B. D. Industries Pune Ltd Management Discussions

Business overview & outlook

BDI is well-positioned to benefit from its diversified portfolio, long-standing OEM relationships, and multiplant footprint. The commissioning of the Zaheerabad facility will extend the Companys reach into southern India, while patented rotomoulded components for solar and wind create a new growth vertical. Management remains focused on improving capacity utilisation across plants, deepening wallet share with anchor customers and maintaining a healthy margin profile.

Managing Directors Review

Financial year 2025-26 was a year of profitable growth and strategic groundwork. We converted a healthy order pipeline into record revenue while continuing to invest in capacity, capability and new products.

Financial performance (Consolidated)

¦ Revenue of t101.34 crore, a growth of 20.5% year-on-year.

¦ EBITDA of t17.95 crore (17.8% margin], up 17.5%.

¦ Profit before tax of t13.46 crore, up 23.9%; Profit after tax of t9.56 crore.

Operational highlights

¦ Listed on the BSE SME platform; the fresh issue strengthened net worth and reduced leverage materially — consolidated long-term borrowings reduced from t9.83 crore to t0.57 crore.

¦ Progressed construction of the Zaheerabad (Telangana) plant, our fourth facility, with a proposed installed capacity of 750 MT p.a.

¦ Secured a new order in the renewable-energy space for the supply of spacers, valued at t10.08 crore (incl. tax).

¦ Deepened relationships with marquee OEMs across tractors, commercial vehicles, construction equipment and road safety.

Industry Structure and Developments:

Rotational moulding occupies a specialised niche within Indias broader plastics-processing industry, well suited to large, hollow, seamless and structurally robust components where the economics of blow or injection moulding do not apply. The sector remains fragmented, with a long tail of small, regional job-workers, but is steadily consolidating in favour of organised players who can offer multi-location capacity, OEM-grade quality systems, in-house tooling and product development, and the balance-sheet strength to co-invest in customer programmes. Demand is anchored to several structural growth engines of the Indian economy — automotive and off-highway (tractors, commercial vehicles, buses and construction equipment), highway and metro infrastructure, material handling and logistics, and, increasingly, renewable energy and emission-control systems. The tightening of emission norms, sustained public capital expenditure on roads and safety infrastructure, the Make in India thrust toward domestic sourcing and import substitution, and the accelerating build-out of solar and wind capacity are together broadening the addressable market for engineered rotomoulded products. Within this landscape the Company is positioned among the organised, technology-led manufacturers, differentiated by its diversified eight-vertical portfolio, long-standing relationships with marquee OEMs, patented components for renewable applications, and a four-plant footprint spanning western, central, northern and — with Zaheerabad — southern India.

Our Presence Across the Country

The Group operates four strategically-located facilities and a corporate office, positioning it close to key automotive and industrial customer clusters across western, central, northern and southern India.

Manufacturing facilities & offices
Pune Plant	Gate No. 999, Sanadwadi, Tal. Shirur, Dist. Pune, Maharashtra. Owned by B.D. Industries (Pune) Limited.
Dewas Plant	Plot No. 36B, Industrial Area No-1, A.B. Road, Dewas, Madhya Pradesh. Owned by B.D. Industries (India) Private Limited.
Hoshiarpur Plant	Village Dhehan, P.O. Mandiala, Hoshiarpur, Punjab. Owned by B.D. Industries (India) Private Limited.
Zaheerabad Plant	Plot No. 66/A, Industrial Park, Buchinelly, Zaheerabad Mandal, Medak District, Telangana - 502228 (under development). Owned by B.D. Industries (India) Private Limited.
Corporate Office	15th Floor, 1501-B, Universal Majestic, PL Lokhande Marg, GM Link Road, Near R B K International School, Mumbai City, Govandi West,Mumbai, Maharashtra, India,400043.

Product Portfolio & Business Verticals

BDI serves eight business verticals — Automotive, Material Handling, Road Safety, Custom Moulding, Renewable Energy, Waste Management, Agri-Machinery and Healthcare — through a single, scalable rotomoulding platform.

Automotive Division

Fuel tanks, urea/AdBlue tanks, hydraulic tanks, rooftops/canopies (AC & non-AC), fenders, mudguards, consoles, cupholders, steering-perforcolumn covers, expansion tanks, wheel-ballast weights and transmission covers & floats — supplied across tractors, trucks, buses, construction equipment and three-wheelers.

Material Handling

Steel-reinforced plastic pallets (PUF and non-PUF), containers with pallet base, foldable and collapsible containers, crates, textile pallets, chemical tanks and vending carts.

Road & Highway Safety

Metro-rail barricades, safety fences, three-piece (detachable) barricades, parabolic and New-Jersey barricades, traffic cones, delineators, bollards, un-mountable kerbs, lane dividers, speed breakers and road studs / cat-eyes.

Renewable Energy, DG, Agri & Other

Patented rotomoulded components for solar and wind applications (PUF insulation, inner tanks, outer shells, grommets, float tanks, plastic manifolds); DG & ancillary equipment (canopy shells, air ducts, body vents, radiator cowls, insulated access doors); and agri-machinery components including sprayer tanks, chemical tanks, water tanks, corn-harvester heads and plastic roofs.

