Triton Valves Ltd. — Call Transcript 2026

Feb 27, 2026

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Honouring the past Inspiring the future
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February 27, 2026

To The Secretary BSE Limited Corporate Relationship Dept. PJ towers, Dalal Street, Mumbai -400 001

BSE Symbol: 505978

Dear Sirs,

Sub: Transcript of Investors Meet held on February 20, 2026

This has reference to the intimation dated February 17, 2026 and outcome uploaded on February 20, 2026, with respect to the virtual connect with investors.

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, enclosed herewith is the transcript of the above meeting with investors, copy of the same is also made available on the website of the Company at www.tritonvalves.com .

This is for your record and appropriate dissemination.

Thanking You

Yours truly For Triton Valves Limited BIBHUTI Digitally signed by BIBHUTI BHUSAN BHUSAN MISHRA Date: 2026.02.27 MISHRA 21:45:27 +05'30' Bibhuti Bhusan Mishra Company Secretary & Compliance Officer

Encl: As above

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February 20,2026

Investors Meet

Triton Valves Limited
CIN:L25119KA1975PLC002867

Date: 20.02.2026
Meeting Time: 04.00 PM
kers:
Spea
Mr. Aditya Maruti Gokarn
Managing Director
Mr. Naresh Varadarajan
Chief Financial Officer
Moderator:
Mr. Bibhuti Bhusan
Mishra
Company Secretary and
Compliance Officer

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February 20,2026

Bibhuti Bhusan Mishra:

Good afternoon, everyone.

On behalf of Triton Valves Limited, it is my
pleasure to welcome you to today’s investor
meeting being held through video conference. We
sincerely appreciate your time and
participation, and we are grateful for the
interest and confidence you have shown in our
Company.

Today on the call from the management team we
have with us Mr. Aditya Gokarn, Chairman and
Managing Director, Mr. Naresh Varadarajan ,
Group CFO and my self Bibhuti Bhusan Mishra ,
Company Secretary of Triton Valves Limited. As a
disclaimer, please note that the meeting is going
to be recorded for compliance reasons and will
be published in the Company website. The
discussion may include certain statement, that
may be construed as forward looking statement,
this statement is made based on the company
management current strategic plan and
assumptions. We cant guarantee that the forward
looking statement will be realized , although we
believe that the assumptions underlying these
statements are reasonable and prudent, actual
results may differ . we undertake no obligations
to publicly update any forwarding looking
statement whether as result of new information
or future event or otherwise. With this note I
handover the session to the Managing Director to
brief us business and performance highlights for
the period ended December 31[st] 2025 and take this
meeting forward, post which we will open the
session for Q & A.

Aditya Maruti Gokarn:

Share a slide deck so I'll be walking you through
this slide deck. I'll just start with our safe
harbor, disclaimer. So as Bibhuti mentioned, this

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February 20,2026

presentation and the discussions may contain
certain words of phrases that are forward looking.
Based on the current expectations of the
management and the presentation has been prepared
only for the purpose of this discussion and it's
not an offer or invitation to buy or sell any
securities of the company. Obviously the document
is confidential, and the document being provided
is subject to change without notice and the
company does not assume any obligations, right?
To update these forward looking statements, and
any statement in this document that's not a
statement of historical fact or is a forward
looking statement involves certain risks and
uncertainties, right? And, I hope everybody will
acknowledge that you're solely responsible for
your own assessment to the market position and
that you conduct your analysis and form your own
view, right. So these are the few safe harbor
points I want to go through before we start. What
will we be going through today? A little bit about
the company, the background of the group, our
businesses, what are the key growth drivers for
our businesses and what are the financial
highlights of Q3 and a little bit of investor
information, right.

Aditya Maruti Gokarn:

Just a quick overview of the Triton group. So we
basically have three verticals. Triton Valves
limited, which is the listed entity. This is the
holding company and this is the automotive
vertical. We have something called Tritonvalves
Future Tech Private Limited. This is a wholly
owned subsidiary. You can consider this to be our
kind of backward integration entity and
Tritonvalves Climatech Private Limited. This is
our climate control vertical. So you can think of
this as, you know, another component business.
This is also a vertical integration for the
company, right. We also have a Hong Kong entity.
I think post COVID this entity has been kind of,
you know, slowly kind of we are winding it down,
right? So at the current moment, there are no
active transactions happening from there. We'll
discuss this also later on in the call. Little
bit about our group. We celebrated our 50 years

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February 20,2026

of our company during 2025 10th of September 1975
is when the company was incorporated, so 10th
September 2025 was our 50th anniversary. And, we
had a nice, I would say event to commemorate this
50-year journey of our company. From being let's
say a single product single entity company, the
group is now poised to exceed about 550 crores of
sales this year. We may even do better than that.
But that's the kind of number that we are
confident we'll cross this year. And I would say
that, yeah, in spite of, you know, many challenges
and many regulatory, let's say changes in the
business environment, I think our business has
been fairly resilient and hopefully that shows,
you know, the majority of our group and our
businesses.

Aditya Maruti Gokarn:

Coming to our business really, just to kind of
explain to everybody what are the different
elements of each vertical. So if you look at our
automotive vertical, we, produce tire and tube
valves. These are supplied to the tire industry.
We also make what are called tubeless valves.
These are supplied to the vehicle OEMs, vehicle
manufacturers from two-wheeler, four-wheeler,
truck and bus, and so on. We also have products
we may. For the EV industry. These are, you know,
battery components. Some of them are patented. So
we have some very interesting products for the EV
ecosystem as well. We also make valves for the
tire pressure monitoring sensors, right? We call
it TPMS valves. So these are valves that are,
let's say a part of the tire sensor systems which
are now more and more coming into the market. So
it's something new. We also make valve cores.
Valve core is a child part, what we would call as
a child part, which is a subcomponent of the
valve. And this has also got a kind of a market
on its own in the replacement segment. We also
have a, I would say aftermarket vertical, what
you could call as B to B to C, right? Where our
products are distributed right down to the tire
shop level alright so we had that vertical as well
and of course we also export. If you look at our
metals vertical, we produce brass, rods coils,
wires. This is our primary product portfolio, and

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now we are developing some special alloys.
Hollows, you know, or tubes. Hollow rods is also
something that is a term that is used in the
industry for these tubes. So that's also something
that we are getting into. In the climate control
vertical, we basically make components for the
air conditioner industry in India. So By air
conditioner I mean split ACs that go into, let's
say homes, offices and so on. We also make
products for the commercial air conditioning and
the commercial refrigeration industry. So the
product portfolio is broadly made up of what we
call as service valves. Charging valves, ball
valves and other such parts and accessories,
right? Just a, just a point to note, we spoke
about this in the last call as well. The climate
control vertical is actually being merged with
the holding company, which means that very soon
the group will become more efficient, right? From
three, let's say companies, we will be merging
two, so therefore we will become two manufacturing
companies. You will have Triton Valves Limited,
which will have two divisions, the automotive
division and the climate control division. Right?
The metals vertical will continue to be a
subsidiary holding on subsidiary of the holding
company, right.

Aditya Maruti Gokarn:

Yeah, so this is the post-merger scenario. Triton
valves would be the sole valve and core
manufacturing entity for the group. Future tech
will continue to be the vertical or backward
integration entity for the group and. We'll also
we are also selling to external customers. The
interdependence of the two entities would further
increase, right, Post-merger. So there'll be
higher allocation of funds to profitable
segments. There'll be higher intercompany
purchase of brass rods of course at arm’s length.
And this will be the post-merger scenario.

Aditya Maruti Gokarn:

Just a quick update to all our friends who are on
the call today. What is driving our business
really? What is driving growth for us? So if you

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look at the automotive vertical, I would say our
market leadership and our customer base continues
to grow in the tire and tube vertical as well as
the vehicle OEM business. New product
developments like, you know, the EV products and
TPMS which are, which have higher margins. This
is also something that is driving our business
forward at the moment. Obviously operational
excellence in terms of, you know, improving our
cost structures and I would say planning, our
business around our commodity fluctuations and
currency fluctuations. We are trying to ring fence
the company from, you know, these kind of
fluctuations to ensure that we have a, I would
say a steady and consistent kind of a financial
performance. In our metals vertical, obviously,
our technology is something that is very new, it's
cutting edge, it's latest technology that we're
using horizontal continuous casting. So
obviously, you know, very good, I would say
manufacturing technology and I would say deep
level of customer engagement, right, this is what
is kind of, you know, bringing new opportunities
to the table for us and those are, you know,
opportunities that we are trying to encash as we
go forward. In climate control again, you know,
we are the single producer of a lot of these
products in India. So import substitution, make
in India, these are things that we've actually,
we've actually done in reality, right, these are
not just jargons for us. These are things that
we've actually gone and done for the company. So
today if you look at the service valve portfolio
that we have in the climate control vertical, we
are the only Indian company producing those parts
at scale. First time it's being made in India. So
I would say technology wise and manufacturing
capability wise, I would say we have a benchmark,
kind of a setup which can compete with any setup
anywhere in the world, right, whether It's the
developed world China, wherever you go, you will
not find a better manufacturing set up for these
components than what we have set up. Of course,
we have some challenges in this vertical, which
we'll talk about later in the, on the call.

