Analysts/Institutional Investor Meet/Con. Call Updates

September 10, 2026 To, To, National Stock Exchange of India Limited BSE Limited (“BSE”) (“NSE”) Listing Department Listing Department Exchange Plaza, C-1 Corporate Relationship Department Block G, Bandra Kurla Complex Bandra [E], Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400051 Fort, Mumbai - 400 001 NSE Scrip Symbol: DHOOTTRANS BSE Scrip Code: 544867 ISIN: INE01NH01023 ISIN: INE01NH01023 Sub: Transcript of the Conference Call with Investors and Analysts : Q1 FY2026-27 Earnings Call Ref: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir / Madam, Please find enclosed transcript of Q1 FY 2026-27 Earnings Call held on Friday, September 4, 2026, in respect of the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter ended June 30, 2026. We request you to kindly take the same on record. For Dhoot Transmission Limited Amey Jogas Company Secretary and Compliance Officer Membership No.: A39922 Dhoot Transmission Limited Q1 FY '27 Earnings Conference Call September 04, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Q1 FY27 Earnings Conference Call of Dhoot Transmission Limited. 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 “*” followed by “0” on your touchtone phone. The Management of Dhoot Transmission Limited is represented by Mr. Rahul Dhoot – Managing Director, and Mr. Nitin Kalani – Group CFO. Please note, this conference is being recorded. At this time, I would like to hand over the conference to Mr. Rahul Dhoot. Thank you and over to you, sir. Rahul Dhoot: Thank you. A very warm welcome to all of you today. I am Rahul Dhoot – Founder and Managing Director for Dhoot Transmission. After getting listed, this is our first earnings call and I would like to thank all of you for the immense trust bestowed upon me and my team. The 1st Quarter has been very good for the automotive industry and also for Dhoot Transmission. For the two-wheeler industry, the last quarter was one of the best quarters with 22.8% growth. Comparing YoY performance, EV industry grew by 93% and ICE in excess of 20%. In a nutshell, domestic volumes grew in excess of 20% and exports in excess of 36%. Against the same, Dhoot Transmission saw a very strong growth of nearly 50% on YoY basis. Revenue from wiring harness grew 44.6%, YoY and from non-wiring harness business by 67.7%. The Multilink acquisition contributed to about 3% in terms of revenue growth for the quarter. EV revenue in the same quarter grew 79% for us and with this, the overall contribution of EV revenue has reached 27% of our total revenue up from 24% last year. Our EBITDA margins improved 110 basis points to 15% as compared to Q4 FY2026. Key RMs like Copper, Brass continued its upward trend in the first 5 months of the year but the pace of increase was slower than the previous year. Our finance cost declined in the quarter as we continued to optimize working capital debt levels because of equity infusion in March. Page 1 of 13 Multilink integration is progressing well, and we are confident of scaling up our non-wiring harness business with this addition. Also, our collaboration with Ride Vision is progressing well and we are in process of JV forming. Our NPD pipeline continues to be robust. If I talk about the outlook, the electrification trend is aiding growth to the wiring harness and non-wiring harness business to us. To add to this, the addition of customers and products will also be a strong positive in the years to come. However, we also need to keep in mind the soft comparison for the first 6 months as the GST reduction, which fueled growth was implemented last year in the second half. On an overall basis, considering overall things, we are confident of delivering another strong year of 25%-30% of growth. We will provide you with an update of utilization of IPO proceeds in our next reporting period based on actual utilization of funds. With this, we are happy to answer your questions now. Moderator: Ladies and gentlemen, we will now begin the Question-and-Answer session. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Your first question comes from the line of Siddharth Bera with Nomura. Siddharth Bera: Siddharth Bera, thank you for the opportunity and congrats for a great set of numbers. My first question is on the margin side. Sequentially, on the gross margin side, it has been stable. But in terms of cost pressure, it was much higher in Quarter 4 and like you correctly mentioned, in Quarter 1 the cost pressure is lower. So, how should we think about the margin expansion from current levels? What is the under-recovery here and where do you think they sort of normalize as you completely pass on the copper inflation? Nitin Kalani: Hi Siddharth. So, most of the copper inflation is already passed on. Nitin Kalani this side. So, that has already happened. Actually, what is happening is last 4-5 months, we are also seeing somewhat further increase in the copper prices. So, some impact is obviously there on these numbers, basically as we speak. But we would like to, sort of, continue to stick to our, I would say, indication, 15%-16% kind of margin guidance for the full year. Siddharth Bera: Okay. Got it. And second is on the Multilink acquisition. If you can guide us about how to think about this business over the next few years. What is the sort of revenue, margin profile currently and what are the areas you are sort of looking to push aggressively and how big this business can become over the next few years? Page 2 of 13 Rahul Dhoot: So, Multilink full integration with us will take another 3-4 months to have a proper integration in terms of overall products. But with this, we have added one customer which is Hero and also, we have added two more products which is the fuel level sensor and the relays which obviously there is going to be a big market for cross-selling because Multilink doesn't supply to many of our existing customers. So, cross-selling opportunities would be there. I believe that there should be a decent 25%-30% growth which we should be able to do on Multilink as well. And the margin should be in line with the Dhoot’s margin. Siddharth Bera: Great, sir. So, last question is on the non-wiring harness EV component business in terms of, I would say, specifically the EV 2-wheeler battery pack assembly. Where are we in terms of new customer addition? By when do we start seeing more pickup in terms of take from more customers here? Rahul Dhoot: So, as we had initially told you that we were already supplying to one customer. We have started with one more customer down South which is a big customer for us and the supplies have already started. Siddharth Bera: Got it, sir. Thanks a lot, sir. I will come back with that. Moderator: Yes. Thank you. Thank you. The next question comes from the line of Rishi Vora with Kotak Securities. Please go ahead. Rishi Vora: Thank you for the opportunity and congratulations on a good top-line print. Just a follow-up on again the non-wiring harness EV business. So, today we predominantly supply battery packs and incrementally we may start supplying the other products as well. So, how should we think about this business over the next 3 to 5 years in terms of the contribution? I am just asking for a rough number but today how much it is roughly contributing in 3 or 5 years down the line? Where do we expect the contribution of this particular segment would be given that the pace of electrification continues to surprise positively especially in the 2-wheeler segment? Rahul Dhoot: Yes. So, hi, Rishi, Rahul. See, if you look at it, we are there present across the entire EV powertrain. It's not that we only do the battery pack [Showing first 8,000 characters — download PDF for full document]