B.R.Goyal Infrastructure Ltd Management Discussions

Annexure-G to the Boards Report

A. Company Overview

The Company was originally formed as Partnership Firm under the Indian Partnership Act, 1932 (“Partnership Act”) in the name and style of “M/s. Balkrishna Ramkaran Goyal” pursuant to a Deed of Partnership dated 04 August 1986. “Balkrishna Ramkaran Goyal” was thereafter converted from a Partnership firm to a Private Limited Company in the name and Style of “B.R.Goyal Infrastructure Private Limited” under the provisions of the Companies Act, 1956 vide certificate of incorporation dated 01 April 2005 issued by Registrar of Companies, Madhya Pradesh and Chhattisgarh bearing Corporate Identification Number (CIN) U04520MP2005PTC17479.

Subsequently, the Company was converted into a Public Limited Company and the name of the Company was changed from “B.R.Goyal Infrastructure Private Limited” to “B.R.Goyal Infrastructure Limited” vide fresh Certificate of Incorporation dated 09 May 2018 issued by the Registrar of Companies, Gwalior.

Further, the Company got listed on the SME Platform of BSE Limited on 14 January 2025 bearing Corporate Identification Number (CIN) L04520MP2005PLC17479.

B. Business Overview

B.R. Goyal Infrastructure Limited (“BRGIL”) is an integrated infrastructure development company engaged in the execution of Engineering, Procurement and Construction (EPC) projects across the road and highway sector, building infrastructure, Ready Mix Concrete

Manufacturing, toll collection & operations, and Waste Water Infrastructure. The Company delivers end-to-end infrastructure solutions for government departments, public sector undertakings, statutory authorities, and private sector clients, contributing to the development of sustainable and efficient infrastructure.

At BRGIL, we believe that strong infrastructure is the foundation of thriving communities and economic progress. Through innovative engineering, skilled execution, and an unwavering commitment to quality, we build infrastructure that stands the test of time and supports the needs of future generations.

The Companys business may be broadly categorized in six categories as follows:

i. Road Infrastructure

In the Road EPC segment, the Company undertakes the construction, widening, rehabilitation, and maintenance of national highways, state highways, urban roads, bridges, and associated infrastructure. Its capabilities encompass project planning, detailed engineering, procurement, construction, quality assurance, and project management, enabling the timely delivery of complex infrastructure projects while maintaining high standards of safety and quality.

The Company offers comprehensive engineering, procurement, and construction (EPC) services, as well as project development through Public-Private Partnership (PPP), Hybrid Annuity Model (HAM), and other infrastructure delivery models. Its capabilities encompass project planning, detailed engineering, procurement, construction management, quality assurance, and long-term asset maintenance.

Committed to operational excellence, safety, innovation, and environmental sustainability, the Company leverages advanced construction technologies, modern equipment, and skilled professionals to execute projects efficiently while adhering to the highest quality and regulatory standards. Strong project management practices and a customer-centric approach enable the company to deliver complex infrastructure projects on time and within budget.

ii. Building Infrastructure

The Company is also engaged in the Building Infrastructure sector, executing residential, commercial, institutional, industrial, educational, and public infrastructure projects. Its services include design coordination, civil and structural works, mechanical, electrical and plumbing (MEP) installations, finishing works, and comprehensive project execution. Our expertise spans the entire project lifecycle-from site development and civil engineering to structural construction, utilities, roadworks, drainage systems, water supply, electrical infrastructure, and landscaping.

By adopting modern construction methodologies and efficient resource management practices, the company delivers durable, high-quality buildings that meet client expectations and regulatory requirements.

iii. Ready Mix Concrete Manufacturing

The Company is engaged in the manufacturing and supply of high-quality Ready-Mix Concrete (RMC), catering to the requirements of residential, commercial, industrial, and infrastructure projects. The Company provides customized concrete solutions to real estate developers, construction companies, government agencies, infrastructure contractors, and industrial clients, supporting the timely execution of projects while ensuring consistent quality and operational efficiency, and also captively consumed for its civil project works.

The Companys product portfolio comprises a wide range of ready-mix concrete grades and specialized concrete solutions designed to meet diverse structural and engineering requirements. Manufactured using quality-controlled cement, aggregates, admixtures, and other raw materials, the companys products conform to applicable industry standards and project specifications. Its modern batching facilities, equipped with automated production systems and in-house quality control laboratories, ensure precision in mix design, consistency in production, and reliable product performance.

