Bansal Roofing Products Ltd Management Discussions

The Directors have pleasure in presenting the Management Discussion and Analysis Report of Bansal Roofing Products Limited (the "Company" or "BRPL") for the financial year ended 31 March 2026.

I. Overview

This report presents Managements perspective on the global and domestic economic environment, the steel, structural-fabrication, pre-engineered building, roofing and related engineered-solutions industries, the Companys strategy and business model, operating and financial performance, material opportunities and risks, human resources, sustainability practices and internal financial controls during F.Y. 2025-26.

The discussion should be read together with the Companys financial statements, schedules, notes and other disclosures included in the Annual Report. The financial statements have been prepared in accordance with Indian Accounting Standards ("Ind AS"), the Companies Act, 2013 and applicable regulations issued by the Securities and Exchange Board of India.

II. External Environment

1. Global Economy

The global economy continued to demonstrate resilience during 2025, although growth remained uneven across regions and was accompanied by persistent geopolitical, trade and policy uncertainty. The World Bank estimated global growth at 2.9% in 2025. Activity was supported by relatively resilient consumption, investment associated with technology and artificial intelligence, and the ability of businesses to adapt supply chains to changing trade conditions. However, high public debt, subdued productivity, policy uncertainty, geopolitical tensions and disruptions to energy and transport routes continued to weigh on the global outlook. [1][2]

Inflation moderated from the elevated levels seen in earlier years, allowing some central banks to move towards a less restrictive monetary stance. Nevertheless, the disinflation process remained vulnerable to movements in energy, freight and commodity prices. For steel-processing, structural-fabrication and project-execution businesses, fluctuations in steel, zinc, aluminium, energy and transportation costs can affect project economics, customer pricing and working-capital requirements.

The International Monetary Fund projected global growth of 3.1% in 2026 and 3.2% in 2027 in its April 2026 World Economic Outlook, under an assumption that geopolitical disruptions remain contained. The World Banks June 2026 Global Economic Prospects was more cautious, forecasting global growth of 2.5% in 2026, followed by an improvement to 2.8% in 2027. The difference between these forecasts highlights the sensitivity of the outlook to energy prices, trade restrictions and geopolitical developments. [1][2]

International trade recovered strongly in 2025, partly because businesses brought forward imports ahead of tariff changes and because demand for technology-related products remained robust. The World Trade Organization estimated that world merchandise trade volume grew by 4.6% in 2025. It projected growth to moderate to 1.9% in 2026 before improving to 2.6% in 2027. Commercial services trade was expected to grow faster than merchandise trade, at 4.8% in 2026 and 5.1% in 2027. [3]

Global supply chains are also undergoing structural realignment. Businesses are diversifying suppliers, building regional sourcing networks and placing greater emphasis on resilience, visibility and continuity of supply. Digital technologies, automation and data-driven planning are improving design, procurement and production efficiency, while climate and decarbonisation requirements are influencing material selection and construction practices.

For engineered-steel and building-solutions companies, the external environment is therefore shaped by moderate global growth, volatile commodity and freight costs, changing trade arrangements and rising expectations regarding speed, quality, safety and sustainability. Strong procurement discipline, project-level cost control, diversified end markets and reliable execution remain important competitive capabilities.

2. Indian Economy

India remained among the fastest-growing major economies during F.Y. 2025-26. According to the Provisional Estimates released by the Ministry of Statistics and Programme Implementation under the revised national accounts series with base year 2022–23, real Gross Domestic Product grew by 7.7% in F.Y. 2025-26, compared with 7.1% in FY2024–25. Nominal GDP was estimated at Rs346.36 lakh crore, reflecting growth of 8.9%, while real Gross Value Added increased by 7.9% to Rs294.91 lakh crore. [4]

The secondary and tertiary sectors were the principal growth drivers. The secondary sector expanded by 8.8% in real terms, supported by manufacturing and construction, while the tertiary sector recorded robust growth across trade, transport, communication, financial, professional and public services. Private Final Consumption Expenditure and Gross Fixed Capital Formation both recorded growth of more than 7.5%, indicating continued strength in domestic demand and investment. [4]

Indias growth performance was supported by continued investment in roads, railways, industrial corridors, logistics, renewable energy, digital infrastructure and urban connectivity. These investments are directly relevant to engineered-steel businesses because factories, warehouses, logistics parks, power infrastructure, data centres, process facilities and institutional buildings require time-efficient structural systems and associated roofing, cladding and support structures.

