BALU FORGE INDUSTRIES LIMITED — Earnings Release 2026

Nov 14, 2025

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Date: November 14, 2025

To, Department of Corporate Services, BSE Limited, P J Towers, Dalal Street, Mumbai- 400 001. BSE: Scrip Code: 531112

To, Listing Department, National Stock Exchange of India Limited, “Exchange Plaza”, C-1, Block-G, Bandra Kurla Complex, Bandra (E), Mumbai- 400 051. NSE Trading Symbol: BALUFORGE

Sub: - Earnings Release for the Quarter and Half Year ended September 30, 2025

Dear Sir/Madam,

Please find enclosed herewith the Earnings Release for the Quarter and half year ended September 30, 2025.

Kindly take the same on your record and acknowledge.

Thanking You, Yours Truly,

For Balu Forge Industries Limited

JASPALSINGH Digitally signed by JASPALSINGH PREHLADSINGH PREHLADSINGH CHANDOCK Date: 2025.11.14 21:43:42 CHANDOCK +05'30'

Jaspalsingh Chandock Managing Director DIN: - 00813218

Enclosure: As above

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Earnings Presentation

Q2 and H1 FY26 | November 2025

Expanding Horizons Getting Future Ready

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BSE : 531112 | NSE : BALUFORGE

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Introduction to Balu Forge

Leading with Precision Machining and Engineering

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Aerospace Agriculture Automotive Defence Earth Moving Industrial Locomotive Marine Oil & Gas Railway Wind Energy Machinery Vehicles Machining & Assembly Machining & Assembly Hattargi, Hukkeri Kakti, Belgaum 58,000+ MTPA 22,000+ MTPA 7+ Acres 35+ Years 46+ Acres Established of extensive New Advanced Manufacturing Facilities industry experience Manufacturing Facilities

Forging infrastructure: 25T, 16T and 10T Hydraulic Hammers Line 8,000T Mechanical Press Line 1,000T Hydraulic Press Line

Forging Hattargi, Hukkeri

Outsourcing strategy to be gradually replaced by inhouse forging capabilities. Increasing to 1,50,000 MTPA

100,000+ MTPA

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Core Product Portfolio

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Crankshaft Railway Wheels Empty Shells Brake Components Turbine Blades Hydraulic Motors Lifting Hooks Under Carriage Components

Key Financial Metrics

Rs. 9,236 Mn FY25 Revenue

Rs. 2,478 Mn FY25 EBIT

26.8 % (0.06)x FY25 EBIT Margin FY25 Net Debt / Equity

30.1%

25.4%

FY25 ROCE FY25 ROE

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Business Journey

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Successful Track Record of Acquiring and Integrating High End Forging & Machining Equipment

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1989 1991 1995 2006 2010 2011 2012 The foundation First First component Acquisition & Acquisition & The company Got accredited with of ‘Balu’ was component exported to an Installation of the Installation of the successfully achieved ISO/TS16949:2009 laid by Mr. manufactured overseas market Ursus Manufacturing Thyssenkrupp the milestone of accreditation from Prehlad Singh in our factory Plant from Ursus, Plant from building a presence in world renowned Chandock Poland L’horme, France over 80 countries company TUV NORD worldwide 2014 2017 2020 2021/2022 2023 2024 2024/2025 Achieved Became a supplier Got Accredited with Acquired the Laid the foundation Acquisition of 3 Invested in 7 axis, manufacturing of of Choice to over the 14001:2015 & ISO Precision Machining for the greenfield fully automated 11 axis machining 1000 crankshafts 25 OEs spread 45001:2018 Unit of the Mercedes forging & forging lines with capability, 25T in a single day over 5 Continents Certifications. Became Benz Truck factory machining facility GERB Technology Hydraulic an Approved Vendor to from Mannheim, spread over 46 namely: 16T, 10T hammer line & a the Ordnance Factory Germany Acres in Belgaum, Forging Hydraulic fully automated Board & established a India Hammer & 8000T Empty Shell & specialized Balu successfully Forging Press. Mortar production manufacturing unit for completed the ESG line with an the Defence Industry. audit by a reputed annual capacity Balu completed the audit firm & joined of 360,000 shells transition & listing on the United Nations per annum the Stock Exchange. Global Compact The constitution of the Program company was changed in its efforts to be to public limited ESG compliant company