Aditya Maruti Gokarn:

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What are the key growth drivers of our existing
businesses? If you look at revenue and margin,
obviously we continue to grow business across
verticals, but we are focusing on obviously the
high profit products, right, we're strengthening
our sales. I do believe that, you know, some of
the new trade deals that India has made with US
and EU, those will be further tailwinds for us
because those are markets that are very keen to
start working with us and hopefully with the trade
deals, it will be a lot easier to trade with these
countries. And obviously we continue to, you know,
engage with customers for price corrections,
wherever you know prices have not been corrected
for a long time, then industry has been dragging
their feet, you know, in terms of compensating
us, you know, non-RM related costs like, you know,
manpower, consumables, power costs, whatever, you
know, other increases that have not been
compensated for a long time. We are pushing the
customers now to get those you know price
corrections through for us. In terms of capital.
I would say we need to allocate funds for our new
initiative and we need to ensure that, you know,
we fund the growth for the metals vertical, for
the TPMS product line that we are setting up now
for some of our global customers. We need to
continue allocating capital to ensure that we keep
growing and we keep in step with the market
requirements. Coming to synergies, obviously, you
know, improving our cross selling opportunities.
There are a lot of cross selling opportunities
that we are encountering in the market. Very, I
would say positive, very optimistic about those.
They're also strengthening ties with our, I would
say circular economy kind of mindset, especially
in our metals vertical where, you know, I think
circular economy is playing a bigger and bigger
role, and I think we are very well positioned to
encash those kind of, you know, concepts that are
coming into the market. And obviously we want to
continue to optimize our manufacturing ecosystem
around our Mysuru facilities.

Aditya Maruti Gokarn:

Quick financial highlights in terms of what we
planned and what we achieved. So I would say Q3

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normally we do see a little bit of seasonal dip
in sales, nothing to be really worried about. It's
a normal dip that happens because during October
to December quarter, there are fewer working days
around October, November due to the holidays
Dusshera, Deepawali, and also at the year end, a
lot of the vehicle OEMs take maintenance
shutdowns, so typically Q3 is a bit of a slow
quarter for us. In spite of that, I think we have
tried to keep our bottom line quite stable. In
fact, we've strengthened it. Obviously you know
we want to keep increasing the profitability of
our metals business, right, that business is
slowly maturing now. We started that business four
years ago and I would say we've gained a lot of
traction in the market. So the focus always was
1st grow the business, 1st create the confidence
amongst the customer base before we start, you
know, focusing on profitability. So a little bit
of that profitability focus has started coming
through in the Q3 and we'll see more of that going
into Q4 and Q1. The climate control business
currently is loss making. So our goal in Q3 was
to, you know, keep that damage under control, make
sure that, you know, we, we keep that loss as
small as possible, and I think we have done that
fairly effectively given the, you know, market
conditions during Q3. And obviously, you know, we
wanted to fast track the merger of climatech and
Triton Valves, which is long pending with NCLT,
so we've pushed as quickly as we can to get that
through with our legal team. Another thing that,
you know, of course our 50-year special trust on
marketing and communication, I would say. So I
think we had a. Had a nice, I would say
interaction with a lot of our customers, our
suppliers, bankers, consultants, and, we were
lucky that, you know, some, some very interesting
high profile people participated in some of our
events. We had the Maharaja of Mysuru of who's
also the member of parliament from the city of
Mysuru. We had Mr. Nandan Nilekani, you know, he's
a legend. I don't need to say anything more about
him. Mr. Swapnil Jain, one of the co-founders of
Ether Energy is a very critical customer of ours
and a customer that, you know, we are working very
closely with and we have a long future with them.
So Swapnil was kind enough to come and attend 50

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year celebration event and share his thoughts
about, you know, the industry about EVs, about
what we have done also, in our own little way for
the EV ecosystem here in India. So yeah, I think
we've we had a nice, I would say thrust on
marketing and communication during Q2 and Q3.
Obviously another point is, you know, 12 February
meeting of the board, we formally recommended a
3:1 bonus, and I think that's something that we
felt we should reward the shareholders with and I
hope all the, you know, shareholders investors
were happy with that decision because we want to
increase the liquidity of the stock, we want to,
you know, attract more interest into our story
and we felt, you know, this is one way that we
could do it. So, so that's about, you know, the
plan and actuals for Q3.

Aditya Maruti Gokarn:

Just a quick overview of the standalone numbers,
right, here what we have tried to do is we've
tried to break down our sales into product sales
and other operating income, right. So, if you look
at our, If you look at our standalone numbers,
right, other operating income is by and large 95
% of it is sale of scrap, right, now, why is that
such a significant number? You may ask. basically
the products that we produce in the automotive
vertical are by and large produced with brass
being the main raw material. And, when you Produce
components from brass, you generate brass powder,
brass scrap, which is a byproduct of the
machining, forging and other such processes that
we perform on the raw material brass that we use.
And this material typically is shipped back to
the brass mill from where we bought the brass and
it's turned back into the raw material form. It
could be a brass rod, it could be a brass coil or
a brass wire. And, in the process of doing this
job work, we are. Doing something called sale and
buyback. So at the moment, because it's sale, this
gets added to our revenue, right, it gets added
to our revenue number. So typically you can see
between Q2 and Q3, right? We had almost about
680000000, 310000000 in Q2 and 370000000 of scrap
sales. By and large, 95 % of the crap sales. And

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this adds to our top line. So if you look at
really the product sale, what we actually sold as
product, right, year on year we've grown about
close to 10 % and you can see sequential quarter
we have dropped a little bit. That's the drop that
typically comes during Q3, right, in terms of
sales for us. Having said that, if you look at
our normalized EBITDA, right, I think we've kept
it quite stable, right, between Q2 and Q3, and
you can see that, you know, we've grown a bit from
you know, last year. Here what we have tried to
do is, you know, if you look at the PBT normalized
without considering the exceptional item
exceptional expense here of 1.4300000 is
basically the labor code impact, right, I do
believe that you know, we have a little bit of a
cushion here in the provision that we have taken.
We have taken a very conservative I would say view
as we normally do as a business, we're always
conservative. So some of this perhaps, you know,
we will be able to moderate going forward, but
we've taken a rather larger exceptional expense
than perhaps we would have needed to take, but
that's only to ensure that at any point of time
we are not under provided. Right, in terms of the
labor code impact. This is something that
unfortunately, you know, all, companies have had
to take because you know the gratuity
calculations, the leave calculations need to be
reset, right, right from the date of joining of
all the employees in the company. So this is
something that unfortunately we could not avoid.
But that being kept aside, if you really look at
the operating performance of the company, I would
say year on year also we've done well and I would
say sequential quarter also we've ensured that
we've not dipped them, right, small maybe
interesting calculation perhaps that you can do
from this slide is that, if you take our
normalized EBITDA of let's say about eight cores
and you look at that eight core normalized EBITDA
on the product side, right, of 69 cores, you'll
find that our operating margin has somewhat
improved, right, it's improved on the sequential
quarter basis also, and it's it's improved on the
year on year number. Number as well, right. So
why I'm drawing your attention to that is that
the other operating income, like I said it's just

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scrap that we generate in the process gets added
both to the top line as well as the expense side.
And so I'm just netting that off just to give you
a perspective of how the numbers would look if
those two you know, the sales and the expenses
are knitted off against each other what the
numbers would look like, right. Coming to our
sales mix, of course, we are constantly trying to
push our sales mix in a direction that is, I would
say a EBITDA creative for us. And we do believe
going into Q4 and Q1 as well into the next
financial year, we would be seeing further
improvements on this number, right.