The Union Governments effective capital expenditure for FY2026–27 was estimated at Rs17.15 lakh crore, including direct capital expenditure of Rs12.22 lakh crore and grants to states for creation of capital assets. The continuation of high public investment, together with private manufacturing capital expenditure, provides a supportive demand environment for industrial and infrastructure construction. [5][8]

[Chart: Annual GDP Estimates (in Rs. Lakh Crore) and Growth Rates (%) at Constant Prices. Y-axis: 140.0 to 340.0. X-axis: 2022-23 to 2025-26 PE. Legend: GDP Levels (green bars).]

Indias medium-term outlook remains positive, although external risks require careful monitoring. The World Bank projected real GDP growth of 6.6% for FY2026–27, reflecting the potential effect of higher energy prices, global uncertainty and supply-chain disruptions. India nevertheless continues to benefit from a large domestic market, continuing infrastructure investment, formalisation of the economy and policy support for manufacturing. [2]

III. Pre-Engineered Building (PEB) Industry and Developments

1. Global Roofing & PEB Industry

Globally, industrial and logistics construction is increasingly adopting off-site fabrication, modularisation and pre-engineered steel systems to reduce project timelines, improve quality consistency and manage site constraints. The trend is supported by manufacturing relocation, supply-chain regionalisation, growth in logistics and data infrastructure and the need for buildings that can be expanded or reconfigured as operating requirements evolve.

Customers are also placing greater emphasis on lifecycle performance, material efficiency, safety, traceability and lower embodied impact. Digital design, Building Information Modelling, automated fabrication and data-led project planning are improving coordination between engineering, manufacturing and site execution. These developments favour companies that combine structural engineering capability with precision manufacturing, quality assurance and dependable installation.

The global environment nevertheless remains exposed to fluctuations in steel and energy prices, freight disruptions, interest rates, construction cycles and trade policy. Project-level commercial discipline and supply-chain resilience therefore remain important across the engineered-building industry.

2. Indian Roofing & PEB Industry

Steel is a foundational input for infrastructure, manufacturing, transport, energy, construction and capital goods. India is the worlds second-largest crude-steel producer and benefits from a large domestic market, expanding production capacity and sustained demand from construction, railways, roads, automobiles, engineering and industrial investment.

During F.Y. 2025-26, Indias crude-steel production increased by approximately 10.7% to around 168.4 million tonnes. Finished-steel consumption reached approximately 164 million tonnes and grew by about 7–8%, supported by infrastructure, construction, railways and manufacturing activity. [6]

The sector entered FY2026–27 with continued demand momentum. Finished-steel consumption increased by 8.7% during April–May 2026, while finished-steel production increased by 6.4%. The demand trend remained supported by construction, infrastructure and manufacturing end-use segments. [7]

The operating environment, however, remains cyclical. Domestic steel prices are influenced by global oversupply, import competition, coking-coal and iron-ore costs, safeguard and anti-dumping measures, currency movements and domestic demand. ICRA estimated F.Y. 2025-26 steel-demand growth at approximately 7.6% and expected it to accelerate to 9–10% in FY2026–27 with stronger infrastructure allocations and execution. [9][10]

For downstream fabricators and PEB manufacturers, steel-price volatility affects quotation validity, project margins and working-capital deployment. The ability to align procurement with order execution, use price-adjustment clauses where commercially feasible, optimise design weight and maintain vendor diversification is therefore important.

3. Indian Construction and Infrastructure Sector

Construction is one of the principal transmission channels through which public and private capital expenditure supports the broader economy. Demand spans transport infrastructure, industrial facilities, urban development, power and renewable energy, logistics, warehousing, commercial buildings, institutional projects and specialised infrastructure.

The Government proposed public capital expenditure of Rs12.2 lakh crore for FY2026–27, compared with Rs11.2 lakh crore in the F.Y. 2025-26 Budget Estimate. Budget announcements included high-speed rail corridors, freight infrastructure, national waterways and an Infrastructure Risk Guarantee Fund intended to improve private-sector participation. [8]

PM GatiShakti, industrial corridors and multimodal logistics initiatives are intended to improve connectivity between production locations, logistics nodes, ports and consumption centres. As of February 2026, the Network Planning Group had evaluated 352 projects with an estimated value of Rs16.10 lakh crore, of which 201 had been sanctioned. [15]

Industrial corridor development also creates demand for factories, utility buildings, warehouses, logistics facilities, worker-support infrastructure and ancillary units. The Union Budget 2026–27 allocated Rs3,000 crore to the National Industrial Corridor Development and Implementation Trust and announced an integrated East Coast Industrial Corridor with a node at Durgapur. [14]

The opportunity for engineered-steel construction is linked not only to the aggregate level of capital expenditure but also to the pace of project awards, land availability, approvals, customer funding and actual execution. Companies with integrated design, fabrication and erection capabilities are better placed to respond to compressed construction schedules and technically differentiated projects.