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Balu Forge Equity Story

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		Precision Engineered		•	Manufactures precision machined and forged components
1.		Product Portfolio for		•	Serves diverse end-markets including automotive, industrial machinery, power generation, defence, and railways
		Global OEMs		•	Supplies precision-engineered components to 25 global OEMs across 80 countries
		Acquired Integrated		•	Operates four facilities across India and the UAE with integrated forging, heat-treatment, and machining lines
2.		Manufacturing		•	16-ton hydraulic and 8,000-ton mechanical presses, CNC machines, and robotic systems for high precision production
		Platform		•	Acquired facilities from Mercedes-Benz Truck AG (Germany), Thyssenkrupp AG (France), and Ursus SA (Poland)
		Facility at Hattargi		•	Developing a 46-acre facility with machining capacity of 58,000+ MTPA and a captive forging capacity of 1,50,000 MTPA
3.		Provides Platform for		•	Advanced automation, digital systems, and a scalable platform for complex components strengthen export capability
		Future Growth		•	This facility will raise total Machining Capacity to over 80,000 MTPA and Forging Capacity to 1,50,000 MTPA
		Expanding in		•	Expanding into defence, aerospace, railways, energy, and industrial equipment with complex precision components
4.		High-Value		•	Forging and machining line for Empty Shell production with a capacity of 360,000 shells p.a. being commercialized
		Engineering Sectors		•	Secured approvals for 180+ products across these segments, strengthening customer relationship and qualification base
		Ongoing Investment		•	Equipped with 7-axis and 11-axis machining systems and a 25-ton hydraulic hammer for high-precision forgings
5.		in Technology and		•	A Dedicated R&D team of 75 people and design centre focused on new product development and process optimisation
		R&D		•	Industry 4.0-enabled automation enhances productivity, accuracy, and traceability across operations
		High Margin Growth		•	FY25 Revenue from Operations of Rs. 9,236 Mn with EBITDA margin of 27.2% and PAT margin of 21.7%
6.		with Well Capitalised		•	ROCE of 30.1% and ROE of 25.4%;Net Cash of Rs 603 Mn provides flexibility to continue the acquisition strategy
		Balance Sheet (FY25)		•	Cash flow from operations of Rs. 1,482 Mn, with CFO to EBITDA conversion of 59%.	4

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Chairman & Managing Director’s Message

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“

Revenue from Operations in Q2 FY26 was Rs 2,995 million, an increase of 34.4% year-on-year. EBITDA for the quarter was Rs 828 million, with an EBITDA margin of 27.6%, while PAT was Rs 650 million, reflecting a margin of 21.5%. For H1 FY26, Revenue from Operations was Rs 5,327 million, up 33.8% over H1 FY25, with EBITDA of Rs 1,551 million and PAT of Rs 1,261 million. This performance reflects steady execution and the continued strengthening of Balu Forge’s integrated manufacturing platform.

Mr. Jaspal Singh Chandock

The greenfield facility at Hattargi, Karnataka, is advancing as planned and remains central to our ongoing expansion. The plant integrates captive forging and precision machining under one setup, improving efficiency and output. Commissioning of the 25-ton closed-die forging hammer, 8,000-ton mechanical press, and automated machining lines is progressing on schedule. When fully operational, total forging and machining capacities will increase to 150,000 tons and 80,000 tons per year, respectively.

Chairman & Managing Director

Rs. 5,327 Mn

H1 FY26 Revenue (33.8% YoY)

The defence division remains a key focus. The dedicated forging and machining line for Empty Shell production, with a capacity of 360,000 shells per year is in the commercialization phase. The company has vendor approvals from leading Indian defence players and continues to add new products across artillery, armoured vehicle and engine components, strengthening its role in India’s defence manufacturing ecosystem.

Rs. 1,551 Mn

H1 FY26 EBITDA (29.1% Margin)

Rs. 404 Mn

We continue to focus on disciplined execution and capacity readiness as we scale operations across forging and machining. The Hattargi facility will strengthen our fully integrated manufacturing base and improve our ability to serve complex, high-value applications. With defence production entering the commercialization stage and capacity expansion on track, Balu Forge is positioned to drive the next phase of growth through scale, technology, and customer diversification.

