Analysts/Institutional Investor Meet/Con. Call Updates

12th August, 2026 The Manager, The Manager, BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra-Kurla Complex, Dalal Street, Bandra (E), Mumbai - 400 001 Mumbai - 400 051 BSE Scrip Code: 544320 NSE Symbol: CARRARO Sub.: Transcript of the Earnings Conference Call held on Friday, 07th August, 2026 in respect of the Company’s Unaudited Financial Results for the quarter ended 30th June, 2026. Ref.: 1. Regulation 30 and Regulation 46(2) (oa) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”); 2. Intimation of Earnings Conference Call dated 30th July, 2026 (Earnings Call Intimation”); and 3. Intimation of Audio recording of Earnings Conference Call held on Friday, 07th August, 2026 dated 07th August, 2026 (“Audio Recording Submission”). Dear Sir/Madam, Pursuant to above-referred Listing Regulations and in continuation to Earnings Call Intimation and Audio Recording submission, we are pleased to submit transcript of the Earnings Conference Call held on Friday, 07th August, 2026 in respect of the Company’s Unaudited Financial Results for the quarter ended 30th June, 2026. The transcript has been hosted on the Company’s website at: https://www.carraroindia.com/investors/investor-information/announcements-and-notices You are requested to take this intimation on record. Thanking you, Yours faithfully, For Carraro India Limited Mr. Mohith Kumar Khandelwal Company Secretary and Compliance Officer Membership No.: F11243 Encl.: As above. “Carraro India Limited Q1 FY ‘27 Earnings Conference Call” August 07, 2026 E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the Stock Exchanges on 7th August, 2026 shall prevail. MANAGEMENT: DR. BALAJI GOPALAN – MANAGING DIRECTOR – CARRARO INDIA LIMITED MR. DAVIDE GROSSI – WHOLE-TIME DIRECTOR & CHIEF FINANCIAL OFFICER – CARRARO INDIA LIMITED MR. SUDHENDRA MANNIKAR – WHOLE-TIME DIRECTOR & CHIEF OPERATING OFFICER – CARRARO INDIA LIMITED MR. ASHOK RAI – DIRECTOR, SALES & BUSINESS DEVELOPMENT – CARRARO INDIA LIMITED Page 1 of 19 Carraro India Limited August 07, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Carraro India Limited Q1 FY’27 Earnings Conference Call. As a reminder, all participant lines will remain 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 the operator by pressing star, then zero on your touchtone telephone. Please note that this conference is being recorded. Before we begin, a brief disclaimer: This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations the company has on the date of this call. These statements are not the guarantee of future performance of the company and it may involve risks and uncertainties that are difficult to predict. I will now hand the conference over to Dr. Balaji Gopalan, Managing Director. Thank you, and over to you, sir. Balaji Gopalan: A very good morning to all of you. This is Balaji Gopalan, Managing Director, Carraro India Limited. Thank you for joining us for Carraro India Limited's Q1 FY’27 earnings conference call today. I am joined by Mr. Davide Grossi, our Whole-time Director and CFO; Mr. Sudhendra Mannikar, our Whole-time Director and COO; Mr. Ashok Rai, our Director - Sales and Business Development along with other members of the leadership team and Strategic Growth Advisors, our Investor Relations Advisors. The quarter was characterized by a mixed operating environment. On one hand, domestic demand remained resilient across the agriculture, construction equipment and broader off- highway segments, supported by continued infrastructure investments, healthy mechanization trends and sustained demand for higher performance equipment. On the other hand, global markets continued to face headwinds from geopolitical uncertainties, particularly the ongoing situation in West Asia, which resulted in supply chain disruptions, logistical challenges and softer demand in certain export markets. While the evolving monsoon situation and the potential impact of El Niño remain important factors to monitor, the long-term drivers of our industry remain firmly in place. Increasing mechanization, the growing adoption of four-wheel drive tractors, a rising demand for advanced driveline solutions and the government's continued focus on infrastructure development continue to support industry growth. We also believe that the recent GST rationalization is a positive structural development that will improve affordability and further accelerate the adoption of advanced technologies in the sector. Against this backdrop, Carraro India delivered a resilient performance in the first quarter of FY’27, with revenues from operations increasing by 10% year-on-year to INR5,447 million. Domestic revenue also grew by approximately 26% year-on-year, reflecting strong demand across our key end markets. Page 2 of 19 Carraro India Limited August 07, 2026 This robust domestic performance helped offset the temporary weakness in exports, which declined by approximately 14% year-on-year due to geopolitical disruptions and supply chain challenges in certain international markets. As a result, we were able to deliver healthy revenue growth while maintaining profitability. Our domestic business continued to outperform, particularly well driven by strong demand for four-wheel drive axle solutions in the agriculture segment and sustained momentum across key construction equipment platforms. At the same time, we made steady progress on several strategic initiatives that will support our next phase of growth, including capacity expansion, localization, new customer programs and the continued development of our engineering services business to customers and suppliers. In the domestic agriculture segment, we continue to see encouraging demand trends supported by the ongoing shift towards four-wheel drive tractors. The GST reforms announced for the sector are expected to further support this transition over time. We continue to work closely with our customers and are expanding capacity to address anticipated demand growth. In construction equipment, our tele boom handler axle program continues to progress well, both in export markets and increasingly within India, as we are expanding our domestic tele boom handler presence through new programs with Indian OEMs and Indian operations of global OEMs. In the Backhoe Loader segment, Carraro's sales to Indian OEMs continued to outperform the broader market. Overall, backhoe loader sales by Indian OEMs, including domestic sales and exports, grew by approximately 14% year-on-year during the quarter. During the same period, Carraro's sales of drivelines to OEMs increased by approximately 18% year-on-year. Coming to higher horsepower transmission business, the export market for higher horsepower tractors is gradually recovering, which should support transmission off-take going forward. This is achieved as an important milestone during the quarter, with the commencement of serial production for a Turkish customer. In parallel, development activities for our Indian customer program continue to progress as planned, with the start of production targeted by FY’28. We believe this business represents a significant long-term opportunity as mechanization levels increase globally. Our engineering services business gained further momentum during the quarter. We continue to receive increased customer inquiries for higher horsepower and advanced technology configurations, reflecting growing confidence in our engineering capabilities. The Montra electric project is also progressing well. Assignments worth approximately INR33 million that were under execution at quarter-end were completed in July 2026. Discus [Showing first 8,000 characters — download PDF for full document]