Annual Report of the Company for the Financial Year 2025-26

Ref.: BWRL/2026-27/SE/ Misc/12 Date: 01St September, 2026 National Stock Exchange of India Limited BSE Limited, Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Bandra (E), Mumbai - 400001 Mumbai - 400051 BSE Scrip Code: 539799 NSE Symbol - BHARATWIRE Subject: Notice of 40th Annual General Meeting (AGM) and Annual Report for the FY 2025-26 Dear Sir/Madam, In compliance with Regulation 30 and 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we herewith submit copy of 40th Annual Report of the Company for the financial year 2025- 26 along with the Notice of 40th Annual General Meeting which is being sent only through electronic mode to the Members. Please find enclosed the Annual Report and Notice of the 40th Annual General Meeting to be held on Friday, 25th September, 2026 at 12:30 P.M. (IST) through Video Conferencing (“VC”)/Other Audio Visual Means (“OAVM”) without the physical presence of the Members. In compliance with the all applicable Circulars issued by MCA and SEBI, the Annual Report together with the Notice of the AGM is already being dispatched by electronic mode to those Shareholders whose email addresses are registered with the Company/ Depository Participants. The same will be available on the website of the Company at www.bharatwireropes.com. Kindly take the same on your records. For Bharat Wire Ropes Limited Govinda Soni Company Secretary & Compliance Officer 40th Annual General Meeting of Bharat Wire Ropes Limited - Information at a Glance Sr. Particulars Details 1 Day, Date and Time of the AGM Friday, 25th September, 2026 at 12:30 P.M. (IST) 2 Mode Video Conferencing / Other Audio-Visual Means 3 Link for participating AGM https://emeetings.kfintech.com through VC/OAVM 4 Cut-off date for e-voting Friday, 18th September, 2026 5 E-voting start date and time Monday, 21st September, 2026 (09:00 hours) (IST) 6 E-voting end date and time Thursday, 24th September, 2026 (17:00 hours) (IST) 7 E-voting website https://evoting.kfintech.com/ For Bharat Wire Ropes Limited Govinda Soni Company Secretary & Compliance Officer Bharat Wire Ropes Limited MANAGEMENT DISCUSSION AND ANALYSIS REPORT I. Overview The purpose of this report is to present Management's insights into the external environment and the industry, alongside discussions on strategy, operational and financial performance, key developments in human resources and industrial relations, as well as an assessment of risks, opportunities, and the adequacy of internal control systems during the Financial Year 2025-26. It should be reviewed in conjunction with the Company's financial statements, including schedules, notes, and other sections of the Integrated Report and Annual Accounts for 2025-26. The Company's financial statements have been prepared in accordance with Indian Accounting Standards ('Ind AS'), adhering to the requirements specified under the Companies Act, 2013, as amended, and regulations prescribed by the Securities and Exchange Board of India ('SEBI'). II. External Environment 1. Global Economy The global economic stability of Financial year 2025-26 has been severely disrupted by Geo political situation and an outbreak of war in the Middle East in last quarter of the year, introducing logistical bottlenecks at the vital Strait of Hormuz that threaten the world with sticky inflation, volatile commodity prices, and tighter credit conditions. Consequently, the IMF baseline forecast projects global growth to slow to 3.1% in 2026 and 3.2% in 2027—down from an estimated 3.4% during a turbulent 2025, with severe downside risks threatening to plummet growth to a recessionary 2%. Regionally, advanced economies are slowing to 1.8%, though the US remains somewhat resilient at 2.3% growth due to fiscal policy and lagged rate cuts, while the Euro area drags at 1.1% due to compounding energy shocks and a strong currency. Meanwhile, emerging market growth is cooling to 3.9% as China's structural challenges drag its growth down to 4.4%, whereas India serves as a rare bright spot with its forecast revised upward to 6.5% due to reduced tariffs and strong momentum. Outlook The global economy is moving through a highly complex phase of decelerating momentum, with baseline projections indicating a delicate navigation between growth and severe geopolitical friction. The IMF projects global growth to cool to 3.1% in 2026 before stabilizing slightly at 3.2% in 2027, whereas the World Bank flags a more pessimistic scenario near 2.5% due to intense macro strains. The primary drag on this outlook stems from persistent military conflicts in West Asia and the Middle East, which have closed off vital sea lanes like the Strait of Hormuz, driving Brent crude oil prices significantly in upward trend. Consequently, this energy price shock threatens to trigger a resurgent uptick in global headline inflation during 2026, forcing a tighter stance from central banks before inflation finally resumes its downward trajectory in 2027. Beneath the surface, economic fortunes are diverging sharply; advanced economies are growing at a sluggish pace below 2%, while Emerging Market and Developing Economies (EMDEs) maintain a healthier 3.9% baseline. 2. Indian Economy India's economic trajectory for 2026-27 is defined by a transition toward disciplined stability, with GDP growth projected to moderate to between 6.6% and 6.9% as the economy navigates external volatility. This cooling, while reflective of a broader global slowdown, is compounded by persistent headwinds, particularly elevated crude oil prices stemming from West Asian geopolitical tensions, which pressure India's import bill and keep headline inflation hovering near 5.3%. Consequently, the Reserve Bank of India continues to maintain a cautious, keeping borrowing costs relatively high. Despite these challenges, the economy retains significant structural resilience, robust private consumption—particularly in rural markets—and a well-capitalized banking system that remains a bedrock of financial stability. Fiscal management remains a delicate balancing act, as the government continues to prioritize strategic infrastructure capital expenditure while managing subsidy outlays to insulate the public from global commodity shocks. Ultimately, the medium-term outlook hinges on mitigating supply-side bottlenecks and leveraging recent Free Trade Agreements to bolster exports, setting the foundation for a potential growth acceleration as global trade pressures ease in the following fiscal year. III. Industry Structure and developments: The Indian wire rope industry is an important component of the infrastructure and industrial ecosystem, catering to sectors such as construction, mining, steel, ports and shipping, oil & gas, power, elevators, material handling, engineering and renewable energy. The industry comprises manufacturers of general-purpose as well as specialised and high-performance wire ropes, with increasing emphasis on quality, safety, durability and application-specific solutions. ANNUAL REPORT 2025 - 26 | 14 Bharat Wire Ropes Limited The industry is witnessing steady growth driven by infrastructure development, urbanisation, industrialisation and increasing mechanisation. Investments in roads, railways, ports, mining, power, renewable energy and manufacturing are expected to support demand, while technological advancements and growing requirements for high-strength and specialised products are creating new opportunities in domestic as well as export markets. 1. Our Business: Bharat Wire Ropes Limited (“the Company”) is a leading steel wire rope manufacturing company established in the year 1986. Wire ropes are a value-added product, formed from wire rods, which falls in the long steel category of steel products. Over the years, with significant improvement in the strength of steel wire ropes manufactured, the usage of these steel wire ropes has significantly increased in vari [Showing first 8,000 characters — download PDF for full document]