BSL Ltd. — Investor Presentation 2025

Aug 12, 2025

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PROUD TO BE INDIAN PRIVILEGED TO BE GLOBAL

BSL Ltd.

REGO. OFFICE: Post Box No. 16-17 Mandpam, Bhilwara - 311001 (Rajasthan) INDIA Tel.: (91-1482) 245000 E-mail: accounts@bslsuitings.com, Website : www.bslltd.com CIN : L24302RJ1970PLC002266

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www.bslltd.com

REF: BSL/CS/2025-26/ Dated: 1 ih August, 2025

National Stock Exchange of India Ltd Listing Department Exchange Plaza Bandra Kurla Complex Bandra (E) Mumbai- 400 051 NSE Svmbol: BSL

BSE Ltd

Derartment of Corporate Services11 25 Floor, Phiroze Jeejeebhoy Towers Dalal Street Kala Ghoda, Fort, Mumbai, Maharashtra 400 001 BSE Scrip Code: 514045

Subject: Investors' Presentation on the Un-Audited Financial Results for the Quarter ended 30th June, 2025 in pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir/Ma'am,

Pursuant to the provtstons of Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, please find attached copy of Investors' Presentation on the Un-audited Financial Results for the quarter ended 30th June, 2025. The same is also available on the Website of the Company www.bslltd.com.

This is for your information and records please.

Thanking you,

Yours Faithfully For BSL Limited

Shubham Digitally signed by Shubham Jain Jain Date: 2025.08.12 17:01:50 +05'30'

Shubham Jain Company Secretary M. No.: ACS-49973 Enc: a/a

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;�;;���g- Tested for harmful substances according to Oeko-Tex Standard 100 No. 09.HIN.68375 Hohenstein

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BSL Limited Q1 FY26 Investor Presentation

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BSL 514045

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Safe Harbor

This presentation has been prepared by BSL Limited (“Company") solely for information purposes without any regard to any specific objectives, financial situation, or informational need of any particular person. This presentation may not be copied, distributed, or disseminated, directly or indirectly, in any manner. Failure to comply with this directive may result in a violation of the applicable laws in certain jurisdictions. By reviewing this presentation, you agree to be bound by the restrictions contained herein and to maintain absolute confidentiality, regarding the information disclosed in these materials.

This presentation does not constitute or form part of and should not be construed as, directly or indirectly, any offer or invitation, or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company by any person in any jurisdiction, including in India, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any investment decision or any contract or commitment, therefore.

This presentation contains statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief, or current expectations of the Company or its directors and officers concerning the results of operations and the company's financial condition. These statements can be recognized by the use of words such as ''expects", "plans", 'will", "estimates", "projects", or other words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and actual results may differ materially from those in such forward-looking statements as a result of various factors and assumptions that the Company believes to be reasonable in light of its operating experience in recent years. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties, regarding fluctuations in earnings, our ability to manage growth, and competition, our ability to manage our international operations, government policies, regulations, etc. The Company does not undertake any obligation to revise or update any forward-looking statement that may be made from time to time by or on behalf of the Company to reflect actual results, assumptions, or changes in factors affecting these statements. Given these risks, uncertainties, and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. This presentation may contain certain currency exchange rates and the same has been provided only for the convenience of readers.

June 2025

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Investor Presentation

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Presentation Content

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01. Financial Performance 02. Growth Drivers 03. Company Profile

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04. ESG Initiatives 05. Management Team 06. Annexure

Thank You

June 2025

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Investor Presentation

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Chairman Message

Commenting on the results, Mr. Arun Churiwal, Chairman of BSL Limited, said,

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“As FY26 commenced, BSL’s operations remained strong, anchored by integrated manufacturing strengths in spinning, weaving, processing, and finishing, enabling consistent quality and timely delivery across global markets. During the 90-day tariff pause announced by the US during the quarter, we adopted proactive measures, including flexible production planning, diversified sourcing, and inventory optimisation, which helped offset demand fluctuations and cost pressures.

Our disciplined working capital management preserved liquidity and flexibility, while investments in automation, sustainability initiatives, and demand forecasting strengthened our competitive position. Leveraging established partnerships with leading retailers, an expanded export base, and rising domestic sales, we are well-placed to capitalise on supply chain shifts and evolving sourcing patterns. In the coming quarters, we will advance innovation, broaden our high-value portfolio, and deepen our presence in priority markets to deliver sustained growth and long-term value for stakeholders.”

