Transmission of Quarterly Financial Statements for the Period Ended March 31, 2026

BOARD OF DIRECTORS Mr. Naim Anwar (Chief Executive Officer)

Mr. Mohabat Khan Mr. Zahir Khan

Mr. Muhammad Ali Mr. Suhail Elahi Ms. Saba Azam Ms. Huma Javaid

AUDIT COMMITTEE Ms. Saba Azam (Chairman) Mr. Mohabat Khan

Mr. Muhammad Ali

HR COMMITTEE Mr. Naim Anwar (Chairman) Mr. Muhammad Ali

Ms. Saba Azam

HEAD OF INTERNAL AUDIT Mr. Muhammad Munir

CHIEF FINANCIAL OFFICER &

COMPANY SECRETARY Mr. Muhammad Munir

AUDITORS Naveed Zafar Ashfaq Jaffery & Co.

Chartered Accountants

BANKERS United Bank Limited

Meezan Bank Limited National Bank of Pakistan

SHARE REGISTRAR FD Registrar Services (Pvt) Ltd

1705, 17th Floor, Saima Trade Tower A

I.I. Chundrigar Road Karachi-74000

PTCL: 92-21-32621233

OFFICE 2nd Floor, Nadir House,

I. I. Chundrigar Road Karachi

Tel: 021-32415473

DIRECTORS' REPORT TO THE MEMBERS FOR THE HALF YEAR ENDED MARCH 31, 2026

DIRECTORS' REVIEW

We are pleased to present the un-audited financial statements of the Company for the third quarter ended March 31, 2026 along with Directors' review report of the Company's performance throughout these nine months.

PERFORMANCE OF THE COMPANY

During the period the Company has incurred a loss of Rs. 54.587 million as compared to loss of Rs 6.426 million in the preceding nine months. The loss per share is Rs. 7.28

FINANCIAL HIGHLIGHTS

An analysis of the nine months performance of the Company with prior period, is as follows:

FUTURE OUTLOOK

The Company is in the process of acquiring Alman Seyyam Sugar Mills (Pvt.) Limited through issuance of 600,000,000 ordinary shares Otherwise than Right at par value of PKR 10 each in consideration of acquisition of 51,114,011 (Fifty One million One hundred Fourteen thousand Eleven only) ordinary shares having face value of PKR 100 each of Alman Seyyam Sugar Mills (Pvt.) Limited (ASSML) held by the sponsor shareholders in ASSML. After issuance of shares Otherwise than Right ASSML will become a subsidiary of the Company.

Prior to issuance to shares Otherwise than Right to Mohabat Khan and his associates/family, as directed by SECP, Mohabat Khan and his associates/family will acquire up to 1,608,235 ordinary shares of the Company comprising of 0.27% of the issued ordinary share capital through Public Offer which has already been issued.

After completion of issuance of shares Otherwise than Right the Company will proceed with proposed issuance of 599,999,732 shares by way of Right.

ACKNOWLEDGEMENT

The management has strong faith in Almighty ALLAH and is hopeful for a turnaround in near future, courtesy to its efforts and your prayers in running the business, In Sha Allah. All the management and Directors appreciate your patience, support and trust that you have shown towards us.

On behalf of the Board

__________________ ____________________

Naim Anwar Muhammad Ali

Chief Executive Officer Director

Karachi

Dated: April 22, 2026

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‌BAWANY AIR PRODUCTS LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2026

Note

Unaudited Audited

March 31, June 30,

2026 2025

-------------------------- Rupees ------------------------

The annexed notes form an integral part of these condensed interim financial information.

Chief Executive Officer Chief Financial Officer Director

‌BAWANY AIR PRODUCTS LIMITED

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UNAUDITED) FOR THE NINE MONTHS ENDED MARCH 31, 2026

Nine months period ended Quarter ended

Note --------------- Rupees --------------- -------------- Rupees -------------

The annexed notes form an integral part of these condensed interim financial information.

Chief Executive Officer Chief Financial Officer Director

‌BAWANY AIR PRODUCTS LIMITED

CONDENSED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME (UNAUDITED) FOR THE NINE MONTHS ENDED MARCH 31, 2026

Nine months period ended Quarter ended

Note ---------------- Rupees --------------- -------------- Rupees --------------

The annexed notes form an integral part of these condensed interim financial information.

