Analysts/Institutional Investor Meet/Con. Call Updates

August 25, 2026 Bombay Stock Exchange Limited, National Stock Exchange Of India Limited, Phiroze Jeejeebhoy Tower, Dalal Street, Exchange Plaza, Bandra Kurla Complex, Fort, Mumbai-400001 Bandra (E), Mumbai-400051 Scrip Code: 513509 Symbol: KALYANIFRG Dear Sir/Madam, Sub : Transcript of the Analyst/Investor Conference Call held on August 12, 2026. Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached the transcript of the Analyst/Investor Conference Call held on August 12, 2026. The same is available on the website of the company www.kalyaniforge.com. Kindly take the same on record. Thanking you, For Kalyani Forge Limited Viraj G. Kalyani Managing Director DIN: 02268846 Encl: As Mentioned Above CIN: L28910MH1979PLC020959 REGD OFFICE: Shangrila Gardens, 1st Floor, ‘C’ Wing, Opp. Bund Garden, Pune: 411001 Tel. +91 2137 252335/755 Fax +91 2137 252344 Website: www.kalyaniforge.com Email: companysecretary@kforge.com KALYANI FORGE LIMITED ANALYST / INVESTOR CONFERENCE CALL QUARTER ENDED ON JUNE 30, 2026 RESULTS The company has hosted an Analyst / Investor Conference Call (Virtual - Mode) to discuss the financial performance for the quarter ended on June 30, 2026. Details of the conference call are as follows: Date: Wednesday, August 12, 2026 Time: 11:00 AM to 12:00 NOON IST The Management team represented by Mr. Viraj G. Kalyani, Managing Director. E&OE - This transcript is edited for factual errors and formatting. In case of discrepancy, the video recording available on the website of the company will prevail. Moderator: Mr. Yash Patil (Investor Relations Manager). Moderator: Good morning, everyone. Ladies and gentlemen, I welcome you all to Kalyani Forge Limited's Quarter 1 financial year 2026–2027 investor conference call. I am Yash Patil, Investor Relations Manager. Before we start the meeting, I would like you all to know that all participant lines are currently in listen-only mode, and there will be an opportunity for a question and answer session after the presentation concludes. We hope you have received our Q1 financials and press release that we sent out, which are also available on our website. Please note that our remarks today include forward-looking statements regarding our strategic initiatives and business performance. Actual results may vary materially from these projections due to various risks and uncertainties. Kalyani Forge undertakes no obligation to publicly update these statements to reflect future events or circumstances. With that, I will hand over to our Managing Director, Mr. Viraj Kalyani, for further business insights. Please, sir. Viraj Kalyani: Thank you, Yash. Good morning, everyone, and welcome once again to our quarterly investor call. We're happy to see many familiar faces as well as a lot of new investor interest in today's call. So without any further delay, let's get started. We'll just share our quarterly presentation. Yash, is it visible? Moderator: Yes, now it's visible. Yeah. Viraj Kalyani: Yes, now is it visible? Okay. So this is our investor presentation for Q1 FY27. This is the usual safe harbour statement, which Yash already spoke about. And just as an introduction again, Yash Patil has joined us recently as Investor Relations Manager. With his joining, we have created the Investor Relations department in Kalyani Forge for the first time. It is our endeavour to deepen our relations with existing and prospective investors for the long-term growth of all stakeholders. So I welcome Yash to our team and I'm happy to introduce him to all of you. Q1 FY27 highlights So these are the main highlights for Q1. As many of you would have seen the press release, this has been a pretty strong quarter and we are very happy with the results. Q1 FY27 PAT is ₹4.48 crore, up over 218% year-on-year from ₹1.41 crore last year. Earnings per share is ₹12.31. ROCE — return on capital employed — crosses 20% for the first time; this has improved to 22%, up from 18% in the previous quarter, Q4. EBITDA margin is 16.2%. This is another result that we are particularly happy about, as EBITDA margin is one of our main KPIs for our transformation journey. It is up 640 basis points year-on-year from 9.3% last year. PBT margin is 9.2%, again up 600 basis points, and PAT margin 6.7%, up 450 basis points. So a large part of the PAT or bottom-line growth is coming from the EBITDA margin expansion. Total income, or total revenue, is ₹67.07 crore, up from ₹64.53 crore in the same quarter last year and ₹59.24 crore in Q4. So that's a revenue growth of 3.9% year-on-year and 13.2% quarter-on-quarter. ₹6.15 crore is up over 203% year-on-year. New order wins are in the sample validation phase, particularly some of the engine and wheel hub components from marquee global customers that we spoke about last quarter. These are progressing on a disciplined, low-capex expansion path, which I will talk about in the coming slides. Cash conversion cycle has improved to 148 days from 168 days in the previous quarter, with Vriddhi Council cost savings of ₹19.1 crore realised to date against a ₹50 crore annual target. So these are all our major goals and initiatives, and they are progressing quite well. Product portfolio These are our product offerings; many of you are already familiar with them. Our three main product groups are engine, driveline and axle. Among these, the engine or connecting rod still commands about 60 to 70% of total revenues, but all three product groups have been growing. Especially the axle group has grown substantially this quarter. In terms of future business strategy, all our products are quite well hedged for a fuel- agnostic future. What I mean by that is most of our engine business is in heavy commercial vehicles or trucks and in the industrial off-road segments; the driveline and axle businesses are in passenger cars and some in light commercial vehicles. Both these driveline and axle products are fuel-agnostic products. The only place where we see a lot of risk from electrification of vehicles is the engine business in passenger cars, where we have very low exposure. So that's how our business mix is quite well set up, especially after the recent transformation — phasing out old legacy business and focusing on the core high-volume growth business. Our growth formula is: strong execution plus business development plus capex equals growth. This is something we talk about in the coming slides; this has been our model of growth. After almost one and a half to two years of using this formula, I can say confidently that this is a simple and right approach for us. Financial performance So here's our financial performance. As you can see, total revenue of ₹67.08 crore has been the highest in the last five quarters or more, driven by market demand as well as market share gains across the passenger car, truck and industrial segments. This has also come against the backdrop of our improving operational efficiencies, scaling and ramping up on the new businesses. And we hope to continue this trajectory over the coming quarters. PAT is at ₹4.48 crore, which is also one of the highest in several quarters. I would like to remind our audience that last quarter, Q4, had an abnormally high PAT of ₹5.88 crore, which was due to the deferred tax gain which was offset from the previous quarter. So Q1 FY27 PAT is a normalised PAT and reflects the true trend of growing profitability. EBITDA, as you can see, is the highest in the last five quarters, and probably at an all-time high level, at ₹10.89 crore; and similarly EBITDA margin at 16.2% is at an all-time high. We are happy to see that we are building on the 15% EBITDA mark from the last two or three quarters. Key ratios Now, coming to some key ratios. We have had a consistent improvement in capital efficiency, with ROCE rising from 14% last year to 22% over the last five quarters. The deleveragin [Showing first 8,000 characters — download PDF for full document]