| Particulars | 2025-26 | 2024-25 |
| Revenue from Operations | 4351 | 4022 |
| Value of Production | 4239 | 3905 |
| Profit before Depreciation, Interest and Tax | 328 | 531 |
| Finance costs | 45 | 54 |
| Depreciation and amortization expense | 83 | 71 |
| Profit Before Tax | 199 | 405 |
| Tax Expense | 52 | 111 |
| Profit After Tax | 147 | 294 |
| Other Comprehensive Income | -4 | 2 |
| Total Comprehensive Income | 143 | 296 |
| Profit available for appropriations | 1063 | 1009 |
| Net worth | 2909 | 2854 |
| Year | Value |
| 2023-24 | 4054 |
| 2024-25 | 4022 |
| 2025-26 | 4351 |
| Year | Value |
| 2023-24 | 4056 |
| 2024-25 | 3905 |
| 2025-26 | 4239 |
| Year | Value |
| 2023-24 | 382 |
| 2024-25 | 405 |
| 2025-26 | 199 |
| Particulars | 2025-26 ( Rs. crores) | 2024-25 ( Rs. crores) |
| Total Exports | 176.50 | 298.82 |
| Physical Exports | 75.53 | 42.21 |
| Deemed Export | 100.98 | 256.61 |
| Export Incentive | 1.69 | 3.52 |
| Year | Value |
| 2023-24 | 11872 |
| 2024-25 | 14610 |
| 2025-26 | 15896 |
(1) Appointment/Re-appointment of Independent Directors (IDs)
? Shri Siva Makutam and Shri Vikas Kakatkar appointed as Independent Directors for 1 year w.e.f. 17.04.2025
? Section 152(6) and (7) not applicable to IDs
? Appointment/re-appointment formalized through letter of appointment per Schedule IV
(2) Statement on Declaration by Independent Directors
? IDs furnished declarations per Section 149(7) stating fulfilment of criteria under Section 149(6) and Rule 6 of Companies (Appointment and Qualification of Directors) Rules, 2014
? Board reviewed declarations
(3) Change of Directors and Key Managerial Personnel
(i) Smt Nishtha Upadhyay ceased to be Government Nominee Director of the Company w.e.f. 14.07.2025 vide MoD letter no. 8(32)/2019-D(Coord/DDP) Dated 14.07.2025.
(ii) Smt Meera Mohanty (DIN: 03379561), was appointed as Government Nominee Director of the Company vide MoD letter no. 8(32)/2019-D(Coord/DDP) Dated 14.07.2025. She assumed charge on 14.07.2025. Further, she ceased to be Government Nominee Director of the Company vide MoD letter no. 8(29)/2026-D(Coord/DDP) dated 05.06.2026.
(iii) Shri Sachin Dighde (DIN: 11306396), was appointed as Director (Defence & Aerospace Business) of the Company vide MoD letter No. 8(1)/2024-D (BEML)/ DP/ (M&P) dated 14.07.2025. He took charge on 18.09.2025.
(iv) Shri Bipin Kumar Gupta (DIN: 00293673) who was appointed as Independent Directors of the Company vide MoD letter dated 10.02.2023, ceased to be the Independent Directors on completion of his tenure of 3 years on 09.02.2026.
(v) Shri Vikas Kakatkar (DIN 02372234) and Shri Siva Makutam (DIN 09450599), who were re-appointed as Independent Directors of the Company vide MoD letter dated 17.04.2025, ceased to be the Independent Directors on completion of their tenure of 1 year on 16.04.2026.
(vi) Shri Dinesh Mahur (DIN- 10862645), was appointed as Government Nominee Director of the Company vide MoD letter no. 8(29)/2026-D(Coord/DDP) Dated
05.06.2026.
* 2025-2026
Shri Shantanu Roy, Chairman & Managing Director (DIN: 10053283) and Shri Rajeev Kumar Gupta, Director (DIN: 10803828) are liable to retire by rotation at the ensuing annual general meeting and being eligible, offer themselves for re-appointment.
(4) Remuneration of Director:
As per the provision of section 197(12) of Companies Act, 2013 read with rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rule, 2014, every listed company is required to disclose the ratio of remuneration of each Director to the median employees remuneration and details of employees receiving remuneration exceeding limit as prescribed from time to time in the Board Report.
However, as per notification dated 5 th June 2015 issued by MCA, Government Companies are exempted from complying with the provision of section 197 of Companies Act, 2013. Therefore, such particulars have not been included in Board Report.
Government Nominee Directors were neither paid any remuneration nor sitting fee for attending Board/ Committee meetings. Independent Directors are paid sitting fee of f 25,000 per meeting of the Board/ Committee of the Board attended by them.
Neither there was payment of commission to the Board of Directors nor any stock option scheme offered to them during the year. Further, none of the Directors had any pecuniary relationship nor entered into any related party transactions with the Company during the year.
(5) Number of meetings of Board:
? During the year, nine meetings of the Board were held on 28.04.2025,
(vii) 06.06.2025, 21.07.2025,
(6) 29.09.2025, 05.11.2025 and
06.02.2026, Requirements on number and frequency of meetings, in terms of Section 173(1) of the Companies Act, 2013, Regulation 17(2) of Listing Regulations, and Para 3.3.1 of the DPE Guidelines, were complied with in full.
(6) Directors Responsibility Statement:
Pursuant to section 134(3)(c) and 134(5) of the Companies Act, 2013, your Directors state that,
(a) in the preparation of the annual accounts for the year ended 31.03.2026, the applicable accounting standards have been followed along with proper explanation relating to material departures;
(b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year 2025-26 and of the profit of the Company for that period;
(c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
(d) the directors had prepared the annual accounts on a going concern basis;
(e) the directors had laid down internal financial controls to be followed by the company and that such internal
» 2025-2026
financial controls are adequate and were operating effectively.
(f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
(7) Board Evaluation:
The Board of Directors of the Company comprises Functional Directors, Government Nominee Directors and Independent Directors appointed by the Government of India from time to time pursuant to Article 97 of Articles of Association of the Company. Further, the Government communication also indicates the detailed terms and conditions of their appointment based on applicability of the relevant rules of the Company.
Committees of the Board
The following mandatory Committees required under Companies Act, Listing Regulations, DPE guidelines/ MoD Directives are constituted by the Board to function according to their respective roles and defined scope:
(viii) Audit Committee
(ix) Nomination and Remuneration Committee
(x) Stakeholders Relationship Committee
(xi) Risk Management Committee
(xii) Corporate Social Responsibility and Sustainability Committee.
(xiii) Procurement Committee
(xiv) Share Certificate Committee
(xv) Technology Committee
The details of the Committees along with their composition, number of meetings held and attendance at the meetings are provided in the Corporate Governance Report as annexure to the Board Report.
Enterprise Risk Management:
It terms of Section 134 of the Companies Act, 2013, Regulation 17 & 21 of the Listing Regulations and Chapter 7 of DPE Guidelines, your Company has constituted Risk Management Committee (RMC) and implemented Board approved Risk Management Policy (RMP) Further, the composition, reconstitution and the terms of reference in line with quorum, minimum number of meetings, gap between two meetings of RMC and Powers, roles and responsibilities of RMC as duly approved by the Board are incorporated/ amended in the RMP as per the SEBI Listing Regulations. With the induction of Independent Director, all Business Group Directors, Director (Finance), Director (HR) and Independent
Director will be the members of the Committee and senior most Functional Director will head the Committee. During the year, RMC met twice 28.04.2025 & 04.11.2025.
The Corporate Risk Committee prepares the key risks along with mitigation plans and report to the Risk Management Committee constituted in terms of Regulation 21 of the Listing Regulations. The said key risks and mitigation plans will be placed before Audit Committee, which recommends it for review and approval of the Board.
The Board reviews the key risks along with mitigation plans and monitor the status on risk management periodically. The RMP is placed on the Companys website https://www.bemlindia.in/writereaddata/ Downloads/202003302233Risk_ Management Policy.pdf.
Renewable Energy Development, Energy Conservation, Research & Development, Technology Absorption and foreign exchange earnings and outgo:
In terms of Section 134 of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, the information on energy conservation, technology absorption and foreign exchange earnings and outgo including the products developed by the Company during the year is placed at Annexure-I.
Related Party Transactions:
During the year 2025-26, all related party transactions (RPT) that were entered into with the related parties were fair, transparent and at arms length basis and also in the ordinary course of business of the Company. However, pursuant to provisions of section 188 of the Companies Act, 2013, RPTs between two government companies are exempted.
The said related party transactions were also duly considered and noted by the Audit Committee. Information as required under section 188 in Form AOC-2, pursuant to Section 134(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014, is attached to this report as Annexure-ll.
Compliance of applicable Secretarial Standards:
Your Company has complied with the provisions of applicable secretarial standards with respect to Meetings of Board of Directors (SS-1) and General Meetings (SS-2) issued by the Institute of Company Secretaries of India in terms of Section 118(10) of the Companies Act 2013. Further, as stipulated in Standard 9 of SS-1, a statement on compliances of applicable Secretarial Standards is included in the Report of the Board of Directors.
Corporate Governance Report:
In terms of Regulation 34 of the Listing Regulations and Chapter 8 of the DPE Guidelines, a report on Corporate Governance (CG) compliance is included in the Boards Report. M/s MMA Partners & Associates, Practicing Company Secretaries (PCS) have issued a Compliance Certificate on the same. In terms of Para 8.2.3 of the DPE Guidelines of CPSEs, the Companys compliance level as per the grading report on Corporate Governance is rated as Excellent with 93.15% (average for 4 quarters) for FY 2025-26 based on self-evaluation. The aforesaid report on Corporate Governance along with Compliance Certificate is placed at Annexure-lll.
