Transcript of Conference Call held on 05th May, 2026.

Shilchar Technologies reported FY26 revenue of INR 652 crores (5% YoY growth) with EBITDA of INR 190 crores (29% margin) and PAT of INR 158 crores (8% growth). Q4 was impacted by two temporary factors: US tariff uncertainty that reduced order intake in preceding quarters, and the Middle East crisis that prevented INR 35-40 crores of exports from shipping in March. Transformer oil prices have doubled since February while other commodities rose 10-25%, compressing Q4 EBITDA margins to 21%. The company is debt-free with INR 246 crores cash and targets FY27 revenue of INR 800 crores, expecting to maintain or improve margins. A new 6,500 MVA capacity expansion at Gavasad is on track for April 2027 commissioning, which will take total capacity to 14,000 MVA. Current order book stands at INR 452 crores with INR 800 crores visibility for FY27.