4. Pre-Engineered Buildings and Prefabricated Steel Construction

Pre-engineered buildings are custom-designed steel building systems in which primary frames, secondary members, roofing, wall cladding and accessories are engineered as an integrated solution, fabricated under controlled factory conditions and assembled at the project site. The model differs from conventional construction by shifting a larger proportion of engineering and manufacturing activity off-site.

The principal advantages of PEB systems include shorter project schedules, design optimisation, predictable quality, lower site dependence, scalability, ease of expansion and the recyclability of steel. These characteristics make PEBs suitable for factories, warehouses, logistics parks, workshops, process facilities, aircraft hangars, institutional buildings, commercial facilities, data centres and selected infrastructure applications.

Adoption is being supported by the expansion of organised manufacturing and logistics, higher customer emphasis on construction speed, the growing use of design software and Building Information Modelling, and the requirement for consistent safety and quality. Customers increasingly seek single-source accountability across design, detailing, fabrication, supply and erection.

The PEB market remains competitive and includes large organised players, regional fabricators and smaller unorganised contractors. Competitive differentiation depends on engineering capability, manufacturing precision, project-management discipline, quality assurance, procurement strength, delivery reliability, installation capability, customer references and the ability to execute complex structures.

Because projects are frequently awarded through competitive bidding, margin quality depends on design efficiency, accurate quantity estimation, timely procurement, control over fabrication losses, subcontractor productivity, logistics planning and management of site variations. The sector therefore combines manufacturing capability with project-execution and commercial-risk management.

5. Industrial, Warehousing and Logistics Infrastructure

The formalisation of Indias logistics ecosystem is creating sustained demand for modern warehouses, fulfilment centres, distribution facilities and industrial buildings. Grade A facilities typically require large clear spans, suitable eave heights, efficient loading and unloading, fire and safety compliance, durable roofing and cladding, ventilation, floor-load planning and provision for automation.

Indias warehousing absorption exceeded 30 million sq. ft. during the second half of 2025. Third-party logistics companies accounted for approximately 44% of absorption, engineering and manufacturing companies about 20%, and e-commerce approximately 13%. Delhi-NCR, Mumbai and Chennai together accounted for 64% of half-yearly leasing. [11]

The continued preference for quality warehousing assets, portfolio expansion by domestic and international occupiers and the development of emerging logistics corridors support demand for engineered buildings. At the same time, high land costs, financing costs and rental economics may affect the pace and location of new development.

Data-centre construction is an additional specialised opportunity for engineered buildings and associated structural systems. CBRE reported that Indias operational data-centre capacity crossed approximately 1.5 GW during the first nine months of 2025, reflecting rapid investment in cloud, digital and artificial-intelligence infrastructure. [12]

For BRPL, these end markets provide opportunities to supply PEBs, heavy structures, roofing, cladding, and customised solutions. The addressable opportunity will depend on prequalification, project size, customer relationships, engineering specifications and timely execution.

6. Renewable Energy and Solar Mounting Structures

Indias renewable-energy transition is creating demand for power-generation infrastructure and its associated structural components. Solar projects require engineered mounting structures designed around site conditions, module configuration, wind loads, corrosion protection, installation speed and lifecycle performance.

Indias cumulative installed solar capacity reached approximately 162.15 GW as of 30 June 2026, including around 121.25 GW of ground-mounted capacity and 30.11 GW of grid-connected rooftop capacity. Solar capacity additions during April–June 2026 were approximately 11.89 GW. [13]

The scale-up of utility, rooftop, hybrid and captive renewable projects expands the market for module mounting structures, support frames and related fabricated-steel products. However, the segment is cost-sensitive and exposed to steel and zinc prices, project-tender timing, design standardisation, logistics and aggressive competition.

During FY 2025–26, BRPL strategically expanded its product portfolio by entering the Solar Module Mounting Structure (MMS) segment. The Company placed orders for advanced high-speed roll-forming machinery in December 2025, which were successfully commissioned in June 2026, creating an installed manufacturing capacity of approximately 2,000 MT per month. This strategic diversification strengthens the Companys presence in the renewable energy value chain while leveraging its existing expertise in precision steel processing, roll forming, and structural fabrication.

