Bikewo Green Tech Ltd Management Discussions

FY 2025-26

1. COMPANY OVERVIEW

BikeWo Green Tech Limited (“BikeWo” / “the Company”) is building an integrated mobility and logistics platform with capabilities spanning last-mile logistics, fleet operations, mobility assets and related infrastructure and services.

FY 2025-26 marked an important evolution in the Companys strategic direction. Building on its experience within the electric mobility ecosystem, the Company began repositioning its business towards last-mile logistics, with the objective of participating more extensively in the movement of goods and the operating infrastructure that supports it.

The Companys strategy has subsequently evolved around a broader premise: logistics is not limited to operating vehicles. Efficient movement of goods requires access to mobility assets, capital, energy, fleet operations, maintenance, physical infrastructure and technology. BikeWo intends to progressively build or access these capabilities through a combination of its own operations, strategic partnerships, investments and acquisitions.

Accordingly, the Companys emerging platform encompasses 3PL and fleet operations, vehicle leasing and deployment, vehicle sourcing, financing enablement, charging and energy solutions, maintenance and lifecycle services, technology-led fleet optimisation and selected adjacent logistics infrastructure.

Electric mobility remains an important component of this strategy. However, rather than operating as a standalone EV proposition, the Companys EV capabilities are increasingly being developed as part of the broader mobility and logistics platform.

During FY 2025-26, the principal strategic development was the Companys transition towards last-mile logistics. The broader platform initiatives described in this Report gained momentum subsequent to the end of the financial year and are therefore discussed separately under Outlook and Subsequent Developments.

1. INDUSTRY & MACRO-ECONOMIC OVERVIEW

Logistics and Last-Mile Delivery

Indias logistics ecosystem continues to evolve with the expansion of e-commerce, quick commerce, organised retail, digital marketplaces and outsourced supply-chain operations.

According to a Redseer report cited by the India Brand Equity Foundation (IBEF), Indias express parcel market is estimated at approximately 10-11 billion shipments in FY25 and is projected to reach 24-29 billion shipments by FY30. E-commerce already accounts for more than half of the market, while e-commerce shipments are projected to grow at approximately 23-24% CAGR, reaching around 15-16 billion shipments by FY30.

Last-mile logistics is an increasingly important component of this ecosystem. Enterprises require reliable access to vehicles, drivers, fleet operators and operating infrastructure capable of responding to changing delivery volumes and service requirements.

This is also driving a shift towards specialised logistics partners that can provide transportation capacity and associated services without requiring enterprise customers to independently build and manage every component of their logistics infrastructure.

For BikeWo, this creates an opportunity extending beyond the operation of individual vehicles. The Companys strategy is to progressively participate across multiple layers supporting the movement of goods.

Mobility Assets and Fleet Solutions

Mobility assets form the operating foundation of last-mile logistics.

Large-scale logistics operations require efficient sourcing, financing, deployment, utilisation and maintenance of vehicle fleets. This creates opportunities for business models spanning direct fleet operations, vehicle leasing and other asset-enablement structures.

BikeWos experience within the mobility ecosystem provides a foundation for developing these capabilities as part of its broader logistics strategy.

Electric Mobility and Energy Infrastructure

Electric mobility is increasingly relevant for commercial and logistics applications, particularly where vehicles operate at high utilisation levels and within predictable operating environments.

For fleet operators, the transition towards electric mobility involves more than vehicle procurement. Charging availability, energy management, financing, maintenance, battery performance and lifecycle economics are important components of successful fleet deployment.

The Company therefore views electric mobility and energy infrastructure as interconnected elements of its broader mobility and logistics proposition.

Integrated Logistics Infrastructure

The movement of goods extends beyond transportation. Warehousing, fulfilment, fleet infrastructure, maintenance networks, energy availability and technology collectively influence the efficiency of logistics operations.

The increasing integration of these activities creates opportunities for platforms capable of connecting multiple parts of the logistics value chain.

BikeWo intends to selectively develop such capabilities where they complement its core mobility and logistics operations and provide opportunities for deeper enterprise relationships.

2. BUSINESS REVIEW

Strategic Transition Towards Last-Mile Logistics

FY 2025-26 represented an important period of strategic repositioning for BikeWo.

The Company began transitioning from its historical focus within the electric mobility ecosystem towards last-mile logistics and associated mobility services.

This transition builds upon the Companys existing understanding of electric vehicles, vehicle manufacturers, mobility operators and the broader EV ecosystem.

During the year, management focused on developing the strategic framework for this transition and identifying business models through which the Company could participate in the logistics value chain.

The broader execution of this strategy accelerated subsequent to the end of FY 2025-26.

