BEML Ltd — Annual Report 2025

May 23, 2025

DEVEL@PED DAR0SF I3 BE # 4~sSion AT s <JBEML 1047 10 2047 BEML LIMITED

Schedule 'A' Company under Ministry of Defence, Govt. of India

Defence & Aerospace | Mining & Construction | Rail & Metro

Ref: CS/SE/2024-25/613	23.05.2025
National Stock Exchange of India Ltd.	The BSE Limited
Listing Compliance Department	Listing Compliance Department
Exchange Plaza, Bandra - Kurla Complex,	P.J. Towers, 26 Floor,
Bandra (East),	Dalal Street,
MUMBAL- 400 051	MUMBAI- 400 001
Symbol: BEML	Scrip code: 500048

Dear Sir / Madam,

Sub: Outcome of the Board Meeting

Ref: Our letter No. CS/SE/2025-26/610 dated 16.05.2025

We are enclosing herewith statement of Standalone and Consolidated Audited Financial Results for the year ended 31.03.2025 in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Further, we declare that the Statutory Auditors of the Company have issued Audit Report with unmodified opinion on its Standalone and consolidated financial results for the year ended 31.03.2025. The declaration for unmodified opinion on the audit report pursuant to Regulation 33 of the (Listing Obligations and Disclosure Requirements) Regulations, 2015 is enclosed. The said results have been considered and approved by the Board at its 412% meeting held on 23.05.2025. Arrangements have also been made to publish the extract of the results in a national daily (English) and local daily (Kannada) newspapers.

Further, we wish to inform you that the Board of Directors has deferred the declaration the final dividend for the FY 2024-25.

Meeting of the Board of Director commenced at 10:15 hours and Concluded at 13:25 hours.

Kindly take the above on record.

Yours faithfully, For BEML LIMITED Urmi Chaudhury Company Secretary & Compliance Officer ICSI Membership No. — A29400 Place — Bangalore URMI CHAUDHURY Digitally signed by URMI CHAUDHURY Date: 2025.05.23 13:27:16 +05'30'

"BDAT, 98/0, vIeavaydd, dosoNoeRbING, ortdeds - 252009 2 BedTecIRoa), : +€0009999 208

@93, 08,1 +€0009900v0EE BEML Soudha, 23/1, 4th. Main, S R Nagar,Bangalore — 560027, Tel. +91 80 22963142/211, Fax. +91 80 22963142 e-mail:cs@beml.co.in ¥ @cmdbeml @ @eemLra CIN:L35202KA1964G0I001530, GST NO. 29AAACB8433D1ZU

www.bemlindia.in

BEML Limited (CIN: 135202KA1964G01001530)

shedule 'A' Company under Ministry of Defence) {agistered Office : "BEML SOUDHA', 23/1, 4th Main Road, 5.R. Nagar, Bengaluru - 560 027. &Fax. (§30) 22963142, E-mail Ccs@beml.co.in, Website: www. her'n'mflia in Standalone Audited Results for the year ended 31.03.2025 {Rs in Takhs except EPS]

