.

The following is a summary of sexual harassment complaints during the year under review:

The Company complies with the provisions of the Maternity

Benefit Act, 1961, as amended from time to time. It extends the benefits and protection to all the women employees, if any as per their entitlement in terms of the provisions of the Maternity Benefit Act 1961.

Annual performance evaluation of the Board, Committees and individual directors is carried out by the Board of Directors pursuant to the provisions of the Act and SEBI Listing Regulations. The performance is evaluated by the Board after seeking inputs from all the members on the basis of criteria such as the composition and structure, effectiveness of board processes, information and functioning, etc.

The above criteria are broadly based on the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017.

In a separate meeting of Independent Directors held on 29.03.2025, the performance of Non-Independent directors, the Board as a whole and Chairman of the Company was evaluated.

Pursuant to the provisions of Section 134 of the Companies Act, 2013 read with Rule 8(5) of the Companies (Accounts) Rules, 2014, the details of applications made during the year and proceedings pending under the Insolvency and Bankruptcy Code, 2016, are annexed herewith as Annexure II.

The Company complies with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI).

In compliance with the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 ("PIT Regulations"), the Board of Directors has adopted "Code of Practices and Procedures for Fair Disclosure of Unpublished

Price Sensitive Information" and "Code of Conduct to regulate, monitor and report trading by Designated Persons and their immediate relatives" which are available on the website of the Company i.e. www.parsvnath.com.

Pursuant to the provisions of Section 134(5) of the Act, the Board of Directors, to the best of its knowledge and ability, state that:

a) in the preparation of the annual accounts for the Financial Year ended March 31, 2025, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

b) the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2025 and the loss of the Company for the Financial Year ended on that date;

c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) the Directors have prepared the annual accounts on a ‘going concern' basis;

e) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the internal, statutory and secretarial auditors and the reviews of the management and the relevant Board Committees, including the Audit Committee, the Board is of the opinion that the Company's internal financial controls were adequate and effective during the Financial Year 2024-25.

Pursuant to Section 134(3)(ca) of the Act, no fraud has been reported by the Auditors of the Company.

During the year under review, the second term of 5 consecutive years (in terms of the provisions of the Companies Act, 2013) of Mr. Ashok Kumar and Ms. Deepa Gupta, Non-Executive - Independent Directors of the Company expired on September 22, 2024 and March 29, 2025 respectively. Mr. Ramesh Chand Gupta was appointed as Non-Executive - Independent Director of the Company with effect from March 29, 2025.

Mr. Mandan Mishra who was working and Company Secretary and Compliance Officer of the Company resigned from the said positions with effect from July 17, 2025. The Company is searching for the potential candidate for the said role.

The Independent Directors have submitted necessary declarations that each of them meets the criteria of independence as provided in Section 149(6) of the Act along with Rules made thereunder and Regulation 16(1) (b) of the SEBI Listing Regulations and confirmation under Regulation 25(8) of the SEBI Listing Regulations that they are not aware of any circumstance or situation, which exists or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence. Based on the declarations received from the Independent Directors, the Board of Directors has confirmed that they meet the criteria of independence and that they are independent of the management.

Necessary disclosures regarding Committee positions in other public companies have been made by the Directors and have been reported in the Corporate Governance

Report, forming part of this Report.

During the year under review, the Non-Executive Independent Directors of the Company had no pecuniary relationship or transactions with the Company, apart from receiving sitting fees.

None of the Directors of the Company is debarred from holding the office of Director by virtue of any SEBI order or any other authority

The Board acknowledges the contribution made by the Independent Directors of the Company, with their integrity, expertise and diverse experience, in the growth and development of the Company. In the opinion of the Board, all the Independent Directors possess the requisite expertise and experience and are persons of high integrity and repute and they fulfill the conditions specified in the Act as well as the Rules made thereunder and SEBI Listing Regulations.

All the Independent Directors of the Company have got their names included in the data bank of Independent Directors maintained with the Indian Institute of Corporate Affairs ("IICA"), in terms of Section 150 read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, as amended from time to time.

During the year under review, Mr. Ramesh Chand Gupta was appointed as Non-Executive - Independent Director of the Company with effect from March 29, 2025.

In accordance with the provisions of Section 152 of the Act read with the Articles of Association of the Company, Dr. Rajeev Jain (DIN: 00433463), will retire by rotation at the ensuing Annual General Meeting and being eligible, has offered himself for re-appointment.

