Slides
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Forging the next frontier Investor Presentation – Q2 & H1 FY27
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2 Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Ramkrishna Forgings Limited (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company’s ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. All Maps used in the Presentation are not to scale. All data, information and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness 2
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3 3 1 2 3 Q2 & H1 FY27 Financial Overview About Ramkrishna Forgings Our Commitment Content
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4 Q2 & H1 FY27 Financial Overview
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5 MD’s Insights and Reflections “Against the backdrop of continued pressure in the global economic environment, we are pleased to report a solid performance this quarter. We have reported consolidated revenues of Rs. 1,405 crore in Q2 FY27, an increase of 55% YoY, accompanied by improved profitability and a stronger balance sheet. New contracts worth Rs.673 crore in Q2 FY27 across the various segments have further strengthened our order book and growth visibility. We are encouraged by the progress made during the first half of FY27, building on the recovery seen over recent quarters. Strong domestic demand, improving business in international markets and a focus on operational efficiency have supported this performance. Our investments in capacity expansion, new capabilities and a wider product portfolio are contributing to more sustainable and balanced growth. While global trade policies, geopolitical developments and supply chain uncertainties continue to create challenges, our diversified operations and longstanding customer relationships help us navigate this environment. We remain excited by the opportunities across commercial vehicles, passenger vehicles, railways and industrial applications, both in India and overseas. Our priorities are to achieve higher capacity utilisation, improve efficiencies and increase profitability from investments made over the past few years. We are making progress in scaling up casting and aluminium forging operations, while our Mexico facility strengthens our presence closer to international customers. Expansion in Railways, passenger vehicles and higher value-added products will further support growth. Looking ahead, we remain confident about our long-term prospects. With a strong order pipeline and a more diversified business, we remain focused on sustaining growth momentum, improving cash flows, strengthening our balance sheet and enhancing return on capital, while creating long-term value for all stakeholders.” MR. NARESH JALAN
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6 Key Performance Indicators (Standalone) 6 *Excluding Other Income; Note: Rounded off to the nearest whole number. # PBT is before exceptional Items Q2 FY26 Q1 FY27 Q2 FY27 108 193 215 Q2 FY26 Q1 FY27 Q2 FY27 801 1,097 1,255 Q2 FY26 Q1 FY27 Q2 FY27 0.5 71 92 H1 FY26 H1 FY27 30 163 Revenue* EBITDA* & EBITDA Margin (%) PBT & PBT Margin (%)# 0.1% 6.5% 7.3%13.5% 17.6% 17.1% 14.0% 17.3% 1.7% 6.9% Y-O-Y 56.7% Q-O-Q 14.4% Y-O-Y 99.1% Q-O-Q 11.1% Q-O-Q 28.4% H1 FY26 H1 FY27 243 408 446.4%68.2% H1 FY26 H1 FY27 1,737 2,352 35.4%
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7 Key Performance Indicators (Consolidated) 7 *Excluding Other Income; Note: Rounded off to the nearest whole number. # PBT and PBT Margin is before exceptional Items, Q2 FY26 Q1 FY27 Q2 FY27 123 218 256 Q2 FY26 Q1 FY27 Q2 FY27 908 1,217 1,405 H1 FY26 H1 FY27 271 475 H1 FY26 H1 FY27 19 161 Revenue* EBITDA* & EBITDA Margin (%) PBT & PBT Margin (%)# NM 5.4% 6.8%13.5% 18.0% 18.2% 14.1% 18.1% 1.0% 6.2% Y-O-Y 54.9% Q-O-Q 15.5% Y-O-Y 109.1% Q-O-Q 17.3% Q-O-Q 47.1% 75.1% 770.0% H1 FY26 H1 FY27 1,923 2,622 36.4% Q2 FY26 Q1 FY27 Q2 FY27 -5 65 96
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8 Q2 FY26 Q1 FY27 Q2 FY27 26,763 32,382 37,048 12,646 14,630 16,05639,409 47,012 53,104 Q2 FY26 Q1 FY27 Q2 FY27 1.78 2.13 2.08 2.19 2.42 2.52 H1 FY26 H1 FY27 1.81 2.11 2.29 2.47 H1 FY26 H1 FY27 57,577 69,430 26,003 30,686 83,580 1,00,116 Volumes and Realisation 8 Y-O-Y 34.8% Volume (tons) Realisation (₹ Lac/ton) Q2 FY26 Q1 FY27 Q2 FY27 5,113 8,593 11,583 Q2 FY26 Q1 FY27 Q2 FY27 1.27 1.31 1.33 H1 FY26 H1 FY27 1.29 1.32 H1 FY26 H1 FY27 9,763 20,176 Volume (tons) Realisation (₹ Lac/ton) Y-O-Y 126.5% Forgings Castings Domestic Markets Domestic Markets Export Markets
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9 Total Revenue Breakup (₹ Crores) Particulars Q2 FY27 Q2 FY26 YoY Q1 FY27 QoQ Domestic 821.57 516.42 59.1% 735.07 11.8% Export 424.52 277.97 52.7% 353.87 20.0% Other Income & Export Incentive 16.71 14.54 14.9% 12.74 31.2% Total 1,262.80 808.93 56.1% 1,101.68 14.6% Revenue Breakup 9 Total Revenue Breakup (₹ Crores) Particulars H1 FY27 H1 FY26 YoY Domestic 1,556.64 1,127.36 38.1% Export 778.39 5,96.72 30.4% Other Income & Export Incentive 29.45 25.96 13.4% Total 2,364.48 1,750.04 35.1% Note: Data is on standalone basis.
