Your Directors have pleasure in presenting the 44^th Board’s Report and audited financial statements for the year
ended March 31 2025.The consolidated performance of the Company and its subsidiaries and joint ventures has
been referred to wherever required.

1. FINANCIAL RESULTS:

2. STATE OF AFFAIRS:

The Company has achieved a turnover of Rs. 3,697.35million during the financial year 2024-25, against a turnover
of Rs. 3420.66 million during the previous year on a standalone basis. Your Company has earned a net profit of Rs.
884.73 million during the financial year 2024-25 against net profit of Rs.726.53 million during the previous year on
a standalone basis.

On a consolidated basis, your Company has achieved a turnover of Rs.6,261.82 million during the financial year
2024-25, against a turnover of Rs. 5856.24 million during the previous year on a consolidated basis. Your Company
has earned a net profit of Rs. 1,332.99 million during the financial year 2024-25 against net profit of Rs.1003.24
million during the previous year on a consolidated basis.

3. PROPOSED INITIAL PUBLIC OFFERING

The Company is in the process of undertaking Initial Public Offering (IPO) of equity shares. The Draft Red Herring
Prospectus (DRHP) in relation to the IPO was filed with the Securities and Exchange Board of India (SEBI) and the
BSE Limited and National Stock Exchange of India Limited (“Stock Exchanges”) on September 30, 2024.

The IPO comprises of fresh issue of equity shares aggregating up to ?250.00 crores by the Company and an offer
for sale of equity shares aggregating up to ?400.00 crores by certain existing shareholders, including the Promoters
and Promoters Group. The total offer size aggregates up to ?650.00 crores.

The Company has received final observations from SEBI on February 04 2025.

4. DIVIDEND:

The Board of Directors did not recommend any dividend for the financial year ended March 31, 2025.

5. CHANGES IN NATURE OF BUSINESS:

The Company did not undergo any change in the nature of its business during the fiscal 2025.

6. DIRECTORS:

As on the date of this report, the Board of Directors consists of 6 members as detailed below:

7. RETIREMENT BY ROTATION:

As per Section 152(6) of the Companies Act, 2013 and rules made thereunder, Mrs. Kukreti Soumya (DIN:

01760289) Director will retire by rotation at the ensuing Annual General Meeting and being eligible offers herself

for reappointment. The Board considers and recommends her appointment.

8. CHANGE IN BOARD/KEY MANAGERIAL PERSONNEL:

Change in the Board of Directors:

Appointments

• Mr. Rana Som (DIN: 00352904) was appointed as Chairman and Independent Director of the Company
effective September 19, 2024 for a period of five years.

• Mr. Duvva Pavan Kumar (DIN:01282226) was appointed as an Independent Director of the Company effective
September 19, 2024 for a period of five years.

• Mrs. Smita Amol Lahoti (DIN: 08764528) was appointed as an Independent Director of the Company effective
September 19, 2024 for a period of five years.

• Mr. Kollareddy Ramachandra (DIN:00060086) was appointed as Wholetime Director and CEO effective
September 27, 2024 for a period of five years.

• Mrs. Kukreti Soumya (DIN:01760289) was appointed as Wholetime Director effective September 27, 2024 for
a period of five years.

• Mrs. Uma Priyadarshini Kollareddy (DIN: 02736184) was appointed as Wholetime Director effective
September 27, 2024 for a period of five years.

Resignations

• Mrs. Kollareddy Ranganayakamma (DIN: 00033569) resigned as Executive Director of the Company effective
September 19 2024.

• Mr. Guntaka Ravindra Reddy(DIN: 01714344) resigned as Director of the Company effective September 19
2024.

Changes in the Key Managerial Personnel:

• Mr. Rohit Tibrewal, Company Secretary of the Company was appointed as the Compliance Officer of the
Company at the Board meeting held on September 19, 2024

• Mr. Dilip Kumar Chalasani was appointed as the Chief Financial Officer of the Company effective May 15,
2024.

9. DECLARATION BY INDEPENDENT DIRECTORS:

The Company has received necessary declaration from each independent director that he / she meets the criteria of
independence laid down in Section 149(6), Code for independent directors of the Companies Act, 2013 and
Regulation 16(1)(b) of the SEBI Listing Regulations.

The Board is of the opinion that the Independent Director of the Company possess requisite qualifications,
experience, and expertise in the fields of finance, people management, strategy, auditing, tax and risk advisory
services, banking, financial services, investments; and hold highest standards of integrity.

