Concall Talks

Thomas Scott India Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 revenue from operations grew 58% YoY to Rs.255 crores •FY26 EBITDA increased 72% YoY to Rs.33 crores •FY26 EBITDA margins expanded 105 bps to 13.1% •FY26 PAT grew 51% YoY to Rs.19 crores •ROCE stood at 22.31% with 3-year revenue CAGR of ~60% Revenue •Q4FY26 revenue grew 63% YoY to Rs.78 crores •Thomas Scott own brand revenue grew 62% YoY to Rs.91 crores in FY26 •Licensed and other brands revenue increased 53% YoY to Rs.148 crores •Contract manufacturing revenue grew 91% YoY to Rs.15 crores •Management indicated continuation of similar high double-digit growth trajectory in FY27 Margins •Q4FY26 EBITDA margins stood at 14.14% despite higher growth investments •Q4FY26 PAT margins stood at 7.71% •Premiumization across licensed brands improved gross margins materially •New categories such as footwear expected to be margin and ROCE accretive •Management expects operating margins to remain stable while focusing on growth Business Expansion •Company completed 10 consecutive quarters of revenue growth •Entered footwear category during Q4 with healthy initial sell-through trends •Womenswear launches gained strong early consumer traction •Expanding fulfillment centers to improve delivery speed and localization •Focus remains on digital-first expansion targeting aspirational mid-premium consumers Technology •Operating on a test-and-scale, build-for-demand retail model •thread ai and catalog ai platforms actively used for demand forecasting and catalog management •Technology stack enables faster product launches and inventory optimization •Data-driven merchandising helping improve conversion and seasonal planning •Management sees significant untapped scalability from technology and multi-brand platform Manufacturing •Manufacturing operations across Solapur, Bangalore and Gurgaon facilities •Existing in-house factories currently operating at full capacity utilization •Additional captive manufacturing capacities being utilized to meet demand growth •Ongoing expansion planned at Solapur manufacturing unit •Integrated manufacturing-to-retail model supports speed and quality control Working Capital & Balance Sheet •Working capital remains elevated due to aggressive growth investments •Management comfortable funding growth through existing working capital lines •Short-term borrowings increased partly due to Rs.21-22 crores insurance receivable pending recovery •Debt-to-equity currently around 0.3-0.4 and expected to normalize lower post insurance settlement •Management expects gradual improvement in receivable and working capital efficiency Channel Mix •Online channel contributed ~93% of Thomas Scott brand sales while offline contributed ~7% •Growing wholesale distribution model with marketplace partners like Myntra and Amazon •Marketplace outright sales improving contribution margins and inventory efficiency •Premium international brands such as Nautica, FCUK and Kenneth Cole driving portfolio premiumization •Return ratios improved to ~20%-21%, lower than broader industry averages Other Key Updates •Insurance receivable of ~Rs.22 crores related to prior fire incident classified under other current assets •Raw material inflation due to West Asia disruptions being managed through advance planning •Winterwear inventory positioning supported strong seasonal sales performance •Focus remains on ROCE-accretive expansion with minimal incremental capital deployment •Management prioritizing profitable growth, technology investments and operational agility for FY27

JD Cables Ltd - H2FY26 | Concall Insights Financial Highlights •FY26 total income grew 45.7% YoY to INR365 crores •FY26 EBITDA increased 40% YoY to INR48.1 crores •FY26 PAT grew 44% YoY to INR31.7 crores •H2FY26 revenue grew 70% YoY to INR243 crores •H2FY26 PAT increased 69% YoY to INR19 crores Revenue •Management guided 50%-60% revenue growth for FY27 and FY28 •Cable and conductor business expected to grow 30%-40% in FY27 •EPC business revenue expected to scale from INR30 crores in FY26 to INR200 crores in FY27 •Strong revenue visibility supported by INR515 crores order book •Additional short-cycle orders from repeat customers continue beyond reported order book Margins •FY26 EBITDA margins remained stable despite higher EPC execution expenses •Management guided sustainable EBITDA margins of 12%-13% going ahead •EPC business expected to operate at ~8% PAT margins •New premium product portfolio expected to deliver better margins than existing products •Double-digit EBITDA margins expected to sustain despite EPC mix increase Capex •Company acquired new industrial facility at Jamshedpur spanning 1.18 lakh sq ft •FY27 capex guidance stands at INR20-30 crores •Additional adjacent land acquisition under process for future expansion •Investments underway in new product lines including MVCC, AL-59, HTLS and HT cables •Conductor division commissioning expected shortly pending electricity connection approvals Order Book •Order book stood at ~INR515 crores as of March 2026 •Order book mix comprises ~INR300 crores EPC and ~INR200 crores cables/conductors •Company participated in over INR1,000 crores worth of tenders across EPC and cables •Management targets INR700-800 crores order book by FY27-end •Order execution timeline typically ranges around 1.5 years Capacity Expansion & Utilization •Existing combined installed capacity stands at ~28,000 km per annum •Unit I operated at 82.4% utilization while Unit II operated at 84.6% utilization in FY26 •New facility expected to double current capacity initially •Management targets 3x-4x capacity expansion over next 2 years based on demand •New unit expected to operate at 70%-80% utilization in FY28 Strategy •Company expanding aggressively into EPC and infrastructure projects as forward integration •National Highway EPC project execution underway with recurring EPC strategy planned •Strong focus on transmission, distribution and electrification opportunities across India •Expanded product portfolio to cater broader power and industrial infrastructure demand •Management optimistic on rising infrastructure investments and power sector opportunities in Eastern India Working Capital & Cash Flow •Operating cash flows impacted due to rapid growth and EPC project execution •Working capital cycle increased due to inventory build-up and EPC funding requirements •Management comfortable with current liquidity and bank balances •Additional debt funding planned through banks for future growth and tender execution •Banks already supportive for incremental working capital requirements as order inflow scales

Fiem Industries Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 revenue grew 16% YoY to INR2,790.7 crores, highest ever annual revenue •FY26 EBITDA increased 22.6% YoY to INR393.3 crores •FY26 PAT grew 24.4% YoY to INR253.9 crores •Q4FY26 revenue increased 17.4% YoY to INR744.4 crores •Q4FY26 EBITDA margin improved to 14.7% versus 13.2% YoY Revenue •2-wheeler industry production grew ~12% YoY to all-time high of 26.7 million units in FY26 •Strong growth achieved across TVS, Honda, Suzuki and Yamaha platforms •New EV platform approvals received from Hero MotoCorp and Honda •4-wheeler business revenue expected at INR100-150 crores in FY27 •4-wheeler revenues guided to scale up to INR200-250 crores in FY28 Margins •FY26 EBITDA margin improved to record 14.1% driven by operating leverage •Management guided sustainable EBITDA margins of ~14% going ahead •LED lighting business continues to support healthy profitability profile •Commodity inflation and forex impact largely pass-through in nature with customers •4-wheeler business expected to remain margin-neutral initially Business Expansion •Company targeting 15%-20% annual revenue growth going forward •4-wheeler business pipeline gaining traction with Mahindra, Tata and Force Motors •70% of INR700 crores RFQ pipeline converted into development-stage business opportunities •Strong growth expected from EV lighting programs across OEMs •Yamaha export-oriented model pipeline includes 8-9 models under development Capex •FY26 capex stood at INR108.3 crores •Company plans ~INR200 crores capex over next 2 years •Capex focused on debottlenecking, automation and 4-wheeler expansion •Advanced EMI/EMC validation facility established to reduce product development cycle time •No greenfield expansion planned currently under existing capex program Capacity Utilization •Current manufacturing capacity utilization stands at ~75% •LED lighting contribution increased to 63% of automotive lighting revenues •Future product pipeline nearly 100% LED-based across OEMs •Focus on advanced lighting technologies including ambient lighting and touch-enabled systems •In-house EMI/EMC testing capability expected to strengthen electronics validation and quality Business Development •Strong focus on becoming leading automotive lighting technology company •Mercedes testing and validation project progressing toward future RFQ opportunities •Increasing penetration into premium and EV vehicle segments across OEMs •Company continues to invest >2% of revenues into R&D initiatives •Technology roadmap focused on electronics, advanced lighting and safety-driven innovations Balance Sheet •Cash and cash equivalents stood at ~INR276 crores as of FY26-end •Receivable increase due to discontinuation of bill discounting program for major customers •No deterioration in customer payment terms or collection cycle •Healthy cash generation reducing dependence on external borrowings •Board recommended final dividend of INR40/share amounting to INR105.3 crores Other Key Updates •Rooftop solar and renewable energy rollout initiated across manufacturing facilities •Hosur facility already sourcing ~65% power through solar with additional wind energy integration underway •Company targeting long-term carbon neutrality through green energy initiatives •Leadership transition completed smoothly with Rahul Jain leading growth strategy including 4-wheelers •LED adoption trend expected to continue increasing across Indian automotive industry