Management Discussion and Analysis Report:
In terms of Regulation 34 of Listing Regulations and Chapter 7 of the DPE Guidelines, report on Management Discussion and Analysis Report is placed at Annexure-lV.
Business Responsibility & Sustainability Report:
A Business Responsibility & Sustainability Report (BRSR) for FY 2025-26 in terms of Regulation 34 of Listing Regulations, describing the initiatives taken by the Company on environmental, social and governance perspective, in the format as specified by SEBI from time to time is placed at Annexure-V.
Corporate Social Responsibility & Sustainability Committee:
On 31.03.2026, the Committee comprises of Shri Vikas Kakatkar, Independent Director as Chairperson, Shri Siva Makutam, Independent Director, Shri Anil Jerath, Director (Finance) and Shri Rajeev Kumar Gupta, Director (Rail & Metro Business) as members. The CSR Committee met three times during the year on 28.04.2025, 10.08.2025, and 03.11.2025. An amount
of f 7.27 crores was spent during FY 202526 towards CSR activities which was more than 2% as stipulated under the Companies Act, 2013 and was in line with the Boards approved purposes and the same was certified by the Chief Financial Officer/ Director (Finance) and Chairman of CSR Committee. Annual Report on CSR activities for FY 2025-26 is placed at Annexure-VI.
Demat Escrow Account:
| Particulars | No. of shareholders | No. of shares |
| number of shareholders and the outstanding shares in the suspense account lying at the beginning of the year (April 1, 2025) | -- | -- |
| No. of shares Transferred to suspense / escrow demat account during the year on account of Stock Split (November, 2025) - Physical shareholders | 295 | 131282 |
| Number of shareholders who approached for transfer of shares from suspense account during the FY 2025-26 | 3 | 600 |
| number of shareholders to whom shares were transferred from suspense account during the FY 2025-26 | 0 | 0 |
| aggregate number of shareholders and the outstanding shares in the suspense account lying at the end of the year i.e 31.03.2026 | 295 | 131282 |
voting rights on these shares shall remain frozen till the rightful owner of such shares claims the shares.
Vigilance:
The Vigilance Department functions under the leadership of an independent, fulltime Chief Vigilance Officer. Dr. Sajid Farid Shapoo, IPS, assumed charge as CVO in November 2024. The department serves as an extended arm of the Central Vigilance Commission and acts as a vital link between the Company, the Administrative Ministry, and the CBI. Vigilance is treated as an integral managerial function, with a focus on prevention, detection, and enforcement.
Complaint Handling & Preventive Vigilance:
| Vigilance Metric | FY 2025-26 |
| Complaints carried forward from FY 2024-25 | 1 |
| Fresh complaints received FY 2025-26 | 26 |
| Complaints disposed | 18 |
| CTE-type in-house inspections | 8 |
| System studies conducted | 8 |
| Vigilance clearances processed via \u2018SAMPARK\u2019 | 4,228 |
Preventive vigilance measures included scrutiny of purchase orders, contracts, TA/ DA and medical claims, annual property returns, store/inventory management, vendor assessment, weighbridge operations, bill clearance, and product quality. Recommendations were made to management for systemic improvements in procurement, contract administration, and process efficiency.
Technology & Systemic Initiatives:
In line with CVCs emphasis on digitisation, the Company launched the BEML- Vigilance Information Management System (B-VIMS) . This digital platform standardises and streamlines all vigilance functions, enabling real-time monitoring, enhanced accountability, and transparent documentation across the organisation. The updated Vigilance Manual 3.0 was released on 29 th July 2025 by Shri Rishi Kumar Shukla, IPS, Former Director, CBI.
Vigilance Awareness Week2025:
VAW-2025 was observed from 27 th October to 2 nd November 2025 with the theme Vigilance: Our Shared Responsibility, as per CVC directives. Key initiatives included:
> Integrity Pledge: Administered to employees, students, faculty, and Gram Sabha participants.
> Outreach: Awareness programs in schools and colleges reached 4,690 students. Integrity Clubs were inaugurated at Sri Bhagawan Mahaveer Jain College, KGF and St. Josephs Indian High School, Bengaluru.
> Public Engagement: Signature campaigns and selfie spots on the VAW theme were organised at prominent public locations to involve citizens.
> Capacity Building: Guest lectures by eminent personalities and inhouse sensitisation programs covered 1,339 employees.
> Vendor Meet: Held on 30 th October 2025 across all divisions via video conferencing with 280 vendors participating. CMD and Directors addressed vendor queries and grievances directly.
> Publications & Competitions:
Released VigKiran Ver.14, the inhouse vigilance magazine. The Bengaluru Complex vigilance team organised a first-of-its-kind reelmaking competition for employee dependents.
Commitment:
The Company remains committed to fostering a culture of transparency, integrity, and accountability. Through technology- led initiatives, proactive outreach, and continuous systemic improvements, Vigilance continues to be a shared responsibility across all stakeholders.
Whistle Blower policy:
In terms of the provisions of Section 177 of the Companies Act, 2013, Regulation 22 of the Listing Regulations and Chapter 4 of the DPE Guidelines, your Company has formulated Vigil Mechanism/ Whistle Blower Policy for directors and employees to report genuine concerns. The said policy is placed on the Companys website https://www.bemlindia. in/wp-content/uploads/2023/05/Whistle_ Blower Policy.pdf. The policy provides for adequate safeguards against victimization of director/s or employee/s or any other person who avail the said mechanism and also provides for direct access to the Chairperson of the Audit Committee in appropriate or exceptional cases. The Audit Committee reviews the functioning of the whistle blower mechanism periodically as per Schedule II (A)(18) of Listing Regulations and Chapter 4 of DPE Guidelines. As per the said policy, none of the employees have been denied access to Audit Committee.
Quality:
BEML views quality improvement as a core business strategy and remains proactive in enhancing product and service excellence. The Companys Quality Policy, rooted in Total Quality Management (TQM), ensures that products, services, and processes consistently meet stringent standards and performance criteria. A dedicated Quality Department leads and drives the organizations TQM initiatives.
All manufacturing divisions are certified under the latest Quality Management System (QMS) standard, ISO 9001:2015. Additionally, all divisions comply with the Environmental Management System (EMS) standard ISO 14001:2015 and the Occupational Health & Safety standard ISO 45001:2018.
The Aerospace Division—Mysore Complex and Bangalore Complex—has been accredited with AS 9100D certification, demonstrating adherence to global aerospace quality standards.
BEML has been recognized with the Gold Award in the PSU category at the 5th Edition of the EEPC India Quality Awards, reflecting its commitment to excellence.
The organization actively promotes employee involvement in quality initiatives through Quality Control Circles (QCC). During 2025-26, three teams participated in national-level competitions, and all were adjudged Par Excellence. Additionally, one Quality Circle team represented the company at the International Convention on Quality Control Circles (ICQCC) 2025 in Taipei, Taiwan, where it won a Gold Award.
Key Quality Improvement Initiatives (2025-26):
• The Quality Assurance system is continuously monitored across all manufacturing divisions to drive improvements in design, processes, and systems.
• Cross-functional team (CFT) initiatives undertaken across divisions include:
1. Eight executives were trained and certified as Six Sigma Green Belt professionals, covering all manufacturing units.
2. A total of 368 Kaizen projects were implemented.
3. 170 quality improvement projects were executed to reduce rejections.
4. 279 jigs and fixtures were added or upgraded to enhance manufacturing quality.
5. 424 vendor visits and process audits were conducted to improve incoming material quality.
• Bangalore Complex is accredited with EN 15085 certification for welding of Railway Vehicles.
• Regular field failure review meetings are conducted to address quality and service issues. Corrective and preventive actions are systematically implemented and monitored for closure.
• To strengthen quality control and ensure measurement consistency, 93 digital measuring instruments were procured and deployed across all manufacturing units.
• BEML is implementing QA4.0 across all manufacturing units, highlighting its commitment to Quality Excellence and Digital Innovation.
Make in India Initiatives and Indigenization of products
BEML is committed to the Make in India (Atmanirbhar Bharat) policy and considers it an opportunity to boost Indigenisation of Equipments to achieve cost benefits and also complement the strengths of private sector to build a strong industrial base.
BEML has been systematically indigenizing the products through extensive R&D efforts and has achieved 90% in the mainline Mining & Construction products, Rail coaches & EMUs, over 97% in High Mobility vehicles HMV 8x8 & HMV 6X6 and over 65% in Metro cars. Further efforts are underway to reach higher levels.
BEML has nominated a Chief Indigenisation officer for Make in India drive and list of items for indigenization are hosted on Srijan portal website: www.srijan.gov.in
Further to emphasize on Indigenization Our Company has formed a Separate Indigenisation Vertical consisting members from Planning, Materials, Quality & R&D for focus on Indigenisation in each SBU.
» 2025-2026
Under this initiative Company has designed
and developed products as follows:
• BEML Unveils Indias first Indigenous 35 - Ton Electric Dump Truck,
Advancing Green Mining Solutions. The development marks a major step towards sustainable mining & infrastructure solutions. The indigenously designed electric dump truck is engineered to deliver high productivity with zero tailpipe emissions. Built to global standards the platform aligns with Indias ESG commitments and carbon reduction goals. While reinforcing BEMLs focus on clean and future ready technologies. The vehicle is equipped with a Regenerative Braking System (RBS), enabling energy recovery during operations, particularly in downhill conditions. A state of the art Battery Thermal Management System (BTMS), featuring liquid cooling, ensures optimal temperature regulations, enhancing safety and extending the life of the 300 KWh Lithium ion battery.
In addition to its environment advantages, the platform offers substantial economic benefits, including upto 60-70% savings in energy costs & 40-60% reduction in overall operating costs, lower maintenance requirements, owing to fewer mechanical components, further enhance its value proposition. Our Company also provides scalable charging infrastructure solutions, enabling 0-80% charging in approximately 60 to 90 minutes to support continuous operations.