The Independent Director of the Company have registered themselves with the Indian Institute of Corporate Affairs,
(‘IICA’) as required under Rule 6 of Companies (Appointment and Qualification of Directors) Rules, 2014.

10. BOARD MEETINGS:

During the financial year ended March 31 2025, 8 (Eight) Board meetings were duly convened and held. The
intervening gap between the meetings were within the period prescribed under the Companies Act, 2013. Below are
the specific dates on which these Board Meetings took place: 07.05.2024, 15.05.2024, 05.07.2024, 15.07.2024,
19.09.2024, 27.09.2024, 30.09.2024 & 25.01.2025.

11. BOARD COMMITTEES:

During the financial year, the Board of Directors has constituted various committees of the Board in accordance
with the applicable provisions of the Companies Act, 2013 and the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015.

The Board had 5 (Five) Committees:

i. Audit Committee

ii. Nomination and Remuneration Committee

iii. Stakeholders Relationship Committee

iv. Corporate Social Responsibility & Environmental, Social and Governance Committee

v. Risk Management Committee

vi. IPO Committee

i. Audit Committee:

The Board of Directors at their meeting held on September 19, 2024, has constituted and approved the terms of
reference of Audit Committee.

Thereafter, the Board of Directors, at its meeting held on September 30, 2025, reconstituted the Audit. Accordingly,
the composition of the Audit Committee as on the date of this Report is as follows:

During the financial year under review, 3 (three) Audit Committee meetings were duly convened and held on
27.09.2024, 30.09.2024 & 25.01.2025.

ii. Nomination and Remuneration Committee:

The Board of Directors at their meeting held on September 19, 2024, has constituted and approved the terms of
reference of Nomination and Remuneration Committee.

Composition of Nomination and Remuneration Committee:

During the financial year under review, 2 (two) Nomination and Remuneration committee meetings were duly
convened and held on 27.09.2024 & 25.01.2025.

iii. Stakeholders Relationship Committee:

The Board of Directors at their meeting held on September 19, 2024, has constituted and approved the terms of
reference of Stakeholders Relationship Committee.

Composition of Stakeholders Relationship Committee:

iv. Corporate Social Responsibility and Environmental, Social & Governance Committee (CSR & ESG
Committee):

The Board of Directors at their meeting held on September 19, 2024, had re-constituted the committee and also
renamed the Committee name to Corporate Social Responsibility and Environmental, Social & Governance
Committee and approved the revised terms of reference.

Composition of CSR & ESG Committee:

During the financial year under review, 2 (two) CSR & ESG committee meetings were duly convened and held on
05.07.2024 & 25.01.2025.

v. Risk Management Committee:

The Board of Directors at their meeting held on September 19, 2024, has constituted and approved the terms of
reference of Risk Management Committee.

Composition of Risk Management Committee:

vi. IPO Committee:

The Board of Directors at their meeting held on September 19, 2024, has constituted and approved the terms of
reference of IPO Committee.

Composition of IPO Committee:

12. MEETING OF THE INDEPENDENT DIRECTORS

A separate meeting of the Independent Directors for the financial year 2024-25 was held on January 25, 2025, to
evaluate the performance of the Non-Independent Directors, the Board as a whole, and the Chairman. The
evaluation was conducted based on parameters such as effectiveness and the quality, quantity, and timeliness of the
flow of information between the Management and the Board. The Independent Directors expressed their satisfaction
with the performance.

13. DIRECTORS’ RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors of the Company confirms that:

a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with
proper explanation relating to material departures;

b) The directors had selected such accounting policies and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the
company at the end of the financial year March 31, 2025 and the Profit of the Company for that period;

c) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities;

d) The directors had prepared the annual accounts on a going concern basis; and

e) Internal financial controls have been laid down and such controls are adequate and operating effectively; and

f) Proper systems have been devised to ensure compliance with the provisions of all applicable laws and those
systems are adequate and operating effectively.

14. REMUNERATION POLICY

As of the date of this report, the Company has formulated a policy on director’s selection and appointment, payment
of remuneration, directors’ qualifications, positive attributes, independence of directors, selection, and appraisal of
performance of Key Managerial Personnel and Senior Management and their remuneration and other related matters
as applicable under Section 178(3) of the Companies Act, 2013. The Policy is available on the Company’s website
at www.midwest.in.

15. STATUTORY AUDITORS

M/s. MSKA and Associates, Chartered Accountants (Firm Registration Number - 105047W) were appointed as
Statutory Auditors of the Company in the 43^rd Annual General Meeting of the Company held on September 30,
2024 for a term of five consecutive years commencing from the conclusion of the 43^rd Annual General Meeting until
the conclusion of the 48^thAnnual General Meeting to be held for the Financial Year 2028-2029.

