Analysts/Institutional Investor Meet/Con. Call Updates

October 29, 2026 National Stock Exchange of India Limited, BSE Limited, Exchange Plaza, C-1, Block G, 20th Floor, P.J. Towers, Bandra Kurla Complex, Bandra (E), Dalal Street, Mumbai – 400 051 Mumbai – 400 001 NSE Scrip Symbol: AEQUS BSE Scrip Code: 544634 Subject: Transcript of Earnings Conference Call pertaining to the Un-audited Financial Results of the Company for the quarter and half year ended September 30, 2026 Dear Sir/ Madam, Pursuant to Regulation 30 and 46 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), enclosed herewith is the transcript of audio recording of the Earnings Conference Call held on Monday, October 26, 2026, pertaining to Un-audited Financial Results (Consolidated and Standalone) of the Company for the quarter and half year ended September 30, 2026. The transcript of the said Earnings Conference Call is uploaded and available on the Company’s website at https://www.aequs.com/wp-content/uploads/2026/10/Transcript-Q2-FY27.pdf Thanking You, For Aequs Limited Ravi Mallikarjun Hugar Company Secretary & Compliance Officer Membership Number: A20823 Encl.: As above Aequs Limited (formerly known as Aequs Private Limited) Corporate Identity Number: L30305KA2000PLC026760 Registered Office: Aequs Tower, No. 55, Whitefield Main Road, Mahadevapura Post, Bengaluru - 560048, Karnataka, India T: + 91 080 61348000 Corporate Office: Aequs SEZ, No. 437/A, Hattargi Village, Hukkeri Taluk, Belagavi – 591243, Karnataka, India T: +91 0831 4222500 Website: www.aequs.com Email: investor.relations@aequs.com “Aequs Limited Q2 FY '27 Earnings Conference Call” October 26, 2026 MANAGEMENT: MR. ARAVIND MELLIGERI – EXECUTIVE CHAIRMAN AND CHIEF EXECUTIVE OFFICER – AEQUS LIMITED MR. RAJEEV KAUL – CO-FOUNDER AND MANAGING DIRECTOR – AEQUS LIMITED MS. REENAH JOSEPH – CHIEF FINANCIAL OFFICER – AEQUS LIMITED MR. HARISH BANG – DEPUTY CHIEF FINANCIAL OFFICER – AEQUS LIMITED Aequs Limited October 26, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 FY '27 Earnings Conference Call of Aequs Limited. As a reminder, all participants' lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchtone phone. I now hand the conference over to Mr. Manav Poal from E&Y. Thank you, and over to you, Mr. Manav. Manav Poal: Thank you. Good evening to all the participants on the call, and thank you for joining in. We welcome you to the Q2 and H1 FY '27 Earnings Call of Aequs Limited. Before we proceed, let me remind you that this discussion may contain certain forward-looking statements that may involve known or unknown uncertainties and other factors. These statements should be viewed together with our business risks, which may lead to actual results and performance differing materially from what is expressed or implied. To take us through the results and answer your questions today, we have the management of Aequs Limited represented by Mr. Aravind Melligeri, Executive Chairman and CEO; Mr. Rajeev Kaul: Co-Founder and Managing Director; Ms. Reenah Joseph: Chief Financial Officer; and Mr. Harish Bang: Deputy Chief Financial Officer. We will start the call with a brief overview of the previous quarter and then conduct the Q&A session. With that said, I'll now hand over the call to Aravind sir. Aravind Melligeri: Good evening, everyone. Thank you for joining us. At Aequs, we always believed in building manufacturing capability in India means more than adding capacity. It means bringing together the engineering, the processes, the partnerships needed to deliver increasingly complex work for our global customers. The first half of '27 has taken that ambition forward with a growing business, deeper customer relationships and longer-term programs that give us real substance to the platform we are building. Today, I will talk about 3 things: how the business has performed in the first half, where we stand in consumer and the long-term commitments we are building in aerospace. Rajeev will take you through our operations, and Reenah will take you through the financials. Let me start with the numbers. In the first half, consolidated revenue grew by 50% year-on-year to INR8,046 million. Aerospace grew 42%, the consumer revenue has more than doubled. Aerospace continued to deliver strong growth and profitability, supported by the healthy demand and program execution. In consumer, our customer programs continue to progress, but Q2 volumes ramp was slower than what we had anticipated. The customer qualifications took longer and supply chain constraints affected our utilization. We see this as a shift in the timing, not a change in the underlying opportunity. Given these factors, we are recalibrating our path to the consumer EBITDA breakeven, which we had earlier indicated that it will be for Q4 FY27. Page 2 of 16 Aequs Limited October 26, 2026 The near-term focus is clear: improve utilization, turn the capacity we have already installed into profitable growth. That focus also shapes us how we invest. With much of our consumer capacity already in place, we will pace our investments in line with our ramp with our customer schedules. Turning to aerospace. The most significant development has been the growing depth and duration of our customer commitments. Our order book reached USD1.1 billion, up 9% this quarter, alongside further expansion of our portfolio. That gives us a long-term revenue visibility across the long-cycle aerospace programs. After the quarter ended, we signed a new long-term agreement with and expand the relationship with 6 Safran entities. They broaden our scope across critical aerospace components drawing on the capabilities we already built at Belagavi, and they include landing gear contract for our upcoming Hosur ecosystem. First key milestone was undertaken with a groundbreaking to kick-start the development of the infrastructure. Hosur takes the integrated model into its next chapter. At Belagavi, we have built an ecosystem centered on aerostructures. At Hosur on a 250-acre SEZ and DTA site, we will be extending the capabilities to manufacture aero engine and landing gear components. This is not just a bigger footprint. It widens the work we can take on and value we can deliver from India end-to-end. We are winning programs faster than we had planned, and those wins need investments ahead of the revenue they generate. So we will keep investing behind the demand in the aerospace while staying disciplined in how we deploy our capital across other businesses. Looking ahead, aerospace remains on track for the year and the focus across the business is converting progress in our customer programs into sustained production and stronger earnings. The direction we are pursuing is clear: deepen our participation in global programs, bring more of the manufacturing value chain to India and build operating consistency that turns capability into lasting customer relationships. I would like also to welcome Reenah Joseph, who has joined us as our Chief Financial Officer. Reenah brings in nearly 2 decades of experience across the corporate finance, capital markets, M&A and investor relations. We are glad to have her part of team, and her experience will be instrumental as we build our next phase of Aequs growth. With that, I'll hand over to Rajeev Kaul, the Co-Founder and Managing Director. Rajeev Kaul: Thank you, Aravind, and good evening, everyone. The strength of our platform lies in how our capabilities come together. Being integrated allows us to take on more complex work and serve a greater share of our customer requirements. Our focus is on turning that capability into consistent delivery. So let me take you through what that looked like in both the busine [Showing first 8,000 characters — download PDF for full document]