Analysts/Institutional Investor Meet/Con. Call Updates

RL/SE/26-27/84 November 4, 2026 The Department of Corporate Services - CRD The National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor P.J. Towers, Dalal Street Bandra-Kurla Complex Mumbai - 400 001 Bandra (East), Mumbai - 400051 Scrip Code: 500330 Symbol: RAYMOND Dear Sir/Madam, Sub.: Intimation pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Earnings Call Transcript Please find enclosed transcript of the conference call held on October 28, 2026, with respect to the financial results of Raymond Limited for the quarter and half year ended September 30, 2026. The transcript has also been uploaded on the Company’s website (www.raymond.in) This is for your information and records. Thanking you. Yours faithfully, For Raymond Limited Rakesh Darji Company Secretary Encl.: as above “Raymond Limited Q2 and H1 FY27 Earnings Conference Call” October 28, 2026 MANAGEMENT: MR. RAKESH TIWARY – GROUP CHIEF FINANCIAL OFFICER MR. GAUTAM MAINI – MD, JKMGAL & VC, JKMPTL MR. SANJEEV SHARMA – JOINT MD & CEO, JKMPTL MR. NAVIN SHARMA – CFO, ENGINEERING BUSINESS MR. SALIL BAWA – GROUP HEAD, INVESTOR RELATIONS MODERATOR: MR. MANISH VALECHA – ANAND RATHI Page 1 of 20 Raymond Limited October 28, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Raymond Limited Q2 and H1 FY27 Earnings Conference Call hosted by Anand Rathi. 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 this conference is being recorded. I now hand the conference over to Mr. Manish. Thank you, and over to you, sir. Manish Valecha: Thank you. On behalf of Anand Rathi, I would like to welcome all the participants to the Q2 and H1 FY27 conference call of Raymond Limited. Today, we have with us from the senior management of Raymond, Mr. Rakesh Tiwary, Group CFO; Mr. Gautam Maini, MD, JKMGAL; and VC, JKMPTL; Mr. Sanjeev Sharma, Joint MD and CEO, JKMPTL; Mr. Navin Sharma, CFO, Engineering Business; and Mr. Salil Bawa, Group Head, Investor Relations. Without taking further time, I would like to now hand over the call to Mr. Gautam Maini. Over to you, Mr. Maini. Gautam Maini: Thank you, Manish. Good evening, everyone. Thank you for joining us today for our Q2 and H1 FY27 earnings call. I trust you have had the opportunity to review our financial results and investor presentation. To set the context, the broader macroeconomic environment through the second quarter demonstrated solid domestic resilience. Strong manufacturing activity, healthy GST collections and active pre-festive channel restocking helped anchor domestic demand. At the same time, the increase in the cost on several areas continue to pose challenges. Key commodity and raw material prices, including tool costs, have remained firm at elevated levels, alongside persistent freight and logistics volatility, driven by global geopolitical tensions. Disciplined capex execution and flexible supply chains have kept our core operational trajectory steady and on track. Turning to our automotive and industrial components business. The sector saw healthy operational delivery through the second quarter. In the domestic market, demand was supported by steady pre-festive channel restocking across passenger vehicles and premium 2-wheelers. On the export front, the momentum shifted from post destocking replenishment into steady multi- year production schedules. As global Tier 1 OEMs and Tier suppliers continue to derisk cross-border supply chains and consolidate their vendor base, India remains a primary beneficiary. We are seeing this reflected in strong customer inquiries and order wins for complex precision machine parts and drivetrain subassemblies. Turning to aerospace. The global industry continues to see steady production acceleration with major commercial airframers ramping up monthly build rates against historical order backlogs. As supply chain bottlenecks and specialty alloy availability gradually stabilize, we are experiencing firm production pulls across all flagship platforms. Page 2 of 20 Raymond Limited October 28, 2026 Tier 1 integrators have shifted from holding buffer inventory to steady just-in-time dispatches. This has translated into healthy dispatch volumes across our aero engine modules, actuation systems and critical structural components. More importantly, shipset value per aircraft continues to expand as our customers entrust us with larger integrated subassemblies rather than stand-alone machined parts. With rigorous AS9100 and NADCAP qualifications, high single-source part approvals and substantial switching costs, our aerospace vertical enjoys strong structural moats. This locks in long life cycle program visibility and healthy margin as we move into the second half of the fiscal year. Moving to our consolidated financial performance. Raymond Limited delivered a resilient performance during the second quarter, driven by steady execution across our core precision engineering and aerospace platforms. For Q2 FY27, total income stood at INR683 crores, registering a growth of 21% year-on-year. EBITDA reached INR103 crores with an EBITDA margin of 15.1%. On a cumulative basis for the first half of FY27, total income was INR1,311 crores, registering a growth of 17% year-on-year and EBITDA stood at INR203 crores with an EBITDA margin of 15.5%. This performance reflects our deliberate transition from standard component manufacturing into high-complexity subsystems and critical precision assemblies. By deepening our technical capabilities and expanding qualified capacity, we are enhancing customer stickiness and securing long-term revenue visibility. In line with our strategy to diversify revenue streams, we officially operationalized our automotive aftermarket business during the quarter. By leveraging our established OEM-grade manufacturing capabilities and tooling infrastructure, this initiative positions us to capture attractive aftermarket margins across critical components at white label products. Overall, we remain well positioned to maintain the growth trajectory as we expand into new product applications and broaden our geographical footprint. Now, turning to our individual business segments, starting with aerospace under JK Maini Global Aerospace Limited. The aerospace and defense vertical delivered another quarter of standout performance. Revenue for Q2 FY27 stood at INR139 crores, up 72% year-on-year, while EBITDA reached INR29 crores, delivering an EBITDA margin of 21%. For the 6-month period, revenue was INR262 crores, reflecting a 56% growth with an EBITDA margin of 21.1%. Growth during the quarter was underpinned by the commercial ramp-up of our newly commissioned capacities, enabling higher dispatch volumes across flagship OEM and Tier 1 engine platforms. Operational indicators remain exceptionally healthy, highlighted by active RFQ inflows and expanding program allocation. Moving next to precision technology and auto component under JK Maini Precision Technology Limited. The segment delivered robust revenue growth of 15% year-on-year in Q2 FY27, reaching INR471 crores compared to INR409 crores in Q2 of FY26. EBITDA for the quarter Page 3 of 20 Raymond Limited October 28, 2026 stood at INR61 crores, translating into a healthy EBITDA margin of 13%, supported by steady volume ramp-up and targeted cost optimization initiatives. On a cumulative 6-month basis, performance was strong across both top line and profitability. H1 FY27 revenue reached INR915 crores, up 13% year-on-year, while EBITDA grew by 24% to INR122 crores. This drove a 110 basis points expansion in EBITDA margin to 13.4%, up from 12.3% in H1 of FY26, driven by higher capacity utilization and enriched product mix and enhanced [Showing first 8,000 characters — download PDF for full document]