BEW Engineering Ltd Management Discussions

Pursuant to Regulation 34(2) (e) of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015 the Board of Directors are hereby presenting the Management Discussion and Analysis Report.

Forward looking statement

Statements in this Management Discussion and Analysis of Financial Condition and Results of Operations of the Company describing the Companys objectives, expectations or predictions may be forward looking within the meaning of applicable securities laws and regulations. Forward looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The Company assumes no responsibility to publicly amend, modify or revise forward looking statements, on the basis of any subsequent developments, information or events. Actual results may differ materially from those expressed in the statement. Important factors that could in uence the Companys operations include changes in government regulations, tax laws, economic developments within the country and such other factors globally. The nancial statements are prepared under historical cost convention, on accrual basis of accounting, and in accordance with the provisions of the Companies Act, 2013 (the Act) and comply with the Indian Accounting Standards as pronounced by the Institute of Chartered Accountants of India (ICAI) from time to time. The Management of BEW Engineering Limited has used estimates and judgments relating to the nancial statements on a prudent and reasonable basis, in order that the nancial statements re ect in a true and fair manner, the state of affairs and pro t for the year. The following discussions on our nancial condition and result of operations should be read together with our audited nancial statements and the notes to these statements included in the annual report. Unless otherwise speci ed or the context otherwise requires, all references herein to "we", "us", "our", "the Company", "BEW" are to "BEW Engineering Limited".

Global Economy Outlook:

According to the International Monetary Fund (IMF) World Economic Outlook, April 2026, global growth is projected at 3.1% in 2026 and 3.2% in 2027. The outlook has been impacted by ongoing geopolitical tensions, disruptions in global trade and supply chains, elevated energy prices and tighter nancial conditions. Global headline in ation is projected to rise modestly in 2026 before resuming its decline in 2027. Slowdown in growth and increase in in ation are expected to be particularly pronounced in emerging market and developing economies.

The Global headline in ation is expected to increase to 4.1 percent in 2025 to 4.4 percent in 2026 before falling back to 3.7 percent in 2027. While in ationary pressures have moderated compared to the peaks witnessed in recent years, elevated energy costs, services in ation and geopolitical uncertainties continue to pose risks to price stability in many economies. Central banks across major economies remain focused on balancing in ation control with supporting economic growth.

The IMF notes that the con ict has affected the global economy primarily through higher energy and commodity prices, disruptions to supply chains, increasing in ationary pressures and tighter nancial conditions. Energy-importing economies, particularly emerging market and developing countries, remain more vulnerable to rising import costs, external nancing pressures and currency volatility. At the same time, uncertainty surrounding the duration and intensity of the con ict continues to weigh on business con dence and investment decisions.

Despite these challenges, global economic activity continues to receive support from sustained investment in digital technologies and arti cial intelligence. Technology-related trade remained resilient during 2025, particularly in semiconductors and digital infrastructure, supporting industrial production and exports across several economies. The continued adoption of advanced technologies is expected to improve productivity and strengthen long-term growth prospects.

Looking ahead, the IMF expects downside risks to continue to dominate the global outlook. Escalation of geopolitical tensions, trade disputes, supply chain disruptions, in ationary pressures, nancial market volatility and scal vulnerabilities could adversely impact global growth. Nevertheless, continued investment in arti cial intelligence, technological innovation and structural reforms has the potential to improve productivity and support sustainable economic growth over the medium term.

Source: World Economic Outlook, April 2026: Global Economy in the Shadow of War

Indian Economy Outlook

India continued to be one of the fastest-growing major economies in the world during FY 2025-26, demonstrating resilience despite global economic uncertainties, geopolitical tensions and trade disruptions. Strong domestic consumption, sustained public capital expenditure, a stable nancial sector and robust services activity remained key drivers of economic growth. According to the Reserve Bank of India (RBI), Indias real GDP growth is projected at approximately 6.8% to 7.2% for FY 2026-27 supported by healthy domestic demand, government-led infrastructure investments, improving rural consumption and a favourable investment climate. The Indian economy continues to bene t from structural reforms, digitalization, formalization of the economy and increasing manufacturing capabilities.