Mishra Dhatu Nigam Ltd - Q4FY26 | Concall Insights Financial Highlights •Q4FY26 revenue reached highest-ever quarterly turnover of INR552.7 crores, up 34.6% YoY •FY26 revenue increased 12.5% YoY to record INR1,208.6 crores •Q4FY26 PBT grew 38.7% YoY to INR107 crores •Q4FY26 PAT increased 38.5% YoY to INR77.8 crores •FY26 PAT rose 18.8% YoY to INR130.8 crores Order Book •Order book stood at INR2,290 crores as of April 1, 2026 •Defence sector contributes ~79% of total order book •FY27 order inflow guidance maintained at ~INR1,500 crores •FY26 exports stood at INR85 crores with FY27 export target of INR100 crores •Titanium order book currently stands at over INR660 crores Margins •Management guided EBITDA margins of 23%-25% going ahead •Titanium and maraging steel businesses generate relatively higher margins versus superalloys •Fastener business expected to be a high-margin value-added segment •Operational efficiencies expected to improve with downstream automation capex •Improved product mix and higher aerospace contribution expected to support profitability Capex •Company planning ~INR1,000 crores capex over next 3 years •Capex focused on downstream forging, rolling and automated manufacturing facilities •New INR40 crores aerospace fastener manufacturing facility inaugurated and operational •Investments planned in replacing aging equipment with Industry 4.0-enabled automation systems •Capex to be funded through internal accruals and term loans Capacity Expansion •MIDHANI targeting 15%-20% annual revenue growth over medium term •Long-term aspiration remains scaling revenue toward INR2,000 crores and beyond •Titanium production doubled to 700 tons in FY26 with further capacity available •Company expects substantial opportunities from AMCA, missile, aerospace and aero-engine programs •Fastener facility expected to generate stable annual revenues of INR20-30 crores initially Business Development •Received NADCAP certification for heat treatment, enabling direct procurement by global OEMs •Developed India’s first cast superalloy single-crystal blade material for aero engines •Signed MOU with key stakeholders to establish strategic metal bank for critical raw materials •Focus remains on niche aerospace and defence metallurgy applications globally •Discussions ongoing with global aero-engine OEMs for future commercial supplies Working Capital •Metal bank being established to mitigate raw material supply chain disruptions •Management building strategic inventory buffers for critical imported raw materials •Inventory reduction target of 10%-15% over FY27 through liquidation initiatives •Pricing strategy in long-term contracts adjusted to account for raw material volatility •No major funding constraints anticipated for upcoming expansion projects Other Key Updates •Received airworthiness certification for 10 aerospace-grade superalloys and steels from CEMILAC •Supplied 90 tons of armor-grade steel for Presidential ceremonial applications •Delivered over 700 ring-rolled rings for aero-engine applications during FY26 •ABHED lightweight bulletproof jacket technology commercialisation underway with initial orders executed •Spring manufacturing facility for Vande Bharat applications expected to become operational within next 1-2 months

Simplex Castings Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 consolidated revenue grew 18% YoY to INR202 crores •FY26 EBITDA increased 20% YoY to INR37.4 crores •FY26 PAT surged 40.5% YoY to INR21.3 crores •Management highlighted robust double-digit growth across key financial metrics •Q4FY26 performance impacted by delayed customer site execution and gas supply disruptions Wagon Bogies •Received RDSO approval to restart wagon bogie manufacturing business •Current bogie manufacturing capacity stands at 200-250 bogies per month •Railway bogie business expected to contribute ~INR50 crores revenue in FY27 •Commercial bogie orders expected within next 1 month with execution ramp-up from Sep’26 •Developing fabricated bogies for locomotives, Vande Bharat, metro and passenger coaches Revenue •FY27 revenue target guided at INR300 crores versus INR202 crores in FY26 •Existing business expected to contribute INR200 crores revenue in FY27 •Power sector targeted to contribute ~INR50 crores revenue in FY27 •Management targeting INR500 crores revenue scale over medium term •Growth driven by railways, steel, power and selective EPC opportunities Margins •Management guided sustainable EBITDA/PAT margins in 8%-10% range •Higher-margin opportunities emerging in defence and shipbuilding segments •Coke oven door business remains key profitability contributor for company •Operational efficiencies and selective order booking supporting margin expansion •Management becoming selective in project bidding amid favourable industry demand Capex •FY26 capex stood at ~INR15 crores •FY27 capex guidance maintained at ~INR25 crores •Railway bogie capex already completed and commercial production-ready •50% of recent preferential proceeds being utilized for fabricated bogie facilities •Additional fund raise may be evaluated for fabricated bogie expansion and acquisitions Business Expansion •Expanding presence across railways, steel, power, defence and shipbuilding sectors •Exploring acquisitions in similar engineering and railway-related businesses •Company evaluating overseas acquisition opportunities due to attractive valuations •Selective EPC focus on metallurgical and industrial plant projects •Focus remains on scalable repetitive businesses with stable execution visibility Business Development •Received prestigious orders from Thyssen, SMS and BHEL during FY26 •Strong order inflows witnessed from steel plant expansion projects •Power sector order book currently estimated at INR35-40 crores •Coke oven battery opportunity pipeline remains strong for next 3-4 years •Management expects continued growth from integrated steel plant expansions in India Other Key Updates •Simplex currently commands ~70% market share in coke oven door manufacturing in India •Coke oven door business currently contributes ~INR50-60 crores annual revenue •Execution remains key growth challenge amid labour shortages and raw material disruptions •Company maintains strong positioning in heavy engineering castings and fabrication •Management focusing on operational stability before aggressive diversification into defence and shipbuilding

