Investor Presentation of Kalyani Forge Limited for the Investors Meet to be held on 12th August 2026

August 12, 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 August 12, 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 August 12, 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 Anup Sancheti Company Secretary & Compliance Officer Membership No.: A49266 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 Investor Presentation FROM BOLD Q1 FY27 DECISIONS 12th August 2026 TO TANGIBLE GAINS 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. 8/12/2026 Confidential, Investor Presentation, Kalyani Forge Ltd. 2 Q1 FY27 Highlights • Q1 FY27 PAT ₹4.48 Cr — up over 218% YoY from ₹1.41 Cr; Q1 FY27 EPS ₹12.31 (basic & diluted) • ROCE crosses 20% for the first time — improved to 22%, up from 18% in Q4 FY26 • EBITDA margin 16.2% — up 640 bps YoY from 9.3%; PBT margin 9.2% (+600 bps), PAT margin 6.7% (+450 bps) • Total Income ₹67.07 Cr — up from ₹64.53 Cr in Q1 FY26 and ₹59.24 Cr in Q4 FY26; PBT ₹6.15 Cr, up over 203% YoY • New order wins in sample validation phase: engine and wheel hub components from marquee global customers, progressing on a disciplined, low-capex expansion path • Cash Conversion Cycle improved to 148 days (from 168 days in Q4 FY26) — Vriddhi Council cost savings of ₹19.1 Cr realised to date against a ₹50 Cr annual target 8/12/2026 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 8/12/2026 Confidential, Investor Presentation, Kalyani Forge Ltd. 4 KFL Growth Formula 1. Strong 2. Business 3. Capex Growth Execution Development 8/12/2026 Confidential, Investor Presentation, Kalyani Forge Ltd. 5 Strong Execution - Financial Performance Total Income PAT Rs. Cr. 67.08 68.00 7.00 5.88 66.00 64.52 6.00 64.00 5.00 4.48 62.00 59.24 4.00 60.00 58.22 58.00 56.23 3.00 2.16 56.00 2.00 1.41 54.00 1.00 52.00 50.00 Q1 26 Q2 26 Q(03. 1216) Q4 26 Q1 27 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 (1.00) EBITDA Rs. Cr. EBITDA % 12.00 10.89 18.0% 16.2% 15.7% 15.2% 16.0% 10.00 9.12 9.00 14.0% 12.7% 8.00 7.12 12.0% 6.34 9.8% 10.0% 6.00 8.0% 4.00 6.0% 4.0% 2.00 2.0% - 0.0% Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 8/12/2026 Confidential, Investor Presentation, Kalyani Forge Ltd. 6 Strong Execution - Financial Performance • Consistent improvement in ROCE Profit Margin % capital efficiency, with ROCE 25% 12.0% 22% 9.9% rising from 14% to 22% over 20% 10.0% 20% 18% the last five quarters 15% 8.0% 6.7% • Deleveraging trend continues, 6.0% with Debt to EBITDA 3.8% 10% 4.0% improving from 3.53x to 2.2% 2.0% 2.51x, now below target levels 0.0% • Cash Conversion Cycle Q1 26 Q2 26 Q-03.2 2%6 Q4 26 Q1 27 0% -2.0% improved to 148 days in Q1 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 FY27, the best level in five quarters, reflecting tighter Cash Conversion Cycle Debt to EBITDA working capital management • Profit margins remain on an 180 176 175 4.00 3.53 175 3.50 3.19 improving trajectory versus 170 2.93 FY26 lows, supported by 3.00 165 2.58 2.51 2.50 better operating leverage and 155 152 2.00 cost discipline 150 1.50 • Continued focus on margin 1.00 stability and working capital 0.50 135 efficiency remains a key 130 - priority going into FY27 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 8/12/2026 Confidential, Investor Presentation, Kalyani Forge Ltd. 7 Strong Execution – EBITDA margin expansion • All time high EBITDA Margin of 16.2% EBITDA Margin • Operating Leverage compounding with 18.0% shopfloor efficiency improvements 16.2% 15.7% 16.0% 15.2% • Vriddhi Council Projects bearing fruit • Plant Engineering initiative unlocking 14.0% 12.7% efficiencies 12.0% • Improved material and power cost discipline 9.8% 10.0% • Operational stabilization (machine recon, 8.0% die-run prioritization) • Price increases kicked in 6.0% • Exit from low-margin business 4.0% • Tracking EBITDA and ROCE to focus on 2.0% Profitability and Capital Efficiency 0.0% Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 8/12/2026 Confidential, Investor Presentation, Kalyani Forge Ltd. 8 Strong Execution – Sales by Product Group Axle Engine Driveline 45.0 14.0 40.0 7.0 12.0 35.0 6.0 10.0 30.0 5.0 25.0 8.0 20.0 6.0 15.0 10.0 5.0 2.0 1.0 - - - Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q4 FY26 Q1 FY27 • Engine: ~₹29 Cr → ~₹40 Cr, roughly 38% YoY growth • Axle: ~₹5.5 Cr → ~₹6.7 Cr, roughly 22% YoY growth 15% 12% • Driveline: ~₹10.5 Cr → ~₹11.7 Cr, roughly 11% YoY growth 10% • Core business grew with focus on OEMs growing demand • Domestic PV business experienced increase demand which is seen in 18% 60% our ramp up programs. Engine Driveline Axle Other Engine Driveline Axle Other 8/12/2026 Confidential, Investor Presentation, Kalyani Forge Ltd. 9 Strong Execution – Sales by Segment and Geography Segment Sales • Strong growth across segments backed by 80.0 increasing market demand and market share 70.0 gains: 60.0 4.7 • Cars: 35% YoY growth, strong OEM growth 50.0 12.0 4.0 7.6 6.4 13.9 8.2 11.4 and new business ramp up 40.0 6.8 7.7 30.0 8.3 13.1 14.4 9.9 20.0 • Trucks: 48% YoY growth, fastest-growing 13.5 14.2 20.0 11.3 segment 12.8 10.0 22.5 • Industrial: 67% YoY growth smaller base but 16.7 11.7 15.0 15.5 strongest percentage growth Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 • Agro: down 31% — due to consolidation of Cars Trucks Industrial Agro Other core businesses, some legacy low margin business being phased out • Other: legacy non-fit business reduced • Exports sales mix has revived to 16% with new high-volume business replacing legacy non-fit business • Better growth potential 8% 17% 15% 16% 6% 11% • Better profit margins Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Exp [Showing first 8,000 characters — download PDF for full document]