Aditya Maruti Gokarn:

Just a YTD number now, this is again standalone.
This is not the console number. This is standalone
TVL that's Triton Valves Limited. now again, if
you look at the normalized EBITDA right, we are
at about 22 and a half crores, right, as compared
to about 17 crores the previous year. So we've
grown obviously the number from 17 to 22 and a
half, and we've also grown in terms of margin from
about 6.3 % to about seven, 7.1 %. And we do
expect that going forward, we would continue to
build on that and we'll be continuing to push that
EBITDA margin higher and higher with each passing
quarter, right. Obviously PBT normalized I think
we have done fairly well. I think we've already
crossed last year's full year PBT. Right of about
eight and a half 8.76 crores. So, of course the
base is still small, so obviously the, you know,
the numbers are going to look in terms of
percentage growth year on year it's going to look
good and healthy because the base is small, but
we do kind of expect to see that these numbers
will, will remain fairly now strong stable, and
will continue to grow in the right direction for
us.

Aditya Maruti Gokarn:

This is the group console number, this is the
quarter alone, Q3 alone. So if you look at our
group console, now this number is something that

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I would draw everybody's attention to in terms of
saying that, look, all the, let's say intercompany
transactions are here kind of accounted for all
intercompany sales eliminated. So this gives you,
I would say a truer picture, right. Of the status
of the whole group, all the companies put
together, all the, you know, verticals put
together. So this is something that will will give
you a much more realistic picture of what happens
when you put everything together and you eliminate
all, you know, intercompany sales, intercompany
expenses. So here is is the real picture if you.
See growth. Sequential quarter growth is about 16
%, YoY growth is above 25 %, right, so I would
say this is where, you know, perhaps we've shown
that our business model is fairly resilient. It's
getting stronger. Financially also we are
delivering better. Right Compared to last year
and you can see the normalized EBITDA right year
on year we've grown almost like, you know, three,
three and a half crores. So from six and a half
percent to about seven and a half percent margin.
So EBITDAs heading in the right direction for us.
Normalized PBT, right, if I remove the exceptional
item, which is not part of our operations,
obviously, this is the catch up of several years
being accounted in a single quarter. So if I
remove that effect, right, the normalized PBT year
on year you can see it's grown from 1.76 crores
low base, but having said that, we've tripled it,
right so even though the base is low, tripling is
still I would say a fairly decent performance.
Are we at the as the management team of Triton,
are we happy with that number of 5.14? Probably
not. I do believe that, you know, there is more
we could have done in the, in the quarter gone by
and there's more that we can do in the quarters
coming up as well, right? But, I would say margin
wise, I think some of our hard work over the last
couple of quarters is now finally showing some
kind of, you know, visibility coming through the
numbers. And if I look at the YTD numbers also, I
think you'll see a similar kind of a similar kind
of a trend. Obviously Q3 has been better for us,
but if you look at the YTD numbers as well,
normalized EBITDA, we are almost about 30 crores,
right, versus about 24 crores during last

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financial year, right, so hopefully we're headed
in the right direction here as well.

Aditya Maruti Gokarn:

Another thing I'd like to maybe show all of you
which is not part of the published numbers at the
end of Q3, we are only required to present our
balance sheet to the outside world twice in a
year, but we've shown the balance sheet here to
all our investors which should get a flavor of
what's going on the balance sheet side as well.
So I think we've kept the balance sheet also in
fairly healthy condition, right, if you look at,
e.g., our inventory levels, right, from March
2025, if you look at December 2025, the movement
is hardly too growth, so hardly I would say about
two, two and a half less than two and a half
percent is the increase in our inventory levels,
right. So if you look at it really, we've grown
the business over 20 %, right, over these nine
months compared to the previous year, but
inventory has moved up hardly, hardly 2 %, right.
obviously, you know, receivables have gone up by
about 16 and a half, 17 crores, that's normal I
would say given the business cycle that we are,
it depends on how we also build. So we build more.
More I would say towards November December
especially in the metals vertical and therefore
the receivables looking a little bit higher than
what we would have liked. But again, I would say
nothing to be concerned about there. And if you
look at the management working capital, also the
networking capital, right, we're hardly up about
eight crores, right, whereas if you really look
at the sales has grown quite substantially for
having pushed in this additional working capital
for about eight cores. So I would say overall, I
would say we've performed fairly well on the
balance sheet side as well. You can see that, you
know, income from operations of about 27.7. crores
fully funded the increase in working capital of
about 8.2 crores and the non-current item of about
1.4 crores. So operating cash flows about almost
fifteen crore positive. Investing flows,
obviously, you know, we've put in some CapEx,
which we need to continue doing to keep growing
the company. So if you look at it financial flow

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is about ten crores, dividend, loan interest
payments all netted off. Financing cash flow is
about three crores negative, right, but I would
say overall, I think we're headed in the right
direction.

Aditya Maruti Gokarn:

A quick note on the, I would say bonus proposal
which is now pending for approval by the
shareholders, right. This is gonna be by e-voting
and you know postal ballot, what used to be called
as postal ballot. So we propose to issue three
bonus shares of rupees ten, each fully paid up
for every share that shareholders are holding. So
the current authorized capital is about fifty lakh
shares of rupees 10 and each five cores and so
we'll be amending, right, the authorized share
capital of the company as well in the process of
getting the bonus through, right. So the proposal
is to increase the authorized capital and you know
we request all shareholders to approve the
proposed bonus of 3:1. The bonus shares obviously
will be issued by utilizing the security's premium
account. I think we are quite well funded in that
sense and record date and other particulars will
be declared after the general meeting, right. And
obviously this is in compliance with SEBI ICDR
rules. And we need to complete the entire process
by 11th of April 2026, right. Yeah, so that's,
that's a quick I would say input from my side. I
think we can now move to the Q and A session. So
I've spoken for about 30 min now, so I think we'll
keep the remaining 15 to 30 min open for Q and A.
So Bibhuti over to you.

Bibhuti Bhusan Mishra:

Yeah, thank you Managing Director, so now the
floor is open for Q and A session for a span of
15 to 30 minutes, so investors are requested to
kindly unmute and show their video and mention
their names and organization name and their DPID
as well as client ID before asking questions. You
may also write your question in the message box
as well. So all the questions raised during the Q
and A session will be collated and consolidated
replies provided at the end by the managing

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director. Investors may also note that the company
reserves the right to limit the number of
questions based on the time availability.
However, investors can ask subject to maximum two
questions. So with this note I hand over the
session to investors, you may ask your questions.

Sudhir:

may I? Great. So may I ask the question because
I'm not getting that.

Aditya Maruti Gokarn:

I'm able to hear?

Sudhir:

Hello?

Aditya Maruti Gokarn:

Yes, we can hear you. Yes. Good afternoon.

Sudhir:

Good afternoon sir, and congratulations for very
good numbers and, also, you know, different
product expansion and in the really difficult
quarter where commodity prices have gone haywire,
so you have put up the good show, so congrats to
the entire team of Triton. So I want to understand
the new products line, like in Triton standalone
you are going for the, you know, TPMS and then
battery valves and also in brass vertical. You
are also, you know, going for some value added
products. So, and also in air condition as you
mentioned in your opening remarks that 1st time
in India some products are manufactured. So, can
you outline the briefly the new initiative which
you have taken and then how it will bear the fruit
in next, you know, coming time that I want to
understand.

Aditya Maruti Gokarn:

Sure, sure. Thank you. Thank you so much Sudhir
ji for your kind words and for your encouragement

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February 20,2026

and support to the company, really appreciate your
support. Yeah, about the new products that you
wanted to know, maybe I'll just go vertical wise
and explain. If you look at the automotive
vertical, I would say that very broadly speaking,
the technology in the industry is shifting 1st
from tube type tires to tubeless, right. So that
is a transition that is well and truly underway.
I would say that over the next maybe four or five
years that transition will happen almost
completely where you know tube will almost become
insignificant and tubeless will be the product
that will rule the market, right. We are very well
positioned to kind of, you know, keep in step with
that technology change and as I mentioned on the
calls before also, our gross margins are slightly
better on the, you know, tubeless products than
they are on the older tubes, right. And also
competitiveness wise, we are more competitive in
tubeless. I think we dominate the tubeless market
much more than we dominate the tube type market,
which is the oldest products which are going on
from last 40-50 years, where there are smaller
competitors who have come in, people who are, you
know, offering very low quality as well as low
price products. So that's a technology change that
is happening, that's going to be good for us. It's
already under. 2nd step of that transition is from
tube less to what is called as TPMS, which means
that the new cars that you see being launched in
the market, right, these cars have a sensor inside
the tire and that sensor is mounted on a valve.
That valve requires complete re-engineering,
right, because it has to carry the sensor weight.
In many cases it acts as the antenna for
transmitting the wireless signal. So the
functionality of the valve in engineering terms
changes quite significantly, right. It's no
longer just a valve, it's a valve also, it's an
antenna also, it also has to withstand a very, I
would say severe duty cycle, right. So those
products are very hard to engineer. Again, I can
frankly and objectively say that we're the only
company in India that is even capable of
developing, that kind of a high specification
valve because it's a safety product. Ultimately,
even a single while failing cracking in the field
can become a very severe problem for the industry,

