Pursuant to Regulation 30 of SEBI (LODR) Regulations, we are hereby submitting the Transcript of the Earnings Call held on Monday, 18th May 2026 at 9:30 A.M. IST with Investors/Analysts.

AI summary - FY26 consolidated revenue grew 22% to INR12,186 Cr; operating EBITDA up 22% to INR970 Cr; adjusted PAT rose 22% to INR338 Cr - Consumer Durable division grew 14% in FY26; RAC industry flat due to weather; FY27 industry volume growth expected 12-13% - Electronics division revenue up 49% to INR3,268 Cr; operating EBITDA up 89%; FY27 growth guidance ~40%, margin 9.5-10% - Railway division revenue grew 19%, EBITDA up 8%; FY27 growth guidance 30-35%, margin 16-17% - Capex FY27 expected INR1,800-2,000 Cr; net debt to rise to INR700-800 Cr by year-end - Temporary margin pressure of 50-100 bps expected due to commodity inflation, wage hikes, currency depreciation - PCB business faces 2-quarter lag in cost pass-through; price hikes underway - Compressor supply adequate; government allows 30% imports to bridge capacity gap - Strategic investments in PCB manufacturing with new facilities starting trial production by Q3 FY28 - Multiple analyst queries on margin impact and capex; management confident on long-term growth and margin recovery