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10 Particulars Installed Capacity Production (MT) Q2 FY27 Q1 FY27 Q2 FY26 FY26 Production (MT) Utilization (%)* Production (MT) Utilization (%)* Production (MT) Utilization (%)* Ring Rolling 24,000 26,372 8,674 145% 7,621 127% 5,267 88% Forgings 70,350 43,626 12,165 69% 11,227 64% 9,341 53% Press 2,39,050# 124,257 36,297 61% 35,689 60% 27,112 61% Casting 62,400# 26,024 13,789 88% 12,357 79% 5,769 69% Total Capacity 3,95,800# 220,279 70,925 72% 66,894 68% 47,490 62% Utilization (%) has been calculated on installed capacity on Annualized basis; # Press Capacity of 217,050 MT is in Ramkrishna Forgings Limited and 22,000 MT is in Ramkrishna Casting Solutions Limited. # Casting Capacity of 33,600 MT is in Ramkrishna Casting Solutions Limited and 28,800 MT is in Ramkrishna Forgings Limited. # Capacity increased in Ramkrishna Forgings Limited • Added Press line Capacity of 3,000MT on January 20, 2026, and 40,000MT on March 06, 2026. • Added Casting Capacity of 28,800 MT on March 31, 2026 # Capacity increased in Ramkrishna Casting Solutions Limited • Added Press line Capacity of18,000 MT on December 31, 2025 Capacity Utilization 10
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11 Revenue Break-up FY22 FY23 FY24 FY25 FY26 Q1 FY27 H1 FY27 Domestic Auto 39.2% 41.9% 39.7% 40.8% 47.0% 48.8% 48.4% Railways 1.7% 2.7% 3.6% 4.6% 7.5% 6.0% 5.5% Mining, Earth Moving & Farm Equipment 4.1% 4.5% 4.5% 4.8% 5.9% 5.7% 5.7% Miscellaneous (Industrial Components, Steel, Cement & Power) 9.8% 9.4% 9.7% 9.0% 8.0% 7.2% 7.3% Total Domestic 54.8% 58.5% 57.5% 59.2% 68.4% 67.7% 66.9% Exports - Auto 39.1% 35.9% 37.4% 37.2% 26.7% 28.3% 29.6% Exports - Others 6.1% 5.6% 5.1% 3.6% 4.9% 4.0% 3.5% Of Which Oil & Gas 0.9% 1.3% 1.3% 0.4% 0.2% 0.3% 0.2% Total Export 45.2% 41.5% 42.5% 40.8% 31.6% 32.3% 33.1% Total Revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Diversified Product Portfolio 11 * Numbers are on standalone basis.