Chief Executive Officer

Chief Financial Officer

Director

‌BAWANY AIR PRODUCTS LIMITED

CONDENSED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED MARCH 31, 2026

1. CASH FLOWS FROM OPERATING ACTIVITIES Note

   March 31, March 31,

   2026 2025

   ----------------- Rupees -----------------

   Loss before levy and taxation		(54,587,470)		(6,425,985)
   Adjustments for:
   Depreciation		21,724		9,167
   Unrealized loss / (gain) on investment - net		18,739,188		(33,081)
   Written off		-		731,795
   Liabilites Written back		(3,904,959)		-
   Finance cost		6,843,137		810,903
   Operating cash flows before working capital changes		(32,888,380)		(4,907,201)
   Working capital changes	10	51,806,854		(2,265,180,252)
   Net cash generated from / (used in) operations		18,918,474		(2,270,087,453)
   Finance cost paid		(6,843,137)		(810,903)
   Net cash generated from / (used in) operating activities		12,075,337		(2,270,898,356)
   B. CASH FLOWS FROM INVESTING ACTIVITIES
   Addition in property and equipment		(155,500)		(147,000)
   Addition in short term investment Share application money		(72,216,576) -		- 2,250,020,000
   Net cash (used in) / generated from investing activities		(72,372,076)		2,249,873,000
   C. CASH FLOWS FROM FINANCING ACTIVITIES
   Tansk and cylinder deposit		(150,000)		(103,031)
   Due to related parties		-		(133,309)
   Loan from associated company		58,953,710		-
   Net cash generated from / (used in) financing activities		58,803,710		(236,340)
   Net decrease in cash and cash equivalents (A+B+C)		(1,493,029)		(21,261,696)
   Cash and cash equivalents at beginning of the period		2,201,915		21,394,906
   Cash and cash equivalents at end of the period		708,886		133,210

   The annexed notes form an integral part of these condensed interim financial information.

   Chief Executive Officer

   Chief Financial Officer

   Director

   ‌BAWANY AIR PRODUCTS LIMITED

   CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE NINE MONTHS ENDED MARCH 31, 2026

   Issued, subscribed and paid-up capital		Share deposit money		Accumulated Total loss
   Balance as at July 1, 2024	---------------------------- 75,025,100		- Rupee -		s ------------------- (50,230,626)		----------------------- 24,794,474
   Total comprehensive income for the nine months period ended March 31, 2025	-		-		(6,425,985)		(6,425,985)
   Balance as at March 31, 2025	75,025,100		-		(56,656,611)		18,368,489
   Balance as at July 1, 2025	75,025,100		-		(104,279,413)		(29,254,313)
   Total comprehensive income for the nine months period ended March 31, 2026	-		-		(54,587,470)		(54,587,470)
   Balance as at March 31, 2026	75,025,100		-		(158,866,883)		(83,841,783)

   The annexed notes form an integral part of these condensed interim financial information.

   Chief Executive Officer

   Chief Financial Officer

   Director

   ‌BAWANY AIR PRODUCTS LIMITED

   NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE NINE MONTHS ENDED MARCH 31, 2026

   1. STATUS AND NATURE OF BUSINESS

      1. Bawany Air Products Limited (the Company) is a public limited Company incorporated in Pakistan on August 16, 1978 and was registered under repealed Companies Act, 1913, now the Companies Act, 2017. The Company is listed on Pakistan Stock Exchange Limited. The principal activities of the Company previously were production and trading of oxygen, dissolved acetylene and nitrogen gas, those had suspended in 2013, however principal line of business has been changed to deal in shares, stock, debenture, debenture stock, bonds, obligations and securities issued or guaranteed.

         Registered office of the company is located:

         Khasra # 52-53 RCD Highway Mouza Pathra, Tehsil Hub, District, Lasbela.

         Geographical location and address of business:

         Office # 2nd floor, Nadir House, I.I Chundrigar Road, Karachi.

      2. Major events took place during the period

         The Company is in the process of acquiring Alman Seyyam Sugar Mills (Pvt.) Limited through issuance of 600,000,000 ordinary shares Otherwise than Right at par value of PKR 10 each in consideration of acquisition of 51,114,011 (Fifty One million One hundred Fourteen thousand Eleven only) ordinary shares having face value of PKR 100 each of Alman Seyyam Sugar Mills (Pvt.) Limited (ASSML) held by the sponsor shareholders in ASSML. After issuance of shares Otherwise than Right ASSML will become a subsidiary of the Company.

         Prior to issuance to shares Otherwise than Right to Mohabat Khan and his associates/family, as directed by SECP, Mohabat Khan and his associates / family have acquired 1,608,235 ordinary shares of the Company comprising of 0.27% of the issued ordinary share capital through Public Offer which has already been completed.

         After completion of issuance of shares Otherwise than Right the Company will proceed with proposed issuance of 599,999,732 shares by way of Right.

         The company has resumed its operations in line with its object clause and accordingly PSX has shifted the Company's trading status to normal counter from non-compliant

   2. BASIS OF PREPARATION

      These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

      • International Accounting Standard 34 - "Interim Financial Reporting", issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017.