16. INDEPENDENT AUDITORS’ REPORT

The Statutory Auditor’s report to the Members on the standalone and consolidated financial statement of the
Company for the financial year ended March 31, 2025 does not contain any qualification, reservation, adverse
remark or any disclaimer.

17. DETAILS OF FRAUDS REPORTED BY AUDITOR:

During the year under review, there were no instances of fraud reported by the Statutory Auditors under Section
143(12) of the Companies Act, 2013.

18. SECRETARIAL AUDITORS:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, CS Munesh Kumar Gaur, Practicing Company Secretary has
been appointed as the Secretarial Auditors to conduct Secretarial Audit for the financial year ended March 31, 2025.

During the financial year under review there are no qualifications, adverse remarks or disclaimers made by the
Secretarial Auditors in his Secretarial Audit Report, which is annexed herewith as an Annexure -A.

19. INTERNAL AUDITORS:

M/s Eswaraiah & Co., Chartered Accountants (Firm registration no. 006157S), is the internal auditors of the
Company. As prescribed under Section 138 of the Act, M/s R.G.N. Price & Co., Chartered Accountants, carried out
the internal audit of the Company for FY 2024-25. The internal audit was completed as per the scope defined by the
Audit Committee from time to time.

20. COST AUDIT:

In terms of Section 148 of the Act, the Company is required to maintain cost records and have the audit of its cost
records conducted by a Cost Accountant. Cost records are prepared and maintained by the Company as required
under Section 148(1) of the Companies Act, 2013.

The Board of Directors of the Company has approved the appointment of M/s. PKR & Associates LLP, Cost
Accountants, as the cost auditors of the Company (LLPIN: AAB-7156 & Firm Registration No. 000698) for the
year ending March 31, 2026.

In accordance with the provisions of Section 148(3) of the Act read with Rule 14 of the Companies (Audit and
Auditors) Rules, 2014, as amended, the remuneration of ?1,05,000/- plus applicable taxes and reimbursement of
out-of-pocket expenses payable to the Cost Auditors for conducting cost audit of the Company for Financial
Year2025-26 as recommended and approved by the Board required to be ratified by the members of the Company.
The resolution is placed for ratification of members and forms part of the notice of the AGM.

21. DETAILS OF SUBSIDIARY, JOINT VENTURES OR ASSOCIATE COMPANIES:

The Company has Subsidiaries and Joint Venture Companies within the meaning of the Companies Act, 2013
(“Act”). Pursuant to provisions of Section 129(3) of the Act, a statement containing salient features of the financial
statements of the Company’s subsidiaries in Form AOC-1 is attached as Annexure - B to this Report.

In accordance with Section 129(3) of the Companies Act, 2013, your directors have prepared consolidated financial
statements of the Company, which forms part of this Annual Report.

There was a complete cessation of activities of BEML Midwest Limited, a subsidiary Company since September,
2008 and matters relating to the said Company is subjudice before the National Company Law Tribunal. Hence the
Company could not prepare the financial statements consequently the said financial statements were not
consolidated with the Company.

22. TRANSFER TO RESERVES:

During the year, no amount was transferred to General Reserve.

23. SHARE CAPITAL
Authorized share capital

As on March 31, 2025, the authorized share capital of the Company is Rs 25,00,00,000/- (Rupees Twenty five
crores only) divided into 5,00,00,000 (five crores) equity shares of face value Rs.5/- each.

Paid up share capital

As on March 31, 2025, the paid up equity share capital of the Company is Rs. 16,90,62,075/-(Rupees Sixteen crores
ninety lakhs sixty two thousand and seventy five) divided into 3,38,12,415 (Three crores thirty eight lakhs twelve
thousand four hundred fifteen ) equity shares of face value Rs.5/- each.