KNR Constructions Ltd - Q4FY26 | Concall Insights Financial Highlights •Standalone FY26 revenue stood at INR2,097 crores with EBITDA of INR178 crores •Standalone FY26 EBITDA margin stood at 8.5% with PAT at INR116 crores •Consolidated FY26 revenue stood at INR2,698 crores with EBITDA of INR711 crores •Consolidated FY26 EBITDA margin stood at 26.4% with PAT at INR437 crores •Q4FY26 consolidated EBITDA margin remained strong at 24.3% despite lower execution scale Order Book •Order book stood at INR8,672 crores as of March’26 excluding new HAM wins •Including recently won HAM projects, total order book increased to INR11,903 crores •Company targets FY27 order inflows of INR8,000-10,000 crores •Order pipeline includes roads, mining, irrigation, railways, flyovers and solar projects •Current order book provides execution visibility of 3-3.5 years excluding mining projects Margins •Management guided sustainable EBITDA margins of 10%-11% going ahead •Recent HAM projects expected to deliver EBITDA margins of around 11%-13% •Lower margins due to aggressive bidding amid weak project awarding environment •Irrigation projects historically generated superior EBITDA margins of 18%-20% •Commodity volatility impact manageable due to monthly price adjustment mechanism by MoRTH HAM Projects •Two HAM projects worth INR3,897 crores won during Q4FY26 •Tamil Nadu elevated corridor HAM project awarded at INR2,163 crores •Mahabubnagar-Gudebellur HAM project awarded at INR1,734 crores •Combined equity requirement for two HAM projects estimated at ~INR510 crores •FY28 execution from newly won HAM projects expected at INR1,000-1,200 crores Capex •Company invested INR734 crores out of total revised HAM equity requirement of INR952 crores •Balance HAM equity infusion requirement stands at INR218 crores over FY27-FY28 •FY27 capex guidance estimated at INR200-250 crores •Mining business capex to be funded through internal accruals and equipment financing •Company evaluating investments in solar, data centres and railway infrastructure opportunities Working Capital & Balance Sheet •Standalone working capital days improved to 78 days from 93 days YoY •Consolidated debt increased to INR2,438 crores versus INR1,847 crores YoY •Net debt-to-equity stood at 0.49x as of March’26 •Telangana irrigation receivables including unbilled revenue remain high at INR1,400-1,450 crores •Management expects Telangana receivable recovery over next 1-2 quarters Business Expansion •Company diversifying into mining, railways, solar and data centre opportunities •Mining project expected to start execution within next 7-8 months •Mining business revenue potential expected to scale to INR1,000 crores annually over medium term •Actively pursuing railway EPC projects with focus on higher-value opportunities •Exploring large-scale solar EPC opportunities above 500 MW capacity projects Other Key Updates •Monetized KNR Palani Infra stake to Indus Infra Trust for INR205 crores consideration •Additional INR90 crores cash upstreamed from SPV during monetization transaction •NHAI and state government project pipeline expected to improve in FY27 •Mysore-Kushalnagar HAM projects faced temporary execution delays due to land issues •Management targeting FY28 revenue scale-up to above INR3,000 crores

Gujarat Gas Ltd - Q4FY26 | Concall Insights Financial Highlights •Q4FY26 EBITDA increased to INR943 crores versus INR790 crores YoY •FY26 EBITDA increased to INR3,772 crores versus INR3,241 crores YoY •FY26 PAT stood at INR2,299 crores versus INR2,308 crores YoY •Board recommended dividend of INR8.9/share with payout of ~INR835 crores •Gas trading segment EBT increased to INR1,334 crores despite lower trading volumes Sales •Gas trading volumes stood at 10.2 mmscmd in FY26 with 4.9 mmscmd external sales •CNG sales reached highest-ever volume of 3.6 mmscmd in Q4FY26 with 12% YoY growth •PNG Industrial volumes increased 7% QoQ to 4.19 mmscmd in Q4FY26 •Morbi ceramic cluster gas consumption increased from 1.66 mmscmd in March’26 to ~8 mmscmd by May’26 •Domestic PNG customer base crossed 24.18 lakh customers with 43,000 new additions in Q4FY26 Margins •CGD EBITDA guidance maintained at INR5.5-6.5/scm despite LNG volatility •Gas trading business maintained profitability despite 19% decline in trading volumes •Gas trading margins guided at 4%-6% range going ahead •Management expects trading profitability of INR1,000-1,100 crores annually on sustainable basis •Focus remains on balancing volume growth with sustainable margins amid volatile global gas markets Guidance •Gas trading business expected to grow 25%-30% by FY30/FY31 •Morbi gas demand potential seen at 8.8-9 mmscmd versus current ~8 mmscmd •Industrial gas demand expected to remain strong due to propane supply disruptions •Management expects strong growth in PNG domestic and commercial segments in newer GAs •Additional long-term LNG sourcing opportunities actively being pursued globally Capex •FY27 CGD capex guidance maintained at ~INR1,000 crores •E&P capex guidance at ~INR100 crores for drilling activities •Signed long-term LNG SPAs aggregating 1.36 MMTPA with Qatar Energy and Uniper •Investments planned in ERP expansion, AI-enabled analytics, SCADA and automation initiatives •Evaluating propane infrastructure including import jetty and storage facilities near Morbi Business Expansion •Gujarat Gas renamed Gujarat Energy Limited post merger implementation •Integrated energy platform now includes CGD, gas trading, E&P and renewable businesses •McKinsey appointed to evaluate organic and inorganic growth opportunities •Focus on building future-ready energy portfolio and adjacent energy segment expansion •Aggressive PNG penetration drive converted 2,835 societies into LPG-free societies cumulatively Balance Sheet •Tax losses of ~INR1,900 crores remain available for future set-off benefits •Cash and financial asset balances remain strong at over INR5,000 crores •Deferred tax benefits expected to support profitability over near term •GSPC LNG stake increased to 36.8% after debt conversion into equity •Strong balance sheet provides flexibility for growth investments and expansion initiatives Other Key Updates •Merger of GSPC, GSPL and GSPC Energy into Gujarat Gas became effective from May 1, 2026 •Transmission business demerged into GSPL Transmission Limited (GTL) •CNG infrastructure expanded to 839 stations with vehicle base growing 15% YoY •35 CBG agreements signed with total committed volume of ~1.6 lakh SCMD •Long-term LNG portfolio currently stands at ~2.96 MMTPA with diversified sourcing mix

