Annual Report 2025-26

03rd September, 2026 The Manager, BSE SME Platform Phiroze Jeejeebhoy Towers, Dalal St, Kala Ghoda, Fort, Mumbai, Maharashtra 400001. BSE Scrip Code: 543982 Subject: Notice of the 10th Annual General Meeting of the Company and submission of Annual Report for the Financial Year 2025-26. Dear Sir/ Madam, Pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are submitting herewith the Annual Report of the Company for the financial year 2025-26 along with the Notice convening the 10th Annual General Meeting scheduled to be held on Friday, 25th September, 2026 at 02:00 P.M. (IST) at Gat No 324, Chakan MIDC Phase II, Village Bhamboli Tal, Dist. Khed, Chakan, Pune, Khed, Maharashtra, India, 410501 is being sent through electronic mode to the shareholders of the Company. The aforesaid Annual Report is also available on website of the Company at http://www.questflowcontrols.com/ and website of stock Exchange i.e., BSE India Limited at www.bseindia.com. Kindly take the above information on your records. Yours faithfully, FOR QUEST FLOW CONTROLS LIMITED (Formerly Known as Meson Valves India Limited) SWAROOP RAGHUVIR NATEKAR WHOLE TIME DIRECTOR DIN: 05154850 ANNUAL REPORT OF QUEST FLOW CONTROLS LIMITED (FORMERLY KNOWN AS MESON VALVES INDIA LIMITED) FINANCIAL YEAR 2025-2026 CONTENT OF THE REPORT Particulars Page No Corporate Information 5 Managing Director Message to Shareholders 6 Notice of the Annual General Meeting 10 BAonanredx’su Rree ptoo rtth e report of the Board of directors - 34 Annexure – A - Board Report (Form AOC–2) 47 -Annexure – B - Board Report (Form MR - 3) 48 -Annexure – C - Management Discussion & Analysis Report 52 -Annexure – D - Details of remuneration as per Section 197(12) 64 -Annexure – E - CSR disclosure 66 Standalone Financial Statements 71 Consolidated Financial Statements 104 Corporate Information Board of Directors Statutory Auditors APRA & Associates LLP 011078N Brijesh Madhav Manerikar M/s. , Chartered Chairman and Managing Director Accountants (Firm Registration No. ) (SAepcrpeotianrteiadl wA.ued.f.i tJourlys 02, 2026) Swaroop Raghuvir Natekar Whole - Time Director Kishor Dhondu Makvan MIn/tse.r Nniaklu Anuj dKiatnoarb ar & Associates Executive Director Soundararajan Balasubramanian Non-Executive Independent Director VRiejagyisat Eer Sehda hOaffpiucerk ar Snehal Satyendra Vyas Non-Executive Independent Director Gat No 324, Chakan MIDC Phase II, Village Sanjay Vasant Patil Bhamboli Tal, Dist, Khed, Chakan, Pune, Khed, Non-Executive Independent Director MReaghiasrtarsahrt &ra ,S Ihnadriea, T4r1a0n5s0f1e.r Agent Lalit Varshney Maashitla Securities Private Limited - KNeoyn -MExaencaugtievrei aDli Preecrtsoorn nel Vijaya E Shahapurkar 451, Krishna Apra Business Square, Netaji Subhash PCloanctea, cPti tUams pura, Delhi-110034, India. CMhri.e Kf Fisihnaonrc Diahl oOnffdicue Mr akvan Investors Email-Id: CMhri.e Af Enxkeitc uJatiivne Officer iWnveebsstiotre@: questflowcontrols.com Company Secretary & Compliance Officer hCtotrpp:/o/rwatwew Id.qeunetsitffilcoawticoonn tNruolms.cboemr:/ L29299PN2016PLC255620 Managing Director Message to Shareholders Dear Esteemed Shareholders, Members of the Board and Valued Stakeholders, It is with a sense of both realism and conviction that I present to you the Annual Report for Financial Year 2025-26. If the preceding year was about transitioning from blueprint to reality, this year was about building depth — investing in capability, capacity and qualification ahead of the demand we see forming in front of us. It was a demanding year, and I want to speak to you about it plainly. A Year of Investment and Consolidation Our operating business held its ground. Revenue from operations was broadly in line with the previous year, and at the operating level the Company traded close to break-even. Our reported result for the year, however, was a loss. That outcome reflects choices we made deliberately. We absorbed the cost of new capacity, of new product qualification and of a broader employee base ahead of the revenue those investments are built to earn. We carried the drag of non-operating and associate-level items that say nothing about the health of the core manufacturing business. And we consumed more working capital than we would wish, as receivables and inventory built against a growing order book. I would ask you to read this result for what it is: the cost of a year spent building, not a deterioration in the underlying business. I would equally ask you not to read it as an outcome we are content with. Working capital discipline — the collection cycle in particular — is a matter I have taken up personally with the management team, and it is an explicit priority for the year ahead. ₹100 crore during FY 2025-26 The clearest evidence that the demand thesis behind those investments is intact is the order book we carry into the new year. Bookings crossed , the order book stood in excess of ₹100 crore at the close of March 2026. That is not a promise of revenue. It is, however, the strongest signal available to us that the market we built for is arriving. What We Won, and Why It Matters The orders we secured during the year matter less for their individual value than for what each of them qualified us to do next. ₹23.55 crore Garden Reach Shipbuilders & Engineers Limited awarded us an order of in September 2025 ₹19.89 crore for critical valves and spares on a naval project, to be executed over twelve to eighteen months. In July 2025, BHEL's Engineering Services Division at Bengaluru placed an order of for remote- control valves on the naval Integrated Platform Management System programme — our first engagement with BHEL ESD, won against intense competition. We executed a four-way submarine valve order for Mazagon Dock Shipbuilders Limited, and supplied a DN800 motorised butterfly valve to the same yard. Alongside these, we crossed three separate thresholds for the first time: our first cryogenic ball valve order, our first order from NPCIL, and our first fulfilled order from a Russian customer. A company's first order in a segment is worth more than its value, because it converts us from a candidate into a supplier of record. Perhaps the most technically significant of these was our entry into cryogenic service. We executed our first low-emission certified cryogenic application order for the Adani Dhamra LNG Terminal, at service temperatures of approximately −196°C. At the other end of the range, we executed a high-temperature Triple Offset Butterfly Valve order operating at up to 527°C. Between those two points now sits a service envelope within which Quest Flow Controls can be considered a qualified supplier — and it is a considerably wider envelope than we could claim two years ago. Executing Our Vision: Building a Resilient Enterprise The most significant step we took was to establish our own entity in the United States, through the acquisition of a 45% interest in QFC LLC, Houston, Texas, completed in September 2025. The American market for engineered flow and marine systems is among the largest and most demanding in the world, and it rewards suppliers who are present in it rather than selling into it from a distance. Our US entity gives us that presence — proximity to customers, the ability to respond to enquiries and service requirements in local time, and a credible platform from which to pursue qualification with American buyers. We have appointed seven Regional Sales Managers across the United States and Canada, and the Houston assembly operation is being developed on a phased basis. I regard this as one of the most consequential decisions in your Company's history. I should be equally clear that the platform is at an early stage, and that losses attributable to it weighed on our consolidated result this year. That is the expected cost profile of an early market entry. It is not a reason to doubt the decision, but it is a reason to hol [Showing first 8,000 characters — download PDF for full document]