Transcript of Earnings Call held on August 19, 2026

Date: August 24, 2026 Listing Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Fort, Mumbai - 400 001. Scrip Code: 531859 Dear Sir/Madam, Sub.: Transcript of Earnings call held on Wednesday, August 19, 2026 Ref.: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") Pursuant to Regulation 30 of the SEBI Listing Regulations and in continuation of our letters dated August 14, 2026 - regarding Intimation of Earnings Call and our letter dated August 19, 2026 - regarding Uploading of Audio Recording of Earnings Call, please find enclosed the transcript of the discussion held during the said Earnings Call held on August 19, 2026, at 11:00 pm (IST) w.r.t. discussion of operational and financial performance for Q1FY27 of the Company The transcript is also hosted on the Company's website i.e. at https://www.orientalrail.com/earningscall.php This is for your information and records please. Thanking you, Yours truly, For ORIENTAL RAIL INFRASTRUCTURE LIMITED HEMALI RACHH COMPANY SECRETARY & COMPLIANCE OFFICER “Oriental Rail Infrastructure Limited Q1 FY27 Earnings Conference Call” August 19, 2026 MANAGEMENT: MR. SALEH MITHIBORWALA – CHAIRMAN, MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER – ORIENTAL RAIL INFRASTRUCTURE LIMITED MR. TAHAA MITHIBORWALA – WHOLE-TIME DIRECTOR, ADDITIONAL DIRECTOR – ORIENTAL RAIL INFRASTRUCTURE LIMITED MR. NAJMUDDIN MITHIBORWALA -- CHIEF STRATEGY, INVESTOR RELATIONS OFFICER AND SENIOR MANAGEMENT PERSONNEL – ORIENTAL RAIL INFRASTRUCTURE LIMITED MODERATOR: MR. AKHILESH GANDHI – STELLAR INVESTOR RELATIONS Page 1 of 18 Oriental Rail Infrastructure Limited August 19, 2026 Moderator: Ladies and gentlemen, good day and welcome to Oriental Rail Infrastructure Limited Q1 FY27 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 the 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 over to Mr. Akhilesh Gandhi from Stellar IR. Thank you, and over to you, Mr. Gandhi. Akhilesh Gandhi: Thank you, Renju. Good morning, everyone. I, Akhilesh Gandhi, on behalf of Stellar Investor Relations, welcome you all to the Oriental Rail Infrastructures Quarter 1 FY27 Earnings Conference Call. We shall be sharing the key operating and financial highlights for the first quarter ended on June 30, 2026. Today we have with us the senior management team of Oriental Rail Infrastructure with us today. Mainly we have Mr. Saleh Mithiborwala, he is a Chairman, Managing Director and the CFO of the company. Along with him, we have Mr. Tahaa Mithiborwala, he is a Whole Time Director, along he is also Additional Director. With him, we also have Mr. Najmuddin Mithiborwala, he is a CS, IRO, and SMP. And also before we begin, I would like to state that this call may contain some of the forward- looking statements which are completely based upon the company's beliefs, opinions, and expectations as of today. The statements made in today's call are not a guarantee of future performance and also involve unforeseen risks and uncertainties. The company also undertakes no obligation to update any forward-looking statements to reflect development that occur after the statement is made. Document relating to company's financial performance like investor presentation is already been uploaded on the stock exchange and the company's website. With that, I now invite Mr. Saleh Mithiborwala to share his initial remarks on the company's performance for the first quarter. Thank you and over to you, sir. Saleh Mithiborwala: Good afternoon everyone. A very warm welcome to all joining in today. It is a pleasure to welcome you and talk to you regarding Oriental Rail Infrastructure Limited's earnings call. This is the first-ever earnings conference call and is an important milestone as we begin our regular engagement with the investment community. We look forward to using these interactions to provide greater visibility into our business performance, strategy, and long-term growth journey. I hope you all have had an opportunity to review our quarter one financial year '27 investor presentation which has already been uploaded on the stock exchange. Since this is our first earning call, I would like to briefly take you through our business Q1 financial performances and key growth priorities. Oriental Rail Infrastructure was established in 1991 and has built a presence of more than three decades in the Indian railway ecosystem, Page 2 of 18 Oriental Rail Infrastructure Limited August 19, 2026 progressively expanding across railway interiors, components, freight wagons, and wagon components. Today, the group operates through two complementary business platforms. The first is our rolling stock interior and allied product business housed with Oriental Rail Infrastructure, the listed parent company. The second is our freight wagon and wagon components business operated through our wholly-owned subsidiary, Oriental Foundry Private Limited. We currently operate four manufacturing facilities spread across 100 acres with integrated capabilities across our passenger and freight businesses. Our manufacturing platform also includes in-house production of critical wagon components like bogies, draft gears, springs, couplers, side bearers, etcetera. Starting with our parent company, Oriental Rail Infrastructure, it has established presence in the rolling stock interior and allied product businesses like floorings and seats. The core offering is seat and berths, where we have an established position and with a market share of more than 30%. The installed capacity is about 3,600 coaches per annum. And till date, we have supplied more than 40,000 coach sets over past several years. Our key strength of this business is our backward integration wherein all major components of the seat and berths including the upholstery, the foams like PU foam, silicon foam, etcetera., and similar engineering components are manufactured in-house. We have a separate plant for manufacturing of the upholstery or the artificial leather and an installed capacity of 36 lakhs meters per annum serving railways as well as non-railway segments like upholstery, footwear, automobiles, etcetera. We are targeting an EBITDA margin of 13% to 15% for the rolling stock interior and allied business segment supported by passenger coach modernization, new train additions, and expansion to ORVIN, which is the artificial leather business brand, applications and further backward integrations to improve our profitability. Alongside this established business, we have significantly expanded in the freight wagon ecosystem through Oriental Foundry, which is now the primary growth engine of the group. Oriental Foundry operates an RDSO-approved manufacturing platform with an installed capacity of 2,400 wagons per annum. Its vertical integration across critical wagon components provides greater control over quality, supply, and manufacturing costs. OFPL has delivered more than 4,000 wagons to date. Importantly, capacity utilization was approximately 50% in financial year '26, providing significant headroom to scale production through better utilization and execution without major capacity additions required. We are also applying for AAR certification which is intent to align our manufacturing capacity with global rail quality standards and support our expansion into international markets, which will be a big revenue booster. With the above brief, I would like to take you through our quarter one performance. We had a positive start to the financial year on a consolidated basis, revenue from operations stood at Page 3 of 18 Oriental Rail Infrastructure Limited August 19, 2026 INR137.6 crores compared with [Showing first 8,000 characters — download PDF for full document]