Last-Mile and 3PL Operations

The Companys emerging operating strategy includes participation in last-mile logistics through 3PL and fleet-based models.

Under these models, BikeWo can provide enterprise customers with mobility capacity and associated operating support rather than limiting its participation to the sale or supply of vehicles.

Depending upon customer requirements, the Companys role may encompass vehicle deployment, fleet operations, driver enablement and related logistics services.

This model allows BikeWo to develop direct enterprise relationships while building recurring operating activity around the underlying mobility assets.

Fleet Leasing and Mobility Assets

Fleet leasing represents another complementary component of the Companys emerging platform.

Different customers require different levels of operational involvement. While certain customers may require a fully managed logistics solution, others may require access primarily to vehicles and mobility assets.

The Companys strategy therefore contemplates both operating and leasing models.

This flexibility enables BikeWo to structure its participation according to customer requirements, capital deployment, counterparty characteristics and the allocation of operational responsibilities.

Building Around the Economics of the Asset

The Companys longer-term strategy is not limited to generating income from the deployment or leasing of a mobility asset.

A commercially deployed vehicle creates requirements across sourcing, financing, energy, operations, maintenance, lifecycle management and technology.

The Company intends to progressively participate across selected components of this ecosystem where doing so can improve customer economics, deepen enterprise relationships or create additional revenue opportunities.

This approach provides the strategic foundation for BikeWos evolution from a mobility participant towards a broader Energy & Mobility Infrastructure and logistics platform.

3. BUSINESS MODEL AND PLATFORM DEVELOPMENT

BikeWos emerging business model can broadly be viewed through two complementary avenues of development.

Organic Operating Platform

The first is the development of BikeWos own operating capabilities.

These capabilities may include 3PL operations, vehicle leasing, vehicle sourcing, fleet deployment, driver enablement, maintenance and associated mobility services.

The objective is to create multiple opportunities for participation around the same underlying mobility and logistics requirement rather than relying upon a single transaction or revenue stream.

As these capabilities develop, BikeWo intends to strengthen its ability to provide enterprise customers with an increasingly integrated mobility proposition.

Strategic and Inorganic Capability Development

The second avenue is the development of complementary capabilities through strategic partnerships, investments, joint ventures and acquisitions.

The logistics and mobility ecosystem encompasses several specialised activities. Building every capability internally may not always represent the most efficient approach.

The Company may therefore work with specialised businesses where such relationships can provide access to customers, technology, energy infrastructure, maintenance capabilities, financing solutions, geographic markets or other strategic competencies.

The objective of these relationships is to progressively strengthen the overall BikeWo platform rather than develop a portfolio of unrelated businesses.

4. FINANCIAL PERFORMANCE

The financial performance of the Company during FY 2025-26 principally reflects the operations undertaken during the year and should be viewed in the context of the Companys ongoing strategic transition.

The broader fleet leasing, energy, warehousing, strategic partnership and platform-development initiatives discussed elsewhere in this Report largely gained momentum subsequent to the end of FY 2025-26 and accordingly should not be interpreted as contributors to the financial performance for the year ended 31 March 2026.

The detailed financial performance of the Company, together with the applicable financial ratios and explanations for material variations, forms part of the audited financial statements and related disclosures contained in this Annual Report.

Management remains focused on ensuring that the Companys future expansion is accompanied by appropriate discipline in capital allocation, working-capital management, counterparty assessment and return on deployed capital.

5. OPPORTUNITIES & THREATS Opportunities

Growth in organised logistics: Expansion of e-commerce, quick commerce, organised retail and enterprise distribution continues to increase the requirement for reliable logistics capacity.

Outsourcing of logistics infrastructure: Enterprises increasingly have the ability to access specialised partners for vehicles, fleet operations and other logistics requirements instead of internally owning and operating every component.

Integrated enterprise solutions: Combining vehicles, fleet operations, energy, maintenance and technology can enable deeper enterprise relationships than standalone vehicle deployment.

Fleet leasing: Leasing provides an additional route for participating in mobility demand where customers prefer to manage operations independently.

Commercial electric mobility: Electric vehicles can play an increasingly important role in high-utilisation last-mile and commercial logistics applications.

Energy and charging infrastructure: Expansion of commercial EV fleets creates corresponding requirements for reliable charging and energy solutions.

Lifecycle services: Maintenance and asset-management requirements provide opportunities to participate throughout the operating life of mobility assets.

Technology and intelligence: Fleet data, utilisation analytics, route optimisation and related technologies can improve operating efficiency and asset productivity.

Warehousing and adjacent logistics infrastructure: Selective participation in warehousing and related infrastructure can extend the Companys role across the logistics value chain.

Strategic partnerships and acquisitions: External partnerships can accelerate access to specialised capabilities, customers and markets.

