SYMBOL: TARACHAND

Sub: Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Transcript of the Investor Meet held on 7th May, 2026, Thursday at 03:30 PM(IST)

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), we are hereby sharing the transcript to the Stock Exchange of the Investors Meet held on 7th May, 2026, Thursday at 03:30 PM.

The same shall also be made available on the website of the Company (www.tarachandindia.in) as per the prescribed timelines under the Listing Regulations.

This above is for your information and records.

Thanking you,

Yours faithfully,

For Tarachand Infralogistic Solutions Limited

SHEFALI SINGHAL

Digitally signed by
SHEFALI SINGHAL
Date: 2026.05.11
12:57:36 +05'30'

Shefali Singhal
Company Secretary & Compliance Officer
M. No.: A34314
Encl: As above

• CHANDIGARH • MUMBAI • VISAKHAPATNAM • BANGALORE • NAGPUR

tara chand infralogistic solutions to
Think New. Act Now
(Formerly Tara Chand Logistic Solutions Ltd)

"Tara Chand Infralogistic Solutions Limited

Q4 & FY '26 Earnings Conference Call"
May 07, 2026

MANAGEMENT: MR. HIMANSHU AGGARWAL – WHOLE-TIME DIRECTOR AND CHIEF FINANCIAL OFFICER – TARA CHAND INFRALOGISTIC SOLUTIONS LIMITED

MODERATOR: MR. ANKIT – STELLAR INVESTOR RELATIONS

Page 1 of 15

Tara Chand Trivals Hwy. Pvt. Hwy. California, USA

Tara Chand Infralogistic Solutions Limited

May 07, 2026

Moderator:

Ladies and gentlemen, good day, and welcome to the Q4 and FY '26 Earnings Conference Call for Tara Chand Infralogistics Solutions Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone.

I now hand the conference over to Mr. Ankit from Stellar Investor Relations. Thank you, and over to you, sir.

Ankit:

Good afternoon, everyone, and thank you for joining us today. To discuss Q4 and FY '26 business performance, we have with us senior management team represented by Mr. Himanshu Aggarwal, Whole-Time Director and Chief Financial Officer.

Before we proceed with this call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risks and uncertainties. The company also undertakes no obligation to update any forward-looking statements to reflect developments that occur after the statement is made. Documents relating to the company's financial performance, including investor presentation has been uploaded on the stock exchange and the company's website.

I now invite Mr. Himanshu Aggarwal to share his initial remarks on the company's performance, and then we will open the floor for Q&A. Thank you, and over to you sir.

Himanshu Aggarwal:

Thank you for the introduction, Ankit. Good afternoon, ladies and gentlemen. I am Himanshu Aggarwal, the Whole-Time Director and CFO of Tara Chand Infralogistics Solutions Limited. Welcome you and thank you for being a part of the earnings call for the quarter and year ended 31st March 2026. I hope that all of you have had the opportunity to look at the press release and the investor presentation that were uploaded on the NSE website earlier today.

FY '26 has been a year of disciplined growth for Tara Chand. Building on the strong momentum of FY '25, where we had grown 45% year-on-year, we have used this year to consolidate our scale, deepen our operational leverage and expand our profitability margins meaningfully. Importantly, we have done this while continuing to make significant capital investments that set the company up for the next leg of growth. The headline numbers reflect this clearly.

On the financial front, for the full year FY '26, our total income stood at INR2,881 million, up 13% year-on-year. The revenue from operations grew 14.9% to INR2,848 million, our highest ever annual revenue till date. EBITDA grew 27% to INR1,067 million, also the highest in our history. Our EBITDA margins expanded by close to 400 basis points to 37.05%, a milestone that we have been working towards consistently.

Profit after tax was INR278 million, up 12% from last year. Cash PAT, which I would highlight as the right metric for a capex-heavy business like ours, grew 27% to INR870 million for the year. Earnings per share for the year stood at INR3.53 against INR3.15 in FY '25. For the quarter -- Q4 FY '26, total income was INR900 million, up 10% year-on-year. EBITDA for the quarter was INR316 million, again, up 23% with a margin of 35.1%. PAT was at INR87 million, which

Page 2 of 15

tara chand
Tara Chand Infralogistic Solutions Limited
May 07, 2026

was 11% more than what it was last year, and cash PAT for the quarter stood at INR258 million, up by 21% year-on-year. I want to address one specific point upfront.

On our last earnings call in January, I had shared that the company was targeting to close Q4 with revenue of INR100 crores plus, which would have been a first ever for us. We finished the quarter at INR89.5 crores as reported today. The shortfall is largely attributable to project execution time lines that deferred a portion of our Q4 revenue about INR10 crores into Q1 FY '27. Also, the revenue from our newly started Dankuni Stockyard did not take off in Q4 as per our earlier estimates.

