Analysts/Institutional Investor Meet/Con. Call Updates

Date: 03.11.2026 National Stock Exchange of India Limited, Exchange Plaza, Bandra Kurla Complex Bandra (East), Mumbai - 400 051 Symbol: - KRISHNADEF ISIN: - INE0J5601015 Sub: Transcript of Earnings Conference Call Respected Sir/ Madam, Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, please find enclosed herewith the transcript of the Earnings Conference Call held on Friday, 30th October 2026 at 3:00 P.M. We request you to take this on record. Thanking You, Yours Faithfully, For KRISHNA DEFENCE AND ALLIED INDUSTRIES LIMITED Ankur Ashwin Shah Managing Director DIN: - 01166537 “Krishna Defence & Allied Industries Limited Q2 & H1 FY27 Earnings Conference Call” October 30, 2026 MANAGEMENT: MR. ANKUR SHAH – MANAGING DIRECTOR – KRISHNA DEFENCE & ALLIED INDUSTRIES LIMITED MR. MANISH SHAH – CHIEF FINANCIAL OFFICER – KRISHNA DEFENCE & ALLIED INDUSTRIES LIMITED MODERATOR: MR. SANJEEV – ANTIQUE STOCK BROKING LIMITED Page 1 of 21 Krishna Defence & Allied Industries Limited October 30, 2026 Moderator: Ladies and gentlemen, good day and welcome to Krishna Defence & Allied Industries Limited Q2 and H1 FY27 Earnings Conference Call, hosted by Antique Stock Broking Limited. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sanjeev from Antique Stock Broking Limited. Thank you and over to you. Sanjeev: Thank you, operator. Good evening. On behalf of Antique Stock Broking, I welcome you all to the 2Q FY27 earnings conference call of Krishna Defence & Allied Industries. I am pleased to have with us today, Mr. Ankur Shah, Managing Director, and Mr. Manish Shah, the Chief Financial Officer. Along with the management team, congratulations to Mr. Ankur and team for delivering strong profit growth in 2Q, and all the best for the future. So, may I now invite Mr. Ankur to discuss the results, post which we can take the Q&A. So over to you, Ankur. Thank you. Ankur Shah: Thank you, Sanjeev-ji. Good afternoon to everyone. Thank you for joining us on the second quarter FY27 earnings call of Krishna Defence & Allied Industries Limited. I am Ankur Shah, the Managing Director of our company, and I'm joined with our CFO, Manish Shah and our IR team. We appreciate your time and your continued interest in the company. Let me start with a few words on who we are. Krishna Defence is an engineering and manufacturing company headquartered in Mumbai. We work towards special steels, metal composites, and defence systems which are used for hull construction of warships, commercial shipbuilding, and also battle tanks for the Indian Army. Our facilities are based in Halol and Kalol in Gujarat, and our focus has always been simple. Build to specification and deliver on time. The quarter gone by had its share of progress and challenges. Our CFO will take you through the numbers in detail shortly. I'll only say that we continue to learn from each quarter. Where we've done well, we try to build on it. Where we've fallen short, we work to correct it. On the way forward, our priorities are clear. First, execution, our most important task is to deliver our current order book with quality and on time, in schedule. Second, capability, we are steadily investing in our people, process, and facilities so we can take on more complex and higher-value jobs for the forces. Third, partnerships, we continue to work with domestic and international partners to bring in technology for manufacturing in India in line with the Government of India's vision of Atmanirbhar. Fourth, discipline, we will grow carefully, keeping a close watch on working capital, cost, and governance. The defence and allied sectors in India offer a real opportunity. They also demand patience, consistency, and accountability. We don't take any of that for granted. Page 2 of 21 Krishna Defence & Allied Industries Limited October 30, 2026 With that, I'll hand over to Manish bhai to take you through the financial performance for the quarter. Thank you. Manish Shah: Thank you, Ankur sir, and good afternoon, everyone. Let me walk you through quickly the key financial metrics of Q2 FY27. So, we delivered a quarter with standalone revenue reaching to INR753 million, registering a year-on-year growth of 55.7%, basically. EBITDA has been more than doubled, growing by 119.9% to INR203 million. And our EBITDA margin has also expanded by 786 basis points to 26.9%, marking the highest ever EBITDA margin achieved by the company. Our EBIT has also increased by 125 percentage to INR207 million, and this has translated into 120 percentage growth in the net profit as well to INR151 million, with net profit margin improving by 590 basis points to 20.1 percentage. So, our focus remains on sustaining these margins while converting our order pipeline into profitable growth. I'll take a pause and hand it over back to Ankur, sir. Thank you. Ankur Shah: Yes, thank you very much, Manish bhai. I'll give it over to Mr. Sanjeev-ji just to curate the Q&As that are there. I didn't want to take up too much time on the company introductions. I think Q&A will give us more questions and more interest for everyone on the call. Thank you. Over to you, Sanjeev-ji. Moderator: Thank you very much, sir. The first question is from the line of Avikshit Vijay from VantageIQ Technologies. Please go ahead. Avikshit Vijay: Yes, hi, am I audible? Moderator: Yes. Avikshit Vijay: Thank you so much for the opportunity and congratulations on a fantabulous quarter. I just had a couple of questions in mind. The first is on the financials. Receivables have spiked this half year and order book has also dropped sequentially. So could you just give us an understanding of how to read this? Ankur Shah: Okay, great question. So, on the receivables if you see the number, it looks ballooned up. That is because majority of the sales have happened in end of August and in the month of September, and typically our payment cycle is in this 45-60 days. So, most of the payments are being received post 30th of September. So it's just a function of cut-off date that is there. So looking at our track record for the past about almost 16-18 years that we've been with the Navy or the Armed Forces, we've not had any issue with payment prolonging beyond that. So it's just a cutoff thing. That's what I would like to highlight. So there's no major red flag around it. And on the second book -- on the second piece, we have already a PO book of about close to INR109 odd crores. Page 3 of 21 Krishna Defence & Allied Industries Limited October 30, 2026 And tender pipeline that we have already bid for, right, this is not that tenders are expected, these are tenders that we've already bid for in the range of about INR305 crores. So we see the momentum continuing as what we had forecasted earlier. Avikshit Vijay: All right, sir, that answers it. The second question is, what does Krishna Defence actually get as a percentage of total project cost? Because now we are seeing that there are a lot of submarine deals that are expected to come through between India, Germany, and countries like that. So how much slice can we get out of it? Ankur Shah: That's a very difficult piece to answer in terms of percentages, because it's a function of the type of boat or the type of platform that the Navy envisages to build there, very difficult to put a number around that. But in terms of tonnage, we know that the tonnage of the bulb bars and the products that we supply are in the range of about anywhere between 10 to 15-odd percent of the weight of the ship or the platform. A [Showing first 8,000 characters — download PDF for full document]