Submission of Earnings Call Transcript for the call convened on November 4, 2026

November 11, 2026 To To Sr. General Manager Sr. General Manager Department of Corporate Services Listing Department 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: 544317 Scrip Symbol: TRANSRAILL Sub.: Transcript of Earnings Call on the Unaudited Financial Results for quarter and half year ended September 30, 2026 Ref.: Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, Pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the earnings call held on Wednesday, November 4, 2026, to discuss the Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2026. You are requested to take the above information on record. For Transrail Lighting Limited Monica Gandhi Company Secretary and Compliance Officer Encl: As above TRANSRAIL LIGHTING LIMITED Corporate & Registered Office: 501 A, B, C, E, Fortune 2000, Block-G, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India Tel: +91 22 61979600 | Web: www.transrail.in | CIN: L31506MH2008PLC179012 “Transrail Lighting Limited Q2 FY27 Earnings Conference Call” November 04, 2026 E&OE. This transcript is edited for factual and Grammatical errors. In case of discrepancy, the audio recordings uploaded on . the stock exchange and company website on Nov 4th, 2026, will prevail MANAGEMENT: MR. RANDEEP NARANG – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – TRANSRAIL LIGHTING LIMITED MR. RAJESH NEELAKANTAN – GROUP CHIEF FINANCIAL OFFICER AND CHIEF STRATEGY OFFICER – TRANSRAIL LIGHTING LIMITED MR. DEEPAK KHANDELWAL – CHIEF FINANCIAL OFFICER – TRANSRAIL LIGHTING LIMITED MODERATOR: MS. BHAKTI SHEWALE – NUVAMA INSTITUTIONAL EQUITIES Page 1 of 15 Transrail Lighting Limited November 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Transrail Lighting Limited Q2 FY '27 Earnings Conference Call hosted by Nuvama Institutional Equities. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participants 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 Ms. Bhakti Shewale from Nuvama Institutional Equities. Thank you, and over to you, ma'am. Bhakti Shewale: Thank you, Neerav. Ladies and gentlemen, good day, and welcome to the Transrail Lighting Q2 FY '27 Conference Call hosted by Nuvama Institutional Equities. 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 any assistance during the conference call, please signal an operator by pressing star, and then zero on your touch-tone phone. I now hand over the conference to Mr. Randeep Narang, Managing Director and CEO; Mr. Rajesh Neelakantan, Group CFO and Chief Strategy Officer; and Mr. Deepak Khandewal, CFO, from the Transrail Lighting. Thank you, and over to you, Mr. Narang. Randeep Narang: Thank you very much, and welcome to all. Good afternoon. I'm joined here with Mr. Rajesh and Deepak, as already mentioned. So I'm very pleased to share that Transrail has delivered very strong Q2 '27 performance, recording the highest ever revenue and EBITDA. This robust performance is achieved despite the continued impact on supply chain and logistics due to the Middle East/west asia crisis. This reflects better execution momentum across our projects, sharp focus on cash flow management. With this, the company's overall H1 performance is back on track to achieve the annual growth guidance. Since listing, we have not missed any of our revenue or margin guidance, and we continue to be confident to achieve the same trend this year. Our focus remains on sustaining this growth while striving for industry-leading profitability and cash generation. Speaking of the numbers, the revenue for operations for quarter end September 30, has grown to INR2,056 crores, which is a 32% jump year-on-year. Similarly, EBITDA stood at INR238 crores, which is a 28% jump year- on-year, quarter 2. Alongside our operating performance, we've continued to strengthen our balance sheet. Our cash flow from operations was impressive INR435 crores in H1, while the net working capital cycle days is sustained at 82 days for the same period. It reflects our continued focus on collections, project execution milestones, efficient working capital management. Going forward, improving cash conversion will remain an important priority as we scale up our operations further. On manufacturing front, we have had meaningful progress in expanding our capacities. Our tower manufacturing capacity currently stands at 1,84,400 metric tons per annum, while Page 2 of 15 Transrail Lighting Limited November 04, 2026 completion of Phase 1 of conductor expansion has increased our installed conductor capacity to 40,800 kilometers per annum. We have progressed well with our planned capex investments to further strengthen our manufacturing base. The expanded capacity will enable us to support larger and more complex projects, improve supply assurance and have greater control of quality and delivery to meet the customer expectations. Our order book stands at INR14,218 crores as of September 30. While post the quarter got over, we have already declared orders of INR1,747 crores, providing strong revenue visibility. With this improvement in order momentum, we are confident to achieve an annual order intake of INR10,000-plus crores, while maintaining a healthy book-to-bill ratio. The order win is also encouraging from the business diversification perspective, spanning transmission, substation, conductor and re-conducting opportunity. An important development is the order wins we've had and we have awarded -- got awarded 5 conductor jobs in India, where we will use our own manufactured carbon core HTLS conductors. We see this as an important product breakthrough for Transrail. reconductoring provides an opportunity to enhance the existing transmission corridors without requiring the development of entirely new transmission routes. Our entry into these projects with our own manufactured HTLS conductor strengthens our presence in the conductor segment and opens up additional opportunity in transmission infrastructure market. Further, we've also started booking small quantities for U.S. and other developed markets. We also recently secured greenfield GIS project in Jordan, which is 400kV and 765 kV transmission lines in India. Looking ahead, we believe the structural opportunity in India power transmission and distribution sector remains strong. Rising electricity demand, renewable energy capacity additions, increasing electrification and need to strengthen and modernize the national grid has created a sustained requirement for transmission lines, substations, HVDC infrastructure and associated power infrastructure. We believe that not merely a near-term opportunity, but multi-decadal growth drivers are available in the power infrastructure industry. The scale of investments envisaged across the sector provides encouraging visibility for experienced EPC players like Transrail with meaningful opportunity in the next 5 years up to 2032. Wi [Showing first 8,000 characters — download PDF for full document]