Analysts/Institutional Investor Meet/Con. Call Updates

Gnunru-lT GtL/GKP/2026-27 August 04, 2026 BSE Limited National Stock Exchange of lndia Limited ,,EXCHANGE Floor 25, P J Towers, Dalal Street PLAZA," Mumbai- 400 001. lNDlA. Bandra - Kurla Complex, Bandra (East) Scrip Code: 532725 Mumbai - 400 051. lNDlA. Symbol: GALLANTT SUB: EARNINGS CONFERENCE CAIL TRANSCRIPT FOR THE QUARTER ENDED 3OIH JUNE, 2026 Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 please find enclosed herewith the transcript of the Earnings Conference Call with investors/analysts held on Tuesday, July 28, 2026 to discuss the Financial and Operational Performance ofthe Company for the quarter ended 30th June, 2026. The above mentioned Earnings Call Transcript is also available on the Company's website at www.ga lla ntt.co m Kindly take the above on your records. Thanking You, Yours faithfu lly, For GALLANTT ISPAT tlMlTED Nitesh Kumar COMPANY SECRETARY M. No. F7496 Encl: As above GALLANTTISPAT LIMITED CIN: L2n 09UP20O5PLCt9565o Registered Office & Gorakhpur Unit Gorakhpur Industrial Development Authority (GIDA), Sahianwa, Gorakhpur - 273209, Uttar Pradesh Tele-fax: 0551 3515500, E-mail: csgml@gallantt.com, Website: www.gallantt.com Guiarat Unit: Survey No. 175[, Near Toll Gate, Samakhyali, Bhachau, Distt. Kutch - 370150, Guiarat “Gallantt Ispat Limited Q1 FY27 Earnings Conference Call” July 28, 2026 MANAGEMENT: MR. DINDAYAL JALAN – VICE CHAIRMAN MR. MAYANK AGRAWAL – CHIEF EXECUTIVE OFFICER MR. AMIT JALAN – CHIEF FINANCIAL OFFICER MODERATOR: MS. VANESSA FERNANDES – INVESTOR RELATIONS, ADFACTORS PR Page 1 of 13 Gallantt Ispat Limited July 28, 2026 Moderator: Ladies and gentlemen, good day and welcome to Gallantt Ispat Limited Q1 FY27 Earnings Conference Call. 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 zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Vanessa from Adfactors PR. Thank you and over to you, ma'am. Vanessa: Thank you, Shruti. Good evening, everyone. On behalf of Gallantt Ispat Limited, I welcome you all to the Earnings Conference Call for Quarter 1 FY2027. Today on the call, we have with us from the management, Mr. Dindayal Jalan, Vice Chairman; Mr. Mayank Agrawal, Chief Executive Officer; and Mr. Amit Jalan, Chief Financial Officer of Gallantt Ispat Limited. We will begin the call with brief opening remarks from the management, followed by a Q&A session. Please note that certain statements made during this call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties that could cause actual results or projections to differ materially from those statements. Gallantt Ispat holds no responsibility for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements. I now hand the call over to Mr. Dindayal Jalan for his opening remarks. Over to you, sir. Dindayal Jalan: Thank you, Vanessa. Good afternoon, ladies and gentlemen. A warm welcome to Gallantt Ispat's Q1 FY27 Earnings Conference Call. Before I come to our own numbers, let me set some industry context because I think it has a direct bearing on how this quarter should be read. The first quarter of any financial year tends to be a seasonally softer one for the domestic steel industry on account of the monsoon, and this year was no exception. Construction and infrastructure activity slowed through the quarter and long product prices, TMT and rebar in particular, which had opened the year on a firm note, corrected quite meaningfully as the quarter progressed. This is not something specific to Gallantt. Several of our larger peers have also called out a sharp correction in long product realizations this quarter, even as flat product prices held up somewhat better. Because Gallantt is predominantly in the long products business, serving the construction and housing markets of Uttar Pradesh and Gujarat, this seasonal correction in TMT pricing weighed more directly on us this quarter than it would on a more diversified player. On the raw material side, coal and iron ore costs firmed up industry-wide during the quarter. Ongoing geopolitical tensions, including the conflict in the Middle East, added further pressure on global freight, shipping, and energy-linked costs, and this was compounded in our own case by the planned annual maintenance shutdown of our Pellet plant, which required us to procure a great share of our iron ore from the open market at a higher cost than our normal captive route. Page 2 of 13 Gallantt Ispat Limited July 28, 2026 On the policy front, India turned a net importer of steel during the quarter, with imports rising as certain cargoes originally intended for other markets found their way here, and also imports under some free trade routes increased. The industry along with the government has sought anti-dumping measures to address this alongside the existing safeguard duties, and this is something we will continue to track. Against this backdrop, our Q1 FY27 performance was steady on a sequential basis, even as it was lower than the particularly strong quarter we reported a year ago. We closed the quarter with an EBITDA margin of 18% and a PAT margin of 11%, both broadly in line with what we delivered in Q4 FY26, though below the 23% and 15% we had reported in Q1 FY26. Input cost inflation led by coal and temporary import of our own Pellet plant shutdown weighed on year-on-year profitability. What we do take comfort from is that quarter-on-quarter our operating performance held its ground, which speaks to the resilience of our integrated model even through a seasonally and cyclically difficult quarter for the industry. The medium-term demand picture for Indian steel remains intact. Domestic steel demand is still expected to grow in the range of 7% to 9% this year. Government infrastructure spending and the construction cycle remain multi-year themes. And historically, pricing in the construction steel segment has recovered as the monsoon recedes and activity picks up from September and October onwards. We would expect a broadly similar pattern to play out this year. On our own initiatives, there is no change of direction. As I had mentioned on our last call, FY26 was a year of consolidation for us and FY27 was always meant to be the year in which our expansion begins to show up in the numbers. That remains on track. Our capacity expansion from 1 million to 1.23 million tonnes, part of our INR 3,000 crores capex program continues to progress well and remains on course for commissioning in the second half of this financial year. Our renewable energy initiatives at Gujarat and Gorakhpur, together about 85-megawatts are progressing as per their respective timelines. And on the raw material security side, work continues on our captive iron ore blocks in Rajasthan and Uttar Pradesh, with FY28 remaining our internal target for these to become operational. Let me also touch briefly on capital discipline. Gallantt continues to be a net cash surplus company with no term loans and our ongoing capex continues to be funded entirely through our internal accruals. With that, let me hand over to Mayank to take you through the operating performance and the four pillars that drive our growth in more detail. Over to you, Mayank. Page 3 of 13 Gallantt Ispat Limited July 28, 2026 Mayank Agrawal: Thank you, sir and good afternoon, everyone. Let me begin with a brief word on the industry before coming to our own performance across the four pillars. The global steel industry continues to be impacted by excess production in China and weak demand from its real estate sector. However, demand in China appears to be stabilizing and rec [Showing first 8,000 characters — download PDF for full document]