Earnings Call Transcript for the quarter ended 30th September 2026

RGWL/26-27/ 27th October, 2026 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 400001 Bandra (E), Mumbai – 400 051 Scrip Code – 517522 Symbol - RAJRATAN Subject – Transcript of the earnings conference call for the quarter and year ended 30th September, 2026 Dear Sirs, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the earnings conference call for the quarter and financial year ended on 30th September, 2026 conducted on 22nd October, 2026, for your information and records. Thanking You, Yours Faithfully For Rajratan Global Wire Limited Shubham Jain Company Secretary & Compliance Officer “Rajratan Global Wire Limited Q2 FY27 Earnings Conference Call” October 22, 2026 MANAGEMENT: MR. SUNIL CHORDIA – CHAIRMAN AND MANAGING DIRECTOR – RAJRATAN GLOBAL WIRE LIMITED MR. HITESH JAIN – CHIEF FINANCIAL OFFICER – RAJRATAN INDIA MR. PRANAY JAIN – CHIEF FINANCIAL OFFICER, THAILAND – RAJRATAN GLOBAL WIRE LIMITED MODERATOR: MR. SAILESH RAJA – 360 ONE CAPITAL Page 1 of 19 Rajratan Global Wire Limited October 22, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Rajratan Global Wire'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 Mr. Sailesh Raja from 360 ONE Capital. Thank you and over to you, sir. Sailesh Raja: Yes. Good evening, Swapnali. Thank you for joining us for Rajratan Global Wire Limited's second quarter of FY27 Earnings Conference call. During this call, from the management side, we'll be hearing from Mr. Sunil Chordia, Chairman and Managing Director; Mr. Hitesh Jain, CFO, Rajratan India and Mr. Pranay Jain, CFO, Rajratan Thailand. I would now like to turn the call to Sunil sir for the opening remarks, followed by the Q&A. Sir, you may begin now. Sunil Chordia: Yes. Good evening, all dear shareholders. Very happy to connect with all of you today. We are in very encouraging times for Rajratan. Our earnings are growing faster than revenue. It is led by operational improvement, higher volumes led by higher utilization rates in Chennai as well as in Thailand. Our operating margins are moving in the right direction. In a manufacturing business exposed to raw material prices, product mix and capacity utilization, our ability to deliver these margins is meaningful and will only improve as these pressures changes. Today, Rajratan is amongst top two players outside China and amongst top five players including China, which says a lot about how we have continued to focus on making ourselves a force to reckon with in the domestic as well as global bead wire industry. Our Chennai plant expansion to 60,000 tons is on track and should be completed in the current quarter. We are almost at full capacity utilization in the initial 30,000 tons capacity we have installed -- which we had installed in the first phase and now expanding it to 60,000 tons. Our debt-to-equity also is comfortable 0.6 is the ratio, which indicates a healthy balance sheet. This is also visible in our cash flows. In September, we have generated positive operating cash flow in standalone as well as consolidated business. And so overall, we are very optimistic for the remaining two quarters of this year as well as for at least 2 to 3 years, we think that Rajratan will continue to grow at this pace. So I'm now very happy to answer your questions. Moderator: Thank you, sir. We will now begin with the question and answer session. We will take the first question from the line of Arnav Sakhuja from Ambit Capital. Please go ahead. Arnav Sakhuja: Hi, thank you for taking my question. So my first question is that we mentioned in our presentation that we're planning a 50,000-ton capacity addition in Thailand. So what is the broad timeline of this? Sunil Chordia: Yes. We -- as already told you, we are running at full capacity, almost 100% capacity in Thailand and we are refusing customers locally also, some of the Chinese companies who buy from us and we are not able to supply to them. So it is mandatory for us to now expand in Thailand. So Page 2 of 19 Rajratan Global Wire Limited October 22, 2026 maximum it will take 1 year. So within next three to four quarters, this capacity will be up and running. Arnav Sakhuja: Right. And still focusing on our Thailand business, we saw a strong improvement in the realization at around INR97,500 per ton. So what drove this improvement in realization for Thailand? Sunil Chordia: I don't think your numbers are correct, but broadly what you are saying is right. We are getting more approvals from major customers, the multinational clients and more volume will be going to them in the current quarter and next quarter. And also the export from Thailand is also improving. So all this will improve the performance of Thailand and that is why the capacity is -- further capacity is planned. And with that capacity, our cost will further come down. So going down the line for next 2, 3 years, we are very bullish on our Thailand business and performance. Arnav Sakhuja: Okay. Congrats again on a strong set of numbers and thank you for answering my questions. Sunil Chordia: Yes. Thank you. Moderator: Thank you. We will take the next question from the line of Ritesh Shah from Investec India. Please go ahead. Ritesh Shah: Hi, sir thanks for the opportunity. Sir couple of questions. First is how much is the capex number for the Thai expansion? Sunil Chordia: Ritesh, generally the Brownfield expansions are very competitive, which gives you very good return on the investment. Broadly, we should be able to do it in INR100 crores, ballpark number. Last year or up till now we have spent about INR20 crores in acquiring a new factory there, where we'll be shifting some of the facilities. And so there is hardly investment in infrastructure. So investment will be there only in the machines and plant and machinery. So total, including everything, it will be INR125 crores, but from now, INR100 crores is enough. Ritesh Shah: And sir, you said shifting some of the facilities, I didn't understand that, sir? Sunil Chordia: No, because we were short of space, we bought one closed factory across the road. So finished stocks, raw material and spool cages, they are shifted in that location, which is not the same land area. It is across the road. Ritesh Shah: Okay. And this closed factory had nothing to do with bead wire, it was something else? It is just a piece of land I presume? Sunil Chordia: No, we have purchased their infrastructure of land and some sheds. Ritesh Shah: Okay. Perfect. Correct. Sir, second is can you give some broad numbers on the total exports out of Thailand for first half? Sunil Chordia: Pranay, you are there? Pranay Jain: Yes, sir, I am here. So first half we have done 8,500 tons of exports from Thailand. Page 3 of 19 Rajratan Global Wire Limited October 22, 2026 Ritesh Shah: Okay. And in Q2? Pranay Jain: I am audible? Ritesh Shah: Yes. Pranay Jain: No, I am talking about H1. Yes. It is H1 and Q2 is 5,200 tons. Ritesh Shah: Correct. Sir, would you like to call out for any numbers for full year? Will it double or can it be more than double? Sunil Chordia: This year total export target from India and Thailand is more than 30,000 tons. Ritesh Shah: Sir, India would be how much? Sunil Chordia: Close to 14,000 tons, 15,000 tons. Ritesh Shah: 14,000 tons, 15,000 tons, okay. Sir, second question, I think Chennai expansion, any thoughts on increasing capacities over here? I think we are already marching towards [Showing first 8,000 characters — download PDF for full document]