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you know, industry is now subject to recall
regulations and you know it's a safety part,
right. So it requires a very specific kind of
engineering and we are lucky that, you know, we
have the capability to do that, right. So the TPMS
products are going to be sold to the TPMS sensor
manufacturers. Now, who are the large TPMS sensor
manufacturers in the world? There is Bosch out of
Germany. There is a Continental automotive, which
is now renamed as Aumovio. So Aumovio is also
Europe headquartered. Very large in TPMS. They
supply sensors to all the big global OEMs across
the world. And then there is Sensata technology.
Sensata is also a global leader in TPMS
technology. We are working with all the three,
right. We have already started mass production
for Bosch over the last, I would say eight nine
months that programme is going quite well for us.
We will be very shortly starting we'll be getting
our letter of intent from Aumovio possibly in the
next few days literally, right. So we've already
done the development, we have technically
qualified, we will go into mass production for
continently anywhere in the next I would say six
to nine months, we will go into mass production
for Aumovio as well. And Sensata technologies also
globally you know, working on big programs with
them, we will possibly go into mass production
for them also over the next I would say six to
nine months, right. These are products which have
a higher margin, right. They're more critical and
you know we, we will be earning a better margin
on these products over a long period of time,
right. Because once you get into the supply chain
with these kind of brands unless we screw up
something very badly, right, we will be in the
system for a, for a very long time. So that's as
far as the automotive business is concerned.
Coming to the EV side, we are basically making
products for battery packs. We have a, a patented
concept for venting battery packs. That's
something that we are very stably producing. We
have developed a very good reputation. We are
like, you know, defect free, hundred percent on
time delivery kind of a product line that we have
developed. We are supplying those two TVS motor
to Ather energy, single supplier single source
for these two. We are also working with a lot of

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new EV companies, right. We also are very shortly
working on a new programme with Bajaj as well as
Honda Motorcycle and scooter. We already
developed some components for them as well. And
we are trying to expand that portfolio into other
components for batteries. There are battery
terminals. There is there are charger pins, right,
which go into the charging guns, right. That are
used for the vehicles. So we are we are developing
a wide portfolio on the EV space. There's a lot
of new opportunities. We have even developed right
now a, a very special product that thermally
insulates the battery pack and prevents, you know,
fire. So there's some other fire prevention
components made out of rubber that we are also
working on. So there's a lot of, I would say new
stuff that we are doing for the EV ecosystem. We
also received certain rfqs for other brass
components, right. Which are not valves, they're
not you know battery components, but they are
there are components that are made out of brass
and that, you know, a lot of the industry is
searching for new suppliers, right. I can't maybe
tell you exactly what the product is. It's too
early, but there is there is a lot of work going
on, right, in terms of new rfqs that we have
received from. The industry. Apart from this, if
I look at our metals vertical, in the metals
vertical, what are the new things we are doing?
We are developing special alloys, alloys like high
tensile brass, we are looking at, you know,
certain, high margin alloys which are used in the
hydraulics industry, which are used in the
automotive industry. And the products have
already been tested validated. We've already
received orders for some of these you know alloys
and we expect that going into Q4 and Q1, we are,
we expect that those orders will only go on
increasing for us. This will help us to build that
product pyramid in our metals vertical where we
say relatively lower value added products, but
high volumes and on the pyramid that I'm talking
about is higher value added products potentially
lower volumes. By high margins, right. In the
climate control, I would say we're a bit unlucky
right because we've got a lot of product
development, we've put up a world class factory
for these components, but right now a lot of our

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Chinese competitors are dumping, you know, these
products into India at abnormally low prices. We
are continuously taking up representations with
government of India to stop this unfair trade
practice of dumping goods into India and
preventing the local ecosystem from growing,
right. So that's the only reason why we're not as
yet able to scale up the numbers in the climate
control vertical. To be very frank with all of
you, we have received technical approvals from
Voltas, from Dicken, from LG, from Samsung,
Panasonic, Fujitsu O General Mitsubishi, Havells,
you name the large brand in India, Carrier media,
even Haier has approved our products recently. So
technical approvals are all in place, right, but
because dumping is happening, customers are
giving only small orders. They're not giving us
the full requirement that, you know, they actually
have and we are we are intensely following up with
government of India to correct this, you know,
unfair practice that is, that is happening right
now, if and when that comes through, right, we
will see a complete transformation in the climate
control vertical because like I said, we're
literally the only. A company approved to make
those products again very critical products, high
pressure, you know, components, and we are
developing more, right, we have developed parts
like distributors, now we are making other
components, ball valves, other kinds of access
valves, and there's a lot of other, you know,
developments going on in the HVAC work, right. So
if I look at the next, let's say three to five
years, right, all these product developments will
come to fruition. They will start, you know,
bearing fruit. Some will start from, I would say
last quarter of this year, this calendar year,
some will start next financial year and some
obviously will start in 2028 calendar year, but
cumulatively, these will all add significantly
both to our top line as well as bottom line.

Sudhir:

Thank you sir for answering in detail and all the
best for, you know, your journey from transforming

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the company from auto ancillary to kind of
technology company. So all the best for that.

Aditya Maruti Gokarn :

Thank you. Yeah, thank you. Thank you. Thank you.

Bibhuti Bhusan Mishra:

Yeah miss Dolly, please ask your question. Dolly
Choudhry

Dolly Choudhary:

Hi Sir, thank you for the opportunity and thank
you for such a detailed explanation of the
opportunities we have. I just had a follow up on
the last question. Like, I wanted if we can
quantify the opportunity that we were just talking
about specifically in like 1st of all TPMS, like
we have been working with such a big players in
the industry. So specifically for Bosch, like how
it has scaled for us in the last two, three
quarters, I don't know if you can present the
revenue numbers what we have doing for Bosch may
be in volume terms. So maybe some numbers we can
put how it has scaled in last one year for Bosch,
and how big is the opportunity for Continental
and Sensata specifically for TPMs?

Aditya Maruti Gokarn :

Yeah, so, so miss Dolly in in terms of let's say,
specific numbers for each customer, I don’t want
to comment on that because, you know, that's
competitive information. I would not like to put
that in the public domain as to you know who is
buying what and you know, what quantity but I'll
tell you the size of the opportunity, right. The
opportunity pie that we are on to if I put Bosch
plus Conti plus Sensata together, this could be
an opportunity of about hundred to 150 crores a
year, right. For the next, I would say, five years
at least, right. From the time that we start the
program kind of changes, so you know what happens
every four or five years, the component design
sometimes changes or you know some further, you
know, modifications happen. But the products that

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we are currently working on, if, if I take at pick
these are going to be about let's say a hundred
and 50 cores a year, all put together. So if I,
if I take a five year picture, right, I would say
that the order book would be in the order of
magnitude of 500 core plus, right, or a five year
period. These are all five year programs, right.
So.

Dolly Choudhary:

Can you crack one customer as of now Bosch.

Aditya Maruti Gokarn :

No, I don't want to comment specifically Bosch is
going to be this much Sensata is going to be this
much, our Aumovio going to be this much because
you know that's competitive information, right.
I'm I'm not telling you to protect the company,
right, don't take me otherwise. I can tell you an
aggregate because see ultimately, this is
competitive information, right.We should not be
telling customer specific, you know, data. We will
be putting ourselves at risk if I were to reveal
those kind of numbers, but I can tell you the
opportunity size, it really doesn't matter,
right, to the investor community whether we are
selling to A customer or B customer as long as
those sales are happening and they're happening
profitably for us, it should not matter. Also for
that. No, NO, I I'm saying I'm seeing our
opportunities. The opportunity pie might be even
bigger.

Dolly Choudhary:

And like similar data for EV battery packs.

