Submission of Transcript of the conference call on Un-audited Financial Results (Standalone & Consolidated) on Q2FY27 (2026-27)

SEC/0411/2026 By E-Filing November 04, 2026 National Stock Exchange of India Limited BSE Limited “Exchange Plaza”, Corporate Relations Department, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra- Kurla Complex, Dalal Street, Bandra (E), Fort, Mumbai – 400 051. Mumbai - 400 001. Scrip Symbol : APARINDS Scrip Code : 532259 Kind Attn.: Listing Department Kind Attn. : Corporate Relationship Department Sub. : Submission of Transcript of the conference call on Un-audited Financial Results (Standalone & Consolidated) on Q2FY27 (2026-27) Ref.: Reg. 30 read with Schedule III & all other applicable Regulations, if any, of the SEBI (LODR) Regulations, 2015 (“Listing Regulations”), as amended from time to time Dear Sir / Madam, Kindy refer our letter dated October 29, 2026, under Ref. no. SEC/2910/2026, w.r.t. submission of Audio Recording link of the conference call made on the Un-audited Financial Results (Standalone & Consolidated) of the Company for Q2FY27 (2026-27). Pursuant to the provisions of Regulation 30(6) of the Listing Regulations, we are now submitting herewith the transcript of the conference call made on October 29, 2026 on the Un-audited Financial Results (Standalone & Consolidated) of the Company for Q2FY27 (2026-27). The aforesaid transcript is also made available at the website of the Company viz. www.apar.com. Kindly take note of this. Thanking you, Yours faithfully, For APAR Industries Limited (Sanjaya Kunder) Company Secretary Encl. : As above APAR Industries Limited Corporate Office : APAR House, Corporate Park, V. N. Purav Marg, Chembur, Mumbai - 400 071, India +91 22 6780 0400 / 49572100 corporate@apar.com www.apar.com Regd. Office: 301/306, Panorama Complex, R. C. Dutt Road, Alkapuri, Vadodara - 390007, India +91 265 6178 700/6178 709 apar.baroda@apar.com www.apar.com CIN: L91110GJ1989PLC012802 “APAR Industries Limited Q2 FY27 Earnings Conference Call” October 29, 2026 MANAGEMENT: MR. KUSHAL DESAI – CHAIRMAN AND MANAGING DIRECTOR – APAR INDUSTRIES LIMITED MR. CHAITANYA DESAI – MANAGING DIRECTOR – APAR INDUSTRIES LIMITED MR. RAMESH IYER – CHIEF FINANCIAL OFFICER – APAR INDUSTRIES LIMITED MODERATOR: MR. AMBESH TIWARI – S-ANCIAL TECHNOLOGIES Page 1 of 23 APAR Industries Limited October 29, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the APAR Industries Limited Q2 FY27 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 star, then zero on your touch-tone phone. I now hand the conference over to Mr. Ambesh Tiwari, S-Ancial Technologies. Thank you, and over to you, sir. Ambesh Tiwari: Thank you. Good afternoon, everyone, and welcome you all to H1 and Q2 FY27 earnings call for APAR Industries. To discuss an outlook we have from the management side, Mr. Kushal Desai, Chairman and Managing Director; Chaitanya Desai and CFO, Ramesh Iyer. I will now pass over to Mr. Kushal Desai for the opening remarks. Thank you, and over to you, sir. Kushal Desai: Thank you, Ambesh, and good afternoon, everyone. We are very glad to have you all with us for the APAR Industries Q2 FY27 Earnings Call. In terms of format, I'll start off first with the consolidated performance then take you through some recent industry update and post that run through each of the individual division's performance. At the end of this, we can open up for questions. Our consolidated revenue for second quarter FY27 came at INR6,931 crores, which is higher than the previous year same period by 21.3%. And compared to the sequential quarter, it is higher by 5.2%. Domestic revenues grew 34.3%, a and exports, however, degrew by 3.3%. I did want to point out specifically here that we had approximately INR800 crores of conductors and cables, which are in transit and have been sold to customers on a DDP basis. Some of the product has remained in transit given the shipping time lines and the availability of containers that got pushed out to being a little bit later in the quarter. All of this product is actually scheduled to be sold in the U.S. market. As a result, the U.S. revenue shows lower by 29.7% compared to the second quarter of last year. However, the order books remained at a very strong level at the end of this quarter. And with the realization of this DDP amount, you will find that by Q3, the situation, the picture will look a little bit different. All our businesses have delivered strong EBITDA margins year-on-year with the biggest driver coming from the oil division. The EBITDA after open period forex adjustments rose 57.8% year-on-year to INR787 crores and the margin improved by 270 basis points to 11.4% from 8.7% a year ago. On the back of the strong EBITDA margin improvement, coupled with improved financial leverage, our overall net profit have risen year-on-year by 77.8% to INR447 crores. PAT margins improved to 6.5%, which is an increase of 200 basis points compared to the previous year. If you now consider the first half of FY27, there has been a healthy growth with this being the highest ever half yearly revenue and profit. The revenue for H1 grew 25% to INR13,522 crores. Page 2 of 23 APAR Industries Limited October 29, 2026 The domestic revenue was higher than the previous year by 35.5% and exports grew by 3.7%, excluding, of course, this INR800 crores that I spoke about earlier. The export proportion in overall revenue stands at 27.6%. The U.S. revenue is down by 21.5% year-on-year based on whatever I explained earlier on the INR800 crores in transit. The EBITDA post open period, forex grew 60.2% to INR1,602 crores with EBITDA is of 11.8% in the first half FY27 versus 9.2% in the first half FY26. Our profit after tax for the half year grew 77.7% to reach to reach INR915 crores. The PAT margin has also improved by 200 basis points. I will now cover some of the key industrial industry highlights. During the first half of the year, India added approximately INR8,775 circuit kilometers of transmission lines, which is up 153% year-on-year. In terms of transformation capacity, about 6,71,815 MVA got added during this period, which is up 52% year-on-year. In September 2026, the center has approved intrastate transmission systems to evacuate up to 135 gigawatt of renewable energy by FY33, representing an addition of approximately 51,126 circuit kilometers of transmission lines and transformation capacity of 228,903 MVA. This is essentially the third green transmission corridor, which has been announced, and the investment expected is to the tune of about INR1.86 trillion. There have also been 2 other important announcements from CEA of setting a 10% to 15% thermal margin limit -- for transmission lines versus the standard. So if a transmission line is the standard offering temperature, for example, is 70 degrees then this limit would apply to 10% to 15% on 70 degrees which keeps the upper limit at about 80 degrees on which the line can operate and mandating an N-1 reliability in terms of the architecture of the transmission network. given these 2 important changes we expect that there will be an acceleration of reconductoring of lines taking place, especially in sections of the network where the electricity demand is growing. When you look at some of the major programs outside India, in the U.S., there has been the announcement of the PAT program, which is the speed to power through accelerated reconductor and other key advanced technologies and upgrades, which was announced in September 2026 by the Department of Energy where they have listed specifically 31 projects in 26 states with a capital allocation of approximately USD1.9 billion of federal funding. This is expected to unlock 23 gigawatts of transmission capacity and will cover reconducting and rebuilding of about 1,500 miles of transmission lines and grid enhancing technology [Showing first 8,000 characters — download PDF for full document]