The Company operates strategically located batching plants supported by a fleet of transit mixers and concrete pumps, enabling timely delivery and efficient placement of concrete at project sites. Its integrated logistics network and project coordination capabilities help minimize construction delays while meeting customer schedules and quality expectations.

iv. Toll Collection Contracts

In addition to its construction activities, the Company operates in toll collection and highway operations services under contracts awarded by government authorities. The Company specializes in the efficient management and operation of toll plazas, supporting the smooth collection of toll revenues while ensuring seamless traffic and enhanced commuter experience.

The Companys scope of services includes toll plaza operations, electronic toll collection (FASTag)-enabled transactions, cash and digital toll collection, lane management, traffic regulation, customer assistance, revenue reconciliation, cash handling, reporting, and deployment of trained operational personnel. It also undertakes routine operational support, equipment monitoring, incident coordination, and compliance with contractual service standards to ensure uninterrupted tolling operations.

Supported by an experienced management team, trained workforce, and robust operational capabilities, BRGIL manages toll collection contracts across multiple locations while maintaining high standards of operational reliability and customer service. The company continuously invests in employee training, process optimization, and technology adoption to enhance operational performance and support the evolving needs of the highway infrastructure sector.

With increasing investments in road infrastructure and the expansion of national and state highway networks, the company is well positioned to capitalize on opportunities in the toll operations and highway services sector. It remains committed to delivering efficient, transparent, and technology-enabled toll management solutions while creating long-term value for its clients, stakeholders, and road users.

v. Waste Water Infrastructure

During the year under review, the Company has commenced undertaking EPC contracts involving the construction of sewage treatment plants (STPs), sewerage networks, underground pipeline systems, drainage infrastructure, and other associated civil works. The scope of services includes project planning, engineering, procurement, civil construction, testing, commissioning, and project management, ensuring efficient execution in accordance with applicable technical specifications and quality standards.

The Companys entry into the wastewater EPC business represents a significant milestone in its growth strategy and is expected to diversify its revenue streams, enhance its order book, and create long-term opportunities in a sector supported by increasing public investment and environmental sustainability initiatives. Going forward, the Company intends to strengthen its presence in the water and wastewater infrastructure market by participating in projects undertaken by government agencies, urban local bodies, public sector enterprises, and industrial clients.

vi. Residential / Industrial Plotting Projects

The Company is also engaged in the development of residential / industrial plotting projects at Indore. BRGIL is dedicated to creating well-planned communities that offer secure, legally compliant, and investment-worthy residential plots for individuals, families, and investors.

The projects of the Company are strategically located in high-growth areas with excellent connectivity and access to essential infrastructure, including roads, water supply, electricity, drainage, educational institutions, healthcare facilities, and commercial centers. Company focus on delivering quality developments that provide long-term value and an enhanced lifestyle for the customers.

The Company follows robust project management practices and adheres to stringent quality, health, safety, and environmental (QHSE) standards across all business operations. Supported by an experienced management team, skilled workforce, modern construction equipment, and established vendor relationships, it is well positioned to undertake infrastructure projects of varying scale and complexity.

The Company has an established track record of executing projects of varying scale, and has built a strong reputation as a quality-consicious construction developer with strong execution capabilities, in recognition of this, the was conferred the “Captain of Industry” award in 2014 by the then Chief Minister of Madhya Pradesh for being adjudged the most quality-consicious Contractor.

With a diversified business portfolio and a commitment to operational excellence, innovation, and sustainability, BRGIL continues to strengthen its presence in the infrastructure sector. The company remains focused on delivering high-quality projects, enhancing transportation and urban infrastructure, water and wastewater infrastructure market, improving operational efficiency, and creating long-term value for its clients, stakeholders, and the communities it serves.

C. Global Economy

Global economic activity remained resilient entering 2026 despite elevated trade uncertainty. However, the outbreak of conflict in the Middle East introduced fresh downside risks to the global economy by disrupting energy markets, increasing shipping costs and tightening financial conditions. Assuming that the conflict remains limited in duration and scope, the International Monetary Fund (IMF) projects global GDP growth at 3.1% in CY 2026 and 3.2% in CY 2027, while noting that downside risks continue to dominate the outlook. Commodity-importing economies remain particularly vulnerable to higher oil prices and geopolitical disruptions.

Outlook:

Global growth is expected to remain below its long-term average as geopolitical tensions, elevated energy prices and financial market uncertainty continue to weigh on economic activity. While inflation is expected to moderate over the medium term, the pace of disinflation may be slower than previously anticipated because of supply-side pressures arising from the Middle East conflict. Nevertheless, continued technological investment and resilient domestic demand in several economies are expected to support gradual global recovery.