We expect to realize these revenues in early FY '27 and remain confident in our medium-term growth trajectory. FY '26 was the second consecutive year of meaningful capex for the company. We deployed INR1,434 million during the year broadly in line with our INR1,450 million that we had spent in FY '25.

Cumulatively, over the last two financial years, we have added approximately INR290 crores of capex, taking our gross block from INR298 crores as of March '24 to INR558 crores as of 31st March 2026, which is an 87% increase in 2 years.

During FY '26, we have added 59 new machines, including our largest 900 metric ton altering crane, 2800 metric ton crawler cranes, additional piling rigs, aerial working platforms and prime movers. Our total fleet now stands at 427 machines, all owned and operated by us with an average age of less than 6 years. This level of investment naturally has flow-through implications on the P&L.

Our depreciation for the year rose 36% and our finance costs also rose 43% for the year, which were both direct consequences of this fleet build. This is the principal reason why our PAT growth at 12% is meaningfully lower than our EBITDA growth at 27% for the year. The revenue from this fleet expansion will deliver progressively in FY '27 and beyond.

Now to talk about the three segments that the company operates in. The first segment, segment A, equipment, hiring and projects is now firmly the engine of the company. For FY '26, the segment revenue was INR1,700 million against INR1,377 million in FY '25. which is a 23% year-on-year growth. This segment now contributes 60% of overall revenue, up from 56% last year. Reported segment EBITDA margin, which includes specialized services was 52% for FY '26 versus 47% for FY '25.

The stand-alone equipment rental EBITDA margin reached 62% for FY '26 versus 55% in FY '25 and 59% in Q4 FY '26. The average gross monthly rental yield for the year held steady at 3.05%, which we believe is at industry best levels. Within the equipment rental sectoral mix, cement is our largest contributor at 30%, followed by metals and minerals at 25%, rural and urban infra at 20%, renewable energy at 15%, power at 9% and other sectors at 1% -- the most important shift here is the renewable energy, which has grown from 5% in FY '25 to 15% in FY '26, 3x its share, reflecting the deep client relationships that we have built in this space over the last 2 years.

Page 3 of 15

tara chand
Tara Chand Infralogistic Solutions Limited
May 07, 2026

In our second segment, which is warehousing and transportation, we clocked FY '26 revenue of 1,065 million against INR974 million last year, a 9% year-on-year growth. The total steel volumes handled rose to 11.56 million metric tons for the entire year with Q4 alone accounting for 2.14 million metric tons. Segment EBITDA margins held at 16% and Q4 in this year is especially lower in the revenue than the year ago quarter, primarily because our long-running 7-year RINL Stockyard contract at Visakhapatnam came to a planned conclusion at the end of Q3 FY '26.

And our new contract with sale at Dankuni Stockyard was in its operational stabilization phase through November and most of December. Operations at Dankuni have now stabilized, as I've already stated, and this represents our strategic entry into the Eastern India through West Bengal. We expect this segment to deliver renewed growth in FY '27.

Our third segment, Steel Processing and Distribution, reported a revenue of INR84 million for FY '26 against 128 million in FY '25. As we have communicated throughout the year, we are consciously deemphasizing this lower-margin business. Going forward, you should expect this segment to remain a smaller contributor.

On the balance sheet front, our net worth grew to INR1,492 million, up by INR278 million on the back of retained earnings. The total borrowings stood at INR1,384 million at the year-end. Our net debt-to-equity ratio held at 0.9, well within our stated ceiling of 1.

Interest coverage ratio improved substantially to 10.3x against 5.6x in FY '25, which is almost a doubling over the year. Operating cash flow grew 23% year-on-year to INR693 million as of March '26. I want to address one more specific area here where we did not meet our own expectations, that is receivable days. The actual number for FY '26 closed at 93 days against our target of about 80 days.

The bulk of this stretch is attributable to receivables tied to the conclusion procedures of the RINL Stockyard contract with substantial recoveries expected through the first half of FY '27. Moreover, a majority of Q4 FY '26 revenue was realized in March. And as per standard payment terms, the receipts against this revenue will come in during Q1 FY '27 only.

We will continue to work to bring this number back around 80 days during the course of FY '27. On 31st of March 2026, CARE Ratings upgraded our long-term bank facilities rating to CARE BBB stable from CRISIL BBB- stable and our short-term rating to CARE A3 plus from CRISIL A3 a year ago for the aggregate INR160 crores facilities of the company. This is an important external validation of the financial profile we have built, and we look forward to continuing to engage with all our rating agencies.

In Q3, we incorporated Tarachand Metallix Limited, our 100% wholly owned subsidiary with an initial capital of INR25 lakhs. This entity is positioned as a strategic diversification into metal processing with focus areas, including high-frequency beams, fabrication and cutting and value-added metal solutions, along with servicing of HR and CR coils.

