Wockhardt Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 topline stood at INR3,373 crore •FY26 EBITDA reported at ~INR630 crore with 51% YoY growth •PBT stood at INR238 crore during FY26 •Cash equivalents stood at INR662 crore with net debt-to-equity ratio at 0.1x •Specialty businesses including biotech and novel antibiotics contributed ~23% of revenues Margins & Profitability •EBITDA margins improved sharply from 5.4% three years ago to 18.6% in FY26 •Profitability improvement driven by high-margin portfolio optimization strategy •Company exited loss-making US generic business to improve profitability profile •Operational excellence initiatives included ~50 cost optimization projects across organization •Supply-chain restructuring and manufacturing efficiencies supported margin expansion Growth & Revenue Drivers •Management expects faster growth trajectory over next 12-18 months driven by Zaynich commercialization •Novel antibiotic platform expected to become major long-term growth driver globally •Biotech diabetes franchise continues scaling with strong demand in emerging markets •India business growth supported by Emrok, Miqnaf and regenerative medicine portfolio •Management expects profitability and revenue acceleration with improving operating leverage Business Expansion •US launch strategy focused on deep hospital penetration and rapid clinical adoption for Zaynich •Commercialization model remains operationally light with outsourced execution partnerships •Strong focus on medical advocacy, market access and physician engagement in US •India launch strategy focused on tertiary care hospitals with high carbapenem resistance burden •Emerging markets launch planned across 7-8 high-resistance countries over next 18-24 months Capacity Expansion •Biotech business grew ~27% during FY26 •Human insulin production scaled up by 2x during the year •Glargine production increased by ~1.5x through productivity improvements •Company operates integrated diabetes biosimilar platform from R&D to commercialization •Five diabetes biosimilars in pipeline including Aspart, Degludec and Semaglutide Capex •Annual capex guidance for next three years estimated at INR200 crore-INR300 crore •Capex primarily directed towards biological manufacturing capacities •R&D spend expected to continue at current percentage of sales •AI integration initiatives underway across operations and supply chain systems •S/4HANA cloud implementation completed to improve operational scalability Market Growth •Emerging markets business contributed ~28% of turnover and grew ~35% YoY •Growth supported by strategic partnerships across Brazil, Thailand, Algeria and Malaysia •UK business contributed ~39% of revenues with ~13% growth •Wockhardt holds ~18% market share in UK covered market with leadership in specialty injectables •India and emerging markets positioned as major long-term commercialization opportunity for Zaynich Pipeline Updates •Zaynich became first Indian-discovered antibiotic approved by US FDA •Global peak sales potential for Zaynich estimated at $1.5 billion-$2 billion •Management expects hockey-stick revenue trajectory after initial 12-18 month ramp-up phase •Company holds six QIDP-designated antibiotic molecules with US FDA recognition •Foviscu filing with DCGI expected within next 2-3 months while Odrate development continues

Blue Cloud Softech Solutions Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 revenue achieved as per management guidance without major deviation •Q4FY26 EBITDA margins improved to ~17%-20% range versus ~12% in previous quarter •Margin expansion driven by SaaS productization and monetization of AI platforms •Recurring revenue contribution stood at ~70%-74% of total revenues •Management guided sustainable EBITDA margins in ~10%-15% range with further improvement potential FY27 Guidance •FY27 revenue guidance maintained at INR3,000 crore •Management guided ~30% YoY growth beyond FY27 •Q1FY27 expected to maintain stable run-rate from existing order book •Existing confirmed order book provides recurring quarterly revenue visibility •Management confident of scaling revenues through order pipeline and acquisitions Order Book •Confirmed FY27 order book stands at ~INR1,100 crore •Cybersecurity contributes ~46%-47% of order book mix •Enterprise applications contribute ~24%-26% of order book •Healthcare contributes ~14% of order book mix •Most contracts are long-term in nature with visibility extending up to 2030 Business Strategy •Company positioning itself as an AI-First multi-vertical technology platform •Expansion underway across AI surveillance, cybersecurity, Healthcare and telecom infrastructure •International expansion focus across Ghana, Liberia, Senegal and Mauritius •Shift from customized delivery to SaaS-based scalable platform model •Strong focus on sovereign data centers, AI governance and AI-led cybersecurity solutions AI •AccessGenie AI surveillance platform deployed across law enforcement and enterprise verticals •BluTOR and BluHawk cybersecurity products gaining traction with enforcement agencies •BluHealth Healthcare AI platform enables vital parameter analysis within 60 seconds •Company developed proprietary AI algorithms and in-house small language models •AI surveillance accuracy levels reported at ~90%-96% detection capability Capex •FY27 CAPEX guidance stands at INR150 crore-INR200 crore initially •Investments focused on telecom infrastructure, private mobile networks and data centers •Data center rollout phase targeted by Q1FY27 •Geo Impex acquisition received in-principle BSE approval •Acquisition-led strategy to support both organic and inorganic growth Margins •Gross margins expected to improve further by ~5%-6% going ahead •R&D investments reduced versus previous two years after product commercialization phase •Receivable increase attributed to timing mismatch and geopolitical payment delays •Company restructuring contracts toward modular and milestone-based billing models •Depreciation expected to remain broadly stable despite telecom-related CAPEX additions Sectoral Growth Drivers •AI cybersecurity and AI governance expected to remain largest growth contributor •Strong traction visible across enterprise surveillance and public safety applications •Healthcare platform opportunities increasing through PPP and government projects •Telecom growth driven by CNPN and private mobile network deployments •80% business mix expected from private enterprises and 20% from government/CGIS sectors

Kirloskar Brothers Ltd - Q4FY26 | Concall Insights Financial Highlights •Q4FY26 consolidated revenue increased 10% YoY to INR14,151 million •FY26 consolidated revenue stood at INR45,380 million with 1% YoY growth •Q4FY26 EBITDA stood at INR2,093 million with 14.8% margin •FY26 EBITDA stood at INR6,213 million with 13.7% margin •FY26 PAT stood at INR3,772 million despite operational disruptions FY27 Outlook •Management expects return to double-digit growth trajectory in FY27 •Strong domestic and international order backlog supports FY27 execution visibility •Q1FY27 international business expected to remain softer sequentially due to seasonality •Management expects operational normalization post ERP stabilization in FY27 •Margin recovery expected gradually from Q2/Q3FY27 led by service mix improvement Order Book •Domestic order book increased 30% YoY to INR24,680 million •International order book grew 21% YoY to INR14,808 million •Strong order inflows seen across building & construction, marine, defense and power sectors •Healthy traction witnessed in oil & gas, water, irrigation and nuclear segments •International order momentum driven by oil & gas, water and data center projects Margins & Profitability •Q4FY26 profitability impacted by INR258 million one-time labour code implementation cost •Total FY26 exceptional impact from labour code implementation stood at INR389 million •International margins impacted due to lower share of high-margin service business •Management expects margins to improve with higher service revenue contribution •Strict commercial discipline and advance payment policy supporting profitability stability Business Strategy •Company focusing on operational efficiency improvement through SAP-led ERP integration •Strong emphasis on premium energy-efficient pump portfolio and lifecycle cost advantage •Focus on expanding distribution reach globally, especially in Southeast Asia and the U.S. •Data center business emerging as key growth driver in international markets •Company targeting growth in municipal water, HVAC and infrastructure segments globally Product Development •Company developed indigenous nuclear pumps with in-house IP ownership •Large opportunity expected from India’s nuclear power expansion plans •Participation expected in Bharat Small Modular Reactor programs •Containerized modular pump systems gaining traction in hyperscale data centers •Enhanced internal capacity created to mitigate gas shortage-related disruptions International Business Highlights •International revenue grew 25% YoY in Q4FY26 and 7% YoY in FY26 •Growth driven by Dutch entity, South African entity, SPP UK and SPP USA operations •U.S. business now derives ~25% revenue from data center applications •U.S. distributor network expanded from 12 to 46 distributors over four years •Strong traction seen in data center cooling, municipal water and fire safety systems Other Key Updates •Company continues to follow conservative order recognition and cash discipline policies •Retail and small pump business largely continues on advance payment/cash basis •JJM execution impacted due to delayed state-level fund releases and contractor issues •ERP implementation issues at Kirloskarvadi foundry largely stabilized •Board recommended final dividend of INR7 per share for FY26

