Analysts/Institutional Investor Meet/Con. Call Updates

Date: 3rd November, 2026 Ref.: PIL/ANB/L-070/2026-27 Company Code: PRAJIND Security Code No.: 522205 National Stock Exchange of India Ltd. BSE Ltd. Exchange Plaza, 5th Floor, Plot No. C/1, G Phiroze Jeejeebhoy Towers, 25th Floor, Block, Bandra-Kurla Complex, Dalal Street, Mumbai - 400 001 Bandra (East), Mumbai - 400 051 Sub.: Transcript of Analysts’ Call held on 30th October, 2026. Dear Sir / Madam, Please find enclosed Transcript of Analysts’ Call of Praj Industries Ltd. held on 30th October, 2026 regarding Un-audited Financial Results (Standalone and Consolidated) for the second quarter and half year ended 30th September, 2026. This information is given pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time. Thanking you, Yours faithfully, FOR PRAJ INDUSTRIES LIMITED ANANT BAVARE COMPANY SECRETARY & COMPLIANCE OFFICER (M. No. 21405) Encl.: as above Praj Industries Limited Regd. Office: ‘Praj Tower’, 274 & 275/2, Bhumkar Chowk, Hinjewadi Road, Hinjewadi, Pune 411057. Ph.: +91-20-71802000 / 22941000 f: +91-20-22941299 e: info@praj.net w: www.praj.net CIN: L27101PN1985PLC038031 Praj Industries Limited Q2 FY'27 Earnings Conference Call October 30, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Praj Industries Limited Q2 and H1 FY 2027 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 “*” then “0” on your touchtone phone. I now hand the conference over to Ms. Purvangi Jain from Valorem Advisors. Thank you, and over to you, ma'am. Purvangi Jain: Thank you. Good afternoon, everyone, and a very warm welcome to you all. My name is Purvangi Jain from Valorem Advisors. We represent the investor relations of Praj Industries Limited. On behalf of the company, I would like to thank you all for participating in the company's earnings conference call for the 2nd Quarter and the first half of the financial year 2027. Before we begin, I would like to mention a short cautionary statement. Some of the statements made in today's earnings con call may be forward-looking in nature. Such forward-looking statements are subject to risk and uncertainties, which could cause actual results to differ from those anticipated. Such statements are based on management's belief as well as assumptions made by and information currently available to the management. Auditors are cautioned not to place any undue reliance on these forward-looking statements in making any investment decisions. The purpose of today's Earnings Conference Call is purely to educate and bring awareness about the company's fundamental business and financial quarter under review. Now let me introduce you to the management participating with us in today's earnings call and give it over to them for their opening remarks: We have with us Mr. Ashish Gaikwad – Managing Director, and Mr. Sachin Raole – Joint Managing Director and Chief Financial Officer. Without any further delay, I now request Mr. Ashish Gaikwad to begin his opening remarks. Thank you, and over to you, sir. Page 1 of 17 Ashish Gaikwad: Good day, everyone. I welcome you to Praj Industries earnings call of 2nd Quarter FY 2027 and the First Half of FY 2027. Trust all of you had the opportunity to go through our results for the quarter and half year ended September 30th, 2026. Despite challenging environment, both domestically and in global markets, our results demonstrate resilience. We have delivered improved performance over the previous quarter. This is due to disciplined execution, increased volume, and a better mix. Our first-generation ethanol domestic business order booking was a mix of a few Greenfield and mostly Brownfield solutions. Our customers are prioritizing operational efficiency improvements and additional value-added co-products, such as distillers corn oil, to improve their plant performance and profitability. There is also a visible trend towards feedstock diversification. Several customers are interested to add grain modules as an add-on to their sugar-based plants. This gives them an ease of switching to different feedstocks based on the market conditions, availability, and profitability. Essentially, Praj can offer a multi-feed and a multi-product solution to our customers for greater business flexibility. Earlier this week, Ministry of Road Transport and Highways has amended the Central Motor Vehicles Rules 1989 to legally recognize E100 or 100% ethanol as fuel for certified flex-fuel vehicles. We are closely monitoring the developments on this front, and this paves a way for ethanol capacity creation over a period of time. As a well-informed audience, you may know that the state-run Oil Marketing Companies, or OMCs, have excluded sugarcane juice, sugar syrup, and B-Heavy molasses from their recent ethanol procurement tenders for the 2026-2027 supply year. This leaves C-Heavy molasses along with approved grains like maize and broken rice as the permitted feedstock. As Indian ethanol producers face such feedstock variation challenges, Praj provides them the required operational flexibility with our proven design, decades of experience, and end-to-end solution and services to deal with this situation. On the Greenfield project backlog execution, our customers continue to experience project funding challenges. Ethanol supply-demand imbalance has also impacted the project backlog conversion to revenues. Some projects in the backlog, which were based on sugary feedstocks like juice, syrup, and B-Heavy molasses, are facing these challenges. We are discussing with our customers to find appropriate solutions, and we believe that the clarity will emerge by the end of this financial year. While Greenfield projects in domestic markets experience a slowdown, we see parts of international markets developing positively. These markets include the USA, Brazil, Argentina, Southeast Asia, and Africa. We see an opportunity pipeline of approximately INR 1,000 crores developing over the next few quarters. Page 2 of 17 While talking about biofuels, let me update you on the new area of establishing biofuel blending in diesel: We are making a steady progress on this subject. India's first bio-IBA plant, designed and engineered by Praj, is progressing well. The construction is expected to be completed by end of this year. In the meantime, various tests of bio-IBA blended in diesel on different diesel engines are underway. We are optimistic about this opportunity. Our lifecycle services business continues to grow steadily quarter-over-quarter. We have always shared with you in the earlier dialogue, this is one of our focus areas. We continue to serve our customers' installed base globally and domestically beyond the project delivery. We offer annual maintenance services, performance enhancers, digital plant services, spare parts, operations and maintenance services, and other critical services that help our customers to realize enhanced business benefits from their plant assets. Regarding our CBG business, we welcome the new GOBARdhan Policy. This policy has created a strong interest in the market. We see a growth in our inquiry pipeline for Napier grass, rice straw, and press mud-based CBG plants. I am happy to share that our board of directors has given us an in-principle approval to invest up to INR 100 crores via our proposed JV with BPCL for setting up new CBG plants. On front of the Sustainable Aviation Fuel, SAF, the delivery of a detailed engineering package for ethanol to SAF plant for an international customer is progressing well. The final investment decision for this project is expected in Quarter 1 of FY 2028. A favorable FID will create opportunities to supply equipment and modules for construction of this plant. We c [Showing first 8,000 characters — download PDF for full document]