Analysts/Institutional Investor Meet/Con. Call Updates

22nd October, 2026 The Manager (Listing), The Manager (Listing), The BSE Ltd. National Stock Exchange of India Ltd. M umbai Mumbai Company’s Scrip Code: 505700 Company’s Scrip Code: ELECON Sub. : Transcript of the Earnings Conference Call held on 15th October, 2026 Ref. : Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, With reference to the above referred Regulation and in continuation of our letter dated 9th October, 2026, please find attached herewith the transcript of the Earnings Conference Call held on 15th October, 2026 for Q2 of the Financial Year 2026-27. The same is available on the website of the Company at https://www.elecon.com/investors/audio-video-recordings-and-transcripts-of- post-earnings-quarterly-calls. You are requested to take the same on your records. Thanking you. Yours faithfully, For Elecon Engineering Company Limited, Bharti Isarani Company Secretary & Compliance Officer Encl.: As above “Elecon Engineering Company Limited Q2 FY27 Earnings Conference Call” October 15, 2026 E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recording uploaded on the stock exchange on October 15, 2026 will prevail. MANAGEMENT OF ELECON ENGINEERING COMPANY LIMITED: MR. PRAYASVIN PATEL – CHAIRMAN AND MANAGING DIRECTOR MR. AAYUSH SHAH – EXECUTIVE DIRECTOR MR. CHINTAN SHAH – CHIEF FINANCIAL OFFICER MR. DIPAK DALWADI – BUSINESS HEAD OF GEAR DIVISION MR. KAUSHIK PATEL – BUSINESS HEAD OF MATERIAL HANDLING EQUIPMENT DIVISION MODERATOR: MR. HARSHIT KAPADIA – ELARA SECURITIES INDIA PRIVATE LIMITED Page 1 of 18 Elecon Engineering Company Limited October 15, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Elecon Engineering Limited Q2 FY '27 Earnings Conference Call hosted by Elara Securities India Private Limited. As a reminder, all participant lines will remain in the listen-only mode, and there will be an opportunity for you to ask questions after the management's opening remarks. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone telephone. Please note that this conference is being recorded. I will now hand the conference over to Mr. Harshit Kapadia from Elara Securities India Private Limited. Thank you, and over to you. Harshit Kapadia: Thank you, Ryan. Good evening, everyone. On behalf of Elara Securities, we welcome you all for the Q2 FY '27 and H1 FY '27 Conference Call of Elecon Engineering Company Limited. I take this opportunity to welcome the management of Elecon Engineering Company Limited, represented by Prayasvin Patel, Chairman and Managing Director; Aayush Shah, Executive Director; Chintan Shah, Chief Financial Officer; Dipak Dalwadi, Business Head Gear, Kaushik Patel, Business Head Material Handling Equipment. We will begin the call with a brief overview by the management, followed by a Q&A session. I'll now hand over the call to Prayasvin sir for his opening remarks. Over to you, sir. Prayasvin Patel: Thank you, Harshit. Good evening, everyone, and welcome to Elecon Engineering's Q2 and H1 FY '27 Earnings Conference Call. The earnings press release and investor presentation have been filed with the stock exchanges and are also available on our website. I will begin with the industry context, the operating environment and our performance during the quarter. Chintan will then discuss our financial results in great detail, after which we will take you through your questions. India's industrial outlook remains constructive, supported by public capital expenditure, infrastructure development and domestic manufacturing. Demand from cement and power, together with the anticipated threefold expansion in the steel production capacity, presents a substantial opportunity for the capital goods sector. Considering the industry research estimates, the Indian heavy-duty industrial gearbox market will grow at approximately 8% CAGR through FY '30. Key drivers include capacity creation, brownfield modernization and the need for efficient, reliable solutions. While global uncertainty, geopolitical developments and raw material volatility warrant continued vigilance, India's industrialization plans provide a strong and a durable foundation for long-term growth. At Elecon, our Gear and Material Handling Equipment divisions are distinct but complementary growth engines. Both serve critical industrial applications, and together, they give us the scale, technical breadth and market access to convert structural demand into sustained business growth. Over more than 7 decades, we have built a strong position in industrial gear solutions and material handling equipment. Our focus is clear; expand in overseas market, deepen our domestic footprint and execute with discipline and convert opportunities into profitable revenue growth. Page 2 of 18 Elecon Engineering Company Limited October 15, 2026 We will continue to protect margins, strengthen earnings quality and allocate resources to areas where Elecon has a durable competitive advantage. Our MHE division is now establishing a meaningful international presence, securing orders worth approximately USD9 million during the first half. This outcome validates the strategic decisions and capability building initiatives undertaken in recent years. It also demonstrates that our engineering expertise is competitive in global markets and gives us confidence in the division's international growth road map. In the Gear division, Elecon continues to strengthen its leadership in India's organized industrial gear market. Our comprehensive product portfolio, deep application expertise and ability to manufacture customized high-precision solutions meeting DIN Class 2 standards for critical applications have enabled us to build enduring relationships across key industry sectors. Turning to the MHE division, we see an increasingly important growth engine supported by established engineering capabilities and leadership in bulk material handling. Our record in complex applications and demanding project environments is difficult to replicate. We intend to build on this position by expanding in core industrial sectors and improving execution. Moving to segment-wise performance, the Gear division, which contributed approximately 76% consolidated revenue in Q2 FY '27, reported revenue of INR488 crores, representing year- on-year growth of 10.6%. This performance was led by 30.3% year-on-year growth in overseas markets, supported by stronger execution across international operations and sustained demand from overseas customers. Domestic demand remained stable. The result reinforces the value of our international strategy and the strength of our execution capabilities. The MHE division regained momentum in Q2 FY '27, reporting revenue of INR151 crores with year-on-year growth of 10.4%. Execution improved progressively compared with Q1, while demand from steel, power, cement, fertilizers and ports remains supportive. The division enters the second half with a clear execution agenda. Despite an uneven macroeconomic environment and delays in project execution clearances, our Q2 and H1 performance remained in line with expectations with consolidated revenue growing by 11% in H1. This outcome reflects the resilience of our diversified portfolio across Gear and MHE as well as growing contribution of international markets, which helped offset near-term softness in domestic activity. Our priorities for the second half are equally clear. We continue to build order pipeline and broaden our market footprint, maintain execution discipline and sustain profitable growth to navigate through volatile market environment. Elecon's strategy for the long term is anchored in 3 priorities: extend our reach across markets and applications, expand our engineering capabilities and execute consistently. Page 3 of 18 Elecon Engineering Company Limited October 15, 2026 Our inve [Showing first 8,000 characters — download PDF for full document]