Transcript of Earnings Call held on October 24, 2026

Date: October 27, 2026 Listing Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Fort, Mumbai - 400 001. Scrip Code: 531859 Dear Sir/Madam, Sub.: Transcript of Earnings call held on Saturday, October 24, 2026 Ref.: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") Pursuant to Regulation 30 of the SEBI Listing Regulations and in continuation of our letters dated October 17, 2026 - regarding Intimation of Earnings Call and our letter dated October 24, 2026 - regarding Uploading of Audio Recording of Earnings Call, please find enclosed the transcript of the discussion held during the said Earnings Call held on October 24, 2026, at 12:00 pm (IST) w.r.t. discussion of operational and financial performance for Q2FY27 of the Company The transcript is also hosted on the Company's website i.e. at https://www.orientalrail.com/earningscall.php This is for your information and records please. Thanking you, Yours truly, For ORIENTAL RAIL INFRASTRUCTURE LIMITED HEMALI RACHH COMPANY SECRETARY & COMPLIANCE OFFICER “Oriental Rail Infrastructure Limited Q2 FY27 Earnings Conference Call” October 24, 2026 MANAGEMENT: MR. SALEH MITHIBORWALA – CHAIRMAN, MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER – ORIENTAL RAIL INFRASTRUCTURE LIMITED MR. TAHAA MITHIBORWALA – WHOLE-TIME DIRECTOR – ORIENTAL RAIL INFRASTRUCTURE LIMITED MR. NAJMUDDIN MITHIBORWALA – CHIEF STRATEGY AND INVESTOR RELATIONS OFFICER – ORIENTAL RAIL INFRASTRUCTURE LIMITED MODERATOR: MR. AKHILESH GANDHI – STELLAR INVESTOR RELATIONS Page 1 of 22 Oriental Rail Infrastructure Limited October 24, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 FY27 Earnings Conference Call of Oriental Rail Infrastructure 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 the conference call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand the conference over to Mr. Akhilesh Gandhi from Stellar IR. Thank you, and over to you, Mr. Gandhi. Akhilesh Gandhi: Thank you, Rutuja. Good afternoon, everyone. Thank you for joining us this Saturday morning. I, Akhilesh Gandhi, on behalf of Stellar Investor Relations, welcome you all to the Oriental Rail Infrastructure Limited's Q2 and H1 FY27 earnings conference call. Today, we shall be sharing the key operating and the financial highlights for the second quarter ended on 30th September 2026. Today, we have with us the senior management team of Oriental Rail Infrastructure Limited, mainly Mr. Saleh Mithiborwala. He is the Chairman and Managing Director, along with CFO as well. With him, we have Mr. Tahaa Mithiborwala. He is the Whole- Time Director; and Mr. Najmuddin Mithiborwala. He is our Chief Strategy and Investor Relations Officer. 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 unforced risks and uncertainties. The company also undertakes no obligation to update any forward-looking statements to reflect development that occur after the statement is made. Document related to company's financial performance, including the investor presentation, has already been uploaded on the stock exchanges. With that, I now invite Mr. Saleh Mithiborwala to share his initial remarks on the company's performance for the second quarter. Thank you, and over to you, sir. Saleh Mithiborwala: Good afternoon, everyone. A very warm welcome to the Oriental Rail Infrastructure Limited Financial Year 2027 Q2 earnings conference call. First, I would like to thank all those who are with us, joining us today, who found out the time, especially on a Saturday, we sincerely appreciate your interest in our company and look forward to further fruitful engagement with you. Following our first earning calls last quarter, we are pleased to continue our engagement with the investment community and share updates on our financial performance, the plans for business developments, and the growth initiatives taken by the company. I hope you have had an opportunity to review our financial results and the investor presentation uploaded on the stock exchanges. For those joining us for the first time, I will briefly again introduce our business. Established in 1991, Oriental Rail Infrastructure has over three decades of experience in the Indian Railway Page 2 of 22 Oriental Rail Infrastructure Limited October 24, 2026 ecosystem. Today, we operate through two complementary business verticals supported by four manufacturing units spread across approximately 100 acres. Our first vertical is the rolling stock interior and allied products housed with the listed parent company. We have an established position in the organized seat and berth market with an estimated 30% market share and installed capacities of approximately 3,600 coach sets annually. We have supplied more than 40,000 coach sets till date to the Indian Railways. Further, our backward-integrated capabilities include the artificial leather, commonly known as the rexine cloth. We do various types, all types of foams for speciality applications like fire- retardant, long-performance, example silicone foams, PU foams, which meet all the requirements of safety and durability on the railways, which is one of the toughest operating systems for the PU foam. As explained, we manufacture the artificial leather under the brand name of Orvin, serving railway and other non-railway applications. The second vertical is the freight wagons and wagon components operated through our wholly- owned subsidiary, Oriental Foundry Private Limited, or OFPL. OFPL operates an RDSO- approved manufacturing platform with an installed capacity of 2,400 wagons annually. We have delivered close to 3,000 wagons as on date. Our integrated operations include in-house manufacturing of critical components such as bogies, couplers, draft gears, springs, providing greater control over quality, supply, and manufacturing costs. Together, this business gives us an established presence across both passenger and freight railway segments. With that brief background of our company, I would like to now move forward to the financial performance in quarter 2 of financial year '27. Supported by improved order execution and healthy business volumes, our consolidated revenue stood at INR172.5 crores, growing 29% year-on-year. EBITDA increased by 29% to INR27.9 crores with an EBITDA margin of 16.2%, while PAT grew by 44% to IINR15.3 crores. We also witnessed healthy sequential growth across revenue and profitability, reflecting improved business momentums. For H1 financial year '27, consolidated revenue stood at INR310.1 crores, growing 23% year- on-year, while EBITDA increased by 35% to INR48.8 crores, and PAT grew by 58% to INR26.1 crores. Importantly, profitability has grown faster than revenue, supported by a favorable product mix, as explained earlier, backward integration for better cost control, improved operating leverages, and better cost absorptions. Another encouraging development has been the improvement in our cash generation and financial positions. Cash flow during H1 financial year '27 stood at approximately IINR42 crores, improving on a year-to-year basis. Our cash and cash equivalents stood at INR115 crores, while long-term debt reduced further to INR16 crores. Short-term borrowings increased during the period, primarily to support the higher working capital requirements associated with the increased production volumes, raw material planning, and procurement for further order executions. We remain focused on efficient working capital management and maintaining adequate liquidi [Showing first 8,000 characters — download PDF for full document]