Aditya Maruti Gokarn :

EV battery packs here, I'll put it like this.
I'll tell you a simple way. I'll give you a
calculator, ok. So they say right rather than
giving fish, you teach somebody how to fish,
right. So I'll teach you how to, how to fish this
number out, right. What you do is you look at the
number of two wheelers EV two wheelers that are

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February 20,2026

being produced in the country or being sold,
right. That number you multiply by about 1.75,
right. That will be the number of let's say,
pressure vents required by the market, ok. So
let's assume that in 2030, right, India is going
to produce, I don't know if you have a number.
I'll just tell you a Number that you know I have
in mind. Again, please don't quote me on this,
this is just a public domain maybe Google chat
GPT kind of a number, right, this could be
somewhere in the range of, I would say about about
6000000 electric scooters and motorcycles will be
sold in India in 2030 according to me. Okay. All
right, so 60 multiplied by 1.75, right. For for
let's say ease of calculation multiplied by two.
So 1.2 crores, right, of let's say pressure relief
valves or vents will be the market requirement.
If we get let's say right now our market share is
very, very high, but let's assume that, you know,
in, in 2030 our market share will be 60 or 65 %,
not the above 90 % that we are at today, you can
work out the mathematics and that would be the
opportunity size for us.

Dolly Choudhary:

And a follow-up question this. If we can answer
like Ather energy has been doing very well so
like are this forcing these pressure relief
valves just from us?

Aditya Maruti Gokarn :

Yes yes yes. There is no Ather scoother on the
road today without our pressure relief valve. I
can tell you that with a lot of confidence, right.
You can, you can check out our LinkedIn handle.
There was a comment made by Swapnil Jain, the
founder of ether himself has said it, so I think
you can take that as a absolute truth. There is
not a single Ather vehicle on the road today
without a Triton pressure relief valve in the
battery pack.

Dolly Choudhary:

What would be the average price of these pressure
relief valve?

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February 20,2026

Aditya Maruti Gokarn :

So it depends, it depends on the size of the
component. So these are customized components
made for each customer depending on the size of
the battery pack, the battery chemistry, the, the
venting rate required, you know, the safety
features required and so on and so forth. The kind
of packaging requirements, all this has to be
considered while doing the design. These vents
are sold at anywhere between, I would say, about,
about about a hundred to I would say a hundred
eighty rupees per piece.

Dolly Choudhary:

Last question. Regarding the Cliamtech division,
so as everyone has been waiting for the mandate
with the government, so, I just wanted to
understand like is there a specific reason like
generally the mandate gets delayed because maybe
in India the capabilities are not there for that
product specifically, but as we know that the
India then we have these capabilities, right. And
it's getting dumped from China, like what can be
the reason of the mandate not coming anytime soon.

Aditya Maruti Gokarn :

No, NO. Yeah let me, yeah, let me explain to you.
Look, I won't use the word mandate. It's not a
mandate. See what is basically happening is that
we have become a little bit, I would say
unfortunately in the eyes of government, we have
become a little bit of victims of our own success.
See, when I made multiple representations to
government of India saying that dumping is
happening and you need to stop it and this product
is available in India, we have developed it. Here
is the proof that all the customers have accepted
our part. Here is the, you know, proof that we've
already sold these many parts into the market.
We've sold millions of service valves already in
the market over the last three, four years. You
know, the way government works unfortunately
they're they're like, look, if we, if you bring

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February 20,2026

in a quality control order, right, you will be
more or less the only beneficiary of it, right.
Because right now you're the only manufacturer of
this part. So my reply to government has been that
it's not my job to bring my own competitor to the
table, right. That's not my job. Government said,
you know, make an India, PLI scheme, everybody
come on, start developing components here, stop
imports. We did it. Now slowly government is
saying boss, you're the only one. I said, so I
said to them, well, how is it my fault? How is it
my fault that I'm the only one, right. It's not
my mistake, right. So somewhere I think in the
government scheme of things, they need to see that
justice is done to everybody equally and that they
don't want to favor only one company. So fair
enough, jokes apart, I do understand their
contention as well. So I've been trying to tell
them, you find some other way to kind of level
the playing field for everybody, right. Don't
punish me for being the 1st guy to do it, being
the 1st person to bring this technology to India.
Don't punish me for it. Right, you find some other
way which is fair, you know, to the ecosystem in
India to other players, create a level playing
field. Whatever you need to do, you do that. I'm
not coming in your way, right. But unfair dumping
you need to stop. So somewhere I think this
discussion is taking a little bit of time, I mean,
they're trying to figure out how to do it in a
equitable manner and how to do it in a manner that
they are not seen to be favoring only Triton. I
think that seems to be a little bit of an obstacle
for them. We'll, we'll, we'll find a way through
it, right. But it's taking a little bit of time.
That's the only problem.

Dolly Choudhary:

Okay, sir. Thank you all the best.

Aditya Maruti Gokarn :

Sure, can we move to the next question, please?
Mr. Chirag saha. Yeah. Yeah, mr. Vinod ohri,

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February 20,2026

you'll be next after Mr. Shah. I think he raised
his hand 1st. If you don't mind, we'll go to Mr.
Chirag Saha 1st.

Chirag Shah:

Yes. Yeah, thank you for the opportunity. Aditya
Ji Two questions. One in the past you have been
referring to expected pass throughs from the
OEMs, you know, the long pending customers. So
Q3 and Q4 where you are expecting some reasonable
amounts, has anything flowed in the quarter.

Aditya Maruti Gokarn:

Yes yes. A little bit has flown in, a little bit
has flown in the sense, see, we've been asking,
you know, different customers depending on what
product we are selling them, what's the product
mix for them. We've been asking them a certain
figure. It could be anywhere between 4 to 8 % in
terms of the correction that they need to make
on the pricing, right. Some, some have given us
partially, some have said we'll give you
something in this quarter, we'll give the rest
in the next quarter. So, you know, there's
discussions with various customers and I would
say different stages, right. But I would say we
are very, I would say cautiously optimistic that
the industry would understand what is really the
requirement, what is the problem? And I'm sure
that they are most of them are very old
customers. We know them closely, they know us
closely. I think, you know better sense will
prevail eventually and they will understand that
you know they can't be unfair to the supplier,
they can't be unfair to, you know, the supply
chain. So it's how we represent our case to the
customer, how we communicate it, how we, you
know, take their kind of consent and get it done
in a manner that should not damage our business
in the long run also. At the same time, they
should understand whatever extra they are
paying. It is justified. We are not asking
something which is unjustified. We're always
asking, you know, with logic with data we've been
you know kind of pursuing them. So I do expect
that further traction you will see going forward

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February 20,2026

into Q4 and Q1. You'll see further attraction
coming through. It takes a bit of time, right.
Something that's long pending the amounts start
looking bigger and bigger and then you know
people sometimes hesitate to take a quick
decision. So, you know, they also need to consult
internally with their bosses, with their team
members, and then they take a call. It will come
through. We are optimistic.

Chirag Shah:

Please for the newer supplies that you make, the
price revision accepted or not? 1[st]. any new from
1st April, e.g.

Aditya Maruti Gokarn :

Yes yes yes. So we we typically inform our
customers about 15 days before the new quarter
starts. So e.g. 1, April pricing will be
intimated to a lot of customers by between 15th
and 30th of 15 and 20th of March. They will be
informed that look next quarter this will be my
price, right for the for the quarter end. So we
do a lot of planning and if you see, you know,
how we've protected our, you know, bottom line
through Q3, it's only happened through good
planning, good I would say execution of plan and
that's how, you know, Q3 like I think Sudhir ji
mentioned, it was a very challenging quarter
actually you know today our numbers are looking
fairly, you know, decent. So, you know, the pain
of that quarter is not visible to everybody, but,
you know, copper went shooting up, dollar went
shooting up. All kinds of, you know, unexpected
things happened, and it was it was a tough
quarter to keep the bottom line stable in that
kind of a quarter. See normally what happens, we
take a hit in one quarter and then pass on the
hit to the customer in the next quarter. So
usually when there is a sudden spurt, either in
dollar or in commodity price, we initially take
a hit and then, you know, recover in the next
quarter. This time what you would have seen is
that we've kind of, you know, not taken a serious
hit. So that shows that some planning some
execution has gone positively.

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February 20,2026

Chirag Shah:

Congrats congrats for that. So Q1 onwards can we
see around hundred to 100 to 150 picks
improvement in margin because you have indicated
a much bigger impact on margins because of no
because past heights not coming through. Yeah.
So.