With this launch BEML further strengthens its position as a leader in Mining & Construction equipment, while contributing to Indias vision of sustainable industrial growth & self reliance.
» « P r*m PiMin 9
• BEML Ltd, a leading Defence and aerospace company, has launched its indigenously designed and manufactured High Mobility Vehicle (HMV) 12x12 at its Palakkad complex.
Developed for the Vehicles Research and Development Establishment (VRDE), DRDO, this state-of-the-art vehicle enhances operational mobility for Indias Defence forces while advancing the nations vision of AatmaNirbhar Bharat in strategic military assets. The HMV 12x12 is engineered for extreme terrains and challenging climatic conditions, making it a vital asset for Defence operations.
It is powered by a BSIII compliant engine and features a 7-speed Allison Automatic Transmission, supporting a Gross Vehicle Weight (GVW) of 65 tons. The vehicle has been developed through BEMLs Futuristic Product Innovation and Incubation Centre (FPIIC), further reinforcing Indias Defence self reliance.
With the unveiling of the HMV 12X12, BEML continues to play a pivotal role in advancing Indias Defence mobility solutions, leveraging its in house expertise and world class manufacturing capabilities to fortify national security & readiness.
• BEML Ltd launches Indigenously Designed Motor Grader BG1205 to strengthen Indias Mining Sector
BEML one of Indias leading mining and construction equipment manufacturers, proudly announced the launch of its indigenously designed and developed Motor Grader BG 1205 at its Mysuru complex. Equipped with an impressive 24-foot blade, the BG 1205 has been meticulously crafted to meet the evolving demands of the mining sector.
* 2025-2026
Designed especially for high-intensity operations in regions such as SECL Bilaspur and Northern Coalfields Limited (NCL) in Singrauli, this state-of the- art equipment is tailored to support the increasing need for efficient roadlaying machinery capable of handling high-capacity dumpers. With a focus on superior performance, the BG 1205 is set to enhance productivity, ensure operational efficiency, and contribute significantly to the sustainability of mining operations.
BG 1205 will play a pivotal role in driving sectoral growth and supporting Coal India Limiteds vision of reducing dependency on imported mining equipment. With this launch BEML Ltd continues to demonstrate its leadership in indigenous manufacturing and its commitment to building a self reliant India.
• BEML Honoured with Double Gold for Vande Bharat Sleeper & Electric Rope Shovel at ET PSU Awards 2025
The Gold Award for future ready infrastructure was conferred upon BEML for its pathbreaking work on the Vande Bharat Sleeper Trainset - Indias first indigenously developed semi high speed sleeper train capable of reaching speeds up to 180 Kmph, this next generation trainset represents a monumental leap in Indias rail infrastructure and a major milestone in the journey towards Atmanirbhar Bharat. Designed & manufactured by BEML, the trainset combines cutting edge technology with passenger comfort, enabling operations at speeds of up to 180 Kmph. Built to global standards with crashworthy design, superior ride quality and advanced safety features, it marks a transformative leap in overnight travel for long distance routes.
The Company also received the Gold Award for Operational Excellence for the successful development of the BRS21 Electric Rope Shovel, Indias first fully indigenised all electric rope shovel. This achievement sets new benchmarks in sustainable and energy efficient mining equipment, reinforcing BEMLs leadership in advanced Make in India solutions for the core sector. Designed for high performance excavation in large scale mining operations, it offers enhanced energy efficiency, reduced carbon footprint and lower operating costs.
BRS21 is equipped with advanced features such as real time diagnostics, predicative maintenance systems and an ergonomic 360 deg operator cabin for enhanced safety & efficiency. With operating weight of 720 tonnes and a 21-cubic metre bucket, the BRS21 is purpose built for massive overburden removal in Large scale open cast mines like Nigahi.
• BEML Ltd achieved a significant milestone with the induction of its indigenously manufactured Mechanical Minefield Marking Equipment Mark-II (MMME MK-II) into the Indian army.
The accomplishment underscores the successful collaboration between the armed forces, DRDO and BEML, furthering the Aatmanirbhar Bharat vision by strengthening Indias self-reliant defence manufacturing ecosystem.
Further during the year 2025 - 26, Our Company has indigenized 133 items covering all business verticals viz., Defence, Metro & Mining & Construction items. Some of the major items indigenized are 4 door cabin, brake sub assembly, floor boards, ceiling panel,
» 2025-2026
saloon door system, propellor shaft, NBC filtration system & Pneumatic system etc.,
Continuous efforts are on to reduce the import content further and increase Make in India content.
Integrity pact
Pursuant to the directives from Central Vigilance Commission and Ministry of Defence, Integrity pact is being adopted with all Vendors / Suppliers / Contractors / service providers for all orders / contracts of value < 1 crore and above.
The pact essentially envisages an agreement between the prospective vendors / bidders and the Company, committing the persons / officials of both sides, not to resort to any corrupt practices in any aspect / stage of the contract.
Only those vendors / bidders, who commit themselves to such a pact with the principal, would be considered competent to participate in the bidding process.
Integrity pact, in respect of a particular contract, would be operative from the stage of invitation of bids till the completion of contracts. Any violation of the same would entail disqualification of bidders and exclusion of for future business dealings.
Two Independent External Monitors (lEMs) have been appointed to review the cases on bi-monthly or quarterly basis.
During 2025-26, f 5,140.95 crores of purchase orders were released with Integrity pact out of total purchase orders value of f 6,100.62 crores.
e-Procurements
BEML Supplier Relationship Management (SRM) is aiming to establish web based seamless relationship and collaboration of procurement process with its Global business partners.
BEML endeavors to procure materials and services through e-procurement platform on SRM system.
Online Vendor payment tracking option to check status of payments against supplier / services / payment orders.
Tender status updates are provided through automatic emails to bidders with reasons for rejections.
After opening of the price bids, all technically qualified / pre-qualified bidders will be able to see the price details of other bids submitted against the tender.
During the year about 93.5% of the total requirement was sourced through e-procurement.
Procurement through GeM:
Government e-Marketplace (GeM) is implemented by the Government with the aim to transform the way in which procurement of goods and services is done by Government Ministries & departments, Public sector undertakings and other apex autonomous bodies of the Central Government. Procurement through GeM has been authorized by General Financial Rules by making necessary changes in government rules. GeM is a completely paperless, cashless and system driven e-market place that enables procurement of common use goods and services with minimal human interface.
During the year 2025-26, materials worth f 2,820.37 crores have been procured through GeM out of the target value of f 1,900.00 crores.
The same is being reviewed by the Audit Committee & the Board regularly.
Micro and Small Enterprises
Company is procuring materials required for production & for others through Micro &
Small Enterprises (MSEs). 358 items which are reserved are being procured exclusively from MSEs.
Appropriate weightage has been given for MSEs in the MoU from 2015-16 onwards. As per the directive of Government, minimum 25% (Notified from 9 th Nov18) of procurements have to be procured from MSEs amended from 20% earlier. Provided a minimum 3% reservation for women owned MSEs and 4% for SC/ST Enterprises.
Further MSE procurement data is uploaded on MSME SAMBANDH portal on monthly basis.
During 2025-26, Company has procured f 1,391.89 crores from MSEs out of f 4,489.33 crores local procurement which constitutes 31% from MSEs.
Vendor Development
Vendor development is a continuous process to identify and develop new vendors to bring in competition among the vendors and to reduce costs. Following methods are generally followed to identify potential new vendors:
• Publication of Expression of Interest (EoI) in BEML Website.
• Listing of imported items in SRIJAN PORTAL for Indigenization.
• Participation in exhibitions and seminars (Including Virtual).
• Organize Vendor meets (Including Virtual).
The procurements from Single source are being reviewed Quarterly by Audit Committee & Board.
The objective of Outsourcing & Vendor Development policy is to achieve cost effectiveness & improve competitiveness of Company in global market.
BEML recognizes outsourcing as one of the strategic tools to achieve cost benefits and also complement the strengths of private sector to build a strong industrial base. BEML is well on its journey to become a system integrator by outsourcing a substantial part of manufacturing activities from Indian vendors, enabling BEML to enhance the capacity, attain cost effectiveness and improve competitiveness in the global market.
To facilitate outsourcing, the company has well established policies, procedures and guidelines.
• New vendors are supported by way of imparting knowledge on manufacturing processes, specifications, quality plans, etc.
• BEML also extends its testing facilities to its vendors wherever required.
• To enhance transparency in all its procurement processes, BEML has well established e-Procurement Portal.
Further, as per the directives of Ministry of Defence, BEML has framed an Outsourcing and Vendor Development Policy duly approved by the Board. The objective of the policy is to enhance cost effectiveness and improve competitiveness of the Company in Global market. The other significant objective of this Outsourcing and Vendor Development Policy is to build a manufacturing eco system in the Country to attain self-reliance. On the other hand, participation of Indian private industry will be an enabler in building technological and manufacturing capability inside the country. Based on the policy so framed, a Road Map for Vendor Development has been prepared with yearly targets and monitored at the Board level periodically.
Rajbhasha:
The Hindi cell is functioning in the Corporate office of the Company and also in all Complexes & Divisions. It is responsible for ensuring the compliance of the Official Languages Act, the Rules made there under and the administrative instructions regarding use of Hindi received from the Ministry of Defence and the Department of Official Language from time to time, under its manufacturing complexes and Regional/ District Offices.
Compliance of Section 3(3) of Official Languages (OL) Act, 1963
Section 3(3) of Official Languages Act, 1963 has been complied with fully during the period under review and all the documents covered under this section have been issued bilingually. The position of the same is being monitored through the quarterly meetings of the Official Language Implementation Committee.