IV. Demand Outlook

The medium-term demand outlook for pre-engineered buildings, structural fabrication, roofing and related engineered solutions remains favourable. Demand is expected to be shaped by the following structural drivers:

1. Manufacturing and industrial expansion: New factories, capacity additions, vendor parks and industrial clusters require time-efficient structures, utility buildings, warehouses and specialised production facilities.

2. Infrastructure-led investment: Public capital expenditure, industrial corridors, multimodal logistics and urban infrastructure can support steel-intensive construction and ancillary buildings.

3. Warehousing and logistics formalisation: Grade A warehouses, distribution centres and fulfilment facilities increasingly require large clear spans, predictable delivery schedules and durable roofing and cladding systems.

4. Renewable-energy growth: Utility-scale, rooftop, captive and hybrid solar projects create demand for high-volume module mounting structures and associated fabricated-steel components.

5. Faster and more predictable construction: Customers are increasingly evaluating PEB and off-site fabrication where speed, design certainty, future expansion and single-source accountability are important.

6. Specialised building envelopes: Food processing, pharmaceuticals, cold chain, electronics and data infrastructure support demand for insulated panels, thermal-performance solutions and integrated roofing and wall systems.

The pace of conversion into orders will depend on project awards, customer funding, land and statutory approvals, construction schedules, steel prices, financing conditions and competitive intensity. The Companys ability to qualify for larger projects, maintain execution quality and protect margins will therefore be central to translating industry demand into sustainable growth.

V. GOVERNMENT INITIATIVES AND POLICY SUPPORT

Government policy continues to support infrastructure-led manufacturing, logistics connectivity, industrial clusters, renewable energy and domestic production. These initiatives can translate into demand for factories, warehouses, utility buildings, structural steel, roofing, cladding and associated engineered solutions.

Initiative	Key development	Relevance to BRPL
Public capital expenditure	Rs12.2 lakh crore of public capital expenditure proposed for FY2026–27.	Supports roads, railways, logistics and infrastructure-led demand for steel-intensive construction. [8]
BHAVYA industrial parks	Development of 100 investment-ready industrial parks over six years with an outlay of about Rs33,660 crore.	Potential demand for industrial sheds, factories, warehouses, utilities and worker-support infrastructure. [16]
Industrial corridors	Projects across 11 industrial corridors; Rs3,000 crore allocated to NICDIT in FY2026–27.	Creates manufacturing nodes and supporting logistics and industrial facilities. [14]
PM GatiShakti	Integrated planning for multimodal and last-mile infrastructure; 352 projects evaluated by February 2026.	Improves project coordination, connectivity and the viability of industrial locations. [15]
Production Linked Incentive schemes	More than Rs2.16 lakh crore of investment reported across PLI schemes by March 2026.	Supports new and expanded manufacturing capacity across multiple end-user sectors. [17]
Renewable-energy expansion	Solar installed capacity of approximately 162.15 GW as of June 2026.	Expands demand for solar module mounting structures and allied steel fabrication. [13]

The commercial impact of these programmes will depend on the timing of project awards, private investment, state-level execution, land and environmental approvals, funding availability and the Companys ability to qualify for and win relevant projects.

VI.BUSINESS OVERVIEW

Bansal Roofing Products Limited is an integrated steel infrastructure solutions company engaged in the design, engineering, manufacturing, supply and erection of Pre-Engineered Steel buildings. The Company serves customers across industrial, infrastructure, renewable energy, warehousing, logistics, commercial and institutional developments.

Its product portfolio includes pre-engineered buildings, roofing sheets and accessories, decking sheets, process-plant structures, roll-formed products and other customised fabricated-steel products.

The companys operating model integrates design, detailing, fabrication, quality assurance, logistics and on-site execution. This provides customers with a single-source solution from concept to commissioning and allows coordination of technical specifications, material utilisation, manufacturing schedules and installation.

The Companys competitive proposition is based on engineering responsiveness, customised solutions, manufacturing quality, execution reliability and its commitment to "One Date & One Building" a philosophy centred on time, quality and cost assurance.

BRPLs Integrated Value Chain

BRPL integrates customer engagement, engineering, procurement, manufacturing, quality assurance, logistics and site execution into a coordinated project-delivery model. This enables single-source accountability and closer control over material utilisation, fabrication quality, project schedules and handover.