Expleo Solutions Ltd - Q4FY26 | Concall Insights Financial Highlights •Q4FY26 operating revenue grew 11.9% YoY to INR 2,863 million •FY26 operating revenue increased 8.1% YoY to INR 11,080 million •Q4FY26 total income grew 14.8% YoY to INR 2,989 million •FY26 EPS increased 20.1% YoY to INR 79.89 •PAT margin improved to 16.5% in Q4FY26 versus 9.1% YoY Revenue •Europe emerged as fastest-growing geography driven by BFSI demand •BFSI and aerospace & defense were strongest-performing verticals during FY26 •15% of revenues currently AI-influenced through expleo ai platform adoption •Group business contribution increased slightly and remains around 32%-33% of revenue •Middle East business remained resilient in financial services despite geopolitical disruptions Margins •Q4FY26 adjusted EBITDA margin stood at 15.5% versus 15.6% YoY •FY26 EBITDA margin stood at 15.6% versus 16.2% in FY25 •Margins impacted by wage hikes and labor code-related costs •Operational efficiency initiatives partially offset wage inflation pressures •Management guided to sustain EBITDA margins around 15%-16% in FY27 Guidance •Management guided for sustainable double-digit revenue growth in FY27 •AI-led proposals now integrated into nearly all BFSI engagements •Focused strategy on increasing new logo acquisitions in FY27 •Partner-led growth strategy launched with 15+ strategic partners globally •60% of revenue targeted to become AI-influenced through top-20 account penetration Business Strategy •Egypt identified as strategic expansion market with strong BFSI opportunity •Expanded GTM initiatives in Cairo through CXO conferences and market campaigns •Payments segment selected as key technology focus area ahead of 2028 compliance upgrades •Aerospace & defense selected as core engineering growth vertical •70% of employees AI-certified under AI360 learning initiative with target of 95%-100% by FY27 Capex •New Bangalore facility inaugurated with significantly larger aerospace testing labs •New lab capacity expanded nearly 4x for test bench manufacturing and assembly •Investments made in AI platforms, simulators and payment modernization capabilities •Continued investments planned in employee AI upskilling and training programs •Focused investments ongoing in expleo.ai platform R&D enhancements Balance Sheet •Cash position increased to INR 376 crores as of March 2026 versus INR 229 crores YoY •Higher interest income supported FY26 profitability improvement •Loans extended to group entities at arm’s length interest rates of 9.5%-10% •Strong cash balance to support ongoing M&A strategy and acquisitions •Dividend payout deferred to prioritize inorganic growth opportunities Other Key Updates •Company shortlisted 9 acquisition targets with 3 under due diligence phase •M&A focus areas include AI, data and Salesforce-related capabilities in U.S. market •AI productivity gains ranging between 20%-60% across service lines •Management highlighted rising pressure on ticket sizes due to AI-led efficiencies •Aerospace & defense pipeline remains strong driven by Make in India and global defense spending

TechD Cybersecurity Ltd - H2FY26 | Concall Insights Financial Highlights •FY26 revenue from operations increased 73.8% YoY to Rs.51.8 crores •H2FY26 revenue grew 84% over H1FY26 to Rs.33.62 crores •FY26 PAT increased 67% YoY while H2 PAT rose 21% over H1 •EBITDA margin improved significantly with 83.66% growth in EBITDA •Company targets Rs.75-80 crores organic revenue in FY27 with potential to cross Rs.100 crores including inorganic growth Revenue •Order book and renewal commitments stood at Rs.43 crores providing strong revenue visibility •Management aims to increase order book to Rs.80 crores by end-H1FY27 •Government business pipeline expanded to Rs.150 crores from Rs.100 crores earlier •Fortune 500 multi-year cybersecurity order worth Rs.9 crores secured in H2FY26 •SOC customer base increased to 160 customers with target to onboard 2,000 customers over next 2-3 years Margins •Employee benefit expenses reduced from over Rs.12 crores to Rs.9.36 crores through AI-led automation •Agentic AI deployment improving operational efficiency and reducing execution costs •Management expects continued margin expansion through product mix and automation initiatives •Product business expected to generate 40-50% net profit margins •Focus on reducing OEM dependency through proprietary product development to support long-term profitability Business Expansion •Expanded operations into Canada and Dubai to strengthen global delivery and revenue generation •Company transitioning from services/training-led model to AI-native cybersecurity product platform company •Customer base increased from 630 to over 736 customers during FY26 •New logos onboarded increased from 90 in H1 to 150 in H2FY26 •Management targeting 50-60% organic growth in FY27 Capex •TechD Cyber Valley GSOC project expanded from planned 33,000 sq ft to 60,000 sq ft infrastructure •Construction of one of India’s largest cybersecurity SOC infrastructure underway in Ahmedabad •Major IPO fund utilization planned toward product development, GTM expansion and GSOC infrastructure •Investments planned in AI-native cybersecurity products and strategic tech integrations •GSOC facility expected to become operational by September 2026 Business Development •Launched TechD One unified cybersecurity platform with 7 AI-native modules planned •Phase-1 products launched include Dark Vector AI, Human Trust AI, OT Shield and Provenance AI •Company building large distribution and channel partner ecosystem across India •80% of product revenues expected through distributors/channel partners and 20% via direct enterprise sales •Focus on recurring revenue through MSSP model, multi-year contracts and product subscriptions Other Key Updates •Company launched AI-powered cybersecurity products targeting software supply chain security and AI security •Exclusive alliance formed with Safeguard for sovereign India-hosted AI models •Cybersecurity regulations and AI-driven compliance requirements driving strong industry demand •Potential acquisitions under discussion in Australia and India to accelerate inorganic growth •Management highlighted AI-led automation as key differentiator for delivery speed, scalability and cost efficiency

Dynacons Systems & Solutions Ltd - Q4FY26 | Concall Insights Financial Highlights •Q4FY26 revenue from operations grew 22% YoY to Rs.402 crores •FY26 revenue increased 12% YoY to Rs.1,424 crores •FY26 EBITDA grew 41% YoY to Rs.146 crores •FY26 PAT increased 17% YoY to Rs.85 crores •Order book stood close to Rs.3,000 crores as of May 30, 2026 Order Wins •Strong order wins across RBI, Punjab & Sind Bank, LIC, SBI and J&K Bank projects •RBI enterprise application platform project worth ~Rs.249 crores secured •Punjab & Sind Bank private cloud infrastructure order worth ~Rs.109 crores won •LIC digital workplace solutions engagement worth ~Rs.138 crores executed •DaaS and managed services business seeing strong recurring revenue traction Margins •FY26 EBITDA margin improved to 10.2% versus 8.1% in FY25 •Margin expansion driven by higher mix of cloud, data center and managed services projects •Managed services and annuity offerings supporting operating leverage improvement •Q4FY26 margins impacted temporarily by AI infrastructure supply chain cost escalation •Management expects current margin profile to remain sustainable over medium term Business Expansion •Company focused on AI-ready infrastructure, cybersecurity and cloud transformation opportunities •Strategic partnership signed with Cygeniq for AI-driven cybersecurity solutions •Expansion underway in digital workplace and Device-as-a-Service offerings •Management sees strong growth opportunities from AI adoption and data center investments •Bidding pipeline stood at ~Rs.5,100 crores as of May 2026 Capex •Property, plant and equipment increased from Rs.8 crores in FY25 to Rs.68 crores in FY26 •Capex largely undertaken for core banking-as-a-service and DaaS projects •Investments made toward delivery infrastructure and execution capabilities •Right-of-use assets added for annuity and leasing-based projects •Capex expected to support long-term recurring revenue generation Working Capital & Balance Sheet •Net debt increased to Rs.68 crores from Rs.17 crores due to expansion investments •Net debt-to-equity ratio remained comfortable at only 0.2x •Working capital cycle remained efficient with net working capital days at 17 days •Higher receivables linked to milestone-based execution of large infrastructure projects •Strong OEM and supplier credit support helping maintain liquidity flexibility Business Development •Focus areas include data centers, cloud infrastructure, cybersecurity and AI-led transformation •Company targeting higher share of recurring and annuity-based revenues •Cross-selling strategy helping increase wallet share with existing BFSI customers •Strong execution capability enabling participation in large nationwide technology projects •Company exploring expansion across newer geographies and emerging technology domains Other Key Updates •NABARD core banking-as-a-service platform successfully enabled 38 banks to go live •Data center and cloud business contributes ~34% of total revenues •Cybersecurity demand rising sharply across BFSI sector following regulatory focus •Management highlighted strong industry tailwinds from AI, automation and digital infrastructure demand •Execution timeline for current order book estimated at 18-24 months