Page 4 of 15

tara chand
Thaik Naiy, Pal Naiy
Eyewah, Tara Chand (spok) Balastry (sp)

Tara Chand Infralogistic Solutions Limited
May 07, 2026

Operations will be based out of Nagpur. We are presently in advanced discussions with both private and public sector clients, and we expect to firm up our investment plan and operational time line over the next 2 quarters to 3 quarters.

Our promoter and promoter group shareholding has strengthened to 71.64% as on 31st of March 2026, up from 70.67% a year earlier, reflecting the promoter group's continued conviction in the company's direction. Looking ahead to FY '27, our growth strategy rests on three pillars: scale, specialize and sustain. Under scale, our planned capex of FY '27 is in the range of INR80 crores to INR100 crores, building on the INR290 crores deployed across FY '25 and FY '26 combined.

Our deployment will continue to be calibrated to client demand and visibility across sectors. Under specialized, our differentiated fleet includes our 900-tonne altering crane, 800-tonne crawler cranes, 68-meter aerial working platforms and the only self-owned rubber tie gantries in the industry for warehousing. This high capability equipment creates entry barriers for competitors and commands premium yields, which is what delivers our 62% stand-alone equipment rental EBITDA margins.

Under sustain, we will maintain our disciplined focus on specialized service contracts in equipment rentals while consciously staying away from the run-of-the-mill EPC projects that do not meet our return thresholds. Our annual growth target remains 20% to 25% over the next 3 years, with EBITDA margins sustained in the 37% to 38% band and net debt to equity is always below one ceiling.

Our order book executable in FY '27 stands at INR2,117 million, of which 64% is from equipment, hiring and projects and 37% is from warehousing and transportation. Demand visibility across all our key sectors remains strong. Before I open up for questions, let me leave you with three thoughts.

One, FY '26 has been a year where we have prioritized quality of growth over absolute scale. We have expanded margins, strengthened our balance sheet and earned a credit rating upgrade. Two, the depreciation and finance cost burden you see today from the heavy capex of the last 2 years is the company's investment for what comes next. Three, we remain committed to our medium-term targets and our strategy framework, which is scale, specialize, sustain.

With that, I will hand the call back to the moderator for the question-and-answer session.

Moderator:
We take the first question from the line of Rohan Mehta from Ficom Family Office.

Rohan Mehta:
I have a clarification firstly. So, in your opening remarks, the INR10 crores deferment that you spoke about, what part of it is from specialized EPC? And I also wanted to get some color on how much has the specialized EPC revenue been for FY '26 for the year?

Himanshu Aggarwal:
Okay. Thank you for the question, Mr. Rohan. So, a predominant part of the INR10 crores deferred is from the specialized services because the rental revenue does get accrued for the month itself for the quarter itself. So, it is the project revenue that has been moved to the next quarter because of project execution delay activity at the client side. So that answers the first part of your question.

Page 5 of 15

Tara Chand Thiraki Mone, Phil Mone Yours www.industrydocuments.ucsf.edu

Tara Chand Infralogistic Solutions Limited

May 07, 2026

And on the second part, for the financial year '26, the revenue from specialized services out of our overall equipment rental segment, the total revenue from specialized services stood at about INR37.5 crores.

Rohan Mehta:

Okay. Also, when it comes to the industry and various sectors, I just wanted to ask you what are the current demand trends you're observing within the equipment rental space, particularly given the cement and metals and minerals where the concentration has been higher and also renewables where the mix has jumped from 5% to 6%.

So, have you observed any further acceleration or softening in inquiry momentum across the sectors? And particularly how does your outlook shape for FY '27 utilization? I'm asking predominantly on utilization because if I see your current utilization, that's about 83% in Q4. And generally, Q4 utilizations are much higher. So I just wanted to understand what exactly happened over there.

Himanshu Aggarwal:

Okay. So, to answer that, Mr. Rohan, again, on the visibility side, sectoral basis, we are definitely seeing higher demand across cement, renewable and power. Those are the three sectors where I would say that we are seeing a good level of demand with the clientele and the kind of projects we are looking for. There -- with even metals and minerals, we haven't really seen any softening.

But what I do see is there is more aggression or more speed, if I may put it that way, in the 3 sectors that I mentioned. And the urban infra demand always remains pretty good, but that is where we do a pick and choose activity because, again, the margins are something that we want to safeguard. As for the occupancy levels that you talked about, so 83%, about 83%, 84% was the occupancy for the entire financial year. For Q4, the occupancy was at about 87%.

Rohan Mehta:

Got it. And on the upcoming business, Tarachand Metallix, so I wanted to also understand that given that eventually the Metallix subsidiary consolidates into the listed entity, how does the management think about the potential margin dilution at the consolidated level, given that currently our consolidated business operates at a 37% to 38% EBITDA margin run rate. Is there any particular threshold internally when it comes to scale or margin visibility within Tarachand Metallix below which this venture would be reconsidered from being pursued?