	;BNParticulars		Quarter ended		Year Ended
			31.03.2025 31122024 31.03.2024 31.03.2025 31.03.2024(Audited) (Unaudited) (Audited) (Audited) (Audited)
		1,65,253	87,577	151365	4,02,222	4,05432
		414	481	487	2,491	4,317
	TI— -	1,65,667	88,059	151,852	4,084,713	4,09,789
	'	79,080	39,499	84,439	2,03,600	2,14,708
	Rs o in ok inventoriesfinished goods, stock-in of	1,96 1	7,065	(7,952)	(2,125)	(5,203)
		20,469	20,671	19,674	82,621	82,223
{4	4	LLees	1,670	1,073	5431	3,902
	and amortization expenseI	1,857	1,857	1,663	7,125	6,374
	it[Other expenses	21,477	14,302	18,162	67,519	69,458
	"Expenses (IV)A	1,26,137	85,064	1,17,058	3,64,171	3,71,062
	(Loss) before exceptional items and tax	39,530	2,995	34,794	40,543	8,287
		39,530	2,995	34,79	40,543	38,287
		9,179	494	7,800	9,674	10,505
		0	(0)	>	25	=
		1,547	2	1,281	1,161	(520)
	IX_ Profit / (Loss) for the period from continuingoperations (VIVIIT)	28,804	2,477	25,713	29,419	28,302
	/ (Loss) from discontinuing operations	-	-	£	Z	3
	XI_ Tax expense of discontinued operations	-	-	5	%
X	Profit/ (Loss) from discontinued operations	E	-	2	2	»
	(after tax) (X-X1)
	Xill Profit / (Loss) for the period (IX+Xil)	28,804	2,477	25,713	29,419	28,302
	XIV_ Other Comprehensive Income (net of Taxes)	798	(62)	2162	231	631
XV	Total Comprehensive Income for the period pxixiv)	29,602	2,415	27,876	25,650	28,933
	XVI Equity Share Capital	4,164	4,164	4,164	4164	4,164
	[t [Reserves (excluding Revaluation Reserve)	281,219	2,53,699	2,60,106	2,81,219	260,106
[5Vitt[	Earnings per equity share: (Rs 10/- each) in RsIeasicand diluted	69.17	595	6175	7064	6796

'Notes

1. The above results have been prepared in accordance with Ind AS, duly reviewed by the Audit Committee at the mesting held on 22.05.2025 and approved by the Board of Directors at the Meeting held on 23.05.2025.

2. as required under SEBI regulations, an Annual review of the above financials was conducted by the Statutory Auditors and the. Annual Review Report as duly placed before the aforesaid meeting of the Board is enclosed.

3Exemption has been granted by Ministry of Corporate Affas (MCA) from publishing segment-wise information.

• 4s per CCEA approval dated Bth September 2021, /s Vignyan Industries Ltd, a subsidiary of BEML is under voluntary liquidation. Movable zssets have been disposed off and disposal of immovable assets is in progress.
• 1. The company has advanced Rs 7,375.60 Lakhs to the MAMC consortium formed along with M/s Coal India Ltd(CIL) and M/s Damodar Valley Corporation (DVC) for acquiring specified assets of Mining & Allied Machinery Corporation Lid. (MAMC) (under iquidation. The company's share in the consortium is 48%. Further, a subsidiary company MAMC Industries Lid (ML) 'was formed & incorporated for the intended JV formation. The company has advanced Rs 605,38 Lakhs on account of MIL.
• 1. The Company has invested in "System Testing and Research for Advanced Materials Foundations* which has been incorporated 2s +Section & Company under the Companies Act, 2013 on 18 September 2024 and invested Rs 61.25 Lakhs iz, 61,250 Equity Shares of ks 100 each towards 20% of the subscription shares I the Section 8 Company. Out of the 61,250 Equity Shares, 20,000 Equity Shares have been alloted to the Company. For 41,250 Equity Shares, allotment is pending and the same has been accounted as other non-current financial assets. 7). previous period figures have been regrouped and reclassified wherever necessary to make them comparable with the current
• period figures. ) Flures of the fouth quarte are the bolancing igures between the audited figures for the full inancl year b igures upto the third quarter of the respective financlal years. *

P fofagnuian & Managing Disector (»® Place : Mysuru e ',':f":uu LIMITED N Date : 23.05.2025 My Soudha, No 33/ . (Sh'":"" hey) o i / BENGALURU - 560 b';,!!hlllm and Managing Director

...m/ SHANTANU ROY for BEML Limited '(

By order of the Board : "