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12 Export Break Up by Geography 12 * Numbers are on standalone basis. Particulars (₹ in crores) Q2 FY27 Q1 FY27 Q2 FY26 FY26 FY26 (%) FY25 FY25 (%) North America 301.69 222.25 128.74 688.12 58.0% 1,056.42 71.3% Europe 120.95 128.41 146.96 489.83 41.3% 413.51 27.9% Asia & others 1.88 3.21 2.27 8.61 0.7% 12.16 0.8% Total 424.52 353.87 277.97 1,186.55 100% 1,482.09 100%
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13 Order Wins in Q2 FY27 13 India, 323 North America, 272 Europe, 78 India North America Europe ₹ 673 Cr CV, 304EV, 7 LV, 272 Farm Equipment, 90 • During Q2, the Company secured new orders worth ₹ 673 crore, with a program life of 4 years from various segments. • Out of the Rs 673 crores, approximately 48% of these orders are from Domestic Markets and 52% is from Export market. • The Company received 45% of the order from CV Segment, 41% of the order from LV Segment, 13% of the order from Farm Equipment Segment and balance 1% of the order is from EV Segment, reflecting continued progress in the Company’s diversification strategy. Break up of Segment ₹ 673 Cr Break up of Geography
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14 Income Statement 14 *Note: Rounded off to the nearest whole number Data is on consolidated basis unless stated otherwise. Particulars (₹ in Crore) FY22 FY23 FY24 FY25 FY26 H1 FY27 Revenue from Operations 2,320 3,193 3,705 4,034 4,238 2,622 Cost of Goods Sold 1,161 1,611 1,862 2,000 2,162 1,221 Gross Profit 1,159 1,582 1,843 2,034 2,076 1,401 Gross Profit Margin 49.96% 49.55% 49.74% 50.42% 48.99% 53.43% Employee Cost 127 158 188 250 259 153 Power and Fuel 152 188 227 246 247 150 Other Expenses 363 544 655 978 927 624 EBITDA 517 692 773 560 643 474 EBITDA Margin 22.28% 21.67% 20.86% 13.87% 15.17% 18.08% Other Income 1 4 28 26 13 8 Depreciation 169 202 257 271 333 202 EBIT 349 494 544 315 323 280 EBIT Margin 15.04% 15.47% 14.68% 7.81% 7.62% 10.68% Finance Cost 96 120 146 166 210 119 Profit before exceptional items and Tax 253 374 398 149 113 161 Profit before exceptional items and Tax Margin 10.91% 11.71% 10.74% 3.69% 2.67% 6.14% Exceptional Items - - - - -11 - Profit before share of profit / (loss) of joint ventures and tax 253 374 398 149 102 161 Share of loss of joint venture - - -1 -1 -18 -1 Profit before Tax 253 374 397 148 84 160 Tax 55 126 114 -184 12 43 Profit After Tax Profit for the year from continuing operations 198 248 283 332 72 117 Profit after tax for the period from discontinued operations - - 8 83 - - Profit After Tax 198 248 291 415 72 117
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15 Balance Sheet 15 *Note: Rounded off to the nearest whole number Data is on consolidated basis unless stated otherwise. Particulars (₹ in Crore) FY22 FY23 FY24 FY25 FY26 H1 FY27 Net block (Tangible assets) 1,566 1,748 2,334 3,157 3,776 3,965 Intangible assets 6 6 127 123 119 117 Investments - - 63 179 237 266 Right-of-use assets 31 30 183 210 203 197 Other non-current assets 74 97 227 381 395 296 Total non ‐ current assets 1,677 1,881 2,934 4,050 4,730 4,841 Inventories 709 907 1,050 1,254 1,246 1,469 Investments 55 - 52 9 5 44 Trade receivables 891 776 850 975 795 1,025 Cash and cash equivalents 38 47 177 20 163 107 Other current assets 113 121 196 248 240 243 Total current assets 1,806 1,851 2,325 2,506 2,449 2,888 Total assets 3,483 3,732 5,259 6,556 7,179 7,729 Total equity 1,078 1,322 2,634 3,037 3,290 3,595 Borrowings 869 758 767 1,083 1,616 1,761 Lease liabilities 23 21 76 86 76 50 Other non-current liabilities 91 160 228 76 65 93 Total non-current liabilities 983 939 1,071 1,245 1,757 1,904 Borrowings 722 550 352 930 719 432 Lease liabilities 4 6 13 27 38 56 Trade payables 608 792 1,017 1,080 1,145 1,456 Other current liabilities 88 123 172 237 230 286 Total current liabilities 1,422 1,471 1,554 2,274 2,132 2,230 Total equity & liabilities 3,483 3,732 5,259 6,556 7,179 7,729