Indo Borax & Chemicals Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 operating revenue grew 22.9% YoY to Rs.215.45 crores •FY26 net profit increased 18% YoY to Rs.50.27 crores •Q4FY26 operating revenue increased 25.7% YoY to Rs.63.01 crores •Q4FY26 PAT grew 41.9% YoY to Rs.14.53 crores •Company maintained near zero debt balance sheet with strong profitability Revenue •Boric Acid Technical remains the largest product segment with ~90% revenue contribution •DOT volumes increased to ~980 tons in FY26 from ~600 tons two years ago •Management targets DOT sales volume of ~1,500 tons in FY27 •FY27 revenue expected to exceed Rs.250 crores through debottlenecking and better realizations •Improved Q4FY26 performance driven by volume growth and higher product realizations Margins •FY26 EBITDA margin stood at 21.8% despite geopolitical raw material pressures •FY26 PAT margin remained strong at 20.5% •Q4FY26 EBITDA margin stood at 20.4% •PAT margin improved by 250 bps YoY to 21.5% in Q4FY26 •Management confident of maintaining or improving current EBITDA margin profile Business Expansion •Management targeting 20%-35% medium-term revenue growth through operational efficiencies and new products •Export market opportunities being explored beyond domestic boric acid leadership •Focus on increasing presence in pharma, FMCG, agriculture and specialty applications •Boron chemistry forward integration projects under active evaluation •DOT business identified as a key growth segment with substantial unused capacity available Capex •Company planning fresh capex for product expansion and forward integration initiatives •Boron Oxide project expected to commence production within next 3-4 quarters •Debottlenecking initiatives underway to improve effective plant utilization •Current installed capacity includes 20,000 TPA boric acid and 6,000 TPA DOT •Management evaluating additional boric acid capacity expansion due to rising demand visibility Capacity Utilization •Boric Acid Technical capacities operating near full utilization levels •DOT capacity utilization remains low at ~1,000 tons against 6,000 tons installed capacity •Boric Acid IP grade volumes currently ~900 tons with plans for gradual expansion •Higher-margin Boric Acid IP segment expected to gain share over time •Boron Oxide expected to diversify revenue mix with 2.5x-3x realization versus boric acid Business Development •New management focused on operational excellence, product diversification and export expansion •Company leveraging strong customer stickiness and superior product quality in steel industry •Focus on entering adjacent boron chemistries and specialty products •Supply chain de-risking initiatives underway to diversify raw material sourcing beyond Turkey •Management exploring synergies through cross-selling to existing large customers like P&G Working Capital & Balance Sheet •Company remains near-zero debt with strong cash reserves and liquidity position •Non-core asset monetization undertaken to unlock shareholder value •Special dividend of Rs.30/share and final dividend of Rs.10/share declared in FY26 •Existing cash reserves sufficient to fund planned capex for next two years •FD investments gradually being shifted towards liquid mutual fund investments for flexibility Other Key Updates •Indo Borax commands ~50% market share in Indian boric acid market •Company remains sole manufacturer of IP-grade Boric Acid in India with FTA and BIS licenses •Indian boric acid market estimated at ~40,000 tons with projected 8% CAGR till 2030 •Steel and refractory sector contributes ~55%-60% of domestic boric acid demand •Management highlighted strong Q1FY27 demand momentum with performance expected above Q4FY26 levels

Lumax Auto Technologies Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 consolidated revenue grew 34% YoY to record INR4,870 crores •Q4FY26 revenue grew 25% YoY to all-time high INR1,417 crores •FY26 EBITDA crossed INR700 crores mark and stood at INR705 crores •FY26 PAT grew 47% YoY to record INR337 crores •Company delivered faster-than-industry growth across major business segments Revenue •Advanced Plastics division revenue grew 25% YoY to INR2,566 crores in FY26 •Mechatronics business revenue grew ~150% YoY to INR281 crores in FY26 •Structures & Control Systems segment revenue grew 17% YoY to INR816 crores •Greenfuel Energy business contributed INR383 crores revenue in FY26 •Aftermarket business delivered strong 15% YoY growth driven by customer traction Margins •Q4FY26 EBITDA margin stood at 14.7% while FY26 EBITDA margin stood at 14.5% •Management expects margins to sustain with possibility of ~30 bps improvement in FY27 •Greenfuel Energy margins expected to remain accretive to group average over medium term •Inflationary pressures from commodities, manpower and energy expected to normalize through OEM pass-throughs •Lumax Ituran margins expected to improve by up to 150 bps in FY27 driven by new product SOPs Order Book •Total order book stood strong at INR1,450 crores providing healthy growth visibility •25% of order book executable in FY27, 54% in FY28 and balance 21% in FY29 •Advanced Plastics contributed largest order book share followed by Mechatronics and Alternate Fuels •Management reiterated mid-term 20% CAGR growth strategy over next 3-5 years •Certain businesses expected to grow at 2x-3x industry growth through wallet share gains and value addition Capex •FY26 capex stood at INR233 crores including strategic land investments and capacity additions •FY27 capex guidance maintained at INR275-300 crores •~INR100 crores invested towards capacity expansion in IAC and Lumax Alps Alpine •Mechatronics division expanding capacities through new facility investments •New R&D and software innovation center “SHIFT” established in Bengaluru for SDV and electronics development Business Expansion •Company progressing towards becoming Tier 0.5 system integrator from traditional Tier 1 supplier •China office expanded to pursue advanced technology tie-ups with Chinese automotive players •Acquisition of remaining 15.97% stake in Lumax FAE approved to make it wholly owned subsidiary •Board approved exit from Lumax JOPP JV to sharpen strategic focus on scalable businesses •Strong traction in alternate fuels, software-defined vehicle technologies and shift-by-wire systems Working Capital & Balance Sheet •Free cash reserves stood healthy at INR396 crores as of March 2026 •Long-term debt stood at INR553 crores with conservative debt-to-equity ratio of 0.46x •Majority of debt linked to inorganic acquisitions undertaken over past 2-3 years •Management expects debt levels to reduce steadily over next 3 years through internal cash flows •CRISIL upgraded company credit rating from AA- to AA during FY26 Other Key Updates •Lumax Alps Alpine received localization and design capability award from Maruti Suzuki •IAC division received Mahindra Supplier Excellence Award and HMSI quality recognition •Strong demand recovery supported by GST reforms, infrastructure spending and festive demand •CNG business outlook remains positive with strong OEM demand and alternate fuel adoption •New telematics and software-driven mobility products expected to enter SOP in coming quarters

