Transcript of Conference call for Investors and Analyst

September 01, 2026 To To National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 NSE SYMBOL: MVELECTRO SCRIP CODE: 544851 Subject: Transcript of Conference Call for Investor and Analysts Pursuant to Regulation 30 and Para A of Part A of Schedule III and Regulation 46 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the transcript of the conference call for investors and analysts on the Q1 FY26-27 results held virtually by the Company on Thursday, August 27, 2026. This intimation is also being uploaded on the Company’s website at www.mvelectrosystems.com. You are requested to take the same on your record. Thanking You, FOR MV ELECTROSYSTEMS LIMITED Sourabh Bansal Company Secretary and Compliance Officer Enclosed: As Above “MV Electrosystems Limited Q1 FY27 Earnings Conference Call” August 27, 2026 MANAGEMENT: MR. MOHIT VOHRA – NON-EXECUTIVE DIRECTOR – MV ELECTROSYSTEMS LIMITED MR. PANKAJ RASTOGI – MANAGING DIRECTOR – MV ELECTROSYSTEMS LIMITED MR. AJAY KUMAR – CHIEF FINANCIAL OFFICER – MV ELECTROSYSTEMS LIMITED MR. SOURABH BANSAL – COMPANY SECRETARY – MV ELECTROSYSTEMS LIMITED MODERATOR: MR. AKHILESH GANDHI – STELLAR INVESTOR RELATIONS Page 1 of 25 MV Electrosystems Limited August 27, 2026 Moderator: Ladies and gentlemen, good day and welcome to MV Electrosystems Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Akhilesh Gandhi from Stellar Investor Relations. Thank you, and over to you, sir. Akhilesh Gandhi: Thank you, Neerav. Good morning, everyone. I, Akhilesh Gandhi, on behalf of Stellar Investor Relations, welcome you all to the MV Electrosystems Limited Q1 FY27 Earnings Conference Call. Today we shall be sharing the key operating and financial highlights for the first quarter ended on June 30th, 2026. We have with us today the senior management team of MV Electrosystems Limited. Mainly we have Mr. Mohit Vohra, he's a Non-Executive Director. Along with him we have Mr. Pankaj Rastogi, he is our Managing Director. And with him we also have Mr. Ajay Kumar, who is our Chief Financial Officer. But before we begin, I would like to state that this call may contain some of the forward-looking statements which are completely based upon the company's beliefs, opinions, and expectations as of today. The statements made in today's call are not a guarantee of future performance and also involve unforeseen risk and uncertainties. The company also undertakes no obligation to update any forward-looking statements to reflect development that occur after the statement is made. Documents relating to company's financial performance, including investor presentation, has already been uploaded on the stock exchange. With that, I now invite Mr. Mohit Vohra to state his opening remarks for the company's performance. Post that, we'll open our floor for Q&A session. Thank you, and over to you, sir. Mohit Vohra: Thank you very much, Akhilesh. Good morning, everyone, and, thank you very much for joining our first investor meeting after the listing of MV Electrosystems Limited. My name is Mohit Vohra. I am among one, one among the promoter's director in the company, and as already mentioned that I have with me the Managing Director of the company, Dr. Pankaj Rastogi, the CFO of the company, Mr. Ajay Kumar, and also the Company Secretary, Mr. Sourabh Bansal. On behalf of the entire management team, I would like to begin by expressing my sincere gratitude to our shareholders and investors who have placed a lot of trust in MV Electrosystems. So as we mentioned earlier, that we are a rail-based technology company and we are actively working on 2 domains. One is rail propulsion systems, and number 2 is electrical hardware systems, systems, subsystems, components for Overhead Electrification. So both are, both are railway domains. Page 2 of 25 MV Electrosystems Limited August 27, 2026 September last year, we bagged our very prestigious approval for rail propulsion systems, and followed by there were series of tenders in which we bagged order book of over INR1,000 crores plus, you know, order book of 4 particular orders. For locomotive side and EMU side propulsion systems. And, after that we, we placed or we came up with our IPO requesting for the proceeds, that were required mainly for the working capital of the company to scale up operations, to scale up the manufacturing of propulsion systems. So, this, this particular, IPO or this particular request, I mean, that was, that was well accepted by the industry. And, and we had a very great bumper IPO. So once again, sincere gratitude I would like to express on behalf of the company to all the stakeholders, all, all the investors who are present today and who are present or not, also who are not present today here in this meeting, for keeping so much of trust and the confidence in the company. As we mentioned that, we, started, up, our manufacturing of propulsion system. So some of the supplies, 2 or 3 batches, small batches, have already happened. But now since we have received the proceeds, September onwards, you will see, the actual scale-up happening. You will see the propulsion systems being, being manufactured and the acceleration. You will see the acceleration month over month, quarter over quarter. And I think by the time we will reach January, you will see the scale-up, completed in the sense that we should reach something like 40, 45 propulsion systems, local propulsion systems per month, to that capacity. The factories are -- and the manufacturing facilities are already ready. Manpower is very much geared up and all the necessary ingredients are in place. The only deficiency was working capital. That is well in place now and the orders are placed on, we, already mentioned, before the IPO in our various conferences that we are an R&D-oriented company. So, we have a dedicated research and development centre. So immediately after we completed our propulsion system and received approval, this R&D centre was recognized by Department of Scientific and Industrial Research, and they acknowledged and appreciate the effort that went into it -- in having our own indigenous IPR of propulsion system. And with this, with this backing, I mean, we can, we can have, more number of programs, more number of propulsion system, more type of propulsion system for different, different, Rolling Stocks, including EMUs, including MEMUs, including specialized trains like Vande Bharat, Amrit Bharat trains, obviously locomotives of different capacities. So, all these programs you will, you will see in future. On one side, we are scaling up our operations, we are scaling up our manufacturing, our revenues. On the other side, we are working on a new program that is, that is development of MEMU train propulsion system. And I think for the next few years, you are going to witness a similar kind of methodology. On one side, we will be scaling up one program which has got approval or which has got developed. Page 3 of 25 MV Electrosystems Limited August 27, 2026 On the other side, you will see parallelly a new program being, being developed, being researched, researched upon, because Rolling Stock has many, many variants. So, to cater to those variants, it will require a continuous research and development, in our R&D center. And we have already expanded our R&D premises, and we are going to scale up our R&D team also for, for that matter. Parallelly, we have already started, participating in rail e [Showing first 8,000 characters — download PDF for full document]