Himanshu Aggarwal:

So, to answer that, Mr. Rohan, those are the metrics that we are still working on, and that is why in my opening remarks as well, and I believe even in our deck, we have mentioned that in the subsequent quarters, we do understand that we'll have more clarity to be given out publicly as to what are the plans. And those plans will also then talk about expected margins and how they would align with the strategy of the company going forward.

But yes, as we have always maintained that we want to sustain margins and not go into something which would erode overall margins at a company level, even if I talk about consolidated levels. So that is something which is there in the discussions. And -- but to give any concrete numbers on what we are discussing and how we're going to go about that, that is still some time away, and we will definitely come out with that.

Page 6 of 15

Tara Chand
Thirah Manaj, Phil Manaj
alexandrin, tary chand, ragan, dhanantra, rina

Tara Chand Infralogistic Solutions Limited
May 07, 2026

Rohan Mehta:

Sure, sure. And last question from my end. What are the 2 to 3 significant risks that you see for your business in the upcoming FY '27, whether it is macro or operational or any sector-specific risk? And how are you thinking about mitigating them or resolving them?

Himanshu Aggarwal:

Right. So to answer that specific risks, one obvious risk that does come to my mind is the fluctuation in the foreign currency that is happening because of geopolitical conditions across the world, which can impact our purchase of new equipment because although we are buying in INR terms, but at the end of the day, the OEM, I'm sure, is doing a calculation based on dollar or whatever their regular currency, their national currency is.

But to safeguard that or to derisk that, that is where we get into annual purchase plans where we have specific clauses in place. And those are part of strategy, which I cannot disclose right now. So that is something we safeguard in a way we have our discussions with our OEMs.

Second, on a risk factor, if I were to -- because unless there are major government policy changes that impact all sectors across the board, there's no specific risk per se that I see on the demand of the visibility that we are seeing with our client.

And suddenly, one other -- if I were to put out a risk, one other risk would be if suddenly the clients who we have the visibility for in the upcoming year, suddenly decide to not execute a project, which hasn't happened at least in the history of our association with our clients, that is a risk that we can factor in.

But that is something which is all hypothetical, and it is hard to answer how we would safeguard against a probable scenario, which hasn't really been the case where we have to think about going around mitigating that. But on an overall level, if I were to talk about mitigating those risks when it comes to client level risks, we are spread across sectors pretty -- across the sectors, across states, across regions.

So, we have got that opportunity that if something does not work out at a particular project with a particular client, that can be always -- our equipment can be mobilized to another sector or another client as the need may be.

Rohan Mehta:

Sure, sure, sure. And just one clarification on the specialized EPC front. You spoke about that this year in the previous calls that on the margin front, we are focused on stabilizing the business and ensuring that going forward, you will pick projects which are not run of the mill -- so your margin guidance still stays at 18% to 20%.

And is that the case? And what sort of growth are you targeting for FY '27 from specialized EPC as well as the segment B, which is your warehousing and transportation. And if you could also give some color on net yields and cost of funds, that will be...

Himanshu Aggarwal:

Okay. So first to answer the specialized services part. So for the FY '26, the EBITDA margin stood at about 18% for the specialized services, and that is the band as we've always spoke about 18% to 20% is something that we would continue to target in that specific area. And with regards to growth on specialized services, we are looking at that sector also growing or that specific

Tara Chand Trivals Nee, Pal Nee, Prasanna, Sara Chand Caplan Mahanand

Tara Chand Infralogistic Solutions Limited

May 07, 2026

service offering growing by 20% to 25% in FY '27 for sure because of the visibility and opportunities or the pipeline that we are seeing coming up as per our discussions with the client.

As for warehousing and transportation, it grew at about 9-odd percent last year, but we do see it has the potential to grow at about at least 15%, and that is what we would be targeting for FY '27, while also sustaining the EBITDA margins there, which have been at about 16%, but we would try to push them also to match the specialized services range of about 18% to 20% - so that was, I think, your first question. And going to the next one, the cost of funds is at about -- weighted average would be about 8% to 8.2% is the cost of finance that we -- that the company has across the last financial year.

Rohan Mehta:
Sure. So net yield?

Himanshu Aggarwal:
Net yields, as we've talked about earlier also, it is in the range of about 2.1% to 2.2%, if I'm not wrong.

Rohan Mehta:
So, there's been no change in the cost of funds after credit rating that correct?

Himanshu Aggarwal:
Yes. So, the cost of fund of any new funding that we -- that comes into play, that could benefit the company. But then there are other factors apart from just the credit rating, which are also dependent on RBI policies, bank policies. But traditionally, we've had a very aggressive cost of funding, and we deal with our banking in a way where we ensure that we are in best of the industry standards when it comes to cost of finance and that we will continue to maintain going forward.

Moderator:
We take the next question from the line of Ishit Desai from Fods Family Office.