Concord Biotech Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 revenue declined 12% YoY amid geopolitical and supply chain disruptions •Q4FY26 revenue declined 24% YoY due to delayed procurement and tender disruptions •FY26 EBITDA stood at INR367 crores with reported EBITDA margin of ~35% •Adjusted FY26 EBITDA margin stood at ~39% excluding injectable and U.S. subsidiary expenses •FY26 PAT declined 30% YoY to INR260 crores due to operating deleverage Revenue •API revenues declined 27% YoY in Q4FY26 and 12% YoY in FY26 •Formulation revenues declined 8% YoY in Q4FY26 and 13% YoY in FY26 •API to formulation revenue mix remained stable at 80:20 •Export revenues declined 9% YoY while domestic revenues declined 15% YoY in FY26 •Middle East tender delay and U.S. Veterans Affairs tender hold impacted FY26 revenues Margins •Reported FY26 EBITDA margin remained healthy at ~35% despite revenue decline •Adjusted EBITDA margin for FY26 stood at ~39% excluding new business investments •Renewable energy initiatives expected to improve EBITDA margins by 1%-1.5% in FY27 •Operating leverage from injectables and Stellon Biotech expected to support margin recovery •Gross margins expected to remain broadly stable in FY27 despite fuel cost pressures Guidance •Management expects FY27 revenue growth to exceed historical ~18% CAGR trajectory •Strong visibility for growth recovery already visible in H1FY27 •Growth expected from anti-infective and oncology segments •New product launches including Nystatin and Fusidic Acid expected to scale meaningfully •CDMO opportunities with innovator companies progressing into advanced discussion stages Capacity Expansion & Utilization •Current manufacturing capacities support peak revenue potential of ~INR3,000 crores •Unit 1 utilization stood at 77%, Unit 2 at 30% and Unit 3 at 53% •Injectable facility completed first year of operations and received WHO-GMP certification •Soft gel facility commercialization commenced during FY26 •No major capex planned in FY27 apart from maintenance and topical facility investments Business Expansion •Stellon Biotech U.S. subsidiary incorporated for direct marketing and distribution in U.S. •Commenced supplies to two innovator companies during FY26 •Expanded second-source opportunities across multiple API products •Invested into cell and gene therapy platform through Celliimune Biotech •Focus shifting towards emerging markets including Southeast Asia and Africa for injectables Working Capital & Balance Sheet •Company remains debt free with cash and cash equivalents exceeding INR414 crores •FY26 operating cash flow stood at INR267 crores with 73% CFO-to-EBITDA conversion •FY26 capex stood at INR65 crores including soft gel and facility modifications •Inventory levels increased due to staggered customer procurement and delayed shipments •Management expects working capital and inventory levels to normalize during H1FY27 Operational Updates •Successfully completed U.S. FDA, EU GMP, Russian GMP, NAFDAC and WHO-GMP inspections •CDSCO written confirmation delays impacted European supplies for nearly 3 months •European supplies normalized gradually towards end of FY26 •Injectable facility now eligible for domestic branded sales, contract manufacturing and tenders •Customer procurement activity improved in H2FY26 with supply chain diversification trends strengthening

Gufic BioSciences Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 revenue increased to INR940.5 crores versus INR820 crores in FY25 •Q4FY26 revenue grew to INR252 crores versus INR205 crores YoY •FY26 EBITDA stood at INR152.9 crores with 16.26% margin •Q4FY26 EBITDA increased to INR44.7 crores with 17.73% margin •Q4FY26 PAT more than doubled YoY to INR20.5 crores with 8.13% margin Margins •Q4FY26 EBITDA margins improved to 17.73% from 13.17% YoY •Management guided for 0.5%-1% annual gross margin expansion going forward •FY27 EBITDA margin expected to improve towards ~18% driven by Indore scale-up •Indore facility expected to achieve 31%-32% EBITDA margins at optimal utilization •Margin improvement driven by product mix, geography mix and higher international business Guidance •Management guided for ~15% YoY revenue growth for FY27 •Indore facility achieved 30% utilization and EBITDA breakeven in Q4FY26 •Domestic critical care business expected to grow 6%-9% in FY27 •Botulinum toxin, IVF and international business expected to remain key growth drivers •Management expects consolidated EBITDA margins to cross 20% by FY30 Business Expansion •Company transitioned international business from distributor-led to own MA/IP-led model •Gufic Ireland platform created to hold marketing authorizations in Europe •Filed dossiers in 18 new countries for complex injectable products •Entered partnership with global health organization for public health procurement across 109 countries •Company expanding field presence across Africa, Philippines, Southeast Asia and Latin America Capacity Expansion •Indore facility completed 40 product tech transfers with 27 more under development •Over 200 state FDA approvals received for Indore facility •More than 20 Indian pharma companies audited or actively using Indore as CMO base •EU GMP audit completed successfully; certificate awaited •No major greenfield capex planned for next 2 years except maintenance/replacement capex Product Development •GLP-1 injectable CDMO opportunity initiated through vial, cartridge and pen delivery systems •Aztreonam-Avibactam launched during FY27 opening quarter •Company investing 8%-10% of revenue annually into R&D activities •Focus on peptides, APIs and backward integration for higher margin control •Future launches planned in osteoarthritis, pain management and infertility segments Working Capital & Balance Sheet •Critical care receivable cycle reset through shift back to CFA-stockist distribution model •Domestic receivable issues largely resolved with collections substantially completed •Gross debt currently around INR400 crores and expected to remain stable •Long-term debt expected to gradually reduce through internal cash generation •Operating cash flow conversion in critical care business guided at ~12%-13% of sales Domestic Business •Women’s health and fertility platform delivered strongest-ever performance in FY26 •Botulinum toxin business achieved ~23% market share in India •In-licensing agreement signed with Canadian aesthetics company for fillers portfolio •Therapeutic toxin franchise expanded into urology, ophthalmology and pain management •Nutraceutical and Ayurveda business strengthened through chronic therapy and GI portfolio expansion

Apex Frozen Foods Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 revenue grew 14% YoY to INR931 crores driven by firm shrimp prices and favorable currency movement •FY26 EBITDA grew 145% YoY to INR73 crores •FY26 PAT increased sharply to INR39 crores versus INR4 crores in FY25 •Q4FY26 EBITDA increased 118% YoY to INR17 crores •Q4FY26 PAT stood at INR8 crores with 206% YoY growth Sales •FY26 shrimp sales volume remained stable at 10,286 metric tons versus 10,534 metric tons in FY25 •Q4FY26 net revenue stood at INR168 crores compared to INR197 crores in Q4FY25 •Q4FY26 sales volume stood at 1,912 metric tons versus 2,349 metric tons YoY •Non-U.S. export markets contributed ~52% of FY26 sales mix for the first time •European Union market grew 19% YoY in FY26 and 15% YoY in Q4FY26 Margins •FY26 EBITDA margins expanded 405 bps to 7.7% •Q4FY26 EBITDA margins expanded 593 bps to 9.8% •Margins supported by stable farm gate prices and favorable currency movement •Debt reduction and process-level efficiencies supported profitability improvement •Management expects FY26 margin levels to remain sustainable going forward Guidance •Management expects overall volume growth in FY27 •Company targeting ~30% volume growth for FY27 on annual basis •U.S. market volumes expected to recover after tariff reduction to 10% •EU and UK FTAs expected to support additional export growth •Ready-to-eat category revenue mix increased to 12% in FY26 from 10% in FY25 Business Expansion •Company continuing geographic diversification across export markets •Focus remains on increasing non-U.S. market contribution to reduce concentration risk •Company intends to retain growth momentum in EU while regaining U.S. volumes •Expansion planned across value-added Ready-to-Cook and Ready-to-Eat products •Management remains positive on medium and long-term demand outlook despite global uncertainties Cash Flow & Balance Sheet •Total borrowings reduced sharply from INR107 crores in March 2024 to INR6 crores in FY26 •Net debt-to-equity improved to negative 0.02x •FY26 operating cash flow increased to INR96 crores versus INR54 crores in FY25 •Cash and cash equivalents stood at INR18.31 crores •Other financial assets include fixed deposits and receivables of ~INR26 crores Capacity Utilization •Current annual capacity utilization remains at only ~30%, providing strong growth headroom •Management targeting production scale-up supported by available manufacturing capacity •Logistics and shipping vessel availability continue to remain operational challenges •Worker-related issues impacted Q4FY26 production volumes temporarily •Company expects improved capacity utilization over medium term with stronger order inflow