Aditya Maruti Gokarn :

Yeah, again, see, I I don't want to put a very
fixed number on it, right. I said directionally
that we are aiming to cross 10 % on the EBITDA
number, right. Somewhere between, yeah,
somewhere around Q4 and perhaps going into Q1.
We're confident that we're, we're headed in the
right direction, right. There might be ok a
little bit here and there we may, you know, we
may we may a few days here and there we may go
plus or minus in terms of timelines. But in terms
of our intent, it's very clear all the data has
been shared with the customers. We have, you
know, explained to them and I think most of them
are actually sympathetic to us, but having said
that, you know, like I said, right, when there's
a big change in the pricing, they all, you know,
they have to think a lot because, you know, once
that price change is defected it's for all time
to come, right. Because that, yeah, that is
something that is never going to be reversed.
Then commodity indexation up and down will
continue, but the base revision, whatever we are
asking it could be 5 %, it could be 8 % 10 %,
whatever we are asking to various customers. That
base correction will remain for all time to come.
So therefore they have their own, I would say
reservations about it. They want to discuss, they
want to calculate, they want to, you know,
understand properly before they agree to it. So
that's all that is happening today. I think by
and large, industry is being, you know,
supportive, understanding sympathetic, but
signing on the dotted line, sometimes they just
want to delay because, you know, it's a big
number.

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February 20,2026

Chirag Shah:

And last question. So in the past you indicated
you were trying to work with on the HAL on
defence side. Yes. Anything you like to update
on that, you know, it's a long gestation project
so.

Aditya Maruti Gokarn :

long gestation project, but I would say, you
know, discussions are moving in a very positive
direction and I think, you know, it's just like
I said, it's just a matter of time. See sometimes
their priorities change. I think after that, you
know, military action between India and
Pakistan, a little bit of their priorities have
changed, right. They are now focusing ramping up
the production of aircraft and, you know, making,
you know, modifications, vendor changes, they're
a little bit, you know, on the back burner, but
it will happen.

Chirag Shah:

No, thanks for this. We understand that it it's
part and parcel.

Bibhuti Bhusan Mishra:

Yeah, Mr. Vinod you may ask your question.

Vinod Ohri:

Yeah thank you for letting me speak actually. I
have three or four questions basically on the
beginning presentation you have mentioned that
you're talking around 550 crores flows estimated
turnover. Can you have a backup of this vertical
wise actually?

Aditya Maruti Gokarn:

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February 20,2026

Vertical wise, I would say that we would be doing,
this would be roughly, I would say 55 %
standalone, 45 % from subsidiaries.

Vinod Ohri:

And then. How much for metals and how much from
other subsidiary?

Aditya Maruti Gokarn:

Metals and climate control that would be, I would
say about 80 % from metals, 20 % from climate
control. It would be 80:20.

Vinod Ohri:

out of the 45 %. Yes. Can we, can we have a
picture from you about the company's next three
to five year scenario like where the company is
ready for and what are your plans or in other
words, I could put it that 0550 when can 0550
become thousand? Any plans about it?

Aditya Maruti Gokarn:

I'm I'm tempting to crack a joke here, but. Else?
And I enjoy. Very serious and try to stay very
serious. Yeah, see I'll put it like this even
though we've set 550 I think we would love to
have that number as close to $600. As 600 this
this year itself. That's what I feel like I would
say that, you know, this, this figure is actually
touching that thousand core number. We've
debated this very intensively internally in the
company, right? Yeah. So we've made I'll tell
you how. What we typically think. Yeah. So if
you look at our four or five years CAGR over the
last four years, we are growing at a CAGR of
let's say 18 %, right. If I take my three year
CAGR, it's around 18 %. So we make scenarios,
ok, if I continue growing at 18 %, which year
will I cross thousand? Okay. Now, if I try to
raise my Cagar from 18 to let us say 25 %.

Vinod Ohri:

How are you planning for that?

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February 20,2026

Aditya Maruti Gokarn :

Yeah, obviously we would like to go as fast as
we can. But I think what is also important for
us to keep in mind is that given the, you know,
given the complexity of the business environment
these days see now two trade deals have happened
through January, so you know people are feeling
a little bit, a little bit, you know, breathing
easy now. What I would say that, you know, we
had our heart in our mouth for the last, you
know, six months because we really didn't know
where is this, you know, US market headed, where
is, you know, Europe headed, whether anything
good will come our way or not or you know
barriers will keep going up and, you know,
complicate the situation for us. We didn't know,
right. So, so there are a lot of complexities
and uncertainties in the world today more than
what it was even two, three years ago. So why we
want to drive fast, I think it's also important
that the learning from this quarter is that you
can see right in this quarter, to be honest with
you, we actually didn't go very fast. If you see
our standalone numbers you've hardly grown 8, 9
% or maybe 10 % over last year. We could have
grown faster also. Yeah. But we also calculate
these days. See, e.g., I knew that a lot of our
price corrections are going to happen from 1st
Jan. Okay, I have a lot of orders actually we we
could have executed more orders in December. So
if you look at our product sale of 690000000, we
could have easily built that number to 710000000
at least. Yeah. But we consciously decided if we
just wait two weeks, like let's say mid-December,
we decided that if we wait two weeks, we can
build the same goods to the customer on the
revised price of 1st January, which is going to
be much higher than the December price. We
actually slowed things down a little, right. So
imagine I have my cost of a certain product
product is ₹10. I sell, I invoice this product
on 20th of December, right? I get ₹12 the same
product, instead of invoicing 20th of December I
invoice on 1st January, I get extra one or two
rupees. Yeah, why would I do it in December? I

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don't mind holding inventory I'll sell it you
know, 15-20 days later. better better way. Sure,
sure. So with all this baked in, this is the
performance that you saw in Q3 okay, why I'm
giving you this example is to say that while we
want to go fast, we also need to protect our
bottom line. Yeah, now in the commodity business,
a very quick scale up is also going to expose us
to high commodity risk. Yeah that's very true.
Yeah. Yeah, so we are now weighing out. Okay, 18
% we've gotten used to growing at 18 to 20 %. If
I see, if I see group console Q3 standalone or
not standalone Q3 console, if I look year on year
we have grown 25 %. Yeah, yeah. So right? 25.6.
So that 25 % in a way for us, right? That's one
kind of a test quarter for us. Yeah. If I have
to drive the company up 25 % in a single quarter,
what does it take? What kind of fund. Thing do I
need to put in? What kind of credit controls I
need to put in so they don't overexpose to market
what kind of commodity, let's say controls I need
to put in so that I don't get exposed while I'm
growing, right? So this experiment so far Q3, as
you can see in the numbers has worked out
reasonably well for us. So Q4 and maybe going
into Q1, we will attempt to now raise up the
growth rate from around 18 % to around 20-25 %,
we'll try to push it out. Sure. We'll see how
the you know how how we kind of tolerate that
kind of growth level.

Vinod Ohri:

Right? I got your point actually. Yeah.

Aditya Maruti Gokarn:

Yeah, and if that, you know, works out reasonably
well for us, right? We will try to amp the growth
up from an average of 18-19 % to about 24-20%.
So if we continue growing at 25 %. Yeah, it will
go 1000 crores faster than 18 %. Yeah.

Vinod Ohri:

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February 20,2026

You know you just mentioned about the volatility
in the raw material prices going down in the last
say six months or so. Yeah, do you I mean have
you any booked any inventory losses or gains in
your in your 1st nine months?

Aditya Maruti Gokarn :

So far NO NO NO significant hits or I would say
hits or gains per se. Okay ok see what happens
is NO, like you take dollar, e.g., there are
certain, you know, imports that we have. Rubber
products, chemicals, certain things that we
still import. When we placed the import order
dollar was maybe 85.5 86, right? When those bills
got filled due for payment, they got executed at
maybe 91-92. some some bills we hedge, some bills
we don't. Oh, actually it depends. Yeah, we would
have done a biased credit. If anything that's on
biased credit we we hedge Sometimes we don't
because you know it's uncertain. Okay. Right, so
it's like this. Today if I go to a bank and say
I've got a bill falling due 1st week of April,
what's the forward premium, right. Yeah. Today
somebody might tell me, ok, you will have to pay
93. Yeah, today I feel ok dollar is still at
90.6, why should I pay 93? So I'll say I'll not
hedge right now. I'll observe, I'll wait for
another couple of weeks and see what's the
forward premium, what's the, you know, scenario
of dollar looking like and then we'll take a
call. So it depends. Bill to bill, we kind of,
you know, our finance team, they review it, they
discuss with me, they kind of, you know, we make
scenarios and then we take a call, ok, what we
want to do. So, but these are kind of, you know,
existential risks that we have and including all
these hits that we've already taken. So on the
currency we have taken a hit, right.