Shri Arun Churiwal Chairman, BSL Limited

June 2025

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Investor Presentation

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Managing Director Message

Commenting on the results, Mr. Nivedan Churiwal, Managing Director of BSL Limited, said,

“In Q1 FY26, BSL Limited posted revenue of ₹158 crore, a 1.6% QoQ increase despite global economic headwinds. EBITDA was ₹13 crore with an 8.0% margin, supported by disciplined cost control. PAT was ₹0.5 crore, up 64.2% quarter-on-quarter on account of operational efficiencies and an improved product mix, but lower year-on-year due to fixed overheads, softer demand, and lower realisations in high-margin export categories.

Segmental revenue remained stable, with fabric at 34%, furnishing 12%, yarn 49%, and others 5%, underscoring the strength of our diversified portfolio in managing market volatility. Furthermore, the signed India–UK agreement is expected to open new market opportunities, reduce tariff barriers, and strengthen our reach in high-potential geographies. We remain committed to improving margins, optimising costs, and pursuing value-accretive opportunities to deliver sustained returns for shareholders, with a focus on resilience and sustainable growth.”

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Shri Nivedan Churiwal MD, BSL Limited

June 2025

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Investor Presentation

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01.

Financial Performance

Q1 FY26 Financial Performance Historical Financial Performance

BSL 514045

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Q1 FY26 Financial Performance

Gross Profit & Margin(%)

EBITDA & Margin(%)

Revenue

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1.6% QoQ
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1.0% QoQ

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164
156 158
74
70
69
16
12 13
45.2% 45.2%
43.4% 9.6%
8.0% 8.0%
Q1 FY25 Q4 FY25 Q1 FY26 Q1 FY25 Q4 FY25 Q1 FY26 Q1 FY25 Q4 FY25 Q1 FY26
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₹ in Cr
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PAT & Margin(%)

64.2% QoQ

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2.3
0.3 0.5
1.4%
0.2% 0.3%
Q1 FY25 Q4 FY25 Q1 FY26
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Q1 FY26 Segment Wise Revenue Performance
Fabric Furnishing Yarn Others
100% ₹7 Cr (4%) ₹7 Cr (4%) ₹7 Cr (5%)
90%
80%
₹79 Cr (48%) ₹76 Cr (49%) ₹78 Cr (49%)
70%
60%
50%
₹15 Cr (10%)
₹23 Cr (14%) ₹19 Cr (12%)
40%
30%
₹58 Cr (37%)
20% ₹55 Cr (34%) ₹54 Cr (34%)
10%
0%
Q1 FY25 Q4 FY25 Q1 FY26
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June 2025

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Historical Financial Segmental Performance

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Fabric Furnishing Yarn Others
₹31 Cr (4%) ₹28 Cr (4%)
100%
90%
80%
₹298 Cr (45%)
₹315 Cr (47%)
70%
60%
50% ₹77 Cr (12%)
₹80 Cr (12%)
40%
30%
₹261 Cr (39%)
₹244 Cr (37%)
20%
10%
0%
FY24 FY25
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Historical Financial Performance

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₹ in Cr
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Revenue Gross Profit & Margin(%) EBITDA & Margin(%) PAT & Margin(%)
666 667
66
60
472
436 51 17
40
321 294 297
250 11 11
30
224
8
166
9.4% 10.9% 3.6%
51.6% 51.4% 52.9% 44.1% 44.5% 9.2% 9.9% 9.0% 1.2%
1
2.6% 1.7%
4.0%
FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25
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Historical Financial Performance

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ROCE RONW
10.9%
9.7% 16.3%
8.7%
7.9% 12.9%
7.3%
10.0%
6.8%
1.7%
FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25
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Net Working Capital Net Debt
45.7
437
421
37.2 37.8 39.2
35.7 346
186
161
FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25
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₹ in Cr
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FACR(x)

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1.8
1.4 1.4
1.3 1.3
FY21 FY22 FY23 FY24 FY25
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Net Debt to Equity(x)

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3.9
3.5
3.3
2.1 2.1
FY21 FY22 FY23 FY24 FY25
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June 2025

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Investor Presentation

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02.

Growth Drivers

Growth Driving Factors

BSL 514045

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Growth Driving Factors

• Indian textile & apparel market expected to grow at 10% CAGR to $350 billion by 2030.

▪ 100% FDI allowed in textiles under the automatic route.

  - In FY26, the signed India–UK FTA will enhance access and is emerging as a key growth driver, much as “China Plus One” did in earlier years.

• The Union Budget 2025-26 allocates ₹1,148 crore for the PLI Scheme to boost domestic manufacturing and exports.