Hindi Training :-
Training in Hindi Prabodh, Praveen and Pragya courses were conducted at Corporate office and all complex offices, ROs and DOs for January-May, 2025 and July-November, 2025 and a total of 148 Executives and NonExecutives (Prabodh:49; Praveen: 40 and Pragya: 59) have been trained in these two sessions.
Incentive scheme for original work in Hindi: -
Cash incentive scheme for original work in Hindi has been implemented in the Company.
Hindi Online Workshop: -
In continuation of the practice of conducting all india level Hindi workshop through Online by BEML, the Corporate office and other offices on turn basis have conducted a total of 16 Hindi workshops and a total of 621 Executives / Non-Executives across BEML were trained.
Hindi company inhouse magazine: -
The latest issue of In house Hindi magazine Kshitij-2025 released on the occasion of Dt. 11.04.2025 at Parliamentary Committee on Official Language inspection, Guwahati.
TOLIC Activities: -
In connection with the Rajabhasha Souhardh Utsav -2025 proposed by the Town Official Language Implementation Committee, Bengaluru, Hindi Antakshari was conducted on 11.08.2025 at the BEML Corporate Office was organized and a total of 69 participants from various ventures participated in it.
Hindi Fortnight Celebrations:-
Hindi Fortnight was observed in the Corporate Office, all Complexes and ROs/DOs from September 14, 2025 to September 28, 2025. During this period, Executives and Non-Executives were motivated to do their maximum work in Hindi and competitions such as Hindi Crossword, Hindi Administrative Terminology, Hindi Quiz, Hindi Antakshari and Hindi Essay Competitions were organised. Instructions were issued to all offices to take the pledge on Hindi Day i.e. on September 14, 2025 in accordance with the guidelines issued by the Ministry of Defence and Department of Official Language, Ministry of Home Affairs.
Official Language Conferences: -
> Two executives have attended for one-day Regional Official Language Conference and Award Distribution Ceremony of South-West Region at Mysore on 04.01.2025 by the Department of Official Language, Ministry of Home Affairs, Government of India.
> Six executives have attended Golden Jubilee Celebration and All
India Official Language Conference at Bharat Mandapam, New Delhi and Hyderabad held on 26 th June and 10 th July, 2025 on completion 50 years of the Department of Official language, Ministry of Home affairs, Govt of India.
> Four executives have attended for Hindi day and Fourth All India Official Language Conference at Gandhinagar, Gujarat held on 14 and 15 September, 2025 conducted by Department of Official language, Ministry of Home affairs, Govt of India.
Parliamentary Committee on Official Language Inspection:-
The first sub-committee of the Parliamentary Committee on Official Language has inspected the following offices and expressed their satisfaction over the progress achieved in Hindi across BEML.
| Office | Date of Inspection |
| DO, Bhubaneshwar | 27.02.2025 |
| DO, Guwahati | 11.04.2025 |
| RO, Hyderabad | 17.01.2026 |
MOD inspection on Official language inspection: -
Asst. Director (OL), MoD, New Delhi has inspected our BEML Limited, District office, Vishakhapatnam on official language aspects on 06.03.2026
RIO inspection on Official language inspection: -
Dy. Director (OL), Regional Implementation Office, Bangalore has inspected our BEML Limited, Corporate office, Bangalore on official language aspects on 06.05.2025
Internal Rajbhasha Inspection: -
A total of 02 internal Official Language Inspections have been done by Sr. Executives of Corporate office at various offices of BEML during the year 2025-26
| S.No. | Date of Inspn. | Office |
| 1 | 10.04.2025 | District office, Guwahati |
| 2 | 25.02.2026 | District Office, Bhubaneshwar |
Bilingual Equipment Manuals:-
> The manuals of User Hand Book (English) for BEML High Mobility Vehicle 6x6 BEML T815-28RR36 22 270 6x6 Received From KGF Complex has been completed and submitted on time.
> Companys BD 125 Series Engine manual translation work completed and submitted on time.
Other achievements:
> Hindi version of the Questionnaire has been prepared for submission
to the Horizontal Examination of the Subject Land Holding Optimization in select CPSUs
> All translation work and Hindi typing work relating to Annual Reports, Comptroller and Auditor General Audit Paras, Technical Reports, Memorandum of Understanding, Reports on SC/ST, RTI, Reservation policy, Standing orders, Product Profiles, Advertisement Materials and important standard forms was printed and published bilingually.
Manpower:
The number of employees of the Company as on 31.03.2026 stood at 4923 as against 4755 for the previous year, reflecting an increase of 3.53%.
The category-wise number of SC/ ST and Ex-Servicemen employees as on 31.03.2026 and representation of SC/ ST and Ex-servicemen as of the same date as compared to total strength is as under:
| Category / | Total Strength as on | No. of SC/ST and Ex-Servicemen | ||||||
| SC | ST | Ex-Servicemen | ||||||
| Group | 31.03. 2026 | 31.03. 2025 | 31.03. 2026 | 31.03. 2025 | 31.03. 2026 | 31.03. 2025 | 31.03. 2026 | 31.03. 2025 |
| Group A* | 1789 | 1814 | 335 | 345 | 110 | 109 | 15 | 17 |
| Group B | 272 | 147 | 56 | 36 | 19 | 14 | 2 | 0 |
| Group C | 2861 | 2791 | 733 | 685 | 216 | 201 | 186 | 170 |
| Group D | 1 | 3 | 1 | 3 | 0 | 0 | 0 | 0 |
| Total | 4923 | 4755 | 1125 | 1069 | 345 | 324 | 203 | 187 |
* excluding Board level Executives & CVO on deputation
a) Permanent and other than Permanent Executives and Non-Executives break up :
| Sl. | Male | Female | ||||
| No. | Particulars | Total (A) | No. (B) | % (B/A) | No. (C) | % (C/A) |
| Executives | ||||||
| 1 | Permanent (D) | 1808 | 1640 | 90.71 | 168 | 9.3 |
| 2 | Other than Permanent (E) | 253 | 222 | 87.75 | 31 | 12.3 |
| 3 | Total Executives(D+E) | 2061 | 1862 | 90.34 | 199 | 9.7 |
| Non-Executives | ||||||
| 4 | Permanent (F) | 2343 | 2272 | 96.97 | 71 | 3.0 |
| 5 | Other than Permanent (G) | 519 | 504 | 97.11 | 15 | 2.9 |
| 6 | Total Non- Executives(F+G) | 2862 | 2776 | 97.00 | 86 | 3.0 |
| 7 | Grand Total (3+6) | 4923 | 4638 | 94.21 | 285 | 5.8 |
* excluding Board level Executives & CVO on deputation
b) Executives and Non-Executives Turnover Rate :
| 2025-26 | 2024-25 | |||||
| Category of Personnel | Male | Female | Total | Male | Female | Total |
| Executives | 3.54% | 6.88% | 3.86% | 4.27% | 7.62% | 4.56% |
| Non-Executives | 0.46% | 0% | 0.45% | 0.25% | 0 % | 0.24% |
c) Recruitment of SC/ ST/ OBC/ Economically Weaker Section (EWS)
| Category / Group | OBC | SC | ST | EWS | ESM |
| Group A | 38 | 16 | 4 | ||
| Group B | |||||
| Group C* | 36 | 22 | 11 | 2 | |
| Total | 74 | 38 | 15 | 2 |
*Inducted as BEML Trainees and will be absorbed into permanent Roll after completion of training and contract engagement. Apart from these,353 employees were engaged on tenure-based engagement belonging to SC, ST, OBC and EWS.
Particulars of Employees
There were no employees of the Company who received remuneration in excess of the limits prescribed under Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Industrial Relations:
The Industrial Relations play a pivotal role in maintaining harmony, productivity and mutual trust between Management and Employees.
During the year and as always, thrust was emphasized on participatory culture which was instrumental in maintaining a constructive harmonious relationship between the Management and the Unions/ Associations. Regular Meetings with the representatives of the recognized Unions/ Officers Associations at the Divisional, Complex and Corporate Levels were held and employee related issues were resolved amicably. Functioning of various Bi-partite Committees at Complex level focused on improvement of overall performance of the Company and resolved the issues in production related matters.
The overall IR climate during the year, as such, remained peaceful and cordial.
Skill Development Initiatives (SDI)
The Training Plan 2025-26 reflects a comprehensive and structured approach to skill development, encompassing a wide array of technical, behavioral, and functional programmes designed to enhance employee competencies across all levels of the organisation.
1. On the technical front , significant emphasis was placed on advanced welding skills, with multiple batches of Aluminium Welding, TIG/MAG Welding, Stainless Steel Welding, and Hand-Held Laser Welding
Training and Certification conducted in collaboration with the Welding Training & Certification Services (WTCS), Bangalore, and the Centre of Excellence (CoE) Welding School. Specialised programmes such as Laser Welding Operator Training at ICF (Chennai) and Deputy Welding Co-ordinator Training as per ISO 14731/EN15085/ ISO 3834 standards were also organized. Cutting-edge technology programmes included a three-day workshop on Industry 4.0 & Smart Manufacturing Systems at CMTI Bangalore, Engineering Simulation using SolidWorks, Design of UAVs and Counter-Drone Strategies, and a public seminar on KISSsoft System Module — all conducted through the Engineering Staff College of India (ESCI), Hyderabad. Employees also participated in RAMS for Railway Systems at IIT Kharagpur and an online programme on Design & Manufacture of Large Caliber Weapons, reflecting the organizations commitment to staying abreast of advanced engineering and defence technologies.
