ADOR WELDING Q2 CONCALL: ₹2,000 CR FY29 REVENUE ASPIRATION MAINTAINED, 12–13% EBITDA MARGIN TARGET & DOUBLE-DIGIT VOLUME GROWTH EXPECTED

• MANAGEMENT RETAINS ₹2,000 CR REVENUE ASPIRATION FOR FY29 • EBITDA MARGIN TARGETED AT 12–13%, WITH FURTHER IMPROVEMENT EXPECTED OVER LONG TERM • GROSS MARGIN TARGETED AT 37–38% VS 34.2% IN Q2 FY27 • GROSS MARGIN RECOVERY EXPECTED FROM Q3 FY27 AS PRICE HIKES TAKE EFFECT • MANAGEMENT EXPECTS SUSTAINABLE DOUBLE-DIGIT VOLUME GROWTH GOING FORWARD • Q2 VOLUME GROWTH ESTIMATED IN MID-TO-HIGH TEENS, SUPPORTED BY STRONG INDUSTRIAL DEMAND • EXPORTS CURRENTLY CONTRIBUTE 15–20% OF REVENUE, WITH MIDDLE EAST ACCOUNTING FOR 80–85% OF EXPORT SALES • EXPORT EXPANSION TARGETED ACROSS EUROPE, US & AFRICA OVER NEXT 3–4 YEARS • PRODUCT MIX IMPROVEMENT EXPECTED TO CONTRIBUTE APPROXIMATELY 60–70% OF INCREMENTAL GROWTH • HIGHER-VALUE WELDING CONSUMABLES, SPECIALIZED EQUIPMENT & AUTOMATION EXPECTED TO SUPPORT PROFITABILITY • FY27 CAPEX ESTIMATED AT ₹30–35 CR • ANNUAL CAPEX EXPECTED TO INCREASE TO APPROXIMATELY ₹60–70 CR OVER FOLLOWING TWO YEARS • FONTECH MAINTENANCE & REPAIR BUSINESS HAS POTENTIAL TO GROW APPROXIMATELY 8–12% • SHIPBUILDING, DEFENSE, POWER, RAILWAYS & OIL AND GAS EXPECTED TO DRIVE LONG-TERM DEMAND • RAW MATERIAL INFLATION, DELAYED PRICE PASS-THROUGH & HIGHER WORKING CAPITAL REQUIREMENTS REMAIN KEY RISKS

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