H1 FY26 Cash Flow from Operations

0.02x

H1 FY26 Net Debt / Equity

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Strategically Located Manufacturing Facilities

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Karnataka, India - 3 Units, 53 Acres
Unit 1
5 Acres
Unit 3
46 Acres
Unit 2
2 Acres Belgaum
7 Axis Machining Hattargi
Belgaum Hampi Machining : 58,000 MTPA
Forging: 100,000+ MTPA
Machining : 22,000 MTPA
11 Axis Machining
Mangalore
Bangalore
Unit 4
1 Acre
Ras AI Khaimah, UAE
15,000 Units PA
Powertrain
Sub Assemblies
Junker Grinding M/C
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Airport

Railway Station

National Highway

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Port

Manufacturing Facilities

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Q2 FY26 Consolidated Financial Performance

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All figures in Rs. Mn.

Revenue from Operations

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34.4%
2,995
2,229 2,332
Q2 FY25 Q1 FY26 Q2 FY26
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PAT
35.5%
650
570
481
Q2 FY25 Q1 FY26 Q2 FY26
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EBITDA
27.0%
828
723
652
Q2 FY25 Q1 FY26 Q2 FY26
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EBITDA and PAT Margin
31.0%
29.3%
27.6%
24.3%
21.3% 21.5%
Q2 FY25 Q1 FY26 Q2 FY26
EBITDA Margin PAT Margin
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Notes:

1. EBITDA and EBITDA Margin excludes Other Income 2. All other Margins are calculated on Total Income

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H1 FY26 Consolidated Financial Performance

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All figures in Rs. Mn.

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Revenue from Operations
33.8%
5,327
3,982
H1 FY25 H1 FY26
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PAT
51.3%
1,221
807
H1 FY25 H1 FY26
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EBITDA
43.0%
1,551
1,084
H1 FY25 H1 FY26
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EBITDA and PAT Margin
29.1%
27.2%
22.7%
20.2%
H1 FY25 H1 FY26
EBITDA Margin PAT Margin
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Notes:

1. EBITDA and EBITDA Margin excludes Other Income 2. All other Margins are calculated on Total Income

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Capital Structure

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	(Rs. Mn)	H1 FY26	FY25			Net Debt/Equity (x)	Net Debt/Equity (x)	Net Debt/Equity (x)	Net Debt/Equity (x)	Net Debt/Equity (x)
	Property, Plant & Equipment (Tangible, Intangible, RoU, Goodwill)	4,364	1,830		0.22
	CWIP	3,506	4,171
	Cash And Bank Balances	378	962							0.02
	Inventories	1,336	981			(0.08)		(0.06)
	Trade Receivables	3,714	3,273		FY23	FY24		FY25		H1 FY26
	Other Assets	1,944	1,305
	Total Assets	15,242	12,522			ROCE and ROE (%)
	Total Equity Borrowing	12,489 640	10,532 359		26%	30%		30%		26%
	Trade Payables Other Liabilities	1,108 1,005	1,180 451		22%	25%		25%		21%
	otes: ROE: PAT/Average Equity; ROCE: EBIT/ Average Capital Employed D/E: Net Debt/Total Equity Total Equity & Liabilities	15,242	12,522		FY23	FY24 ROCE %		FY25 H1 FY26* ROE %			9

Notes:

1. ROE: PAT/Average Equity; ROCE: EBIT/ Average Capital Employed 2. D/E: Net Debt/Total Equity

2. For H1 FY26, ROCE and ROE have been annualised

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Cash Flows and Working Capital

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Rs. in Mn

Cash Flow from Operations

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982
500
404
H1 FY25 H2 FY25 H1 FY26
1446
(1027) (15)
603
639 1
(262)
(1908)
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Net Cash for Operating CashflowOperating Change in Tax PaidTax Paid Investing Financing ActivityFinancing Increase in Net Cash for FY25Net Cash for Net Cash for FY25FY25 Cash Flow Change in Working …Working Investing ActivityActivity Activity Decrease in Bank …Bank Balance H1 FY26 Capital

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Working Capital (In Days)
163 129 104 109
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62
61
60
57
FY23 FY24 FY25 H1 FY26
190
140
108 108
FY23 FY24 FY25 H1 FY26
89
71
60 60
FY23 FY24 FY25 H1 FY26
Inventory Days Trade Receivable Days Trade Payable Days
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H1 FY26 Revenue Contribution Analysis