BRPLs integrated value chain

1. Customer requirement and concept

2. Structural design and detailing

3. Material planning and procurement

4. Cutting, forming, welding and fabrication

5. Surface preparation and painting

6. Quality inspection

7. Logistics

8. Erection and project handover

End-to-end ownership Integrated capabilities Operational excellence Value delivered at every step

BRPLs business combines product manufacturing with project execution. Revenue is influenced by order inflow, project size, steel prices, design complexity, manufacturing throughput, customer-specified delivery schedules, erection scope and the timing of project completion.

VII. Key Business Highlights of F.Y. 2025–26

F.Y. 2025–26 was a year of strong financial performance and strategic expansion for the Company. As reflected in the financial summary included in the Boards Report, total revenue increased by 59.60% to Rs154.42 crore, EBITDA increased by 71.51% to Rs15.96 crore, and Profit After Tax (PAT) increased by 90.36% to Rs10.54 crore.

Profitability outpaced revenue growth, reflecting improved operating leverage, better absorption of fixed costs, and enhanced operational efficiencies. Consequently, the EBITDA margin improved from 9.62% to 10.33%, while the PAT margin increased from 5.72% to 6.83%.

Key developments during the year included:

Strong Revenue and Profitability Growth

The Company recorded an increase of Rs57.67 crore in total revenue during FY 2025–26. EBITDA increased by Rs6.65 crore, while Profit After Tax increased by Rs5.00 crore, reflecting robust business growth, improved operational efficiency, and disciplined cost management.

Capacity and Infrastructure Expansion

The Company continued to strengthen its manufacturing infrastructure during the year by undertaking the Phase 5 expansion project, involving the construction of approximately 26,000 sq. ft. of additional built-up area for shot blasting and painting of steel structures. Simultaneously, construction of the Phase 6 expansion, comprising an additional 20,000 sq. ft. manufacturing shed for light fabrication activities, was also commenced. Both projects are expected to be completed by August 2026 and are expected to increase the Companys installed Pre-Engineered Building (PEB) production capacity to approximately 1,200 MT per month, based on two shifts of eight hours each.

Entry into Solar Mounting Structures

As part of its growth and diversification strategy, the Company entered the Solar Module Mounting Structure (MMS) segment during the year. High-speed roll-forming machinery ordered in December 2025 was successfully commissioned in June 2026, establishing a dedicated manufacturing line with an installed production capacity of approximately 2,000 MT per month. This strategic expansion enables the Company to participate in Indias rapidly growing renewable energy sector while leveraging its expertise in roll-formed steel products.

Quality, Environment and Safety Certifications

BRPL maintained ISO 9001:2015 certification and obtained ISO 14001:2015 and ISO 45001:2018 certifications during the year. The Company was also awarded ZED Gold Certification, reflecting its focus on quality, environmental management, occupational health and safety and manufacturing excellence.

Creditworthiness and Financial Discipline

The Company continues to hold the CRISIL SME 1 grading, the highest level on the relevant SME grading scale, indicating strong overall creditworthiness based on operating and financial assessment.

VIII. Challenges for the Company

Raw-Material Price Volatility

Steel is the principal input in the Companys products. Rapid price changes between quotation, order confirmation, procurement and fabrication can affect margins, particularly for fixed-price contracts.

Competitive Bidding and Margin Pressure

The PEB and structural-fabrication industry includes large organised players and regional or unorganised fabricators. Price competition can lead to aggressive bids and lower risk-adjusted returns.

Project Execution and Site Dependencies

Project schedules depend on design approvals, customer decisions, foundation readiness, site access, transport, contractor availability and weather. Delays can affect revenue recognition, costs and resource utilisation.

Working-Capital Requirements

Projects may require material procurement and fabrication before collection of customer milestones. Growth can therefore increase inventory, receivables, bank guarantees and funding requirements.

Order-Book Concentration and Cyclicality

Large projects can create concentration by customer or sector. Manufacturing and infrastructure capital expenditure can also be cyclical and sensitive to financing conditions.

Skilled Labour and Technical Talent

Engineering, welding, fabrication, quality control and erection require specialised skills. Shortages or attrition can affect productivity, quality and project schedules.

Quality and Safety

Structural products require strict adherence to designs, welding standards, material specifications, load requirements and erection procedures. Any failure can have material financial and reputational consequences.

IX. Outlook

The long-term outlook for the Companys business remains positive, supported by continued investments in infrastructure, manufacturing, logistics, warehousing, renewable energy, and industrial development across India. The increasing preference for faster, cost-efficient, and sustainable construction solutions is expected to drive demand for Pre-Engineered Buildings (PEBs), structural steel products, insulated panels, and solar module mounting structures.