Talbros Automotive Components Ltd - Q4FY26 | Concall Insights Financial Highlights •Q4FY26 consolidated revenue grew to INR241 crores versus INR211 crores YoY •FY26 consolidated revenue increased 5% YoY to INR889 crores •Q4FY26 EBITDA stood at INR45 crores with 18.7% margin •FY26 PAT increased 10% YoY to INR104 crores •Management highlighted strongest ever quarterly performance in Q4FY26 FY27 Guidance •Management guided 15%-20% YoY revenue growth for FY27 •Q1FY27 demand environment remains healthy across domestic and export markets •FY27 EBITDA margin guidance maintained at 17%-18% •At least INR60-70 crores incremental billing expected from new commercialized orders in FY27 •Major order commercialization expected from June, September and October FY27 onwards Margins & Profitability •FY26 EBITDA margin remained healthy at 17.5% despite inflationary pressures •Q4FY26 PAT margin expanded to 13.1% •Gasket division Q4FY26 EBITDA grew 18% YoY to INR31 crores •Management expects raw material cost increases to be largely passed through to OEMs •Heat Shield business continues to operate as high-margin and high-growth segment Order Book •Forging division secured new orders worth INR500 crores from European OEMs •Talbros Marugo secured INR170 crores domestic orders for hoses and anti-vibration products •INR1,000 crores chassis order for Stellantis entering commercialization from June FY27 •European EV order delayed earlier now expected to commence from September FY27 •~70% of current order book expected to be commercialized by end-FY27 Capex •Company invested INR51 crores capex in FY26 and plans INR103 crores in FY27 •FY27 forging division capex planned at INR60 crores for new business ramp-up •Gasket and Heat Shield business to incur INR16 crores capex in FY27 •Marelli JV to undertake ~INR20 crores capex for European customer programs •Gujarat facility capex shifted to FY28 due to revised SOP timelines from OEMs Expansion Strategy •Company transitioning from order acquisition phase to execution and scale-up phase •Focus on capacity ramp-up, timely delivery and deeper customer relationships globally •Exports contributed nearly one-fourth of FY26 revenues •European OEMs reducing China dependence creating strong outsourcing opportunity for India •Management positioning Talbros across ICE, hybrid and EV powertrain ecosystems Segment Performance •Gasket division FY26 revenue grew 7% YoY to INR595 crores •Forging division Q4FY26 revenue grew 11% YoY to INR76 crores •Marelli Talbros Chassis Systems FY26 revenue increased 21% YoY to INR346 crores •Talbros Marugo FY26 revenue increased 13% YoY to INR147 crores •Heat Shield segment FY26 revenue reached INR58 crores with strong premium vehicle traction Other Key Updates •Company maintained healthy balance sheet while funding expansion initiatives •Focus remains on product diversification and technological enhancement •West Asia geopolitical tensions increased freight and raw material costs temporarily •Ashish Gupta appointed CEO to strengthen leadership and execution capabilities •Lohum Talbros JV in circular economy and recycled materials expected to commence operations between July-October FY27

ICE Make Refrigeration Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 consolidated revenue increased 39.3% YoY to INR668 crores •Q4FY26 revenue grew 41.8% YoY to INR255 crores •Q4FY26 revenue increased 66.8% sequentially over Q3FY26 •FY26 EBITDA stood at INR46 crores with PAT at INR12.13 crores •Board recommended final dividend of INR2.25 per share Guidance •Management guided FY27 revenue growth of 25%-30% •FY27 revenue target maintained at INR830-850 crores •FY27 EBITDA margin guidance at 8%-8.5% •Q1FY27 April-May business performance and order inflows remained strong •Management reiterated long-term INR1,000 crore revenue target by FY28 Margins & Profitability •FY26 EBITDA margin declined to 6.9% from 9.1% YoY •Q4FY26 EBITDA margin stood at 8.5% •Margin pressure due to strategic investments and ~INR4 crore one-time expenses •Commercial freezer gross margins at 20%-22%; continuous panels at 14%-16% •Management expects 1%-2% gross margin improvement in new businesses during FY27 Business Growth •Continuous panels, chest freezers and visi coolers emerged as key growth drivers •New manufacturing facilities currently operating at 55%-60% utilization •Dealer and distributor network expanded to 200 partners •Quick commerce contributed ~13%-14% of FY26 revenue •North India emerged as fastest-growing geography during FY26 Order Book •Current order book stands at approximately INR230-237 crores •Company executes ~INR50-60 crores of orders monthly •Project execution cycle ranges between 6 months to 1 year •Healthy enquiry pipeline maintained across refrigeration verticals •~40% business generated through repeat customers and referrals Capex •FY26 included one of the largest capex programs in company history •Investments focused on manufacturing infrastructure, warehouses and leadership capabilities •Bharat Refrigeration shifted to new manufacturing facility during FY26 •New corporate office project under development and expected completion in FY27 •Future capex expansion plans under evaluation with announcement expected in coming months Business Strategy •Focus remains on scaling integrated refrigeration and cold-chain solutions portfolio •No major new product category launches planned currently •Strategy focused on deeper market penetration and geographic expansion •Commercial freezer and continuous panel businesses expected to gain higher revenue share •Company strengthening domestic and export market presence simultaneously Balance Sheet •Debt reduced from ~INR48 crores to INR36-37 crores with repayment already underway •Management indicated debt levels likely near peak with gradual deleveraging ahead •ROCE targeted to improve above 20% and internally toward 25% over medium term •Sales growth expected to outpace balance sheet expansion going forward •Management maintained dividend payout to reinforce investor confidence during investment cycle Other Key Updates •Price increases of ~10%-11% implemented across multiple product categories •West Asia geopolitical risks may impact imported raw material and chemical costs •Strong traction seen in non-sponsored visi cooler market •Amul expansion and growing quick commerce demand expected to create incremental opportunities •Long-term cold-chain demand outlook remains strong across food processing, pharma, retail and logistics sectors