& Fax:	(080)Statement of Consolidated Audited Results for the year ended 31-12.2024	(s-22963142, E-mail: cs@ beml.co.in, Website: www.bemiiin lakhs
			_ Quarter ended		war	r
S.No	Particulars	3032025			1.03.202 (Audited)
	e from operations
	11 Total Income (1+1)
	W Expenses:
	Employee benefits expense5	20,469
	T Finance costs	1,203			5,431
	Depreciation and amortization expe	1,859			7,134
	Jother expenses	21,492			67,558
	[Total Expenses (IV);	1,26,154			3,64,219
V'	(Loss) before exceptional items and tax[Profit/	39,081			40,376
	VIl Profit / (Loss) before tax (V-V1)	39,481			40,376
	Curren	9,179			e9,674
	d-	1,547 ;
X	periodfrom continuing[Profit / (Loss) for theloperaticns (vii-vai)	28,755			29252
	ofit / (Loss) from discontinuing operations	-			Z	¥
	[ Tax expense of discontinued operations	-			=	=
	Profit / (Loss) from discontinued operationsLiatter tax) (X))	-			e;	¥
	Xili_ Profit / (Loss) for the period (IX+XIl)	28,755	2,481	25680	29,252)
	XIV_ Other Comprehensive Income (net of Taxes) _	798	(62)	2,162	231
	ComprehensiveIncome for the periodXV [TotalLpansxiv)	29,553	2373	27,842		a6
	XVI Equity Share Capital	4,164	4,164	4,164	4168]
	XVil Reserves (excluding Revaluation Reserve)	2,84,512	2,68,090	2,62576	284512	262576
	XVill Earnings per equity share: (Rs 10/- each) in Rs Basic and diluted	69.05	5.86	6166		67.66

Notes

1. The above results have been prepared in accordance with Ind AS, duly reviewed by the Audit Comittee at the meeting held on. 22052025 and approved by the Board of Directors at the Meeting held on 23.05.2025.

2. s required under SEBI regulations, an Annual review of the above financials was conducted by the Statutory Auditors and the. Annual Review Report as duly placed before the aforesaid meeting of the Board isenclosed.

3. Exemption has been granted by Ministry of Corporate Affas (MCA) from publishing segment-wise information.

r&) The audited annual results of subsidiary companies viz. Vignyan Industries Ltd. (96.56% shareholding) and MAMC industries Lid (100% shareholding) are included in consolidated financial results on a line to line basis as prescribed under Ind AS 110 - Consolidated Financial Statements. As per CCEA approval dated th September 2021, M/s Vignyan Industries Lid (VIL), a subsidiary of BEML is under voluntary liquidation. Movable assets have been disposed off and disposal of immovable assets (land) is in progress.

1. The group has advanced Rs 7,375.60 Lakhs to the MAMC consortium formed along with M/s Coal India Ltd(CIL) and M/s Damodar Valley Corporation (DVC) for acuiring specified assets of Mining & Allied Machinery Corporation Ltd (MANIC) (unde liquidation). The company's share in the consortium is 48%.

2. /s BEML Midwest Ltd subsidiary IV company formed with M/s Midwest Granite Put. Ltd has not prepared its Financial Statements s the company is under liquidation vide order dated 20.10.2023 of the Honourable Hyderabad bench of National Company Law Tribunal. The investments in BEML Midwest Lid Rs 542.25 lakhs have been full provided for in the books of the

Eroup. 7) Gioup has invested in *System Testing and Research for Advanced Materials Foundations' which has been incorporated as 3 Section § Company under the Companies Act, 2013 on 18 September 2024 and invested R 6125 Lakhs Le,, 61,250 Equity Shares. Of s100/ each towaids 20% ofthe subscription shares in the Section 8 Company. Out of the 61,250 Equity Shares, 20,000 Eauity Shares have been alloted to the Company. For 41,250 Equity Shares, allotment is pending and the same has been accounted as

other non-current financial assets. 8 brevious period figures have been regrouped and reclassified wherever necessary to make them comparable with the current. veriod figures Flgures of the fourth uarter are the balancing figures between the audited figures for the full financial and the published flgures UpLO the third quarter of the respective financial years.