Marathon Nextgen Realty Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 PAT stood at record INR206 crores, highest-ever in company history •FY26 total income stood at INR639 crores •FY26 EBITDA stood at INR261 crores •Company strengthened balance sheet through INR900 crores QIP during FY26 •Company became net cash surplus with no major debt outstanding Sales •FY26 presales stood at INR576 crores on MNRL share basis •Post-merger portfolio presales stood at INR832 crores during FY26 •Q4FY26 booking value stood at INR156 crores •FY26 collections stood strong at INR781 crores •FY26 area sold stood at ~2.29 lakh sq ft Business Expansion •Acquired controlling interest in 3 Kanjurmarg entities with GDV potential of INR840+ crores •Acquired 90% stake in Sunset Spaces to strengthen development pipeline •Kanjurmarg portfolio includes 6 residential projects with near-term launch visibility •Company expanding into B2B permanent transit camp (PTC) development model •Plotted development opportunities being evaluated in Panvel for FY27/FY28 launches Project Pipeline •Marathon Futurex presales grew 15% YoY to INR466 crores •Monte South recorded strong FY26 presales of INR391 crores •Nexzone Panvel delivered FY26 presales of INR104 crores •Neo series projects collectively achieved presales of ~INR65 crores •Commercial project Millennium Mulund contributed ~INR21 crores presales Launches •Nexzone Phase 3 launched with ~4.9 lakh sq ft carpet area •Nexzone Phase 3 carries estimated GDV of INR600 crores •New Neohome portfolio launched with estimated GDV of INR370 crores •Over INR225 crores worth of Kanjurmarg launches expected within next 12 months •Monte South commercial tower launch expected within next 12-18 months Margins & Cash Flow •Company expects EBITDA margins in range of 30%-40% across projects •~INR340 crores from QIP proceeds utilized for debt repayment •Part of QIP proceeds deployed towards ongoing project execution acceleration •~INR54 crores deployed towards newly acquired projects during FY26 •Company maintains focus on strong free cash flow generation and prudent capital allocation Strategy •Company focusing on redevelopment opportunities and strategic acquisitions •Merger process progressing with no adverse observations received from NSE and BSE •Management highlighted strong commercial office demand in South and Central Mumbai •Panvel, Bhandup and Kanjurmarg expected to benefit from major infrastructure upgrades •Company plans balanced portfolio growth across residential and commercial assets Other Key Updates •Monte South Tower B received OC up to 45th floor during FY26 •NeoSquare project received occupation certificate during FY26 •Nexzone Phase 2 towers Antilia, Triton and Atria received full OCs •Unsold inventory value for listed entity stands at ~INR6,500 crores •Post-merger entity to gain access to additional 418 acres of land bank

Steel Strips Wheels Ltd - Q4FY26 | Concall Insights Financial Highlights •Q4FY26 revenue grew 20% YoY to INR1,475 crores •FY26 revenue increased 17% YoY to record INR5,183 crores •FY26 EBITDA with other income stood at record INR523 crores •Q4FY26 EBITDA with other income reached highest-ever INR152.52 crores •FY26 PAT stood at INR202 crores impacted by higher depreciation of ~INR28 crores Revenue •Alloy wheel segment revenue grew ~30% YoY driven by premiumization trend •Commercial vehicle segment grew ~10% despite weak Q2 performance •Tractor wheel segment recorded strong ~19% growth during FY26 •Exports declined 19% YoY due to U.S. tariff disruptions during FY26 •Management expects exports to recover to ~INR600 crores in FY27 Margins •FY26 EBITDA per wheel remained flat YoY at INR262 per wheel •Q4FY26 EBITDA per wheel improved strongly to INR282 per wheel •Management guiding EBITDA per wheel close to INR300 in FY27 •Higher alloy wheel, tractor and truck wheel mix supported margin expansion •FY27 EBITDA guidance stands at ~INR650 crores supported by utilization gains Capex •Company undertaking ~INR500 crores capex at Bhuj facility •New aluminum wheel capacity of ~1.2 million wheels under expansion •Aluminum knuckle capacity expansion planned at ~1.1-1.2 million units •Commercial trial production expected between October 2026 and January 2027 •Brownfield expansion ongoing in tractor wheel and paint shop capacities Capacity Utilization •Management targeting 95%-100% utilization across commissioned assets in FY27 •Steel wheel plants operated at ~76%-78% utilization during FY26 •Bhuj aluminum and knuckle facilities expected to achieve ~70%-80% utilization in FY28 •Labor shortages led to ~INR80 crores sales loss in Q1FY27 but now resolved •Company expects June FY27 to deliver highest-ever monthly sales performance Business Development •Aluminum wheels now contribute ~36% of total company revenue •EV scooter wheel business witnessing strong growth with ~80% market share •Company added aluminum knuckle business with capacity expansion underway •Export diversification strategy expanded into Europe, Latin America and Asia markets •OEM-nominated export businesses expected to improve volume stability going forward Outlook •Management expects PAT growth of ~15%-20% in FY27 •U.S. tariff normalization and anti-dumping probes on Southeast Asia competitors benefiting exports •Focus remains on premium products including alloy wheels, truck wheels and tractor wheels •Automation, AI and productivity initiatives underway to offset labor cost inflation •Company continues gaining market share amid industry supply chain disruptions Working Capital & Balance Sheet •Debt expected to increase by ~INR200 crores due to ongoing capex expansion •Higher raw material prices increasing working capital requirements •Management indicated raw material inflation is fully pass-through to OEMs •FY28 revenue potential from Bhuj expansion estimated at ~INR700-800 crores at full utilization •Management expects FY28 EBITDA potential in range of INR700-750 crores