BRPL enters F.Y. 2026–27 with a significantly stronger operational and financial foundation, backed by improved profitability, expanded manufacturing infrastructure, and a diversified product portfolio. The commissioning of the Solar Module Mounting Structure (MMS) manufacturing line, ongoing Phase 5 and Phase 6 infrastructure expansion, and continued focus on value-added engineering solutions position the Company to capitalize on emerging opportunities across multiple industrial sectors.

During the year ahead, the Companys strategic priorities will include:

- Completion and commissioning of the ongoing Phase 5 and Phase 6 expansion projects to enhance manufacturing capabilities and increase PEB production capacity;

- Increasing capacity utilization across existing manufacturing facilities through operational excellence and improved production efficiencies;

- Scaling the Solar Module Mounting Structure (MMS) business by strengthening customer relationships, expanding market reach, and executing larger projects in the renewable energy sector;

- Expanding the insulated panel business and offering integrated building solutions combining PEBs, roofing, cladding, and insulated panels;

- Strengthening its presence in heavy and customized steel structures for industrial, infrastructure, and engineering applications;

- Enhancing engineering capabilities, material optimization, digital planning, and project execution to improve productivity and profitability;

- Maintaining a strong focus on quality, workplace safety, environmental sustainability, timely project delivery, and customer satisfaction; and

- Preserving financial discipline through efficient working capital management, prudent procurement practices, and optimal capital allocation.

While the overall demand environment remains favourable, business performance will continue to be influenced by project award cycles, customer investment decisions, steel and zinc price movements, competitive intensity, regulatory developments, and broader economic conditions. The Company will continue to pursue sustainable and profitable growth by leveraging its expanded manufacturing capabilities, diversified product offerings, engineering expertise, and strong customer relationships, while maintaining a disciplined approach to risk management, operational excellence, and long-term value creation for all stakeholders.

X. Financial Performance

Major Highlights

The analysis of major items of the financial statements is given below:

1. During the financial year under review, the Company recorded Revenue from Operations of Rs15,429.57 lakhs, as compared to Rs9,662.53 lakhs in FY 2024-25, registering a robust growth of 59.68%.

[Chart: Revenue from Operations ( Rs In Lakhs). Y-axis: 0 to 18,000. X-axis: 2021-22 to 2025-26. Legend: Revenue from Operations (green bars).]

2. The Companys EBITDA for FY 2025-26 stood at Rs1,595.70 lakhs, as against Rs930.40 lakhs in the previous financial year, reflecting a healthy growth of 71.51%.

[Chart: EBITDA (Rs in Lakhs). Y-axis: 0 to 1,800. X-axis: 2021-22 to 2025-26. Legend: EBITDA (green bars).]

3. During the financial year under review, the Company reported a Profit After Tax of Rs1,054.25 lakhs, compared to Rs553.81 lakhs in FY 2024-25, registering an impressive growth of 90.36%.

[Chart: PAT (Rs in Lakhs). Y-axis: 0 to 1,200. X-axis: 2021-22 to 2025-26. Legend: PAT (green bars).]

4. The Basic and Diluted Earnings Per Share (EPS) increased to Rs8.00 during FY 2025-26 from Rs4.20 in the previous financial year, reflecting an increase of 90.48%. The improvement in EPS demonstrates the Companys enhanced profitability and continued focus on creating long-term value for its shareholders.

[Chart: EPS (in Rs). Y-axis: Rs 1 to Rs 9. X-axis: 2021-22 to 2025-26. Legend: EPS (green bars).]

The Company issued Bonus Shares in the ratio of 3:1 to shareholders of the Company in FY 2021-22. And therefore, EPS of F.Y. 2020-21 has been restated according.

5. During the financial year under review, the Net Worth of the Company increased by Rs906.72 lakhs, reaching Rs4,220.38 lakhs as on 31st March, 2026, compared to Rs3,313.66 lakhs as on 31st March, 2025. The increase in Net Worth was primarily driven by the healthy profit earned during the year, reflecting the Companys strong financial performance and continued focus on value creation for shareholders.

The Companys Outstanding Borrowings stood at Rs227.60 lakhs as on 31st March, 2026, as compared to Rs224.00 lakhs in the previous financial year. Despite a marginal increase of Rs3.60 lakhs, the Company continued to maintain a low debt-equity ratio of 0.05, demonstrating prudent financial management, a strong capital structure and adequate financial flexibility to support future growth initiatives.