Indias agriculture sector has shown robust growth in recent years. The sector remains supported by favourable monsoon conditions, improved farm productivity and government initiatives aimed at enhancing rural incomes. The industrial sector continues to bene t from infrastructure development, expansion in manufacturing activities and production-linked incentive (PLI) schemes. The services sector remains a major contributor to economic growth, driven by nancial services, information technology, telecommunications, logistics and consumer-oriented industries.

Despite the West Asia con ict, the Indian economy grew to 7.8% in Q4FY26, backed by strong private consumption and investment. The geopolitical arena has since become more complicated, with the Middle East con ict serving as the latest reminder that geopolitical tensions pose a key risk to global economic stability.

In ationary pressures have moderated signi cantly during the year. Consumer Price In ation (CPI) has largely remained within the RBIs target range, supported by easing food prices and prudent monetary policy measures. In its latest monetary policy review, the RBI revised its in ation outlook downward and continues to maintain a balanced approach towards supporting growth while ensuring price stability.

Indias external sector remains robust, supported by healthy foreign exchange reserves, resilient services exports and sustained foreign direct investment in ows. Continued focus on infrastructure spending, ease of doing business, digital transformation, renewable energy and manufacturing competitiveness is expected to support long-term economic growth.

Looking ahead, Indias economic outlook remains positive. Strong macroeconomic fundamentals, rising private sector investments, favourable demographics and ongoing policy reforms are expected to support sustainable growth. The country remains well-positioned to strengthen its role as a global manufacturing and investment destination and continue its progress towards becoming one of the worlds largest economies.

Source-https^:/_/www2.deloitte.com/us/en/insights/economy/asia-pacific/india-economic-outlook.html https^:/_/www.ey.com/en_in/services/tax/india-economic-pulse Economic Survey 2025-26 https^:/_/www.indiabudget.gov.in/economicsurvey/

Global Pharmaceutical Industry

The Pharmaceuticals market has been growing steadily in recent years, which is mainly driven by innovative drugs and an increasing demand for drugs and treatments worldwide. According to Statista, the projected revenue in the Pharmaceuticals market is estimated to reach US$1.27tn in 2026.

According to the IQVIA Institutes Global Medicine Use Trends 2026 report, the global medicine market is projected to grow at a 5% to 8% compound annual growth rate (CAGR) through 2030, reaching approximately $2.6 trillion. The Growth is expected to be driven by increased adoption of innovative medicines, expansion of healthcare access in emerging markets, and continued demand for therapies in oncology, immunology, diabetes, obesity, and rare diseases.

The United States remains the dominant force in global pharmaceutical spending.

The global active pharmaceutical ingredients market size was valued at USD 270.5 billion in 2025 and is projected to grow from USD 287.1 billion in 2026 to USD 419.0 billion by 2033, at a CAGR of 5.6% from 2026 to 2033. The market in North America dominated with a revenue share of 37.7% in 2025. The rising global demand for pharmaceuticals, especially in emerging markets, drives growth due to increasing chronic diseases like cancer, diabetes, and cardiovascular conditions.

The API market is growing moderately across geographies, driven by increased demand for diverse supply chains, low-cost manufacturing, and proximity to key pharmaceutical centers. The Asia-Paci c area, particularly India, China, and South Korea, continues to attract investments due to its strong industrial capabilities and expanding innovation environment.

The industry is undergoing rapid transformation through the adoption of arti cial intelligence (AI), machine learning, advanced analytics and digital technologies across research, clinical development and manufacturing processes. Pharmaceutical companies are increasingly leveraging these technologies to accelerate drug discovery, improve clinical trial efficiency and enhance manufacturing productivity. Specialty medicines, biologics, gene therapies and personalized treatments continue to gain prominence, reshaping the future of healthcare delivery.

Looking ahead, the global pharmaceutical industry is expected to bene t from continuous innovation, increasing healthcare awareness, growing investment in research and development and expanding demand for advanced therapies. Despite challenges arising from pricing pressures, regulatory changes, patent expirations and geopolitical uncertainties, the industrys long-term outlook remains positive and supportive of sustainable growth.

