• Type of Event: Q1 FY27 Earnings Conference Call hosted by Anand Rathi Shares and Stock Brokers Limited
  • Date and Time: August 4, 2026 (specific time not mentioned in the transcript)
  • Purpose: Discussion of quarterly results and business updates for Q1 FY27 ending June 2026
  • Management Participants:
  • Mr. Abhyuday Jindal – Managing Director
  • Mr. Tarun Khulbe – Chief Executive Officer and Whole-Time Director
  • Mr. Kunjal Mehta – Chief Financial Officer
  • Mr. Kapil Arora – Associate Vice President, Finance
  • Mr. Angad Khurana – Head, Investor Relations
  • Mr. Abhishek Tambi – Investor Relations
  • Moderator: Mr. Parthiv Jhonsa from Anand Rathi Shares and Stock Brokers Limited

Financial Performance Highlights:

  • Revenue grew 10.5% year-on-year
  • EBITDA grew 1.4% year-on-year
  • PAT grew 7.7% year-on-year
  • Finished goods sales volume declined 7.3% year-on-year due to industrial gas supply constraints
  • Consolidated net debt reduced to ₹2,950 crores
  • Net debt-to-EBITDA ratio at 0.53x
  • Net debt-to-equity ratio at 0.14x

Operational Updates:

  • Sales volume remained resilient despite challenging operating environment with industrial gas supply constraints and logistics uncertainties
  • Domestic market performance supported by steady demand across automotive, railways, metros and white goods sectors
  • Export volumes remained consistent quarter-on-quarter, representing approximately 11% of sales
  • Grade mix: 200 series (35%), 300 series (47%), 400 series (18%)
  • Capacity utilization at end of Q1 was around 69-70%

Strategic Initiatives:

  • Downstream expansion projects in Jajpur, Hisar, and Kharagpur progressing well
  • Indonesia 1.2 million tons per annum stainless steel melt shop commissioning and certifications ongoing
  • Sales volume target of 3.5 million tons per annum by FY29 remains on track
  • Energy diversification initiatives including pipe natural gas introduction at Jajpur plant
  • Green hydrogen capacity expansion with 600 nm3 per hour project with Greenzo Energy expected commissioning in current quarter
  • Hisar facility achieved 12% year-on-year reduction in greenhouse gas emission intensity

Guidance and Outlook:

  • EBITDA per ton guidance maintained at ₹18,000 to ₹20,000 for first half
  • Volume guidance update expected after Q2 results
  • Positive long-term demand momentum in nuclear, semiconductor, ethanol, desalination plants, LNG terminals, robotics, EV and green energy sectors

Regulatory Matters:

  • Antidumping duty public hearing scheduled for September 9, 2026
  • QCO extension until March 2027, expecting no further extension
  • CBAM preparedness with internationally accredited verifiers appointed
  • European Union quota requirements being met

Additional Notes Section

  • The document contains the full transcript of the earnings conference call
  • The transcript includes detailed Q&A session with analysts from Goldman Sachs, Motilal Oswal, Kotak Securities, HSBC, AMBIT Capital, Investec, Nuvama, Prabhudas Lilladher, and others
  • No financial attachments were included in this disclosure - the earnings presentation was referenced as being available on the company website
  • The company indicated compliance with regulatory requirements through the submission of this transcript