Signpost India Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 revenue from operations increased 27% YoY to INR576 crores •FY26 operating EBITDA increased 65% YoY to INR147 crores •FY26 net profit more than doubled to INR70 crores •FY26 EPS increased to INR13.14 from INR6.34 YoY •Q4FY26 revenue grew 46% YoY and 14% QoQ to INR162 crores Q4FY26 Performance & FY27 Guidance •Q4FY26 gross profit stood at INR67 crores with 41.5% gross margin •Q4FY26 EBITDA stood at INR42 crores with 26.3% margin •Q4FY26 PAT stood at INR21 crores with 13% net margin •Management guided for double-digit revenue growth in FY27 •FY27 EBITDA margin guidance maintained at 25%-27% Margins & Profitability •FY26 EBITDA margin expanded ~600 bps to 25.5% •FY26 net profit margin improved to 12.2% from 7.5% YoY •Gross margin improved to 40.9% in FY26 •Higher digital out-of-home contribution supporting margin expansion •Management expects additional 6%-7% cost optimization opportunity over time Capacity Growth •Company expanded footprint from 4 cities in 2024 to 32 cities currently •Added ~866,000 sq. ft. across metro, transit and digital assets during FY26 •Expansion included Bengaluru Metro and premium electric bus fleet projects •Targeting expansion across smart cities, tourism and religious destinations •Medium-term ambition to scale footprint to 100 cities nationwide Capex •FY27 capex guidance maintained at INR60 crores-INR75 crores •Capex focused on infrastructure, digital capacity and technology implementation •Strong investments planned toward AI-led and data-driven advertising solutions •Dedicated R&D budget created for analytics and geospatial technology integration •Asset-light expansion model to be added across 100 surveyed cities Business Strategy •Transit media and digital out-of-home remain primary strategic focus areas •~75% revenue generated through direct advertiser relationships •Average remaining contract tenure stands at ~14 years providing strong visibility •Company serves over 1,600 advertisers across 15,000 assets and 32 cities •Focus shifting from intermediary-led business toward long-term advertiser contracts Industry Growth •Indian organized OOH market grew 13% in 2025 to INR66.9 billion •Digital OOH revenue increased to INR12.2 billion in 2025 from INR7 billion in 2024 •Transit media industry grew 22% YoY to INR20.2 billion in 2025 •Digital OOH expected to contribute ~25% of industry revenue by 2028 •Transit and digital segments contribute ~48% of Signpost’s topline currently Working Capital & Cash Flow •Receivables increased due to implementation of multi-city campaigns •Company shifting to milestone-based billing to improve collection cycle •Management expects meaningful working capital improvement by Q3FY27 •No preference for bill discounting to avoid additional financing costs •Long-term contracts and recurring revenue model support cash flow visibility Other Key Updates •Bengaluru Metro contracts witnessing strong advertiser traction and multi-year bookings •Kolkata Streetscape Renaissance project implementation targeted before Durga Puja •20% revenue growth outlook supported by existing signed business pipeline •Around 48% of FY27 targeted revenue already visibility-backed through signed contracts •AI-powered proprietary Captura platform enabling data-led media planning and campaign analytics

Everest Kanto Cylinder Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 consolidated revenue stood at Rs.1,470.6 crore •FY26 EBITDA increased 15.7% YoY to Rs.203 crore •FY26 PBT increased 22.6% YoY to Rs.159.9 crore •FY26 PAT increased 50.1% YoY to Rs.146.7 crore •Board recommended dividend of Re.0.70 per share for FY26 Q4FY26 Performance •Q4FY26 consolidated revenue stood at Rs.358.2 crore •Q4FY26 EBITDA stood at Rs.39.6 crore •Q4FY26 EBITDA margin improved to 11.1% vs 9.0% YoY •Q4FY26 PAT stood at Rs.45.7 crore •Management expects demand momentum to remain healthy across India and US markets Margins & Profitability •FY26 EBITDA margin expanded by 210 bps to 13.8% •Standalone EBITDA margin expanded to 16.0% from 10.6% YoY •Margin improvement driven by favourable product mix and improved realizations •Higher contribution from semiconductors and defence segments supported profitability •Operational efficiency initiatives continued across businesses during FY26 Capacity Expansion •Greenfield Mundra facility commenced operations during FY26 •Egypt facility expected to commence operations by end of June 2026 •Mundra facility ramp-up expected over next 6 months •Egypt facility targeted to reach ~40% utilization initially and ~80% over time •Rs.162 crore CWIP pertains to India, Egypt and USA expansion projects Demand Outlook •Strong demand witnessed across CNG and industrial gas applications in India •Industrial gas applications recorded healthy growth during FY26 •US business maintained steady momentum with healthy order pipeline •Commercial vehicle CNG segment demand continues to remain strong •Management expects long-term opportunities across hydrogen, CBG, semiconductors and defence Order Book •US subsidiary order book stands at ~US$75 million •US order book executable over 18-24 months •Middle East business operating at ~50% utilization amid geopolitical challenges •Management expects improvement in Dubai business during FY27 •Growing opportunities in clean energy and specialised industrial applications supporting pipeline Strategy •Company strengthening position in clean energy and gas mobility solutions •Focus remains on diversified high-pressure gas storage and transportation solutions •Expanding global manufacturing footprint to improve regional market servicing •India expected to remain a multi-fuel economy with gas playing key transition role •City gas distribution expansion and rising factory-fitted CNG vehicle penetration remain structural drivers Working Capital & Balance Sheet •Company maintained comfortable balance sheet position during FY26 •Strategic capacity investments undertaken while maintaining financial discipline •Management indicated calibrated approach towards future growth investments •GST classification matter under industry representation with government authorities •Management expects GST matter resolution timeline between 6 months to 1 year

Neetu Yoshi Ltd - H2FY26 | Concall Insights Financial Highlights •FY26 total income increased 44% YoY to Rs.101 crore •FY26 PAT increased 53% YoY to Rs.25 crore •Company maintained positive operating cash flow during FY26 •Management reiterated focus on sustaining 25% PAT margin profile •Company continues to remain debt free with low-cost structure advantage Guidance •FY27 revenue guidance maintained at Rs.210-220 crore •Management guided for ~25% PAT margin continuation in FY27 •H2FY27 expected to be stronger than H1FY27 due to new plant ramp-up •New plant commercial production expected to commence in June 2026 •Peak utilization of new capacities expected from FY28 onwards Capacity Expansion •Rs.50 crore IPO capex deployed towards bogie manufacturing facility •New bogie manufacturing plant expected to become operational in June 2026 •Company completed major capex for bogie, fabrication and track segments in FY26 •Management highlighted brownfield expansion scope at existing facilities •Future capex to focus on springs, rubber and complete railway assembly lines Order Book •Current executable order book stands at Rs.140-150 crore •Entire current order book expected to be executed within FY27 •Order book mix comprises wagon, coach and track product segments •Strong visibility from upcoming 1 lakh wagon railway tender opportunity •Management expects FY28 revenue potential of ~Rs.350 crore at peak utilization Product Development •15-20 new products under RDSO and railway approval pipeline •Approvals under process across RDSO, ICF, RCF and MCF authorities •Company expanding presence into coach, track and locomotive product categories •Track business revenue targeted at Rs.60-70 crore within next two financial years •Export opportunities targeted from FY28 for US and UK railway markets Strategy •High entry barriers due to lengthy RDSO approval and safety certification process •Management indicated only limited approved vendors exist across key product categories •PAT margins supported by tax benefits, operational efficiency and debt-free structure •Price variation clauses protect margins against raw material inflation •Focus remains on high-margin railway assemblies and critical safety components Working Capital & Balance Sheet •Receivables increased temporarily due to delayed railway payments in Feb-March cycle •Management indicated ~50% receivables collected by mid-April 2026 •Current debtor book reduced to ~Rs.20 crore from March peak levels •Rs.29 crore preferential warrants raised primarily for track business working capital •Additional working capital required due to higher-value rail inventory procurement Industry Outlook •Management remains positive on railway sector demand outlook •Wagon industry expected to recover following large railway wagon tender announcements •Increasing opportunities emerging in track maintenance and complete assembly solutions •Company exploring mining and thermal power sectors for diversification opportunities •Long-term strategy focused on becoming complete railway assembly and wagon solutions provider

