Analysts/Institutional Investor Meet/Con. Call Updates

12 August, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Fort, Bandra (E), Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 500128 Symbol: ELECTCAST ISIN: INE086A01029 Dear Sir/Madam, Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Transcript of Conference Call This is in furtherance to our letter dated 07 August, 2026 for uploading audio link of the Conference Call held on Friday 07 August, 2026 at 4.00 pm IST, to discuss Q1 FY27 Earnings of the Company. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith a copy of the transcript of the said call with the Investors. Please find below the link of the transcript of the said call that has been uploaded on the website of the Company- Transcript-of-Investors-Concall-held-on-07-August-2026.pdf This is for your information and records. Thanking you, Yours faithfully, For Electrosteel Castings Limited Indranil Mitra Company Secretary ICSI: A20387 Encl: as above Electrosteel Castings Limited Q1 FY '27 Earnings Conference Call August 07, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Q1 FY '27 Earnings Conference Call of Electrosteel Castings Ltd. 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 ‘*’ then ‘0’ on your touchtone phone. I now hand the conference over to Mr. Hiral Keniya from EY LLP. Thank you and over to you, sir. Hiral Keniya: Thank you, Steev. Good afternoon, everyone. On behalf of Electrosteel Castings Ltd., I welcome you all to the company's Q1 FY '27 Earnings Conference Call. To discuss the performance of the company, we have with us from the Management Team, Mr. Madhav Kejriwal – Whole-Time Director; Mr. Sunil Katial – Whole-Time Director and CEO; Mr. Rajesh Daga – CFO and Mr. Gaurav Somani – General Manager, Finance. Before we proceed with this call, I would like to draw your attention to the fact that today's discussion may contain some forward-looking statements that are subject to various risks, uncertainties and other factors, which would be beyond management's control. We kindly request to bear in mind that there might be some uncertainties while interpreting such statements. We will now start the session with opening remarks from the management team. Afterwards, we will open the floor for an interactive Q&A session. I will now hand over the conference call to Mr. Madhav for his opening remarks. Thank you and over to you, Sir. Madhav Kejriwal: Thank you, Hiral. Very good evening, everyone, and thank you for joining us for Electrosteel Casting's Q1 FY '27 Earnings Conference Call. I would like to thank all the stakeholders for their continued trust and support in us. Over the past few quarters, the ductile iron pipe industry has operated in a challenging environment due to slower project execution, delayed fund disbursements and liquidity constraints at the state and municipal levels. While the external demand environment remained challenging, we stayed focused on what was within our control. During this year, we implemented a broad-based structural cost optimization program across our operations, Page 1 of 18 strengthening operating efficiencies and creating a more competitive cost base that will support profitability and operating leverage as volumes recover. We are encouraged by the approval of Jal Jeevan Mission 2.0 with the enhanced outlay of Rs. 8.69 lakh crores, including the Central Government support of Rs. 3.59 lakh crores increased from the erstwhile Rs. 2.08 lakh crores. Alongside the continued focus on AMRUT 2.0 irrigation and the river linking projects, this provides a strong long-term visibility for the water infrastructure investment. The irrigation sector continues to present significant opportunities with several states increasingly adopting piped irrigation systems to improve water efficiency and reduce transmission losses. In case of river linking projects, we are hopeful to see demand coming in from the Ken-Betwa project involving a total project cost of Rs. 44,000 crores and the Parbati-Kalisindh-Chambal Link project between Madhya Pradesh and Rajasthan, which is also expected to commence shortly with project value being around Rs. 90,000 crores. There are many other such schemes upcoming which are expected to benefit the Ductile Iron pipe industry in the long term. One such is the Urban Challenge Fund with a total investment of Rs. 4 lakh crores to address the rapid urbanization of our country. Further momentum is expected from the recently approved Modernization of Command Area and Development and Water Management or in short MCAD scheme with an initial outlay of Rs. 1,300 crores for the modernization of irrigation water distribution systems through underground pressurized pipeline networks. Higher budgetary allocations and faster fund releases are expected to improve execution momentum, particularly in the second half of FY '27. Our subsidiaries in the overseas markets such as U.K., Europe and the USA have also been doing much better than our expectations, which is evident from our consolidated performance. We continue to deepen our presence in these countries alongside increasing the market in Africa and Southeast Asia. We are also strengthening our position across the water infrastructure value chain through the acquisition of T.I.S. Service S.p.A. Italy. This has expanded our product portfolio and enabled us to offer integrated water transmission solutions and also helps us further strengthen our global presence. During the quarter, T.I.S. delivered EUR 10 million in revenue, representing a sequential growth of 18.4% over the previous quarter with EBITDA margins improving to the mid-teens. The business continues to perform in line with our expectations. We also expect our valves manufacturing facility in India to commence operations by the end of this financial year, supporting future growth and improving profitability. As we mentioned in the last call, our target is to double the revenue from valve segment in the next four years and we are on track to achieve the same. Taking a cue off the water infrastructure space, as a part of our diversification strategy, we are entering the industrial paints and protective coatings business, leveraging our existing expertise in the paint manufacturing used on our pipes. We will initially focus on high-value industrial and protective coatings and scale this business through phased investments. We aim to establish a meaningful presence in this segment and target annual revenues of around Rs. Page 2 of 18 800 crores to Rs. 1,000 crores in the next five years. To support this growth, we plan to incur CAPEX in a phased manner of around Rs. 250 crores to Rs. 300 crores. Despite the challenging operating environment, our balance sheet remains strong, providing the financial flexibility to pursue growth opportunities while also maintaining a prudent capital structure. With that, I would like to now hand over the call to Mr. Rajesh Daga, CFO, who has recently taken over from Mr. Ashutosh Agarwal. Mr. Daga has been with us at Electrosteel since 1989. Throughout his tenure, he has held key positions across diverse functions, including finance, accounts, purchase and sales. He will take you through the operational and financial performance of the company in greater detail. Thank you. Rajesh Daga: Thank you, Madhav ji. Good afternoon, everyone, and thank you for joining us. It is a privilege to address you for the first time as the CFO of the company. Let me begin by introducing myself. I am Rajesh Daga, a Qualified Chartered Accountant. I joined Electrosteel Castings in 1 [Showing first 8,000 characters — download PDF for full document]