The details of changes in the share capital of the Company are as follows:

a. Sub-Division of equity shares from face value of Rs. 100/- per share to face value of Rs. 5/- per share

The member of the Company at their extraordinary general meeting held on June 11, 2024,approved sub
divisionof the face value of its 9,66,069 equity shares from ?100/- each into 1,93,21,380 equity shares of ?5/-
each.

b. Increase in Authorised Share Capital

The Authorised Share Capital of the Company was increased from Rs. 12,57,00,000/- (Rupees Twelve Crores
Fifty-Seven Lakhs only) divided into 2,51,40,000 Equity Shares of ?5/- each to 25,00,00,000/- (Rupees
Twenty-Five Crores Only) divided into 5,00,00,000 Equity Shares of ?5/- each approved by the members of
the Company at their extraordinary general meeting held on July 09, 2024.

c. Allotment of Bonus Shares

The members of the Company at their extraordinary general meeting held on July 09, 2024, approved
capitalization of the free reserves to the extent of ? 7,24,55,175/- to allot fully-paid up 1,44,91,035 bonus
equity shares of face value ?5/- each in the ratio of 3 (three) equity shares of ?5/- each for every 4 (four) equity
shares of ?5/- each. Thereafter, the Board of Directors at their meeting held on July 15, 2024 allotted
1,44,91,035 fully paid-up bonus equity shares of ?5/- each to the member of the Company.

24. DEPOSITS:

The Company has not accepted any deposits covered under Chapter V of the Companies Act, 2013 ("the Act").

25. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE
END OF THE FINANCIAL YEAR AND DATE OF THE REPORT:

There have been no material changes and commitments which affect the financial position of the Company that
have occurred between the end of the financial year to which the financial statements relate and the date of this
report.

26. CHANGE OF NAME OF THE COMPANY

The name of the Company was changed from "Midwest Granite Private Limited" to "Midwest Private Limited" and
fresh certificate of Incorporation was issued by Central Processing Centre (CPC), Registrar of Companies, Ministry
of Corporate Affairs on July 02, 2024.

27. CONVERSION OF COMPANY FROM PRIVATE LIMITED COMPANY TO PUBLIC LIMITED
COMPANY

The members of the Company at their extraordinary general meeting held on July 15, 2024 approved conversion of
the Company from Private Limited to Public Limited. A fresh certificate of Incorporation dated August 28,
2024 was issued by Central Processing Centre (CPC), Registrar of Companies, Ministry of Corporate Affairs.

28. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 ("the Act") form part of
the notes to the financial statements provided in this Annual Report.

29. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:

The transactions entered with related parties for the year under review were on arm’s length basis and in the
ordinary course of business. Further, there are no material related party transactions during the year. Accordingly
there is no transaction to be reported in Form AOC-2.

30. CORPORATE SOCIAL RESPONSIBILITY:

The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the initiatives undertaken
by the Company on CSR activities during the year are set out in Annexure-B of this report in the format prescribed
in the Companies (Corporate Social Responsibility Policy) Rules, 2014. The policy is available on the website of
the Company at www.midwest.in

31. ANNUAL RETURN:

Pursuant to the Companies (Amendment) Act, 2017, notification dated January 03, 2018, Companies having a
website are required to place the copy of the Annual Return on the website of the Company. The annual return for
the year ended March 31, 2025 is available in the link www.midwest.in

32. RISK MANAGEMENT:

The Company has a defined risk management framework to identify, assess, monitor and mitigate risks involved in
its business. The Company understands that risk evaluation and risk mitigation is an ongoing process within the
organization and is fully committed to identify and mitigate the risks in the business. The Company has formulated
and implemented a risk management policy to identify and monitor business risk and assist in measures to control
and mitigate such risks. In accordance with the policy, the risk associated with the Company’s business is always
reviewed by the management team and placed before the Board/Committee. The Board/Committee reviews these
risks on periodical basis and ensures that mitigation plans are in place. The Board is briefed about the identified
risks and mitigation plans undertaken. The risk management policy is available on the Company’s website
www.midwest.in.

33. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
AND OUTGO:

The information regarding Energy Conservation, Technology Absorption, Foreign Exchange Earnings and Outgo as
required by section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules,
2014 are given below :

A. CONSERVATION OF ENERGY:

FUEL:

The Company has always been very sensitive towards fuel consumption and have made dedicated efforts to reduce
the dependency on the diesel and transition towards electrification of vehicles and machineries.

The Company has taken several conscious measures to ensure efficient consumption of the fuel viz. a viz.

Underground Tank Decantation System: This system ensures the safe and efficient transfer of fuel to
underground storage, minimizing the risk of spills and contamination

Automatic Tank Gauging (ATG) System: The ATG system provides accurate measurements of fuel levels in our
underground tanks, allowing for better inventory control and preventing overfilling.

Sensors on Machines: Sensors installed on our equipment provide real-time data on fuel usage, enabling proactive
maintenance and optimization of fuel consumption.

Diesel Bowser: Our diesel bowser facilitates the safe and controlled distribution of fuel to machinery on-site,
reducing the potential for wastage.