• India is the 3rd largest exporter globally, with exports projected to reach $100 billion by 2030.

  • Adoption by global brands is growing, supported by preferential market access and tariff advantages that strengthen India’s competitive position against peers like Vietnam or Bangladesh.

• ₹635 crore for the Amended Technology Upgradation Fund Scheme to modernize textile machinery.

• Strong domestic demand continues to be a driver, building on last year’s momentum from robust garment consumption

• Also, the ongoing discussion on India-EU FTA is expected to further consolidate India’s leadership in global apparel and textile trade.

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Market Policy
1 Expansion 2 Support
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Free Trade
3 Agreement
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Growth Driving Factors

• India’s cotton output is projected to hit 7.2 million tonnes by 2030, securing raw material for BSL’s Cotton Spinning Project (installed 29,184 spindles in FY24, producing ~700 tons/month).

• Composite materials market to grow to $1.9 billion by 2026, offering new product opportunities.

• Ongoing investments in capacity, technology, and sustainability expected to yield long-term revenue growth.

Capacity Enhancement 4

• Participation in Sustainable Textiles for Sustainable Development (SusTex) project to promote eco-friendly manufacturing and artisan welfare.

• Building on last year’s sustainability focus, with increased emphasis on environmentally friendly textiles to meet global ESG norms.

Sustainability 5

• BSL Limited’s Marketing Strategy is uniquely designed for the company and helps gather Strong Brand Recognition for its quality in domestic and international market.

• Focus on exports, helping us to gain major market share in both Suitings & Furnishing with presence in over 60+ countries.

• Specific & Different Strategies for different price segments to enable maximum outreach for both, its mass and premium brands in the domestic market.

Aggressive 6 Marketing

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03.

Company Profile About Us Milestone Business Verticals Strong Parentage

BSL 514045

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About Us

Diverse Range of Products

BSL Limited, established in 1971, is a renowned manufacturer of a diverse range of textile products, including synthetic, worsted, and cotton yarn, as well as synthetic and Worsted Suitings, and various furnishing fabrics. With each passing year, we have witnessed remarkable growth and expansion, solidifying our position in the industry.

Global Supplier

As the leading supplier of furnishing fabrics to Global Retail Giant IKEA and 25 other nations in South Asia, we take immense pride in our accomplishments. Having received over 30 awards recognizing our excellence in production, performance, and export, we are committed to maintaining the highest standards.

Expert Team

Our team comprises 2,500 skilled professionals specializing in financial, marketing, and technical fields, all dedicated to contributing to our success story. Together, we operate across a sprawling campus spanning ~45 acres.

Quality Production

BSL Limited is synonymous with quality, producing fabric under renowned brand names such as BSL Suitings and Geoffrey Hammonds. Annually, we produce over 20 million meters of fabric, distributed both nationally and across 60+ countries worldwide, all manufactured under the stringent IS/ISO 9001-2008 standards.

Innovative Technology

As pioneers in the textile industry, our vertically integrated unit encompasses spinning, weaving, processing, and manufacturing capabilities, all equipped with state-of-the-art technologies sourced globally. We remain committed to innovation and excellence, ensuring that our customers receive nothing but the finest products.

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Production
Particulars
Capacity
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Particulars	Production Capacity	Production Capacity
Fabrics	178Looms
Worsted Yarn	10,124Spindles
Synthetic Yarn	20,544Spindles
Vortex Yarn	400Positions
Fabric Processing	288Lac Mtrs.
Top, Fiber & Yarn Dying	2,352MT
Cotton Yarn	29,184Spindles

June 2025

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Investor Presentation

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Milestone

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The company took decisive step to venture into Converted into a furnishing fabrics and over Incorporated under Public Limited the last decade or more , this the name of Company under the has been the biggest growth “Raj General Udyog name of “Bhilwara engine for success story for Private Limited”. Synthetics Limited”. the company. 1971 Mid 80’s 2023 1970 1976 Mid 2000’s The company started First in India to BSL has started its manufacturing Grey venture into Suiting Cotton Spinning Cloth on just 8 Export and today is Project with 29,184 Looms. the Leading Exporter spindles , capable of of suiting fabric from producing ~ 700 India. tons per month.

