Pursuant to Regulation 30 and 46(2)(oa) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby submit the Transcript of Conference Call held between the Company and Investors on Tuesday, November 3, 2026 to discuss the Unaudited Financial Results and performance of the Company for the Quarter/Half Year ended 30th September, 2026.

AIA Engineering Limited November 6, 2026 To, To, The Manager (Listing), The Manager (Listing), The BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, "Exchange Plaza", C-1, Block - G, Dalal Street, Bandra-Kurla Complex, Bandra (E) Mumbai - 400 001 Mumbai - 400 051 Script Code: 532683 Script Code: AIAENG Dear Sir/Madam, Sub: Transcript of the Investors' Conference Call held on November 3, 2026 Pursuant to Regulations 30 and 46(2)(0a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Transcript of Conference Call held between the Company and Investors on Tuesday, November 3, 2026 to discuss the Unaudited Financial Results and performance of the Company for the Quarter/Half Year ended 30 September, 2026. The aforesaid transcript has also been hosted on the website of the Company, www.aiaengineering.com in accordance with the Regulation 46 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Kindly take the same on record. Thanking you. Yours faithfully, For AIA Engineering Limited @> /AAMEDABAD\ l 3g2415 [- S. N. Jetheliya Company Secretary Encl.: As above CIN: L29259GJ1991PLC015182 An ISO 9001 Certified Company Corporate Office : 11-12, Sigma Corporates, B/h. HOF Showroom, Off S. G. Highway, Sindhu Bhavan Road, Bodakdev, Ahmedabad 380 054. Gujarat, INDIA. Ph.: +91-79-66047800 Fax: +91-79-29900194 Registered Office: 115, G.V.M.M. Estate, Odhav Road, Odhav, Ahmedabad - 382415. Gujarat, INDIA. Ph.: +91-79-22901078 Fax: +91-79-22901077 \ www.aiaengineering.com, E-mail: ric@aiaengineering.com “AIA Engineering Limited Q2 and H1 FY27 Earnings Conference Call” November 03, 2026 MANAGEMENT: MR. KUNAL SHAH – EXECUTIVE DIRECTOR (CORPORATE AFFAIRS) – AIA ENGINEERING LIMITED MR. SANJAY S. MAJMUDAR – NON-EXECUTIVE AND NON INDEPENDENT DIRECTOR – AIA ENGINEERING LIMITED Moderator: Ladies and gentlemen, good day, and welcome to AIA Engineering Limited Q2 and H1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and Page 1 of 12 AIA Engineering Limited November 03, 2026 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 now hand the conference over to Mr. Sanjay Majmudar and Mr. Kunal Shah. Thank you, and over to you, sir. Sanjay Majmudar: Good evening, ladies and gentlemen, and welcome to this Q2 and H1 FY27 conference call. At the outset, let me apologize. We have delayed this call by about an hour since Kunal was traveling, his flight got delayed. He is just landed. And he also will be joining the call. I believe in next couple of minutes. But since it is already late, I will do the preliminary -- some presentation on the numbers. And then by that time, Kunal should join, and then we will take a Q&A. So I'm assuming that most of you would have a chance to look at the numbers. We did about 61,500 metric tons sales in Q2 on a production of about 63,600 metric tons. That translates into sales of about 126,000 metric tons in the first half of the current fiscal, slightly above 124,000, 125,000 tons that we did in the corresponding H1 on a Y-o-Y basis last year. So practically flat. The top line for Q2 was INR1,093 crores -- then there was other operating income of about INR19.5 crores. Similarly, that resulted into a top line of INR2,246 crores in the first half and about INR34 crores of other operating income. As you all know, our other operating income mainly comprises of export benefits. That is a pure operating part of the income. If you look at the other non-operating income, you will see that in Q2 it was lower at about INR71.7 crores as compared to INR98 crores of Q2 on a Y-o-Y basis. And therefore, in the first half, the other non-operating income stood at about INR182 crores as against INR207 crores that we did again in the first half on Y-o-Y basis. You would have seen that we did an EBITDA of about INR361 crores in the Q2 of the current fiscal. And INR786 crores again in H1 of the current fiscal. That resulted into a PAT of about INR249 crores in Q2 and INR550-odd crores PAT in Q2 of -- in the first half of the current fiscal. This correspondingly on a Y-o-Y basis, you will see there is a slight decline both in the EBITDA as well as in the PAT number on Q2 as well as on a Y-o-Y basis. Primarily, if I look at the key reasons for the bit of decline in the margins in this quarter, on a total reported EBITDA basis, you will see there's almost a 5% decline. However, on the operating EBITDA basis, it's about 2.5% to 3%. The primary reason for this decline on an operating EBITDA level basis is a steep increase in the cost of export freight, which has grown by over 3.5% in Q2 and H1 of this year on a Y-o-Y basis. As you all know, freight costs have gone astronomically high in the current quarter. Though now on the positive side there seems to be some reduction that has started to become visible, but this was a major dampener. Page 2 of 12 AIA Engineering Limited November 03, 2026 That also is the reason why if you -- most of you will see that the realization per ton or per kilo on per kg basis has increased about INR178, largely attributable to the increase in the freight, which has been passed on. Having said that, the gross margins remain more or less comparable overall, from a directional standpoint, I believe Kunal has joined. So Kunal, you want to brief something on the directional standpoint? Okay. Sorry, I'll continue. I think his line again has got disconnected. Just quickly, the other operating income reduction is mainly due to reduction in the forex income. Again, if you see my net working capital cycle in this Q2 as well as H1 remained more or less at about 129 days. That includes about 41 days of raw material stock, 79 days of WIP and finished and then about 87 days of receivables. Again, just from the point of view of reporting our segmental sales, mining sales stood at about 39,700 tons in this Q2, resulting in about 79,000 tons in the first half, more or less showing some increase on a Y-o-Y basis on an H1 to H1 basis and also a little bit increase on a Q2 to Q2 basis in the current fiscal. That on the order book, just on the capex, we've incurred a total capex of INR86 crores in the first half. We believe that we should be incurring additional about INR250 crores in H2, largely due to the corporate house land that we will be completing the transaction and also some normal maintenance and incremental capex of about INR50-odd crores to INR75 crores. With this, what -- if Kunal is connected, Kunal, do you want to do some briefing on the current scenario and the prospects? Kunal Shah: Good evening to everyone, please pardon the background noise. I've been in some private issues. The important part I think Sanjay and I would like to share for this quarter is we have moved on to planning for next 2 years for fiscal year '28 and '29 and getting back to a growth of at least 25,000, 30,000 tons each year and then potential upside is all the various things that we have discussed come to fruition. We are not guiding this as a volume target, but this is what internally that we are working on and looks to be within the realm of possibility. I think that's the possibility I would like to share. Secondly, on the numbers, there were some freight-related anomalies in this quarter. But overall, the quarter's figures will normalize with the rest of the year I think these are the only 2 updates, Sanjay bhai. Rest of them are all -- I think this is just a quarter as usual, of course subject to a little bit of a profit adjustment on account of freight. Otherwise, everything at par trials continue. Our excitement for what we bring, we believe that mining industry, especially copper in [Showing first 8,000 characters — download PDF for full document]