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E-Communication JDIL/SECT/SE/2026-27 14th August 2026 BSE Limited National Stock Exchange of India Limited 25th Floor, P.J. Towers, Exchange Plaza, C-1, Block-G, Dalal Street, Mumbai-400001 Bandra - Kurla Complex Bandra (E), Mumbai-400051 Security Code: 511034 Security Code: JINDRILL Sub.: Transcript of earnings conference call held on 10th August 2026 Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find below the link of transcript of earnings conference call held on 10th August 2026. Link to access above transcript is as under: https://www.jindal.com/jdil/pdf-new/Transcript-of-Conference-Call-Q1-FY27-Earnings-Call.pdf You are requested to kindly take the same on record. Thanking you, Yours faithfully, For Jindal Drilling & Industries Limited Binaya Kumar Dash Company Secretary & Compliance Officer Jindal Drilling & Industries Limited Q1 FY27 Earnings Conference Call 10 August 2026 MANAGEMENT: MR. KAUSHAL BENGANI – DEPUTY GENERAL MANAGER, INVESTOR RELATIONS & FINANCE – JINDAL DRILLING & INDUSTRIES LIMITED MODERATOR: MR. VARATHARAJAN – ANTIQUE STOCK BROKING LIMITED Page 1 of 11 Jindal Drilling & Industries Limited August 10, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Jindal Drilling & Industries Limited Q1 FY27 Earnings Conference Call hosted by Antique Stock Broking Limited. 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 this 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 call over to Mr. Varatharajan from Antique Stock. Thank you, and over to you, sir. Varatharajan: Thank you, Iqra. Very good afternoon, ladies and gentlemen. It's my pleasure to welcome you all to this first quarter FY27 earnings call of Jindal Drilling & Industries Limited. I request Mr. Kaushal from Jindal management to deliver his opening remarks. Over to you, sir. Kaushal Bengani: Thank you, Mr. Varatharajan. Good afternoon, shareholders, and thank you for joining our earnings call. The first quarter of FY27 was fairly good for the company. The key development, apart from financial results, has been the receipt of a contract from ONGC for one of the rigs owned by Jindal Drilling. That rig is currently under refurbishment in UAE, and we expect to deploy it as early as October of 2026. Apart from that, results were broadly in line with expectations. We remain the largest offshore jack-up drilling contractor based in India with ONGC. We have 5 rigs on long-term contracts, which are currently deployed with ONGC, with the 6th rig having recently received a new contract. In the presentation, we've put out the order book and bifurcated it rig-wise and day rate-wise so that one is able to assess how the revenue will shape up going forward. The order book stands at INR1,310 crores, and we've also bifurcated the order book year-wise. A key point to note here would be that three of our rigs are expected to be dehired within the current financial year. Page 2 of 11 Jindal Drilling & Industries Limited August 10, 2026 Out of the four rigs, which were getting rehired in the current calendar year, more or less, one has recently received a contract, and we are hopeful that we'll get contracts for the remaining three rigs as well. For Discovery-I and Jindal Star, there has been a slight extension in the duration of the contract, which we have also put out in the presentation. On the financial highlights, total revenue is broadly constant with the previous couple of quarters. The dip, which is visible in the third quarter of FY26, was on account of reversal of an other income item, which we had booked in the second quarter of FY26. EBITDA remains in line. The variation in EBITDA is primarily on account of the variation in other expenses, which is caused by forex fluctuation, which was more prevalent in the last quarter of the previous financial year and less prevalent in the first quarter of the current financial year. On the next slide, we've put out the profit and loss comparison and followed it up with the annual financial highlights. EBITDA mix is given on the subsequent slide with most of the EBITDA coming from the rig segment. We remain a cash-rich organization despite having acquired one rig in FY25 and conducting refurbishment exercise of the said rig. We expect the cash position to improve going forward. That concludes the presentation, and I would now request Mr. Varatharajan to kindly open for questions. Moderator: Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Pankaj from AVIS Capital. Pankaj: I have two quick questions. One is regarding -- I think we have three rigs, which are due for expiry in 2026. So just wanted to understand what is the likelihood of these contracts getting renewed? Are we expecting any idle time for the renewal? And what are the rates we are expecting for renewal of these rigs? That's question one. Question two is regarding what kind of capex we have actually spent on refurbishment of Pioneer? I believe this is done in UAE. And a related Page 3 of 11 Jindal Drilling & Industries Limited August 10, 2026 question is that are we on track to meet the Q3 deadline, which we have kind of worked with ONGC? Kaushal Bengani: On the first question regarding the dehire of the three rigs, which is expected in the later part of this year. There will be a refurbishment period of 4 to 6 months once the rig gets dehired. In that 4 to 6 months period, there wouldn't be any revenue which would accrue to us because the rig would be under refurbishment. The likelihood of the rig getting redeployed is fairly good, subject to whatever nuances that our customer keeps coming up with at various points in time in various tenders. Despite that challenge, we remain fairly confident that we'll be able to redeploy these three rigs. The rate is something on which I cannot comment because if you look at our order book on Slide 5, you will see the massive fluctuation in the day rates despite these rigs getting redeployed in a similar time period. On the refurbishment of Jindal Pioneer, we've spent a fairly decent amount through our joint venture. But I would not like to comment on how much we've spent. We expect the refurbishment exercise to be completed by first week of September and deployment of this rig to take place in the month of October. Pankaj: So related outcome possibly could be that our H2 revenue will be severely impacted because three out of six rigs would be kind of out of revenue in H2. Is my understanding right? Kaushal Bengani: Yes, absolutely right. Because these three rigs will get dehired, they will go into refurbishment. No revenue will accrue till they get redeployed. So revenue will decline in the second half of this financial year. However, I do not believe that EBITDA will decline in proportion to the decline in revenue because right now, we are earning most of our EBITDA from the rigs which we own or from the rigs that are deployed at a good rate. We will have a dehiring of Discovery-I, which is a rig which we own. We will have a dehiring of Virtue-I, which is a rig which is rented, but on a good rate. And we will have a dehiring of Jindal Star, which is a rig which we have rented, but it is not on a good rate. So although there will be a Page 4 of 11 Jindal Drilling & Industries Limited August 10, 2026 decline in revenue from 3 rigs, the decline in earnings would primarily be from 2 rigs. Therefore, earnings will not decline in proportion. And you might even see an increase in the EBITDA margin, although absolute earnings would see a decline in the second half of the current financial year. Pankaj: Got it. Got it. So will it [Showing first 8,000 characters — download PDF for full document]