Analysts/Institutional Investor Meet/Con. Call Updates

03rd November, 2026 To, To, BSE Limited National Stock Exchange of India Limited, Listing Department Listing Department “Exchange Plaza,” Phiroze Jeejeebhoy Towers, C-1, Block G,Bandra –Kurla Complex, 25th Floor, Dalal Street, Bandra (E), Mumbai - 400 001 Mumbai - 400 051. Scrip Code: 531201 Scrip Code: SHILCTECH Sub: Transcript of the Conference Call/Invertor Meet held on 29th October, 2026. Dear Sir/Madam, In terms of Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we send herewith the Transcript of the Conference Call with analysts and investors held on 29th October, 2026, to discuss the Unaudited Financial Results for the quarter and half year ended on 30th September, 2026. Further, in terms of Regulation 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the aforesaid Transcript of the Conference Call is also uploaded on the website of the Company (https://shilchar.com/upload/power_investor_relations/sparkie-shilchartech-oct29-2026.pdf) Please take the same on your record. Thanking you, For Shilchar Technologies Limited Vishnupriya Civichan Company Secretary & Compliance Officer NEAR MUVAL SUB STATION, PADRA JAMBUSAR H IGHWAY, GAVASAD, VADODARA – 391430, INDIA. PHONE:(+91) 7624090901/2E-MAIL: info @shilchar.com WEBSITE: shilchar.com CIN:L29308GJ1 986PLC008387 “Shilchar Technologies Limited Q2 & H1 FY27 Earnings Conference Call” October 29, 2026 MANAGEMENT: MR. ALAY SHAH – CHAIRMAN AND MANAGING DIRECTOR – SHILCHAR TECHNOLOGIES LIMITED MR. AASHAY SHAH – EXECUTIVE DIRECTOR – SHILCHAR TECHNOLOGIES LIMITED MR. AATMAN SHAH – EXECUTIVE DIRECTOR – SHILCHAR TECHNOLOGIES LIMITED MR. PRAJESH PUROHIT – CHIEF FINANCIAL OFFICER – SHILCHAR TECHNOLOGIES LIMITED MR. NILESH PANDYA – GENERAL MANAGER FINANCE AND ACCOUNTS – SHILCHAR TECHNOLOGIES LIMITED MODERATOR: MR. RAVI SWAMINATHAN – AVENDUS SPARK Page 1 of 13 Shilchar Technologies Limited October 29, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Shilchar Technologies Q2 and H1 FY27 Earnings Conference Call hosted by Avendus Spark. 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 this conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Mr. Ravi Swaminathan from Avendus Spark. Thank you, and over to you, sir. Ravi Swaminathan: A warm welcome to everybody to the Q2 FY27 earnings call of Shilchar Technologies. To take us through the results today, we have with us from the management, Mr. Alay Shah, Chairman and Managing Director; Mr. Aashay Shah, Executive Director; Mr. Aatman Shah, Executive Director; Mr. Prajesh Purohit, Chief Financial Officer; and Mr. Nilesh Pandya, GM Finance and Accounts. We will start with a brief opening remark of the business performance of the quarter from Mr. Alay Shah and then open the floor for Q&A. Thank you, and over to you, sir. Alay Shah: Good morning, everyone. Thank you for joining us today. Before we open the floor for questions, I would like to walk you through the performance for the second quarter of FY27 and share some updates on our operation and ongoing capex. For Q2 FY27, Shilchar Technologies reported revenue from operation of INR192.61 crores, up 43% over Q1 FY27 and up 12% over Q2 FY26. EBITDA, excluding other income, stood at INR40.06 crores with an EBITDA margin of 20.8%. Profit after tax for the quarter stood at INR32.98 crores with a PAT margin of 16.5%. As you can see from the top line growth, business momentum picked up notably in Q2 after a slow start to the financial year in the Q1. As we discussed on our last call, Q1 performance was a result of continuing effect of the crisis in West Asia, which weighted on our exports. On the export front, conditions in the Middle East improved during the quarter, but they are yet to fully normalize. The higher shipping and logistic costs we highlighted in previous quarter have not eased much. At the same time, exports to North America have gained momentum following the resolution of the tariff-related challenges of earlier quarters. The pickup in North America export has helped offset part of the shortfall in dispatches to the Middle East. On the domestic front, demand has remained very strong throughout. On profitability, our EBITDA margin improved to 20.8% in Q2 from 16.4% in Q1. We expect conditions for export to improve further in the near future. This should translate directly into higher export share in our revenue mix and in turn, a further improvement in margin over the coming quarters. On the project front, expansion Phase 3, which will add 6,500 MVA of capacity is progressing as per plan, with commissioning expected in April '27. Civil foundation work, PEB erection and utility infrastructure work are in progress and all major production equipment has been ordered. This will take our total capacity to 14,000 MVA and drive the next leg of growth from FY28 onwards. Page 2 of 13 Shilchar Technologies Limited October 29, 2026 As for the current year, we remain on track with our revenue target of FY27 of INR750 crores with a healthy orders in hand and delivery scheduled for the second half of the year. We continue to see robust order inquiries from both domestic and export clients. With that, I thank you all, and we can now open the floor for questions. Moderator: Thank you very much, sir. We will now begin the question-and-answer session. First question is from the line of Aadesh Gosalia from Spark Capital. Aadesh Gosalia: I had a couple of questions. The first on the working capital pricing and the margin outlook that we have. So during H1, the net working capital has increased to around INR200 crores, including the rise in the financial assets to around INR29 crores and higher receivables. So if you can share some light on -- some color on how this has fared and what is -- how sustainable this is? And whether for the second half, we may see some improvement or whether this is going to continue? And on the raw material prices also that how they have fared? And in the Q1, we had said that the new orders are as per the market prices, but how much of that has been like the pass-through has been happening well and how do we see the gross margins faring from here on? The margins came in at 29%, gross margins came in at 29% for Q2. But do we see it going higher from here on? Or what's the outlook that we have? That's the first question. Alay Shah: So we don't face any problem or we don't see any alarming situation for working capital utilization. I mean we have said this in past that since we have a surplus fund, and we don't use any bank facility for working capital, we earn interest out of the customer, which established LC on us for the supply of transformers. So that is why it looks that on the paper that we are utilizing more working capital, but actually, we are earning interest on that. The RM prices have stabilized. Again, it is not as what it used to be. And I don't think that it will completely stabilize till all the Middle East crisis and other things gets concluded. But all the orders what we are getting now is as per the market price, as per the current raw material price. And going forward, like I said in my opening speech, that the margins will improve with the higher sales of domestic as well as export market. Aadesh Gosalia: Okay. And sir, you didn't -- what about the financial assets going up to INR29 crores and the receivables have been higher. So any outlook on that? What are the financial assets that have increased and as well as the receivables going up in the first half? Alay Shah: So higher asset is basically because of the investment what we are doing for the new project. And like I said, once again, the receivable is not actually a receivable. So just to give you an example [Showing first 8,000 characters — download PDF for full document]