Source: https^:/_/www.statista.com/outlook/hmo/pharmaceuticals/worldwide/ https^:/_/www.iqvia.com/insights/the-iqvia-institute/reports-and-publications/reports/global-medicine-use-trends-2026 https^:/_/www.grandviewresearch.com/industry-analysis/active-pharmaceutical-ingredients-market

Indian Pharmaceutical Industry:

The Indian pharmaceutical industry ranks 3rd globally by volume and 11th by value, with more than 3,000 companies and 10,500 manufacturing units. The domestic pharmaceutical market, valued at USD 60 billion, is projected to reach USD 130 billion by 2030. As per Economic Survey 2025-26, in FY25, the sectors annual turnover reached Rs. 4.72 lakh crore, with exports growing at a CAGR of 7 per cent over the last decade (FY15 to FY25). India is the largest global supplier of generic medicines, accounting for around 20 per cent of global supply, manufacturing about 60,000 generic brands across 60 therapeutic categories. By expanding access to affordable HIV treatment and emerging as a leading global supplier of cost-effective vaccines, the pharmaceutical industry continues to advance public health outcomes domestically and internationally while generating economic opportunities. India hosts the highest number of manufacturing plants approved by the United States Food and Drug Administration (USFDA) outside the United States of America, reinforcing international con dence in the safety and quality of Indian pharmaceuticals. There are about 500 active pharmaceutical ingredient (API) manufacturers, accounting for nearly 8 per cent of the global API industry.

India is the global leader in the supply of Diphtheria, Tetanus, and Pertussis (DPT), Bacillus Calmette-Guerin (BCG), and measles vaccines. Indian manufacturers provide about 60 percent of vaccine supplies to the United Nations International Childrens Emergency Fund (UNICEF), meet 40-70 per cent of global demand for DPT and BCG vaccines, and account for 90 per cent of the World Health Organizations (WHO) measles vaccine demand. This highlights the robustness of Indian pharmaceutical exports and their substantial integration within global healthcare supply networks.

As per the Economic Survey 2025-26, India currently ranks 11th globally in pharmaceutical exports by value, with exports to 191 countries in 2024-25, of which 50 percent are directed to highly regulated markets such as the United States and Europe, re ecting wide international acceptance of Indian medicines. In 2024-25, pharmaceutical exports stood at USD 30.5 billion, a nearly 16-fold increase from USD 1.9 billion in 2000-01. Export momentum has also remained strong every month, with Drugs and Pharmaceuticals exports rising by approximately 2.70 per cent from USD 2.59 billion in January 2025 to USD 2.66 billion in January 2026. Further, medical device exports have grown signi cantly from USD 2.5 billion in 2020-21 to USD 4.1 billion in 2024-25, with exports to 187 countries in FY25.Indias pharmaceutical sector has expanded its global presence through rising exports and steady foreign investment, signalling strong international con dence in its manufacturing and regulatory standards. Collectively, these strengths position India as a dependable supplier of quality, affordable medicines and underpin its continued export-driven growth.

Indias growing network of trade agreements is expanding global market access for its pharmaceuticals and medical devices sectors. These partnerships are strengthening Indias position as a reliable supplier of affordable medicines and medical technologies worldwide. Recent agreements with Europe and New Zealand are expected to further boost exports, investment, and integration into global healthcare value chains.

Indias pharmaceutical ecosystem has evolved into a globally integrated and policy-supported system that combines scale, affordability, and regulatory credibility. Strong manufacturing capabilities, rising exports, growing foreign investment, and targeted government schemes have collectively strengthened domestic production, reduced import dependence, and expanded global market presence.

