Notice of 55th AGM and Annual Report of the Company for the F.Y. 2025-26

BSL Ltd. REGO. OFFICE: Post Box No. 16-17 Mandpam, Bhilwara - 311001 (Rajasthan) INDIA Tel. : (91-1482) 245000 PROUD TO BE INDIAN E-mail: accounts@bslsuitings.com, Website : www.bslltd.com PRIVILEGED TO BE GLOBAL www.bslltd.com CIN: L24302RJ1970PLC002266 REF: BSL/CS/2026-27/ Dated: 28th July, 2026 National Stock Exchange of India Ltd BSE Ltd Listing Department Corporate Relationship Depaitment, Exchange Plaza Phiroze Jeejeebhoy Towers Sandra Kurla Complex Dalal Street Bandra (E) Mumbai- 400001 Mumbai- 400 051 NSE Symbol: BSL BSE Scrip Code: 514045 Sub: Notice of 55th Annual General Meeting (AGM) and Annual Report of the Company for the Financial year 2025-26 Dear Sir/Madam, This is in continuation to our earlier letter dated 15th July, 2026 with regard to intimation for 55th Annual General Meeting ("AGM") scheduled to be held on Tuesday, 01st September, 2026 at 04:00 p.m. (1ST) through Video Conferencing /Other Audio Visual Means ("VC/OAV M") only, pursuant to Regulation 30 and 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed a copy of the 55th AGM Notice along with the Annual Report of Financial Year 2025-26 being sent through electronic mode to those Members whose e-mail address is registered with the Company or the Depository Participant(s). Further, pursuant to the Regulation 36(l)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please also find enclosed a copy of the letter providing web link/path and QR Code for accessing the Annual Report of the Company for the Financial Year ended 31st March, 2026 which is being sent to all the members who have not registered their email address with the Company/Depository Pa,ticipant(s). The Notice of the AGM along with the Annual Report for the financial year 2025-26 is also uploaded on the Company's website at www.bslltd.com. Kindly take the same on record and acknowledge. Thanking You, Yours Faithfully, For BSL Limited Shubham Jain Company Secretary M. No.:-ACS-49973 Enc: a/a ,,ly""GEr:~'l',_,1- :~:, 0 "'• ® •< " i, Tested for harmful substances '-:t.,., ¢> \ SGSI SGSI according to Oeko-Tex Standard 100 SGSI $Cb;. No. 09.HIN.68375 Hohenstein Contents 01 Corporate 02 Financial 03 Management Information Highlights Discussion & Analysis 11 Board's Report 17 Board's Report 23 Annexure to the (English) (Hindi) Board's Report 32 Report on Corporate 52 Independent 58 Balance Governance Auditor's Report Sheet 59 Statement of 60 Cash Flow 61 Changes in Equity Profit & Loss Statement Statements 62 Notes to Financial 101 Other Statements Informations Scan the QR Code to download Annual Report 2025-26 cORPORAte iNfORMAtiON BOARd Of diRectORs BANKeRs shri Arun Kumar churiwal State Bank of India Chairman Punjab National Bank shri Ravi Jhunjhunwala Bank of Baroda Director Indian Bank shri Nivedan churiwal Bank of Maharashtra Managing Director IDBI Bank Ltd. shri shekhar Agarwal Export Import Bank of India Director Canara Bank shri Jagdish chandra Laddha Independent Director stAtUtORY AUditORs shri Hemant Kamala Jalan M/s SSMS & Associates Independent Director Chartered Accountants smt. Aarti B Aggarwal Bhilwara Independent Director shri Avinash todi cOMPANY secRetARY Independent Director Shri Shubham Jain shri Kunal Jhunjhunwala Independent Director shri Praveen Kumar Jain Director (Operations) & CFO RegisteRed Office & WORKs Post Box No. 16-17, Mandpam, Bhilwara - 311001 (Rajasthan) CIN: L24302RJ1970PLC002266 Phone: 01482-245000 e-mail: accounts@bslsuitings.com, Website: www.bslltd.com Annual Report 2025-2026 fiNANciAL HigHLigHts fiNANciAL HigHLigHts (` in crore) PARticULARs 2025-26 2024-25 2023-24 Turnover 657.04 667.06 666.45 Exports 346.20 385.56 378.35 PBIDT 49.83 60.31 65.96 Financial Expenses 30.32 31.81 32.77 PBDT 19.51 28.50 33.19 Depreciation & Amortisation Expense 16.78 17.79 18.26 PBT 2.73 10.72 14.93 Taxation 0.35 2.56 3.70 PAT 2.38 8.16 11.23 Gross Block 389.18 350.70 339.37 Less : Depreciation 141.89 125.74 108.23 Net Block 