Awards & recognition

• John Deere — Achieving Excellence, Partner-Level awards (2012, 2013, 2014 Moline USA, 2015) and Manufacturing Support (2019).

• Mahindra & Mahindra — Best Component Development (2012, Prague), Best Cost Management Performance (2018, Croatia) and Excellence Award for Cost Savings (2024).

• Kubota — Most Emerging Supplier of the Year (2020).

Performance Highlights

Consolidated financial performance (* in Lakhs):
Particulars	FY25	FY26
Revenue	8,413.28	10,133.78
EBITDA	1,527.04	1,794.74
PBT	1,086.45	1,346.48
PAT	821.81	955.58

Highlights are on a consolidated basis per management reporting; detailed audited figures appear in the financial statements. Revenue reflects total income.

Opportunities and Threats:

The Company sees a widening set of opportunities across its verticals. Tightening emission regulations mandating AdBlue/SCR systems, sustained government investment in road and highway construction and safety, and policy support for solar and wind capacity addition are each expanding demand for the Companys rotomoulded products, while the national emphasis on localisation of manufacturing supports import substitution in components presently sourced from abroad. The commissioning of the Zaheerabad facility will extend the Companys reach into southern India and improve responsiveness to customers in that region, and patented components for solar and wind, together with deeper wallet-share among anchor OEMs across tractors, commercial vehicles, construction equipment and road safety, open new avenues for profitable growth. These opportunities are balanced against certain threats. Volatility in the broader economy and in OEM production cycles can affect order volumes; polymer and resin prices, being linked to crude oil, expose margins to input-cost fluctuation; evolving regulatory and compliance requirements may raise the cost of doing business; and intensifying competition from both established domestic manufacturers and the unorganised segment could pressure pricing. A degree of dependence on a set of large anchor customers also warrants continued diversification of the customer base. Management seeks to mitigate these risks through disciplined sourcing, a diversified product & customer mix and improving capacity utilisation across plants.

Segment-wise Performance

The company operates in single segment i.e. rotational moulding, renowned for developing innovative and sustainable plastic solutions.

FY 2025-26 vs FY 2024-25 (Consolidated)

+20.5%			+17.5%			+23.9%
Revenue growth			EBITDA growth			PBT growth
46.5%			17.8%			*7.48
Gross margin			EBITDA margin			Basic EPS (*)
Key Financial Ratios
Ratio	FY 2025-26	FY 2024-25		% Change	Explanation (for change of 25% or more)
Current Ratio	2.42	1.65		46.38%	Increase in this ratio is on account of increase in current assets of the company while current liabilities remain consistent.
Debt-Equity Ratio	0.14	0.40		-65.81%	Decrease in this ratio due to issue of equity shares under Initial Public Offer.
Debt Service Coverage Ratio	5.88	5.63		4.49%
Return on Equity Ratio	0.10	0.28		-64.22%	Decrease in this ratio due to issue of equity shares under Initial Public Offer.
Inventory Turnover Ratio	2.32	2.68		-13.35%
Trade Receivables Turnover Ratio	3.45	3.40		1.50%
Trade Payables Turnover Ratio	4.90	3.67		33.67%	Increase in this ratio is on account of consistent average trade payable despite higher purchases made in the current year.
Net Profit Ratio	0.15	0.13		14.67%
Return on Capital Employed	0.15	0.37		-58.21%	Decrease in this ratio due to issue of equity shares under Initial Public Offer.
Return on Investment	0.14	0.36		-61.41%	Decrease in this ratio due to issue of equity shares under Initial Public Offer.

Reductions in return ratios reflect the enlarged equity base following the IPO.

Risks and Concerns

Key risks include raw-material (polymer] price volatility, customer concentration in the automotive segment and macro-cyclicality in end markets. The Company mitigates these through diversification across industries, disciplined sourcing, long-term customer relationships and a conservative capital structure

Internal Control Systems and Their Adequacy

The company has implemented robust internal control systems to ensure compliance with regulatory requirements and to safeguard assets. Regular audits and reviews are conducted to identify and address any potential weaknesses.

Human Resources

The company places a strong emphasis on employee development and engagement. Training programs and career development initiatives are in place to enhance skills and retain talent. The total number of Employees as on March 31, 2026 on consolidated basis is 99 & on stand-alone basis is 45.

Conclusion

B. D. Industries (Pune] Limited remains committed to delivering value to its stakeholders through strategic initiatives, operational excellence, and a customer-centric approach. The company is poised for sustainable growth in the dynamic and evolving landscape of India.

Forward Looking Statement

Managements discussion and analysis of the financial condition and results of operations include forward looking statements based on certain assumptions and expectations of future events. The Company cannot assure that these assumptions and expectations are accurate. Although the Management has considered future risks as part of the discussions, future uncertainties are not limited to Management perceptions.

B. D. INDUSTRIES (PUNE) LIMITED

(FORMERLY KNOWN AS B. D. INDUSTRIES (PUNE) PRIVATE LIMITED)

Sd/-

Dalbirpal Hemraj Saini

Managing director DIN - 01505619

Place: Mumbai Date: August 26,2026