Refractory Shapes Limited — Important, 25-05-2026: Disclosure of material issue

Refractory Shapes has approved the extinguishment of its equity investment in Excel Micron (Poona) Pvt. Ltd., which will cease to be an associate company.

**Issue:** Refractory Shapes is exiting its stake in a significant associate, Excel Micron (Poona) Pvt. Ltd.

**Possible Impact:** This is a major strategic decision that will materially alter Refractory Shapes' consolidated financial statements. In the last financial year, Excel Micron contributed 38.29% of Refractory Shapes' consolidated turnover (₹22.50 Cr) and 23.38% of its consolidated net worth (₹1068.34 Cr). Investors should anticipate a notable shift in future consolidated results as this entity will no longer be part of the group.

**Company’s Response:** The Board has approved this divestment. Key details regarding the sale such as the date of agreement, expected completion, consideration received, and buyer information are yet to be disclosed and will be updated upon the transaction's execution. This indicates a deliberate strategic repositioning by the company.