Source – https^:/_/www.pib.gov.in/PressReleasePage.aspx?PRID=2243248&reg=48&lang=2

Global Pharmaceutical Process Equipment Market

The global pharmaceutical manufacturing equipment market is likely to be valued at USD 21.24 billion in 2026 and USD 30.39 billion by 2032, registering a CAGR of 6.2% during the forecast period. Demand for pharmaceutical manufacturing equipment is driven by the rising production of generic and biologic drugs, increasing investments in pharmaceutical R&D, and the expansion of manufacturing facilities worldwide. Growing emphasis on regulatory compliance, quality assurance, and process automation further support market growth. Additionally, the adoption of advanced technologies, such as continuous manufacturing and single-use systems, enhances operational efficiency and accelerates equipment upgrades across pharmaceutical production sites.

By region, Asia Paci c is expected to dominate the pharmaceutical manufacturing equipment market, growing at a CAGR of 6.9% during the forecast period. By equipment type, the packaging machines segment is expected to hold a 52.4% share of the market in 2026. By technology, the automatic segment is expected to record a CAGR of 6.6% from 2026 to 2032. By end-product type, liquid segment is expected to grow at the highest CAGR during the forecast period.

Demand pivots toward biologics, which now account for 62% of pre-clinical and clinical manufacturing runs, prompting suppliers to replace monolithic stainless-steel installations with modular, single-use assemblies that cut validation timelines from 18 months to under 6 months.

Contract development and manufacturing organizations (CDMOs) are consolidating purchasing power; they consumed 28% of global bioreactor capacity in 2024 and are projected to command 38% by 2028, accelerating investment in continuous- ow production skids. Regulatory change intensi es upgrade cycles: the European Medicines Agencys Annex 1 revision obliges isolators or restricted-access barrier systems (RABS) across roughly 1,200 European ll- nish suites, driving a multiyear retro t backlog. Meanwhile, the U.S. Food and Drug Administration (FDA) fast-tracks applications that deploy advanced manufacturing technologies, shortening commercial approval by 6 to 9 months and accelerating capital spending.

Source:https^:/_/www.marketsandmarkets.com/Market-Reports/pharmaceutical-manufacturing-equipment-market-268102519.html https^:/_/www.mordorintelligence.com/industry-reports/pharmaceutical-equipment-market

Indian Pharmaceutical Manufacturing Equipment Market

The India Pharmaceutical Manufacturing Equipment Market was valued at $1317.1 Million in 2026 and projected to reach to $2159.2 Million by 2031, representing a compound annual growth rate of 8.6% Indias pharmaceutical manufacturing equipment market is poised for sustained growth, supported by the countrys established position as the pharmacy of the world and increasing focus on domestic production capabilities.

India pharmaceutical manufacturing equipment market trends and insights

• This accelerated growth trajectory re ects Indias position as a global pharmaceutical hub an increasing investments in advanced manufacturing capabilities.

• Indias market expansion is driven by rising domestic pharmaceutical production, regulatorycompliance requirements, and the adoption of automation technologies across manufacturing facilities. The forecast period through 2031 demonstrates

Indias commitment to modernizing its pharmaceutical infrastructure and enhancing production efficiency.

• Indias pharmaceutical sector is increasingly investing in state-of-the-art equipment to meet international quality standards and boost export competitiveness.

• The growth in Indias market outpaces the global average of 6.2% CAGR, underscoring the countrys strategic importance in the pharmaceutical manufacturing equipment sector and its role in supporting both domestic and international pharmaceutical supply chains.

India pharmaceutical manufacturing equipment market dynamics

• The 8.6% CAGR re ects growing investments in advanced technologies, automation, and compliance with international quality standards.

• Rising demand from both domestic and export-oriented manufacturers is driving equipment modernization across tablet, capsule, liquid, and injectable production lines. The market outlook remains positive due to government incentives, rising healthcare consumption, and the need for capacity expansion to meet global demand.

• Manufacturers are increasingly adopting Industry 4.0 technologies, including IoT-enabled equipment and real-time monitoring systems.

• Strategic partnerships between Indian equipment manufacturers and global players are expected to accelerate innovation and market penetration, positioning India as a key growth engine in the Asia-Paci c pharmaceutical manufacturing equipment sector.