2. In the area of safety and health ,
a robust training schedule was carried out throughout the year. Safe Material Handling Practices were conducted in multiple batches across the organization, complemented by Awareness Programs on Fire Fighting, Electrical Safety Regulations & Best Practices, and Safety Auditor Training as per IS 14489:2018. First Aid & Basic Life Support Training was conducted at both Bangalore Complex and KGF, while Basic and Advanced Cardiac Life Support (ACLS) Provider Courses were held in multiple batches in association with
Manipal Hospital. Health awareness sessions covered critical topics such as cancer prevention, diabetes, ophthalmology, occupational
health, and communicable diseases including Malaria, COVID-19, and Dengue. An Awareness Program on EN-15085-2 welding standards was also held for shop floor personnel.
3. The behavioural and leadership development initiatives were equally diverse. Regular in-house programmes conducted by the Training Department addressed themes such as Work-Life Balance & Stress Management, Strategic Thinking & Leadership, Decision Making & Problem Solving, Business Negotiation Skills, Attitude & Mindset for Improving Work Culture, Team Building & Teamwork, Emotional Intelligence, Discipline & Productivity, Ownership Accountability & Responsibility (OAR), POSH (Prevention of Sexual Harassment), and Ethics & Governance. A Learning Workshop for Enquiry Officers/Presenting Officers and sessions on Framing of Charges and Grievance Redressal strengthened the organizations internal discipline mechanism. A modular training programme on Personality Development, Journey Towards Excellence, and High Performing Work Culture & Ethics was implemented for non-executives at KGF, covering large groups across multiple batches.
4. Under functional and regulatory training , employees participated in programmes on SAP QM Module, SAP Refresher Courses, Introduction to SAP & ERP, Managing Risk in Primavera, Public Procurement, Labour Laws & Modern IR Trends, Annual Property Returns and
Preventive Vigilance, Income Tax Outreach, NPS Awareness, and ESG (Environmental, Social & Governance) training through RLI Chennai. The Vendor Assessment & Evaluation Training Programme, QCI-CCQC 2025 Quality Circle Convention at Noida, and participation in the SHRM Conference and CHRO Confex further enriched the professional development of HR and functional executives.
5. In the area of environmental and sustainability awareness ,
programmes were conducted on World Environment Day in association with KSPCB and a session on Ending Plastic Pollution by Eliminating Single-Use Plastics was organised on World Environment Day. Yoga Awareness, Ayush Awareness, and Personal WellBeing sessions were also held as part of employee wellness initiatives. Induction and Familiarization programmes were systematically conducted for new recruits at both Bangalore Complex and KGF. The overall training calendar for 202526 demonstrates a well-rounded investment in human capital development, with participation cutting across senior, middle, and junior management levels as well as the non-executives cadre, underscoring the organisations commitment to a culture of continuous learning.
Award received by the Company with related to Skill Development Initiative:
National HR Excellence Awards 2025 - Winner of silver Award for commendable Innovative HR Practices on HR Transformation Initiatives under Category B.
Compliance under Persons with Disabilities Act, 1995:
In terms of various provisions under The Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995 (PWD Act), your Company has ensured reservation of vacancies for the posts identified for each disability and carry forward of vacancies which could not be filled up due to nonavailability of suitable persons with disability during the year.
Grievance Redressal System for SCs/STs:
The Company has constituted SC/ST Cell at all Manufacturing Complexes and Offices in terms of Department of Personnel & Training (DOPT) guidelines and Cell Officers are nominated at each Complexes. The HR heads, being Liaison Officers of the respective locations have conducted periodical meetings with representatives of SC/ ST Employees Welfare Associations to redress the grievances/ issues appropriately. Further, the Chief Liaison Officer who is in the rank of Executive Director/ Chief General Manager/ General Manager have met all the Cell Officers, Liaison Officers and Office Bearers of SC/ST Welfare Associations periodically and monitor the status on redressal of grievances.
Public Grievance Redressal through CPGRAMS:
The Department of Administrative Reforms and Public Grievances under the Ministry of Personnel, Public Grievances and Pensions has initiated Centralized Public Grievance Redress and Monitoring System (CPGRAMS), which is the platform based on web technology primarily aims to enable submission of grievances by the aggrieved citizens for scrutinizing and acting for speedy redressal of these grievances.
the Employees. Educational facilities (BEML Schools) are also provided for employees children at KGF and Bangalore. Sports and Cultural events / activities are being organised. Apart from the above facilities, various schemes viz, BEML Executive Superannuation (Pension) Scheme, BEML Post Superannuation Medical Benefits Scheme, Group Insurance Scheme, BEML Life Risk Coverage Insurance Scheme, BEML Death Relief Fund (DRF) are in operation for the benefit of Executives & Non-Executives.
Safety Measures in BEML:
Following Safety measures have been adopted in the Company to ensure safe workplace and avoid accidents:
• Safety related issues / concerns are discussed at SHE (Safety, Health and Environment) Committee Meeting to ensure consultation and participation of workers in issues related to Safety.
• Hazard Identification and Risk assessment (HIRA) is carried out to proactively identify Hazards and take corrective actions.
• Operation Control Procedures are in place to ensure controls are established for all the critical manufacturing process.
• The Complexes have a full-fledged Fire and Emergency department, Safety Department and an Occupational Health Centre to ensure effective response to emergencies.
• Regular Mock Drills are conducted to ensure swift response to potential emergency situations.
• Regular Safety, Health and Environmental awareness training are given to workmen through Internal / External Faculty for creating safety awareness amongst workers;
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• Safety promotional activities like celebration of National Safety Day to inculcate the spirit of Safe Workplace.
• Regular Safety Inspections, audits and surveys are conducted to identify Unsafe acts and conditions and take necessary corrective actions.
• Reporting and investigation of Near Miss incidents and taking effective corrective actions.
• Work-permit system is followed for high- risk activities.
• Even though all efforts are made to eliminate hazards, Personal Protective Equipment (PPE) as a last step in hierarchy of controls are provided to workmen.
• Regular testing and certification of statutory appliances like Cranes, Lifting tackles and pressure vessels through Third party Competent person.
• Bangalore, KGF, Mysore and Palakkad Complexes have certified for Occupational Health and Safety Management System (OHSMS) ISO 45001:2018.
CSR ACTIVITY REPORT:
The Company in continuing with its endeavor towards being a Responsible Corporate Citizen with full commitment to the principles of initiatives achieving the holistic development in its areas of operation and the society as a whole. In alignment with the provisions of the Companies Act,2013 and CSR Rules framed there under, the company has adopted CSR Policy with focus on initiatives that create lasting social impact.
During the reporting period, viz 2025-26, the company has undertaken various initiatives/ projects aligned with statutory requirements under CSR. The activities are broadly categorized into the following Six areas:
I. EDUCATION
i. Imparting Education:
BEML runs one Junior College and two Primary & Nursery Schools at KGF besides providing facility to run one institution at Bangalore. These Institutions, although meant primarily for the children of the employees but also caters to a large extent to the Local population. BEML also runs a Kendriya Vidyalaya at KGF, for the benefit of the employees children and also for the local population. The Company also provides School building, Furniture, Attender for Midday Programme and Security Personnel for the Government English Model Higher Primary School. For the Academic Year 2025-26, the Company has provided education to 2989 students, out of which 2024 non-BEML Students have enrolled at BEML Schools for their education during the current academic year and have availed online education.
ii. Development of Classroom Infrastructure
As a part of strengthening facilities by enhancing the quality of educational spaces by improving classrooms for teaching and learning, BEML has extended support to the tune of f 10 Lakhs to Sri Saraswathi Sisumandir High School at Sattenapalli, Palnadu Dist., Andhra Pradesh in constructing classrooms with over 215 beneficiaries. The project aimed at better student engagement, improved academic outcomes and overall institutional development.
iii. Construction of 1 st Floor at Swamy Dayananda Gurukulam
BEML Limited has extended support to Pullalarevu Audinarayana Reddy Memorial Trust, Ananthapur, Andhra Pradesh in construction of 1 st floor at Swamy Dayananda Gurukulam. The project aims to enhance the institutions infrastructure by creating additional space to accommodate academic and residentials needs at the Gurukulam with a budget of f 30 Lakhs.
iv. Government Blind School -Infrastructure Development
BEML Ltd, as part of its CSR commitment, provided funds for upgrading the learning infrastructure at Govt Blind School Mysore through Equibeing Foundation. The project included upgradation of the classroom, creating digital reading room, installation of smart classrooms and setting up a cricket pitch for the blind This support enabled holistic development for visually impaired students. This milestone reflects BEMLs dedication and reinforcing its role in driving social impact through meaningful community partnerships. Total number, of beneficiaries of this project would be 326 students and Rs.15 Lakh being the cost of the project.
v. Development of infrastructure in Govt Schools at Vijaypura District
Towards Company CSR initiatives, the play equipment was donated to Govt Lower primary schools at Ranappagola Vijayapura and Govt Lower primary school at Bijapur district with the cost of f 10 Lakhs under CSR budget.
vi. Construction of one block of 24 dormitory halls and 24 toilets units rooms for Girls Students Residential Hostel
A significant CSR initiative aimed at empowering young women by improving residential infrastructure for students, particularly by providing safe, hygienic and well-equipped living spaces for girls at the Pransla camps in association with Vedic Mission Trust at Rajkot District, Gujarat with over 3000 girl students as beneficiaries and expenditure of f 20 Lakhs.
II. HEALTHCARE
BEML Limited has undertaken the following Healthcare measures under CSR for the year 2025-26:
i. The Medical facilities to Ex-BGML Employees and their Dependents
The Company has been extending free medical facilities by conducting free Mobile Medical camps to the Ex-BGML Employees and their families after the closure of BGML (Bharat Gold Mines Limited) Hospital. The Company is also extending Out-patient medical facilities by deputing Doctor and Para-medical staff to BGML areas such as Marikuppam, Champion Reef and Oorgaum. Medicines prescribed by the Doctors are being dispensed free of cost for general illness. During FY 2025-2026, 26 camps were organized benefiting 1965 people.
ii. Eradication of TB
As a part of Pradhan Mantri TB Mukt Bharath Abhiyan, a Government initiative to achieve the goal of TB elimination, a health camp and TB screening camp was organized.