Place : Mysuru Date : 23.05.2025

BEML Limited (CIN: 135202KA1964GOI001530) chedule 'A' Company under Ministry of Defence) ered Office : "BEML SOUDHA", 23/1, 4th Main Road, S.R. Nagar, Bengaluru - 560 027. Tel. & Fax: (080) 22963142, E-mail: cs@beml.co.in, Website; www.bemlindia.in 'Standalone / Consolidated Statement of Assets and Liabilities

Setisian	Standalone as at
DA 7e	31.03.2025 31032024
1. Assets(1) Non-current assets
(a) Property, Plant and Equipment	53,073	48,061
(b) Right of Use Asset	812	863
	10,699	3671
(c) Capital work-in-progress	3693	3467
(d) Intangible assets	3	2
(¢) Intangible assets under development		;
() Financial assets	839	258
i) Investments	16	15
(i) Loans	137	89
(i) Other financial assets	10,187	11,38
(g) Deferred tax assets (net)	A	:
(h) Non-Current Assets held for demerger	8332	8279
) Other non-current assets	87,787	76,051
Total non-current assets
(2) currentassets	2,37,936	2,25,590
(2) Inventories
(0) Financial Assets	-	5
(i) Investments	169,588	1,43,919
(i) Trade receivables		65,174
(i) Contract Assets.	51,301	200
(i) Cash and cash equivalents	438	66
(v) Bank Balance Other than (i) above	8
(vi)Loans	2,345	1,776385
(i) Other financial assets	547	10,720
(vl Current tax assets (Net)	9,707	17,569
(c) Other current assets	20,223	465,999	4,93,670	4,64,677
Total current assets	496,142583,929	5,42,050	587,204	544,535
Total Assets
i, Equity and Liabilities
Equity	4177	4177	2177	4177
(2) Equity share capital	2,81,219	2,60106	2,84,561	2,62,620
(b) Other Equity	2,8539	2,64,283	2,88,738	2,66,797
Equity attributable to equity holders of the parent	-	-	(49)]	(44
Non-controlling interests	2,85,39	2,64,283	2,88,689	2,66,754
Total Equity
Liabilities
(1) Non-current la
(s) Financial liabilties	z	:	4	A
i) Borrowings	907	949	907	949
(a) Lease Liability	13	13	113	u3
(if) Other financial liabilities	26,854	23,698	26,854	23,698
(b) Provisions	83,942	64,339	83,942	64,
s() Other non-current li	1,11,816	89,099	111816
Total non-current liabil
(2) Current iabilities
(2) Financial libiities	21,846	6,056	21,846	6056
(i) Short term Borrowings.	107	8	10	8
(a) Lease Liability
(i) Trade payables	17,204	14374	17,208	14374
(a) Micro & Small Enterprises	53,736	61,579	53,751	61,588
(b) Other than Micro & Small Enterprises	12,346	2,040	12347	2041
(i) Other financial liabilities	45,816	66,277	45,819	66,280
(b) Other current liabilities	25,870	27,541	25,870	27,541
(c) Provisions			9,752	10,718
(d) Current tax liabilities (Net)	9,752	10,7181,88,668	739	1,883,683
Total current liabilities	1,86,718			544,535
Total Equity and Liabilities	5,83,929	5,4

By order of ard

for BEML Li di Place : Mysuru (Shantanu @A Date : 23.05.2025 ch,.,m(,,. and M.,,.,:,. D e .fll"' g Dirast. g 3

~

7/ SHANTANU ROY

BEML Limited

(CIN: ,35202KA1964G01001530) hpany under Ministry of Defence) ered ( BEML SOUDHA®, 23/1, 4th Main Road, $.R. Nagar, Bengaluru - 560 027. & Fax: (080) 22963142, E-mail: cs@beml.co.in, Website: www.bemlindia.in standalone / Consolidated Cash Flo

