Transcript of Investor Meet held on November 06, 2026

November 10, 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 : Transcript of the Analyst/Investor Conference Call held on November 06, 2026. Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached the transcript of the Analyst/Investor Conference Call held on November 06, 2026. The same is available on the website of the company www.kalyaniforge.com. Kindly take the same on record. Thanking you, For Kalyani Forge Limited Viraj G. Kalyani Managing Director DIN: 02268846 Encl: As Mentioned Above 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 KALYANI FORGE LIMITED ANALYST / INVESTOR CONFERENCE CALL QUARTER ENDED ON SEPTEMBER 30, 2026 RESULTS The company has hosted an Analyst / Investor Conference Call (Virtual - Mode) to discuss the financial performance for the quarter ended on September 30, 2026. Details of the conference call are as follows: Date: Friday, November 06, 2026 Time: 11:00 AM to 12:00 NOON IST The Management team represented by Mr. Viraj G. Kalyani, Managing Director. E&OE - This transcript is edited for factual errors and formatting. In case of discrepancy, the video recording available on the website of the company will prevail. Moderator: Mr. Shivkumar Gawhankar (Secretarial Department). INTRODUCTION: Moderator: Good morning, ladies and gentlemen, I welcome you all to Kalyani Forge Limited's Quarter 2 Financial Year 2026-27 Investor Conference Call. I'm Shivkumar Gawhankar from Secretary Department. Before we start the meeting, I would like to you, to all, to know that all participant lines are currently in listen-only mode, and there will be an opportunity for a question-and-answer session after the presentation concludes. We hope you have received our Q2 financials and press release that we sent out, which are also available on our website. Please note that Our remarks today include forward-looking statements regarding strategic incentives and business performance, Actual results may vary material from these projections. and uncertainties, Kalyani Forge undertakes no obligation to publicly update this statement to reflect future events or circumstances. With that I will hand over to our Managing Director, Mr. Viraj Kalyani, sir, for further business insight. Please, sir. Mr. Viraj Kalyani, MD Kalyani Forge: Alright, thank you, Shivkumar. Very good morning, all participants Shareholders and investors and, interested people. And thank you for attending our Q2 Investor Call. Without any further due, I'll begin with our Usual investor presentation. And we shall then move on to the Q&A. So, Shivkumar, can you confirm the screen is visible, the presentation? Moderator: Yes, sir. It is visible. Mr. Viraj Kalyani, MD Kalyani Forge: Alright, so this is our investor presentation for Q2, FY27. And our theme for this year, based on our recent annual report that we had published in August, is refining the edge and strengthening the Core. Safe Harbour Statement So, this is a safe harbor statement. This presentation contains forward-looking statements regarding Kalyani Forge's outlook, strategies, business plans, expectations, and potential growth. Forward-looking statements are inherently uncertain and subject to risks. So, while Kalyani Forge endeavors to ensure accuracy. In its statements, the company assumes no obligation to upgrade any statements as a result of new information or future events. So please keep this entire safe harbor statement in mind as you are, evaluating our business. And this, investor call. Q2 FY27 Highlights So, these are the highlights for Q2. First and foremost, a major milestone is that our board has approved a Rs.45 crore funding plan. With an indicative mix of equity around 10 crores, debt 20 crores, and non- core asset and inventory monetization up to 20 crores. To strengthen liquidity and fund, the order book ramp up. This is historic milestone, and we are now becoming much more structurally, Strategic about funding. Which is logically the next step in our transformation roadmap. So going forward, more and more funding is going to be a core discussion point in the board, and top management level at Kalyani Forge. H1 FY27 PBT was 9.39 crores, up 118% YOY. PAT is, 6.64 crores, up 86% YOY. Earnings per share, 18.25. EBITDA is 18.67 crores up 38.8%, at a 15.3% margin against 11.1% in H1 FY26, which is the same period last year. Now, coming to Q2, the EBITDA margin was 14.2%, up 158 basis points year-on-year. This is the fourth consecutive quarter above 14%. And PBT, 3.24 crores, is up for 42.9% YOY, PAT, 2.16 crores, and earnings per share, Rs.5.94. The drug segment has been up 75% year-on-year to 23.3 crores, now around 43% of sales. There's a big market pull from the truck segment, and it is going to continue. Over, foreseeable future. Cars, trucks, and industrial are 97% of sales against 82% a year ago. And this, lines up with our strategic market segment and customer mix targets planned transitions absorbed in Q2. So, we had 2 months of reconditioning of a 2,500-ton press, and relocation of the driveline machining plant to MCD1. This was a major, operational initiatives that were taken as part of the Vriddhi Council projects. But due to these planned initiatives, there has been a reduction in sequential revenue to 54.4 crores, that is, quarter on quarter. About 18% compared to Q1 FY27. However, margins have still been held above 14%. Receivables have also increased. This is a point I'd like to clarify up front, as some of you may go through our balance sheets of the half-year results. So, this is primarily due to remittances which are delayed during a banking changeover. So, we have changed, That old CC bank account, from one bank to another, for better interest rates and more of a strategic change. And, that's why the transition process caused some delays in receivables coming in. And legacy, last time lifting has been slower than planned. So, going forward, collections and export credit lines are now being normalized. And, this will get smoothed out over the year. H2 priorities, CV, OEM ramp-up programs, and machining de-bottlenecking, as well as expansion in machining within a 30 crore FY27 CAPEX plan. 8 crores of which is deployed in H1. And new engine and wheel hub orders are ramping up. Product Portfolio For those of you who are new to the company or attending for the first time, this is our product portfolio. We have 3 main product groups, engine, driveline, and axle. Engine is our core cash cow business, particularly connecting rods. Driveline is a fast-growing segment for particularly in the passenger car area. And the axle business is also a fast-growing segment, both in commercial vehicles and passenger cars. Growth Formula So, our growth formula is strong execution, business development, and capex, which leads to growth. now I would like to add a third or a fourth ingredient that is funding, or capital. And, we would probably update this formula, combine it with CAPEX, Capex and capital, and share that in the next call. But this is an evolving, playbook. Over that we have been honing over the last several years now. Strong Execution – Financial Performance So, coming to strong execution, these are our financial performance, numbers. Total income is 54.69 crores. PAT is 2.17 crores. EBITDA 7.79 crores, and EBITDA margin is 14.2%. As I said earlier, the major reason for the revenue being lower than previous quarter. It's because of the planned interventions that we've done in terms of shifting an entire plant, machini [Showing first 8,000 characters — download PDF for full document]