[Chart: Networth (Rs in Lakhs) and Outstanding Debt (Rs in Lakhs). Y-axis: 0 to 5,000. X-axis: 2020-21 to 2025-26. Legend: Networth (green line), Outstanding Debt (orange line).]

Other Key Financial Ratios:

Particulars	2021-22	2022-23	2023-24	2024-25	2025-26
Debtors Turnover Ratio	29.04	36.29	43.41	40.17	51.87
Inventory Turnover Ratio	7.02	8.83	13.81	7.27	7.27
Interest Coverage Ratio	39.84	12.67	11.43	23.48	78.53
Current Ratio	1.55	1.57	1.16	1.24	1.57
Debt Equity Ratio	0.30	0.27	0.15	0.07	0.05
EBITDA Margin	8.12%	7.59%	6.31%	9.63%	10.34%
EBIT / Operating Profit Margin	7.49%	6.58%	5.09%	8.10%	9.26%
Profit After Tax Margin	5.43%	4.47%	3.36%	5.73%	6.83%
Return on Equity (RoE)	21.79%	18.99%	13.75%	18.23%	27.57%
Return on Capital Employed (RoCE)	24.65%	21.79%	17.23%	22.58%	34.70%

Product-wise Sales Quantity & Value Data:

Particulars	F.Y. 2023-24		F.Y. 2024-25		F.Y. 2025-26
	Qty	Value (in Rs)	Qty	Value (in Rs)	Qty	Value (in Rs)
Roll-Forming Products	6,151	58,19,46,714	5,491	49,23,67,248	6,901	63,07,00,300
Polycarbonate	15,058	1,86,06,812	18,102	1,86,02,648	2,3103	2,15,60,359
PEB (Fabricated Structure)	3,362	30,01,06,348	3,862	33,89,63,101	7,762	67,14,84,502
Others	-	14,71,10,292	-	11,14,78,665	-	21,92,12,047

Above Quantity is in Metric Tonnes except for Polycarbonate Sheet which is in Square Meter. Other Sales item includes trading in Finished Goods, Labour Charges for Erection, Misc Income, etc.

XI. Internal Financial Control Systems and their Adequacy

The Company has established a robust Internal Financial Control ("IFC") framework that is commensurate with the size, scale and complexity of its business operations. The Board of Directors is responsible for ensuring that adequate internal financial controls are in place and that such controls operate effectively to safeguard the Companys assets, ensure the accuracy and reliability of financial reporting and promote operational efficiency.

The Companys internal control framework has been designed to provide reasonable assurance regarding the orderly and efficient conduct of business, adherence to established policies and procedures, compliance with applicable laws and regulations, safeguarding of assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records and timely preparation of reliable financial information.

Standard Operating Procedures (SOPs), delegation of authority, well-defined approval mechanisms and documented policies continue to govern key business processes across various functional areas. These systems are periodically reviewed and strengthened in line with evolving business requirements and regulatory expectations.

The Company has an independent Internal Audit function, which carries out risk-based internal audits covering operational, financial and compliance areas. The observations and recommendations of the Internal Auditors are periodically reviewed by the Audit Committee and the Management, and appropriate corrective actions are implemented wherever necessary.

The Audit Committee regularly reviews the adequacy and effectiveness of the internal financial control framework, internal audit findings, risk mitigation measures and compliance status. During the year under review, no material weakness was observed in the design or operating effectiveness of the Companys Internal Financial Controls.

The Board believes that the existing internal control systems are adequate and continue to support efficient business operations, sound corporate governance and sustainable business growth.

XII. Human Resources and Industrial Relations

The Company firmly believes that its employees are its most valuable asset and continue to play a pivotal role in achieving sustainable business growth. During FY 2025-26, the Company remained committed to developing a high-performance work culture by investing in employee development, capability enhancement and workplace engagement.

The Company continued to focus on attracting, developing and retaining talented professionals through structured recruitment processes, continuous learning initiatives and performance-based evaluation systems. Various training and development programmes were conducted during the year to enhance employees technical competencies, managerial capabilities, safety awareness and overall productivity.

The Company also continued to strengthen employee engagement by promoting an open and collaborative work environment that encourages innovation, teamwork and continuous improvement. Employee welfare, occupational health and workplace safety remained integral to the Companys human resource philosophy. Recognising the increasing demand for skilled manpower in the engineering and manufacturing sectors, the Company continued to invest in skill development initiatives and organisational capability building. Various measures aimed at improving employee motivation, career progression and retention were undertaken during the year to create a stable and future-ready workforce. The Company maintains cordial industrial relations across all its operations. During the year under review, industrial relations remained harmonious and there were no significant disruptions affecting business operations.