June 2025

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Investor Presentation

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Business Vertical - Suiting

BSL Limited Provides Finest Premium Suiting Fabrics For Both Domestic & Export Markets

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PW FABRICS
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TR FABRICS

PV FABRICS

June 2025

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Business Vertical - Furnishing

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The New Benchmark From Soft Furnishing Fabrics To Upholstery Fabrics &
Exquisite Silk Fabrics Offers A Wide Range Of Premium Furnishing
FURNITURE
CURTAINS
Furnishing Fabrics
SILK FABRIC
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June 2025

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Business Vertical - Yarn

The Highest Quality Fabrics Begin with Yarn that comes from a State-of-the-art Manufacturing Facility. Made of different materials, colour patterns, gauges, and weights, our yarns are a Testament to World-class Quality and . Craftsmanship

POLY WOOL YARN

COTTON YARN

Poly Wool and Pure Wool yarns create the most exclusive & elegant fabrics.

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POLY VISCOSE YARN

A perfect blend of dyed polyester and viscose in different blends & counts.

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Yarns
Business Verticals
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The finest cotton, spun on the latest technology to create the best cotton yarn exquisite fabrics.

VORTEX YARN

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Spun with unique technology, its structure optimizes the characteristics of fibers.

June 2025

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Investor Presentation

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Strong Parentage

POWER CONSULTANCY

• Indo Canadian Consultancy Services Limited

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TEXTILES

• BSL Limited

• Maral Overseas Limited

• RSWM Limited

• Bhilwara Technical Textiles Limited

• BMD Private Limited

HIGHLIGHTS

• 5 Group companies listed on the Stock Exchanges.

• Production units & Corporate office spread across the country at 38 locations

• Over 1,000,000 stakeholders in the Group.

• All key companies ISO certified

• Over 28,000+ strong workforce.

IT SERVICES

▪ Bhilwara Infotechnology Limited

POWER

• Balephi Jal-Vidyut Co. P. Limited - Nepal

• NJC Hydro Power Limited

• AD Hydro Power Limited

• Bhilwara Energy Limited

June 2025

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Investor Presentation

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04.

ESG Initiative

Environment Social Governance

BSL 514045

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Environment

OEKO-TEX

The Company has received OEKO-TEX Certifications, which ensure that our Products have been Tested Against a list of up to 350 Toxic Chemicals.

Recycled Raw Materials As a part of the Global Sustainability movement, in FY25 , the Company’s Fiber Consumption was 63% of Recycled Fibers, and 1.15% of Recycled Cotton.

Solar Power

Around 9.1 MW solar power installed within premises which is fulfilling around 13-14 % power of total consumption

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Vegan Certificate

One of the Few Textile Companies in the World with having Vegan Certificate from Switzerland .

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Investor Presentation
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Agro-Fuel

From July 2022 onwards, in line with Global Sustainability Initiatives, an Agro-Fuel system for Boiler & Thermopack is being used instead of Fossil Fuels.

M.E.E. Multiple Effect Evaporator R.O. Reverse Osmosis Plant

Z.L.D. Zero Liquid Discharge

E.T.P. Effluent Treatment Plant

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Social

CSR

Overview

Corporate social responsibility is also known as corporate conscience, corporate citizenship, social performance, or sustainable business. It's a way for companies to regulate themselves within their business model.

Active Engagement in Value Creation

The company actively participates in creating value for its various stakeholders through different social, cultural, and economic development projects in the region.

Regulatory Mechanism

A CSR policy acts as a self-regulating system where a business keeps track of and ensures it follows the spirit of the law, ethical standards, and international norms.

Commitment to Societal Impact

BSL Limited plans to maintain and strengthen its position in society by placing more emphasis on socially and environmentally responsible practices, both internally and in the communities where it operates.

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Integration with Corporate Objectives

The company sees CSR activities as a crucial part of its corporate objectives, fully in line with its overall business goals.

Beyond Compliance

CSR activities enhance the Company's brand image and help to establish trust and relationships with various stakeholders. This contributes to improving the Company's financial performance and increasing its business growth.

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Investor Presentation

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Governance

Internal Control Systems

➢ The Company has adequate Internal Control Systems, commensurate with the size, scale and complexity of its operations.

• ➢ The Audit committee quarterly reviews the Executive summary on the internal audit findings, along with the recommendations and management comments.

• ➢ The Internal Auditors also ensure proper compliance with all policies and Standard Operating Procedures (SOPs) adopted by the Company.

Whistle Blower Policy

• ➢ The Company has a vigil Mechanism named Whistle Blower policy to deal with any instance of fraud and mismanagement.