Threats & Risks

Execution risk: Building an integrated mobility and logistics platform requires coordination across multiple operating capabilities.

Capital intensity: Vehicle fleets, energy infrastructure and logistics assets may require significant capital deployment.

Asset utilisation risk: Returns from mobility assets are dependent upon sustained commercial deployment and appropriate utilisation.

Counterparty risk: Fleet leasing and enterprise logistics arrangements expose the Company to customer credit and collection risks.

Customer concentration risk: Large enterprise relationships may result in concentration of revenue or asset deployment among a limited number of customers.

Operational risk: Logistics operations involve fleet availability, driver management, maintenance, accidents, insurance and service-level requirements.

Technology and residual-value risk: Changes in EV technology, batteries and vehicle economics may affect the operating performance and residual value of mobility assets.

Integration risk: Strategic investments, acquisitions and partnerships may not generate anticipated synergies or commercial outcomes.

Funding risk: The pace of expansion may depend upon availability of capital on commercially acceptable terms.

Regulatory risk: The Companys activities are subject to regulations across transportation, electric mobility, energy, labour, warehousing, taxation and corporate matters.

6. RISK MANAGEMENT FRAMEWORK

As the Companys business model evolves, risk management is expected to become increasingly asset- specific and contract-specific.

Material fleet and logistics opportunities are intended to be evaluated with reference to factors including counterparty quality, contractual tenure, expected asset utilisation, operating responsibilities, payment structures, maintenance obligations, insurance coverage, financing costs and expected returns.

The Company also recognises the importance of matching capital deployment with visibility of underlying commercial demand.

Strategic partnerships and investments will require appropriate commercial, financial and legal evaluation with emphasis on strategic relevance and integration with the broader platform.

Risk-management systems and reporting processes will continue to evolve as the scale and complexity of the Companys operations increase.

7. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company maintains internal control systems designed to safeguard assets, support reliable financial reporting and facilitate compliance with applicable laws and regulations.

The Companys internal financial controls are subject to appropriate review and audit processes.

The evolving business model will require progressively stronger controls across vehicle procurement, asset tracking, fleet utilisation, contract management, receivables, maintenance, treasury and capital allocation.

As the Company develops additional operating capabilities and strategic relationships, management intends to strengthen internal systems and reporting processes commensurate with the scale and complexity of the business.

8. HUMAN RESOURCES

The transition towards an integrated mobility and logistics platform requires capabilities extending across logistics operations, enterprise business development, fleet management, vehicle sourcing, technology, finance, maintenance, energy and infrastructure.

The Company intends to progressively strengthen its leadership and operating teams in line with the development of these businesses.

Particular emphasis will be placed on building an execution-oriented organisation capable of managing enterprise relationships and coordinating multiple components of the mobility and logistics ecosystem.

The Company believes that organisational capability and operating discipline will remain important determinants of successful execution of its strategy.

9. OUTLOOK & SUBSEQUENT DEVELOPMENTS

FY 2025-26 represented the Companys strategic transition towards last-mile logistics.

Subsequent to 31 March 2026, BikeWo has accelerated the execution of this strategy and broadened its approach towards the development of an integrated Energy & Mobility Infrastructure and logistics platform.

The developments described in this section relate principally to FY 2026-27 and therefore did not form part of the operating performance reported for FY 2025-26.

Fleet Deployment and Leasing

The Company has progressed opportunities involving electric vehicle fleet deployment and leasing for commercial and logistics applications.

The emerging model allows BikeWo to participate both as an operator and as an asset provider depending upon the requirements of the customer.

This provides flexibility in allocating capital and operating responsibilities while allowing the Company to address different categories of enterprise demand.

Enterprise Logistics

The Company continues to develop relationships with enterprises and logistics ecosystem participants requiring vehicles, fleet capacity and associated operating support.

The Companys intended proposition is broader than standalone vehicle deployment. Over time, BikeWo seeks to develop the ability to combine mobility assets with operating, energy, maintenance and technology capabilities according to customer requirements.

The Companys objective is to become a more integrated partner in the customers logistics infrastructure.

Vehicle Sourcing and OEM Ecosystem

The Companys relationships within the electric mobility ecosystem provide opportunities to source vehicles suitable for different commercial applications.

Vehicle sourcing represents an important component of fleet economics and also provides opportunities for BikeWo to participate commercially at the procurement and deployment stage.

The Company intends to maintain flexibility across manufacturers and vehicle categories based upon customer requirements, asset economics and operating suitability.

Energy and Charging

The Company is therefore evaluating strategic relationships and capabilities within charging and energy infrastructure as part of its broader mobility proposition.

The objective is to progressively connect the mobility asset with the energy infrastructure required to operate it efficiently.