Ishit Desai:
Yes, Himanshu, my first question was on the equipment rental side. What we have seen, Himanshu, in H1 of this financial year, the margins were in the range of 63%, 64% EBITDA, wherein H2 has been lower, which is very unlikely this segment or historical numbers. Also, Q3 in a way, had some provisions built in, which pulled down the margin a bit.

But Q4 margins at 59% seems to be the lowest of all 4 quarters. So, any -- I mean, given that we were adding renewable energy contracts and also having higher tonnage machines, one would expect the margins to improve a bit. So, any specific reason for a lower Q4 EBITDA number on rental side?

Himanshu Aggarwal:
Yes. So, as you rightly pointed out, in H1, we had higher margins, and that was because the occupancy was steady in H1. When I say steady is that there wasn't much movement, although the rentals might not have been at their best levels, but the movement of machinery was limited, whereas what we've noticed in Q4 specifically, there were certain contracts of larger machines, which were previously deployed that came to an end, and there was a lot of movement of new projects that we were focusing on where we have to move machinery.

So, the cost aspect grew on that front, and that is where the EBITDA that you're seeing, which is as if you look quarter-on-year throughout the quarters is at a lower range. But overall, if you

Page 8 of 15

Tara Chand Thiraki Darul, Paul Mehta, and Prashanth Srivastava

Tara Chand Infralogistic Solutions Limited

May 07, 2026

would see, still we've been able to maintain the 62% for the entire financial year, which I still feel is in the best-in-class category.

Ishit Desai:

Sure. So, I mean, Q4, the kind of movements we have seen in Q3, Q4, is this normal for larger tonnage machines? Or we should consider, I mean, moving forward, 61%, 62% is the normal and this is more of a one-off kind of scenario for Q3, Q4?

Himanshu Aggarwal:

See, ideally, I would say the range 58% to 62%, that is something that is something that you should look at because that is where dependent on when the movement happens. And because of these large machines, the challenges that come in is, although we anticipate the time taken might be about a month, but at times, even it leads into 1.5 months or so because of the reasons where the machines of such large capacity need to be dismantled, then loaded on to trailers, which are a multitude of trailers mobilize to a new site where there are gate parts and other requirements.

So, all of those factors that go into play lead into eating up of the time where the idling happens. So that is where the margins get eroded a little bit and the cost of transportation, depending on where the machine is currently located and where we need to deploy it also plays a big role there. So that is why I would say the range of 58 to 62 looks more reasonable.

Ishit Desai:

Understood. Sure. And on the steel logistics and warehousing side, you mentioned that the Dankuni warehouse didn't go as per the expected time line because the order book, which we saw in Q4 was about INR33 crores, but we ended up booking INR26 crores-INR27 crores.

So, I wanted to understand more from a Q1 perspective, are we still in that ramp-up stabilization phase so it will take probably a quarter more? Or now from a Q1 perspective, should be back to the run rate we were envisaging from an order book perspective?

Himanshu Aggarwal:

So that's a good question. In Q1 as well, we are seeing a ramp-up. I think it's been a multiple of factors. One, not just the warehousing part, even on the transportation side, especially with certain factors coming into play with the geopolitical conditions in March, we did not see the kind of movement of steel happening, which -- in the month of March, which we usually traditionally see.

So, the revenue from transportation activity also was -- there wasn't much increase or rather there wasn't -- it was a flat revenue from -- if I do a year-on-year comparison for Q4 from transportation.

Second, Dankuni, with Dankuni also what we expected the total steel to be handled, if you look at it for Q4 was about 2.1 million or so, which otherwise, in the last financial year, the steel handled quantum was almost about 4 million. So that activity impacted the expected revenues.

And to reach that scale back because Vishakhapatnam steel plant when we were -- when we had that contract, it was an established place where it was a steady flow of operations there, while Dankuni is still taking a little bit of more time. But yes, by the end of Q1, we do see that it should be up to pace.

Page 9 of 15

Tara Chand Trivak Heng, Pal Heng University, Tara Chand, Virginia (800) 944-2122

Tara Chand Infralogistic Solutions Limited

May 07, 2026

Ishit Desai: Understood. And on the opening remarks, you mentioned something on RINL receivables. I think -- can you just clarify, you mentioned that the closure of the contract, have we received the partial amount and yet to receive the remaining amount -- just to clarify?

Himanshu Aggarwal: No, no. So what I tried to explain in the opening remarks and which is part of the earlier call as well is the procedure is still ongoing, and we expect that the amount pertaining to being released from RINL for the closure that happened under Vishakhapatnam Steel plant contract should come in, in the first half of FY '27.

Ishit Desai: Understood Sure. And on the order book breakup, which you have provided for FY '27, about INR135-odd crores is from equipment rental and projects. what portion of that would be specialized projects?