The camp was conducted in coordination with District Health Authorities-- DHO and team, NCD team, NTEP team, Doctors from Mysore medical college, JSS medical college and government hospital [PHC and taluk hospital] had participated in the camp.
Nutrition kits were distributed to 190 TB patients (KGF-96 & Bangarpet-94) for faster recovery from TB for 03 months. So far Rs.1.82 lakh has been spent on this project. The kits provide additional health support to TB patients to enable them to recover faster.
iii. Distribution of Aids & Appliances to Divvangjans (Persons with Disabilities) :-
As a part of its CSR initiatives, BEML undertook project for the free distribution of aids and assistive appliances to Divyangjans in Bangalore. The project was implemented by ALIMCO (Artificial Limbs Manufacturing Corporation of India), a Government of India enterprise specializing in assistive and rehabilitation solutions, with the cost of the project of f 20 Lakhs and 29 beneficiaries.
This initiative was aimed at enhancing mobility, independence, dignity and Social economic participation of Persons with Disabilities.
iv. Procurement of a Peadiatric Upper GI Endoscope
Our Company had donated f 14 lakh to Victoria and BMCRI (Bangalore Medical College & Research Institute) Super Specialist Hospitals, Bangalore for procurement of a Peadiatric Upper GI Endoscope to the Department of Surgical Gastroenterology. This initiative significantly enhances early diagnosis and quality of care for persons with paediatric gastrointestinal conditions in their tertiary care government hospital particularly those from economically weaker sections and 700 beneficiaries.
v. Procurement of Medical Equipments for ECHS Polyclinics
Our Company had donated f 12 lakh to ExServicemen Contributory Health Scheme (ECHS), HQ, Telengana & Andhra Pradesh for Procurement of Medical Equipments for ECHS Polyclinics, as a support for providing cash less & capless quality medical care to all Retired Military Personnel & their dependents and 12000 beneficiaries.
vi. Upgrading Blood Centre Services
A sum of f 7.5 lakh was donated to General Hospital, KGF for upgrading Blood Centre Services providing several peripheral government facilities, blood storage centers and many private hospitals depending on General Hospital KGF, for blood and emergency transfusion support and 10500 beneficiaries
vii. Jan Arogya Raksha
A collaborative health intervention between My Home India and BEML Limited, was successfully executed to address the acute healthcaregapintheChandivalislumregionof Mumbai. Moving beyond basic primary care, the mission provided a 360-degree health shield by integrating General Medicine Unit for 600 adults in Geriatric screenings and chronic disease management, Paediatrics Medical Camp with focus on Malnutrition assessment, deworming and respiratory health for children (0-14 years) by providing respiratory syrups to 425 children, ENT diagnostics by using advanced otoscopes to treat 350 beneficiaries and Menstrual Hygiene Management by distributing of 550 high-quality Sanitary Pad kits. The overall expenditure of the project is f 6 Lakhs with overall 1925 beneficiaries.
viii. Distribution of Wheelchairs and development of public utilities
As a part of commitment to social inclusion and community welfare, BEML Limited has undertaken CSR initiative involving the distribution of Wheelchairs to differently abled children at Indian Institute of Cerebral Palsy (IICP) , Kolkata which had improved the mobility and accessibility to improve their quality of life and foster a sense of dignity and confidence of over 1018 beneficiaries with a total expenditure of f 12 Lakhs.
ix. Enabling Mobility of specially abled, by providing 3 wheeler vehicles.
BEML has provided Three-wheeler vehicles to specially abled persons to improve mobility and independence in association with Department of Factories, Boilers, Industrial Safety & Health, Bangalore. This initiative reflects BEMLs commitment to inclusive social development and community welfare also, reflecting a strong commitment towards empowering specially abled people.
x. Food Habit, Awareness & Distribution of nutritious food packets
This project focuses on promoting healthy food habits and distributing nutritious food packets intended to address immediate dietary needs and improve overall health and well-being to the residents of Harekrushna basti and Sitanatha Basti slums at Bhubaneswar, Odisha in association with
Parichay Foundation especially to 50 underprivileged women from economically weaker sections along with awareness sessions on Balanced Diet and Healthy Food Practices. The project has incurred an expenditure of Rs. 3 Lakhs.
xi. Food Distribution to School Children for eradicating hunger-Mid day Meal Programme
The Company in association with the Akshaya Patra Foundation had provided support for the Mid-Day meals programme. The program increases school enrolment & attendance, addresses malnutrition and also empowers women through employment. The overall expenditure of the project is f 10 Lakhs with overall 2629 beneficiaries.
III. ENVIRONMENTAL PROTECTION AND AFFORE STATION MEASURES
In recognizing of the growing environmental challenges, BEML Limited affirms its commitment to contribute towards the same. The initiatives taken during 2025-26 are given below:
i. Energy Use and Conservation Measures
Clean & Green Energy: The Companys 5MW Windmill at Gadag and 18 MW Windmill at Bagalkot Districts in Karnataka have contributed towards ensuring clean & green energy by mitigating 20849 Tons (approx) of Carbon up to March, 2026.
ii. Establishing a Yatri Shed for Visitors
As a part of community development for providing a safe and comfortable resting space for rural travelers, visitors and tourists especially for those travelling long distances, BEML has facilitated in constructing a shed at Kalyanpur Black Campus, Motihari, East Chamaparan with over 500 beneficiaries per day and f 10 Lakhs being the cost of the project in association with Kaushalya Foundation, Patna - Bihar
IV. SPORTS
In recognition of the vital role that sports and Physical activities play in fostering health, discipline, teamwork and Social inclusions BEML is committed to promoting sports as its integral part of the CSR support provided by the company as under:
i. Upgradation of Sports Infrastructure (Basketball & Volleyball Courts) at National Institute of Technology Raipur
BEML has extended support of f 10 Lakhs for the upgradation of sports infrastructure at NIT Raipur campus. The initiative was aimed to strengthen sports facilities and promote students physical well-being and to encourage student participation in sports activities. The approximate beneficiaries are 400.
ii. Sansad Khel Spardha
BEML extended its support for Sansad Khel Mahotsav 2025 event which was conducted through the National Youth Federation in Rajahmundry. The initiative aimed to promote sports culture and physical fitness while encouraging community participation, leaving a lasting impact on athletes and the region. The event stands as a strong example of community- driven sports development, aligning with the national vision of encouraging fitness and youth empowerment. Approximately 40,000 participants took part at the Mandal level, reflecting strong grassroots engagement and widespread public interest in sports activities.
iii. Purchase of 125KV Diesel Generator and Green DG set with accessories:
BEML Ltd, as part of its CSR commitment, provided funds to the tune of f 21 Lakhs for procurement & Installation of Kirloskar Green 125 KVA Diesel Generator at Anju Bobby Foundation, Kambipura, Bengaluru.
This valuable support has significantly strengthened their infrastructure and
enhanced the day-to-day functioning of training facility, creating meaningful and lasting value for athletes, trainees, and the wider community. And also, very useful for the lighting system also benefits 100+ neighborhood residents who regularly utilize the premises for walking, jogging and fitness activities, creating a positive social impact beyond competitive sports. The generator also powers the high-capacity irrigation system used for maintaining the home ground, helping preserve excellent field conditions throughout changing weather and climate conditions. By strengthening the training ecosystem, this support helps athletes prepare forNational and International competitions, thereby contributing to Indias long-term sporting success and medal aspirations. The approximate beneficiaries are 250.
iv. Sports Kit for 40 players & Escort (Player, Escort, Ramp Operator & Officials)
As a part of BEMLs commitment towards promoting inclusive sports and encouraging athletes with disabilities to pursue excellence in the field of sports. BEML provided sports kits for 40 players along with support extended to escorts, ramp operators and officials for training and competition at Boccia Sports Federation of India, New Delhi with the cost of the project of f 10 Lakhs and 40 beneficiaries.
V. CONTRIBUTION TO ARMED FORCES FLAG DAY FUND
Keeping in view the sacrifice of the war heroes of the country, the Company has contributed towards the Vocational Training Grant of Widows. The Company has expressed its solidarity for the welfare of the family of the War Heroes.
VI. PROMOTING ARTS AND CULTURE:
BEML provided support for the 53rd Jai Ho! Pandit Jasraj Pandit Motiram Pandit Maniram, Music sangeet Samaroha, an Indian classical music festival held in
Hyderabad .The event was organized by the Pandit Jasraj Cultural Foundation on Sustainable Livelihoods Programmes which aims to preserve national heritage and support emerging artists.
SWACHH BHARAT MISSION:
The Company, in continuing with its endeavor towards being a Socially Responsible entity had undertaken various initiatives under Swachh Bharat Campaign & Swachh Vidyalaya Abhiyaan during the year 202526. The Swachh Bharat Initiatives at BEML Limited for 2025-26 are as under:
1. Celebration of Swachhata Hi Seva Campaign 2025:
As part of the Swachhata Hi Seva Campaign 2025, a series of cleanliness drives, awareness programs, and community outreach activities were organized at BEML and nearby areas from 17 th September to 30 th September 2025. The objective of these campaign was to promote cleanliness, hygiene and sustainable waste management, in alignment with the national vision of Swachh Bharat.