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16 Cash Flow 16 *Note: Rounded off to the nearest whole number; Data is on consolidated basis unless stated otherwise. Particulars (₹ in Crore) FY22 FY23 FY24 FY25 FY26 H1 FY27 Cash Flow from Operating Activities Profit before share of profit / (loss) of joint venture and tax from continuing operations 253 374 398 149 84 160 Profit before tax from discontinued operations - - 11 99 - - Adjustment for Operating Items 247 280 341 284 529 305 Operating Profit before Working Capital Changes 500 654 750 532 613 465 Changes in Working Capital -409 160 24 -362 237 -133 Cash Generated from Operations 91 814 775 170 850 332 Less: Direct Taxes paid/ refund -48 -68 -131 -137 -10 150 Net Cash from Operating Activities – Continuing Operations 43 746 631 33 840 482 Net Cash from Operating Activities – Discontinued Operations - - -10 -1 - - Net Cash from Operating Activities – Continuing & Discontinued Operations 43 746 621 33 840 482 Cash Flow from Investing Activities – Continuing Operations -354 -299 -1,119 -912 -929 -448 Cash Flow from Investing Activities – Discontinued Operations - - 1 - - - Cash Flow from Investing Activities – Continuing & Discontinued Operations -354 -299 -1,117 -912 -929 -448 Cash Flow from Financing Activities – Continuing Operations 280 -438 626 722 235 -96 Cash Flow from Financing Activities – Discontinued Operations - - -1 0 - - Cash Flow from Financing Activities – Continuing & Discontinued Operations 280 -438 625 722 235 -96 Net increase/ (decrease) in Cash & Cash equivalent – Continuing Operations -31 9 139 -157 146 -63 Net increase/ (decrease) in Cash & Cash equivalent – Discontinued Operations - - -11 -1 - - Net increase/ (decrease) in Cash & Cash equivalent – Continuing & Discontinued Operations -31 9 129 -157 146 -63 Add: Cash and cash equivalents as at 1st April 67 36 45 173 16 162 Cash and cash equivalents as at closing 36 45 173 16 162 99
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17 About Ramkrishna Forgings
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18 One Stop Solution Provider Hot Forging Warm forging Cold Forging Gear Grinding Machining Fabrication Aluminium Forging Casting Hammer & Upsetter Facilities Ring Rolling Press & Press Lines Providing solutions to Commercial Vehicles Railways Mining, Earth Moving & Farm Equipment Industrial Components, Steel, Cement & Power Electric Vehicles Passenger Vehicles Oil & Gas
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19 India 66.9%Others 0.2% North America 22.3% Europe 10.6% India 68.4%Others 0.2% North America 18.4% Europe 13.0% Our Global Presence *Note: Data is on standalone basis Revenue By Geography *Revenue By Geography * FY26 H1 FY27 Headquarters – Kolkata 20 manufacturing facilities • Jamshedpur – 16 plants (RKFL – 8 plants & RKCSL – 8 plants) • Howrah –West Bengal – 1 plant • Manesar – 1 plant • Pune- 1 plant • Monterrey – Mexico – 1 Plant Headquarters & Manufacturing facilities: • Detroit, USA • Sao Paulo, Brazil • Istanbul, Turkey • Monterrey & Toluca, Mexico • Milan, Italy • Frankfurt, Germany Sales & support services: • Shelbyville, USA • Hagerstown, USA • Indianapolis, USA • Riverside MI, USA • Arizona, USA • Henderson, USA • Monterrey, Mexico • Toluca, Mexico • Puebla, Mexico Warehousing facility: • Verona, Italy • Turin, Italy • Bremen, Germany • Westerlo, Belgium
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20 Our Commitment
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21 Our ESG Vision - Delivering shared value to the planet and people RKFL’s 5 Pillars of Sustainability REWARDING WORKPLACE EMPOWERED COMMUNITIES ROBUST GOVERNANCE ENVIRONMENTAL CONSCIOUSNESS VALUABLE PARTNERSHIPS We are aligned with 9 United Nations Sustainability Development Goals 3 GOOD HEALTH AND WELL BEING 4 QUALITY EDUCATION 5 GENDER EQUALITY 7 AFFORDABLE AND CLEAN ENERGY 8 DECENT WORK AND ECONOMIC GROWTH 10 REDUCED INEQUALITIES 12 RESPONSIBLE CONSUMPTION AND PRODUCTION 13 CLIMATE ACTION 17 PARTNERSHIPS FOR THE GOALS
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22 Key Sustainability Highlights 22 Where Growth Meets Green: Y-o-Y Progress Update from Q2 FY2026 Note: 1The reporting boundary includes Plant 8| 2The reporting boundary for these KPIs exclude Plant 8. 26% Increase in Renewable Energy Consumption 1 3% Decrease in Energy Intensity 1 18% Decrease in water intensity1 98.5% Permanent employees trained on Human Rights 2 98.5% Permanent employees trained on ESG 2 50% Decrease in hazardous waste intensity 2 22% Decrease in hazardous waste generation 2