Himanshu Aggarwal: So out of that, you can consider about -- as of today, it is about INR23 crores of the order book is specialized services.

Ishit Desai: Sorry, what number did you say? I missed...

Himanshu Aggarwal: It's about INR23 crores is from specialized services.

Ishit Desai: Which includes a deferment from Q4 as well as well as the...

Himanshu Aggarwal: Yes.

Ishit Desai: Absolutely. Understood. Sure. And lastly, on Metallix, you mentioned that you still have to figure out an operation plan and working with some of the customers. So fair to assume that you're not expecting anything on ground activity in FY '27 and whatever will move in terms of operation or some trial runs will only be in the next financial year?

Himanshu Aggarwal: Absolutely. So that too, I would say, more so towards the second half of the next financial year.

Ishit Desai: Understood. The operation, I think...

Himanshu Aggarwal: Whatever starts getting built up, probably once we have clarity over the next couple of quarters, that will be clear and then we'll start building towards it. But the operations to take off, I would still see that happening sometime in second half of FY '28.

Moderator: We take the next question from Rehan Saiyyed from Trinetra Asset Managers.

Rehan Saiyyed: So, my first question is around your specialized service. I want to understand regarding specialized appearing to become a very key differentiator for the company. So, can management explain what's the portion of the current book came from specialized services versus regular contracts?

Himanshu Aggarwal: I just -- I think in the previous answer in the previous question, I had answered. Of the current order book, we have about INR23 crores is from specialized services.

Page 10 of 15

Tara Chand
Thirah Manaj, Phil Manaj
University, Varanasi Institute of Science and Technology, Pune

Tara Chand Infralogistic Solutions Limited
May 07, 2026

Rehan Saiyyed:
So, just understanding regarding our complexity operation across 21 states. So, what investments are being made in technology, fleet tracking and operation system to improve efficiency and reduce downtime?

Himanshu Aggarwal:
Right. So, we've got our arrangements with OEMs where we've got fleet tracking arrangements. The technology is already there within the fleet that we have because that is the reason, we keep updating fleet and adding new machinery, which is up to date with the latest technology available out there. So that enables us to get an insight into the machinery while operating it out of our corporate office as well as the different depots that we have across the country.

Second, there is a network that has been created through the software systems that we use, where we are able to get in the information and ensure that there is no downtime more than what is humanly possible for the machines to be always available for our clients, right?

Rehan Saiyyed:
Okay. And my last question around fleet utilization has remained strong at around 80%. So, what is the practical ceiling for utilization in this business and at what level does management start adding capacity in this segment?

Himanshu Aggarwal:
Also, a manageable or a reasonable best-case scenario, I would say, is 85%, 86% to be maintained across the year. There are certain quarters, like I said, Q4, we had higher occupancy. So, there are certain quarters where the occupancy can be higher. But throughout the year, maintaining an 86%, even going up to 87%, but I would still say 85%, 86% is something which is -- would be considered as best-case scenario for occupancy levels.

Moderator:
The next question is from the line of Dhwanil Desai from Turtle Capital.

Dhwanil Desai:
So, my first question is kind of slightly more color on this 20% to 25% growth for this year. So since now that INR10 crores specialized service order is now deferred, should we assume that we will be towards the higher end because that anyway gives you 3%, 4% growth extra over whatever you are planning for FY '27. Is that a right understanding?

And second part of the growth question is that you talked about the warehouse and transportation growing at 15%. So that means the equipment specialized service business is 30% kind of 3% kind of a number. So is this something -- is the math, right? -- how you guys are thinking? Or am I kind of understanding it differently?

Himanshu Aggarwal:
So with regards to 20% to 25% growth target for the year, yes, it is going to be obviously a combination of our 2 primary segments. One is the equipment rentals. And of that specialized services, as we talked about INR10 crores of revenue coming into this financial year. So that has been factored in, in our consideration of the 20% to 25% growth.

So that -- as you rightly pointed out, looking at the visibility and with the orders -- more orders expected to come in with the kind of pipeline we are looking at, that could help that INR10 crores overflow into the current financial year could help to push the growth in that upper bracket of the bank and further help in that growth overall. So to answer that question, that is, yes, you're thinking it correctly.

Page 11 of 15

Tara Chand Thirah Hanyu Pvt. Ltd.
Tara Chand Infralogistic Solutions Limited
May 07, 2026

On the second, you asked about warehousing and transportation growing at about 15% and together, warehousing and transportation and the specialized services as per your estimation is going to contribute 30% is something that I did not understand your question there.

Dhwanil Desai:

No. So, what I'm saying is that almost 37% of the revenue is coming from the warehouse and transportation, right? And you mentioned that, that is likely to grow at 15%, if my understanding is correct in one of the previous answers. So, if that segment grows at 15%, that roughly brings around 5% growth on a total basis.