247.29 224.96 231.14 Net Worth 119.91 119.27 112.68 MANAgeMeNt discUssiON ANd ANALYsis MANAgeMeNt discUssiON ANd ANALYsis global economy The Global Economy is again disrupted after withstanding higher trade barriers and elevated uncertainty last year, this time global activity now faces a major test from the outbreak of war in the Middle East. Rising commodity prices, firmer inflation expectations, and tighter financial conditions are testing the recent resilience. Under the assumption of a limited conflict, global growth is projected at 3.1 percent in 2026 and 3.2 percent in 2027, below recent outcomes and well under prepandemic averages. Global inflation is expected to tick up in 2026 and resume its decline in 2027. Pressures are concentrated in emerging market and developing economies, especially commodity importers The duration and scale of the conflict and the time it will take for with preexisting vulnerabilities. Risks are decisively on the downside. A energy production and transit to normalize after the end of hostilities prolonged conflict, deeper geopolitical fragmentation, disappointment will determine the ultimate size of the shock to the global economy. over AI-driven productivity, or renewed trade tensions could weaken The overall impact of the shock depends on three channels. First, the direct effect of commodity price increases represents a textbook growth and unsettle markets. High public debt and eroded policy negative supply shock, raising the cost of all energy-intensive goods buffers add vulnerability. Policies should foster adaptability, enhance and services including fertilizers, chemicals, food, transportation, credibility, and reinforce international cooperation. and heating disrupting supply chains, feeding into headline inflation, Defense spending is rising amid intensifying geopolitical tensions. and reducing purchasing power. This direct shock can be amplified Large defense spending booms have become more frequent, especially via second-round effects as workers and firms try to recoup expected income losses through higher wages and prices. The risk of such in emerging market and developing economies. In a typical boom, wage and price spirals will be higher for countries where inflation defense outlays increase by about 2.7 percentage points of GDP over expectations are already poorly anchored, requiring a more forceful two-and-a-half years, with roughly two-thirds financed through deficit. tightening of monetary policy, at greater cost to the economy. The While defense buildups can boost economic activity in the short term, reaction of financial markets is the third channel. A classic risk-off they also temporarily increase inflation and create significant medium- episode triggered by the prospects of macroeconomic instability could term challenges. Fiscal deficits worsen by about 2.6 percentage points ensue, impairing asset valuations, increasing risk premiums, causing of GDP, public debt increases by about 7 percentage points within capital flight and the dollar to appreciate with a flight to safety, and three years, and external balances deteriorate. Wartime booms are dampening aggregate demand. especially costly, with public debt jumping by about 14 percentage In India, growth for 2025 is revised upward by 1.0 percentage point points and social spending falling. Defense spending multipliers are relative to October, to 7.6 percent, reflecting the better-than-expected close to 1, on average, but vary widely depending on how spending outturn in the second and third quarters of the fiscal year and sustained is sustained, financed, and allocated and how much equipment is strong momentum in the fourth quarter. For 2026, growth is revised imported. upward moderately by 0.3 percentage point (0.1 percentage point relative to January) to 6.5 percent, led by positive contributions from Armed conflicts generate profound macroeconomic consequences the carryover of th [Showing first 8,000 characters — download PDF for full document]