Particlars ~Standaions for e ~ioaons | Sub fem_| Main tem | _Sub ftem. . before tax and extraordinary ftems 1050 .87 and amortizats "pe 7125 6374 7134 disposal of property, plant and equipment (267) (66) (267)| gCost san 3902 san (236)) (360)| (118)} ory 2052 aan 2452 forbad snd coubtv Trade receivebles (ass) 9 (55) wnaces for other curent assets (a0 () =2 Alowance for Provison - .67 (027) 672) ANowence for Provi 3156 (o22) 3156 Actuaro gon / (s w| 1o I 13765 0 [ Operating Profit / (Loss) before changes in working capital 52,595 52,052 . - (14,798) (24,320)) (14,7 de recenadies (24810) (20342) 3 urrent assets 2250) 1524 (@:254) Fe . ourrent assets 110 1632) 1109 5 Other financial current assets 13,1842 (4,184)| 13277 financial non-current assets (50) ) 0| pavadies (97) 8127 (466 81 Sther current lisbiltes (20,461)] 29,187 (20,461)| 29187 ' Other non-<urrent iabiltes 19603 9812 19,603 3z ' er financial current liabilites 10331 512 10332 5;' ther financialnon-current fbiltes ) 2) ncome Tax & Deferred Tax oases| asao| wom| (6363) uasem| sma| eom| 2ol et cash flow from / used in) operating actvities 17,25 458 18312 sm 5. Cash flow from investing activiies ase o property, plant and equipment (18.105) (.708) (18.105) o proceeds trom sale of property, plant and equipment (2)] 55 S5 ase ofintangible assets (1232) ) oroceeds from sale of intangibe assets ) [ (Gain)/loss on disposal of property, plant and equipment 267 66 267 % vestments in Subsdiaies & Associates (sa1) o) (58 4 interest Received 26 360 18 34 evaluation of Asset o Subsidiaries - i o) 18 ks maturty beyond 3 months - 2358 et cash fiow from/ (used in) investing activities (9,417 (697 (20520 (e7emf CCash fiow from financing actvties ] ceeds | Repeyments from Bl discounting . (897 X 897 Fnancing Cost (s431) 0 o @sa) oidend pad (8:5%0) (8.164) (8512) et cash flow from / used in)financing actites (13.961) (s3] azse0f et increase/(decrease) in cash and cash equivalents. 16,153)| 26024 hmcesc Cash and Cash Equivalents, Beginning of the year (5.256) n@ Cash anc Cash Equivalents, Ending of the year (21,409)

Place : Mysuru Chairman and Managing Director Date ; 23.05.2025 "

BEML Limited

A *KA1964G01001530) (schedule 'A' Company under Ministry of Defence) Registered Office : "BEML SOUDMA®, 23/1, 4th Main Road, §.R. Nagar, Bengaluru - 560 027. £ Fax: (080) 22063142, £-mail: cs@beml.co.in, Website: www.bemlindia.in

	staterient of Standalone & Consolidated Audited Results for the year ended 31.03.2025
	'	Gl	Standalone
@ls.	Particulars	Quarterended	ended	Quarter Year ended	ended
			31032025 3103-2024 31-03-2025 31-03-2025
		A ited	Refer Note 1	Audited	Audited
	om Operations	_1,65,253	1,51,365	4,02,222	1,65,253
[	(before Taxthe(Loss) foro) 40 1 &t Bitreordiner iacts)period	39,530	34,794	40,543	39,481
1	erostany eyorv	%0	PST
	(Loss) for the period after tax (after;Extraordinary items)Jexceor	b0lP		2010	275
S	IncomeComprehensivetheforperiod [Totalomyising Profit / (Loss) for the period (after tax)Comprehensive Income (after tax)]2d Other		27,678	1650	2558
76	up Equity Share Capital[Paid	4164	4,164	4,164	3164
	7 Reserves(excluding Revaluation Reserve)	281,219	260,106	281,219]	284512		2
8	[Security Premium Account	61,204	61,204	61,204	61,204		51,204
S	[Networth	285396	264,283	285396	283689	266754	288689
[	Debt Capital / Outstanding Debt	-	-	-	-	-	-
	utstanding Redeemable Preference Shares	-	-	-	-	-	=
	quity Ratio	008	0.02	008	008	0.02	008
	rnings per Share (of Rs 10/- each) (for continuing
	d discontinued operations)						7024
	oBasc	6917	6175	7064	69.05	6166
	2 Diluted.	69.17	6175	7064	69.05	6166	70.24,
	Capital Redemption Reserve	-	-	-	-	-	-
	Debenture Redemption Reserve	-	3	o	=	=	oc
	Debt Service Coverage Ratio	3301	3499	978	3297	3456	975
17	Interest Service Coverage Ratio	3157	3344	846	3153	3340	843