Vinod Ohri:

Can u please quantify the value there please, if
you don't mind.

Aditya Maruti Gokarn:

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February 20,2026

No, I I don't want to put a number on it, you
know, just for the sake of saying an answer I
don't want to do that but I can tell you that
let me put it this way when I said that in the
beginning of the call that we've done reasonably
ok, but we could have done better. These are the
kind of areas where we've lost during Q3. We
could have done better if dollar had remained in
the band of let's say even 88. So our numbers
would have been better than what you saw right
now in Q3 you would have seen something better.
Had copper been more stable? You would have seen
an even better number. Yeah. See it's like you
watched the stock market, you bought a stock, it
went up somewhere. You always think, ok, I gained
so much but what does my opportunity cost? I
might have sold to the stock might have gone up
more. It's a similar case with copper and I would
say Dollar. How much you save what you want, you
always feel I could have done better.

Vinod Ohri:

Actually and basically it's two questions one
suggestion actually. Sure. You know there's
other operating income which you are showing
separately why don't you netted-off it up against
raw material cost.

Aditya Maruti Gokarn:

Yes, I think that's a great question. I think
I've dealt a bit on this subject we are we are
in the process. So this is a process how it works
is, we need to take the consent of our stat
auditor to make sure that any changes we make
are compliant with the accounting standards.
Then we will need to provide appropriate
disclosures and notes on accounts to the
shareholders because you know what will happen
if I net it off, our standalone numbers will come
down.

Vinod Ohri:

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February 20,2026

Basically. You have to take one time hit. Margins
will look healthier. changes are out.

Aditya Maruti Gokarn :

Yes yes yes, very true .Yes. There will be NO
change on console, right? But thank you for the
suggestion to be very frank with you. We have
already started considering the suggestion.
Yeah, and the consultation is already on between
stat auditor audit committee. There are a lot of
people who are seized of this matter right now
and very soon we will come out with the right
answer.

Vinod Ohri:

No, you have, you're rightly attacked attacked
the the liquidity low liquidity in the stock in
the stock , stock basically stock prices movement
actually by giving a liberal bonus of three
shares for one share. One suggestion would have
been that you could you could have gone ahead
with a stock split also actually. Five or two
improve the liquidity more faster for you.

Aditya Maruti Gokarn :

So, so we we have a philosophy, you know. Give
somebody, when you give somebody two sweets at
the same time they counted because they counted
as one time I eaten sweet. Separately, you know,
then they feel I've eaten sweet two times.

Vinod Ohri:

Yeah yeah so yeah plan to have a software going
forward actually. You would do that.

Aditya Maruti Gokarn :

Words in my mouth, I was just talking about
sweets.

Vinod Ohri:

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February 20,2026

Perfect, yeah. One last request you know can I
have a, can I have a one to one meeting with you
and I don't mind coming on own expensive
facilities actually.

Aditya Maruti Gokarn:

Subject to, you know, whatever, you know SEBI
Compliances. I don't know who are the other all
the powers that be, you know, we have to inform
and whatever take that. They're open, we're open.
Every once in a while we do get requests, people
want to come and visit, they want to meet.
Absolutely. I'm open, but obviously subject to
whatever compliance requirements they.

Vinod Ohri:

We need to find i will do I do put in a request
to this Company Secrertary from this issue
whenever anyway, thank you so much for answering
my questions and do very well in the future
actually.

Aditya Maruti Gokarn:

Thank you. Thank you so much. Thank you for your
questions. Thank you for your time. Thank you.
So we are. Sure Mr. Dashan ask your question.
Mr. Darshan. Mr. Darshan Chandra please. Can we
move on to mr. Munjal shah? Yeah. Mr. Manjulsha,
please. Mr. Munjal shah, you can please ask your
questions sir. You're on mute sir. You're on
mute, we can't hear you. Have we request you to
unmute, please? Yeah, you can ask.

Munjal Shah:

Thank you for so much for the opportunity and
really appreciate the with the way you are
addressing all the questions and congratulations
to the management for the great numbers in this
quarter. Two quick questions. I think we were
working on some HVAC valves for the Linux the
company in US. Yes. So if we can have some status
on it, it would be really helpful. And second, I
just put my second question so it will be more
easy with you. Second, regarding to be our future

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February 20,2026

tech company. So basically we know that copper
and zink together makes so how are we planning
to tackle the raw material volatility because we
have been reading in the news that copper would
be the next gold and all those things. So how as
a company we are planning to work on it because
I think future tech would be much bigger division
going forward considering the volumes actually
and are we working on that division to push along
with automotive into defense also or right now
it's all on the drawing page. So yeah, these are
my two questions.

Aditya Maruti Gokarn:

Thank you. Yeah, great. No, thank you for your
questions. As far as Linux is concerned, look,
again, like I said, I don't like to normally
comment on any, you know, specific customer as
such. But, just a let's say a general point
about, you know, the US customers, there was some
hesitation from some of our not all of them, some
of them kept the orders very stable. But some of
our US customers, you know, over the last maybe
six to eight months, they've been a bit hesitant,
you know, because of the. I would say uncertain
tariff situation. They've been hesitant to place
large orders, you know, they've been kind of
dragging their feet a little bit, but I think
now that the tariff scenario with India has
become more clear, I do believe that, you know,
we will see a lot of traction in the US market,
be it Lenux or any other customer. We do see
that, you know, the order positions, the order's
already going up, right. Today, even the Taiwan
customers that we have in the US, some of the
other customers that we have, I can see a lot
of, you know, positive developments, a lot of
people have come and met us, a lot of people have
shown a lot of interest. So I do believe that
that is going to help us the fact that, you know,
that at least there is some clarity now, what is
going to be the tarriff on Indian products? Point
number one. Point number two, I think your
question was with the future tech copper and you
know how do we tackle volatility. Yeah, I would
say, you know, every, every company has their
own way of doing it, but see by and large, what

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February 20,2026

we try to do is, whenever you know the commodity
situation is favorable to us, how do we take
advantage of it? When it is unfavorable? How do
we insulate the company from any hit? So the
strategy thinking is more along the lines of
whatever the situation, whether copper is going
to go up or down, how do I ensure that I don't
take a hit? And at the same time I maximize my
opportunity. That is the thought process, right?
How does that thought process translate into
actions down the line. It depends on the
situation. Okay, what's the invent. We are
holding, what's the order book that we are
holding? How many what what's the natural hedge
we can create between the two group companies,
right? Where I buy let's say copper and zink in
future tech convert into brass rod, sell it to
Triton for producing components, right? So that
I'm hedging, I'm creating an internal hedging
kind of between the two entities. So there's a
lot of that I I would say that it's dynamic. We,
we keep, you know, tweaking, we keep looking at,
you know, what is going to work better for us.
We keep trying to improve our ability to
overcome, let us say volatility and at the same
time any opportunities that come our way, right?
That's the broad philosophy, right.

Munjal Shah:

I'll just add here. So basically do as you said
that initially when there is a sudden spot in
the raw material prices, we take it initially
and then we you know speak to the customer and
then we pass on the price on the increase. So
should we consider that there such price pass on
takes a quarter or it takes much more time?

Aditya Maruti Gokarn:

Normally one quarter.

Munjal Shah:

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February 20,2026

But normally we have like all the customers have
accepted such pass through basically Yes yes. I
think now we don't face any issue, right?