Key Managerial Personnel

In accordance with the provisions of the Act read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Key Managerial Personnel of the Company are:

? Mr. Pradeep Kumar Jain, Chairman;

? Mr. Sanjeev Kumar Jain, Managing Director and Chief Executive Officer;

? Dr. Rajeev Jain, Director (Marketing); and

? Mr. M.C. Jain, Sr. Vice President (Corporate) & Group Chief Financial Officer

Mr. Mandan Mishra who was working and Company Secretary and Compliance Officer of the Company resigned from the said positions with effect from July 17, 2025.

The Board has, on the recommendation of the Nomination and Remuneration Committee, framed a Policy for appointment and remuneration of Directors, Key Managerial Personnel and Senior Management.

The Nomination and Remuneration Policy, as approved by the Board of Directors, is available on the website of the Company and can be accessed through the web link: https://www.parsvnath.com/investors/nomination-and-remuneration-policy/ .

The salient features of the policy are mentioned in the Corporate Governance Report, which forms part of this Report.

Six (6) meetings of the Board of Directors were held during the year under review. For details of the meetings of the Board, including attendance of the Directors thereat, please refer to the Corporate Governance Report, which forms part of this Report.

Pursuant to the various applicable provisions of the Act read with SEBI Listing Regulations, the Board of Directors of the Company functions through / delegates authority to the following Committees: a) Audit Committee b) Nomination and Remuneration Committee c) Risk Management Committee d) Corporate Social Responsibility Committee e) Stakeholders Relationship Committee f) Management Committee

A detailed note on the various Committees of the Board of Directors including their composition, terms of reference and Meeting details etc. is given in the Corporate Governance Report, which forms part of this Report.

During the year under review, the suggestions put forth by the Audit Committee were duly considered and accepted by the Board of Directors. There were no instances of non-acceptance of such recommendations.

The Company has in place adequate internal financial controls with reference to the Financial Statements. The Audit Committee periodically reviews the internal control systems with the management, Internal Auditors and Statutory Auditors and the adequacy of internal audit function, significant internal audit findings and follow-ups thereon. The Company's internal control system is commensurate with the nature, size and complexities of operations of the Company.

The Company has in place a Vigil Mechanism, which also incorporates a Whistle Blower Policy for Directors and Employees to report genuine concerns in the prescribed manner, in line with Section 177(9) of the Act and Regulation 22 of the SEBI Listing Regulations. The Vigil Mechanism is overseen by the Audit Committee and it provides adequate safeguards against victimization of Employees and Directors. Whistle Blower Policy is a mechanism to address any complaint(s) related to fraudulent transactions or reporting intentional non-compliance with the Company's policies and procedures and any other questionable accounting/ operational process followed. It provides a mechanism for Employees to approach the Chairman of the Audit

Committee or the Company Secretary designated as ‘Whistle and Ethics Officer'. During the year, no such incidents were reported and no personnel were denied access to the Chairman of the Audit Committee.

The Vigil Mechanism/ Whistle Blower Policy of the Company may be accessed on the Company's website at the link: https://www.parsvnath.com/investors/vigil-mechanism-whistle-blower-policy/ ,

M/s T R Chadha & Co. LLP, Chartered Accountants (Firm Registration No. 006711N/ N500028) was appointed as Statutory Auditors of the Company for a term of five consecutive years from the conclusion of the 30^th AGM till the conclusion of 35^th AGM of the Company.

• M/s T R Chadha & Co. LLP, Statutory Auditors has not reported any instances of frauds in their Report under Section 143(12) of the Act, on the Financial Statements of the Company for the Financial Year ended March 31, 2025.

• M/s T R Chadha & Co. LLP, Statutory Auditors in their Report on the Financial Statements of the Company for the Financial Year ended March 31, 2025 have drawn attention to some of the matters in the notes to the Ind-AS Financial Statements, in respect of which their opinion was modified.

