Analysts/Institutional Investor Meet/Con. Call Updates

Ref: SEC/ARIIL/BSE-NSE/2026-27 Date: November 05, 2026 To, To, The Manager, The Manager – Listing, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, 5th Floor, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Bandra (East) Mumbai - 400 001 Mumbai - 400051 Script Code: 513349 Script Code: AJMERA Sub: Transcript of the Earnings Call. Dear Sir/Madam, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, enclosed herewith a copy of the Transcript of Earnings Call held on November 03, 2026 on the Un-audited Standalone & Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2026. The audio recording and transcript of the presentation are available on the website of the Company viz. https://ajmera.com/financials/. Kindly take the above on your record. Thanking You, Yours faithfully, For AJMERA REALTY & INFRA INDIA LIMITED Nitin Bavisi Chief Financial Officer Encl: As above “Ajmera Realty & Infra India Limited Q2 and H1 FY27 Earnings Conference Call” November 03, 2026 MANAGEMENT: MR. DHAVAL AJMERA – DIRECTOR, CORPORATE AFFAIRS MR. NITIN BAVISI – CHIEF FINANCIAL OFFICER MR. MOHIT PARWANI – ASSISTANT MANAGER, INVESTOR RELATIONS Page 1 of 13 Ajmera Realty & Infra India Limited November 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Ajmera Realty & Infra India Limited Q2 and H1 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. Please note that this conference is being recorded. I would now hand the conference over to Mr. Mohit Parwani from Ajmera Realty & Infra Limited. Thank you, and over to you, sir. Mohit Parwani: Good evening, everyone, and a warm welcome to you all. On behalf of the company, I would like to thank you for participating in Ajmera Realty & Infra India Limited earnings call for the quarter end 30th September 2026. The call will commence with the opening remarks by our Director of Corporate Affairs, Mr. Dhaval Ajmera, and will be followed by the business performance discussion by our CFO, Mr. Nitin Bavisi. We have already shared the operational update for the quarter in the second week of October 2026. The investor presentation and the press release based on the financial results adopted by the Board have been uploaded on the stock exchange website and can be downloaded from our company website. Please do note that some of the statements in today's discussion may be forward-looking in nature, reflecting the company outlook and may involve certain risks and uncertainties that the company may face. I would now like to hand over the call to our Director of Corporate Affairs, Mr. Dhaval Ajmera. Thank you, and over to you, sir. Dhaval Ajmera: Thank you. Good evening, everyone, and thank you for joining us today. I hope you all are doing well, and I would like to begin our conference call with giving you an overall economic development and review about the real estate sector, which is happening in India and followed by some updates of our company, after which the financial numbers and everything will be told by our CFO in detail. The real estate sector, I would say, is resiliently doing well, primarily in the city of Mumbai which is evident from the latest reports of the registrations which are happening. And also looking at the overall sector, if I have to look across India, I mean, we've witnessed a good number of sales still steadily happening in the overall market. Like primarily major cities, I would say, like Mumbai, Bangalore, where we also operate in these cities have seen a great positive response. We are also witnessing a contributed preference for premium and lifestyle-oriented housing with a home price above INR1 crores accounting for a growing share of the overall sales. We believe that this trend presents opportunities for developers with established brands and different offerings. I mean, this is a great time for at least developers like us who has been in this business and there has been a good demand for such products. Page 2 of 13 Ajmera Realty & Infra India Limited November 03, 2026 The commercial market, if I have to say, has been very, very hot. They are seeing a great response in leasing, in outright and even primarily coming from a lot of GCC players. And also, we are looking at all Grade A offices wherever, however they're being announced, we are seeing a good response coming in this asset class today. Demand for commercial has been pretty decent. At the same time, the interest rate environment remains an important factor for the sector. As we all know, in its October policy, RBI raised the repo rate by 25 basis points, citing to inflationary pressure alongside resilient economic growth. While the impact on home loan cost and affordability will be still monitored, we believe there will be some pressure coming. But underlying demand for housing and quality housing continues to grow. So I think it should not have too much of an impact, unless there is a larger growth of interest rates. Looking ahead, I'm confident that the long-term prospects of the Indian real estate sector is looking promising with good demand in quality housing and obviously with well-connected locations. We, at Ajmera Realty, are focused on disciplined execution, prudent capital allocation and timely project launches with market demand. Our priority remains to build on this foundation to drive sustainable growth and long-term value for our stakeholders. Let me take to you for our ongoing projects and just to give you some updates about a few projects, what -- how has it performed over the last 1 quarter. Our flagship project, Ajmera i- Land and obviously, the projects underneath that Ajmera Manhattan 1, which has achieved 95% sales and work for MEP and finishing is going pretty progressively steady. We are gearing up for its possession next year, so working towards that. Ajmera Manhattan 2, our second project in Wadala is also giving a very -- is going great. We've sold about 56% of its inventory and the work is at excavation level and raft works are in progress. We are hoping to see a great run of that development also coming soon. Next one at Wadala, Ajmera Greenfinity second phase has also achieved 94% plus sales, and it is soon towards completion. And we are hoping to have the occupation certificate coming very soon, hopefully, in the next few days. And the Ajmera Vihara in Bhandup has achieved 84% sales and where RCC work is going all across the project. And rehabilitation wings are also being under completion in that project. Ajmera Solis, which saw a great run for sales on the Phase 1 where we -- 87% of its inventory has been sold, while excavation and building raft works are still underway. So this all shows that even though we are still about to complete or we are under progress of foundation or probably some slabs completion, but we are still having a great run of inventory sales happening in most of our projects. Our commercial project 33Fifteen in Bandra has also seen a positive response with its quarter - - this quarter, where 25% of its inventory is sold, while we are still under excavation work in that project as well. Our premium offer, the luxury collection Vann by Ajmera has seen 4% sales across while shoring and piling works and excavation works are underway. Page 3 of 13 Ajmera Realty & Infra India Limited November 03, 2026 In Bangalore, which is our mid-market housing portfolio, it is continuing to perform well. Ajmera Iris has achieved about 94% sales with finishing works underway and hoping to get occupation certificate of that project also very soon. Ajmera Marina has seen a [Showing first 8,000 characters — download PDF for full document]