Aditya Maruti Gokarn:

No, I I would say see the period of 2022-2023
were very bad for us because, you know, the
industry was still not in that rhythm of every
quarter price change. And that was the time when
you know copper had huge fluctuations, you know,
those were the years where you know it went up
very high then it came down also very fast. So
it really threw everybody off balance. So again
I I should humbly say that whatever we have
learned in terms of you know managing the
commodity, let's say fluctuation, it's not that
we have never me. Burnt our fingers. It's not
that we've never screwed up. We've made up, we've
made many screw UPS, We've burnt our fingers many
times, and we have learned the hard way how to
kind of handle the situation, right. So, I would
say that, you know, it's a, it's a continuous
learning because, you know, each time the
volatility hits you, the situation could be
different. See, it depends on what's my order
position, what is my planning, what's my working
capital? What's my, you know, supplier
situation. There are complexities which are
perhaps not easy for me to explain to you on this
call. There are times when, e.g., let's say
commodity price drops. Suddenly the suppliers,
right, they refuse to sell sometimes, right.
Let's say copper today was 10000. Tomorrow
becomes 9000, right. So I say to my supplier,
hey copper is drop , now you give me in 9000.
They'll say NO I'm not, why should I lose? I've
already bought this material at a higher price.
I don't want to engage, I'll encash wait. Right,
so you know there are complexities with. The
complexities where you know the traders in the,
in the field where we are buying copper scrap,
they also play their own games to protect their.
Right. So there are a lot of complexities, so I
would only say that dealing with these
complexities over many years, I think we've
learned, like I said, the hard way we've burnt
and learnt and put it that way. Yeah, ok. So

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February 20,2026

hopefully but we have matured. We've matured,
we've learned from oor mistakes and we are trying
not to repeat the mistakes that we made in the
past, right. That's how we're looking at it. Your
last point of the question was, you know,
regarding the defence opportunity, I can tell
you very confidently the brass that we produce
in our brass mill is already going into defence
applications both in India and overseas, right?
I think on the last call I was talking about a
customer in UAE, one of the defense contractors
who has started working with us. We do expect
that we will be, you know, deepening our presence
in the defense sector in the raw material side
in terms of our brass also, right? That's also
going on. We've already, you know, started that
journey and we think that over the next, you
know, few quarters that will get deeper and
stronger, right? Both in India.

Munjal Shah:

Okay. Yeah, thank you. Thank you for answering
the questions patiently and I soon wish to
connect one on one we'll get in touch basis the
compliance and everything and thank you so much.
Thank you. Thank you. Thank you. Thank you.

Aditya Maruti Gokarn:

One more last question before we close anybody
somebody else wanted to ask. yeah mr. Darshan,
are you there? Would you like to ask a question
now. Okay. Question in the message box, ok. For
the new products? And what is your current
capacity implementation? So CapEx over the next
three years, I'll put it like this, in the metals
vertical, there will be no significant CapEx over
the next three years for the brass mill. In the
automotive vertical, we expect that the average
CapEx per year would be somewhere in the range
of five to eight cores. Right. That would be the
kind of CapEx that we'll be looking at each year.
What's the current capacity utilization in our
current capacity utilization about 65 %. It will
come down to 50 % once 2nd line starts because
our capacity will get enhanced and in the
tireball vertical, I would say we are somewhere

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February 20,2026

in the range of I would say seven. 3070 5 %
capacity utilization as of today, right. I think
mr. Darshan Chandra is back. Yes, mr. Darshan
please ask your questions quickly.

Darshan Chandra:

Thanks for giving the opportunity I'm audible
now. Yes yes yes yes, very much. So just I want
to know how much difference in the pricing
between the Chinese that valves and our valves.

Aditya Maruti Gokarn:

Unfortunately, you know, when we started the
climate control vertical, the difference used to
be about 5 to 6 %. Today, currently, as we speak,
I think the Chinese are dumping material at 20
to 25 % discount to our price.

Darshan Chandra:

Okay, that's why the they are buying our
products. And so can we suggest the government
to put some anti-dumping duty for one year or
two year then go for a quality control order.

Aditya Maruti Gokarn:

Absolutely, absolutely, absolutely. So, thank
you. I think it's a very right question you
asked. This is precisely what we are kind of,
you know, requesting government of india. We are
requesting them either you bring a minimum import
price MIP. You might have seen recently, you
know, they've implemented MIP on apples, you
know, because with the US trade deal, you know,
there is some fear that, you know, US apples will
be dumped in India. So they fix what they call
as a minimum import price. Apples cannot come I
think below some ₹80 or something like that. So
we have also requested government of India to
consider either a minimum import price anti-
dumping duty, whatever is that we call it trade
remediation, right. So we've told government, we
are not policy experts, you guys as government
you. For the experts in policy, whether it is
MIP, whether it's anti-dumping, whether it is

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February 20,2026

QCO, new people decide whatever is the right
means of remediating trade in a manner that
creates a level playing field and that is
compliant with WTO regulations or whatever,
whatever you need to do, you please do it because
the rate at which you guys are, you know,
allowing indiscriminate dumping. I'll just give
you one very interesting number. Right? It's a
very interesting number. We actually dug out the
data of how much just service value, we took just
one product, right. We have a product portfolio
of service charging valve, ball valve, so many
products. We just said we'll take one product
service valve. We realized that India imported
in the last financial year, more than 500 crores
worth of service valves where our sales was
hardly maybe 25-300000000, right. The country
imported 500 crores. So if trade is remediated,
if a level playing field is prepared for a
company like us, the opportunity pie just in one
product of climate take is 500 crores. That's
the opportunity pie.

Darshan Chandra:

Yeah, so in the steel industry also, they put
some anti- dumping duty for one year and they
increase to three years and then they go for
quality control order that will last for maybe
five years or ten years. It will be very easy to
put that dumping order easily from one or two
months.

Aditya Maruti Gokarn:

Absolutely. So this is what we've been pushing
government of India to do.

Darshan Chandra:

Yeah, and second answer you have given means has
we are looking to means for 26-27 or 27-28
minimum 25 % growth will be there in the our
revenue?

Aditya Maruti Gokarn:

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February 20,2026

See, I just gave you an example of saying that
in Q3 we grew 25 %, right. Obviously we'll try
our best to sustain that kind of growth, but let
me put a rider here. If we believe that by
growing too fast, we are exposing ourselves to
high commodity risks and you know we are we are
risking, we are rocking the boat, then we will
slow down.

Darshan Chandra:

Okay, but minimum it will be the range of 20 to
25 %. Lower side will be 20 and upper side will
be 25 or more than that.

Aditya Maruti Gokarn:

I'll put it like this. If you take our three year
CAGR number, right,yeah. We don't want to fall
below that, right, that number is about 18 %,
right? So we don't want to grow slower than 18
%. We obviously want to grow faster. We want to
be in the twenties, right,but having said that,
we we want to do it carefully in a manner that
doesn't, like I said, expose us to. Unnecessary
risk in the hurry to grow because see growth will
come, right,we are not to tell you very frankly,
we are not scared about growth, right, growth
will come, we will grow, the market is growing.
There are a lot of tailwinds. Manufacturing in
India is going to have a good run over the next
05:10 years. We are confident about it. So we
only have to make sure that we execute well while
we get that growth, we need to ensure that we
satisfy our own, let us say expectations of
bottom line. We need to grow profitably. Yes,
right. So that's how we are going to look at it
the.

Darshan Chandra:

And sir, one thing I want to understand from you
that means after 600 or 750 crores there will be
some increasing in the borrowing also or it will
be maintained at this level.

Aditya Maruti Gokarn:

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See, obviously, obviously we will need to pump
in funds, but having said that, if we are
successful in growing our bottom line, right, if
our beta continues to grow well, then, you know,
internal cash accruals will also come in strongly
and that will help us to not over leverage or
over borrow, right? So that's how we would look
at it.

Darshan Chandra:

In the last means two year before in the con-
call you also said there are some losses in our
subsidiary that will be helpful to means to get
in the bottom line, maybe after the merger it
will take effect?

Aditya Maruti Gokarn:

Yeah, so basically we have a tax shield because
of the losses that we have accrued in the climate
control vertical post-merger, we will be
eligible for, I would say a tax income tax shield
of almost about 40000000 and we will be eligible
for obviously unlocking some of our GST tax
credits which are stuck in climate control
vertical. Once we merge, we'll be able to utilize
those credits in the merged entity.

Darshan Chandra:

After the merger it after the merger take place
it will come into effects.

Aditya Maruti Gokarn:

Yes. Yes exactly. Post-merger, there will be a I
would say a cash flow benefit or spread over
maybe three to six months there will be a cash
flow benefit of almost, we are guessing somewhere
in the I'm guessing somewhere in the range of
six to 70000000 of cash flow benefit.

Darshan Chandra:

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February 20,2026

So the last con-call you indicated up to eight
crore.

Aditya Maruti Gokarn:

We've already utilized some of the tax credits
whatever Income tax, definitely there'll be a
four core tax shield. We had computed I think
about three or four months back. The GST shield
was about four core unlocked. We already utilized
some of the, because the sales that happened
over the last quarter, we've utilized I think
one for GST credits. So another 30000000 we will
be able to get.

Darshan Chandra:

Thanks, thanks for answering my call.

Aditya Maruti Gokarn:

Most welcome. Thank you for interest and I think
with that we'll close thank you to all the
investors shareholders who came for the call
today. Thank you for interest in the company and
thanks for all your support and for expressing
all your positive sentiments. We look forward
to. Catching up catching up again soon. Thank
you. Thank you. Thank you all.