Notes: i

1 The figures for the quarter ended March 31, 2024 are the balancing figures between the published year-to-date figures in respect of the year . ended March 31,2024 and published figures for nine months ended December 31, 2023 and the figures for the quarter ended March 31, 2025 zre the balancing figures between the published year-to-date figures in respect of the year ended March 31,2025 and published figures for nine months ended December 31, 2024.

Above is an extract of the detailed format of Quarterly and Annual Financial Results filed with the Stock Exchanges under Regulation 33 of the LODR Regulations. The full format of the Quarterly and Annual Financial Results is available at the website of the stock exchanges NSE at www nseindia.com, the BSE at www.bseindia.com and company's website at www.bemlindia.in.

By order of thg Board ~ for BEML

T/ SHANTANU ROY —— R SAANTAY ROY SE€ML Suudha, A No. 2y wha 4, qR W "IL""."% TN / BENGALURU - 560027,

Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone Financial Results of BEML Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors of BEML Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date standalone financial results ("the statement") of BEML Limited ("the company") for the quarter and year ended March 31, 2025 attached herewith, being submitted by the company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended (the Listing Regulations).

In our opinion and to the best of our information and according to the explanation given 1o us, the Statement:

i) is presented in accordance with the requirements of the Listing Regulations in this regard and

ii) gives atrue and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information of the Company for the quarter and year ended March 31, 2025.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs)specified under section 143(10) of the Companies Act 2013 as amended ("the Act"). Our responsibilities under those standards are further described in the "Auditor's Responsibilities for the Audit of the Standalone Financial Results" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the statements under the provision of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the statements.

Ph : 2499 5430, 2499 1385, 94430 70401, 94431 28378 email : jkmuralica@gmail.com Branches : Kumbakonam, Kochi, Trichy, Tanjore, Bangalore, Hyderabad, Salem,

Management's Responsibilities for the Standalone Financial Results

The statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the statement that gives a true and fair view of the net profit and other comprehensive income of the company and other financial information in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with the Regulation 33 of the Listing Regulations.

This responsibility also includes maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; make judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Ind AS financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the statement, management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternatives but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis

Ph : 2499 5430, 2499 1385, 94430 70401, 94431 28378 email : jkmuralica@gmail.com Branches : Kumbakonam. Kochi. Trichv. Taniore. Banaalore. Hvderabad. Sale

of the statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

° Identify and assess the risks of material misstatement of the statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, inlentional omissions, misrepresentations, or the override of internal control.

e Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to statement in place and the operating effectiveness of such controls.

. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

e Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting in preparation of statement and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Standalone financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

« Evaluate the overall presentation, structure and content of the Standalone Ind AS financial statement, including the disclosures, and whether the Standalone Ind AS financial statement represents the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone Ind AS financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors (i) in planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

Ph : 2499 5430, 2499 1385, 94430 70401, 94431 28378 email : jkmuralica@gmail.com Branches : Kumbakonam. Kochi. Trichv. Taniore. Banaalore. Hvderabad. Sale

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Emphasis of Matter paragraph:

We draw attention to Note No. 5 to the standalone financial statements regarding the company's outlay on the MAMC Consortium and the related advance to MAMC Industries Ltd.