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23 23 Our Goals and Initiatives Committed to preserving and protecting the environment and supporting the local community Our Goals and Target Year YoY Progress Baseline: Q2 FY2026 YoY Progress Baseline: H1 FY2026 Key Initiatives GHG Emissions & Energy Management Achieve Net Zero 2040 3% decrease in energy intensity1 1% decrease in energy intensity1 Power Quality & Energy Efficiency Enhancements: • Optimized load factor through disciplined power demand management and operational efficiency. • Improved renewable energy share in overall energy mix, enhanced solar generation efficiency and increased installed solar capacity by 31%. • As part of its 2030 commitment to reduce Scope 1 and Scope 2 emissions by 50%, RKFL is advancing the transition toward greater electrification of manufacturing processes, lower dependence on conventional fuels and initiated discussion on procurement of renewable energy certificates. We are also expanding renewable energy procurement to further decarbonize our operations and strengthen the resilience of our energy mix.Achieve 100% Renewable Energy 2033 26% increase In RE Consumption1 48% increase In RE Consumption1 Water and Waste Management Achieve Zero Liquid Discharge (ZLD) across all plants 2030 18% decrease in water intensity1 10% decrease in water intensity1 • Improved efficiency of Cooling tower resulting in estimated annual water savings in excess of 1,000 KL. • Optimized use of RO reject and optimization of ETP, resulting in estimated annual water savings of more than 500 KL. • Enhanced awareness on water and energy conservation through display of informational posters across water usage zones and plant premises. 50% decrease in hazardous waste intensity2 16% decrease in hazardous waste intensity2 • Total Hazardous Waste Generation across operations has reduced by 22%, out of which 32% of the waste is recycled, reflecting resource efficiency practices, while the remaining waste is safely disposed of through authorized waste disposal agencies. • 9R Waste Management framework being implemented across all plants Employee Wellbeing Train 100% employees on ESG 2025 98.5% Permanent employees trained2 • Trained permanent and contractual employees on ESG and human rights principles, including child Labor prevention, forced Labour prevention, minimum wage requirements, occupational health and safety, and grievance redressal mechanisms. • Organized the "Vande Mataram – Bacchon Ki Jubani" event to cultivate a deep sense of patriotism among the children of our employees. Participants, comprising children studying up to Class X from all plants, showcased their patriotic sentiments through heartfelt expressions in their own words and unique perspectives. • Earned ‘Great Place to Work’ certification for the third year in a row, demonstrating sustained commitment to workforce excellence.Train 100% employees on Human Rights 2025 98.5% Permanent employees trained2 Community Support Engage and ensure upliftment of local community Multiple Community Upliftment Programs on infrastructure and healthcare • Enhanced community infrastructure by developing a guest waiting area at the SP Office, Saraikela to ensure comfort for visiting citizens. • Established a children's play area at the public park opposite the SP Residence, Saraikela, to promote recreational opportunities for children. • Supported the Knowledge Centre Library at JIADA Office, Adityapur, to facilitate access to educational resources for students preparing for higher education and competitive examinations. • Supported provision of nutritious meals for underprivileged children to ensure and enhance their health and well-being. • Upgraded local medical center infrastructure with advanced medical equipment to improve healthcare services and access. • Organized blood donation camps, successfully collecting 630 units to support critical medical needs. Note: 1The reporting boundary includes Plant 8| 2The reporting boundary exclude Plant 8
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24 Conference Call Details Q2 FY27 EARNINGS CALL HOSTED BY:Pre-registrationTime To enable participants to connect to the conference call without having to wait for an operator, please register at the below mentioned link: 6:00 PM IST on Friday, 30th October 2026