Activities Conducted
a. Marathons were organized to spread awareness about the Swachh Bharat Campaign and promote physical fitness alongside cleanliness, with active participation of Executives, Non-Executives, FTEs, and Contract Staffs, to spread awareness on cleanliness and fitness to public.
b. Awareness posters and banners promoting the Clean India movement were displayed at prominent locations to engage residents. The general public Banners were displayed across strategic points in the Factory premises as well as the reception areas, Admin building, Canteen and the OHC.
c. Specific areas inside the company premises were identified and accumulated waste was collected and disposed.
d. An awareness session on personal hygiene and health protection was conducted for all employees of the Complex.
e. As part of vendor sensitization activity at M/s Stahlkind in KIN FRA Industrial Park.Palakad Executives, Non-Executives from BEML and M/s Stahlkind jointly participated in the cleaning activities, which focused on the removal of plastic, industrial and organic waste.
f. Ek Din, Ek Ghanta, Ek Saath, a cleanliness drive was conducted at GTWLP School, Nadupathi Tribal Colony. The school premises and surroundings were cleaned and an awareness session on cleanliness was delivered to the students by Clean Kerala Mission.
g. The BEML Fine Arts Club, imparted the concept of Swachhata Hi Seva through its street play on 26.09.2025 in Kannada. The Street paly was organized at the Workers canteen inside the factory.The Play depicted journey of the various ways for creation of waste, the way people discarded the waste in various places, which caused unclean environment, harms caused due to non-segregation. The play gradually took the audience through the process of segregation of waste and proper disposal of waste. The play also imparted the health aspects in having clean environment especially to the Safai Mitras dealing with various kinds of waste on day-today basis. The Street play focused on the importance of cleanliness, segregation of waste and the responsibility of each and every individual towards keeping their environment clean
h. A series of awareness programs were conducted on the significance of food conservation and the need for effective food waste management. As part of Swachhata Hi Seva Campaign 2025, Medical camp was organized on 27 th September 2025 at the First Aid center, BEML Palakkad Complex and preventive Health Camp and Awareness on health & hygiene was specifically organized for the Safai Mitras of the BEML
i. On 2 nd Oct, as part of Gandhi Jayanthi celebrations, a tribute ceremony was observed. This was followed by the felicitation of Safai Mitras, a tree plantation drive and an Oath taking ceremony. The Swachh Bharat pledge was administered in trilingual to the gathering. Then a March Past was held by the gathering depicting the importance of the Swachh Bharat Abhiyaan and also the Swachhta Hi Seva for fulfilling the dream of Mahatma Gandhiji for a Clean and Green India.
The campaign witnessed active involvement from Executives, Non-Executives, personnel engaged on contract and community members, reflecting the strong commitment of BEML towards Swachhata, environmental sustainability and social responsibility.
2. Special Campaign between 02.10.2025 to 31.10.2025
a) The Special Campaign 5.0 officially commenced on September 15, 2025 with preparatory and implementation phase that sought to achieve the
* 2025-2026
cleanliness targets across the country.
b) The month-long campaign held from October 02 to 31 2025 was undertaken in alignment with the Government of India initiative to promote cleanliness, efficiency and good governance across all Complexes / Offices. The focus on special campaign 5.0 was an overall cleanliness (Swachhata) of workplace, space Management, promoting sustainable practices and optimum disposal of pending matters.
c) Through the above campaign the company had got the following benefits.:
• Record Management: Over 11703 physical files were reviewed and weeded out.
• Space Optimization: Reported
Space Optimization is approximately 736285 lakh sq.ft. contributing to efficient space management.
• Revenue Generation: Revenue
generated of approximately is f 2.93 crore from all complexes.
3. Swachhta Pakhwada :
In line with the directives of Ministry, Swachhta Pakhwada was organised across all the Complexes / Offices of the Company from 1 st December to 15 th December, 2025 by displaying Posters/Banners and also organizing various Programmes on creating awareness on Cleanliness.
A brief report of the same is furnished below.
• Oath taking ceremony and March Past.
• Display of Posters and Banners,
• Disposing of scrap material in the factory premises and storage in organized manner, Cleanliness Drive in the public places,
• Organising Plogging like activities and collection of plastic waste,
• Weeding out of old files and offices equipment, Cleaning of Furniture and almirah of offices,
• Tree plantation in township area, residential complexes and Factory premises etc.,
• Organizing seminars on cleanliness & Plastic Free India, Display of Banners/Posters to create awareness among the people.
• Painting /Essay competitions on importance of cleanliness for the children of the employees,
• Fumigation of insecticides in the township for prevention of mosquitoes and other insects,
• Making of plastic free zone in Factory premises and residential complexes,
• Disposal of e-wastes in administrative offices,
• Cleanliness drive in drainage systems in Factory premises and residential complexes,
• Branding and Publicity of Pakhwada activities in electronic and print media platforms at both field and central level, make use of social media such as MyGov, Twitter and Facebook extensively for the purpose.
Compliance under the Right to Information Act, 2005
The information required to be provided to citizens under Section 4(1)(b) of RTI Act, 2005 on ourcompany website, i.e., www.bemlindia. in. It contains general information of the
» 2025-2026
Company, functions and duties, powers and duties of Executives / Non-Executives, decision making process, relevant rules, regulations, manuals & records held by BEML, directory of the Companys officers, pay scales of Executives / Non-Executives etc., and procedure for seeking information and inspection of Records. The Company has nominated a Central Public Information Officer, Appellate Authority, Transparency Officer and Six Central Assistant Public Information Officers representing for Complex / Divisions to attend to the Applications & Appeals. Further, during the year 2025-26 the Company has received 253 RTI Applications seeking information pertaining to human resources, personnel, recruitment, contracts, tenders, business related matters etc., and the same are being disposed.
Digital Transformation Initiatives:
Digital Transformation is focused to streamline all business process to drive better Accountability, Transparency & Traceability, enhancing the overall Operational efficiency including the compliance.
Following are the initiatives implemented during 2025-26
• Cyber security compliance : DMZ network segmentation between Intranet & Internet.
• Revamp of Business Network with cyber compliance Switches
• Inventory Dashboard reports of all SBUs for Optimization & Inventory control analysis
• Digital Design Drawing & Process sheet Integration with SAP Bill of Material along with Time Stamp
• Digital signature of Commercial Invoices & Vouchers
• Tableau Dashboard for Data Analytics
• Digitization of HR Policy documents
DT Road map plan includes S/4 HANA implementation, AI based projects in Operations, Augmented Reality digital solution, Industry 4.0 & QA 4.0, Human Resource Management System (HRMS) with integration to SAP
Report on the performance and financial position of subsidiaries and Joint Venture Company
Subsidiary Companies:
• M/s Vignyan Industries Limited (VIL):
MoD vide letter dated 10.09.2021 informed that the Union Cabinet has accorded approval for closure of VIL. Accordingly, Members of the Company at its Extraordinary General Meeting held on 11.10.2021 accorded approval for Voluntary Liquidation and appointed Shri Venkataraman Jayagopal as official liquidator (OL).
On the Official liquidator (OL) recommendation, an E-auction was conducted through MSTC, successfully selling for all 3 (three) available land parcels to the highest (H1) bidder. The total Sale proceed, including a late penalty fee of f 51.57 Crs have been secured and the sale registration w.r.t H1 bidder was completed on 27 th June 25. Further, Official Liquidator recommended the entire outstanding loan amount of f 15.4 Crs due up to June 2025 has been fully repaid to BEML. The associated capital gains tax liability of f 6.04 Crs arising from the land sale has also been completely discharged.
M/s MAMC Industries Limited (MIL):
The Company has entered into a Consortium Agreement (MAMC Consortium) with M/s. Coal India Limited (CIL) and M/s. Damodar Valley Corporation (DVC) on 08.06.2010 for acquiring specified assets (the assets) of M/s. Mining and Allied Machinery Corporation Limited (under liquidation - MAMC Ltd). The Consortium members agreed upon a holding pattern of 48:26:26 for BEML,CIL and DVC respectively.
The Consortium paid the bid amount of f 10,000 Lakhs as per the Order of the Honourable Kolkata High Court for the assets including f 4800 Lakhs contributed by BEML. The assets are in possession of the Consortium. As per the directive of the Honourable Kolkata High Court, dated 05.03.2025, the sale certificates in respect of the assets of MAMC Ltd., have been issued by the Official Liquidator in favour of the Consortium.
As per the latest valuation report furnished by registered valuer, the fair value of MAMC assets is f 17786.61 Lakhs and the companys share of 48% comes to f 8537.57 Lakhs which is above the total advances paid to MAMC consortium.
The Company has incorporated a wholly owned subsidiary in the name of MAMC Industries Limited(MIL) for the purpose of JV formation. Shareholders agreement, as duly approved by the Boards of all three members of the consortium, has been submitted to Ministry of Defence for necessary approval. After obtaining the said approval, MIL would be converted into a JV Company.
