Analysts/Institutional Investor Meet/Con. Call Updates

November 03, 2026 To To Listing Compliance Department Listing Compliance Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex, P J Towers, Dalal Street, Bandra (East), Mumbai– 400051 Mumbai - 400 001 Symbol: SAMBHV Scrip Code: 544430 Dear Sir / Madam Sub: Transcript of the Conference Call held on October 30, 2026 This is with reference to our intimation dated October 27, 2026 regarding Conference Call with investors and analysts on October 30, 2026 (Friday) 04:00 PM IST to discuss the Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2026. In terms of the provisions of Regulations 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Please find attached the transcript of the aforesaid conference call. This above information is also available on the website of the Company https://www.sambhv.com/investor-information.php. Thanking you, For, Sambhv Steel Tubes Limited Niraj Shrivastava (Company Secretary and Compliance Officer) Membership No. F8459 “Sambhv Steel Tubes Limited Q2 FY27 Earnings Conference Call” October 30, 2026 MANAGEMENT: MR. VIKAS KUMAR GOYAL – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – SAMBHV STEEL TUBES LIMITED MS. ANU GARG – CHIEF FINANCIAL OFFICER – SAMBHV STEEL TUBES LIMITED MR. BIKASH AGRAWAAL – EXECUTIVE DIRECTOR AND CHIEF STRATEGY OFFICER – SAMBHV STEEL TUBES LIMITED MR. PRACHAL KOTHARI – SENIOR MANAGER INVESTOR RELATIONS AND CEO OFFICE – SAMBHV STEEL TUBES LIMITED MODERATOR: MR. SAHIL SANGHVI – MONARCH NETWORTH CAPITAL LIMITED Page 1 of 23 Sambhv Steel Tubes Limited October 30, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Sambhv Steel Tubes Limited Q2 FY27 Earnings Conference Call hosted by Monarch Networth Capital 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sahil Sanghvi from Monarch Networth Capital Limited. Thank you, and over to you, sir. Sahil Sanghvi: Yeah. Thank you, Iqra. Good evening, everyone. Welcome to Sambhv Steel Tubes Limited earnings call to discuss the Q2 and First half FY27 performance. Before we begin, we would like to remind you that today's discussion may include certain forward-looking statements which should be considered in the light of risks and uncertainties outlined by the company. Joining us on the call today, we have Mr. Vikas Kumar Goyal, Managing Director and CEO; Ms. Anu Garg, Chief Financial Officer; Mr. Bikash Agrawaal, Executive Director and CSO; and Mr. Prachal Kothari, Senior Manager, IR and CEO Office. Before we start the call, we'd like to congratulate the whole management and whole team at Sambhv for a very impressive set of numbers. I now invite Mr. Vikas Goyal to take us through the business outlook and key financial highlights, following which we'll open the floor for question and answers. Thank you. Vikas ji, over to you. Vikas Kumar Goyal: Thank you, Sahil. Good evening, everyone. Thank you for joining our earnings call. I hope you have reviewed our financial results today. I will share operational progress and financial performance, followed by Q&A session. As we progress towards our Vision 2030, I would like to highlight key developments related to our growth and long-term vision. We aim to scale our finished product capacity from 0.6 million ton to over 2 million ton, while we aim to meet our 90% energy need through captive power by 2030. Our expansion at Kesda and Sarora is on track for on-time commissioning. We are now entering high-growth, high- margin business of stainless-steel seamless pipes and tubes with investment of INR148 crores, with production capacity of 14,400-ton per annum. Coming to our operational performance of Q2 FY27, sale volume of value added products increased by 27% year- on- year, reflecting our continued focus on improving product mix; a chieved revenue of INR840 crores, total EBITDA of INR105 crores, and PAT of INR61 crores; achieved EBITDA margin of more than 12% and PAT margin of more than 7%; generated operating cash flow of INR213 crores during this quarter, reflecting healthy cash generation. We'll remain committed to sustainable growth and long-term value creation for our stakeholders. As we always say 'Sambhv hai toh sab Sambhv hai’ I would now request to open the floor for Q&A. Thank you. Page 2 of 23 Sambhv Steel Tubes Limited October 30, 2026 Moderator: Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Soham Jain from Dalal & Broacha Stock Broking Private Limited, please go ahead. Soham Jain: Yeah. Thank you for giving me the opportunity and congratulations to the management on good set of numbers. So my first question is our EBITDA per ton came off about INR8,800 in Q1 to about INR8,200 this quarter. So over the same period, the value-added share of volumes have slipped to about 93% from 94%. As Intermediate rose to roughly about 9,100 from 6,600. So just want to understand how much of the decline came from the mix shift and how much from the price and cost? Bikash Agrawaal: Okay. Hi, Soham. Thank you for asking this question. So there are multiple factors that affected the numbers that we have posted in terms of EBITDA per ton vis-a-vis the Q1 number. So in terms of product mix, if you see the major increment growth in terms of sales volume came from MS Pipes & Tubes segment. So in terms of product mix, this is the only growth that we have posted in the majority term. Rest are almost identical to Q1 number. In terms of percentage of EBITDA, or the absolute EBITDA decrease of around INR 600 per ton basis on evaluated product, that is predominantly attributed to two, three factors. First is our yield -- raw material cost goes up during the monsoon because of the yield factor, because of the moisture content in the raw material. Secondly, in terms of the EBITDA margin that we have achieved in stainless steel division because of the relaxation of QCO and heavy import from China -- I would say rather heavy dumping from China on 200 series and 300 series coil in India-- the margin shrank a bit to the tune of 12,000 tons to 13,000 tons for stainless steel per annum, whereas EBITDA per ton in MS and coated product has increased to INR9,000 and INR7,000. So in unweighted average basis, my absolute EBITDA per ton on a blended basis has decreased slightly vis-a-vis Q1. Third is Q1 was absolutely a black swan event for us where there was a war situation, there were a lot of price increase, abnormal price was high, which now started you can say normalizing in Q2, and now also it is still normalizing in Q3. So that abnormal price increase vis-a-vis my raw material cost not increased that much in Q1. That is why the EBITDA number in Q1 is, I believe, is an outlier for us. And Q2 is something which is practically a good set of EBITDA number which we have posted, which is practically a sustainable number given the situation of Q2 and Q3. Soham Jain: Got it, sir. Thank you. And just a follow-up question, like you rightly identified the QCO exemption, so just wanted to know the domestic demand holding up for our stainless steel, and also if you can give the mix of 200 series and 300 series for this quarter? Bikash Agrawaal: Sir, in terms of demand there is -- see, ultimately India is an import dependent country in terms of consumption for stainless steel particularly. That is why government wanted to balance between import and domestic production. So if the government completely ban or completely restrict the import of stainless steel, then India will see an abnormal price increase because Page 3 of 23 Sambhv St [Showing first 8,000 characters — download PDF for full document]