Tenneco Clean Air India Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 revenue from operations increased 10.5% YoY to Rs.5,404 crore •FY26 value added revenue (VAR) grew 12.3% YoY to Rs.4,918 crore •FY26 EBITDA increased 13.5% YoY to Rs.926 crore with record EBITDA margin of 18.8% •FY26 PAT grew 9.3% YoY to Rs.604 crore despite one-time labour code charge •ROCE improved sharply to 94% versus 57% in FY25 Q4FY26 Performance •Q4FY26 revenue from operations increased 17.1% YoY to Rs.1,552 crore •Q4FY26 VAR grew 17.5% YoY to Rs.1,406 crore driven by new program ramp-up •Q4FY26 EBITDA rose 17.6% YoY to Rs.257 crore with margin at 18.3% •Q4FY26 PAT increased 18.8% YoY to Rs.167 crore with PAT margin at 11.9% •Management indicated strong FY27 visibility supported by robust order book and capacity additions Order Book •Lifetime order book stood at Rs.12,400 crore as of March 2026 •Order book provides 100% visibility for FY28 internal revenue targets •Management expects double-digit growth trajectory over medium term •Export order book strengthened significantly across North America, Europe and Asia •Exports expected to scale meaningfully from FY28 onwards supported by China 1 sourcing trend Business Expansion •Company announced cumulative CapEx of ~Rs.140 crore for new facilities •New Clean Air facility being set up in North India to support Japanese OEMs and CV customers •New greenfield Advanced Ride Technologies plant planned in West India •New facilities expected to commission within 6-12 months with peak ramp-up by FY29 •Capacity expansion aimed at supporting rising demand for DaVinci DCx and export programs Technology Leadership •Advanced Ride Technologies revenue grew 19.7% YoY in FY26 to Rs.2,489 crore •DaVinci DCx suspension system adopted by leading Indian OEM for flagship SUV platform •Management highlighted strong interest from Indian, Japanese, Korean and European OEMs •Semi-active suspension technologies gaining traction in premium passenger vehicle segment •Company targeting significant disruption opportunity across mid-to-premium SUV market Clean Air & Powertrain Business •Clean Air and Powertrain Solutions revenue increased 5.5% YoY to Rs.2,430 crore in FY26 •Secured breakthrough Clean Air order from leading Japanese passenger vehicle OEM •Completed proof-of-concept for Euro 7 compliant Clean Air solution with European truck OEM •CAFE 3 and BS7 norms expected to create Rs.1,300-1,400 crore addressable market opportunity •Gasoline particulate filters and hybrid vehicle solutions expected to increase content per vehicle Operational Efficiency •Highest-ever EBITDA margin achieved through P3 operating framework efficiencies •Margins supported by operational discipline, fixed cost absorption and commercial recoveries •Negative cash conversion cycle of 23 days reflected strong working capital management •Fixed asset turnover improved to 9.6x from 8.4x in FY25 •Management expects margins to remain stable supported by modular manufacturing model Balance Sheet •Company remained debt free with net debt-to-equity ratio of negative 0.4x •Generated cash flow equivalent to 58% of EBITDA despite Rs.115 crore CapEx in FY26 •Localization level maintained at ~89%-90% supporting profitability and competitiveness •Management evaluating inorganic opportunities and M&A for profitable growth segments •Rupee depreciation expected to enhance export competitiveness and support long-term growth

Triveni Engineering and Industries Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 consolidated revenue from operations increased 10.6% YoY to Rs.6,291 crore •FY26 EBITDA increased to Rs.624 crore with EBITDA margin of 16.9% versus Rs.533 crore in FY25 •FY26 PBT stood at Rs.378 crore while PAT increased 12.8% YoY to Rs.268.7 crore •Q4FY26 revenue stood at over Rs.1,500 crore, impacted by lower ethanol dispatches and deferred PTB deliveries •Board recommended final dividend of Rs.1.25 per share Sugar Business Performance •Sugar segment revenue increased ~13% YoY in FY26 •Sugarcane crush declined 8.8% YoY to 8.25 million tonnes due to agro-climatic challenges and diversion to gur/khandsari •Gross sugar recovery improved 26 bps to 11.06% despite lower crush volumes •Domestic sugar sales volume increased 10.4% YoY to 9.79 lakh tonnes with realizations at Rs.40,680/MT •Sugar inventory stood below 60 lakh quintals valued at Rs.38.1/kg as of March 2026 Distillery & Ethanol Business •Distillery segment reported strongest-ever operational turnaround in FY26 •FY26 distillery revenue reached Rs.1,550 crore driven by better feedstock availability and lower maize procurement cost •Grain-based feedstock contributed 56% of ethanol sales during FY26 •Company secured ethanol allocation pipeline of 17.18 crore litres under OMC and private tenders •Maize-based ethanol margins remained highest among feedstocks with conversion costs reducing significantly YoY Power Transmission Business •Power transmission order booking increased 25% YoY with enquiry pipeline remaining robust •Closing order book stood near Rs.500 crore providing strong revenue visibility •Export market remained major growth driver supported by Swiss subsidiary expansion •Aftermarket business contribution increased to ~40% of PTB revenue in FY26 versus ~30% historically •Management expects exports to contribute over 50% of PTB revenues in near future Capex •Total approved PTB CapEx stood at Rs.340 crore targeted for completion by September 2026 •Rs.231 crore CapEx already incurred by March 2026 including Rs.78 crore for defence facility •Remaining Rs.109 crore CapEx to be incurred in Q1FY27-Q2FY27 •New defence manufacturing facility commissioned with machining and drilling infrastructure operational •PTB CapEx expected to support output potential of ~Rs.700 crore excluding defence facility contribution Balance Sheet •Consolidated debt stood at Rs.2,148 crore as of March 2026 versus Rs.1,969 crore last year •Long-term debt reduced to Rs.472 crore from Rs.506 crore YoY •ICRA reaffirmed AA Stable long-term credit rating post demerger approval •Short-term debt increased mainly due to higher cane prices and seasonal working capital requirements •Management expects working capital borrowings to reduce sharply from April onwards Outlook •Composite scheme of arrangement became effective from May 19, 2026 with TPTL listing expected by end-August 2026 •Government policy focus on E20 blending, flex-fuel vehicles and sustainable aviation fuel creating long-term ethanol opportunity •Sugar pricing outlook remains strong with FY26 closing stock estimated lower at 4.6-4.8 MMT •PTB seeing strong opportunities in gas turbines, oil & gas, compressor test rigs and defence applications globally •Water business order book remained strong at over Rs.1,500 crore with increasing demand for ZLD and recycling projects Other Key Updates •Water business revenue increased 15% YoY to ~Rs.270 crore driven by EPC execution acceleration •Water business closing order book included Rs.1,077 crore long-duration O&M contracts •Defence business secured landmark axial compressor test gearbox order from premier defence establishment •Company expects improved cane planting and better crop conditions for upcoming season despite El Nino concerns •Engineering business Q4 impacted by geopolitical uncertainty and delayed order finalisation in Middle East and Europe