The rest of the 20% growth has to come from the equipment, which is 60% of the business. So that has to grow at 30% rate, right, for you to kind of combined basis growing at 20% plus. So, equipment rental plus the specialized services has to grow significantly higher than the company average.

Himanshu Aggarwal:

Yes. That is a correct understanding, and that is where, as I pointed out in my opening remarks as well, with the capex that we have done over the last 2 years, along with the capex that is planned in this year, the order book that we already have in hand and the pipeline that we see coming up. So that gives us the confidence that we can grow in that plan of 20% to 25%.

Pushing for up to 25% or in the upper spectrum of that bracket will depend on how the further order books play out in the next quarters. But at present, yes, we are pretty confident that with specialty equipment rentals and specialized services driving the growth, we should be able to meet our targets.

Dhwanil Desai:

Second question is slightly more strategic and more on capital allocation side of it. See, we have been talking about Tarachand Metallix in the past. And overall, though we don't have any blueprint ready as of now. Generally, this kind of businesses exist both in public markets and in private markets. So general economics and understanding is available.

So, the question is that in order for us, our equipment rental business to grow at 20%, 25%, we need to continue to do capex of INR80 crores to INR100 crores. Our cash flow is INR70 crores. Probably it will increase with scale.

But the point is that if you need to do capex and then also you will need working capital. With the current balance sheet, does it make sense to allocate capital to a newer venture while the opportunity exists in the existing business equipment rental side where we are well positioned. Why are we kind of trying to do something new while there is enough opportunity at our hand?

Himanshu Aggarwal:

That's a good question, sir, again. But again, to put it in perspective, we are still trying to work out on what eventually are we going to be going ahead with Metallix. And that will take into consideration all of these factors that you've also pointed out, and that is a part of our discussion and part of the strategy discussion that the company is having and the dealership is having.

So once those ideas and blueprints become clearer, I'll be in a better position to answer your question. And as a company across our legacy businesses and what we have done over the last 40-odd years, we like would like to stay diversified and not put all our eggs in a single basket because we have to look at opportunities for the future as well.

Page 12 of 15

Tara Chand Trivals Nee, Pal Nee, Prasanna, Sara Chand Caplan Mahanand

Tara Chand Infralogistic Solutions Limited

May 07, 2026

So that -- all of those factors will have to come into play when we take a final call on what we are doing with Metallics and how we go about allocating capital and what will be the results that we get out of it. So, we will come back to that in the next couple of quarters and that we answer that question then.

Dhwanil Desai: The only request, Himanshu, is that if on the balance sheet side, if you are able to maintain the discipline, that would be really helpful, especially on the debt side. So that's the only request.

Himanshu Aggarwal: That is something that we already have in consideration.

Moderator: Mr. Dhwanil, does that answer your question sir?

Dhwanil Desai: Yes.

Moderator: We take the next question from the line of Kowshi Krishna, an Individual Investor.

Kowshi Krishna: Regarding the receivable, what is the exact amount receivable from RINL, sir, you didn't the amount, I think?

Himanshu Aggarwal: I'm sorry. What is the question, sir?

Kowshi Krishna: Exact amount receivable from RINL.

Himanshu Aggarwal: Exact amount receivable from RINL. That is something we cannot disclose the specific numbers, but we can give an update once the amount is received and that will be updated in the subsequent quarters.

Kowshi Krishna: Yes. If you mention the specific amount, we will understand the burden on our balance sheet. That is the reason I asked about it. And you have mentioned that we'll be receiving it in H1. And did you get not right from RINL for the same?

Himanshu Aggarwal: Yes. So we are in discussions with them. There is communication. And as per the time line set out, that is why -- that is the consideration that we have taken that it should come in, in the first half of FY '27.

Kowshi Krishna: Yes, sir. And given that smaller base we have, don't you think 20% to 25% growth is too low compared to the other competitors and that we have been growing with the debt also. So can you comment anything on this?

Himanshu Aggarwal: Sir, with regards to growth on debt, so debt is aligned with the capex that we have been doing. And that was -- as I stated in my opening remarks as well, our focus remains that our debt-to-equity ratio, a ceiling that we have set for ourselves should be below 1. And going forward, that will also remain the same. That is the target. With regards to growth of 20% to 25%, that is what we believe is most reasonable for the kind of business and activities we are in without really going into what any of the other competitors are currently growing at or talking about growing at.

Moderator: The next question is from the line of Ishit Desai from Fods Family Office.

Page 13 of 15

Tara Chand
Thirah Manaj, Phil Manaj
[email protected]

Tara Chand Infralogistic Solutions Limited
May 07, 2026

Ishit Desai:

Himanshu, I wanted to understand a little more on the capex side for this current financial year. I believe you mentioned the target of INR70 crores to INR100 crores. So this is going to be more deployed towards renewable energy mix of the current segments, where do we see more opportunities towards? If you could share some insights on that?

