Analysts/Institutional Investor Meet/Con. Call Updates

Date: November 03, 2026 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, G Block, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 001. Mumbai – 400 051. Scrip Code: 541167 Symbol: YASHO Dear Sir/ Madam, Sub: Earnings Conference Call Transcript for Q2FY27 With reference to the captioned subject matter, please find attached herewith the earnings conference call transcript for Q2FY27 for your reference and records. The said transcript of the earning conference call is also made available on the Company’s website i.e. www.yashoindustries.com You are requested to take the above information on record. Thanking You, Yours faithfully, For Yasho Industries Limited Rupali Verma (Company Secretary & Compliance Officer) Membership No. A42923 Encl: a/a YASHO INDUSTRIES LIMITED REGISTERED OFFICE: Office No. 101/102, Peninsula Heights, C.D Barfiwala Marg, Juhu lane, Andheri (West), Mumbai – 400058, India TEL: +91 22 62510100; FAX: +91 22 62510199; E-Mail: info@yashoindustries.com; CIN No: L74110MH1985PLC037900 “Yasho Industries Limited Q2 FY27 Earnings Conference Call” October 29, 2026 MANAGEMENT: MR. PARAG JHAVERI – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – YASHO INDUSTRIES LIMITED MR. CHIRAG SHAH – CHIEF FINANCIAL OFFICER – YASHO INDUSTRIES LIMITED MODERATOR: MS. SEJAL BHATTAR – MUFG INTIME Page 1 of 15 Yasho Industries Limited October 29, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Yasho Industries Limited Q2 FY27 Earnings Conference Call hosted by MUFG. 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 Ms. Sejal Bhattar from MUFG Intime. Thank you, and over to you, ma'am. Sejal Bhattar: Thank you, Yusuf. Welcome to Yasho Industries Q2 and H1 FY27 Earnings Conference Call. From the management today, we have Mr. Parag Jhaveri, Managing Director and CEO; and Mr. Chirag Shah, CFO. Before we proceed with the call, I would like to give a small disclaimer that this call may contain certain forward-looking statements, which are based on business operations and expectations of the company as of today. These statements are not guarantees of future performance and involves risks and uncertainties, which are difficult to predict. A detailed disclaimer has been given in the company's investor presentation, which is uploaded on the stock exchange. Now I would request Parag sir to give his opening remarks. Over to you, sir. Parag Jhaveri: Good evening. Everyone, and thank you for joining us for Yasho Industries Limited Q2 and H1 FY27 Earnings Conference Call. We are pleased to report a strong performance in the first half of FY27, driven by robust volume growth, increasing demand across our key markets and continued progress in strengthening our industrial chemical business. These results reflect the benefit of our investments in manufacturing capacity and the opportunities we see ahead. For Q2 FY(27), we have achieved a sales of INR147.33crores* while H1FY27 it stood at INR 656.98 crores registering a year-on-year growth of 71.7%, while EBITDA has increased by 122.8% to INR147.33 crores. We recorded volume growth of 62% year-on-year and 7% on quarter-on-quarter supported by higher offtake from existing customers. Our industrial chemicals business remain a key growth driver, contributing approximately 90% of the revenue. Our focus is on strengthening our product portfolio and capturing a larger share of the addressable market through deeper customer engagement and new product offerings. Capacity utilization stood at 66% in Q2 FY27, reflecting better demand absorption across our key market. Our priority is to ramp up utilization further, which shall enable us to benefit from better fixed cost absorption. Export accounts for 70% of the revenue. The supply agreement we signed last year will start contributing to our growth from FY28. Company has received INR120 crores to date under the contract. We are expecting trial production by Q4 FY27 and commercialization in Q1 FY28. We remain focused on executing these milestones as planned. *The sales figure Q2FY27 was inadvertently mentioned as INR 147.33 Crores and is to be read as INR 347.92 Crores Page 2 of 15 Yasho Industries Limited October 29, 2026 We foresee growing demand for several of our products. We have committed a capex of INR250 crores this year on building two new manufacturing buildings at our Pakhajan site. This will enable us to grow beyond FY28 and enable us to pursue projects that align with the long-term growth plan for the company. With that, I would like to thank our employees, customers, shareholders, business partners, leaders and the Board of Directors for their continued support. Thank you. I will hand over to our CFO, Mr. Chirag Shah, who will take you through the financial details. Chirag Shah: Thank you, Parag bhai, and good evening, everyone. I will take you through the financial performance of Yasho Industries for Q2 and H1 FY27. Total income stood at INR347.92 crores compared with INR183.6 crores in Q2 FY26, registering a year-on-year growth of 89.5%. EBITDA increased to INR72.92 crores from INR33.42 crores, representing growth of 118.2%. Profit after tax stood at INR33.68 crores compared to INR4.86 crores in the corresponding quarter last year. Our net working capital cycle stood at 149 days as of H1 FY27. On capital expenditure, the planned outlay for FY27 stands at INR250 crores. This will be funded through internal accruals of INR100 crores and INR150 crores of term loans, which has been sanctioned. This investment is intended to support the company's manufacturing expansion and future business requirements. Our focus remains on deploying capital in line with project milestones while maintaining financial discipline. Total debt stood at INR615 crores as of Q2 FY27, comprising short-term debt of INR329 crores and long-term debt of INR286 crores. Our debt-to-EBITDA ratio stood at 2.09x in H1 FY27 compared with 3.74x in FY26. Our ROE for H1 FY27 stands at 27.3% and our ROCE at 18.4%.* During the quarter, the cost of freight increased from INR10 crores in Q1 to INR20 crores in Q2. Increase in gas prices in the quarter also resulted in an additional expenditure of INR1.8 crores. Operationally, the company had to absorb both these additional expenditures as we cannot pass on the spot changes on input cost to customers where purchase orders have already been accepted. We expect this to be passed on to the customers from this quarter onwards. Overall, our financial performance for the first half reflects strong year-on-year growth. Going forward, we will continue to focus on disciplined capital allocation, efficient working capital management and maintaining a healthy balance sheet. Thank you. *The ROCE for H1FY27 was mentioned as 18.4% instead of 19.1% We will now be happy to take your questions. Moderator: Thank you very much, sir. We will now begin the question-and-answer session. First question is from the line of Lovish Soien from Burman Capital Management. Please go ahead. Lovish Soien: Sir, my question is regarding the capacity utilization that we have reported and the revenue growth that we have shown. So, as I can see from 4Q FY26 to this quarter, our revenue has Page 3 of 15 Yasho Industries Limited October 29, 2026 grown by roughly 40%, while our utilization has only grown from 60% to 66% over two quarters, which as per my understanding implies 10% volume growth. So how should we think about volume growth and pricing growth over these quarters? And what are the drivers of the pricing growth that we have seen? Parag Jhaveri: I think I don't know if ther [Showing first 8,000 characters — download PDF for full document]