      • Provisions of, directives and notifications issued under the Companies Act, 2017.

      Where the provisions of, directives and notifications issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of, directives and notifications issued under the Companies Act, 2017 have been followed

      These condensed interim financial statements do not include all the information required for full annual financial statements and should be read in conjunction with the audited annual financial statements of the Company as at and for the year ended June 30, 2025.

   3. MATERIAL ACCOUNTING POLICY INFORMATION

      The accounting policies and methods of computation adopted for the preparation of the condensed interim financial statements are the same as those applied in the preparation of the annual financial statements of the Company as at and for the year ended June 30, 2025.

   4. ACCOUNTING ESTIMATES, JUDGEMENTS

      The preparation of these condensed interim financial information in conformity with approved accounting standards requires management to make estimates, assumptions and use judgments that affect the application of policies and reported amounts of assets and liabilities and income and expenses. Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates are recognized prospectively commencing from the period of revision.

      Judgements and estimates made by management in the preparation of these condensed interim financial informations are the same as those that were applied to the financial statements as at and for the year ended June 30, 2025.

   5. PROPERTY, PLANT AND EQUIPMENT

      Un-audited Audited

      March 31, June 30,

      2026 2025

      ---------------- Rupees ----------------

      Operating property, plant and equipment 267,934 134,158

      1. Additions to property, plant and equipment during the period were Rs. 155,500 (June 30, 2025: Rs.147,000) and disposals / adjustments there from at net book value were Rs. Nil (June 30, 2025: Rs.731,795).

   6. ADVANCES AND OTHER RECEIVABLES

      This includes an advance of Rs. 3,174 million (June 30, 2025: Rs. 3,174 million) paid to Al-Man Seyyam Sugar Mills (Private) Limited.

   7. LOAN FROM ASSOCIATED COMPANY

      The includes a payable of Rs. 70.551 million to Weavers Pakistan (Private) Limited, which carries a mark-up at a rate of 1-year KIBOR + 3% per annum.

   8. CONTINGENCIES AND COMMITMENTS

      There were no contingencies or commitments as at March 31, 2026.

   9. LOSS PER SHARE - BASIC AND DILUTED

      Nine months period ended Quarter ended

      March 31,	March 31,		March 31,	March 31,
      2026	2025		2026	2025

      ----------------------------------------- Rupees ----------------------------------

      Loss for the period (54,587,470) (6,425,985) (14,289,131) (1,352,442)

      Weighted average number of ordinary shares

      outstanding during the period 75,025,100 75,025,100 75,025,100 75,025,100

      Loss per share - basic and diluted (7.28) (0.86) (1.90) (0.18)

      Unaudited

      March 31, March 31,

   10. WORKING CAPITAL CHANGES 2026 2025

       ---------------- Rupees ----------------

       (Increase) / decrease in current assets

       Advances and other receivables (937,321) (2,274,110,000)

       (Decrease) / Increase in current liabilities

       52,744,175		8,929,748
       51,806,854		(2,265,180,252)

       Accrued and other liabilities

   11. TRANSACTIONS WITH RELATED PARTIES

       The related parties include associated undertaking, entities having directors in common with the Company, major shareholders of the Company, directors and other key management personnel and retirement benefit plans. Transaction with related parties, other then those disclosed elsewhere in the financial statements are as under:

       Name

       Crescent Star Insurance Limited.

       Weavers Pakistan (Pvt.) Limited

       Alman Seyyam Sugar mills (Pvt.) Limited

       Weavers Pakistan (Pvt.) Limited

       Nature of relationship

       Related party by nature of common directorship

       Associated Company

       Related party by nature of common directorship

       Associated Company

       Nature of transaction

       Office rent payment

       Share application money received for future issue of right shares

       Advance for working capital and capital expenditure paid

       Loan received Loan Repayment

       (Unaudited)

       March 31, March 31,

       2026 2025

       ---------------- Rupees ----------------350,000 200,000

       - 2,250,020,000

       - 2,274,110,000

       87,796,286 16,007,519

       Interest charged	6,826,286	807,519
       Purchase of shares	406,442,889	-
       Sale of shares	408,419,625	-
       Realized gain	1,976,736	-

       28,842,575 5,802,267

       Dost Steels Limited

       Related party by nature of common directorship

   12. DATE OF AUTHORIZATION FOR ISSUE

       This condensed interim financial information was authorised for issue on 22 April 2026 by the Board of Directors of the Company.

   13. GENERAL

Figures presented in these condensed interim financial information have been rounded off to the nearest rupee, unless otherwise stated.

Chief Executive Officer Chief Financial Officer Director

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PRODUCTS LIMITED

2nd Floor, Nadir House,

I.I. Chundrigar Road, Karachi