The Board places on record its sincere appreciation for the commitment, dedication and valuable contribution made by all employees during the financial year. Their continued support remains a key driver of the Companys sustained growth and long-term success.

XIII. Environment, Energy And Sustainability

Steel structures contribute to sustainable construction through factory-controlled manufacturing, optimized structural design, efficient material utilization, reduced on-site construction activities, and recyclability at the end of their service life. The Company remains committed to minimizing waste, conserving natural resources, improving energy efficiency, and delivering durable, environmentally responsible building solutions.

As part of its sustainability initiatives, BRPL has installed LED lighting, translucent roof and cladding sheets to maximize the utilization of natural daylight, roof ventilators, and a 200 kW rooftop solar power plant at its manufacturing facility. Further, the Company commissioned an additional 100 kW rooftop solar power plant in June 2026, increasing its total installed rooftop solar capacity to 300 kW and further enhancing the use of renewable energy in its operations.

The Company has also established a Sewage Treatment Plant (STP) with a treatment capacity of approximately 6,000 litres, enabling wastewater generated at the facility to be treated and reused for gardening and cleaning purposes. This initiative supports water conservation by reducing the dependence on fresh water for non-potable applications.

The Companys ISO 14001:2015, ISO 45001:2018, and MSME Sustainable (ZED) Gold Certification provide a robust framework for environmental management, occupational health and safety, and continual improvement. Going forward, the Company will continue to focus on improving energy efficiency, increasing the use of renewable energy, promoting responsible resource utilization, strengthening waste management and recycling practices, conserving water, and maintaining the highest standards of workplace health, safety, and environmental stewardship.

XIV. Cautionary Statement

Statements made in this Management Discussion and Analysis Report describing the Companys objectives, projections, estimates, expectations, outlook, or predictions may constitute "forward-looking statements" within the meaning of applicable securities laws and regulations.

These statements are based on certain assumptions and expectations regarding future events and are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results, performance, or achievements of the Company to differ materially from those expressed or implied in such forward-looking statements.

Important factors that may affect the Companys operations include changes in economic conditions, Government policies, taxation, the regulatory framework, demand and supply dynamics, fluctuations in raw material prices, competitive pressures, foreign exchange movements, technological advancements, geopolitical developments, and other factors beyond the Companys control.

Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. 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, except as required under applicable laws and regulations.

References

1. International Monetary Fund, World Economic Outlook, April 2026: Global Economy in the Midst of Geopolitical Disruption.

2. World Bank, Global Economic Prospects, June 2026.

3. World Trade Organization, Global Trade Outlook and Statistics, March 2026.

4. Ministry of Statistics and Programme Implementation, Provisional Estimates of Annual GDP FY2025–26 and Q4 F.Y. 2025-26, 5 June 2026.

5. Government of India / Press Information Bureau, FY2026–27 macroeconomic and effective capital-expenditure estimates.

6. Ministry of Steel / Press Information Bureau, Indian Steel Industry Shows Strong Growth Amid Emerging Challenges in 2025–26, 8 April 2026.

7. Ministry of Steel / Press Information Bureau, Indias Steel Output Sustains Growth in May 2026, 4 June 2026.

8. Ministry of Finance / Press Information Bureau, Rs12.2 Lakh Crore Public Capex Proposed in FY2026–27, 1 February 2026.

9. ICRA, Steel demand growth expected at 9–10% in FY2027, 24 February 2026.

10. ICRA, Demand remains resilient though margins may face pressure from elevated raw-material costs in FY2027, 29 May 2026.

11. CBRE, India Logistics Figures H2 2025, February 2026.

12. CBRE, Indias Data Centre Market in a New Era, 2025.

13. Ministry of New and Renewable Energy, Programme/Scheme-wise Cumulative Physical Progress as on 30 June 2026.

14. Press Information Bureau, Travelling Across the Industrial Corridors of India, 26 February 2026.

15. Press Information Bureau, PM GatiShakti and logistics infrastructure status as of February 2026.

16. Department for Promotion of Industry and Internal Trade / PIB, BHAVYA Scheme Guidelines, 23 May 2026.

17. Department for Promotion of Industry and Internal Trade / PIB, PLI Schemes investment and production update, 27 March 2026.

For and on Behalf of the Board of

Bansal Roofing Products Limited

Sd/-

Kaushalkumar S. Gupta

Chairman & Managing Director

DIN: 02140767

Date: August 10, 2026

Place: Vadodara