Investor presentation of Kalyani forge Limited for the Investors meet to be held on November 06, 2026

November 06, 2026 Bombay Stock Exchange Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Tower, Dalal Street, Exchange Plaza, Bandra Kurla Complex, Fort, Mumbai-400001 Bandra (E), Mumbai-400051 Scrip Code: 513509 Symbol: KALYANIFRG Dear Sir/Madam, Sub: Investor Presentation for the Analyst / Investor Conference Call to be held on November 06, 2026. Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 please find attached herewith Investor Presentation to be used for the Analyst / Investor Conference Call scheduled to be held on November 06, 2026. The presentation shall also be available on the website of the company www.kalyaniforge.com We request you to take the same on records. Thanking you, For Kalyani Forge Limited Viraj G. Kalyani Managing Director DIN: 02268846 CIN: L28910MH1979PLC020959 REGD OFFICE: Shangrila Gardens, 1st Floor, ‘C’ Wing, Opp. Bund Garden, Pune: 411001 Tel. +91 2137 252335/755 Fax +91 2137 252344 Website: www.kalyaniforge.com Email: companysecretary@kforge.com REFINING THE EDGE STRENGTHENING THE CORE Investor Presentation Q2 FY27 Safe Harbour Statement • This presentation contains forward-looking statements regarding Kalyani Forge Ltd.’s outlook, strategies, business plans, expectations, and potential growth in the Indian and global markets. These statements are based on assumptions and information currently available to management, including expectations of growth in sectors such as automotive, agriculture, and industrial equipment where Kalyani Forge’s products are applied. • Forward-looking statements are inherently uncertain and subject to risks that could cause actual results to differ materially from those anticipated. Factors affecting these outcomes include economic conditions in India and globally, fluctuating demand within our key industries, changes in government regulations and policies, and potential shifts in customer preferences and needs. Additionally, competitive pressures, raw material price volatility, foreign exchange fluctuations, and challenges in adapting to evolving technological standards could impact the company’s performance. • While Kalyani Forge Ltd. endeavors to ensure accuracy in its forward-looking statements, the company assumes no obligation to update any statements as a result of new information or future events. We caution investors to consider these factors when making investment decisions and to refer to the company’s regulatory filings for additional information on potential risks. 11/5/2026 Confidential, Investor Presentation, Kalyani Forge Ltd. 2 Q2 FY27 Highlights • Board approves ₹45 Cr Funding Plan: indicative mix of equity (~₹10 Cr), debt (~₹20 Cr) and non-core asset and inventory monetisation (up to ₹20 Cr), to strengthen liquidity and fund the order ramp-up • H1 FY27 PBT ₹9.39 Cr, up 118.8% YoY: PAT ₹6.64 Cr (+86.7%), EPS ₹18.25; EBITDA ₹18.67 Cr (+38.8%) at a 15.3% margin, against 11.1% in H1 FY26 • Q2 EBITDA margin 14.2%, up ~158 bps YoY: fourth consecutive quarter above 14%; PBT ₹3.24 Cr (+42.9% YoY), PAT ₹2.16 Cr, EPS ₹5.94 • Trucks up ~75% YoY to ₹23.3 Cr, now 43% of sales: Cars, Trucks and Industrial are 97% of sales, against 82% a year ago • Planned transitions absorbed in Q2: two-month reconditioning of the 2500T press and relocation of the driveline machining plant to MCD1 cut sequential revenue to ₹54.4 Cr (−18.5%), with margins held above 14% • Receivables increased: remittances delayed during a banking changeover and legacy last-time- buy lifting slower than planned; collections and export credit lines being normalised • H2 priorities: CV OEM ramp-up programmes and machining de-bottlenecking, within a ₹30 Cr FY27 capex plan (₹8.0 Cr deployed in H1), with new engine and wheel hub orders (~₹20 Cr annual) ramping up 11/5/2026 Confidential, Investor Presentation, Kalyani Forge Ltd. 3 Our Product Offerings Critical, high performance components, leveraging decades of expertise Engine Driveline Connectingrod Crankshaft OuterRace Tulip Inner Race Tripod DoubleYoke YokeShaft Gear Blanks Axle Stub Axle Steering Knuckle WheelHub 11/5/2026 Confidential, Investor Presentation, Kalyani Forge Ltd. 4 KFL Growth Formula 1. Strong 2. Business 3. Capex Growth Execution Development 11/6/2026 Confidential, Investor Presentation, Kalyani Forge Ltd. 5 Strong Execution - Financial Performance PAT Rs. Cr. Total Income 7.00 80.00 5.88 67.08 70.00 6.00 58.22 59.24 60.00 56.23 54.69 5.00 4.48 50.00 4.00 40.00 3.00 2.16 2.17 30.00 2.00 20.00 1.00 10.00 Q2 26 Q(03. 