Rushil Decor Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 consolidated revenue from operations stood at Rs.862.2 crore •FY26 EBITDA stood at Rs.80.1 crore with EBITDA margin of 9.3% •Q4FY26 revenue stood at Rs.230.9 crore with EBITDA margin improving to 12.4% •Q4FY26 EBITDA increased 18.6% YoY and 20.2% sequentially to Rs.28.6 crore •FY26 profitability impacted by Andhra Pradesh MDF plant disruption, raw material inflation and export slowdown Revenue •FY26 MDF business revenue stood at Rs.609.1 crore •FY26 Laminate business revenue increased 6.1% YoY to Rs.211.1 crore •Domestic MDF revenue grew 12.5% YoY during FY26 •Domestic Laminate revenue increased 21% YoY supported by strong retail demand •Q4FY26 India MDF revenue grew 37.3% YoY reflecting recovery in operations Margins & Profitability •Q4FY26 MDF EBITDA margin improved to 14% •FY26 MDF EBITDA margin stood at 9.9% •FY26 Laminate EBITDA margin stood at 8.6% while Q4FY26 margin stood at 7.7% •Management targeting MDF EBITDA margin improvement to 10%-12% in FY27 through value-added mix •Recent MDF and Laminate price hikes implemented mainly to offset ~40% increase in resin and chemical costs Capacity Utilization •MDF capacity utilization improved to 83% in Q4FY26 and averaged 75% in FY26 •Laminate capacity utilization remained above 91% in Q4FY26 and above 89% during FY26 •Management targeting ~90% utilization across businesses in FY27 •Q1FY27 utilization expected to remain broadly in line with Q4FY26 levels •Jumbo Laminate facility underwent machinery upgrades during April 2026 with production normalization underway Jumbo Laminate Business Expansion •Both phases of Jumbo Laminate facilities are operational •Jumbo Laminate products exported to Russia, Portugal, Slovakia, Romania, Israel and other global markets •Three dedicated brands launched: VIR KLADS, VIR TOPAZ and VIR VAULT •Management targeting 60%-65% Jumbo Laminate utilization in FY27 and ~85% in FY28 •Long customer onboarding and certification cycles continue, but repeat inquiries and acceptance improving globally Strategy •Focus remains on increasing value-added MDF contribution to 50% of volumes and 60% of revenues in FY27 •Value-added MDF products contributed 42% of volumes and 54% of value in FY26 •Added 67 direct distributors and 131 dealers/retailers during FY26 •Company aggressively expanding into new export geographies beyond Middle East •Participation in international exhibitions and customer engagement initiatives strengthening global positioning Industry Outlook •MDF industry demand expected to grow at 15%-18% CAGR annually •Management expects temporary MDF oversupply due to commissioning of 3 new plants in FY27 •Exports being diversified from Middle East toward Europe, Baltic and CALA regions •Tariff-related impact minimal as key export exposure is outside US markets •Imports becoming less competitive due to BIS norms and currency depreciation supporting domestic manufacturers Balance Sheet & Cash Flow •Net debt reduced to Rs.254 crore as of March 2026 from Rs.262 crore last year •Net debt-to-equity improved to 0.39 from 0.41 YoY •Company repaid ~Rs.45 crore debt during FY26 •Scheduled debt repayment of ~Rs.50 crore planned for FY27 •Management indicated no major new debt plans for FY27 Other Key Updates •Andhra Pradesh MDF facility fire incident disrupted Q1FY26 production temporarily •Export contribution remained lower in MDF business due to calibrated export strategy and geopolitical uncertainties •Blended MDF realizations increased 9.7% YoY in Q4FY26 •Laminate export realizations improved 13.7% YoY during FY26 due to premium product mix •Management remains focused on cost optimization, operational recovery and scaling Jumbo Laminate business

Ganesh Benzoplast Ltd - Q4FY26 | Concall Insights Financial Highlights •Q4FY26 consolidated revenue increased 12% YoY to Rs.111.5 crore •Q4FY26 PAT stood at Rs.15.2 crore versus loss of Rs.13.2 crore in Q4FY25 •FY26 consolidated revenue grew 10% YoY to Rs.411.4 crore •FY26 PAT surged 93% YoY to Rs.73.3 crore •FY26 EPS increased to Rs.10.19 from Rs.5.29 in FY25 Revenue •Standalone FY26 revenue increased 21% YoY to Rs.260 crore •Chemical division PAT increased ~2.5x over last 3 years •LST rental revenues expected to grow 5-6% annually on existing leased tanks •No major capacity expansion planned in chemicals apart from debottlenecking initiatives •Q4FY26/Q1FY27 growth expected from commissioning of new tank capacities Margins & Profitability •LST segment EBITDA margins remained stable at ~45-47% •Q4FY26 margins impacted due to sharp increase in JNPT lease rentals •Management expects margin recovery over next 15-18 months through price pass-through and expansion benefits •New tank capacities expected to generate EBITDA margins of ~80% •Chemical division profitability impacted by recertification expenses and employee settlements during Q4FY26 Capacity Expansion •Current expansion underway for additional ~50,000 KL capacity at JNPT •Phase-wise tank expansion expected to be commissioned by end-CY26/Q4FY27 •Capex for current phase estimated at Rs.40-50 crore •Combined capex for upcoming 40,000-60,000 KL expansions estimated at ~Rs.100 crore •Potential future ammonia and LPG bullet capex of Rs.450-500 crore remains under evaluation Operations •Overall consolidated tank capacity utilization stood at ~95% •JNPT terminal operating at nearly 100% utilization •Cochin terminal utilization remained at ~80-85% •Goa terminal utilization remained near zero due to impact of mining ban and reduced bunkering demand •Goa terminal modifications planned for blended petrol handling with ~Rs.2 crore investment Business Development •Company received approvals to modify Goa terminal for blended petrol handling •Management exploring basket trading opportunities through Singapore subsidiary •Strategy focused on becoming integrated one-stop supplier for global chemical customers •Exploring expansion opportunities only where ROI exceeds existing JNPT returns •Visakhapatnam terminal expansion progress remains on hold due to external disputes Project Updates •Rs.175 crore JSW Port EPC order engineering work completed •Ground execution for JSW project expected post monsoon •EPC business margins expected in higher single-digit range •Retention money structure in EPC business impacting receivable cycle •No major concerns highlighted on EPC receivable recoverability Other Updates •JNPT lease rentals increased from ~Rs.2 crore to ~Rs.25 crore annually after 30-year reset •Approximately 2.8 lakh KL of total 3 lakh KL capacity impacted by revised lease rentals •Management expects full recovery of increased rental costs over next 2-3 years •Receivables increase attributed to EPC retention clauses and extended customer credit cycles •Management indicated no major bad debt or receivable recovery concerns