Source: https^:/_/www.marketsandmarkets.com/Market-Reports/geography/pharmaceutical-manufacturing-equipment-market/india

Filtration & drying equipment market trends and segments

The Filtration and Drying Equipment Market plays a critical role across pharmaceuticals, chemicals, food processing, specialty materials, and environmental applications, supporting solid-liquid separation and moisture removal in controlled production environments. The market is shaped by increasing process automation, stricter quality standards, and the need for consistent batch integrity in regulated industries. Manufacturers are focusing on enclosed systems, contamination control, and energy-efficient designs to improve operational reliability. Demand is also in uenced by expansion of specialty chemical manufacturing, rising adoption of continuous processing, and the need for scalable equipment suitable for both pilot and commercial production. The Filtration and Drying Equipment Market continues to evolve with emphasis on safety, precision, and lifecycle performance.

The Filtration and Drying Equipment Market in the USA is driven by strong domestic manufacturing activity in pharmaceuticals, biotechnology, chemicals, and advanced materials. Regulatory compliance requirements encourage the use of high-performance, validated ltration and drying systems with robust documentation and traceability. USA-based end users prioritize equipment that supports clean-in-place operations, reduced manual handling, and higher throughput consistency. The presence of contract

manufacturing organizations further supports demand for exible, multi-product systems. Technological upgrades, replacement of legacy equipment, and focus on process optimization continue to in uence purchasing decisions, making the USA a key contributor to innovation and adoption within the Filtration and Drying Equipment Market.

The Filtration and Drying Equipment Market continues to evolve with strong focus on advanced technology integration and enhanced process performance. A key trend in the Filtration and Drying Equipment Market is the shift toward automation and digitalization, where smart systems and predictive maintenance technologies are being integrated into equipment to improve operational uptime and reduce unplanned downtime. Industry leaders are adopting IoT-enabled ltration and drying solutions to provide real-time data analytics, optimize energy usage, and enhance overall process control.

Another important Filtration and Drying Equipment Market trend is the growing emphasis on sustainability and energy-efficient designs that reduce waste, lower emissions, and support green manufacturing initiatives. End-use sectors such as pharmaceuticals, chemicals, and food processing are demanding more robust, closed-loop systems to maintain product quality and comply with stricter regulatory standards. Additionally, modular and exible ltration and drying systems are gaining traction as manufacturers seek scalable solutions that can adapt to varying production volumes and multi-product facilities. These evolving trends in the Filtration and Drying Equipment Market are driving equipment innovation and creating competitive differentiation among suppliers.

Agitated Nutsche Filter Dryers account for approximately 35% market share in the Filtration and Drying Equipment Market, supported by rising demand from pharmaceutical and specialty chemical manufacturers. Their integrated design, which combines ltration, washing, and drying in a single enclosed vessel, aligns well with the need for contamination control and operator safety. These systems are especially favored for high-value and regulated products where product purity and batch integrity are critical. The growing focus on containment, reduced product loss, and efficient space utilization has contributed to their expanding adoption, sustaining their substantial share within the overall market structure.

The Others segment holds nearly 20% market share in the Filtration and Drying Equipment Market and includes equipment such as vacuum dryers, tray dryers, spray dryers, belt lters, and uid bed dryers. This segment caters to specialized and application-speci c requirements across food processing, specialty chemicals, and advanced material manufacturing. Demand within this category is driven by processes requiring gentle drying, precise thermal control, or customized operating conditions. Although smaller in share compared to centrifuges and Agitated Nutsche Filter Dryers, this segment plays a crucial role in addressing niche applications and maintaining technological diversity within the market.

Source: https^:/_/www.fortunebusinessinsights.com/filtration-and-drying-equipment-market-109525

Filtration drying equipment market drivers, restraint, opportunities and challenges DRIVER- Rising demand from pharmaceuticals and specialty chemicals

The Filtration and Drying Equipment Market is strongly driven by rising demand from the pharmaceutical and specialty chemical industries, where precise solid liquid separation and controlled drying are critical to product quality and compliance. Increasing production of active pharmaceutical ingredients, intermediates, and ne chemicals has intensi ed the need for advanced, enclosed, and contamination-free processing equipment. Manufacturers are investing in high-performance ltration and drying systems to meet strict regulatory requirements, improve batch consistency, and reduce process variability. The growing presence of contract manufacturing organizations further accelerates demand, as these players require exible and validated equipment capable of handling multiple products while maintaining high safety and quality standards.