Himanshu Aggarwal:

Sure. So yes, definitely, the focus is going to be on higher capacity machines. as has been the case if you look at our capex over the last -- especially last financial year. And the idea is, as we've always maintained that our investments are made in a way where our equipment is fungible across sectors.

So even going forward, although visibility would be, let's say, right now more from renewable energy. So yes, the equipment will be first invested in considering renewable energy as a probable end user, but it can eventually also be working in a cement plant down the line. So that is what the approach we keep.

All the capex that we do is all driven by visibility and order book. So whatever we do will be focused at all the sectors that we are working in. But yes, renewable energy is growing at a faster pace for us. So most of it seems to be aligned towards renewable energy...

Ishit Desai:

Sure. And the second part to that, Himanshu, is to the previous participant, you had mentioned about the breakup of growth. So equipment rental probably and services will be growing at a faster rate than the company average we are looking at. Given that, that is a higher EBITDA margin business, that 37% to 38% number which you are looking at, is there a potential upside to it given that, that segment will probably contribute larger amount to the overall mix of revenues?

Himanshu Aggarwal:

So the upside will depend on, again, the mix between rentals and the specialized services because on the specialized services, the EBITDA is in that 18% to 20% range. if we -- with the kind of visibility order book that we are targeting, we do see substantial growth coming in from specialized services as well. And the right mix from both the equipment rental and specialized services could help in pushing the EBITDA margins upwards.

But 37% to 38%, what we have talked about in my -- what I have talked about in the opening remarks is something that we remain committed to ensuring that we do not go for growth for the sake of growth, that we maintain and sustain margins. Rather in the last year, we have been able to grow margins by ensuring that we focus on quality over quantity.

Ishit Desai:

Sure, sure. And last -- this year, I mean, FY '26, we were targeting about INR40 crores to INR50 crores of specialized project services. I think FY '27 also the target would be similar, slightly higher.?

Himanshu Aggarwal:

Yes. So, we closed at about INR38 crores for FY '26. But for FY '27, now that the service capabilities have started developing over the last 2 financial years, we are seeing more inquiries flowing in for similar specialized services from multiple clients. So, we do see opportunity where we should be able to push upwards of INR50 crores for this financial year.

Page 14 of 15

Tara Chand Trivals News, Pal Now
Tara Chand Infralogistic Solutions Limited
May 07, 2026

Ishit Desai:
Sure. And stand-alone rental if you were to exclude services part has been at about INR133 crores. So, what growth should we expect in stand-alone given that we are also going to add some capex during the year? So there, again, 25%, 30%, is that a reasonable estimate?

Himanshu Aggarwal:
Yes. We would be targeting a 25% to 30% growth on the stand-alone rentals.

Moderator:
As there are no further questions from the participants, I would now like to hand the conference over to Mr. Himanshu Aggarwal for closing comments.

Himanshu Aggarwal:
Thank you once again, everybody. And as I've always said, it is always a pleasure to talk to you and interact with you during these calls. I hope I have been able to do justice to your questions. And if you still have further queries or doubts, please feel to write to us or write to our Investor Relations team at Stellar IR Advisors, and we'll get back to you as best possible. And we look forward to continuing our journey of growth over the next quarters and years alongside you. Thank you once again.

Moderator:
Thank you, sir. On behalf of Tara Chand Infralogistic Solutions Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.

Page 15 of 15

AI assistant

Tara Chand InfraLogistic Solutions Limited Call Transcript 2026

61659_rns_2026-05-11_7b42a609-a535-4dfd-9b0c-db61f433f428.pdf

SYMBOL: TARACHAND

"Tara Chand Infralogistic Solutions Limited

Moderator:

Ankit:

Himanshu Aggarwal:

Rohan Mehta:

Himanshu Aggarwal:

Rohan Mehta:

Himanshu Aggarwal:

Rohan Mehta:

Himanshu Aggarwal:

Rohan Mehta:

Himanshu Aggarwal:

Ishit Desai:

Himanshu Aggarwal:

Ishit Desai:

Himanshu Aggarwal:

AI assistant

Tara Chand InfraLogistic Solutions Limited — Call Transcript 2026

61659_rns_2026-05-11_7b42a609-a535-4dfd-9b0c-db61f433f428.pdf

SYMBOL: TARACHAND

"Tara Chand Infralogistic Solutions Limited

Moderator:

Ankit:

Himanshu Aggarwal:

Rohan Mehta:

Himanshu Aggarwal:

Rohan Mehta:

Himanshu Aggarwal:

Rohan Mehta:

Himanshu Aggarwal:

Rohan Mehta:

Himanshu Aggarwal:

Ishit Desai:

Himanshu Aggarwal:

Ishit Desai:

Himanshu Aggarwal:

More from Tara Chand InfraLogistic Solutions Limited

Tara Chand InfraLogistic Solutions Limited Call Transcript 2026