Transcript of Earnings Conference Call held on 28th July, 2026

HUDCO/List. Comp. /SE/2026 31st July, 2026 Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Plot No. C/1, G Block Dalal Street Bandra-Kurla Complex, Bandra (E) Mumbai – 400001 Mumbai – 400051 SCRIP CODE: 540530 SCRIP CODE: HUDCO Sub.: Transcript of Earnings Conference Call held on 28th July, 2026 ----------------------------------------------------------------------------------------- Sir/Madam, In compliance of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached transcript of Earnings Conference Call held on 28th July, 2026. The same will also be available on the website of the Company i.e. www.hudco.org.in. This is for your kind information. Yours sincerely For Housing and Urban Development Corporation Limited Vikas Goyal Company Secretary & Compliance Officer Encl. as above “Housing and Urban Development Corporation Limited Q1 FY '27 Earnings Conference Call” July 28, 2026 MANAGEMENT: MR. SANJAY KULSHRESTHA – CHAIRMAN & MANAGING DIRECTOR – HOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED MR. M. NAGARAJ – DIRECTOR, CORPORATE PLANNING – HOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED MR. DALJEET SINGH KHATRI – DIRECTOR, FINANCE – HOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED MR. ACHAL GUPTA – EXECUTIVE DIRECTOR, FINANCE & IRO – HOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED MODERATOR: MR. SANKET CHHEDA – DAM CAPITAL Page 1 of 12 Housing and Urban Development Corporation Limited. July 28, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Housing and Urban Development Corporation Limited Q1 FY '27 First Earnings Conference Call, hosted by DAM Capital. As a reminder, all participant line 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sanket Chheda from DAM Capital Advisors. Thank you, and over to you, sir. Sanket Chheda: Yes. A very good morning to all of you. We have with us the entire management team of HUDCO to discuss the Q1 results. So, from the management side, we have Mr. Sanjay Kulshrestha, who is a Chairman and MD; Mr. M. Nagaraj, who is a Director, Corporate Planning; Mr. Daljeet Singh Khatri, who is a Director of Finance; and Mr. Achal Gupta, who is the Executive Director of Finance and IRO. Without further ado, I'll hand the call over to Mr. Sanjay sir for his opening remarks. We will follow that up with question-and-answers. Over to you, sir. Sanjay Kulshrestha: Yes. Thank you, Sanket, and good morning to all of you. If you have seen the results, I'm sure that you have already seen the results. So, I will not go through the numbers. So, I will start with the ecosystem and the policy of the company as well as how we are aligning with the policies of the country towards the Viksit Bharat. As we all know that HUDCO is a sector-agnostic company, and there is a lot of potential into the urban infrastructure. And it is not the potential; it is the need of the hour that our cities need that kind of infrastructure. If you have observed the last 10 years' progress and the infusion into the urban infrastructure, starting from the basic urban infrastructure of PMAY or AMRUT or Swachh Bharat Mission graduating to Metro, RRTS, airports, ports, industrial policies, semiconductor mission, everything, every industry, I think they are attracting more of kind of a planned urban ecosystem and infrastructure because it's the capital and human intensive kind of industry that we are working upon. All these things are creating potential business for the company. It may be a Ring Road, it may be the Regional Ring Road, it may be multi-sector kind of infrastructure, multi-model corridors. So, all these things are very capital intensive, and we are working with a lot of state entities for creation of these assets. And our numbers are the reflection of all these policies of the company. At the same time, if you see on the larger level from the government of India, there is a sense of leveraging of the infrastructure, which is already created in last 10 years, whether it is road or whatever it is. So, at this point of time, there is a change in thought also from the subsidy of the grant-based schemes to the bankable projects. And with this perspective, a slight iota of reform has also started into the urban infrastructure. And we have seen the schemes or the projects, I will not say it's a scheme of projects rather, it's a fund-based approach or the way urban Challenge fund has been brought in, which is one of the very proactive kind of initiative taken by the Government of India, where the 25% to the extent Page 2 of 12 Housing and Urban Development Corporation Limited. July 28, 2026 of INR1 lakh crores has been earmarked as a subsidy or you can say VGF for the urban sector project and another 25% has to be brought in by the state sector. And balance 50% to the extent of INR2 lakh crores has to be created through Institutional finance including private sector players towards the bankable projects. So now the focus is towards bankability, viability and the sustainability of these assets. So, it's a key change in the thought and a lot of states are coming forward with this thought and they are conceptualising lot of projects and 2 schemes of around more than INR30,000 crores, have already been sanctioned by the Apex Committee. So, if you see the SASCI facility from the Government of India, there also, there are the some conditionalities towards urban infrastructure and a lot of money has been provided for the state sector. Then if you see the financial commission also, so the allocations towards the urban spectrum has enhanced to the maximum. So, all these things, if you see, whether it is the policy, whether it is a thought, whether it is a capital expenditure or whether the preparation of the state towards creation of the new cities, planning new cities like in Delhi, the Jewar airport has come in near Delhi. So new cities are being planned in and around. Bombay is coming with this airport and a lot of urban conglomeration is concentrating towards that side. Naya Nagpur being coming. In Bangalore also, we are talking. Even the North-eastern side, if you see the Meghalaya, the new Shillong is being planned in. New Bhubaneswar is being planned in. So, it is not only the organic kind of infrastructure which is required for the country. But we all know the urbanization level in next 20 years will be to the extent of 100%. So presently, if it is 40 crores of the urban population, it will be doubled in the next 20 years. So, it will to the extent of 80 crores. So, it is 50% of the total population, which is projected. So, the kind of urban capital, which is required for the country, it is giving a lot of potential. And our results are the small reflection of that kind of commitment and that kind of plan for the country. So, I will say with these initial comments, thank you so much. Moderator: Should we begin with the question-and-answer session now? Sanjay Kulshrestha: Yes, you can. Moderator: Thank you very much. The first question is from the line of Sandeep Agarwal: from Naredi Investments. Please go ahead. As there is no response, I am taking next question from the line of Vijay Singh from Mirae Asset. Please go ahead. Vijay Singh: Congratulations on a good set of results. Sir, my question is just I wanted to understand a bit more about foreign exposure, short-term foreign exposure. And second one is on lending rates. These two will be -- these are my two questions. Sanjay Kulshrestha: So, regarding the short-term foreign exposure, there is very, very miniscule. We had retired all short-term foreign curr [Showing first 8,000 characters — download PDF for full document]