Analysts/Institutional Investor Meet/Con. Call Updates

Behari Lal Engineering Ltd. Date: September 11, 2026 To, To, Listing Department Listing Department BSE Limited National Stock Exchange Phiroze Jeejeebhoy Towers, of India Limited Dalal Street, Exchange Plaza, Bandra Kurla Complex, Fort, Mumbai – 400001. Bandra (East), Mumbai – 400051 Scrip Code: 544870 Symbol: BLEL Dear Sir/Madam, Subject: Earnings Call Transcript – Q1 FY27 We are enclosing herewith a copy of the transcript of the Company’s Q1 FY27 earnings conference call held on 08th September, 2026. The transcript is also available on the Company’s website at www.beharilalengineering.com https://www.beharilalengineering.com/assets/img/annual/q1fy27-trans.pdf?v=1789112540445 We request you to kindly take the above information on record. For Behari Lal Engineering Ltd. Sanjeev Kumar Sehgal Company Secretary and Compliance Officer Membership No.: A68134 Corporate Office: Registered Office & Works Address Works Address Rolling Mill Division Email : cs@beharilalgrouP.com B-9, Surajmal Vihar, Vikas Marg Extn. Village Salani, Amloh Road, Village Turan, Amloh Road, Tel.:+ 01765-520694 New Delhi - 110092 Mandi Gobindgarh, Punjab -147301 Mandi Gobindgarh, Punjab -147301 +91 80549-98349 “Behari Lal Engineering Limited Q1 FY27 Earnings Conference Call” September 08, 2026 MANAGEMENT: MR. RAJESH GARG – VICE CHAIRMAN AND NON- EXECUTIVE DIRECTOR – BEHARI LAL ENGINEERING LIMITED MR. LOVLISH GARG – WHOLE-TIME DIRECTOR – BEHARI LAL ENGINEERING LIMITED MR. AAKARSH GOYAL – CHIEF FINANCIAL OFFICER – BEHARI LAL ENGINEERING LIMITED MODERATOR: MS. SHWETA DIKSHIT – SYSTEMATIX GROUP Page 1 of 13 Behari Lal Engineering Limited September 08, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q1 FY27 Earnings Conference Call of Behari Lal Engineering Limited, hosted by Systematix. 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 and then zero on your touch-tone phone. Please note that this conference is being recorded. At this time, I would like to hand over the conference to Ms. Shweta Dikshit from Systematix. Thank you, and over to you, ma'am. Shweta Dikshit: Thank you, Sagar. Good evening, everyone. On behalf of Systematix Group, we welcome you to the 1Q FY27 Earnings Conference Call of Behari Lal Engineering Limited. I would like to thank the management for giving us the opportunity to host this call. From the management team, we have with us today, Mr. Rajesh Garg, Vice Chairman; Mr. Lovlish Garg, Whole-Time Director; and Mr. Aakarsh Goyal, Chief Financial Officer. We will begin with the opening remarks by Mr. Lovlish Garg to discuss the company's financial and operational performance. Over to you, sir. Lovlish Garg: Good afternoon, everyone. Give me a moment, I'll just share my screen with you. Good afternoon, everyone. Thank you for joining us. I am Lovlish Garg, Whole-Time Director of Behari Lal Engineering Limited. With me are our Vice Chairman, Mr. Rajesh Garg, our CFO, Aakarsh Goyal. This is our first earnings call as a listed company, so I'll do three things: introduce the business for those who are seeing us for the first time, take you through the quarter, and tell you where we are going. Then, Aakarsh will walk you through the financials, and we'll then open for questions. Behari Lal Engineering is an integrated iron and steel engineering company based in Mandi Gobindgarh, Punjab, one of the oldest steel hubs in the country. The company was incorporated in 1995. I represent the fourth generation of a family that has been in this trade for over a century. Three things on this slide I would like to draw your attention to. One, we are one of the largest metal rolls producers in the country, meeting about 11.5% of country's demand, according to CRISIL. We serve 1,871 customers as on June 30th, and we closed FY26 at INR534 crores of revenue, 19% EBITDA margin, 27% ROCE, with debt-to-equity ratio of 0.06. High returns on a nearly