Ion Exchange (India) Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 consolidated operating income grew 7% YoY to INR29,148 million •FY26 EBITDA stood at INR2,102 million with EBITDA margin at 7.21% •FY26 PAT stood at INR1,432 million with PAT margin at 4.91% •Q4FY26 operating income increased 3% YoY to INR8,633 million •Engineering order book stood at INR26,433 million providing strong revenue visibility Engineering •Engineering segment revenue remained flat YoY at INR5,539 million in Q4FY26 •Order inflows witnessed strong growth with healthy enquiry pipeline across sectors •Successfully commissioned IOCL Panipat refinery raw water treatment project, largest industrial water treatment package in India •Oman DBOOT contract worth OMR73.46 million progressing as per schedule •Malawi water treatment package worth USD18.1 million secured through project JV Chemical Business •Chemical segment revenue grew 3% YoY to INR2,297 million in Q4FY26 •Roha plant fully commissioned with all manufacturing lines operational •Roha facility received WQA certification supporting export market access •Management targeting 25% capacity utilization at Roha in first full year of operations •Input cost inflation and West Asia logistics disruptions impacted profitability during the quarter Margins •Q4FY26 EBITDA margin stood at 2.31% while PAT margin stood at 2.81% •Chemical segment margins impacted by Roha depreciation, interest costs and raw material inflation •Engineering segment margins impacted by ~INR60 crores shipment deferrals to GCC markets •Consumer products division losses reduced to INR46 million from INR52 million YoY •Management expects gradual profitability improvement through pricing actions and operating leverage Business Expansion •Entered technology transfer and manufacturing partnership with MANN+HUMMEL for membrane technologies •Partnership expands ultra-filtration membrane and membrane bioreactor technology portfolio •Membrane products being expanded across Middle East, Asia-Pacific, Africa and Europe markets •MAPRIL acquisition strengthening footprint in Portugal and Spain markets •Saudi Arabia Dammam plant started commercial production for Middle East market expansion Capex •Oman BOOT project to require ~USD40 million capex over next two years •Funding for Oman project to be through mix of debt and equity •FY27 maintenance and routine capex planned at INR30-40 crores •Roha resin facility commissioned with backward integration underway •Current focus remains on sweating Roha assets and improving ROCE before further major expansion Consumer Products •Consumer products division revenue grew 34% YoY to INR1,047 million in Q4FY26 •Management continues to invest aggressively for scalable consumer platform growth •Business expected to move towards breakeven or low single-digit profitability •Strong long-term outlook maintained for global membrane and specialty chemical markets •Company focusing on global exports, technology leadership and Make-in-India manufacturing advantage Working Capital & Balance Sheet •Gross debt currently stands at ~INR384 crores •UP Jal Jeevan Mission execution linked to fund inflows from government •Management indicated gradual improvement in receivable collections from UP projects •Engineering legacy Sri Lanka project expected to close during FY27 •Company continues to manage execution pace aligned with working capital collections

Highway Infrastructure Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 consolidated total income grew 25.6% YoY to INR633.4 crores •FY26 EBITDA increased 28.4% YoY to INR51.5 crores •FY26 PAT grew 42% YoY to INR31.8 crores •Debt-to-equity remained healthy at 0.45x with ROE at 18.4% •Company achieved highest-ever order book exceeding INR1,000 crores during FY26 Order Book •Total order book stood at INR1,143 crores at FY26-end •Executable EPC balance work stood at INR591.3 crores •Tollway collection balance contract value stood at INR526.1 crores •FY27 revenue guidance stands at ~INR950 crores with INR650 crores from Toll and INR300 crores from EPC •FY28 revenue target guided at ~INR1,200 crores Toll Collection Business •Tollway collection contributed 73.7% of FY26 revenues •Secured Kaza Fee Plaza project in Andhra Pradesh worth ~INR328.8 crores, largest toll contract in company history •Company operates across 11 states and 1 Union Territory with pan-India toll collection capabilities •Technology-enabled in-house toll systems improving efficiency and reducing leakages •Management remains selective and exited non-remunerative toll contracts despite penalties Margins & Profitability •EPC segment operates at 13%-14% gross margins •Toll collection segment margins currently around 7% •Real Estate segment margins around 50% •Company focusing on selective bidding and margin discipline over aggressive order book growth •Operational efficiency and technology adoption expected to support long-term margin improvement Business Expansion •Real Estate revenue increased sharply from INR8 crores in FY25 to INR41.6 crores in FY26 •Company actively evaluating wayside amenities and ropeway-linked infrastructure opportunities •EV charging infrastructure projects already executed under AICTSL PSU projects •Expansion underway into Gujarat, Rajasthan, Andhra Pradesh and Northeast India •Wayside amenities viewed as long-term recurring monetization opportunity under PPP model Capex •Balance sheet considered sufficient to support upcoming wayside amenity projects •Wayside amenity projects expected to have 20-30 year concession periods •Management expects wayside projects to achieve breakeven within 5-8 years •Capex allocation remains focused on scalable and mobility-linked infrastructure assets •Technology investments remain core to toll operations and process optimization Working Capital & Balance Sheet •Net worth stood at INR228.5 crores as of March 2026 •Receivables stood at ~INR65 crores with INR27 crores billed in March and realizable within 3 months •Management indicated receivables issue is timing-related and expected to normalize within 6 months •Strong balance sheet provides flexibility for future expansion and PPP opportunities •Focus remains on disciplined capital allocation and prudent leverage management Other Key Updates •Management views MLFF tolling rollout as long-term positive for organized toll operators •MLFF expected to reduce leakage, improve traffic flow and lower operational risks •Company actively studying and preparing for MLFF opportunities •Government FY27 allocation of INR3.1 lakh crores to road transport and highways supports sector outlook •Management reiterated focus on profitable growth, capital efficiency and selective bidding discipline

Lumax Industries Ltd - Q4FY26 | Concall Insights Financial Highlights •FY26 revenue grew 23% YoY to record INR4,184 crores •FY26 EBITDA increased 42.8% YoY to INR412.1 crores •FY26 EBITDA margin improved 130 bps YoY to 9.8% •FY26 PAT grew 23.3% YoY to INR172.5 crores •Q4FY26 revenue and EBITDA grew 30% YoY and 46.6% YoY respectively Revenue •Manufacturing business revenue grew 33% YoY to INR1,163 crores in Q4FY26 •Passenger vehicle segment contributed 65% of FY26 revenues •2-wheeler segment contributed 29% of FY26 revenues •Front lighting contributed 69% of FY26 revenues while rear lighting contributed 22% •Maruti business witnessed ~50% growth during FY26 driven by new model SOPs Order Book •Order book remained strong at INR2,200 crores with 88% LED composition •New order wins secured from Mahindra XUV 7XO, Skoda Kushaq facelift and Toyota Urban Cruiser •Prestigious Suzuki E-Access order won in 2-wheeler EV segment •Strong order pipeline supported by increasing LED penetration and premiumization trends •Company continues active discussions with OEMs for upcoming vehicle platforms Margins •Q4FY26 EBITDA margin stood at 10.4% despite 90 bps forex impact •Management guided FY27 EBITDA margin in range of 10.5%-11% •Mid-term EBITDA margin aspiration remains close to 13% over next 3-4 years •Improved LED mix and operational efficiencies supporting margin expansion •Input cost inflation and manpower cost pressures expected to be partially offset through OEM pass-throughs Capex •FY26 capex commitment stood at INR390-400 crores •FY27 capex guidance maintained at INR100-150 crores •Bengaluru plant expansion progressing for Maruti and Toyota upcoming models •Phase-2 Chakan facility commenced operations to support Skoda and Volkswagen •Maintenance capex estimated at INR40-50 crores annually Growth •LED lighting now contributes over 61% of revenues versus 58% last year •Management expects LED penetration to rise significantly over next 3-4 years •Advanced technologies under development include Adaptive Driving Beam, projection systems and laser-based lighting •Focus remains on increasing content per vehicle through smart lighting technologies •Company targeting growth at minimum 2x industry growth rate in FY27 Working Capital & Balance Sheet •Net long-term debt stood at INR235 crores as of March 2026 •~INR85-90 crores long-term debt repayment planned during FY27 •ICRA upgraded credit rating to AA- (Stable) and A1+ for short-term facilities •Working capital borrowing expected to increase moderately due to higher LED inventory requirements •Inventory maintained at around 2-2.1 months to mitigate supply chain disruptions Other Key Updates •Passenger vehicle production in India grew 9% while 2-wheeler production grew 12% in FY26 •Q4 industry production grew 19% YoY across segments •Company received sustainability and supplier excellence awards from Maruti Suzuki and Mahindra •Management highlighted geopolitical risks around West Asia impacting commodities and freight •LED-based products expected to continue driving higher value addition and premiumization trends