Other Matters:

As on 315t March 2025, the Holding Company's Board of Directors comprises of five Wholetime Executive (Functional) Directors including the Chairman and Managing Director, one Government Nominee Director (Non-Executive) and one Independent Director on the Board of the company. The composition of the Board is not in terms of Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 and not in terms of section 149 of the Companies Act, 2013 with effect from 24" December 2024 due to nonappointment of requisite number of Independent Directors on the Board of the Company. The Holding Company has intimated the Ministry of Defence, Government of India and awaits suitable orders

Our opinion is not modified in respect of the above matters.

For G Natesan & Co, Chartered Accountants, FRN: 0024248

e g Revte

Ranganathan K P Partner, Membership No: 239498 UDIN: 25239498BMIEMG3622

23.05.2025, Chennai

Ph : 2499 5430, 2499 1385, 94430 70401, 94431 28378 email : jkmuralica@gmail.com Branches : Kumbakonam. Kochi. Trichv. Taniore. Banaalore. Hvderabad. Salem & Ranibet

Independent Auditor's Report on the Quarterly and Year to Date Consolidated Financial Results of BEML Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

To The Board of Directors BEML Limited

Report on the audit of Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date consolidated financial results of BEML Limited ("Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), for the quarter and year ended March 31, 2025 ("Statement"), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements and financial information of the subsidiaries, the statement:

i includes the results of the following entities:

Holding Company:

1. BEML Ltd.

Subsidiary Company:

• 1. Vignyan Industries Ltd (under Liquidation)
• 1. MAMC Industries Ltd

i. are presented in accordance with the requirements of the Listing Regulations in this regard.

iii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34") prescribed under section133 of the Companies Act, 2013 (the "Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group for the quarter and year ended March 31, 2025.

Chennai - 600 018.

Basis for Opinion:

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditor's Responsibility for the Audit of the Consolidated Ind AS Financial Statements" section of our report. We are independent of the Group in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics.

We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter' paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Based on our audit conducted and procedures performed as stated above and based on the consideration of the review reports of the other auditors referred to in Other Matters paragraph below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Management's Responsibilities for the consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of their respective companies and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and

Ph : 2499 5430, 2499 1385, 94430 70401, 94431 28378 3 ESA4' email : jkmuralica@gmail.com > Fon: 0 Branches : Kumbakonam, Kochi, Trichy, Tanjore, Bangalore, Hyderabad, S @4 lflm 71, Fourth M N

Chennai - 600 018.

estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the

accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of their respective companies to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are also responsible foroverseeing the financial reporting process of their respective companies

Auditor's Responsibilities for the Audit of the Consolidated Financial Results:

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence theeconomic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

« Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of the internal control.

Ph : 2499 5430, 2499 1385, 94430 70401, 94431 28378 email : jkmuralica@gmail.com Branches : Kumbakonam, Kochi, Trichy, Tanjore, Bangalore, Hyderabad, $

• » Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Direclors.
• s Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• o Evaluate the overall presentation, structure, and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
• « Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group and its associate to express an opinion on the consolidated Ind AS financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the consolidated Ind AS financial statements of which we are the independent auditors. For the other entities included in the consolidated financial statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the consolidated Ind AS financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate

Ph : 2499 5430, 2499 1385, 94430 70401, 94431 28378 email : jkmuralica@gmail.com Branches : Kumbakonam, Kochi, Trichy, Tanjore, Bangalore, Hyderaba

the effect of any identified misstatements in the consolidated Ind AS financial statements.

We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the Master Circular issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Emphasis of Matter paragraph:

We draw attention to Note No. 5 to the consolidated Ind AS financial statements regarding the holding company's outlay on the MAMC Consortium and the related advance by the holding company to its subsidiary MAMC Industries Ltd.