Maintenance and Lifecycle Services

Fleet economics depend upon vehicle availability and effective management throughout the operating life of the asset.

Maintenance, servicing and lifecycle management are therefore important components of the Companys broader strategy.

The Company is developing relationships and capabilities intended to support fleet uptime and provide a more comprehensive solution to customers and fleet partners.

Technology and Mobility Intelligence

Technology is expected to play an increasingly important role in connecting the different components of the BikeWo platform.

Fleet utilisation, asset performance, route optimisation, maintenance information and operating data can provide opportunities to improve efficiency and decision-making.

The Companys longer-term objective is to progressively develop an intelligence layer capable of supporting optimisation across mobility and logistics operations.

Warehousing and Logistics Infrastructure

Warehousing is viewed as complementary to the Companys mobility strategy because movement of goods involves both physical storage and transportation infrastructure.

The Company intends to evaluate opportunities across development, acquisition, leasing, operation and strategic collaboration depending upon commercial requirements.

The objective is to selectively connect warehousing and fulfilment capabilities with the Companys transportation and last-mile logistics platform.

Strategic Partnerships, Investments and Acquisitions

The Company has progressed a number of strategic relationships across mobility, energy, maintenance and adjacent logistics activities subsequent to the end of FY 2025-26.

These initiatives are intended to add specialised capabilities to the BikeWo platform.

The Company may continue to evaluate investments, acquisitions, joint ventures and strategic partnerships where they provide access to capabilities that complement the core mobility and logistics strategy.

The underlying principle is that such initiatives should strengthen the integrated platform rather than represent unrelated diversification.

International Opportunities

The Company has also commenced evaluating selected international opportunities through strategic relationships and local operating structures.

Such initiatives remain subject to commercial viability, local regulatory requirements and appropriate assessment of execution and capital requirements.

Capital for Growth

The Companys evolving strategy requires capital to support mobility assets, infrastructure, strategic investments and growth opportunities.

Accordingly, the Company has commenced evaluating various capital-raising alternatives, subject to applicable corporate, shareholder and regulatory approvals.

Management intends to balance growth opportunities with appropriate capital discipline and evaluate deployment based upon strategic relevance and expected risk-adjusted returns.

Strategic Direction

The Companys evolution can be viewed as a progression from its historical experience within electric mobility, through its FY 2025-26 transition towards last-mile logistics, to the broader platform strategy now being developed.

The emerging BikeWo proposition seeks to bring together the principal components required for the efficient movement of goods ? mobility assets, capital enablement, energy, operations, maintenance, infrastructure and technology.

Rather than competing solely as a fleet operator or vehicle lessor, the Companys objective is to progressively participate across more of the economic activity surrounding mobility and logistics.

Management believes this integrated approach can create stronger enterprise relationships, multiple complementary revenue opportunities and a more scalable platform for the Companys future development.

10. INVESTOR PERSPECTIVE AND CAUTIONARY STATEMENT

The Company is presently at an evolving stage of its strategic transition towards an integrated mobility and logistics platform. Accordingly, the opportunities described in this Report should be viewed in the context of the Companys ongoing development and execution of the business model. The scale and timing of revenue generation, profitability and returns from the new initiatives will depend on factors including customer adoption, fleet utilisation, capital availability, operating efficiencies and successful execution. Managements focus remains on building the business in a phased and disciplined manner, with capital deployment aligned to demonstrated commercial opportunity and long-term value creation.

Statements in this Management Discussion & Analysis relating to the Companys objectives, strategies, expectations, proposed initiatives and outlook may constitute forward-looking statements within the meaning of applicable laws and regulations.

Actual results may differ materially from those expressed or implied due to economic conditions, availability and cost of capital, customer demand, asset utilisation, technological developments, regulatory changes, competition, counterparty performance, execution risks, supply-chain conditions and other factors affecting the Companys businesses.

References to fleet expansion, energy and charging infrastructure, warehousing, technology, strategic partnerships, investments, acquisitions, international opportunities, capital raising and other proposed initiatives should be read subject to applicable approvals, definitive agreements, commercial viability and successful execution.

The Company assumes no obligation to publicly amend, modify or revise any forward-looking statement on the basis of subsequent developments, information or events except as required under applicable law.

	For and on behalf of the Board of
	BIKEWO GREEN TECH LIMITED
	Sd/-
	Manideep Katepalli
	Chairman & Managing Director
	DIN: 07840019
	Address: H.No. 1-90/7/B/38, Flat No. 201,2nd Floor, Lakshmi Sai Damam,
	Road No. 5, Patrika Nagar, Madhapur, Hyderabad, Shaikpet,
	Telangana, India, 500081.
Place: Hyderabad
Date: 03.09.2026