Anlon Healthcare Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 total income increased 42.98% YoY to Rs.172.22 crore from Rs.120.46 crore •FY26 EBITDA grew 47.55% YoY to Rs.47.77 crore •FY26 PAT increased 41.77% YoY to Rs.29.09 crore •Q4FY26 total income stood at Rs.50.90 crore versus Rs.48.97 crore in Q4FY25 •Q4FY26 PAT declined to Rs.11.07 crore due to higher operating and development expenses Revenue •Management guided FY27 consolidated revenue at Rs.380-400 crore •FY28 revenue guidance stood at Rs.700-800 crore post new capacity commissioning •Company targets ~30% revenue CAGR over next 3 years •Current clear order book visibility stands at Rs.280-300 crore for FY27 •Export contribution targeted at ~60% of FY27 revenues with regulated market focus Margins & Profitability •Management expects sustainable EBITDA margin range of 25-30% on consolidated basis •Q4FY26 EBITDA impacted by raw material inflation and acquisition-related operational costs •Apiqo EBITDA margins expected at ~22-23% while consolidated margins targeted at 24-25% •Higher export and regulated market contribution expected to support margin expansion •Price hikes initiated with customers to offset raw material and solvent inflation pressures Capex •New greenfield expansion capex planned at ~Rs.130 crore at existing Anlon premises •New facility construction expected to commence by Q1FY27 with commissioning by Q1FY28 •50-60% utilization targeted in FY28 for new facility •Consolidated installed capacity expanded to ~1400-1600 MTPA post acquisitions •Current consolidated capacity utilization stands at ~62-65% Business Development •Company developing 3 molecules for 2 global innovator companies under CDMO model •One CDMO molecule already supplied for validation with commercialization expected by Q3FY27 •Commercialization of remaining two molecules expected by FY28 •Plans to launch 7 new APIs in FY27 across additional therapeutic categories •Company to file 3-5 additional DMFs in FY27 to deepen regulated market penetration Acquisition •Completed acquisition of Apiqo Organics strengthening backward integration capabilities •Acquired Bizotic Life Science enhancing API capacity and regulatory readiness •Entered industrial and fine chemicals segment with early customer traction •Exploring additional acquisitions in formulation, peptide manufacturing and FDF distribution •Management evaluating minority stake consolidation in Bizotic and Apiqo via share swap Working Capital & Cash Flow •Management guided for positive operating cash flow by end-FY27 •Receivable cycle currently stands at ~130-140 days with targeted improvement through stricter policies •Inventory expected to reduce by 20-25% by Q2FY27 as commercial supplies ramp up •Capex funding planned through ~Rs.65-70 crore term loan and internal accruals •No immediate plans for equity dilution; rights issue may be evaluated for future working capital needs Other Key Updates •Company remains among few Indian manufacturers for Loxoprofen Sodium, Ketoprofen and Dexketoprofen Trometamol •Focused on China 1 opportunity and increasing outsourcing demand in APIs and intermediates •Strong presence across 15 countries with 21 DMF filings supporting global expansion •Backward integration strategy expected to improve supply chain stability and cost competitiveness •Management highlighted differentiated chemistry capabilities in methylation and Friedel-Crafts processes creating entry barriers

Kalyani Forge Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 PAT stood at Rs.9.32 crore, highest profitability achieved in ~14 years •FY26 EPS stood at Rs.25.6 while Q4FY26 EPS stood at Rs.16.17 •Q4FY26 EBITDA margin sustained at 15.2% for second consecutive quarter •FY26 EBITDA increased to Rs.31.58 crore with 13.3% margin versus 11.1% in FY25 •Q4FY26 PAT stood at Rs.5.88 crore aided by deferred tax reversal impact from Q3FY26-Q4FY26 together Revenue •FY26 total revenue remained stable at Rs.238 crore despite phase-out of ~Rs.40 crore non-fit business •Q4FY26 revenue stood at Rs.59.24 crore •Core OEM business revenues increased with higher focus on scalable and profitable business •Passenger vehicles, truck and agro segments witnessed strong growth momentum •Driveline and axle businesses achieved highest quarterly sales levels in recent quarters Margins & Profitability •15% EBITDA margin established as new profitability floor for the business •Management targets ~20% EBITDA margin by end-FY27 or early FY28 •Margin expansion driven by exit from low-margin businesses and operational optimization •Improved material cost discipline, machining efficiency and power cost reduction supported profitability •Higher operational stability and machine uptime improved capacity utilization and margins Capex •FY26 gross capex stood at Rs.23.44 crore excluding tooling reclassification •FY27 capex plan increased to Rs.30 crore focused on growth and bottleneck removal •PPE installed base increased to Rs.86.5 crore versus Rs.60.5 crore last year •60% of FY27 capex allocated towards future growth areas including driveline and axle segments •CWIP stood at Rs.10.3 crore with focus on modernization and capacity expansion initiatives Order Wins •Secured 3 major order wins during Q4FY26 •Won EV high-volume axle business with annual revenue potential of ~Rs.20 crore •Received OEM wheel hub orders from SKF and Schaeffler ramping up from Q1FY27 •Vehicle share-of-wallet increased through supply of engine, driveline and axle components to same OEMs •New business pipeline focused on high-volume, future-proof and fuel-agnostic products Working Capital & Balance Sheet •ROCE improved from 14% in Q1FY26 to 18% in Q4FY26 •Debt-to-equity ratio increased to 1.11 due to growth capex and working capital expansion •Cash conversion cycle peaked at 176 days in Q2FY26 and improved sequentially thereafter •Management targets cash conversion cycle reduction to 120-130 days going forward •Receivables increased due to stocking commitments and just-in-time delivery arrangements with OEMs Operational Initiatives •~Rs.40 crore of low-margin and non-fit business phased out during FY26 •Business mix optimization moved into Phase 4 focused on resource reallocation and scalable growth •Capex allocation and engineering efforts aligned towards core OEM customers and high-volume programs •Plant engineering initiative launched to improve layouts, utilities, productivity and operational efficiencies •Forging modernization and machine reconditioning projects improved uptime and production stability Long-Term Outlook •Fixed asset turnover moving closer to industry benchmark range of 1.5x-2x •Management indicated current fixed asset base can support ~Rs.300 crore revenue at steady-state utilization •Driveline and axle products positioned as future-proof fuel-agnostic business segments including EVs •Multi-year OEM programs provide visibility with typical lifecycle ranging from 5-20 years •Company pursuing equity funding initiatives alongside operational strengthening for future scale-up