RESTRAINT- High capital investment and maintenance complexity

High initial capital costs associated with advanced ltration and drying equipment act as a key restraint in the Filtration and Drying Equipment Market. Sophisticated systems such as agitated lter dryers and automated centrifuges require signi cant upfront investment, along with specialized installation and skilled operation. Maintenance complexity, spare part availability, and downtime risks can further increase total cost of ownership, particularly for small and mid-sized manufacturers. In cost-sensitive industries, these factors may delay equipment replacement cycles or encourage continued use of legacy systems, limiting faster adoption of newer technologies despite their long-term operational bene ts.

OPPORTUNITY- Shift toward integrated and automated processing systems

The growing shift toward integrated and automated processing presents strong opportunities in the Filtration and Drying

Equipment Market. End users are increasingly seeking single-unit solutions that combine ltration, washing, and drying to reduce handling, minimize contamination risks, and optimize oor space. Automation and digital monitoring enhance process control, improve repeatability, and support predictive maintenance strategies. This creates opportunities for equipment manufacturers to offer customized, smart solutions tailored to speci c industry needs. Demand for modular systems that support scalability and multi-product operations further expands growth potential across regulated and high-value manufacturing sectors.

CHALLENGE- Managing process variability and material diversity

Managing wide variability in raw materials, particle sizes, moisture content, and chemical properties remains a major challenge in the Filtration and Drying Equipment Market. Equipment must perform consistently across diverse operating conditions without compromising efficiency or product quality. Adapting systems to handle abrasive, corrosive, or heat-sensitive materials increases engineering complexity and design costs. Additionally, frequent product changeovers require exible con gurations and thorough cleaning protocols, which can impact productivity. Addressing these challenges requires continuous innovation, process expertise, and close collaboration between equipment suppliers and end users.

Source: https^:/_/www.fortunebusinessinsights.com/filtration-and-drying-equipment-market-109525

ABOUT BEW ENGINEERING LIMITED

Incorporated in the year 2011, BEW Engineering Limited ("BEW") is engaged in the design and manufacturing of Pharmaceutical &

Chemical plants and process equipments.

BEW designs and manufactures special range of ltration, mixing and drying equipments speci cally used in Pharmaceuticals, Sterile Applications, Intermediate Compounds, Fine Chemicals, Specialty Chemicals, Agro Chemicals, Pesticides, Insecticides, Dyes and Food Products. These equipments are manufactured from material such as Stainless Steel, Alloy Steel, etc. The Companys major products are Agitated Pressure Nutsche Filter Dryer (ANFD), Rotocone Vacuum Filter Dryers (RVFD), Cantilever Rotocone Vacuum Dryer (RCVD), Retractable Plough Shear Mixer Dryer, Agitated Pan Dryer, Rotary Vacuum Paddle Dryer (RVPD) and Spherical Dryer. The portfolio of products currently includes design and manufacturing of lters and dryers for chemicals industry comprising of Agro Chemicals and Pharmaceutical Industries like API, Bulk Drug and Intermediate Specialty Chemicals.

Having a registered office at Dombivli and being a leading design and manufacturing engineers of Pharmaceutical & Chemical plants and process equipments, the Company has developed long term relationships with reputed and renowned customers globally, which include corporations such as Cipla, Ipca, Lupin, Dr. Reddys, Sun Pharma, SRF, Mylan, Biocon, among others.

ACHIEVEMENTS/ DEVELOPMENTS DURING THE YEAR 2025-26

1) Successfully delivered 14 Agitated Nutsche Filters (ANF/ANFD) with capacities ranging from 10 KL to 20 KL and above. 2) Successfully manufactured and delivered 45 Reactors to a single client in Maharashtra, demonstrating strong execution capability and customer con dence

3) Successfully delivered 21 process equipment units (ANFD & RCVD) to a single client, re ecting the Companys ability to execute large-scale orders 4) Expanded the product portfolio by manufacturing and delivering 4 Vacuum Conical Dryer (VCD) / (CBD) with capacities ranging from 2.5 KL to 12 KL.

