Analysts/Institutional Investor Meet/Con. Call Updates

Date: 21 August 2026 The Deputy General Manager National Stock Exchange of India Ltd Corporate Relationship Department. ‘Exchange Plaza’, Bandra – Kurla Complex, Bombay Stock Exchange Limited, Bandra (E), Mumbai – 400 051 Rotunda Building, P.J. Towers, First Floor, New Trading Wing, Dalal Street, MUMBAI –400 001 Dear Sirs, Ref.: NSE: security code- MMFL –EQ; BSE: Security Code -522241 Sub.: Compliance under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Transcript of Analyst/ Investor call: Please find enclosed the Transcript of the Analyst/ Investor post results conference call held on 17 August 2026 on the unaudited Financial Results for the quarter ended 30 June 2026. The results were approved in the Board Meeting held on 14 August 2026. We request to take the same on records. Thanking you, Yours faithfully, For M M FORGINGS LIMITED S.Muthukrishnan Company Secretary Encl: as above “MM Forgings Limited Q1 FY27 Earnings Conference Call” August 17, 2026 MANAGEMENT: MR. VIDYASHANKAR KRISHNAN – CHAIRMAN AND MANAGING DIRECTOR – MM FORGINGS LIMITED MR. R. RAGHUNATHAN – CHIEF FINANCIAL OFFICER – MM FORGINGS LIMITED MODERATOR: MR. DINESH KUMAR – 360 ONE CAPITAL MARKET PRIVATE LIMITED Page 1 of 20 MM Forgings Limited August 17, 2026 Moderator: Ladies and gentlemen, good day, and welcome to MM Forgings Limited Q1 FY27 Earnings Conference Call, hosted by 360 ONE Capital Market Private 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Dinesh Kumar from 360 ONE Capital. Thank you, and over to you, sir. Dinesh Kumar: Thanks, ma'am. Welcome to MM Forgings Limited 1Q FY27 Post Results Conference Call. From the management side, we have with us today Mr. Vidyashankar Krishnan, Chairman and Managing Director; and Mr. Raghunathan, Chief Financial Officer. I will now hand over the call to Mr. Vidyashankar Krishnan for the opening remarks, to be followed by question-and-answer session. Over to you, sir. Vidyashankar Krishnan: Good afternoon, everyone. Thank you all for joining us on MM Forgings' Q1 FY27 results call. Basically, we've seen considerable improvement in the markets as far as Q1 is concerned, and we see the same optimism going through the rest of calendar and fiscal '27 and going into calendar '27 as well with strong momentum from both domestic as well as export markets, particularly the U.S.A. We've seen growth in the U.S. market, and also the CV market, the CV tractor and past car market in India are all running pretty hot. As a result, MM Forgings just posted a total net sales of INR427 crores as against INR369 crores for the corresponding period in the previous year. Our EBITDA stands at INR82 crores, and INR75 crores net of other income at 18% as against 19%-odd Considering other income. Excluding other income, EBITDA stands at 18%. Revenue growth has been almost 16%. EBITDA has grown by the same, 16%, and PBT has grown by 30%. All this is excluding the sale of assets we sold land in Oragadam area of Chennai. We have sold unrealized INR60 crores less net profit, INR58 crores net of taxes, INR64 crores gross. That's a profit on sales, not gross, profit from sales. All that has not been factored in into these EBITDA numbers naturally being onetime gains. Domestic sales stands at 63.5% and exports at 36.5% as against 61% and 39% in the corresponding period last year. India accounts for 63.5%; U.S., 18%; South America, 4%; Europe, 14%; and others, about 1% of today's sales breakup. Commercial vehicle stand at 71%; PAT at 14%; and agri and off- highway, 14% of overall sales; balance 1% of others. 67% is machine, 33% is directly forged. Our heavy holdings constitute 42% of our sales as against 43% in the previous year-end reference. Sales per ton has gone up from 193,000 to 202,000 meaning, 2.02 lakhs versus INR1.93 lakhs in the previous quarter. So these are some of the brief numbers that we have Page 2 of 20 MM Forgings Limited August 17, 2026 prepared for you. We have this as a PPT that will be mailed out to all of you by end of this meeting. So with these opening remarks, I would like to throw open the floor for questions, and we'll be happy to answer whatever I can in the best possible time. Moderator: Thank you very much. We will now begin the question-and-answer session. The first question is on the line of Mumuksh from Anand Rathi Institutional Equities. Please proceed with your question. Mumuksh: Thank you, sir, for the opportunity and congrats on a good set of results. Firstly, sir, we have seen a good growth coming back in Q1 quarter. Just if you can give a view for the full year, what kind of growth we expect in the domestic and exports market and particularly for the U.S. market. And also, I think very interesting this time, you mentioned a very good mix of machining in the quarter. So what led to the notable jump in the machining mix? Moderator: Sir, are you there? Vidyashankar Krishnan: Yes. Sorry, I muted the phone. So we can look - we did about INR1,600 crores last year. We can expect the same 18%-odd growth for this year also. So we should be looking at turnover in the region of around INR1,800 crores to INR1,900 crores. With regards to machining mix, a lot of money has been invested by the company in the last 3 years in machining, and that has led to a higher machining mix as a percentage of sales. Mumuksh: And just on the machining mix, should this current run rate of 67% continue for the rest of the year, sir? Vidyashankar Krishnan: Yes. I think it should hover in the 65% to 68% range. Mumuksh: Got it. So sir, also, I think this quarter, particularly gross margin has seen a notable improvement sequentially, almost more than 350 bps. So is it part of the reason being a better machining mix and exports mix, sir? Vidyashankar Krishnan: We've heard. Yes, you had overall realization go up, Mumuksh, this quarter. So that would definitely result in better gross margin. Mumuksh: Got it. And on the employee and other expenses, which had increased Q-on-Q, any reason for the increase? And how do you see the run rate for those expenses? Vidyashankar Krishnan: The increase has been steep in Q1, largely because last quarter, the period in the reference, we have not given an increment, and that was done only in the subsequent quarter. So this quarter, effectively, but this time, we have given increment in the first quarter itself. So right from first of April. So that is one reason why there is a significant increase in personnel costs, relatively speaking. Plus we also added some numbers. But overall, no numbers and increment increases have stabilized. So right through the year, these kind of numbers should hold. Page 3 of 20 MM Forgings Limited August 17, 2026 Mumuksh: Got it, sir. Sir, lastly, just on the debt reduction plan, with the land sale now, and how do you plan to further reduce the debt? And just can also update us on the interest run rate expected ahead with the change in the interest rate policy, which we had done earlier. Vidyashankar Krishnan: We hold that. Last year, FY26 opening, the debt was around INR750 crores net debt, term debt, at least. So, gross debt, sorry. That will remain at those level. Sorry, gross debt stood at INR750 crores. That will hold at those levels for this year also, approximately. So, we would be repaying about INR170 crores this year, and the same would be drawn back as further loans for future and for investments being made in this year. So gross debt will remain at the approximately the same levels. Mumuksh: Got it. So broadly capex would be also INR170-odd crores, sir? Vidyashankar Krishnan: Yes, approximately INR150-odd [Showing first 8,000 characters — download PDF for full document]