Bata India Ltd - Q4FY26 | Concall Insights Financial Highlights •Q4FY26 registered second consecutive quarter of accelerating growth with 5% topline growth •Like-to-like Q4FY26 PBT growth stood at ~11% excluding exceptional items •Cash flow from operations increased ~18% during the quarter •Employee costs declined ~10% aided by manufacturing facility closure and structural cost optimization •Reported PBT impacted by exceptional items including plant closure and forex translation losses Channel Mix •Growth during Q4FY26 was volume-led across channels and categories •COCO stores contributed ~65% of overall business while non-COCO channels contributed ~35% •Franchise channel scaled significantly with strong double-digit growth •E-commerce remained fastest-growing channel with strong growth across B2B, B2C and online •Online business grew ~81% YoY during Q4FY26 Margins & Profitability •Full-price sales growth significantly outpaced overall sales growth •Lower markdowns and fresher inventory supported margin improvement trajectory •Franchise business remained EBIT accretive despite lower gross margin optics •Management expects gross margin improvement to reflect progressively going forward •Raw material inflation currently estimated at ~5%-6% on blended basis Store Expansion •Company crossed 2,000 EBO stores network milestone during Q4FY26 •Franchise network crossed 700 stores with target to approach ~1,000 stores over next 12 months •Multi-brand distribution expanded to ~1,670 towns •SIS and franchise expansion continued through both organic and inorganic routes •~700 stores now integrated under omnichannel fulfillment network Inventory •Inventory reduced ~28% over two years and ~13% YoY in FY26 •Customer availability improved by ~1,000 bps despite inventory reduction •Inventory complexity reduced ~30% improving freshness and stock turns •Management targeting inventory turns improvement towards ~3x from current ~2.7x •Receivables growth driven by faster expansion in wholesale, franchise and e-commerce channels with no major credit quality concerns Premiumization Strategy •Premium portfolio including Hush Puppies and Power outpaced overall company growth •Hush Puppies contributed ~18%-20% of company turnover and remained fastest-growing brand •Marketing investments continued at elevated levels focused largely on digital channels •Brand consideration score improved to highest-ever level of 66 •Sneaker-focused product and youth positioning strategy under development for younger consumers Growth Outlook •Management indicated March demand trends were stronger than January within Q4FY26 •Sub-INR1,000 category stabilized after multi-year decline and now growing in line with company average •Company remains cautiously optimistic despite inflationary and crude-linked uncertainties •No major deterioration seen in consumer sentiment as of now •Expansion-led growth, product premiumization and inventory optimization expected to drive future acceleration Operational Initiatives •Zero-Based Merchandising (ZBM) rolled out across 700 stores by May 2026 •ZBM stores contributed ~70% of COCO network sales despite lower store count share •ZBM stores delivering mid-single digit better growth versus rest of network •Company focused on product innovation around technology, comfort and style •Large investments underway in product reimagination, supply chain simplification and digital commerce capabilities

Patanjali Foods Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 revenue from operations crossed INR40,169 crore mark •FY26 EBITDA excluding exceptional items stood at INR1,931 crore with 4.79% margin •FY26 PBT stood at INR1,353 crore with PBT margin of 3.36% •Q4FY26 revenue reached highest-ever quarterly level at INR11,155 crore •Q4FY26 EBITDA stood at INR502 crore with EBITDA margin of 4.48% Edible Oil Business •Q4FY26 edible oil revenue grew 23.28% YoY to INR8,324 crore •FY26 edible oil revenue increased 18.39% YoY to INR29,313 crore •Branded edible oils contributed ~75% of total edible oil sales •FY27 edible oil volume growth guidance maintained at 3%-5% •Management expects Q1FY27 and Q2FY27 to remain positive amid elevated edible oil prices Margins & Pricing •Edible oil EBITDA margin maintained at 2.58% despite sharp raw material inflation •Management targets edible oil EBITDA margin in 2%-4% range going ahead •FMCG EBITDA margin stood at 10.11% in Q4FY26 and 10.81% in FY26 •HPC margin guidance for FY27 maintained at 18% aided by operational efficiencies •Company implemented 2%-5% price hikes across staples and foods portfolio to offset inflation FMCG Growth •FY26 FMCG revenue grew 19.95% YoY to INR11,188 crore •Biscuits business achieved highest-ever annual revenue of INR1,907 crore •Doodh biscuit annual turnover crossed INR1,300 crore in FY26 •Staples revenue stood at INR3,658 crore in FY26 despite seasonal softness in rice and ghee •Nutrela/textured soya products revenue stood at INR527 crore in FY26 Home & Personal Care (HPC) •Q4FY26 HPC revenue grew 35.42% YoY to INR840 crore •FY26 HPC revenue stood at INR2,660 crore •Skin care category emerged as fastest-growing HPC sub-segment with 57.66% YoY growth •Dental care revenue reached INR1,412 crore in FY26 •Management targets ~15% growth in HPC business during FY27 Capacity Expansion •Oil palm plantation business contributed INR1,792 crore revenue in FY26 •Oil palm cultivated area expanded 23.65% YoY to ~1.10 lakh hectares •~38% of cultivated area entered prime yielding phase of 7-25 years •Total allocated oil palm area stood at 6.63 lakh hectares •Oil palm plantation EBITDA increased to INR357 crore in FY26 versus INR203 crore last year Working Capital & Balance Sheet •Receivables increased due to extended customer credit amid geopolitical uncertainty •Borrowings increased as company secured raw materials through advance payments •Management expects receivables normalization over next 1-2 quarters •Company continues hedging initiatives and calibrated pricing actions to manage volatility •Higher freight, packaging and insurance costs impacted operating environment during Q4FY26 Strategy •Company remains focused on strengthening distribution and expanding emerging categories •Fruit beverage portfolio expanded with launch of Patanjali Apple drink •Nutraceutical portfolio strengthened through new wellness product launches •Management guided for 12%-15% EBITDA growth on blended basis in FY27 •Large branded players expected to benefit from volatility and consolidation in edible oil industry