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FY24 FY25
15% 18%
40%
15% 45%
18%
15%
10%
5% 5% 5% 9%
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H1 FY26
Agriculture
Defence
19% Oil & Gas
38%
Power Generation
18%
Heavy Engineering & Industrial
Machinery
10% 10% Commercial Vehicles
5%
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Order Book and Revenue Guidance

Order Book Industries wise

Revenue Guidance

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15%
20%
10%
5% 35%
15%
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• For FY26, Balu Forge will maintain the revenue growth guidance in the range of 40-45%, driven by strategic capacity expansions and increased penetration into high-demand industries

Agriculture

• The commercialization and operationalization of Unit 3 in Hattargi are key catalysts

Defence/Aerospace/Railway

• Balu Forge is also prioritizing high-value segments like defence and aerospace, where expertise in advanced machining and heavy forging aligns well with the sector's stringent quality requirements

Oil & Gas

Power Generation

• Additionally, Balu Forge is leveraging strong customer relationships and long-term contracts to secure consistent revenue streams

Heavy Engineering & Industrial Machinery Commercial Vehicles

• Through the adoption of real-time monitoring, Balu Forge is optimizing its production processes to achieve improved EBITDA margins and sustainable financial performance

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Property, Plant and Equipment

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Capital Work in Progress (Rs Mn)

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3,506
1,656
4,171
(2,321)
4,106
(1,238)
1,236
67
FY24 Opening Balance FY24 Additions FY25 Additions FY25 Capitalization FY25 Closing Balance H1 FY26 Additions H1 FY26 Capitalization H1 FY26 Closing Balance
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• Balu Forge’s asset turnover is relatively high compared to peers as the company has historically acquired used assets through global auctions, private treaties, and liquidations, keeping capital costs low and improving asset efficiency

• Additionally, the relatively low capitalized PP&E base temporarily inflates the asset turnover ratio until these assets are transferred out of CWIP

• As of FY25, about 74% of total fixed assets are classified as Capital Work-in-Progress (CWIP). However, in H1 FY26, a significant portion of CWIP has been capitalized, reducing its proportion to 48%

• As these assets continue to be capitalized over time, the asset base will increase, and the asset turnover ratio will gradually normalize

• Additionally, Balu Forge imports most machinery under the Government of India’s MOOWR scheme, with its Hattargi Facility operating as a bonded manufacturing unit

• Machinery imported under the scheme is exempt from customs duty and IGST, improving upfront cash flow management

• MOOWR assets are not subject to depreciation, even after being commissioned and in use

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Precision Engineering Product Portfolio

Auto Components

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Crankshaft
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Under Carriage Components

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Chassis Components

Transmission & Clutches

Drive shafts, Input & Output shafts, Main shafts, Yokes

Front Axle Beams, Steering Knuckles, Control Arms, Forks, Steering

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Towing Accessories Swan Necks, Flange Balls, Tow Bars

Brake Components Hub, Brake Flange, Disc, Caliper

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Non-Auto Components

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Railway Wheels Axles & Wheel sets

Turbine Blades

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Hydraulic Motors

Lifting Hooks Sorting, Snap, Shank, Ramshorn Hooks

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Oil, Gas, & Flow Control Components

Empty Shells

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Aerospace and Defence: Growth Strategy

Received approval to supply 180+ products

Long-Term Capacity Expansion

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• Multi-year investments to scale Defence manufacturing infrastructure

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Crank Shaft

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Hub Carrier

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Shoe

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Crank

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Breach Base

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Track Link

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Gear Ring (Solid)

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Sun Gear

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Road Wheel Arm

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Intermediate Gear

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Clamp

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Carrier Forging

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Flange

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Track Guide

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Gear Ring (Hollow)

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Empty shell

• Adding 25T hammer, 8,000T press, and multi-axis machining lines for precision components

Product Diversification & Technology Edge

• Expanding into artillery, armoured vehicle, ammunition, and engine components

• Adopting Industry 4.0 automation, additive manufacturing, and alloy innovation to meet global Defence standards

Global Expansion & Partnerships

• Approved by the Ordnance Factory Board (OFB) to supply components for India’s Defence sector

• Expanding reach across Europe and the Middle East to strengthen global positioning

Empty Shell Product Line

• Dedicated forging and machining line for empty shell production (capacity: 360,000 shells p.a.) in the commercialization phase

