Analysts/Institutional Investor Meet/Con. Call Updates

Date: 05th November, 2026 To To National Stock Exchange of India Ltd BSE Limited Exchange Plaza, 5th Floor, C-1, Block G, 1st Floor, Phiroze Jeejeebhoy Towers Dalal Bandra Kurla Complex, Bandra (E), Street Mumbai – 400001 Mumbai 400051 Scrip Code: 544439 Symbol: CRIZAC Sub: Transcript of Conference Call with Analysts / Investors pertaining to the Unaudited Financial Results (Standalone & Consolidated) of the Company for the Quarter and half year ended 30th September, 2026 Dear Sir/ Madam, Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, enclosed please find the transcript of the Conference call with Analysts / Investors held on 02nd November, 2026, post declaration of the Unaudited Financial Results (Standalone & Consolidated) for the quarter and half year ended 30th September, 2026. The said transcript is also available on the website of the Company at: http://www.crizac.com This is for your information and record. Thanking you, For Crizac Limited Kashish Arora Company Secretary and Compliance Officer Membership no: A38644 (033) 3544-1515 info@crizac.com www.crizac.com “Crizac Limited Q2 FY '27 Earnings Conference Call” November 02, 2026 MANAGEMENT: DR. VIKASH AGARWAL - MANAGING DIRECTOR - CRIZAC LIMITED MR. CHRISTOPHER NAGLE - CHAIRMAN - CRIZAC LIMITED MR. MANISH AGARWAL - CHIEF FINANCIAL OFFICER - CRIZAC LIMITED MR. SANJEEV SANCHETI - INVESTOR RELATIONS ADVISOR - CRIZAC LIMITED MODERATOR: MR. SAMARTH PATEL - EQUIRUS SECURITIES LIMITED Page 1 of 16 Crizac Limited November 02, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Crizac Limited Q2 FY '27 Earning Conference Call, hosted by Equirus Securities 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Samarth Patel from Equirus Securities Limited. Thank you, and over to you, Mr. Patel. Samarth Patel: Good afternoon, everyone, and welcome to Crizac's Q2 FY '27 Earnings Conference Call. We have with us from the Management Dr. Vikash Agarwal – Managing Director of the company; Mr. Manish Agarwal – Chief Financial Officer; Mr. Christopher Nagle – Chairman of the company; and Mr. Mr. Sanjeev Sancheti from Uirtus Advisors, the company's Investor Relationship Advisor. Sanjeev sir, if you can start with and take us through the Q2 performance and the outlook for the 2nd Half and FY '27, after that we can open up for the Q&A. Over to you, Sanjeev sir. Sanjeev Sancheti: Thank you, Samarth. Good morning to all the participants. Before I hand over the call to Dr. Vikash Agarwal for the opening remarks, I would like to draw your attention to the Safe Harbor statement in the earnings presentation. I request each one of you to go through the disclaimer in that presentation before the meeting starts so that all of you are aware of the same. Over to you, Dr. Vikash Agarwal. Vikash Agarwal: Thank you, Sanjeev ji. Good afternoon, everyone, and thank you for joining us for the earnings call for the 2nd Quarter of FY '27. Let me begin with the macro background that impacted Q2 FY '27 performance. As you all are aware, the conflict in West Asia between February and June disrupted international travel and led to widespread flight cancellations, while a sharp currency movement in the key source market made overseas education costlier. It also caused a lot of uncertainty between students. As a result, a number of prospective students predominantly post-grad level postponed their study plan. This impacted our Q2 performance with operating income of INR 1,027 million, a decline of 36.7% year-on-year, operating EBITDA of INR 330 million and a PAT of INR 369 million. Page 2 of 16 Crizac Limited November 02, 2026 For H1 FY '27, the operating income was INR 3,039 million, down 18.3% year-on-year, and our PAT was INR 840 million, down 10.7%. The revenue was therefore not lost. Quarter 3 and Quarter 4 are our peak intake season, and a strong Quarter 2, Quarter 3 has already been built in Quarter 2. We recognize revenue only once university confirms enrollment, which typically happens 45 to 90 days after the course begins. The revenue we reported in Quarter 2 came mainly from application process in Quarter 1 and before, the period most affected by the disruption. While the work our team did in Quarter 2 is what will show up in Quarter 3, most of the students who will drive our Q3 revenue have secured their admission, their visa, and their visa have been approved, and some of them have already started their journey and courses at university. This gives us the high confidence that Q3 FY '27 revenue will grow in the range of 10% to 12% over Q3 FY '26. Further, a large share of application that will form the base for Q4 revenue has already been received and is being processed. Hence, barring any black swan event, we are confident that our revenue and profit for FY '27 will be in line with FY '26 despite the difficult year for the industry, the guidance we had given earlier. We also remain committed to rewarding the shareholders. Even in the quarter affected by external disruption, the Board has declared the interim dividend of INR 4 per equity share, and we expect the total dividend of FY '27 including the final dividend to be in the range of INR 8 to INR 10 per share. This is backed by our debt-free balance sheet, continued strong cash flow from operating, and net cash of approximately INR 5,984 million. Before turning to our operating performance, I want to highlight an important development for our largest market. In this budget on 28th October, the UK government proposed to set graduate visa at 2 years for graduates of high compliance university with strong labor market outcome, rather than 18 months that would otherwise apply to all the students from January 27. We see this as a signal that after a period of restrictive policy, UK is becoming more open to welcoming international students and talent. The government is yet to define which universities will qualify, but the direction is constructive, and it rewards compliance and student quality on which our platform is built. More significant than the headline numbers, however, are the underlying drivers of our business. We continue to gain market share while policy headwinds reduce visa volume in our key markets. Between FY '24 and '26, UK-sponsored study visa fell 20%, while Crizac students grew 53%, taking our share from 3.5% to 6% globally. Among Indian students, our share rose from 9% to 13.9%, even as the visas granted to Indian students fell by 22% in the same time. Among Indian students from outside India, our market share more than doubled from 1.5% to 3.7%. Through this period, we not only gained market share but also grew our absolute numbers. Page 3 of 16 Crizac Limited November 02, 2026 As immigration policy comes under political scrutiny, governments are not closing access to international education. Rather, they are becoming more selective about who is admitted. In response, universities are consolidating their recruitment partnerships, retaining those with strong compliance framework and broader reach. Our market share gains indicate that universities are increasingly choosing Crizac at precisely the time they are applying greater scrutiny to their choice of partners. We believe this demonstrates the resilience of our business model across market cycles. The market share gains are underpinned by 3 core strengths of our platform. The first is the depth of our university partnership. We work with over 600 institutions as of today, and our relationship with each of our top 30 partners extends beyond 5 years. The second is the breadth of our [Showing first 8,000 characters — download PDF for full document]