Analysts/Institutional Investor Meet/Con. Call Updates

Rajputana Stainless Limited Rajputana Stainless Limited CIN: L27109GJ1991PLC015331 Date: 06/11/2026 Department of Corporate Services Listing Compliance Department, BSE Limited, National Stock Exchange of India Limited, Floor 1, Rotunda Building Exchange Plaza, C-1, BLOCK G, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Bandra (E), Dalal Street, Mumbai - 400001 Mumbai - 400051 Scrip Code: 544731 Symbol: RSL ISIN: INE313L01016 Dear Sir(s), Subject: Transcript of the Earnings Call with Analysts/Investors held on November 03, 2026. This is with reference to our intimation dated October 29, 2026 regarding Earning Conference Call with investors and analysts on November 03, 2026 (Tuesday) 03:00 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 at: https://www.rajputanastainless.com/investor-relations/a3c=/-Investor-Presentation Thanking You For 0100 Limited Richa Sanjeev Prashar Company Secretary Compliance Officer Encl.:- As Above 54 mail@rajputanastainiess.com З wwwrajputanastainiess com “Rajputana Stainless Limited Q2 and H1 FY27 Earnings Conference Call” November 03, 2026 MANAGEMENT: MR. SHANKARLAL MEHTA – CHAIRMAN AND MANAGING DIRECTOR – RAJPUTANA STAINLESS LIMITED MR. YASHKUMAR MEHTA – CHIEF EXECUTIVE OFFICER – RAJPUTANA STAINLESS LIMITED MR. AMBRISH BEDADE – CHIEF FINANCIAL OFFICER – RAJPUTANA STAINLESS LIMITED MR. VISHAL VIJAYVARGIYA – ACCOUNTS HEAD – RAJPUTANA STAINLESS LIMITED MRS. RICHA PRASHAR – COMPANY SECRETARY AND COMPLIANCE OFFICER – RAJPUTANA STAINLESS LIMITED MODERATOR: MS. SANA KAPOOR – GO INDIA ADVISORS Page 1 of 15 Rajputana Stainless Limited November 03, 2026 Moderator: Ladies and gentlemen, good day and welcome to Rajputana Stainless Steel Limited Q2 and H1 FY27 Earnings Conference Call hosted by Go India Advisors. 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 0 on your touchtone phone. Please note that this conference is being recorded. I would now hand the conference over to Ms. Sana Kapoor. Thank you, and over to you, ma'am. Sana Kapoor: Thank you, Muskan. Good afternoon everyone and welcome to Rajputana Stainless Limited's maiden earnings call to discuss Q2 and H1 FY27 financial performance. Today we are joined by Mr. Shankarlal Mehta, Chairman and Managing Director, Mr. Yashkumar Mehta, Chief Executive Officer, Mr. Ambrish Bedade, Chief Financial Officer, Mr. Vishal Vijayvargiya, Accounts Head, and Mrs. Richa Prashar, Company Secretary and Compliance Officer. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risks that the company faces. May I now request Mr. Yash Kumar Mehta to take us through the company's business outlook and financial highlights, subsequent to which we will open the floor for Q&A. Thank you, and over to you, sir. Yashkumar Mehta: Thank you so much, Sana. Hello everyone, I am Yash Mehta, the Chief Executive Officer of the company. Thank you so much for joining the Rajputana Stainless Steel earnings call for the second quarter and the first half of financial year 2026-27. For those new to us, Rajputana Stainless makes stainless steel long products and it is an integrated stainless-steel plant which is located in Kalol, Panchmahal. We melt, cast, roll, and finish stainless steel round bars, hexagonal bars, square bars, and it is all done under one roof. So it is a product from which is made from scrap, and it is sold to all the B2B manufacturing companies all over the globe. We are present in India and across 8 different countries. So in total, we are present in over 9 different countries. We manufacture over 48,000 tons of stainless steel every year with 36,000 tons of rolling capacity and 6,000 tons of bright bar capacity. Our specialty and what differs us is that we manufacture over 80 different grades of stainless steel in both austenitic, ferritic, martensitic, and duplex grades. We are a custom-made manufacturer of stainless steel and a solutions provider to all the stainless-steel users who require different kinds of stainless steel. We do R&Ds, we do product development for all our customers, and that is how we are present in the most niche market in the stainless-steel world. Our every order is make-to-order by grade, by size, by shape, and by length. So, we deal in over 5,000 different SKUs. Our customers, which are manufacturers, they are mainly differed into different segments, which are like forging, engineering units, pipe units, seamless pipes and tubes. They serve oil and gas segment, automotive segment, aerospace segment, and defense segment. Page 2 of 15 Rajputana Stainless Limited November 03, 2026 We have over 370 different customers, and our approvals include the AS9100D, the AD2000- Merkblatt, IBR, BIS, and many more. We got listed in the NSE and the BSE in March this year, and we used our IPO proceeds to repay our debt. We officially became the debt-free company in April. And our vision for the next 2 years is we want to increase our product range; we want to invest more and more into R&D and ensure that we provide high-quality stainless-steel products across the globe. The quarter 2 revenue, if we speak about the quarter 2 revenue, the quarter 2 revenue grew about 33% from year on year to INR360 crores. Our operating EBITDA grew by 38% to INR33.4 crores with a margin of 9.3%, and our profit after tax grew by 79% to INR23.7 crores. For the first half, revenue was INR666 crores and the PAT stood at INR43.9 crores, up by 80%. We also managed to make as much 88% of the money that we made in the entire financial year of 2025-26. We started the second half with an order book of about INR500 crores, which includes over INR80 crores of orders in aerospace and defense. I would love to have some questions from you guys if you want to know a lot more about the company. Thank you so much. Moderator: Thank you very much. We will now begin the question-and-answer session. The first question is from the line of [Shreyas from Genuity Capital 0:06:56]. Please go ahead. Shreyas: Yes, hi. So, my question was regarding -- could you please share the production and sales volume for Q2? And what was the capacity utilization across the melting, rolling, and finishing facilities? Could you please share these numbers? Yashkumar Mehta: Yes, so our capacity utilization was over 99%, which has been continuous over the past 2 years. We have been fully utilizing our entire capacity. However, we have introduced more and more grades into the segment, which has ensured that the revenue of the company grows. So, if we were making a commodity product, we moved towards the specialty products which were much more costlier in nature, which ensured that our revenues increased. Our quarterly revenue in the first year of 2026-27 was INR306 crores, which increased by 17% to INR360 crores. This is primarily due to the increase in the quality products that we have produced. So that is the primary reason for which our revenues have increased. Our capacity utilization for stainless steel billets has been 99%. For the rolled products, it has been 99.45%. And for the bright bar, we've reached about 60% of the capacity utilization. Shreyas: Okay, so means you are currently on full capacity right now? Yashkumar Mehta: Yes, 100% capacity utilization, and soon we are increasing our capacity from 48,000 tons of melting to 60,000 tons of melting. Shreyas: Okay, so when is this capacity goi [Showing first 8,000 characters — download PDF for full document]