Transport Corporation of India Ltd - Q4FY26 | Concall Insights Financial Highlights •Q4FY26 consolidated revenue grew ~12% YoY despite softer March demand •FY26 consolidated topline growth stood at ~9.5% •FY26 PAT growth came at ~10.5%, below earlier expectations due to cost pressures •ROCE remained healthy at ~24% despite challenging environment •Company remained cash surplus with ~INR250 crore cash on books Supply Chain •Supply chain business remained largest segment with FY26 growth of 14% •Q4FY26 supply chain revenue growth stood at 11% •Rail and sea replacing road transport due to rising diesel costs and multimodal shift •Company increased rake movements from 2,350 to 2,826 during FY26 •Strong pipeline in supply chain business with rising warehousing and multimodal demand Margins & Profitability •Freight business margins remained compressed due to competition and rising operating costs •Supply chain EBIT margins remained flattish due to manpower and infrastructure investments •Seaways margins remained healthy aided by higher pricing and no dry dock impact in Q4FY26 •Management expects some margin compression in seaways due to elevated bunker prices •Focus remains on protecting margins over aggressive growth amid uncertain demand environment Capex •FY26 total capex stood at ~INR370 crore largely funded through internal accruals •FY27 ship-related capex budget planned at ~INR237 crore •Capex includes final payments for two new ships and potential third ship advance •Warehouse equipment capex budget increased significantly for upcoming contracts •Continuous investments underway in multimodal infrastructure, trucks and warehousing assets Shipping Business •Q4FY26 seaways performance supported by higher voyages and freight rate increases •Bunker fuel prices increased ~100% during March but majority cost passed on to customers •Two new ships expected by Q3FY27 and end-Q4FY27 respectively •New ships to add ~15,000-16,000 tons capacity over existing fleet •FY27 seaways revenue growth guided at 5%-10% with stable profitability outlook Freight & Road Logistics •Freight segment recorded 13% growth in Q4FY26 indicating recovery trend •LTL business mix improved to ~63% supporting long-term profitability improvement •Fuel cost hikes being passed through with ~1 month lag in LTL contracts •Leadership change implemented in freight business to accelerate turnaround •Management expects gradual recovery in freight profitability from FY27 onward Q1FY27 Outlook •Management highlighted softer demand trends in select consumer durable categories post price hikes •Inflationary pressures and fuel cost increases may impact demand over next few months •FY27 revenue growth guidance maintained at 10%-12% •Supply chain business expected to sustain ~13%-15% growth trajectory in FY27 •Q1FY27 seaways growth expected to remain moderate due to seasonality and dry dock schedule Strategy •Company continues focusing on integrated multimodal logistics capabilities across road, rail and sea •End-to-end warehousing and distribution solutions driving customer acquisition •Strong focus on organized logistics opportunity and multimodal transition in India •AI and technology initiatives being developed through dedicated center of excellence •Green logistics initiatives expanding through LNG, CNG and EV transportation adoption

Electronics Mart India Ltd - Q4FY26 | Concall Insights Financial Highlights •Q4FY26 revenue increased 15% YoY to INR1,913 crore •Q4FY26 EBITDA grew 20% YoY to INR129 crore •Q4FY26 PAT increased 49% YoY to INR40 crore •FY26 revenue grew 7% YoY to INR7,183 crore •FY26 PAT stood at INR107 crore with operating cash flow of INR299 crore Sales •Q4FY26 same-store sales growth stood at 12.2% •FY26 same-store sales growth stood at 5.3% •Mobile segment recorded strong 28% growth in Q4FY26 driven by new launches •Large appliances, washing machines and televisions delivered double-digit growth •South and NCR regions both delivered double-digit revenue growth during Q4FY26 Margins & Profitability •Q4FY26 EBITDA margin improved to 6.7% versus 5.6% YoY •FY26 EBITDA margin stood at 6.1% •Mature stores delivered EBITDA margin of 7.3% versus 3.1% for newer stores •South cluster EBITDA margin maintained at healthy 6.5% despite aggressive expansion •NCR operations turned EBITDA positive on full-year basis during FY26 Store Expansion •Added 4 new stores during Q4FY26 across NCR, Telangana and Andhra Pradesh •Company currently operates 223 stores across regions •FY27 target store additions expected at 20 stores •Planning 7-8 additional stores in NCR during FY27 •Eastern India expansion to begin with 5-7 stores in Kolkata by Q2/Q3FY27 Strategy •Focus remains on deepening presence in existing clusters with selective geographic expansion •Kolkata identified as entry point for Eastern India expansion •Management targeting strong double-digit growth in NCR cluster during FY27 •AI-enabled smartphones and technology upgrades expected to drive next growth cycle in mobiles •Higher traction observed in premium products, accessories and emerging appliance categories Category Trends •Cooling products, refrigerators and air conditioners witnessing strong summer demand •Healthy traction seen in induction cooktops, dishwashers and air coolers •Premium product mix continues to improve average selling prices across categories •Mobile ASPs remained strong with focus on premium smartphones •Accessory attachment strategy in mobiles helping improve gross margins Working Capital & Cash Flow •Inventory days stood at 73 days as of March 2026 •Strong focus on working capital efficiency and cash flow generation in FY27 •Operating cash flow generation improved significantly during FY26 •Majority sourcing directly from OEMs supporting procurement efficiency •Working capital requirements reduced versus previous year levels Q1FY27 Outlook •Management indicated strong start to Q1FY27 aided by favorable summer demand •Southern markets and NCR performing ahead of expectations in Q1FY27 •Delhi NCR expected to deliver 25%-30% growth in FY27 •NCR EBITDA margins guided to improve toward 2.5%-3% levels in FY27 •Cooling categories expected to support margin improvement during Q1FY27

Steelcast Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 revenue from operations increased 13.3% YoY to INR423.2 crore •FY26 EBITDA grew 17.3% YoY to INR129.6 crore •FY26 PAT increased 20.3% YoY to INR86.9 crore •Q4FY26 revenue increased 15.4% QoQ to INR112.4 crore •Q4FY26 PAT grew 12.6% QoQ to INR23.2 crore Revenue •Exports contributed over 60% of FY26 revenues driven by strong global OEM demand •Export segment outperformed domestic business across FY26 and Q4FY26 •Management targeting 20% revenue CAGR over FY27-FY29 •FY29 aspiration to double FY26 sales within existing capacity •Ground engaging tools contribution targeted to increase from 1.1% in FY26 to 3.8% in FY27 Margins & Profitability •FY26 EBITDA margin improved 104 bps YoY to 30.6% •FY26 PAT margin improved 119 bps YoY to 20.5% •Management expects sustainable long-term EBITDA margins of 25%-26% •Cost inflation from raw materials increased ~10% with partial pass-through already implemented •Rupee depreciation and export-linked pricing adjustments expected to support margins in FY27 Capacity Expansion •2.4 MW hybrid power project under commissioning by June 2026 •Hybrid power project expected to generate annual savings of ~INR3.6 crore •Management advancing capex decision timeline to July 2026 from December 2026 •Current capacity utilization expected at 63%-64% in FY27 •Capacity expansion plans being accelerated due to strong customer demand visibility Order Book •Order book cycle currently stands at 110-120 days •Opening FY27 order book estimated at INR130-135 crore •50 new parts under various stages of development and approvals •Serial supply orders expected from overseas defense compact vehicle segment •Defense opportunity potential estimated at INR15-18 crore sales contribution Business Development •Company benefiting from China 1 sourcing opportunities and global supply chain diversification •Focus sectors include mining, earthmoving, construction, locomotives and railroad •Management shifting focus away from defense towards core industrial verticals •New part development momentum increased significantly over past 4-6 weeks •North America and developed markets continue to witness healthy traction Balance Sheet & Cash Flow •Company maintained debt-free balance sheet during FY26 •Cash reserves stood at ~INR114 crore providing strong liquidity position •Automatic cost pass-through clauses remain embedded across customer contracts •Working capital cycle maintained within 75-110 days range •Strong financial prudence and cost discipline maintained despite geopolitical uncertainties Guidance •Management confident of achieving 20% growth in FY27 •Target to become INR100 crore PAT company in FY27 •Industrial demand supported by infrastructure, mining and manufacturing expansion •Export opportunities expected to strengthen amid global supply chain diversification •Management optimistic on maintaining stable margins and strong long-term growth trajectory