RFID Tags: By utilizing RFID technology, we can track fuel consumption at an individual machine level,
promoting accountability and encouraging responsible usage.

Decantation: Automated flow meter has been fitted to underground tanks that helps in checking for levels of diesel
shortages from diesel suppliers.

ENERGY:

Our mines are well supported through state government’s transmission and distribution systems. Further all our
mines are equipped with diesel generator sets as standby.

In alignment with our sustainability goals, we have successfully installed a 1.1MW Solar Power Plant at
Arpanpally, marking a partial shift towards renewable energy sources.

The Company is planning for the expansion of the solar energy across all the operational sites.

B. TECHNOLOGY ABSORPTION:

The Company place significant emphasis on R&D to identify and establish new mineral deposits to expand resource
portfolio. The Company has dedicated R&D team comprises of geologists, quality control specialists and chemist.

To support our proposed Quartz processing facility, the Company established a laboratory, capable of assessing
quartz samples emanating from the mines and identifying attributes required to meet the specifications for
processing of Quartz and market needs. This lab improves our ability to understand the quality of raw materials and
enables us to design process parameters and arrive at yields without depending on the use of third-party facilities.

Based on the initiatives of our R&D teams, we are in the process of implementing a shift towards the use of electric
dump trucks and installation of additional solar power plants in our sites.

C. FOREIGN EXCHANGE EARNINGS AND OUT GO:

(On receipts and payments basis)(Z in million)

34. WHISTLE BLOWER POLICY

The Company has in place a Whistle Blower Policy to deal with unethical behavior and to provide a framework to
promote responsible and secured reporting of undesired activities. The Whistle Blower Policy is available on the
website of the Company at www.midwest.in.During the year, no case was reported under this policy.

35. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION & REDRESSAL) ACT, 2013

The Company has zero tolerance towards sexual harassment at the workplace. The Company has adopted a policy
on prevention, prohibition and Redressal of sexual harassment at workplace in line with the provisions of the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made
thereunder.

The Company has complied with the provisions relating to the constitution of the Internal Complaints Committee as
per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the
year under review, the Company has not received any complaints of sexual harassment.

(a) number of complaints of sexual harassment received in the year: Nil

(b) number of complaints disposed off during the year: Nil

(c) number of cases pending for more than ninety days: Nil

36. SECRETARIAL STANDARDS:

The Company has complied with the applicable Secretarial Standards as notified from time to time.

37. INTERNAL FINANCIAL CONTROLS AND BOARD RESPONSIBILITY:

Based on the framework of internal financial controls and compliance systems established and maintained by the
Company, work performed by the statutory auditors and external consultants, including audit of internal financial
controls over financial reporting by the statutory auditors, and the reviews performed by management and the board
is of the opinion that the Company’s internal financial controls were adequate and effective during financial
year2024-2025.

38. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNAL:

There were no significant and material orders passed by the regulators or courts or Tribunals impacting the going
concern status and Company’s operations in future.

39. IBC CODE & ONE-TIME SETTLEMENT

An application was filed against the Company under Insolvency and Bankruptcy Code, 2016 and was been disposed
off by the Hon’ble National Company Law Tribunal, Hyderabad Bench vide order dated August 14, 2024.

There has not been any instance of one-time settlement of the Company with any bank or financial institution.

40. A STATEMENT BY THE COMPANY WITH RESPECT TO THE COMPLIANCE TO THE PROVISIONS
RELATING TO THE MATERNITY BENEFITS ACT, 1961

The Company is committed to ensuring a safe, inclusive, and supportive work environment for all its employees.

The Company has complied with all applicable provisions of the Maternity Benefit Act, 1961, including those
relating to maternity leave, nursing breaks, and other benefits as prescribed under the Act.

The Company continues to uphold the rights of women employees and remains committed to providing necessary
support to enable work-life balance and promote gender diversity within the organization.

41. ACKNOWLEDGEMENTS:

The Board of Directors would like to place on record its appreciation towards all the employees & the managerial
personnel of the company for their contribution in the operations of the company during the year under review. The
Directors would also like to record their sincere thanks to the Company’s bankers, Central and State Government
officials, customers, vendors and the shareholders for their continued support and co-operation.

BY ORDER OF THE BOARD
FOR MIDWEST LIMITED

Sd/- Sd/-

KOLLAREDDY RAMACHANDRA UMA PRIYADARSHINI KOLLAREDDY
Place: Hyderabad WHOLETIME DIRECTOR& CEO WHOLETIME DIRECTOR

Date: September 30, 2025 DIN: 00060086 DIN: 02736184