Analysts/Institutional Investor Meet/Con. Call Updates

Date: October 31, 2026 To, To, Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phirozee Jeejeeboy Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Fort, Mumbai – 400001. Bandra (East), Mumbai – 400051 Scrip Code: 544865 Symbol: LEAPIND Dear Sir/ Ma’am, Subject: Earnings Call Transcript – Q2 FY27 We are enclosing herewith a copy of the transcript of the Company’s Q2 FY27 earnings conference call held on 27th October, 2026. The transcript is also available on the Company’s website at https://www.leapindia.net/sites/default/files/2026- 10/Earnings%20Call%20Transcript%20Q2%20FY27.pdf We request you to take the above on record. Thanking you. Yours faithfully, For LEAP India Limited Chirag Bagadia Company Secretary, Compliance Officer and Head Legal Membership No.: A21579 “LEAP India Limited Q2 FY27 Earnings Conference Call” October 27, 2026 MANAGEMENT: MR. SUNU MATHEW – CHAIRMAN, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – LEAP INDIA LIMITED MR. HRISHI GANDHI – CHIEF GROWTH OFFICER – LEAP INDIA LIMITED MR. RAJESHAM ALLE – CHIEF FINANCIAL OFFICER – LEAP INDIA LIMITED MODERATOR: MS. SOUMYA CHHAJED – GO INDIA ADVISORS Page 1 of 21 LEAP India Limited. October 27, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the LEAP India Limited Q2 FY27 Earnings Conference Call. As a reminder, all participant 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. Please note that this conference is being recorded. I now hand the conference over to Ms. Soumya Chhajed from Go India Advisors. Thank you, and over to you, ma'am. Soumya Chhajed: Good day, everyone, and welcome to Q2 and H1 FY27 Earnings Call of LEAP India Limited. We have with us Mr. Sunu Mathew – Chairman, Managing Director and Chief Executive Officer – LEAP India Limited; Mr. Hrishi Gandhi, the Chief Growth Officer; and Mr. Rajesham Alle, the Chief Financial Officer. Please be reminded that discussions on today's call may include certain forward-looking statements and must be, therefore, viewed in conjunction with the risk pertaining to the business. I now request the management to provide more insight and post that we'll begin with Q&A. Thank you, and over to you. Sunu Mathew: Good morning, everyone, and welcome to LEAP India Limited's earning conference call for the second quarter and first half of FY27. I would like to start with the business overview. For those joining us for the first time, LEAP is India's largest on-demand asset pooling company with around 90%, 92% share of the organized pallet pooling market. We provide pallets, plastic containers, and material handling equipment on a pay-per-use basis. We take full care of the full asset life cycle, which means deployment, tracking, retrieval, repair, and redeployment. Today, we manage a pool of 15.5 million assets valued at over INR1,820 crores. We serve round about 1,100-plus customers across 11,000 touchpoints through 27 fulfillment centers. A detailed overview of the business and the industry opportunity is available in our investor presentation. So, today I will focus on what has changed during this quarter, which is the second quarter. So, one of the most important announcement that I would like to make is the acquisition of Vimprotech and TIPS. The most important development this quarter is our agreement to acquire 100% of the business of Vimprotech and TIPS for an equity value of INR142 crores. Both are being acquired through slump sales into newly incorporated, wholly owned subsidiaries, Vimprotech into Vimprotech Private Limited, which will be our manufacturing arm, and TIPS into Total Integrated Packaging Solution, that means TIPS Private Limited, which will be our pooling arm. Vimprotech is into plastic manufacturing, providing end-to-end solution and in-house designing, mold-making, and production of vacuum forming and injection molding across its two plants in Puducherry and Tamil Nadu. TIPS is a crate and tray pooling business, predominantly very strong in the automotive sector, with an asset pool of 0.25 million crates and trays. Page 2 of 21 LEAP India Limited. October 27, 2026 Together with a robust customer base of 200-plus, they have reported FY26 revenue at INR61.7 crores at an EBITDA margin of 28%, with revenue growing up to 44% CAGR over the last three years. The strategic logic is straightforward. First, it gives us backward integration into plastics, boosting our innovation and building newer capabilities. This will result in reducing our dependence on outside vendors, improving turnaround time, quality control, and cost. Second, it increases our portfolio and leverages our customer base to cross-sell. Third, it adds a strong Southern footprint that we can scale through our existing network in the West and North. And you understand that 30% to 40% of the business of automobile is in the South part of the country. On an FY26 pro forma basis, the transaction is accretive to revenue, EBITDA, and PAT, and improves our net debt to EBITDA. We are pleased to announce that we have already signed the BTA on 26th October. The key managerial persons will continue to be associated with us, ensuring leadership continuity and a seamless transition. I understand that there has been a lot of questions on GCC expansion. So, we have set up wholly owned subsidiaries in Saudi Arabia and the UAE. The GCC is a natural extension of our platform. Palletization levels are already high, automation and ASRS adoption are rising, and the movement hire model is very well-understood. We continue to take a measured, phased approach to this market. We are contemplating certain acquisitions also in the GCC market. A stronger balance sheet is the third point that I want to put forward. From our IPO fresh issue of INR480 crores, INR360 crores has been used to repay debt. On a post-IPO basis, our debt to equity is about 0.5, and our net debt to EBITDA is about 1.9x, with around INR110 crores held as investments. This gives us the flexibility to pursue value-accretive opportunities such as this acquisition while staying disciplined on the leverage. I am very happy to announce that in the month of October, India Ratings and Research, a Fitch Group company, upgraded LEAP's long-term rating from A to A plus, and same has happened for TARON business, which is our MHE business, that has also moved from A to A plus. This is our third upgrade in about 3.5 years. We now have a leaner balance sheet, a top-tier short- term rating, and a clear runway to fund the next leg of growth, including value-accretive opportunities, such as this acquisition, while staying disciplined on the leverage. Let me come to the certain performance highlights. I would like to tell you that always when you look at this business, you should compare it over last year, so quarter-on-quarter is -- we are not a selling company. So, you cannot compare it with quarter 1 to quarter 2 because this is a seasonal business. So, as compared to last year's quarter 2, we have done INR216 crores of turnover. We have grown by 22.5%. We have done INR110 crores of EBITDA, which is we have grown by 24.8%. Overall EBITDA for the first half is 52.2%. Page 3 of 21 LEAP India Limited. October 27, 2026 We have given a PAT growth of nearly INR18 crores, which is a jump of 62% over the last year. Now, if you remove the break cost, the money that we have paid to the banks for paying off the debt, if you remove INR6.5 crores of that, actually we have grown our PAT by 109%. So, this is a whopping story, and this you will be able to see in our future times to come, like quarter 3, quarter 4. We have put in round about 417,000 net allot of our pallets. So, the people who are asking this question of whether there is growth since you have 90% of t [Showing first 8,000 characters — download PDF for full document]