D. Indian Economy

Indias economic momentum remained strong through FY 2025-26, with real GDP growth estimated at 7.6% for the year, up from 7.1% in FY 2024-25, reaffirming its position as the fastest-growing major economy globally. Growth was supported by resilient private consumption, strong investment activity, and sustained public capital expenditure directed at strengthening transport, logistics and industrial infrastructure. The Union Budget for FY 2026-27 reinforced this focus, with public capital expenditure proposed at approximately 12.2 Lakh Crore, equivalent to around 3.1% of GDP, alongside continued fiscal consolidation, with the fiscal deficit targeted at 4.3% of GDP for FY 2026-27, compared to a revised estimate of 4.4% for FY 2025-26.

Outlook:

While Indias medium-term growth outlook remains favourable, multilateral institutions expect a moderate normalisation in growth as global uncertainties persist. Recent assessments by the IMF indicate that geopolitical tensions, elevated crude oil prices and weather-related risks could affect near-term growth, although strong domestic consumption, public investment and macroeconomic stability are expected to continue supporting economic activity.

E. Indias Infrastructure Sector

Indias infrastructure sector continues to be a key driver of the countrys economic growth, supported by sustained public investment and a series of national programmes aimed at strengthening connectivity and logistics efficiency. Public capital expenditure has grown manifold over the past decade, with the Centres capital expenditure allocated to infrastructure-focused sectors now accounting for a substantial majority of total capital spending. The Union Budget for FY 2026-27 carried this momentum forward through continued allocation towards roads, rural connectivity, water infrastructure and urban development, alongside new initiatives such as the proposed

Infrastructure Risk Guarantee Fund, aimed at de-risking private participation in project development and construction.

Government Public Capital Expenditure

Particulars	FY 2014-15	FY 2026-27
Public Capex	2 Lakh Crore	12.2 Lakh Crore

Source: Union Budget documents, PIB

Programmes such as the National Infrastructure Pipeline, PM Gati Shakti National Master Plan, Bharatmala Pariyojana, Jal Jeevan Mission, and Phase IV of the Pradhan Mantri Gram Sadak Yojana continue to shape the pipeline of opportunities for road, water infrastructure and rural connectivity projects - segments directly relevant to the Companys business.

F. Opportunities and Challenges for the Infrastructure Sector

Opportunity	Description
	Continued Government focus on national and state
Road EPC and Highway	highway expansion, including under Bharatmala
Development	Pariyojana, is expected to sustain demand for road EPC
	projects of varying scale and complexity.
	Phase IV of PMGSY continues to target all-weather
Rural Road Connectivity	connectivity for rural habitations, supporting a steady
	pipeline of rural infrastructure projects.
	Government programmes such as the Jal Jeevan Mission
	and state-level urban development schemes (e.g.,
Water and Sewerage
	TNURDP) are driving growing opportunities in water
Infrastructure
	treatment and underground sewerage infrastructure - a
	segment the Company has recently entered.
	Continued Government emphasis on asset monetisation
Toll Collection and Asset
	and toll-based revenue models supports opportunities in
Monetisation
	toll collection contracts for operational road assets.
	Growing use of Hybrid Annuity Model and BOT structures
Public-Private
	is improving project viability and creating a more stable,
Partnerships (HAM/BOT)
	annuity-linked pipeline of opportunities.
	Growing construction activity is supporting demand for
Ready-Mix Concrete
	RMC and other backward-integrated inputs, aiding cost
(RMC) and Backward
	control and quality consistency for EPC players with in-
Integration
	house capabilities.
	Infrastructure projects often require land acquisition and
Land Acquisition and
	multiple regulatory approvals; delays in environmental
Approval Delays
	clearances or land approvals can affect project timelines.
	Fluctuations in the prices of steel, cement, bitumen and
	fuel - the last two of which are directly linked to global
Volatility in Raw Material
	crude oil prices - may impact project budgets and
Prices
	profitability, particularly for long-duration, fixed-price
	contracts.
	Coordination among contractors, government agencies
Execution and Project
	and suppliers across geographically dispersed project
Management Risks
	sites can pose execution and scheduling challenges.
	Delays in receivables from government and semi-
Financing and Payment	government clients, or tightening of financing
Delays	conditions, may affect working capital and project
	execution timelines.
	Increasing participation of established and new players in
Competitive Intensity	Government tenders may exert pressure on bid margins
	in certain segments.

