Analysts/Institutional Investor Meet/Con. Call Updates

Date: 21st October, 2026 Ref: TARIL/SECT/2026-27/NSE-BSE/COMPL/068 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra - Kurla Complex, Mumbai - 400 001 Bandra (E), Mumbai - 400 051 Security Code : 532928 Trading Symbol : TARIL Dear Sir/Madam, Sub: Transcript of the Earnings Conference Call - Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Pursuant to Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby enclose the transcript of the earnings conference call with analysts and investors held on 13th October, 2026, to discuss the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended 30th September, 2026. The said transcript of the earnings conference call has also been uploaded to the Company's website i.e. www.transformerindia.com. Please take the same on your record. Thanking you, Yours faithfully, For Transformers and Rectifiers (India) Limited Rakesh Kiri Company Secretary “Transformers and Rectifiers (India) Limited Q2 & H1 FY27 Earnings Conference Call” October 13, 2026 MANAGEMENT: MR. SATYEN MAMTORA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER MR. MEHUL SHAH – CHIEF FINANCIAL OFFICER – MODERATOR: MS. KRISHNA PATEL – EY Page 1 of 16 Transformers and Rectifiers (India) Limited October 13, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Transformers & Rectifiers (India) Limited Q2 & H1 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 call over to Ms. Krishna Patel from EY. Thank you and over to you, ma'am. Krishna Patel: Thank you, Iqra, and good evening, everyone. A warm welcome to all participants joining the Q2 FY27 and H1 FY27 Earnings Conference Call of Transformers and Rectifiers (India) Limited. Joining us today from the management team are Mr. Satyen Mamtora, Managing Director and CEO, and Mr. Mehul Shah, Chief Financial Officer, who will discuss the company's operations, financial performance for the quarter and half-year, and address your questions thereafter. Before we begin, I would like to remind you that certain statements made during this call may constitute forward-looking statements. These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ from those expressed or implied. With that, I would like to hand over the call to Mr. Satyen Mamtora, Managing Director & CEO, for his opening remarks. Satyen Mamtora: Thank you, Krishna. Good evening, everyone, and thank you for joining us today to discuss the performance of Transformers & Rectifiers (India) Limited for the second quarter and first half FY27. TARIL’s Q2 FY27 performance reflects better execution, improved capacity utilization, and operating leverage across manufacturing facilities. As of 30th September 2026, our unexecuted order book stood at 7,237 crore, up by 32% year- on-year, providing strong revenue visibility over the medium term. The order book is executable over the next 18 to 24 months. During Q2 FY27, we received order inflows of 1,169 crores, 97% year-on-year growth over low base of last year this time. Major orders we received during this quarter were:  First-ever order of nuclear power sector, supplying generator transformers for NPCIL Kaiga Units 5 and 6, marking the strategic entry into high-level infrastructure and high-value infrastructure segment  Received large transformer order from Megha Engineering and Infrastructures Limited in August 2026 with execution scheduled over the next 35 months  Received LOI from APTRANSCO in August 2026 for power transformers manufacturing with deliveries planned within next 13 months; won a large order from Damodar Valley Page 2 of 16 Transformers and Rectifiers (India) Limited October 13, 2026 Corporation in October 2026 for manufacturing and supplying 500 MVA and 200 MVA transformers to be executed in next 15 to 28 months  Secured a large order from GETCO in October 2026 for 80 MVAr reactors and 125 MVAr reactors, and 500 MVA auto-transformers with the delivery schedule of next 24 to 30 months. These wins demonstrate the breadth of our capabilities across large power transformers, auto- transformers, and shunt reactors. We currently have 21,000 crores of inquiries under negotiation, of which bidding for 80% is domestic orders and 20% export orders, with equal mix between the government and private customers, with utilities and industrial customers. Other quarter updates:  During the quarter, we successfully completed dynamic short circuit on three transformers, a significant technical milestone that values our products, our ability to withstand extreme electrical and mechanical stresses under fault conditions, in accordance with the stringent international standards.  Our ongoing transformer manufacturing expansion at Changodar is near completion, with the commercial production expected to commence around Diwali. The additional capacity will further strengthen our capability to execute our growing order book and support the next phase of the revenue growth.  Backward integration projects are progressing as per timeline.  In September 2026, we established a subsidiary in UK to strengthen our customer support and expand our presence in the UK and European markets. Over time, we plan to develop our local assembly and sales capabilities with the potential to evolve this operation into a manufacturing base serving the region.  Following our Q2 performance, we remain confident of achieving FY27 guidance and continue to remain on track with our growth plans for the full year. Our focus for the remainder of the year of FY27 will be on clear priorities: accelerating execution of our existing order book and ramping up expanded manufacturing capacities, progressing our backward integration initiatives, and maintaining disciplined and sustainable ramping up our progressing our backward integration initiatives, maintaining disciplined and sustainable profitable growth. From an industry perspective, the underlying demand environment continues to remain supportive. India is witnessing a significant investment across power generation, transmission infrastructure, renewable energy integration and grid modernization. Emerging areas such as data centers, railway electrification, EV infrastructure, and energy transition projects are creating additional sources of electricity demand and, consequently, opportunities for the transformers industry. With our broad product portfolio, manufacturing capabilities, established customer relationship, and presence across more than 40 countries, TARIL is well positioned to participate in the multi- year opportunity across domestic as well as international markets. Page 3 of 16 Transformers and Rectifiers (India) Limited October 13, 2026 With this, I hand over to Mehul Shah, our CFO, to run our past financial performance. Thank you, and regards, and Happy Diwali greetings. Mehul Shah: Thank you, sir. Good evening, everyone. I will take you through the financial performance of Transformers and Rectifiers Limited for the second quarter and the first half of financial year '27. Let me begin with our standalone performance for the quarter. During Q2FY27, revenue from operations stood at INR709 crores, 66% year-on-year growth and 27% quarter-on-quarter growth. Revenue growth during the quarter supported by improved capacity [Showing first 8,000 characters — download PDF for full document]