Transcript of earnings call pertaining to the Unaudited Financial Results for the quarter and half year ended September 30, 2026.

November 6, 2026 The Manager, The Manager, Listing Department, Listing Department, BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, G Block, Bandra-Kurla Complex, Mumbai- 400 001 Bandra-East, Mumbai- 400 051 Scrip Code: 532953 Symbol: VGUARD Dear Sir/Madam, Sub: Transcript of earnings call pertaining to the Unaudited Financial Results for the quarter and half year ended September 30, 2026. This is with reference to the in(cid:415)ma(cid:415)on dated October 13, 2026, filed with the stock exchanges in terms of regula(cid:415)on 30 of the SEBI (Lis(cid:415)ng Obliga(cid:415)on and Disclosure Requirements) Regula(cid:415)on, 2015, regarding the earnings call to discuss the Unaudited financial results for the quarter and half year ended September 30, 2026, scheduled on October 30, 2026. The audio recording was filed with the stock exchange. We are enclosing the transcript of the Earnings call. The same is also being uploaded on the website of the Company at h(cid:425)ps://www.vguard.in/uploads/investor_rela(cid:415)ons/V-Guard-Industries-Q2-FY27-Transcript.pdf We request you to kindly take the above information on record. Thanking You, Yours Sincerely, For V-Guard Industries Limited Vikas Kumar Tak Company Secretary & Compliance Officer Membership No. FCS 6618 Encl: As above V-GUARD INDUSTRIES LTD. P +91 484 300 5000, 200 5000 Regd. Office: 42/962, E mail@vguard.in Vennala High School Road, W www.vguard.in Vennala, Kochi – 682 028. CIN: L31200KL1996PLC010010 “V-Guard Industries Limited Q2 FY27 Earnings Conference Call” October 30, 2026 MANAGEMENT: MR. MITHUN K. CHITTILAPPILLY – CHAIRMAN AND MANAGING DIRECTOR – V-GUARD INDUSTRIES LIMITED MR. RAMACHANDRAN V. – DIRECTOR AND CHIEF OPERATING OFFICER – V-GUARD INDUSTRIES LIMITED MR. SUDARSHAN KASTURI –SENIOR VICE PRESIDENT & CHIEF FINANCIAL OFFICER – V- GUARD INDUSTRIES LIMITED MODERATOR: MS. ARSHIA KHOSLA – ASHIKA INSTITUTIONAL EQUITIES Page 1 of 19 V-Guard Industries Limited October 30, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the V-Guard Industries Limited Q2 FY27 Earnings Conference Call hosted by Ashika Institutional Equities. 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 “*’* then “0” on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Arshia Khosla with Ashika Institutional Equities. Thank you, and over to you, ma'am. Arshia Khosla: Thanks, Sagar. On behalf of Ashika Institutional Equities, we welcome you all to Q2 FY27 results conference call of V-Guard Industries Limited. We have with us today the senior management represented by Mr. Mithun K. Chittilappilly, Chairman and Managing Director; Mr. Ramachandran V; Director and COO; and Mr. Sudarshan Kasturi, Senior Vice President and CFO. Now I hand over the call to management for initial comments on the quarterly performance, and then we will open the floor for Q&A session. Thanks, and over to you, Mithun, sir. Mithun K. Chittilappilly: Thank you, Arshia and the team, at Ashika for hosting today’s call. A warm welcome to everyone joining us to discuss our Company’s operating and financial performance for the second quarter of FY27. I trust that all of you have had the opportunity to review the investor presentation shared earlier. We are pleased to report another quarter of strong and consistent performance, with all business segments achieving strong growth, supported by volume expansion across most product categories. This performance reflects the underlying resilience of our business and brand, focused execution and supportive market conditions. In Q2 FY27, Consolidated Net Revenue from operations stood at INR1,853 crore, higher by 38.2% YoY. For the half year, Consolidated Net Revenue from operations stood at INR3,664 crore, higher by 30.5% YoY. The Electronics segment—comprising Stabilizers, UPS Systems, Inverters & Batteries and Solar panels—reported particularly strong revenue growth of 60% YoY in Q2, with all major product categories contributing positively. Solar Power Products led the growth with Digital inverter and Battery also contributing strongly. The Electricals segment, which remains our largest revenue contributor and includes Wires, Pumps, Switches and Switchgears, reported revenue growth of 41.2% YoY in Q2. While the growth in Wires was mainly price driven, there has been healthy volume growth in Pumps, Switches and Switchgears. In the Consumer Durables segment—covering Ceiling Fans, Water Heaters, Kitchen Appliances and Air Coolers—we reported a revenue growth of 20% YoY. The momentum in demand for Page 2 of 19 V-Guard Industries Limited October 30, 2026 induction cookers continued into this quarter and was accompanied by healthy demand across the broader Kitchen Appliances portfolio. Fans and Water Heaters also registered strong growth. Sunflame reported revenue growth of 20.5% YoY in Q2, building upon the positive momentum witnessed in the first quarter. With the functional integration of Sunflame now completed, our initiatives to strengthen the product portfolio and expand market presence are beginning to translate into improved business performance. Pricing actions in CSD entail longer lead times, which has impacted Sunflame’s margin. Gross margin stood at 34.3% in Q2, compared to 37.6% in the corresponding quarter last year and 36.9% in Q1 FY27. The moderation was primarily attributable to higher input costs, along with some impact coming from changes in product mix. We continue to closely monitor input cost movements and remain focused on ensuring supply continuity while taking appropriate measures to protect our margins. EBITDA (excluding other income) for Q2 stood at INR168 crore, reflecting a YoY growth of 53.7%. EBITDA margin was 9.1% in Q2 this year compared to 8.1% in Q2 last year. Consolidated Profit After Tax (PAT) for the quarter was INR112 crore, up 71% YoY compared to PAT of Rs. 65 crore in the previous year. We continue to monitor the geo-political situation and will take appropriate actions necessary to protect supplies and margins. We are hopeful to deliver a healthy growth in the upcoming quarters as well. With that, I conclude my opening comments. I would like to thank Arshia and the team at Ashika for hosting this call and would like to request the moderator to open the floor for Q&A. Thank You. Moderator: Thank you very much. We will now begin with the question-and-answer session. Our first question coming from the line of Rahul Agarwal with Ikigai Asset. Please go ahead. Rahul Agarwal: Hi, Mithun and team. Congratulations for the good result. Mithun, just wanted to understand on this segment, on Electronics’ growth, right? Some comments qualitatively on the Solar, Non- Solar revenue for the quarter. How has that been? And incrementally, how should we appreciate and think about Solar’s overall growth for fiscal '27 and the balance – Stabilizer, Inverter, UPS growth for the full year? Some qualitative comments will really help. Mithun K. Chittilappilly: So I think it's not only the Solar Power Systems, but also the Inverter and Battery business. Both of them have grown well. Qualitatively, Solar is a new category. So they are growing at a much faster pace. It's a category we are seeding. Right now, we are mainly selling this product in Southern markets, and we are entering Northern market and some of the Eastern markets soon. So we are very bullish on this category. There is a lot of government subsidies and government push to move a lot of the residential energy consumption to solar. And it looks like it is, that the whole ecosystem is evolving quite well. Apart from that, the Inverter and Battery business also Page 3 of 19 V-Guar [Showing first 8,000 characters — download PDF for full document]