G. Financial and Operational Overview i. Order book

As of 31 March 2026, BRGIL has a strong and diversified order book comprising infrastructure projects across Roads, Buildings, utilities, Toll Collection & Operation Contracts, and Waste Water infrastructure. Our healthy project pipeline provides strong revenue visibility and demonstrates the confidence our clients place in our execution capabilities.

The order book reflects a balanced mix of ongoing and newly awarded projects, ensuring sustainable business growth and efficient utilization of resources.

Order book snapshot

Particulars	Details
Total Order Book Value	1235/- Crore
Number of Ongoing Projects	32

Key Highlights

Strong and diversified order book across multiple infrastructure sectors. Healthy mix of public and private sector clients.

Robust project pipeline supporting predictable revenue growth.

Strong execution capabilities with a focus on quality, safety, and timely delivery. Opportunities to expand into new infrastructure segments and geographies. ii. Summarised Profit and Loss Account of the Company

Particulars	FY 2025-26	FY 2024-25	Change (%)
Revenue from Operations	820.32	509.80	60.91%
EBITDA (excluding other income)	74.93	41.19	81.91%
EBITDA Margin (%)	9.13%	8.08%	+105 bps
Profit After Tax (PAT)	44.92	25.27	77.76%
PAT Margin (%)	5.48%	4.96%	+52 bps
Earnings Per Share (Basic, )	23.81	13.35	78.35%

iii. Key Financial Ratios

( in Crore)

Particulars	FY 2025-26	FY 2024-25	Change
EBITDA Margin (%)	9.13%	8.08%	+105 bps
PAT Margin (%)	5.48%	4.96%	+52 bps
Earnings Per Share (Basic, )	23.81	13.35	+78.35%

H. Outlook

The Company continues to pursue strategic opportunities in Road & Highway Infrastructure, Building Infrastructure, urban infrastructure, Toll Collection & Operation Contracts, Waste Water Infrastructure and government infrastructure programs. Our disciplined bidding approach, experienced project teams, and financial strength position us to secure high-quality projects while maintaining sustainable profitability. Our order book provides a strong foundation for future growth, ensuring revenue visibility and reinforcing our commitment to delivering world-class infrastructure projects.

Going forward, emphasis will remain on technology integration, sustainability, and balanced growth, positioning the Company to capitalise on evolving infrastructure opportunities while delivering long-term value to stakeholders.

I. Human Resources

The Companys growth continues to rest on the strength of its people -from engineers and site supervisors executing projects across locations to the teams at the head office managing finance, planning, procurement, HR and compliance. As the Companys project base has grown in scale and complexity, it has continued to invest in strengthening this workforce through relevant hiring, training and systems that support safe and consistent execution, both on-site and at the corporate office. The Company remains committed to being an organisation that attracts, develops and retains capable talent across all levels.

J. Quality Management

The Companys quality management practices are aligned with the technical specifications and standards prescribed under its various concession and works contracts, integrating planning, execution and monitoring to ensure consistent,

L. Information Technology

The Company continues to strengthen its use of technology in project execution, including drone-based surveying and digital project monitoring tools, to support better planning, cost control and quality outcomes as its project base and geographic footprint continue to grow.

M. Environment, Health and Safety (EHS)

The Company remains committed to maintaining responsible environment, health and safety standards across its project sites, including resource utilisation and sustainability-conscious construction practices. Continued emphasis is placed on employee safety training, site safety protocols and compliance monitoring across all locations of operation.

N. Internal Control Systems and Their Adequacy

The Companys internal policies and controls are commensurate with its size and scale of operations, and are designed to ensure compliance with applicable legal and corporate governance requirements, as well as the Companys strategic and financial objectives. These systems aim to provide reasonable assurance against operational and financial risks, with a continued focus on promoting compliance and ethical conduct among employees. The Board of Directors periodically reviews these systems to ensure they remain relevant, effective and aligned with the Companys evolving regulatory requirements and business environment.

O. Cautionary Statement

Statements made in this Management Discussion and Analysis, or discussions relating to future conditions, events or circumstances, including the Companys objectives, projections, estimates and expectations, may constitute “forward-looking statements” within the meaning of applicable securities laws and regulations. These statements are subject to various risks and uncertainties and may not necessarily reflect actual future outcomes. Actual results could differ materially from those expressed or implied in such statements. Key factors that could impact the Companys operations include economic conditions affecting demand and supply, input price volatility, changes in Government regulations, tax laws and other statutes, and other incidental factors beyond the Companys control. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

For B.R.Goyal Infrastructure Limited

SD/-

Brij Kishore Goyal

Chairman & Managing Director

DIN 00012185

Date: 28 July 2026

Place: Indore