Transcript of the Earnings Con-Call held on 14th August, 2026

JAI BALAJI INDUSTRIES LIMITED Ref : JBIL/SE/2026-27 Date : 17.08.2026 To To The Manager The Manager, Listing Department, Dept, of Corporate Services National Stock Exchange of India Limited BSE Limited "EXCHANGE PL7\ZA", C-l, Block G Phiroze Jeejeebhoy Towers Bandra-Kurla Complex, Bandra (E) Dalai Street, Mumbai - 400 051 Mumbai - 400 001 (Company's Scrip Code: JAIBALAJI) (Company's Scrip Code: 532976) Dear Sir/Madam, Sub: Transcript of the Earnings Con-Call held on 14th August, 2026 With reference to the captioned subject, please find enclosed the transcript of the Earnings Con-call for Q1FY27 held on August 14, 2026. Kindly take the same on record. Thanking you, Yours faithfully, For Jai Balaji Industries Limited Ajay Kumar Tantia Company Secretary Regd. Office i 5. Bentinck Sheet, 1 si Floor, Kolkata • 700 001. Corporate Office LMi Comdex, I Phone: -91-33-2248 3604, 2248 0238 'SC Hemarra Basu Sarai-, i E-mail: info@jaibalajigroup.com 4th Floor, Koikata - 700 001 ! Website : www.|aiba!ajigroup.ccrn P-one : -91-33 2248 8173, 2248 9808 C!N - 127102WB1999PLC089755 “Jai Balaji Industries Limited Q1 FY'27 Earnings Conference Call” August 14, 2026 MANAGEMENT: MR. ADITYA JAJODIA – CHAIRMAN AND MANAGING DIRECTOR – JAI BALAJI INDUSTRIES LIMITED MR. RAJ KUMAR SHARMA – JOINT CHIEF FINANCIAL OFFICER – JAI BALAJI INDUSTRIES LIMITED MR. VIJAY BAGRI – PRESIDENT FINANCE – JAI BALAJI INDUSTRIES LIMITED MR. AJAY TANTIA – COMPANY SECRETARY – JAI BALAJI INDUSTRIES LIMITED MODERATOR: MS. SANA KAPOOR – GO INDIA ADVISORS Page 1 of 12 Jai Balaji Industries Limited August 14, 2026 Moderator: Ladies and gentlemen, good day and welcome to Jai Balaji Industries Limited Q1 FY'27 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 this 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. Sana Kapoor from Go India Advisors. Thank you and over to you, ma'am. Sana Kapoor: Thank you, Huda. Good afternoon, everybody, and welcome to Jai Balaji Industries Limited's earnings call to discuss Q1 FY27 financial performance. We have on the call Mr. Aditya Jajodia, Chairman and Managing Director; Mr. Raj Kumar Sharma, Joint Chief Financial Officer; Mr. Vijay Bagri, President Finance; and Mr. Ajay Tantia, Company Secretary. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore viewed in conjunction with the risks that the company faces. May I now request Mr. Aditya Jajodia to take us through the company's business outlook and financial highlights, subsequent to which we will open the floor for Q&A. Thank you and over to you, sir. Aditya Jajodia: Thank you, Sana. A very good afternoon to everyone. We are pleased to welcome you all to our Q1 FY27 earnings conference call. Our Investor Presentation and the Financial Results have been uploaded on the Exchanges and we hope that you have had the opportunity to review them. We are very pleased to report a healthy start to FY27 with JBIL delivering a very resilient performance in Q1 revenue. The adjusted EBITDA and the PAT increased by 46% and 21% year-on-year respectively, which reflects the benefits of price normalization, operational efficiency, and our continuous focus on improving the product mix. Talking about the industry environment, the ductile iron pipes market continues to remain subdued in the near term, primarily due to the slow government ordering and project execution. However, we believe that the underlying requirement for water and irrigation infrastructure remains very strong with a meaningful pipeline of government-led projects supporting the medium to long-term demand outlook. A key structural driver is the Jal Jeevan Mission 2.0, which has been extended up to December 2028 with a total outlay enhanced to INR8.69 lakh crores, including INR3.5 lakh crores of central assistance. The restructured mission moves beyond infrastructure creation towards reliable and sustainable water services and with also greater emphasis on service delivery, source sustainability, and operations and maintenance. The AMRUT 2.0 also continues to provide a meaningful opportunity for the DI pipe industry with its focus on urban water supply, transmission and distribution networks, sewerage and water treatment infrastructure. In addition, the progress on major river interlinking and irrigation projects, including the Ken-Betwa and the Polavaram-Godavari-Krishna link, provides further visibility for DI pipe demand over the medium to long term. Page 2 of 12 Jai Balaji Industries Limited August 14, 2026 While the near-term environment remains measured, we remain constructive on the recovery in government ordering and project execution as fund releases improve. We will continue to monitor the pace of execution closely and remain prepared to ramp up our expanded DI pipe capacity as demand conditions improve. On the ferroalloy industry front, the segment continues to witness strong momentum with realizations improving consistently over the last five quarters. This is supported by a very healthy steel demand and increasing requirements for specialized and high-performance steel where ferroalloys play a critical role in enhancing strength, durability, and other performance characteristics. We therefore remain very positive on the medium-term outlook for this particular segment. Now coming to our strategic initiatives in Q1 FY27. We have committed to strengthen our capacity base. Our DI pipe capacity has increased from 5 lakh tons to 5.5 lakh tons per annum, positioning us well to ramp up utilization as the demand revives and market conditions improve. In parallel, our specialized ferroalloy capacity is also being enhanced to 1.9 lakh metric tons per annum from 1.66 lakh tons, and our blast furnace capacity will increase to 7.5 lakh tons per annum from 6.3 lakh tons capacity, and sinter capacity to 12.08 lakh tons from 9.08 lakh tons. These enhanced capacities are expected to be commissioned by Q3 FY27. These investments are aligned with our broader strategy of increasing the contribution of value-added products, improving operating leverage, and strengthening the balance sheet. As part of our Jai Balaji 2.0 strategy, we remain very focused on specialized products like ductile pipes, specialized ferroalloys, and also on cost reduction and sustained debt reduction. Our integrated operations are further supported by three dedicated railway sidings which provide a significant logistics advantage by enabling efficient movement of raw materials and finished goods and while reducing transportation costs and turnaround time. We have also continued to make strong progress on deleveraging with our net term debt reducing significantly from INR3,408 crores in FY21 to INR188 crores in Q1 FY27. Our net term debt to debt-equity ratio stands at a healthy 0.07 in FY26 end, providing us with a strong financial foundation and ample headroom to support future growth. We remain committed to further strengthening our balance sheet through sustained debt reduction. On the capex front, we have made strong progress on our ongoing expansion program. We have already invested INR1,076 crores, mostly through internal accruals, while the overall project outlay has been revised from around INR1,000 crores to INR1,112 crores, primarily due to technical upgrades, additional ancillaries, some inflation, and some time overruns also. The balance of around INR35 crores to INR40 crores is expected to be completed by the end of this current year 2026. These investments will further strengthen our capacity base and support the next phase of our growth. Coming to our operational performance, the production across key products remained [Showing first 8,000 characters — download PDF for full document]