Transcript of the Analysts/ Institutional Investors Meeting/ Call on Financial Results for the quarter ended June 30, 2026

AI summary - Consolidated Q1 FY27 revenue grew 36.5% y-y to INR1101.08 mn; EBITDA rose 33.76% y-y to INR141.54 mn; EBITDA margin 12.85% vs 13.12% y-y; PAT increased 35.98% y-y to INR166.77 mn - Standalone Q1 FY27 revenue up 30.72% y-y to INR959.13 mn; EBITDA grew 40.44% y-y to INR121.54 mn; EBITDA margin 12.67% - Order book at INR209 cr, up 20.4% sequentially; >80% executable in FY27 - INR100 cr capacity expansion underway, heavy engineering capacity doubling to 18,000 MT; phased commissioning started - Raw material prices remain high but stabilized; margin contraction ~100-150 bps due to price volatility - FY27-FY28 revenue growth guidance ~20% CAGR; EBITDA margin expected to improve 100-200 bps - International business expanding in Middle East and Turkey; defense revenue ~1.5-2% of total - New product pipeline includes VRM rollers and other wear parts; railways and defense segments under development - Heavy engineering growing faster than consumables; focus on integrated solutions with captive consumable use - R&D spend ~1% of revenue with focus on product development and metallurgical innovation