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Balu Forge Value Chain

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Building Blocks Advanced Processes	Building Blocks Advanced Processes	Product Excellence	Industries Served
Sourcing of Raw Materials: raw materials sourced from semi forged components and steel plants.	Smelting for Billet Production Billet Cutting Hammer & Press Forging Quality Control & Dispatch to Machining Plan Heat Treatment Trimming Process Inward Inspection Rough Machining Heat Treatment Transfer to Finishing Unit Quality Control & Dispatch Finishing Machining Machining Plant In-House Tool Room & Metallurgical Lab Forging Plant In-House Tool Room & Metallurgical Lab	Railway Wheels Brake Components Hydraulic Motors Under Carriage Components Crankshaft Empty Shells Lifting Hooks Turbine Blades Oil, Gas, & Flow Components Towing Accessories Transmission & Clutches Chassis Components	Aerospace Agriculture Automotive Defence Earth Moving Machinery Industrial Vehicles Locomotive Marine Oil & Gas Railway Wind Energy
Research & Development: Strong R&D capabilities drive our history of innovative product development.
Manufacturing Expertise: 4 state of the art production facilities.

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Dedicated 75 Person R&D Team

Successful R&D ensures continuous improvements in product quality, performance, and efficiency

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R&D Process
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• :

• State of the Art Machining

Machining facilities feature cutting-edge infrastructure, including a comprehensive in-house tool room, metallurgical laboratories, design & process capabilities, as well as inspection & testing facilities

• :

• Advanced & Additive Manufacturing

Utilize a range of additive manufacturing techniques to ensure flexibility and speed in rapid prototyping and product development

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Customer lifecycle and long product journey:
15 to 20 years
Research & Application
2-3 Months
Product Development
3-5 Months
Customer Lifecycle
15 to 20 years
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• :

• Product Engineering & New Product Development

Concentrated efforts on engineering and creating new products across industries

• :

• Development of New Materials

Projects focus on exploring various new material chemistries to analyze compositions and applications of innovative metals

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Certifications

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Sustainability – ESG Profile Highlights

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CSR
INR 7.5 Mn
Amount spent on
CSR in FY25
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ESG Commitments

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Net Zero Emissions Water Management Zero INR 7.5 Mn
Carbon Neutral Achieve 100% Amount spent on
Liquid Discharge by 2030
Operation by 2040 Water Recycling by 2027 CSR in FY25
97,666 GJ Renewable Energy Waste Management INR 1.1 Mn
Electricity or Energy Transition 100% Reduce Total Waste
Amount Donated in FY25
Consumption 2025 Renewable Energy by 2035 Generation by 2030
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20% Zero 517 Zero Increase Women’s Reported Incidents of Individuals Benefitted Representation In Leadership harassment, discrimination Fatalities in 2025 Through CSR spend By 2030 or victimisation in FY2025

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Sustainability – Real Time ESG Profile on Website

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Balu Forge ESG Profile

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Click to access ESG Profile
Map our ESG framework
with 35+ different Download AI
frameworks ESG data Agent
Balu Forge Website
Over 15 factors and
Access to ESG
200+ KPI Search for
factsheet
keywords
With this new AI-powered enhancement, our ESG Profile now enables stakeholders to:
•
Engage in real time through an interactive, OpenAI-powered chatbot
•
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• Receive customised responses to ESG queries on disclosures, data, and performance

https://www.baluindustries.com/

• Experience clear and transparent engagement throughout our ESG journey

• Copy / paste responses easily for use in reports, briefing notes, and related documentation

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Balu Forge ESG Profile Link (Click Here)

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Q2 and H1 FY26 Profit & Loss

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(Rs. Mn)	Q2 FY26	Q2 FY25	Y-o-Y (%)	Q1 FY26	Q-o-Q (%)	H1 FY26	H1 FY25	Y-o-Y (%)
Revenue from Operations	2,995	2,229	34.4%	2,332	28.4%	5,327	3,982	33.8%
Other Income	33	24	39.9%	17	95.7%	50	19.3	nm
Total Income	3,028	2,252	34.4%	2,349	28.9%	5,377	4,001	34.4%
Raw Material Costs	1,969	1,429	37.8%	1,441	36.7%	3,410	2,589	31.7%
EBITDA	828	652	27.0%	723	14.6%	1,551	1,084	43.0%
EBITDA Margin (%)	27.6%	29.3%		31.0%		29.1%	27.2%
Finance Cost	40	29	36.9%	22	80.4%	63	45	39.4%
Depreciation and Amortization	21	8	nm	16	27.4%	38	16	nm
Profit Before Tax	799	638	25.3%	700	14.1%	1,500	1,042	43.9%
PBT Margin (%)	26.4%	28.3%		29.8%		27.9%	26.1%
Tax Expenses	149	158	(5.8)%	130	14.4%	279	236	18.4%
PAT	650	480	35.5%	570	14.0%	1,221	807	53.3%
PAT Margin (%)	21.5%	21.3%		24.3%		22.7%	20.2%
Basic EPS (Rs per share)	6.08	4.55	33.6%	5.04	20.6%	10.76	7.90	40.9%