• ➢ The Details of the Whistle Blower Policy are explained in the Corporate Governance Report and also posted on the Company’s website at the web link as:

https://static1.squarespace.com/sta tic/6206a24e38ca4200c0141c78/t/ 63f0bb3f5deaf66a981baab9/16767 20960354/6.+Whistle-BlowerPolicy.pdf

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Corporate Governance

• The Company is committed to maintaining the highest standards of corporate governance and adhering to the corporate governance requirements set out by the SEBI.

• ➢

• ➢ The Company recognises Corporate Governance not as a set of rules but as a framework supporting the core values.

• ➢ Good Governance helps us to maintain trust with the shareholders, employees, & society at large. We believe that good governance is the key to sustainably doing business and creates value for society.

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Investor Presentation

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05.

Management Team

Management Team Board Members Achievements

BSL 514045

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Management Team

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Shri Arun Churiwal Chairman

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Shri Nivedan Churiwal Managing Director

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Shri Praveen Jain CFO & Director (Operations)

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Board Members

Shri Arun Churiwal Chairman, B.A. (Hons.), 51+ years of experience

Shri Nivedan Churiwal Managing Director, B.Com, 24+ years of experience

Shri Ravi Jhunjhunwala Non-Executive Non Independent Director, MBA, 43+ years of experience

Shri Shekhar Agarwal

Non-Executive Non Independent Director, B.Tech, M.Sc, 41+ years of experience

Smt. Aarti B Aggarwal

Independent Director, B.A. (Hons.), 34+ years of experience

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Shri Praveen Jain CFO & Director (Operations), F.C.A., F.C.S., F.C.M.A., 34+ years of experience

Shri Jagdish Chandra Laddha Independent Director, F.C.A. (Hons.), 46+ years of experience

Shri Kunal Jhunjhunwala Independent Director, B.Com, 26+ years of experience

Shri Avinash Todi Independent Director, B.E.(CS), 16+ years of experience

Shri Hemant Kamala Jain

Independent Director, MBA, MS(Chem. Eng.), 45+ years of experience

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Achievements

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2018 - 19
2017 - 18
2017 - 18
2016 - 17
2016 - 17
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Best Overall Export Performance - Export of fabrics to Focus Lac Countries

Golden Trophy

Best Overall Export Performance - Export of Natural Silk Goods

Silver Trophy

Best Overall Export Performance - Export of fabrics to Focus Lac Countries

Golden Trophy

Best Overall Export Performance - Export of fabrics to Focus Lac Countries

Golden Trophy

Overall Export Performance in the export of Natural Silk Goods

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March 2024
Annexure
2015 - 16
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Best Overall Export Performance - Export of fabrics to Focus Lac Countries

Golden Trophy

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06.

Annexure

Income Statement

BSL 514045

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Income Statement		Yearly FY25 667.78 393.39 (23.18) 95.02 57.66 84.57 60.31 9.0% 31.81 17.79 10.72 2.56 8.16 1.2%
Parameters (₹ in Cr.)	Quarterly	Yearly
	Q1 FY26 Q4 FY25 QoQ Q1 FY25 YoY	FY25
Total Income	158.39 155.55 1.8% 164.23 (3.6%)	667.78
Raw Material Cost	90.15 94.70 95.66 (0.71) (9.42) (5.87) 23.87 23.91 23.75 13.47 13.21 14.34 18.99 20.66 20.60	393.39
Changes in Inventory		(23.18)
Employee Cost		95.02
Power, Fuel & Water Cost		57.66
Other Expenses		84.57
EBITDA	12.62 12.49 1.0% 15.74 (19.9%)	60.31
EBITDA Margins	8.0% 8.0% (6 bps) 9.6% (162 bps)	9.0%
Finance Cost	7.79 7.88 8.13 4.26 4.39 4.40	31.81
D&A Expense		17.79
PBT	0.57 0.21 2.7x 3.22 (82.2%)	10.72
Tax	0.11 (0.07) 0.91	2.56
PAT	0.47 0.28 64.2% 2.31 (79.8%)	8.16
PAT Margins	0.3% 0.2% 11 bps 1.4% (111 bps)	1.2%

June 2025

31

Investor Presentation

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Thank You!

GE T IN TOUCH WITH US

BSL Limited

Shri Nivedan Churiwal Managing Director E: Nivedan@bslltd.com W: www.bslltd.com

Shri Praveen Jain CFO & Director (Operations) E: Praveenjain@bslsuitings.com

Rik Consultancy & Advisory Services LLP

Mr. Ritesh Shashiprakash Singh Investor Relations Consultant

M: +91 8329 385762

E: ritesh.singh@rikcapital.in || W: www.rikcapital.in