1216) Q4 26 Q1 27 Q2 FY27 Q2 26 Q3 26 Q4 26 Q1 27 Q2 FY27 (1.00) EBITDA Rs. Cr. EBITDA % 12.00 10.89 17.0% 16.2% 15.7% 16.0% 15.2% 10.00 9.12 9.00 15.0% 14.2% 7.79 14.0% 8.00 7.12 12.7% 13.0% 6.00 12.0% 11.0% 4.00 10.0% 2.00 9.0% 8.0% - Q2 26 Q3 26 Q4 26 Q1 27 Q2 FY27 Q2 26 Q3 26 Q4 26 Q1 27 Q2 FY27 11/6/2026 Confidential, Investor Presentation, Kalyani Forge Ltd. 6 Financial Performance: Q2 Impact of Planned Transformation Initiatives • ROCE: 13% on annualised Q2 earnings. ROCE Profit Margin % H1 annualised ROCE is 17%. 25% 12.0% • Profit margin: H1 FY27 PAT margin is 9.9% 20% 18% 10.0% 5.5%, up from 3.0% in H1 FY26. 15% 8.0% 6.7% • CCC and Debt to EBITDA: 15% 13% 6.0% 3.8% 4.0% • Revenue shortfall due to Planned 10% 4.0% downtime (2500T press 2.0% 0.0% reconditioning and MCD3 plant 0% -2.0% Q2 26 Q-03.2 2%6 Q4 26 Q1 27 Q2 27 relocation) Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 • Delayed customer receipts during the banking changeover and Debt to EBITDA slower legacy last-time-buy Cash Conversion Cycle lifting. 5.00 250 231 3.94 • Recovery on track: 4.00 200 176 175 168 3.19 2.93 • press and MCD lines back in 150 3.00 2.58 2.51 operation 100 2.00 • collections and bank facilities 50 1.00 being normalised • Board-approved ₹45 Cr Funding Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Plan to strengthen liquidity 11/6/2026 Confidential, Investor Presentation, Kalyani Forge Ltd. 7 Strong Execution – EBITDA margin expansion • Q2 FY27 EBITDA margin of 14.2%, up 158 bps EBITDA Margin YoY from 12.7% in Q2 FY26 18.0% • H1 FY27 EBITDA margin of 15.3% vs 11.1% in H1 FY26, an expansion of 420 bps; H1 EBITDA 16.2% 15.7% 16.0% up 38.8% to ₹18.7 Cr 15.2% 14.2% • Fourth consecutive quarter with EBITDA margin 14.0% above 14%, versus 12.7% a year ago 12.7% 12.0% • Margin held above 14% in a quarter of planned disruption: the 2500T press reconditioning and driveline plant relocation cut sequential revenue 10.0% by 18.5%, absorbed on a largely fixed cost base 8.0% • Structural gains continue: cost optimisation, Vriddhi Council initiatives and improved operating 6.0% efficiency • Path to recovery: press and consolidated MCD1 4.0% plant restored, and new engine and wheel hub orders ramping up, to rebuild volumes and margin 2.0% toward Q1 levels 0.0% Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 EBITDA = PBT + finance costs + depreciation and amortisation; margin on Total Income. 11/5/2026 Confidential, Investor Presentation, Kalyani Forge Ltd. 8 Strong Execution – Sales by Product Group Engine Driveline Axle 50.0 14.0 8.0 12.0 7.0 40.0 10.0 30.0 8.0 5.0 20.0 6.0 3.0 10.0 2.0 1.0 - - - Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 • Engine remains strong and growing: ₹40 Cr in Q2 FY27, up 46% YoY and steady sequentially (−2%) despite the planned 2500T press reconditioning. Q2 FY26 Q2 FY27 Engine is now 73% of sales, against 55% a year ago. • Axle up 16% YoY to ₹5.9 Cr, now 11% of sales. Lower sequentially due to 2500T planned recon. 15% 11% • Driveline moderated to ₹6.6 Cr due to low volume parts consolidation, 10% 12% and machining plant relocation from MCD3 to MCD1, with 2 months of production disruption. The plant is now consolidated, with a compact layout and room for expansion. 19% 73% • Legacy non-fit business cut from 15% to 4% of sales, so the core Engine, Driveline and Axle groups now make [Showing first 8,000 characters — download PDF for full document]