• Pursuant to the Regulation 33(3) of the SEBI Listing Regulations a statement on Impact of Audit Qualifications is annexed as Annexure – III and the response of the Directors in respect thereof is given below:

The Secretarial Audit Report of VKC & Associates, Practicing Company Secretaries by Mr. Ashok Tyagi, Senior Partner, for the Financial Year ended March

31, 2025 is annexed herewith as Annexure IV to this Report. The Secretarial Auditor in his report has made some observations and the response of the Directors in respect thereof is given below:

It is proposed to appoint M/s VKC & Associates, Company Secretaries, a peer reviewed practicing firm (Mr. Ashok Tyagi associated as senior partner in M/s VKC & Associates) (Firm Registration Number: P2018DE077000) as Secretarial Auditors of the Company, for a term of five (5) consecutive years, to conduct the Secretarial Audit From the Financial Year 2025-26 to Financial Year 2029-30 pursuant to the provisions of Regulation 24A of SEBI Listing Regulations and Section 204 of the Companies Act, 2013 read with rules made thereunder, subject to the approval of shareholder of the Company at the ensuing AGM.

Written consent of the Secretarial Auditors along with confirmation to the effect that they are eligible and not disqualified to be appointed as the Secretarial Auditors of the Company, has been obtained.

Pursuant to the provisions of Regulation 24A of the SEBI Listing Regulations, the Secretarial Audit Reports of Parsvnath Estate Developers Private Limited and Parsvnath Landmark Developers Private Limited, Material Subsidiary Companies, issued by M/s Rimpi Jain & Associates, Company Secretaries, for the Financial Year ended March 31, 2025 are annexed herewith as Annexure V to VI to this Report respectively.

M/s Nitin Agrawal & Associates, Chartered Accountants (Firm Registration No. 015541C), continues as Internal Auditors of the Company. Pursuant to the provisions of Section 138 of the Act, the Board of Directors of the Company has approved the appointment of M/s Nitin Agrawal & Associates as Internal Auditors, based on the recommendation of the Audit Committee, till March 31, 2026.

The Company is required to maintain the cost records, as per Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014 and accordingly, such accounts and records are made and maintained.

During the year under review, the Board of Directors at its Meeting held on August 12, 2024 had re-appointed M/s Chandra Wadhwa & Company, Cost Accountants (Firm Registration No. 000239) as Cost Auditors of the Company for conducting the audit of cost records of the Company for the Financial Year 2024-25.

Further, the Board of Directors in its Meeting held on September 02, 2025 has also approved the appointment of M/s Chandra Wadhwa & Company, as Cost Auditors of the Company for conducting the audit of cost records of the Company for the Financial Year 2025-26.

The remuneration payable to Cost Auditors is required to be approved by the Members in a General Meeting for their rati_cation. Accordingly, a resolution seeking Members' rati_cation for the remuneration payable to M/s Chandra Wadhwa & Company for conducting the audit of cost records of the Company, for the Financial Year 2025-26, as approved by the Board in its Meeting held on September 02, 2025 based on the recommendation of Audit Committee, is included in the notice convening the ensuing 34th Annual General Meeting.

The disclosure of particulars relating to conservation of energy, technology absorption, and foreign exchange earnings and outgo, as prescribed under Section 134(3) (m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014, is annexed herewith as

Annexure VII to this Report.

The particulars of Employees under Section 197 of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are annexed herewith as Annexure VIII to this Report.

Since none of the employees of the Company is drawing a remuneration of more than Rs.102 Lakhs per annum, if employed throughout the Financial

Year and Rs.8.5 Lakhs per month, if employed for part of the Financial Year, the provisions of Section 197(12) of the Act read with Rule 5 (2) and (3) of the

Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, relating thereto are not applicable.

However, a list of top ten employees of the Company (based on remuneration drawn during Financial Year 2024-25) is annexed herewith as Annexure IX.

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:

a. Details relating to deposits covered under Chapter V of the Act.

b. Issue of equity shares with differential rights as to dividend, voting or otherwise.

c. Issue of shares (including sweat equity shares) to employees of the Company under any scheme.

d. Neither the Managing Director nor the Whole-time Directors of the Company receive any remuneration or commission from any of the subsidiary companies of the Company.

e. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and the Company's operations in future.

Your Directors wish to place on record their sincere gratitude to the shareholders, customers, bankers, financial institutions, investors, vendors and all other business associates for the continuous support provided by them to the Company and for the confidence reposed in the management of the Company.

The Directors also wish to acknowledge the contribution made by employees at all levels for steering the growth of the organization. Your Directors also thank the Government of India, the State Governments and other Government Agencies for their assistance and co-operation and look forward to their continued support in future.