Notes:

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1. EBITDA and EBITDA Margin excludes Other Income 2. All other Margins are calculated on Total Income

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Balance Sheet

Equity and Liabilities(Rs Mn)	H1 FY26	FY2025
EquityShare Capital	1,140	1,108
Other Equity	11,349	9,424
Equity Attributable to Equity Holders of the Group	12,489	10,532
Non-ControllingInterests	-	-
Total Equity	12,489	10,532
Financial Liabilities
Lease Liabilities	144	-
Provisions	13	12
Borrowings	113	161
Deferred Tax Liabilities	13	-
Other Non-Current Liabilities	-	-
Total Non-Current Liabilities	283	172
Financial Liabilities
(i) Borrowings	527	199
(ii) Trade Payables	1,108	1,180
(iii) Other Financial Liabilities	238	68
(iv) Lease Liabilities	31	39
Provisions	3	2
Other Current Liabilities	11	11
Current Tax Liabilities (Net)	551	318
Total Current Liabilities	2,469	1,817
Total Equity and Liabilities	15,242	12,522

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Assets(Rs Mn)	H1 FY26	FY2025
Property, Plant and Equipment	3,854	1,468
Capital Work-in-Progress	3,506	4,171
Right of Use Assets	184	36
Goodwill	325	325
Financial Assets
(i) Bank Balance	-	-
(ii) Investments	-	-
(iii) Other Financial Assets	15	6
Deferred Tax Assets (Net)	-	17
Other Non-Current Assets	757	822
Total Non-Current Assets	8,642	6,845
Inventory	1,336	981
Financial Assets
(i) Investments	-	-
(ii) Trade Receivable	3,714	3,273
(iii) Cash and Cash Equivalents	346	931
(iv) Other Bank Balances	32	31
(v) Loans	-	2
(vi) Other Financial Assets	62	67
Other Current Assets	1,109	393
Total Current Assets	6,600	5,677
Total Assets	15,242	12,522

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Cash Flow Statement

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Cash Flow Statement	H1 FY26	H1 FY25
Cash Flow from Operating Activities
Profit After Tax	1,541	1,059
Adjustment for Non-Operating Items	(95)	(185)
Operating Profit before Working Capital Changes	1,446	873
Changes in Working Capital	(1,027)	(318)
Cash Generated from Operations	419	555
Less: Direct Taxes paid	(15)	(55)
Net Cash from Operating Activities	404	500
Cash Flow from Investing Activities	(1,908)	(3,429)
Cash Flow from Financing Activities	920	2,807
Net increase/ (decrease) in Cash and Cash equivalent	(585)	(122)
Cash and Cash Equivalents at the beginning of the period	931	879
Cash and Cash equivalents at the end of the period	346	758

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Disclaimer:

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This investor release is not an offer to sell any securities or a solicitation to buy any securities of Balu Forge Industries Limited (the "company") or its subsidiaries (together with the company, the "group"). Certain statements in this document may be forward looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", " estimates"," anticipates", " projects", " expects", " intends", " may", " will"," or " or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, aims, objectives, goals, future events or intention. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Forward looking statements are not guarantees of future performance including those relating to general business plans and strategy of the Company, its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts, if any, are correct or that the objectives of the Company will be achieved. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this Investor Release, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. Balu Forge will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward- looking statements to reflect subsequent events or circumstances.

Thank You

For further information on Balu Forge, please visit: www.baluindustries.com

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Tabassum Begum (Company Secretary ) Contact: +91 86550 75578

Email: compliance@baluindustries.com

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Neha Dingria / Akshay Hirani Contact: +91 22 6169 5988 Email: baluforge@churchgatepartners.com

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www.baluindustries.com

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