5) Successfully executed the rst-ever Plough Shear Mixer Dryer (PSMD) in SS 904L material of construction (MOC) with a 4 KL capacity

OPPORTUNITIES AND THREATS

The Company sees signi cant opportunities arising from the growth of the pharmaceutical, chemical and specialty chemical industries, increasing manufacturing capacity and investments in process equipment. The growing focus on domestic manufacturing, automation, energy efficiency and technological advancement also provides opportunities for expansion of the Companys product portfolio and customer base. At the same time, the Company remains mindful of threats such as raw material price uctuations, increasing competition, foreign exchange volatility, supply-chain disruptions and changes in customer capital expenditure plans.

FINANCIAL OVERVIEW

The consolidated performance of the Company for the nancial year ended March 31, 2026, is as follows:

Total revenue from operations was at 185.53 crore for the year ended March 31, 2026, as against 134.35 crore for the corresponding previous period, an increase of 38.09.%.

The EBIDTA (Earnings Before Interest, Depreciation and Tax) was 9.61 crore for the year ended March 31, 2026, as against 20.40 crore for the corresponding previous period.

The PAT (Pro t After Tax) was 3.78 crore for the year ended March 31, 2026, as against 12.16 crore for the corresponding previous period.

The EPS (Earnings Per Share) for the nancial year ended March 31, 2026 was 2.89 for a face value of 10 per share, as against 9.30 for the corresponding previous period.

RESOURCES AND LIQUIDITY

As of March 31, 2026, the consolidated Net Worth stood at 141.33 crore and the consolidated net debt was 62.66 crore. The net debt to equity ratio of the Company stood at 0.44 as on March 31, 2026.

RISKS AND CONCERNS

The Company has laid down the procedure to inform the Board about the risk assessment and minimization procedures. The Board reviews these procedures annually to ensure that there is timely identi cation and assessment of risks, measures to mitigate them, and mechanisms for their proper and timely monitoring and reporting.

The Company is concerned about prevailing exposure norms, nancial position, entry of new players in the market, rising competition from banks & multilateral agencies, uncertain business environment, uctuation in rupee, likely increase in cost of capital due to volatile market conditions. Further, the state of business and policy environment in the country also has a cascading effect on the interest-rate regime, cost and availability of raw materials and gestation period & capital outlays required for raw material. General economic conditions may also affect the capacity and production of the manufacturing of the products.

REGULATORY DEVELOPMENTS

The Company is regulated by the Companies Act and some of its activities are subject to supervision and regulation by statutory and regulatory authorities. It is therefore subject to changes in Indian law, as well as to changes in regulation and government policies and accounting principles.

CREDIT RISK

To manage its credit exposure, BEW Engineering Limited determine credit limit requests and approval procedures. The Company does its own research of clients nancial health and project prospects before entering into an agreement with them. Timely process is followed up with clients for payments as per schedule. The company has suitably streamlined the process to develop a focused and aggressive receivables management system to ensure timely collections.

INTEREST RATE RISK

The Company nances its operations through a combination of internal accruals and bank borrowings. Any increase in prevailing interest rates may lead to higher nance costs and impact pro tability. The management continuously reviews borrowing arrangements with lending institutions and explores opportunities for reduction in borrowing costs through competitive pricing and efficient treasury management. The Company also focuses on improving working capital efficiency to minimize dependence on external borrowings and mitigate interest rate risk.

COMPETITION RISK

The Company faces signi cant competition from other Companies operating in the markets in India in which we operate. Some of these rms have greater resources and/or a more widely recognised brand than we have, which may give them a competitive advantage. Our ability to grow revenues will depend on demand for our services in preference to those of its competitors.

