Event Type and Details:

  • The company hosted an Analyst/Investor Conference Call (Virtual Mode) to discuss financial performance for the quarter ended September 30, 2026 (Q2 FY27).
  • The call was held on Friday, November 06, 2026 from 11:00 AM to 12:00 NOON IST.
  • The stated purpose was to discuss Q2 FY27 results and provide business insights.

Management Participants:

  • Mr. Viraj G. Kalyani, Managing Director (DIN: 02268846) represented the management.
  • Mr. Shivkumar Gawhankar from the Secretarial Department served as the moderator.

Presentation and Availability:

  • A presentation was shared during the call.
  • The transcript of the call is available on the company's website at www.kalyaniforge.com.
  • A video recording is also available on the website and will prevail in case of any discrepancy with the transcript.

Compliance Statement:

  • The company included a Safe Harbour Statement noting that the presentation contained forward-looking statements subject to risks and uncertainties.
  • The company undertook no obligation to publicly update these statements.

Financial Highlights Discussed:

  • Board-approved Rs. 45 crore funding plan with indicative mix: Equity (~Rs. 10 Cr), Debt (~Rs. 20 Cr), Non-core asset & inventory monetization (up to Rs. 20 Cr).
  • H1 FY27 Financials: PBT Rs. 9.39 Cr (up 118% YoY), PAT Rs. 6.64 Cr (up 86% YoY), EPS Rs. 18.25, EBITDA Rs. 18.67 Cr (up 38.8% YoY) at 15.3% margin vs 11.1% in H1 FY26.
  • Q2 FY27 Financials: Total Income Rs. 54.69 Cr, PAT Rs. 2.17 Cr, EBITDA Rs. 7.79 Cr, EBITDA Margin 14.2% (up 158 bps YoY), PBT Rs. 3.24 Cr (up 42.9% YoY), EPS Rs. 5.94.
  • This was the fourth consecutive quarter with EBITDA margins above 14%.
  • Revenue declined 18% QoQ (from Q1 FY27) due to planned operational initiatives: 2-month reconditioning of a 2,500-ton press and relocation of driveline machining plant to MCD1.
  • Receivables increased primarily due to delayed remittances during a banking changeover for better interest rates.

Operational and Business Highlights:

  • Truck segment sales surged 75% YoY to Rs. 23.3 Cr, now representing 43% of total sales (up from 25% a year ago). H1 truck sales up 62%.
  • Product Mix Shift: Engine, Driveline, and Axle now constitute 96% of business vs 82% a year ago. Legacy non-core business reduced to 4% from 15%.
  • Engine segment sales at Rs. 40 Cr in Q2, up 46% YoY, representing 73% of sales.
  • Axle segment sales up 16% YoY to Rs. 5.9 Cr (11% of sales).
  • Driveline segment moderated to Rs. 6.6 Cr due to plant relocation disruption.
  • Exports at 14% of sales (Rs. 7.6 Cr), broadly in line with previous year.
  • FY27 CAPEX plan of Rs. 30 Cr: Rs. 10 Cr for growth ramp-up, Rs. 10 Cr for new business, Rs. 5 Cr for future business, Rs. 5 Cr for existing business. Rs. 8 Cr deployed in H1.
  • New Wheel Hub line installed at 30% of planned capacity; Condor machining capacity increased by 10%.
  • Started production of large engine conrod for an OEM for AI data center applications.
  • Initiated long-term industrial and defence product roadmap.

H2 FY27 Priorities:

  • Commercial Vehicle OEM ramp-up programs.
  • Machining de-bottlenecking and expansion.
  • Normalization of collections and bank facilities post-transition.
  • Execution of the Rs. 45 Cr funding plan to strengthen liquidity.
  • Targeting to bring quarterly revenue back to Q1 levels, indicating 10-20% growth in H2 over H1.

Forward-looking Statements (Management Commentary):

  • Targeting 15-20% revenue growth on strategic customer accounts for FY28.
  • Focus on maintaining EBITDA margin at 15%+ level, with a path to achieve 18% and eventually 20% margins.
  • Current order book stands at approximately Rs. 60 Cr remaining to be executed.
  • Normalized Cash Conversion Cycle target: 140-150 days, then 120 days.
  • Defence and aerospace inquiries are being evaluated selectively based on alignment with existing capabilities.
  • EV-related revenue estimated at 5-10% of total, with products being common for both EV and ICE applications.

Additional Notes Section

  • The document is a transcript of the conference call attached as an enclosure to the regulatory filing.
  • Investor relations contacts were provided: Yash Dabgar and Khushi for follow-up questions or plant visits.
  • The company extended Diwali greetings to participants at the end of the call.