debt-free balance sheet is how this business has always been run. Aakarsh, are you -- and it is how we keep to intend running it. I think the presentation is not visible clearly. I'll just do a one second setting on my screen. Is the full screen visible now? Shweta Dikshit: Yes, it's visible. Aakarsh Goyal: Yes, sir, it is visible. Page 2 of 13 Behari Lal Engineering Limited September 08, 2026 Lovlish Garg: Perfect. So, we make four things. First, metal rolls, the rolls that go into hot rolling mills at steel plants, about 26% of FY26 revenue. And engineering castings, single pieces from 500 kilos to 25 tons for crushers, engineering applications, power sector, and heavy equipment, which is about 20% of the revenue. Alloy steel products, bars ranging from 6 mm to 230 mm, including valve steel, tool steel, die steel, which we introduced recently. And this is about 46% of the total revenue. And forging ingots and forged shafts, which is raw material for the forging industry, about 4%. The important thing is not the four products. It's that rolls, castings, specialty alloy grades are where the value is. Together, we call those high-value products. And you'll hear us come back to that phrase quite often. This is how the plant works. 100% recycled scrap comes in, lab-tested on receipt. It goes through induction melting, ladle refining, vacuum degassing for the higher grades, then is cast into ingots for rolling mills or directly into rolls and castings in the foundry. Heat treatment, rolling, CNC machining, testing, dispatch are all part of the process. The one word that matters here is fungible. The same melt shop feeds all three product lines. When rolls demand is strong, we pour rolls. When specialty bars are strong, we pour ingots. When castings is strong, we pour castings. That's why our utilization stays high, nearly 88% in FY26 and 90.5% this quarter. These are some of the customers we serve. Steel majors like Steel Authority of India Limited, JSW, Tata Steel, Vizag are on the roll side. Crusher and equipment OEMs like Metso, Propel, Kleemann are on the casting side. Defense and PSUs like BDL, BEML, BHEL are all our esteemed customers. Many of these relationships are 10 to 15 years old now. About 9% of FY26 revenues was exports to 21 countries across five continents. Now, the story of last 3 years, because it's the same thing we intend to keep doing. Revenue grew at 9% a year from INR446 crores to INR534 crores. EBITDA grew at about 29% a year from INR61 crores to INR101 crores. PAT grew at 34%. That gap between 9 and 29 is the whole strategy in one number. We did not chase tonnage. We moved the mix. High-value products went from 45% of the total revenue in FY25 to nearly 58% in FY26. EBITDA per ton went from about INR9,100 to about INR11,500. The second column, financial strength: ROE 23.6, ROCE 27, net worth up from INR194 crores to INR306 crores, and gross borrowings of under INR18 crores. This growth was funded from internal accruals. Melting capacity is 1.5x what it was in FY24, and the INR63 crores of IPO capex goes into the platform for the next leg. Same story in chart form. Gross margin up 1,120 basis points in 2 years. EBITDA margin up 530, PAT margin up 400. Gross margin is the one to watch. It is the direct measure of value addition. It went from 36 to 47% because every year a larger share of what we sell is a roll, a casting, or a specialty grade rather than a commodity item. Scrap Page 3 of 13 Behari Lal Engineering Limited September 08, 2026 prices moved around in that period. The margin expansion is mixed, not raw material luck. Now, to the quarter. Revenue from operations, INR151.7 crores, up 18% year-on-year. Volumes, 22,095 tons, up 13.4%. EBITDA, INR29.7 crores, up 23%. Margin, 19.6%, up 85 basis points. PAT, INR19.2 crores, up 24.5%. I'll also give you operating EBITDA, excluding other inco [Showing first 8,000 characters — download PDF for full document]