Other Matters:

• 1. We did not review the financial information of the two subsidiaries included in the audited consolidated financial results, whose financial information reflects total assets of Rs. 5,245.09 lakhs as at March 31, 2025 and, total revenues of Rs. 0.03 lakhs for the year ended March 31, 2025 for Vignyan Industries Limited and total revenue loss of Rs. 9.58 lakhs for the year ended March 31, 2025, and total assets of Rs. 413.04 lakhs as at March 31, 2025 for MAMC Industries Limited as considered in the Statement. This financial information has been audited by other auditors whose reports have been furnished to us and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us.
• 1. The Holding Company has made investments in Communication (Defence) Testing Foundation, UAS Testing Foundation and Systems Testing and Research} for

Ph : 2499 5430, 2499 1385, 94430 70401, 94431 28378 email : jkmuralica@gmail.com Branches : Kumbakonam, Kochi, Trichy, Tanjore, Bangalore, Hyderabad, Sal

Chennai - 600 018.

Advanced Materials Foundation, which are not-for-profit companies registered under Section 8 of the Companies Act, 2013. These entities have not been considered for consolidation in the consolidated financial statements, as the Holding Company does not exercise control over these entities nor does it have rights to variable returns from its involvement, other than the equity investment.

• 1. The Holding Company held a 45% share in the operations of a JV Company M/s. BEML Mid-West Ltd at a cost of Rs. 542.25 lakhs. The Honourable Hyderabad Bench of NGLT vide its order dated 20.10.2023 has directed liquidation of the JV company in accordance with Chapter 11l of the IBC Code. A Resolution Professional has been appointed. The Holding Company ceased to have any control or influence over the JV company and therefore ceased to be an associate.
• 1. As on 31 March 2025, the Holding Company's Board of Directors comprises of five Whole-time Executive (Functional) Directors including the Chairman and Managing Director, one Government Nominee Director (Non-Executive) and one Independent Director on the Board of the company. The composition of the Board is not in terms of Regulation 17(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 and not in terms of section 149 of the Companies Act, 2013 with effect from 24t December 2024 due to non-appointment of requisite number of Independent Directors on the Board of the Company. The Holding Company has intimated the Ministry of Defence, Government of India and awaits suitable orders.

Our opinion is not modified in respect of subjects stated in Emphasis of Matter and Other Matters paragraph.

For G Natesan & Co, Chartered Accountants, FRN: 002424S oo Rt

Ranganathan K P, Partner, Membership No: 239498 UDIN: 25239498BMIEMF8966

23.05.2025, Chennai

DEVEL@PED VA0 DL TS # TSSO v fifies <BEML 1047 10 2047 BEML LIMITED

Schedule 'A' Company under Ministry of Defence, Govt. of India

Defence & Aerospace | Mining & Construction | Rail & Metro

Ref: CS/SE/2024-25/615 23.05.2025

National Stock Exchange of India Ltd.	The BSE Limited
Listing Compliance Department	Listing Compliance Department
Exchange Plaza, Bandra - Kurla	P.J. Towers, 26™ Floor,
Complex, Bandra (East),	Dalal Street,
MUMBALI- 400 051	MUMBAL- 400 001
Symbol: BEML	Scrip code: 500048

Dear Sir / Madam,

Sub: Declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

I, Anil Jerath, Director (Finance) and Chief Financial Officer of BEML Limited, hereby declare that, M/s Natesan & Co, Chartered Accountants, Statutory Auditors of the Company have issued Audit Reports with unmodified opinion on Annual Audited Financial Results of the Company (Standalone & Consolidated) for the year ended March 31,2025.

Kindly take the above on record.

Yours faithfully, For BEML LIMITED Anil Jerath Director (Finance) & CFO ANIL JERATH Digitally signed by ANIL JERATH Date: 2025.05.23 13:27:53 +05'30'

"BDAT, 98/0, vIeavaydd, dosoNoeRbING, ortdeds - 252009 2 BedTecIRoa), : +€0009999 208 @93, 08,1 +€0009900v0EE BEML Soudha, 23/1, 4th. Main, S R Nagar,Bangalore — 560027, Tel. +91 80 22963142/211, Fax. +91 80 22963142 e-mail:cs@beml.co.in ¥ @cmdbeml @ @eemLra CIN:L35202KA1964G0I001530, GST NO. 29AAACB8433D1ZU www.bemlindia.in