Submission of Earnings Conference Call transcript in relation to financial results for the quarter and half year ended 30th September, 2026.

Gnuzr.nt-lT GtLlGKPl2026-27 october 27 ,2026 BSE Limited National Stock Exchange of lndia Limited Floor 25, P J Towers, Dalal Street "EXCHANGE PLAZA'" Mumbai- 400 001. lNDlA. Bandra - Kurla Complex, Bandra (East) Scrip Code: 532726 Mumbai - 400 051. lNDlA. Symbol: GAttANTT SUB: EARNINGS CONFERENCE CALL TRANSCRIPT FOR THE QUARTER AND HALF YEAR ENDED 3OIH SEPTEMBER, 2025 Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 please find enclosed herewith the transcript of the Earnings Conference Call with investors/analysts held on Wednesday, October 27,2026 to discuss the Financial and Operational Performance of the Company for the quarter and the half year ended 30th September,2026. The above mentioned Earnings Call Transcript is also available on the Company's website at www.ga llantt.com Kindly take the above on your records Th an king You, Yours faithfully, For GALLANTT ISPAT LIMITED Nitesh Kumar COMPANY SECRETARY M. No. F7496 Encl: As above GALLANTT ISPAT LIMITED CIN: L2710!1UP2005PLCI95650 Registered office & Gorakhpur unit Gorakhpur Industrial DeveloPment Authority (GIDAl, Sahjanwa, Gorakhpur - 273209, Uttar Pradesh Tele-fa* 0551 3515500, E-mail: csgml@gallantt.com, Website: www'gallantt'com Guiarat Unih survey No. 175y', Near Toll Gate, samakhyali, Bhachau, Distt. Kutch - 370150, Gularat “Gallantt Ispat Limited Q2 FY27 Earnings Conference Call” October 21, 2026 MANAGEMENT: MR. DINDAYAL JALAN – VICE CHAIRMAN MR. MAYANK AGRAWAL – CHIEF EXECUTIVE OFFICER MR. AMIT JALAN – CHIEF ACCOUNTS OFFICER MODERATOR: MS. VANESSA FERNANDES – INVESTOR RELATIONS, ADFACTORS PR Page 1 of 12 Gallantt Ispat Limited October 21, 2026 Moderator: Ladies and gentlemen, good evening and welcome to the Gallantt Ispat Limited's Q2 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 Ms. Vanessa Fernandes from the Investor Relations team of Adfactors PR. Thank you, and over to you, Ms. Vanessa. Vanessa Fernandes: Thank you, Swapnali. Good evening, everyone. On behalf of Gallantt Ispat Limited, I would like to welcome you all to the earnings conference call for Q2 and H1 FY27. Today on the call, we have with us from the management Mr. Dindayal Jalan, Vice Chairman; Mr. Mayank Agarwal, Chief Executive Officer; and Mr. Amit Jalan, Chief Financial Officer of Gallantt Ispat Limited. We will begin the call with brief opening remarks from the management, followed by a Q&A session. All participant lines will be in listen-only mode during the management's remarks, and the floor will be open for questions thereafter. Please note that certain statements made during this call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties that could cause actual results or projections to differ materially from those statements. Gallantt Ispat holds no responsibility for any actions taken based on such statements and undertakes no obligation to publicly update these forward-looking statements. I now hand over the call to Mr. Dindayal Jalan, Sir, for his opening remarks. Over to you, Sir. Dindayal Jalan: Thank you, Vanessa. Good afternoon, ladies and gentlemen, and a warm welcome to Gallantt Ispat's earnings conference call for the second quarter and first half of FY27. Let me begin with wider environment because it shaped this quarter in important ways. The global steel industry continues to operate in an uncertain setting. Geopolitical tensions, including the conflict in the Middle East, have kept energy, freight, and coal costs elevated. And trade flows have shifted as surplus from overseas looks to new buyers. India has not been fully insulated from this, but the domestic fundamentals remain strong, and our two home states, Uttar Pradesh and Gujarat, remain among the fastest-growing markets in the country. We see this as a long cycle, and we are building Gallantt to participate in it fully. Mayank will take you through the market trends in more detail. For Gallantt, Q2 was a quarter in which we chose to invest in our future capacity. We took a planned shutdown at our Gorakhpur plant to integrate the expanded capacity, and an unplanned extension of a power plant shutdown added to the impact. Mayank will take you through both in detail. Page 2 of 12 Gallantt Ispat Limited October 21, 2026 Revenue for the quarter was INR1,146 crores, 13% higher than a year ago, and in line with the previous quarter, as former realizations helped offset the effect of the shutdowns on our volumes. Our margins, however, were affected by the shutdowns and by higher input cost. It was all one- time effect. They do not reflect any change in the underlying strength of our business. And as the new capacity comes on stream in Q3, we expect our performance to recover. Our strategy continues to rest on three anchors: integration, scale, and capital discipline. Each of these moved forward this quarter. On integration, Gallantt was awarded a coal block in Singrauli in August 2026, as disclosed to the exchanges. Together with our iron ore blocks in Uttar Pradesh and Rajasthan, this means Gallantt now holds both of the key raw materials for steel making. Over time, this will give us security of supply and a structurally lower cost base. This is the most durable advantage a steel company can build. On scale, our expansion from 1 to 1.23 million ton is now being integrated at Gorakhpur, and Mayank will take you through the through the progress. On capital discipline, we continue to carry no term loans for our projects, and our INR3,000 crores program remains funded through internal accruals. I would also like to address our medium-term growth plan. In our previous calls, we said that we'd share it with you this quarter. Since then, coal block award has changed the scale of what is possible for Gallantt. With both iron ore and coal now in our portfolio, we are evaluating a larger greenfield opportunity built around our raw material base rather than only extending our existing sites. A project of this nature depends on land acquisition and incentives from the state government, and we are working on that. We would rather come to you with a plan that is concrete and fully worked out, that's still taking shape. We therefore intend to present our growth plan in Quarter 4 '27. What will not change is our focus on steel, our commitment to integrate, and our discipline on returns and on balance sheet. Gallantt has been built over two decades by staying focused and investing ahead of the opportunity. The steps we are taking this year in capacity, in raw material security, and in renewable energy are meant to position us for the next phase of India's growth. I am confident in the direction we have set. With that, I hand over to Mayank to take you through our operating performance. Over to you, Mayank. Mayank Agarwal: Thank you, Sir, and good afternoon, everyone. Let me begin with a brief word on the market. And then, as on our previous calls, take you through the quarter across our four pillars, that is volume growth, cost efficiency, an integration depth, margin expansions, and capital discipline. Domestic demand held up well through the first half. Finished steel consumption in India grew 7.5% to about 85 million tons, ahead of growth in domestic production, even as the country Page 3 of 12 Gallantt Ispat Limited October 21, 2026 remained a net importer of finished steel. As the monsoon receded, prices across the value chain firmed up from August, and TMT prices in September were about 21% higher than a year ago. On the cost side, coal and freight stayed elevated. And prices of metal [Showing first 8,000 characters — download PDF for full document]