INTERNAL CONTROL SYSTEMS AND ADEQUACY

Our company has in place adequate systems of internal control. These have been designed to provide reasonable assurance with regard to maintaining the proper accounting controls, efficiency of operations, protecting assets from unauthorized use or losses and ensuring reliability of nancial and operational information. Our Company continues its efforts to align all its process and control with best practices and is controlling its operating process through well-de ned various international standard certi cation and accreditation. Some signi cant features of the internal control systems are preparation and monitoring of annual budgets, internal audit and its review, clear delegation of authority and responsibility, corporate policy on accounting and periodic management meeting to review operation and plans in business areas.

The Company has also implemented effective systems for achieving highest level of efficiency in operations, to achieve optimum and effective utilization of resources, monitoring thereof and the compliance with provisions all laws.

HUMAN RESOURCES

We believe that a good Human Resource Policy is very effective for supporting and building the desired organization culture and to maintain the same in our Company is taking actions on the day-to-day problems of the organization. The Company continues to focus on creating strong and long-term relationship with all employees as employee retention and development are among the highest priorities of the Company.

The Company is working on enhancing its competencies to take care of the current and future business. Its employee strength as on March 31, 2026 was 89 and 9 number of the contractors to execute the assignment of the Company. Human Resource and Industrial Relations departments have developed systems and policies on recruitment, performance management, learning and development, and employee engagement. Providing and ensuring health, safety, and environment for all became an imperative and required signi cant commitment more than ever before under the new pandemic situation.

The manpower is a prudent mix of experienced and young professionals which gives us the dual advantage of stability and growth. The work progress and skilled/ semi-skilled/ unskilled resources, together with the Companys strong management team, have enabled it to successfully implement our growth plans.

OUTLOOK

The Company remains optimistic about its long-term growth prospects, supported by increasing investments in the pharmaceutical, chemical, specialty chemical and allied process industries. Rising demand for advanced process equipment, coupled with the growing emphasis on capacity expansion, process efficiency and sustainable manufacturing practices, is expected to create signi cant business opportunities in the coming years.

The Company is well positioned to leverage these opportunities through its strong engineering capabilities, diversi ed product portfolio and customer-centric approach. It continues to strengthen its presence in the market by offering high-quality process equipment, including lters, dryers, reactors, pressure vessels, heat exchangers, mixers and other customized engineering solutions that cater to the evolving requirements of its customers.

The operationalization of the Companys expanded manufacturing facilities is expected to improve production capacity, optimize work ow and enhance execution capabilities. The Company will continue to focus on improving operational efficiencies, strengthening quality systems, adopting advanced manufacturing practices and enhancing productivity to meet increasing customer demand.

At the same time, the Company remains mindful of challenges arising from volatility in raw material prices, uctuations in foreign exchange rates, changes in interest rates, global geopolitical developments and evolving regulatory requirements.

The management continues to monitor these risks closely and has adopted appropriate strategies to mitigate their potential impact through efficient procurement, disciplined nancial management and continuous Supported by its experienced management team, technical expertise, strong customer relationships and commitment to innovation and quality, the Company is con dent of sustaining pro table growth and creating long-term value for its shareholders and other stakeholders.

CHANGES IN KEY FINANCIAL RATIOS:

Pursuant to provisions of Regulation 34 (3) of SEBI (LODR) Regulation, 2015 read with Schedule V part B(1) details of changes in Key Financial Ratios is given hereunder:

Key Financial Ratio	FY 2025-26	FY 2024-25
1 Debtors Turnover Ratio	3.56	5.05
2 Inventory Turnover Ratio	1.31	0.88
3 Interest Coverage Ratio	2.64	5.61
4 Current Ratio	1.71	2.48
5 Debt Equity Ratio	0.44	0.43
6 Operating Pro t Margin	2.70	11.95
7 Net Pro t Margin	2.04	9.05
8 Change in Return on Net Worth	2.68	9.06

*Previous years Figures have been regrouped / rearranged wherever necessary

For & on behalf of the Board of Directors of
BEW Engineering Limited
Rohan Prakash Lade	Arpit Pratapbhai Shah
Managing Director	Independent Director
DIN: 00460811	DIN: 07469577
Place: Mumbai	Place: Mumbai
Date: August 26, 2026