Joint Venture Company:
• M/s BEML Midwest Limited (BMWL):
BMWL was formed and registered with the Registrar of Companies at Hyderabad on 18.04.2007. BEML holds 45% share and M/s Midwest Granite Pvt. Ltd. (MGPL) and P T Sumber Mitra Jaya of Indonesia as partners hold the balance 55% share. The Company was established to capitalize on the growing business opportunities in the contract mining segment. However, due to certain unauthorized transactions and the oppression and mismanagement by the nominees of MGPL, BEML filed an application before Honble Company Law Board (CLB) seeking for suitable relief. As a counter measure, MGPL had also filed a petition on the matter. CLB vide its common order dated 01.06.2012 directed the Central Government to appoint an inspector to investigate the affairs of BMWL and take appropriate action. Based on the legal advice, BEML preferred two appeals before Honble High Court of Andhra Pradesh at Hyderabad against the said common order of CLB. The Honble High Court passed the order on 19.08.2013, thereby setting aside the said common order and directing CLB to proceed with a fresh enquiry, and decide the issue in accordance with law and merits, also taking into consideration the report of investigation as directed by CLB and pass appropriate orders without getting influenced by the impugned common order of CLB. In the meanwhile, the Government has constituted National Company Law Tribunal (NCLT) by dissolving CLB and notified that the jurisdiction is shifted to Hyderabad from Chennai. The case files were transferred to NCLT. Regional Director-MCA has submitted the investigation report dated 29.03.2022 to NCLT. Honble NCLT after hearing the submissions of the respective Counsels vide orders dated 25.07.2023, disposed off the petition as follows:
In the light of the ruling by the Honble High Court of Calcutta in r/o Avani Projects & Infrastructures Ltd. Vs Ornate Tradcom Pvt. Ltd CA 92 of 2019 (Para 22), held that the continuation of proceedings against the Respondents being impermissible under law, the present CP No. 55/2008 is hereby returned, giving liberty to the Petitioner to pursue this petition after a decision is taken on approval/ rejection of the resolution plan in the ongoing CIRP process against the first respondent Company. Accordingly, Company Petition is disposed of. After disposal of the Company petition, no cause of action survives in all pending lAs, hence the same are also disposed of. In the result, the Company Petition is returned.
Vide NCLT orders dated 26.09.2022, Corporate Insolvency Resolution Process (CIRP) was initiated and Smt. Padma Priyanka Vangala was appointed as the Resolution Professional. Based upon the report of the Resolution Professional, that resolution was not possible, and to initiate liquidation of BEML Midwest Ltd, the Honble NCLT vide orders dated 20.10.2023, ordered liquidation of BEML Midwest Ltd and appointed Smt. Padma Priyanka Vangala as the Liquidator. The liquidation of BMWL is under process.
So far, 14 Committee of Creditors Meetings have been held by the Liquidator. The claims filed by BEML were yet again rejected by the Liquidator. The said order of the Liquidator is under challenge by BEML before the NCLT. The said IA filed by BEML challenging rejection of claims by the Liquidator was allowed by the Honble NCLT vide orders dated 16.04.2026 and granted BEML liberty to file a fresh claim in the appropriate form. Accordingly, BEML filed FORM D within the timeline. Further, Liquidator sought clarifications and the same was replied duly. Yet again, she has sought final clarifications dated 21.05.2026 and the same has been replied on 31.05.2026
Consolidated Financial Statement:
Your Company has prepared the Consolidated Financial Statement of its subsidiaries in terms of Section 129(3) of the Companies Act, 2013, excepting consolidation with respect to JV Company, M/s BEML Midwest Limited due to complete cessation of activities as the matter is sub- judice, which is attached to this report.
Statutory Auditors:
M/s G Natesan & Co., Chartered Accountants, were appointed as the Statutory Auditors for the financial year 2025-26 by the Comptroller & Auditor General of India.
Cost Auditors:
In terms of Section 148 of Companies Act, 2013, read with the Companies (Cost Records and Audit) Rules, 2014, M/s R M Bansal and Co, Cost Accountants, were appointed as Cost Auditors for the year 2025-26 to conduct the audit of the cost records of the Company. The Company maintains Cost records as specified by the Central Government under section 148(1) of the Companies Act, 2013, in respect of the Railway and Rolling Stocks (Bengaluru Complex), other Machinery (Truck, Engine, EM, H&P Divisions) and Power (EM Division).
Further, as required under the said Rules, the remuneration payable to the Cost Auditor for FY 2025-26 was ratified by the members in the 61 st Annual General Meeting held on 29.09.2025.
Secretarial Auditors:
In terms of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Company had appointed M/s MMA & Partner formerly known as, Practicing Company Secretaries (PCS), to undertake the Secretarial Audit of the Company for the year 2025-26. The Secretarial Audit Report issued by M/s MMA and the replies to the observations made in the said Report are annexed to the Boards Report as Annexure-
VII.
In addition, an Annual Secretarial Compliance Report issued by M/s MMA has been filed with the Stock Exchanges within the due date from the end of financial year 2025-26.
Further, Pursuant to the amended provisions of Regulation 24A of the SEBI (LODR) Regulations and Section 204 of the Act read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors have approved the appointment of M/s MP Sanghavi & Associates, LLP (Peer Reviewed Firm of Company Secretaries in Practice) as Secretarial Auditors of the Company for the period of Five year from the FY 2026-27 to FY 2030-31. Brief resume and other details of M/s MP Sanghavi & Associate, Company Secretaries in Practice, are separately disclosed in the Notice of 62 nd AGM.
M/s M P Sanghavi & Associates, LLP (FRN-L2020MH007000) have given their consent to act as Secretarial Auditors of the Company and confirmed that their aforesaid appointment (if made) would be within the prescribed limits under the Act & Rules made thereunder and SEBI (LODR) Regulations. They have also confirmed that they are not disqualified to be appointed as Secretarial Auditors in terms of provisions of the Act & Rules made thereunder and SEBI (LODR) Regulations.
C&AG Audit:
The Comments of the Comptroller & Auditor General of India under section 143(6)(b) of the Companies Act, 2013 on the financial statement including consolidated financial statement and reply thereto, if any, are appended at page No 239 & 324 to the annual report.
Frauds Reported by Auditor:
No frauds are reported by the auditors which fall under the purview of sub-section 12 of section 143 of Companies Act, 2013.
General disclosure:
Your Directors confirm that no disclosure or reporting is required in respect of the following items as there was no transaction on these items during the year under review:-
• No Significant and Material order was passed by any regulators or courts or tribunals that may impact the going concern status and companys operations in future.
• Official Liquidator in the IBC case No. CP(IB) No. 237/9/HDB/2020 filed before NCLT, Hyderabad seeking Corporate Insolvency of M/s BEML Midwest Limited has filed Application bearing No. CP/IB/151/2023 before Honble NCLT, Bengaluru stating that as per the Books of Account of BEML, there was an outstanding amount of f 230 Lakhs and out of which, an amount of f 94.49 Lakhs has been paid to the BEML Midwest and thus, an amount of f 135.51 Lakhs is due and payable to the BEML Midwest by BEML. In the said application Official Liquidator has requested for admission of the application and also appointment of Resolution Professional. Hence this falls under application made or any proceeding pending under Insolvency and Bankruptcy Code, 2016.
• In the matter BEML has filed detailed Objection Statement contending that there is no due from BEML to BEML Midwest and the Petition is not maintainable. The Honble Tribunal, vide Orders dated 03.11.2025 dismissed the said Company Petition.
» 2025-2026
• Official Liquidator in the IBC case No. CP(IB) No. 237/9/HDB/2020 filed before NCLT, Hyderabad seeking Corporate Insolvency of M/s BEML Midwest Limited has filed Application IA (IBC) No. 751/2025 against BMWL and others. Respondent 3 to 16 are BEMLs Officials who were said to be nominated as Directors in the Board of BMWL. The Application is to declare that BEML & MGPL and their nominee Directors have carried out operations and business of BMWL with an intent to defraud the creditors and for fraudulent purposes and sought to contribute to the Assets of BMWL to the tune of f 81,50,75,000/- along with Interest.
• BEML filed its detail objection Statement and posted for hearing. The Petition posted for Objection statement by other Respondents on 16.07.2026.
• Details of difference between the amount of valuation at the time of one-time settlement and valuation done while taking loan from banks or financial institutions are not applicable to the company.
Extract of Annual Return
An extract of The Annual Return in the prescribed form in terms of Section 92(3) of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014, is placed at https://www.bemlindia.in/investors/
Acknowledgements
Your Directors express their hearty thanks to the Companys valued customers, Government of India, Administrative Ministry, the Ministry of Defence and in particular,
the Department of Defence Production the Ministry of Railway, M/s Coal India Limited and its Subsidiaries, M/s Singareni Collieries Company Limited, M/s Steel Authority of India Limited, Railway Board, M/s Delhi Metro Rail Corporation Limited, M/s Bengaluru Metro Rail Corporation Limited, M/s Jaipur Metro Rail Corporation, M/s Kolkata Metro Rail Corporation, M/s Maha Metro Rail Corporation Limited, Integral Coach Factory-Chennai, M/s National High Speed Rail Corporation Ltd (NHSRCL) for guiding us in High Speed Rail Project, M/s Bharat Electronics Limited, M/s Bharat Dynamics Limited, Ordnance Factory Board, Defence Research & Development Organization (DRDO), M/s Brahmos Aerospace Pvt. Ltd., Indian Space Research Organization, M/s Hindustan Aeronautics Limited, Aeronautical Development Agency for their patronage and confidence reposed in the Company. The Directors also acknowledge and thank all collaborators, vendors and other service providers for their valuable assistance and cooperation extended to the Company.
The Directors express their appreciation to the members of Companys Consortium of Banks and other Bankers and Financial Institutions for their continued support to
the Companys operations. The Directors also thank all the shareholders/ investors for reposing continued confidence in the Company.
The Directors wish to thank the Comptroller & Auditor General of India, the Principal Director of Commercial Audit & Ex-officio Member, Audit Board and Statutory Auditors for their valued co-operation.
The Directors also acknowledge the valuable support and assistance received from various Ministries of Government, in particular Ministry of Defence, Ministry of Coal, Ministry of Mines, Ministry of Steel, Ministry of Railways, Ministry of Housing and Urban Affairs, Ministry of External Affairs and Ministry of Home Affairs. The Directors are also grateful to the Government of Karnataka and Kerala for the support and co-operation extended to the Company.
Your Directors take this opportunity to place on record their appreciation for the invaluable contribution made and excellent co-operation extended by the Executives and Non-Executives at all levels for the continued progress and prosperity of the Company.
For and on behalf of the Board of Directors
| Place: Mysuru | Shantanu Roy |
| Date: 29.05.2026 | Chairman & Managing Director |
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